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The.
Bank & Quotation Section
Railway Earnings Section
jinantial
li-rtitude
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
NO. 2459
SATURDAY, AUGUST 10 1912
VOL. 95
Tht Thranicte.
A,
Week ending August 3.
Clearings at
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
Chicago
$10 00
Cincinnati
6 00
Cleveland
13 00
Detroit
7 50
Milwaukee
12 148. Indianapolis
£1 us. Columbus
$11 50
Toledo
Peoria
Grand Rapids_ _ _
yearly)
times
(3
INDUSTRIAL
AND
RAILWAY
(monthly)
Dayton
BANK AND QUOTATION
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNINGS(monthly)
Evansville
STATE AND CITY (semi.annually) BANKERS'CONVENTION (yearly)
Kalamazoo
Springfield, Ill _
Terms of Advertising-Per Inch Space
Fort Wayne_ _ _
$4 20 Youngstown _ _ _
Transient matter per inch space(14 agate lines)
22 00 Lexington
(S times
Two Months
29 00 South Bend
Months (13 times
Three
Standing Business Cards / Six Months
50 00 Quincy
(26 times
87 00 Akron
Twelve Months(62 times
CITIcAcio OFFicit-Geo. M.Shepherd,513 Monadnock Block;Tel.flarrison 4012. Decatur
Bloomington_ _
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
Rockford
Canton
WILLIAM B. DANA COMPANY, Publishers,
Springfield, 0_
New York.
P.0. liox 958. Front, Pine and Depeyster Sm.,
Mansfield
Danville
Published every Saturday morning by WILLIAM B. DANA COMPANY. Jackson
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold (1. Dana. Lima
Vice-Presidents; Arnold G. Dana, See. Addresses of all. Office of the Company. Jacksonville,
Lansing
Owensboro
Ann Arbor
CLEARING-HOUSE RETURNS.
Adrian
The following table, made up by telegraph, &c., indicates that the
Tot. Mid West.
total bank clearings of all clearing houses of the United States for week
ending Aug. 10 have been $2,901,902,449 against ;3,050,214,787, last San Francisco _ _
year.
week
last
corresponding
the
week and 12,936,048,936
Los Angeles
Seattle
Per
Portland
Clearings-Returns by Telegraph.
Cent.
1911.
1912
Spokane
Week ending Aug. 10.
Salt Lake City- _
-9.3
$1,443,364,370
Tacoma
$1,308,404,429
New York
+4.5 Oakland
115,933,803
121,122,293
Boston
+1.8 Sacramento
110,113,452
112,050,191
Philadelphia
25,655,875 +10.7 San Diego
28,380,562
Baltimore
202,547,599 +17.9 Stockton
238,896,463
Chicago
+7.2 San Jose
53,419,644
57,285,759
St. Louis
15,670,576 -14.4 Pasadena
13,411,167
New Orleans
Fresno
-4.4 North .Yakima
$1,879,559,864 $1,966,705,319
Seven cities, 5 days
+9.3 Reno
452,017,682
493,926,274
Other cities, 5 days
Total Pacific_ _
-1.9
$2,373,486,138 $2,418,723,001
Total all cities, 5 days
+2.1 Kansas City _ _
517,325.935
528,416,311
All cities, 1 day
Minneapolis_ _..._
__.1 9 Omaha
so Ogil me non
S9 WU one 4,10
Tnt al n11 offlata frtr waialr
St. Paul
The full details for the week covered by the above will be given next Denver
Saturday. We cannot furnish them to-day, clearings being made up by the St. Joseph
clearing houses at noon on Saturday, and hence in the above the last day of Des Moines
Sioux City
the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday Wichita
Duluth
noon, August 3, for four years.
Lincoln
Davenport
Week ending August 3.
Topeka
Clearings at
Colorado Springs
Inc. or
Cedar Rapids_ _
1909.
1910.
1911.
1912.
Dec.
Waterloo
Fargo
$
$
$
$
%
Pueblo
1,748,054,986 1,750,416,963 -0.11,579,685,368 2,074,475,960 Helena
New York
150,947,666 148,713,342' +1.5 151,382,636 133,780,707 Aberdeen
Philadelphia
49,614,825 Fremont
47,293,257
33,5'37,444
51,462,483 +4.0
Pittsburgh
28,317,289 Hastings
28,826,850
36,070,403 +8.1
38,995,733
Biltimore
10,827,855 Billings
11,193,471
11,362,979 +1.2
11,499,518
Buffalo
0,338,807
6,777,120 -0.8
6,668,929
6,726,962
Waihington
Tot. oth.West.
5,358,134
0,607,528 -4.1
6,284,606
5,821,939
Albany
4,887,439
4,565,772 +9.5
4,238,681
4,997,542
Rochester
St.
Louis
2,297,582
-4.2
2,631,539
2,713,379
2,600,000
icranton
2,197,086 New Orleans- _
2,622,511
2,829,903 -3.7
2,725,666
Syracuse
Louisville
1,402,314
1,562,682
+14.8
1,510,497
1,734,780
Wheeling
1,485,907 Houston
1,615,105
1,541,326 +12.6
1,735,907
Wilmington
1,342,709 Galveston
1,421,216 +8.5
1,483,320
1,543,072
Wilkes-Barre
1,243,812 Richmond
+27.6
1,449,999
1,378,352
1,759,950
Reading
900,749
803,558 Fort Worth
856,636 +0.6
861,548
York
1,662,213
1,8.12,434 +4.2
1,336,193 Atlanta
1,711,096
frenton
924,768
+28.7
848,889 Memphis
847,785
Brie
1,090,960
541,650
427,100 Nashville
570,500 -11.4
505,850
Binghamton
601,011
435,578 Savannah
566,978 +9.2
Chester
618,351
567,130
667,237 Norfolk
533,739 -7.5
'..lreensburg
539.641
Birmingham
1,068,087
909,100 +33.7
Lancaster
1,215,595
_452,258
357,483 Jacksonville
394,329 +21.6
Altoona
479,760
Chattanooga ..._
Total Middle.._ 2,039,703,961 2,033,202,833 +0.3 1,853,657,820 2,328,446,464 Mobile
Augusta
153,511,882 153,729,205 -3.3 143,078,724 171,902,286 Knoxville
Boston
7,084,400
7,004,000 Little Rock
7,564,300
6,930,600 +9.1
Providence
4,295,083 Charleston
4,266,311
5,087,356 +123
5,713,169
Elartford
2,861,878 Oklahoma
2,663,117
2,936,335
3,089,111 -5.0
New Haven
2,361,739 Macon
2,185,012
2,198,643
2,003,660 +9.7
Portland
1,700,000 Austin
1,957,791
2,463,916
2,194,008 +12.3
Springfield
1,541,621 Vicksburg
2,217,227
2,247,874
2,266,288 -0.8
Worcester
992,317 Wilmington,N.C
851,198
836,259
+13.5
736,927
Pall River
767,801 Jackson
849,466
698,994
819,391 -14 8
New Bedford_ _ _
480,373 Tulsa
519,736
703,174
618,380 +13.8
Erolyoke
429,359 Muskogee
488,329
516,533
496,369
-3.9
Lowell
531,849 -11.4
Total Southern
471,184
Bangor
---.
Total all
Total New Enz. 179.81? Ogg 183.723.498 --2.1 166.111.311 194.337.357
Outside N.Y__
Nuts -For Canadian clearings see "Commercial and Miscellaneous News."
For One Year
For Six Months
European Subscription (including postage)
European Subscription six months(including postage)
Annual Subscription in London (including postage). ,
Six Months Subscription in London (including postage)
Canadian Subscription (including postage)
Subscription includes following Supplements-
1912.
1911.
Inc. or
Dec.
1910.
280,664,034
21,645,100
22,794,401
26,740,720
12,509,348
7,043,532
6,118,300
4,365,880
3,037,264
4,278,880
2,038,266
1,937,523
652,672
824,318
1,067,460
1,520,202
1,072,194
1,461,527
675,824
1,762,000
419,174
580,126
873,352
1,094,087
528,288
393,506
365,556
550,000
379,402
269,467
357,500
420,829
240,878
31,000
408,712,610
254,619,815 +10.2
22,648,200 -4.4
18,657,866 +22.2
18,069,174 +48.0
12,578,701 -0.5
9,121,891 -22.4
5,616,700 +8.9
4,263,705 +2.4
2,350,883 +29.2
2,963,978 +44.4
2,494,840 -18.3
2,214,555 -12.5
606,567 +7.6
1,037,955 -20.5
1,141,499 -6.5
1,114,486 +36.4
799,503 +3.4
561,199 +160.4
626,449 +7.8
1,250,000 +41.0
558,431 -24.9
656,129 -11.6
607,619 +43.8
1,034,315 +5.8
543,604 -2.8
400,910 -1.8
440,855 -17.0
455,000 +20.9
419,925 -9.5
342,713 -21.3
325,000 +10.0
478,552 -12.0
155,916 +54.5
35,017 -11.5
369,191,922 +10.7
$
252,683,744
21,770,300
19,804,534
17,485,677
11,636,763
9,904,235
6,056,100
4,319,878
2,740,194
2,964,656
2,171,218
2,191,412
582,771
1,026,642
1,080,417
1,268,180
667.537
506,876
576,766
866,000
474,667
564,807
616,767
951,286
449,415
333,048
412,250
410,000
316,493
329,986
340,000
391,445
142,838
38,980
366,075,882
49,927,419
19,550,384
10,641,280
9,670,740
3,781,515
5,715,000
4,100,438
3,326,092
1,377,250
1,948,195
811,521
604,815
670,029
804,904
303,504
250,000
113,483,089
49,787,252
16,412,684
15,047,067
9,227,734
8,122,740
6,573,313
4,204,628
2,361,420
3,677,384
2,457,950
1,714,565
1,560,301
1,340,312
650,000
1.154,489
1,117,248
307,669
440,744
961,739
370,679
293,505
189,997
300.000
128,273,420
43,364,366
18,591,895
8,778,228
8,550,090
4,009,526
5,728,927
3,953,295
3,594,995
1,577,600
1,500,000
724,822
570,000
750,600
593,667
357,564
226,041
102,870,296
45,093,357
15,512,245
18,729,143
9,224,968
8,378,619
6,510,867
3,595,410
2,228,415
3,279,018
2,561,191
1,728,783
1,693,681
1,536,470
701,481
1,154,969
991,478
835,312
557,041
930,981
321,855
453,640
185,330
145,000
126,349,254
+15.1
+5.2
+21.2
+13.7
-5.7
-0.2
+3.7
--7.5
-12.7
+29.9
+11.9
+6.1
-10.7
+35.7
-15.1
+10.6
+10.3
+10.4
+5.8
-19.7
+0.03
-3.1
+1.0
+16.9
+6.0
+12.1
-4.1
-0.8
-7.9
-12.8
-7.3
-0.04
+12.7
-03.2
-20.9
+3.3
+15.2
-35.3
,+2.5
+106.9
+1.5
45,079,500
14,137,536
10,100,000
9,441,813
4,227,225
5,241,726
5,610,680
3,016,086
1,206,326
1,150,000
641,599
689,518
652,513
572,531
370,000
245,000
102,382,023
49,495,441
17,968,654
15,673,318
10.953,131
8,062,751
6,116,439
3,728,759
2.365,270
3,687,212
3,043,694
1,517,099
1,619,767
1,311,597
743,560
1,052,393
1,004,149
764,457
551,622
857,801
457,552
397,740
195,000
200,240
131,767,636
1909,
$
261,329,550
26,944,500
19,039,145
16,345,151
11,816,593
8,855,852
7,037,700
3,711,148
2,812,616
2,704,077
1,876,961
2,124,163
701,4)3
1,023,232
1,045,795
891,690
646,426
486,042
639,119
625,000
553,379
516,256
568,917
706,921
401,920
318,054
368,545
343,918
337,874
325,166
172,672
21,828
374,943,829
35,946,244
14,944,665
11,336,530
7,359,907
3,500,000
6,641,508
5,506,460
2,087,159
1,162,448
1,087,000
742,235
507,238
549,094
427,112
284,458
239,000
92,321,258
44,597,495
15,812,279
12,784,534
9,997,966
8,380,926
4,965,183
3,255,011
2,412,526
3.208,669
2,308,657
1,505,633
1,412,729
1,468,618
755,029
913,459
757,617
503,357
924,504
366,640
242,647
116,575,479
62,512,659
62,158,767
68,171,548
66,346,578 +2.8
14,032,005
15,284,670
16,713,814
19,460,143 -14.1
11,579,053
12,6515,883
14,684,692
12,900,464 +13.8
+31.4
0,731,310
8,61)0,050
14,645,609
11,137,156
4,363,500
5,468,000
7,000,000
5,191,500 +34.8
6,518,824
7,182,050
7,785,168
7,340,552 +6.1
5,589,826
5,000,736
5,227,715
4,351,809 +20.1
5,919,725
7,191,112
8,841,974
8,499,018 +4.0
3,615,444
4,127,139
5,439,971
4,411,738 +23.3
3,595,407
3,453,980
4,218,586
4,348,773 -3.0
+6.0
2,769,043
4,044,539
4,048,601
3,818,581
2,605,958
2,839,418
2.730,789
2,722,817 +4.3
1,742,833
2,733,139
2,248,140
2,146,914 +27.3
1,483,935
2,675,000
2,312.908
2,456,699 +8.9
1,358,488
1,263,758
1,399.015
1,636,031 -14.5
1,320,809
1,301,968
1,212,868
1,201,377 +1.0
1,346,467
1,421,847
1,732,086
1,522,620 +13.8
1,535,299
1,509,304
1 ,550,000
1,514,402 +2.4
1,586,034
1.396,684
1,463,785
1,693,531 -13.6
999,147
1,102,000
1,333,695
1,056,258 +26.2
1,650,000
2,113,663
1,607,297 -19.0
1,302,374
749.225
764,171
2,160,192 +3.7
2,239,404
-39.3
566,929
1,647,372
769,233
1,000,000
248,482
199,917 -8.2
254,878
183,501
313,868
447,102 +0.6
443,423
450,000
285,000
301,274 -10.7
340,000
269,000
527,571
497,978
835,442
540,486
154,697,998 1443.530.965
180.199.603 171.48a 310
774 722,670 3,255,165..35
3.050.214.787r,986,f321,113
1,195.037,302 1,180.689,3,2
1.302.1o9.801 1,236.204.150
320
THE CHRONICLE
[VoL. Lxxxxv.
st all. But motive for deception of this kind no
THE FINANCIAL SITUATION.
longer exists, since the trust companies are now reThe tendency of the times is to extend the functions quired by law to maintain a fixed minimum of cash.
of government and to invest government officials with
The truth is, the Superintendent by his action of last
unusual powers of discretion. All the different politi- December did more than simply change the date of
cal platforms abound in..proposals intended to give the return. He entirely eliminated the annual readded control over the affairs of men to government turns which the trust companies have been called upon
officials or government bodies, to be endowed with to render in this State for a quarter of a century past.
wide discretionary powers, and on behalf of such offi- The Dec. 31 statement has always been totally differcials or boards it is contended that they could be im- ent from the other returns the trust companies have
plicitly trusted to exercise these powers in the interests been obliged to make at the call of the Superintendent.
of the people, since they would be representative of the It is an annual report, much more elaborate in form,
people. .Unfortunately, experience goes to show that and embraces many items not to be found in the other
such assumptions are erroneous and that government reports. For instance, the companies were required
officials are more apt than private individuals to to include certain "supplementary" facts and inforblunder, even when they are acting with the best mation relating to the operations of these institutions
of intentions and from wholly disinterested motives. for the twelve months of the calendar year—their
It is true that on occasions experiments of this kind earnings, their expenses, the amounts charged off to
appear to work well for long periods of time, thereby profit and loss, the interest credited to depositors, the
seemingly justifying public faith, but all of a sudden, taxes paid, the amount of dividends declared, &c.,
when least expected, the advent of a new official in- &c. All this has now been cut off and no substitute
clined to avail, to the full, of his vast powers, undoes provided. Why should the student, the legislator,
all the good work of his predecessors,an by unwise the man of public affairs, be deprived of such a valuable
action or mistaken judgment demonstrates that, after body of data which it had previously been the practice
all, there is danger in allowing wide latitude to public of the State to require and to collect for such a long
functionaries, the more so when the case admits of period of time?
specific requirements which it is far better to prescribe
The argument which the Superintendent presents
for the guidance of the official himself,thus preventing in the present volume,to the effect that the giving out
his going astray.
of such information might mean the placing of harmful
As the question is such a live one, we cannot refrain weapons in the hands of rivals, falls to the ground
from referring to a case in point here in our own State. when it is seen that the trust companies are found not
Soon after Governor Dix entered upon his term of unwilling to make public the same facts even when
office he appointed a new Superintendent of Banks. there is no compulsion so to do. After the SuperinHe selected for the position a man of high personal tendent had made his announcement of last December
character, a trust company official of excellent at- we undertook ourselves to collect by direct corretainments and in every way qualified for the task. As spondence the items of information tabooed by the
the public demand is for greater publicity regarding Superintendent as concerns the trust companies in
institutions of every description, banking as well as this city and Brooklyn, and were successful in getting
corporate, such an official might have been expected the facts desired in the case of fully two thirds of the
to respond to the public call and extend the field of companies, as was shown in the elaborate statistics
publicity as far as the institutions under his care are for the separate companies which we gave in our issue
concerned. Actually he has taken a most serious of Feb. 17 last.
step backwards. The annual trust company returns
But the appearance of the Superintendent's bound
are now presented in a completely emasculated form. volume reveals that the change inaugurated by him
We have referred to this matter before (in our issue went even further than was supposed at the time. He
of Jan. 27), but the subject comes up anew as the has cut out not only the various annual statistics
annual report of the Banking Department has recently covering the calendar year, but also the detailed stateappeared in bound form and furnishes painful evidence ment of the security holdings, which was always a
of the havoc wrought by the new policy. It will be feature of the trust company returns. The effect is to
recalled that last December the Banking Superin- reduce materially the space devoted to each separate
tendent, instead of calling for a report of condition company in the Superintendent's annual report.
of the trust companies as of Dec. 31, made the date Nothing but a bare statement of resources and liabiliof the call ten days earlier, namely Dec. 21, and noti- ties is now given. The Superintendent was formerly
fied the trust companies that no end-of-year figures President of the Albany Trust Co. In the previous
would be required.
annual report the annual statement of that company
The plea made in justification of this step was that took up nearly two and one-half pages. In the present
with the date known in advance it was possible for annual report the statement of the same company
the banks to indulge in "window-dressing." But takes barely a page.
this argument lost all of its force when it was recalled
A curious thing about this discarding of valuable
that the trust companies are not limited to one return facts is that the Superintendent in the present report
a year, but must report at least four times; so that discourses upon what he has done, and in opening his
even with one date positively and definitely fixed for remarks introduces a heading bearing the caption
Dec. 31, this still leaves several other periods during "Changes in Form of Report," as if he were proud
the year with flexible dates where it would not be of his action and wished to direct attention to it on
possible to practice "window-dressing," assuming that that ground. In his comments he says: "The infora disposition of that kind existed. As a matter of mation is not of especial interest to the general
public,"
fact, "window-dressing," as it is known in banking which is clearly a mistake, and adds that "such
statecircles, is mainly an attempt to have it appear that ments have been used as formidable
weapons by
an institution is holding large cash reserves when it business rivals and outside concerns." It is
difficult
habitually holds very small amounts of cash, or none to treat such declarations seriously. The
deposits of
AUG. 10 191.,z
THE CHRONICLE
321.
The first and essential step in the great process is to
restore Mr. Roosevelt to the Presidency, which is all he
wants; afterwards, everything will be done for everybody. The promise is not stated with such conciseness as this, for it must be picked out of a profession
of faith or otherwise which fills two newspaper pages;
but it is all there. When and how this is to be accomplished is left unexplained, but particulars need
not be required when delightful generalities are assured; definiteness is waived for the present, but as the implication is distinctly that the Haves will be made
to share with the Have-nots, the scheme is popular
with all the latter from the start. The "Liberty,
Equality, Fraternity" which served as a rallying-cry
for France in 1790 might have been used again, had
not more polysyllabic phrases been preferred.
This is a program of State Socialism as most of us
understand that. Yet it is an interesting phenomenon
that the queer "Appeal to Reason"—which is published
in a town in Kansas, claims more than a half-million
circulation, and is supporting the usual Socialist national nominee, Mr. Debs—indignantly repudiates
Mr. Roosevelt and warns all Socialists against him,
declaring that "no force save the Socialist Party and
the Appeal army can prevent this strange freak from
being elected President." He will be, it says, "strong
with the man in the mire, whose name is Legion and
who is angry at conditions but not wise enough to place
the responsibility where it belongs." That journal
claims to have in its possession "information touching
the Colonel's plans that would make the nation gasp,"
but it declines to publish this, because nobody would
believe it now and publication might force a change
in his tactics.
The mass-meeting was carefully staged, with every
arrangement to foment excitement and convey the
impression of size and deep vitality. The assemblage
took itself very seriously, being apparently. like its
idol in lacking any sense of humor. Many of those in
attendance imagined themselves crusaders for rescue
of some valuable reality as they rolled out the sonorous old "Battle Hymn of the Republic" and declared that "we stand at Armageddon and battle for
the Lord," although they understand as little what
they are trying to do as they understand that mysterious reference in Revelation. It is just a phrase
which means nothing definite, and therefore is caught
up as meaning everything. Still, it must be conceded
that the Coliseum gathering were not all plotters and
self-seekers; many of these crusaders have the unselfish sincerity of which their leader does not show
a vestige.
One thing at least has been accomplishqfl in giving
The mass-meeting in the Chicago Coliseum has per- Mr. Roosevelt some hours of ecstasy on the spot of
formed the program prepared for it and has fulfilled his recent humiliation, and he may deem that worth all
expectations. There is to be a complete reconstruc- the cost, since he is incapable of perceiving either the
tion, preceded by a general uprooting. Government absurdity or the dangers in what he is trying to do.
is to be universal regulator and adjuster, and will This is the birth of a new party, not the death of an
fulfil its proper function of making everybody happy. old one, he declared, and it is said to be building for
All constitutions are to be made easy of alteration, 1916. New movements march gradually to success;
and a popular vote will give final interpretation of but a genuine new party, such as was founded under
laws, thereby securing recall of displeasing decisions the famous oaks in the mid-century, must have some
and judges. The negro in the South is to be sat upon deep and definite underlying purpose, which can be
and held down politically, in order that he may rise. stated in such plain terms as Lincoln used, and it must
National insurance, certainty of employment, auto- not have as any part of its moving forces the lust:of
matic compensation for industrial injuries and old- one man for power. Sincerity and unselfish devotion
age pensions will develop themselves naturally. All to a living idea were in .the founding of the Republican
prices (including wages) will rise for the seller and de- Party, and these are absent here.
What this thing of 1912 will do in the campaign
cline for the buyer, thus helping both sides and happily
living.
.
of
cannot be accurately foretold. It will certainly work
ending all trouble about the cost
the trust companies of this State now far exceed a
thousand million dollars. Why should not the depositors in these institutions, which stand on an entirely
different plane from the ordinary banks of loan and
discount, be allowed to scrutinize a list of the security
holdings at least once a year for the purpose of determining whether their confidence in such institutions
continues to be justified as far as particular companies
are concerned? Why should not the public be allowed
to know how the stock and bond investments, which
form such a very large item of assets with the trust
companies,are made up—whether consisting of stocks
or of bonds, and of what character, whether railroad
securities, industrial securities, municipal issues, or
obligations of other sorts. It may be admitted Oat in
the case of any given company, if the list of holdings is
a weak one, its publication might prove injurious to
the institution; but is it not the object of publicity to
let the facts be known so that the guileless investor
and depositor may not be ensnared? Incidentally, of
course, rivals may profit from such a situation, but if
so,it is because their own record is stronger and cleaner.
It can not be the purpose of the State to help conceal
defects of condition and of management.
The truth is, such arguments are very specious.
It is too late in the day to have to urge full publicity.
The trust companies themselves are doing all they can
to deprive the Superintendent's objections of all force
by issuing cards or printed circulars showing their
security holdings and general condition at the end
of the year. Indeed, most of the companies go so far
as to print complete lists of their security holdings as
advertisements in the newspapers. But if the companies give out the facts voluntarily, why should they
not appear on the public records? This is not a
matter of beginning de novo, but of continuing a
record which had previously been uninterruptedly
maintained for twenty-five years, but which is ruthlessly broken by the act of a single individual.
In effect, the Superintendent is setting up his judgment as superior to that of all his predecessors in office
for the last twenty-five years, not one of whom dared
to withhold from the public these annual trust company returns. And where the policy of the State
has been so long maintained—where there is an unbroken record extending back a quarter of a century
or more—why should it be left to a new official, at
his caprice, to lay down a new Rolicy so completely at
variance with the demands of the times? Is there not
a lesson in the experiencein this case which warns against
pre-supposing infallibility and superior wisdom on the
part of public officials in regulating the affairs of men?
I
322
THE CHRONICLE
disturbance in the Northern States, it may carry a
plurality in some of the . Western, it may produce
bitter troubles in the electoral tickets here and there,
it may carry the struggle into the House and may
even shift it to the Senate. Yet it is essentially transitory, because it lacks roots, like the gourd which
soothed Jonah for a night, while he was not fighting
for the Lord.
. President Finley of the Southern Railway is one of
the railway officers who perceive the close intimacy
between transportation and production and are actively engaged in promoting larger and more effective
agriculture. An address by him at the recent Nineteenth Annual Convention of the National Fertilizer
Association put the case very compactly. The "new"'
land, which was once the entire country, has nearly
ceased to be available. In the last Census period
population increased 21%, but in response to this
greater consuming power, the farmers were able to
offer only 334% increase in the acreage devoted to
cereals and the cereal crop of 1909 was only 1.7% more
than in 1899. This means that deterioration of "old"
land must be stopped and productiveness must be
built up equal to that of the former "new."
Whether farm products reach us as-plant or animal,
they come from the soil in •plant form. The plant
takes certain needed elements, and this process of
subtraction, absolutely essential to human subsistence,
will reach a zero result unless the elements are regularly restored to the soil. The process must be one
of rotation, or it cannot keep up. The agricultural
chemist must tell us what elements are lacking in some
particular soils and must be replaced somehow in all
soils; then the intelligent farmer—and intelligence is
• becoming more and more an essential condition of
successful farming—must take the most effective
means of doing this work.
Rotation of crops is an important part, which was
understood as long ago as the time of Cato in Rome,
but it is not all. The Southern Railway has given systematic attention, to soil productivity, and has found
that the best results require crop rotation, plus all
available barnyard manure and the intelligent use of
commercial fertilizers. Here the soil chemist, the
fertilizer maker and the farmer must co-operate. The
latter should know just what he needs for his particular soil, and the maker should supply him that; discrimination should be in them both. Suppose, for
example, said Mr. Finley, a farmer gets 50 bales
of cotton from his 100 acres. If by these better methods he can get the 50 bales from 50 acres, he will have
the other 50 for other crops, and his live stock; thus
he will largely produce his own supplies and his
50 bales will cost him less than they did before,
so that in all respects he will advance a marked
step towards independence; particularly, he will
cease to be under stress to sell his cotton without
regard to price. As evidence, cotton grown in 1911,
according to advice from his road's cotton-culture department, said Mr. Finley, showed an average yield of
1,425 lbs. of seed cotton per acre, against an estimated
average of 482 lbs. under like conditions except the
following of that advice. Therefore he confidently
believes doubling the general •average crop of 184.7
lbs. per acre is simply a matter of using these improved methods.
In the belief that the Southern farmer can profitably
grow most articles of Northern production, and is especially favored in his relation to the great consuming
[VoL. Lxxxxv.
centres, the Southern Railway will begin operations
in a new Department of Farm Improvement Work on
Sept. 1, using the co-operative demonstration plan.
This plan has been successfully followed by the Cotton Culture Department, and that department will
now be meregd in the new one. The work will be done
in co-operation with the State agricultural commissioners and colleges, and the Federal Agricultural Department, and will be free of cost to farmers in the
territory traversed by the Southern System; the old
improvement and development work by the Southern
will continue. As a stimulating and educational influence, Mr. Finley also lays stress on the old (but improved) county fair.
The British House of Commons adjourned on
Wednesday until Oct. 7 after an unproductive session
that had lasted, with the exception of a few holidays
at Easter and again at Whitsuntide, exactly seven
months. Among the final business discussed was the
Government's contract with the Marconi Co., which
provides for the payment to the company of £600,000
for the building of five great wireless stations. Australia is to supply £100,000 and the whole system is
to form a wireless circle around the world. No action
was taken on the contract, debate being postponed
until next session. According to the Government program, the autumn session will not adjourn until the
Home Rule Bill, the Welsh Disestablishment Bill, the
Franchise Bill and the bill to allow trades unions to
contribute to funds for the support of Labor members
of the House have been enacted. Each of these bills,
it is believed, will have to be forced through against
the'united opposition of the Unionists. The latter
believe that the Asquith Government will surely experience defeat before its program is thus completed.
Premier Asquith in a recent Dublin speech promised
that home rule would be through the House of Commons by Christmas. It is thought, however, that it
will be well into the new year before the other important measures can be sent to the House of Lords, and it
will probably be several years before their final enactment, as the Upper House is expected to reject them
and they will have to be re-introduced and presented
to the Lords for two ensuing years before the veto
power of the latter becomes ineffective. Should the
Government suffer defeat and a general election ensue,
the Unionists express every confidence in their ability
to overturn the Government's majority.
An election in Northwest Manchester on Thursday
has given particular confidence to the Opposition, the
Union candidate having been elected by a majority
of 1,202, as against a majority of 445 at the previous
election for the Liberal candidate. Mr. Bonar Law,
the Opposition leader in the House of Commons, telegraphed to the victor: "What Manchester said to-day,
England will say at the first opportunity, and in my
opinion that opportunity cannot long be delayed."
The successful candidate was Sir John Randles, who
defeated Gordon Hewart, the Liberal candidate, by
5,573 votes to 4,371. The London "Daily Mail,"
commenting on the result yesterday, said: "The result
is a plain notice to quit to Mr. Asquith. It deals the
last blow as his tottering ministry. He has pledged
his word not to force through home rule unless he
retains the confidence of the constituencies. Every
bye-election proves that he has forfeited it by his
conduct of the country's affairs. The Insurance Act is
the greatest election loser ever devised, with its sham
benefits, its non-existent sanatoria, its taxes, its
AUG. 10 1912.]
THE CHRONICLE
stamps and its hordes of officials who are given license
to spy upon the Englishman's home." Indefinite
rumors are current of important changes in the British
Ministry. These rumors include the retirement of
Lord Morley from the Lord Presidency of the Council
and the resignation of Lord Gladstone as GovernorGeneral of South Africa, who, according to rumors, is
to be succeeded by the Master of Elibank. The rumor
concerning Lord Gladstone is officially denied, but it is
understood that the Master of Elibank will soon resign
the office of Chief Whip and that he will probably be
given a place in the Cabinet. The report that Mr.
Berri11 will resign the Chief Secretaryship for Ireland is
also declared to be groundless.
If troubles at home are'to prove an incentive for the
settlement of foreign entanglements, Turkey must
now feel in a highly receptive position for accepting
the terms of peace that Italy informally offered some
weeks ago. Happily there is reason to believe that
such a condition is at hand, for a despatch from St.
Petersburg gives the Russian Foreign Office as authority for the statement that peace negotiations are to be
resumed at Zurich by Turkish and Italian diplomatists,
the Italian Ambassador at St. Petersburg being the
chief Italian representative. In the military operations this week Turkey has suffered a severe defeat by
the occupation of Zuara by Italian troops. Zuara
was the last town on the Tripolitan coast remaining
unoccupied by the Italians and consequently it had
become a supply station for the Turco-Arab force.
This stronghold was captured on Tursday by a combined land and sea attack. Details of the losses have
not been given out, but as the port was strongly
fortified, there is reason to believe that the casualties
must have been very heavy, at any rate among the
Italian forces that attacked the fortifications by land.
In its internal affairs Turkey is seriously threatened
with civil war, while war between Montenegro and
Turkey seems to be looming up, whether inspired or
not by interests wishing to bring the Tripolitan war
to a close cannot of course be foretold. London cable
dispatches, however, intimate that such an ulterior
object is by no means improbable. On Tuesday Turkey gave Montenegro twenty-four hours in which to
explain the latest Montenegrin violation of the Turkish
frontier, and threatened to sever diplomatic relations
unless instant satisfaction was given. Such satisfaction, however, was refused, and latest reports intimate that the Porte has proposed to the Montenegrin
Charge d'Affaires at Constantinople the appointment
of a mixed commission to inquire into the frontier dispute. The Montenegrin Government, it is reported,
readily accepted the proposition. The situation has
been further complicated by reports of Turkish massacres in Bulgaria, which seems to suggest the entrance of Bulgaria into the list of opponents of unfortunate Turkey. At home the Sultan has dissolved the
Chamber as a result of the demands of the Military
League,which is opposing the rule of the Young Turks,
who had a majority in the Chamber, and who, under
the direction of the so-called Committee of Union and
Progress, seemed to have obtained absolute control of
the Government. The present revolt is described by a
Constantinople correspondent as a general revolt of
Turks of the upper class against the domination of the
interests associated with the Young Turk movement.
An impression, it is stated, prevails in Constantinople
that there may be necessity of permitting invasion of
323
Turkey by Italy in order to take the minds of the
military off home politics. A dispatch from Rome
states that an analysis of the water from the wells of
Zuara shows that it is swarming with typhus germs.
Official dispatches received in Rome report that an
investigation has brought to light proof that the
Turks before abandoning the town deliberately contaminated the principal wells with cultures of these
deadly microbes. An interview published in a London
paper with the Djavid Bey, one of the Young Turk
leaders, declares that the dissolution of the Chamber
is a mistake, as it will not pacify the Albanians who
are struggling for autonomy. As for the Committee
on Union and Progress, he said, it will resist any at
tempt to exert pressure, and should brute force be
employed it will seek to hold a Parliament elsewhere.
It is difficult to secure, from the multitudinous reports that are being received, a connected account
of the actual situation in Turkey, but two things appear certain. These are that the Young Turk party
which led the movement that resulted in the deposition
of Sultan Abdul Hamid, and which since his fall has
been in power, has been found wanting, and that the
army which aided the Young Turks in the revolution
of 1909 has now turned against them. The present
crisis arises primarily from the Albanian insurrection.
The old Turkish Cabinet resigned on July 17, largely
because of its inability to accept the conditions which
Mahmud Mukhtar demanded as the price of his acceptance of the War Portfolio—amnesty measures
and clemency toward the Albanian rebels and the
withdrawal of all troops from Albania.
Aside from the Turkish situation, European politics
seem to be settling down into better shape. A dispatch
from Rabat states that the German cruiser Cosmae
has been ordered to bombard Agadir on the Moroccan
coast in consequence of the recent murder of a German
representing a German firm which carries on extensive
business there. This dispatch was printed on Monday
last, and it is without confirmation in the form of
later developments. The "Echo de Paris," a French
newspaper of reputation, claims to have information
that Russia has consented to sign an agreement with
France binding herself not to treat with Germany on
any European question without having previously
discussed it and come to an agreement with France.
Color is lent to this report by the news that the French
Premier, M. Poincare, started on a trip to Russia from
Paris on Monday surrounded by all the signs that usually accompany a great State pilgrimage. The Minister of Justice and of Marine and other high French
officials, besides the Secretaries and attaches of the
Russian Embassy and the staff of the French Foreign
Office, were all present at the station to emphasize
the occasion, while in the Premier's train traveled
many of the leading journalists of France, who always
mobilize when questions of high political import are
in the air. M. Poincare's visit will occupy a full fortnight. The real questions that will be discussed are,
as is usual under the circumstances, not definitely
known; but that a still closer alliance between France
and Russia will be arranged seems to be the most
natural explanation. Paris dispatches claim that
the opening of the Dardanelles and the steps necessary
for its final accomplishment are to be discussed, as
well as the settlement of the Turco-Italian war and
the rivalry in activity in armaments that is going on
among the European nations.
324
THE CHRONICLE
The situation in Mexigo is again causing concern.
Inez Salazar, the rebel leader, is marching northward
towards the border and is reported to be destroying
the Mexico Northwestern Railway on his way, in the
hope of delaying pursuit by the Federal army, which
at one time pocketed him at Casas Grandes. Salazar's
intention• is to join his chief, General Orozco, who,
with about 500 men, remain at Juarez. The suspension of the Constitution in all States where rebellion
is rife was ordered on Tuesday by the permanent
commission of the Mexican Congress, a body possessing
Congressional powers when the legislators are in
recess. The suspension amounts to a declaration of
martial law. The death penalty is provided for
nearly every act against property, person or the
Government. General Orozco and Rafael Hernandez,
the Mexican Minister of Improvements, held a conference on Wednesday, at which terms of amnesty
were reported to have been discussed. The rebels
are said to be making a desperate effort to bring on
intervention and save their own lives, by firing at
American soldiers along the border patrol. It is also
reported that representatives of the Mexican Government on Thursday had a conference with General
Zapata, another rebel leader, to discuss plans for
peace in the Southern part of the Republic.
Lxxxxv.
The establishment of maximum toll rates is another
indispensable immediate need of the situation. In
order that the Canal may secure commerce against its
competitors as soon as it can be handled, business
must be given an opportunity to adjust itself to the
new trade route.
•
Finally, an indispensable factor in the success of the
Canal is the certainty to the shipping world of securing
necessary coal and marine facilities at reasonable
prices at the Canal."
The commercial failures exhibit for the United
States for July 1912, as compiled by Messrs. R. G.
Dun & Co., reflects, as they remark, "the pressure
incident to the semi-annual settlements",and is less
satisfactory than for either of the two preceding
months of the current year. There is a marked
increase in the number of business fatalities, as
compared with most earlier years and a concurrent
striking augmentation in the amount of indebtedness.
Of the fifteen branches into which the manufacturing
division is segregated, eight show greater liabilities
than in July 1911, with the excess noticeably large in
glass, earthenware and bricks, machinery and tools,
clothing and millinery, and milling and bakers. In
the trading group nine branches report a greater
volume of failed indebtedness than in the month last
year, groceries, meats and fish showing an increase of
Free tolls for American ships engaged exclusively
over 100%, indicating the stress under which those
in the coastwise trade was voted by the Senate on
engaged in that line have labored, due to enhanced
Wednesday evening after eleven hours of debate. The
cost and consequent decreased purchasing power of
vote was taken on an amendment offered by Senator
consumers. Among brokers, transporters, &c., too,
Burton of Ohio to strike out of the Panama Canal bill
there was a decided rise in amount of liabilities over
the provision for free tolls and the amendment was
any recent year (five fold as compared with 1911),
defeated by a vote of 44 to 11. The inclusion of the
although in number there was an actual decrease
word "exclusively" was an amendment offered by
compared with most years. The aggregate of failed
Senator Hoke Smith and will bar ships engaged
liabilities in all commercial and industrial lines in
partly in the coastwise trade and partly in the foreign
July 1912 reached $16,098,460, representing 1,230
trade. Another amendment to the bill which was disasters,
against $12,150,070 and 1,127 in the previous
adopted on Thursday provides for the admission of foryear, $13,790,753 and 1,147 in 1910 and $9,527,893
eign vessels to American registry if owned exclusively
and 1,105 in 1909.
by Americans and not engaging in coastwise trade and
The result for the seven months is less favorable as
a still further amendment exempted from Canal tolls regards
number than in any recent period except 1908,
American vessels engaged in foreign trade where
while as concerns amount of liabilities the current
owners agreed to turn over the vessels to the Govern- total
has been exceeded only three times—in 1910
ment in time of war. Still other amendments were
(slightly), 1908 and 1893—in the last thirty years.
adopted on Friday. They seek to prohibit American
For the period in 1912 the number at 9,547 and the
railroads from owning ships operating through the
indebtedness at $124,110,683 compares with 8,187
Canal and prohibiting vessels owned by "illegal" inand $115,845,104 last year, 7,535 and $126,030,059 in
dustrial combinations from using the Canal. All 1910 and
7,936/and $98,099,266 in 1909. The 1908
railroads must dispose of any steamship lines they may total,
however, was $138,596,959, but that was a
hold which might be their competitors if they were
year of admittedly unsatisfactory business conditions.
independent. The Senate amended the House bill These
are the general results. The indebtedness in •
also to provide for a single-headed control of the Canal
manufacturing branches for the seven months was less
instead of control by commission. As finally amended
than in 1911, although the number of failures was
the bill was passed by a vote of 47 to 15, and will now greater.
be returned to the House for concurrence or for referAcross the border in Canada the failure situation in
ence to a conference committee.
July was much more encouraging than here. It is
The definite action of the Senate was taken in
true that in number there was close agreement with
response to a Special Message from President Taft
the two previous years, but compared with 1909 or
to Congress on Tuesday requesting speedy action on 1908 the
exhibit was much better. In amount of
the Panama Canal Bill. The President urged that liabilities,
however, this year stands out much more
failure to enact such laws might delay the opening satisfactorily
than for some time past, the aggregate
of the waterway, which, he said, might be within indebtedness
reported in all branches of business
fifteen months. In part the message follows:
having been only $741,781, and comparing with
"The establishment of a permanent organization to $1,557,398 a year ago, $802,566 in 1910 and
$985,997
operate the Canal and exercise our rule over the
1909.
months
in
of
For
1912,
seven
the
also,
the
surrounding zone is vital. The manipulation of the
locks and the machinery, the administration and Canadian showing is better than in any recent year,
maintenance of the Canal will require a force of about the number of defaults reaching 798 for only $5,2,500 men, most of whom will need special training 853,000, against 761 for $8,050,134 last year, 763 for
in the performance of their duty.
$10,557,107 in 1910 and 882 for $8,615,256 in 1909.
AUG. 10 1912]
THE CHRONICLE
The same generally favorable exhibit, moreover,
extends to all the various divisions of business, manufacturing liabilities of barely a million dollars in the
seven months of 1912 contrasting with 23-i millions
last year and 3% millions in 1910,and the trading
comparison being between 13/i millions, 2% millions
and 23/i millions respectively.
325
The weekly statement of the Bank of England
showed that £1,144,000 due to the Bank had been
paid off by the market, which more than counteracted
the increase in the loan account of £883,000 last week.
The Bank lost £1,031,008 in its gold coin and bullion
holdings and £935,000 in its reserve. Notwithstanding that collections have begun under the National
Insurance Act, Threadneedle Street this week lost
£1,157,000 of public deposits, these disbursements
naturally being considerable of a relief to the market.
Ordinary deposits were reduced £952,000, notes reserves declined £929,000 and there was a contraction
of £96,000 in circulation. The proportion of reserve
to liabilities was 48.81%, against 48.65% last week
and 54.10% a year ago. The bullion holdings are still
slightly ahead of last year and in fact ahead of all
other recent years, totaling £39,691,831, against £39,674,922 in 1911 and £39,382,894 in 1910. The loans,
however, are considerably in excess of other years,
the aggregate, £33,614,000, •comparing with £26,527,800 one year ago and £28,646,553 in 1910. The
Bank purchased all the £800,000 of South African
gold offered in the London market on Tuesday (Monday having been a Bank holdiay), except £150,000,
which was taken for India. London advices state
that during the week ending July 25 £610,000 gold
left Australia for India and £110,000 was exported
from Egypt to India, which indicates that that Government is still actively drawing the precious metal. Our
special correspondent furnishes the following details
of the gold movement into and out of the Bank of
of England for the Bank week: Imports, £763,000
(of which £15,000 from France, £15,000 from Malta,
£11,000 from Australia and £722,000 bought in the
open market); exports, £700,000 (of which £300,000
to South America, £200,000 to Antwerp and £200,000
to other Continental points), and shipments of £1,094,000 net to the interior of Great Britain.
While cable advices from London and the Continental centres suggest a period of greater ease in the
general money situation,it is noteworthy that London
private bank discounts are firmly maintained. At
the close yesterday the quotation.was 314@3,14% for
ninety-day bills to arrive, sixty day bills to arrive
were 3@33% and spot bills 3@33s% for all maA week ago spot bills and also those
turities.
to arrive were quoted at 3% for sixty days and
70 for ninety days. Call money at the
3%@3W-1
4.@2%." Early
British centre closed yesterday at 13
in the week there were quite free offerings on the
local market of ninety-day finance bills drawn on
London,and it is estimated that within the last fortnight between $25,000,000 and $30,000,000 have been
sold here, the proceeds being loaned out on Stock Exchange collateral at about 4%. As these bills will not
mature before the cotton-export season is in full swing,
and when, therefore, there should be active improvement in the volume of exchange offering in the form
of cotton as well as grain bills, it is expected that the
finance bills in question will be covered at a substantial profit as a sterling exchange transaction. Towards
the close, however, the higher discounts in London
seemed to check the supplies of these bills. Paris
funds became available here in some instances as low
as 34% on Stock Exchange collateral. One source
of the firm money. situation in London was the news
that Berlin was in the market for gold, that £300,000
had been engaged for export to Brazil and that an
additional £600,000 would be required for the same
The Bank of France reported a reaction from the.
quarter in the near future. The London market was
also compelled to pay for an issue of Brazilian Treasury month-end demand for funds. Discounts were rebills which had been placed a short time ago. The duced 217,500,000 francs and circulation: suffered a
decline in Consols appears for the moment at least to contraction of 121,750,000 francs, while general dehave been arrested. It is reported by cable that the posits increased 40,900,000 francs. The gold holdings
British Government will expend substantial sums with- gained 2,475,000 francs and the silver holdings 4,700,in the next few months in purchasing Consols for the 000 francs. The Bank's stock of gold at the close of
Sinking Fund and for the account of the new Insurance the week amounted to 3,289,175,000 francs, against
Commissioners. This release of Government money 3,173,600,000 francs one year ago and 3,392,872,000
will prove a welcome relief to the London market. francs in 1910. The silver stock is 806,875,000 francs,
It is also reported that the French Gol'rernment has which compares with 845,625,000 francs in 1911 and.
decided to sustain the market quotation for rentes, 850,000,000 francs in 1910.
The weekly statement of the Imperial Bank of
so that the prospects.of Congbls and Rentes continuing
Germany
indicated an increase of 4,056,000 marks in
depressing
the
near
a
in
future
further
exercise
to
influence on the English and French markets for the gold on hand and of 6,516,000 marks in gold and
securities are greatly lessened. Consols closed yes- silver combined. Deposits were reduced 18,388,000
terday at 7454, comparing with 74 7-16 a week ago, marks, while loans, discounts and note circulation
and Rentes closed at 92.273 francs, the identical were also sharply reduced, the contraction in loans
Private bank discounts being 30,117,000 marks, in discounts, 57,718,000
price of a week ago.
for
all maturities, both marks, and in circulation, 65,858,000 marks. The
24%
at
closed
Paris
in
for spot bills and bills to arrive. A week ago the total holdings of gold and silver now amount to 1,284,At Berlin rates 461,000 marks, comparing with 1,171,640,000 one
quotation was 2 9-16 @254%.
were much firmer, spot bills closing at 4% and year ago and 1,046,300,000 marks in 1910. Loans
bills to arrive at 4%%, this comparing with 332% and discounts are distinctly higher than in recent
for spot and 34% for bills to arrive a week ago. years at this date, amounting to 1,070,578,000, comAmsterdam is 14% higher at 3%% while Brussels paring with 946,820,000 in 1911 and 965,700,000
remains unchanged at 33/2%. The official Bank rates in 1910.
at leading foreign centres are: London 3%, Paris 3%,
A perceptibly easier tone is evident in local money
Berlin 432%, Brussels 4%, Amsterdam 4%, Bombay
circles, especially for distant maturities. It is difficult
3% and Bengal 3%.
to discover any general agreement as-to the cause of
326
THE CHRONICLE
[Vol, Lxxxxv
this new condition, especially as New York exchange, of-town banks have been the chief buyers of mercanboth in Chicago and Montreal, has been ruling at a tile paper, and quotations are firmly maintained on the
substantial discount most of the week, thus indicating basis of 5@53% for choice single-name bills running
that the currency movement to the agricultural dis- into the new year. Sixty and ninety-day endorsed
tricts of the West has started in and that Canadian bills receivable are quoted at 5%, but are scarce, and
banks will be inclined also to draw on their funds on the quotation is largely nominal. Bills not usually
deposit at New York, though New York exchange in classed as choice are quoted at 532%.
Montreal yesterday recovered to par. The recent offering
of finance bills, the proceeds of which have been loaned
Sterling exchange, after a tendency towards easiness
out at this centre on Stock Exchange collateral, has early in the week, due to continued offerings of finance
naturally operated to promote ease, but an end seems to or "loan" bills, became distinctly firmer, The higher
have been reached, for the present at least, to these discounts in London discouraged additional offerings
offerings. Last Saturday's bank statement was some- of finance bills, and there were no commercial bills
what of a disappointment as it failed to reflect the or other offerings of exchange to take their place.
week's currency movement that preliminary reports The demand for remittances on tourists' account has
from the banks indicated was in favor of New York. In moderated quite substantially. It was understood
fact, the cash holdings of all Clearing-House institu- that two large New York institutions that are inclined
tions, including banks and trust companies, were,ac- to speculate in sterling exchange were active coverers
cording to the statement, only $126,000 ahead of the of short commitments late in the week and in this way
week preceding. But, with a reduction of deposits, the contributed to the firmness. The money outlook at
reserve requirements were reduced $1,034,450 and the this centre also acted as a definite handicap to any
cash surplus, as a result of the week's transactions, im- important weakness in the market for sterling exproved $1,160,450. There was a decrease of cash in change, and it is significant that demand rates on
the vaults of the banks of $1,016,000, an increase in London also are appreciably higher in Paris, where
cash in the vaults of the trust companies of $1,142,000, checks on the British centre closed at 25 francs 26%
but a decrease of $2,674,000 in the trust companies centimes,which is an advance of 214 centimes,though
deposits with the banks. It is evident, therefore, the Berlin rate closes M pfennig lower for the week
that the trust companies have been pursuing their at 20 marks 47% pfennigs. Money in Paris is reusual custom of withdrawing funds from banks when- ported by cable to be again abundant for purposes
ever money rates suggest that they themselves can that are not highly speculative in character. In fact,
use their own reserves to better advantage than per- Stock Exchange houses have this week secured French
mitting them to lie in the banks at the comparatively funds at 39'% for 90 days on Stock Exchange collow rate of interest the banks are willing to pay. The lateral.. In London, although rates do not seem to
total cash reserve of the banks and trust companies actively reflect the situation, the demand for funds
(the actual figures, not the average) amounted, accord- will undoubtedly continue active for some time, until,
ing to Saturday's statement, to $20,398,950. This is in fact, bankers have had opportunity to dispose of
a favorable comparison with the totals of a year ago, the large volume of securities which as underwriters
when the banks and trust companies held only $17,- they themselves have been compelled to assume and
906,350 in their surplus funds, but is not any too large finance. The British Board of Trade returns for
for comfort. Two years ago (before the trust com- July, which were promulgated on Thursday, show,
panies had been admitted to the Clearing House) the moreover, a continued activity of trade and industry
banks alone held a cash surplus of $53,212,475. It is that promises a full demand for banking accommodaconceded in banking circles that the New York banks tion from these sources for some time to come. The
are not well fortified for a heavy demand from the statement registered an increase of £7,266,100 in imagricultural sections of the country, especially when it ports and of £7,378,700 in exports compared
with
is considered that, with the exceptionally large harvests the corresponding month of last year. The increase
that to-day appear to be assured,the demand will prove in imports was about equally divided between
foodmore than usually heavy. The demands for mercan- stuffs, raw materials and manufactured
goods, while.
tile and industrial purposes seem to have rather coal and manufactured goods showed
the largest
slackened for the moment, as there has been noticeable gains in exports. The record of improved
trade, when
a gradual contraction in the offerings of mercantile considered in connection with the shipping
labor
paper during the week. However, the market for troubles and the general labor unrest,
is remarkable.
mercantile paper seems to be becoming each year of
Compared with Friday of last week, sterling exdecreasing importance in the mercantile and industrial change on Saturday was weaker
with demand quoted
world, owing to the system that is so generally in use at 4 8690@4 87, cable transfers
at 4 8730@4 8740
to-day of including cash discounts for prompt pay- and 60 days at 4 8425@)4 8435.
Covering of shorts
ment in the terms of sale.
and light offerings of bills on account of the holiday
Call money this week has ranged between 23/b and abroad caused a rally on Monday, and
demand ad3%. These figures were the lowest and highest, vanced to 4 8710(0 8720, cable transfers to 4
8740@
respectively, on Monday, and 29% was the ruling 4 8750 and 60 days to 4 8430@4 8440. On
Tuesday
rate on that day; on Tuesday 3% was the highest, the advancd was continued, though the market
showed
29,70 the lowest and 2%7
0 the renewal figure; Wed- less activity; closing quotations were 4 8715@4
8725
nesday's range was also 23'@3%, with 2%% the for demand, 4 8745@4 8755 for cable
transfers and
renewal basis; Thursday's highest was 2%%, lowest 4 8435@4 8445 for 60 days. The
market was dull
23/2% and renewal 2%%; on Friday 3% and 23'% and featureless
on Wednesday, with rates unchanged
were the highest and lowest figures, while 23
4% was from Tuesday's close. On Thursday the advance was
the ruling figure. Time money closed rather easier for resumed on
short covering by speculative interests
distant maturities. The final quotation was 3
for and slightly firmer discounts at London; offerings of
sixty days, 33@4% for ninety days, 43@4Y2% for bills were again
light and demand finished at 4 8720 ©
four months and 497
0 for five and six months. Out- 4 8730, cable transfers at 8755@A
4
8765 and 60 days
AUG. 10 1912]
THE CHRONICLE
327
position on the initiative and referendum. These, it
is true, are primarily State issues, but the acceptance
of them by the Governor in his Norfolk speech of a
year ago, not less than the manner of acceptance, had
created undoubted uneasiness as to his course regarding other questions.
Moreover, there remained the question of the
Democratic platform, itself drawn up by Mr. Bryan,
and clearly radical in character. How far that would
fetter the candidate, even supposing his own prefera question of no
The New York Clearing-House banks, in their oper- ences to lie in another direction, was
true regarding
especially
was
.
This
little
importance
ations with interior banking institutions, have gained
and the great
judiciary,
the
tariff,
the
the
of
problems
currency
the
$5,030,000 net in cash as a result of
had been
which
estions
capital—qu
ns
of
combinatio
Their
5.
Aug.
movements for the week ending
in many
manner
receipts from the interior have aggregated $10,004,000, treated in a more or less reckless
moreexisted,
had
while the shipments have reached $4,974,000. Add- of the party declarations. There
that
fear
some
Party,
the
regarding
over,
Democratic
ing the Sub-Treasury operations, which occasioned a
imschedules
tariff
the
up
of
policy
tearing
the
loss of $2,055,000, the combined result of the
;
undertaken
be
by
would
and
wholesale
mediately
flow of money into and out of the New York banks
an
in
approached
be
would
trust
question
the
that
$2,975,for the week appears to have been a gain of
inflammatory way; that the so-called Money Trust
000, as follows:
question would be handled after the fashion of the
Net Change in
Out of
Into
recent New York investigation, and that nostrums
Hank Holdings.
Banks.
Banks.
Week ending Aug. 9 1912.
$4,974,000 Gain $5,030,000 such as the. recall of judicial decisions or of judges
$10,004,000
Banks' interior movement
21,426,000 Loss 2,055,000
22,371,000
Bub-Treasury operations
themselves would be openly advocated. The plat$32,375,000 $29,400,000 Gain $2,975,000
Total
form, moreover, had taken distinct ground against
The following table indicates the amount of bullion the impending efforts at banking and currency reform.
But it must be said that Governor Wilson in his
in the principal European banks.
of Wednesday approached these topics with
speech
Aug. 10 1911.
Aug. 8 1912.
Banks of
greater conservatism than had been expected. On
Total.
Silver.
Gold.
Total.
Silver.
Gold.
the policy of general revision of the tariff downward
.£
£
.£
£
£
£
39,674,922
39,691,831 39,674,922
England__ 30,691,831
he took a positive position; yet he added this highly
France _ 131,766,640 32,258,640 164,025,280 l26,944,240 33,825,840 160,770,080
59,182,050
Germany 46,690,100 17,594,050 64,284,150 43,470,100 15,711,950 152,789,000
qualification:
important
Russia a_ 153,498,000 8,173,000 161,671,000 145,062,000 7,727,000
Aus.-Hun 51,713,000 12,090,000 63,803,000 55,775,000 12,408,000 08,183,000
47,755,000
31,156,000
16,599,000
47,065,000
"We do not ignore the fact that the business of a
Spain ____ 17,069,000 29,996,000
42,385,000 3,650,000 46,035,000 40,005,000 3,507,000 43,512,000
Italy
13,418,700
1,682.700
11,736,000
12,941,200
like ours is exceedingly sensitive to changes
country
915,200
Nethlande 12,026,000
Nat.Belg d 6,730,000 3,305,000 10,095,000 6,803,333 3,401,667 10,205,000
4.733,000 in legislation of this kind. It has been built up,
5,319,000 4,733,000
Sweden _ _ 5,319,000
0,376,000
6,743,000 6,376,000
6,743,000
in
Switzerl'd
2,288,000 however ill-advisedly, upon tariff schedules written
2,186,000 2,288,000
Norway __ 2,186,000
s
must
foundation
its
and
indicated,
have
I
way
the
608,886,752
Total week 515,817,571 f08,041,890 523,859,461 199,466,595 109,420,157 509,362,250
not be too radically or too suddenly disturbed. When
Prey. week 117,128,240 108,957,780124,086,020 199.983,487 109,378,763
we act we should act with caution and prudence,like
abroad—
held
the
balance
a The t( tal of gold In the Bank of Russia includes
The
banks.
In
other
Continental
men who know what they are about, and not like
account
for
Russian
held
amount
that is, tl e
Proportion so held, and consequently duplicated In the above statement, is about those in love with a theory. It is obvious that the
one-eighth of the total this year, against about one-seventh a year ago.
we make should be made only at such a rate
d The division between gold and silver given in our table of coin and bullion In changes
the Banks of Italy and Belgium Is made from the best estimates we are able to ind in such a way as will least interfere with the normal
obtain; it Is not claimed to be accurate, as the banks make no distinction In their
and healthful course of commerce and'manufacture."
weekly returns, merely reporting the total gold and silver; but we believe th
division we make Is a close approximation.
On the question of combinations of capital he had
this to say :
GOVERNOR WILSON AND MR. ROOSEVELT.
"I am not one of those who think that competition
With the publication of Mr. Taft's speech accepting can be established by law against the drift of a worldthe Republican nomination last week, with Governor wide economic tendency; neither am I one of those who
Wilson's speech of acceptance last Wednesday, and believe that business done upon a great scale by a
with the nomination on the same day of Ex-President single organization—call it corporation, or what you
to the liberties, even
Roosevelt and Governor Johnson of California as will—is necessarily dangerous
people like our own,
great
a
of
liberties,
economic
the
candidates for President and Vice-President on the full of intelligence and of indomitable energy. I am
third-party ticket, it may- now be said that the cam- not afraid of anything that is normal. I dare say
paign is fairly under way. We shall presently be we shall never return to the old order of individual
able to discover, from the usual political observation- competition and that the organization of business upon
points, the drift of opinion among the voters, in one a great scale of co-operation is, up to a certain point,
direction or another, in this very peculiar Presidential itself normal and inevitable."
And so far from following the inflammatory ideas
contest. It is as yet too early to make definite predictions regarding any of the candidates; but, the lately prevalent in Congress and elsewhere regarding
course of the stock market this week,which advanced the so-called Money Trust, he discusses that phase
at the time of the Democratic candidate's acceptance of the question with great caution and open-mindedand the third-party convention, was clearly such as ness, declaring that there may be public problems
to indicate absence of apprehension, on the part which will require careful investigation and superof trained observers, regarding the probable result.
vision, but adding, in regard to the concentration of
This was undoubtedly in considerable measure due banking resources, and its association with large
to the tone of Governor Wilson's speech of acceptance. investment enterprises:
Some genuine apprehension had existed among con"There is nothing illegal about these confederacies,
versative people regarding the attitude of this can- so far as I can perceive. They have come about
didate—largely because of his previously declared very naturally, generally without plan or deliberation,
at 4 8445@4 8455. On Friday the market was rather
quieter. Demand and cable transfers advanced 10
points and 60-day bills were 5 points higher. Closing
quotations were 4 8450@4 8460 for 60 days, 4(8730@
4 8740 for demand and 4 8765@4 8775 for cable trans4
fers. Commercial on banks closed at 4 833/8@4 84I/
Cotton
849.
'@4
and documents for payment at 4 833
2; grain for
for payment ranged from 4 843 to 4 843/
85.
payment 4849®4
328
THE CHRONICLE
[VoL. Lxxxxv.
rather because there was so much money to be in- of the currency, his remarks were of that vague and
vested and it was in the hands, at great financial indefinite sort which has always, in this
question, incentres, of men acquainted with one another and
intimately associated in business, than because any dicated a mind temperamentally unable to grasp the
one had conceived and was carrying out a plan of problem. Where almost every public question under
general control. * * * Let me say again that heaven was dealt with, it was to be supposed that
what we are seeking is not destruction of any kind, many extremely desirable proposals should have
nor the disruption of any sound or honest thing, but found a part in this voluminous budget of proposals
merely the rule of right and of the common advant- submitted by Mr. Roosevelt; but they as a
rule occur
age."
in the speeches of the other candidates also, and we
Finally; as regards the question of currency reform, have indicated the points of special interest.
the Governor frankly declared that "I do not know
As it stands, this budget of extravagant proposals
enough about this subject to be dogmatic about it"— elicits from Mr. Victor Berger, the one Socialist
a very unusual point of view in these days of suddenly- member of Congress, the comment that Roosevelt's
equipped experts on such questions, who would over- attitude embodies the Socialism of Karl Marx, and
haul our entire system overnight on the basis of an in- that he will "be remembered as one of the most
stantaneous happy thought. His positive conclusion aggressive and most strenuous propagandists for the
regarding banking reform is that the partnership be- Socialist Party ever known," while the "Call", the
tween Government and banks involved in any such organ of that Party, in greeting the new recruit
system "should be, so far as possible, a control ema- to its army, adds that "we shall drive Roosevelt and
nating, not from a single special class, but from the his kind ever further along the path to Socialism;
general body and authority of the nation itself"—a we shall force them to paint their 'red herrings' ever
conclusion in which, we suppose, properly understood, more red." But almost without exception this
even the banking community will concur. It will no series of sweepingly radical, if not revolutionary
doubt be \said that Mr. Wilson's position on -many of proposals, was duly incorporated in the third party's
these questions is still extremely radical. But we convention platform. That formal political program
think it fair to say that his speech reflects a purpose demands the most sweeping changes in a dozen differof cautious and conservative interpretation and ap- ent directions—changes involving hurried amendplication of the platform, and'this is of great impor- ments to the Constitution and the over-riding of
tance. People who remember the politics of a genera- court decisions, the means of doing which is explained
tion ago will not have forgotten what the Democratic and strongly advocated—and for the most part it
Party platforms were in Cleveland's day,and to what seems to contemplate putting them into effect at
extent they were modified by the personal attitude of once. In the one particular where the convention
the candidate.
went beyond even Mr. Roosevelt, it took more definite
The third-party convention at Chicago was a curious ground than he did in the matter of the currency,
episode; we do not recall anything just like it in all of denouncing the Aldrich plan and, in a more or less
the past political history, whether of this or in any indefinite way, committed itself to paper issues by
other country. It was not only dominated by one the Government. Yet even of Roosevelt's own remarks
man, but the delegates were manifestly there simply upon that question, the Socialist, Mr. Berger, obto register automatically, and to the utmost point, serves that "what he says smacks too much of greenthe personal desires of this one man regarding party backism to make his plan feasible under the capitalist
platform and program. There was no roll of delegates system." All of this extraordinary political program
and no roll call. There was no open discussion of the is interlaced at every point by open demogagic appeals,
numerous planks in the platform—this despite obvi- adroitly and cunningly made by the candidate himself,
ous dissatisfaction on the part of many delegates with to the private interests of all sorts of classes in the
some of them, notably with the high-handed policy community.
announced by the candidate of excluding Southern
Much has been made, in the week's dispatches from
negro delegates from the convention, simply because Chicago of the serious and respectable character of
they were negroes, and manifestly in order to throw the convention's personnel. Emphasis has been laid
a sop to the Southern white vote. Comptroller Pren- on their genuine emotion, on the evidence of their
dergast's speech of nomination, in its flamboyant belief that they were entering a crusade for social
language and high-strung emotionalism, reflected the welfare, on the constant singing of hymns in the
spirit of political idolatry and of willingness to pin the convention hall and on the spirit of devotion to a
fortunes of the new party to the ideas and ambitions of holy cause and an unselfish leader, which seemed to
a single politician, regardless of what those ideas and inspire the great body of its membership. We fail
ambitions might be.
to see anything surprising or unusual in this fact;
Mr. Roosevelt's own speech covered enormous precisely the same could be said, so far as we are
ground; it was more radical and more reckless than aware, of all previous experiments for revolutionary
any previous deliverance on his part. Merely to sum- policies, however rash, reckless and ill-fated they
marize a few of the off-hand recommendations,in this may have been. Students of history are perfectly
speech of something like 20,000 words, it may be men- acquainted with the fact that the earlier and sufficienttioned that he advised the sweeping application of ly radical undertakings of the French Revolution,
the overruling of judicial decisions by popular vote; which swept away suddenly the good and bad alike
that he promised to contrive a tariff which should of the country's institutions, were conducted by
inure always to the benefit of the "pay-envelope of conventions and legislatures made up from the most
the workman"; that he advocated. woman suffrage, respectable classes of the community, and characterproposed, without particulars, the plan for the Gov- ized in their deliberations by seemingly genuine
ernment somehow to assist workingmen to become devotion to the welfare of the race and by constant
part owners in the business where they were em- display of profound emotions.
ployed, and recommended legislation looking to the
Precisely the same thing was true of such gatherings
establishment of a minimum wage. On the question as the Populist Party's convention of 1896, which,
AUG. 10 1912]
THE CHRONICLE
indeed, both in its manner of procedure, in the language of its declarations, and in the actual recommendations of its platform, will be found to have
borne a singularly close resemblance to the proceedings
of this week at Chicago. If, indeed, we remember
rightly, the old time "greenback conventions" in the
period following the Civil War were almost equally
marked by the same characteristics, and it will not
have been forgotten that Peter Cooper once ran for
President on the "Greenback" ticket. But obviously,
n matters of this kind, such gatherings must be
judged by the declarations rather than by the personnel of the convention, and the political proposals
emanating from them must be tested, not by the
purpose of their authors, but by the judgment of
intelligent men as to their wisdom and practicability.
There is little doubt that the sober common sense
of the American people will draw its conclusions on
such lines regarding the present week's declarations
at Chicago.
THE HIGH COST OF FOOD.
The press report from Chicago that fresh meat has
taken another jump and beef on the hoof has reached
ten cents a pound, for the first time in nearly fifty
years, follows closely on the publication of a report
of a sub-committee of the Food Investigation Commission of this State, which is one of the various
bodies set at work by State authority to discover why
living now costs so much. These inquirers find that
the market buildings of this city are old and bad, as all
of us knew already, and that the distribution here is
bad, as most of us have long believed. The general conclusion is that food which at the transportation terminals is worth 350 millions has added to it some 150
millions in reaching the consumer and that forty per
cent of this added cost could be saved by effective
marketing methods.
This is an estimate, and perhaps not an unfounded
one. The report recommends legislative action for
Creating a Department of Markets, with economic and
sanitary supervision of food supplies and charged with
the publishing of statements of market needs and prices
for the public information. Common carriers should
be required to issue bulletins of food arrived, to provide adequate facilities for prompt delivery and to
maintain storage plants equal to a day or two of
keeping. Food department stores are mentioned with
approval, and it is estimated that two hundred such
would suffice. How these are to be obtained the
investigators did not seem to clearly see. Getting
them through some suitably supervised philanthropic
corporation is one plan; a co-operative union of *producers and consumers is another, the preliminary
financing to be done by the State. One member of the
committee submitted a minority report which says
that the remedy "for the chaotic, extravagant and
wasteful condition of distributing foodstuffs can be
most effectively brought about by the establishment
throughout the city of a series of retail markets in
each of which all foodstuffs would be carried and in
which grades and prices would be uniform."
Just at this time there appears in the "Times"
some account of what is called "Glasgow's solution
of the high cost of living,"contributed by Mr. Frank
L. Cohen, who is in charge of the matter and bears
the title of Master of Works. The sum of it is that
Glasgow owns and manages the slaughter house's and
meat markets and anybody who chooses can buy a
single animal, have it killed and dressed, then can
329
remove it (after inspection) or hang it up for sale in
a reserved section. Mr. Cohen, who is now visiting
this country, does not give the finances of the system,
but he says it has been greately aided in the past
twelve years by the great wholesale co-operative
societies. The price of American meat, he says, is
a third less than in New York, a difference partly
due to the competition of the large supply from the
Argentine Republic. After 14 years' experience in
public life, he is not in sympathy with municipalizing
everything "but when private enterprise does not do
things in an equitable way, then it is the duty of the
city council or local authorities to step in and take
over or start such concerns as will give the greatest
good for the greatest number."
The foregoing adds to the great mass of theoretical
dissertation about what "should be", but leaves us
without advance towards getting things so. The
investigators discover an already-known factor of the
cost of living; the great convenience of shopping by the
telephone, the convenience of having articles put up in
small and neat packages, and the convenience of
having them brought to the door many times in the
day. These must be paid for. The housekeeper will
not go personally to market as she once went, and
she particularly will not carry basket or goods; the
commuter still does that somewhat, but the housekeeper will not. There must be some changes in
habits (of which this is one) before the cost of living
can be greatly reduced. Mr. James J. Hill, it might
be noted, says the trouble is less in the high cost of
living than in the cost of high living; and convenience
is a part of the latter "high."
The investigators correctly say commission men and
dealers in farm products are tricky with producers,
"report shipments in bad condition without proof of
same, report goods damaged in transit," and so on.
The commission man is acting for himself, practically
without check, and the grower is "in his hands".
Hucksters may be seen selling rotten apples along the
lower East Side, and even using garbage heaps as
counters, while the finest apples spoil on the ground
not 80 miles from the City Hall, because the grower
dare not incur the cost of barreling, so bad has been
his experience as to "returns" when settlement-time
came. Even nearer than this the ground in apple
orchards may be carpeted with apples, but the price
at the retailer's in the next winter stays up. There is
too much "handling" and too much friction and
waste—plainly something wrong in the interval and
distance between grower and consumer.
Legislation cannot help this much. It may be
worked over as part of the call to the dissatisfied to
help a passionate schemer get the Presidency. It
may be made another count in the denunciation of the
rich, who are readily presented to the not-rich as
guilty of everything. But there is mit cure in any of
this, and certainly no cure in haste. Natural forces
must work the cure naturally, and they must have
time.
THE AGRICULTURAL OUTLOOK.
The grain-crop situation at this time as indicated by
the official report of the Department of Agriculture
for Aug. 1, issued yesterday afternoon, is on the whole
very promising, and, with the exception of one .cereal
—winter wheat—much more satisfactory than last
year. This is in line with general expectations, for
the weather in July had in the main been very favorable to the development of the various grains, althou
330
THE CHRONICLE
to some extent in certain localities rather low tem- of spring and winter combined of 680,000,000 bushels,
perature had retarded the advancement of corn, against 629,000,000 bushels indicated a month ago.
already somewhat backward in growth. That cereal, The yield in 1911 was given by the Government as
nevertheless, makes a much better promise than at 621,338,000 bushels. The record production—that
the same date in 1911; the spring-wheat outlook is such of 1901—was 748,460,000 bushels.
that a yield well up to, if not in excess of, the former
Oats condition is reported by the Department at
record is looked for, and, contrary to earlier expecta- 90.3 Aug. 11912, against 65.7 a year ago, 81.5 in 1910
tions, winter wheat, on the basis of the Department's and a 10-year average of 81.4. A yield of 31.9 bushpreliminary estimate of yield per acre, figures out a els per acre is figured out, which on the year's planting
crop only 40 million bushels smaller than a year ago, would give a product of 1,207,000,000 bushels, a new
instead of indicating a decrease of 72 million bushels, record; this compares with 922,298,000 bushels in 1911
as suggested by the figures,a month ago. In oats the and the previous high total of 1,186 million bushels in
situation is such that a greater production than in any 1910. Quality of oats also appears to be good in most
earlier year is foreshadowed, and the same is true of sections. The ambunt of oats remaining in farmers'
barley. Finally, potatoes, a very important food hands in the United States on Aug. 1 was materially
crop, and which were in decidedly short supply last less than at the same time in the previous year, due
year, have done so well this year that a yield second to the small yield of 1911. Comparison in fact is beonly to that of 1909 seems likely; while hay, accord- tween 34,872,000 bushels and 67,793,000 bushels.
ing td this latest official report, promises a much more
Potatoes, as intimated above, promise a bountiful
abundant product than last year and close to the record supply this year, the Department estimating the prodof 1908.
uct per acre at 100.7 bushels, or a total for the whole
For corn the average condition on Aug. 1 is stated area of 371,000,000 bushels, this comparing with 292,by the Department as 80, this being a deterioration 737,000 bushels in 1911 and 389,195,000 bushels in
from July 1 of only 1.5 points. It compares with but 1909. The indication as regards barley is for 202,69.6 on the corresponding date a year ago, 79.3 in 1910 000,000 bushels, or 42 million bushels greater than in
and a 10-year average of 82.8. The situation in prac- 1911 and 24 million bushels in excess of the previous
tically eveFy corn-growing State is much better than record, and hay is taken to promise an outturn per
last year, the contrast being particularly marked in acre above the average.
localities of largest production. In Iowa, for instance, a condition of 89 on Aug. 1 1912 compares with
68 twelve months ago; in Kansas, 73 with 54; in RAILROAD GROSS EARNINGS FOR THE HALF YEAR.
Nebraska, 79 with 64; Missouri, 81 with 61; Illinois,
With trade showing growing activity in widening
79 with 74; Texas, 75 with 40, and Oklahoma, 65
with 33. On the basis of the average condition Aug. 1, circles, railroad gross earnings for the first half of the
the indicated yield per acre is officially figured out to current calendar year register material improvement
be 26 bushels, forecasting a total crop of 2,811,000,000 as compared with the first six months of the calendar
bushels, as against 23.9 bushels per acre and an aggre- year 1911. The increase is not as large as would have
gate yield of 2,531,488,000 bushels in 1911 and 2,- been the case if entirely normal conditions had prevailed—if, for instance, the political situation had
886,260,000 bushels in 1910.
As regards winter wheat,. reliable private advices not interfered to prevent full industrial revival and if
have recently been to the effect that as threshing has the railroads themselves had not been hampered in
progressed, the outcome has been so much in excess their development by oppressive laws and oppressive
of prevailing expectations as to encourage belief in regulation through the Inter-State Commerce Commuch better final results than had been deemed pos- mission. And yet the increase is of very substantial
sible. The Department estimates the yield per acre amount. The result as to net i not likely to be anyat 15.1, as against 13.9 bushels, the figure announced where so satisfactory, but it is yet too early to have
July 1, and the total crop as approximately 390,000,000 full returns as to expenses, and therefore the present
bushels. This latter result compares with 430,656,000 article deals entirely with the exhibit as to gross
bushels last year, 434,142,000 bushels in 1910 and revenues. Even as to the gross, the returns are not
the unrevised record total of 492,888,000 bushels in yet wholly complete. June being .the closing month
of the fiscal year, when larger or smaller revisions are
1908.
• Spring-wheat crop reports have all along been of a apt to be incorporated in order to make the footing
very favorable nature, and with the crop now quite of the separate months correspond with the aggregates
fully matured and harvesting already in progress, it for the year, the returns are slow in coming to hand,
is now largely a matter of weather at threshing time and hence in our present tabulations we are obliged
and a sufficiency of supply of labor. Some notably to use'figures covering in some instances only the five
heavy yields per acre have been reported, especially months to May 31 instead of the full six months to
from Iowa, where much threshing has already been June 30.
Taking the results just as recorded by our tables, we
done. The Government places the condition of
spring wheat on Aug. 1 at 90.4, a gain of 1.1 points have a gain of $51,012,535. That is, obviously, a
during the month. This compares with only 59.8 goodly sum, but we are dealing with totals of huge
in 1911, 61 in 1910 and 91.6 in 1909, and a 10-year dimensions—$1,329,686,550 in 1912 and $1,278,674,average of 80.3. In South •Dakota a condition of 85 015 in 1911—and hence the ratio of gain is not quite
this year compares with 31 last year, North Dakota, 4%, being 3.99%. Considering, however, that the
94 with 60, and Minnesota,89 with 61. The indicated anthracite coal roads . uffered serious reductions
yield per acre for the whole belt is officially stated at of traffic and revenue as a consequence of the almost
15.1 bushels, pointing to a product of virtually 290,- complete suspension of mining during the month of
000,000 bushels, or 100 millions greater than in 1911, April and the greater part of May, pending the adjustand,in fact, close to the record of 1898-292% million ment of the question of wages, and that there was
bushels. Thus the outlook is for an aggregate yield also more or less suspension of mining over considerable
THE CHRONICLE
AUG. 10 1312.]
portions of the bituminous regions in the Middle and
Middle Western States, the showing is quite as favorable as could reasonably have been looked for. On
the other hand, the fact cannot be gainsaid that,
taking the roads as a whole, the improvement in their
gross revenues represents in great part a recovery of
what was lost last year. Our early statement for the
first six months of 1911 recorded a falling off in gross
earnings of $26,557,747. This was increased somewhat in our final statement, where the decrease
reached $28,958,798 (2.16%), just as the increase for
1912 seems likely to be raised somewhat when all the
.figures are in for the month of June. It thus appears
that, allowing for the loss sustained last year, the
gross earnings of United States railroads, speaking of
them as a whole, are but little larger than they were
two years ago in 1910-hardly much more than 1%.
We need hardly say that 1% addition in two years
does not represent normal growth in this country.
How railroad earnings expand when trade activity is in
full swing may be judged from the results for 1910 and
1909. For the first six months of 1910 our final tabulations recorded a gain of of less than $173,044,812, or
• 14.85%. Thus we are still a good way off from the
happy state where revenues keep rising in an emphatic
way, though, on the other hand, the fact should not
be forgotten that during the whole of the last two
years the Inter-State Commerce Commission has been
actively at work compelling reductions in rates. In
1909 our final statement for the six months showed
$122,730,709 increase, or 11.86%, but that was
significant of a recovery in revenues,not of a further
growth in the same. The previous year (1908) was
the period following the panic of 1907, and then, of
course, there was a tremendous shrinkage in railroad
revenues. The loss, according to our final compilations,
was $197,085,791, or 16.65%, but the figures related
to only 202,172 miles of road, and we estimated that
the total falling-off must have reached $235,000,000.
Prior to 1908 the trend was almost uninterruptedly
upward for a full decade. In the following we show
the comparisons for the first six months of each year
back to 1897:
Mileage.
Jan. 1
Year 1 Year Into
June 30. Given. 'Preced . cr'se.
Earnings.
Year
Given.
Year
Preceding.
Increcue
or
Decrease
g
%
$
%
S
0.52 473,084,924 475,293,350 -2,208,42( 0.46
0.68 536,375,776 477,035,482 +59,340,294 12.44
0.81 556,326,364 523,231,211 +33,095,15:: 6.32
2.79 643,342,643 565,393,511 +77,949,131 13:78
2.40 704,538,792 642,321,514 +62,217,27/ 9.69
1.47 749,023,005 701,688,284 +47,334,721 6.74
2.36 847,034,318 745,087,476 +101,946,842 13.68
2.41 794,929,168 810,131,983 -15,202,815 1.87
1.41 910,027,258 846,375,228 +63,652,031 7.52
1.32 1,049,355,572 022,696,020 +126,659,552 13.72
1.59.1,185,196,030 1,050,957,676 +134,238,354 12.77
1.041 987,005,757 1,184,091,548 -197,085,791 16.65
1.12 1,157,508,747 1,034,778,038 +122,730,709 11.86
1.88 1,338,344,306 1,165,293,494 +173,044,812 14.85
2.25 1,284,282,115 1,310,839,862 -20,557,747 2.03
1.16 1.329,686.550 1.278.674.015 +51.012.535 3.91
Note.-Neither the earnings of the Mexican nor Canadian roads nor the mining
operations of the anthracite coal roads are Included In this table.
Year.
1807
1898
1899
1900
1001
1902
1903
1904
1005
1906
1907
1008
1909
1910
1911
1912
Miles. ' Miles.
158,295 157,463
158,775 157,702
161,166 159,865
166,704 162,190
175,371 171,257
179,065 176,459
173,655 169,747
177,673 173,495
185,912 183,320
196,571 194,005
200,352 197,715
202,172 200,083
230,022 227,369
235,462 231,101
235,293 229,824
239,020 236,285
The most important single event of the six months
of 1912 was undoubtedly the revival of the iron and
steel trade, brought about by the drop in iron and
steel prices the last six months of 1911. As a result
of this break in prices and the creation of an 'open"
market for iron and steel and their various products,
consumers were tempted to make purchases, and this
developed into a buying movement of large dimensions.
The movement has continued uninterruptedly in
progress ever since-in fact, has been gaining increasing
momentum with each succeeding month. We published last week the statistics of pig-iron production
for the first six months of the year, and these showed
that the make of iron for the half-year had reached
331
14,072,274 tons in 1912, against only 11,982,551 tons
in the second half of 1911 and 11,666,996 tons in the
first half of 1911. The enlarged output of iron and
steel brought with it an increase in traffic in numerous
directions-not merely in the transportation of iron
and steel themselves and the various finished products
into which these are converted, but also in the transportation of the raw material, more particularly in the
shipments of coal and of iron ore. For the six months
of 1912 the shipments of ore from the Lake Superior
regions aggregated 13,690,671 tons, against 8,836,372
tons in the first six months of 1911, but against
14,918,258 tons in the first half of 1910. These, of
course, are shipments by water, not by rail, but the
figures indicate the greatly increased amounts of ores
brought to the lower lake ports whence the railroads
haul the ore to Pittsburgh and other iron centres where
the blast furnaces are located.
As an indication of the increase in the movement of
coal, we have the figures of the Pennsylvania RR.
For the six months ended June 30 the aggregate
amount of coal and coke carried on the Pennsylvania
RR. Lines east of Pittsburgh and Erie was 33,466,343
tons in 1912, against 31,033,162 tons in 1911 and
33,256,539 tons in 1910. This is an increase over last
year of 2,433,181 tons, notwithstanding a falling-off
of 1,463,631 tons in the shipments of anthracite. The
shipments of anthracite by all the different carriers
recorded a falling off of large proportions, owing to the
suspension of mining during April and a good part of
May. Altogether, the shipments of anthracite to
tidewater during the six months of 1912 were only
26,104,761 tons, against 35,309,583 tons in the
corresponding six months of 1911.
The railroads had some further advantages the
present year, aside from the larger trade activity.
Many of the Western roads enjoyed the benefits of
a larger grain movement, and Southern cotton roads
quite generally had a greatly increased cotton movement. The deliveries of grain at the seaport were
much the same for the six months of 1912 as for the
first six months of 1911, but at Western points there
was a large augmentation, notwithstanding the crop
shortage of last season. No doubt, the high prices
prevailing stimulated the movement to market. At
the seaboard there would have been a decided contraction in the grain deliveries as a whole, except for
the increased deliveries of wheat, as there was a large
shrinkage in the deliveries of corn and also some falling
off in the oats receipts. The details of the seaboard
receipts are shown in the following comparative statement:
RECEIPTS OF FLOUR AND GRAIN AT SEABOARD JAN. 1 TO JUNE 30.
1908.
1909.
1910.
1911.
1912.
Receipts of8,412,332
7,362,156
9,170,530 8,317,837
bbls_ 8,466,135
Flour
Wheat
Corn
Oats
Barley
Rye
Total grain
bush_ 54,480,813 30,651,278 33,713,152 33,340,796 36,758,872
23,881,663 45,570,428 22,512,798 26,638,999 25,220,828
23,679,682 26,044,936 22,894,634 23,010,866 20,458,600
2,629,728
4,072,637
1,841,976
2,595,786
3,626,790
1.097,450
376,752
012,789
356,097
282,062
105,951,010 105,218,525 81,375,347 87,440,050 86,165,481
At the Western primary markets the grain movement
ran much in excess of that of the previous year. The
deliveries were larger, too, in the case of all the leading
cereals except barley. For the twenty-six weeks from
Jan. 1 to June 29 the receipts of wheat, corn, oats,
and barley and rye combined aggregated 260,406,838
bushels in 1912, as against 229,648,363 bushels in the
twenty-six weeks of 1911, but comparing with 288,194,670 bushels in 1910. Besides this there was also
an increase in the receipts of flour the present year.
The details of the Western grain movement in our
usual form are set out in the following:
332
THE CHRONICLE
RECEIPTS AT WESTERN PRIM ARY MARKETS.
Flour.
January 1 to
Wheat.
Corn.
Oats.
Barley.
Rye.
June 29(bush.)
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago3,024,598
6,919,000
59,096,250
1912
39,275,700 6,493,100 791,500
2,225,743 6,969,902 50,759,500 36,805,900 6,959,000 413,500
1911
lifiltvautce828,829 2,804,130 5,648,030 5,497,674 4,286,080 1,029,450
1912
1,389,325 2,502,260 3,476,680 5,780,004 :3,709,580 428,320
1911
St. Louis1912
1,344,410 4,243,442 16,361,370 8,297,105
63,200
19,159
1911
1,014,660 5,001,792 10,640,490 8,386,100
67,432
470,986
Toledo1912
1,815,300 2,383,600
752,550
1,000
14,000
1911
759,000 2,496,100 1,134,000
1,000
Detroit1912
144,442
529,685 1,393,466 1,141,229
1911
100,817
564,510 1,749,424 1,036,927
Cleveland1912
17,348
142,439
831,660 1,103,858
10,186
3,512
1911
15,982
220,783 2,069,885 1,480,173
28,166
516
Peoria1912
.1,094,019
485,223 9,977,120 3,538,610
779,022 115,270
1911
266,752 6,941,100 2,925,989
970,529
779,432 111,200
Duluth1912
313,370 .4,462,860
7,936 1,407,559
184,786
65,877
1911
276,080 5,121,194 1,268,097 1,373,166
482,715
56,210
Minneapolis1912
5,040,490
33,891,600 2,970,320
3,679,970 740,£60
1911
26,985,147 3,776,271 4,902,000 4,871,070 444,.80
Kansas City1912
5,214,100 13,218,660 2,778,900
1911
5,716,310 7,426,500 2,288,900
Total of all1912
1911
6,767,016 60,507,779 112788,412 68,833,675 15,497,344 2,779,628
5,993,136 54,107,650 90,604,047 66,113,159 17,300,9491,522,558
The cotton movement in the South ran away above
that of any previous year, this following from the
unexampled crop produced in 1911. The gross shipments overland for the six months aggregated 996,782
bales in 1912, against only 579,703 bales in 1911 and
509,664 bales in 1910, while the receipts at the Southern outports reached no less than 4,247,705 bales,
against 2,265,913 bales in 1911 and' but 1,964,066
bales in 1910. Every leading port received greatly increased amounts of cotton, as will be seen by the
following:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN. 1 TO JUNE 30.
Since January 1
Ports1912.
1911.
1910.
1909. . 1908.
1907.
Galveston ____bales_1,237,441 667,510 685,311 1,194,089 1,088,886 1,603,836
Port Arthur, &c____ 328,812 256,888 107,515 232,159
82,453104,263
New Orleans
779,215 596,085 569,732 805,419 897,383 942,021
Mobllc
148,448
58,145
82,289
73,557 131,791 107,350
Pensacola, &c
178,838
74,336
86,394
74,790
57,453
83,556
Savannah
802,881 298,262 220,888 400,934 371,289 397,644
Brunswick
161,695
66,068
53,286
39,317 106,871
64,558
Charleston
113,613
37,442
35,447
23,438
61,650
30,650
Georgetown
589
738
1,291
562
402
592
Wilmington
189,681
74,834
41,471 114,116 120,590
71,784
Norfolk
279,791 115,189 137,023 202,285 187,143 225,822
Newport News, &c._ 26,521
1,140
13,880
1,737
7,269
31,810
tt Total'
[VoL. Lxxxxv.
of the Mississippi River. In June more favorable
conditions ruled and the ratio Of gain again increased.
The following furnishes a summary of the monthly
totals:
MONTHLY SUMMARIES.
•
--Mileage1912.
1911.
Inc. or Dec. %
1912. 1911.
s
$
$
January
237,888
February
March
April
May
June
237,082
238,218
236,722
235,410
191,566
234,402
233,191
234,692
233,057
231,597
188,503
210,704,771
218,031,094
237,564,332
220,678,465
232,229,364
195,523,080
213,145,078
197,278,939
224,608,654
216,140,214
226,184,666
182,676,012
-2,440,307
+20,752,155
+12,955,678
+4,538,251
+6,044,698
+12,847,068
1.14
10.52
5.77
2.10
2.67
7.03
As far as the separate roads are concerned, there is
some irregularity in the character of the returns,
though the losses come chiefly from the anthracite coal
roads and a few systems in the Southwest which
suffered a reduction of their traffic by reason of the •
grain-crop shortage of the previous season. The
Illinois. Central and the Yazoo & Mississippi Valley
had the shopmen's strike to contend with, in addition
to the inundation caused by the overflow of the
Mississippi River. The trunk lines quite generally
have done well. The Pennsylvania RR., of course,
heads the list for amount of increase, it reporting
$12,147,414 gain on the lines directly operated east
and west of Pittsburgh. This follows a loss by the
same lines in the six months of 1911 of $8,028,689.
The New York Central has an increase of $1,753,731,
following an increase of $1,837,864 last year. This is
for the Central proper. , Including the various auxiliary
and controlled roads, the whole going to form the
New York Central System, the result is a gain of
$7,783,647, and this succeeds a small loss ($398,194)
last year. In the table we now insert we show all
changes for the separate roads for amounts in excess
of $500,000, whether increases or decreases.
PRINCIPAL CHANGES IN GROSS EARNINGS JAN. 1 TO JUNE 30.
Increases.
Increases.
Pennsylvania (3)
c$12,147,414 Boston & Maine
a$556,642
Baltimore & Ohio
4,523,312 Gino New On do Tex Pao_
522,218
Great Northern
3,131,952 Central of Georgia
514,680
Norfolk & Western
2,686,765 Bessemer & Lako Erie__
506,597
Lake Shore & Mich So
2,300,875
Minneap St P & S S M.._ 2,097,508
Representing (47) roads
Southern Railway
2,040,751
in our compilation.. .$49,560,924
4,247,705 2,265,913 1,964,066 3,408,041 3,043,028 3,629,445 Elgin Joliet & Eastern._ 1,990,158
N Y New Haven & Hart.. 1,927,500
Decreases.
Louisville & Nashville
1,782,373 Lehigh Valley
a$1,858,951
N Y Central & Hud Riv_ 51,753,731 Illinois Central
1,603,629
Chesapeake & Ohio
1,445,884 Rock Island (3)
1,392,519
Michigan Central
1,177,978 Delaware Lack & West__ 1,094,037
Pittsburgh & Lake Erie_ 1,133,139 Wabash
951,583
Southern Pacific (11)..__
972,990 Yazoo & Miss valley.....
815,526
Atlantic Coast Line
967,506 Erie (2)
a700,244
Atch Top & Santa Fe (8)
926,786 Central of New Jersey_
a629,216
Missouri Pacific (2)
865,083 N Y Ontario & Western_
567,691
Chicago Burl & Quincy__
a844,443 St Louis San Fran (4).. a555,494
Texas & Pacifie
834,193 Mo Kansas & Texas (3)..
509,075
Chic Milw & Puget Sound_
705,878
Internat Great Northern
619,969
Representing (19) roads
Virginian
In our compilation_ _510,677,965
584,599
Note.-Figures in parenthesis after name of road indicate number of
lines or companies for which separate returns are given In our compilation.
a Figures are for five months only. b These figures cover merely the
operations of the New York Central itself. Including the various auxiliary
and controlled roads, like the Michigan Central, the Lake Shore, the "Big
Four," the "Nickel Plate," &o., the whole going to form the New York
Central System, the result is a gain of $7,783,647:
V These figures represent the lines directly operated east and west of
Pittsburgh, Eastern lines showing $6,704,434 increase and the Western
lines $5,442,980. For all lines owned, leased, operated and controlled, the
result for six months is a gain of $13,654,095.
The increase in earnings extended through all the
months of the half-year with the exception of January.
In January there was a loss in earnings, though not
large. The severely cold weather was an adverse influence that month nearly all over the country; as
&
one indication, the average temperature at Chicago
was reported as the lowest (with the single exception
of 1893) for forty-two years, and the railroads suffered
very severely as the result. In the early part of
February extremely cold weather still continued a
drawback, but as it was leap year the railroads had
the advantage of an extra day (besides which, no
doubt, some shipments which had been delayed by
We now add our full detailed statement, embracing
weather conditions in January came forward), and
all roads for which it has been possible to procure or
the improvement for that month was the largest and make up the figures.
best of any month in the half-year. In March some
GROSS EARNINGS FROM JANUARY 1 TO JUNE 30.
of the roads in Nebraska, Colorado and Kansas suffered
Mileage.
Increase(+)
Name of Road.
1912.
1911.
or
from severe snow blockades, and there was had
Decrease (-) 1912. 1911.
---weather in the South. On the other hand, coal ton$
$
$
Alabama dz Vicksburg_
748,353
-56,121
804,474
143
143
nage was heavy nearly everywhere because of the cer- Ala
Great Southern_c_
2,364,491
+204,687
2,159,804
300
309
Ann Arbor c
+85,592
1,077,766
292
992,174
292
tainty of the cessation of mining with the first of April. Arizona
Eastern
+273,883
1,115,757
841,874
366
355
Arizona & New Hex.....
475,011
+06,194
108
418,817
108
In April the complete suspension of mining in the Atch
Top & S F(8 rds)c
+926,786 10,733 10,400
52,815,576
51,888,790
&
firm
Atiantic_c_
Atl
+168,774
1,556,443
062
1,387,669
662
anthracite regions and the partial suspension in the Atlanta & West Point_ • a520,828
+8,347
a512,481
93
93
Atlantic & St Lawrence
+96,926
a599,584
a696,510
167
167
bituminous regions caused some large losses of earnings Atlantic Coast Line
+967,506 4,551 4,498
16,699,405
17,666,971
Atlantic City
+38,722
a650,019
a611,297
167
167
& Ohlo.c
on the carriers most directly affected, and the ratio BaltimoreChic
41,148,027 +4,523,312 4,433 4,434
45,671,939
Term Ry
B &0
+90,349
653,123
743,472
77
77
Bangor & Aroostook._
of improvements on the whole railroad system was Beaumont
+43,975
a1,397,562
a1,441,537
628
627
Sour L & W
+120,702
a211,862
a332,564
118
118
Bessemer & Lake Erie.
reduced to small proportions. In May the anthracite Belt
+506,597
3,124,286
3,630,883
204
205
Ry of Chicago_ _ _ _
+85,975
a1,009,362
a1,095,337
21
21
Birmingham South
+125,303
a261,013
a386,316
coal miners returned to work, but not until May 22, Boston
41
37
& Maine
+556,642 2,244 2,243
a17,978,912 a17,422,270
RR........
&
Buffalo
Susq
-106,620
a653,380
a760,000
265
and the resumption in the bituminous regions was only Buffalo Roch & Pitts c.. 4,681,280
265
+484,118
4,197,162
573
568
Butte Anaconda & Par
+112,196
601,078
488,882
46
gradual. In addition much interruption of traffic on :Ian
46
Pac Ry in Maine
+133,009
836,164
703,155
233
233
.3aro Clinch & Ohio
1,128,442
+206,152
922,290
238 . 236
certain roads was occasioned the latter part of April .;entral
New Eng
01,448,247
,346,406
+101,841
al
277
277
and the beginning of May by a very extensive overflow i- entral of New Jersey c 011,058,228 al1,687,444 -629,216 671 031
Name of Road.
333
THE CHRONICLE
AUG. 10 1912
1912.
1911.
Mileage.
Increase (-I-)
or
Decrease (-). 1912. 1911.
Increase(+)
Name 0/ Road
1912.
1911.
Mileage.
OF
Decrease (-). 1912.
$
+3,236,213
+2,206,767
+49,714
+3,618
+9,476
+112,078
-2,055
+192,956
-435,852
+71,903
+111,197
+112,497
1911.
A-100,699
a
NmmmavmNmesa
zacqeq.mmt....Noavo.a. ooNmr.momoacm.aocamom.ao
*a.c4 otel
.
0
01
o
.m
$
$
Lines West of Pittsb1,760
24,263,509
27,499,722
Pennsylvania Co_c_ _
1-514,680 1,915 1,915
6,143,978
6,658,658
1,468
Central of Georgia_c_
18,051,o13
20,258,380
Pitts C C & St L_c_ _
411
4-5,408
411
a1,582,255
a1,587,663
827
Central Vermont
4,769,995
4,819,709
Vandalic+, c
341
341
--65,920
1,005,124
939,204
28
Charleston & West Car
62,039
65,657
Waynesb
&Wash'n_
96
4-204,236
101
93,151
297,387
18
Charlotte Harb & Nor_
a353,971
a363,447
15,625,245 4-1,445,884 2,289 2,238 Peoria & Pekin Union_
17,071,120
2,332
Chesapeake & Ohlo_c_
7,470,623
7,582,701
Pere
Marquette_c
1,025
1,026
6,797,208
--173,699
6,623,509
38
Chicago & Alton_c___ _
a261,158
a259,103
Perklomen
1-208,917 1,275 1,275
6,851,380
7,060,306
240
Chicago & Eastern Ill_
596,063
789,019
4-124,410 7,960 7,743 Pitts Shawmut & Nor.
36,150,993
36,275,403
1,022
Chicago & N W_c
a17,828,424 a18,264,276
1-844,443 9,074 9,075 Phila & Reading
21
Chicago Burl & Quincy a33,868,002 a33,023,559
a528,662
a600,565
Port
Reading
60
60
1-50,394
a346,575
a296,181
262
Chic Bet & Can Cr T'k
a270,766
a381,963
C.
--29,585 1,496 1,496 Quincy Omaha &
6,035.065
6,005,480
83
Chicago Great West_c_
1,293,6:37
1,406,134
Fred
&
Richm
Potomac
616
616
1-158,195
2,968,504
3,126,699
8,027
Chicago Ind & Loulsy c
31,969,590 -1,392,519
30,577,071
12 Rock Island (3 roads)_c
12
1-41,068
850,821
891,889
468
Chicago Junction
+43,457
1,573,827
1,617,284
29,778,188
29,453,605 • 4-324,583 7,511 7,511 Rutland
Chicago Milw & St Paul
319
-60,382
a655.256
a594,874
Grand
&
Jos
St
Island_
1-705,878 2,059 2,045
7,708,743
7,002,865
5,227
Chic Milw & Pug Sd_ _
-555,494
255 St L & San Fr (4 rds).c a16,516,141 a17,071,635
255
4-36,600
a651,384
a687,984
501
Chic Peoria & St Louis
+229,633
a834,281
_
Mex_
&
L
a1,063,914
St
Brownsv
1,744
1,748
-28,941
7,266,650
7,237,709
9
Chic St P M & Om c_ _
+222,622
697,644
920,266
351
351 St L Merch Br & Term.
1-36,913
832,240
869,153
Chic Terre H'te & S E.
105
+85,904
a819,460
a905,364
--39,992 1,015 1,015 St L Rocky Mt & Pac_c
4,565,395
4,525,403
Clue Ham & Dayton_
1,499
+256,804
5,431,281
(2
rds).c
5,688.085
Southwest
L
St
336
336
1-522,218
4,395,292
4,917,510
Chic N 0 <Sc Tex Pac_c_
727
+301,639
1,771,323
2,072,962
197
197 San Ant & Aran Pass_ _
4-136,258
356,516
492,774
Coal & Coke
1,105
+405,726
a3,445,234
a3,850,960
---473,756 1,814 1,987 San Ped L A & S L_ _
6,699,921
6,226,165
Colo &South (4 rds)_c_
3,046
+270,460
_
11,478,740
c_
Line_
11.749,200
Air
Seaboard
55
4-46,582
55
a328,343
a374,925
Colorado & Wyoming_
36
+70,151
311,311
381,462
338
338 South Buffalo
--29,521
798,091
768,570
Colorado Midland
7,039
+2,040,751
29,202,341
31,243,092
56 Southern Railway_c_ _ _
--33,026
55
277,395
244,369
281
Columbia & Pug SQL._ _
-75,637
441,143
516,780
Miss..
in
Ry
Southern
132
133
1-5,577
a260,924
a266,501
Copper Range
9,937
+972,990
62,455,806
61,482,816
1-30,001
33 Southern Pac (11 rds) c
33
436,908
466,909
551
Cumberland & Penna.
-103,359
a1,797,590
a1,900,949
854
819 Spok Pont! & Seattle_ _
-414,997
10,224,009
10,109,012
161
Delaware & Hudson
+53,198
443.155
389,957
International_
Spokane
959
930
17,412,246 -4,094,037
16,318,209
81
Del Lack & Western
+53,263
576,704
523,441
& N Y._ _
Bing
Syracuse
1-257,824
544
2,
2,566
10,388,219
10,646,043
11
Denver & Rio Gr_c__ _
-6,895
362,692
369,587
Tran
Rap
Island
Staten
215
1-110,416
215
409,396
519,812
59
Deny Northw & Pac_
a.335,285
a467,349
-132,064
79
76 Sunset
14112,211
500,679
612,890
92
Det & Toledo Sh Line_
281,427
265,591
+15,836
Eastern
Tacoma
+61,676
358
360
571,500
633,176
294
Detroit & Mackinac_c_
-5,749
a621,640
a615,891
4-19,257
191
191 Tennessee Central _
997,908
1,017,165
34
Bet Or Hay & Maw...
1,234,850
1,344,277
+109,427
441 Term Assn of St Lou-is_
441
740,853
841,552
Bet Toledo & Ironton_
1,885
6,933,354
+834,193
7,767,547
&
Pacific
Texas
-28,786
200
191
2,289,822
2,261,036
125
Duluth & Iron Range_
252,489
+27,941
280,430
1-185,263
342 • 317 Texas Miniand
2,650,714
2,835,977
110
Duluth Missabe & Nor_
+769
364,332
365,101
4-132,348
03 Tonopah & Goldfields_
93
a305,520
a437,868
451
Dul Rainy L & Winn..
1,786,512
+17,636
1,804,148
611 Tol St Louis & West_c _
1-79,638
623
1,413,870
1,493,508
Dui So Sh & Ati_c_ _ _
+373,337
463
790,972
1,164,309
841
837 Trinity & Brazos Vall_
3,783,908 4-1,990,158
5,774,066
Elgin Joliet & East__ _ _
129
-23,149
a340,575
a317,426
4-485,302
002
902 Ulster & Delaware_ _ _
3,542,929
4,028,231
El Paso & Southwest_ _
6,859
-224,628
39.157,691
38,933,063
--700,244 2,264 2,264 Union Pacific (3 rds).c
a21,443,670 a22,143,914
Erie (2 roads)_c
31
+462,486
1,605.223
2,067,709
RR (of Penn)....
Union
1-438,742
129
129
197,717
636,459
Crk
Cripple
&
Florence
171
-47,611
655,313
607,702
4-81,130
583 Vicks Shreve & Pacific
2,781,211
630
2,862,341
Florida East Coast_
240
+176,594
716,070
892,664
86 Virginia & Southwest_
a367,622
--118,417
88
a249,205
Fonda Johnst & Gloy.
474
+584,599
1,896,590
2,481,189
221 Virginian
--15,321
221
a281,301
a265,980
Ft Smith & Western..
2,514
-951,583
14,012,769
13,061,186
432,799
235 Wahash_c
---12,46I
420,338
235
Ft Worth & Rio Cr...
63
+36,119
289,599
325,718
1,566,563
4-36,048
307
307 Wabash-Pittsb Term
1,602,611
Georgia
36
+20,615
a509,010
a529,625
356,862
351 Washington Southern_
1-31,125
352
387,987
Georgia & Florida_
457
+386,467
3,501,373
3,114,906
•
Erie.
Lake
dr
Wheeling
193
250,807
+21,503
272,310
193
Georgia Fla & Ala....
543
+148,820
a2,966.710
a2,817,890
___
Maryland_
Western
395
395
1-32,964
1,168,396
1,201,360
Fla_c
dr
South
Georgia
133
+28.215
a581,050
a552,835
347 Western Ry of Ala__ _ _
1-30,078
347
:1,170,156
3,200,234
Grand Trunk Western_
211
-26,547
•
349,158
375,705
26,410,594 +3,131,952 7,482 7,347 Wich Falls & Nor West
29,512,546
Great Northern
92
a214,244
a317,294
-103,050
dr East..
Wilkes-Barre
225
225
4-58,090
,229
a249
a307,319
Green Bay & Western_
1.372
5,186,371
-815,526
4,370,845
--2,870
308
307 Yazoo & Miss Valley_c
a838,652
a835,782
Gulf & Ship Island_ _ _
11,058
+925,374
18,381,892
19,307,266
353
4-366,697
350 202 minor roads
a2,384,550
a2,751,247
Hocking Valley
789
--292,888
789
a2,330,011
a2,037,123
Houston & Texas Cent
Grand total (453 rds) 1,329,686,550 1,278,674,015 +51,012,535 239,020 236,285
71
71
4-49,750
262,020
Huntingdon & Br Top_ • 311,770
150
111 Net increase (3.99%)..
---55,556
318,085
262,529
Idaho Wash & North_ 30,330,940 -4,603,629 4,755 4,755
28,727,311
Illinois Central_c
1-619,969 1,159 1,159
4,102,909
4,722.878
Internet & Gt North..
a These figures are for five months only in both years.
177
--1,090
176
1,415,484
1,414,394
Kanawha & Michigan_
c These figures are furnished by the company.
--222,511
1,257 1,207
4,742,589
4,520,078
Kansas City Southern
288,109
--12,603
23
275,506
23
Val.
&
Wyoming
Lack
4-27,246
243,341
11
11
270,587
LakeTerminal
97
741,735 • 4-81,345
07
823,080
Lehigh&Hudson River.
5,285,695
--1,858,951
1,449
1,432
al
a13,426,744
Lehigh Valley
4-5,262
170
423.271
170
428,533
Lehigh & New England
4-5,508
96
277,883
06
283,391 •
Lexington & Eastern_ _
255
709,602
255
1-104,380
813,991
Louisiana & Arkansas_
351
--20,058
351
a(189,120
a669,062
Louisiana Ry dr Nay._
26,048,892 4-1,782,373 4,728
Louisville & Nashy_c_ _
200
200
4-55,923
572,039
627,962
Louis, Rend & St.L_
184
+11,266
184
286,715
297,981
Manistee & Northeast_
5,0,4,447
4,769,642
1-273,805 1,204 1,180
Maine Central
324
373
674,828
---22,153
652,675
Midland Valley
127
395,425
127
366,548
4-28,877
Mineral Range_c
9,761,389 1-2,097,508 3,769 3,763
11,858,897
II St P&SSM (2 rds)
462,132
177
451,969
177
Minn & Internet
7,740,182
3,967,660
---227:178 1,585 1,585
Minn & St Louls_c__
430,523
164
447,490
164
--7,067
MIBB Central.c
65
366,875
378,299
65
--11,424
Miss River & Bon Ter_
410,947
365
478,398
365
1-67,451
Mo & Nor Arkansas_ _ _
13,141,223
2,632,148
--609,075 3,398 3,394
Mo Kan & Tex (3 rds).
338,902
360,145
237
1-21,243
247
Mo Okla & Gulf
25,085.721
5,950,804
1-806,083 7,233 7,233
Mo Pacific (2 roads)..c.
5,624,184
---280,516 .1,114 1,114
5,343,638
Mobile & Ohlo_c
573,568
65
4-186,490
760,058
65
Monongahela
375,370
4-111,067
486,437
Monongahela Connect_
6,335,754
_456,189 1,230 1,255
0,179,565
Nashv Chatt & St L..
4-18,306 •
368,364
48
48
386,670
New Jersey & New Y'k
4-101,326
712,380
165
165
813,706
Nevada Northern
1-61,559
13
258,313
13
319,872
Newburg & South Sh_ _
4-234,269
195
195
1,750,364
1,984,633
New On & Nor East_c_
1-80,600
547
404
a774,755
a864,454
New On Mob & Chic..
277
264
a481,742
a641,863
New On Tex dr Mexico
283
282
--68,275
a718,369
a650,094
New On Great North..
48,808,662 1-1,753,731 3,506 3.591
50,562,393
N Y Cent & lIud Riy_c
358
341
1-152,044
1,872,846
_
_
_c_
2,025,7911
Sou
&
Chic Ind
45
45
1-7,103
01,719
98,822
Chic Kai & Saginaw_
245
• 244
4-76,071
540,683
616,754
Cin Northern c
1,978
2,011
4-268,929
14,425,886
14,694,815
I..c
C C C & St
91
91
A-10,552
148,716
159,268
Dunk All V & Pitts_
105 ' 109
1-174,512
1,357,947
1,183,435
Ind Harbor Belt_.._
foi
88
--24,432
323,204
298,772
Lake Erie Atl & Wh_
886
886
2,524,167
4-129,393
2,653,560
Lake Erie & West_ c_
1,662
1,775
22,745,044
4-2,300,875
25,045,919
S.c
M
&
Shore
Lake
3
3
95,411
4-8,681
104,092
Loulsv & Jeff Bdge_
14,059,414
4-1,177,978 1,816 1,804
15,237,392
Mich Central _c
561
562
5,391,805
4-335,466
5,727,271
L_c_
N Y Chic & St
351
351
1,564,278
1,506,447
--,57,83I
Peoria & Eastern_c_
215
215
6,937,297 4-1,133,139
8,070,436
Pitts & Lake Erie_c_
65
--7,474
65
350,853
343,379
St Law & Adirond_ _
444
440
4-310,781
2,108,274
2,419,055
Tol & Ohio Central_c
90
4-33,229
90
186,139
219,368
Zanesville & West_
NYNH dr Hartford.. a26,142,852 a24,215,352 4-1,927,500 2,091 2,040
546
--567,691
4,318,301
566
3,750,610
NY Out & Western.. _
152
a1,252,862
152
_168,633
N Y Sum & Western..
a1,084,229
608
4-167,221
608
1,523,318
1,690,539
Norfolk Southern
1-2,686,765 2,018 1,090
17,062,901
19,749,666
Norfolk & Western..
4-55,710 6,098 6,029
Northern Pacific
a23,429,737 a23,374,027
4-29.859
402
376
1,486,317
1,516,176
Northwestern Pacific..
Pennsylvania-Lines E ast of Pittsbu rgh+6,704,434 4,021 3,976
75,325,681
Pennsylvania RR.c_
82,030,115
11
37,886
4-17,215
11
65,101
Bait & Sparrows Pt_
88
88
105,258
1-7.415
112,673
k Halt Chesap & Atl _c_
26
26
1-10,485
137,400
147,885
I Cornwall & Lebanon
162
1,391,284
4-143,020
162
1,534,304
Cumberland Valley_c
395
399
4,683,394
4-234,673
4,918,067
Long Island_c
84
84
• --85
48,888
48,973
Maryland Del & Va.c
112
112
4-97,699
1,598,446
1,696,145
; N Y Phila & Nor!_c_
469
473
6,010,602
6,207,802
--197,200
Northern Central_c_
713
713
9,502,597
4-383,259
9,119,338
Phila Dalt & Wash.
10
748,160
A-24,931
723,229
Union RR of Bait...
356
353
2,690,830
4-103,451
2,587,385
W Jers & Seashore.c_
Lines West of Pittsbur
45
45
234,790
1-22,357
212,433
Cin Lebanon & Nor.
586
587
4-150,56
2,495,718
2,345,157
Grand Rap & Ind_c_
621,377
247
247
A-7,568
613,809
Western.
Tol_Peor &
27,831.265
4-10,163
4-160,121
I
RAILROAD GROSS EARNINGS FOR JULY.
Supplementing our review of the gross earnings of
States railroads for the half-year ending
cern United30, given in the preceding article, we bring
June
together in the present article certain preliminary
figures for the month of July. As less than ten days
have elapsed since the close of the month, this statement necessarily embraces only a limited mileage.
It includes merely the roads which make it a practice
to furnish early provisional returns of their gross
revenues, in part estimated. These incomplete state6
6 ments, however, are useful in revealing the general
trend; and it is a distinctly encouraging feature that
the trend on this occasion should be strongly in the
direction of improved results. Our early statements
have been making good comparisons for some time
past, but the gain for July is of larger extent and is
also more generally participated in, very few roads
failing to share in the increase.
Our compilations cover 44 roads, operating 89,717
miles, in July 1912, and for these the aggregate increase amounts to $5,881,771, qr 9.01%. This includes three important Canadian systems, and, as
usual, allowance has to be made for the specially large
increases enjoyed by these lines. The Canadian Pacific
has a gain of $2,350,000, the Grand Trunk a gain of
$404,485 and the Canadian Northern a gain of
$353,800. Combined, this gives an increase of
$3,108,285, deducting which from the $5,881,771
total increase, leaves $2,773,486 improvement for
the lines lying in the United States. The roads now
represented are largely Western grain-carrying roads
or Southern cotton-carrying roads, and this gives additional point to the improvement, inasmuch as the
Western grain movement in July 1912 fell far short
of the movement for the corresponding month of 1911,
334
THE CHRONICLE
and the cotton movement has reached the season
where little of the staple remains to come forward, so
the cotton carriers did not have this time the advantage
which they had in previous months of a large increase
from that source. No doubt, when our final statement is made up for the month of July, and all the
railroads in the country are included, more striking improvement will be revealed than is now recorded.
The reason for this opinion is that there was growing
activity in trade during July and the iron and steel industry in particular showed great activity, while none
of the leading systems that would benefit most from
that circumstance-especially in the carrying of increased amounts of coal-such as the Pennsylvania
RR., the Baltimore & Ohio, &c., &c., is represented
in our present early tabulations.
Lest too much significance be given to the improvement now disclosed, it seems proper to point out that
there was an extra working day for all the roads the
present year, arising out of the fact that July 1912
contained four Sundays, whereas July 1911 had five
Sundays. On the other hand, it is important to
remember that we are not comparing with diminished
totals of earnings last year (speaking of the roads
collectively), as was the case in some of the preceding
months. Our early statement last year for July
showed an increase of $2,149,002, or 3.39%. This included the Canadian roads, the same as the present
year, but even after deducting their contribution a
small amount of gain remained for United States roads,
notwithstanding that some of the separate companies
suffered quite substantial losses. This improvement in
1911 was all the more significant as in previous years
our early July compilations had shown an almost
uninterrupted series of increases for a long term-the
only prominent exception being in 1908, when there
was a heavy loss, owing to the great industrial depression prevailing at that time following the panic of 1907.
Below we furnish a summary of our early July totals
back to 1896.
WESTERN FLOUR
Four weeks end- Flour.
Wheat.
lug July 27. (bbls.)
(bush.)
Chicago1912
306,746 2,212,400
1911
496,872 11,508,100
Milwaukee1912
173,800
443,900
1911
254,000
371,770
Si. Louis1912
165,400 2,535,261
1911
200,470 4,339,455
Toledo1912
773,000
1911
2,523,000
Detroit1912
19,410
20,000
1911
23,040
272,446
Cleveland1912
3,568
34,471
1911
1,741
31,888
Peoria1912
168,800
84,000
1911
195,900
372,000
Duluth1912
56,370
555,778
1911
47,705
872,151
Minneapolis1912
2,685,560
1911
5,080,760
Kansas City1912
6,057,600
1911
5,992,800
Total of all1912
1911
Gross Earnings.
July.
Year
Year InGiven. Preced. cese.
Year1896....„
1897 ____
1898 __
1899___
1900 ___
1901 ____
1902 „....
1903-.-._
1904_-.-.
1905 --__
i907-.-_
1908 ____
1909....__
1910 -__
1911 ___
1912 ____
Jan. 1 to
1898......
1897...._
1898....__
1899 ___
1900 ......_
1901 ____
1902 ____
1903 ____
1904 ____
1905 ____
1906 ____
1907 __-1908.......
1909___
1910 -_-_
1911 ___.
1912 ____
Roads Miles. Miles
126 93.193 92,413
122 96.605 95,286
126 90,942 90,417
111 94,980 93,906
99 93,573 90,528
88 91,846 89,891
79 94,718 92,947
75 97,910 96,049
67 85,558 83,243
55 75,398 73,629
68 96,484 94,276
65 97,152 96,231
53 82,225 80,944
52 78,680 77,193
50 88,593 85,507
49 89,573 87,624
44 89,717 88,008
'rely 31.
121 90,918 90,118
120 96,048 94,729
125 90,920 90,395
108 94,604 93,530
99 93,573 90,528
85 88,374 86,419
78 94,573 92,802
75 97,910 96,049
67 85,558 83,243
54 75,141 73,372
68 96,484 94,276
65 97,152 96,231
53 82,225 80,944
51 77.616 76.170
50 88,593 85,507
48 89,249 87,300
44 89.717 88.008
%
0.84
1.38
0.58
1.19
3.36
2.17
1.91
1.93
2.78
2.42
2.34
0.95
1.58
1.93
3.61
2.24
1.99
Year
Given.
8
39,923,091
43,055,387
39,401,085
49,779,440
48,884,012
52,849,645
61,197,348
69,395,816
54,602,603
50,144,735
81,578,288
90,308,407
56,560,742
53,904,004
63,504,951
65,753,422
71,146,556
Year
Preceding.
Increase (+)
or
Decrease (-).
$
$
%
38,604,094 +1,418,997 3.68
41,056,206 +1,999,181 4.86
38,822,059
+579,026 1.49
42,625,375 +7,154,071 16.78
46,085,544 +2,798,468 6.07
46,334,619 +6,515,026 14.06
56,849,967 +4,347,381 7.64
61,980,921 +7,414,895 11.96
55,607,185 -1,004,582 1.80
46,659,292 +3,485,443 7.47
71,186,181 +10,392,107 14.60
80,982,305 +9,326,102 11.52
67,803,094 -11,242,352 16.57
49,721,071 +4,182,933 8.42
58,257,725 +5,247,226 9.02
63,604,420 +2,149,002 3.39
65,264,785 +5,881,771 9.01
5,455,900 5,145,000
4,668,600 6,317,700
Rye.
(bush.)
220,500
565,500
36,100
46,700
642,600
742,900
175,500
172,586
31.900
14,280
1,362,725
902,740
1,778,510 2,451,900
12,664
4,463
29,903
1,000
1,000
2,000
389,400
184,190
188,600
179,900
90,000
223,500
88,300
100,504
196,300
390,564
129,512
296,122
132,52p
141,370
2,083
1,126
791,371
443,950
826,292 1,104,469
56,416
38,400
2,400
1,100
14,436
98,326
125,253
10,993
128
540
28
342,930
283,940
428,360
588,850
114,200
152,200
35,330
39,500
889,800
1,495,600
317,000
700,200
502,356
929,939
111,733
133,511
894,094 15,401,970 9,638,538 8,406,698
1,219,728 31,364,370 9,918,094 12,783,706
As regards the cotton movement in the South,that is
very small at this season of the year, and the shipments
overland for the month were 22,161 bales in 1912,
against 16,253 bales in 1911 and 58,558 bales in 1910.
The receipts at the Southern outports were 55,246
bales, against 36,187 bales in 1911 and 126,584 bales in
1910.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JULY AND FROM
JANUARY 1 TO JULY 31 1912, 1911 AND 1910.
July.
Ports.
Galveston
Port Arthur, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News,&c
Total
Mileage.
,
AND GRAIN RECEIPTS.
Corn.
Oats.
Barley.
(bush.)
(bush.)
(bush.)
bales_
Since January 1.
1912.
1911.
15,680
6,793 8,495 1,253,121
398
100 328,812
12,247 28,228 797,293
42 11,054 150,689
1,734 1,762 179,439
13,805 27,056 810,087
162,075
11 12,813 114,639
18
200
589
371
335 189,879
768 35,941 288,452
27,976
18,078
2,241
601
7.206
380
926
198
8,481
1,455
1910.
1912.
1911.
1910.
674,303
257,286
608,332
58,187
88,128
312,067
53,286
37,453
756
75,205
135,957
1,140
693,806
107,615
597,960
84,611
59,215
248,544
39,817
36,251
792
41,806
172,964
7.269
55,246 36,187 126,684 4,302,951 2,302,100 2,090,650
As far as the separate roads are concerned, we have
already pointed out that the improvement was quite
general, and, we may add, it is also quite large in
special cases. Thus we have the Missouri Pacific in
the Southwest showing $589,964 increase, the Great
Northern in the Northwest showing $572,848 addition,
and the Southern Ry. in a totally different section
reporting a gain of $511,369. Conspicuous losses are
found only in the case of the Colorado & Southern, the
Chicago & Alton, the Illinois Central and the Toledo
St. Louis & Western, which appear to have suffered
from causes peculiar to themselves. In the following
we show all changes for the separate roads for amounts
in excess of $30,000, whether increases or decreases. •
. . PRINCIPAL CHANGES IN GROSS EARNINGS IN JULY. '
0.88 254,840,255238,948,747 +15,891,508 6.65
1.38 274,635,194 272,821,160 +1,814,034 0.66
0.58 276,240,565 247,351,746 +28,888,810 11.68
1.14 321,435,882 298,502,817 +22,933,065 7.68
Increases.
3.36 336,441,873 299,297,422 +37,144,451 12.41
Increases.
$2,350,000 Texas & Pacific
2.03 317,871,965 288,500,907 +29,281,058 10.14 Canadian Pacific
$53,843
589,964 Buffalo Roch & Pitts__
1.91 100,633,078 369,655.341 +30,977,737 8.38 Missouri Pacific
53,405
572,848 Mobile & Ohio
1.93 462,741,784 408,483,911 +54,257,873 13.29 Great Northern
45,560
Southern
Chicago
Railway
511,369
2.78 365,668,378 372,108,550 -6,440,172 1.73
Great Western.._ _
36,516
404,485 Chesapeake & Ohio
2.42 334,014,442 312,876,815 +21,137,627 6 75 . Grand Trunk
30,447
353,800
2.34 341,466,463 468,552,630 +72,913,833 15.56 Canadian Northern
Representing 21 roads
242,000
0.95 592,730,696 537,562,604 +55,168,092 10.24 St Louis Southwestern
•
• •
173,007
In our compilation..__$6,298,717
1.58 361,745,689 436,752,181 -75,006,497 17.18 Louisville & Nashville.. _ _ _
163,000
1.90 346,539,778311,855,551 +34,684,227 11.12 International & Great Nor
143,200
3.61 437,424,445377,461,389 +59,963,056 15.90 Central of Georgia
Decreases.
135,796 Illinois Central
2.26 139,009,431 434,380,212 +4,629,229 1.07 Minn St Paul & S S M.._ _ _
$234,240
115,387 Colorado & Southern_ _ _ _
1.94 467.423,390 434.848,109 +32,575,281 7.49 Minneap & St Louis
152,031
Seaboard Air Line
105,219 Chicago & Alton
107,453
Note.-Neither the earnings of the Mexican roads nor the mining operations Wabash
91,301 Toledo St Louis & West__
62,309
of the anthracite coal roads are included in this table.
Denver & Rio Grande_
69,600
Missouri Kansas & Texas_
57,970
Representing 4 roads hi
•
our compilation
$556,03.
3
a These figures are for three weeks only.
We have already indicated that the Western grain
movement was decidedly smaller than a year ago.
To complete Our analysis we furnish the following
The loss was principally in the case of wheat, where
the receipts at the Western primary markets for the six-year comparisons of the earnings of leading roads
four weeks ending July 27 aggregated only 15,401,970 arranged in groups:
EARNINGS OF NORTH WESTFRN AND NORTH PACIFICTGROUP.
bushels, against 31,364,370 bushels in the corresponding four weeks of 1911, but there wereralso losses in • July.
1912,
1911.
1908.
1909.
1910.
H1907.1 I
the other cereals. Taking wheattcorn, oats, barley
$
$
'$
$
6
Pac_
Canadian
11,641,000 9,291,000 8,869,214 7,140,030 6.292,881 _7,008,274
and rye together, the deliveries for the four weeks this Chic
& Alton__ c1,193,964 1,314,901 1,170,992 1,089,688 1,057,036
999,408
West
Gt
Chic
865,024
1,010,127
052,841
613,763 11 714,212
year were only 34,151,295 bushels, against 55,129,620 Dul So Sh & At 1,046,643
317,804
285,234
296,445
311,983
220,115 yr 329,912
North'n_ 6,318,679 85,745.831 65,792,462 85,314,938 84,450,493 5,640,054
bushels in 1911, besides which there was a falling off in Great
Minn & St L..1
714,782
366,760
313,014
599,395 5 413,569
362,814
the deliveries of flour. The details of the Western Iowa Cent..f
252,7311
1 242,890
231,712
246,611
grain movement in our usual form are shown in the ti St P & SSMa 2,149,397 2,014,101 1.903,210 1,711,950 1,609,371 1,843,816
Total
23,382,269 20,271,800 19,657,161 17,026,363 14,794,385 17,144,101
following: .
.
. . . . . . . . . . . . . . .
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific in
1912, 1911, 1910, 1909 and 1908.
a Includes Chicago Division in 1912, 1911, 1910, 1909 and 1908; for previous year
we have combined Minneapolis St. Paul & S. S. M. and Wisconsin Central.
b Actual figures of earnings are now used for comparison.
c Fourth week not reported: taken same as last year.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
July.
1912.
1910.
1911.
1907.
1908.
1909.
785,372
653,572
796,585
758,904
867,186
920,591
Buff Roch & P
499,134
453.602
487,232
528,187
543,909
549,530
Chic Ind & Lou
Grand Trunk.)
Gr 'rrk Wee.i 4,641,868 4,237,383 3,179,896 3,491,184 3,320,114 3,950,937
DetGII&M
Canada Atl_
Illinois Cent c_ b4,893,972 b5,128,212 b4,804,791 a4,330,86I a4,253,257 5,111,937
93,394
91,364
83,608
105,041
102,265
93,903
Tol Peor & W_
341,893
293,814
304,202
288,342
273,216
335,525
Tol St L & W.
2,538,744 2,447,443 2,344,431 2,238,365 2,077,977 2,309,858
Wabash
Total
13,922,962 13,661,923 11,998,454 11,732,037 11,143,700 13,092,525
a No longer includes receipts from outside operations.
S No longer includes receipts for hire of equipment, rentals and other items.
C Includes earnings of the Indianapolis Southern beginning with July 1910.
EARNINGS OF SOUTHERN GROUP.
July.
1912.
335
THE CHRONICLE
AUG. 10 1912.]
1910.
1911.
1909.
I
1907.
1908.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
-The public sales of bank stocks this week aggregate 57
shares, of which 18 shares were sold at the Stock Exchange
and 39 shares at auction. No trust company stocks were sold.
Shares. BANKS-New York.
•10 City Bank, National
'8 Commerce, Nat. Bank of...
6 Importers' & Tract. Nat. Bk.
33 Produce Exch. Bank, N. Y_
Low.
425
197 M
560
1703
High. (nose.
428
428
19734 19734
560
560
1703i 17034
Last previous sale.
May 1912- 425
Aug. 1912- 1973i
Feb. 1912- 570
Mch. 1912- 1753i
'Sold at the Stock Exchange.
-In this city on Thursday the Investment Bankers' Association of America was successfully launched, with a membership composed of many of the leading investment firms
and institutions in the country, having established investment departments. The new organization will be independent of, but in harmony with, the American Bankers'
Association. The association owes its birth to the initiative
of the following organization committee of thirty,every member of whom has worked for the permanent organiztion which
took place on Thursday:
G. B. Caldwell, Chicago, Chairman. Walter A. Graff, Chicago.
F. R. Fenton, Chicago, Secretary.
Hugh Blythe, Chicago.
L. B. Franklin, New York.
S. W. Straus, Chicago.
G.
New
Allen
York.
Hoyt,
Harold T. Sibley, Chicago.
212,106
269,520
240,815
276,259
270,373
d270,373
H. C. Ward, Pittsburgh.
117,611
122,977 Geo. Garr Henry, New York.
121,332
134,422
123,507
d123,507
B.
A.
York.
Leach,
J.
New
R. Wardrop, Pittsburgh.
108,300
131,698
106,298
125,417
108,490
d108.490
W. S. Hayden, Cleveland.
New York.
141,788
155,936 J. R. Swan,
182.662
233,126
212,911
239,589
P. T. White, Cleveland.
Chas. Sargent, New York.
954,364
931,262
872,938
1,008,018
978,100
1,121,300
Harry E. Weil, Cincinnati.
Harold B. Clark, New York.
2,748,036 2,717,589 2,688,695 2,410,007 2,095,132 2,390,152 G. W. Kendrick III., Philadelphia. W. A. Breed, Cincinnati.
770,935
662,013
633,181
743,154
753,261
776,776
W. Noble, Detroit.
H.
Briggs,
Boston.
W.
H.
3,680,352
4,126,037
4,459,755 4,286,748 4,201,600 3,865,980
C. Edgar Elliott, Indianapolis.
727,166
908,485 S. W. Webb, Boston.
838,272
783,566
942,264
896,704
Eugene M. Stevens, Minneapolis.
L. Martin Jr., Boston.
1,741,384 1,636,165 1,502,245 1,361,549 1,186,353 1,290,861 J.
J. Herndon Smith, St. Louis.
T. Wiliams, Baltimore.
5,308,676 4,797,307 4,786,651 4,360,497 4,086,061 4,789,909 C.
Harold Kauffman, St. Louis.
721,114 Harry L. Stuart, Chcago.
671,618
731,171
643,930 a584,551
739,701
W. R. Compton, St. Louis.
Chas. H. Schweppe, Chicago.
D. Arthur Bowman, St. Louis.
Chicago.
Childs,
F.
C.
18,953,637 17,888,885 17,542,624 15,891,461 14,797,486 16,993,975 Chas.
Total
H. G. Schwitzgebel, Kansas City.
W. McNear, Chicago.
H. P. Wright, Kansas City.
Chas. Counselman, Chicago.
H. Porter, Denver.
John
Chicago.
Gerald
Peck,
W.
w
perviously
th
beginning
of
not
some
items
income
year,
large
this
a Includes,
J. R. Martin, Los Angeles.
E. P. Russell, Chicago.
Included in monthly returns.
b Includes Louisville & Atlantic and the Frankfort & Cincinnati in 1912, 1911, J. R. Rushton, Chicago.
1910 and 1909.
The inception of this new association. is due largely
c Includes Chesapeake 8, Ohio of Indiana, beginning July 11910.
d July 1912 not yet reported; taken same as last year.
to the desire of the important investment firms of New
5
Ala Gt South_ _
AlaNO&TP
NO &NE..
Ala 8, Vicks.
Vicks Sh &P
Atl B'ham & A
Cent of Georgia
Ches & Ohlo_c_
CinNO &TP_
Lou & Nashv_b
Mobile & Ohio_
Seaboard A L.
Southern Ry__
Yazoo & M V.
373,786
353,362
356,344
279,874
293,623
361,987
EARNINGS OF SOUTHWESTERN GROUP.
•
July.
.
Col & South.*.
Deny & Rio Gr
Int & Gt Nor__
to Nan &T.a
hit33oUrl Pao__
It Louis &S W
rexas & Pac__
Total
1912.
1911.
$
$
1,005,873 1,157,904
2,030,300 1,960,700
597,009
760,000
2,212,633 2,154,663
5,026,442 4,436,478
821,000
1,063,000
1,169,560 1,115,717
----13,267,808 12,243,462
1910.
1909.
1908.
$
1,343,246
2,049,726
692,370
2,140,480
4,139,745
910,487
1,133,016
$
1,279,809
1,990,516
572,030
1,913,863
4,008,199
798,793
1,018,727
$
1,240,374
1,684,824
502.511
1,868,267
3,621,274
777,106
966,025
1907.
1,190,244
2,027,337
571,622
2,224,535
4,112,562
860,694
1,215,346
s
12,409,079 11,581,937 10,660,381 12,202,340
* Excludes Colorado Springs & Cripple Creek District in 1912; in Ju y 1911 the
earnings of that road were $59,306.
. a Includes the Texas Central in 1912. 1911 and 1910.
GROSS EARNINGS AND MILEAGE IN JULY.'
Mileage.
Gross Earnings.
Name of Road.
1912.
$
373,786
Alabama Gt Southern
y129,762
Ann Arbor
239,589
Atlanta B'ham & Atl_
920,591
cuff Hoch ec Pitts_ __ _
Canadian Northern.__
1,829,700
Canadian Pacific
11,641,000
Central of Georgia
1,121,300
Chesapeake & Ohio
2,748,036
Chicago & Alton
p836,230
1,046,643
Chicago Great West
Chicago Ind & Louisv
549,530
776,776
Gino New Orl & T P
1,005,873
Colorado & Southern_
Denver & Rio Grande ..2,030,300
108,174
Detroit & Mackinac
317,804
Duluth So Sh & AU
11130,967
Georgia Sou & Fla__ _
Grand Trunk of Can_
4,641,868
Grand Trunk West
• Det Gr Hay &Mil_
Canada Atlantic_ _
6,318,679
Great Northern
4,893,972
Illinois Central
760,000
Internat & Gt North_
4,459,755
Louisville & Nashv_
103,623
Midland Valley
64,880
Mineral Range
714,782
Minneap & St Louis.)
Central
Iowa
2,149,897
Minn St P & S S M___
2,212,633
Missouri Nan & Tex__
5,026,442
Missouri Pacific
942,264
Mobile & Ohio
48,703
Nevada-Cal-Oregon
51,047
Rio Grande Southern_
1,063,000
St Louis Southwestern
1,741,384
Seaboard Air Line
5,308,676
Southern Railway
12,628
Tenn Ala & Georgia
1,169,560
Texas & Pacific
105,041
Toledo Peoria & West
273,216
Toledo St L & West
2,538,744
Wabash
739,701
Yazoo & Miss Valley_
1911.
Inc. (+) or
Dec. (-). 1912. 1911.
$
$
309
309
356,344
+17,442
292
y122,130
292
+7,632
661
661
231,127
+6,462
568
573
+53,405
867,186
+353,800 4,297 3,698
1,475,900
9,291,000 +2,350,000 11,152 10,480
+143,200 1,915 1,915
978,100
+30,447 2,289 2,242
2,717,589
-107,453 1,026 1,026
1/043,683
+36,516 1,496 1,496
1,010,127
+5,621
616
816
543,909
336
+23,515
336
753,261
-152,031 1,814 1,987
1,157,904
+69,600 2,544 2,555
1,960,700
360
358
+8,652
99,522
824
611
+21,359
296,445
395
395
-2,305
p133,272
4,237,383
+404,485 4,540 4,528
5,745,831
5,128,212
597,000
4,286,748
101,673
58,092
599,395
+572,848
-234,240
+163,000
+173,007
+1,950
+5,888
+115,387
7,482
4,755
1,160
4,728
373
127
1,585
7,344
4,755
1,160
4,823
323
127
1,585
2,014,101
2,154,663
4,436,478
896,704
28,927
42,185
821,000
1,636,165
4,797,307
9,701
1,115,717
102,265
335,525
2,447,443
731,171
+135,796
+57,970
+589,964
+45,560
+19,776
+8,862
+242,000
+105,219
+511,369
+2,927
+53,843
+2,776
-6',I0)
+91,301
+8,530
3,769
3,398
7,233
1,114
238
180
1,614
3,070
7,090
95
1,885
247
451
2,514
1,372
3,763
3,394
7,233
1,114
184
180
1,499
3,046
7,039
95
1,885
247
451
2,514
1,372
York and Chicago to afford better protection to investors against fraudulent and unworthy enterprises, and
surround themselves with safeguards which will inure to the
benefit of the investor and the protection of the legitimate
investment firms and institutions engaged in the business.
The purposes of the Investment Bankers' Association is best
expressed by th preamble to the constitution:
"To promote the general welfare and influence of investment banks, or
bankers, likewise banking institutions operating bond departments, and
to secure uniformity of action, both in legislation and in methods of handling securities, together with the practical benefits to be derived from personal acquaintance, and for the discussion of subjects of importance to the
banking and commercial interests of the country, which affect the investing.
public, and for protection against loss by. crime, or through wilful and
irresponsible dealers in investment securities, and to surround the offerings
of its members with greater safeguards, whereby they will enjoy the broadest markets possible, both at home and abroad."
All the sessions of the Association were held in the WaldorfAstoria Thursday. The organization committee held an
informal meeting in the morning, discussing the method of
procedure to be followed for permanent organization in the
afternoon. At 2:30 p. m. George B. Caldwell, Chairman of
the organization committee and Vice-President of the Conti.nental dr Commercial Trust Sr Smiings Bank of Chicago,
called the meeting to order in the presence of over 150 representatives of investment houses from all sections of the
country. In view of the date on which the meeting occurred, it was surprising to many that such.a large representation of investment interests should come together during the height of the summer season, when there are so many
bankers on vacations. Mr. Caldwell was made permanent
Chairman of the meeting and F. R. Fenton,temporary Secretary, was chosen Secretary. Mr. Caldwell then addressed
the assembled bankers, vigorously outlining the needs and
purposes of the Investment Bankers' Association. His
remarks were received with hearty approval. He said in
part:
For the ten years that I have been identified with investment banking,
which, broadly speaking, has to do with the organization and distribution
of a secured form of credit known as bonds, I have recognized a lack of cooperation among investment banking houses, the value of a better acquaintance and some benefits that organization might bring to us in the way of
the discussion of subjects in which we are most deeply interested, the need
for a greater publicity, which the magnitude, likewise the dignity of our
business, merits, and which, unorganized, we cannot hope to secure.
Most people, and many bankers outside of the large cities, are unaware
of the large amount of capital now employed in this branch of banking,
and few realize that annually new forms of secured credits aggregating
$1,500,000,000, or $125,000,000 per month, are analyzed, approved,
71,148,556 65,264,785 +5,881,771 89,717 88,008 created and distributed by the banking houses of this country that may be
Total (44 roads).
Net increase t9.01%)
classified as investment bankers. This, in itself, is no small responsibility,
especially as the form of credit in which we deal usually extends over a
Mexican roads (not Inc luded in tot al)825,436
+100,786 1,048 1,035 period of from five to fifty years, and must, therefore, not only be safe724,650
Interoceanie of Mexico
361
395
y500,700
+67,100
y433,600
.
guarded for the present, but until the date of maturity. As now carried
Mexican Railway_ __
4,895,121
5,582,808
-687,687 6,006 6,147 on, the bulk of this business is done by less than two thousand banking
Nat Rys of Mexico_x_
houses, though the number is annually increasing.
a Includes the Texas Central in both years.
The recent report of the Comptroller of the Currency shows that our
elNow Includes3Mexican International in both years.
national banks alone hold over $1,000,000,000 in bonds purchased for in//When figures:are for three weeks only in both years.
336
THE CHRONICLE
Lxxxxv.
vestments other than Government bonds, while our State banks and trust well; First Vice-President, A. B. Leach;
Second Vicecompanies hold over $2,500,000,000 and our insurance companies nearly
$5,000,000,000, taking no account of those held by private banks, trust President, ex-Governor Frank W. Rollins of Boston; Third
estates or individuals, which are undoubtedly a great deal more.
Vice-President, William R. Compton of St. Louis; Fourth
To date the integrity of this form of credit has been excellent and the Vice-President,
Louis B. Franklin of New York; Fifth
market broadened. Otherwise the popularity and prevailing rates of interest would not be possible. / do not mean to say there have not been some Vice-President, Warren S. Hayden of Cincinnati; Secretary,
defaults and some losses, nor do I mean to say it is within the province of F. R. Fenton, and Treasurer, C. J. Williams of Baltimore.
human intelligence to entirely eliminate them; yet I assume to say that
The first meeting of the board of governors will be held in
the time is here when it is our duty to use every means at hand to improve
our securities, to stand together as against an inviting field for the many September, and' the first annual convention of the Associahouses daily springing up having little or no capital, likewise experience, tion is expected to take place in October or November.
The
and, what is more dangerous, little care for what they offer beyond their
committee on by-laws met in the Waldorf-Astoria yesterday
ability to market and their immediate profit.
Twenty years ago this business was carried on almost entirely by a dozen afternoon.
banking houses In New York, Boston and Philadelphia, while to-day it Is
—The joint resolution passed on July 1, providing for the
conducted by bankers from the Atlantic to the Pacific and from the Lakes
to the Gulf. To-day no one section of our country is wholly independent, continuance for one month beyond the fiscal year ending
for there are few large bond issues absorbed locally. The East Is selling
June 30 of the appropriations for the necessary operations
to the West and the West to the East, and in addition our international
banking houses are developing a large foreign market for our securities, of the Federal Government, was extended on the 1st inst.
much as we do for other surplus products of our factories and of our farms. so as,to cover the first half of August. The action was made
I recall these facts at this time to illustrate not only our responsibility, but
necessary by reason of the failure of Congress to pass the
the value and important position investment banking has assumed in the
last few years in our world of business and finance, and also to impress pending appropriation bills.
upon you the further fact that the call for the organization of this branch
—The trial on impeachment proceedings of Judge Robert
of banking came not as an inspiration, but as an evolution. I am also of
the opinion that only in proportion as this meeting shall develop into a real W. Archbald, of the United States Commerce Court, is
national force and be supported by men of the highest type of integrity, scheduled for Tuesday December 3, the United States Senate
energy and experience, will our foundations be well laid, the dignity and having
agreed upon that date on the 3rd inst. by a vote of
character of our profession be improved and our success assured. •
Recognizing that this city was the cradle of investment banking, that 44 to 19. The motion fixing the opening of the trial four
most of our cities have grown great by finding a market for their credit at months hence was offered by Senator Gallinger; the managers
your hands, that our public necessities have, by your aid, your money and
on the part of the House of Representatives, who brought
your intelligence been more easily financed, whereby the benefits are now
enjoyed by even the smallest hamlet, it seemed both fitting and proper that charges of misconduct against Judge Archbald, asked that
we do you the honor of holding this, our first, meeting in New York, where the trial begin on August 7, while Senator Myers of
Montana
your advice and your assistance would be most available.
submitted an order setting August 15 as the date. A. S.
Now, as tb our purpose—/ touched upon this slightly In my opening
Archbald, suggested
paragraphs, and It is expressed in a general way In the preamble sent you Worthington, attorney for Judge
In the call for this meeting. I have no desire to specialize at this time, October 15, that being the earliest date at which his client
preferring to leave that to the future deliberations of this body. Sufficient
could properly be prepared for trial. Consideration of the
It is for me to say that one particular activity from which we could reasonably hope for good results would be the.securing of greater uniformity In matter by the Senate was had behind closed doors, for two
State laws governing the Issuance of municipal securities; likewise the stand- hours, following which Senator Gallinger's
order was adpted
ardization of the laws of the various States creating Public Service Commissions and the issuing of public service securities. We must deal to- by the vote indicated above. The nineteen votes opposed
day with many conditions where States make municipal bonds tax-exempt, to the postponement of the trial until December were cast
no two of which are alike; also many laws governing the issuing of special by the following:
Democrats—Ashurst, Bacon, Bailey,
assessment bonds, drainage bonds, levee and reclamation bonds, road bonds
Issued by districts, municipal and irrigation bonds, and various conditions Chamberlain Martine, Myers, Pomerene, Reed, Shively,
regarding the debt limit and power to levy and collect taxes, which now are Simmons, Smith of Georgia, Stone, Thornton and Tillman;
at great variance. Then we have to-day the conflict of the laws of the Republicans—Bristow,
Clapp, Jones, La Follette and Works.
States that have created public service commissions.
—The resignation of Judge Cornelius H. Hanford of the
There are very important questions yet unsettled, and until settled the
development of our public utilities must vary as the laws vary. No one U. S. District Court at Seattle was accepted
by President
In this day denies the value to the investing public of investigation and
regulation of our great public utilities, and It is to be hoped that this sub- Taft on the 5th inst. Judge Hanford's resignation was
ject may receive such attention as will prevent over-capitalization and in- tendered on July 22 during the course of the investigation
flation, but it Is a question whether any commission's powers should go be- into his official and personal conduct
by a sub-committee
yond the protection of the public, as has been attempted In the Fall River
Gas Works' case. There is to-day a conflict of the laws of the States and of the House Judiciary Committee. In a report filed with
those of the Federal Government regarding conservation and control of water the latter on the 3rd inst. the sub-committee recommended
powers, and until settled the development of hydro
-electric properties will that further proceedings against
the Judge be dropped
be greatly retarded. There Is also the question of a Federal corporation
law; at present business initiative is greatly hampered by the multiplicity inasmuch as the resignation would accomplish all that
of laws governing inter-State corporations. Federal law, providing for might be obtained by the continuance of the inquiry. Under
national incorporation, making Inter-State corporations subject to uniform resolutions
adopted by the House on the 6th inst.,the Judirequirements with annual reports to be accompanied by a sworn statement,
subject to investigation by a Federal Bureau, it is suggested would greatly ciary Committee is discharged from further action in the
Improve the quality of our industrial securities and avoid much expense matter and the testimony taken against the jurist is ordered
and confusion.
to be forwarded to Attorney-General Wickersham with the
While the various committees on credentials, constitution recommendation
that the Department of Justice institute
and by-laws and nominations were at work, E. E. Prussing, such proceedings
as may be deemed advisable. In urging
attorney for the Central Trust Co. of Chicago, delivered a the acceptance
of the resignation, the report of the subshort and interesting address on investment banking as a committee said:
"It clearly appears that Judge Hanford's
business,and what he considered the essential things to be usefulness as a
Federal Judge is over; that his personal and
undertaken by such an organization as the bankers were judicial conduct
disqualifies him for that position, and this
developing. J. N. Sechrest, of the brokerage house of committee recommends
that his resignation be accepted."
J. N. Sechrest & Co. of Buffalo, also addressed the organi- The following
reasons for the abandonment of the impeachzation meeting, and expressed himself as an advocate of a ment proceedings
were submitted in the report:
national bureau of investigation for all promotion enterprises.
First—The good which successful impeachment proceedings could effect
Such a bureau, he said, would save the public from impo- would be the removal of Judge Hanford from the bench. This good his
accomplished.
sition and the brokers thousands of dollars that are spent resignation
Second—His resignation brings
emolument or reward and Involves
each year in making duplicate examinations of worthless or no expenditure of public money. no
Third—His age and circumstances disclosed by the testimony render
fraudulent propositions. The credentials committee recompractically ineligible for office.
mended that all those present who were registered as dele- him
Fourth—To prosecute an impeachment proceeding before the Senate
gates be seated accordingly, and that the membership appli- would involve an expenditure approximating ;70,000.
cation of each person should be passed upon at some later
The inquiry was directed under a resolution passed by
date,after the constitution and by-laws had been adopted the House of Representatives on June 13 at the instance
and the admission requirements specified. The committee of Representative Berger and its adoption was an outgrowth
on a constitution recommended the adoption of the constitu- of the issuance of a decree of Judge Hanford on May 10,
tion essentially as it was drafted in advance of the session. canceling the rights to citizenship of Leonard Olsson, a
Later .in the evening the delegates were entertained at a Socialist, of Tacoma.
banquet held in the Waldorf-Astoria, with informal speeches
—A compromise bill on the wool schedule of the tariff
by Allen G. Hoyt of N. W. Halsey & Co., New York, who agreed on by conferreesof the United States Senate and House
presided as toastmaster; George B. Caldwell of Chicago; A. B. of Representatives, and accepted during the past week by
Leach of A. B. Leach & Co., New York; F. R. Fenton of both branches of Congress, was vetoed by President Taft
Devitt, Tremble & Co., Chicago; and Warren S. Hayden. yesterday. The House of Representatives agreed to the
The principal speaker of the evening was W. W. Miller,'of conference report on the 3rd inst. by a vote of 161 to 62,and
Hornblower, Miller & Potter, New York. The committee the Senate adopted it on the 5th inst. by a vote of 35 to
28.
on nominations made its report at the dinner, and the The conference report provides a duty of 29% ad valorem
following officers were elected: President, George B. Cald- on raw wools, and is identical with the oonference
report
AUG. 10 1912.]
THE CHRONICLE
passed last year by Congress and vetoed by the President.
The Underwood Bill, which passed the House of Representatives on April 1, fixed the rate of duty at 20%—a
reduction of 50% from the Payne-Aldrich Tariff law; the
La Follette Bill, adopted by the Senate on July 25,imposed
a duty of 35% on wools of the first class and 10% on wools
of the second class. Senator La Follette, who,with Messrs.
Bailey and Simmons, were the conferrees on the part of
the Senate, in presenting the conference report to that body,
admitted that it was identical with the conference report of
last year, but stated thatit was found impossible to make
any changes. He added that he would have been glad to
have secured the rates fixed in the bill as passed by the
Senate, but stated that if an agreement was to be arrived
at at all some compromises were necessary,and it was found
that the only compromise which could be effected was
upon the lines of the compromise on the same schedule of
a year ago.
In the Senate the following "progressive" Republicans
joined the Democrats in passing the conference report:
Bristow, Clapp, Gronna, La Follette, Works and Crawford.
Among the Republican Senators who voted in favor of the
conference report a year ago, but who this year voted against
it, were Senators Borah, Bourne and Nelson. Senator
Cummins, who also approved the earlier conference report,
stated that he would this time have cast his vote in opposition if he had been at liberty to vote—his inability to act
being due to the fact that he was paired with a Senator
who, if present, would have voted in its favor. In expressing his reason therefor Senator Cummins said:
"The minimum duty upon scoured wool or clean wool warranted by the
report of the Tariff Board for all wools of a higher price, say 40 cents a
pound or more, is 15 cents a pound, with a maximum duty on the lowerpriced wools of 40 or 45%. The duty of 29% on all wools, as measured
by the facts as I understand them, disclosed in the Tariff Board report,
is substantially less than 15 cents a pound on clean wool. It is so substantially less that, following the course which I originally laid out for
myself, viz., that without evidence to the contrary I would accept the
information furnished by the Tariff Board, I cannot vote for the conference
report, much as I desire a substantial, even a radical, reduction in the
duties upon wool and the manufactures of wool.
In his Message returning the bill to Congress yesterday
President Taft stated that most of the rates in it are so low
in themselves that "if enacted into law the inevitable result
would be the irretrievable injury to the wool-growing
industry, the enforced idleness of much of our wool-combing
and spinning machinery and of thousands of looms, and the
consequent throwing out of employment of thousands of
workmen." He also said:
On Dec. 20 1911 I sent a message to the Congress recommending a prompt
revision of the tariff on wool and woolens. I urged a reduction of duties
which should remove all the excesses and inequalities of the schedule but
should leave a degree of protection adequate to maintain the continued
employment of machinery and labor already established in that great industry. With that message I transmitted a report of the tariff board
which furnished for the first time the information needed to frame a revision
bill of this character, and recommended that legislation should be at once
undertaken in the light of this information.
Instead of such a measure of thorough and genuine revision,based on full
information of the facts, and with rates properly adjusted to all the different
stages of the industry, there is now presented for my approval a bill identical with the one I vetoed in August 1911 before tile report of the Tariff
Board had been made.
The Tariff Board's report completely justified my veto of that date. The
amount of ad valorem duty necessary to offset the difference in the cost of
production on raw wool here and abroad varies with every grade of wool.
Consequently, an ad valorem rate of duty adjusted to meet the difference
In the cost of production of high-xriced wools is not protective to low-priced
wools. In any case the report of the Tariff Board shows that the ad valorem
duty of 29% on raw wool imposed in the bill now submitted to me is inadequate to meet this difference in cost in the case of four-fifths of our total
wool clip. The disastrous effect on the business of our farmers engaged
in wool raising cannot be more clearly stated. To maintain the status quo
in the wool-growing industry the minimum ad valorem rate necessary, even
for high-grade wool in years of high prices, would be 35%.
I cannot act upon the assumption that the Congressional majority in
either house will refuse to pass a bill of this kind,if in fact, it accomplishes
so substantial a reduction, merely because members of the opposing party
and the Executive unite in its approval. I, therefore, urge upon Congress
that it do not adjourn without taking advantage of the opportunity thus
substantially to reduce unnecessary existing duties.
337
tariff, repealing the Canadian Reciprocity Act and imposing
a world-wide tariff duty of $2 a ton on print paper. With
this action of the Senate, the bill is ready for the President,
who, it is expected, will veto it. The bill passed the House
of Representatives on Jan. 29, while the Senate passed it in
an amended form on May 30, one of the changes made by it
being the addition of the provision for the repeal of the
Reciprocity Act and fixing a duty of $2 a ton on print paper.
This was rejected by the House on June 10, but it concurred
in the other two Senate amendments making a reduction
in the duty on pig iron and ferro-silicon. The bill went to
conference, but the conferrees were unable to agree, and so
reported to the Senate on the 3d inst., where upon that body
finally agreed to the withdrawal of the provision in dispute.
—A special message, urging the enactment before the
adjournment of Congress of the necessary legislation governing the operation of the Panama Canal and the government of the Canal Zone, sent to Congress by President Taft
on the 6th inst., had the effect of hastening the action on the
bill this week. Following the adoption of a number of
changes in the bill by the Senate during the past few days
it passed that body last night by a vote of 47 to 15. The
President in his communication pointed out that there are
certain needs which must be satisfied at once if there is to
be no delay in the opening of the Canal and the utilization of
it by commerce. These needs he enumerated as follows:
1. The organization out of the construction force of a permanent force
for the operation of the Canal and the government of the Zone.
2. The announcement of the maximum tolls which will be imposed upon
the commerce of the world; and
3. The establishment of adequate coaling and other marine facilities,
such as dry docks and repair shops.
If, he stated, the necessary steps towards these ends be
taken, the great waterway can be thrown open to shipping
before the close of 1913—that is, within fifteen months.
The bill passed the House of Representatives on May 23,
and, in amended form, was favorably reported to the Senate
by the Senate Committee on Inter-Oceanic Canals on June 11.
In its deliberations on the bill this week the Senate rejected
the provision inserted by the committee, placing the government of the Canal in the hands of a commission of three.
Instead, it adopted on the 6th inst., by a vote of 43 to 14,
an amendment giving the President control of all the affairs
at Panama, and authorizing him to complete, govern and
operate the Canal and the Zone through a Governor. The
bill in this particular is thus in accord with that of the House,
the latter having called for the administration of the Canal
by a Governor.
A proposal around which much interest centred, by reason of the attitude of Great Britain on the question of tolls,
was one offered by Senator Burton of Ohio; this proposed the
elimination from the bill of the clause allowing free passage
through the Canal of American vessels engaged in the coastwise trade; the motion to strike out this provision was defeated on the 7th inst. by a vote of 44 to 11. On motion of
Senator Hoke Smith of Georgia the word "exclusively" was
inserted in the section, so as to make it read "No tolls shall
be levied upon vessels engaged exclusively in the coastwise
trade of the United States," this change being adopted on the
7th by a vote of 32 to 16. A further change, suggested by
the Senate committee and adopted by the Senate on the
8th, grants free tolls to vessels of American registry engaged
in the foreign trade, if the owners agree that such vessels may
be taken and used by the United States in time of war or other
public emergency, in the discretion of the President, upon
payment to the owners of the fair, actual value at the time
it
of the taking.
Among a number of other important amendments to the
bill made on the 8th inst., one of Senator Williams, accepted
by a vote of 34 to 24, provides that "All legal prohibitions
on the American registration of foreign-built ships built to
engage only in the foreign trade are hereby released, provided that the ships are exclusively of American ownership."
This was subsequently qualified by an amendment offered by
Senator Gallinger and adopted by the Senate, which reads:
—The Underwood bill, revising the cotton schedule of the
Payne-Aldrich tariff law, was passed by the House of Representatives on the 2d inst. by a vote of 158 to 72. The bill
Provided further, that foreign-built ships admitted pursuant to this secto mail contracts under the Act of March 3 1891,
is the same as that presented by Representative Underwood tion shall not be entitled
an "Act to provide for ocean mall service between the United States
last year, which was passed by Congress and vetoed by Presi- entitled
and foreign ports, and to promote commerce," unless such ships shall be
dent,Taft. It is claimed by the Democrats that the bill would constructed with particular reference to prompt and economical conversion
cruisers, according to the plans and specifications to.be
makeithe:average ad valorem duties 27.06%, as against an into auxiliary naval
agreed on by and between the owners and the Secretary of the Navy, and
bill
and
A
1911
48.12%
in
in
1910.
47.15%
valoremlof
ad
shall be of sufficient strength and stability-to carry and sustain the working
less than
offered by Representative Hill (Republican) as a substitute and operating of at least four effective rifle cannon of a calibre of not
inches, and shall be of the highest rating known to maritime commerce;
for the Underwood bill was rejected by the House on the 2d six
and all such ships, before being adopted, shall be subjected_to_the_same
inst. by,ia vote of 146 to:86. •
inspection as is now provided in the Act of March 3 1891."
Late yesterday further changes seeking to prohibit Ameri—The)U.rS.'Senate:on:the'.3diinst...recededifromlitslamendthrough the Canal
mllentjattached to the bill revising the metal schedule of the can railroads from owning ships operating
338
THE CHRONICLE
[Vol, Lxxxxv.
and prohibiting vessels owned by "illegal" industrial comReferring to the absorption of the Tennessee Coal & Iron
b nations from using the Canal were made to the bill. As it RR. Co. by the United States Steel Corporation, and the
passed the Senate, the bill requires all railroads to dispose of bearing of the proceedings on the panic of 1907, the Comany steamship lines they may hold which would be. their mittee makes the following comments:
competitors if they were independent.
How a panic which had persistently resisted the combined efforts of the
—Representative Stanley, as Chairman of the Committee
delegated to investigate the United States Steel Corporation, on the 2nd inst. submitted to the House of Representatives the report embracing the views of the majority
members of the Committee. The Committee is made up of
nine members, five of whom have signed the majority report,
namely Representatives Stanley of Kentucky, Bartlett
of Georgia:. McGillicuddy of Maine; Beall of Texas and
Littleton of New York—all Democrats, although Representative Littleton does not concur in the recommendations
of the majority. The dissenting members are Representatives Gardner of Massachusetts; Danforth of New York;
Young of Michigan, and Sterling of Illinois—Republicans.
Representative Sterling has filed an individual report, while
Representatives Gardner and Danforth have prepared a joint
minority report, to which Representative Young adds his
own findings. The investigation into the Steel Corporation
was undertaken in accordance with a resolution adopted by
the House in May 1911, the purpose of the inquiry being
to ascertain whether the Corporation had been guilty of
any violation of the Anti-Trust Act. The majority report,
a voluminous document of 248 pages, deals with the Steel
Corporation from its inception, and describes the various
steps by which J. P. Morgan and ills associates built it up.
Legislation to cure trust evils and to meet existing conditions is recommended by the Committee; it condemns
the Steel Corporation, but does not, it is stated, invade
the jurisdiction of the United States Court, in which there is
now pending a Government suit for the dissolution of the
combine. The other principal features of the report are
summarized as follows in the daily papers:
Federal Government and John D. Rockefeller and J. P. Morgan & Co.,
and remained in unabated fury after Morgan and Rockefeller had turned
loose $60;000,000 and the Federal Treasury $25,000,000 more, should
suddenly be spilled by this manipulation of Grant 13. Schley's loans has not
been explained either by Mr. Roosevelt or by any other witness. Yet it
is urgently maintained that the panic continued prior to this magical
scoop of securities and that the instant the Steel Corporation acquired the
Tennessee Coal & Iron Co.'s stock it subsided instantly and permanently.
The Committee furthermore says that on Oct. 26 1907 President Roosevelt issued a statement congratulating Secretary
Cortelyou and the business men who headed off the panic,
and adds:
Up until the time of this interview the Steel Corporation owed its success
and its permanency to the power and the skill of the financiers who had
,created and the Iron masters who had directed its operations. Since that
time its dominance has been due In no small measure to the sudden, illconsidered and arbitrary flat of the Chief Executive.
The President's refusal to interfere was an absolute warrant to proceed.
A suggestion from him to the Attorney-General was equivalent to a command; and upon a refusal of the Attorney-General to act, the corporation
was immune. This is admitted by Col. Roosevelt, and he unhesitatingly
assumes full responsibility in the matter.
The legislation recommended by the majority consists of
three bills, outlined as follows:
One of them, commonly known as the Brandeis bill, is designed to give
an injured party the right to institute suit to prevent the organization of
a combination in restraint of trade. This bill also transfers the burden of
proof to the defendant corporation to show that it is a combination within
"reasonable restraint of trade." The bill recommended by the committee
has long been pending before Congress, having been introduced by Senator
La Follette and Representative Lenroot.
Another bill would provide that "no person who is engaged as an individual or as a member of a partnership, or as a director or other officer,
or an employee of a corporation, in the business, in whole or in part, of
manufacturing or selling railroad cars or locomotives or railroad rails or
structural steel, or mining and selling coal, shall act as a director or other
officer or employee of any railroad company which conducts an Inter-State
commerce business."
The third bill is directed at the system of interlocking directorates and
would separate industrial from railroad business.
Bills in accord with the conclusions of the majority have
J. P. Morgan and his associates are held up as being the beneficiaries
of enormous profits realized from the overcapitalization of the subsidiary been .drafted, one of which,
as has been pointed out in these
companies of the Steel Corporation and later of the Corporation itself.
Ex-Judge E.H. Gary and his dinners to steel manufacturers are character- columns, proposes that in any case where restraint of trade is
ized as a scheme by which prices and territory were controlled by the charged, a presumption of unreasonableness is to follow if
Steel Corporation after pooling agreements had been discarded.
control of more than 30% of the product or sales is shown.
Former President Roosevelt is condemned for making the control of the
Representative Sterling, one of the dissenting members
Steel Trust absolute and Is charged with being responsible for the gigantic
stature which it has attained.
of the Committee, in submitting his views to the House said:
The United States Steel Corporation is flayed as an enemy of organized
I heartily favor Governmental regulation of corporations engaged In Interlabor, accused of lowering the sociological conditions of its employees State commerce. The
first step In this direction is legislation providing for
and of contributing to American industry workmen and work methods Federal incorporation.
Such legislation should limit the capitalization to
un-American and foreign to the best interests of labor.
the actual value of the corporate property, and thus eliminate from the
The Steel Trust as a tariff beneficiary and its part in the making of the commerce of the country that abominable
fiction of values commonly
Payne-Aldrich Tariff Act are touched upon by the Democrats.
termed "watered stock."
The
to which fictitious values have been created by overcapitaliThe conclusions of the majority report are summed up zation extent
of corporate property has shaken public confidence in corporate
as follows:
securities and made the public mind distrustful of largo business enterprises.
Such legislation should provide for a system of reports to a commission
The control:of corporations by the Federal Government, as recommended
by Mr. Carnegie, Judge Gary and others, is not approved. Whatever may or other Government agency, giving full publicity to the manner and purbe the-evil results of the elimination of competition from the steel business, pose of the organization, its methods of doing business and its profits. It
itrdoesrnotTjustify such a remedy and could not be cured by it. Such a should provide for rigid supervision of all issues of securities, prohibit one
control, semi-socialistic in its nature, is beyond the power vested by the corporation from holding stock In another and limit the extent to which
two or more corporations may have common directorates.
Constitution in the Federal Congress.
I do not concur in the views of the minority that the true remedy for
The/abuses mentioned in this report can in -a great measure be remedied
byrgiving to the operations of the United States Steel Corporation and other industrial evils does not lie in the dissolution of the industrial trusts. I
likercorporations the widest publicity, and by the strict enforcement of am of the opinion that the dissolution of the great industrial combinations
lawsrspeciflcally inhibiting the employment of cunning devices by which into their integral parts would do much to restore trade to a natural and
healthy condition and inspire confidence of the people In the business
an unfairradvantage over competitors Is secured.
The Bureau of Corporations possesses the authority to thoroughly in- situation and revive commercial prosperity.
The proposition that the Government shall recognize and permit to exist
vestigate:the Internal affairs of industrial concerns doing an inter-State
business. Had the character of the Steel Corporation and the nature and trusts, monopolies and combinations in restraint of trade, and then regulate
extent ofIlteoperations been known to the people and to the President of them by legislative control, is one calculated to suppress individual enterthelUnited;States at the time of thelabsorption of the Tennessee Coal & prise and destroy competition. It is conceded that such a policy would
Iron:Co., it is:highly Improbable that the Chief Executive would in twenty result necessarily in the fixing of prices of the products of such combinations
minutes:have given his consent to a mergedfraught with Infinite injury to by law. If the Government fixes the price of the finished product, must
it not also fix the price of the raw material and of the labor that converts it?
the:steelindustry and to the public alike.
It is urged that large industrial combinations can produce more cheaply
The:Commissioner of Corporations should be required to report to Convrpas asiwell as to the President of the United States, at such times and than small ones. This is a fundamental fallacy from which proceeds the
paternalistic
doctrine that the Government shall recognize and permit
uponisuch conditions as it may prescribe, and the law creating this bureau
shouldPe-so amended as to make such reports mandatory upon the Com- monopolistic combinations and fix the price of their product.
The Federal Government, by proper legislation, can resolve great commissionerbf[Corporations.
The:enormous earnings of the Steel Corporation are due not to a degree of binations into their integral parts, and then, by wise and just regulation of
corporate
powers, maintain a natural and healthy condition of trade. It
Integration'orefficiency not possessed by its competitors, but to the ownership:offorereserves:out of all proportion to its output or requirements and is plainly its duty to do so.
The findings of the Gardner-Danforth report are announced
to the control and operation of common carriers, divisions of rates, and the
liberalTallowances obtained from other concerns through inequitable and
follows:
as
Inordinate terminal allowances. The business of production and transporThat J. P. Morgan & Co. and the underwriting syndicate received $82,tation should be:absolutely separate and distinct, and no industrial:concern 500,000
for underwriting the organization of the United States Steel Corshouldibe:permitted to own or operate an inter-State carrier.
poration.
TheAttorney-General of the United States and his subordinates should
That the corporation was capitalized at $1,400,000,000, of which nearly
not be-permitted to exercise an absolute discretion as to the institution of
one-half was "water."
proceedings under the Act of July 1 1890, known as the Sherman Antithe average annual earnings of the corporation have been from
That
Trust Act,for other Acts prohibiting combinations in restraint of trade.
Theparties injuriously affected by such combinations should have access 11 to 12% on the actual value of its assets.
That the corporation controls a little over one-half the crude and finished
to:the:courts and the benefit of adequate and sufficient remedies for wrongs
steel business of the United States.
Inflicted by such combinations.
................
That the average wholesale price of steel products has fallen off since the
- As to the ownership of railroad and steamship lines by the corporation was organized.
That the corporation and all the independents have an understanding as
Steel Corporation, the report says:
to prices.
There is no question that public interest requires a segregation of railroads
That the system of interlocking directorates has Insidious consquences
and theiSteeitCorporation. The control of such public agencies by an in- and facilitates "Inside management" and the stilling of competition.
dustrial/corporation carries with It, in addition to the advantages which
That the situation as to iron ore supply Is grave and may become menthis:record discloses, possibilities of even greater abuses.:.7.-.13r.: •
acing.
n]
AUG. 10 1912]
THE CHRONICLE
339
establish the institution under the name of the Richmond
The following recommendations, it is stated, are embodied Trust Co., but owing to the objection entered by the Richmond Bank & Trust Co. because of the similarity to the
in this report:
All corporations exceeding $50,000,000 in capitalization of valuation latter's title, it was decided to form the projected organizacominter-State
entering
before
must become United States corporations
tion under the name of the Richmond Trust & Savings Co.,
merce. For smaller corporations United States charters are voluntary.
All United States corporations must be recapitalized at their actual value. and a charter for its creation was issued on July 31. The
ComAn Inter-State commission of industry, like the Inter-State
company is to have a capital of $1,000,000. We are advised
merce Commission, to be established. Publicity to be provided for.
to
found
that the applications for the stock have exceeded $1,600,000.
been
has
corporation
States
United
a
by
fixed
When the price
publicly The
be unreasonable, the Inter-State Commission of Industry must
promptness with which the stock was subscribed may
declare that fact and recommend a reasonable price.
be taken as indicative of the growth and prosperity
justly
except
forbidden,
companies"
Interlocking directorates and "holding
of Richmond and likewise of the general prosperity which
when permitted by the Inter-State Commission of Industry.
If foregoing recommendations shall prove insufficient to meet the trust pervades that section of the country. This is reflected in
problem, the Inter-State Commission of Industry ought to be given carefully
the bank clearings of the city, which have grown from
guarded power to decree maximum prices when necessary.
$175,653,845 in 1900 to $413,726,315 on June 30 1912; it is
Industrial corporations not to own common carriers.
"Unreasonable restraint of trade" defined and burden of proof of "reason- furthermore pointed out that the deposits in the Richmond
ableness" transferred to the defendant.
the same period from less than
Individuals and States to have the opportunity to intervene in Govern- banks have increased in
$13,000,000 to more than $45,000,000. The new company
ment suits.
Extensive powers and instructions for courts when combinations are is to occupy the quarters at 1109 East Main Street which are
adjudged illegal.
State & City Bank when the
Recommendation to the United States Steel Corporation: That in the to be vacated by the National
blast furnaces and rolling mills three shifts of men, working eight hours latter moves to its new building at 1111 East Main Street.
each, ought to take the place of two shifts of men working twelve hours
—William E. Bush, at present Manager of the bond
each.
—W. De Lancey Kountze was elected a director of the department of the Trust Co. of Georgia, Atlanta, Ga., will
Hanover National Bank of this city at a meeting of the resign that position to become a member of the new banking
firm of John D. Howard & Co. of Baltimore, which will
board on the 30th ult.
open for business on September 1. Mr. Bush is a native
the
of
employ
the
entered
who
Gentes,
—George F.
of Augusta, Ga., where for 14 years he conducted the bond
made
has
been
Aetna National Bank of this city in 1907
and stock business, after having been for several years in
an Assistant Cashier of the institution.
the office of John W. Dickey. The personnel of the new
—Henry Block was elected to the board of the Germanfirm will consist of John D. Howard, who was connected
American Bank of this city at a meeting of the directors
with the house of J. Harmanus Fisher & Co. for 31 years,
on the 5th inst.
and since 1892 as a member of the :firm: William E. Bush
—Superintendent George C. Van Tuyl Jr. of the State and Oscar M. Lemoine, for five years confidential man of
Banking Department has been directed to pay a second J. Harmanus Fisher & Co. The firm will have offices on the
dividend of 15% to the creditors of the State Savings Bank ground floor of the new Maryland Casualty Building.
of this city, which closed its doors on December 1 1911. The
—Frank Stollenwerck, Vice-President of the First National
first dividend of 15% was paid on March 30.
Bank of Montgomery, Ala., died suddenly on July 30 at
plans
Y.,
N.
Buffalo,
of
—The Columbia National Bank
Mineral Hill City, Nevada, where he had been engaged in an
to increase its capital from $2,000,000 to $2,500,000. In inspection of his mining properties. Mr. Stollenwerck was
furtherance of this purpose it will issue 5,000 new shares, interested in a number of development enterprises.
which are to be sold at $300 each, thereby enabling it to add
—Cable advices received this week state that, subject to
$1,000,000 to its surplus account, likewise increasing that
by meetings of the shareholders of the respective
ratification
and
capital
combined
the
making
and
$2,500,000
fund to
the boards of directors of the Swiss Bankorganizations,
has
capital
the
surplus $5,000,000. The decision to increase
ctors,and the stockholders verein, Basle, and the Banque d'Escompte et de Depots,
already been endorsed by the dire.
providing for the absorpare to approve the proposition on Sept. 3. The subscrip- Lausanne, have closed a contract
of the Banque d'Estions are payable Sept. 16. The bank has also decided to tion by the Swiss Bankverein, Basle,
Jan. 1 1912. For
of
as
Lausanne,
Depots,
de
et
compte
The
year.
a
15%
to
rate
12
from
dividend
its
increase
et de Depots,
d'Escompte
the
Banque
of
shares
eight
largest
proposed movement will give the Columbia the
capital of any banking institution in the State outside seven Swiss Bankverein shares will be given, both being
entitled to dividends for the year 1912. Another bank,
New York City.
the Swiss Bankverein has friendly relations, has
—Albert E. Turner of Edward B. Smith & Co. of Phila- with which
larger part of the required 8,750 Swiss Bankverein
the
placed
Stock
seat
Philadelphia
Exchange
the
has
purchased
delphia
shares at the Swiss Bankverein's disposal, while other holders
of the late Alexander H. De Haven, preparatory to engaging
provide the balance. The Swiss Bankverein, therefore, will
himself.
for
business
in
not increase its capital,which remains at 82,000,000 francs.
—John Holmes has been chosen to succeed H. B. Heyl- The Banque d'Escompte et de Depots, Lausanne, was estabmun, resigned, as Secretary and Treasurer of the Homestead lished in the year 1890. Its balance sheet as of Dec. 31
Savings Bank & Trust Co. of Homestead, Pa.
1911 showed capital of 5,000,000 francs, reserves of 1,419,—Arthur E. Stilwell has resigned as President and director 000 francs, current accounts, deposits, &c., of 14,000,000
of the United States & Mexican Trust Co. of Kansas City. francs. The Banque d'Escompte et de Depots will henceE. Quincy Smith, Vice-President of the institution, has been forth be known as the Lausanne branch of the Swiss Bankchosen to succeed Mr. Stilwell in the presidency.
verein.
—Felix T. Hughes, who has lately been elected bond
Officer of the Mississippi Valley Trust Co., arrived in St.
TRADE AND TRAFFIC BIONTEXENTS.
Louis and assumed his duties on the 1st inst. Mr. Hughes
PRODUCTION AND CONSUMPTION.—The
COPPER
had been connected with the bond house of McCoy & Co. July statement of the Copper Producers' Association issued
ability
he
demonstrated a high order of
in Chicago, where
on Thursday showed an increase in the stock of marketable
in handling investment securities. Prior to his association
copper on hand at the end of the month of 5,945,417 lbs.
a
year
for
of
as
he
served
Co.
Manager
Sales
&
McCoy
with
of the month, the
of
Chicago. As Bond Officer over the stock on hand at the beginning
the Hamilton Automobile Co.
44,335,004
against
lbs.,
50,280,421
being
31
July
on
stock
of the Mississippi Valley Trust Co., Mr. Hughes succeeds
1. But the month's production was the largest
July
lbs.
on
few
a
resigned
who
ago.
Grover,
months
James H.
on record. In the following table we compare the various
—A new financial institution is in process of development in items for the month of July 1912 and 1911 and for the periods
Richmond under the name of the Richmond Trust & Savings from Jan. 1 to July 31 this year and last. We also add
Co. The banking house of John L. Williams & Sons is figures to indicate the European visible supply.
July
—Jan. 1 to July 31interested in the venture, and it is understood that John
1912.
1911.
1911.
1912.
Skelton Williams of that firm will direct the affairs of the Stocks beginning period
lbs. 44,335,004 157,434.164 89,454,695 122,030,195
137,161.129 112,167,934 872,747,012 837,826,981
new company as President. In addition to his connection Production
181,496,133 269,602,098 962,201,707 959,857,176
with the firm, Mr. Williams is Vice-President of the National
Total supply
for—
Bank of Virginia and had been President of the Bank of Deliveries
71,094,381 56,982,582 465,516,468 394,268,100
Domestic consumption
60,121,331 74,880,658 446,404,818 427,850,218
Exports
Richmond, which was acquired by the Nctional Bank of
131,215,712 131,803,240 911,921,286 822,118.318
Virginia in 1910. It is stated that the new company will
take over the trust company business of the Bank of Rich- Stocks end of period
50,280,421 137,738.858 50,280,421 137,738,858
visible supplymond, the charter of.which is said to be still retained. European
93,235,520 157,185,280 128,313,920 187,705,280
13eginning of period
100,858,240 152,376,000 100,858,240 152,376.000
End of period
The incorporators of the trust company had proposed to
That labor conditions in certain departments of the steel industry are bad.
340
THE CHRONICLE
ANTHRACITE COAL PRODUCTION.-The anthracite
coal shipments to market during July 1912 were of record
proportions, the output being 6,285,153 tons, an increase
of 1,481,088 tons over July 1911. This is the largest July
output ever shown. In the following table .we present the
shipments by the various carriers fur July this year and last
year and for the periods from Jan. 1 to July 31.
July
Road1912.
1911.
Philadelphia & Readhig
tons_1,217,892 825,309
Lehigh Valley
1,144,678 854,391
Central Railroad of New Jersey
865,618 545,158
Delaware Lackawanna & Western__
883,312 776,013
Delaware & Hudson
687,843 483,217
Pennsylvania
545,655 408,291
Erie
708,568 720,221
Ontario & Western
231,587 191,465
Total
-Jan. 1 to
1912.
6,479,227
5,857,344
4,237,708
4,600,896
3,261,055
2,900,546
3,876,108
1,169,248
July 311911.
7,496,145
7,293,203
5,214,749
5,613,247
4,133,936
3,754,020
5,098,607
1,509,741
6,285,153 4,804,066 32,382,132 40,113,648
WonetattiConmercialignglisitgents
•
W •
1.,
NO
(From our own correspondent.)
[VoL. Lxxxxv.
of England rate is only 3%. Or, to put the matter differently, the rate of discount in the open market in Berlin is
actually lower at the present time than the rate of discount
in the open market in London, whereas the German rate
was fully 1% higher only a month ago. Consequently, there
is some expectation in the City that the Bank of England
may suddenly raise its rate of discount. The best observers
do not think that at all likely.
The India Council offered for tender on Wednesday 50 lacs
of its bills and telegraphic transfers, and the applications
exceeded 648k lacs at prices ranging from is. 4d. to is.
4 1-32d. per rupee. Applicants for bills at is. 4 1-32d. per
rupee were allotted 5,7% of the amounts applied for.
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past Week:
London.
Week ending Aug. 9Mon.
Tues.
Sliver, per oz
d 279-16
27%
Consols, 234 per cents
7434
For account
7434
French Rentes (in Paris) fr. _ 92.37% 92.2734 92.20
Amalgamated Copper Co--- 84%
Amer.Smelt & Refining Go_
86
__
b Anaconda Mining Co
8%
Atch. Topeka & Santa Fe.__
11134
Preferred
105
Baltimore & Ohio
11034
Preferred
89
Canadian Pacific
28434
Chesapeake & Ohio
83%
Chicago Great Western
1734
Chicago Milw. & St. Paul__.
11034
Denver & Rio Grande
20
Preferred
36%
Erie
37
First preferred
A
5534
Second preferred
kl
45
ut
Great Northern, preferred...._
c,
14634
Illinois Central
.4
13434
r..)
Louisville & Nashville
16434
Missouri Kansas & Texas_ _
kl
2834
Preferred
2
62
MisSouri Pacific
i'•
39
.,1
Nat. RR.of Mex., 1st pref..
69
A
Second preferred
3134
r..)
N.Y.Central dr Hudson Riv.
x
12034
N. Y. Ontario & Western_ _
41
33
Norfolk & Western
12134
W
Preferred
Northern Pacific
13134
a Pennsylvania
E-.
6374
to
a Reading Co
86
a First preferred
46
a Second preferred
Rock Island
2634
Southern Pacific
11474
Southern Railway
3034
Preferred
79%
Union Pacific
175%
Preferred
93
U.S. Steel Corporation
73%
Preferred
116%
Wabash
5
Preferred
14%
Extended 4s
70
Wed. Thurs,
Fri.
27 11-1628 1-16 28 1-16
7434
74 9-16 7434
74%
74 11,16 74%
92.2734 92.30
92.2734
8534
8434
8434
8534
86
84
8,4
8%
8,4
11134
11134
il13.
105
105
105
11031
11034
110)4
89
89
89
28234
28334
283
83
83%
83%
1734
17%
18
110
11134
111
19%
20
2914
37
37
37%
36%
37%
37%
55
5534
55%
45
45
45
145,
147
146
13534
13534
135
16434
165
165,4
2834
%
281
28,4
62
62
62%
3834
3834
38%
69
69
69
3134
3134
31,4
120
12034
120%
3334
3334
33%
121
121
121
91,4
131
13334
13234
6334
64
64
86
87
8734
46
46
46
London, Saturday, July 27 1912.
The speech of the First Lord of the Admiralty in.the House
of Commons on Monday startled the country. He explained
with great clearness and unusual frankness the meaning of
the last German Navy Law, showing that ma few years' time
Germany will have in the North Sea an immense naval force
which will be within a few hours' sail of our coasts. The
actual amount of money demanded by the German Government was so small that the British public did not clearly.
recognize what the law meant, and Mr. Churchill's explanation has startled the commercial community and led to a
renewed fall in Consols. All careful observers have long
been aware that the depreciation of Consols was to a large
extent due to the fear of war with Germany. In fact, German Government securities have fallen even more than
British Goverilment securities, showing that the public all
over the world fears war to be inevitable. The natural consequence of all this has been heightened by the hostility of
the City to the Chancellor of the Exchequer, and by its
uncertainty as to what his future, policy will be. The
Chancellor, knowing his unpopularity in the City, has not
8
been in as constant communication with its leaders as his
predecessors usually have been. Therefore, it has been
assumed that he was as hostile to the City as the City is to
2634
2634
2634
him, and thus mutual distrust and suspicion have aggravated
114%
115%
114%
29%
30%
30%
the situation. Consols this week have been as low as 73%.
79%
80
81
The general City public predicts that they are going to 70;
175%
177,4
170%
92%
92%
93
and it is quite possible, of course, that they may drop to that
73%
74
7334
for a moment. But the best informed and the most cautious
116%
116%
116%
5
5
thinkers are inclined to the conclusion that the fall has already
5
14%
14%
14%
been over-done, and that, unless there is some mistake made
69
69
69
somewhere, we are much more likely to see a markedirecovery
a Price per share. b £ sterling
than a further fall.
securities
which in the old times used to be
Naturally, all
called gilt-edged and first-class have gone down with Con- 4onxinercial and
trastellantansnewt
debentures
and the preference stocks of
sols, such as the
British railways, corporation stocks, and the like. To some
Breadstuffs Figures brought from page 372.-The stateextent this is a mere consequence of the general scare, caused
by the speech of the First Lord of the Admiralty. Partly, ments below are prepared by us from figures collected by
also, it is a consequence of the general feeling that the very the New York Produce Exchange. The receipts at Western
highest classes of securities have been falling so long that they lake and river ports for the week ending last Saturday and
are likely to go even lower. Lastly, of course, "bears" have since August 1 for each of the last three years has been:
contributed to put down the stocks, although the actual
selling by "bears" has not amounted to much. Still, the Receipts al- Flour.
Corn.
Wheat.
Oats.
Barley.
Rye.
mere fact that people try to sell alarmed the dealers in firstbbls.1961bs. bush. 60 lbs bush 56 /78. hush. 32 lbs.
class securities, and in self-defense these latter put down Chicago _ _ 106,790 1,814,700 1,020,150 1,379,100
bu.56 lbs.
117,000
24,500
quotations. In the last place, the public has a very short Milwaukee _
48,200
405,950
70,800
99,000
33,800
3,300
Duluth
16,060
55,098
2,807
inenicey. It forgets all the injury done by the numerous Minneapolis
300
650
668,940
102,280
82,900
20,040
49,270
strikes, and especially by the great coal strike, and it con- Toledo
55,000
45,900
48,000
Detroit
.
5,200
4,000
17,600
61,500
siders several of the railway dividends which have been so far Cleveland _
896
8,418
27,116
21,600
announcad quite disappointing. In reality those who knew St. Louis_ _
64,380
244,683
291,000
627,225
13,990
4,490
Peoria
43,600
123,000
what was going on during the past six months, and how Kansas City.
246,238
376,000
39,200
4,800
3,158,400
208,800
124,100
seriously the railways had been hit, especially by the coal
'12
285,1S26 6,538,189 2,030,784 2,722,232
skike, are surprised that the dividends are as good as they Total wk.'11
224,330
87,010
Same wk.
328,745 7,457,250 2,226,312 5,030,835
303,446 104,890
are. Still, the fact remains that the public is in the dumps, Same
wk.'10
319,992 10,633,039 3,525,628 5,310,340
534,115
67,048
that most people are afraid to buy, even though they
Au. 1
acknowledge that quotations are tempting, and that the Since
1912......
285,126 6,538,189 2,030,784 2,722,232
224,330
87,010
1911. ..
unthinking are predicting all sorts of calamities. For the
328,745 7,457,250 2,226,312 5,630,835
303,446 104,840
1910
319,992 10,533,039 3,525.028 5,310.3,10
past couple of days, however, there has been a recovery.
534.115
07,048
There is one other cause, though it is a temporary and
Total receipts of flour and grain at the seaboard ports
for
practically a not very important one, which ought to be the week ended Aug. 3 1912
follow:
mentioned, and that is the scarcity of money in the open
Flour,
Wheat, .
Corn,
Oats,
market. Trade, in spite of the depreciation in Consols and
Barley,
Rye,
BeCetpt3 01bbls.
bush.
bush.
bush.
bush.
bush.
the fear of war; of the never-ending succession of labor dis- New York
141,950
504,000
23,625
196,725
16,575
1,150
Boston
22,135
190,100
6,000
60,954
putes; and so on, is marvelously good, and the demand for Philadelphia
40
_
1,000
20,016
277,142
39,993
90,755
banking accommodation by this ever-improving trade is such Baltimore
14,197
361,576
map
14,111
392
4
New Orlens '
, 30,1110
that the great joint-stock banks have not their usual supply Galveston
1,200
111,000
52,700
.......
212;000
7,000
7,000
of cash. This condition of things is aggravated by the fact Mobile
6,000
500
5,000
47,019 1,258,821
thatt,the Chancellor of the Exchequer locked up in the Bank Montreal
800
413,433
35,084
3,000
of England the surplus of last year, amounting to 63- millions St. John
sterling.. He has announced now that he will spend the Total week 1912_ 287,417 2,805,339 249,658 844,678 51,699
Jan. 1 1912_ 9,820,293 65,856,903 25,374,988 27,816,469
2,542
stvrplus, and in fact he has been buying in the market this Since
3904,797 291,119
Week 1911
353,000 3,463,520
516,027 1,277,883
41,720
week. But his buying as not been large enough yet to Since Jan. 11911.10.770,200 43,021,028
816
49,137,639 31,694,792 2699,685
:361,681
stop the fall or to convince the City that he means to act
Receipts do not include grain passing through New Orleans
for foreign ports
energetically. The final result is that the rate of discount in on through bills of lading.
ghe open market for two months' billsTand bills of longer
exports
The
from
tho.several seaboard ports for the week
currency has this week been about 33% while the Bank ending
Aug. 3 are shown in the annexed
statement:
.....
Exports fromNew York
Boston.
Philadelphia _...
..
Baltimore
New Orleans_ ...
Galveston
Mobile
Montreal
Bt. John
Wheat,
bush.
307,649
262,900
291,000
129,288
341
THE CHRONICLE
AUG. 10 1912.]
Corn, Flour,
bbls.
bush.
17,492 56,002
11,000
10,000
2,400 22,512
45,000 12,143
4,748
5,000 6,000
62,000
Oats,
bush.
4,240
Rye, Barley,
bush.
bush.
15,688
Peas,
bush.
1,010
Name of Company.
Per
Cent
When
Payable.
Books Closed.
Days Inclusive.
Railroads (Steam)(Concluded).
Sept. 12 Holders of rec. Aug.27a
1
Reading Company, first pref. (quar.)_
Rome Watertown & Ogdensb.,guar.(qu.) 14 Aug. 15 Holders of rec. July3la
Sept. 2
St. Louis Rocky Mtn.& Pay. pref.(No. 1) 134 Aug. 31 Aug. 11 to SeptOn
1 Holders of rec.
14 Oct.
Southern Pacific (guar.)(No.24)
Oct. 8
to
10.
Sept.
1
Oct.
24
Union Pacific, common (par.)
500
1 Sept. 10 to Oct. 8
Oct.
2
1,000
Preferred
88,000
676,000
34 Sept. 30 Holders of rec. Sept.14a
Utica & Black River
3,000
14 Aug. 10 Aug. 1 to Aug 10
Utica Clinton & Binghamton
1,010
16,688
Street
and
Railways.
Electric
95,940
174,405
69,892
_1,667,337
Total week
Aug. 15 Holders of rec. Aug. 1
2
4,024
Binghamton Ry
2,096,283 633,550 258,717 280,600
Week 1911
Aug. 15 Holders of rec. Aug. 3
3
Boston Elevated Ry
Sept.
16 Holders of rec. Aug.30a
3
since
and
&
St.
Ry.,
Brock.
7)
pref.
(No.
Plymouth
week
The destination of these exports for the
1 Holders of rec. Aug. 2a
Oct.
Chicago Rys. Participation ctfs.. Ser. 1._ 18
Aug. 15
Aug. 15 Aug. 1 to
1
Conn. Ry. & Ltg., com, dr pref.(guar.). _
July 1 1912 is as below:
3
Holders of me. Aug.1Ga
Sent.
-------Corn
134
United
Detroit
Ry.
(guar.)
Wheat
-Flour
Since Federal Light & Traction, pref.(qu.)(No.9) 14 Sept. 3 Holders of rec. Aug. 15
Since
Since
I..A
Aug. 15 Holders of rec. Aug. 1
July 1 Kokomo Marion de Western Tree., corn... 3
Week
July 1
Week
Week July 1
14 Sept. 3 Holders of rec. Aug.15a
1912. Nor. Texas E .Co.,corn.(qu.)(No.12). _
1912. Aug. 3.
1912. Aug. 3.
Aug.8.
Exports for week and
bush.
Sept. 3 Holders of rec. Aug.15a
3
bush.
Preferred (No. 14)
bush.
bush.
bbls.
bbls.
to1
since July
Pacific Gas d: Elec., pref.(qu.)(No. 26).. 14 Aug. 15 Holders of rec. July3la
94,912 409,845 929,399 4,870,693
United Kingdom
10,000 Philadelphia Company, preferred
24 Sept. 2 Holders of rec. Aug.10a
16,504 77,379 729,698 2,988,069
Continent
Sept. 3 Holders of rec. Aug.12d
29,340 119,578 Portland (Ore.) Ry.,L. dr P.(ell.)(No.7) $1
90,662
7,740
122,635
35,907
Sou. & Central America__
185,513
40,552
&
Hy.
Lighl,
Rochester
pref.
134 Sept. 3 Holders of rec. Aug.27a
(quar.)
600
500
25,582 119,515
West Indies
24 Aug. 15 Holders of rec. Aug. in
Tampa Electric Co. (guar.)(No. 31)
1,428
British North Amer. Cols_ 1,000
6,938
•
Banks.
1,917
500
Other Countries
Aug. 13 Holders of rec. Aug.10a
3
Mechanics de Metals National (quar.)___ _
Miscellaneous.
7,950,024 69,832 322,029
1,667,337
174,405732,719
Total
2,789,545
dept. 3 Aug. 13 to Sept. 2
633,550
$3
(guar.)
Adams
Express
6,932,907
2,096,283
258,717 801,958
Total 1911
Aug. 26 Holders of rec. July27a
1
Amalgamated Copper (guar.)
Aug. 15 Aug. 2 to Aug. 15
week
1
corn. (guar.)._
the
for
Note
Corp.,
Amer.
Bank
corn
and
wheat
of
The world's shipments
34 Aug. 15 Aug. 2 to Aug. 15
(extra)
Common
134 Aug. lb Holders of rec. July 27a
ending Aug. 3 1012 and since July 1 1912 and 1911 are shown Amer. Beet Sugar, corn. (guar.)(No. 4). 14
Aug. 15 Holders of rec. Aug. 1
Amer. Graphophone, pref.(au.)(No.56)
in the following:
34 dept. 30 Sept. 6 to Sept. 30
Amer. Pneumatic Service, let pref
1
Sept. 30 Sept. 6 to Setp. 30
Second preferred
2
Sept. 30 Sept. 22 to Sept. 30
American Radiator, common (guar.)__ _ _
Wheal.
14 Aug. 15 Aug. 7 to Aug. 15
Preferred (quar.)
1911.
1
1912.
Sept. 16 Aug. 31 to Sept. 8
1911.
Amer. Smell. & Rfg., corn.(quar.)
1912.
Exports.
134 Sept. 3 Aug. 13 to Aug. 21
Preferred (quar.)(No.53)
Since
24
Since
Sept
3 Holders of rec. Aug. 15
Week
Since
American Tobacco, common
Week I Sines
July 1.
20
Sept. 3 Holders of rec. Aug. 15
July 1.
Aug. 3.
July I.
Common (extra)
July 1.
Aug. 3.
(m)
Holders of rec. Aug. 15
Common (special)
14 Aug. 10 Holders of rec. July 31
Bushels.
Bushels. Bushels. Bushels.
American Utilities, preferred (quar.).
Bushels. Bushels.
1
2,357,000 American Writing Paper, preferred
Oct.
1 Holders of rec. Sep.14a
12,512.000
13,152,000
3,088,000
North Amer.
8,999.000 13.098,000 272,000 1,615,000 8,306,000 Bond & Mortgage Guarantee (quar.).... 34 Aug. 15 Holders of rec. Aug. 8
1,384,00
Russia
4,370,000 10,991,000 Borden's Cond. Milk, corn.(No. 34)_ _ _
4
Aug. 15 Aug. 6 to Aug. 15
200,000 2,992,000 2,888,000 357,000 28,978,000
Danube
14 Sept. 15 Holders of rec. Sept. 5
7,896,000 6,970,000
10,926,000
Preferred (guar.) (No. 43)
Argentina.. 976,000
Sept.
16 Holders of rec. Aug. 22
$5
5,256,000
Buckeye Pipe Line (guar.)
Australia.... 352,000 1,912,000 9,386,000
Sept. 3 Holders of rec. Aug. 15
Ilutterick Company (guar.)
1,336,000 12,112,000
India
15 Holders of rec. July3la
Aug.
14
758,000
Steel
Cambria
810.000
(guar.)
56,000
0th. countr's
Canada Cement.Ltd.. pref.(au.)(No.10) 1% Aug. 16 Aug. 1 to Aug. 10
51.70.2.000 759q nor 31.nnl.non 91 au.nno Columbus(0.) Gas & Fuel, corn.(guar.).
34
Aug. 31 Holders of rec. Aug. 15
50.903.000
,
7.392,00
Total
14 Sept. 16 Holders of rec. Aug. 14
Consolidated Gas (guar.)
$14 Sept. 16 Aug. 21 to Sept. 16
Pipe Line
The quantity of wheat and corn afloat for Europe on dates Crescent
14 Sept. 16 Holders of rec. Aug.31a
Diamond Match (quar.)
3 Holders of rec. Aug. 15
Federal Utilities, pref.(guar.)(No.5).... 14 Sept
mentioned was as follows:
134 Sept. 3 Holders of rec. Aug 15a
General Asphalt, pref. (quar.)
14 Sept. 3 Holders of rec. Aug.23a
corn.
Chemical,
General
(guar.)
Corn.
Wheat
Aug. 15 Holders of rec. Aug. 5a
Goodrich (B. F.) Co., common (No. 1).. 1
24 Aug. 12 Holders of rec. Aug. 8a
Gorham Mfg., common (guar.)
United
31 Holders of rec. Aug,lig
Aug.
25c.
United
Copper
Cananea
Greene
Kingdom. Continent. Total.
50c. Aug. 26 Aug 21 to
Kingdom. Continent. Total.
Homestake Mining (monthly)(No. 453)_
$3 Aug. 15 Holders of rec. July, 15
(guar.)
Line
Pipe
Indiana
Bushels. Bushels. Bushels.
Bushels. Bushels. Bushel?.
(qu.) (No. 22) 134 Sept. 3 Holders of me. July 31a
32,445,000 Internat. Harvester, pref.
Aug. 3 1912._ 24,320,000 13,624,000 37,944,000 9,282,000 23,163,000 30,660,000 International Nickel, common (quar.)... 54 Sept. 3 Aug. 14 to Sept. 8
Aug. 31 Aug. 22 to Sept. 2
July 27 1912.. 23,952,000 15,904,000 39,856,000 8,959,000 21,701,000 9,283,000 Internal. Smelt. & Rfg.(gu.)(No. 13).... 2
5,007,000
24 Aug. 15 Holders of rec. Aug. 9a
Aug. 5 1911._ 24,088,000 13,480,000 37,568,000 4,276,000
nno It 175 flq„ 19 .9c nnq Jefferson & Clearfield Coal & Iron, pref._
Sept. 3 Holders of rec. Aug.21a
2
Aug. 6 1910._ 21,600.000 S540.000 tn.',4o non 7 con
Kings County El. L.& P.(qu.)(No. 50)_
Aug. 31 Holders of rec. July3la
Lehigh Coal & Nay.(guar.)(No. 135)- 2
14 Sept. 3 Holders of rec. Aug. 23
Investment
National Banks.-The following information regarding 3M/zoning
Sept. 1 Holders of rec. Aug.15
134
(guar.)._
corn.
Stores,
May
Department
Aug. 26 Holders of rec. July3la
1
national banks is from the office of the Comptroller of the Mexican Petroleum, coin. (quar.)
50c Aug. 16 Holders of rec. Aug. in
Miami Copper (guar.)(No. 2)
Currency, Treasury Department:
Aug. 15 Holders of rec. July3la
134
(guar.)
Co.,
pref.
Mobile Electric
APPLICATIONS TO CONVERT/APPROVED.
Aug. 14
of Montreal Lt., H.& Pow.(qu.)(No.45)-- 234 Aug. 15 Aug. 1 to
The Chino State Bank, Chino, Cal., into "The First National Bank
Aug. 15
Aug. 15 Aug. 6 to
134
(guar.)
pref.
Carbon,
National
Cal.
14
17
to
Sept.
Sept.
Chino." Capital, $25,000. Edwin Rhodes, correspondent, Chino,
30
Sept.
%
National Lead, corn. (guar.)
The Bank of Manatee of Bradentown, Fla., into "The First National
Aug. 27
Sept. 16 Aug. 24 to
14
(guar.)
Preferred
of
Bank
the
Correspondent,
Bank of Bradentown." Capital, $40,000.
$21
Aug. 10 July 28 to Aug 1
in
scrip)..
Pow.
(payable
Nevada-Calif.
Manatee, Bradentown, Fla.
1
Aug. 15 Holders of rec. Aug. 8a
N. Y.& Richmond Gas (guar.)
14 Sept. 20 Sept. 13 to Sept. 20
CHARTER ISSUED TO NATIONAL BANK JULY 30.
Niles-Bement-Pond, common (quar.)__
$50,000.
Capital,
Aug. 15
Ind.
Mulberry,
Bank
of
National
Aug. 15 Aug. 9 to
14
Citizens'
(quar)
-The
Preferred
10,234
1 Holders of rec. Sept.15a
James M. Sims, Pres.: George H. Miller, Cashier. (To succeed North American Co.(quar.)(No.34)
134 Oct.
134 Aug. 26 Holders of roe. Aug. Sc
The Farmers' National Bank of Mulberry.)
People's Gas Light & Coke (guar.)
134 dept. 1 Holders of rec. Aug. 17
Pittsburgh Steel, preferred (quar.)
VOLUNTARY LIQUIDATIONS.
Suc- Pittsb. Term. Wareh. dr Transf.(mthly.) 184c. Aug. 15
832-The National Granite Bank of Quincy, Mass., July 1 1912.
dept. 5 Holders of rec. Aug. 15
4
Tobacco
Theophilus
Pirto-Rican-American
agent,
Co.
Liquidating
Trust
ceeded by the Granite
14 Aug. 15 Aug. 9 to Aug. 15
Pratt & Whitney, pref. (quar.)
King, Quincy, Mass.
134 Aug. 21 Aug. 1 to Aug. 20
54)._
1912.
(No.
(qu.)
pref.
17
Car,
June
Hans.,
Alma,
Steel
of
Bank
Pressed
National
8,357-The Commercial
3
Aug. 15 Holders of rec July3la
Liquidating Procter dr Gamble,common (quar.)
Succeeded by the Farmers' National Bank of Alma.
•
Aug. 15 Holders of rec. July3la
182).... 2
Committee, J. A. Steinmeyer, G. T. Johnson and F. J. Wagner, Pullman Company (guar.)(No.
Aug. 31
234 dept. 1 Aug. 15 to
(quar.)
common
Oil,
Pure
Alma, Hans.
1 Aug. 15 to Aug. 31
Sept.
24
July
1
Col.,
Salida,
1912.
ConExtra
• 8,951-The Merchants' National Bank of Bank of Salida. Liquidating
14 Aug. 31 Holders of rec. Aug. la
Quaker Oats, preferred (guar.)
solidated with The First Ntaional
rec. July3la
Sears, Roebuck & Co.,common (quar.).. 134 Aug. 15 Holders of
agent, N. W. Meigs, Salida, Col.
14 Aug. 15 Holders of rec. Aug. 8a
Silversmiths Company (quar.)
EXPIRATION OF CORPORATE EXISTENCE.
10).. 134 Aug. 15 Holders of rec. July 31
(No.
(qu.)
corn.
Edison,
Calif.
Sou.
by
Expired
Ind.
Mulberry,
4,801-The Farmers' National Bank of
$8 Aug. 31 Holders of rec. Aug. 15
Southern Pipe Lihe (quar.)
limitation at close of business July 30 1912. Succeeded by Standard Oil of Indiana (quar.)
Aug. 31 Holders of rec. July3la
3
Ind.
No. 10,234, The Citizens' National Bank of Mulberry,
1% Sept. 1 Aug. 20 to Sept. 1
Stern Brother?, pref. (guar.) (No. 7)
TITLE.
Aug. 10 Holders 01 rec. July29a
CORPORATE
OF
$1
CHANGE
Tennessee Copper
Y., to "Irving United Cigar Mfrs., pref. (quar.)
134 Aug. 31 Holders of rec. Aug.23a
345-Irving National Exchange Bank of New York, N.
334 Sept. 1 Aug. 18 to Sept. 1
U.S. Envelope, preferred
National Bank, New York."
154 Aug. 15 Aug. 4 to Aug. 15
U.S. Printing Co. of N. J., pref. (quar.)_
134 Sept. 28 Sept. 1 to Sept. 8
U. S. Steel Corp., corn.(guar.)
Aug. 11
Aug. 30 Aug. 6 to
14
(quar.)
Preferred
DIVIDENDS.
14 Aug. 15 Holders of rec. July 30
U.S. Telephone, pref. (guar.)
for
dividends announced
Aug. 15 Holders of rec. Aug. 1
3
Vacuum Oil
The following shows all
Virginia-Carolina Chemical, common.... 14k Aug. 15 Aug. 4 to Aug. 15
or important corporations:
200
500
the
tile
future by large
Dividends announced this week are printed in. italics.
Name of Company.
Railroads (Steam).
Alabama Great Southern, preferred
Atch.Top.& Santa Fe,com.(qu.)(No.29)
Baltimore & Ohio, common
Preferred
Boston & Maine, common (guar.)
Preferred
Buffalo Rochester & Pittsb.,corn & pref.
Chicago Milwaukee & St. Paul, common_
Preferred
Chic. St. Paul M. dr Om., corn. & pref_ _
Cin. N.0. & Tex. Pac., pref. (guar.).& Pittsb., reg. guar.(guar.)
Special guaranteed (quar.)
Delaware de Bound Brook, Juar. (quar.)
Illinois Central (No. 115)
Louisville & Nashville
Minn.St.P.& S.S.M.,com.&pfd.(No.19)
Nat. Rya. of Mexico, 1st pref.(No. 10)
N. Y.Chicago & St. Louis, 1st & 2d pref.
N. Y. N. 11. dr Hartford (guar.)
Norfolk & Western, common (guar.).--.
Preferred (guar.)
Oswego & Syracuse
Pennsylvania (guar.)
Per
Cent,
3
14
3
2
1
3
3
234
34
34
lq
1%
1
2
34
34
334
2
24
2
14
1
44
14
When
Payable.
Books Closed.
Days Inclusive.
a Transfer books not closed for this dry dend 0 Lets income tax. d Correction
I Payable in
k Declared 3% payable 135% Aug. 151912 and 14% Feb. 15 W13.
scrip. m Special dividend of 12,000-401,824ths of a share of Alter. Machine & Fdy
stock for each share of Amer. Tobacco common held.
Aug. 28 Holders of rec. July20a
Auction Sales.-Among other securities, the following, not
Sept. 2 Holders of rec. July3la
at the Stock Exchange, were recently sold at
Sept. 3 Holders of rec. Aug. in usually dealt in
Sept. 3 Holders of rec. Aug. in auction in New York, Boston and Philadelphia:
Aug.31a
rec.
1
Oct.
Holders of
By Messrs. Adrian H. Muller & Sons, New York:
Sept. 3 Holders of rec. Aug.15a
.Per cent.
Per cent. Shares.
Aug. 15 Holders of rec. Aug. On Shares.
31-41 Receipt for payment of $12,000
29
'Sept. 3 Aug. 13 to Sot.
35 Broadway Safe Deposit Co
subscription of Elec. Properties
Sept. 3 Aug. 13 to Sept.29
6 Imp. & Traders' Nat. Bank..._560
Co., N. Y., for 200 sh. Prof. and
1704
Aug. 20 Holders of rec. Aug. 2a 33 N. Y. Prod. Exch. Bank
a bonus of 40 sh. Electric PropPer cent.
Sept. 2 Holders of rec. Aug. 24 Bonds
$34 per share
&ties Co. common
dept. 3 Holders of rec. Aug.10a 853,000 Iron Clad Mfg. Co. 1st 6s_$3.000
Sept. 6 Holders of rec. Aug.10a
• By Messrs. R. L. Day & Co., Boston:
Aug. 20 Holders of rec. Aug. 9
Per cent.
$ per sh. Bonds.
Aug. 31 Holders of rec. Aug la Shares.
$10,000 Boston, Mass., 4s, 1928,
116
Aug. 10 July 20 to Aug 11
2 Tremont dr Suffolk Mills
103
tax-exempt
Jct. 15 Holders of me,Sept. 20 25 Lowell Gas Light Co
30234
$3,500 Fall River, Mass.,4s, 1913Aug. 10 Holders of war. No. 10 25 American Glue Co., common_ _ _108
85
1919, tax-exempt
Aug. 31 Holders of rec. Aug. in 15 Cape Cod Products Co., pref._
10034
125
dept. 30 Holders of rec. Sept. On
$14,000 N. Y. dr N. E. RR. Bea1 Col. Nat. Life Ins. Co
1034
147
ton Terminal 1st 48, 1939
Sept. 19 Holders of rec. Aug.31a 10 Amer. Glue Co., prof
$6,000 Wakefield & Stoneham St.
Aug. 19 Holders of rec. July3la 25 Wilkie Rubber Mfg. Co., pref _ _ 90
10034
Aug. 20 Holders of rec. Aug.10a 12 E. & T. Fairbanks & Co. ($500
Ry.Co. 1st 59, 1915
Aug. 31 Holders of rec. Aug. 5a
26834
par)
342
THE CHRONICLE
By Messrs. Francis Henshaw & Co., Boston:
Shares.
$ per sh. Bonds.
Per cent
25 Nat. Shawmut Bank
2383i $2,000 Cumberland Tel. & Tel. Co.
6 Lowill Bleachery, ex-stk. div....120%
5s, 1920
100
8 Cambridge Gas Light Co
280%
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
Spersh.
6 Bank of North America
306
5 Commonw'th Tit.Ins. & Tr Co.240%
1 People's Trust Co., par $50_ _ _ _ 50
1 Real Estate Tr. Co., pref
95%
5 Wayne Title & Tr. Co
125
50 People's Nat. Fire Ins. Co., par
$25
• 25
5 Fraqk. & S'wark Pass. Ry_ _ _372
100 Am. Pipe & Constr. Co_ _ _ _80-81%
20 Enterprise Mfg. Co
107%-109%
25 Phila. Life Ins. Co., par $10_ _ _ 11
Shares.
S per sh.
20 Young,Smyth, Field Co., pref.
(4 shares corn, bonus)
94
Bonds.
Per cent.
$1,000 Buff. dr Lake Erie Tree. Co.
1st ref. 55,due 1936
68
$1,000 Springfield Wat. Co.55, 1926 99
$1,000 No. Springf. Wet. Co. 5s,
1928
99
$2,000 Hazleton Gas Lt. Co. 1st 55,
1932
103
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
3 West Phila. Pass. Ry
1 Provident Life & Trust Co
Bonds.
$100 City of Phila. 4s, 1940
$ per sh.
208
$1,000 No. Springf. Wat. 5s, 1928_ 984
$1,000 Northumberland Co. Gas &
875
Per cent.
Elec. 1st 5s, 1946
92
1014 $1,000 Springfield Wet.5s, 1926.... 98%
Canadian Bank Clearings.-The clearings for the week ending Aug. 3 at Canadian cities, in comparison with the same
week of 1911, show an increase in the aggregate of 15.3%.
Week ending Aug. 3.
1912.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
„'
Quebec
Halifax
3t. John
Hamilton
Calgary
London
Victoria
Edmonton
Regina
Brandon
3ask atoon
!,loose Jaw
Lethbridge
Brantford
Fort William_ .._ _
1911.
Inc. or
Dec.
$
$
%
55,570,600
41,024,229 +35.9
40,503,012
45,410,101 -10.8
24,207,246
20,508,834 +18.0
11,934,217
10,476,137 +13.9
3,501,778 +45.2
5,085,772
2,827,347
2,512,552 +12.5
1,675,438
1,899,874 -11.8
1,628,501
1,467,353 +11.0
3,328,450
2,489,394 +33.7
4,540,818
4,046.497 +12.2
1,414.022
1,432,357 -1.2
3,590,080
2,708,612 +32.6
3,445,159
1,974,167 +74.5
1,793,039
1,404,788 +27.7
636,899
679,684 -6.3
1,922,455
1,059,017 +81.5
1,047,556
782,724 +33.9
592,322
494,385 +19.8
596,849
474,597 +25.7
653,908 Not included in total
[VoL. Lxxxxv.
On Dep.
Net
Surplus. Loans. Specie. Legato. withC.H• Deposits. Reserve.
Average. Average. Average. Banks. Average.
Brooklyn
2,432,1
Bankers'
15,672,9
U.S. Mtg &T. 4,567,4
Astor
1,279,1
Title Gu.& Tr. 12,095,9
Guaranty
92,671,4
Fidelity
1,303,4
f,awyers'T.I&T 6,273,6
Col .-Knicker. 7,079,8
Standard _ _
1,389,6
People's
1,710,0
New York
11,682,5
Frank lin
1,326,3
Lincoln
557,1
Metropolitan _ _ 6,111,5
Broadway
571,0
18,733,0
149,901,0
49,060,0
20,844,0
34,137,0
163,843,0
8,005,0
19,586,0
51,223,0
15,543,0
17,878,0
46,348,0
11,214,0
11,095,0
25,557,0
8,987,0
$
1,721,0
429,0 2,650,0 12,945,0 16.6+16.4
16,110,0
12,0 22,022,0 106,632,0 15.1+17.1
5,016,0
382,0 5,962,0 35,968,0 15.0+13.9
2,368,0
41,0 1,865,0 15,492,0 15.5+103
1,946,0 1,409,0 2,052,0 21,601,0 15.5+ 8.6
16,742,0 1,194,0 17,480,0 119,878,0 15.0+12.7
765,0
233,0
952,0 6,267,0 15.9+11.5
1,410,0
874,0 1,659,0 14,938,0 15.2+10.0
5,460,0
720,0 4,872,0 41,407,0 15.0+10.5
2,142,0
26,0 1,565,0 13,914,0 15.5+10.1
1,859,0
470,0 1,826,0 15,437,0 15.0+10.2
4,692,0
161,0 3,439,0 31,114,0 15.5+10.0
1,069,0
345,0
993,0 9,120,0 15.5+ 9.7
1,372,0
213,0 1,129,0 10,518,0 15.0+ 9.7
2,721,0
9,0 2,616,0 17,684,0 15.4+12.8
994,0
336,0 1,054,0 8,884,0 15.0+10.3
Totals, Avge- - 96,723,6 1351,954,0 66,387,0 6,854,0 72,136,0 481,799,0 15.2+13.0
Actual figures Aug. 3_ 653,159,0 65,833,0 6,846,0 71,491,0 478,747,e 15.1+12.9
The capital of the trust companies Is as follows: Brooklyn, $1,000,000; Bankers,
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust, $4,375,000; Guaranty, $5,000,000; Fidelity, $1,000,000;
Lawyers' Title Insurance & Trust,54,000,000; Columbia-Knickerbocker,
Standard, $1,000,000; People's, $1,000,000; New York, $3,000,000;52,000.000:
Franklin,
$1,000,000; Lincoln, 81,000,000; Metropolitan, 32,000,000; Broadway, $1,000,000:
,
total, $40,625,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
1910.
1909.
$
$
43,572,639
32,903,036
27,687,943
24,689,964
18,452,114
11,217,805
8,135,641
5,016,427
2,892,042 - 2,700,330
2,356,198
2,722,973
2,330,833
2,211,136
1,520,181
1,508,178
1,600,216
1,647,194
3,516,526
1,931,947
1,304,545
1,161,981
1,742,408
1,170,403
1,400,050
1,172,227
987,038
452,217
Week
ending
Aug. 3.
Capital. Surplus.
Loans.
Specie.
On Dep.
Legal with Cif
Net
Tenders. Banks. Deposits.
Averages.
$
$
$
$
$
$
$
Banks
133,850,0197,084,4 1,389,468,0294,922,0 81,664,0
1,429,220,0
Trust cos_ 40,625,0 96,723,6 651,954,0 66,387,0 6,854,0 72,136,0 481,799,0
Total_ ._ 174,275,0293,808,0 2,041,422,0361,309,0 88,518,0 72,136,0 1,911,019,0
Actual.
Banks
1.386,912,0295,147,0 80,855,0
1,425,880,0
Trust cos_
653,159,0 65,833,0 6,846,0 71,491,0 478,747,0
Total_
2,040,071.0360,980,0 87,701,0 71,491,01,904,627,0
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
Total Canada_ 166,340,388 144,347,080 +15.3 117,950,591
90,053,661 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 and following:
Trust Companies.-The detailed statement below shows the
For definitions and rules under which the various items
condition of the New York City Clearing-House members are made up, see "Chronicle," V. 86, p. 316.
for the week ending Aug. 3. The figures for the separate
STATE BANKS AND TRUST COMPANIES.
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
Cos.
State Banks
Trust Cos.
For definitions and rules under which the various items are Week ended August 3. StateinBanks Trust
outside of
in
outside of
made up, see "Chronicle," V. 85, p. 836, in the case of the
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
banks, and V. 92, p. 1607, in the case of the trust companies.
$
$
$
$
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
003 omitted.
Bank of N. Y
Manhattan Co.
Merchants' -_
Mech. de Met_
America
City
Chemical
Merchants'Ex.
Butch & Drov
Greenwich
_
Am. Exchange
Commerce- _ -Pacific
Chat. & Then_
People's
Hanover
Citizens' Cent.
Nassau
Market & Fult.
Metropolitan _
Corn Exch.- _
Imp.&Traders'
Park
East River_ - _
Fourth
Second
First
Irving
Bowery
N. Y. County_
German-Amer.
Chase
Fifth Avenue_
German Exch.
Germania
_
Lincoln
Garfield
Fifth
Metropolis _
West Side_ _ _ _
Seaboard
Liberty
N.Y.Prod.Ex.
State
Security
Coal & Iron_ _
Union Exch
Nassau, Bklyn
Capital. Surplus.
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
300,0
500,0
5,000,0
25,000,0
500,0
2,250,0
200,0
3,000,0
2,550,0
1,000,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
3,786,1
4,685,0
2,033,3
8,618,6
6,324,7
28,458,3
7,003,0
522,9
127,1
944,9
4,527,1
15,494,6
946,2
1,244,8
470,7
13,346,6
2,059,6
475,6
1,855,1
1,684,8
5,689,8
7,749,2
13,317,3
69,9
5,831,9
2,441,5
21,585,5
3,112,1
795,2
1,758,4
726,5
9,100,9
2,214,1
838,1
1,044,2
1,738,9
1,280,6
525,9
2,161,2
1,006,7
2,183,2
2,707,3
833,6
743,2
418,9
493,8
980,5
1,127,0
Loans.
Average.
Specie. Legato. Net Depos- ReAverage. Average. its, Aver. serve.
$
21,908,0 4,528,0
793,0
30,800,0 8,601,0 1,653,0
21,375,0 4,211,0 1,479,0
61,038,0 14,886,0 2.120,0
26,127,0 4,583,0 2,169,0
192,187,0 46,233,0 8,748,0
29,133,0 4,322,0 2,410,0
7,005,0 1,559,0
187,0
1,919,0
416,0
60,0
8,605,0 2,206,0
160,0
45,166,0 10,424,0 1,338,0
142,549,0 21,942,0 9,923,0
4,643,0
721,0
554,0
17,708,0 2,810,0 1,736,0
1,854,0
389,0
150,0
73,403,0 15,167,0 6,170,0
23,571,0 5,103,0
619,0
10,747,0 1,751,0 1,390,0
9,300,0 1,640,0 1,074,0
12,407,0 2,852,0
268,0
48,828,0 8.486,0 6,440,0
25,854,0 3,502,0 2,289,0
85,946,0 20,816,0 1,992,0
1,475,0
287,0
119,0
33,635,0 9,006,0 1,900,0
14,083,0 3,213,0
158,0
115,586,0 26,527,0 3,151,0
36,994,0 6,795,0 2,929,0
3,445,0
818,0
82,0
8,341,0 1,364,0
682,0
4,313,0
789,0
228,0
90,282,0 21,550,0 6,725,0
13,118,0 2,722,0 1,165,0
3,380,0
523,0
331,0
5,383,0 1,184,0
254,0
16,024,0 2,951,0 1,185,0
8,838,0 1,899,0
277,0
451,0
3,347,0
438,0
11,979,0
012,0 1,982,0
4,160,0 . 866,0
275,0
25,200,0 5,091,0 2,472,0
22,634,0 5,965,0
756,0
9,159,0 2,310,0
423,0
362,0
16,384,0 5,057,0
914,0
10,129,0 2,798,0
506,0
6,166,0 1,104,0
9,834,0 2,130,0
360,0
7,506,0 1,385,0
255,0
20,171,0 26.3
41,800,0 24.5
22,130,0 25.6
62,314,0 27.2
26,300,0 25.6
195,692,0 28.0
26,260,0 25.6
7,163,0 24.3
2,029,0 23.4
9,767,0 25.1
45,562,0 25.8
122,459,0 26.0
4,491,0 28.3
17,991,0 25.2
2,257,0 23.8
81,904,0 26.1
22,608,0 25.3
12,327,0 25.4
9,636,0 28.1
12,637,0 24.6
57,820,0 25.8
23,141,6 25.0
89,599,0 25.4
1,732,0 23.4
36,721,0 29.6
13,492,0 25.0
109,414,0 27.0
38,408,0 25.3
3,585,0 25.1
8,466,0 24.1
4,078,0 25.0
103,297,0 27.5
15,002,0 25.9
3,386,0 25.1
6,107,0 23.5
16,552,0 25.0
8,829,0 24.6
3,494,0 25.4
11,644,0 24.8
4,649,0 24.5
29,559,0 25.5
25,166,0 26.7
10,832,0 25.2
21,536,0 25.1
14,456,0 25.6
6,296,0 25.5
10,037,0 24.8
6,415,0 25.5
Totals, Avge_ 133,650,0 197,084,4 1389,468,0 294,922,0 81,664,0 1429,220,0 26.3
Actual figures Aug. 3_
1386,912,0 295,147,0 80,855,0 1425,880,0 26.3
Circulation.-On the basis of averages, circulation of national banks in the Clearing
House amounted to 545,537,000, and, according to actual figures, were $45,377,000.
Capital as of June 14_ _ _ _
22,525,000
62,275,000
9,323,000
0,750,000
Surplus as of June 14_ __ _
38,702,400
170,654,900
12,233,100
12,377,200
Loans and investments__
Change from last week_
293,717,000 1,191,569,500
-699,100 -5,013,100
108,771,000
+54,200
169,120,000
-26,800
Specie
Change from last week_
52,994,300
-1,151,600
124,246,300
-1,915,600
Legal-tenders & bk. notes
Change from last week_
21,887,600
-392,500
10,514,700
-24,700
Deposits
Change from last week_
342,971,200 1,312,384,700
+368,300
-3,514,000
115,544,700
+710,700
176,378,400
-34,800
Reserve on deposits
Change from last week_
95,160,900
-1,813,900
141,001,100
-4,305,800
23,311,300
+637,800
23,396,600
+413,900
P. C. reserve to deposits_
Percentage last week
28.7%
28.9%
16.2%
16.5%
21.4%
20.9%
14.3%
14.1%
,
+ 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 01 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
-Trust Cos.- -State BanksReserve Required for Trust Companies
Total
Of
Total
Of
and State Banks.
Reserve which Reserve
which
LocationRequired.in Cash.Required. in Cash.
Manhattan Borough
25%
15%
15%
15%
Brooklyn Borough (without branches in Manhat.) 15%
20%
10%
10%
73„i%
15%
Other Boroughs(without branches in Manhattan) 15%
10%
Borough,
Brooklyn
with branches in Manhattan_ _15%
20%
15%
20%
Other Boroughs, with branches in Manhattan--15%
15%
15%
15%
Cities of the first and second class
10%
5%
Cities of the third class and villages
10%
3%
Elsewhere In State
-
• The Banking Department also undertakes to present separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual andiaverage) for the Clearing-
343
THE CHRONICLE
AUG. 10 1.91.2.1
Boston and Philadelphia Clearing-House Members.-BeHouse banks and trust companies. In addition, we have
combined each corresponding item in the two statements, low is a summary of the weekly totals of the Clearing-House
thus affording an aggregate for the whole of the banks and institutions of Boston and Philadelphia:
We omit two ciphers (00)in all thesefigures.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House Slate Banks dc Total of all
Members. Trust Cos. Not Ranks d:Trust
Members.
Week ended Aug. 3Actua?Figures
Average. in C.-H. Aver. Cos. Average.
$
174,275,000
8
174,275,000
Surplus as of June 14 _. 293,808,000
293,808,000
Capital as of June 14_ _
$
s
28,725,00C
203,000,000
81,105,900
374,913,900
Loans and investments 2,040,071,000 2,041,422,00(
-322,000
Change from last week -2,746,000
612,574,400 2,653,996,400
-4,259,300 -4,581,300
1,904,627,000 1,911,019,000
Deposits
+4,217,000
Change from last week -3,499,000
a620,358,00C 2,531,377,000
-0,554,800 -2,337,800
Specie
Change from last week
360,980,000
+773,000
381,309,000
+2,676,00C
64,931,00C
-1,151,60(
426,240,000
+1,524,400
Legal-tenders
Change from last week
87,701,000
-647,006
88,518,006
-290,000
58,119,501
-328,400
96,637,500
-618,400
Banks: cash in v8ult_ _
Ratio to deposits_ _ _ _
376,002,000
26.38%
376,586,000
26.34%
11,543,900
13.57%
388,129,900
Trust cos.: cash in vault
72,679,000
73,241,000
61,506,600
134,747,600
Aggr'te money holdings
Change from last week
448,681,000
+126,000
449,827,000
+2,386,000
73,050,500
-1,480,00C
•-
522,877,500
+D06,000
Money on deposit with
other bks: & trust cos
Change from last week
71,491,000
-2,674,000
72,136,000
+221,000
19,207,200
+158,200
91,343,200
+379,200
Total reserve
Change from last week
520,172,000
-2,548,000
521,963,000
+2,607,000
92,257,706
-1,321,800
614,220,700
+1,285,200
Surplus CASH reserveBanks (above 25%)
Trust cos.(above15%)
19,532,000
866,950
19,281,000
971,150
Total
Change from last week
20,398,950
+1,100,450
20,252,150
+1,450,350
15,37%
1.35%
28.17%
28.22%
16.72%
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK
June
June
June
June
June
July
July
July
July
Aug.
1..
8_
15_
22._
29_
6__
13._
20._
27...
3_
2,855,549,3
2,834,657,0
2,673,538,3
2,666,564,3
2,675,205,6
2.699,751,2
2,691,376,4
2,661,002,7
2,658,577,7
2,853,998,4
2,539,401,5
2,514,177,7
2,554,290,8
2,551,635,9
2,564,717,6
2,588,733,3
2,551,294,3
2,535,238,1
2,533,714,8
2,531,377,0
Specie.
438,759,2
434,636,3
442,020,5
444,169,5
438,614,0
419,280,9
413,382,5
420,706,3
424,715,6
426,240,0
95,864,3
95,070,6
95,950,5
94,364,2
93,770,4
93,032,0
95,210,1
97,547,0
97,255,9
96,637,5
532,623,5
529,706,9
537,977,0
538,533,7
532,384,0
512,312,9
508,592,6
518,253,3
521,971,5
522,877,5
614,540,4
806,647,3
823,194,2
624,498,0
621,239,0
604,619,7
590,600,1
604,634,5
612,935,5
614,220,7
Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending Aug. 3, based on average daily results:
We omit two ciphers(00)in all thesef gures.
Banks,
Capt.
Sal.
Surplus.
Totals Aug. 3
Totals July 27
Totals July 20
$
43,0
53,0
48,0
587,0
428,0
494,0
125,0
39,0
323,0
100,0
85,0
262,0
$
93,0
214,0
153,0
737,0
793,0
612,0
113,0
221,0
472,0
315,0
262,0
666,0
$
2,669,0
1,183,0
1,571,0
5,813,0
6,363,0
8,097,0
1,030,0
2,736,0
4,722,0
2,739,0
2,011,0
4,682,0
118,0
454,0 2,969,0
269,0
644,0 5,580,0
542,0 1,769,0 12,802,0
93,0
766,0 4,172,0
84,0
411,0 2,117,0
923,0 1,385,0
81,0
595,0
116,0
536,0
43,0
45,0
459,0
419,0
4,368,0
1,905,0
1,349,0
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Aug. 3; also
totals since the beginning of the first week in January:
.
FOREIGN IMPORTS AT NEW YORK.
1911.
1912.
For week.
$2,480,104
15,060,756
1910.
$2,647,927
13,300,111
1909.
$3,096,845
15,366,336
S3,168,302
12,293,650
$17,540,860 $15,948,038 $18,463,181 $15,461,952
$85,524,255 $83,194,733 $94,267,858 $102,850,296
508,866,362 434,455,034 467,499,617 411,286,490
$594,390,617 $517,649,767 $561,787,475 8514,136,786
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Aug. 3 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1911.
1912.
1909.
1910.
For the week
Previously reported
$14,651,472 $11,723,922 $13,958,811 $11,834,370
479,074,239 450,425,917 374,595,709 360,478,485
Total 31 weeks
$493,725,711 $462,149,839 $388,554,520 $372,312,855
The following table shows the exports and imports of
specie at the port of New York for the week ending Aug. 3
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
Imports.
Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jan.1
Week.
586
Since Jan.1
$391,272
1,998,676
520,146,522
15
$100 2,683,975
$1,654
7,676
48,086
22,018
9,587,038
51,983
185,711
8,385,863
1,646,124
892,290
$79,434 813,499,936
5686 $32,469,533
152,609 7,990,600
150,100 2,915,041
2,150 44,443,653 2,175,605 12,912,451
Total 1912
Total 1911
Total 1910
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$867,999 $27,660,345
426,000 3,843,311
100
80,977
200
25,349
706,190
81,294,299 $32,316,172
1,318,699 30,166,648
1,135,486 26,329,885
899
58,504
36,849
49,373
$3,329
4,980
15,335
32,430
2,039,074
2,002,140
924,482
$144,825 $5,921,744
147,161 4,697,982
127,683 2,466,251
Of the above imports for the week in 1912, $19,610 were
American gold coin and $31 American silver coin.
Aztulting and Einanciae
Railroad and Industrial Stocks
Write,for our Circular No. 814 entitled "Railroad and Industrial
Stocks,' which describes 124 issues listed on the New York Stook
Exchange, and classified by us as follows: Investment Stooks, SemiInvestment Stocks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK.
Chicago, Ill. Boston, Mass. Albany, N. Y.
Members New York Stock Exchange.
White, Weld & Co.
1,505,0
1,001,0
6,597.0 11,219,7 85,746,0 8,735,0 4,401,0 12,089,0 80,284,0
6,597,0 11,219,7 86,251,0 8,748,0 4,708,0 12,675,0 81,207,0
8,597,0 11,219,7 86,976,0 8,852,0 4,741,0 11,923,0 82,436,0
s
5
8,240,0 174,474,5
8,244,0 156,028,6
8,250,0 161,387,0
8,267,0 179,258,5
8,275,0 180,222,4
8,271,0 181,245,4
8,257,0 153,939,0
7,850,0 153,511,9
t 437,868,0 15,069,0 147.802,4
t 438,828,0 15,048.0 151,193,0
t 437,703,0 15,054,0 153.438,5
t 441.647,0 15,038,0 175.778,4
t 438,625,0 15,054,0 152,053,7
1 435,660,0 15,049,0 161,649,1
'1 431,132,0 15,021,0 136,091,3
t 435,021,0 15,034,0 150,947,7
96,591,0
97.190,0
94,597.0
96,427,0
98,415,0
97,184,0
98,771,0
98,771,0
80,623,2 391,789,0
80,623,2 392,664,0
80,623,2 392,039.0
80,623,2 390,652,0
80,623,2 390,152.0
80,623,2 388,805,0
80,623,2 388,722,0
80,623,2 390,932,0
Total 1912
On
Legal
Loans, "
' Total 1911
Tendm Deposit
Disc'ts
Total 1910
Net
tolth
Specie. and
and
Bank C.-H. Deposits.
InvestNotes. Banks.
meats,
New York City.
16
$
$
$
Manhattan and Bronx.
500,0
535,5 2,919,0 629,0
Aetna National
327,9 1,455,0 152,0
Washington Heights_ 100,0
115,2 1,419,0 325,0
Battery Park National 200,0
500,0
530,0 5,835,0 470,0
Century
900,0
537,8 6,224,0 702,0
Colonial
300,0
805,4 6,371,0 571,0
Columbia
51,0
200,0
186,0 1,078,0
Fidelity
250,0
342,8 2,976.0 407,0
Mount Morris
411,1 4,468,0 473,0
Mutual200,0
281,8 2,854,0 302,0
200,0
New Netherland._ _
100,0 1,880,0 209,0
Twenty-third Ward__ 200,0
518,8 4,200,0 544,0
100,0
Yorkville
Brooklyn.
660,1 3,795,0 290,0
300,0
First National
894,5 6,027,0 563,0
252,0
Manufacturers' Nat
710,7 10,674,0 1,360,0
1,000,0
Mechanics'
590,4 4,235,0 555,0
800,0
National City
170,4 2,139,0 192,0
200,0
North Side.
Jersey City.
5,235,0 293,0
1,329,1
400,0
First National.
808,7 3,546,0 202,0
Hudson County Nat __ 250,0
95,0
417,2 1,983,0
200,0
Third National
Hoboken.
659,8 3,919,0 184,0
First National. 220,0
297,0 3,014,0 166,0
125,0
Second National_ _ ..
$
$
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $792,000 on Aug. 3, against $800,000 on July 27.
t "Deposits" now include the item of "Exchanges for Clearing House," which
was not previously embraced in the total. "Exchanges for Clearing House" were
reported on August 3 as $14,304,000.
Tot. Money Entire Res.
Holdings. on Deposit.
Legals.
$
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
We omit two ciphers in all thesefigures.
Deposits.
$
Total 31 weeks
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
ana other banks and trust companies In New York City"; with this item Included,
deposits amounted to $697,927,400, an increase of $685,500 over last week. In the
case of the Clearing-House members, the deposits are "legal net deposits" both for
the average and the actual figures. . b Includes bank notes.
Loans and
Investment-s.
s
Specie. Legals. Deposits. Circu- Clearings
lotion.
a
41,575,0 239,063,0 27,364,0 4,562,0 288,915,0
41,575,0 237,775.0 27,757,0 4,856,0 283,778,0
41,575,0 239,454,0 27,200.0 4,935,0 287,338,0
41,575,0 239,395,0 26.212,0 4,827,0 291,163,0
41,575,0 241,243.0 25,011,0 5,470,0 287,649,0
41,575,0 243,587,0 26,048,0 5,307,0 281,234.0
41,575,0 243,740,0 25,405,0 5,509,0 275,508,0
41,575,0 239,007,0 24.095,0 5,498,0 272,149,0
Total
Since January 1.
Dry Goods
General Merchandise
15.20%
13.02%
Week
Ended.
Boston.
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Philadelphia.
June 15
June 22
June 29
July 8
July 13
July 20
July 27
Aug. 3
Dry Goods
General Merchandise
% of cash reserves of tr ust cos.15.18%
Cash In vault
12.99%
Cru3h on dep. with bks.
Total
Capital
and
Loans.
Surplus.
Banks.
Bonds and Investment Securities.
14 WALL STREET
NEW YORK
THE ROOKERY
CHICAGO
111 DEVONSHIRE STREET
BOSTON
341
THE CHRONICLE
Vaulters'
azettto
Wall Street, Friday Night, Aug. 9 1912.
The Money Market and Financial Situation.-The sharp
advance in security values, noted at the close last week, did
not hold over into this week. Its chief causes, the splendid
harvests now assured and the substantial revival of ganeral
business continue in force; but these have been partially
discounted and the political situation is, to say the least,
confusing. It is a long time since this situation had anything like a parallel, and the result of the election in November no one can foretell. Therefore the movement of the security markets this week has been irregular and without significance. Some issues are higher and a few are lower for
specific reasons in each individual case, but the movements
of the market as a whole are meaningless.
The Union Pacific and Southern Pacific reports for the
fiscal year ending June 30 were at first sight disappointing,
but when account is taken of the disadvantages under which
these roads were operated, and the fact that Union Pacific
earned nearly 14% on its common stock and Southern Pacific
over 7%, the matter has a more cheerful coloring.
Reports from Pittsburgh to-day are to the effect that orders
booked during the first week in August are in excess of those
for the corresponding period in July, and plainly show that
business there is in an increasingly prosperous condition.
The organization this week of a new "Progressive" Party
had no appreciable influence in Wall Street, unless perhaps
a deadening one, but Mr. Wilson's speech of acceptance was
not unfavorably regarded, and had a tendency 'to lessen
fears concerning his attitude in the matter of tariff revision.
The Bank of England's weekly report showed considerably
reduced gold holdings, but this was offset by smaller loans
and the percentage of reserve thus maintained. The local
money market plainly shows that interior banks are anticipating and preparing for the demand whiciris sure to come
when crops begin to move.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 23@3%. To-day's rates on call were 25'@3%.
Commercial paper quoted at 5% for 60 to 90-day endorsements and for prime 4 to 6 months' single.names and
50.514% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £1,031,008 and the percentage
of reserve to liabilities was 48.81, against 48.65 last week.
The rate of discount remains unchanged at 3%, as fixed
May 9. The Bank of France shows an increase of 2,475,000
francs gold and 4,700,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not including Trust Companies)
1912.
Averages for
week ending
Aug. 3.
$
Capital
133,650,000
Surplus
197,084,400
Loans and discounts_ _ _ 1,339,468,000 Inc.
Circulation
45,537,000 Dec.
Net deposits
1,429,220,000 Inc.
Specie
294,922,000 Inc.
Legal tenders
81,664,000 Dec.
Reserve held
25% of deposits
Surplus reserve
1911.
1910.
Averages for Averagesfor
week ending week ending
Aug 5.
Aug. 6.
,
$
8
8
135,150,000 132,350,000
190,141,300 189,131,400
491,000 1,388.484,000 1,208,192,400
202,000
47,734,000
48,378,800
3,031,000 1,423,488,000 1,230,753,600
3,351,000 292,255,000 284,204,900
329,000
77,622,000
72,524,900
Differences
from
previous week.
376.586,000 Inc. 3,022,000
357,305,000 Inc.
757.760
3139,877,000
355,872,000
356,729,800
307,688,400
19,281,000 Inc. 2,264,250
14,005,000
49,011.400
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.
N. Y. Canal 4s, 1962, at 1003
%, $8,000 N. Y. 4s, 1962, at
1009/i to 1003/2, and $5,000 Virginia 6s, deferred trust receipts,'at 55.
The market for railway and industrial bonds has again
been dull, the daily transactions averaging but little more
than $1,500,000 par value. Price changes are generally
unimportant and in most cases to a lower level.
United States Bonds.-Sales of Government bonds at the
Board are limited to $3,000 4s, reg., at 113%. The following are the closing daily quotations;for yearly range see third
page following.
Interest
Periods
2s, 1930
_registered
2s, 1930
coupon
3s, 1908-18___ _ _ __registered
3s, 1908-18
• coupon
4s, 1925
registered
48, 1925
coupon
28, 1936..Panama Canal regis
3s, 1961 _Panama Canal coup
Q-Jan
Q-Jan
Q-Feb
Q-Feb
Q-Feb
Q-Feb
Q-Feb
Q-Mch
Aug.
3
Aug. . Avg.
5
6
Aug.
7
Aug.
8
Aug.
9
.1003% *1003% .1003% *1003% .100M .100M
.10034 *1003% .10034 .10034 *100M *100M
*102 *102 *102' *102 .102 .102
.102 .102 .102 .102 .102 *102
113/5s .1133% .1133% .1133% .113X *113X
.1133% .113X .1133% .1134 .113X .113X
.1003% .1003% .1003% .1003% .100M *100M
.1013% .101 34 .1013% .1013% .101M .101M
* This is the price bid at ti e morning board* no sale was made.
Railroad and Miscellaneous Stocks.-The stock market
has again been dull and irregular. Prices have,in most cases,
fluctuated narrowly. So far as there has been a prevailing
tendency, it was towards higher prices, and of a list of 30
active stocks, about 20 close higher than last week. Among
the exceptional features Canadian Pacific has continued its
upward movement by an advance of nearly 3 points. Northern Pacific is 3% points higher, Reading nearly 4 and Louisville & Nashville, on a broader activity, has advanced 3Yt.
Some of the industrial stocks have made an unusual record.
American Tobacco has covered a range of almost 10 points,
closing with a net gain of 2%. Sears, Roebuck & Co. is
nearly 9 points higher than at the close last week, and Westinghouse 63'. Consolidated Gas was active and strong today, moving up 2 points on rumors of an extra dividend.
National Biscuit, on the other hand, has declined 33' points.
For daily volume of business see page 354.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending Aug. 9. for
Week.
Range for Week.
Lowest.
Allis-Chat rects, 1st paid
700 134 Aug
Allis-Chal pf rcts, 1st pd.
901, 43% Aug
Am Br Shoe & Fdy, pfd_
10131403% Aug
Amer Coal Products__
21. 97 Aug
Preferred
111, 1 103% Aug
American Express
286 204 Aug
Batopilas Mining
100 $1M Aug
Can Pacific subscription
rcts,3n paid
700 269 Aug
Crex Carpet
101. 85 Aug
General Chemical
452 185 Aug
CI W Heime. pref
200 114 Aug
Agric
Int
Corp v t c
3013 47 Aug
Preferred v t c
2013 95 Aug
Iowa Central
1013 11 Aug
Kan City Ft S dc M,pref.
100 77M Aug
Knicker Ice (Chic) pref_
300 77 Aug
Lackawanna Steel
1,151. 45 Aug
Nash Chatt dr St Louis
10 170 Aug
New York Dock, pref.__
106 40 Aug
Norfolk Southern
3113 4734 Aug
Pittsburgh Steel, pref._
600 103 Aug
Quicksilver Mining
600 6 Aug
Preferred
IOC 9 Aug
St L dr S F-C & E Ills
new stk trust cents
2 50 Aug
Sears, Roebuck dr Co pfd
300 124 Aug
Texas Pacific Land Tr
1013 9554 Aug
United States Express_
35 89 Aug
X Aug
US Rubber rights
800
Virginia Iron, Coal & C_
700 56 Aug
Western Maryland pref.
200 79 Aug
100250 Aug
Wevman-Bruton
Range since Jan. 1.
Highest.
9 13% Aug
3 534 Aug
51403% Aug
3 97 Aug
0 110X Aug
7 2063% Aug
8 81X, Aug
Lowest.
9
13%
9 434
1 130
5 0534
( l08%
a 204
$M
Highest.
234 May
July
Jun( 6
May
Jai 1413% July
July 98 June
July 111
July
Aug 225
Apr
Mel 823% Apr
3 2693% Aug 5 269
6 85 Aug (I 72
3 215 Aug C 128
9114 Aug 9 1093%
8 483% Aug ( 47
3 95 Aug t 94
, 11 Aug c 10M
9 771.4 Aug '
(.. 7734
7 783% Aug
70
5 46 Aug ( 29
9 170 Aug 1 1603%
9 40 Aug f 40
5 48 Aug 3 46
5 1.013( Aug ! 101
3 63% Aug :, 3
9 Aug :
334
Aug 2693%
Mel, 86
Jar. 215
May 114
Aug 533%
July 99
Fet 15
Aug 81
July 78M
Met 46
Apt 170
Jun( 50
July 55
Fet 1043%
Jan 83%
Fet 123%
Aug
June
Aug
Aug
July
June
Jan
Mch
Aug
Aug
Aug
Mch
May
Aug
Apr
May
50 Aug
6 l24'% Aug
8 9534 Aug
7 92 Aug
5
% Aug
1 59 Aug
9 793% Aug
5250 Aug
July 57
Jan 1243%
Api 9634
Jan 1003%
July
X
Meli 90
Jan 81
Jan 250
Feb
Aug
July
Apr
June
Jan
Apr
Mut
t
!
t
5
1
1
t
5
50
121
89
84
7-16
54
75
170
Outside Market.-The "curb" market this week was uniForeign Exchange.-Sterling exchange ruled firm through- formly dull and spiritless, even the demand for Oil and Toout the week, owing to the absence of offerings, aided by the bacco securities having subsided to a considerable extent.
Standard Oil of N. J., after early loss from 420 to 418, moved
covering of short commitments.
To-day's (Friday's) nominal rates for sterling exchange were 4 85 for up to 424 and reacted to.414. From this point it moved upsixty-day and 4 88 for sight. To-day's actual rates for sterling exchange ward again, reaching 418 finally. Standard Oil of N. Y.
were 4 84 %@4 84 9 for sixty days, 4 8730©4 8740 for cheques afid 4 8770
@4 8780 for cables. Commercial on banks 4 83 Yg @4 84 4, and documents dropped from 520 to 510 but sold up to 530. British-Amer.
% to 233/8, sagged to 223t and
for payment 4 833'@4 84'4. Cotton for payment 4 84 M ® 4 84) and Tobacco improved from 223
grain for payment 4 844@4 85.
finished to-day at 223. The "rights" moved up from 83
The posted rates for sterling ,as quoted by a representative house, were
%, recovering finally to 83'. United
reduced Mc. on Monday, to 4 85 for 60 days and to 4 88 for sight, and re- to 9 and down to 83
mained at these figures during the remainder of the week.
Cigar Stores old stock lost about 7 points to 283, moved upTo-day's (Friday's) actual rates for Paris bankers' francs were 5 20 M
ward again and rested finally at 285. The new com.,"W.
520 less 1-16 for long and 5 18 M less 1-32 ® 5 18V for short. Germany
bankers' marks were 94 11-16@94 X for long and 95 y. less 1-32 ® 95 M for receded from 93% to 913i and ends the week at 92. New
short. Amsterdam bankers' guilders were 40 34@40 36 for short.
Exchange at Paris on London, 25f. 26 Xc.; week's range, 25f. 27c. high pref., "w. i.," lost over a point to 119. The stock of the
Amer. Machine & Fdy. Co., which is to be segregated from
and 25f. 24 4c. low.
Exchange at Berlin on London, 20m. 47 4pf.; week's range, 20m. 48pf,
the American Tobacco Co., appeared and sold, "w. i.,"
high and 20m. 47pf. low.
The range for foreign exchange for the week follows:
at 55 and then at 70, and to-day at 100. Announcement of
Sterling, ActualCheques.
Sixty Days.
Cables.
probable earnings this year and possibilities for dividends in
High for the week_ __ 4 8469
4 8740
4 8775
a short while are reported responsible for the jump in price.
Low for Use week _ _ _ _4 8425
4 87
4 8130
Paris Bankers' FrancsB. F. Goodrich com, fell from 763 to 73, ex-dividend, and
High for the week_ _5 20
6 18
5 18 M plus 3-64
closed to-day at 7334. The preferred was traded in down
Low for the week __ _5 20 M
5 18 M less 3-32 5 IS V, less 1-64
Germany Bankers' Marksfrom 1079 to 107 and up to 107%. Manhattan Shirt corn.
High for the week..__ 94 X
95 5-16
95 M
s. The
weakened .half a point to 57 and recovered to 579/
Low.for the week ___ 94 9-16
95 3-16 loss 1-82 95 4 less 1-32
• Amsterdam Bankers' Guilderspref. sold at 10014. Very little was reported in bonds. ChiHigh for the week__ _ 40 15
40 4.2
40 36
cago Elevated 5% notes sold down from 98 to 97% and back
Low for the week ___ 40 12
40 32
40 313
is were traded in at 100%. Copper
DOMESTIC EXCHANGE.-Chicago, 10c. per $1,000 discount. Boston, to 98. N. Y. City 4Y
par. St. Louis, par bid and 30c. per $1,000 premium asked. New Orleans, issues were neglected. Braden Copper sold at 63
4 and 6%.
commercial, 75c. per $1,000 discount, and bank, $1 premium. San Fran/
cisco, 40c. per $1,000 premium. Savannah, buying, 3-16c. discount, and British Columbia improved from 53 to 53
2. Giroux flucselling, par. St. Paul, 20c. per $1,000 premium. Montreal, par. Charles- tuated between 5 and 53i,. Greene Cananea weakened from
ton, buying, par, selling, 1-10% premium.
103i to 10 and recovered to 103/8. Mason Valley was off
State and Railroad Bonds.-Sales of State bonds at the from 133- to 133i.
Board include $5,000 N. Y. Canal 4s, 1061, at 101%, $25,000
Outside quotations will be found on page 354.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCOUPYING TWO PAGES
For record of sales during the week of stocks usually inactive,
S7'00ICS-H!GUEST AND LOWEST SALE PRICES.
Monday
Saturday
Aug.3 I Aug.5
Tuesday
Aug.6
Wednesday
Aug.7
Thursday
Aug.8
Friday
Aug. 9
Sates ol
the
Week
Shares.
see
STOCKS
NEW YORK STOCK
EXCHANGE
preceding page.
Range since January 1.
On basis 01 100-share lots.
Lowest.
Highest.
Range lot l'revious
Year 1911
Lowest.
Highest.
Railroads
27,550 A tah Topeka & Santa Fe
730 -1-1- Do prof
4,800 Atlantic Coast Line RR_
4,545 1-taltgrrelartrOhlo
5C"
n
Transit_
RapidnRigiffile
13,443 Brooklyn
30,365 i 1
150 k-lentral of New Jersey _
16,000 Chesapeake & Ohio
200 Chic Gt West trust ctfs
200_ Do pref trust Mrs
prAelfIlw & St Paul._
D age
32,430 uhico
10314 Feb 1 11018 Apr t 9978 Sep 11358 J'ne
108 10838 10814 10838 108 _10812 108 10812 10838 10878 10814 10858
10138 Jan 2 10414 Feb lc 10034 Jan 10512311e
*10238 10234 *10288 10234 10212 10212 10212 10212 10212 10212 10238 1024
ill Jan 13914 Nov
13318 Jan 10 14412 Aug t
14412
14212
142 142 I 142 142
14112 14112 14112 14134 142 142;
Feb 1 11178 Apr 3€
110114
1312 Sep 10914 J'ly
10818 108141 10733 10838 10712 108
10734 10734 10734 10818 10712 1074
91 Jan
8512 Aug
8718 J'ly 16 91 Jan 23
*8512 871 *8512 8712 *8512 8711 48538 8533 *8558 8712 *8558 8712
844 ny
2
Jan
72 Sep
9412
1
7634
J'iy
9212 9318 9213 9272 9213 9314 9242 9234
9234 9318 9284 93
247 J'1Y
27818
Jan
8
5
4
195
Mch
0
12
229
Aug
27414 27518 27434 27712 276 27758 27412 27612 27558 2764 2754 27818
305 Jan 9 395 Apr 29 260 Aug 320 Deo
,360 380 *360 380
370 870 *365 385 *360 380 *360 380 '
13634 Feb
6838 Sep
6814 Feb 1 8134 Aug 5
81 I 81
81
8134 8034 814 8058 8138 8034 8113. 8058 81
2514 J'ne
17 Sep
1638 fly 1::. 2012 Apr 8
*1634 17121 1714 1714 *1634 18
4
175
*1612 18
1734 1734 *17
4914 Feb
3513 Dee
3178 J'ly 11 3912 Apr 8
34
*34
35
34341 34
*34
34
*3312 3434 134 3378 *34
J'ly 13 11234 Apr 6 10534 Oct 13312 Feb
9938
10712 10812 10612 10732 10634 10738 1074 10878 10818 109
10778 1087E
140 J'ly lt, 146 Jan 2 141 Sep 15512 Feb
*142 144 *142 144 *141 144 *141 144 *142 144 *142 144
prefNorth Western 13412 J'ly 12 195 Apr 26 11818 Sep 1501: J'ne
D ago&
14034 14112 14114 14152 14114 14112 3,450 Chico
14114 142 I 141 14114 14034 141
190 May 4 198 Meh2t, 101 Nov 1209 Jan
*180 195 *180 190 *180 195 *180 190 *180 190 *180 190
338 Feb
378 Apr lb
152 Sep
14 Feb 16
60c Chili Un Trao ctfs stmpd
23
*2
212 212 *214 23 213 212 *212 234 *212 284
434 Sep
714 Feb
1014 Apr 18
4 Mch21
Do
ref
stmpd___
eti's
812
812 *7
734 *612 71: *7
734 *7
*634 712 *7
Jan
484
66
Sep
23
Ayr
6212
Me1428
6412
CIn
L___
Cleve
Chic
& St
*514 584 *5158 59
*5153 59
*5158 69
*5158 59
*5112 59
9414 J'ly
08 reb
Feb 24 10112 Apr 17
*98 10134 *98 10134 *98 10134 *98 101; *98 10134 *98 10134
e
nv
7378 t;e
p 17
ei)
6 1315113 ge
‘
an 2
6T3 Feb
17
Ile
it
la
e
r
a
va
w
:
r
tulit,tig7,,%it:
170
100
*167
170
*16713 170 *'1 7
16818 16812 /US
*167 170
ri
100 -1-'
536 536 *525 536
-------*5 536 *525 536
*525 536
35 Feb
1758 Dec
1812 J'ly 12 24 Mch27
200 Denver Jo Rio Grande__
20
*4914
1933
1958
4
3
19
4
193
20
*19
*19
1912 *19 .1074 Feb
3634 Dec
3414 J'nel9 4614 Jan 24
Do pref
300
*360; 3712
37
3638 *3534 361: 37
43578 36
3612 36
436
1558 Mch
9 Nov
812 Melt 4 1134 Maylc
400 Duluth So Shore 84 Atian
*914 934
938 978 *912 975 *912 10
*1334 912 *812 912
3018 Slch
1713 Dec
b 23 Mayl.:
Alen
16
20
U
1953
3r
19
2,425
1932
20
*19
20
1812
*18
1812 1814 1812
Jan
14
31 18:
6
1
8
14
5
17
2
II
r
ir
4
i
,
Ze!
1
%
e
ta
114
0
:11
.1 .4
4,‘
3634 3573 3611 21,900.
3638 3534 3614 3518 3633 36
3578 3612 36
rieDo 1st preferred__
.2,00C
54
5378 5414 54
3i3 54
5412 5414 5414 5334 54
54
4934 J'ly
35 Jan
Feb 3 48 Apr 11
40
Do
2d
preferred_..44
4414
4412
*4312
600
4414
*4314
44
*43
44
4412 4434 4334
- 126 Jan 15 14314 Aug b 119 Sep 140 J'ne
39,800 Great Northern pref
142 14314 14218 143
14178 1425p 14.158 1421 14134 143
14158 143
6134 Feb
33:4 Dec
36 Jan 31 4514 J'iy :;
Iron Ore properties
4412 4312 4A, 5,201
*4312 4414 44
444 44,. 4414 4312 44
44
12038 May 1, 14118 Jan 23 132 Jan 147 J'ly
Illinois
Central
2,000
13212
13213
13114
132
1313
13212
4
1313
4
13218
131 13134 13178 132
2038 Feb
Sep
1318
'2
J'iy
22
3
Jan
164
ctfs
t
v
etrop
f
el
iv
r
o
borp
ro
D
nte
3
2014 2078 2018 V.0,; 13,000
2034 2113 2634 21
2014 2013 2018 21
5638 ,Ply
3434 Sep
5338 Jan 3 62 Meh 26
5884 5912 5914 605p 604 6/19 6058' 6138 6014 15114
3735 J'ne
2514 Sep
Mch25
May29
2914
2213
1Vansas
Souther_
City
0
0
1
0
9
2
:
1
34
6
1114
6
2
6
3,4
07
25
2513 2512 2512 25
2512 2534 2612 6
42434 264 *25
6/13 Sep
6934 J'ne
56 May29 6553 Mch 25
ir. -.1k)one
Ak
200 jj
59
60
*5813 60 *5312 60
59
69 *58
594 *58
*58
17 Nov
10 Sep
1113 Jan 26 18 Apr 24
reef&emWedestern_
175E
*14
*1414 17
*1414 17
17
*14
17
17 *14
*14
90 .1„an
25 Sep
May21
90
b
Jan
30
Do
39
*3713
3912
3912 *38
3912 *3812 3913 *38
3913 *38
*38
151
15
8 Dec
Jan
Sep
1867
4
Feb
1853
5
8
1557
17034 17178 17034 17112 1701.2 17111 16978 17218 171 17311 171 17214 45,300 Lehig:11 Valley
44978 Feb 1 16312 Aug 9, 13612 Set? 16034 Nov
160 16034 15934 16012 16934 16014 15934 1601: 16012 16214 16113 16312 10,150 Louisville & Nashville
Jan
14212
Sep
11114
13
Mch
4
1383
J'ne20
134
Elevated
anhattan
800
3
1347
134
1344
13458 13458 13478
134 134 *134 135
*134 135
4213 Sep
2112 Apr
inneparpeti
St' Louis 1812 J'ly 24 271e Jan 23
23
2444 2434 2412 244 2418 2412 2413 2412 3,:x
21
241.3 25
6812 Sep
35 Mch
Do
440 Feb 26 157 Jan 15
rsred
48
*4712 __48
48
448
484 483; 48
4718 474 48
129 Feb 3 15278 Aug 8 r12134 Sep 1524 Mch
15112 15278 15113 15234 6,625 Minn St P & S S Marle
15034 15113 15034 15218 152 15212 151 152
14714 Feb 1 15712 Aug 2 142 Nov 160 MO
Do preferred
*155 160 *155 160 *165 15812 *15612 158 *157 160 *154 160
3818 J'ne
27 Sep
2558 J'ly 13 3158 Men29
s(2713 28
*2712 28
2778 2773 28
28
2734 2814 2734 2734 1,400 Mo Hans
70 Oct
6234 Sep
5738 May29 66 Apr 17
&
a
ie
e
d
i
r
r
7
f
r
e
r
as
s
62
*430
61
*60
6073 604 61
61
61
61
6034 61
63 Feb
3314 Sep
35 J'ly 12 4734 Mch 27
600 MIDssoouri)
374 3712 3714 3814 3758 374 3712 3734 3712 3778 3714 3713 10,675
60 Aug
4
8 Jan
723
Jan
71
May17
63
of
Rys
at
Mex
pre1
1st
67
.
*65
*66
69
*6534 69
*65
69
*6534 60
69
*66
2578 Aug
28 Apr 1 3678 Jan 20
3838 Feb
200 A' Do 2d preferred__
31
*30
*3014 3012 30/8 3018 *3912 31
31
*3012 31
31
Y Central 4 Hudson_ 10614 Jan 9 12112 Apr 25 39978 Sep 11512 Feb
11714 11713 11714 11712 117 11718 11712 11712 11738 11734 11634 1171: 3,400 N
285 N Y N II & Hartford___. 134 J'ne 18 14214 Apr 1 12678 Sep 1514 Feb
*135 137 *43613 137
139 136 4137 137 *136 137 5137 137
3734 Sep
4678 J1Y
2978 J'ne 29 4133 Apr 12
800 N Y Ontario & Weitern_
*3214 3234 3214 3214 *3214 3234 3214 3214 324 324 3214 +1214
8673 J'ne 1 9334 Apr 26
300 N Y State Railways__
9018 9013 *9913 901:
8978 8978 *89)2 901
90
*89
90
*89
9034 Sep 11114 Nov
Aug 1
11834
1
Feb
110734
Western
&
Norfolk
11'738 1183. 118 11812 118 118
9,600
118 11833 11713 118.33 11'758 118
8534 Apr
9114 J'ne
88 J'ne 12 92 Feb 17
Do adjustment pret
......
90
*87' 96 *87
3913 Jan
5534 Nov
56 hichll 6118 Apr 16
500 Nor Ohio Trao & Light
- ;ail -6-5-1-2 ;55 II- • -65- -6-5
-64- -0412
64
*61
64
*62
J'ne
13773
II
Aug
Sep
11034
13018
15
Jan
11538
Northern
Pacific
86,715
126$8 12814 1274 12814 12714 12818 12714 12914 12813 13018 12831 130
12213 Jan 9 12614 May 2 11834 Sep 13018 Feb
12412 12434 512278 1235: 12313 12338 123 12314 12315 12312 12313 12352 15;092 Pennsylvania
9018 Sep PM Jan
11014 May20
2
Jan
981.2
L
1,508
Chia
Cln
PIttsb
3251
1094
10912
10914
10914
10912
1093
101353
2
19914
10934 10978 10912 10012
10812.Tan 2 117 Feb 20 10218 Sep 112 Feb
Do preferred
117 .117 . 100
*113 117 *113 117 *113 117 *109 117 *10914 117
14818 Jan 11 17914 Apr 29 134 Sep 16178 J'ne
16938 17158 368,140 Reading
167 16034 16918 171
16612 16778 16612 16818 167 158
88 Mch
92 J'ly
8712 J'ne 27 9314 Apr 29
1st
preferred
500
9012
*89
9018
90
90
*8913 9012 *8012 9012 *8912 9012 *8912
9012 Sep 101 MY
94 Jan 11 10112 Apr 29
2d
preferred
200
994
0718 *96
9712 97
0712 *95
*9512 9712 *95
98
*96
3433 .1.'ne
2234 Sep
2212 May31 3013 Apr 8
5,404 Rock Island Company
26
2614 26
2534 2618 26
2573 2614 2534 26
2534 26
6858 J'Ile
4334 Dec
4714 J'ly 16 5958 Apr 9
Do preferred
'000
52
5113 5112 *51
5112 5214 *5112 52
5112 5134 5134 513,
27 Oct
Mch26
2912
Dec
30
23
J'ly
21
__
Qt
&
Louis
Frau
San
24
*2114 2412
*22
*2114 24
*2112 2214 *2114 25
*2114 24
69 Sep
6914 J'IY
10 D.o 18t preferred__ 61 May10 0912 Jan 23
63
*61
63
*111
06
*61
.
63
*01
*or
63
63
*111
49124J'iy
37 Sep
3313 J'ly 24 4334 Apr 11
preferred____
2d
Do
909
35
3514 3534 3512 3578 3518 3514
37
*35
3514 3514 35
24 Jan
34 Feb
2,934 Jim 22 3458 Apr 2
rn__
St Louis Southwes,590
t-er3
34
3412 34
3278 3278 3234 3338 3314 3358 3338 3312 34
5934 Jan
72 J'uo
(5812 Jan 17 774 Apr 8
preferred
Do
1000
7333
7333
73;
7.213
7318
7278
7212
73
7314
4
3
72
*7212 74
22 J'ly 12 2712 Apr 4
3,700 Seaboard'Air Line
24
2458 2434 2412 2412 2438 2438 2413 2434 2413 2412 231258
503 Apr 16 5613 J'ne 7
Do preferred
4,050
54
5414 54
5334 5414 5358 5473 5334 54
.5414 5414 54
10512 Feb 1 11512 Apr 8 10412 Sep 12638 J'ne
11134 112
11158 11214 11178 11258 11112 11178 100580 Southern Padua Co
11111 112 ,. 11138 112
3338 J'ly
2434 Sep
Apr 9
2918 29
2912 2918 2934 2912 2978 14,700 Southern v tr ctfs stmpd. 2612 Jan 31 3118 Aug 8
2914 2014 2918 2914 29
754 J'iy
6114 Jan
6814 Feb 4 8018
,u•ve.r
pi
f itfylred o
2 7713 7758 7112 7734 7713 7814 7814 804 79
7912 8,350
' 7712 771,
3014 Feb
194 Dec
Apr 2
2614
3
Jan
20)2
'
1,400
2212
21.12
*22
2212
22
22
2212
2214
2214
2214
22
'22
41 Dee
Nov
31
9
Jan
4934
12
J'ly
3513
8713 3712 3778 3778 364 3738 3714 3738 3634 3634 3613 3612 1,450
814 Jan
4 Nov
3 Jan 15 1058 Apr 16
Toledo Railways & Lt___
6
*512 6
6
*5
*5
6
*6
514 *512 6
*5
2434 Feb
Dec
12
bich27
1638
4
Mch
1234
&.Western....
I,
St
Tolello
600
1314
1314
14
*13
14
*13
1334 1334 1312 1372 1314 1314
Jan
534
Dec
3478
8
28
Apr
36
7
J'ne
Do prelerred
300
*2912 32
*2913 3134 *2912 12
3194 3134 3178 3172 *2913 32
150 Twin City Rapid Transit_ 10412 Jan 5 103 May16 104 Sep 111 Feb
10734 1073.4 *107r2 108
*40712 106 *10712 108 *10712 108 *10712 108
19238.1'1y
Sep
15312
1
Feb
9
17558
Apr
190
Pacific
nion
I
1
128,5(30
17214
17212
17178 17314 17438
171 t1.7214 17118 17218 17078 17178 1701
96 J'ly
89 Sep
8934 J'ly 11 9358 Feb 27
810 •-) Do preferred
49014 9014 90)2 9934 9012 9058
9014 9014 *9018 9034 9014 9
49 Feb
2312 Sep
1,800 Unit lly3 Inv't of'Sail Fr 28 J'ly 11 3714 Feb 14
*2812 3034 2934 31. 3114 33
30
30
30
3034 30
*30
Feb
6513
52
14
7613 MIA
Sep
lb
Ply
57
preferred
.Do
3,200
03
6113
6912 *48, 5912 5912 1315:
5912 *58
5012 *58
1,56
1833 Feb
534 Dec
334 J'ne 19
934 Mayll
100 vii abash
412 '412
*413 434 *412 434 *412 434
*412 r
*412 5
9038 Feb
1414 Dec
1238 J'ne 27 224 Apr 9
Do preferred
400 T T
14(2
*1414 II
1413 1412 1412 1412 1414 1414 *14
15
*14
Jily
25
40
Mch
Apr
8
487
6414
9
Jan
5534
Maryland
RY
Western
1,990
58
68
58
5818 57
5814 6814 .5838 5812 *57
58s12 58
614 Feb
914 Dich13
212 Sep
. '4 Jan•10
100 Wheeling & Lake Erle
7
*6
1
*6
*612 8
8
612 612 *6
7
*6
7 Sep
1753'Feb
254 Apr 18 ,
1
Jan
11
preferred.
Do
23
1st
*19
22
*19
23
*19
*18
21
*15
22
22
416
8 Feb.
3 Aug
6 Jan 19 14 Mch 13
Do 2(1 preferred___,.._
1
*1p
12
*10
*813 12
*812 -1012 44,112 1.1
12
*1)
98 Sep
7218 May
3,600 Wisconsin Gentral____.„, 46 Feb 5 6134 Aug 8
61
6134 01
5978 6078 61
5714 6714 5812 6812. 60
*5)3
Industrial&Miubllancous
4191 Mch 12 121742 Apr 18 4103 Nov 4245 Apr
Express
*200 206 *2110 206 *200 208 1.200 210 *200 208 *200, 20,3A dams
7158 .1ine
4434 Sep
431.11:1 1Er mated Copper.. 60 Feb 1 88 J'no 1,
834 8212 8334 8214 823 74,190a
8358 8234 801' 8233 8284 82
83
6312 Dec
4434 Sep
5314 Aug 9 6353 Meh22
Chem_
AmertAgrIcultttral
51300
0118 5834 5934 58; 5938 5834 53314 5814 5814
6114 6112 60
Dec
105
Oct
9912
hIch21)
10414
17
ly
3
98
Do pref.
100
*9934 10012 *9934 10112 *9934 1001 10012 10012 4.406 1001 *1004 10034 8,500
6934,06t
3914 Jan
26 76 May
Feb
53
Amerlean
Sugar......._
Beet
71
70
7114
4
7112 71
*74
663
711
6978 71
71
6
691
9212
Oct
101
Jan
19
J'ne
10114
3
Apr
97
pref
Du
'
100
•
101
*9512 9112 *97
07
107
*9512 9743 *9512' 071 *0512 99
1212.May
878 Jan
1.114 Feb 1 43 Mayll
*.
4012 41,:, 4038 4078 75,300 Amer4can Can
4018 41
.14 '40' 41
3048 404 3612 41
9318 Dec
77 Jan
1 12112 Mayll
Feb
pref9058
DO
7,105
1108
*11918
121314
111334
12012
8
11.911
1207
120
11934 12078
11634-1213
'6814 :Fly
424 Sep
4,400 Amerltan Car & FAndry 49 Feb 6 6133 Apr 9
5873 5938 5878 59
5838 59
59 59'
581,2 '*912 501,4 05
11.5 Feb 14 120 May24 113 Oct 120 May
Do 'met
100
*14712 119 *11712 1201 *11753 1201 *11758 12918 *104 120,- 11813 1181
;Fly
31
1
Aug
g
e
l
t
i
c
.
n
a
"
3113
1,159
Americ
$3
*32
324
'3214
1213
*32
32
3213 *32
32
3214
3218
7314 Aug 6 8318 J'ne 20
Do preferre4
2,600
7.7
*7(ss4 78.'8 77
7612 7634 4'7634 784i 7514 7034 7(134 77
4158 Nov .624 Feb •
4542 Jan 19 5714 May 3
2,200 American.Cotton 011_....._
5458 54 $4
5258. 52.53 53
0414 54
5234 53
5314 53
92 Nov 10512 Feb
Jan 19 0914 Fe13'13
95
prof
1.30
200
10212
*913
10212
*136
•
'1021
*99
97
97,
*96
9712
1/7/2 *911
5 J•ne
313 sem
May16
612
Is
Feb
3
&Leath&
Slide
Amerloan
54
*5
*5
*5
512'
4
58
514 0513 54
26% J'ne
18.'Sep
20 Feb 26 2713 May16
Do prof;
840
•
1 *2614 27 ,
64
213
9014 2673 *26
27
26
2614. 2014
26
1C12 Aug
2534..VIV
Moy20
4
3
33
2
18
*Ja.n
Sect4rIties.
1;650
Ice
kmericen
2512
*6518
26
26
2512
2572
2514 2514 ;2512 .253
*20 2014
3 Aug
1248 Feb
1778 Apr 21
9 Mob
1025 AmerIcsan Linsced . •
1358 134 *1312 IV
14
1.312 135
1312 111 *13
1314 1314
3413 Dec
264 Oct
30 Feb 20 43 Apr 23
.
,
86
aoo Do pref......„. .
361
3131 *3572 37' *3412 3,91
*3413 3612 *3412 367 *35
4314 Mr
Oct
3218
9
Apt
4
3
44
27
Feb
3134
1ve._
3,500
LoCOiet
Amerlean
44
4313 43; 4313 443: 44
4312 433
*1314 44. 44334 44
Oct
102
le
1.10;
8
Apr
110
15
Jan
103
'409 _, Do pref
1013 1061,3 *10312 1.0912
10943 1004
106 109
*10812 11012 109 1 9
64J2
3 Sep
1918 Aug 5'
434 Jan 1.
1873' 1858
1818. 10
1812- 1,312 L300 American gals Corp018 181i 181
• *1738 18
18
J'i ,
4358
Mull
3112
8.,
Aug
6834
6
Jan
42
68147,600
Do
pre!
67'
68
60 ._ a66
6834 6712
6258. 6414. 6412 6558
49,578
7
Prre2t,
.fig),Ioct.!2
'03.,
WANKS AND 'TRIAT COMPANIES-BROItERS; glOtATIONS.
t
.
..
I Bid
BOX Ask • Banks
Ask
Banks
Basks
Ask 1J
I Bid
Banks ' 4114
1€5 Frith Avell. 1300
Ilarrlinan _ 280
.,_
IOhatPliefl3x 184
New ,yolik
43
Imp
t 560
.
_
Tr.46
.
-3i5
,3150
Eat
elith
309
Chelsea
207
200
Aetna_._..,_,
44212 4-4ii, „First, • 1000 1016 Irving
2112
Atnor1e11.- 620 630 Chemical _
203 Llberty--:. 59
185 Folirth ., •._ '200
242 Citizens' CP 180
Miner IS,x9h. 238
375
(Aneoln___
200
275
___
Garfle1W1428
1425
--...-CitY-.,
130
Battery Pk.; 125
.. kianbattal 340
140
. Coal W.Iroe 155 160 Germ-Am
Bowerylf___ 09
..... tiernen. Ex 425 4-4-0
Mark't&Fu 250
Bronillotell 300 ' -_- Colonial 11.... 425
. cierinatpal_ 525 . 694) \tedk&Met'sl 260
167)- Columbia 11. 305 340'
Bronx Net 175
158
Mereli Excla .160
168
155 Commerce _ t'19712 __ .. Gotham _
Bryant Pt I). 150
. 322- Greenwich fj 250
_ _ Merchants'. 1•83
140 Corn Si '11..
Butdi A Dr 130
..... Hanover__ 690 7-11/
--8-_ Mast River_ .8
Century 11,... 4230
.
1-V5
°hese '
675
____ Fkiellty 1... 1135
jJ
Ask
.,
--.. _
ill)
610
385
34712
25712
264
165
.....
Banks
Metropolis 11
MetrepoVnr1
Nit Mor.rti¶.
Mutual. 11...
NassatI ......
NeW Neth.4
NewYorirCe
New York.,
Pac1114____
Park
P.00ple's l'4
1.11.1
375
190
250
285
202
220
875
340
255
367
240
Ask
385
198
260
295
212
___
__
150
265
372
250
Bank.
Bier Ask
Pro41 Exch 11117012 --.
9312 ....:.
Reserve _
Seaboard'... 425
Second ____ 375• 400
Securityl .... 135, 145
Sherman... 135' •,.
State )1 .... 260 •27-5
___y
23d Ward11. 175
Unlon Exc. 162
163
Wash H'Is 1 275 .- :...,
West Side 41 5f5 625
_..
Yorkville II- 600
fLeii,than 00 shakes'. 11State bank,s.: a_Ex-dlv dend and rights. b New stocIc.
• Bid and asked prices.: net_sales wer4 made oa tills day. t
Ex-kltyldend. 1 Full paid.'- Snlo at-Stock Exchange ol• at aubtion tills week. 8 First Installment paid. a Sold .at private.sale atVh1 price. z
346
New York Stock Record-Concluded-Page 2
[VoL. Lxxxxv.
For record of sales during the week Of stocks usually inactive see second page preceding.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Ana. 3.
I
Monday
Aug. 5.
Tuesday
Aug. 6.
Wednesday
Aug. 7.
Thursday
Aug.8
Friday
Aug.9
Sales of
the
Week
Shares.
STOCK
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share tots.
Lowest.
Highest.
Range for Previous
Year 1911.
Lowest.
Highest,
.
Industrial and Misc.(Con)
874 8712 8734 8734 *8734 88
*8734 88
501 Amer Smelters Sec pref B 86 Mch22 8913 J'ne 10
*8734 88
82 Sep
8913 J'ly,
8734 88
8458 8378 84
8334 84
84
8253 84
84
8412 8353 8378 5,680 Amer Smelting3c Henning 6773 Feb 1 8958 Mch 25
5653 Sep
8373 J'ne.
*10734 10814 10812 10812 110813 10812 110813 10812 10812 10812 110812 1084
Do pret.
302
10238 Jan 2 10813 Apr 24
9834 Sep 30812 J'no
1 169 17112 170 170 *169 170 4165 171
16973 170
170 17076 1,200 American Snuff
123 Mch 6 176 J'iy 1 225 Sep 325 May
*100 105 *100 105 *100 105 4106 11112 *100 105 4102 105
Do pret, new
99 Feb 9 10312 J'iy 5
, *40
42
3573 3578 3434 35
35
35
*3412 3512 3412 3412
700 Amer Steel Found (new)- 26 Jan 19 3912 M ayl1
25 Sep
5212 Feb
[ 1274 12718 127 12714 12578 12612 126 127
12612 127
12612 12771 3,025 American Sugar IletInIng 11434 Jan 12 13312 May13 11214 Sep 12212 Feb
12158 122
*12112 123
122 122
12333 12338 *12212 12312 4122 12312
Do pre!
550
11512 Jan 5 12333 Aug 7 111 Jan 11912 Feb
, 14534 14578 14512 146
14534 148
14573 146
14573 146
14534 14578 3,600 American Teleph & Teleg 13753 Jan 2 14913 Mch 25 13112 Aug 15313 J'no
30314 309
307 30934 306 30712 300 306
297 30312 303 30518 12,225 American Tobacco
24118 Feb 29 32412 J'iy 1
*106 109
105 10538 10533 10512 10518 10518 105 10512 10512 10512 2,133
Preferred, new
10114 Jan 11 10633 Jan 19
*28
28
*26
28
*26
28
2634 2634 12713 2712 e26
150 American Woolen
28
2514 Feb 6 31 May17
2512 Dec
3612 Mch
*8833 8912 *8812 8912 8858 8834 89
89
8913 8953 *8813 9014
600, Do pret
88 Feb 7 9412 Mch 12
8514 (Jet
9614 J'ne
1 3513 3538 *35
36
35
3518 3514 3514 3614 3712 3713 3934 4,300 Amer Writing Paper, prt. 2513 Jan 25 4133 May 2
2412
3412 Feb
Sep
4134 42
4134 42
4112 4178 4118 4134 4133 4173 414 4138 8,000 aAnacondaCopper Par$25 $34 Feb 1 $4518 J'ne 21 $29 Sep $4113 .J'ne
*124 126 *124 126 *124 126 *12514 126 *12514 126 412538 126
Assets Realization
.10513 Feb 7 126 J'iy 10 1064Dec 108 Deo
5712 5778 *5712 581, *5712 58
5734 5734 5734 58
*5712 58
700 Paldwin Locomotive
5358 J'ne 18 6012 J'ne 28
10534 10534 10578 1054 10534 10534 10512 10512 10534 10534 10534 10534
10234 Feb 2 10813 J'ne 17 10314 Dec 10? Dec
900 * '' Do pre(
3718 3758 374 3734 3713 3712 3734 3858 374 3873 3778 3814 8,400 Bethlehem Steel
2734 Feb 27 42 Apr 19
:.(1 Sep
3813 Aug
71
*6813 7013 *69
70
7014 70
Do pret
71
71
5612 Feb 27 7434 May 9
71
7114 7114 1,800
54 Sep
0634 J'iy
14734 14734 4147 148
14734 14734 148 14812 14858 14878 148 14812 1,500 Brooklyn Union Gas
13712 Mch 21 14873 Aug 8 z129 Sep 14814 Nov
*3278 37
*3273 37
*3273 364 37
38
3678 37
3634 3634
800 Butterick Co
Mch
18 4013 Apr 30
2912
28 Feb
31 Mch
2634 2678 2714 28
2758
2713 2734 27
2712 2778 2714
2712 9,625
1834 Sep
(lentral Leather
1612 Feb 27 2813 Apr 22
3338 Feb
9612 9812 97
97
9714 9714 9733 9738 9714 9714 974 9713
Do pret
9118 Dec 105 Feb
80 Feb 27 9712 Aug 9
700
*3212 3278 3234 3278 33
34
34
3414 34
20.300 dChino Copper.. _ _Par $5 $25 Jan 15 $3514 J'ne 20 81612 Sep *2712 Deo
3414 3378 34
*3034 31
3013
31
*30
31
*3034 31
3012 3073 3013 3034 1,000 Colorado uel & Iron
25 Sep
2313 Feb 28 3414 Apr 10
3638 Feb
14434 14434 144 14434 144 144
14413 14614 14513 14678 14534 1474 25,9o0 Consolidated Gas (N Y)_ 13814 Feb 17 14713 Aug 9 12834 Sep 14812 J•ne
1412 1458
1473 1478 1413 1453 1412 1413 1473 1473 1473 1473 1,200 Corn Products Relining_
958 Oct
10 Jan 16 1712 Apr 24
1534 May
*8112 8314 *8112 8314 *82
8314 8212 8212 8218 8213 *82
Do pref
27614 Jan 3 87 Apr 24 '73 Sep
8312
85 May
300
33
3338 *3212 3314 3212 3213 3212 3212 3212 3234 *3212 33
1,100 Distillers' Securities Corp 28 Feb 5 3438 Apr 8
29 Sep
3814 Mch
*14
21
e14
21
*14
21
*14
21
*14
Federal Mining & Smelt'g 1114 Feb 28 2153 J'iy 3
21
*14
21
13 Dec
36 Feb
*43
4834 ___
4834 *43
. _ *43
47
Do pret
§48
3713 Jan 23 50 J'iy 2
46 *43
48
37 Dec
6(313 May
10
182 18234 18138 18112 1862 1-8112 18078 182
18138 18212 18112 182
rsop
i
ne
om
155 Jan 2 18812 J'ly 25 142 Sep 16833 May'
1,720 GeDn
37
3778 3534 36
3678 37
-Feb
36
to
rorE
3612 363s 3638 *3514 3612 1,728
tsivec
voottrtir
26
30
°
t7cu
35 Nov
ctst.
3814 Apr 9
s_
._
5134 Aug •
79
7934 80
7958 79
7978 7934 80
80
80
7934 7934 • 1,350
7014 May 3 82 Apr 8
7412 Dec
8658 Aug,
378 37s37s 4
334 373
334 378
$312 Oct
334 378 14,250 dGoldfield Con M Par lia $334 Aug 6 $5 Mch 18
334 378
8773 Jan
1,250 dauggenh Explo_Par $25 $53 J'iy 11 46238 J'ne 14
*5512 5612 *55
5614 5612 58
56
56
*1814 1834 *1814 1834 *18
*18
19
19
19
19
19
19
220 d II nap'n ConCop Par $20 $1814 J'ne 3 $204 J'ne
124 12434 124 12512 124 12434 124 125
123 12478 123 12314 9,610 Ant Harvester stk tr cfts 10514 Feb 1 12512 Aug 5
9913 Sep 12938 May!
*118 11912 4118 11912 11912 120
600
Do pret stk tr Ws
11934 11934 *118 11912 11912 11912
11,61 Jan 26 12134 Apr 4 115 Sep 12814 May ,
412 412
*4
414
414 412
414 414 *414 412
860 int Mar Marine stir tr Ws
453 434
'4 Mch 7
778 Mch 20
314 Sep
578 Jan
*17
1738 17
1814 1814 18
18
17
1738 1758 18
Do prof
1812 1,100
1534 J'ly 30 26 Mch29
14 Aug
2212 Deo
1513 1512 1534 1578 *15
760 International Paper
16
1618 *1512 16
*1512 16
16
933 Jan 17 1934 May23
Sep
1338 Jan ,
5714 5612 57
*57
5712 "57
5738 *5612 5712 57
24578 Jan 3 6273 May23
Do pret
830
4458 May
5638 Jan !
27. 27
*26
2614 2614 *2512 28
28
*28
28
---- ---700 /nternat Steam Pump..
2412 J'ne 3 34 Jan 2
23 Oct
44 Feb '
80
82
*7912 8012 *79
*78
82
*79
*79
82
Do pret
79 Feb 1 8453 Apr 8
80 Oct
9012 J'ne
108 106
10814 10614 106 106
10534 10534 10558 106
10614 107
2-,E(-35 Laclede Gas (St L) own_ 104 Mch 16 10834 Jan 4 10114 Sep 11412 Jan ;
208 20812 *200 206 8203 206
207 207
20634 208
208 208
800 Liggett & Myers Tobacco 15678 Jan 15 20834 J'iy 1
114 114 *11112 115 *112 118 *114 117 1114 114
11412 11614
10512 Jan 12 11614 Aug 9
Do Preferred
368
4412 4514 4414 4412 4438 4413 4414 4412 44
4414 4418 44)4 3,500 Loose-Wiles Ms tr co ctfs 43 J'iy 22 4713 J'ly 26
10334 10334 *10334 104 *10313 104 *10312,104
10.112 10312 10338 10334
Do 1st pret
103 J'ly 22 10414 J'iy 27
400
92
*9134 9212 *9113 9214 *9134 9234 *9134 9214
9114 9134 92
90 J'ly 22 9212 J'iy 26
Do 2d pret
500
89
*87
92 *89
89
91
9034 9034 *89
7518 Jan 31 9214 J'iy 17
200 Maokay Companies
91
*85
9012
7413 Dec
95 Feb
*69. 6934 69
69
*69
Do pref
6912 *69
6812 Jan 11 7073 Jan 23
6934 *69
6934 6938 6938
200
68 Dec
77 Mch '
*76
7812 *7612 7812 *77
7812 7712 7712 7812 79
*7712 79
300 May Department Stores_ 69 Apr 11 8214 May23
81 J'ne !
70
Apr
No
108 410312 108 *10312 10812 410312 108
o pret
106 108 *10313 108
10534 J'ne 24 112 Jan 11 10734 Sep 11314 J'ne
6834 6834 6712 6812 6814 6812 6812 69
6914 6912 6938 6912 6,920 Mexican Petroleum
6234 Apr 20 7338 May18
2938 2973 2934 30
2912 30
2934 2978 29.53 2934 18,100 dAlami Copper_ Par $5 $2318 Feb 14 $30 Aug 5 $1658 Sep $2412 Dec
2934 30
137 14014 13713 139
13712 13814 13478 13712 134 13614 135 13534 7.010 National Blsoult
12912 J'ly 26 161 Apr 30 11714 Jan 14334 Nov
*125 129 *125 129 *125 129 *125 129
Do prof
200 __
12578 126 *125 129
12573 Aug 8 131 J'ne 19 124 Jan 130 Feb
17
1712 *1614 1712 *1612 1712 1634 1634 *17
1712 17
700 Nat Enamel'g•& StamP'g 1214 Feb 29 1914 May15
1718
1213 Dec
22 .Fly
Do pret
*91
93
*91
93
*91
93
*90
93
*91
93
*88
93
88 Feb 27 95'2 Jan 2
85 Jan 10034 J'iy ;
*59
60
5914 1,800 National Lead
5834 5834 *5834 5913 5913 5934 5914 5978 59
5113 Jan 9 6058 May22
4213 Sep
59 Feb
Do
pref
*10812 11018 410812 11012 *10812 11018 *10812 11018 *10812 11018 *10812 11018
10512 Feb 1 10934 Feb 15 104 Sep 10934 Aug
2173 22
2134 2178 2153 2134 2.158 2134 2134 22
2153 2178 3,200 dNev Cons Copper_Par $5 $1814 Jan 29 $2314 May 1 $154 Sep $2114 J'ne
7713 7712 77
*70
80 *72
*77
340 New York Air Brake__- 50 Feb 17 78 J'iy 26
80
79
77
76
76
45 Oct
7(3 Feb '
1,900 North American Co (new) 7412 Jan 3 8473 Apr 27
8258 8258 8233 8238 8213 8258 8214 83
83
8338 83
83
64 Jan
7634 May
ciille
o hTtealielp
ao
3214 3214 32
3134 3134 3134 32
3312 3212 5
33
03
327
14
2 *3
08
Pa
4 6,8
40
0 ...
05
00
2142 5
30 Jan 3 35 Mch 27
234 Apr
3338 Nov '
5114 51
51
51
51
4978 50
5012
& Teleg
51
47 Feb 5 5538 Apr 25
35 Set)
5458 Jan
11612 11634 117 11818 11733 11814 11712 118
11512 1151: 11513 117
9,378 PeoPle'8 G L & C (Chic) _ 103 Jan 8 11814 MaY25 10112 Aug 109 Jan
*10.3 105 ,.10312 105 *10313 108
103 10312 *103 105 *102 104
200 Philadelphia Co (Pittsb).. 102 J'no 3 11114 Feb 16
99 Sep 11812 J'ne
Pittsburgh
2114 2138 2113 2114 *21
2134 2118 2138 2112 2178 2113 22
Coal
Co
3,050
1634 Meh 1 2334 Apr 23
17 Dec
2314 J'ne
Do prof
9014 9118 9112 9234 9278 9414 '9314 9414 7,400
9113 911p 9013 91
77 Feb 8 9512 J'ly 5
6734 Jan
0078 J'iy ;
193 19334 193 193 *_- 193 *190 194 *190 194 *189 193
500 P. Lorillard Co
167 Mehl] 20012 J'no 8
*115_ __ 118 118 *11534
preferred
*116
__
__ 411714 11714 117 117
Do
325
10734 Jan 12 117 Aug 9
goo Pressed Steel Car
3612
3612 3
-612 3612 3612 *36
*36
3-612 3614 3614 38 -3-6
2834 Feb 27 3733 Apr 9
25 Sep
3733 J'ne
*103 104 *103 104 5104 104 *10212 104 *102 104 *102 104
Do pret
17
96 Feb 28 10312 Apr 24
91 Sep 10234
•
*11434
Pub
11634
11634
11634
11634
119
Service
11634
4
*1143
11734
11812
*11434
120
Corp of N J_ 10634 Feb 17 120 Aug 9 108 Oct 120 J'n44
700
Feb
161 16112 16112 16112 16112 162
*160 181
16014 16014 16034 181
1,150 Pullman Company
15813 Feb 2 163 Apr 29 154 Sep 183 Jan
3614 *3534 36
36
36
36
36
*3512 36
353e 3534 3618 1,500 14 allway Steel Spring
2712 Feb 8 3714 Apr 27
28 Oct
39 J'ne
*102 103
103 103 *102 1034 *102 10313 103 103 *102 105
200 AA' Do pre
100 Mch12 103 Feb 21
92 Jan 103 J'ao
2138 21
2118 2073 2113 12,300 dRay ConsCopper Par $10 $16 Jan 29 $2212 J'ne 21 *12
2114 2138 2113 2112 2073 2118 21
Set) $19 Deo '
2714 2813 28
28
28
*27
27
28
27
2838 28
28
3,800 Republic Iron & Steel
1534 Feb 28 2838 Aug 8
18 Oct
3514 Feb
86
8618 8813 8773 8712 8734 8778 8812 881 8812 8812 8812 5,100
Do pret
6412 Feb 27 8812 Aug 7
7418 Oct
9933 Feb
102 10258 *10212 103
102 102 *102 10214 *101 10214 102 102
425 Rumely (M) pret
100 J'ne 20 103 J'iy 20
202 204
19712 19834 19838 201
19512 199
20334 20614 14,800 Sears, Roebuck & Co_ _ 140 Jan 15 20614 Aug 9 12512 Sep 192 Feb
19712 199
*56
58
57
5673 *5412 5612 57
*55
100 Sloss-Sheffield Steel &-Tr_ 3914 Jan 30 58 J'iy 2
*55
57
*54
56
34 Sep
5614 Feb
*2814 29
2913 2912 2914 2934 12914 2914 *2814 29
2834 2834
1614 Jan 19 3312 J'ne 27
685 Standard Milling.
15 Aug
1718 J'ne
6478
53 Jan 8 6434 Aug 6
8
1647
*6
Do Pre
47
312 6434 *6312 6478
235
6434 6434 16478 6 8
68
*63
60 J'ly
53
Dee
42
4312 4334 4614 4612 4912 12,370 Studebaker Corp (The)
3734 38
3834 3912 3934 42
30 J'iy 10 4912 Aug 0
96
9712 9712 98
93
98
*96
95
Do pref
9578 *9473 96
98
2,500
9012 J'ne 28 98 Aug 7
• *4212 43
4238 4213 4212 4212 4212 *42
4212 4212 42
dTennessee
4253
Copp-Par $25 33412Feb 1 $4714 May21 33014 Sep $44 J'ne
500
12612 127
*12613 12718 127 127
128 12612 12513 127
126 12612 3,300 Texas Company (The)- 81 Jan 16 130 J'ly 19
7412 Nov 13612 Feb
110 11018 110 110 *10912 113
110 110 *10912 113
I 11034 111
800 1 [nderwood Typewriter_
9834 Apr 3 11534 J'ne 28
63 Mch 111 J'ne
*112_ *112
_ _ *11314
- *11314 - _ *113
*114
%-) Do pre
110 J'ne 14 11414 J'iy 26 103 Mch 11378 J'iy
e12 -1-31212 -131273 1218 13 -131278 .1212 1212 1,500 Union Bag & Paper
458 Jan 25 1778 May15
434 Dec
9 Feb
*58
59
15913 5913 58
58
58
58
Do pre!
*58
59
59
330
*58
4934 Feb 21 6734 May15
5013 Nov
6912 Jan
5712 *5314 5712 *5314 57
*53
*5314 57
United Cigar Mira
*5314 5712 *5334 57
5314 J'ly.10 6434 May21
*104 110 *10.5 110 *105 110
,
pre
Do
100
10712 10712 ---z --105 Jan 10 109 Feb 15 10014 Sep 410612 Oct
9973 19679978 9978 *9914 100
8
*9914 100
10012 10012 *9913 10014
400 United Dry Goods
97 Feb 10 10234 J'iy 17
9712 Sep 108 J'no
*108 11058 *107 11018 *106 11058 *106 11058 *106 11033 *106 11038
200
Do pref
10333 Feb 24 10878 J'iy 31 10034 Sep 10713 J'iy
*1814 1912 *1814 1912 *f8
20
*1814 1912 *1814 1912 *1814 1913
U S Cast / Pipe as Foundr
13 Feb 16 2212 May16
11 Sep
19 Feb
/59
*5712 5914
Do pre
59 *5712 5914 *5713 5914 *5713 5914 15813 59
75
50 Jan 4 61 J'ne 13
4012 Sep z61 Feb
*44
4478 *4312 45
*42
*434 45
45
4414 4434 *4334 45
100 U S Industrial Alcohol- 26 Jan 8 4573 J'iy 26
24
30 May
Aug
84
8414 *8378 8434 *8334 8414
8434 8434 *8414 8434 8334 84
750 U S Realty & Irnprov't_ 67 Jan 31 8612 J'ly 18
6513 Jan
7934 May
5214 52
5278 5212 5212 52
5253 53
*52
52
5114 5134 1,600 United States Rubber
4514 Feb 1 6773 May21
4812 Dec
3012 Sep
' 10814 10814 10773 108
10753 108
108 10814 108 108
108 10812 3,200
Do 151 prat
1055* J'ly 25 116 May20 104 Sec. 11512 J'iy
*75
81
*75
81
---- -- *75
81
*77
8114
Do 2d prof
75 Jan 23 8512 May21
66 Sep
7138 7214 71 -71-38 71 -7114 72
72
7138 7212 7133 7214 230,400 United States Steel
5814 Feb 13 7314 Apr 30
8
79
213 Feb
il
50 Oct
11334 114 r112 11214 112 11214 11214 11212 11214 11214 11214 11212 3,600
Do pre
10733 Feb 13 114 Aug 1 103 Oct 12073 Fob
6214 6134 6233 62
6212 6234 6213 6258 62
6234 6134 62
12,110 dUtah Copper- -P4r $10 25213 Jan 29 $6512 Apr 8 $38 Sep $
Dec
4934 *48
4814 4812 *48
4812 4814 4814 4838 4838 48
arolina
4814
Virginia-C
800
Chem_
4714 J'ly 12 5714 Jan 26
4318 Sep
*116 117 *118 117 *116 117
116 118
11512 11512 118 116
300
Do pret
11512 Aug 8 122 Mch27 114 Sep 11
3
1882 FebD
Me
e
*138 142 *136 140 *138 140 *136 140
136 413812 4137 137
185 Wells Fargo h Co
136 J'ly 17 151 Jan 3 139 Sep 177
May
874912 iry
8112 8214 8134 8178 814 8134 8113 8113 82
82
8112 8112 1,720 T T estern Union Teleg_
7158 Apr
79 Jan 2 8814 Jan 18
8214 82
8214 8278 8112 8212 82
8434 85
8813 8814 8912 48,020 Westingh'seEl &Mfg assen
5858 Sep
6814 Jan 3 8912 Aug 9
*123 125 *122 132 *123 130 *124 129
12573 12578
125 126
300
Do 1st pre
11473 Jan 5 126 Aug 8 11013 Aug 123 Jan
94
9434 *9312 95
*9313 95
*9313 95
*9313 95
*9313 95
500 Woolworth (F W)
. 9212 J'iy 25 9914 J'no 27
11314 1111. 11131 11131 11119 11319 *1131, 1141, *114
11431 11434
115
500
Do pref
11314 J'ly 29 11634 J'iy 2
5612 565, 56 5658
*10312
-127;
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Coney IsFc111
First
Greenpolnt _
Hillsidell
Homestead1,
Manutac'rs
Mechanic:3'11
Montauk V.
Nassau --Nat City__
•
Bid
Ask
_ 155
2-80 - 295
___ 161
125
__ 115
4-05 425
230 240
.. 150
2-1-2- 225
275
295
Bid
Trust Co's
Ask
N Y GUI/
Central
'Tr__ 1030
-...
175
200
155 Columbia145
Kniokerb 530 590
165
150
Commercial
95
-_
Empire .... 300 310
Trust Co's
Equirble-Tr 54212 54712
Farm LodsT
N Y One
.1400
Astor
410
420
FideitY -- 2-18 222
Fulton ..,.._ 315 328
Bankers' 'Fr 582 587
B'way Tr
17712 18212 Guarty Tr_ 1015 1025
Banks
Brooklyn
North Side 11
People's __
Prosp'ctriej
Bid
Ask
Trust Co's
Guardian Tr
Hud.son _
Law T I&Tr
Lincoln Tr_
Metroport'n
Mutual A111ance
Mut.t Westchasten__
Bid
90
137
225
140
455
Ask
105
142
230
_
465
145
152
140
150
Ask
Trust Co's
Trust Co's Bid
NY Lite&Tr 1030 1045
Brooklyn
N Y Trust_ 630 640
Brooklyn Tr
Standard Tr 370 380 Citizens'
ritieGu& Tr 593
598 Franklin__
Union Pr,..,. 1300
. Hamilton _
US Mtg&Tr 470
4-8-0- Home
Unit States. 1110 1130
kings Co_
Washington 390
410 L 1st L & Pr
Westchester 150
160
Nassau __
Windsor __ 188
192
Peoples' _....
jueens Co_
Bid
A si
470
150
265
275
105
520
300
150
295
95
275
..
1-1-5
-..
3-1-2 ,
160 1
305 .
105 ;
_-
• Bid and asked prices; no sales on th4s.day. 4 Less than 100 shares. t Ex-rights. a Ex-div and
rights. b New stook. d Quoted dollars per Share.
Sale at Stook Exchange or at auction this week. s Ex stock dividend. V Banks marked with a paragraph
(11) are State banks. x EX-diVIdend.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
bonds.
and prices are now all-"and interest"-except for income and defaulted r______,
Jan. 1 1909 the Exchange method of quoting bonds was changed,
____
_
Range
...,
t
Week's
..,
Pried
BONDS
Range
Week's
Price
Sint*
Range or .1=e;
BONDS
Friday
N. Y. STOCK EXCHANGE ,.
Since
1:4,
Range or
Friday
Jan. 1.
:-.):o
Sale
Last
N. Y. STOCK EXCHANGE Z
9
August
43..
9.
Week
Ending
August
1.
Jan.
alv1
Las: Sate
"a. August 9
Week Ending August 9.
High No. Low High
Ask Low
Bid
High No, Low High Chesapeake & OhioAsk Low
Bid
8 102 10412
103
U. S. Uoyernment.
_103 102
Gen funding & Impt 5s_1929 J -J
101 10034 May'12 ____ 10034 10078
3 10914 11134
110
U S 2s consol registered_d1930 Q-J 10012 10114 10034 May 12 ____ 10034 1013i
1939 M-N iff.T18 11012 110
1st consol gold 5s
10012
Q-J
_d1.930
coupon-_
U S 28 consol
Ill May'12 ____ 110 11114
1939 M-N 10814 _
Registered
10234
102
'12
10212
Ply
10234
102
Q-F
k1918
U S 3s registered
37 9912 103
1992 M-S 100 Sale 9912 100
General gold 454s
k1918 Q-F 102 10234 10214 Aug'12 __ 10112 10314
U S 3s coupon
1902 M-S 9812 9V34 99% Noy'll __- _..... -- Registered
3 11314 1145
11338
1925 Q-F 11334 11412 1135
9912 64 9238 911U S 45 registered
93 9312 9338
A
F1930
30
4
Convertible
11434
11314
____
J'ne'12
11414
11412
4
1133
1923 Q-F
U S 45 coupon
1944 J -D 8638 83 8614J'11 '12 ___. 8614 89
Mg Sandy 1st 4s
101 10012 Pne'11
U S Pan Canal 10-30-yr 2s k1936 Q-N 10012
Coal Itiv Ry 1st gu 4s1945 J -D 86% 8958 8812J'ne'11 --__ ____
10154 Ply '12 ____ 10138 012
U S Panama Canal 3s g......,.1961 Q-S 10012 101
4
1940 J -3 103 10112 10134 May'12 ____ 10134 101-3Craig Valley 1st g 5s
84 ____ 84 May'12 ____ 84 8634
Potts Creek Br 1st 4s,,__.,,1946 J-J
Foreign Uovernment
R & A Div 1st con g 4s_1989 J -J ___ 95 95 May'12 ___ 9312 96
100
97
__
'12
Ply
9912
9934
9912
1
1)1-S
1909_
55
of
ernal
ArgentIne-Int
__ 0214 Pne'll ____ ____ _1989 J -J
2d conso! gold 4s
9418 11 9314 9512
Chinese (Ilukuang) IV 5s £____ J-D t 9418 Sale 91
--8 ____ 95 Oct '10
Greenbrier Ry 1st gu g 4s 1940 NI-N 9134 7212
Imperial Japanese Government
7114 J'ly '12 ____ 703Chic & Alt ItR ref g 38
1949 A-0 7018 71
94
9112
21
92
0134
Salo
92
t
-A
F
1925
lis
loan
4
Sterling
5 6014 6512
65
65
67
6414
-J
J
_1950
_
_
3
Railway
1st
Hs_
lien
93
9058
4
91
1925 J -J t 9034 0112 91
2d Scries 4 Hs
1 9938 100
100
8818 Chic 13 & Q Denver Div 48 1922 F-A 100 Sale 100
1931 J J t 8358 8534 8118 Ply '12 ____ 8418 101
Sterling loan 4s
8714 26 87 88
87 Sale 87
1949 J -J
Illinois Div 3 30
5 10212
10312
Repubilc of Cuba 5s eaten debt_ 51-S 110312 10334 10312
8614 10 8512 8614
8614
85
J-J
1949
Registered
9911
99
'12
J'ly
1949 F-A 1. _100 99
External loan 4 30
9938 12 9812 10018
1949 J-J ._ _ 9938 9914
Illinois Div 4s
14 9718 9834
98
San Paulo (Brazil) trust 53_1919 J -J 1 9712 - - 9758
97-12 140 9858 J'ne'12 ____ 9838 9912
1949 J J
Registered
9414 J'ly '12 ___ 94 05
Tokyo City loan of 1912. 5s____ 11-S ___ ili14
'12 ____ 10478 105
Ply
105
____
10178
A-0
Iowa
Div
53_1919
sink
fund
0714
2
9512
0634
9634
97
4
U S of Mexico 8 t g 55 of__1899 Q-J z 9631919 A-() 9914 __ 9914 J'ly '12 ____ 9914 9933
Sinking fund 4s
9014 91 May'12 ___ 88 01
1954 J -D
Gold 45 of 1904
Nebraska Extension 4s 1927 M-N 98 99 99 J'iy '12 --_- 9734 99.'8
:Thess are prices on theba 313 a 7 $5 to £.
1927 AA-N 9612 ____ 9818 Mch'll ____ ____ --.
Registered
• State and City Securities
1 9938 9912
9912
1921 II-S 9912 ____ 9912
Southw2stern Div 4s_
10138 24 10078 103
1960 M-S 10114 sale 10118
N Y City-4 Hs
Joint bonds See Great-North
,I3
10118
10012
10012
10014
Sale
10012 101%
_1962 -,.,10033
____
4 Hs when issued
'12
10012.1'1y
10013._
11-N
1913
5s
Debenture
09
10018
4
983
9918
, Corporate Stock_ ___1959 M--N 09 Sale 9878
4'5
9578 34 9558 9714
1958 M11.-S 9578 Salo 9558
General 4s
3 9878 10018
'JO'
° Corporate Stock____1958 M-N 9878 9014 9878
4./.
78
4 7712 8112
78 Sale 7712
Chic & E Ill ref & imp 4 gs_1955 J -J
10014
99
---17
15'
1957 11-N ,-., 9918 99 J''
4% Corporate stock
1934 A-() 121 12312 12214.1'1y '12 ____ 122 125
1st consol gold Os
u 10534 10778
10618
1957 M N 104 Sale 10534
New 4343
1937 If-N 107 10712 107 Aug'12 ____ 107 11114
General consol 1st 5s
12 ---- 102 10234
1917 51-N ---- ---- 102 Meh'
New 43.48
1937 M-N ...... ___ 10914 Feb '12 -__ 10914 10914
Registered
106%
13
8
1077
106
106
10614
_
11-N
Chic & Ind C Ry 1st 5s_1936 J -J 100343.4% Corporate Stock 1957 111-N
4 __ 10812 J'ne'12 ___ 10812 10912
1 10112 10278
102
101-12 10218 102
7712 20 77 83
7712 7714
43.4% assessment bonds_1917 11-N 8512 88 86 J'ly '12 ---_ 86 88
Chic Gt Western 1st 4s_1959 M-S 77
12534 12534 Ply '12 ____ 12512 12912
33.4% Corporate Stock 1954
125
J-J
63_1947
Loulsv-Itet
&
Chle
Ind
10278
101
......
J'iy
'12
10112
___
___
M-S
1961
N Y State-4s
____ 10934 11034
Aug'12
11012
10812
J-J
1947
10)34
gold
58
Refunding
8
1027
5 10118
10134
____
Canal Improvement 48_1961 J -J .10114 1013-4 10134
955 Apr '11
Refunding 48 Series 0_1917 J-J
'12 ___ 10118 103
Canal Imp'ment (new) 4s 1961 J - J .1011 ___ 10118.1'1y
& Loulsv 1st g11 43_1956 J -J ___ 8512 86 J'iy '12 _-_-_-_ -gii 9012
Ind
J'ne
'12
102
10034
____
----10034
Canal Improvement 48_ _1960 J -J ---9114
9114
9112
J
1936
J
003
4
1
4s
Sou
Ind
&
50-yr
9158
Chic
_
9012
9714 ___ 10312 J'iy '10
So Carolina 4 .•43 20-40_ _1933 J -J
4 Pf34 Chic L S & East 1st 4 30_ _1969 J -D _ _ __ _ 104 Dec '11
9712 983-8 9734 Apr '12 ____ jf31913 J-J
Tenn new settlement 3s
5s1914 J-J lai 101-18 10114 J'ly '12 ____ 10114 10218
g
P
&
terml
St
Mil
Chic
_
_
_
'11
Dec
8612
87
_
Virginia fund debt 2-3s_.,,1001 J-J
9712 37 963 9918
97 Sale 9634
Gen'l gold 45 Series A„e1989 J-J
C) 46 Ei
5512
6s deferred Brown Bros ctts__ ---- 53 55 55
96 -___ 9712 Apr '12 ---- 9712 98
e1989 Q-J
Registered
5 J'ne'12 ____ 85 8678
Railroad
1
J-J
B_81989
33-4s
Series
gold
Gen'l
8414
77
2
79
7814 79 7812
81995 Q-J
__ ____
A nn Arbor 1st g 48
Registered
e1989 J -J ---- -----86 Pne'll
71 9612 100
Litch Top & S Fe gen g 48_1995 A-0 961 Sale 9012 Ply9718
9314 0012 J'iy '12 ____ 00 9234
91
1934 J-J
25-year deben 48
9618 9912
'12
1995 A-0 ---- ----06)8
40t 10134 10613
Registered
10012
10578
Sale
10614
pd
(full
4
Hs
Cony
rects)
923
1 89
8918
• Adjustment gold 4s____81995 Nov ____ 893 8918
10614 Apr '12 ___ 10614 108
Chic & L Sup Div g 53_1921 J-J 10314
91 Feb '12 ____ 9014 91
81995 Nov 88
Registered
•
Chic & Mo Itly Div 5s1926 J -J 108 ____ 108 J'ne'12 -__ 108 10834
8914 16 89 9238
89
81995 51-N
Stamped
•
-' 10514 1065
10534
-J
Sale
J
10534
1921
W
10371
1st
P
g
&
Chic
58
4
1073
---- ----10734 Apr '12 ___ 10614
• Cony 48 issue of 1909____1935 J -I) ,...„33 9278 9514
93
C M <le Puget Sd lit gu 48 1940 J -J 93 Sale 93
10834 26 10534 10958
1955 J -D 11)814 10834 108
'• Cony gold 4s
102 10.114 102 J'iy '12 ____ 102 103
-J
J
1916
5s
gold
So
Gt
&
Dak
10314
10014
1402
10514
178
10
Sale
105
, • Cony 48 (issue of 1910)_,,1960 J -D
Dubuque Div 1st s f 68_1920 J-J 11234 ____ 11314 Apr '12 ___ 113 11358
10378 200 105 110
• 10-year cony gold 5s__,,1917 J -D 10812 Sale 10338
_ ___
1924 J-J 11518 ____ 117% Aug'II
Far & Sou assum g 63
_ _
J'iy '11 ___ _
I. Debentures 4s Series 11.__1913 F -A 0838 -___ 0914 J'iy
1919 J-J 10434 ____ 1044 J'ne'12 __ 10412 1044
ec D 1st 5s
LaCrosse
6637,
66
__
'12
96
_
_
96
1928 11-S
v, East Okla Div 1st g 4s
10638
106
____
J'ne'12
106
J-J
101
105
Wis
&
53_1921
Div
g
Minn
__ 92 94
92115 1)S18 0218 Ply '1'
.'• Short Line 1st 98 gold_1958 J-J
1920 J-J 11234 113 11234 Itch'12 ____ 11234 11234
Wis Vail Div 1st 6s
i00
39 9934 10012
Cal-Ariz 1st & ref 4 30_1962 Al- S 100 Sale 9934
10118 10114
10118 Aug'12 _
1913 J-D 101 _
& No 1st cons 6s
Mil
11012
103
---'12
7
J'13
- 10) 109
S Fe Pres & P11 1st g 5s_1942 M-S
1913 J -D 100 ____ 10018 Aug'12 ____ i0014 10013
Extended 43.48
10633 Ply '11
1915 in-s i5i
Chic & St L 1st 63
10658 108 ,
9478 183 9418 9674 Chicago & N West cons 78 _1915 Q-F ____ 10714 10658 J'iy '12
9434 95 9454
AU Coast L 1st gold 43___81952 11-s 93
F-A
_ 9638 J'ne'12 ____ 9658 98
1.1634
1886-1926
48
Extension
'06
Oct
98
81952 M-S
Registered
Noy'll
____ __9734
F-A
1886-1926
Registered
Aug'11 __
Ala Mid 1st gu gold 5s___1928 M-N 10712 -___ 10838
1987 M-N 85 8518 851g J'iy '12 _ _ 85 87
General gold 3343
4 953-4
95 __ 9534Jan '12 __ 6E3Bruns & W 1st gu gold 4s 1938 J -J
87 8434 Ply '12 __-__ 8412 8634
8312
Q-F
p1987
_
Registered
_
_
_
128
Charles & Say 1st gold 7s 1936 J -J
9834
9712 56 97
1987 M-N 9678 9712 97
gi14 iaL 61338 65.3-4 General 4s
8
7.
01952 51-N 94 . itte 63
L & N coil gold 4s
Sinking fund 6s____1879-1929 A-0 11012 --- 1113 Nov'll --_ ___ _.„... .
12212 12412 12318 J'ne'12 ---- 12318 12318
10134
Say F & W 1st gold 63_1934 A-0
2
4
10934
4
1093
109
____
A-0
10334
1879-1929
_
_
Registered
May'll
11038
1934 A-0 10914 1st gold 5s
•
1879-1929 A-0 10518 ____ 105 Ply '12 ____ 103 10673
Sinking fund 5s
97 97
97 100 97 Jan '12
1918 J -J
Sil Sp Oca & G gu g 43
1879-1929 A-13 10438.,.,_ 10378 Dec '11
Registered
93
91
____
Aug'12
91
9138
9113
1925 J-J
10412 10512
110 alt & Ohio Prior 3 Hs
1921 A-0 ____ 10438 10412 May'12 __
Debenture 58
3 9038 9158
903•
89 9114 9038
81925 Q-J
Ifi Registered
1921 A-0 103 ____ 10612 Feb '10
Registered
34 9714 9914
08
81948 A-0 9712 Sale 0712
Gold 43
1933 51-N 105'8:::: 10812 Ileh'12 ____ il51;12 i13312
fund deb 5s
Sinking
9818
96
1
96
96
96
81948 Q-J
•
Registered
10734 Aug'11
1933 M-N
Registered
112 112
Pitts June 1st gold 5s,,,,1922 J -J 11012.,,,.. 112 Jan '12
Frem Elk & Mo V 1st 63_1933 A-0 12112 12712 126 J'ly '12 __-_ 120 - 12718
6 88 00
881
P June &A/ Div 1st g 3Hs1925 MC-N 88 8814 8871
901 Sep '09
J
3
-J
1st
30
1941
&
NW
GB
Mani
92
8958
1
4
893
I' L Itl & W Va Sys ref 4s_1941 M-N -__ 8034 8934
Milw & S L 1st gu 33-4s 1941 J-J
903: 17 9018 9112
8 Sale 903g
903Southw Div lst gold A10 1925 J-J
2 J'n-e-1.2 ____ 11212 11518
1st g 6s1921 Al-S ii158 11,3 1121West
&
S
L
Mil
___
__
Mehl°
103
_.
101%
M-S
30__1930
4
g
c
1st
R
Ohio
en
Fat & imp s f gold 58 1929 F-A 10913 -_ 10914 J'ne'12 ___ 109 110
11112
Cl• Lor & W con 1st g 5s1933 A-0 107 10012 107 J'no'12 ___ i07
_
_
Feb '02
5
S
14212
11658
68
Al192
g
1st
Div
Ashland
• Monon Itiv 1st gu g 5s___1019 F-A 10238 ____ 10214 J'ne'12 ____ 10214 10412
4
11034 May'12 __ 11634 1163Mich Div 1st gold 6s 1924 J-J 11638 _
10918 10938
._ 10938 NIch'12
Ohio River RR 1st g 5s__1936 J -1) 107
94
9318
9314
9312
34
9338
_
1I-S
W
&N
43_1947
1st
gu
Spar
Mll
10512
1937 A-0 101 10518 10512 Apr '12 __-- 105
General gold 53
•
Northw Union 1st 7s g 1917 31-S 1152_ _ _ 115 ply '11 ____ __ _ _ _
11312 11312
" & Tol 1st g 6s_1922 A-0 111 ____ 11312 Feb '12
Pitts Cie,
111
Ill
Winona & St P 1st ext 7s 1916 J-D 11013111 111 J'iy '12 ___
9712 9712
9734 ____ 9712 Meh'12
1917 J-J
• Pitts & West 1st g 48
1 10734 10878
103
Chicago Rock Is & Pa 6s 1917 J-J 108 Sale 103
91
91 J'ne'12 ____ 91
Stat Isl By 1st gu g 4;43_1943 J -D 91 _
1917 J-J 107
_ 109 Aug'10 ______Registered
1937 51-S 111 ____ 112 Ply '12 __ 11178 11212
Buffalo It 6) P gen g 5s
1988 J -J 9434 9g14 9.134 Aug '1'.. _ __ 9413 967E
General gold 4s
10714
Aug'12
10512
105
10534
103
M-N
1957
Consol 43-4s
1988 J -J 9312 9478 95 Joy '12 _:__ 94
9614
Registered
1998 A-0 0738 ---- 97 Feb '11 ____ ____ ____
• All & West 1st g 48 gu
8838 241r 8812 9034
1934 A-0 88% Sale 8814
Refunding gold 45
1943 J -J 108 ____ 103 J'iy '08
9458
• CI & Mah 1st gu g 5s
9218 81 91
J- J 92 Sale 92
5s_,,_1932
debenture
20-year
__
_
__
11334
Nov'll
11212
• Roth & Pitts 1st gold 63_1921 F-A
Coll trust Series L 4s ___ _1914 M-N U7 ____ 9734 Sep '11 ____ _ _
4 11558
1922 J -D 11134 115 11434 J'iy '12 _:__ iii.3Consol 1st g 65
_ ___
1918 M-N ___ 95 9434 Pao'11 ___ __
P 48
72 Alch'10
Buff & Susq 1st ref g 43...d1951 J -J ___ 60 100
6914 &• 67 7314
6878
3Chia III &'Pac RR 4s_ _ _2002 Ikl-N
ldi
10058
4
0
3
8
3
100
4
1003
1913 J -J 1003.3
7234
an So 1st eat Cs
7134
-7134
____
Meh'12
-----M-N
2002
Registered
8 10014 101
10014
1913 /11-S 10014 Sale 10014
2d 55
6 9112 93
9112
R I Ark & Louis 1st 4 Hs 1934 M-S ____ 92 9112
11 ---- --- --_
1913 M-S 9934 ---- 10034 Jan'
Registered
110 J'ne'12 ____ II() 11112
1
A-0
5s1934
g
N-lst
&
R
0
Bur
4
11338
1197
_
Apr'12
112%
Ventral of Ga 1st gold 5s_ _p1945 F-A 11212
1934 A-0 --------12012 Mch'03 ___ ___ .....
Registered
1 109 11118
.
.
1945 M-N 1091 10'31 10912 1091
Consol gold 58
C R I F & N W 1st gu 55 '21 A-0 101 ____ 10514 Sep '11 ____ ____ _ __ _
Nov'll ___ ____ -- ---- 1072.
1945 1I-N ---Registered
____ ____ _ ___
_
J -D
78_1927
L
St
gu
&
g
XI
1st
____
____
__
'II
Dec
103
1st pref income g 5s____p1945 Oct 4Au-g-'11
3.
Choc Ok & G gen g 53_01919 J-J 10i12 ____ 1(12
__ ____ 105 Dec '11 ____ _- ---• 2d vet income g 5s_ _ _01945 Oct -------1952 M11-N 10612 10814 107 May'12._ 107 10814
gold 5s
Consol
---_
_
__
Noy'll
96
___
___
_
2d prof income g 5s stamped__
Keok & Des M 1st 58_ _ _1923 A-0
(3 0012 J'iy '12 __ 100 10114
1
107 Dec .11 ____ ____
3d pre income g 53____p1945
1 8934 9112
90
St Paul& K CSh L lst-4 30'41 F-A ---------90
__, ____
8514 Oct '10
• 3d pret Income g 55 stamped__
2 12112 124
1930 J-D 12112 Sale 12112 12112
St PM & 0 con 6s
Chic
9112
8
5
89
.___
'12
-------,
9112
S11
• Chatt Div pur 'non g 4s-1951 J --D
.
__
'03
Dec
93
-D
J
to
6s
89
____
reduced
Cons
33.4s_.,1930
10714
,
10714
Mao & Nor Div 1st g 53 1946 J -J 107 10312 107'4 Jan '12 ___ ____ ____
103
i irii 105
1930 M-S 10212 10314 103
Debenture 5s
1947 J -J 10338._ 115 Nov'05 ____
Ga & Ati Div 5s
122 Pne'12 _..... 122 12312
St P de Minn 1st g 63 1918 '11-N
Ch
_
11
May
10934
____
10.312
J-J
1946
• Mobile Div 1st g 5s
_ ,..„12958MaY'09
1930 J -J Nor Wisconsin 1st 6s
i(ii12 iriS
Pen RR & B of Ga col g 5s_1937 M-N 101 10212 10212 J'iy '12
1919 A-0 10)12 110 11034.16lay'12 ____ 11034 11112
St P & S City 1st g Ills_
8 120 12234
12012
'gold 58_1987 ,i-J 120 Salo 123
Ceat of N J gen.
_
L 1st 58-g_1930 M-S 10338
Short
Superior
12214
12014
J'iy
'12
____
12012
11934
11914
Registered
81987 Q-J
Chic &West Ind gang 63...q1932 Q-M 10712 __ 10812J'ne 12 __-__ 108 10812
Am Dock & Imp gu 5s___1921 J-J 101 107 106 JOY '12 __ _. 106 107
8934 J'iy '12 _ _ _. 8934 921$
1952 J-J _ _ 91
Consol 50-year 4s
Le & lItid R gen gu g 53_1920 J-J 10214___ 1()212 May'12 ___ 10212 10212 Cin II & D 2d gold 43.4s
1937 J-J ____ 10114 101 Mch'12 ____ 101 101 1
100
ICI()
._
J'iy
'12
100
Leh & Wilkes-B Coal 3s__1912 M-N 100 ____
J-J
1959
43
refunding
&
t
8
1
_
_ _
100 Dec '11 _
N Y & Long Br gen g 48_1941 M-S 9818
on7.. -RM. _Vrifj.1 9 ---- -itW - -kr
1950 J-J
1st Iruaranteed 4s
-66 fiiiA
lent Vermont 1st gu g 43 8192n 0-F 9119 917. 911, J'Iv '12
Page.
Next
on
-Continued
BONDS
MISCELLANEOUS
''.g
C
6,-t- ____ ____
Street Railway
Brooklyn Rap Tran g 58_1945 A-0
1st refund cony gold 4s_ _2002 J-J
Bk City 1st con 5s 1916-1941 J J
Bk Q Co & S con gu g 53_1941 Al-N
Bklyn Q Co & S 1st 5s___1941 J-J
Bkiyn Un El 1st g 4-5s__1950 F-A
Stamped guar 4-5s____1950 F-A
1949 F-A
Kings Co El 1st g 43
1949 F-A
Stamped guar 43
-J
Nassau Elec guar gold 48_1951 J
Conn Hy& List & ref 5g 4 30_'51 J-J
J-J
1951
Stamped guar 4 30
Det United 1st cons g 43,4s_1932 J -J
FtSmith Lt Trac ist g 5s.19313 M-S
Grand Rapids By 1st g 5s 1916 J -D
Havana lilac consol g 55._1952 F-A
Interboro-Metrop coil 4 Hs_1956 A-0
53 Ear A_1952 M-N
Interboro Rap
103 10532
105 10512 10512 Aug'l
931 301 8372 0434
9278 Sale 9278
10214 10212 10214 Ply '12
10112 10212
9834 J'iy '12
9834 9833
_ 99
102 10212 jai"
1E1 13 10138 10314
10112 10212 10214 J'iy '1'
10112 10212
81
8312 8534
8534 May'12
8414 g43
86
86 Aug'12
78
8 7712 81
78
7734
-58 1017 J'ne'12
10112 fifli
101 10178
10112 10178 101- 1 Aug'12
10112 10214
__ 76
75 79%
7312 Ply '12
9412 03 Apr '12
03 95
1
_ 10014 Mth'12
10014 10014
9878 Sale 9818
3 9878 9934
9878
8243 Sale 8218
8212 434 8012 8412
__ 10458 10438
10158 11 10318 105
'No Price Friday; latest this week. d Duo Apr11, •Due May
Street Railway.
ktanhat Ry(NY) cons g 43_1990 A-0
Stamped tax-exempt____1990 A-0
Met St Ry can coil tr g 5s_1997 F-A
Guaranty Trust Co certifs_
2002
Refunding gold 4s
Farmers' Loan & Tr ctf_ _
Stamped
Bway & 7th Av lstc g 53_1943 J-15
Col & 9th Av 1st gu g 53_1993
Lex Av & P F 1st gu g 58_1993 51-S
Third Av RR cons gu 43_2000 J -J
Central Trust Co certs
Cent Tr Co cts stamped_ _ _ _
Third Ave Ry 1st a 5s__ _1937
Met W S El (Chic) 1st g 48_1938 P-A
Nlilw Elec Ry & Lt cons g 5s1926 F-A
Refunding & eaten 4 30-1931 J -J
9614
9578
9612
9578 9612 9612
102 Mch'12
- - ---- 9913 J'ne'12
61 May'12
---- 6114 J'iy '12
5934 Mch'12
10318 10314 10318 J'ly '12
102 103 102 Apr '12
____ 102 102 J'ne'12
74 J'iy '12
7112 J'iy '12
73
73
10712 165 103 J'iy '12
9312 J'iy '06
10412 Dec '11
1037
9512 May'12
9413
3 9572 981s
9814 98
9912 102
97 10362
5813 64
5712 6214
57% 62
103 10412
10112 10312
102 103
74 80
73 8112
7214 8114
108 11012
- - ----
-
951-2 -911i
s Option sale. .1
is DUO July. k Duo Aug. o Due Oct. p Due Nov. q Due Dec.
•
348
New York Bond Record—Continued—Page 2
BONDS
11
'
)
Price
Y. STOCK EXCHANGE
C
Friday
Week Ending August 9.
2.', a, August 9
Lxxxxv.
Week's..a
Range or,
.q1
Last Sale
A Jj
Range
BONDS
Price
Z.
Week's
Range
Since
N. Y. STOCK EXCHANGE
Friday
Range or
,4•711,
Since
Jan, 1,
Week Ending August 9.
go, • August 9
Last
Sale
1,
Jan,
Clig.
-Din Ham & Dayton (Continued)
Bid
Ask Low
1115h No. Lora High St P M & 141,(Continued)—
Bid
Ask Low
High No. Low High
Cin D do I 1st gu g 5s_ ___1941 51-N 1.021.2 __ 10212May12 __-- 10212 10414
Pacific Ext guar 4s _
1940 J-J
9212 ___ 9258 Mch'll
C Find & Ft W 1st gu 4sg 1923 M-N
88 Mch'll __
E Minn Nor Div 1st
g4s1948 A-0 9612
E0612 J'ly '12 ____ 6612 -sigli
Cln I & W 1st gu g 4s__ _1953 J-J
8034 -831: S634 J'ly '12 ____ -8634 83 Minn Union 1st g 6s___1922 J-J 11412 --- -114 J'iy '12
in 116
Day &Mich 1st cons 43s 1931 J -J
____
_ ____ _
_
Mont C 1st gu g 6s_ __ _1937 J-J 12518
127 May'12
127 12714
Ind Dec & W I st g 5s_ _ _ _1935 J-J 1041; 10512 10412 J'n-e-'12 ---- 154- ia-ji-2
Registered
1937 J-J 12412 ____ 13614 May'06
_
1st guar gold 5s
1935 J -J
10712 Dec '02
1st guar gold 5s
1937
J-J
11134 114 11234 Sep '11
Cleve Cln () & St L gen 48_1993 J -D -9113 9212 9118
9114
(4 91i8 9314
Registered
1937 J-J
20-yr deb 4 Ms _
1931 J-J
9314 9334 J'ne'12 ____ 9334 933.1
Will 8c S F 1st gold 5s_1938 J-D 112 _
Sop'11
11212
Cairo Div 1st gold 4s_1939 J -J 9258 9412 9358 J'ne'12 ____ 9358 941. Gulf & 8 I 1st ref
& t g 5s__51952 J-J 92 55 92
92
5
' Cln W &M Div 1st g 4s1991 J -J ___
0058 90 Ply '12 ---- 90 93
Registered
51952 J-J
St.I. Div 1st col trg 4s
1990 M-N 9012 05 9038 Aug'12 -_-- 8978 9312 T_Tock Val 1st cons g 4 Ms_1999 J-3 11- i3- f66:58J'llir"'U
1O01 103
Registered
1990 51-N
-,--/- Registered ,
01 Oct '07
1999
J-J
-------- 10013Sep '08
Spr & Col Div 1st g 4s_1940 3.1-S 89 ____ 90 Dec '11
Col Je H V 1st eat g 48_1048 A-0 92
9412 Dec '11
' W W Val Div 1st g 4s
1940 J-J
89 -- 91 Apr'12—_ 91 - -fif Col & Tel 1st ex 45
1055
F-A
¶1234___..
'12
Jan
9618
-551; -554
• C 1St L & C consol 6s 1920 M-N 10618 ____ 10534 Dec '11
Flans Belt & Term 1st 5s
__ _
1937 J-J
5912 ____ 9934 J'ne'12
9912 9934
1st gold 48
k1936 Q-F 9618 97 97 Mch'12 __— 90 ii - y ilinois CentralRegistered
k1936 Q-F 96 as 96 J'iy '12 _ -- 96 96
2. 1st gold 4s
1951
10112
J-J
____
10212 May'12
10212 104
Cln S & CI con 1st g 5s___1928 J -J 10638 ___ 1071/ J'ly '12 ___- 10718 1071
Registered
1951 J-J
8
100 -Sep '11
_C 00 & I consol 7s
1914 J-D 101 105 105 J'ne'12 _.-- 105 10512
1st gold 334s
1951 J -J
91 ___ 90 Apr,'12
90 90
•
C.onsol sinking fund 7s_1914 J -D
---- _ _
_
Registered
_1951 J-J 89 __ 89 Aug'12
89 8912
General consol gold 03_1934 J -J
12:3 - 1231-2Apr-'12 ____ 12312 NitExtended 1st g 3 Ms____1951 A-0 81) ____ 9312May'03
Registered
1934 J-J
Registered
1951 A-0
Ind 131 & W 1st pret 4s_ _ _1940 A-0 04 ____ 94 J'ly 03 ____ -------1st gold 3s sterling
1051 51-S ---- ----____
J'15,--'55:—
0 Ind & W 1st pref 5s_d1938 Q-J
95 __ _
— — ---- ...._ _
Registered
1951 111-S
_ _
_
• Pco & East 1st con 4s_1940 A-0
9012 92
. 91- -91 J'ne-'12
Coll trust gold 4s
1052 A-0
9
.814 J'li ii
-9712 for
Income 4s
1990 Apr
40 45 4014
4014
2 35 4678
Registered
1952
A-0
____ OW3
,
- 9812 Aug'11
__
Col Midland 1st g 4s
4912 51
1947 J-J
50
50
20 42 5812
1st ref 4s
1955 3.1-N 95 951f 9519
051,
,
14
95 9634
Colorado h Sou 1st g 4s_1929 F-A 9534 9611 9534
9618
7 913,1 0758
Purchased lines 33s_1952 J-J ____ 07 8614 Feb '12
8618, 8614
Refund & ext 4 Ms
1935 51-N 9512 Sale 951.
96
26 9514 9818
L N 0 h Tex gold 4
1953 1M-N
1
1 96 J'ly '12 __ 96 9912
Ft W & Den C 1st g 6s
1921 J -D 10914 110 111 - May'12 __-_ 111 1121,
Registered
1953 5I-N ---- ---___
9434Jan
'11
Conn lc Pas Rivs 1st g 4s_1943 A-0
____
_
Cairo Bridge gold 4s
1950 J -D 1
412 __ 9478 J'ly '12
9i7 95
Cuba RR 1st 50-yr 5 g
1952 J-J ..—
_ 100 Ma-y*-10 ___
Litchfield Div 1st g 3s_ _ _1951 J-J
7312 7513 731. J'ne'12
7312 7312
net Lack & WesternLoulsv Div & Term g 3 ms1953 J-J
85 8612 86 - J'iy '12 ___ 8412 8713
1,Morris 8c Essex 1st 7s_ _1914 111-N 10112 ___ 10112
10412
2 10438 106
Registered
1953 J-J
8312
8314 Noy'10
1st consol guar 7s...._1915 J -D 10714 10734 10712 Ply '12 ...-- 10712 10918
Middle D4v reg Is
1921 F-A 10534 ____ 123 May'99
Registered
1915 J -D 107
- 11138 Dec '10
Omaha Div 1st g as
1951 F-A 73 751s 75 Apr '12
1st ref gu g 33s
2000 J-D 85 ____ 90 Mch'12 ---- 90 90
St Louis Div & term g 38_1951 J-J
74 77
7512 Mch'12
• N Y Lack 8c W 1st Os___ _1921 J -J 112
11212.11y '12 ___ 112 11414
Registered
1951 J-J
73 7518 __
___ ......
Construction 5s
1923 F-A 10512 1073
--4 10734 May'12 ---- 19712 1073
Gold 3 Ms,
1951 J-J
84
._
8.55;
J'ly '12 '.._ _
4
Term & Improve 4s
1023 111-N 95 ---- 98 J'ly '12 ____ 98 08
RegIstereti
1951 J-J
8312 ____ 10118 Oct '99
Warren 1st ret gu g 3 5.68_2000 F-A 85 ___ 10218 Feb '03 ____ ___ _
Sprrng Div 1st g 330
1951 J-J 84 86 100 Nov'00 ____
Del lc Hud 1st Pa Div 7s__ _1917 51-S - „..- --- 11612Aug'll __
-Registered
11)51 J-J
83 86 _
Registered
1917 51-S 98 _ 149 Aug'01 _
_
-Western lines 1st g 4s
1951 F-A 94 9612 jii-2,7,J10'12
-041:: 9614
• 10-yr cony deb 48
1916 J -D 9818 f1413 0818
11812 ii if1-2 -66 Registered
1951 F-A 9:3
1st lien equip g 4 Ms
1922 J-J_ 10114 Sale 10114
Bello/ lc Car 1st Os
101.14
1 101 10134
1923 J-D 11234 ___ 11712May'10
1st & ref 4s
1943 n-N 9814 9'.itt 9938 Aug'12 ...„ 98 9034
Carb & Shaw 1st g 4s
1932 111-S 93 _
9412J'iy
'12
-611-2 -66- i
Mb & Sus cony 3 M s_
_1046 A-0 91 Sale 9012_ 91
40 90 93
Chic St L & NO g 5s
1051 J-D 111)2114 11334 J'ly '12
11334 116
Rens & Saratoga 1st 7s 1921 /11-N 120
12114 34alr'12 ---, 12114 12112
Registered
1951 J-D 113 -- __ 114 Feb '11
Deny& 11,,Or lst con g 4s1936 J -J 8514 90 8514
Gold 3 3-0
1951 J-D 82 ____ 90 Oct '09 ____
8531
6
84
91
9714 9612
Consol gold 4 Ms
1936 J-J
9612
3 9738 9812
Registered
1051 J-D
Improvement gold 5s_ _ _1928 J-D 95 97 94 J'n0'12 __. 94 9912
Memph Div 1st g 4s
1951 J-D
5 _-__ 9712 Mch'10
1st & refunding Is
1055 F-A 8334 Sale 8334
Registered
8334 11 8312 90
1931 J-D ----Rio Or June 1st gu g 5s_1930 J -D 10112 ---- 10112 Ply '12 __-Sou
St
L
1st
gu g 4s
1931 IM-S
10112 10112
U318 _ 98 J'ly '08.._
Rio Gr So 1st gold 4s
1940 J-J ..
71 6112 Apr '11
Ind III 8c la 1st g 4s
1050 J-J
94 100 9238 J'no'12
92% 90
Guaranteed
1940 J-J ---- ------83 Mch'08
hat & Great Nor 1st g 6s
1919 51-N 108l4 ,,,,_ 10812.fly '12
108 10812
Rio Or West lst g 4s
1039 J-J ,_ _ 841 8414 J'ly '12
Central
Iowa
1st gold 5s_1038 J-D ____ 98 105 J'ly '12 .. _ 100
105
Mtge & col trust 4s A 1949 A-0
Ref undlrig gold 981951 n-s 63 64
'
80 J'ne'12 __ 78 81
64
64
-3 6212 6612
Utah Cent 1st gu g 4s_a1917 A-0 ---- ------97 Jan '02
lamestoWn Franklin -&
Des Hot Un Ry 1st g 5s
tr Clearfleld 1st 4s
1917 51-N 99 ..-- 10 Sep '01
1959 J-D -------- 01 May'12
94 941g
Del & Mack 1st lien g 4s
1905 J-D
-Van City Sou 1st gold 3s_1950 A-0
95 92 Noy'll
1314
s 72 74
3 7314
Gold 4s
1995 J -D 91
91
91
i 66 5212 IA.RefRegistered
1950 A-0 ---- ---- 63 Oct '00 ___
Del fly Tun Det Ter Tun 4 3-s'131 11-N
&
Impt 5s
9234 0934
ii
9934
1 9912 10078
Apr 1950 J-J
9Si4
9712 98 98
i66);
Del '1' ea 1-0 S Div 1st g 4s1941 11.S
Kansas City Termi 1st 45_1960 J-J ____ 971
75 Feb '12 ____ 75 75
98
: 98
6 003,1 9134
Dul Missabe & Nor gen 5s...1941 J -J 105 10553 LOA J'ly '12 -- 10558 106
r ake Erie & W lit g 5s__ _1937 J-J 10712
10934 10712 J'iy '12 _
HU
10712
Dui & Iron Range 1st 5s
1-1
1937 A-0 101 105 10412 10412
2d
gold 5s
1 10112 107
1941 J-J 104 10412 104 May'12
104 10414
Registered
1937 A-0 103 ____ 10612 Mch'08
North Ohio 1st gu g 5s__ _1945 A-0 10414106):
J'ne'12
16414 10512
2d 6s
1916 J -J 102 ____ 104 Feb '11
Leh Vail N Y 1st gu g 43,0_1940 J-J 102 10478 10114
1.0,138
10438
2 10138 106
D tit So Shore & Atl g 5s
1937 J -J 105 ___ 10512 J'ly '12.
_ 10517 108
Registered
1940 J-J
0412 MaY12 --... 10412 10 112
Vigln Jol & East 1st g 5s 1941 111-N 11038 11138 11213 May'12 ___ 11034 11218 Lehigh Vail (Pa) cons g 48_2003
51.-N ---------0712 J'ly '12 ---- 97' 9814
Lido 1st consol gold 7s
1920 M-S 116 11712 11613 J'ly '12
11614 11838 Leh V Ter fly 1st gu g 5s_1941 A-1) 11313 ____ 114 May 12
11314 114
NY & Erie 1st ext g 4s....1947 51-N
J'ne'll
_
10112
Registered
1941 A-0 110 __
11118 Dec '11
2d ext gold Is
1919 NIdi3
-4 10414 Mch'12 ____ i54.14 115T12 Leh V Coal Co 1st gu g 5s_1933 J -J 10713 ____ 108 J'iy '12 ____ rag - rag—
3d eat gold 4 Ms
1923 51-S 10143 10218 Mch'12
Registered
1023
10212
4
1933 J-J
4th ext gold 5s
1920 A-0 10318 ____ 10.5 Feb '12 __ 105 10514
1st int reduced to 4s
1933 J-J
-5th ext gold 43
1928 J -D 96 101 100 Jan '12 ___. 100 100
Leh & N V 1st guar g 4s
1945 111-5 911-3 -___ -93 - J'n-e-'12 _-___ (53 -6;18
, NY L E & W 1st g Id 7s_1920 51-S .. — 11614 11534 J'ne'12 ....„ 11534 11612
Registered
1945 M-S
_
8978 Sale 8914
El C & N 1st pref Os
, Erie 1st con g 4s prior__ _1996 J -J
897P 41, 86
8812 90
1914
A-0
1.6i........
ioifiFei)
.16 ____
8s1,,
Registered
8812J'ne'12 ___
8434
1906 J -J
Gold guar Is
1914 A-0 10014
103 Mch'12
idS" 103
,•
1st consol gen lien g 4s1906 J -J
7712 Sale 7712
7814 52 7712 793:i Long IslandRegistered
1996 J-J
77 Apr '12
1st consot gold Is
77 77
81931 Q-J 109 112 10914
10914
2 10914 11038
Penn coil tr g 4s
1951 F-A 91 Sale 91
91
34 8818 91
1st consol gold 4s
81931 Q-J 95
9614 9614
9614 Mch'12
•
1953 A-0 8634 Sale 8634
50-year cony 48 A
General gold 4s
8634 10 8558 9118
1938 J-D 9418 ____ 9414 J'iy '12
9412
94
,
1953 A-0 7818 30 7812
Series B
do
7834 33 7514 867,
Ferry gold 43.0
1922 51-S 08 100 08 J'ne'12
08 98
Buff N Y & Erie 1st 7s_1916 J-D _
10912 110 Apr '12
45
Gold
10834 11034
1932 J -D 9118 97
9914 Oct '06
' Clime & Erie 1st gold 58_1982 11-N 11-212 113 113 .Ply '12
Unified gold 4s
112 114
1949 :11-S.01 ___ 9512 J'ne'12
92 -9512
• Clay & Mahon Val g 5s 1938 J -J 109 -__ 109 May'12
Debenture goid Is
109 109
1934 J-D __
10412 Dec '08
Registered
•
1938 Q-J 107
Guar ref gold 4s
1949 51-S..
9511 9512
0534
4 93 -9712
Long Dock consol g Os_ _1935 A-0 124 --_- 12412 Ma-i'12 ____ 12334 124t2
Registered
1949 /11-S _ --- ---95_
Jan '11
, Coal & RR 1st cur gu 6s_1922 51-N 10618 10212 10678 J'no'12
__ 106 107
NY 13 & MB 1st con g Is 1935 A-0 10412 1071,1 11014 Ney'06
, Dock & Imp 1st cur 6s1913 J-J 10118 ____ 10134 Mch'12 ____ 10131 10131
N Y & 11 B 1st g 5s
1927 NI-S 10212 10334 101 J'ly '12
10312 faf
N Y & Green L gu g 5s 1946 31.-N 10258 105 10312.0g'" ---- 103)3105
Nor Sh B 1st con g int 5s.01932 Q-J 10113 ___ 10714Jan '12
10012 10714
103 103 els
N Y Sus & W 1st ref 5s 1937 J -J
,'12 ____ 103 105
E.ouislana & Ark 1st g 5g
1927 M-S 9212 96 03 May'12 __ _. 93 9412
2d gold 4 Ms
1937 F-A 8212__.. 10014 Dee '06
r...oulsviille
SG Nashville—
___
General gold 58
1040 F-A 87
87
87
General gold Cs
2 87 00
1930 ,1-D 113
11378
1137s le 11212 11712
Terminal 1st gold 5s 1943 11-N 10812 ____ 110 J'ne'12 __
Gold 53
110 110
1937 51-N 112 _ _ 112 Apr '12
11142 112
Mid of N J 1st ext 5s
1940 A-0
11112 May'12 ____ 11112 11112
Unified gold 4s
1910 J-J1;514 9838
9834 67 08 9958
Wilk ec Ea. 1st gu g 5s
1942 J -D 1i 12 109 9912
Registered
9912
1 9912 1021.
98 _
19 10 J-J
9818 J'ly '12
9818 9833
Fly & Ind 1st con gu g 68_1926 J -J 109 ____ LOG Mny'12
106 106
' Collateral trust' gold 5s 1931 St-N 110 ___ 109 J'ly '12
10852 11012
Evans & T li 1st cons 6s
1921 J -J 11013 112 112 J'ly '12
11119 11238
E It & Nash 1st g Os___ _1919 5-I) 11053 111 11058.11y '12
11032 11132
1st general gold Is
1942 A-0 10134 102 102 J'ne'12 __ 101710238
L Cin & Lex gold 4 Ms_ _1931 St-N 103 1043., 10131 May'12 __ _ 10115 105
Mt Vernon 1st gold 6s_ ,,1923 A-0 10734 ---- 108 Nov'll
N 0 & AI 1st gold 6s
1930 J -J 120 1201, 12014
12038
i 12011 121
Sull Co Branch 1st g 5s_1930 A-0 95 ___
95 J'ne'12 ___ 95 95
N 0 8c'M 2d gold 6s1930 J -J 116 ____ 11712Jan '12
11712 11712
lillorlda E Coast 1st 43s_1959 J-D
7- 97
07
Paducah & Mom dly 4s_ _1946 F-A 9418
3 96 995s,
_ 95 May'12 __- 05 96
I. ort St N D Co 1st g 4 Ms_1911 J-J ---- ------92 Aug'10 ___ __ ____
Pensacola Div gold Os_ _1920 51-S 10534 10714
_- 10534 Mehl'
Ft W & Rio Or 1st g 4s_.,1928 J-J
2712 77 J'ly '12
77 8112
St Louls Div 1st gold 68_1921 11-S 11112 11212 11212.11y '12
112)9 113
(1 al H ec,II of 1882 1st 5s..1913 A-0 9912 ____ 00 May'12 ___ 0012 100
2d gold 3s
1980 31-S 6918 7218 6914 J'ly '12
6912 6934
k...1 rest Northern—
Atl Knox & Cin Div 4s 1955 M-N ____ 9214 9212
92 93
9212
9
coil
Q
trust
4s
1921 J-J
CB &
9618 Sale 96
9614 117 90 0858
Atl Knox & Nor 1st g 5s_1946 J-D 11112115 11212 May'12
11212 11212
•
RegIstered_h
1921 Q-J 96 __ 00 J'iy '12
Hender Bdge 1st 51 g 68_1931 M-S 105
90 9838
106 Apr '11 ...• 1st & refund 4 Xs ser A_ _1961 J- J 10038 1003-4 10058
Kentucky Cent gold 4s 1987 J-J
10034 68 10018 10158
_9373 93 J'iy '12
-93 96.
Registered
1061
L & N & Id & Mist g4 901945 51-S 1045;._
10-114 10458
10135 J'iy '12
St Paul AI & Man 4s
1933 5--.1 if 661
: 6812 Au-g-'12. -_
L & N-South M joint 4s_ _1952 J-J
6814 11634
9212 --_ 8912 fly '12
887s 895s
•
1st consol gold Os
1933 J-J 125 _
12434 J'ly '12
Registered
12434 12534
81952 Q-J
86
95 Feb '05
•
Registered
1933 J-J ---- ------132 Apr '09
N Fla lc S 1st gu g 5s_ _ _ _1937 F-A 109
J'ly '12 ___ _ i66" 11:744
Reduced to gold 43.4s1033 J-J __,,l05 10358
N 14 0 I3dge gen gu g 4 Ms 1945 J-3 10134 10912 109
10358
1 153-58 10512
___
Registered
1933 J-J 103 __ 10834 J'ne'09
_
Pens 8c All 1st gu g 11s_ _ _1921 F-A 11012 .... i1.5 hic-11'12 -- -. Ili - 112Mont ext 1st gold 4s 1937 J -D 9612 9158 9658
6658
5 -gi, (wl,
S & N Ala con gu g 53_1936 F-A
10913 11118
_ _ 1105; 10918 J'iy '12
Resristered_
• 10:17 .1 -II 05
OR J'ne'll
r. it, Jeff 18dre Co en tr 4s
1045 51-S4
011. Meh'12
9114 9114
MISCELLANEOUS BONDS—Continued on Next Page.
1.1.
80 -
ggi,_
-.—
„
Street Railway
Ifinneap St 1st cons g 5s___1919 J-J
New Ott By lc Lt gen 40_1935 J-J
N Y Rys 1st R E & ret 4s temp J -J
Temporary &Li Inc 5.3
A-0
Portland Sly 1st & ref 5s___1930 11-N
Portland Gen Elec 1st 5s_1935 J.J
St Jos By. L, H & P lstg Is 1937 51-N
St Paul City Cab cons g 5s__1937 J-J
Third Ave 1st ret 45 ctfs
AdJ Inc 53 Interim ctfs
Trl-Clty fly & Lt 1st s f 5s_1923 A-0
Underground of London 5s_1920 2J-N
4H5
1933 J-J
Income 65
1948
Union Elec (Chic) 1st g 5s 1945 Aqi
United Rys Inv 1st lien coU
trust Is Pitts issue
1926 /11-N
Street Railways.
10112 102
United Rys St L 1st g 4s__ _1934 J -J
7578 _ - 7712 J'ly '12
7612 80
8412 8812
St Louis Transit gu 5s__1924 A-0 84 87 84 Sly '12
84 85
7734 8158 United RRS San Fr a t 4s__1927 A-0 65 66 6412
6534 25 6413 70
5112 6934 Va By & Pwr 1st& ref 5s__-1934 ,j-J
97 J'ly '12
0612
96 9712
99 99
Gas and Electric Light
_
Atlanta G L Co 1st g 5s____1947 J-D *104
_
—i 1581;166'
Bklyn U Gas 1st con g 5s_ _1945 51-N 10018 107 107 J'ly '12
10614 10738
36 8134 80
Buffalo Gas 181 g Cs
1947 A-0 -64.- 6412 6112 J'ly '12
60 63
7034 80)) Columbus Gas 1st g 5s
1932 J-J
38
1 9718 99
Detroit City Gas g Is
10114 S
-ale 151171
1923
i651; 10114
Del Gas Co con 1st g 5s
1918 F-A
9558 Sep '08
2 95 9614 Bet Ed/son 1st coll tr 5s
1933 J -J 101
idfig foil;
1.0158
10158
5 7412 90
Eq G L NY 1st con g 5s
1932 51-S
1053410534
10534 J'ne'12
Elec Berg Co cg 53_1949 J-D
Gas
6112 Oct '01
Gr Rap G L Co 1st g 5s
1915 F-A 99 100 100 Oct '09
Gas
8212 5,512 8414.1.'1y '12
Co
Hudson
8334 8512
1st g 5s_ _1949 M-N
10414 fogi;
_ 105 10518 J'ly '12
Yea City(MO)Gas 1st g 5s.._1922 A-0 lot _
9912 9034
99345an '12
• No price Friday; latest bid and asked this week. a Due Jan. 5 Due Feb. 4 Due Apoil. 8
Due July. k Duo Aug. o Duo Oot. s Option sale.
102
102 10214 102
8-3
8712 8714 Ply '12
7834
7834 Sale 78%
5814
5778 Sale 5714
10034 --- 99 Feb '12
____
-45- No-Ciii
98
106
106
106
8212 8234 8212
8234
72
7114 7112 7114
981?
9812 99 9842
98 Apr '09
9512 96 0512
9512
____ so
86
80
84 Oct '08
1
____
51
493
____
Joys_
Aua. 10 1912]
BONDS
N. Y. STOCK EXCHANGE
Week Ending August 9.
349
New York Bond Record—Continued—Page 3
Price
Friday
August 9
Week's
Range or
Last $kis
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending August 9.
War;
Range or
Last Sate
Price
Friday
August 9
Range
Since
Jan, 1
High No. Low High
Bid
Ask Low
High No. Low High NY C &H R—(Con)—
Bid
Ask Low
9958 12 9912101
995 Sale 9938
West Shore 1st 48 guar_ _2361
3 97
anila RR—Sbu lines 4s_1936 31-N
9812
9814
9758
9814
Sale
2361
Registered
25l Apr 09
Cent Inc g 3s tr reets..
L
-LV-exlean
'11 ---'1y
J-J
.
10012.1
1923
;is
NY Cent Lines eq tr 4
-1917 -A-(5
Equip & coil g 5s
New
Hartf—
Y.
N
Haven
do
_
-fi
M-S
4s_1977
Ilex Internat 1st con g
0112 92
92 92 J'17 '12
1955 J-J
Non-cony deben 43
79 Nov'10
1977 11I-S
Stamped guaranteed
9112 93113
1956 ht-N 9112 9158 9158 J'ly '12
Non-oonv 4s
129 - 120
'12
11 90 9458
Minn & St L 1st gold 7s_ _1927 J-D 115 12912 129 Feb
J-J 9012 Sale 9012
90
2
,
Cony
debenture
3
:is-1956
Aug'11
A-0
.
3
(
.
1
a_
._
_1931
Pacific Ext 1st gold as_
13212
128
13
12814
J-J
12814
12812
4
3
1948
128
Cony
as
debenture
101
log
4
101
101
1934 M-N 101
1st consol gold 55
99 EL918
Harlem R-Pt Ches 1st 4s_1954 M-N ---- -- 99 J'ly '12
6514
2 60 6978
s 63 66 64
1st and refund gold 4s_ 19 10
9912 9912
9912 J'ne'12
F-A 99,4 1955
&
B
V
N
Air
43
1st
Line
81
77
'12
7714.1'1y
J-J
— 7712
Des M & Ft D 1st gu 4s_1035
9214 63%
921
6212 9212
Cent New Eng 1st gu 4s_1961 J-J
9634 12 06 9784
4
StP&SSM con g 4s int gu.1938 J-J -99 9712 90
114 115
-- 115 Mch'12
Housatonic it cons g 5s_ _1937 M-N jig
9714 9714
1st Chic Termi s f 4s_._ _1941 11-N 9612 9712 9714 J'ne'12
997 Sale 9978
100
43 98 10014
N YW'ches&B 1st ser I 4 ;Is '48 -J
9614 9614
9312 __ 9614 May'12
liSSM&A 1st g 4s int gu 1926 J-J
107 Aug'09
-- N H h Derby cons cy 5s_1918 .n-N *10212
,re 9512 Moll'11
1
,.
Mississippi Central 1st 5s_1949 J-J
1945
New England cons 5s
-IN21
6/0434
D
J
4s1990
4
943
gold
4
943
Texaslst
&
9912 RIO
Mo Kan
2
-661J
J4s
Consol
1945
80
_7
8418
803
0900 F-A 80 8112 8638
2d gold 4s
84 84
Providence Secur deb 4s_1957 51-N 81 _ 84 J'ly '12
100 10212
1944 11-N 9978 100 100 J'ly '1
1st ext gold 5s
92
1 92 96
_ _ _ 012 92
N Y 0 dc W ref lst g 4s___01992 M-S
—
8112
7712
14
,
8
M-S
7
,
2004
14
78
7712
7814
4s
&
refund
, 1st
9212 9212
9212 J'ne'12
Registered 85,009 only_01992 ti-S
4 8512 8914
05'3
,is_ 1936 J-J 85 8512 8512
Gen sinking fund 4)
8908 8953
8958 Feb '12
General 4s
1955 J -D
76 78
3 7712 78 J'ly '12
i1555St Louis Div 1st ref g 4s_2001 A-0 .
Norfolk Sou 1st & ref A 5s 1961 F - A ciii; N6.- 100 J'ly '12 ____ 99 10018
'12
10538
s
1053
Mob
10533
M-N
—
1st
1940
gu g 5s
Dal & Wa
10212 10234
10234 Apr'12
1033:3
f
Non
&
South
54_1041
1st
gold
9012
91
J'ne'12
88 -9"a14
- 91
Kan C & Pao 1st g
12518 J'ly '12 ____ 12338 1251g
Norf & West gen gold Os_ _1931 M-N 122
108 110
Mo K & E 1st gu g 5s...._1942 A-0 10734 10812 108 J'ly '12
124 12632
- 12417 May'12
Improvement & eat g 6s_1934 F-A 12512 1E32
10514 10712
M K & Ok 1st guar 55_ _ _1942 hl-N 104 105 10534 fly'12
124 124
124
May'12
A-0
1213
New
4
River
1932
1st
6s
gold
101
101
104
, MK &TofTlstgug58_1942 MS 101 10312,101
9738 23 97 9978
_ 5.73-2 97
N & W Ry 1st cons g 4s 1996 A-0
2
10334 1037s
mecbh:12
0374 F
_ 102 103
Sher Sh do So 1st gu g 58_1943 JD
98 Jan '11
__
A-0
6
0
1096
Registered
10372
10514
2
0
1
10514
Texas & Okla 1st git g 55 1943 11-S
9233 12 9134 94
Div'l 1st 1 & gen g 4s_1944 J-J ,;„ 6114 9214
'12
10478 10818
Missouri Pao 1st cons g 63_1920 11-N 103 105 10178 J'ly
11712 142 10712118
10-25-year cony 4s_
1932 J -D Lit 11712 117
9834 10034
9912
9912
Trust gold 5s stamped_ _a1917 11-S 99 9912 97
11658 270 108 117
116 117 116
10-20-yr cony 4s full pd rct:;
97 97
May'12
_
_
97
tlS
94
Registered
9118
1 91
92 9418
Pocah C & C Joint 4s_ _1941
97 10034
97
97
0
_317
10638 10632
1st collateral gold 5s_ __a
CC & Plat guar gold 58_1922 J-J 10614
10638 Mch'12 _
1920 F-A
Registered
_ 9614 J'ly '12 ___ 95 9812
M-N
V
Selo
&
4s_1089
N
E
g
gu
1st
7514
70
71
if'
7014
7312
M-S
1945
40-year gold loan 48
9612 93 983310034
9838 ..
are 9858
Northern l'ac prior 1 g 4s_ _1997 Q-J 96.
92 9612 May'11
3d 78 extended at 47._ _1038 M-N
9814 9912
1997 Q-J _9312 9814 J'ne'12
Registered
8558 25 94 8948
4 Sale 8434
1959 M-S 8431st & ref cony 5s
4 69 6834
33 6834 70111
69
General lien gold 3s_ ___a2047 Q-F
92
'12
92
J'ly
92
____
F-A
92
_1919
Cent Br By 1st gu g 48_
Q-F
.338
68 68
'12
J'ly
68
02047
Registered
May'12
81 gl
1948 J-D 75 80 81
Cent Br U P 1st g 4s
St Paul-Duluth Div g 4s_1990 J-D 9512 _ _ _ _ 96 J'ly '12 ____ 96 9612
98 10212 110 Mch'05
Leroy &OVA L 1st g 5s_1926 J-J
'12 _ 100 100
J'ly
100
M-S
Dul
1st
Short
5s___1916
-L
gu
012
10
'12
J'ly
,
6
2
i19412
96
9358
92
Pao R of Mo 1st ext g 48_1938 F-A
115
115 11612
St P & N P gen gold Os_ _1923 F-A 11438 11., 115
2d extended gold 5s _ _ _1938 J-J 102 105 10812 May'll
11538 Aug'11
Registered certificates_1923 Q-F 12438 _ _
3 1021210638
StL Ir M&S gen con g 5s_1931 A-0 10314 10312 10312 10312
'12
Jan
107
_
F-A
107
10014
id/
5s_1931
&
St
Paul
Duluth
1st
'09
Sep
111
Gen con stamp gu g 5s_1931 A-0
1917 A-0 10112 ___ 10234 J'ne'11
2d 5s
78
36 158 8234
7758
Unified & ref gold 4s_ _1929 J-J
9234 94
91 J'ne'12
1968 J -D 9134
1st consol gold 4s
Mch'12
80
78
80
1929
J-J
Registered
•
9118 Apr '11
1948 Q-M
Wash Cent 1st gold 4s
8312
6 8212 84
111v & G Div 1st g 48_1933 M-N 8338 -8312 8312
iff!'i iris;
_ 11112Jly '12
Nor Pac Term Co 1st g 68_.1O3 J-J 111
100 10212 Jan '10
Verdi, VI do W 1st g 5s 1928 ,11-S
9114 45 91 9234
J-J
9118 Sale 91
_1061
do
Oregon-Wash
1st
ref
4s
119
'12
121
J'ly
4
119
1183
11938
J-D
Mob & Ohio new gold 6s.._1927
'12
104 '
10312
J'ne
10458
J-14
104
_1946
58_
Co
10338
Coast
Pacific
g
1st
11534 11534
1st extension gold 63....../i1927 Q-J 11412 ___ 11534 FeZ '12
1 10014 102
10012 10012 10012
enna RR 1st real estg4s_1923 hi-N
85 8734
1938 1I-S 8512 88 85 J'ly '12
General gold 43
108 110
Mch'12
-S
hi
110
1919
55
Consol
gold
10734
4
10734
10734
3
F-A
110 :
10734 10812
Montgom Div 1st g 51_1947
[0117104
34 10112 Aug'12
1943 ,11-N
Consol gold 4s
8234
2 82 8.332,
St L & Cairo coil g 45_ __21930 14-F 8234 8352 52
9912103)13
9078
Convertible gold 3;is__ _1912 M-N -9978 100 9978
93 9312 Mch'11
Guaranteed gold 4s
1931 J-J
9714 so 9534 97Ts
-D
J
9718
971s
Sale
gold
3;0_01915
COnvertible
10234
'12
101
J'11
10234
Mashy Ch & St I. 1st 73_1931 J-J 1024 103
'12
97 9712
J'ly
J-D
97
06_
Registered
01915
10063 10034
10934 J'ly '12
1928 A-0 10934 _
VI 1st consol gold 5s
10212 10418,
Consol gold 4s
1948 hl-N 10212 .
163-13 10312 10312
_ 11574Nov'10
Jasper Branch 1st g 8s 1923 J-J 114
3
993
3
10018
10018
M-S
10018
_1942
Alleg
Val
gen
4s_
g
guar
10734
Meh'12
10734
10734
1917 J-J 10634
McM M W & Al 1st 6s
I) BR R & Ego 1st gu 482.1936 F-A
T & P Branch 1st Os_ _ _ _1917 J-J 10634 ___ 113 J'ly '04
107
t;iii
1021$
k 102
Phila Balt & W 1st g 4s 1943 M-N 99 iO1789
93I
89
89
89
90
-J
J
Nat Rys of Alex pr Ilen 4 3,0.1957
102 Jan '03
'
Sod Bay & Sou 1st g 53_1924 J-J
8212 8612
8212 83 J'ly '12
Guaranteed general 4s_ _ _1977 A-0 _
J-J
0618
1930
&
43
Lewis
Sunbury
g
1st
09 100
_- 100 99 Mch'12
9834
Nat of Mex prior lien 4 ;is_192e J-J
101 10112
U NJ RR & Can gen 43_ _1944 M-S 101_ 10113 May'12
14
7812
7812
80
78
80
4
778
A-0
1951
1st consol 95
163
10278 104
1921 J-J 10234 idils 103
Penne Co guar 1st g4 ;is
8914 95
891
1
8712 891
N 0 Mob &Chic 1st ref 58 1960 J -J
103 103
1921 J-J 10212 — - - 103 Mch'12
Registered
---8
NO &NE prior lien g 6s__p1915 A-0 103 106 - ---8014 Apr '12
Guar 3 4-is coil trust reg_ _1937 1f-S 8834 -88.12 8914
$77g
8812
877
8778
J-J
1953
New Orleans Term 1st 4s
88 8834
May'12
_
_
_
F-A
89
3
4
Guar
;is
B.1941
3
ser
coil
88
trust
8634
12 8812 8812
8512 Sale 8012
N Y Central & Ii B g 3 30_1997 J-J
9712 9814
_ 9738.1'1y '12
Trust Co certfs gu g3 3.0_1916 M-N 9712
86 8714
8612 _ 8714 J'ly '12
1997 J-J
Registered
88 8814
1042 i-i) 86 8834 88 Mch'12
Guar 3;-is trust offs C
9312 15 9214 0614
1934 hl-N 9318 Sale 9278
Debenture gold 4s
8734 Jan '12
Guar 3 44s trust vas D__ _1944 J-D 861,
8734 8734
93 93
93 May'12
1934 M-N
Registered
0618
96 9812
1931 A-0 9618 9634
Guar 15-25 year g 4s
- 9618
Si
8034
12
85
-A
8034
81
2038
,
1
_1998
g
coil
;is__
3
Lake Shore
_
Dec '11
__
92
-N
31
Cln
0012
g_1942
Leb
do
Nor
4s
gu
'12
84
J'ly
79
70
1908 F-A 78 ;811
Registered
- -Cl & Mar 1st gu g 434s_1035 M-N 10212105 110 Jan '05
7818 8212
79 7932 7938 J'ly '12
Mlch Cent coil gold 3.s1998 F
- Cl &Pgengug 44isserA 1942 J-J 101 106 10734 Dec '11
791::
4
773
'12
J'ly
7838
____
7712
F-A
_1908
Registered
Series B
1042 A-0 101 _ _ _ _ 10934 J'ly '09
0918 99Ir
9834 __. 9918 J'ne'12
Beech Creek 1st gu g 4s.._1936 J-J
9114 -9f1:2
Int reduced to 3;0_1942 A-0 9114 _ _ 0114 Feb '12
9718 ____ 90 May'll
- 1936 J-J
Registered
9114 9114
9114 May'12
1948 M-N 9114_
Series C 3 Hs
1936 3-.1 107 ___
2d guar gold 5s
9914 6'53 00 May'08
1950
D
F-A
334s
Series
1936 J-J
Registered
2
-111-1-2 -911Erie do Pltts gu g 3 ;is B_1940 J-J ____ 9212 9112 May'12
_
Beech Cr Ext 1st g 3;0_51951 A-0
9918 9012
1940 J -J
Series C
- - - 9018 J'ly '12
-- — _
Cart & Ad 1st got g 4s_ _ _1981 J-D -66":::: "ift-2 Apri6
104
105
Aug'12
-J
J
104
.104
Grit
&
I
34s_1941
exist
4
g
gu
Gouv & Oswe 1st gu g 5s_1942 J-D 108
100 10114
Pitts Ft W & C 1st 7s
1912 J-J
---- 100 May'12
-61;1-2 991g 2ieh'll
Moh & Mal 1st gu g 4s_ _ _1901 M-S
10378 Feb '11
2d 7s
1912 J-J ____ _
N J June R guar 1st 48_1988 F-A IN1 100 105 Oct '02
101 Dec '11
A-0
78
3d
81912
1086 F-A
Registered
2 — 109 May*10
Pitts Y & Ash 1st con 5s_1927 M-N idf18858 89
N Y & Harlem g 3 as.. _2000 M-N 8814 — - 89 May'12
10134 jai
10218 J'ne'12
Tol W V & 0 gu 4;is A_ _1931 J-J 10178
__-2000 11-N
Registered
10112
J-J
100 J'ly '10
_1933
13
Series
434s
---- 07 iol - Oct '09
N Y & Northern 1st g 53_1927 A-0
1942 11-9 9512 Series C 48
Aulell
8
977
95
.
A-0
4s1903
g
N Y & Pu 1st cons gu
fa
1664
10414 J'1y'12
10134
15538
C
hsA1940
P
&
C
L
St
4
gu
Nor & Mont 1st gu g 5s...1016 A-0
10134 107
10434 10517 10434,1'1y '12
1942
Series B guar
05
1511-2Jan
,
Pine Creek reg guar 8s__ _1932 J-D 12678
1942 M-N 10438 107 106 J'rre'11
Series C guar
iff3-4
R W & 0 con 1st ext 5c_h1022 A-0 10634 _ 10634.1'1y '12
'12
99
-if
J'ne
9712
M-N
_
97
1045
D
guar
4s
Series
Mch'12
101 101
10.512 101
Oswe & R 2d gu g 55___81915 F-A
9318 9312
Series E 31is guar g_ _ _1949 F-A 047i 61 9312 Feb '12
R W & OP 14 1st gu g 5s_1918 M-N 15634 ___ las J'ne'10
97 97
97 J'ly '12
1953 J-D 06 _
Series F gu 4s g
9612 __. 9814 hfch'12
-9712 9804
Rutland 1st eon g 4 3s_ 104l J-J
97 99
1957 11-N 96 64. 97 J'ly '12
Series G 43 guar
8438,1'1y '12
84 86
8412
OgdoLCham 1st gu 45 g 1948 J-J
_
C St L & P 1st con g 5s 1932 A-0 11034. 5_ 11312Nov'll
02 J'ne'01)
Itut=tanad 1st gu g 4s_1940 J-J
109 hlay'll
Q-F 10612
1921
6s
g
Pea
1st
&
Un
Pek
'00
J'ne
115
071
.
1
.
2::::
1st
5s_
g
Adir
&
_1006
J-J
St Lawr
931,
'11
Jan
M-N
01
6
51921
gold
he
2d
4
11912 11012
_ 11012 Meh'12
1996 A-0 116
2d gokl as
6034 -131134
6034 Apr '12
Pere Marquette—Ref 43._ _1955 J-J
072 Nov'll
Utica & Blk Iliv gu g 4s_1922 J-J
MN
5238 54
1955 J-J -E3-3 Sale 5238
Refunding gUar 4s
_1907 J-D 8712 846 8812
8811
, Lake Shore gold 3
5.1's 8033
'12
0938
9938
9968Feb
____
96
-D
J
1921
5s
M
W
Ch &
1097 J -D 8738 88
873.4 riy '12
8714 884
Registered
108 10838
1920 A-0
- - - ---- 10838 May'12
Flint do P M g 6s.
28 9314 0412
Debenture gold 4s.... _ _1928 M-S
9634 100
1939 M-N ____ -- 9634 J'ly '12
1st consol gold 5s
9r3, 48 9212 9378
4
212
14 Sal
23
3
e 93
ale
1931 M-N 0'
25-year gold 48
May'12
9712 971
9712
9612
A-0
5s_1939
Pt Huron Div 1st g
9258 931:
1931 51-N t;65_8
Rmglstered
. 9233 Apr'12
Sag Tus & H 1st gu g 4s_1931 F-A
—- Ka A & G R lst gu o 68.1938' J-J 1
8438. 86
mt;fii
86
J-J
4s_'37
f
5
1st
fly
30-yr
Philippine
J-J
11112
110 ___:
Wch'hl
Mahon C'l RR 1st 5s_ _1934
113 11314
113 J'ly '12
Pitts Sh & L E 1st g 5s__ _ _1940 A-0
105 105
Pitts & L Erie 2d g 55_ _a1928 A-0 10514 ___ 105 Apr '12
11
97
!
11314 Nov'
1943 J-j
1st consol gold 55
Pitts Melt & Y 1st Cu 6s_1032 J-J 121 ____ 130184n '00
118 07 9834
1997 J-J -ji Sale 97
12314 12314 Reading Co gen g 45
1034 J-J 121
12314 Melt'13
2d guaranteed 68
9632 9814
J *9614 _
9638 J'iy '12
1997
-3-‘, Registered
McKees & 13 V 1st g 63_1918 J-J 108
9112 9812
Jersey Cent coil g 4s___ _1951 A-0 97 9714 9812 Aug'12
til 111 1931 M-S 10838 Hi- 111 Jan '12
Michigan Central 5s
J-J
.__
93
1051
g
4s
gu
City
Atlan
1931 Q-M 107
119 J'ne06
Register
Registered
8912
86
J-J
DOI
87
1947
Qt Jo & Gr Isl 1st g 4s
1940 J-J
-$18 98
--- 98 Apr '12
49
11834 119%
Jt L do San Fran gen g 6s 1931 J-J 11812 12017 11834 May'12
,
1940 J-J
_
-- 9812 Nov'1 1
Registered
10512
08
1
loft
108
J-J
10712
Aug'12
1931
5s
gold
General
90 J'ne'011
J L & S lst gold 30_1951 1,1-S
8413 8844
85 8412
8 7
St L & S F RR cons g 4s_1996 J-J
/301-2 8634
8 8612 Mch'12
1952 M-N 83 -873lst gold 3 As
8634 8813
8678
1927 M-N ._8834 887s
Gen 15-20 yr 5s
8934 02
9014
20-year debenture 45_ _1929 A-0 8912 90 9914
_
__2
_•
'11
0914
Oct
78
6
0
8
A-0
10
5s_1947
g
1st
Div
Southw
8
993
9938
100's
• N Y Chio &St L lst g 4s_1937 A-0 9914 9978 €8135
37 7754 8134
79
7878 Siii; 7818
1951 J-J
Refunding g 45
9984 Moh•12
99 9934
1937 A-0
Registered__
1951 J-3
8034 Mch'11
Registered
8912 89 J'ly '12
89 91
1931 M-N
Debenture 9s
MISCELLANEOUS BONDS—Continued on Next Page,
-
":7_:102
--
io
Gas and Electric Light
11614 11712
113412 10512 Peo Gas & C 1st con g Os.....1943 A-0 11612 117 10158 j.17
101132
4 —6
- 10138 10212
-7
1947 M-S 10158 Sale
Refunding gold 5s
11612117
12
J.iy :09
3Feb
10278
1947 ti-S
Registered
10212 104l
10212 103
Ch G-L & Cke 1st gu g 5s..1937
10112103
1011,103 103 Ply '12 _ _
Con G Coot Ch lot gu g 55 1936
19112 103
Ind Nat Gas & 011 30-yr 5s '36 1.1-N __ 89 93 Mch'12 _- 93 93
10034 102
10058 10114
10114 Meh'12
Mu Fuel Gas 1st gu g 5s 1947
89% 90%
-_—
tif-N
Registered
119614 10614
_ 109 fog Feii-'1.
2 -- iof 109
9 F- A
1917
1.02%10414 Philadelphia Co cony 55_194
1°0 101
5914 8912 Stan Gas& Elec cony of 6s 1926 J-D lad 10114 10012 1001
1021211:318 Syracuse Lighting 1st g 53_1951 J -D 10013 W.101 Dec '1
8513 86
J-J
_ 8612 8512 J'ne'12
102 10212 Syracuse L & P 5s
4 M-S
59
94
109 Feb '01
19
Trenton G do E 1st g 5s
101 itif"
_ 101 Apr '12
Union Elee L & P 1st g 5s_1932 11-S
0612 9830
1933 M-N *97 9712 97 J'ky '12
Ref & ext 5s
9534 Sale 9558
9534 29 94 9638
_
1950 J - *103
Utica El L & P 1st g 5s_
3- 1100
4
i661Utica Gas do E ref 5s
9312 9612 95 J'iy '12
9312 95
11 foils;
C. 104310512.
7 J50
95
19
_ _ _ _ 103 105
10217 _ 10258 fly '12
10258 102518 Westchester Ligbt'g g•5s__..1
p Due Nov. s Option sale.
No pew Friday: latest bid and asked. a Due Jan. 8 Due Feb. I Duo May. g Due June, h Due July. o Due Oct.
Gas and Electric Light
Kings Co El L & P g 5s____1937 A-0
1997 A-0
Purchase money 6s
1922 M-S
Convertible deb 65
Ed El Ii Bkn 1st con g 4s_1939 J-J
Lac Gas L of St L 1st g 5s__8191,9 Q-F
1934 A-0
Ref and ext 1st g 55
llWaukee Gas L 1st 4s.__ _1927 Al-N
1948 J-D
ewark Con Gas g 55
1948 J-D
Y QE LH &Pg 5s
PuMlase money g 4s__ _ _1949 F-A
_1995
J- J
5s__
g
cons
1st
El
l
Ed
Y& Q El L&P 1st con g 58_1930 F-A
Y & Rich Gas 1st g 5s__ _1921 hl-N
acific G do El Co Cal G & E
Corp unifying & ref 5s 1937 11-N
!Pao Pow 43 Lt 1st & ref 20-yr
1930 F -A
5s Internat Serlei
1949 M-S
& E 5s
at & Passaic
E
P
101 10412 10412 J'ne'1'2
115 117 117 J'ne'l2 11818 Dec 'DJ _
12334..
88 8812 Deo '11 _
10212 Sale 10232
10212
5
10112 102 102
102
2
9018 9118 9018 Ply '12
10538 10614 Apr *12:—
mos 1Q353 10313
10312
4
8878 89 8834
89
11
11318 Meh'12
-- -92_ 12 J'iy '09 ---
102,21,0,1,
350
BONDS
..i.18
N. Y. STOCK EXCHANGE
6
Week Ending August 9.
,..,5.,
New York Bond Record—Concluded—Page 4
Price
Friday
August 9
Week's
Range or
Last Sall
•n
gi.•
gq'
Range
Since
Jan. 1.
N.
BONDS
Y. STOCK EXCHANGE
Week Ending August 9,
Lxxxxv.
Price
Friday
August 9
Week's
Range or
Last Sale
--Bid
Ask Loto
High
10012 Sale 10312 10612
9958 Sale 9938
0934
90 J'ne'12
98 __ 9814 J'ne'12
80 _
83 Dec '10
67 Sale 67
6814
70 J'ne'12
6912 68 J'ne'12
__ 6512 70 J'ne'12
02 _ 6434
66
105 ____ 10618 May'12
80 84 8112 May'll
7012 86 7134 J'ly '12
80 __
8018 J'ly '12
32
31 J'ly '12
3258 Sale 3258
:14
31 Aug'12
114 3
134 J'ne'12
1
214 238 J•00'12
85
_ 8738 Oct '11
9718
9718 Mch'12
bElt4 8612 8014
8612
107 10711 107 J'iy '12
8612 867, 8058 Aug'12
34 Feb '07
ioi- 10313 10412 J'ly '12
100 104 10218 Nov'11
101 103 102 J'ne'10
80 83 84 J'ne'12
9812 Feb '11
-111S14 9114 92 J'ne'12
9134 92 9134
0134
9058 91
9034 J'no'12
flange i
Since
Jan. 1.
--No. Low High
10412 10778
96 10012
90 100
9814 100
St L & San Fran (Con)
Bid
Ask Low
High No. Low High
• K C Ft S Ec M con g 6s__1928 M-N 114 11538 11534.7'1y '12 .—_ 115 118
abash 1st gold 5s
1939 M-N
; K C Ft S & M Byrd g 4s_1936 A-0 771 a
771.4
7714
6 7714 8012
2d gold 5s
1939 F-A
,
Registered
1936 A-0 --------_ 772
1 J'ly '12..— 7712 7713
Debenture Series B
1939 J-J
, K C & M 11 & B 1st gu 58_1929 A-0 964 ____ 10312 J'ly '12 __-_ 10312
1031;
1st lien equips fd g 5s
1921 A1-S
• Ozark & Ch C 1st gu 5s g_1912 A-0 9958___. 9934
9934
.9914
1
100
1st
lien
50-yr g term 4s 1954 J-J
St L S W 1st g 4s bd ctts_1989 3d-N 9012 91 9012
9072
1st ref and eat g 48
3 9012 9212
1956 J-J
175 -EE1-2 -723;
2d g 4s Inc bond ctts____p1989 J-J 80 81
8038 J'ly '12 ____ 8038 83
Cent Trust Co ctfs
Consol gold 48
6432 71
1932 J-D 8034 Sale 8012
8034 12 '7812 8413
Do Stamped
,' Gray's Pt Ter 1st gu g 5s_1947 J -D 9918 ____ 10118 Apr
6458 6934
'07 --__.
Eqult Trdst Co ctts
S A & A Pass 1st gu g 4s1943 S-J 86 8612 8614 J'ly '12__-5914 70
1
Do
Stamped
7317 6012 6958
0 F & N P 1st sink t g 53_1919 J-J 94 ___ 104 Oct
'09....__
--------_
Det & Ch Ext 1st g 5s___1941
Seaboard Air Line g 43
106 107
1950 A-0 8712 8318 8714 J'ly '12...7 87 873Des Mom Div 1st g 4s___1939 J-J
8
Gold 43 stamped
1950 A-0 8714 8818 8'758
877
8
Om
Div
4
'
1st
8612
A-0
g
9
1941
0
3
545
-68.1; 7134
• Registered
1950 A-0 — _ _ _ _
_
Tol & Ch Div 1st g 4s_.,_1941 111-S
• Adjusttnent 5s
7234 8312
01949 F-A 51-2 Yale fEitii12 tiE 512 ii14 Wab Pitts Term 1st g 4s
2
1954 J -D
• Refunding 4s
31
3914
1959 A-0 —. 80 7978
1 7938 83
Cent & Old Col Tr Co certfs__
24 3114 4214
... Atl-Blrm 30-yr 1st g 4s_e1933 it-S ....... 8358 88 fly7978
'12 -- 87 90
Columbia Tr Co Ws
4112
3114
' Car Cent 1st con g 4s_
9112
1949 J-J
93 9312 Apr '12 __-- 9234 9312
2d gold 45
1054 -J---I5
1
• Fla Cen & Pen 1st g 5s__ _1918 J-J 10314
212
103 May'll .._ __ _ _ _
Trust Co certfs
,1st land gr ext g 5s
178 3
1930 J-J 102 ___ 104 May'12 -- 104 104
Wash 'fermi 1st gu 3 348..„1945
Consol gold 5s
1943 J-J 10614 107 107 J'no'12 __ 107 107
1st 40-yr guar 4s
1945 F-A
.752 -6/1.
' Ga & Ala Ry 1st con 5s_o1945 J-J 10534
2
10614 J'ne'12 ...... 10534 10714 West Maryland
g 4s
1952 A-0
20 8814 8314
' Ga Car & No 1st gu g 53_1929 J-J 105 1057
..__8 10512 May'12 ___ 10512 10534 West N Y & Pa1st
J-J
1st
1937
g
5s
107
Seab & Boa 1st 5s
10834
*104
10612 106 May'12 --- 106 10618
1926 J-J
Gen
gold
98
A-0
1943
Southern Pacific Co—
8658 8812
Income Os
01943 Nov
• Gold 48 (Cent Pac coil) _k1949 J-D __ 9014 8934
90
11 8934 9212 Wheeling & L E 1st g 5s___1926 A-0
•
10414 10512
Registered
k1949 J-D —__ 91
91 J'ly '12 ____ 91 91
Wheel
Div
1st
gold,
J-J
5s
_1928
'.20-year cony 4s
-—
91929 M-S 9412 Sale 9438
9458 83 9438 97 ,
Eaten & Imp gold 5s____1930 F-A
' Cent Pac 1st ref gu g 4s__1949 F-A 96 9512 95
95
7 9434 97
RR 1st consol 4s
1949 M-S
3
4 i51-01,
Registered
1949 F-A 9312 97 9412 J'ly '12 __-- 9412 9412
20
-year
equip
J-J
s
t
5s
1922
,•
Mort guar gold 3;0_141929 JD ___ 9052 9058 J'ly '12 ____ 9012 9112
em S B 1st 45.._1960 J-J
0134 -93
Through St L 1st gu 4s..1954 A-0 9858 9314 91 J'iy '12 _— 90 9278 Winston-Sal
Wis Cent 50-yr 1st gen 4s_ _1949 J-J
10 91 9338
' 13 H & S A M & P 1st 5s_1931 Al-N 10538 10318 10512 J'ne'12 _—
10512 107
Sup&Dul div & term 1st 4s'36 111-N
9034 9212
• Gila V G & N 1st gu g 5s_1924 Al-N 10334 104 10218 J'ly '12 --- 10218
10934
, bus E & W T 1st g 53_1933 11-N 10334 10178 109 J'ne'12 --- 109
Manufacturi and Industrial
1041
,
1st guar 5s red
1933 11-N 10334 105 10414 May'12 ____._. 10414 10 8 Allis-Chalmersng1st
J-J
55
6112
414
6031
1936
65
fly
'12
52 6714
II & T C 1st g 5s Int gu 1937 J-J 10012
10014
10914
Trust Co etfs deposit
3 10914 110
61 Sale GO
24 5812 64
64
•
Consol g 68 Int guar1912 A-0 --- ---- 10712 Sep '11 __-_
__ Am Ag Chem 1st c 55
10012 10134 10112 10112
1928
7 10112 10234
'•
Gen gold 4s int guar., 1921 A-0 94 9512 9512fly '12 -- ___Am Cot Oil ext 4;is
9412
9512
O-F
9734
1915
9878
2 9712 9812
Waco & N W dlv 1st g 68'30 M-N 114 118 11914 Mch'10 ____
9734
9734
Debenture 5s
_
1931 fa-N
_ 95 95 J'ne'12 - - 9412 9512
A & N W 1st gu g 5s
1941 J -3 106 108 10712 Feb '12 __-- 10712 10712
Am Hide & L 1st s f g 6s__ _1919 M-S 100 58 Sale 10058 101
1; 9818 101
• Morgan's La & T 1st 7s 1918 A-0 111 ___ 11134
Amer
1113
4
11134
Ice
11134
2
Secur
deb
A-0
Gs_1925
79
797
g
8
79
4 7212 82
79
'•
1st gold (Is
1920 J-J 10812 11012 111 Mch'll __. ____ ____ Am Smelt Securities s C 65.._1926 F-A 10514 Sale 105
10512 43 10212 10512
• N Y Tex Ea M gu 93 g
1912 A-0
---r--- --- ---- --- Am Spirits Mfg 1st g 6s
S
1915
91fig 100 J'ly
---- 100 101
, No of Cal guar g 5s
1938 A-0 -------____ __ 112 Feb '07 __-Am Thread 1st col tr 4s_ _ _1919 J-J 94 9458 94 J'ly '12
'12
9258 95
' Ore & Cal 1st guar g 5s 1927 J-J
102 J'ly '11
Am Tobacco 40-yr g 6s
12014
1944 A-0 120 121 12014
11878 12112
, So Pac of Cal—Cu g 5s _1937 it- N 11034 ____ 116 May'07 __-_ ____ ___ _
Registered
1944 A-0
12014 J'ne'12
11878 12138
, 0o Pac Coast 1st gu 45 g_1937 J-J
9112 __ 00, J'iy '09
Certificates of deposit
_
125
12014
May'12
11878 12112
San Fran Terml 1st 95_1950 A-0
_
1 9012
9012
4 9018 92
Gold 4s
1951 F-A 97 98 004
3 9178 9718
97
' Tex & NO Sala Div 1st g 68'12 if-S ..:_.
-- ---- 10034 Mch'12..— 10034 10034
Registered
1951 F-A
9538 J'ne'12
Con gold Os
9214 9558
1943 J-J 100
10158 May'll
Certificates
of
deposit
9514
May'12
9178 96
So Pac RR 1st ref 45
1955 J-J 9418 Sale 0418
9412 40 9418 9538 Am Writg Paper 1st s f 5s__1919
3
9012
91
17 8814 9114
Southern 1st consol g 5s_1994 J-J 107 Sale 107
10712 66 10'7 10838 Baldw Loco Works 1st 53_1940 M-N -661 -603-4 1033
4
—
J'ly
'12
10312
104
Registered
1994 J-J 105
105 Sep '11 ____ __
Beth Steel 1st ext s i 55____1926 J-J -69160 9312 102
07
4 -663, Develop & gen 45 Ser A_1956 A-0 7814 Sale 78
4 9614
7814 78 78 7934 Cent Leather 20-year g 5_1925 A-0 9512 Sale 9538
123
9134
9512
9614
; Mob & Ohio coil tr g 48_1938 M-S 8578 8612 8518
86
3 85 8712 Consol Tobacco g 43
1951 F-A
97 Aug'12.— 9134 97 ,
Mem Div 1st g 4 ;4-5s
1996 J-J 10712 110 109 May'12 --- 10814 111
Registered
1951 F-A
57 Nuv'07
St Louts div 1st g 4s
1951 J-J
89 90 8934 J'ly '12 ___ 8858 0014 Corn Prod Ref st g Os
1931 M-N "9iE58 -60" 9618
9618
2 9512 97
Ala Can R 1st g 6s
1918 J-J 105
10778 Nov'10
1st 25-year s t 55
1934 M-N 9412 9514 9514
904
2 04
9612
' Att & Danv 1st g 4s
1948 J-J
8512 88 9012 Noy'll
Cuban-Amer Sugar coil 6s 1918 A-0 9
763134
2 9
704
458 9612.11y '12
06 9712 ,
,
2d 48
1948 J-J
8112 __ 8214 Feb '12 __-- 8214 8214 Distil Sec Cor cony 1st gtr5s_1927
A-0
7438 51 7138 7814 ,
7358
' AU & Yad 1st g guar 9s1949 A-0 8134
E I du Pont Powder 44s.,1030 J -D 8712 Sale 8712
88
7
8458 9212
Col & Greenv 1st 6s
1916 J-J 104
_ loS3-4Deo-'11
Gen Electric deb g 3j._ _1942 F-A 5____ 82 8358 J'ne'12
_ 82 84 •
E T Va & Ga Div g 5s
1930 J-J 107 10818 10778 May'12 ...... 10i1110-yr g deb 58
4 10814
1917 3-1)
159 Feb '12 -- 15312 159 •
•
Con 1st gold 5s
1956 Act-N 110 111 11014 Aug'12 ____ 110 1113
Gen'l Motors 1st lien Os
156
4
A-0
Sale
9978
1915
08l10058
37
100
E Ten reor lien g 55
1938 11-S 10112
10518 J'ly '12
III Steel deb 4 ;is
10518 106
6 9014 9234 ;
1940 A-0 9012 Sale 0012
9058
Ga Midland 1st 33
1946 A-0 64 6712 64 Aug'12 ____ 64 6112 Indiana Steel 1st 5s
1952 111-N 10078 Sale 10034 10078 44 10058 101158
Ga Pac Ry 1st g 6s
1922 J-J 11012 112 111 J'ly '12 — 111 11278 Int Paper Co 1st con(rects)
g 6s 1918 F-A 109
03
6213 10
_ 103 10434
993
727
1144
8 10378 J'ly '12
Knox & Ohio 1st g 0_1925 J-J 11312 ____ 114 J'ne'12 __. 114 115
Consol cony s I g 55
1935 J-J 90 ___. 91
3 8412 9178
Mob & Bir prior lien g 55_1945 J-J 10458 ____ 10512 Nov'10 --- ___
_ Int St Pump 1st sf Os
9214
9214
1929 Ni-S
4 9134 9312
Mortgage gold 45
1945 J-J
78 Dec '11 ...„ _
Lackaw Steel 1st g Os
7834
9612 fly '12 _ _ 94 97
1923 A-0
Rich & Dan con g 6s
1915 J-J 103 10414 104
104
1 109 10434
1st con 58 Series A
__ 8112 81
1950
8112 88 77 8212
Deb 55 stamped
1927 A-0 1031
10434 Apr'12 ___- 104 10434
5-year convertible
Sa1e 9312
1915
43 9012 9414
94
Rich & Meek 1st g 4s
1948 M-N -------- 71 Mch'll ........ ___ _ _ Ligg & Myers Tob Co7s
12
931
034
55_2
tpy bds._
12058 12034 47 11834 123
So Car & Ga 1st g 5s
1919 111-N 10234 10318 10234 J'ne 12 ____ 10235s temporary bonds
4 104
9712 9734 9712
102
8934 9914
9812
• Virginia Mid ser C 6s
1916 Al-S 10112 __ 112 Oct '06
_ Mexican Petrol Ltd env 6s A '21
9814 9812 9814
5 95 100
•
Series D 4-53
9812
1921 M-S 10334 ____ 10414 J'ne'11 __
_
Nat Enam Et Stpg 1st 5s___1929 J -D
9358 J'ly '12
_ 93 0412
•
Series E 5s
1926 M-S 10534 10814 10534 J'ly '12 ____ 1053
Nat
Starch
__4
20-yr deb 5s_.._1930 J
1053
_4
8914 J'ly '12 ____ 8914 8914
Series F 55
1931 111-S 10558__. 105 J'ne'10
_
National Tube 1st 5s rects_1952 M-N 9
899
3731.
44:
S09:
0978 68 9912 10112
31312 9934
General 5s
1936 Al-N 107 ____ 10814 May'12 ____ 108 10814 N Y Air Brake 1st cony
6s_1928 M-N 10012 101 100
1 07 10114
100
Va & So'w't 1st gu 58_2003 J-J 108 10312 10812 J'ly '11
P Lorillard Co 7s tem'pry bds —
12112 122 12112 12178 33 11938 12334
1st cons 50-year 58_1958 A-0 96 0634 9634 J'ly '12
911-2 5/3-4
Os temporary bonds
08 Sale 98
9834 86 9118 9912
, W 0 & W 1st cy gu 4s
1924 FA 9213 __ 90 Mch'12 ____ 90 90
fly Steel Spgs 1st s t 5s__1921
9778
_-- 97
98 Ply
9814
' West N C 1st con g 6s
1914 J-J 10234 __
103 May'12 —. 103 10312 Repub I & S lst&col tr 5s__1934 A-0 10312 _98 104 Apr '12
- 10215 104
'12
Spokane Internet 1st g 5s_ _1955 J-.1 -- 103 10212 Apr '11
10-30-year 55 s f
1940 A-0 9134 Sale 0134
02
97 9034 9338
er A of St L 1st g 45s 1030 A-0 —_ 10514 105 Mch'12 — 105
Standard Milling 1st 5s
105
87
1930
88 8712
M-N
6 86 8834
8734
151 con gold 5s_ __1894-1949 F-A 110 11112 11014 J'ly '12 ____ 11034
11212 The Texas Co cony deb 6s.._1931 J -J 101 Sale 101
10178 85 9412 10212
.• Can refunds I g 48
1953 J-J 96' ____ 96
Union Bag & Paper 1st 5s 1930 J-J
96
5 94 06
94 May'12 ---- 94 9412
St L M Bge Ter gu g 5s_ _1930 A-0 10614
10712 J'ly '12 ____ 10712 10712
Stamped
1930
9312
1 9312 9413
9312
Tex & Pac 1st gold 5s
2000 J-D 108 Sale 108
10812 14 107 11012 U S Leath Co s t deb g 68_ _1913
(-4
01-512 14
:
s10
9
a33
45
1:3
114
2 10012 J'ly '12 10012 102
• 2d gold Inc Os
q2000 itch 50 5018 50 May'12 ___ 50 50
US Realty & I cony deb g-5s..'24 J-J
00
91
32 8712 91
!. La Div B List g Os
1931 J -J 98__ 9912Apr '11 ___ ____
J-J
U
Red
&
S
1931
Retg
1st
g 6s
30
30
2 30 50
' W Min W & NW 1st gu 58..'30 F-A —_
10612 Nov'04 ___ _
U S Rubber 10-yr coil tr 68_1918 J-D 10
9
2
10418
10414 15 10334 105
1935 J -j 10814 1083-8 10814 Aug'12 Tot & 0 C 1st g 55
10818 10912
Registered
1918 J -D
10318 Jan '10
, Western Div 1st g 5s
1035 A-0 107 ____ 10734 J'ne'12.._ 10734 10734 U S Steel Corp—fcoup _01963 51-N 162.378Ntie 10258
10234 238 15134 foil;
• General gold 5s
1933 J -D 10334 10412 10334 J'iy '12 __ _ 103 104
S t 10-60-yr 5s1reg ____01963 M-N
10212 10212 52 10158 104
' Kan & 114 1st gu g 4s__ _1990 A-0 9134 ___ 03 1,Jay'12 ___ 9134 93
Va-Car Chem 1st 15-yr 5s 1923 J-D
9814
0878 46 9814 101
2d 20-year 5s
1927 J-J
99 9914 9918
9918 17 9814 9912 West Electric 1st 5s Dec 1922
1
-6
0i
2,
12;
1
9- 13
6-4 10218
10238 28 10114 10318
Tot P & W 1st gold 45
1917 J- J
9312 94 9912 J'ne'12 _. 9314 9478 Westinghouse E &Msf 58_1931 J-J 6538 Sale 9434
9558 165 93 11558
Vol St L & W pr lien g 3148_1925 J -J
8412
8412 Sale 8412
6 8.112 8712
10-year coil tr notes 58_1917 A-0 9034 9712 9712 J'ly '12
9612 98
50-year gold 45
1950 A-0 6112 6134 6112
6134
2 80 6958
Coll tr 4s g Ser A
1917 F-A 68 ____ 68
68
4 68 7312
Telegraph & Telephone
Tor Ham & Bull 1st g 4s_ _h1946 J -D 8934 ____ 8978 Apr '12 ..... 8912
J-J
Am
4s...1929
Telep
&
Tel
colt
tr
0014
9312
Sale 9014
9038 35 PO 9118
'Ulster & Del 1st con g 5s_ _1928 J -D 105
103 J'ly '12 ....... 105 106
Convertible 45
1936
S 11414 115 11434 J'ly '12
10834 11658
%-) 1st refund g 43
1952 A-0 8518 ____ 8512 J'ne'12 ___. 8512 8618 Chicago Telephone 1st 5s 1923 J-D
Union Pacific—Gold 95
1947 J -J 1001/3 Sale 10018
10012 110 100 10214 Commercial Cable 1st g 4s_2397 Q- J
82
8217 Mch'12
84
8212 -01Registered
2
1047 J -J
9958 1004 9978 J'ly '12
9914 10178
Registered
2397 Q-J
8312 Nov'll
20-year cony 45
1927 J-J 10178 Sale 10158
102
79 10114 109
Keystone Telephone 1st 58_1935 J-J
85 8612 85
25 82 85
1st & ref 4s
92008 3d-S 0612 Sale 9612
0678 36 96 9778 Metropol Tel & Tel 1st s t Os 1918 61-N 10214 103 10234 J'ly85
10234 103
'12
Ore Ity & Nay con g 4s_ _1946 J-D 9312 94 9312
94
51 9312 961s Mich State Telep 1st 5s_ __,.1924 11-A 100 10018 100
1 9978 101
100
Ore Short Line 1st g Gs_1922 F-A 11212 ___ _ 11212 11212
1 112 11334 N Y &NJ Telephone Os g1920 111-N 102 _
10314 May'll
1st consol g 5s
1946 J-J 110_•
110
_ 110
S 110 112
Telep 1st & gen sf4845 1939 M-N 9958 Sale 9938
Y
N
9978 40 99 10073
Guar refund 4s
1929 J -D 9218 93 9234
9234
4 9214 9534 Pac Tel & Tel 1st Os
1937 J -J 10078 Sale 10078
10114 80 9875 10114
Utah & Nor gold 5s
1926 J-J 10518 ___ 108 May'll ___ ____ ___ _ West Union col tr cur 5s
1938 J-J 101 10114 10114 Aug'12
101 10312
•
1st extended 4s
1933 J-J
9218
__
____
and
real
Fd
est
g 4 54s__.,1950 11-N 9712 9812 9712 Aug'12
9714 10012
Vaiadalla cons g 45 Ser A_1955 F-A 9312.... 9658 itch'12 —_- Ms 96•58
Mut Un Tel gu eat 5s
1941
Al-N
J'ne
'11
104
•
Consol 45 Series B
1957 if-N 9412 9512 94 J'ne'12 ___
Northwest Tel gu 4841 2_1934 J-J
0712
99
-56 961
9614 J'ne'12
Vera Cruz de P 1st alt 4 1,4m 1034 J-J ____ 961, 9134 J'ne'12 ____ 94
9131 9131
W
T
MISCELLANEOUS BONDS—Concluded,
Coal Ec Iron
Miscellaneous
Buff & Susq Iron s t 5s____1932 -D 97
_ 97 fly '12
97 98
Adams Ex colt tr g 4s
1948 M-S 83 8512 86 J'ly '12
8212 8813
Debenture Os
91 Noy'll
• a1926
Armen,-& Co 1st real est 4 145'39 J -D 9112 0134 9158
0134 55 9114 9214
Col F & I Co gen s t g 5s_ ___1943 F-A 99 100 99 fly '12
-66- 10058 Bush Terminal 1st 48
9012
9012
1952 A-0 8612 8834
92
Col Fuel gen 65
1919 M-N 1063410812 10714 J'ne'12
1071410714 10734
Consol 53
_ 97 9738 J'ly '12
1955 J-J
97 99
Col Indus 1st & colt Os gu 1934 F-A 81 Salo SO
8112 103 7212 82
Chino Copper 1st cony 68_1921 J-J 130 146 140
142
-5 116 150
Cons Ind Coal Me 1st 5s
1935 J -D ____ 8412 85 J'ne'll
Irrigation Wks & D of A 4 148 '43 if- N ____ 95 9318 Nov'11
Cons Coal of Md 1st & ref 5s 1950 J-D
94 91
04
"61 04 InspIr Cons Cop 1st 6s (rests) -10714 Sale 10612 10714 22 10412 10733
Or Riv Coal & C 1st g 6s--h1919 A-O
10258 Apr '06
Int Mercan Marine 484s
6514 Sale 6434
1022
6538 83 63 70
'Kan & H C & C 1st s t g 53_1951 J-J -6f399 98 J'ne'12
9734 0812 Int Navigation 1st s f 5s
4
7912 Sale 79
1929
7912 71 78 8214
,Pocah Con Collier 1st s I 58_1957 J-J
8712
87
J'ly
'12
87
8112 891. Mge Bond (N Y) ser 2-98_1966 A-0
89 Apr '11
:St L Rock Mt & P 1st 5s__ _1955 J-J 82 84 83 J'ly '12
7934
Morris
&
8412
Co
1st
____
s
148
t
4
1939
90
8938
J'ly
'12
J
8913 -gti7;
Tenn Coal gen 55
1951 J-J 10238 10212 103 J'ly '12
10218
10378 1,7 Y Dock 50-yr 1st g 48_1951 F-A 82 85 82 fly '12
82 8512
Birm Div 1st consol 6s 1917 J-J 10334 1041 101 J'ly '12
10312 10412 Niag Falls Pow 1st 5s
10178
J'ne'12
J-J
10034
1932
' Tenn Div 1st g 63
10012 10178
a1917 A-0 10312 104 10338 J'ly '12
103
Refunding
104
&
___a1932
A-0
gen
6s_
Cah C M Co 1st gu g 65._1922 J-D 10312 105 110 Jan '09
-Ontario Transmission Os__ 1945 M-N 02 93 -01;J'ly '12
Utah Fuel 1st g Os
9212 93
1931 31-S
-- Pub Serv Corp N J gen Os,, _I900 A-0 9338 Sale 9314
9312 10 9238 9412
'Victor Fuel 1st s t 55
1953 J-J
85 86 May'12
88
80
Ray
Cons
Copper
1st cony 641921 -J 125 Sale 124
125
Ira Iron Coal & Coke 1st g 581949 M-S -6S
24 112 130
96 9534
9534
95 9812 Wash Water Pow 1st Os,,, 1939 J -J 102
101 May'12
10278104
L No price Friday; latest bid and asked aDue Jan dDue April eDue May gDue June hDlle
July kDue Aug oDuo Oct dDue Nov gDue Deo sOptIon_ ale„
CHICAGO STOCTC E XCH tINGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES.
'
Saturday
Aug. 3.
*30
*89
*85
*2412
*8
*338
*14
*_
;i:er3
*45
34
92
90
25
812
4
16
43
10
4712
3034 40
120 120
__
*400*130 138
48
*45
*101 102
*14512 146
60
*5.9
*8814 801.1
60
*58
*50
5012
*Ho-
215
13912 140
*14
15
106- 1-69-9912 9934
*65 66
12438 12438
137)3 14014
*12513 129
*118 120
*119 120
*6612 6712
-
Tuesday
Aug. 6.
Monday
Aug. 5.
34
92
90
2134
812
31
16
43
i:o73 10
*45
4712
*30
*89
*85
2434
*3
358
*14
Wednesday
Aug. 7.
84
92
90
243s
812
812
4
4
16
16
43
43
912 912 *912 10
4713 *45
4712
*45
*30
*89
*85
*2412
*3
*333
*14
34
92
DO
25
*30
*89
*85
2438
*8
*358
*14
Thursday
Aug. 8.
Friday
Aug. 9.
Last Sale 32 June'12
Last Sale 91 July'12
Last Sale 95 July'12
24
2418
Last Sale 814 Aug'12
*338 4
*358 4
1414 1412
Last Sale 4O2 J'ne'12
9
9
- Aug'12
Last Sale
4038 4034 4112 4038 4038
40
11934 12012 11834 12014
Last Sale 135,105 July'12
*400
135
*130 131- *130 138
48
15 *45 48 *45 102
45 ,
1.101 102 owl. 102 4101
140 146
*14512 140
Last Sale 60 Aug'12
50
*59
Last Sale 47 Apr'12
88
83
90
*88
8014
.1-4
i;g8
*8814 -8-61
4 -8i1-4 185-4
Last Sale 5912 Aug'12
60
*58
60
60
*58
*58
5018 5014 5014
5014 5014 5014 5014 50
Last Sale 142 May'12
.1.113 212- *iio- 212:- #210 212 *210 212 *210 212
2
13912 139 139
13912 140 13912 13978 13912
140 140
Last Sale 1414 Aug'12
15
*14
15
*14
15
*14
Jan'11
Last Sale 78
109 1-69-72- *iogi2 10013 109 1-01) - 10812 10812
9934 9912 0934
9934 *9912
9912 991: *9912 67
6
6612 6912 67
6612 6612
*6612 671: *66 12434 12412
123 12434 12278 12278
125
12412 12511 121
7613
7612 *75
7633 763b *75
13512 13712 13412 136
33713
4138 140
Last Salt 127 July'12
812512 129 *12513 129
812513 129
120 123
120 120 *118 120 *118 120 *118 120
11734 11734
*11714 119 *11714 119 *11714 119
6612
66ft
6673
*6612
6612
6858
66,2 6634
Last Sale .66---- ---
3912 4118 4013
11034 12014 12014
_ *400
*130
1-38- *130
*40048
*45
*45
*101 102
102
14512 1451: 014513
60
*59
*59
41
12014
__
138
43
102
146
60
6- 117
- 011.
117 11814
151-4 11678
*iiEfa 116
*8912 90 8914 8914 *8914 8912 8912 8912
ioi- IOC jai- IOC ioi- 161-- iiii- 161-*10112 103 *10112 103 010112 103 4,10112 103
11734 11-8-1-4 ii3-4 11-7-3-4
8912 8912 __--_-_
May'12
Last Sale 18
101 101
10034 101
Last Sale 10112July'12
203 20618
19712 19812 198 20114 20214 204
19512 10834 19778 200
12434 12434 12434 125
12412 12412 12412 12434 *124 125
124 124
42
40
42
39
4312 4312 4512 4638 49
*38
39
*38
99
*97
99
*9412 951: *9412 9512 9612 9712 9712 9712 *97
10534 106
106 10618 10618 10614
106 10618 10618 10618 106 106
305 305
300 305
305 305
305 305
300 300
HO- 11-6110 110
110 110
110 110 *110 111
*108 109
&1st Sale 160 July'12
*160 163 *160 163 *160 163 0160 163
Last Sale 113 May'12
138
133
114
114 *1
133 138
114 *1
114 *114
*1
7118 7112 7133 7113 7134 7212 7112 7188
7112 7134 7112 72
*10
Last Sate 10 July'12
11
11
*10
11
I. *10
*10
Sales
of the
Week
Shares.
EXCHANGE
Week ending Aug. 9.
Interest
period
Price
Friday,
Aug. 9.
Week's
Range or
Last Sate.
Lowest.
Highest.
- 1,091
Range for Previous
Year 1911
Lor),:st
Niohest.
32 Dec
21 J'iy
94 Nov
85 J'iy
80 Apr 101 Aug
2034 May 3778 Dec
1213 Aug
8 May
712 Aug
412 Mch
25 Feb
15 Sep
7212 Feb
39 Sep
1314 Feb
7 Dec
50 Jan
38 Nov
9 Jan
7678 Jan
265 Jan
12612 /deb
48 Nov
10612 Sep
13158 Aug
35 Apr
38 J'ne
GO Sep
4912 Apr
3912 Sep
115 Jan
15113 Jan
113 Jan
934 Oct
78 Jan
9213 Feb
100 Sep
4978 Sep
9914 Sep
1212 May
93 Dec
304 Ocs
133 Nov
79 Feb
113 May
15214 J'ne
5914 Mch
5734 Mch
8838 Dec
52 Feb
5512 Feb
14114 Nov
180 Dec
13733 J'iy
1538 J'ne
78 Jan
11034 Nov
10334 Deo
70 Jan
129 May
11714 Jan
123 Jan
100 Aug
117 Sep
14212 Dec
130 Mch
120 Mch
120 Mch
- .
101
Sep
10838 Jan
12334 Sep
116 Sep
19233 Jan
122 Meh
9734 Sep
165 Mcb
10212 Feb
104 J'ne
212 Dec
10712 J'iy
1 Dec
5012 Oct
13 Dec
7 Jan
8178 Feb
25 Jan
Chicago Banks and Trust Companies
B'ds
Sold
Range
'or
Year 1912
H196 No. Low. High
Ask. Low.
Bid.
91
Apr'12
x111.
91
J
Am Tel & 'fel coil 4s__1929 J
9158 9214
Armour es Co 4 Hs___1939 J -D I 9112 9178 9178 July'12
8214 Apr'12 ___ 28214 8214
Auto Eleo 1st M 6s___1928
9518 May'12 ....... x9618 9618
Cal Gas & El unit&ref 5s'37 Ni - N
10238
2 10134 103
Chicago City fly 5s___1927 F - A 115214 102-1-2 10214
9158
8838 July'12 ---- 88
88
ChloCity&ConItys 5s.d1927 A - (87
9738 09
J t 9734 ---- 9778 July'12 ____
Chicago Eley fly 5s__1914 J
95
9238 92 June'12 ---- 90
J t 92
Chic Poe Tool 1st 5s_a1921 .1
10018 23 9978 10114
1927 F -A 1100 Sale 100
Chicago Rya 55
9578 10 9578 97
Chic Rys 5s__series "A" A 9534 9578
Chic Rys 4s..series "A" A ---- -- 9638 Jan'12 ---- 9614 9738
2 8618 915s
Chi° Rya 4s__series "B" J -D 8614 Sale
8638
8614
9434 94 June'12 ---- 9334 9518
Chic Rys 4s_series "C" F -A 94
Jan'12 --- 100 100
100
Chic Rys coil 63_1013 F - A
7312 85
Chic fly Pr m Mg 4s _c'97 J -J t 7258 7312 7412 June'12 -_
GO
49 July'12 ---- 45
Chic fly Adj Inc 4s.c1927 Mayl 147 55
Chicago Telephone 5s_1923 J -D 10112 Sale 10112 10112 13 10078 10314
9938 May'12 --- 9738 9938
___ 99
Cicero Gas Co ref G M_1932 J -J
10314
7 10214 10334
Commonw-Edison 53_1943 M- S 110318 10314 10314
Commonw Eke 5s.b 1043
- 1102 10278 10212 Jul y'12 ____ 10214 10334
9978 10034
Cudahy Pack 1st H 5s.1024
- N 110033 10033 10033 July'12 ____
2 107 11014
109 Sale 10834 109
Dla Match Con db 6s 1920
9934 Apr'12 ____ x9958 9934
Gen Mot 6% 1st L notes'15 A 10114 May'12-110114 10112
1952 M - N
Ind Steel 1st g 155
1st g 6s
1928
Do
'15
notes
g
5%
3-yr
110014
liar
A
9 10034 10058 May'12 ___ .310012 10053
Int
'
_ 110518 10518
10518 Apr'12
Ini'd St'l 1s M g 6s 1928
Kan City fly & Light
Apr'12
1913
9414
M- N
Co 5s
8814
1928 J
8814 Sale 88
Lake St 161-1st 5s
892
111442 8
89534144
Metr W Side El 1st 4s_1938 F - A / 8112 8213 8212 Aug'12 15 8
J
1938
8134 82 July'12
8Extension g 4s
.:417;
8
0
8 1.9
74
2i
4
tri16
x 1.8
;
Mil El 14y & Lt 1st g 5s1926 F - A ------ 10473 Apr'12
95
x95
- J ---- ---- 95 Apr'12
do ref & ext 4 Hs_1931
do gen & ref 53_1951 J - D ---May'12
-N
Milw Gas Lt 1st g 4s 1927
8913 9014
1939 J - J t ---- 8934 8912 July'12
Morris & Co 4 Hs
10034 May'12
110034 10114
1952 M - N
Nat Tube 1st g 5s
£10314 10314
810278
10:314 Apr'12
Nor Shore El 1st g 5s_1922 A 9,18
071
8 19
718
003
xx19
do 1st & ref g 5s 1940 A - 110038 10078 10038 Apr'12
9718 A pr'12
Nor Sh Gas o: Ill 1st 5s '37 F -A
10014 July'12
93
00
10
00
14 10
014
- S
North West El 1st 4s_1011
o 5s 1928 Q -M 1 9913 __ 100 June'12
NW GL & Co
9712
9712 Sale
9712
1 9534 99
11)45 fl- N
Ogden Gas 58
(42 May'lz
£9178 0218
Pas Gas itc El ref g 5s_1942 J -J
_ 100 May'12
3100 10018
Pao T&T 1st coll tr 53_1937 J -J
10038 Nich'09
1016 J -D 9813 --Pearsons-Taft 53
4.40s
- S 95 -- 9612 Mch'10
4.603 Series E
97 Feb'10
96
-N
4.80s Series
9712 ---- 9814 Noy'll
NI - N
116 May'12
116 f181-2
Peop Gas L & C 1st 6s..1943 A Refunding gold 5s__1947
10158 10214
- S 810158 1-0-i- 10173 July'12
10314 July'12
Chic Gas L&C 1st 5s 1937 J - /10234
10234 1033,1
10218 103
Cons= Gas 1st 5s..1936
10312 10234 May'12
-D
10112 10112
10134 June'12
Mull Fuel Gas 1st581947• N 110012
x9634 100
Pub Seri" Co 1st ref g 5s '56 ---7- t---- 9812 9813 June'12
10014 May'12
3100 10014
Sou Bell T & T 1st at 5s '41 J - J
9614
91
94 July'12
South Side Elev 4 40..1924 J 110012 Sale 10012 10012 1 10014 10034
Swift & Co 1st g 53-.1914
Tr -City Ry & Lt colt
9814 Apr'12
1023
9814
x98
trust Ben s f 5s
89
Apr'12
85
85
81
Union Elec (Loop) 53_1945 A - o
x9978 100
100 May'12
U S Gypsum 1st g 5s 1022• s
310212 10238
10212 Apr'12
U S Steel 10-00-yr 5 f g 5s__
1922 J-=10112 103
1-021:1 10134 July'12
Western JfIeo Co 5s
Note-Accrued interest must Uo added t o all Chicago bon d prices.
-
Range for Year 1912
Railroads
Chicago Elev Rys com___
32 Meh 19 40 Apr 24
Do pref
90 May87 9334 Jan 20
Chi() Rys part ctf "1"
85 J'iy 15 10438 Jan 18
24 Aug 6 38 Jan 9
215 Chic Rys part ctf "2"
11 Jan 12
Chic Ryer part ctf "3"
6 J'ne 1:3
578 Jan 13
75 Chic Rys part ctf "4"
319 J'ly 5
144 Kansas City fly & Lt_100 1414 Aug 6 21 May 1
Do pre
100 4012 J'ne 11 5013 Jan 19
1178 Apr 10
6 Mch 26
90 Streets W Stable C L.100
Do Oct
100 35 Jan 30 62 J'ne 20
Miscelnneous
100 1113 Jan 2 43 Mayll
2,280 American Can
Do pref
100 91 Feb I 121 Mayll
950
American Radiator 100 325 Feb 1 405 J'iy 2
135 Apr 30
Do pref
100 131 Jan
22
59 Apr 11
5 Amer Shipbuilding._100 45 Aug "‘
Do prof
100 100 Feb 6 10414 J'ne 20
80
139 Jan 11 14878 Mch 17
50 Amer Teiep & Teleg
Booth Fisheries com
39 Met 14 6013 May22
Voting trust ctf
4312 Feb 26 50 Jan 9
Do 1st pref
77 Mch14 05 J'ne 5
60
Cal & Chic Canal & D_100 49 Feb 9 6538 May13
247 Chi() Pneumatic Tool_100 44 Mch15 5313 May 3
Chicago Telephone. _100 13712 Jan 4 145 Mch 9
28 Chicago Title & Trust.100 184 Jan 4 222 J'ne 20
851 Commonw'th-Edison_100 13514 Jan 4 150 Mch 7
10 Feb 13 1718 Apr 26
Corn Prod Ref Co com
Do
do
pref
100 103 J'iy 5 11134 Feb 5
200 Diamond Match
99 J'iy 17 10212 Mch 8
170 Hart Shaffner & Marx pf_
100 56 Jan 2 6812 May27
130 Illinois Brick
925 internat Harvester Co___ 106 Feb 14 12513 Aug 5
7638 Aug 7
40 Knickerbocker Ice pref__ 67 May 1
16113 Apr 30
100 131 J'iy
780 National 13iscult
100 126 Jan 15 13034 May28
Do pref
100 103 Mch 5 123 Aug 9
450 National Carbon
100 115 Feb 11 120 Jan 2
Do pref
20
z 61 J'iy 2 x 67 Apr 22
445 Pacific Gas & El Co
x.60 May 3 z.65 Apr 23
rights
Do
preferred
Do
People's Gas LesCoke_100 10312 Jan 2 11814 Aug 7
Pub Sery of No Ill corn x 84 May20 x 9413 Apr 24
x.08 May18 x 112 Apr 24
Do rights
x100 May31 x10713 Apr 24
Do preferred
418
Rumely Co, preferred_ __ Z 9912 Apr 27 2102 May 8
20618 Aug 9
12,617 Sears-Roebuck corn..100 140 Jan
100 12113 Jan 11 12534 J'ne 8
Do pref
242
3078 J'iy IS 49 Aug 9
2,085 Studebaker Cor coin.
...... 9413 J'ly 18 9712 Aug 7
Do preferred
305
100 9834 Jan 2 10914 Apr 4
751 Swift & Co
101 The Quaker Oats Co..100 215 Jan 15 305 Aug 5
100 10512 Jan 2 110 Jan 15
Do prof
125
x13534 May is x168 J'ne 13
Union Carbide Co
6 May22
314 May 8
rights
Do
178 Jan 18
38 May 2
1,198 Unit Box Bd & P Co_100
1,100 United States Steel corn.. 15838 Feb 13 7234 Apr 26
100 10 Jan 17 1478 Feb 7
Western Stone
Chicago Bond Record
BONDS
CHICAGO STOCK
STOCKS
CHICAGO STOCK
EXCHANGE
NAME
Outs‘andtng
Stock.
(t)
Surplus
and
Profits.
(t)
Dividend Record.
In
1910.
In Per- Lest Paid,
1911. Lod.
Jne30'12 144
$200,006 3133,131
American State
6
An Jan '11, 6
6
65,486
100,006
Calumet National
July '12, 244
Q-J
10
9,191,143
21,500,004:
Nat
Comm
&
Cont'tal
Q-J July '12,4
16
Corn Exchange National 3,000,006 6,974,200 -io2,145 Beg. b us May 31 '1 1,V.92,91538
200,006
Douglas State
Q-J July'12, 144
8
6
63,613
200,000
Drexel State
Q-J July'12, 254
10
472,062 10
600,000
Drovers' Dep National_
634 Q-J Apr '12, 2
6
58,681
200,000
Englewood State
12 Q-M July'12 44(s
First National
10,000,000 11,744,404 12
12 Q-M Jne30'12 244
211,855 10
150,000
First Nat Englewood
564,772 Priv ite Ba ak
Foreman Bros B'k'g Co_ 1,000,000
Q-J July '12,2
8
8
659,788
Fort Dearborn National 2,000,000
(11)
Hibernian Banking Assn 1,500,000 1,463,193 8+2
(110
J July '12,5
)l
400 000
154,312 10+15
Kaspar State Bank
200,000
220,784 Beg. b 11.4 Apr '11 V.92,9. 1004
Lake View State
1,000,000
271,883 Beg b us. Ma y'10 V.90,p. 1277
La Salle St National..
10 Q-M 1ne29'12,234
547,086 10
Live Stock Exch'ge Nat 1,250,000
Q-3 July '12,2
8
8
Nat Bank of Republic- 2,000,000 1,370,514
Q-J July'12, 144
6
6
503,772
2,000,000
National City
Q-J July '12, 1H
6
4
100,465
250,000
National Produce
644
Q-J July '12, 144
7
80,397
200,000
North Avenue State
Q-J July '12, 144
6
6
42,379
50,000
North Side State Say'gs
Q-J July'12, 144
4
5
38,966
200,000
North West State
7
143,585
Q-J July'12, 244
People's Stk Yds State.. w300,000
3,066 Beg. b us NTy 1 '11 V.93,p. 1235
200,000
Second Security
444
s6
Q-J July'12, 144
153,406
400,000
Security
Q-J July'12, 2
8
754
107,000
200,000
South Chicago Savings..
Q-J July'12, 144
6
2
16
22,242
200,000
South Side State
Q-J July '12,3
State Bank of Chicago- 1,500,000 2,270,812 12
8 Q-M Jne30'12.2
6
8
217,010
Stock Yards Savings
250,000
M-N May'12,3
6
140,642
Union Bank of Chicago500,000
Q-J JulY'12, 15i
6
6
12,176
100,000
Washington Park Nat
41,616 None None Q-M Dec31'08,1H
Wendell State
50,000
0 Q-J July'12. 2
18
754
Central Tr Co of
4,500,000 1,895,693
J-J July'12,5
356,896 10
uChic City Bk & Tr Co.
500,000
Q-J July'12 144
6
Chicago Say Bank & Tr 1,000,000
6
263,112
'12, 2
Chicago Title & Trust- 0,053,000 12,031,511
754
July'12, 3
Q-J jui
Q4
8
10
6
Citizens Trust & Savings
216,325
50,000
481,625 3+2 8+2 Q-J July'12, 244
Colonial Trust & Savings
600,0J0
Coot es Comm Tr & Say 3,000,009 1,375,874 11
8
170,836
Drovers Trust & Sav
200,000
844 Q-J July '12. 2f4
16 Q-M Dee 30'11,4
First Trust es Savings- 5,000,000 1,804,597 12
250,000
14,850 Beg. b us Apr 3'l1 V.92,p.929
Ft Dearborn TresSayBk
200,000
52,345 Beg. b us Apr 8'12 V.94,9.1030
Franklin Tr & Say Bank
244 Q-J July'12, 244
190,835 ____
GreenebaumSonsBk &Tr 1,500,000
J- J July'12,3
39,5:10 _
200,000
Guarantee Trust & Say..
Q-J July '12,3
12
Harris Trust & Savings_ 1,500,000 2,112,847 11+5
1 1V.92,p1004
10,
Apr
us
b
Beg
64,869
home Bank & Trust
300,000
q July'12, 4
Illinois Trust es Savings 5,000,000 9,464,116 16+4 16+4
Q-J July .12,134
7
78,811 7+139
200,000
Kenwood Trust & Say_
Q-J Jne30'12.112
6
554
60,828
200,006
Lake View Trust & Say_
Q-J July'12,4
15
Merchants' LoanesTr Co 3,000,000 6,573,016 12
us
OV.91,91221
Oct
b
Beg.
29'1
64,911
200,000
Co_
Trust
Ave
Michigan
64,644 Corn b us Apr 10'1 1V.92,91004
500,000
Mid-City Tr es Say Bank
8
Q-J Jne29'12,2
8
1,500.000 2,690,757
Northern Trust Co
6
124,602
J-J Joe 29'12,4
8
250,000
North-Western Tr& Say
50,000 Beg. b us J'ne i'11 V.92,p. 1537
200,000
Old Colony Tr & Say Bk
181,626
500,006
Q-J July '12,3
People's Tr & Say Bank
300,000
236,872
8
Q-J July'12,2
8
Pullman Trust & Say...
200,000
40,180
Q-J July '12, 144
Sheridan Tr & Say Bank
355,831 Comm enced bus. Sept 6 1910
Standard Tr & Savings_ 1,000,000
200,000
J-J July'12,3
6
49,796
534
Stockmen's Trust & Say
1,200,000 1,436,542 k8+2 8+2 Q-M Jne2912,2
Union Tru3t Co
409,000
8+2 Q-M Jne3012, 2
6
85,966
West Side Tr &Say Bk.
200,000
944 Q-J July'12, 244
97,048
Woodlawn Tr ec Say Bk
734
• Bid and asked prices; no sales were made on tills day. t June 14 (close of business) for national banks and June 15 (opening of business) for Stat4
institutions. t No price Friday: latest prise this week. ISept. 1 1911. 11 Dividends not published. Stock all acquired by the Cont. & Comm. Nati
$
Bank. a Due Dec. 31. ti Due June. c Due Feb. dDue Jan. 1. ft Also 20% in stock. q Dividends are paid Q.-J. with extra payments Q.F.
dividend of 50% was paid in 1911 on Security Bank stock, to provide capital for the new Second Security Bank. V.93, p. 1235. t Dec.30 1911. V 134
of this is a special dividend. z Sales reported beginning April 18. u Formerly Chicago City Bk. w Stockholders voted to increase capital to 3500,00
a cash dividend of 33 1-3% to be paid 111 connection therewith. V. 05. P. (1). I/ Inc. in capital to 45,600,000 auth. V. 95, P. 273. s April 19 191
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENT&M PRICES
Saturday 'Monday
Aug. 3.
Aug. 5.
Tuesdal
Aug. 6.
Wednertay Thursday
Awl. 7 I Avg. 83,
Sales
o1 the
Week:
Shares
Frikty
Avg. 9.
*108 10814 *10838 108'
,
8 *10818 10813 *10814 1081 10858 10834 *10814 10812
*10212 103 *1(Mg 103 *10212 10234 *10212 10234 102 102 *10238 10258
215 215
215 215
215 215
21512 216
21512 21512 216 216
*12212 123
122 123
121 122
12112 122
122 1234
120 122
*204 -___ *204 -- *204 -_-_ *204 --Last Sale 20412July'12
*97
99
*97
99
99
99
0812
98
99
98
99
99
S.-- 298 *---. 298
297 297 *____ 293 *297 298 *295 298
*13
15
*13
Last Sale 14 June'12
15
*13
*13
15
15
*78
80 *78
Last Sale 78 Aug'12
80 *78
80
80
*78
*912 10
Last Sale 958 Aug'12
*93g 10
*938 10
*938 10
*63
*53 ____ *53 --_ _
*53
*53
54
53
*---- 169 *_... 169 It__ 169 s_ 169
Last Sale 169 July'12
*10912 11112 *110 11112 11112 11112 *11112 112 *11112 112 *11112 112
*159
Last Sale 260 July'12
*125 129
126 1726 - 126 fg" *1233 f2-61-2 *126 12612 126 126
*12412 125
12538 12538 *12412 125 *12412 12512 *12412 12512 r124 124
*8412 85
8434 8434 *84
85
*84
85
*84
85
*84
85
12712 12712 125 125
125 125 *125 12712 *125 12712 *125 12712
*1818 19 *1512 19
1812 1812 *1813 19
19
19
1834 1834
77
7714 77
77
77
7718 78
78
77
7734 77
7784
14
13634 13634 13612 137
13612 13612 13614 13634 13613 137
13612 137
Last Sale 13478July'12
203 2-63
:::: *170 179
176 176 *176
*176 178 *ii558
58
*50
*50
*50
58
Last Sale 59 May'12
17114 172
17118 17112 17134 17214 17214 173
17112 172
17153 17214
901. *9018 9013 *0014 9058 *9014 9012
*90
Lull Sale 90 July'13
*157 -- 1.157 ---- *157
*157
Last Sale 157 Aug'12
*85
8578 *85
86 *85
86 *85
86
84
84
*85
8512
*100 101
10018 10018 *100 101
100 100
99 100
*99 100
6114 6112 6033 61
100 10038 10038 10012
4
4
334 373
*18
1834 *18
1812
12612 127
127 12714
122 122 *12112 122
14578 146
14514 14618
5834 60
10014 10012
4
4
1812 1812
127 127
12112 12112
14534 146
5873 5912
10014 10012
4
4
1812 19
126 126
12112 12158
14573 146
5834 5914 5T2 5833
10014 10012 10u.4 1603
4
5
434 434
19
20
1953 195,,
12612 1204 127 12712
12212 123
12234 12234
14534 14618 14578 146
Last Sale 2712 July'12
8014 76" 8914 89
89
8914 8834 89-5 89
8912 8918 8912
*81
82 *81
*81
82
82 *81
82
82
*81
82
82
10012 10012 10012 10012 *__-. 101 *_-_- 10012 *__ 10012
*738
*738 ---- *73.8
*73g --- *733 -___
6
6
1212 1212 *____ 13 *_--. 13 *--- 13 *---- 13 *___ 13
. *1412 1511 *14
*14
IS
15 *14
*14
15
15
1412 1412
*29712 300 *297 300
29712 29712 293 298
29712 29712 29214 297
182 18234 18134 18134 18134 182
181 18134 18178 1827 18214 18214
8934 8934 8678 8973 *8958 8978 893g 8958 895g 897,
8034 8934
95
9518 *95
9558 9514 9512 9514 9512 9538 9534 *9512 96
222 222 *22012
*220
*22012 -___ *220 225 *225 ____
312 212 *382 4
*312 4
*312 4
*312 4
*100 103 *100 103
100 100
*98 100 *100 102
100 100
*100 102
1D014 10014 *100 102 *100 102
*98 100 *100 102
154 .154
154 154
154 154
153 153
153 153
153 153
*98
*93
*93
*93
_
Last Sale 90 Meh'12
160 160 *160 161
1604 161
161
16134 16134 16118 16213
1612 1612 16
1612 *1534 1612 *1534 1612 16
16
*16
1678
106 106
10534 106
10534 106
10534 10678 106 10)313 106 10612
29
29
2834 2814 2834 2834 2834 283 *2778 2834 2813. 2812
291k *28
*2813 2912 *28
2912
2912
2912 29. 29
*28
29
*2
214
2
2
2
2
*2'
214
203 205
200 205
193 200
18834 19412 19012 gi- lir 192
61
6112 *5014 5134 *5012 5131 n
5012 5112 5013 5012
51
*20
2914 2914 2914 2914 2014 *29
2914 *29
2914 294 2918
7178 7138723s 7113 72
7113 7218 7158 7214 7118 7112 71
11134 11134 11134 11134 *112 11213 11214 11214 112 112
11212 11212
812
834 834
612 66s
6
*43
47
4612
3312 8312 82'78
3114 3114 3138
51343 6
834
10.40 .48
.40
713 718
712
358 334
314
813
814
614 *614
47
47
8314 8233
3138 3114
578
512
.60 0.40
712 *7
312 *314
814
8
612
612
47
36
8258 8218
3114 3114
512 *512
.50 *.41)
712
7
312 *314
8
612
4612
8253
3114
534
.50
718
333
813 814
814 814
614 614
4633 47 *45- 118234 8334 8214 8258
3114 3114 *3034 31
512 553
513 512
Last Sale .45 July'12
714 714
713 713
314 311i *3
314
Last Sale 23 FelY12
4212 438 -45 1434 4412 4512
7ia; 4414 6 4412 4518
75
754 75
7512 75
7514
76
7514 7612 7513 7512
526 530 ,M12 51
3
525 529 *526 529
526 527 *525 528
23
23
*2212 23
2258 2258 *22
23
2213 2212
*3234 33
*3212 3234 33
3334 34
3
3334 3418 3334 34
0.03 .05
..._
_
Last Sale .05 July'12
58
5814 -58- 58
5712 5753 *5721 -5-8 - 58
58
5713 5734
*6
512 *6
513 518
513
513 51:
5
5
5
5
1834 1378 1334 1414 1378 14
1378 1418 1324 1413 1334 1378
*1112 12
1112 1112 1114 1114 11
11
1113 1112 *11
1
114
518
518
54 Po
5148 514
518 514
514 15151e
518 518
5414 5434 5414 5414 5312 54
54
54
E(3
54
53
5312
10
1014 1018 1013 10
10
10
1038 10
1018 10
10
3113 3112 30
31
2813 30
2834 30
29
30
2812 29
*1
114 *14e 138
110 111e *1
118 *1
113 *1
118
1812 19
*1814 1834 1834 1914 *1812 19
19
1914 1834 19
*18
19
*18
*1813 19
19
Last Sale 19 Aug'12
*1814 19
*56
58
*56
57
56
56 *55
*55
56
56
*55 _
*9012 91
91
0114 91
91
91
91 *____ 9112 *90
91
35
3514 35
35
35
35
3478 3538 35
3514 34
36
278 278
278 278
234 234
278 278
234 234
278 278
158 158
153 158 *112 134
138 158
112 112 *158 178
3613 3778 364 37
3612 3612 3614 3612 3614 3612 3534 3534
*534 7
534 634 *613 7
*612 7
*612 7
*612 7
1314 1314 *1318 1333 1313 1312 13
1313 *134 1338 1318 13,14
*7
714 *678 714 *534 714 *634 714 *834 714
1134 01
1013 1012 *912 10
*10
1012 4.10
101.2 10
913 912
10
2938 2978 *2953 3D
2934 30
2958 30
2934• 30
2934
2034
3
3
3
3
*213 3
*213 3
*213 3
*212 3
88
68
68
*68
68
69
68
88
63
6818
6814 68
2134 2134 2158 22
2112 2134 2134 2134 2134 22
2134 2134
*4
418
414
Last Sale Ps Aug'12
414 *312 414
734 734
773
778 778
778 778 *734 '
7
616
734 734
2934 3012 30
3014 30
3018 2912 3012 30
3012 2934 2934
6
6
538 6
6
6
*513 6
534 534 *512 6
*4
412 *4
412 *4
412 *4
414 *4
414
4144 'Pt*
778 8
778 8
734 731
734 734
712 713
712 712
*57
5712 5712 5734 5734 58
58
5834 5734 5814 *57
58
0117 118
118 118 *115 117 *112 118
11014 118 *115 117
1913 1958 1912 1912 1918 191 *1818 1812 19
1912 *1831 19
*90
91
9012 9012 91
92
92
92
92
91
91
91
2114 2114 2133 2138 2073 2114 2184 2114 *2073 21
31
21
*33a 312
338 338
314 314
314 314 *314 338 *314 335
1633 1678 1678 17
1634 1714 1'714 1712 1714 1778 17
1712
.50 .65
.55 .60 *.55 .60
.60
.55 .55 11 _ _
.60
4713 4712 4714 4713 474 4712 4714 4714 46
4712 44.34 46
*113 1333
112
112
113 Po
112 112
113 112 *133 112
44
45
444 44
44
44
44
41
4312 44
4312 4312
614 672
634 634
612 612
634 834
814 614
6
6
*3
314
3 • 3
318 318
3
3
*278 3
*278 3
4578 47
46
464 47
43
,
8 433.38 4612 4613 4614 4618 4614
4978 4978 4933 4934 4973 3278 4913 4934 4934 4973 4934 50
*214 212
233 238 *218 412 *214 212
238 238
238 233
123 12
12
1214 1212 1212 *12
12. 12
12
6212 6212 6253 6234 *62
5214 *62
6212 *62
6214 -62- 62
*314 33:
314 314 *3
314 *3
314
318 331
3
3
*582 0
512 512 05
511 *534 6
534 534
512 512
108 100
105 109
107 107 *107 109
106 106
106 103
*2
212
214
211- *2
2
2
*2
214
21,1
2
2
3 Bid and asked pr ces. a New stock. e Asst't paid. 0 Ex3stook
STOCKS
BOSTON STOCIE
EXCHANGE
Rama since January/ 1
On basis of 100-sh0re 1013
Lowest.
Range for Previous
Year 1911,
Rig/lest
Railroads
260 Atch Top .53 Santa Fe_100 10378 Feb 10 110 Apr 8
Do pre(
1
100 10112 Jan 12 10414 Feb 7
100 21412 J'ly 25 22212 Apr 3
73 neston & Albany..
439 doston Elevated
100 120 Aug 7 13434 Mch25
Boston ds Lowell
100 204 J'ne 10 213 Jan 4
82 B oston & Maine
100 06 May28 10012 Jan 3
25 Boston de Providenoe_100 297 May
300 Apr 27
Boston Suburban El Cos_
13 Jan 24 14 May23
Do prof
75 Jan 25 80 J'ne 5
Boston & Woro Eleo Cos_
958 Aug 2 1212 Jan 6
Do prof
61 May14 57 Jan 8
75
Chic Juno Ely
USY.100 165 May 6 170 Jan 19
Do prof
10812 Jan 2 112 J'ne 14
15
Connecticut River__ _100 260 J'ly 24 272 Jan 18
28 rttehburg, prof
100 12214 J'ne 1 128 Jan 25
6 Ga Ry & Bloc stmpd_100 124 J'ne 12 2179 Apr 1
Do prof
20
100 8412 Aug 2 9112 Jan 6
26 _Jain° Central
100 125 J'ly 23 14738 May31
145 Mass Electric Cos_3_100 1814 J'ly 29 2318 Jan /3
Do profStamped_100 76 J'ly 30 83 Feb 28
403
& Hartford_100 13312 May18 14238 Apr 2
318 N Y N
Northern N H
100 13478 J'ly 5 143 Jan 24
2 Norwich de Wor pref_100 203 Aug 6 21212 Jan 20
100 r174 J'ne 11 187 Jan 31
10 Old Colony
Rutland prof
100 41 Jan 2 70 Jan 24
100 10012 Feb 1 17434 Apr 9
833 Union Paolflo
Do prof
100 90 J'ne 3 9213 Feb 8
Vermont & Mass
100 157 Aug 2 164 Jan 16
West E3d St
50 83 Apr 15 8873 Feb 22
Do prof
50 98 J'ly 11 10313 Mchlu
74
Miscellaneous
Amer Arpricul Chem 100
D- prof
100
Amer Pneu Servico_ 50
Do prof
10
Amer Sugar Renn_100
Do prof
100
Amer Tel3p & Tele3_100
Amerman Woolen...,,100
Do pref
100
272
15 Amoskeag Manufacturing
Do prof__
70
2 Atl Gulf 61 W SS L..100
Do prat
100
5
10
60 East Boston Land
99 Edison Elea Illum_100
100
549 Goaeral Electric
455 kiassaohusetts Gas Cos100
Do p:ef
100
217
11 Mergenthaler Lino.,.100
Mexican
Telephone_ 10
4
Cottog Yarn.._100
70 N
Do prof
100
12
Telephone
100
108 N
Portland (Me) Elec_100
100
220 Pullman Co
200 Remo Button-Hole_ 10
100
390 Swift de Co
25
154 forrington
Do prof
25
200
AI 25
185 Union Copper L
100
5,831 Wilted Fruit
23
868 Un Shoe Mach Corp
Do prof
25
119
100
9,918 U S Steel Corp
Do prof
.100
287
3,379
583
1,618
1,405
265
88
2,097
5814 Feb 28
39958 J'ne 24
3 Aug 2
14 Mch 26
11434 Jan 10
11512 Jan 4
13713 Jan 2
21 Jan 31
86 Feb 6
77 Jan 3
x9014 J'ne 21
6 Aug 9
1212 J'ne 8
1034 Jan 2
280 May23
155 An 2
58813 J'ly 15
9312 Jan 5
217 J'ne 21
212 Mch 14
100 J'ne 13
98 J'ne 28
150 J'ly 10
7212 Jan 17
168 Feb 1
1334 Jan 2
9813 Jan 2
27 May 8
28 Jan 5
.85 Jan 6
178 Jan 29
4614 Jan 15
2758 Jan 10
5838 Feb 13
1074 Feb 13
6334 Mch23
105 Mch 132
514 J'ne 19
21 J ne 12
13358 Alay13
123 Apr 6
149 Mch25
30 Mch22
9414 Mch 23
84 May s
105 Mch 26
9 Feb 14
20 Jan 18
1714 May27
300 Mc1127
18778 J'ly 26
94 Mch 16
0878 Feb 19
225 Jan 18
412 J'ne26
105 Jan 18
107 Mch26
164 Mch 14
90 Mch 20
16513 Apr 29
1733 Apr 11
109 Alch27
32 Jan 10
31 Apr 17
334 Apr 8
20812 J'ne 19
5314 Mch 13
2012 Apr 2t.,
7314 Apr 30
11334 Mch26
Lateen.
Highest,
10058 Sep
101 Sep
219 Apr
12412 Sep
207 Feb
9612 Oct
292 Mch
12 Sep
70 Oct
6 Feb
3812 Jan
156 Apr
107 Mch
265 Jan
125 Apr
211712 Jan
86 Feb
135 Sep
16 Apr
11914 .1110
105 J'ne
226 Feb
13012 Aug
218 Sep
12238 Feb
300 Mch
16 Mch
7614 J'ne
13 .1.1y
58 J'ly
171 Dec
11512 J'ly
272 J no
130 Jan
2164 Oct
9312 J'no
215 Jan
24 J'ne
1274 Sep
131/ Jan
210 Jan
183 Mch
32 Jan
15312 Sep
90 Mch
156 Mch
85 Sep
10) Aug
1533 Feb
142 Melt
214 Nov
190 Nov
45 Deo
19213 J'ly
9518 May
1644 Dec
93 Meh
105 Jan
46 Sep
99 Jan
312 Aug
1218 Aug
112 Sep
11134 Jan
13158 Aug
2612 Dec
8512 Oct
7112 Deo
99 Dec
738 Deo
1412 Nov
714 Jan
275 Sep
142 Sep
8734 Jan
93 Dec
211 Jan
3 Oct
103 Oct
101 Nov
137 Jan
6234 J'ly
153 Sep
312 Jan
9734 Sep
29 Sep
27 Mch
34 May
4178 Dec
4014 Aug
2012 Sep
50 Oct
10312 Sep
6334 Deo
10514 Mch
612 Jan
1914 Jan
122 Feb
12018 May
15314 J'he :
3614 Mch
9612 J'ne
81 Nov
10012 Deo
11 May.
26 Jan
12 May
297 Deo ,
10734 May
9634 Aug
9813 Oct ,
235 Aug
478 Jan '
119 Mch
11613 Alch
16,513 Deo
7334 Nov
163 Jan
15 May ,
101 J'ne
36 Jan
31 J.13
,•
1143 Mch
19713 J'ly '
5878 Feb
2914 Jan
8218 Feb
12013 Feb ,
Mining
•
i
Adventure Con
25
514 Mch 28 1114 APT 20
4 Sep
718 XII,
Algomall Mining
25
458 Jan 4
212 Oct
814 May 2
11 J'ne
AL101102
25 3814 Feb 1 5018 J'ne 21
21 Aug
4414 Deo
Amalgamated Copper 100 60 Feb 1 8734 J'ne 6
4434 Sep
7158 J'Ile
un Zino Load & Urn_ 25 2413 Feb 15 3314 J'ne 22
1934 Oct
3033 Jul
Arizona Com'l ars dep
2 Jan 2
678 Apr 2
133 Deo 21143 Dec •
Bonanza Dev Co____ 10 .49 Mch 9 .55 Apr 11 .30 Oct .75 MaY
614 Feb 1
450 El es deCorbOopeeSIIMg 5
014 J'ne 6
334 Aug
1513 May
515 Butte-Balaklava Cop.. 10 21513 J'ly 25
534 Apr 2
3 Nov
613 Jan
dutte Coalition
15 3134 Jail 18 2338 Jan 3
14 Aug
2312 Deo
Butte&Supeop
(Ltd) 10 1912 Feb 7 5134 J'ne 12
19,486
1,154 Calumet 2* Arizon3_ 10 6712 Feb 1 7814 J'no
45 Sep
6334 Deo
25 405 Feb 1 511 J'ly 3 360 Sep 545 Jan
70 Calumet & ilecla
25 1713 Jan 6 2713 Apr 18
150 Centennial
8 Aug
19 Deo
2514 Feb 28 3514 J'ne 2i
11333 Sep
1,223 Jhlno Copper
2712 Deo
,C;o
e eM
r er
neaudrzG
eo
cle
03 Nov .15 J'ne
1 .03 Mai 26 .09 Jan 19
dn_c_e_ 100
50 Jan 31 6(112 Apr 11
4(134 Sep
6934 Feb
685
5 Jan 19
712 Alch27
20
3 Feb
415 Daly-West
7 Dec
878 Aug
1434 Jul
4,705 Cast Butte Cop Min__ 10 1214 Jan 15 1538 April
25 10 J'ly 13 1614 Apr 1
513 Aug
14 ,Pne
315
FrirankizinConsolldated
44 Feb 27 61140Apr
338 Sep
5
1,180 (1ou
818 Feb
36 Aug
4312 Jul
759 Granby Consolidated 100 33 Feb 6 6014 Apr 26
712 Feb 20 1034 J'ne2)
20
3,133 Oct
2
258 1
1,417 3ireene Cananea
F
)e
b
17 Sep
3112 1)340
2,050 tioncook Consolidated 25 2812 Aug 6 37 J'ne 11
1 Jan 3
2 May 3
25
34 Sep
200 Helvetia Copper
25 1138 Jan 16 23 Apr 24
514 Oct
10 J'ue
1,837 Indiana Mlning
Inspiration Consol C. 20 18 Feb 6 2158 Jan 24
4013 Jan 17 6534 J'ne 1
2014 May
25 Island Creek Coal..
41 Dec
85
Jan 13 9114 Aug 1
Do prof'
8218 Sep
91 J'ne
21
1113 Aug
25 2034 Jan 15 3638 J'ly 18.
2,843 Isle Royale Copper
23 Dec
2 Apr 9
5
318 Feb 13
265 Rem Lake
258 Oct
778 Jan
3 May 3
12 Nov
315 lieweenaw Copper___ 25 .80 Jan 2
334 J'ne
Lake Copper Co
25 3213 Feb 1 49 Apr 13
22 Aug
40 J'ne
25
413 Fen 15
8 Apr 17
La Salle Copper
3 Aug
6 Jan
327 Mason Valley Mines...5 1073 Feb 8 1412 J'ne 27
612 Apr
1173 Dec
25
613 J'ly Ii
014 Jan 4
110 %tam Consol
412 Aug c10 J'ne
25
c(2
234 Jan 3 1813 Apr 23 .20 Feb
yflow
Sliaaini
3113 Deo
5 2338 Jan 29 30 J'ly 31
Copper
er
1678 Sep
2433 Dee
35
2 Jan 2
513 Ain 20
135
10 111claigiu3
1'1
si9
114 Nov
313 Jan
25 5012 Jan 30 73 J31027
11
6 11ohawk
67
2
36 Apr
57 Deo
Nevada Consolidated_ 5 1814 Jan 29 2314 May 1
15 Sep
2114 J'ne
314
Feb
25
Coppor
8
Now Aroadian
614 Apr In
2 Aug
414 Ant
5
385 Nipissin Mines
534 3311 3
838 Mch 21
1138 Feb
x612 Dec
15 2234 Feb 1 35 Apr 11
2,343 North Butte
3014 J'no
20 Sep
25
514 Jan 30
675 North Lake
834 Apr 22
934 J'ne
334 Aug
4 J'ly 9 3634 Jan 11
25
25 Olibway AlinIn3
812 J'no
353 Dec
25
258 Jan 2 1314 May
1,065 Old Colony
.50 Jan
318 J'17
990 Old Dominion Co-.- 25 44 Jan 31 60 J'ne 6
49 J'ne
3414 Sep
10156
60 Osceola
3
17
5 13
81 Sep 124 Jan
J'no
10
07
18
2 .3.d
1
J:na 22
30
Creek Coal
ie
dev
Po
un
JanMch
8Q
3
636
25 7313 Jan 29 05 J'ne 22
5513 D
Seeli
c
10 1618 Jan 29 2213 J'ne 22
390 Ray Consol Copper
7
19
4
2:
:D
s
i fe
12 Sep
c
eab
g:
485 lanta Fe Gold de Cop_ 10
1 Jan 31
134 J'ais
34 Apr
478 •May23
10
6,899 Shannon
9 Jan 31
1778 Aug 8
S___ 5 .55 Aug 5
205 South Utah AI
114 Apr 3
25 24 Feb 1
2,160 Superior
Oct
27
0 O
4212 Jan
4878 fly 13,
3218 OcT
1,070 Superior& Boston nin 10
114 May24
814 J'ne
478 Jan 1:s
190 Tamarack
25 26 Jan 31 51 Apr 18
20 Sep
32 Jan
905 ranity
278 Oct
5 Jan 15
913 Apr 9
25
512 Dec
1,285 Tupli3nIne Copper.,1
134 Sep
478 May
258 J'ly 27 41113 Mch 26
8,952 U S Smelt Het 33 Min_ 50 34 Jan 31
30
938
4 Sep
n
4018 J'ne
48 J'iy 5
prof
1,042
D
4514 Aug
50
47 Jan 10 5034 J'ne
4312 J'ne
178 Nov
2.50 Utah-Apex AftnIng___ 11
2 Alay21 3113, Feb
20 J'ne3J n
2038 Apr 2
310 Utah Consolidated__
70 Utah Copper Co
10 59
3
2113
2j
Jan
A.0
1Yg 2891
225 Viororla
66
57
18
2j
38
J
6
'
1 S
antio 20
Aeupg
Dec
5
47
3518 D
135 Winona
25
734 Mch 1
334 Nov
512 Jan 25
913 Feb
153 VVolverino
15 9434 Jan 29 117 Apr 17 74 Nov 122 Feb
500 Wvandott
Meh
314
4
.30 Nov
26
134 Jan 5
2 Fe
div. h Ex-rights. a Ex-div. and MOO. s Unstamped
(334
425
205
5.856
270
2.080
2,492
353
Boston Bond Record
AVG. 10 1912.1
1, Range
Week't
Since
,,. 1
Range or
'','' Jan. 1.
Last Sale
High No Low High
Ask Low
Did
10153 10178
1 10114 10234
Am AgrIcul Chem 1st 5s...._1928 A-0
9012 43 9014 9114
9038 Sale 9014
AM Telep & Tel coil tr 43_1929 J-J
111.12fly '12 _ 10834 11534
1936 11-S
Convertible 48
8978 J'ne'12 _-__ 8978 90
Am Writ Paper 1st s 1 5s g 1919 J-J
131 J'ne'12 -___ 103 131
1915 M-N _Am Zino L & S deb 6s
82 J'ly '12 ____ 54 88
..
_
dep.
of
ctfs
Os
1st
Cop
Arts Corn
9778 J'ly '12 ____ 9778 9934
0
Atoll Top & S Fe gang 4s1995 A--91 9218
91 hIch'12
Adjustment g 4s_ __Juiy 1995 Nov
8912 9158
Stamped _ __July 1995 11-N ...... _ _ 13912J'ly '12 __ 10818
10818
_.
Mch'12
10818
-D
J
1955
50-year con-v ---- ._
1917 J -D _--_ 11053 Mch'll
10-year cony 5s
-68-14
3
6
2
6312
6312
6312
J
5s_1959
63
-J
Lines
SS
WI
&
Gulf
Atl
9518Feb '12 ____ 95 0518
1935 M-N __ _
Boston Elev 30-yr g 4s
-10014 Meh'09 ____ -.._ ___
1916 J -J
Boston dc Lowell 4s
104120ct '08
1944 J -J
Boston & Maine 4 s
-1937 F-A _ ___
Improvement 4s_
95 Feb '12 __ 95 95
1942 F-A
Plain 4s
103 10318
1918 J-J I03 - - _ 103 J'ne'12
Bur & Mo Illy cons Os
__
__
11153 Sep '11 ___
_
Cedar Rap & Mo It 1st 7s_1916 M-N
90 J'ly '12 ____ 1912 1214
Cent Vcrmt 1st g 4s.._ _May 1920 Q-F -901__
__
'07
Oct
1103
0 B & Q Iowa Div 1st 58_1919 A-0
- -9-912 -9-91.
9912 mch'12
1919 A-0
Iowa Div 1st 4s
10112
10038
____
'12
10058.rly
10012
il-N
5s
1913
Debenture
9978 100
9978 Feb '12
1922 F- A 991
Denver Eaten 4s
.... 9812 Mch'12 .___ 9812 9858
1927 11-N
Nebraska Eaten 9s
___
'11
Feb
9918
_
.
11-3
1921
B&SWst 4s
------ _ 8718 May'12 ....... -8-034 -8734
1949 J-J
Illinois Div 3;is
Aug'12 __ 10058 10134
Ohio Jet Ry & Stk Yds 53_1915 J J iddiiidf 101
1 901.2J'ne'12 ____ 89 91
Coll trust refunding g 4s_1040 A-0
114 Jan '11 .._ -.... ____
Oh Milw 63 St P Dub D 6s 1920 J-J
_
_
11358 Feb '11 ____
____':
J
J
1920
6s
div
V
Wls
P
St
Ss
Oh M
91 May'12 _ _ -9-1- -9-9,11-N
1931
Oh & No Mich 1st gu 5s
1921 J -D 9634 113C114 9034J'17 '12 ____ 9634 101
Ohio & W Mich gen 5s
_
__
9712Sep '11
1920 3.1)
Concord & Mont cons 4s
2 1-0014 1-0014
10014 10014
Cudahy Pack (The) 1st g bs 1924 M-N
1926 A-0 100 - __ _ 100May'12 ...... 9914 103
Current River 1st 58
80 May'12.-. 80 8614
Det Or Rap & W 1st 43.......1946 A-0 8018
1940 M-N ____ _. 99 J'ly '12 __ 9814 9914
Dominion Coal 1st 31 5s
_ 1031 Apr '05
1915 M-S
Fitchburg 4s
1927 11-S
- 90 Apr '08
43
. 12712 Mch'12 ___ 1271212712
rremt Elk & Mo V 1st OS__ _1933 A-1)
121 Nich '12 ____ 127 12712
1933 A-0
Unstamped 1st 68
t'8
BONDS
la b
BOSTON STOCK EXCHANGE
Week Ending August 9.4."a.
Price
Friday
August 9
Price
t:Z
BONDS
1
Friday
'BOSTON STOCK EXCHANGE
-l. August 9
Week Ending August 9.
Wee
Rang: or
Last Sale
Range
IS
'
Since
:1 U.
Jan. 1.;
High No Low High
Ask Low
Sid
9914 9914
General Motors 1st 5-yr 63_1915 A-() 99341001$ 9914Feb '12 22 057
2 9813
9614
Gt Nor 0 B & Q coil tr 43_1921 J-J 9618 Sale 96
9754
9578
6
96
9578
.
_
9578
J
04s
1921
Registered
16 100 10034
100
710.6 100
1913 A-o
Illinois Steel deben 53
__ ---- 117 Apr '08
1917 A-0 ---fa Falls & Sioux 0 1st 7s
97 Mch'12
1925 A-0
Kan C Clln & Spr 1st 5s
1::196
6
9
1:
7::11 !
12
9
Kan 0 Ft Scott & Mem 6s 1928 M-N 114 115 11412rly 'i:.
_ 9212 Mch'12
1934 M-S 9212
Kan CM & B gen 4s
85 Aug '1:.
1934 51-S
Assented income 53
94
823
210
212
84
10
__ __ -103 J'ly '1.•
Kan C & M Ry & Br 1st 53_1929 A-0 ------115 J'ne'08
Marq Hough & Ont 1st 63_1923 A-0
9734
Mass Gas 454s
1929 J -J ___:-073-4 0734
100141001g
1917 J -J ___ __ 10018 Apr 'L.
Mich Telephone 1st 5s
9612 99
081.
2 Sale 08
New Eng Cotton Yarn 5s 1929 F-A 9311915 A-0 ____ ____ 10138 Mch•li
New Eng Tel.iph 58
__ ____ 10012Sep '08
58
1916 A-0
1945 J-J ____ ___ 1/978Jan 'II
New England cons g 5s
M
1939 A-0
Boston Term 1st 48
,-- -----____ ____ -75 Dec •11
New River (The) cony 53_1934 J-J -------4 923
.12-1NY N H & H con deb 3 Ms..1956 J -J ____ ___ 9214 Mch'12 ,
12914 13212
12834.1'1y '12
1948 J -J
Cony deb 63
1924 F-A -------- 101 Apr '09
Old Colony cold 43
Oregon Ry & Nay con g 43_1946 J-D ---------9878 Sep 'Ou
in 11334
__ ___ 112 J'ne'12
1922 F-A. -------Oreg Sh Lino 1st g 6s
95 95
95 Jan •12
Pere Marquette deb g 63_1912 J-J
103 Jan '11
_
1919 J-J -------Repub Valley 1st s 1 6s
Savannah Elea 1st cons 53...1952 J-J ____
--- ____ 7014 Dec '10
2 115-14
113-11930 F-A ____ 104 10312rly '1'.
Seattle Mee 1st g 5s
8312 100
1919 61-N _
_ 99 J'ly '1:
Shannon-Ariz 1st g 6s
Terre Haute Elec g 5s
1929 J-J _-_:..-.....-:_ 97 Apr '07
903410034
1918 Id-S ____ _-___ 10012.1'1y '12
Torrington 1st g 58
W013 10058
10018 J'ly 'L.
Union Pee RR & I gr g 4s 1947 J-J
10174 10174
1927 .1-3 ____ ___ 10178 May'12
20-year cony 45
4 9554 974
0678
9614 9618 9678
United Fruit gen s 1 4 34s__ _1923 J-J
9534 IC 9514 9652
1925 J-J
Debenture 44s
9534 96 9534
10154104
U S Steel Co 10-60-yr 5s Apr 1963 11-N __ ____ 10258J'ly '12
i1
._;
09 9918
11191111746
1990
. 'l.
y'il
5 miviF
F--arv
S
A
-AN
Mop
NA
West End Street Ry 4s
10014 10014
182 Feb
s87
9
90
0
_ ---_-.. 1,0
--_-_-_
7
.
Gold 4;is
Gold debenture 48
_
Gold 4s
9913101
0012 mit
001
western Teleph & Tel 53-1932 J -J ------ -935s Feb '1.2 .
9354 9332
Wisconsin Cent 1st gen 4s 1949 J -4 -_
Friday; latest bid and asked. 11 Flat price
price
No
•
Bonds.
Boston
all
for
price
purchase
the
to
addition
In
NOTE.-Buyer pays accrued Interest
:H.,:
--
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Shara Prica;-Not Per Celiturn Pricce
Saturday
Aug. 3.
Monday
Aug. 5.
Tuesday
Aug. 6,
Wednesday
Aug. 7. •
Thursday
Aug. 8
Friday
Aug. 9.
Saks
ACTIVE STOCKS
of Me
Week (For Bonds and Inactive
Stock: see below)
Shares
Range Since
January 1
-------Highest
Lowest
Baltimore
Con Gas El L & Pow_100
100
pret
Do
20
700 Houston Ol tr ctfs,.,.100
Do
pre: tr ctts_100
745
50
13 Northern Central
100
200 Seaboard Air Line
100
prof
Do
601 United Ry & Electric_ 10
96 Jan 3 117 May 6
101 Jan 2 118 Apr 3
814 Jan 3 1614 J'ly b
6334 Jan 25 7212 J'ly 18
12434 Ply 31 130 Apr 8
2212 bleb 2 2714 May24
4512 Bich 14 5534 J'ne 10
1814 Jan 2 26 J'ne
*108 110
*10712 110 *10812 110 *10812 _
*107 110
112
111 111 *111 112 *____ 112 *111 112 *111
*110- 111
1434 1434
8
15
147
*1412
1434
1478
1474
1434 1434
*1434 15
6612
66
67
67
6611 6614 6614 6614 6612 6612 67
*66
12134 12434 126 120 *____ 127 *125 -___ *125 127
*12434 126
24
*23
2434
2412 2412
*5212 5312
*5414 - - _
2471,
2474
.
;Hit
W
25
4
*243
25
25
25
2473
*2434 25
*4312 13-34- *4312 44
4434 444 4434 4412
1174 1178
*12
5612 5634 5612 5612
*2412 247$ 2412 2412
6712 6714 6714
*67
812 812
812 834
32 32
*4234 33
8954 893 *8914 8934
459te 8534 8552 8512
15
15
*1434 15
4114 3112 3112 31'74
6234 6212 x6154 6134
5214
62
2314 23N
2212 235
2612 2512 2512 2512
$31344 831544 8354483134e
,
Gi5i
*onto
Gig 678
6153 51.; 5158 516s
8938 893,, 8934 90
433 ;4372 44
448g 4438 413,8
12. 12
5612 5614 5614
2514 2412 25
6714 *6634 6712
812
814 834
3334
33
33
8912 8953 8934
8534 853$
*8514 8538
15
1514
15 *15
3112 3112 3114 32
6194e 6134 6112 6134
52 52
5114 5134
2314 2312 2314 24
2514 2514 2533 2534
8334 8334 8454e 8444
7
7
674 131he
5112 5134 5134 5134
8974 9234 9118 92
4334
*44
*12
5613
2434
6714
812
*3212
*89
PH I LA DELPH I A
Inactive Stocks
10
American Milling
50
Cambria Iron
Central Coal & Coke. 100
100
Preferred
100
Oonsol 'Frac of N J
50
Germantown Pass
Huntington & B T____50
50
Preferred
Indiana Union Tr ,.,...100
10
Insurance Co of N A
Inter Sni Pow & Chem_50
Interstate Itys, pref_10
Kentucky Securities_ _IOU
100
Preferred.
Keystone Telep v t c___ Co
50
Preferred
Keystone Watch Case-100
10
Lit Brothers
Little Schuylkill
50
MInchill & Schuyi H_50
Nat Gas Elec Lt & Po_100
• 100
Preferred
North Pennsylvania-50
50
Pennsylvania Salt
Pennsylvania Steel
100
Preferred
100
Piffle Co (Pitts) pref_50
Phil German & Norris _50
Phila. Traction
50
Railway's General
10
Tonopah Belmont Dev_ _1
United Cos of N J_ _100
United Trac Pitts pret_50
Virginia Sty iffe Pow...AN
100
Preferred
Warwick Iron & Steel_ _10
Washington-Vs By_ _100
100
Preferred
100
Welsbach Co
West Jersey & Sea Sh_50
Westmoreland Coal_ _ _50
100
Wilkes Gas & Elec_
55
York Railway
50
Preferred
Bil
Ask
2
2
44
44
4414 4414
1214
*12
561,
56
2434
24
671:
*67
812 9
33
33
8934 90
*8558 8534
15
15
3112 311c
6154 6174
5112 5112
2354 24
*2512 26
85 8574e
01315 7
5134 5134
9/14 91
Philadelphia
50
110 American Cement
112 112
50
100 American Railways
44
44
50
4414 4412 1,721 Cambria Steel
10 Electric Co of America 10
_
*11214
Battery_100
Elec
Storage
939
4
I615614
5,994 Gen Asphalt tr ctfs_ _100
25
26
Do
pret tr ctfs_100
6712 0834 1,685
812 812 3,229 Keystone Telephone_ 50
2,875 Lake Superior Corp_ _100
*3212 33
50
324 Leh C & Nay tr ctfs
8974 8974
50
280 Lehigh Valley
8614
*86
450 Lehigh Valley Transit 30
*1434 15
50
Do peat
3112 3112 1,126
50
611144 0174 1,515 Pennsylvania
1,230 Philadel Co(P1ttsb) _ 50
5134 52
25
Elec.)._
Philadelphia
37,059
2312 2334
50
922 Phil It T vot tr ctfs
2512 2534 .
50
8134 8514 3,394 Reading
1
Tonopah
423
Mining
6'hos 7
50
643 Union Traction
5114 5112
69
91
9114 12,539 Union Gas Impt
PIMA DE.LPHIA
.• Bid and asked; no sales on this day. 11 Ex-div. It rights.
Bid
Ask
PHILADELPHIA
Ph It Read 2d Ss 1933 A-0
Bonds
Ex Imp 11 43 1947.A-0
Prices era all "and
Termin:i bs g 194 i _Q-F
interest'
12
238
212 44
4314
W & B col tr 43'21 _J-J
8511 8634 Alt & L V Elec 4,;i3'33F-A -8718 -6fri {lead Trao 1st 65 '33__J-J
81._ 821: Am Gas & Bien 53'07-F-A
A-0 9512 96 Hoch Ry de Leon 56'54 J-J
- Am flys 5s 1917
._ _. Spanish-Am Ir Gs '27__J-J
153
s
1st
'60_J-J
Gas
Atl C
Stand Gas & E 6s'2O_J-D
Berg&EBrew 1st 63'21 J-J - Stand Stl Wks lst5.3'28 J-J
Bethleh Steel 6s 1998_Q-F
U Trac Ind gen 58 '19 _J-J
--1949..14
SS
1st
Me
_ Choc &
Itys Tr ctts 4s'49.....14
DIV
-213i Oh OIE a, G gen 53 1919 J-J
United 11,y8 Inv 1st colt ti
Con Trac of N J 1st 5s '33 16114
11-N
t Os 1926_
s
---:
ctfs
tr
48'49J-J
Itys
Del Co
861-2 -012 Welsbach a t bs 1930J-D
Bic° It Peoples Tr tr ctts- .
Wil-1.3 O&M con 53'55_J-J
_ Fr Tacdoll 1st 53 1940.J4
____
York Rys 1st 5s 1937_J-D
814 -83-4 Gen Asphalt 53 1916.11-S 94 -g- ___ 5334
37 38 Indianan By 48 1933_
BALTIMORE
F-A
Interstate 4s 1943
Inactive Stocks
Keystone Tel 55 1935_J-J
8_52_ -68-0221 Ala Cons Coal es Iron_101,
Lake Sup Corp Mc 58'24_0 _8
ooCsoa t L (Conn) _100
latn
Aoto
C
Lehigh Nav 4 Ws'14__Q4
100
Co
100
F - ---.. iiii5-2 Consolidation Coal
40J-4
23
8sgg1199
C 14sti5
aH
GeV
Leh
100
Fla
&
Georgia
Sou
1st
43
1948_J-D
ext
:::_
_. Leh V
100
1st preferred
J-D 11514 11534
Consol 6s 1923
151- 103
10
2d preferred
10338
Consol 4 ;is 1923.__J-D
100
G-13-S Brewing
J-D iii - 14.
Annuity 6s
98
9714 9734 Pullman Cons Ventil_100
Gen cons ‘.8 2003...M-N
45 451:
100
Preferred
Leh V Trail coil 4s '35 J-D
Bonds
1st series A 45 1935_11-8 8712 83
-a14 85
Prices ars all "and
1st sates B 53 1935 111-S -__
-663-s
1st 43'55 M-N
--612 -1738 MarketStElser
11930_24
res
s"
9634 Balt CityingeK
---- ....
5s '19 J-J --NatLII&P
.._: 4612 196514;19a5___Varlous
New Con Gas Cs 1948_J-D
M-N
1st
tigNo
J-J
4s'39
&
Ph
N Y
.._ Anacostla & Potom 53A-0
Income 4s 1939___ _11-N
-164 101. Pa It N Y Can 5s '39.A-0 113 - T14 AtCoast Loony deb 401-N
Os J-D
5114 513; Penn Steel 1st 53 '17_11-N 10014 -_ ALE Coast L(Ct)ctts
Ctrs of indebt 4s____J4
7912 80 People's 'Fr tr ctfs 43 1943 9112 9214
J-J
5-20-yr 45 1925
P Co Ist&cok. tr 53'49 M-S 10312 101
9614 0612 B 8 P &0 1st 40'53 F-A
Con & colt tr 5s '51 11-N
81 'gift Phil Mee gold tr ctfs_A-0 103 10312 Balt Trac 1st 5s '29_ _M-N
No Balt Div 58 1942 JD
8312 ..._
Trust Ws 43 1849
1234 1318 P & E gen 11 51 g '20..A4) .......- Car Pow & Lt 58 1938 F-A
Cent Ry cons 5s'32__M-N
3434 351:. Gen NI 4s g 1920_ __A-0 ____
11 515 paid. 0 13 34
L'anoe ,or Previous
Year (1911)
Lowe-it
Hithssi
64 Jan
80 Jan
7 Met
45 Feb
121 Jan
20 Jan
33 Jan
11912 Jan
9512 Dec
101 Sep
10 Aug
79 J'ly
13034 J'ne
27 J'ne
50 Nov
1978 J'ly
712 Jan
16
4
N v
5 Nov
1 J'ne 14
7 Jan 10
42 Jan
4318 J'ne 1(4 4512 Feb 1
4834 Feb
4078 Sep
4112 Mch •2 4434 Mch28
1112 Jan
1212 Jan
1112 J'ly 31 1212 J'ly b
4813 Jan
5618 J'ne
5234 Jan 16 57 Aug 2
2812 Aug
3914 Oct
18 Apr 2 3374 Feb 17
31788 Jao
n
03 Aug 80
5934 Apr 2 73 Jan 3
658 Dec
912 Aug 1
6 Apr 4
32 Feb
2112 Sep
27 Feb 20 3334 Aug '7
03 Jan
8312 J'ne
8778 Mch20 9118 J'ly 1
7534 Sep
7818 Feb 5 9274 Jan 16
4O
746
t
ec
pc
813 Jan 3 1512 J'iy 30
614 Jan 939
1812 Jan
2563 Oct
23 Jan 12 32 J'ly 31
65 Feb
5938 Sep
611i8 Jan 27 631i4 Apr 26
4814 Sep
5012 Jan 11 5614 Feb 16
914 rye
18
5
1512 Nov
111678 Jan 2 24 Aug 7
2418 Aug
17 Apr
2218 May 6 2612 J'ly 22
8034 Feb
7414 Jan 11 1,014 Apr 30 136184e Sep
851 Jdn
512 J'ly
Gals J'ly 19
814 Apr 15
52A4 Aug
43 Jan
4934 Feb 28 5214 Jan 26
8938Jan
8414 Sep
8614 Jan 9 9238 Aug 6
Bid
Ash
BALTIMORE
(2 Ry Ext&Imp 5s '32 MS
Chas City Ry ltt 5s'23 J-J
Chas Ity G & El 5s'99 11-5
City & Sub 1st 5s 1922 J-1)
City & Sub(Was)lst 5s '48
Coal & C Ry 1st 58,19 4-0
Coal & I By let sit'20_F-A
10138
10012 ____ Col&Grriv 1st 6s 1916 J4
Consol Gas 53 1939__J-D
Gen 454s 1954____A-0
- 9612
77 __ Cons CE & P 40'33 J-J
Fair & Cl 'Fr 1st 58'38 A-0
831: 84 Ga & Ala 1st con 63'4544
9212 931: Ga Car&N 1st Si g '29_44
Georgia Hist 68 1922...J4
Ga So &Fla 1st 58 '45.44
- _
G-B-S Brew 3-4s '51_M-S
Knoxv Trac 1st 55 '28 A-0
MaconRy&Lt 1st 58'53 J-J
lid knee Ry 1st 58'31_4-0
Memphis St 1st 58 '45_J -J
268
135 139 Mt Yes- Cot Duck 1st 5s__
102 10212 Npt N It 0P 1st 58'3811-N
35 ____ Nor&Port Tr 1st 53'36 J-D
95_. North Cent 4;is 1925_A-0
Series A 58 1926____J-J
82
Series 13 53 1926_ ___J-J
4 -13-8
P;tt Un Trac 5s 1997__J-J
9112 Poto Val 1st 5.5 1941J4
Say Fla It West 55 '34 4-0
Scab Air L 48 1950___A-0
Adjust bs 1949____F92 94 Scab It Roan 5s 1926__J-J
South Bound 1st 5s_ _A-U
9712
10314 104 U El L&P 1st 4;4s'29 M-N
9934 100 Un Ry It El 1st 45 '49 M-S
Income 49 1949___J-D
:100
1051
Funding 55 1936___J-D
1031:
Va Mid 3d. ser Os '16_ _M-S
4th ser 3-4-58 1921 _M-S
92 9314
9634 9714
5th series 58 1926_ _M-s
1
1014
1
Va (State) 35 new '32_J-J
ii61;
Fund debt 2-3s 1991 J-J
92 9311 West N C con Os 1914,J-J
WII It Weld 53 1935___J-J
paid. t 517 34 paid.
i, fs.
13iit
Ask
10313 Dig
951 9712
10414 105
104 105
93 94
10112 10214
10514
10813 109
9534 9614
8812 8834
10012 10034
106 10612
10514 10512
105 106
511: 52
104 106
100 10012
9814 9812
"fi"
971: 100
8912 8934
10412
108 10913
ioi 104
10614 10714
8714 -8734
79
7912
.....
9312 94
8434 85
05 6514
8834 89
fdi
THE CHRONICLE
Volume of Business at Stock Exchanges
tVot. LxxXxv.
Ferry Companies
Bid Ask
13 &N Y let as
_J-J 99 101
NY&ER Ferry
1911.-15
stock.100 • S
1st Si 1922
M-N 45
55
N Y & Hob Si May '46_ _J-D 99
9934
Hob Fy 1st 531946. M-N 104
NI&NJ 5e 19413____J-J 98
10th & 23d Sts Ferry...100 25 -35
- -1st mtge Si 1919
J-D 55
65
Union Ferry stock
100 16
1812
1st 5.1 1920
M-N 05 100
Indust and Miscell-(Con.) Bid Ask
Bliss (E W) Co corn
85
50 75
Preferred
50 120 125
Bond & Mtge Guar
100 287 200
Bop
rd
reefn'
ersre
Cdond Milk com.100 x122 123
.53
/18 108
10
,
British
Col
Copper Co 1_0_05
"Stocks.
Railroad,
Casein Co of Amer com_100
Week ending
112 2
c.,
Stall
U. S.
Preferred
Aug. 9 1912.
•
Shares.
Par Value.
Bonds.
Bonds.
Bonds.
Casualty Co of America_1
5° 120
100 110
52
Celluloid Co
10(1 191 193
Saturday
194,927 $18,055,200 $1,388,000
$11,500
$3,000
City Investing Co
61
100
53
Monday
339,157 30,234,450
1,514,000
81,000
Short-Term Notes
Preferred
100 100
Tuesday
226,472 21,162,950
2,100,000
125,000
Amal Copper Si 1913 A-0 100 10014 6 Ciallin (H B) Co com 100 85 101
90
Wednesday
323,456 27,620,600
1,689,000
69,000
Bait & Ohio 430 1913 J-D 9934 100
e 1st preferred.
100 86
91
Thursday
429,434 37,368,650
2,105,000
49,000
Bethleh Steel as 1914 _M-N 10234 10314
e 26 preferred
100 87
92
Friday
335,982 28,237,350
1,349,000
30,000
Ilklyn Rap Tr 5s 1918(w 1)... 97
9712 Consol Car heating.. _100 75
85
Cites dr Ohio 43.13s 1914 J-D 99
9914 Consoi Rubber Tire__ __100 13
15
Total
1,840,428 $162,679,200 810,145,000
$365,500
$3,000 Chic dr Alton 5s 1913
M-S 0912 9934
Preferred .....
10(3 50
59
Cilia Eiev Rye 5s 1914__J-J
Debenture 9s 1951.__A-0 /58
60
Cln
Ham dr D 45 1913 ___J-J 99
Sales at
Week ending Aug. 9.
77
12 99
8312
4 e Crucible Steel coin...JOU 1838 1868
Jan. 1 to Aug. 9.
Erie as April 8 1914.A-013 10012 10034
New York Stock
e Preferred95 96
Coll bs Oct 11914.. A-0 9912 9978 Davis-Daly Copper Co.....
Exchange.
1912.
1911.
1912.
1911.
1(g *218 238
(All 5s April 1 19151 _A4) 9812 9834 e Diamond Match Co_ __100 108 109
Stocks-.-No. shares_ -1,849,428
4,172,002
79,316,937
65,857,672 eGeneral Motbrs Os '15.A&O 9978 100 duPont(I) de Nem Pow 100 195 205
Par value
162,679,200 8378,430,450 $7,175,517,325 $5,878,834,050 Hudson Companiese Preferred 1936___J.
100 .
92
.
1.4
9 912
as Feb 1 1913
Bank shares, par
$51,300
$1,800
3351,700
F-A
e Gold 4313s
9934 10018
21,337,500
D
8734
Os Oct 15 1913. __A&015 9988 100 Empire Steel & Iron corn 100
Bonds.
5
10
III
Cent
Government bonds_
4s
$171,000
$3,000
$1,036,000
1914___J&J 9912 9934
Preferred
$2,310,500
100 35
40
State bonds
365,500
553,500
15,954,000
78,183,500 Int & (It Nor 5.9 1919 F-A 9778 9818 a General Chemical com 100 200 210
Inter
10,145,000 10,565,500
RR. and misc. bonds_
Harvester
10038
'15..FdcA
Si
10088
455,540,500
Preferred
a
10.)
466,875,000
110 120
K C Ky & Lt 68 1912__M-S 92 05 Goodrich (13 F) Co com 100 57212
7314
$10,513,500 $11,290,000
Total bonds
95
Preferred -_
$472,530,500
100 107 10712
2547,369,000 Minn dr St L g Si 1913 _P-A 93
Mo Kan dr Tex 5s I913.M-N 99
9914 Greene-Cananea
20 *10
1018
Missouri
a
Pacific Si 1919-1-D 95 96
Hackensack Water CoDAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Nat Rys of Hex 48.6s '13.J-D 9814 9834
Ref g 99 '52 op 1912. __J-J 86
EXCHANGES.
eNYC Lines Eq bs 1912-22 58129' 4.40 Havana Tobacco Co....100
6 -7434s Jan 1913-1925...J4 51t2% 4.40
Preferred .
100 10
15
Boston.
Philadelphia.
4313s Jan 1913-1927. _J-J 5812% 4.40
1st g 59 June 1 1922__J-D 1 62
65
Week ending
N Y Cent 41.is 1914_ _M-S 9934 100
Hecker-Jones-Jewell Millinz
Aug 9 1912.
Listed Unlisted
St L dr S F 5s 1913 opt J-D 9912 100
Bond
Listed
Unlisted
l
Is
at gSs
ba 1912
Bond
92
61
M-S 102 104
shares, shares
South Ry g Ss 1913____P-A 100 10012 Herring-Hall-Marvin _100 10
sales
shares,
shares
sales.
15
Wabash 434s 1913.__M-N 90
Hoboken Land & Improvel
94
Saturday
9,233
6,235
$10,000
13,982
3,579
let Si Nov 1930
566,000 Westingh'se El dr M as 1913 10012 101
Isi-N
104
Monday
10,960
e 5% notes Oct 1917_A-0 9034 9712 Hocking Val Products..
17,148
26,000
8,094
5,297
20,200
ts_
712 -i6
Tuesday
8,445
20,529
22,500
Railroad
14,247
6,207
45,000
J-J 58 62 ,
Wednesday
11,311
8,110
33,000
19,861
6,320
36,700 e Chia & Alton com___100 18
Houston Oil corn etIff
23
100 14
15 i
Thursday
e Preferred
17,192
8,172
9,000
12,099
4,668
90
100 36
Pref ctfs
47,000
Friday
6,463
8,335
18,000
11,019
2,225
26,300 e Chia St PM de Om._ 100 131 136 e lngersoll-Rand corn. 100
00 16
1
6
7
3'
67
e Preferred
e Preferred
100 152 160
66,657 5118,500
Total
65,476
79,302
28,296 5241.200 e Colo dc South corn.. 100 40
42 Intercontin Rub corn..,100
9
°
12
5 -fS e let preferred
76 Internal Banking Co. 100 85
100 73
90
a 2d preferred
70 International Nickel
100 65
100 310 320 '
• N Y Chic di St L com -100 56
59
Preferred
100 116 120
e 1st preferred
lit g Si 1932
100
A-0 10912 110 !
All bond prices are now "and Interest" except where marked "f."
e 2d preferred
0(1
)12 89 International Salt
100 18
100
4
2
Northern Securities Stubs.
1st g 55 1951
A-0 I 53
56
Street Rail ways-Woos.)
B18 Ask
Pitts Bess dc Lake Erie. 60 4130 35 International Silver corn 100 12.5 140
Street Railways
Bid Ask United Rye of St LPreferred
72
Preferred
50 •60
I
128
eona vet tr ctis
100
15
1514 e Railroad Securities Colet as 1948.
10 iiiNew York City
e Preferred
4512
100 45
ll! C elk tr elf, Ser A.... 8314 89 Internat Smelt & Refg. 7.00 123 127
Bleeck St & Fat Fy stk 100 18
25 Wash Ry dr El Co
92
100 1)0
West Pac 1st 5e 1933_M-S 8134 8212 Kayser (Julius) di Co
90
3;12 109
943
10
234 :
00
0 190
let mtge 411 1950
J-.1
70
Preferred
9512
100 95
Standard Oil Stocks
let preferred
B'y dr 7th Ave stk
100 170 18()
45 1951
J-D 8512 86
19 Kresge (S 5) Co
Anglo-American 011
El *18
61 ,
1
2
2d mtge 5s 1914
Jdr.J 9934 1004 Electric, Gas it Power Cos
Atlantic Refining
520
450
Preferred
100
Broadway Surface RRNew York City
Borne-Scrymser Co
100 180 205 e Lackawanna Steel __100 43
45
1st 55 1024
J&J 103 109 Cent Un Gas bs 1927. _J-J 10112 103
Buckeye Pipe Line Co
e 1st con 5s 1950
5
111..
1
50 •185 190
8112
Cent Crosstown stook _100
10 •Kings Co El L & P Co._100 132 13212 Chesebrough Mfg cons 100 825 875
e lleb 5s 1915
let mtge tis 1922____M-N
New Amsterdam (hasColonial 051
150
80 Lanston Monotype
100 -1
-1-3-4 92
9
100
Con Pk N dr E Riv stock.100
let comet 55 1948_ J-J 10112 10212 Continental Oil
13
Lawyers' Mtge Co
875 925
225
Christopher&lOth St stk 100 125 137 NY&ER Gas let 55'94 J-J 10412 10512 Crescent Pipe Line Co 190 *70
75 Lehigh Val Coal Sales_.
1VI
.60
242
Dry Dock E 13 & 13Consol 55 1945
J-J 101 103
Cumberland Pipe Line_100 90 100 eLoose-Wiles Biscuit com100 44
4414
1st gold bs 1932
J-D 100 101 e N Y Mutual Gas L. 100 175 18212 Eureka Pipe Line Co -100 410 420
e 1st preferred
itg 11
3 104
Scrip bs 1914
F A J38 45 N Y & Q El L & Pow Co_100 65
60 Galena-Signal 011 com_100 250 260
e 2d preferred
9214
Eighth Avenue stock. 100 315
Preferred
100 76
86
Preferred
Madison Sq Gardan Stub5 2
!
7.1.1
23 18
100 140 150
12
_0
. :2
Scrip Os 1914
F-A
99 101 N Y & Richmond (las
100 40 60
Indiana Pipe Line Co
Manhattan Transit
_50 *120 125
428 & (Jr St Fy stock.. 10t) 270
North'n Un Ist 55 1927 bl-N 9912 10112 National Transit Co
45
Monongaheialt
*44
Con C&C 50 *15
25
42d St
&
Standard Gas L corn_ _100 60
N Ave___100
New York Transit Co...100 385 400
Preferred
(0- 100
Preferred
let 6s 1910
100 90 100
Northern Pipe LineCo .100 155 160
Mortgage Bond Co
.100
ilii2nd Inc 68 Jan 1 1915.... / 78
1st 5a 1930
M-N 104 106
Ohio Oil Co
25 *121 123 e National Surety
100 225 230
Ninth Avenue stock__100 160 180
Other Cittea.
Prairle 011 dc Gas
300 310 e New York Dock com_100 19 ..s..
100
2
Second Avenue stock. 100
0 Am Gas dr Elee corn
50 *83 85
Solar Refining
650
600
a
Preferred
100
100 35
4
Consol 53 1948 etfs_P-A / 40
45
Preferred
50 *48 50
Southern Pipe Line Co._100 290 SOO
N Y Mtge & Security. 100 208 21212
•Sixth Avenue stock. 100 115 .126 Am Lt & 'frac corn
100 418 422
South Penn Oil
N Y Transportation
100 760 100
20 *5
6
Sou I3oulev fre 1945
J-J 88 92
Preferred
100 109 112
Sou West Pa Pipe Lines 100 175 180
Niles-Bem-Pond
corn...100 87
90
So Fer let 58 1919.
05 Amer Power & Lt com 100 70
A-0 00
72
Standard Oil of Calif_ _100 190 195
Nipissing
Mines
6
*734
778
Tarry WP &M 5s '28...M&S 76
80
Preferred
100 85 86
Stand Oil of Indiana
100 267 273 Ohio Copper Co
10 'u78 Isis
28 & 29th kits 55 '913 ctIsA-0 20
28 Bay State Gas
*38
50
12 Standard 011 of Kansas 100 390 510 e Ontario Silver
Twenty-third St stock __IOU 250 2.-t5 ilingtetort (N Y) Gas Wk
Stand 011 of Kentucky_100 970 190 Otis Elevatorcorn
corn
12 7 12
7
Union Ry 1st 5s 1942..F-A 104 105
1st g Se 1938
A-0 98
Stand 011 of Neb rash* __100 295 310
Preferred
10, 102 104
Westchester let 5s '93_,J-J 94
96 Buffalo City Gas stock _100
5
7
Stand 01101 NJ (old)
100 1030 1060 Pittsburgh Brewing
50 *1018 11
Yonkers St lilt 5s 1940_ A-0 90
97 Cities Service Co corn. 100 110 112
Preferred
Stand 011 of N J
50 *3914 40
100 415 118
Brooklyn
Preferred
100 89
91
Standard 011 subsidiaries... 625 650 e Pittsburgh Steel pref _100 1034 10478
Allan Ave RR con 55'31A-0 10012 1021; Con Gas of N J Si
98 101
515 520 Pope Mfg Co corn
Standard 011 of N Y
100 30
31
BB& WE 53 1933____A-0 97 100 Consumers L IL dc PowPreferred
Standard Oil of Ohio. .100 230 240
100 74
77
Brooklyn City RR._ -10 160 165
58 1938
J-D 100 102
Swan & Finch.
100 190 210 Pratt & Whitney pref
100 105 106
Bkiyn Hgts 1st as 1991.A-0 99 102 Consumers Power (19Inn.)110
Producers
0110
Warrants (when Issued). *90
4
0 1120
Bklyn Queens Co & Sub1st&ref bs 19290p'14-2I-N 90 92
Realty Assoc (Bklyn) 100
75
Union Tank LineCo
100 70
118
s 1st g Se '41 op1916 J-.' 99 101 Denver LI & El 55 1949_M-N 95 96
Royal Bak Powd corn
00 219
Vacuum OU
10
105 217
100 190 200
111
99 Elisabeth Gas Lt Co
97
e 1st con 5s'91 op '16 M-N
100 300
35
Washington 011
10
Coney Isi & Bklyn
100 101 105 Essex & Hudson Gas
100 140 142
0 SaPferteyfeCrarer°H-eat & Lt
*0
20
5
Waters-Pierce Oil
100 15
100 117 11712
let cons g 45 1948
J-J 80
81 (las de El Bergen Co...J00 87
3 Sears, ltoebuck & Co 100 204 206
89
tobacco Stocks
Con g 45 1955..J-J
77
82 e Or Rap G L 1st Ss '15.F-A 99 100
e Preferred
(See also Stock ExchangeList)
100
124 125
Brk C dc N 5s 1939...1-J 99 101 Gr't West Pow bs 1946__J-J 88 89
British-American Tobac...£1 *2238 2258 Singer Mfg Co
100 280 286
Nassau Elea pref
.100
ducison County Gas. .100 130 141
Conley Foil
•
10() 290 300 South Iron & S com
100
1
2
1st 58 1944,
AA) 10212 10312
e 1st 5s 1949.
M-N 10412 10512 e Heime ((leo W) con) -100 185 190
Preferred
N Wmsburg & latbush40
Indiana Lighting Co
44
aStsaptnarienitateirdarrred(0
e Preferred
Coupler com 1°1
103 112 114
2
01, 30
40
4
1st 45i July 1941...F&A 92
95
4s 1958 opt
72
F-A 70
Johnson Tin Foil &Metal 109
129
12
Steinway 1st as 1922.....J-J 102 105 Indianapolis Gas
45
50 38
MacAndrews & Forbes._100
Milling Co. 100
08
°° 12818
Other Cilia:
1st g Si 1952
91
A-0 89
229
2
21°8
015
80
°0
e Preferred
°
5 2
Porto-Rican-Amer
Tob.100
100 6312 697s
Buffalo Street ItyJackson Gas Sc g 1937 A-0 99 102
e 1st 5.1 1930
Reynolds(R J) Tobacco 100 285 295
M-N 87
88
1st oonsol bs
105 1051; e Laclede Gas preferred 10( 95 100
Stern
95
2 3u
112 28
z
rtelr3re
83
gors tprof
United Cigar SWIM Corp101 29
t ijons Co
100 86 89
Deb 64 1917
A-0 104 10514 Madison Gas 6s 1926__A-0 104 109
New corn when issued..
p1 100 9912 101
•Conn RI & Ltg com_100 5 7712 79 Narragan (Prov) El Co _50 *9634 98
119
120 Texas di Pacific) Coal. 100 99 102
New prof when Issued_
e Preferred
100 579 81 Newark Gas 6s Apr'44 Q-J 125 12612
Weyman Bruton Co_ 100 235 300 e Texas Pacific Land Tr 100 9311 9612
Federal Light & Tree
100 37
33 Newark Como! Gas
100 98 99
e Preferred
100 11412 115 Title Ins Co of N Y
90
034 127
5
Preferred
100 85
8/
10538
•Con g bs 1948.
_
J-D
Young (J 8) Co
100 180 185 Tonopah Mln (Nevada) ..1
.°-I
• Havana Eleo Ry L dr P 100 87
No Hud L H &P 5s 1938 A-0 100
frenton Potteries corn 100
Industrial and Miscellaneous
4
7
e Preferred
100 92
mi Pacific Gas & E coin. 100 6614 66.34 Adams Exp g 4s 1947 _J-D f 83
84
Preferred new
55
50
100 25
•Louisv St Si 1930.
s It.)538
J-J
Preferred
100 291
92
frow Directory
Alliance Realty
100 118 120
40
•New On Rys & Lt corn 100 36
Pat dr Pm Clas & Elec
100 92 -- Amer Bank Note corn...S4) *550
Si
Union Typewriter com _WO 42
44
e Preferred
100 7(512
e Con g bs 1949
M-S 10212
Preferred
54
1st preferred
50 *52
EN Y %Veatch & Bost RySt Joseph Gas 5s 1937.__J-J 90
94
26 preferred
American Book
°9
1°°
00 10
712 110
101/ 169 175
1
1st g 434s 19413
J-J 9978 100 Standard Gas & Elm(Del) 50 *24
2812 American Brass
United Copper.
100
100 136 139
1: 1 !
it Pub Serv Corp of N J-See Stk H x list
Preferred
50 *a50
51
American Chicle coin
Preferred
100
100 223 227
5
15 '
Tr Ms 2% to 13% perpet 109 1.0934
eConv s f g (is 1926opJ-D 10) 10118
U S Casualty
Preferred
100 195 205
100 103 105
North Jersey St Ky. 100 75
90 United Electric of N J..100 90
95
45
U S Envelope corn
Am Graphophone oom _100 :35
100 10() 110 .
1st 45 1948
lit g 48 1949
M-N 8112 8212
J-D 8234 8314
75
85
Preferred
Preferred.
100
100
Cons Tract of N J....100 76
77 Western Power corn
100 32 33
American Hardware...JOU 13812 13(312 8 U S Express
LI 18
19
7 19
12
912
•
let 5s 1933.
Preferred
J-D 10414 10134
100 60 61
U S Finishing
Amer Malting es 1014 .J-D 10012 102
100 85
90
New'k Pass Ry bs '30..J-J 10712 108 Western States (las&Elec_
77
Preferred
101) 100 105
Amer Press Assoc'n___100
Rapid Tran St Ry....100 235
1st & ref g 55 1941 op_J-D 9212 95
let g Si 1919
J-J 100 105
Am Steel Fdy 65 1935 A-0 -091; 101
1st Si 1921
A.0 103
telegraph and Telephone
Con g 5.1 1929
Deb 4s 1923
J-J 95 100 ,
F-A 6812 71
J C Hob dr Patersone Amer Teleg & Cable...100 6712 7714 American Surety
320 -... e U 13 Indust Alcohol. 100 4334 45 '
50
45 g 1949..241-N 80
8012 Central & South Amer.100 110 119
5
a Preferred
American Thread pref. .6 *4
100 105
So J Gas El & Tram. 100 128 130 Comml Un Tel(N Y)___25 109 115
U S Steel Corporation48
Amer Typefounders com 100 46
Gu g bs 1953
M-8 9912 10012 Empire & Bay State Tel 100 65
Col s f Apr 5s 1951 op 1911 114 11484
75
100 103
Preferred
100
14
No Hod Co Ry Si 1914 J-J 102 10212 Franklin
100 90
Cola! Apr bs 1951 not ft
50
Deb g as 1939.
M-N 10012 102
Con M 458 1928
J-J 102 104 e Gold dc Stock Teleg
100 120 124
212 31: U 8 Ttt Gu & Indem __J.
Amer Writing Paper
JOU
90 95 ;
Ext 5s 1924._ .......M-N 98 100 e Northwestern Teleg.....50 120 122
elst ef g 5s'19 red 105J-J 9012 90.1i Westchester & Bronx Title
Pat Ry eon 6s 1931 J-D 116 118 Pacific & Atlantic
25 70
We&stl'initg2he's(Juan
75
All Gulf & W 185 Lines_100
738
100 160 166 '
26 6s 1914 opt......A-0 100 102
Pac Teiep dr Teleg pref_100 99
13
Air Brake.
Preferred
100
*142
4
Republic Ry dc Light
100 29
30 Southern & Atlantic
25 92 97
Woolworth (F W)Co. 10(5 9312 1433
a
"di64
5s
In
Coll
1939
g
J-J
95 ;
Preferred
100 8112 83 South Bell Teiep & Teieg15
10
Preferred
e
Barney & Smith Car com100
100 114 115 4
'rent P & H 5e 1943
J-D 97
99
let g 58 1941 op 1916 ,14 9978 10014
80
Preferred.
Worthington(Hit)Co p1_100 106 109 .
100 70
! •Per share. a And accrued dividend. b Basis. e Sells on Stock Exchange; see sales-record
on a preceding page. 1 Flat price. n Nominal.
•Sale Peen- / New stock. u First instalment pald. z
y Ex-frights. z Includes all new stock dividends and subscriptions.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Inactive and Unlisted Securities
118 111
M
Itg
i
355
THE CHRONICLE
AUG. 10 1912.]
Anuestment and Aattrorad ;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
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings,
ROADS.
Week or
Month
Current Previous
Year.
Year •
Latest Gross Earnings.
July 1 to Lates; Date.
Current
Year.
Previous
Year
$
Ala N 0 & Tex Pae52,00f
55,000
52,000
55,000
N 0 & Nor East_ 1st wk July
26,000
32,000
26,000
Ala & Vicksburg_ 1st wk July , 32,000
23,000
25,000
23,000
Vielts Shrev & Pac 1st wk July
25,000
122,130
120,762
41,712
3d wk July
Ann Arbor
44,335
Atch Topeka & S Fe June
8,668,710 8,341,420 107752,350 107565,115
233,127
239,589
75,203
Atlanta 131rm & Atl 4th wlauly
75,802
2,527,820 2,332,124 33,463,558 31,622,449
Atlantic Coast Line June
120,257 136,081 1,933,896 1,034,200
Charlest'n&WCar June
95,656 1,279,469 1,214,693
• 94,542
Louisv Hen& StL Juno
8,314,833 7,461,709 92,594,323 88,145,004
, oBaltimore & Ohlo_ June
141,895 117,211 1,557,470 1,451,102
B & 0 Ch Ter RR June
242,718 257,118 3,111,023 2,896,065
Bangor & Aroostook May
1,049,053 854,570 8,457,266 7,518,628
Bessemer & Lake E June
3,859,051 3,879,814 12,018,443 40,952,054
Boston & Maine.. _ May - -_
47,178
50,985
3,907
3,713
Bridgeton & Saco R May
867,186
020,591
Bull Hoch & Pittsb_ 4th wkJuly 324,138 279,738
162,400 214,538 2,132,562 2,170,145
I3uffalo & Susq_ __ _ May
Canadian Northern.. 4th wkJuly 575,000 427,700 1,829,700 1,475,000
Canadian Pacific_ _ _ 4th wkJuly 3,776,000 2,905,000 11,641,000 0,291,000
978,100
Central of Georgia_ _ 4th wkJuly 353,900 312,400 1,121,300
252,194 • • 327,775 3,167,020 2,956,886
Central New Engi'd May 1,870,028 2,540,160 26,700,034 26,737,960
Cent of New Jersey.. May
335,284 354,890 3,732,015 3,628,828
Central Vermont__ _ May
Ches & Ohlo Lines_ 4th wkJuly 1,053,539 961,644 2,748,036 2,717,589
943,683
836,320
3d wk July 293,148 332,734
Chicago & Alton
(5,650,535 6,956,602 70,838,701 81,284,8111
Chic Burl & Quincy May
' p Chic Great West.. 4th wk July 286,047 270,979 1,046,643 1,010,127
543,909
549,530
Chic Ind & Loulsv_ 4th wkJuly 188,300 179,413
Chic 3111w lie St Paul Juno
5,326,758 5,182,262 63,122,793 64,975,995
ChicMil & Pug Sd Juno
1,472,892 1,263,852 16,132,612 14,516,367
vChlo Fc North West June
7,313,883 7,074,767 76,919,330 77,897,975
vChic St Paul M & 0 June
1,347,476 1,244,322 15,371,366 16,220,082
Chicago T H & S E.. June
127,873 131,267 1,827,361 1,994,856
On Ham & Dayton June
856,768 836,580 0,861,320 9,570,281
Colorado Mdland_ June
133,273 142,493 1,830,166 1,914,657
b Colorado & South. 4th wkJuly 335,695 393,734 1,005,873 1,157,904
168,291
196,751
15,588
, Cornwall
17,687
Juno
326,635
308,573
25,457
, Cornwall & Lebanon June __30,205
Cuba Railroad
318,818 262,954 3,819,253 3,059,650
June
2,275,295 1,780,642 21,242,929 20,986,075
, Delaware & Hudson June
3,251,839 3,210,003 35,402,527 35,947,066
! Delaw Lack & West June
Deny & Rio Grande 4th wlauly 703,400 657,200 2,030,300 1,960,700
5,258,532
469,284
Western Pacific_ _ Juno
92,153 1,197,597 1,044,258
104,389
Denver N W & Pao. June
138,475 114,137 1,762,327 1,785,465
Detroit Tol & Iront_ June
99,522
108,174
31,278
37,103
Fc Mackinac 4th wkJuly
053,235 859,949 6,684,438 7,362,400
I Dui & Iron Range.._ June
296,445
317,804
94,683
107,600
Atl
wkJuly
&
Shore
4th
Sou
Dul
.
1,154,545 698,914 10,720,752 8,053,690
Elgin Joliet & East:. Juno
655,801 561,348 7,613,456 7,195,887
.: El Paso & Sou West June
4,834,975 51,463,264 51,740,311
4,285,537
May
'Erie
23,421
31,175
1,895
2,540
( Fairchild & N E.. June
352,783 286,271 4,432,304 4,183,385
! Florida East Coast.. Juno
864,421
846,602
89,308
74,291
i Fonda Johns Fe Glov May
222,973 209,818 3,378,734 3,210,291
'Georgia Railroad- June
Grand Trunk Syst 4th wkJuly 1,544,003 1,339,472 4,641,863 4,237,383
373,688
379,387
Grand Trk West_ 3d wk July 125,794 127,898
115,939
126,404
34,260
39,496
Dot Gr hay & MII 3d wk July
119,594
127,317
33,701
Canada Atlantic.. 3d wk July
42,139
5,745,831
Syst
6,318,674
Northern
5,745,831
July
Great
8,318,679
..
170,010 166,218 1,831,680 1,851,228
Gulf & Ship Island_ May _
652,816 567,446 6,637,452 6,589,161
May
Hooking Valley
4,893,972 5,128,912 4,893,972 5,128,212
July
Illinois Central
597,000
760,000
: Internat & Grt Nor.. 4th wkJuly 271,000 208,000
724,650
825,436
' a InteroceanioMex_ 4th wkJuly 294,783 260,657
Kanawha & Mich.._ May
295,959 268,721 2,848,322 2,835,634
; Kansas City South.. June
775,432 771,842 9,408,053 10,125,582
2,300,711 3,519,575 33,256,742 33,909,731
: Lehigh Valley
May
430,228
513,326
54,547
/Lexington & East_ _ May
54,722
98,318 1,495,111 1,432,638
131,895
' Louisiana & Arkan_ Juno
4,286,748
4,459,755
1,366,913
1,461,385
s Louisville & Nash_ 4th wkJuly
154,995
164,783
8,844
9,853
Macon & Birm'ham June
913,320 901,471 10,643,050 9,948,269
Maine Central
June
438,147
445,792
33,410
37,168
Maryland & Penna.. June
433,500
500,700
a Mexican Railway.. 3d wk July 167,200 154,800
58,992
64,880
18,816
24,241
4th wkJuly
Mineral Range
599,395
714,782
Minn & St Louls_i 4th wkJuly 217,646 175,333
Iowa Central...._ )
Minn St P & S S MI 4th wkJuly 639,322 632,815 2,149,807 2,014,101
Chicago Division)
71,527
892,437
015,709
84,982
Mississippi Central._ June
u Mo Kan & Texas_ 4th wkJuly 830,741 769,728 2,212,033 2,154,603
Missouri Pacific___ _ 4th wkJuly 1,936,000 1,436,000 5,026,442 4,436,478
995,858 951,998 12,262,675 12,323,863
Nashv Chat F0 St L June
a Nat Rys of Mex_t_ 4th wlauly 1,843,543 1,797,407 4,895,121 5,582,808
28,927
48,703
9,458
15,352
Nevada-Cal-Oregon. 4th wkJuly
145,515 146,028 1,489,826 1,555,335
N 0 Great Northern May
203,080 145,053 1,826,881 1,688,545
N 0 Mobile & Chic_ May
9,140,950 8,845,348 105708 592 101746 344
0 Di Y 0 & Hud itiv June
4,433,597 3,951,967 50,661,872 48,452,126
Lake Shore & M 8 Juno
447,045 406,621 5,550,211 5,466,610
to Lake Erie & W_ Juno
315,190 292,522 3,075,554 3,686,753
Chic Ind & South June
2,394,786 31,342,467 29,766,827
2,617,277
June
Michigan Central
2,534,230 2,449,280 30,700,843 30,667,618
• Cleve C 0 83 St L_ June
286,739 242,211 3,160,451 3,508,587
Peoria 63 Eastern June
98,803 1,324,747 1,244,995
100,176
Cincinnati North_ June
1,606,389 1,322,451 16,441,698 15,706,373
. Pitts & Lake Erie June
1,033,456 954,592 11,593,472 11,181,159
N Y Chic & St L_ June
503,556 425,685 5,249,428 5,032,574
Tol & Ohio Cent.. June
23001 605 21384 355 265709 338 256459 970
Tot all lines above June
I
11 Detroit
i
ROADS,
Week or
Month.
I
Previous
Year.
Current
Year.
JulY 1 to 1..ates! Date.
Current
Year.
Previous
Year.
5,482,404 5,170,669 59,105,855 56,580,574
N Y N II & Hartf _ May
707,529 708,238 8,527,944 9,295,702
N Y Ont & West___ June
235,145 340,481 3,374,288 3,556,859
N Y Susq & West__ May
300,692 258,411 3,284,824 2,955,671
Norfolk Southern
June
3,457,322 2,895,610 39,735,237 35,557,522
Norfolk & Western_ June
5,127,545 5,091,858 57,909,507 59,852,579
Northern Pacific__ May
Pacific Coast Co._
571,839 596,065 6,839,095 7,120,583
May
14182187 12921989 164191845 157234106
Pennsylvania Ita
June
280,959
270,000
25,058
Salt Ches & Atlan June
25,685
282,313 245,901 3,034,352 3,027,799
Cumberland Vail.. June
Long Island
1,102,314 1,023,066 10,752,422 10,148,508
June
130,635
134,145
10,957
Maryi'd Del & Va June
11,230
N Y Phila & Nor! June
358,110 298,705 3,424,153 3,372,484
Northern Central. June
1,077,483 1,005,664 12,548,667 12,868,161
Phlla Balt& Wash June
1,755,363 1,638,358 19,297,503 19,078,477
W Jersey & Scash June
610,073 562,130 6,351,115 6,144,563
5,912,294 4,173,775 54,970,902 52,668,540
Pennsylvania Co.. June
419,304 376,125 5,182,222 5,071,128
Grand Rap & Ind June
3,588,028 3,100,002 40,756,700 38,924,316
Pitts C C & St L.. June
June
840,342 796,285 10,020,039 10,422,440
Vandalia
Total lines20789302 18988538 233733325 225837297
East Pitts & E.. Juno
10842680 9,082,018 114050973 109932310
West Pitts & E.. June
31631983 28070557 347784302 335789610
All East& West June
1,347,977 1,342,713 16,676,428 15,986,808
Pere Marquette........ June
Reading Company-•
3,224,803 4,061,254 .11,517,114 41,841,579
Phila & Reading_ May
755,243 2,956,714 32,580,797 32,212,429
Coal F0 Iron Co.._ May
3,980,046 7,017,968 74,097,911 74,054,008
May
Total both cos..
239,875 221,597 2,575,535 2,388,816
Rich Fred & Potom June
902,279
908,239
78,757
76,649
Rio Grande Juno_ _ May
42,185
51,047
13,770
15,581
Rio Grande South__ 4th wkJuly
6,078,920 6,140,400 69,712,853 68,487,473
Rock Island Lines_ June
June
Rutland
-- 303,902 306,019 3,460,170 3,437,318
121,200 142,758 1,438,314 1,574,807
St Jos 63 Grand Isl.. May
3,378,469 3,301,176 38,713,382 39,842,154
St Louts & San Fran May
1,035,493 1,108,308 14,008,995 13,801,971
(Chia & East Ill.. May
4,413,962 4,409,485 32,722,356 53,644,126
_ __ May
Total all
153,324 160,782 1,819,138 1,938,853
Mt &P.. May
St L Rockylines821,000
St Louis Southwest.. 4th wkJuly 366,000 265,000 1,063,000
884,180 851,916 8,233,388 7,558,885
San Ped LA &SL May
Seaboard Air Line__ 4th wkJuly 511,012 462,549 1,741,384 1,636,165
10540 832 10480 737 131525 171 132620 539
Southern Pacific Co June
Southern Railway__ 4th wkJuly 1,828,181 1,514,374 5,308,676 4,797,307
942,264
896,701
Mobile & Ohlo___ 4th wkJuly 326,534 307,880
776,776
753,261
Cin N 0 & Tex P_ 4th wkJuly 270,553 262,375
373,786
356,344
Ala Great South_ 4th wkJuly 132,648 127,472
44,424
133,272
130,967
45,270
Georgia Sou& Fla 3d wk July
391,317 449,219 4,407,512 4,312,783
Spok Portl & Seatt_ May
3,181
4,844
12,628
9,701
Tenn Ala & Georgia 4th wkJuly
145,886 138,408 1,411,148 1,392.275
Tennessee Central__ May - -Texas & Pacific____ 4th wkJuly 401,712 381,345 1,169,580 1,115,717
9,805
89,504
9,716
82,409
Tidewater & West May
41,758
41,741
102,265
105,041
Toledo Peer & West 4th wkJuly
273,216
$35,525
75,340 101,500
Toledo St L 63 West 4th wkJuly
6,905,927 7,127,602 85,977,809 88,983,108
Union Pacific Syst_ June
153,155 131.831 1,757,924 1,393.448
Virginia & So West_ June 389,232 380,694 4,837,598 3,671,224
June
Virginian
2,538,744 2,447,443 2,538,744 2,447,443
July
Wabash
625,837 607,345 6,647,810 6,593,982
Western Maryland May
706,361 590,295 7,498,146 6,800,707
Wheel & Lake Erie_ June
327,112
348,993
16,719
16,380
Wrightsv & Termitic June
739,701
731,171
739,701 731,171
Yazoo &Miss Valley July
Various Fiscal Years.
Period.
Jan 1
Delaware & Hudson
N Y Central & Hudson River_e_ Jan
Lake Sltore & Michigan South Jan
Jan
Lake Erie & Western..n
Chicago Indiana & Southern_ Jan
Jan
Michigan Central
Cleve Cin Chicago & St Louis_ Jan
Jan
Peoria & Eastern
Jan
Cincinnati Northern _
Pittsburgh Fc Lake Erie_ _-- Jan 1
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central_
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
Jan 1
Atlantic_
&
Chesap
Baltimore
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Delaware& Virginia Jan
N Y Philadelphia & Norfolk_ Jan
Jan
Northern Central
Jan
Philadelphia Bait & Wash
Jan
West Jersey & Seashore
Jan a
Pennsylvania Company
Jan a
Grand Rapids & Indiana
Jan
Pitts 01noinChicago & St L
Jan
Vandalla
Total lines-East Pitts & Erie Jan 1
West Pitts& Erie Jan
All lines F & W_ Jan 1
Deo 1
Rio Grande Junction
Jan
Rutland
Jan
Pacific
r33
Texas
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Current
Year.
Previous
Year.
$
June 30 10,109,011 10,224,009
June 30 50.582,393 48,808,662
June 30 25,045,919 22,745,044
June 30 2,653,560 2,524,167
Juno 30 2,025,790 1,872,846
June 30 15,237,392 14.059,414
June 30 14,694,815 14,425,886
June 30 1,506,447 1,564,278
540,683
616,754
June 30
Juno 30 8,070,436 6,937,297
June 30 5,727,271 5,391,805
June 30 2,419,055 2,108,274
June 30 128559 832 120978 356
June 30 82,030,115 75,325,681
105,258
112,673
June 30
June 30 1,534,304 1,301,284
June 30 4,918,067 4,683,394
48,973
48,888
June 30
June 30 1,696,145 1,598,446
June 30 6,010,602 6,207,802
June 30 9,502,597 9,119,338
June 30 2,690,836 2,587,385
June 30 27,499,722 24,263,509
June 30 2,495,718 2,345,157
Juno 30 20,258,380 18,051,613
June 30 4,819,709 4,769,995
June 30 114683347 106012153
June 30 .15,658,367 49,963,445
June 30 170321715 156875599
May 31
424,148
423,872
June 30 1,617,286 1,573,829
July 31 8,959,495 8,049,071
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Cur'n1 Year Pree's Year Inc. or Dec.
Monthly Summaries.
Cuen1 Year Prto's Year Inc. or Dec.
Mileage. Cur. Yr. Prey,Yr.
+2,426,773 0.92
ad week May (43 roads)---_ 14,007,802 12,432,657 +1,575,235 12.67 Oetober ....245,633 241,321 266,064,129 263,637,356 -1,767,625
0.73
November _234,209 231,563 241,343,763 243,111,388
4th week May (41 roads)____ 19,535,402 17,972,712 +1,562,690 8.70
December __238,561 235,685 233.614,912 232,275.177 +1,339,735 0.57
+845,955 6.75
1st week June (41 roads)-__ 13,381,042 12,535,087
210,704,771 213.145,078 -2,440,307 1.14
234,402
___237.888
roads)._
13,830,647
January
12,981,641
(41
6.59
+855,008
Juno
week
2d
+905,668 6.97 February __237.082 233,191 218,031.091 197,278.939 +20.752,155 10.52
ad week Juno (41 roads) ____ 14,073,731 13,168,065
238,218 234.692 237,564.332 224,608,654 +12.955,878 5.77
March
+299,117 1.63
4th week Juno (41 roads)._ 18,264,980 17,965,863
236,723 233,057 220,678.465 216,140,214 +4,538.251 2.10
12,818,451
13,143,297
roads)____
2.50
+324,846
April
(40
lit week July
235,410 231,597 232,229,364 226,184,666 +6,044,698 2.67
May
+663,638 5.00
ad week July (40 roads)-___ 13,934,880 13,271,242
88,103 68,820.679 64,667,757 +4,152.922 6.38
89,764
14,320.563
13,238,834
8.17
Juno
roads)
+1,081,920
(41
July
week
ad
88,008 71,146,556 65,264,785 +5.881,771 9.01
89,717
20,888,686
15.39
July
18,084,755
roads)-___
+2,783,931
4th week July (38
fly., from Nov. 1 1911; in 1910 these returns
District
Creek
'no
ude
not
&
Dees
Springs
earnings
Cripple
of Colorado
a Mexican currency. b
Adirondack and the Ottawa 63 N. Y. By., the latter
rtre included. e Includes the Boston & Albany, the New York & Ottawa, the St. Lawrence &
Includes
f
not
Commission.
does
make
road,
Evansville & Terre Haute and Evansreturns
to
Canadian
Commerce
the
a
Inter-State
bemg
which,
Of
villa do Indiana RR, g Includes the Cleveland Lorain 83 Wheeling fly. in both years. is Includes the Northern Ohio RR. 2) Includes earnings of
Mason City & Ft. Dodge and Wisconsin Minnesota & Pacific). s Includes Louisville 53 Atlantio and the Frankfort & Cincinnati, I Includes the Mez14!
'4)&11 International from July 1910. u Includes the Texas Central. v Includes not only operating revenues, but also all other reeelpte.
i
356
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of July. The table covers 38 roads and shows 15.39% increase in the aggregate over the same week last year.
Fourth week of July.
1912.
1911.
[VoL. Lxxxxv.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net EarnsCurrent
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Duluth So Sh & Atl_ ___June
100,537
105,588 xdef46,815 xdef20,199
July 1 to June 30
1,160,983 1,116,515zdef362,972zdef220,465
Increase. Decrease. Genesee & WyomingApr 1 to June 30
8,612
7,466
4,954
14,552
Jan 1 to June 30
16,753
14,886
3,819
11,743
$
$
July 1 to June 30
33,359
32,019
16,393
25,963
5,176
Greenwich .S. Johnsonville599
Apr 1 to June 30
44,400
9,643
10,198
x6,926
x299
147,300
Jan 1 to June 30
18,838
23,709
z8,554
x4,406
871,000
July 1 to June 30
34,597
48,866
x21,216
x13,654
41,500
Mineral Range
June
10,755
11,480 zdef12,878 zdef2,087
91,895
July 1 to June 30
147,083
151,684 xdef12,131 zdef95,317
15,068
N Y Ontario 80 Western_June
102,965
102,514
126,750
8,887
153,235
July 1 to June 30
1,323,748 1,406,157'
8,178
473,729 1,142,936
58,039 Norfolk & Western
June 461,300
501,157
x864,231
x507,494
46,200
July 1 to June 30
5,625,920 6,112,866 x9,495,068 x7,740.379
5,825
St Louis Southwestern_June
227,576
189,385
z79,018 z139,994
12,917
July 1 to June 30
2,430,296 2,241,181 x1,617,619 x1,215,823
204,531
x After allowing for other income received.
$
Alabama Great Southern
132,648
12%,472
Atlanta Birmingham & Atlantic
75,802
75,203
Buffalo Rochester & Pittsburgh
324,138
279,738
Canadian Northern
575,000
427,700
Canadian Pacific
3,776,000 2,905,000
Central of Georgia
353,900
312,400
Chesapeake & Ohio
961,644
1,053,539
Chicago Great Western
286,047
270,979
Chicago Ind & Louisville
188,300
179,413
Cin New On & Tex Pao
270,553
262,375
Colorado & Southern
335,695
393,734
Denver & Rio Grande
703,400
657,200
DetroitI&JMackinac
37,103
31,278
Duluth So Shore & Atlantic_ __ _
107,600
94,683
Grand Trunk of Canada
Grand Trunk Western
1,544,003 1,339,472
Detroit Gr Haven & Milw__
Canada Atlantic
International & Great Northern
271,000
208,000
63,000
Interoceanic of Mexico
294,783
260,657
34,126
•
Louisville & Nashville
1,461,385 1,366,913
94,472
Mineral Range
24,241
18,816
5,425
}
Minneapolis & St Louis
217,646
175,333
42,313
Iowa Central
Minneapolis St P & S S M
639,322
632,815
6,507
Missouri Kansas & Texas
830,741
769,728
61,013
Missouri Pacific
1,936,000 1,436,000 500,000
Mobile & Ohio
326,534
307,860
18,674
National Railways of Mexico .. 1,843,543 1,797,407
46,136
Nevada-California-Oregon
15,352
9,458
5,894
Rio Grande Southern
15,581
13,770
1,811
St Louis Southwestern
366,000
265,000 101,000
Seaboard Air Line
511,012
462,549
48,463
Southern Railway
1,828,181 1,514,374 313.807
Tenn Ala & Georgia
4,844
3,181
1,663 ,
Texas & Pacific
401,712
381,345
20,367
Toledo Peoria & Western
41,741
17
41,758
Toledo St Louis & Western_
75,340
101,500
26,160
Roads.
INDUSTRIAL COMPANIES.
-ltd., Rentals, 80c.- -Bal. of Net Earns.
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
3
$
$
Kansas Gas & Electric_ _July
12,741
10,175
6,193
5,323
143,531
108,692
Aug 1 to July 31
211,728
214,400
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
American Rys Co____ May
398,320 399,207 1,871,872 1,775,041
Atlantic Shore
25,207 26,660
May
115,009
103,365
cAur Elgin & Chic
Ry--By June
181,426 161,328
862,542
801,217
61,590 49,580
Total (38 roads)
20,868,686 18,084,755 2,868,147
84,216 Bangor By 8c Elec Co June
324,157
264,649
Baton Rouge Elec Co June
12.420
Net increase (15.39%)
9,870
2,783,931
71,510
50,174
Binghamton Railway June
37,845 33,517
203,002
179.957
Brock & Plym St Ry_ June
11,766
10,974
51,369
50,515
Bklyn Rap Tran Syst April
1937,198 1835,006 7,372,088 6,977,751
29,448 27,427
Net Earnings Monthly to Latest Dates.-The table fol- Cape Breton Elec Co_ June
161,015
152,135
Carolina Pow 6: Lt Co June
32,682 27,900
204,330
173,249
lowing shows the gross and net earnings of Erri1201 railroads Cent Park N & E Riv April
54,272 50,026
198,912
190,879
Central Penn Trac_ _ _ June
78,905 78,324
437,151
413,874
and industrial companies reported this week:
Chattanooga By & Lt June
89,470 77,910
498,558
445,955
Cleve Painesv & East June
35,765
39,630
169,183
163,718
-Gross Earnings- -Net Earnings
- ClevSouthw & Colum June
540,343
105,173 99,637
520,167
Current
Previous
Current
Previous
Columbus (Ga) El Co June
259,699
45,531 39,554
235,580
Roads.
Year.
Year.
Year.
Year.
Commonw P, By & L June
483,418 432,614 2,976,329 2,629,084
$W
Coney Island & Bklyn April
411,716
110,535 110,399
404,564
Brazil Railway
June £198,467 £181,346
£66,882 Dallas Electric Corp_ June
£74,867
841,482
764,755
142,342 122,110
Jan 1 to June 30
£1,251,134 £1,101,423 £575,601 £457,697 Detroit United By
2d wk July 222,414 193,236 5,848,550 5,171,886
201,075
Chesapeake 6: Ohlo_b__June 2,911,278 2,694,548 1,141,103
53,837 50,656
196,016
848,831 D D E B & Batt(Ree) April
549,431
535,077
98,894 96,225
July 1 to June 30
34,289,870 32,583,411 11,654,189 10,789,796 Duluth-Superior Trac June
St
East
185,736
1,148,856
Louis
8c,
Sub_
194,426
June
1,091,720
Chic Mil & St Paul_b___June 5,326,758 5,182,262 1,479,925 1,915,600
Paso Electric
372,597
60,175 52,470
June
334,035
July 1 to June 30
63,122,743 64,975,995 15,379,587 17,922,276 El
243,232
Fairm & Clarks Tr Co Aura
65,227 53,186
208.612
Chic Mil 84 Pug Sd_b_June 1,472,892 1,263,852
700,184
599,489 92dSt M&SNAv(Rec)
543,796
125,222
146,685
April
464,268
July 1 to June 30
16,132,612 14,516,367 6,620,584 6,226,238 Galv-Hous
171,085 134,934
923,076
Elec Co__ June
712,293
Denver & Rio Grande107,237 101,647
591,877
Grand Rapids RyCo_ June
553,360
Western Pacific_b_ _ __June 469,284
117,769
Havana Electric Ry_ Wk Aug 4
51,358 48,021 1,495,843 1,410,551
5,258,532
July 1 to June 30
1,028,668
Honolulu Rapid Tran
& Land Co
45,729 42,767
273,504
June
240,219
297,109
Duluth So Sh & Atl_ b__June
295,698
50,133
79,688
27,379 26,940
144,613
144,468
3,152,475 3,148,818
July 1 to June 30
757,314
879,477 Houghton Co Trac Co June
Hudson & Manhattan April
314,532 258,300 1,249,947 1,016,626
Genesee & Wyoming_bIllinois
Traction
571,749
Co__
535,849
June
3,502,638
3,249,989
Apr 1 to June 30
33,693
34,344
13,566
22,018 Interboro Rap Tran_ April
2806,389 2658.586 11.135.865 10.494,692
53,290
Jan 1 to June 30
49,504
20,572
26,629 Jacksonville Trac Co_ June
50,174 43,776
301,020
289,203
107,834
July 1 to June 30
105,403
49,752
57,982 Lake Shore Elec Ry_ June
120,914 113,950
587,251
558,586
Greenwich 80 Johnsonvllie-bLong Island Electric_ April
15,410 14,935
55,049
53,681
32,663
Apr 1 to June 30
26,574
15,836
10,201 Milw El By & Lt Co_ June
455,514 418,823 2,690,688 2,401,314
57,917
Jan 1 to June 30
58,951
25,941
118,226 103,838
27,460 Milw Lt, lit & Tr Co_ June
552,625
489,332
30
June
114,011
1
to
July
117,484
51,946
168,976 161,228
61,204 NaShville By & Light April
663,697
631,374
36,107 22,936
134,323
85,435
June 5,830,534 5,537,324 2,006,103 2,241,131 N Y City Interboro__ April
Great Northern- b
30,853 30,716
108,224
105,477
66,160,622 61,234,191 28,550,053 23,637,734 N Y & Long 1st Tram. April
July 1 to June 30
103,356 96,757
__ April
Co_
Queens
Y
&
375,496
N
346,839
June 5,263,768 4,901,492 1,116,754 1,074,882 New York Rallwairs_ April
Illinois Central_a
1157,654 1120,081 4,397,516 4,314.224
59,220,650 62,560,228 7,812,718 14,553,567 Northam Easton& oW June
July 1 to June 30
15,826
14,598
82,400
74,327
276,961 245,097 1,377,335 1,222,675
def4,527
June
Mineral Range_b
65,007
59,808
8,164 North Ohio Trac & Lt June
136,061
144,974
795,345
770,248
124,731
June
746,425
July 1 to June 30
Texas
North
Co_
775,004
Elec
38,838
6,150
4,734
19,502
14,691
414,406
Minneap St P & S S M _a June 1,393,535 1,101,697
301,156 Ocean Electric (L I) _ April
21,816 20,647
138,137
126,482
17,105,686 13,135,908 6,396,142 3,920,607 Paducah Trac& Lt Co June
July 1 to June 30
23,946 24,742
138,163
138,850
Electric Co June
Chicago Division_a_ _June 837,043
209,178
694,364
106,393 Pensacola Trans
1990,225 1901,032 11,356,183 10,796,934
Co__ June
July 1 to June 30
9,578,555 8,836,670 2,522,891 1,807,558 Phila Rap
582,964 554,767 3,252,617 3,114,812
Port(Ore)Ry,L&PCo. June
Mississippi Central_b___June
84,982
39,622
71,527
25,922 PugetSd Trac,Lt& P_ April
669,409
2,742,918
July 1 to June 30
892,437
351,105
915,704
375,209 Richmond Lt & RR_ April
25,824 24,488
96,553
91,548
Nash Chatt & St L_ b__ _June 995,858
242,400
Tram
Janeiro
Rio
de
951,998
209.326
1228,342 1071,964 6,992,476 6,107,773
July 1 to June 30
12,262,675 12,323,863 2,883,804 3,043,903
Light 80 Power Co_ Juno
Joseph (Mo) Ry,Lt
N Y Ontario & West_a_June
229,715
797,529
798,236
255,749 StHeat
93,923 95,021
567,156
530,322
de Power Co_ June
July 1 to June 30
8,527,944 9,295,702 1,797,477 2,549,093
367,799 282,558 2,212,348 1,684,253
Sao Paulo Tram,L&P June
Norfolk & Western_b___june 3,457,322 3,895,610 1,174,703
886,609 Savannah Electric Co Juno
65,016 59,928
363,023
330,266
July 1 to June 30
39,735,237 35,557,522 14,065,807 12,599,242 Second Avenue (Bee) April
75,862 68,756
286,264
254,685
9,194
10,593
38,270
Rich Fred & Potom_b__June
239,675
33,396
74,808
221,597
92,098 Southern Boulevard_ April
20,528
18,318
Wisconsin
June
107,049
fly
Sou
July 1 to June 30
Co
2,575,535 2,386,616
900,215
95.591
905,222
18,686
17,625
68,015
63,818
Rock Island Lines_b___June 6,076,920 6,140,400 2,812,343 2,413,846 Staten Isi'd Midland_ April
61,874
56,813
Electric
Tampa
Co__
June
370,101
334,787
,July 1 to June 30
64,712,853 64,847,473 17,953,359 19,431,790 Third Avenue (Reci_ Aprll
308,718 289,753 1,219,036 1,131,015
St Louis Southw_a
216,188
June 949,187
847,052
226,762 209,965 1,430,395 1,311,414
256,082 'Tri-City By & Lt Co_ June
July 1 to June 30
12,042,543 11,888,037 3,150,072 2,930,120 Twin City Rap Tran_ 3d wk July 158,085 152,223 4,403,233 4,271,136
Seaboard Air Linea _ _ _June 1,723,429 1,714,664
349,511
475,049 Underground Elec By
of LondonJuly 1 to June 30
22,921,904 21,782,004 5,724,817 6,483,436
Three tube lines__ _ Wk Aug 3 £12,020 £11,200 £428,200 £434,095
June10,540,832 10,480,737 2,702,216 3,142,141
Southern Pacifica
Metropolitan Dist_ Wk Aug 3 £11,979 £10,434 £389,419 £375,286
131,525,171 132,620,539 39,412,889 42,764,978
July 1 to June 30
United Tramways_ Wk Aug 3 £6,583 £ 7,359 £195,698 £202,986
Texas & Pacific_b
June 1,097,906 1,072,711 def99,628
London Gen'i Bus_ Wk Aug 3 £54,123 £41,022 £1,507,631 £1,153,843
109,966
7,767,547 5,933,354
Jan 1 to June 30 •
564,575
741,075
April
200,099 181,333
790,656 Union .(Rec)
668,144
272,714 237,408 1,751,319 1,518,456
Union Pacifica
June 6,905,927 7,127,602 2,359,780 2,962,346 UnionRy,G&ECo(Ill) June
1083,014 1053,826 4,901,759 4,794,945
July 1 to June 30
85,977,609 88,983,108 31,219,413 35,713,241 United Rys of St L__ May
United Rlis of San Fr June
691,556 627,469 4,108,112 3,821,135
Wabash_b
265,588
June 2,401,377 2,502,647
540.752 Westchester
163,775
164,171
38,940 45,142
(Bee) April
28,354,764 29,884,037 5,204,280 7,517,855 Yonkers RR El
July 1 to June 30
221,568
(nee). April
198,500
63,710 5,1,214
Yazoo 80 Miss Valley_a_June
110,170
730,541
746,363
111,783
19,840
122,983 Youngst & Ohio Riv_ June
108,164
20,190
July 1 to June 30
9,636,863 10,817,549 1,276,006 2,947,612
c These figures are for consolidated company.
INDUSTRIAL COMPANIES.
Electric
following
Companies.
-Gross EarlandS- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Kansas Gas & El_a__July
18,934
54,914
56,929
Aug 1 to July 31
355,259
1,012,488
970,589
June 3,458,437 3,350,148 1,277,707
Pullman Co_b
July 1 to Juno 30
37,090,413 35,697,758 10,831,718
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
15,408
323,092
933,005
9,781,106
table gives
Railway Net Earnings.-The
the returns of ELECTRIC railway gross and net earnings
reported this week:
-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
year.
Year.
Year.
$
$
49,580
Bangor By & Elec_a_ _ _June
61,590
33,257
24,243
574,980
July 1 to June 30
655,622
360,451
304,680
33,517
Bingham ton Ry
37.845
June
19,041
15,197
179,95 7
Jan 1 to June 30
203,002
87,456
74,658
Roads.
357
THE CHRONICLE
AUG. 10 19121
-Gross Earnings
--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
32,616
34,578
77,910
89,470
Chattanooga Ry & Lt_aJune
188,932
203,044
445,955
498,558
Jan 1 to June 30
17,029
18,576
35,765
39,630
Cleve Painesv & East_a_June
71,761
67,281
169,183
163,718
Jan 1 to June 30
178,013
188,130
483,418
432,614
,Ry&Lt(Mich)a_June
Corn P
2,976,329 2,629,084 1,204,703 1,124,896
Jan 1 to June 30
77,980
168,142
76,613
196,634
Consumers Power Co_a_June
567,436
601,990
1,314,226 1,137,267
Jan 1 to June 30
78,763
185,736
83,057
194,426
East St Louis & Sub_a_June
464,884
494,566
1,148,856 1,091,720
Jan 1 to June 30
43,374
47,981
107,237
101,647
Grand Rapids Rya -_June
232,895
259,554
591,877
553,366
Jan 1 to June 30
55,768
120,914
56,620
113,950
Lake Shore Elect_a_ _ _ _June
245,457
228,719
587,251
558,586
Jan 1 to June 30
24,018
27,152
Augusta
&
Wat_a_June
59,237
51,896
Lew
201,885
226,707
July 1 to June 30
609,367
533,019
41,446
Monong'ia Val Trac_b_June
42,362
64,512
72,400
218,657
227,882
Jan. 1 to June 30
387,024
336,325
292,595
305,282
Portl(Ore)fly, L & P_a_June 582,964
554,767
Jan 1 to June 30
3,252,617 3,114,812 1,605,280 1,610,676
77,559
85,560
Republic By & Light_a_June
199,942
214,736
925,297
994,142
July 1 to June 30
2,494,657 2,302,122
37,915
37,522
95,021
St Jos By, L, H & P_a_June
93,923
208,321
239,883
530,322
Jan 1 to June 30
567,156
96,080
110,562
237,408
Union Ry,G & E(I11).a..June 272,714
620,490
698,573
1,751,319 1,518,456
Jan 1 to June 30
261,938
34.6,433
627,469
691,556
United RRs of San Fr_ _June
4,108,112 3,821,134 1,992,524 1,655,814
Jan 1 to June 30
28,931
49,719
86,806
57,686
Wash Bait & Annap_b_June
153,882
182,274
371,015
324099
Jan 1 to June 30
Roads.
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 he
given on the last Saturday of each nacmath. 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 j11137 27. The next will appear in that of Aug. 31.
Buffalo Rochester & Pittsburgh Railway.
(Report for Fiscal Year ending June 30 1912.)
Tile remarks of President William T. Noonan are given at
length on subsequent pages.
The figures of earnings, expenses, balance sheet, &c., he
been compiled for several years as follows:
OPERATIONS AND FISCAL RESULTS.
1910-11.
1909-10.
1908-09.
1911-12.
Road operated June 30_
567
568
573
570
EquipmentLocomotives
299
311
290
294
102
101
Passenger cars
105
104
15,311
Freight cars
16,342
16,731
15,745
Service cars
237
210
114
273
Operations1,942,226
1,586,838
1,520,119
passengers carried
1,817,038
Passengers carried 1 mile 51,101,188 51,751,214 47,802,085 44,914,997
1.976 cts.
2.063 cts.
Rate per pass. per mile_ 2.071 cts.
2.060 cts.
5,186,043
6,526,087
6,950,767
Tons bitum. coal carried 7,188,380
538,452
627,206
578,380
301,386
Tons of coke carried__ _ _
8,008,990
Total tons (all fgt.) carr_ 10,698,149 10,282,251 10,170,483
154.6
155.4
Av. dist. haul 1 ton mile154.7
after
deducting
are
taxes.
given
here
earnings
a Net
1704307001 1590341454 1572897173 1244946097
Freight (tons) I mile
b Net earnings here given are before deducting taxes.
0.437 cts.
0.481 cts.
0.482 eta.
Rate per ton per mile__ _ 0.480 cts.
INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
Interest Charges and Surplus.
1910-11.
1909-10.
Operating Revenues- 1911-12.
1908-09.
$1,058,260 $1,065,983
$986,370
$887,625
-Int., Rentals, &c.- -Bat. of Net Earns.
- Passenger
8,174,729
7,748,179
7,582,259
6,001,572
Freight
Current
Previous
Current
Previous
246,333
285,746
237,010
182,596
Roads.
Year.
Year.
Year.
Mall, express and misc.._
Year.
73,907
43,633
150,478
100,104
.$
Other operations
Bangor Ry & Electric_ _June
16,558
12,472
11,771
16,699
Total oper. revenues_ $9,542,368 $9,134,402 $8,936,117 $7,171,897
July 1 to June 30
158,163
181,466
146,517
178,985
Operating ExpensesBinghamton By
June
9,588
9,307
5,890 MaInt. of way & struc
9,453
$769,037
$1,195,263 $1,148,664 $1,220,190
Jan 1 to June 30
57,586
17,940 Maint. of equipment__ _ 1,807,077
1,767,456
1,857,017
56,718
29,870
1,538,191
120,169
131,403
101,259
120,108
Traffic
expenses
Chattanooga Ry & Lt_ _June
12,186
22,146
12,432
20,430
2,551,197
2,933,142
2,095,212
•
Jan 1 to June 30
129,380
73,664
71,336 Transportation expenses 3,137,300
117,596
155,332
165,191
161,472
204,481
General
expenses
8,916
Cleve Painesv & East__June
8,113
9,977
8,599
Jan 1 to June 30
7,852
22,844
59,429
48,917
Total oper. expenses_ $6,464,229 $6,145,856 $5,903,905 $4,665,171
69,881 Net operating revenue
Corn Pow,Ry&Lt(Mleh)June
60,473
108,132
$3,078,139 $2,988,546 $3,032,212 $2,506,726
127,657
505,336 Net rev, outside oper
524,943
sur.8
def.1,989
def.2,354
Jan 1 to June 30
def.634
619,560
715,760
37,406
25,446
Cons fliers Power Co_ _June
40,574
51,167
$3,078,147
$2,986,557
$3,029,858
Total
$2,506,092
338,303
314,747
229,133
287,243
Jan 1 to June 30
204,000
212,000
188,095
133,000
Taxes accrued
33,158
34,778
45,605
48,279
East St Louis & Stib.._ _June
205,744
192,733
272,151
288,822
Jan 1 to June 30
$2,874,147 $2,774,557 $2,841,763 $2,373,092
Operating income_ _
5570,635
$311,211
$538,883
28,381 Rents-hire of equipm't
$239,533
33,424
14,993
14,557
June
Grand Rapids By
142,182
129,269
148,580
91,222
171,868
142,557 Rents-joint facilities
90,338
87,686
Jan 1 to June 30 _. __
12,485
12,485
12,485
19,976
21,483
21,163 Divs, on stocks owned_ _
34,605
35,137
June
Lake Shore Elect
86,205
66,304
102,736
72,174
19,845
37,454 Int. on sec., loansZcaccts.
208,003
208,874
Jan 1 to June 30
13,210
13,326
12,479
13,908
Miscellaneous
10,681
12,706
13,337
14,446
Lew Augusta & Wat__ _June
43,536
53,328
158,349
173,379
$3,653,725 $3,615,075 $3,394,143 $2,809,905
July 1 to June 30
Total net income
24,425
20,508
Deduct17,021
21,854
Monongahela Val Tract_June
114,776
123,593 Rents accrued for lease
95,064
113,106
• Jan. 1 to June 30
$373,500
$368,922
$373,500
$364,500
of
other roads
163,440
156,242
129,155
149,040
Portl (Ore) Ry,L & P__June
289,852
284,176
259,714
284,279
867,852 Rents-joint facilities
734,104
742,824
871,176
Jan 1 to June 30
18,307
16,510
16,738
16,853
Rents-miscellaneous
33,135 Int. accr'd on fund. debt 1,207,895
42,585
Republic By & Light__ _June
42,974
44,424
1,209,814
1,168,121
1,126,415
408,401 Interest on loans
463,857
July 1 to June 30 '
21,568
530,285
21,798
516,896
419
12,696
10,069
4,564
12,484
19,462 Approp.for pension fund
St Jos Ry, L, H & P_ _ _June
19,710
17,812
18,453
125,000
125,000
125,000
Jan 1 to June 30
92,847 New` equipment
118,007
121,856
115,474
246,500
190,000
250,000
of equip. bds_
Union Thy, 0 &E WO_ _June
34,838 Retirem't
69,302
41,260
61,242
360,000
360,000
360,000
360,000
Jan 1 to June 30
257,341 Divs, on pref. stock (6%)
408,926
363,149
289,647
Divs. on corn. stock_ (5%)525,000(4 %)472,500 (4)420,000 (4)420,000
United RRs of San Fr_ _June
x30,008
241,686
238,630 x106,680
Jan 1 to June 30
x257,748
1,560,568 1,527,652 x570,996
$3,147,395 $3,119,867 $2,974,466 $2,559,966
Total deductions
$495,208
$419,677
$506,330
$249,939
Wash Bait & Annap___June
6,277 Balance, surplus
22,477
22,867
27,832
Jan 1 to June 30
2,983
133,221
158,050
51,824
GENERAL BALANCE SHEET JUNE 30.
1912.'
1911.
1910.
Assetsx After allowing for other income received.
a$42,485,876 $40,963,335 $40,246,493
Road and equipment
238,708
238,708
189,008
Other investments_b
EXPRESS COMPANIES.
2,182,598
2,313,090
2,657,335
Cash
July 1 to April 30- Securities held In treasury
c1,114,000
c912,000
c709,000
April
1912.
61,048
42,471
1911.
1911.
34,864
1912.
Trafflo balances
Southern Express Co.
743,984
646,286
816,037
$
$
-$
b
Agents and conductors
935,940
890,356
1,194,859
supplies
Materials
and
Express revenue
1,479,873 1,320,845 12,781,297 12,297,813
375,628
451,342
374,458
186
997 Miscellaneous
Misc. transportation revenue
16
20
363,766
469,997
148,885
196,623 Advances
Non-transportation revenue_
244,594
19,999
28,133
212,672
159,450
Special deposits
534,537
414,577
467,764
Gross receipts from oper_ _ 1,508,027 1,340,861 13,026,078 12,495,434 Sinking, insurance, &c., funds
63,845
66,467
132,316
697,907 6,375,085 5,981,138 Other deferred debit Items
Express privileges-Dr
787,988
Total
$49,496,245 $47,344,022 $47,011,433
Total operating revenues_ _
720,039" 642,954 6,650,993 6,514,296
Liabilities176,497
197,545
16,330
15,378
Maintenance
$10,500,000 $10,500,000 $10,500,000
101,578 Common stock
7,358
90,758
Traffic expenses
15,317
Preferred
stock
6,000,000
6,000,000
6,000,000
4,023,793
468,006
4,354,942
Transportation expenses__ _ _
420,018
547,077 Funded debt held by public (see "Ry.
General expenses
64,473
619,450
57,281
& Indus." Section)
25,315,000 24,567,000 24,899,000
c1,114,000
c912,000
c709,000
Total operating expenses _
556,168
507,996 5,262,696 4,848,945 Bonds in treasury
Net operating revenue_ _ _ _
163,870
134,957 1,388,296 1,665,350 Loans and bills payable.159,450
1alf,ii
79,809
105,970
177,972 Traffic balances
One-twelfth of annual taxes_
140,422
12,755
11,807
886,350
586,738
Vouchers and wages
912,986
90,549
109,919
107,820
Operating income
123,150 1,247,874 1,547,378 Other working liabilities
151,114
338,163
282,747
312,322
Interest, dividends, taxes, &c.,a.ccr'd
Mileage of allf Steam roads_
31,647
32,070
413,613
544,291
367,574
Deferred credit items
lines coveredlOther lines
821
816
d1,061,500
686,500
315,000
Appropriated surplus
3,621,999
3,120,218
March
July 1 to Mc?. 31- Profit and loss
2,622,311
1912.
1912.
1911.
1911.
Wells, Fargo 80 Co.
5
$49,496,245 $47,344,022 $47,011,433
Total
Express revenue
2,696,408 2,089,844 23,472,411 18,518,641
a Incluaes investment in road June 30 1907, $23,678,369, and in equipMisc. transportation revenue
2
307
3,312
5,835
Non-transportation revenue..
45,216
38,174
336,690 ment, $10,893,995; investment since June 30 1907, In road, $4,307,921; In
414,395
equipment, $5,174,943, less reserve for accrued depreciaton on road, $35,262; on equipment, $1,518,223, and on shop machinery, $15,867.
Gross receipts from oper_ _ 2,741,627 2,128,326 23,892,642 18,858,644
b Other investments include $179,008 Ontario Car Ferry Co. stock
1,304,910
975,909 11,309,598 8,704,377 (pledged) and $10,000 Avonmorc & Northern RR. stock (unpledged), and
Express privileges-Dr
In 1912 and 1911 also include $49,600 Adrian Realty Co. and $100 miscellaneous stock (all unpledged).
Total operating revenues_ _ 1,436,717 1,152,416 12,583,044 10,064,267
c Buffalo Rochester do Pittsburgh By. consolidated mortgage bonds.
53,207
37,546
Maintenance
410,492
350,848
d Appropriated surplus in 1912 includes additions to property since
25,447
18,161
233,776
142,519 June 30 1907, through. income, $1,051,101, and reserves from income or
Traffic expenses
1,061,341
793,512 0,212,715 7,162,328 surplus for equipment, $10,399.-V. 95, p. 296.
Transportation expenses..
93,560
65.066
780,141
562,811
General expenses
1,233,556
Total operating expenses
203,160
Net operating revenue.. _
24,750
One-twelfth of annual taxes_
Operating income
Mileage of alifSteam roads_
• lines coverodlOther llnes
178,410
63,532
17,299
914,287 10,637,126
238,129 1,045,918
15,352
222,698
8,218,509
1,845,758
173,829
222,777
46,934
4,492
1,671,928
1,723,219
Union Pacific Railroad.
(Estimate of Income for the Year ended June 30 1912.)
Judge Lovett, Chairman of the Executive Committee, on
•;
Thursday gave out substantially the following:
General Results.-The-gross earnings of the Union Pacific and Southern
Pacific systems for the fiscal year just ended.were greater than in any previous year in their history except 1910 and 1911, which for a number of
358
THE CHRONICLE
[VOL. Lxxxxv.
reasons were phenomenal. This result was attained notwithstanding crop
St. Louis Southwestern Railway.
failures in Union Pacific territory, shortage of the citrus fruit crops in California and heavy reductions in rates by commissions, State and Inter-State.
(Statement for Fiscal Year ending June 30 1912.)
Expenses and taxes, however, and additional interest charges for capital
1911-12.
expended in the construction of branches and extensions, earnings on which
1910-11,
1909-10.
1908-09.
are not yet fully developed, and for betterments and additions, reduced Operating revenues_ __ _$12,042,543 $11,888,037 $10,986,516 $10,331,889
Oper. exp. and taxes_ __ 8,892,471
our net.
8,957,917
8,065,956
8,528,372
In a single year taxes increased $906,000 on the Union Pacific and $770,Operating Income__ $3,150,072 $2,930,120 $2,458,143 $2,2.65,933
000 on the Southern Pacific, and in.five years have doubled, jumping from
897,844
$2,069,734 in 1907 to $4,368,788 in 1912 on the Unon Pacific, and from Other income
545,121
477,544
526,884
$2,896,501 in 1907 to $5,621,239 in 1912 on the Southern Pacific, all of
_ $4,047,915 $3,457,004 $3,003,264 $2,743,477
Total net
which, of course, comes off the net. The boiler inspection laws, the hoursincome__&c. $2,308,596 $2,119,481 $2,065,098 $2,019,308
of-service laws, the full-train-crew laws and the so-called safety-appliance Fixed chgs., rentals,
121,700
laws have substantially increased operating expenses, which have been Int. on 2d M. bonds_ _
121,700
126,080
121,700
further augmented by increased wage schedules, and then the shopmen's Div. on pref. stock--(4 %)895,214(4%)795,746(5%)994,682(2%)397,873
strike has been very expensive, though it has not cost us half as much as
Balance
expected when the issue was joined.
sur.$722,405sur.$420,077def.$178,217sur.$200,216
• An unusually severe winter, followed by high water in the Union Pacific -V. 94, p. 1628.
territory as well as in Louisiana, in the spring, added to our difficulties.
All reports coming to me are to the effect that crops of all kinds throughout
New York Ontario & Western Railway.
our territory are the best in years. Our properties are in splendid condi(Statementfor the Year ending June 30 1912.)
tion and we are looking forward to excellent business throughout the year.
Chicago & Alton.-As soon as a quorum can conveniently be secured, I,
1911-12.
1910-11.
1909-10.
1908-09.
with some of my associates, expect to go on the board of directors and Gross earnings
$8,527,944 $9,295,702 $8,578,783 $8,290,170
Executive Committee of the Chicago & Alton, but the Alton is in no sense Oper.expenses and taxes 6,730,467
6,746,609
6,093,840
5,832,261
to become a part of the Union Pacific system or enjoy preferential treatment
as a connecting carrier. Our relation is to be only that of a stockholder
$1,797,477 $2,549,093 $2,484,943 $2,457,909
Net earnings
and creditor, who by consent of the other stockholders has been entrusted Oher income
362,917
384,143
359,475
392,089
with the selection and direction of the management. By the selection of
an experienced and energetic President and staff and close attention to
Net income
$2,160,394 $2,933,236 $2,844,418 $2,849,998
details we shall endeavor to conserve the safety in our investment as well Interest, rentals, &c
1,790,300 $1,531,620 $1,506,871
•$1,686,665
as that, of all others In the Alton, as a strictly independent railroad co."
Dividends (2%) '
1,162,336
1,162,328
1,162,322
RESULTS FOR THE SYSTEM FOR THE FISCAL YEAR.
Balance
sur.$473,729 def.$19,400sur.$150,470 sur.$180,805
1911-12.
1910-11.
1909-10.
• Includes deficit from outside operations, $33,411.-V. 94, p. 1764.
Gross revenue
$85,977,609 $88,983,108 $90,228,092
Operating expenses and taxes
54,758,196 53,269,867 50,203,257 West Penn Traction & Water Power Co., Pittsburgh, Pa.
Operating income
Income from investments
Other income
• Total income
Fixed and other charges
$31,219,413 $35,713,241 $40,024,835
118,691,074 115,989,210 16,562,061
1 2,407,361
2,949,990
•
$49,910,487 $54,109,812 $59,536,887
16,069,897 14,131,936 14,031,106
Income in excess of charges
Preferred dividends (4%)
$33,840,590 $39,977,876 $45,505,690
3,981,744
3,981,744
3,982,000
Surplus for common stock
Dividends on common stock (10
$29,858,846 $35,996,132 $41,523,690
_ _•21,650,000 21,659,571 21,703,865
Supplied by "Chronicle," not furnished by company-believed to be
approximately correct.
The increase in fixed charges for the year ending June 30 1912, amounting
to $1,937,961, was made up as follows: Int. on additional funded debt in
hands of public, principally Oregon-Washington 11. & N. Co., $1,427,183;
hire of equipment, $165,696; rentals, $345,082.-V. 94, p. 418.
Southern Pacific Company.
'Estimate of Income for the Year ending June 30 1912.)
RESULTS FOR FISCAL YEAR, INCLUDING PROPRIETARY COS.
1911-12.
1910-11.
1909-10.
Average miles of road operated
9,970.40
9,895.07
9,760.73
Transportation OperationsGross operating revenues
131,525,171 132,620,539 135,022,607
Operating expenses and taxes
92,112,282 89,855,561 87,784,222
Revenue over expenses and taxes
39,412,889
Inc. other than from transpor'n oper_ 7,995,023
42,764,978
6,628,776
47,238,385
a6,119,180
Total
Deduct fixed and other charges
49,393,754
23,304,762
53,357,565
22,530,670
47,407912
26,794,056
Surplus for dividends
20,613,856
Common stook dividends (6%)
c16,360,342
Div. paid Oct. 1 1909 on com. stock
exch. for pref. stock and cony. bds.
between July 1 and Oct. 1 1909_
26,088,992 30,826,895
16,360,342 16,359,670
878,214
Balance, surplus
4,253,514
9,728,650 13,589,003
a This amount ($6,119,180) does not include an extra div. of $4,590,000
received in the year 1909-10 on Wells, Fargo & Co. stock. The last-named
sum was equal to 1.68% on the outstanding Southern Pacific Co. stock.
c Not given in official statement but supplied by editor, as amount of
stock remains unchanged.
The increase in fixed charges for the year ending June 30 1912, amounting
to $3,489,294, is made up as follows: Int. on funded debt-Central Pacific
By. (principally European loan), $1,824,638, Southern Pac. Co., $268,641,
and misc. subsidiaries, $558,505; hire of equinment, $430,616; sinking
funds, $138,255; rentals and misc. (net), $268,639.-V. 95, p.49.
Chesapeake & Ohio Ry.
(Preliminary Statement for Year ending June 30 1912.)
1911-12.
1910-11.
1909-10.
1908-09.
Operating revenues____$34,289,870 $32,583,411 $31,237,169 $26,630,718
Operating expenses____ 22,635,681 21,793,615 18,936,699 16,366,838
Net operating revenue$11,654,189 $10,780,796 $12,300,470 $10,263,880
1,014,220
1,065,853
873,744
Taxes
801,600
Operating income_ ___$10,639,969
1,808,563
Other income
Total income
Charges, rentals, &c
Dividends
$9,723,943 $11,426,726
1,560,814
1,161,365
$9,462,280
708,863
$12,448,532 $11,284,757 $12,588,091 $10,171,143
$8,174,326 $8,056,473 $6,297,606 $7,395,865
(5)3,139,630 (5)3,139,625(4 Y4)2668617 (2)1255,814
Surplus
$1,134,576
$88,660 $3,621,869 $1,519,464
The results for the years ending June 30 1912 and 1911 include the Chicago
line, C. & 0. By. of Indiana, 284.6 miles.-V.94, p. 1695.
Norfolk & Western Ry.
(Preliminary Statementfor Fiscal Year ending June 30 1912.)
EARNINGS,EXPENSES AND CHARGES.
1910-11.
1011-12,
2,004
2,018
$
$
5,130,111
5,332,841
34,402,396 30,427,411
Miles operated June 30
EarningsPassenger, mall and express
Freight
1,51
1909-1
0
9.
$
4,815,724
30,248,146
Total earnings
Operating ExpensesMaintenance of way and structures
Maintenance of equipment_____
Traffic expenses
Conducting transportation
General expenses
39,735,237
35,557,522
35,063,870
4,816,378
7,676,464
639,936
11,771,800
764,852
4,328,717
6,638,842
586,716
10,672,624
731,381
3,752,045
5,951,907
551,806
10,069,726
721,275
Total expenses
Net earnings
Other income
25,669,430
14,065,807
1,055,181
22,958,280
12,599,242
1,254,003
21,046,759
14,017,111
720,105
Gross income
Fixed charges
Taxes
Dividends on pref. stock (4%)
Dividends on common stock
Total deductions
Balance, surplus
-V.94, p. 1449.
15,120,988 13,853,246 14,737,215
4,792,867
4,215,920
4,575,086
1,320,000
1,410,000
1,118,964
919,668
919,668
919,668
(5 4)4,668,438 (5)3,499,137 (5)3,294,843
11,214,026
3,906,962
10,531,672
3,321,573
9,908,561
4,828,655
(Statement for Year ending June 30 1912.)
This company, which took over as of Aug. 1 the Wheeling
Traction Co. and subsidiary companies, which properties
are earning at the rate of more than $1,000,000 gross annually and paying 5% dividends (V. 95, p. 237, 298), reports:
EARNINGS OF WEST PENN TRACTION & WATER POWER CO. AND
SUBSIDIARIES YEARS ENDED JUNE 30.
1910-11.
1911-12.
Gross receipts
$2,666,295 $2,071,883
Operating expenses and taxes
1,375,629
1,015,878
Net earnings
$1,290,666
Fixed ChargesInterest on $3,334,500 5% bonds of West Penn
Traction Co. from dates issued
$113,638
Int. on bonds of sub. cos. of West Penn Trao. Co
48,166
Interest on bonds of West Penn Rys. Co. and of
that company's subsidiaries
461,625
Amount required to pay 5% per annum on $2,750,000 pref. stock of the West Penn Rys. Co
137,500
Total fixed charges
Balance, surplus
$760,920
$529,737
$1,056,005
18,122
461,625
137,500
$617,247
$438,757
ANNUAL STATEMENTS-CALENDAR YEARS 1905 TO 1911YEAR ENDING JUNE 30 1912 (000 omitted).
1905.
1911. 1911-12.
1909.
1906.
1908.
1910.
1907.
Gross _$1,060 $1,409 $1,603 $1,551 $1,767 $2,042 $2,260 $2,666
1,290
Net _1,148
480
635
1,054
761
786
691
See map on page 103 of "El. By. Section"; also see V. 95, p. 298, 237.
Carolina Clinchfield & Ohio Railway.
(Financial Statement of July 1 1912.)
Pres. Mark W. Potter, N. Y., July 11912, wrote in part
(compare map on page 23 of "Ry. & Ind." Sec.; also see
below, see Cumberland Corporation under "Railroads" and
Clinchfield Coal Corporation under "Industrials"):
Road.-The line of the company (including its subsidiary, the Carolina
Clinchfield & Ohio By. of S. C.) is now in operation from Dante, Russel Co.,
Va., southerly across Eastern Tennessee and Western North Carolina, to
Spartanburg, S. C., 242.05 miles. Branches and trackage mileage increase
the total mileage to 256.10, on which regular train service is maintained.
The line was opened for traffic between Dante, Va., and Bostic, N. C.,
March 22 1909, and between Bostic and Spartanburg Dec. 12 1909.
Connections are made with the following railways: Norf. & West. By. at
Kiser, Va., and St. Paul, Va.; Va. & S. W. By. at Speers Ferry, Va.; East
Tenn. & West. Nor. Caro. By. at Johnson City, Tenn.* Southern By. at
Johnson City, Tenn., Marion, N. C., and Spartanburg, g. C.; Seaboard Air
Line By.at Bostic, N. C.; Black Mtn. By.at Boonford, N. C.; and Charl. &
West. Caro. By, (Atlantic Coast Line) at Spartanburg, S. C.
An extension of 35 miles from Dante, Va., to Elkhorn City, Ky. on the
Ches. & Ohio By., it is expected will be open for traffic on Jan. 1 1914.
The railway affords the coals of Southwestern Virginia and Eastern Kentucky the shortest and best route into the Carolinas and adjacent Southern
States, and the Elkhorn extension will permit these coals to enter the markets of the Middle West on advantageous terms. The line passes through
the important properties of the Clinchfield Coal Corporation (see above) now
undergoing extensive development, and it will handle their output. In
connection with the Va. & S. W. By., Interstate RR., L. & N. RR. and
Norf. & West. Ry., and short lines in the territory, the road can render the
best service to all Southwestern Virginia mines (Virginia Iron, Coal & Coke
Co.,Stonega Coke & Coal Co., Norton C. & C. Co. and Col. C. & C. Co., &c.).
Character of Construction.-Low grades and most substantial construction
were adopted to keep train mileage and expenses for transportation and
maintenance down to a minimum.
The grades permit southbound freight trains loaded for a grade of 3-10 of
1%, using helper engines over short sections. The heaviest grade northbound (the direction of lighter) traffic, Is 1.2% up the Blue Ridge Mts. The
cuts and embankments are wide; rails 85-lb. and 90-lb.; cross-ties, oak,
7 in. x 9 in., x 84 ft., about 19 to each 33 ft. rail; ballast, 2,000 Cu. yds.
of broken stone or furnace slag per mile, except for 12 miles of sand ballast,
which will be replaced with stone after the embankments have settled. All
Important bridges have concrete abutments and piers, with steel superStructures. Passing sidings, capac. 100 to 120 cars, generally 8 miles apart.
Equipment.-Locomotives are of the latest design; the smallest freight
locomotives, Consolidation type, 100 tons, standard locomotives, Mallet
type, 185 tons, designed to haul long, heavy trains of coal. Coal cars
(4,100), 50 tons capacity, all steel, with steel wheels under all but 100.
Box cars and passenger coaches have steel underframes; combined baggage
and mall cars, all steel.
Operating Efficiency.-The average coal train over the entire line from
the coal field to Spartanburg is approximately of 6,000 tons. Taking all
business into consideration, including the return movement of empty cars,
the number of tons of revenue freight per train mile average approximately
1,057. Average haul of coal, about 213 miles, or 83% of the entire mileage;
average haul of all classes of freight, about 183 miles, or 72% of entire mileage. Freight revenues average nearly 91% of the total revenues.
The results.for May 1912 (the last final figures prepared, and the best
month the company has had) were as follows: Total revenues from all
sources, $234,000; total operating revenues, $226,100 (comparing with
$171,491 for May 1911, or an increase of $54,700, all but $1,000 of the increase of gross earnings going to increase the net). The transportation
ratio, 16.91%, has rarely, If ever, been attained heretofore in the U. S.)
The results from operation have, It is believed, uniformly compared
favorably with those of all railroads in the Ti. S., and show transportation
efficiency excelled by none.
Outlook.-The railway's earnings, both from the present mileage and
from the Elkhorn extension, must continue to increase. The coal mines
on the line are steadily increasing their output and additional mines are
being planned. The present mines are unable to supply the demand for the
South .Atlantic States, while the domestic market will naturally increase.
AUG. 10 1912.]
THE CHRONICLE
Arrangements have been made with the Southern By. to put into effect
from the mines on our railway to Charleston, S. C., a rate on coal for export
and coastwise movement of $1 40 per grosston, which is the rate to Chesapeake Bay over the Norf. & West. Ry., the C. & 0. By. and the Virginian
Ry.from mines served by them. Plans have been made for the erection of
a modern coal-handling plant at Charleston for the rapid coaling of vessels
there. There is a large and increasing demand for coal at Gulf ports and
In Mexico, Cuba, Central and South America and Europe, and Charleston
has advantages as a port of shipment.
General traffic is increasing and a continued increase is certain. The
timber resources of the line are exceptional. The facilities afforded are
attracting industries to many points along the line, and the population
served is rapidly increasing. At Kingsport, Tenn., a Portland cement
plant recently began operating, capacity 1,000 bbls. per day, and a brick
plant, capacity 60 000 brick a day, is unable to supply the demand and is
doubling its capacity and arranging to manufacture sewer pipe, brick, &c.
A new 20,000-spindle cotton mill on the line has recently commenced operations, several wood-working plants arc in operation, and plans have been
made for a large plant for the manufacture of lime. Deposits of felspar,
kaolin, mica and barytes are being commercially operated.
With its Elkhorn extension in operation the railway will be an Important
link in the shortest line of lightest grades and easiest curvature for through
passenger and freight business between the Ohio Valley and territory north,
and the Carolinas, a portion of Tennessee, Georgia and Florida. It is
estimated that within a relatively short period the through business handled
as a result of this connection will add to the road's traffic 100 cars southbound and 20 cars northbound per day, and should increase the net earnings
of the railway by upwards of $1,290,000 per annum, not counting the
earnings from business originating on the Elkhorn extension itself, which
passes through territory of extensive coal and timber resources. A traffic
arrangement with the Chesapeake & Ohio By. insures the co-operation of
that line In the development of business via the Clinchfield route.
The movement of 400,000 tons, 500,000 tons and 750,000 tons of coal,
and 62,500 tons, 100,000 tons and 150,000 tons of forest products, and
respectively, from
miscellaneous earnings of $50,000, $75,000 and $100,000,
should
said extension, for the first, second and third years of operation,
$300,000 and
further increase the net earnings of those years by $212,500,
including the expected in$437,500, respectively. On this basis, withoutbeyond
$1,500,000, which is
crease of net earnings from the present mileage the earnings
from the entire
the estimate for the year beginning July 1 1912,
of the Elkhorn
the
completion
operation;after
of
year
third
the
during
line
$3,000,000.
of
upwards
extension, may well be
EARNINGS FOR YEARS ENDING JUNE 30 (JUNE 1912 AND
1912-13 ESTIMATED).
[The South Carolina mileage, though owned by a separate company, is
being controlled by ownership of its securities,
and
line,
part of the through
•
its results are here included.]
1911-12. Est.'12-'13.
1910-11.
$1,957,151 $2,352,000
Total revenues
1,064,365 1,152,000
Total expenses and taxes
359
Heretofore development of commerce between the Central West and the
Southeast has gone on under serious transportation disadvantages. The
Blue Ridge Mountains extend as a barrier nearly 500 miles, from Lynchburg
at the north to Atlanta in the south, causing commerce between the Central
West and the Southeast to swing around through the Virginia gateways
at the nortn or the Atlanta gateway at the south, over circuitous
routes, affording inadequate service and involving expensive operations.
As to this tonnage, the Clinchlield By., when extended to Elkhorn City, Ky.,
may be regarded as a bridge or needed intermediate line. [See also Clinchfield Coal Corporation under "Industrials" on another page.]-V.94,p.1625.
International Harvester Company, Chicago.
(Record of Company for Ten-Year Period ending Aug. 19124.
"The Harvester World," Chicago, for July 1912 reviews
the 10 years' progress of the Internat. Harvester Co. • .
Table of Contents: Record of Ten Years-by Cyrus H. McCormick; The
company and the law; The company and its employees; A financial review;
Developing a world market; A constructive manufacturing policy; Development of raw material properties; Perfecting I. H. C. machines; Patents;
I. H. C. standard of quality; The farmer and the company; The wealth
builders of the nation; The I. H. C. service bureau; Making accessible
machines and repairs; Success through service; The implement dealer;
I. H. C. machines; Prices-farm machines and farm products.
Digest of Statement by President Cyrus H. McCormick.
The company has aimed to produce the best machines that can be made.
at a minimum cost to the farmers of the world. To do this required better
facilities and greater economy in the production of these machines. making
it possible to preserve a low level of prices and also increase the efficiency
and durability of the machines. The problem of obtaining the best of raw
materials has been carefully studied; manufacturing plants in the United
States and Canada have been enlarged, and the manufacture of harvesting
machines has been supplemented by new lines of implements, so that now a
full force is employed throughout the year, instead of as formerly, only
eight or ten months each year.
The expansion of foreign trade has been one of our chief objects. The
volume of Its production has been thus enlarged and the steadiness of the
demand for its machines from year to year increased-resulting in more
employment for American workmen. The rapid growth of the business in
foreign lands has led to the establishment of manufacturing plants and new
distributing agencies in those countries. In both manufacturing and selling.
our business is now world-wide-international.
For Its employees the company has inaugurated a system that secures
better conditions of work; that protects the employees from loss through
sickness; that provides liberal compensation to them and their families in
case of accidents causing injury and death, and which furnishes them pensions in their old age. It also has a system of profit-sharing, under which,
more than 3,600 of its employees have become stockholders. It has
installed the best modern appliances for safe and sanitary conditions of
labor,
with hospital, medical and trained-nurse service for the sick and the
Net Income, applicable to in charges_ $892,785 $1,200,000 $1,500,000 Injured, and has also provided facilities for social, musical and athletic clubs.
49%
54.38%
Ratio of total exp. & taxes to total rev_ _
We hope that ten years of clean and legitimate business methods, free
Deduct interest-on $13,000,000 5% bonds, $650,000; 10-year
from any of the unfair practices which the public has justly condemned,
notes, $100,000; $3,490,000 5% equip.notes, $174,500;$200,000
established this company in the public mind as an honorable business
have
934,500 organization.
Lick Creek & Lake Erie RR. bonds, $10,000
Its policy has been one of the fullest publicity; all the facts
_$565,500 as
Balance estimated surplus after fixed surplus
organization and its operation, its methods and earnings have been.
to
5,857 freelyits
Net income per mile, after payment of taxes
to the Government and the public. If the time has arrived
given
3,650 when corporations, like individuals, can be judged by their acts, the InterAnnual fixed charge per mile, on basis of above obligations
national Harvester Co. has nothing to fear from investigations or suits by
RAILWAY'S TOTAL REVENUES, SHOWING STEADY INCREASE State
or Federal authorities.
(000s OMITTED) (JUNE 1912 ESTIMATED).
The last decade has marked a great advance in the development of agriJuly. Aug Sep. Oct. Nov Dec. Jan Feb.Mch AprMay Jun Total. culture. Tilling the soil is now one of the most honorable, independent and
$
$
$
$
$
$
$
$
$
$
prosperous of callings. This economic and social transformation has been
40 80 86 90 93 96 136 131 139 124 126 131 1,277 brought about in part by the wide dissemination of scientific knowledge
1909-10
126 146 142 169 176 168 198 171 169 149 176 162 1,957 pertaining to agriculture, but chiefly by greatly increased use of mechanical.
1910-11
164 199 181 180 195 175 196 195 211 216 233 200 2,352 power on the farm. The company has had an important part in bringing
1911-12
The total revenues for the first 11 mos. of 1911-12 show an increase of about these improved conditions.
over the 1910-11 period.
19.93%,
or
$357,516,
Financial Review [Condensed for "Chronicle".-Ed.]
Organization.-The formation of the International Harvester Co. ten
ANNUAL RESULTS BASED ON EARNINGS FOR MAY 1912 AND
years ago was the natural outgrowth of the abnormal and wasteful condi11 MONTHS ENDING MAY 31.
and which
On Basis of
- tions which had obtained in the harvester trade for several years,
had become unfair and injurious to the farmer, the local dealer and the
11 Mos.
May 1912.
stock. Independwatered
no
was
there
organization
its
In
manufacturer.
5.4
5.7
Earnings per ton per mile (mills)
ent expert appraisers, recognized for their reliability and reputation, were
Transp. ratio I. e., percent of cost of transp. to
19.8 appointed to value the properties purchased at organization. When the
16.91
transportation earnings
appraisals were completed, it was found that the total valuation of the
41.72
Oper. ratio, 1. e., per cent of op. exp. to total op.rev.
52 physical property acquired aggregated $67,076,229, exclusive of any allow.81
1,55
2,324
$2,714,000
Total operating revenues
good-will, which had been
$1,581,600 $1,264,920 ance for the patents, trade-marks, shop-rights orits
Net operating revenues
business $60,000,000 in
established at great cost. For the operation of
$2,806,000
Total revenues from all sources
cash working capital was required. Therefore, the capital stock was fixed,
$1,572,000
Net revenues from all sources, after taxes
for the physical properties,
issued
was
$60.000,000
at
which
of
.
$120,000,000,
$9,100
$10,600
mile
per
revenues
Total operating
$4,940 which had been conservatively appraised at over $67,000,000, and the.
$6,180
Net operating revenues per mile
$9,160 remaining $60,000,000 was Issued for cash at par, fully paid.
$10,957
Total revenues per mile, all sources
T
$4,650
$6,130
_
taxes_
Additions.-In this ten-year period the company has expended $34,000,Net revenue per mile from all sources, after
000 for additions to its permanent plants and raw material properties, as
RAILWAY'S CAPITALIZATION AFTER JULY 1 1912, AGAINST follows: $9,000,000 has been spent in protecting the large raw material,
PRESENT MILEAGE.
requirements of the company, ore mines In the Mesaba range, blast furnaces.
and steel mills at South Chicago, coke ovens built adjacent to the company's
[Exclusive of the Elkhorn Extension, now under construction.]
(total
1938;
1
coal mines in Kentucky; additional timber properties and saw mills in
1st M. 30-year 5% bonds, dated 1908. due June
$13,000.000 Mississippi and Missouri; $14,000,000 has been expended in new plants in
auth. issue, $15,000,000); outstanding (V. 88, p. 944)
the United States, equipped for the manufacture of the increased demand
Equipment notes, 5%, series A, dated 1908, payable $130,000
1,690.000 for harvesting machinery and tillage implements at home and abroad, and
semi-annually until Dec. 1 1918 (V. 88, p. 451)
for the production of the newly developed lines of wagons, manure spreadDo 5%, series 13, dated 1910, payable $50,000 s.-a. until
800,000 ers, gasoline engines, cream separators, auto-wagons, tractor drills, dec..
Jan. 15 1920
and $25,000,000 has been expended for new agency warehouses. Because
Do 5%, series C, dated Aug. 1 1912, payable $50,000 semi1,000,000 of their tariff policy this company has been compelled to construct plants in
annually until Aug. 1 1922
2,000,000
Canada, France, Germany. Russia and Sweden, at a cost to date of $8,500,
Ten-year 5% notes, dated July 1 1909 (V. 89, p. 285)
200,000 000, for the manufacture of a portion of the demand for harvesting machinLick Creek & Lake Erie 30-year 5% bonds, dated Jan. 1 1903....
10,000,000 ery and tillage implements in those countries.
Pref. stock, 6% non-cum., (authorized. $15,000,000)
25,000,000
Common stock
Working Capital-Credit to Farmers.-The company's total investment in
and accounts amount to-day
The company has also arranged to sell [$5,500,000] 1st M. 5% notes, inventories and in farmers' and agents' notes
requirements are very large: 1st,
dated May 1 1912 and payable May 1 1917, secured on the mileage now to $150,000,000. The working capital
Inventories required in the many
under construction between Dante, Va.. and Elkhorn City, Ky., to provide because of the heavy investment in works
of the short selling season; 2d, because
the cost of constructing said extension [V. 94, p. 1448]. Interest on said months of manufacturing in advance
and twine carried at all:
notes will, until the extension is put in operation, be included as part of the of the large stocks of harvesting machinery, repairs
be immediately available toconstruction cost, and is. therefore, not a charge against the present mileage. convenient locations throughout the world to
be
known until the harcannot
which
trade
a
of
demands
meet the varying
STATISTICS INDICATING RAPID DEVELOPMENT OF DISTRICTS vest is at hand; 3d, because of the liberal credits extended to the farmers in
TO BE SERVED.
the sale of these machines, relying for re-payment upon crops subsequently
extended to customers at this
General development of the South, and particularly of the States pri- to be produced. A credit of $80,000,000
company's policy in this regard and its willingness
marily served by the Clinchfleld Ry., has been rapid and substantial. With time is Indicative of theof
the expansion of agriculfinancing
of
burden
the
share
full
its
assume
the
to
of
a population of 33,000,000, or 17,000,000 less than the population
whole country in 1880, the South has more capital invested in manufacturing ture for the svorld's growing needs.
volume of sales of the
farms
annual
the
its
in
is
growth
and
-The
more
from
1880,
producing
Lines.
in
Sales-New
had
than the United States
and mines and cutting more lumber than did the United States 30 years ago. company has been remarkable. The sales in 1903 aggregated $52.065,000;
The annual production from agriculture, mining, manufacturing and in 1907. $78,206,000; in 1911, n-08,033,000. The year 1911, therefore.
fisheries is now of the value of $8,000,000,000, and the natural resources shows an increase of 38% over the year 1907 and 108% over the year 1903.
warrant the rapid growth to several times the present volume. With over This increase in the volume of business has been obtained principally
17,000 miles of navigable streams, 3,000 miles of coast line and more than through the introduction of the "new lines"-wagons, manure spreaders.
30 ports, the South is now handling more than $900,000,000 of foreign gasoline engines, cream separators, auto-wagons, tractors, drills, &c., and.
commerce, which Is rapidly increasing. Individual deposits in national by the largely increased foreign trade. Foreign countries are gradually
banks in the South are to-day $83,000,000 greater than the amount of becoming more educated in the use of modern farm machines and are
such deposits in the national banks of the country in 1880.
realizing the economies resulting from their use. Consequently, the foreign.
demand steadily increases, and will further increase with the growth ofAnnual Gross Earnings of Principal Railways of the SoUtheast, Years Ending population and the necessity for intensive cultivation and larger harvests.
June 30, Showing Increasing Business (000s Omitted).
Company's Sales-Note Growth of Foreign Trade (000s omitted).
1901-02, 1903-04. 1905-06. 1907-08. 1909-10. 1910-11.
[(1) Machinery, implements and twine-domestic and foreign;
Seaboard
(2):Miscellaneous.]
$11,068 $12,750 $15,116 $15,675 $20,068 $21,782
60,345
57,294
52,941
53,641
Southern
37,312
45,109
1903. 1904. 1905. 1906. 1907. 1908. 1909, 1910. 1911.
31,622
29,810
26,029
24,868
Coast Line
$
8,549
20,544
$
Domestic_39,819 34,368 36,193 42,018 46,402 41,882 50,097 56,503 56,868
Data Showing Business Development of Nor. Caro., Sou. Caro.,Ga., Florida
Foreign 12,246 15,349 16,914 20,199 24,478 24,746 28,134 34,196 42,314
and Tenn., Naturally Tributary to Clinchfield Ry.(0005 omitted except for
8,851
10,467
2,580 5,372 7,326 5,913 8,383
(2) Miscell
railroad mileage).
52,065 49,717 55,687 67,589 78,206 72,541 86,614 101,166 108,033
1911.
1910.
Total
1909.
1900.
1890.
Capital invested in mfg__ 4181,500 $338,600 $826,400
Net Earnings, Amount (000$ omit) and Per Cent to Capital Stock and Surplus.
Products of manufacturing 231,700 405,300 785,400
$
183,027 227,895
54,985
Deposits in State banks,&c 32,354
1903. 1904. 1905. 1906. 1907. 1908. 1909. 1910. 1911. A cve
167,685 182,142 Amount. 5,641 5,658 7,479 7,346 8,080 8,885 14,892 16,084 15,521
52,029
In iv. depos. in nat. banks 33,002
9.9 7.52
1,862,380
10.9
10.9
6.7
6.1
5.8
6.3
Farm lands & imp., value_ 750,532 810,735
4.6
Per cent 4.7
39,827
36,473
Do acus improved __ _ 33,172
It is true to-day, as It has been for the last fifty years. that the owners of
9,410
9,266
6,763
7,997
Population
net
earnings in.
he harvester business can only expect to receive a part of the
25,177
24,556
15,275
18,823
Railroad mileage
360
THE CHRONICLE
cash, the balance being re-invested in inventories and in credits extended to
the farming community in order that farm operations may be facilitated
and improved. The total dividends paid during this ten-year period have
averaged only 8% per annum-surely a most moderate return for the great
risks incurred by capital In an enterprise of this magnitude and character.
Reports.-The company, beginning in 1907, has issued each year to its
stockholders, the public, the press and the Government, a detailed report
of its financial position and the history of its business.-V.95, p. 302. 300.
[VOL. Lxxxxv.
Bay State Street Ry.-Underlying Bonds Called.-
Five ($2,500) 1st M. 5s of West Roxbury & RoslIndale St. By., for payment on Sept. 1 at 103 and int. at Internat. Tr. Co., Boston.-V.95,p.175.
Binghamton Ry.-Earns.--J. T. Steele of Buffalo reports:
Year ending
June 301912
1911
-V. 94, p. 1117.
Gross
Operating
Net
Int. ec
,, Receipts. Expenses. Earnings.
Taxes.
5409,675 $221,022 41188,653 $113,231
372,211
212,527
159,684
110,780
Net
Income.
$75,422
48,904
Virginia-Carolina Chemical Co., Richmond, Va.
(President's Annual Statement, Dated July 15 1912.)
Bolivia Central Ry.-Incorporated in Maine.Sae South American Railways below.
The comparative figures for the year ending May 31 were
Brazil Ry.-New Subsidiaries.-The following companies,
given July 6 (p.. 39). At the annual meeting on July 17
President S. T. Morgan, as shown by the printed statement incorporated in Maine last month,have their entire outstanding capital stock owned by the Brazil Ry. Co:
now at hand, said in substance:
The statement made up by Price, Waterhouse & Co. shows that the company has more than $22,000,000 of current assets above its current liabilities:
The reserve for doubtful debts, rebates and cash discounts last year was
$818,358. There was charged against this account for doubtful debts, &c.,
during the late year $306,451, and there was added to this account $368,425,
being the regular percentages on sales taken from the earnings of the year.
There was likewise a new reserve of $414,929 added to this account from
earnings to provide for any cash rebates or discounts that may occur on any
unsettled business. This makes the total amount in this raerve fund
$1,293,261. For repairs, maintenance, &c., the company has spent and
charged off to operating expenses $1,282,356. This, we believe, is more
than a liberal sum charged to these items, and therefore no reserve for depreciation was set up. More than $330.000 was spent in advertising,
which, as usual, was charged off to operating expenses.
During the year the company issued and sdid $2.000,000 of its pref. stock
(V. 93, p. 294) and $3,000,000 of its 1st M. 5% bonds. [These bonds,
listed on the N. Y. Stock Exchange last April, were issued for "additional
working capital and other corporate purposes."-Ed.)
The increase in inventory is largely caused by the decreased sales in fertilizers, the sales of fertilizers manufactured by your company being approximately 15% less than last year. This decrease is due almost entirely
to the very late, wet spring in the cotton territory, and to the demoralization existing among the farmers and merchants in that territory on account
of the low prices at which a great deal of their low-grade cotton was marketed during the late-winter and early-spring period; but, as the Inventory
I; always taken either at cost or the market, whichever may be lowest, we
Can safely say that the increased inventory is at very conservative values.
The depression in the fertilizer department was more pronounced than
it has been since the organization of the company. Not only were the merchants and farmers not disposed to buy as promptly and as largely as heretofore; but, on account of bad weather and the condition of the country
roads, which made it impossible for the farmers to move the fertilizers
from the railroad stations with any degree of promptness, these conditions
had a demoralizing effect and influence on the manufacturers of fertilizers,
and the lateness of deliveries caused great depression in the trade and, in
some instances, very low prices. Therefore the fertilizer department does
not show as satisfaRtory earnings as in previous years. This decrease In
consumption is not, in our opinion, at all permanent, nor Is it reasonable
to suppose it will be followed by like conditions another season. Fertilizers
are an absolute necessity to the growing crops, and the increased consumption must go on from year to year to maintain present production, to say
nothing of the increase In production.which is necessary in all farm products.
The mining departments, both of phosphate rock and pyrites, are fully
as large as last year, and both of these branches are in satisfactory condition.
The company handled more tons of cotton seed and more tons of cottonseed products than ever before, and the condition of that branch of the
business is much improved over last year, and is now very satisfactory.
The EInigkeit potash mines, located in Germany, In which your company owned a large controlling interest, have in the last few months consolidated with a new potash mine, the Prinz Adalbert. Our'German representatives think this is a very advantageous consolidation, and we are
constrained to believe it is going to work out very beneficially, having two
mines to operate from, and both of them being thoroughly equipped.
In the consolidation of these mines your company continues to own the
controlling interest.
As the annual statement shows, $300,000 of bonds were retired during the
fiscal year, and there was paid to stockholders In dividends $2,399,532.
See also V. 95, p. 39, 117, 180.
Tri-State Telephone & Telegraph Co., Minneapolis, &c.
(Statement for Year ending June 30 1912.)
This company in June 1912 paid in common stock, out of
surplus, a dividend of $400,000 on its common shares. In
the same month also it funded into common stock the
"stockholders' advances" which on July 31 1911 stood at
$2,441,188, representing "moneys advanced during the
construction period and carried in the shape of demand
notes." A special statement furnished the "Chronicle" shows:
INCOME STATEMENT.
Year end. Year end.
Junc30'12. Dec.31'11.
Year end. Year end.
Junc30'12. Dec.31'11.
Earns, from oper_ __1,415,75911,398,627 Int. on bonds, &e_ _ 227,738 228,374
Miscell. revenue__
20,3891
Total deductions... 977,878 973,146
1,438,198 1,398,627 Net income
Total income
458,270 425,451
DeductPreferred dividends_ 118,961 112,396
Oper., maint., gen'l
Common airs. (cash) 59,811
59,811
expenses, &e
700,2751 744,772
Taxes
49,8651
Balance, surplus.. 279,498 253,274
BALANCE SHEET.
June30'12. July:31'11.
June30'12. July31'11.
Assets3
Liabilities7,033,402 6,777,239 Corn. stk., Tri-State _ 4,000,000 086,270
Plant account
Real estate & bidgs_ 31)2,840 278,049 Pref. stk., Tri-Stale..1,829,600 1,694.170
Furniture, fixtures &
Com. stk., Twin City 12,700
12.700
equipment
50,535
30,174 Pref. stk.,
do
140,650 110,950
Bonds and stocks of
Twin-Ctty Tel. Is... 075,000 975,000
subsidiary cos_
471,481 270,122 Con. Tel. & Tel. 5s.. 50,000
50,000
Merchandise ee supp_ 149,022 154,465 Real est. M.(assum.) 10,000
10,000
Notes & accts. reedy 164,063 147,855 Stockholders, advs _See above 2,441,188
Cash
72,929
19,909 Notes & accts. pay'le 207,526 133,5'41
Bills receivable reMiscellaneous
22,916
31,994
discounted
20,000
25,000 Accrued liabilities
119,130
70,450
Prepaid premiums,
Reserves
589,156 533,354
insurance, &c__ _
55.156
49,878 Surplus
*362,710 673,036
Total
8,319,458 7,752,691
Total
8,319,458 7,752,691
* After deducting the special stock div. paid in June 1912,$400,000.-V.94,p.357.
GENERAL INVESTMENT NEWS,,
RAILROADS, INCLUDING ELECTRIC ROADS,
Amazon Pacific Ry.-Incorporated in Delaware.-
Sec South American Railways below.
Argentine Ry.-Incorp. in Maine-Stock $42,500,000.-
See South American Railways below.
Augusta-Aiken Ry. 8a Electric Corporation.-Earnings.-
Gross
Net (after
Year ending
Other
Bond
Sink. Balance,
June 30- Earnings. Taxes). Inc.(Net) Interest. Fund. Surplus.
$612,150 $280,603 $32,585 5178,980 55,000 $129,208
1912
564.461
1911
277,083
24,643
--V. 95, p. 234, 175.
(Par of Shares, $100.)
Common (Auth.) 6% Cum. Pref....91k. Bonds
one
Uruguay Railway
$15,000,000
$10,000,000
Argentine Railway
30,000,000
12,500,000
None
Boliela Central Railway
25,000,000
None
None
Parana Railway
5,000,000
None
None
All the shares, pref. and common, have equal voting powers.
Debentures.-Speyer & Co., London, have offered for subscription at 98% £2,000,000 5% cony, debentures dated 1912.
The whole of an authorized issue which will mature Aug. 11922. Entire
Issue or any part thereof redeemable at par on any interest dateaftcr Aug.
1
1915 upon three months' notice. Par £100, £200 and £500 (C'). Coupons F. & A. The holder of any debenture will have the option of converting, at any time prior to Aug. 1 1915, the same into fully-paid common
shares at the rate of $150 debentures (calculated at $4 86 2-3 to
the X)
for each $100 common share.
Shareholders of record on July 15 1912 applying on the special form sent
to them by the company are entitled to a preferential allotment of 1-26th
of
a £100 debenture for each share held by them.
Abstract of Letter from President Percival Farquhar
The convertible debentures, in addition to being a direct obligation of
the company, will be secured by a trust deed In favor of Glyn, Mills, Currie
& Co. as trustee. The proceeds will be used for the acquisition of X1,150,000 of the 4)4% 1st M. bonds of the Uruguay Railway Co. and of a similar
amount of the 5% 1st M. bonds of the Brazil Land, Cattle & Packing Co.
Practically the entire share capital of both these companies will be owned
,by
by the Brazil By. Co. and their undertakings are considered very valuable
to that company's system. The Uruguay Railway Co. holds large
interests in various Uruguayan railways, and the Land & Packing
Co. has
acquired upwards of 7,000,000 acres of laud and about 150,000 head
cattle. The whole of these £2,300,000 bonds will be deposited with of
the
trustee as security for the convertible debentures. The share
$60,000,000, divided into $20,000,000 6% pref.and $40,000,000 capital is
in
shares of $100 each, all issued except $8,000,000 common, thecommon
necessary
amount of which is reserved for the conversion of the debentures.
The
company's bonded debt (excluding bonds deposited as collateral) consists
of £8,031,000 434% 1st M. 60-year bonds, Fs. 86,500,000 434% bonds
(French series) and $1,510.500 5% 50-year debentures.
[Compare South
American Railways below.]
Surplus Revenue after Paying All Interes1t9Charges,
10.
Including in 1912 Estimate these ,£2,000,000 Debenture 5s.
1909.
1911.
1912 Est.
Surplus after Int. charges_ _695,000 £257,000 £278,000 Over
£400,000
The company is paying regular quarterly dividends at the rate
of 8%
on its preferred shares.
July 18 1912.
4 1911
1912)
Condensed Statement Made April
(Not
by V.-Pres.E. ChauvY.
System.-The principal object of the company is the constitution
in
Southern Brazil, by the junction, development and extension
of existing
lines, of an extensive railway system, affording direct communication
between the Brazilian States of Sao Paulo, Parana, Santa Catharina and Rio
Grande do Sul, and to join up the railways of Brazil with those of Uruguay,
the Argentine Republic and Paraguay. The system now includes 4,875
miles of route, of which 3,102 miles are in operation, 233 miles under construction and about 1,540 miles to be later construoted.
In carrying out its program, the company, by operating either under
lease or working agreements or by shareholding, has acquired control
of
and operates various railways, Including the Sorocabana By., the Sao PauloRio Grande By., the lines of the Cie. Auxiliarie de Chemins de Fcr au Brest'
Parana
Ry. Only recently the connection has been made between
and the
the State of Rio Grande do Sul and the States of Santa Catharina
and
Parana, and as the lines serving the State of Rio Grande
do Sul have already been joined to the railway lines of Uruguay, there is
now an uninterrupted line of about 1,830 miles, of which more than
1,300 miles are
on the system of the Brazil By. Co., joining Rio de Janeiro
Montevideo,
and from there to Buenos Ayres and the River Plate. All to
lines operated from Sao Paulo to the Uruguay frontier have a uniformthe
gauge.
The company acts as contractors for the construction of a large part of
the system. This business is likely to bring substantial profits
for a considerable period. The funds are provided to a large extent with
the assistance of a guaranty of the Federal Government of Brazil. For the
lines
in the State of Sao Paulo, the Government of that State provides directly
from its own sources the expenses of construction.
The company has acquired important interests in; (a) The Paulista and
Mogyana railway companies, which are counted among the most
prosperous and best managed in Brazil, covering about 1,600 miles, mostly
in
ti-e State of Sao Paulo, through the coffee plantations. (b)
MadeiraMamore Ry. Co., which is constructing for account of the The
Federal
Government of Brazil, which provides the major portion of the cost
thereof.
about 210 ms.of rallway,which will be operated for 60 yrs. under favorab
e
conditions by the Madeira-3.1amore fly. Co., forming the necessary
for the northern part of Bolivia, the Brazilian State of Matto Grosso andexit
for
a part of the Acre territory, one of the richest regions in the world for the
production of rubber.
Lands and Timber.-The company is entitled, by virtue of the concessions
granted by the Federal Government of Brazil for the construction
of the
Sao Paulo Rio Grande Ry., to large areas of land, estimated to comprise
about 6,000,000 acres, situated along the company's lines. The greater
part of these lines is covered with pine and hardwood forests. These lands
should become of great and increasing value to the company. They are
not subject to any mortgage.
[The Brazil By. Co. was incorporated in Maine Nov. 0 1906 with $40,000,000 capital stock in $100 shares, of which $10,000,000 was pref. The
present authorized stock of $60,000,000, except the $8,000,000 of unissued
common, has been listed on the Baltimore Stock Exchange,(for the
purpose,
it is said, of complying with the reauirement of the London Stock Exchange
that stocks of U. S. corporationi must be listed In America before being
listed In London) asfollows: $32,000,000 common stook, $15,000,000 6%
non-cum. participating pref. stock and $5,000,000 6% cum. non-participating pref. stock. A block of $5,000,000 6% non-cum. pref. was offered
at par to shareholders last January. On May 18 1912 the shareholders
voted to authorize the payment of 1234% in cash to such holders of the
67 non-cum. participating pref. shares as should consent to the stamping
'
of their certificates with an endorsement making them cumulative nonparticipating 6% pref. It was alsO voted to change the $5,000,000 unissued pref. to "non-participating" cum. pref. and the same was then
offered along with $2,000,000 new common (making $32,000,000 common
outstanding), both at par, to shareholders of record May 30.-Ed.)
The £8,031,000 1st M.4 ;is (Incl. bonds in francs quoted In Brussels) are
secured by trust deed dated June 1 1909 (Empire Trust Co., N. Y., trustee),
and are due July 1 1969, blit are to be entirely redeemed by maturity by
sinking fund drawings at par and Int. (or purchases at a less price), if
not
previously called at company's option at 105. A block of £1,850,000
was offered In London, Amsterdam and Switzerland in April 1011 at 85)4%.
The company has agreed with Speyer Bros. that these bonds cannot
be
increased beyond £8,500,000 without their consent, unless (a) the net earnings available for the service of the bonds for the preceding two years, Including revenue from properties to be bought or acquired by the proceeds
of the new bonds, shall exceed by 50% the amount required for the service
of the total amount of such bonds outstanding, including the increased
amount; or (b) an amount of the company's shares equivalent to 50%
of the
face value of the further amount of bonds desired to be issued has been sold,
subscribed or underwritten for cash at or above par. There is a
provision
that It the increase proposed is for certain strictly defined purposes,
increase may be up to £10,000,000, without other restriction. the
The
francs 86,500,000 434% bonds officially quoted In Paris are secured by
a
separate mortgage. [On May 18 1912 the shareholders authorized an
AUG. 0 912.]
361
THE CHRONICLE
Bonds Called.-All of the outstanding $947,000 1st M. 5% bonds dated
increase in the issue of 4 M% 1st mtge. 60-year bonds from £10,000,000 to Sept.
1 1910 have been called for payment at 105 and int. on Sept. 1 at
£15,000,000 sterling, In accordance with the indenture of trust and supple-Ed.] the Windsor Trust Co., New York.-V.94, p. 826.
mental indenture, dated respectively June 1 1909 and April 1 1911.
Pearson,
S.
F.
Dr.
and
(Pres.)
Farquahar
Percival
are:
The directors
Denver Northwestern & Pacific Ry.-Conferences.--The
N. Y.; E.Chauvy (V.-Pres.), H. Legru, G. de Breteull and E. Quellence,
J. T. committee representing the note-holders has been in conferParis; H. Malcolm Hubbard, London; Carlos Sampalo, Alfredo Male,
Brussels;
Co. offices this week. After the
Soares and Alexander Mackenzie, Rio de Janeiro; N. Despret,
W. Barrow. eace at the Bankers Trust
Sir William Van Horne, Montreal; A.H. A.Knox-Little and F.Sec.]
ice-Pres.of the Bankers Trust
Jr.,V
Strong
meeting,
Benjamin
Asst.
is
Y.,
N.
Wallen,
J.
W.
and
Sec.-Treas.
is
Chipp
D.
[R.
Earnings.-For half-year ending June 30:
Lines in S.Brazil.- Mad.-Mamore fly.
Brazil Ry
1911.
1912.
1911.
1912.
1911.
1012.
£1,251,134 £1,101,423 £1,235,733 £964,240 £141,241 £37,554
Gross
456,134 255,470
457,697
575,601
Net
p. 396.
The net earnings are here shown after deducting open exp.-V.91,
Buffalo Rochester & Pittsburgh Ry.-Annual Report.--See
a preceding page; also "Reports and Documents."
Bonds.-The company has applied to the P. S. Commission
for permission to issue $1,187,079 664% consols to provide
for extensions, betterments and improvem'ts.-V.95, p. 296.
Buffalo & Susquehanna RR.-lst M.5% Bonds Called.-
Fifty-six ($56,000) Series A and eleven ($5,500) Series B 1st M.5% bonds
dated Oct. 1 1893, for payment at par and Int. on Oct. 1 at Harvey Fisk
& Sons, New York City.-V. 94, p. 67.
Chicago & Alton RR.-Union Pacific Management.-
See Union Pacific RR. under "Annual Reports" above.J-V. 94, p. 1762.
Chicago & Milwaukee Electric RR.-Sale Ordered.--
United States Judge Geiger at Milwaukee on Aug. 9 signed a decree ordering the sale of the road under foreclosure.-V.94, p. 1249.
Co., and Chairman of the note-holders' committee„ said:
"Certain modifications of the so-called 'Erb plan' were discussed and some of them mutually agreed upon. Other
points are still under consideration." It is thought that an
agreement will shortly be reached with Newman Erb.
It is rumored that Mr. Erb plans to form a new company to operate and
eventually complete the road. This company willtake up the $3,500,000
of 6% notes which are in default with its own ..)% bonds. In addition, according to the report, Mr. Erb and his associates would spend $1,000,000
for improvements, taking the new bonds in payment at a price yet to be
agreed upon. It has been said that the principal objection offered by
the noteholders is against the proposed reduction in their interest rate.-V. 95, p. 236.
Duluth South Shore & Atlantic Ry.-Earnings.June 30 YearGross.
1911-12
$3,152,475
1910-11
3,148,818
.__Nr. 93, p. 407.
Oth.Inc.Int.,Tazes,.tc. Bal.,Def
Net.
$757,314 $40,697 $1,160,983 $362,972
220,465
1,161,515
61,573
879,477
Groton (Conn.) & Stonington St. Ry.-Change in Control.
See Norwich & Westerly Traction Co. below.-V.95, p. 236.
Kansas City Ry. & Light Co.-Status of 6% Notes Due
M.Called Bonds.- Sept. 1 1912-Letterfrom Mayor of KansasCity.-Mayor Jost,
Chicago & Western Indiana RR.-Gen.
of 1882, for pay- who has been the cause of embarrassment to this comOne hundred and six ($106,000) 6% gen. mtge. bonds
ment Sept. 1 at 105 and int. at office of J. P. Morgan & Co.-V.94, p. 1759. pany's principal subsidiary (Met. St. Ry. Co.) in not allowing
Cumberland Corporation.-New Notes.-The company, it a satisfactory franchise, has written a letter to a friend of
which controls the Carolina Clinchfield & Ohio Ry. (V. 94.; the "Chronicle' who asked concerning the probable future of
p. 1625, 1448) and the Clinchfield Coal Corp.(V. 95, p. 113), the $5,478,000 6% notes of the K. C. Ry. & Lt. Co., due
recently made an issue of $5,000,000 3-year 5% notes, dated Sept. 1 1912, in which he says:
Letter from Mayor Henry L. Jost, Kansas City, Mo., July 6 1912.
June 11912. These notes are secured by the $25,000,000 of
I see no reason why you should be uneasy about the collection of your
Carolina Clinchfield & Ohio Ry. com. stock and $5,000,000 note against the Kansas City By. & Light Co. One of its subsidiary companies, the Metropolitan St. By. Co., is In the hands of the Federal Court,
of its ($10,000,000) pref. and are convertible at par into the but
it is under the control of the Federal Court because it chooses to be, not
Railway Co. pref. stock. The $15,000,000 notes maturing because
it is insolvent. As far as my information goes, I can conceive of no
& Light Co. going into the hands
June 1 were paid off, as previously noted in this column. reason whatever for the Kansas City Ry.are
showing a substantial increase
receiver.
subsidiary companies
a
of
See report of Railway under "Reports" and Clinchfield Coal year by year inThe
their receipts, and unless the management of the properties
Corporation under "Industrials"; also see V.94,p. 1448,1626. arc squandering the money, I cannot see how the ciettitors can lose.
[Our friend writes: "At present there is every probability of these notes
Cumberland County Power & Light Co., Portland, Me.- not being paid at maturity, but continuing their interest until the quest:on
Bost.,
Chic.,
Y.,
of
N.
&
the franchise has been settled."] Compare V. 95, p. 297.
Co.,
Leach
B.
-A.
New Bonds Offered.
Lake Erie & Eastern RR.-Consolidation.-On June 22
Phila. and London,are placing at 98 and int., paying 58%,
$1,700,000 "first and refunding mtge." 5% gold bonds, dated 1912 the Lake Erie Youngstown & Southern RR. Co. was
Aug. 1 1912 and due Sept. 11942, but redeemable at option merged and consolidated with the Lake Erie & Eastern RR.
of company on any previous int. date at 105 and int. on 60 Co. under the name of the Lake Erie & Eastern RR. Co.
The line under construction is 8.8 miles in length. Capital stock,
days' notice. Par $1,000 (c*). Int. M. & S. in New York. $210,000,
equally owned by the Pittsburgh & Lake Erie and the Mahoning
Trustee, Windsor Trust Co., New York.
Coal RR. companies. No bonds authorized or issued.
'12.
24
July
Me.,
Portland,
Bancroft,
0.
Abstract of Letter from Pres. Chas.
New York Rys. Co,.-Earnings.-For 6 mos. end. June 30:
Maine In 1906. Owns and operates three hydro-electric
Organized In
power plants on the Saco and Presumpscott rivers within 25 miles of Portland, and transmits the power thence to Portland, where its distribution
system Is most comprehensive, covering the entire city and adjacent territory. Also owns practically the entire capital stock of the Lewiston Augusta & Waterville St. By., and controls by lease the Portland RR. Co. Thus
controls the entire street railway, electric-light and power business in Portland and various urban and Interurban lines in an important part of State.
Outstanding Capitalization.
$5,000,000
Stock authorized and issued ($2,$00,000 is preferred)
1,700,000
Funded debt: auth. Issue, $10,000,000; present issue
3,085,000
Reserved for retirement of underlying bonds
Reserved for extensions, additions, improvements and
acquisition of other property under carefully guar$5,215,000
ded restrictions In the indenture
Note.-Tho aforesaid $3,085,000 underlying bonds are as follows (see P.
107 of "Elec. By. Sec."), the companies which issued them having been
consolidated on July 23 1912 with the Cumb. County Power & Light Co.:
$500,000 Consolidated Elec. Lt. Co. 1st M.4 Ms, due 1925, and $85,000 6%
debentures; $500,000 Portland Ltg. & Pow. Co. 1st M. 4 Ms, due 1921;
$1,500,000 Portland Elec. Co. 1st 5s, due 1926; also $500,000 2d M. bonds,
these last deposited to secure $500,000 pref. stock of Portland Elec. Co.
The issue of $947,000 Cumberland County Pow. & Lt. Co. 1st M. 5s, just
called (see below) will be paid out of the proceeds of the $1,700,000 1st &
ref. 58 now being placed.
Security.-(1) A first mtge. upon the modern hydro-electric plant located
on the Saco River about 25 miles from Portland, generating capacity 8,000
k. w. with transmission lines, &c.; (2) A direct mtge. upon the two other
plants and a steam power plant (centrally located in Portland),
'
water-power
combined generating capacity 8,070 k. w., with transmission lines to Portland, &c. subject to $3,085,000 underlying bonds for the eventual retirement of Which a sufficient amount of bonds is reserved; (3) A first lien upon
the leasehold rights of the Portland RR. Co. (organized in 1863 and always
street
highly successful), operating 103 miles of track comprising the entire
Portland
railway system of Portland, and high-speed interurban lines from
Falmouth,
Elizabeth,
Cape
to South Portland, Saco and Westbrook; also
a steam
South Windham, Yarmouth, Old Orchard and Biddeford; and
power plant, generating capacity 6,000 h. p.; (4) A first lien upon practically
owning
Ity.,
the entire common stock of Lewiston Augusta & Waterville St. extending
about 140 miles of track, including high-speed interurban lines Sabatus
Lewiston,
Lisbon,
from the sea-coast at Bath, Me., to Brunswick,
to Gardiner, Hallowell, Augusta and Waterville; from Auburn to Mechanics
Falls and from Augusta to Soldiers' Home at Togus, also local lines in said
communities except the city of Waterville.
Combined Earnings of the Company and Its Subsidiaries, Years end. June 30.
1911-12. Est.'12-13
1911-12. Est.'12-13
Gross earnings_ _2,053,373 2,253,172 Fixed chgs.,subs. 628,853
Net earnings__ 804,534 1,002,585 Int. on this issue. 85,000
638,473
85,000
279,112
92,781
Balance applicable for dividends
The earnings for 1011-12 were derived through the independent operation
of the company and its subsidiaries during 7 mos. of the year, and therefore
show only partially the benefits and economies made possible by merger
of the companies and the larger income to be produced through operation
of the new hydro-electric plant. The Portland RR. Co. alone expended
$140,000 for the production of electric power by steam during 1911, and
practically all of this power should be furnished from the hydro-electric
plants of the company with small addition to the expense of operation.
Improvement Fund.-Annually beginning July 1 1915, cash equal to 1%
of the bonds then outstanding, but not less than $20,000 a year, for the
purchase of the bonds at not over 105 and Int., or to reimburse the company
for replacements, extensions and additions.
Franchises. Both for the company and its subsidiaries are either perpetual
or terminate subsequent to 1938. Terms liberal; no unfavorable restrict.
Directors.-Ohas. 0. Bancroft, Chas. F. Libby Fred. E. Richards, Harry
Butler, Alpheus G. Rogers, Amml Whitney, Walter G. Davis and Wm. M.
Bradley, all of Portland, Me.; Albert Strauss, Philip G. Gossier and Wilbur
Tusch, New York; C. S. Erswell, Brunswick; Herbert L. Clark and Frank
Stillman Jr., Philadelphia; and John R. Graham, Bangor.
Field of Operation.-Portland is the commercial metropolis and chief seaport of the State, and besides having foundries and machine shops, it produces and ships furniture, carriages, wagons, flour, canned fruit, vegetables
and fish. From 1000 to 1910 the population increased about 15%. Estimated population served by company, about 200,000. Lewiston, Auburn,
Augusta, Saco, Biddeford, Bath and Waterville are large manufacturing
cities and financial centres for a large section. See also V. 94, p. 828.
$2,275,176
Transportation revenue_ _$6,536,945 Gross income
Deduct258,727
Other operating revenue_ _
Rentals, int. on underlying
$1,298,314
bonds, he
$6,795,672
Total
4,714,726 Int. on 1st real est. & ref.45 325,983
Expenses and taxes
$2,080,9461 Total deductions
Operating income
194,230 Balance, surplus
Non-operating income ___
-V. 94, p. 1627.
$1,624,297
$650,879
New York State Rys.-Trackage Contract, &c.-
See Oneida (N. Y.) By. below and In V.05, p. 176.-V. 95, p. 48.
Norfolk & Western Ry.-Annual Earns.-See "Reports."
Acquisition.-The company has bought a half-interest in
the 30-mile Virginia-Carolina Ry. from President Mingea,
who built the road and has been operating it. The reported
price ($1,000,000) is pronounced erroneous.-V.94, p. 1449.
North Carolina Public Service Co.-Earnings.-W. N.
Coler & Co., 43 Cedar St., report for year to June 30 1912:
$372,030 Interest
Gross earnings
Net earnings (after taxes) __$130,0191Balance, surplus
-V.94, p. 699.
$71,989
$58,030
Norwich & Westerly Traction Co.-Purchase.-This
company has taken over control of the Groton & Stoningtoa
St. Ry. Co. and not the reverse, as previously stated,
through purchase of all the common stock of that company.
The board of directors electedJuly 15 is as follows,the first five comprising
the executive committee, of which Mr. Plant is Chairman: Morton F.Plant,
Groton, Chairman of Board; A. E. Locke, Boston, Pres.; F. deC. Sullivan,
New York, Vice-Pres .•, R. W. Perkins, Norwich. Treas.• H. M. Verrill,
Groton; Charles
Portland, Me.; Thomas Hamilton and Christopher Avery,'
D. Noyes, Norwich; A. H. Chappell, New London.
The question of merger of the properties has not yet been discussed.
The Norwich & Westerly Traction Co. is now the operating company for the
Norwich & Westerly, the Ashaway & Westerly and the Pawcatuck Valley
St. By., and the Groton & Stonlngton will be operated in harmony. The
executive board of the two companies is the same.-V.95, p. 237.
Oneida Ry.-New Agreementfor Trackage Utica to Syracuse.
This company, substantially all of whose capital stock Is owned by the
N. Y. State Railways (see map, &c., page 111 and 112 of "El. Ry." Sec.),
has been authorized by the P. S. Commission to enter into a new agreement
with the N. Y. Central for trackage rights for interurban passenger and express service over the West Shore road between Utica and Syracuse. The
new contract will run for 30 years from July 1 1912, with provision for renewal for another term of 30 years, subject to approval of Commission. ,
The Oneida By. Co. will pay the Central on the execution of the agreement
$90,000, and in addition $130,000 per annum, and also, in quarterly installments, its proportion, on the basis of use, of interest at the rate of 6%
per annum on all expenditures made by the Central for additions to the
oint property, other than for signals. The annual rental may be readjusted
y mutual agreement, or by arbitrators. See "Railway Age Gazette" of
New York for Aug. 2.
Parana Ry.-Incorporated in Maine-Stock $5,000,000.See South American Railways below.
Portsmouth (0.) St. RR. & Lt. Co.-1st M. 5s Called.Sixteen ($16,000) 1st M. 10-year 5% bonds, for payment at par and int.
on Oct. 1 at Bankers Tr. Co., N. Y.-V.93, p. 408.
St. Louis Southwestern Ry.-New Bonds Ready Aug. 13.-
The trust department of the Guaranty Trust Co. of N. Y. will be prepared
to exchange definitive bonds of the Issues of First Terminal and Unifying
5s, due 1952, for temporary ctfs. on Aug. 13. See V. 94, p. 1450, 1828.
Seaboard Air Line Ry.-Southern Directors.-At the stockholders' meeting this fall it is understood that some representative Southern men will be added to the board of directors. The following are mentioned as likely new directors:
362
THE CHRONICLE
Robert F. Maddox, Vice-Pres. Of the Am. Nat. Bank of
Atlanta; A. H. Woodward, Vice-Pres. of the Woodward Iron
Co. of Birmingham, and Mills B. Lane, Pres. of Citizens' &
Southern Bank of Savannah, Ga. Compare V. 94, p. 1566,
1628.-V. 95, p. 48.
South American Railways.-Incorporation.--The following
companies were incorporated in Maine during July 1912, as
reported by the Corporation Trust Co. of New Jersey:
Lxxxxv.
Union Traction Co. of Philadelphia.-Bonds Called.-
Thirty-three ($33,000) Phila. Traction Co. collateral trust 4s of 1887 for
payment at 105 and int. on Aug. 15 at Penn. Co. for Ins. on Lives do
Granting Annuities, Phila.-V. 92, p. 463.
•
Uruguay RR.-Incorp. in Maine-Stock $25,000,000.-
See South American Railways above.
Virginia-Carolina Ry.-Sale of Half Interest.See Norfolk SG Western By. above.-V.86, p. 1345.
West Virginia Traction & Electric Co., Wheeling, W. Va.,
&c.-Note Issue.-A syndicate headed by William Morris
Imbrie & ,Co., N. Y., having sold much the greater part of
the issue, is offering by advertisement on another page, at
963 and int., to yield about 6.30%, the remainder of the
$1,250,000 "secured convertible 5% 3-year coupon gold
notes," dated July 1 1912 and due July 11915, but callable
at 102 and int. Par $1,000 (c). Int. J. '& J. Tax-exempt
Springfield (Mo.) Ry. & Light Co. (Federal kfght & Trac- in Pennsylvania. Equitable Trust Co. of New York, trustee.
tion Co. of N. Y.)-Earnings.--For years ending June 30:
Condensed Data from Letter of President H. R. Warfield, July 5 1912.
Argentine By. Co
Auth. cap. stock, $42,500,000 in $100 shares
Bolivia Central By. Co
do
do
25,000,000 do
do
Parana Railway Co
do
do
5,000,000 do
do
Uruguay Railroad Co
do
do
25,000,000 do
do
These cos. are all controlled by the Brazil By. Co. See that co. above.
.The Arn,,zon Pacific Ry. Co. was incorporated In Delaware on July 26
1912 with $30,000,000 of auth. capital, the incorporators In this case being
for the most part connected with the U. S. Corporation at 34 Nassau St.,
N. Y. City, to build and operate railways in Peru. It is an independent
enterprise.
June 30 Years. 1911-12. 1910-11.1 June 30 Years. 1911-12. 1910-11.
Gross earnings__ _$542,626 $477,084 Interest charges__ $96,077 $86,631
Net earnings
243,172 212,115 Net income
147,094 125,483
D. Arthur Bowman & Co., St. Louis, are dealing in the bonds, which, at
96 and interest, yield nearly 5 M % to maturity.-V. 93, p. 1669.
Third Avenue RR., New York.-Receiver Discharged.Judge Lacombe on Aug. 7 signed a decree discharging Frederick W.
Whitridge as receiver of the Third Ave. and Union By. companies. See
report in V. 95, p. 172.
Toronto Ry.-Exchange of Bondsfor Guar. Debenture Stock.
See Electrical Development Co. under "Industrials" below.-V.95,p.237
Underground Electric Rys., London.-Securities of Omnibus Company.-Speyer Brothers have issued in London
£1,000,000 432% 1st debenture stock of the London General
Omnibus Co. at 98 and £1,000,000 of the same company's
5% cumulative income debenture stock at 94%.
The £1,000,000 434% first debenture stock forms part of a total authorized issue of £1,500,000. Interest J. dc J., principal payable at 105 either
at maturity July 1 1952 or whenever called as an entire issue, or In case of
voluntary liquidation, or if drawn by lot for the cum.-sinking fund of 1%
per attn. (on the amount of stock issued) or otherwise.
The £1,000,000 5% cumulative income debenture stock is part of a total
auth. £1,750,000. Interest cumulative, but payable only out of profits of
each half-year ending June 30 or Dec. 31 on the next succeeding Aug. 15
or Feb. 15. The stock will mature June 30 1962 at par, but the entire
Issue or any part thereof (when drawn by lot) will be redeemable on any
Aug. 15 or Feb. 15 before maturity at 107 yi% and int. to close of preceding
half-year on six months' notice, or'in case of voluntary liquidation. Each
stock will be transferable only in multiples of £1.
Holders of the debentures, debenture stocks and preference shares of the
old London General Omnibus Co., Ltd. desiring to exchange their holdings
for either of the above stocks at the prices above mentioned were on application to the liquidator of the old company given priority of allotment.
Data from Albert li. Stanley, Managing Director of (Omnibus Co.,
July 26 1912.
Registered (incorporated) July 25 1912: will own about 91% of the
motor omnibuses now running in London. The motor omnibuses acquired
number over 1,900, about 80% of which are of the latest type. Share
capital £1,250,000 in ordinary shares of £10 each, of which upwards of
113,900 shares will be subscribed for in cash at a premium of 175% by the
Underground Electric Railways Co. of London, Ltd., which owns nearly
96% of the ordinary stock of the old company and will in respect of such
holding receive back in the liquidation of the old company the amount of
such subscription. The shares so subscribed will at the request of the
Underground Company be allotted to the trustees for its 8% cumulative
income debenture stock. • The remaining shares (other than the directors'
qualification shares) will not at present be issued, so that, except for the
qualification shares, the whole of the issued capital will be owned by the
Underground Company.
The first debenture stock will, under trust deed in favor of Glyn, Mills,
Currie & Co.. as trustee, be a first fixed charge on all freehold and leasehold
properties acquired (except land and factory at Walthamstow) and a first
floating charge on rest of undertaking. No mortgage or charge, fixed or
floating, ranking In priority to or pani passu with this stock can be created,
stocks, shares or securities of other companies hereexcept upon
after acquired otherwise than as Investments of its reserve funds, and upon
freeholds, leaseholds and other immovables hereafter acquired under any
amalgamation.
The income debenture stock (Union of London & Smiths Bank, Ltd.,
trustee) will rank immediately behind the first debenture stock, except
that the company will reserve to itself the further right to borrow in priority
to the income debenture stock for the purpose of paying off and canceling
the first debenture stock. The interest on the income debenture stock will
be cumulative, but payable only out of the profits of the revenue account
after providing for all revenue charges and setting aside such sums for,
reserve and depreciation as the directors think reasonable and also such
sums as they may think fit for a special reserve fund for equalization of
interest on such stock.
Valuation of Assets (Additional to Balance of Proceeds of Debenture Stock
after Taking up Securities of Old Co..
.
Freeholds and leacholds acquired from old company at valuation on books of old company
£930,537
Land and factory at Walthamstow motor omnibuses, plant, machinery, stores, &c., but excluding good-wills, estimated by
liquidator of old co
1,495,049
The gross traffic receipts of the old company for year ending Sept. 30
1911 were £1,844,488; net revenue available for debentures, £365,042.
The interest and sinking fund on this £1,000,000 of first deb. stock call
for £55,000 and interest on the £1,000,000 of Income deb. stock for £50,000,
leaving, on a basis of above earnings, a surplus of £260,042. For the nine
months ending June 30 1912 the gross receipts increased £406,324 over
those for the nine months ending June 30 1911.
It is estimated that out of the proceeds of the £2,000,000 of debenture
stocks, approximately.51,200,000 will be required to redeem the debentures
and debenture stocks and preference shares of the old company and to pay
off at the premium mentioned above Its ordinary stock in hands of public.
The balance will be available for extensions, expenses of organization, &c.,
and for general purposes.
A direct obligation of the company, secured by pledge of $1,565,000 "first
refund.and extensions" M 6% 30-year gold bonds. These bonds cover the
entire property and are all that are issued of an authorized $25,000,000. Further bonds can be issued (bearing either 5% or 6% int.) only for refunding
and for extensions and improvements,at the rate of 85% of the certified cost
thereof, but only when the annual earnings are twice the int. on the bonds
then outstanding and those about to be issued. New bonds are reserved to
refund the $2,134,000 5% bonds of the City do Elm Grove RR. Co. and $1,128,000 5% bonds of the Union Utilities Co. It is expected that $180,000 of
the underlying bonds of the City & Elm Grove RR. Co. will be immediately
retired by the proceeds of the sale of unproductive real estate.
The company (V. 95, p. 177) is engaged in operating street railway, electrio light, gas and water plants in West Virginia, its two principal properties
being those formerly owned by (1) Union Utilities Co. of Morgantown,
W. Va., comprising, with one unimportant exception, all of the public
utilities of Morgantown and its vicinity, including a modern filtration and
pumping plant, large natural gas plant, consisting of 72 producing wells,
and about 15,000 acres of gas and oil-producing land as yet undeveloped,
and street and suburban railway and power plants. (2) City & Elm Grove
RR. and subsidiaries, comprising two electric railway systems operating the
city lines in Wheeling, W. Va. total mileage 39 miles, including suburban
lines to Elm Grove and West'
Alexander, a park of 33 acres, power houses
and ample roiling stock; nearly 33 1-3% of the right of way is owned in fee'
the Suburban Light & Water Co., operated as a department of the railroad
company, serves a high-class suburban district adjacent to Wheeling, extending for uuout 4 miles from Elm Grove to Leatherwood.
Capital Stock.-These notes are followed by $2,000,000 7% cum. pref.
stock, of which $560,000 is now outstanding, and $2,000,000 corn. stock, of
which $1,250,000 is outstanding.
Convertible Feature.-These notes are convertible at maturity at the option
of the holders into the "first ref. & extens. mtge." 6% gold bonds, $ for $.
The directors also have the right to grant this privilege on any interest date.
Combined Earnings of Union Utilities Co. and City et Elm Grove RR., Year
ending March 31 1912.
Net earnings
$62,500
$330,260 1 Interest on notes
Int. on underlying bonds__ _ 163,1001Bal., surp., over note int_ .._ _104,660
These earnings should be further materially increased by greater efficiency
and economy.
Territory Served.-The population of the territory served at Morgantown, W. Va., is about 17,500, having tripled since 1900; located there are
large manufacturing plants, including the extensive tin-plate plant of the
U. S. Steel Corp; these were operated during the depression following the
panic of 1907 because of the natural resources (excellent, cheap fuel, &et.).
The territory acound Wheeling is also growing very rapidly; present population about 130,000, the increase in Wheeling between 1890 and 1910 being
21%; in the Immediate vicinity 36%. Future growth is almost certain to
be in the direction of the suburbs along the City & Elm Grove system.
Both in Wheeling and Morgantown there are many opportunities for extensions, &c., which promise large profit.
Franchises.-The important franchises are either perpetual or extend
beyond 1942, except one that expires in 1927; in this ease the security
holders are protected by an ample sinking fund.
Valuation.-Westinghouse, Church, Kerr & Co. estimate the replacement
value of the physical property as of July 29 1912 at $4,820,000, without
allowance for franchises, good-will or other intangibles.-V.95, p. 298, 177.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Tobacco Co., New York.-Dividends Declared
on Common Stock of Record Aug. 15 (1) Regular (Quarterly)
Cash; (2) 20% Cash from Sale of Security Holdings;
2
(3) 2.986% in Stock of American Machine & Foundry Co.The directors on Aug. 7 declared the following dividends,
payable on ($40,182,400) common stock of record Aug. 15:
(1) Payable on Sept. 3, a regular (quarterly) dividend of 234%.
(2) Payable on Sept. 3, 20% cash in order to distribute the sum of
"$8,048,480, being part of the cash proceeds from the sale of certain scourities heretofore held by the company, disposition of which has heretofore
been ordered by the Court to be made before Jan. 11915."
(3) To be distributed as soon after Sept. 1 as is practicable, "the holdings
of the American Tobacco Co. of the stock of American Machine & Foundry
Co.(being equal at par to about 2.986%-Ed.), to wit: 12,000 shares, such
distribution to be proportionately among the holders of the said common
stook, certificates of stock being so distributed for full shares, and warrants
for fractional shares, so that each holder of record Aug. 15 will receive
12000-401824 of a share of stock of Am. Machine & Foundry Co. for each
share of common stock standing In his name.
Official Statement Issued on Aug. 7 Regarding Said Distributions.
Under the decree of disintegration in the Government case, the American
Tobacco Co. was required to dispose of certain securities, such disposition,
to be made before Jan. 1 1915. Of those securities the company, has disposed of one-half of its holdings of British American Tobacco Co., Ltd.,
non-voting preference shares; substantially one-half of its holdings of "A',
ordinary shares of the Imperial Tobacco Co., Ltd., and all of its holdings
of Corporation of United Cigar Stores bonds (V. 95, p. 241). From the
cash received on such disposition the directors have directed the distribution
of $8,048,480, an amount equal to $20 per share, to the common stockholders of the company, to be charged, of course, to its surplus. This distribution, as well as the 2 yi% regular dividend, is payable
Sept. 3 to stockholders of record at the close of business Aug. 15.
Earnings of Subsidiary Companies.-Half-year end,June30:
A further distribution has also been ordered to common stockholders of
record Aug. 15 of the holdings otthe American Tobacco Co. of the stook of
London Electric Railway.
American Machine & Foundry Co., to wit: 12,000 shares. This is the enGross
Other Fixed -DividendsNet
Bal., tire capitalization of American Machine do Foundry Co., and the distribuFirst Passengers, Rev.
Rev.
Inc. Chges. Pref.
Ord. Surp. tion is to be made in the same way as other
stooks were distributed by the
Half- Number.
£
X,
American Tobacco Co. in January 1912; that is, each common stockholder
1912 _51,691,661 389,011 232,850 5,812 111,960 a63,000 546,640 17,062 of record Aug.
15 will receive as soon after Sept. 1 as practicable certificates
1911 ___52,548,384 392,817 217,898 5,713 95,430a63,000 546,640 18,541 for full shares and
warrants for fractional shares to theIamount of 12,000,401,824 of a share of Am. Machine & Foundry Co. stook for each share of
Metropolitan District Railway.
common stock standing in his name Aug. 15.
1912 ___42,910,560 344,255 203,303 50,003 161,892 d77,165
14,249
The American Machine & Foundry Co. owns 98% of the stook of Standard
1911 ___41,503,831 334,379 179,837 49,030 137,895 d68,715
22,257
From the earnings of the 6 mos. In each of the two years £7,500 was set Tobacco Stemmer Co. and 65% of the stook of International Cigar MachinerY Co.. And, taking the results from July 1 1911 to June 30 1912 as a
arlide by the London Electric By. as a reserve for contingencies and renewals
basis, the direct earnings of the American Machine & Foundry Co., together
and £10,000 by the Metropolitan District By.
with its proportion of the earnings and losses of the two subsidiary companies mentioned above, would make an aggregate annual profit of $100,a Dividend on £3,150.000 pref. stock at rate of 4% per annum.
525 55, equivalent to 8.37% on the $1,200,000 at par of American M.&F.Co.
S Div.on £9,327,940 £10 ordinary shares, fully paid, at 1% per annum.
d Includes divs. on 4% guar. stock, on first preference stock at the rate of
Supplementary Statement Given Out by a "Prominent Official."
434% per annum, and in 1912 on second preference stock at the rate of 2%
Formerly-that is, prior to the decision of the Supreme Court-we used
per annum.-V. 95, p. 298, 112.
. . a portion of our revenues to acquire additional tobacco
properties. Not
having In view the acquisition of any such properties, the money acquired
Union Traction Co. of Indiana.-Bonds Called.by the sale of these British American, Imperial and United Cigar Stores
Three $1,000 and three $500 Citizens' St. By. of Muncie, Ind., 1st M. 55 securities, not being
required in the operation of our business, ought to be
of 1897 for payment at 105 and int. on Sept. 1 at Guar. Tr. do Safe Dep. divided among our stockholders.
In taking this action, we feel that we
Co., Phila.-V. 95, p. 298.
are obeying the spirit as well as the letter of the Court's decision.
•
THE CHRONICLE
AUG. 10 1912.]
is, as its name indicates, a maThe American Machine & Foundry Co. all
the companies which formerly
chine and foundry business that has servedSince
the dissolution the compeCo.
Tobacco
constituted the American
and so vigorous that it Is
real
so
tition among the tobacco companies Is Tobacco Co. to retain ownership
American
the
for
undesirable
and
unwise
Liggett & Myers Tobacco
The
Co.
Foundry
of the American Machine &
businesses to other machine and
Co. and the P. Lorillard Co. will give their
of the American Toearnings
the
increase
than
rather
foundry companies
owned by the American Tobacco
bacco Co. by dealing with a corporation the American Tobacco Co. in disCo. Therefore this action on the part of
Machine & Foundry Co. We beposing of the shares of the American
the Am. Machine & Foundry Co. to retain
lieve that this action will enable
Lorillard Co.
the business of the Liggett & Myers Tobacco Co. and of P.
V. 94, p. 1251, 769.
363
due Nov. 1 1912, for:eachl$500 bond, carrying coupons,.including the coupon due Sept. 1 1912.
with forms, may be
Full particulars regarding the exchange, together
Chamhad from the office of the Toronto Power Co. Ltd., Toronto Railway
bers, King and Church streets, Toronto. There are $9,975,000 of the bonds
Toronto Power Co.
outstanding, including $2,000,000 owned by. the
• • • •
•
. .
• • • • • •
• • •
V. 93, p. 1326.
Emerson-Brantingham Co., Rockford, 111.-Sale of Pref.
Stock.-WilliamSalomon & Co., N. Y. and Chicago, having
placed a large amount of the present issue of $12,000,000 7%
cum. pref. (p. & d.) stock here and in Europe, offered to reTod, ceive subscriptions up to and including Aug. 9, at par ($100
Automatic Electric Co., Chicago.-Option.-W. S. -year
share) and accrued dividend (after Aug. 1 1912). Divs.
5
a
obtained
of J. Kennedy Tod & Co. of N. Y., has
Q.-F. Redeemable as a whole at option of company on any
44.
50,
p.
option on a majority of the stock.-V. 95,
date at 115 plus accrued div. Sinking fund provisions
div.
British American Tobacco Co.-Old Preferred.
or ultimate redemption at 115. A simultaneous
purchase
for
238.
178,
50,
See American Tobacco Co. above. Compare V. 95, p.
offering was made in Amsterdam by Hope & Co. The subCalumet & Hecla Mining Co.-Output.scription books were closed at 12 o'clock Friday, the entire
(Pounds).
Estimated Copper Output of Company and Subsidiaries end.
July 31- issue having been largely over-subscribed, but for record
7 Mos.
July
•
1911.
1912.
purposes the offering is advertised on another page.
• 1911.
1912.
43,886,722
Calumet & Hecla
Osceola
Ahmeek
Tamarack
Isle Royale
Other subsidiaries
Total
-V.95, p. 238.
5,402,796 6,308,325 41,896,742 10,462,845
1,471,310 1.405,015 9,853,150 8,531,260
1,448,515 1,103,065 9,266,080 4,804,856
404,040 4,623,240
565,040
504,795 4,634,733 3,941,519
648,418
826,607 6,586,763 6,314.604
919,308
10,455,387 10,551,847 76,860,708 77,941,806
s.Caney River Gas Co.-Earning
DepreciaBond
Year end. Gross (less Net (after
J'ne 30-Gas Purch.) Taxes).
$387,101 $267,985
1912
227,503
299,963
1911
Interest.
$21,167
22,495
lion.
$108,326
154,003
Divid'ds. Balance,
Surplus.
(2%)
$20,000 $118,492
51,005
Light & Power Co., Montreal.-Stock Increased.
Canadian
in capital stock from
The shareholders on Aug. 6 authorized the increase
intention
$6,000,000 to $7,000,000. It is said that there Is no immediate
& Power Co. owns
Tramways
to issue any of the new stock. The Montreal
control (V. 94, p. 1057, 488).-V. 95, p. 299.
Central Massachusetts Light & Power Co., Boston. wrote in sub.:
Share Capital,&c.-C.D.Parker & Co.,July 26
[in $100 shares], of
The total authorized issue of pref. stock Is $650,000
shares of
common 6,500 shares, without par value. Outstanding, 4,600
reserved to
common and $460,000 of pref. The balance of the pref. Is
n.
retire the temporary Indebtedness and new constructio
bonds outThe Central Massachusetts Electric Co. has $150,000 6%
Co. bonds
standing and $58,000 notes. The Union Electric Light & Power
after consolidation
have all been paid off and the entire issue of notes issued
a small
except
retired
be
will
notes
Co.
Ware
Electric
the
are to be retired;
ts have been
amount Issued against current assets. In short, arrangemen
debt
accomplished looking for the retirement of all the notes and &bonded
Power Co.,
Light
on the companies owned by the Central Massachussets bonds
of the Central
with one exception, the $56,000 note and the $150,000
Mass. El. Co. Sec V. 95. D. 238.
Olinchfield Coal Corporation.-Report of Experts.-Neil
Robinson, Charleston, W. Va., and Charles Catlett, Staunally of
ton, Va., have made a report on the properties of this
Reports";
"Annual
(see
Ry.
Ohio
&
d
Clinchfiel
Carolina
the
also Cumberland Corp. under "Railroads"), saying in brief:
coal lands In fee, mineral
The property consists of about 300,000 acres ofWise, Scott and Buchanan
and surface rights, located In Russell, Dickenson,
at Dante, Georgel
plants
counties, Va., with complete up-to-date mining
•
and on Dumps Creek.
and four mines
village
mining
model
The company has: (a) At Dante, a
one in the Widow
in the Upper Banner seam, two In the Lower Banner and
maKennedy, the first six being equipped with the latest form of electric
one large
chinery for hauling, cutting and ventilation. (b) At Georgel,-Creek, one
mine, electrically equipped, miners' houses,&c. to On Dumpsseam, these
mine in the Upper Banner seam and two in the Lower Banner
concretethree being drift mines, and one In No.4 seam, operated through a Near the
lined shaft approximately 90 feet deep, all electrically equipped. planned
plant,
power
central
shaft to No. 4 seam has been erected a modern
to furnish power for all the mines now or hereafter operated.
minaFour large basins, carrying at least 400,000,000 tons of coal that is
defined
ble and marketable under present operating conditions, have been tests.
by more than 1,000 drift openings and more than 150 diamond drill
Big
Two diamond drills are now engaged on the upper branches of the
the No. 4
Sandy River, contiguous to the already developed areas. In there
have
seam, at present reached at one point by the shaft referred to, high-grade
been proven to be nearly 30,000 acres of a continuous seam of
coal, with conditions favorable to economic mining.
coals from
Coal of the Clintwood seam is not now reached by railroad, butgas
work,
the other seams, have by actaul use In illuminating
to domestic trade
service on locomotives and in power plants, heavy sales
standwith
compete
to
ability
their
d
and trials in coke ovens, demonstrate
are capable of yielding
ard fuels from other districts. We believe that they sulphur
than Connellsa coke superior to Connellsville coke, being lower in physical structure.
good
vine, carrying no more ash and being of equally
will be practically
The cost of Clinchfield coal on board cars at the mines Va.,
and Stonega,
the same as in the Thacker and Kanawha districts, W. be greater than
Va. Under normal trade conditions, the profits should
those enjoyed by other Eastern bituminous fields.
an organWithin a comparatively short time-the corporation has created
day, and marization that is producing approximately 6,000 tons of coal per
always exPioneering,
coals.
with
established
competition
in
it
keting
commended
pensive, Is now virtually ended. The policy followed Is heartily
and we favor a large Increase in production.
Seams.
Range of Results Shown by Analyses of Coal from 14 Mines and
Sulphur.
Ash.
Fixed Carb.
Volatile.
Moisture.
to1.54
0.46
8.64
to
3.30
2
55.37to65.2
at,
37.39
to
to
Per
0.94
2.45 25.25
B T U (reported in 8 instances),14.036 to 14.912. [The auth. cap. stock
the
was recently increased from $10,000,000 to $18,000,000, $3,000,000 of
latter to be pref. and $15,000,000 conunon.1-V. 95, p. 113.
Digest of Letter from Pres. C. S. Brantingham, Rockford, Iii.. July 30 1912.
Engaged_in the manufacture and sale of an'extensiveline of agricultura
implements. Businss established in 1852:and has had practically conpast 10
tinuous growth, the gross sales having increased 214% during the Ill.,
(a)
years and over 100% during the past 5 years. Owns at Rockford,
one of the largest and most modern farm machinery plants in the world.
located on 160 acres of land, with ample room for growth; output, engine.
&c.
riding and walking plows, listers, harrows, pulverizers, cultivators, and
(b) Large plant In centre of city devoted to manufacture of carriages
acquire:
to
now
We
have
contracted
trade.
country
for
wagons
. • • Additional Properties, Assets and Business Now to Be Acquired.
•
• •'Output• • Location• PlantWaynesboro, Pa. Threshing engines, steam tractors, road
rollers and stationary gasoline engines.
Geiser Mfg. Co.
(Estab. 1869) Greencastle, Pa_ Principally gas traction and portable engines.
Reeves & Co_ __1Columbus, Ind_ _1Steam tractors, threshing mach's & gen(Estab. 1874) . • • • • • • f eral line of agricultural machinery. •
• • • • (Minneapolis ____1New gas traction plant; sales 1912 est.
5 at over 600 tractors.
Gas TractionCo.I
(Estab. 1907) Winnipeg (Cana-1When fully equipped will produce about
dian branch)__ f 400 tractors per annum. • • • • • •
• • • •
loaders,
LaCrosseToolColChIcago Heights 1Hay rakes, hay tedders, hay
• . • •
sweep rakes and stackers. •
-1Illinois
•
• Besides reducing the cost of manufacture, the enlarged business will
to
greatly increase the efficiency of its selling organization, enabling it insupply practically all the machinery required by the customer without
crease in selling expense, and affording active lines at all times of the year.
The gas tractor substitutes economical mechanical power for expensive animal and human labor, and marks the beginning of a new epoch in agriculture.
In consideration of the additional properties and working capital, our
stock is being increased toOutstanding. Total Auth.
Capitalization (No Bonds or Mortgage)$12,000,000 $20,000,000
7% cumulative preferred stock
30,000,000
10,000,000
Common stock (par $100 a share)
The present management will operate the enlarged business, assisted by a
In
number of those responsible for the success of the other companies.
addition to the pref. and common shares which will be taken by you in
companies
the
four
of
s
the
stockholder
Co.,
&
Loeb
Kuhn,
with
conjunction
(or voting
first above mentioned will own a majority of the common stock stock.
trust certificates therefor) and a large amount of the preferred
of
7% per
rate
at
divs.
pref.
to
cum.
-Entitled
. Stock Provisions.
Pref.
to a
annum from Aug. 1 1912, payable quar., beginning Nov. 1 1912. Also
of divs.
cumulative sinking fund which must be paid in full before payments
at
stock
pref.
of
or
redemption
ultimate
purchase
on the corn. stock,for the
not over $115 per share and accrued divs. $200,000 from the surplus and
and annually thereafter an
'
net profits for the fiscal year ending July 311914,
in any
amount equal to 2% of all pref. stock theretofore issued; and also, if
amount
fiscal year divs. shall be paid on the corn, stock in excess of 7%,an
voluntary
or
liquidation,
dissolution
any
of
case
In
equal to such excess.
any amount is
or involuntary, must receive $115 and accrued divs. beforebut
not In part,
paid on the corn. Also subject to redemption as a whole,
price.
same
at
on any div. date on 60 days notice
(1) for the
• The consent of 75% of the outstanding pref. stock is required(2)
any
creation of any mortgage or lien upon any of the real property; of for
corporsale
the
for
(3)
change in the voting powers of any class of stock;
the
ate property as an entirety or substantially so; (4) for any increaseorinon
a
to
auth. amount of pref. stock, or the creation of any stock prior
of any
parity with it; or (5) for the Issue, at any time after Sept. 1 1913,
preceding
pref. stock of the present auth. issue, unless the earnings for the
the pref.
fiscal year applicable to pref. divs. are 1 34 times the annual div. on
cannot be
stook, including that proposed to be issued. The pref. stock
on any
mos.
6
for
default
be
there
unless
managers
or
voted for directors
pref. div. or on the sinking fund; but will so vote while such default continues
s.
Trade-Mark
or
Patents
of
Good-Will,
Exclusive
Appraised Tangible Assets,
$21,450,346
Real estate, plant, &c___ $5,123,506 Total assets
4,082,485
_
liabilities__
current
Less
16,326,840
Liquid assets
rfl
•
•
.1
_ _ _$17,367,861
Total net tangible assets (excl. of good-will, patents, &c.)_
new cash working
This net aggregate of $17,367,861, which includes the of
pref. stock, the
capital, is more than 40% In excess of the present issue
.0 •
net liquid assets alone exceeding_said $12,000,000 preferred stock.
Waterhouse
Combined Earnings, 1907 to 1911, on Basis of Statements of Price,
.64
Estimate.
's
Brantingham
do Co.-President
Earns, applicable to divs., after deducting depr. were for 1911,_ _$1,602,074
1,456,114
Do average of past five fiscal years
President's estimate for first year of operation after acquisition of
$2,000,000
the aforementioned properties, over
840,000
Amount required to pay dIv. on present issue of pref.
Consolidated Elec. Light Co., Portland, Me.-Consolid'n.
See Cumberland County P.& Lt. Co.under "Railroads".-V.82,p. 1499.
$1,160,000
Balance, equal to 11.60% on common stock
These earnings do not take into consideration the many savings which It is
estimated will be effected. It is expected that the company will be in a
position conservatively to start dividends on the coin. stock at the rate of
work and
5%. As this company will supply machines for all Rinds of farm
to all sections of the world, the business will be an unusually stable one and
is not likely to be seriously affected by crop failures in particular districts.
-V. 95, p. 179, 299.
Gas Securities Co., New York.-Sale of Notes.-The comEdwin Hawley (Deceased).-Estate's Holdings of Stocks, pany has sold through Henry L. Doherty & Co., to a syndiBonds, &c.-The report of Deputy State Comptroller Fraser, cate of brokers $2,000,000 of this company's 6% ;6 mos.'
filed this week in the Surrogate's office, shows that Mr. notes, which, it is said, are being sold in $1,000 blocks at ar.
organization of a new ol ing
Hawley at the time of his death, Feb. 11912, had following • The notes are issued In anticipation of the
will be announced late in
corporation for gas and electric properties which
stock holdings (along with $157,000 bonds):
Oct. 1 into subscriptions
about
or
convertible on
Chesapeake & Ohio Ry__ _$3,844,900
Interborough-Met. Co_ __ 1,285,000
Iowa Central Ry., com__ _ 1,260,000
270,000
preferred_
do
do
Minn. & St. L., common- 1,116,600
643,600
preferred__
do
do
M. K. & T. RV.. common_ 2,630.000
Reading Company cons_ _ _ $750,000
U. S. Ltg. & Htg. Co__ __ 2,125,000
30,000
Tol. St. L. & W. RR., pf_
235,000
do
do
common __
15,000
Guaranty Trust Co
1,250,000
Western Pacific Ry
Electrical Development Co. of Ontario, Ltd.-Bondholders'
Option.-Holders of the 1st M. 5% 30-year gold bonds have
the right until Sept. 1 to exchange the same for 43.% consolidated guaranteed debenture stock of the Toronto Power
Co., Ltd., guaranteed unconditionally, principal and interest, by the Toronto Ry. Co. at the rate of £103 Toronto
Power debenture stock carrying the full half-year's interest,
the fall. The notes are
the note-holder will be guarfor the securities of the new company, and
the new company equal to the amount
anteed an allotment of pref. stock ofof
the notes. If desired, cash wi I be
called for in the conversion clause holder
will be offered on a basis of par
paid for the notes on maturity if the
of common stock. The syndicate
for the pref. stock with a bonus of 40%
94, p. 1059.
it IsSsaid„was twice oversubscribed.-V.
Harrison-Doddridge Coal & Coke Co.-Offering of 6%
Bond-Secured Notes, Full Interest on Deposit-Principal Guaranteed by J. V. Thompson.-The bond dept. of the First Nat.
Bank, Pittsburgh, is placing $3,000,000 bond-secured 6%
coupon 3-year gold notes. Interest F. & A. at First Nat.
•
Bank, Pittsburgh. - A circular shows:
at option of cornDated Aug. 1 1912, due Aug.t.1 1915, but redeemablel
lth
pany_at 101 on any Interest date. • Secured by deposit with Commonwea
364
THE CHRONICLE
Tr. Co. of Pittsburgh, trustee of the company's entire issue ($4,000,000)
of 1st M. s. fd. 6% gold bonds and the control of its stock, and further protooted by the unconditional guaranty of principal by J. V. Thompson, who
July 20 1912 made a sworn affidavit that he Is worth in excess of $15,000,000 above all liabilities of every nature. Also before any of these notes are
offered for sale there will have been deposited with the 1st Nat. Bank of
Pitts. $540,000 to meet the Interest coupons as they may mature, and said
bank will certify to this effect on each coupon attached to the engraved notes.
The property consists of about 32,000 acres in Harrison and Doddrldge
counties, W. Va., bounded on the northeast and south by the lines of the
Baltimore & Ohio RR.,and adjacent to properties that have been uniformly
successful, such as the Kanawha Syndicate, Fairmount Coal & Coke Co.,
George's Creek Coal & Iron Co., &c.
An adequate sinking fund will liquidate the bonds before mathrity.
Pending development that will permit the marketing of the 6% bonds,
the
present financing is adopted with the expectation of retiring the note issue
prior to maturity through sale of bonds. If the company
sell any
of its acreage, the notes are to be retired with the proceeds ofshould
the sale in tile
ratio of 1
to 1, as against the price per acre covered by this Issue.
[Incorp. In W. Va. In July 1911 with $200,000 of auth. capital stock, the
incorporators being Pittsburgh men headed by C. A. Worthington, R. C.
Masten, Chester T. Williams, Allen T. C. Borden and Alexander Black.]
Condensed Extracts from Opinion of Dr. I. C. White, State Geologist
of West Virginia, July 16 1912.
Since the coal in this field (South Ten Mlle-Bryson) all lies below
age level, and there are as yet no mines operating on the same, thedrainonly
way of determining Its quality is by comparison with the same bed where
It comes to the surface and is mined along the B. & 0. S. W.system. In
this region, only two to three miles east, the analyses of 13 samples give
the following average: Moisture, 1.66%; volatile matter, 39.68%; fixed
carbon, 51.94%; ash, 6.72%; total, 100. Sulphur, 3.27; phosphorus, 0.006;
B.T.U. (calorimeter), 1.3836. These results reveal a splendid coal for
general fuel purposes, Its only weakness for coke and gas being the relatively
high (3.27) sulphur contents. This, however, does not Interfere with its
great value as a fuel coal.
I estimate an average thickness of six feet of Pittsburgh vein coal over
the entire 30,000 acres, after leaving 5 to 7 inches for roof support and 2 to 3
inches lost In machine mining and 2 to 3 Inches more in separating the tWo
slate bands from the coal. Allowing for an additional loss of 10%, there
would remain about 270,000,000 tons of available fuel, which, estimated on a
royalty basis of 2 M ets, a ton, would be worth $225 per acre, or $6,750,000.
No coal lands could be purchased from any of the operating properties In
this region at less than $500 to $1,000 per acre.
• The Connellsville coking field will be entirely mined out in 15 to 20
years,
and with the natural increase In the production of coal that is certain
to
come, not an acre of this great bed will be left unmlned in Pennsylvania
or Northern West Virginia at the end of 50 years. This estimate is not
guesswork, but based upon the known area and tonnage of the bed, and an
estimated increase of only 5% annually, whereas the past rate of increased
coal production for the last 50 years has been at a much greater rate.
Extracts from Opinion of John W. Boileau, Pittsburgh, July 16 1912.
Allowing for a mining waste of 33 1-3% (excessive under present mining
conditions), there can be recovered 8,000 tons per acre, or a total of 256,000,000 tons of merchantable coal, worth in tch rgound, on a royalty basis
of 2% eta, per ton, $6,400,000, or $200 per acre. Estimated on a royalty
basis of,§ cts. per ton (2 eta. less than was refused for the Dola field), the
value would be $12,800,000, or $400 per acre.
The generally recognized royalties (per ton) in the more prominent fields
aro: Connellsville and Westmoreland fields, 12c. to 250.; Clearfield district,
50. to 12c.; anthracite fields, up to 50c.; Pittsburgh district proper, 100. to
15c.; Ohio districts, 8c. to 15o.; Pocahontas district, 100. to 15c.; Kanawha
district, 5o.to 100.; Northeastern Kentucky,8c. to 120.; Indiana, 2c. to 10c.:
Illinois, 2c. to 100.
Houston Gas & Fuel Co.-Underlying Bonds Called.-
All of the outstanding 2d M. 6% bonds issued under mortgage of the
Houston Gas Co., now the Houston Gas & Fuel Co., dated March 1 1905,
have been called for payment at 105 and int. on sept. 1 at Bankers Trust
Co., New York, trustee.-V. 94, p. 1387.
Internat. Cotton Mills Corp.-Report.-Half-year 1912:
Earnings (1) Int. Cotton Mills Corp. and Associated Cos.; (2) Mt. Vernon
Woodberry, Included in (1).
Internat. Cotton Mills Corp., &c.- Mt. Ver.-1Voodberry Cotton Duck Co.
Combined earnings
$808,527 Earnings
$309,920
Total fixed charges
330,525 Fixed charges
210,000
Surplus
$478,002 I Surplus
$99,920
The above figures arc for the six months ending June 30 1912.-V. 94, p.
1768.
[VoL. Lxxxxv.
of the petroleum refined in Mexico. The tank vessels of the subsidiary
Eagle 011 Transport Co., Ltd., It is said, will have a total carrying capacity
of about 7,000,000 bbls. a year.-V. 94, p. 830, 355.
Montreal Light, Heat & Power Co.-Bonds Called.-
Fifteen ($15,000) 1st M.5% bonds dated 1906 of Provincial Light, Heat
& Power Co., for payment at 105 and int. on Sept. 1 at Nat. Tr. Co., Ltd.,
Montreal-V,95, p. 114.
Pacific Coast Steel Co., So. San Fran.-Description.-
The "Iron Age" of N. Y. for July 18 contained a 2s-page Illustrated
article regarding the company's steel plant that was placed in operation
at South San Francisco, 9 miles south of San Fr., on Jan. 2 1912. The
plant embraces two open-hearth furnaces, capacity about 3,000 tons per
month, and rolling mills for producing angles, channels, tic-plates, corrugated bars, &o. See V. 95, p. 54.
Phelps, Dodge & Co.-Copper Production.-The production of copper by the Copper Queen, Detroit and Moctezuma mines; owned by Phelps, Dodge & Co., for the seven
months ended July 31 1912, was 78,456,851 lbs., as compared with 69,057,605 lbs. in 1911, as follows:
Pounds.
1912.
1911.
Pounds.
1912.
1911.
January ____10,892,391
9,789,639 May
11,134,545
9,832,300
February ___10,230,280
8,857,962 June
12,083,089
9,777,120
March
10,928,169 10,197,516 July
11,875,018
9,809,251
April
11,312,759
9,793,817
Total (pounds) for seven months
78,456,851 69,057,605
Custom ores business added a further amount for the seven months of
5,272,875 lbs. in 1912, against 7,791,424 lbs. In 1911.-V. 95, p. 54.
Philip Carey Mfg. Co., Oincinnati.-Stock.--This company on or about June 25 1912 increased its pref. stock from
$1,000,000 to $2,000,000. Common stock is also $2,000,000.
-V.84, p. 1430.
Portland (Me.) Electric Co.-Consolidation Effected.See Cumberland County P. & Lt. Co.under "Railroads'.-V. 94,p.830
Portland (Me.) Lighti,g & Power Co.-.Consolidation.--
See Cumberland County P. & Lt. Co. under "Railroads".-V. 83, p. 100.
Republic Rubber Co. of Youngstown.-Stock Dividend.The directors, it is stated, declared on Aug.3 a 35% dividend,
payable in common stock. The "Cleveland Leader" says:
This declaration follows the authorization of the proposed increase in
capital stock from $4,000,000 to $10,000,000. The regular quarterly
dividend of 2 % was also declared. A block of prof stock will be sold shortly
to provide for improvements. The present capital consists of $2,000,000
common and $2,000,000 7% cum. pref. stock. The new capitalization will
be $6,000,000 common and $4,000,000 pref. The preferred offering
probably be at par. It is provided that the pref. stock may be retiredwill
on
any dividend date after Sept. 1 1914 at 105 and accrued Int. The stook
dividend is payable to shareholders of record Aug. 1.-V. 95, p. 54.
Toledo (0.) Computing Scale Co.-Patent Decision.-The
U. S. Circuit Court of Appeals at Chicago on June 24 decided
in favor of the company its suit against the Moneyweight
Scale Co. of Chicago, for infringement of the so-called Toledo
company's foundation patent on its fan scale.
The Toledo company in an advertisement says: "The Court reaffirmed
its former decision in favor of the Toledo Co., dcyning the petition of the
Moneyweight Co. for a reopening of the case. This is the Court of last
resort in patent cases, and this decision makes permanent the injunction
against the Moneyweight Company, prohibiting the sale of the infringing
Dayton computing scales. The Toledo company claims also to own the
foundation patent on platform cylinder scales, and a suit against tho
Moneyweight Co. for infringement of this cylinder scale patent is now pending in the U. S. Court here."
Sears, Roebuck & Co.-Sales by Months.1912.
1911.
January
$5,859,256 $4,624,764 May
February -_ 7,025,376
5,483,743 June
March ____ 7,333,665
6,294,971 July
April
7,753,122
5,837,207
Total for the seven months
-V. 95, p. 55.
1912.
$6,381,551
4,303,489
5,614,276
1911.
$5,418,118
3,829,160
3,881,120
Internat.Harvester Co.-10-Year Review.-See "Reports."
$44,270,735 $55,369,083
Answer in Govt. Suit.-The company's answer to the allegations of the U. S. Govt. in the bill filed by it under the
Shawinigan Water & Power Co.-New Stock.-The shareSherman Anti-Trust Act was filed in the U. S. District Court holders will vote Sept. 3 on authorizing the directors to issue
at St. Paul on Aug. 5. It denies specifically any restraint $5,000,000 additional capital stock from time to time as
of trade, monopoly or unfair business practices.
requirements may demand. The total auth. stock is $20,The answer further asserts that the company is not an unlawful combination, but a new company, formed with ample capital, to obtain large econo- 000,000, of which $10,000,000 is outstanding. V.93, p.800.
mies in the agricultural implement business; also that during the first eight
Southern California Edison Co.-Earnings
years the dividends paid averaged only 5.92% on the fully-paid
.-
capital
stock and the total earnings only 7.15%.
Prices of harvesting machinery, the company asserts, have increased
about 2% over those of 1902, while the machines have been improved In
quality, and while the materials and labor entering into their manufacture
have Increased on an average 25%. The wholesale price of sisal binder
twine also has fallen from 11 to 6% cents per lb. and of Manila binder twine
from 13i to 7
cents a pound. The company has expended more than
$1,000,000 in efforts to produce binder twine from American-grown flax,
which, if successful, would have kept within the United States $20,000,000
now expended annually for imported sisal and Manila fibres. It also spends
In developing and improving machines annually $500,000, a cost which none
of the old companies would have sustained.
Wages and conditions of its employees, the answer says, have been improved to an extent impossible under trade conditions prior to 1902. Wages
have been increased fully 27%. Further facts furnished arc covered by the
statement on a preceding page.-V.95, p. 300, 302.
Six Months ending Gross
InterNet
DepreBalance,
June 30.
Earnings. Earnings.
est.
dation.
Surplus.
1912
$2,099,762 *1,001,537 $359,689 $305,000 $336,849
1911
1,767,563
893,482
331,396
280,000
282,086
The California RR. Commission on May 27 authorized the company to
Issue $4,117,000 general M. 5% bonds in exchange for underlying bonds.
This, we are informed, was merely a formal authorization to enable the
exchange to take place when feasible under the terms of the general
5%
mortgage.-V.94, p. 1570.
Southern Iron & Steel Co. New York and Birmingham,
Ala.-Receivership.-Judge William I. Grubb in the Federal
Court at Birmingham, Ala., on Aug. 1 placed this property
in the hands of President James Bowron as receiver at the
request of attorneys representing, respectively, (1) the reInternational Mercantile Marine Co.-Extension of Voting ceiver and the reorganization committee; (2) the company,
Trust.-Holders of large amounts of stock trust certificates and (3) three small creditors, tile petitioners in the bankfor both classes of stock, believing it of importance that the ruptcy suit filed a short time ago.
policy of the present management should be continued, have
Abridged Statement by President James Bowron, Aug. 1 1912.
requested a further extension of the voting trust for the
By many economies we have been able to cut down expenses materially.
We have been operating splendidly and there has never been a defaulted
period of five years from Oct. 1 1912. The voting trustees pay
-roll since our present troubles started. I see much hope ahead. We
accordingly give notice that if, prior to Sept. 15 1912, holders are facing a much
better market. We are getting orders right along. I beof a sufficient number of the present trust certificates shall lieve that a trustee will be appointed to sell out the company as a going conand that a reorganization will be effected upon a firm basis. (See plan,
have signified their desire that the voting trust be extended cern
V. 05, p. 115.)
for such period (that is, until Oct. 11917), the trustees will
Superior Coal Co., New York and Jackson,
arrange so to extend the agreement for such holders. Those
Eugene Zimmerman of Cincinnati (recently elected President of the
who desire to have the voting trust extended should signify Wellston (0.) Steel & Iron Co.) has purchased from the receiver on behalf
of the reorganization committee all the properties of the Superior Coal Co.,
such desire as soon as possible to J. P. Morgan & Co., 23 at
a price given at $170,000. In accordance with the plan,
Superior
Wall St., New York, or to Morgan, Grenfell & Co., 22 Old Colliery Co. was.Incorporated in N. Y. State on July 11 withthe$1,930,000
stock to take over the coal mines.-See V. 95, p. 116.
Broad St., London, on the blanks furnished.
Superior Colliery Co., N. Y. and Jackson,0.-New Co.
The voting trustees are J. Pierpont Morgan, J. Bruce Ismay, Pirrie,
P.
A. B. Widener and Charles Steele.-V. 94, p. 1760.
Loose-Wiles Biscuit Co., Kansas City.-General
o. S. Goan, who for 14 years was manager of the New YorkManager.
factory of
the National Biscuit Co., has been elected V.-Pres. and Gen. Mgr. and a
director of the Loose-Wiles Biscuit Co.-V. 95, p. 240.
Mexican Eagle Oil Co., Ltd.-Contract to Purchase
See offering of pref. stock of 011 Fields of Mexico below.
The ordinary and 8% pref. shares of the 'Mexican Eagle Oil
were
introduced upon the "Marche en Banque" in Paris on March 7 1912Co.
through
Benard et Jarisiowsky. At that time the company's refinery was stated
to
have a daily capacity of 9,000 bbls., while its sales aggregated about
40Y.
See Superior Coal Co. above.
Toronto Power Co.-Exchangefor Guaranteed Debenture 8th.
See Electrical Development Co. above.-V. 93, p. 1328.
Union-Buffalo (S. 0.) Mills Co.-Stock Increase.-
The stockholders will vote Aug. 20 on increasing the capital stock from
$7,000,000 to $8,500,000, the new stock to be prior preferred stook. The
auth. stock now consists of $3,000,000 7% cumulative pref., $2,000,000
5% semi-cumulative 2d pref. and $2,000,000 common. Amounts outstanding, $2,631,600, $1,706,100 and $1,698,200,respectIvely.-V.82,p.1046.
For other Investment News see page 366.
365
THE CHRONICLE
AUG. 10 1912.]
fel:forts and Docnnunts.
BUFFALO ROCHESTER & PITTSBURGH RAILWAY COMPANY
TWENTY-SEVENTH. ANNUAL REPORT-FOR YEAR ENDING JUNE 30 1912.
The Directors of the Buffalo Rochester & Pittsburgh Railway Company submit to the Stockholders the following
report for the year ending June 30 1912:
ROAD OPERATED.
1912.
Miles.
356.22
87.28
126.32
Owned
Leased
Trackage rights
Dec.
Inc.
1911.
Miles. Miles. Miles.
4.12
352.10
6.55
____
93.83
.42
____
126.74
569.82
111.13
81.29
310.86
572.67
111.13
81.63
309.76
____
2.85
____
10.10
.34
Total miles of all tracks, all steel rail_ _1,082.10
1,075.19
6.91
Total length of road operated
Second track (owned)
Second track (trackage rights)
Sidings (owned and leased)
535,225 32
10,812 87
17,175 36
28,116 73
13,480 47
7,967 61
86,289 15
10,759 59
19,411 44
12,299 82
5,314 62
53,535 24
70,374 66
23,061 28
68,643 73
47,270 82
20,512 49
16,273 49
7,516 18
69,249 45
3,952 30
6,421 57
Land
New station, Scottsville, N. Y
Mumford, N.Y
Orchard Park, N. Y
dI
Salamanca, N. Y
Other station improvements
Reservoir and pipe line, Ketner, Pa
Creekside. Pa
"
Falls Creek, Pa
"
Indiana tunnel improvements
Second track, Newton. Pa., to Mt. Jewett, Pa
Increased weight of rail and fastenings
Improving bridges and culverts
Telephone train-despatching lines
Sidings and yard extensions
Jacksonville mine line
Lucerne mine line
Elimination of grade crossings
New roadway machinery
Automatic block signals
Coal trestle and docks, Genesee Dock, N. Y
Other items
The decrease in length of road operated is due to a reclassification of all tracks, whereby 2.51 miles were trans$633,664 19
Total
ferred from main line and branches to sidings; and the reduction of .34 miles in trackage rights between Mt. Jewett
The following work, referred to in last year's report, was
and Johnsonburg, Pa., caused by a change of alignment.
Including the above-mentioned transfer, sidings were in- completed:
•
New brick station at Scottsville, N. Y.
creased 10.10 miles.
Automatic block signals on double-track between Clarion
INCOME.
Inc. (-I-) or
1911.
1912.
Junction, Pa., and Falls Creek, Pa., a distance of 35 miles.
Dec.(-).
Rail Operations:
New brick stations were constructed at Mumford, N. Y.,
$9,542,36778 $9,134,402 03 +5407,965 75
Operating revenues
8,464,228 57 6,145,855 52 +318,373 05 and Orchard Park, N. Y.
Operating expenses
The grade crossing at Wheatland, N. Y., was abolished
Not operating revenue_ _ _ _53,078,139 21 52,988,546 51 +589,592 70
by the erection of an overhead bridge.
Outside Operations:
+$2,935 22
518,868 52
521,803 74
Revenues
Additional passing sidings, yard and industrial tracks,
+938 09
20,857 57
21,795 66
Expenses
have been provided as business demanded.
+$1,997 13
$8 08 def.$1,989 05
Net revenue
Among. the important work now in progress may be
$3,078,147 29 $2,986,557 46 +591,58983 mentioned:
Total net revenue
-$8,000 00
212,000 00
Taxes Accrued
204,000 00
New brick station at Salamance, N. Y.
Reservoir and pipe lines at Ketner, Pa., and Falls Creek,
$2,874,147 29 52,774,557 46 +599,589 83
Operating Income
-60,939 37 Pa.
840,517 59
779,578 22
Other Income
Lining Indiana tunnel.
$3,853,725 51 $3,615,075 05 +538,650 46
Gross corporate income
Replacing various timber bridges, trestles and culverts in
Deductions for Interest and
16
-22,967
00
1,905,798
1,882,830 84
Rentals
permanent form.
Jacksonville and Lucerne mine lines.
Net corporate income_ _ _ _51,770,894 67 $1,709,277 05 +$61,617 62
Appropriations:
Telephone train-despatching line on Rochester and Buffalo
--$5,505 09
$10,069 42
$4,564 33
Pension Fund
+3,500 00 Divisions.
371,500 00
375,000 00
Special appropriation
Automatic block signals for fifty-three miles on Rochester
-52,00509
$379,564 33 $381,569 42
Total Appropriations
Division.
The expenditures for these improvements will materially
Surplus available for dividends.51.301,330 34 51,327,707 63 +$63,622 71
increase your Company's facilities for the safe and economical
assesslower
to
Taxes decreased $8,000, or 3.77% due
handling of the growing traffic.
' earnings.
ments on capital stock, bonds and net
EQUIPMENT.
the
from
made
A special appropriation of $375,000 was
were
for new rolling stock as follows:
made
Expenditures
paid
was
Of
this
Income.
$125,000
amount,
Net Corporate
$63,342 50
locomotives
Three
passenger
Series
under
Funds
Agreements
Sinking
Equipment
into the
152,11450
Seven freight locomotives
56,363 19
A, B and C for the purchase of new rolling stock; $48,000 Three cafe-observetion parlor cars
88
1,111,085
coal
cars
steel
Fifteen
hundred
Series
of
amount
like
a
retire
to
Bonds
was used
Equipment
8,367 15
One locomotive crane hoist
G, and $202,000 represents one-half of the principal of One locomotive pile-driver
12,682 93
14,131 93
Equipment Bonds Series D, E and F paid during the year, One wrecking crane
1,844 04
caboose cars, built at Company's shops
the other half being refunded by 43/2% bonds issued under Three
Steel underframes applied on two hundred and thirty-six gon20
12,992
dola
cars
the
in
and
of
held
Mortgage,
the
terms
Consolidated
the
Sundry other betterments, including re-classification or transTreasury of the Company.
72,951 22
fer of nine freight-train cars and fifty work-equipment oars_
DIVIDENDS.
1911.
Dividends in cash were paid on:
1912.
(6%)5360,000
Preferred stock. 58,000,000 (6%)$360,000
Common stock_ 10,500,000 (5%) 525,000 (4 iro) 472,500
$52,500
• 5832,500
552,500
Total
$16,500,000
$885,000
$1,505,875 34
Inc.
Since the close of the fiscal year your Board of Directors
has declared a semi-annual dividend of three per cent on the
preferred stock and three per cent on the common stock,
both payable August 15 1912.
CAPITAL STOCK.
There has been no change during the year in this account.
The total outstanding Capital Stock of the Company amounts
to $16,500,000, and consists of $6,000,000 preferred stock
and of $10,500,000 common stock.
FUNDED DEBT.
Equipment Bonds Series G authorized in 1910 were issued
In addition to the above, 17 steel passenger train
cars and 100 steel flat cars were purchased, but,
owing to late delivery, will be accounted for in
next year's report.
There was credited for equipment sold, transferred or destroyed, the following values,
charged in part to Operating Expenses, and the
balance, representing the depreciation since
June 30 1907, charged to Reserve for Accrued
Depreciation:
Thirteen locomotives
Two passenger-train cars
Five hundred and one freight-train cars
Seventeen work-equipment cars
Making a net increase of
580,518 79
4,497 70
201.705 23
11,137 70
297,80 42
$1,208,015 92
The total tractive power of engines aggregates 9,622,160
pounds, an increase of 165,200 pounds over last year. The
average tractive power of each engine increased 1,013
pounds, being 33,180 pounds, as against 32,167 pounds last
year.
All cars in freight service are provided with automatic
couplers, and 99.29 per cent of the cars are equipped with
air brakes.
The total carrying capacity of cars in freight service now
amounts to 668,744 tons, an increase of 61,225 tons over
last year. The average carrying capacity or efficiency of
each freight car increased 1.38 tons, being 40.23 tons, as
against 38.85 tons last year.
The, book value of rolling stock sold, transferred or deCONSTRUCTION.
stroyed, is credited to Additions and Betterments-EquipCapital account has been charged during the year with ment, and Operating Expenses is debited (less the salvage
$633,664 19 for additions and betterments to your property, carried to Material Account, and less the amount previously
written off for depreciation, charged against the Reserve for
as follows:
to the amount of $1,200,000.
Under the terms of the Sinking Funds for the redemption
of Equipment Bonds, $452,000 bonds were retired as follows:
$113,000 of Series D, $114,000 of Series E, $177,000 of
Series F and $48,000 of Series G.
In accordance with the provisions of the Consolidated
Mortgage of 1907, the Trustee delivered to the Company
$202,000 Consolidated Mortgage 43/2% Bonds, representing
50% of Equipment Bonds Series D, E and F retired during
the year. These bonds, added to those in the Treasury of the
Company, make a total of $1,114,000 held in reserve.
The net result is an increase of $748,000 in the bonded debt
of the Company outstanding on June 30 1912.
366
THE CHRONICLE
Accrued Depreciation). When rolling stock is purchased
or re-built, the cost is charged direct to Additions and
Betterments-Equipment account.
The reserve for accrued depreciation of equipment on
June 30 1912 amounted to $1,518,222 96.
PASSENGER REVENUES.
The average rate received per passenger per mile increased
.011 cents, being 2.071 cents, as compared with 2.060 cents
a year ago.
The average distance each passenger was carried decreased 2.17 miles, being 26.31 miles, against 28.48 miles
last year.
Passengers carried in 1912
Passengers carried in 1911
1,942,226
1,817,038
An increase of 6.89 per cent, or
Passengers carried one mile in 1912
Passengers carried one mile in 1911
125,188
51,101,188
51,751,214
[VOL. Lxxxxv.
engines, increased 12.72 tons, being 647.41 tons, against
634.69 tons a year ago.
The average number of revenue tons carried one mile per
revenue freight engine mile, including the mileage of helping
engines, increased 9 tons, being 439, against 430 a year ago.
The averages for the past ten years are as follows:
Year.
1903
1904,
1905
1906
1907
1908'
1909*
1910*
1911*
1912*
Train Load.
441
439
507
525
543
530
597
638
635
647
Engine Load.
364
357
374
418
435
371
400
420
430
439
• The figures from 1908 to date are based on the Inter-State Commerce
Commission's classification of locomotive and train mileage.
The Mrerage number of revenue passengers carried one
mile per revenue passenger train mile is 38, being 2 less than
The result is a decrease of $7,723 00 in gross passenger last year.
The non-revenue traffic, not included in any of the other
revenues.
figures of this report, is as follows:
FREIGHT REVENUES.
A decrease of 1.26 per cent, or
650,026
1912.
1911.
The average rate received per ton per mile decreased .07 Number of passengers
275,546
262,445
Number of passengers carried one mile
10,880,382
10,285,321
mills being 4.80 mills, as compared with 4.87 mills last year. Number
of tons
972,545
911,360
The average distance each ton was hauled increased 4.64 Number of tons carried one mile
88,403,527
73,811,354
miles, being 159.31 miles, against 154.67 miles a year ago.
ALLEGHENY & WESTERN RAILWAY CO.
Pending an adjustment of the miners' wage scale, most
Advances were made to the Allegheny & Western Railway
of the collieries shipping on your line were idle during April. Co. for additions and betterments expenditure
s, as follows:
In spite of this loss, the revenue tonnage moved was the Land
$4,572 25
largest in the history of the Company, and is as follows:
Grade revisions and changes of line
9,879 48
Bridges, trestles and
Bituminous coal
Coke
Iron ore
Pig and bloom iron
Other freight
1912.
7,188,280
538,452
263,574
231,857
2,475,986
Total
10,698,149
An Increase of 4.04 per cent, or
Inc (±) or
1911.
Dec.
6,950,767
+237,513
627,206
-88,754
243,610
+19,964
188,830
+43,027
2,271,838 • +204,148
(-).
10,282,251
+415,898
With the exception of a decrease of 14.2 per cent in coke,
all of the general commodities show gains.
Tons moved one mile in 1912
Tons moved one mile in 1911
An
'
increase of 7.17 per cent, or
1,704,307,001
1,590,341,454
113,965,547
culverts
Track fastenings and other material
Sidings and yard extensions
Water and fuel stations
Other items
3,075 69
4,335 31
21,211 21
4,748 75
880,78
$48,703 47
With the exception of the revision of line near Cowan,
Pa., still under way, all of the work mentioned above is
completed.
FIRE INSURANCE FUND.
The assets in this fund were increased $20,547 27 during
the year, and now amount to $236,748 12 in interest-bearing
securities and cash.
PENSION FUND.
The assets in this fund, created July 11903, were increased
The result for the year is a gain of $426,549 94 in gross
$12,085 84 during the year,. and now amount to $177,319 70
freight revenue.
in interest-bearing securities and cash.
EXI.ENSES.
There were fifty-one pensioners upon the roll on June 30
Operating Expenses increased $318,373 05, or 5.18 per 1912, a net increase of five
during the year.
cent, due principally to the larger volume of freight traffic
GENERAL REMARKS.
and partly to the severe weather conditions, the expense of
The Ontario Car Ferry Company, Limited, paid a dividend
replacement work, the inauguration of depreciation charges
on machinery and tools, wage adjustments, and the employ- of 5% for the year ending December 311911. The sum of
ment of.extra trainmen in Pennsylvania under the require- $12,485 received on the $249,700 of this Company's stock
ments of the so-called "full crew bill," which became opera- was credited to Other Income account.
Loans amounting to $57,850 were made to the corporation
tive at the beginning of the fiscal year.
The operating ratio increased .46 per cent, being 67.74 organized by your Company to acquire and hold real estate,
referred to in last year's report, making a total of $297,850
per cent, against 67.28 per cent last year.
The percentage of each group of operating expenses to advanced to date.
Mr. Hamilton F. Kean was on November 23'1911 elected
gross earnings for the past five years is as follows:
1912. 1911. 1910. 1909. 1908. a Director to fill the vacancy in the Board caused by the
Maintenance of way
12.52 12.57 13.65 10.72 12.71 death of Mr. A. Lanfear Norrie.
Maintenance of equipment
18.94 19.35 20.78 21.45 23.01
The acknowledgments of the Board are renewed to the
Traffic
1.26
1.44
1.35
1.41
1.28
Transportation
32.88 32.11 28.55 29.22 32.39 officers and employees for their faithful and efficient serGeneral
2.14
1.81
1.74
2.25
2.10 vices.
Statements and statistics of the operation of your road
Total
67.74 67.28 66.07 65.05 71.49
for the year are submitted herewith.
The Company's property has been fully maintained at a
By order of the Board,
high standard.
WILLIAM T. NOONAN,
The average cost per ton per mile is 3.01 mills, being .06
President.
mills less than last year.
Rochester, N. Y., July 29 1912.
The average number of revenue tons carried one mile per
[Comparative tables of income account, balance sheet and other statistics
revenue freight train mile, excluding the mileage of helping
of operation are given on a preceding page.]
• United Fruit Co., Boston.-20% New Stock at 150.-The
shareholders will vote Sept. 5 on increasing the limit of capital stock from $35,000,000 ($29,764,700 now outstanding)
to $45,000,000. If the increase is voted, stockholders of
record Sept. 16 1912 will have the right to subscribe at 150%
for [$5,952,940] new stock to the extent of 20% of their respective holdings, subscriptions to be 10% on or before
Sept. 26, 40% Oct.26,50% Dec. 14, with allowance of interest at 6% per ann. on anticipated payments.
• The proceeds, about $9,000,000, will, it is stated, be used to reimburse
the company for large purchases of banana farms and fruit-bearing
lands
which have been acquired at very satisfactory figures. The "Boston News
Bureau" says that with the acreage now under cultivation it is not too
much to say that within the next two or three years United Fruit will own
outright 75% of its own sources of supply.-V.95, p. 116.
r
United States Steel Corp.-Underlying Bonds Called.-
Thirty (530,000) 1st M.4% Connelisville & Monongahela Ry. bonds, Nos.
164 to 194, both Incl., for payment at par and Int. on Sept. 1 at Union Trust
Co., Pittsburgh.-V.95, p. 301, 295.
• Utah Copper Co.-Earnings.-For 3 mos. end. June 30:
Ward Bread Co. (a New York corporation with $5,000,000
stock),the Ward Corby Co. of Providence and other cities,
and possibly other concerns, has filed a mortgage to the
Empire Trust Co. of N. Y.*as trustee, dated June 22 1912, to
secure an issue of not exceeding $10,000,000 6% gold bonds
due June 15 1937, present amount $4,000,000, issued, we
understand, $ for $, for cap. stock of the old company.
The company Is being financed by the Insiders, It being pratolcally a family affair. The mortgage covers the following property: (a) On 51th
St., s. s., 469 ft. e. of 1st Av., running s. 200.10 ft. to 53d St. bye.-to bulkhad and pier line; Concord Av., n. c. corner 142d St., 145x-; Wales Av.,
w, s., 100.8 ft. n. of 142d St., 45.3x111.3; Southern Boulevard, s. w. cor.
St. Mary St., 252.6x-; St. Ann's Av., n. w. cor. 149th St., 25x100; also
land in Brooklyn; Providence, R. I.; Chicago, Ill.; Cambridge, Mass.;
Roxbury, Boston, Mass.: Cleveland, Ohio; Pittsburgh, Pa., and Borough of
Braddock, County of Allegheny, Pa.
The directors, who were also the directors of the Ward Bread Co., are:
Robert B. Ward (Pres.), William 13. Ward (Sec.) and William C. Evans,
New Rochelle; George S. Ward and James B. Arthur, Pittsburgh; George
L. Waiter, Sharpsburgh, Pa.; Joseph Speldel Jr., and B. Walker Peterson,
Wheeling, W. Va.. and Henry C. Phipps, New York.
F. W. Woolworth & Co., New York.-Total Sales.•
1912.
1911.
1912.
1911.
1912-July-11411. Increase(%).1 1912-7 Mos.-1911.
Inc.(%).
Gross pro'n 1bs28,372,038 24,469,812 Total net prof.$2,622,699 $1,366,944
13.511330,038,966
$26,006,392
33,953,459
15.50
Net profits__ _$2,237,485 $983,676 Divs. paid__ 1,181,348 1,177,012 $4,487,832
-v.
94, P. 1769.
:Miscellaneous_
10,026
8,080
Nev.Cons.divs. 375,188
375,188
Net surplus.$1,441,351
$189,932
The above earnings are computed upon the basis of about 16.43 cents for
-Sidney Spitzer, formerly of Spitzer & Co., and Lewis
copper in 1912 and 123( cents in 1911.-V. 94, p. 1446.
Ward Baking Co. of New York.-Bonds, &c.-This company, incorporated at Albany on June 21 1912 with $30,000,000 of auth. capital stock (3/i pref.), as successor of the
B. Tucker, of the Citizens' Safe Deposit & Trust Co., have
entered into a partnership to deal in municipal, railroad and
corpqration bonds under the name of Sidney Spitzer & Co.
Their offices a e in he Spitzer Building, I oledo.
Thr Tomutertial
Times.
COMMERCIAL EPITOME.
Friday Night, Aug. 9 1912.
A further improvement in most branches of trade is reported in various sections, and sentiment in the business
world continues to grow steadily more cheerful. The indications still point to bountiful grain crops, while the outlook
for cotton has continued to improve in many sections of the
belt, needed rains having fallen in some sections and fair
weather having prevailed much of the time where it was desired. Iron and steel have continued active and prices are
in some instances still in upward tendency.
LARD on the spot was firm in sympathy with the Chicago speculative market. The demand, however, continues
quiet, with the trade buying for immediate requirements.
The promise of large crops is expected to bring down quotations, but the present supply is well held. Prime Western
is quoted at 10.75c., Middle. Western 10.65c., City, steam,
1034@109'c. Refined lard is still rather quiet but firmer;
Continent is quoted at 10.95c., South America 11.85c., Brazil, in kegs, 12.85c. Speculation in lard futures has not
been active, support from packers being given when signs
of weakness developed.
DAILY CLOSING PRICES
Sat.
September delivery_ _ _ _10.62 A
1O.673
October delivery
367
THE CHRONICLE
AUG. 10 19121
OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Tues.
Mon.
10.47 A 10.47 A 10.60
10.57 A 10..50
10.55
10.67 %
10.57 A 10.55
10.65
COTTON.
Friday Night, August 9 1912.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
9,579 bales, against 8,277 bales last week and 12,478
bales the previous week, making the total receipts since
Sept. 1 1911 11,481,337 bales, against 8,429,189 bales for
the same period of 1910-11, showing an increase since Sept. 1
1911 of 3,052,148 bales.
Receipts at-
Sat.
Galveston
Texas City
Pt. Arthur, &c
New Orleans_ __ _
Gulfport
Mobile
Pensacola
Jacksonville, &c.
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &c
New York
Boston
Baltimore
Philadelphia_
Mon.
Wed.
Tues.
Thurs.
1,293
3,806
tiiii
8r7
itio
1,225
16
____
1
53
135
50
881
478
1,082
95
34-4
iii
tiii
9
_
21
6
7/3
7
tiii
i
iii
tiio
----
142
400
323
54
----
----
4-8
_ _ _ _919
-45_
-----------_
---___
---___
Total.
Fri.
435
423
z
__
----__
866
------------------19
1
433
------------__---__-- ---------045
Metals this week
1 852
9 man
1 91A
R7A
9 510
1,056
866
130
29
433
Q87
The following shows the week's total receipts, the tota
PORK has been quiet and firm. Mess $20 25®$20 75; since Sept. 1 1911, and the stocks to-night, compared with
clear $19 25®$21; family $20 25®$21 25. Beef has been last year:
in light demand but steady; mess $15 50(016; packet $17@
$17 50; family $18®$18 50; extra India mess $29(029 50.
Stock.
1909-10.
1911-12.
Cut meats dull and steady; pickled hams,10®201bs.,11%®
Receipts to
123c.;pickled bellies,6@12lbs., 11©11Sc. Butter,creamery
Aug. 9.
This Since Sep • This Since Sep
1911.
1912.
Week. 1 1911. Week. 11910.
extras, 26%®27c. Cheese, State, whole milk, new white,
specials, 153c. Eggs, Western firsts, 183'@193'c.
8,862
22,378
__
3,806 3,513,577 17,537 2,764,570
Galveston_ __
308,229
586,468
OILS.-Linseed has been quiet and steady; City, raw, Texas City
259,508
280,250
&c_
Port
Arthur,
American seed, 70®71c.; boiled 71@72c.; Calcutta 80c. New Orleans __ _ _ 1.558 1,654,315 1,792 1,585,750 25,945 29,291
34,211
Cottonseed oil has been quiet and easier. Speculative in- Gulfport
64,802
375
2,070
136 249.917
53 383,595
Mobile
terests which have not been heard from for some time liqui- Pensacola
123,906
135 216,114
dated. Winter 6.60c.; summer white 6.75c. Cocoanut oil Jacksonville, &c..
26,077
39
50,419
9,532
17,031
354 1,426,473
881 2,377,517
has been firm with a moderate spot demand; Cochin 9U® Savannah
651
131
222,736
404,363
Brunswick
3,472
10c.; Ceylon 8%@8%
3,960
285,096
919 414,856
3 c. Chinawood fairly active at 9®10c. Charleston
1,454
1,169
Georgetown _ _ _ _
Cornn firm at 5.80@5.85c. Cod steady;domestic 46®48c.
156
239
410,780
45 548,064
_
Wilmington _
1,369
14,775
i 559,220
COFFEE on the spot continues nominal. Actual sales, Norfolk
1,056 750,405
3,924
39,352
866
however, might bring concessions from sellers. Business is N'port News, doc _
79,599
14,483 118,546
6,961
130
New York
practically at a standstill,there being merely a small hand-to- Boston
5,591
3,825
157
38,886
62,914
29
1,156
3,340
268 113,454
433 123,208
moutlibuying. It is held that Brazil must weaken,as primary Baltimore
911
708
515
2,988
Philadelphia
stocks are large and increasing. Cost and freight offers were
9,579 11,481,337 20,305 8,429,189 212,948 140,965
considerably lower and some contracts were put through.
Total
Spot Rio No..7 was quoted at 14c. Santos No. 4 is held at
In order that comparison may be made with other years,
155
% to 16e. West India coffee is heavy. Fair to good
Cucuta is reported at 153
4 to 16c. Options recovered on we give below the totals at leading ports for six seasons:
good support, but later again reacted on liquidation and
1907.
1908.
1909.
1910.
1911.
1912.
short selling. Closing prices were as follows:
Receipts atAugust __ _12.75 ® 12.76 1 December 12.97 ® 12.98
September 12.82t12.83 January _13.00 ® 13.02
October__ _12.87 ® 12.88 February _12.98 ® 13.02
November_ 12.92 ® 12.93 March __ _13.03@ 13.04
April
May
June
July
13.05 ® 13.07
13.07 ®13.08
13.06 ® 13.07
13.04 ® 13.(1
SUGAR.-Raws were very quiet and rather heavy. Refiners bought sparingly for needs, but were not inclined to
stock up. Sellers, on the other hand, seem disposed to hold
their offerings, and there was little pressure. European
cables were unsatisfactory. Beets were lower, reflecting
the favorable progress of the crop. Cuban receipts are light
and the crop is practically over. Centrifugals are quoted
4.05c. for 96-degrees test, muscovado 3.55e. for 89-degrees
test, molasses 3.30c. for 89-deg. test. Refined sugar has
been quiet, with only moderate withdrawals. New business is dormant. Fine granulated is nominally 5.05®5.10c,
but actual business is being done at the old Sc. level.
PETROLEUM.-Refined petroleum has been firm, with
a good demand. Barrels, 8.35c.; bulk, 4.75c., and cases
10.25c. Naphtha has been in good demand and firm; 73®
76 degrees, in 100-gallon drums, 22c.• drums $8 50 extra.
Spirits of turpentine quiet and firm at 44@45c. Common to
good strained rosin $6 55.
TOBACCO continues quiet on the spot. Packers report
merely a hand-to-mouth business but prices are firm. They
look for improvement in the fall, especially for binder.
Interest centres about the growing crop, which promises
fairly well. Some buying of stalk tobacco is reported in
New England, but this is not general as the crop is not yet
assured. It is expected that packers will also take hold in
Wisconsin soon. A routine inquiry is noted for Sumatra.
Most manufacturers, however, are supplied for requirements.
Cuban tobacco is quiet and steady. Cuba'i leaf is being
accumulated in Havana. American buyers are looking
over the samples and a better movement is expected soon.
The crop. is large and lower prices would be logical. Locally
the inquiry is light.
COPFER continues firm with a fair consuming inquiry.
Lake is quoted at 173c., electrolytic at 17%®173Ac.
Stocks are larger, reflecting the active production here.
4c.
Tin has been firm, but quiet, with the spot quotation 45Y
Lead shows an easier tendency, on the basis of 4%c. Spelter
is quiet and steady at 7c. Pig iron is firm and active,with
No. 1 Northern quoted at $15 Tie s16 •- 5. No. 2 Southern
being held at $15 75(016 25.
Galveston _ _ _
Texas City,&c
New Orleans_
Mobile
Savannah __ _
Brunswick
Charleston,&c
Wilmington_ _
Norfolk
N'port N., &c
All others_ ___
3,806
17,537
5,812
2,065
17,983
3,844
1,226
53
881
1,792
136
354
1,267
316
1,626
3,120
1;964
821
1,849
364
1,205
946
1,124
1.661
919
45
1,056
866
727
21
1,260
100
713
12
20
2,483
119
2
1.800
295111
573,
464
207
611
717
209
Total this wk_
9,579
20,305
11,301
11,051
42,039
8,763
Since Sept. 1_ 11481 337 8,429,189 7,264,956 9,807,432 8,286,041 9,689,351
The exports for the week ending this evening reach a total
of 13,608 bales, of which 4,810 were to Great Britain,
1,113.to France and 7,685 to the rest of the Continent..
Below are the exports for the week and since Sept. 1 1911:
Week ending Aug. 9 1912
Exported tofrom-
Total _ __ _
rnt• 1_ ot n_t i
Sept. 1 1911 to
A:g. 9 1912.
Exported to-
1ConttI Great I
Great I
Britain. France. nent. Total. I l3rUtnj France.
-Galveston__
__
Texas City_
__
Pt.Arth.,&c
- - -NewOrleans
____
Mobile
135
Pensacola__
Gulfport
____
Savannah__
Brunswick ____
- -- Charleston _
____
Wilmington
Norfolk -_ - New York_ 4,086
422
Boston ____
1
Baltimore_
67
Philadelphia
__
Portland,Me
____
San Fran'co
__-Beattie ____
Detroit ____
From
---4,81
R 970
---____
____
1
____
____
____
____
- --_ --__
1,1113
____
____
.._
____
____
------1,113
Contineat.
Total. II
---- 1,373.770 280,821 1,355,541 3,016,132
---92,658 81,752 585,914
411,504
21,546 66,140 117,178 204,864
____
____
27,943 174,971 590,639 1,593,553
65,654 119,319 292,243
_
-----107,27
---64,337 90,329 216,464
135 61,7
____
64,802
7,
37,373
3,519 3,519 472,207 169,6721,142,458 1,784,337
175,161 372,824
97,669
199,209 250,574
---------51,365
____
-__
____ 162,097 115,441 224,888 502,426
- -- _
6,597
21,353
14,756
607 5,796 261,429 89,377 313,513 664,319
13,282 186,535
422 173,253
_..__
6,227 105,279 130,518
2,880 2,980 19,012
25,033 89,702
4,669
0
6,829
--------6,829
__
211,778 211,778
____
150,521 150,520
---59,843 59,843
4,868
------4'868
7,685 13,6084,231,98 1,162,6715,009,74710404,398
413 10 031 11 793 3309.9q8
OW1.701 3.941.565 7.453.254
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
Newilrork.
368
THE CHRONICLE
Total 1912_
Total 1911
Total 1910
2,936
1,275
3.252
290
1,487
1.700
3,162
4,390
--_----
236
725
___._
-___
Total.
4,934
6,526
__
____
200
300
12,500 12,500
000
----------400
21,011
15,852
17,031
3,960
2,070
2,275
116,546
7,843
1,801
1,639
2.200
7,872 13,461 26,360
9,033 2,295 15,729
4.369 2.709 14.230
223 133
186,588
125,236
Speculation in cotton for future delivery has been active
and prices have continued to decline. Further rains have
occurred in Texas and temperatures in that State have been
lower. Many consider that the crop situation in Texas is
much better than it was recently. Beneficial rains have also
occurred in the region east of the Mississippi and the crop
reports from that section are in the main favorable. There
is a tendency among some to increase estimates of the yield.
The movement of new cotton is increasing and some think
that the receipts will at no very distant day become a more
important factor in shaping the course of values. The
current prices, it is contended, will stimulate picking and
marketing of the crop. The weather recently was of a forcing
character in the Southwest and first bales have been reported
at many points. The spot sales in Liverpool have been
small, amounting to 6,000 to 8,000 bales a day. Yarns
and cloths in Manchester have been quiet. Reports in regard
to the Egyptian crop have generally been bearish. Hedge
se ling for Southwestern account has been noticeable of late
and believers in lower prices argue that it will become an
important bearish factor before long. Local bears have
hammered aggressively at times, encouraged by the absence
of recuperative power in the market. There has been free
selling on stop-loss orders. New Orleans, Memphis, the
West and Wall Street have sold and prominent local spot
interests have been good sellers of the winter months. On
the other hand, some bullish crop accounts have been received from the Southwest, where the recent hot, dry weather
is said to have caused marked deterioration in some sections.
Unfavorable crop news has also been received from parts of
the Eastern belt. Complaints of damage from army worms
have continued to be received from parts of Alabama,
Mississippi, Georgia and the Carolinas. The crop in many
sections of the belt is backward by two to three weeks and
will therefore be exposed to an unusual degree to the danger
of damage from frost should it occur at an early date.
Reports in regard to the condition of the cotton goods trade
are cheerful. Improvement is reported in other branches of
business. The movement of new cotton to market is much
smaller than it was at this time last year. The spot markets
are generally steady. Large orders are said to have been
placed for August shipments of new cotton to Europe, and it
is contended that very little new cotton will reach this market in September. Prominent spot interests have been good
buyers at-times. Spinners have also purchased. Commission houses have bought on the idea that a rally was due
after the recent severe decline and heavy liquidation. Some
think there is a tendency to overdo the short side. To-day
prices declined sharply early in the session on further heavy
rains in the Southwest, unexpectedly weak cables from
Liverpool, increasing receipts of new cotton in Texas, bear
hammering and long liquidation. Later there was a partial
recovery on covering of shorts and some buying for a turn
on the long side. The spot market has been quiet. Middling
uplands closed at 12.30c., showing a decline for the week of
80 points.
The rates on and off middling, as established Nov. 15 1911
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
Fair
c 1.75 on
Strict mid fair ___1.50 on
Middling fair
1.30 on
Strict good mid_ __ _0.80 on
Good middling_ __ _0.56 on
Strict middling__ _0.30 on
Middling
c Basis
Strict low mid
0.35 off
Low middling
0.80 off
Strict good ord___ A.40 off
Good ordinary
2.15 off
Strict g'd mid. tgd_0.43 on
Good mid tinged_c_ Even
Strict mid. tinged _0.15 off
Middling tinged_ _ _0.30 oft
Strict low mid. ting.0.80 oft
Low mid. tinged__ A.90 off
Middling stained_ _.090 off
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Aug. 3 to Aug. 9Middling uplands
Sat.
12.90
Mon. Tues.
12.90 12.75
Wed. Thurs. Fri.
12.65 12.50 12.30
. NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Aug. 9 for each of the past 32 years have been as follows:
1912.0
1911
1910
1909
1908
1907
1906
1905
12.30
12.40
16.00
12.40
10.75
13.40
10.60
10.85
1904_0
1903
1902
1901
1900
1899
1898
1897
10.65
12.75
9.00
8.00
9.81
6.25
6.12
8.00
1896_c
1895
1894
1893
1892
1891
1890
1889
8.00
7.25
6.94
7.15
7.25
8.25
12.25
11.31
1888_0
1887
1886
1885
1884
1883
1882
1881
11.12
9.94
9.50
10.50
10.81
10.25
13.00
12.00
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday_ _ _ Quiet, 20
Monday_ _ _ _ Quiet
Tuesday _ _ _ Quiet, 15
Wednesday. Quiet, 10
Thursday _ _ Quiet, 15
Friday
Quiet, 20
Total _
Futures
Market
Closed.
pts. dec_ _ Steady
Steady
pts. dee_ Weak
pts. dec.. Easy
pts. dee_ Steady
pts. dee_ Very Steady_ _ _
SALES.
Spot. Contr'ct Total.
47
1,300
100
1,3400
7
100
20
108
333
4611
1,600
1,933
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81
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.
Friday,
Aug. 9.
____
____
328
973
-------
Thursday,
Aug. 8.
1,500
100
____
290
-_-----
Wednesday,
Aug. 7.
1,188
148
____
____
FUTURES.-The highest, lowest and closing prices at
New York the past w eekifhave been as follows:
Tuesdali ,
Aug .6.
New Orleans__
Galveston ____
Savannah ____
Charleston_ _ _ _
Mobile
Norfolk
New York
Other ports_ _ _
Leaving
Stock.
Monday,
Aug .5.
On Shipboard, Not ClearediforGreat
GerOther CoastAug. 9 at- Britain. France many. Foreign wise.
[VOL. Lxxxxv.
@I
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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.
August 9Stock at Liverpool
Stock at London
Stock at Manchester
1912.
bales. 724,000
8,000
81,000
1911.
501,000
12,000
48,000
1910.
390,000
8,000
32,000
1909.
911,000
9,000
60,000
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
813,000
10,000
265,000
133,000
3,000
10,000
12,000
10,000
561,000
14,000
31,000
81,000
2,000
17,000
16,000
7,000
430,000
12,000
84,000
86,000
2,000
14,000
19,000
7,000
980,000
9,000
179,000
185,000
3,000
'25,000
22,000
5,000
Total Continental stocks
443,000
168,000
224,000
428,000
Total European stocks
1,256,000
India cotton afloat for Europe_ _ _
99,000
Amer. cotton afloat for Europe
62,103
Egypt,Brazil,dcc.,aflt.for Europe_
36,000
Stock in Alexandria, Egypt
44,000
Stock in Bombay India
495,000
Stock in U. S. ports
212,948
Stock in U. S. interior towns_ _ _ _
94,832
U. S. exports to-day
4,233
729,000
88,000
41,569
34,000
65,000
463,000
140,965
95,788
50
654,000 1,408,000
77,000
68,000
64,587
71,142
17,000
26,000
44,000
63,000
509,000 239,000
237,365
205,701
55,910
84,535
3,131
2,475
Total visible supply
2,304,106 1,657,372 1,661,993 2.167,853
Of the above, totals of American and other descriptions arc as follows:
AmericanLiverpool stock
bales. 607,000 329,000
94,000 818,000
Manchester stock
62,000
35,000
25,000
45,000
Continental stock
412,000 122,000
168,000 390,000
American afloat for Europe
62,103
41,569
64,587
71,142
U. S. port stocks
140,965 237,365
212,948
205,701
U. S. interior stocks
95,788
94,832
55,910
84,535
exports
S.
U.
to-day
4,223
50
3,131
2,475
Total American
East Indian, Brazil, ,ftc.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
1,455,106
764,372
847,993 1,616,853
117,000
8,000
19,000
31,000
99,000
36,000
44,000
495,000
172,000
12,000
13,000
46,000
88,000
34,000
65,000
463,000
96,000
8,000
7,000
56,000
77,000
17,000
44,000
509,000
849,000
1,455,106
893,000
764,372
814,000
551,000
847,993 1,616,853
93,000
9,000
11,000
38,000
68,000
26,000
63,000
239,000
Total visible supply
2,304,106 1,657,372 1,661,993 2,167,853
Middling Upland, Liverpool
6.77d.
6.96d.
8.31d.
6.72d.
Middling Upland, New York_ _ _ _ 12.300.
12.400.
15.70c.
12.80c.
Egypt, Good Brown, Liverpool
10 IXd.
10'PO.
133id. 9 13-16d.
Peruvian, Rough Good, Liverpool
9.50d.
10.60d.
11.00d.
8.35d.
Broach, Fine, Liverpool
7 Yid.
6 7-16d. 6 7-16d.
63d.
Tinnevelly, Good, Lfverpool_ _ _ _
6 %d. 7 3-16d. 5 15-16d.
6;id.
Co
s.ntinental imports for the past week have been 53,000
bale
The above figures for 1912 show a decrease from last week
of 182,724 bales,a gain of 646,734 bales over 1911, an excess of 642,113 bales over 1910 and a gain of 136,253 bales
over 1909.
THE CHRONICLE
AUG. 10 1912.]
369
NEW ORLEANS OPTION MARKET.-The highest,
AT THE INTERIOR TOWNS the movement-that is,
lowest and closing quotations for leading options in the New
the receipts for the week and since Sept. 1, the shipments
Orleans cotton market for the past week have been as follows:
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year-is set
i
l
Sat'clay,1 Monday,! Tuesday, Wed'day,I Thursd'y, Fridat
out in detail below.
Aug. 3. I Aug. 5. I Aug. 6. Aug. 7. j Aug. 8. Aug. 9.
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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
are as follows:
the week and since Sept. 1 in the last two years
-1911-12-- -1910-11A 1,g.9ShippedVia St. Louis
Via Cairo
Via Rock IslandVia Louisville
Via Cincinnati
Via Virginia points
Via other routes, &o
Since
Since,,
Week. Sept. 1.
Sept. 1.
522,262
1,085
654,324
213,058
348
67,402
8,45825,957
-i5i 132,398
172,817
79,901
110
128,694
176,397
122
191,902
171,805
118
451,224
Week.
1,194
668
534
487
502
63
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
Total to be deducted
1,919 1,321,778
3,448 1,674,821
592
125
2,634
196,071
103,251
89,495
425
86
1,325
167,338
62,462
61,587
3,351
388,837
1,836
291,387
83 1,030,391
97 1,285,984
Leaving total net overland •
• Incuding movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 97 bales, against 83 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 255,593 bales.
1911-12
Since
In Sight and Spinners'
Sept. 1.
Week.
Takings.
9,579 11,481,337
Receipts at ports to Aug. 9
97 1,285,984
Net overland to Aug. 9
Southern consumption toAug. 9.._ 56,000 2,572,000
1910-11
Since
Sept. 1.
Week.
20,305 8,429,189
83 1,030,391
33,000 2,306,000
65,676 15,339,321
a5,605
*4,072
53,388 11,765,580
45,010
458
61,604
53,846
Total marketed
Interior stocks in excess
Came into sight during week
Total in sight Aug. 9
11,810,590
15,333,716
North. spinners' takings to Aug. 9 33,811
15,722
2,418,543
2,150,051
• Decrease during week. a Less than Sept. 1.
Movement into sight in previous years.
Since Sept. 1Bales.
36,470 1909-10-Aug. 12
55,314 1908-09-Aug. 13
55,732 1907-08-Aug. 15
Week1910-Aug.12
1909-Aug.13
1908-Aug. 15
Bales.
10,413,290
13,583,811
11,366,113
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
Aug. 9.
Sat'day. Monday. Tuesday. Wed'day. Thursd'y, Friday.
13
13
12%
133i
13%
12%
12 %
12'%
12 15-16 123
12 %
12i
12%
12%
12%
12%
12 Ji
12 3i
12%
124
13%
Galveston
New Orleans__ _ 12 %
12 %
Mobile
12%
Savannah
_
Charleston
Wilmington_ _ _ _
i5ii
Norfolk
13%
Baltimore
13.15
Philadelphia
134
Augusta
133-i
Memphis
133-i
St. Louis
13 1-16
Houston
Little Rook_ - - -
i3"
13%
13.15
13%
13%
133-i
13 1-16
13
i5-q
138
13.00
is
1$
13
12 15-16
123-i
i5-yi
13
12.90
13%
13
13
12 15-16
123
iiii
13
12.75
ii-
12%
12.55
13%
13
12%
13
13
12 13-16 12 11-16
123-i
123(
13q
SeptemberRange
Closing
OctoberRange
Closing
NovemberRange
Ciosnig
1)ecemberRange
Closing
JanuaryRange
C osing
FebruaryRange
Closing
MarchRange
Closing
MayRange
Closing
ToneSpot
Options
1
I
1
-- @ -12.74-.79- @ -12.37-.39 12.35-.43 12.14 -.12.38 -12.37 -12.11 -12.10 -12.62
-112.72
1
12.52-.71 12.55-.661 12.26-.62 12.20-.34 12.02-.34 11.82-.02
12.52-.53 12.62-.63 12.28-.29 12.30-.31.12.02-.03 12.01-.02
-12.22-.28'- @ -- @ -12.61
12.52-.53 12.62-.64 12.28-.30 12.30-.31 12.02-.04 12.01-.04
1
12.52_.7112.56_.66h12.28_.64 12.20-.35112.04-.35 11.86-.05
12.52-.53 12.63-.64 12.29-.30 12.32-.33 12.05-.06 12.03-.04
1
12.54-.71 12.58-.681 12.30-.63 12.23-.38112.09-.38 11.89-.10
12.54-.5512.65-.66 12.31-.32 12.34-.35 12.09-.10 12.07-.08
®
12.56-.5812.67-6912.33-.35 12.36-.37,12.11-.13 12.-09.11
1
12.73-.81 12.69-.75/ 12.41-.76 12.35-.45 12.18-.47 12.01-.20
12.63-.6512.73-.74 12.42-.43 12.44-.45 12.21-.22 12.19-.2.0
12.83-.88 12.83-.881 12.54-.65 12.48 -12.28-.35 12.13-.17
12.74-.76 12.86-.87 12.52-.54 12.54-.5612.30-.32 12.30-.31
1
Steady. Steady. Steady. Steady. I Steady. Easy.
st.y. Steady.
Steady. 1 Steady. B'lyst'y. Steady. B'ly.
NEW ENGLAND COTTON MILL SITUATION.-New
Bedford and Adams Strikes.-Late advices from New Bedford
indicate that for the present at least all hope of compromising the difficulty between the operatives and mill owners
has been abandoned. In fact, at a meeting of the executive
committee of the strikers on Monday evening it was voted
to accept nothing less from the manufacturers than the
total abolition of the fining or grading system. At Adams,
Mass., the weavers in the four mills of the Berkshire Cotton
Manufacturers refused to work with four non-union employees and a strike involving above 2,500 hands has resulted.
COTTON CROP CIRCULAR.-Our Annual Cotton Crop
Review will be ready in circular form about Thursday,
Sept. 5. Parties desiring the circular in quantities, with
their business card printed thereon, should send in their
orders as soon as possible, to secure early delivery.
WEATHER REPORTS BY TELEGRAPH.-Our telegraphic reports from the South this evening indicate that
beneficial rains have been general during the week and improvement in the condition of the crop is noted. From Texas
we are advised that there are no reports f boll-weevils as yet.
Galveston, Tex.-Heavy and beneficial rains have fallen
throughout the State during the week. No reports of
weevils yet. We have had rain on one day during the week,
the precipitation being five hundredths of an inch. The
thermometer has averaged 85, the highest being 90 and the
lowest 80.
Abilene, Tex.-There has been rain on two days during the
week, the precipitation reaching thirty-eight hundredths of
an inch. The thermometer has averaged 84, ranging from
68 to 100.
Brenham, Tex.-Dry all the week. The thermometer
has ranged from 76 to 100, averaging 88.
Cuero Tex.-There has been rain on one day of the week,
the rainfall reaching ten hundredths of an inch. Average
thermometer 89, highest 104, lowest 74.
Dallas, Tex.-Rain has fallen on five days the past week,
the rainfall reaching five inches and seventy-two hundredths.
The thermometer has averaged 82, the highest being 100 and
the lowest 64.
Henrietta, Tex.-There has been rain on five days the past
week, the precipitation reaching three inches and sixty hundredths. The thermometer has averaged 82, ranging from
64 to 100.
Huntsville, Tex.-We have had rain on one day during the
week, the precipitation reaching forty hundredths of an inch.
The thermometer has ranged from 62 to 98, averaging 80.
Kerrville, Tex.-Dry all the week. Average thermometer
84, highest 100, lowest 68.
Lampasas, Tex-There has been rain on two days during
the week, the precipitation reaching forty-eight hundredths
of an inch. The thermometer has averaged 89, the highest
being 102 and the lowest 76.
Longview, Tex.-We have had rain on two days the past
week, the rainfall being one inch and fifty-six hundredths.
Thermometer has averaged 81, ranging from 64 to 98.
Luling, Tex.-We have had rain off one day during the
week, the rainfall reaching eighteen hundredths of an inch.
The thermometer has ranged from 74 to 102, averaging 88.
Nacogdoches, Tex.-Rain on one day of the week, ninety
hundredths of an inch. Average thermometer 76, highest
92, lowest 60.
Palestine, Tex.-It has rained on one day, the rainfall being
forty-two hundredths of an inch. The thermometer has
averaged 80, the highest being 94 and the lowest 66.
Paris, Tex.-It has rained on four days of the week, the
precipitation being two inches and seventy-six hundredths.
The thermometer has averaged 75, ranging from 60 to 90.
San Antonio, Tex.-We have had no rain during the week.
The thermometer has ranged from 76 to 100, averaging 88. •
370
THE CHRONICLE
[VoL. Lxxxxv.
• Weatherford, Tex.-We have had rain on five days of the week, the rainfall being eight hundredths of an inch. Therweek, the precipitation reaching four 'inches and forty-two mometer has averaged 72, ranging from 56 to 88.
hundredths. Average thermometer 83, highest.100, lowest
Charleston, S. C.-We haye had rain on two days of the
66.
week, the precipitation reaching one inch and twenty-three
Ardmore, Okla.-We have had rain on five days during the hundredths. Average thermometer 75, highest 84,lowest 65.
week, the precipitation being four inches and twenty-nine
Greenville, S. C.-There has been rain on two days during
hundredths. The thermometer has averaged 80, the the week, the precipitation reaching one inch and ten hunhighest being 99 and the lowest 61.
•
dredths. The thermometer has averaged 71, the highest
Marlow, Okla.-Rain has fallen on six days of the past being 88 and the lowest 54.
rainfall
reaching four inches and ninety-four hunweek, the
Spartanburg, S. C.-There has been rain on two days durdredths. The thermometer has averaged 79, ranging from ing the week, the precipitation reaching seventy hundredths
96.
62 to
of an inch. The thermometer has averaged 70, ranging
Tulsa, Okla.-We have had rain on three days during the from 53 to 88.
week, the precipitation reaching eighty-eight hundredths of
WORLD'S SUPPLY AND TAKINGS OF COTTON.
an inch. The thermometer has ranged from 58 to 94,
averaging 76.
Cotton Takings.
1911-12.
1910-11.
Alexandria, La.-The week's rainfall has been thirty-six
Week and Season.
Week.
Season.
Week.
Season.
hundredths of an inch, on one day. Average thermometer
78, highest 95, lowest 60.
Visible supply Aug. 2
2,488,830
1,764,539
Visible supply Sept. 1
1,603,418
1,495,514
New Orleans, La.-It has rained on four days of the week, American
in sight to Aug. 9__ _ _
61,804 15,333,716
53,846 11,810,590
the rainfall being eighty-nine hundredths of an inch. The Bombay receipts
to Aug. 8.......
8,000 2,285,000
5,000 2,475,000
Other India shipts to Aug. 8_
18,000
398,000
thermometer has averaged 83, the highest being 92 and the Alexandria
9,000
478,300
receipts to Aug. 7_
967,800
1,010,900
lowest 72.
Other supply to Aug. 7 •
278,000
10,000
7,000
344,000
Shreveport, La.-There has been rain on three days of the
Total supply__
2,584,434 20,865,934 1,839,385 17,614,304
past week, the rainfall reaching two inches and ninety-hunDeductdredths. The thermometer has averaged 78, ranging from Visible supply Aug. 9
2,304,106 2,304,106 1,657,372 1,657,372
93.
to
63
Total takings to Aug.9
280,328118,581,828 182,013 15,958,932
Eldorado, Ark.-We have had rain on two days during the
Of which American
225,328 14,731,028 139,013 11,840,732
Of which other
55,000 3,830,800
43,000 4,118,200
week, the precipitation reaching two inches and five hun* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &cr.
dredths. The thermometer has ranged from 56 to 89,
INDIA COTTON MOVEMENT FROM ALL PORTS.
averaging 73.
Helena, Ark.-Rain has fallen on three days of theweek,
1911-12.
1910-11.
1909-10.
the rainfall being two inches and ninety-four hundredths.
Aug. 8.
Receipts atAverage thermometer 75, highest 88, lowest 59.
Since
Since
Since
Week.1Sept. 1. Week. Sept. 1. Week. 1Sept. 1.
Little Rock, Ark.-There has been rain on four days during
the week, the rainfall being one inch and five hundredths. Bombay
8,000 2,285,000 5,00012,475,000 6,000 3,154,000
The thermometer has averaged 74, the highest being 90
For the Week.
and the lowest 58".
£ince September 1.
Exports
Columbus, Miss.-We have had rain on four days during
fromGreat Conti- Japan I
Great
ContiJapan
Britain. neat. &China ntal. Britain. *sent. & China. Total.
the week, to the extent of one inch and ninety-four hundredths. The thermometer has averaged 77, ranging from Bombay1911-12.... 1,000 22,001
_ _ _ _ 23,000
58 to 96.
•
12,000 373,000 823,0001,208,000
1910-11._
____ 1,000
____ 1,009 57,000 910,000 616,0001,583,000
Meridian, Miss.-We have had rain. on two days during
1909-10._
3,000 7.000j 10,000 95,000 978,000 901,0001,074,000
the week, the precipitation reaching one inch and twenty-six Calcutta- •
1911-12__ 1,000 3,000
____ 4,000
5,000 31,000 26,000 62,000
hundredths of an inch. The thermometer has ranged from
1910-11_
____ 1,000
__ 1,000
3,000
40,000
19,000 62,000
58 to 90, averaging 74.
1909-10._
3,000 2,0001 5,000
5,000 53,000 50,000 108,000
Vicksburg, Miss.-It has rained on three days during the Madras
1911-12._
___ 5,000
_.__ 5,000
3,000
18,000
2,000 23,000
week, the rainfall reaching eighty-five hundredths of an inch.
1910-11._ 1;001
1,000
13,000
300 38,300
25,000
1009-10__
6,000 6,0001 12,000
Average thermometer 77, highest 91 and lowest 60.
4,000
28,000
7,300 39,000
All othersDyersburg, Tenn.-There has been rain on two days the
1911-12_ 2,000 7,000 ,..j 9,000 22,009 108,000 93,000 313,000
1910-11._ 2,000 5,000
past week, the rainfall being one inch and twelve hundredths.
____ 7,000 71,000 284,000 23,000 378,000
1909-10_ 4,000 3,000 15.000J 22,000 36,000 316,000 30,000 382,000
The thermometer has ranged from 55 to 90, averaging 73.
Memphis, Tenn.-The crop continues to mak good prog- rotal all1911-12._ 4,000 37.000
____ 41,000 42,000 620,000 944,000 1,806,000
ress. We have had rain on three days during the past week,
1910-11._ 3,000 7,000
.... _ _ 10,000 144,000 1,259,000 658,3002,061,300
1939-10__ 4.000 15.000 30.000 49.000 140.000 1.375.000 988.0002.503.000
the rainfall being one inch and seventeen hundredths.
Average thermometer 74, highest 89, lowest 58.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Nashville, Tenn.-There has been rain on three days the
Alexandria, Egypt,
past week, the rainfall being sixty-eight hundredths of an
1911-12,
1910-11.
1909-10.
Aug. 7.
inch. Average thermometer 71, highest 86, lowest 56.
• Mobile, Ala.-Scattered showers have been of much 1?eceipts (cantars)This week
500
benefit to the crop, which is in good condition. The damage
Since Sent. 1_
7 25A 52A
7.579.243
4.909.579
by worms has been insignificant. Rain has fallen on four
days the past week, the rainfall reaching seventy-four hunThis Since
This Since
This Since
dredths of an inch. The thermometer has averaged 80, Exports (bales)Week. Sept, 1. Week. Sept. 1. Week. Sept. 1.
the highest being 89 and the lowest 69.
To Liverpool
201,750
213,791
156,736
• Montgomery, Ala.-There has been rain on three days
To Manchester
4,250 232,050 1,656 219,058
119,286
To Continent
10,500 391,834 3,250 410,079 5-,(566 309,889
during the week, to the extent of one inch and ninety-nine
To America
100 118,275
123,728
62,532
hundredths. The thermometer has averaged 78, ranging
Total exports
14,850 943,909 5,250 986,656 5,000 848,445
from 65 to 92.
MANCHESTER MARKET.-Our report received by cable
Selma, Ala.-The week's rainfall has been one inch and
forty-seven hundredths on three:days. Average thermometer to-night from Manchester states that the market is quiet
for both yarns and shirtings. Spinners are considered to be
76, highest 87, lowest 68.
• Madison, Fla.-Conditions are favorable to the cotton well under contract. We give the prices for to-day below
crop. Rain has fallen on five days of the week, the rainfall and leave those for previous weeks of this and last year for
being two inches. The thermometer has ranged from 72 comparison.
to 88, averaging 81.
1912.
1911.
Tallahassee, Fla.-Rain has fallen on five days of the week,
the rainfall being one inch and forty-nine hundredths.
814 tbs. Shirt- Cot'n
84 lbs. Shirt- Cot"
324 Cop
Om,common UN.
tags, common Mid,
32s Cop
Average thermometer 78, highest 85, lowest 69.
Twist.
Tula
to finest.
to finest.
Upl's
• Augusta, Ga.-We have had rain on two days during the
d.
q.d.
d q.
s. d
week, the precipitation being two inches and forty-four huna. d d.
Tune
dredths. The thermometer has averaged 76, the highest 21. 9% 0 1086 1.31011 2 6.8' to -g O 11% ()lion. 4 8.21
28 9 11-13® 10% 3 1.3i®11 2
being 88 and the lowest 65.
@ 11% 3 1 ®11 3
6.6. 1014
8.04
Savannah, Ga.-There has been rain on four days of the July
5 9% @1013-16.3 214011 4
6.8: 10% O 1131 0 0,4011 3
7.07
(4) 10 15-1
3 011 5
past week, the rainfall reaching four inches and one hun- 12 10 0
7.07 1034 @ 114 f; 0 @11 154 7.76
10 15-1t 3 334'811 5
19 10
1011 O 1131 5 11 011 0
7.39
dredth. The thermometer has averaged 76, ranging from 26
10 1-10 ® 11 6 4 @II 5
7.31 934 @ 10% 5 9 @108
0.00
Aug.
64 to 90.
2 10% 0 1131 6 4346811 5
7.3' 9 5-16 0 10% 5 73,1010 6
8.95
Washington, Ga.-There has been rain on one day during
9 9% 0 10% 6 4 011 4
6.03 911 0 10% 5 8 68107'4 6.77
the week, the precipitation being'eighty-seven hundredths of
SHIPPING NEWS.-As shown on a previous page, the
an inch. Thermometer has ranged from 62 to 92, averagexports of cotton from the United States the past week have
ing 75.
reached 13,608 bales. The shipments in detail, as made
Charlotte, N. C.-There has been rain on one day during
from mail and telegraphic returns, are as follows:
the week, the precipitation being fifty-five hundredths of an up
bales.
inch. Thermometer has ranged from 55 to 84, averaging 70. NEW YORK-To Liverpool-Aug 7-Cedric, 3,598 upland,Total
125
II
Sea Island, 383 Peruvian
4,088
• Greensboro, N. C.-We have had rain on one day of the
To Havre-Aug. 8-Anglo-Columbian, 1,103
1,103
past week, the rainfall reaching forty-eight hundredths of an
To Hamburg-Aug. 7-President Grant, 9
9
To Rotterdam-Aug. 7-Czar, 48
inch. The thermometer has averaged 70, the highest being
48
To Barcelona-Aug. 5-Roma, 200_ _ __Aug. 8-Manuel Calvo,
86 and the lowest 54.
100
300
To Genoa-Aug. 2-Calabria, 150
150
r• Raleigh, N. C.-We have had rain on two days the past
To Leghorn-Aug. 2-Calabria. 109
_ 101
Total
NEW ORLEANS-To Havre-Aug.7-St. Laurent, 10
79
-Virginia,
To Trieste-Aug.6
To Venice-Aug. 6-Virginia, 300
PENSACOLA-To Liverpool-Aug. 3-Vivina, 135
SAVANNAH-To Bremen-Aug. 3-Clara Menzell, 1,721
To Hamburg-Aug. 8-Pennsylvania, 1,798
BOSTON-To Liverpool-Aug. 6-Franconia, 350
To Manchester-Aug. 3-Caledonian, 72
BALTIMORE-To Liverpool-Aug. 2-Vcdamore, 100
To Bremen-July 31-Rhein, 805_ _ _ _Aug. 7-Main, 2,075____
PHILADELPHIA-To Liverpool-Aug. 2-Dominion, 67
To Genoa-Aug. 5-America, 300
ales.
10
79
300
135
1,721
1,798
350
72
100
2,880
67
300
13,608
Total
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock-Estimated
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Aug. 2 Aug. 9
July 19. July 26.
37,000
36,000
52,000
bales_ 50,000
1,000
2,000
3,000
4,000
3,000
1,000
2,000
1,000
29,000
27,000
43,000
41,000
14,000
4,000
3,000
8,000
68,000
66,000
76,000
70,000
889,000 841,000 791,000 724,000
758,000 710,000 664,000 6.7,000
13,000
19,000
15,000 310,000
7,000
12,000
18,000
5,000
55,000
39,000
45,000
58,000
18,000
21,000
22,000
28.000
The tone of the Liverpool market for spots and futures
daily closing prices of
each day of the past week and the ..
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Market.
12:15
P.M.
Tuesday.
Quiet.
Wednesday. Thursday.
Moderate
demand.
Quiet.
Friday.
Moderate
demand.
Mid.0 pl'ds
7.34
7.09
7.09
6.00
Sales
Spec.&exp.
6,000
500
7,000
500
7,000
500
10,000
1,500
HOLIDAY.
HOLIDAY.
Quiet,
4 points
decline.
Futures.
Market I
opened .1
Quiet at
8@9 pts
decline.
Quiet at
1%@2%
pts. adv.
Fa3y at
7@8 pts.
decline.
Easy at
st'y at Easy at 4 Easy at
16% ©19% 10@l3 pts. dec. to 16@l8
nts. dec. pts. dec. % pt. adv. pts. dec.
Market, 1
4
P.M.
371
THE CARONICLE
AUG. LO 1912.]
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good or ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Thus, 7 10 means 7 10-100d.
Thurs.
Fri.
Wed.
Tues.
Mou.
Sat.
Aug. 3
4 12% 4
12112%12gi 4 12% 4 12% 4 12% p.m.
to
p.m. p.m.
Aug. 9. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
7 10% 00 87 87 87 83 73% 67
August _ _
7 10 % 90 % 78 % 78 % 70 76 66 59%
Aug.-Sep..
6 90% 79 67 67% 68% 67 55% 49
Sep.-Oct _
50 43%
6 82% 72 61 % 61 62% 61
Oct.-Nov _
6 76% 88% 55 % 55% 57 56 44% 38
Nov.-Dec.
44
37%
57
55
%
54
65
6
55%
HOLIHOLIDec.-Jan _
75%
DAY. 6 76 66 • 55% 55% 57% 56 44% 38
Jan.-Feb _ DAY.
6 76% 66% 56 56 58 56% 45 38%
Feb.-Mch. •
6 77 67 56% 57 58% 57% 46 39%
Mch:Apr.
6 78 68 57% 57% 59% 58 46% 40
Apr.-May
6 7815 69 58 58% 60% 59 47% 41
May-June
6 78 68% 57% 58 60 58% 47 40%
June-July
50 V4
57 1,4 411
50
116 1/. 57
6 77 IA RR
July-Aug..
BREADSTUFFS.
west are generally sanguine. Rains delay cutting, but not to
any serious extent. Little is heard of black rust, the damage
from which will be slight. In fact, the crop is practically
ii ade, and the farmers will hasten to market their grain.
Owing to the partial crop failure last year, they incurred
financial obligations which must needs be paid off. Estimates of the spring-wheat crop are running wild. Some experts
go so far as to suggest 400,000,000 bushels, which would
make a total wheat crop of 800,000,000 bushels. Ultraconservative predictions are as low as 300,000,000 bushels.
Inasmuch as the crop last year was 621,000,000 bushels,
the increase is variously estimated at 80,000,000 to 180,000,000 bushels. Probably a happy mean may be struck
between the extreme views. In any event, the surplus
will be entirely needed. What we do not consume ourselves can be shipped abroad, the demand already showing
up well for export. In the Canadian Northwest the weather
has been rather unsettled, but indications point to a large
yield. Some experts, however, say that the crop will be
a little larger than last year. Threshing returns, according
to the "Modern Miller" indicate [a winter-wheat crop of
354,000,000 bushels, which would compare with 430,000,000 harvested last year. Exports from the Argentine
were 2,260,000 bushels, which compares with 728,000 last
year. Bradstreet's gives the exports of wheat and flour
for the week from America as 2,740,000 bushels, which
compares with 2,560,000 last year. To-day the market
was quiet and rather easier, reflecting profit-taking in anticipation of the Government report. The report made a
splendid showing, indicating 680,000,000 bushels wheat,
which compares with estimates of 630,000,000 a month
ago and 621,000,000 actually harvested last year. Winter
wheat, though 32,000,000 bushels more than was figured a
month ago, will still be the smallest crop in eight years.
Spring wheat will be a record-breaker.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_108% 107% 108
No. 2 red
107% 108% 108%
September delivery in elevator_ _ _ _100% 100% 100% 100% 101% 100%
December delivery in elevator__ _101 % 100% 100% 100% 101 A 100
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Thurs. Fri.
)
2efi TIM
;u
,
o/Li 7
Sat. 92
September delivery in elevator_cts_
92% 92
93% 92 %
December delivery in elevator_ _ _ _ 93% 93
4,
Corn developed resiliency after making new low levels.
As in wheat, the September offerings proved to have been
• oversold and the bears paid the penalty. Strength in the
cash market was noted, as the new crop does not come along
for some time. Available stocks are moderate, and world's
visible supply shows a decrease of 1,482,000 bushels, as compared with. 1,523,000 bushels last year. While cash corn
was higher, dealers sold for December shipment at 5 cents
under the December option. The tendency was to sell the
deferred months as a hedge against purchases of September,
for the prospects favor a large crop. There have been showers in the Southwest and ample moisture is now assured.
In fact, the yield may not be far below the 3,000,000-bushel
mark. To-day the market reacted on professional selling.
Crop conditions accounted for the bearishness of traders.
The Government report indicates a crop of 2,811,000,000
bushels.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
cts_nom. nom. nom. nom. nom. nom.
Friday, Aug. 9 1912.
There has been a better tone to the flour market during September delivery in elevator_ _ _ _ nom. nom. nom. nom. nom. nom.
DAILY
OF CORN FUTURES IN CHICAGO.
CLOSING
PRICES
the week. The mills have been more active than in a long
Sat. Mon. Tues. Wed. Thurs. Fri.
% 68%
while, especially for new-crop shipment. In fact, orders September delivery in elevator_ _cts_67% 66% 6631 66% 68
55
55% 54% 55
of this character ran as high as 75% of the total output. December delivery in elevator_ _ _ _ 56 % 56
Oats declined and then recovered. The strength was in
But old flour was not neglected. It was evident that many
buyers were out of stock and compelled to purchase to re- the September option, which the short interest had overplenish same. This was natural in view of the hand-to- sold. Yet the general situation was bearish. The crop
mouth buying of recent months. The interest shown in new .movement was active, primary receipts being heavy. Some
flour was to be expected because of the movement of new stress was laid upon the likelihood that rains would delay
wheat. The steady decline in the price of wheat made it threshing in Iowa and Kansas; but a big harvest is prepossble for millers to purchase. Approximately 250,000 dicted which may exert pressure upon later months. The
barrels were sold which were covered in this manner. The visible supply showed a decrease of 285,000 bushels, as corn
pared with an increase last year of 1,621,000 bushels. Toexport demand shows some improvement.
Wheat showed a reactionary trend, but on the decline day there was an easier tone, reflecting the tendency of other
there was good covering. This was particularly the case in grain markets. Receipts are heavy and cash prices lower.
September, where the bear account was over-extended. The Government crop report indicated 1,207,000,000 bushels,
There had been too much company on the short side. More- or almost 50% larger than the figures of a year ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK. _
over, the heavy purchases of cash wheat made it possible
SA, Mon. Tues. Wed. Thurs. Fri.
that delivery would be difficult next month. In Chicago, Standards
' nom. 61
cts _611
nom. nom. 60%
61
nom. 81
nom. nom. 60%
not only were 1,500,000 bushels absorbed by millers and for No. 2 white
DAILY
CLOSING
PRICES
OF OATS FUTURES IN CHICAGO.
export, but next week's deliveries were also contracted for.
Sat. Mon. Tues. Wed. Thurs. Fri.
It was evident that the steady decline had brought values September delivery in elevator _cts_31
% 31
30% 30% 31 % 31 %
32% 32%
32% 32% 31% 32
down to an attractive basis. The world must have wheat, December delivery In elevator_
and cannot afford to wait for the bottom. The European
Closing prices were as follows:
situation, moreover, is rather mixed, and our surplus may
FLOUR.
be needed abroad. Available stocks the world over are Winter. low grades___ _$3 75@$4 101 Kansas straights, sacks_34 40@$4 60
4 40
5 40 Kansas clears, sacks__ 4 00
5 15
smaller than a year ago. For America, the decrease during Winter patents
4 75 City patents
6 20c 6 50
straights4 55
the week was 920,000 bushels, which compares with an in- Winter
4 25
4 50'Rye flour
4 25
Winter clears
4 50
crease of 4,558,000 bushels last year. The world's visible Spring patents
5 501Graham flour
5 25
4 00
4 70
5
75
4
00ICorn
meal,
Spring
kiln
05
straights
4
dried__
supply decreased 4,620,000 bushels, as compared with 4,458,- Spring clears
465€' 4 90IBuckwheat, ovit
Nominal
000 bushels last year. But the primary receipts are increasGRAIN
ing, particularly in the Southwest. The winter-wheat move- Wheat, per bushel-f. o. b.
Corn,per bushelCents.
ment is active, and daily receipts at St. Louis and Kansas
N. Spring, No. 1, new____$1 03
No. 2
elevator
Nomln 1
1 oo81%.
N. Spring, No. 2, new__ _ _n
N
Steamer
er _ _ _ _elevator
Nominal
City make new high records. The yield per acre is running
Red winter, No.2
c.i.f.
Nominal
larger
than
expected, so that the crop promises to be
better
1 02% Rye, per bushelHard winter, No.2
Oats,
per
newCents.
No.
Western
2
75
bushel,
preearly
estimates appeared to warrant. The latest
than
60%
State dc Pennsylvania
Standards
Nominal
diction is for 400,000,900 bushels of winter wheat. Showers
9 Barley-Malting
%
05
No. 2 white
586®
70@80
No. 3
have caused some delay in harvesting, but not enough to
materially retard the movement. Advices from the NorthFor other tables usually given here. see page 341 .
372
THE CHRONICLE
• AGRICULTURAL DEPARTMENT'S REPORT ON
CEREAL CROPS, (tc., TO'AUG. 1.-The Agricultural Department issued on the 8th inst. ist report on the cereal
crops for the month of July as follows:
The Crop Reporting Board of the Bureau of Statistics of the United.
States Department of Agriculture estimates, from
respondents and agents of the Bureau, as follows: the reports of the cor• For the UNITED STATES:
-Condition Aug. 1- July 1
-Acreage, 1912--Crop,1912. 1911. 10-yr. Aver. '12. P. C.of'11. Acres.
Corn
80
89.6
82.8
108,110,000
81.5
102.2
Winter wheat
73.3
25,744,000
88.3
Spring wheat..__ _90.4
85:8
80:3
89.3
19,201,000
94.2
All wheat
44,945,000
80.1
90.7
Oats
90.3
66-.7
100.2
ii
:4
89.2
37,844,000
Barley
89.1
66.2
99.3
83.1
88.3
7,574,000
Rye
88.2
7,574,000
98.6
Buckwheat
88.4
6279
100.1
fi15:2
835,000
White potatoes .87.8
62.3
101.9
84.8
ig:9
3,689,000
Tobacco
82.8
87.7
68.0
117.9
81.8
1,194,200
Flax
87.5
88.9
71.0 .82.4
108.5
2,992,000
Rice
86.3
86.3
88.3
102.0
87.9
710,100
Hay, all tame_c_ _91
85.2
68.6 x82.6
Apples
65.8
67.9
53.9
53.9
* Nine-year average. z Four-year average.
c Hay figures of the Bureau have been revised to conform to the census
olassification and basis; changes are due mostly to the inclusion
of grains
cut green for hay, not included in the Bureau's previous basis of estimaions.
The yields indicated by the condition of crops on Aug. 1 1912, and final
yields in previous years, for comparison, follow:
-Yield per Acre- -Total in Millions of Bush.
1911. '06-'10. 1912.a 1911. 1910. 1909.
Crops- •
• • • • 1912.a Final. Avge.
Final. Final. Census
bush_ 26
Corn
23.9 27.1 2,811 2,531
2,552
Winter wheat__.._ " 815.1 14.8 15.5 8390 430 2,886
434 418
Spring wheat_ _ _ _ " 15.1
290
.
•
201
265
" 15.1 12.5 14.6 680 621 635 683
All wheat
" 31.9 24.4 28.4 1,207 922 1,186 1,007
Oats
" _ 26.7 21.0 24.8 202 160
Barley
174
173
Rye
" 816.9 15.6 16.3
33
30
35
Buckwheat
" 19.3 11.1 19.5 835
16
18
15
18
White potatoes " 100.7 80.9 96.8 371
298 349 389
Tobacco,
lbs 820.6 893.7 828.0 .980 905 1,103 1,056
Flax
bush_ c9.4
7.0
8.7
28
19
13
20
Rice
bush_ 31.9 32.9 32.4
23
23
25
Hay, all tame_ tons_d1.49 1.14 1.42
55
73
69 --(iii
a Interpreted from condition reports. b Preliminary estimate. c Based
on average for 1905-1909. a Based on average for 1908-10.
The quality of winter wheat is 90.7., against 92.0 last year and 91.1 the
five-year average (1907-11.)
• The quality of rye is 94, against 91.5 last year and 92.0, the ten-yr. aver.
• The amount of oats remaining on farms Aug. 1 is estimated at 3.8% of
last year's crop, or about 34,872,000 bush., as compared
with 67,793,000
bush. on Aug. 1 1911 and 64,199,000 bush. on Aug. 1 1910.
• The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Aug. 3 1912, was as follows:
UNITED STATES GRAIN STOCKS.
of the attractive prices which were named and which buyers
knew would not prevail very long. The fear of a repetition
of the shortage in serges which was experienced during last
spring and summer was another reason for the heavy early
buying. Most mills have, however, accepted about all the
business they, care to at the opening figures, and have placed
their products subject to further advance.; without notice.
Further openings of men's wear took place and business in
this department is very satisfact3ry. Initial orders on
mixtures and fancies have been beyond expectations and
sales of these promise to be unusually hdavy. Worsted
and woolen yarns are firmly hell and spinners are steadily
advising manufacturers that plies will be advanced further
in the near future. The week in cotton goods has been very
active and furthe: advances have been named on some lines.
On the best known lines of bleached goods manufacturers
hive sell their output for some time ahead and are much
concerned over the course of the market for raw cotton.
They are now accepting business only at value at the time of
delivery. Prints and ginghams are in steady request and
a large volufne of goods has been shipped against old orders.
Jobbers are looking over their stocks very closely realizing
that the production in these lines is going to run behind
requirements and that they will experience difficulty in
getting supplies later on. The slump during the week in
the market for raw cotton has had little or no effect upon
manufacturers and where the latter are not covered on raw
material for the late months, they are refusing to accept
further business. On the whole, the entire cotton goods
market is in a very strong position, the volume of sales being
heavy and at the best prices obtained for a long time.
Most large mills are operating overtime and despite thisfact
are having difficulty in meeting the demand coming forward.
DOMESTIC COTTON GOODS.-Exports of cotton goods
from this port for week ending Aug. 3 were 9,147 packages,
valued at $625,601, their destination being to the points
specified in the table below:
-----1912---------1911----Since
Since
New York to Aug. 3Week. Jan. 1.
Week.
Jan. 1.
Great Britain
8
3,229
494
11
Other Europe
7
1,303
622
25
China
48,344
7,161 68,624
India
,
2,420 19,041
_ 17,866
Arabia
798 36,895_ 12,524
Africa
790 17,580
8,716
-5713
West
Indies
713 29,300
384 23,883
Amer.Bonded Amer. Amer.Donde 1 Amer. Amer.Bonded Mexico
39
1,910
1,395
9
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley. Central
334 13,538
501 12,125
In Thousandsbush, bush. bush. bush. bush. bush. bush. bush. South America
43,849
799
586
35,827
New York
37
2
77 518 214 200 • 10)
3) Other America
countrie,
'
•3,239 45,625
208 23,009
Boston
2
279
22
3
Philadelphia
107
187
16
_
Total
9.147 260,614
9.424 205,085
Baltimore
551
60
167
36
New Orleans
104
54
__ __
• The value of these New York exports since Jan. 1 has been
Galveston
320-.... _
3
$16,623,5'46 in 1912, against $14,378,647 in 1911.
Buffalo
575 485
• .- -2(1
14
76
109
Toledo
618 ____
33
3
25
Domestic cotton markets continue to work into a firmer
187 - - - Detroit
132
6
71
position, with business active. The sharp break in prices
Chicago
7,0)1
111
812
353
29
Milwaukee
22191
12
11
for raw cotton during the past week
15
little effect on
Duluth
1,563
-316
33
___ _
4 -85
6 - -25 sentiment, as the demand for all lines ofhad
goods is large and
2,371
Minneapolis
__
27
3
15
146
1,121
$t. Louis
with supplies light, especially for quick delivery, values are
__ -.63
34
2
1,761 ____
Kansas City
68
16
_
not governed by speculative conditions in cotton markets.
Peoria
33
83
- -.
Indianapolis
The concensus iamong merchants is that nothing save ad119 __.. 272
5
217 _ _-.223
Omaha
12
verse tariff legislation can now cheek the business, which
1,821 On Lakes _
promises to continue good during the remainder of the year.
....
2 _
1713
On Canal and River.
,
Trade reports from all seections of the country are optimis, Total Aug. 3 1912_18,761 1,839 2,451
991 168 243 338
68
r Total July 27 1912..18,048 2,328 3,636 1,034 260 303 384
66 tic, telling of increasing consumption because of improved
Total Aug. 5 1911..45,881 _ _
22
6,005 13,000
669
purchasing power due to greater activity in industrial
Aug. 6 1910..14,798
3,708 2,645
231
741
centers and bright crop outlook. Denims and tickings are
CANADIAN GRAIN STOCKS.
in active demand and are being purchased for delivery as
Canadian Bonde I Canadian Bonded
Canadian Bonded
Wheat, Wheat. Corn. Oats. Oats. Rye. harley. Barley • far ahead as the end of the year. Working
suit goods are
In Thousandsbush. bush. bush. bush. bush. bush. bush. buso
also taken in a liberal way with prices firm. Bleached and
Montreal
1,456
406
5
-_
6
William
Fort
2,918
brown cottons are well held; with substantial sales of subPort Arthur
1,244
___ 81
•6
counts or low counts reported. Fruit-of-the-loom 4-4
Other Canadian
2,451
- bleached cottons have been marked up 3/
5c. per yard, with
Total Aug. 3 1912_ 8,069
5 4,188
6
still further advances looked for. Staple ginghams are well
Total July 27 1912_ 8,905
6 4,515
26
under order and higher prices are predicted in the near
Total Aug. 5 1911_ 5,397
588 4,23.1
31
'
Total Aug. 6 1910_ 4,101 _
23 841
111
future. Jobbing hous3s report more activity in wash
gilNIMARY
Mt
fabrics
than for SOM3 time past and also state that the
Bond-el
Bonded
Bonded
Wheat. WLeal. Corn. Oats. Oats. Rye. Barley. Barley. prices realized show a moderate degree
gPIn Thousandsof profit. Print
bush
bush. bush. bush, bush. bush, bush. bush.
American
18,761 1,839 2,451 991 168 243 338
68 cloths and convertibles maintain a firm undertone. The
Canadian
8,069 __ _ _
5 4,188 ____
former, both wide and narrow constructions, are in steady
demand, withg oods for prompt delivery only available in
; Total Aug. 3 1912..26,730 1,839 2,456 5,179 168 243 344
68 small
Total July 27 1912_26,953 2,328 3,642 6,549 260 303 410
lots. Owing to the fact that many of the mills are not
66
Total Aug. 5 W.11_51,278
6,593 17,231
22 700 _ _ fully covered on cotton, they do not
care to make sales far
Total Aug. 6 1910_18,899 ___ 3,731 3,489
231 852
ahead. It is also reported that considerable business in
print cloths is offered for August and September delivery
THE DRY GOODS TRADE.
that cannot be handled. Gray goods, 38 -inch standard,
New York, Friday Night, Aug. 9 1912. • are quoted at 5/3sc.
All descriptions of dry goods continue in a strong position,
WOLLEN GOODS.-The volume of business passing in
with demand steadily increasing. The excellent crop tile markets for
men's wear and dress goods continues of
prospects, together with decided improvement in other lines large proportions.
In fact, the business tendered in some
of business, are broadening ideas and 'causing the trade to instances is said
to be too large for mills to accept and
view the future with optimism. As was expected, the guarantee satisfactory
deliveries. Buyers who entered the
cotton and woolen schedules of the tariff will not be altered market to
purchases of spring goods and to look over
at this session of Congress as the President has already new lines ofmake
men's wear opened during the week also made
vetoed the Wool Bill and allowed it to become known in- inquiries for many
lines of spot merchandise.
directly that he will veto the Cotton Bill also. Governor
FOREIGN
Wilson's speech of acceptance of the nomination was also ticularly dress DRY GOODS.-Demand for linens, parregarded as an encouraging document and very unlike any proportions, goods for spring delivery, continues of large
good sales of all colors, including tans and
previous Democratic document of this kind in that it was whites. Thewith
demand for household lines is also very enfree from drastic recommendations regarding the revision couraging and gives promise
one of the most active fall
of tariffs and regulation of big business. In woolens and seasons for some time past.of Burlap
markets rule very
worsteds buyers of staple dress fabrics have operated freely strong, influenced
by advices from Calcutta and reports of
and sales to date are far in excess of those of a year ago. small stocks. Light-wei
A very heavy_business was placed at the opening because and 10 2-ounce at 7.40e.ghts are quoted at 5.90c. to 6c.
.1 .1
.LTotal
STATE MID _pill DETion-tunT.
MUNICIPAL BOND SALES IN JULY.
Our records show that during the month of July there
were disposed of 433 new issues of municipal bonds, aggregating $27,867,297. This amo unt includes the following large
issues: $5,300,000 5s of San Francisco, Cal.; $5,000,000 4s of
Baltimore, Md.; $1,200,000 4s of the State of California;
$1,100,000 4s of Cleveland School District, Ohio; $1,000,000
4s of the State of Maryland; $500,000 4s of Cuyahoga County,
Ohio; $300,000 6s and $200,000 4 Ms of Charlotte, No. Caro.;
$438,500 4s (7 issues) of Cincinnati, Ohio, and $340,000 4s of
Detroit, Mich. There continues to be a fair demand for this
class of investment,and,as in the months preceding, very few
unsuccessful attempts to market new issues were reported
during July.
In the table below we give a comparison of all the various
forms of securities put out in July of the last five years.
It will be noticed that the total of. all loans negotiated last
month was $42,763,661, including, in addition to the $27,867,297 permanent loans referred to above, $10,583,993
temporary obligations and $4,312,371 Canadian debentures
1912.
1911.
1909.
1008.
1910.
3
$
$
Permanent loans (U. S.)_27,867,297 42,231,297 35,832,789 20,120,647 21,108,678
Temporary loans (U. S.)_10,583,993 17,903,367 8,135,671 5,295,248 6,278,567
Canadian loans (perml). 4,312,371 2,127,241 1,532,313 35,144,492 27,172,396
None
1,500,000
425,000
None
Bonds of U.S. Possessions
None
None 4,000,000
Gen. fund bds.(N. Y. C) None
None
None
Total
42,763,661 63,761,905 49,925,773 60,560,387 54,559,641
The number of municipalities emitting long-term bonds
and the number of separate issues during July 1912 were
341 and 433, respectively. This contrasts with 365 and 461
for June 1912 and with 490 and 601 for July 1911.
For comparative purposes we add the following table
showing tile aggregates for July and the seven months for a
series of years: In these figures temporary loans, and also
ssues by Canadian municipalities, are excluded.
Month of
For the
Seven Mos.
July.
1912
$27,867,297 $273,062,860
1911
42,231,297 265,493,667
35,832,789 198,678,899
1010
20,120,647 227,245,964
1909
21,108,678 190,191,257
1908
16,352,457 131,700,346
1907
25,442,095 127,780,340
1906
10,878,302 122,601,356
1905
33,233,254 171,102,409
1904
1903
15,670,240
95,246,674
1902 -____ 12.861,550 100,489,945
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892
Month of
For the
July.
Seven Mos.
$8,262,495 $69,485,555
86,047,708
8,104,043
81,959,334
18,613,958
7,868,563
51,947,110
00,665,236
17,389,859
5,313,495
48,490,459
72,366,273
15,374,660
74,680,229
8,253,237
34,354,715
1,691,600
53,232,391
4,139,100
Owing to the crowded condition of our columns, we are
obliged to omit this week the customasy table showing the
month's bond sales in detail. It will be given later.
News Items.
Anniston, Ala.-Commission Form of Government Defeated.-Local papers state that the election held Aug. 5 resulted in the defeat of the question of adopting the commission form of government. The vote was 191 "for" and
646 "against."
Cincinnati-Oakley, Ohio.-Annexation Agreement Signed.
-An agreement of annexation was signed on Aug.2 by Commissioners representing both of these places. As previously
stated, the plan to annex was approved by the voters in
Nov. 1911. See V. 94, p. 1640.
Louisiana.-Extra Session of Legislature.-Governor Hall
has issued a proclamation convening the Legislature in extra
session Aug. 12 for the consideration of the following subjects:
(1) The formulation and submission of an amendment or amendments
to the constitution re-modeling and reorganizing the State's system of
assessment and taxation.
(2) The enactment of legislation authorizing the continuance of the present Tax Commission, or a committee thereof, to aid the General Assembly
in framing the legislation required to carry into effect the amendments to
be submitted for ratification at the general eleotion to be held Nov. 5 1912.
(3) To make 'provision for the payment of the per diem and mileage of
the members of the General Assembly for attendance upon the extraordinary
session, of the expenses of the said session, and of such expenses as may be
Incurred by the continuance of the Tax Commission, or a committee
thereof, and to defray the cost of publishing the proposed constitutional
amendments, if necessary, without reference to the existing printing laws.
Oakland, Cal.-Attempt to Recall Mayor and City Commissioners Fails.-The plan to recall Mayor F. K. Mott and City
Commissioners W. J. Baccus and F. C. Turner was defeated,
it is reported, at an election held Aug. 5.
011io.-Financial History of Ohio.-This is the title of a
very interesting book of more than 350 pages which has been
prepared by Ernest Ludlow Bogart, Associate Professor of
Economics of the University of Illinois. The work, which,
according to the author, is based almost exclusively upon
official sources, is divided into two parts, the first dealing
with financial administration and legislation, and the second,
history of taxation. Chapter I. presents a financial and
economic history of the State; No. II., a study of the budget;
No. III., financial administration and budgetary practice;
No. IV., the general property tax; No. V., history and taxation of banks and'banking; No. VI., history and taxation of
railroads; and No. VII., business and miscellaneous taxes.
373
THE CHRONICLE
Auo. 10 1912.]
Republic of Cuba.-Bonds Drawn for Redemption.-There
have been drawn for redemption Sept. 1 certain bonds of the
$35,000,000 5% gold loan of 1904, the numbers of which will
be found in an advertisement on a preceding page. Payment will be made at the offices of Speyer & Co., New York;
Speyer Bros., London; Lazard Speyer-Ellissen, Frankfort-oMain; Deutsche Bank, Berlin; Credit Lyonnais, Paris; H. Upmann & Co., Havana.
Richland County School District No. 13(P. 0. Columbia),
So. Caro.-Petition to Enjoin Bond Issue Denied.-'1h3 State
Supreme Court has dismissed the petition of W. B. Dove for
an injunction to prevent the issuance of the $20,000 bonds
sold in April. V. 94, p. 1267.
Bond Proposals and Negotiations this week
have been as follows:
ABILENE, Taylor County, Tex.-Bonds Voted.-By a vote of 191 to 20,
the proposition to issue the *30,000 street-paving bonds carried at the election held July 29 (V. 94, p. 1778).
ALBION, Orleans County, N. Y.-Bonds Voted.-An election held Aug. 1
resulted in favor of the proposition to issue $175,000 sewer bonds. The
vote was 150 to 40.
ALTOONA, Blair County, Pa.-Bond Offertng.-Proposals will be received until 3 p. m. Aug. 15 by J. F. Meek, Chairman Finance Comm.. for
the $150,000 4% coupon street-impt. bonds voted June 25 (V.94, p. 1778).
Denom. $1,000. Date Sept. 1 1912. Int. M. & S. at office of the City
Treasurer. Due Sept. 1 1942, optional after Sept. 1 1932. Bonds will be
certified as to genuineness by the U.S. Mortgage & Trust Co., N. Y. Cert.
check on a national bank or trust company for $1,500, payable to the City
Treasurer, required. Delivery Sept. 5 unless a subsequent date shall be
mutually agreed upon. Purchaser to pay accrued interest. Bids must be
made on blank forms to be furnished by the City Comptroller or the U. S.
Mortgage & Trust Co., New York City.
ANSLEY, Custer County, Neb.-Bonds Authorized.-This town has
authorized the issuance of $4,000 5% 5-20-year (opt.) coup. water bonds.
Denom. $500. Date July 2 1912. Int. J. & J. at the fiscal agency of the
State in N. Y. Bonded debt, including this issue, $20,000. No floating
debt.
APPLETON. Outagamie County, Wis.-Bond Offering.-Proposals will
be received until 10 a. m. Aug. 16, it is stated, by E. L. Williams, City
Clerk, for $225,000 4 3i% water-works bonds. Int. semi-annual. Certified
check for $5,000 required.
ARLINGTON. Kingsbury County, So. Dak.-Bond Election.-A proposition to Issue $10,000 electric-light and power-plant-coast. bonds will be
submitted to the voters, it is stated, on Aug. 17.
ASHLAND. Ohio.-Bond Sale.-On Aug. 5 the $8,000 5% 5 1-3-year
(ay.) coup. Maples St. lmpt. assess. bonds (V. 95, p. 126) were awarded to
the Farmers' Bank in Ashland for $8,405 (105.06) and int.-a basis of
about 3.93%. Other bids follow:
Ashland S.B.&Tr.Co„Cin_ 48,403 20 SecurityS.B.&Tr.Co., Tol_ 48,286 75
First Nat. Bank, Ashland_ 8,377 60 Prov.S.B.&Tr.Co., Cin
8,271 20
Breed & Harrison, Cin_ ___ 8,322 40 New First Nat. Bank, Col_ 8,271 00
Stacy & Braun, Toledo_ __ _ 8,312 80 Seasongood & Mayer, Cin
8,265 00
Well, Roth ec Co., Cin
8,296 00
AURORA TOWNSHIP SCHOOL DISTRICT (P. 0. Aurora). Portage
-Bond
Sale.
-On
Aug. 1 the $20,000 4 A % 10 3.-yr. (ay.)
Ohio.
County,
coup. school-bldg. and site bonds (V. 95, p. 126) were awarded to Rodgers
& Sons of Chagrin Falls at 104.135 and int.-a basis of about 4%. Other
bids follow:
Otis & Co. Cleveland_ _ _ .$20,701 00 Hayden, Miller & Co., Cle420,610 00
First Nat. hank, Cleve__ _ 20,691 75 Tillotson & Wolcott Co., Cle.20,453 00
Hochier & Cummings, Tol. 20,682 50 Well, Roth & Co., Cin_ _ 20,425 00
Davies-Bertram Co., Cin_ 20,651 50 Spitzer, Rorick & Co., Tol. 20,266 00
Scasongood & Mayer, Cin_ 20,640 00
AUSTIN SCHOOL DISTRICT, Santa Clara County, Cal.-Bonds Voted.
-An election held July 22 resulted in favor of the proposition to issue
$4,500 5% bldg. and impt. bonds. The vote was 27 to 11. Denom. $500.
Due $500 yriy. In from 2 to 10 yrs., incl. We are advised that proposals
for these bonds will be received about Sept. 1.
BAKERSFIELD SCHOOL DISTRICT, Kern County, Cal.-Bonds Refused.-E. H. Rollins & Sons of San Fran. have refused the $120,000 5%
bldg. bonds awarded to them May 7 (V. 94, p. 1397) for the reason that the
int. was payable annually instead of semi-annually, as required for districts contained In cities of the second class. We are advised that the
School District Trustees will call another election.
BASTROP COUNTY (P. 0. Bastrop), Tex.-Bids Rejeced.-Reports
state that all bids received on July 25 for the $100,000 5% Road Precinct
No. 1 road-const. bonds (V. 95, p. 126) were rejected.
BELZONI DRAINAGE DISTRICT (P. 0. Belzoni), Miss.-Bonds Auth.
ortzed.,--ThIs district has authorized the issuance of $300,000 6% bonds.
Date
sale not yet decided.
BETTSVILLE SCHOOL DISTRICT (P. 0. Bettsville), feneca County.
Ohio.-Bond Sale.-On Aug. 5 the $12,000 434% bonds (V.15, p. 312) were
awarded to the First Nat. Bank of Clev. for $12,103 60-making the price
100.863, it is stated.
BLACKWELL, Kay County, Okla.-Bonds Voted.-By a vote of 301 to
46 the question of issuing $100,000 gas-pipe-line-Const, bonds carried, reports state, at the election held Aug. 1.
BLUE EARTH COUNTY (P. 0. Mankato), Minn.-Bonds Authorized.An ordinance has been passed providing for the issuance of $86,400 drainage
bonds, reports state.
BLUE ISLAND. Cook County. I11.-Bond Sale.-On Aug. 5 a bid of
$30,402 was received from N. W. Halsey & Co. of Chicago for the $30,000
4 %% 1-15-yr. (serial) funding bonds (V. 95, p. 312). Bids were also
received from John Nuveen & Co.' H.C.Speer It Sons Co., Bolger, /dosser
& Willaman of Chicago and the Blue Island State Bank in Blue Island.
BOVILL, Latah County. Idaho.-Bond Offering.-Proposals will be
received until Aug. 13 for $9,000 10-20-year water and light-impt. bonds
at not exceeding 8% int. Auth., vote of 31 to 0 at election held May 18.
BOSQUE COUNTY (P. 0. Meridian.) Tex.-Bond Sale.-Reports state
that the $40,000 5% 20-40-yr. (opt.) coup. Road Dist. No. 7 bonds registered by the State Comptroller on May 1 (V. 94, p. 1398) have been disposed of.
BRAINTREE. Norfolk County. Mass.-Bond Sale.-On Aug. 6 the $50,0004% 934-year (ay.) coup. town-hall bonds (V.95, p. 249) were awarded
to Estabrook & Co. of Boston at 101.33 and int.-a basis of about
3.82%. Other bids follow:
Boston_ _ _ _100.819
N.W.Harris & Co.,Inc.,Bost_101.28 R. L. Day &
101.278 Merrill, Oldham
Co.,& Co., Bost_100.779
Biodget & Co., Boston
100.677
Curtis & Sanger, Boston_ _ _ _101.11 Adams Co., Boston
B. H. Rollins & Sons, Bost__100.917 Blake Bros. & Co., Boston 100.410
BRIDGETON, Cumberland County. N. J.-Bond Sale.-On Aug. 6 the
$18,200 4 A % 30-yr. coup. school bonds (V. 95, p. 126) were awarded to
R. M. Grant & Co. of N. Y. at 101.97 and int.-a basis of about 4.382%..
Other bids follow:
John D. Everitt ec Co., N. Y_ _101.43 I Farmers &Merch.Bk., Bridg_101.25
Cumberl'd Nat. Bank, Bridge_101.66IHarris, Forbes & Co., N Y _ _100.331
BRYAN, Ohio.-Bond Sale.-The $12,000 4 A % coup. street-Impt.
bonds recently authorized (V. 95, p. 65) have been disposed of, it is stated.
CALCASIEU PARISH SCHOOL DISTRICT. La.-Bond Sale.-On
Aug. 2 $50,000 high-school-bldg. bonds were purchased, it is stated, by the
Calcasieu Trust & Savings Bank of Lake Charles for par, accrued interest
and a small premium.
CALUMET COUNTY (P. 0. Chilton), Wis.-Bond Safe -On Aug. 1 the
$57,000 4 A% 6 2-3-year (avge.) coupon court-house bonds (V. 95, p. 249)
were awarded to the Commercial Bank in Chilton for $57,100 14, making
the price 100.175. Date:Aug. 1 1912.
a
&
474
THE CHRONICLE
CAMDEN COUNTY (P. 0. Camden). N. J.-Bond Offering.-Proposals
will be received until 11 a. m. Aug: 14 by John Prentice, Director of the
Board of Chosen Freeholders, for the $57,000 (not $57,500 as first reported)
434% coup. or reg. (or both) bonds for the re-surfacing of White Horse
turnpike (V. 95, p. 126). Denom. $1,000. Int. F. & A. at the United
States Mtge. & Trust Co., N. Y. Due Aug. 1 1918. Cert. check on a
national bank for 5% of bid, payable to the Co. Collector, required Purch.
to pay accrued int. Bids must be made on blank forms furnished by county.
CANAL DOVER, Tuscarawas County, Ohio.-Bonds Authorized.-On
July 29 the City Council passed ordinances, it 13 stated, providing for the
issuance of $12,000 North Factory St. paving bonds.
CHESTER TOWNSHIP, Meigs County, Ohlo.-Bond Offering.-Proposals will be feceived until 10 a. m. Aug. 19 by J. F. Roecher, Twp. Clerk
(P. 0. Chester), for $2,000 5% road-bldg. tax-free bonds. Auth., Sec.
.3295, Gen. Code. Denom. $200. Date Aug. 1912. Int. ann. Due $200
yearly from 1913 to 1922 incl.
CINCINNATI. Ohio.-Bonds Authorized.-An ordinance was passed July
30 providing for the issuance of $500,000 4% 12-yr. street-lmpt. bonds.
Denom. $500. Date Sept. 1 1912. Int. M. & S.
An ordinance was also passed on Aug. 6, it is stated, providing for the
issuance of $550,000 bonds for new university buildings.
CLARK COUNTY SCHOOL DISTRICTS, Wash.-Bond Sale.-On July
13 $1,800 1-20-year (opt.) Dist. No. 44 and $1400 10-20-year (opt.)
Dist. No. 27 6% bonds were awarded to the Washington Exch. Nat. Bank
in Vancouver at par. Denom. $200. Date July 15 1912. Int. J. & J.
COHOCTON, Steuben County, N. Y.-Bond Offering.-Further details
are at hand relative to the offering on Aug. 15 of the $10,000 coupon paving
tax-free bonds (V. 95, p. 313). Proposals for these bonds will be received
until 12 m. on that day by A. McWatters, Village Clerk. Auth. Sec. 129,
Art. 5, Chap. 64, Laws of 1909 and amendments thereto. Denom. $500.
Date Sept. 1 1912. Int. (rate to be named in bid) annually at office of the
Village Treas. Due $1,000 yearly on Sept. 1 from 1914 to 1923, incl.
Certified check for *100, payable to the Village Clerk, required.
COLERIDGE, Cedar County, Neb.-Bonds Voted.-By a vote of 58
to 7 the question of Issuing the $8,500 5% 5-20-yr. (opt.) water-works-ext.
bonds (V. 94, p. 1779) carried at the election held Aug. 5. We are advised
under date of Aug. 6 that these bonds will be offered for sale in about
10 days.
COLFAX, Placer County, Cal.-Bonds Voted.-At an election held recently the question of issuing $15,000 sewer bonds carried, It is stated, by
•a vote of 115 to 48.
COLUMBUS, Loundes County, Miss.-Bond Election.-Reports state
that an election will no doubt be held Aug. 15 to submit to the voters the
proposition to Issue $50,000 bonds to aid the Memphis Columbus ec Gulf Ry.
COLUMBUS SCHOOL DISTRICT NO. 1 (P. 0. Columbus), Neb.-Bond
Sale.-On Aug. 1 the $30,000 5% 10-20-yr. (opt.) coup. school-bldg. bonds
(V.95, p. 66) were awarded to W.E. Barkley of Lincoln for $30,475 (101.58)
and int. Other bids follow:
Much. LoanoSo Tr. Co., Chic_$30,381 Harris Tr. & S. Bk., Chic__ _$30,176
H. T. Holtz & Co., Chic_ __ _ 30,367 E. H. Rollins & Sons, Chic__ 30,156
N. W. Halsey & Co., Chicago 30,327 Fidelity Tr. Co., Kan. City__ 30,075
Well, Roth & Co., Chicago__ 30,317 Emery,Peck ec Rockwood,Ch130015
.0. F. Childs & Co., Chicago.. _ 30,273 H.C.Speer & Sons Co., Chic.. 30:015
Bids were also received from Cutter, May & Co., C. H. Coffin and S. A.
Kean & Co. of Chicago, Int. M. ec N.
CRETE. Will County, III.-Bond Election.-Reports state that an election will be held to-day (Aug. 10) to vote on a proposition to issue watermain-extension bonds.
CROSWELL, Sanilac County, Mich.-Bond Sale.-On Aug. 1 $7,548 5%
reg. Main Sewer Dist. No. 1 bonds were awarded to the First Nat. Bank
of Edmeston, N. Y., at. par. Int. ann. in Aug. Due'part yrly. on Aug. 1
from 1913 to 1916 Incl.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-Band Sale.-On
Aug. 7 the $10,300 4% coup. Fisher Road Dist. No. 2 (county's portion)
bonds (V. 95, p. 66) were awarded to Otis & Co. of Cleveland.
DALLAS, Tex -Bond Offering.-Proposals will be received until 12 in.
Aug. 21 by W.T. Henderson, Com. of Fin.(V. 95, p. 86), for the following
4 34% gold coupon bonds:
$400,000 water-works-impt. bonds. Auth., vote of 2,857 to 2,127 at
election held April 2. Due May 1 1952.
200,000 city-hall-bldg. bonds. Auth., vote of 2,573 to 2,421 at election
held April 2. Due May 1 1952.
125,000 fire-station-bldg. bonds. Auth., vote of 2,662 to 2,281 at election held April 2. Due $3,000 yrly. on May 1 with $4,000 maturing each eighth year from 1913 to 1952 incl.
200,000 public-school-bldg. bonds. Auth., vote of 3,420 to 1,555 at election held April 2. Due $5,000 yrly. on May 1 from 1913 to 1952
incl.
100,000 sewer bonds. Auth., vote of 3,330 to 1,643 at election held
April 2. Due $2,000 in odd years and $3,000 in even years from
1913 to 1952 incl.
Denom. $1,000. Date May 1 1912. Int. M. ec N. at the Chase Nat.
Bank, N. Y. City. Bonds will be certified as to genuineness by the Dallas
Trust & Savings Bank, Dallas. The opinion of Dillon, Thompson & Clay
of New York, together with a full transcript of all proceedings had relative to the bonds, will be furnished to the purchaser. Official circular states
that there has never been a default in the payment of principal or interest,
and that there is no controversy or litigation pending or threatened affectng the corporate existence or boundaries of the municipality, or the titles
of officials to their respective offices, or the validity of these bonds. Cert,
check for 2% of bonds bid for, payable to the Com. of Fin., required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
DALLES CITY, Ore.-Bids Rejected.-All bids received on July 29 for
the $90,000 534% 20-25-yr. (opt.) gold coupon sewer bonds (V. 95, p. 66)
were rejected. Authority vote of 415 to 160 at an election held June 17.
DAYTON, Montgomery County, Ohio.-Bond Offering.-Proposals will
be received until 12 m. Aug. 29 by Geo. W. Bish, City Aud., for the following coupon bonds:
$34,000 5% Burkhardt Ave. paving assess. bonds. Denom. $1,000. Duo
$1,000 on June 1 1913 and $3,000 yrly. on June 1 from 1914
to 1924 incl.
13,500 5% Phillips Ave. paving assess. bonds. Denom. (1) $1,500, (12)
$1,000. Due $1,500 June 1 1913, $1,000 yrly on June 1 from
1914 to 1918 i ncl. $2,000 June 1 1919, $1,000 yrly. on June 1
'inel. and $2,000 June 1 1923.
from 1920 to 1922
3,000 4 A % Board of Health emergency bonds. Denom. $1,000. Due
$1,000 yrly. on June 1 from 1919 to 1921 incl.
Date June 1 1912. Int. J. & D. In New York. Cert. check on a nat.
bank for 5% of bonds bid for, payable to the City Aud., required. • Separate
bids must be made for each block of bonds. Bonds to be delivered and
paid for Aug. 29.
Bond Election.-An election will be held Sept. 3 to vote on the proposition
to issue $170,000 deficit-loan bonds (V. 94, p. 1779).
DEEMSTON (Borough). Washington County; Pa.-Bond Sale.-On
July 5 the $10,000 5% non-taxable grading and paving bonds (V. 94, p.
1521) were awarded, $7,000 to Mary P. Barnard, $2,000 to the First Nat.
Bank of Fredericktown and $1,000 to W. B. Hill. Denom. $500. Date
June 1 1912. Interest J. do D. Due 1913, 1914 and 1915.
r.-DeWITT, Saline County, Neb.-Bond Sale.-On Aug. 5 the $21,500
5-20-yr. (opt.) coup. water bonds (V. 95, p. 250) were awarded to W. E.
Barkley Jr. of Lincoln for $21,625 (100.58) for 5s. Other blds follow:
For 63.
For is
Inter Mountain Constr. Co_ _$21,500 S. A. Kean & Co., Chicago_ _$22,059
Spitzer, Rorick & Co., Tol__ 20,970 G. M.Bechtel & Co., Davenp. 21,650
For 5 Yo.
H. C. Speer & Sons, Chic_ __ 21,535
First Trust Co., Lincoln .__ _$21,500 Bolger,Mosser &Willaman,Chic.21,500
New First Nat. Bank, Col__ 20,800
Denomination $500.
[Voi„ Lxxxxv.
DOVER. Cuyahoga County, Ohio.-Bonds Authorized.-An ordinance
was passed July 29 providing for the issuance of $9,500 4 A % coupon
North Factory St. Impt. assess. bonds. Denotn. $500. Date Oct. 1 1912.
Int. A. & Oat office of Sinking Fund Trustees. Due $500 each six months
from April 1 1914 to April 1 1923.
•
DRIGGS, Fremont County. Idaho.-Bonds Voted.-The election held
July 23 re3ulted in favor of the proposition to issue the $10,000 5% 20-year
water-works bonds (V. 94, p. 1779), the vote being 60 to 1.
ELMIRA, Chemung County, N. Y.-Bids.-The following bids were
received on Aug. 5 for the $73,400 4 A % reg. highway-impt. tax-free bond
(V. 95, p. 313).
Isaac W.Sherrill, Poughk.$74,523 02 Adams So Co., N.
___$ 74,139 00
E. H. Rollins & Sons, N.Y. 74,478 98 Douglas FenwickY_6: Co.,
R. M. Grant & Co., N. Y_ 74,374 75
New York
Harris, Forbes & Co.,N.Y. 74,389 61 C. E. Denison & Co., ost. 738
73,8
992
26
9
80
Estabrook & Co., N. Y.._ 74,339 52 H. Lee Anstey, N.'
Y_ __ _ 73,845 78
We are advised that the bonds will be awarded Aug. 19.
ELWOOD, Gosper County, Neb.-Bond Sale.-An issue of $5,000 5%
5-20-yr. (opt.) lighting-plant bonds were awarded to the First Nat. Bank
of Elwood at par. Denom. $500. Date July 1 1912. Int. J. & J.
ESSEX FELLS SCHOOL DISTRICT (P. 0. Essex Fells), Essex County.
N. J.-No Action Yet Taken.-We are advised under date of Aug. 8 that
no action has yet been taken looking towards the Issuance of the $36,000
30-yr. bldg. bonds voted.May 21 (V. 94, p. 1462).
EUGENE, Lane County, Ore.-Bond Offerings.-Reports state that this
city will offer for sale on Aug. 22 $186,500 improvement bonds.
It is further reported that proposals will be received until Sept. 2 for
$200,000 sewer bonds.
EXPORT SCHOOL DISTRICT (P. 0. Export). Westmoreland County,
Pa.-Bond Offering.-Further details are at hand relative to the offering
on Aug. 10 of the $28,000 5% coupon building tax-free bonds (V. 95, p.
313). Proposals for these bonds will be received until 8 p. m. on that day
by W. M. Berlin, Sec. Board of Educ. Denom. $1,000. Int. F. & A. at
at a bank in Export. Due $2,000 yearly Aug.1 1929 to 1942, incl. Cert.
check for 1%, payable to W. M. Remsley, Treas., required. No bonded
debt. Floating debt, $500. Assessed valuation, $512,000.
FARRELL (P. 0. Sharon), Mercer County, Pa.-Bonds Voted.-The
election held Aug. 3 resulted In favor of the proposition to issue the $50,000
to39rear street and funding bonds (V. 95, p. 313). The vote was
4
10
r
FOSTOR IA, Seneca County, Ohio.-Bond Offering.-Proposals will be
received until 12 m. Aug. 23 by J. H. Horton, City Auditor, for $9,560
434% street-impt. (city's portion) bonds. Auth. Sec. 3939. Gen. Code.
Denom. (1) $560 and (19) $500. Date March 11912. Int. M. & S. Due
$560 March 1 1913 and $500 each six months from Sept. 1 1913 to March 1
1922 incl. Bonds to be delivered and paid for within 10 days from time
of award. Cert. check for 10% of bonds bid for, payable to the City Treas.,
required. Purchaser to pay accrued interest.
p.F10
7W
17)
L.ER, Fresno County, Cal.-No Action Yet Taken.-No date has
yet been set for the election to vote on the proposed sewer bonds (V. 94,
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-Bond Offering.-The
County Com'rs, J. Scott, Clerk, will offer at public auction at 10 a. m. Aug.
29 $10,000 434% Strahl Road impt. bonds. Auth. Sec. 6956-16, Gen.
Code. . Denom. $500. Date Sept. 1 1912. Int. M. & S. Due $1,000
Sept, 1 1914 and $3,000 yearly on Sept. 1 from 1915 to 1917 incl. Cert.
check on a Franklin County national bank or trust company for 2% of
bonds bid for, payable to the County Aud., required. Bonds to be delivered within 5 days from time of award.
FREEDOM, Beaver County, Pa.-Bond Sale.-On July 29 $5,000 4 A %
general impt. bonds were awarded to H. P. Taylor & Co. of Pittsburgh at
101.14+. Denom. $500. Date July 1 1912. Int. J. & J. at the St. Clair
Nat. Bank of Freedom. Bonds are tax-free in Penna. Due $500 yrly.
July 1 from 1919 to 1928 incl. Bonded debt, including this issue, $26,500.
Assess. val. $1,334,747; est. value, $2,500,000.
FULTON, Oswego County, N. Y.-Bonds Offered by Bankers.-E. H.
Rollins & Sons of New York are offering to investors an issue of $25,000
434% reg. water bonds. Denom, $1,250. Date Aug. 51912. Int. F.SoA.
at the United States Mortgage & Trust Co. of New York. Due $1,250
yearly Aug. 5 from 1913 to 1932 incl.
GENEVA, Kane County, III.-Bonds Voted.-An election held July 30
resulted in favor of the proposition to issue $15,000 city-hall bonds. According to reports, the vote was 110 to 83.
.
GLENS FALLS, Warren County, N. Y.-Bond Offering.-Proposals will
be received until 8:30 p. m. Aug. 21 by Loren F. Goodson, City Clerk, for
$117,000 4 A % sewer-refunding bonds. Denom. $1,000. Int. semi-ann.
Due $10,000 yrly. Aug. 31 from 1917 to 1927 incl. and $7,000 Aug. 31 1928.
Bonds will be ready for delivery on or before Aug. 31 1912. Cert. check
on a national bank, State bank or trust company for $1,200, payable to
the City Chamberlain, required. The legality of this issue will be approved
by Dillon, Thompson & Clay of New York, whose opinion will be furnished
to the purchaser.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
GREAT BEND, Susquehanna County, Pa.-Bonds Voted.-The question
of issuing $5,000 paving bonds carried by a:vote of 112 to 21 at the election
held August 6.
GREAT FALLS, Cascade County, Mont.-Bonds Voted.-A favorable
vote was cast on July 22, it is stated, on the proposition to issue the $150,000
city-hall-building bonds (V. 95, p. 66).
GROVE CITY, Franklin County, Ohio.-Bond Sale.-On Aug. 3 the
$13,800 5% 1-10-year (serial) coupon Park St. Impt. assess. bonds (V. 95,
p. 128) were awarded to the Tillotson & Wolcott Co. of Cleveland at 103.40
and Int.-a basis of about 4.30%. Other bids follow:
Hayden,MIller&Co.,Cleve_$14,259 00I Spitzer,Rorick & Co., Tol_$14,091 18
New First Nat. Bk. Col__ 14,258 00 Barb, Scott S: Co., Colum 14,076 00
Well, Roth & Co., din_ _ __ 14,186 40 First Nat. Bk.,Grove City. 14,075 00
We are not advised as to what disposition was made of the $250 Broad St.
sewer bonds offered on the same day.
HARBOR BEACH. Huron County, Mich.-Bond Sale.-The $11,500
city-hall and $16,000 water-works-refunding bonds offered on July 1 (V. 94,
p. 1717) have been awarded to the Security Trust Co. of Detroit at 100.214
for 434s.
HARRISBURG, Pa.-Bond Sale.-The $154,000 4% 11-17-yr. (seri
coup. city-1mM. bonds (V. 95, p. 250) were awarded on Aug. 5 to the First
Nat. Bank, Merchants' Nat. Bank and Harrisburg Trust Co. of Harrisburg
at par and interest. There were no other bidders.
HAVERSTRAW, Rockland County, N. Y.-Bonds Not Sold.-On Aug. 1
no award was made of the $10,000 1-10-year (serial) coupon sewer bonds
offered on that day (V. 95, p. 250).
HINDS COUNTY (P. 0. Jackson), Miss.-Bond Sale.-On August 5 the
$100,000 5% coupon 1st and 5th Sup. Dist. road bonds due In 1936
(V. 95, p. 128) were awarded to Seasongood & Mayer of Cin. at 100.525 and
int. Other bids follow:
S. A. Kean & Co., Chicago_$100,1001Wm. W. Flournoy
The Provident Say. Bank & Trust Co. of Cin. bid par, county to pay all
expenses.
HOPE, Steele County No. Dak.-Band Sale.-On July 31 $6,000 6%
city-hall and fire-hall building bonds were purchased by Bolger, Mosser &
Willaman of Chicago at par. Denom. $1,000. Date Aug. 1 1912: Due
1932.
HOUSTON, Washington County, Pa.-Bond Offering.-According to reports, proposals will be received until 7:30 p. m. Aug. 19 by G. S. Gantz,
Borough Sec., for $17,000 434% street-impt. bonds. Int. semi-ann.
Cert. check for 5% required.
IDAHO FALLS SCHOOL DISTRICT (P. 0. Idaho Falls), Bonneville
County, Idaho.-Bonds Voted.-An election held recently resulted, it is
stated, in favor of the proposition to issue $30,000 school bonds.
IRON DEOUOIT (TOWN) SCHOOL DISTRICT NO. 1, Monroe County
N. Y.-Bond Offering.-Proposals will be received until 12 in. Aug. 17
AUG. 10 1912.]
THE CHRONICLE
375
(date changed from July 27) by Geo. F. Schneeberger, Trustee (854 Powers
MILWAUKEE, Wis.-Bonds Awarded in Part.-According to reports
Bldg., Rochester), for ,
$5,900 5% site and building bonds. Denom. (18) $25,000 of the $40,000 4 A% fire-dept. bonds (V. 94, p. 1718) were awarded
$47436. (1) $47 52, (1
$263 15 and (1) $263 30. Date Augll 1912. • • $6,000 to the police pension fund and $19,000 to the firemen's pension fund.
A'
ISANTI COUNTY (P. 0. Cambridge), Minn.-Bond Sale.-'
MOLINE, Rock Island County, III.-Bond Offering.-Further details are
the $10,000 5% 1-10-yr. (ser.) coup. Ditch No. 10 bonds (V. 95, p. 251) at hand relative to the offering on Aug. 22 of the $164,000 4 A % waterwere awarded to the Capital Trust Co. of St. Paul at 101.92 and Int.-a works-ext. bonds (V.95, p.315). Proposals for these bonds will be received
basis of about 4.60%. Other bids follow:
until 12 m,on that day by C. V. Johnson, Corn. of Finance and Acc'ts,DeS. A. Kean & Co., Chic__ _510,100 95 Wells & Dickey Co., Mpls_$10,060 00 nom. $1,000. Date July 1 1912. Int. J. do J. Due $14,000 July 1 1917
.410,086 501Minn. Loan.dc Tr. Co.,Iti
10,000 00 and $10,000 yearly on July 1, from 1918 to 1932 incl. Cert. check for
Union Invest. Co., M
JACKSON COUNTY (P. 0.11Pascagoula),' Miss.-Bond Sale.-An issue $5,000, payable to the Corn. of Acc'ts & Finance, required. Copy of
of *15,000 Supervisors Beat No. 4 road bonds was sold, it is reported, to opinion of Wood and Oakley of Chicago, approving issue, furnished upon
application.
thernterstate Trust &Wanking Co. of New Orleans. • •
MONTCLAIR. Essex County, N. J.-Bond Sale.-On Aug. 5 the two
JOHNSTON TOWNSHIP CENTRALIZED1HIGHISCHOOL DISTRICT.
Trumbull County. Ohio.-Bond Sale.-On July 27 the $3,500 5% 3k-year issues of 4 A % 30-year gold coup. bonds (V. 95, p. 190) were awarded as
(average) coupon refunding bonds (V. 95, p. 190) were awarded to the follows:
Kinsman Nat. Bank in Kinsman for $3,565 (101.857) and Int.-a basis of $100,000 police and fire-station impt. bonds to Adams & Co. of New York
Ne
at 104.0625 and int.-a basis of about 4.26%.
irst Nat. Bank of Colum. also submitted a bid.
about 4.455%. •
261,000 school-bldg. bonds to A. B. Leach & Co. and John D. Everitt &
JOHNSTOWN. Cam ria County, Pa.-Bond Offering.-Proposals will be
Co. of New York at 103.171 and int.-a basis of about 4.311%.
received until 12 m. Sept. 2 by H. W. Slick, City Treas., for $50,000 4%
bids follow:
10-30-year (opt.) coupon Haynes St. bridge bonds. Denom. $1,000. R.Other
M. Grant & Co., New York
103.018 for both issues
Date July 1 1912. Int. J. & J. at Treas. office. Bonds are exempt
Blodget
&
Co., N. Y., and J. S. Rippel, Newark__ _102.799 for both issues
from State tax. Purchaser to pay accrued Interest.
Montclair Trust Co., Montclair
102.291 for both issues
KANSAS CITY. Kano-Bonds Voted.-Local papers state that the elec- Bank of Montclair, Montclair
102.35 for impt. bds.
tion held July 30 resulted in favor of the proposition to issue the $150,000
MUSSELSHELL COUNTY P. 0. Roundup). Mont.-Bond Sale.-On
water-works bonds (V. 95, p. 251). • • • • • • • • • • • • • • • • •
Aug. 1 the $80,000 20-year coup. tax-free warrant-refunding bonds (V. 94,
LAFAYETTE COUNTY (P. 0. Oxford), Miss.-Bond Sale.-On Aug. 1 p. 1780) were awarded to the Wells & Dickey Co. of Minneapolis
at 102.86.
an issue of $100,000 Oxford Dist. road-impt. bonds were sold to a Toledo Other bids follow*
firm, according to reports.
Chapman, Mills & Co., Chic.$82,288 N. W. Halsey do Co., Chic......$81,255
Wm.
A.
Read & Co., Chic__ 82,008 E. H. Rollins & Sons, Deny_ 81,056
LUCAS COUNTY (P. 0. Toledo), Ohio.-Bond Offering.-Proposals will
be received until 10 a. m. Aug. 27 by the Board of County Commissioners, Harris Tr. & Say. Bk., Chic_ 81,931 Minneapolis Loan & Trust
Chas. J. Sanzenbacher, County Aud., for $48,435 35 454% road-bldg. Woodin, McNear & Moore
Minneapolis
,81,005
Chicago
bonds. Auth. Sec. 6926-6949, Gen. Code. Denom. (1) $835 35, (48)
81 :7
55
22
5 New First Nat. Bank, Col_ _ 80,912
$1,000. Date Sept. 6 1912. Int. M. &'S. at office of the County Treas. John Nuveen & Co., Chicago..
Bids
were
also
received
from C. H. Coffin and S. A. Kean & Co. of Chic.
Due $5,835 35 Sept. 6 1913, $5,000 yrly. on Sept. 6 from 1914 to 1920 incl.
and $4,000 Sept. 6 1921 and 1922. Cert. check on a Toledo bank (or cash)
NELSONVILLE. Athens County, Ohlo.-Bond Sale.-On Aug. 5 $5,930
for $500 required. Bonds to be delivered Sept. 6. Conditional bids not 5% 634-yr. (ay.) street-impt. bonds were awarded, it is stated, $4,293
to
considered.
the New First Nat. Bank of Columbus for $4,424, making the price 103.051,
Bond Sale.-On Aug. 2 the following premiums were offered for the and $1,637 to H. C. Comstock of Nelsonville for $1,677, making the price
102.442.
three issues of 4 A % road-impt. bonds (V. 95, p. 129):
$20,141 82 $19,298 76 $3,463 00
NEW YORK CITY.-Temporary Loans.-The following revenue bills
Issue.
and bonds and corporate stock notes (temporary securities) were issued
Issue.
Issue.
Well, Roth & Co., Cincinnati
.$508 00
•$492 00
by this city during July.
Hayden, Miller & Co., Cleveland
479 00
456 00
$45 00
Interest. Amount.
Breed de Harrison, Cincinnati
473 33
Revenue bills, current expenses
468 96
•3 k
$495,993 15
Seasongood & Mayer, Cincinnati
472 00
467 50
37 00 Revenue bonds, special
3
600,000 00
Sidney Spitzer & Co., Toledo
444 00
420 00
47 00 Corporate stock notes (various municipal purposes)._ _ 3
3,000,000 00
Spitzer-Rorick Trust dc Say. Bank, Toledo_ 428 46
418 17
44 67 Corporate stock notes (for water)
3
4,000,000 00
Provident Say. Bank & Trust Co., Cin
418 95
418 78
Security Say. Bank & Trust Co., Toledo
403 75
410 76
Total
27 76
$8,095,993 15
J. J. Waldvogel, Toledo
• Rate of discount; figures in "Amount" column represent proceeds of
•71 00
• These bids, it is stated, were successful.
loan after deducting discount.
MADISON, Lac Qui Pane County, Minn.-Bond Offering.-Proposals
NORTHAMPTON COUNTY (P. 0. Eastville), Va.-Bond Offering.will be received until 10 a. m. Aug. 22 by the Common Council for $50,000 Proposals will be received
until 12 m. Aug.
by Geo. T. Tyson, Clerk, for
5% electric-light and water-works-Impt. bonds. Denom. $1,000. Date 55,000 5-30-yr. (opt.) coup. road bonds at 15
Aug. 11912. Int. F. & A. at such place designated by the Common Coun- Chap. 303, Acts of 1912. Denom. $500. not exceeding 6% int. Auth.
Int.
semi-ann. at office of Co.
cil. Due $2,000 yearly on Aug. 1 from 1922 to 1941 incl. and $10,000 Treas. No deposit required with bids.
Aug. 1 1942. Cert. check for $2,500, paYable to the City Treas. required.
NORWOOD. Hamilton County, Ohio.-Bond Offering.-Proposals wil
J. H. Hayden is City Recorder. A like issue of bonds was offered'
on July 30 be received until 12 m. Sept. 3 by W. E.
Campbell, City And., for $5,000
(V. 95, p. 251).
auto-patrol and ambulance, $20,000 street-repair, $20,000 storm-sewer
MAMARONECK. Westchester County, N. Y.-Bond Offering.-Pro- and *2,000 sewage-disposal-plant 434% bonds. Denom. $500.
Date
posals will be received until 8:30 p. m. Aug. 13 by Chas. W. Buckter, VII. July 19 1912. Int. J. & J. Due July 19 1932. Cert. check
for 5% of
Clerk, for the following bonds at not exceeding 5% interest:
bonds, payable to the City Treas., required.
$35,000 street-impt. bonds. Denom. $1,000 and $400. Due $1,400
OAKHURST, De Kalb County, Oa.-Bond Election.-An election will be
yearly on Sept. 1 from 1917 to 1941 incl.
Aug. 24, it Is stated, to vote on the proposition to issue $11,000 water24,000 sewer bonds. Denom. *1,000. Due $1,000 yrly. on Sept. 1 from held
works and $7,000 sewerage-system bonds.
1917 to 1940 incl.
OLNEY. Richland County, III.-Bonds Voted.-It is reported that a
Date Sept. 1 1912. Int. M. & S. Cert. check payable in New York,,
favorable vote was polled on July 31 on a proposition to issue $35,000
an Incorporated bank for 5% of bonds required.
• • • • • • • •
water-main-extension bonds.
MANTUA TOWNSHIP SCHOOL DISTRICT, Gloucester County, N. J.ORANGE COUNTY (P. 0. Santa Ana), Cal.-Bond Election.-Local
end Offering.-Further details arc at hand relative to the offering on
ug. 29 of the $15,500 4 A % coup. bldg. bonds (V.95, p.314). Proposals papers state that an election will be held to vote on a proposition to issue
r these bonds will be received until 8 p. m. on that day by J. M. Tomlin, $132,000 road bonds.
1st. Clerk (P. 0. Sewell). Denom. (1) $500 and (15) $1,000. Date
ORANGE UNION HIGH SCHOOL DISTRICT. Orange County, Cal.
g. 1 1912. Int. F. do A. at the Farmers' de Mechanics' Nat. Bank in Bond Offering.-Proposals will
be received until 11 a. m. Aug. 20 by W. B.
oodbury. Due $500 Aug. 1 1917 and $1,000 yearly on Aug. 1 from 1918 Williams, Co. Clerk and ex-officio Clerk Bd. of Supervisors
(P. 0. Santa
1932 incl. Cert. check for 5% of bonds bid for, payable to the Board of Ana), for the $50,000 5% high-school-bldg. bonds voted July
17 (V. 95,
ducation, required. No other debt.
p. 315). Denom. $1,000. Date Sept. 1 1912. Int. M. tSc S. at office of
MARICOPA. Kern County, Cal.-Bonds Voted.-The question of issuing the Co. Treas. Due $2,000 yearly on'Sept. 1 from 1913 to 1937 incl.
the $16,000 sewer-system construction bonds (V. 94, p. 1780) received a Certified or cashier's check for 3% of bonds bid for, payable to the Chairman Board of Supervisors, required. Bonded debt, $20,000. Assessed
favorable voteAlt Is stated, at a recent election.
MARION COUNTY (P. 0. Marion). Ohio.-Bond Offering.-Proposals valuation 1911, $3,501,125.
will be received until 12 m. Aug. 24 by the Winch Free Turnpike Comm'rs,
OSNABURG. Stark County, Ohlo.-Bonds Defeated.-Reports state that
care of City National Bank of Marion, for $12,600 5% coup. Winch Free the question of issuing $7,000 municipal-lighting-plant bonds failed to
Turnpike road bonds. Auth. See. 7283, Gen. Code. Denom. (24) $500 carry at the election held July 29. The vote was 65 "for" and 66 "against."
and (1) $600. Int. M. & S. at the Co. Treas. office. Due $600 March 1
OTTAWA COUNTY (P. 0. Grand Haven), Mich.-Bond Sale.-On
and $500 Sept. 1 In 1913, $1,000 each six months from March 1 1913 to June
$100,000 434% 20-year road bonds were awarded to John Nuveen
March 1 1919 incl. and $500 Sept. 1 1919. Cert. check (or cash) on a bank & Co.21
of Chicago at par. Denom. $500. Date May 15 1912. Int. M. & N.
in Marlon, for $200, payable to the Turnpike Commissioners, required.
A like amount of bonds was awarded on May 6 to the Grand Haven
MARYLAND.-Bond Offering.-Proposals will be received until 12 m. State Bank of Grand Haven at 101.015 for 4 345 (V. 94, p. 1342).
Sept. 2 by M. Vandiver, State Trras., at Annapolis, for $600,000 4%
Shiawassee County, Mich.-Bond Offering.- roposals will
coupon tax-free technical school loan of 1912 bonds. Denom. (300) $1,000 beOWOSSO.
received until 12 m. Aug. 19 by A. H. Dumond, City Clerk, for the foland (600) $500. Date Sept. 1 1912. Int. M. & S. Due Sept. 1 1927, opt. lowing (V. 95,
p. 129) impt. bonds:
after 1922. Cert. check for 5% of bonds bid for required. Bonds will be $8,000 West Main
St. repaving bonds at not exceeding 5%. Auth., vote
ready for delivery Sept. 10. Purchaser to pay accrued interest.
of 170 to 66 at election held July 17. Denom. $1,000. Due
MASON CITY, Cerro Gordo County, Iowa.-Bonds Not 'Sold.-Local
$1,000 yrly. on Nov 1 from 1913 to 1920 incl.
papers state that no bids were received on July 30 for the $50,000 4 A %
1,200 East Main St. paving (city's portion) bonds at not exceeding 5%.
water-works-impt. bonds (V. 95, p. 314) offered on that day.
Auth., vote of 144 to 77 at election held July 17. Denom. $600.
Due $600 on Nov. 1 1913 and 1914.
MEDFORD, Middlesex County, Mass.-Loan Offertng.-Proposals will
7,000 refunding paving bonds at not exceeding 434%. Denom. $1,000.
be received until 9 a. rn Aug. 13, It is stated, for a temporary loan of $25,000
Due $1,000 yrly. on Nov. 1 from 1913 to 1920 incl.
due Apr. 3 1913, In anticipation of taxes.
Date Aug. 1 1912. Int. semi-ann. Cert. check for $50,
MEWS. Thomas County, Ga.-Bond Sale.-Reports state that $15,000 City Treas., required with bids for each block of bonds. payable to the
Official circular
water-works-system and $5,000 light 5% bonds were recently purchased states that the city has never defaulted In payment
of bonds or interest.
by C. H. Coffin of Chicago.
Purchaser must state whether or not he is to bear expense of printing bonds.
MEWS TOWNSHIP SCHOOL DISTRICT (P. 0. Peebles), Adams
PA NA,
Bonds Voted.-We are advised that the reports stating
County, Ohio.-Bond Sale.-On Aug. 2 the following bids were received for an election would be held Aug. 3 to vote on the issuance
of $30,000 park
the $1,000 5% 1-5-year (ser.) coup. bldg. bonds (V. 95, p. 252):
bonds (V. 95, p. 191) are erroneous.
Farmers' Bk. & Say. Co., Peebles•$1,013 901M. S. Pond,Som'set_$1,010 10
PERKINS. Payne County. Okla.--I23ond Sale.-Reports state that this
• This bid, it is stated, was successful.
place has sold an issue of $20,000 water-works-system-erection bonds.
MELROSE, Middlesex County. Mass.-Bond Offering.-Proposals will
PICKAWAY COUNTY (P. 0. Circleville), Ohio.-Bond Sale.-Reports
be received until 12 m. Aug. 12 by W.IR.,Lavender, City Treas., for the folstate that the $17,860 4 34% 9 34-yr. (ay.) funding bonds offered on Aug. 1
lowing 4% coup. bonds:
(V. 95, p. 252) were awarded to Seasongood & Mayer of Cincinnati at
*10,000 sewerage bonds. Loan Act of 1905. Due July 1 1942.
10,000 water bonds. Loan Act of 1909. Due $1,000 yrly. July 1 from 104.412-a basis of about 3.94%.
1913 to 1922 incl.
PITTSFIELD, Mass.-Loan Not Negotiated.-No bids were received on
5,000 surface drainage bonds. Loan Act of 1909. Due July 1 1917.
Aug. 7 for the $75,000 temporary loan offered on that day.
Denom. $1,000. Date July 1 1912. Int. J. & J. at the Second Nat.
PLATTE COUNTY (P. 0. Columbus), Neb.-Bond Offering.-Proposals
Bank In Boston. These bonds are exempt from taxation in Massachusetts
will be received until 12 m. Aug. 14 by the Board of Supervisors for *6,000
and will be certified as to their genuineness by the Old Colony
Trust Co. Oconee Twp. Loup River bridge and $3,000 Loup Twp. Loup River bridge
of Boston. The opinion of Ropes, Gray & Gorham as to
validity
of
the
6% bonds. Denom. $200. Date Oct. 1 1911. Int. ann. Due Oct. 1
these issues will be furnished without charge to the purchasers.
1926. Cert.check for 5% of bonds bid for required. J. Graf is County Clerk.
MERCER COUNTY (P. 0.
Ohio.-Bond Sale.-On Aug. 6 the
PORTER COUNTY (P. 0. Valparaiso), Ind.-Bond Sale.-The two is$35,000 4 A % coup. Wabash Celina).
Ditch impt. No. 541 bonds (V. 95, p. 252) sues of 5% coup. ditch bonds, aggregating $8,044 65, offered
without sucwere awarded to the First Nat. Bank in Celina for $35,388 (101.108)
and cess on June 15 (V. 95, p. 68), were awarded to the State Bank of ValInt. Other bids follow:
paraiso, Valparaiso.
Citizens Banking Co
$35,379 25 Seasongood & Mayer, Cin..$35,320 00
PORTSMOUTH. Norfolk County, Va.-Bond Offering.-Further details
Commercial Banking Co
35,367 50 Breed &
Cin___ 35,318 00 are at hand relative to the offering
on Aug. 29 of the $100,000 street-impt,.
Hayden, Miller & Co., Cley 35,352 00 ProvidentHarrison,
Savings Bank &
$87,500 Sixth Ward impt. and $87,500 Seventh Ward impt. 4 A % coup.
Tillotson &Wolcott Co.,Cle 35.343 00
Trust Co., Chi
(with privilege of registration) street impt. bonds (V. 95, p. 191). ProMIDDLE'TOWN, Butler County, Ohlo.-Bond Offering
001 posals for these bonds will be received until 12 m. on that day by
-Proposals
,31sw11
3 sa
P.
be received until 12 m. Aug. 25 by Walter Gibbins,
And., for $15,000 Slater, City Clerk. Int. semi-ann. Due in 30 years from Oct. 1 L.
1912.
4% sewer-constr. bonds. Auth. Sec. 3939, Gen.City
Code. Denom. $500. Cert. check for 2% of bid, payable to H. L. Hudgins, City Treas., required.
Date Aug. 1 1912. Int. F. & A. at the National Park
Bank,
N.
Y.
City.
Due $1,000 yearly on Aug. 1 from 1914
PROSSER SCHOOL DISTRICT (P. 0. Prosser), Benton County. Wash.
1928 incl. Cert. check for $300
required. Bonds to be delivered withinto
-Bonds Voted.-A favorable vote was cast recently, it is stated, on a propo10 days from the time of award.
sition to issue $50,000 building bonds.
MILLER. Hand County, So. Dak.-Bond Sale.-We
are advised that
PULASKI, Pulaski County, Va.-Bond Election.-The question of issuthis town has sold an issue of $6,000 electric-light
bonds recently au- ing $50,000 sewerage-system bonds will be submitted to a vote, it is stated,
thorized.
on Sept. 11.
376
THE CHRONICLE
QUINCY. Norfolk County. Mass.-Bond Sale.-On Aug. 7 the three
Issues of 4% coup. bonds aggregating $108,200 (V.95, p.315) were awarded
to Estabrook & Co. of Boston at 100.83.. Other bids follow:
100.548 N. W.Harris & Co.,
Bos100.28
Blodget ec Co., Boston
Inc., __ _100.119
Curtis ec Sanger, Boston_ __ _100.52,1111AL. Day &,,Co.,113oston_
• RACINE, Racine County. Wis.-Bond Election Proposed.-Petitions are
being circulated, it is reported, asking the Council to submit the question
November.
of Issuing $185,000 sewer bonds at the election to bejheld
RACINE COUNTY (P. 0. Racine), Wis.-Blds Rejected.-All bidsTreceived on July 29 for the $165,000 4% coupon court-house bonds.(V. 95,
p. 191) were rejected. The highest bid received was one of 98.41'and int.
from E. H. Rollins & Sons of Chicago. •
• RAVALLI COUNTY SCHOOL DISTRICT NO. 20, Mont.-BondstVot
Sold.-No award was made on July 20 of an issue of $1,500 building bonds
offered on that day.
RAVENNA, Portage County, Ohlo.-Bond Offering.-Proposals will be
received until 12 m. Sept. 2 by W. A. Root, City Aud., for $7,000 43%
water-works-impt. bonds. Auth. Sec. 3939, Gen. Code. Denom. $500.
Date Sept. 2 1912. Int. M. & S. at the Second Nat. Bank in Ravenna.
Due $2,000 each six months from Mch. 15 1915 to Mch. 15 1916 and $1,000
Sept. 15 1916. Cert. check for $500, payable to the City Treas., required
Bonds to be delivered within 5 days from time of award. Purchaser to pay
accrued interest.
• RED OAK TOWNSHIP. No. Car.-Bond Sale.-On Aug. 3 the $10,000
6% 30-year coup. road-impt. bonds (V. 95, p. 191) were awarded to the
FIrst_Nat. Bank of Rocky Mount at 101.20. • Date July 1 1912.a Int. J. & J.
• ROCHESTER. N. Y.-NoteSale.-On Aug. 6 the $300,0001.1oca1 impt.
and $100,000 water-works-impt. 8-months notes (V. 95, p. 315) were
awarded to Bond & Goodwin of New York at 4.85% int. and $11 premium.
Other bids follow:
Chisholm & Chapman, N. Y_$100,000 water notes at 4.80% interest
H. Lee Anstey, New York_ _Both issues at 5% int. and $30 premium '
Union Trust Co. New York_Both issues at 5% int. and $12 premium
& Co., N. Y_$300,000 local impt. notes at 5% int.&$5 pr'm
Goldman,Sachs'
Folsom & Adams,New York_Both issues at 5% int. and $5 premium
$100,000 at 5% interest
Alliance Bank, Rochester__( 100,000 at 5.05% Interest
100,000 at 5.10% interest
Note Offering.-Proposals will be received until 2 p. m. Aug. 13 at the
Comptroller's office for $275,000 water-works-impt. notes, payable 8 most
from Aug. 19. They will be drawn with interest and made payable at the
Union Trust Co. of New York. Bidder to designate rate of interest and
state denomination of notes.
Note Sale.-On Aug. 8 $200,000 sewerage-disposal notes duo in 8 months
from Aug. 14 1912 were awarded to Thomas J. Swanton of Rochester as
4.80s. Other bids follow:
$200,009 60 for 4.875s
Goldman, Sachs & Co., New York
200,021 00 for 4.95s
Bond & Goodwin, New York
200,068 00 for 5s II
H. Lee Anstey, N. Y
-An election held
Voted.
Neb.-Bonds
County.
RUSHVILLE, Sheridan
July 23 resulted In favor of the proposition to issue $5,000 6% 10-20-year
(opt.) water-works-extension bonds.
ST. BERNARD SCHOOL DISTRICT (P. 0. Cincinnati), Ohio.-Bond
Offering.-Proposals will be received until 12 m. Aug. 27 by the Bd. of
Education, H. F. Mersch, Clerk, for $175,000 4% bldg. and equip, tax-free
bonds. Auth. See. 3991-3992, Rev. Statutes, and election held Nov. 7
1911. Denom. (100) $100, (330) $500. Date day of sale. Int. semi-ann.
Iitie 40 years after date. Cert..check for 2% of bonds bid for, payable to the
Board of Education, required. Bonds to be delivered within three days
from time of award. Purchaser to pay accrued interest.
ST. LOUIS. Mo.-Bonds Defeated.-The election held Aug. 5 resulted
in the defeat of the proposition to issue the $2,750,000 bridge bonds (V. 94,
p. 1583). According to local papers, the vote was 43,022 "for" to 24,629
"against," a two-thirds majority being required tofauthorize. •
SACRAMENTO, Cal.-Bond Election Rescinded.-The City Clerk advises
us that on July 9 the City Commission repealed the ordinance passed by
the Board of Trustees on June 24 calling for an election on July 24 to vote on
a proposition to issue $194,000 municipal-building-construction bonds.
SALEM, Columbiana County, Ohio.-Bond Offering.-Proposals will be
received until 12 m.Sept. 3 by G. Holmes, City Auditor, for the $11,746 69
4 A % coup. refunding bonds (V. 95, p. 253). Auth. Sec. 3916, Gen, Code.
Denom. (22) $500 and (1) $746 69. Date Sept. 1 1912. Int. M. & S. at
the City Treas. office. Due "period of eight years and seven months."
Bonds to be delivered and paid for within 10 days from time of award.
Certified check for 2% of bonds bid for, payable to the City Treas., required.
Purchaser to pay accrued interest.
SAN ANSELMO, Mann County. Cal.-Price Paid for Bonds.-The price
paid for the $26,650 (not $28,000 as we were at first advised 5% municipal
impt. bonds sold on June 8 (V. 95, p. 253) was $27,091 (102.405) and int.
Denom. (26) $1,000 and (1) $650. Date May 15 1912. Int. M. & N. •
• SANDUSKY SCHOOL DISTRICT (P.O. Sandusky), Erie County. Ohio.
-Bond Offering.-Proposals will be received until 12 m. Aug. 30 by L. B.
Keller, Clerk, for $200,000 4% high-school-bldg. bonds. Auth. Sec. 7625,
Gen. Code. Denom. $1,000. Date "day of sale." Int. at office of the
Treas., Bd. of Ed. Due $5,000 yearly from 1913 to 1950 incl. and $10,000
In11951. Cert. check for 1%, payable to the Bd. of Ed., required.
MSANTA BARBARA COUNTY (P. 0. Santa Barbara), Cal.-BondfOfferinp.-Proposals will be received until 10 a. m. Aug. 14 by W. B. Metcalf,
Co. Treas., for $50,000 6% Carpinteria Permanent Road. Division bonds,
voted July 20 (V. 95, p. 316). Auth. vote 0 1233 to 1. Denom. $500.
Int. ann., beginning July 22 1913. Due $2,500 yearly on July 22 from
1913 to 1932 incl. Cert. check for 10% of bid, payable to the Co. Treas.,
required. Bonds to be delivered within 10 days from time of award.
SCHROEPPEL. N. Y.-Bond Offering.-Reports state that proposals
will be received until 2 p. m. Aug. 19 by T. R. Slyer, Town Super. (P. 0.
Phoenix), for $10,000 4%% 5-year (aver.) bridge bonds. Int. semi-ann.
.
• . . • • • . .
Certified check for 5% required. rtii • . • • • .
SHERMAN COUNTY (P. 0. Loup City), Neb.-Bond Election Proposed,
-We are advised that an election will probably be held this fall to vote on
a proposition to issue $75,000 court-house bonds.
• SILVERTON, Marion County, Ore.-Bond Offering.-Proposals will be
received until Aug. 14 for the following 6% bonds:
$10,000 street-intersection-impt. bonds. Denom. $250. Due $2,000
yrly. July 1 from 1913 to 1917, inclusive.
4,000 Rock Crusher-impt. bonds. Denom. $200. Due $11,000 yrly.
July 1 from 1913 to 1916 Inclusive.
• • • •
Interest annual. J T. Hoblitt Is Recorder and Clerk.
[...SOUTH BEND, Ind.-Bond Sale.-The Harris;Trust'& Savings1Bank
of Chicago and Miller & Co. and the Fletcher-Amer. Nat. Bank, both of
Indianapolis, were awarded, reports state, $40,000 municipal bonds. • • •
• SOUTH PASADENA HIGH SCHOOL DISTRICT (P. 0. SouthiPasadena), Pasadena County, Cal.-Bond Election.-An election will be held
Aug. 22, reports state, to submit to the voters a proposition to Issue $70,000
5% building bonds. Denomination $500.
SPRINGFIELD,Clark County. Ohio.-Bands Anthorized.-An ordinance
was passed July 23 providing for the issuance of $10,000 4 A % coup,
city-bldg.-impt. bonds. Auth. Sec. 3939. Gen Code. Denom. $1,000.
Date Sept. 1 1912. Int. M. & S. at office of the City Treas. Due $5,000
Sept. 1 1938 and $5,000 Sept. 1 1939.jij .1. • ,
-Bonds Voted.-Reports state that
I' STAFFORD, Stafford County, Kan.
an election held Aug. 5 resulted la favor of a proposition to issue $2.700
city-park bonds. • The vote is given as 1,644 to 62.
' • STERLING. Whiteside County, III.-Bonds Voted.-An electionlheld
August 6 resulted, it is stated, in favor of the question of Issuing $25,000
• •
public-hospital bonds.
STEUBENVILLE, Jefferson County, Ohio.-Band Sale.-Seasongood ec
Mayer of Clnc. were awarded $2,500 4 A % 134-Yr. (ay.) police-dept. bonds,
,•
It is stated, for $2,501 50-making the price 100.06.
Minn.-Bond Sale.-On July 22
,
STILLWATER. Washington County.
at par.
$47,000 4% refunding bonds were awarded to the State of Minnesota
Denom. (1) $1,000,(11) $4,000 and (1) $2,000. Date July 1 1912. • Int.
ann. in July. Due $1,000 in 1913 and $4,000 yearly thereafter.1 • .,14
bonds failed to carry, it is stated, at the election held July 29. The vote
was 14 "for" and 51 "against."
SUPERIOR, Douglas County, Wis.-Bond Sale.-On Aug. 5 the $19,000
4% 20-yr. coupon sewer bonds (V. 95, p. 253) were awarded to the Firemens' & Policemens' Pension }Auld for $19,005. A bid was also received
from W. H. Prindie & Co. Denom. $500.
SWISSVALE, Allegheny County, Pa.-Bond Offering.-According to
reports, proposals will be received until 8 p. m. Aug. 15 by W.J. Cupples,
Secretary of Council, for $20,000 4 A % 16%-year (aver.) street-improvement bonds. Int. semi-ann. Certified check for $1,000 required.
SYRACUSE, Onondaga County, N. Y.-Bond Sale.-On Aug. 6 the
$200,000 4%% 1-20-year (ser.) reg. Intercepting sewer tax-free bonds
(V. 95, p. 316) were awarded to Rhoades & Co. of N. Y. at 102.212-a
basis of about 4.238%. Other bids follow:
Watson&Pressprich,N.Y.$204,271 00 Estabrook ec Co., N. Y__$203,334 00
Curtis & Sanger, Boston_ 204,222 00 N. W. Halsey & Co. N.Y. 203,333 00
Ferris & White, N. Y___ 204,184 00 R. L. Day &Co., N. Y.._ 203,262 00
Wm.A Read & Co., N.Y. 204,066 66 Blodget & Co., Boston__ 203,134 00
Harris,Forbes&Co.,N.Y_ 203,604 00 Merrill,Oldham&Co.,Bos. 202,858 00
E.H.Rollins & Sons,Bost. 203,558 00 Kings Co. Tr. Co., Bklyn. 201,820 00
Farson,Son & Co., N. Y. 203,552 00 A. B. Leach ec Co., N. Y_ 201,200 00
TALLADEGA, Talladega County, Ala.-Bond Offering.-Proposals will
be received until 6 p. m. Aug. 10 by A. G. Weldon, City Clerk, for the $25,000 5% street-impt. bonds voted July 8 (V. 95, p. 192). Denom. $500.
Int. semi-ann. • Due in 30 years. Cert. check for $500, payable to the
Commissioner of Finance, required.
'TAYLOR. Williamson County, Tex.-Bonds Registered.-The State
Comptroller register-d on Aug. 1 the $25,000 5% 10-40-year (opt.) (city's'
portion) paving bonds voted April 30 (V. 94, p. 1345).
TAYLORVILLE, Christian County, III.-Bonds Voted.-An election
held Aug. 3 resulted in favor of the proposition to issue $30,000 park bonds.
The vote, It is stated, was 580 to 175. A similar Issue of bonds was voted,
it was reported, on July 2. See V. 95, p. 130.
UNION TOWNSHIP SCHOOL DISTRICT, N. J.-Bond Election.-Aecording to reports, an election will be held Aug. 20 to submit to the voters
a proposition to issue $4,000 site, $42,500 new bldg. and $3,500 schoolhouse completion bonds.
VICKSBURG. Miss.-Bond Offering.-Proposals will be received until
8 p. m. Aug. 19 by A. M. Paxton, City Clerk, for $100,000 5% street-impt.
bonds. Date Aug. 1 1912. Int. F. & A. in Vicksburg or at the American
Nat. Bank of New York, at the option of holder. Due $500 yrly. for 19
years and $90,300 Aug. 1 1932. Cert. check on an incorporated bank for
$5,000, payable to the City Clerk, required.
VIDALIA. Toombs County, Oa.-Bond Election.-An election will be
held Aug. 24, it Is stated, to vote on the proposition to issue $25,000 sewer
and $15,000 electric-light and water-works-systems bonds.
VIRGILINA. Halifax County, Va.-Bonds Defeated.-An election held
August 5 resulted In the defeat of the proposition to issue sidewalk-impt.
bonds. The vote was 15 to 15.
WALCOTT TOWNSHIP, Rice County, Minn.-Bond Sale.-On July 27
$2,000 5% bonds were awarded to John Kenney at par. Denom. $667 and
$666. Due part in 1, 2 and 3 years.
WARREN COUNTY (P. 0. Bowling Green), Ky.-Bond Election Proposed.-An election will probably be held, it is reported, to decide whether
or not $100,000 school-impt. bonds shall be issued.
WASHINGTON, Tazewell County, III.-Bond Offering.-Proposals will
be received until 5 p. m. Aug. 15 by J. Watson, City Clerk, for $10,000 5%
bridge and street-impt. bonds. Auth., vote of 224 to 101 at election held
May 16. Denom. $1,000. Date June 10 1912. Int. ann. at office of the
City Treas. Due $1,000 yrly. June 10 1917 to 1928 incl. Official circular
states that the city has never defaulted in the payment of principal or
interest, nor Is there any litigation pending or threatened which would in
any way affect the validity of the bonds. Cert. check for 2% of bonds bid
for, payable to the City Treas., required. Bonded debt, including this
Issue, $14,000. Assessed valuation 1911, $476,230.
WASHINGTON COUNTY (P.O. Salem), Ind.-Description of Bonds.
The $14,400 Howard Twp. and $6,200 Jackson Twp. bonds awarded to the
Bank of Salem and the $775 Jefferson Twp. bonds awarded to Austin Colglazier (V. 95, p. 316) are In the denom. of $50, $720 and $310 and dated
July 1 1912. Int. M. & N. The amount paid for these securities was
$21,553 50, making the price 100.88.
WASHINGTON SCHOOL DISTRICT (P. 0. Moundsville), Marshall
County, W. Va.-Bonds Defeated.-The election held July 2 resulted in the
defeat of the proposition to Issue $15,000 school-bldg. bonds(V.94, p. 1782).
WATKINS, Schuyler County, N. Y.-Bond Offering.-Proposals will be
received until 10 a. m. Aug. 19 by R. Hoare, VII. Clerk, for $36,250 coup.
paving bonds at not exceeding 5% int. Auth. election held May 31.
Denom. $250. Int. semi-ann, at the VII. Treas. office Due. $1,150 yearly
beginning one year from date. Bonds to be delivered Sept. 3 1912. Cert.
check for 5% of bonds, payable to the VII. Treas,, required. Purchaser
to pay accrued Interest.
WAYNE COUNTY (P. 0. Waynesboro), Miss.-Bond Offering.-Proposals will be received by W. C. Dyess, County Treas., for $12,500 5% 20yr. agricultural high school bonds. Cert. check for $100 required.
WEST CHESTER SCHOOL DISTRICT (West Chester), Washington
County. Iowa.-Bond Election Proposed.-Reports state that an election
will be held to vote on the question of issuing $12,000 site-purchase and
building bonds.
WEST MANSFIELD. Logan County, Ohio.-Bond Offering.-Proposals
will be received until 12 m. Aug. 30 by C. D. Atkinson, Vii. Clerk, for
$23,000 5% No. Maln St. and State St. assess. bonds. Auth. Sec. 3914
and 3939. Gen. Code. Denom. $500. Date Sept. 1 1912. Int. M. & S.
Due $1,000 each six months from Sept. 1 1918 to Sept. 1 1929 incl. Cert.
check for 10% of bonds bid for, payable to the Vii. Treas., required. Bonds
to be delivered within 10 days from time of award. Purchaser to pay
accrued interest.
WEST UNION, Doddridge County. W. Va.-Bond Offering.-Reports
state that proposals will be received until 12 m. Aug. 26 by P. M. Ireland,
Sec. Bd. of Ed., for $20,000 6% bldg. bonds. Int. semi-ann. Cert. check
for 5% required.
WHEATLAND TOWNSHIP, Sanilac County, Mich.-Bond Offering.Proposals will be received until 3 p. m. Aug. 28 by John A. Munroe. Twp.
Clerk (P. 0. R. No. 5, Deckerville), for $12,000 5% road bonds. Denom
$1,000. Date Sept. 1 1912. Int. ann. Due from 15 to 20 years. Bonded
debt $3,000. Assessed valuation $359,700.
1
0e
N0.
WHITESTOWN UNION FREE SCHOOL DISTRICT 1
$P
12,0
(
0 0Or
0
5i%
s"
kany), Oneida County, N. V.-Bond Sale.-On Aug.
6.8-yr. (ay.) reg. bonds (V. 95, p. 253) were awarded to John J. Hart of
Albany at 102.023 and Int.-a basis of about 4.849%. Other bids follow:
$12,217 201Isaao W. Sherrill, Pough_$12,142 80
Lobdell & Co. N. Y
12,160 001W. N. Color & Co., N. Y_ 12,078 00
N. Y
'
Adams & Co.,
WHITEWATER TWP. SCHOOL DISTRICT (P. 0.. R. F. D. No. 1,
Cleves) Hamilton County,Ohio.-Bond 0tiering.-Proposals will be received
until 12 m. Aug. 10 by W. W. Whitney, Clerk Bd. of Ed., for $1,400 4%
coup. bldg. tax-free bonds. Denom. $100. Date Aug. 10 1912, Int.
F. & A. at the First Nat. Bank in Harrison. Due $100 yearly on Aug. 1
irom 1913 to 1926 incl. Cert. checilfor 10%, payable to the Clerk, Bd.
of Ed., required. No debt at present. Assessed valuation,
-Bond
$753,74.
WHITMAN COUNTY SCHOOL DISTRICT NO. 169, Wash.
Offeang.-Proposals will be received until 2 p. m. Aug. 24 by W. M. Duncan, Co. Treas. (P. O. Colfax), for $8,000 school-bldg. bonds at not exceeding 6% int. Denom. $1,000. Date Sept. 15 1912. Int, at office of Co.
Treas. Due Sept. 15 1932, optional after Sept. 15 1913. Cert. check or
draft for 1%, payable to the Co. Treas., required. Bidders to state
whether or not they will furnish the necessary blank bonds.
Sale.-On August 2 $18,000
WINCHESTER. Clark County. Ky.-Bond
to Stacy & Braun of Cin. at 97.77,
43.% city-hall bonds were awarded
Denom. $1,000. Date Feb. 3 1911. Int. F. 83 A. Due Feb. 3 1931,
WINDBER SCHOOL DISTRICT (P.O. NVIndber), Somerset County. Pa.
-Band Sale.-On Aug. 1 the $50,000 4 A% coupon bldg. tax-free bonds
Windber Trust Co. In Windber at
(V. 95, p. 193) were awarded to the
101.65 and int. No other bids were received.
WINSTON (P. 0. Winston-Salem), Forsyth County, No. Caro.-Price
$100,000 street, $85,000 sewer,
STOUGHTON SCHOOL DISTRICT (P. 0. Stoughton), Dane County, Paid for Bonds.-The price paid for the
$23,500
issuing
school-bidg.-Impt, $50,000 water-works, $60,000 school, $90,000 hospital and $15,000 park
Wis.-Bonds Defeated.-The question of
AVG. 10 1912 I
THE CHRONICLE
4;4% 40-year bonds awarded on July 25 to A. B. Leach & Co. of N. Y.
and the Wachovia Bank & Trust Co. of Winston-Salem (V. 95, p. 317) was
100.3625. Denom. $1,000. Date July 1 1912. Int. J. & J.
WOOD COUNTY (P. 0. Bowling Green), Ohio.-Bond Sale.-On Aug. 6
the $50,000 5% 2.8-year (ay.) coup. highway-impt. bonds (V. 95, p. 253)
were awarded to Stacy & Braun of Toledo at 102.385-a basis of about
4.082%. Other bids follow:
New First Nat. Bank, CoL$51,179 70 Tillotson & Wolcott Co.,
Cleveland
$51,075 00
51,155 00
First Nat. Bk., Clev
Well, Roth & Co., Cincin_ 51,120 00 C. E. Denison & Co., Clew. 51,056 60
Seasongood & Mayer, On_ 51,045 00
Security Savings Bank &
51,101 82 Otis & Co., Cleveland_ __ _ 51,005 00
Trust Co., Toledo
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.-Bond Sale.
On July 31 the $4,000 5% 2-11-yr. (ser.) coup. assess, road bonds (V. 95,
p. 193) were awarded to the Citizens' Say. Bank of Upper Sandusky at
105 and int.-a basis of about 4.116%. Other bids follow:
First Nat. Bank, Upper Sand_$4,177 I Hayden, Miller & Co., Cleve_ _$4,108
Comm'l Nat. Bank, Upper S_ 4,170 1
Canada, Its Provinces and Municipalities.
BATTLEFORD, Sask.-Debentures Not Sold.-Up to July 29 no award
had been made of the $100,000 water and sewer and $50,000 sidewalk 5%
20-installment debentures offered on July 2 ,(V. 94, p. 1783).
BELLEVILLE. Ont.-Debentures Voted.-The election held Aug. 1
resulted, reports state, in favor of the question of issuing the *5,000 bonus
debentures (V. 95, p. 254).
BERLIN, Ont.-Debenture Election.-An election will be held Aug. 31
to submit to the voters a proposition to issue $15,000 sanitarium, $17,000
street-car, $5,000 civic abattoir, $6,000 barn and $6,000 county bridge
debentures.
BIG QUILL. Sask.-Debenture Sale.-It is stated that W. L. McKinnon
&:Co. of Tor. was awarded $10,000 5% 20-installment debentures.
BRACEBRIDGE, Ont.-Debentures Not Sold.-No award-was made on
August 5 of the $12,000 5% 20-yr. coupon water-works debentures. (V. 95,
p.254.)
CALGARY, Alberta.-New Loan.-During July an issue of £500,000
43i% coup. elec.-railway and various public works debentures of this city
was offered in London by the Bank of Montreal at 99. It is stated that
for.af
l
Lan
oc
ripa
0a0Iant J. JunPrin
sft the loan tast ap liedhe
tlo
only la5
Bank
at
Montreal,
mi
n
°
'
:oeo
rr
the holder's option, at the Bank of Montreal, Calgary, TOronn
at par of exchange. Due £319,600 Jan. 1 1932 and £180,400 July 11942.
CANORA, Sask.-Debenture Offering.-Thls place is offering for sale
$4,000 55i% 20-yr. lighting debentures, reports state.
CHINQUACOSSY, Ont.-Debenture Election.-An election will be held
to-day (Aug. 10), according to reports, to vote on the question of issuing
$12,000 bridge debentures.
COLEMAN SCHOOL DISTRICT, Alta.-Debenture Sale.-The Nat.
Finance Co. of Tor. was awarded, reports state, $7,000 5% 10-installment
debentures.
COLLINGWOOD. Ont.-Debenture Election.-The proposition to issue
$15,000 bridge debentures will be submitted to the burgesses on Aug. 28,
It is stated.
etc
377
DEREHAM TOWNSHIP, Ont.-Debentures Authorized -The issuance
of $4,425 school debentures, it is stated, was recently authorized.
DUNCAN, B. C.-Debenture Election.-An election will be held, reports
stateAto vote on the issuance of $100,000 fire-protection debentures.
DU VA L. Sask.-Debenture Sale.-W.L.'McKinnon eiG Co. of Tor. were
awarded the $3,000 6% 15-yr. impt. debentures recently authorized (V.94,
p. 1722), reports state.
rEBURNE (P. 0. Point Grey), B. C.-Debenture Election.-The election
to vote on the proposition to issue the $154,200 school debentures (V. 95,
p. 317) will be held, It is stated, Aug. 20.
EDSON, Alta.-Debenture Offering.-Proposals will be received until
12 m. Aug. 26 by G. M. Phillips, Sec.-Treas., for the following 534% debentures, aggregating $122,500: $45,000 20-yr. electric-light, $42,000 30-yr.
town-hall, $12,500 10-yr. street-grading. $9,000 15-yr. cement sidewalk
and $14,000 5-yr. plank sidewalk debentures. Principal and interest
payable in annual installments on July 2 at the Merchants' Bank of Canada
in Edson. id
IMELMIRA, Ont.-Bids Rejected.-The following bids received on Aug. 5
for the $2,000 sidewalk and $2,000 fire-hall 5%debentures (V. 95, p.194)
were rejected:
Brent, Noxon & Co., Toronto_$3,886 C. H. Burgess & Co., Toronto_$3,843
Wood, Gundy & Co., Toronto_ 3,8431W. A. MacKenzie & Co., Tor_ 3,775
FERNIE. B. C.-No Debentures to be Issued at Present.-We are advised
that the $5,000 store-house and $10,000 street-impt. debentures recently
voted (V. 94, p. 1722) will not be offered for sale this year.
4711ORGETOWN, Ont.-Debentures Voted.-An t'election held recently
resulted in favor of the proposition to issue the $3,200 bonus debentures
(V. 95, p. 254), according to reports.
• GOVANASask.-Debenture'Offering.-Proposals will be received unti
Aug. 20 by A. Graham, Sec.-Treas., for the $15,000 6% 20-year town-hal
and fire-impt.fdebentures (V._95, p. 317).
• GRANDVIEW, Man.-Debentures'Defeated.-The proposition to issue
$13,000 water-works-system debentures failed to carry at an election held
....
• . .
JUly 29.
""OR ATTANISCHOOL DISTRICT NO. 13. Sask.-Debenture Offering
Proposals will be received on or before Aug. 15 by D. S. Brennan, Sec.
(No. 2060 Hamilton St., Regina), for $60,000 5% debentures. Due in 30
annual installments.
.
• IMPERIAL. Sask.-Debenture Offering.-Proposals will be received'a
once by J. G. Habman, Sec.-Treas., for $15,000 6% 15-year water-works
debentures.]
•
07KERROBERT, Sask.-Debenture Election.-An electionTwill be held
Aug. 16 to vote on the proposition to issue $12,000 fire-hall, $65,000 power
and $5,000 funding debentures, reports state.
itr KINCARDINE, Ont.-Debentures Authorized.-The issuance of $3,000
school debentures has been authorized, it is stated.
KIN DERSLEY, Sask.-Debenture Election.-The proposition to issue
$90,000 water-works and electric-light-plant debentures will be submitted
to a vote, it is stated.
• LAWTONIA. Sask.-Debenture Sale.-Nay & James of Regina were
awarded the $10,000 534% 20-year impt. debentures (V. 94, p. 1722) at
100.95. Denom. $1,000 and $2,000. Date July 17 1912. Int. ann. In July.
NEW LOANS.
NEW LOANS
NEW LOANS.
$1,025,000.00
CITY OF DALLAS,
$100,000
$117,000
Dallas County, Alabama,
City of Glens Falls, N.Y.,
43% GOLD_COUPON_BONDS
To be sold Wednesday, August 21, 1912
Sealed bids will be received by the City of
Dallas, Texas, until 12 o'clock noon,WEDNESDAY, AUGUST 21ST, for $1,025,000 4 h Per
•
Cent gold bonds.
The bonds are issued by the City of Dallas,
Dallas County, Texas, under authority of Article
918D of the General Laws of the State of Texas,
and of the City Charter, and by special authority
of the vote of the people at an election held
April 2nd, 1912, and are in the respective
amounts and for the respective purposes, as
follows:
$200,000 City Hall Building Bonds, dated
May 1st, 1912, and maturing May 1st, 1952;
$400,000 Water-Works Improvement Bonds,
dated May 1st, 1912, and maturing May 1st, 1952;
$125,000 Fire Station Building Bonds, dated
May 1st, 1912, and maturing serially, beginning
May 1st, 1913, $3,000 each year, with $4,000
maturing each eighth year, for forty yearsaverage time 20 M years;
$200,000 Public School Building Bonds, dated
May 1st, 1912, and maturing serially, beginning
May 1st, 1913, $5,000 each year for forty yearsaverage time 20 M years;
$100,000 Sanitary Sewer Bonds, dated Maylst,
1912, and maturing serially, beginning May 1st.
1913, $2,000 and $3,000 each alternate year, for
forty years-average tithe 2034 years.
The bonds are in the denominations of $1,000
each. Interest is payable semi-annually on
November 1st and May 1st; both principal and
semi-annual interest payable in gold coin . at the
Chase National Bank in the City of New York.
Direct tax levies have been made sufficient in
amount to provide interest and the required
sinking fund to retire the bonds as they mature.
The bonds are engraved under the supervision
of, and certified as to genuineness by. the Dallas
Trust St Savings Bank, of Dallas, Texas, They
have been approved by the Attorney-General of
the State, reFistered by the State Comptroller,
and the opinion of Messrs. Dillon. Thomson 5:
Clay of New York, together with a full transcript
of all proceedings had relative to the bonds, will
be furnished to the purchaser.
The City of Dallas has been incorporated by
special charter for a period of more than thirty
years. and at no time in its history has there
been any default in the payment of any interest
or principal on its bonded debt, or otherwise.
A certified cheek for 2 per cent of the face
value of the bonds bid for, payable to W. T.
Henderson, Commissioner of Finance and Revenue, must accompany each bid. Money to be
paid and bonds to be delivered at Dallas.
The City of Dallas reserves the right to reject
any or all bids.
W.T.HENDERSON,
Commissioner of Finance & Revenue,
Dallas, Texas.
GOOD ROADS BONDS
• Sealed bids for the One Hundred Thousand
Dollars Dallas County, Alabama, Good Roads
bonds, voted for by a majority of the electors of
Dallas County, Alabama, on July 1st, 1912, will
be received by the undersigned on or before noon,
MONDAY, AUGUST 12TH, 1912. Said bonds
bear interest at the rate of five percent per annum,
payable semi-annually in New York City, with
thirty years to run. The first coupon payable
January, 1st, 1913, bears interest from July 1st,
1912. Certified check for $1,000 must accompany each bid.
P. H. PITTS.
Probate Judge,
Selma, Alabama.
$50,000
CITY OF DOUGLAS, GEORGIA,
30-Year 5% Bonds
104.75 and Interest. Yielding 4.70%.
STACY & BRAUN
Cincinnati, 0.
Toledo, 0.
Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
rntsT NATIONAL BANK BUILDING
CHICAGO
Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEWER REFUNDING BONDS
The Common Council of the city of Glens Falls
will, at 8:30 o'clock p. in. on the 21ST DAY OF
AUGUST, 1912, sell to the highest bidder bonds
of the City of Glens Falls to the amount of one
hundred and seventeen thousand dollars ($117,000 00), or as much thereof as may be necessary,
for the purpose of providing money to pay up an
Issue of sewer bonds amounting to $117,000 00
coming due September 1, 1912.
Sealed proposals for the purcbase of such bonds
will be received at the office of the City Clerk up to
8:30 o'clock p. m., August 21st, 1912.
The city reserves the right to reject any or all
bids.
A certified check payable to the order of the
City Chamberlain of said City for the sum of
$1,200 00, drawn upon a national bank, State
bank or trust company, must accompany each bid,
which check will be returned to the bidder in case
his proposal is rejected, and which will become
the property of the city in case of the failure of
the successful bidder to comply with the terms
of his bid.
The bonds will be numbered one to one hundred
seventeen, both inclusive, each bond for the principal sumaof $1,000 00,with interest payable semiannually at the rate of 4 %% per annum.
Said bonds will be ready for delivery on or before August 31, 1912. Ten of said bonds will
become due August 31, 1917, and ten of said bonds
will become due on the 31st day of each and every
August thereafter up to and including the year
1927. The sum of $7,000 00 will become due
August 31, 1928.
The bonds cannot be sold for less than par and
accrued interest.
THE LEGALITY OF THIS ISSUE OF BONDS
WILL BE APPROVED BY MESSRS. DILLON,
THOMPSON & CLAY OF NEW YORK CITY.
WHOSE OPINION AS TO LEGALITY WILL
BE FURNISHED TO THE PURCHASER.
Dated, August 5, 1912...
LOREN F. GOODSON, City Clerk.
Financial Statement as of August 1, 1912.
Assessed valuation, real estate_ __ _$5,845,675 00
Assessed valuation, special franchises 307,52500
Assessed valuation, personal property
179,500 00
$6,332,700 00
Total assessed valuation
$79,800 00
Bonded debt, exclusive of this issue_
Population, 1910 Census-15,243.
SEND FOR LIST.
29 South La Salle St.,
CHICAGO
MUNICIPAL AND RAILROAD
HODENPYL, HARDY& CO.
BONDS
14 Wall St., New York
LIST ON APPLICATION
B. W. Strassburger
SOUTHERN INVESTMENT SECURIllES
MONTGOMERY, ALA.
SEASONGOOD & MAYER
Railroad, Street Ry., Gas & Elec. Light
Ingalls Building
CINCINNATI
SECU RITI ES
:378
THE CHRONICLE
LORNE RURAL MUNICIPALITY, Man.-Debenture Election.-An
'election will be held to-day (Aug. 10) to vote on the question of issuing
$4,500 school debentures, according to reports. P. E. Bourque (P. 0.
Somerset) is Secretary-Treasurer.
LUCILE SCHOOL' DISTRICT NO. 916, Sask.-Debenture Offering.
Proposals will be received up to Aug. 12 by the School Board, C. J. Lutes,
Sec.-Treas. (P. 0. Tisdale) , for $13,500 6% 20-year debentures due•yearly
on Nov. 1.
MACDONALD, Man:,
-Debenture Offering.-Proposals will be received
until 12 m. Aug. 28 by H. Gills, Sec.-Treas. (P. 0. Sanford), for $6,862 50
debentures. Due part yrly. Oct. 1 from 1912 to 1931 Incl.
McT AGGART SCHOOL DISTRICT NO. 1143, Sask.-Debenture Sale.On Aug. 1 the $4,000 6% 20-installment debentures (V. 94, p. 1646) were
awarded to H. O'Hara & Co. of Toronto at 103.125. Int. ann. in Jan.
MAPLE CREEK, Sask.-Debenture Election.-According to reports the
proposition to issue $30,000 town-hall debentures will be submitted on
Aug. 16 to the burgesses.
MEDICINE HAT, Alta.-Debenture Sale.-Reports state that Wood,
Gundy & Co. of Toronto purchased an issue of $50,000 debentures.
MIDHURST SCHOOL DISTRICT, Sask.-Debenture Sale.-According
to reports, $7,000'5% 20-yr. debentures were awarded to C. H. Burgess
& Co. of Toronto.
MILVERTON. Ont.-Debentures Voted.-An election held recently resulted, it is stated, in favor of the proposition to issue $10,000 road debs.
NELSON, B. C.-Debenture Sale.-The Dominion Securities Corp. of
Toronto was awarded, it is stated, $43,595 5% 10-installment and 20-yr.
debentures.
NEW MARKET, Ont.-No Debenture Election.-We are advised that the
reports that an election would be held Aug. 3 to vote on the issuance of
$3,500 debentures (V. 95, p. 318) are erroneous.
NOKOMIS, Sask.-Debenture Offering.-Proposals will be received until
8 p. m. Sept. 2 by W. A. Armour, Sec.-Treas., for $15,735 72 6% debentures. Due in 20 equal annual Installments of principal and interest,
OR I LLIA. Ont.-Debentures Authorized.-The issuance of $25,000 sidewalk debentures has been authorized, reports state.
PEMBROKE. Ont.-Debenture Election.-An election will be held
Aug. 22, reports state, to vote on the question of issuing $25,000 railroad
bonus debentures.
PORT ALBERNI, B. C.-Debentures Proposed.-This place, according
to reports, is considering the issuance of $115,000 water-works debentures.
RED DEER, Alberta.-No Action Yet Taken.-We are advised under
date of July 31 that no action has yet been taken looking toward the issuance
of the $67,500 debentures voted June 11 (V. 94, p. 1723).
.
\\
Debentures Proposed.-The question of issuing $10,000 school debentures
Is now under consideration, according to reports.
ST. LAURENT, Que.-Debentures Authorized.-The Town Council has
authorized the issuance of $65,000 debentures, according to reports.
SASKATOON, Sask.-Debenture Sale.-Concerning the issuance of
$500,000 debentures to the Stone & Webster Engineering Corp. of N. Y.
for the construction of a street railway, the City Clerk, Andrew Leslie,
advises us that these debentures are to be issued from month to month
according to the amount of work done and material supplied. It is expected that the entire system will be in operation before the end of the
present year. The debentures are to bear date of August 1, and accrued
Interest is to be allowed by the contractors to the city for debentures issued
after that date. The period over which the debentures are spread is 30 yrs.
and the interest rate 5%. The entire issue is convertible into city of Saskatoon 434% consolidated stock.
SAERBROOKE. Que.-Proceedings to Annul Loan.-According to the
"Monetary Times" of Aug. 3, Alderman McManamy has had notice served
on the city to the effect that he is instituting proceedings to annul the by
law recently passed for the borrowing of $615,000. He claims, among
other things, that in borrowing this amount the city is exceeding its borrowing power.
SOUTH VANCOUVER, B. C.-Debenture' Election.-The proposition to
issue $200,000 thoroughfare debentures will, it is stated, be submitted
to a vote.
SPRINGFIELD RURAL MUNICIPALITY, Man.-Debenture Election.An election will be held Aug. 17, it is stated, to vote on the question of
issuing $3,500 20-yr. well debentures. C. Christopherson (P. 0. Oakbank) is Secretary-Treasurer.
STRATHMORE, Alta.-Debenture Election.-The proposition to Issue
$10,000 impt. debentures will be submitted to a vote, it is stated.
SWAN RIVER. Man.-Debenture Election.-An election will be held
Aug.23, it is stated, to vote on the proposition to issue $4,000 bridge dcbens.
UPLAND SCHOOL DISTRICT NO. 1605, Man.-Debenture Offering.
Proposals will be received until Aug. 15 by W. Allinson, Sco.-Treas. (P.O.
Starbuck), for $1,500 6% 10 annual installment debentures dated July 15
1912.
VERNON, B. C.-Debentures Voted.-According to reports, the issuance
of $8,000 nurses' home debentures was recently voted.
WEL LAND. Ontario.-Debentures Voted.-According to reports, the
election held Aug. 6 (V. 95, p. 133) resulted in favor of the proposition to
Issue $45,000 30-yr. hydro-electric light debentures. The vote is reported
as 329 "for" to 183 "against."
WHITBY, Ont.Debentures Defeated.-The election held July 31 resulted in the defeat of the proposition to issue the $25,000 school debentures
(V. 95, p. 255). The vote was 169 '"tot" to 171 "against."
MISCELLANEOUS.
INVESTMENTS.
OFFICE OF THE
ATLANTIC MUTUAL INSURANCE COMPANY,
New York, January 23d, 1912,
• The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on the
31st of December, 1011.
The Company's business has been confined to marine and inland transportation insurance.
Premiums on such risks from the 1st January, 1911, to the 31st December, 1911
$3,653,325 18
Premiums on Policies not marked oft 1st January, 1911
873,68037
Total Premiums
$4,527,005 55
Premiums marked off from January 1st, 1911, to December 31st, 1911
33,773,578 22
Interest on the investments of the Company received during the year----$333,897 03
39,628 24
_Interest on Deposits in Banks and Trust Companies, etc
153,167 66
Rent received less Taxes and Expenses
$059,530 60
Returns of Premiums.$196,93689
Expenses, including officers' salaries and clerks' compensaton, stationefy, advertisements, etc
570,472 18
A dividend lf interest of Fix per cent on the outstanding certificates of profits will be paid to the holders
-.thereof, or their legal representatives, on and after Tuesday the sixth of February next.
The outstanding certificates of the issue of 1906 will be redeemed and paid to the holders thereof, or nets
, legal representatives, on and after Tuesday the sixth of February next, from which date all interest thereon
\will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending 31st
December, 1911, which are entitled to participate in dividend, for which, upon application, certificates will be
Issued on and after Tuesday the seventh of May next.
U. STANTON FLOYD-JONES, Secretary.
By order of the Board,
TRUSTEES.
HERBERT L. GRIGGS,
FRANCIS M. BACON,
CHARLES M. PRATT,
CLEMENT A. GRISCOM,
,JOHN N. BEACH,
DALLAS B. PRATT,
ANSON W. HARD,
ERNEST C. BLISS,
GEORGE W. QLJINTARD.
THOMAS H. HUBBARD,
'VERNON H. BROWN,_
ANTON A. RAVEN,
LEWIS CASS LEDYARD,
WALDRON P. BROWN.
JOHN J. RIKER,
LEVERICH,
CHARLES
D.
CLAFLIN
DOUGLAS
ROBINSON.
JOHN
,
LOVELL,
N.
LEANDER
GUSTAV H. SCHWAB,
tgEORGE C. CLARK,
GEORGE H. MACY,
WILLIAM SLOANE,
CLEVELAND H. DODGE,
CHARLES H. MARSHALL.
'CORNELIUS ELDERT,
LOUIS STERN,
NICHOLAS F. PALMER.
RICHARD H. EWART,
WILLIAM A. STREET,
HENRY PARISH,
GEORGE E. TURNURE
:PHILIP A. 8. FRANKLIN.
ADOLF PAVENSTEDT,
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President,
CHARLES E. FAY, 3d Vice-President.
JOHN H. JONES STEWART, 4th Vice-President,
BALANCE SHEET.
ASSETS.
United States and State of New York
3700,000 00
Bonds
New York City and New York Trust Co.
1,777,900 00
and Bank Stocks
2,742,162 00
Stocks and Bonds of Railroads
220,020 00
• Other Securities
Special Deposits in Banks and Trust
1,000.000 00
Companies
Real Estate cor Wall and William Streets
• and Exchange Place, containing offices 4,299,426 04
•Real Estate on Staten Island (held under
75,000 00
provisions of Chapter 481,Laws of 1887)
618.136 00
Pretnium Notes
449,354 23
Bills Receivable
Cash in hands of Enronean Bankers to
pay losses under policies payable in
203,603 36
foreign countries
930,321 99
• Cash in Bank
450,000 00
New York City Revenue Bonds
813.465,923 62
BLODGET & CO.
BONDS
60 STATE STREET,BOSTON
BO PINE STREET, NEW YORK
STATE, CITY & RAILROAD BONDS
ESTABLISHED 1885.
526,692 93
$1,385,386 46
$220,704 52
205,151 34 425,855 86
Losses paid during the year
Less Salvages
Re-insurances
Lxxxxv.
LIABILITIES.
Estimated Losses and Losses Unsettled
in process of Adjustment
$2,310,027 00
Premiums on Unterminated Risks
753,427 33
Certificates of Profits and Interest Unpaid
267,092 05
Return Premiums Unpaid
109,742 16
Reserve for Taxes
57,512 10
Re-insurance Premiums
183,599 07
Claims not Settled, including Compensation, etc
69,104 08
Certificates of Profits Ordered Redeemed,
Withheld for Unpaid Premiums
22,471 29
Certificates of Profitz Outstanding
7,401,390 00
H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS
F. WM. KRAFT
LAWYER.
Specializing In Examination ot
Municipal and Corporation Bonds
1037-9 FIRST NATIONAL BANK BLDG.,
CHICAGO, ILL.
ACCOUNTANTS.
LYB RAND,
ROSS BROS &
MONTGOMERY
Certified Public Accountants
(Pennsylvania)
NEW YORK, 55 Liberty St.
PHILADELPHIA. Morris Bldg.
PITTSBURGH, Union Bank Bldg.
CHICAGO, First Nat. Bank Bldg.
SAN FRANCISCO, Kohl Bldg.
SEATTLE, Central Bldg.
LONDON, 58 Coleman St
JAMES PARK 8c, CO.
CERTIFIED PUBLIC ACCOUNTANTS
New York, Chicago, Cincinnati and
London, England.
$11,174,365 14
FINANCIAL INSTITUAUDITORS FOR
TIONS, INDUSTRIAL AND
MINING COMPANIES
Thus leaving a balance of..............................................$2,291,558 48 Investigations, Financial Statements,
•
Accrued Interest on Bonds on the 31st day ef December, 1911, amounted to
$41,878 80
Periodical Audits and Accounting
21,970 40
.Rents due on the 31st day of December, 19).1, amounted to
Re-insurance due or accrued, in coMpanies authorized in New York, on the 31st day of December.
....................................................................
1911, amounted to
214,367 00
Unexpired re-Insurance premiums on the 31st day of December, 1911, amounted to
83,096 43
Note: The Insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Place in excess of the Book Value given above, at
450,573 96
FOR SALE
Value,
at
Book
And the property at Staten,,Islami in excess of the
63,700 00
-The Market Value of Stocks, Bonds and other Securities on the 31st day of December, 1911, exSecond-hand volumes in good condition for
ceeded the Company's valuation by
1,588,635 62 years prior to 1908
54.755,78075 COMMERCIAL & FINANCIAL CHRONICLE
•On the basis of these increased valuation& the balance would be
138 Front St., New York
• •
CHRONICLE VOLUMES
@FedFRASER