Full text of Commercial and Financial Chronicle : August 17, 1912, Vol. 95, no. 2460

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

fin a n r ia t
T

I

W

,

o m m e r r ia
Kf

IN C L U D IN G
Electric Railway Section
State and City Section

Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section

NO. 2460

SATURDAY, AUGUST 17 1912

VOL. 95

W e e k en d in g A u g u s t 1 0 .

*P u e
*

C t e m M je .

1912.

PUBLISHED WEEKLY.

T e r m s o f S u b s c r ip t io n — P a y a b le In A d v a n c e

For Ono Year ......................................................................................... $*9 f}9
For Six Months....................... .............- — r........... ; ; ........................... . 5 99
Kuropean Subscription (tacludiug postage)......... ............................... Id uu
European Subscription six months (including postage)..................... 1 oO
Annual Subscription in London (including p< stage).. .................... £ 2 14s.
Six Months Subscription in London (including postage).................... £1 11s.
Canadian Subscription (Including postage)......................................... $11 ou
Subscription in clu d es follow ing Supplem ents—
B ank and Quotation (monthly) I R ailway and I ndustrial (3 times yearly)
RAILWAY earn Lnos (monthly)
ELECTRIC R ailway (3 times yoarly)
S tate and City (semi-annually) |B ankers’ Convention (yearly)
T e rm s o f A d v e r tis in g — P e r In c h S p a c e
T r a n sie n t m atter p er in ch sp ace (1 4 a g a te l in e s ) .......................................... $ 4 20

r Two Months
(s times)...................; ___ 22 00
..
_ .
) Three Months (13 times)......................... 29 00
Standing Business Cards •( gix Months
(26 times)......................... 50 00

(. T w e lv e M o n th s (5 2 t im e s ).............................. 87 00

CniCAOO Office—G eo. M. S h ep h erd , 513 M o n a d n o ck B l o c k ;T e l .I l a r r is o n 4012.
London Office—E d w a rd s & S m ith , 1 D ra p e rs ’ G a rd en s, E. C.
W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
P . O. B ox 0 5 8 .
F ro n t, P in o nml D cp e y ste r S ts..
N ew Y o r k .

C L E A R IN G -1 1 0 U S E R E T U R N S .

C l e a r in g s — R e tu r n s b y T e le g r a p h .
W e e k e n d in g A u g . 1 7 .

P er
C e n t.

1912.

1911.

N e w Y o r k ______________________________
B o s t o n ___________________________________
P h i l a d e l p h i a ........... - ......................... ..........
B a l t i m o r e .......................... - ............................
C h i c a g o --------------------------------------------------S t . L o u i s .........................................................
N e w O r l e a n s -------------------------------------------

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

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

S e v e n c i t ie s , 5 d a y s .
O t h e r c i t ie s , 5 d a y s -------

* 2 ,0 4 2 ,3 0 1 ,1 (1 6
5 0 0 ,0 4 6 ,2 3 4

* 1 ,9 8 0 ,0 0 8 ,0 4 5
4 5 1 ,7 4 6 ,2 1 7

+ 2 .1
+ 1 0 .7

T o t a l a ll c i t ie s . 5 d a y s _________________
AU c i t ie s , 1 d a y .................................. .. ..........

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

$ 2 ,4 3 1 ,7 5 4 ,2 6 2
4 5 7 ,2 2 1 ,3 7 1

+ 4 .6
+ 1 1 .1

S 3 .0 5 0 .4 5 8 ,8 8 7

$ 2 ,8 8 8 ,9 7 5 ,6 3 3

4 - 5 .6

T o t a l a ll c i t ie s f o r w e e k . .

+ 1 .6
— 2 .5
+ 4 .4
+ 2 8 .2
+ 8 .2
+ 1 6 .7
+ 1 9 .5

The full details for the week covered b y the above will be given next

Saturday. W c cannot furnish them to-day, clearings being made up b y the
olcarlng houses at noon on Saturday, and hence in the above the last day of
tho week has to be In all cases estimated, as we go to press Friday night.
W c present below detailed figures for the week ending with Saturday
noon, A ug. 10, for four years.

1912.

1911.

1910.

A n n A r b o r -----------• A d ria n ...................
T o t . M id . W e s t

4 1 3 .6 0 3 ,2 0 4

3 5 8 ,8 0 4 ,8 1 2

+ 1 5 .3

3 5 1 ,4 4 6 ,4 5 5

3 6 2 ,8 7 5 , 9 4 8

S a n F r a n c i s c o ___
L o s A n g e l e s ---------

S a n J o s e ................
N orth Y a k im a ..
R e n o ........................

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

4 4 ,2 2 9 ,4 8 7
1 8 ,1 4 5 ,4 9 7
1 0 .0 5 9 ,3 3 8
1 0 ,3 8 8 ,8 2 5
4 ,1 0 8 ,6 1 1
6 ,1 8 0 ,4 7 9
3 ,S G 6 ,4 5 3
3 ,2 2 0 ,2 3 0
1 ,5 4 6 ,3 8 1
1 ,5 0 0 ,0 0 0
7 9 0 ,0 9 5
8 5 4 ,6 6 2
7 2 4 ,3 9 6
6 0 0 ,0 0 0
4 0 5 ,5 7 7
2 9 4 .1 4 0

+ 9 .0
+ 7 .1
+ 1 7.3
— 0 .4
— 4 .8
— 1 0 .4
+ 5 .3
+ 0 .5
+ 6 .1
+ 7 5 .1
+ 1 3 .2
+ 3 .7
+ 1 5 .9
+ 1 7 .3
— 1 8 .5
+ 0 .4

4 4 ,0 5 4 ,1 1 6
1 3 ,7 1 9 ,1 1 3
1 1 ,6 3 9 ,5 0 2
9 ,8 0 4 ,5 2 8
4 ,3 5 4 ,7 7 8
5 ,0 1 7 ,9 6 6
5 ,8 2 9 ,1 8 1
3 ,1 0 5 ,1 7 6
1 ,3 2 3 ,7 0 1
1 ,2 0 0 ,0 0 0
6 3 9 ,7 2 3
8 2 7 ,4 1 4
6 2 6 ,7 0 2
6 7 9 ,4 0 3
3 8 7 ,9 5 6
3 0 7 ,4 9 6

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

T o ta l P a c ific ..

1 1 5 ,0 3 2 ,8 4 3

1 0 6 ,9 8 0 ,1 7 1

K ansas C ity . . .
M i n n e a p o l i s _____
O m a h a ____________
S t . P a u l - - - ...........
D e n v e r . - . ..............
S t . J o s e p h . ...........
D e s M o i n e s ...........
S io u x C i t y ..............
W i c h i t a __________

B i l l i n g s __________

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

T o t . o t h .W e s t .

1 3 3 ,4 6 7 ,5 1 0

---------

L i m a _____________

S p o k a n e ...................
S a lt L a k e C i t y . .

S t o c k t o n ................

S
$
%
— 10.3 1,410,919,061 1,971,080,692
+ 5.9 125,190,313 121,515,635
45.100,858
+ 16.5
43,979,668
26,341,596
27,893,212
+ 8.0
9,319,136
+ 20.5
8,898,979
5.043,393
+ 7.5
5,051,820
5,613,420
+ 2.4
6,558,199
3,428,380
3,293,929
+ 1.8
2,260,246
2,338,691
+ 20.3
1,943,840
2,162,022
+ 16.9
1,457,747
+ 14.5
1,456,863
1,378,767
+40.0
1,571,680
1,204,388
+ 22.2
1,278,680
1,300,644
+ 12.5
1,642,794
1,344,232
+ 9.7
1,264,372
779,127
+ 10.5
805,225
689,107
+ 13.7
731,747
__________
+ 29.0
955,997
453,580
475,464
—4.7
377,700
+36.1
491,900
+ 8.0
444,866
431,407
+ 40.4
418,410
613,770

Total Middle.. 1,848,887,808 2,017,221,112

— 8.3 1,657,019,264 2,201,538,949

Philadelphia___

Y o r k ...............
Erie ....................
Lancaster-------G rcen sb u rg ------B in g h a m to n ----Altoona .. ------C h e s te r ..................

130,124,730
6,733,800
3,683,849
2,254,390
1,992,784
1,775,742
2,131,344
1,079,38:!
893,082
530,044
402,402
..................
' 1 K 151.601,55(1

Iloiyoko..................
B angor.....................

144,791,298
6,718,900
4,003,511
2,846,544
2,149,935
1,906,107
2,319,919
1,099,759
798,615
552,54)
592,22c
450.001

+ 1.8
142,170,729
6,982,000 —3.8
3,635,519 + 10.1
+ 2.4
2,769,875
+ 7.1
2,007,603
1,907,727 —0.1
—7.6
2,510.37C
868,531 + 26.6
—7.7
805,336
552,405 + 0.0:<
527,682 + 12.2
500,000 — 10.0

Total Now i* " '

ins w'o •'so

165 ^ 7 •»--

149,210,030
6,529,900
3,258,607
2,284,908
1,708,052
1,900,000
1,704,517
853,608
951,255
482,810
502.0S0
..................
10p.385,827

t f o i e .—For C a n a d ia n c le a r in g s s e e " C o m m e r c ia l a n d M is c e lla n e o u s N e w s .




R a p i d s ___

1909.

$
“
*
1,576,877,801 1,769.112,345
139,955,482 132,203,051
50,406,139
43,321,373
31,328,916
33,830,033
12,151.313
9,605,97 7
6 ,1(H) ,000
5,676,110
G.773,774
6,614,001
3,733,326
4.172,168
2,285,795
2,750,000
2,162,493
2.528,040
1,321,425
1,512,239
1,252,783
1,752,670
1,280,331
1,564,264
1,505,073
1,760,396
1,396,954
1.531,874
811,081
896,647
858,556
976,996
852,993
1,100,000
525,000
502,272
470.900
640,800
451,802
490,907
390,227
547,993

•

s

:
2 4 8 ,8 1 5 ,3 5 3
;
2 4 ,0 0 5 , 4 5 0
:
1 7 ,4 8 1 ,8 1 6
2 1 ,4 7 5 ,7 8 8
t
1 2 ,7 7 8 ,8 2 7
:
8 ,4 3 8 ,0 6 4
5 ,5 6 7 ,4 0 0
:
3 .9 9 5 , 3 4 4
;
2 ,5 7 5 ,2 7 1
•
2 ,4 5 5 ,2 2 0
2 .0 3 2 .2 S 5
1 ,8 5 4 ,8 1 5
‘
0 4 1 ,0 7 4
.
1 ,0 9 7 ,6 8 7 . '
8 9 4 ,2 9 1
9 5 5 ,0 0 0
8 6 6 ,2 7 3
;■
4 8 6 ,8 8 7 *
5 8 7 ,5 8 3
;
6 5 4 ,8 5 3
4 5 7 ,8 1 7
■
5 0 1 ,3 7 6
,
5 4 6 ,0 0 8
6 7 5 ,4 2 8
4 8 6 ,1 4 8
3 7 4 .5 1 4
•
3 6 0 ,8 8 5
:

C h i c a g o ...................
C i n c i n n a t i _______
C l e v e l a n d ___
D e t r o i t ____________
M i lw a u k e e _______
I n d i a n a p o l i s ____
C o l u m b u s _______
T o l e d o ................ - P e o r i a -----------------G ra n d R a p id s ..-.
E v a n s v il le ---------D a y t o n ...................
K a l a m a z o o --------S p r in g fi e ld , 111-.
F o r t W a y n e ------A k r o n ____________
Y o u n g s to w n . D e c a t u r _________
L e x in g to n . - - R o c k f o r d _______
B l o o m i n g t o n ------Q u i n c y . ..................
S p r in g fi e ld , O h io .
C a n t o n ____________
S o u t h B e n d ---------

C edar

Inc. or
Dec.

1909.

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

W e e k e n d in g A u g u s t 1 0 .

Clearings at—

1910.

S
%
2 3 .8 ,0 3 9 ,0 4 8 — 1 7 .9
2 1 ,0 8 8 ,4 5 0
+ 3 1 .7
1 8 ,2 1 0 ,1 2 1
+ 8 .0
2 5 ,6 7 5 ,8 5 3
+ 6 .7
1 4 ,3 9 4 ,4 4 4 — 1 4 .8
— 0.1
9 ,1 1 5 ,8 7 9
+ 1 2 .4
5 ,1 0 4 ,1 0 0
4 ,1 5 3 ,0 2 9
+ 5 .3
2 ,9 0 5 ,0 0 3
+ 1 4 .7
+ 2 9 .7
2 ,5 6 6 ,4 1 3
2 ,1 9 9 ,7 2 4
— 7 .5
2 ,1 5 6 ,2 2 3
+ 11
G 5 6 .7 3 5
+ 8 .7
1 ,1 0 5 ,8 5 4
— 2 .5
— 3 .3
1 ,0 8 8 ,0 5 9
+ 44.1
1 ,0 8 4 ,0 0 0
— 2 .S
1 ,3 4 3 ,9 4 3
4 6 9 ,4 6 6
+ 7 .3
+ 1 2 .2
7 5 0 ,9 4 7
+ 5 .7
0 9 2 ,7 6 1
— 3 .9
5 9 0 ,5 9 3
6 0S .734
+ 6 .7
+ 3 .9
5 3 3 ,4 0 7
+ 2 4 .9
9 8 3 ,6 5 7
5 2 0 ,6 2 1 + 1 7 3 .5
+ 7 4 .4
4 4 5 ,0 0 0
+ 9 .1
3 5 1 ,5 9 9
+ 2.1
4 0 7 ,4 2 2
+ 2 6 .5
3 2 8 ,2 2 1
+ 5 .2
3 0 9 ,0 0 0
4 1 3 ,0 4 8
— 1.9
+ 7 .7
2 6 9 ,0 0 9
+ 4 9 .6
1 5 0 ,6 1 7
3 3 .6 8 2 — 1 0 .9

D a n v i l l e ----------------

The follow ing table, made up b y telegraph, &c.. Indicates that the
total bank clearings of all clearing houses of the United States for week
ending A ug. 17 have been $3,050,458,887, against $2,865,988,007 last
week and $2,888,075,633 the corresponding week last year.

In c. or
D ec.

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

M a n s f ie ld .
P u b l is h e d e v e r y S a t u r d a y m o r n i n g b y W I L L I A M
B. DANA COM PANY,
J a c o b S e ib e r t J r . , P r e s i d e n t a n d T r c a s . ; G e o r g e S . D a n a a n d A r n o l d G . D a n a ,
V i c e - P r e s id e n t s ; A r n o l d G . D a n a , S e c .
A d d r e s s e s o f a ll. O f f i c e o f t h e C o m p a n y .

1911.

C o l o r a d o S p r in g s .
F r e m o n t _________
A b e r d e e n ................

•

:
l

9 3 ,3 0 1 , 0 0 4

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

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

1 9 8 ,9 1 0

j

+ 1 2 .4

1 2 6 ,2 2 5 ,3 1 0

1 1 8 ,3 6 9 .3 4 2

i

1 1 8 ,7 1 6 ,9 7 0

T o ta l S ou th err

ISO 7 6 7 345

167 «r>0 556

V i c k s b u r g ----------W ilm in g to n , N . C
J a c k s o n ...................

•
:

1 0 3 ,5 1 6 ,7 5 5

M u s k o g e e _______

L it t l e R o c k ---------

|
j

+ 7 .5

+ G.7
6 3 ,5 2 4 ,8 7 5
1 7 ,7 1 2 ,1 2 9 U — 5 .0
1 2 ,0 4 0 ,7 3 4
+ 0 .5
1 2 ,3 1 3 ,0 0 0
+ 2 0 .1
+ 4 0 .2
5 ,8 8 6 ,5 0 0
7 ,2 1 4 ,6 6 2
+ 2 0 .6
4 ,2 4 9 ,1 8 2
+ 2 9 .6
+ 2 3 .5
4 ,0 8 0 ,0 4 8
+ 1 6 .9
8 ,6 6 8 ,5 8 5
+ 3 0 .8
4 ,2 4 4 ,1 7 2
+ 2 0 .6
3 ,3 4 8 ,2 9 7
+ 2 3 .8
2 ,6 8 6 ,6 9 7
+ 2 4 .8
2 ,0 4 5 ,9 8 3
+ 4 8 .5
1 ,7 0 9 ,9 7 3
+ 1 3 .2
2 ,6 5 0 ,9 6 5
+ 2 4 .7
1 .6 0 4 ,2 3 6
1 ,5 8 0 ,4 7 6 — 1 4 .4
— 0 .8
1 ,2 9 2 ,3 4 9
+ 4 .0
1 ,1 1 1 ,7 9 8
1 ,5 4 9 ,7 6 0
+ 2 1 .7
+ 2 0 .4
1 ,0 5 0 ,0 6 4
2 ,3 5 5 ,1 1 1
+ 1 3.7
2 ,0 6 3 ,0 7 9 — 1 1 .3
2 8 0 ,0 8 0
— 3 .6
4 4 8 ,9 0 4
— 5.5
— 7 .4
3 4 8 ,0 0 0
6 1 0 ,8 9 7
+ 15.C
4 -5 r
550 .00 C

N o r f o l k __________

;

4 1 9 .3 0 3
3 1 4 ,4 6 2
1 3 9 ,9 2 8
3 1 ,1 5 4

+ 1 4 .6
4 2 ,5 1 7 ,3 7 9
+ 6 .2
1 6 ,9 4 2 ,0 9 4
+ 1 3 .0
1 3 ,9 8 5 ,9 5 6
— 0 .6
9 ,2 6 9 ,4 7 7
+ 1 2 .2
8 ,3 6 9 ,6 9 1
+ 1 1 .2
5 ,7 9 3 ,9 2 9
3 ,4 5 4 ,1 8 2
+ 2 8 .1
+ 2 6 .7
2 ,2 7 0 ,1 7 6
+ 1 6 .6
3 ,2 2 5 ,9 8 7
+ 8 .2
2 .3 3 5 ,4 3 5
+ 2 0 .1
1 ,4 8 9 ,1 6 8
+ 1 7 .7
1 ,5 6 8 ,1 6 5
+ 16.1
1 ,2 7 2 ,3 6 3
+ 6 .8
1 ,1 7 5 ,2 4 5
+ 3 1 .5
1 ,0 5 1 ,0 5 4
8 0 0 ,3 7 9 — 4 9 .0
+ 1 2 .7
8 8 5 ,3 8 8
+ 3 3 .7
5 5 1 ,3 1 2
+ 6 0 .0
7 3 6 .3 5 7
+ 1.6
3 8 5 ,9 1 0
+ 4 .4
3 1 3 ,7 6 2
+ 1 9 .7
2 0 4 ,9 2 2
1 1 2 .5 3 9 + 1 4 4 .4

6 7 ,7 7 1 ,8 8 7
1 6 ,8 2 9 ,2 9 6
1 2 ,0 9 5 ,9 4 2
1 4 ,7 8 3 ,3 1 0
8 ,2 5 0 ,0 0 0
8 ,7 0 0 ,0 0 0
5 ,5 0 7 ,7 7 4
5 ,7 8 0 ,1 8 5
1 0 ,1 3 6 ,4 8 7
5 ,5 5 0 ,0 0 0
4 ,0 3 7 ,2 0 9
3 ,3 2 4 ,8 7 3
2 ,6 5 2 ,7 4 4
2 ,5 3 8 ,6 3 7
3 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 3
1 ,3 5 3 ,1 9 2
1 ,2 8 2 ,1 7 5
1 ,1 5 6 ,6 3 d
1 ,8 8 5 ,4 4 3
1 ,3 2 7 ,7 8 6
2 ,6 7 7 ,4 1 1
1 ,8 3 0 ,6 1 2
2 6 9 ,8 9 5
4 2 5 ,0 0(
3 2 2 ,3 2 9
7 0 1 ,0 6 7
5 7 7 .4 5 9

F o r t W o r t h ...........

3 1 0 ,0 4 6

•* ><4
1.xr
T o t a l a i l ............. 2 .8 6 5 .9 8 8 0
1 .2 8 0 .1 1 0 .2 0 f 1 .1 6 5 .7 2 9 .0 5
O utW dft v . v

11
—
4 -1 0

6 2 ,8 2 3 ,9 4 3
1 4 ,6 0 5 ,8 0 0
1 2 ,6 3 6 ,4 3 1
1 1 ,1 3 5 ,0 3 8
5 ,2 9 8 ,5 0 0
6 ,1 1 3 ,0 3 9
4 ,4 5 4 .8 2 4
4 ,6 9 1 ,1 9 3
8 ,0 6 0 ,1 1 4
3 ,9 4 6 ,7 0 6
3 .7 8 1 ,9 8 9
■ 2 ,4 1 5 ,6 3 1
2 ,2 2 2 .6 6 0
1 ,8 7 3 ,5 2 1
2 ,2 9 4 ,7 7 5
1 ,4 8 1 ,1 3 8
2 ,5 1 9 ,4 3 6
1 ,2 1 2 ,1 5 3
1 ,2 8 8 ,6 4 3
1 ,5 8 8 ,1 1 8
1 .0 7 2 ,04C
9 5 1 ,5 0 4
'
9 0 7 ,9 5 4
2 1 8 ,3 8 9
3 9 5 .6 3 1
3 5 0 ,0 0 0

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

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

1 5 8 .4 5 8 97(

U 8 9 0 8 .4 7 3

' :E V tx .?fv S .x i<

.4 0 0 4 .4 7 8 .9 5 9

1 .1 2 8 .3 4 9 .2 4 ! |» ! " 3 . 3 9 S . '} 6 7

.

!
;

t
,
,
*»
*
jj
;
,

J

'
'
‘
i
•>
!
,i
j
1
;
i
r
:'
t
!
,

380

THE

C H R O N IC L E

[VOL. LXXXXV.

But why should any one look to extraneous circum­
stances to account for the existing situation when an
explanation is to bo found at our very doors. Statis­
tics are now being made available by the U. S. Census
that leave no doubt as to the real reason for the rise in
prices. And strange as it may seem, trusts and trade
combinations do not figure in it at all. At the bottom
it is the remarkable state of things that has developed
on the farms in this country that must be held chiefly
accountable for the added burdens that consumers are
called upon to endure. In an article in our issue of
June 1 we adduced Census data to show that in the
ten years from 1900 to 1910 the value of farm property
had more than doubled, the aggregate rising from $20,­
439,901,104 on June 1 1900 "to $40,991,449,090 on
April 15 1910. This would furnish occasion for grati­
THE FINANCIAL SITUATION.
fication except that it was found that the farmer had
The most important problem confronting the eco­ done absolutely nothing to bring about this increase of
nomic and the political world to-day is the high cost of 203^ billion dollars in the value of his property in
living. It is well to recognize this fact, because it en­ a single decade. He has not increased his production
ters into the daily lives of all of the people of the coun­ and has brought very little new land under cultiva­
try, and is going to determine the coming Presidential tion. According to the Census the acreage de­
election. To the humbler classes of the population voted to the leading cereals in the ten-year interval
there is real hardship in the way the necessaries of life increased only 3 ^ % , while aggregate production
have been leaping up in recent years, even up to the of these cereals was only a mere trifle (1.7%) larger
present time, when the price of beef and of cattle is in 1909 than it had been in 1899. In the meantime
said to have reached the highest figures prevailing since the population of the United States was enlarged by
the Civil War, when the country was on the basis of in­ nearly 10,000,000 (15,977,691), or 21%. Hence, with
flated paper values. The middle classes of the popula­ practically no increase in quantity, the value of the
tion feel the burden hardly less severely than those in crops has risen almost 80% (79.8%), having increased
the lower walks. The spirit of discontent, to which from $1,482,003,049 in 1899 to $2,005,539,714. In
ex-President Roosevelt is catering, rests almost en­ other words, the farmer has been getting rich from
tirely upon this one circumstance, that food values the great advance in prices alone.
h ive risen so tremendously in value.
This week some further Census data have come to
Let anyone engage the wage-earner in conversation hand,and these emphasize and confirm what we have pre­
and he will find that the complaint is the same in viously said with reference to the farmer having failed
Portland, Me., as in Portland, Ore., in New Orleans to do his part in providing for the expansion of popu­
as in San Francisco, that the cost of buying victuals lation in the United States. The previous Census fig­
for the family has risen to a point where it is an inter­ ures, so far as they dealt with the quantity and value
minable struggle to maintain a bare existence. The of the annual production, had reference merely to cer­
sentiment against combinations and against large tain selected crops. The figures now given out deal
capitalists, where it exists at all, arises out of the same with the entire crop production of the farm. The total
state of things. It is based on the idea that these value of the crops of Continental United States in
combinations and these capitalists are responsible for 1909 was, it appears, in round numbers, $5,487,000,­
the high prices prevailing. It can be readily ascer­ 000, as compared with only $2,999,000,000 in 1899,
tained that the ordinary workman entertains no the increase thus being$2,488,000,000, or83% . Hence
enmity against wealth per se. He is indifferent to the farmer is getting an annual addition of, roughly,
both accumulations of wealth and manifestations of 2j/£ billion dollars, and as there are no trusts or com­
wealth. But he has got it into his head that somehow binations in the farming business, these latter cannot
the vast aggregations of capital represent money filched be charged with having brought about this tremendous
from the pockets of the masses through excessive expansion. The increase, it should be understood,
charges for food and shelter and clothing. The does not represent anything that has been or is being
politicians are doing everything to foster this belief taken from the agricultural classes, but something that
and denounce trusts and combinations as the source these classes have been getting— and getting, too, at
of the woes of the consuming population. They do the expense of the rest of the community. For, as to
this, since it is an easy way to promote their own these total crops, the same situation is found to exist
political advantage, and the cry of “ privileged classes” as in the case of the selected crops already referred to.
and “ special interests” is mingled with denunciation That is to say, there is practically no increase in pro­
of trusts and combinations as pernicious evils.
duction for the ten years, and the augmented value of
It is high time that the masses were enlightened on the product is to be ascribed almost entirely to the
this point. They should be instructed as to the real higher prices that the farmer has been able to charge,
oause of the advance in the cost of living. If the and the rest of the community (save so much as he con­
election is not to go to Mr. Roosevelt by reason of his sumes himself) has been obliged to pay.
feigned solicitude for the working classes, great effort
This latest Census bulletin (or, rather, outline of the
will have to be made to disabuse the minds of the same, which is all that has yet been given out) contains
consuming population as to the responsibility of those an exceedingly instructive and useful analysis which
controlling large industrial enterprises for the rise in throws a flood of light on the present high cost of living.
values. Learned writers are adding to the confusion The first question that comes up is as to the increase
of thought by seeking an explanation in certain special in the area devoted to the crops. In the case of some
phenomena,such as the increased production of gold. I crops it is impossible to secure figures showing acreage.
OUR R A I L W A Y EARNINGS ISSUE.
We send to our subscribers to-day the August num­
ber of our “ Railway Earnings” Section. In this pub­
lication we give the figures of earnings and expenses for
the latest month of every operating steam railroad in
the United States required to file monthly returns with
the Inter-State Commerce Commission at Washington.
This Earnings Supplement also contains the com­
panies' own statements where these differ from the
Commerce returns or give fixed charges in addition to
earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New York
Central Lines, the Pennsylvania R R ., and others.




A ug. 17 1912.]

THE

C H R O N IC L E

Hence, the Census statistician is obliged to confine
himself in the matter of area to the crops for which
reports of acreage were secured. The value of such
crops in 1909 was $4,953,000,000, or nearly nine-tenths
of the value of all crops. The acreage of the same
crops was in 1909 311,293,000, against 283,218,000 in
1899, an addition of less than 10%. With the value in
1909 $4,953,000,000, the corresponding value in 1899
was only $2,721,000,000. In brief, then, with an
addition to area during the ten years of only 9.9%
the addition to values has been no less than 83.3%.
The Census bulletin distinctly states that a large
part of the extraordinary increase in the total value
of farm crops between 1899 and 1909 is attributable
to higher prices. For all cereals taken together, the
production increased only 1.7%, while the value in­
creased 79.8%; for hay and forage the production in­
creased 23% and the value 70.2%. How these higher
values have operated to promote the prosperity of the
agricultural classes will be understood when we say
that in 1909 the value of the crops averaged $863 per
farm, while the average value of crops per farm for
1899 was only $523. In other words, the crops
averaged $340 more per farm in 1909 than in 1899, the
addition being, roughly, 70%.
But the Census statistics do not rest here. Com­
putations are made to show what would have been the
value of the crops in 1909 had the agricultural classes
received no more per unit in that year than in 1899.
Had the prices of 1899 prevailed, the value of the crops
in 1909 would have been only $2,962,358,000, against
the $4,934,490,000 actually reported and the compari­
son would have been with $2,691,979,000 in 1899,
giving an increase of but $270,379,000, or only about
10%. The difference between $2,962,358,000 and
$4,934,490,000, or $1,972,132,000, represents, we are
told, the amount added to the value of these crops in
1909 by reason of increase in prices, the average per­
centage of the increase in prices being 66.6%. This
addition of $1,972,132,000 by reason of higher prices
represents the extent to which the farming community
has benefited at the expense of the rest of the coun­
try and in view of this palpable evidence going to
show what has been at work in this country tending
to increase the cost of living, it is not necessary to refer
to the operation of so-called trusts or to consider more
insidious influences like the increased production of
gold.
As we have already seen, there has been an addi­
tion to population during the ten years of 21%, with
only a trifling increase in'the quantity produced, and
accordingly the farmer has been able to fix prices to
suit himself. If the greater aggregate value of the
1909 crops represented a greatly increased product,
and was the result of more efficient methods of farm­
ing, or of large additions to area, the farmer might be
regarded as having come legitimately by his en­
hanced profits. As it is, he has had to do nothing but
sit still, take things contentedly, rake in the money,
and seek to divert attention from himself by crying
“ trusts,” thereby deluding the consuming masses into
thinking that these latter were the cause of all the
trouble.
Under these circumstances are we in error in assert­
ing that the farmer is at the bottom of the great in­
crease in the cost of living in this country? We have
seen that the enhanced prices of 1909 meant an addi­
tion to the farmers’ receipts of nearly $2,000,000,000.




381

We do not say that this has been all clean profit to
him, for to the extent that he has not done all the
work on the farm himself, but has had to rely in part
on hired labor, the higher price of such labor has been
a partial offset. Making due allowance for this, the
figures given portray accurately the basis of the won­
derful prosperity the farmer has been enjoying and
explain how he has been able to buy automobiles on
an extensive scale and indulge in other luxuries. Yet
this same farmer has been loud in his denunciation of
the railroads and of trade combinations. It is easy
to see the reason for this attitude. As such tremen­
dous amounts of money have been coming to him
without effort, he imagines that railroads and in­
dustrial combinations in like manner are failing to
give full consideration for what they are earning.
Although he has been receiving much, he imagines
he should receive more.
Obviously, if the farmer is in the main responsible
for the great increase in living expenses, it is with him
that the remedy must be applied. The chief indict­
ment against him is that he has not increased his
product per acre— has not enlarged his output and
thereby lowered the cost per unit. That is what the
much-abused “ trusts” would have done in similar
circumstances. They would have applied scientific
methods and have increased the fertility of the soil.
The methods of the farmer, on the other hand, have
been wasteful, extravagant and singularly inefficient.
He has not bestirred himself because there was no
occasion for so doing. Higher prices came to him
without effort with the increase in population, and the
tariff protected him against importations from the
outside. There is a duty of 25c. a bushel on foreign
wheat, on foreign potatoes, and equally high tariff
imposts on meats, on fruits, and on practically every­
thing else that the farmer raises. Yet this same
farmer, enjoying such exceptional profits as the result,
mainly, of the policy of protection, has been acting the
part of the hog and demanding cuts in duties on East­
ern manufactured goods because these are the things
he consumes, and therefore he wants to buy as cheaply
as possible. The plight of the wage-earners in the
Eastern manufacturing industries would, indeed, be
pitiable if tariff duties on manufactures were removed
and the existing high duties on food products allowed
to remain. Nevertheless, the farmer immediately
rebels when it is proposed to cut or abolish the duties
on agricultural products. That touches him in a
weak spot. The strength displayed by Mr. Roosevelt
at the Presidential primaries in the spring was due
largely, there is reason to believe, to the fact that
President Taft, through the reciprocity arrangement
with Canada (which failed by reason of the opposition
of the Canadian voters) proposed to admit free of duty
from Canada into the United States many agricultural
products which, under existing lawv are subject to
heavy duties.
.
The two Houses of Congress are now wrangling over
wool duties, steel duties, cotton duties and the like.
What they ought to do, if they are sincere in their pro­
fessions and want to lower the cost of living, is to take
the duties off foodstuffs—cereals, meats, cattle, fruit,
and the like, all of which are now heavily taxed. Open
the United States to the markets of the whole world.
We know it is claimed that the farmer is not now and
never has been receiving any benefits from the pro­
tective tariff duty. When the population was small
the benefits may have been problematical, but with
the increase in the number of inhabitants the situation

382

THE

C H R O N IC L E

has certainly changed. We are told that prices are
fixed in Liverpool and other foreign markets, and that
it is the total supply for the whole world in any given
commodity in relation to the consumptive wants of
the whole world that fixes prices. To an extent that
is true. And yet it is idle to suppose that with Canada
having 75,000,000 bushels of wheat annually for
export, which is now shipped 3,000 miles across the
ocean to Europe, prices would not be lowered if this
same wheat could enter the American market—
could pass, for instance, from Winnipeg to Minneapolis
— free of duty instead of being obliged to pay a tax
of 25c. a bushel as at present. As to meats, the bene­
fits might not be so immediate but would certainly
come in time. Assured of free entry to American
markets, capital would quickly become available for
engaging in cattle-raising on an extensive scale in
South American countries. In regard to fruits, vegeta­
bles and the like, a nation of 90 million people should
not be left at the mercy of a part of its own popula­
tion. In the end the removal of the duties on agri­
cultural products, we are sure, would be beneficial
to the farmer himself. He would be forced to practice
soil cultivation and improve his methods, with the
result of increasing his productions; and with a larger
product he would be able to net the same return as
now, though charging the consumer much less.
At all events, now that there is statistical data going
to show what accounts, in the main, for the high cost
of living, it will be wises to instruct the masses on this
point. One would have expected enlightened treat­
ment of the subject at the hands of such an accom­
plished student of affairs as Gov. Woodrow Wilson;
but in a speech to the Jersey farmers on Thursday he
indicated his notion of the requirements of the situa­
tion by saying: “ While you farmers were feeding the
world, Congress was feeding the trusts.” Utterances
like this fill one with a feeling of despair. They are
not likely, however, to possess much availability in the
future, now that such telling statistics are at hand.
Senseless and baseless attacks on the railroads and on
large industrial enterprises may furnish cheap weapons
for the politicians, but increased exactions by the farm­
ers to the extent of $2,000,000,000 a year constitute a
concrete fact bearing on the problem of the high cost
of living which it is impossible to overcome or contro­
vert by the most persuasive arguments or the most
demagogic appeals.
Bank officers at this centre are looking forward with
much confidence to profitable business during the
closing months of the current year and the early
months of the new year. The demand for loanable
funds promises to be well in excess of the supply,
especially if, as now appears probable, trade and
industry should promptly assume proportions based
not alone on day-to-day requirements, but on pre­
parations for a prolonged period of improved times.
Our banks can hardly be claimed to hold a super­
abundance of cash reserves. The actual cash surplus
as reported by the New York- Clearing House last
Saturday was only $20,788,250 (including the trust
company members of the Clearing House) above re­
serve requirements, and represented a gain of but $389,­
300 for the week. The requirements had been increased
$1,454,700, as a result of an expansion in deposits.
Therefore the net increase of $1,844,000 in cash
holdings did not fully show in the cash surplus. One
year ago the actual surplus (including trust company
members) was $26,852,950, while two years ago the




[VOL. LXXXXV.

banks alone were carrying a surplus of $55,743,400.
Thus the position of New York's financial institutions
is relatively less strong than in the immediate past,
and thig, too,at the beginning of a season when crop
requirements promise to make active inroads on
banking reserves in the East as well as on those in
the agricultural sections. That the banks of the
country are to be called upon on a larger scale than
usual for crop funds, there can be no reasonable
doubt. If. we except oats, there does not appear to
be a single one of the great grain crops that suggest
new records in the volume of production. But taking
all the great crops combined, it would not be surprising
if the agricultural year were to prove more productive
than any earlier year.
Thus the probabilities point to an increase in the
requirement of banking facilities to move the great
crops to market. In this direction a feature of the
general banking situation of the country that has
been brought to our attention recently by one of the
leading bank officers in New York will be of interest.
We refer to the fact that the banks not alone in
New York but especially throughout the West have
not available the amount of liquid assets that would
be especially desirable under current conditions.
The banks of the country, according to the bank
officer in question, have their funds tied up on too
large a scale with short-term notes and similar financial
instruments that during the last two or three years
have proven highly attractive investments to banks,
which have found it impossible to utilize their reserves
in the course of ordinary mercantile business. New
York banks are probably, in proportion to the volume
of their assets and business,tied up as severely as the
interior institutions. Nevertheless, a feature in bank­
ing circles in New York this week has been the offering
by interior banks of very large amounts of these
short-term notes and other securities for sale with
an agreement to re-purchase them at some definite
date in the new year. We are informed that the offers
of these notes and short-term securities to New York
banks on the basis we have named have reached
several million dollars; but it is questionable whether
any appreciable proportion of the offers has been
purchased, as New York financial institutions are
themselves pursuing a uniform policy of strengthening
their liquid resources. They have no desire to tie
their resources up on any larger scale than at present.
One expedient that is being followed quite generally
in New York is the refusal to purchase additional
supplies of commercial paper, although offerings in
this direction are more than usually large and at
attractive rates. It seems, indeed, quite a fair
Statement that the commercial paper business at the
moment is being conducted almost exclusively by
out-of-town financial institutions. In addition, the
New York banks are permitting their loans to “ run
out” and are not, except in very special cases, renewing
them at the old rates.
So far as oiir relations with foreign markets are
concerned, we are informed that Germany has prac­
tically repaid every dollar of the loans made by
American bankers earlier in the year. New York's
London balances are also quite generally conceded
to have been reduced to normal working proportions.
Consequently, there is comparatively slight oppor­
tunity to depend on London for banking aid during
the next few months. London at the moment is a
more comfortable money market than New York,
day-to-day funds ruling there at about 2% , as against

AwG. 17 1912]

THE

C H R O N IC L E

2 } 4 @ 3 % for call money in New York. This situation
has, we are informed, induced the transfer of some
fairly large Stock Exchange committments from
New York to London to take advantage of the easier
carrying rates. But usually conservative London
correspondents suggest that the easier conditions at
the British centre are likely to prove temporary and
for the moment at least reflect the semi-annual dis­
bursements of railroad dividends. There is still a
congestion of securities in the hands of London under­
writers, however, and the prospects of protracted
ease in money are not considered particularly bright.
Trade and industry in Britain are moving on such an
active scale and the situation in Germany in this
respect is so completely similar that there seems slight
encouragement to look for any fairly permanent
easing up in money rates, either in London or on the
Continent.
Paris still remains the cheapest money centre, and
has been loaning quite freely to Berlin within the last
fortnight, technically, we are informed, on Vienna
account. As long, however, as the ice has been
broken, it seems fair to expect that French banks will
soon be found to have resumed the exceedingly cordial
relations that existed with the German banks before
the Moroccan incident of a little over a year ago so
completely disorganized conditions that had existed
for years. An additional feature in the world’s
monetary outlook is the approach of peace between
Italy and Turkey, which, in turn, means a demand for
funds to pay, in some measure, for the destruction
of property and the general waste of war. Taking a
worldwide view of the money situation, therefore,
there is little to suggest a return in the near future to
particularly easy conditions.
The Fall River cotton mills dividend record for the
third quarter of 1912, if taken as an indication of the
present condition of the manufacturing industry at
that important centre, reflects only a nominal im­
provement over the period immediately preceding,
and is not quite as satisfactory as for the corresponding
quarter of a year ago. It is true that five corporations
which paid their stockholders nothing in the third
quarter of 1911 have made distribution this year, but
two which then paid dividends passed them in this
latest period. Altogether six corporations defaulted in
their dividends for the third quarter of 1912 and 4
reduced the rate of last year. With cotton on a lower
basis of value it was rather expected that better divi­
dend results would be apparent in this third quarter,
but improvement in business at Fall River thus far
has been, it is reported, largely confined to print-cloth
establishments, and this would seem to explain the
passing of dividends by two of the prominent fine
goods mills. Our compilation of dividends for the
third quarter shows that the actual amount to be paid
out to stockholders in the period of 1912 is only
$308,116, or an average of 1.11% on the aggregate
capital invested, as against $309,617, or 1.12%, in
1911 and $435,150, or 1.64%, in 1910. The 1912 rate
is the lowest in 17 years. For the nine months of the
current year the total distribution of $826,250 and the
average of only 2.98% compares with $1,094,492 and
3.94% in 1911 and 5.23% in 1910. The greatest ninemonth rate in our record is that of 1907 (7.27%) and
the lowest the 1.33% of 1898.
Transvaal gold production returns for the latest
month (July) show an aggregate yield of 766,338 fine




383

ounces. •This is some’ 13,000 fine ounces greater than in
June, but about the same amount less than in May.
It is, however, by comparison with earlier years that
the really marvelous development of gold mining in
Africa is fully realized, as it is hardly to be expected
that each particular month should show a better result
than its predecessor. Our readers, of course, are
familiar with the fact that the Transvaal has very
appreciably augmented its contributions to the new
supply of the precious metal. In July two years ago
the output of the mines was only 638,714 fine ounces,
increasing to 709,258 fine ounces in 1911 and 766,338
fine ounces in the current year; for the seven months
of 1910 the product was but 4,298,219 fine ounces, or
20,275 fine ounces per diem, whereas a year later the
totals had risen to 4,685,410 and 22,101 fine ounces,
respectively, and in 1912 further advanced to 5,309,245
fine ounces, or 24,926 fine ounces daily. In the seven
months of the current year the Transvaal has produced
almost as much gold as was secured from the mines
of the whole world in 1889.
.
•!
The activity in building construction in the United
States noted in earlier months of 1912 continued into
July, for, although the volume of operations was not
of as great magnitude as in June, it was larger than
in the month of 1911 and much in excess of 1910.
Moreover, that the activity is very well distributed
over the country is shown by the fact that 75 of the
121 cities included in our compilation report a greater
estimated outlay for construction under the contracts
arranged in July than in the month last year, and
where losses occur they are not heavy as a rule and
indicate quite generally nothing more than a mid­
summer lull after the practically unprecedented op­
erations of the spring. As measured by the estimated
cost of construction, more has been done in the build­
ing line in the elapsed portion of 1912 than in any
previous corresponding period in the history of the
United States.
In Greater New York the contemplated disburse­
ments covered by the July permits fall a little below
the amount for July 1911, Brooklyn Borough alone
showing a gain. For the city as a whole this year’s
total is $16,518,819, against $17,737,758, or a decline
of 6.9%; but contrasted with 1910 there is a gain of
close to 20%. Outside of Greater New York the
month’s contracts comprehend an outlay of $72,522,­
166, which exhibits an increase of 7% million dollars,
or about 11.7% over 1911, and a gain of no less than
19 millions, or 35.7%, as compared with 1910. A
number of the larger cities other than'New York record
greater or lesser losses, but as they in many cases
follow much earlier activity, no special importance
is to be attached to them. Most conspicuous in this
category are Chicago, Baltimore, Cleveland, Buffalo,
Omaha, Minneapolis, Washington and Philadelphia.
On the other hand, many leading municipalities report
considerable gains, among them being St. Louis, At­
lanta, Memphis, Birmingham, Bridgeport, Cincinnati,
Des Moines, Hartford, Houston, Los Angeles, Louis­
ville, Milwaukee, Salt Lake City, Springfield, Mass.,
St. Paul and Toledo. Including New York, the grand
aggregate for the 121 cities is'f$89,040,985, as con­
trasted with $82,662,409 forJJuiy‘(|1911, or a gain of
7.7%, and compared with the month in 1910 there is
an increase of 32.1%.
For the seven months of the calendar year 1912 the
intended expenditure at the same 121 cities, as com­
piled by us, totals $579,954,909, [against1525 millions

384

THE

C H R O N IC L E

in the period of 1911 and 52334 millions in 1910, the
gain being over 10% . Greater New York’s operations
exceeded those of 1911 by 16.5% and 1910 by 6.9%.
Outside of this city the seven months’ aggregate for
1912 makes, of course, a new high record, as at 436%
million dollars it compares Avith only 402% millions
in 1911 and 389% millions tAvo years ago.
In the Dominion of Canada the phenomenal ac­
tivity in building operations heretofore referred to
continued in July. Returns from 33 cities give an
intended Outlay for July 1912 of 819,329,255, com­
pared with $12,817,311 in 1911 and $10,298,343 in
1910. For the se\Ten months of 1912 the projected
expenditure' at the same 33 cities (19 in the East and
14 in the West) aggregates 107% million dollars, or
29 millions more than in 1911 and 47% millions in
excess of 1910— almost 80% . Greatest activity is
observable, of course, in the Nortluvest, Avhcre some
of the cities exhibit operations more than double those
of 1911. This is true of Edmonton, Avhere 9 millions
contrast with a little over 2 millions; Victoria, 5 1-3
millions, against 1% millions, &c., &c. In the East
the notable gains are at St. Catherines, Brantford,
Fort William, Hamilton, Ottawa, Port Arthur and
Maisonneuve,
The official visit of the French Premier, M. Poin­
care, to Russia has been the subject of discussion
in diplomatic circles in Europe this week and has
attracted attention in foreign banking circles at this
centre. As usual in such instances, sufficient secrecy
has attended the real objects of the visit to prevent
any general statement. But it seems to be very
generally conceded in diplomatic circles that matters
of first importance to the future of the European
political situation are under discussion. News comes
from Moscow this week that Alexander Kokovoff, the
Russian Premier, and Sergius Sasonoff, the Russian
Foreign Minister, are to visit France next month to
discuss affairs connected with the “ Russo-French
alliance," and Grand Duke Nicholas Nicholaievitch
is to attend the French army maneuvers as represen­
tative of the Russian army. The fragmentary dis­
patches that have been receiAred in connection Avith
Premier Poincare's visit strongly suggest an offensive
and defensive alliance betAveen France and Russia.
The recently announced new naval program by Russia
by Avhich the latter in the course of five years is to
become a strong naval Power seems to confirm to
some extent at least this view. A dispatch to the
Paris “ Matin" from St. Petersburg on Wednesday
indicates that the new entente may apply also to
financial matters. According to the dispatch in ques­
tion, the French Premier on receiving the Japanese
Ambassador at St. Petersburg stated that France and
Russia were perfectly agreed as regards the new Chi­
nese loan. England and Japan, the dispatch inti­
mated, had also agreed with Russia in demanding
that the loan should not injure Russia’s interests in
Mongolia, and that, following Japan's Manchuria
example, the loan should not be utilized for arma­
ments in Mongolia. The United States and Germany
have not accepted the conditions. The suggestion
certainly obtrudes, in view of this information, that the
recent failure of the Chinese loan, after arrangements
for it had been definitely made by the syndicate of
international bankers, had a deeper significance than
the mere objection by China to supervision of the ex­
penditures by a representative of the bankers. It will
be recalled that Prince Katsura, representing the




[VOL. LXXXXV.

foreign office of Japan, recently returned to Tokyo
from St. Petersburg, Avhence he had been on a special
mission. The Prince returned sooner than expected
because of the Mikado’s death, but he took back Avith
him to Tokyo, according to cable dispatches, from
St. Petersburg specific assurances that in all future
emergencies Russia and Japan will act together in the
Far East, a policy that is regarded as leading straight
to the partition of Manchuria and outer Mongolia and
their removal from Chinese domination. This is a
situation that seems to invest the approaching visit
of our OAvn Secretary of State, Mr. Knox, to Japan
with particular significance. Mr. Knox, it is true,
officially goes to Japan to attend the funeral of the
Mikado. The Secretary, accompanied by Mrs. Knox
and by Ransford Miller, Chief of the Far Eastern
Division, left last evening and proceeds by Avay of
Chicago and the Canadian Pacific via Banff, and will
embark on the U. S. cruiser Maryland from Seattle
on Aug. 21 for Japan. The courtesy shown by our
Government in sending such a high representative is
fully appreciated in Japan, and Avhile it is denied that
any official significance is attached to the trip there
can be no. question that the moral effect Avill be dis­
tinctly beneficial in furthering the friendly relations
existing betAveen the tAvo countries.
The Senate Panama Canal Bill, which was passed on
Friday of last week, and amended the House Bill,
Avas immediately sent to a conference committee of
both Houses and an agreement of the confcrrees was
reached on Wednesday evening. The bill prepared at
the conference passed the Senate yesterday. In the
conference bill the Senate recedes from the clause ex­
tending free tolls to American ships engaged in foreign
trade. Canal tolls will, therefore, be collected from
American ships in the foreign trade the same as from all
foreign ships. This concession was expected to placate
Great Britain, for while American coastwise shipping
will be exempt from tolls, the conditions created are
similar to those already existing under our navigation
laAVS, Avhich specifically prohibit any but American
ships engaging in the coastal trade. Another important
change in the bill as compromised in conference from
that which passed the Senate applies to the BourneRoot amendment, Avhich endowed the Inter-State
Commerce Commission with authority to compel rail­
roads to divest themselves ot water lines when their
ownership was “ injurious to the public." As a substi­
tute the Senate conferrees accepted the House pro­
vision prohibiting the OAvnership by a railroad of any
water line with which it does or may compete for
traffic. IIoAvever, this latter provision Avas modi­
fied in order that the large railroads might not be
arbitrarily compelled to sell their Avater-line proper­
ties. The modification Avas in the form of a provision
empoAvering the Inter-State Commerce Commission,
if it finds that water-line service maintained by a rail­
road is beneficial to the public, to extend the time to
Avhich such service may be operated beyond July 1
1914. But every railroad-owned water line requesting
such an extension of time must subject itself to the
control of the Inter-State Commerce Commission as to
rates, facilities, &e. The following important pro­
visions of the Senate Bill, hoAvevcr, were continued in
the bill as recommended by the conference: First,
permission is granted American citizens Avho oavia
foreign-built ships to receive American registry, al­
though without the right to engage in the American
coastAvise trade; second, free admission to American

A ug. 17 1912.]

THE CHRONICLE

ports will be provided for foreign ship-building ma­
terials of all kinds as a concession to American ship­
builders, who protested that the admission of foreignbuilt ships to American register would injure their
business by transferring much of it to foreign countries;
third, the provision was retained prohibiting the use
of the Canal by any ship owned or controlled by a cor­
poration operating in violation of the Sherman anti­
trust law. Cable dispatches from London show a
general disposition of the British press to decline to
accept the refusal of free tolls to American ships en­
gaged in the foreign trade as sufficiently clearing the
situation. An expression of opinion which seems
representative of the feeling of the British press gen­
erally was voiced by the “London Daily Express” in
ts issue of yesterday, in which it said:
“If any responsible mind in America sincerely
believes that the Panama Canal Bill can be put right
by dropping the clause allowing free passage to
American ships engaged in foreign trade and retaining
the clause allowing free passage to American ships
engaged in the coasting trade, then that mind must
be childlike and bland. This is no more than the
change of a letter. The offence against international
morality and the menance to British rights secured
by the Ilay-Pauncefote Treaty remain intact. In­
deed, it is hard to avoid the suspicion that this quite
indefensible clause which was added after the British
protest was lodged was inserted in order that by
dropping it an air of sweet reasonableness might be
given to the original vexation.”
Washington advices yesterday presented a new
phase of the Canal situation in its relations to our
foreign treaties. The Washington correspondent of
the New York “Times” , for instance, declared that
prominent Senators are seriously alarmed at the
discovery that our twenty-five arbitration treaties
with nearly every civilized country in the world
are seriously imperiled by our course on the Panama
Canal Bill. Our arbitration treaty with Great Britain
which figured so prominently in the Senate debates
on the no-toll question will expire by limitation next
April. In the face of our action disregarding the HayPauncefote Treaty as to the tolls, and general opinion
that the Senate will refuse to arbitrate that subject,
there is grave fear that Great Britain may finally
decide to let the arbitration treaties lapse without
renewal, and this for practical purposes would
abrogate similar treaties with other nations. How
seriously Great Britain resents our course in regard
to tolls is indicated already by her failure to accept
our invitation to participate in the Panama Exposition.
In the opinion of many Senators, the proposed legisla­
tion in its final form not only bars the Southern
Pacific vessels that operate between New York and
New Orleans from the Panama Canal, but will compel
the divorcement of the New York New Haven &
Hartford and other big railroads from their steamship
interests, representing an investment of many millions
of dollars.
Cable advices still continue to suggest the early
arrangement of satisfactory terms of peace between
Turkey and Italy. London cablegrams state that an
armistice will be announced in the very near future,
and that Italy, in consideration of the transfer by
Turkey of its sovereignty rights in Tripoli, will pay in
yearly installments a large indemnity to Turkey.
Nothing of an official nature, however, has yet been
announced in this direction, though this, if history is to
repeat itself, need not necessarily be considered surpris­




385

ing. Turkey’s home affairs continue in a highly uncom­
fortable state. It is reported that diplomatic conversa­
tions have taken place with regard to the Austrian
proposal to grant autonomous government to the
European Provinces of Turkey with a view to giving
practical independence to Albania and Macedonia.
According to dispatches from Constantinople, com­
plaint is made in official circles that although Turkey'
has done everything possible to secure an amicable
settlement with Montenegro regarding the frontier
question, even to disavowing the action of her own
Minister at Cettinje, the Montenegrin Government,,
probably anticipating an unfavorable finding by the
mixed commission that was agreed to, has now started
a fresh move by appealing for the support of the
Powers in favor of securing a certain undefined frontier
ratification and is mobilizing her army facing the
Gussinyeh district of Albania. Zia Pacha, Minister
of Interior in the new Turkish Cabinet, resigned his
office on Tuesday, giving as the reason for his action
ill-health and excessive work.
In our own hemisphere the affairs of the lesser
republics are more than usually active in the direction
of so-called “revolutions.” In Nicaragua the nego­
tiations that took place early in the week for peace
between the Government and the insurgents have
failed because General Mena, the commander of the
latter, insisted that he be reinstated in the War Minis­
try, from which office he had been deposed by Presi­
dent Diaz. General Mena also insisted that the
Nicaraguan Cabinet be completely changed in accord­
ance with his desires, and that General Chamorro,
commander-in-chief of the Nicaraguan army, be exiled
from the country, together with other military officers.
American marines were landed at Managua, Nicaragua,
as a result of General Mena’s bombardment of the
city and aided in repulsing the rebels.
In Mexico the formal conclusion of the revolution is
still delayed. General Orozco, chief of the revolu­
tionists, admits that negotiations have been under
way with the Federals, but says that they are now
suspended so far as he is concerned. He declares that
negotiations were offered by Rafael Hernandez,
Mexican Minister of the Interior, when Hernandez
was in El Paso, Texas, last week, and says, while they
were discussing terms for the basis of peace, President
Madero wired to General Huerta to do as he thought
best with the rebels if any should surrender. Orozco
declared that he would not accept such tertns. Orozco’s
proposition to Hernandez was that Madero resign and
that Dela Barra be dec lared Provisional President, and
a new election be held as soon as possible, at which
Madero could be a candidate for re-election if he washed.
War clouds that are said to be hanging over the twin
republics of Hayti and San Domingo are giving officials
of our own State Department some *anxiety. The
Ilaytian Government is confronted by internal dissen­
sion and by threatened war with San Domingo. Dr.
Peynado, the Dominican Minister in Washington,
has, it is reported, been instructed to open negotiations
for a loan of one million dollars with w’hich to w'age
war against Hayti. Activity in. the Haytian colony
at Kingston, Jamaica, is taken to indicate, according
to dispatches from that city, that preparations are
under way for the formation of an expedition to oust
the new President of Hayti, General Tancrede Auguste,
who was elected by the Haytian Congress on Aug. 8,
following the tragic death of President Leconte. . \j

as6

THE CHRONICLE

‘ While day-to-day money in London has ruled easier
during the week and the immediate situation has been
aided by the smoothness with which the fortnightly
settlement was carried out, the private bank discounts
in Lombard Street still are significant of an exceedingly
firm undertone. The official Bank of England
minimum rate was not changed on Thursday from 3%.
Nevertheless, the outside Bank rates for spot bills, all
maturities, at the close last evening were 3@3%%,
while bills to arrive command 3%%. Call money
during the week at the British centre has been readily
available at about 2%, notwithstanding the settle­
ment, and in instances has been fractionally below
that figure. There has, to some extent at least, been
a transfer of speculative commitments from New York
to London to take advantage of the lower rates at
which they can be carried in London. Reports were
current in London early in the week that New York
bankers were arranging for a return of gold from Paris,
but no confirmation of the reports has been available
at this centre, and thus far no engagements for the
importation of the precious metal have been made.
Excellent information available here is that Berlin, by
borrowing indirectly from Paris, has been able to pay
off all its recent New York loans, and there is also
-excellent reason to believe that the recent heavy bal­
ances that Now York banks and bankers have been
.carrying in London have been drawn down to normal
working proportions. We discuss this matter in
greater detail in another column. The London stock
market appears to have become much more cheerful, as
a result largely of the improved money situation.
Good evidence of this is the advance in Consols as
well as in other high-grade securities. The closing
quotation of Consols last evening was 75 7-16, which
compares with 74% a week ago. In Paris private
bank discounts remain unchanged at 2%% for all
maturities, both for spot bills and those to arrive.
Discounts in Berlin are well maintained at 4%% for
spot bills and 4%% for bills to arrive. Amsterdam
and Brussels both repeat last week’s figures at 3% and
3y2%, respectively. The official Bank rates at leadingforeign centres are: London, 3%; Paris, 3%; Berlin,
4%%; Brussels, 4%; Amsterdam, 4%; Bombay, 3%,
and Bengal, 3%.
The weekly statement of the Bank of England was
a good one, although, considering the season, it could
well be better, as this is the time of year when it is
necessary to prepare for the active requirements of the
fall. The reserve showed an increase of £1,661,000,
bringing the total up to £29,814,000, against £28,­
609,272 one year ago and £29,959,033 two years ago.
Nevertheless, the proportion of reserve to liabilities is
only 49.82%. This is an improvement from 48.81%
last week, but compares with 55.91% one year ago,
53.19% in 1910 and 51.52% a ten-year average for
the corresponding week in August. The Bank gained
£1,186,361 in its gold and bullion holdings. It ob­
tained the greater part of the £850,000 of Cape gold
offered in the open market on Monday, though this, as
usual, does not appear fully in this week’s statement.
The actual bullion holdings now total £40,878,192,
comparing with £40,083,642 in 1911 and £39,921,963
in 1910. The loan item was expanded £528,000 this
week, making the aggregate of the Bank’s loans
£34,141,000, and is well in excess of the figures of a
year ago, which were £25,626,161, or of 1910, when
the total was £28,389,988. Public deposits are not
being released as rapidly as expected, the decrease this
week amounting to only £264,000. Ordinary deposits




[VOL. L X X X XV .

registered an expansion of £2,412,000, notes reserved
increased £1,698,000, while notes in circulation de­
clined £475,000. Our special correspondent furnishes
the following details of the gold movement into and
out of the Bank of England for the Bank week: Im­
ports, £846,000 (wholly bought in the open market),
exports, nil, and receipts of £340,000 net from the in­
terior of Great Britain.
The weekly statement of the Bank of France ap­
peared on Friday of this week, as the Paris market was
closed on Thursday for the “Assumption Day” holi­
day. A feature of the statement was the reduction of
10.450.000 francs in silver, which brings the total
down below the 800,000,000-franc mark— to be exact,
to 796,025,000 francs— which compares with 834,­
225,000 francs one year ago at this date and 842,150,­
000 francs two years ago. The gold holdings increased
2.250.000 francs, making the total now held by the
bank 3,286,925,000 francs, which compares with
3.175.900.000 francs in 1911 and 3,392,150,000 francs
in 1910. The statement, taken altogether, was a
satisfactory one, as it indicated a curtailment of
41.425.000 francs in circulation and of 19,450,000
francs in discounts. General deposits showed a re­
duction of 17,600,000 francs, treasury deposits an in­
crease of 24,150,000 francs, and advances a reduction
of 10,450,000 francs.
On the local money market the undertone has been
firmly maintained this week and the earlier maturities
for time accommodation closed at fractionally higher
quotations. The New York banks may be said to
have completely withdrawn as buyers of mercantile
paper, leaving that field to the out-of-town institutions.
The banks are also pursuing a fairly uniform policy of
requiring payment of loans as they mature, and at any
rate are in few instances renewing at the old figures.
The total reserve above requirements of New York
banks and trust companies, according to last Satur­
day’s statement of the New York Clearing-House
Association, was, as we have already shown, 820,788,­
250, which was an increase of only 8389,300 for the
week. A year ago the surplus held by the Clearingblouse banks and trust companies was 826,852,950,
having been increased from 817,906,350 the week pre­
ceding, while two years ago the surplus held by the
banks alone (the trust companies at that time not
being members of the Clearing House) amounted to
855,743,400. The current surplus, therefore, can
certainly not be considered as indicating exceptional
strength, especially in view of the promise of an unusual
demand during the coming autumn, when the banks
will be called upon to aid in supplying the financial
requirements of an unusually large harvest, an in­
creased activity in trade and industry, and, according
to seemingly general expectations in financial circles,
an improved speculative movement in Stock Exchange
circles.
Call money during the week covered a range of 2%@
3% and banks and other lenders are showing a dispo­
sition to regard the lower figure as their minimum.
On Monday 2% and 3% were the extreme quotations,
with renewals at 2%%; Tuesday’s and Wednesday’s
highest quotation was 2%, the lowest 2% and the
ruling basis 2%; on Thursday the maximum rate of
3% was again reached, while 2%% was the lowest
and 2%% remained the renewal basis. On Friday
2%% was the highest, 2%% the lowest and 2%% the
rulingrate. Time money closed firm at3%@3%% for

AUG. 17 1ft" 2 ]

THE CHRONICLE

60 days, 3%@4% for 90 days, 4^@ 4K% for four
months and 4%@4%% for five and six months. Mer­
cantile paper, as already noted, is not in demand in
New York. The supply is quite plentiful, but New York
institutions have no desire to tie up their funds for long
terms. Paper is selling out of town, however, on the
basis of 5@5K% for choice single-name bills extend­
ing beyond January. Sixty and ninety-day endorsed
bills receivable are quoted at 5%, but these are not
offered freely. Bills not usually classed as choice are
quoted at 5% @,6%.
Sterling exchange may be called seasonably weak.
With the firm discounts abroad there has been little
encouragement to continue to draw finance "loan”
bills, and commercial bills have not yet begun to ap­
pear, though by the end of the month we may expect
some offerings in this direction. The large grain crops
are expected to become a factor in the foreign exchange
situation this year. A distinct improvement is gen­
erally anticipated in foreign banking circles here in our
exports of corn. These expectations are based on the
exceptional yields this year of oats and hay, which, it
is argued, will release for export a large part of corn
that would otherwise have been required for feed.
Already a good demand for grain for export is reported
and active ocean engagements for grain at advancing
freight rates suggest that in shipping circles at least
preparations are under way for a particularly heavy
export movement of our cereal crops. Cotton bills
will also soon become available, and there seems justi­
fication for the expectation of an early outward move­
ment of that staple. The London check rate is well
maintained on the Continent, the Paris quotation
closing at 25 francs 27 centimes, which is an advance
of 34 centime for the week, while the Berlin rate is
34 pfg, lower at 20 marks 473^ pfennigs.
Comparing with Friday of last week, sterling ex­
change on Saturday was irregular but quiet. Sixt)rday bills were 5 points lower at 4 8445@4 8455, though
demand bills and cable transfers were without change
and were quoted at 4 8730@4 8735 and 4 8765 @
4 8775, respectively. On Monday a decline of 15
points to 4 8430@4 8440 took place in 60-day bills
and of the same amount to 4 8715@4 8725 for demand.
Cable transfers declined 10 points to 4 8755@4 8765.
The weakness suggested speculative operations on
short account. For the same reason the decline on
Tuesday made further progress, 60-day bills closing
5 points lower at 4 8425@4 8435; demand.also 5 points
lower at 4 8710@4 8720 and cable transfers 15 points
lower at 4 8740®4 8750. An additional decline of
5 points to 4 8420@4 8430 took place in 60-day bills
on Wednesday and of 10 points for demand, while cable
transfers remained unchanged. On Thursday 60-day
bills were again reduced an additional 10 points,
closing at 4 8410@4 8420. Checks and cable trans­
fers were without change. There was somewhat of a
disposition to cover short commitments on Friday and
an advance of 5@10 points took place. Closing quota­
tions were 4 8415@4 8425 for 60 days, 4 8710@4 8715
for demand and 4 8745@4 8750 for cable transfers.
Commercial on banks closed at 4 833^@4 84 and
documents for payment 4 83,K@4 843^. Cotton for
payment ranged from 4 84 to 4 8434; grain for pay­
ment 4 8434@4 8434.

387

movements for the week ending Aug. 16. Their
receipts from the interior have aggregated 810,364,000,
while the shipments have reached 87,410,000. Add­
ing the Sub-Treasury operations, which occasioned a
loss of 83,500,000, the combined result of the flow
of money into and out of the New York banks for
the week appears to have been a loss of 8546,000,
as follows:
Week ending Aug. 16 1912,
Sub-Treasury operations______
Total ...................... ..........

Out of
Banks.

Into
Banks.
810,364,000
23,000,000

Net Change in
Bank Holdings.

57.410.000 Gain $2,954,000
26.500.000 Loss
3,500,000

533,364,000

533,910,000 Loss

S546.000

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

Aug' 15 1912.
Gold.

Silver.

£
England.
France .
Germany
Russia a
Aus.-HuntSpain . . .
Italy. ,1
Nethorl’d:
Nat.Bclg.c
Sweden . .
Swltzcrl'd
Norway . .

40,878,192
131,656,720
46,592,900
153.498.000
51.713.000
17.074.000
42.385.000
11.998.000
7.184.000
5.341.000
6.793.000
2.253.000

Aug. 17 1911.
T ilai

£
31,840,760
15,864.950
8.173.000

12.090.000

29.963.000
3.650.000
792,300
3.592.000

878,192
497,480
457,850
6. 1,0.0
803,00.'
037.001
035.001
,790,30t
,776,00:
341,00(
,793,00(
,253,001

,

Gold.

Silver.

£

£

40,083,642
27,036,240
44,824,,00
145,062,000
55,775,OQ0
16.613.000
40.100.000
11.845.000
6,691.3.33
4.734.000
6.428.000
2.222.000

3 3",889^201
15,249,500
7.727.000
12.408.000
30.862.000
3.580.000
1,683,100
3,345,667

Total.
£

40,083,642
160,925,440
60,123,800
152.789.000
68.183.000
47.475.000
43.680.000
13,528,100
10.037.000
4.734.000
0,428,000
2.222.000

Total weet 117,366,812 106,966,010 124,332,824 >01,414,515 108,794,467 610,208,982
Prev.weel 115,817,571 108,011,890 623,859,46’ 199,466,595 109,420,157 608,886,752

CURRENCY REFORM AND THE POLITICAL .
CAMPAIGN.
We have heard numerous expressions, since the
party conventions were held, of disappointment that
none of the platform declarations of these parties has
aggressively recommended either the Aldrich currency
plan or any other scheme of banking reform, equally
sane, comprehensive, practical and intelligible, as an
issue in the coming campaign. As a matter of fact,
the Republican and Democratic party declarations,
as well as the third party declarations at Chicago last
week, have alike taken refuge, so far as concerns their
currency planks, in glittering generalities, manifestly
framed with a view to evading explicit assertion of
opinion on the main practical details of the question.
The Republican platform, adopted on June 22 at
Chicago, had this to say:
“The Republican Party has always stood for a sound
currency and for safe banking methods.
*
*
*
It is committed to the progressive development of our
banking and currency system. Our banking arrange­
ments to-day need further revision to meet the re­
quirements of current conditions. We need measures
which will prevent the recurrence of money panics
and financial disturbances and which will promote the
prosperity of this country by producing constant
employment.
“We need better currency facilities for the move­
ment of crops in the West and South. We need
banking arrangements under American auspices for
the encouragement and better conduct of our foreign
trade. In attaining these ends the investments of
individual banks, whether organized under national
or State charters, must be carefully protected and our
banking and currency system must be safeguarded
from any possibility of domination by sectional,
financial or political interests.”

It will be observed that this declaration is alto­
gether negative in character, does not recommend the
Aldrich bill, and in fact is decidedly vague so far as
concerns the outlining of any concrete plan or the
The New York Clearing-blouse banks, in their oper­ expression of opinion as to definite methods. The
ations with interior banking institutions, have gained Democratic platform, adopted on July 2 at Baltimore,
'
$2,954>000 net in cash as a result of the currency says this:




388

THE CHRONICLE

_ "We oppose the so-callecl Aldrich bill or the estab­
lishment of a central bank; and we believe the people
of the country will be largely freed from panics and
consequent unemployment and business depression
by such a systematic revision of our banking laws as
will render temporary relief in localities where such
relief is needed, with protection from control or do­
minion by what is known as the Money Trust.
“Banks exist for the accommodation of the public
and not for the ;ontrol of business. All legislation on
the subject of b inking and currency should have for
its purpose the iecuring of these accommodations on
terms of absolute security to the public and of com­
plete protection, from the misuse of the power that
wealth gives to those who possess it.”
Here is a more definite note, in the way of expressing
antagonism to the Aldrich bill. Yet, curiously enough,
in such principles of legislation on the question as
are hinted at in the above paragraph, the Aldrich bill
is really described. Certainly the Democratic declara­
tions cannot be said to have taken ground explicitly
against the basic ideas incorporated in the report of
the Monetary Commission. In a way, it may be said
that the Aldrich bill is disapproved as a matter of
form, but that the underlying principles of that meas­
ure are immediately afterward recommended.
That there should be regret at this absence of any
clean-cut declaration on a question of so great im­
portance, framed in language such as would enable
campaign orators to set forth the advantage of cur­
rency and banking reform to voters during the present
campaign, is natural enough. Yet, as a matter of
fact, it is known to all people interested in the currencyreform propaganda that the men chiefly identified
with that reform have urged from the start that the
discussion be kept out of the Presidential contest.
It was, we believe, unanimously held in such quarters
that the fortunes of constructive currency legislation
ought not to be staked on the vicissitudes of an ex­
citing Presidential campaign, where a multitude of
other extraneous issues would divert and confuse the
public mind.
Let us suppose that one party had unqualifiedly en­
dorsed in its platform the Aldrich plan as it stands; the
quite inevitable result would have been that the other
party would, directly or indirectly, have taken oppo­
site ground, and that the whole discussion would there­
by have been thrown into the field of angry partisan
controversy. There would have been persistent ap­
peal to ignorance, sectional prejudice and party pas­
sion in the campaign discussions; the ultimate outcome
easily might have been to set back for years the pros­
pects of intelligent currency reform. Some of the men
who have borne the heat and burden of the prelimi­
nary work on currency reform had no hesitation in
declaring openly, as the Presidential contest drew near,
that the only wise policy was to keep the currency
discussion altogether out of the campaign. This done,
and the contest over other issues ended, it would be
time to take up the currency problem dispassionately,
and the prospect for its intelligent consideration by
Congress would be vastly better from the very fact
that the public mind had not been confused and
wearied with partisan discussion of it prior to the
election.
These rersonably obvious facts, we have no doubt,
provide sufficient explanation for the absence of any
definite declaration on the question in the platforms
of either of the two great parties. We have not yet
referred to the third party’s declaration on the cur­
rency, except in our citation from the remarks of the




[VOL. L X X X XV .

Socialist representative in Congress last week, to the
effect that the currency plank of the third-party
organization “smacks of greenbackism.” The truth is
that the third party’s declaration was for the most
part mere verbal repetition of Mr. Roosevelt’s personal
views as expressed in his long speech to the conven­
tion. Mr. Roosevelt had said that the “system to be
adopted should have as its basic principles soundness
and elasticity”; that the currency “should flow forth
readily at the demand of commercial activity, and
retire as promptly when the demand diminishes” ; that
it should be “automatically sufficient for all legitimate
needs of business in any section of the country.” For
ourselves, we do not remember ever to have heard
from any quarter a dispute of these perfectly safe
principles of currency issue; they are among the
commonplaces which drop most readily from the lips
of orators unfamiliar with the subject, and equipped
for remarks upon it only through ability to repeat the
catch-words which they have heard from some one else
and which they are sure could awaken no opposition
anywhere. The only remark of any interest on the
question in that speech was the statement that “con­
trol should be lodged with the Government”— which
was the ground for Mr. Berger’s hint at a fiat-money
leaning by its author.
The third-party platform itself, after repeating word
for word Mr. Roosevelt’s general declarations, went a
step further in remarking that “the present method
of issuing notes through private agencies is harmful and
unscientific.” It emphasized its candidate’s declara­
tion that currency issue was “a Government function
fundamentally,” and denounced the Aldrich plan be­
cause the provisions of that plan would “place our
currency and credit system” elsewhere than immedi­
ately in the hands of Government. This was a
rather unmistakable declaration for Government paper
issues. Whether such an attitude is to be taken as
the expression of the convention’s views or of Mr.
Roosevelt’s private opinions, we regard as immaterial;
every one knows that where he did not draw up each
separate plank of the convention’s platform, he re­
viewed its declarations and allowed none of them to
be submitted until personally satisfied with what they
said. But we doubt if the third party’s opinions on
the currency will interest or influence the general public
any more than the similar declarations by the Prohi­
bition Party in former Presidential elections used to do.
If, now, we ask in addition, what is the attitude of
the candidates, there is even more reason to infer that
the question will not be an issue in the campaign.
President Taft did not mention currency reform in his
speech of acceptance. Governor Wilson, as we have
heretofore pointed out, indulged in some very general,
though sufficiently conservative, observations, and
admitted that he “did not know enough about this
subject to be dogmatic about it.” Thus, with the
exception of the raw, crude and potentially dangerous
notions expressed by Mr. Roosevelt, what we have is
a general agreement to postpone consideration of the
subject.
Whatj then, can be said about the broader outlook
for currency-reform legislation? Our own opinion is
that definite work on banking and currency legislation
will be taken up early in the next Congress, whichever
party wins the November election. No party can, in
fact, afford to neglect this problem; nor, in the con­
sideration of its details, can the Aldrich plan as it
stands be possibly ignored by any committee or any
party. This is true, first, because any discussion

A ug. 17 1912 ]

THE CHRONICLE

would necessarily begin with consideration of the single
practical measure which has as yet been drafted;
second, because, to whatever extent some parts of the
Aldrich plan may fail to commend themselves to one
or the other body of voters or legislators, there are
very many parts which, when properly explained, will
appeal to every intelligent man.
In fact, it is highly probable that, when properly
explained, the general scheme will be recognized by
the average citizen as definitely in his personal interest.
The “Chronicle” itself has objected to some of the
provisions incorporated in the bill as it passed froiji
the hands of the Monetary Commission. But this has
not prevented our hearty endorsement of the general
plan, nor have we ever doubted that the framework
as it stands could be effectively and satisfactorily used
for further constructive purposes.
One of the most eminent and most active “Progress­
ive” Congressmen— a public man whose voice is quoted
with great respect in the councils of that faction—
stated publicly not long ago that he and the people
of the Western State which he represents approved the
general principles of the Aldrich Bill, on the ground that
they wanted protection against currency famine at a
time of future panic, and that they were well-disposed
toward the Aldrich Bill’s provision whereby nation­
wide regulation of the interest rate in the direction of
uniformity and reasonableness would be made possible.
We are confident that Senator Cummins’s frank expres­
sion of opinion— coming from a quarter whence an­
tagonistic views might, perhaps, have been expected,
was fairly tjrpical. When the heat and excitement
of the Presidential campaign have died away, we shall
hear more of this public sentiment in the direction of a
scientific, conservative and reasonably prompt enact­
ment of a banking and currency reform law.

SOME REVOLUTIONARY PLANS OF
INVENTORS.
While the news columns of the daily journals reek
with campaign matter, mingled with stories of strikes
begun or threatened, until the tired reader wonders
why only discouraging and unpleasant things are reck­
oned news fit to print, the inventors and scientists
keep busy, with hopeful enthusiasm undiminished.
The currents whirl on the surface, but the depths are
calm. It may be encouraging and helpful to note
what some of these constructive revolutionists are
doing.
„
The latest from them is that two boys (neither of
them past 21) have achieved a practical wireless tele­
phone, after six years’ experimenting. The wireless
already familiar is a telegraph, communicating by a
dot-and-dash alphabet; this is a telephone, carrying
the voice itself, and greatly magnified. The secret is
said to be in two small coils with “anomalous winding” ;
according to past theory and practice, this winding is
wrong in principle, yet it produces results. These
young inventors claim to have sent 700 miles, and a
successful transmission for 1G0 miles was lately re­
ported from Italy. With this as a beginning, we may
infer that the reach will soon be unlimited, as Mr. Mar­
coni considers that of his invention to be.
From the beginning of the steam engine, its service
has been marked by a constant and large wasteful con­
sumption of fuel, and this loss has defied mechanical
skill thus far. Use of oil instead of solid coal in marine
practice is not new, and the latest claim is that a re­
cently-launched vessel with “explosion” engines of
very large size may prove the pioneer in a change which




389

will greatly reduce the costs of carrying.and greatly
conserve the known coal that remains. Somewhat
akin to this is a claim that a jet of coal gas or vaporized
oil, directed upon “a redhot, porous solid,” produces
an incandescent heat so intense that one difficulty is
to find a material which can endure it. The claim is
that one half the former rate of gas consumption will
suffice to obtain a given temperature, and that this
is the most economical mode of steam-producing yet
discovered.
More startling is the vision of an English scientist,
Sir William Ramsay, of producing power by turning
coal into gas where the coal now lies in the earth. He
would utilize seams or beds which are worthless in the
sense of profitable working. Having sunk three con­
centric tubes, he would force down air for the combus­
tion between the second and third tubes; then the coal
would burn where it lies, and the resultant “producer”
gas would rise in the space between the first and second
tubes. This gas might possibly be carried profitably
for ten miles in pipes, but the effective method would
be to turn it into electricity right there and transmit
that. He conceived that it might be possible to pro­
duce electric power at a tenth or a fifth of its present
cost. If any such reduction as either of these could
be made, it Would mean electrification of railways,
supply of electric power instead of coal to factories,
and domestic lighting and heating at far less than pres­
ent cost. “If this succeeds,” said Sir William, “a can­
dle may be lighted in England which will not be ex­
tinguished in our time.”
The electric power obtainable from waterfalls is
unlimited and inexhaustible, and the melting caps of
ice and snow on mountain peaks have received the
significant name of “white coal.” Much has been ac­
complished already in utilizing this power commer­
cially, but the difficulties of transmission, because of
the cost of copper wire and the material resistance to
the current, have as yet been overcome for only a few
hundred miles of distance. Just at this stage wireless
enters once more, and Mr. Nicola Tesla offers forecasts
which stir the imagination. He has demonstrated in
actual tests, he says, that a powerful current from a
proper wireless transmitter sets the entire plant into
vibrations like a wire, and to the electrician “this
means that the current wave traverses the globe with­
out appreciable loss, and therefore that all kinds of im­
pulses, from the feeble electrical tremors caused by the
human voice and affecting the sensitive diaphragm of
a telephone, to the powerful waves of a trolley wire,
can be transmitted integrally from one end of the globe
to the other.”
M
Except for the mention of “the powerful waves of
a trolley wire,” this merely reaffirms the wireless tele­
phone, but Mr. Tesla goes on to the last great step of
wireless power. He declares it a reasonable deduction
that power derived from the waterfalls of the Colum­
bia and the great falls of the Zambesi, in Africa, can
be made to run subway trains in New York. For
another step, he declares that ocean-going ships need
no longer carry fuel, but that the consumption can be
at a central station, from which the power impulses
will go (it is impossible to avoid saying “be wafted”)
to the ship’s engines. The power supply could not be
exhausted by any delays, since “the ship would be in
constant touch with her source of energy-supply, as
well as in communication with the outside world at
every point of her course.”
He proceeds to mention airship propulsion and con­
trol by wireless, and some reported experiments from

390

THE CHRONICLE

[VOL. L X X X X V .

Stockholm, which are believed to show that “high fre- I by its charter, might, as between itself and a sub­
quency currents” have a valuable potentiality in thera­ scriber, contract to purchase back his stock. But
peutics, and in aiding development of backward chil­ this does not mean that it could do so regardless of
dren. It would be easy to add to this a belief in the the rights of creditors, or that an insolvent corpora­
possible value of electricity in agriculture, and there tion, acting through its officers, without direction or
have already been positive stories of stimulating plant knowledge of its stockholders, could do so at their
expense, and ■ over their protest. The reason and
growth by applying it.
To accept these stories unreservedly, and expect justice of the thing, as well as the overwhelming
speedy verification, and to decry them as incredible, weight of authority, is that subscribers to the shares
would be alike irrational. They seem as dreams, but of a corporation should stand on an equal footing.
so many dreams have already become real that we Every one knows'that subscriptions are often induced
should be slow to declare anything impossible. Elec­ by knowledge that other investors have subscribed,
tric power in commercial development is not yet a and it is the usual and customary thing to make use
quarter-century old. Multiple telegraphy through a of this fact to secure investments by others who are
single wire once seemed impossible. So seemed the solicited. If such subscriber, without the knowledge
X-ray, the qualities of radium, and wireless telegraphy; of the others, enters into a contract with the company
and the “waves” are so mysterious that transmitting by which he is allowed to remain in if the venture is
power by their use need not seem incredible. We can successful, and retire without loss if it proves a failure,
only say that in an age of successive wrestings of mar­ the most primary promptings of justice and fair
vels out of the great realmof unknown nature, we can­ dealing dictate that he should not claim this ad­
vantage against the other shareholders, when such
not conceive the final limit.
What peaceful revolutions may come from new dis­ claim amounts to his gain, as measured by their
coveries challenges imagination. If coal is burned loss.”
Subscriptions to stock on conditions subsequent,
where it lies, strikes by miners must come to an end.
or
upon special terms are absolute subscriptions which
If transmitted electric power and heat are supplied to
factories and homes, organized labor will meet con­ make the subscriber a stockholder and render him
ditions hard to overcome. Possibly the inventors and liable as such from the time when his subscription is
students— the men who construct, and not the orators accepted, whether the conditions are performed or
and politicians, the men who pull down, are to solve not. The special terms attached to the subscription
the problems of this already straining century. At are regarded as independent stipulations, the remedy
' least, we may take heart to believe that the earth is for the breach of which is an action against the cor­
not yet burned out, and that the resources of the plan poration for damages. The condition subsequent
of the universe will be found equal to each new is the same as a collateral agreement between the
corporation and the subscriber.
emergency.
Where there is continued in the contract of sub­
scription an express contract to pay, the personal
SUBSCRIPTIONS TO STOCK, AND AGREEMENTS liability of the subscriber is admitted in all the States.
FOR RE-PURCHASE BY THE CORPORATION.
The provision need not necessarily be in the agree­
A contract of subscription to the capital stock of a ment signed by the subscriber, but may be found in the
corporation should be distinguished from a purchase general law under which the subscription is made,
by an individual from a corporation of shares of and which is impliedly incorporated in the contract
capital stock of the latter. An interesting case con­ of subscription. A contract to pay for the shares
struing an agreement in relation to the purchase of subscribed is supported by a sufficient consideration
shares of stock from a corporation is that of Sarbach and is binding on the subscriber. Whore, however,
vs. Kansas Fiscal Agency, decided by the Supreme the promise to pay for the shares is express, whether it
Court of Kansas March 9, 122 Pacific Reporter, 113.
is contained in the agreement of subscription or
The defendant corporation sold 100 of its shares results from a provision in the law in contemplation
of stock to an individual, taking his note, due in six of which the subscription is made, a provision that
months, and giving him a written agreement that the stock may be forfeited or sold for non payment
“his note given in payment for stock” should not be of calls will not exclude the remedy of an action at law
discounted before maturity, and that if at any time, upon the promise to pay. Where there is an express
for any reason, the purchaser should desire to surren­ promise to pay, the right of the company to sell or
der the stock certificate he might do so and receive forfeit the shares for delinquent calls is cumulative
his note back, together with any profit that might merely and does not bar an action of assumpsit to
accrue in replacing such stock; also any money he enforce the personal liability of the subscriber.
The difficulty is to determine whether a particular
might have paid on the note. He receipted for stock
“purchased by me” ; also receipted for a dividend form of subscription contains an “express promise”
“on certificate No. 330 for 100 shares of the capital to pay for the stock subscribed. Where there is no
stock of the said company owned by me August 15 express agreement to pay in the contract of sub­
1907.” The Court held that he became a stockholder scription,' the courts of the various States are not in
and not a mere optional subscriber. The case arose harmony as to whether any personal liability arises
through an attempt by the purchaser to compel the from the mere agreement of subscription. According
receiver of the corporation to refund the amount paid to the rule held in certain New England States, a
according to the agreement, and the Court held that subscription to the stock of a corporation raises no
as between the plaintiff and the other stockholders, implied promise to pay for them, at least where a
his contract was one that equity would not enforce.
remedy of forfeiture or sale is provided by the charter
Touching the validity of such agreements, the in the event that the subscriber becomes delinquent in
Court says: “It would seem true, as a matter of prin­ the payment of subscriptions. In the view of these
ciple, that a solvent corporation, acting through its courts, such a remedy is exclusive, and unless there is
officers, who are authorized by the stockholder or an express promise to pay, no action lies against the




A ug. 17 1912 ]

THE CHRONICLE

subscriber to recover the unpaid amount of his sub­
scription.
The rule supported by the great weight of authority
is that a contract of subscription to the capital stock
of a corporation imposes an obligation to pay for such
stock, a though there is no promise in terms to do so,
unless expressly excluded by the terms of the con­
tract.
Where a certain number of shares or a certain
amount of stock is required to be subscribed in order
that a certain subscriber may be subject to calls, the
amount of stock named must be taken by uncon­
ditional subscriptions. The condition of a subscriber’s
liability is not preformed if other subscriptions are
dependent upon various conditions some of which
may never be performed.
It is doubtless a fact that in many cases subscriptions
to the capital stock of a corporation are what are
known as “ secret agreements” of the corporation to
refund at the option of the subscriber. The rights of
other stockholders and the rights of possible inter­
vening creditors to set aside the option to call for a
re-purchase of such stock should be given consideration
before such an agreement is entered into.
R AILRO AD GROSS A N D NET E AR N IN G S FOR
JUNE.
W ith the absence during June of the unfavorable
conditions which had served so greatly to reduce rail­
road traffic and railroad revenues in preceding months,
we have a greatly improved comparison of both gross
and net earnings of United States railroads for the
month referred to. Two chief disturbing conditions
had existed in April and May, namely the suspension
of coal mining— almost completely in the anthracite
regions and to a greater or smaller extent also over
considerable portions of the bituminous fields— and
the overflow of the Mississippi River, with the inunda­
tion of large areas in the territory contiguous to the
river. Neither of these untoward circumstances was
continued during June, but, on the contrary, both
now became influences tending to augment traffic.
In the coal regions efforts were put forth to make
up for lost time, while in the overflowed districts of the
Mississippi much delayed traffic, we may assume, like­
wise began to move.
In addition the great revival of the iron and steel
trade proved a stimulating influence of much import­
ance. As showing one direction in which traffic was
heavily augmented, we may mention that the ship­
ments of iron ore from the Lake Superior regions in
June 1912 aggregated 7,567,555 tons, as against only
4,819,966 tons in the corresponding month last year.
These are shipments by water, but after the ore is
delivered at the lower Lake ports it is carried by the
railroads to the points of ultimate destination. As
against the advantages accruing, however, from these
causes, it should be remembered that the month had
one less working day than the same month last year—
June 1912 having contained five Sundays, whereas
June 1911 had only four Sundays— and that there was
a great shrinkage in the Western grain movement.
Nevertheless, the showing for June is, all things con­
sidered, very satisfactory, treating the roads as a whole.
In the gross there is an increase of $14,132,640, or
7 .4 8 % and in the net an improvement of $3,928,380,
or 6 .3 7 % . It is to be remarked that our compilations
are not so comprehensive as they usually are. June is
the closing month of the fiscal year of the railroads,
when it is customary to make any needful revisions




391

before closing up the accounts for the twelve months.
This always means more or less delay in filing the
returns, and, up to the time of going to press last
night, a number of large systems had failed to render
their returns for the month of June. The list includes
the Erie, the Lehigh Valley, the Chicago Burlington &
Quincy, the Louisville & Nashville, the Missouri
Pacific, the Chicago Great Western, the Boston &
Maine, the Central of Georgia, the Central Vermont, the
Western Maryland, &c., &c. As a result, where,
ordinarily, our monthly figures comprehend about
235,000 miles of road, this time only 193,886 miles are
represented.
June (410 roads)—
1912.
1911.
Miles ol road________________
193,S8G
189,863
Gross earnings----------------------- $203,203,713 $189,071,073
Operating expenses---------------- 137,600,809
127,396,549

Aniotmt
lo t .
4,023
Iu«. $14,132,640
Ins. 10,204,200

%
2.10
7.48
8.01

$61,674,524

In*. $3,928,380

6.37

Net earnings--------------------$65,602,904

As modifying somewhat the significance to be
attached to the increases in earnings, gross and net,
now disclosed, it is to be borne in mind that compari­
son is with diminished totals last year. For June 1911
our statement, comprising 222,825 mites of road,
registered $7,103,89 decrease in gross and $2,770,460
decrease in net. Some months later the Inter-State
Commerce Commission gave totals covering an aggre­
gate of 244,685 miles, and these showed $6,519,626
loss in gross and $4,443,183 loss in net. It is hence
apparent that the improvement of 1912 represents
little more than a recovery of what was lost the previ­
ous year. The previous year, too, results were not
altogether favorable. There was a largo improvementat that time, it is true, in gross revenues, but only a
re'atively small amount of this was carried forward as
a gain in net. According to the compilations of the
Inter-State Commerce Commission, the result for June
1910 was a gain of $27,805,640 in gross, of which
$24,676,294 was eaten up by augmented expenses,
leaving only $3,129,346 increase in not. In June 1909.
the comparisons were extremely favorable, but that
represented merely a recovery, or rather a partial re­
covery, of the tremendous losses sustained the previous
year. According to the figures compiled by the Inter­
State Commerce Commission, comprising 234,183 miles
of road, there was in June 1909 an increase of $26,­
309,748 in gross and an increase of $14,357,535 in net.
In June 1908 there were losses of large magnitude, it
being the period following the panic of 1907. Our
compilation at the time showed $26,987,858 decrease
in gross and $4,557,091 decrease in net; but this
covered only 147,436 miles of road. A somewhat
fuller statement, made up so as to include a consider­
able body of roads which had furnished returns of gross
but not of net, covered 178,960 miles, and showed a
decrease in gross earnings at that time of no,Jess than
$33,126,964, or 1 8 .4 7 % . When giving our final com
pilations, we estimated that for the entire railroad
system of the country the loss in gross oarnings for the
month of June 1908 must have been $46,000,000 and
the loss in net $10,000,000. Prior to 1908 the course
of earnings was steadily upward for a whole decade,
and we had an uninterrupted series of increases, both in
the gross and in the net.
In the following we furnish the June •omparisons
back to 1897. For 1909, 1910 and 1911 we use the
Inter-State Commerce totals, but for preceding years
we give the results just as registered by our own tables
each year— a portion of the railroad mileage of the
country being always unrepresented in the totals,
owing to the refusal of some of the roads in those days
to furnish monthly figures for publication.

THE CHRONICLE

393

Net Earnings.

Gross Earnings.
Year
Given.
June.
48,680,902
1597 . .
50,274,300
1898 . .
55,978,008
1899 . .
07,883,647
1900 . .
78,026,161
1901
82.990,635
1902 - ­
81,053,177
1903 -.
87,298,783
1904
92,831,567
1905 . 1900 . . 100,364,722
1907 . . 132,060,811
1908 . - 120,818,844
1909.. 210,350,961
1910 . . 237,988,124
1911.. 231,980,959
1912 . . 203,203,713

Year
Preceding.
S
47,044,545
46,902,366
48,136,823
60,052,419
72,941,840
'70,805,429
70,435,640
86,650,352
84,537,809
90,242,513
114,835,774
153,800,702
184.047,210
210,182,484
238,499,885
189,071,073

Increase or
Decrease.

Year
Given.

Year
Increase or
Preceding. Decrease.

3
+ 1.630,447 14,371.918 13,120,127
+3,371,934 14,943.497 14,045,315
+7,841,245 17,855,957 14,068,508
+ 7,231,228 21,843,152 19.666,585
+5,084,315 26,223,611 23,318,642
+0,431,206 26,679,487 25,455,584
+ 10,617,531 23,988,925' 22,106,804
+ 612,431 26,894,483! 24,594,095
+8,293,758 27,567,407 26,391,704
4-10,122,209 31,090,697 27,463,307
+ 17,225,010 11,021,559 36,317,207
—26,987,858 11,818,184 46,375,275
+ 26,309,74Si 74,196,100 59,838,655
+ 27,805,610 77,173,345 74,013,999
— 6,519,020 72,794,059 77,237,252
+ 14,132,640 65,602,904 61,074,524

+ 1,251,791
+ 898,182
+3,787,419
+ 2,176,567
+ 2,904,969
+ 1,223,903
+ 1,882,121
+ 2,300,388
+ 1,175,703
+ 3,627,330
+ 4,701,352
—4.557,091
+ 14,357,535
+3.129.346
— 4,4 43,183
+3,928,380

Vote.— la 1896 the number ol roads included lor the month of June was 121; in
1897, 106: in 1898, 116; In 1899, 95; in 1900, 99; in 1901, 94; in 1902, 94; in 1903,
86; in 1904, 80; in 1905, 77; in 1906, 80: in 1907, 84; in 1908 the returns were based
on 147,436 miles of road; in 1909, 234,183; in 1910, 204,596; in 1911, 244,685: in
1912, 193,836. We no longer include the Mexican roads or the coal-mining opera­
tions of the anthraoite coal roads in our totals.
For 1909, 1910 and 1911 the figures used arc those furnished by the Inter-State
Commerce Commission.

As far as the separate roads are concerned, the fea­
ture is the general nature of the improvement and
the limited number of roads that have sustained de­
creases. In the case of the gross the Union Pacific,
the Chicago & Alton and the Wabash are the only ones
with losses in excess of $100,000, while in the case of
the net, though the number of decreases is larger, yet
there are only nine] systems or companies altogether
which fall behind in amounts exceeding $100,000.
The trunk lilies, on account of the revival in the'iron
and steel industry and the growing activity of general
trade, have done exceedingly well. They all register
large increases, though in most cases, part of the gain
at least represents a recovery of what was lost last
year. The Pennsylvania R R . on the lines directly
operated east and west of Pittsburgh reports $3,211,087 increase in gross and $1,650,059 increase in net.
In the same month last year the Pennsylvania Lines
showed $1,489,804 loss in gross and $263,201 loss in
net. The New York Central now has $286,187 gain in
gross and $262,364 gain in net; it gets much smaller
benefits from the revival of the iron and steel trade than
the Pennsylvania. The present gains follow $445,027
increase in gross and $261,656 increase in net in June
of last year. These figures, however, cover merely
the operations of the New York Central itself. Includ­
ing the various auxiliary and controlled roads, the
whole going to form the New York Central System,
th-:> result this time is a gain of $1,617,131 in gross and
of $935,489 in net, which follows a gain of $98,256 in
gross and of $594,849 in net in June of last year.
In the Southwest the Atchison Topeka & Santa Fe
has $537,739 gain in gross and $295,393 gain in net,
but this follows $117,610 decrease in gross and $515,945
decrease'in net in June 1911. Quite a number of
Western roads, while showing improved results the
present year, fall far short of recovering what they
lost last year. The Northern Pacific has $454,186
gain in gross and $357,894 gain in net, but this follows
a loss of no less than $1,722,222 in gross and of
$1,202,143 in net in June 1911. The Great Northern
this time reports $293,210 gain in gross, with $235,028
loss in net, but in June last year had $502,162 loss in
gross, with $408,639 increase in net. The Union
Pacific this time has $214,299 loss in gross and $560,367
loss in net, which follows $547,901 decrease in gross
and $314,183 decrease in net. The Southern Pacific
has $60,095 gain in gross but $439,925 loss in net,
following $719,395 decrease in gross and $327,304
decrease in net in June last year, The Rock Island
System has $63,480 decrease in gross but $398,498 in­
crease in net. Last year it showed $197,070 increase in
gross and $58,502 increase in net. Southern roads
give a generally good account of themselves the present
year, though some of them— and notably the Southern
Ry. and the Atlantic Coast Line— have losses in net
on gains in the gross. In the following we have
brought together all changes for the separate roads for
amounts in excess of $100,000, whether increases or

decreases.




[VOL. L X X X XV .

PRINCIPAL CHANGES IN GROSS EARNINGS IN JUNE.
Increases.
Increases.
195,696
Atlantic Coast L ine______
Pennsylvania _____ , __ ?/$3,21l,687
194,483
853,124 Bessemer & Lake E rie____
Baltimore & Ohio
144,496
561,712 Chicago Milw & St P a u l-,
N orfolk & W estern______
142,786
537,739 Buffalo R och & Plttsuurgh
A tch T opeka & Santa F e .
138,517
494,653 Chicago & North Western
nclaw aro & H udson_____
128,080
481.631 Chicago & Eastern Illinois
Lake Shore & Mich S o u ..
117,005
455.631 Phlla Balto & W ash_____
Elgin Joliet & Eastern__
116,005
454,186 Wheeling & Lake E rie____
Northern Pacific________
108,374
Illinois Central___________
448,170 Union (P a )_______________
102,136
Mlnneap St Paul & S S M 429,320 St Louis Southwestern___
Southern R ailw ay_______
368,472
Representing 30 roads
203,210
Great Northern_______ . _
In our co m p ila tio n ..$11,922,363
N Y Cent & Hud R iv er—
a286,187
Decreases.
Pittsburgh & Lake E r ie ..- 283,939
272,096 Union Pacific____________ $214,299
Central of New Jersey____
Chicago & A lton _________
142,219
254,349
N Y N II & H artford . - .
101,279
Michigan Central________
222,492 W abash__________________
Chesapeake & O hio______
216,730
Representing 3 roads
Ohio Milw & Puget Sound
209,041
In our com pilation___-$457,788
Philadelphia & R e a d in g ..
200,347
N ote.— All the figures in the-above are on the basis o f the returns filed
with the Inter-State Commeroc Commission. W here, however, these
returns do not show the total for any system , we have com bined the separate
roads so as to make the results conform as nearly as possible to those given
In the statements furnished b y the com panies themselves.
a These figures cover merely the operations o f the New York Central
Itself. Including the various auxiliary and controlled roads, like the Michi­
gan Central, the Lake Shore, the “ Big F our,” the "N ickel P late,” &c.. the
whole going to form the New York Central System, the result Is a gain o f
$1,617,131.
y These figures represent the lines directly operated east and west of
Pittsburgh, Eastern lines showing $1,260,199 increase and the Western lines
$1,951,488. For all lines owned, leased, operated and controlled, the result
fo r the month Is a gain o f $3,791,892.

PRINCIPAL CHANGES IN NET EARNINGS IN JUNE.
Increases.
Increases.
114,873
Pennsylvania ----------------?/$l,650,059 San Pcd Los A ng & S I , . .
100,095
Delaware & H udson____
443,366 Chicago Milw & Puget S d .
Rook Island_____________
398,498
Representing 20 roads
Northern Pacific________
357,894
in our co m p ila tio n ..$6,254,034
Lake Shore & Mich S ou . .
321,310
Decreases.
A tch T op & Santa F e____
295,393
Chesapeake & O h io ... . . .
292,272 Union Pacific____________ $560,307
N orfolk & W e ste rn -. . . .
288,094 Southern P acific_________ C439.925
435,675
N Y Cent & Hud R i v e r . .. a262,364 Chic Milw & St Paul_____
Elgin Jbllet & E astern .. .
262,114 St Louis & Sau Francisco C317.908
275,164
Baltimore & O hio_______
212,786 W abash------------ ---------------235,028
Pittsburgh & Lake E r ic ..
207,966 Great Northern......... ........
209,594
Bessemer & Lake E ric-----207,837 Texas & Pacific--------------150,817
Minn St Paul & S S M ____
200,479 Colorado & Southern_____
117,538
Buffalo R och & Pittsburgh
196,649 Seaboard A ir L in e......... ..
Chicago St P Minn & Om_
186,321
Representing 9 roads In
Chicago & Eastern 111-----138,279
Central
____________
of New______
Jersey____.
117,685
______
our com pilation..........$2,742,076
a 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 F our,” the “ NIokel Plate,” &o., the wholo
going to form the N. Y . Central System, the result Is a gain of $935,489.
c These figures are furnished b y the com pany.
V These figures represent the lines directly operated cast and west of
Pittsburgh, the Eastern lines showing $895,576 Increase and the Western
lines $754,483 Increase. For all lines owned, leased, operated and con­
trolled, the result Is a gain o f $1,849,222.

When the roads are arranged in groups or geographi­
cal divisions, it is found that every one of the seven
divisions records improvement in gross, but two of
the seven groups have losses in net, though only for
small amounts, namely the Southwestern division and
the Pacific group. The result by groups is set out in
the table which we .now present:
June.

SUMMARY B Y GROUPS.

Section or Group—
Group 1 (9 roads), New England___
Group 2 (75 roads), Fast & U iddlc..
Group 3 (57 roads), Middle Western.
Groups 4 * 5 (73 roads), Southern..
Groups 6 & 7 (ti!) roads), Northwest’ll
Groups 8 & 9 (90 roads), Southwest’n
Group 10 (37 roads), Pacific Coast..
Total (410 roads).

1912.
$
7,168,013
53,709,231
34,625,233
23,543,387
45,982,178
31,086,478
6,489,193

.203,203,713
------M Ueage—
1912.
1911.

Group No. 1..........
Group No. 2 ---------Group No. 3 ........ ...
Groups Nos. 4 &. 5..
Groups Nos. 0 & 7 ..
Groups Nos. 8 * 9 . .
Group No. 10..........

-Gross EamingsIn c.(+ ) or Dec.(—)
1911.
$
S
%
+ 271,145 3.93
6,896,868
49,289,577 +4,419,654 8.96
30,802,821 +3,822,412 12.41
21,679.490 + 1,863,897 8.60
43,165,765 +2,810,413 6.52
+ 850,884 2.76
30,835,594
+ 88,235 1.38
6,400,958

189,071,073 +14,132,640 7.48
-Net EarningsIncrease ( + ) or
1912.
1911.
Decrease (—).
8

S

S

%

4,142
4,068 2,505,958 2,498,703
+7,255 . 0.29
21,739 21,591 17,706,719 15,143,064 +2,563,655 16.93
24,446 23.923 10,849,391 9,383,990 +1,405,401 15.01
32,173
31,253 0,726,613 6,397,872 +328,741 5.14
53,748
53,008 16,026,810 15,642,226 +384,584 2.46
48,104
46,778 9,192,923 9,870.914 —677.091 0.87
9,534
9.242 2,594,490 2,737,755 — 143,205 5.24

T o ta l....................... -193.S80 189.863 05.002.904 61 674,524 +3,928,380

6.37

B A N K IN G , L EG ISL ATIVE AN D FIN A N C IA L N E W S .
— The public sales of bank stocks this week aggregate 37
shares and were all made at the Stock Exchange. One lot
of 100 shares of trust company stock was sold at auction.
Shares. B A N K .— New York.
Low.
*37 Commerce, N at. Bank o f ....... 197
T R U S T COM PAN Y— Brooklyn.
100 Nassau Trust Co ................
139

High.
197

Close. Last previous sale.
197
A ug. 1912— 197 H

130

139

Mch. 1912

150

♦ Sold at the Stock Exchange.

— The joint resolution which provides for the continuance
of the appropriations for the operations of the Government
pending the enactment of the appropriation bills was ex­
tended on the 15th inst. for the remainder of the current
month. The resolution, dating from July 1* and covering
a period of one month, had been extended on the 1st inst.
until the 15th.
— The compromise wool bill, which was vetoed by Presi­
dent Taft on the 9th inst., was again passed by the House of
Representatives on the 13th inst. The bill went through
the House this week by a vote of 174 to 80, 21 Republicans
having assisted the Democrats in overriding the President's
veto. The result of the poll in the House proved a surprise

AUG. 17 1912.]

THE CHRONICLE

even to the Democrats, and brought about scenes of disorder
and confusion. It is the first time within the memory of
the oldest members that a tariff measure has been passed
over the President’s veto by the lower branch of Congress.
A two-thirds majority vote is required to accomplish this,
and after the vote had been taken a claim was made that
the necessary vote had not been obtained. The objection
came from Representatives Gardner, Olmsted and former
Speaker Cannon, who contended that there should be in­
cluded in the total number voting the 10 members paired,
who voted “ present.” Speaker Clark, however, ruled that
only two-thirds of those voting “ yea” and “ nay” was re­
quired. He said: “ The 10 members are recognized as being
present only to constitute a quorum. The Constitution,
as interpreted in the past, clearly provides that all decisions
must rest on a yea and nay vote.”
Representative Mann,
the Republican minority leader, coincided in these views.
The attempt to pass the wool bill last year over the Presi­
dent’s veto was defeated in the House by a vote of 227 to 120.
Six Republicans who disapproved the move last year this
time aided the Democrats in passing the bill. They were:
Representatives Anthony of Kansas, Cooper of Wisconsin,
Lafferty of Oregon, Rees of Kansas, Stevens of Minnesota
and Sloan of Nebraska.

393

Senate on the 7th inst. and by the House on the 8tli inst.
In abolishing the Commerce Court the bill provided for the
retention of its five judges as extra Circuit Court judges.
The clause affecting the Government clerks required that
after each term of seven years they again qualify for their
places by examination or otherwise. In voicing his oppo­
sition to these several features of the bill, the President
stated that he approved any system of promoting efficiency
in the civil service and favored a civil pension service, but
he could not approve any legislation to turn out of office
employees who had given their best years to the Govern­
ment. He further said:
W hen it Is thought wise by Congress to include in general supply bills
im portant substantive legislation, and the Executive cannot approve such
legislation, it is his Constitutional duty to return the bill with his objections,
and the responsibility for delay in the appropriation of the necessary ex­
penses to run the Governm ent cannot rest upon the Executive,, but. must
be put where it belongs— upon the m ajority in each House of Congress that
has departed from the ordinary course and united with an appropriation
bill amendments to substantive law. The importance and absolute neces­
sity o f furnishing funds to maintain and operate the Government cannot
be used b y the Congress to force upon the Executive acquiescence in pernuvnent legislation which he cannot conscientiously approve.
I
have the arguments upon which this proposed legislation is urged, and
I cannot find in them a single reason why the Commerce Court should be
abolished, except that those who propose to abolish it object to certain of
its decisions. I am utterly opposed to the abolition of a court because its
decisions m ay not always meet the approval of the m ajority of the Legis­
lature. It is Introducing a recall of the judiciary which in its way is quite
as objectionable as the ordinary m ethod proposed. N ext to impartial and
Just judgm ents the great desideratum in judicial reforms to-day is the pro­
m otion o f the dispatch o f business and the prom pt decision of cases. The
establishm ent o f the Commerc Court has brought this about in a substan­
tial way, while reducing the average from two years to six m onths, and I
d ou b t not that as time goes on and the procedure becom es better undcistood, this period o f six months will be further reduced.
_

— A message vetoing the bill revising the metal schedule
of the tariff law was sent to Congress on Wednesday by
President Taft. Almost immediately after the receipt of
the message the bill was again called up in the House of
Representatives and re-passed by a vote of 174 to 83,
1G Republicans supporting the Democrats in bringing about
The veto of the bill serves to hold up the President s
its re-passage. The Senate, however, sustained the veto salary, as well as that of every member of Congress, Federal
yesterday by a vote of 39 to 32. The demand of Ma­ judges and the employees of the United States courts.
jority Leader Underwood on Wednesday for a vote on
— The Underwood bill revising the cotton schedule of the
the bill over the President’s veto was objected to
tariff, which passed the House of Representatives on the
by Minority Leader Mann, who declared that only bills
2d inst., was passed by the Senate on the 14th inst. by a vote
on the calendar should be considered. Speaker Clark over­
of 36 to 19. The Hill bill, which was offered as a substitute
ruled the opposition of Representative Mann, who there­
in the House and defeated by a vote of 14G to 86, was pre­
upon demanded a roll call; the vote, 240 to 10, sustained the
sented in the Senate by Senator La Follette and rejected
position of the Speaker, and the re-passage of the bill fol­
there by a vote of 46 to 14. The Underwood bill provides
lowed. As a reason for disapproving the bill the President
an ad valorem duty of 2 7 .0 6 % against an ad valorem duty
stated that it provided for revenue only and took no account
of 4 7 .1 5 % based on the importations of 1911. The Senate
of protection for American industries. The Ways and Means
amended the bill by adding a provision repealing all the sec­
Committee was criticized for refusing public hearings on the
tions of the Canadian Reciprocity Act except those which
bill. The President also expressed opposition to the measure
permit the free entry of print paper and wood pulp.
on the ground that it affected not only the iron and steel in­
— The Post Office appropriation bill was passed by the Sen­
dustry, but fifty-nine allied industries which, he stated,
were worthy of separate classification. He added that he ate on the 13th inst. It had passed the House of Represen­
was not prepared to say there were no items in the steel tatives on May 2, but changes made in the Senate sends the
schedule which might not well be reduced, but pointed out bill to conference. One of these changes affects the parcels
that its ad valorem rate of duty was an apparent reduction post section of the bill; as a substitute for the House provision
of 15 % from the duties of the Wilson law. The message fixing a flat rate of 12 cents per pound on all packages up (e
eleven pounds, irrespective of distance, the Senate adopted
also said;
A bill for a com plete revision of this schedule was presented to me a the Bourne-Bristow provision, which divides the country
year ago In the extra session of this Congress. Many Increases and de­
into eight zones, ranging from 50 to more than 1,800 miles,
creases of rates are now made from those named in the form er measure. and establishes a graduated rate of from 5 to 12 cents for the
The changes are not explained and indicate the hasty m ethod pursued in
first pound and from 1 to 12 cents for each additional
the preparation of both . Is It not fair to ask either on the basis o f pro­
pound, depending on the zone.
1he limit of weight is
tection or revenue which was right?
On the whole, therefore, I am not willing to approve of legislation of this
eleven pounds. The Senate also, by a vote of 29 to 28,
kind, which vitally affects not only millions of workingmen and the families
accepted an amendment of Senator Hoke Smith, giving
dependent on them, but hundreds of millions of dollars’ worth of stocks
of goods in the hands of storekeepers and distributers generally, without
publishers of papers issued tri-weekly or less frequently,
first providing for a careful and disinterested Inquiry into the conditions
the option of sending second-class matter by fast freight
o f the whole industry.
From the outset o f m y administration I have urged a revision of the at 1 cent a pound, the present rate, or by regular mail
tariff based on a non-partisan study of the facts. I have provided the
at 2 cents a pound. The House bill provided that no
means for securing such Information in the appointm ent of a Tariff Board.
employee of the postal service should be liable to reduc­
Their thorough work, already com pleted on several schedules, has Justified
tion or removal for joining an organization having for
m y confidence In this m ethod.
The principle is indorsed by chambers o f com m erce and boards of trade its object improvements in condition of labor or compensa­
In almost every city of Importance in the cou ntry. The proposed bill has
tion; in part this was approved by the Senate, but under the
not been framed on the basis of any such study o f the Industry.
.
A vow edly its rates arc fixed with no consideration of anything but reve­ provision of the latter, employees are barred from joining an
nue. The principle o f protection Is disregarded entirely, and, therefore,
organization which imposes an obligation or duty to strike,
It is not too much to say that the effect o f these sweeping changes on the
or to assist in a strike, against the United States. Under
welfare of those engaged In these varied Industries has boon disregarded.
both bills the employees have the right to appeal to Congress
— The Legislative, Executive and Judicial supply bill
for redress of grievances. Instead of allowing extra pay for
was vetoed by President Taft on the 15th inst., for the
over time for the service of carriers and clerks in the cities,
reason that it would abolish the United States Commerce
the Senate adopted an amendment providing for their re­
Court, and also because it fixed the tenure of Government
imbursement in “ compensatory time” within six days. A
clerks in the civil service at seven years. An effort in the
joint Congressional Commission is proposed by the Senate
House of Representatives on the day of the veto to override
to investigate the feasibility of the Government purchasing
the President failed by a vote of 153 to 107— being less than
and operating the pneumatic tube service.
the necessary two-thirds. Eighteen Democrats voted against
— The Army appropriation bill, which, after its veto by
the motion to repass the bill while thirteen insurgent Re­
publicans cast their votes in favor of it. The bill had passed the President on June 17, was passed in an amended form by
the House of Representatives on May 10, and on June 14 it the House of Representatives on July 2, passed the Senate on
passed the Senate in amended shape. With the refusal of the 14th inst. In its present form the bill is free from the
the House to concur in the Senate changes, the bill went to provision contained in the original bill,which would have legis­
conference, and the conference report was agreed to by the lated Major-General Leonard Wood from his office of Chief o




394

THE CHRONICLE

Staff of the Arm y. Some minor amendments to it have
been mado by the Senate. The bill carries an appropriation
of $94,000,000.
— The Democrats of the House of Representatives this
week finally yielded on their stand taken in former caucuses
to adhero to the “ no battleships" program in the naval ap­
propriation bill. In a fifth caucus on the 14th inst. they
adopted by a vote of 95 to 11 the following resolution re­
leasing the Democratic members to the extent of permitting
them to vote, at their option, in favor of one new battleship.
Resolved, T hat the form er action o f the D em ocratic caucus In regard to
battleships bo and hereby is m odified so as to permit any and all Democratic
members who desire to d o so to vote in the House for one battleship only
and to perm it the Dem ocratic members of the conference com m ittee on the
naval appropriation bill to agree to one battleship. No m ember is bound
b y this resolution to vote for one battleship should he not desire to do so.

It is expected that the Senate, which has provided in its
bill for the building of two new battleships, will agree to the
compromise. In a statement made public on the 13th inst.
Secretary of the Navy Meyer, criticizing the action of the
House Democrats, stated that if “ Congress should appro­
priate for one battleship only, the American navy would
fall into fifth place in two years, and the navy’s present
position could be regained only by an appropriation for three
battleships in the next session.”
— The United Statos Senate on the 14th inst. agreed
to amendments in the Pension Appropriation Bill which
will serve to abolish on Jan. 31 1913 eighteen in­
dependent
pension
agencies.
The
House
accepted
the Senate amendments on the 15th inst. Because of a
\ dispute between the Senate and House on the question—
the House demanding at first the immediate abolition of
the agencies and the Senate favoring their continuance—
the Pension Bureau has been materially hampered, having
suffered a lack of funds to provide for pensioners of the
Government. The House had later consented to continue
the life of the agencies until December 31 1912, but finally
yielded to the Senate amendment fixing January 31 next as
the time of their abolition. It is stated that the exten­
sion of the old appropriation bill for a 15-day period,
so that one-twonty-fourth of last year’s appropriation
might be used to pay less than half of the $15,000,000 due
on August 1, left 200,000 pensioners unpaid. The pending
bill carries $100,000,000. Instead of the separate pension
agencies, the bill provides for the payment of pensions here­
after in the Pension Bureau at Washington. The pension
agents receive a salary of $4,000 a year; the new disbursing
clerk in the Pension Bureau will receive a similar amount.
— The bill creating a commission to inquire into the subject
of industrial relations, which passed the House of Represen­
tatives on July 17, passed the Senate on the 15th inst. The
commission, whose creation was recommended by President
Taft in a message last February, is to consist of nine mem­
bers, not less than three of whom are to be employers of labor
and not Jess than three representatives of organized labor.
The scope of the inquiry is defined in the bill as follows,
according to the “ Journal of Commerce” :
“ The com m ission shall inquire into the general condition of labor in the
principal industries o f the United States, including agriculture, and
especially in those which arc carried on in corporate forms; into existing
relations between em ployers and em ployees; into the effect o f industrial
conditions on public welfare and into the rights and powers o f the com m un­
ity to deal therewith; Into the condition o f sanitation and safety o f em ploy­
ees and the provision for protecting the life, llmbjjjaml health of the em­
ployees; into the growth o f associations of employers and of wage-earners
and the effect o f such associations upon the relations between employers and
em ployees; into th e extent and results o f methods of collective bargaining;
into any m ethods which have been tried in any State or in foreign countries
fo r maintaining m utually satisfactory relations between employees and
employers; into methods for avoiding or adjusting labor disputes through
peaceful and conciliatory m ediation and negotiations; into the scope,
m ethods and resources o f existing bureaus of labor and into possible ways
o f increasing their usefulness; into the question of smuggling or other Illegal
entry of Asiatics into the United States or its insular possessions, and of the
m ethods by which such Asiatics have gained and arc gaining such admission,
and shall report to Congress as speedily as possible.”

— The conference report on the Agricultural appropriation
bill was adopted by the U. S. Senate on the 7th inst. and by
the House of Representatives on the 8th inst. The bill car­
ries an appropriation of $16,651,496. It contains a provi­
sion directing the Secretary of Agriculture to select, classify
and segregate as soon as practicable all lands within the
boundaries of national forests that may be open to settle­
ment and entry under the Homestead laws, applicable to the
national forests, and appropriates $25,000 for the purpose.
This is a modification of the Nelson amendment, which had
been incorporated in the bill by the Senate.
A bill passed by the United States Senate on the 7th
inst. calls for the creation of a commission of three Senators
and three Representatives to investigate the conditions




[VOL. L X X X X V .

under which the governments of foreign coun tries purchase
American-grown tobacco. The purpose in view is to
ascertain whether there is any combination o r understanding
between the representatives of the foreign governments
with the view to depressing the price of American -grown
tobacco. The Commission is to report the results of its
investigations to Congress.
■
•— The proceedings against the New Y ork Mercantile E x­
change, instituted by the District Attorney’s of fice, were dis­
missed on July 22. The complaint against the Exchange
was filed early in February as the result of an investigation
made by Assistant District Attorney W illiam A . DeFord
into its methods of dealing in butter and eggs, and as a
sequence a public inquiry into the Exchange was begun a
few weeks later. Mr. Ford, it was stated at the time, ac­
cused the Exchange of conspiracy to restrain trade in regu­
lating the prices of the commodities in question. The dis­
missal of the proceedings was agreed to by Mr. De Ford,
acting on behalf of the District A t torney’s office, in view of
the adoption by the executive committee of the Exchange
of the following resolutions:
•Whereas, This com m ittee, being desirous ot learning the bearing of the
State and Federal laws upon the m ethods o f the New Y ork Mercantile E x­
change and of its members In their relations with the Exchange, d id on
Jan. 2 1012 refer the said questions to counsel fo r the purpose o f being
advised thereon; and,
.
Whereas, Before such advice could be form ulated, the District Attorney
of New York County started an ex parte inquiry fo r the purpose o f deter­
mining some of the same questions; and,
Whereas, In said investigation by the District A ttorney It has been the
purpose of the New York Mercantile Exchange to in every way assist the
same, to which end its officers and members have co-operated with the
District A ttorney and furnished him full inform ation as to the methods of
conducting business upon the floor o f the Exchange and in the purchase
and sale of butter, cheese and eggs in the City of New Y ork; and,
Whereas, The said methods o f conducting business are lawful and legiti­
mate and violate no criminal statute, as tills com m ittee is advised by its
counsel as a result of the District A ttorn ey’s investigation, and of his con­
sideration of the questions of law involved; and,
Whereas. There are certain other questions directly concerning the policy
of the Exchange which it has for some time been and is the desire of this
com m ittee to formulate and publish, the said questions being that
Whereas, It has been and is the policy o f the Exchange, pursuant to the
purposes of its charter, to disseminate only such Information as is accurate
and reliable, and that
Whereas, Pursuant to said policy it has recognized the principle that
market quotations must represent selling values com m only obtainable in
wholesale transactions at first hands, and that
Whereas, In view o f the d ifficulty of correctly ascertaining such selling
values at all times the Exchange discontinued its quotation committees
three years ago and has since then issued no quotations whatsoever, and
Whereas, In furtherance o f the same policy it Is deemed advisable to
assert the neutrality of the Exchange by continuing to withhold official
approval of any quotations com piled and issued by any of the private in­
dividuals, Arms or corporations engaged in publishing the same, and
Whereas, It is deemed further advisable, in order to assure a continuance
of an open and com petitive market, to declare what has been and is the
policy of the Exchange as to the legitimate uses of statistical data collected
and diffused pursuant to its charter; therefore, be It
Resolved, That the Exchange will not at any time, directly or indirectly,
by any m ethod whatsoever, make or publish, or receive from any person,
firm or corporation, and publish, either on a blackboard on the floor of the
Exchange or otherwise, any prices or quotations of the prices of butter,
cheese and eggs in the New York market, with the exception of listing and
recording prices actually received for lots of said com m odities at bona fide
sales thereof actually made upon the floor of the E xchange; anil be it further
Resolved, That the Exchange will not, directly or indirectly, cither use
or knowingly permit the use by any other person of its statistics of receipts
of butter, cheese and eggs in the New York market, for the purpose of
making and publishing quotations of the market values or prices of any
of said com m odities in a manner contrary to law.

— Acceding to the frequent requests of the officers of the
National Citizens’ League, Uzal I I . McCarter, President of
the Fidelity Trust Co. of Newark, N . J., has sent out a
carefully prepared folder embodying his views and calling
attention to the work and aims of the National Citizens’
League. Under the caption “ The Money Question,” Mr.
McCarter says in the folder that because of the country’s
antiquated banking system, which has been largely re­
sponsible for a number of financial disturbances, including
the panic of 1907, leading business men throughout the
country have formed the National Citizens’ League, with the
idea of bringing the important monetary problems of the
day directly before the voters. It is explained by Mr. Mc­
Carter that the National Citizens’ League has no plan to
advance and no proposed change to oppose. The object of
the organization is simply to point out the flaws in the pres­
ent financial system of the country and to educate voters
on the importance of a prompt and helpful change in the
existing banking laws. The question, Mr. McCarter ex­
plains, is one that comes directly home to the individual,
as well as to all business men and to the country at large,
and for that reason voters in general are urged to take an
active, personal interest in the work of the League. Mr.
McCarter is ably qualified by long experience and training as
the executive head of New Jersey’s largest financial insti­
tution to discuss “ The Monetary Question” with authority,

A ug. 17 1912.]

395

THE CHRONICLE

how ever, will be more than sufficient and enable the farmer to hold a
reserve into the com ing year, with a yield of 60,000,000 tons.
The smaller grains are producing on a like generous scale to the oats
crop and the spring wheat. The barley crop promises about one-quarter
larger yield than last year, or approxim ately 200,000,000 busheis. nearly
all the Northern States reporting an Increase both In acreage and yield, while
our reports from California show practically the same yield as last season.
Trust Co., Newark, N . J.
P otatoes, ranking next to wheat for human consum ption, will yield
Membership in the National Citizens’ League entitles
25% m ore than a year ago— the garden vegetables are yielding plentifully.
he member to all its special literature and general data on The high cost of living should decline some with the large production of
he subject, and to cover the cost of preparing, printing and the table supplies.
The fruits have been as irregular as ordinarily In the sectional character
mailing this information a fee of $1 is charged by the Asso­
of their yields, and on the whole are greater the cou ntry o v e r. *
*
ciation. The organization is non-partisan and has branches
The cou ntry's great agricultural export staple cotton will not reach
in every State of the Union. Its sole object is the promo­ the proportions of last year. This year there has been too much rain in
the South A tlantic and Gulf States to make a big yield. Texas and Okla­
tion of a sound banking system. The directors of the New hom a will probably be the only States to produce more than a year ago,
Jersey branch of the League are well-known men of high and North Carolina has a promise as good as a year ago. The estimates
standing. They are: Former Governor Franklin Murphy, o f our correspondents Indicate a crop this year around 13,000,000 bales at
the outside.
former Judge Gottfried Krueger, M. Taylor Pyne, R . C.
The value of the cotton crop, with a reduction In the number of baies^
Jenkinson, Percival Chrystie, Albert J . Hahne, L . E . Travis, will be as great to the planter as was the big yield of last year.
*
A volum e of agricultural products 30% larger than last year will return
Charles Bradley, Peter Campbell, J. William Clark, William
to the farming com m unity the m ost profitable results of a decade. The
M. Johnson, John W . Ferguson, General Bird W . Spencer, industries of the country have been feeling the stimulus of the prosperity
George T . Smith, C. H . K . Halsey, John A . Campbell, Charles of the tiller of the soil, and the ample supply of the needs of the people.
S. Boyer, Charles L . Auger, C. II. C. Jagcls, Curtis II. Burn­ The only prosperity is that which com es from the agricultural production,
and that Is assured.

and his personal views will be read with much interest by
every one interested in the betterment of the monetary
system in the United States. A copy of the folder, can
bo obtained on inquiry from Frank T . Allen of the Fidelity

ett, George A . Eyer, Walter E . Edge.
__ The use of the word “ Frisco” as a designation for San
Francisco has been officially barred. The Secretary of the
Treasury, the San Francisco “ Chronicle” announces, has
issued an order to the railroad companies and all others
concerned prohibiting the use of the term. In his noti­
fication the Secretary says:

" I have to advise you that objection has been made to the use of the
term ‘ Frisco, C al,’ on the seals, for the reason that the word ‘ Frisco’ lacks
distinctiveness and dignity, and there are upward of ten villages named
'F risco.
“ The term ‘ Frisco’ as a name for San Francisco em ployed by non-residents
is objected to by a m ajority of the citizens of San Francisco and Is never
used b y them . The term has been condem ned b y the presss and civic or­
ganizations and the cam paign against the em ploym ent thereof has pro­
gressed to such an extent that the S t. Louis & San Francisco R y ., com m only
known and widely advertised as the ‘ Frisco’ Line, was obliged by popular
opinion to take that term off its advertising and office window display In
that c it y .”
‘ ‘ I will thank you, therefore, to letter seals, ordered by carriers for use at
San Francisco with the name o f the city in full, namely San Francisco.

— The Liverpool Cotton Bills of Lading Conference Com­
mittee, which last year established the Central Bureau for
the checking of cotton bills of lading, has decided to create
an information bureau to be operated in conjunction with
the Central Bureau. An announcement concerning the new
department, made by Charles S. Haight, who is the American
representative of the Liverpool Committee, says:
“ I am authorized by Mr. Kern, Chairman of the Liverpool Cotton Bills
o f Lading Conference Committee, to announce the fact that since his return
to Liverpool In January last, after his visit to tills country, he has been
ngaged In perfecting arrangements for the establishment o f an information
bureau for the use o f all European cotton buyers connected with the contituent bodies which his com m ittee represents. During the last six
months inform ation has been collected regarding the financial standing of
he cotton shippers throughout the South, and through the bureau inquiry
can be made regarding the ftnancial standing of any particular shipper. If
the required inform ation is not already at hand, it will be obtained b y the
urcau.
‘ ‘ While the vast am ount o f work which was necessary to perfect the
rganlzatlon of the Central Bureau last year precluded the undertaking of
ny additional work, there has been no disposition on the part o f the Llvcrool com m ittee to overlook the value of a careful inquiry into the standing
f the Am erican cotton shippers. The attitude of the com m ittee lias merely
ecu that such Inquiry alone was not a sufficient precaution against the risk
forgery, nor even the m ost effective one. W ith a systematic preliminary
vcstigatlon Into the standing; of all shippers, com bined with a subsequent
areful checking of all bills of lading Issued, It is believed that the handling
f cotton exchange and the purchase of American cotton will be made as
fc as Is humanly possible.”

— The Continental & Commercial National Bank of
Chicago issued this week advance sheets of its “ Annual Crop
and Business Report.” In its review of agricultural condi­
tions the bank says in part:
The harvests In their abundance will yield fully 20% In weight and bulk
over last year. None o f the breadstuffs will fall short o f the need of the
people__m ost o f them will have a surplus. The fecdstulTs for the animals
promise large yields, and consequent recession in the price to the consumer,
while the quantity produced will give a larger return to the farmer than the
same crops the past two years.
Man’s necessitous food —-wheat— with a serious Impairment of the winter
seeding, will be in excess o f last year, when the loss was In the spring
sowings.
.
.
.
The spring-wheat crop, the great crop o f the Northwest, Is running to
harvest, with the promise of the heaviest yield over the greater part of the
region that has been experienced In m any years.
*
Corn has had a bad start this year; the cold spring delayed planting and
checked growth, and only within the past month has the plant made any
headway. There has been a fair increase in the acreage, and the yield
now promises to be an average one for the acreage. The estimates of our
correspondents run close to 2,800,000,000.
*
*
*
*
The yield of oats Is going to record proportions, and will easily top the
banner crop of two years ago, when 1,120,000,000 bushels were produced
in the country. The acreage was Increased largely through the abandoned
winter-wheat lands, and the States that suilered so heavy a loss on that
account will more than make up the dlllercncc In the big yield of oats.
*
*
The base of the food for the lower animals— hay— Is assured now at
a heavier yield than last year. It will not make a record crop, for the
severe winter killed a large percentage of meadow, and the cold, back­
ward spring held the growth of all grasses In check. The production,




A s to general business conditions, the summary says:
Considerable material progress has been made in the business world
toward a com plete recovery from the depression resulting from the slow­
ing dow n process made necessary in 1910 by the too rapid expansion in
our industrial and commercial activity, undue speculation in land and the
tying up o f too much liquid capital in projects In process of developm ent
and not sufficiently seasoned to make their securities readily convertible.
In some instances, this progress toward a recovery has not only reached
normal but has extended considerably beyond that. In others the condi­
tion o f trade and business shows a full recovery. In a few, however, we are
still below normal, owing to peculiar conditions in those particular lines o f
human endeavor.
#
.

The complete report will be ready for distribution on
Aug. 25.
— The program for the coming convention at Detroit of
the American Bankers’ Association and its various sections,
as thus far arranged, is announced.
As far as the
Association itself is concerned, the names of the speakers
have not as yet been divulged, an outline of the regular pro­
ceedings only being furnished. Before the Trust Company
Section addresses are to be presented by George M. Reynolds,
President of the Continental & Commercial National Bank
of Chicago: Henry M. Bates, Dean of the University of
Michigan, and Breckinridge Jones, President of the Missis­
sippi Valley Trust Co. of St. Louis. In the case of the
Savings Bank Section discourses are to be delivered by
Frank H . Hitchcock, Postmaster-General of the United
States; Edward Chamberlain, Vice-President of the San
Antonio Loan & Trust Co. of San Antonio, Texas, and John
J. Pulleyn, Comptroller of the Emigrant Industrial Savings
Bank of New York.
The program of the Clearing-House Section contains the
name of Joseph T . Talbert, Vice-President of the National
City Bank, as a speaker, while discussions of pertinent
topics will be led by C. R. M cK ay, Chairman of the Numerical
Committee; Jerome Thralls, Manager of the Kansas City
Clearing-House Association, and Frank Green, Managing
Editor of “ Bradstreets.”
The State Secretaries Section has secured as speakers
F. W . Ellsworth, of the Guaranty Trust Co. of New York;
Judge O. E . Dunlap of Waxahachie, Texas; Charles It.
Frost of Minneapolis, Secretary of the Minnesota Bankers
Association; R. L. Crampton of Chicago, Secretary of the
Illinois Bankers’ Association; W m . B . Hughes of Omaha,
Secretary of the Nebraska Bankers’ Association; W . C. McFadden of Fargo, Secretary of the (North Dakota Bankers’
Association, and Haynes McFaddcn of Atlanta, Secretary
of the Georgia Bankers’ Association. As is known, the con­
vention opens on Monday, Sept. 9. The following is the
complete order of proceedings of the general association and
the affiliated sections as now prepared:
M O N D A Y S E P T E M B E R 9 1912.
Morning— Comm ittee meetings.
A fternoon, 2 o ’clock— Executive Council.
T U E S D A Y , SE P T E M B E R 10 1912.
First D a y’s Session.

Convention called to order at 10 o ’clock a. m. sharp by the President,
W illiam Livingstone.
Invocation.
Addresses o f W elcom e— lio n . Chase S. Osborn, Governor o f Michigan;
lio n W . B. Thom pson, Mayor o f Detroit; lio n . Geo. H . Russel, President
Detroit Clearing House; H on. H om er W arren, President Detroit Board
o f Commerce.
Response to Addresses o f W elcom e.
Annual Address o f the President— William Livingstone, Detroit, Mich.
Annual R eport o f the General Secretary— Fred. E . Farnsworth, New
Y Annual R eport of the Treasurer— J. Fletcher Farrell, Chicago, 111.
A ppointm ent o f A uditing Comm ittee b y the President
Annual R eport o f the General Counsel— Thom as B . P aton, New \ o rk
C ity .

.

396

THE CHRONICLE

Annual R eport o f thc.Executlvc_C ouncil— Artliur*.Reynolds, Chairman
Des Moines, la .
Amendments to Constitution— R eported out from E xecutive Council b y
A rthur R eynolds, Chairman.
Annual R ep ort o f the Standing Protective Committee— Fred. E . Farns­
worth, Secretary.
,,
Eleven-Thlrty^O ’C lock.
A ddress.
A nnouncem ents.
.
Recess for Luncheon.
T U E S D A Y 'A F T E R N O O N , 2 IO ’CLOCK.
Addresses and Miscellaneous Business.
F R I D A Y ,' S E P T E M B E R S '1012.
Second D ay’s Session.
^Convention called to order at 10 o ’clock a. m. sharp by the President,
William Livingstone.
Invocation.
Invitations for next’eonvention.
Reports of Sections— Trust Company, SavIngs^Bank.' Clearing House,
American Institute of Banking, State Secretaries.
Reports of Committees.
Announcem ents.
Recess for luncheon.
_

A F T E R N O O N IS E S S IO N ,f;2IO ’CLOCK.
Unflnlshed business.
Communications from E xecutive Council.
Resolutions.
R eport o f Committce'on^Nom lnatlons.
A ction on same.
Installation o f officers.
Announcem ents.
A djournm ent.
Executive C ouncil."A rthur Reynolds."Chairm an. A t H otel Pontchar
train, immediately following the adjournm ent of the convention, should th
convention adjourn at a reasonable hour: otherwise at 8 o ’clo ck p. m.

Trust Company Section.
W E D N E S D A Y A N D T H U R S D A Y M O R N IN G S ,\SEPTEM BE R 11-12
"
Order o f Proceedings.
Meeting to b eca llcd to o r d e r l y the President of the'Sectlon at 10 a m
Prayer.
*
Address o f W elcom e.
F *iIP Fries addrCSS ot weIcomc an(1 annual address o f th elP resld en tR eport of the Executive Committee— F . H . Goff ."Chairm an.
R eport of the Secretary— Philip S. B abcock.
R eport o f the Committee on Legislation— F. II. Fries. Chairman,
man

° rt ° f ^

Commlttee on Protective Laws— Lynn H . Dinkins, Chali

R eport of the Committee on a Proposed Model Trust Company L a w Ollvcr C. Fuller, Chairman.
Address— “ The M oney Trust Inquiry.” George M. R eynolds. Chicago III
~ , ^ dr^ S7~ S^ me Unscheduled Liabilities,” H enry M. Bates, Esq. Deal
of the University of Michigan.
Address "Achievem ents of the Trust Company Section During the P a s
Fifteen Y ears,” Breckinridge Jones, St. Louis, M o.
Topics for Discussion.
The follow ing'subjects have been selected as of interest to the Section
ana It Is hoped that they m ay prom ote active discussion b y the member
present, who are urged to speak freely upon them:
1. “ Segregation of Savings Deposits Held in Trust Companies.”
2. ‘Advantages of Co-operative Publicity of Trust Company Functions ’
3. Annuities and Pension Funds for E m ployees.”
’
f ° ncral dlscussi°n of such other topics as m ay be proposed and may hav.
the approval o f the presiding officer.
R oll call of States, to be answered by the Vice-Presidents ot the Sectlo.
In brief written reports dealing with the history of the trust com panies h
the several States during the preceding year, and with the conditions unde
to thein

7 arC DOVV ° PeratIng’ and other matters of interest now pertaining

Election and installation o f officers.
Unfinished business.

Savings Bank Section.
W E D N E S D A Y AN D T H U R S D A Y M O RN IN GS, S E P T . 11-12, 9:30 A . M
Order of Proceedings.
Invocation.
Greetings.

W EDNESDAY.

t itu tlo n 7 n r V }d|drC3Sw AlfrCd
Alken’ PrcsIdent W orcester C ou n ty In
titutlon for Savings. W orcester, Mass.
* l er : ^
r ‘ t,Ve. Commlttec- 1’ F - Sartorl. President S ecurity Trus
* Savings Bank, Los Angeles, Cal.
G - McVVllllam- 5 Nassau Street, New Y ork .
BankP BostonaW Committce~^r° hn H - Sturgis,.Treasurer Franklin Saving!
Report of Membership Committee— F. C. Nichols, Treasurer Fltchburc
Savings Bank, Fitchburg, Mass.
Report of Committee on School Savings Banks— N. F. Hawley, Treasure!
Farmers’ & Mechanics’ Savings Bank, Minneapolis, Minn.
’
Address "T h e Postal Savings Bank and the Banks” H on. Frank II
H itchcock, Postmaster-General ot the United States.
Appointm ent o f Nominating Committee.
TH U RSDAY.
Invocation.
Report o f Committee on Methods and Systems— V . A . Lersner, Assistant
Cashier, Wllliamsburgh Savings Bank, Brooklyn, N . Y .
(Short discussion.)
Address "European Land B anks," Edward Chamberlain, Vice-Presi­
dent San Antonio Loan & Trust C o., San A ntonio, T ex.
Address "T h e Savings Bank and the C om m unity,” John J. Pulleyn,
Comptroller Emigrant Industrial Savings Bank, New Y ork.
R eport of Nominating Committee.
Elections of President, Vice-President, three members o f E xecutive Com­
mittee to serve three years, and State Vice-Presidents.
Installation o f Officers.
Meeting o f E xecutive Committee immediately following adjournm ent.




[VOL. L X X X X V .
Clearing-House Section.

W EDNESDAY

AND

TH URSDAY

M O RN IN GS,

SEPT.

11-12.

W ednesday, S ept. 11 1012, 0:30 a. m.
Call to Order— President Chas. A . Ruggles.
Invocation— R ev. Samuel S. Marquis, D . D ., St. Paul’s Cathedral Dc
trolt.
Address o f W elcom e— Jas. T . Iicena, Counsel P eople’s State Bank.
Response to Address o f W elcom e— Sol W cxlcr, New Orleans.
Annual Address of the President.
Annual R eport o f the E xecutive Comm ittee.
Annual R eport of the Secretary.
A ction on the A bov e R eports.
A Discussion o f the Numerical System— Led b y C. R . M cK ay, Chairman
o f the Numerical Com m ittee.
Address— “ Functions o f the Modern Clearing H ouse,” Joseph T . Talbert,
N ew Y ork .
Thursday, Sept. 12, 10 a. m .
C all'to Order.
Discussion— “ Collection of Country Checks Through the Clearing H ouse,”
led b y Jerome Thralls, Manager Kansas C ity Clearing House.
Discussion o f Uniform Clearing-House Reports and Bank Transactions—
Led b y Frank Green, Managing E ditor "B rad strcct’s ."
N omination and Election for President, Vice-President, Members o f
E xecutive Com m ittee.
Call o f Cities.
Questions.
Installation o f Officers.
A djournm ent.

State Secretaries Section.
W E D N E S D A Y A N D T H U R S D A Y M O RN IN G S, S E P T . 11-12.
O R D E R OF P R O C E E D IN G S .
9:30 a. m . W ednesday and Thursday, Sept. 11-12.
Meeting called to order b y the President.
Invocation.
R oll call.
Regrets.
Address of W elcome— Mrs. II. M. Brown, Secretary Michigan Bankers'
Association, Detroit.
Response to Address o f W elcom e— S . B . Rankin, Columbus, Secretary
Ohio Bankers’ Association.
President’s Address— J. W . IIoopcs, Austin.
Report of the Secretary-Treasurer— F . M. Mayfield, Nashville.
Address— "B ank P ub licity,” F . W . Ellsworth, New York, Guaranty
Trust Co.
Address— “ The Boys Behind the Guns,” Judge O . E . Dunlap', W axa
hachle, Texas.
Address— "Is it Advisable for an Association to Endorse and Receive
Special Prices on Bank Equipm ent?” Chas. R . Frost, Minneapolis, Secre­
tary Minnesota Bankers’ Association.
Address— “ Central Bureau of Credit In form a tion ,” R . L . Crampton,
Chicago, Secretary Illinois Bankers’ Association.
Address— “ Protective Service,” W in. B . Hughes, Omaha, Secretary
Nebraska Bankers’ Association.
Address— "W ealth Production A ctivities,” W . C. Macfadden, Fargo,
Secretary North Dakota Bankers’ Association.
Address— “ A Plan to Eliminate Conflict In Convention D ates,” Haynes
McFadden, Atlanta, Secretary Georgia Bankers’ Association.
General discussion.
Unfinished business.
New business.
Election and Installation of officers.
Adjournm ent.

■ The social features of the convention as embodied in the
preliminary program of entertainment will comprise the
following:
Preliminary Entertainment.
M O N D A Y , Sept. 9:
12:30 p. m . to 2 p. m . R eception and luncheon at the plant of the
Burroughs Adding Machine Co.
4:30 p. m . Steamer Tashmoo for ride on Detroit River and L ake'S te.
Claire; returning about 10 p. m . Luncheon served aboard the boat.
T U E S D A Y , Sept. 10:
8 p . m . Reception to visiting bankers and ladles at'tlic W ayne Pavilion.
9 p. m . Ball at W ayne Pavilion.
W E D N E S D A Y , Sept. 11:
2. p. m . Golf tournament at the Country Club. The Chairman o f the
Golf Committee announces that suitable prizes will be offered.
3. p. m . Baseball at Navin Field; Detroit vs. Philadelphia. A section
has been reserved for visiting bankers.
8 p. m . Theatre.
T H U R S D A Y , Sept. 12:
3 p .m . Baseball at Navin Field: Detroit vs. Philadelphia. A section
has been reserved for visiting bankers.
3:30 p. m . Luncheon at Walkerville; com plim ents of Hiram W alker &
Sons. Boat leaves foot W oodward A v c. at 3:30 p. m. and returns
about 7 p . m .
4 p. m. Reception for the ladles at the Country Club. The Chairman
having in charge this reception is exerting every effort to make this
one o f the most enjoyable functions of the week.
8 p. in. Theatre.
F R ID A Y , Sept. 13:
Autos In attendance for visits to Industrial plants at pleasure o f visitors.

Other features for the entertainment of the visitors are
also being developed. The Hotel Pontchartrain is to be
the headquarters of the association. The Chairman of the
Hotel Committee states that already between 1,700 and 1,800
people have been well taken care of at the various hotels
and that now the steamer City of Detroit III. has been
chartered for use as a hotel during convention week. This
virtually means, it is stated, adding another Pontchartrain to
Detroit’s list of hotels, as this boat is equal in accommoda­
tion and cuisine to the very best hotels of the country. The
boat is said to be the final word in passenger boat construc­
tion and is claimed to be the largest and best steamer afloat

A ug. 17 1912.]

THE CHRONICLE

on fresh water. Arrangements have been made in case of
hot weather to run the boat up into Lake Ste. Claire at
1 o’clock in the morning, returning to her berth after break­
fast. There are still good accommodations to be had at the
hotels, but the chartering of the City of Detroit III makes
it an assured fact that Detroit will give the delegates of the
American Bankers’ Association the amplest accommodations.
— A formidable array of distinguished speakers will address
the tenth annual convention of the American Institute of
Banking to bo held at Salt Lake City, Utah, Aug. 21-22-23.
A t the first morning session the following gentlemen will be
heard: Gov. William Spry of Utah, Mayor Samuel C. Park
of Salt Lake City, and W . S. McCornick, President of
McCornick & Co., bankers, responses to be made to each of
the aforesaid by Carroll Pierce, Chairman of the Executive
Council of the Institute; and Col. Fred. E . Farnsworth will
extend the greetings of the American Bankers’ Association.
The afternoon of the second day will be devoted to a dis­
cussion of “ The W est” — Judge Edward F. Colborn of Salt
Lake City speaking on “ Its Mining Industry” ; Duncan
McKinlay, Surveyor of Customs, San Francisco, “ The Old
West and the New” ; James K . Lynch, Vice-President First
National Bank, San Francisco, “ Its Banking Possibilities.”
During the second day there will be a symposium by bank
men on the following subjects: “ The Numerical Transit
System” and “ The Extension and Development of the Clear­
ing-House system .” On the third day Senator William
E . Borah of Idaho will deliver his address, “ The Control
of Industrial Combinations engaged in Inter-State Com­
merce,” and Dr. David Starr Jordan, President of Leland
Stanford Jr. University, will then speak upon “ International
Peace as a Factor in the Extension and Development of
American Banking Power.” A very interesting social pro­
gram has been arranged for the pleasure of the delegates.
— The commission delegated under an Act of the New York
Legislature to inquire into the cost of living made public on
the 5th inst. the report of its sub-committee— the Committee
on Market Prices and Costs. The committee was made up
of William Church Osborn, Chairman; Calvin J. Hudson,
Commissioner of Agriculture, and Ezra A . Tuttle, who were
assisted by Horace V . Bruce and Raymond A . Pearson, ex­
Commissioner of Agriculture. The investigation undertaken
by them was begun in this city last February, and its scope is
said to have embraced other important centres of population
in the State. The chief purpose of the committee was to
ascertain how far the price of food has been raised to the con­
sumer by inadequate and
uneconomical facilities and
methods of distribution. The committee estimates that
the annual food supply of Greater New York costs $350,000,­
000 or over at the transportation terminals, while its cost
in the consumers’ kitchen reaches $500,000,000. The com­
mittee is of the opinion that this addition of about 4 5 % to
the price is chiefly incurred by cost of handling, and not by
profits of middlemen; the evidence, it is stated, showing that
smaller retailers are barely making wages. The marketing
agencies of Greater New York, according to the report, are
made up of thirteen classes of, food distributers, ranging from
the municipal wholesale markets, the wholesale markets con­
ducted by railway and steamship lines, and the farmers’ mar­
kets, to the corner grocery and pushcart types, through the
intermediate grades of stores. As a result of its investiga­
tion the committee arrived at the conclusion that the large
retail unit, or food department store, buying, selling and
receiving direct, is the best economic type in point of effi­
ciency, minimum of waste, satisfactory distribution and
due rewards for management and capital. Toward the de­
velopment of such stores the committee advocated that the
efforts of retailers, wholesalers and private organizations be
directed. The substitution of large retail stores, capable of
supplying 25,000 to 50,000 people, each establishment having
cold and general storage facilities, in place of the present
retail stores selling to an average of 250, would, in the opin­
ion of the committee, bring about a system of food distribu­
tion at a cost of 1 5 % without delivery and 2 0 % with deliv­
ery, as against a cost of 25 to 3 0 % for the present wholesale
and retail systems without delivery and at a cost of 35 to 4 0 %
with delivery. Witnesses before the committee gave actual
figures of operation, from which it is inferred that the total
cost of wholesaling, including profits, is probably about 10 %
and of retailing 3 3 % , added in both cases to the first cost.
It is stated that if the plans adopted by the most success ul
agencies for wholesale and retail distribution, respectively,
should be followed in New York city at large, the reorganiza­
tion of the facilities and methods of doingjausiness would re­




397

sult in a saving of SCO,000,000 per annum, or 1 2 % on the
present retail prices. One of the recommendations of the
committee is that the charters of the various cities of the
State be amended so as to provide for a department of mar­
kets, charged with economic and sanitary supervision of food
supplies used in the municipalities. It is further recom­
mended that the department of markets be charged with the
duty of publishing accurate statements of market needs and
prices, to be sent to producers of food supplies, and that the
primary or wholesale prices should be fixed by systematic auc­
tion, in lots suitable for purchasers by retailers. It also
recommended that railroad and steamship lines entering the
cities of the State be encouraged and required to provide
adequate facilities for the prompt delivery of food products
and their sale by auction on the premises, for temporary
storage, both cold and general, to carry over one or two days’
supply, and for the publication of bulletins showing supplies
to arrive. The committee expressed itself as opposed to the
construction of public market structur s and terminals,
inasmuch as they have been found to impose heavy fixed
charges on the taxpayers.
— Th e sale was effected this week of the property of the
Equitable Life Assurance Society, at 120 Broadway, the
deal, it is stated, representing the largest real estate trans­
action, involving a single block of property, ever recorded in
this city. The plot takes in the block bounded by Broad­
way, Pine, Cedar and Nassau streets— one of the most ad­
vantageous sites in the financial district. Until last Janu­
ary, when the structure occupying the site was destroyed by
fire, the Society had been located in its home office in the
building for about thirty-five years. In a statement re­
specting the disposal of the property given out this week on
behalf of the Society, it was said:
The officers of the Equitable regard the sale as an excellent thing for the
Society, as It gives the Society a good substantial Interest on the large sum
Involved and relieves It of the burden o f owning and managing a large real
estate proposition, which Is foreign to the purpose o f the life insurance
organization.

The purchase price figuring in this week’s transaction is
said to be close to the amount ($14,000,000) which the So­
ciety has recently been asking for the land. The property
is acquired by a corporation known as the Owning Company,
organized by Gen. T. Coleman du Pont of Wilmington,
Del. With him are associated Frank M. Andrews, architect
of the new Hotel McAlpin, and L. J. Horowitz, President of
the Thompson-Starrett Company. The site is to be improved
with a 36-story building— the largest, though not the highest,
office building in the world, it is claimed. It is to be known
as the Equitable Building, although, it is stated, the Equita­
ble will have no further interest in it than as a tenant. The
feature of the ground floor will be an arcade, two stories high,
extending from Broadway to Nassau St., and beneath which
will be a thoroughfare leading from the Broadway subway to
Wall St.-and the adjacent district. This arcade will present
an attractive architectural effect and will practically furnish
a new street in this section. Facing this arcade on each side
will be a series of shops for retail purposes, and the battery
of elevators required for service to the upper floors. A t right
angles to this thoroughfare, midway the length of the build­
ing, there will be an arcade leading from Pine to Cedar S t.,
and the grouping of elevators is such as to give access to
both thoroughfares. Above the ground f|por there will be a
mezzanine sub-divided into spaces for brokers, shops, &c.,
overlooking the main arcade. The second floor is to be ar­
ranged for banking purposes.
From the third to the thirty-fifth floors space will be pro­
vided for general office purposes, subject to special arrange­
ment for tenants. The topmost floor of the building will con­
tain provision for club quarters, a law library and board rooms
for the general use of tenants of the building. One of the
unique features of the structure is to be the arrangement of
light courts, so devised that the elevator corridors on each
floor have access both to outside light and air. The arrange­
ment of interior staircases and fire escapes are claimed to
be more perfectly adapted to their purpose than can be found
in any other office building in the city. The exterior of
the building will be simple and dignified, and will be based
on the Italian Renaissance lines. The materials used will
be a harmonious combination of stone, tapestry brick and
terra-cotta. The new owners will take possession on Dec. 16,
and it is expected that the building will be ready for occu­
pancy on May 1 1914.
| .J
The Owning Company, whose capital is fixed at $1 2,000,­
000, has been organized with the following officers and direc­
tors: T . Coleman du Pont, Wilmington, President; Frank

398

THE CHRONICLE

M. Andrews, New York, Vice-President; L. L.^Dunahm ,
Wilmington, D el., Secretary and Treasurer; William A . Ulman, New York, General Counsel, and Paul E . Wilson of
Wilmington, director.
I ----- Hugh F . Criss, of

the firm of Roberts, Hall & Criss,
of this city, which was one of the three firms which suspended
in Jan. 1910 as a result of the collapse of the common stock
of the Columbus & Hocking Coal & Iron Co., was reinstated
to membership in the New York Stock Exchange on Thursday
of this week. Mr. Criss was a specialist in the stock of the
Columbus & Hocking, and his firm became involved through
the execution of orders for others. Under a settlement last
December of the litigation against James It. Keene, which
developed from the crash, the trustees of Roberts, Hall &
Criss received $150,000 which, it was stated, would be turned
over to the firm’s creditors in full payment of claims aggre­
gating $270,000. The receivership of the firm was termin­
ated several weeks ago, all of its obligations, it is stated,
having been discharged to the satisfaction of its creditors
within and without the Exchange.
•— The stockholders of the Brooklyn Bank of Brooklyn
Borough, which is being liquidated through the Metropolitan
Trust Co. of Manhattan, on the 9th inst. voted to extend
for another year the loan of $441,000 obtained from the
trust company for the purpose of helping the bank to meet
the claims of its depositors.
— William II. Bingham has become Cashier of the People’s
Bank of East Orange, N . J., succeeding Frank R. Wickes.
Mr. Bingham’s father, David Bingham, is Vice-President
of the bank.
— An order enjoining the Windham County Savings Bank
of Danielson, Conn., from doing business for a period of
four months was issued on the 6th inst. by Judge Gardiner
Greene of the Superior Court at the instance of State Bank
Commissioners Fred. P. Holt and Norris S. Lippitt. The
application for the injunction followed the discovery of a
discrepancy said to amount to $18,000 in the accounts of
the institution. The bank was incorporated in 1864, and,
according to the Commissioners, no trial balance of its ac­
counts had been taken since the early seventies. The de­
posits are reported as $862,453. The Windham County
National Bank of Danielson has agreed to make loans to the
depositors of the savings bank up to 5 0 % of the amounts
to their credit in their pass-books, the latter being accepted
as collateral for the loans.

[V O L . L X X X X V .

the Baltimore Trust. The Central Trust Co. was organized
in 1899 as the Old Line Real Estate & Trust Co., in 1900 its
name was changed to the Central Real Estate & Trust Co.
and in 1902, when its real estate department was abandoned,
the name was shortened to the Central Trust Co. A t the
time of its acquisition by the Baltimore Trust the Central
Trust Co. had a capital of $500,000; the stock now ou
standing is said to amount to 200 shares, having a p
value of $50 each.
— Ernest J. Ficht will retire as Cashier of the German Bank
of Baltimore to become associated after Oct. 1 with
J. Harmanus Fisher & Son of Baltimore.
Mr. Ficht has
been connected with the German Bank for nearly thirty years.
— C. Edward Born has become Vice-President of the
Central National Bank of Columbus, Ohio. Mr. Born, it is
stated, will relieve to a large extent, President Julius F.
Stone, and will have entire charge of the affairs of the insti­
tution during Mr. Stone’s absence.
— W . H . Taber, formerly President of the failed American
State Bank of Terre H aute., Ind, pleaded guilty on July 20
to an indictment charging embezzlement, and was sentenced
to a term of from two to fourteen years’ imprisonment.
The institution was closed by the Banking Department on
January 4th last.
— Noah R. Marker, formerly Assistant Cashier of the
First National Bank of Tipton, Ind., who was sentenced in
March 1910 to seven years’ imprisonment on charges of
embezzlement, was released on parole on the 3d inst. His
brother, William II. Marker, formerly Cashier of the insti­
tution, was sentenced at the same time to a 10-year term
of imprisonment.
— Andrew Cooke, Vice-President of the Harris Trust &
Savings Bank of Chicago, has severed his connection with
that institution to enter the firm of II. T. Holtz & C o. Sept. 1.
The capital of the company will be increased to $500,000, and
the business will be continued under the firm name o f Cooke
Holtz & Co.
— The stockholders of the People's Stock Yards State
Bank of Chicago have approved a proposition to increase the
capital from $300,000 to $500,000. The new issue has been
offered at par ($100) to the shareholders, who have been
credited with a cash dividend of 3 3 > £ % , to be applied as
part payment for the additional stock. The increased
capital was required to be paid in by the 15th inst.
With
its $500,000 capital the bank will have a surplus of $100,000.
Its deposits are approximately $3,500,000.

— In recognition of the completion of forty years’ service
with the Rhode Island Trust Co. of Providence by William
— The Hyde Park State Bank of Chicago, whose opening
A . Gamwell, its Secretary, resolutions expressing apprecia­
tion of his work were adopted by the directors on Tuesday. on the 1st inst., was referred to in our issue of Aug. 3, is
The board is also said to have voted him a generous sum of under the management of John A . Carroll, President; Robert
money as a gift. Mr. Gamwell entered the employ of the F. Cummings, Vice-President; Thomas Jansen, Cashier, and
company as a book-keeper, later becoming Assistant Secre­ M . A . Harmon, Assistant Cashier.
tary, and in 1905 was made Secretary.
— The Comptroller of the Currency this week signified
— J. Haines Lippincott has been elected President of the his approval of the plan to increase the capital of the Com­
Atlantic City National Bank of Atlantic City, N. J. The mercial German National Bank of Peoria from $550,000 to
surplus fund of the institution has been increased to $450,000 $750,000, and following the receipt of advices from him
with the addition of $25,000.
the new. capital became effective on the 12th inst. Every
— With true progressiveness, the Chamber of Commerce o one of the shareholders, it is announced, subscribed for the
With the
Pittsburgh will shortly send out to various sections of the full number of shares to which he was entitled.
United States a traveling exposition of its products "on increase the bank has the largest capital among the national
wheels” for the purpose of advertising Pittsburgh and its in­ banks in theJState outside of Chicago.
— The Peninsular State Bank of Detroit is now occupying
dustries. This "m ade in Pittsburgh” train, as it is to be
called, will have aboard manufactured products of the city its new banking house on Fort Street near Griswold Street.
and will tour thirty-six cities of eighteen States in the North­ The structure is five stories high and is used exclusively by
west, Middle West and Southwest sections of the United the institution. The main banking room is two stories in
States to further extend Pittsburgh’s trade. These exhibit height; the third floor is utilized by the real estate and corre­
cars will leave Pittsburgh Sept. 10 and visit the following spondence departments; on the fourth floor provision is made
points en route, returning Sept. 28: Toledo, O .; Detroit, for the bookkeepers and filing cases, while the fifth contains
Mich.; Lansing, Mich.; Grand Rapids, Mich.; Kalamazoo, the committee and directors’ rooms. The safe deposit de­
Mich.; South Bend, Ind.; Chicago, III.; Milwaukee, W is.; partment is located in the basement. The new quarters
St. Paul, Minn.; Minneapolis, Minn.; Des Moines, la .; embody the latest features devised as a necessary equipment
Council Bluffs, la .; Omaha, N eb.; St. Joseph, M o.; Kansas for the modern bank, and the offices present a most at­
City, M o.; Topeka, K an.; Wichita, K a n .; Oklahoma City, tractive appearance.
Okla.; Bartlesville, Okla.; Tulsa, Okla.;
Fort Worth,
— A $200,000 issue of stock is to be offered to the share­
Dallas, Houston, Galveston, Beaumont, T ex.; Shreveport, holders of the Drovers’ National Bank of Kansas City, M o.,
L a.;
Little Rock, Ark.;
Memphis, Tenn.;
Nashville, the capital being thereby increased from $300,000 to $500,­
Tenn.; Paducah, K y .; St. Louis, Mo.; Indianapolis, Ind.; 000. The market value of the stock is about $200 per share.
Louisville, Ivy.; Cincinnati, O .; Dayton, O .; and Colum­ The institution has surplus and profits of $120,000 and
bus, O.
•
deposits of $1,780,000. The bank also purposes to increase
— It is reported in the Baltimore "Am erican” that the its facilities for conducting business by enlarging its offices,
Baltimore Trust Co. has sold the Central Trust Co., which having arranged to utilize as an addition adjoining quarters.
was acquired by the former in 1905 and had sinoo, it is
— A n e w b a n k is t o b e o p e n e d in O m a h a a b o u t O c t . 1
(stated, been operated in connection with the buslne^ of u n d e r t h e n a m e o f t h e O m a h a S t a t e B a n k , t h e e x a c t d




A ug. 171912.]

THE CHRONICLE

on which it will start business being dependent on the com­
pletion of the new State Bank building now in course of
erection at 17th and Harney streets. The capital of the
.new bank has been fixed at $300,000, and the stock is offered
at $125 per $100 share to provide for a surplus and meet the
organization expenses. A . L. Schantz is to be President
of the institution; Albert S. White will enter the management
as Vice-President, and J. L. Svoboda, at present State Bank
Examiner, is to be Cashier.

399

members of that institution found it impossible to “ bear”
without loss home railway stocks. W ith the advance in
freights in connection with the war, up went the price of coal.
And this meant that the railways were unable to pay their
former dividends. Reform, in the sense of change, is easy
to companies, to States and to individuals. But reform
likely to be generally beneficial, as history and experience
show, is one of the most difficult problems which man can
set himself to accomplish. This is due to the fact that, in
life, as in bookkeeping, there must be a debit for every credit,
and that per contra too often costs more than the value of
— W . H . Draper, formerly inspector of Molson’s Bank
the reform obtained.
(head office, Montreal), has been made Superintendent of
Owing to the general system adopted, the English rail­
Branches, to succeed the late A . D . Durnford. E . W . ways during the last century possessed perhaps the most
W aud, heretofore an assistant inspector, replaces Mr. valuable asset that any organization can enjoy— the loyal
Draper as inspector and Thomas Carlisle becomes an assist­ support of nearly every member of the organization without
distinction of grade. To say that all railway men were con­
ant inspector.
tented would, of course, be absurd, as to say that any body of
— J. P. Armstrong has been appointed receiver for the men do not desire improvement would be to stigmatize them
Citizens’ Trust Co. of Augusta, Ga., which suspended busi­ as having ceased to be human beings. Speaking generally,
ness July 19. Mr. Armstrong is Cashier of the Irish-Ameri- however, and within reasonable limits, there was an esprit
do corns in the railway world, and each man was proud of
can Bank of Augusta.
his uniform, proud of the service and anxious to do his best
— The Jefferson County Savings Bank of Birmingham, for the company. Wages were low; but, on the other hand,
A la., has received permission from the State Superintendent with few exceptions the men were not unduly pressed, and
of Banks to increase its capital from $200,000 to $500,000. it was rarely difficult to obtain additional assistance if a
The bank recently purchased property on which it is ex­ man represented that he was being overworked. With the
reform movement a complete change has come over the rail­
pected it will erect a new building.
way service. Reform meant reduction in expenditure.
— The Bank of Nova Scotia (head office, Halifax, N. S .), Reduction in expenditure can only be obtained in one of two
which has a paid-in capital of $4,000,000, plans to issue wavs; either the inanimate machinery must be so constructed
$1,000,000 of new stock, thus bringing the outstanding fhaf , unit for unit, it will produce more at the same cost than
capital up to the full authorized amount of $5,000,000. The formerly, or the animate machinery must be required to
work much harder at the same, or only a moderately m proposed issue is to be offered to shareholders of record erea ed, rate of pay. Even worse happened. One of the
July 31 at $240 per share. The premium of $1,400,000 thus great attractions of the old system was that once a man got
realized is to be placed to the reserve fund, raising it from into the railwav service it practically became a life appoint­
$7,500,000 to $8,900,000. One of the objects prompting ment. With the new, this system was changed and the
the movement is to enable the bank to increase the amount spirit, of the service thereby demoralized.
The result upon the financing of the railways has been
of its circulating notes, which under its present capital has little short of disastrous. As said above, under the old
already reached the limit permitted by law. H . A . Rich­ svstem the shareholders regarded it as a privilege to sub­
ardson, General Manager of the institution, makes the fol­ scribe. Under the new, with the heavy fall in prices, the
decline in dividends, the uncertainty regarding labor
lowing statement concerning the new issue:
The Hank of N ova Scotia Issued $1,000,000 new capital a year and a half troubles and the steady and ever-growing cost of operating
ago at 268, and It was prom ptly taken up. The present Issue of $1,000,000
the lines, it 1ms become useless to appeal to their old sup­
at 240 carries valuable rights to shareholders, which they will be quick to porters and while the shareholders decline to subscribe, the
take advantage of, and I am quite satisfied that they will be only too glad financial houses are unwilling to bring out railway issues.
to again avail thcmsclve3 of the opportunity to add to their holdings of
Money must be found somewhere. This is done by placing,
our stock, and that the present Issue will be as prom ptly taken up as
when urgently needed, as much stock as is absolutely re­
former Issues.
Indeed, although shareholders received notices of allotment only yester­ quired with certain Stock Exchange groups and their sup­
The Stock Exchange speculators put up the price
day, and have, as provided b y the Bank A ct, six months In which to deter­ porters.
mine whether they will accept their allotments, and the privilege of paying as far as thev are able, and then gradually peddle out the
for the stock In ten m onthly Installments, we have already had some of the stock, which has the effect of reducing quotations to a lower
new allotments paid for In full. The present Issue is allotted at a lower
level each time this operation is resorted to.
rato than the previous one, owing to the desire o f the bank to treat1 Its
There is a more hopeful feeling than there was, and
shareholders more liberally now that It has a reserve of $7,500,000 on a
has been a recovery in Consols and generally in gilt-edged
capital of $4,000,000.
securities. The impression among the best informed now
is that we shall see a further and a marked recovery in Con­
TR AD E A N D TRAFFIC MOVEMENTS.
sols, for the new Insurance Act which came into force on
L A K E S U P E R IO R IR O N ORE SH IP M E N T S.— The July 1 5 will bring to the National Debt Commissioners very
shipments of Lake Superior iron ore in July 1912 w&e again
large sums of monev during the next few months. It, is
of unusual proportions, reaching 7,000,233 tons. The total
eomnuted, indeed, that the receipts from this source will
for the season to Aug. 1 1912 is also of exceptional magni­
during tlie half-vear amount to nine or ten millions sterling.
tude, reaching 21,290,904 tons. In the following table we
Consequently, it, is felt that the buying of Consols in the im­
give the hipments from the various ports in July 1912 and
mediate future will be on a much larger scale than for a con­
1911 and for the season t
ate this year and last:
siderable time past: and, therefore, there is a disposition
------------ J uly--------------------To July 31--------springing up in the City in favor of buying Consols. Whether
1912.
1911.
Port—
1911.
1912.
E sca n ab a ------ _____ tons. 836,3 10
644,098
1,711,806
2,478,294
there will be very much rise remains to be seen, for most
309,438
Marquette — ___________ 511,924
843,177
1,430,814
holders of Consols have had a fright from which they will
430,843
2,103,858
Ashland ------ __________ 77.1,057
1,102,263
...............2,324,32 1 1,747,364
6,068,655
Superior-------4,698,855
not very Quickly recover, while the small investing public
________ 1,540,324
1,108,316
4,385,802
3,158,450
D uluth______
have recognized that, Consols, like other things, are not
072,314
4,223,481
2,540,740
T w o Harbors. ___________ 1,616,258
seenre against depreciation.
5,221,373
21,290,904
__________
7,600,233
14,064,201
T o t a l _____
The Bank return shows a reserve of 28 millions sterling,
being about a million less than last week but half a million
better than a year ago. The coin and bullion item at 3 9 %
millions is also a million less than lost week, but practically
(From our own correspondent.)
the same as at this time last year. The Government has
London, Saturday, A u g . 10 1912.
apparently disbursed verv little money, as public deposits
The second week in August brings with it the speeches of remain verv nearly double what they were at the corre­
the chairmen of all the principal English railways; and it sponding date of last year.
t
may not be inopportune to take a brief survey of the re­
The autumn demands for gold are likely to be consider­
markable change which has taken place in the position of the able, for at, present it looks as if in all the countries which
English railway world during the first twelve years of the are usuahy financed by London the crops will be exceedingly
new century. Like a good many other institutions in the cood. The monsoon intelligence from India continues
country, Home railways have never recovered from the effects highly favorable. Rains also are still falling in Australia,
of the South African War. During the eighties and the completely disposing of all danger of drought, while in E gyp t
nineties of the last century the English railway world en­ also the prospects are good. It is too early yet to sneak with
joyed extraordinary prestige both at home and abroad. It anv confidence respecting Argentina, but the belief of the
was due to several causes, and causes for the most part best informed is that there also the outlook for the crops is
highly creditable to those responsible for their management. good.
After the close of the railway gamble in the early forties
The Tndia Council offered for tender on Wednesday 50 lacs
there had been no scandal connected with railway finance of its bills and telegraphic transfers and the applications
as too often disgraces joint-stock company enterprises in exceeded 6 8 3 % lacs at prices ranging from Is. 4d. to Is.
other directions. So high did railway financial methods 4 l-32d. per rupee. Applicants for bills at Is. 4 l-3 2 d .
stand that the shareholders of all our principal companies per runer> were allotted 7 8 % of the amounts applied for.
regarded it rather as a favor to be offered stock at one or
The following returns show the position of the Bank of
twojpoints below the figure quoted on the Stock Exchange; England, the Bank rate of discount, the price of consolsj
and|for fully twenty years before the end of the century &c., compared with the last four years:

plDttJCtavtjl ©ommcudal £




400

THE CHRONICLE
1912. ‘
1911.
1910.
Aug. 7.
Aug. 9.
Aug. 10.
£
£
.
£
29.937,790 30,463,745 28,659,955
16,816,359
7,651,734 16,560,942
40,850,814 43,468,888 40,557,330
13,882,472 14,967,286 17,371,517
33.613,567 26,527,800 28,646,853
28,151,011 27,661,177 29,172,939
39,691,831 -39,674,922 39,382,894

Circulation..............
Public deposits___
Other deposits------Governm’ t securities
Other securities----Reservc.notes&coin
Coln&bull.,bothdep
Prop, reserve to lia­
48 13-16
bilities-------- p. c.
Bank rate____ p. c.
3
Consols, 244 p. c —
7454
S ilver..................... 27 11-160.

5444
3
7844
24 l-16d.

1909.
Aug. 11.
£
29,754,875
9,302,461
44,291,856
15,365,672
28,396,299
27,855,334
39,140,209

51 1-16
3
81 44
24 7-16(1.

1908.
Aug. 12.
£
29,595,791
5,141,638
46,546,002
15,532,293
27,737,982
25,475,113
36,550,903

51 15-10 '
244
84 3-16
23X<1.

5044
86 11-16
24%A.

Clcar.-house returns287,46 8,0 00 223,28 2,0 00 246,65 5,0 00 219,927,000 208,132,000

The rates for money have been as follows:
Bank of England rate. . .
.
Open market rate—
Bank bills—3 months.
— 4 months___
—6 m onths.. . .
Trade bills—3 months___
— 4 months___
Interest allowed for depositsBy joint-stock banks........
By discount houses—
At call........ ...................
7 to 14 days............ .......

ug. 9.
3
3 1 -1 6
3 7 -1 6
3 44
344

@4

Aug. 1.
3 @ 3 1 -1 6
3 44
3 54
344
3 «@ 4

144

1 Va

1%

ik

2

July

3

July 19.

26.

3

3

3 X-16<«;3 3 -1 6
3 44
3X
3 'A
3W @4

3
3 ,‘ t
3M
344
3K

IX
IX

2

[VOL. L X X X X V .

1912.
1911.
Re-exports—
£
£
9,594,620
Jan uary.................................
8,041,472
February ------------------------10,724,619
9,994,150
March .............
10,866,706
9,174,666
April' ----------------------------10,081,058
9,488,811
May ....................................
10,825,163
8,834,951
June ......................................... . 5,733,549
8,753,388
J u l y .............. - ...................... ....... 7,093,669
8,178,719

Per
Cent.
+ 1.1
+ 7.3
+ 18.4
+ 6.3
+ 22.6
—34.6
— 13.2

64,027,390
63,066,163
+1,861,227
+ 2.9
Seven months-------- --------- Note.—The aggregate figures are official They indicate that slight adjustments
have been made In the monthly returns as Issued._______________________________

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 endln Aug. 16—
Sat.
Mon.
Tues
Wed
Thurs.
Silver, peroz------------------ d . 28 5-16 2845
28 5-16 28 7-16 2855
Consols, 2>5 Per cents---------7445
74 13-16 75 3-10 75 5-16 7 5 4 5
For account_____________ 74 44
74 15-16 75 5-10
75 3-10

. 92.35
. 84X
8544
8%
III X
105
H 0X

IX

I2K

2

Difference.
£
+953,154
4 730,463
+ 1,692,040
+ 595,247
+ 1,990,212
— 3,014,839
— 1,0085,05

89

92.3744 92.30

85 X
80 X
8X

112
105
111
89

92.42L

80 Vs ’ 87% ' 8755
8844
87 X
8845
854
8%
845
112 K
11344
11355
105
105J4
105
111
112
11144
89
89
89
28945
8545
19
11145
2345
40
3945
57
47
14655
13545
17445
3055
6545
41
08
3245
12145
3445
12145
90
135
64
8855
40
50
28
116
31
83
178
93
76

Canadian Pacific___________ 28545
Chesapeake & Ohio.................8344
Chicago Great Western____ 18
Chicago
Miiw & St. Paul...11145
Aug. 3.
July 27.
July 20.
July 13.
Denver
& Rio Grande______ 2041
Bank Open
Rales of
Bank Open
Bank Open
Bank Open
Preferred .................
3745
Rale. Market. Rats. Market. Rate. Market. Rate. Market
Interest at—
3745
E r ie ...............
P a ris ........ ........... .. a
3
2§4
254
3
3
2K
2K
First preferred................. 5545
Berlin. . .
4X
444
3%
3 Vs
4X
4X
3K
Second preferred_________ 45
Hamburg............ .. -- * X
3%
3%
4X
3%
4X
3X
4X
Great Northern, pref............ 147
Frankfort .............. -- 4 X
3}A>
4X
3%
tX
HX
4 X 3 5-16 Illinois Central........ ........... .135
Amsterdam _____ . . 4
4
4
4
1
4
3%
3%
Louisville & Nashville........... 107
Brussels __
4
3X
4
1
3X
4
3X
3X
Missouri Kansas & T ex a s... 2845
Vienna .................. .. 5
5
5
4 7-16
4%
4K
5
4X
02
Preferred.................
St. Petersburg___ . . 5
nom.
5
nom.
•>
nom.
5
nam.
Missouri Pacific.............
3845
4 y.
4
M a d rid ........... .. -- 4 X
i
4
4X
4X
4
Nat. R R. of Mcx., 1st pref.. 08
5
Copenhagen .......... . . 5
5
5
5
5
5
5
Second preferred................3145
N. Y . Central & Hud. R iv ..12045
Messrs, Pixley & Abell write as follows under date of N.
Y . Ont. & Western........ .. 334,
Aug. 8:
Norfolk & Western............... 121
GuLD.—£750.000 in bars have arrived this week, of which £584,000 came from
P referred..................
9145
South Africa. India has taken £ 126,000 in small bars and the Bank of England will Northern Pacific_____ _____ 13345
receive the balance. During the week the Bank has received £559,000 in bar gold
a Pennsylvania_____ ______ 64
£15,000 from France in sovereigns and £11,000 from Australia. £400,000 has been a Reading C o .......................... 88
a First preferred__________ 46
withdrawn for the Continent, presumably Belgium, and £300,000 for South America.
Arrivals: South Africa, £584,000; West Indies, £8,500; Brazil, £9,000: West Africa,
a Second pre erred________49
20
£33,000; India, £112,500; Australia, £10,500; total, £757,500. Shipments—Bom­ Rock Island...................
bay, £120,000; Aden, £1,000; total, 6121,000.
Southern Pacific.................. U4
SILVER.—The market remained quiet and uninteresting until to-day. when the Southern Railway .................. 30
Preferred.............................. 81
Indian Bazaars sent good buying orders and prices rose sharply to 28 l-16d. for spot
and 28 3-16d. for forward, an advance of 546- on the day. These quotations are Union Pacific.........................170
Preferred.............
93
44<1- higher than those of the 1st inst. To-day’s buying has been chiefly speculative
and may be attributed to a rumor circulating on the Bazaars that the Indian Gov­ U. S. Steel Corporation........ 7355
Preferred...... ...................... 117
ernment has been buying quietly in London, and it is probable that this week’s ship-1
4?.'
ment of silver, which reaches Bombay in time'for the September settlement, and Wabash ______
amounts to probably about £400,000, has strengthened this rumor. China has
Preferred ........................I 1445
Extended 4 s ____ ________ 69
been quiet and has sent but few selling orders, although exchanges remain below the
09
parity of London. Stocks in London are lower on the week, and are now estimated
a Price per share. b £ sterling.
at about £3,000,000. Those in Bombay nrc a little larger at 11,000 bars. The
latest currency returns from India show an increase in the holdings of rupees by the
Treasury of 37 lacs, the total holdings, including those in the gold standard reserve,
being now about 1944 crores. The Bombay quotation is Rs. 71 per 100 tolahs for
the October settlement. Arrivals— New York, £157,000: Brazil, £3,500; West
Indies, £10,500; total, £171,000. Shipments—Bombay, £200,000; Port Said
Breadstuffs Figures brought from page 4 3 0 .— The state­
£1,000: Colombo, £500; total, £201,500.

The bank rates of discount and open market rates at the
chief Continental cities have been as follows:

"M

Commercial and

The quotations for bullion are reported as follows:
GOLD.
Aug.8. Aug. 1.
SILVER.
Aug. 8.
s. d.
London Standard.
s. d.
London Standard.
d.
77 9
Bar gold, line, o z ______77 9
Bar silver, fine, oz ___ 2,3 1-16
" 2 mo delivery; o z .28 3-16
Cake silver, o z ............30 5-16

Aug. 1.
d.
27 9-16
27 11-16
29 44

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IMPORTS.
Forty-eight weel^ —
1911-12.
1910-11
Imports of wheat__________ cw t.91,573,700 92,258,600
Barley . . ________ _______ _____ 19,803,500 18,610,500
Oats............................
16,761,700 15.210.000
Peas.............
4,782,802
2,142,072
B eans__________
996,800
663,357
In d ia n corn ........ ...................... ...28,483,400 41.954.000
Flour ________
9,304,400
9,340,100

1909-10,
94,775,340
21,117,800
18,429,400
2,170,450
1,972,744
32,181,458
10,331,819

1908-09.
82,784,300
20,736,800
13,827,400
1,385,540
1,195,220
34,483,000
10,412,900

S u p p li e s a v a i l a b l e f o r c o n s u m p t i o n ( e x c l u s i v e o f s t o c k o n
S e p t e m b e r 1 ):
1911-12.
1910-11.
1909-10.
1908-09.
Wheat imported___
___ cw t.91,573,700 92,258,000 94,775,340 82,784,300
Imports of flour.......... ............... 9,304,400 9,340,100
10,331,819 10,412.900
Sales of home-grown_____ _____ .23,027,955 22,110,555 25,800,533 25,502,216
Total ............................. ......... 123,906,055 123,709,255 130,907,692 118,699,416
Average price wheat, week ........ 38s. 4d.
30s. Od.
33s. 5d,
43s. 5d.
Average price, season----------------- 34s. 9d. 30s. lOd.
,32s. 6d.
36s. Od.

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
: W heat-----------Flour, equal t>.
Maize . . . . . . .

This week.
................ qrs. 3,035,000
--------------qrs.
125,000
.................qrs. 1,140,000

Last iccek.
3.440.000
00,000
1.155.000

1910;

1911.

2,995,000
125,000
64 8 000

2,598,000

102,000
915,000

The British imports since Jan. 1 have been as follows:
Imports—
January.............................
Februar y ..................................
March ..................................
April ...................................
M a y ...................................
J une_________________
July ............................................
Seven months.

1912.
£

1911.
£
07,002,582
62,093,421
59,719,722
56,071,259
61,187,949
58,538.382
60,414,742
51,850,615
53,932,092
55,130,632
51.102,539
50,668,135
58,304,351 5 1,038,081
.412.232.374

385.167.236

Difference.
£
+4,309,161
+3,048,463
+ 2,649,567
+ 8,564,127
+ 1,198,510
— 434,404
+ 7,266,170

Per
Cent
+6.8
+ 6.5
+ 4.5
+ 16.5
+ 2.2
—0.8
+ 14.2

+27.065.138

+7.0

The exports since Jan. 1 have been as follows:
1912.
£

1911.
Exports—
£
40,416,812
January____ ____________
37,730,831
Fehruary-------- ------------------------- 37,490,329 35,053,120
40,863,912
March ............................
40,713,971
April ..................................
32,887,127
35,692,450
M a y ..................................
38,832,475
37.614,828
........................ 34,972,331
J u n e ........ . . .
36,113,150
J u ly .
............................
41,986,360
34,607,630
Seven months._

........... ....... 267,299.405

258,275,933




ments below’ are prepared by us from flgures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last. Saturday and
since August 1 for each of the last three years has been:
Receipts at—
Chicago----Milwaukee..
Duluth........
Minneapolis.
Toledo------Detroit........
Cleveland . .
St. L ou is...
P eoria____
Kansas City.

Flour.

Wheat.

Oats.

Rarley.

Rye.

bbls.lOOlbs. bush. 00 lbs bush 56 lbs hush. 32 lbs bush AHlbs u .56 Its.
119,371
1,207,600
1,055,000 2,923,400
177,000
47,000
56,830
331,200
156,940
297,00(
53,300
15,400
21,515
14,990
8,201
3,071
5,989
_____
978,690
122,460
218.70C
130,740 149,000
58,800
222,000
201,000
5,000
29,700
4,655
76,50(
7,515
706
24,011
21,405
415
71,630 2,561,253
294,061
797,301
1,600
11,000
96,000
44,000
211,170
515,781
18,200
0,000
3,013,200
187,600
183,600

Total w k .'12
Same wk. ’ 11
Same wk. ‘ 10

312,182
329,397
364,670

8,443,973
6,138,246
9,438,312

2,740,640
1,974,891
2.306.085

Since Aug. 1
1912____
1911........
P>10........

597,308 14,932,162
658,142 13,595,496
684.662 19.971,351

4,771,429
4,201,202
5.831.71:

5,242,954
5,351,083
9,356,25:

384,920
363,850
445,994

234.389
158,443
73,041

7,965,186

609.256
667,302
980.109

321,399
263,283
140.089

10.982.51i
14.666.59;

Total receipts of flour and grain at the seaboard ports for
the week ended A u g . 10 1912 follow:
Receipts at—
New York............
B oston................
Philadelphia___
Baltimore..........
New Orleans *___
Galveston............
Mobile..................
Montreal. . . ____
St. John, N. B ..

Flour,
bbls.
204,275
25,584
21,307
23,144
34,077
1’,000
55,222
842

Total week 1912. 365,451
SinceJan. 1 1912.10,185,744
Week 1911--------- 360,805
SinceJan. 1 1911.11,137,005
Receipts do not Include
on through bills of lading.

1; heat,
bush.
895.800
318,025
373,032
297,259
54,000
354,000
541,500

Coin,
bush.
258,990
3,996
11,993
46,303
90,600
0,000
2,000

Oats,
bush.
192,450
87,637
70,334
40,560
59,700
1,000

Barley,
bush.

725,210

28,848

Rye,
bush.
1.150

2,833.622
425,882 1.182,891
28,848
3 191
08,690,525 25,800,87028,999,300 3933,645 294,310
3,293,920
302,560 1,951,267
31,551
7 W)3
46,315,554 49,500,20533,040,059 2731,236 371,784
grain passing through New Orleans for foreign ports

The exports from the several seaboard ports for the week
ending Aug. 10 are shown in the annexed statement:

Difference.
£
+2,685,981
+ 1,837,209
— 149,941
— 2,805,329
+ 1,217,647
— 1,140,819
+ 7,378,724

Per
Cent.
+ 7.1
+ 5.2
—0.3
—7.8
+ 3.2
—3.1
+21.3

Wheat,
Exports from
bush
New York-----408,979
377,060
Boston . . . ---Philadelphia ..
144,000
Baltimore........
149,052
New Orleans . .
Galveston............................

+9,023,472

+3.4

Montreal............
S t.J o h n .......... .

The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:

isccllanconsUexo

M o b i l e . . . ..................................

fotalwcek

987,000
..........

3;06fl,0Sl

Week 1911...........1,686,294

Corn,
bush.
20,901
" l’ ooo
2,140
20,500
‘ 2,666

Flour,
bbls.
74.771
1,200
3,000
2,015
11,031
4,513
1,009
103,000
842

52,541 202,872
394,306 130,725

Oats,
bush.
29,213

Rye, Barley,
bush.
bush.

Peas,
bush.
523

300
60
143.000
172,573
161,510

523

24.CC0

228

AU(*. 17 1912]

THE CHRONICLE

The destination of these exports for the week and since
July 1 1912 is as below:
------- F l o u r ------------------- W
E x p o rts f o r w eek a n d
s in c e J u l y 1 to —

W eek
A u g . 10.
b ills .

U nited K in g d o m ..............
C o n tin e n t_____________
S outh Tic Central A merica.
W est I n d i e s . .. ...............
B ritish N orth Amer. Cols.
O ther C o u n tries.................

S in c e
Ju ly 1

1 012.

b b ls .

W eek
A u g . 10.
bush.

h e a t --------- ----------- C o r n --------S in c e
S in c e
Ju ly 1
W eek
Ju ly 1
1912. A u g A Q .
1 912.
bush.
bush.
L u sh .

9 0 ,1 1 7 5 0 0 ,2 9 2 1 ,4 7 3 ,8 2 1 6 ,3 4 4 ,5 1 4
1 ,0 0 0
1 2 ,8 5 9 0 0 ,2 3 8
5 1 7 ,8 7 5 3 ,5 3 5 ,9 4 4 ______
3 1 ,6 8 8
1 5 4 ,3 2 3
4 0 ,5 2 0
1 3 1 ,1 8 2 2 9 ,0 5 0
3 6 ,0 2 5
1 5 0 ,1 4 0
1 ,8 7 5
2 ,4 7 5 1 9 ,8 8 8
------1 ,4 2 8
.............
......................
3 1 ,2 5 3
3 3 ,1 7 0
2 ,0 0 0
2 ,0 0 0
2 ,6 0 3

1 ,0 0 0
1 0 ,0 0 0
1 4 8 ,6 2 8
2 0 5 ,4 0 1
.............
9 ,5 4 1

Name o f Company.
Street and Electric Railways (Concluded)
Portland (Ore.) Uy., L. P. (qu.) (No. 7
Rochester Ry. A Light, pref. (quar.)___
SI. Jos. Ry., L..II.AP.com .(qu.)(N o.l(j)
Trust Companies.
Citizens, Brooklyn (A o. 8 )...... ...................
Miscellaneous.

401
Per
Cent
SI
IX
X
3
3

When
Payable

Books Closed.
Days Inclusive.

Holders of rec.
iept.
Holders of ree
-iept.
Vug. 31 Holders of rec.
•Vug.
Aug. 22 to
iept.

Aug. 12
Aug.27a
Aug. 15a
Sept 2

i Holders of ree. Aug. 20

$3
3
vug. 21 Holders of rec. July27a
Amalgamated Copper (quar.)..................
i
A merican Coal................... ......................
iept. 3 Holders of rec. Aug.31a
3
let.
American Express (guar.)______________ S3
1 Holders of rec. Aug.31a
T o t a l ........ ...........................2 0 2 ,8 7 2 9 3 5 ,5 9 1 2 ,0 0 6 ,0 9 1 1 0 ,0 1 6 ,1 1 5 5 2 ,5 4 1
3 7 4 ,5 7 0
A merican Gas (quar A.................. ...............
IX Vug. 31 Holders of rcc. Aug. 20
Total 1 9 1 1 . . . ----------------1 3 0,7 2 3 9 3 2 ,6 8 1 1 ,6 8 6 ,2 9 4 8 ,0 1 9 ,2 0 1 3 9 1 ,3 0 0 3 ,1 8 3 .8 5 1
Amer. Pneumatic Service, 1st pref.........
Sept.
3( ^ept. 6 to Sept. 30
AX
Second preferred.... ............. ..... ...........
iept. 30 ept. 6 to Sept. 30
1
The world’s shipments of wheat and corn for the week American
Radiator, common (quar.)___
2
iept. 30 iept. 22 to Sept. 30
ending Aug. 10 1912 and since July 1 1912 and 1911 are shown Am. Smelt. A Rfg.,tom . (qu.) (No. 3 6 ) . .
1
iept. 16 Aug. 31 to Sept. 8
Preferred (quar.) (No 53)....................
iept. 3 Aug. 13 to
Aug. 21
ix
in the following:
American Sumatra Tobacco, preferred___
AX Sept. 1 Vug. 21 to Sept 2
American Sugar Refining, com. A pf. (qu.)
2 Holders of rec. Sept 3a
let.
IX
W h e a t.
C o rn .
American Tobacco, common___________
3 Holders of rec. Aug. l£a
2 X iept
Common (extra).......... ................... .....
20
Sept. 3 Holders of rcc. Aug. 15a
K x p o rts .
1912.
1911.
1912.
1911.
(e)
American Writing Paper, preferred-........
Oet.
1
1 Holders of rec. Sep.14a
S in c e
W eek
W eek
S in c e
Associated Merchants, com. (quar.)_____
S in c e
S in c e
I X Aug. 31 Holders of rec. Aug. 20
A u g . 10.
J u l y 1.
Common (extra). . ____ _____________
J u l y 1.
J u l y 1.
J u l y 1.
l u g . 10.
X Vug. 31 Holders of rec. Aug. 26
Blackstone l'al. GasA Elec..com .(qu.) (No.3) S2
iept. 3 Holders of rec. Aug.16a
B u s h e ls .
B u s h e ls .
Preferred (quar.) (No. 15)---------- ------- S IX iept. 3 Holders of rcc. Aug. 16a
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
2,633,000 Borden’s Cond. Milk, pref. (quar.) (No .43)
N orth Amer. 3.328.000 16.480.000 15.480.000
I X iept. U Holders of rec. Sept. 5
R u s s ia ____ 1,4 18,000 10.447.000 15.504.000 408.000 2.023.000 10,861,000 Brooklyn Union Gas (quar.) (No. 46)___
)ct.
1 Holders of rcc. Sept. 14
IX
D a n u b e ___ 1.512.000 4.504.000 4.320.000 536.000 4.906.000 13,762,000 Buckeye Pipe Line (quar.)............ ........... S5
iept. U Holders of rec. Aug. 22
Butterick Company (quar.)........ .............
A rgentina . . 2.200.000 13.186.000 8.624.000 6,001,000 35,039,000
X iept. 3 Holders of rec. Aug. 15a
A ustralia . . .
320.000 2.232.000 5.776.000
Chcsebrough Manufacturing (guar.)_____
0
iept. 2 iept. 4 to Sept. 27
Extra
1,048,000 13.160.000 10.066.000
4
ept. 27 -ept. 4 to Sept. 27
990,000
1.030.000
O th. countr’s 180.000
Columbus (O.) Gas A Fuel, com. (quar.)_
.............
..................
..................
X 'u e . 31 Holders of rec. Aug. 15
Consolidated Gas (quar.)______________
I X Sept. 16 Holders of rec. Aug. 14
6
)
ooo
.non
10006000
60.800.000 7.005.000 41,968,000 27,259.000 Crescent Pine Line......................- ............. .<■1
ept. 16 Aug. 21 to Sept. 10
T o t a l ___
Diamond Match (quar.)_______________
I X sept. 16 Holders of rec. AugJJla
The quantity of wheat and corn afloat for Europe on dates hastern Pennsylvania Power, pref (quar.) I X Vug. 15 Holders of ree. July 31
Eastman Kodak, common (quar.)..............
1 Holders of rec. Aug. 31
2 X let.
mentioned was as follows:
)ct.
Common (extra)___ ______ ___________ 10
1 Holders of rec. Aug. 31
Preferred (quar.)............ ......... ........... .
1 Holders of rcc. Aug. 31
I X Jet.
W h e a t.
C o rn .
I' ederal Mining A Smelting, pref. (quar.).
iept. 15 Holders of rec. Aug. 24
ix
I'Cderal Utilities, pref. (quar.) (No. 5 ).3 Holders of rec. Aug. 15
I X iept
U n ite d
U n ite d
Galena-Signal Oil. common (quar.).........
iept. 3t Holders of rec. Aug. 31
4
K in g d o m . C o n tin e n t.
T o ta l.
2
K in g d o m . C o n tin e n t.
T o ta l.
Preferred (quar.)....................................
iept. 3( Holders of rec. Aug. 31
General Asphalt, pref. (quar.).... ......... .
iept
3 Holders of rcc. Aug 15a
IX
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
General Chemical, com. (quar.)............
sept. 3 Holders of rcc. Aug.23a
I
X
A ug. 10 1912 .2 2 ,3 1 2 ,0 0 0 1 3 .3 3 6 .0 0 0 35.648.000 8 .0 5 0 .0 0 0 2 3 .8 8 7 .0 0 0 3 1 .9 3 7 .0 0 0 General Chemical, preferred (quar.)__
1 Holders of rec. Sept. 19
I X Oct.
Aug. 3 1912 .2 4 ,3 2 0 ,0 0 0 1 3 .6 2 4 .0 0 0 3 7 .9 4 4 .0 0 0 9 .2 8 2 .0 0 0 23.1G 3.000 3 2 .4 4 5 .0 0 0 General Electric (quar.)________________
Oct. 15 Holders of ree. Sept. 7
2
Aug. 12 1911 . . 2 2 .5 0 4 ,0 0 0 1 3 .2 7 2 .0 0 0 3 5 .7 7 6 .0 0 0 4 .5 9 8 .0 0 0 5 ,7 2 1 ,0 0 0 1 0 .3 1 9 .0 0 0 (.reene Cananea Conner__________ _
25e. Vug. 31 Holders of ree Aue.lta
1 9 ,7 6 0 .0 0 0 11 0 4 0 .0 0 0 3 0 .8 0 0 .0 0 0 9 .5 2 0 .0 0 0 1 0 .2 8 5 .0 0 0 19 8 0 5 .0 0 0 flarbison-Walker Refract., com. (quar.).
A ug. 13 1910
X Sept. 2 Holders of rec- Aug. 20
iiomestake Alining (monthly) (N o. 431-50c. vug. 26 Aug 21 to
............
Independent
Brewing
of
Plttsb.,
p
ref...
Aug. 30 Vug. 20 to
Aug. 30
I
X
National Banks.— The following information regarding Internat. Harvester, pref. (qu.) (No. 22)
I X ^ept. 3 Holders of rec. July 3 a
national banks is from the office of the Comptroller of the International Nickel, common (quar.)__
$ X Sept. 3 Aug 14 to Sept. 3
2___ Aug. 31 Vug. 22 to Sept. 2
Internat. Smelt. A Rfg. (qu.) (No. 13)_.
Currency, Treasury Department:
Kings County El. L. & P. (qu.) (No. 50).
2
iept. 3 Holders of rec. Aug. 21a
C H A R T E R S ISSU ED TO N A T IO N A L BAN K S JU L Y 31 TO A U G . 5.
Laclede Gas Light, common (quar.)______
I X iept. 16 -ept. 1 to Sept. 15
10.235— The Bath National Bank, Bath, N . Y . Capital, $50,000. George Lehigh Coal A Nav. (quar.) (No. 1 3 5 )...
Aug. 31 Holders of ree. July31a
2
W . Peck, I’ res.: Van B. Pruyn, Cashier.
Mahoning Investment_________ _______
I X sept. 3 Holders of rec. Aug. 23
10.236— The First National Bank of Plant City, Fla. Capital, $50,000. May Department Stores, com. (quar.)..
I X Sept. 1 Holders of rec. Aug. 15
W . B. Herring, Pres.: V. B. Collins, Cashier.
Mexican Petroleum, com. (quar.)______
Aug. 26 Holders of ree. July31a
1
10.237— The Bowm anvllle National Bank, 4807 Lincoln A ve., Bowraan- National Biscuit, com. (quar.) (No. 5 7)..
154 Oct. 15 Holders of ree .Sept .28a
ville (P . O. Chicago), III. Capital, $50,000. E m ilM . Ilcidkam p,
Preferred (quar ) (No. 58).......... ..........
154 Vug. 31 Holders of rec. Aug. 17a
l ’ res.; Henry J. Dicden, Cashier.
Nat. Enamel. A Stpg., pref. (quar.)..........
IX iept. 3( Holders of rec. Sept.10a
10.238— The First National Bank of Tcrril. Iowa. Capital, $25,000. National Lead, com. (quar.)___________
X sept. 31 iept. 14 to Sept 17
onf # B Aug. 24 to
Harry II. Buck, Pres.; C. C. Gravatt, Cashier. (Succeeds the
Preferred fnitar.)_____ _____________
Aug. 27
154
Bank of Tcrril.)
Nevada Consolidated Copper (quar.)____ 3 7 ^ c. Sept. 30 Holders of rec. Sept. 6
N . Y . A Queens El., L .A P ., pref. (quar.).
1
Sept. 1 Holders of rec. Aug.23a
V O L U N T A R Y LIQ U ID A TIO N S.
OCt. 16 Holders of rec. sept. 21
8,864— The National Bank o f Batcsvillc, A rk., July 20 1912. Consolidated New Yon, Transit (quar.).............. ........... S10
with the First National Bank o f Batcsvillc. John Q. W olf, Batcs- Niles-Boment-Pond, common (quar.)___
I X sept. 20 iept. 13 to Sept. 20
4 Holders of rcc. Sept. 15a
Nortli American Co. (quar.) (No. 34)___
•
ville, A rk., liquidating agent.
IX Oct.
150— The First National Bank o f Nashville, Tcnn.. July 8 1912. Consoli­
SI.25
20
dated with the Fourth National Bank of Nashville. Liquidating People's Gas Light & Coke (quar.)..........
154 Aug. 20 Holders of rec. Aug. 3a
Philadelphia Electric.............. .................. 22J4c . iept. 14 Holders of rec. Aug. 21
agents, F. O. W atts and Randal Curcll, Nashville, Tcnn.
Pittsburgh Brewing, pref. (qu a r.)............
Aug. 30
154 Aug. 30 Aug. 20 to
C H AN GE OF C O R P O R A T E T IT L E .
Pittsburgh
Steel, preferred (quar.). ___
1 Holders of rcc. Aug. 17a
154 sept.
1,669— Tlie Fourth National Bank o f Nashville, T cnn., to “ Fourth and
4
Sept. 6 Holders of rec. Aug. 15
First National Bank of N ashville,’ ’ the First National Bank of Porto Rlcan-Amerlean Tobacco.......... ..
Prairie Oil A Gas (quar.)__ _____ ______
6
Sept. 28 Holders of rec. Aug. 31
Nashville, N o. 150, having been consolidated with it.
Pressed Steel Car. pref. (qu.) (No. 5 4 )..
Aug. 20
154 Aug. 21 Aug. 1 to
Pure Oil, common (quar.)........ ................
2X Sept. I Aug. 15 to Aug. 31
Extra
........................................
...........
Sept.
1
Aug.
15
to
Aug.
31
2X
D IV ID E N D S .
(Junker Oats, common (quar.)........ ...........
2X Oct. 15 Holders of rec. Oct. la
The following shows all the dividends announced for the
Preferred (quar.)........ ............ ............
I X Aug 31 Holders of rec. Aug. la
Preferred (quar.)--------------------- --------i x Nov. 30 Holders of rec. Nov. la
future by large or important corporations:
Southern PPe Line (quar.)____________
S8 Aug. 3 ’ Holders of rec. Aug. 15
__Dividends announced this week are printed in italics._______
Sept. 14 Aug. 27 to Sept. 15
South Penn Oil.......... ......... ................ .. 10
\UJ4. ai Holders of rec. July31a
3
standard oil of Indiana (attar.)_________
iept. 16 Holders of rec. Aug. 19a
5
Standard Oil of Nno Jersey (quar.)--------W hen
B o o k s C lo s e d .
Per
1 'u g . 20 to Sent. 1
Stern B rothers, pref. (ouar.) (No. 7)___
154 cot.
N am e of C om pany.
P a y a b le .
D a g s In c lu s iv e .
C e n t.
Studebaker Corporation, pref. (quar.)........
154 Sept. 3 Holdeis of rec. Aug. 15
Uni ed cigar Mfrs., pref. (quar.)..........
15i Vug. 3 H >ldeis of ree. Aug.23a
Railroads (S te am ).
United Dry Goods Cos., pref. (quar.)____
154 Vug. 31 Holders of rec. Aug.24a
Alabama G reat S outhern, p re fe rre d .. .
3
Aug. 28 Holders of rec. Jn ly 20a
Vug. 18 to Sept. 2
U. S. Envelope, preferred.........................
AX sept.
A tch. Top. & S anta Fn, c o m .(q u .)(N o .29)
S ept. 2 Holders of rec. Ju ly 31a
IX
U. S. Steel Corp., com. (quar.) _______
IX iept. 28 iept. 1 to Sept. 8
3
S ept. 3 Holders of rec. A ug. la
Preferred
(ouar.)
Vug.
6 to Aug. 11
3
1
tug.
IX
P referred.............................. ................................
2
S ept. 3 Holders of rec. Aug. la
Utah Copper (quar.) . .
75c. Sept. 30 Holders *f rec. Sept. 0
Boston & Maine, common (q u a r .).............
1
O et.
1 Holders of rec. Aug.31fl
Wooiwirth (/<’ . IP.), common (No. 1) _. .
,ept. 2i loiuers of rec. Aug. 31
1
Pref e n d (minr \ ( \ o :t)
.......
1M v»t.
!„ Mp s of ree. SnnflPa
C a n a d ia n B a c lftc , c o m . (g u a r .) (N o . 0 5 ) ..
b e t . ’ T ie p t. 1 to
O ct. 2
2X
2
P r e f e r r e d ........ ......................................................
O et.
1 ■ Sept. 1 to
O ct. 2
a T ransfer books not closed for tbls dividend
6 Loss income ta x . d Correction.
C h e s a p e a k e <fc O h i o ( g u a r . ) ..............................
Sept. 30 Holders of rec. S ept, (in e Special dividend of 1 2 ,0 0 0 -4 0 1 ,82 4 th s of a share of Amer. Machine & F d y stock
IX
C h e s tn u t H ill ( g u a r .) .- .
...
S ept. 4 \u g . 21
to
S ept. 3
ix
for each share of Amer. Tobacco common held.
Chicago Milwaukee & S t. P au l, common
to
S ept. 29
2X
Sept. 3 tu g . 13
■
AX
Sept. 3 tu g . 13
Preferred .......................- .............. ...............
to
S ep t. 29
C h ic a g o
N o rth W e s te rn , c o m . ( g u a r . ) . . .
O ct.
1 Holders of rec. Sept. 3
IX
2
Canadian Bank Clearings.— The clearings for the week end­
O ct.
1 Holders of rec. S ept. 3
P re fe rre d ( g u a r .) . .
................................
Aug. 20 Holders of rec. Aug. 2a ing Aug. 10 at Canadian cities, in comparison with the same
Chic. S t. Paul M & O m „ com . & p re f..
AX
( in. N . (). & Tex. P ac., pref. (q u a r.)----Sept. 2 Holders of rec. Aug. 24
IX
1 % Sept. 3 Holders of rec. A ug.10a week of 1911, shows an increase in the aggregate of 2 7 .0 % .
Clevc. <& P ltts b ., rcg. guar, (q u a r .).............
1
Sept. 3 Holders of rec. A ug.10a
Special guaranteed (q u a r .).......................l
Sept.
1 Holders of rec. Aug. 17
C r t p p l e C r e e k C e n l r a l . c o m . ( g u a r . ) ( N o . 11
1
Week en ling Aug 10.
Sept.
1 Holders of rec. Aug. 17
P r e f e r r e d ( g u a r . ) ( N o . 2 7 ) ____________
2
Aug. 20 Holders of rec. A ug. 9
Delaware <fc Bound Brook, guar, (quar.)
Clearings at—
Inc. 01
Dec.
1910.
1911.
1912.
1909.""1
2H
Illinois Central (N o\ 115)
. ...
3 X Aug. 31 Holders of rec. Aug la
$
%
S
Minn. S t. P . & S .S .M . .com .& pfd.(.N o. 19)
S
S
3 X O ct. 15 Holders of ree. S en t.20a
N . Y . Chicago * S t. Louis. 1st .v 2d pref .
57,825,00( 43,860.658 +31.8 37.307,961 35.416,900
2 X AUg. 31 Holders of rec. Aug. la
2
36,029,8H 29,996.071 + 20.1 26,100,70. 24,661,260
N . Y. N H.
H artford ( q u a r . ) ...............
Sept. 30 Holders of rec. S e p t.9 a
20,668,84
+
19.0
24.G02.00f
Norfolk & W estern, common (q u a r .)__
S ept. 19 Holders of ree. A ug.31a
15,273,25
10,017,780
IX
Preferred (q u ar.)
12,455,001 11,042,421 + 12.8
Aug. 19 Holders of roc. July31o
i
7,607,98.
Vancouver-------- -------5.677,904
N o rth P e n n s y lv a n ia ( g u a r .)
3,902,67- + 30.0
5.10S,68‘
2
Aug 26 Holders of ree. Aug. 14 Calgary -------------------2,566,37.
1,687,468
Oswego & S yracuse______
4 ,0 3 2 .7 7 a
3,341,28: + 20.8
20
3,877.754L$
3,392,71 2
Ottawa........ ............. —
Pennsylvania (q u ar.) _ ___
2.781,21; + 21.0
Aug. 31 Holders of rcc. Aug. 5a
2,174,949
IX
P h i l a . G e rm . A N o rris to w n ( g u a r A
3,867,000 2.281,811 + 69.5
3
Sept. 4
2,702,70<
1,324,6)7
R eading Com pany, first pref. (q u ar.)
3.222.932 2,006,000 + 60.6
1,727,77,
Sept. 12 Holders of rec. Aug 2 7a
1,528,9(4
i
Hamilton..........- ...........
S t. Louis Rocky M tn. * Pac. pref. (N o. 1 1
3,733.000 2,075,48) + 79.0
Aug. 31 tu g . 11 to
1,488,48:
S ept. 2
Edmonton..................1,001,6(3
IX
Southern Pacific (q u ar.) (N o. 2 4 ) . .
2,100,000
1,728,51: +25.0
1 Holders of rcc. Sent, 9a
1,924,40:
O ct.
2,259,«.i: 4
Halifax.............. .............
IX
Union Pacific, common (q u a r .)..................
1,760.971
1 ie p t. 10 to O ct. 8
1,549,170 + 13.6
1,657,56:
1,431,619
2 X O ct.
Preferred - - ............. - ..................................
_
2,000.000
1 ;ep t. 10 to G ot. 8
1,336,301 +49.7
888.7L
2
O ct.
R egina_______ _______
U tica * Black R iv e r--------------------- -----1.615.806
1,291,5:*
1,308,261 + 23.5
1,294,16i
S ept. 30 Holders of rcc. S ep t.14a
L o n d o n ...... ........... .......
AX
Street and Llectrlc R ailw ays.
2,076,000
1,225,867 + 69.4
.
Brock. & Plym outh S t. lt y ., pref (N o. 7)
3
1,113.000
759,876 +46.0
S ept. 16 Holders of rcc. A ug.30a
Moose J a w ............ ...........
Chicago Rys. Participation ctN .. Sor. 1
530,146
$6
579,0C0
484,618 + 19.6
1
O ct.
Brandon . - ..............
C o l u m b u s ( O . ) I t n . , c o m . ( g u a r . ) ( N o . 37)
________
____ :
632,000
466,000 +35.6
S ept. ?
Lethbridge.......... ...........
IX
D etroit U nited R v. (q u a r.).......................
l X S en t. 3
442,653 + 23.0
Brantford
..................
544.000
.......... ...
.......... —
Federal Light A T r a \ . pref. (q u .) (N o.9)
Sent. 3
720.000 Not incl. h total
lx
Fort W ill a m ...... ...........
Nor. Texas EL Co., com . (q u .) (No 1 2 ).
'Opt. 3 Holders of rec. A ug.15a
IX
Preferred (N o. 1 D ----- ------- --3
MV'f . 3
Total Canada.............. 196,737,980 131,257,740 + 27.0 10/.470.480 91,816,74*
2 U N>-»f
Philadelphia C om pany, preferred.
■2 Holders of ree. A ug.Ida




402

THE CHRONICLE

DETAILED RETURNS OF TRUST COMPANIES.

Auction Sales.— Among other securities, the following, not
usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
B y Messrs. Adrian II. Muller & Sons, New York:
Shares.
Percent.
3,662 BlivenPetrol. Co.,SlOeach]
•3,550 Union Consol. Mining Co.'
of Tennessee, S 10 each,.
500 Bankers A Brokers Assn.,
50% pain in___________>S23
iSO Mieuw Amsterdam Firelns. | lot
Co.. 525 each____ _____
38 Mfrs. A Merch. Bank.N.Y,
City, 100% paid inllq’n.
150 Oliio Palls Car & Locomo­
tive Co., 550 each_____
50,000 Porcupine Sou. Mining Co.\
240 Dev. Co.of Porcupine,Ltd./S7500

Bonds.
Percent.
100 Nassau Tr. Co. of Brooklyn. 130
Bonds.
Percent.
$52,000 Arkansas7s (L. R. & Ft.S.
UIl. issue) April 1873 coupons on
$5 per bond
S10.000 Arkansas7s (Mem. & L. R .
UR. issue), April 1873 coupons on
$10 30 per bond
SSOOSav.A Charles UU.7s,Mch.l
1874 coupons on ______________>$10
$2,000 Charles. A Slav. UR. 6s., | lot
Mch. 1874 coupons on................ J

B y Messrs. Francis Henshaw & Co., Boston:
Shares.
5 per sh. Bonds.
Per cent.
$24,000 Anderson Coal Mg. Co. coll,
61 Cone. A Mont. U R., class 4.145
tr. s. f. 5s, 1933, Coupon Oct. 1
1,070 American News Co., N. Y - - 82
1908 and sub. o n ......................... 30

B y Messrs. It. L . Day & Co., Boston:
Shares.
$ per sh. Shares.
Spersh.
10 Everett Mills__________________150
4 National Shawmut Bank--------- 240
1 Cambridge Gas Light Co_______ 280
H Franklin Co., Lewiston, Me------ 103
3 Great Falls Manufacturing C o._ 196 % 100 Laconia Car Co., common___ 58
1 Boston Athenaeum ($300 par) 335
7 Appleton Co__________________ 172
2 Regal Shoe Co., pref___________ 98
10 Androscoggin Mills.................... 160

B y Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
50 Bcrgner A Engel Brew.Co.,pf.95-9543
1 10 First Nat. Bank, Havre dc
Grace, Md_________________150
5 Philadelphia Nat. Bank______450
12 Nat. Bank, Pottstown, par$50.143
10 Penn Nat. Bank, par 850_____ 188%
' 5 Philadelphia Nat. Bank______450
10 Provident Life A Trust Co------869
15 United Sec. Lire Ins.&Tr.Oo_140
5 Continental Passenger Ity--------125
3 Frank!. ASouthwark Pass.Ry.371
2 Second A Third Sts. Pass. R y ..2 4 8 li
25 Arncr. Pipe A Construction Co. 82%
15 Young-Smyth-Field Co. pref.
(3 sh. common stock bonus). 92
8 Phila. Bourse, com., par $50 .. 4%
26 Phila. Life Ins. Co., par, $10.. 11
10 West Philadelphia Titlol_____ l'S0%

Shares.
$ per sh.
180 RlvcrsideTrac.Co.,com. (80%
p a id )____ - ............. - ........... 4
1 Bank of North America............ 806%
Bonds.
Percent.
$2,560 Schuylkill A Dauphin Trac.
C o.cartr.ctfs., 1912to 1919..Lot $50
$1,500 Lykens A Williams Vail. St.
R y. Co. 1st 5s. 1928___________ 50
$1,600 City of Philadelphia 3s, 1914 97%
SI,000 Buffalo A Lake Erie Trac.
Co. 1st 5 s ,1930....................... . 68
$2,000 Bergner A Engel Brew. Co.
1st 6s. 1921___________ _____ ...1 0 1 %
$1,000 Atlantic City Gas Co. 1st 5s.
1960........ .......... .......... .............. 92
$2,500 Springfield Water Co. cons.
5s, 1920______ ____________ . . . 99

By Messrs. Samuel T . Freeman & C o ., Philadelphia:
Bonds.
Per cent. I Bonds.
Per cent
$2,500 Atlantic CityGftsCo.lst5s.92.92H s i ,000Springfield Wat. Co. cons. 5s 99
$1,000 N.Sprlngf. W aterCo.lst5s. 99 |

Statement of New York City Clearing-House Banks and
Trust Companies.— The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending Aug. 10. The figures for the separate
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.
For definitions and rules under which the various items are
made up, see “ Chronicle,” V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00? omitted.
Bank of N. Y.
Manhattan Co.
Merchants’
Mech.A Metals
City
. ____
Chemical____
Merchants' Ex.
Butch. A Drov
Greenwich —
Amor. F.xch.
Commerce___
Pacific . ----Chath. A Phen
People’s ------Hanover
_
Citizens’ CentNassau ------Market A Fult
Metropolitan
Corn Exchange
Imp.A Traders
P a r k ---------- East River . Fourth _____
S e co n d ..........
First . ............
Irv in g---------Bowery ........
N. Y. CountyGerman-Amer.
Chase ---------Fifth Avenue
German Exeh.
Germania......
Lincoln -------Garfield_____
F ifth _______
Metropolis__
West Side___
Seaboard____
Liberty ___
N .Y .l’ rod Ex.
State _______
Security . . . . _
Coal A 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

S
$
$
S
S
%
3,786,1
21,404,0 4,316,0
769,0
19,427,0 26.1
4,685,0 36,400,0 8,826,0 1,571,0 41,500,0 25.0
2,033,3
22,069,0 4,287,0 1,555,0 22,965,0 25.4
8,618,6 60,717,0 13,908,0 2,013,0 60,869,0 26.1
6,324,7 26,402,0 4,602,0 1,940,0 26,349,0 24.8
28,458.3 193,709.0 44,184,0 7,128,0 193,153,0 26.5
r.003,0 29,225,0 4,322,0 2,445,0 20,300,0 25.9
1,706,0
7,154,0
168,0
522.9
7,435,( 25.2
419,0
62,0
1,876,0
1,993,0 24.1
127,1
160,0
8,501,0 2,214,0
9,609,0 25.0
944,9
44,137,0 9,775,0 1,415,0 43,977,0 25.4
4,527,1
15,494,6 141,914,0 23,221,0 9,570,0 122,766,0 26.2
496,0
4,357.0 24.8
946,2
4,693,0
584,0
17,317,0 25.1
17,233,0 2,654,0 1,703,0
1,244,8
152,0
368,0
470,7
1,889,0
13,346,6 75,550,0 16,242,0 5,917,0 84,893,0 26.1
618,0 22,598 0 25 8
2,059,6 23,447,0 5,221,0
12.006,0 26.9
10,776,0
1,788.0 1,611.0
475,6
975.0
9,681,0 26.1
1,85.5,1
9,528,0
1,557,0
281,0
12.788.0 25.6
1,684,8
12,417,0 2,993,0
5,689,8 49,379,0 8,665,0 5,935,0 58,728,0 24.8
7,749,2 25,639,0 3,778,0 2,118,0 23,019.0 25.6
13,317,3 86,499,0 21.156,0 1,877,0 90,413.0 25.4
1,643,( 22.9
124,0
69,9
253,0
1,415,0
5,831,9 34,917,0 7,302,0 1,900,0 36,203.0 25.3
13,544,0 34.6
2,441,5
121,0
14.132,0 3,213,0
21,585,5 115,397,0 28,070,0 3,506,0 11 1,207,0 28.6
3,112,1
36,537,0 0,880,0 2,859,0 37,994,0 25.6
3,621,0 25.1
795,2
3,454,0
826,0
84,0
1,758,4
8,582,0 26.1
8,249,0
1,496,0
748,0
3,905,0 26.0
4,141,0
798,0
726,5
221,0
89,128,0 22,705,0 8,123,0 104,765,0 29.4
9,100,9
2,214,1
13,440,0 2,784,0 1,183,0
15,331.0 25.8
3,417,0
3,426,0 25.4
838,1
520,0
351,0
5,362,0
1,044,2
1,227,0
255,0
6,144,0 24.1
15,728,0 2,961,0
1.738,9
16,093,1 24.5
997,0
8,776,0
271,0
8,735,0 24.6
1,280,6
1,886,0
3,374,0
460,0
525,9
434,0
3,497,0 25.0
12,001,0
931.0 1,911,0
11,644,0 24.4
2,161,2
4,124,0
835,0
4,585,0 24.3
1,006,7
283,0
25,303,0 5,615,0 2,506,0 30,213,( 26.8
2,183,2
22,536,0 6,077,0
2,707,3
633,0 25,041,0 26.8
9,228,0 2,410.0
833,6
383,0
10,905,0 25.4
16,300,0 4,884,0
743,2
354,0 21,245,0 26.4
10,245,0 2,703,0
14,315.0 25.4
941,0
418,9
6,252,0
1,088,0
6,433,0 25.8
576,0
493,8
9.592,0 2,117,0
360,0
9,793.0 25.2
980,5
7,583,0
1,373,0
265,0
0,315,0 25.8
1,127,0

Loans.
Average.

Specie. Legals. .Vet Depos- ReAverage. Average. its. Aver. verve.

Totals, A vg e.. 133,650,0 197,084,4 1391,201,0 296,230,0 79,898,0 1430,334,0 26.2
Actual figures Aug. 10-

297,027,0 79,348,0 1434,586,0 26.2
............ 1394,937,0

Circulation —On the basis of averages, circulation of national banks In the (1 \irlng
House amounted to 545,372,000, and, according to actual figures, were $45,538,000.




[VOL. L X X X XV

Trust Cos.
00s omitted.

Surplus.

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

B ro o k ly n ___
Bankers ------U .S. Mtg.ATr.
Astor ..............
Title Gu. A T r.
Guaranty------Fidelity..........
LawyersT.I.AT
Colum-Knick .
Standard ___
People’s ........
New York___
Franklin........
Lincoln -------Metropolitan. _
Broadway

$
2,432,1
15,672,0
4,567,4
1,279,1
12,095,9
22,671,4
1,303,4
6,273,6
7,079,8
1,389,6
1,710,0
11,682,5
1,326,3
557,1
6,111,5
571,0

18,828,0
149,533,0
50,721,0
20,532,0
33,753,0
101,644,0
7,883,0
19,560,0
50,619,0
14,957,0
17,548,0
46,268,0
11,055,0
10,854,0
20,186,0
8,929,0

S

s

1,697.0
16,206,0
4,898,0
2,290,1
1,923,1
18,116,0
742,0
1,450,1
5,490,0
2,054,0
1,813,0
4,797,0
1,064,0
1,359,0
2,753,0
1,024,0

$
424,0
33,0
388,0
36,0
1,442,0
1,107,(
234,0
875,0
666,0
23,0
403,0
143,0
329,0
212.0
9,0
356,0

$
2,168,0
23,770,0
5,278,1.
1,632,0
2,482,0
14,762,0
877,0
1,749,0
4,757,0
1,088,(
1,821,(
3,621,0
939,0
l , 155,(
2,564,0
976,0

S

Reserve.

13,120,0
108,338,0
35,177,0
15,088,0
21,217,0
115,431,0
0,311,0
14,945,0
40,955,0
1.3,265,(
15,084,0
32,472,0
8,853,0
10,208,0
18,116,0
8,884,0

%
10.1 + 13.7
15.0+17.9
15.0+12.7
15.4+ 9.2
15.8+10.4
16.7+11.3
15.4 + 10.8
15.5+10.4
15.0+10.4
15.0 + 11.2
15.0+10.4
15.2+10.0
15.7+ 9.4
15.3+10.1
15.2 + 12.3
15.5+ 9.7

Totals, Avge.. 96,723,6 648,870,0 67,712,0 0,800,0 70,239,0 177,464,0 15.6 + 12.8
Actual figures Aug. 10 646,089,0 67,428,0 6,722,0 72,440,0 173,935,0 15.6 + 13.2
The capital of the trust companies Is as follows: Brooklyn, $1,000,000; Bankers,
S10,000,b00: United States Mortgage A Trust, $2,000,000: Astor, $1,250,000; Title
Guarantee A Trust, $4,375,000; Guaranty, 85,000,000; Fidelity, $1,000,000;
Lawyers’ Title Insurance A Trust, $4,000,000; Columbia-Knickerbocker, $2,000,000;
Standard, $1,000,000: People’s, 81,000,000; New York, $3,000,000; Franklin,
$1,000,000; Lincoln, 31,000,000; Metropolitan, $2,000,000; Broadway, $1,000,000;
total, 540,625,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Capital. Surplus.
Aug. 10.

Loans.

Specie.

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

Net
Deposits.

Averages.
S
$
S
s
S
S
$
B an ks__ 133,650,0 197,084,4 1,391,201,0 296,230,0 79,898,0
1,430,334,0
Trust cos. 40,625,0 96,723,G 048,870,0 67,712,0 6,800,0 70,239,0 477,464,0
Total__ 174,275,0 293.808,0 2,040,071,0 363,942,0 86,098,0 70,239,0 1,907,798,0
Actual.
B an k s__
1,434,586,0
..........
.......... 1,394,937,0 297,027,0 79,348,0
Trust cos.
646,089,0 07,428,0 6,722,0 72,440,C 473,935,0
Total__

..........

.......... 2,041,026,0 364,455,0 86,070,0 72,440,0 1,908,521,0

The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see “ Chronicle,” V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.

Week ended August 10.

Capital as of .lunc 11___
Surplus as of June 14___
Loans and investments..
Change from last week.

State Banks
Trust Cos.
Trust Cos.
Stale Banks
outside of
in
In
outside of
Greater N . Y. Greater N. Y. Greater iV. Y Greater N . Y
$
9,323,000

S
22,525,000

S
62,275,000

$
9,750,000

38,702,400

170,054,900

12,233,100

12,377,200

294,768,300 1,185,346,900
+ 1,051,300 —6,222,600

109,304,300
+ 533,300

109,214,200
+ 85,200
.............. ....

S p e c ie .................... .........
Change from last week.

53,546,900
+ 552,600

124,500,000
+ 320,300

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

Legal-tenders A bk. notes
Change from last week.

20,846,100
— 1,041,500

10,587,300
+ 72,600

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

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

Deposits ..........................
Change from last week.

342,982,000 1,298,955,S00
+10,800 — 13,428,900

110,168,800
+ 024,100

177,583,800
+ 1,205,400

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

93,008,800
— 2,092,100

23,653,900
+342,600

24.235,700
+ 839,100

P. O', reserve to deposits..
Percen’ age last week.-

2 8 .7 %

28.7%

143,495,700
— 2,494,000
16.6%
10.2%

21.6%
21.4%

14.8%
14.3%

+ Increase over last week. — Decrease from last week.
Note.— ’’Surplus” includes all undivided profits. "Reserve on deposits” includes
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies In New York State arc required by law to
keep a reserve proportionate to their deposits, the ratio varying according to lo­
cation as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys hold In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
renresented bv certificates, and also exclusive of deposits secured by bonds or
obligations of the State or Cltv of New York, and exclusive of an amount, equal to
the market value (not exceedin': par) of bonds or obligations of the State or City
of New York owned by the hank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to loca­
tion, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amend­
ment of 1911) by bonds or obligations of the City or State of New York, and ex­
clusive 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 Banks—
Ttlserve Required for Trust Companies
Total
Of
Total
Of
and Stale Banks.
Reserve which Reserve
which
Location—
Required, in Cash. Required, in Cash.
15%
15%
Manhattan Borough.------------------ ------------------- 15%
25%
Brooklyn Borough (without brandies in Manhat.) 15%
10%
10%
20%
Other Boroughs (without brandies In Manhattan) 15%
10%
15%
7% %
20%
Brooklyn Borough, with branches In Manhattan.. 15%
15%
20%
15%
Other Boroughs, with branches in Manhattan----- 15%
15%
15%
___
___
Cities of the first and second class........ ...............10%
5%
___
---Cities of the third class and villages . . .............. 10%
3%
15%
6%
__ L
Elsewhere in State.............. - ..........................................

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

403

THE CHRONICLE

A U G . 1 7 1 9 1 2 .]

House banks and trust companies. In addition, we have
oombined each corresponding item in the two statements,
thus affording an aggregate for the whole of the banks and
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House
Week ended Aug. 10— Members.
ActualFlgures

$
174.275.00C

$
174,275,000

Surplus as of June 14..

293,808,000

293,808,000

W e omit two ciphers (00) in all these figures.
Capital
and
Surplus.

Banks.

Clear.-House vtate Banks & Total of all
Members.
Trust Cos. Not Banks &Trust
Average.
In C.-H . Aver. Cos. Average

Capital as of June 14..

Boston and Philadelphia Clearing-House Members.— Be­
low is a summary of the weekly totals of the Clearing-House
................... *j
institutions of Boston and Philadelphia:

S
28,725,000

S
203.000,000

81,105,900

374,913,900

I/oans and Investments 2,041,026,000 2,040,071,000
Change from last week
+ 955,000 —1,351,000

009,828,100 2,649,899,100
—2,746,300 —4,097,300

Deposits---------------- 1,908,521,000 1,907,798,000
Change from last week +3,894,000
—3,221,000

a616,064,000 2,523,862,000
—4,294,000 —7,515,000

Specie........................
Change from last week

364,455,000
+3,475,000

363,942,000
+ 2,033,000

04,194,200
—736.800

428,136,200
+ 1,896,200

Legal-tenders______
Change from last week

86,070,00(
—1,631,000

86,698,000
— 1,820,000

68.113.90C
—5,600

94,811,900
—1,825,600

Banks; cash In vault..
Ratio to deposits___

376,375,000
20.23%

376.128,000
26.29%

11,670,700
13.77%

387,798,700

Trust cos.: cash In vault

Boston.
June 22.............
June 29.............
July 6 ..........
July 13.............
July 20.............
July 27............
Aug 3 . . . .......
Aug. 1 0 ..........
Philadelphia.
June 22.............
June 29........... .
July 6 ............
July 13.............
July 20.............
July 27.............
Aug. 3
Aug. 10........... .

Loans.

80,623 U 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
80,623,2 391,606,0

74,512,000

60,637,400

135,149,400

450,640,000
+ 813,000

72,308,100
—742.400

522,948,100
+ 70,600

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

72.440.00C
+ 949,001

70,239,000
—1,897,000

18,261,000
—946,200

88,500,000
—2,843,200

Change from last week

522,965,000
+ 2,793,000

520,879,000
—1,084,000

90,569,100
— 1,688,000

611,448,100
—2,772,000

For week.

Surplus CASH reserve
Banks (above 25%).
Trust cos.(abovei5%;

17,728,500
3,059,751

18,544,500
2,892,400

—

...............-

Dry goods__
General merchandise______

Change from last week

20,788,251
+ 389,301

21,436,900
+ 1,184,750

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

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

28.89%

$
583,778,0
287.338,0
291,163,0
287,649,0
281.234,0
275,508,0
272,149,0
270,640,0

$
8,244,0
8,250,0
8,267.0
8,275.0
8,271,0
8,257,0
7.850.0
7.854.0

156,028.6
161,387,0
179,258,5
180,222,4
181,245,4
153.939.0
153,511,9
144,791,3

t 438,628.0
T 437,703,0
t 441.647.0
t 438,625.0
t 435,660,0
t 431,132,0
t 435,021,0
t 431,014,0

15,048,0
15,054.0
15,038.0
15,054.0
15,049,0
15,021,0
15,034,0
15,054,0

151,193,0
153,438,6
175.778,4
152,053,7
161,049,1
136,091,3
150,947,7
139,955,5

s

Imports and Exports for the Week.— The following are
the imports at New York for the week ending Aug. 10; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT N1 W YORK.
1912.

Total
Since January 1.
Dry goods
General merchandise______

1910.

1911.

$3,330,559
16,417,773

$2,491,811
15,483,835

1909.

$3,090,014
15,220,353

$3,261,190
14,195,408

S19,748,332 $17,975,646 $18,310,367 $17,456,598
$88,854,814 $85,686,544 $97,357,872 $106,111,486
525,284,135 449,938,869 482,719,970 425,481.898

15.60%
12.82%

15.34%
1.32%

Total 32 weeks............. . $614,138,949 $535,625,413 $580,077,842 *531,593,384

28.42%

16.66%

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. 10 and from Jan. 1 to date:

+ Increase over last week. — Decrease from last week.
a These are the deposits after eliminating the item “ Duo from reserve depositories
and other banks and trust companies in New York City” ; with this item included,
deposits amounted to 5090,872,900, a decrease of $7,054,500 from last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. 6 Includes bank notes.

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:

EXPORTS FROM NI W YORK.
1912.
For the W3ek.....................
Previously reported_______

1911.

1910.

1909.

$16,472,871 $13,667,459 $16,625,635 $11,130,087
493,725,711 462,149,839 388,554,520 372.312,855

Total 32 weeks...............- $510,198,582 $475,817,298 $405,180,155 $383,448,942

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK

The following table shows the exports and imports of
specie at the port of New York for the week ending Aug. 10
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:

W e omit two ciphers In all these f igures,

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

Week
Ended.

June
June
June
June
July
July
July
July
Aug.
Aug.

Circu­
lation.

a

a Includes Government deposits and the item "due to other banks.” At Boston
Government deposits amounted to S804.000 on Aug. 10, against S792.000 on Aug. 3.
t "Deposits” now include the item of "Exchanges for Cleaiing House,” which
was not previously empraced in the total. "Exchanges for Clearing House” were
reported on Aug. 10 as $12,705,000.
LSI »

74,150,000

Total..........

97,190,0
94,597,0
96,427,0
98,415.0
H]97,184,0
98,771,0
98,771,0
97,256,0

Clearings

Deposits.

Legals

S
S
S
S
41,575,0 237,775,0 27,757,0 4,656.0
41,575,0 239,454,0 27,200,0 1,935.0
41,575,0 239,395,0 26,212,0 1,827.0
41,575,0 241,243,0 25,011,0 5,470,0
41,575,0 243,587,0 26,048,0 5,307,0
41,575,0 243,740,0 25,405.0 5,509,0
41,575,0 239,007,0 24,095,0 5,498,0
41,575,0 238,710,0 24,322,0 5,265,0

Aggr’tc money holding.1 450,525.000
Change from last week + 1,844,000

% of cash reserves of ti ust cos—
15.64%
Cash on dcp. with bks.
13.25%

Specie.

Loans and
Investments.

8 ..
15..
22..
29..
6..
13..
20..
27..
3 ..
10..

$
2,634,657.0
2,673.538,3
2,660,564,3
2,675,205,0
2.699,751,2
2,001,370.4
2,661,002,7
2,658,577,7
2.653.906,4
2,649,899,1

Deposits.

S
2,514,177,7
2,554,290,8
2,551,635,9
2.504.717,0
2,508,733,3
2.551.20 1.3
2,535.238.1
2,533,714,8
2,531,377.0
2,523,862,0

Tot. Money Entire Res.
Holdings, on Deposit.

Specie.

Legals.

S
434.630.3
442.020.5
444.169.5
438.014.0
419,280,9
413.382.5
420.700.3
424.715.0
426.240.0
428,130,2

S
95.070.0
95,950,5
94,364,2
93.770.4
93.032.0
95.210.1
97,547.0
97.255.9
90.637.5
94.811.9

S
529.706.9
537.977.0
538,533,7
532.384.0
512.312.9
508.592.0
518,253,3
521.971.5
522.877.5
522.948.1

$

606,647,3
623,194,2
624.498.0
621.239.0
604.649.7
590.600.1
604.634.5
612.935.5
614.220.7
611.448.1

Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
for the week ending Aug. 10, based on average daily results:
We omit two ciphers (00) in all these figures.

Banks.

New York City.

Capi­
tal.

Sur­
plus.

Loans,
Dlsc'ts
and
Invest­
ments.

Specie.

S
3,010,0
1,503,0
1,405,0
5,920,0
6.010,0
6,390,0
1,100,0
2,388.0
4,430,0
2,830,0
1,885,0
4,194,0

S
641,0
150,0
333,0
511,0
724,0
566,0
47,0
399,0
478,0
290,0
242,0
565,0

First National........... 300,0
669,1 3,733,0
Manufacturers’ Nat.. 252,0
894,5 0,003,0
Mechanics’ ............... 1,000,0
710,7 10,780,0
National City........... 300,0
590,4 4,193,0
170,4 2,214,0
North Side....... ........ 200,0
Jersey City.
First National--------- 400,0 1,329,1 5,254,0
808,7 3,554.0
Hudson Co. Nat....... 250,0
417,2 2,043,0
Third National......... 200,0
Hoboken.
220,0
659,6 3,979,0
First National...........
125,0
297,0 3,054,0
Second National.......
Totals Aug. 10---- 6,597,0 11.210,7 35,878,0
Totals Aug. 3----- 6,597,0 11,219,7 85,746,0
Totals July 27----- 0,597,0 11,219,7 30,251,0

305,0
574,0
1,497,0
540,0
187,0

Manhattan and Bronx.

Aetna National.........
Washington Heights.
Battery Park Nat___
Century ..........
Colonial ..................
Columbia.............
Fidelity.................
Mount Morris______
Mutual........... ..........
New Nethcrland____
Twenty-third Ward..
Yorkvllle _________
Brooklyn.




$
500,0
100,0
200,0
500,0
100.lt
300,0
200,0
250,0
200.0
200,0
200,0
100,0

S
535,5
327,9
115,2
530,0
537,6
805,4
160,9
342,8
411,1
281,8
100 0
518,8

286,0
189,0
97,0
191,0
171,0

Legal
On
Tender Deposit
with
and
C.-H .
Bank
Notes. Banks.

$
36,0
65,0
38,0
511,0
400,0
490,0
125,0
37,0
327,0
98,0
88,0
260,0

S
79,0
203,0
180,0
627,0
901,0
705,0
131,0
298,0
318,0
268 0
257,0
662,0

Net
Deposits.

S
2,762,0
1,241,0
1,533,0
5,831,0
6,147,0
7,079,0
1,045,0
2,635,0
4,691,0
2,644,0
2,047,0
4,692,0

437,0 2,897,0
117,0
617,0 5,594,0
326,0
483,0 1,509,0 12,971,0
780,0 4,118,0
92,0
375,0 2,179,0
94,0
421,0 1,478,0
95,0
510,0
539,0
147,0

4,450,0
1,908,0
1,402,0

375,0
373,0

1,565,0
1,061,0

62,0
54,0

9,025,0 t,302,0 11,622,0 80,492,0
8,735,0 1,401 .i' 12,089,0 80,204,0
8,748,0 4,708,0 12,675,0 81,207,0

Imports.

Exports.

dold.
Great Britain . .
France _______________ _______
Germany . . . . .
West Indies......... ........ ........ ........
Mexico ____ __________________
South America__________
All other countries______________
Total 1912..............................
Total 1911........- .......................
Total 1910.................................

Week.

Since Jan. 1

...........

$20,146,522
15
2,683,975

$25,000

9,612,038
51,983

Since Jan. 1

Week

~* $3,254

$391,272
2,001,930

2,286
538,485
79,905
40,198

187,997
8,924.348
1,726,029
932,488

$25,000 $32,494,533 $064,128 $14,104,064
10,200 $2,925,241 $617,505 8,608,195
50,000 44,493,653 1,875,581 14,788,032

Silver.
Great Britain .................... ........... $1,134,608 S28.794.953
210,000 4 053,311
France
____________________
Germany
563
81,540
West Indies____________________
Mexico
25,349
South America_________________
200
706,390
All other countries_____________
Total 1912.................................. $1,345,371 $33,661,543
Total 1911......................... ........ 1,141,822 31,308,470
869,061 27,199,546
Total 1910-........................... .

32
55
67,404
40,951
73,105

$3,329
5,012
15,335
32,485
3,000,478
2,043,065
997,647

$181,607 S6,103,351
110,575 4,808,557
80,425 2,546,676

Of the above imports for the ,\veek in 1912, $280
American gold coin and $55 American silver coin.

were

g a u M u g an d ^ f in a n c ia l
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled "Railroad and Industrial
Stocks.” which describes 124 Issues listed on the New York Stock
Exchange, and classified by us as follows; Investment Stocks, Semi­
Investment Stocks, Speculative Stocks.
. .

Spencer Trask & Co.
43 EXCHANGE PLACE— NEW YORK.
Chicago. 111. Boston, Mass. Albany, N. Y.
. .

Members New York Stock Exchange.

White, Weld & Co.
Bonds and Investment Securities.
14 W ALL STREET
NEW YORK

THE ROOKERY
CHICAGO

111 DEVONSHIRE STREET
BOSTON

• •

4<M „

THE CHRONICLE

[VOL.
Interest
Periods

2s,
2s,
3s,
3s,
•is,
4s,
2s,
3s,

W all Street, F rida y Night, A u g . 1G 1912.

registered
1930 .......
1930............
coupoi
1908-18----------registered
1908-18 ------------ coupon
1925 -------------registered
1925.......
.coupon
1936.Panama Canal regp
1961.Panama Canal coup

Aug.

10

Aug.

Aug.

12

1— Jan

■100K HOOK
3—Jan HOOK HOOK
3—Feb : 102 H02
2—Feb *102
102
2—Feb 113 % 113%
2—Feb 113 % 113%
2—Feb *100K 100%
2—Men 101 % ioi y.

13

100%
H00%
102
H02
H13%
113%
100)
H01 %

LXXXXV.

Aug.

14

*100%
*100%
*102
*102
H13%
*113%
*100%
101%

Aug.

15

Aug.

16

*100% *100.)..
*100 % *100%
*102 *102
*102 *102
*113% *113%
*113% 114
*100% *100%
*101% 101%

The Money Market and Financial Situation.— Business at
the Stock Exchange has been somewhat more active this
week, due in part to increasing outside interest in the market,
and also, if report is true, to the fact that a few capitalists
and investors are, in a modest way, buying securities. This
would seem to indicate that the crop situation and the pro­
* iiiis is tnc price bid ui me morning b«>urd; no sole wns made.
nounced improvement in general business and in the iron
Railroad and Miscellaneous Stocks.— The stock market
and steel industry in particular, are sufficient to inspire a has, as noted above, been considerably more active than for
degree of confidence as to the future which has been lacking some time past, and the tendency of prices was generally
in the past. There is, however, nothing apparent in the up\vard until Thursday,when, on sales to realize profits, there
political situation to increase this confidence.
was a reaction. The volume of business was, however, the
^ Reports from the Pittsburgh district are most flattering. smallest of the week until to-day and the decline did not
They give assurance of full capacity work for many of the wipe out the preceding advance. To-day’s market has been
plants for a long time to come at remunerative prices and the dullest and most uninteresting of the week. Prices
U. S. Steel shares have sold this week at the highest price drifted within a narrow range, but generally to a slightly
recorded since August 1911. The demand for iron and steel higher level. The result of the week’s operations on a list
is largely due, as is well known, directly or indirectly, to the of 30 active stocks is that 20 are higher— 12 at a new high
heavy crops to be moved to market and the large amount of record for the year.
money thus to be put in circulation.
Among the exceptional features of the railway list is
• The open market rates for call loans at the Stock Exchange Louisville & Nashville, which has advanced over 4 points on
during the week on stock and bond collaterals have ranged unconfirmed rumors of an increase of the stock, carrying
from 2 j ^ @ 3 % .
To-day's rates on call were 2 ^ g @ 2 % % . rights to present holders. When at its highest Canadian
Commercial paper quoted at 5 % for GO to 90-day en­ Pacific was nearly 6 points higher than at the close last week.
dorsements and o @ 5 y 2% for prime 4 to 6 months’ single
Pittsburgh Coal showed a gain of 5 % points and' the pre­
names and 5 *4 @ 6 % for good single names.
ferred 6 % . American Tobacco has fluctuated widely and
The Bank of England weekly statement on Thursday all the copper stocks have been strong.
showed an increase in bullion of £1,186,361 and the percentage
F or daily volume o f business see page 414.
of reserve to liabilities was 49.82, against 48.81 last week.
The following sales have occurred this week of shares not
The rate of discount remains unchanged at 3 % , as fixed represented in our detailed list on the pages which follow:
May 9. The Bank of Prance shows an increase of 2,25
francs gold and a decrease of 10,450,000 francs silver.
STOCKS.
Sales
Range J
Week ending Aug. 10.

NEW YORK CLEARING-HOUSE BANKS.
(Not including Trust Companies.)

"

1912.
Averages fot
week ending
Aug. 10.

Differences ■
from
previous week.

Capital......................
Surplus......................
Loans and discounts..
Circulation ............. .
Net deposits...............
Specie ......................
Legal tenders_______

133.650.000
.
197,084,400
.
1.391.201.000 Inc.
45.372.000 Dec.
1.430.334.000 Inc.
290.230.000 Inc.
79.898.000 Doc.

Reserve held..............
25% ol deposits......... .
Surplus reserve____

S

1911.
A verages for
week ending
A uj. 12.

1910.
Averages for
week ending
Aug. 13.

8

1.733.000
165.000
1.114.000
1.308.000
1,766,000

135,150,000
190,141,300
1,373,004,000
47,651,000
1,409,758,000
294.921.000
77,278,000

376.128.000 Dec.
357,583,500 Inc.

458,000
278,500

372.199.000
352,439,500

18,544,500 Dec.

736,500

19,759,500

53,259,875

Note.—Tne Clearing House now issues a statement weekly, snowing the a<

condition of the banks on Saturday morning, as w 11 as the above averages,
figures, together with the returns of the separate banks and trust companies,
the summary issued by the State Banking Department, giving the condition of
banks and trust companies not reporting to the Clearing House, appear on the sei
page preceding.

Foreign Exchange.— Sterling exchange was under pressure
all week until Friday, when a slight reaction occurred as a
result of covering of short commitments.
To-day’s (Friday’s) nominal rates for sterling exchange were 4 85 K lor
60 days and 4 88 for sight. To-day’s actual rates for sterling exchange
were 4 84 % @ 4 84% for 60 days, 4 8705@4 8715 for cheques and 4 8745@
4 8755 for cables. Commercial on banks 4 83 % @ 4 84 and documents for
payment 4 84 A @4 84 %. Cotton for payment 4 84@4 84 'A and grain for
payment 4 84 % @4 84 A .
........................
■
»• The posted rates of exchange, as quoted by a representative house, were
not changed during the week from 4 85 for 60 days and 4 85 for sight. •, •!
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 20 %d>
5 20 less 1-16 for long and 5 18% @ 5 18 A plus 1-32 for short. Germany
bankers’ marks were 94 9-16@94% for long and 95 3-16fH)95>f less 1-32
for short. Amsterdam bankers' guilders were 40 32@40 34 for short.
Exchange at Paris on London, 25f. 27c.: week’s range, 25f. 27 y2o. high
and 25f. 25 A c . low. Exchange at Berlin on London, 20m. 47pf.; week’s
range, 20m. 48%pf. high and 20m. 46%pf. low.
•
The range for foreign exchange for the week follows:
Sterling, Actual—
Sixty Days.
Cheques.
Cables.
4 8735
4 8775
High for the week__ 4 8455
Low for the week__ 4 8410
4 87
4 8740
Paris Bankers' Francs—
High for the week__ 5 20 less 1-16
5 18 A less 1-32 5 18 % plus 1-32
Low for the week__ 5 20 %
5 18 A less 1-64 5 18% less 5-64
Germany Bankers’ Marks —
High for the week__ 94 %
95 A
95 5-16
Low for the week__ 94 9-16
95 3-16 less 1-32 95 A less 1-32
Amsterdam Bankers’ Guilders—
High for the week__ 40 15
40%
40 7-16
Low for the week__ 40 12
40 5-10
40 %
Domestic Exchange.— Chicago, 10c. per 5 1 , 0 0 0 discount. Boston, 5c.
per 51,000 discount. St. Louis. 25c. per 51.000 premium bid and 30c.
asked. Clnc'nnati, 10c. per 51,000 premium. New Orleans, commercial,
75o. per $1,000 discount, and bank, 51 premium. San Francisco, 25c. per
$1,000 premium. Savannah, buying. 3-16% discount, and selling, par.
Minneapolis, 30c. per $1,000 premium. Montreal, 15 %c. per $1,000 dis­
count. Charleston, buying, par; selling, 3-10% premium.

State and Railroad Bonds.— Sales of State bonds at the
Board include S2,000 New York 4s, 1961, at 1 0 0 % ; $5,000
N . Y . Canal 4s, 1962, at 100% to 1 0 0% , and $18,000 Vir­
ginia 6s, deferred trust receipts, at 53 to 54.
The market for railway and industrial bonds has been
more active and broader. Daily transactions have averaged
about $2,500,000 par value, which is well above recent
records. There was a special demand for a few issues not
usually active, including Atlantic Coast Line, Erie, Wabash
and New York Telegraph issues. Wabash ref. and ext. 4s
have advanced 4 points and all convertible bonds are
higher in sympathy with the shares market.
United States Bonds.— Sales of Government bonds at the
Board are limited to $2,000 4s, coup., at 1 1 3% to 114, and
$14,000 Panama 3s, coup., at 1 0 1 % . The following are the
closing daily quotations; fo r yearly range see third page
following.




Allls-Chal rccts, 1st pak
Pref rects, 1st paid..
Am Brake Shoe & F, pre
Am Coal Products.. . . .
Preferred..............
American Express____
Amcr Snuff, pref____
Am Tobacco, pref.......
Batopilas Mining_____
Brunswick Terminal...
Canada Southern____
Chic St P M & Omaha..
Colorado & Southern...
Comstock Tunnel__
Crex Carpet__________
Detroit United______
General Chemical___
Preferred_______
Green Bay & W deb B .
Havana Elect Lt it I’ou
Preferred____ ____
Hocking Valley___ . . .
Int Agricul Corp v t c .
Preferred v t c___ _.
International Harvester
Keokuk & Des Moines..
Knicker Ice (Chic), pref.
Lackawanna Steel.........
Nashv Chatt & St Louis.
N Y Chic ,t St Louis___
2d preferred________
Norfolk Southern_____
Ontario Silver Mining...
Peoria & Eastern_____
Phelps, Dodge .t Co___
Pittsburgh Steel, pref..
Quicksilver Mining.......
Preferred______ ..
St L & S F—C A E UP
ne.v stock tr ctfs____
Sears, Roebuck A Co, pi
So Porto Rico Sugar ..
United States Express ..
Virginia Iron, C A C___
West Maryland, pref...
Weyman-Bruton____ .
Preferred .................

for
Week

or Week.

Lowest.

Range since Jan. 1 .

Highest.

Lowest.

Highest.

10(
1% Aug It
301 5A Atlg 1: 5% Aug It
20<
142;, Aug 1
101 97 Aug it 97 Aug 1
u 112 Aug L 112 Aug 1.
53. 199 Aug 1 01 Aug 1
101 111% Aug lt tll% Aug It
101 108 Aug U 108 Aug 1
301 Sl% Aug 11 $1% Aug It
2.6)1 8 Aug 1 8% Aug 1
Kit 66 Aug l: 06 Aug 1.
301 132 Aug 1 134% Aug 1
10( 10% Aug L 40% Aug ):
4.20C 8c. Aug i 12c. Aug b
101 85% Aug It 85% Aug it
100 74 % Aug L 74% Aug 1:
7U( it) Aug 16 .'25 Aug 1:
4. i 10% Allg L 113 Aug 1
27 13% Aug 1 15 Aug 16
421 89 Aug L 89 Allg 1
20< 96 Allg It 90 Atlg 1
100 150 Aug I 150 Aug 1
101 46 Aug 1 10 Aug 1
101 94% Aug 1 94% Aug 1
2.0 a 123 Aug 10 124 Aug 1:
13. 6% Allg 1. 6% Aug 1
200 78 Aug 1. 78 Aug 1.
lilt 43 Aug % 13 Aug 1
100 173 Aug 1 173 Aug 1
2C( 59 Aug 1: 59 Atlg 1.
10( 88 Aug 1: 88 Aug 1
101 48 Aug 1 48 Aug 1
10(
1% Aug 1.
1% Aug 1
loo 14 Aug 13 14 Aug 1.
lot 15% Aug 1 15% Atlg 1
4( 104% Allg I. 104% Aug 1
lot 6 Allg 14 0 Aug 1
20( 7 Aug 1, 8 Aug 1.
9
200
3:
25
1.525
1.0)1
lot
20(

50
24%
77
85
58
76
70
15

Allg
Aug
Auk
Auk
An ;
Aug
Aug
Aug

14
lt
1
16
1.
1
1
1

50
24%
79
85
04
70
71)
16

Aug
Aug
Atlg
Aug
Atlg
Aug
Allg
Aug

1'A July 2% May
4 'A June 6
May130
Jar 142% A uk
95% July 98 June
108% July 112
Auk
199
Auy .‘25
Apr
02% Jai 111% A uk
02
Jai 108% Jau
S% Mcl S2% Apr
8
Jai 11% May
65
Jai 68% July
126 July 144
Jan
39 June 45
Feb
8c. Auy 16c. Feb
M
(H
72
86 June
63% Jai: 74% July
128
Jai -’25
Auk
06% Mcl 113
Auk
10% Fel 15
Auk
Any 89
89
Auk
96
Auy 96
Auk
127
Mcl 150
Aiik
46
Auy 53% July94
July 99 June
Auy 124
123
Aug
6 Mcl: 9% May
July 78% Auk
70
29
Mcl 46
Auk
60% A pi 173
Auk
54
Fel 61% Apr
86 Juni 90
Jan
July 55
46
May
1
Fel 3% May
13% Api 17% Apr
12 Mel, 15% Auk
01
Fel 101% Aug
3
Jai 8% Apr
3% Fel 12% Mayl: | 50
July 57
Feb
It 21
Jai 124% Aug
1< 77
Any 88
Feb
10
Jan 100% Apr
l !
Mei 90
Jan
l.
Jai 81
Apr
1 l
Jai 170
Allg
1
Mcl 116
Aug

• Outside Market.— Business in outside securities this week
was light and fluctuations in pricesofno special significance.
Extraordinary advances were again reported in a number
of Standard Oil subsidiaries, transactions in which are not
generally reported in the “ curb” market. Atlantic Refining
was up from 480 to 660, with the closing bid to-day 65(L
South Penn Oil moved up from 765 to 950, the bid to-day
being 900. Standard Oil of Kansas sold up some 160 points
to 600. Standard Oil of Kentucky advanced from 425 to
525. Standard Oil of N. J. fell from 418 to 414, but recov­
ered to 418. Standard Oil of N . Y . moved down from 540
to 525 and up to 557, the close to-day being at 542. The
usual dividends were announced in a number of instances.
British-Amer. Tobacco moved up from 2 2 % to 23, reacted
to 21 % and moved back to 2 2 % . The “ rights” sold up from
8 % to 9, down to 8 % and at 8 % finally.
United Cigar Stores
old com. advanced some 6 points to 289, reacted to 285 and
moved upward again, reaching 2 8 8 % . Tc-day it fell to
283. The new com. “ w. i.” gained about 2 points to
9 3 % , dropped to-day to 9 0 % and finished at 9 1 % .
The new preferred “ when issued” sold up from 11 9%
to 11 9% and down to 119. Emerson-Brantingham issues
sold for the first time, the com. between 7 7 % and 7 8 %
and at 7 7 % finally; the pref. went down from 103 to 102%
and back to 103. B. F. Goodrich com. was olf from 7 3 % to
7 0 % ex-dividend, and ends the week at 72; the pref. gained
about a point to 108% , but reacted to 1 0 7 % . Interconti­
nental Rubber com. rose a point to 1 4 % and closed to-dav
at 14.
Outside quotations will be found on page 414.

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
OCCUPYING TW O PAGES
___________ For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS— HIGHEST AND LOWEST SALE PRICES.
Saturday
Aug. 10.

Monday
Aug. 12.

10918 1093.
10238 102*
147 I486
108 1083.
*85
90
92*4 92*4 9234 931­
27914 28H.
27812 280
'360 . 380
*300 380
8078 813.
81*s 817
*17
1734
1712 17'
*34
35
*36 371.
10S34 1091' “107 108
*142 144 ' c14138 1413,
1411* 142% 142*s 143
*180 190 •
‘ 180 190
1081*
*102*3
14412
107*3
*85*3

109
10234
147
10814
871;

Tuesday
Aug. 13.

Wednesday
Aug. 14.

10912 110

110 1101"

Thursday
Aug. 15.

Friday
Aug. 10.

110%
102% 1021

sates 0/
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Range since January 1.
On basis ot 100-share lots
Lowest.

Highest.

Range tor Previous
year 1911.
Lowest.

Railroads
A tch Topeka & Santa Ft
Do p r e f________
Atlantic Coast Line R R ._
|Baltimore & Ohio..........
' * Do p r e t ..............
Brooklyn Rapid Transit.
I Canadian Pacific..........
cntral ot New .Jersey
Chesapeake & Ohio........
Ohio Gt West trust ctfs__
Do pret trust ctfs.
Chicago Mlhv & St Paul '
n o pret..................
Chicago & North Western
Do pret....................
Chlo Un Trac ctfs stmpd
_ n ° pret ctfs stm p d ...
Cleve Cin Chic & St L.__
Do pret
I Delaware <5c Hudson.__
* Delaware Lack & West.
Denver & Rio Grande__
Do pret_____________
Duluth So Shore & Atlan
Do pret.............. .........

103% Feb
110% Aug 1 997« Sep
10212 102*' -10238 1023,
lORjj Jan
104% Feb Is 100% Jan
1465s 4183 147 148%
1453., 146
133% Jan 1 148% Aug 12 117 Jan
10812 1083 10878 1093t
10334 109%.
£101% Feb
93% Sep
111% Apr 3t
8 6 I3 861; *86
88
88 88 *86 88
20i
83% Aug 1
91 Jan 23
85% A ur
92*3 93
9278 935;
9234 933, 14,525
92*4 933s
7634 Jan
72 Sep
94% J’ly l
278 2797 2807S 2817, 28' % 283
52,02f,
2797s 281
226% Mch
283 Aug 15 195% Jan
360 380 •360 380 *360 380 '3 6 0 380
305 Jan
395 Apr 2! 2 6 0 Aug
81*3 821
8212 83% 8234 831., 817g 83
49,46i
68 % Sep
68% Feb
83% Aug 1
1734 181/ 1812 187, 18% 183., 18% 181
2,501
11 Sep
16% J’ly 1
20% Apr f
35 351
351;. 30
60!
35% 35%
3178 J’ly 1
35% 35%
35% Dec
39% Apr 1
10753 1081 IOSI4 109
24,501
10734 109
107% 108
99% J’ly 1 112*4 Apr 1 10534 Oct
140 144 •‘140 144 "141 144 ‘ 141 144
101
140 J’ly 1 146 Jan 1 141 Sep
142% 1433, 14234 144
9,001
143
143%
143% 144
134% J’ly 1 145 Apr 2(. 138% Sep
•180 195 ‘180 190 '1 8 0 190 *180 190
190 May
198 Mch 2 (< 191 No\
*214
23.'
212 21 *214 23 *2% 23 *2% 234 *2% 23.
400
J78 Apr 18
1% Feb 10
1% Sep
*7
81'
*7
86
8
*7
8
*7
81; *7
*7
8
434 Sep
4 Mch 2
10% Apr 18
*51*s 59
*51S8 59 ‘ *5158 59
*51*8 59
*5158 69 *5158 59
48% Sep
64% Mch2.
62% Apr 23
*98 1013j *98 1013 *98 1013 *98 1013, *98 101% *98 1013,
94% J’ly
595% Feb 24 101% Apr 17
1697s 170
17112 1711 I7 H4 1711., 5172 172
172
172% -171
175
103 J’ly
1.351
1761; Feb o 159% Sep
*525 540
-525 510 525 540 525 540 "525 540 ■525 540
535 J'ne2 669 Jan 29 5 0 5 Sep
193.1 1034 2 0 I4 206 21 22 *21 23
*21
231 " 22% 226 '.WOC
18% J’ly 1. 24 Mch 27
17% Dec
39
*34 37
39
30*8 367, 3773 38
39
39% *3 8
1.351
40 ‘
34% J’ne 19 46% Jan 24
36% Dec
97S
978 !)78 *9*3 101; *912 10
'9%
978 10
10% 10% 1,30C
8% Mch 4 11% May 16
9 Nov
207s 207S 21 21 *20 21 *181; 20
20 201 20% 21% 1,401
10 Mch
23 Mayl.
17% Dec
36*8 373­ 37% 38% 3734 383, 373., 38%. 93,251
3618 36*s 36 363
30% Jan 1
27% Jau
39% Apr 11
547S 553;. 55% 55% 5534 56
54 54
5414 645
60%
Feb
.
55% 553j 12,101
57-„ Apr 11
45% Jan
Do 1st preferred__
*43U 4 4 I4 4412 446 4412 443, 45 453s 453., 46
1,500
*45% 46
40 Feb 3 48 A p ril
35 Jan
Do 2 d preferred__
14234 14334 14234 1433 14238 1427, 14212 143*,-. 1413., 143
31,405 Great Northern pref____
141% 142
126 Jan 16 14334 Aug 1
lio Sep
4334 4334 44 441: 4412 441. 44% 461; 46
4634
47
29,510
471
33*4 Dec
Iron Ore properties... 36 Jan 31 47% Aug 15
131*8 1315; 131% 1311; 13134 1313., 131% 1315,
13134 132
132 132
1,400 Illinois Central________ 120% May 9 141% Jan 23
132
Jan
20 20*, 203S 20%. 20% 203, 20% 203, 10,151. 1 nterboro-Metrop v t ctfs 16% Jan 3 22’ J’ly :
2012 201- 203S 20
13% Sep
6 OI4 00%
60*4 GII4
6 OI4 603
60 % 6()3,i
597S 601'
7,625
60
60%
6338 Jan 3 62 Mch 26
Do pret............
3u% Sep
K
20
207
2 OI4 27120 20
27
27% 27% 273­ 273g 273.: 9,025
29% Mch 2»
25% Sep
ansas City Southern.. 22% May2i
01
60
*61% 62% 62
*5812 60
56 May2 . 65% Mch 25
62
1,000 . Do
62% 62%
61% Sep
preferred..........
*13
17
*13
17
*14
17 ' *14
17
*14
16
*14
16
11%Jan 26 18 Apr 24
16 Sep
I
ake
Erie
&
Western..
*37*8 39% *3712 39
*371; 39tj
391' *38
40 May21
391­ *38
39%
25 Sep
30 Jan
, . . V ° Preferred . . .
17218 172% 17214 173
17212 174
1737, 172 1733 1715g 173
18534 Jan 15 151 Sep
74,800 Lehigh
155'8 Feb
Valley
164 1057 166 168
167
1691­
170
16778 1697,
1497S Feb
167% 167'% 22,75!
170 Aug 1 1 3 6 % Sep
*13312 1341' *133 135 '1 3 3 135 '
134
134% 134% 134 134
1,235 m°,ulsX1Ue & Nashvlllell 134 J’ne 2o 13834 Mch 13 1 3 1 % Sep
anhattan Elevated.
243,, 247
*24 25
24*3 245,
247g 247£ *24
21% Apr
25
*24
25
18% J’ly 2
451 ^Minneapolis
27% Jan 23
&
St
Louis
*47 50
*47
50
*47
50
*47
60
35 Mch
540 Feb 26 $57 Jan 16
*47
50
Ilo preferred_______
15214 1531; 15334 1541? 153 153
153% 154% 153% 154
152*3 153%
4,475 Minn
*124%
Sep
129
Feb
3
151%
A
ugU
St 1- A S S M arie... 147% Feb 1
*155 160 *15612 160 '1 5 0 160 "156 1 G0 "155 1571; "154 160
167% Aug - 140 Nov
.. Do preferred_____
28 2814 2812 287, 29
291 ■
25% J’ly 1.
29% 29% 29% 293
8,901 Mo Kansas & Texas..
29%
27 Sep
31%
Men
29
29
*603.t 62
0134 02
6234 63
67*8 May;’,. 6 6 Apr 1
64 64
*63
64
__
02*4 Sep
64
64
1,501
Do . preferred_____
3734 33
3818 381' 38*8 39
33% Sep
393,
39 39% 38
38% 38% 20,750 .Missouri Pacific.............. 35 J’ly 12 4734 Mch 2
*65
67
*05
67 ‘ *63
N
67
63
Mayl7
*647s 681"
71
Jan
60
A UR
at Hys ot ilex 1 st pref 28 Apr 1 36% Jan 20
*3012 31
30!2 30*
3 i i 2 s u ­ *3012 31% *31% 311 *31
313/ T,o66
25% A uk
11712 119% 119 119% n s n o ’ 118 1183, 117 1183, 117% 11734 16,245
Do 2d preferred__ 106% Jan 9 1211; Apr 26 r 997 g Sep
137 138
13712 1371' •‘J 3612 138
13734 138
1 2 0 % Sep
139 1401,-5 1397g 140
2 ,1 1 0 N Y Central A Hudson.. 134 J’ne 18 142% Apr 1
3212 321 §3212 321; 3234 33
2978 J’ne
41*8 Apr 12
3734 Sep
33% 33*8 33% 33% 3353 34% 4,927 X
^ 11 * Hartford___
*89t2 901; *8934 901< 9014 901., 901; 901­ 96% 901­ *90
315 N Y Ontario A Western. 807g J’ne 1 96% Aug 1 ,
91
H 8 I4 1191s 11834 119% U 812 119
9 9 .%Sep
118% 1187s 118% 1183, 118 llSSg 9,850 N Y State Railways___ ; 10734 Feb 1 119% Aug 12
Norfolk A Western____
*8512 89% * 8 6
83 J’n el 2 92 Feb 17
8534 Apr
90 *85
90
*85 89
*85 89
*85
89
60
60
66
06 *57 ____ *57 ___
Do adjustment pret.. 56 Mch 11 67% Apr 16 39% Jan
67
67
320
*68 ___
12934 131
115% Jan 15 131% Aug 14 111W4 Sep
13019 1311,1 130*8 1313,-, 131% 131% 130% 131% 12958 130% 80,050 Nor Ohio Trac A Light
123*s 1237s 12373 1213, 124t4 1241­ 124% 125
122% Jan 9 126% May 2 l l 834 Sep
1245,8 125
124% 125 22,640 Northern Pacific
90% Sep
10912 1093., 10934 1093. ' 10934 1103^ 110% 111% 110% 111% ‘110 111
98% Jan 2 111% Aug 14
2,700 Pennsylvania..............
Plttsb cin Chic A S t L . . . 108% Jan 2 117 Feb 20 162% Scd
*10914 117 "109% 117 ‘ 109U 117 *109 117 HU 117 *109% 117
1713S 172*s 172 1731­ 17138 1723, 172% 172% 17073 1725, 170% 1713; 315,400
Do preferred________ 148% Jan 11 179% Apr 29 134 Sep
90 90
9018 901- *89
87% J’ne 2, 93% Apr. 29
88
Mch
901; *89
90% 89 89
*88% 90
1.700 h e a d i n g _____________
90% Sep
*9614 O8 I4 *97
0814 597
94 Jan 11 1011 ; Apr 29
97
*97
9S% 97
140 •Tv Jst pref erred.. I III
97 *96% 98%
2234 Sep
26
26*8 203, 27% 26*4 207; 27
2
7
% 27
273s 2638 26B8 12,151 „ , 2 d preferred............. 22% May.ll 30% Apr 8
521S 5 2 I3 5212 53 *52*8 53
4334 Dec
5234 5134 52
47% J’ly lt. 69% Apr 9
53
53% 52
3.700 Rock Island Company__
*2U4 23 *22
2114 22% *21 23
21 J’ly .16 29% Mch26
23 Dec
21 21% *20 22% 1,250 S p p preferred..............
*61
*61
t Louis & San F ra n .. 61 May 10 69% Jan 23
69 Sep
*61
63
62 *62
*61
63
65 *61
30
3512 361; 35
331; J’ly 2 , 4334 Apr 11
30
37 .Sep
5,400
35
35% 35
35% 36
351
1st preferred___
*3334 34
34 3*\ 3414 .347; 347S 35% 35
2934 Jan 22
24 Jan
36% Aug 16
35% 35% 36% 6,500 Do
Do
2d
preferred______
737S 7312 741- 74*4 76
*73
731; *73
5934 Jau
1,800 ot Louis Southwestern.. 68% Jan 17 77% Apr 8
7534 70
76% 77
*2312 23*4 2334 24
23*3 241.7
22% J’ly 12 27% Apr
24 24
1,900
24 24% 24 24
Do
preferred_____
'6378 54
533, 54
537S 54IS
5358 54
53*8 54
60% Apr 16 56% J’ne
3.100 Seaboard Air Line___
54 54
11U2 H 2 I4 1123S 1131 1123, 113
105% Feb 1 115% Apr
113 1131 113% 1135,s 1123., 113% 15,200
1 0 4 % Sep
Do preferred..........
2978 3018 2934 30% 293., 301; 2978 305, 30% 30*4 3038 30*4 36,400
26% Jan 31 31% Apr
2434 Sep
7912 797j 80 80% 801.3 807,. 80*4 81% 81% 81% 81% 82% 8,200 Southern Pacific Co......... 68% Feb 4 82% Aug 16
61% Jan
Southern
v
tr
ctfs
stmpd.
23
23 *221; 23
2212 223.,
22% 227S 22.% 23
20%
Jan
3
4,000
2234 23
19-8 Dec
20%
Apr
2
Do pref
do
36*3 30% 36*8 303s 37 38
36 30
35% J’ly 12 4934 Jau 9 31 Nov
38 387f 3S% 3838 3.600 T ex
a
s
A
Pacific............
*5
0
*5
6
*5
0
37g 4
4% 5
434 5
3 Jan 15 10% Apr 16
2.600 4 hlrd Avo N ew _______
4 Nov
14
13
13
13 13*8 13
: 1318 131g *13
*1234 13% 1,500 Toledo Railways A L t__ 1234 Mch 4 163g Mch 27
13
12 Dec
*2912 32
3112 313, 31*4 313.) 317g 317t 317S 317- *29% 32
28 J’ne 7 36 Apr 8
347g Dec
800 Toledo St L A Western..
*107 108
108 108 *107*, 108% 108 108 *1071; 108% ■107% 108%
Jan 6 10J May 16 104 Sep
300
Do preferred________ 104%
1717s 1 7 3 I4 17314 17414 17314 174
Feb 1 176-% Apr 9 153% Sep
174 17-H" 17338 174% 173 1733.| 137,300 Twin
City Rapid Transit. 160
903.1 9034 91 91
8934 J’ly 11 93% Feb 27
91
91%
91% 91% *9034 91% *91% 91%
89 Sep
500.
nion
Pacific..........
.....
*3234 34
3312 34 *33
34
2 8 % Sep
33% 33% 32 32
37% Feb 14
28
J’ly
*31
321; 1.100 U
Do preferred______ 57 J’ly 11
63
631? 63*8 633, 63
63% 627S 63
62% 621" 62% 62% 2,401. Unit Ilys
62 Sep
18 65% Feb 14
Inv’
t
ot
San
Fr
434 4*1
*414 43.,
43.1 4%
43g 4%
4% 47f
0 % Dec
934 May 11
334 J’ne 19
900
Do
preferred________
141; 1412 1434 143, 14*4 15
227
8 Apr 9
14% Dec
12%
J’ne
27
68
6778 5778 57
56% 57
56% 56% 58% 58% 57
4878 Apr
58% 3 [900 W abash........................
5634 Jan 9 64% Mch 25
Do
preferred____
*6
7
*5
6
*0
7
*5% 6
6
*5
*5% 6
9% Mch 13
2% Sep
4 Jan in
Western Maryland Ity__ 11
24 *18% 22
*19
23 *19
22 * 1 0
23 *19
23
7 Sep
3 257s Apr 18
Wheeling A Lake Erie__ 0 Jan
*7
*8 % lit81;
*9
12
81; * 8
9
*8
8%
Jan 19 14 Mch 13
3 Auc
Do
1st
preferred_
_
_
621621;
62
*60
611y 61% 60% 607f, *57
01
61
61% 1 ,0 0 0
48 Sep
Do 2d preferred______ 48 Feb t 62% Aug 12
25 WIsconsln Central_____ $191 Mch 12 5217% Apr 1 :i98 Nov
♦200 208 197 208 5200 2 0 0 "197 205 "197 205 "197 205
847S 853- 847S 85% 123,800 Industrial A Miscellaneous 60 Feb 1 8 8 J’no
8218 83
8318 841.; 84 85% 85% 8 6
44*4 Sep
60% 607;
60% 601" 6,500 A dams Express............
5838 587S 58*4 591,1 59% 60% 60% 607,
58% Aug 9 63% Mch22
4434 Sep
ma-gamated Copper..
200
10012 1001 i-lOOU 1003. noo% 1003; "100% IOC*.; "100 % 10034 101)34 10034
98 J’ly r 101% Mch 20
99% Oct
Amer
Agricultural
Chem.
71
71% 71*4 71% 9,000
53 Feb 26 70 May 11
71% 7U8 713; 7034 71% 71 71% 71
39% Jan
Do pref_____________
♦97 101 *97
99
99
97
97%
300
*97 100 *97 . . . .
99
921" Jan
97 Apr 3 101% J’nel
Beet Sugar___
4012 41
40*4 413: 41
41
42
41% 40% 413- 403; 41*3 61,400 American
A7SJan
11% Feb
43
M ayll
Do
pref..............
..
119*8 11978 11934 1201, 119% 120% Il934 120
119% 1191' 11934 11934 6,900 American Can............ .
90% Feb 1 12U; May 11
7Y Jan
5914 607S 0014 01
423g
Sep
60% 61% 603.i 61% 60% 61% 13,800
60
61
013
4 Aug 16
49
Feb
5
Do pref_____________
♦11712 119 ‘ 118 1 20 $118% 118% "118% 120 "118% 1 2 0
515 American
118 118%
Feb 14 120 May24 113 Oct
Car A Foundry 115
*32
33
*32 33
*31% 32
1 ,0 0 0
32
*32 33
*32 33
32
31
J’ly
2
31%
Aug
1
Do pref_____________
771; *77 78*. *77
*77
950
79
*78% 78% 77
77 *75% 77
75% Aug C 83% J’ne 2:
Cities________
*5312 5412 54 543, 5378 54
___ ___
54 54
1,900 American
54 54
45% Jan 19 57% May 3
41% Nov
Do preferred________
*94% 100 *96 1021- *96 1021. *96 1021; *95 1 0 2 0
95 Jan 19 99% Feb 13
92 Nov
Cotton Oil___
*5
514 *5
514
51, 6 %
6 i; May Hi
3 FeD 19
51., 5*8 *5
5*f *5% 5*3 1 ,2 0 0 American
3 % Sep
Do
pref_____________
27
*26
26% 27 *201; 271­ *26*4 28 *27
20 0
20 Feb 26 27% May 16
*26% 28
27%
18 Sep
2578
Hide A Leather 18 Jan 2 303.1 May 20
2534
20 263­ 26% 27‘
26% 2 0 % 26
26
2,825 Amerloan
26%
25%
1
% Aug
Do pref_____________
1414
14
I 4 I4 14
14
14
9 Mcb 6 177g Apr 23
*13
14
950 American
$14
13% 133;
14
8
Aua
Ice Securities. 30 Feb 20 43
36l8 3614 *35 37
357s 36% 35% 357, 357S 357j 357S 357j
800 American Linseed___
Apr 23
26%
Oct
437s 41% 44% 45
4478 45% 45 46
3134 Feb 27 40% Aug 16
4533 46% 14,425
46
45
82%
Do pret........................ 103 Jan 15 110% Aug 14 102 Oct
109U 10914 *109 111 "109% 1101­ 110% 1101" "109 11 0 "109 110
400 American
Oct
Locomotive__
181, 18
18
*1712 183g 18
434 Jan 10 19% Aug 5
18
18% *17% 18% *17% 18%
700
3 Sep
Do pref__________
6 8 % 687s
68
69
073.1 08
42 Jan
6834 69% 6 8
4,621 American
311; Mch
681" 68
60
09% Aug 14
Malt Corp----Do pret--------------10978
n0238
1463a
109

1101
1023
1471­
1091

10 934

57.37'.
l,08i
10,801
14,001

Erte,

BANKS

Banks
Nsw York

Bid

Aetna____ 200
America H__ 620
Amer Kxch. 238
Battery Rk. 126
BoweryH... 400
BronxHoro! 300
Bronx Nat. 175
Bryant Rk T 160
Butch & Dr 130
Century $|_. 5230
Chase____ 675

Banks
Hia
Ch»t*Phsntx ISO
Gbeisea
Ex$
5150
207
630 Chemical . . 442%
242 Citizens' Oti 180
130 -.Ity............ 420
___ Goal & Iron 155
___ Colonial 1|.. 425
180 Columbia 1% 335
155 Tomuicrce . f 197
140 Corn Ex $|.. ___
. . . . East River. 88
Fidelity 1%. 165
AS*

AND
Ask

185
___
4 17%
185 ’
425
160
___
350
___
322
___
175

TR U ST

C O M P A N IE S — -B R O K E R S '

Banks
Fifth AveU.
Flith . . . . .
First ______
Fourth___
Garfield__
Germ-Am 11
Germ’ n ExJl
Germania $|.
Gotham . .
Greenwich jj
H anover...

Bit
Ask
Banks
1300
Harrlman . .
300 325" 1 nip Jo Trad
1000 1015 Irving.........
200 203 Liberty___
275 290 Lincoln___
140
danhattauji
425 4*4I ) ’ •lark’ t&Ful
525 640 dcch JjMet’s
158 168 dercb Exon
250
Merchants'.
690 7Y0"

Highest.
116% J’ne
10 5 % J’ne

139% Nov
109% J’ly
91 Jan

845S J’ly
J’ly
Dec
8634 Feb
25% J’ne
49% Feb
133% Feb
155% Feb
150% J’no
$209 Jan
33g Feb
7% Feb
66 Jan
98 Feb
17478 J’no
570 Nov
35 Feb
74 Feb
15% Mch
30% Mch
5838 J ’ly
01% J’ly
4y34 J ly
140 J’ne
0334 Feb
147 J’ly
203g Feb
66-% J’ly
3738 J’ne
6934 J’oe
17 Nov
40 Jan
18673 Dec
247
320

16t)34 n o v

142% Jan
42% Sep
68% Sep
152% Mch
160 Mch
38% J’ne
10 Oct
63 Feb
7238 Jan
38% Feb
115% Feb
151% Feb
40% J‘ly
jll% Nov
yl% J’ne
5534 Nov
1377* J’no
130% Feb
100 Jan
112
Feb
16178 J’ne
92 J’ly
101
May
3438 J’ne
6 8 % J’ne
27 Oct
69% J’ly
49i; J’ly
34 Feb
72 J’ae
j2638

J’ne
J’ly
75% J’ly
30% Feb
41 Deo
8 % Jan
24% Feb
5378 Jan
111 Feb
1923a J’ly
96 J’ly
40 Feb
76% Mch
1838 Feb
403 S Feb
06 J’ly
6 % Feb
17% Feb
8
Feb
72% May
3338

.245 Apr
71% J’ne
63% Dec
105 Deo
5934 Oct
101 Oct
12% May
93% Deo
58% J’ly
120 May
02 % Feb
105% Feb
6
J ne
26% J’ne
2534 J’ly
123;, Feb
34% Deo
43% May
110*4 Mch
6*3 Jan
43% J’ly

Q U O TA TIO N S,

BU

Ask

280
565
202%
595
375
340
250
260
100
183

5*7*5*"
210
610
385
347%
257%
263
165
. . ..

Banks
Metropolis f
Metropol ’nj
Mt Morrisli
Mutual 1|.__
Nassau .
New Neth.J
NewYorkCo
New York.
Paclficli___
Hark.........
People’s !]._'

BU

375
183
250
285
205
220
875
340
255
3671"
240

Banks
Prod Excb !
Reserve __
260" >eaboard . .
-econd___
295
iecurl ly ’J . .
iherman__
state !|___
3*5*0*’ 13d Ward!'.
265 Union Exc.
375 Wash l l ’ t s !
250 west Side !
t orkvllic !i.
Ask

385

BUt

As*

167% 172%
93%
425
375 400
135 145
135
250
175
162
275
575
600

* J?ld and asked prices.; no sales were made on tills dav. tEx-rlghts. $Less than 1 0 0 shares "IState banks, a Ex-divldend and rights, b New stock*
T Bale at Stook Exohango or at auction th% week. It First Installment paid, nSold at prlval
private sale at this price, z Ex-dlvldcnd. 1 Full paid.




406

New York Stock Record— Concluded— Page 2

[V o l .

l x x x x v

.

For record of sales during the week of stocks usually inactive see second page preceding.
STOCKS--HIGHEST AN D LOWEST SALE PRICES
Saturday
Aug. 10

Monday
Aug. 12

Tuesday
Aug. 13

Wednesday
Aug. 14

Thursday
Aug. 15.

Sales
the

Friday
Aug. 16.

01

TVee’r

Shares

Range since January 1
On basis 0 / 100-share lots.

STOCKS
NEW YORK STOCK
EXCHANGE

I

Lowest

Industrial and Misc.(Con)
1 0 C Amer .Smelters See pref B
40.55C Amcr Smelting* Heilnlng
Do pref________
1.C0C
l.UC American Snuff________
400
4,700 Vmcr Steel Found (new).
3,950 American Sugar Refining
Ho pref.......... .............
400
5,196 American Teleph * Teleg
3,600 American Tobacco____
900 Breierred, new_______
400 American Woolen_______
Do pref________
600
3,072 \nier Writing Paper, prt.
26,610 (lAnaoondaCopper Par?25
2 0 0 Assets Realization____

88
♦8712 887{ 8778 877; *87
*87l2 88
*8712 8 8 ' *S712 877s
835g 843; 843 861. 853S 861, 863s 870 8 6
871g 861s 8034
lOS-l^ 10.87. r!07!i 1071,< 108 1081; 1083g J081; 10853 1085g IO8 I4 10834
♦170 171
17112 1713, *165 171
17012 171
17112 17U- 171 171
♦102 105 n o l o 105
1047; 1047, *1047g 105
1047;, 105
105 105
341* 34P 35's 351; 35U 3.53; 353,s 357. 357g 3612 363i 363,
127>2 1271' 12734 128
1285s 1287; 12812 1281;
127'3 1287, 12812 129
♦122 124
123 1233, 123 123 *122 1231' *122 1231; 1233,3 1233S
14534 146
1457s 146
146 1461; 1457s 146t4 14534 1401,i
1453.1 146
306 306 30312 307 303 304 304 3050 x27934 2S312 271'2 2775s
105*2 1055; 1055* 1053 10 ol2 1055; IO534 1053; *10512 107
106^2 10512
29
277g 2S14
♦27 28
2758 27S. *27
29 *27
29 *27
90 90
♦885s 901.1 R978 897. 89U 89E 90
901., 90 90
39I2 397' 3912 405- SOU 401, 3912 395; *___ 40 *___ 40
411.1 411; 413s 421- 4233 433, 431s 435- 42*8 43*2 43 4 3 I4
1261s 1261, *125U 12614 *12514 12614
126 126
♦125*2 136 ^12512 126
581> 5S3„ 585; 58 583., 5712 5812 2 ,2 0 0
*57*2 577; 577o 58 *58
♦1055s 1057- >1055, 1057 1053,1 1057; 1057g 1057; 10578 10578 10534 IO6 I4 1 ,1 0 0 ' ' Do p ret______
3914 4C3g 40
40
387' 38
381,, 38
28*3 383. 38
4012 19,100 Bethlehem S te e l____
*69
711' 7112 711; 715,s 715; 7112 723; 72 7234 *701,1 73
Do pret............
2,600
148 149 *148 14!)
1481« 1483,. 148 149
14818 1481; *148 149
1 ,0 0 0 Brooklyn Union Gas__
*34
377; *3412 3714 *3412 3712
37
*3358 37 *335s 37
37
100 Butterick Co________
287;, 297, 2953 301; 2910 301S 293, 3 0 I4 27,500 < 'entrnl f.eather_______
27 273; 273.1 285
99
991' 997g 100
0!)7g 100
*97*4 ----Do pref___________
3,720 '
971,1 981' 9812 9S7
367g 38
337S 343. 3438 35
3412 345. 343.1 37
3714 3!)
57,100 ({Chino Copper___ Par $5
31
31
311, 323' 3112 321' 317s 323; 32 3234 3112 32t2 4,700 Colorado Fuel * Iron__
147*4 1483. 149 1491. 148 1487. rl4714 1475; 14612 M7 I4 146 147 21,900 Consolidated Gas (N Y)_
1478 147
155,
15
1534 16
1553 161 24,900 Corn Products Refining.
151, 15
16
15
843* 8412 843* 84->g 845g 84
84
Do prei_______
*82
831' ♦S3
84 *83
1,100
3313 333, 3314 333; 33U 3334 33t2 35
*325s 33
33
33
9,900 Distillers’ Securities Corp
*14
21 *14
21
*14
21
*14
21
*13
21
*14
21
l-edera! Mining * Smelt’g
48
48
*43
46
46
*43
40
431.S 431; 453; 457, *43
Do pret____ ______
500
182 1821- 182 1823. 1SU2 1831. 1831.i 1837; 1X23, 1831. 1)2 182
S 3 It General Electric..
37
35 35 . 35
§3012 301; 36
30
363g 361; 37
37
3 350 Gen Motors vot tv c tfs..
781g
783
*78
80 *78
78'!.
79
77
78
1,35
781g 781; • 78
Do pret vot tr c t f s ...
33, 37
334 33'
33, V ■
33t 37
37S 37
334 376 71 ({Goldfield Con M Par $10
*5512 561' *561,i 57
5612 563* 5673 583; 587S 693, 5S5s 593, 9.70 dGuggenh Kxp.o. P ir 5 2 5
19
191;
19
19
1834 19
19 ' 191- *19
191; *19
191;
1,975 ri 1 nsp’n Con Cop Par $20
123 1231? 12314 1231,, 2,200 1 nt Harvester stk tr efts
12358 1235 124 1241- 12358 1237; 121 124
4
Do pret stk tr ctfs . .
*118 U934 U13 1103 *118 1193* *118 1193. § 11G34 IP 34 *119 1193.
45,
513
5
V
s
4
3
.1
5
453
S's 5's
*414
5
925 fnt Mcr Marine stk tr ctfs
43,i 43,
115g 1S73 *1812 191. 1.40
19 *173.1 19
Do pref__________
19
I 8 I4 181.. 1812 19
lfil; 1534 16
16
161; 1014 I 6 I4 *10
3,45 International Paper__
15”>s 157.
153.1 163,
573g 58 *57
58
67
57
Do pret_______
5714 673;
1,577
*56
57
57
271' 2712 271'. 27*2 281g 2/l2 2,34 1,301 Internat Steam Pump
27
27
*26 271- 27
81
*80
82
Do pref____
300
SOI' *79U 801' 80 805, 81
*78
82 *79
10G78 1067 107 1071, 107 107
I0712 1071; 1071s 1071; *107 10,1; 1.391 l.aclede Gas (St L) com
*203 2071- 204 2081. *203 2081' *20512 2081? 2( 812 20812 208 21(1; 2,115
I'o preferred........
11534 1153- *115
2 r
116's 1167, 115 117 *116 117
117 ' *115 117
5,6 0 Loose-Wiles Bis tr co ctfs
*44 " 443, 441.1 443.- 44
445; 4433 45
4 112 443. 4412 45
*10314 104 *10314 104 *103U 104
1030. 1037; 103t2 10334 §104 104
410
917; 913.j 913* *91 " 02 ' 911? Oil;
9H.i 913. 9 H4 9U. *91
500 Do 2d pref__
♦85 ' 91
*89 ‘ 91
*89
91
*80
90
89
89
*85
92
100 Mackay Companies__
693, 691.1 691; *69
*691,1 693 *69
Do pref_____________
690 *69
6912 693g 69^3
200
*78
84
79
810 82
83 *79
83 *703t 8()12 *78 82
1,700 May Department Stores.
106 106 *105 106 >105 110 *104 108
Do pref___________
*10312 107
300
10012 1061?
683.
60-34 70
6812 701 j
295s 293
2912 2 9 3 . 2912 293; 2912 293; 295s 297„ 295g 297s 16,294 U ..lam! Copper__ Pur §0
13012 1361; 3,240 |VJ ationai ll’ scuit___ __
136 1361; 1357a 1363. 135 137
137 1370 13612 137
12S34 12S3, *1261" 1283, rl2614 12614
Do pref.. __
*125 129 *125 127 *12512 129
200 l''i
17*2 1712 1714 183g 5,950 Nat Enamei’g * Stamp’g
17
17*2 170
171; 16*8 160
1612 175;
93
Do prel_______
*91 93 *91
*90
93 *91
*91
93 *90
93
93
60
*583.1 5914 595s 595 . *59
591' 5912 6014 5912 593, *59
2,300 National Lead.
Do pref___
♦IO8 I2 1101, 1095s 1101- *109 1101; >uoi4 11014 *109 IIOI4 *109 IIOI4
203
217g 223S 22<s 2212 17,200 dNev Cons Copper.P a r 5 5
2158 215, 2U2 213; 2U2 217, 21<s 22
77
78
77
77
*72
78
74Bs 75
1,400 .New \ orlc Air Brake..
*70
80
74
74
83
8314 8514 4,700 North American Co (new)
831; 8312 831; 83
8314 831, 8 .3 I4 831., *82
32*4 321.1 32l2 33
*3ll2 321- 317,s 323., 3212 3212 313, 3214 2,110 1 lacltie Mall______
*515g 52
5134 53
501,1 5(64 53
50
50
501,
51
7,900 A aciflo Telep * T eleg..
2,-.110 People's G L * C (Chic).
118 1181. 118 1181., *11712 118
118 1181s 118 118 *117 118
103 1031s 103 1031j *103 105
300 Philadelphia Co (Pittsb).
*102 104 *103 106 *103 105
2434 263, 67,800 Pittsourkh Coal Co______
2534 27
22t„ 223S 2212 235, 2314 247, 25
2 7 I4
Do pref_________ _
9412 05
9512 9434 993, 97*2 1003., 98's 9914 9712 983, 36,800
94
192 192
19314 1931.,
*189 19214 *189 1921., *188 1921, 1921s 193
400 P. Lorlllard Co_________
Do preferred________
117 117 *115 1181, *114 118 *115 118 *115 118 *115 118
100
36*4 37
371.1 373. 3714 373, 3712 377; 37*2 377, 373, 383. 6,85( Pressed Steel Car............
1027s 1027, *102 104
IO.U4 1031; *103 104
»>o iuet________
♦102 104
10312 1033;
501
11912 1191.
120 1205; I2 OI4 1207, 120U 1201; *119 120
120 120
85; Pub Service Corp of N J_
162 1620 163 1661. 16412 1651; 16512 1657; 16512 1651; 166 1693- 7,265 Pullman Company______
3714 3714 38
371,| 371- 37
36
361ft 3612 3714 363., 37
4,701 1J allway Steel Spring__
104 104 *103 105 *103 105
♦102 105 *103 105 *103 105
10< * » Do pref___________
207g 2H; 2112 223; 221s 223,. 51,112 (IRay ConsCopper Par $lu
2(>3.i 207, 203.! 211. 2 W4 21
2884
2.8 28
277g 283; 2778 2814 28 281, 13,40 Republic Iron * Steel__
2818 283, 28
893.1
903;
9014
907,
89t2
891;
90
91
8834 895, 893S 90
l)o pret_____________
9,43(
*102 1025, 102 102 *102 1021, *102 1021; *102 1020 102 102
30. Rumeiy (M) pret_______
20312 2037, 20314 2037
20512 2067, 205 2063., 20278 2053; 204 205
5.25 cars, Roebuck * Co___
*57
58
58 59
3.027 Sloss-Sheffleld Steel * ir.
57
57
57Ii 575, 5712 577; 5712 59
2 9 I4 2934
28
29
2812 281; 29
281, 28
1,30. Standard M illing______
2812 2834 28
65 *04
65
647i *63
65 *6-4 647, *63
4334 4514 451.1 451; *45 450 4,65' StudcbaUer Corp (The)-4714 473.- 461o 471., 423.1
901,, *95
973.1 973. 98 - 98
O6 I4
98 *95
63i
98's 981; 98
43
4i78 417, 42
42 ” 425. 4212 4314 43
2,801 (flonnessee Copp.Par 525
4214
12678 1267, 127 127
2,62,' fexas Company (The)__
126 1261; 126 12634 127 1271, 1251*2 12*0*
10912 n o
*109 112
85. | I nderwood '1 ypewrlter
IIOI4 1101., 1093.1 110
*10912 U3 *110 113
<11412
.•1141?___ *1 1412 ___ * iin 2 . . .
♦1141-»
*11410
123s 123, * 1 2 ■ 13
1212 1234 127g 127, 125s 130 7,93 Union Bag & Paper_____
*1212 13
Do pref____________
CO
*58
59 *53
59 *58
59
58
58 *575g 583, 5812 5 9 I4
567s 507. *53
*63
,67 *53
571- *53
67
*53
67
57
101
*105 110 *104 110 <*105 110
*105 ” 108 *105 110
*9978 1001, 100 10014 997S 997, 997g 997; 997g 1001; 10018 1001,
93£ United IJry Goods______
♦108 110 *108 n o *108 110 >108 n o *108 110 *108 110
187g 187, *1814 1912 1912 20
195g 195;
*1812 191' *181.1 191'
911 U S Cast I Pipe * Foundr
*58
59 *57l2 5914 §5812 581- 583.1 59
Do pref___ _________
693S 5934 59U 5 9 I4 1,131
4«534 46
*4312 45
45's 451 , 4573 45'; 45
46 *46 ___
65( U S Industrial A lcohol..
84
841,| 8412 841- *833., 843 *833.1 841,1 833i 833, 8334 843
1,10. U S Realty * Improv’t . .
523, 523g 53
52
*5114 52 *SU2 52
52
521; 5214' 521., 3,301 United States Rubber__
♦J0.8 1081; 10S12 1085, 10812 1085, 10834 1087; 10S58 10834 10.85s 1083;
1,951
Do 1st pref..................
81
7812 781; 7934 80 *79
*78
811, *7.8
31£
8 H4 *78
81
Do 2d pret............. ..
723.1 733* 7212 731, 7278 741; 7338 7418 731., 741, 179,50. United States Steel____
7178 723.
1121s 1121; U258 1127, 1125g 1127, 113 11312 II 3 I4 1131; 1131s 1133, 5,341
Do pref____ ________
63
6358 6312 641., 03
6134 621; 6212 63
6134 62
633. 33,601 dUtah Copper__ Par $10
4 8 I4 481'
49 49
4812 481; 4812 483.i 4814 481; *18's 485, 1,201 VIrginia-Carollna Chcm ..
*1153.1 1157, *11512 HO
II 6 I4 IIOI4 116 116 *1157s 116 *116 117
201
Do pret_____________
13312 1331;
221 \ V eils Fargo * Co------*133 138 *133 138 § 135 137 *133 135 §135 135
833g 841; 8333 84
8134 813j *813.1 82
813,1 82
82
84
7,231 1 1 estern Union Teleg..
8034 88
8714 8734 865g 873; 23,90i Westlngh’seEI&Mfg assen
8734 88
89 891; 871.1 89
126 126 *12318 127 *123 127
201
*123>8 1251; 1231S 1231; *124 126
Do 1st pref__________
90
901; 90 963, 8,60<
9434 9434 9412 953, 955g 953; 94
96
2 r>
114 114 *1131o 1151- *114 110 *114 1151' *114 115 *114 1151.
Do pref____________

Range tor Previous
Tear 1911.
Lowest

Highest

H Ighest.

02 Sep
86
Mch 22 89i2 J’ne 10
568,1 Sep
677s Feb 1 8958 Mch 25
ox*, ScP
l()28s Jan 2 108's Aug .1
123 Mch u 176 J’ly 1 225 Sep
99 Feb 9
26 Jan 19 3912 May 11
25 Sep
H434 Jan 12 1331 Mavl , 112 I4 Sep
1375s Jan 2
241ig Feb 29
ll)li4 Jan 11
25L Feb 6
86
Feb 7
25ig Jan 25
$34 Feb 1
IO5 I2 Feb 7
535« J’ ne 18
10284 Feb 2
2784 Feb 27
561? Feb 27
1B712 Mch 21
29W Mch ix
16'2 Feb 27
80
Feb 2 /
$25 Jan 15
23(3 Feb 2t
138i4 Feb 17
10 Jan lu
x76i4 Jan 3
28 Feb 5
111., Feb 28
371g Jail 23
155 Jan 2
30 Feb 26
7 0 I4 May 3
$384 Aug (
So! J’ly 11
SlSft J’ho ..
10514 Feb 1
110l2 Jail 26
4 Meli 7
153.1 J’ly ;j>.
93g Jan 17
xibig Jan 3
24i2J’ no :i
79 Feb 1
101 Mel) 1.

1491s Men25
32410 J’ly 1

52i2 Feb
l.2i 2 Feb
nui? Feb
153is J’ne

1311? Aug

251? Dec
31 May 17
851.) 1 »cl
9Ho Men 12
4 Mg May ;
2 4 6 Sep
$l5i8 J’ne2i #29 Sep
1261s Aug (
1061? Uec
C012 J’ne 2 .IO8 I3 J’ne 17 i(l3l4 Dec
42 Apr 1’.
: 0 Sep■
743.1 May <
51 Sep
149 Aug L rl29 Sep
40's Apr 51
28
Feb
1«3.| Stp
3 )I4 Aug P
100 Aug 15
oils Uec
Aug .6 Sloi? Sep
25 Sep
3 4 I4 Apr ll)
128.1, Sep
14 U-. Aug
17i2 Apr 24
95S (.)<:'
V3 Sep
87 Apr 24
29 Sep
35 Aug K.
13 Uec
2l33 J’ly •
3/ Dec
50
J’ly :
1 i8i2 J’ly 2o 112 Sep
35 Nov
381.1 Apr 9
741? Dec
82 Apr 8
$36, Oct
S5 Meh 1
320i8 J’ne 7
Ilf5'2 Aug 5
12134 Apr ,
77s Men29
26 Mch 29
1j34 May2.,
627g May2 ,
34 Jan 1
8158 Apr 8
10834 Jail 4
2 1 0 6 . Aug 16

3G12 Mch
90i.| j ’ne
■41? Feb
x4Ds J’ne
108 Deo
107 Dec
3Sis Aug
603, J'ly
14M4 Nov
3l
Mch
333g Keb
105 Feb
#2712 Deo
363 g Feb
1481? J lie
1514 May
85 May
381.4 Mch
36 8 eb
00i2 May
10.883 May
613, Aug
8658 Aug
S778 Jan
May
May
57g Jan
22i2 Deo
133g Jan
603s Jan
44 Feb
90i" J’ne
1146, Jan

9yis Sep
115 Sep
3 I4 Sep
14 Aux
9 Sep
44s3 May
23 Oct
30 Oct
lull., Sep

12983
12 .31,

711? Dec
08 Dec
Vo Apr
1073| Sep

96 Feb
77 Mch
87 J’no
1131, J’ne

ilb-'s Sep
ll 1 U Jan
121 Jan
121? Dec
85 Jail
4212 Sep
605s May-21
llOlg Aug ,1 101 Sep
$231,1 May 1 #1513 Sep
45 Oct
78 J’ly 26
8478 Apr 27
64 Jan
35 M(,h 27 23is Apr
5583 Apr 2o
35 Sep
U 8 I1 May 26 lull? Aug
IIH4 Feb 11
99 Sep
2714 Aug 11
17 Dec
673, Jan
100 '4 Aug 11
2001? J ’ no *

*24i2 Dec
1433, Nov
130 Feb
22 J'ly
1003, J’ly
69 Feb
1093, Aug
$211 , J’ ne
76 Feb
763, May
333s Nov
645g Jan
109 Jan
1181" J’ne
2314 J’no
907g J iy

25 Sep
3834 Aug 1(
91 Sep
1033.1 Aug 1(
1207g Aug l:, 108 Oct
1G934 Aug 1 154 Sep
26 Oct
38 Aug 16
92 Jan
101 Aug 1
$22l2 J’nr.21 )12 Sep
18 Oct
28)4 Aug l:
91 Aug li
7418 Oet
103 .J’ly 2 , ___
20634 Aug F. 12512 Sep
59 Aug .5
31 Sep
3312 J ne 2.
15 Aug
50 J’ly
4912 Aug !

378.x J’ne
10231 j ’ne
12U Fob
163 Jan
39 J’ne
103 J'liO
$19 Deo
351, Feb
993s Feb

•13 J’>y 22
47*8 J'ly 26
103 J’ly 22 10414 J’ly
90 J’ly 22 921" J’ly 26
75lg Jan 3) 9214 J’ly 1,
68i2 Jun 11 70's Jan 23
69 Apr 11 81 Aug 2
1053.1 j ’ne 24 112 Jan tl

$231g Feb 14
12jl2 J’iV 26
1257g Aug 8
1214 Feb 2‘.
88 Fen 27
51lg Jan 0
10512 Feb 1
$181, Jail 29
50 Feb 17
741?Jatl 3
30 Jan 3
47 Feb 6
103 Jan 8
102
,1’no 3
1034 Mch 1
77 Feb x
167 Mch 11
1073.1 Jan 12
2834 Feb 27
96 Feb 28
10634 Feb 17
15812 Feb 2
271" Feb 8
100 Mch 12
$16 Jan 29
1534 Feb 26
0412 Feb 27
100 J’ne 20
140 Jan 16
3914 Jan 30
IOI4 Jan ly
53 Jan h
30 J’ly ll)
90to J’ne 2 $
$311? Feb 1
81 Jan 16
9834 Apr 3
111) J'oel
45g Jan 25
493.1 Fob 21
5314 J’ly 10
105 Jail lu
97 Feb 10
10338 Feb 24
13 Feb 16
50 Jan 4
26 Jan 8
67 Jan 31
451.1 Feb 1
1053s J’ ly 2u
75 Jan 23
6 XI4 Feb 13
1073S Feb 13
$521? Jan 29
4714 J’ly 12
115l2 Aug 8
13312 Aug 16
79 Jan 2
OOI4 Jan 3
1147s Jan 5
921? J’ly 25
1 l'U* J’ly 20

89i* J’ly
83‘s J’n«
1081" J'ne
325 May

$30
161
131
10 I4

Aug 6
Apr J
J n el.
Mavl5

May21
130 J’ly I
1153, J’ne28
1111, J'ly 21.
17?3 May 15
673.1 May 16
6 13,1 May 21
109 Feb 1 .
1023,i J’ly 17
IO.373 J'ly ; 1
2212 Maylt.
01 J'lioL
46 A u g .6
80i2 J’ly 1
077s May21
116 Mav2i
85l2 May21
7418 Aug Ll
114 Aug 1
$6512 Apr 8
5 7 I4 Jan 26
122
Mch 27
151 Jan 3
8 OI4 Jan 18
891? Aug o
126 Aug 8

$1714

192 Feb
56i, Feb
17i3 J’no
53 Dec

»30i4 Sep
74i2 Nov
63 Mch
103 \lrh
434 Dec
60i8 Nov

J’no
136i2 Feb
ill J’ne
1137$ J'ly
9 " Feb
69i2 Jan

$44

loot, Sep
97l2 Sep
1U034 Sep
ll Sep
40i2 Sep
24 Aug
05i8 Jan
3012 Sep
104 Sep<
66 Sep
60 Oct
103 Oct
*38 Sep
43is Sep
114 Sep
139 Sep
713g Apr
585g Sep
11U12 Aug

1163. J’lv •

i 1061" Oct
108 “ J’no
10712 J'ly
19 Feb
i6l Feb
30 May
793, May
4812 Dec
1151? J’ly
79 Mch
82ig Feb
120?s Fob
*577s Dec
7U«s Feb
12812 Moll
177 May
8412 May
79 May
123 Jan
..

B A N K S A N D TR U ST COMPANIES— B A N K E R S ' Q U O TATIO N S.
Banks

But

Brooklyn

Coney Isl d1
First...........
Greenpomt..
Hlllsldel . . .
Homesteadl
Manufac’rs
Mechanics' 1
Montauk 11
Nassau . . . .
Eat C ity..

280
___
405
230
212

275

Ask

155
295
161
126
115
425
210

15)
225
295

Banks
Brjokiyn

Bia

Ask

Trust Co’ j
N Y City

North Side 1 175 2 0 0 Central ir._
.’eople’s . .
145 155 Col din binKnickerh
t’rosp’etPk' 150 105
Commercial
litn p irc__
lrust Co’ s
Hqult’ ble Ti
N Y City
Karin Lo& 1
Astor ____ 110
420 Fidelity__
Bankers’ Tr 582 587
Fulton___
U’ way T r.. 1771; 1826 Guar’ ty Tr.

Bid

Ask

Trust Co's
Guardian Tr
1030
H udson__
Law T I&Tr
575 585 Lincoln Tr
971;
vletropol’t'11
300 31.) Mutual Alll
5126 5476 anc o ........
___ 1 too ■Vlut.t West218 2 2 2
Chester)..
315 325
1010

1020

Bia

Ask

90
137
225
455

105
142
230
III)
465

145

152

140

150

irus; Co j
NY Llfe&Tr
N Y Trust.
Standard li
ITtleGu* Tr
Union Tr
US Mtg* Tr
Unit States
.Vashington
>Vestchestei
Windsor . .

Bid

Ask

1030
63J
370
587
1300
471)

1015
640
381)

1110

390
150
188

I8.1
1130
410
160
192

lru3t Co'i

Bia

Ask

470
150
205
275
105
520
300
f 130
295
95

4S5

Citizens’ . . .
Franklin__
lanitlton . .
(Ion ic------Kings Co . .
n Isl L is Tr
Nasa.iu___
Peoples'__
Juecns Co.

275
115
312
305
105

* Bid and asked prices; no sale3 on this day. i Less than 100 shares, t Ex-rights, a Ex-dlv. and rights. 6 Now stock, d Quoted dollars per share.
(. t Sale at Stock Exchange or at auction this week. s Ex stock dividend. II Banks marked with a paragraph (1i) arc State banks, x Ex-dlvldend.




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

BONDS
Y. STOCK EXCHANGE
Week Ending August 16.

US
US
US
US
US
US
US
US

U. S. Government.
2s consol registered..di930
2s consol coupon____(41930
Os registered________ fcl9l8
3s cou p on __________ fcllHO
4s registered_________ 1925
4s cou p on ____________1925
Pan Canal 10-30-yr 2s k 1930
Panama Canal 3s g___ 1901

Foreign (ioverument
Argentine— Internal 5s o( 1909
Ctilnese (Hukuang) Hy 5s £ __
Imperial Japanese Government
Sterling loan 4 Hs_______ 1925
2d Scries 4 14s.........
1925
Sterling loan 4s_________ 1951
Republic o£ Cuba 5s exten debt.
External loan 4H s______1949
San Paulo (Brazil! trust 5 s.1919
Tokyo City loan of 1912, 5s___
U S of Mexico s t g 5s of . 1899
Gold 4S of 1904................. 1954

Price
Friday
August 10
Hid

Week's
Range or
Las Sale

Ask Low

ioo% uu

100*4

High

May’ 12

100% 1011,1 100*4 May 12

102 10234 102i2 J’ly ’ ll
102 1023, IO2 I4 Aug 12
11312 114V ll lag A ug’ l.
,14
111 Sale 11314
10012 lul 100»2 J’n e l l
lo Ui Sale 10134 1014,
M-S 1 99l2 993, 9912
991;
J -D 1 94 04% Oils Aug’ l:
P-A
J-J
J J
M-S
E-A
J-J
M-S
(J-J
J -U

{ 92 Sale
1 91 Sale
j 8334 Sale
110312 101
t 90 ----t 97^3---__ 941,i
1 UOI3 901
___ 90%

92
91*4
91
90*4
84
8312
10312 103%
99
99
97*<
97*8
9373
937„
97
97
91 May’ 12

these are p rices on ,he ba

Range
Since
Jan. 1.
Low

N.

BONDS
Y . STOCK EXCHANGE
Week Ending August 16

H Igh Chesapeake & Ohio—

U)0*| 100,f

100*4 101
102 10234
1011* 103l,|
113U 114*)
U3U 114*4
101% 1021;
97 100
93% 951;
911* 94
90*8 93
«T12 88%
102% 10)
99 09%
97% »8
,378 9ft
95% 97%
88 91
/ $6 to £.

Gen funding A lmpt 5 s..1920 J-J
1st consol gold 5s_______ 1939 M-N
Registered____________1939 M-N
General gold 4 *.$s_______ 1992 M-S
Registered____________1992 M-S
Convertible 4 V$s________ 1930 F-A
Big Sandy 1st 4s________ 1944 J-D
Coal Rlv Ry 1st gu 4s___ 1945 J-D
Craig Valley 1st g 5s___ 1940 J-J
Potts Creek Br 1st 4s___ 1940 J-J
It & A Dlv 1st con g 4S..1989 J -J
2d consol gold 4s______ 1989 J-J
Greenbrier Ry 1st gu g 4s 1940 M-N
Chic & Alt RR ref g 3s.........1949 A-O
Hallway 1st lien 3 % s __ 1950 J-J
Chic B & Q Denver Dlv 4 s . .1922 F-A
Illinois Dlv 3 H*________ 1949 J-J
Registered____________1949 J-J
Illinois Div 4s__________ 1949 J-J
Registered____________1949 J J
Iowa Div sink fund 5s__ 1919 A-O
Sinking fund 4s_______ 1919 A-O
Nebraska Extension 4 s . .1927 M-N
Registered____________1927 M-N
Southwestern Dlv 4s___ 1921 M-S
Joint bonds See Great North
Debenture 5s__________ 1913 M-N
General 4s______________1U58 M-S
Chic A E 111 ret A Imp 4 gs.1955 J-J
1st consol gold 6s_______ 1934 A-O
General consol 1st 5s___ 1937 U-N
Registered___________ 1937 U-N
Chle A Ind C Ry 1st 5 s..1930 J-J
Chic Gt Western 1st 4s__ 1959 M-S
Chle Ind A Louisv— Ref 6s. 1947 J-J
Refunding gold 5s______1947 J-J
Refunding 4s Series C__ 1917 J-J
Ind A Louisv 1st gu 4 s..1950 J-J
Chic Ind a Sou 50-yr 4s . 1950 J J
Chic L S A East 1st 4 H s.,.1909 .1 - 1)
Chle Mil & St P terml g 5s 1914 J-J
Gen’l gold 4s Series A .. e l 989 J-J
Registered ______ .e l989 Q-J
Geu’i gold 3 Ha Series B.el989 J-J
Registered__________ el 98 9 J-J
25-ycar deben 4s________ 1934 J-J
Conv -i )is (full pd rects)____
Chic A L Sup Dlv g 5s__ 1921 J-J
Chic A Mo Rlv Dlv 5s...1920 J “ J
Chle A P VV 1st g 5s.........1921 J-J
C Al A Puget Sd 1st gu 4S 1949 J-J
Dak A Gt So gold 5s___ 1910 J-J
Dubuque Dlv 1st s f 0 s..1920 J-J
Ear A Sou assum g 6s___ 1924
LaCrosse A D 1st 5s____ 1919 j - j
Wls A Minn Dlv g 5s___ 1921 j - j
Wis VaE Dlv 1st 6s.......... 1920 j - j
Mil A No 1st cons 6s___ 1913 J-D
Extended 4 j(s _______ 1913 J-D
Chicago A N West cons 7s .1915 4 - f
Extension 4s______1886-1926 h -A
Registered______1880-1926 F-A
General gold 3 Hs_______ 1987 M-N
Registered__________ pi 087 O-E
General 4s______________1987 M- N
Sinking fund 6s___ 1879-1929 A-O
Registered______1879-1929 A-O
Sinking fund 5s___ 1879-1929 A-O
Registered______1879-1929 A-O
Debenture 5s__________ 1921 A-O
Registered___________ 1921 A-O
Sinking lund deb 5s____ 1933 M-N
Registered___________ 1933 M-N
Frem Elk A Mo V 1st 6 s.1933 A-O
Manl G B A N W 1st 3 H* 1941 J-J
Mllw A S L 1st gu 3 %s_.1941 J-J
Mil L S A West 1st g 0 s..1921 M-S
Ext A Imp s f gold 5 s..1929 F-A
Ashland Dlv 1st g 6 s..1925 M-S
Mich Dlv 1st gold CS..1924 J-J
MU Spar AN W ls tg u 4 s .l’J47 M-S
Northw Union 1st 7s g._1917 M-S
Winona A St P 1st ext 7s 191G J-I)
Chicago Rock Is A Pa 6 s .. 1917 J-J
Registered___________ 1917 J “ J
General gold 4s_________ 1988 J-J
Registered___________ 1988 J-J
Refunding gold 4s______ 1934 A-O
2 0 -year debenture 5s___ 1932 J -J
Coll trust Series L 4 s ____1914 M-N
M-N
P 4s............................
Chle It I A Pac Rlt 4 s...2002 M-N
Registered___________ 2002 M-N
M-S
A-O
A-O
C R I E A N W 1st gu 0s ’21 A-O
J -D
J-J
M-N
A-O
F-A
J-D
J -J)
M-S
M-N
J-J
A-O
M-S
Q-M
J-J
Cin II & 1) 2(1 gold 4H s.
J-J
J-J
J-J

State and City Securities
1007,8 103
N Y City— 4 Ms................... 1900 M-S 101 101*8 lOHs IOU4
100% 10H'
100 100b IOOI4 100*3
4 Ms when issued_______ 1902
98*4 100%
99
4% Corporate stock___ 1951/ M-N 9878 Sale 9878
987s 1011%
98<8 1,
987g
99
4 % Corporate Stock___ 1958 M-N
9S78 1011%
987g
9373 Sale 9S7S
4 % Corporate stock____ 1957 U-N
105*4 107
100
New 4 Ms_______________1957 M N 100 Sale 100
102 10234
102 Mch T 2
New 4 Ms-......................... 1917 M-N
105*4 107,8
4M% Corporate S tock..1957 ,U-N 100 Sale 05*4 1001.
101% 10278
4M % assessment bonds. 1917 M-N 10U2 102 10178 10I7g
5% 88
85„
3M% Corporate Stock..1951 M-N 80I2 80 85%
10)*s 1003g
10 1*8 10278
N Y State— 4s...........
1901 M-S
101% 1027a
Canal Improvement 4 s ..u 0 l J-J *I6l% 10134 10134 A ug’l
101-8 103
Canal Imp’ment (new) 4s 1901 J J ----- 102% 1 0 P8 J’ly ’ 1­
109*4 102
Canal improvement 4 s..1900 J J 101 ___ 10934 J’ne 1‘
9714 . . . 1031 - J’ly ’ lo
So Carolina 4 Ms 20-40____ 1933 J -J
97*4 *97%
Tcnn new settlement 3s___ 1913 J-J
9712 983g 9734 Apr '12
Virginia fund debt 2-3s___ 1991 J-J
. . . 87 8 0 i2Dcc ’ ll
40 * *67*"
54
6s deferred Brown Bros ctfs
53i2 Sale 53
Railroad
77 81%
79
A
ug’
12
(J-J
/il995
nn
Arbor
1st
g
4s______
78i2
79
A tell Top & S Fe gen g 43.1995 A-() 90' j Sale 90*8 97 9 901100
90% 99%
Registered______________ 1995 A-O
0018 J’ly ’ 12
Adjustment gold 4s___ h 1995 Nov ------8984
891S
89% ’ " 3 89 92*8
90% 91
Registered__________ kl995 Nov 88 ___ 91 Feb '12
Stamped___________ hl995 M-N 89 90 8912
8.)% "'lb 89 9‘2*s
106% 10 7*4
Conv 4s Issue of 1909____ 1955 J-D
107*4 Apr '12
Conv gold 4s____________1 9 5 5 J-D 1 6 9 3 4 Sale IOJI4 IIOI4'1 8 2 1 0 5 3 4 1 1 0 %
106% 1573 100% 10 U;
Conv 4s (issue of 1910)..I960 J-D 100 Sale 105
110*8 183 105 110*j
10-year conv gold 5s___ 1917 J-D IIOI3 Sale 10)
98*8 .
9914 J’ly 'll
Debentures 4s Series K ..1913 l- A
90 96*4
East Okia Dlv 1st g 4s__. 1928 M-S 90 9012 90 J’ly 'li
92 94
9218
92*3 93% 9214
Short Line 1st 4s gold...1958 J-J
99*4 100%
Cal-Ariz 1st & rel 4 M s.. 1902 M-S 9978 100 100 A ug’ l:
10) 110%
S Ec Pres <3c Ph 1st g 5S..1942 M-S ----- 105*4 109 J’ly T2
Chic & St 1, 1st 0s.......... 1915 M-S 103 . . . 100*3 J’ly 'll
94% 907g
95
Atl Coast L 1st gold 4s__ )il952 M-S 9 5 Sale 94*4
98 Oct ’00
Registered__________ hl952 M-S 93 .
Ala Mid 1st gu gold 5s__ 1928 M-N 107i2 ___ 108*8 A ug’ ll
9534 Jan '12
95 _
95*4 9534
Bruns & W 1st gu gold 4s 1938 J-J
Charles & Sav 1st gold 7s 1930 J -J 128 ___
93% 1)61,,
90%
L <5s N coP gold 4s______ ol952 M-N u63g Sale 94L
123% 123%
Sav E * W 1st gold 6s__ 1934 A-O 122l2 124% 1231.3 J’ne’ 12
• 1st gold 5s___________ 1934 A-O IOJI4 ___ 110*8 May’ ll
97 100 97
97 97
SU Sp Oca & G gu g 4 s...1918 J-J
97
91 93
& Ohio Prior 3 M s__ 1925 J-J
9 U2 Sale 9 H4
9U2
B altRegistered_________
90*8 91*8
90*s
)|1925 CJ-J 8912 ___ 90*8
Gold 4s.......................... /|1948 A-O U7i2 Sale 0712
97% 99%
98%
90 90*4 06 A ug’ 12
90 98%
Registered__________ hl948 Q-J
112 112
Pitts June 1st gold 5s___ 1922 J-J 11012___ 112 Jan ’ 12
88
90
88*s A ug’ ll
P June (t M Dlv 1st g 3 visl925 M-N
89*8 92
8934
P L E & W Va Sys ref 4s. 1941 M-N . . . . 89*4 8934
90 91%
9014
90 Sale 90
Southw Dlv 1st gold 3 Ms 1925 J-J
103 Mch'10
Cen Ohio R 1st c g 4 M s..1930 M-S 101*8 167" ni%
Cl Lor & VV con 1st g 5 s..1933 A-O 107 10J12 107 J’ne'12
102 % 1041
1021.4 J’no’ 12
Monon Rtv 1st gu g 5s__ 1919 F-A 102*8 .
109% 109%
Ohio River RR 1st g 5 s..1930 J-D 10? ___ 109*8 Meh’ 12
105 1051
General gold 5s______ 1937 A-O 103 1051s 10512 Apr T2
113% 113%
Pitts Clev & Tot 1st g 0s. 1922 A-O 111 ___ 1 1312 Eel) ’ 12
97% 97%
Pitts & West 1st g 4s___ 1917 J-J
97*4___ 9712 Mch’ 12
91 91
Stat Isl Ry 1st gu g 4 Ms. 1943 J-D 91 ___ 91 J’ne’ 12
11178 112%
Buffalo R & P gen g 5s___ 1937 M-S 111 ___ 112 J’ly '12
105 107%
Consol 4 Ms....................... 1957 M-N 101 105 105*4 Aug T2
97 Feb ’ll
All & West 1st g 4s gu__ 1998 A-O 9733 . . .
Cl & Mah 1st gu g 5s____ 1943 J -J 108 . . . 103 J’ly '0 8
Roch & Pitts 1st gold Cs. 1921 F-A 112 ___ 113*4 N ov’ ll
Consol 1st g Os......... ..1922 J-D 113 115 114*4 J’ly '1 2
114*4 115*8
Bud & Susq 1st ret g 4 s ...d l9 5 l J-J ___ 60 72 Mch TO
1st ext 0s________ 1913 J-J 100*8 Sale 100*3 100*s
100*8 102
C an2dSo 5s.............................1913
100% 101
M-S loots Sale 1 0 0 % 1 0 0 %
Registered______________1913 M-S *9934 ___ 100*4 Jan 'L
1127s 11334
Central of Ga 1st gold 5s._pl945 E-A 112 1 2 ___ 11278 Apr T2
Consol gold 5s---------------- 194 5 M-N IO9 I4 10j*8 10 JU 10914
109 111%
Registered___________ 1945 M-N
10712 NOV'll
103 D e c ’ ll
1st pret Income g 5s------pl945 Oct
105 D e c 'll
2d pret Income g 5s------pl9A5 Oet
2d pret Income g 5s stamped..
90 N ov 'll
107 D e c ’ ll
3d pret Income g 53------ pl945 Oct
8518 Oet TO
3d pref 'ncotne g 5s stamped..
89*8 91%
Chatt Dlv pur mon g 4S..1951 J-D
0112 J’ly '1 2
107% 107%
Mac <Sc Nor Dlv 1st g 5s.-1940 J-J 107 10J12 10714 Jan ‘ 12
Mid Ga & Atl Dlv 5s____ 1947 J -J 1053g . . . . 115 N ov‘05
•Mobile Dlv 1st g 5s______ 1940 J-J IO8 I4 ___ 10934 May 11
102% 103
Cen RR & B of Ga col g 5s.1937 M-N 101 102L 102l2 J’ly T2
120 12234
120
Cent of N J gen'l gold 5s__ 1987 J-J 120 120% 129
19*4 122%
11914 12012 lll)34 119*4
Registered................ .. h 1987
100 107
Am Dock <Se Imp gu 5s___ 1921 T-i 10! 107 100 J’ly T2
102% 102%
Lc & llud R gen gu g 5s. 1920 j - j IO2 I4 . . . 10212 May’ 12
100 100
Lch & Wllkes-B Coal 5 s..1912 M-N 100 ___ I 100 J’ly ’ 12
N Y & Long Br gen g 43.1941 M-S 9S18 ------ 100 Dee ’ ll
90 92%
Cent Vermont 1st gu g 4s..el92o Q-F 9112 917sl 9H2
9U2
MISCELLANEOUS BONDS—Continued on Next Page.
m
Street Railway
Brooklyn Rap Tran g 5 s . . . 1945 A-O
1st refund conv gold 4s. .2002 J-J
Bk City 1st con 5s 1 0 1 0 - 1 9 4 1 J J
Bk Q Co A S con gu g 5s_194l M-N
Bklyn Q Co A S 1st 5s...1041 J-J
Bklyn Un El 1st g 4-5S..1950 F-A
Stamped guar 4-5s------1950 F-A
Kings Co El 1 st g 4s........ 1940 E-A
Stamped guar 4 s.. — 1949 F-A
Nassau Elec guar gold 4s. 1951 J-J
Conn ItyA List A ref 5g 4 Hs ’ 51 J -J
J-J
Stamped guar 4 H*--------Dot United 1 st cons g 4 H s.1932 J -J
Ft Smith Lt & Trac lstg 5 s . 1930 M-S
Grand Rapids Ry lstg 5 s . .1916 J-D
Havana Elec consol g 5s— 1952 F-A
Interboro-Metrop coll 4 h S -195® A-O
Intorboro Rap Tr 5s Ser A . 1952 M-N
• No price Friday; latest this week,




Interest
Period

Jan. 1 1903 the Exchange method or quoting bonds was changed, and prices are now all— “ and interest"— except for income and defaulted bonds.
Price
Friday
August 16
Hid

WceFt
Range or
Las! Sal

Ask Ixno

101% Sale
109*4 llu>
108%'___
u9*s 100
9812 100-1
93?$ Sale
86*8 891;
8 6 >3 89%
103 101184 ___
. . . 041
90% Sale
91*8----70% 71
05 65199*s___
87 Sale
85 ___
99% Sale
97% Mo
101% Sale
09% 100
98 9J
90% 99
993g___

1 0 .%
0 ,34

Iosc,
ij'-c

Range
Since
Jan. 1,

Jligi. Ho. Low

%
,
ill May’ 12
99*)
|()j
99*- N ov’ ll
93*8
)4
80% J’ly ’ IS
8 8 % J’ne 11
101*4 May 12
84 May’ 12
95
May’ 12
90%
Mil
95 Get ’ ll)
71% J’ly ’ I.
05%
551■
00 Aug 12
10
10

86*8
U
8 6 % A ug’ l

99%
- J,
98-),s J’ne'12
lOt^g
,04.8
9 9 % J'ly T
99
J’ly T2
98% Mch’ ll
99% Aug’ l:

10033 100*) 100*8
1001 957.
9514 95% 957s
77% 781- 78 Aug 12
1201.) 1231- 122% J’ly T
107 1071; 107 Aug T2
109% Feb '12
103*4___ 108% J’ne 12
77%
77 Sale 77
121% 125 125
125
108% 1101 ; lOJ-% Aug 12
95*8 Apr 11
___ 851- 80 J’ly T
90*4 UU; 91% A ug’ 12
104 Dec ’ll
101% Sale 101 % i 0 .%
97
90% Sale 90%
90 ___ 97% Apr T2
___ 85% 8 0 J’ne 1
80 J'ne’ ll
91 93% 90% J’ly ‘ 12
100% Sale 10638 107
105%___ 100 % Apr *12
108 ___ 108 J’ne'12
105 1055 105*8 105*s
92*4 93 93
93
102
1 0 2 % 102 J’ly T
11234 ___ 113% Apr 12
115%----- 117*8 A u g'll
104*4___ 101*4 J'llU '12
105 105 100 J’n c’ 12
1123.) 113 112*4 Mch’ 12
101
___ 101
,01
100
___ 100% Aug'12
___ 107% lUOSgJ’ly 12
96*8___ 90*8 J’neT
95 ___ 9734 N ov 'll
85 Sale 85
85%
83% 87 84*4 J’ly T2
90 Sale 96
97
1 1 0 % ___ U1*4Nov T1
10 1*4___ 109*4 Aug’ l
105%----- 10> J’ly T2
104*8___ 1037g Dec ’ ll
___ 104% 104% May’ 12
103 ___ 100% Feb To
105%----- 108% Meh’ 12
107*4 Aug’ ll
121% 127% 120 J’ly T.
9010 Sep ’09
___ 86*4
11158 113 112 % J’ne 12
10 (5g___ 109% J’ne’ 12
116*8___ 142% Feb ’ 02
116%----- 110*4 i\layT2
931. - - 93% 93%
1 1 1 % ___ 115 J’l y ’ll
111 J’ly T2
1 1 0 % 111
1077g----- 10) Aug T '
107 ___ 109 Aug TO
,)5
94*8 951.) 94*8
93% 9U) 9 5 J’ly T2
83%
88 *g Sale 83%
92
91*8 92% 917g
97 ___ 97*4 Sep 11
9434 J’n c’ ll
___ 95
09%
69% Sale 0)%
7134 Mch’ 12
----- 92% 91% Aug T
1 1 0 % 1 1 0 % n o J’ ne T2
120% Mch 03
ioi io5% 105%Sep ’ ll
101%___ 102*4 Aug’ ll
106% 108% 107 May’ 12
99% 100'b 100% J’ly T:
80% 911.) 90 Aug T
121% 123% 121% Aug T
89 ___ 93 Dec 03
102*4 103% 102% 10;
122 J’n e'12
\\ 129*8 May’09
0 Ij>110 11034 May’l 2
10
_
106*4___ 108% J’ne T2
___ 91
89*4 J IV ’ la
___ 101% 101 Mch’ 12
___ 9U----- 907g 86% J’ne’ 12

High

101% 104%
i 109% 111*4
110 111%
09% 103
92% ' 94'*
86% 89

101*4 101*4
84 8034
93% 96
90% 90%

70*4 72%
00% 65%
99% 100

86*8 88

85% 86%
98% 100%
98*s 99%
10478 105
99% 99*8
97*4 99*8
99*8 99%

100*s 101*8

95*8 97%
77% 81%
122 125
107 111%
109% 109%
108% 1091*
77 “ 83
125 129%

10934 110*4
86 90%
90% 91*8

101% 102%
96% 99%
97% 98
85 867g

90 923*
l()134l()7
100% 108
108 108*4
105% 100*8
927S 95%
102 103
113 113*3
104% 104*4
1003*

100

11234 112*4
101 101%

100% 100%
108
96*8 98

100*8

85 87
84% 86*4
90 9834
109’*4 16634
105 10678
104% 105%
108% 108%
120** 127%
112% 115%
109 110
116*4 116*4
93% 94

111 111

107*4 1087s
94%
94
88%
91

967g
96%
90*4
945s

67 73%
7134 72*4
91% 93
110 111%

107 108%
100
101%
89*4 91%
121% 124
102 105
122 123%
1103)111%
108 108%
8934 92%
101 101
80

87

Street Railway.
9578 981*
Aug’ 12
103 105*s Manhat Ry (NY) cons g 4 s.1990 A-O 95 96% 95%
96% 98
Stamped tax-exempt___ 1990 A-O 94% 90 96% A ug’ L
837g 94*4
102 Mch’ 12
99% 102
101% 1021- Met St Ry gen coll tr g 5 s.. 1997 F-A
102% 102% 102% 102%
99%
J’
ne’
12
97 1036*
Guaranty
Trust
Co
certlfs___
983.) J’ly T2
98*4 98*4
04 May’ 12
58% 04
Refunding gold 4s______2002 A-O
___ 99
57% 62%
01% J’ly ’ I
Farmers’ Loan A Tr ctf___
1023g
1013s 103%
102% Sale 102
59*4 Mch’12
57*8 62
Stamped______________
101% 102%'
101% 102% 10 .’i ) J’ly T2
103 104%
Bway A 7th Av lstc g 5S.1943 J-D 103% 103% 103% J’ly T 2
83% 85*4
81%___ 85*4 May’ 12
101% 103%
.02
Col A 9th Av 1st gu g 5 s . 1993 M-S 101*8___ 102
84% 80
SO ___ 80 Aug T2
102 103
Lex Av A P F 1st gu g Ss.1993 M-S ___ 102 102 J’ne’ 12
77% 81
79
78% 79 79
74 80
74 J’ ly T2
Third Av RR cons gu 43.2000 J -J
101 10178
101% 102% 101% J’no’ 12
73 81%
74% J’ly T
Central Trust Co certs...
101% 102%
101% 102-% 10,*s Aug’12
72% 81%
73 A ug’ 12
Cent TrCo cts stamped..
75 79*8
77 Sale 70
77
108 110%
Third Ave Ry 1st g 5s — 1937 J-J 107% 109 108 J’ly T2
93 95
— - 95% 93 Apr T2
93% j ’ ly '06
100 . .
100% 100% Met W S El (Chic) 1 st g 4S.1938 F-A
100% Mcll’ 12
104% Deo ’ ll
987g 99% 98%
98% 99*4 Mllw Elec Ry A Lt cons g 5sl926 F-A
98%
95% 95%
Refunding A oxten 4^3.1931 J -J
94%___ 95% May’12
817g Sale 8178
80% 84%
82*8
___ 104b 101% 104*s
103% 105
dDuo April, e Due May. hDue July, k Due Aug. o Due Oct. p Due Nov. a Duo Deo. s Option sale.
105 105% 105% Aug T2
93*8
93% Sale 9278

408
N.

New York Bond Record—Continued—Page 2

BONDS
T . STOCK EXCHANGE
Week Ending August 10.

Price
Friday
August 16

Week's
Range or
Last Sale

Is

Range
Since
Jan. 1.

N.

BONDS
I
Y. STOCK EXCHANGE Sh
Week Ending August 10.

•Price
Friday
August 16

[V O L . L X X X X V .
WeeKs
Range or
Last Sate

Cln Ham & Dayton (Continued)
Hid
Ask
oh No Low High St P M & M (Continued)—
Bid
Ask Low
High
Cln D A I 1st gu g 5s___ 18(41 M-N 102i2 . .
12 . ..
102t2 IOII4
Paclttc Ext guar 4s £ . . 1940 J-J
0212___ 9283 Mch ’ ll
C Find A Ft W 1st gu 4s g 1923 M-N
E
Minn
Nor
Dlv
1st
g4sl948
A-O
9612
97
001; J’ly ’ 12
Cln I & W 1st gu g 4s___ 1953 J-J *86*34 *83lj
12 'i :
8634 88
Minn
Union
1st
g
6s__
1922
J-J 11412 ____ 114 J’l y '12
Day & Mich 1st cons 4 Vis 1931 J
Mont C 1st gu g 6s___ 1937 J-J 12518----- 127 May'l
Ind Dec & VV 1st g 5s___ 1035 J-,i 101*14 loll
12
11)4 l 6 ll2
Registered_____ . 1937 J-J I24t2 ____ 13014 May’06
1st guar gold 5s_______1935 J-J
1st
guar
gold
5s___
1937
J-J 11012lli'1. 11284 Sep ’ ll
Cleve Cln C A St L gen 4 s.. 1993 J - D ' 02*53 *93*18
*4 1 9 Us 90B
Registered................. 1 9 3 7 J-J
20-yr deb 4 l i s .......... ,.ln31 9 - j
L ...
933., 933..
----- 9314
Will & S F 1st gold 5s. 1938
112 * I ” ' U2l2Sep*’II
Cairo Dlv 1st gold 4s___ 1939 J
025s 941;
93S8 941 . Gulf A S I 1st ref & t g 5s. .61952 J-D
: ...
J-J
02 95 92 AUg’il
Cln W AM Dlv 1st g 4s. .1991 J-J ___ 901;
. 2 ___
90 93
Registered______
•
______
61952
J
-J
St L Dlv 1st col trg 4 s.. 1990 M-N OUJj 95
1 2 ___
897g 931;
Val 1st cons g 4 Vis.1999 J-J 1 0 6 5 3 1 *01** f'Tor'j iof
H ockRegistered
Registered______
. 1990 M
___ 90L 91
)7 ___
................... 1999 J-J
1001" Sep ’08
Spr & Col Dlv 1st g 4 s...1940 M-S 89 . . .
90
1 ___
Col A II V 1st ext g 4s__ 1948 A-O 92 . . .
941;Dec ’ ll
W W Val Dlv 1st g 4s. ..1940 .1
2 ___
89 . . .
91
9*1 91
Co! A T 01 1st ex 4s_____ 1935 F-A 92% . . . 901,3 Jan T2
C I St L A O consol fls__ 1920 M-N IOOI3 . . .
053,
I ___
Hous Belt & Term 1st 5s__ 1937 J-J
99l2
___
0934
j ’ne’ L
1st gold 4s...................1:1930 Q-F 9 OI4 97 97
2 ___
90 97
[ llluols Central—
Registered________ fcioso y -F
2 ___
96 98 90
96 90
1st gold 4s........ ..
1951 J-J 1015s__ 1021 - May 3 2
Cln S A Cl con 1st g 5 s ... 1928 J-J 106-13 . . .
2 ___ 107*8 10/1R
071)
Registered............;
1951 J -J
100 Sep ’ll
1914 J -14 101 105 105
C C C A i consol 7s___
2 . . . . 105 1051.
1st gold 3 Jss_____ .
1951 J-J
91
90 A p r’ l
Consol sinking fund 7S.1914 J-D
Registered..............
1 9 5 1 J-J
*89
89 Aug ’ 1
General consol gold 6S.1934 J-J
. . . 123 12312 Apr '1 22 ___ 123U 1231 ;
Extended 1st g 3 5 5 s
1951 A-O 89
9312 May’ 0 .
Registered............... .1934 J-J
Registered___________ 1951 A-O 89
Ind ni A w 1st peer 4 s .. 1940 A -o
94 ___ 94 J’ly '088 ___
1st gold 3s sterling__
1951 M-S
80 J’ly '09
O Ind A w 1st pref 5 s ..(11938 y -J
95 . . .
Registered__________ 1951 M-S
Reo A East 1st con 4s...1 9 4 0 \-O ___ UO
2 '.III *90*l2 *9*2*"
o f *.
Coll trust gold 4s___
1952 A-O USI4
0 M4 J’ly ’ )
Income 4s..................... 1990 \pr
40 45 4014 .
35 467;
Registered__________ 1952 A-O ___ 95 9812 Aug'l
Col Midland 1st g 4s.
19 47 J -J
50 Sale 50
6
42 5811955 M-N 94 Sale 94
1st ref 4s___________
:>51
Colorado A Sou lstg 4s___ 1929 F-A
943i 961; 9534
\
b 043.1 97 ,-,
Purchased lines 3 4 5 s____ 1952 J-J ___ 97 8 OI4 Feb '1 2
Refund & ext 4 Vis______ 1935 M-N 95 9f>7; 9533
16
9514 981.8
L N O * Tex gold 4 s.. 1953 M-N U512 . . .
J’ly W
Ft W A Den C lstg 6s__ 1921 J-D IO9 I4 Sale 10J14
14
1
091.1 1121;
Registered___
1953 M-N
0434 Jan '1
Conn & Fas Rlvs 1st g 4 s.. 19 13 A-O
Cairo Bridge gold 4 s..
1950 J-D 94i2
94-}, J’ly T
Cuba RR 1st 50-yr 5 g ____ 1952 J - J
100 May’ io
0 ___ ...............
Litchfield Dlv 1st g 3s
1951 J -J
73i2 76>s 730 J’ ne’ I
el
Rack
&
Western
—
Loulsv Div A Term g 3 vis) 953 J-J
D Morris & Essex 1st 7 s . .1914 M-N IO4 I2 85 861 86 J’ly ’ 1
1043g 100
Registered.........
1953 J-J
8234 __
83
83
1st consol guar 7s___ 1915 J-D 101I4 1 0 / 5,
2 ___ 107*2 100*8
Middle Div reg 5s.
1921 F-A 1053., . . . 123 May’99
Registered ________ 1915 J-D 107 . . .
U ___
Omaha
Div
1
st
g
3s
1931
F-A
73
76'f 75 Apr '12
1st ref gu g 3 Vis.........2000 J-D *85 . . .
00
Mcl 2 ___ *9*0*’ *00*'
St
Louis
Dlv
&
term
g
3sll»31
J-J
74 77 751; Mch '12
N V Lack & W 1st 6s____ 1921 J-J 112 . . . 1 121? J’ly ------- 112 1141,
Registered____
1951 J-J *73 7Jlf
Construction 5s_______ 1923 F-A 1050 1075 07-1.1 Ma 2 . . . 107*2 107"
Gold 3 Vis_______
1951 J-J
*85»* J’ly’ I
8o12 .
Term A Improve 4s__ 1923 M-N 93 __
98 J’ly
98 08
Registered___
1951
J-J
8:jl2 __ I01lg Oct '99
Warren 1st ref gu g 3 Vis. 2 0 0 0 F-A
10218 Fct
Spring
Dlv
lstg
3
Vis.*
1951
84
80
J-J
100
Nov '0 0
...............
Del A Hud 1st Pa Dlv 7 s . ..1917 M-S
1150 AU| 1 ___
Registered____
1 9 5 4 J-J
83 86
Registered..................... 1917 M-S 93
149 Aui 1 ___
Western lines lstg 4s
1951 F-A 94 90 941; J’noT.
10-yr conv deb 4s_______ 1910 J-D 98 Sale 98
b 97*2 99'
Registered__
*1951 F-A 93 . . .
1st Uenvequlp g 4 i^s_____ 1922 J-J 101 IU1 I4 101
1 4
8 101 1013,
Bellcv A Car 1st 6s. * *1923 J-U 11234 . . . U7i2May'lo
1st & ref 4s_______
1943 M-N 90 Sale 99
.• 30 08
993
Carb & Shaw 1st g 4s * *1932 M-S 93 . . . 941-J’ly '12
Alb & Sus conv 3 Vis___ 1946 A-O 90L 910 91 Aui ■t
Chic St L A N O g 5s
1951 J-D 11012 114 11334 J’ly 'L
90 93
Rens & Saratoga 1st 7 s.. 1921 M-N 120 . . . . 21L Ma: ------- I2 U4 I 2 IB
Registered________
1951 J-D H3 . .
111 Feb T
DenvA R Gr 1st con g 43.1930 J-J
86 90 86-14
Gold 3 Vis_______
1951 J-D 82
84 91
90 Oct '09
Consol gold 4 V$s________1930 J-J ___ 97
960 Auf
—
973g 981Registered__
**1951 J-D
Improvement gold 5s___ 19
J 1) 95 96 94 " J’n< * ----- 94 991Mcmph Dlv lstg 4s*” 1951 J-D 925g------ 9712Mch TO
1st A refunding 5s.......... 1955 F-A 830 Sale 8312
;
7 8312 90
*1951 J-D
Registered__
Rio Gr June 1st gu g 5s. .1939 J-D 10U2___ ou2 J’ly ^ ___ 1 0 U2 1 0 U
St I j Sou 1st gu g 4s.I*** 1931 M-S 931S ____ 98 J’ly 08
Rio Gr So 1st gold 4s____ 1940 J-J ___ 77 Oio Apr '1 1
J-J
94
913. 94
91
Guaranteed .....
1940 J-J
85
’ - 8 ___ ...............
M-N ___ 1081 10S!o 1081
Rio Gr West 1st g 4s____ 1939 J -J ___ 8-4
84L
1
b 8834 883;
J-D ----- 98
J’ly TL
Mtge A col trust 4s A .. 1949 A-O ___ 79 80 Refunding
gold
4s
"*1951
78 81
M-S U4I2 05
05
Utah Cent 1st gu g 4s.al9l7 A-O
97 Jan '0
amestown Franklin *&”
Des Mo! Un Ry 1st g 5 s.. 1917 M-N 99 ___ 110 Sep '( 1 . .
Clearileld 1st 4 s ...
1959 J-D
May’l
Det A Mack 1st lien g 4s__ 1995 J-D ___ 95
92 Nov'l 1 ___ ...............
fa n City Sou 1st gold 3sI‘ lU5o A-O 72 73>;
731;
Gold 4s________
1995 J-D 91 ___ 91 A ug ’ 1 —
00
021 " J ,, m is te r e d ................195o|a -0
Oct '00
Det Riv Tun Det Ter Tun 4*1js'Gi M-N ___ 99114
993 .! Aug ’ I
Ref A, jmpt
5s..........
0912 1007;
98L
*9*8** Sale
.... ---------- . Apr
1 i960
........ J-J
j.j
Det T & I—O S Dlv 1st g 4sl94l M S
75 Feb '1
75 75
A ug’ H
9712 95
Dul Mlssabe A Nor gen 5 s.. 1941 J-J 105 1055}
. . . . 1053,8 106
----- -- ** * •* ua___1 ua 1 J-J 1071" 1091 B)7i» J’ly 'L
Dul A Iron Range 1st 5s___1937 A-O 104 1041;
1 9 4 1 J-J
1 0 112 107
J J 2(1 gold 5s_____
101 10B; 104 May'12
Registered______________1937 A-O 103
North Ohio 1st gii’g 5 sIII 1 9 4 5 A-O 10U4 1001 ion,! J’no’ 12
2d 0s................................... 1 9 1 0 J-J 102
. . . : IIII
I eh Vail N i 1st gu g 4 Via 1940 J-J 102 1047; mi,. A ug’
Dul So Shore A Atl g 5s____ 1937 J-J 105
— 1011 " 1(18
Registered................. 2 *1940 J-J
104*2 Ma-y’L
M-N
lgin
Jol
A
East
1st
g
5
s..
1941
llO-ls
11
M
s
1
2
1
8J
HO3 4 II2 L t
E rle 1st consol gold 7s____ 1920 M-S 117 U7L 17 1 17
cons g 4sl2003 M-N
on- J’ly ’ 12
1 9 4 1 A-O 11312 ___ U4
t
I
6 I4 1 185s L eh V ier Ry 1 st gu g. 53
May l:
N Y A Erie 1st ext g 4S..1947 M-N
*1941 A-O 110 ___ UUs Dee ’ ll
Registered..............
2d ext gold 5s________1919 M-S 103 ___ IO-U4 Mch’ l ___ 104*1., 104*1" I eh V Coal Co 1st gu g 5s*’ 1933 J-J 10012 Sale 001" 1001;
3d ext gold 4 45s______1923 M-S 1 0 U8 . . . . 1020 Mch ’1 — 10212 10234
Registered...............
" ’ 1 9 3 3 J-J
4th ext gold 5s_______1920 A-O IOM3 . . . 105 Feb T — 105 1051.,
1st mt reduced to 4s
1933 J-J
5th ext gold 4s_______ 1 9 2 8 J-D 90 101 100 Jan T
100
100
I eh A N Y lstgu arg 4sl**l945 M-S 9U2 . . .
93 J’no T2
N Y L E A W 1st g fd 7 s .1920 M-S ___ 1 16 I4 115.14 J’n e’ l:
11534 1181,
Registered__________ *1945 M-S
89-14 0 0
Erie 1st con g 4s prior___1990 J-J
897S
00
8812 90
El 0 A N 1st pref 6s.
1914 A-O 102 . . . I01i2 Feb TO
8434 ___ 8 8 o J ’n o’l: —
Registered_________ 1990 J-J
80 881Gold guar 5s__
*1914 A-O IOOI4 . . . 103 Mch'l 2
1st consol gen lien g 4 s.1996 J-J ___ 7814 7734
78
30 7712 793j L
Registered_________ 1990 J-J
77
A pr'l:
77 77
1st
consol
gold
5s_
hl93l
Q-J 109 112 IO9 I4 Aug T:
F-A
Penn coll tr g 4s.1___ 1951
90 91 91 A ug’ L ___ 881s 91
1st consol gold is __ **7»1931 y - j
9 0 I4 MchT'2
95 . . .
50-year conv 4s A___ 1953 A-O 88 Sale 87
88 376 85.r>8 9US
General gold 4 3 ____
1938 J-D OBg 9 B4 9418
941*
do
Series B___ 1953 A-O 7 9 I4 Sale 7878
79- 3l( 75 I4 SOFerry
gold
4
Vis___
1922
98 J’no’ 12
M-S
90lo
100
Bull N Y & Eric 1st 7 s..1910 J-D
..1090 UO Apr 1
10834 1103j
Gold 4s________________ *1932 J-D 9Us 97 99L Oct '06
Chic & Erie 1st gold 5 s..1982 M-N 11212...: 112-14
112 ;
1 112'
1M
Unified gold 4s____
1 9 4 9 M-S
91 ___ 951 - J’ ne'L
Clev A Mahon Val g 5 s.. 1938 J-J 109 „
109 May’l
109 109
Debenture goal 5s
1934 J-D
I04l2 Deo '08
Registered___________ 1938 y - j 107 .
Guar ref gold 4 s..
1949 M-S ___ 951; 9512 Aug’ l;
Long Dock consol g 6s___ 1935 V-0 123*8----1233.1 12412
Registered.......... II H I 1949 M-S
95 Jan 'll
Coal & RR 1st cur gu 0 s .1922 M-N 07-18 10/1; OM3
1 100 1073}
N Y i) A M B 1st con g*5s 1935 A-O fofio io7*u IOI4 N ov'06
Dock A Imp 1st cur 6 s..1913 J-J 10U3 . . .
I013.| 1013.
N Y A R B 1st g 5s_ . 1927 M-S 1 0 2 1 4 1 0 3 3 , 104 J’ly 'L
N Y & Green L gu g 5 s.. 1946 M-N 10212 105
___ to:d2 105
NorSh B lstco n g g u 5s.ol«32 y - j 105 Sale 105
105
N Y Sus & W 1st ref 5 s..1937 J-J ___ 1033.
103 105 L
M-S 9212 90 93 May'1 2
2d gold 4 453_________ 193 F-A 82 0___ IDOL Dec '06
.............
[,
General gold 5s_______ 1940 F-A 87 . .
87 A ug'll
87 00
General gold 6s___
1930 J-D 11334 115 11378 A u g'li
Terminal 1st gold 5s__1043 M-N 108»8___ 110 J
110
110
Gold 5s.................... II
1937 M-N 11131 1121.1 112 Apr 'll
Mid of N J 1st ext 5s___ 1940 A O
, ___ 11112 1 1 HUnified gold 4s_________ 1940 J-J
9734 Sale 9734
981.,
Wllk & Ea 1st gu g 5s__ 1942 J-D ___ 100
1 991" 1021;
9912
98 . . .
Registered____
1940 J-J
981; J’ly ’ll
Ev & Ind 1st con gu g 6s___1920 J-J 10J18 ----- 106
___ 100 100
Collateral trust gold 5S..1931 M-N 1083s 1097, io
no
Evans A T 11 1st cons 6s__ 1921
J 10J12 112 112 J'ly Ti ___ 1111, 1123r
E R A Nash 1st g 6s__ 1919 J-D 11012 111
1058 Aug’ li
1st general gold 5s______ 1942 A-O 101-1. 102 102 J’n e’ K —
1017gl026*
L Cln A Lex gold 4 Vis.. 1931 M-N 103 . .
10434 May ’ 12
Mt Vernon 1st goal 6s__ 1923 A-O 107-14___ 108 N o v 'll
N O A M 1st gold 6 s ... 1930 J-J 11912 1201; 1203,3 Aug’ ll
Sull Co Branch lstg 5 s..1930 A-O 95 ___ 95 J’ne’ l .
*95 95~
N O A M 2d gold 6s___ 1930 J-J 116 ___ 17i2Jan '12
E Coast 1st 4 45 s . .1959 J-D 97 Sale 0 6 -14
97
6
90 995}
IMorlda
Paducah A Mem dlv 4 s.. 1940 F-A 94*8 . .
95 May'1 2
ort St U D Co 1st g 4 45 s . 1941
J
92 Aug'll
Pensacola Dlv gold 6s__ 1920 M-S 10534 10/14 10684 Mch 'll
Ft W A Rio Gr 1st g 4s___ 1928
J ___ 771;
7/l2 771.
1
n
su2
St Louis Dlv 1st gold 6s. 1921 M-S lllt 2 1121 ; 112 l2 J'ly 'll
n a l l l A II of 1882 1st 53.1913 A-O 9912 ___ 100 May’12 —
9912 100
2d gold 3s...........
1980 M-S 09>8 721} 691,1 J'ly 'll
'-Treat Northern—
Atl Knox A Cln Dlv 4 s..1955 M-N 0 U2 92L )212 Aug’ ll
C B & Q coll trust 43____ 1021 J-J
9618 Sale 96
961; 308 90 983}
Atl
Knox
A
Nor
1st
g
5s
1946
J-D n u 2 i i 2 o 1212 May'12
Registered, /1............. 1 9 2 1
96 ___ uo J’ly 'l
90 981;
Hender Bdge 1st s f g Os. 1931 M-S 105 . . ‘ 106 Apr 'll
1st A refund 4 44 s ser A . .1901 f i
1005s Sale 100 -ls 1005; Cl lOOlg 1016s
Kentucky Cent gold 4 s .. 1987 J-J
. . 937; 93 J’lv ’ll
Registered____ _______ 1901
L A N A M A M 1st g4 Visl045 M-S IOII3 ----- lOl-V J'ly 'll
St Paul M A Man 4s____ 1933 J - J
97 981,; 98
98
5 98 9U34
L A N-South M Joint 4s. .1952 J-J
8912 ___ 891s J'ly T
1st consol gold 6s.......... 1933 J-J 123-18----- I2 H4 J’ly ’ 1£ — 12 I*, 1253;
Registered................... 7H952 y - j
86
95 Feb '05
Registered.................1933 J-J
132 Apr '09
N Fla A S 1st gu g 5s___ 1937 F-A 10712 1091*; 109 J’ly '1 2
Reduced to gold4 45S1933 J-J ------ 1041* 10358 Aug’ i;
ld35a i05*2
N A C Bdge gen gu g 4 Vis 1945 J-J 1013|___
Registered.............. 1933 J -J 10.1 ___ IO8 .I4 J’ no'09
Pens A Atl 1st gu g Os__ 1921 F-A U0I2 ___ 12 Meh'12
Mont ext 1st gold 4 s..1937 j D 9612 965s U658 Aug ’ 1 :
9012 ^ ^ 4
S A N Ala con gu g 5s. . . 1 9 3 6 F-A ___ 1103; 1091s J’ly '12
Registered................. 1937 J D 95 ____ 98 J'ne'll —
............... L A Jelf Bdge Co gu g 4s__ 1945 M-S
. 911, Men’ ll’
MISCELLANEOUS BONDS—Continued on Next Page,
Street Pail way
Mlnneap St 1 st cons g os__ 1919
New On Ry A Lt gen 4 Hs.1935
N Y Rys 1st R E A ref 4s temp
Temporary adl Inc 5s............
Portland Ry 1st A ref 5s...1930
Portland Gen Elec 1st 5s ..1935
St Jos Ry. L. H A P lstg 5s 1937
St Paul City Cab cons g 5 s .1937
Third Ave 1st ret 4s ctfs
AdJ Inc 5s Interim ctfs * **
Trl-Clty Ry A Lt 1st s f 5 s.1923
Underground of Londou os. 1920
4 Vis...................................1»38
Income 6 s____________ 194,3
Union Elec (Chic) I s t g 5 s l l l 9 4 5
United Rys Inv 1st lien coll
trust 5s Pitts Issue______1926

Range
Since
Jan. 1.
Low

High

9612 *98lj
111 116
127 1271,t

9U3 05
ioo'ljj 103*'
961s 961s
9912 9934
10212 104
90
89

90
8912

9712 100
94 9634
8 GI3 8 GI4
90 991j
*U*4*7s *96"
7312 731a
8412 8718
83 83
'7*5** *7*5**
75t2 75Ij
"85*12 *80*34
9412 OOI4
9412 96
11334 110

9238 90
108 10812
100 105
621" 6012
9412
74
9/3, IOOI4
903, 9384
10712 110
104 104L
10414 1051"

tlMSg 100

10412 1041"
97 9814
II3 I4 IM
10012 108
03

U41a

103 103
1091.4 1103s
961., 9014
94 94lj
98 98
92 ’ "Jaij
93

O7 I3

10312 104
105 IO7 I4
93 U412
1212117l2
1112 112

973i 9933
981.8 983#
108»8 HOIS

U0.r>8lll'!4

1041,8 105
I2 OI4 121
11712 H712
96 90

121"113
0O18 6934
92
93
1 2 1 o II 2 I3

93 95
10414 1045s
887g 806g
109 10934

112 112

lOOIsllUs
91*4 OU4

Street Railways.
10U" 102
United Rys St L 1st g 4s__ 1934 J-J
757S ----- 77*2 J’ly ’ 12
76*2 80
84i2 8Sl2
St Louis Transit gu 5s__ 1924 A-O ___ 84
84
84 * * * 2 84
85
7734 815s United RRs San Fr s f 4 s..1927 A-O 05 655; 65
053,8 26 01*2 70
5U2 6934 Va Ry A Pwr 1st A ref 5s
1 0 3 1 J -J
00*2 903.1 97 J’ly T2
06 971j
99 99
(ias and Electric Ligli!
Atlanta G L Co 1st g 5 s __ 1947
104 ___
105U100
Bklyn U Gas 1st con g 5 s..1945
lOG/g 107 107* J’ly T 2
IO6 I4 1077j
813, 86
Buifalo Gas 1st g 5s_______1947
♦6512 663; 6412
6558
i 00
OOSg
7(>14 801., Columbus Gas 1st g 5s____ 1932
04 ___
975g 99
Detroit City Gas g 5s______1923
I0t»2 *003, 101**4 Aug T*
lOOlg IOII4
Det Gas Co con 1st g 5s___ 1918
9538Sep '08
95 901.4 Det Edison 1st coll tr 5s__ 1 9 3 3
10Ms----- 101"8 1013, 11 lOlSg 1021s
7412 90
Eq G L N Y 1st con g 5s__ 1932
___ 100*2 •06*2 l()(il„
2 10534 lOGlj
Gas A Elec Berg Co c g 5s. .1949
103 ___ 01l2 Oct ’01
Gr Rap G L Co 1st g 5s___ 1915
99 100 *00 Oct ’09 —
Hudson Co Gas 1st g 5s___ 1949
___ 105 105's J’ly T:
iofil lOOlg
Kan City (Mol Gas lstg 5s..1922
971"___ 0934Jan T2
99*8 9934
* No prloo Friday; latest bid and asked this week, a Due Jan. bDue Feb. aDuo April, hDue July. k Duo Aug. 0Duo Oot. 3Option sale.




J-J 102 1021, 102 A ug'12
J-J
81 876 871; J’ly '12
J-J
7834 Sale 78*2
787r 106
A-O 57 Sale 57
5H14 731
M-N 10034 ___ 99 Feb T2 . . . .
J J
M-N 98 ___ 98 N ov'08
J-J 106 ___ 106 Aug L ___
___
825g Sale 8T*2
82-1S 81
7M4 66
71*4 7R, 7U2
A-O 9812 ___ 9812
7
99
M-N
98 Apr '09
9534 96 9512 A ug’ ll ___
J-J
___ 90
24
87
S3
A-O
84 Oct '08
U-N 8212 851; 84*2 J’ly T2 . . . .

H.

New York Bond Record—Continued—Page 3

BONDS
T . STOCK E XCH AN G E
Week Ending August 16.

RH— Sou lines 4s. 1966 M-N
M anila
cxloan Cent Inc g 3s tr reels

Equip & coll g 5s________1917
Mcx internat 1st con g 4S..1077
Stamped guaranteed____1977
Minn & St L 1st gold 7s____192 7
Pacific Ext 1st gold 6s__ 1921
1st consol gold 5s________193-1
1st and refund gold 4s___ 194;
Des M & Ft D 1st gu4 s ..193.'
M StP&SSM con g 4s lnt gu,193S
1st Chic Term 1 s f 4s____1941
M S S M & A 1st g 4s lntgu 192i)
Mississippi Central 1st 5 s .. 1949
Mo Kan & T esaslst gold 4sl99i.
2d gold 4s_______________(71999
1st ext gold 5s________ 1944
1st & refund 4s___
2004
Gen sinking fund 4 J^s. 1936
St Louis Dlv 1st ref g 4 s .2001
Dal & Wa 1st gu g 5s
1940
Kan C & Pac 1st g 4s____1994
Mo K & E 1st gu g 5s___1942
M K & Ok 1st guar 5s___1912
M K & T of T 1st gu g 5s. 1042
Sher Sh & So 1st gu g 5s 1943
Texas & Okla 1st gu g 5s 1943
Missouri Pac 1st cons g 6 s ..1920
Trust gold 5s stam ped, .a 1917
Registered..............
ul917
1st collateral gold 5s____1920
Registered_____________1920
40-ycar gold loan 4s_____ 194 5
3d 7s extended at 4 % ___ 1933
1st & ref eonv 5s________1959
Cent Br R y 1st gu g 4s. .1919
Cent Br U I> 1st g 4s____1943
Leroy & C V A L 1st g 5s .1920
Pac U of Mo 1st ext g 4s. 1033
2d oxtencled gold 5s__ 1933
StL Ir AI&S gen con g 5 s .1931
Gen con stamp gu g 5 s .1931
Unified & ref gold 4 s ..1929
Registered__________ 1929
R iv & (i Dlv 1st g 4 s .. 193
Verdi V I & \V 1st g 5 s ..1920
Mob & Ohio new gold 6 s. . 1927
1st extension gold 6 s . . . /", 1927
General gold 4s............... 1938
Montgom Dlv 1st g 5s
1947
St L & Cairo coll g 4s
el930
Guaranteed gold 4s
1931
V fashv Ch & St L 1st 7s .1931
1st consol gold 5s.
1928
Jasper Branch 1st g 6s .1923
McM M W 6s A1 1st Os
1917
T 6s P Branch 1st 6 s .. 1917
Nat Rys of Mcx pr lien 4 43s. 1957
Guaranteed general 4 s . . . 1977
Nat of Mex prior lien 4 Ms. 1926
1st consol 4s____________1951
N O Mob &Chlc 1st ref 5s 1900
N O & N E prior llcng 6 s ..p l9 1 5
New Orleans Term 1st 4s__1953
N Y Central & 11 R g 3 J^s.1007
Registered____________1997
Debenture gold 4s______ 193 1
R e g iste re d ................... 1034
Lake Shore coll g 3 J$s__ 1098
1998
Registered................
Mlcll Cent coll gold 3 A3S.1998
Registered____________ 1993
Beech Creek 1st gu g 4 s . . 1930
Registered.......................1936
2d guar gold 5s_______ 1936
Registered_________ 1936
Beech Cr E xt 1st g 3 Hs.01051
Cart & Ad 1st gu g 4s__ 1981
Gouv & Oswe 1st gu g 53.1942
Moll A Mai 1st gu g 4s___1991
N J Juno R guar 1st 4 s ..1980
Registered____________ 1980
N Y & Harlem g 3 Ms__ 200
Registered................
2000
N Y & Northern 1st g 5s. 1927
N Y & Pu 1st cons gu g 481993
Nor & Mont 1st gu g 5 s .. 1916
Pine Creek reg guar Os__ 1932
R VV & O eon 1st ext 5e./it922
Osvvc & It 2d gu g 5s__ cl915
R W 6s O T R 1st gu g 5s. 1918
Rutland 1st con g 4 M s .. 1941
Og&LCham 1st gu 4s g 1948
Rut-Cnnad 1st gu g 4s. 1949
St Lawr & Adlr 1st g 5S..1990
2d gold 0 s ......................1990
Utica & Illk R lv gu g 4s. 1922
Lake Shore gold 3 Ms____199
Registered____________ 199
Debenture gold 4s____1928
25-ycar gold 4s...............1931
Registered...................1931
Ka A & G It 1st gu e 53.1938
Mahon C’l R R 1st 5 s ..1934
Pitts & L Eric 2d g 5s . . <i 1928
Pitts MoK * Y 1st gu 0s. 1932
2d guaranteed 0s......... 1934
MolCces 3c B V 1st g 0s. 1918
Michigan Central 5s......... 1931
Registered__________ 1931
4 S ............
1940
Registered__________ 1910
J I. & S 1st gold 3 Ms. .1951
1st gold 3 Ms---------------19 52
20-ycar debenture 4s. .1929
N Y Clilc & St L 1st g 4 s .193"
R e g is te re d ..---------------193
Debenture 4s_______ __ 1031

Range
Since
Jan. 1

WeeKs
Range or
Ims'. Sals

lyrics
Friday
August 10

Hid
Ask Low
High
____ 83
2512 Apr '09
77 M ch’ 10
79 N ov'10
1201; 129 F e b '12
1101* Aug 11
102 103 1)1
1013..
03
04
04
01
77I4 J 'ly ’ 12
____ 78
o078 Sale 1)0
>67*
0012 9Hi 9714 J 'n e ’ 12
9 6 b ____ OGU M a y'12
9812 M c h 'll
95
95 Sale
8012 8H,) 893* A u g 'l l
.00
____ 997* 100
7712 7.314 781* A u g '12
353.)
8512 85"., 8534
____ 771; 73 J’ly ’ 12
1055*... 1053*Mch'l2
83 001) 91 J 'n e ’ 12
10?12 10S12 103 J ’ ly ’ 12
104 105 10534 J ’ly ’ 12
101 10.314 101 A u g ’ 12
1037* Feb 12
____102
10212 105b 1037* M ch’ 12
10334 105 10P* J ’ly ‘ 1:
991;
091* 9J34 9!)
97 ____ 97 May’ 12
07 100
97
97
70 71
____02
813* 851;
92 . . .
75 80
98 1020
02 933*
102 105
104 Sale

7012
71
90i2 M ay’ ll
8434
851;
02 J 'ly ’ 12
81 May’ 12
110 M ch’05
94b J 'ly '12
10S»2 M ay’ ll
1933*
104
111 Sep ’03
791*
791* Sale 777*
80 M ch’ 12
83b
*8312 Sale’ 83b
102i2 Jan ’ 16
___ 100
11334 119 119 J ’ly *12
11412 ___ 11534 Feb '11
8ol2 8712 85 J ’ly ’12
1O8I4
1075* 1081_ 0314
8234 833* 823) A u g ’ 12
9312 M en 'll
___ 93
1023* 103b I023.| J ’ly *12
10 934 ___ 1093* J ’ly '12
114 . . . 1157* N o v ’ 10
100
. . . 10734 M ch’ 12
100
. . . 113 j ’ly '04
90
8Jl2 897* S9l2
____ 821t 81 J ’ly '12
99 M ch’ 12
9 8 J4 100
7S12 A u g ’ 12
78 80
8812
89
------ 8J

103 100

------ 877* 877* J’ne'12
801*
8 i Sale SO
8 Gi2 ____ 8714 j ’ly '12
931*
935*
0314 91
93 M ay’ 12
81
*8012 *81 " 81
78
7914 79b 78
78 79 793* J’ly ’ 12
7/5*----- 783* J ’ly ’ 12
9834 . . .
991* J ’llC’12
971*____ 99 M a y'll

107 ..

00 . . .
9712 Apr '09
108 ____
991* M c h 'll
____981;
90 100 105 Oct '02
89

8U4____

j f c

Gr It A I ex 1st gu g 4 Ms. 1941
Pitts Ft YV A C 1st 7 s ...1 9 1 2
2d 7s......... u.............. ...1 9 1 2

Mny’ 12

885* 89
Tol W V A O gu 4 Ms A .I1931

108 Oct '09
977* A u g ’ ll

:

____105b
loss*.
98l2 ___
8U2 87

10/12 ____
110 ____
____101)
8/ i2 Sale
803* 881*
9314 91
92 Sale
1085* . . .
Ho . . .
1051.1____
121 .
121 . . . .
108
1085* 111
107b . . .

BONDS

Y . STOCK E X C H A N f
Week Ending August 16.

Low High NY C & H R— (C o r d West Shore 1st 4s g u a r ..2361 J -J
Registered____________2301 J -J
N Y Cent Lines eq tr 4 Ms 1923 J -J
V Y New Haven & Hartf—
N on-conv deben 4s______ 1955 J -J
129 129
Non-conv is _____________ 1950 M-N
Conv debenture 3 Ms____1900 J -J
101 105
Conv debenture 6s______ 1948 •l-J
00 697*
Harlem R -P t Ches 1st 4s. 1954 M-N
77 81
B & N Y A ir Line 1st 4s 1955 F-A
06 973*
Cent New Eng 1st gu 4S.100 J -J
97ti 9714
Housatonlc R cons g 5 s ..1937 M-N
901., 96I4
N Y W ’ehes& B lst ser I 4 Ms ’ 46 J - J
N 11 A Derby cons cy 5 s .1918 M-N
94 97
New England cons 5s___ 1945 J -J
80 818
Conso' 4 s _____________1945 J -J
100 1021;
Providence Seeur deb 4 s .1957 M-N
7712 811; X Y O 4 W ref 1st g 4s__ {*1992 Al- S
8512 8OI4
Registered 55.000 o n ly .(71902 Al- S
70 78
General 4s_______________1955 J-D
1053* 1053* Norfolk Sou 1st & ref A 5s 1961 1- - A
9012 91
Vorf & South 1st gold 5 s ..1941 M-N
N'orf & West gen gold Os..1931 M-N
108 111)
Improvement & ext g 0s. 1934 F -A
105U 10712
New River 1st gold 6s___1932 A-O
101 104
1033., 103
N & W R y 1st cons g 4 s .. 1990 A-O
Registered_____________1990 A-O
1037* IO5I4
DIv’l 1st I 6s gen g 4 s ..1944 J -J
1047* 10 1*
9834 10034
10-25-ycar conv 4s____1932 J-D
10-20-yrconv 4s full pd ret
97
97
97 1003,:
Pocah C & C joint 4s_.194l J -D
C C & T 1st guar gold 5s-1922 J -J
Sclo V A N E 1st gu g 4 s .1980 Al- N
70 70I4
Northern Pac prior 1 g 4 s ..1997 y - j
8 4 " *89*3*
Registered____________ 1997 y - j
92 92
General lien gold 3s____a2047 y - i ’
a2047 y - F
Registered________
81
81
St Paul-Duluth Dlv g 4 s .1990 J -D
9412 *90 "
Dul Short L 1st gu 5s___1910 M-S
St P & N P gen gold Os.. 1033 F-A
Registered certificates.1023 Q-F
1021a 1063*
St Paul & Duluth 1st 5 s .1931 F-A
2d 5s.........................
1917 A-O
773* 823.
J-D
1st consol gold 4s____1908
78 80
8212 84
Wash Cent 1st gold 4s. 1948 y-M
Nor Pac Term Co 1st g 6s. .1933 J - j
Oregon-Wash 1st & ret 4s .1901 j - j
111) 121
11534 11534 p a c ific Coast Co 1st g 5s 1940 J-D
85 873., L enna R R 1st realestg4s 1923 M-N
Consol gold 5S.....................1919 M-S
10734 1103.
Consol gold 4s___________ 1943 ■M-N
82 835,
Convertible gold 3 Ms___1912 M-N
Convertible gold 3 M s ..o l9 1 5 J -D
1023*1 fo i "
Registered___________ cH915 J-1)
10933 10934
Consol gold 4s___________ 1048 M-N
Allcg Vnl gen guar g 4 s ..1942 M-S
10734 10734
I) R R R A Bge 1st gu 4sgl936 F-A
Phlla Balt A W 1st g 4 s ..1943 M-N
89 928
Sod Bay A Sou 1st g 5s 1924 J -J
8212 808
Sunbury A Lewis 1st g 4s 1936 J -J
99 100
U N J R R A Can gen 4s. 1944 .M-S
773.) 89
Penna Co guar 1st g4 M s ... 1921 J -J
8S12 95
Registered_____
1921 J -J
Guar 3 Ms coll trust reg 1937 AI-S
877* 881;
Guar 3 Ms coll trust ser B.1941 F -A
80 88b
Trust Co certfs gu g 3 Ms 1916 M-N
86 87b
Guar 3 Ms trust ctfs C ._ 1942 J -I)
9214 00i4
Guar 3 Ms trust ctfs D . ..1 9 4 1 J-D
93 93
Guar 15-25 year g 4s____1931 A-O
8034 85
Cln Leb A Nor gu 4s g ___1942 M-N
78 84
Cl A Mar 1st gu g 4 M s ..1935 M-N
781* 821;
Cl A P gen gu g 4 Ms ser A 1942 J -J
773* 798
Scries B ...................
1942 A-O
991* 99b
lnt reduced to 3 M s. 1942 A -()
Series C 3 Ms__________ 1948 Al- N
* -A

119

____107
____ 00

N.

Interest
Feriod

A u g . 17 i « i 2 i

Series C 4s................. ..19 4 2

1311; Jan'OO
0)7
107
101 M ch’ 12
101 J ’n e ’ 10
98b Mch'12
845* J ’ly ’ 12
92 J ’nc'OU
115 J ’nc'09
119b M ch’ 12
907* N o v ’ l l
S712
871;
873, J 'ly '12
935*
94
92
923,
925* Apr '12

1003., 1073*
101 101
9712 9814
84 8(1
11912 11012
8? >2
8714
93U
92
925*

i i f l 2 M c h 'll
105 Apr ’ 12
1301* Jan '00
12314 M ch’ 12

105

897*
8S34
948­
937c
9312
105

Pco A Pck Un 1st g 6s____ 1921
2d gold 4 Ms...................... 61921
Pcre Marquette— Itcf 4 s ..
Ch A W Al 5s.................... 1921
Flint A P Al g 0s................1920

Pitts Sh A L E 1st g os____

12314 12314
111

i l l Jan ’ 12
119 J ’n e ’oo
98 A p r ’ 12
9812 N o v ’ l 1
90 J ’ne ’08
*80
873, S012 M ch’ 12
00
90b 901,, A u g ’ 12
0914 ___ 993* A u g '12
9934 M ch’ 12
89 J ’l y ’ 12

111

"08" ’ 98
8612 8()34
893, 92
993* 1005*
99
993,
89
91

Southw Dlv 1st g

-j
-j
-j
-j
A-O
AI-N
J -J
J -.l
Al- S
A-O
A-O
M-N
M-N
F-A
J-D
M-N
A-O
y -F
M-N
J -J
J -J
J-D
A-O
M-N
A-O
F-A
J -J
A-O
J -J
J -J
J -J
A-O
J -J
J -J
J -J
J -.l
J -.l
M-N
A-O
J -J
J -J
j
j
j
j

Week’s
Range or
Last Sale

Price
Friday
August 16

Range
Since
Jan. 1.
Loro High
99!2 101
97
081*

High
bid
Ask 'joic
yy.tj
9912 Sale yyi2
9 si4 A u g ’ ll
08 90
92 J ’ly ’12
9112
911;
91
91
28l4 12914
99
99
9912 J 'n c ’ 12
02l2 A u g ’ il
15 A ld l’ 12
yy34
100

911; 92
91
931*
90 945*
128 13212
99
991*
9912 991j
9214 935*
114 115
98 IOOI4

U912 Mch’ ll
*81 ____ 84 J ’ly 'U
____ 02
92
92
921; J’n e ’ ll
895* Feb ’ 12
981; 091; )0 J ’l y ’ 12
1033*-----122 ___
124 1256
12134 . . .
.24 M ay’l l
9G34 Sale ■J012
97
00 ____ 98 Jan ’ ll
02 Sale 92
9H4
117 IIS
1712 1176*
1034 117
9il4
Oil* Sale 0II4
IOOI4____
9 0 b ____ 9014 J 'ly ’ li
98i4 Sale 98b
.88
.
9814 J ’n c ’ 12
G.Sl; 04
68/*
69
G8 ____ 68 J 'ly ’ ll
9512 ____ 90 J ’l y ’ 12
10012 ____ 00 J 'l y ’ li
1143, n o
1434
1143
1143*____ 153* A u g ’ ll
lujl4 ____ 07 Jan 12
10U2____ ,0234J ’ne 11
9134 ____ 94 J ’n e ’ l.
8i)34 ____ yli* Apr ’ l l
111 ____ 118) J'ly ’ ll
on*
S9I2 Sale syi2
1035* 1U4-. 104 J ’ne u
ooi2 A u g '*1
____loot
110 Mch'12
101 1023* iou2 A u g ’ U
997* Salt 997*
997*
07i4 Sale 971*
97b
06 ____ 97 J ’ly ’ 12
103 Sale .03
,03
____looi*

9912 100
84
84
92 90
92b 921;
895* 89'*
99 1001*
10212 1023*
1233* 1251*
124 1263*
124 124
9612 HU7*

____ 92
0U2Sale
00i2 ____
12>j Sale
99 ____
____921;
115 ____
9034 Sale
................

9134 94
10712 118
108 117
91
94
1003* 1003*
95 9812
9S1* 10034
9814 9912
6834 70'*
68 OS
00 9012
100 100
11134 1151;
107

i n~r2 i f f 3]

891* 923*
10312 101
IOOI4 102

108 110
iOU2 104
991; 1001*
9034 977*
47
9712
10212 1041*
995* 1001*

99 1017*
................ 102 Jan ’0.)
101 ' ____
1025* Sale
10212 ____
89 ____
89 ____
0712 ____
86
88:‘,
8012 ____
you Sale
92 ____
103 105
104 ____
104 ____
OIX4____
OU4____
0U4 923*
t ____921,
1027* 103?*

10/5*____
1 0 1 7 * ....
10U2 ____

107

*02*34 *94* *

99

1021*

101 lOlljj
.025* 104
02b 103
88b 8914
88 8884
9712 98U
88
88I4
8734 8734
90 9812

025* 1023.,:
.021;
103
8*414 Apr '12
8S34 M ay’l2
975* J ’ly ’ ll
88 M ch’ 12
8734 Jan 12
90)*
901*
9G12 Dec '11
110 Jan '05
yii4 Feb '12
OH., Alay’ 12
90 Alay 08
oil* A la y l.
901* J ’ly 'i2
104 A u g ’ ll
LOO Alay’12
1037* Feb ’ ll
101 Dec 11
109 May'10
1021* J ’n e 'li
J ’ly ’lo

9114 9H4
01U 91U
9.11a 911;
901* 901*
104 105
100 IOU4

10134 1021*

1015*1053*
1045* 1051;
1045* 107
90 ____
947*____
90 ____
96 ____
1103*____
10012 ____
91
92

L0414 1063*
.013,1107

86 M ay’ ll
13 J ’ly 11
11314 Nov ’ l l
907*
965* Sale y0i2
003* J ’ly ’ i
97
9012
____97
93
_
8 / I 2 J ’ly ’ 12
87 90
11812 1201; 11834 M ay’ 12
____108
108 A u g ’ 12
84" 847* 8412 A u g ’ ll
8434 Sale S414
861 114
9914 ____ 100 Oct 'l l
78b
7812 79
78?* 22
8034 A lch 'll

8U4 86
113 113U

11G12 117 117 J ’ly '12
101b
10U2 Sale 10U2
103 Feb '09
103 10334 H)2/« J ’ly ’ 12
10U2 10l 103 J’l y ’ F.
93 M ch’ 12
------ 89
IOU4 AIch'12

II6I4 1171*
10U2 10212

lim , J ’ly 'l 100 J ’ne 11
<J71» J ’ne 'l i
U312 F'eb ’ 12
97 J ’ly -li
07 J ’ly ’ i11312 NOV’ ll
100 Alay’ ll
93i2 Jan ’ ll
0()34 Apr '12
523* Aug ’ )2
...
64
96 ____ 995* Feb ’ 12
.083* Alay’ 12
96*4____ 903, J ’ly ’ ll
9G12 ____ 97b M ay’ ll
____ 801;

97
931*
97
97

99
931j
97
99

G034 0034
523* 54
995* 995*
108 1083*
9634 100
9712 9712

9612 9834
903* 98b
911; O8I1
86 8912
11834 1195*
1051; 1081*
8H2 8SI4
8412 881j
7734 8134

MISCELLANEOUS BONDS—Continued on Next Page.
(las and Electric Light
Kings Co El L A P g 5s-------1937 A-O

Purchaso nioneyOs______ 1997 A-O
Convertible deb 0s_______1922 M-S
Ed El II Bkn 1st con g 4s. 1939 J - J
Lac Gas L of St L 1st g 5 s..cl9 1 9 Q -F
Ref and ext 1st g 5s_____ 1934 A-O
Milwaukee Gas L 1st 4s____ 1927 H-N
Newark Con Gas g 5s.......... .1948 .1-1)
N Y G E L H A P g 5s____ 1948 J-D
Purchase money g 4s____ 1949 F -A
E d El III 1st cons g 5s___ 1995 J -J
NY A Q El LA P l s t c o n g 5 s .1930 F-A
N Y A Rich Gas 1st g 5s___ 1021 M-N
Pacific G A Ei Co Cal G A 10
Corp unifying A ref 5 s ..1037,M-N
Pac Pow A Lt 1st. A ref 20-yr I
5s Internat Serlc
_____ 1930 F -A
pat A Passaic O & E 5s____1040I.VI- S

Gas and Electric Light
____105
115 11734
1233., . . . .
____01
l()2i2 Sale
1013.1 102
0012 OH*
1053*____
1033* Sale
89 Sale
. . 1121;
____101
9.V; Col.

1011,
10414
0
117 J ’n e ’ 12
1181* Dec ’ l)
8812 Dec ’ ll
102b
1021.
102 A u g ’ i:
901* J ’ly ’ 12
IO0I4 Apr '12
IO3I4
1031; 58
89
89
21
1131* M ch’ 12 ___
I02i2 Mch'12 . . . .
021j> J ’ly ’09
05b

95*4

l:

9 !1 ;___ 95 J ’ly ’ ll
1 )2 lo____ 1025* J ’ly '12 ___

1041, 105b
UG12 117
10U2 103
1003,1 102
897* 905*
IOOI4 10(jl4
1025* 104*4
88I4 801;
112*2 113b
102 10212
94

• No price Friday; latest bid and usked. a Due Jan. 6 Due Feb.




963*

93b 05
1025* 1025*

Pco Gas A C 1st con g 6s— 1943 A-O
Refunding gold 5s______ 1947 AI-S
R egistered____________ 1947 M-S
Cli G-L A Cke 1st gu g 5 s .1937 J-J
Con G Co of Ch lstg u g 5s 1936 J-D
Ind Nat Gas A Oil 30-yr 5s 30 M-N
Alu Fuel Gas l s t g u g 5 s .. 1947 AI-N
R egistered................— 1947 M-N
Philadelphia Co conv 5s — 1919 F - A
Stan GasA Elec conv s f 0s ..19 2 0 J-D
Syracuse Lighting 1st g 5 s .1951 J -D
Syracuse L A I * 5s--------------1954 J -J
Trenton G A E 1st g 5s------ 1949 M -S
Union Elec I, A P 1st B 5 s .. 1932 M-S
Ref A ext 5s.......................1933 M-N
Utica El L A P 1st g 5s------ 1950 J -J
Utica Gas A E ref 5s----------1957 J-J
Westchester Llght’g g 5s — 1950 J-D

____ios
100 1001;
10012 ____
____ 801;
103 ____
100 b ____
97 ____
103 ____
100 ____
105 105b

109 F e b ’ 12
t()012 100b
101 D e c ’ l l
85i2 J ’ne M2
109 Feb '01
101 Apr '12
97 J ’ly '12
IOOI4 Dec ’ ll
105
105

e Due May. g Due June, hDue July, o Due Oot. p Due Nov.

10212 1041*
10U2103
93 93
1005* IOU4
107 109
100 101
8512 88
101 101
9G12 981*
1 1043* 105*^

s Option sale.

410
BONDS

Y . STOCK EXCH AN G E
Week Ending August 16.

Price
Friday
Aug usl 16

Week’s
Range or
Last Sal!

1
I Bonds
1 Sold

K.

New York Bond Record—Concluded—Page 4
Range
Since
Jan. 1.

(N.

[VOL. LXXXXV.

BONDS

Y . STOCK EXCH AN GE
W eek Ending August 16.

3 t L & San Eran icon)
Hid
Ask
gh No Isno High
K 0 Ft S & M con g 6S..1928 M­
l i t llo3s
12 . . .
115 118
\Wabash 1st gold 5s............ 1939
K C Ft S & M Ity ref g 4S.193G A77 Sale
>% 1.
77 801" ’ '
2d gold 5 s ..
1939
Registered_____ ______ 193 6 A12 . . .
77% 776’
Debenture Series B
1039
K C * M It ft B 1st gtl fls. 1929 A98*8
103% 1031
1st lien equip s fd g 5 s . . . 1921
Ozark ft CD C 1st gu us g 1912 A -0
99>s ____ 9I)34 Aug 12 :II
99% 100
1st lien 50-yr g term 4 s .. 1954
St I. S W 1st g 4s bd ctfs. _ 1989 M-N 90>4 91
9012
9 %
00% 0211st ref and ext g 4s_____ 1956
2d g 4s Inc bond c t fs .. .p l9 8 0 J -J ____ 80
SO
8
SO 83
Cent 1 rust Co ctfs
Consol gold 4s__
1932 J-D
81 Sale 80l2
2
8
78% 84'
Do Stamped
Gray’s Pt Ter 1st gu g 5s. 1947 J -D
9913____ Oils Apr 97 . . Equit Tr st Co c t f s . .T i l l
S A & A Pass 1st gu g 4 s ...1 9 1 3 J -J
86
80i£ 86
8 % H 86 873.1
Do S tam ped___________
S F & N P 1st sink f g 5 s ..1919 . J
94 . .
104 Oct ' 09 . . .
Det ft Ch Ext 1st g 5 s ..1 9 4 1
Seaboard Air Line g 4s____1950 A-O
87U 83
S712
8' %
87
873g
lies Moln Dlv 1st g 4s
1930
Gold 4s stamped
1950 A-O
871.1 87% 87!i
8 34
86% 90
Cm Dlv 1st g 3 Ms............ 1941
Registered..............1111111950 A-O
Tol ft Ch Dlv 1st g 4s
1911
Adjustment 5s________ ol949 F-A "7863 Sale 7838
*7! % ” u 78% *84% Wab Pitts Term 1st g 4s__ 1954
1959 A -()
Refunding 4s_____ __
78*3 8b
793S 83
Cent ft Old Col Tr Co certf3 ..
Atl-Blrm 30-yr 1st g 4s.el933 M-S ------ 8S5S
12 ” 1! 87 90
Columbia Tr Co ctfs
Car Cent 1st con g 4s____1949 J -J
1 2 ___ 9234 ij;jl,
911o 93
1954 J 2d gold 4s..... .............
1 1 ___
Fla Cen & Pen 1st g 5s. .1918 J -J 1031.;____ 103
Trust Cp certfs.
’
.
1st land gr ext g 5s___1930 J -J 1033.!____ 104
1 2 ___ 104” 104*' Wash Terml 1st gu 3 Ms. *1945
Consol gold 5s____
1943 . J IU6I4____ 107
1 2 ___ 107 1)7
1st 40-yrguar 4s.
1945
Ga ft Ala R y 1st con 5s.ol945 J -J 1053, 1073g
1 2 ___ 1053, 1071,, West
1st g 4s
1952
Ga Car ft No 1st gu g 5s 1929 J -J 105 .
1 2 ___ 105% 10534 West Maryland
N Y ft Pa 1st g 5s. 1937
Seab ft Roa 1st 5 s . . .
1926 J -J 101 106% 105 J
12___ 105 106%
Gen gold 4s......... ............... 1943
Southern Pacirtc Co—
Income 5s____
” dl043
Gold 4s (Cent Pao c o ll).*1949 J -D ___ noi4 80*8
h
7 83*3 92% YheeUng ft L E l s t g 'b i — .1926
■ Registered....... ............ fc!9l9 J -D ____91
12___ 91 91
91 .
Wheel Dlv 1st gold 5s. 1928
95 Sale 9412
20-year conv 4s______
p i929 M-S
% 32, 94*s 97
Exten ft Imp gold 5s____ 1930
95
903s 9 O4
Cent Pac 1st ref gu g 4s 1949 F-A
%
t 94*4 97
R R 1st consol 4s
1949
93
97
Registered . .
1949 F-A
2 ___ 94% 911,
9412 *
2A°'yf,ai; ec|u,p s f 5siiI19 2
Mort guar gold 3 Hs._fcl929 J -D ------ 00*8 9033
*8
90% 91% VInston-Salem
S
B
1st
4s.
196
903s 907a 91 J
Through St L 1st gu 4s. 1954 A-O
2 ___ 00
9278 VL? Ce.n&5?*#r lst £en 4S.1104o
G H ft S A M ft P 1st 5s. 1931 m - n 10f>>8 10318
2 ___ 10.5% 107
Sup&Dul dlv & term lst 4s ’36 ,
Gila V O ft N 1st gu g 53.1924 M-N 102 104
2 ___ 102% 1()434
Hous IS ft W T 1st g 5 s .. 1933 M-N 1033.1 11)373
2 ___ 101 104%
Industrial
1st guar 5s red ............. 1933 M-N 10J34 105
2 ___ 104% 104% 7
J -J
II & T C 1st g 5s Int gu._1937 J -J 109% . . .
2 ___ 10J%110
d e p o slt.
Consol g 6s Int g u a r ..1912 A-O
1 ___
Gen gold 4s Int g u a r .. 1921 A-O *94 * *95*%
2 ___ 94% "95%
W aco ft N VV dtv 1st g 6s ’30 M-N 114 118
6 ___
Debenture 5s___ — — 1— 1931
A & N W 1st gu g 5s
1941 J -J 106 108
2 ___ f()7% 107*1" 7
Morgan’s La ft T 1st 7 s ..1918 A-O 111 ____ U134 A u g' 2 ___ U134 1U*4
1st gold 6s..............
1920 J
IO8I2 11012 111 M ch’ 1 ___
N Y Tex & M gu 4s g ____1912 A-O
No of Cal guar g 5S______ 1938 A-O
7 ___ ............
112
i m i nreact 1st co' tr 4s
1919
Ore ft Cal 1st guar g 5s 1927 J . ____ 10312 102 '
1 ___
m Tobacco 40-yr g G sIIIIigJd
So Pac of Cal— G11 g 5 s . 1937 M-N U034 ____ n o :
7 ___
Registered____
1944
, So Pac Coast 1st gu 4s g 1937 J -J
9 1 1 2 ...
9 ___
90 Certificates of deposit’ ”
San Fran Term I 1st 4s 1950 A-O
OOI4 Sale OOl.t
4
^ 90% 02
Goi <l
1— 1951 F-A
T ex ft N O Sab Dlv ls t g b s ’ 12 M-S
2 .. 10034 10034
10034 1
Registered___
4954 F-A
Con gold 5s______ __ 1943 J . idJ* I ”
101*3 M ay’ l 1 ___
Certificates of deposit*
So Pac R lt 1st ref 4 s _ .I ” Il955 J -J
9414 Sale 941S
.... 8 11
94%
95*,s
7
J
Southern 1st consol g 5s " l994 J -J 107 Sale 107
8 23 107 1083s I
M-N
Registered________ 2 1094 J .
1 .
105 i
J -J
____1926
Develop ft gen 4s Ser A ll9 5 6 A-O
78l2 Sale 78% a
.. 2 14t 7,8 793., (
A-O
Mob & Ohio coll tr g 4s 1938 M-S
8578 86% 8512
Aug 1* ___ 85 87%
F-A
Mem Dlv 1st g 4 M-5s_” lUU6 J -J 10/12 110 109
-------108% 111
Registered____ - - - — — — 1951 F-A
St Louis dlv 1st g 4s.
1951 J -J
8934 90
88*3 90% C orn Prod Ref s f g 5s
inai M-N
Ala Cen R 1st g 6s____” i918 J _ 10ol2 ____
0 ___
lst 25-year s f 5 s . . . ; ” * 1934 M-N
Atl & Dauv 1st g 4s. " 19 18 J -J
8512 90
...
C 1 ♦ntoAnJ?r Su?ar coU tr 6s 1918 A-O
1948 J _
. 2 d 4 s .......................
8U2 ____ 82l.i Feb ’ 12 ___ 82% 82% £ If til Sec Cor conv lst g 5 s .1927 A-O
8134 . . .
Atl ft Yad 1st g guar 4s 1949 A-O
I flu Pont Powder 4 Ms 1936 J-D
Col ft Greenv 1st 6s
1910 J
___ z m
10312 . . .
g en Electric deb g 3 Us
*1942 F-A
E T Va ft Ga Dlv g 5 sl""l9 3 0 J . 107 1081s
- - - - 10734 10.8%
10-yr g deb 5s______
4947 1-1)
Con 1st gold 5 s .. _ 1956 M-N 110 110*4
111) 1113j G P“ ’* M°.t0£s lst den 6s” ” l915 A-O
E Ten reor lien g 5s.
1938 M-S 10312 . . .
105% 106
I I Steel deb 4 M s................ 4940 A-O
Ga Midland 1st 3s
1946 A-O
64 6714 64
01
Oil- I idiana Steel lst 5s (recti)" 1952 Al-N
Ga Pac Ry 1st g 6s.
192 J -J 11012 112 111
lit 1127S 1 it Paper Co lst con g 6s. 1918 F-A
K nox ft Ohio 1st g 6s. 1925 J -J 113% . . . 111
114 115
Consol conv s f g 5s
1935 J -J
Mob ft Bir prior lien g 5s 1945 J -J 104*8 . . .
....
051
M-S
7«34 ____ 78
Mortgage gold 4s_
1945 J -J
1
A-O
___ 101 1043,
Rich ft Dan con g 63____ 1915 J -J 10212 104% 104
1st con 5s Series A
1950 M-S
___ 104 10434
Deb 5s sta m p ed ..
1927 A-O 10312 ____ 0)3.
5-year convertible 5s
1915 M-S
Rich & Meek 1st g 4s ” lU4K M-N 72l2 ____ 71
gg ft M yersTob Co7s tpy b d s ..
So Car ft Ga 1st g 5s
1919 M-N 10234 1031s
10234 104
5s temporary bonds . .
Virginia Mid ser C 6s.
1910 M-S 10 Ho____
..........
V
A-O
Series D 4-5s________ 1921 iM-S 10334 ____
..............
J-D
Series E 5s_________
1926 M-S 10 534 ____
1053, 105*. iN
J -J
Series F 5s_________I I I 1931 M- S 105*8 . . .
............
N
M-N
General 5s__________I ' 1930 M-N 107 . . .
108 108% N Y Air Brake lst conv 6s 1928 M-N
Va ft S o’ w't 1st gu 5s 2003 J -J 108 103%
..............
P Lorillard Co 7s tem ’pry bds
1st cons 50-year 5 s .. 1958 A-O
96 0634 9634 J ly '1: —
96% 973j
5s temporary bonds.
’
W O ft W 1st cy gu 4s___1924 F-A
92*3____ 90 M ch’ ll
90
90
R
J -J
W est N C 1st con g 6s. 1914 J -J 102*4____ 101 May-i:
103 103% R
A-O
Spokane Internat 1st g 5 s .. 1955 J
. 103
10-30-year 5s s f . .
” l940 A-O
r pr ewr A of St L
f. 1st
lit. g 4
J Ms
i<«s .1939
loan A _ ____IO5I4
10.5 105’ ' St andard Milling 1st 5s” . 1 1930 M-N
J- 1st con gold 5s___1894-1944 F-A 110 1U12
110*1
H2%
l’
he Texas Co conv deb 6s. 1931 J-J
Gen refund s f g 4s........... 1953 J -J
>638 - - ­
94
00
U nlon Bag ft Paper lst 5S..1930 J-J
St L M Bgc Ter gu g 5 s .. 1930 A-O 106%____
___ 107% 1071
1930
S ta m p e d .......................
Tex & Pac 1st gold 5 s . . . 2000 J-D 108 10012 108
107 110% [J S Leath Co s f deb g 6s— 11913 M-N
2d gold Inc 5 s ..................02000 rich
50 5018 60
50 50
U S Realty & I conv deb g 5 s .’24 J-J
La Dlv B L 1st g 5s . . .
1931 J -J
98 ____
S Red ft Refg lst g 6s__ 1931 J-J
W Min W ft N VV 1st gu 5 s .'30 F-A
S Rubber 10-yr coll tr Gs.1018 J-D
Tol ft O C 1st g 5s............ 1935 J -J 1081* 108%
__ _ 108% 1091Registered________
1918 J-D
Western Dlv 1st g 5s. .1935 A-O 107 ____ 107*4 J 'n e'l: ___ 1073, 107-*, (J S Steel Corp— f c o u p ___(J19G3 M-N
General gold 5s...................1935 J-D 103*4 104% 103*4 J ’ly ’ l: . _ . 103 404
S f 10-60-yr e s i r e g ____ dl963 M-N
Kan ft M 1st gu g 4s____1990 A-O
91*4 . . .
93 May’ll
913.1 93
V
J-D
2d 20-year 5s________ 1927 J -J
99 99I4 99I4
991,
i 98% 991 W
J -J
Tol P ft W 1st gold 4s_____ 1917 J -J
04i2 J 'n e 'i: ___ 93% 04% VV
9312 94
J-J
Tol St L ft VV or lieng 3 M3-1925 J -J
8412 851.1 84% A u g ’ l? ___ 84% 87%
10-year coll tr notes 5s. .1917 A-O
60-year gold 4s...................1950 A-O
01
0U2 62
62l2 16 60
69*3
Coll tr 4s g Ser A . .
1917 F-A
68 A u g '12 ___ 08
68 72
731Telegraph ft Telephone
Tor Ham ft Bull 1st g 43../1I940 J-D
8934 ____ 8978 Apr T2 ___ 89% 90% A n Tclep ft Tel coll tr 4 s .. 1929 J-J
lster ft Del 1st con g 5s 1928 J -_ 105 ____ 105 J ’ly T2
05 106
Convertible 4s___________ 1936 M-S
1st refund g 4s___
1952 A-O
8518------ 8512 J’no'12 __
85% 86% Cl
J-D
Union Paclllc— Gold -*s
1947 J 10014
100is Sale 100
71 00 1021., C(
Q-J
Registered.......................1947 J
983.1 llAn, 0978 J’ly '12
99% 1017s
Registered______________ 2397 y - j
20-year conv 4s____
1927 J 103*4 651 01% 104
103*8 Sale 102
K
J-J
1st ft ref 4s.......................p2008 M9612 90->£ 96*8
96*4 0. 96
977* M
M-N
Ore R y & Nav con g 4s .1946 J 9312 Sale 9312
9312
3 93% 96% M
F -A
Ore Short Line 1st g 6 s .. 1922 F1212 li t 112% A u g ’ 12
12 11334 v Y ft N J Telephone 5s g_1920 M-N
1st consol g 5s_____
1946 J 10934 110 110
110
X Y Tclep lst ft gen s f 4 Ms 1939 M-N
16 10 112
.
Guar refund 4s.............. 1929 J 9218 923;. 92I3
9212 13 021s 9534 Pi
J-J
Utah ft Nor gold 5 s .. 1926 J
10518____ 108 M ay’ ll
................ w
J-J
1st extended 4 s _______1933 J
921S -----Fd and real est g 4 Ms___1950 M-N
■yandalla cons g 4s Ser A . 1955 F ­
9312 ____ 965s Mch'12 ___ 9653 96*8
M-N
Mut
Un
Tel
gu
ext
5s___1941
v
Consol 4s Series B ____1957 M, U512; 94 J ’ne 12 __ _ 94
97%
Northwest Tel gu 4 Ms g.1934 J-J
Vera Cruz ft P 1st gu 4 Ms. 1934 J
. 96% 913,1 J ’n e 'l?
913, 91*j

U

13
I.oio
High
10012 1061
99*s
100 '
90 J ’n e '12
98i4 J ’n e ’ 12
83 Dec '10
67
70
70 J 'n o ’ 12
68 J ’n c ’ L
70 J ’uo'12
64
08
1061s May’ 12
81% M ay’ ll
713, J ’ly ’ 12 ___
80% J ’ly *12
31 J ’ly '12 . . . .
32
32% 5.
4
321s
32%
13.i J’n e '12 ___
2**8 J ’n c ’ 12 —
87*8 Oct ’ ll
97% M ch’ 12 ___
86
863a 106
U)63.i
10634
1
86*8 A ug T2 —
34 Feb ’07
1011,1 10,11 104% J ’ly '12
100 104 102% N o v ’ ll — 101 103 102 J ’u c ’ 10 . . . .
82 84
83
83
96%___ 08% Feb T
90 OH; 92 J ’nc'12 ___
913.i 92
91
9134
4
9012 91% 9U34 J’ne '12 —
0034 J ’ly ’ 12
62
64
101% 101*8
9734 Aug T
95 J'JIO'12
100%
100*4
78%
79
10‘>% 105%
100 J ’ly T2
94 J ’ly ’ 12
120% A u g ’ l
1201,, J ’n e ’ 12
120% M ay’ 12
•97 A u g ’ 12
95*8 J 'n e 'l?
95% M ay’12
<J1%
9114 Sale 903,|
10334 J’ly -l
903.1 Sale 96%
963,
95*8i
95*8 Sale 95%
97 Aug ’ L
57 N o v ’07
96 96% 90% Aug T
94% 95% 95%
95%
96% J ’ly ’ 1
96% 97
753*
75 Sale 741.1
SO Sale 86
87%
___82
83*s J’nc ’ 12
159 Feb ’ 12
100
100 Sale 997s
90%
90*8
90*8
101 Sale 100**4 101
103 lb.iq, 103% 1037ji
90 91
91 A u g ’ L
92% Sale 92%
92%
96% 99
97
97
____ 81% 81
813*
94 943, 93*8
94
120% Sale 120% 12078
977a Sale 973,1
08
___ 98% 98%
98%
03% 935s 93*8 J ’ly T2
87
893, 89% J ’ly ’ 12
9934 Sale 993.1
99%
102 Sale 101%
102
121% Sale 121% 1217s
96% US 9734
98%
97 % 98
9778
977,,
1 0 3 % ... 101 Apr '12
01% 92% 91%
917S
88 Sale 88
88
101 102 101%
1017s
____93
94 M ay’ 12
____ 93% 93% A u g ’ 12
100% 101% 100% 100%
90% 91
91
91
30 Sale 30
30
1011.1 Sale 10 Hg
104%
103% Jail TO
102*4 Safe 102*8 1023,
102%
1021*.
98% *98% 983g
9834
102 '02% 1021,1
1021,|
95*s Sale 95%
96
96% 9/% 97% J’ly ’ ll
903s Sale 90**8
14% 115% 114%
82

84

851.| 85*.|
1021,t 103
100 1003„

102 ____
99% Sale
1097s Sale
lOOi.t 101%
97% 98%
94

901
1111

82% Mch'12
8 3% N ov 'll
85
85
1023., J ’ly *12
100 A u g '12
103% M ay’ ll
99
993.
100*4 101
101
101%,
98%
98%
104 J ’ne 11
90% J ’n o ’ 12

3

56lv V2*s
04;% 71

64*8 69**4

£-J% TO

601- 69*8
106

107

681"
72-*.|
31
311.,
31%
1
1'8

713,1
83%
30%
42l.t
41%
- 12
3

97% 97%
8)
.8-01
105*1 10834
86*3 88%
1046, 105%
*82% 851j
913| 93
9333
91
90% 9212
52
67 %
68'2 64
101% 10234
07% 98%
94% 95%
98% 101
72% 82
102% 105%
100 101
92*8 95
1187s 121%
11878 121**8
1187s 121%
9178 97%
92% 96*8
9173 96
88% 91%
1031•>104
0312 102
913.1 96%
9134 9/

05% "oY ’
94
96%
96
97%
71*8 78%
847s 92%
82 84
153% 159
9S% 1007a
90% 9234
100*8 101*8
103 10134
84% 917a
9134 93%
94
97
77
82%
1)0% 94%
1834 123
89**4 99%
95 100
93
94%
89% 89%
991 •>101%
97 ” 102
19'*8 12334
91% 99%
97
98%
1027.8 104
903.1 933j
86
883*
94% 102%
94
94%
93% 94%
100% 102
87% 91
30 50 :
10334 105

10'iYi ioi'%

101*8 104
981.1 101
101% 1031*
03
96
90% 98
90 91%
108*4 110*8
82% '82'%
82
85
10234 103
9978 HD
09 i0O7j
987S 101%
101 103%
97% 100%
95

90%

MISCELLANEOUS BONDS— Concluded.
Coal ft Iron
Bud ft Susq Iron 3 f 5 s ....1 9 3 2 J-D
Debenture 5s__________ Ial920 M-S
Col F ft I Co gen 3 t g 5s____1943 F-A
Col Fuel gea 6s...................1919 M-N
Col Indus lst ft coll 5s g u ..l9 3 4 F-A
Cons Ind Coal Me lst 5 s . . . 1935 J-D
Cons Coal of Md lst ft ref 5s 1950 J -D
Gr R lv Coal ft C lst g 6s../»l919 A-O
Kan ft H C ft c lst s f g 5 s .1951 J -J
Pocah Con Collier lst s f 5s 1957 J -J
St L R ock Mt ft P 1st 5s___1955 J -J
Tenn Coal gen 5s__________ 1951 J -J
BIrm Dlv lst consol 6 s ..1917 J -J
Tenn Dlv lst g 6s______ ul917 A-O
Cah C M Co lst gu g 6 s .. 1922 J -D
Utah Fuel lst g 5s_________ 1931 M-S
Victor Fuel lst s f 5s............ 1953 J ““ J
Va Iron Coal ft Coke lst g 5sl019 M S

____ 97 J ’ly T2
91 N o v 'll
98*4
99
____ 99%
t
106'% 10.8% 107% J ’n e ’ l
80% 807s 8OI4
80'
h
“____ 84% 85 J ’n e ’ li
91 A u g '12
____ 94
102*8 Apr ’06
98
99
98 J ’n e ’ 12
7
87
88% 87
87
,827S 846 83
5
83
101 Sale 102% 103
1
1033, lot 101 J 'ly T2 . . . .
101% tot 103*s J ’ly T . . . .
101%106 110 Jan ’03
07

------ 85%
95
96

86 ’ M ay"!2
953,
110

—

97

98

0S*4 1003.1
1071.1 10734
72% 82
94

91

973, 98%
81% 8917934 84G
102% 1037g
103% 1041
103 101 ‘

”86** *86**
6 95
98%

■ Miscellaneous
Adams Ex coll tr g 4s_____ 1948
Armour ft Co lst real est 4 Ms '30
Bush Terminal lst 4s_______1952
Consol 5s......... .........
1955
Chino Copper lst conv 6s__1921
Irrigation Wks ft D of A 4 Ms ’43
Insp.r Cons Cop 1st 6s irectsi . .
fnt Mercan Marine 4 Ms___ 1922
Int Navigation lst s f 5s__ 1929
Mge Bond (N Y) ser 2-4s___ 1900
Morris ft Co lst s f 4 Ms____1939
N Y Dock 50-yr lst g 4s___1951
Nlag Falls Pow lst 5s_____ 1932
Refunding ft gen 6s____ al932
Ontario Transmission 0s___ 1945
Pub Scrv Corp N J gen 5 s ..1959
Uay Cons Copper 1st conv o^ 1921
Wash Water Pow lst 5s___ 1939

M-S
J-D

A-O

J-.J
J -J
M-N

A-O
F-A
A-O
J-J
F-A

J-J
A-O

M-N

A-O

J -J

J-J

86 J ’ly T2
91%
013.1
90% A llg ’ 12
073s J ’ly '12
111
.6 )
93% N o v 'll
1073S 107<8
66
06
G03g 65%
797s
797S Sale 79%
89 A p r '11
8934
8934
____ 00
82
82
82
85
100*1___ 1017S J’n o ’ 12
8312 80
91*8 9134
89% 01
____97
160 Sale
____95
IO734 Sale

93
128
102

93
92% J’ly '12
93% 93%
93%
Sale 125
128
104 May’ 12

82% 88%
91% 92%
8834 92
97
99
110 160
101% 107%
63
70
78
82%
89% 897#
82 85%
lOOG 1017,
92% 93 |
92*s 94%
112 130 j
1027s 104

No price Friday; latest bid and asked aDucJan dDuo April eDueMay pDueJuno hDueJuly /(Duo Aug oDuc Oct (IDuoNov gDuo Deo sOptlon sale")




CHICAGO g fO C T ^ X C H A N G ^ —Stoc1! Record—Daily, Weekly and Yearly
STOCKS—INQUEST AND LOWEST SALE PRICES
Mondag
Aug. 12.

Saturday
Aug. 10.

Wednesday
Aug. 14.

Tuesday
Aug. 13.

Thursday
Aug. 15.

Last
34
Last
92
92
Last
2414 2414
81; *8
412 *4
1512 *14
40*2 *40
*834
9
4712 *45

Fridau
Aug. 16.

Sale 32 Junc’ lL
Sale )1 July’ 12
Sale J5 July’ 12
241.J 24b 2434
812 8b
8b
4b
412 *1
151? I5I4 15R
*40
43
43
9
10
Ids
47
50
47b

*30
*89
*85
24
*8

*30
*89
*85
2412
*8
*4
14%
n__
*834
*45

34
92
90
25
Si?
41.
143,
43
9
47b

*30
*89
*95
2412
83g
♦4
*14
l<__
*834
*45

34
92
90
24%
83,
4b
15b
43
0
47b

*30
*89
*88
2414
*8
412
*14
4012
9
*45

4012
11934
*400
*130
*45
*102
*145*2
*55

41
4H4 413.,
11934 120 120b
-100
138 '130 138
46
*45
46
1021, ■
‘ 102 10214
140 '14512 146
60
60
60

41
119U
' 100
135
*15
‘ 102
146
00

41%
120

88
88
58
58
493., 50

88
*55
50

90
58
50b

212
139
15

213
139
*14

41b 4012 4U4 4012 403j
HUS., 1193.,
ll'dSg *119 120
Last Sale 105 July’ 12
138" '130 138 '130 138
4534 46
----- ----46
IO2I4 *102 IO2I4 *102 102R
14014 >145% 140b 14534 14534
*60
63
33
0012 *30
Last Salt 17 Apr’ 12
88>8 8934 8912 89l2 .................
*55
58
*55
58
58
*55
50b
50b *50
5014 50b *50
Last Salt 142 May’ 12
215 215
215 215 *213 220
139 139
13812 139
138%-139
16
IOI4
*14
15
♦1.5
18
Last Sale / 8 Jan’ li
108 109
1077g 108 '108 109
9914 100
*9314 9912 *991.4 991;
6OI4 69*4
69
69
69
69
----- ----I23I4 124
124 124
Last Sale 76% Aug’ 12
*75
70%
----- ----137 137
'137 138
Last Sale 127 July’ 12
•‘125b 129
iM l Sale i23 Aug’ 12
‘ 120 122
'118 120 ►118 120 ♦118 120
__ - -----64
64
65
65
Last Sale .60 May’ 12

34
92
90
24
8I2
4
16
*14
♦
43
*834 9
471.
*45

*8712 88
*58
60
50
50
212
139
*14
*1()Klo
9914
<\7
1933..
*75
*185

212
139
15

212
139
*14

MQlr
9914
fix ‘
1233,
761136

*122 125
*118 120
GGI2

<1073.
OUR
68
124
*75
'136
'1251?
'122
117U
60

4D2
11934
‘400
135 '130
46
46
10214 IO2I4
146 ' 14534
60I2
61

215
139
15

10712
109
991• *991.,
6812
681,
123%
121
76b *75
I31U4
137
129 »12512
125 -•*12110
1171.4 ‘ 118
*0112
00

1073,
99b
69
1233;
76b
13614
129
122
120
657,

118 118t4 11734 1183.,
118 118
90
*8914 891J *89% 9012 90
*10012 101b
*10112 103
204 20712
125 125
47I4 473,
98
*97
10612 1061;
*305 310
*109 110
*160 163

101 101
►
lO lb 103
205 207
'124 125
4612 40b
98
*97
10()12 1065,
305 305
<109 110
<100 103

lOHs 101R
'10112 103
20212 2051s
'124 125
*4412 4514
*97
98
106% 1067s
305 305
10JR 109L
‘ 160 1621g

*114 1%
717g 723,
*llo im„

*114
1%
72'g 731.,
* \ 1' h

13g
*114
723g 723,
*<>
l'l.i
g o

BONDS

CHICAGO STOCK
EXC H AN G E
Week jn& 'w A u g. 10.

period

11734 118
. __ ___
ig May’ 12
‘ 101 101L 101 IOR4 101 101
Last Sale l0U2J’ly'l2
'1 0 ll2 103
29312 205b 203 ig 2038s 203 204
'124b 125 '124% 125 '124b 125
*4.'jl2 44
Last Sale )712 Aug’ 12
98
*97
107 107lg 107R 10714
10612 107
'J00 310 ‘ 300 310 '300 310
'10S12 1091; '10812 10912 10S12 10812
Last Sale 160 July’ 12
'160 1621g
Last Sale 1% May’ 12
13g
Last Sale 13g Aug’ 12
*U4
73*4 73^4
72'g 74
73*2 74
iMSt Sole 10 Julv’ l2
*9
li'L
118
90

ll81g
90

b o n d

Price
Friday,
Aug. 16.

118
90

118
90

Sa*es
o) the
Week
Share<

Range )or Year 1912

Range for Previous
Year 1911

Highest.

Highest.

Lowest.

Railroads
32 Meh 19 40 A pr 24
Chicago Elev R ys co m ___
9334 Jan 20
90 i\lav8i
Do pret_____________
85 J ’ly 16 1043S Jan 18
Chic R ys part ctl " l ” . .
24 Aug 8 38 Jan 9
45: Chic R ys part ctf “ 2” ___
6 J ’ne 13 11 Jan 12
100 Chic R ys part ctf ‘ ‘3 " ___
67g Jan 13
10 Chic Rys part ctf “ 4” ___
3I2 J ’ly 6
1414 Aug 8 21 May 1
126 Kansas City liy & L t.110O
00
15
100 4012 J ’ne 11 5012 Jan 19
Do pref_____
li<g Apr 10
286 Streets W Stable C L.lOO
100
6 Meh 28
CO Do pret_________ 100 35 Jau 36 52 J ’ne2o
I'liseel aneous
1,350 American Can________100
100
1112 Jan £ 43 May 11
450
100 91 Feb 1 121 May 11
Do pref_____
American R a d ia to r.. 100 325 Feb 1 405 J ’ly 2
4
Do prel___________ 100 131 Jan l.-> 135 Apr 30
025 Amer Shipbuilding___ 100 45 Aug 7 59 Apr 11
20
Do pref___________ 100 100 Feb <: 1U414 J ’ne2o
125 Amer Telcp & Teleg_____ 139 Jan 11 148?g Meh 17
390 Booth fisheries com ____
39 Meh 14 Go!2 May22
50 Jan y
4S12 Feb
Voting trust ctf
992
77 Meh 14 95 J ’ne 5
l o 1st p re f___
21
100 49 Feb 9 655g Mayl3
100
44 Meh I.. 6312 May 3
1,090
Chicago T elephone. 100 137i2 Jan 4 145 Meh 9
100 184 Jan 4 222 J ’ne2o
2i3
100 135L Jan 4 150 Meh 7
680
60
10 Feb lo
17*8 Apr 26
pret.
11134 Feb 5
418
100 103 J ’ ly
99 J ’ly 1 10212 Mch 8
223
pf1,328
56 Jan
100
69I4 Aug 16
__ 106 Feb 1, 125*2 Aug 0
350
763g Aug 7
?f-67 May I
150
100 131 J ’ly 2o 161 Apr 30
100 126 Jan Lo 13034 May28
Do pref.
100 103 Meh 5 123 Aug 9
9
Do prei_________ 100 115 Feb n 120 Jan 2
335 P -ch ic Gas & El Co
x 61 J ’ly 2 x 6/ Apr 22
*.0J May 3 x .65 Apr 23
Do
r ig h t s ___
Do
preferred
925 People's Gas D&Coke.lOO lOJ^Jan 2 11834 A ug i.3
270 Pub Serv of No 111 com z 84 May29 X 94b Apr 24
Do r i g h t s __________ z.08 Mayl; X 1*2 Apr 24
Do prelerred _______ zlOO May31 *107i2 Apr 24
Rum ely Co, preferred___ 1 99<2 Apr 2, z 102 May 8
5,64; Scars-Roebuck c o m .. 100 140 Jan 5 20712 Aug 10
25
Do pref___________ 100 12U2 Jan 11 12534 J'ne s
49 Aug 9
30's J ’ly It
250 Studebaker Corp c o m .. .
9712 Aug 7
9412 J ’ly it
Do preferred
968 Swllt & c o ___________ 100 9834 Jan 2 IO9I4 Apr 4
75 The Quaker Oats C o ..100 215 Jan 15 305 Aug 6
Do pref___________ 100 105i2Jan 2 110 Jau 15
17
Union Carolde Co_______ x 13534 May 8 j:168 J ’ ne 13
314 May 8 x 0 May 22
Do
r ig h t s _________
17g Jan 18
33 May 2
Unit B ox lid & P C o .100
585g Feb 13 74 Aug 14
1,550 United States Steel co m .
147* F«*t> in Jan 17
W“sfern ston e______ 100

21 J'ly
85 J ’ly
80 Apr
203j May
8 May
412 Meh
15 Sep
39 Sep
7 Dec
38 Nov

32 Dec
94 N ov
101 Aug
377g Dec
1212 Aug
712 Aug
25 Feb
7212 Feb
1314 Feb
50 Jan

9 Jan
767g Ja:i
265 Jan
12G12 Meh
48 Nov
10012 Sep
1315g A ub
35 Apr
38 J'ne
00 Sep
4‘J b Apr
39l2 Sep
115 Jan
151l2 Jan
113 Jan
934 Oct
78 Jan
921. Feb
100 Sep
497g Sep
9914 Sep

12i2 May
93 Dec
301 Oct
133 N ov
79 Feb
113 May
152U J ’ne
69i4 Meh
5734 Meh
883g Dec
52 Feb
5512 Feb
14 H4 N ov
189 Dec
1373g J 'ly
15% J ’ne
78 Jan
II034 N ov
10334 Dec
70 Jan
129 May

11714 Jan
123 Jan
100 Aua
117 Sep

142i2 Dee
130 Meh
120 Meh
120 Meh

101

Sep

1085g Jan

12334 Sep
116 Sep

19234 Jan
122 Meh

9734 Sep
165 Mcb
102i2 Feb

104 J ’ne
212 Dec
107i2 J ’ly

1 Dec
SUI2 Oci
13 Dec

7 Jan
8178 Feb
” 5 Jan

Gnicago banks and Trust Companies

R e co rd

Week's
Range or
Last Sale.

STOCKS
CHICAGO STOCK
E XC H AN G E

ti'ds
Sola

Range
l°r
Year 1912

Ask Low.
IHgh No law. High
bid.
91
Apr’ 12 ___ *91
91
A m Tel & Tel coll 4 s ..1929 J - J
913S U214
Arm our A Co 4 )2s___1939 J - D t 0U2 91% 917g July’ 12 ___
82l4 Apr’ 12 ___ *8214 8214
A uto Eleo 1st M 0s___1928
9618 May’ 12 ___ *901,8 96lg
Cal Gas & El unlf&ref 5s’ 37 At - N
IO2I4 10 10134 103
Chicago City R y 5s___1927 F - A :iU214 Sale 102
88
913s
883S July’ 12 ___
88
ChlcClty &ConRys 5s.dlU27 A - O ; 87
9738 99
9778 July’ 12 ___
Chicago Kiev R y 5 s ..1914 J - J t 9734
90
95
92 June’ 12 ___
92b
Chic Rne Tool 1st 5s.a 1921 I - J t 92
100% 11 9'.)78 IOU4
Chicago R ys 5s----------1927 P - A tioo IOOI4 100
9:,78 97
Clilo R ys 5s..series ’ ’A ” A - () t — . 9534 957g Aug’ 12 ___
9OI4 973.8
96% Jan’ 12
Clilo R ys 4 s .. scries ’ ’A " A - O
12 86% 91%
Chio R ys 4 s .. series " B " 1 - D 1801.1 87
863s
87
9334 95%
95
94 June’ 12
Ohio R ys 4 s..scries “ C” P - A t 94
100 100
100
Jan'12
Chio Rys coll 6s___1913 F - A
7312 74l2 June’ 12
7312 85
Chic lty Pr m M g 4 s.c’97 r - J t 70
52
49 July’ 12
45
60
Chic R y Adi Inc 4s.cl927 Mayl t 47
10112
8 1007s 1031.1
Chicago Telephone 5s. 1923 f - D I013g Sale 1013s
9938 May’ 12
973s 993s
99
Cicero Gas Co ref G M.1932 J - J t ----Commonw-Edtson 5j _ 1943 it S {103% Sale 1027g IO.H4 21 102% 10334
Commonvv Elec 5s.b 1943 M - S 1102 1027g 10,212 July’ 12 ___ IO2I4 10334
99 ig 1003,
100% July’ 12 ___
Cudahy Pack 1st M 5s.1921 AI - N 11003s
9 107 IIOI4
IO9I4
IOJI4 Sale 109
Dla Match Con db 0 s ..1920
9934 Apr’ 12 ___ *9'J3s 993,
Gen Mot 6% 1st L notes ’ 15 A. - O
Ind Steel 1st g 5s____ 1952 At - N . . . . . . . . IOU4 May’ 12 — *101% 1011;
Do
1st g 6s____1928
Int lia r 3-yr 5% g notes '15 F - A {IOOI4 10034 100% May’ 12 ___ *100% 1005,8
10518 Apr’ 12 — *105l8 105%
—
—
Inl’ il St’ i Is M g 0 s ..1928
Kan City R y & Light
94% 9R4
94% Apr’ 12
Co 5s_______________ 1913 \l - N
8714 90
88I4 Aug’ 12 ___
89
Lake St El— 1st 5 s .-.1 9 2 8 J - J t 88
4 821,1 853.,
821; 82R
8212
Metr VV Side El 1st 4 s. 1938 F - A t 82
82
83
82 July’ 12
82
Extension g 4s_____ 1938 J - J { ___
1047s Apr’ 12 ___ rIOlfs 1047g
Mil El R y & l.t 1st g 5sl926 F - A
05
95 Apr’ 12 ___ *95
d o rci A ext 4 Hs_19.'tl 1 - J ___ _
__ - ----do gen A ref 5s___1951 J - D
90i8 May’ 12 ___ *893i 00l«
Mllvv Gas L t 1st g 4 s ..1927 At - N
89b 90I4
Morris A Co 4 )2 ._____ 1939 J - .1 t - - - - 8934 89t2 July’ 12 ___
100*4 May’ 12 ___ *10034 IOU4
Nat Tube 1st g 5s____1952 It - N
1031.| Apr’ 12 ___ *10314 1031.,
Nor Shore El 1st g 5 s .1922 A - O 1102<s
do 1st A ref g 5 s ..1940 A - 0 {1003s 100% 1003g Apr’ 12 ___ *l()03s 100*3,
9718 Apr’ 12 ___ *U7is 97%
Nor Sh Gas o Hi 1st 5s '37 F - A
IOUI4 1001.,
100% July’ 12
North West 151 1st 4 .1911 AI - S
4 993.1 100%
N f f G L A Coke Co 5s 1928 Q -M {10012 Sale 100l2 100l2
9534 99
Ogden Gas 5 s........... ..1945 ,1 - A { 96
983g 9712 Aug’ 12 ___
92 May’ 12 ___ *9l7s 92%
Pas Gas A El ret g 5s. 1942 J - J
Pac T A T 1st col tr 5 s .1937 .; - .1
100 May’ 12 ___ *100 100lg
Pearsons-Taft 5s_____ 1916 J - D 9812 ___ 1003a Mch’09 ___ ----- -----4.40s ......................
9012 Meh’ 10 ___ ___ . . . .
95
__ _ ____
4.60s Senes E __________ AI - N 96
97
Fcb’ 10
4.80s Serios F __________ AI - N 97 b
98U Nov’ 11 ___ __ _ ___
116 1181
Pcop Gas L A C 1st 0 s .1943 A - ()
116 May’ 12
1015s IO2I4
Refunding go.d 5s_.l947 At - 8 { . - - - 1017g 1017s July’ 12
ChlC Gas LAC 1st 5s 1937 J - .1 { 1023.1
103R July’ 12 ___ 1023.1 1033.,
Consum Gas 1st 5 s .1936 / - 1) { - - . . 10314 10234 May’ 12
102U 103
10112 101b
Mut’ l Fuel Gas Ist5sl947 AI - N 110012
IOD4 June’ 12
*963i 100
Pub Serv Co 1st ref g 5s ’ 50
t - . . . 9812 98i2 June’ 12
*100 IOOI4
IOOI4 May’ 12
Sou Bell T A T 1st sf 5s ’41 J - J ___
94
901.,
92 7g 94 ju ly’ 12
South Side Elcv 4 H s - 1924 J - J t
10014 10034
10012 Aug’ 12
Swift A Co 1st g 5 s .-.1914 J - J (100
Tri-City R y A Lt coil____
*98
9814
9.8I4 Apr’ 12
trust Hen r, f 5s_____ 1923 A - O
81
85
89
85
Apr’ 12
Union Eleo (Loop) 5 s .1940 A - C
U S Gypsum Is; g 5 s . . 1922 At - S . . . . . . . . 100 May’ 12 . . . . *9‘J78 100
*102b 102%
10212 Apr’ 12
U S Steel 10-60-yr s £ g 5s
101b 103
W ostcrn Eleo Co 5s___1922 J - J { . . . . 1021., 1013., July’ 12
Note— Accrued Interest muse ou added t 0 all Chicago bon d prices.

NAME

Outstand­
ing
Stock.
(t)

Surplus
and
Profits.
(t)

Dividend Rea
In
1910.

In
Per­
1911. iod.

___ J
$200,000 $193,131
American S t a t e _______
An
G
6
55,486
100,000
Calumet National______
10
Q-J
Cont’ tal A Comm N a t.. 21,500,000 9,191,143
D-J
J
10
16
5,974,296
3,000,000
Corn Exchange National
May >1 ’ 1
2,445 Beg. b
200,000
Douglas State__________
v+J
0
8
69,613
200,000
Droxel State___________
C+J .1
10
10
472,962
600,000
Drovers’ Dep National.
0
58,681
200,000
Eng evvood State_
OH Q-J
Q-M
12
12
10,000,000 11,7-14,401
First N ational_____
Q-M
211,855
10
12
150,000
First Nat Englew ood___
Friv ite 15a iik
564,772
Foreman Bros B ’ k’g C o. 1,000,000
8
Q-J
Fort Dearborn National 2,000,000
659,788
‘1
Q-J
Hibernian Banking Assn 1,500,000 1,468,193 8 + 2
(ID
(U>
J-J
400 000
10
Kaspar State Bank____
154,312 10+16
200,000
*20,784 Beg. b is Apr 4 ’ ll
Lake View State---------271,883 Beg b js. Ma y ’ lU
La Salle St N a tion a l... 1,000,000
Q-M
1,250,000
547,088
10
10
Live Stock E xch’ge Na
Q-J
8
8
Nat Bank of R epublic.. 2,ooo,oou 1,370,514
2,000,000
Q-J
603,772
0
6
Natiouai C ity-------------100,465
Q-J .
2. 1)2
250,000
4
6
National P r o d u c e ------2, H i
Q-J
80,39?
200,000
7
6)S
Q-J
42,379
6
6
50,000
Q-J
38,960
5
4
200,000
North West State
143,586
7
9 + Q-J
1*300,000
3,060 Beg. b us Nov l ’ ll
200,000
Second Security___
s6
Q-J .
153,408
4H
400,000
Security----------------Q-J
107,000
8
200,000
7)2
6
Q-J
22,242
6
200,000
South Side State_____
Q-J
12
12
1,500,000 2,270,812
State Bank of Chicago.
8
8 Q-M
217.040
Stock Yards S avings..
250,000
M-N
0
110,642
6
500,000
Q-J
0
12,170
6
100,000
41,01u None None Q-M
Wendell State___
50,000
Q-J
8
Central Tr Co of
4,500,000 1,895,693
7%
J-J
356,896
10
10
500,000
G Q-J
203,112
6
1,000,000
Q-J
8
’/ 5,000,000 (2,031,511
7+
*10,325
10
50,000
Q-J
iP
481,625 S+2
8 + 2 Q-J
600,000
___
3,000,000 1,375,874
170,836
200,000
8
Drovers Trust A S a v ...
8)2 Q-J
12
16
Q-M
5.000,000 1,804,597
250,000
14,850 Beg. b US Api I ’ ll V. 92, p 929
52,346 Beg. L us Apr 4’ lt V.94, p 1030
200,000
190,835 ___
’ 1,500,000
2)2 Q-J
__ _ J- J
39,539
200,000
12
Q-J
1,500,001) 2,112,847 11 + 5
64,86.i Beg 0 us Apr IU ’ 1 IV.92.pl 004*
300,000
Home Bank A T r u s t ...
g
5,000,00u 9,464,110 16+4 16+4
7
78.818 /+1?4
Q-J
200,000
6
60,828
6+
Q-J Jne30’ 12.H2
200,000
12
15
Q-J July '12, 4
3.009,000 6,573,010
64,911 Beg. b is Del 29'1 JV .91 ,pl221
200,000
Michigan Ave Trust Co.
64,644 Com b us Apr 10'1 IV.92.P1004i
500,000
8
Q-J Jne29’ 12,2
8
_i 1,500.000 2,690,757
124,60.
f
250,000
6
8
J-J Jne 29'1 2,4
l
200,000
50,006 Beg. b us J'ne I ’ ll V ,92,p. 1537
Q-J July '12,2
{
500,000
181,62b
300,000
8
286,872
8
Q-J July'12, 2
Pullman Trust A S a v ..
Q-J July'12, 1)4
i
200,000
40,186
1,000,000
355,83! Comm jnced )US. Sept 6 1919
0
J-J July’ 12, 3
V
200,000
49,790
6)2
- 1,200,001 1,436,542 (8 + 2 8 +2 Q-M Jne29’12, 2
8 +2 Q-M Jne30’l2, 2
6
400,000
85,960
97,048
i
200,000
7)2
9H Q-J July’ 12, 2 )f

n

3

lef this Is a spe^ H H vkkm d.1 *TsaTes reported beginning April 18*.* « Formerly Chicago City B k. w Stockholders voted to increase capital to 5500.000.
a cash dividend of 33 1-3% to be paid In connection therewith, V, 95, p , (?), y Inc, in capital to$5,600,000 autli. V . 9o, p . 273. e April 19 I9 i3 «




BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly

■fc

SHAMS PM C US— NOT PER CENTUM PRICES
Saturday
Aug. 10.

Monday
Aug. 12.

Tuesday
Aug. 13.

Wednesday
Aug. 14.

*1087g 109
109% 109-%
*10238 1023.| *102% 1023,
♦210 217
21512 215%
12-1 121
123% 121
*204
. . . *204
9812 9819 *98
99
*295 298 *295 298
*13
15
*9
*78
80
7814
*9
91' ■
*53
■----- 53
* ----- 169 ■----- 169
*11H2 112
111% 112
*126 1261
*12212 1241£
*84
85
♦125 127%
*1812 19
77
77
137 13734

*126
*122

176
*50
17214
*9014
*157
*8518
99

!176
*50
174
*9034
157
*85
99

176
58
17214
91
___
8512
09

5812 583j
100% 1001;
43_i 4~g
1912 1934
*127 . 128
1223.J 12234
14534 140
8912 891
*81
82
*----- 1001;
6
6
11
11
1412 14%

T8
ill
893.1 893.
*9512 96
225 225
*312 4
*100 102
*98 100
*162 1521?
*03
16U2 161%
16
16
10612 107
2812 28%
*28
2912
192*
*5018
*29
717g
11212

192%
51
29I4
7234
112%

12612
125
85
125' 126
19
19
77
77
137 1377g
----58
174
9H4
8512
9934

Thursday
Aug. 15

Friday
Aug 16.

10334 110
110 IIOI4 110% 110% 110 110%
1023., 10234 f102% 102Vg *102% 102% 102% 102%
*216 . 218
210 210
216 216
216 217
124 125
124% 125
126 126
125 125
*204
204 204 *204 . . .
204 204
*98
99
98
98
99
99
98% 99
297 297 *295 298 *295 298 *295 298
15
Last Sale 14 June’ 12
78
78
78
78
78
78
---------------------10
993 9
. . . 10
*10 . . .
----- 53
53
Last Sale 54 Aug’ 12
----- 169
169
Last Sale 169 July’ 12
U ll2 112 *11112 112
Last Sale lll% A ug’ 12
260 260 *260 . . .
126 126 *125 126l2 126 120
126" 126
122 125 *122 125
Last Sale 124 Aug’ 12
*----- 85
----- 85
85
85
*84
85
125 125
125 127 *125 127
1834 183., *I812 19
18% 18% 19
19%
77
77
*7012 77
76% 77
77
77
137 1377« 13734 I38I4 138% 140% 140 140
Last Sale 13478July’ 12
Last Sale 203 Aug’ 12
■176
176 176 *170 1,8 *176 .
Last Sale 59 May’ 12
173% 1733, *174 I74I4 173% 174
*91
91% *9U8 9138
Last Sale 90*" July’ 12
*156 . . . *156 . . .
Last Sale 157 Aug’ 12
85
85
85
85
85
85
*85 .
*99 100 *------ 99 *------ 99
*99 ___

Sales
o f the
Week
Shares

BOSTON STOCK
EXCHANGE

Railroads
1,002 Atch T op * Santa Fo 10o
88
Do prci.................. 100
61 iloston & A lbany____10J
182 Boston Elevated____IlOO
8 Boston & L ow e ll.I I I I i o o
89 Boston * Maine___ 100
2 Boston & l'rovldence.100
.......... boston Suburban El Cos.
31
Do prof........................
5 Iloston & Wore Elec Cos
_____
Do p .o ; ;.
.......... CUIc Juno Hy & USYllOO
_____
Do pref__
3 Connecticut lt iv e r l.I I o o
16 Fitchburg, p r e f . . . ___100
- - ----- Ga Hy & Eleo strapd.100
15
Do pre.’ .............. 100
213 lalne C entral..
100
1,165 Mass Electrlo Cos’
loo
, 247 sr 5°sr ,p,re£ Stamped 1100
1,721 N V N 1 1 4 H a rtford .100
.......... Northern N H . . .
iou
.......... Norwich & Wor pref" 100
iou
21 Old Colony____
_____ Uutland pref.
100
90 Union P a o l f lo .......... iou
.......... „ Do pro*...............H I 100
..........Vermont & Mass______10<>
199 West Eud S t . . .
50
3
Do pref________ I 50

Range since January 1
On basis of 100-share lots
Lowest.

Highest

10378 Feb
101% Jan
214% J’ly
120 Aug
J ’ne
May 2
May
Jan
Jan
Aug
M ay!
May
108% Jan
260 J ’ly 24
122% J ’ne
124 J ’ne
84% Aug
125 J ’ly 23
18% J ’ly 2
76 J ’ly
133% Maylfe
134 8 J ’ly
203 Aug
174 J ’ uel
41 Jan
160% Feb
00 J ’ ne
157 Aug
83 Apr 1
98 J ’ly 11

110% Aug 15
104% Feb
222% Apr
134% Mch 26
218 Jau
100% Jail
30U Apr 27
1
M ay.
80 J ’ne
12% ja u
57 Jan
170 Jan lu
112 J ’ne 14
272 Jau l.s|
128 Jan 21
zl70 Apr
91% Jan
147*3 Mays
23% ja u
83 Feb 2.
142*3 Apr
143 Jau 24
212% Jan 2;
187 Jan 31
7o Jau 24
174% Apr
02% Feb
104 Jan lei
88 3 Feb 2
103% Mch 1.

,
Miscellaneous
60% 61% 61
61
*60 .
922 Amer Agrlcul C h em ..l0 u
58% Feb 28
100% 10034 100% 1003; 100% 10034
305 D
pref__
100 *90% J ’no.’
5
5%
5
5
5
5
3,060 Amer Pueu S c r v ic Z " 50
3 Aug
20% 20% 20
20% 20% 20% 1,417
Do pref___
" 50
14 Mch'-’
129 129
129 129
128% 128%
273 Amer Sugar Ketli” " l 0 0 114*4 -fan 10
122% 123
122 122% 122% 123
282
Do p r e f ...
ioj
14573 140% 146 146% 145*3 146% 2,874 Amer Tel up & Te'lcgllOO 115% Jan
137% Jan
27
27%
28
28
115 Amer.can Woolen
iou
25 Jan 31
89% 891
89
8912 89% 893S 89% 8973 8934 90
347 Do
pref......... .IIIlO O
86 Feb 6
*81
82
*81
82
*81
82
*81 . . .
81
81
54
Amoskeag
Manufucturln
>
•
77 Jan 6
*----- 100
IOW4 IOOI4 100% 100% +100% 101
100% 100*8
55
Do
iref........
zi)0% J ’ne;21
*733 ----73S 738
71., 7% *6
7
340 Atl Gulf & VV I SS L *iod
6 Aug :
*.2
13
12
12
12
12
11
11%
185 Do
pref..........
100
11 Aug li!
14% • 1412 *14
15
14
14% 14% 14% 14% 14%
026 East Boston Land " " lo
10%
Juu 2
291 921
291 291
291 291
290% -291 *289 290%
65 Edison Eleo Iliu m .'"1 0 0 280 Alay.16
1S2% 1S21? 18112 1S33J 184% .1841., 183% 18334 182% 183
521 General Electric
" io o 155 Jan 2
8912 89'8 8912 891; 8978 897g 8978 8978 90
90%
671 Massachusetts Gas Co"l00 *S«% J ’ly li
*9512 90
0512 951; 05% 95% 95% 95% 96
96
203 Do
p .e f................. ,00
93% Jan £
>220 . . . *225 ___ *225 . . . *225
*225 . . .
1 Morgentnaler Lino
iou 217 J ’no21
*312 4
*312 4
*3% 4
Last Sale 3% Aug’ 12 ........ Mexican 'telephone” lo
2% Mch 14
*100 102 *100 103 *102 102U
Last Sale 100 Aug'12 -------N E Cotton Yarn.
100
10J J ’ ne l.j
100 100
1001,1 IOJDI4 *100 ___ *100 100% *100 100%
80 Do
pref.............” i OU 98 J ’ne .'8
15212 15234 15234 153 *152 153
153 153% *153% 153%
179 N E T elep h on e..
joo 150 J ’ly lu
*03
*93
___ *93 ___
Last Sale 90 Mch'12 ........ Portland (Me) K lc c "" i„ o
72% Jan 17
163 166
164 165
165 10534 165 165% 165 169%
522 Pullman C o___
" joo 158 Feb
'I534 16
*1534 1612 *1534 16% 15% 16
110 Hecoe B u tto n -H o le " 10 13*4 Jan
10612 107
10612 106*8 106*4 107% 10634 107
i o f" loV"
654 Swift & Co.........
joo
08% Jau
*2812 2834 2812 2812 *28
283.
28% 2S% 28% 28%
67 I’orrlngton_____
25 2 7 May
2912 2912 *28
299 *28% 29
*28
29%
5
Do pier........... I " 25
28 Jail
*214 3
212 27]
2*4 2%
*2% 234
1.100
biilon
Copper
L
&
m
25
.85 Jan
192 1921 19U2 192
192 193
192% 193
192 192% 1.100 United Fruit.................100 178 Jan 29
*5012 6H,| 51
5118 61% 611
51% 51*8 51% 51%
449 Un Shoe .Mach Corp
25 40% Jan 15
*29
29U 2918 291; 29% 29% *29
29% *29% 29%
120
Do
pref_______"
2
0
27% Jan lo
7234 7314 725S 73
73% 74
7333 74% 733S 74%
58% Feb 13
11212 11212 11278 1127; *113 1131 113 11334 113% 113% 11,636 U S Steel C o r p .. "lO O
99 Do
pref____ .IIIlO O 107% Feb 1
59
591
ioo3S 10034
47s - 5>8
1912 1912
12712 128
123 123
146 146

5912 60*4
10034 10034
5
5%
1934 207s
12814 1283.)
12212 123
146 1461g

Range m Previous
Year 1911

63% Mch 2,
105 Mch
0% J ’ne i„
21 J ne 1
133% Alavl
123 Apr
149 Alch 2.1
30 Alch 22
04%; Alch 23
84 May
105 Mch 21,
9 Feb 11
20 Jan 1%
17% May;’ /
300 Men 'ii
187% J ’ly 26
94 Me h i
98% Feb 1
225 Jau 18
4% J ’ne
105 Jau 18
107 AIch2n
164 Mch la
90 Mch 20
16)% Aug 10
17% Apr 11
10J Mch 27
32 Jan lu
31 Apr 1
3*4 Apr
208% J ’n c l
63% Mch 13
291' Apr 2
74% A ug 15
113% A4CU2

Highest.
100% Sep
115% J ’ ne
lot Sep 105 J'ne
'.19 Apr 226 Feb
124% Sep 130% Aug
.07 Feb 218 Sep
06% Oct 122% Feb
202 Me
J00 Alch
12 Sep
10 Mch
70 Oct
70% J'ne
6 Feb
13 J ’ly
J8% Jan
68 J ’ly
156 Apr 171 Dec
107 Mch 115% J'ly
265 Jan 272 J no
125 Apr 130 Jan
s ir/u Jan «164 Oct
86 Feb
93% J ’no
135 Stp 215 Jan
16 Apr
24 J'ne
l4 Sep
l.Ja Jan
210 Jan
183 Aloh
32 Jan
153% Sep
90 Mch
156 At eh
85 Sep
Aug
40 Sep
99 Jan

C3*.| Deo
105% Mch
6% Jan
19% Jan
U 2 Sep
122 Feb
in% Jan 12’0% Mav
•31% Aug 153% J ’no
20% Dec
30% Mch
65% Oct
96% J 'ne
77% Dec
81 N ov
99 Dec 100% Dec
7% Dec
11 May
14% Nov
20 j an
7% Jan
12 Mav
27j Sep 297 Dec
142 Sep 167*, May
»/% Jan
96% Aug
93 Dec
08% Oct
211 Jan 235 Aug
3 Oct
■t7g Jan
103 Oct
19 Mch
101 Nov U6% Alch
13/ Jan
105% Dec
62% J ’ly
73% N ov
153 Sep lO.i Jan
*12 Jan
15 May
07% Sep
104 J ’ne
29 Sep
36 Jan
27 Alch
31 J 'ly
*4 May
l%a Mch
il78 Dec 197% J ’ly
40% Aug
6878 Feb
20% Sep
20% Jan
50 Oct
82% Feb
103% Sep
120% Feb
3% A u j
12% A uk

, .
Milling
8% 9%
9%
1,680 Adventure C o n ..
25
6% Mch 28
11% Apr 2
4 Sep
6*.] *6% 678
634 634
360 Algomah M inin;;.. ” 25
4*3 Jau 4
8% May
2% Oct
46
40
*45
*45
46%
570 Ahouez..... ............
" 25 38% Feb 1 50% J ’no2i
21 Aug
85*
847g 8534 85
8538 8,617 Amalgamated Copper 10j 60 Feb 1 87% J ’no
44% Sep
3034 30% 30% 30
30% 3,084 ‘ Oi Zlne Lead & ;iin 25
24% Feb 15 33% J ’110..
19% Oct
5®,
6% 5%.
5*3 53g 5,160 Arizona Com ’l ctls «cp
2 Jan 2
6% Apr 1% Dec
.50
Last Sale .45 July’ 12 _____ Bonanza Dev Co
jd .40 Men 0 .55 Apr 1
.30 Oct
73g
7% 7% *7% 7% 1,260 Bos&CorbCop^siTiVfg” 5
6% Feb
3*4 Aug
0% J'ne
334
3% 3% *3% 3%
240
Butte-Balaklava
C
op
.
lo
2
18ia
J
’ly
2
5%
Apr
2
3
Nov
Last Sale
12
butte Coalition______ 15 21% Ja 1 18 23% Jau
45
4534 4478 4534 4-134 45% 44% 4534 45% 46% 2344%Feb’
14 Aug
45% 7,266 B u tte* Sup Cop (Ltd)* lo
19% Feb
61%
J
’ne
12
76% 77
7512 76
76
77
70*4 77% 76% 77
76
76% 4,756 Calumet & A rizona. 10 57% Feb
78% J ’no
Sep
627 529
528 535
532 535
535 539
534 538
535 635
264 Calumet & Hecia____25
405 Feb
541 J 'ly
360 Sep
22*8 22% 23
23
23
23
22% 22!
23
23
*22% 23
285
Centennial__________
20
17%
Jail
27%
Apr
18
8
Aug
33*4 34% 3473 35
34% 341
3434 37
37
38
3733 39
6,242 Chino Copper_____ "
5 25% Feb 28 39 Aug 10
16% Sep
* .03 .05
Last Sale .05 July’ 12
Cons Mercur G old.
1
Aleti 26 .00 Ja.1 lu
03 Nov
6712 57l2 58
6834 58% 59
59
59% 58% 581­ 58% 58% "i-555 Copper itange Con Co 100 .03
50 Jan 31 66% Apr 1
40% Sep
*5
5l2 *5
5%
514
5
5
5
5
925
Daly-West____________
20
5
Jan
19
7%
Mch2/
*1334 14
3 Feb
1378 137j
137S i t "
137, 14% 137S 14% 14
14
East Butte Cop Min” 10
12% Jan 15 15% Apr 11
11
8% Aug
11
11
l l l 2 11% 11% 11*3 113., *11% 113., 11% 11% 2,520
476 Franklin_________
25
10 J ’ly U
10% Apr
6% Aug
*518 6I4
5%
5
5t8 514 *5
5%
5%
5% 5% 1,290 Giroux Consolidated! 5
4%
Feb
27
8u ioApr
*5312 54
3%
Sep
5373 5434 54% 55
547, 561
54% 56% 54% 55
2,441 Granby Consolidated. 100 33 Feb
60%
Apr
20
1.6
Aug
9>819 Ids
10
101* zlO
1033
10
07S
10% 10% 10
10% 3,760 Greene Cananea.
20
7% Feb 29 1014 J ’ne 21
28% 2812 2812 '29
6%o Oct
29
291" 201? 291
28
29% 28
28%
915
Hancock
Consolidated
25
28
Aug
1
37 J ’n e l
*1
17
Sap
1>8
1*14 1 ..
1%
1% 1%' *1
1% *1
1>4 1,650 Helvetia Copper.
25
1 Jan 3
2 Alay
*18*4 I9I4
% Sep
19
1914 10
19*8 19
19% 1834 19% 1878 19
1,275 Indiana Mining_____ I 25
11*3 Jail 16 23 Apr 21
185s 185S *18*4 19
6% Oct
18% 18% *187S 19
*1834 19
19
19
315 inspiration eonsof C_ 20
18 Feb o 21% Jan 2.
55
55
56
*55
*55
56
*54
55
56
45 Island Creek C o a l..
40% Jan 17 66% J ’ne i
*90
91
29% May
91
*90
*90
91% *90
91% *90
91% 0078 WFs
25
Do pref__________ ,
85 Jan 13 91% Aug j
35
81% Sep
3514 3512 3534 3534 35*4 35*4 36
35% 353., 35% 3534 2,858 Isle Koyalc Copper
25 20*4 Jan 16 36% J 'ly l
Jli? Aug
2*4 27f
2*4 2*4
278 27S
234 2*4 *23., 27,
215 Kerr Lake
2 Apr 0
3% Feb lu
*1®8 178 *1%
134 ’ *1% "M i
2% Oct
*1%
13.
Last
Sale
1%
Aug’
11
Keweenaw
Copper___20
.8(1
Jan
2
3 May ,
3512 353
% Nov
36
3 61; 37
37
30*4 37
36
36
35%
35%
1,325 bake Copper C o .__ I 25
32% Feb 1 40 Apr li.
*012 7
612 612
22
Aug
012 6%
6
6*4 *6% 7
*634
"
7
100 La Salle Copper___ I 25
4% Feb 15
13*3 133* *131S 13% *13% 133g 13
8 Apr 1/
3 Aug
13%
13
13%
13
13
565
Mazon
Valley
Alines
.
6
10%
Feb
*634
14% J ’ne 47
0% Apr
7
7
7
*7
7
1-16
7%
7% 7*4 2,156 lass Consol_________I 25
0% J 'ly
10
9% ja u 4
i f
•1% A iib
IU4 12% 1234 15
143., 157,
143S i f
14% 15
20,862 lay flow er____________ 39
2*| Jan
2958 2934 2934 2934 2!Wi 293j
18% Apr 23
20 Feb
297S 297g 29%
297„ 297g 1,000 Miami C o p p e r . . " " " 5 23% Jan 29 30
J ’ly 31
*212 3
*2i2 3
10*3 Sep
2% 21­
*234
2*4
234
290 M ichigan___________ ~ 25
2*4
2 Jan 2
6% Apr 2i
1% Nov
68
67l2 69
68
69
69% 69% 691,
68
6S38
*68
330 Mohawk____________ I 25 60% Jan 3b 73 J ’n o j,
2163 21% 2112 2134 2134 213., 2178 21,:
36 Apr
22
22% 1,178 Nevada Consolidated! 5
22
18% Jan 29 23% May 1
15 Sep
*3l2 414 *33., 4
3
4% 4%
4%
4
470 New Arcadian Copper 25
;■ A uk
3 Aug 13
u% Apr l.
7*4 7*4
77S 77*
7*4 7*4
7*4 77g *734
734 7*4
510 Nlpisslng Aline;......... .. 5
5*4 .Jim
*6% Dec
30
8% Alch2f
30i4 301S 31
303g 303., 30% :31
30% 301; 30% 30% 2,480 North Butte.............. 15 22-34 Feb
20 Sep
36
Apr
11
*512 6
*534 6
*5% 6
*5% 6
5% 6-%
5% 5%
595 -North Lake_______
25
6% Jau 30
3% A uk
8% Apr 2.
*4
41;
4
4*4 *4
*4
4
4% *4
41
10 Oitbway Alining_____ 25
4 J ’ly 9
3% Dec
e6% Ja : 11
812 912
7*4
9% 11% 103., 11% 1038 11
"15" 'l0% 23,251 Old Colony___________ 20
50 Jan
2% Jan 2 13% Atay 1
5714 57I4 5734 68I4 *58
58% 583., 5834 *58
58% 58% 60
635
Old
Dominion
Co____
20
34%
Sep
6J
J'ne
0
44
Jan
31
*116 118
116 119
117 119% 118% 119%; 116% 118
582 O sce o la _______________25 106 Jan 15 130% J ’ no .’.
81 Sep
1834 I9I4 1834 18*4 18% 18*4 18% 185, 117 118
19
19
18% 18% 2,883 Pond Creek Coal . . . . 10
19% J ’no K
15 Mch 27
9134 931; 923,, 93% 93
913,1 92
923., 93
91
*92
93
427 Quincy.................
25 73% Jan 2>j 96 J'ne 22
207S
56 Sep
2034 21
20% 21
21
21% 215S 221
22% 22% 3,499 Kay C?nsol C o p p e r.. 10 16% Jan 29 22% J ’ne 22
12 Sep
314
3% 3%
318 314
3%
3%o 3%o 6,825 Santa Fe GOld & C op . lu
47
,3
Alay.6
1
Jan
31
17
*4 Apr
:?• 167S 17% 17% 17%
167S i f
if4 i f
163g 167g 6,273 S h a n n on _______ . . .
10
17% A ug 8
9 Jan 31
*.50 .60 * .50 .60
7 Oct
.55 .55 * .50 .60
.65
.50
100
-South
Utah
M
&
S
.
.
.
5
1% Apr 3
.55 Aug 6
40I4 4614 46*4 47
%Dee
46*3 47
46*4 47
46% 47
46
46% 1,908 superior_________
25 24 Feb 1 487S J 'ly 21
20 Oct
H
1% 1®18
134 2%
19U l 9x6
l 9l<) 1*8
7.657 Superior* Boston Min 10
478 Jan l j
1% Alay.’ s
*431,5 44
«2% Oci
44
*4f
44
44
44
44
44
44
4
?
2
115
Vai-iarack______ _____ 25 26 Jail 31
61 A pr 18
*573 6l2
20 Sep
0%
634
6% 6% *6%
6*8
535 ,'rlnity________________ 25
*234 3
9% Apr 1
5 Jail 16
3
2% Oct
3
*3 '
3% *3 3 1-16
750 I’uolumno Copper .
1
461g 46is 46
2% J'W 2i 4»10 Mch26
46% 4534 461,
1% Sep
46
46*4
46
46%
46%
40%
6,380
U S Smelt Kef * Mini 50
49*4 493., 50
34 Jan 31 48 J ’ly
30%
Sep
50
50
50
50
50
50
50
50
50
1,173
*214
D
pref___________ 50
47 Jan 10 60% J ’no 2
45% A uk
2*3 2%
2% 2% *2% 2*s
2%
400 Utah-Apex Alining___ 5
12
i f 2 1112 11% " i i " 11
2
Alay.'i
3u
u
Feb
9
17s N ov
12
121­
12%
121;
121
•
i
f
380
Utah Consolidated___ 5
01*4 62
9% J ’ly 1 20% Apr 2
62
621'
62% 63
9% Jan
63% 631
63% 64
63% 037j
960 otali Copper C o_____ lo
*2*4
*2*, 3
520. Jail 29 051? J ’uo li
33 Sep
3
3
31., 3%
273 3
275 V ic.orla __________
25
*512 f
53., 534
2% A u g li
573 Jan 20
6
1 A uk
*51-> 6
6
*5
6
230 W in on a ........................... 25
►105% 107 *107 109
61? Jau 25
7% Men 1
108 109
3% Nov
108 109
108 108
107 107
100 W o lv e rin e .................. 20 04% Jan 29 117 Apr 17
^ *2
21
2
?
21. •21
74 Nov
21
21
*2% 2%
230 "
1 ntr
25
1% Jan 5
31 • Mch 4 .30 Nov
* B w aaa asked prices, a New stock, e A sst’ t paid, 0 Ex-stock dlv.
/» Ex-rights, a E x-d iv. and riguts. s Unstamped.
*8
8I4
Sl4
*6
612
f
0*4
*4512 46
4612 4078
8214 83
8314 84
31
3H4 3058 31
538 5»io
57l# 5i2
*.40 .50 * .40 .50 *
*714 7l2
7*3 7*2
*3
3l2
3>18 3*18




8%
638
46
84%
30*4
5%
.40
7%
3%

8%
8%
6%
6%
47
46
85% 85*3
3078 30%
638
53t;
.50 * .40
7%
7%
3% *3%

151% Feb
142 Mcll
211 Nov
190 Nov
45 Dec
192% J ’ly
05% May
164% Dec
93 Mch
105 Jan

7% J'ne
11 J ’ne
44% Deo
71% J ’ne
30% J ’ne
2l,io Dec
.75 May
15% May
0% Jan
23% Dec
03% Deo
545 Jan
19 Dec
27% Dec
.15 J ’ne
60% Feb
7 Dec
14% J'ne
14 j ’ne
8% Feb
43% J ’ne
8% Dec
31% Dec
2 Feb
16 J ’ne
44 Dec
91 J ’ne
23 Dec
7% Jail
3% J ’ne
40 J ’ne
u Jan
117a Dec
.’ 10 J ’ ne
3%, Dec
24% Dee
3% Jan
57 Dec
21% J'ne
4% ADr
11% Feb
36% j ’ no
9% J ’ne
3% J'ne
3% J ’ly
49 J ’ne
124 Jan
76 Dec
19 Dec
1% J ’ne
12% Feb
l'to May
42% Jan
8% J ’ne
52 Jan
6% Dec
47s May
40% J ’ne
49% J ’ne
3% j’no
20 J ’uo
67% Dec
4% Dec
9% Feb
122 Feb
2 Feb

Auo. 17 1912.]

Boston Bond Record
IVcc'tii
Range or
Las’, Sato

Jiange
Since
Jan. 1

Low
High
101-3., 1017,
90I.J
901
l l t i 2J ’ly Mi
89 <8J ’ne 12
131 J ’ n e’ l
82 J 'ly 'l i
9778 J 'ly '12
91 M ch‘ 12
.VJloJ'ly Mi
lOSlgMch 12
llO igM ch'll
0312
631;
95>s Feb M2
IOOI4 iMeh’Oj
10U2Oct '03

Lmo Hlgi
1011,1102)

95 Feb M2
103 J ’n e ’ ll
1lDgSep Ml
*9oC, III! 90 J 'ly M
1103 Oct '07
0J12 Mch'12
100*3 J ’ly M2
997s Feb M2
9912 100
9812 M ch'lz
99is Feb Ml
87i8 M ay’l2
10012 1001;
90i2 J’ne 1:
i l l Jan Ml
113:>8 Feb Ml
91 May 12
98'
98
9712Sep Ml
100111003 IOOI4 Aug Ml
too
100 Sale 100
80 May’ 12
99 J ’ly ’ ll
1031s Apr ’05
9(1 Apr ’08
127!2 Mch’ 12
127 M ch’ 12

95 95
103 103',

BONDS
BOSTON STOCK EXCHAN GE
Week Ending August 10.
Am Agrlcul Chem 1st 5 ;___192.'
Am Tolcp A Tel coll tr 4 s ..192.
Convertible 4s___________ 1920
Am Writ Paper 1st s I 5i c -.lu ii.
Am Zinc L A S deb 6s_____ 191
Arlz Com Cop 1st Os etls ol dep
Atcti Top <Sc S Fo gen g 4 s ..199
Adjustment g 4s____Ju.y 199
Stamped _______ Inly l'JJ
50-year conv as_______1955
10-year eonv 5s_______1917
Atl Gull & W 1 SS Lines 5s.l95o
Boston Elev 30-yr g ,.s____ I9.t5
Boston & Lowell 4s________ lu io
Boston & Maine 4 U s_______1944
Improvement 4s_________193
Plain 4s_________________ 1U42
Bur A Mo R lv cons Os. .
lu lo
Cedar Hap A Mo R 1st 7s 191u
Cent Vermt 1st g 4s___May 192u
C B Sc Q Iowa Dlv 1st 5s. 191
Iowa Dlv 1st 4s___
ini
mu
Debenture 5s_____
Denver Exten 4 s ._ H
iu22
Nebraska Exten 4s_____ Il927
B Si 3 W s l 4s____
1921
Illinois Dlv 3 U s.
‘
194Ohio Jet R y A Stk Yds 5 s ..191 5
Coll trust refunding g 4s. 19 10
Ch Milw & St P Dub D O s ..1920
Oil M A St P Wls V dlv 6 s .. 1920
Ch Si No Mich 1st gu 5s____ 1931
Chic A W Mich gen 5s.......... 1921
Concord & Mont cons 4s___ 1920
Cudahy Pack (The) l s t g 5s 1924
Current River 1st 5s________ 1920
Dot Gr Rap Sc W 1st 4s____ 194u
Dominion Coat 1st s f 5s____ 1940
Fitchburg 4s_______________ 1915
4 s .......................................... 1927
Fremt Elk & Mo V 1st Os___ 1933
Unstamped l~t Os________1933

A -0
J -J
>1-S
J J
M-N
A -()
Nov
U-N
J -l)
J D
J -J
M-N'
J -J
J -J
p-a
F-A
J -J
U-N
Q -F
A -0
A -0
il-N
P A
M-N
U-S
J -J
J J
A-O
J -J
J J
M-N
J-D
J-D
M-N
A -0
A-O
U-N
U-S
U-S
A -0
AO

90 3 9U4
1083.1 115-3,1
89/s 90

103 131

54
88
977S 99-3i

91 921X
89l2 91*,
lOSIglOSlg
01
95

100 ___

0314
95!s

8912 921.1
9512 991
10033 10112
997s 100
9812 985S
80-34 87»j
0()12 lOl^i
89 91
91 99
9034 101
10014 IOOI4
09I4 103
80 8614
98-34 9914
12712 127*;
127 127ȣ

413

BONDS
BOSTON STOCK E XCH AN G E
Week Ending August 10.

Pr.cc
Fri .ay
Aujust 16

General Motors 1st 5-yr 6s 1915 A -0
Gt Nor G II A Q coll tr 4s. 1921 J -J
Registered 4s__________ 1921 Q-J
Illinois Steel deben os____ 1913 A-O
la Falls & Sioux 0 1st 7s_ 1917 A -0
Kan C Clin & Spr 1st 5s___ 1925 A -0
Kan C Ft Scott Sc Mem Os. 1928 M-N
Kan C M & B gen 4s______ 1934 M-S
Assented income 5s____ 1934 M-S
Kan C & M R y & Br 1st 5s 1929 A -0
Marq Hough & Ont 1st 6s. 1925 A-O
Mass Gas 4 U s...................... 1925 J -J
Mich Telephone 1st 5s____ 191 J •J
New Eng Cotton Yarn 5s. 1929 P-A
New Eng Tel -ph 5s______ 191 A-O
5 s _____________________ 1916 A-O
New England cons g 5s___ 1945 J -J
Boston Term 1st 4s____ 1936 A -0
New River (The) conv 5s. 1934 J -J
N Y N 11 & H con deb 3 Us 195u J -J
Conv deb 6 s ___________ 1948 J -J
Old Colony gold 4s________ 1924 P-A
Oregon R y & Nav con g 4s. 1946 J D
Oreg Sh Line 1st g 6s______ 1922 P-A
Here Marquette deb g O s ... 1512 J -J
Rcpub Valley 1st s t Os____ 1919 J -J
•Savannah Elec 1st cons 5 s .. 1952 J -J
Seattle Elec 1st g 5 s ..
193U P-A
Shannon-Arlz 1st g 6s
1919 M-N
l'crre Haute Elec g 5s
1929 J -J
Torrlngton 1st g 5s_________ 1918 M-S
Union Pac R R Sc 1 gr g 4 s .. 1947 J -J
20-year conv 4s__________ 192/ J -J
United Fruit gen s f 4 U s___ 1923 J -J
Debenture 4 u s ................ 1925 J J
U S Steel Co 10-60-yr 5s Apr 1933 M-N
West End Street R y 4s____ 1915 F-A
Gold 4 U s............................. 1914 M-S
Gold debenture 4s______ 1U1G M-N
Gold 4s
1917 P-A
Western Teleph & T cf 5 s I .I 1932 J -J
Wisconsin Cent 1st gen 4 s .. 1949 J -J

NOTH.— Buyer pays accrued Interest In addition to the purchase price for all Boston Bonds.

WccL's
Bangs or
Ims'. Sale

Bangs
Since
Jan. 1.

l 5

,'yOW
High No low High
99i4 99R
9914 Feb 12
96
96*8
95’,s US)2
i 957S 975g
96
96
100 100-34
1001s 1001,
117 A p r ’08
97 Meh 1: . . . . *9*b*t2 *9*7**
114
m * Il'lY 114
114 11712
9212 . . . . 92i2 M ch’12
92
9212
84 86
8j Aug M;
84U 89
103 J ’ly M2
10212 102*4

bid
Ask
993.1 loot,
96)3 Sale
96 Sale
10'Jig Sale

97*4 Aug M2 . . . . 971•> 9912
10018 A pr 1:
1001* lOOlg
98*8
981,
1 9612 99
................ 1013g
Mch Ml
10012Sep '08
997gJan M:
99*4 997g
................

75 Dec Ml
92i4 M ch’ 12
9214 923g
128-34 J ’ly M2
................ 101 Apr '09 . . . . I291g 13212
987gSep '0. . . . .
................ 112
J ’ncM2
1*1*2** 1*13*4
95 Jan M2 . . . . 95 95
i0 3 l4 .H I 103 Jan Ml
701., Dec 'll)
I03i2 J ’ly M2 . . . . 10312 105*4
____104
97 9J
97
9714
8312100

100i2J’ly M2
100'g J’ly M2
I017g May’ 12
*97** I I I I 96)2
97
95U 90
95*4 Aug M2
1027g
,027,
................ 99 M a y 12
100I4 Feb 12
987g Apr M:
98l2N b v ’l l
101 Sale .007g 101
937-s Feb Ml
* N o price Friday; atest bid and asked.
10012 101

99*4 100*4
lOO's 1005s
10l7g 1017g
***£ 95*8 971g
9614 9612
101*8104
. . . . 99 991g
IOOI4 IOOI4
....

24 991210I
935.s 93.
-------------h
H Flat price

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Shars PnS3J—Not Per Contur.i Price*
Saturday
Aug. 10.

*I4«* ____
*60
127 127
____
*2412 25

Salts
ACTIVE STOCKS
Ux
Week (For Bonds and inactive
Slocks see below)
Shares
01

Monday
Aug. 12.

Tuesday
Aug. 13.

Wednesday
Aug. 14.

U08 . . . .
Mil 112
143., H3

►
I l l 112
15
15
6GI2 67
127
535S 535
24-*4 243.

112
*14l2
66-34
i2G58 12*65’ 120*2
•----243, 2 R

112
15
66-3.
120125 '

2-17g 24>;

*H2 ----*112
*112 2
43-34 433,
4378 437,
43*4 437, 4334 43,
44U -11144*8 441
■i-lSg 441­
4418 443,
*12*8 121; *121S 121 *121, 12-3 -121., 12-8
5712 58-3;
66*s 571;
57l!s 5731 573g 58
26
25*4 26
273, 281;
271.,
2814 281­
O8I4 G8I4 O.3I4 69
6912 7<)14 69-34 70
*81,,
81;
858 85;
8U 91;
878 914
*33
331; 33
331, 33
33-1; 33l2 34
90
90
897.8 89- *8912 90
*8012 90
86*8 SC5ie 8638 861;
86,5ie 87
8012 861;
15
I5I4
15l4 1511514 153;
1533 151;
3H2 32L 32l4 33
323, 3234
32l2 33
61U 6116ib 61*8 62*40 62*16 623io
6214 621;
51"3 52
52
52
51«4 513.] 5l53 52
2312 231? 23*8 231;
233S 235
235S 2334
253, 253.1 2512 255;
2514 251g 25*2 251;
85l3ia 86*10 863,o 865; 45‘ 3,8 86*18 8OI4 8OI4
7
7
7
7
7
*7
7I4
7*16
*5112 5134 5U2 51*4 5112 SH­ 51,14 5134
*90i4 9034 89*4 001,
OO 0014
90*8 9014
PHILADELPHIA

HU

Inactive Stocks
American Milling____ ..1 0
Cambria Iron.............. __5U
lou
.106
.106
56
Germantown Pass.
..5 6
..5 6
.166
..10
..16
lOu
10,1
. 50
.56
106
.16
.56
.50
lOo
.56

Welsbach

106
100
.51
.5 1
.50
.16
--1
100
.56
106
too
.10
10..
106
100
.56

Wilkes Gas Sc Elec____ 100
Preferred

.50

As k

Friday
Aug 10.

IH08 ___ n o s 115
-___ 112
11178 1117,
1434 143.,
1412 1458
*12434 125
2434 243.,
*U2
*■1358
44*2
*1214
57*g
28
*68
9
3314
8934
*80
15
3234
625,8
51 <8
23»4
25>2
8558
7*8
5134
9014

*2438 2478

49
670
355
95
60
431

Baltimore
Con Gas El L Sc Pow.100
Do
pref .......... .100
Houston Oil tr ctfs-.1 0 o
Do
pref tr ct fs .io o
Northern Central____ 50
Seaboard Air L in e ...1 0 0
Do
p r e t ________100
United R y Sc E lectric. 60

Philadelphia
*1
2
528
44
43T, 44
4-41
4458 44-5, 1,265
123; *1214 ___
3,787
573.1
67
58
283,
2734 277S 10,934
Do
6834 67*2 68
2,850
91g 914 6,290
9'8
3312 3314 3314 2,746
893.,
893., 90
177 Leh 0 A Nav tr ctfs_.
766
8616 *86*4 8G12
1512 2.846
1514 *15
3234 *323., 33
Do p re f..... ............
3,213
621;
623g 6212 1,740 . ennsylvania R R ____
753 Phlladel C o (P lttsb )..
517f 5134 517g
237, 2334 241g 16,357
25*, 25s8 25*8 1,430
5,316
861, 857ia 85“ i8
1,225
7
7ig
7316
5134 513, 5134
458
9OI4 9014 9034 2,549 United Gas I m p t___

PHILADELPHIA

PH ILADELPH IA

Bond:
Prices are all “ and
2*8 2*n
43.. 441,
interest'
856 863, Alt & L V Elec 4 Hs’33F-A
81
821- Am Gas A Elec 5s '0 7 .F-A
76
Am Rys 5s 1917_____ A-O
Atl C Gas 1st s t 5s '6 0 .J-J
BcrgAEBrcw 1st 0s’21 J-J
Bethleh Steel 6s 1998.Q-F
Choc A Me 1st 5s 1949.J-J
2114 213, Ch Ok A G gen 5a 1919 J-J
Con Trnc of N J 1st 5s '33
Del Co Rys tr ctfs 4s’49J-J
____
Elec A Peoples Tr tr c t fs ..
Fr T a cA ll 1st 5s 1940. J-J
Gen Asphalt 5s 1910.M-S
371; 381; (ndianap R y 4s 1933..J-J
Interstate 4s 1943 .F -A
Keystone Tel 5s 1935.J-J
Lake Sup Corp Inc 5s’ 2 4 .0
60
Lehigh Nav 4 Us '1 4 ..Q -J
59
Gen M 4 Us g 1924.Q-F
Leh V C 1st 5s g 1933.J-J
Leh V ext 4s 1st 1948.J-D
Couso 6s 1923_____ J-D
107*1; 1*08*
Cousol 4 U» 1923___J-D
Anuulty Os_________J-D
981"
4(1; 44
Gen eons ‘.s 2 0 0 3 ..M-N
Leh V Tran con 4s ’35 J-D
841; 85
1st series A 4s 1935.M-S
1st series B 5s 1035 M-S
9,’L 97, MarketStEI 1st 4s’ 55 M-N
N a tL ilA P ser B 5s 'lu J-J
3*7* New Con Gas 5s 1948.J-D
N \ Ph A No 1st 4s’ 39 J-J
Income 43 1939____M-N
101., 101, Pa A N Y Can 5s '3 9 .A-O
5U4 513 Penn Steel 1st 5s ’ 1 7 .M-N
791; 8OI4 People’s Tr tr ctfs 4s 1943
P Co IstAcol! tr 5s’49 M-S
51
83*1.1
Con A coil tr 5s '51 M-N
82
S3
Phil Elec gold tr ctfs.A -O
Trust ctfs 43 1949 ..J -J
123, I.H4 P A E gen M 5s g '2 0 .A-O
34*., 351Gen M 4s g 1 92 0 ...A -O

• Bid and asked; no sales on this d a y.




Thursday
Aug. 15.

1| E x -d iv . & rights.

50
50
no
10
100
100
100
50
100
50
50
50
50
50
50
25
50
50
1
50
5u

Bangs Since
January 1

Bangt jot J’ revious
Tear (1911)

Highest
96 Jan 3 117 May 6
101 Jan 2 118 A pr 3
8i4 Jan 3 lOtgJ’ly 6
6334 Jan 25 72i2 J ’ly 1
12434 J ’ly :jl 130 A pr 8
2212 Meh 2 27I4 Mayj4
45i2 Meh 14 6534 J ’ne 16
I8I4 Jan 2 20 J ’ne 21

Highest
64 Jan
89 Jan
7 Mch
45 Feb
121 Jan
20 Jan
33 Jan
10i2 Jan

95i2 Dec
101 Sep
10 Aug
79 J’ly
13034 j ’ne
27 J'ne
50 N ov
197g J ’ly

1 J ’ne 14
7 Jan 10
5 Nov
431g J ’ne K
45i2 Feb 1
42 Jan
407g Sep
4112 Men 2 4434 Men28
1112 J ’ly ,il
12l2 J ’ly 8
l l i 2 Jan
5234 Jan 16 5838 Aug 12
4Sl2 Jan
18 Apr 2 33,s Feb 17
28i2 A ur
68 Aug
5934 Apr 2 73 Jan 3
0 Apr 4
65s Dec
9l2 Aug 1
27 Feb 20 34 Aug 14
2112 Sep
8778 Mch 20 OHgJ’ly 1
S3i2 J'ne
7534 Sep
781, Feb 5 927g Jan 16
812 J an 3 1558 A ug /3
oi4 Jan
23 Jan 12 33 Aug 12
18i2 Jan
5938 Sep
Cl'io Jan 27 63*18 Apr 26
50*2 Jan 11 5614 Feb 16
48i4 Sep
11167, Jan 2 241g A ug /6
16i2 N ov
221g May 6 2612 J ’ly 22
17 Apr
7414 Jan 11 8914 A pr 30 66*6i8 Sep
8I4 Apr 16
63lo J ’ly 19
5i2 J ’ly
4934 Feb 28 f2R Jan 26
43 Jan
86I4 Jau 9 9238 Aug 6
84i4 Sep

I7i2 Jan
401j NOV
4S34 Feb
12i2 Jan
SC's j ’ ne
39i4 Oct
837s Jan
9ig Jan
32 Feb
98 Jan
937i* Dec
U7g Oct
253$ Oct
65 Feb
5914 J ’ne
18 J ’ly
24ig Aug
8034 Feb
85g Jan
6234 Aug
893s Jan

BALTIMORE

Ph A Read 2d 5s 1933 A-O
C R y E xtA lm p 5s ’32 M S
Chas City R y 1 t 5s’ 23 J-J
Ex Imp M 4s 1947.A-O
Ohas R y G A El 5s ’99 il-S
Termlh l 5s g 1941.Q-F
City A Sub 1st 5s 1922 J-D
P W A B cot tr 4 ' ’2 1 ..J-J
871g
City & Sub(Was) 1st 5s ’48
Read Trac 1st 6s ’3 3 . . J-J
0ul2
Coal A C R y 1 -t 5s ’ 19 A-O
Roch R y A L con 5s’ 5* J-J 101
Spanish-Am lr 6s '2 7 ..J-J 10U 1015, Coal A I R y 1st rs ’ 2 0 .F-A
1021, Stan’d Gas A E 6s'2 6 .J-D 1001 1003. ColAGruv 1st 6s 1916 J-j
Stand Stl Wks lst5s'2» J-J
Consol Uas 5s 1939__J-D
U Trac Ind gen 5s '19.J-J
Gen 4 Us 19a l___ A-O
1JJ14 Un R ys Tr ctfs 4s’ 49..J -J
Cons G E A P 4 Us ’35 J-J
United R ys Inv 1st coll ti
Fair A Cl Tr 1st 5s’ 38 A O
8 f 5s 1926................ M-N
Ga A A/a 1st con 5s ’45 J-J
87
87l4 Welsbach s f 5s 1930..J -D
Ga Oar AN 1st 5s g '29. J-j
Wtt-B GAE con 5s’ 55.J-M
Georgia P 1st 6s 1922. .J - j
York R ys 1st 5s 1937.J-D
*94*1;
Ga bo A Fla 1st 5s ’4 5 .J-j
G-B-S Brew 3-4s '5 1 .M-S
*6*2**
BALTIMORE
Knoxv 'Tran 1st 5s '28 A-O
Inactive Stocks
M aconRy ALt 1st 5s’ 53 J^f
Ala Cons Coal A Iron. 100
Md Elec R y 1st 5s '31 .A -O
Atlan Coast L (C o n n ).100
Memphis St lot 5s 45.J J
Canton Co____________ 100
Mt Ver Cot Duck 1st 5 s ..
1073g 1075, C onsolidation C o a l___ 100
Npt N A O P 1st es’38M-N
Georgia Sou A Fla____106
Nor APort M’r 1st 5s'3G J-D
il5l]j ifiK
1st preferred________100
North Cent 4 Us 192 j .A -O
103-34
2d preferred________100
Seres A 5s 1926____J-J
Series B 5s 1926____J-J
G-B-S Brewing......... ..1 0 0
14:414 145
9C7g 9714 Pullman Cons Ventll-.IOO
P.tt Un 'Trac 5s 1997..J-J
Preferred ............
100
9U; Poto Val 1st 5s 1941. .J - j
Sav Fla A West 5s ’34 A-O
871* 88
Bonds
Scab Air L 4s 1950___A-O
Prices are all “ and
Adjust 5s 1949____ F-A
965,
interest"
Seab A Roan 5s 1926..J-J
90S Balt City 3 Us 193 0 .__J-0
931
4s 1954-1955___Various
fllif 921; South Bound 1st 5 s ..A -u
U El L A P 1st 4 Us’29 il-N
5s 1916.....................M-N 103 104
Anacostia Sc Potom 5s A-O 991; 100
Un R y & El 1st 4s ’49 M-S
A tC oa stL con v deb4sM-N 107 1081;
Incom e 4s 1949___J-D
IOOI4
Atl Coast L (C t)ctfs 5s J-D 1031;
Funding 5s 1 9 3 6 ...J-D
9U; 9214
Ctfs of indebt 4s____J-J 107 108
Va Mid 3d ser 6s ’ 16..M -S
1031., 103*4
5-20-yr 48 1925......... J-J
4th ser 3-4-5s 1921.M-S
90l4 961­ B S P A C 1st 4 U» *53 F-A *96*1 9714
5th series 5s 1 9 2 6 ..M-o
1027, 1033, Balt Trac 1st 5s T2 9..M -N 100 065, Va (State) 3s new ’3 2 .J-J
82-34 83
No Balt Dlv 5s 1942 J-D 109 IIOI4
Fund debt 2-3s 1991 J-J
Car Pow A Lc 5s 1938 F-A 92
94
West N C con 0s 1914.J-J
Cent R y cons 5s '3 2 . . M-N
Wil A Weld 5s 103 5 ...J ^ I
U $15 paid, i 13 U paid, t $17 U paid.

103
951 97
104i4 10434
104 105
927g
92
10H2 102
10412 105
108 IOSI
951 'J6U
88*, ■887.

3

1005, 1007,,

10512 1061*
105 LO5I4
111 112
106 107
51
52
104I2 10612
98i4 98U
'74*34 75 '
971; 100
891; 897g
104I2
108 109*12
10612 107U
85
79

851j
7912

104Bg 10512

*93*12 9414
84*4 86
64*4 65
88*4 89

THE CHRONICLE
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks

Week ending
Aug. 10 1912,

Shares.

Saturday _________
Monday __________
Tuesday........ ............
Wednesday _______
Thursday........ ..........
Friday____________

Par value.

Railroad,
&c..
Bonds.

255,470 $22,877,500
499.389 45,306,400
464,842 42,918,950
597,630 50.473.000
453,142 42,184,200
369,555 34.088.000

T o ta l...................
Sales at
New York Stock
■ Exchange.

Stale
Bonds.

V. S.
Bonds.

31,884,000
2.415.000
1.841.000
2.016.000
1,860,000
1,614,000

§21,000
94.000
74.000
58.000
153.000
106.000

' "o',666

2,040,028 $243,848,050 $12,260,000

$506,000

316,000

Week ending Aug. 16.
1912.

1911.

31,000

'

9.656

Jan. 1 to Aug. 10.
1912.

1911.

Stocks—No. shares__
3,993,326
2,640,028
81,956,965
69,850,998
Par value.......... .
$243,848,050 $371,296,850 37,419,365,375 56,250,130,900
Bank shares, par____
$3,000
*3,700
$355,400
51,340,500
Bonds.
Government bonds__
$185,500
$16,000
S1,052,000
$2,496,000
416,500
506,000
16,460,000
78,630,000
RR. and mise. bonds..
12,260,000
11,625,000
467,8J0,600
478,500,000
Total bonds______

$12,782,000 $12,257,000

$485,312,500

S559,626,000

DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES
Boston.

Week ending
Aug. 10 1912.

Philadelphia.

Listed
shares.

Unlisted
shares.

7M 2
23,516
35,004
34,008
16,313
15.920

3,970
9,442
12,694
13,400
16,209
11,723

*12,000
36.000
24.000
22.000
41.000
21.000

4,981
17,362
15,859
11,905
7,728
15,097

2,915
6,091
2,168
9.089
5,411
5,256

$25,000
34,400
52.500
42.100
27.500
75.100

1132,303

67,438

*156,000

72,992

30,930

$256,600

Saturday_____ . ____
Monday____________
Tuesday___________
Wednesday_________
' Thursday__________
Friday........... ...........

Bond
sales.

Listed
sdares.

Unlisted
shares.

Bond
sales.

Inactive and Unlisted Securities
All bond prices are now "and interest" except where marked "I ‘
Street Railways—(Con.)
Unltod Rys of St L—.
Com vot tr otfs.......... 100
New York City
e Prelerred..................lOu
Bleeok St & Ful Fy stk.100
20
25 Wash lty & El Co........ lOu
1st mtge 4s 1950___ J-j
70
Preferred....................iou
B’y Sc 7th Ave stk........ Ilk 170 180
J-D
4s 1951................
2d mtge 6s 1914........J&J
0914 IOOI4 Electric, (las & Power Coa
Broadway Surface UR—
New York City
1st 5s 1924................J&J 103 104 Cent Un Gas os 1027___ J-J
Cent Crosstown stock, lot
10 e Kings Co El L & P C o .. 100
1st mtge 63 1922___ M-N 105
Now Amsterdam Gas—
Con Pk N Sc E ltlv stock.lot
13
1st consol os 1948___ J-J
Chrlstopher&luth St stk lOti 125 137 N Y & E R Gas 1st 5s'44 J-J
Dry Dock E U & B—
Consol 5s 1945..........J-J
1st gold 5s 1932..........J-D 100 101 a N Y Mutual Gas L ----- 100
Scrip 5s 1914............ F-A ; 38
45 N Y & Q El L & Pow Co. 101
Eighth Avenue stock__ 100 315
Preferred.... ............... 100
Scrip os 1911..............F-A / 99 mi
N Y & Richmond G a s ... 100
42d & Gr St Fy stock.. 100 270
North'n Un 1st 6s 1927 M-N
42d St M & St N Ave. . 100
Standard Gas L com ___ IOU
1st Oi l u l l ) _______ M-S / 99 luo
Preferred.... ............... 100
2nd Inc 6s Jan 1 1915___ / 78 . . . 1st 5s 1930................M-N
Ninth Avenue stock___ 1U0 160 ISO
Other cutes.
2
(5 Am Gas & Elec com........ 60
Second Avenue stook ..100
45
Consol 5s 1948 ctfs..F-A / 40
Preferred......................50
« Sixth Avenue stock__ 100 115 126 Am Lt & Trac com........ 100
88
y2
Sou Boulev 6s 1945........ J-J
Preferred....................100
So Fer 1st 5s 1919........ A-U
90
95 Amer Power & Lt com .. 100
Tarry WP & M 5s '28..M&S / 75
80
Preferred....................100
28 & 29th Sts 5s *96 ctlSA-O / 20
28 Bay State Gas..................50
Twenty-third St stock..100 250 2/5
Uingh’ toii (N Y) Gas Wk
Union Ky 1st 6s 1U42..F-A 104 105
1st g 5s 1938..............A-U
94
Westchester 1st 6s '43.J-J
90 Bulfalo City Gas stock.. 100
97 Cities Service Co com__ 100
Yonkers St Hlt 5s 1046. A-O 90
Brooklyn
Preferred....................1UU
Atlan Ave RR con 5s '31A-0 10012 1021; Con Gas of N J 5s 1936..J-J
B B & W E 5s 1933___ A-O
97 100 Consumers’ L H & Pow—
5s 1938......................J-D
Brooklyn City R R ........... lu 163 166
Bklyn Hgts 1st 5s 1941. A-U 99 102 Consumers Power (Mlnu.) —
Bklyn Queens Co & Sub—
lst&ref 5s 1929op'14.M-N
99 101 Denver G & El 5s 1949.M-N
* 1st g 5s '41 Opl910-J-J
« 1st con 6s '41 op '16 M-N
97
99 Elizabeth Gas Lt Co
IOU
Coney Isl Sc Bklyn........ 100 101 105 Essex & Hudson Gas__ 100
1st cons g 4s 1948___ J-J
80
87 Gas & El Bergen Co___ luo
Con g 4s 1955........
J-J
82 e Gr Rap G L 1st 5s '1 5 .F-A
77
Brk C & N 63 1039.. J-J 99 101 Ur't West Pow 5s 1946..J-J
Nassau Elec pref......... luo
Hudson County Gas___ 100
1st 5s 1944_______ A-O 10212 1031;
e 1st os 1949.............. M-N
N Wmsburg & l-latbusb—
Indiana Lighting Co___ 100
1st 4M3 July PJI1..F&A
92
95
4s 1958 o p t .......... ..F -A
Bteinway 1st 63 1922.. .J-J 103 106 Indianapolis Gas_______ 50
Other cities
1st g 6s 1952..............A-O
Buffalo Street Ry—
Jackson Gas 5s g 1937..A-O
1st consol 6s 1931___ F-A 105 1051; eLaclede Gas preferred. . lot
Deb 6s 1917..............A-O 104 10514 Madison Gas 6s 1 9 2 6 ...A-O
(Conn Ry & Ltg com .. 100 £ 7712 79 Narragan (Prov) El Co .50
<j Preferred.... ......... iou £ 79
81 Newark Gas 6s Apr'44.Q-J
Federal Light & lrac__ loo 38
40 Newark Consol G a s ... 100
Preferred....................low l 84
85t2 e Con g 5s 1948..
J-D
« Havana Elec Ry L & P 100 82
No Hud L H & P 6s 1038 A-O
e Preferred.............. luo 91
100
96 Paclllc Gas & E com
( Louisv St 5s 1930 ___ J-J 10514 IU512
Preferred........
iou
( New Orl Rys & Lt com 100 35l2
Pat & Pas Gas & Elec. 100
e Preferred____
100 77l2 80
e Con g 6s 1949........ M-S
#N Y Westeh & Boat Ry—
St Joseph Gas 5s 1937. .J-J
1st g 4 Ms 1940..
J-J 9934 100 Standard Gas & Elec(Del) .5u
( Pub Serv Corp of N J~—See Stk K x list
Preferred.................. 6.1
Tr ctfs 2% to 6% perpet 1UJ1? 11U12 eConv s f g 6s 1926 op J-D
North Jersey St R y ..100 75
90 United Electric of N J..1UU
1st 4s 1948............ M-N
1st g 4s 1949..............J-D
81
82
Cons Tract of N J ___ lot)
76
77 Western Power com ___ lOo
1st 6s 1933...........J-D 104 105
Preferred....................100
New'k Pass Ry 5s '30.J-J 10712 103 Western States Gas&Elec—
Rapid Tran St K y___ 100 235
1st & ref g 5s 1941 op.J-D
1st 5s 1921............A.u 103
J O Hob & Paterson—
e Amer Teleg & Cable__ 100
4s g 1949.............. M-N
80
81 e Central & Soutn Amer. 100
So J Gas El & Trac__ 100 130 135 Cpmm'l Un Tel(N Y )__ 26
Gu g 5s 1053........ M-S
9912 1001; Empire & Bay State Tel. 100
No Hud Co Ry 6s 1914 J-J 101
Franklin ........................100
Con M 6s 1928..
J-J 102 104 e Gold & Stock Teleg__ 100
Ext 68 1924..
M-N 98 100 e Northwestern Teleg___ 50
Pat lty con 6 s i 9 3 l..j-o 114
Paclllc & Atlantic............26
2d 63 1914 opt__ A-O
100 102 e Pac Telcp & Teleg pref. 100
Rspubllc Ry * L igh t...loo
29
30 Southern & Atlantic........ 26
Preferred....................100
8H4 821, South Bell Telcp & Teleg—
Trent P * H 5a 1943. . . j - d
99
1st g 5s 1941 op 1916.J-J
97
Street Railway!

• P er share,
( S a l e prloe.

a And
l N ew




Bid

Ask

Bid

Ask

14i2
45
90
9334
86

15
4512
92
9418
8612

102 10312
13H2 133
IOH4
1041;
101
175
65
76
40
991?
60
90
104
*831?
*4812
414
111
08
85
♦3S

IO2I4
10512
103
18212
60
85
60
10U2
100
100
4912
118
113
70
8012

98
6
7
10912 113
89
91
98 101
100
89
95
300
140
87
99
88
137
104
40
70
38
89
99

102
8912
96

142
89
100
89
140
lUo
14
72
45
91
102
IU0
104 109
*0634 98
125 12612
98
99
1053, 10612
100 _
fU 2 643,
0134 925,
92
10234 10334
94
90
*2334 2II4
*501; 51
10J 1U012
90
95
821- 83l2
32
33
60
61
921? 95
67
116
108
05
40
120
120
70
100
92

72
119
115
75
60
124
121
75

100

I00t4

97

[VOL.

T. XXXXV.

A J* Indus! and Miscell — (Con.) Bid As*
101
Bliss (E W) Co com
-.50
75
90
15
Preferred .
. .51 120 125
55
Bond A Mt£c Guar
. 101 287 290
100
Borden s Cond MHk com 10< 1221- 1231]
Preferred .
.101 1071. I08 1
British C01 Copper Co. .. .5
*5
6l»
Casein Co oi Auier com .101
11- 2 q
Preferred .
.100 60
52
Casualty Co oi America 100 111) 120
Celluloid Co............... .100 141 143
City Investing Co........ . 10U 50
52
Short-Term Notes
Preferred .
.101) 100 101
Amal Copper 5s 1913 A-O 100 IOOI4 i Clallln (H B) Co com . .100 85
90
Salt & Ohio 4 Ms 1913 J-D 993.1 100
e 1st preferred___
.100 86
91
Bethleh Steel 6s 1914..M-N 10212 10234
e 2d prelerred
87
92
.100
Bklyn RapTr 5s 191S(w l)._
971s 973g Consol Car H eating... .100 75
85
Ches & Ohio 4 Ms 1914..J-D 99
9914 Consoi Rubber Tire
15
17
.100
993g 993.,
Chic & Alton 5s 19,13__ M-S
Preferred .
69
.100 50
Cnic Kiev Uya 5s 1911..J-J 977, 981.i
Debenturo Is 1961
60
A-O m
Gin Ham & D 4s 1 9 1 3 ...J-J 99 lg 993S e Crucible Steel com
n s . 18
.100
Erie 6s April 8 1914..A-OS 10012 1003
e l’ relcrred
mo 9G®g 97
Coll 5s Oct 1 1914... A-O 9012 997g Davls-Daiy Copper Co. ..10
♦21g 2*4
98l2 e Diamond Match Co .100 109 1091,1
Coll 5s April 1 1 91 5 ..A-O 98
eGeneral -Motors 6a ’ 15.A&U 9912 100 duPont ( 1) do Nem Pow 100 195 205
Hudson Companies—
e Preferred
96
98
63 Feb 1 1913........ F-A 993.J IOOI4
e Gold 4 Ms 1930
87I4
.J-D
5
63 Oct 15 1913__ A&G15 9912 1001g Empire Steel A Iron coni J00
10
993.,
111 Cent 4Ms 1914...J&J
9912
Prelerred___
40
45
int & Gt Nor 5s 1914. F-A 973.1 9814 e General Chemical com .100 205 220
Inter Harvester 5s '15.F&A IOOI4 10034
e Preferred__
110 120
K C Ry & Lt 6s 1912..M-S 92
Goodrich (B 10 Co com 100 7012 7 Ha
93
Minn & St L g 5s 1913 F-A 90
95
Preferred___
1071; IO8I4
Mo Kan & Tex 5s 1913.M-N 99
9914 Greene-Cannnea .
■M0
loig
Missouri Pacific 5s 1914 J-D 94
9 0 ? « Hackensack Water Co
9834
Nat llys of Mex 4 Ms '13.J-D 98
Ref g 4s '52 op 1912 .J-J S6
e N Y C Lines Eq 5s 1912-22 5112% 4.46 Havana Tobacco Co
5
.100
7
4 Ms Jan 1913-1925.. J-J 6tl2% 4.40
Preferred __
9
14
4 Ms Jan 1913-1927
J-J 51'2% 4.46
1st g 5s June 1 1922. J-D 1 62
65
N Y Cent 4 Ms 1914..'..M-S 903S 993.) Heckcr-Joncs-Jewell Milling
St L & S F 5s 1913 opt J-D 9914 9U34
1st 6s 1922 . .
Al-8 102 104
South Ry g 5s 1913___ F-A 100 1003g Herrlng-Hail-Marvm
10
15
.100
94
Wabash 4Ms 1913... M-N 90
Hoboken Land A Improve t
Westlngh’se El & M 6s 1913 10012 101
1st 6s Nov 1930
M-N 104
e 5% notes Oct 1917.A-O 9612 9712 Hocking Vnl Products. .100
9
71;
R ailroad
1st g 5s 1961 . . .
57
59
.J-J
e Chic & Alton com___ 100
23
20
Houston Oil com cits .loo
1412 15
e Preferred...................iou 30
40
Prof ctfa__
111., 661- 67
« Clilo St P M & Om___ loo 133 135
e Ingersoil-Kand com .100 117
e Preferred.................. iou 152 160
e Preferred..
05
42
40
« Colo Sc South com ___ 100
IntcrconUn Rub com
100 11
1412
76
e 1st preferred............. 100 73
Internnt Banking Co .loo
85
90
e 2d preferred............. 100 66*2 70
International Nickel
100 £.7303 108
60
a N Y Chic Sc St L com ..100
59
Preferred . .
100 1/103 106
e 1st preferred............. 100 102
1st g 5s 1932..
A-O 1091- n o
80'l2 International Salt.
86
e 2d preferred.............iou
2
100
4
Northern Securities Stubs.
1st g 6s 1951........
A-O 50
54
34
Pitts Bess & Lake Erie..66 *30
International Sliver com 100 115 130
72
Preferred......................56 *60
Prelerred .
11)0 120 130
3 Railroad Securities Co—
1st 6s 1948
l-l> 110 111
____ Internat Smelt & Refg. 00 123 127
11: C stk tr ctfs Ser A ___
West Pac 1st 5a 1933..M-S 8134 8212 Kayscr (Julius) & Co .100 90
92
Standard Oil Stocks
1st prelerred__ __
IOO rill) 111
Anglo-American OU........ £1 *18
19 Kresgo (S S) C o .......... ion 03
65
Atlantic Reflnlng___ IOC 050 670
Preferred.................. mo 102 103
Borne-Scrymser Co___ IOU 200 220
45
.100 40
Buckeye Pipe Line Co. 51 *183 188
M-S
811?
Che3ebrough Alfg cons 100 825 877)
9134
e Deb 5s 1915______ M-h 91
Colonial O il... .
1oi 150 180
Lanston Monotype___ mo 0134 92
Continental Oil
lis 850 900
100 220 225
Crescent Pipe Lino Co
60 *68
73
Lehigh Val Coal hales 60 253 260
Cumberland Pipe Line ioo 90 100 cLoose- Wiles Blscultcoinioti
441? 4434
Eureka Pipe Line Co. 100 430 140
e 1st preferred_____ 100 103 104
mo 9H, 9178
275 285
Preferred____
100 140 160
Madison So Gard -n stubs _ +2h
6"
Indiana Pipe Lino Co
50 *118 122
Manhattan 'Irans.t.
20 *214
o2
National Transit Co
25 *60
MonongalielaR Con C&C 60 *
20
New York Transit Co
ioo 385 395
50
Northern Pipe Line Co. 100 155 165
Mortgage Bond Co
mo 106 110
Ohio Oil Co.................. 26 *118 122 e National Surety
100 225 230
Prairie Oil & Gas___
100 300 310 e New York Dock com 100 19
Solar Rellnlng........
loo 675 725
e Prelerred
ion 35
45
Southern Pipe Line Co 100 £285 295
ioo 208 212
South Penn OU___
luu 880 920
0
N Y 'Transportation
20 *5
Sou West l’a Pipe Lines.100 170 180
88
100 84
*73,i 778
Standard Oil of Calif. 100 193 196
..6
Stand Oil of Indiana.
100 260 265
.10 *U1310 151»
Standard OU of Kansas 100 580 626 a Ontario Silver_______ 100
1*2 2
Stand OI1 of Kentucky. 100 525 335 Otis Elevator com ........ IOO 72
76
Stand OU of Nebraska..100 315 330
X’relerred___
10. 102 104
Stand OI1 of N J (old). . . 100 1050 1080 Pittsburgh Brewing__ .50 *103, 107,
Preferred.................. 50 *30
Stand OU of N J__
100 415 118
395,
Standard Oil subsidiaries__ 640 680 e Pittsburgh Steel pref. 100 £102
Pope Alfg Co com.
100 38
Standard OU of N Y ___ 100 430 110
40
Preferred__
1110 74
Standard Oil of Ohio__ 100 235 245
77
Pratt & Whitney pref
Swan & Finch............ ..100 200 215
100 105 106
*
Producers oil
ion 120
85
80
Realty Assoc (Bklyn) 100 114 118 ‘
Union Tank LlneUo___ 100
Vacuum Oil....................100 188 193
Royal Bak Powd com. 100 210 220
33
Preferred
Washington Oil................lu *25
loo 109 111
Waters-Plerce Oil..........100 1400 170O Safety Car Heat & Lt
11)0 116 118
tobacco blocks
e Sears, Roebuck & Co 100 203 204
e Preferred..
(.See also Stock ExchangeList)
100 124
Uritlsh-Amerlcan T obac.£l *223, 221- Singer Alfg Co . .
100 287 290
285 3JO
1
2
Preferred
2
4
8 Hciuic (Geo W) com . 100 185 195
lOo
e Preferred__
luu 114 115 Standard Coupler com lUo 30
40
Preferred
IOO 108 112
Johnson Tin Foil &AIetaJ 10U 175 200
30
MacAndrews & Forbes 100 203 208 e Standard Milling Co
100 29
05
Porto-RIcan-Amer Tob.100 285 296
e Preferred.
lOo 64
87
88l2
Reynolds (R J) Tobaeco.100 280 290
e 1st 6s 1930_______Al-N
Stern Bros pret________ 100 85
89
United Cigar Stores CorplUu 282 285
OH; Sulzberger & Sons Co pf. luo 99 101
91
New com when issued__
New pref wheu Issued__ 11712 1191? Texas & Pacific Coal.. 100 99 102
971?
j Weyman Bruton Co ..100 265 275 e Texas Paclllc Land Tr 1UO 95
e Preferred.............. 100 116 1103, t itle Ins Co ol N Y ___ IOO ____ 123
*7
Young (J S) Co..............100 175 185
Tonopab Alin (Nevada). .1
V>4
4
7
Industrial and Alisccllaneous
Trenton Potteries com . 100
63
84
Adams Exp g 4s 1947..J-D / 83
Preferred new_____ 100 60
1(10
20
30
100 118 120
Trow Directory............
Alliance Realty........
44
511; Union Typewriter com. 100 42
Amer Bank Note co m ...60 ♦19
54
Preferred....................fiu *52
1st preferred............ 100 10/ 111
100
105 107
2d preferred.......... .
American Book..............100 169 175
lj
1
American Brass..............100 136 139
UDlted Copper.............. 100
5
15
Preferred.................. 100
American Chicle com__ 100 223 227
U S Casualty................ 100 200 210
Preferred....................100 10312 105
U S Envelope com___ I0O 95 100
Am Oraphophono c o m ..100 40
50
Preferred.................. 100 117
Preferred....................100
75
90
85
American Hardware___ 100 1381? 13912 s U S Express................ loo
90
U S Finishing................ 100 85
Amer Malting 6s 1914..J-D 101 102
90
Preferred.......... ......... lOu 100 105
Amer Press Assoc’n ___ 100
60
70
1st g 6s 1919............ .J-J 100 105
Am Steel Fdy 6s 1935..A-O 9912 101
Deb 43 1923._
F-A C8I«* 71
95 100
, U S Indust Alcohol... 100 46
American Surety..............60 320 ‘
e Prelerred........
American Thread pref___ 5
100 1021? 105
*41? 5<4
4812 U S Steel Corporation—
Amer Typefounders com. 100 47
Col s I Apr 5s 11)51 op 1911 114 1148,
Preferred................ 100 100 103
Col s 1 Apr 5s 1951 not opt 111 1147,
Deb g Os 1939............M-N 1001? 102
33, 4*4 US lit Gu a Indom
Amer Writing Paper___ 100
100 00
96
Westchester & Bronx Title
elst s f g 5s '19 red 105.J-J 907,
& Mtge Guar..
0
7
100 160 160
Atl Gull * W ISS Lines. 100
1212
Westlngh’se
Air
Brake.
Preferred....................iou
11
.60 •141 1431,
Coll tr g 5s 1939........J-J
6212 61 e Woolworth (F W) Co 100 95
90U
e Preferred.
Barney & Smith Car com 100
15
100 114 1151,
90
Preferred....................100
80
Worthington!HR)Co pf 100 106 109
Perry Com panies
Bid
B & N Y 1st 61 1911___ J-J
99
N Y Sc E R Ferry stock. 100
8
1st 5s 1922........... ...M -N
45
N Y & Hob 5s May '40' J-D 99
Hob Fy 1st 5el940__M-N 101
N Y ft N J 5s 1U46___ J-J
98
10th & 23d Sts Ferry
100 25
1st mtge 5s 1919___ J-D
55
Union Ferry s to c k ... 100 16
1st 5s 1920................ M-N 95

accrued d iv id e n d ,
ft B asis, e Sells on Stock E xch an ge: sec sales-record on a preceding p age, f F iat price, n N o m in a l,
stook. u F irst in stalm en t p aid . z E x -d lv . i/ E x -r lg h ts. 1 Inoludea all now stock dividends and subscriptions.

415

T H E C H R O N IC L E

AUG. 17 193 2.]

|wtrestnxet%t a n d i^ ailu ou d fu te llig e ttc e *
R A IL R O A D

G R O SS

EARJNIJNGS.

r.
T h e f o l l o w i n g t a b le s h o w s t h e g r o s s e a r n in g s o f e v e r y S T E A M r a i l r o a d f r o m w h i c h r e g u l a r w e e k l y o r 'm o n t h l y r e t u r n s
c a n b e o b ta in e d .
T h e firs t t w o c o l u m n s o f fig u r e s g i v e t h e g r o s s e a r n in g s f o r t h e la t e s t w e e k o r m o n t h , a n d t h e la st t w o
c o l u m n s t h e e a r n in g s f o r t h e p e r i o d f r o m J u l y 1 t o a n d i n c l u d i n g s u c h la t e s t w e e k o r m o n t h .
W e a d d a s u p p le m e n t a r y
s t a t e m e n t t o s h o w t h e fis c a l y e a r t o t a l s o f t h o s e r o a d s w h o s o f is c a l y e a r d o e s n o t b e g i n w i t h J u l y , b u t c o v e r s s o m e o t h e r
p e rio d .
T h e r e tu r n s o f the e le c tr ic r a ilw a y s a re b ro u g h t to g eth er s e p a r a te l y o n a s u b s e q u e n t p a g e .
Latest Gross Earnings.
Week or
Month

Current
Year

Ala N U * 1ex P a c$
i N O & Nor E ast. J u l y .........
319,610
[• Ala & Vicksburg. J u l y _____
150.045
: Vicks S h rev * Pac July .........
134,439
Ann A rbor___
47,075
1st wk Aug
A tch Topeka & S Pc J u n o _____ 8.608.710
75,802
Atlanta Blrm & Atl 4th wkJuly
Atlantic Coast Line J u n e _____ 2,527,820
120,257
Chariest ’n & W Car J u n o _____
94,542
Loulsv H en * StL J u n e _____
^Baltimore & O hio. J u n o _____ 8,314,833
141.895
B & O Ch Ter HR J u n e _____
234,218
Bangor & Aroostook J u n e _____
Bessemer & Lako E June -------- 1,049,053
Boston & Alalne___ M a y _____ 3,859,051
3,713
Bridgeton & Saco R May _____
Bull Roch & Plttsb. 1st wk Aug 217,592
162,400
Bullalo & Susq------ M a y _____
Canadian Northern, 1st wk Aug 407,300
i Canadian Pacllic— 1st wk Aug 2,706,000
Central of G eorgia.. 1st wk Aug 243,700
301,600
Central New Engl’d J u n e _____
Cent of New Jersey. May _____ 1,870,028
335.284
Central Verm ont___ May _____
Ches & Ohio Lines. 1st wk Aug 088,039
Chicago & A lton ___ 4 th wkJuly 334,802
Chic Burl & Quincy A i a y _____ 6,650,535
p Clilo Great W est. . 1st wk Aug 257,770
Chic Ind & Loulsv. 1st wk Aug
137.121
Chic Milw & St Paul J u n e _____ 5,326,758
• ChloMil & Pug Sd J u n o _____ 1,472,892
tChlo & North West J u n e _____ 7,313,883
uChlc St Paul M & O J u n o __
1,347,470
Chicago T 11 & S E . June . . .
127,873
Cln 11am & Dayton J u n e __
855,768
Colorado M d la n d .. J u n e _____
133,273
6 Colorado & South 1st wk Aug 244.121
C o rn w a ll__________ J u n e _____
17,687
Cornwall & Lebanon J u n e _____
30,205
Cuba Railroad_____ J u n e _____
318,818
Delaware * Hudson J u n e _____ 2,275,295
Dclaw Lack & West J u n e _____ 3,251,839
D cnv & Rio Grande 1st wk Aug 484,900
460.284
Western P a cllic.. J u n e _____
104,389
Denver N W & P ac. J u n e _____
138,475
D otroltT ol & Iront. J u n e _____
19,028
Detroit & Mackinac 1st wk Aug
9 53,235
Dul & Iron R a n g e .. J u n e _____
70,998
Dul Sou Shore & Atl 1st wk Aug
. Elgin Joliet & East. J u n e _____ 1,154,545
655,801
. El Paso & Sou West J u n e _____
Erie .......................... May _____ 4,285,537
2,540
Fairchild & N E . . . J u n e _____
352,783
Florida East Coast. J u n o _____
Fonda Johns & Glov J u n e _____
85,566
Georgia R a ilro a d .. J u n e _____
222,973
Grand Trunk S y s t.. 1st wk Aug 1,109,682
Grand Trk W est. 4th wkJuly
193,215
D ct Gr IIav & Mil 4th wkJuly
59,123
Canada A tlantic. 4th wkJuly
69,727
Great Northern Syst July _____ 6,318,67.
Gulf & Ship Island. M a y _____
170,010
H ocking Valley____ J u n e _____
666,227
Illinois Central____ July ......... 4,893,972
Internat & Grt N or. 1st wk Aug
159,000
a Intcroceanlo H ex . 1st wk Aug 163,575
295,959
Kanawha * M ich .. May _____
775,432
Kansas City S outh. J u n e _____
May ......... 2.300.711
Lelilgh Valley
49,847
Lexington & E a s t.. J u n e _____
131.895
Loulslana & Arkan J u n e _____
s Louisville & Nash 1st wk Aug 1,059,010
10,560
Macon & Blrm'ham July .........
913,329
Maine Central_____ J u n o _____
37,168
Maryland & Pcnna. J u n e _____
a Mexican Railway .'id wk July
107,200
Mineral R ange____ 1st wk Aug
15,902
170,650
Minn & St L o u is .. 1 1st wk Aug
Iowa Central___/
1st wk Aug
607,569
Minn St P 4 S S M
Chicago Division/
Mississippi Central Juno
84,98
u Mo Kan & Texas 1st wk Aug 498,560
Missouri Pacific------ 1st wk Aug 1,159,983
995,858
'N ashv Chat & St L J u n e _____
a Nat Ilys of M e x .l. 1st wk Aug 1,159,361
Ncvada-Cal-Orcgon 1st wk Aug
9,474
145,515
N O Great Northern May
203,080
N O Mobile & Chic. May
9,143,950
• N Y C & Ilud Hlv June
4,433,597
Lake Shore & M S June
447.045
n Lake Erie & \V June
315,190
Chic Ind & South June
2,617,277
Michigan Central June
2,534,230
Cleve C C & St L . June
260,739
Peoria * Eastern June
100,170
Cincinnati N orth. June
1,006,389
Pitts & Lake Erie June
1,033,450
N Y Chic & St L June
503,556
Tol & Ohio Cent. June
23001005
T ot all lines above Juno

Previous
Year.

Latest Gross Earnings.

July 1 to Latest Dale.
Current
Year.

Previous
Year

S
$
270,373
319, 616
123,507
150, 045
108,490
134, 439
230,821
238, 020
107752, 359 107565,115
233,127
239, 589
33.463, 558 31,022,449
1,933, 896 1,034,200
1,279, 469 1,214,693
92,594, 323 88,145,004
1,557, 470 1,451,102
3,345, 241 3,173,112
8,457, 266 7,518,028
12,018, 443 40,052,054
47,178
50, 985
1,138, 183 1,075,101
2,132, 562 2,170,145
2,237, 000 1.808.400
14,347, 000 11,563,000
1,365, 000 1,222,500
3,408, 620 3,218,255
20,700, 934 26,737,900
3,732. 915 3.626,828
3,430, 075 3,322,262
1,171, 032 1,314,900
70,838, 701 81,284,819
1,304, 413 1,246,941
678,590
680, 051
33,122, 743 64,975,095
16,132, 612 14,516,367
76,919, 330 77,897,975
15,371, 360 16,220,082
1,827, 301 1,904,850
9,861, 320 9,570,281
1.830, 160 1,014,657
1,249, 094 1,439,919
108,291
190, 751
320,635
308 573
3,819, 253 3,059,650
21,242, 029 20,980,075
35,492, 527 35,947,006
2,515, 200 2,441,800
5,258,,532
02 1153 1,197,,507 1,044", 2 58
114 ,137 1,762,,327 1,785,165
121,788
128,,102
22 ,266
859 ,949 0,084,,438 7.362.400
300,904
388,,802
70 ,459
698,,914 10,720,,752 8,053,690
561,,348 7,613,,456 7,195,887
,834,,075 51.463,,264 51,740,311
23,421
31,,175
1,,895
286,,271 4,432,,304 4,183,385
946,366
932,,108
81,,945
209,,818 3,378,,734 3,210,291
,017,,982 5,751,,550 5,255,365
551,505
572,,602
177,,817
171,198
185,,617
55,,259
177,691
197,,044
58,,097
,745,,831 6,318,,679 5,745,831
100,,218 1.831,,680 1,851.228
583,,570 7,303.,679 7,172,731
,128 ,212 4,893 ,972 5.128,212
735,000
919 ,000
138,,000
800,394
989 ,011
171,,744
268 ,721 2,848 ,322 2,835,634
771 ,842 9,408 ,953 10,125,582
,519 .575 33,256 ,742 33.999,731
481,244
563 ,173
51 010
98 ,318 1,495 ,111 1,432,638
,023 590 5,518 ,705 5,310,338
7,383
10 ,500
7 ,383
901 ,471 10,643 ,050 0,948,269
438,147
445 ,792
33 ,410
500 ,700
433,600
154 ,800
73,313
80 ,782
14 ,321
753,204
885 438
153 ,869

5
270, 373
123, 507
108, 490
48, 582
,341 ,420
75, 203
,332, 124
136, 081
95, 656
,401,,709
117, 211
277, 047
854, 570
,879.,814
3,,907
207, 975
214 538
332, 500
,272, 000
244, 400
261, J69
,540, 160
354 849
004, 073
371, 217
,956 602
230,,814
134, 081
,182 ,202
,203, 852
,074, 707
,244, 322
131, 267
836,,580
142,,493
282,,015
15, 588
25 457
262, 954
,780 642
,210, ;oo3
481 ,100

488,417

2,757,403

2,502,517

71,527
482,315
975,285
951,998
,053,521
6,858
140,028
145,053
,845,348
,951,967
406,021
292,522
.394,786
,449,289
242,211
98,893
,322,451
954,592
425,685
1384 355

892,437
2,711,193
6,186,202
12,202,675
6,054,482
58,177
1,489,826
1,826,881
105708 592
50,661,872
5,550,211
3,975,554
31,342,467
30,700,843
3,160,451
1,324,747
16,441,698
11,593,472
5,240,428
265709 338

015,701
2,636,078
5,411,834
12,323,803
6,636,329
35,785
1,555,335
1,688,545
101746 344
48,452,126
5,460,610
3,686,753
29,766,827
30,667,618
3.508,587
1,244,995
5.700.373
1,181,159
5,032,574
256459 070

n o ADS.

b eek or
Month.

N Y N II & H a r tf.. J u n e _____
N Y Ont & W est___ J u n e _____
N Y Susq & W e s t.. M a y _____
Norfolk S outhern.. June
Norfolk & Western. J u n e _____
Northern Pacllic___ June
Pacllic Coast C o___ May
Pennsylvania l i l t . . June
Balt Ches & Atlan June
Cumberland V ail. June
Long Island_____ J u n e _____
Maryl’d Del & Va June
N Y Phlla & Norf J u n e __
Northern Central. June . . .
Phlla B a lt* Wash J u n e __
VV J ersey & Seash J u n e __
Pennsylvania Co ___ J u n e __
Grand Rap & Ind June . . .
Pitts C C & St L . June . . .
V a n d a lla _______ June . . .
Total lines—
East Pitts & E - . June . . .
W est Pitts & E ._ J u n e __
All East& West June . . .
Pere Marquette____ June . . .
Reading Company-Phlla & R eading. May . . .
Coal & Iron C o .. May . . .
Total both co s___ M a y __
Rich Fred & Potom June . . .
R io Grande June___ M a y __
R io Grande S o u th .. 1st wk Aug
R ock Island L in es.. J u n e _____
Rutland _________ J u n e _____
St Jos & Grand Isl.i J u n o _____
St Louis & San Fran J u n e _____
1 Chic & East III. J u n e _____
Total all lines____ J u n e _____
St L R ocky Mt & P . M a y _____
St Louis Southwest. 1st wk Aug
San Ped L A & S L . J u n e _____
Seaboard Air L ln e .. 1st wk Aug
Southern Pacllic Co J u n e _____
Southern R a ilw a y .. 1st wk Aug
Mobile & Ohio___ 1st wk Aug
Cln N O & T ex P . 1st wk Aug
A la Great South. 1st wk Aug
Georgia Sou * Fla 1st wk Aug
Spok Portl & Seatt J u n e _____
Tcnu Ala & Georgia 1st wk Aug
Tennessee C entral.. June . . .
Texas & Pacific____ 1st wk Aug
Tidewater & W est. May . . .
Toledo Poor & West 1st wk Aug
Toledo St L & West 1st wk Aug
Union Pacllic S yst. June . . .
Vlrginla <3c So W est. June . . .
June . . .
V irginian____
W a b a sh ______
July . .
Western M aryland. May . . .
Wheel & Lake E rie. June . . .
Wrightsv & Tennllle June . . .
Yazoo &Mlss Valley July . .

J u l/ 1 to Latest Date.

Current,
Year.

Previous
Year.

Current
Year.

Previous
Year.

5,827,209
797,529
235,145
300,692
3,457,322
5,514,439
571,839
14182187
25,685
282,313
1,102,314
11,230
358,110
1,077,483
1,755,363
610,073
5,912,294
419,304
3,568,028
840,342

5,572,860
798,236
340,481
258,411
2,895,610
5.060.253
596,065
12921989
25,058
245,901
1,023,966
10,957
298.705
1,005,684
1,638,35s
562,130
4,173,775
376,125
3,100,002
796,285

64,933,064
8,527,944
3,374,288
3.284.824
19,735,237
63,423,947
6,839,095
164191845
280,959
3.034,352
10.752,422
134,145
3,424,153
12,548,067
19,297,503
6,351,115
54,970,902
5,182,222
10,756,700
10,020,039

S
62,153,434
9,295,702
3,556,8 59
2,955,671
35,557,522
64,912,832
7,120,583
157234106
270,000
3,027,799
10,148,508
130,635
3,372,484
12,868,161
19,078,477
6,144,563
52,666,540
5,071,128
J 8,924,316
10,422,440

20789302
10842680
31631983
1,347,977

18988538
9,082,018
28070557
1.342.713

233733325
114050973
547784302
16,676,428

225837297
109932310
335769610
15,986,808

3,224 803 4.061.254
755 243 2.956.714
3,980 046 7,O l/,903
239 675 221,597
78,757
76 649
8,988
9 946
6,076 920 6,140,400
303 902 306,919
107, 511
129,508
3,387, 002 3,317,073
1,206, 518 1,078,436
4,593, 520 4,395,511
153, 324
160,782
231, 000 206,000
891, 086 864,312
442, 833 430,048
10540 832 10480 737
1,223, 106 1,171,398
187.705
214, 217
171,010
176, 002
85, 369
78,681
43, 376
41,983
407, 048 506,682
2 414
2,378
132 542
125,476
261, 698 272,758
9,805
9 ,716
18,303
20 724
84,769
72 855
6,905 ,927 7,127,602
153 ,155 131,831
389 ,232 380,694
2,538 ,744 2,447,443
625 ,837 607,345
706 361 590,295
16,719
16 380
739 .701 731.171

11,517,114
32,580,797
/4 ,097,911
2,575,535
908,239
60,993
64,712,853
3,400,170
1.545.825
12,100,364
15,215,513
57,315,877
1,819,138
1,294,000
9,124,474
2,184,217
131525171
6,531,782
1,156,481
952,778
459,155
233,048
4,814,561
15,042
1,543,690
1,431,259
89,504
125,765
346,071
85,977,609
1,757,924
4,837,598
2,538,744
6,647,810
7,498,146
348,993
739,701

11,841,579
32,212,429
74,054,008
2,386,616
902,279
51,173
68,487,473
3,437,318
1,704,315
43,159,228
14,880,409
58,039,637
1,938,853
1,027,000
8,423,197
2,066,213
132620 539
5,968,705
1,084,409
924,271
435,025
233,384
4,819,465
12,079
1,517,751
1,388,474
82,409
120,568
420,294
88,983,108
1,393,448
3,671,224
2,447,443
6,593,982
6,800,707
327,112
731,171

Curreiu
Year.

Previous
Year.

10,109,011
50,562,393
25,045,919
2,653,560
2,025,790
15,237.392
14,694,815
1,506,447
616,754
8,070,436
5,727,271
2,419,055
128559 832
82,030.115
112,673
1,534,304
4,918,067
48,888
1,696,145
6,010,602
9,502,597
2,690,836
27,499,722
2,495,718
20,258,380
4,819,709
114663347
55,658,367
170321715
423,872
1,617,286
9,221,193

10,224,009
48,808,662
22,745,044
2,524,167
1,872,846
14,059,414
14,425,886
1,564,278
540,683
6,937,297
5,391,805
2,108,274
120978 356
75,325,681
105,258
1,391,284
4,683,394
48,973
1,598,446
6,207,802
9,119,338
2,587,385
24,263,509
2,345,157
18,051,613
4,769,995
106912153
49,963,445
150875599
424,148
1.573.829
8.321.829

Various Fiscal Years.
Jan
to June
Delaware & H udson-------to June
N Y Central & Hudson R iv e r.e . Jan
Lakc Shore & Michigan South Jan
to June
Jan
to June
Lake Erie & Western.?! . .
to Juno
Chicago Indiana & Southern. Jan
Jan
to June
Michigan C en tra l..............—
to June
Cleve Cln Chicago & St Louis Jan
to June
1’ eorla & Eastern___________ Jan
to June
Cincinnati N orth ern _______ Jan
Pittsburgh & Lake Erie------ Jan 1 to June
to June
New York Chicago & St Louis Jan
to June
Jan
Toledo * Ohio Central.
to June
Jan
Total all lines............. .
to June
Jan
Pennsylvania Hailroad___
to June
Baltimore Chesap & A tlantic. Jan
to June
Jan
Cumberland V alley____
to June
Long Island_________________ Jan
to June
Maryland Delaware* Virginia Jan
to June
N Y Philadelphia & N orfolk. Jan
Northern Central____________ Jan
to June
to June
Philadelphia Balt & W ash__ Jan
to June
W est Jersey & Seashore_____ Jan
to June
Pennsylvania Company_________ Jan
to June
Grand Rapids & Indiana------ Jan
to June
Pitts ClnclnChlcago & St L . . Jan
to June
V an d alla____________________ Jan
to June
Total lines— East Pitts & Erie Jan
to June
W est P itts * Erie Jan
to June
All lines E & W Jan
to May
R io Grande Junction__________ Dec
to June
Rutland --------------------------------- Jan
to Aug
Texas & Pacllic______________ Jan

A G G R E G A T E S O F G R O S S E A R N I N G S — W e e k ly a n d M o n th ly ,
Weekly Summaries.

Prev’s Year Inc. or Dec.

%

Monthly Summaries.

Cur’ nl Year Prev's Year Inc. or Dec.

%

Prev. Yr.
$
5
S
Mileage. C ur.Y r.
5
5
October ___ 245,633 241,321 266,064,129 263,637,356 + 2,426,773 0.92
4th week May (41 roads)------ 19,535,402 17,972,712 + 1,502,090 8.70
November ..23 4 ,2 0 9 231,563 241,343,763 243,111,388 — 1,767,625 0.73
1st week Juno (41 roads)------ 13,381,042 12,535,087
+845,955 6.75
December ..23 8 ,5 6 1 235,685 233,614,912 232.275.177 + 1,339,735 0.57
+ 355,006 6.59
2d week Juno (41 roads)------ 13,833,647 12,98 4,641
January — 237,888 234,402 210,704,771 213,145,078 — 2,440,307 1.14
+905,060 6.97
3d week Juno (41 roads)------ 14,073,731 13,108,005
February ..23 7 ,0 8 2 233,19 11218,031,09 4 197,278,939 +20,752,155 10.53
+299,117 1.03
4th weok June (41 roads)------ 18,264,980 17,905,863
234,692 237,564,332 224,608,654 + 12,955,678 5.77
M a r c h _____ 238,218
+321,840 2.50
1st week July (40 roads)------ 13,143,297 12,818,451
A p r i l ______ 236,722 233,057'220,678,465 216,140,214 +4,538,251 2.10
+ 683,038 5.00
2d week July (40 roads)------ 13,934,880 13,271,242
M a y .............. 235,410 231,597 232,229,364 226,184,666 + 6,044,698 2.67
'3d week July (41 roads)------ 14,320,563 13,238,634 + 1,081,929 8.17
189,863 203,203,713 189,071,073 + 14,132,640 7.4«
J u n o ______ 193,886
4th week July (38 r o a d s ------ 20,868,086 18,084,755 +2,783,931 15.39
88,0081 71.140,556 05,204,785 + 5,881,771 9.01
July _________ 89,717
1st week Aug (39 roads)------ 14,420,856 13,137,388 + 1,283,408 9.77
i
a Mexican currency, b Does not Include earnings of Colorado Springs & Cripple Creek District R y ., from N ov. 1 1911; In 1910 these returns
are Included.
e Includes the Boston & A lbany, the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & N . Y . R y ., the latter
b f which, being a Canadian road, does not make returns to the Inter-State Commerce Commission.
/’ Includes Evansville & 'lerre Haute and EvansIvlllo & Indiana R R . a Includes the Cleveland Lorain & Wheeling R y . In both years, n Includes the Northern Ohio R R .
p Includes earnings o f
Mason City * Ft. Dodge and Wisconsin Minnesota & Pacific, s Includes Louisville & Atlantio and the Frankfort & Cincinnati.
t Includes the Mexi­
can International from July 1910. u Includes tho Texas Central, v Includes not only operating revenues, but also all other receipts.




416

T H E C H R O N IC L E

L a te st

G ross

E a r n in g s

by

W e e k s .— In

th e

ta b le

w h ic h

E L E C T R IC

[VOL.

R A IL W A Y

AND

T R A C T IO N

LXXXXV.

C O M P A N IE S .

f o l l o w s w e s u m u p s e p a r a t e l y t h e e a r n i n g s f o r t h e fir s t w e e k
o f A u gu st.

T h e ta b le c o v e r s 3 9 r o a d s a n d s h o w s 9 .7 7 %

in ­

c r e a s e in t h e a g g r e g a t e o v e r t h e s a m e w e e k l a s t y e a r .
First week of August.
A labam a Great Southern______
Ann A r b o r ____________________
BuUalo Rochester & Pittsburgh
Canadian N orthern____________
Canadian Pacific______________
Central o f Georgia___________ _
Chesapeake & O hio__________II
Chicago Great W estern ,.
.
Chicago Ind & Louisville______
Cine New Orleans & T ex P a c ..
Colorado & Southern__________
Denver & R io Grande__________
Detroit & M ackinac____________
Duluth South Shore & A tla n tic.
Georgia Southern & Florida___
Grand Trunk of Canada______
Grand Trunk W est_________
Dot Gr Haven & M ilw _____
Canada A tla n tic___________
Internat & Great N orthern____
Interoceanic o f M exico_________
Louisville & N ashville_________
Mineral R an ge......... .....................
Minneapolis & St Louis______ 1
Iowa Central_______________]
Minneapolis St Paul & S S M _ .
Missouri Kansas & T exas______
Missouri Pacific________________
Mobile & O h io_________________
National R ys o f M exico_______
Nevada-California-Oregon ____
R io Grande Southern__________
St Louis Southwestern_________
Seaboard A ir Line_____________
Southern R ailw ay_____________
Tennessee Alabam a & Georgia.
Texas & P acific________________
Toledo Peoria & W estern______
T oledo St Louis & W estern____
Total (39 roa d s). .
Net increase (9 .7 7 % ).

1912.

1911.

S
85,369
47,075
217,592
407,300
2,706,000
243,700
688,039
257,770
137,121
176,002
244,121
484,900
19,928
70,998
43,376

$
78,681
48,582
207,975
332,500
2,272,000
244,400
604,673
236,814
134,681
171,010
282,015
481,100
22,266
70,459
41,983

1,109,682

1,017,982

91,700

159,000
163,575
1,059,010
15,902
170,656

138,000
171,744
1,023,590
14,321
153,869

21,000

607,569
498,560
1,159,983
214,217
1,159,361
9,474
9,946
231,000
442,833
1,223,106
2,414
261,698
20,724
72,855

488,417
482,315
975,285
187,705
1,053,521
6,858
8,988
206,000
430,048
1,171,398
2,378
272,758
18,303
84,709

119,152
16,245
184,698
26,512
105,840
2,616
958
25,000
12,785
51,708
36

Decrease.
S
0,688
9,017
74,800
434,000

s
1,507

700

83,366
20,956
2,440
4,992
3,800
539
1,393

35,420
1,581
16,787

2,421

37,894
2,338

—
8,169

11,060
11,914

14,420,856 13,137,388 1,357,050
1,283,468

73,582

N e t E a r n in g s M o n t h ly t o L a t e s t D a t e s .— I n o u r “ R a ilw a y
E a r n i n g s ” S e c t io n o r S u p p l e m e n t w h ic h a c c o m p a n i e s t o - d a y ’ s
i s s u e o f th e “ C h r o n ic l e ,” w e g iv e th e J u n e f i g u r e s o f e a r n i n g s
o f a ll s te a m r a ilr o a d s iv h ich m a k e i t a p r a c t ic e to i s s u e m o n th ly
r e tu r n s o r a r e r e q u ir e d to d o s o b y th e I n t e r -S t a t e C o m m e r c e
C o m m iss io n .
fu ll

d e ta ils

T h e r e a d e r i s r e fe r r e d
r e g a r d in g

th e

June

to th a t S u p p l e m e n t f o r

r e s u lts f o r

a ll

th e

s e p a r a te

co m p a n ie s .
I n t h e f o l l o w i n g w e g i v e a ll s t a t e m e n t s t h a t h a v e c o m e in
th e p r e s e n t w e e k c o v e r in g a la te r o r a d iffe r e n t p e r io d fr o m
t h a t t o w h i c h t h e is s u e o f t h e “ R a i l w a y E a r n i n g s S e c t i o n ”
is d e v o t e d .

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

p a n i e s r e c e i v e d t h is w e e k .

------ Gross Earnings-------------- Net Earnings------

•

Current
Previous
Year.
Year.
$
5
Bellefonte C entral.b ..J u ly
5,514
4,856
Jan 1
to July
31_
42,324
39,822
Boston Revere Beach & L y n n .b —
A pr 1 to June 3 0 --------262,152
248,797
Lehigh & Hudson R iv er, b—
A pr 1
to June
30379,301
401,888
Jan 1
to June
30823,080
741,737
July 1
to June
30- 1,621,890 1,465,796
N Y New Haven & H a rtf.b —
Apr 1
to June 3 0 __ 16,761,088 15,907,891
Jan 1
to June 30__ 3 ,970,062 29,788,213
July 1
to June 3 0 __ 64,933,063 62,153,434
St Louis & San Fran b .J u n c 3,387,002 3,317,073
July 1 to June 3 0 ______ 42,100,364 43,159,228
Chicago & East III b .J u n c 1,206,518 1,078,438
July 1 to June 30______ 15,215,513 14,880,409
Total all lin e s .b _____ June 4,593,520 4,395,511
July 1 to June 3 0 ______ 57,315,877 58,039,637
Tol Peoria & W e s t .b ...J u l y
105,041
102,265
Roads.

Current
Year.
S

Previous
Year.
$
44
835
7,635
6,517

28,454

29,944

101,010
272,135
558,657

160,603
277,670
558,039

5,789,724
5,513,614
10,609,366 9,533,360
22,829,046 21,254,802
998,299 1,316,268
13,390,775 13,838,828
444,077
305,799
4,315,761 4,775,312
1,442,377 1,622,066
17,706,535 18,614,130
21,156
16,213

IN D U S T R IA L C OM PAN IES.
-----Gross Earnings----Current
Previous
Year.
Year.
$
S
Keystone Tel & T e l.a ..J u n e
101,111
97,045
Jan l to June 3 0 ______
597,191
581,309
Companies.

------ Net Earnings—■
—
Current
Previous
Year.
Year.
5
$
50,771
50,144
298,495
294,387

a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
I n t e r e s t C h a r g e s a n d S u rp lu s .
— Inl., Rentals, A c .—
—Bal. of Net E arnsCurrent
Previous
Roads.
Year.
Year.
Year.
Yeac.
$
S
S
$
Bellefonte Central
..J u ly
250
d ef.200
244
585
Jan 1 to July 31
___
1,750
5,927
1,708
4,767
Lehigh & Hudson River—
A pr 1 to June 3 0 .____
87,506
220,357
84,593
73,187
Jan 1 to June 30.
_
2101,033
160,840
175,047
116,839
July 1 to June 30_____
*236,472
336,997
313,776
244,263
Toledo Peoria & W est. .J u ly
*1,100 *def.4,910
24,055
24,085
IN D U S T R IA L COM PANIES.
— Int., Rentals, A c .— - —Bal. of Net Earns.—
Current
Curren
Previous
Previous
Companies.
Year.
Year.
Year.
Year.
$
S
$
5
25,357
Keystone Tel & T el____June
24,787
24,446
26,325
Jan 1 to June 30______
150,242
148,253
146,314
128,073
x A fter allowing for other Income received.




Name of
Road.

Latest Gross Earnings.
Current
Year.

Week or
Month.

Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
5
American R ys Co____May
398,320 399,207 1,871,872 1,775,041
Atlantic Shore R y ___May
25,207
26,660
115,009
103,365
cAur Elgin & Chic R y June
181.426 161,382
802,542
801,217
Bangor R y & Elec Co June
324,157
61,090
49,580
204,649
Baton Rouge Elec Co June
12,420
71,510
9,870
50,174
Binghamton Railway June
37,845
203,002
33,517
179,957
Brock & Plym St R y . June
11,766
51,369
10,974
50,515
Bklyn R ap Tran Syst April
1937,196 1835,006 7,372,688 6,977,751
Cape Breton Elec C o. June
29,448
161,015
152,135
27,427
Carolina Pow & Lt Co June
32,682
204,330
173,249
27,900
Cent Park N & E R lv April
54,272
198,912
190,879
50,026
Central Penn T rao___June
78,905
70,324
413,874
437,151
Chattanooga R y & Lt June
89,470
498,558
77,910
445,955
Cleve Painesv & East June
39,630
35,765
163,718
109,183
ClevSouthw & Colum June
105,173
99,637
520,107
540,343
Columbus (Ga) El Co June
45,531
39,554
235,580
259,699
C om m onw P, R y & L June
483,418 432,614 2,970,329 2,629,084
Coney Island & Bklyn April
110,535 110,399
411,716
404,564
Dallas Electric C orp. June
142,342 122,110
841,482
764,755
222,414 193,236 5,848,550 5,171,886
Detroit United R y ___2d wk July
D D E B & B att(R ce) April
53,837
50,656
201.075
190,016
Duluth-Superior Trac June
98,894
96,225
549,431
535,077
East St Louis & S u b . June
194.426 185,736 1,148,856 1,091,720
El Paso Electric_____ June
60,175
52,470
372,597
334,035
65,227
Falrm & Clarks Tr Co April
243,232
53,186
2 08,612
42dSt M & SN A v(Itec) April
140,685 125,222
543,796
464,268
171,085 134,934
Galv-Hous Elec C o ..'J u n e
923.076
712.203
Grand R apids R y C o . June
107,237 101,647
591,877
553,360
H avana Electric R y . W k A ug 11
52,856
44,056 1.548,699 1,454,607
Honolulu Rapid Tran
& Land C o_______ J u n e ___
240,219
45,729
273 504
42,767
Houghton Co Trac Co J u n e ___
144,468
27,379
144 613
26,940
Hudson & Manhattan A p r il___
314,532 258,300 1,249 047 1,016,626
Illinois Traction C o .. J u n e ___
571,749 535,849 3,502! 638 3,249,089
Interboro Rap T ran. A pril__
2800,389 2658,586 11,135 805 0,404,692
Jacksonvllle Trac C o. J u n e ___
50,174
43,776
301 020
289.203
Lake Shore Elec R y . J u n e ___
120,914 113,950
587; 251
558,586
Long Island E lectric. A p r il___
15,410
55, 049
14.935
53,681
Milw El R y & Lt C o. J u n e ___
455,514 418,823 2,690, 688 2,401,314
Milw Lt, Ht & Tr C o. J u n e ___
118,226 103,838
552, 625
480,332
Nashvllle R y & Light April . . .
108,976 161,228
063, 697
631,374
N Y City In te rb o ro .. A p r il.........
36,107
134, 323
22.936
85,435
N Y 4 Long Isl T ra c. April
30,853
108, 224
30,716
105,477
N Y & Queens C o____ April
103,356
375, 490
90,757
346,839
New York Railw ays. April
1157,651 1120,081 4,397 516 4,314,224
Northam Easton & W June
82, 400
14,598
15,820
74,327
North Ohio Trac & Lt June
276,961 240,097 1,377, 335 1,222,675
North Texas Elec Co June
144,974 136,001
795, 345
775,004
Ocean Electric (L I ) . A p r il.........
0,150
4,734
14,691
10, 502
Paducah Trac& Lt Co June
21,816
138, 137
20,617
126,482
Pensacola Electric Co Juno
23,946
138, 103
138,850
24,742
Phila Rap Trans C o. June
1990,225 1901,032 11,350, 183 0,790,934
P ort(O re)R y,L & P C o. June
582,964 554,707 3,252, 017 3,114,812
PugetSd T ra c.L t& P . J unc
660,647
4,084, 508
Rlchmond Lt & RR_ April
24,488
90, 553
91,548
25,824
R io de Janeiro Tram
Light & Power C o. June
1228,342 1071,904 0,992,476 0,107,773
St Joseph (Mo) R y.L t
Heat & Power C o. J u n e _____
05,021
567,150
530,322
93,923
Sao Paulo Tram .L& P J u n e _____ 367,799 282,558 2,212,348 1,684,253
Savannah Electric Co J u n e _____
303,023
59,928
330,200
65,016
Second Avenue (Rec) A p r il_____
286,204
68,750
75,862
254,685
38,270
9,194
Southern Boulevard. A p r il_____
10,593
33,396
20,528
18,318
Sou Wisconsin R y Co J u n e _____
107,049
95,591
17,025
Staten Isl’d M idland. A p r il.........
68,015
18,686
63,818
50,813
61,874
370,101
Tampa Electric C o .. J u n e _____
334,787
Third Avenue (R e c). A p r il_____ 308,718 289,753 1,210,036 1,131,015
Tri-City R y & Lt C o. J u n e ......... 226,792 200,965 1,430,395 1,311,414
Twin City Rap T ran. 4th wkJuly 230,002 213,319 4,033,295 4,484,455
Underground Elec R y
of London—
Three tube lines___ Wk Aug 10 £11,705 £11
£439,965 £445,275
£401,091 £185,678
Metropolitan D lst. Wk Aug 10 £11,072 £10
£203,695 £212,815
£9
United Tram w ays. W k A ug 10 £7,997
£1,561,721 £1,100,729
London Gcn'l Bus. W k Aug 10 £54,090 £30
741,075
Union (R e c)......... ...... A p r il_____ 200,099 181
668,414
1,751,319 1,518,456
U nionR y.G & E C odll) J u n e _____ 272,714 237,
United R ys of St L . . May _____ 1083,014 1053
4,901,759 4,794,945
4,108,112 3,821,135
United R R s of San Fr J u n e ......... 091,556 627
45,
Westchester El (Rec) A p r il_____
38,940
163,775
164,171
54,
63,710
Yonkers HR ( R e c ) .. A p r il_____
221,508
108,500
20,199
19,
Youngst & Ohio R lv . J u n e _____
110,170
108,164
c These figures are for consolidated com pany.
E le c t r ic R a ilw a y N e t E a r n in g s .— T h e fo llo w in g ta b le g iv e s
th e re tu r n s o f E L E C T R I C r a ilw a y g r o s s a n d n e t e a r n in g s
r e p o r t e d t h is w e e k :
-Gross Earnings----- ------ Net Earnings------Current
Previous
Curren
Previous
Roads.
Year.
Year.
Year.
Year.
$
$
5
5
Federal Light & T ra ct. June
131,718
107,815
50,726
38,209
712,120
813,059
Jan 1 to June 30_____
292,162
336,194
Kingston C onsolidated-b—
42,204 d e f.17,287 (lcf .17,751
A pr 1 to June 30______
39,832
72,972
Jan 1 to June 30______
72,470
def .2,201
def. 1,310
164,243
45,897
July 1 to June 30______
160,207
49,538
273,757
Puget Sd T ract Lt & P .b.Junc 660,647
1,715,268
Jan 1 to June 30____ - 4,084,568
a Net earnings here given are after deducting taxes,
b Net earnings here given arc before deducting taxes.
I n t e r e s t C h a r g e s a n d S u r p lu s .
-int., Rentals, A c .-------- Bal. of Net Earnsr.—
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.

$
Kingston Consolidated—
Apr 1 to June 30______
Jan 1 to June 3 0 ______
July 1 to June 3 0 ______
Puget Sd T ract L t & P .J u n e
Jan 1 to June 30----------

12,702
25,716
48,507
146,966
854,821

S

S

S

12,043 def.30,180 d e f.29,794
25,417 d e f.27,917 d e f.26.727
48,283 d e f.2,610
1,255
...........
127,791
______
---------860,447
____

x After allowing for other income received.

ANNUAL REPORTS
A n n u a l R e p o r t s .— A n in d e x to a n n u a l re p o rts o f s te a m
r a i l r o a d s , s t r e e t r a i l w a y s a n d m i s c e l l a n e o u s c o m p a n i e s w h ic h
h a v e b e e n p u b l i s h e d d u r i n g t h e p r e c e d i n g m o n t h w ill b e
g i v e n o n t h e la s t S a t u r d a y o f e a c h m o n t h .
T h i s i n d e x w ill
n ot i n c l u d e r e p o r t s in t h e is s u e o f t h e “ C h r o n i c l e ” in w h ic h
it is p u b l i s h e d .
T h e l a t e s t i n d e x w ill b e f o u n d in t h e is s u e
o f J u ly 2 7 .
T h e n e x t w ill a p p e a r in t h a t o f A u g . 3 1 .

C a n a d ia n P a c if ic R a ilw a y .
(,S ta te m e n t f o r F i s c a l Y e a r e lid in g J u n e 3 0 1 9 1 2 .)
T h e r e s u lt s f o r t h e fis c a l y e a r w e r e a s f o l l o w s :
1911-12.
$
Gross carhlnirs
.123,319.511
Operating expenses_ 80,021,298

1910-11.
1909-10.
5
5
5
104,167,808 94,989,490
67,467,978 61,149,534

1908-09.
76,313,321
53,357,748

Net earnings________ 43,298,243
SS. earns. In excess o f
amts, in m thly. state’s 1,104,448

36,699,830

33,839,956

1,118,350

909,235

22,955,573
__
399,909

Total net Incom e____ 44,402,691
Fixed charges__________ 10,524,937
F orS .S .and penslonfund 1,125,000
Dividend on com m on *. 12,600,000
P e r c e n t____________. . .
(7% )
D lv. on preferred (4 % ) . 2,592,235
Int. on Installments on
new stock su b scrip ts
_______ _

37,818,180
10,011,071
1,080,000
12,600,000
(7% )
2,253,867

34,749,191
9,916,941
980,000
9,750,000
(6 'A%)
2,214,933

23,355,482
9,427,033
880,000
9,000,000
(6% )
2,107,867

Balance, surplus_____ 17,560,519

11,873,242

11,470,138

417,179
1,940,583

* Also 1% extra paid in 1908-09 and 1909-10 from Interest on land sales,
viz.: H % April 1 and 'A% O ct. 1; in 1910-11 2 'A % extra, viz.: _K % in
Jan. and ? f% each in April, July and Oct. 1911, and In 1911-12 3% extra,
Tile1above statement does not include special income from interest on
land sales and from other extraneous assets, amounting to 55,158,58a m
1911-12.— V . 94, p. 1695, 1625.
..
N e w Y o r k N e w H a v e n & H a r tfo r d R a ilr o a d .
( O f f i c i a l A p p r o x i m a t e S ta te m e n t f o r Y e a r e n d . J u n e 3 0

1 9 1 2 .)

T h e a p p r o x im a t e in c o m e a c c o u n t o f th e s y s t e m , e x c lu d in g
th e N . Y . O n ta r io & W e s t e r n a n d th e B o s t o n & M a in e ,
c o m p a r e s a s fo llo w s
1912.
1911.
1912.
1911.
Oper. revenue .-$90,611,905 887,230,963 Oper. incom e..827,668,627 825,876,461
3,504,057
Oper. expenses. 59,407,632 58,070,456 Other income.. 4,787,487
Total income.832,450,114 S29,380,518
Net (/per. rev.$31,234,273 $29,160,507
Deductions from
Net rev. from
Income ........819,540,611 $18,807,116
outside oper. 1,383,449
1,398,338
Dividends____ 12,609,668 10,886,691
Total net rcv.S32.617.722 830,558,845
Taxes .............. 84,949,095 $4,682,384
Balance____ surS305,835 dcfS313,2S9
All of the stock of the companies comprising the system is in the treasury of the
company except 418 shares preferred and 396 shares common stock of the Central
New England lty. Co.— V. 95, p. 237, 176.
I n t o r b o r o u g h R a p id T r a n s it C o.
(S ta te m e n t f o r th e

Y e a r e n d in g J u n e 3 0 1 9 1 2 .)

Year ending Jude SO—
1912.
1911.
1910.
Gross operating revenue. - ..................$3 1 ,2 4 6,3 92 $29,767,352 $28,987,648
Operating expenses__________________ 13,047,802 12,368,982 11,013,143
Net operating revenue____________ $18,198,590 $17,398,370 $17,974,505
T a x e s .* _____ _________________ ______ 1,979,431
1,925,090
1,750,422
Income from operation.
Non-operating incom e------

.$16,219,159 $15,473,280 $16,224,083
. 1,305,200
339,915
411,024

Gross income
.................. ...............$17,524,359 $15,813,195 $16,635,107
T otal income deductions____________ 11,000,593 10,673,158 10,552,960
Net corporate Income_____________ $6,523,766
$5,140,037 $6,082,147
Dividends _______________________ (15% )5,250,000(10)3500,000 (9)3,150,000
Surplus_____ ______- ....................
$1,273,766 $1,640,037 $2,932,147
Per cent expenses to earnings_______
41.76%
41.55%
37.99%
Passongers carried___________________607,244,097 578,154,088 562,788,395
The total profit and loss surplus June 30 1912, after adding tax refunds
and other credits, $790,889, and deducting taxes of prior years, am ortiza­
tion capital retirements and other charges, $529,742, was $8,531,261.—
V . 94, p. 1695.
R e p u b lic I r o n &

S t e e l C o . , Y o u n g s t o w n , O h io .

( R e p o r t f o r F i s c a l Y e a r e n d in g J u n e 3 0 1 9 1 2 .)
C h a ir m a n J o h n A . T o p p i n g s a y s in s u b s t a n c e :
General Results.— The llscal year covers a period of lowest market prices
over experienced in the history of the com pany. General business condi­
tions were most unsettled, the cost of labor high and general operating con ­
ditions of an adverse character. The general weakness and demoralized
condition of the iron and steel market referred to in the semi-annual report
of Deo. 31 1911 was intensified by the Introduction of new factors of business
disturbance which had the clfect of causing a further loss of business confi­
dence. Under these conditions, producers of iron and steel, in order to
stimulate an econom ic volume of business, ollercd further price reductions,
low ebb In values being reached during March. Under the inllucnce of
bargain prices and Im provem ent in business sentiment, due in part to
lessened activity of Investigating committees and also to Improved crop
prospects, the volume of business was rapidly Increased, reaching such pro­
portions during April that general price advances were stimulated.
Not only has maximum production been realized, but high efficiency
has been obtained. The net profits for the year were $2,002,246, and the
balance applicable to dividends, after making all proper deductions from
earnings, Is $1,273,262. The balance of net assets as of June 30 1912 Is
$12,650,535 and ample funds arc In the treasury for all present and Imme­
diately prospective uses. The net addition to ttie surplus fund from earn­
ings for tho year was $398,262, and the net balance of surplus as of June 30
1912 after deductions for bond discount and special allowance for deprecia­
tion, Is $5,339,891.
, ,
,
'['lie various new manufacturing departments put In operation during the
past year have all secured efficient results, with profits equal to and in
some instances larger than those secured from the older departments.
D epredation.— In view of the large expenditures for maintenance and
repairs (disbursement on this account exceeding the previous year’s allow­
ance by $320,983), and owing to the liberal allowances heretofore m d c for
depreciation, and also in consideration of the many new additions to plant.
It was deemed proper by the executive com m ittee to make some reduction
In depreciation charges for the current year: full allowance, however, has
been made from earnings for maintenance of all other provisional funds.
Additions, & c.— Additions to property account during the year aggre­
gated $1,536,729. Attention is directed to the large additions to Iron ore
holdings and to the Importance of the Increase in mineral reserves.
3? The policy of diversifying production, extending output b y substituting
modern for obsolete equipment, so as to maintain maximum production
and econom y of operation, Is being continued, important appropriations
having been authorized on account of Improvements for the calendar year
1912. The executive com m ittee has authorized the construction of a by­
product coke works of 1,000 tons daily capacity, the waste gases from which
will be utilized as fuel as a substitute for coal and the recovered tar and
ammonia sold on the market. There has also been authorized the con­
struction of four modern merchant bar mills, consisting of 8-lnch, 10-lnch,
12-lnch and 20-lnch trains; these mills to replace four mills of an obsolete
type at the Brown-Donncll works, which old mills are now being dism antled.
Outlook.— Production is now the greatest and costs the lowest in the
com pany's history, all previous records having been exceeded.
Comparative Statement of Net Working Assets.
*1912.
1011.
1910.
1009.
1908.
$12,650,535
$10,729,103
$12,785,590
$7,809,901
$6,713,823
This statement includes Inventory, ore contract paym ents, accounts and
bills receivable and cash, less current liabilities.




417

T H E C H R O N IC L E

A ug. 17 19115 j

Volume of Business.— The gross volum e of business expressed in tons
shows an increase as against the record year 1907 of 2 7 .5 % , but owing to
the demoralized condition of the iron ana steel market, and the consequent
extrem ely low prices realized from sales, the total value of shipments
($28,983,055) is 7.6 % less than for the year 1907, but shows an increase
as against the year 1911 o f 20.1% and of tonnage, 4 3 % .
Growth of Company's Operations During Past Seven Years— Production.
1912.
1905. I n c .,% .
O r e .................... ........................... _ ..........................1,722,495
794,167
117
256,264
236
Coke - _ _ ___________________________________ 861,761
Pig iron______________________________________ 1,007,849
442,640
128
Steel in g o t s __________________________________ 963,488
448,331
115
979,617
672.012’
46
Finished and semi-finished__________________
The original maximum Iron products capacity was approxim ately 600,000
tons per annum, while the actual iron products output for the current year
was approxim ately 120,000 tons. In support of increased producing
capacity the iron ore reserves have been more than doubled, with only
nominal Increases to capital account.
Open-Hearth Steel Works.— Tne new open-hearth steel plant was put in
operation in June 1911, but owing to the light demand for steel during the
early part of the liscal year full production was not attained until May 1912.
Since that time the estimated full production of 30,000 tons of ingots per
m onth has been exceeded each m onth.
Production of Ingots Years ending June 30.
Open Hearth.
B ess. & Open Hearth.
1909- 10___________________________ _____
681,884 gross tons
1910- 11______ ____________________
6,939 gross tons
604,930
“
“
1911- 12__________________________ 307,815
“
“
963,488
“
“
Rolling M ills and Factories.— The 14-16-incli continuous merchant bar
mills, as well as the 90-inch sheared plate mill, were ooth com pleted and
placed in successful operation during January 1912, but, owing to market
conditions, maximum output was not realized until May 1912.
The production of finished and semi-iinished products for the year aggre­
gates 979,617 tons, contrasting with 684,053 tons for 1910-11 and 827,515
tons for 1909-10. Our manufactured products are as follows: Merchant
steel and iron bars, light structural and agricultural shapes, sheared plates,
standard and hand spikes, bolts, nuts, turnbucklcs, cold-drawn bars,
tuoular products, oessemer and open-hearth oillets and sheet Dars, foundry,
Bessemer and basic pig iron.
Iron Ore M in es.— .Exploration and developm ent of Iron ore leases hereto­
fore and recently acquired have been substantially com pleted oy diam ond
drilling, so that expenditures during the next few years on this account
will be radically reduced. A m ost im portant ore mine has been opened
up during the past year in the Iron R iver district on tne Menominee Kange.
It will be known as the Sncrwood mine, and we believe that we have in it
a large and valuable non-Uessemer operation with ore of standard quality.
Coal and Coke.— In order econom ically and quickly to develop our “ Porter
coal territory, south,” tne executive com m ittee approved of the purchase
of the Palos Coal & Coke C o.’s property, consisting of approxim ately 600
acres of developed coal land which immediately adjoins the Porter tract.
This purchase was made on an extrem ely lavoraole basis, and the property
acquisition will at once increase our coai production by 600 tons of coal per
day, and this output can be quickly increased to 1,200 tons.
Unfilled Orders.— The tonnage on hand (see below), while slightly below
that reported June 30 1911, has oeen uooked under more stable market con­
ditions, the current volum e of business being larger, with price tendencies
upward. The prospects, therefore, suggest full em ploym ent of cap acity,
with gradual improvem ent in values.
U N FIL LED ORDERS J U N E 30, S E M I-F IN IS H E D , &c. (TO N S ).
1912.
1911.
1910.
1909.
1908.
1907.
Finished and semi-an’d 454,961 481,425 341,887 392,420 283,743 448,627
Pig i r o n ______________ 96,935 102,077 82,906 94,247 59,196 74,500
ORE R ESER VES (E S T .), ORE A N D COAL (TONS) J U N E 30.
1912.
1911.
1910.
1909.
1908.
Ore, N orth_____ 43,804,037
38,812,467 38,909,693 36,293,140 35,427,796
88,658,581 88,451,383 88,976,100 88,685,439
o re , S o u t h _____ 88,095,285
Coke coal. North 22,114,549 22,723,093 24.190,440 24,612,462 13,350,928
Coke coal. South 65,246,833 66,074,382 65,048,276 91,040,197 91,760,807
steam coal, N o r .16,818,000 10,818,210 10,818,210 10,818,210 12,500,000
steam coal, Sou-15,665,820 15,065,820 57,974,480 81,203,400 81,203,400
Coking capacity June 30 1912: North, 784 ovens, capacity 548,000 tons
per annum; South, 1,010 ovens, capacity 600,000 tons; total capacity
1,154,800 tons.
P R O P E R TIE S .
Active Properties.— Rolling M ills and Factories.
Brown-Bonnel VVks.,Youngstown, u . inland W onts, East Chicago, Ind.
Mahoning Valley W orks, d o do
Sylvan W orks, Moline, 111.
T udor W orks, East St. Louis, 111.
Youngstown Steel VVks., do do
H aseltonSt.W ks.(open-h-) do do
Indiana Bolt W orks, Muncie, In d .
Haseiton St. Tube Works do do
Shafting W orks, Youngstown, O.
Blast Furnaces (in all 10 stacks).
Haseiton (4 stacks), Youngstown, O .I lia d (I stack), Sharon, Pa.
Hannah (1 stack), Youngstown, 0 .| A tlantic (1 stack). New Castle, P a .
Pioneer (3 stacks), Thom as, A la.
Miscellaneous P roperties.— The following arc owned entirely or in part:
Potter Ore Co., Alahoning Ore & Steel C o., Union Ore C o., Antoine Ore C o.,
Lake Erie Limestone C o., Camoria Steamship Co., General Water C o.,
Jcifcrson Powder C o., R epublic Supply C o., Republic Transportation Co.
and Union Limestone Co.
A V E R A G E N U M B E R OF M E N E M P L O Y E D , YE AR S E N D . J U N E 30.
1911-12.
1910-11.
1909-10.
1908-09.
1907-08.
N o r t h ..................
9,411
9,476
9,678
6,171
5,895
S o u t h __________
2,312
2,112
2,388
2,169
2,652
T otal __________
11,723
11,588
12,006
8,340
8,527
Cost of la b o r -- -.$ 8 ,7 9 8,10 0 $8,273,030 $8,652,102 $5,700,805 $5,832,632
A N N U A L PR O D U C TIO N IN TO NS.
1911-12. 1910-11. 1909-10. 1908-09. 1907-08.
Bessemer steel ingots. 055,673 597.991
681,884
483,430
341,985
do billets, siaos.&C.
(?)
534,oJ7
606,531
427,531
303,328
Finish’d& sem i.iin.prod. 979,617
684,553
827,o l5
565,151 434,230
Pig iron......... ..................1,007,849
850,803
793,962
678,799 494,676
O r e ..... - - ...........
1,722,495 1,801,185 2,050,224 1,451,434 1,025,460
801,701
723,859
07M.018
592.064 426.963
C o lc c ___________
IN CO M E A C C O U N T .
1911-12.
1910-11.
$
$
Gross s a l e s ...................... 28,983,056
24,071,771
Gross prollts___________ a 4 ,118,503
05,158,162
Alaint. * repairs of plant
1,634,146 1,313,162
B ala n ce.........................
Deduct—
Provision for deps’n and
renewal of plants____
Provision for exhaustion
of m in erals__________
Interest on bonds, & c ..

1909-10.
5
28,290,266
a o ,501,949
1,274,580

1908-09.
$
19,595,944
3,656,801
887,654

4,227,369

2,769,147

2,484,417

3,845,000

268,440

600,255

607,582

526,738

213,731
728,984

235,811
580,415

294,265
422,606

199,584
413,479

Net prollts....... ............. 1,273.262
2,422,519
2,902,916
D lv. on p r e f . S to c k ____( 3 ^ ) 8 7 5 , 0 0 0 ( 7 ) 1 , 7 5 0 , 0 0 0 ( 7 ) 1 , 6 6 9 , 7 9 6
Surplus for year.........
Previous surplus_______

398,262
5,302,446

T o t a l -----------------------Arrears of pref. d iv -----D is c .* exp.acct.new sec.
S pec’l deprec’n approp’n
A djust, of taxes, &c., on
undevel. coal p rop ’s . .

5,760,703
-------------dl70,817
250,000

Net profit and loss sur.

672,519
4,954,001
5,627,180
-------------11264,734

......... ...............................
5,339,891

5,362,446

1,233,120
5,920,535
7,153,655
1,378,141
765,902
__ ________

1,629,346
( 2 ) 4 0 8 ,3 3 8
1,221,008
4,099,527
5,920,535
..............
.
_____
_

54,951

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

4,954,661

5,920,535

a Gross profits in 1911-12 include $99,566 int. and dividends received,
against $80,302 in 1910-11 and $154,069 Iq 1909-10.
d Discount and expense now Issue of mortgage b on d s.1

418

T IIE C H R O N IC L E

B A L A N C E SH E E T J U N E 30.
{Includes an s*bsidlary com panies entirely owned and controlled.]
1012.
lu ll.
1912.
1911
Assets—
§
5
Liabilities—
$
s
Plant, & c .............84,151,273 58,212,415 Common s to c k ...27 ,191,000 27.191.000
New construction. 1,536,729 5,9381858 Preferred s to ck ...25 ,000,000 25,000,000
Invested in other
First mtge. bonus. 1 578.000 1.045.000
companies ----960,984
930,852 10-30-yr. 5% bds.12 733.000 10.755.000
Prepaid royalties
Haselton property
& expenditures.
897,906
819,964
mtge. notes___
1.475.000
Cash to redeem
Collateral notes . 3,000,000
1st mtge. bonds 218,300
48,496 Potter Ore bonds,
Raw and finished
jointly guaranl’d 309,000
320,500
materials ........ 6,616,448 7,068,334 Martin Coke Works
Ore contract paybonds and notes 312,287
373,382
m e n ts ...... .......
680,255 Accr'd int. on bds.
184,015
704,383
177,154
Accounts and bids
475,801
Bal. ore contracts.
210,801
receivable____ 5.233.054 3,245.775 Bills & accts. pay. 1,789,772 2,483,791
Cash ___________ 9.717,830 3,173,082 Reserve funds___ *4 ,203,917 3,621,509
Dividend warrants 748,032
935,790
Accrued taxes.__
199,440
132,351
Dividend July 1 ..
437.500
Miscellaneous___
‘ ' 2 ,740
2,7-10
Profit and loss__ 5 ,339,891 5,302,440
T o ta l...........,,.83,007,507 80,124.031

T o ta l................ 83,007,507 80,124,031

* Includes In 1912 fund for exhaustion of minerals and mining equipment,
11,608,111; for depreciation and renewal of plants, $1,787,234; for re-lining
furnaces, $318,564; for fire and accident Insurance, & c., $407,504; for co n ­
tingencies, $82,504.— V . 94, p. 1630.
C a n to n C o m p a n y o f B a ltim o r e , M d .
(R ep ort f o r F is c a l

Y e a r e n d in g M a y 3 1 1 9 1 2 .)

P r e s i d e n t W . B . B r o o k s , B a l t i m o r e , s a y s in s u b s t a n c e :
During the fiscal year there have been two dividends declared from in­
com e, namely, July 1 1911. $2 per share, and Dec. 29 1911, $2 per share
making $4 per share on the stock. There are now outstanding 22,163 shares’
The work on the water front lying west of 10th St. is still under construe-^
tion. The inshore end and the entire eastern side of the dock have been
com pleted. On the outer end the platform has been finished and the stone
wall for about one-half of the distance. This work was not pushed during
the latter part of the year, owing to the fact that there was no filling to bo
had. We hope to com plete this work during the com ing year.
The parties who purchased the eight blocks on Eastern A ve., in the vicin­
ity of 13th S t., have recently purchased four additional blocks, and contem­
plate the construction o f about 600 houses at once, 70 of which arc now
under construction. This will develop a new neighborhood.
During the past 18 months we have sold live blocks between 3d and 8th
Sts., south of Canton A ve., on which have been constructed 293 modern
houses. The sale of these houses has been remarkable, and that neighbor­
hood has Increased by 1,000 to 1,200 person-!.
W c have made some Improvements at Atlantic W harf, in the extension of
our bulkhead, which is yielding us an increase in rent from June 1. We
have also built 4 brick houses of modern type on Eastern A ve., and a frame
house on Eastern A ve. at l is t S t., and another frame house on North Point
R oad. One of these houses has been sold and wc arc anticipating the sale
of the others, which will be the nucleus of another residential section. The
sum of $7,500 was expended on the Boyer property, 2327-37 Boston St.,
the tenant paying us additional rent. The Assau Canning Co. bought
property from us on Boston St., and have constructed on it quite a large
canning factory, and also a factory for the manufacture of cans. This In­
dustry Is going ahead rapidly. The entire packing Industries have done
well during the year and they are all apparently enlarging their plants
For future developm ent we have bought In fee about 100 acres In the
9th and 14th d istriets of Baltimore County. Much attention hasbeen given
to the railroad, and definite progress has been made In relation to the future
business of the road, whh h we are inclined to believe will show satisfactory
results during the com ing year. (See a subsequent page.— Ed.)
R E 3 U L T 3 FOR Y E A R S E N D IN G M A Y 31.
1912.
1911.
1910.
Income from—
$49,329
Ground rents___________
$51,091
$19,721
15,485
14,775
Farm and lot rents_____
12,097
52,480
52,461
51,638
W harf rents___________
1,228
1,351
House rents___________
1,407
7,282
W harfage,wareh’ee, &o.
5,478
3,302
12,920
7,618
Interest______ _______
5,574
Sand, gravel, & c_____
1,654
837
1,591
Sundry exp. refunded. .
4.234
2,609
2,063
Bills receivable_______
112,965
Perm an’ t Im p's.refun d
1,712
18,011
2,601
Sales o f real estate____
139,945
99,048
121,110
Sales o f annuities______
2,292
2,858
51,499

1009.
$50,910
11,923
53,389
1,374
2,335
5,967
1,387
1,572
300
55,081
1,500

Total in c o m e .............
$401,526
$247,310
$311,490
Deductions—
Permanent lmpt. a cct.,
new bldgs., grading
real cst. p u rch .,& c—
$134,132
$130,288
$32,931
Roads, streets & sewers.
1,425
737
34
Sundry exp. & repairs.
5,654
7,159
959
Salaries, office exp ., &o
27,533
23,580
23,540
State, city & co. ta x e s ..
27,044
28,421
27,508
D iv id en d s__________ . . (4 % ) 88,6 52 (3 If!)77,570 (3% )78,064
Bills receivable................
91,376
112,965
T otal deductions.........
$375,816
$275,507
$208,249
Balance for y e a r .......... sur.$25,710 sur.$35,983 d ef.$20,939
In bank a t end o f y r . .
— V . 03, p.1728.
P orto

R ic a n

$190,201

$164,491

A m e r ic a n T o b a c c o

C o.

$185,738

$61,635
514
1,263
24,726
26,392
(3)67,476
$182,006
sur.$3,732

$128,508
(o f N e w

$149,447
J e rs e y ).

{ R e p o r t f o r th e F i s c a l Y e a r e n d in g J u n e 3 0 1 9 1 2 .)
T r e a s u re r A . H . N o b le , N . Y . , A u g . 1 w r o te a s fo llo w s :
There has been no change In the capital stock during the year; the total
amount now outstanding being $1,999,400 (V. 95, p. 180, 301). In addi­
tion there are outstanding $1,000,000 in 5% serial gold notes Issued on
Feb. 1 1912, as per Indenture agreement with the Guaranty Trust Co. of
N . Y ., maturing $300,000 Feb. 1 1913, $300,000 Feb. 1 1914 and $400,000
F eb. 1 1915 (V. 94, p. 419).
This statement does not Include this com p any’s share o f the undivided
earnings of companies In which It holds stock.
The sales of the year amounted to $4,887,913 and the net earnings there­
from , after deducting all charges and expenses for management, Including
provision for obsolete machinery fund, & c., were $198,808 (as show n).
IN C O M E S T A T E M E N T FOR Y E A R E N D IN G J U N E 30 1912.
Net earns, (after providing
Deduct—
for obsolete m ach., &c.).,$ 4 9 8 ,8 6 8 U. S. G ovt, corporation ta x , $7,605
DIvs. from other co s _______
41,714 Int. & proportion of disc.
In t. on loans, deposits, & o_. 44,292
24,306
on 5% serial notes______
Miscellaneous........................... 148,630 Dividends (1 6 % ).................... 319,904
Total
$733,504
A L A N C E SH E E T J U N E 30 1912
Real estate & building___ $956,324
Machinery, fixtures, & o ,.
178,505
G o o d -w ill.............................
128,000
M fd. stock, supplies, & c,_
353,71
Leaf s t o c k ,...............
1,446,734
P . R . Leaf T obacco C o___
781,573
Stock In other com panies.
270,654
C a s h .............
125,920
Bills & accts. receiv a b le..
623,114
See also V . 04, p . f t i o . — V . 05, p.




Balance, surplus................$381,689
(TO TAL E A C H S ID E , $4,804,538).
Capital s tock --------------------$1,999,400
5% serial gold notes-------- 1,000,000
Bills & accounts p ayable.
460,147
Accrued int. on 5% notes,
payable A ug. 1................
24,306
Provision for com m ., obso­
lete m ach. & other funds
154,708
Surplus...........................
1,225,977
3 0 1, 18 0

. •

•L l i f C

[V o l . iix x x s v .

GENERAL INVESTMENT NEWS,
R A IL R O A D S , IN C L U D IN G

E L E C T R IC R O A D S .

A r t e s i a n B e l t R R . — O f f i c e r s E l e c t e d .—
II. E . Hildebrand has been elected President, with offico at San A ntonio
T e x .; J. F. Davis, Sec., wlht office at San A ntonio; and M. D . Jones, Supt *
with office at Macdona, T ex.
The line is open to passenger and freight traffic between M acdona, Tex
and Christine. T e x ., distance. 43 miles, eifective July 20 1910.— V .94,p 1506
■Detngui co i n u u s i o u i s x tit,.— E a r n i n g s .— r e a r e n d . J u n e 3U:
Fiscal
Oper aim;
Net
Hire o f
Total
D ies.
Bal., Sur
Year—
Revenue.
Revenue. E q.lC r.)
Deduce.
(4 % ).
or D el
19 11—12. .$3,345,241 $1,196,568 $150,581 $ 1,283,592$127,944 def. $64,387
1910—11 — 3,173,112 1,169,340 178,629 1,185,333 124,584 sur, 38,052
Operating expenses in 1911-12 include $04,307 on account of collision a t
Grindstone.— V . 91, p. 1382.
B a y S t a t e S t r e e t R y . — I s s u e s A p p r o v e d .-—
The Mass. R li.'C om m issioners on A ug. 16 authorized the com p a n y to
issue $2,000,000 5% coupon notes to fund iloatlng debt and also 14,700
shares of additional stock at par ($100 per share), the proceeds to be used
for additions and im provem ents.— V . 95, p. 360, 175.
B e lt R y . o f C h i c a g o . — I n c r e a s e o f S t o c k , & c . —
See Chicago & Western Indiana R R . below.— V . 94, p. 910.
B r o o k l y n & N o r t h R i v e r R R . — F r a n c h i s e G r a n t e d .—
The P. S. Commission on A ug. 14 granted a certilloato o f public con­
venience and necessity to the com pany for a street surface railroad from
Desbrosscs St. and the North R iver, Manhattan, to Flatbush A ve. and Ful­
ton S t., B rooklyn. Justice Van Sicklen, In the Supremo Courts In Brookyn
on August 15 dissolved the temporary injunction obtained in a taxpayer’s
suit restraining the com pany from operating oars on the Manhattan
Bridge under a permit from the Bridge Depart. Compare V .9 5 , p. 235.
C a r o li n a C li n c h f i e l d & O h io R y . — S ta tu s o f A l l i e d C o r p .—
Sec Cumberland Corporation below; also Clinchlield Coal Corporation
under “ Industrials” below and in V. 95, p. 363.
In connection with the foregoing statements should bo read the report
of Pres. P otter, cited in last week’s issue, p. 358. An estimate in this
report shows an apparent surplus for the year ending June 30 1913, after
paym ent of interest on all obligations as of July 1 1912, o f $565,500. This
statement takes no account of the $5,500,000 1st M. 5% notes dated M ay 1
1912 and due May 1 1917 which have been sold to cover the cost of building
the Elkhorn extension. Said extension Is expected to !>o opened for traffic
Jan. 1 1914 and to be much more than self-sustaining from the outset; in
the meantime the interest on the notes is treated as part of the cost of
construction. See V . 95, p. 358.
C a m a g u e y (C u b a ) C o m p a n y , L t d .— B o n d s .— T h e R o y a l
S e c u r i t i e s C o r p ., L t d . , T o r o n t o , M o n t r e a l , H a l i f a x , L o n d o n ,
& c.,^ is o f f e r i n g a t 8 8 a n d i n t . fir s t m t g . 5 % b o n d s d a t e d
1 90 6 a n d d u e J u n e 1 1 9 4 6 , b u t c a lla b le a ll o r p a r t a t o p t io n o f
c o m p a n y a t 1 1 0 % a n d in t.
In te re s t J . & J . a t M o n tre a l
T r u s t C o ., M o n tr e a l o r H a lifa x .
P ar $500 (« * ).
A c ir c u la r
show s:
Capitalization—
Outstanding.
Capital stock (par of shares $100)_____________________________ $1,000,000
1st M. 5% bonds maturing 1946, auth., $600,000; redoomed by
sinking fund, $13,827________________________________________
586,173
Organized in 1906 under laws of D om . of Canada and owns all the electric
lighting and street railway business in the city of Camaguey, Cuba; also,
through a sub. com pany, 200 acres of land favorably situated for a resi­
dential district, on which it has erected houses that, occupied since com ple­
tion, bring in annually, in rental and Increased traffic from the tram way,
about 16% on their cost. R ecent sales of houses and building lots show a
good profit and greatly enhance the value of the real cstato. New costruction Includes an extension in the western part of the city, which is now
served by tile present system , and it is expected that tho not earnings will
be increased by not less than $15,000 per annum. A 10-year contract for
the city lighting, just signed, calls for a minimum paym ent of $17,100 per
annum. Electric lighting franchise is perpetual; tramway franchise runs
for 60 years from May 1 1908. A cum ulative sinking fund of 1% began
June 1 1910, to redeem about 70% of bonds at not over 110% and int., by
m aturity; to this will be added the available proceeds from salo of lands,
which, it is expected, will provide for balance of the issuo.
Net Earnings for Past Five Years, as Certified by Macintosh & Hyde, Auditors
1907.
1908.
1909.
1910.
1011.
1912 (5 M o s .).
$38,781
$51,849
$58,492
$63,989
$77,955
$36,384, Inc. 20%
The com pany has paid regular dividends on its com m on stock at the rate
of 4 % per annum since February 1900.— V. 86, p. 1528.
C a n a d i a n P a c i f i c R y . — N e w S e c u r i t i e s , cfe e .— T h e s h a r e ­
h o l d e r s w ill v o t e O c t . 2 o n a u t h o r i z i n g : ( 1 ) T h e is s u e o f
co n s o lid a te d d e b e n tu r e s to c k to a c q u ir e th o o u ts ta n d in g
s e c u r itie s o f th e D o m in io n A t la n t ic R y . C o .; (2 ) A n in c r e a s e
o f th e p re s e n t a u t h o r iz e d o r d in a r y c a p ita l s t o c k b y a n
a m o u n t n o t e x c e e d i n g $ 6 0 , 0 0 0 ,0 0 0 “ f o r t h e p u r p o s e s o f t h e
c o m p a n y , s u c h in c r e a s e o f s t o c k t o b e is s u e d a c c o r d i n g t o t h e
r e q u ir e m e n t s o f th e c o m p a n y a n d as m a y b o d e t e r m in e d b y
th e d ir e c t o r s .”
The present auth. ordinary stock is $200,000,000, of which $108,000,000
will be full paid O ct. 18 1912, when the last Installment falls due on the
$18,000,000 stock oilcrcd to shareholders at 150 last February.
Willie the shareholders will vote on increasing the ordinary stock by only
$60,000,000, press advices state that tlie com pany has announced its inten­
tion to apply to the Canadian Parliament to Increase tho limit of authorized
issue from $200,000,000 to $300,000,000.
N e w L e a s e o f S u b s i d i a r y , cfee.— S e e S t . M a r y ’s & W e s t e r n
O n ta r io R y . b e lo w .— V . 9 4 , p . 1 6 9 5 , 1 6 2 5 .
C e n t r a l C o a l & C o k e C o . — R e p o r t i n S u i t b y S t a t e .—
Special Commissioner R obert M. R eynolds on July 31 (lied his report
with the State Supreme Court, in which he sustained tho charges made by
the State in the suit brought against about 30 lumber companies identified
with the Yellow Pine Manufacturers’ Association (which was organized in
1892) to oust them from the State on the ground of alleged violation of the
Alissourl anti-trust laws. The Supreme Court will hear arguments at the Oc­
tober term of cou rt. The taking of testimony consumed about 15 months.
The defendants included 22 Missouri corporations, among them being the
Central Coal & Coke C o., Long Bell Lumber Co., Bowman Hicks Lumber
Co. and Grayson-M cLeod Lum ber Co.
The Commissioner finds that the association is an unlawful pool, trust,
agreement and com bination for the purpose of limiting production and con­
trolling and fixing prices to be paid by retail dealers. He holds that an
agreement known as the Joint trades relations agreement was entered into
in 1904 between the association and retail dealers’ associations, whereby
the manufacturers and wholesalers agreed to sell only to certain retail deal­
ers regarded as legitimate dealers. The anti-trust law Is also said to have
been violated by certain practices known as trade ethics by members of
the Yellow Pine Association, while also acting as members of the Southwest­
ern Retail Dealers’ Association in blacklisting certain retailers.
The defendants adm it the making of agreements to curtail the output,
but contended that this was done In a policy of timber-conservation. They
also admitted the issuance o f a so-called market report, which was, however,
held to be merely a price list telling the members of the Yellow Pine Asso­
ciation what to charge for lumber from day to day and an unlawful con­
trivance to regulate and fix prices at which lumber should bo sold in Mis­
souri.— V . 94, p. 558.
C e n t r a l N e w E n g l a n d R y . — T r a c k a g e A g r e e m e n t .— T h e
P . S . C o m m i s s i o n o n A u g . 1 3 a p p r o v e d a t r a c k a g e le a s e
a g r e e m e n t b e tw e e n th e c o m p a n y a n d th e N . Y . N . H . & H .
R R . u n d e r w h ic h t r a in s w ill r u n o v e r t h o lin e o f t h e N e w

AUG. 17 1912.]

T H E C H R O N IC L E

E n g la n d R I t . fr o m D a n b u r y , C o n n ., to H o p e w e ll J e t ., N . Y . ,
3 4 . 6 m il e s , a n d W i c o p e e J u n c t . , t o F i s h k i l l L a n d i n g , 1 . 6 5 m il e s .
The rental will be such proportion of $10,000 a m onth as the Central
New England mileage bears to the total mileage, and the same proportion
o f taxes and maintenance and other expense o f operation. This takes the
place of the lease of the portion of New England H it. In N. Y . State (V .94,p.
1050, 082) which was authorized by the stockholders on April 30 1012.
No action was taken under the latter, the trackage agreement just arranged
for being deemed more desirable.— V . 94, p. 1056.
C h a r le s to n C o n s o lid a te d R y . & L ig h t in g C o .— F ed era l
S u i t .— T h e c o m p a n y o n A u g . 3 file d a s u i t in t h e F e d e r a l
C o u r t to p r e v e n t th e e n f o r c e m e n t o f th e ra te s f o r lig h t , h e a t
a n d p o w e r f i x e d b y t h e o r d i n a n c e p a s s e d b y t h e C it y C o u n c il
o n J u n e 11 1 9 1 2 o n t h e g r o u n d t h a t t h e s a m e a r e u n r e a s o n a b l e
a n d u n c o n s titu tio n a l.
C om p a re V . 95, p . 297.
C h ic a g o R a i l w a y s .— C ircu la r . — I n th e c ir c u la r c ite d re­
c e n t l y ( p . 2 3 6 ) , d a t e d J u l y 2 2 , H e n r y A . B la i r , C h a ir m a n o f
t h e b o a r d , o u t l i n e s t h e m e a s u r e s t a k e n s in c e 1 9 0 7 t o p l a c e
t h e p r o p e r t y o n its f e e t , a n d f u r t h e r s a y s in s u b s t a n c e :
The City Council on O ct. 10 1910' passed an ordinance authorizing the
acquisition b y the Chicago Railways Co. of that part of the Chicago Con­
solidated Traction system located In the city of Chicago, allowing a valu­
ation of the physical property so to be acquired of $3,930,684, but excluding
from the valuation all then existing ordinance rights or claims. The title
to the property, free and clear of all claims and liens, was secured by your
com pany by means o f $3,930,684 1st M. rehabilitation bonds, $270,000
consol M bonds, $2,500,000 series B, adjustm ent Income 4% bonds,
and $4 073 000 purchase m oney M. bonds, these last bearing Interest until
Jan. 1 ’l910 at 4 % and thereafter at 5 % .
.
,
Out of the $3,930,684 rehabilitation bonds and $270,000 scries B bonds,
there were paid certain receivers’ certificates and costs and court expenses:

419

C o lu m b u s (O .) R y . & L i g h t C o .— P la n s i n C o n te m p la tio n
C a ll f o r A s s e s s m e n t a n d P o s s i b l e M e r g e r .— I n a c i r c u l a r
d a t e d J u l y 2 9 , P r e s . S . G . M c M e e n s a y s in s u b s t a n c e :
The management desires to assure the stockholders that there Is nothing
in present conditions or prospects to warrant the existing low prices for the
securities, also to advise them of plans that are now being worked upon.
The present management took charge May 1 and has devoted much time
studying the situation, with the Idea of form ulating a plan to bringabout
more satisfactory results. Progress has been delayed by the work Involved,
and by the need of knowing the effect of the reduction In street railway fares
which took effect on April 1. For Jan., Feb. and Mch. 1912, with 7 tickets
selling for a quarter, the gross enrnings of The Columbus R y . were 9.3%
more than for the same period in 1911; for April, May and Juno, at 8 tickets
for a quarter, the gross receipts were 1.15% less than In 1911. In view of
this reduction of over 12 14% In the rate of fare, the reduction in gross earn­
ings Is not as great as might have been expected. The light and power
business has been increasing at a satisfactory rate, and the com bined results
of all the properties show an Increase in gross earnings of 5.5 % for the ftrst
half of 1912.
, ,
J ,
It Is our plan to formulate a re-arrangement of the lessor and lessee com ­
panies, possibly b y a consolidation of all into one com pany, and to exchange
the securities of the present companies on some equitablo basis. A n y plan
presented will involve raising a large amount of m oney to pay off existing
indebtedness and must provide means to raise additional sums from tim e to
time to improve and extend the property, build up the business, & c. All
plans considered contem plate an assessment upon the stock of The Columbus
lty . & Light Co. The present floating debt of the com pany in bills payable
Is $336,045, which should be liquidated. In addition, there is a 3-ycar
note Issue of 5600,000 due June 1 1914.
It is the opinion of the management that a large amount o f additional
business can be secured, but It will require large expenditure year b y year
to provide the necessary facilities for securing and handling such business.
Further time Is required, but the management Is gratified that the parties In
interest, representing the com pany and its leased properties, are working In
entire harm ony towards a comprehensive plan.— V . 95, p. 297.
F a ir m o u n t P a r k T r a n s p o r t a t io n C o ., P h ila d e lp h ia .— B o n d s
S o l d .— -T h e c o m p a n y h a s s o ld t o t h e G i r a r d T r u s t C o . a n d
E . W . C la r k & C o . , j o i n t l y , t h e is s u e o f $ 7 5 0 ,0 0 0 1 s t r e f . 5 %
b o n d s r e c e n t l y a u t h o r i z e d , t o r e f u n d $ 5 0 0 ,0 0 0 1 s t 5 s tsfid
$ 1 8 8 ,0 0 0 2 d 5 s , w h i c h m a t u r e S e p t . 1 , a n d f o r o t h e r p u r p o s e s .
— V . 9 4, p . 1056.

and excepting $257,043 o f said bonds still outstanding, of which (1) $149
000 Is In suit In the Municipal Court of Chicago, (2) $20,000 belong to the
estate of Charles T . Yerkes, deceased, (3) $30,000 arc held b y the Inter
Ocean Publishing Co. as collateral to an Indebtedness due from the estate
of Charles T . Yerkes and (4) $58,042 arc held b y divers parties.
F e d e r a l L ig h t & T r a c t io n C o ., N e w Y o r k .— O ffe r in g o f N ew
So far as these bonds were acquired for cash, they were acquired at $300
flat per bond, and the Chicago Railways Co. now holds all of the property F i r s t L i e n 5 % S i n k i n g F u n d G o ld B o n d s .— W h i t e , W e l d &
so acquired free from any claim excepting the $257,042 which Is contested,
C o ., N . Y . , C h ic a g o a n d B o s t o n , a re o ffe r in g b y a d v t . o n
and save that certain parties Interested In the estate of Charles T . Yerkes
are claiming that the purchase from the estate of a large amount of bonds a n o t h e r p a g e , a t 9 3 Yz a n d i n t . , t o y i e l d a b o u t 5 . 4 5 % ,
at $300 flat per bond was not a valid sale, a contention of no Importance. a f u r t h e r $ 4 0 0 ,0 0 0 o f t h e n e w is s u e o f “ fir s t lie n 5 % s in k i n g
The management m et all the requirements of the bankers, In­
cluding the discharge of the receivers of the Chicago Railways Co., which f u n d g o l d b o n d s , d a t e d M a r c h 1 1 9 1 2 , d u e M a r c h 1 1 9 4 2 ,
occurred Dec. 27 1910, and they Invite the closest Investigation of their b u t r e d e e m a b l e a s a w h o l e , b u t n o t in p a r t , a t 1 0 2 a n d i n t .
conduct In this regard, satisfied that they saved the property on the best
P a r $ 1 ,0 0 0 a n d $ 5 0 0 ( c * ) .
C o lu m b ia -K n ic k e r b o c k e r T r u s t
terms obtainable, and that not an unnecessary dollar was expended nor
an unnecessary security Issued for that purpose. The property of the Con­
C o. o f N . Y ., tru stee.
T o t a l o u s t a n d i n g , $ 3 , 4 0 0 ,0 0 0 .
The
solidated outside of Chicago was not acquired because It was believed that c o m p a n y a g r e e s t o r e i m b u r s e t h e h o l d e r s o f t h e s e b o n d s f o r
such property, on account o f the ordinance obligations attached to It,
th e fo u r -m ill P e n n s y lv a n ia S ta te t a x .
•
would be a liability rather than an asset.
Data from a Letter of C. C. Chappelle, V .-P res. and Gen. Man., New York,
Total Capital Value or “ Purchase Price” of Chic. R u . Jan. 31 ’ l l , $68,226,612
A ugust 12 1912.
Valuation as of June 30 1906 b y Commission and Incorporated In
Secured b y first lien on public utility properties In twelve cities (Albu­
ordnance as “ purchase p r ic e " _______________________________ $2 9 ,000 ,000
querque, N . M .; Trinidad, Colo.; Tucson. N. M .; Las Vegas, Arlz.; Aber­
Additions June 30 1906 to Jan. 31 1911 (period of “ Immediate
deen,
W ash.; Sheridan and Rawlins, W y o .; H obart, Okla., &c.) through de­
rehabilitation") made under supervision of board of engln’rs. 39,226,612
posit of first mtge. bonds, and additionally secured by lien on $1,600,000
The larger additions Include: Car stations (capacity 1,102 cars, & c.),
stock o f the Springfield (Mo.) R y . & Light C o., subject to $500,000 notes.
$2,357,250; sub-stations, 52,000 k .w ., $1,303,826: tunnels, $3,122,592.
Consolidated Earnings of Properties (Excluding S pringfield).
M iles o f Single Track Reconstructed (253.781)— Extensions (32.269).
- 6 M os. end. J ’ ne 30------------------- Calendar Year----------------- —
1907.
1908.
1909.
1910. 1911.
1912.
1911.
1911.
1910.
1909.
1908.
R e co n s tr u cte d ..................................18.170
46.039 92.122 38.070 59.380
Gross earnings
______
______ $992,825 $908,266 $841,080 $796,944
E x te n s io n s ____________ _______
____
2.029
9.360
7.680 13.200
N et ea rnings._-$214,715 $187,153 $382,381 $300,665 $281,723 $272,421
Total single track mileage o f Chicago Railways additional to tracks In Int. on $3,400,­
barns, yards and shops, 462.209, viz.: Original system of Chicago Union
______ $170,000
000 1st lien bd s.$85,000
Traction C o., 306.100; additions b y ordinary extensions 1907 to 1911,
In addition, the books of the Springfield Company showed net earnings
32.269; addition by purchase o f Chicago Consol. Traction lines Inside city applicable to dividends on the stock, after deducting interest on the $500,­
[not Including track on bridges], 123.840.
000 notes secured by such stock, (a) for year 1911, $101,702; (W for 6 m os.
Since 1907 1,116 double-truck pay-enter cars have been built or purchased, of 1912, $60,218.
Including 50 of steel and 950 bought from the Pullman C o.; 1,470 double­
These bonds are followed by 10-ycar 6% debentures, $1,500,000; 6%
truck cars have been altered to pay-enter cars, this number Including 123 preferred stock, $2,500,000, and com m on stock, $4,750,000; total, par val.,
purchased In 1907, 205 purchased before 1907 and 26 obtained from Ch. Un.
$8,750,000; the market value of this equity at present quotations being
Traction Co. The Chicago Railways Co. Is now building 99 double-truck
over $5,300,000, while the physical replacement value o f the properties
pay-enter cars and Is altering 51 obtained from Ch. Un. Tr. Co. to the pay- directly subject to lien of this m tge. Is estimated to be largely in excess of
enter system , making the total number o f pay-enter cars 1,620.— V .95,p.236.
the am ount of these bonds now outstanding.
Future issues for Improvements, betterments and acquisitions restricted
C h i c a g o T e r r e H a u t e & S o u t h e a s t e r n R y . — 1 % I n te r e s t o n
to 7 5% of cost when consolidated net earnings for 12 months have been
equal to at least twice Interest charges on all bonds outstanding and to be
I n c o m e s .— T h e § 6 ,5 0 0 , 0 0 0 i n c o m e m t g e . 5 0 - y e a r g o l d b o n d s ,
Issued. Sinking fund, beginning Mch. 1 1913, If used to purchase bonds at
t h e i n t e r e s t o n w h ic h is n o n - c u m u l a t i v e f o r p e r i o d r e p r e s e n t e d
102 and Int., would retire approxim ately $1,446,000 of the bonds now out­
standing by m aturity. Population served, including Springfield (36,410),
b y C o u p o n s N o . l t o N o . 8 , i n c h , w i l l , i t is a n n o u n c e d , r e c e iv e
Is
estimated as 155,000. See further particulars in V . 94, p. 910.
1 % in t e r e s t, o r $ 1 0 , o n e a c h $ 1 ,0 0 0 b o n d , a n d n o m o r e , o n
F o r h a lf-y e a r (p a r t ly e s t .):
E a rn in g s.
G ran d T ru n k R y .
a c c o u n t o f th e in s ta llm e n t o f in te r e s t r e p r e s e n te d b y C o u p o n
1912.
1911.
1911.
H alf-Y ear to
1912.
N o . 5 a t th e F ir s t N a t. B a n k , N . Y . C it y , o r F ir s t T r . & S a v .
£
£
June 30— .
£
£
B a n k , C h ic a g o , o n a n d a fte r S e p t. 1 1 91 2 , u p o n th e s u rre n d e r
Gross receipts. .3,834,300 3,561,182 Bal. for h a lf-yea r.390,100 362,997
Brought
in_______
6,800
9,105
Oper.
expenses.2,793,300
2,628,205
o f C o u p o n s N o . 5 a n d N o . 6 , e a c h b e a r in g d a te S e p t . 1 1 9 1 2 .
S ee a d v e r tis e m e n t.
P r e v io u s p a y m e n t s , 1 % , p a id S e p t . 1
Divisible b a l ...3 9 6 ,9 0 0
372,102
932,977
1,041,000
211,811
488,536 Guaranteed d iv ___239,800
547,400
1 9 1 1 ; 1 % M c h . 1 1 9 1 2 .— V . 9 3 , p . 4 6 9 ; V . 9 4 , p . 6 2 2 , 1 1 1 8 ,
First pref. d iv ____ 85,400
85,421
1626.
63,210
444,441 Second pref. d i v . . 63,200
493,600
41,758
C h i c a g o & N o r t h W e s t e r n " R y . — P r o p o s e d P u r c h a s e o f Canada A tl. d cf. t 50,700
52,800
39,686
S t. P a u l E a s te r n G r a n d T r u n k R y . — A t t h e a n n u a l m e e t i n g
Bal. for half-yr. 390,100
362,997
Bal. f o r w a r d ... 8,500
11,660
o n O c t . 17 t h e s h a r e h o l d e r s w ill b e a s k e d t o r a t i f y t h e “ p u r ­ — V . 95, p. 297, 111.
c h a s e o f th e r a ilw a y a n d p r o p e r t y o f th e S t. P a u l E a s te r n
G u a y a q u i l & Q u it o R y . — P r i o r L i e n B o n d s .— G l y n , M ills ,
G r a n d T r u n k l t y . C o .,” a p r o p r ie t a r y c o m p a n y , th e c a p ita l
C u r r ie & C o . in L o n d o n , o n o r a b o u t J u l y 3 0 j| g a v e n o t i c e t h a t
s t o c k o f w h ic h is o w n e d b y t h e C h i c a g o & N . W . R y .
t h e s i x t h a m o r t i z a t i o n o f t h e 6 % p r i o r lie n m t g e . g o l d b o n d s
The road to be purchased Is 56 miles long (Oconto to Cllntonvillc, W ls.,
and It has outstanding 51,120,000 1st M. 6s, due Jan. 1 1913, interest on w o u l d t a k e p l a c e b y t e n d e r in L o n d o n o n A u g . 6 , t h e a m o u n t
which Is guaranteed by the Chicago & North W estern.— V . 04, p . 1185.
a p p lic a b le b e in g £ 6 ,4 6 0 , b o n d s “ t o b e a r c o u p o n s d u e J a n . 2
1 9 1 3 .”
C h i c a g o & W e s t e r n I n d i a n a R R . — M o r t g a g e .— N o t e s .—
The fourth and fifth amortizations of the 6% prior Hen gold bonds took
A t a s t o c k h o l d e r s ’ m e e t i n g o n t h e 9 t h i n s t . a fir s t a n d r e f u n d ­
place July 25, the amount to be applied being £12,820; tenders amounted
i n g m t g e . w a s a u t h o r i z e d t o s e c u r e a n is s u e o f $ 2 0 0 ,0 0 0 ,0 0 0
to $257,000, ranging from £89 to £ 9 5 % . Tenders at £90 and under were
accepted in full and those at £90 3s. 9d. were accepted as to 33 1 -3 % .
o f 5 0 -y e a r b o n d s , w ith in t . n o t t o e x c e e d 5 % , v iz .:
The interest on these bonds, it appears, has now been paid in full to date,
T o refund exlstlng'bonds, $47,000,000, and bonds to be Issued,
the G ov’ t of Ecuador having resumed Its sem i-m onthly remittances to
$3,000,000___________________________________ __________ _____ $50,000,000
London for the service of the bonds on Mch. 1 1912 (after an Intermission
T o add to and Improve Belt division, including purchase of Chi­
of about 2 Vi m onths), b y paym ent of £18,513, being 5 weeks’ requirements
cago Union Transfer Ily . Co. for $4,100,000 _____ . . . _____ 50,000,000
One of the two overdue coupons was paid in April 1912, while it is under­
For new terminals and other additions and Improvements to
stood that the coupon of Jan. 2 1912 was paid on or about June 1, and the
. Chicago & Western In d ia n a .------------------------------------------------ 100,000,000
July coupon at m aturity. The list of the London Stock Exchange on A ug. 1
T h e im m e d ia te fin a n c in g w ill b e d o n e t h r o u g h J . P .
showed $2,414,209 of the Issue outstanding. On the 510,808,000 1st M.5s,
the iast Interest paym ent, It Is said, was on account of the six m onths to
M o r g a n & C o . t h r o u g h a n is s u e o f $ 1 0 , 0 0 0 ,0 0 0 o f i n t e r i m
January 1910.— V. 94, p. 350.
n o te s , p r o b a b ly 3 -y e a r 5 % s , fo r th e B e lt d iv is io n , in c lu d in g
G u l f F l o r i d a & A l a b a m a R y . — D e s c r i p t i o n .— M e g a r g e l &
th e p u r c h a s e o f th e C h ic a g o U n io n T r a n s fe r C o .
C o . , N e w Y o r k a n d A l b a n y , w h o a r e f i n a n c i n g t h is e n t e r p r i s e ,
In connection with the lease o f the Chicago Union Transfer C o.’s property
to the Belt R y ., the latter has Increased its capital stock from $1,200,000 to
h a v e p r e p a r e d a 3 5 - p a g e b o o k l e t , w i t h m a p s a n d i l lu s t r a t io n s
$5,000,000, the lease, It is stated, to run 15 years at a rental equal to Interest
f r o m w h ic h w e n o t e :
on bonds to be Issued in paym ent therefor and for Improvements. Com­
pare V. 94, p. 910.— V . 95. p. 361.
C o n d e n se d E x tr a c ts from B a n k e rs’ B o o k le t, D ated Ju n e 1 1912.
The railway, now operating and under construction, will extend northerly
C i t y L i g h t & T r a c t i o n C o . , S e d a l i a , M o .— N e w C o .— •
from Pensacola, Fla., to a connection at Jasper with the III. Central and
This com pany was Incorporated in Missouri late last month with $2,500,­ St. L. & S. Fr. lines in the heart o f the Alabama coal fields, a distance of
000 stock as successor of the Sedalia Light & Traction C o., per plan In V . 94, 300 miles. [Sec " R y . & Ind. S e c.,” p. 60], Starting from one o f the finest
p. 1058. The com pany will be controlled b y the Consolidated Cities Light harbors on the Gulf coast, the road runs for over 150 miles through one
of the greatest pine and hardwood forests now left in the South, and then
P ow er & Traction C o , which see b elo w ; also In V . 95, p . 114. . . . . .
.




420

T H E C H R O N IC L E

for 100 miles through A labam a’s productive cotton acreage; the Anal 50
miles will develop the great W arrior coal Acids between Tuscaloosa and
Jasper and the large iron deposits directly west o f Birmingham
For
through freight it will be the shortest haul from Chicago to the Gulf via
the 111. Central. W ith the com pletion of the Panama Canal practically all
o f the Pacific export freight produced east of Denver and south of Min­
neapolis is expected to pass through the Isthmus, and of this great tonnage
all that west o f a line drawn across the country from Minneapolis to Atlanta
should go to Gulf ports.
Pensacola, nearest to Panama of all the Gulf ports, is the only harbor
south of'N o rfo lk with deep water both over bar and anchorage, and the
only Gulf harbor landlocked; bay 19
sq. miles, nowhere less than 30 ft
deep; roadstead 7
sq. miles, 33 to 50 ft.; mean depth over the bar,-33 ft
Distance from bar to the wharves Is only 7 miles. A t Mobile to open sea
is 40 miles; at New Orleans, 110. Full-rigged ships enter Pensacola Har­
bor under full sail. No excessive pilotage and towage charges. For years
I ensacola, a city o f 26,000 inhabitants, has been served from the north
only by a single-track spur from the L. & N., 45 miles away.
The com pany has an authorized share capital of 37,500,000 (31,500,000
am* 53.000,000 com m on) and an authorized bond issue
°* 510,000,000, the latter secured by a Arst mortgage to Columbia Tr. Co.
or N. \ ., trustee, on the entire property, Including terminals, piers, ware­
houses, franchises, &c. U>.der the mortgage bonds m ay be issued at not
to exceed 320,000 per mile of standard railway line constructed and ready
•
ljon'7“ 5500,000 for terminals, piers and warehouses in Pensacola—$o00,000 for bridges over the Alabama and W arrior rivers, and 3500,000
for extra heavy work north of Tuscaloosa, a total of 57,500,000. The bal­
ance o f the bonds can be issued only for improvements or additions to the
property at 90% of their cost.
Since the tot.il length o f tills line will be approxim ately 300 miles, this
means that gross earnings of 33,572 per mile will pay operating expenses,
taxes and bond Interest— $4,286 per mile will allow 5% dividend on the
pref. stock. Three traffic investigations have resulted in an estimated
gross earning upon com pletion to the northern terminal of $2,412,630
($8,042 p. m .), viz.: Tim ber, $195,340; naval stores, 590,850; cotton,
$138,775; cotton seed, $60,375; cotton-seed products, $20,181; fertilizer,
$16,978; other products of agriculture, $17,768; products of animals, $2,080manufactures, 335.640; miscellaneous, 340,225; coal, 5325,000; passenger
traffic, $450,000; mail and express, 575,000; through and connecting freight
$943,815. Total, $2,412,630.
[V .-Pres. George A . Berry states that about 90 miles will be put in opera­
tion In October, at which time one of the piers at Pensacola will be ready
fo r use. A t present about 65 miles are being operated under lease to private
Interests. The road from Pensacola to connections with the Southern Ity.
at Pine Hill, it Is said, will probably be opened early next year, making a
continuous line o f 137 miles and connecting the Birmingham mineral dis­
tricts with deep water. Contracts are now being let for the extension of
the road north o f Local. The com pany has just purchased the following
additional equipment: 5 locom otives, 60 gondolas, 40 flat cars, 35 box cars,
6 passenger cars and 2 com bination cars.) See also V . 93, p. 163, 1259, 1668
I n t e r n a t io n a l T r a c t io n C o ., B u f f a lo .— B o n d s A u th o r iz e d .
T h e P u b lic S e r v ic e C o m m is s io n o n A u g . 16 a u t h o r iz e d th e
is s u e o f § 2 9 4 , 0 0 0 B u f f a l o R y . 1 st c o n s o l . 5 s d u e F e b . 1 1 93 1
t o r e t i r e t h e B u f f a l o E a s t S id e I l y . b o n d s w h i c h m a t u r e
S e p t . 1 1 9 1 2 .— V . 9 4 , p . 1 7 6 4 .
K a n s a s C i t y M e x i c o & O r ie n t R y . — F o r e c l o s u r e .— T h e
U . S & M e x i c a n T r u s t C o . , a s t r u s t e e u n d e r t h e fir s t m o r t g a g e
o f 1 9 0 1 , o n A u g . 11 file d a p e t i t i o n in t h e F e d e r a l C o u r t in
K a n sa s a n d O k la h o m a f o r th e fo r e c lo s u r e o f th e s a m e .
— V . 95, p . 297.
K a n s a s C i t y O u t e r B e l t & E l e c t r i c R R . — H o ld e r s o f 1st M .
4 s A s k e d to D e p o s i t S a m e w ith A p r i l 1 9 1 2 C o u p o n A t t a c h e d . — •
A n a d v e r t i s e m e n t s a y s in s u b s t a n c e :
The com pany having been organized in the interest of the Kansas City
M exico & Orient R y . C o., and receivers for the properties of the latter com ­
pany and its affiliated construction companies having been appointed,
holders of the 50-ycar 1st M. 4s of 1903 [$1,275,000 outstanding] are re­
quested till noon Sept. 14 to deposit their bonds, having the April io i2 a n d
all subsequent coupons attached, with the U. S. Mortgage & Trust C o., 55
Cedar S t., N. Y ., the depositary named in a deposit agreement dated A ug. 8
1912, or with the First N at. Bank, Kansas City, M o., or with Glyn, Mills,
Currie & C o., 67 Lombard S t., London, Eng., as agents of said depositary.
[Signed: John W . Platten, Chairman; Philip D . T u ck ctt, Jabez T . Odell
and Edward Dickenson, com m ittee, with Calvert Brewer, Secretary 55
Cedar S t., N. Y . C ity, and Benjamin S. Harmon as Counscl.l [Mr. Platten
Is also Chairman of the protective com m ittee for the stockholders of the
construction companies that built the K . C. M ex. & Or. R y . Comnare
V . 94. p . 767, 1057, 1383.]— V . 94. p. 698.
K a n s a s C it y R y . & L i g h t C o .— N o te h o ld e r s ’ P r o te c tiv e
A g r e e m e n t .— A c o m m i t t e e , c o n s i s t i n g o f
John B. Dennis, of Blair & C o.; Samuel L. Fuller, o f Kissel, Klnnlcutt &
C o.; James J. Storrow, o f Lee, IJIgginson & C o., and Paul M. W arburg, of
Kuhn, Loeb & C o., with Byrne & Cutcheon o f New York, and Ropes, Gray
& Gorham o f Boston as counsel, and C. M. Travis, 24 Broad S t., N. Y ., Sec.
lia s b e e n f o r m e d t o p r o t e c t t h e i n t e r e s t s o f t h e h o l d e r s o f t h e
§ 5 , 5 0 0 , 0 0 0 6 % n o t e s o f t h e K a n s a s C it y R y . & L i g h t C o .,
m a t u r in g S e p t . 1.
Deposits o f the notes m ay be m ade, with the Sept. 1 1912 coupons
attached, with the New Y ork Trust C o., depositary, or the Old Colony
Trust C o., agent o f the depositary, on or before Sept. 16,under the terms
of an agreement, o f which copies m ay be obtained at cither of the trust
com panies. The com m ittee will collect the Interest and pay It when re­
ceived to the respective holders o f the certifs. of deposit.— V. 95,p.361,297.
L a k e E r ie & Y o u n g s t o w n R y . —
The Ohio P. S. Commission has declined to authorize the Issue of $5,000,­
000 stock and $5,000,000 bonds to construct the road. The Commission
states that property worth $4,500,000 should not be expected to carry a
load of $10,000,000 In securities, and that the value oflthe property and the
amount of securities to be issued must be nearer equality. A block of the
stock was to be received by the promoters, and the remainder o f the stock
taken at 80, and all the bonds, taken at 80, to be turned over to the con­
struction com pany for building the road. The promoters say that they
will appeal the case.— V. 89, p. 993.
L a k e V i e w T r a c t i o n C o . , M e m p h i s , T e n n . — S a l e .— T h e s a le
w ill t a k e p l a c e a t t h e C o u r t H o u s e , M e m p h i s , o n S e p t . 1 2 .
O n e - t h ir d o f t h e p u r c h a s e p r i c e is t o b e p a id in c a s h , o n e - t h i r d
in s i x m o n t h s a n d o n e - t h i r d in t w e l v e m o n t h s .
The report of receiver J. II. Sullivan shows: Operating revenues for
July 1 1911 to Jan. 23 1912,513,068; operating expenses, $23,153; deficit,
$10,085. From Jan. 24 to June 30 1902 operating revenues were $7,196;
expenses, $13,129; deficit, $5,933.— V . 95, p. 297.
L o u i s v i l l e & N a s h v i ll e R R . — R e p o r t e d P l a n s . — R u m o r s
were w i d e l y c u r r e n t t h is w e e k , b u t l a c k e d c o n f i r m a t i o n , t h a t
t h e m a n a g e m e n t h a s in c o n t e m p l a t i o n a n in c r e a s e in t h e
a u t h o r i z e d s t o c k f r o m § 6 0 , 0 0 0 , 0 0 0 t o § 1 0 0 , 0 0 0 , 0 0 0 , o f w h ic h
§ 2 0 , 0 0 0 ,0 0 0 is t o b e o f f e r e d t o t h e s t o c k h o l d e r s a t p a r .
A c t io n , it w a s r e p o r t e d , m a y p o s s ib ly b e ta k e n b y th e d ir e c ­
t o r s o n A u g . 2 9 a t a s p e c i a l m e e t i n g , if a q u o r u m c a n b e o b ­
ta in e d .
T h e A t la n t ic C o a s t L in e R I t . o w n s a m a jo r it y
( § 3 0 , 6 0 0 , 0 0 0 ) o f t h e s t o c k a n d it is i n t i m a t e d in s o m e q u a r ­
te r s m a y fin d it m o r e t o its a d v a n t a g e t o t a k e a le a s e o f t h e
p rop erty .
F i r s t M t g e . 6 % B o n d s C a l le d .— ■
Fifty-eight ($58,000) Henderson Bridge Co. 1st M. 6% bonds, for pay­
ment at 105 and Int. Sept. 1 at Central Trust C o.. N . Y .— V . 95, p. I l l ,




[V O L . L X X X X V .

M a n h a t t a n B r i d g e T h r e e - G e n t F a r e L i n e . — S t o c k , & c .—
The P . S. Commission on A ug. 14 approved the temporary franchise
across Manhattan Bridge which was granted by the Board of Estimate last
m onth, and authorized the increase in the capital stock from 350 000 to
31,000,000, and the Issue o f 3140,000 stock at once. The line will for the
present, operate from the Long Island R R . stall m and the department
store section of Fulton St., Brooklyn, to the Bowery, In Manhattan, across
the Manhattan Bridge, not having been able as yet to make arrangements
with other companies In Manhattan to operate cars across town to the
Hudson River, as originally planned. Compare V . 95, p. 236.
M a n h a t t a n & J a m a i c a ( E l e c t r i c ) R y . — F r a y ic h is e G r a n te d .
. l ! 1C ! !' ' V , , niisslon on A ug. 9 approved the contract for the purchase
o f the t>outh .Shore Traction C o.'s partly constructed line within the city
limits and the granting of a franchise. The consent of tile Board of Esti­
mate and Apportionm ent was given on June 13. Compare V . 94, p. 1696.
M a r i n e t t e T o m a h a w k & W e s t e r n R y . — S a l e O c t. 1 5 .— T h i s
p r o p e r t y i s ’ a d v e r t i s e d t o b e s o ld in T o m a h a w k , W i s . , o n
O c t . 15 u n d e r o r d e r o f t h e C ir c u i t C o u r t f o r L i n c o l n C o . , W i s .
Includes several lines of railroad extending in different directions from
Tom ahawk, W is., aggregating about 44 miles of main track and 8 miles of
spurs and sidings, connecting with three other systems. C H Grundv
Tom ahawk, is receiver.
'
*’
N e w Y o r k R a i l w a y s . — I n j u n c t i o n N o t G r a n t e d .—
Justice Lehman in the Supreme Court in this city on A ug. 13 denied the
application by the accident creditors’ protective com m ittee of the old com ­
pany for an injunction, pending trial of the suit restraining the reorganized
com pany from paying interest on the new bonds, until bonds have been
Issued to persons holding accident claims amounting to over $500,000 who
did not Ale their claims before March 4 last, the time limit therefor
The
Court says that the claimants are not so clearly entitled to the bonds as to
ju stify an injunction at this tim e.— V . 95, p. 361.
N o r t h w e s t e r n P e n n s y lv a n ia (E le c tr ic ) R y ., M e a d v ille , P a .
— N e w B o n d s .— T h e s h a r e h o l d e r s o n A u g . 8 v o t e d ( a ) t o i n ­
cr e a s e th e m o r t g a g e in d e b te d n e s s o f th e c o m p a n y fr o m
§ 1 ,2 5 0 , 0 0 0 ( b e i n g t h e t o t a l a u t h . a m o u n t o f 1 st M . 5 s , d u e
1 9 4 1 , o f w h ic h § 6 0 0 , 0 0 0 a r e o u t s t a n d i n g ) t o § 3 , 0 5 5 , 0 0 0 , f o r
t h e p u r p o s e o f a c q u i r i n g a d d i t i o n a l p r o p e r t y a n d m a k in g
im p r o v e m e n t s ; (6 ) t o in c r e a s e th e n u m b e r o f d ir e c t o r s fr o m
7 to 9.
T h e “ E r ie ( P a . ) E v e n i n g H e r a l d ” s a y s :
The increase of the indebtedness is understood to mean the purchase of
the Meadville & Cambridge Springs R y . and the Edlnboro route (Erie
Traction Co.) from Cambridge Springs to Eric. This would give the North­
western Co. control of the trolley service from Meadville to Cambridge
Springs and Erie on the north and from Meadville to Conncaut Lake and
tn rCnXf> re ° m t lc w cst- and with the issue of bonds to the amount of $1,80 j ,000 for the purchase of the lines desired to be added, there would likely
be a considerable sum left for betterm ents.— V . 92, p . 1430.
O a k l a n d ( C a l .) R y s . — N o t e s S o l d .— N . W . H a l s e y & C o .
h a v e s o ld p r a c t i c a l l y t h e e n t i r e is s u e o f § 2 , 5 0 0 , 0 0 0 6 % 10
m o n t h s ’ n o t e s d a t e d A u g . 12 1 9 1 2 .
The notes are guaranteed b y endorsement by F. M. Smith o f the Borax
Consolidated Co. of London, who controls the com pany. Permanent
Ananc ng Is being worked out and provis'on Is made that In case a refunding
bond issue is created during the life o f the notes, the Arst proceeds o f such
issue shall byApplied to their redem ption. The notes are secured by collatV fl9r>f
hont s ant* $18,521,200 stock o f controlled com panies.—
P a n a m a C a n a l .— C a n a l a n d T r a n s c o n t i n e n t a l T r a f f i c . —
Sec American-IIawalian Steamship Co. a bove.— V . 87, p. 1536.
P h i l a d e l p h i a & W e s t e r n R y . — E x t e n s i o n C o m p l e t e d .— T h e
6 J 4 - m ilc d o u b l e - t r a c k b r a n c h f r o m t h e m a i n lin e t o S t r a f f o r d
h as b e e n c o m p le te d .
T h is e n a b le s th e c o m p a n y t o m a k e a
c o n t i n u o u s t r ip f r o m C it y H a ll , P h i l a d e l p h i a , t o N o r r i s t o w n ;
c o m p l e t e d s e r v i c e o v e r t h e n e w lin o t o b e g i n a b o u t A u g . 2 0 .
T h e L e h i g h V a l l e y T r a n s i t C o . ’ s lin e b e t w e e n L a n s d a l e a n d
N o r r i s t o w n w ill b e c o m p l e t e d a b o u t S e p t . 2 0 in t im e f o r t h e
A l l e n t o w n f a ir .
Trains over the Philadciphla-Norristown route will run every half-hour,
and over the Philadelphia-Allentown system every hour.— V . 92, p. 1500.
P o r t la n d E u g e n e & E a s t e r n (E le c t r ic ) R y . — O ffic e r s , & c .
The following officers have been elected in pursuance of the plan to man­
age separately the construction and operation of the electric lines controlled
by the Southern PaclAc Co. In the same manner as those In California:
Pres., Robert E. Strahorn; Sec. and A u d ., VV. M. Nelson; Chief Engineer,
R . T . Guppy. Compare V. 95, p. 48.
R a p i d T r a n s i t in N e w Y o r k C i t y . — F u r t h e r C o n s t r u c t i o n .—
The P . S. Commission on A ug. 14, after public hearings, approved the
forms of contracts for Section 1 of the proposed Southern Boulevard and
W estchester Avenue subway, in the Bronx, extending from 138th to 147th
St., and Sections 1 and 2 of the extensions of the Fourth Avenue (Brooklyn)
subway, to extend from 43d to 69th St. Tile Commission also adopted
forms of contract for Section la o f the Lexington Avenue subway
Bids
will be opened Sept. 11 and on the Bronx and Brooklyn sections on Sept. 13
Provision is made in the contracts for a connection with the Staten Island
subway at 67th St., B rooklyn. A public hearing on the tentative sites of
stations on the Interborough lines forming part of the proposed dual sys­
tem will be held on Sept. 13. and on those of the Brooklyn Rapid Transit
Co. on Sept. 12.— V . 95, p .2 3 7 , 111.
S t . J o s e p h & G r a n d I s l a n d R y . — N e w B o n d s .— T h e s h a r e ­
h o l d e r s w ill v o t e O c t . 15 o n m a k i n g a n e w § 1 5 , 0 0 0 ,0 0 0 b o n d
is s u e , o f w h i c h § 4 ,0 0 0 , 0 0 0 t o b e r e s e r v e d t o r e t ir e § 4 , 0 0 0 , 0 0 0
1 st M . 4 s , d u e 1 9 4 7 , a n d t h e r e m a i n d e r t o b e is s u e d f r o m t im e
t o t im e , as n e c e s s a r y , f o r im p r o v e m e n t s , a d d it io n s a n d e x ­
t e n s io n s .
See V . 9 4 , p . 763 .
S t . L o u i s & S a n F r a n c i s c o R R . — S a le o f E q u i p m e n t N o t e s
o f ’F r i s c o C o n s tr u c t i o n C o .— S p e y e r & C o . , N . Y . , a n n o u n c e d
y e s t e r d a y th a t th e y h a d p u r c h a s e d § 2 ,2 5 0 ,0 0 0 ’ F r is c o C o n ­
s t r u c t i o n C o . 5 % e q u i p m e n t g o l d n o t e s , s e r ie s “ B , ” g u a r ,
p r in . & in t ., b y e n d o r s e m e n t, b y S t. L o u is & S a n F r a n c is c o
R R . C o.
T h e s e n o te s a re s e c u r e d b y e q u ip m e n t c o s t in g
§ 2 , 7 1 6 , 4 4 0 , t o w a r d s w h ic h t h e c o m p a n y w ill p a y in c a s h
( 1 7 . 2 % ) , § 4 6 6 , 4 4 0 , a n d w ill is s u e t h e s e n o t e s , § 2 , 2 5 0 , 0 0 0 .
Notes dated Sept. 16 1912: par $1,000 ( c ) . Interest payable M. & S . 15.
Issue matures in 20 semi-annual Installments, $113,000 each March 15 and
$112,000 each Nept. 15, com m encing on Mch. 15 1913 and ending on Sept. 15
1922. Until all the notes have been paid, the title to the equipment will
remain in the New York Trust C o., as trustee, to protect the note-holders
The com p a n y reports that although a portion of the equipment securing
this Issue has been in use for 12 to 18 m os., it is practically as good as n e w
the remainder will be delivered shortly. The equipment consists o f 40
locom otives, 500 steel-frame box cars, 300 steel-frame automobile cars
500 steel-frame stock dump cars, 250 steel tank cars, 10 steel baggage cars
and 2 100-ton steam derrick cars.— V . 94, p. 1696, 1628.
S t. M a r y ’s & W e s t e r n O n ta r io R y . — N e w L ea se— M o r tg a g e.
— T h e s t o c k h o l d e r s w ill v o t e o n S e p t . 9 :
(1) On canceling the existing lease to the Canadian Pacific R y . and
entering into a new lease,and approving the terms, conditions and form of
such lease. (2) On authorizing a mortgage to sccuro an issue o f bonds.
V . 91, p . 1162.

A ug . 17 1912.1

Southern Traction Co., Dallas, T ex.— B on d s. — A mortgage
dated June 1 1912 has been filed to the St. Louis Union '1 rust
Co., as trustee, to secure an issue of not exceeding $7,500,000
1st M . sinking fund 5 % gold bonds due June 1 1942.
B o n d s n o w Issu e d , 1 s t M $ 5 ,0 0 0 ,0 0 0 [also 2 d M . 3 0 - y r . 5 s , $ 5 0 0 ,0 0 0 ] , in t .
J A I) a t o ffic e of tru s te e ; b o n d s a re s u b je c t to re d e m p tio n a t c o . s o p tio n
o n o r a f t e r J u n e 1 1 9 1 5 a t 1 0 2 y % , a n d also fo r th e s in k in g fu n d o n o r a f te r
O c t 1 1 9 1 8 a t th e sa m e p ric e . B a r $ 1 ,0 0 0 c * . T h e ir p ro cee d s a re to be u sed
In c o n n e c tio n w ith th e b u ild in g a n d e q u ip p in g of th e p ro p o sed 1 3 4 -m ile lnte r u r b a n line fro m D allas to W a co a n d C o rsic a n a , th e c o s t of w h ich is p la ced
a t $ 5 ,0 0 0 ,0 0 0 . T h e re m a in in g $ 2 , 5 0 0 ,0 0 0 b o n d s a re to be h eld fo r f u tu r e
e x te n s io n s a n d Im p ro v e m e n ts a n d c a n o n ly b e issu ed p ro v id e d th e a n n u a l
n e t in c o m e sh all e q u a l 7 y , % on th e b o n d s . In c lu d in g th o s e p ro p o sed to be
Is s u e d , a n d th e o th e r s tip lu a tlo n s of th e m o rtg a g e a re c o m p lie d w ith .
S ta te m e n t b y P re s . J . P . S tr ic k la n d , D a lla s . T e x ., J u ly 3 0 1 9 1 2 .
C o n s tru c tio n Is n o w p ro g re s s in g r a p id ly . B e g in n in g a t D a lla s , th e ro a d
w ill go v ia F e r r is , W a x a h a c h le , Illlls b o ro a n d W e st to W a c o , w ith a b ra n c h
lin e fro m F e rris v ia E n n is a n d R ic e to C o rs ic a n a , all In th is S ta t e . T o ta l
tr a c k a g e , 1 3 5 m iles I n te r u rb a n , s ta n d a rd -g a u g e ; also [o w n s a n d o p e ra te s ]
1 7 -m ilc W aco s tr e e t ra ilw a y s y s te m . M o tiv e p o w e r, o v e rh e a d e lectric
tr o l le y . P o w e r w ill b e fu rn is h e d b y T e x a s P o w e r A L ig h t C o ., th e ir p rln c lp a l p la n t b e in g lo c a te d n e a r W a co , w ith tra n sm is sio n lin es a lo n g th e
rig h t-o f-w a y of th e S o u th e rn T ra c tio n C o. (V . 9 4 , p . 1 5 11 ; V . 9 5 , p . 2 4 0 .)
C a p ita l s to c k a u th o r iz e d , $ 5 ,0 0 0 ,0 0 0 co m m o n a n d $ 2 , 5 0 0 ,0 0 0 7 % p ro f.
Is s u e d , $ 5 ,0 0 0 ,0 0 0 co m m o n a n d $ 2 ,0 0 0 ,0 0 0 p re fe rre d .
T h e S o u th e rn E n g in e e rin g A C o n s tru c tio n C o ., 1 3 1 2
C o m m erce S t.,
D a lla s , a r e th e g e n e ra l c o n tr a c to r s — M r. B u rr M a rtin , P r e s id e n t, a n d M r.
L u th e r D e a n , C hief E n g in e e r.— V . 9 4 , p . 1 5 6 7 .

St. Paul Eastern Grand Trunk R y .— Bale to

421

T H E C H R O N IC L E

C h . & N . W .—

See C h ic ag o A N o rth W e ste rn R y . a b o v e .

Toledo St. Louis & Western R R .— New President.— W . Ij.
Ross, heretofore Vice-Pres. in charge of traffic, has been
elected President to succeed Theodore P. Shouts, who re­
signed, effective Sept. 1.— V. 94, p. 417.
United Light & Railways Co., Chicago and Grand Rapids.
— Outlook.— We have received from the company a circular,
copies of which are being issued by bankers and brokers in
N. Y ., B ost., Ch. and Gr. Rapids,showing (se eV .9 5, p .4 9 ):
[L is t of s a id b a n k e rs a n d b ro k e rs: M oors A C a b o t, B o sto n ; S w a r tw o u t A
A p p e n z e lla r a n d W illiam s, M cC onnell A C o le m an , N ew Y ork ; R u sse ll
B re w s te r A C o ., N ew Y o rk a n d C hicago; K in g , F a m u m A C o. a n d H u lb u r d ,
W a rre n A C h a n d le r, C hicago; C. H . C o rrig a n A C o ., G ra n d R a p id s , M ich .;
E n g in e e rin g S e c u ritie s C o rp ., N ew Y o rk . T h e c o m p a n y ’s b o n d s w ere
o lte re d la s t J u ly b y N . W . H a lse y A C o ., R u sse ll, B re w s te r & C o. a n d th e
C o n t. A C o m m . T r .A S a v . B k . T h is s y n d ic a te w as re c e n tly Issolve , th e
b o n d s h a v in g a ll b e e n s o ld . S ee V . 9 5 , p . 4 9 .]
C a p ita liz a tio n —
A u th o riz e d .
O u ts ta n d in g .
$ 5 ,0 0 0 ,0 0 0
F i r s t p re fe rre d s to c k , 6 % c u m u la tiv e -----------------$ 1 2 , 5 0 0 , 0 0 0
S e c o n d p r e f ., 3 % c u m . (c o n v e rtib le — see b e lo w ). 5 ,0 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0
C o m m o n s to c k ------------------------------------------------------ 1 2 ,5 0 0 ,0 0 0
5 ,2 8 7 ,5 0 0
F ir s t a n d re fu n d in g 5 % b o n d s .......................................................................
4 ,3 7 5 ,0 0 0
O n e -y e a r 5 % n o te , d u e J u n e 1 0 1 9 1 3 ....................... ..
................. 7 5 0 ,0 0 0
T h e 1 s t a n d 2 d p re f. sto c k s p a y q u a r . d iv s . (Q .- J .) . T h e o u ts ta n d in g
$ 3 , 0 0 0 ,0 0 0 of 2 d p re f. s to c k is c o n v e rtib le a t o p tio n o f o w n e r in to e i th e r
1 s t p re f. o r co m m o n s to c k , s h a re fo r s h a re , (a) $ 7 7 5 , 0 0 0 o n O c t. 1 1 9 1 3 , (6)
$ 2 ,2 2 5 ,0 0 0 o n J u n e 1 5 1 9 1 5 .
T h e c o m p a n y h a s a la rg e a m o u n t o f ca sh w o rk in g c a p ita l; It h a s no
flo a tin g d e b t, n o r h a v e a n y of th e s u b s id ia ry c o m p a n ie s . T h e c o m p a n y w ill
a d v a n c e to th e u n d e rly in g c o m p a n ie s , as n e e d e d , th e n e c e ss a ry fu n d s for
e x te n s io n s a n d b e tte r m e n ts to p r o p e r ty . T h e $ 7 5 0 ,0 0 0 o n e -y e a r n o te a b o v e
m e n tio n e d w as issu ed on a c c o u n t of p u rc h a s e p ric e of a re c e n tly a c q u ire d
p r o p e rty a n d w ill b e re fu n d e d b efo re d u e d a te from th e c a sh b a la n c e s o f
th e c o m p a n y o r fro m th e sa le of a d d itio n a l p re fe rre d s to c k .

W e st Side Belt R R ., Pittsburgh.— Sale Oct. 29.— Judge
Young in the U. S. District Court at Pittsburgh entered a
decree directing the sale to take place Oct. 29 at tne A ’legheny
County Court House, under the judgment of the Pittsburgh
Construction Co. Upset price, $1,500,000.

The lien of the construction company of about $483,000, to satisfy which
the property has been ordered fold, has. It Is stated, been taken over by the
reorganization committee of the Wabash-Pittsburgh Terminal R R . Co.,
ami there is a possibility that the property may not be sold, in prder to
give the committee an opportunity to arrange a plan of reorganization.—
V.
94, p. 1765.
Western Allegheny R R .— Receivership.—-' This 57-mile road,

connecting Dewey, Pa., with New Castle, P a., was on Aug. 12
placed in t he hands of Van Horn FJy as receiver in the equity
suit filed in the Common Pleas Court at Pittsburgh by Harry
W . Love, a creditor.
The railroad is a subsidiary company of the Great Lakes Coal Co., which
was placed in the hands of Mr. Ely, as receiver, last, week (see "Industrials’ ’
below)
Vice-Pres. Geo. K. Smith admitted the allegations In the bill of
complaint. The financial difficulty of both railroad and coal companies
was, it is stated, brought on by disputes with the employees at the mines,
which resulted in the mines being closed last April.— V. 89, p. 1224.

Wichita Falls & Northwestern R y .— Neiv General M g r .—
W . A . W ebb, Asst, to the President of the Missouri Kansas &
Texas R y ., has been appointed Gen. Mgr. of the Wichita
Falls & Northwestern R y. and Wichita Falls & Southern R R .
— V . 93, p. 1261.
IN D U S T R IA L , GAS A N D M ISC ELLAN EO U S.
Algoma

Steel

Corporation.— N ew

General

M anager. —

S a m u e l H a le , n o w V ic e -P r e s . a n d G e n . M g r . o f th e W is c o n s in
S te e l C o ., h a s b e e n m a d e G e n e ra l M a n a g e r .

This Is in pursuance of the policy of the Lake Superior Corporation, which
Is making the financing and operation of the chief subsidiary companies
separate, so far as possible.— V. 94, p. 1697.
American-Hawaiian Steamship Co., New York. — T raffic
Record.— I n h is r e p o r t t o t h e G o v e r n m e n t o n "T h e R e l a t i o n
o f th e P a n a m a C a n a l to th e T r a ffic a n d R a te s o f A m e r ic a n
R a i l w a y s , ” P r o f . E m o r y R . J o h n s o n , S p e c ia l C o m m i s s i o n e r ,
s h o w s (s e e “ R a i l w a y A g e G a z e t t e ” o f A u g . 2 ) :

Shipments between the two seaboards of the United States now move
by three water routes that compete with the rail lines connecting the two
coasts, (1) the all-water route around South America via Cape Horn for
sail! .g vessels, and through the Straits of Magellan for steamers; (2) by
Banama and the railroad across the Isthmus: and (3) via the Isthmus of
Tehuantepec and the Tehuantepec National R y., which is owned by the
Mexican Government.
Volume (Tons) of Inter-Coastal Water Traffic (Inch Hawaiian Sugar).
Total.
—-American-Hawaiian S .S .L in e ------------ Others-------N . Y .t o P a c.to Ilawa’n
Total
Pacific. Atlantic. Sugar. Traffic.

Pacific Tramps, iticl. Haw.
M a il.
A c.
Sugar.

1906 ________ 114,900 32,000 91,700 238,600 50,803 271,324 560,727
1907 ________ 131,900 14,000 198.300 344,200 42,144 239,638 625,982
1908 ______ .117,200 27,000 242,700 386,900 38,263 189,075 614,238
1909 ________ 229,200 83,200 248,100 560,500 46,610 75,195 682,305
E s tim a te d E a r n in g s
and
C a p ita liz a tio n
S ta te m e n t.
1910
........................................247,10059,600244,300551,00079,876151,073781,949
Y e a rs e n d . J u l y 1—
1912-13.
1913-14.
1914-15.
1915-10.
1911
__295,800 162.500 296,600 754,900 76,972 272,863 1,104,735
P r o b a b le c a p ita liz a tio n —
$
*
$ ___
“ Tramps” , Ac., in 1911, Includes also California A Atlantic S .S .C o .,
F ir s t p re fe rre d s to c k _____ 5 ,0 0 0 ,0 0 0 x 6 ,7 7 5 , 0 0 0 7 ,0 0 0 ,0 0 0
7 ,0 0 0 ,0 0 0
134,545; earll jr years, tramp vessels only.
S eco n d p re fe rre d s to c k ___ 3 ,0 0 0 ,0 0 0 2 ,2 2 5 ,0 0 0 2 ,2 2 5 ,0 0 0
2 ,2 2 5 ,0 0 0
'The Tehuantepec route was opened for traffic early In 1907, when the
5 ,5 3 7 ,5 0 0 5 , 5 3 7 , 5 0 0
5 ,5 3 7 ,5 0 0
C o m m o n s to c k _______ - 5 ,2 8 7 ,5 0 0
American-Hawaiian S. S. Co. took Its steamers off the route via the Straits
U n ited L t .A R y s .C o . 1st 5s 5 ,750,000 6 ,2 5 0 ,0 0 0
6 ,7 5 0 ,0 0 0 7 ,2 5 0 ,0 0 0
of Magellan and established regular line fervlces on the Atlantic between
E a rn in g s —
New York and Bucrto Mexico and on the Bacific between Salina Cruz and
G ro ss e a rn in g s .
4 ,9 5 0 ,0 0 0
5,4 2 5 ,0 0 0
5,9 2 5 ,0 0 0 6,4 2 5 ,0 0 0
Hawaii and the west coast ports of the United States. In 1906 it made an
W e t (a f t. ta x e s , m n ln t., A c.) 2 ,0 5 5 ,0 0 0
2 ,2 6 0 ,0 0 0
2 , 4 8 0 ,0 0 0 2 , 7 2 0 ,0 0 0
agreement with the Tehunatepec National Ry., stipulating that the rail­
D e d u c t — I n t . & d lv . ch a rg e s
way company should receive one-third of the through rate. This agree­
‘
8 9 4 ,7 2 2
8 9 4 ,7 2 2
8 9 4 ,7 2 2
8 9 4 ,7 2 2
of subsidiary com panies...
ment also Included a guaranty on the part of the Tehuantepec National R y.
2 8 7 ,5 0 0
3 1 2 ,5 0 0
3 3 7 , 5 0 0 3 0 2that
, 5 0 0 the net earnings of the steamship company, per ship ton, should not be
Int. on Un. L. & Ry. 5 s..
3 7 ,5 0 0
..................
..............................................
Int. on $750,000 1-yr. note
less than the earnings had been In 1904, when the steamship company was
3 00 ,000
3 9 4 ,8 7 5
4 20 ,000 420,000
Dlv. 6% on 1st pref. stock
operating by way of the Straits of Magellan. This guaranty, however, did
90,0 0 0
72,563
66,750 6 % y l 3 3 , 500
Dlv. 3% on 2d pref. stocky
not require the Tehuantepec Nat. R y. to reduce Its share of the gross re­
ceipts of the steamship company to less than 25% . The fleet of the Ameri­
Total deductions. Interest
can-Hawaiian S. S. Co. Increased from three steamers In 1899 to nine steam­
and preferred dlvs........ 1,609,722 1,674,660 1,718,972 1 , 8 0,722 ers In 1904 and to 17 in 1911. Five new steamers were ordered In 1911.
Bal. available for dlvs. on
__
The rapid growth In the traffic of the company has been made possible by
com. stock, deprcc., & c.. 445,278
585,340
761,028
909,278 the sugar tonnage from Hawaii to the Eastern ports of the United States.
Equal t o . . . .......... ............... 8.5%
10.5%
13.75%
16% The freight shipments westbound between our two seaboards are larger than
N ote .— These estimates have been based on the results obtained over
thost eastbound, but the exports of Hawaiian sugar have enabled the Amermany vears of operation and with a full knowledge of the condition and ican-IIawallan SS. Co. to run its steamers loaded In both directions.
possibilities of the properties and the communities served. They do not
[The outstand’ng capitalization of the last-named company Is: Capital
allow for the addition of new properties, but the capital Increase provides stock, $5,000,000, In $100 shares (dlvs. 6% per ann. 1903 to 1910; since
amply for the extension and improvements to present properties. All esti­ 7% ); Series 6s due 1914 ($90,000 paid yearly), $180,000; Series B 6s due
mates of earnings arc made at a lower ratio than Indicated by past results.
1916, $140,000 yearly), $560,000. Bros.. G. S. Dearborn; Treas., E. D.
x In making the above computation, the $775,000 of 2d pref. stock con­ Douglas. N. Y. City.] See V. 91, p. 1465.
vertible Into first pref. or common stock on Oct. 1 1913 Is assumed to have
American Sumatra Tobacco Co.— Regular D iv. Declared.—
been converted on that date Into first pref. stock.
y The dividend on the 2d pref. stock shown under 1915-16 is computed
The directors have declared the regular semi-an. dividend of 3 y % on the
at 6% in order to Indicate effect of conversion of 2d pref. Into first pref.
pref.stock payable Sept. 1, but deferred action on the one past-due seml-an.
The company’s operations are conducted In Iowa, 111., Ind., Mich, and div. (viz., that due-Sept. 1 1911) until after the new tobacco crop is har­
Tcnn. [viz., Cedar Rapids, Marion, Muscatine, Ottumwa, Ft. Dodge, Daven­ vested. It Is thought that this sea -son's crop will be the largest on record
port, Rock Island, Moline, La Borte, Cadillac, Chattanooga, &o.], a large and that It will fully justify the payment of the past-due dividend. Com­
portion, however, being in Illinois and Iowa. Total population served, pare V. 94, p. 489.
.
431,191 (1910), affording an exceptional field for development of public
American Union Telephone Co.— Sale at A u ction . —
utilities. The new money requirements are almost entirely for extensions
At auction In Bhila. on July 31, $100,000 of the 1st M.5s, with coupons
and betterments necessitated by the rapid growth of the business. A ma­
jority of the franchise rights extend to 1929, 1930 or later, and some are from Aug. 1 1910 attached, sold for 52,100 for the lot. See V. 94, p. 1628.
perpetual; the percentage of gross earning capacity of properties operating
Atlas Engine W orks, Indianapolis.— N o B id s. —
under shorter franchises than above Is less than 13% of the total. J. C.
No bids were received on Aug. 12, the adjourned day for the receiver's
White A Co..report that “ the physical condition of the properties averages sale.
Judge Weir of the Superior Court left the city with Instructions to
unusually high, that the cities and outlying districts served arc In general
growing rapidly, and are located In the most thriving and prosperous sec­ notify him when any bid was made.— V. 95, p. 237.
tions of the country, and, further, that the prospects of the company are
Baltimore Refrigerating & Heating Co.— Successor C o. —
exceedingly bright.” The management Is in the hands of men who are
Sec Terminal Freezing A Heating Co. below.
successful public utility operators of many years’ experience, and who are
progressive In their treatment of the public. See also V. 95, p. 49.
Battle Creek Coal & Coke Co., Atlanta, G^»— Report.—
United Railways of the Havana & Regia Warehouses, Ltd. This company, with mines at Orme, Tenn., reported April 13
The London Stock Exchange has listed further issues of £1,075,750 ordin­ for the calendar year 1911:
ary stock and £510,554 5% cum . preference stock, making the total amounts
The net earnings from all sources for the cal. year 1911, less operating
listed £5,835,720 and £2,280,554, rcscpctlvely. See V. 93, p. 528, 1388, and general expenses, amounted to $53,928, out of which $19,262 was re­
1536; V. 94, p. 1764.
served for depreciation. (In making up the statement sent you on May 2
Valdosta Fort Gaines & Montgomery R y . — Bonds to Be 1911, we had previously charged out of the earnings for the period from
March 31 1910 to March 31 1911 the sum of $5,288 as depreciation. After
Offered in P a ris .-—-The necessary preliminaries are being such reservations there remained a net profit of $29,377). The Inter­
taken looking to the placing in France of $ 4 ,GOO,000 1st M. est, $19,380, was paid on the bonds and two dividends of 1% [together
55,997 50] were paid on the pref. stock and 54,000 was passed
5 % gold bonds of $100 each, due in 40 years from Feb. 1 1912, aggregating
to surplus account. We had on Dec. 31 1911 $98,000 bonds In the sinking
but redeemable, all or any, on any int. date at 106 and int. fund [out of $325,000 issued] and since then have purchased additional
bonds, so that there are now in the sinking fund $100,500, besides cash
Int. F. & A . Trustee, Standard Tr. Co., N . Y . Mortgage $5,536.
We are expecting better returns for 1912. Compare V. 93, p. 525.
dated June 11 1912.
Cambria Steel Co.— New Director Elected.—
Incorp. In Ga. Mch. 1 1911 as the Moultrie Ft. Gaines A Western RR .,
Alexander B. Robinson has been elected a director, to succeed Frederick
with $100,000 stock. On Jan. 22 1012 the present name wras adopted and
the auth. capital stock was increased to $2,300,000 (In $100 shares). Owns Krebs, who resigned.— V. 94, p. 493.
and operates the 4 2 -mllc line between Valdosta and Moultrie, Ga., and con­
Canton Co.of Baltimore.— Report.— See “ Annual Reports.”
templates building an extension of the same from Moultrie to Montgomery
Bonds, & c. — The shareholders at the annual meeting on
Ala., 188 miles, and for that purpose to buy all the capital stock, rights and
real estate of the Montgomery Eastern Ry. Geo. Roudet, 29 Rue Mogador, June 13, in order to provide for the improvement and develop­
represents the company In Paris. Pres, and Gen. Mgr., Frank Roberts!
ment of the property and the promotion of the interests of the
Sec.-Treas., W. L. Roberts. Office, Valdosta, Ga.— V. 94, p. 1385.




422

T H E C H R O N IC L E

[VOL.

LXXXXV,

Method of Providing for Said $26,853,054 Obligations— Cash, & c.
Proceeds of stock and obligations of Clinchfield Coal Corp. and
allied cos. sold to Clinchfield Syndicate under contract of
Dec. 14 1910 for $10,000,000 and Int., paid for with obliga­
tions held by lt and cash, and netting (a) principal of obliga­
It was also resolved that any or all of the capital stock of the Canton R R .
tions turned over, $9,813,954, and (b) cash, $325,245_____ $10,139,199
Co. belonging to the Canton Co. may be sold or otherwise lawfully disposed
of by the board from time to time. In their discretion, and for such price a Realized from stock of Seaboard Co. (dissolved Feb. 25 1912)—
2,481,710
(a) Cash for $2,437,785 Seaboard Co. preferred____________
they may think proper.— V. 93, p. 728.
(b) Seaboard Air Line Ry. $9,000,000 pref. and $12,000,000
Cheboygan (Mich.) Paper Co.— Dividend Increased.—
common, sold to a syndicate for___________ ____ _____ . _ 8,025,000
A semi-annual dividend of 4% was paid last month on the $500,000 stock,
(c) Seaboard Air Line Ry. $177,000 pref. and $126,700 com.,
increasing the annual rate to 8% , against 6% paid for some years past.
pledged for temporary loan of $135,000 and expected to be
— V. 80, D. 714.
118,290
sold to pay same, s a y . . . _______________________________
Sale of $5,000,000 3-ycar coll, trust gold notes of The Cumber­
Chicopee (M ass.)Gas L t. Co .— Consolidation Authorized .— . land Corporation (V. 95, p. 361)_________________________
4,725,000
See Springfield Gas Light Co. below.— V. 93, p. 1467.
Sale of $440,000 1st M. bonds of C. C. & O. Ry. owned by Cum­
berland Corporation, say__________________________________
440,000
Clinchfield Coal Corporation.— Status— End o f Syndicate — Out
of other assets to retire Cllnchf. Coal Corp. collateral notes,
Subscriptions fo r Coal Corp. P ref. S t o c k -V o t i n g T ru st. — The
due Sept. 1 1912_________________________________________
924,755

company, authorized the execution of a mortgage upon all or
such portions of its property as the directors shall deem ex­
pedient to secure, not exceeding.§2,000,000 of notes or bonds.

Clinchfield Syndicate, formed under agreement of Dec. 1
Resulting Assets o f The Cumberland Corporation.
1910 to purchase from the Cumberland Corp (see “ Railroads" (1) All the outstanding stocks of Caro. Clinch. & Ohio Ry., viz.:
Pref.
6%
stock,
non-cum., auth., $15,000,000; outstanding $10,000,000
above) all the capital stocks of the Clinchfield Coal Corp. and
Common stock, authorized and all outstanding. .......... ......
25,000,000
certain allied cos., also certain obligations of the Coal Corp. (2) Stock of Holston Corporation [nominally $10,000], the
owner of valuable properties along the Clinchfield R y., and at
expired on July 1. The Syndicate subscribers then received
Charleston, S. C., representing an Investment of over $600,000
at Commercial Trust Co. of N . J., Jersey City, for each $1,000
and believed to be worth considerably more. No d e lti ex­
of their subscriptions, $1,500 common stock voting trust ctfs.
cept to The Cumberland Corporation. Over_____________ _
600,000
About $350,000 to be paid by Clinchfield Coal Corp. for cer•
of the Clinchfield Coal Corp. and were permitted till Aug. 1 (3)tain
railway coal spurs, plant facilities, storage yard and
to subscribe at par less a commission of 5 % for $2,500,000 of
equipment, heretofore paid for in part b y lt _________________
350,000
the $3,000,000 7 % pref. stock (cum. from Aug. 1 1912; divs. Outstanding Obligations of The Cumberland Corp. as They A re Now to B e.
trust 5% gold not.-s, dated June 1 1912, due June 1
Q .-F .) to the extent of one share for every six shares of com­ Collateral
1915, secured by a trust agreement with N. Y. Trust Co.,
mon stock received by them, respectively; subscriptions pay­
under which Is pledged $5,000,000 of the pref. stock and all of
the outstanding com. stock of the Carolina Clinchfield & Ohio
able $50 Aug. 1, $25 and div. N ov. 1 1912 and $20 and div.
Ry. These notes are convertible at par Into the pref. stock
Feb. 1 1913.
of the Clinchfield R y., deposited as collateral____ _ ______ $5,000,000
Digest of Final Report of Managers of Clinchfield Syndicate, July 1 1912.
Pursuant to the agreement, the syndicate acquired obligations as follows
Clinchfield Coal Corp., $3,950,000; Cumberland Corp., $1,365,000; Caro.
Clinch. & Ohio Ry., $3,323,750. From Dec. 1 1910 the Coal Corp. was
operated for the account of the Clinchfield Syndicate, which made loans to
the corporation for development, acquisitions, &c., o f $1,903,931, viz :
Purchases of real estate___ $522,653 Material and supplies_____$8 1 , 3 3 4
Retiring real estate lie n s,-.
134,159 Loan to Clinch. Fuel Co__ 30.000
Int. on prior lien bonds___ 115,685 Decrease in aco’ts payable,- 47,990
Add’ns and development—
776,501 General purposes------------ 195,607
The syndicate has now received irom the Cumberland Corp. the afore­
said stocks and obligations of Clinchfield Coal Corp. and allied cos. (except
$1,500,000 collateral notes of the Clinch. Coal Corp. due Sept. 1 1912, as­
sumed by the Cumberland Corp. and expected to be retired before maturity)
delivering to the Cumberland Corp. on account of the purchase price the
obligations of the Cumberland Corp. and the Caro. Clinch. & Ohio Ry
fet forth above, and presenting the obligations of Clinchfield Coal Corp.,,
with Interest on all aforesaid obligations, and by paying $325,245 in cash
The syndicate, having received the stocks and obligations of Coal Corp.
and allied companies, turned over the stocks and obligations which it held
(except the stock of the Coal Corp. and $1,365,000 of Its obligations re­
served) to the Clinchfield Coal Corp., as the basis of an issue of $3,000,000
7% cumulative p>ef. stock of Clinchfield Coal Corp. and $5,000,000 of Its
common stock, the syndicate thus acquiring all the stock of the Coal Corp.
(except directors’ qualifying shares), atfaounting to $3,000,000 of pref.
stock and $15,000,000 of common stock. The pref. stock has now been
transferred to the Coal Corp. and $2,500,000 thereof Is offered to the syn­
dicate subscribers [on terms above stated.— Ed.].
The managers have deposited all the common stock for the next five years
under a voting trust agreement.
The Clinchfield Coal Corp., In payment of Its obligations owned by the
syndicate, has assumed the Indebtedness of the syndicate for money bor­
rowed [about $1,300,000], the compensation of the syndicate managers
($50,000), etc. To provide funds for these purposes, and also about
$1,150,000 for further development, working capital, &c., 52,500,000 is
expected to be raised by the sale of said $2,500,000 pref. stock.
Capitalization of Clinchfield Coal Corp. (after Sale of Said Pref. Stock).

Obligation [under contract with Clinchfield Syndicate] to retire
the collateral notes of Clinchfield Coal Corp., due on or before
Sept. 1 1912 [The Cumb. Corp. has pledged a portion of the
railway pref. stock as security for this obligation]__________
Temporary loan secured by pledge of $177,000 pref. and $126,­
700 com. stock of Carolina Clinchfield & Ohio R y __________

1,500,000
135,000

Outstanding Obligations of Caro. Cltnchf. & Ohio R y ., Exclusive of Obligations
[55,500,000] for Elkhorn Extension (see V . 95, p . 358).

First M. 5% bonds, due June 1 1938 ($15,000,000 authorized). .$13,000,000
Equipment obligations, 5 % ______________ .
_
3,490 000
Ten-year 5% notes, dated July 1 1909, due July 1 1919. It Is
contemplated to retire these notes by the sale of pref. stock
of the Railway Co----------------------------------------------------------- - 2,000,000
Lick Creek & Lake Erie 5% bonds__________________________
200,000
The agreement by which the Clinchfield Syndicate was organized early in
1911 to purchase from The Cumberland Corp., &c., the stocks and obliga­
tions of Clinchfield Coal Corp. and subsidiary companies for $10,000,000
has now been carried out and the coal properties have been turned over to
the Clinchfield Syndicate. [See Clinchfield Coal Corp. under “ Industrials”
below and in V. 95, p. 363.]
The Cumberland Corporation, having acquired various obligations of the
Carolina Clinchfield & Ohio Ry., mentioned above. Is to transfer
certain of those obligations and stocks of various subsidiary companies to
the railway as consideration for the Issuance to The Cumberland Corp. of
$5,000,000 of common stock of the railway, bringing the outstanding corn
stock up t° 52'},000,000. The railway stock has been readjusted so as to
consist of SI.),000,000 auth. pref. with $10,000,000 outstanding, and
$5,000,000 unissued, and $25,000,000 common stock.
The result of the payments and adjustments outlined above Is that, sub­
ject to an Indebtedness of $6,500,000, The Cumberland Corp. will own
$10,000,000 pref. stock and all of the common stock ($25,000,000) of the
Clinchfield Ry., the stock of the Holston Corp. (which has assets worth over
$600,000), and will have approximately $950,000 of other assets. It Is
contemplated that the $5,000,000 of collateral notes (V. 95, p. 361) of The
Cumberland Corp. will be retired by the sale of, or conversion Into, the
$5,000,000 of the pref. stock of the railway now held as collateral for those
notes, leaving $1,500,000 of Cllnchdeld Coal Corp. notes to bo retired out
of the other assets of The Cumberland Corp.
The financial position of the Caro. Cllnchf. & Ohio Ry. Is strong. .The
readjustment of its outstanding securities is designed to put the company
in an excellent position to meet its obligations and care for any additional
capital expenditures required by growth of Its business. In view of the
large cash investment represented by the common stock and the present
and prospective earning power of the railway, as shown by the letter of the
President (V. 95, p. 358} the syndicate managers believe Its capitalization
Is conservative. Its common stock now has great value, which should
steadily increase and show the members of Cumberland Syndicate an
attractive return on their Investment. [Signed by Norman B. Ream,
Thomas F. Ryan, James A. lBalr, Wallace B. Donham, Walter T. Rosen,
Isaac T. Mann, Managers.— V. 95, p. 361.

Liens created by former owners, covering only a portion of prop­
erty, being retired In Installments as they mature, about--------- $ 1 ,6 6 0 ,0 0 0
Pref. stock, $3,000,000; In treasury, $500,000; to be Issued for cash 2,500,000
Common stock-------------------------------------------------- --------------------15,000,000
The common stock, subject to these underlying liens, will represent the
ownership of lands and Interests in lands in fee and mineral and surface
rights to the extent of approximately 300,000 acres, respecting which up­
wards of $3,300,000 have been expended In development, Improvements
machinery, &c. This Item does not Include Interest paid on moneys ex­
pended In development nor the extra cost of producing coal at mines under
development prior to the time when the output reached a normal operating
basis, and which extra cost will probably be charged to development aec
The preferred stock will be practically a first charge on the property.
It is redeemable after three years, in whole or in part (also upon dissolu­
D o m in io n S a w m ills & L u m b e r , L t d .— N o t i c e to F i r s t
tion) at 120 plus accrued dividends, and has for its redemption a sinking
fund of 2 'A cents per gross ton of coal mined. No mortgage can be made M o r t g a g e D e b e n t u r e H o l d e r s .— S ee a d v e r t is e m e n t o n a p r e ­
nor can the pref. stock be inc eased without consent of 06 2-3% thereof. v io u s p a g e .— V . 9 4 , p . 7 6 9 .
The managers therefore consider it an exceptionally attractive investment.
Pres. James II. Allport states that the properties are now capable of a
E d is o n E le c tr ic I llu m in a t in g C o . o f B o s t o n .— N e w S t o c k
production of approximately 2,000,000 tons of coal per annum, and that a
large part of the expenditure for a much greater output has been made S a n c t i o n e d .— T h e M a ss. G as & E le c . L t . C o m m , o n A u g . 9
also, that additional capital from the sale of pref. stock will largely In­ a u th o r iz e d the c o m p a n y to issu e $ 2 ,6 0 0 ,7 0 0 a d d itio n a l s t o c k
crease the production. Attention Is also called to the report of Messrs
Nell Robinson and Charles Catlett, well-known authorities (see V. 95, p. a t $ 2 1 5 a sh are (p a r $ 1 0 0 ), m a k in g th e s t o c k $ 1 8 ,2 0 4 ,9 0 0 .
363). The managers regard the capitalization of the company as conserva­
The proceeds are to be applied as follows: 869 shares for purchase of
tive. It is expected that the common stock will yield attractive returns Hyde Park El. Co. and 300 shares to purchase Western El. Lt. Co. (both
and enjoy an Increasing value. [Signed; Norman B. Ream, Thomas F. to be free from encumbrances); 13,256 shares to pay lloating debt or cancel
Ryan, C. Ledyard Blair, Walter T. Rosen, Wallace B. Donham and Isaac an equal amount of notes; 11,582 shares to cover cost of additions made
T. Mann, Managers.]— V. 95, p. 363.
later than March 31 1911. At the adjourned stockholders’ meeting to be
held Sept. 2o the stockholders will vote to Increase the stock by the amount
Columbia Gas & Electric Co.— New Officers .—
named, and it will be offered to stockholders of record on that date in ratio
A. B. Leach of A. B. Leach & Co., New York, has been chosen President of one new share for every six old shares (V.94, p. 1188, 1451).— V .95,p.ll3.
of the company and all subsidiaries and affiliated companies, including the
Union Gas & Electric Co. James C. Ernst and W. R. Cartwright have been
G e n e ra l E le c tr ic C o ., N e w Y o r k . — S t o c k D i v i d e n d f o r P a r ­
elected Vice-Presidents, and directors of the various boards, the former In
charge o f electric street railways and the latter of the gas works. George tia l R e im b u r s e m e n t o f S t o c k h o l d e r s . — P re s . C o ffin in a c ir c u la r
B. Tobey, Henry Sellgman, Frederick Straus and W. S. Cox were made di­ d a t e d A u g . 10, c a llin g a m e e tin g o f th e s t o c k h o ld e r s fo r
rectors, the last three named representing J. & W. Sellgman Co. B. G.
A u g . 29 to in crea se th e a u th . c a p ita l s t o c k fr o m $ 8 ,0 0 0 ,0 0 0 0
Gossler Is Chairman of the board.— V. 95, p. 178.
$ 1 0 5 ,0 0 0 ,0 0 0 , sa y s:
Crucible Steel Co. of America.— Guaranteed Bonds Offered. t o For
a long period subsequent to the panic of 1893 the stockholders received
See Norwalk Steel Co. below.— V. 94, p. 1629, 769.
either no dividends or dividends only In reduced amounts. To permit a
Cumberland Coal Corporation.— Status— E n d o f Cumber­ resumption of dividends the capital stock was reduced In 1898, but, although
the shares then surrendered were retsored to stockholders In 1 9 0 2 , the stock­
land Syndicate.— On July 1 the managers of the Cumberland holders have not as yet been reimbursed for such omitted dividends. The
Syndicate (agreement of June 1 1906) distributed its assets, accumulated surplus earnlugs are now sufficient to warrant a payment
which will In part reimburse the stockholders for such diminution of lcome.
consisting of $15,000,000 in 6 % non-cum. pref. stock of The After
the proposed increase of capital stock, stockholders of record at the
Cumberland Corp. (the entire issue) and $18,000,000 of its close of business hours on Dec. 31 1912 will receive a div. of $30 per share,
in stock of the company at par, I. c., stockholders will receive 3-10s
com. stock out of a total issue of $25,000,000, as follows, at payable
of a share of new stock for each share then held by them; In other Words, a
Commercial Trust Co., Jersey City: (a) For each $1,000 stockholder owning 10 shares will receive 3 new shares, and so on. See
partic. certificate, $1,000 pref. stock and $1,200 com. stock. also V. 95, p. 238.

( b) For managers’ certificates for bankers' stock, similarly
shares of com. stock of Cumb. Corp. represented thereby.
Digest of Syndicate Managers' Final Report July I 1912.

Principal o f Obligations, Aggregating $26,853,954 June 1 1912, to Be Retired.
Held by Clinch. S yn d , ($9,813,954)
Not So Held ($17,040,000) —

Cumb. Corp. obligations. $1,365,000 Cumb.Cofp.6-yr. notes. .$15,000,000
CUnchf. Coal Corp. obllg. 4,958,954 Int. on 6-yr. notes due
C. C. & O. Ry. 10-year
375,000
June 15 1912-----------notes________________ 2,935,000 Cllnchf. Coal Corp. 18C. C. & O. Ry., other ob­
months’ notes-----------1,500,000
ligations,approximately
555,OOOIC.C.&O.Ry.lO-yr. notes.
65.000
(Other obligations, about.
100,000




G e n e ra l G a s '& E le c tr ic C o . ( o f M a in e ) . — S a l e o f B o n d s .—
R e d m o n d & C o . a n d th e E q u ita b le T r u s t C o . o f N e w Y o r k
h a v e p u r ch a s e d th r o u g h W . S . B a r s t o w & C o . , I n c ., $ 1 ,3 0 0 ,­
0 0 0 first lie n 5 % b o n d s .
T h e p re s e n t issu e o f $ 1 ,3 0 0 ,0 0 0
6 - 7 % p r e f. s t o c k , it is s t a t e d , h as b e e n d is p o s e d o f h ere an d
a b roa d .
S ee V . 9 5 , p . 110.
G o ld fie ld

(N e v .) C o n s o lid a t e d M in e s C o .— D i v i d e n d —
o ffic ia l c ir c u la r d a t e d J u ly 31 a n n o u n c e s
q u a r te r ly d iv id e n d N o . 16 o f 30 c e n ts p e r sh a re.

E a r n i n g s .— A n

Production (Tons Treated and Shipped) and Earnings for Second Quarter
(June Approxim ate).
Month.—
D ry tons.Gross value.
Op.cost. Constr. Tot.costs. Net profit.

April
_____..28,360
-. 30 215
June I I . I -111132,360

5573,428
506,347
542,000

5174,372 57.000 5181.372
194,627
2,098 196,725
198,000 2,000 200,000

5302,056
309,622
342,000

Total
___ 00,935 51,621,775 5566.099 511,098 5578,097 51.043.678
— V. 94, p. 1510.

Goodyear Tire & Rubber Co., Akron, O.— Sale o f Pref.
Stock.— Spencer Trask & Co., N. Y ., Albany, Bost. and Chic.,
and William Salomon & Co., New York and Chicago, have
sold to investors their joint purchase of §1,600,000 7 %
cumulative pref. (p. & d.) stock, subject to amendment of
the company’s charter. Bar §100.
Dividends Q .-J. Call­
able, all or part, after Jan. 1 1915 at 120 and div.
Digest of Letter from Pres. F. A. Seibcrling, Akron, O., July 29 1912.
Incorporated In 1898 In Ohio. Capitalization Is as follows:
Capitalization (No mortgage or funded debt)— Authorized.
Issued.
7% cum. pref. stock, full paid and non-assessable.55,000,000 59.000,000
Common stock______________________________ ____ 10,000,000
5,000,000
Of the pref. stock, 51,000,000 was issued to retire a like amount of old
pref. stock and 54,000,000 to provide additional working capital.
Business. — One of the largest and most successful manufacturers of pneu­
matic tires for automobiles, motorcycles, bicycles and aeroplane wheels;
also manufactures solid and cushion tires for automobiles, carriages and
motor trucks, as well as tire accessories, aeroplane and balloon fabrlos, rub­
ber soles for shoes, rubber horse pads, rubber tiling, rubber bands, Ac.
Controls patents which enable it to turn out by machinery 50 automobile
tires a day per man, compared with 5 tires a day by hand labor. These
machines it manufactures at its own plant.
Modern llreproof manufacturing plant, covering 41 acres at Akron, O.,
and comprising 14 buildings, viz., 9 main factory buildings, 5 stories high,
grouped around a modern power station of 8,500 h.p. capacity, tint! three
minor buildings and an executive office. Branch stores and offices in
103 of the principal cities in United States. Controls through stock owner­
ship (1) Goodyear Tire & Rubber Co., Ltd., of Canada, one of the most
Important of its kind in Canada, and doing a comparatively large and profitablo business through its Toronto office and 10 branches: (2) Motz Tire &
Rubber Co., which owns cushion-tire patents used extensively by manu­
facturers of electric automobiles; (3) Standard Tire Protector Co., which
owns valuable non-skid tread tire patents, and (4) Federal Waterproofing
Co. We now employ about 5,300 operatives, working continuously day
and night, mostly on eight-hour shifts.
Covenants as to Pref. Sock.— (1) The company will not, without the con­
sent in writing of 75% of the pref. stock outstanding, issue any additional
pref. stock or create any mortgage or lien having priority over or parity
with said pref. stock, or Issue any obligations having more than one year
to run. (2) ft will retire and cancel not less than 5250,000 pref. stock
yearly beginning In 1915 until the whole issue has been retired by calling
at 120 and div.. if not obtainable for less. (3) In case of voluntary liqui­
dation or any distribution of assets, other than as dividends from surplus
proilts of the business, the pref. stock shall be paid 120 plus all accrued
dividends before any distribution is made on the common stock. (4) It will
maintain net quick assets equal to 125% of the pref. stock outstanding,
and no dividends shall be paid on the common stock until any such im­
pairment is fully remedied. (5) Pref. stock has no voting power, but in
case of default onany quarterly dividend,or on or after Jan. 1 1915 on
any 5250,000 annual redemption, will have equal voting power with the
common until such default shall have been made good.
Balance Sheet of M a y 31 1912 as Audited by Barrow, Wade, Guthrie & Co.
[After adjustment through sale of 54,000,000 pref. stock and sufficient
common at par to bring issue up to 55,000,000.)
Assets (512,875,660)—
Liabilities (512,875,669) —
Real estate, plant, &c___ 53,347,985 Preferred stock-------------- 55,000,000
Inventory _____________ 4,566,903 C om m on ________________ 5 ,0 0 0 ,0 0 0
Cash____________________
546,345 B ills a n d a c c o u n ts p a y ­
a b l e ___________________ 1 ,8 4 2 ,7 2 4
Bills and accts. receivable 3,779,819
R e se rv e s fo r—
Officers’ , &c., notes se­
C ru d e r u b b e r __________
2 5 0 ,0 0 0
163,078
cured by stock________
D o u b tfu l a c c o u n ts _____
1 8 5 ,0 1 4
252,807
Prepaid accounts________
L egal s u s p e n s e _________
1 0 8 ,8 6 6
Securities owned________
167,938
D e p re c ia tio n p l a n t _____
4 5 0 ,4 2 2
50,763
Suspense accounts_______
3 2 ,6 4 4
Patents, trade-marks, &c_
1 S u r p l u s ......... ............
T h e n e t q u ic k a s s e ts h e re a g g re g a te 5 6 ,9 2 2 ,3 7 8 , e q u lv . to 1 3 8 . 4 % o n th e
p r e f . s to c k , a n d to ta l n e t a s s e ts (less d e p re e . re serv e) 5 1 0 , 0 3 2 , 0 4 3 , or
2 0 0 . 6 % o n th e p re f. T h e to t a l re se rv e s ( 5 1 ,0 0 0 ,3 0 2 ) a re th o u g h t e x tre m e ly
lib e ra l. P a te n ts , tra d e - m a rk s a n d d esig n s a rc c a rrie d a t 5 1 . w h e re a s th e
ro y a ltie s fro m p a t e n ts fo r th e y e a r 1 9 1 0 - 1 1 a m o u n te d to 5 5 5 , 9 0 9 , a n d fo r
7 m o s. e n d e d M ay 3 1 1 9 1 2 to 5 3 2 , 7 3 9 . G ood-w ill n o t c a p ita liz e d .
Comparative Gross Sales (Years ending Oct. 3 1 ) (0 0 0 s omitted).
N ov. Dec. Jan. Feb. M ch. A p r . M a y .June. July .A u g . Sep. Oct. Total.

0809-

0 9 5 1 5 5 5 1 9 9 5 2 3 5 5 2 4 7 5 3 8 2 5 4 1 1 5 4 1 5 5 3 9 1 5 4 6 5 5 4 8 8 5 4 7 3 5 4 1 6 5 4 .2 7 7
10 3 9 9 5 0 9 6 0 9 7 1 9 8 6 0 1 1 1 3 1 2 3 2 1 1 9 6 9 3 9 7 8 6 6 1 6 5 8 2 9,;>00

10- 11 497 464 557 835 1101 1340 1309 1363 1316 1397 1506 1427 13,262

1 1 - 12 9 0 2 9 6 2 1 1 8 7 1 5 0 8 2 2 6 2 2 9 6 3 3 1 2 4 2 9 2 1 2 5 0 0 2 4 0 0 2 2 0 0 2 1 0 0 2 5 ,0 2 9
J u ly , A u g ., S e p t, a n d O c t. 1 9 1 2 e s tim a te d .
F o r th e llscal y e a r en d e d O c t. 3 1 1 9 1 2 th e o u tp u t o f p n e u m a tic a u to ­
m o b ile tire s alo n e will be b e tw e e n 9 0 0 , 0 0 0 a n d 1 ,0 0 0 ,0 0 0 tire s . P la n t c a ­
p a c ity 2 ,0 0 0 tire s p e r d a y in excess of a m o u n t now b e in g m a n u f a c tu r e d .
Sales and Earnings Reported by Barrow, Wade,Guthrie & C o . — Pres. Estimate.

[A llow ing fo r s a v in g in in te r e s t on bills p a y a b le fro m n ew c a p ita l.)
A n n u a l a v e ra g e n e t p ro fit a v a il, fo r d iv id e n d s o n p re f. s to c k —
S e p t. 1 1 9 0 8 to M ay 3 1 1 9 1 2 -------------------------------------------------- z $ l , 1 1 8 .9 9 0
7 m o n th s e n d e d M ay 31 1 9 1 2 --------------------------------------------£ 1 ,0 8 7 ,6 3 2
G ro ss sale s fo r th e fiscal y e a r e n d e d O c t. 3 1 1 9 1 1 , . . .........................1 3 , 2 6 2 , 2 6 6
Do
do
fo r th e 7 m o n th s e n d e d M ay 3 1 1 9 1 2 ______ 1 2 ,4 7 7 ,0 3 8
Estimate by [Pres. Sciberllng] for fiscal year ended Oct. 3 1 1 9 1 2 .
G ross s a le s . __________________________________________________ 2 5 ,0 0 0 ,0 0 0
D o d o n e t p ro fits a v a ila b le fo r d lv s . o n p re f. s to c k a b o u t . . 2 ,5 0 0 ,0 0 0
A n n u a l d iv id e n d r e q u ire m e n t for th e $ 5 ,0 0 0 ,0 0 0 p re f. s to c k ___
3 5 0 ,0 0 0
Raw Material. — W e u se a b o u t 1 5 ,0 0 0 ,0 0 0 lb s . of r u b b e r a y e a r, a la rg e
p e rc e n ta g e b e in g " c u lti v a te d r u b b e r ” fro m C eylon a n d th e M alay P e n in s u la .
C ru d e r u b b e r now sells a t a b o u t 5 1 .1 0 p e r lb ., c o m p a re d w ith a m a x im u m
o f 5 3 th re e y e a rs a g o . T h e G o v t, e s tim a te s fo r 1 9 1 2 giv e a p ro b a b le s u p p ly
o f c u ltiv a te d r u b b e r of 2 5 ,0 0 0 to n s a n d 4 0 ,0 0 0 to n s fo r 1 9 1 3 , c o m p a re d w ith
less th a n 4 ,0 0 0 to n s a b o u t th re e y e a rs a g o . T h e o u tp u t of n a tu r a l r u b b e r
is aso s te a d ily In c re a sin g , ow ing to th e d e v e lo p m e n t o f th e riv e r tra ffic In
B raz il, w hich m a k e s th e s u p p ly m o re ac c e ssib le . T h e se fa c ts seem to in su re
th e p e rm a n e n c y of c o m p a ra tiv e ly low p ric es for c ru d e r u b b e r .
O fficials a n d D ire c to rs .— F ra n k A . S cib e rlln g , P re s .; C h a s. W . S cib e r­
lln g , V .-P re s .; G . M . S ta d e lm a n , S ec.: F ra n k I I . A d a m s , T re a s.; P . W .
L itc h fie ld , I I . B . M a n to n a n d J a m e s P . L o o m is.
[E x p e r ts o n J u ly 2 9 re p o rte d : T h e p la n t In clu d es n in e p rin c ip a l b u ild ­
in g s, c o m p ris in g 6 7 5 , 0 0 0 s q . f t . of floor a re a , p ra c tic a lly all b u ilt o r e n tire ly
re c o n s tru c te d sin ce 1 9 0 9 ; ste e l fra m e s, b ric k w alls, h e a v y tim b e r floors;
s p rin k le d th r o u g h o u t. T h e a r e a of th e m a in p la n t w ill be In crea se d to
9 19 ,0 0 0
s q . f t . u p o n th e c o m p le tio n of c o n s tru c tio n w o rk now in p ro g re ss.
T h e F e d e ra l W a tc rp ro o flln g C o ., a s u b s id ia ry c o r p o r a tio n , o cc u p ies th e
a d jo in in g p ro p e rty , c o m p ris in g a b o u t 1 0 0 ,0 0 0 s q . f t . of floor a r e a .— E d .)
[T h e sh a re h o ld e rs w ill v o te S e p t. 9 o n a m e n d in g th e a rtic le s of In c o rp o ra ­
tio n , w h e re b y th e te rm s of th e 7 % c u m u la tiv e n o n - p a rtic ip a tin g p ref
c a p ita l s to c k sh a ll b e c h a n g e d to c o n fo rm w ith th e fo reg o in g p ro v is io n s .
F . A . S c ib e rlln g , G . M . S ta d e lm a n , P . W . L itc h fie ld , J a s . P . L oo m is a n d
F . I I . A d a m s a rc a m a jo r ity of th e d ir e c to r s .— E d .) — V . 9 4 , p . 1 6 3 0 .

Hart-Parr Co. (Gas and Oil Tractors, & c .) , Charles City, la
— P ref. Stock.— Eastman, Dillon & Co., New York, and
King, Farnum & Co., Chicago, are placing privately at par
($100 a share) §750,000 7 % cumulative pref. stock, redeem­
able in whole at 110. Dividends Q .-J. Sinking fund 3 %
per annum, Cont. & Comm. Tr. & Sav. Bank, Chicago,




423

T H E C H R O N IC L E

A ug. 17 LSI2 ]

registrar. Merch. Loan & Tr. Co., Chicago, transfer agent,.
A circular reports:
Owns for the manufacture of gas and oil tractors, &c., one of the best
appointed manufacturing plants in this country; also its own open-hearth
steel plant. Buys nothing but pig iron, coal and other such raw materials.
The gas and ol tractor is chiefly used on farms, doing the work of at least
40 horses, and more thoroughly, quickly and economically. It draws the
plow, harrow, drill, reaper and binder; runs the thresher and the separator; it
makes good roads and hauls great loads of grain. &c., to market. No farm
of over 150 acres can be operated at its greatest economy without the gas
tractor. The Hart-Parr Co. was the pioneer in this business and to-day
has more gas and oil tractors In daily use than any other company. There
are approximately 100,000 steam tractors 1 n use that must ultimately be
replaced by gas tractors, and In addition it is estimated that the demand
for new gas tractors in the United States and Canada will call for more than
500,000 gas tractors during the next ten years. The total manufacturing
capacity, including Hart-Parr Co., is not much over 5,000 tractors a year.
Financial Statement Based on Balance Sheet of M a y 11 1912, M aking Allow­
ance for Sale of New Stock.

[Note— Good-will, patents, trade-marks, &o., not capitalized.)
Capitalization —
Authorized.Issued&Sold
Preferred stock_______________________________________________ 51,500,0008750,000
Common stock (par 5100 a share)______________
1,000,0001,000,000
Offsets— Current quick assets, 51,187,910; deduct all debts,
5280,173; net quick assets (equal to 5121 03 per share of pref.;
must be maintained at not less than 5100 per share)-----------907,737
Other tangible assets (plant, &c.) as appraised— 1-------------------- 1,202,451
Total net tangible assets (equlv. to 5281 36 per share p ref.)--$ 2 ,110,188
Surplus assets—all earned, over all liabilities, incl. both pref.
and common stocks issued (the company agrees to build this
surplus up out of earnings to 550 per share on the pref. stock,
■
and maintain It there)____ !___________________ _________ —
5360,18*
Net Earnings Available for Dividends.

Average annual net earnings for past 3 1-3 years to May 11 1912
after liberal depreciation----------------- ------------------------------------ 5339,617
Net earnings from Jan. 1 1912 to May 11 1912 (4 mo. 11 days)-- 106,385
Amount necessary for annual dividend on this pref. stock--------52,500
Thus the entire vear's dividend has been earned more than twice in a
little over four months and without benefit of new working capital. In
anticipation of the sale of new pref. stock expenses were increased approxi­
mately 562,14 5 during the above four months, however, while the benefit
of these expenditures began to appear only in June.
Safeguards for Pref. Stock.— ( 1) No mortgage or bonded debt without
consent in writing of at least 75% of pref. stock. (2) No dividend on com­
mon stock unless the net quick assets thereafter would equal the pref. stock
then out. (3) Surplus must be built up from earnings to 550 per pref.
share and maintained thereat before dividends arc paid on common stock.
(4) Cumulative annual sinking fund from date of issue, at least 3% of the
greatest amount of pref. stock at anytime outstanding to be used during
July of each year beginning in 1915 for purchase of pref. stock in open mar­
ket at 110 and div. or less. (5) When present 5750,000 pref. stock has all
been sold the bankers will nominate a director. (6) No pref. stock other
than the present 5750,000 can be Issued unless the annual net earnings are
2 'A times the pref. dividend, Including that proposed to be issued.
The entire proceeds of the sale of this issue of pref. stock will go directly
into the cash working capital and will be used for the extension and devel­
opment of the business in the United Stacst, Canada, Argentine, Russia
and other foreign countries, where the co. has already a firm foothold.

Hydraulic-Press Erick Co., St. Louis.— B on d s. — The Mer­
cantile Trust Co., St. Louis, it is understood, is placing pri­
vately at par and int. the present issue of $1,000,000 1st M.
5 % gold bonds dated Aug. 1 1912 and due serially each Aug. 1
from 1913 to 1930, in installments gradually increasing from
$37,500 in 1913 to $81,500 in 1929, with the final 836,500
(of the $1,000,000) due in 1930, but callable, all or any part,
on or after Aug. 1 1913 at 102 and int. on 30 days’ notice.
Par 8500 (c). P. & i. (F . & A .) at Mercantile Trust Co., St.
Louis, trustee. Total auth. issue, $1,500,000; held in treas­
ury, $500,000; offered for sale at this time, 81,000,000.
Digest of Statement by Pres. Geo. A. Bass, July 15 1912.
Total issue, 51,500,000 (closed mortgage), maturing serially over a period
of 20 years, beginning Aug. 1 1913, our only indebtedness. Secured by a
first mortgage on all property located in St. Louis and St. Louis County,
the city real estate alone being conservatively valued at over 52,100,000
The company also owns unencumbered real estate valued at over 5600,000,
located in the cities where its branches are operated.
Average annual net income for the past five years was 5439,302, which is
more than 8 A times the interest on these 51,000,000 bonds, and over 5 A
times the amount required if all of the 51,500,000 were outstanding.
The company will keep on hand at all times quick assets equal to 50% of
the outstanding bonds. The balance sheet of Dec. 31 1911 show’ed current
net assets above all liability of 51.065,261. The proceeds of these SI,000,000 bonds will be used to pay off the floating debt and retire immediately
tiie outstanding unmatured 1st M. bonds of a previous Issue. The remain­
ing 8500,000 bonds will be held in the treasury to provide funds from time
to time for the acquisition of additional property and for betterments and
improvements.
.
„ ^
.
The largest brick concern in the country; making all the various kinds
used in building construction and street paving. In St. Louis, Mo., oper­
ates eight plants— three making common brick, two face brick, two pav­
ing brick and one enamel bricks. In eight other States owns two common
brick plants, one paving brick plant and ten plants making all kinds of highgrade face brick. The company markets its own products and maintains
its own offices in the following cities in or near which its various works are
located: St. Louis. N. V. City, Baltimore, Md.: Washington. D. C.; Cleve­
land; Philadelphia, Indianapolis, Kansas City, Omaha, Minneapolis
and Chicago. In January 1907 all the company's Interests were consoli­
dated, with a capital stock of 510,000,000, consisting of $5,500,000 6%
cumulative pref. and 54,500,000 common. (Par of all shares, 5100.)
Dividends at rate of 6% per annum have since been paid quarterly on the
pref. stock. Compare V. 83, p. 1414.

Illinois Car & Equipment Co.— Bonds to B e Endorsed .—
Holders of the 51,096,500 1st M. bonds are requested to present their
bonds at the London office of the Guaranty Trust Co. of New York, in order
that they may be endorsed with the direct assumption of the payment of
prln. and int. by Western Steel Car & Foundry Co.— V. 94, p. 70, 355.
Independent Brewing Co., P itts.— P ref. D iv. Resumed.—
A dividend of \ lA % has been declared on the 83,965,150 7% cum. pref.
stock, payable Aug. 30 to holders of record Aug. 19. This is the first ah tributlon since Aug. 190R, when 1 H % was paid, that rate having been dis­
bursed quarterly up to that time from May 1905.— V. 93, p. 1385.
International Paper Co.— First Mortgage 4s Called.—
Nine Piscataquis Falls division 1st M. 4s for payment at par and int.
on Aug. 14 at New York Trust Co.. N. Y.— V. 94, p. 1387.
International Salt Co., New York.— Bonds Purchased.—
The United States Mortgage & Trust Co., the mortgage trustee, has pur­
chased 5170,000 coll, trust 5s of 1901 under its recent advertisement for
tenders sufficient to exhaust the sum of 5101,805. This reduces the
amount outstanding to about 53,829,900.— V. 94, p. 1117.
Interstate Telephone & Telegraph Co.— S u it .—
Justice Mlnturn of the Supreme Court at Trenton on Aug. 7 Issued a rule
requiring the State Board of Public Utility Commissioners to show cause,
returnable Nov. 6, why a peremptory writ of mandamus should not be Is­
sued, compelling it to grant the application to issue $1,525,000 30-yr. first
refunding M. 5% gold bonds.— V. 95, p. 179.
M
Kings County Lighting Co.— Bond Issue Authorized .—
The P. S. Commission on Aug. 2 authorized the company to issue $625,000
additional 1st refunding gold 5s, due July 1 1954, but subject to call after
Jan. 1 1940 at 105 and int. The bonds are to be sold at 96 and the proceeds

424

T H E C H R O N IC L E

[ VOL. L X X X X V .

used as follows: For construction, extensions and Improvements, $350,000;
for reimbursement of moneys spent on Improvements and applied to dis­
charge of $250,000 Kings County Gas & Ilium. Co. debenture bonds,
$134,000; and for acquisition of such bonds, $116,000; for expenses of sale
of bonds and payment of mtge. tax, $25,000.— V. 94, p. 702.
(S. S.) Kresge Co., Detroit. — Total Sales .— •
1912— Julu— 1911.
Increase. I 1912— 7 M as. — 1911.
Increase.
$774,567
$582,322
33% $5,071,000
$3,897,000
30.36%
— V. 95, p. 170.
M ’Crum-Howell Co.— Proposed Plan — On Thursday the

1912.
1911.
lviz.
' 1911.
Liabilities—
$
$
S ■
S
Real estate....... 1,772,346 1,774,176 Capital stock____ 29,487,200 29 485,700
Invest, in sub-cos. 20,199,050 20,090,542 Accounts payable.
35,-176
77,910
Furniture A flxt .
447
Reserve for taxes.
1,089
Stock In treasury 9,275,000 9,275,000 Contingent guar's.
97,187
Cash A debts rec..
5,869
110,947 Funded debt____ 2,500,000 2, 500,000
Coating, guarantys
97,187
Contlng. accts. rec.
769,512
Prollt and loss___
771,053
43,433

following statement was given out by members of the
creditors’ committee of New York and Chicago bankers,
headed by Albert H. Wiggin, President of Clinic Nat. Bank:

T otal............. 32,120,952 32,063,610
T otal________ 32,120,952 32,063,610
— V. 95, p. 240.
Nipe Bay Co.- ■Earnings.— For 9 mos. ending June 30:

The condition of the company was found to bo distressing, but the re­
ports of the engineers and others disclosed that the business has an earning
capacity (V. 94, p. 1314).
The proposed plan provides for new working capital, and Is as follows:
A new corporation will be formed with an authorized capital of $1,600,000
pref. and $3,000,000 common stock: $875,000 of the prof, stock will be sold
for cash to provide working capital.
The creditors will receive 25% of the amount of their claims In pref. stock
and 75% of the claims In common stock. The total amount of the debt of
the company Is about $2,600,000. Creditors and stockholders will beolfered
the first opportunity to purchase the new pref. stock in proportion to the
amounts of their claims and present holdings of stock. The new pref. stock
to be sold will carry with It a bonus of common stock of the new company.
Holders of notes of the McCrum-Howell Company, In addition to the
above securities, will be entitled to hold and enforce their claim against
the Individual endorsers upon the notes. The creditors’ committee has
arranged with new Interests to purchase the pref. stock not subscribed for
by creditors and stockholders. The committee Is endeavoring to make
arrangements by which an oirer of a definite sum In cash will be made to
creditors who do not desire to accept the new securities. While the com­
mittee has determined upon the foregoing plan, the details have not yet
been completed, but It Is hoped that the final plan may be submitted within
a short time.— V. 94, p. 1630, 1452.
Manufacturers Light & Heat Co.— Retirement o f B onds .—

The company, we learn, has purchased under its recent offer
$500,000 of its bonds which are about all it contemplated
purchasing at this time, though some $25,000 have since been
acquired and further amounts would probably be accepted if
tendered on satisfactory terms.
As a result of the foregoing purchases, the bonds outstanding have, since
June 30 1912, been reduced to approximately: Issue of 1900, $150 000Issue of 1903, $1,900,000; Issue of 1907, $2,400,000. V. 95, p. 179, 30o’
Consolidated Balance Sheet, Including the Affiliated Companies.
June 30’ 12. Dec. S i 'l l
JuneSO'12. D e c .S i’ l l
$
Liabilities —
$
$
$

Assets —

Investm ents-.28,4 14,026 28,726,458 Capital stock .21,500,000 21,500,000
Treasury stk.
628,600
628,600 Bds., less s. f . 4,950,000 5,900,000
Treas. bonds.
17,000
Accts. payable
215,842
260,334
Cash ...........
1,137,047
744,937 Accrued Int. &
Accts. recclv.
432,007
661,422
117,666
taxes______
92,262
Bills recclv’le.
5,154
18,337 Security depos
138,136
130.453
Incomplete In­
Bond coupons
vestments. .
206,265
100,504
82,890
outstanding
2,040
M ater.* supp.
443,592
54,109 Surplus........... 4,362,047 3,051,319
Deposits to pay
bond coup.
82,890
2,040
Total__ ...31,366,581 30,936,408
— V. 95, p. 300, 179.

Total...........31,366,581 30,936,408

Maritime Telegraph & Telephone Co.— First D ividend .—
An initial dividend of 1% has been declared on the $850,000 common
stock for the quarter ending June 30.— V. 94, p. 565.
Minneapolis General Electric Co.— Extra D ividends .—
Stone & Webster have announced an extra distribution of $1.47 H a share
on the common and 88
cts. on the pref. stock, to all stockholders of
record at the time of the sale of the property to H. M. Byllesby * Co. for
the Consumers Power Co.— V. 95, p. 180.
National Electric Signaling Co., Pittsburgh.— S u it .—
The receivers on Aug. 15 brought a bill In the U. S. District Court at
Boston against Reginald A. Fessenden, to compel him to assign to the com­
pany all patents and applications therefor relating to wireless telegraphy
which he has obtained in this or any foreign country. It Is claimed that
Prof. Fessenden was ordered to assign the same under a decree of the Court
of Common Pleas in the County of Allegheny, Pa., April 12 1911, in a bill
in equity filed against him by the company and others. The receivers de­
sire to restrain him from levying an execution on the judgment for $411 850
entered In his favor against the co. In the U. S. District Court on Aug 6
and from assigning patents or contracts to anyone else.— V. 95, p.300, iso ’.
National Fire Proofing Co., Pittsburgh.— Bonds Called.—

All of the $1,000,000 outstanding first M. serial 5 % bonds
of 1900 which mature on April 1 1913 to 1916 have been
called for payment at par and interest on Oct. 1 at the New
York Trust Co.
The payment Is provided for by the proceeds of the $2,500,000 bonds
which were recently authorized. Compare V. 95, p. 300, 240, 53.
National Sugar Refining Co. of New Jersey.— Decree .—

Vice-Chancellor Stevens on Aug. 3 entered a final decree in
the Court of Chancery in the uit brought by minority pref.
stockholders to compel the heirs of Henry O. Havemeyer to
account for the entire outstanding 10,009,000 common stock
which it was held was illegally issued in 1900 to the late
Henry O. Havemeyer. Compare V. 95, p. 115.
The decree enjoins the defendants, including the executors of Mr. Ilavemeyer, from voting the stock. The Vice-Chancellor stated that in his opin­
ion, under a decision by the Court of Errors In another case, the stock could
not be canceled, but would have to be retired. The Court did not decide
the question of the manner of such retirement, which is a difficult one, since
the common stock, which Is one-half of the entire outstanding stock, has
been restrained from voting on the retirement.
No announcement has been made as to whether an appeal will be taken.
It Is reported that some persons maintain that an appeal is unlikely, inas­
much as the Court denied the right of the company to have restored the
dividends paid on the stock in 1903 and 1904, and a reopening of the case
might result In a contrar> decision by the higher court on this point.
Interests Identified with the company arc quoted as saying that In the
event of no appeal being taken, a stockholders’ meeting will probably be
called within a month or two. at which it will be decided what action to
take regarding the $10,000,000 outstanding 6% cumulative pref. shares.
A new issue of stock of one class. It Is said, will probably be authorized,
which will be exchangeable, share for share, with the existing pref., and
assets represented by the present common stock capitalized with a new
issue and distributed to preferred shareholders as a stock dividend. The
American Sugar Rellnlng Co. owns $5,128,000 of the $10,000,000 pref.
stock.— V. 95, p. 115.
New River Co.— Prospects.— “ Boston News Bureau” says:
President Gross will actively take up the reorganization of the operating
and selling ends to put the company on Its feet at the earliest possible ino’ment. The company has been badly handicapped by an inefficient man­
agement, which has been responsible for the present disorganized state of
things. The Boston Interests believe that, given time, the property can be
put upon a substantial earning basis, and, In fact, progress had been made
In this direction when the receivership proceedings were brought. The
coal Is there, and the market is all that could be desired, and the problem
Is to keep operating expenses down so that a fair profit can be shown
The company Is In default on the July 1 Interest on the $2,500,000 1st M
5% bonds, and as yet no plans have been formulated for payment. This
matter will shortly be considered In connection with the new financing.




Statement of Condition on M ch. 31 1912, Filed in Massachusetts

Assets—

Period
Covered—

Net

Interest &

Preferred Com.Divs.

Balance

Earns.
Discount. Dividends. (4 % ).
Surplus.
9 mos. end. June 3 0 ’ 12. $646,594 $320,172 (3)$60,000
$2 6 6 , 4 2 2
Year end. Sept. 3 0 ’ l l . . 470,063 405,456 ( 1 ) 2 0 , 0 0 0
.
4 1 ,6 0 7
Yearend. Sept. 30 ’ 1 0 .. 1,672,075 405,079 (7)140,000 $140,100 986,895
The company’s sugar mill produced 81,386,568 lbs. of sugar and 1,408,032
gallons of molasses during the 0 mos. end. June 30 1912, against 92,835,600
lbs. of sugar and 1,842,087 gallons of molasses during' the year ending
Sept. 30 to il and 137,196,740 lbs. of sugar and 2,870,334 gallons of mo­
lasses in 1909-10.— V. 93, p. 1458.
Northern California Power Co., Consol.— N ote Issu e .—
The company has applied to the California Hit. Commission for permis­
sion to issue $500,000 5-yr. 6% debenture notes to pay Heating debt —
V. 94, p. 1511.
Norwalk (O.) Steel Co — Bonds with Interest Guaranteed by
Crucible Steel Co. o f A m erica. — Robert C. Hall, Pittsburgh,

is making an initial public offering of the final $700,000 of
an authorized issue of $1,000,000 1st M. 4 ^ % $1,000 bonds
at $650 each (inch interest from July 1 1912). Dated July 1
1910 and due July 1 1929, but callable at $800 each. Par
$1,000 (c * ). Interest guaranteed unconditionally by Cruci­
ble Steel Co. of America by endorsement on each bond and
coupon, and payable J. & J. at Guardian Sav. & Tr. Co.,
Cleveland, trustee. See advertisement. A circular says in subs.:

The annual report of the Crucible Steel Co. of America for 1910 (V. 91,
p. 1023) contained this statement: "On July 13 1910 your company socured control of the Norwalk steel plant, located at Norwalk, O. It was
placed In operation in August and Is now an active producer and will prove
a prontable adjunct to the company’s operating plants.” Large sums have
recently been spent for improvements, and E. P. Roberts, Pres, of Cleveland
Engineering Society, estimates the earning power of the plant at $200,000
to $300,000 a year against the annual interest charge of $45,000.
Extract from Agreement Made bn Crucible Steel Co. of America.

“ The Crucible Steel Co. of America does hereby guarantee the prompt
payment of the interest coupons (but not the principal) of the Issue of the
honds of the Norwalk Steel Co. above mentioned upon the condition that
the holders of said bonds shall grant to the Crucible Steel Co. of America
the privilege or option of purchasing any or all of the said bonds at any time
prior to maturity at a price equal to 80% of the par value thereof together
with accrued interest on the par value of the same.
“ It is covenanted and agreed that a guaranty of interest shall be printed
upS?i.eac i °* t*ie C0UP°ns attached to said bonds, signed by the printed
or lithographed signature of the Treasurer or Assistant Treasurer of the
Crucible Steel Co. of America in the following form (the same now appearing
on the reverse side of each coupon— Ed.], to wit: ‘ In accordance witli the
terms of an instrument dated July 11 1010, deposited with the Guardian
Savings & Trust Co. of Cleveland, trustee, and made part hereof, the Cruci­
ble Steel Co. of America guarantees the prompt payment of this coupon at
maturity.’ [Signed Geo. A. Turvlllc, Treas. Crucible Steel Co. of America.],
The earnings of the Crucible Steel Co. for the ilscal year ended Aug. 31
1911 (V. 94, p. 1629: V. 93, p. 1019) were $4,080,776, and it Is confidently
expected the year ending Aug. 31 1912 will show much larger earnings.
The guaranty is backed by the $58,000,000 assets of the Crucible Steel Co.,
which is capitalized at $50,000,000.
The Crucible Steel Co. has the right to retire these bonds at 80 and int.,
and it is supposed that before maturity the issue will be retired at this
price, as the Crucible Steel Co. could not afford to have this profitable plant
pass into the hands of competitors. In the agreement between the Cruci­
ble Steel Co., the Norwalk Steel Co. and the Guardian Savings & Trust Co.
appears the following: “ The Crucible Steel Co. of America covenants and
agrees that at the date of the maturity of the bonds secured by said mort­
gage, the property, machinery and equipment upon said premises shall at
that time be in as good order and repair as the same are at this date, or
equivalent In value to the property, machinery and equipment now on said
premises, ordinary wear and tear excepted.”
In event the bonds are not retired at maturity the interest received will
have equaled the purchase price of the bonds and 3.7% interest on the
investment, leaving the investors with the plant as their profit. If re­
deemed at maturity under the terms of the Crucible Steel Cos. option they
will be an 8% investment. If retired at the end of a year under the same
option they will pav the investor 30% . Application will be made to list
the bonds on the Pittsburgh Stock Exchange.
Pressed Steel Car Co., Pittsburgh, P a. — Bonds Endorsed .—
See 111. Car & Equip. Co. above and V. 92, p. 458.— V. 9 4 , p. 5 5 1 , 3 5 5 .

Robb Engineering Co., L td ., Amherst, Nova Scotia.—
Receivership.— Proceedings have been instituted in the Mass.

Superior Court to foreclose the 1st M. of 1907 and Francis M .
Edwards of Boston and the Montreal Trust Co. have been
appointed receivers.
The large boller-mkalng plant of Robb-Mumford Co. at South Framing
ham, Mass., was purchased in 1906 (V. 8, p . 1 4 7 5 ).
Propositions to Bondholders.— The Corporation Agencies,

L td., Montreal, on July 10 proposed to the holders of the
$650,000 first mortgage bonds (see V. 83, p. 1475), either
(a) to give them in exchange therefor preferred stock in a
successor company, $ for $, with cash for the July 1912
(defaulted) coupons; or (b) to purchase the same with cashr
the principal at 6 0 % , the coupons at par, contingent in either
case on the deposit of the bonds as below stated.
Digest of Letter from C. II. Caban, Pres. Corp. Agencies. Montreal,July 10.
The Engineering Co. has defaulted in the payment of Its assscssmcnts,
taxes and July 1 1912 interest coupons. Proceedings are in progress toforeclose the mortgage. The outstanding liabilities amount to about
$900,000. IIoldnrs of over $300,000 of the bonds, who have felt that great
loss will inevitably result if the company Is compelled to close down Its
factories and to liquidate at a forced sale, have approached us with a view
to procuring a compromise and settlement of all outstanding claims by
effecting,* It possible, the organization of a successor company.
After a thorough examination we have undertaken to organize a new
company to which the properties and assets shall be transferred, and which
shall Issue 7% non-cum. pref. shares to an amount which shall not exceed
the net amount of the assets as these may be appraised by the Canadian
Appraisal Co., Ltd., and an accounting by Price, Waterhouse & Co.; tliat Is
to say, every $100 par value of pref. shares of the proposed new comapny
shall represent net assets of the value of $100.
Corporation Agencies, Ltd., hereby offers to all the holders of the bonds
either (1) to exchange such 7% pref. shares of the proposed new compnay
for the present bonds, par for par, the bondholders also to receive, In cash
at par, the amount of the Interest coupons which were payable on July 1
1 1912 on the bonds held by them, respectively: or, (2) to purchase their
• bonds. In cash, at 60% of their par value plus the par value of tho Interest
coupons thereon which were payable on July 1 1912, both offers to bo
conditional upon such bondholders depositing their bonds to tho order of
I Corporation Agencies, Ltd., at any office or agenoy of the Bank of Montreal
. within
days [bondholders residing in Europe within 30 days] from the
| date of 20
this offer. See V. 83, p. 1475. •
....................................

AUG.

425

T H E C H R O N IC L E

St. Clair
sixty-two
1002, for payment
East St. Louis, 111— V. 91, p. 1451.

St. Lawrence Bridge Co., Rockfield, Que.— Parent C o.—
Sec Dominion Bridge Co. above.— V. 93, p. 1007.

St. Lawrence Sugar Refineries Co., L td ., Montreal.

A E Ames & Co., Toronto, have place l at 1 0 1 anl int. $200,000 of
the 6% 1st M. sinking fund gold bonds, dated June 1 1912, due June l 1032,
but subject to call after 1915 at 110 and bit. Sink, fund 2% . Int. pay^ble J & D. at Can. Bank of Commerce, Toronto, Mont., N. Y . and London.
Par $500 and 51,000 and sterling equivalent. Total auth., $5,000,000;
Issued, $2,000,000. Trustee, Imperial Trust Co., Montreal.
The refinery, which has done a large an l profitable business for many
years Is situated on tract of about 20 acres on the waterfront, In the valua­
ble warehouse district of Montreal. Assets; Ideal estate, $002,288; build­
ings plant, &c., as appraised, $1,582,893; net current assets (Including
about $1,000,000 In ca3h), representing sugar, supplies, accounts and bins
receivable, investments, &c., 51,601,265; t tal net assets, $3,i-46,44t>.
Incorporated as now on April 30 1 9 1 2 under the Canadian Companies Act.
Capitalization (Par of shares $100)—
^ 'in n iin n
First mortgage bonds__________________________$2,000,000 $5,000,000
Pref. stock (7% cum., then common 7% , then the
two share equally)-------------------------------------------750,000
4,000,000
Common stock, par $100___ ________________
1.500,000
G' 0 po.ooo
Certified profits (after providing for deprec.) for the six fiscal ycaisi end
lng Feb. 28 1912 averaged $503,221 per ann. Bond Interest, $120,000.
Directors.— A. Baumgarten, f'res.; J.VV.McConnell,V.-l res.,O.W . Donnei,
2nd V.-Pres. and B. McNally.Sec.Treas. Montreal; E. A. Rclncke, in. x .
Shannon Copper Co.— Dividends Resumed.—
A dividend of 50 cents (5%) a share lias been dec ared on tlie $3,000,000
stock (nar $10) payable Oct. 1 to holders of.recoid Sept. 10. Ibis is tne
first disbursement since July 1 WO*, when the sanic arnounit^vas paid,
similar payments having been made Mch. 20 1J07 and Dee. ..o luoe.
V. 93, p.537.
flmrnt.iea Gas Co. of Cal.— First D ividend .—

See United States Printing Co. below.— V. 94, p. 285.
U nited States Printing Co .— Joint Selling A g en cy.— The

stockholders were, early this month, to approve changes in
the charter with a view to the organization of a joint selling
agency of the company and the U. S. Lithographing Co., to
be known as the United States Printing & Lithographing Co.
The new company will have $2,000,000 common stock, $ 1 , 5 0 0 , 0 0 0 7%
cum. first pref. and $80,000 8% cum. 2d pref. stock, the entire Issue or
the common to be divided between the Piinting and Lithograp
lng companies. The common and 2d pref. Issues have voting rights
and control the new company. The 1st pref. stock has, lt Is stated, been
practically all underwritten and will be sold. One
s ta t e s that
$750,000 of the 2d pref. stock may be taken by persons identified with the
Thn ♦wo* companies will turn over to the new company their selling
departments: ^ncludTng accounts. &c , for which they will receive
$1,500,000 cash and the securities mentioned.— V. 94. d . 987.
United States Printing & Lithographing C o .— N ew Selling
C o. — See United States Lithograph Co. above.
United States Steel Corporation.— Subsidiaries’ Orders
June 29.— The report of orders given out Aug. 10 shows un­

filled orders on the books July 31 aggregating 5,957,079 tons,
being an increase of 149,733 tons for tne month.
Tonnage of Unfij l e d Orders (000.000 o m t U e a - A U o n New B a r f s . ^
July. J ’ne.M au. Apr. M ch. Feb. Jan. Oct. J'ns. M a y . Jan. Dec. Dec. Sept .

5,9 5.8 5,7 5,6 5,3
— V. 95, p. 366, 301.

5,5

5,4

3.7

3.3

3,1

3,1

2,7

a,9

2,4

Western Steel Car & Foundry Co .— Bonds Endorsed.— ■
Sec Illinois Car & Equip. Co. above and V .94, p.70,355.— V. 94, p .< l.
W estern Union Telegraph Co.— Plans fo r Neiv B uilding.

Snrinfffield(Mass.)Gas L t. Co.— Consolidation Authorized.
The Mats uasec Electric 1 (lit Commissioners on July 24 authorized the
company to Issue 1,110 shrres ($111,000) of additional capital stock, and
to exchange the same for the entire capital stock of the Chicopee Gaslight
Co upon the basis of one share of the stock of the Springfield Gaslight Co.
for two shares of the Chicopee Gaslight Co. The Chicopee company Is
authorized to issue $55,000 new stock and the Springfield company $135,000,
to take un all outstanding debts as a preliminary to the consolidation. I ne
application of the Chicopee; authorities to reduce the price of gas In Chicopee
from the present one of SI 25 to 85c., the Springfield price, is denied, the
price being reduced to $1.00.— V. 93. p. 1469.
Standard Oil of California, San Francisco, Cal.— New
Stock.— The shareholders having voted on July 30 to increase

Plans were filed with the Superintendent of the Building De­
partment in this city on Aug. 8 for the company s new 28story building at an estimated cost of about 84,000,000, to
take the place of the present 10-story structure.

The building will have a frontage of 75.3 feet on Broadway, 275.♦. on
Dey St. and 33 ft on Fulton St. 11 will be erected in 3 sections, founda­
tions for the first section at Nos. 12 to 16 Dey St. have already been cleared
The original building, at the northwest corner ol Broadway and Dey st.,
will be displaced last, the next portion to be improved being on l ultoa St.
at Nos. 168 and 170, secured early this year on a long-term lease, v . U4,
p. 1769.

(F. W .) Woolworth Co.— F irst Com m on D ividend .—
An Initial dividend of 1 % has been declared on the $50,000,000 common
stock, payable Sept: 20 to holders of record Aug. 31.— V. 95, p.366.
Young, Smyth, Field Co., Philadelphia.— Stock at Auction.

the auth. capital stock from 825,000,000 to 850,000,000,
Sec. Win. Edwards, under date of Aug. 7, announces that the
directors have decided that at this time it is not necessary to — There were sold at auction in Philadelphia on Aug. 7 20
sell in excess of 200,000 of the 250,000 new shares. Accord­ shares of preferred, par 8100 a share (6 % cum. pref.) at
ing! stockholders of record Aug. 31 will be permitted to 9 4 % , with four shares of common stock as bonus.
This does not mean that new stock Is being issued, the share capital still
subscribe at par (8100 a share) on the company’s warrants at remaining
$1,000,000 each of common and pref. Dividends paid 3 /o semi­
its office, 401 Market St., San Francisco, on or before Oct. 31 annually (J. & J.) on pref. Mortgage debt only $180,000.— V. 74, p.484, 68.
(when payment must be made in full) for $20,000,000 of the
Yukon Gold Co.— Production.— For July and season:
new stock in amounts equal to S 0 % of their present holdings, Period
-C u .Y d s . Dredged-----Val. of Bullion ----- Ay.Recov.per Yd.
Covered
—
1912.
1911.
1912.
1911.
1912.
1911.
respectively. See V . 93, p. 1390; also V . 94, p. 1631, 1709. .Tulv *
1020 700
793.584 $644,000 $476,844 63 cents CO cents
Sea. to F l y i n ' 2 ’.4 8 1 , 1 0 0 1,967.501 1,760,700 1,131,512 71 oents 57 cents
Terminal Freezing & Heating Co., Baltimore.— Bonds.
______________________________ _
A first mortgage has been filed to the Baltimore 1 rust Co., — V. 04, p. 981.
trustee, to secure an issue of $1,000,000 5 % bonds dated 1912
—
Edward
Clifford,
I
.
C.
Ellston
Jr. and Arthur C. Allyn
and due 1932.
...............
The company was Incorporated in Maryland on Aug. 11 1911 with 51.­ of Chicago have formed a partnership for the transaction
600,000 of auth. capital stock in $100 shares ($800,000 being .;% cum. pref. of a general bond business. The new firm will begin lousiness
stock) as successor of the Balt. Refrigerating & Heating Co. which was
organized about 1901 and on Dec. 30 1908 was placed in receivers hands. early in September under the name of Ellston, Clifford &
The well-equipped plant of the old company at 408 to 430 South hutaw st., Co., and will have offices in the New York Life Building,
Balt., for carrying on the refrigerating, heating, cold storage and lcemanufacturlng business was sold at auction on April 17 1911 (the Central Chicago. The firm will handle high-grade bonds and
.Securities Co., the successful bidder at a previous sale I'cb. 1 1911 having preferred stocks.
Mr. Clifford has been, for five years,
failed to complete Its purchase) under foreclosure of mortgage of Oct. 1
1902 (Continental Trust Co., trustee) In pursuance of an order o l c i r ­ manager of the Chicago office of Hornblower & Weeks and
cuit Court No. 2 of Baltimore City. At this sale the property was bid In Mr. Allyn has been in charge of the bond department of that
for $201,000 by a committee consisting of Francis I . Homer, Maishall vun- office.
Mr. Ellston has been engaged in the public utilities
chester, George Whltelleld Betts Jr.. E. Clay Tlmanus and Michael hch oss
which representI 51,033.000 of the $1,273,000 outstanding 1st M. bonds business.
of 1902 In the reorganization the deposited bonds were exchanged, $ for $,
— The bankers, White, Weld & Co. of 14 Wall S t., N . V .,
for the new pref. stock with a 15% bonus in common stock; the undeposlted
bonds received 20% in cash. A syndicate, it is said, underwrote 5 100,000 the Rookery, Chicago, 111 Devonshire S t., Boston, are to-day
of tiie new bonds at 90 to provide for paying oil a $150,000 loan of the comadvertising for sale a new issue of 8400,000 Federal Light &
" “ U u . r ' . ' T ' S r S & w : Messrs. E. C U , Tlmanus Marshall Win­ Traction Co. first lien 5 % sinking fund bonds due 1912 at
Chester, Francis T. Ilomer, Michael SclUoss. Horace P. Sevlll, Harry F . 93Uj and interest, to yield about 5 .4 5 % .
Having sold a
Ambler of Philadelphia, and Robert II. McNeill of Washington.
large part of these bonds, the remainder is offered to investors
Tulsa (Okla.) Corporation.— Samuel Insull Purchase.—
subject to previous sale. See advertisement elsewhere m the
Negotiations arc"bclicved to have been completed by P. W Brooks & Co., N. Y . City, for purchase of this corporation “ Chronicle’’ for full description and our news item in Gen­
by Samuel Insull of the Commonwealth-Edison Co.
It is eral Investment News Department.”
— To supply the demand for “ The desirability of commer­
understood that the consideration was abt. M ,000,000.
The Tulsa Corporation does all the electric light and power
In cial paper as a bank investment,” Hathaway, Smith, Folds
Tulsa, the third largest city of Oklahoma. The company has issued $450,­ & Co. of 45 Wall S t., N . Y ., have had an additional supply
000 of an authorized Issue of $1,000,000 1st M. s. f. 5s, dated 1012 anu do®
May 1 1932, but callable In part by lot on or after May 1 191.) at 105 and int., printed, and will mail this booklet to any one desiring a copy.
or as a whole at 102 y, and Int. The property Is reported to be earning The booklet contains a repnint of an address delivered by
about four times Its Interest charges and 15% on Its $350,000 stock, i nc
J. Herbert Case, Vice-President of the Franklin Trust Co. of
entire Issue of bond3 *$450,000) has been placed privately b y 1 , D
Mr. Insull, lt Is thought, will merge this property Into one of his large Hold­ Brooklyn, at a recent convention of bankers, and is an able
ing and operating companies.
United Gas Improvement Co., Philadelphia.— Denial.— analysis of the subject.
__ Walker’s “ Manual of California Securities and Directory
President Bodine Aug. 10 said:
Reports of a new stock issue and Increase in dividend rate are without of Directors,” being the fourth annual issue, is now ready.
foundation. Until the attitude of the nntion and the several .States toward It is a work of 450 pages and thoroughly covers its subject.
corporations Is more definitely fixed as to regulation and control, publlo
service corporations will not bo likely t.o undertake any large or new plants. There is a monthly range of prices from 1905 to July 1 1912.
Rumors connecting United Gas Improvement with Philadelphia Etectrio II. I). Walker, 454 Montgomery S t., San Francisco, pub­
Co. arc baseless; neither the company nor Its friends have recently made
lisher; price S3.
any addition to their holdin :s of Philadelphia Electric.
Companies In which the United Gas Improvement Co. Is Interested arc all
__ Joseph Walker & Sons, 20 Broad S t., N . Y . , are offering
doing a larger business than ever before, but ample cash capital Is In hand
to meet ail requirements now In sight. The only serious problem confront­ Canada Southern stock and have issued a special circular
ing gas companies, In addition to questions above mentioned, Is the recent recommending it at the present price, yielding 4 .5 0 % , as one
great Increase in the price of oil, which, if maintained, will drive many comb ’ ’ s to the manufacture of coal gas. Fortunately, with the modern Wcls- of the most attractive of the guaranteed stocks.
S
burner. it Is possible to obtain as brilliant a light from coal gas as from
— H . M. Payson & Co., Portland, M e., will move on Mon­
water gas. The Immediate prospect Is good for a continuation of excellent
business. —~V. 95. p . 116.
day from their offices at 32 Exchange S t., which they have
United States Independent Telephone Co., Rochester.— occupied since 1854, to the offices formerly occupied by the
Poceivor Frederick L. Johnson on Aug. 2 brought suit In the U. S. District
Portland Trust Co. at 93 Exchange St.
Pourt aga'nst the four voting trustees to recover $2,084,205. The comnlalnt recites that the company had $50,000,000 capital stock, but no assets
— Paul B . Skinner, who has been in charge of the bond
exrent tiie liability of stocUioldeis to pay full amount of subscriptions.
(Malms aggrevat'ng $1,567,825 were presented by creditors to Receiver department of Hornblower & Weeks leaves for the W est
Johnson In 1910. and on June 11 1912 the Court of Chancery of New Jersey to become manager of the Chicago office of the firm.
ordered defendants named, as Joint holders of 385,975 shares of total pai




42G

T H E C H R O N IC L E

3£fee

C o m m e r c ia l

C O M M E R C IA L

g im c s

C O T T O N

E P IT O M E .

w, .
.
.
,
F rida y Night, A u g . 16 1912.
v\ natever change has taken place in tlie business situation
recently has been in the nature of improvement. The out­
look tor bountiful grain crops is even brighter than a week
ago, as corn has made more rapid strides forward. Returns
from the spring-wheat belt indicate that the spring-wheat
crop is threshing out fully as large as had been expected.
1 he weather over the cotton belt has been favorable in the
mam and there is a noticeable tendency to increase estimates
oi the yield. The cheerful crop prospects are reflected in
a more optimistic feeling among manufacturers generally.
Meantime iron and steel continue active at rising prices.
LA R D is firm for the spot article, there being a better cash
demand than for some time. The feature of the situation
however, is the export inquiry, which has attained quite
substantial dimensions. Ultimately, however, a large corn
crop is expected to readjust prices through increased hoobreeding. Prime Western is quoted at 11c.; Middle West­
ern 10.90c.; City, steam, 10 % c .
Refined lard is firm and in
fair demand. _ Continent is quoted at 11.25c.; South America
11.85c.; Brazil in kegs 13.05c. Speculation in lard futures
has been more active, with packers buying the deferred mos.
DAILY CLOSING PRICKS OF LARD FUTURES IN CHICAGO

„ . .
Sat.
Sept, delivery------- cts.10.G5
October delivery---------10.75

M on .

10.70
10.80

Tues.

Wed.

10.77^ 10.85
10.87H 10.95

Thurs.

10.95
11.05

F rl

11 oV

SpCcia,S'

15M @ 1 6 c .

Eggs,

Western

F rida y Night, A u g . 16 1912.
T H E M O VEM EN T OF T H E CROP, as indicated by our
telegrams from the South to-night, is given below.
For the
evening the total receipts have reached
2 1 ,9o9 bales, against 9,579 bales last week and 8,277
bales the previous week, making the total receibts since
Sept. 1 1911 11,503,296 bales, against 8,467,726 bales for
ni iSai?oP®riocl
1910-11, showing an increase since Sept. I
1941 ot 3,035,570 bales.
Receipts at—

Sat.

Mot».

Tues.

Wed.

F r i.

Total.

4,317
—

18,110
—

“ 16

364

1,083

“ 66
—

“ 6
— ;

‘ 151
— .

365

1,417

Thurs.

Galveston
Texas C ity ____
Port Arthur, &c.
New Orleans-.

1,076
—

2,667
—

5,035
—

2,805
—

54

127

147

"375

Mobile ________
Pensacola_____
Jacksonville___
Savannah _____
B runsw ick____
Charleston_____
G eorgetown___ '
W ilm ington___
Norfolk _______
Newp't News.&c.
New York______
B o s t o n ________
Baltimore ____
Philadelphia, &c.

10
------

“ 21
—

7

“ I
—

64

257

232

"445

“

::::

— -

— -

3

79
-----

'l0 7
—

“ 79
—

"377
—

“ 39
—
—

—
—

' -----—

“ '7
—
—

3,179 _ 5,500

4,013

Totals this week.

1,322

—

2,210
—

54

....

“

—
—

::::

64

—

—
—

“ 4

76

"6 6 2

__ _
“ 47
365
—

365
—

2 ,4 5 4

5,491 21,959

11.22)4

PO R K has been dull but steady; mess $20 2 5 @ $ 2 0 75
clear $19 25®.$21; family $20 2 5 @ $ 2 1 25.
Beef has been
steady, with only a light demand; mess $15 5 0 @ $ 1 6 ; packet
$17(a)$17 50; family $ 1 8 @ $ 1 8 50; extra India mess $29(5)
$29 50. Cut meats have been firmer; pickled hams, 10(5)20
lbs., 1 3 @ 1 3 % c .; pickled bellies, 6 @ 1 2 lbs., 13c. Butter
creamery extras, 2 6 @ 2 6 % c . Cheese, State, whole milk’
2 1 3 /@ 2 2 c e

[V O L . I , X X X X V .

firsts,’

. The following shows the week’s total receipts, the ota *
since Sept. 1 1911, and the stocks to-night, compared with
last vear:

Receipts to
A u g. 16.

1911-12.
This
Week.

1909-10.

Since Sep

This
Week.

Stock.

Since Sep

1 1911.
1 1910.
1912.
Galveston.
18,110 3,531,687 33,347 2,797,917
32,292
Texas City_____
—
586,468
308,229
Port Arthur, &c
___
280,250
259,508
New Orleans__ 1,083 1,655.398
2,501 1,588,251
21,498
G u lfp o rt__
___
—
64.802
34,211
M o b ile ____
131 383,726
17 249,934
2,105
Pensacola.......... ___
__
216,114
123,906
Jacksonville, &c
___
50,419
26
20,103
Savannah........ .
1,417 2,378,934
2,281 1,428,754
15,847
Brunswick____ ____ 404,363
222,736
Charleston____
4 414,860
1 285,097
3,064
G eorgetow n __ ___
1, 169
1,454
Wilmington __ ___
26 210,806
548,064
239
Norfolk________
802 751,207
8 559,228
12,518
N'port News, &c
___
39,352
3,924
New York_____
___
6,961
228
14,711 117,917
B oston ________
47
62,961
44
38,930
3,828
Baltimore______ 365 123,573
58 113,512
3,157
Philadelphia___ —
2,988
—
515
1,625
Total________
21,959l 11503296 38,537 8,407,726 2 14,090

1911.
27,314

O ILS.— Linseed has been inactive but steady; city raw
26,200
American seed, 7 0 @ 7 1 c .; boiled, 7 1 @ 7 2 c .; Calcutta, 80c!
Cottonseed oil has been moderately active and firm; winter
387
6.75c., summer white 6.65c. Cocoanut oil has been firm
and in good demand; Cochin 9 % @ l 0 c . , Ceylon 8 % @ 8 % c .
9,804
051
Chinawood steady at 9 @ 1 0 c . Corn has been in good demand
3 ,4 7 3
at 5 .8 0 @ 5 .8 5 c . Cod firm; domestic 4 6 @ 4 8 c .
161
CO FFEE on the spot is dull and nominal. The country
1,290
continues to maintain a waiting attitude and buying is of
83,294
the most hand-to-mouth character.
Roasters are disposed
5,017
to fight for concessions and the result is a decline in Brazil
214
836
grades. Cost and freight oilers are also down, as the pri­
mary market has weakened. Little business with Santos
158,701
has been transacted, however. Spot Rio No. 7 is merely
In order that comparison may be made with other years
nominal at 1 3 % c .; Santos No. 4 is quoted at 1 5 % @ i 5 i z c
West Indian coffee is sympathetically lower. Fair to o-oocj we give below the totals at leading ports for six seasons:
Cucuta is held at 1 5 L j@ 1 5 % c ..
Options have made new
Receipts at—
1912.
low levels on liquidation and short selling. European and
1911.
1910.
1909.
1908.
1007.
Brazil cables have been depressing. Some inside support was Galveston__
18,110
35,547
26,480
6,313
32,654
noted. Closing prices were as follows:
Texas City, &c
475
o ' « « I£Jov.l2.61 5512.661Feb, 12.71 ® 12.73 (May 12.80® 12 81
Sept. 12.52® 12.55! Dec. 12.69® 12.70 Mch. 12.79® 12.80 J ’nc 12 7 7 ® h ' , !
Oct. 12.58® 12.60 (.Tan. 12.71® 12.73 |Apr ,12.79® 12.81 |.JMy l S i ^ l

S U G A R .— Raws have been more active and firm. After
a slight recession, there was good buying for needs of re­
finers. Cuban shippers refuse to press offerings, as the crop
movement is now practically over. European beet cables
moreover, proved fairlv steady. Yet the prospects are good
for a large crop this fall. Centrifugals are quoted 96-degrees
test, 4,05c.; muscovado, 89-degrees test, 3.55c., and mo­
lasses, 89-degrces test, 3.30c.
Refined sugar continues
quiet, with fair withdrawals.
List prices were reduced to
5c., 5 points lower being quoted in one instance for sevenday contracts.
P E T R O L E U M .— Refined petroleum has been quiet and
steady.
1 he domestic consumption has been of normal size
for the period. Barrels 8.35c., bulk 4.75c. and cases 10.25c.
Naphtha has been active and firm; 7 3 @ 7 6 degrees, in 100gallon drums, 22c.; drums $8.50 extra. Spirits of turpen­
tine 44c. ( Common to good strained rosin $6 55.
1 0 B A C C 0 . A quiet spot business is still reported. The
feature of the market is the scarcity of binder, for which
sellers are able to obtain full prices. Reports from the new
crop are none too encouraging and higher prices arc being
paid for desirable leaf. Wisconsin is being purchased, as
conditions suggest a poor crop. There was too much rain
and cool weather. In New England, Havana seed is being
purchased at high prices, owing to the scarcity of binder.
Sampling of 1911 Connecticut broad leaf is noted and reports
of black rot are confirmed. Sumatra is being taken in a
routine way for manufacturers’ . Havana leaf is quiet.
ri COPPER is firm and active, with prices tending upward.
There was a good consuming inquiry, with Lake quoted at
1 7 % cents and electrolytic at 17 % cents to 1 7 % cents. Stocks
it is said, are none too large for requirements of the trade.
Tin is still firm and fairly active at the basis of 4 5 % c . Lead
is steady, being quoted at 4 % c . Spelter rules slightly
easier at 6.95c. Pig iron is firmer and in good demand.
No. 1 Northern is quoted at $16 2 5 @ $ 1 6 50; No. 2 Southern
$ 1 6 @ $ l(j 50. Premiums are being paid for semi-finished
steel with a scarcity of billets and sheet bars noted.




New Orleans.
M obile______
Savannah __
Brunswick. .
Charleston, Ac
W ilmington..
N orfolk ____
N'port N., &c
All others___

1,083
131
1,417

2,501
17
2,281

4
802

i
26
8

412

350

2,287
15
7,563

3,438
2,273
1,028

2,349
2,471
3,907

1,891

16

1,161

2,65 i
______
820

479

920

558

374

290

1,153

1,763

Total this wk.
38,537
21,959
40,770
14,396
44,246
11,357
Since Sept. 1. 11503296 8.467,726 7,299,581 9,821,828 8,310,287 9,692,472

The exports for the week ending this evening reach a total
of 11,969 bales, of which 2,881 were to Great Britain,
to France and 9,088 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1911:

Exports
from —

Galveston..
Texas City.
Pt.Arth.,Ac.
NewOrleans
Mobile___
Pensacola..
Gulfport__
Savannah -.
Brunswick .
Charleston .
Wilmington
Norfolk___
New York..
Boston___
Baltimore..
Phil’delphia
Portland,Me
San Fran’co
SeatUe___
Tacoma__
Detroit___

Week ending Aug. 1C 1912.
Exported to—
Great
Britain. France

___
__ *
___
1,140
___
___
___
___
___
___
___
1,710
31
___
___
___
___
___
___

Conti­
nent.

3,003
___
___

3,845

125
1,215

___
—

Total___

2,881

....

Tot. 10-11.

5,612

763

Total.

From Sept. 1 1911 to Aug. 16 1912.
Exported to—
Great
Britain.

France.

Conti­
nent.

Total.

3,903 1,373,770 280,821 1,359,444 3,014,035
92,058 81,752 585,914
411,501
21,546 66,14C 117,178 201.864
4,985 829,083 174,971 594,484 1,598,538
107,270 65,654 119,319 292,243
01,798 04,337 90,329 210,461
37,373
27,429
64,802
472,207 109,072 1,142,458 1,784,337
175,100 372,824
197,604
199,209 250,574
51,305
162,097 115,111 224,888 502,420
6,722
14,756
125
21,478
2,925 263,139 89,377 314,728 667,244
13,282 186,566
31 173,284 .........
6,227 105,279 130,518
19,012
64,409
25,108
89,577
....
0,829
_____ 211,778 211,778
_____
_____ 150,520 150^526
_____
59,843
59^843
4,808 .........
—
4,808

9,08* 11,969 4,234,661 1,162,671 5,018,910 10416242
7,744 14,119 3,309.319 909.466 3,250,374 7,409,159

a h auuiuuii i u ciuovc cxporioj OUl
to-niglit fllSO
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figure’s for
New York.
M.

THE

A ug . 17 1912.]

FUTURES.—The highest, lowest and closing prices at
New York the past week have been as follows:

O n S h ip b o a rd , N o t C lea r ed fo r -

Aug.

16

G rea t
a t —■ B r i t a t n . F r a n c e

New Orleans .
Galveston . . .
Savannah __
Charleston . .
M obile_____
N orfolk ____
New York —
Other ports. -

732
1,032

Total 1912.
Total 1011.
Total 1910-

2,989
8,330
6,513

G erm any.

100

990

,

O th er
F o reig n

1,073

400
500

500
125
1,090
4,883
9,196

C o a stw is e .

1,973
4,760
5,461

1,859
4,401
3,040

L ea v in g
S to ck .

T o ta l.

11,000 11,000
1,100
625

20,214
26,482
15,847
3,064
2,105
1,518
116,817
8,224

11,908 19,819
784 23,218
2,926 22,142

194,271
135,483
205,973

71
837

381
1,278

1,284
5,810

Speculation in cotton for future delivery has been active
at times at a decided decline in prices. The secret of the re­
cent decline of some $9 50 a bale was the breaking of the
drought in Texas and elsewhere in the Southwest and por­
tions of the Eastern section of the belt, notably in North
Carolina. The rainfall in Texas has been noteworthy and
its effect to all appearance highly beneficial. It is pointed
out that 66% of the Texas cotton area has recently been
visited by copious rains, amounting in.the course of ten days
to 1 to 7 inches, 20% having 4 to 7 inches. Other sections
of that State have had beneficial though smaller rainfalls.
In a word, the conditions have been greatly improved in
Texas, and the same is said to be true of Oklahoma, Arkansas
and Tennessee. The section east of the Mississippi has also
been considerably helped by more favorable weather condi­
tions, increased moisture there adding to the chances of a
larger crop than at one time seemed possible. Indeed, pre­
dictions are beginning to be heard that the coming crop will
be the second largest in the history of American cotton cul­
ture. All this has caused enormous liquidation, both at home
and abroad. On Monday prices here broke 50 points. Large
spot interests have, it is understood, sold on a big scale.
The South, Europe, Wall Street and local trading interests
have sold freely. It turns out that the long interest was
rather larger than had been expected. The notion of many
had been that a short crop was a foregone conclusion. For
many weeks strong interests supposed to be heavily “ long”
of the market gave prices support, particularly during the
period when the crop in Texas seemed to be seriously men­
aced by drought and dry weather in Oklahoma, Arkansas and
Tennessee, as well as in some sections of the Eastern
belt, seemed also to threaten a curtailment of the yield.
Speculation for a rise expanded until the “ long” account
became so large as to be unwieldy. The outside public had
entered the market to a noticeable degree after having held
aloof for a long period. Just when the technical position,
or, in other words, just when the long interest had been so
large and scattered as to bo peculiarly vulnerable to^attack,
came the copious and timely rains in Texas. The effect was
palpable. By sheer plunges of 30 points or more a day the
market descended, and last Monday the sudden collapse of
50 points was severe enough almost to suggest a semi-panic
among the bulls. From the high point the recent decline
amounted to nearly two cents a pound. The crop prospects
are now regarded as decidedly better and the short side is as
popular with the rank and file as the bull side was only a few
weeks ago. It is noticed that, with a better outlook for the
crop, the spot sales at Liverpool have fallen to a very small
total. Finally, the receipts of the new crop arc already
suggestively large. In a single day the receipts of new cotton
at Houston reached 7,400 bales out of its 8,600 bales. Spot
markets have been steadily declining. Buying of the actual
cotton has, naturally, been unfavorably affected by the rapid
decline of prices. The sharp fall in the value of the raw
material, it is stated, has also had a prejudicial effect on
the trade in cotton., goods. On the other hand, it
is pointed out that the crop is not yet made. The short
interest is very large. The decline of 89 50 a bale discounts,
it is argued by some, all that the advocates of lower prices
have to adduce against the market. Some insist that good
weather throughout the month of August and September is
essential to the raising of an adequate crop. They also insist
that a late date of frost is indispensable to the same end.
To-day, however, prices declined sharply, falling 81 50 a
bale, owing to weaker cables than expected, generally favor­
able weather, reports that Texas was offering new cotton
freely in Liverpool, increased receipts in the Southwest and
heavy general selling, partly by prominent spot interests.
Spot cotton here has been dull. Middling uplands closed at
11.90c., showing a decline for the week of 40 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
A u n . 10 t o A u g . 16-----Sat.
M on. Tucs. W e d . T liu r s. Fri.
Middling uplands-------------------12.30
12.00 11.90 12.00 12.00 11
MARKET AND SALES AT NEW YORK.
S p ot M a rk et
C lo sed .

Saturday__
Monday___ Quiet.
T u e s d a y __ Quiet,
Wednesday. Quiet,
Thursday
Friday_____ Quiet,

30 pts. d e c..
10 pts. d e c ..
10 pts. a d v -.
10 pts. d e e ..

Total




F u tu re s
M a rk et
C lo sed .

Barely steady..
.
W eak__
Steady________
Firm ____
_
Steady______
W eak_____

427

C H R O N IC L E

SALE S.
S p o t.

122

“ if)
100
100
241

C o n t r 'c t

'300
—

T o ta l.

422

___
400

19
100
400

700

941

O

05

a

oo
© ?@
to
o'o

©

I®

wo
wo COW O 00
W,U O mm
I© I® I®
I® T® I© I®
WW
oo oo 5M MM

•*1O

©

•*JtU

© I©

W t\3 l\3
MM
OO WW *Ucn
oow W
oo w
I® I® I® I® I© I®

taw

WW

I©

©

OOCO 0000 0000 00
0
000
mm
oo
o ro
® I® ®®
© I® ?® |®
M
-*to 1-M-*
00 Q
0O
5MM t>
O5O
oW©
oco O
oO
ocMo oo] oh-LoO
b o oo b
M

•UlU

UJ.

■§

WW W©

ji

WOO

ww

ta o

m

£o
mg'

ms
m§
w£

W

O **J O

I® I® I® I®

I®

© I©

£§■

w w
w w
o o
w W 00 to
M
MI ww o o w
mmcO

© |©

•*lbo

£
EE j |
iu!u
b
l\5
© © T® i ©
mm
lu’•*! 1
|
1]I
© |©

Ct £»

o
I©

WOO

© I©
OO

EE El
w
iu w
w
coo
I® 1©
Lm'm
mm
ow W
wI1

©W

©

W<£*■ O
CO^1 o w

WW
co w

W

OCR

rf^W

® I© I© 1©

OO

O-J

EE
OO
1©
LmL
rssw
w

mm E| EE EE mm

w
w rCoO
wto
1® 1®
mm M
M
w
tUb
M
M21

WO

K
titj
O o
m
m
tsj?
OO
ww O
1© 1® 1©
M
M
M
M
M
m
mM
M
K
MM
w
to b
wrw
o
-*11b
\5 oOoO

m
3r
e>
s1

O^

M
M M
* o
© I® I® I© I© I® I© I® I©
to

M
M

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as we 1 as the afloat, are this week’s returns, and consequent y 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.
A u g u s t 16—
Stock at Liverpool________bales.
Stock at London ______________
Stock at Manchester___________

1912.
687,000
4,000
77,000

1911.
513,000
15,000
43,000

1910.
357,000
8,000
29,000

1909.
879.000

Total Great Britain stock------Stock at Hamburg________

768,000
10,000
244,000
121,000
3,000
15,000
12,000
10,000

571,000
14,000
34,000
72,000
2,000
18,000
16,000
7,000

394,000
12,000
74,000
77,000
2,000
12,000
19,000
7,000

954.000
9.000
157.000
171.000
3.000
24.000
18.000
5.000

415,000

163,000

203,000

387.000

734,000
50,000
29,146
33,000
62,000
453,000
158,701
94,511
3,722

597,000
67,000
71,094
17,000
38,000
475,000
233,115
45,813

Stock
Stock
Stock
Stock

at
at
at
at

Marseilles .
Barcelona
Genoa___
Trieste___

Total Continental stocks---------

1,183,000
India cotton afloat for Europe — . 80,000
43,904
Amer. cotton afloat for Europe-Egypt,Brazil, &c.,allt.for Europe.. 30,000
. 38,000
Stock In Alexandria, Egypt
. 476,000
Stock In Bombay, India—
. 214,090
Stock In U. S. p o r ts --------Stock in U. S. Interior towns----- . 93,172
U. S. exports to-day----------------- • ...........

21,000
54.000

60,000
67,460
30.000
56.000
217,000
188,151
80,350
2,184

.2,158,166 1,618,080 1,544,022
Of the above, totals of American and other descriptions are as follows:
A m e r ic a n —
791.000
263.000
329.000
Liverpool stock___________ bales.5. 564,000
41,000
23,000
31,000
58,000
Manchester stock----------------------.
347.000
148.000
383,000
117.000
Continental stock_____________ -. 383,000
67,460
71,094
29,146
.
43,904
American afloat for Europe.
188,151
233,115
. 214,090 II 158,701
U. S. port stocks--------------80,350
94,511
45,813
U. S. Interior stocks-----------------.
93,172
2,184
3,722
U. S. exports to-day------------784,022 1,517,245
763,080
Total Am erican___________ .1,356,166
E a s t I n d i a n , B r a z i l , & c .—
88,000
94,000
184,000
Liverpool stock--------------------- . 123,000
21,000
8,000
.
4,000
15,000
London stock---------------------13,000
6,000
.
19,000
12,000
Manchester stock....................
40,000
55,000
46,000
_ 32,000
Continental s t o c k ---.............60,000
67,000
50,000
80,000
India afloat for Europe--------- .
30,000
17,000
33,000
30,000
Egypt, Brazil, &c., afloat----56,000
38,000
62,000
38,000
Stock In Alexandria, E gypt.. .
217,000
475,000
453,000
- 476,000
Stock In Bombay, India------855,000
763,080

525,000
760,000
784,022 1,517,145

11.90c.
12.50c.
10?id. 1 0 % d .
Peruvian, Hough Good, Liverpool
9.75J. 10.40d.
Broach, Fine, Liverpool-............. 6 7-16d.
6% d.
Tluncvclly, Good, Liverpool___
6 ^ d . 6 5-10d.

15.95c. 12.65c.
13 % d . 9 13-10d
ll.OOd.
8.35d.
7Md.
6Wd.
7Md. 5 15-16d.

-

M id d lin g Upland, New York-----E g y p t , Good Brown, Liverpool,.

802,000

Continental imports for the past week have been 60,000
bales.
•
The above figures for 1912 show a decrease from last,jweek
of 145,940 bales, a gain of 510,086 bales over 1911, an ex­
cess of 614,144 bales over 1910 and a gain of 116,021 bales
over 1909.

THE

4% 8

[VOL. LXXXXV.

C H R O N IC L E

AT THE INTERIOR TOWNS the movement—that is,
NEW ORLEANS OPTION MARKET.—The highest,
the receipts for the week and since Sept. 1, the shipments lowest and closing quotations for leading options in the New
for the week and the stocks to-ni^ht, and the same items Orleans cotton market for the past week have been as follows:
for the corresponding period for the previous year—is set
out in detail below.
IN.in. o -p CM>0 >
0CO00oo>000O IQC^)o O O ^ TH lOOOCvjrfCVJ
M’M
,©C0f'*,1<^f?'lts
O oOO) O
A u g u s t—
rHCO>0»-«OrH«C000C
CMM05T
r? f,©O©e0©*1»CM
OOOMODOcOh* iirfOOh<?5
o ^ ■ ^JCrH
R a n ge___
^CO

tH

CM *7CM

CIO*CO* ’ O* rHr-I

OO
ioOcO
tO
O
fiO
oH
O'O
iHJO
0SO
O
Q
SO
Co']O
HCC
|v
Q
H
C
5rH
M
o’i.O
HIO
p lO
O0'fH
tN
O
iO
V|CM ■ r-i lOCM «H O IHN
lOCO

Closing___

S ep tem b er—

R a n ge___
Closing___

O ilO ICO

O cto b er—

HCOO NOo NCl Or-uo sosoH(N'f roO COo roMo HrHCl o lOO O <Oh ^
O MCOO
OoO
O
OC
5coO
OO
OfN
»OcH
OL
cO
CfN
'0»C
OC
ttO
cO
CoC
O’-<
rT
NfC
Oc'J
o«M
cO
c‘O
rt,l»0
tNiOCOI'O
M
fO
H
O
M
OH
H
O
OC
sO
TO
fO
M^ONMOJ
■«CO Ct)P*'OCM© 10CO*
SOrHfOTl<OC^ ICMOOTJIOOO
*”**3*“•
i ootN. O COCM

R a n ge___
Closing___

N ovem ber—

R a n ge___
Closing___

D ecem ber—

R an ge___
Closing___

i‘OCOCM ICO iCM
iO i<0 ICO

J a n u ary—

Range ___
Closing___

F eb ru a ry—

R an ge___
Closing___

TfNOOrfrfiMT^OCacOOOOOOHOCO'fNHClcOCj'd'ObT
CO

r-*

M a rch —

R an ge___
Closing___

r-i

M ay—

lOOb ICO I'ITnC

R an ge___
Closing__ _

•c; 2^

T on e—

COCMitOCOt}*CM© ^7LOO OC
00COCO00CMCMCOO rHrf 00C _ _ . . . .

_ . ... _ ,

Spot _____
O ptions__

.

»<OcOt'-COOcOOcOCM'<t4CMOO©UOCWT*<Or-iO*-i'»fCMCMr'.«0«,

EUROPEAN COTTON CONSUMPTION TO AUG. 1.—
By cable to-day we have Mr. Ellison’s cotton figures brought
down to Aug. 1. We give also revised totals for last year,
that comparison may be made. The spinners' takings in
actual bales and pounds have been as follows:

© CM CO
ICOO CO IO

l©toCOilO

O cto b er

S i l l s l l l i l i 1^I I i I « l l s .11l a f I f I «35
1 1 1 1 1 1 1 1 1 1 1 1 1 III 1 11 11111111 I II 111
a - oK
.s- - 7C- ca- . . :- : : t>» 100 • • • ; • n
© ».a . <v
<
< O' * *
«-ia
s?;oMh b

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.— We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
------ 1911-12-------

A u g . 16—
S h ip p e d —

Via
Via
Via
Via
Via
Via
Via

S in c e
S e p t . 1.

W eek .

St. Louis_______
Cairo__________
Hock Island___
Louisville______
Cincinnati___ ,.Virginia points. _
other routes, &o.

.. 1,277
..
545
...

276

..
..

78
41

.

D e d u c t s h i p m e n t s —■

Overland to N. Y ., Host
Between interior towns.

655,601
67,947
8,458
173,093
129,186
191,980
451,265

2,709 1,677,530.

..
412
..
07
. 3,026

196,483
103,348
91,541

Total to bo deducted_______ .- 2,535

391,372

Leaving total net overland •___

174 1,286,158

1910-11-----Since
S e p t . 1.
523,640
213,946
75
26,032
19
132,417
109
80,010
67
176,464
53
171,858

Week.
1,384
888

2,595 1,324,373
330
5
1,882
2,217

167,668
62,467
63,469
293,604

378 1,030.769

* Including movement by rail to Canada.

The foregoing shows the week’s net overland movement
has been 174 bales, against 378 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 255,389 bales.
-1011-12-1910-11
I S S ig h t a n d S p in n e r s '

S in c e

T a k in g s .
W eek .
S e p t . 1.
Receipts at ports to Aug. 16____ 31,959 11,503,296
Net overland to Aug. 16________
174 1,286,158
Southern consumption to Aug. 10. 56,000 2,628,000

. 78,133 15,417,454
. *1,660
a7,265
Came Into sight during week. . 76,473
North. spinners’ takings to Aug.10
Decreaso during vveelc.

a

8,404

15,410,189
2,426,047

S in c e

W eek .

38,537
378
33,000

S e p t . 1.
8,467,726
1,030,769
2,339,000

71,915 11,837,495
*1,277
43,733
70,638
11,881,228
0,770

2,159,821

Less than Sept. 1.

Movement into'sight in previous years.
W eek—
D a les.
S i n c e S e p t . 1—
D a les.
1910— Aug. I O -.- j ^ . j .^ ......... 61,976 1909-10— Aug. 19_______ 10.469,185
1009—-Aug. 20.^____- ..............63,887 1908-09— Aug. 20----------- 13,647,698
1008—Aug. 2 2 ....................... .75,037 1907-08— Aug. 22_______ 11,441,150

1 to

A ugust

1.

G reat D r ita tn .

C o n tin e n t.

For 1911-12.
Takings by spinners. . . bales
3.813.000
5.789.000
o 602,000
Average weight of bales___ lbs.
501
486
491.9
Taklngs In pounds .
1.010.313.000 2.813.454.000 4,723 ,767,000
For 1910-11.
Takings by spinners.___ bales
3.425.000
8,689,000
5.264.000
Average weight of bales___ lbs.
502
475
485.0
Takings In pounds...... ...........
1.719.350.000 2.500.200.000 4,219 550,000

According to the above, the average weight of the deliv­
eries in Great Britain is 501 lbs. per bale this season, against
502 lbs. during the same time last season. The Continental
deliveries average 480 lbs., against 475 lbs. last year, and for
the whole of Europe the deliveries average 491.9 lbs. per bale,
against 485.0 lbs. last season. Our dispatch also gives the
lull movement for this season and last year in bales of 500 lbs.
1911-12.

O c t o b e r 1 t o A u g u s t 1.
D a l e s o f 500 l b s . e a c h .
000s o m i t t e d .

G rea t
D rita tn

C o n ti­
n en t.

1910-11.
T o ta l.

G rea t
D r ita tn

C o n ti­
n en t.

T o ta l.

Spinners’ stock Oct. 1
Takings to Aug. 1___________

312
3,821

1,104
5,627

1,416
9,448

169
3,438

972
5,000

1,141
8,438

Supply ___________ _
Consumption, 43 weeks______

4,133
3,440

0,731 10,864
4,730 8,170

3,607
3,110

5,972
4,515

9,579
7,625

Spinners’ stock Aug. 1
W e e k ’s C o n s u m p tio n ,
000s o m i t t e d .

In October _____ .
In November . . . . .
In December_________
In J a n u a ry .. ___
In February_____ _
In March ___________ ______
In A p r i l __ ______
In May_____________________
In J u n e -----------------------------In July_____________________

693

2,001

2,694

497

1,457

1,954

80
80
80
80
80,
80
80
80
80
80

110
HO
110
110
HO
110
110
110
110
110

190
190
190
190
190
190
190
190
190
190

60
70
74
74
74
74
74
74
74
74

105
105
105
103
105
105
105
105
105
105

105
175
179
179
179
179
179
179
179
179

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.
NEW YORK QUOTATIONS FOR 32 YEARS.
1912.c ___
1911_____
1910_____
1909_____
1908........
1907_____
1906... . .
1905___ -

. 11.90
.12.50
.15.70
.12.75
.10.50
-13.25
. 10.30
-10.50

1904.C-1903___
1902___
1901___
1900____
1890___
1898 ___
1897.. ..

..1 0.65 1896.0.. . . 8.19
. 12.75 1895___ . . 7.56
1894____ . . 7.00
... 8.00 1893___ . 7.50
..10.12 1892____ - - 7.12
6.19 1891___ ... 8.00
12 .00
-- 0.00 1800
.11.31
- - 8.00 1889___

1888.p ___
1887..- . . .
1880...........
1885. ____
1884 ........ .
1883............
1882. . ___ .13.0H
1881__ . 1. _ 1o **■

WEATHER REPORTS BY TELEGRAPH.— Telegraphic
QUOTATIONS FOR MIDDLING COTTON AT OTHER advices to us this evening from the South are quite satisfac­
MARKETS.—-Below are the closing quotations of middling tory as a rule. There have been further beneficial rains ia
cotton at Southern and other principal cotton markets for many sections and temperature has been favorable. Picking
each day of the weqk:
is under way in earlier sections, but the movement of new
cottorqto market thus far has been comparatively small.
C lo s in g Q u o ta tio n s fo r M i d d lin g C o tto n o n W e e k e n d in g
Galveston, Tex.—Conditions practically unchanged. Pros­
A u g . 16.
S a t’d^u.
M o n d a y . T u e s d a y .\ W o d ’ d a y . T h u r s d ’ y , F r i d a y .
pects are good but only a small amount of cotton yet picked.
Galveston____ 12%
12%
12 11-10 12 %
12%
1
2
%
We have had rain on one day of the past week, the rainfall
New Orleans__ 12%
12 %
11 15-10 11 13-10 11 13-16 11 13-16
M obile___ , __ 12 %
reaching fifty-six hundredths of an inch. The thermometer
12 14
11 %
11 %
1U4
1
1
%
Savannah
12
12
12%
12
12
11%
has averaged 79, the highest being 88 and the lowest 70.
Charleston . __
Wilmington__
Abilene, Tex.—We have had rain on ono day during the
Norfolk ______ 13
12%
12%
V
12~"
12 % '
week, to the extent of seventy-eight hundredths of an inch.
Baltimore
__ 12%
12%
12 %
12 %
12 %
1
2
%
Phladelphla__ 12.55
The thermometer has averaged 82, ranging from 68 to 90.
12.25
12.25
12.15
12.25
12.15
Augusta . . . __ 12’/f
12%
12 %
12 ■%
12%
12%
Brenham, Tex.—We have had no rain during the week.
Memphis . . . __ 12%
12%
12%
12 14
12%
1
2
%
The thermometer has ranged from 68 to 100, averaging 84.
St. Louis . . . __ 1214
12 5-4
12%
12%
12%
1
2
%
Houston . . . __ 12 %
12%
12 %
12%
12 5-10 12 3-16
Cuero, Tex.— Dry all the week. Average thermometer
Little H o c k i... 12%
12*4
12%
12
12
12
87, highest 102 and lowest 72.




z h

C H R O N IC L E

Dallas, Tex.—The week’s rainfall has been twelve hun­
dredths of an inch, on one day. The thermometer has
averaged 82, the highest being 9(3 and the lowest 08.
Henrietta, Tex.—We have had rain on one day during the
week, to the extent of ten hundredths of an inch. The
thermometer has averaged 82, ranging from 70 to 94.
Kerrville, Tex.—Dry all the week. Average thermometer
83, highest 98, lowest 03.
Lampasas, Tex.—No rain during the week. The ther­
mometer has averaged 83, the highest being 100 and the
lowest 00.
Longview, Tex.—It has rained excessively on two day1*
during the week, the precipitation reaching ton inches and
twenty hundredths. The thermometer has averaged 81,
ranging from 00 to 90.
Nacogdoches, Tex.—The week’s rainfall has been one inch
and two hundredths, on one day. Average thermometer
78, highest 90, lowest 00.
Paris, Tex.—We have had no rain during the week. The
thermometer has averaged 77, ranging from 02 to 92.
San Antonio, Tex.—We have had no rain during the week.
The thermometer has ranged from 74 to 98, averaging 80.
Taylor, Tex.—Dry all the week. Minimum thermometer
72.
Weatherford, Tex.—There has been rain on one day during
the week, the rainfall being eight hundredths of an inch.
The thermometer has averaged 81, the highest being 94 and
the lowest 68.
..
Ardmore, Okla.—Dry all the week. Average thermometer
81. highest 90, lowest 00.
Tulsa, Okla.—It has rained on one day during the week,
the precipitation reaching sixteen hundredths of an inch.
The thermometer has averaged 80, ranging from 04 to 97.
New Orleans. La.—This week’s rainfall has been seventythree hundredths of an inch, on two days. Average ther­
mometer 84, highest 92 and lowest 74.
Shreveport, La<,.-—We have had rain on two davs of the
past week, the rainfall reaching seven inches and sixty-three
hundredths. The thermometer has averaged 79, the high­
est being 92 and the lowest 00.
Helena, Ark.—Crons renorted good. We have had rain on
two days during the week, the rainfall being forfv hun­
dredths of an inch. The thermometer has ranged from 09
to 90, averaging 78.4.
Little Hock, A'k.—Rain has fallen on four days during the
week, the rainfall being sixtv-four hundredths of an inch.
The thermometer has ranged from 00 to 91, averaging 75.
Vicksburg, Miss.—There has been rain on five davs the
past week, the rainfall reaching two inches and thirteen hun­
dredths. The thermometer has averaged 79, ranging from
07 to 92.
Mobile, A<.a.— Weather continues favorable. First new
bale was received on the 14th, or two weeks later than last
year. We have had rain on four days during the week, to
the extent of fifteen hundredths of an inch. The thermo­
meter has averaged 82, ranging from 72 to 91.
Montgomery, Ala.—-Weather favorable. Rain has fallen
on three days during the week, the rainfall being seventvseven hundredths of an inch. The thermometer has ranged
from 68 to 91, averaging 80.
Selma, Ala.— Rain has fallen on five davs of the week, the
rainfall being one inch and seventy-eight hundredths. Aver­
age thermometer 77.5, highest 89, lowest 67.
Augusta, Ga.—The week’s rainfall has been two inches
and twenty-three hundredths, on two days. The thermo­
meter has averaged 79, the highest being 93 and the lowest 05.
Savannah, Ga.—There has been rain on one day the past
week, the rainfall reaching fifty-nine hundredths of an inch.
The thermometer has averaged 82, ranging from 74 to 90.
Spartanburg, S. C.—It has rained on one dav during the
week, the precipitation reaching twenty hundredths of an
inch. The thermometer has averaged 79, ringing from 61
to 90.
Madison, Fla.—There has been rain on three days of the
week, to the extent of thirty-seven hundredths of an inch.
The thermometer has avcraged.82, the highest being 95 and
the lowest 70.
Charlotte, N. C.—We have had rain on thrae days during
the week, the rainfall being fifty hundredths of an inch. The
thermometer has ranged from 67 to 91, averaging 79.
Memphis, Tenn.—The crop is progressing favorablv.
Open bolls are beginning to be reported. We have had rain
on two days during the week, the precipitation reaching
seventy-two hundredths of an inch. The thermometer has
ranged from 05 to 91, averaging 79.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
A 1/(7. 14.

1911-12.

1910-11.

1909-10.

Ileceipts (can tars)—

Since Sent. 1.....................
Exports (bales)—

• To
1•To
• To
To
M

Liverpool----------------Manchester-------------Continent--------------America— — - .........

100
7,258,628
This
Since
Week. Sent. 1.

201,750
232,050

2 . 250 394,081

118,275

100
7,579,343
This
Week

Since
iept. 1.

213,791
219,058
2,250 412,329
123.728

600
4,981,157
Since
This
Week. Sept. 1,

3.000
3.000
2,500
1.000

159.668
122,286
114,319
64.021

Total cxnorts------------ 2,250 046.159 2.250 968,906 9,500l660,895
Note. — A cantar Is 09 lbs. Egyptian bales weigh about 750 lbs.




429

WORLD’S SUPPLY AND TAKINGS OF COTTON.1910-11.

1911-12.

C o tto n T a k in g s .
W e e k an d S eason .

Week.

Visible supply Sept. 1 ________
American In sight to Aug. 16..
Bombay receipts to Aug. 15__
Other India shlpm’ ts to Aug. 15
Alexandria receipts to Aug. 14.
Other supply to Aug. 14 *___

Season.

Week.

Season.

2,304,108

1,603,418
76,473 15,410,189
7.000 2,292,000
411.000
13, 00
967,800
286.000
8.000

1,657,372

1,495,514
70,638 11,881,228
8,000 2,483,000
515,300
37,000
1,010,900
348,000
4,000

Total supply________________ 2,408,579 20,970,407 1,777,010 17,733,942
D ed u ct—
Visible supply Aug. 16. --------- 2,138,166 2,158,166 1,618,080 1,618,080
Total takings to Aug. 16______ 250.413 18,812,241 158,930 16,115,862
175.413 14,906,441
70,930 11,911,662
Oi which American___ _____
88,000 4,204,200
75,000 3,905,800
Of which o t h e r __ __ ______
* Embraces receipts In Europe from Brazil, Smyrna, West Indies, <fcc.

INDIA COTTON MOVEMENT FROM ALL PORTS.—
A ug.

1910-11.

1911-12.

15.
a t—

S in c e
S e p t . 1.

W eek .

n >mbav

W eek .

Japan
A C h ln a

T ita l.

G re a t
B it a ln .

Bombay—
1911-12
4,000 8.0CO 12,000
1910-11.
6,000
6,000
lJOJ-lO
6,000
6,000
Calcutta—
1911-12
2,000
1,000 1,000
1910-11
2,000
2,000
1909-10
1,000 1,000 2,000
Mideas —
1911-12..
2.000
2,000
1910-11.. 2,000 5,000 3,666 10,000
1909-10..
3,000
3,000
A1 others —
1911-12.. 1,000 8,000
9,000
1910-11.. 1,090 13,000 11,000 25,000
190J-10 _ 1,000 3,000 1,000 5,000
I'otal all—
1911-12 .
1910-11 .
190J-10..

9 000 1.163.000

S in c e S e p te m b e r

F o r th e W e e k .
C o n t i­
G re a t
* ila in . n e n t.

S in c e
S e p t . 1.

W eek .

R 000 \i«3 00f

7 000 ’ .292 000

J,O.U —

1909-19.

S in c e
S e p t . 1.

1.

Japan
eft C h in a

C o n t i­
n e n t.

T r ta l.

12,000 377,000 831,00
95,000 075,000 945,00
95.000 975,000 945,001
6,000
3,000
5,000

32,000
42,000
50,000

26.00(
I9.00i
4/,00t

61,000
04,000
102,000

3,000
15,000
4,000

20,000
30,000
38,000

2 000
3,301
21,000

26.000
J48.300
63,000

23,000 206,000
72,000 297,000
37,000 326,000

2,000 15,000 8,000 25.00C
3,000 21,000 14,000 38.00C
1,000 13.001 2.000 16 000

,220,000
,015,000
,015,000

93,000 322,000
34,000 403,000
39,000 402,000

44.00C 635,00C 952.00C 1,631,000
117,000 1,280,001 1 rv
G72.30C
2,099,300
.
(yin
“ Kon nOQ
141 non 1

MANCHESTER MARKET.—Our report received by cable
to-night from Manchester states that the market continues
quiet for both yarns and shirtings. The demand for both
India and China is poor. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1912.

8*4 lb s.

T w is t.

<i.
nine
28 ) n -i 6 @
ftllV
5

'V s

19

9

12 10

_■(>
tug.
2

0

16

ft. s. d.
io»4 >

s. d

I A @ U

2

@10 13-16 6 2 ’-2@ 11 4
@ 10 15-1 i 6 3 @11 5
@ 10 15-10 3 3 H •» 11 5

10 1-16 @ 11 6
10'A @ 11^ 5
@
@

'H
Vx

C o l’ n
M id.
U pi's

S h irti w is . c o m m o n
to lln e s t .

32t C o p

U 'H
K .ii

4

@11 5

4H @ H 5

; 4 @11 4

i

3

@ !0 4

d.

8 H lb s. S h ir t im js , c o m m o n
to fin e s t .

32j C o p
T w is t.

d. s. d.

d.

C o t’ n
M id .
U pCt

e. d.

d.

8.04
6.02 lo^g @ iis-s a i < a n 3
6.8 10X @ UM 0H@11 3 7.97
7.7(5
0
@ 1 1 I 'A
7 0 lOl* @ 11*4
7.2 10H @
7.31 9M @

11>4 11 @11 0

7.3/ 9 5-16 @
@
6.96 i»4
6.7 9V4 ©

0.95
10 M 5 7>fi@10 0
10'■< 5 8 @10 I ' A 0.77
10' . 5 7U©10 7U 0.69

HH, 5 9

@10 8

7.39
0.90

SHIPPING NEWS.—The shipments in detail follows:
Total bales.

NEW Y ORK— To Liverpool—Aug. 14— Celtic, 1,710____________
To Bremen— Aug. 9—George Washington, 422__ Aug. 12—
Friedrich, 693 ____________________________________________
To Antwerp—Aug. 10— Michigan, 100_______________________
GALVESTON— To Barcelona— Aug. 10— Plo IX , 3,903________ .
NEW ORLEANS— To Liverpool— Aug. 10— Alexandrian, 1,140—
To Hamburg— Aug. 13— Dortmund. 328_____________________
To Antwerp— Aug. 14— Californian, 193__________________ To Genoa—Aug. 13— Moncenlslo, 3,276____________________ To Mexico— Aug. 9— Haakon VII, 48_______________________
NORFOLK— To Rotterdam— Aug. 2— Cabcnda, 125--------------- BOSTON— Tb Liverpool— Aug. 8— Sagamore, 31--------------------- -

1,710

1,115
100
3,903
1,140
328
193
3,276
48
125
31

Total ------------ ----------------------------------------- ................................................ 11,969
.

THE

A ua 17 1912]

LIVERPOOL.—Sales, stocks, &c., for past week:

July 26.
Sales of the week____________ bales. 52,000
Of which speculators took________ 3,000
Of which exporters t o o k ................. 2,000
Sales, American____________________ 43,000
Actual export______________________ 3,000
Forwarded________________________ 76,000
Total stock— Estimated____________ 841,000
Of which American_______________ 710,000
Total Imports of the week__________ 310,000
Of which American______________ 18,000
Amount alloat_____________________ 45,000
Of which American______________ 22,000

2.
-------36.000

Aug.

2,000
1,000

27.000
4,000
06.000
791.000
664.000
19.000

9. A u g . 16.
37,000
30,000
1,000
1,000
2,000
3.000
24.000
29.000
4,000
14.000
61.000
68.000
724.000 687.000
607.000 564.000
28,000
13.000
13.000
7.000
49.000
55.000
11.000
18.000
Aug.

12*900
21.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
S p o t.

Market, 1
12:15 }
I*. M. J
Mid. Upl’dSpec.&exp.

S a tu r d a y .

M onday.

T te s d a y .

V ed n esd a y

T h u rsd ay.

F rid a y .

Dull.

Quiet.

Moderate
demand.
6.62

Quiet.

Quiet.

Quiet.

6.72

6.80

6.72

5,000
500

6,000
800

6,000
500

6.88

6.S3

4,000
400

5,000
300

Steady at Easy at
F u tu res.
Market \ 1@G!4 Pts. 2@3 pts.
decline.
opened / advance.
Market,
4
P. M.

39.000

1 Irrep. at
) A < & 2 'A
J pts. dec.

7,000
500
Easy at
14@15 pts
decline.

Elrm at
Steady at
l@13 pts. 14@16 pts.
advance. advance.

Ply st’y a’ 'cverish at Steady at
1IJ^@13 ’ 8® 19 pts f>H@7H
decline.
pts. ndv.
pts. dec.

Steady at
17@18>5
pts. adv.

Quiet at
1@2 pts.
decline.
Quiet at
8W@U
pts. dec.

430

T H E C H R O N IC L E

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
T h e p r ic e s a r e g iv e n in p e n c e a n d

100t h s .

T im s,

6 66

m ea n s

C 66-lOOd.

j Fri.
% 1 2 % 12 % 4 12% ‘1 12% 4 12%
4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m
August . .
a 66% 61
5 4 % 3 9 % 36
50 42 % 5 7 % 60 |50 50 %
Aug.-Sep. ___ a !>7 % 52 4 5 % 30 27% 43 35
50
52 % 43 % 44
Sep .-Oct . — 6 46% 40% 3 4
18
15 30% 22% 38 40
29% 29
Oct.-Nov. — a 41 % 35 28% 13
1 0 % 25% 17% 32% 34 % 24
23 %
Nov.-Dee. ___ 6 36 30 % 24 08% 05% 20
12 27% 30 |20 % 19
Dec.-Jan. ___ 6 35% 30 23 % 08
05 20
12 27 29% 20
18 %
.Jan .-Feb. ___ 6 36 31 24% 09 06 20% 12% 28 30% 21
19 %
Feb .-Mch. ___ 6 36% 31 % 25
10 07 21 % 13 % 29 31 % 22 20 %
Moh.-Apr. ___ 6 37 % 32% 26
11 07 % 22 % 14 % 30
%32 23 % ??
Apr .-May. ___ 6 38 33 26 In 11% 08 % 23 % 15% 31 % 33 % 24 % 23
May-June ___ 6 39 34 27% 12% 09 % 24 % 16% 32% 35 i25 % 24
Junc-July ___ a 38% 33 26% 11 % 08% 24 % 16 32 34% 125 23%
July-Aug. — ;. 6 37% 32 26
11 08
23% 15% 31%.34 '24% 23
Sat.

A u g .10

Tues.

Wed.

Thurs.

12

lS
N

l

Aug. 16.

Mon.

BREADSTUFFS.
Friday Night, Aug. 1G 1912.
Flour has met at times with a fair demand here, though
at others the sales have reached only a moderate volume.
At the Northwest, on the other hand, there has been an in­
crease in trade. The mills in that section have in not a few
cases recently made sales in excess of their output. This is
rightly considered a hopeful feature, even if it appears for
the moment to be exceptional. At Kansas City, while there
has been some increase of business, there is yet no great snap
to the market. At St. Louis trade has been fairly good.
At Chicago there has also been a fair business, though with
no signs of activity. On the whole the idea in the flour trade
is that a big spring-wheat crop may yet force prices to a
lower level. Of late, however, Minneapolis has reported a
good business in flour. To some, too, it looks as though
prices have reached a basis which holds out a promise of a
larger business before long. In some instances increased
sales arc already reported. Southwestern mills, however,
are endeavoring to sell in advance of the usual active com­
petition by the Northwestern mills. Prices on the whole
have latterly been steady.
Wheat has at times shown a degree of strength which has
surprised the shorts. One of the factors which has attracted
attention was the firmness of the cash position. Then, too,
visible supplies have been.decreasing. Rains in the Canadian
Northwest and firmness of prices at Winnipeg have also been
features which have had more or less influence. Then the
technical position has been such that quick rallies of prices
were to be expected. The visible supply, too, is disappearing
at a rate which has more or less effect on prices. For in­
stance, the latest statement showed a decrease for the week
of 758,000 bushels, contrasted with an increase during the
same week last year of 2,290,000 bushels. The Chicago
stock, moreover, is so small as to cause the shorts from time
to time more or less uneasiness. The total there is only
5,822,000 bushels, against 19,013,000 bushels a year ago.
Of this total only 2,650,000 bushels are of contract grade, or
about one-fifth of the contract stock held at this time last
year. The quantity on passage to Europe decreased during
the week 3,296,000 bushels. Moreover, Liverpool figures as
to the size of the world’s crops had some influence in Liver­
pool at least. They put the crops of the world outside of the
United States and Canada at 2,583,000,000 bushels, against
2,620,000,000 bushels last year, a decrease of 37,000,000
bushels. The American visible supply is only 18,083,000
bushels, against 48,171,000 last year. In Southeastern
Russia the crop is said to have recently been considerably
damaged by bad weather. Unsettled weather has retarded
harvesting in the Southwestern part of Russia. Russian
stocks are reported small. Though the receipts at Kansas
City and St. Louis have recently been very large, in a
single day being more than treble those on the
corresponding day last year, yet it is an interesting
fact that there has during the past three weeks been no
accunnilation of supplies at those points. The obvious ex­
planation is that the demand for cash wheat in one way or
another has kept pace with the receipts. At Chicago the
same thing has occurred. Naturally this occasions remark.
It encourages the bulls. The arrivals of wheat at Chicago
have not been large enough to meet the requirements for
August shipment on contracts made some little time ago.
The cash situation at Minneapolis has at times been noticea­
bly strong. This, with the rapid disappearance of the large
receipts of winter wheat and a steady, if moderate,export
trade, has infused on some days very noticeable strength into
the general wheat situation. Some, too, cite the last Gov­
ernment report, pointing to a total crop of 680,000,000 bush­
els, instead of 700,000,000 to 800,000,000 bushels, as some
have been estimating it, as evidence that bears are overstat­
ing the yield, as the wish is apt to be father to the thought.
The winter-wheat crop is estimated, on the basis of the Gov­
ernment report, at 390,000,000 bushels, which is the small­
est yield since 1904. The total of 680,000,000 bushels for
spring and winter wheat is on its face about 60,000,000 bush­
els more than last year’s total of 621,338,000 bushels, but
theJfTGovernment, according to some, underestimated the
crop last year 30,000,000 bushels. If that view is correct,
the present official estimate is only 30,000,000 bushels larger
than the total production last year. But, on the other hand,
many stilljmaintain that the total crop is upwards of 700,-




[VOL. LXXXXV.

000,000 bushels. The spring-wheat crop, estimated at
290,000,000 bushels, is, with the exception of that of 1909,
the largest ever raised, and it may yet turn out to be the
largest on record. There are those who believe that it will
easily reach 300,000,000 bushels, a total heretofore unknown.
The weather in the American Northwest has recently been in
the main favorable for maturing and harvesting the crop.
Canada is cutting under American prices in bidding for the
export trade, and there has been less export business than
recently in American wheat. The world’s shipments in­
creased last week, reaching 10,096,000 bushels, against
7,392,000 bushels during the same week last year. Argen­
tina is increasing its shipments materially. Russian ship­
ments were also somewhat larger. So were those from the
Danubian region. To-day the market was higher on un­
favorable weather conditions, which caused short covering.
DAILY CLOSING PRICES OF WHEAT FUTURES IN N E W Y O R K .
»T „
,
S a t.
M on.
T u es.
W ed . T h u rs. F r i.
---------- ---------cts_108
108% 109
108
108% 108%
N°. 2 red
September delivery In elevator___ 100%
100% 1 0 1 % lot % io i% 1 0 2 %
December delivery In elevator___ 1 0 0
100 % 1 0 0 % loo % loo % 10 f
DAILY CLOSING PRICES OF W HEAT FUTURES IN CHICAGO
S a t.

September delivery In elevator-cts 92%
December delivery in elevator___ 92

M on.

T u es.

92% 93%
92 % 93

W ed . T h u rs. F r i.
9 3 % 94%
92 % 9 3

93
92 %

%

Indian corn has also from time to time shown no little
steadiness. Supplies are light. The visible supply in the
United States is only 2,852,000 bushels, which is only about
half as large as that of a year ago. Many regard the cash
situation as strong. Large interests arc supposed to be
trying to control it. Prominent people have been buying
September and also to some extent the distant months.
Shorts have also been covering in the far-off options. Farm­
ers are not selling freely. On the other hand, the weather
has been in the main favorable. Beneficial rains have fallen
in Iowa, Nebraska and other parts of the belt. Argentina is
shipping heavily. In two weeks its total shipments have
been 13,031,000 bushels. Russia and the Danube are also
shipping more freely. The crop in this country promises
to be one of the largest ever raised. The high record is
2,927,416,031 bushels in 1906 and the next largest was that
of 1910—that is, 2,886,260,000 bushels. But this year it is
figured on the basis of the latest Government report at
2,811,000,000 bushels, or about 300,000,000 bushels more
than last year’s yield, and it mav yet prove to be the largest
in the history of corn culture. Moreover, the hay crop looks
like something unprecedented, a yield 25,000,000 tons larger
than the short crop of last year. As matters now stand as
to corh, it is a case of a strong cash situation against pros­
pects of a big crop. To-day prices advanced in sympathy
with wheat and low temperatures in the corn belt.
DAILY CLOSING PRICES OF NO.

2

S a t.

M IXED CORN IN
M on.

T u es.

NEW

YORK.

W ed . T h u rs. F r i.

Cash c o r n ----- ----------------------- cts.nom . nom. nom. nom. nom. nom
September delivery in e l e v a t o r ..n o m . nom. nom. nom. nom . nom
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
_
.
, ,
S a t.
M on.
T u es.
W ed . T h u rs. F r i.
September delivery In elevator-cts 68% 69% 71
70% 6 9 % 7 0 %
December delivery In elevator___ 54 %
51 % 54 % 54
54 % 54 %

Oats have now and then given noticeable evidence of
buying by strong interests as well as the covering of shorts.
It is a rather curious fact that on the eve of big crops the
actual stocks on hand of oats, as well as wheat and corn,
are small. In no case is this more strikingly shown than
in that of oats. The visible supply is stated at 1,210,000
bushels, against 15,243,000 bushels a year ago. Last week
it increased only 219,000 bushels against an increase no
less than 2,423,000 bushels in the same week last year.
Were it not for the overshadowing influence of the largest
crop in the history of the country,the smallness of the actual
stock on hand might lead to decidedly interesting develop­
ments. Cash houses have been buying September. Some
interests have bought September and sold May. The crop
is estimated at 1,207,000,000 bushels, or 285,000,000
bushels larger than the last one. Furthermore, the hay
crop is estimated at 73,000,000 tons, something unheard of,
and in sharp contrast with the crop last year, a semi-failure,
reaching only 47,444,000 bushels. This may yet have an
unfavorable effect on oats as well as corn. Professional
operators in many cases are short. Hedgers have sold to
a fair extent. To-day oats were higher in sympathy with
other grain. Shorts covered on delayed threshing and
showery weather.
DAILY CLOSING PRICES

OATS

IN

S a t.

M on.

T u es.

S a t.

M on.

T u es.

OF

NEW

YORK.

W ed . T h u rs. F r i.

Standards................................. cts. 60% 53
51
47% 40
40%
No. 2 white------------------------- . . . . 60% nom. nom. nom. nom. 40%
DAILY CLOSING PRICES OF OATS FUTURES IN C H IC A G O .
September delivery in elev___ cts. 31% 31%
December delivery in elevator___ 32% 32%

31%
32%

W ed . T h u rs. F r i
31% 3 0 3 %
32% 3 3 %

31%
32%

Closing -prices were as follows:

FLOUR.
75@J4 1 0 Kansas straights, sacks. $ 4 40@S4 60
15® 5 40 Kansas clears, sacks__4 0 0 ® 4 4 0
50® 4 70 City patents................ 0 2 0 ® 6 50
25® 4 50 Rye Hour.................... 4 qq® 4 25
25@ 5 50 Graham Hour....... ..... 4 oosf) 4 7 0
75® 5 00 Corn meal, kiln dred
4 05@
65® 4 90 Buckwheat, cwt_______
Nomina"
GRAIN.
Wheat, per bushel— t . o . b.
Corn, per bushel—
N. Spring. No. 1, n c w i...$ l 04%
N °. 2................... elevator Nomina
N. Spring, No. 2, new___
nom.
y cAIScr -----------elevator Nominal
Red winter. No. 2, new .. 1 08%
No. 3
.......... 0 .1 .f. Nominal
Hard winter, No. 2 . . . __ 1 03 i
Rye, per bushel—
Oats, per bushel, new—
C e n ts.
No. 2 Western........ .......... 7 1
Standards....................
40%
S ta te & P e n n sy lv a n ia ___ N om in al
No. 2 white____ _______
4 0 % Barley— Malting__________
60 @70
No. 3...........
40@ 10%

Winter, low grades___ 5 3
Winter patents.............. 5
Winter straights___ _ 4
Winter clears.......... ........ 4
Spring patents------------ 5
Spring straights.......... 4
Spring clears................. 4

For o th er tab les u su a lly given here, sec p age 4 0 0 .

' J

A ug. 17 1912]

THE

C H R O N IC L E

431

The visible supply of grain, comprising the stocks in lines of goods. Reports received from all sections of the
granary at principal points of accumulation at lake and West and South note a larger measure of confidence regarding
seaboard ports Aug. 10 1912, was as follows:
the fall trade than has been in evidence for some time past.
UNITED STA ll S GRAIN STOCKS.
Salesmen
on the road are sending in good orders, and those
A r n e r . B o n d e d A r n e r . A trier. B o n d e d 4 me.r. A r n e r . B o n d e d
seeking business on fine, fancy cottons are making good
C orn.
O a ts .
O a ts .
R y e . B a r le u . B a r le y .
W h e a l . W h ea l.
b
u
s
h
.
b
u
sh
.
h
u
s
h
.
b
u
sh
.
l
u
s
h
.
b
u
sh
.
h
u
s
h
.
b
u
sh
.
headway. There is also said to be a noted improvement in
l n T h o u sa n d n
,*;7
427
345
S3
18 the demand for staple ginghams.
103
35
New York.
Drills and sheetings are
___
22
2
123
22
Boston . .
0
15
___
24(>
100
selling well, and many mills are well supplied with contracts
Philadelphia
....
150
32
32
(.10
5
Baltimore
on these goods. Bleached cottons continue to hold steady,
166
27
New Orleans.
32
with spot supplies light. Markets for print cloths and con­
052
7
Galveston
413
16
. 375
M
34 vertibles are less active, with undertone slightly easier. It
Buitaio
38
24
74
. 780
41
135
Toledo___ .
3
is generally believed, however, that any increase in the de­
172
136
Detroit____
17
3
5,872 ___
Chicago
939
037
105
34
mand will quickly restore prices, as supplies of goods are not
31
Milwaukee
108
19
12
15
Gray goods, 38J^2
Duluiti .
. 882
251
28 burdensome and are offered sparingly.
52
45
9
Minneapolis
1.302
13
14
121
21
inch
standard,
are
quoted
}/
&
c.
lower,
at
5hiC.
St. Louis
1.844
40
50
3
Kansas City
2.034
69
21
DOMESTIC
COTTON
GOODS.—The
exports of cotton
___
Peoria
23
97
goods from this port for the week ending Aug. 10 were 7,936
___
India moolis
. 2'2't
276
47
___
Omaha
320
IS
214
9
packages, valued at S419,813, their destination being to the
___
On Lakes
1.545
217
points specified in the table below:
On Canal and lUver
7 —
Of. —
—
—
—
—
Total
Total
Total
Total

Aug. 10 1<D2
Auk • ;i 1012
auk. 12 1911
Au;;. Id 1010

18,083 1,355
1.8,701 1,339
1.3,171
18,582 ___
CANADIAN

B on d ed
C a n a d ia n B o n d ed
C a n a d ia n
O a ts
O a ts .
W h ea t. W h ea l. C o rn .
bu sh .
b u sh .
b u sh .
b u sh .
b u sh .

I n T h o u sa n d s-

Montreal ..
Port William
Port Arthur.
Other Canadian

1,357
2,578
1,172
1,944

10
3
12
13

1912 7,051
1012 . 8,000
1011 . 5,202
1910 3,721

Total
Total
Total
Total

Aug.
Auk.
Aug.
Aug

Total
Total
Total
Total

Aug.
Aug.
Aug.
Aug.

---___
___
—

2
527
___ 1,251
___
907
1,208
—

2 3,893
5 4,188
40 4,478
___
742
588
SUMMARY.

B onded
W h ea t. W h ea t.
b u sh .
b u sh .

I n T h ou san d s

American - -.
Canadian..

2,852 1,210
127
108
2,451
991
5,640 15,423
3,017 4,428 ___
GRAIN STOCKS.

C om .
b u sh .

O a ts .
bu sh .

.13,083
. 7,051

1,355 2,852 1,210
—
2 3,893

10 1912. . 25,134
3 1912 .26,730
12 1911 -.53,373
13 1010 .22,303

1,355 2,854 5,103
1,839 2,456 5,179
5.680 19.901
—
3,034 5,170

—

244
243
00
221

295
338
047
884

C a n a d ia n
B ondod
R y e . B a r le y . B a r le y .
b u sh .
b u sh .
b u sh .

___
___
—
—

1
___
—
—

___

___

___

___

1
6
13
97

___
___
___ .
—

B onded
O a ts.
b u sh .

127
....
127
108

—

80
08
___
—

___
—
—
—

Y o r k to A u g .

W eek.

59
. 29
.2,975
. 500
. 742
. 882
655
70
. 490
.1,310
. 206
.

Total .................................................... 7,9,10

B onded
R y e . B u r le y . B a i l ’ll.
b u sh . b u sh . b u sh .

244
—

295
1

so

244
243
66
221

296
344
009
981

80
OS
___
—

THE DRY GOODS TRADE.

------- 11912------10—
Great Britain___________
Other Europe___________
China___________________
India __________________
Arabia__________________
A fr ic a __________________
West Indies____________
M e x ic o _________________
Central America_________
South America__________
Other countries_________
N ew

S in c e
J a n . 1.

------- 11311—
W eek .

4
20

S in ce
J a n . 1.

3,288
1,332
51,319
19,541
37,637
18,462
29,955
1,986
14,034
45,165
45,831

556
852
20
350
2,031
502

498
642
68,624
17,876
12,524
9,272
24,735
1,421
12,475
37,858
23,511

208,550

4,351

209,430

'16

The value of these New York exports since Jan. 1 has been
817,043,339 in 1912, against 314,651,810 in 1911.
WOOLEN GOODS.—Woolen markets rule very firm and
active. There is no abatement in the demand for men’s
wear and dress goods, and President Taft vetoing the wool
tariff measure has added strength to the markets. It is
reported that the past week has witnessed some of the largest
sales of the season. It is stated that offerings of wool avail­
able for the manufacture of carpets are very light and are
eagerly sought by buyers, who are willing to pay the high
prices asked. _
FOREIGN DRY GOODS.—Business in linens continues
active. There has been heavy buying of dress linens and in
some cases buyers are said to have completed their initial
purchases, and stocks are reported as becoming light. Trade
in household lines also continues active, there being good
purchases of all the different varieties. The trade for fall
and spring 1913 delivery continues to broaden. Little
change is noted in burlap markets during the past woek.the
undertone continuing firm,with supplies of spot goods scarce.
Light-weights are quoted at 5.95 to 6c. and 103^-oz. at 7.50c.

New York, Friday Night, Aug. 16 1912.
With each successive week the business outlook becomes
brighter and aside from the quasi-depressive effect of politics,
there is no cause for complaint in any of the various branches
of industry. Very encouraging statements from authorita­
tive sources are everywhere in evidence, and the reports of
the railroads and mercantile agencies reflect steady improve­
ment. This optimism is based on the assurance of excellent
grain crops, which are now so far progressed as to preclude
the possibility of any loss from adverse weather. That the
farmer will have money this fall with which to fill his longdelayed requirements is a factor which can but result in Importations and Warehouse Withdrawals of Dry Goods.
general business prosperity. Even at present, this, pros­
perity is becoming evident in the volume of business moving,
; ^ oso ;j 5
^ .o c
q
g. '
o^
in preparation for the revival of demand which is expected
O p
x
s o .9
o
to follow the harvests. All branches of the dry-goods trade
»
are in a strong position with demand steadily increasing
GO
and prices gradually attaining a more profitable level. The
a
men’s wear and dress goods markets for the coming spring
2
have been very active, and the volume of sales to date by
H
a
far exceeds early expectations. A feature of the dress goods
a
a
market—and one causing considerable comment—is the
o
demand for high-priced dress fabrics, which is the heaviest
a
in several years. The consumer is evidently turning to
ak o
5" s*—a
a better class of merchandise and it is difficult in some in­
q m o Wei
stances to secure deliveries on some lines in the finalities
desired. This augurs well in that it shows that the con­
o a -2
suming masses are not without sufficient means. Fancy
1p n
worsteds have sold surprisingly well, and the business booked
tsj ® <U C3 O
■si CO<
o Cl ^ C5 ^
??*S
on staple serges will carry the mills well into February of
CO00 .
*
H
O C! <
next year. As regards men’s wear, all lines for next spring
O
have been completed and a very satisfactory business has
2
o y 0309
so far been booked, without any complaint over the advances
a
' to to 00
•
*|to
00-S*09 r.
o
named. Buyers are taking hold willingly and the more so
o
o
^
o
M v*C* v> rv
O
M
a
to o M
a
>
u
o
h
as further advances are being freely talked of, owing to the
-3
‘ *-» to
increased cost of both wool and worsted yarns. In the
I 00 CH5*
tj 03 *4 tO
a
market for staple cotton goods conditions are very satis­
‘ o oo C*
I to o Cl
I o* to <
factory, with jobbers active in covering their requirements
3
*
0
3
V
l
C
l
C
O
C
O
a
for near-by months. The demand is well distributed through­
C
£
■00*-»UCCK
a
03 CO t
00
out all descriptions of goods, and mills are so well situated
a
on business as to find it difficult to grant the deliveries
>
a
requested. The slump in the raw-cotton market has had
ca 03 to co
lo
W05Olc?l
t3 {3 O M W
no effect upon the market for finished goods and prices are
more firmly held than ever. The rate at which new business
is coming to hand, as well as the sold-up conditions of
.SO
to 03 c» C
iM
ooa
IE;a
O ts9
producers, is sufficient to hold prices up for the time being,
Cl o 00
Ci C» WC O
regardless of the action of the market for cotton futures.
>
CO*sj 00 03 C*
5*
o* to 03 oo o it* ■q oo
While continuing firm, business in some quarters of domes­
tic cotton markets has not been quite so active during the
COC*' tU
00 IO
C3 O Cl O M* to
O 03 to
03 »* 00 Cl C> O to oo
past week. The break in prices for raw material was so
'G
OO03
to
0 *0 *■ ©V*Vl*03
D 03o *-* o
oo to C
pronounced that it made many buyers more or less cautious
oo o H M C3 CII M o
03 C*C*
&
m* “0 £* t* to q o m
-q>-* Oe OO-0 »-»
*^
about considering long commitments. In wash and dress
goods departments, however, there was a continuation of '
►
-» 03 to CS to
to co to o to
the quickening demand, this being particularly true of heavy I £*. to
'1 03£»C
»© ^ *""-**
to c* O'! 00 03
oo © a ►
©
.U
white goods, which are in active request. Retailers are buy- | Co3 co
O*-»**
00o o00©
ct
oo Vi ci o
ing more for fall delivery than they usually do at this season i C
OCJ
*os CO CM
3
of the year, devoting much of their attention to the heavier 1 0m




432

THE

[VOL. LXXXXV.

C H R O N IC L E




-

P ag e.
N am e.
Rate.
M aturity. Amount.
P rice.
189.Gravettc, Ark_________- 6
(11017-1027
$21,000
95
25 0.-Gray Co. Com. S.D.N o.7, T ex.. 5
(11032-1952
2,550 100
189.-Greenburgh U .F.S.D.No.2,N.Y.. 44)) 4 1915-1926
12,000 100.81
1 2 8 ..
Green Twp. S. D., Ohio_.4 )44) 4
4,700 101.31
25
0..
Greenville
S.
D.,
Ohio_________
4
.
4
1018-1919
5,000 100
MUNICIPAL BOND SALES IN JULY.
1932
189. .
Gresham, Ore___________ . 6
5,000 100
K
__
_____
5
1913-1922
6
7
.-Grove
City,
Ohio__
1,850
102.57
We present herewith our detailed list of the municipal 314..
Grover HillS. D., Ohio__. 5
1933-1935
3,000 104.203
1914-1918
189.-Guernsey County, Ohio_______. 55
5,000 103.085
bond issues put out during the month of July, which the 189.-Hamblen
County, Tenn___________
25,000 103.20
Hamilton County, Iowa___
5 )4
crowded condition of our columns prevented our publishing 4 3 5 ..
20,000 100
- 5)
4 1915-1920
189.-Hardln County, Ohio_________ . 4 4
1913-1922
100.135
235,000
at the usual time.
)4 4
25 0.-Hardin. County, Ohio_________- 4 4)
1013-1920
8,000 101.125
1 2 8 ..
Hartford West.Mld.S.D.,Conn
4 1937
. 4
125,000 100.004
The review of the month's sales was given on page 373 314.
. IIartsell3, Ala____________
15.000
189.
•-Heber Springs S. D., Ark_______
5 1042
. 5
20.000 100
of the "Chronicle” of Aug. 10. Since then several belated 190.
-Highland Park, Mich___- 4)4
4W
1932
49,500 102.18
-Hill County S. D. No. 16, Mont. .
July returns have been received, changing the total for the 250.
23,000
128..
Hobart, Okla___________ 55* “
1942
100,000
month to $27,932,297. The number of municipalities issuing 128.-Hoboken, N. J ________________.\4 4)
)44
1942
25,000 105.012
31 4 ..
Holland S. D., Mich_____. 44
1913-1932
97.40
100,000
bonds was 351 and the number of separate issues 444.
251 ..H olm es County, Ohio__________
4 ) 44
- 4)
(11018
2,000 102.615
190..
Hood River, Ore. (5 Issues)______
6
. 6
(11013-1922
23,047 100
JULY BOND SALES.
3 1 4 ..
Hood River, Ore_________55)
)44
1022
36,000 102.91
Page.
N am e.
R ate. M atu rity . A m ount.
P rice. 3 7 4 ..
Hope, No. Dak_________ 6
1032
6,000 100
126.. Adams Go. S. D. No. 15, Wash. 5
_________
$20,000 100
3 1 4 ..
Hopedale, 111._________ 5 5
1913-1919
3,500 100
248.. Alliance, Ohio________ _______ 4 ) 4
1933
13,800 106.41
3 1 4 ..
Horton, Kan___________ 5
1932
38,000
102.302
188.. Anne Arundel Co., Md________ 4 ) 4
al939
50.000 101.446 1901917
-Howell, Mich___________ 4)
4 )4
34,000 103.547
4
248.. Anson County, No. Car________ 5
1934
75.000
99.00
1927
128..
Hudson, Mich___________44)4
H
55,000
100.272
126.. A polloS. D., Pa_______
- .4 ) 4
1942
30.000 *101.867 251. .
Hummelstown S. D., Pa_i 44
1913-1928
8,000 100.625
188.. Ashland. Ohio_________________ 5 1913-1922
1,600
25 1..
Huntington (Town) S. D. No. 12,
248.. Ashland County, Ohio________ 4 ) 4
_________
20.000 105.125
...
102.20
1914-1924
N. Y ______________________
5,500 101.875
126.. Ashtabula, Ohio_____________ 4
«1917
35.000 ylOO
1013-1952
70,000 100.15
128.-Huntington Beach, Cal_________ 5)
5 )4
4
1932
312.. Asotin Co. S. D. No. 25. Wash. 5
16.000 100
1914-1933
30,000 104.29
251--Huntsville S. D.. Ohio_________ 4)
4 ) 44
126.. Atlantic County, N. J __________ 4 ) 4 1920-1925
.
30.000 101
33,000 100.172
190.-Iocrvllle Parish S. D .,L a_______ 55
248.. Avon, N. Y _______________
.4.40
1916-1935
10.000 100.05
4.40 1917-1942
50,000
3 1 4 ..
Ulon, N. Y ___________ .4.40
188.. Baltimore, Md_________________ 4
-------------- 5,000,000196.20 to
1040-1042
15,000 104.33
6 7 ..
1.gram, Pa____________ 4)
4 )4
4
196.91
150,000
251 ..Iredell County, No. Car________55
al939
al016
248. -Bay City, Mich________________ 5
42.000 102.20
128__Ironton, Ohio_________________ 55
1013-1022
6,400 104.05
126. .B ay Township, Ohio__________ 5
1924-1938
14.600
.
25,000 100
128.. Jasper Co. Sup. D. No. 5,Miss. 5
312. .Bellcfontaine, Ohio___________ 5
al918
10.600
_.
190._Jesup, G a ..____ _____________ 5
1942
10,000 100.50
_________
248. .Belmont County, Ohio________ 5
73,500 102.04
67. .Johnston Twp. S. D., Ohio_____5 5
2,500 100.20
1013-1918
248. -Bcmldji Ind. S. D., Minn______ 5
1923
6,000 {/102.83
375. .Johnston Twp S. D., Ohio_____ 5
(11015
3.500 101.857
126. .Bethany, M o-------------------------- 5
(11922-1932
25.000 101.40
436. .Johnstown, C o l._ ___ ________ 6
i(11922-1927
20,000 100
126. .Bethel S. D., Ohio______________ 4 ) 4
1922-1951
30.000 106.291 128. .Johnstown S. D., Pa__________ 4)
4 )4
102.318
95,000
4
312. .Boise City Ind. S. D., Idaho__ 5
(11922-1932
100,000 103.077 251. .Jourdanton Ind. S. D., T ex___ 5 5
1921-1051
5,000 100
249. .Bomarton Ind. S. D., Tex_____5
(11922-1952
2,520 100
..K en t County, Mich___________ 4 )4
1932
200,000 V100.75
126. .Bradford, Ohio_______________ 5
8,000 103.056 251
190..
Kenton, Ohio___________ 5
39,600 103.78
249. .Brazoria Co.Com.S.D.No.l.Tex. 5
5.000 100
(11932-19 52
___ 5
190__Kcyser S. D., W. Va__________
1922-1029
15,000 100
434. .Bremerton, Wash____________ 7
70.000
00.375 2 5 1 ..
Koochiching County, ___
Minn______
4
4 1922
30,0001, 100
65. .Brooke Twp. S. D., Iowa______5
(11914-1922
3.000
97.50
2
5
1
..
Koochiching
County,
Minn______
41932
)4
50,000j
■
—
4 )4
188. .Brookhaven U .F.S.D.N o.5,N .Y. 5
1914-1923
10.000 100.25 1 9 0 ..
La Grange, Ohio________
alOlG
___ 5 5
4,000 101.368
373. .Bryan, Ohio__________ _____ _ 4 ) 4
12,000
128.. La Grange Twp., Ohio________
27,000 102.14
. - - 4 )44) 4
126. .Bucyrus, Ohio (2 Issues)...........4 )4
13.500
43 ••..Lake Charles, L a____________
___
5
100,000
100
249. -BycsvlllcS. D., Ohio__________ 5
12,000 106.41
al929
__ 5
5
6 7 ..
Lakewood, Ohio (6 Issues)_______
45,160
126. .C alifornia____________________ 4
1,200,000 100
6 7 ..
Lakewood, Ohio__ . . . . - 44) 4) 4
9,500
126. .Canton, Ohio__________________ 4 ) 4
” 1932'
70.000 106.52
251 ..Lancaster, N. Y _______________
___ 4.40
4.40 1913-1922
22,000 100.031
126. .Canton, Ohio_________________4 )4
1922
42.000 104.191 128..
Lansdownc, Pa_________
75,000 103.90
.-- - 4 )4
126. .Canton, Ohio____ _____________ 4 ) 4
1922
3.500 103.89
31 4..
Lansing, Mich. (2 Issues)_
. . . . 4 )4
25,000 100.18
249. .Cape May County, N. J ________ 4 ) 4
1932
37.500 102
2 5 1 ..
La Vina S. D., Cal___ ......
___ 7
2,500 101.666
312. -Cartersville, Ga______________ 5
1941
50.000 104.10
(11932-1952
251 ..L a Von Ind. S. D., T ex________
___ 5 5
3,000 100
249. -Carthage S. D., Mo__________ 4
_________
10.000 100
1925-1028
31 4..
Lemon Twp. S. D., Ohio_ 4 ) 4
8,000
104.637
188. .Cascade Co. S. D. No. 64, Mont. 5 H d 1917-1922
1.500
al932
31 4..
Leonla S. D., N. J _______
65,000 100.307
. . . . 4 )4
188. -Ceres High S. D., Cal_________ 5
1917-1935
35.000 lbb'.bi”
_________
6 7 ..
Lima City S. D., O h io....5
___ 5
75,000 108.533
249. .ChambersCo.Com.S.D.No.3,Tex.5
(11922-1952
3,300 100
128..
Lisbon, Ohio____ _ . . . 4 ') A4 _________
18,500 107.308
126. -Champaign, 111________________ 4 ) 4
.................
35.000
251.. . Littleton, Mass________ ______
_ 4
15,000 100.007
(11922-1946
249. .Charlestown S. D., W . Va_____ 5
30.000 fo'o'.boi 314. .Lockport, N. Y . . . .
1913-1934
. . 5
___
21,800 106
312. .Charlotte, No. Car____________ 6
1913-1922
300.000 104.55
1913-1922
190. .Locknort, N. Y ______________
25,600 102.50
___ 5
1942
249. -Charlotte, No. Car____________ 4 )4
50.0001 100.26
14,000 100.607
_- . 5
2 5 1 ..
Lockport, X . Y _ ...........
249. .Charlotte, No. Car____________ 4 )4
1942
150,000/
1022
25 1..
Lodi Twp. S. D., N. J _
__
_55
2,300 100
188. .Chattanooga, Tenn___________ 6
1913-1916
5,509 101.57
al019
251. .Lorain, Ohio__________________ 4
4 )y42
48,000 103.14
249. -Chceksawaga, N .Y ___________ 5
69.000 101.45
. . . 4
4
1913-1922
314. .
Lowell, M ass.___________
63,950 100.169
65. .Cheltenham Twp. S. D., Pa___ 4 ) i ’22/32 i c '4 2
55.000
1037
.... 6
190..
McAlester, Okla_________
32,210 V 100
d 1932-1952
249. -Cheraw, So. Car. (2 issues)___ _ 5
77.000 100.25
314..
McAlester S. D „ Okla___
_________
60,000
1915-1928
127. .Chicago Junction,Ohio________ 4 ) 4
14.000
129.. .McArthur-HuntsvlllcS. D.. Ohio 4 ) 4 ------------30.000
1937
313. -Chickasaw County, Miss_______ 5
50.000
25
1.-McCulloch
County
Com.
S.
D.
01917
313. .Chicopee, Mass________________4
55.000 100.77
No. 18, T ex_______________ 5
d!021-1951
2,300 100
249. .Chino Gram. S. D., Cal________ ____ _______ _
3.500 101.42
67. .McDonough, Ga_______________ 5
1915-1936
22.000 |/100
127. .Chinook, Mont________________ 5 ) 4 d 1926-1932
30.000 100.31
6 7 ..
McDonough, Ga________ 5
1019-1936
18,000
t/100
313. .Cincinnati, Ohio (7 Issues)____ 4
438,500
314. .McKees Rocks, Pa____________ 4 ) 4
al931
115.000
...
(11913-1932
374. .Clark Co. S. D. No. 44, W a sh ... 6
1,800 100
1 9 0 ..
Macomb, 111...__
4 )4
100.576
7.000
(11912-1932
374. .Clark Co. S .D . No. 27, W a sh ... 6
1,400 100
129.
.Madison
County,
T
en
n
._______
4 !4
100
1037
125.000
249. .Clay County, No. Car_________ 6
1922
5.000
5 3,500 100.28
190.. Mamaroneck, N. Y. (4 Issues)..4.40
65. .Cleveland Sch. Dist., Ohio____ 4
1932
300.0001 101.18“ 314. _ Marlon Graded S.D.N o.27, Ivy. 4
3 ,000 100
<11913-1932
65. .Cleveland Sch. Dist., Ohio____ 4
1932
700,000/
8.000 103.05
4 )4
2
5
1
..
Marlon
S.
D.,
O
h
io
........
al020
65. .Cleveland Sch. Dist., Ohio____ 4
1932
100,000 101.3089
d 1922-1927 1,000,000 1100.08to
313. .Coltsvllle Twp. S. D., Ohio___ 5
18.000 107.945
/100.61
313. .ColeinanCo.Com .S.D.No.27,Tex.5
(11917-1922
1.500
36,000 100.40
3 1 4 ..
Massillon City S. D., Oht.|. 4
al923
189. .College View, Neb____________ 5
(11917-1932
25.000 1/101.32
251 ..Matagorda County Com.
).
127. .Columbiana Countv, Ohio____ 5
1913-1922
25.000 103.78
(1192 2-1032
3.000 100
No. 3, Texas........ .......
. 5
313. .Columbl na County, Ohio____ 4 ) 4
al922
17,248 103.63
«1932
40.000 100
- 5
129-.Medlclno Lodge, Kan__
127. .CoDlah County, Miss__________ 5
75.000
1914-1920
99.066 2 5 1 .-Medina, Ohio__________
_ 5
3,500 103.235
249. .Coshocton County, O h io______ 4 ) 4
25.000 105.08
' aT927‘ ' *
5
15.000
37 5..
Meigs, Ga. (2 Issues)--249. .Crockett C o.C on.S.D .N o.l,Tex. 5
d1917-1952
5.000 100
1947
- 4 )4
275.000 100
129..
Memphis, Tenn--189. -Crooksvillc, Ohio_____________ 5
1913-1922
2,150 102.67
1 9 0 ..
Mercer County, Ohio------- 5
1914-1024
3,300 101.484
249. -Cross Plain i Ind. S. D., T ex___ 5
4.000 100
(11932-1952
.Mercer County, O h io.. . .......— 5
11.000 101.236
313. -Cumberland County, N. J _____ 4 ) 4
10.000 101.09 436.
1922
1029
43 6..
Michigan City. I n d . . . ----------------19134 )4
34.000
249. .Cuyahoga Co., Ohio (2 Issues).. 4 ) 4
28,000
1 2 9 ..
Middletown, N. Y ______ - 4 ' A
5.000 102
313. .Cuyahoga County, Ohio_______ 4
" a l '9 2 9 "
500,000 101.7614 2 5 2 ..
Middletown, N. Y _______ 4 ) 4 " ''1 9 2 2 ”
17.000 101.683
127. .Dade County, Mo____________ 6
al917
47,000 100
3 1 4 ..
Middletown, Ohio----------- 4 ) 4 1013-1932
104.52
10.000
313. .Dakota S. D., Cal...................... ........................
3.000 100.50
31 4..
Middletown, O h io ..-4 )4
19141918
10,000 103.77
127. .D anville,V a__________________ 4 ) 4
50.000 100.61
1942
25 2..
Milam Co.Com.S.D.No.44,TcX- 5
3,400 100
250. .Dayton, Ohio (6 Issues)_______ ____ _________
98.000
3 7 5 ..
Miller, So. Dak............ ...........
6.000
374. -Deemston, Pa________________ 5
1913-1915
10.000
.Milwaukee, Wise------- ----4 )4
25,000
127. .Delaware, Ohio___________ •__ ____ _________
8.000 105.387 375. .Mobile,
A la_______________ __ - 5
178.000
250. . Dcmarest S .D ..N .J __________ . 5
16,000 101.50
al931
252 .Monroe, Mich_________________ 4 ) 4
a io io
15,000 1/101.103
127.
240,000
1932
. 4
252 .Monroe, Mich_________________ 4
6,000 1/100
313.
100,000 100.20
. 4
1942
315 .Monroe County, Miss----- -------- 5
50,000 100
313.
6
18,500
1917
102.72
190 .Montgomery Co., Md. (2 issues) 4 ) 4
47,000
101.004
313.
23,000 101.20
5
(11917-1932
252 .Moran Ind. S. D., T ex________ 5
(11022-1952
5,000 100
127.
8,000 i/ioo
5
(11922-1392
315 .Morristown S. D., N. J ------------ 4 ) 4
al930
42,000 102.792
127.
100,000 100.52
1923-1932
4 )4
315. .M t. Ayr S. D., Iowa__________ 4 )4
40,000
250.
1,500 102.33
4 )4
68. .Mount Vernon, N .Y --------------- 4 ) 4
1032'
5,000 103.50
313.
_________
3,200 109.53
190 _Mt. Victory S. D., Ohio---------- 4 ) 4
1013-1032
30,000 103.557
127.
30,000 101.50
4M
252 - Munson Twp. S . D ., Ohio. . . . . 4 ) 4 1013-1022
101.266
6,000
250.
5
25,000 102.52
1913-1937
315. -Muscatine S. D., I o w a ........ .. 4 ) 4 dl017-1922
15,000 100
189.
28,200 102.269 252. .Navarro Co.Com.S.D.No.73,T ex.5
5 )4
3,000 100
d
1927-1952
374. -Elwood, Neb_________________ . 5
5,000 100
(11917-1932
98.25
315. .New Britain, Conn----------------- 4
60,000
1013-1042
313. .Everett, Wash________________
100,000
44,000 100.25
40 / . .New Hartford, N. Y . ...........
4 )4
1014-1035
313.
4 ) 4 (11917-1922
20,000
8,700 101.379
315. .New Lexington, Ohio (2 issues) 4 ) 4
1013-1022
313
4
50,000 100.74' 252 .New Mexico............ .................... 6
1913-1922
200,000 103.625
1913-1917
313.
5
1920-1925
6,000 102.066 191. .Newport, K y _________________4
50,000 100.8015
1942
313.
4
15,714
68 .Newton, N . J . _ ______________ 4
1940
127.
5
1942
40,000 102.75
15.000 102.789
dl920
19l' .Newton Falls, Ohio___________ 4 ) 4
189.
6
_____
1,400 100
66.500 103.381
1930
129 .Niagara Falls, N .Y ----------------- 4 ) 4
313.
5
d 1022-1952
6,000
10.000
1930-1034
129. .Niles, Ohio----- ----------------------- 4 ) 4
106.30
435.
5
39,000
96.25
47.500 102.105
1936
129. .Nobles County, Minn--------------5
189.
4 )4
*i1s . Noes Colony S .D .,C a l________ ____
8,604
8,500 102.784
Old.
127.
4
160,000 100.437 191. .North Glendale S. D., Cal_________
30.000 103.33
189.
4 )4
16,400 101.559 315_ .North Hempstead, N. Y.(2 l s s . ) __
18.000
374.
4 )4
1919-1928
5,000 101.14
28,000 lbb'. 40 *
437_ .North Pelham, N. Y ---------------- 4.40 1917-1941
127.
1914-1923
4 )4
10,000 102.40
(J1932-1942
20,000
437. .Norton, Kan_________________4 ) 4
100
127.
4 ) 4 dl922-1942
125,000 100
8,067
315 .Norwood, Ohio (2 Issues)______4 )4
128.
_________
4 )4
20.000
27.000 lb i’ s e '
252. .Nottingham, Ohio____________ 4 ) 4
127.
4 )4
12,500 103.32
1017-1031
252. .Oakwood S. D., Ohio_________ 4
15.000 100.30
_________
189 .
6
50,000 109.212 129. .Oberlln, Ohio (4 Issues)________ 4 ) 4
26,300
189. -Gates S. D. No. 6, N. Y . ........ - 5
1913-1032
16,600
1942
129.
.Ocean
City,
N.
J
_____________
5
114.000
103.176
250.
4.60
10,000 l’o 'o'.ir 129 .Ocean City, N. J _____________ 5
1022
15.000 101.266
66.
—
4 )4
41,380
191.
____________
4 )4
.Ogdcnsburg,
N
.
Y
100.000
100.90
435. -Gilman, Iowa_________________ 5
_________
12,000
1913-1924
129. .Ohio City S. D ..O ’ lo................. 4 ) 4
6,000
250.
a l9 l5
5
52,500 l'oV.ib" 191. .Onawa. Iowa _______________ 5
1032
10.000
103.65*
250.
5
(11916
24,500 103.01
1022
437. .Orient Sohool Dist., Iowa_____ 5 ) 4
12,000
250. -Grand Junction, Col................ .. 6
_________
99,500
99.50
1918
252. .Orleans County, N. Y .................5
21,7)0 103” “ '
250.
5
dl922-1946
20,000
32
191 .Osage City S. r . K an ................ 4 ) 4 1917
25.
100
250.
5
1914-1920
3,500 101.74
1913
2521 .Oswego County; N .Y _________ 6
12,000 100.03

THE

Auer. 17 1912.]

P rice.
Am ount.
$12,000 100.08
43,000 101.05
20,000
12,500
5
3,500
_ 5
24.000 107.07
.. 5
8,000
1913-1932
15.000 101.073
.. 4A
1917-1946
30,000 100.037
.. 4 A
2.500 100
<11917-1952
-- 5
8,000 101.05
-. 4 A
1913-1922
44.000 100.81
-.5
20.000
103.78
25,000
1913-1922
4,000 100.025
1932
.. 6
12,000 100
1932
.. 6
96
80,000
42,500 105.244
<<1928
15,000 102.875
1920-1922
-- 4 A
15,000 102.22
<11918
.. 4
99,675 104
1922
.. 6
14,000 100.40
1917-1919
_. 4
3,500 100
1,648 100.446
4 Vi
60,000 100.841
44
l
30,700 100.077
_ 4
1,000
«1915
7
35,000 101.82
1942
.. 4
25,000
.<11922-1942
1,000 1*0*0*. i o ’
6
4,000 102.40
4
20,000 100
<11932-1952
22,500
2,500 100.80
1921-1925
.. 5
5,000 104.50
<11926
.. 4 A
100
55,000
1913-1922
.. 4
10,000 101.60
1952
.. 4
9,500 100.578
<11913-1922
.. 6
24,947
170,000 101
108
25,000
1942
^
6
3 1 6 ..
5 t. Petersburg, Fla. (8 Issues).
5,000 107.31
75,000 102.148
1913-1937
..44
6 9 .. 5alem, Mass...................................
20,000 100.254
1932
. . 4 HA
130. .Sallna S. D ., K a n -----------------------4
5,000
1915-1919
253. .Saline Co. S. D. No. 48, 111-------- 5
100,000 100.555
191 ..S a n d u sk y , O h io ..................... —. . 44
5,300,000 104.572
1 9 1 ..
5an Francisco. Cal-----24,000 101.31
3 1 6 ..
5amrer Gram. S. D .. Cal- . .
25,000 100
1 3 0 ..
5anta Ana Gram. S. D ., Cal_______“
200,000 100
1 3 0 ..
5anta Ana High S. D ., Cal________5
50,000 100.124
1942-1966
6 9 ..
5aranac Lake, N. Y __.. .4 .4 5
100,000 101.667
<11941
- - 4 4A A
3 1 0 ..
5cranton S. D ., P a ______
16,500
1913-1932
.. 5
2 5 3 ..
5elma, Cal. (2 Issues)____
10,000 105.10
1914-1932
._ 6 6
130,-Senola, G a _ ._______ __________
80,000 100.456
1 .. C6al.
3 1 6 ..
5hoshone Highway Dist.,
1917-1932
.. 5
1 9 1 ..
51dney. N eb................... .....................
..................... 522,000 100
3,000 100.133
1917-1931
.. .44.80
.8 0
1 9 1 .. 511ver Springs, N. Y ___________
12,000 100
1937
..06
253__Sklatook, Okla. (2 Issues)______
8,000
1932
3 1 0 .. 50cial Circle, Ga_______ ________ 5
148,000 100.67
3 16 _.S olva y, N. Y .................... .............4 A .....................
35.000 100
1 3 0 ..
50mers Point, N. J ______ 5
-42.000 103.55
1 9 2 ..
50uth Bethlehem, P a ____4 A
<11927-1942
100,000 100.4113
1 3 0 .. 50uth Norwalk, C onn__________4 A
1922
1 9 2 ..
5pokane Co. S. D. No. 78, W ash. 5 A <11913-19225,000 100
2 5 3 ..
5pokane C o.S .D .N o.81, W ash. 4 A
1932250.000 100.35
40.000
1 9 2 .. Springfield, M o________________ 6
,
3 1 6 ..
5tevens Co. S. D. N o. 11, W ash. 5 A <11913-1922 1,200 lbb’ ‘ ’ "
47.000 100
3 7 6 ..
5tillwater. Minn__________ 4
40.000 102.65
1942
4 3 8 ..
5ufTolk, V a ...........................9
3,800
1915-1922
6 9 -.S u n b u ry , O h io....... ....................... 5
3,000
3 1 6 ..
5weet Grass C o.S.D .N o.O .M ont. <11922-1927
0
50.000
3 1 6 ..
5weetwater Ind. S. D ., T e x ---------- 5
100.39
1913-1932
6 9 ..
5yracuse, N. Y ------------ -----------------------------------100.000
4
A
17.000 100.66
1913-1917
6 9 ..
5yracuse, N. Y . . _______ 4 A
140,000 101.35
1913-1922
6 9 ..
5yracuse, N. Y __________4 H
6,163
<11912-1917
3 1 6 ..
Tacom a, W ash. (4 Issues).7
30.000
1942
1 9 2 ..
Taylor, P a...........................4 A
2 5 3 ..
Taylor County Com. S. D . N o. 5,
2,275 100
1952
Tex .............................................. 5
2 5 3 ..
Tom Green County Com. S. D.
3.500 100
No. 5, T e x ................................. 5
<11914-1952
14.000
316. .Tonpenlsh, Wash
1.500 100
<11922-1932
253. .T rin ity C o.C om .S .D .N o.2, T ex . 5
99
25.000
<11917-1932
253. .Tullahom a, T cn n ....... ............... 5
102.60
12.000
<11922-1932
316 . .Tw in Falls County, Id a h o_____ 6
13.000 102.10
al915
253. .U nion County, O h io----------------- 5
2,700 100
1913-1921
130. .U tica , N. Y ......... ........ ................. 4 K
95.000 100.444
1913-1931
192. .U tica , N. Y ......................... - - - 4 A
100.032
1913-1932
192. .U tica , N. Y ....... ........................... 4 A
a 1917
2,500 104.072
253. .U p p er Sandusky S. D ., O hio— 5
1913-1915
12,000 100.275
316. .V a n W ert County, O h io .----------4 A
1913-1935
23,000) 101.86
192. .V enice, Cal_____________________ 5
1913-1952
20,000/
192. .V enice, Cal------ ------------------------- •>
98.06
<11930
50,000
192. .V icksbu rg, Miss------------------------ 4 A
5,000 105.12
<<1919
253. .W adsw orth, O h io_____________ 5
2,000
100
1913-1915
376. .W a lcott T w o .. Minn______ :— 5
3,000 100
1913-1915
438. .W alden , N. Y __________________ 4 A
5,000 100
1927
438. .W alden , N. Y ........... .......... ...........4 A
3,000 102.60
193. .W arren County, Miss_________ 5
21,375 100.88
376. .W ashington County, Ind. (2 lss.) 4 A
101
35,000
<11922-1932
.W
ashington
Co.
S.
D.
No.
7
,Ore.
5
316.
110,000
1942
69. _W atertow n, N. Y ........................ 4 A
46,000
69. .W a yn e County, I n d .......... ........ 4 'A
40,000 103.263
<11927-1942
253.
1.500 100.733
<11915
316...W e ld o n S. U ., Cal......................... 7
113,500 1/101.53
193...W e ls cr, Id a h o_________________ 5 H <11922-1932
100.26
4,450
193.. . W cllston, O h io----------------- ---------4 A
3,500
317 . .W estern S. D ., Cal--------------------- —
55,000 104.76
1932-1942
69...W e s t Orange S. I)., N. J ----------4 'A
52,500
253 ..W
, h eelin g , W . V a ..................- - - 5
15,000
439 -.W hitehall, N. Y ............. ..
5
3,000
253.. . WhltesvMle S. I)., M o ..........................
20,000
193...W ic o m ic o County, M d________ 4 A
253...W illiam son County Com. S. D .,
4,250 100
<11922-1932
T ex. (2 issues)_______________ 5
38,000 102.445
1913-1925
131.. .W illou gh b y T w p ., O hio_______ 4 A
71,000 101.705
1932
131 ..W ils o n , No. Car......... ...... ............ 5
400,000 100.3625
1952
376 ..W in s to n , N o. Car. (6 Issues)___4 'A
45,000
1913-1942
193 ..W o lc o t t , N. Y . .............................4 A
50,000 102.323
<11915
317 ..W o o d County, Ohio . _______5
2,500 100
<11922-1952
253 ..W o o d C o.C om .S .D .N o.24, T e x . 5
80,000
1941
70 ..W o o d la w n S. D ., P a ___________ 4 'A
28,000 103
1932
317 .W ood stow n , N. J _
- 4A
5,000 101.67
1936-1940
317 ..W orth in gton Fire D ist., M a s s.. 4
2,900
1914-1922
193 ..W r ig h t County, Iow a _______ . 6
4,305
1916-1922
..W
r
ig
h
t
County,
Iowa
(2
Issues)
6
193
28,000 105.05
<zl918
5
253 .W y a n d ot County, O h io.........
4,000 105
1914-1923
377 ..W y a n d o t County, O h io_______5
8,000 102.75
a!922
254 ..Y ork sh ire S. D ., O h io__________ 5

Page.
252. .
129. _
1 9 1 .. Palo A lt o ,Cal--------------191 — Palo A lto' Cal--------------191 — Palo A lto, Cal--------------3 1 5 .. Paulding County, O hio.
437 — Paulllna, Iow a ------- - - ­
129_. Peebles VU. S. I)., Ohlc
3 1 5 ­ Peeksklll, N. Y ------- - 2 5 2 ..
191_.
129..
375­ Perkins, Okla.
191..
2 52 ..
315­
315­
191­ Plym outh S . D ., P a.
130 ..
2 52 ..
191
191­ Portsmouth, O hlo.
130­ Prairie, Miss_____.
191.
253. .Princeton S. I)., Ind
130.
315. R an sb u rgS . D ., Cal.
191. Readlng, O h io......... ..
315.
191. Rendvllle, O h io______
191. Richland Tw p . S. D .,
137. .Rising Star Ind. S. D.
253. .R oxb oro, No. Car----101 _ .Rush S . D ., O h io____
253.
08.
130.
253. .S t. Johns, Ore.
191.

Rate.

.. 4 A

M aturity.
1914
1922
1952
1927
1927
1918-1925

Total bond sales for July 1912 (351 municipalities,
covering 444 separate Issues)...............................£$27,932,297
a Average dates of m aturity, d Subject to call In and after the earlier
year and mature In the later year, k Not Including $10,583,993 of tem ­
porary loans reported and which do not belong In the list. £ Taken by
sinking fund as an Investment, v And other considerations.
R E V IS E D TO TA LS FO R P R E V IO U S M ONTH S.

gPThe following items, included in our totals for previous
months, should be eliminated from the same. W e give the
page number of the issue of our paper in which the reasons
for these eliminations may be found.




433

C H R O N IC L E

2 4 8 ..
Annapolis, M d. (May l i s t ) . . . ............. ................... ........
3 7 3 ..
Bakersfield Sch. D ist., Cal. (May list)...........................
l2 9 -999
2 4 9 .. Bcttsville S. D ., Ohio (June list)..............................................
J2 *999
3 1 4 ..
Fullerton, Cal. (May list)................................. - .............
^o.bOO
1 8 9 .. Gravettc, A rk. (May list)----------------- ------------------------------ a n ’nnn
2 5 1 ..
K oochiching County, Minn. (2 issues) (April list).....
80,000
139-999
3 1 4 ..
Lakeland, Fla. (April list)...............................................
2 5 2 ..
Mobile, A la. (June list).................. ..................... ..................... ..................... .....................
3 7 5 ..
0 .ta w a County, Mich. (May list)....................................
10° >99°
191 ..O tta w a County, Ohio (June list)............................................._ ° -499
3 1 7 . . Yazoo County, Miss. (June list)...................................................
77,soo
253__Y orba Linda S. D ., Cal. (May list)......................... .................
10,000

W e have also learned of the following additional sales for
previous months.
P rice.
M aturity. Am ount.
Page.
Name.
Rate.
1915-1916
$1,000 100.60
248._A nsonla, O h io-------------------------- 5
1913-1922
_____
10,000
2 4 9 ..
Chino High S. D ., Cal-------- 5
Various.
338,500 zlOO
189. .Colum bus, Ohio (14 issues)---- 4 & 4 A _____
22,500 100
4 3 5 ..
Colville, W ash. (A p ril)-----5 A <11922-1932
15.000 101.77
189_.Coraopolis, P a . . . . . --------------------4 A
150.000 £100
1 8 9 ..
Essex C ounty, N . J . (M a y)-----------4
1923-1932
_____
10.000
2 5 0 ..
Etiwanda S. D ., Cal-------- 5
3,500
_____
4 3 5 ..
F lo r a s . D. No. 13, S. D .(M a y ). 51917-1923
45.000
250. .F t . Atkinson Jt.G .S .D .N o.6 , Wis.4 A 1919-1927
8,000
101.01
1913-1922
2 5 0 .-Gouverneur, N . Y __________
4A
10.000 100
4 3 5 ..
Grand Traverse C o.,M ich.(M ay) 5 1932
1915-1931
152.000
189. .H enderson Co. Dr. D . N o. 2,111. 6
2 5 1 ..
1.haca, N. Y ..... ................... 4.30
_587.000
_ „ -nAA
251_Ithaca. N . Y ___ __________ . . . . . 4 A ----- ---------273,000
251. .
Kendrick S. D ., Id a h o___5 A
<11922-1932
15,000 1/100.16
50.000 100.20
1 9 0 ..
Laclede County, M o . . . ... . . . - - - - - - - - 10.000
1 9 0 ..
Medlng, Minn. (2 issues).6
1914-1919
15.000 101*25*
1 9 0 ..
Monticello, G a----------------- 5
- .--.y ;;;;
3,600 102.125
1 9 0 ..
Montrose, Pa. (A p ril)-.------5
1916-1920
64.000
252__Neoraska (5 issues)....... ..................... - — - - - - - 10.000 102
2 52 ^ .North W llkesboro, N o .C a r.(A p .) 6
1942
100.000 100
3 7 5 ..
0 .ta w a County, M ich-----4 A
1932
12,000 102.03
1 9 1 ..
5 .. Albans, V t . ..................4 A
1920-1922
26,650 102.405
3 7 6 ..
5 . n A n s i l m o , C a l -------------- •>
150.000
1942
3 1 6 ..
5.am ford , Conn. (M ay)-----4
150.000 100*215
1913-1932
192. .Springfield S. D ., Ill------------------- 4 A
4 3 7..
5 . . Lawrence C ounty, N. Y.
125.000 100
1916-1924
(2 Issues) (M ay)----------------------- 4
15,000 102.30
<11927-1932
4 3 8 ..
5 .orm Lake, I o w a .----- -------5
8,124
3 1 6 ..
T acom a, W ash. (5 Issues)-7
51,667
4 38. .
Toledo, Ohio (17 Issues)......5
1913-1927
1,500 103.33
192. . T upper’s Plains S. D ., O h io------ 6
6,000 100
3 1 6 ..
Umatilla Co. S. D . N o. 14. O re. <11922-1932
5

All the above sales (except as indicated) are for June.
These additional June issues will make the total sales (not
including temporary loans) for that month $49,751,910.
BONDS SOLD B Y C A N A D IA N M U N IC IP A L IT IE S IN J U L Y .
P rice .
M aturity. Am ount.
Page.
Name.
Rate.
$5,009
1927
1 9 3 ..
Allan, Sask---------------------- 6
13.000
1932
3 1 7 ..
Belleville, O n t.................... 5
22,726
1932
1 9 4 ..
Belleville, O n t----------------- 5
1913-1952
16.000
254. .B lggar, Sask------------------------------ 5 A
1932
8,000
3 1 7 ..
Blggar, Sask--------------------- 6
1913-1932
10,000
3 7 7 ..
Big Quill, S a s k ..................5
1932&1942 2,433,250
3 7 7 .-Calgary, Alta -------------------------- 4 A
1913-1922
7.000
3 7 7 ..
Coleman S. D ., A lta -------- 5
1932
1.000
3 1 7 ..
Cote, Sask________________ 6
1927
95.10
3.000
4 4 0 ..
Duval, Sask__________ _— 6
1932
5.000 100
2 5 4 ..
E xeter, O n t_____________ 5
35.000
1942
318. .Greenfield Park, Q uc----------------- 5
1913-1932
9.000
3 1 8 ..
Guelph, O n t--------------------- 5
93.32
1945
$52,700
2 5 4 .-H alifax, N. S. (9 Issues).............. 4
95.185
97.000
1 9 4 ..
Kelowna, B. C. (5 Issues).........
100.95
1932
10.000
377. -L aw tonia, Sask------------------------ 5 A
10,000
2 5 5 ..
Lindsay, O n t____________ —
5,500
440. .M acklln, Sask__________________ 0
_____
50,000
_ A lta
378. .M edicine Hat,
.
318*.".Medicine Hat! X ita ......................................... - - - - - 26,000
1927
1 9 4 ..
Medicine H at, A lta ------------5
7.000
1932
3 7 8 ..
M ldhurstSch. D ist., Sask....5
33.000
2 5 5 ..
Midland, O n t____________ 5
215.000
1 9 4 ..
Moose Jaw S .D .N o.l,S a sk .(2 lss.) 1913-1942
5
10.000
1932
3 1 8 ..
Morse, Sask_____________ 6
43,595
1913-1932
3 7 8 ..
Nelson. B. C ______________ 5
96.128
12,500
1913-1932
1 3 3 ..
0 .h r e R iver, M an_______ 5
95.01
52.000
1952
3 1 8 ..
0.m stow n , Que__________ 5
2.000
1927
1 94 .-O tth on , Sask__________________ 6
2 5 5 ..
Pleasant Point S. D . N o. 267,
2,000
1013-1928
Man ________________________ 6
8,000
1932
2 5 5 ..
Rosem ount, Sask-------------- 5 A
2,000
1922
2 5 5 .-R y lcy , A lt a .................................. 6
500.000
1942
3 7 8 . . Saskatoon. Sask............................. 5
5.000
1922
1 9 4 .. Thornbury, O n t ............................ 5
56,100
1942
•194 ,-T ru so, N. S ---------------------------------- 4 A
500
3 18 .-V lb an k , S a s k .---------------------------- 8
4.000
*"*19 2 7 "
3 18 . .V iceroy , Sask......... .............
8
40.000
1913-1927
3 1 8 .. W allaceburg, O nt----------------------- 5
6.000
1927
194-_Zealandla, Sask. (2 issues)..........6
Total debentures sold In J u ly------------------------ ---------.$4,317,871
A D D IT IO N A L SALES OF D E B E N T U R E S FO R P R E V IO U S M ONTH S.
P rice.
M aturity. Amount.
Rate.
Page.
Name.
$29,031
1 9 3 ..
Arnprlor, Ont. (4 Issues).
30,000
1913-1942
.. 4 A
1 9 4 ..
Brampton, O n t__________
28,911
1919
1 9 4 ..
Brandon,M an____________.. 5
21,130
1942
1 9 4 ..
Brandon.Man____________.. 5
160,599
1932
1 9 4 ..
Brandon,M an____________.. 5
59,000
1942
1 9 4 ..
Brandon.Man... ................. - 4 ^
100
31,400
2 5 4 .-Dom inion of Canada (17 Issues). —
10,000
1932
1 9 4 .. Hanley, Sask__________________
. . 4 4A A
100,000
1951
1 9 4 .. New Glasgow, N . S ____________ 4 4A A
15,000
93.50
1932
255--R osedaIe R . M. N o. 283, S a s k.... 44 A
;'
18,000
1951
..4 4
194. . 5 .. John, N. B _________________

All the above sales of debentures took place in June.
These additional June issues will make the total sales of
debentures for that month S6,460,091.

N ew s

Ite m s.

Great Falls, Cascade County, M ont.— Question Raised as to
Legality o f Bond Election .— W e are advised that the question
has been raised as to the legality of the $150,000 city-hall
bonds voted July 22 (V . 95, p. 374) on the ground that only
freeholders were permitted to vote. The opponents of the
issue claim that all taxpayars were entitled to vote.
Hawaii (Territory of).— B id s .— Territorial Treasurer D. L.
Conklingopened bids yesterday (A u g.10) for the $1,500,000
4 % 20-30-yr. (opt.) coup, public-improvement bonds offered
on Aug. 15 (V . 95, p. 248). The total amount of bonds bid
for aggregated $3,510,000. The average price submitted
was 100.5881 and interest, a basis of about 3 .9 8 5 % . Up to
the hour of going to press no award had yet been made.
On July 28 of last year a similar issue of bonds was sub­
scribed for over six times, the offers aggregating more than

434

THE

C H R O N IC L E

$9,000,000. The bonds were awarded in three lots at
prices ranging from 101.38 to 104.75.
(V . 93 , p. 302.)

Bishop & C o., H onolulu________________________
Mayer, Deppe & W alter, Cincinnati________
_
Breed & Harrison, Cincinnati________
Otis & Co.. Cleveland_________________
'
Jos. T . Elliot & Sons, Indlanap., by Jesse C. Mayer
First National Bank o f W alluku______
_
National City B an k_____________________
;
Lawrence Turnure & C o ________ ._____ I
‘ ,i
Folsom & A d a m s ._____ ______________ I I "
( '
Fisk & R obinson___________________ I
j
Bankers Trust Co., as agent
.

v

$ 5 0 ,0 0 0 ..1 0 1
4 5 0 .0 0 0 .
. 1 0 0 .7 5
2 0 0 .0 0 0 . .1 0 0 .6 2 5
7 0 0 .0 0 0 .
. 1 0 0 .5 2
1 5 0 ,0 0 0 . P a r

10,000..100.10
,5 0 0 ,0 0 0 .1 0 0 .0 0 2 0

Oakland, Cal.— V ote .— Local papers state that the vote
cast at the election held Aug. 5, which resulted in the defeat
of the plan to recall Mayor E. K . Mott, Street Commissioner
W . J. Baccus and Health and Safety Commissioner F C
Turner (V . 95, p .3 7 3 ), was 10,937 “ for” and 17,061 “ against ”
10,094 “ for” and 17,053 “ against” and 11,011 “ for” and
16,805 “ against,” respectively.
Rock Island, 111.— N o Recall Election.— Petitioners for the
recall of Mayor H . M. Schriver and Commissioner Archie M.
Hart have confessed, according to the Chicago “ RecordHerald” for Aug. 13, in the Circuit Court the insufficiency of
trie documents. It is stated that only about one-third of the
signatures were found to be genuine.
United States.— Election of Representative Catlin o f M i s ­
souri Declared Invalid. — The Lower House of Congress on
Aug. 12 adopted a resolution by a vote of 121 to 71, declaring
Theron Catlin, Republican Representative from the Eleventh
Missouri District, was not entitled to his seat, as corrupt
practices were employed in his election. Following the pas­
sage of this resolution, the House immediately adopted a
motion by a vote of 104 to 79 to have Patrick F. Gill, Demo­
crat and contestant, take the place vacated by Mr. Catlin.
and

R e d e m p tio n s .

Paris, Texas.— B ond Call.— Payment will be made at the
Fourth National Bank in N . Y . of 6 % water-works bonds,
“ Second Series,” numbered from 61 to 83 incl. and subject
to call on Oct. 15 1912. Date Oct. 15 1887. Int. J. & J.
The official notice of this bond call will be found among the advertisements
elsexohere in this Department.

B o n d P r o p o s a l s a n d N e g o t i a t i o n s this week
h ave been as follow s:
A D A , H ardin C o u n ty . O h io . — Bond Sale.— On A ug. 10 the $3,750 4 V4%
oup. paying tax-free bonds (V . 05, p. 312) were awarded to Barto, Scott
f<?r $.3,813 25— making the price 101.68. Other bids follow:
1 rst N at. Bank, A d a --------$3,780 22 |M. S. P ond, S o m e r s e t -___ $3,766 10
L iberty Bank, A d a ------------ 3,780 00|Citizens’ Sav. & Ln. C o.,M an3,761 00
A D A M S C O U N T Y (P . O . N a tch e z ). M iss.— B O N D O FFERIN G.— Pro­
posals will be received, it Is stated, until O ct. 7 for the $150,000 5% roadImpt. bonds (V. 05, p. 65). Int. semi-ann. Due 40 years. Certilled
check for 10% of bid required.
A L A M E D A , A lam eda C o u n ty . C a l.— B O N D OFFE R IN G .— Proposals
wll be received, it is stated, until O ct. 15 for the $157,500 electric-light
and pollce-signal-sy8tem bonds voted April 30 (V. 94, p. 1337).
A L L E N C O U N T Y (P O . L im a ), O h io ,— BO N D OFFE R IN G . — Proposals
will be received until 12 m. A ug. 27 by the Board ot County Commrs.,
I hlllips. Clerk, for $5,400 5% coupon dltsh-im pt. bonds. Denom
,I..nV aSC.I!‘ 1; aMn - at ,0ti 1.cc„ ° f Cou,n t>' Trcas. Due $600 in six months,
$1,200 in 18 months and $1,200 each 6 months thereafter. Cert, check
for 10/,, o f bonds bid for, payable to the County Trcas., required. Bonds
to be de ivered within three days from time of award. Purchaser to pav
accrued Interest.
A L M A IN D E P E N D E N T SC H O O L D IS T R IC T (P . O . A lm a ). E llis
C o u n t y , I c x .— Bonds Registered.— An Issue of 512,000 5% 10-40-ycar (opt.)

bonds was registered by the State Comptroller on A ug. 1.
A L L IA N C E . Stark C o u n ty . Ohio.— B O N D S A L E .— On A ug. 14 $19,000
4 % subway bonds were awarded, It Is stated, to the Dayton Savings &
Trust Co. ln Dayton for $19,175— making the price 100.921.
,o,A t T 9 P NA’ Blair C o u n ty , P a . — BO N D S A L E .— On A ug. 15 the $150,000
4 % 20-30-year (opt.) cou p, street-im pt. bonds (V. 95, p. 373) were awarded
to A . B . Leach & Co. o f N. Y . at 100.15 and interest. A bid was also
received from Otis & Co. o f Cleveland.
A R A N S A S C O U N T Y (P . O . R o c k p o r t ), T e x a s .— B O N D S VO TE D .— A t
an election held A ug. 7 the voters authorized the Issuance of $50,000 cause­
way bonds, according to reports.
. w S CM ^ ° ^ D . Fu lton C o u n ty , Ohio.— Bond Sale.— On A ug. 5 the $18,000
f B % 1-10-yr. (ser.) Stryker St. paving bonds (V. 95, p. 188) were awarded
1,cr.C u m m i n g s of T ol. at 101.625— a basis o f about 4.166%
Utncr bids follow:
.




B O N D ^SA LF

-^ G e o ^ M

3°

! / & ’ ° i A tla n t ic ). C a ss C o u n ty . I o w a .—

thr v o n m ' i i ' i ) i'nS ' Bechtel & Co. of Davenport were awarded at par
1?"y!:ar school bonds voted June 29 (V . 95, p 05)
Denom. $1,000. Date A ug. l 1912. Int. F. & A .
dlsposedtofStatC that a ? ‘10’ 000 lssue- aIso voted June 29, has not yet been
COUNT V (P, O, Kosciusko)

Miss —■fiOA/’ D

v f•

5 0 ,0 0 0 .. 93.50

Kearney, Buffalo County, N eb.— Litigation.— According to
l . f 0 ™ aJia Bee ot Aug. 9, the Mayor, council members,
bity Olerk and treasurer and the State Treasurer have been
by Austin M. Brownfield, a taxpayer, from selling
the 810,000 municipal electric-light-plant bonds voted on
1'eb. 14 1912 (V . 94, p . 578). The plaintiff alleges that the
bonded debt limit for municipal ownership imposed on
cities the size of Kearney has been exceeded. He also
alleges that the issue did not secure the vote of a majority
of the taxpayers, although a majority of the votes cast were
secured, and that the method of voting the bonds was irregu­
lar and therefore illegal. The hearing is set down for Sept 9.
New York State.— Bonds Listed. — The following 4 % cold
coup, or reg. bonds sold on June 6 (V . 94, p . 1582) were ad­
mitted to the stock list of the New York Stock Exchange
on Aug. 5: $10,000,000 bonds for impt. of Erie, Champlain
and Oswego canals; $2,000,000 bonds for impt. of Cayuga
and Seneca canals; $8,000,000 for the impt. of highways and
$3,407,000 of an issue of $5,000,000 bonds for the construe
tion of barge canal terminals.

C a lls

Davics-Bcrtram C o., Cin____$18,251 Stacy & Braun, T o le d o __
$18 178
New First Nat. B k., Col
18 234 Tillotson & W olcott C o., Cic 18,162
SccuritySav.B k . & Tr.C o.,T o l. 18 203 Seasongood & Mayer, Cln . 18 140
Breed & Harrison, Cih. ___ 18,203 Well, Roth & C o., C in _____
18 136
Hayden, Miller & C o., Clev.
18 188 Spitzer, R orick & C o., T ol
18 100
Farmers’ &Mcreh. Bank, Arch 18,181
Denom I $600?’ Date’ Aug.1 i T i S l ^ ^ I n t . F
^
° 01......... 18’ 026

1 5 0 .0 0 0 .
. 0 8 .5 3 1
1 0 0 .0 0 0 .
. 0 9 .1 4 1
5 0 .0 0 0 .
. 1 )3 .7 5 0
t-»
5 0 .0 0 0 . _ 03
5 0 .0 0 0 .
. 93.

Lne interest on the above bonds is payable at the Tcrritormi Treasurers office or at the office of the U. S. M tge.-&
Iru st Co. in N . Y ., at the option of holder.

Bond

[VOL. L X X X XV .

S te p h e n s'^ I ? s e r e Z V c d 10
j ' ^ ^ ^ c k ’ for"' 5% f pay£bicP to °P .° t !
Stephens, I B .S ., leq u h ed . N o o th e rd e b t. Assessed val., $2,035,016 30.

i ^ T nf e )^ r A

. « &

bon^ '

to^r'oporPsy°an elation*wlYl ^be^jhefd
^truction boSndsm U l ° thC V° terS a proposlu°n to issue $4,000 school-eonrtorhm.lrTr,T(\N IN D E P E N D E N T SC H O O L D IS T R IC T (P . O .B clin g ton )
1*?>rbm ' SV!?)Uat h9V ■X an ~ 1^0niC
i ° R e.rf f O -— Proposals will be received until
l& S : K
S
l S?00 required? °*
M
»*
non I|ST^|,C T ’ Los AnScles C o u n ty , C a l. — BON D
itoania
iJ noff P
n n S at! 513,00
^ 1?onds
was awarded, it Is stated, to the State
iio
Control
par and
Interest.
B E N D , Crook C ounty. Ore.— Bond Offering.— Proposals will be received
until 6 p. m Sept. 24 by H . C. Ellis, City R e c., for the $60,000 sewerconstruction bonds voted July 20 (V . 95. p. 240). D enom . $1,000. Date
Sept. 1 1912
Int. (rate not to exceed 6 % ) M. & S . at Bend or the Oregon
ftscal agency in New Y ork. Due Sept. 1 1932. Official circular states that
there is no controversy or litigation pending or threatened aircctlng the
corporate existence of the boundaries of the city, the titles of the present
officials to their respective offices, nor the validity of this bond Issue.
Complete certified transcript of proceedings of Comm on Council will be
furnished to the purchaser for the purpose of determining the legality of
the Issue. Certified check for $1,000, payable to the City T rcas., required.
I
he official notice of this bond offering will appear among the advertise­
ments in this Department on A u g. 31.
8C^ L„Y ,J V’
O F F E R IN G . — .Proposal will be received
sao n o n ' ' ? A u g ‘ V6 \y , T1'° s . Lee, Chairman Finance Comm ., for
$40,000 4 H /o 20-j.ear street-im provem ent bonds.
p 188
ar SSUe o l k ° nds was offered but n ot sold on July 11.
See V . 95,
B L A C K V IL L E , B arn w ell C o u n ty , S o. C a r o . — B O N D O F F E R IN G __
Proposals will be received until 12 m . Sept. 10 by W A Gyles Clerk and
Treasurer Town Council, for $28,000 5% bonds
y
’
antt
T o ^ S ^ ^ - . - C o u n t y , N. J .— Bonds Authorized.— On A ug. 5 the
rclim d .^ b o n d s, accordin g1 to reports2.50 ’ 000 “ M %

S° h ° 01 an<l w a tcr" , m p t ’

B ( f v i H ) W m v e SC H O O L D IS T R IC T . San B ern a rd in o C o u n ty , C a l.—

t m w i o a r d r n n n A T « roposals will bo received until 11 a. m . Aug. 11) by
for tl e « n nnft" » yh 'Supervisors (P - ° - Sau B ernardino), It is reported,
for the $.0,000 5% bonds (V. 95, p. 249). D enom . $1,500.
B O G A T A IN D E P E N D E N T SC H O O L D IS T R IC T (P . O . B o g a ta )
R ed
$121) 0 0 ° 5 r *4o X e a ’F h n u H Koted; —
Auf f - 3 th o P ro p o sitio n to Issue th e
a v o t e o ^ 7 5 m 17. b
t? bond a ( V ’ a 5 ’ p ’ 249) ca rrl,‘d . B Is sta ted , b y

SSf

moV

°

feiiaissas'SS’M w a .» w«- • * . 4
570 000^7%^ n ^ vin ^fn n/i- Price Paid for B onds.— The price paid for the
l e a t T ( ^ o s f p ^ i ^ w a s * T o o l ' s ° n Ju‘ y 8 l ° W m ’ D ’ Perk>ns & C o B R O O K H A V E N . L incoln C o u n ty , M iss. — BON D OFFE R IN G.— ProfPn°rSS35 5
0
0
, Un.U1 8, P’ m ’ A ’ "?- 23 by R. L. Davis, City Clerk,
?
ri ° ° n , r ! . l L nil,n? ^on d s' Denom. $500. Date Oct. 1 1912. Int.
$26 000 Oct 1 1939 yearly on ° c t - 1 from 1013
1931- Inclusive, and
^ II R O O K U N E . N orfolk C o u n ty . M a s s .— B O N D S A L E .— On A ug. 14
$190,000 4 /o bonds were awarded. It is stated, to Perry, Coffin & Burr o f
Boston at 100.04. Denom. $10,000. Date A ug. 1 1912. Interest semi­
annual. Due A ug. 1 1913.
B R O O K L Y N SC H O O L D IS T R IC T (P . O. B r o o k ly n ). P o w c s h c ik C ou n ty .

Iowa.— B O N D S VO TE D .— A t an election held A ug. 3 an Issue of $45 000
school-building bonds was authorized.
B R U N S W IC K C O U N T Y (P. O . L a w r e n c e v ille ). V a . — B O N D O FFE R IN G .— l roposals will be received until 10 a. m. A ug. 26 by W . T . Slcdee
Clerk Board o f Supervisors, for $84,000 road bonds.
’
B U T T E C I T Y S C H O O L D IS T R IC T , G lenn C o u n ty . C o l.— B O N D S A L E .
•Ihe $0,000 6% 8-year building bonds voted July 10 (V. 95, p. 249) were
awarded, It Is stated,to VV. R. Stoats Co. o f Los Angeles for $6 002 50
and Interest, making the price 100.0116.
C A BA ZO N
SC H O O L
D IS T R IC T . R iv e rs id e C o u n ty . C a l — BO N D
DFI ERIE G. -Proposals will he received until Sept. 4. it is stated, by the
Clerk Board of County Supervisors (P. O. R iverside), for $3,000 school
bonds recently voted .
O IUU1
C A D O r T . C h ip p ew a C o u n ty , W i s .— Bonds Voted.— A n e lection held
bomis3 a d d i n g t o r e p o r t e .0 p r o p o s ltlo n t0 Issue § 7 ’ 000 U g h t-p la n t-con str.
C A L D W E L L . E ssex C o u n ty , N. 3.— BO N D O F F E R IN G .— Proposals
Wf < nnnC |
Vf 'c l 1111 1 ;S cpt- 3 hy thc Borough Clerk for $20,000 of an issue
o f $9U,uoo 4 ^ % gold coupon tax-free sewer bonds. Bids are requested
1
30r y,eAaR (sc‘ Ial> and straight 30-year bonds. Denom. $1,000.
, w i , L 9, l 2, , Il IJt,e.rcst A ; * ° - at tllc Borough Collector's office.
Cert, cncck for 2 /0 o f blcl Is required. Purchaser to pay accrued Interest.

9 ? y / NTY (P - ° - Cam den), N. J .— BOND S A L E .— On Aug. 14
‘‘ ' 2Ts coupon or registered turnpiko-lm pt. bonds, due Aug. 1
1918 (V. 9o, p. 374) were awarded, reports state, to John D. E verltt & Co
of New York at 100.53.

CAN/VSTOTA, Madison County. N. Y.— BO N D O F F E R IN G .— Proposals
will be received until 2 p .m . A ug. 28 hy J. E. Talley, Village President, It
^t,a/t^d ’ . ? r
2-26-year serial street-im pt. bonds at not exceeding
4 H % Interest. Int. semi-annual. Cert, check fo r 5% required.
^CASSCOUNTYCONSOLIDATED SCHOOL DISTRICT NO.

1.

Minn.—

B O N D O F F E R IN G .— Proposals will be received until 3 p. m . A ug. 27 by
J. B Sorum, Clerk Board of Education (P. O. R cm cr), fo r $12,000 5%
building bonds. Denom. $1,000. Int. sem i-ann. Due 12 years from
date o f issue. Cert, check for $150, payable to Hoard o f E d uc., required.

CENTRAL ISLIP SCHOOL DISTRICT (P. O. Central Islip), Suffolk
County, N. \ .-—BO N D O FFE R IN G .— Proposals will be received until 12 m
A ug. 20
bonds.
Denom.
on Jan.

b y S. Hatch, Clerk Board o f Education, for $20,000 5% bulldln?
A uth. vote of 73 “ fo r” to none "again st” at election held Aue 7
$1,000. Date Sept. 15 1912. Int. scinl-ann. Due $1,000 vea’rlv
1 from 1914 to 1933, inclusive.
y ny

COALINGA SCHOOL DISTRICT. Fresno County. C al— B ON DS
V O T E D .— A t a recent election thc proposition to Issue $4,500 hunt bonds
arried, reports state.

*

THE

AUG L 17 1 .9 1 2 ]
C O C H IS E C O U N T Y

SCHOOL

D I S T R IC T

NO . 1 8

(P . O .

C H R O N IC L E

San S im on)*

A r iz .— B O N D S A U T H O R IZ E D .— This district has authorized the Issuance
of $7,000 6% gold bonds. D cnom . $1,000.
C O L P A X . McLean C o u n ty . Ill — B O N D S VO TE D .— A t an election held
A ug. 0 the proposition to Issue $9,000 water-works-system bonds carried by
a vote of 137 to 58. according to reports.
COLUMBUS, Muskogee County. Qa.— B O N D S V O TE D .— 'T he propo­
sition to Issue $350,000 4 44% water-works bonds carried by a vote of 349
to 290.
C O L V I L L E , S te v en s C o u n ty , W a s h .— Bond S a le — The City Clerk ad­
vises us that an Issue of $22,500 5 44% 10-20-yr. (opt.) funding bonds was
awarded on April 20 to the Colville Loan & Trust Co. of Colville at par.
D cnom . $1,000. Date May 1 1912. Int. M. & N.
„
, ,
A similar Issue of bonds was reported sold to the Exchange N at. Bank oi
Spokane on Dec. 5 1911 (V . 93, p . 1080).
C O N E S C H O O L D I S T R I C T . T e h a m a C o u n ty . C a l.— B O N D S VOTED —
It Is reported that the question of Issuing $2,500 building bonds carried at
a recent election.
C O V IN G T O N S C H O O L D I S T R I C T (P . O . C o v in g to n ), Atiami C o u n ty ,
O h io .— BOND O FF E R IN G .— Proposals will be received until 12 m. A ug. 30

by A . W . Landis, District Clerk, for $2,000 5% coupon building Impt.
bonds. A uth. Sec. 7629, C cn. Code. D cnom . $500. Date A ug. 30 1912.
Int. F . & A . Due $500 yearly on A ug. 30 from 1914 to 1917, inclusive.
Cert, check for 5% of bonds bid for, payable to the District Treasurer,
required. Bonds to be delivered within 10 days from tim e o f award.
Purchaser to pay accrued interest.
C R E T E , W ill C o u n ty . III. — B ON DS VO TE D .— A t the election held
A ug. 10 the proposition to Issue $9,000 watcr-works-extenslon bonds
(V. 95, p. 374) carried, according to reports.
D A IR Y V IL L E

SCH OOL

D I S T R IC T ,

Teham a

C o u n ty ,

C a l.— B O N D S

VO TE D .— A favorable vote was recorded recently, it Is stated, on the
question o f issuing $3,000 building bonds.
..
D A L L A S C I T Y . O re. — Bond Ottering.— Proposals will be received until
8 p. m . Sept. 7 b y Geo. F. Koss, City Hecordcr, for $90,000 gold seweragesystem bonds at not exceeding 544% Int. D cnom . $500. Date July 15
1912
Int. J. & J. at Oregon fiscal agency in N. Y . City. Due July 15
1937 subject to call at any Interest period after July 15 1932. Cert, check
for 5% of bid required. A like issue of bonds was offered on July 20 but
the bids received were rejected (V. 95, p. 374).
D A I T O N , Cook C ounty. III.— BON D O FFE R IN G .— Proposals will be
received, according to reports, until 8 p. m . A ug. 29 by W m . G. Dalton,
Vlll. Clerk, for $15,000 5% strcct-im pt. bonds. Interest semi-annual.
D E S A lO IN E S . I o w a . — B id.— A bid of par and Int. from Chapman, Mills
& Co. of Chicago was received on July 31 for the $124,000 5% cou p, rivorim pt. bonds (V . 95, p. 250).
D E T R O I T , M ic h . — BON D OFFE R IN G.— Proposals will be received until
3 p. m. Aug. 26 by the Board of W ater Com m ’rs, II. A . Gllmartin, See., for
$240,000 4% cou p, water tax-free bonds. D cnom . $1,000. Date Sept. 15
1912. Int. M. & S. Due Sept. 15 1932. Cert, cheek for 44 of 1% of
the amount of bonds bid for, payable to the Board of W ater Comm ’rs,
required.
D E X T E R , S tod d ard C o u n ty , A lo.— BO N D S VO TE D .— A favorable vote
was cast recently, reports state, on the question of issuing $53,000 water­
works and sewer bonds.
D I C K IN S O N C O U N T Y (P . 0 . C lin tw o o d ), V a .— BON D E LEC TIO N .—
An election will he held A ug. 19, It Is stated, to vote on a proposition to
Issue $50,000 30-ycar Clintwood Magisterial District road bonds.
D U B L I N , P ulaski C o u n ty , V a .— BO N D S A L E .— On A ug. 10 the $10,000
5% 15-30-year (opt.) cou p, water bonds (V. 95, p. 313) were awarded to
the First National Bank of East R adford at par.
D U N B A R , F a y e tte C o u n ty , P a .— BON D E LEC TIO N PR O PO SED .—
It Is stated that the Council Intends to submit to the voters In the near
future a proposition to Issue $25,000 school bonds.
E A S T C L E V E L A N D , C u y a h o g a C o u n ty . Ohio.— BO N D SA7.E.— On
Aug. 13 the $13,800 4 % 10-year sewer and strcct-im pt. (city s portion)
bonds (V. 95, p. 189) were awarded. It Is stated, to Hoehler & Cummings of
T oledo for $13,870— making the price 100.507.
. „ .
Bond Election .— Reports state that an election will be held Sept. 3 to
submit to the voters tho proposition to Issue Hayden A v e. exten. bonds.
E A S T L A N S D O V V N E S C H O O L D I S T R IC T (P . O . Lansdownc), D elaw are
C o u n ty , P a .— Bond Sale.— On Aug. 2 the $8,800 4 44% coup, tax-free
school bonds (V. 95, p. 250) were awarded to Edward V. Kane & C o., 1 liila.
E A S T L Y N N E S C H O O L D I S T R I C T , T u lare C o u n ty , CaL— Bond Sale.—
W m . R . Staats & Co. of Los Angeles was awarded on A ug. 5 an Issue of
$5,000 6% bldg, bonds at 101.54 and Int.
E A S T M c K E E S P O R T , A lle g h a n y C o u n ty , P a .— BO N D O FFERIN G.—
Proposals will be received until 8:30 p. m . A ug. 20 b y E . Churchfleld,
B oro. Clerk, for the $60,000 4 44% tax-free bonds voted July 23 (V. 95,
p. 313). Date A ug. 1 1912. Int. seml-ann. at E . Pittsburgh Nat. Bank
In WUmcrding. Due 5 bonds A ug. 1 1922; 9 bonds A ug. 1 1927; 11 bonus
A ug. 1 1932; 3 bonds yearly on A ug. 1 from 1933 to 1936 ;incl.; 4 bonds
A ug. 1 1937; 3 bonds A ug. 1 1938, and 4 bonds yearly on A ug. 1 from
1939 to 1942 lncl. Cert, check on a national bank for $500 required.
E A S T P A L E S T I N E , C olu m b ian a C o u n ty . O h io .— B O N D OFFE R IN G .—
Proposals will be received until 12 m. Sept. 9 b y O. L. Butts, Village Clerk,
for $1,500 5% strcct-im pt. (village’s portion) bonds. D cnom . $500. Date
A ug. 30 1912. Int. F. & A . Due $500 yearly on A ug. 30 from 1914 to
1916, lncl. Cert, check for 5% of bonds bid for, payable to the Village
Treasurer, required. Bonds to be delivered within 10 days from tim e of
award. Purchaser to pay accrued Interest.
•
FDEN, Hancock C o u n ty . M e .— BO N D S A L E .— On A ug. 10 the $21,000
4 % 15-year bonds (V. 95, p. 250) were awarded to E . H. Rollins & Sons
of Boston at 101.535. Other bids follow :
__
Adams & Co., B oston____$21,226 80 |M errill,O ldham & C o.,B os_$21,048 09
Date Sept. 1 1912. Interest semi-annual.
p i K H A R T C O U N T Y (P . O. G o s h e n ), In d . — Bond Sale.— On A ug. 1
S i03 000 4 44% 1-10-ycar cou p, tax-free gravel-road bonds were awarded to
local lnvestors at par. Dcnom . $500. Date A ug. 1 1912. Int. M. & N.
E L M I R A . C h e m u n g C o u n ty , N . Y .— Bond Offering .— Proposals will bo
received until 12 m . A ug. 31 by A . J. Jacoby, Sec. B d. of E d ., for $7 j ,000
4 ‘4 % reg. school bonds. Date Sept. 1 1912. Int. seml-ann. Due on
F eb. t as follows: $8,000 in 1914, 1921, 1922, 1923, 1924, 1925, 1927
and 1928 and $11,000 in 1929. A cert, guarantee deposit of 1% of bid
is required. Purchaser to pay accrued interest.
E L M O R E I N D E P E N D E N T S C H O O L D I S T R IC T N O . 53 (P . 0 .

E lm ore)

Faribau lt C o u n ty , M in n .— Rond Offering.— Proposals will be lecelyed until
8 p. m . Sept. 3 by G. II. T aylor, Cicrk, for $7,000 building bonds at not
exceeding 5% int. D cnom . $500. In t. annual. Due $oOO yearly
O ct. 1 from 1914 to 1927 incl.
E S C A N D I D O S C H O O L D I S T R I C T , San D iego C o u n ty , C a l.— ROND
E LE C T IO N .— An election will be held to-day (Aug. 17) to submit to the
voters the question o f Issuing $8,000 bonds, reports state.
E N T E R P R I S E T O W N S H I P , D ick inson C o u n ty . K a n s .— Bonds

Voted.—

A ccording to reports an election held recently resulted In favor of the propo­
sition to issue $12,000 bonds for the Hutchinson & Western Intcrurban R y.
E U G E N E , Lane C o u n ty , Ore.— BO N D OFFE R IN G .— Further details
arc at hand relative to the offering on A ug. 22 o f the $183,500 (not $186,500,
as at first reported) sewer-im pt. bonds (V. 95, p. 374), at not exceeding
5% interest. Proposals for these bonds will be received until 7:30 p. m
on that day by Frank Smith, A cting City Recorder. A uth. vote of 880
to 445 at election held April 1. Dcnom . $500 or $1,000 Int. seml-ann.
Due 30 years. Official circular states that the city has never defaulted
In its obligations. Certified check for 2% o f bid required.
Bond Offering.— Proposals will be received until 6 p. m . Septem ber 24
b y II 0 . Ellis, City R ecorder, for the $60,000 sewer-construction
bonds voted July 20 (V . 95, p. 249). Denomination $1,000. Date
S ep t' 1 1912 Int. (rate not to exceed 6 % ) M. & S. at Bend or the Oregon
fiscal agency in New York. Due Sept. 1 1932. Official circular states that
there Is’ no controversy or litigation pending or threatened affecting the
corporate cxlstenco of the boundaries of the city, the titles ot the present
officials to their respective offices, nor the validity of this bond Issue.
Complete certified transcript of proceedings ot Comm on Council will be
furnished to the purchaser for the purpose of determining the legality of
the Issue. Certified check for $1,000, payable to the City Treas..^required.




435

P A I R V I E W S C H O O L D I S T R I C T . C a l. — B O N D E L E C T IO N — Deports
from Bakersfield state that an election will be held here A u g . 21 to submit
to the voters the proposition to Issue $11,000 7% bonds.
F L O R A S C H O O L D I S T R IC T N O . 1 3 , S o. D a k .— Bond Sale.— W c are ad­
vised that on May 28 Chas. S. Kidder & Co. of Chicago were awarded the
$3,500 5% bonds offered but not sold on April 23 (V . 94, p. 1265). Denom.
$500. Date April 23 1912. Int. A . & O. at the Central Trust Co. of 111.,
Chicago. Due $500 yearly April 23 1917 to 1923 lncl. Assessed valuation,
$485,684. T otal debt, $12,850.
F O R E S T , Hardin C o u n ty , O h io .— Bond S a le— On A ug. 12 the tw o issue®
of 5% cou p, assess, bonds aggregating 517,315 (V. 95, p. 189) were awarded
to the Security Sav. Bank & Trust Co. o f T oledo for $17,931 76 (103.56)
and Interest. Other bids follow:
Premium. I
Premium.
Breed & Harrison, Cincinnati $606.01 Iloehler & Cummings, T o l . .$513.50
New First Nat. Bank, Col_- 555.00 Spltzcr, R orick & Co., T oL _ 443.25
Ilardln County B k.C o..F orest 5 30.001Well, R oth & C o., Cincinnati 368 50
F O R E S T U N IO N S C H O O L D I S T R I C T (P . O . F o r e st), Hardin C o u n ty ,
O h io . —B O N D S A L E .— On A ug. 12 the $2,000 4 44% 2 .4-year (av.) bonds

(V. 95, p. 250) were awarded to the Hardin County Bank Co. In Forest at
101 and int. A bid of $2,003 12 was also received from M. S. Pond of
Somerset. Date A ug. 1 1912.
F O R R E S T C O U N T Y (P . O . H a t tie s b u r g ), M is s . — B O N D S PR O PO SED .
— A ccording to repot ts, the Board of County Commissioners propose to
authorize at Its Sept, meeting the Issuance o f $50,000 5% road-bldg, bonds
F O R T M E A D E . P olk C o u n ty , F la .— Bond Sale.— O n July 25 the $39,000
5% 15-30-year water-works and sewerage bonds (V . 95, p . 66) were awarded
to the Commercial Bank at 96.25 and interest.
F O R T SC O T T S C H O O L D I S T R IC T (P . O . F ort S c o t t ). B ourbon C o u n ty

K a n s . — B O N D O F F E R IN G .— Proposals will be received until 4 p. m.
A ug. 26 by C. W . Mitchell, Clerk Bd. o f E ducation, for $80,000 4 44%
bldg, and equip, bonds. Denom. $1,000. Date July 1 1912. I n t .J . & J .
at office o f the State Treas., in Topeka. Due July 1 1942, but subject to
call as follow s: $25,000 July 1 1932. $25,000 July 1 1937 and $30,000 Ju lyl
1942
Certified check for 2 % of bonds bid for, required.
j,;J
F R E D E R I C K C O U N T Y (P . O . Frederick C it y ) , A id .— Bond Offering.—
Proposals will be received until 12 m. Sept. 2 by L. G. Dlnterman, Pres, of
County Commrs., for $25,000 4 44% coupon tax-free bonds. A uth. Chap.
404, Laws of 1912. D enom . $500. Date Sept. 1 1912. Int. M. & S.
Due Sept. 1 1942, optional after Sept. 1 1927. Cert, check for 5% of bonds
bid for, payable to the County Commrs., required. Bonds to be ready for
delivery Sept. 2.
F R E M O N T , S an d u sk y C o u n ty , O h io . — Bond Offering.— Proposals will be
received until 12 m . Sept. 3 by the Clerk of Council for $30,000 4 44% cou p.
Raw son A v c. (city’s portion) im pt. bonds (V . 94, p. 1717). D enom . $500.
Date Sept. 1 1912. Int. A . & O. at office of the Sinking Fund Trustees.
Due $1,500 each six months from April 1 1914 to O ct. 1 1923 lncl. Cert,
check for $200 required. Purchaser to pay accrued Interost. No condi­
tional bids considered.
Bonds Authorized.— An ordinance was passed July 9 providing for the
Issuance o f $17,000 4 44% cou p. Bucltland A ve. im pt. (city ’s portion)
bonds. Denom. (20) $350, (20) $500. Date Oct. 1 1912. Int. A . & O.
Due $850 each six months from April 1 1914 to O ct. 1 1923 lncl.
An ordinance was also passed July 16 providing for the issuance of $10,000
4 44% cou p, street-im pt. bonds. Denom. $500. Date O ct. 1 1912. Int.
A . & O. Due $500 each six months from O ct. 1 1913 to April 1 1923 lncl.
F R E E P O R T , N assau C o u n ty . N . Y .— B O N D OFFE R IN G .— Proposals
will be received until 5 p. m . A ug. 19 by S. P . Shea, Vll. Clerk, for the fol­
lowing bonds voted July 9 (V. 95, p. 127) at not exceeding 5 % :
$15,000 (Series “ B ") road bonds. Due $1,000 yearly on July 1 from 1917
to 1931 lncl.
15,000 (Series “ G” ) m unlcipal-clectrlc-llght bonds. Due $1,000 yearly
on July 1 from 1916 to 1930 Incl.
5,000 (Series “ E ") water bonds. Due $1,000 yearly on July 1 from
1916 to 1920 lncl.
D cnom . $1,000. Date Sept. 1 1912. Int. seml-ann, at the Freeport
Bank. Cert, check for 5 % , payable to S. Dlmon Smith, Vll. Treas., re
quired. Bonds to be delivered and paid for Sept. 1.
G A L L U P , M c K in le y C o u n ty , N . A le x . — Bond Sale. — O n A ug. 6 the
$64,000 5% 20-50-ycar (opt.) gold cou p, water and sewer bonds (V . 95, p.
189) were awarded to S. A . Kean & Co. of Chicago at 102.50. A bid of par
from Sutherlin & Co. of Kansas City was also received.
G A R F I E L D S C H O O L D I S T R I C T , Fresno C o u n ty , C aL — Bond Sale.— On
A u g. 5 the $5,000 6% 1-10-year (scr.) cou p. bldg, bonds (V . 95, p . 314)
were awarded to W m . R . Staats Co. of Los Angeles at 102.52. Denom .
$500. Date July 17 1912. In t. ann. in A ug. There were no other bidders.
G A T E S (T ow n )

S C H O O L D I S T R IC T N O . 3 , M on roe C o u n ty . N . Y . —

Bond Sale.— On A ug. 10 $35,000 5% 1-20-year (ser.) bonds were awarded
to Myron W . Greene of Rochester at 103 and Int.— a basis of about 4.636% .
Bids were also received from Isaac W . Sherrill & Co. of Poughkeepsie,
Douglas Fenwick & Co. of N . Y . and Adam s & Co. of N . Y . D enom . $1,­
750. Date July 1 1912. Interest annual.
G I L M A N , M arsh all C o u n ty , Io w a .— Purchaser of Bonds.— The purchaser
of the $12,000 5% municipal water-works bonds (V . 95, p . 314) was the
Fidelity Bank of Marshalltown. D enom . $250. In t. semi-annual. Due
15 years, optional at any time.
G L E N C O U N T Y H IG H S C H O O L D I S T R I C T . C aL — Bond Offering.—
Proposals will be received until 10 a. m . A ug. 27, It Is stated, b y the Board
o f County Supervisors (P. O. Willows) for the $50,000 5% building bonds
voted July 16. D enom . $1,000.
G R A N D E N C A M P A fE N T (P . O . E n c a m p m e n t ), C arb on C o u n ty . W y o . —

BON D E L E C T IO N .— On A ug. 22 a vote will be taken on a proposition to
Issue $30,000 15-30-year (opt.) water-works bonds at not exceeding 6% Int.
G R A N D T R A V E R S E C O U N T Y (P . O . T rave rse C i t y ) . A lich.— Bond Sale.
— W e arc Just advised that on May 1 the First Nat. Bank of Traverse City
was awarded at par $10,000 5% 20-yr. fair-ground-purchase bonds. De­
nom . $1,000. Date May 1 1912. Int. annually In May.
G R A Y C O U N T Y COAlAtON S C H O O L D I S T R IC T N O . 1 6 , T e x .— BOND
S A L E .— This district has disposed of locally the $1,000 5% 5-20-yr. (opt.)
bonds registered on June 22 (V . 95, p. 66).
G R E N A D A C O U N T Y (P . O . G r e n a d a ). M is s .— BON D O FFERIN G.—
Proposals will be submitted until 2 p. m . Sept. 2 tor $45,000 5% 20-ycar
road and bridge bonds. Denom. $500. Date Sept. 1 1912. Int. ann. at
the Hanover N at. Bank In N . Y . J. S. King is CouHty Clerk.
G R E E N L E E C O U N T Y S C H O O L D I S T R I C T , A riz — Bond Sale.— On
A ug. 5 $2,500 6% 10-yr. cou p, school bonds were awarded to H . Hill of
Clifton at par. D enom . $250. Date A ug. 1 1912. Int. ann. In August
H A A U L T O N C O U N T Y (P . O . W e b s te r C it y ) , I o w a .— Price Paid for
Bonds.— The price paid for the $20,000 5 44 % cou p, drainage bonds awarded
on July 20 to the Security Sav. Bank & Trust Co. of Tol. (V . 95, p. 314)
was par. Denom. $500. Date N ov. 1 1912. Int. M. & N. Due from
1915 to 1920.
H A N C O C K C O U N T Y (P . O . G re en fie ld ). Ind — Bond Sale.— An issue of
$10,000 Adam Sivard road bonds was awarded at par and Int., it Is stated,
$5,000 to P. BInford and $5,000 to L. W ood.
H A N O V E R T O W N S H I P S C H O O L D I S T R IC T , P a .— B O N D S A L E .—
M. M. Freeman & Co. of Phila. have been awarded $100,000 5% school
bonds. Denom. $1,000. Date A ug. 1 1912. Int. F . & A . Due $20,000
on A ug. 1 111 1922, 1927, 1932, 1937 and 1942.
H A R R I S C O U N T Y (P . O . H o u sto n ), T e x .— B O N D S PR O P O S E D .—
Tills cou nty Is contem plating the Issuance o f $250,000 to $300,000 road,
bridge and school bonds.
HARTFORD SCHOOL DISTRICT (P . O . H artford) . Ohio C o u n ty , K y . —
BO N D S VO TE D.— A t an election held A ug. 6 the voters authorized the
Issuance ot not exceeding $9,000 high-school-bldg, bonds, by a vote of
293 to 105.
HAZLETON.
Lu zerne C o u n ty , P a . — L O A N PR O P O S ED .— Reports
state that tills city will Issue a loan ot $250,000 for th e construction of
'. sewers and street paving.
1
H E A 1E T, R iversid e C o u n ty . C aL — Bonds Voted.— On A ug. 3 the voters
* authorized the Issuance of the $44,000 6 % 1-40-yr. sewerage bonds (V . 95,
I p. 250) by a vote of 241 to 21.
> H E S T E R S C H O O L D I S T R I C T . S an ta Clara C o u n ty . C aL— Bond Sale.—
I On$Aug.i5 the $80,000 5% 1-40-yr. (ser.) cou p. bldg, bonds (V . 95, p. 128)

436

THE

C H R O N IC L E

were awarded to Torrance, Marshall & Co. of Los Angeles for $83 ’ 51
(104.003) and int.— a basis o f about 4 .0 0 % . Other bids follow:
’
N. W . Halsey & C o., San F r.$82,484 |Sail Jose Safe Dep. B a n k ..$80,101
H IC O , H a m ilto n C o u n ty , T e x a s . — Bonds Proposed.— It Is stated that
certain Interests in tills city arc agitating the issuance of $10,000 streetim provem ent bonds.
H O M E S T G A D SCHOOL D I S T R I C T , Kern C ounty, Cal.— Bond Sale.—
On A u g. 0 the $2,u00 7 % sohool bonds (V . 05, p. 251) were awarded to the
Security Trust Co. at 103.
H O N F .O Y G F A L L S
M on roe C o u n ty , N . Y . — B O N D S VO TE D .— T h e
question o f Issuing not m ore than S42.000 water-works-system construction
l) -»nr r‘" ‘-"icd b y a vote o f 168 to 55 a t an election held A ug. 13, according
tn rpnorl-q
H O N E Y L A K E S C H O O L D I S T R IC T , Lassen C ounty, C a l. — Bond Elec­
tion Irregular.— We are advised that the election held June 1 to vote on the
o f Issuing $3,000 7 % 1-15-year (serial) building bonds (V. 94,
p . 1717) was Irregular.

HURON COUNTY (P. O. Norwalk), Ohio. — Bonds Proposed.— Reports
state that the County Commissioners will issue $50,000 court-houseconstruction bonds.
, H A W AM BA COUNTY (P . O. Fulton), M iss.— Bond Sale.— On A ug. 5
the $-1,000 0?,', road bonds (V. 95, p. 251) were awarded to II. C. Speer &
Sons Co. of Chicago for $21,650 (103.238) and int. Date Feb. 1 1912.
Int. semi-ann. Due from 14 to 25 years.
J A C K S O N C O U N T Y (P . O . Pascagoula), M iss.— Bond Sale.— The Inter­
state Trust & Banking Co. was awarded, reports state, $15,000 6% road bds.
J A C K S O N C O U N T Y (P. O . Pascagoula). M iss.— B O N D OFFERIN G.—
Proposals will be received until Sept. 2 for the $25,000 6% 25-yr. Road
District N o. 3 bonds (V . 95, p. 190).
JA C K S O N J O IN T U N IO N H IG H SC H O O L D IS T R I C T , A m a d o r C o u n ty .
C a l.— Bond Sale.— The State Board of Control purchased, it is stated, t e

$25,000 30-yr. school bonds ollercd without success on June 3 (V . 95, p. 128.)

J A M E S T O W N SC H O O L D IS T R IC T , T u o lu m n e C o u n ty , C a l.— BON DS
V O TE D .— A ccording to reports, an election heid here recently resulted in
favor of the proposition to Issue $2,000 bonds.
J O H N S T O W N , W eld C o u n ty , C o lo .— Description o f Bonds.-—The $20,000
6% 10-15-yr. (opt.) water-works bonds sold at par (V. 95, p. 314) are in the
denom . of $1,000 cacli and dated July 1 1912, Int. J. & J.

[VOL. L X X X X V .

L O G k O U i M O U N T A I N , H a m ilto n C o u n ty . T c n n . — Bonds Voted.— D r
a vote of 79 to 18 the proposition to issue the $25,000 4 >$% 20-year s tre e tim provem ent bonds carried at the election held A ug. 8 (V . 95, p. 128).
LO S A N G E L E S , Cal.-—B O N D E LECTION P R O P O S E D .— This city p ro­
poses to call an election on Sept. 17, reports state, to vote on a proposltio*
to Issue $100,000 dock-im provem ent bonds.
L O U P C IT Y S C H O O L D I S T R IC T (P . 0 . L ou p C it y ) , Sherm an C o u n ty ,

Neb.— Bond Election Proposed.—-This district proposes to hold an election
to vote on the question of issuing $30,000 school bonds.
LO W E LL, Middlesex C ounty, M ass.— Bond Sale.— On A ug. 10 $35,000
4% 1-20-year (ser.) city stable bonds dated A ug. 1 1912 were awarded to
Blodget & Co. of Boston at 101.52, reports state.
LUCAS COUNTY (P. O. T oled o), Ohio.— B O N D O FFERIN G.— P ro­
posal:; will be received until 10 a. in. A ug. 27 by Ch. .1. Sanzenbachcr, City
A uditor, for the following 4 44% road-im provem ent bonds:
$55,502 18 bonds. Denom. (t) $502 IS. (55) $1,000. Due $5,502 18 on
Sept. 6 1913; $5,000 yearly on Sept. 6 from 1914 to 1017 lncl.
and $6,000 yearly on Sept. 0 from 1918 to 1922 lncl. Certified
check for $500 required.
3.000 00 bonds. Denom. $600. Due $600 yearly on Sept. 6 from 1913
to 1917 lncl. Cert, check for $200 required.
48,835 35 bonds. Denom. (1) $835 35, (48) $1,000. Duo $5,835 35
Sept- 6 1913, $5,000 yearly on Sept. 6 from 1914 to 1920 incl.
™ m u 'r.r
$4,000 S ept. 6 1921 and 1022. Cert, check for $500 required .
59,030 05 bonds. Denom. (1) $1,030 05. (58) $1,000. Due $6,030 05
Sept. 6 1913, $6,000 yearly on Sept. 6 from 1914 to 1921 lncl.
and $5,000 Sept. 6 1022. Cert, check for $500 required
Int. semi-ann. at office of Co. Trcas. Bonds to be delivered Sept. 6.
Conditional bids will not be considered. Date Sept. 6 1912. Auth
Sec. 6926-6949, General Code.
Me LE AN C O U N T Y SCHOOL DISTRICT NO. 168, III.— Bond Sale. — O n
A ug. 10 tile $12,000 5% school bonds (V . 95, p. 251) were awarded to
J ihn Nuveen * Co. of Chicago at 101.30. A bid of $12,141 was also
received from It. T . H oltz & Co. of Chicago. Date Sept. 1 1912. interest
annually in April.
At AAl A R O N E C K . W estchester C ounty, N. Y.— BOND S A L E .— On
A ug. 13 the two Issues of bonds, aggregating $59,000 (V . 95, p. 375), were
awarded to Curtis & Sanger of N . Y . as follows for 4.40s:
$35,000 street-im pt. bonds for $35,137 50 (100.392) and Interest.
24.000 sewer bonds for $24,133 13 (100.513) and Interest.
M A N H A T T A N SCH O OL D IS T R IC T (P . (). M a n h a tta n ), N ye C o u n ty ,

N cv.— Bond Offering.— Proposals will be received, it is stated, until 1 p. in.
A ug. 26 by the School Trustees for $5,000 bonds.
JO N E S C O U N T Y (P . O . E llis v ille ), A liss. — Bond Sale.— A c c o r d in g t o re­
AlANSON SC H O O L D IS T R IC T (P. O. A la n s o n ). Calhou n C o u n ty . I o w a . —
p o r ts , $10,000 s ch o o l b on d s w ere a w a rd e d to th e In te rsta te T r u s t & Bkg. C o.
Bonds Defeated.— An election held July 18 resulted in the defeat of a p ropo­
sition to issue $9,000 building bonds.
K A D A K A , S tan ley C o u n ty , So. D a k .— BO N D S N OT YET SO LD .— No
award has yet been made of the $0,700 7% water bonds oUered without
A1APLEWOOD. St. Louis C ounty, Alo.— Bonds Defeated.— Reports state
success on June 5 (V . 94, p. 1717).
that a proposition to issue $100,500 sewerage-system bonds was defeated
at
an election held A ug. 5.
K A L A M A Z O O . K a la m a z o o C o u n ty , Alich.— Bond O f f e r i n g . — Proposals
will be received until 11 a. m. A ug. 19 by C. L. Miller, City Clerk, for the
A tA R IE T T A , Cobb C ounty, Ga.— B O N D S A L E .— On A ug. 5 the $20,000
following 4 Vi% bonds (V . 95, p. 314):
5% 20-yr. cou p, school-bldg, bonds (V . 95, p. 251) were awarded, It Is
$40,000 water-extension bonds. Date Sept. 1 1912. Due $4,000 yearly stated, to the Marietta Trust & Bank Co. of Marietta at 104.25 and Int.
for 10 years.
A tA R IE T T A , W ashington C ounty, Ohio.— Bonds Authorized.— An ordin­
25,000 sewer bonds. Date June 15 1912. Due $5,000 yearly for 5 years. ance was passed A ug. 1 providing for the Issuance of $1,500 4 % coupon
clty-hall-im pt. bonds. Denom. $500. Date O ct. 1 1912. Int. A . & O.
K A N S A S C I T Y . K a n . — Bond Sale.— W e are advised that the $150,000
4 M % water-works-extension bonds voted July 3 (V . 95, p. 375) will be at office of the City Treasurer. Due O ct. 1 1917.
taken by local banks, giving the city the option of redeeming same serially,
A lA R IO N , C ritten den C o u n ty , K y . — Bond Election Proposed.— R e p o rts
sta te th a t a p r o p o s itio n to issue w a te r-w o rk s b o n d s w ill be su b m itte d to a
$30,000 yearly, beginning two years from date o f Issue,
v o te at the N o v e m b e r e le ctio n .
K IM B A L L IR R IG A T IO N D IS T R IC T . N e b — Bond O f f e r i n g . — Proposals
M A R K L E , Huntington C ounty, I n d . — Bonds Offered by Bankers.— The
will be received until 12 m . A ug. 29 by the Board of Directors, F. It. Morgan,
Flctcher-American Nat. Bank of Indianapolis s offering to invostors $6,400
Sec. (P . O. K im ball), for $30,000 bonds. Date July 1 1910.
4 k i% school bonds. Denom. $400. Date June 24 1912. Int. payable
K I R K S V I L L E . A d a ir C o u n ty , M o . — B O N D E L E C T IO N .— The voters of
this place will have submitted to them on A ug. 30 the question of Issuing J. & J . at the Farmers’ & Traders’ Bank at Markle. Duo $800 yearly
July 15 from 1918 to 1925, incl. Assessed value, $333,260; real value,
$85,000 water-works bonds, according to reports.
$1,000,000. Bonded debt, $0,400.
K IS S IM M E E , O sceola C o u n t y . F l a — N OTE E LECTION .— This pk?c^.
AlASSILLON, Stark C ounty, Ohio.— Bond Sale.— On A ug. 9 the three
It Is reported, will hold an election In the near future to submit to the voters
Issues o f 4 H % bonds held by the Sinking Fund as an investment (V. 95,
the proposition to issue $00,000 8% “ general notes.”
Denom. $1,000.
p. 314) were awarded to the First Nat. Bank in Massillon as follows:
Interest semi-annual.
$4,000 public-Im m ovem ent bonds at 101.125.
L A C R O S S E , La C rosse C o u n ty , W is . — Bend Sale.— On A ug. 8 the ? 150,
6,250 coupon Main St. (city’s portion) bonds for $6,331— making the
000 4F$% 10-20-yr. (opt.) cou p, watcr-system-extension bonds (V. 95 p.
price 101.29.
314) were awarded Jointly to E . II. Hollins <3c Sons and D cvltt, Trcn.b.e
4,000 coupon (Ire-department bonds at 101.375.
& Co. of Chicago at 100.630 and Int.
Other bids follow;
Other bids follow:
$4,000 Impt.
$6,250 $4,000 Ore
Bolger, Mosser & W illam an, Chicago_________________________ $150,751 00
,
Issue.
Issue.
Issue.
Blodget & C o., B oston__________________ _____ _________________ 150,430 50 W ell, R oth & Co., C incinnati-...................... $4,025 50
$6,354
$4,042
A . B. Leach & C o., C hicago— _____ ________________ __________ 150,205 uo Merchants’ Nat. Bank, Massillon______ ___ 4,004 00
6,256
4,004
Harris Trust & Savings Bank, C h ic a g o .,................ .......................... 150,luo 00
A1AUMEE, Lucas C o u n ty , Ohio.— Bond Offering.— Proposals wilt be
LA K E CH AR LE S, Calcasieu Parish, La.— Bond Sale.— An Issue of received until 8 p. m. Sept. 0 by G. V. Raah, Village Clerk, for $41,800
$100,000 5% street-paving bonds was awarded to the Calcasieu Trust & 4 \ i% street-lm pt. bonds. Denom. (30) $1,000, (10) $800, (10) $380.
Savings Bank o f Lake Charles at par and Int. Denom. $1,000. Date
Date Sept. 1 1912. Int. M. & S. Due $4,180 yearly on March 1 from
Jan. 1 1912. Int. ann. In Jan. Due part yearly until Dec. 31 1945.
1914 to 1923, lncl. Cert, check on a Maumee or T oledo bank for 5% o f
bonds bid for, payable to the Village Treasurer, required. Bonds to be
L A K E L A N D , Polk C ounty, F la — B O N D S A L E .— On A ug. 12 the $150 delivered within 10 days from time of award. Bids must bo unconditional.
000 5% 30-44-yr. (ser.) bonds (V . 95, p. 251) were awarded to the Sou
Asphalt & Con. Co. In Birmingham at par and hit. less 3 % for expenses’.
AlA Y SV ILLE, Jones C ounty. No. D ak.— B O N D E LEC TIO N PR O ­
A bid of $148,500 was also received from the Bankers’ T r. C o., Jacksonville
P O S E D .— The voters'w ill shortly have submitted to them a proposition to
L A K E SID E SCHOOL DISTRICT, San Diego County. Cal.— .B o , id Sale. — - Issue $16,000 elcctric-light-plant bonds, according to reports.
On A ug. 7 the $8,000 6% 5-12yr. (ser.) bldg, bonds (V. 95, p. 251) were
A1EDINA. Alcdina County. Ohio.— BO N D OFFERIN G.— Proposals will
awarded to F. L. Sargent at 103.6825. Other bids follow:
be received until 12 m . Aug. 20 by O. O. Van Deusen, Vll. Clerk, for $6,28#
W . R . Staats Co., Los Angeles $8,1561 First Nat. Bank, Barnesvllle. .$8,051
5%
cou p. E. Washington St. assess, bonds. A uth. Secs. 3914-3924, Gen.
Bank o f Com. & Tri st C o------ 8 ,14610. C. Blym yer & Co., San F r. 8,007
Code. Denom. $628. Date July 15 1912. Int. ann. on Mcil. 15. Duo
Stephens & Co., San D iego— 8,079|U. G. O. C o a c l..__ __________ 8,003
$628 yrly. on Mch. 15 from 1914 to 1923 incl. Cert, check for 5% of bonds
D enom . $1,000. Date July 2 1912. Int. ann. in July.
.
bid for, payable to the Vll. T rcas., required. Bonds to be delivered within
LATAH COUNTY (P. 0 . iMoscow). Idaho.— Bonds Defeated.— The elec­
10 days from time o f award. Purchaser to pay acciMed Interest.
tion held July 30 resulted In the defeat of the proposition to issue the
M EDFORD, Atiddlcsex C ounty, Alass.— Temporary Loan.— On A ug. 13
$100,000 court-house bonds (V . 94, p. 1718).
tile loan of $25,000, due April 3 1913 (V . 95, p. 375) was negotiated with
LAW REN CE, Essex C ounty. M ass.— Temporary Loan.— A ccording to Blodget & Co. of Boston at 3.96% discount.
reports a $200,000 3 H-m onth loan was negotiated on A ug. 0, $125,000 with
A1EDFORD, Jackson C ounty, Ore.— Bonds Not to be Issued at Present.—•
the Old Colony Trust Co. of Boston and $75,000 with the Lawrence Trust The
City Recorder advises us that the Issue of $20,000 5% 20-ycar bonds
C o., both at 4 !4% discount.
voted May 28 (V. 94, p. 1718) has been temporarily held up and probably
LAW RENCE COUNTY (P. O. M on ticello). M iss.— Bond Sale.— On A ug. 5 will not be Issued until next year, unless a special election is held to in­
the $25,000 steel-bridge and $50,000 court-house 5% 30-year bonds (V . 05, crease the amount of issue.
p. 251) were awarded at 102.40, int. and blank bonds, reports state, the
AtELROSE, Aliddlesex C ounty, Alass.— Bond Sale.— On A ug. 12 the
$25,000 Issue to J. C. Byrne of Monticello and the $50,000 Issue to Z . D. three
Issues of 2% coupon bonds, aggregating $25,000 (V . 95, p. 375) were
Davis, President of Capitol Nat. Bank in Jackson.
awarded. It Is stated, to R . L. Day & Co. of Boston at 102.210.
LEE COUNTY (P. (). Sanford). No. Caro.— Bond Sale.— On A ug. 5 the
Other bids follow:
$25,000 5% 30-yr. cou p. fund, and cou n ty-h om e bonds (V. 95, p. 128)
Merrill, Oldham & C o., B ost-102.189 E. II. Rollins & Sons, B ost._101.775
were awarded to S. A . Kean & Co. of Chicago at 103.60 and Int. Among Curtis fc Sanger, B oston____102.17
Adams & C o., B oston ------------101.037
the other bids received were the following:
N. W . II rrls&Co., Inc., H ost. 102.073 Estabrook & C o ., B oston ------ 101.61
D cvltt,Trem ble& C o.,C hlc.$25,797 501 W oodln, McNear & Moore,
Blodget & C o.. B oston______ 102.00
Blake Bros. & C o., B oston---- 100.41
M ayer,Dcppe& W aiter, Cin 25,700 00) Chicago __ _________ ..$25,503 00
MERCRR COUNTY (P. O. Celina), O hio.— BO N D S A L E .— On July 25
J. H . fillsm an & C o., A tla n .25,687 50|Season good & Mayer, Cln. 25,528 00 $11,000
5% road-im pt. bonds were awarded to tho First Nat. Bank of
Bank o f Sanford. Sam ford 25,650 00|Ot!s & Co., Cleveland____25,511 00
Celina for $11,136, making the price 101.236. Denotn. (3) $600, $700,
LESUEUR CENTRE, Lcsueur County, Alinn.— B O N D S VO TE D .— By a $800 and $900 each and (2) $1,000. Date A ug. 24 1912. Int. F . A A .
vote of 75 to 35, the proposition to Issue water-m aln-ocnstructlon bonds
Due on Aug. 24 as follows: $600 in 1913, 1014 and 1915, $700 In 1916, 1917
carried. It Is reported, at an election held A ug. 5.
and 1918; $800 in 1019, 1920 and 1021; $900 In 1922, 1023 and 1924.
LE W IS COUNTY (P. O. Hohenwald), Tenn.— Bond Offering.— Prooosals and $1,000 In 1925 and 1926.
will be received until 1 p. m. Sept. 10 by W . F. Latum, County Jui g t o r
AIERIDIAN. Lauderdale County. M is s — Result of Bond Election.— 'The
the $10,000 5% cou p, school-lm pt. tax-free bonds (V. 95, p. 67). Auth. election held July 30 resulted in the defeat o f the question of Issuing $170,­
Chap. 10, A cts f 1911. Denom. $1,000. Date Sept. 10 1912. Int. M. & 000 water-works bonds (229 “ fo r” to 309 “ against” ) and in favor o f the
propositions to Issue $25,000 street paving (317 to 236) and $10,000 sewer
S . Duo Sept. 1 1922. Cert, cheok for $500, payable to the County Judge,
required.
bonds (351 to 172).
LIB ER TY COUNTY ROAD DISTRICT NO. 1. T ex.— B O N D S A L E .—
MICHIGAN C ITY. Laportc C ounty. Ind.— Bond .Safe.— The $34,000
W e are advised that this district has disposed of the $100,000 5% 10-40-yr. 4 H % l-17-vear (serial) funding bonds recently authorized (V.95, p. 1718)
(op t.) bonds registered by the State Comptroller on June 24 (V. 05, p. 67).
have been sold.
LICKING COUNTY (P. O. Newark), Ohio.— Bond Offering.— Proposals
AHDDLETOWN, Butler C ounty, Ohio.— Bond Offering.— Proposals will
will be received until 12 m. A ug. 31 b y C. L. R iley, County A u d ., for the be received until 12 m. Sept. 3 by W alter Gbbons, City A u d ., fo r the
follow ing 4 H % bonds:
follow ing 4
assessment bonds:
$10,000 IJnvllle E xt. road bonds. Due $1,000 each six m onths from
$3,416 98 Christie A v c. im pt. bonds. D enom . (2) $358 49, (9) $300.
March 1 1913 to Sept. 1 1917 lncl.
Due $716.98 A ug. t 1913, $300 yearly on Aug. 1 from 1014 to
10.000 Newark & Zanesville road bonds. Due $1,000 each six months
1922, Inclusive
Certified check for $150 required.
from March 1 1913 to Sent. 1 1017 lncl.
1,504 20 Alameda im pt. assessment bonds
Denom
$150 42
Due
20.000 road bonds. Due $2,000 each six months from Mch. 1 1913 to
$150 42 yearly on A ug 1 from 1913 to 1022, Inclusive. Certified
1917 lncl.
check for $100 required.
D enom . $500. Date Sept. 1 1912. Int. M. & S. at the County Trcas.
A uth. Sec. 3812, Gen. Code. Date A ug. 1 1912. Int. F . & A . at the
office. Cert, check for 10% o f bid Is required. Bids must be uncondi­ National Park Bank In N . Y .
Bonds to be delivered within 10 days from
tional.
ilm e o f award.




A ug. 17 1912 ]

THE

M I D L A N D . S tan ley C o u n ty , So. D a k . — Bond Election Proposed.—-Ac
cording to local papers a petition is being circulated calling tor an election
t o vote on the question of issuing water-system bonds.
M il FO RD
Iro a u o is C o u n ty , III.— BO N D ELEC TIO N PR OPO SED .
T he proposition to issue $3,000 paving bonds will be subm itted to the voters,
according to reports.
A1II I T O W N . Berrien C o u n ty , Ga.— Bonds V oted — An election held
A ug 5 resulted in favor of a proposition to issue $10,000 water-works,
$10,000 school and $5,000 electric-light bonds, according to reports.
A1INNEAPOLIS, Alinn.— Bond Offering — Proposals will be received
until 2 p. m . Sept. 5 by Dan C. Brown, City Comptroller, for the following
4 % bonds:
$25,000 lire department bonds. Date July 1 1912. Due July 1 1032.
150,000 park bonds. Date A ug. 1 1912. Due A ug. 1 1042.
In t. semi-annual. Bonds are tax-exem pt In Minn. Cert, check for 2%
o f bonds bid for, payable to C. A . Bloom quist, City Treasurer, is reaulred.
Bids will not be entertained for less than 95% of par value of bonds.
The official notice of this bond offering will be found among the advertise­
ments elsewhere in this Department.
M INOOKA, Grundy C ounty, III.— NO AC TIO N YE T TAKEN ^— Vlo ac­
tion lias yet been taken looking toward the Issuance of the $10,000 sewer
bonds voted June 18 (V . 95, p. 68).
A1ITCHFI I Scotts Bluff Countv. N eb. — Bonds V oted — On A u g 6 a
proposition to’ issue $3,000 5% 5-20-year (opt.) sewerage-system bonds
carried b y a vote o f 51 to 14.
u n n n r r n t i M T V (P o
Alturas). C a l.— Bond Election.— An election
will be held Sept. 3 to v ote'on the question of Issuing $60,000 court-house
bonds, reports state.
AID! IN F S C H O O I

437

C H R O N IC L E

D I S T R IC T (P . O . M o lin e ), R ock Islan d C o u n ty , III.——

T h ee lection held July 27 resulted In the defeat o f the
SroposlMon to Issue the $175,000 5% hlgh-school-bldg. bonds (V. 95, p.
129). The vote was 290 "for to 466 against.
M O M F N C E T O W N S H I P , K a n k ak ee C o u n ty . III.— Bond Election .—-A.
v o te will be taken on A ug. 20, reports state, on the question o f Issuing
$30,000 road-lm pt. bonds.
M O N T G O M F .R Y C O U N T Y (P . O . L in co ln ), M is s .— BON D E L E C T IO N .—
An election will be held Sept. 2 to vote on a proposition to Issue $40,000
good-road bonds.
A lO R R O W C O U N T Y S C H O O L D I S T R IC T N O . 1 . O re.— Bond Sale.— On
Aug 2 $40,000 5 H % 10-20-year (opt.) bonds were awarded to Morris Bros,
o f Portland for $40,909, making the price 102.2725. D cnom . $1,000.
Date July 2 1912. Interest J. & J.
AlOSS P O IN T , J ack son C o u n ty , M is s . — Bond S a le— On A ug 6 the
$7 000 6% 1-20-year (serial) coupon strcct-im pt tax-free bonds (V 95,
i) 120) were awarded to F. M. Stafford & Co. o f Chattanooga for $7,28o
(104.07) and interest. Other bids follow :
„ „
H oehlcr & Cummings, Tol„$7,202 50 [John N uvecn & C o., Chic------ $7,056
Seasongood & Mayer, C ln -- 7,145 00 It. C. Speer & Sons C o., C h ic-. 7,05o
C H . Coffin, Chicago_____ 7,121 0 0 1W hitney-Central Trust & SavSpltzer, ltorick & C o., T o l. 7,102 00 | Ings Bank, New Orleans------ 7,03o
First Nat. Bank, Cleveland 7,066 50|UIen & Co., Chicago.................. 6,733
AIT. C L E M E N S , M a c o m b C ounty. A tich.— Result of Election .— On A ug. 7
the proposition to issue the $50,000 5% sewer bonds (V . 95, p. 252) carried
b y a voto of 391 to 268. Due $2,000 yearly, beginning O ct. 1 1915.
Reports state that at an election held A ug. 7 the proposition to issue the
$7,100 park bonds was defeated. It is stated the vote was 242 to 322.
M U S K O G E E , Muskogee C ounty. O k la .— NO A C T IO N YE T T A K E N .—
N o action has yet been taken, we are advised, looking towards the holding
of an election to vote on the issuance of the $150,000 park bonds (V .9 5 ,p .6 8 ).
N E E S C O L O N Y S C H O O L D I S T R IC T , Fresno C o u n ty . C a l.— Bond Elec­
tion — An election will be held to-day (Aug. 17), it Is stated, to vote on the
question o f Issuing $8,500 building bonds.
A similar issue of bonds was recently awarded to the First Nat. Bank or
Fresno (V. 95, p. 315), but was subsequently refused b y them, owing to a
technicality in the proceedings.
N E T H E R P R O V ID E N C E T O W N S H I P , D elaw are C ounty, P a .— Bond
Sale.— On A ug. 3 the $31,000 4 A % 3-30-year (opt.) cou pon bonds (V . 9o,
p. 252) were awarded to the Media Title & Trust Co. of Media at par.
N E W A Y G O , N e w a y g o C o u n ty , A lich. — BO N D O FFE R IN G .—-Proposals
will be received until A ug. 30 for $17,000 5% 18-year water-works-system
bonds. A uth. vote of 223 to 61 at election held A ug. 5.
N E W B U R G H , O ran ge C o u n ty . N . Y — Bond Offering.— Proposals will
be received until 12 m . A ug. 20 by J. B . Corwin, Mayor, for the following
4 W % reg. bonds:
_
$50,000 water bonds voted July 31 (V . 95, p . 315). D cnom . $1,000.
Due Sept. 1 1932.
„
„ , „ 00
44.000 refunding water bonds. D cnom . $1,000. Due Sept. 1 1932.
31 500 Impt. bonds. Dcnom . (1) 5500 and (31) $1,000. Due 81,500
Sept. 1 1914 and $2,000 yearly on Sept. 1 from 1915 to 1929 incl.
27,200 refund, im pt. bonds. Denom. (1) $200, (27) $1,000. Due

N O R T H W A R W O O D , Ohio C o u n ty , W . V a .— Bond Elect fort.— A n elec­
tion will be held A u g. 26 to vote on a proposition to issue$12,000seweragesystem bonds, according to reports.
N O R T O N , K a n . — Bond Sale.— On July 20 the $20,000 4 A % 20-30-yr.
(o p t.) electric-light bonds (V . 95, p. 129) were awarded to C. F. Childs &
C o. of Chicago at par, less $500 for expenses. Denom. $1,000. Date
A u g. 1 1912. Int. F . & A .
N O R T O N V I L L E , Jefferson C o u n ty . K a n s .— N o Action Yet Taken.— N o
action has yet been taken looking towards the Issuance o f the $20,000 hlgn
school bonds voted June 24 (V . 95, p . 68).
N O X U B E E C O U N T Y (P . O . A la c o n ), A liss — B O N D O FFERIN G.—
Proposals will be received until 2 p .m . Sept. 2 by J. A . T yson, Clerk Board
of Supervisors, for the following 5 A % road bonds:
$100,000 District N o. 1 bonds. Due 25 years.
52,500 District N o. 2 bonds. Cert, check for $500 required.
Interest semi-annual.
O N T A R I O , San Bernardino C o u n ty , C a l. — BO N D E L E C T IO N .— A ccord­
ing to reports, an election will be held in this city on A ug. 27 to vote on the
question o f issuing $72,000 strect-im pt., $2,000 fire-alarm-system and
$1,000 sewcr-lm provem ent bonds.
OPELOUSAS

SCHOOL

D I S T R IC T

(P .

0.

O p e lo u s a s ),

S t.

L an d ry

P a r ish , L a . — Bond Sale.— Reports state that Hoehler & Cummings of
T oledo were awarded the $65,000 school bonds voted June 20 (V .94,p .1781).
O R I E N T S C H O O L D I S T R IC T

(P . O . O r ie n t), A d air C o u n ty . Io w a .—

B O N D S A L E .— On July 1 $12,000 5 ^ % 10-yr. bldg, bonds were awarded
to the Cook Constr. Co.
Denom. $500. Date July 1 1912. I n t . J . & J.
O W A T O N N A , Steele C o u n ty , A lin n.— Bond Sale.— On A ug. 6 the 520,000
4 A % 20-yr. cou p, paving assess, bonds (V. 95, p. 252) were awarded to
S . A . Kean & Co. of Chicago at 101.50, int. and blank bonds. Other bids:
Security State Bank, Owatonna___________________________________520,040
National Farmers’ Bank__________________________________________ Jh.OOO
N . W . Halsey & C o., Chicago_____________________________________ 19,510
O X F O R D T O W N S H I P S C H O O L D I S T R I C T , N . J — Bonds Defeated.—
A ccording to reports, at an election held here A ug. 10 a proposition to issue
$40,000 high-school-bldg, bonds was defeated by a vote of 122 to 106.
P A U L L I N A , O’ Brien C o u n ty , I o w a .— Bond Sale.— 'T he Farmers’ Loan &
Trust Co. of Sioux City was awarded an Issue of $8,000 5% water-works
and electric-light-plant-lm pt. bonds. Denom. $500. Date June 1 1912
Int. J. & D. Due $500 yrly. Dec. 1 from 1912 to 1922, incl., $1,500 Dec. 1
1923 and $2,000 Dec. 1 1924.
P E R T H A A IB O Y , A lid dlescx C o u n ty , N . J .— BO N D O FFE R IN G .— Pro­
posals will be received until 4 p. m . A ug. 30 by Chas. K . Seaman, City
Treas., for $80,000 school and $25,000 water 4 A % 30-yr. cou p, (with p rlv.
of reg.) bonds. D enom . $1,000. Cert, check for 2% of bonds bid for is
required. Bonds will be certified by the U . S. Mtge. & Trust Co. In N . Y .,
and the opinion of Caldwell, Massllch & Reed will be furnished by the c it y .
The official notice of this bond offering will be found among the advertise­
ments elsewhere in this Department.
P L A I N F I E L D , Union C o u n ty , N . J .— B O N D O FFE R IN G .— Proposals
will be received, it is stated, until Sept. 3 by the City Clerk for $18,000
street-im provem ent bonds.
P L U M A 1 E R . K ooten ai C o u n ty , Id a h o .— Bond Offering.— Proposals will
be received until A ug. 24 by Carl M. Kraemer, Vlil. Treas., for $15,000
10-20-yr. (opt.) cou p, water-works bonds voted July 25 (V . 95, p. 315).
Denom . $1,000. Int. (at not exceeding 6 % ) J. & J. at the Chase N at.
Bank in New Y ork. Cert, check for $1,000, payable to the VII. Treas.,
required. No other debt. Assess, val. 1911, $117,260.
P O O L E R , C h ath a m C o u n ty . G a .— Bonds Voted.— The election held
A ug. 10 (V . 95, p. 191) resulted. It Is stated, in favor of the proposition to
issue the $10,000 water-works bonds. The vote was 21 to 2.
P O R T L A N D , O r e . — Bonds Withdrawn from M arket.— The $1,500,000
4 A % gold dock bonds, bids for which were to have been received until
A ug. 26 (V . 95, p. 252), have been withdrawn from the market and will not
be issued until about the middle of next year.
P U L L A I A N , W h itm a n C o u n ty , W a s h .— BON D OFFE R IN G.— Proposals
will be received until 8 p .m . Sept. 5 by J. S. Clark, City Treas., for $11,000
gold 20-year water refunding bonds at not exceeding 6% Int. D enom .
$1,000. Date Sept. 30 1912. Int. J. & J. at the fiscal agency of the State
in N Y . Cert, check for 2% of bid, payable to the City Treas., Is required.
R A C I N E . R acine C o u n ty . W i s .— BO N D E L EC TIO N .— O n S e p t. 3 th e
q u estion of issuing $25,000 f lr e -d e p t.-lm p t. an d $20,000 p olic e-station
b o n d s w ill b e su b m itte d to th e vo ters, It is sta te d .
R E D L A N D S , San B ernardino C o u n ty , C a l.— BO N D

OFFE R IN G .—
Proposals will be received until 2 p. m . Sept. 4 by R . W . Ihom as, City
Clerk, for $600,000 5% gold cou p, municipal water-works-system tax-free
bonds ( V . 95. p. 314). Dcnom . $1,000. Date N ov. 15 1912. In t.M .& N .
at office of City Treas. Due $20,000 yrly. on N ov. 15 from 1922 to 1951
Incl
Cert, check for $1,000 required.
Bidders arc requested to make bids for bonds as follows:
F irst.— For the whole issue of said bonds, to be delivered at once.
Second.— For the whole issue o f said bonds, delivery to be made In such
amounts (but not less than $100,000 at a time) and at such t 'm : as may be
desired by the Bd. of Trustees. The whole period of time for such delivery
13,500 Im pt. bonds'.' D cn om . (1) $500 and (13) $1,000. Due $500 Sept. 1 not extending 12 months.
1914 and $1,000 yearly on Sept. 1 from 1915 to 1927 Incl.
Third.— For $300,000 of said bonds delivered at once.
Date Sept. 1 1912. Int. M. & S. at office of City Treas., or at option of
R E D M O N D . Crook C o u n ty , O r e . — B ON DS VO TE D.— A t an election
registered holder in New York exchange. Validity of bonds will be ap­
held recently the voters authorized the issuance o f $35,000 water-worksproved by Messrs. Hawkins, Dclaileld & Longfellow, N. Y ., whose opinion
system
bonds, according to reports.
will be furnished to each successful bidder. Cert, check on a bank or tru st1
com pany for 2% of bonds bid for, payable to the City Treas., required.
R I D G E V I L L E S C H O O L D I S T R IC T N O . 1 2 (P . O . R id g c v ille ), D or­
Bonds to bo delivered Sept. 1 or such later date as m ay be agreed upon.
ch e ste r C o u n ty . So. C a r o . — Bond O fferin g— Proposals will be received u n til
A u g. 29 by Lcgare W alker. A tty . (P. O. Guerin B ldg., Summerville, for
N E W B U R G CITY. O h io .— Bond Election.— Cleveland papers report that
an election will be held Aug. 3 1 to submit to the voters the proposition to $5,000 6% 20-ycar cou p, tax-free bonds. Denom. $500.
Issue $25,000 watcr-majn and $25,000 engine-house-construction bonds.
R I S IN G S T A R IN D E P E N D E N T S C H O O L D I S T R IC T (P . O . R isin g
S ta r ). E astlan d C o u n ty . T e x — Purchaser of Bonds.— 1
T he purchaser o f the
N E V B U R G H H E I G H T S , C u y a h o g a C o u n ty , O h io .— B O N D S A L E .— O n
$17,000 (not $20,000 as reported in V . 95, p . 315) 5% ^.0-40-yr. (opt.)
a ,.,, 14 the $20,000 4 H % 20-yr. cou p, water-works constr. bonds (V . 95,
bonds
was
A
.
J.
H
ood
&
Co.
of
Detroit,
at
par.
Denom.
$1,000. Date
n 191) were awarded to Otis & Co. of Clove, at 106.39 and int.— a basis of
Julv 11912. Int. ann. In July.
,
, „
„
^ „
abou t 4 0 32 % . Other bids follow:
„„„
These securities were registered on A ug. 7 b y the State Comptroller.
First Nat Bank, Cleveland. .$ 2 1 ,2 7 3 1New First Nat. B k „ C olum . .$21,070
Hoehlcr & Cummings, T o l .. 21,238 W ell, Doth & C o., C in e------- 20,802
R O C H E S T E R . N . Y . — NOTE S A L E .— On A ug. 13 the $275,000 8-months
H ayden, Miller & C o.. C lc v .. 21.222|C. E . Denison & C o.. C l e v .. . 20,601
water-works-im pt. notes (V. 95, p. 376) were awarded to H . Lee A nstey
o f N. Y . for 5275,033 for 4.85s. Other bids follow:
N E W ION DON, New London C o u n ty , C o n n . — Bonds Proposed.— This
place" Is contem plating the Issuance o f $50,000 park bonds, according to Bond & Goodwin, New Y o r k ____$275,011 for 4.875s
Goldman, Sachs & C o., New Y'ork 27.V.012 for 4.90s
reports.
Alliance Bank, R ochester_______ 275,000 for 4.93 A s
NFW CASTI B Pa.— Bond Sale.— On A ug. 12 the $75,000 4 M % 1-5-20Daniel A . Moran & Co., N. Y ____ 200,100 for 5s (bid for $200,000)
yr! (opt.) sewer bonds (V . 95, p. 191) were awarded. It Is stated, to the
Folsom & Adam s, New Y o r k ____ 275,010 for 5s
Mellon National Bank of Pittsburgh.
N OTE OFFERIN G.— Proposals will be received until 2 p. m. A ug. 22
N E W H A R T F O R D . Oneida C o u n ty . N . Y . — B O N D S A L E .— On July 25
b y E . S. Osborne, City Comptroller, for $200,000 sewage-disposal and
the $44,000 4 l$% 2-23-vr. (ser.) tax-free sewer bonds (V . 95, p. 191) were $5,000 P ike’s Quarry Impt. notes, payable 8 months from A ug. 28. They
awarded to Isaac W . Sherrill & Co. of Poughkeepsie for $44,111, making will be drawn with Interest and made payable at the Union Trust Co. of
the price 100.25. Dcnom . $1,000. Date A u g. 1 1912. Int. F . & A . at N. Y . Bidder to designate rate o f interest and denom . o f notes.
the Utica Trust <& Deposit Co. at Utica.
R O C K V I L L E . S tearn s C o u n ty . Minn.— BO N D S A L E .— On A ug. 10
N E Z P E R C E C O U N T Y (P . O . Lew iston), Id a h o .
B O N D E L E C T IO N .—
$1,000 6% 1-10-yr. (ser.) culvert bonds were awarded to M . Carding.
On Sept. 3 an election will be held to vote on the question of Issuing $35,000
Interest annually in August.
Clearwater bridge bonds. It Is stated.
R O S E B U R G , D o u g la s C o u n ty , O r e .— Bond Election.— A ccording to re­
N O R M A L H E I G H T S S C H O O L D I S T R IC T . L o s A n g e le s C o u n ty . C a l.—
ports, the proposition to Issue $30,000 water bonds will be submitted to the
Bond Sale.— On Aug. 7 the $10,000 6% 11-20-year (serial) building bonds voters at an election to be held A ug. 26.
(V . 95, p. 252) were awarded to F. L. Sargent at 105.037. Other bids follow:
R U T H E R F O R D . Bergen C o u n ty , N . J . — BO N D S A L E .— The R utherford
W m . R . Staats C o., Los Ang_$10.530 Hanchctt Bond C o., C h lc a g o .$ 1 0 ,1 0 0
- 10,100 N at. Bank of Rutherford was awarded at 100.60 an issue of $45,000 4 A %
Bank of Commerce & Tr. C o. 10,378 Quick & C o__________
G. G. Blym yer & Co., San Fr. 10,370 First Nat. Bank, Barncsvllle. 10,051 school bonds. Denom. $1,000. I n t . J . & J . Date July 15 1912.
S T . J O H N S C O U N T Y (P . O . S t. A u g u s t in e ), F la .— Bond Election Pro­
Stephens & Co., San D ie g o .. 10,194 U. G. O. C oad....................... - - 10,006
posed.— It is stated that an election will probably be held to submit to th e
Torrance, Marshall &Co., Los A. 10,125,
voters the propositions to Issue $100,000 funding and $200,000 roadD enom . $1,000. Date July 8 1012. Interest J. & J.
construction bonds.
N ORTH P E L H A M , W e s tch e s te r C o u n ty . N. Y . — Bond Sale.— On July 31
S T . L A W R E N C E C O U N T Y (P . O . C a n to n ), N . Y .— BON D S A L E .— W e
the $28,000 5-29-year (serial) registered strcct-im pt. bonds (V. 95, p. 252)
were awarded to Douglas Fenwick & C o.of N. Y . at 100.40 and Int. for 4.40s. are advised that on May 28 5125,000 4% hlghway-constr. bonds were
awarded to the First Nat. Bank o f Canton. D cnom . $500. In t. M. & S.
N O R TH P L A I N F I E L D SCH O OL D IS T R IC T (P . O . P la in fie ld ), U nion
C o u n ty , N. J .— BOND OFFERING. — Proposals will be received, It Is Due from 1916 to 1924.
S T . P A U L . R a m se y C o u n ty , M in n . — B O N D S A U T H O R IZ E D .— 'T h e
stated, until 8 p. m . A ug. 26 by C. M. Dolliver, Clerk, for $18,000 4 A %
Board of Aldermen has authorized a $50,000 Issue for th e com pletion of
11 A -yca r (aver.) school bonds. A similar Issue of bonds was olfercd on
W heclock Parkway, according to local papers.
July 15 and July 29 (V . 95, p . 191).
S A N B E N IT O I N D E P E N D E N T S C H O O L D I S T R IC T (P . O . San B e n ito ),
NORTH VERNON, J e n n in g s C o u n ty , I n d . — Bonds Defeated.— B y a vote
of 220 " fo r ” to 232 "ag a in st," a proposition to Issue $9,000 5% water- C am eron C o u n ty . T e x .— B O N D S REGISTERED .— O n A u g . 6 th e S ta te
C om p troller registered $ 3 0 ,0 0 0 5 % 1 0 -4 0 -y r . (o p t.) b o n d s.
works-lmprovement bonds was defeated.




438

THE

C H R O N IC L E

S A N D I E G O C O U N T Y (P . 0 . San D ie g o ), C a l. — Bond Sale.— On A ug. 7
th e $7,500 6% road bonds (V . 95, p . 316) were awarded to Stephen & Co. o f
San Diego at 100.55. D enom . (7) $1,000 and (1) $500. Date July 15
1912. In t. annually in J u ly .
v# ■ .
S A N D U S K Y , Erie C o u n ty , O h io . — B O N D S A L E .— O n 'A ug. 15 th e 'tw o
Issues of 4 % Impt. bonds (V . 05, p. 191) were awarded as follow s:
$10,000 1-10-yr. (ser.) Taylor St. bonds to the Citizens’ Banking Co. In
Sandusky at 100.10 and Int.
Q.3,500 1-7-yr. (ser.) Huron A ve. bonds to R . W hite of V ickery for $3,534 35
(100.981) and Int.
A bid of $10,010 for the $10,000 Issue was also received from the New
Flrstjtfat. Bank In Columbus. •$& ..........................................................................
" S

an

R A F A E L S A N I T A R Y ..D I S T R I C T NO . 2 ( P .'O .'S a n R a fa e l), M arin

C o u n ty , C a l. — Bond Election.— On A u g . 26 the proposition to issue $7,500
sewer constr. bonds will be subm itted to the voters, according to reports.

[V O L . L X X X X V .

1,708 95 Frank St. N o. 1 bonds. D enom . (1) $133 95 and (9) $175.
Date March 28 1912. Due $133 95 March 28 1913 and $175 each
6 months from Sept. 28 1913 to Sept. 28 1917 inclusive.
2,924 99 Belmont A v e . N o. 2 bonds. Denom . (1) $74 99 and (19) $150.
Date April 14 1912. Due $74 99 March 14 1913 and $150 each
6 months from Sept. 14 1913 to Sept. 14 1922 inclusive.
2,001 70 Collingwood A ve. N o. 8 bonds. Denom . (1) $156 70 and (9) $205.
Date Feb. 28 1912. Due $156 70 March 28 1913 and $205 each
6 months from Sept. 28 1913 to Sept. 28 1917 inclusive.
251 11 Sewer N o. 1124 const, bonds. D en om . (1) $41 11 and (3) $70.
Date March 29 1912. Due $41 11 March 29 1913 and $70 each
6 months from Sept. 29 1913 to S ept. 29 1914 inclusive.
3,907 94 W est Grove Place N o. 1 bonds. Denom . (1) $307 04 and (9)
$400. Date Mch. 15 1912. Due $307 94 Mch. 15 1913 and
$400 each six months from Sept. 15 1013 to Sept. 15 1917 incl.
541 61 Mill A lley N o. 2 bonds. D enom . (1) $46 61 and (9) $55. Date
Mch. 30 1912. Due $46 61 Mch. 30 1913 and $55 each six
months from Sept. 30 1913 to Sept. 30 1917 inclusive.
2,258 38 Superior Street N o. 7 bonds. Denom . (1) $188 38 and (9) $230.
Date March 4 1912. Due $188 38 March 4 1913 and $230 each
six months from Sept. 4 1913 to. Sept. 4 1917 inclusive.
4,54 1 47 Belmont A v e . N o. 1 bonds. Denom. (1) $446 47 and (9) $455.
Date Feb. 14 1912. Due $446 47 March 14 1913 and $455 each
six months from Sept. 14 1913 to S ept. 1 1917 Inclusive.
3,687 19 S cottw ood A ve. N o. 8 bonds. Denom. (1) $357 19 and (9) $370.
Date April 1 1912. Due $357 19 March l 1913 and $370 each
six m onths from Sept. 1 1913 to Sept. 1 1917 inclusive.
9,353 96 Clark St. N o. 3 bonds. Denom . (1) $423 96 and (19) $470.
Date Dec. 3 1911. Due $423 96 March 3 1913 and $470 each
six m onths from Sept. 3 1913 to Sept. 3 1922 inclusive.
2,139 08 Viking S t. N o. 1 bonds. Denom . (1) $159 08 and (9) $220.
Date March 13 1912. Due $159 08 March 13 1913 and $220 each
six months from Sept. 13 1913 to Sept. 13 1917 inclusive.
4,312 90 A lbert St. N o. 1 assess, im pt. bonds. Denom. (1) $132 90 and
(19) $220. Date March 25 1912. Due $132 90 March 25 1913
and $220 each six months from S ept. 25 1913 to Sept. 25 1922 incl.
1,270 94 ScAver No. 1122 assess, bonds. Denom . (1) $310 94 and (3) $320.
Date May 22 1912. Due $310 94 March 22 1913 and $320 each
six months from Sept. 22 1913 to Sept. 22 1914 inclusive.
4,798 74 Michigan A ve. N o. I assess, bonds. Denom . (9) $480, (1)
$478 74. Date March 12 1912. Due $478 74 March 12 1913 and
$480 yearly on March 12 from 1914 to 1922 inclusive.
W e are advised that the Sinking Fund Trustees arc in the market for
buying in outstanding bonds maturing in 1914 or prior thereto.
TRAVERSE CITY, Grand Traverse County, Alich. -B O N D S A U T H O R ­
IZ E D .— Local papers state that the City Council passed an ordinance re­
cen tly providing for the Issuance o f $28,000 park-site purchase bonds.
TRENTON, N. J .— Bond Sale.— On A ug. 12 the $52,000 4 K % 20-ycar
flrc-dept. bonds (V . 95, p. 316) were awarded to W atson * Pressprlcn o f
New York at 103.418— a basis o f about 4 .2 4 5 % . Other bids follow:
Estabrook & C o., New Y o rk , 103.292 I Blodget & Co., New Y o rk . _ 102.891
R . M. Grant <fc C o., N . Y __ 103,189 Harris, Forbes & Co., N. Y__102,822
Klssell, K innlcutt& C o.,N .Y_103.00 Kings County Trust C o_____ 102.78
N . W . Halsey & Co., N . Y__ 102.9751
TULSA, Tulsa County, Okla.— Bond Sale.— On A ug. 2 the $150,000 5%
20-year school-bldg, bonds voted July 7 (V . 95, p . 192) were awarded to the
I* irst N at. Bank o f Tulsa at 101.737, int. and blank bonds. Denom. $1,000.
Date July 15 1912. Int. J. & J . These securities were offered without
success on July 22.
.U N I O N COUNTY (P. 0 . E lizabeth), N. J.— Bond Sale.— On A u g. 15 the
$145,000 4 *4% 30-yr. cou p, (with priv. of reg.) road bonds (V . 95, p .3 1 6)
were awarded to J . D . E veritt & C o. o f New Y ork at par. N o other bids
were received.
UNION SCHOOL DISTRICT, Cal.— Bonds V o ted — A n election held re­
cently resulted In favor o f tile proposition to issue $2,500 bonds, It Is stated.
UNION TOWNSHIP, Nodaway County, A\o.— B O N D S A L E .— Reports
state that o f the $15,000 road and brldgc-lm pt. bonds voted on Juno 1
(V . 94, p . 1644), $6,000 was awarded on A ug. 10, $2,000 to S. C. Leech of
Pickering and $4,000 to the Bank o f Pickering.

SANTA MONICA GRAMMAR SCHOOL DISTRICT (P. O. Santa
Monica), Los Angeles County, Cal.— B O N D S VO TE D .— The proposition
to issue $80,000 elementary school-bldg, bonds carried, it is stated, by a
vote of 652 to 195 at the election held Aug. 8 . ............................................
•SANTA MONICA HIGH SCHOOL DISTRICT (P. O. SantaTMonica),
Los Angeles County, Cal.— B O N D S V O T E D . — A favorable vote was re­
ceived on Aug. 8, It is reported, on the proposition to Issue the $70,000 liighschool-bldg. bonds (V. 95, p. 316), the vote being 688 to 2 0 5 .................
SAYBROOK SCHOOL DISTRICT (P. O. Saybrook), McLean County, III,
— Bonds Voted.— An election held Aug. 6 resulted, It Is stated, in favor of
the proposition to Issue high-school-bldg, bonds. The vote Is given as
111 to 10 1
SCOTTSBLUFF, Scotts Bluff County. Neb. -BON D E LEC TIO N .— On
Aug. 27 a vote will be taken on a proposition to issue $38,000 water-systemimprovement bonds.
• SHAKER HEIGHTS VILLAGE SCHOOL DISTRICT. Cuyahoga County,
Ohio .— B o n d S a l e .— On Aug. 12 the $60,000 4 1 4 % 4-23-yr. coup, schoolbldg. bonds (V. 95, p. 253) were awarded, reports state, to Stacy & Braun of
T o le d o ..........................................
....................................................
SMITHVILLE, Bastrop County, Tex.— B O N D S R EGISTERED .— An
issue of $3,000 5% 20-yr. bridge bonds was registered by the State Comp­
troller on Aug. 9.
SOUTH BEND, In d .— Description of Bonds.— Thc$40.000 4% 20-year
coup, refunding bonds sold Aug. 6 (V. 95, p. 376) are in the denom. of
$1,000 each and dated Sept. 1 1912. Int. M. & S.
SPRINGFIELD. Clark County, Ohio.— Bonds Authorized.— An ordinance
was passed July 23, providing for the issuance of $6,189 34 4
coup,
(city’s portion) street-impt. bonds. Denom. (5) $1,000, (1) $1,189 34.
Date Sept. 1 1912. Int. M. & S. at office of City Treas. Due Sept. 1 1926.
B O N D E LEC TIO N P R O PO SE D .— At the November election the voters
will have submitted to them a proposition to Issue $600,000 lighting-plant
bonds, reports state.
SPOKANE. Wash.— B O N D S R E F U S E D , — Reports state E. H. Rol­
lins & Sons of Denver have refused to accept the $250,000 6 ) 4 -year (av.)
gold city-hall bonds awarded to them on July 11 (V. 95, p. 130).
STANBERRY, Gentry County, Mo.— B O N D S PROPO SED .— This place
is contemplating the issuance of sewer and street-impt. bonds.
STEVENS COUNTY SCHOOL DISTRICT NO. 55. T e x — Bond Sale.— On
Aug. 3 an issue of $1,800 building bonds was awarded to the State of Wash­
ington at par for 5 ^ s. Denom. $300. . •.................... . .;i .
.
. . .
•STORM LAKE, Buena Vista County, Iowa.— B O N D S A L E . — On June 28
the $15,000 5% 15-20-yr. (opt.) water-works-ext. bonds (V. 94, p. 1583)
were awarded to C. F. Childs & Co. of Chic, at 102.30. Denom. $1,000.
Date July 1 1912. Interest J. & J.
SUFFOLK. Va.—BOND S A L E — On July 25 the $40,000 5% 30-yr*
coup, (with prlv. of reg.) street-funding and sohool-lmpt. bonds (V. 95, p.
192) were awarded to Breed & Harrison of Cine, at 102.65 and int.— a basis
of about 4.832%.
SULLIVAN COUNTY (P. O. Milam), Mo.— Bonds Defeated.— The election
held Aug. 7 resulted in the defeat of the proposition to issue the $30,000
UNIVERSITY CITY SCHOOL DISTRICT (P. O. Ind. Sta., St. Louis),
bridge bonds (V. 95, p. 130).
St. Louis County, Alo.— Bond Offering.— Proposals will be received until
SULPHUR BLUFF INDEPENDENT SCHOOL DISTRICT (P. O. Sul­ 8 p . m . Sept. 5 b y Luther T . W ard, President B d. o f E d ., for the $60,000
phur Bluff). Hopkins County, Texas.— B O N D S R E G ISTE R E D .— On Aug.
10 $3,850 5% 10-20-yr. (opt.) bonds were registered by the State Comptrol­ 4 ^ % 10-20-ycar (opt.) site-purchase and building bonds voted April 30
ler.
(V . 94, p. 1325). Denom. $1,000. Date July 119 1 2 . Int. semi-annual.
SU ITE R CITY UNION HIGH SCHOOL DISTRIC T. Yuba County. Cal —
Bond Sale.— On A ug. 6 the $20,000 1-10-yr. (ser.) cou p. 6% bldg, bonds
(V . 95, p . 316) were awarded to the Sutter County Bank o f Yuba City at
103.505. Other bids follow:
Torrance, Marshall & C o., San Francisco___________________ _____ $20,691
N . W . Halsey & C o., San F r a n c is c o .,................ .................................. 20,500
J . R . Garrett C o., M arysville________________________________________ 20,455
First National Bank, B arn esvlllc.__________________________________20,101
A bid was also received from E. H . Rollins & Sons of San Francisco.
Date A ug. 1 1912.
SW E E TW A TE R . Nolan C o u n ty . T exas.— B O N D O FFE R IN G .— Propos­
als will be received until 8 p . m . Sept. 3 by L. S. Polk, City Sec., for the
$35,000 5 % coupon sewerage bonds (V . 95, p. 69). Denom. $1,000.
Date July 5 1912. Int. J. & J. at Hdnover Nat. Bank, N. Y . Due July 5.
1952, optional after July 5 1932. Certified check for $500 required.
T A F T , Kern County, C a l. — Bond Offering.— Further details are at hand
relative to the offering on A u g. 19 of the $25,000 6% sewer bonds (V . 95,
p . 253). Proposals for these bonds will be received until 8. p . m . on that
day by F . P. Bolstad, City Clerk. A uth. vote of 156 to 17 at election held
June 24. Denom. $500. Date A u g. 1 1912. Int. F . & A . Due $1,500
yearly beginning A ug. 1 1913. Cert, check (or cash) for 10% of bid, pay­
able to the Chairman Board o f Trustees, required. Bonds to be delivered
within 15 days from time of award.

Cert, check for $1,000, payable to the Treas. Board of E d ., required. The
legality approved b y B. H . Charles, E sq., late associate City Counselor
of St. Louis.
The official notice o f this bond offering will be found among the advertise­
ments elsewhere in this Department.

VENICE SCHOOL DISTRICT (P. O. Venice), Los Angeles County, Cal.

— B O N D S VO TE D .— The election held A ug. 8 resulted, reports state, in
favor o f the proposition to issue the $92,000 school-site and building bond
(V . 95, p . 69). The vote was 446 to 62.
VILLA HEIGHTS, Alo.— Bond Election Rescinded.— A ccording to local
papers, the City Council repealed the ordinance on Aug. 6, calling for the
election on A ug. 13 to vote on the question o f Issuing the $20,000 waterworks-plant-construction bonds (V. 95, p. 131).
VISALIA SCHOOL DISTRICT. Tulare County. C al— Bond Sale.— On
A u g. 5 the $19,000 5% hlgh-school bonds (V . 95, p . 253) were awarded to
the First N at. Bank o f Visalia for $19,832 (104.37) and Interest.
WALDEN. Orange County, N. Y .— Bond Sale.— On July 29 $3,000
1-3-year (serial) steam-roller and $5,000 15-year water-refunding bonds
Avere awarded to the W alden Sav. Bank in Walden at par for 4 H s. Denom.
$1,000. Date o f $3,000 Issue A u g. 1 1012 and o f $5,000 issue Sept. 1 1912.
Interest annual.
WATERTOWN. Aliddlesex County, Atass.— B O N D S A L E — On A u g. 13
T A R R A N T C O U N T Y C O M M O N S C H O O L D I S T R IC T
N O . 5 0 . T e x .—
the following seven Issues o f 4 % bonds were awarded to Curtis & Sanger
BON DS R E G ISTE R E D .— The State Comptroller registered $3,000 5%
of Boston at 100.53 and interest:
20-40-yr. (opt.) bonds on A ug. 6.
$18,000 drainage and sewerage-construction bonds. Denom. $1,000.
T A Y L O R . W illiamson County. T e x . — Bond Sale.— The Hibernian Bank­
Date April 1 1912. Due $2,000 yearly A p r. 1 1913 to 1921 Incl.
ing Association of Chicago was awarded at 100.30 and int., It Is stated, the
6.000 East End fire-station loan bonds. Denom. $1,000. Date A pr. 1
$25,000 5% 10-40-yr. (opt.) (city’s portion) paving bonds registered on
1912. Due $1,000 yearly A pr. 1 1913 to 1918 Incl.
A ug. 4 (V. 95, p. 3 7 6 ) . ................................................................................................
5.000 street bonds. Denom . $1,000. Dato A p r. 1 1912. Due $1,000
yearly A pr. 1 1913 to 1917 incl.
T E R R Y . Custer County, M on t.— B O N D S A L E .— On A ug. 3 the $3,500
4.500 Hersom St. sewer loan bonds. Denom . (1) $1,500 and (3) $1,000.
10-20-yr. (opt.) cou p, sewer constr. bonds (V . 95, p. 150) were awarded
to the State Bank o f Terry In Terry at par for 6s. Other bids follow:
Date July 1 1912. Due $1,500 July 1 1913 and $1,000 yearly
C. H . Coffin, Chicago......... .......... ........ $3,505 less $175 com m ission
July 1 1914 to 1916 Incl.
W m . E. Sweet & Co., D enver......... .. 3,500 less 4 % commission
5.000 water-main loan o f 1912 bonds. Denom. $1,000. Dato July 1
1912. Due $1,000 yearly July 1 1913 to 1917 Incl.
T H I E F R I V E R F A L L S , R e d Lake C o u n ty , M inn.— Bond Sale.— On
3.500 grading new high-school lot bonds. Denom . (3) $1,000 and (1)
A u g. 7 the $20,000 5 H % cou p , electric-light-plant bonds (V . 95, p . 316)
$500. Date July l 1912. Due July 1 1013.
were awarded to Bolger, Mosser & W illim an of Chicago for $20,435, making
27,500 hlgh-school-equlpm ent loan bonds. Denom. (27) $1,000 and (1)
the price 102.175. Denom. $1,000. Date Sept. 1 1912. Int. M. & S.
$500. Date July 1 1912. Due $3,500 July 1 1913 and $3,000
Due Sept. 1 1932, op t. $5,000 in 5 years, $5,000 In 10 years and $5,000 in
yearly July 1 1914 to 1921 Incl.
15 years.
• •
Other bids follow:
t T I F F I N , Seneca C o u n ty , O h io . — B O N D O FFE R IN G .— Proposals will be
Blodgct A C o., B oston............100.4771Adam s A C o., B oston________ 100.177
received until 12 m . Sept. 10 by A . J . H ailey, City A u d ., for the following E . H . Rollins & Sons, B o s t -. 100.40 Merrill, Oldham & C o., Bos__100.080
(V . 95, p . 192) 4 % bonds:
N . W . Ila rrls& C o.,In c.,B ost. 100.3871R. L . D ay & Co., B oston____100.089
$5,500 Liberty St. paving bonds. Due $1,000 yearly on Sept. 1 from 1915 Estabrobk & C o., B oston____100.32 |
to 1918 incl. and $1,500 on Sept. 1 1919.
In t. semi-annually at the Fourth N at. Bank o f B oston.
1,900 Main St. paving bonds. Due $400 yearly on Sept. 1 from 1915 to
W A U S A U , Alarathon County, W is.— Bond Election Proposed.— Local
1918 and $300 .Sept. 1 1919.
papers
state that propositions to Issue $25,000 city-hall-com pletlon and
4,000 Ann St. paving bonds. Due $800 yearly on Sept. 1 from 1915 to
$20,000 bridge-building bonds will probably be submitted to the electors on
1919 Incl.
Sept.
3.
18,000 Melmore St. paving bonds. Due $3,500 yearly on Sept. 1 from 1915
Bonds Proposed.— It Is further reported that the issuance o f $35,000 re­
to 1918 incl. and $4,000 Sept. 1 1919.
funding, $40,000 water-works-lm pt. and $15,000 scwer-extcnslon bonds
R' Date Sept. 1 1912. Int. M . & S. Purch. to pay accrued interest.
Is being contem plated by this city.
T O L E D O . O h io .— B O N D SA L E S FO R SECOND Q U A R TE R .— During
WAVERLY. Pike C ounty, Ohio.— B O N D O F F E R IN G — Proposals will
the quarter ending June 30 the following 5% cou p. im pt. assess, bonds,
be received until 10 a. m . Sept. 3 by W . A . W ooddclle, City A uditor, for
aggregating $51,667 12, were disposed of at par to the Sinking Fund:
$1,576 14 Kelsey A ve. N o. 1 bonds. D enom . (1) $136 14 and (9) $160. $12,000 4 % road-im pt. bonds. Denom. $1,000. D a te S e p t.3 1912. Int.
Date Dec. 15 1911. Due $136 14 March 15 1913 and $160 each M. & S. Due $5,000 Sept. 3 1919 and 1920 and $2,000 Sept. 3 1922.
Certified check for $200, payable to the Board o f Commissioners, required.
six months from Sept. 15 1913 to Sept. 15 1917 incl.
Bonds to be delivered within 10 days from time o f award.
1,341 86 Sewer N o. 1114 const, bonds. D enom . (1) $291 86 and (3) $350.
Date April 16 1912. Due $291 86 March 16 1913 and $350 each
WAXAHACHIE, Ellis County, Tex.— B O N D S R E G ISTE R ED .— On
6 months from Sept. 16 1913 to S ept. 16 1914 inclusive.
Aug. 6 $25,000 5% street-impt. bonds were registered by the State Compt.
5,050 16 W oodland A v e. N o. 2 bonds. D enom . (1) $460 16 and (9)$510
WELLSVILLE,
Franklin County, Kans.— Bonds Voted.— A n election
Date March 30 1912. Due $460 16 March 30 1913 and $510 held A ug. 0 resulted In favor of the proposition to Issue $20,000 school
each 6 months from Sept. 30 1913 to Sept. 30 1917, incl.
bonds. The vote was 240 to 68.




Y A K I M A C O U N T Y SCH O OL D IS T R IC T NO. 3 W a s h ,T b v ° F ? a n lf B o n J

wE
i SSI
i -N
inu
Venango County. P a .— BOND OFFERING .— P rop osals
W
T E
D
w ill be re c e iv e d1 u n til 8 p . m . S
s eepp tt., 1
i buyy th e B o ro u g h C o u n cil. F red L ln ch .
««w»
tnr
<7 non .1
u<*r. ta x -fr e e b o n d s.
D ate S e p t. 1 191 —. I n t. sem i-an n .
S
e c ., fo
r $7,000
4 Yi%
D u e S e p t. 1 1932, o p tio n a l a fte r S e p t. 1 1913. C ert, c h e c k fo r § -0 0 re­
q u ired .
BOND OFFERING— P ro -

I N G ___P r o p o s a l s w i l l b e r e c e i v e d u n t i l 1 0 a . m . A u g . 3 1

Y A K IM A CO U N TY
O n A u g ! 3 the § 3 ,0 0 0
p. 193) w ere aw arded
b ids fo llo w :
F irst N ational B a n k ,
F ir s t N ation a l B a n k ,
YA ZO O C IT Y ,
16 th e p rop osition
V O N IC PP S N
til 12 m . A u g.' 27

WEST PLAINS SPECIAL ROAD DISTRICT Howell County. Mo.—BOND S A L E . — T h e $ 20 ,000 5 % r o a d -c o n s tr . b o n d s v o t e d Ju n e 22 (V . b o .
p . 09) h a ve been p u rch a s e d , it Is s ta te d , b y th e W . R . C o m p to n C o . o f S t.
L ou is at par and ex p e n se s.
WHITEHALL, Washington C o u n t y , N. \ . — B O N D S A L E . — On J u ly 24
th e $15 ,000 5 % reg. llr e -d e p t. ta x-fre e b o n d s (V . 9 5 , p . 193) w ere a w a id e d
t-o
isew
to D ou gla s F en w ick & C
o . oorf N
ew Yi ooir kk..
'o w n ) , W e s tc h e s te r C o u n ty , N . Y . —
(To

2 5 0 .0 0 0

P rop osa ls w ill be r e c c hv e d u n til 1 p . m . A u g . 20 b y F . M . T h o m p so n , T ow n
road
o n d s.
D
in . $ 2 ,0 0 0 .
D ate A u g . 1 1912.
S u p e r., fo r $30,000 4 Ai%
?o iu
«u b
uuuua.
u ceunuo m
I n t. F . & A .
D ue $2,000 y e a rly on A u g . 1 fro m 1917 t o 1931 Incl. C ert,
c h e c k on a S tate o r n a tio n a l ban k o r tru st c o m p a n y fo r 10 % o f bonu s oiu
fo r , req u ired .
.
WHITE RIVER LEVEE DISTRICT, Ark.— R O A D S OFFERED B Y
B A N K E R S . — W m . It. C o m p to n C o . o f S t. L o u is a rc o fferin g t o Investors
$75 ,0 0 0 6 % g old b o n d 3. D e n o m . $500.
D ate Ju n e 1 1912. I n t. J- « Ja t M e r ch a n ts '-L a c le d c N a t. H ank,
„ P S e $ Y ’/<?•?•>'YMi' xi 'Wimi
$0,000 J a n . 1 1930, $21 ,000 J a n . 1 1931, $22 ,000 J a n . 1 19 3 - and $ lo ,0 0 0
J a n . 1 1933.
„

WHITEWATER TOWNSHIP SCHOOL DISTRICT, Hamilton County,

±y2%

D

A L L A S ,

GOLD COUPON BONDS

T o b e so ld W e d n e s d a y , A u g u s t 2 1 , 1 9 1 2
S caled b ids w ill be re ce iv e d b y th e C ity o f
D allas, T e x a s, until 12 o ’c lo c k n o o n , W E D N E S ­
D A Y , A U G U S T 2 1 S T , fo r $ 1 ,0 2 5 ,0 0 0 A A P er
C en t gold b on d s.
T h e b on d s are Issued b y the C ity o f D allas,
D allas C ou n ty , T e x a s , u n d er a u th o rity o f A rticle
9181) o f the G eneral Law s o f the S tate o f T e x a s ,
an d o f th e C ity C h arter, and b y special a u th o rity
o f the v o t e o f the p eop le a t an e lection held
A p ril 2n d , 1012, an d are in the resp ective
a m ou n ts and fo r the re sp ectiv e p u rp oses, as
fo llo w s:
„
,
, .. ,
$20 0,00 0 C ity H all B u ild in g B o n d s, d a te d
M ay 1st, 1912, and m atu rin g M a y 1st, 1952;
$40 0,00 0 W a te r-W o rk s Im p ro v e m e n t B on d s,
d a te d M ay 1st, 1912, an d m atu rin g M ay 1st, 1952;
$12 5,00 0 Fire S ta tion B u ild in g B on d s, d a ted
M a y 1st, 1912, and m atu rin g seria lly, begin n in g
M ay 1st, 1913, $3,000 ea ch y ea r, w ith $4,000
m atu rin g each eigh th y ea r, for f o r t y years—
average tim e 20 A years;
,
,
$200,000 P u b lic S ch o o l B u ild in g B o n d s, d a te d
M a y 1st, 1912, and m atu rin g seria lly, begin n in g
M ay 1st, 1913, $5,000 each y ear for f o r t y years—
average tim e 20 H years;
, „
, t
$100 000 S an itary Sew er B o n d s, d a te d M a y ls t,
1912, an d m atu rin g seria lly, b egin n in g M ay 1st,
1913, $2,000 and $3,000 each a ltern a te year, for
fo r t y years— average tim e 20 A years.
T h e b on d s are in the d en om in a tion s o f $1,000
e a ch .
In terest Is p a y a b le sem i-an n u ally on
N o v e m b e r 1st and M ay 1st; b o th prin cip a l and
sem i-an n u al Interest p a y a b le In g old coin , a t the
Cliaso N ational Bank In the C ity o f N ew Y o r k .
D irect ta x levies h a ve been m ade su fficien t in
a m o u n t t o p ro v id e Interest and th e requ ired
sin k in g fu n d to retire the b on d s as th ey mature,.
T h e bon d s are en graved u nder the su pervision
o f , an d certified a s to gen u in en ess b y , the D allas
T ru st & S a v in g s B a n k , o f D a lla s, I c x a s ,
T h ey
h ave been ap prov ed by the A tto rn ey -G en era l of
the S ta te , registered by the S tate C om p troller,
an d the opinion o f M e ssrs. D illo n , lh o m s o n &
C la y o f N ew Y o rk , togeth er w ith a full transcript
o f all proceed ings had relative to the b o n d s, will
be furnished to the purchaser.
, ,

T h e C ity o f D allas has been In corp orated b y
special ch arter for a p eriod o f m ore than th irty
years, an d at n o tim e In Its h istory has there
been a n y d efa u lt In th e p a y m e n t o f a n y Interest
o r prin cip a l on Its b o n d e d d e b t, o r oth erw ise.
A certllled ch e ck fo r 2 per ce n t o f the fa ce
valu e o f the b on d s b id fo r , p a y a b le to W . T .
H en d erson , C om m ission er o f F in a n ce a n d R e v ­
en u e, m ust a c c o m p a n y each b id . M o n ey to be
paid and bon d s to be delivered a t D a lla s.

T h e C ity o f D allas reserves th e rig h t t o re je ct
a
n yv omr uall wbids.
an
_
H EN DERSO N ,
C om m issioner o f F in a n ce & R e v e n u e ,
D allas, T e x a s.

B. W. Strassburger
SO U TH ERN

IN V E S T M E N T




D IS T R IC T

BONDS.

P u b lic n o tice is h ereb y given th at I , the u n d er­
sign ed P residen t o f the B oa rd o f E d u ca tio n o f
U n iv ersity C ity, S t. L ou is C o u n ty M issouri, in
pu rsu a n ce o f the ord er o f the said B oa rd o f E d u ­
ca tio n en tered o f record on th e 8th d a y o f A u g u st,
1912 w ill at the o ffice o f th e said B oa rd o f E d u ­
ca tio n in the C ity H all o f U n iv ersity C ity , M is­
sou ri, until the h o u r o f 8 o ’ c lo c k P . M . o n the
D A Y OF SE PT E M B E R . 1912,

re ce iv e sealed prop osa ls fo r th e entire Issue o f
$60 000 00 o f B on d s o f th e said S ch ool D istrict
o f U n iv ersity C ity, issued fo r th e pu rpose o f p u r­
ch asin g a sch o o l site, e re ctin g a sch ool hou se and
fu rn ish in g the sam e, an d w ill at said tim e and
place op en said scaled prop osa ls in the presence
o f th e said B oard o f E d u c a t io n . T h e said B on ds
are d escrib ed as fo llo w s: S ix t y B on ds o f the d e­
n om in a tion o f $1,000 00 ea ch , d a ted J u ly 1, 1912,
d u e tw e n ty years a fter d a te, redeem able ten years
a fte r d ate an d bearin g interest at th e rate o f
4 'A p er ce n t p er a n n u m , p a y a b le sem i-an n u ally.
E a ch bid m ust be a ccom p a n ied b y certllled
ch e ck fo r $1,000 00, p a y a b le to the order o f the
T reasu rer o f th e said B oa rd o f E d u ca tio n , as a
g u a ra n ty th a t the b id d er .will con su m m a te his
p u rch a se, sh ou ld his bid be a cce p te d . A ll bids
arc su b je ct to a cce p ta n ce or re je ctio n b y th e said
B oa rd o f E d u ca tio n .
TT
,
L eg a lity a p p ro v e d b y B en ja m in I I . Charles,
E s q ., late A ssocia te C ity C ou nselor o f S t. L ou is.
D a ted U n iv ersity C ity , M issouri, this 8th d a y
o f A u g u st, 1912.
L U T H E R T . W A R D , P residen t,
B O A R D O F E D U C A T IO N OF
U N IV E R S IT Y C IT Y .

BOND CALL.

PARIS, TEXAS
BOND

CALL.

T h e c it y o f Paris, T e x a s, h ereb y exercises its
o p tio n t o ca ll in fo r ca n cella tion W a ter W ork s
B on d s, S econ d Series. T h ese b on d s bea r in­
terest a t 6 % per a n n u m , p a y a b le sem i-an n u ally
o n the 10th d a y o f J an u ary and J u ly , are d a te d
O cto b e r 15, 1887, o p tion a l O cto b e r l o , 1912,
a t th e F ou rth N ation a l B a nk, N ew Y o r k C ity .
H old ers o f said b on d s w ill present them as a b o v e
m en tion ed a t F ou rth N ation a l B a n k for p a y m e n t.
T h e n u m bers o f said b on d s begin w ith 61 and
run t o an d Include « 3 - M cC U I S T I o n , M a y o r.

E S T A B L I S H E D 18 8 5 .

F irst N at. B a n k

B ld g ., C h ic a g o

AN D

M U N IC IP A L

i t y

o f

SEW ER

G

l e n s

F a l l s ,

R E F U N D IN G

N

.Y .,

BONDS

T h e C om m on C ou n cil o f th e c it y o f G lens F alls
w ill, at 8:30 o ’ clo ck p . m . on th e 2 1 S T D A Y O F
A U G U S T , 1 9 1 2 , sell t o the h igh est b id d er b on d s
o f th e C ity o f G lens F alls t o the a m o u n t o f on e
h u n d red an d seven teen th ou sa n d dolla rs ($ 1 1 7 ,­
000 0 0 ), o r as m u ch th ereof as m a y be n ecessary,
fo r the p u rp ose o f p ro v id in g m o n e y t o p a y u p an
Issue o f sew er b on d s a m ou n tin g t o $ 1 1 7,00 0 00
co m in g d u e S ep tem b er 1, 1912.
. . .
Sealed prop osa ls for th e p u rch ase o f such b on d s
w ill be re ce iv e d at th e o ffic e o f th e C ity Clerk u p t o
8:30 o ’ c lo c k p . m ., A u g u s t 21st, 1912.
T h e c it y reserves th e rig h t t o r e je c t a n y o r all
b id s.
A certified ch e ck p a y a b le t o th e ord er o f th e
C ity C h am berlain o f said C ity fo r th e sum o f
$1,200 00, draw n u p o n a n a tion a l b a n k . S tate
ban k o r trust c o m p a n y , m u st a c c o m p a n y each b id ,
w h ich ch e ck w ill be retu rn ed t o th e b id d er in case
his p rop osa l Is r e je cte d , an d w h ich w ill b e co m e
th e p r o p e r ty o f th e c it y In case o f the failu re of
th e su ccessfu l b id d er to c o m p ly w ith th e term s
o f his b id .
,
,
.
_
T h e b on d s w ill be n u m b ered on e to on e h u n d red
seven teen , b oth Inclu sive, each b o n d fo r th e prin ­
cip a l s u m 'o f $1,000 0 0 , w ith in terest p a y a b le sem i­
an n u ally a t th e rate o f 4 A % per a n n u m .
Said bon d s will be re a d y fo r d e liv e ry on or b e­
fo re A u g u st 31, 1912. T en o f said b on d s w ill
b e co m e d u e A u g u st 31, 1917, and ten o f said b on d s
w ill b ecom e d u e o n th e 31st d a y o f ea ch an d e v e ry
A u g u st th ereafter up t o an d Inclu din g th e y ear
1927. T h e sum o f $7,000 00 w ill b e c o m e due
A u g u st 31, 1928.
T h e b on d s c a n n o t b e sold fo r less th an p ar and
“ t h e L E G A L I T Y O F T H I S IS S U E O F B O N D S
W I L L B E A P P R O V E D B Y M E S S R S . D IL L O N ,
TH O M PSO N & C L A Y O F N E W Y O R K C IT Y ,
W H O S E O P IN IO N A S T O L E G A L IT Y W IL L
B E F U R N IS H E R ) T O T H E P U R C H A S E R .
D a te d , A u g u st 5, 1912.
L O R E N F . G O O D S O N , C ity C lerk.
Financial S ta tem en t a s o f A u g u s t 1 , 1 9 1 2 .

A ssessed v a lu a tio n , real e s t a t e ____ $5,8 4 5 ,6 7 5
A ssessed v a lu a tio n , special fra n ch ises
3 07 ,525
A ssessed v a lu a tio n , p erson al p r o p ___
e rt y ..............
179,500

00
00
__
00

T o ta l assessed v a lu a t io n — - - --------- $ 6 ,3 3 2 ,7 0 0 00
B o n d e d d e b t , e x clu s iv e o f thts is su e .
$79 ,8 0 0 00
P o p u la tio n , 1910 Census— 15,243.

H0DENPYL, HARDY & CO.
R a ilr o a d , S tr e e t R y ., G a s & E le c . L ig h t

S E C U R IT IE S

SCH O OL,
COUNTY

C

14 W a l l S t . , N e w Y o r k

H. C. SPEER & SONS CO.

S E C U R IT IE S

MONTGOMERY, ALA.

$ 1 1 7 ,0 0 0

University City, St. Louis Co., Mo.,

5T H

$ 4 ,0 0 0 y e a rly on

NEW LOANS.

loans

$ 6 0 ,0 0 0
SCH OOL

Due

D u e $ 1 0 0 ,0 0 0 o n M ay 1 1915

posals will be receiv ed at o n ce for $5,000 6 % 2 0 -y ea r sch o o l d e b e n tu re s.
A u th o rit y v o te o f 23 t o 3 a t e lection held J u ly 31.
B R A M P T O N , O n t.— Debenture Offering.— P rop osa ls w ill b e re ce iv e d
u n til A u g . 26 b y A . H . M ilner, C h airm an F in . C o m m ., fo r $43,000 5 ,o
d eb en tu res, d u e In 20 equ a l ann u al in stallm en ts.
B R U C E C O U N T Y . O n t.— Loan Election Proposed.— A b y -la w p r o v id in g
fo r a loan o f $20,000 fo r b u ild in g brid g es w ill be su b m itte d t o the^ ratep a y e rs, it is re p o rte d , in th e near fu tu re .

WYANDOTTE COUNTY (P. O. Kansas City). Kans — Bond Sale.— On

F

1 1912.

The official notice of this debenture offering will be found among the ad­
vertisements elsewhere in this Department.
B IF N A S T (P O . H u a n s a ). M a n .— DEBENTURE OFFERING. P r o ­

A u g . 8 the $120,000 4 H % 2 0 -29-year (ser.) bridge b on d s (V . 95, p . 1 3 0
w ere a w a r d e d to J o h n N u v e cn & C o . o f C h ica go fo r $ 12 2,22 1, m akin g the
p rice 1 0 1 .8 5 . D e n o m . $ 1 ,0 0 0 .
D a te A u g . 1 1912. I n t. F . & A .

O

D ate A p r.

revtm ue*bond's!13D a te * A u g ^ l 1912.

AI?CO I A S a sk .— NO ACTION YET TAKEN .— T h e au th orities a d ­
vise us t h a t ’th e C ou n cil has d e cid e d n o t to d o a n y th in g a t the presen t tim e
reg a rd in g the issu ance o f th e $15 ,000 w ater d eb en tu res ( V . 9 o , p . <0 ) .
A T H A B A S C A I A N D IN G , A lta .— Loans Voted.— R e p o rts state th a t b y ­
law s p ro v id in g for loans o f $80 ,000 t o install w a ter-w ork s a n d $70 ,0 0 0 fo r
sew erag e-system w ere fa v o r a b ly v o t e d u p o n a t a re ce n t ele ctio n .
BASSAN O
A lb e rta .— Debenture Offering.— P rop osa ls w ill be re ce iv e d
u p t o 4 p . m .’ S e p t. 16 b y G . B . R . B o n d , S e c .-T re a s ., fo r th e $15 0,00 0 5 %
3 0 -y e a r w ater an d sew er d eb en tu res ( V . 9 5 , p . 7 0 ).

1912. I n t . M . & S . a t o ffic e o f S in k in g Fund T ru ste e s.
D ue S e p t. 1 1 9 3 - .
C ertllled ch e ck fo r § 3 ,8 0 0 , p a y a b le to the C ity T reasu rer, r e q u ire d .
Bids
m ust be for the en tire Issue o f b o n d s.
WORCESTER. Worcester County, .M ass .— Temporary Loan.— A loan o f
$20 0,00 0 due O ct. 17 w as n e g o tia te d , it Is r e p o rte d , w ith K issel, K in n lcu tt *
C o . o f N ew Y ork at 3 * 4 % , less $50, e q u iv a le n t to 3 .8 9 0 6 % .

C I T Y

Y a z o o C o u n ty . M is s .— B O N D S D E F E A T E D .
On A u g .
t o issue $17 ,000 w a ter-w a rra n ts w as d e fe a te d .
Y — B O N D O F F E R I N G . — P rop osa ls w ill b e re ce iv e d un­
b y J o s . M iller, C ity C o m p t., fo r th e fo llo w in g 4 A % reg.

C an ada, its P ro v in ces and M u n icip alities.

WILLOWBROOK SCHOOL DISTRICT. Los Angeles County. Cal.—
Bond Offerlno.— P roposals w ill b e rece iv e d u n til 2 p. m . A u g . 19 by th
County S u p erv isor (P . O . Los A n g e le s ), It Is s ta te d , fo r $0,000 o / o b o n d s.
Denomination $500.
WILLOW-GLEN SCHOOL DISTRICT. Santa Clara County, Cal.—
Bonus N o t sold.— Wo are a d . lsed th t n o b id s w ere re ce iv e d on A u g . •> f o r
the § 0 ,5 0 0 5 % g old c o u p o n ta x -fr e e b o n d s (V . 95, p . 131 ).
WOOSTER, Wayne County, Ohio.— B O N D O F F E R I N G .— V r o p o a .s U
will be receiv ed u n til 12 m . S e p t. 7 b y J . B . M in er, C ity A u d ., fo r $70,000
4 A % c o u p , refu n d , b on d s (V . 94, p. 1721).
D enom . §500.
D ate S e p t. 1

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

uouu

Int urm f-ann*°at°Cl ty^ I'reastirer' s o ffic e in N ew Y o r k e x c h a n g e . C ert,
ch e ck for 2 % o f b o n d s bid Tor, p a y a b le to Josep h M iller, C ity C o m p tro lle r,
requ ired
B on d s w ill be ready' fo r d e liv e ry S e p t. 3 .
I urch aser t o pay
a ccru e d interest.
L e g a lity a p p ro v e d b y H aw k in s, D elafteld & L o n g fe llo w ,
N . Y ., w hose o p in io n w ill be fu raish ed t o p u rchaser.
v n n n a i i n D A SC H O O L D IS T R IC T . O ra n ge C o u n ty , C a l.— SOND
ELECTION.— It Is sta ted th a t th e q u e stio n o f Issuing $8,0 0 0 b o n d s will
b e su b m itte d t o a v o t e o n A u g . 24.

n iiin - B o n d ' S a l e — O n A u g . 10 th e $1,4 0 0 4 % 1-1 4 -yr. (ser.) c o u p . bld g,
tax-freest)on ds (V . 95, p . 370) w ere aw ard ed t o F . U . S elrln ger o f M iam i at
Pa r *
„
~ ,

new

rram t

SC H O O L D IS T R IC T NO. 00, W a s h .— Bond Sale.—
1- 20-y e a r (o p t.) site. b ld g , a n d e q u ip , b o n d s (V . 95,
to the S tate o f W a s h in g to n a t p ar fo r o'As. O th er
n1.
«s
B arn esv H e ....................................................... a non fo r 6s
D o lg e v illc ---------- -------------------------------------- 3 -000 Ior bs

$ 5 6 ,0 0 0 Io ca l-im p t. b o n d s.

Bond Offering.—

NEW LOANS.

oy

C o u n ty T reas. (P . O . N orth Y a k im a ), fo r $3,500 1- 2 0 - y r . ( o p t J ® ou p . b M ? '
and e q u ip , b o n d s a t n o t e x c e e d in g 6 % in t. A u t ^Yhc l ®?tJ,® ^.oQ ofJ b !^ d e r '
D a te " d a t e o f issu e” o r the first d a y o f so m e m o n th , a t o p t io n o f bidder^
I n t . an n . at o ffic e o f C o u n ty T re a s. N o o th e r d e b t . A ssess. 1911, $4<u,

D enotn $500
D a te S e p t. 1 1912. I n t . M . & S .
D ue $1,000 each six
m o n th s ’ from S e p t, t 1918 to S e p t . 1 1929 in c l. C ert, c h e c k fo r 10% o f
b on d s bid fo r, p a y a b le t o the V ll. T r e a s ., r e q u ir e d .
B o n d s to be d eliv ered
w ith in 10 d a y s from tim e o f a w a rd . P u rch a ser to p a y a ccru e d Interest.

WHITE PLAINS

439

THE CHRONICLE

A ug. 17 1912.]

BONDS

440

THE CHRONICLE

CALGARY, A l t a . — Loan Election .— A c c o r d in g to re p o rts, a v o t e w ill be
ta k en A u g . 23 on b y -la w s p r o v id in g fo r loan s o f 540 5,00 0 fo r a nitration
p la n t, 532 ,000 fo r p u rch a se o f certa in land and 515 0,00 0 fo r general h o sp ital
Loans Voted. A c c o r d in g to re p o r ts , an e le ctio n held r e c e n tly resu lted hi
fa v o r o f b y -la w s p r o v id in g fo r loans o f 540 ,000 fo r p o llce -p a tro l-sv ste m
W est°su°bw ayX tena thC € lc c t r lc ' u 8'tu -systen i and 56,000 t o paT e^E ighth S t !
Loan Defeated.— A b y -la w p r o v id in g fo r a loan o f 530 0,00 0 t o co n s tr u c t a
w a te r-s y s te m w as d e fe a te d , ft is sta te d , at a recen t e lection
a
DEBENTURES VOTED .— T h is p la ce o n A u g . 8 v o t e d t o Issue the
582 ,0 0 0 4 H % 3 0 -y r . sew er d e b e n tu re s (V . 95, p 317)
T h e v o t e vvas
n e x Y I ix m o n t h s .ln f° rmC<l th a t th cs c d c b c n tu r c s w ill be o lle r c d w ith in th e
C A N O R A , S a s k . — Debenture Offerina.— In a d d itio n t o thn *4 non
2 0 -y e a r lig h tin g d eb en tu res to be offered fo r sale s h o r tly (V 0 5 n H77)2t\n
Issue o f $2 0 ,000 5 34% 20-y e a r d e b e n tu re s w illa lso ^ be d isp o se d o f
} an
CARLUTON

^
2o
Pn°nn
$2
0 ,0
00 ^
5%

COUNTY

(P .

0.

O t t a w a ),

O n t—

Debenture Offerinn __

H
c iv
u .g -$1,640
20 b^ C8h4as.
d eohre?
b e n tu
recsd. u ^
DUI
enA
om
. M a cn a b C o u n ty C le r k•ffo r

S SA
* \ I V " 1, - q Debenture Offering.— P rop osa ls w ill be re ce iv e d b y
b . * . A IcE w en, M .D ., S c c .-T r e a s .. fo r 53,000 6 % d e b e n tu re s .

N 0T SOLD .— W e are ad vise d under

riatc^if^Aii’o
^
i
y e t beenAsofd 10 th a t th ° '> 1' 000

d e b e n tu re s (V . 95, p . 70) h a ve n ot

S.?,skK'— debenture Offering.— P rop osa ls w ill be rece iv e d
° , b y ,9 .' H o p w o o d , S e c .-T r c a s ., fo r t w o Issues o f 5 )^ %
in
Gua1ran teed G e n e ra l'’ d e b e n tu re s, agg re g a tin g 5 1 0 ,0 0 0 .
D ue
o n *Jtdy *9* ^ S e e 'v 9Sita p rni 783- s ' m ilar Issues o f d e b e n tu re s w ere offered
PRICE P A I P FOR DEBENTURES.— The p rice paid
i o r tne 53,000 0 % l o - y r . c o u p . im p t. d eb en tu res aw a rd e d on J u ly 15 to
M c K 1fn n ‘)rl & C o . o f T o r o n t o ( V . 95, p . 377) w as 9 5 .1 0 .
D enom .
5 1 ,0 0 0 .
D ate A u g . 1 1912. I n t. an n . in D e ce m b e r.
E A S T V , n w R O M A N C A T H O L I C S C H O O L D I S T R I C T , O n t — Debenture
Offering.— P rop osa ls will b e re ce iv e d until O ct. 1 b y J . B . C h arette, Chair­
m an (P . O . C u m m ln g 's B rid g e ), fo r 520 ,000 4 \4% 2 5 -y e a r d e b e n tu re s , due
in equa l ann ual Installm ents o f p rin cipa l a n d in terest fro m J a n . 15 1918 to
J d ll. 1 1 9 o 7.
E L F R O S , S a s k . — Debenture Sale.— A n Issue of 5 10 ,000 6 %
2 0 -y e a r

re p o r ts 11^ 3 Was a w a r d e d t 0 W o o d , G u n d y & C o . of T o r o n to , a c c o rd in g to
_ E N D E R B Y B . C . — Debenture Offering.— P ro p o sa ls will b e re ce iv e d until
7:30 p . m . S e p t. 6 b y G. R o s o m a n , C ity C lerk, fo r 56,000 6 % 2 0 -y r . drain­
a g e d eb en tu res.
In terest s em i-a n n u a l.
G R A N D F O R K S , B . C . — Loan Voted.— R e p o rts sta te th a t a b y -la w
p r o v id in g for a loan o f 516 ,000 t o c o n s t r u c t a re se rv o ir w as re c e n tly passed
b y th e burgesses.
H E R B E R T SCH O O L D IS T R IC T NO . 10 75 ,

Sask— Debenture Offering.—

P rop osa ls w ill be re ce iv e d u n til S e p t. 1 b y D . J . W ie n s, S e c .-T r e a s ., for
58,0 0 0 5 14% s c h o o l d e b e n tu re s .
D ate O c t . 1 1912. D u e In 20 equal
a n n u al Installm ents o f prin cip a l an d interest.

1 IN V E R ,M A Y ( R U R A L M U N I C I P A L I T Y N O . 3 0 5 ) , S a s k — Debenture
Sate.— T h e 512 ,000 5 % 2 0-in stallm en t im p t. d eb en tu res (V . 9 5 , p . 318)
w ere a w a rd ed , it is s ta te d , to N a y & Jam es o f R e g in a .
L O N D O N , O n t. — Debentures Proposed.— T h e -Is s u a n ce o f 5 1 5 ,0 0 0 parlcIm p t. d eb en tu res Is b e in g p r o p o s e d b y this c it y , re p o rts s ta te .

NEW LOANS.

$ 8 3 5 ,0 0 0
C

i t y

o f

N

o r f o l k , V

i r g i n i a ,

MAC K L I N , S a sk .— Debenture Sale.— T h e 55,500 6 % 1 5-yr d e b e n tu res

17MI ’— « « * * 11
?X'?eSons"'er,TC th0

i „ S colN
a^ n AS

wVnP.R 0 T E ? TA,NT SCHOOL DISTRICT, Quo .— Bond Offering.
i »7 d
re ce iv e d UP t0 9 a - m - S e p t. 12 b y C. J . B in m o re , S e c .I r e a s . ( A o . 197 P eel S t .. M o n tre a l) fo r 550 0,00 0 4 % 30 -y e a r s ch o o l b o n d s .
A R,k JET, Ont.— DEBENTURE OFFERING .— P ro p o sa ls w ill bo
? S e8do r V \ Pn
A Y5'
,b,y
H u gh es, Clerk (P . O . B o x 6 8 2 ), for
th e $ - 8,000 o/0 2 0 -y r . s c h o o l-b ld g , d e b e n tu re s v o t e d M ch . 18 (V . 94, p . 868).
M a c k i n t o s h & Ir n Ul}r'i^i'lfh ~ ^ ncbentur,e Sale .— R e p o rts sta te th a t J . C .
M a ck in to s h & C o. o f H a lifa x h a v e pu rch ased 55,000 5 % 3 0 -y r . d e b e n tu r e s .
8

i?

mr^’i A

~

' Z»!r6e^ Mr£. Offering.— P rop osa ls will be re ce iv e d u n til

^

eral d e b e n tu re s (V . 94. p

^

515 ,000 5 % 30- y r ' g c n -

it Is'sta te d R
f i v e Pnt
Voted.— ’The ele ctio n h eld A u g . 3 resu lted ,
o u t t h e a g r e e m e n t h P t L l ^ y v aW P ro v id in g fo r the loan o f 51.000 to c a r r y
nr>nTU * r i,y n K !,
C- K r e n tzlge r an d the c o r p o r a tio n ( V . 95, p.255) .
P.9RT DiHPHRNI, B. C.— Debenture Election.— R e p o r ts sta te th a t an
e le ctio n w ill be held A u g . 19 t o v o t e on the q u e stio n o f Issuin g th e 5115 000
w a te r-w o rk s -s y s te m -c o n s tr . d eb en tu res (V . 95 p 378)
*
SHo.UOO
ST. C A T H A R I N E S , Ont •— Loan Authorized.— T h e C ity C ou ncil r e c e n tly

1

co\ d ln gat o yrepoVr t ^ ° V ld ,n g

'°r a '°an °f 575’000 to

&

S1° ’ 000 ;5° - y r - SCh° 01 an d « 12-000

S TREE I SVILLE, Ont.— Loan Voted.-— H co o r ts state* th a t n hv, inw
P r o v id in g f o r a lo a n o f $ 5 ,000 fo r fire -p ro te ctio n was ca rrie d at a r e c e n t

SWIFT CURRENT, Sask.— Loan Election.— It Is re p o rte d th a t a b v -la w
t o 0^ v o t e on1 A u g a 2 4 ° f 530 ,000 fo r ro a d Im p ro v e m e n ts w ill b e s u b m itte d
^ I LBUR Y , Ont.

{ M

-Loan Election.— T h e rate-p avers will v o t e A up* 22 if !<?

’f f i b V s i r L s r '11”' ' » * ' » »

WATSON, Sask.— DEBENTURE OFFERING.— ProDOsals will be reI S S a l f i ' . ’lowruh^aff’ d e b c n t u r c s T ' * “

»•

,„"r

cahTriKSo f a n S o o t i o n ’ to v o t^ o a ^ b y ^ a .fp m v m a e lo r a foa’n o r V 200 l o r
a lire system Is b e in g c o n te m p la te d b y this p lace.
*
fo r
WINDSOR MILLS, Que. Loan Voted.— A favorable vote was
S 8 S &

o l l . K S t , 0" *

< « « lo a n o l 52™ m o * S

WINGHAM, Ont.— Loan Voted.— A bv-law n r m M in o
f t S S t t M

K

"

°‘

„

o
°o“

“

,

. « f i V & r j i ? o " S ? K T T01S , „ SI"Hka l"E , P “ n,, T n » « «
I n t. se m i-an n u al. T h e trustees
S tU( r a ' D e n o m .

51,000

F u n d T r u s t e e s .S lV ln? Sh° rt ° r lo n g

« .* 0 ? r C S o n ^ I s s S o .^ S h S ?

NEW LOANS

$ 1 7 5 ,0 0 0
CITY OF MINNEAPOLIS

$ 1 0 5 ,0 0 0
CITY OF PERTH AMBOY

BONDS

SCH OOL

S ealed b id s w ill b e re ce iv e d b y th e C om m ittee
o n W a y s an d M eans o f the C ity C ou n cil o f M inne­
ap olis, M in n esota, at the o ffic e o f the undersigned

AND

W ATER

BONDS

S ca le d offerin gs w ill be re ce iv e d b y C has. K
S eam an , C ity T reasurer, a t the T rea su rer’s o ffic e
In the C ity H all, P erth A m b o y , N . J ., until fo u r
o c lo c k p. m . A U G U S T 2 0 , 1 9 1 2 , fo r 580,000
4 14 per ce n t th irty -y e a r S c h o o l an d 525 ,0 0 0
4 h per ce n t th irty -y e a r W a te r B o n d s . D e­
nom in ation 5 1,000.
T h e o p in io n o f C aldw ell, M assllch & R e e d
will be furnish ed b y th e C ity and the b o n d s will
be e n gra ve d an d certified b y U . S . M ortg ago &
T ru st C o.
B on ds are issued w ith c o u p o n s , b u t m a y be
registered.
Certified c h e ck fo r t w o p er c e n t o f par v alu e
f b o n d s bid f o r m ust a c c o m p a n y each b id , w h ich
should be m arked "P r o p o s a l fo r B o n d s ,” and
add ressed to Chas. K . S e a m a n , C ity T reasu rer.
See circu la r o f U . S . M o rtg a ge & T ru s t C o.

S E A L E D P R O P O S A L S w ill be re ce ive d a t the T H U R S D A Y ,
SEPTEM BER
5T H ,
1912.
ai
O ffice o f the C ity T reasurer o f N O R F O L K , 2 o 'c l o c k p . m ., fo r tne w h ole or a n y part o f
V I R G I N I A , U N T IL 12 O 'C L O C K M ., T H U R S ­ $25 ,000 00 F ire D e p a rtm en t b o n d s d a te d J u ly 1st
D A Y , S E P T E M B E R 12T H , 1912, fo r 583 5.00 0 00 1912, p a y a b le J u ly 1st, 1932, and 515 0,00 0 00
F ou r and O n e -H a lf P er C en t (4 >
4 %) T h ir ty (30)
P a rk b o n d s d a te d A u g u st 1st, 1912, p aya ble
Y ea r C ou p on B on d s, issued fo r th e fo llo w in g A u g u s t 1st, 1942, bearing in terest a t the rate o f
pu rposes:
F ou r (4 %) P er C en t per a n n u m , p a y a b le sem i­
A p p r o p r ia tio n B o n d s ______________________ 5345,000 00 a n n u a lly , an d n o bid o r pro p o sa l w ill be en ter­
P a rk P lace W a rd S ch o o l B o n d s _________
2 0 ,0 0 0 00 tain ed fo r a sum less than 9 5 % o f th e par valu e
N in th W a r d Im p r o v e m e n t B o n d s:
o f said b o n d s an d accru ed Interest o n sam e to d ate
Series A ..............................................................
8,000 00o f d e liv e ry .
•Series B .......................................... ............. 248,000 00
T h e a b o v e b o n d s are t a x -e x e m p t In th e S tate
T e n th W a rd I m p r o v e m e n t B o n d s ___ 214,000 00 o f M in n esota .
T h e rig h t t o r e je c t a n y o r all b id s Is h e re b y
T o t a l ................................................... 583 5,00 0 00 re se rve d .
B id s m a y b e fo r th e w h ole o r p art o f the said
A ce rtifie d c h e c k fo r T w o (2 % ) P e r C en t o f the
B o n d s , an d m ust s ta te price and a ccru ed Interest. par va lu e o f th e b o n d s bid fo r , m ade to C. A
B on d s Issued In d en om in a tio n s o f $1,000 00.
B lo o m q u ls t, C ity Treasurer, m u st a c c o m p a n y
B on d s an d Interest p a y a b le in N o rfo lk .
each b id .
y
A ll B on d s to be issued as C o u p o n B on ds, bu t
C ircular c o n ta in in g full p articu lars w ill be
purchasers t o h a ve p rivilege o f h a v in g sam e m ailed u p o n a p p lic a tio n .
registered .
LAWYER.
B y o rd e r o f the C om m ittee o n W a y s and M eans
B id s m ust b e m arked "P r o p o s a ls fo r B o n d s .”
at a m e e tin g held A u g u s t 8th 1912.
B id d ers to en close c h e ck fo r o n e per ce n t (1 % )
S p e c ia liz in g in E x a m i n a t i o n o f
D A N C. B R O W N ,
o f th e par va lu e o f the a m o u n t b id fo r .
Im m e d i­
C ity C o m p tro lle r
a te ly u p on n otifica tion o f a llo tm e n t a fu rth er
d e p o s it o f fo u r per ce n t (4 % ) o f p ar va lu e o f
a m o u n t a llo tte d shall be m a d e .
1037-9 FIRST NATIONAL BANK BLDO..
F ou r an d on e-h a lf per c e n t (4 }4%) Interest will
C H IC A G O , I L L .
b e a llow ed successful b id d ers o n th e liv e p e r c e n t
(5 % ) paid In from tim e o f rece ip t o f the fo u r per
T e n d e rs fo r D e b e n tu re s
c e n t (4 % ) until b on d s are rea d y to be d e liv e re d .
I t Is p rop osed to d eliv er the B o n d s to purchas­
Tenders will be received by the undersigned,
ers as o f the d ate o f sale, b u t If fo r a n y reason a n y
d eliv ery sh ou ld be d ela y ed b e y o n d th a t d a te , the marked "Tenders for Debentures,” up to four
clock p. m. on SEPTEMBER 1 6 T H . 1 9 1 2 , for
purch aser w ill be required to pay accru e d interest
B O N D S
the purchase of 5150,000 30-ycar, 5% Water and
t o the tim e o f d e liv e ry . T h e rem ain d er o f the Sewer
Debentures.
pu rch ase m on ey to be paid im m e d ia te ly a fte r the
F o r fu ll particu lars a p p ly to
purchasers are n otified that B o n d s are re a d y fo r
G E O . B . R . B O N D , S ecretary-T reasu rer,
d e liv e ry .
B a ssano, A lb e r ta .
T h e B on d s shall b e deliv ere d an d p aid fo r in
th e C ity o f N o rfo lk .
S T A T E , C IT Y & R A IL R O A D B O N D S
Checks t o be draw n on som e S ta te o r N ational
B a n k , certified and m ade p a y a b le to o rd e r o f
B . G ray T u n sta ll, C ity T reasurer o f the C ity o f
§ 5 0 ,0 0 0
N o rfo lk , V a .
Circular con ta in in g full In form ation w ill be fo r ­
C IT Y O F D O U G L A S , G E O R G IA ,
w arded u p on request t o the C ity Clerk.
L egal fo r Savings B a n k s,
•T h e right is reserved t o r e je c t a n y o r all bid s,
3 0 -Y ea r 5 % B o n d s
a n d also (unless oth erw ise exp ressly stated in the
P osta l S avin gs and T ru st F u n d s.
1 0 4 .7 5 a n d I n t e r e s t .
Y ie ld in g 4 .7 0 %
b id ) t o a llot a n y p o rtio n o f the a m o u n t o f b on d s
b id fo r .
S E N D FOR L IS T .

F. WM. K R A F T

Municipal and Corporation Bonds

Town of Bassano, Alberta,

BLODGET & CO.

60 STATE STREET, BOSTON
80 PINE STREET, NEW YORK.

Bolger,

Mosser &

Willaman

M U N IC IP A L BONDS

T H E F I N A N C E C O M M IT T E E .

T e s te :

J N O . N . S E B R E L L , J r ., C hairm an.
™ „ ? rom th e C o m m o n C o u n cil.
T H O S . H . W 1 L L C O X , Chairm an,
_ ^ „ _ F rom th e B o a rd o f A ld e r m e n .
R . E . S T E E D , C ity Clerk.

CHRONICLE VOLUMES
FO R S A L E
S econ d -h an d v o lu m e s in g ood
years prior to 1 9 0 8

con d ition

for

C O M A IE R C IA L
&
F I N A N C I A L C H R O N IC L E
1 3 8 F ron t S t ., N ew York




29

S o u t h L a S a lle S t . ,

C H IC A G O

Charl es M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
F IR S T N A T IO N A L B A N K
C H IC A G O

,

“ Wn- '“ " r c o o lv “ ' * 'a v o f a b S v ? f o , ' S r|sa„ ! S S , a t

NEW LOANS

T h ir t y -Y e a r F o u r a n d O n e -h a lf P e r C e n t
( 4 i 4% ) B o n d s o f § 1 , 0 0 0 . 0 0 E a c h
D ated S ep tem b er 1 , 1 9 1 2 .
In te rest P ayab le M arch 1 s t and S ep tem b er 1 s t .

[VOL. L X X X X V

B U IL D IN G

STACY
Toledo, 0.

&

BRAUN

Cincinnati, 0.

M U N IC IP A L A N D R A IL R O A D

BONDS
LIST ON APPLICATION

SEAS0NG 00D & MAYER
I n g a lls B u ild in g
C IN C IN N A T I