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financial,
The
Dflflflh1ttttl !r Iirotude
VOL.95
AUGUST 3 1912
NO.2458 I
Pubilsned every Saturday morning by WILLIAM .B. DANA CoMPAN Y,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana,Sec. • Addresses of all, Office of the Company.
CLEARINGS-FOR JULY, SINCE JANUARY 1, AND FOR WEEK ENDING JULY 27.
Week ending July 27.
Seven Months.
July. Clearings at-
Inc. or
1909.
1910.
Dec.
1911.
1912.
1911.
1912.
.
I ,
$
8
$
..$
%
$
$
,864 1,677,6$58,600
7251,80
7.3 1,558,93,453
1,738,866,299 -0A
1
54 58,057,290,821 54,107,802,716
7,921,082,229 7,515,816,424
New York
151107,558 105,329,243
4,671240684 4,558,687,787
+5.2
136,091284
2.5
u
129,322,110
688,483300
688502370
Philadelphia
42,813,593
48,230,959
57,685,428
47,074,516 +22.5
209,067,065 +18.7 1,598,432,116 1,487,519,378 +7.5
247,191,957
Pittsburgh
27,162,337
27,582,740
31,945,461
30,750,433 +3.9
161,133,592
152,150,175 +5.0 1,096,506,204 1,015,550,068 +8.0
Baltimore
i8500,034
,
10,271,658
+6.4
9,819,438
296,345,699
9,231,338
+9.3
323,897,040
+15.3
44,033,264
50,771,815
Buffalo
5 350,435
5,500,741
7,027,705
217,516,449 +8.5
+14.4
6,142,038
236,070,995
+13.1
29,296,910
33,123,388
Washington
4,699,523
5,326,208
5,737,853
177,066,538 +2.6
5,692,306 +0.8
181,659,355
24,766,163 +26.3
31,275,588
Albany
2,852,689
3,762,304
[13,500,000
+11.3
129,513,120
3,321,390 +13.3
144165,397
21,115,544
20,093,054 +5.1
Rochester
2,343,762
2,454,798
84,813,144 -1.4
2,564,464 -4.3 4 2,462,635
83,625,515
+8.3
11,981,351
12,975,188
Scranton
1,701,162
2,413,968 i 2,028,700 +19.0
1,969,565
75,409.732 +2.9
77,559,098
13,007,810
11,426,921 +13.8
Syracuse
1,433,470
1,306,845 +12.4
.
+12.7
1,275,283
1,468,398
46,250,241
52,135,758
+22.7
6,728,643
8,254,330
Reading
1,745,592
1,250,922
+22.9
1,533,506
1,420,147
;.
+4.2
46,067,062
48,009,171
7,041,464 +11.5
7.850,880
Wilmington
1,652,766
2,032,397
1,659,366
1,425,675 +42.6
51,127,251 +15.0
58,799,019
7,483,049 +17.9
8,820,774
Wheeling
1,230,001
1,374,003
1,363,434
1,317,573 +4.3
41,513,445 +5.9
43,965,337
5,942,505 +17.9
7,008,567
Wilkes-Barre
1,266,275
1,268,135
1,560,764
1,405,035 +11.0
47,568,672 +8.9
51,804,663
6,787,910 +12.7
7,647,043
Trenton
39,031,378 +1.0
39,426,329
5,980,951
5,505,555 +8.6
Harrisburg
743,546
,
844027
784,577 +10.0
862,730
+4.6
28,649,881
29,956,910
3,822,170 +10.0
4,204,800
York
752,365
647,025
826,491 +7.3
886,481
25,248,957 +14.3
28,804,408
3,013,082 +20.7
4,722,961
Erie
8.59,060
823,024 +35.1
1,112,935
35,521,144 +36.1
48,342,789
5,835,062
3,926,978 +48.6
Lancaster
548,311
495,173
-9.8
491,328
443,311
16,602,059 +7.8
17,891,465
17.3
2,995,633
2,553,354
Chester
411,488
470,520
385,630 +60.0
616,094
18,021,799 +0.3
18,074,474
12.3
2,496,231
2,802,975
Greensburg
376,630
512,000
489,700 +22.0
597,400
15,745,700 +17.5
18,505,100
22.9
2,347,400
2,884,000
Binghamton
334,793
418.302
445,280 +32.3
589,553
+9.3
13,820,615
15,111,697
23.0
1,983,828
2,440,106
Altoona
14,772,450 +0.7
14,868,873
2,128,106 +16.7
2,484,400
Beaver County, Pa
•
13.789,689 +0.2
13,822,277
1,891,732 +15.1
2,176,625
Norristown
7,176,291 -1.0
7,101,785
1,148,625 -5.3
1,087,845
Franklin
8,241,747 +4.7
8,629,156
1,035,878 +19.0
1,232,530
Frederick
- F7-XI 1,828,920,350 1710,114,899 -8.0 2,118,279,520 1,888,156,148
9,258,607,903 8,773,851,434 +5.5 W085,756,436 62,619,373,012 --7
Total Middle
153,939,005 138,330,581 +11.3 143,499,485 137,034,999
689,026,684 +10.3 5,361,749,602 4,876,124,081 +9.9
760,321,833
Boston
6,030,000
6,510,500
9,771,400
5,623,700 +20.4
255,881,900
31,722,200 +16.4
237.628,800 +7.7
36,923,200
Providence
3,441,519
3,918,986
+10.2
4,014,864
133,694,154
4,175,718 -2.4
147,319,744
+11.5
20,131,548
22,443,558
Hartford
2,397,923
2,263,267
2,741,944
2,517,807 +8.9
00,324,998 +1.2
91,403,037
14,808,488 -3.2
14,335,645
New Haven
1,851,027
1,700,000
+9.6
1,923,094
+20.1
2,108,447
66,096,093
79,377,742
9,867,126 +16.4
11,485,280
Springfield
1,795,246
1,479,409
2,038,803
1,077,722 +21.5
58,145,060 +15.2
66,954,258
8,100,337 +26.4
10,236,994
Portland
2,004,135
2,134,722
2,075,809 +5.2
+14.2
1,657,560
69,844,024
79,759,748
1-9.0
10,286,704
11,216,542
Worcester
891,052
692,075
+26.3
863,218
683,770
+3.5
33,634,387
+1.9.4
34,825,559
3,857,853
4,607,116
Fall River
722,161
710,240
726,450
704,377 +3.1
29,691,139 +0.6
29,365,715
3,922,210 +6.7
4,185,666
New Bedford
415,652
432,820
+4.0
458A88
477,080
16,691,292 +2.3
17,065,450
2,370,535 +6.9
2,534,395
Lowell
366,121
479,188
500,153 +18.3
591,789
17,571,091 +12.9
19,831,152
2,561,387 +21.5
3,111,727
Holyoke
-19.8
525,254
+10.0
421,211
12,952,574
14,241,171
-6.4
2,374,548
2,221,706
,
Bangor
19,275,300 Not included in total
3,899,200 Not included in total
Waterbury
- 164,286,378 150,908,981
IN:196,673
176,938,933 1T108,276,066 5,642,397,695 +9.9
-71.1-8).
799,029,7104
853,023,668
Total New England
1,271,131,184 1,145,436,110 +9.1 8,810,813,610 8.,058,181,739 +9.3 260,336,886 270,026,286 -3.6'250,586,007 253,371,880
Chicago
26,105,050
22,610,750
21,714,100 +0.2
21,760,900
750,359,800 +7.9
809,502,700
103,482,600 +12.3
116,227,300
Cincinnati
18,285,582
20,008,011
19,747,917 +11.1
21,941,038
581,323,602 +11.4
047,853,190
91,037,016 +21.0
110,144,442
Cleveland
21,871,325
16,723,099
16,594,841 +21.9
20,219,221
547,375,465 +15.2
630,632,263
98,651,260
80,805,001 +22.0
Detroit
11,219,785
9,023,284
12,025,500 +3.9
12,498,203
399,958,480 +4.4
417,558,116
55,281,377 +6.9
59,122,167
Milwaukee
7,744,797
8,641,770
+6.2
8,440,821
8,960,106
257,300,186 +0.2
257,761,673
41,304,314 -2.4
49,372,890
Indianapolis
6,557,000
5,397,600
+6.4
6,169,700
6,056,100
+1.9
173,497,800
184,558,300
+1.8
26,482,800
25,985,900
Columbus
3,674,843
3,581,749
4,998,978
4,491,101 +11.3
147,820,520 -4.6
141,165,688
21,492,579 +4.8
22,525,552
Toledo
2,641,984
2,235,425
2,676,807
2,861,892 -6.4
90,753,406 +9.2
99,134,824
13,407,827
12,174,941 +10.1
Peoria
2,124,867
2,268,070
2,660,225 +21.1
3,220,066
78,702,242 +20.1
94,564,560
11,560,412 +26.2
14,585,094
Grand Rapids
1,776,231
2,153,860
-13.9
2,125,700
1,830,885
-3.5
72,161,222
69,623,946
+1.4
11,069,483
11,227,799
Evansville
1,624,379
1,876,373
1,848,169
2,109,888 -12.4
67,259,740 -1.2
66,457,655
11,275,768 -5.5
10,655,328
Dayton
990,000
690,000
+33.2
1,403,000
75.0
1,868,000
30,907,400
54,179,200
9,865,000
5,854,200 +68.5
Akron
1,065,192
771,053
1,405,358
1,060,513 +32.5
27.2
35,080,660
5,579,664 +40.3
7,827,420
44,612,334
Youngstown
1,086,762
-7.0
970,717
1,043,656
19.0
518,595
31,522,648
4,702,273
+13.4
5,330,983
37,508,945
Canton
1,022,076
958,172
877,274 -1.4
865,052
12.1
31,530,831
4,477,320 -2.5
4,367,610
35,361,934
SprIng8eld, Ill
925,318
963,393
912,248 +18.7
1,083,655
31,905,657 +6.9
4,689,313 +20.5
34,094,083
5,650,380
Fort Wayne
593,776
745,693
823,499 -2.9
799,357
24,171,738 +8.7
3,282,888 +14.9
26,281,644
3,770,000
Rockford
674,549
481,829
742,091 +8.9
808,318
3,598,124 +9.9
31,518,277 -0.5
31,375,946
3,956,273
Lexington
516,141
611,899
+18.5
545,940
646,848
22,595,116
2,701,557 +19.6
20,244,707 +11.6
3,231,436
Kalamazoo
510,671
424,420
464,898 +173.6
1,270,610
16,945,572
2,483,418 13.5
10,374,615 +3.5
2,569,585
South Bend
487,573
442,719
521,790 +18.1
616,249
1.1
17,274,074 -1.4
17,038,814
2,711,439
2,740,631
Springfield, Ohio .._ _
569,525
392,380
555,045 -16.6
462,673
+8.0
20,471,274
22,099,358
6.8
2,497,010
2,667,550
Bloomington
481,524
455,175
536,871 +1.0
542,039
21,678,124
20,751,623 +4.5
2,599,529 -F16.2
3,020,989
354,912
350,339
401,635 +1.2
406,535
13,107,154
12,367,5:13 +6.5
1,751,699 -1-13.2
1,083,706
361,533
377,786
407,308 -7.4
377,340
13,628,230
13,224,253 +3.1
+1.9
1,876,491
1,914,922
Danville
315,000
261,208
423,742 +26.7
536,927
16,100,525
13,291,566 +21.1
1,989,190 +25.1
2,488,408
Jackson
411,195
+20.2
366,937
+3.1
440,936
13,668,649
14,089,404
1,897,013
1,783,826 +6.4
Owen.sboro
333,358
272,629
429,252 -70.1
11,310,218 +9.4
399,087
12,374,258
+1.2
1,915,469
1,892,903
Lima
343,703
272,910 +50.4
410,585
11,097,674 +22.9
13,636,027
1,416,680 +45.8
2,065,046
Lansing
431,670
511,931
546,324 -30.4
380,438
13,404,614 +14.3
15,322,574
1,996,506
2,180,581 -8.4
Decatur
267,886
265,777
-23.6
234,550
-4.1
307.092
0,580,843
9,195,231
1,186,592
1,466,532 -19.1
Jacksonville, Ill
107,589
132,426
141,018 -2.9
+7.3
136,979
5,445,994
5,840,375
•
914,293
775,822 +17.9
Ann Arbor
19,975
33,996
1,248,227 -2.0
30,520 -11.7
26,959
1,124,101
151,094
132,884 +13.7
Adrian
10,393,245
+9.3
12,331,485
1,622,087
1,484,226
Flint.
2,710,460
485,672
3,422,436
432,837 +12.2
•
Lorain
1'
5,835,487
1,312,476
970,180 +35.3,7,918 075
•
Gary
Total Middle West 1,867,337,016 1,692,429,030 +10.4 17T705,49 11.646,994,755 +35.7• +9.2 381,149,809 381,668,024 -0.1 359,837,581 364,758,338
Details of Pacific and Other Western on page 275.
83,413,80h
93,823,382
109,233,008
99,251,922 +10.1
476,927,921 +14.9 3,716,126,154 3,270,388,506 +13.6
847,748,010
•
Total Pacific
126,700,861 116,684,630 +8.6 127,324,546 112,536,359
+5.1
+9.1 4,169,533,086 3,966,789,718
542,743,581
592,196,762
Total other West
58.386,123
64.934,275
+0.3
64,266,378
64,434,592
306,249,652 +5.4 2,304,640,677 2,215,984,237 14.0
322,828,571
St. Louis
12,408.922
14,195.628
26,440,363 -40.8
15,631,368
3.6
575,636,530
596,317,795
82,687,983 -6.1
77,616,887
New Orleans
11,114,496
9.893.811
11,276,006 -1.4
7.1
11,120,029
408,892,232
+2.8
55,905,506
57,512,583
438,120,820
•
Louisville
10,343,956
11,162,797
10,493,369 +47.6
15,488,485
330,630,672 +49.6
42,014,866 +58.8
494,597,309
•
67,670,531
Houston
4,977,220
6,619,551
+17
7,472.824
8,771,515
+12.7
344,022,3
41,780,396 +7.2
387,801,980
44,760,680
Atlanta
•
5,984,527
6,227,604 +27.6
6,779,309
7,945,607
227,806,39 +11.8
32,056,249 117.7
254,630,468
•
37,728,305
Richmond
4,688,009
4,977,500
6,572,000 +14.1
7,500,000
215,092,500 +19.8
4.4
257,668,500
26,754,00Q
32,746,090
Galveston
3,268,990
3,439,914
5,405,717
3,897,337 +38.7
193,284,534 +17.4
38.6
226,839,045
21,903,391
30,102,192
Memphis
4,956,542
4,391,894
+38.5
5,206,260
3,759,756
171,657,603 t10.8
190,258,347
24,783,355
19,650,684 +26.1
Fort Worth
3,762,813
3,775.077
3,452,014 +44.4
4,985,757
27.1
128,867,707
21,253,013
103,783,924
20,052,430 +6.0
Nashville
2,297,600
2,836,346
3,340,874 -2.4
3,260,577
14.0
154,184,060
135,261,320
+4.2
16,255,871
16.937.493
Savannah
2,568,044
2,317,605
3,024,854 +0.8
11.7
3,048,219
14,013,397
103,889,149 ' 92,990,123
13,256,798 -5.6
Norfolk
1,859,275
1,562,859
2,035,350 +20.5
2,453,305
74,593,511 +15.0
11,785,966
85,786,691
9,694,210 +21.6
Birmingham
1,203,891
1,155,388
1,960,984 -31.6
1,341,192
55,040,669 +6.5
7,541,677
58,610,232
8,800.634 -14.9
Little Rock
600,000
2,120,475 +10.6
612,000
2,472,584
11,908,290
92,217,918 +15.9
106,895,444
9,955,319 +19.5
Macon
1,927,548
2,298,248 +21.8
1,405,593
2,800,000
84,819,396 +19.7
101,493,862
14,470,632
11,146,150 +29.9
Jacksonville
1,700,000
1,744,832
-37.0
1,098,243
2,175,697
61,989,917 -28.2
5,811,722
44,517,225
7,314,226 -25.6
Oklahoma
1,081,560
1,451,534 +37.8
2,000,358
1,344,390
9,327,374
55,341,654 I25.8
•
69,645,530
7,577,262 +23.1
Chattanooga
1,399,662
1,451,421
2,086,289
1,544,054 +35.1
16.1
51,445,110
9,052,638
59;739,006
7,552,130 +19.9
Knoxville
954,469
1,497,269
1,133,019
1,203,214 +23.6
11.8
50,734,676
7,190,074
56,722,069
6,066,072 +18.5
Charleston
1,386,958
1,605,953
1,310,816
+27.2
1,262,426
64,050,732 +0.7
7,400,888
64,505,709
5,871,543 +211.0
1,068,269
1,194,510
1,286,680
1,200,739 -0.5
44,637,993 -5.6
5,872,443
42,123,691
5,527,602 +6.2
llseta
Mtu
439,262
783,539
684,771
1,042,092 -24.8
74,013,440 -0.4
69,292,216
4,919,465 -10.7
4,123,796
Austin
665,530
394,040 +68.8
19,116,553 +7.5
20,550,053
• 2,480,166 +30.9
8,246,800
Tulsa
3,012,614 +18.9
26,350,874 +3.0
3,369,156
27,132,903
Columbia
17,048.668 +1.4
17,289,342
2,508,551 -6,3
2,350,000
Beaumont
312,372
364,562
495,698 +11.1
550.000
22,097,443 +3.0
22,763,459
2,719,806 +2.2
2,780,000
Wilmington, N.C.... _ _
546,162
604,499 -9.6
18,950,672
2,925,545 -8.4
22,343,371
•
2,078,940
Muskogee*
232,000
250,000
294,623
238,119 +23.7
15,423,479 -9.9
13,894,706
1,201,698 +12.7
• 10154,032
Jackson
169,683
183,305
145,543
159,533 -9.4
853,000 +10.7
9,085,240 -0.3
0,057,034
' 944,000
Vicksburg
+9.3
9,338,116
1,079,372
-1.8
10,208,211
1,060,000
Meridian
"
14,002,093
12,198,276 +14.8
1,203,287 +34.9
1,623,534
Columbus, Gs
34,572,078 +19.3
41,234,712
4,591,945 +30.7
6,000,000
El Paso
6,224,667 -32.6
704,870 -29.1
4,194,715
_
500,000
Guthrie
151,804,263 -137,548,258
174,333,286 169,977,216
+-10-70
784,273,808 +10.4 6,51233f:077 5,920,466,653 865,7740,539
Total Southern_ _
_ 14,015,295,081 13.069,255,484 +7.2 100,297,859,993 93,066,410,339 +7.8 2,797,276,247 2,912,893,364 -3.9 3,015,355,676 2,742.419,892
Total all
1.064.761,292
1,04,629.812
+5.5
1,238.582,79411,174,027,065
-701- 77 42.240J-69.172 38.958.607.623 +8.4
Outside New York _ 6.004-:212.432 5.553.439.060IV'Table Clearings by Telegraph and Canadian Clearings on page 274. 4, Not included in total for month and seven months; comparison Incomplete
1912.
1911.
Inc. or
Dec.
Inc. or
Dec.
1- w.1
--=-
fiTir:osedeld
--.7-ri- .8
258
THE CHRONICLE
[VoL. Lxxxxv.
common man who composes the multitude cannot be
THE FINANCIAL SITUATION.
moved to any interest in taxation until he feels the
Political blunders often return to plague their in- knife himself, the indications are that he need not
ventors, and after the Supreme Court had decided wait many years.
that a tax levied solely on income and measured by
income is not an income tax if it is called by another
In an address delivered, quite far from home, to the
name, there need be no surprise that a bill has gone Bankers' Association of the State of Washington,
through both branches of Congress (with merely some Mr. F. W. Ellsworth, of the Guaranty Trust
Co. of
differences through amendments to be reconciled) for New York, spoke of a matter which may seem
of parextending the Corporation Income Tax of 1909 to ticular interest in a new country, yet
is not without
everybody. The income tax of that year, disguised an interest in the oldest and most staid of cities.
His
for evasion by calling it an excise tax on the privilege topic, he said, probably causes more discussion
among
of doing business under the corporate form, is now bankers than any other except, possibly,
that of
proposed as an excise tax on the privilege of doing exchange on country checks; it is the question whether
business in any form by partnerships and individuals. advertising pays. He believes that it does pay,if done
Business is declared to include "all activities which so as to be well directed without violating good taste
occupy the time, attention and labor of persons for the and ethical standards. As evidence, he cited several
purpose of livelihood or profit."
actual cases from widely separated parts of the counThe probability that such a logically consistent try. The city of Plainfield, in New Jersey, had in 1902
extension and corollary of a bad expedient will get a population of 15,000 and three banks, whose comthrough Congress and will be approved if it gets through bined deposits were two millions. A fourth bank was
is not worth discussing, but the change of attitude in started, which at mice marked out a new line by
the entire country concerning income taxes is worth thorough advertising; the others had to follow suit,
considering. An income tax was once accepted by and the four have been advertisers since. The populathe people as a war measure, but it was never liked; tion has increased 5,000, or one-third, while the
bank
and from that time to a few years ago such a tax has deposits have been multiplied by five. 'A
bank in
been considered an unpopular resource which should Westfield started a special advertising
campaign for
be undertaken only in suph obvious necessity as would savings, and it opened 1,600 new accounts in
less than
justify it, The corporation tax of 1909 was plainly a month.
not proposed for revenue mainly, because an easy
A bank in the Middle West, which had been adveralternative was a .return to the stamp taxes, to which tising in a haphazard manner, decided to specialize it,
nobody would object. The adoption of the other and turned it over to a selected clerk, with the result
course, and the Constitutional Amendment which now that in four years over nine millions of new deposits
lacks only a few States of the number required to came in. A city in Southern Michigan in 1902 had
ratify it, show a marked change in the common view 19,000 population and three banks, whose deposits
of the subject. The changed attitude is to be ascribed were about 3M millions. Another bank, which beto the hostility to wealth which has grown up under lieved in advertising, was started in 1903, and in less
sedulous cultivation and insidious oratorical appeal. than nine years it had gathered deposits beyond the
The change comes even more from the rooted and im- holdings of the other three in 1902; meanwhile, the
movable notion that income taxes are for the rich others had taken up advertising, and now the deposits
and never will come low enough clown to hit the heads of the four are 11 millions, although the population
of the "common" people.
has hardly grown a third.
The justice, the wisdom and the economic or political
In 1908, when the savings departments of most
expediency of an income tax are all regarded with in- banks were held in check by the troubles of the previous
difference; the $5,000 exemption is the only thing year, one bank put out a small folder setting forth
in
thought of; sheltered behind this the common man's verse the comfort of the man who has coal in the cellar
thought is that it doesn't touch him, that those who and money in the bank; this (which included some
are hit can bear it, and that whatever is taken from talk about savings) was distributed to every house,
them will lighten general taxation and in some vague and within a week the savings deposits of the bank
way or other may make the burdens of "the people" changed from stationary to increasing.
a little easier.
Mr. Ellsworth related experiences of his own instituIt seems impossible to make people realize how false tion also. The 1911 session of the Legislature passed
a security is this. The "Chronicle" has over and over a law whereby holders of investment bonds could renpointed out, with small apparent effect, that nothing der those tax-exempt for all time by payinent of a
guarantees the exemption line, and therefore that the nominal tax once. The Guaranty Trust advertised
tax knife may slide to a lower stratum at any time. that it had prepared a booklet giving the text of this
The State of Wisconsin has already furnished an evi- law, with explanatory notes; the resulting calls redence of this, and the pending amendment (concern- quired a second edition, and the fees received for
ing which there is such a general indifference) will assistance rendered in paying this final tax more than
authorize Congress to do anything whatever with re- covered the outlay, to say nothing of the value of new
spect to taxing incomes. Such a resource, once ac- business acquaintances. Again, not many weeks ago,
cepted, will tend to appear seductively convenient the institution inserted in thirty-six journals an adverfor increasing expenditures. Furthermore, this excise tisement of interest particularly to holders of securities
or "privilege" tax is itself a dangerous thing to allow • in this city; nearly a thousand responses were received,
into use, because there is no limit to it. Corporations financial journals of a general circulation over the
are taxed for the privilege of existence, and nobody country making the best showing of results, somewhat
cares, for they are corporations. Next, tax every- to the surprise of the company. Further, towards the
body for the privilege of doing business; and when this close of 1910, the Guaranty Trust changed its adverhas been accepted, there is a long list of privileges in tising so as to make it more,systematic and comprelife, including the privilege of existence itself. If the hensive as well as more progreSsi-ve. Ii! the eighteen
AUG. 3 1912.]
THE CHRONICLE
months since this change of policy, the deposits have
grown from about 124 millions to 178 millions, and the
officers feel sure that this growth of 54 millions in
eighteen months has largely come from seeking publicity.
The moral is clear enough: discouraging results may
follow doing a thing unintelligently or half-heartedly,
but that is an implication for, rather than against,
doing it properly. All of us are in the market to sell
some sort of merchandise, in which may be included
services. All require customers; therefore, it is
necessary to win or seek them by some means.
259
but compared with 1910, owing to greater activity
then on the Stock Exchange, declines of 0.7% and
4.6%, respectively, are disclosed. Outside of this
city the general totals in all cases register gains; the
July aggregate for 1912 exceeding that of 1911 by
9.7% and 1910 by over 12%, with the seven months'
total showing gains of 8.4% and 8.6% respectively.
The various groups compare very favorably with
a year ago. The Middle States group shows an
augmentation of 7%, New England 9.9%,the Middle
West 9.2%, the Pacific Slope 13.6%, the "Other
Western" 5.1% and the South 10%.
Speculative dealings on the New York Stock Exchange were much below the average in July, for
while of greater magnitude than in 1911 they fell
considerably below the total for earlier years. The -transactions totaled 7,158,324 shares, against 5,476,559 shares in the month of 1911 and 14,254,713
shares in 1910; and for the seven months were 76,
544,864 shares, against 59,904,498 shares and 112,095,658 shares, respectively. Bond dealings were of
smaller volume than last year, the sales of all classes
at New York for the month having been 52 million
dollars, as contrasted with about 61 millions in 1911;
and since January 1 the transactions aggregate 4573'
millions, against 528 millions.
Canadian clearings make an exhibit differing in no
essential particular from earlier months of the year.
For July gains are recorded at all points from which
we have returns and at Edmonton, Victoria, Hamilton, Regina, Saskatoon and Moose Jaw they are
conspicuously large. The aggregate for the 18 cities
for which comparative figures are obtainable was
for the month $800,919,309, an increase of 28.6%
over 1911, with the result for the seven months 25.3%
increase. Contrasted with 1910 the gains are, of
course, very much heavier.
The condition of cotton, as disclosed by the report
issued by the Department of Agriculture at noon
yesterday, was on the average for the whole country
lower by 3.9 points on July 25 than at the same date
in June. The deterioration was about as private
investigations had prepared thijse interested to
expect, and the report, therefore, made no important
impression on the market for the staple. The average
of condition at 76.5 is 12.6 points below that of the
corresponding date last year. Contrasted with 1910
and 1909, however, the present status of the crop is,
respectively, 1 point and 4.6 points better and the
falling off from the ten-year average is 4.1 points.
In the deterioration reported all the State except
Louisiana, Missouri and California have shared. The
impairment follows, it is to be presumed, from the
excessive rainfall in the early part of the month. But
where moisture had been excessive, the weather has
latterly been quite favorable, and especially since the
date down to which the report is brought; so that
recent crop advices are more satisfactory. As regards
Texas, the condition, although 5 points lower than
on July 25 1911, is above the average of recent years,
and, barring the fact that a good general rain is now
said to be needed in the State, the outlook is for an
Mutsuhito, Emperor of Japan, whose life was
excellent yield. In fact, there is some disposition to
rqpidly ebbing when we last wrote, lingered until
expect a larger crop than ever before raised in Texas.
Tuesday morning at 12:43 o'clock. Acute nephritis
Bank clearings for July 1912 would seem to indicate with symptoms of uraemic poisoning were officially
moderately greater activity in the mercantile and announced as the causes of death. The Crown Prince,
industrial lines of the country than at this time a year Yoshihito, immediately succeeded to the throne and
ago, speculative transactions, although greater than read his first procalmation at half past ten on Wedneslast year, having been so comparatively light as to day morning before a large assembly of officials and
have been a really negligible factor. And the fact representatives of all branches of the service. The
that general business is active and Stock Exchange new Emperor said:
transactions have been small clearly indicate the
The death of the former Emperor has caused great
radical change in conditions the Inter-State Commerce sorrow to the nation, but the throne cannot be left
Commission, with its arbitrary powers, unintelligently empty and the State administration cannot be negused, has brought about. Up to the time that the lected, even for a day. We therefore immediately
will administer the affairs
Commission began to harass the transportation ascended the throne and
protection of our Imperial
the
under
country
of
the
companies, mercantile and industrial prosperity meant ancestors and under the provisions of the Constitution.
activity on our Stock Exchanges. Now, however,
In this administration we hope not to be misled.
with an official body actively at work preventing the We shall endeavor to sustain , and further the great
railroads from obtaining better rates for transporting work done and undertaken by2 the former Emperor.
You, our subjects, do your best for your country as
commodities, while wages of employees are rising
to us.
and operating cost in other directions is also increasing, you did for the former Emperor, and be loyal
The new Emperor was born on August 31 1879.
there is disinclination to invest in the securities of the
carrying companies.
He was proclaimed heir-apparent on—August 31 1887
The gain in clearings in July, as compared with 1911, and Crown Prince on November 3 1888. He became
is 7.2% and 127 of the 150 cities reporting share in a Lieutenant-Colonel in the army and Commander in
the increase, and in many instances noticeably so. the navy in 1901 and was promoted to LieutenantFor the seven months of 1912, moreover, there is an General and Vice-Admiral on November 3 1909.
increase of 7.8% and contrasted with 1910, when He was married to Princess Sadako, daughter of
speculative operations were much more active, the Prince Kujo Michitaka on May 10 1900, No imcurrent total is slightly greater. At New York the mediate reorganization of the Japanese Cabinet is
July 1912 aggregate registers an augmentation of expected, though cable despatches from Tokyo in5.4% over 1911 and for the seven months it is 7.3%, timate that the resignation of the Marquis Saionki,
260
THE CHRONICLE
the Premier, may be expected. The ex7Premier,
Prince Katsura, is returning to Tokyo from St.Petersburg and is expected to arrive next week. His
presence and advice are desired by the new Emperor,
particularly in regard to financial matters, which are
said to be the source of some concern. It is considered
likely that the Prince will assume the Premiership.
Tokyo advices also state that the new Emperor's
advisers are much worried lest he prove unexpectedly
up-to-date in his policies and averse to certain tradition
al delays of diplomacy. He wthhes Parliament to
be called in extra session at once and will tell the
members—still quoting Tokyo press despatches—
that he means to be a "perfectly modern ruler" The
group nearest the throne has no objection, but a
strong element in the country at large believes the
nation has been getting away in recent years from the
best ideals. The Elder Statesmen, a great power in
Japan, are particularly set in their views, and much
tact will be necessary to avoid antagonizing them.
The remains of the late Mikado are lying in state at
the Imperial Palace and the funeral will take place
about September 1.
[VoL. Lxxxxv.
pression of the view of the Senate of the United States
regarding this and similar cases. For this reason the
Committee recommends the adoption of the resolution.
It is.suggested by Washington correspondents that
while the resolution is based ostensibly upon the
Magdalena Bay incident it is not impossible that the
resolution, if adopted, might be found to include
within its scope tracts Of land on American soil owned
by foreign steamship lines. In this event, the question
whether its provisions could be retroactive would not
be unlikely to result in diplomatic negotiations.
,
Official announcement was made in the Turkish
Chamber of Deputies on Tuesday that the Government
was willing to enter into peace negotiations with Italy
for the settlement of the Tripolitan War if the negotiations are conducted in a manner compatible with
Turkey's honor and dignity and her rights are adequately safeguarded. Following the reading of the
Government's announcement, a boisterous discussion
ensued in the Chamber until the Grand Vizier declared
that the Government would resign unless Parliament
gave its sanction to the Ministerial program. On the
previous occasion, about the middle of July, when
talk of peace was current, it was stated that the
Italian Government had unofficially informed the
Powers that it was ready and ianxious to bring the
war to an end and was willing to pay a heavy cash indemnity to Turkey for the transfer of sovereign rights
to Italy and to act in a similar way in regard to the
Turkish Islands in the Aegean Sea now occupied by
Italy. The Grand Vizier on that occasion replied that
the Turkish Government refused all the proposed conditions of peace as unacceptable and declared that
Turkey intended to maintain her sovereiguty in
Tripoli. The Chamber thereupon passed a vote of
confidence in the Government. But since then the
old Government has been overthrown, and,with civil
war threatening, entirely new conditions are current.
Internal affairs in Turkey are greatly strained. The
Military League is insisting upon the dissolution of the
Chamber on the ground that the House is packed with
the nominees of the Committee of Union and Progress,
representing the Young Turk movement. The Grand
Vizier, partially recognizing the demand, on Wednesday asked the Chamber to pass a bill authorizing the
Sultan to dissolve Parliament on extraordinary occasions. The Young Turks, having the majority, bitterly opposed the measure, and the final result was a vote
to refer the proposition to a committee. Should the
committee fail to support the Government's proposition, it was on Thursday decided by the Cabinet to
dissolve the Chamber by Constitutional means.
After delibering for several months, the subCommittee of the Senate Committee on Foreign Relations that has been considering the case of Magdalena
Bay and the future policy of the United States in
regard to the possible establishment there by a foreign
Power of a naval base finished its report on Tuesday.
The report was accepted by the full Committee and
presented to the Senate from the Committee by Senator
Lodge and was adopted yesterday. Following is the
text of the resolution accompanying the report
Resolved. That when any harbor or other place in
the American continents is so situated that the
occupation thereof for naval or military purposes
might threaten the communications or the safety of
the United States, the Government of the United
States could not see without grave concern the possession of such harbor or other place by any corporation
or association which has such a relation to another
government not American as to give that government practical power of control for national purposes.
While the inquiry grew out of reports that it was
Japan that was seeking a naval base, it will be observed that the resolution that has been presented to
the Senate is general in its application and seeks to
extend the scope of the Monroe Doctrine to cover
foreign corporations as well as foreign governments
which might be desirous of securing in the Western
Hemisphere land of strategic importance for naval or
military bases. The Committee in the course of
its investigation found that the Japanese Government
had nothing to do with the Japanese corporation
which was negotiating with Americans holding a
A new development, whose practicability has yet to
valuable concession at Magdalena Bay, but the
Committee in its report made the following state- be demonstrated, has taken place in the Chinese loan
situation. Cables from Shanghai state that Dr. Sun
ment:
It appears, however, from the evidence, that the Yat Sen and General Hueng Hang, who was Minister
corporations or persons who have, or claim to have, of War in the Provisional Cabinet, have concluded
title to the lands surrounding Magdalena Bay have negotiations for the establishment in Shanghai of a
made efforts to form a syndicate and promote the sale foreign and Chinese bank with a capital of $10,000,000.
of these lands upon the basis of the existence of some The object, it is announced, is to checkmate the pronational .value to a foreign nation in Magdalena Bay posed foreign loan. It is not explained what resources
as distinct from any commercial value which that bay are behind the
bank that will make it sufficiently
and the adjoining territory might possess.
The faet that such an idea has formed the basis of strong to itself undertake the necessary financing.
a neptiation between the possessors of title to the Dispatches from Peking, on the other hand, announce
land about Magdalena Bay and the citizens, subjects that President Yuan and his Cabinet have decided
or corporations of a foreign Power seems to the Com- that China must borrow at least $300,000,000, or the
mittee to afford an appropriate occasion for an ex new regime cannot last. The political factions in
AUG. 3 1912
THE CHRONICLE
261
A new phase of the Mexican question is the enPeking are, it is stated, incensed, owing to the fact
military
deavor
the
of the defeated revolutionists to secure interby
forced
was
Assembly
National
that the
commander supporting the executive to confirm Presi- vention by the United States. Confirmation of the
news emanating from General Salazar that the Mexident Yuan's appointments.
can rebels were deliberately planning to force interThe committee of the British Transport Workers' vention by the United States was contained in a report
Federation on Saturday last decided to call off the to the War Department early in the week from Col.
strike which has disturbed the harbor business of Steever, in charge of the troops at El Paso. But the
Great Britain for nearly a year, and which has been army officer's advice was qualified by the statement
especially acute during the last two months. This that Salazar did not represent General Orozco, who,
strike has been at its worst among the London dockers, he said, still decidedly opposed any interference by
and has involved stevedores,ear-men,lighter-men and Americans or other foreigners. General Orozco, Comother classes of casual laborers. The dockers stopped mander-in-Chief of the Mexican rebels, forwarded an
work a year ago in sympathy with the seamen, and answer on Tuesday to demands made on him by Secrewhen the latters' demands were satisfied,the dockers tary Knox regarding the raids on American properties.
sought more advantageous terms for themselves. Orozco said: "We will afford the homes and families
There were outbreaks in various ports crf the United of foreigners every protection regardless of their symKingdom, but the really serious trouble began with a pathies or affiliations or affections. We do not congeneral strike of the longshoremen of London. Aside template killing any one except in open warfare.".
from various pretexts, the Federation's demands were Secretary Knox has officially renewed his notice cf
for an increase in wages to 20 cents an hour for dock- two months ago that the United States would hold
ers, lightermen and stevedores, overtime at the rate Mexico to strict account for all damages. He also
of 28 cents an hour, time off for meals, a ten-hour day unofficially notified Orozco that the latter would be
and recognition of the Union. By the end of May held personally responsible for damages to Americans
more than 120,000 men were reported to be idle. or their property. In response, President Madero has
Shipping was seriously interfered with and the food promised to send more troops to Northern Mexico.
supply of London threatened—so much so that the General Orozco's response we have already referred to.
Government quickly took action and a statement
was issued from the Home Office to the effect that
The enmity between President Diaz of Nicaragua and
order would be maintained and that the Government his former War Minister, General Mena, has finally
would use all the resources at its disposal to insure developed into another "revolution." To protect
a continued food supply. This action deprived the American interests the 500-ton gunboat Annapolis
strikers of their chief offensive weapon, namely of has been ordered to proceed from San Juan del Sur
causing severe • distress on the food question. From to Corinto, with orders to restore communication with
that time on the cause has been a losing one, which, American Minister Weitzel, who has not been heard
apparently, only served to make the men more stub- from since the rebels cut communication with Managua.
born.• At any rate, on Monday the dock workers in President Diaz recently asked to be taken on a United
London refused to obey the manifesto issued on Satur- States war vessel from which to demand the resignaday by the leaders declaring the strike at an end. tion of Mena as Secretary of War. This was refused
Very few of the men returned to work and there has and subsequently Diaz demanded the resignation of
since been active rioting on the London docks, accom- both the Secretary of War and the Secretary of the
panied by a number of fatalities. The claim of the Navy. Following this Mena organized an "army".
men is that their leaders have betrayed them. Never- and he began military operations against Managua
theless, the executive committee of the dock workers last Monday. With the exception of the cities of
have re-affirmed Saturday's manifesto to end the Masaya, Granada and Nandaime, it is announced the
strike, and it now appears probable that order will country is loyal to the Government.
gradually be restored.
At all the foreign financial centres the private bank
The fight over the Panama Canal bill continues discounts suggest an easing of the money situation,
without seeming abatement and the prospects at this although at London there was somewhat of a strain
writing appear to be that the debatable items in the over the end-of-the-month payments. At Paris, parbill, namely the collection of tolls and the section ticularly, the condition has become one of distinct
relating to railroad-owned ships, will go over until the abundance. In Germany, also, the feeling .is much
next session of Congress. Great Britain has not yet more comfortable than was the case a few weeks ago.
presented her long-awaited note of protest. President In London, on Wednesday, payment for the issue,
Taft fears that if no adequate provision is made for the recently announced,of £3,800,000 of Exchequer bonds
administration of the Canal at the session of Congress in connection with the purchase of the national
that is now closing,it will not be possible to open the telephone system became due, but the transaction
waterway in 1913. Disputes over the questions of did not disturb the market, as arrangements had been
tolls and of railroad control over steamships constitute completed in advance for the promprreturn of the cash
the principal obstruction to the urgent features of the to the market. There were some reports cabled here
legislation, which include provisions for the purchase early in the week that the reluctance of the discount
of machinery and the conversion of the construction market to take bills at the Bank of England rate was
force into an operating force. Secretary Stimson is in caused by the expectation in some quarters of a rise
favor of separating the various phases of the in the Bank's minimum. But these reports prove to
bill and enacting them one at a time to expedite mat- be without foundation, as there was no change in
ters, but to this plan there is stubborn opposition. It the official rate on Thursday. Consols early in the
is possible that the President may feel impelled to send week were rather firmer, owing to the transfer of £2,a special message to Congress asking immediate 000,000 to the sinking fund for the redemption of the
action.
debt; but this effect was only temporary, and latest
262
THE CHRONICLE
[VoL. Lxxxxv.
London advices indicate that the continued demand for
capital is likely to further decrease the price-level of
gilt-edged securities in general. At Paris the monthend settlement was particularly easy, contangoes on
the Parquet not exceeding 23'%, while on the Coulisse the maximum rate was 4%. The Bank of
England purchased at the Mint price virtually all the
£1,200,000 offering of Cape gold on Monday.
Private bank discounts in London, as reported by
cable at the close of business yesterday, were 3% for
sixty days' bankers' acceptances and 338@3Y
1% for
ninety-day bills. Call money in the British Centre was
yesterday quoted at 2@2%. A week ago 3% was
the sixty-day rate for spot bills and 3 3-16% that for
ninety-day spot bills. The closing discount rate at
Paris yesterday was 2 9-16@2%%, which is a shade
easier than a week ago. Berlin closed at 314% for
spot bills, all maturities, and 3%% for bills to arrive.
These figures are %% higher than a week ago. Brussels closed at 3
which compares with the closing
range last week of 33
4@33'%, while Amsterdam remains without alteration at 39%. The bi-monthly re
port of the German joint-stock banks as of June 30
shows a decline of the proportion of quick assets to liabilities to 58.46%, comparing with 59.57% on April 30.
This indicates that,while the half-yearly payments were
successfully financed, the reports at the time of tension in the German banking situation were not overstatements. The official bank rates at leading foreign centres are: London, 3% Paris, 3%; Berlin,
43'%; Brussels, 4%; Amsterdam, 4%; Bombay, 3%,
and Bengal, 3%.
Treasury deposits were reduced 5,000,000 francs and
the Bank's advances were reduced 4,875,000 francs.
The total gold held by the Bank is 3,286,700,000
francs, which compares with 3,178,025,000 francs in
1911 and with 3,384,925,000 francs in 1910. The
silver holdings are 801,775,000 francs, and compare
with 849,425,000 francs in 1911 and 860,850,000 francs
in 1910. The Bank's outstanding circulation is well
ahead of both one.year and two years ago, amounting
to 5,239,686,000 francs, as compared with 5,195,347,165 francs in 1911 and 5,202,833,500 francs in 1910.
Discounts are also higher, the total being 1,291,450,000
francs, as against 1,253,612,491 francs in 1611 and
1,124,662,793 francs in 1910. General deposits, meanwhile, aggregate 646,929,000 francs, against 615,645,335 francs in 1911 and 655,741,156 francs in 1910.
The weekly statement of the Imperial Bank of Germany reflected the month-end payments. Gold on
hand indicated a reduction of 51,285,000 marks and
gold and silver combined of 45,675,000 marks. There
was an increase of 98,335,000 marks in note circulation, an expansion of 42,435,000 marks in loans and of
38,598,000 marks in discounts, while deposits were
reduced 102,027,000 marks. The total gold and silver
holdings amount to 1,256,521,000 marks, and compare
with 1,178,140,000 marks a year ago and 1,058,980,000
marks in 1910. The loans and discounts aggregate
1,158,405,000 marks, comparing with 1,036,080,000
marks one year ago and 1,034,420,000 marks two years
ago. The outstanding circulation stands at 1,742,594,000 marks and compares with 1,646,920,000 marks
in 1911 and 1,616,900,000 'narks in 1910.
A feature of the weekly statement of the Bank of
England was the uniform trend of all items towards a
weaker condition. Thus the gold coin and bullion
holdings were reduced £441,017, the total reserve
decreased £1,193,000 and the proportion of reserve to
liabilities declined to 48.65% from 50.38% last week,
and compares with 54.52% a year ago. Meanwhile,
note circulation was expanded £752,000 and Lombard Street borrowed at the Bank £883,000. Some
relief was given the market by the disbursement of
£399,000 in public deposits. Notes reserved were
reduced £1,143,000. Ordinary deposits increased
£84,000 and Government securities decreased £1,000.
Nevertheless, the Bank's gold holdings are materially
stronger than at this date for many years, the total
amounting to £40,722,839, comparing with £40,160,350 one year ago and £39,016,747 in 1910. The reserve also presents a favorable comparison, amounting to £29,089,000, as against £28,376,395 at this date
one year ago and £28,408,352 two years ago. The
loans of the Bank are, however, much larger, amounting to £34,758,000, as against only £26,716,810 in
1911 and £29,088,589 in 1910. Our special correspondent furnishes the following details of the gold movement into and out of the Bank for the Bank week:
Imports, £777,000 (of which £12,000 from France,
and £765,000 bought in the open market); exports,
£11,000 to South America, and shipments of £1,207,000 net to the interior of Great Britain.
In local money circles the firm tone seems in anticipation of an active demand rather than as a result of
an unusual demand already existing. Western rates
continue firm and the New York banks are preparing
for demands from their Western correspondents. The
natural movement will be against New York during
the next few months as a result of the requirements
of the agricultural sections for financing the marketing
of the crops. Meanwhile it is important to note that,
according to last Saturday's Clearing-House statement,
the total cash surplus held by the New York banks and
trust companies who are members amounted to only
$19,238,500, an increase for the week of $72,700.
Fortunately the foreign monetary situation seems to
have sufficiently cleared,so that at the present range of
sterling exchange rates trans-Atlantic shipments of the
precious metal are altogether out of'the question. A
year ago bank and trust company reserves were also
low, the total cash surplus ainounting to $17,745,450,
while two years ago there was a surplus held by the
banks alone (trust companies not as a rule then being
members of the Clearing House) of $47,636,525. With
their comparatively small reserves,the New York banks
are, not unnaturally, husbanding their resources.
They expect greatly improved business during the
remaining months of the current calendar year. Advices from banking authorities throughout the West
are exceptionally optimistic in this respect and it is
evident that thbre is no general disposition this year
to expect widespread interference with business as a
result of the current political campaign. Mercantile
paper continues to be offered with some freedom and
is an additional indication of preparations by merchants and manufacturers for a larger volume of
business. Call money has covered a range of 2@3%
during the week. On Monday 2%% was the highest,
DA% the lowest and 27
4% the ruling quotation;
• The Bank of France also presented a rather unsatis• factory statement, which . included a reduction of
10,250,000 francs in the gold holdings, an increase of
151,325,000 francs in note circulation, a net withdrawal of general deposits amounting to 103,925,000
francs and an increase of 170,300,000 francs in discounts. Silver holdings increased 3,125,000 francs,
Atm. 3 19121
263
THE CHRONICLE
4@3%, with 27A%
Tuesday's extreme figures were 23
continuing the renewal basis; on Wednesday 2%%
was the highest and also the ruling figure, with 2%
the lowest; Thursday's highest and also the renewal
rate was 23%%, with 2% the lowest; on Friday the
highest and lowest quotations were 23% and 23%,
0 was the renewal basis. Time money conwhile 23%7
held and closes fractionally higher
confidently
tinues
than a week ago. The closing quotations are 33/%
for sixty days, 33%00% for ninety days, 4% for four
months, WI@4M% for five months and 43%@5%
for six months. Mercantile paper discounts are well
maintained on the basis of 5% for choice single-name
bills running into the new year. Sixty and ninety-day
endorsed bills receivable still remain at 432@43%%,
but these are scarce, and the quotations are largely
nominal. Bills not usually classed as choice may be
quoted at 514%.
Closing rates were 4 8430@4 8440 for sixty days,
4 874 8710 for demand and 4 8740'©4'8750 for cable
8@
transfers. Commercial on banks closed at 4 827/
85:
833%@4
4 84 and documents for payment at 4
grain
1;
84@,4
843
4
from
Cotton for payment ranged
for payment 4 84%@4 85.
The New York Clearing-House banks, in their operations with interior banking institutions, have gained'
$9,725,000 net in cash as a result of the currency'
movements for the week ending Aug. 2. Their
receipts from the interior have aggregated $15,600,000,
while the shipments have reached $5,875,000. Adding the Sub-Treasury operations, which occasioned a
loss of $5,600,000, the combined result of the
flow of money into and out of the New York banks
for the week appears to have been a gain of $4,125,000, as follows:
Into
out of
Net Change in
Banks.
Week ending Aug. 2 1912.
Bank Holdings.
Banks.
Sterling exchange has ruled weak since we last
Banks'
interior
$15,600,000
Gain
movement
$5,875,000
$9,725,000
are
We
declines.
day
successive
showing
wrote, each
Sub-Treasury operations
20,100,000
25,700,000 Loss 5,600,000
now at the season when it is natural to look for a Total
$35,700,000 $31,575,000 Gain $4,125,000
weaker market, as it is possible, should rates advance,
The following table indicates the amount of bullion
to draw ninety-day bills that will not mature until the
in
the principal European banks.
cotton-export movement is well under way and the
a
at
Aug. 1 1912.
Aug 3 1911.
bills can very probably be covered by cotton
Banks of
Gold.
Total.
Silver.
Total.
Gold.
Silver.
profit. As a matter of fact, there have been quite
£
£
£
£
£
£
active offerings of ninety-day finance bills this week, England_ 40,722,839
40,722,839 40,160,35
40,160,350
32,070.880
163,538,940
131,468,060
_
127,120,72
33,977,28.[61,098,000
_
York
France
New
the
on
loaned
been
have
and the proceeds
Germany 48,954,350 16,400,000 65,354,35 43,387,751 15,519,051 58,906,800
a__ 151,855,000 7,979,000 159,834,000 145,062,111 7,727,111 152,789,000
market on the basis of about 4% where Stock Ex- Russia
Aua-Hunb 51,631,000 12,272,001 63,903,000 55,839,011 12.515,011 68,354,000
____ 17,064,000 30,187,011 47,251,000 16,599,011 31,156,001 47,755,000
change railroad securities constitute the collateral and Spain
Italy d__ 42,437,000 3,700.'' 46,137,000 40,005,011 3,507,011 43,512,000
974,911 12,992,900 11,729,00
1,635,10. 13,364,100
12,018,000
1% on industrial collateral. The firmer money rates Nethlands
/
41
Nat.13e1g.d 6,748,000 3,374,111 10,122,000 6,684,667 3,342,33 • 10,027,000
4,732,00
5,333,000
4,732,000
5,333,000
..
Sweden
in New York and the easier situation in London and Switzerl'd. 6,731,000
6,376,000
6,731,000 6,376,111
2,288,0..
2,288,000
2,166,000
Norway
.._
2,166,000
foreign
the
depress
to
on the Continent have also tended
Total week 517,128,249 106,957,780 24,086,029 199,983,487 09,878,763 409,362,250
better
a
likewise
report
houses
exchanges. Foreign
Prev. week 517,846,739 106,018,127 623,864,866 04,358,801 10,075,721 114,434,528
demand for American securities. The Continental a The total of gold in the Bank of Russia includes the balance held abroad—
is, the amount held for Russian account in other Continental banks. The
centres have also reported easier sterling rates, the that
proportion so held, and consequently duplicated in the above statement, is about
of the total this year, against about one-seventh a year ago.
London check rate in Paris, according to yesterday's one-eighth
b The Austro-Hungarian Bank statement is now issued in Kronen and Heller
instead
of
and Kreutzen. The reduction of the former currency to sterling
Gulden
cabled advices, closing at 25 francs, 24 centimes, Pounds was by considering
the Gulden to have the value 01.80 cents. As the
has
no greater value than 20 cents, our cable correspondent in
Kronen
really
while
which is a reduction of 1 centime for the week,
London, in order to reduce Kronen to Pounds, has altered the basis of conversion
the amount of Kronen by 24 instead of 20.
the London check rate in Berlin was cabled yester- bxddividing
The division between gold and silver given in our table of coin and bullion in
the Banks of Italy and Belgium is made from the best estimates we are able to
reduction
which
a
is
pfgs.,
1
/
day at 20 marks and 481
obtain: it Is not claimed to be accurate, as the banks make no distinction in their
weekly returns, merely reporting the total gold and silver; but we believe lb
of 1 pfg. for the week.
division we make Is a close approximation.
Compared with Friday of last week,sterling exchange
MR. TAFT ON THE ISSUES OF
on Saturday was weaker, with demand quoted at
THE CAMPAIGN.
4 8755(0 8765, cable transfers at 4 8785@4 8795
speech at Washington on Thursday,
Taft's
President
and sixty days at 4 8465@4 8475. Increased offerRepublican nomination for the
regular
the
accepting
ings of bills and continued ease in English discounts
the beginning of the formalisense,
a
in
is,
low
Presideney
as
on
demand
sold
Monday
decline
and
caused a
.dition of
The tra
campaign.
Presidential
ties
the
of
the
there
forenoon;
later,
however,
during
as 4 8740
a
of
is
waiting
period
contests
Presidential
was
8745@
American
4
close
at
the
and
recovery
partial
a
was
4 8755 for demand, 4 8775'@4 8785 for cable transfers during the month after the nominations; then an
and 4 8465(0 8475 for sixty days. On Tuesday explicit declaration by the candidates of their own
demand declined still further, to 4 8730@4 8740 and position; then the quiet alignment and organization
cable transfers to 4 8770@,4 8780; sixty days ruled of forces preliminary to the real struggle, and after
unchanged. Sterling rates declined quite sharply this the nation-wide contest on the hustings, which
on Wednesday, on the drawing of finance bills and occurs in September and October and continues up
the high local money rates, demand at one time selling to the November election. In the present instance
down to 4 8715;this was regained later in the day, when it is true that the mid-summer period of calmness and
the market steadied slightly, and demand closed at preparation has been somewhat disturbed by the un4 8720@4 8730, cable transfers at 4 8760()4 8770 certainties of the so-called third party convention,
and sixty days at 4 8460@4 8470. On Thursday, called for next week at Chicago, anT by the violent
after a weak opening, when demand again touched discussions of the situation by the expected candidate
4 8715, the undertone became somewhat firmer, and of that party. But in the main it may be assumed
closing figures were practically unchanged for demand that the political tradition will be followed this year
and cable transfers at 4 8720@4 8725 and 4 8760@ as in others.
Because of the unusual circumstances of the year's
4 8765, respectively; sixty days declined to 4 8440@
4 8450. On Friday weakness was resumed as a result politics, Senator Root's speech of notification as Chairof continued offerings of finance bills and of speculative man of the Convention Committee possesses almost
selling in fear Of a possible poor bank statement to-day. equal interest with the President's speech of accept-
264
THE CHRONICLE
[VoL. Lxxxxv.
ance. Mr. Root began by taking up firmly and un- part of the contests brought, by him against opposing
hesitatingly, and with the precision of a trained Con- delegates.,
stitutional lawyer, the question of regularity in the
Mr. Taft's declarations in his speech of acceptance
nomination. He said:
are such as might have been anticipated under all the
circumstances. First, and necessarily, special stress
"For the second time in the history of the Repubis
laid on the fact that this is a campaign for the
lican Party a part of the delegates have refused to be
maintenance
of our institutions and for the preservabound by the action of the Convention. * * * The
reason assigned for this course is dissatisfaction with tion of the Constitution of the nation. This, the
the decision of certain contests in the making up of President rightly declares, is the supreme issue conthe temporary roll of the Convention. Those con- fronting the voters. Recognizing frankly and fairly
tests were decided by the tribunal upon which the that the spirit of restlessness and
discontent with
law that has governed the Republican Party for
one thing or another in our existing institutions
more than forty years imposed the duty of deciding
exists even among many honorable and intelligent
such contests.
"So long as those decisions were made honestly and citizens, Mr. Taft thus describes the nature of the
in good faith, all persons were bound to accept them appeal which is made by the seceding Republicans:
as conclusive in the making up of the temporary roll
"Attempts are made to take away all those safeof the Convention, and neither in the facts and argu- guards for maintaining the independence
of the
ments produced before the National Committee, the judiciary which are so carefully
framed in our ConCommittee on Credentials and the Convention itself, stitution. These attempts find
expression in the
nor otherwise, does there appear just ground for im- policy on the one
hand
of
the
recall
of judges—a
peaching the honesty and good faith of the committees' system under which a
judge whose decision in one
decisions. Both the making up of the temporary roll, case may temporarily displease
and the rights accorded to the persons upon that roll, be deprived at once of his office bythe electorate is to
a popular vote. * *
whose seats were contested, were in accordance with "Another form of hostility to the judiciary
is shown
the long-established and unquestioned rules of law in the grotesque proposition, by the
leader of former
governing the Party, and founded upon justice and Republicans who have left their
Party, for a recall of
common "sense. Your title to the .nomination is as decisions, so that a decision
on a point of Constitutional
clear and unimpeachable as the title of any candidate law having been
rendered by the highest court capable
of any party since political conventions began."
of rendering it shall then be submitted to popular
These remarks are especially significant in their vote to determine whether it ought to be sustained."
As to the attitude of the Republican Party itself,
reference to the one other time when a Republican
Convention was disturbed by the secession of a part of when confronted with this challenge, the President
the delegates. It was the withdrawal of the silver thus outlines it:
Republicans from the Convention of 1896 to which
"The Republican Party stands for none of these
Mr. Root alludes. But even that secession was by no innovations. It refuses to make changes simply for
means parallel to that which occurred last June at the purpose of making a change, and cultivating
Chicago. Misguided as they were in their opinions popular hope that in the change something beneficial,
and as subsequent history has shown them to be, undefined, will take place. * * * The Republican
the "Silver Republicans" who walked out of the St. Party stands for the Constitution as it is, with such
Amendments adopted according to its provisions as
Louis Convention, under Senator Teller's' lead, fol- new conditions
thoroughly understood may require.
lowed what they believed to be a fundamental prin- We believe that it has stood the
test of time, and that
ciple which should govern their political action, and there have been disclosed really...no serious defects in
they based their withdrawal,not on vague and general its operation."
dissatisfaction, nor on exasperation that the candidate
To the contention that all discontent and all social
favored by them had not been named, but on the exinequality can be remedied by the vague proposals
plicit declaration of the Convention's platform against
of Constitutional innovation, the President goes on
their free-coinage doctrine. The secession from the
to say:
recent Republican Convention at Chicago, on the
"Votes are not bread, Constitutional Amendments
other hand, is perfectly well known to have been, not
not work,
are
a revolt against explicit declarations in the platform, houses, recallsreferendums do not pay rent or furnish
do not furnish clothing, initiatives
and not a question of a definite underlying principle, not supply employment or relieve inequalities do
of
but the following of the personal fortunes of an am- condition or of opportunity. We still ought to have
bitious demagogue.
set before us the definite plans to bring on complete
So far as formal justification for their action is con- equality of opportunity and to abolish hardship and
cerned, the revolt of the Roosevelt delegates against evil for humanity. We listen for them in vain.
the Republican Convention and its actions has been
Finally, he thus characterizes the necessary conbased solely on allegations of irregularity in seating sequence of the position taken by the seceding Redelegates. The answer to that contention is conclu- publicans:
sively made by Senator Root in the above-cited para"The truth is that they do not offer any definite
graph. Indeed, it hardly needed Mr. Root's lawyer- legislation or policy by which the happy conditions
like statement of the case to point out the true char- they promise are to be brought about, but if their
acter of that argument. What he said merely re- promises mean anything, they lead directly toward
peated the conclusions necessarily derived. by careful the appropriation of what belongs to one man to
observers of the whole Chicago episode, from the pro- another."
ceedings of the committee and of the Convention itself,
A reference to the effort at violating a "timeand from the detailed statement, lately published, of honored national tradition by entrusting the power o
the hearings in the contested cases, which placed before the President for more than two terms to one man,
the public sufficiently convincing proof of the un- and that man one whose recently-vowed Political
scrupulousness and audacity of the third-party views would have committed the party to radical proclaimant—whose own adherents were, in fact, unable posals involving dangerous changes in our present
to conscientiously support with their votes a great Constitutionalform of representative government and
AUG. 3 19121
265
THE CHRONICLE
our independent judiciary," is all that is said of the
instigator of the third-party movement. What Mr.
Taft has to say of the trust question and the tariff are
equally such as would have been expected. The
tariff, he contends, is not responsible for the high cost
of living. He argues that no tariff changes be made
except on the basis of "reports by competent commissions of inquiry into the industry," and he again proposes the Federal incorporation law as an alternative
to the continued unsettlement of the anti-trust law
prosecutions.
No doubt these last-mentioned propositions and
contentions will have more or less Space in the impending campaign. But underlying all public sentiment and public discussion of the existing situation
is the feeling that our institutions are at stake in an
unusual way, and that it is time for thoughtful citizens
to devote themselves energetically to the defense of
our imperiled Constitutional safeguards, and to such
defeat of the instigator of the movement as will be a
memorable precedent to all future aspirants for such
distinction. The President's speech of acceptance, in
short, while it merely repeats what he has often said
in public before, but with the emphasis of a conservative Chief Magistrate experienced in honorable service
on the bench, nevertheless is a timely review of the
real nature of the task which lies before the voters.
It calls upon the people to resist an ambitious and unscrupulous attempt to overturn all institutions which
stand in the way of one aspiring demagogue, whose political appeals of the past have made him all things to
all men, and whose own declared ideas and purposes
are confused, conflicting and chaotic, except so far as
they reflect entire recklessness as to methods employed and serve for the promotion of his own political
fortunes. On this part of the situation public attention will particularly converge next week, when the.
third-party convention gathers at Chicago. In the
meantime it is well that the issues should have been
thoughtfully and impressively placed before the public
in advance of that demonstration.
died in the decade 1900-1910 than in the decade
1870-1880, though the population increased one-half.
In 1855 the births were 333/b per 1,000 of population
and deaths 29.4; in 1875 births were 42.3 per 1,000
and deaths 29.3; leaving a net increase of 552,000 per
annum. In 1906 there were 910,000 more births than
deaths, due, not to the increase of births, but to the
great reduction in the rate of deaths. As a matter
of fact, the birth-rate fell from 42.3 per 1,000 in 1875
to 31.9 in 1909. The most serious fall in the birthrate began in 1907, about the time the death-rate was
most reduced. The net gain of population began to
shrink then. It runs: 1906, 910,000; 1907, 883,000;
1908, 880,000; 1909, 884,000. The marriage rate per
1,000 is also falling. It stands:
1906
1907
1908
1909
Marriages.
8.2
8.1
7.9
7.9
Deaths.
19.2
19
19
18.1
Births.
$4.1
33.2
33
31.9
Inc.
14.9
14.2
14
13.8
In the decade 1892-1902 the marriage rate was 8.2;
the birth rate 37.2-that is, 4.5 births to a marriage.
In the four years 1906-1909 the marriage rate was
8.0 and the births 4.1 per marriage. In the earlier
decade, where there were to a thousand marriages
4,500 children, there are now 940 marriages and 3,850
children.
Russia has a slightly higher rate of growth; Scandinavia and Holland about the same; Austria-Hungary, England and Italy increase about one-fifth less
rapidly; France stands still. Whether the German
rate will continue is held to depend upon the national
expansion. If the present rate of increase-about
800,000 annually-keeps up, the ratio of decrease in
exports, compared with imports, becomes most significant. The figures are:
1880
1902
1907
Imports.
2.86 billion marks
5.92 "
9.57 "
Exports.
2.95 billion marks
5
7.44 "
A greater change has taken place in the last five
years than in the preceding twenty-two. The debit
balance 'is fast becoming extreme. In 1910 the imports were 9.55 billion marks, the exports 8.08. The
sum of exports and imports was for 1907, 17 billions;
GERMANY'S CHALLENGE TO ENGLAND AND for 1910, 17.5; and for 1911, 19 billions, estimated.
Compared with other lands, the figures are for 1891, in
THE WORLD.
million marks:
ARTICLE.]
(CONCLUDING
France.
United States.
England.
Germany.
new
the
to
attention
called
In a previous article we
3,549
4,810
8,896
4,571
Imports
is
3,715
which
6,315
3,832
Welt,"
3540
Exports
der
in
Deutsche
Gedanke
"Der
book,
15,211
7,264
8,642
Total
8,111
producing a sensation in Germany. Its theme is
that "the German Idea," that for which Germany
are:
For the year 1900 the figures
stands, can only survive if its material foundation, the
United States.
England.
France.
Germany.
3,570
4,791
10,671
6,120
number of German people, the prosperity of Germany, Imports
4,960
Exports
5,857
4,417
7,229
establish
the number and size of German industries,
Total
11,080
9,427
9,208
17,900
ever wider and wider relations with the whole world.
from
advances
Germany
to
in
third
place
second
In all this Germany has only one serious rivalof
while
falls
France
from
business,
amount
to
second
England. The argument of the book rests upon an
is
20%
total
Germany's
than
greater
of
that
fourth.
array of facts which, in detail, are well worthy of
while
States;
United
is
the
England's
90%
or
France
consideration.
The population of Germany in 1815 was not quite greater.
The high point was reached in 1907:
.25 millions, counting all the territory now embraced
England. ...United States,
France.
Germany.
in the German Empire. In 1871 it was 41 millions. Imports
6,025
13,174
6,300
9,570
7,900
10,567
7,441
5,805
At the present rate of growth it will double, or be 80 Exports
23,741
13,925
17,011
12,105
Total
millions, by 1925-1930. Meanwhile emigration has
The figures for 1910 do not differ materially from
greatly decreased, notwithstanding the growth of
population. From 1881 to 1885 it averaged 200,000 these. England's total is nearly double that of France
annually; from 1906 to 1910 only little more than and 70% larger than the American, while but 40%
one-tenth of that, or 20,000, which is less than the above that of Germany, which has passed out of the
annual return. The death rate in 1875 was 29.3 per lower class and now stands midway toward that. of
1,000; in 1910 only 19 per 1,000, though the popula- England. In twelve or fifteen years, if the rates
tion had increased by 223 millions. Actually, fewer continue, Germany's trade will equal that of England.
266
THE CHRONICLE
[VOL. Lxxxxv
Among the other nations, Russia, with twice the the First District of the Public Service Commission
population, has only one-fourth the trade; Austria, of this State:
about the same; Italy, with half the population of
"It is not the purpose of public regulation by reGermany, has less than a fourth; and Spain, not a
ducing rates to take from a corporation all the proceeds
tenth.
of enterprise and thrift that it may earn beyond a,
Meanwhile Germany is fast increasing in wealth. reasonable dividend. If a thrifty and intelligent corThe incomes assessed for taxation in Prussia in 1892 poration can, at a smaller expense to itself, supply a
amounted to six billion marks; in 1910 to 143/ billion. public service cheaper than a careless and incompetent
From 1900 to 1908 savings bank deposits rose from corporation, the former should not be compelled to
8.9 to 14.6 billion marks. At present they are about charge the public less than the latter. To do so is to
discourage progress and economy."
18 billion. In 1895 the tax list represented about
64 billion; in 1911-1913 it had risen to 104 billion.
Notwithstanding this fair statement of intention,
While the,population increased 29%, the total wealth Mr. Floy correctly finds in the rulings of commissions
increased 50%.
a tendency to place corporations on the same dead
In this increase in population, in business and in level; "that is, regardless of whether capital has been
wealth is found the material basis for Germany's invested and conserved in •a judicious and intelligent
extending her influence in the world. Her weakness is manner or in an inefficient way, the precedents estabthat the individual German is so little ready to make lished indicate that about the same profit will be
sacrifices of his person or property to the national allowed in either case." This is pronounecd "a reasonideals. Even Italy, for example, spends from 15 to 20 able, valid and practical objection to control by
million francs yearly upon schools for Italians outside commissions."
of Italy, while Germany has almost no care for GerA few years ago the National Association of Railway
mans abroad. The higher classes, the so-called Commissioners, believing that the first step towards
cultured people, of Germany, the rich people, make "fixing the basis upon which a carrier can fairly claim
no response to the summons which the thought of the right to earn," is a true and reliable valuation of
Germany's position in the world addiesses to them. the tangible properties, applied to each of the States to
Increase myself; fill the earth with myself; make find what had been done in this direction. All except
others subject to me! is their shame and the nation's two had commissions. Twenty-four States had not
weakness and danger. . This is the German author's undertaken any valuation. For taxation there were
arraignment of his own countrymen.
several methods. In Rhode Island values were fixed
The book is intended to force the issue upon England by each town separately, each town taxing the fragand France. Shall Germany be'allowed to grow and ment of property within itself. Connecticut framed a
spread as she is doing, and must continue to do if she is taxable value by adding together the amount of bonds
unhindered, or shall she be arrested in her expansion? and floating debt and the market value of the stock.
The demand upon the Germans is to make nothing Massachusetts acted on the theory that what the public
of the cost of national defense until it becomes entirely would pay for the *road on the tax date is the proper
adequate and commanding. The cost of the army thing taxable, and this was reached by multiplying the
and navy in 1902-1911 was 1,260 million marks per number of shares by the market price on that day.
annum-15 marks per head of population in 1902 and Most of the States sought what they called an ad
19 1-5 per head in 1910. England's outlay for army valorem basis, sometimes jumped at by county audiand navy was in 1902 1,218 million marks, or 29 tors, sometimes by a State officer and sometimes by a
per head; in 1911 it had run up to 32 per head, or State board composed of State officers who are ex
60% more than the German. The figures for France officio members.
are for 1902 21 marks per capita and for 1911 26M
What is the "value" of a piece of public utility
marks. For 1911 Austria's are 10 2; Italy's, 133; property? Is it that which the public would conjecRussia's, 8M, and the United States 12 marks per turally give for it; or what has been invested in it; or
head.
what it would cost to reproduce? The author disThis last word of Germany to the world is "Give courses on physical value, scrap value, wearing value,
me elbow room or fight!" The effort is made to service value, fair value, replacement value, going
base the demand on moral and unselfish grounds. value, obsolescence, development expenses, and so on,
It is well to have it clearly stated, and then to hold it and he has had the advantage of actual experience in
to that test. The great question is, Can it be so (at least) appraising the old Third Avenue RR. propmaintained? Count Okuma, the late Prime Minister erty; but we do not find him undertaking to state
of Japan, maintained in a recent article that the peace what he deems the value. We incline to commend his
of the world is not imperiled by the great Powers but prudence in refraining to define what is probably inby the weak and defenseless ones—just now particu- definable.
larly. by China and the Balkan Peninsula. This
Suppose it established beyond question that a cersetting forth of Germany's position and purpose is far tain railroad could not be duplicated for what has been
from sustaining his contention. It is the challenge put into it—are or are not the owners justly entitled
of a heavyweight champion to the world.
to profit by a rise in value, as other owners of property
are? Suppose it established that the replacement
would cost less than has gone into it, ought the owners
*VALUING PUBLIC UTILITIES.
to have no credit on account of obsolescence? For
Inasmuch as the effect of regulation of public utilities example, the straightening of a line, or
construction
(including insurance among them, as that is claimed of an improvement like the Ogden-Lucin
cut-off, may
to be "affected" with a public interest) has been low- put out of use what cost largely
in its day; do the
ering of rates, we may justly infer this lowering to be owners of the property deserve
no credit for what has
the intention. Mr. Floy quotes to the contrary from virtually been scrapped?
•-;•"Valuation of Public Utility Properties," by Henry Ploy, A.B., M.A.,
"Theoretically there is no reason (says the author,
ICE., Consulting Engineer, &c.; pp. 390; price $5. New York,
1912;
MoGraw-HIll_Book Co.
• •
on page 52) why the cost of building up the present
AUG. 3 1912.]
THE CHRONICLE
267
has long been an acknowledged authority on these
matters all over the globe. His "Iron in All Ages,'
while treating largely of the early history of iron in
the United States, traces the use of iron back to Biblical
times, and abounds in quotations from the Bible showing frequent references to iron. Mr. Swank has also
from time to time made exceedingly valuable contributions to the United States Census.
The wonderful growth of iron and steel production in
the United States, and the varied new uses to which
these products have been put, will for all time remain
one of the marvels of the world's history. From an insignificant position,the United States has risen in a little
more than a generation to a point where its product
even in dull periods exceeds that of the other two
leading iron producers combined, namely Great Britain and Germany. Those who make it a practice to
keep in touch with such matters will recall with what
a feeling of elation the fact was originally recorded that
the United States, in its yearly pig iron production,
had for the first time passed Great Britain. This was
in 1890. Up to about the same date the United Kingdom also maintained its preUminence in steel production. To-day, thanks to the country's wonderful natural resources and the skill and energy of her iron
masters and captains of industry, the United States
makes three times as much iron as Great Britain and
four times as much steel.
Through all the years of this marvelous growth
Mr. Swank has been collecting the statistics, and with
only limited means at his command has done the work
with a thoroughness and accuracy and a scientific
precision that find few parallels in statistical annals
anywhere. Not only that, but the yearly and halfyearly figures of iron production have been given
out with a promptness of which no other country
ranking as a large producer can boast. The details
have been reserved for incorporation in, the annual
statistical reports and have hence been slower in
finding their way into print. But these, too, stand
wholly unexcelled for completeness And .for methodical arrangement. As production and consumption
have grown and the finished material has taken new
form, Mr. Swank has continually extended the
scope of these details, so that the annual statistical
report is replete with data of this kind, and it would
be hard to suggest anything further to incorporate
therein.
We have not often found ourselves in accord with
OUR LARGE IRON PRODUCTION IN 1912.
proMr.
Swank's tariff views, but even here it is impossible
iron
pig
of
In commenting upon the statistics
withhold
the
to
of
admiration for the steadfastness of his
half
first
the
States
for
United
duction for the
Just
the
as he has been unremitting in his
devotion.
by
week
this
as
furnished
year,
calendar
current
American Iron & Steel Association, through James M. labors in the statistical field, he has been unswerving in
Swank, the General Manager, and noting the re- his adherence to protective principles. We admire, the
ceipt two weeks earlier of the annual statistical report world admires, a man who holds fast to that which he
for the calendar year 1911 by the same authority, one believes right, and Mr. Swank to-day, at 80 years
is inclined to pause and express regret that the task of of age, is still doing valiant service on behalf of that
compiling these valuable records is to pass into new school of thought which holds that the country's greathands. Mr. Swank last month attained his 80th year, ness can only be maintained through attherence to a
and it is announced that at the end of 1912 he will protective policy. For the vigor of his utterances in
terminate his connection with these statistical records that regard he will long be remembered both by those
and that thereafter the work of compiling the various who agree with him and those who differ with him;
statistics will be assumed by the American Iron & but above all, he will remain distinguished for his invaluable services in laying the foundations broad and
Steel Institute.
for the statistical work which tells the student
the
since
when
deep
or
beginning
1873,
of
• For forty years,
all about the iron and steel trade in all its
inquirer
the
of
Steel
and
American
Secretary
&
Iron
he was elected
to the least minutiae. The methods
down
been
branches
has
statisgathering
Swank
the
Mr.
Association,
tics regarding iron and steel production, and has been for gathering the information have been brought to
making extremely valuable researches into the growth such a state of perfection that it will be easy for his
and development of the,iron and steel industry. He successor to take up and continue the work. Its
business, like the value of the physical plant, should
not be based on an estimated cost of reproduction."
The cost of producing an existing business is a thing
already past, and therefore we can make nothing of
this sentence unless that the future cost of replacing
a present business should be considered in an estimate
of replacement,as well as the cost of the physical plant.
Here it is interesting to note what the author calls "the
unique decision" of the Iowa Supreme Court and thinks
not safe to follow in view of the numerous decisions
of other courts:
"The contention illustrated how inequitable would
be a rule arbitrarily fixing the value as that for which
a system might be replaced. Aside from this being
impractical, it may safely be said that there is hardly
an enterprise of this character which, were it destroyed,
would be restored as it was before. In ascertaining
values in this way, the worth of anew plant of equal
capacity, efficiency and durability, with proper discounts for defects in the old and depreciation in use,
should be the measure of value rather than the cost
of exact duplication."
After all is said, what is the possible usefulness of
the physical valuations which are demanded? Aside
from taxing purposes, these are proposed as a measure
of fair rates and in the expectation that reductions
will thus appear justifiable. Mr. Floy quotes the
Federal Supreme Court as saying that "the basis of all
calculations as to the reasonableness of rates to be
charged by a corporation maintaining a public highway
under legislative sanction must be the fair value of the
property being used by it for the convenience of the
public." Then the costly and important road might
charge a higher rate than the cheap and struggling one,
and reasonableness of charge depends on the investment in the property rather than on efficiency and
service to the public. Suppose it were ascertained,
precisely and unquestionably, what would be the cost
of replacement of any or every railroad—we cannotsee
that this knowledge could furnish any rational standard
of rates. But those who call for a physical valuation,
and even those who, like Mr. Floy, have given study
to the subject and evidently wish to be just, are not
agreed just what they mean or how they would go
about it. The largest usefulness of Mr. Floy's monograph, it seems to us, may therefore be in discouraging
the whole attempt.
268
THE CHRONICLE
excellence, however, it will never be possible for any
one else to surpass.
As far as the half-year's production is concerned,
- it is only needful to say that the figures reflect the
'steadily developing activity which has been in progress
the present year in the iron and steel industry. The
- make of iron for the six months ending June 30 1912
is found to . have been 14,092,274 tons. This compares with only 11,666,996 tons made in the first half
of 1911 and with 11,982,551 tons produced in the
second half of 1911. The output for the first half of
the current year was at the rate of 28,000,000 tons a
year, while the production in the calendar year 1911
was only 23,649,547 tons. Even as the figures stand,
however, the 1912 output is not up to the maximum
of the best of previous half-years. In the first half of
1910, for instance, the make of pig iron was no less
than 14,978,738 tons and in the last half of 1909 the
make was 14,773,125 tons. In the following we furnish a summary showing the production of pig iron
by half-yearly periods, according to the statistics prepared by Mr. Swank, back to the beginning of 1900.
PRODUCTION OP PIG IRON IN HALF-YEARLY PERIODS.
Gross Tons.
Gross Tons.
7,642,569 1906--lst half
half
12,582,250
6,146,673
half
2d half
12,724,941
7,674,613 1907-1st half
half
13,478,044
8,203,741
half
2d half
12,303,317
half
8.808,574 1908-1st half
6,018,004
half
9,012,733
2d half
9,018,014
half
9,707,367 1909-1st half
11,022,346
half
8,301,885
2d half
.14,773,125
halt
8,173,438 1910-1st half
14,978,738
half
8,323,595
2d half
12,324,829
half
11,163,175 1911-1st half
11,666,996
half
11,829,205
2d half
11,982,551
1912-1st half
14,072,274
1900-1st
2d
1901-1st
2d
1902-1st
2d
1903-1st
2d
1904-1st
2d
1905-1st
2d
It should not be overlooked how the present great
revival in the iron trade was brought about. Low
prices furnished the stimulus and those who are arguing for combinations for maintaining prices should not
be slow in learning the lesson. Just a little over 12
months ago a tremendous slump in iron and steel prices
occurred, or was allowed to occur. Previously prices
had been firmly held, and all the producers apparently
were in fear lest values should decline and profits be
wiped out. While this policy was being pursued the
demand practically died out and stagnation became
the ruling condition, with little prospect of any change
for the better. The moment, however, prices dropped
and it became known that an open market for iron and
steel products prevailed,orders'came rushing in from
every direction. There was an inducement to buy
and to build at these figures which had not existed
before.
For a time prices in some lines of goods may have
fallen below the line of profit, but the crush of orders
soon brought with it the proper corrective, and after
a few months prices began rapidly to improve and the
movement towards higher values is still under way
and daily gaining greater momentum. On no other
theory can the tremendous revival in the iron and steel
trade be explained, for political conditions have not
been such as to encourage trade activity,and the railroad industry, ordinarily the largest single consumer
of iron and steel, has been so hampered as a result of
the repressive action of the Inter-State Commerce Commission that its purchasing capacity has all the time
been seriously curtailed.
THE COMING MEETING OF THE INVESTMENT
BANKERS.
An event of no small importance the coming week
in the financial world will be the meeting at the
Waldorf-Astoria on August 8 of the leading investment
bankers for the purpose of formally organizing the
Investment Bankers' Association of America. It
[VoL. Lxxxxv.
will be readily recognized that such an organization
is highly desirable and possesses great capacity for
usefulness. There is really no limit to the amount
of good it can accomplish if once firmly established
and directed.by capable minds along the proper lines.
It will insure protection to the investment bankers
:themselves, and still more, it will insure protection
to the whole body of investors both here and abroad.
It was originally planned that the investment
bankers should carry on their sphere of work within
the precincts of the American Bankers' Association.
For that purpose that organization was requested
to take steps to establish a new section—like the
Trust Company Section, the Savings Bank Section,
the Clearing-House Section—to be known as the
Investment Bankers' Section. It was the judgment of the governing body of that association
that the creation of the proposed new section was
inexpedient. Whether that decision was wise or
unwise, nothing is to be gained by quarreling with
it. Those back of the move were not discouraged.
They showed their independence and also their
strength of purpose by proceeding to organize as a
separate institution. We are among those who
believe that the investment bankers can accomplish
more along the line of what is desired while outside
the Bankers' Association than they could within
the confines of that organization. For one thing,
they will be less circumscribed and handicapped in
their endeavors. They will not have to defer to the
views and desires of those having divided interests
to look after.
Mr. George B. Caldwell, the Chairman of the Organization Committee of the new Association, has given out
a statement this week intended to correct the erroneous
impression prevailing in certain quarters that the
formation of the new association is in the nature of
retaliatory action on the part of investment bankers
for their failure to get from the American Bankers'
Association the right to establish a new section.
Obviously, nothing could be further from the ttuth.
The investment bankers are merely undertaking to
carry on outside of the Bankers' Association the work
which they had originally planned to do within that
association. Instead of antagonism, the two bodies
can and will act in unison in many different ways
and on many occasions. Mr. Caldwell takes pains to
point out that the investment bankers expect to be
able to co-operate with the officers of the American
Bankers' Association in many reforms which the
latter are trying to accomplish and some of which
are of vital interest to the investment banking business.
The truth is the investment bankers have a distinct
field of their own, and it should be, and we are sure,
will be, the purpose to develop that field to the utmost.
The investment business, of course, is not confined
to the investment bankers. Banks and trust companies are also engaged in it (and indeed some of
them are participating in the move to establish the
Investment Bankers' Association.) and to that
extent they are as deeply interested as the bankers
themselves iii seeing the new organization flourish
and become strong and powerful. There are many
things that such an organization can accomplish.
For one thing, it can give its undivided attention to
bringing about a betterment of conditions in the
investment field—not that conditions are bad, but
that there is still room for improvement in many
different directions. The investment bankers can
AUG. 3 1912 I
THE CHRONICLE
devote themselves to procuring laws for the
protection of security holders; they can unite to
bring about a standardization of securities; can
arrange for uniformity in rules and regulations;;
can insist on the maintenance of the highest standards
in dealings with their patrons, and can drive from
the field, through proper publicity, quacks and others
who resort to questionable practices, and seek to
make dupes of guileless investors.
In co-operation there is always strength, and
collectively these investment bankers can achieve
what it would be impossible for each one separately
to undertake, particularly in. the way of creating
an informed and enlightened opinion in the investment world. Considering the hundreds of millions
of capital represented by the investment bankers and
the thousands of millions of sec.urities they float from
year to year, it is surprising that a combination among
them for their own and for the general welfare should
not have long since been formed.
The most promising thing about the new movement
is the high character of the men engaged in it. It
would be invidious to single out for mention any
particular names, but we cannot refrain from saying
that it would be difficult to bring together a body
of men held in greater esteem in the community or
more representative of the interests which they are
furthering. The fact that these men are acting
together marks a distinct step forward in the financial
world at a time when the cultivation of new ideals is
being promoted in all fields of human endeavor.
269
plies of laborers. Now at times there is latent anxiety
that immigration will be overdone, as witness the
efforts to restrict. It is to be said, however, that apparently no. concern would be felt over the number
arriving did not the habit still exist on the part Of
many to remain in the cities instead of going to the
country districts where their advent would be heartily
welcomed.
As regards the nationality of the alien influx in
1911-12, it is true, as in fact of many years past, th4t
Italy furnished the greatest number; but at the same
time a smaller total than in all previous years back
to 1900-01, only excepting 1907-08, and not much
more than half the aggregates of 1905-06 or 1906-07—
periods when the steamship companies were frequently
at their wits' ends to provide accommodations. A
decreasing movement from the United Kingdom,
Holland, Greece and Scandinavia is also to be noted
in the latest fiscal year; but a decidedly marked iftcrease in the arrivals of Poles and Austro-Hungarians.
Carrying the comparison back ten years (to 1901-02),
we find some decided changes in the volume of aliens
coming this way, but the most striking of all is the
remarkable increase.in the number crossing the border
from Mexico. Immigration from that quarter is
hardly looked for, but, apparently due to disturbed
conditions there, the arrivals, which were only 715 in
1901-02 and 91 in 1906-07,rose to 5,682in 1907-08,and
have increased rapidly since, reaching 25,702in 1911-12,
and the return flow has been comparatively small. •
The inward flow of aliens is offset more or less in
every year by the efflux from the country of those
IMMIGRATION AND EMIGRATION IN 1911-12. departing to visit the fatherland,
or,in case of lack of
Indisputable evidence that the movement of aliens employment here,to seek such
employment elsewhere.
to thiS country during the late fiscal year was less This tide in 1911-12 was of proportion
s above the averthan in either 1910-11 or 1909-10 and not materially age and especially towards Italy.
Up to the close of
greater than in 1908-09 is furnished by the official April—a period of 10 months—m
ore Italians had left
statement for June and the twelve months of 1911-12, the United States than
had come into it, and for the
issued at Washington this week. It shows, further- full fiscal year 1911-12
the net arrivals of that -namore, that departures were concurrently upon a much tionality were only
24,817, against 95,995 in the prelarger scale than in any very recent year, and that vious 12 months
and 167,492 in 1909-10. The outtherefore the addition to the foreign-born population flow of English,
Germans, Scandinavians and Poles
of the United States in 1911-12 was materially less has also been heavy
of late. In fact, departures have
than in any year since 1903-04,only excepting 1907-08, been heavy of about
all classes except the • Hewhen depression existed here. These are, in brief, the brews. Altogether the
outward movement of aliens
essential facts that the statement discloses, but they in the six months of the
calendar year 1912 was 247,are accompanied by interesting and extensive details 046 and for the fiscal year 1911-12
reached 615,292.
of both the immigration and emigration movements These totals compare with 243,227
and 518,215 for the
that enable a close and analytical study of the whole respective periods of
1910-11 and with but 184,567
subject to be made. It is not our intention to go deeply and 380,418 the year
previous.
into those details;it being sufficient for our purpose
Deducting these departures from the arrivals, it
to draw attention to the aggregate results or the feat- develops that there was
a net gain in our foreign-born
ures that would seem to call for special notice.
population of 333,516 for the first six months of 1912,
During the final month of the fiscal year 1911-12 against 257,694 in 1911
and 509,527 in 19W. The
the arrivals of aliens, immigrant and non-immigrant result for the fiscal year 1911-12
was an addition of
combined, were much in excess of those for June of only 401,863, which contrasts
with 512,085 in 1910-11
the preceding yew-108,235,comparing with 81,952— and 817,619 in 1909-10. In
1908-09, too, the net
but in 1910 the inflow was 115,793 and in 1907 no less gain (543,843) was larger than in the
latest year, but
than 170,532. For the six months ended June 30 the in 1907-08 was only 209,867—the
smallest since
number of aliens admitted was 580,562, against 500,- 1898-99. The record net infrax in
foreign-born popu921 a year ago, 694,094 in 1910 and the record for the lation was in 1906-07-1,093,480,
or more than 2M
period of 832,203 in 1907. For the full fiscal year times that of 1911-12. This is
not at all indicative of
1911-12 (July 1 1911 to June 30 1912) the inward the comparative conditions
in the country then and
movement of aliens aggregated 1,017,155, against now. On the contrary, it
merely lends point to the
1,030,300 in 1910-11 and 1,198,037 in 1909-10. In statement we have often
made that the pernicious
1908-09, of course, owing to the then existing depres- activity of the politicians
have checked development
sion here, the influx was comparatively small, but in work for which an increasing labor
force was desired
the two years immediately preceding arrivals were in 1907, but not needed now. Immigran
ts are still
greater than ever before or since, and even at that did wanted, but in sections remote from
the large centres
not seem to fully meet the demand for increasing sup- of population.
270
UNITED STATES RAILWAY STATISTICS.
H
Under date of July 27 the Inter-State Commerce Commission at Washington gave out an abstract of statistics of
railways in the United States for the year ending June 30
1911. The statements in this preliminary abstract are
based upon compilations for the twenty-fourth annual statistical report of the Commission covering the fiscal year
ending June 30 1911, and it is stated that revised returns
may slightly affect some of these advance figures before
final publication.
The figures do not include data from reports of companies
classed as switching and terminal.
We print the abstract in full, except that we have condensed the wording in a few places.
&ULF:UGH.
Substantially complete returns were rendered to the Commission for
246,124.40 miles of line operated, Including 11,006.86 miles used under
trackage rights. The aggregate mileage of railway tracks of all kinds
covered by operating returns was 362,710.18 miles. This mileage was thus
classified: Single Vac*, 246,124.40 miles; second track. 23,451.26; third
track, 2,414.16; fourth, fiftk and sixth tracks, 1,747.10; yard • track and
sidings, 88,973.26. These figures Indicate an increase of 10,943.50 miles
of all tracks,
over corresponding returns for 1910 In the aggregate length
yard track and
of which increase 3,391.33 miles, or 30.99%, represent
sidings.
EQUIPMENT.
of the carriers
It appears that there were 61,327 locomotives in the service
on June 30 1911, Indicating an increase of 2,380 over corresponding returns
14,301 were
locomotives,
of
number
for the previous year. Of the total
classified as passenger, 36,401 as freight and 9,324 as switching, and 1,297
were unclassified.
The total number of oars of all classes was 2,359,335, or 69,004 more
Passenger
than on June 30 1910. This equipment was thus assigned:
service,
service, 49,811 cars; freight service, 2,195,511; and company's
114,006. The figures given do not include so-called private.ears of commercial firms or corporations.
It appears that the average number of locomotives per 1,000 miles of
line was 249, and the average number of oars per 1,000 miles of line was
9,586. The number of passenger-miles per passenger locomotive was
3,268,067, and the number of ton-miles per freight locomotive was 6,913,246.
The returns Indicate that the number of locomotives and cars in the service of the carriers aggregated 2,420,662, of which 2,391,438, or 98.79%,
as against 97.96% in 1910, were fitted with train brakes, and 2,409,973,
or 99.56%, as against 99.30% in 1910, were fitted with automatic couplers.
fitted
Of the 2,195,511 oars in freight service on Juno 30 1911, the number
with train brakes was 2,180,301 and the number fitted with automatic
couplers was 2,186,233.
EMPLOYEES.
The total number of persons reported as on the pay-rolls of the steam roads
30 1911 was 1,669,809, or an average of 678
Juno
on
States
of the United
there
per 100 miles of lino. As compared with returns for June 30 1910,
firemen,
was a decrease of 29,611. There were 63,390 enginemen, 66,376
tenders,
switch
40,005
and
48,200 conductors. 133,221 other trainmen,
crossing tenders and watchmen.
The total number of railway employees (omitting 93,718 not distributed)
follows.
was apportioned among the six general divisions of employment as
of equipTo maintenance of way and structures, 403,926: to maintenance
expenses,
n
transportatio
to
22,246;
expenses,
ment, 344,112; to traffic)
629,654; to general expenses, 52,201; and to outside operations, 33,952.
daily
The complete report will include summaries showing the average
and also the
compensation of 18 classes of employees for a series of years,
the several classes.
aggregate amount of compensation reported for each of
paid to railway emThe total amount of wages and salaries reported as
$1,208,466,470.
ployees during tho year ended June 30 1911 was
CAPITALIZATION OF RAILWAY PROPERTY.
amount of railway capital outOn June 30 1911 the par value of the
filing reports with the
standing, according to the returns of the companies
capital held by
Commission, was $19,208,935,081. This amount includes
the railway companies as well as by the public.
1, of
stook
$8,470,717,61
as
existed
there
Of the total capital outstanding,
2 was preferred,
which $7,074,917,559 was common and $1,395,800,05
funded debt, consisted
the remaining part, $10,738,217,470, representing
bonds, $1,183,766,188;
of mortgage bonds, $7,825,269,102; collateral trust
bonds, $261,plain bonds, debentures and notes, $951,377,816; Income
777,220; miscellaneous funded obligations, $195,430,395, and equipment
trust obligations, $319,596,749.
32.35%, paid
Of the total capital stock outstanding, $2,740,467,285, or
(by both
no dividends. The amount of dividends declared during the year
to
operating and lessor companies) was $460,195,376, being equivalent
$755,449,047,
8.03% on dividend-paying stook. No Interest was paid on
trust
or 7.25% of the total amount of funded debt (other than equipment
obligations) outstanding.
RAILWAYS.
PUBLIC SERVICE OF
ended June 30 1911
The number of passengers carried during the year
year ended June 30
was 997,409,882. The corresponding number for the
of passengers carried
1910 was 971,683,199. The increase in the number
during the year over 1910 was 25,726,683.
passenger mileage, as
The number of passengers carried 1 mile, or the
complied for 1911, was 33,201,694,699. The corresponding return for
1910 was 863,198.370 less. The number of passengers carried 1 mile per
mile of road was 139,191.
The number of tons of freight shown as carried (including freight received
from connections) for the year ended Juno 30 1911 was 1,781,637,954,
while the corresponding figure for the previous year was 1,849,900,101, the
decrease being 68,262,147 tons.
The ton mileage, or the number of tons carried 1 mile, as shown for the
ton mileage
year ended June 30 1911, was 253,783,701,839, The. total
255,016,910,451, from
as reported for the year ended Juno 30 1910 was
the
year ended
for
mileage
ton
which It will be seen that the decrease in the
. The increase
'June 30 1911 under the return for 1910 was 1,233,208,612
In the number of tons carried 1 mile in 1910 over 1909 was $6,213,923,522.
The number of tons carried 1 mile per mile of road for the year 1911 was
1,053,566. The number of tons per train-mile was 383.10.
The average receipts per passenger per mile, as computed for the year
ended June 30 1911, were 1.974 cleats; the average receipts per ton per mile
0.757 cents. The passenger service train revenue per train-mile was
.31.30.921; the freightyrevenue per train-mile was $2.89.548. The average
[VOL.
THE CHRONICLE
hxxxxv.
operating revenues per train-mile were $2.24.824. The average operating
expenses per train-mile were $1 54.338. The ratio of operating expenses
to operating revenues was 68.66%.
REVENUES AND EXPENSES.
The following figures under the heading of revenues and expenses exclude
returns for a few small roads because of deficiencies in their reports. For
the year ended June 30 1911 the operating revenues of the railways in the
United States (average mileage operated, 243,433.61 miles) were $2,789,761,669; their operating expenses were $1,915,054,005. The corresponding
returns for 1910 (average mileage operated, 236,986.51 miles) were: Operating revenues, $2,750,667,435; operating expenses, $1,822,630,433. The
following figures present a statement of the operating revenues for 1911 In
detail:
$1,925,950,887
Freight revenue
657,638,291
Passenger revenue
50,702,625
Mall revenue
70,725,137
Express revenue
Excess baggage revenue and milk revenue (on passenger
15,430,683
trains)
5,274,450
Parlor and chair car revenue and other passenger-train rev__
27,665,997
Switching revenue
Special service train revenue and miscellaneous transporta9,479,809
tion revenue
24,707,757
Total revenue from operations other than transportation__ _
647,247
Joint facilities revenue—Dr
2,833,280
Joint facilities revenue—Cr
$2,789,761,669
Total operating revenues
The operating revenues stated above averaged $11,460 per mile of line.
were:
classes,
general
five
the
to
Operating expenses, as assigned
$366,025,262
Maintenance of way and structures
428,367,306
Maintenance of equipment
59,166,364
Traffic expenses
987,382,108
Transportation expenses
73,689,373
General expenses
423.592
Unclassified
$1,915,054,005
Total operating expenses
The foregoing operating expenses averaged $7,867 per mile of line.
CONDENSED INCOME ACCOUNT AND PROFIT AND LOSS
ACCOUNT.
There is given below a condensed income account and profit and loss account of operating roads, followed by a similar statement for leased roads.
The accounts of the former include both operating and financial transactions,
while the accounts of the latter are confined, for the most part, to receipts
and payments under contracts and agreements. For a number of items,
such as dividends, taxes, &o., both statements must be taken into consideration in order to learn the aggregates of such items for the railways of the
United States. Thus the aggregate of dividends declared during the year,
$460,089,540, includes those declared out of current income and those declared from surplus both by the operating roads and by the leased roads.
This amount includes the amuont of dividends declared on railway stock
owned by the railway companies.
Operating Roads.
Income Account—
Hall operations:
Operating revenues
Operating expenses
Net operating revenue
Outside operations:
Revenues
Expenses
$2,789,761,669
1,015,054,005
$874,707,664
$63,093 052
61,277 859
1,815,193
Net revenue from outside operations
Total net revenue
Taxes accrued
$876,522,857
102,657,157
Operating income
Other income
$773,865,700
308,881,892
Gross corporate income
Deductions from gross corporate income
$1,082,747,592
591,636,525
$491,111,067
Net corporate income
Disposition of net corporate income:
Dividends declared from current income__ $265,819,145
Appropriations for additions and better51,659,617
ments and for new lines or extensions__ _
3,420,119
Appropriations for other reserves
Total
Balance to credit of profit and loss
Profit and Loss Account—
Credit balance on June 30 1910
Credit balance for year 1911 from income account
Total
Dividends declared out of surplus
Difference
Other profit and loss items—credit balance
320,898,881
$170,212,186
$963,560,700
170,212,186
$1,133,772,886
137,598,218
$996,174,668
62,977,120
Balance credit June 30 1911 carried to balance sheet_ _ $1,059,151,788
Leased Roads.
Income Account—
$120,773,004
Gross income from lease of road
Salaries and maintenance of organization
Taxes accrued
$418,987
5,652,355
Net income from lease of road
Other income
$114,701,662
4,464,549
Gross corporate income
Deductions from gross corporate income
$119,166,211
62,996,507
$56,169,704
Net corporate Income
Disposition of net corporate Income—
$36,112,797
Dividends declared from current Income
Appropriations for additions and betterments
1,927,422
and for new lines or extensions
8,000
Appropriations for other reserves
Total
Balance to credit of profit and loss
38,048,219
$18,121,483
THE CHRONICLE
AUG. 3 1912.]
Profit and Loss Account—
Credit balance on June 30 1910
Credit balance for year 1911 from income account
$90,689,406
20,559,380
Total
Dividends declared out of surplus
Difference
$72,567,921
18,121,485
Other profit and loss items—debit balance
$70,130,026
1,483,530
$68,646,496
Balance credit Juno 30 1011 carried to balance sheet
taxes and
The complete report will include a summary showing the total
assessments of the railways of the United States by States and Territories;
also an analysis showing the basis of assessment.
271
to the
viding for the payment of life, sick, accident and other benefits of
such
members of such societies, orders and associations and dependents
and
organized
s
association
loan
members, nor to domestic building and
nor to any
operated exclusively for the mutual benefit of their members,
corporation or association organized and operated exclusively for religious:
of which
charitable or educational purposes. no part of the net income
inures to the benefit of any private stockholder.
The Excise Tax Bill undertakes to extend the operation of
the Federal Corporation Tax so as to make it apply to all
persons, firms or co-partnerships and to impose an annual
tax equal to 1% of net incomes in excess of $5,000, the tax
being levied upon the privilege of doing business. • Section,1
of the bill provides:
person, firm or co-partnership residing in the United States;
That every
shall'be
BANKING, LEGISLATIVE AND FINANCIAL NEWS. any territory thereof, or in Alaska or the District of Columbia,
to pay annually a special excise tax with respect to the carrying
subject
the
upon
—A sale made at the Stock Exchange of five shares of on or doing
business by such person equivalent to one percentum
National Bank of Commerce stock at 197M was the only entire net income over and above 45,000 received by such person from all
t, such non-resident person shZ
public transaction in bank stocks this week. No trust com- sources during each year; or if a non-residen
the
likewise be subject to pay annually a special excise tax with respect te
bid
the
reporting
tables
e
Extensiv
was
sold.
pany stock
carrying on or doing business by such person equivalent to one pereentum
such
by
and
received
banks
$5,000
of
above
upon the amount of net income over and
and asked quotations, deposits, surplus, &c.,
person from business transacted and capital invested within the United
trust companies in all important cities in the United States States
and its territories, Alaska and the District of Columbia driving
Section,
n"
Quotatio
&
"Bank
the
are published monthly in
each year.
le."
"Chronic
the August issue of which accompanies to-day's
The term "business" is made exceedingly comprehensive,
Bid and asked quotations for all New York City-bank and being defined as follows in Section 1:
The term "business" as herein used is and shall be held to embrace everytrust company stocks are also published weekly in another
thing about which a person can be employed, and all activities which occup,y
department of the paper, and will be found to-day on pages the time, attention and labor of persons for the purpose of a livelihood or
280 and 281.
profit. The word'person' wherever used in this Act shall be held to
Shares. BANK—New York.
5 Commerce, Nat. Bank of _
Low. High. Close. Last previous sale.
1973 1973 197% July 1912— 197%
include natural persons or individuals and firms or so-partnerships.
Sections 2 and 3 of the bill contain regulations and rules for
—All is in readiness for the formal organization of the computing incomes, and prescribe the form of return reInvestment Bankers' Association of America, which will be quired each year, as follows:
incurred
held in New York at the Waldorf-Astoria next Thursday.
That in computing incomes the necessary expenses actually
not including personal, living or family-exIn a statement issued this week George B. Caldwell, Chair- in carrying on any business,
by such
shall be deducted, and also all interest paid within the year
eounty, school and
man of the Organization Committee and Vice-President of penses,
person on existing indebtedness; and all national, State,
benefits,' paid
the Continental & Com mercial Trust & Savings Bank of Chi- municipal taxes, not including those assessed against local income
of the
be deducted from the gains, profits or
cago, announces the reasons for the organization of the in- within the year shall
be owner;
person who has actually paid the same, whether such person
body
new
the
that
states
y
incurred
positivel
and
the'year,
vestment bankers,
tenant or mortgagor; also losses actually sustained during
not oompensated for
will not be antagonistic in any sense to the American Bank- In trade or arising from fires, storms or shipwreck, and
in
by insurance or otherwise, and debts ascertained to be worthless: Provided:
ers' Association, but will co-operate with the officers
paid out for now buildings,
of that no deduction shall be made for any amount
working out sound reforms and promoting the interests
permanent improvements or betterments, made to increase the value of
Associaone deduction of 45,000
only
that
that
further,
to
t
Provided,
any property or estate:
the investment bankers without detrimen
shall be made from the aggregate income of all the members of any family
tion. In last week's and previous issues of the "Chronicle" composed
of one or both parents and one or more minor ehildren, or huswe have sketched the objects and aims of the new Associa- band and wife.
That there shall be deducted from the amount of the net income of each
tion and published its tentative program for next Thursday.
and said
arc:
of such persons, ascertained as provided herein, the sum of 45,000,
meeting
the
address
will
who
speaker's
l
such person
Additiona
tax shall be computed upon the remainder of said net income of
of
Miller
W.
W.
and
thereafter;
year
Chicago,
calendar
each
of
for
and
E. E. Prussing, attorney,
for the year ending Dec. 31 1912
of March in
and on or before the first day of March 1913 and the first day
Hornblower, Miller & Potter of New York.
or affirmation
each year thereafter a true and accurate return under oath
looked
is
Caldwell
Mr.
by
delivered
be
to
Unposed by
tax
The address
shall be made by each person of lawful age subject to the
in which such
forward to with much interest, and those who have seen an this Act to the Collector of Internal Revenue for the districtease
of a person
lace of business, or, in the
advance copy of it say the address is a most telling docu- person resides or hash's principal:p
business is
residing in a foreign country, in the place where his principal
s
usefulnes
for
capacity
the
to
reference
er of
ment. Editorial
carried on within the United States in such form as the Commission
a
in
shal
found
Treasury,
be
the
of
will
Internal Revenue, with approval of the Secretary
which the proposed Association will enjoy
prescribe.
separate article on a previous page.
On Monday of this week (July 29) the Democratic mem—The House of Representatives on Aug. 1 voted, 145 to
of the House Ways and Means Committee voted to
bers
109, not to agree to the Senate amendment to the Sundry
adversely on the changes made by the Senate in both
report
of
work
the
to
tion
continue
appropria
Civil Bill making an
Tariff Bill and the Excise Tax measure. • On
Wool
the
the Tariff Board. Some of the other Senate amendments
30) the House voted to sustain the Ways and
(July
Tuesday
were accepted.
e in rejecting the Senate amendments.
Committe
Means
—The U. S. Senate on Friday night of last week adopted Conferrees of the two houses will have to determine the final
the House Excise Tax Bill by a vote of 37 to 18. Thirteen shape of these two measures.
Progressives and insurgent Republicans voted with the
—The U. S. Senate on Saturday last also passed what is
Democrats, namely Bourne, Bristow, Clapp, Crawford,
Nelson,
Follette,
as the Lodge-Bristow Sugar Bill. The final vote was
known
La
Cummins, Gronna, Jones, Kenyon,
Income
almost unanimous-52 to 3. The bill reduces the present
Poindexter, Townsend and 'Works. The Borah
instraight
duty from $1 90 to $1 60 per 100 lbs., does away with
sugar
a
provided
have
would
which
e,
Tax substitut
DemoThe
standard under which practically no refined sugar
Dutch
the
23.
to
of
33
come tax, was defeated by a vote
to- can be imported, and abolishes the 734-cent "refiners'
crats, while generally in favor of an income tax, acted
sugar which, it is
gether in rejecting the Borah substitute as a result of an differential"—an additional duty on refined
of the sugar reprofit
the
to
indirectly
the
has
accrued
claimed,
against
agreement whereby they undertook to vote
sugar bill passed by the House
come tax idea and in favor of the Excise Bill on the ground finers. The Democratic free
come to a vote at all in the
that the latter was Constitutional while the former was not. of Representatives did not
amendment was first adopted
Lodge
ty
Bristowreciproci
The
Senate.
Among the amendments added was the Gronna
a vote of 37 to 25, Senators
by
26.
Whole
the
to
of
37
e
of
Committe
was
vote
This
a
by
in
nt.
adopted
amendme
repeal
a, Democrats, voting with
Louisian
Reciof
Foster
Canadian
and
of
the
repeal
complete
Thornton
the
It provides for
s then offered their
Democrat
Senate
print
the Republicans. The
procity Law and the imposing of a duty of $2 a ton on
proposing a 1-3 reduction in the
Bill
a
for
House
the
'
for
nt
e
providing
Cummins
amendme
substitut
Senator
paper.
defeaCed 36 to 24. The
permanent Tariff Board was also carried—by a vote of 38 existing sugar tariff. This was
the Senate with all but
passed
an
finally
as
Bill
day
added
the
been
before,
once,
-Lodge
Bristow
had
This
29.
to
Foster and Thornton
namely
it,
for
vote
final
voting
Bill
the
s
was
in
but
lost
Wool
Democrat
the
two
amendment to
negative vote being east by Senator
on the latter when the La Follette Bill was substituted. An of Louisiana, the other
the bill, if
amendment proposed by Senator Fletcher and providing that Heyburn, Republican. It is estimated that
from sugar
revenue
agrithe
to
reduce
ions,
will
customs
apply
law,
labor
organizat
not
into
enacted
the excise tax should
by
cultural associations or fraternal organizations of an insur- about $5,000,000 per year. The Free sugar Bill passed
$60r
of
revenue
in
a
amend.
meant
decrease
have
The
Fletcher
accepted
would
likewise
House
was
,
the
ance character
000,000 and the less drastic measure proposed by the Demo-.
ment reads as follows:
Act contained shall apply to
And further provided that nothing in this
crats of the Senate would have resulted, it i estimated, in a
labor, agricultural or horticultural organizations, or to fraternal beneficiary reduction of a little over $17,000,000.
prosocieties, orders or associations operating under the Lodge system and
272
THE CHRONICLE
[VOL. Lxxxxv.
—The House of Representatives on July 29 by a unani- under the provisions of appropriation Acts approved
prior to the passage
mous voted adopted the Diffenderfer resolution directing the of this Act.
Sec. 3. That this Act shall become effective and be in force on and
Secretary of Commerce and Labor to investigate the causes January
after
first, nineteen hundred and thirteen.
of the recent increase in price of anthracite coal and to specify
Approved, June 19 1912.
in his report to the House how much and in what particulars
—On July 30 Lord Mersey delivered the judgment of the
the miners were benefited by the late suspension of mining. British Board of Trade
Court of Inquiry into the disaster
The resolution reads as follows:
to the White Star line steamship Titanic, which sank with
Resolved, That the Secretary of Commerce and Labor
be, and is hereby, a loss of 1,517 lives after collisien with an iceberg on April
15.
directed to obtain and report to the House of Representatives
full informa- We quote from
the summary of the report printed in the
tion concerning the different elements of cost and profit included
in the
•
.
present high price of anthracite coal, specifying as far as
practicable how daily newspapers as follows:
Much and in what particulars the coal miners were benefited by
the recent
strike agreement, and how much and for what reason, and by what
means,
tile cost of coal to the general consumer was at the same time increased.
The Court finds that the collision of the Titanic with the iceberg was due
to the excessive speed at which the ship was navigated; that a proper watch
was not kept; that the ship's boats were properly lowered, but that arrange—The Senate Finance Committee on July 29, by a vote of ments for manning them were insufficient; that the Leyland liner Californian might have reached the Titanic if she had attempted to
do so; that
7 to 6, reported adversely the Pujo resolution giving visitorial the track followed was
reasonably safe with proper vigilance, and that there
authority to either House of Congress in connection with was no discrimination against third-class
passengers in the saving of life.
The Court of Inquiry exonerates J. Bruce Ismay, Chairman and
national bank inquiries. Senator Bailey voted with six
Managing
Director of the White Star Line, and Sir Cosmo ,Duff-Gordon,
one of the
Republican members of the committee for an adverse report passengers,
from any charges of improper conduct.
and Senators McCumber and LaFollette with four DemoThe judgment recommends more water-tight compartments In sea-going
crats for a favorable report. A minority report has been pre- ships, the provision of life-boats for all on board, and more efficient drills
of the crew, as well as a better lookout.
pared by Senators McCumber, La Follette, Simmons, WilThe most important findings of the Court were that the Titanic was
lrams and Johnson of Maine. This urges the granting of the sufficiently and efficiently officered and manned and complied with all the
regulations
of the British Merchant Shipping Act regarding safety, but
desired power, but so restricted that a Congressional comthat the arrangements for manning and launching the life-boats in ah
mittee can only pursue its investigations within the authority emergency were insufficient,
and that no drill had been held. The instructions for the voyage, given prior to sailing, were adequate; but, "having
conferred upon it by Congress.
regard to subsequent events, they would have been better if reference
had
. —We print herewith the text of the law to which reference been made to the course to be adopted in the event of the vessel reaching
was made in ourissues of June 22 and June 8,.limiting the the region of ice."
The outward and
southern tracks, according to the Judgment,
work of laborers and mechanics employed on Government were reasonably safehomeward
for the time of year at which the disaster happened,
provided great precaution and vigilance were used in crossing the
work to eight hours a day.
ice region.
Capt. E. S. Smith of the Titanic, said the Court, was not fettered
by orders
AN ACT
Limiting the hours of daily service of laborers and mechanics employed to remain in the track, but naturally would keep near to the accepted route.
view
In
the
of
fact
tnat,
on
the
night of the accident, the moon was not
upon work done for the United States, or for any Territory, or for the
shining, there was no wind, and very little swell on the sea, and
District of Columbia, and for other purposes.
especially
in view of the high speed at which the Titanic was steaming, an extra lookBe it enacted by the Senate and House of Representatives of the
United out, In the Court's opinion, should have been placed In the stem of the
States of America, in Congress assembled, That every contract hereafter boat and a sharp
watch kept by the officers on both sides of the bridge.
Made to which the United States, any Territory or the District
of Columbia
The judgment did not consider binoculars necessary, as a rule. Searchis a party, and every such contract made for or on behalf of
the United lights, however, might.be serviceable, but the evidence given before the
States, or any Territory, or said District, which may
require or involve Court was insufficient to permit of a precise answer.
the employment of laborers or mechanics, shall contain a provision
The speed of twenty-two knots was regarded by the Court as excessive.
that
no laborer or mechanic doing any part of the work contemplate
d by the
The seriousness of the disaster was realized by the officers within liftedi
contract, in the employ of the contractor or any sub-contractor
contracting or twenty minutes of the crash, and proper discipline was maintained, acfor any part of said work contemplated, shall be required or permitted
to cording to the view of the Court. The apparatus for lowering the boats
work snore than eight hours in any one calendar day upon such work; and was
in good order, and the lowering was properly managed; but some of
every such contract shall stipulate a penalty for each violation of such the life-boats
were under-manned and improperly equipped. Eight of the
provision in such contract of five dollars for each laborer or mechanic for boats were not
filled when they left the sinking vessel because the passenevery calendar day in which he shall be required or permitted to labor gers did not
realize their danger, and the officers, who were uncertain of the
more than eight hours upon said work; and any officer or person desig- strength and capacity
of the small boats, had intended to complete their
nated as inspector of the work to be performed under any such contract, loading after they
were launched. The disproportion of the passengers of
or to aid in enforcing the fulfilment thereof, shall, upon observation or the different classes among
those saved was due to the fact that many of
investigation, forthwith report to the proper officer of the United States, those in the third
class were foreigners, and to the position of their quarters.
or of any Territory, or of the District of Columbia, all violations of the In the Court's opinion,
there had been no discrimination. Only a small
provisions of this Act directed to be made in every such contract, together proportion of the
crew was saved, because the sailors attended to their
with the name of each laborer or mechanic who has been required or per- duties until the last
moment.
mitted to labor in violation of such stipulation and the day of such violaThe recommendations of the Court arc as follows:
tion, and the amount of the penalties imposed according to the stipulation
The Board of Trade should investigate the practicability of providing
in any such contract shall be directed to be withheld for the use and benefit sea-going ships, in
addition to their water-tight transverse bulkheads, witit
of the United States, the District of Columbia,or the Territory contracting, a
double skin, carried above the water line, or with a longitudinal vertical
by the officer or person whose duty it shall be to approve the payment water-tight
bulkhead on each side of the vessel, or with both.
of the moneys due under such contract, whether the violation of the
The Board of Trade should also investigate regarding the question of proprovisions of such contract is by the contractor or any sub-contractor.
viding a water-tight deck, or decks, stretching along the whole or part of
Any contractor or sub-contractor aggrieved by the withholding of any
the length of the ship at a convenient distance above the water line, and
penalty as hercinbefore provided shall have the right within six months
should also investigate whether the openings should be water-tight
doors,
thereafter to appeal to the head of the department making the contract on or
some other device.
behalf of the United States or the Territory, and in the case of a contract
The Board of Trade should also report generally on the increasing promade by the District of Columbia to the Commissioners thereof, who shall
tection given by the subdivision of the vessel, with the object of keeping
have power to review the action imposing the penalty, and in all such
the ship afloat with the greatest proportion of her length in free communiappeals from such final order whereby a contractor or sub-contrac
tor may cation with the sea.
be aggrieved by the imposition of the penalty hereinbefore provided,
The Court recommends that the British Board of Trade be empowered
such contractor or sub-contractor may within six months after decision
to enforce its conclusions on the foregoing points, and to require that the
by such head of a department or the Commissioners of the District
of designs of ships should be submitted to it during the early stages of their
Columbia file a claim in the Court of Claims, which shall have Jurisdiction construction
, and should have at tile same time power to direct changes to
to hear and decide the matter in like manner as in other cases before
said be made.
Court.
Another recommendation is that the lifeboat and raft accommodations
Sec. 2. That nothing in this Act shall apply to contracts for transporon seagoing vessels be based on the number of persons carried, instead of
tation by land or water, or for the transmission of intelligence, or for the
on the tonnage of the ship, and that they be sufficient for all on board.
purchase of supplies by the Government, whether manufactured to conform
The Court thinks changes may be necessary in the size and typo of boats
to particular specifications or not, or for such materials or articles as may
carried by ships and in the methods of stowing and launching them. Posusually be bought in open market, except armor and armor plate, whether
sibly it may be necessary to reserve one or more of the decks for the carrying
made to conform to particular specifications or not, or to the construction
of boats and the drilling of the crew. It Is recommended that the lifeboats
or repair of levees or revetments necessary for protection against
floods be provided with signaling apparatus, with a compass, and v‘Ith provisions,
or overflows on the navigable waters of the United States; Provided, That
and that the number each boat is intended to carry should be plainly
all classes of work which have been, are now or may hereafter be
per- marked. The Court also recorpmends a more searching inspection of the
formed by the Government shall, when done by contract, by individuals,
boats, and more frequent drilling of the crew, enough of whom should be
firms, or corporations, for or on behalf of the United States or any of
the trained to man the boats.
Territories, or the District of Columbia, be performed In accordance with
Further recommendations are: Sight tests for ships' lookouts, a police
the terms and provisions of Section 1 of this Act. The President, by
system for control in cases of emergency, a continuous wireless service,
EAecutive order, may waive the provisions and stipulations in this
Act regulations for moderating speed or altering the vessel's course in the
ice
as. to any specific contract or contracts during time of war or a time when
region.
war is imminent, and until January first, nineteen hundred and fifteen,
The Court suggests that an international convention be called to agree on
as to any contract or contracts entered into in connection with the cona common rule for the subdivision of ships, also as to life-saving apparatus,
struction of the Isthmian Canal. No penalties shall be imposed for any
wireless regulations, speed In the ice regions and the use of searchlights.
violation of such provision in such contract due to any..extraordina
ry
—The American Exchange National Bank has moved to
events or conditions of manufacture, or to any emergency caused by fire,
famine, or flood, by danger to life or to property;or by other extraordinary temporary quarters at
135 Broadway, this city, during the
event or condition on account of which the President shall subsequently
deplane the violation to have been excusable. Nothing in this Act shall be completion of alterations to its banking rooms at 128 Broadconstrued to repeal or modify the Act entitled "An Act relating to the way, corner Cedar Street.
limitation of the hours of daily service of laborers and mechanics employed
—Wilfred J. Worcester, formerly Assistant Secretary of
upon the public works of the United States, and of the District of Columbia," being Chapter three hundred and fifty-two of the laws of the Fifty- the United States Trust
Co., 45-47 Wall Street, this city,
second Congress, approved August first, eighteen hundred and ninetytwo, as modified by the Acts of Congress approved February twenty- has been elected Secretary of the institution, succeeding
seventh, nineteen hundred and six, and June thirtieth, nineteen hundred
Henry E. Ahern, resigned. Williamson Pell has been
and six, or apply to contracts which have been or may be entered
into elected Assistant Secretary. Edward W. Sheldon and Wit-
AUG 3 1913]
THE CHRONICLE
ham M. Kingsley are President and Vice-President, respectively, and Charles A. Edwards, Second Assistant Secretary.
—The banking department of the Lawyers' Title Insurance & Trust Co. of this city, Edwin W. Coggeshall, President, continues its growth of business. The company's
semi-annual report for June 29 1912 shows that deposits have
increased to 817,544,844; undivided profits are now $476,5,60, in addition to $5,500,000 surplus and $4,000,000 capital, while aggregate resources on the date mentioned were
$27,966,212, The institution was organized as the Lawyers'
Title Insurance Co. of New York in 1887 with a capital of
$500,000, all of its stock being held by lawyers. From 1887
to 1900 its business was limited to furnishing searches and
policies to lawyers who were its examining counsel, but in
1900 its service was extended so as to cover the entire field
of title examination and insurance, and from that year its
earnings have shown a marked increase. In 1905 the then
Lawyers' fitle Insurance Co. acquired the powers of a trust
company, taking its present name, and how this -branch of
the institution's business has grown is evidenced by the proportions of its deposits mentioned above. Mr. Coggeshall's
official associates are: Louis V. Bright, Thorwald Stallknecht, Lewis H. Losee, Vice-Presidents; Herbert E. Jackson, General Manager; Archibald Forbes, Treasurer, and
Walter N. Vail, Secretary.
—The stockholders of the Empire Trust Co. of this city
on the 1st inst. ratified the proposal of the directors in• creasing the capital stock of the institution from $1,000,000
to $1,500,000. The new stock will be sold at $300 per $100
share. With this addition to capital stock, the surplus will
be $2,200,000. As stated in these columns July 20, the
new issue has already been subscribed for by interests here
and abroad, and these and other subscribers to whom the
company desires to allot as many shares as possible, will, it is
believed, according to the circular of the institution, "influence profitable business and lend additional strength and
importance to the company in its domestic and foreign relations." The stockholders have therefore been asked to
waive their right to the additional stock so that it may be
sold to these persons and to such others as the directors
may deem best for the company to be affiliated with.
—The Federal Trust Co. of Newark, N. J., has, it is reported in the Newark papers, sold its holdings, 560 shares,
of the Mutual Trust Co. of Orange to Edwin Hatch of this
city, the purchase price being $175 a share. A change in
the directorate of the Mutual Trust has occurred with the
sale, Louis Plant and William II. Kellner resigning from the
board and Samuel W. Baldwin and Thomas S. Byrne replacing them. The latter is Secretary and Treasurer of
the company.
—The stockholders of the Wilmington Trust Co. of Wilmington, Del., received a special dividend of 20% before
the consolidation of that institution with the First National
Bank and the National Bank of Wilmington and Brandywine. Reference to this merger was made in our issues of
July 20, June 22 and June 15.
—John Cadwallader, E. W. Clark, Hs.ward S. Graham
and Clement B. Newbold, all representing the Trust Co. of
North America of Philadelphia, were elected directors of
the Commercial Trust Co. on the 1st inst. Charles P. Lineaweaver, who we stated last week was to become an officer
of the Commercial Trust, has been elected Secretary and
Trust Officer of the company. Mr. Lineaweaver was formerly Secretary of the Trust Co. of North America. The
above elections follow the merger of the two institutions
which occurred on the 1st inst., and to which reference was
made in these columns on July 6 and 13.
,—Edward T. Stotesbury Lewis, G. Herbert Millett and
John Schlagle have been appointed Assistant Cashiers of
the Farmers' & Mechanics' National Bank of Philadelphia.
—The earning power of the big banking organizations out
of town always attract attention. The Mellon National
Bank of Pittsburgh, one of this country's representative institutions, belongs in this class. At the bank call Sept. 1
1911 this bank had a surplus fund of $1,400,000 and undivided profits of $147,306, but by Dec. 5 1911 (the next
bank call) the showing was: Surplus, $1,600,000, and undivided profits, $117,915. On April 18 1912 undivided
profits had increased to $218,544, and at the close of
business June 14 1912, the latest bank call, the surplus had
accumulated to $1,800,000 and undivided profits were
$104,440. In less than ten months, then, the Mellon National
273
has paid quarterly dividends at the rate of 6% per annum
to stockholders on $6,000,000 capital stock and in the same
period it put over $400,000 into surplus account, increasing
the same from $1,400,000 Sept. 1 1911 to $1,800,000 June 14
1912. Deposits at the latter date were over $36,600,000
and aggregate resources $49,129,838. The T. Mellon tt
Sons' Bank became the Mellon National Bank in 1902; the
total resources then were only $10,491,947. The Mellon
does a large business with banks, businses houses and individuals in all parts of the United States. The officers are:
A. W. Mellon, President; R. B. Mellon and A. C. Knox,
Vice-Presidents; W. S. Mitchell, Cashier; B. W. Lewis,
A. W. McEldowney and H. S. Zimmerman are the Assistant
Cashiers.
—The • directors of the Commercial National Bank of
Columbus, Ohio, have raised the bank's surplus to $300,000
by transferring $50,000 to that account from the undivided
profits. The surplus account now equals the capital. The
bank is one of the oldest institutions in the city and has
deposits of nearly $3,500,000. The regular (quarterly)
dividend of 2% has been declared.
—The merger of the Real Estate Title & Trust Co'?
Chicago with the Chicago Title & Trust Co. was ratified on
the,29th ult. by the stockholders of both. institutions.
The stockholders also authorized the increase in capital of
the institution from $5,000,000 to $5,600,000 and the
addition of three more members to the directorate. These
steps are in accord with the plan of merger announced in
our issue of June 29. —The Harris Safe Deposit Co., which owns and operates
the Harris Trust Building of Chicago, has declared an initial
dividend of 1% upon its capital stock, payable Aug. 1 1912
to stockholders of record at the close of business July 22 1912.
—The Hyde -Park State Bank of Chicago formally opened
for business on the 1st inst. at Fifty-third Street and Lake
Avenue. TheIdirectors are Robert F. Cummings, Charles
R. Horrie, Henry L. Stout, Daniel F. Burke, Frank W.
Howes, James J. Carroll, Thomas Jansen, Thomas A. Collins andiJohn A. Carroll.
—Bertram Mathews Chattel, Cashier of the Illinois Trust
& SavingsPank, died last Saturday after an illness which
beganjlast May. Mr. Chattell was favorably regarded in
banking/circles and well known for his judgment of investmentjvalues. He was fifty-six years of age, born in Treves,
Prussia, Nov. 12 1856, and came to this country in 1864.
He was educated in the public schools and the old Chicago
University. After a preliminary business training, Mr.
Chattell entered the employ of the Illinois Trust & Savings
Bank in June 1882 in the lowest position in order to learn
the banking business thoroughly from the bottom up.
Within a few years he was appointed Assistant Cashier and
in 1902 was chosen Cashier. He was a most valuable official,
had hosts of friends, and was universally liked.
—The First National Bank of Milwaukee has acquired
the business of the Milwaukee National Bank of Wisconsin,
taking over the latter last Saturday night. On Monday
morning of this week the business of both banks was transacted at the offices of the First National Bank at 88 Wisconsin St. The First National Bank's deposits have been increased $3,000,000 by its new recruit to $23,621,957; capital
is $2,500,000; surplus, $500,000; undivided profits, $311,212,
and aggregate resources at the close of business last Saturday night were $28,894,317. The bank will shortly increase
its capital stock from $2,500,000 to $3,000,000, which has
been recently authorized by the stockholders to provide for
the erection of its new sixteen-story home and office building
now under construction at East Water and Mason streets.
It is stated the new stock will be offered to the present stockholders at $180, realizing $900,000. The stockholdera will
have until Aug. 24 to take priority advantage and what remains will then be offered to new interests. The additional
stock must be paid for Nov. 1. The First National increased
its capital from $2,000,000 to $2,500,000 in May 1911, when
the Fidelity Trust Co. with the Milwaukee Trust Co. was
taken over and consolidated as the First Savings & Trust Co.
The entire stock of the First Savings & Trust Co. is owned
by the First National Bank and both bank and trust company have the same directors. The latest increase in stock
will place the capitalization of the First National of Milwaukee at the head of all banking institutions in Wisconsin.
The officers of the First National Bank are: Fred. Vogel Jr.,
President; Wm. Bigelow and Fred. T. Goll, Vice-Presidents,
and Henry Kloes, Cashier. The Assistant Cashiers areS
274
[VoL. Lxxxxv.
THE CHRONICLE
Oscar Kasten, A. W. Bogk and E. J. Hughes. W. C. Haas
is manager of the foreign and savings department.
-Charles E. Toms has been elected Cashier of the American Savings Bank of Lansing, Mich., to succeed James L:
Van Keuren, resigned. Mr. Toms was connected with the
bond department of the Detroit Trust Co., and previously
was for five years in the office of the Michigan Commissioners
of Banking.
-The doubling of the capital of the Stock Yards National
Bank of South St. Paul, Minn., from $100,000 to $200,000
has been sanctioned by the Comptroller of the Currency at
Washington. The directors took action looking to this increase early last month, as stated in our issue of July 13.
The institution is rapidly growing, and when the St. Paul
Union Stock Yards Co. builds the contemplated annex to
the Exchange Building, quarters will be provided for the
bank in this annex. J. J. Flanagan is President of the
institution.
-A dividend of 25%,it is stated, will be paid to depositors
of the defunct Teutonia Bank & Trust Co. of New Orleans
on the 12th inst. The bank was closed on April 15 last by
State Bank Examiner W. L. Young.
-S. T. Hanson, Cashier of the City National Bank of
Galveston, Tex., died on the 24th ult. of acute indigestion
and heart failure. He began his banking career when he
entered the private banking house of J. W. Riddell as Cashier
in 1902. This firm was merged into the present City National Bank in 1907, Mr. Hanson continuing as Cashier.
He was only 36 years of age.
-The firm of Hugo V. Neuhaus & Co., engaged since 1907
in the investment securities and foreign exchange business,
Houston, Texas, was succeeded on Aug. 1 by the firm of
Neuhaus &Co. There will be no change in the personnel of
the new firm from that of the old firm, except that Mr.
Charles L. Neuhaus will become an active partner, whereas
heretofore he has been an inactive partner. Mr. Charles
L. Neuhaus is a director in the Union National Bank,
Bankers' Trust Co., Houston Land Corporation and the
Houston Camber of Commerce. The firm of Neuhaus &
Co., besides continuing the old business of Hugo V. Neuhaus
& Co., will buy and sell for its own account first mortgage
real estate bonds.
-Controlling interest in the Iowa Loan & Trust Co. of
Des Moines, Ia., has been secured by George B. Hippee.
He and Simon Casady have acquired over 2,000 shares of
the stock, there being 5,000 shares issued. Mr. Hippee
previously, it is said, held 700 shares. The institution has
a capital of $500,000, surplus of over $700,000 and has deposits of more than $2,000,000. The stock is quoted at
Canadian Bank Clearings.-The clearings of the Canadian
$240 a share. The company was organized in 1872 by C. E. banks for the month of July 1912 show an increase over the
Fuller, J. B. Heartwell and H. A. Coffin and has had a most same month of 1911 of 28.6%, and for the seven months
successful career. Mr. Hippee was elected President of the the gain reaches 25.3%.
institution on July 28, succeeding Walter E. Coffin, reJuly.
Seven Months.
Clearings atsigned. Mr. Casady was elected a director.
-The newly consolidated Southwest National Bank of
Commerce of Kansas City, to which we have referred in
previous issues-a union of the Southwest National Bank
and the National Bank of Commerce-began business on the
22d of July in the old banking quarters of the *National Bank
of Commerce, Commerce Building, corner of 10th and Walnut streets, Kansas City, with a capital of $3,000,000 and
$600,000 surplus. The full list of the officers is as follows:
Fernando P. Neal, Chairman of the board; J. W. Perry,
President; John M. Moore, W. L. Buechle, Charles H. Moore
and Edwin W. Zea, Vice-Presidents, and James T. Bradley,
Cashier. The Assistant Cashiers are E. P. Davis, W. H.
Glaskin, Chas. M. Vining and J. F. Meade.
-The directors of the First National Bank of Richmond,
Va., and the National Bank of Virginia of that city have
called special meetings of the stockholders to be held on the
29th inst. to vote upon the proposed consolidation of these
institutions, as referred to in this department last week.
The stockholders of the First National will act on an increase in the latter's capital from $1,000,000 to $2,000,000
at $150 per share and an increase in the number of directors
so that the board shall consist of not less than nine nor more
than thirty-two members, and also elect the additional
directors. The National Bank of Virginia stockholders will
be asked to approve the directors' plan for the consolidation
with the First National and the liquidation of the National
Bank of Virginia. The combined institution is to be known
as the First National Bank and have $1,000,000 surplus in
addition to $2,000,000 capital, and deposits aggregating
between $13,000,000 and $14,000,000. The letter to the
stockholders of the First National Bank states that for every
ten shares of stock now held, each stockholder will receive
one share additional, which will be paid out of the present
surplus of the bank, and they will also receive a dividend
in cash which will probably aggregate about $70 for each
share now held by them, thus reducing the book value of its
present capital stock to $150 per share. Of the $1,000,000
proposed increase of stock of the enlarged institution, $900,000 is to be offered for pro rata subscription to the stockholders of the National Bank of Virginia at $150 per share, and
the balance ($100,000) is to go to the stockholders of the
First National Bank and be paid for out of the surplus of
this bank. Each stockholder of the National Bank of Virginia is to have the privilege of subscribing to three shares
of the increased stock for each four shares now held. The
executive staff will include: Colonel John B. Purcell, President; John M. Miller Jr., Vice-PresidentiW. Meade Addison, Cashier, and W. M. Habliston, Chairman of the board.
-The Fourth National and Atlantic National banks of
Boston began business last Monday as a consolidated institution in the new banking rooms of the Fourth National
Bank in the Exchange Building, State and Kilby streets.
1912.
CanadaMontreal _
Toronto _ _ _
Winnipeg_ .._
Vancouver __
Ottawa __
Calgary __ _
Quebec
Victoria _ _
Edmonton _
Hamilton_ _ _
Halifax __
St. John
London _ _ _
Regina __ _
Saskatoon _ _
Moose Jaw._
Brandon _ _ _
Lethbridge _
Brantford __
Fort William
Inc. or
Dec.
1911.
262,504,534 204,190,624
203,177,624 159,332,424
117,170,000 91,724,653
53,840,212 43,239,102
24,739,635 20,155,614
22,618,299 21,226,508
17,048,237 13,154,807
17,037,927 11,554,631
17,254,170 8,950,813
15,948,733 10,630,098
8,916,294 7,820,000
7,889,064 7,069,144
7,134,495 6,116,468
8,579,275 5,672,505
9,018,003 5,086,122
5,570,012 3,314,221
2,613,550 2,412,241
2,738,893 2,363,527
2,660,364 2,232,765
Not incl. in
1912.
Inc. or
Dec.
1911.
+28.6 1,571,845,655 1,326,803,400 +18.4
+27.5 1,253,437,571 1,045,432,192 +19.9
+27.7 808,705,231 575,636,305 +40.5
+24.5 359,550,456 296,326,198 +21.3
+22.7 154,029,361 110,934,592 +28.4
+6.6 150,151,241 112,673,660 +33.3
72,770,336 +18.9
86,528,974
+29.6
77,731,571 +27.5
99,100,930
+47.7
60,771,509 +03.3
+92.8 117,482,014
67,933,610 +34.5
91,351,191
+50.0
48,741,435 +14.7
+13.9
55,899,301
44,800,245 +8.7
+11.6
48,692,365
41,067,845 +15.6
+16.6
47,493,530
36,675,161 +60.2
58,738,922
+51.2
60,322,853 • 28,925,415 +108.6
+77.3
32,833,419
17,651,667
+68.1
16,994,561
14,998,480 +13.3
+8.3
+15.9
15,402,687 +19.0
18,467,857
+19.2
17,193,649
16,589,713
+3.6
total
Not Included In total
Tot.Canada 800,919,309 622,941,016 +28.6 5,015,985,666 4,003,220,354 +25.3
The clearings for the week ending July 27 make a very
satisfactory comparison with the same week of 1911, the
increase in the aggregate having been 24.6%.
Week ending July 27.
Clearings at1911.
1912.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Quebec
Victoria
Edmonton
Hamilton
Halifax
St. John
London
Regina
Saskatoon
Moose Jaw
Brandon
Lethbridge
Brantford
Fort William_ _
Total Canada_
Inc. or
Dec.
$
%
S
45,382,638 +26.7
57,492,938
36,356,379 +22.4
44,500,000
20,348,201 +27.2
25,880,407
9,774,319 +22.0
11,925,185
4,164,694 +31.0
5,457,291
5,189,197
7,810,186 -33.5
3,629,582
2,80,659 +26.6
3,818,651
2,519,478 +51.6
3,532,588
1,906,295 +85.3
3,635,723
2,400,364 +51.5
1,883,647
1,762,811
+6.9
1,816,388
1,487,610 +22.1
1,457,263
1,196,299 +21.8
1,866,088
1,135,355 +64.4
1,963,009
1,162,388 +71.5
1,615,038
741,841 +117.8
528,550
482,489 +9.5
702,895
518,147 +35.5
541,470
435,312 +25.1
651,000 Not included in total
177,435,910
142,452,474 +24.6
1910.
$
43,677,128
28,401,043
.17,774,471
8,4165,777
3,411,778
2,875,224
2,249,398
1,822,775
1,332,906
1,457,552
1,936,231
1,535,324
1,217,775
858,617
1909.
S
34,291,767
24,636,410
10,149,576
5,419,512
3,106,885
1,754,781
2,453,798
1,315,725
739,048
1,546,550
1,710,863
1,393,871
991,510
429,772
118,015,771
89,510,296
Clearings by Telegraph-Sales of Stocks, BondsTE•
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tables is crowded out once a month.
The figures are received by telegraph from other leading cities.
Clearings-Returns by Telegraph.
Week ending August 3.
Per
Cent.
1912.
1911.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,411,334,904
123,680,920
124,140,202
30,181,190
236,988,214
57,775,395
13,184,808
$1,440,322,449
132,033,527
126,087,282
30,717,073
219,804,639
56,885,967
15,835,734
-2.0
-6.3
-1.5
-1.8
+7.8
+1.6
-16.7
Seven cities, five days
Other cities, live days
$1,997,285,633
493,278,461
$2,021,686,671
465,278,498
-12
+6.0
Total all cities, five days
All cities, one day
$2,490,564,094
536,216,418
82,487,065,169
409,450,414
+0.1
+7.4
Total all cities for week
$3,026,780,512
$2,987,415,583
+1.3'
275
THE CHRONICLE
AUG. 3 1912]
Our usual monthly detailed statement of transactions on
Pacific and Other Western Clearings brought forward from
the New York Stock Exchange is appended. The results
first page.
for the seven months of 1912 and 1911 are given below:
am
Jay.
Seven Months. El
1912.
1911.
$
$
San Francisco_ !28,295,720 197,412,082
Los Angeles__ _ 98,313,236 79,306,212
50,392,837 45,176,268
Seattle
Portland ..... 47,945,240 44,179,529
Salt Lake City_ 27,483,391 28,006,701
Spokane
18,159,181 17,754,069
Tacoma
18,764,586 17,103,837
Oakland
17,000,251 14,396,848
Sacramento__ _ 7,574,437 6,359,993
San Diego _
10,826,975 6,972,809
Pasadena
3,713,775 3,522,830
Stockton
4,058,534 3,100,313
Fresno
3,633,220 2,990,413
San Jose
2,943,803 2,091,723
North Yakima 1,495,251 1,588,100
Boise
3,280,980 3,363,353
Ogden
2,671,500 2,424,349
Reno
1,236,123 1,178,492
Inc. or
Dec.
1912.
1911.
Inc. or
Dec.
%
$
$
%
+15.6 1,508,436,548 1,352,228,787
+23.9 663,121,691 537,887,321
+11.5 334,767,275 308,837,787
+8.5 337,704,748 312,373,547
-1.9 223,439,424 181,203,185
+2.3 126,931,803 126,143,251
-8.9.7 130,166,382 125,180,223
98,730,768
+18.1 112,181,670
42,220,511
47,724,169
+19.1
74,122,496
45,739,741
+55.3
25,104,989
26,790,044
+5.4
20,084,244
24,305,859
+30.9
20,321,953
25,965,061
+21.5
14,157,551
18,537,014
+40.7
13,351,178
11,949,605
-5.9
24,134,003
23,098,513
-2.2
15,156,915
18,833,512
+10.2
7,532,552
8,091,463
+ 4.9
+11.5
+23.3
+8.4
+8.1
+23.3
+0.6
+4.0
+13.6
+13.0
+62.5
+6.7
+21.0
+27.8
+30.9
-10.5
-4.3
+24.3
+7.4
Total Pacific 147,789,133 176,927,921 +14.9 3,716,167,277 3,270,388,506 +13.6
Kansas City
105,994,739 202,038,075 +1.9 1,489,759,505 1,474,461,965 +1.0
_ _ 81,872,990 71,939,955 +13.8 569,632,780 542,589,714 +5.0
Omaha
71,891,863 58,876,799 +22.1 487,988,847 435,894,012 +11.9
St. Paul
45,632,541 44,207,643 +3.2 318,207,295 302,009,120 +5.4
Denver
41,600,000 35,331,857 +17.7 275,226,589 253,947,280 +8.4
St. Joseph_ _ 28,531,675 26,386,157 •+8.1 230,200,757 214,365,444 +7.4
Des Moines...4 19,007,665 16,026,575 +18.6 135,810,595 123,246,147 +10.2
93,325,843 +7.6
15,739,711 14,416,983 +9.2 100,434,986
Wichita
76,947,953 +11.7
85,969,146
12,960,540 11,849,354 +9.4
Duluth
75,037,762 +20.9
90,715,382
Sioux City_ _ - _ 12,227,581 9,520,541 +28.4
46,915,172 +10.5
51,821,192
7,905,206 6,780,741 +16.6
Lincoln
46,908,702 -0.9
46,50b,148
6,506,232 6,304,126 +3.2
Topeka
40,749,955 +4.5
42,602,523
Cedar Rapids_ 5,501,298 5,874,584 -6.3
44,954,321 +7.4
48,269,648
Davenport_ _ _ _ 6,943,628 5,945,028 +16.7
35,433,037 +14.1
40,423,134
Waterloo
6,386,475 4,380,602 +45.8
26,756,998 +0.6
26,941,316
Helena ,
5,177,234 4,117,101 +24.3
29,553,81 -45.1
16,229,265
Sioux Falls __ _ 2,680,000 3,060,665 -12.4
20,960,67 -11.0
18,660,913
Fargo
1,680,000 3,197,666 -47.1
18,997,675 +4.4
19,831,008
Colorado Spgs. 2,948,389 2,876,916 +2.5
19,120,779 +1.7
19,442,969
Pueblo
2,826,599 2,822,404 +0.1
9,737,629 +2.6
Fremont
9,987,966
1,292,590 1,647,058 -21.5
10,292,434 -9.6
9,302,394
Aberdeen_ 1,369,253 1,390,366 -1.5
5,339,107 +5.3
Hastings
800,612
725,111 +10.4
5,623,679
3,279,906+170.3
1,519,941
Billings
513,719+195,9
8,879,601
15,964,248 +32.0
Joplin
3,200,000 2,513,556 +27.3
21,055,448
Tot.oth.West 192,166,762 542,743,581
+9.1 1,169,533,036 3,966,789,718
+6.1
Week ending July 27.
_ at
Clearings
1912.
San Francisco___
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Stockton
Fresno
San Jose
North Yakitha
Reno
$
46,803,460
20,022,740
10,776,299
9,000,000
4,996,715
3,670,988
3,813,677
3,261,048
1,428,342
2,154,874
689,375
796,351
717,923
536,472
274,744
290,000
Total Pacific
109,233,008
Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Wichita
Duluth
Sioux City
Lincoln
Topeka
Cedar Rapids_ _ _
Davenport
Waterloo
Helena
Fargo
Colorado Springs.
Pueblo
Fremont
Aberdeen
Hastings
Billings
Seven Months 1911.
Seven Months 1912.
Clearings at-
46,065,790
16,638,882
15,606,551
10,770,029
8,022,816
6,036,482
3,641,734
3,729,106
3,110,413
2,240,086
1,558,770
1,520,344
1,117,735
1,687,342
1,235,772
1,118,472
287,753
671,325
536,185
286,860
305,000
198,187
315,224
1911.
Inc. or
Dec.
1910.
1909.
%
+14.0
+17.5
+10.4
+1.8
-18.3
+0.1
-6.4
+6.8
+2.6
+54.5
-7.5
+24.0
+38.1
+42.1
-8.7
+3.2
8
41,454,214
13,000,000
9,975,019
8,445,387
4,218,664
3,751,106
5,595,491
2,543,204
1,044,161
1,113,000
634,187
529,874
479,095
480,000
300,000
260,000
$
35,000,318
11,596,655
11,179,817
5,269,762
6,870,216
2,755,000
5,083,391
1,552,448
913,051
933,000
540,000
507,415
337,453
375,000
230,276
• 250,000
99,251,922 +10.1
93,823,382
83,413,802
+4.0
+14.3
+18.6
-0.6
+7.6
+16.0
+10.0
+11.1
+10.2
+9.5
+12.4
+17.0
+4.4
+27.4
+29.4
+11.2
-45.4
+18.8
-3.3
-22.9
-4.7
+28.3
+186.9
48,078,057
16,602,652
14,693,432
11,647,167
8,300,586
5,984,933
2,924,065
3,528,524
3,516,984
2,182,997
1,370,067
1,170,135
963,394
1,499,112
979,705
888,549
783,105
585,000
485,161
377,875
450,000
190,000
123,046
44,799,268
15,110,320
12,645,752
8,232,006
7,746,929
4,729,202
2,966,111
2,880,140
2,801,208
2,542,687
1,412,979
1,392,230
768,367
1,178,978
$
41,042,664
17,042,134
9,757,544
8,843,440
6,116,438
3,668,671
4,072,607
3,054,712
1,392,759
1,395,000
745,687
642,063
520,000
377,377
300,826
280,000
44,291,518
14,558,822
13,160,807
10,838,704
7,458,257
5,204,012
3,310,453
3,355,907
2,822,801
2,046,556
1,387,096
1,291,861
1,070,721
1,324,446
954,880
1,005,387
526,860
565,393
554,405
371,333
320,000
154,527
109,884
Deseription.
Par Value
or Quantity.
Actual
Value.
4ver. Par Value
Price or Quantity.
Actual
Value.
Aver.
Price
StockfSh 's
76,544,864
59,904,498
Val_ 86,914,121,126 36,765,345,090 97.8 5,339,282,050 85,207,011,661 95.5
425,037,586 96.3
433,843,881 96.7
RR. bond
448,834,000
441,207,00C
1,060,75. 02.8
2,117,722 103.1
2,054,500
Gov't bds_
1,032,006
15,009,202 97.3
77,157,506
77,392,588 100.3
State bond
15,419,506
852,128 244.6
Bank stks
1,297,006
3,456,461 266.5
348,401
Total.... 7,372,128,021 37,207,304,76.. 97.85,868,625,050 35,723,822,323 97.6
The following compilation covers the clearings by months
since Jan. 1:
MONTHLY CLEARINGS.
Clearings Outside New York.
Clearings, Total All.
Month.
1912.
1911.
%
1912.
1911.
%
6
$
$
$
Jan __ 15,175,161,478 14,994,695,194 +4.7 6,339,569,939 5,963,447.224 +6.3
Feb __ 12,968,617,648 12,269,918,159 +5.7 5.655,961,284 4,974,752.712 +13.7
Mob __ 14,520,179,200 13,470,154.904 +7.8 6,103,224,978 5,848,553,399 +4.3
tat qr.
_ 42,663,948,326 40,234.768.257 +6.0 18,098,764,201 16,786,753.335 +7.8
April. 15,043,870,590 12,403,607,069 +21.3 6,213,715,072 5,433,794,576 +14.3
May _ 14.883,783,164 13,524,593,344 +10.0 6,104.005,676 5,565,969,334 +9.7
J 'ne__ 13,690,863,132 13,834,186,185 -1.0 5,729,871,661 5,618,651,318 +2.1
2d qr. 43,618,516,886 39,762,386,598 +9.8 18,047,592,419 16,618,415,228 +8.6
6 mos_ 86,282,565,212 79,997,154,855 +7.9 36,146,356,620 33,405,168,563 +8.2
July__ 14,015,295,081 13,069,255,484 +7.2 6,094,212,852 5,553,439,060 +9.7
The course of bank clearings at leading cities of the country
for the month of July and since Jan. 1 in each_of.,the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
July
---Jan. 1 to July 311912. 1911. 1910. 1909. 1912.
1910. 1909.2
1911.
$
$
$
$
$
$
$
$
7,921 7,516 7,879 8,320 58,057 54,108 60,838 57,401
1,271 1,165 1,142 1,176
7,955
8,272
8,811
8,058
4,883
760
4,949
689
697
709
5,262
4,876
3,840
689
688
658
556
4,672
4,558
4,584
1,917
323
306
298
276
2,156
2,305
2,216
247
209
222
207
1,598
1,488
1,528
1,303
1,091
228
197
195
1,318
171
1,508
1,352
7135
810
750
737
103
104
122
116
824
1,016
914
140
128
1,097
161
152
1,301
1,487
1,490
1,474
192
178
206
202
481
585
581
81
648
98
110
91
4£4
561
596
576
68
68
83
78
496
543
607
570
71
80
72
82
384
409
404
438
52
50
56
58
427
547
539
631
75
79
81
99
340
400
376
418
51
53
55
59
382
538
471
663
98
79
64
57
218
237
238
256
37
32
35
33
420
491
436
72
59
488
62
59
261
294
296
51
44
45
40
324
267
329
96
44
50
39
318
302
240
40
41
272
43
39
257
258
264
281
42
35
39
38
275
254
202
227
38
32
30
32
255
228
151
30
22
19
19
227
193
177
309
350
309
50
45
48
55
335
109
134
134
147
22
20
20
16
190
187
181
283
27
28
24
30
(000,000s
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore ___
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
1.03 Angeles
Providence _
Omaha
Buffalo
St. Paul
Indianapolis
Denver.
Richmond
Memphis
Seattle
Hartford
Salt Lake City..
Total
Other cities
12,961 12,146 12,434 12,698 92,680 83,318 93,288 86,932
5,327
6,453
7,618 6,748
1,054
923
879
771
Total all
14,015 13,069 13,313 13,469 100,298 93,066 99,741 92,259
Outside New York_ 6,094 5,553 5,434 5.149 42,241 38,058 :38,903 34,858
Moitutargisg011ImetciaMnglisligeirs
(From our own correspondent.)
London, Saturday, July 20 1912. On Wednesday Consols fell to the lowest point they have
touched in the lifetime of the present generation. They
remained there only for a very short time, a recovery taking
place when it became known that the new issue of Exchequer
242,182
bonds had been taken by private agreement. The British
Tot. oth. West. 126,700,861 116,684,630 +8.6 127,324,546 112,536,359 Government some time ago took over the telephone system
of the National Telephone Company at a price which was
The volume of transactions in share properties on the finally to be settled by arbitration. This week a preliminary
to the preference
New York Stock Exchange each month since Jan. 1 in 1912 decision respecting the amount to be paidCo.
was delivered
shareholders of the National Telephone
and 1911 is indicated in the following:
and on Wednesday the company sold to the Messrs. RothsSALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
child £3,800,000 of three per cent Exchequer bonds repayable on the first of January 1930. The price was 9332;
1011.
1912
therefore, the buyers will receiveThearly £3 us, per cent
during the period the bonds have yet to run-that is a little
Number
Values.
Number
Values.
Of
of
of 173 years. The price shows how seriously the
short
Shares.
Par.
Actual.
Par.
Actual.
Shares.
credit of the British Government has fallen owing to the
$
8
very great depreciation in Consols. Still the transaction
Jan. 10,906,138 970,876,425 058,417,28 10,416,526 907,563,875 872,467,419
City as so much of a success for the
Feb.. 7,086,544 621,704,400 602,463,418 10,194,217 902,448,900 879,948,718 was regarded in the
Ma- 14,552,052 1,334,837,225 1,312,748,973 6,823,868 619.067,575 600,479,480 Government that there was an almost immediate recovery
when it became known that the purchas?, was
lstqr 32,544,734 2,927,418.050 2,873,629,677 27,434,611 2,429,080,350 2,352,895,617 in Consols
completed. Nearly 3% millions of the bonds are taken by
April 15,959,338 1,452,962,700 1,438,401,408 5,369,350 471,409,900 456,396,404
joint-stock banks. The small remainder is reserved for
May 13,662,747 1,233,734.950 1,210,479,868 11,115,578 983,924,050 971,047,984 the
June 7,219,721 645,234,075 622,417,928 10,508,400 951,730,450 940,178,916 the general public.
The depreciation in consols is due largely to the fear of
2d qr 36,841,806 3,331,931,725 1,271,299,204 26,993,328 2,407,064,4002,367,613,304
an ultimate war between this country and Germany. The
6,259,349,7756,144,928,881
69,386,540
54,427,939 1,836,144,7504,720,518,921 danger, of course, is very much less now than it was. Still,
6
July_ 7,158,324 654,771,350 620,416,209 5,476,559 503,137,300 486,492,746 the fear exists. Secondly, it is due to the very low rate
of interest on Consols, and to the admission by the late
685,018
450,407
591,584
422,242
338,754
[VOL. Lxxxxv.
THE CHRONICLE
276
Government of an immense number of securities to the
list of those in which trustees can invest. Formerly the
list was very small, Consols forming the vast majority.
Now the list is so great that there is no need to invest in
consols. Thirdly, no doubt, the sales of securities on the
decease of rich men to pay'the death duties has to be set
against the influence of the sinking fund. But when all
these things are allowed for, there is no doubt that the
depreciation is largely due to the unpopularity amongst the
rich of the policy of the present Government and especially
to the unpopularity of the present Chancellor of the Exchequer.
The Government has decided to refer the whole question of
the causes of the depreciation to a Committee of Inquiry.
Partly owing to the depreciation in Consols, partly to the
losses suffered in the recent liquidation, and partly to the
general belief that now that the holiday season has come it
Is very improbable that there will be much activity in
markets for a couple of months yet, there is exceedingly
little doing in the Stock Exchange. The traffic returns of
the railway companies are good. It would be surprising if
they were not, for trade is exceedingly active, and yet in
spite of the good traffics and the reasonable probability
that the dividends will be satisfactory, the British railway
market is almost neglected. Indeed, nearly everything
purely British for the moment is out of favor. On the other
hand, new issues of all kinds are increasing. It is quite
true that the investing public is not taking them with very
great eagerness. In many cases underwriters are left with
a very large proportion of them. But the new issues continue to come out in great abundance, and this helps to
depress the market for old securities.
The Bank of England once more is in complete control of
the open marketand is likely to continue so for the remainder
of the year. The Bank keeps its rate at 3 per cent, and will
do so no doubt, as long as possible. The general expectation 1S that there will be no very considerable rise in rates for
a couple of months anywhere in Europe. It is also thought
probable that, owing to the Presidential election business
to make it
will not become so active in the United States as '
necessary for New York to withdraw the balances that
stand to its credit in Europe. If not, it is taken for granted
that New York will continue to finance Berlin. In that case
it is hoped that rates all over the Continent will not become
excessively dear, at all events until the autumn. Here in
London the Bank of England is steadily growing in strength.
On Wednesday evening it held very nearly 41 millions
sterling in gold and its total reserve exceeded 30 millions
sterling. As foreign countries are not competing for the
gold offering in the open market every Monday,the Bank is
likely to continue to grow in strength. The feeling, therefore,
is general in the city that even if money becomes unexpectedly scarce and dear upon the Continent or elsewhere, the
Bank of England will be strong enough to meet the occasion
calmly.
The India Council offered for tender on Wednesday 501acs
of its bills and telegraphic transfers and the applications
amounted to nearly 5071/i lacs at prices ranging from
is. 4d. to is. 4 1-16d. per rupee. Applicants for bills at
is. 4 1-32d. and for telegraphic transfers at is. 4 1-16d, per
rupee were allotted 53 per cent.
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:
gonmercialand WasctliantonsReim
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED TO NATIONAL BANKS JULY 18 TO JULY 24.
10,229—The First National Bank of Strawn, Tex. Capital, 425.000. S. J.
Stuart, Pres.; W. L. Stephen, Cashier.
10,230—The First National Bank of Paducah, Test. Capital, $50,000.
T. C. Phillips, Pres.; 0. L. Thomas, Cashier. (Conversion of the
Paducah State Bank.)
10,231—Southwest National Bank of Commerce of Kansas City, Mo. Capital, $3,000,000. J. W. Perry, Pres.; James T. Bradley, Cashier.
(To succeed the National Bank of Commerce of Kansas City, Mo.,
and the Southwest National Bank of Kansas City, Mo.)
10,232—The First National Bank of Claysburg, Pa. Capital, $25,000.
John W. Johnston, Pres.; P. N. Risser, Cashier.
10,233—The First National Bank of Venice, Cal; Capital, $50,000.
A. McNally*, Pres.; J. W. Lawrence Jr., Cashier.
DIVIDENDS.
• The following shows all the dividends announced for tha
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
Cent.
When
Payable
Books Closed
Days Inclusive
Railroads (Steam).
Aug. 28 Holders of rec. July20a
3
Alabama Great Southern, preferred..__ _
Atch. Top.& Santa Fe,com.(qu.)(No.29) 1% Sept. 2 Holders of rec. July3la
3
Sept. 3 Holders of rec..Aug. in
Baltimore & Ohio, common
Sept. 3 Holders of rec. Aug. la
2
Preferred
1 Holders of rec. Aug.31a
1
Oct.
Boston & Maine, common (guar.)
3
Sept. 3 Holders of rec. Aug.15a
Preferred
Aug. 15 Holders of rec. Aug. 9
Buffalo Rochester & Pittsburgh, coin. & pld. 3
Chicago Milwaukee cfc St. Paul, common _ _
Sept. 3 Holders of rec. Aug.12a
Preferred
3% Sept. 3 Holders of rec. Aug.12a
Aug. 20 Holders of rec. Aug. 2a
Chic. St. Paul M. & Om., com. & pref_ _
1% Sept. 3 Holders of rec. Aug. 10
Cleve. & PiUsb., reg. guar. (guar.)
I • Sept. 3 Holders of rec. Aug. 10
Special guaranteed (quer.)
Aug. 31 Holders of rec. Aug la
Illinois Central (No. 115)
3% Aug. 10 July 20 to Aug 11
Louisville & Nashville
52% Aug. 1
Mexican Southern
2
Aug. 10 Holders of war. No .10
Nat. Rys. of Mexico, 1st pref.(No. 10)
N. Y. Chicago & St. Louis, 1st & 2d pref _ 2% Aug, 31 Holders of rec. Aug. la
2
N. Y. N H. & Hartford (guar.)
Sept. 30 Holders of rec. Sept.9a
Sept. 19 Holders of rec. Aug.31a
Norfolk & Western, common (quar.)___ _
1
Preferred (guar.).
Aug. 19 Holders of ree. July3la
Aug. 20 Holders of rec. Aug.10a
Oswego & Syracuse
1% Aug. 31 Holders of rec. Aug. 5a
Pennsylvania (guar.)
Sept. 3 Holders of rec. Aug. 3
Portland (Ore.) By.,L. & P.(qu.)(No. 7) $1
15,6 Aug. 8 Holders of rec. July23a
Reading Company, common (quar.)___ _
1
Sept. 12 Holders of rec. Aug.27a
First preferred (quar)
Rome Watertown & Ogdensb.,guar.(qu.) I% Aug. 15 Holders of rec. July3la
St. Louis Rocky Mtn. cfc Pac., pref.(No. 1) 154 Aug. 31 Aug. 11 to Sept. 2
1% Aug. 10 Aug. 1 to Aug. 10
Utica Clinton & Binghamton
Street and Electric Railways.
tug. 15 Holders of rec. Aug. 1
2
Binghamton Ry
ug. 16 Holders of rec. Aug. 3
3
Boston Elevated By
.ept. 16 Holders of rec. Aug.30a
Brock. dc Plymouth St. Ry., pref.(No. 7) 3
1 Holders of rec. Aug. 2a
set.
Chicago Rys. Participation Ws.. Ser. L.. $6
Aug. 16 Aug. 1 to Aug. 15
I
Conn. Ry.& Ltg., corn. & pref.(guar.)._
Detroit United Ry. (guar.)
15% Sent. ad Holders of rec. Aug.16a
Massachusetts Northern Rys., pref. (qu.)... 1% Aug. 1 Holders of rec. Juty26a
Nor.Texas El. Co.,corn.(qu.)(No. 12)- - 1% xopt. 3 Holders of rec. Aug.15a
3
Preferred (No. 14)
apt. 3 Holders of rec. Aug.15a
Philadelphia Company, preferred
234 'ept. 2 Holders of rec. Atig.10a
Tampa Electric Co. (guar.)(No. 31).._
2% Aug. 15 Holders of rec. Aug. la
Banks.
Metropolis, Bank of the (guar.)
4
Aug. 1 July 27 to July 31
Miscellaneous.
Amalgamated Copper (guar.)
1
Aug. 20 Holders of rec. July27a
Amer. Bank Note Corp., corn. (quar.)_ _
1
Aug. 15 Aug. 2 to Aug. 15
Common (extra)
% Aug. 15 Aug. 2 to Aug. 15
Amer. Beet Sugar, corn. (guar.) (No. 4). 13
Aug. 15 Holders of rec. July 27a
Amer. Graphophone, Pref. (Q11.)(No. 56) 15% Aug. 15 Holders of rec. Aug. 1
American Radiator, common (guar.)
2
Sept. 30 Sept. 22 to Sept. 30
Preferred (guar.)
134 Aug. 15 Aug. 7 to Aug. 15
American Utilities, Preferred (guar.).-- 134 Aug. 11) Holders of rec. July 31
sig. 15 Holders of rec. Aug. 8
355
Bond & Mortgage Guarantee (guar.). _ _ _
4
Aug. 16 Aug. 6 to Aug. 15
Barden.,Corul. Milk., corn.(No.34)
154'apt. 15 Holders of rec. Sept. 5
Preferred (guar.)(No. 43)
$5
ept. 16 Holders of rec. Aug. 22
Buckeye Pipe Line (guar.)
London.
15% Aug. 15 Holders of rec. July3la
Cambria Steel (guar.)
Sal
Mon.
Tues.
Wed. Thurs.
Week ending August 2.
Fri.
Canada Cement,Ltd., pref.(au.)(No.10) 134 Aug. 16 Aug. 1 to Aug. 10
Silver, per as
d 27 13-16 27 13-16 275%
27%
27 9-16 275
%
% Aug. 3 Holders of rec. Aug. 15
Columbus (0.) Gas & Fuel, coin. (guar.). _
745%
74 9-16 745%
Consols, 25% per cents
74z%
74 7-16 74 7-16
134 sept. 16 Holders of rec. Aug. 14
Consolidated Gas (guar.)
5
For account
745%
74 9-16 74 11-16 74 13-16 74%
743-16
154 'apt. It Holders of rec. Aug.31a
Diamond Match (guar.)
French Rentes (in Paris)_fr. 92.15 92.275% 92.175% 92.275% 92.275% 92.30
134 ,
ept. Si Holders of rec. Aug.23a
General Chemical, corn. (guar.)
Amalgamated Copper Co_
85
845%
835%
86
845%
855%
Goodrich (B. F.) Co., common (No. 1).... 1 • Aug. 15 Holders of rec. Aug. 50
Amer. Smelting & Ref. Co.._ 855%
845%
845%
855%
85%
865%
25% Aug. 12 Holders of rec. Aug. 8a
Gorham Mfg., common (guar.)
bAnaconda Mining Co
85%
85%
85%
8%
85%
85%
25e. Aug. 31 Holders of rec. Aug.14a
Greene Cananea Copper
Atchison Top. & Santa Fe..c1095%
109%
1105%
1095%
1095%
1105%
3
Houston Oil, preferred
Preferred
105
1055%
1055%
105
105
105
$3 Aug. 15 Holders of rec. July 15
Indiana Pipe Line (guar.)
Baltimore & Ohio
1095%
1105%
1095%
c1.095%
Ill
1095%
Internat. Harvester, pref. (qu.)(No. 22) 144 Sept. 3 Holders of rec. July 31a
Preferred
00
90
00
90
90
89
534 Sept. 3 Aug 14 to Sept. 3
International Nickel, common (guar.).—
Canadian Pacific
2725%
2725%
2715%
281
2755%
2805%
Jefferson & Clearfield Coal & Iron, pref _ _ 234 Aug. 15 Holders of rec. Aug. 9
Chesapeake Az Ohio
83
825%
825%
835%
825%
835%
Kings County El. L.& P.(qu.)(No.50)_
2
Sept. 3 Holders of rec. Aug. 21
Chicago Great Western
17
17
17
17
17
175%
Lehigh Coal & Nay.(guar.)(No. 135)—
Aug. 31 Holders of rec. July3la
2
Chicago Milw. & St. Paul_ _ _106
106
1055%
1075%
1065%
1105%
May Department Stores, coin. (guar.)._ _
134 Sept. s Holders of rec. Aug. 15
Denver & Rio Grande
195%
195%
195%
195%
195%
195%
Mexican Petroleum, corn. (guar.)
Aug. 26 Holders of rec. July3la
1
Preferred
36
36
36
36
36
365%
Miami Copper (guar.)(No. 2)
50c Aug. 15 Holders of rec. Aug. la
Erie
365%
365%
365%
365%
375%
375%
Mobile Electric Co., pref. (guar.)
15% Aug. 15 Holders of rec. July3la
First Preferred
55
545%
56
545%
545%
56
Montreal Lt., H.& Pow.(qu.)(No.45)25% Aug. 15 Holders of rec. July 31
445%
Second Preferred
45
445%
45
45
455%
National Carbon, pref.(guar.)
15% Aug. 15 Aug. 6 to Aug. 15
13-eat Northern, preferred_ _1435%
1445%
1435%
1465%
1435%
1445%
National Lead, corn. (guar.)
Sept. 14 to Sept. 17
Sept.
1
Illinois Central
132
132
c1315%
132
133
1345%
Preferred (guar.)
Sept. 16 Aug. 24 to Aug. 27
Lmilsville & Nashville
162
162
162
1615%
162
1635%
Nevada-Calif. Pow. (payable in scrip)... $5
7
21. Aug. 10
Missouri Kansas & Texas__ _ 285%
28%
28
285%
2828%
lde2
rs
8 of trocc. A Ig
j
doly
Omaha Water, 1st preferred
g..
615%
Preferred
615%
615%
615%
62
62
People's Gas Light & Coke (guar.)
15% Aug. 26 Holders of rec. Aug. 3a
Missouri Pacific
375%
375%
375%
375%
38
375%
Pittsb. Term. Wareh. & Transf.(mthly.)
Nat. RR.of Mex., 1st Pref 69
69
69
69
69
69
Pressed Steel Car, pref. (qu.) (No. 54).. _ 18114c. Aug.Aug.g 1 5
1 Aug. 1 to Aug. 20
Second preferred
315%
31
315%
315%
315%
315%
Procter & Gamble, common (guar.)
3
Aug. 15 Holders of rec July3la
N.Y.Central & Hudson Rtv.118% 1185%
119
1205%
1185%
1185%
15 Holders of rec. July3la
Pullman Company (guar.)(No. 182)_
Aug.
2
N. Y. Ontario & Western
335%
335%
335%
335%
335%
335%
Pure Oil, conation (guar.)
..
Norfolk & Western
1215%
122
1205%
1195%
1195%
1205%
Extra
Preferred
91
91
91
1
221
% 1ktig.
Sept..3e
31 Holders of rec. Aug. la
Quaker Oats, preferred (guar.)
Northern Pacific
1265%
12845% 156 ;
1265%
1265%
Sears, Roebuck de Co.,common (guar.).- Ig Aug. 15 Holders of rec. July3la
aPennsylvania
635% 635% 635% 633% 635% 635%
Silversmiths Company (guar.)
Aug. 15 Holders of rec. Aug. 8a
15%
aReading Company
845%
855%
845%
84
855%
845%
Sou. Calif. Edison, corn.(qu.)(No. 10)- - lg Aug. 15 Holders of rec. July 31
aFirst Preferred
46
46
46
46
46
46
Southern Pipe Line (guar.)
$8 Aug. 31 Holders of rec. Aug. 15
• aSecond Preferred
49
49
' 49
Standard Milling, common (No. 1)
Aug. 3 July 28 to Aug. 4
2
Rock Island
255%
2-5
.5%
iai/i
itiK
255%
255%
3
Aug. 31 Holders of rec. July3la
011
01
Standard
Indiana
(guar.)
Southern Pacific
1125%
1125%
1135%
1125%
1145
1125%
%
Tennessee Copper
81
Aug. 10 Holders ot rec. Juiy29a
Southern Railway
295%
295%
305%
295%
295%
295%
354 Sept. 1 Aug. 18 to Sept. 1
S.
U.
Envelope,
preferred
Preferred
79
79
79
795%
79
80
U. S. Printing of N. J., pref. (guar.) _
134 Aug. 15 Aug. 4 to Aug. 15
Union Pacific
1735%
1725%
1725%
1745%
1765%
1735%
U. S. Steel Corp., corn. (guar.)
154 Sept. 28 Sept. 1 to Sept. 8
Preferred
93
93
93
93
93
93
Preferred
(guar.)
Aug.. 30 Aug. 6 to Aug. 11
U.S. Steel Corporation
72
715%
715%
715%
735%
74
U. S. Telephone, pre/. (guar.)
15% Aug. 15 Headers of rec. July 30
Preferred
115
1155%
1145%
1155%
1145%
mg
Vacuum 011
.tug.
15 Holders of rec. Aug. 1
3
Wabash
45%
5%
uti titt
45%
45%
Virginia-Carolina Chemical, common..... 1341 Aug. 15 Aug. 4 to Aug. 15
Preferred
14 - 14
14
14
Extended 4s
70
70
70
70
705%
705%
a Transfer books not closed for this dividend b Loss Income tax. d Correction.
k Declared 3% payable 134% Aug. 15 1912 and 134% Feb. 15 1913. 1 Payable in
a Price per share. b.£ sterling. c Ex-dividend.
scrip.
L
1
iiis
134
AUG. 3 1912]
THE CHRONICLE
Auction Sales.-Among other securities, the following, not
usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent. Bonds.
Shares.
Per cent.
50 Guilford Dairy Lunch Co_ _ _$10 lot
70 Hotel Cumberland,com..$12 per lot
70 Hotel Cumberland, pf__ _$5 per sh. $20,000 United Breweries Co. 6%
$35 per sh.
10 Star Hygeia Ice Co
85
note, due Sept. 1914
5 Yonkers Curling Assn
$1 lot $100,000 N. Y. & N. J. Water Co.
2,675 Amer. Linen Fibre Co.of Del.
1st consol. 4s, 1950
$10,000 lot
50c per sh.
By Messrs. Francis Henshaw & Co., Boston:
Shares.
$ per sh. Shares.
$ per sh.
100 National Shawmut Bank_ _239-240
14 New London & Nor. RR.Co _205
6 Franklin Co., Lewiston, Me_ _206
8 Municipal Real Estate Trust_ 99
8 Norwich & Wore. RR.._205-205%
By Messrs. R. L. Day
fsr Co., Boston:
Shares.
$ per sh.
10 Bristol Co. Nat.Bank,Taunton_ 97
8 Mass. Cotton Mills, ex-div
119%
2 Con. & Mont. RR., Class 3_ A45
21 Con. & Mont. RR., Class 4.A47-147%
17 Manchester & Lawrence RR_ _222%
7 Boston Woven Hose & Rubber
Co.,common
231
1 American Glue Co., common__ A08
6 Hartford Steam Boiler Inspec316
tion & Insurance Co
25 Waltham Watch Co., common_ 29A
211
1 Plymouth Cordage Co
40 Electric Bond & Share Co., pref.,
993I
ex-dividend
277
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
•,
Net
On Dep.
Surplus. Loans. Specie. Legals. withC.H. Deposits. ReSerVe,
Average. Average. Average. Banlcs. Average.
$
$
$
s
$
$
%
Brooklyn _
2,432,1 18,219,0 1,731,0
439,0 3,342,0 12,374,1 17.5+20.5
Bankers
15,672,9 151,659,0 16,498,0
13,0 21,342,0 109,645,0 15.0+16.2
U.S. Mtg.& Tr 4,567,4 49,451,0 4,642,0
393,0 5,158,0 33,539,0 15.0+13.0
Astor
1,279,1 21,162,0 2,448,0
29,0 1,795,0 16,557,0 15.0+ 9.5
Title Cu.& Tr_ 12,095,9 34,608,0 2,067,0 1,402,0 1,974,0 22,269,0 15.5+ 8.0
Guaranty
22,671,4 161,639,0 16,488,0 1,243,0 18,556,0 115,594,0 15.3+13.8
Fidelity
1,303,4 8,172,0
810,0
235,0
865,0 6,458,0 16.1+10.6
LawyersT.L&T 6,273,6 19,919,0 1,637,0
784,0 1,805,0 15,430,0 15.6+10.4
Colum-Knicker 7,079,8 50,993,0 5,448,0
710,0 4,486,0 40,863,0 15.0+ 9.8
Standard _ _ _ _ 1,389,6 15,927,0 2,206,0
20,0 1,560,0 14,342,0 15.5+ 9.8
People's
1,710,0 17,830,0 1,844,0
471,0 1,819,0 15,485,0 15.0+10.2
New York__
11,682,5 46,065,0 5,070,0
148,0 3,505,0 31,378,0 16.6+10.0
Franklin
1,326,3 11,179,0 1,078,0
980,0 9,051,0 15.6+ 9.6
330,0
Lincoln
557,1 11,161,0 1,370,0
223,0 1,237,0 10,579,0 15.0+10.4
Metropolitan_ _ 6,111,5 25,689,0 2,694,0
9,0 2,525,0 17,984,0 15.0+12.3
Broadway __
571,0 9,094,0 1,031,0
360,0
966,0 9,059,0 15.3+ 9.4
Per cent.
Bonds.
$8,000 Cent. 011 Co. of Boston coll.
Totale, Avge__ 96,723,6 652,767,0 67,062,0 6,815,0 71,915,0.480,613,0 15.3+11.2
tr. cony. 6s, 1925, coup. April 1
10% ,flat
1908 and subs. on
Actual figures July 27_ 651,696,0 64,849,0 6,688,0 74,165,0 477,150,0 14.9+13.9
82,000 Cent. Oil Co. of Boston
coll. tr. cony. 6s, 1925, coup.
10%
April 1 1907 and subs. on
The capital of the trust compan es Is as follows* Brooklyn, 81,000,000; Bankers,
flat
$1,000 Cent. Oil Co. of Boston
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, 81,250,000; Title
coll. tr. cony. 6s, 1925, coup.
Guarantee & Trust, $4,375,000; Guaranty, $5,000,000; Fidelity, $1,000,000:
Oct. 1 1999 and subs. on
Lawyers' Title Insurance & Trust, 54,000,000; Columbia-Knickerbocker, $2,000,8180,000 United Oil & Refining $15,000 000; Standard, $1,000.000; People's,
$1,000,000; New York, $3,000,000; Franklin.
'Co. deb. Os, 1925
) lot
81,000,000; Lincoln, $1,000.000; Metropolitan, $2,000,000; Broadway, $1,000,000:
4,000 United Oil & Refining Co
total. $40.625,000.
$7,000 City of Bost. 4s,'48, tax-ex _105%
$10,000 Boston Term.Co.33-8,1947 97
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
By Messrs. Barnes & Lofland, Philadelphia:•
$ per sh.
S'utres.
200 United Shoe Stores Co., Class
1
A, par $1
3 Farmers' & Mech. Nat. Bank_144
2 Pennsyl. Co. for Ins., &c
650
306
8 Bank of North America
10 Corn Exchange Nat. Bank_ _ _ _300
5 Girard National Bank
419%
1 Girard Trust Co
990
5 Fire Assn. of Phil ., par $50_355
37 People's Nat. Fire Ins. Co.,
par $25
25
5 Chester Creek RR.Co., par $50 60
10 Citizens' Pass. Ry
295
25 West Phila. Pass. Ry
203
10 Amer. Pipe & Construction Co.. 90
38 Phila. Life Ins. Co., par 310_ 10%
$ per sh.
Shares.
4 Phila. Bourse, corn., par 850_ 5
40 Kimberly Consol. Mines Co.,
25c.
par $1
953
1 Real Estate Trust, preferred
Bonds.
Per cent.
$4,500 Colum. Pow., Lt. & Ry. Co.
26
coll. tr. 5s, 1939
$100,000 Amer. Union Teleph. Co.
1st 5s, 1957 (coups. from Aug. 1
82,100 lot
1910 attached)
82,000 Buff. & Lake E. Tract. Co.
68-653I
first ref. 5s, 1936
$10,000 City of Phila. 4s, 1938,.,,1013I
8100 Springf. Wet. Co. 6s, 1922_105
S2,000 Springf. Wet. Co.5s, 1926_ _ 99
$2,700 No.Springf.Wat.Co.5s,'28 98%-99
Week
ending Capital. Surplus.
July27..
Loans.
Specie.
On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits
Averages.
s
i
s
$
$
s
s
Banks .133,650,0 197,084,4 1,388,977,0291,571,0 81,993,0
1,426,189,0
Trust cos_ 40,625,0 96,723,6 652,767,0 67,062,0 6,815,0 71,915,6 480,613,0
Total_ _ _ 174,275,0293,808,02,041,744,0358,633,0 88,808,0 71,915,0 1,906,802,0
Actual.
Banks
1,430,976,0
1,391,121,0295,358,0 81,660,0
Trust cos
651,696,0 64,849,0 6,688,0 74,165,0 477,150,0
Total_
2,042,817,0 3110,207,0 88,348,0 74,165,0 1,908,126,0
The State Banking Department also furnishes weekly
returns of the State banks and trust companies undvr its
Bonds.
Per cent. charge. These returns cover all the institutions of this class
Per cent. Bonds.
$400 City of Philadelphia 4s, 1940_101% $1,000 Springfield Water Is, 1926. 99
in the whole State, but the figures are compiled so as to
$1,000 No.Springf. Wet. 5s. 1928_ 99
distinguish between the results for New York (ity (Greater
New York) and those for the rest of the State, as per the
Statement of New York City Clearing-House Banks and following.
For definitions and rules under which the various items
Trust Companies.-The detailed statement below shows the
condition of the New York City CleAring-House members are made up, see "Chronicle," V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
for the w eek en ing July 27. The figures for the separate
banks a e the a erages of the daily results. In the case of
Trust Cos. State Banks
State Banks
Trust Cos.
outside of
outside of '
the totals, actual figures at thc end of the week are also given. Week ended July 27 GreaterinN. Y GreaterinN. F. Greater
N. F. Greater N. Y
For definitions and rules under which the various items are
$
$
3
$
made up, see "Chronicle," V. 85, p. 836, in the case of the Capital as of March 21__.. 22,387,400 59,750,000
9,525,000
9,605,100
banks, and V. 92, p. 1607, in the case of the trust companies. Surplus as of March 21 __ 38,732,700 170,776,700 12,085,744 12,095,489
By Messrs. Samuel T. Freeman & Co., Philadelphia:
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s• omitted.
Capital. Surplus.
Loans.
Average.
Loans and investments__
Change from last week_
Specie. Legals. Net Depos. ReAverage. Average. its, Aver. serve.
$
$
3
$
$
Bank of N. Y_ 2,000,0 3,786,1 21,482,0 4,202,0
771,0
Manhattan Co. 2,050,0 4,685,0 37,200,0 10,432,0 1,629,0
Merchants__ 2,000,0 2,033,3 20,523,0 4,451,0 1,170,0
kfech.&Metals. 6,000,0 8,618,6 58,310,0 13,458,0 2,012,0
America
1,500,0 6,324,7 26,427,0 4,781,0 1,988,0
City
25,000,0 28,458,3 193,178,0 43,069,0 8,265,0
Chemical _
3,000,0 7,003,0 28,399,0 4,724,0 2,118,0
kierchants' Ex.
600,0
201,0
522,9
7,011,0 1,628,0
Butch.&Drov_
300,0
62,0
127,1
476,0
1,926,0
Greenwich_ .
500,0
944,9
185,0
8,413,0 2,225,0
Am. Exchange 5,000,0 4,527,1 42,784,0 9,987,0 1,435,0
Commerce__ 25,000,0 15,494,11 144,509,0 18,766,0 12,225,0
Pacific
500,0
946,7
4,689,0
579,0
594,0
Ohat. & Phen_ 2,250,0 1,244,8 17,881,0 2,773,0 1,777,0
200,0
People's
470,7
1,793,0
493,0
151,0
3,000,0 13,346,6 72,088,0 15,805,0 6,011,0
Hanover
Citizens' Cent.. 2,550,0 2,059,6 23,194,0 5,226,0
619,0
1,000,0
Nassau
475,6 10,990,0 1,652,0 1,673,0
Market & Fult. 1,000,0 1,855,1 • 9,158,0 1,527,0 1,124,0
Metropolitan _ 2,000,0 1,684,8 12,250,0 2,988,0
271,0
(Porn Exchange 3,000,0 5,689,8 49,392,0 7,479,0 6,540,0
1,500,0 7,749,2 25,899,0 3,716,0 2,286,0
Imp. & Traci_
5,000,0 13,317,3 87,912,0 21,006,0 2,156,0
Park
69,9
250,0
1,454,0
East River_ _ _
308,0
117,0
5,000,0 5,831,9 32,465,0 7,857,0 1,900,0
Fourth
1,000,0 2,441,5 14,263,0 3,230,0
Second
159,0
10,000,0 21,585,5 118,662,0 24,864,0 2,597,0
First
4,000,0 3,112,1 36,746,0 7,302,0 2,934,0
Irving
3,407,0
795,2
250,0
823,0
Bowery
88,0
8,408,0 1,374,0
N. Y. County_
500,0 1,758,4
687,0
4,239,0
726,5
847,0
German-Amer.
750,0
228,0
5,000,0 9,100,9 89,550,0 24,765,0 5,842,0
abase
Fifth Avenue_
100,0 2,214,1 13,446,0 2,782,0 1,145,0
German Exch.
3,371,0
838,1
523,0
200,0
335,0
5,418,0 1,228,0 . 254,0
Etermania _ _
200,0 1,044,2
Lincoln
1,000,0 1,738,9 16,410,0 3,717,0
923.0
Barfield
9,096,0 1,937,0
1,000,0 1,280,6
258,0
Fifth
3,317,0
375,0
525,9
568,0
250,0
Metropolis _
985,0 2,027,0
1,000,0 2,161,2 11,828,0
West Side_ _ _
4,187,0
891,0
279,0
200,0 1,006,7
Seaboard
1,000,0 2,183,2 25,585,0 5,571,0 2,536,0
Liberty
1,000,0 2,707,3 22,274,0 5,997,0
798,0
N.Y.Prod.Ex. 1,000,0
9,169,0 2,496,0
407,0
833,6
State
1,000,0
743,2 16,313,0 4,984,0
356,0
Security
1,000,0
418,11 10,287,0 2,626,0 1,061,0
1,000,0
Coal & Iron_ _ _
6,115,0 1,053,0
493,8
607,0
1,000,0
union Exch.
980,5
9,759,0 2,165,0
360,0
Nassau, Elltlyn- 1,000,0 1,127,0
7,800,0 1,428,0
264,0
s
%
19,395,0 25.7
44,100,0 27.3
21,216,0 26.4
58,046,0 26.6
26,607,0 25.4
193,128,0 26.0
25,600,0 26.7
7,253,0 25.2
2,099,0 25.6
9,534,0 25.2
42,811,0 26.6
123,258,0 25.1
4,440,0 26.3
18,222,0 25.0
2,184,0 29.4
81,071,0 28.9
22,392,0 26.1
12,758,0 26.0
9,433,0 28.0
12,618,0 25.8
57,767,0 24.2
23,401,0 25.6
91,930,0 25.1
1,735,0 24.5
34,415,0 28.3
13,684,0 24.7
110,230,0 25.0
39,114,0 26.1
. 3,555,0 25.6
8,559,0 24.0
4,050,0 26.5
104,930,0 29.1
16,373,0 25.5
3,401,0 25.2
6,186,0 23.9
17,452,0 26.5
9,117,0 24.0
3,618,0 26.0
11,624,0 25.9
4,737,0 24.7
30,494,0 26.5
24,870,0 27.
11,024,0 26.3
21,348,0 25.0
14,410,0 25.5
6,297,0 26.3
9,995,0 25.2
6,702,0 25.2
Totals, Avge__ 133,650,0 197,084,4 1388,977,0 291,571,0 81,993,0 1426,189,0 26.1
Actual figures July 27_
1391.121.0 295.358,0 81,660.0 1430.976.0 26.3
Circulation -On the basis of averages,circulation of national banks In the Clearing
Mouse amounted to $45,739,000, and, according to actua figures, were $45,769,000.
•
294,416,100 1,196,582,600
-978,100 -11,190,900
Specie
Change from last week_
54,145,900
-446,700
126,161,900
-1,705,800
Legal-tenders & bk. notes
Change from last week_
22,280,100
+313,400
10,539,400
-148,100
Deposits
Change from last week_
Reserxe on deposits
Change from last week..
P.C. reserve to deposits
Percentage last week
346.486,100 1,312,016,100
-1,614,900 -8,981,400
108,716,800
+70,700
169,155,800
+381,900
114,834,000
-289,100
176,413,200
-509,100
22,982,700
-1,069,209
96,974,800
-917,000
145,306,900
-1,343,100
22,673,500
-172,900
28.9%
29.1%
16.5%
16.4%
20.9%
21.0%
14.1% .
14.7%..
+ Increase over last week. -Decrease from last week.
Note.-"Surplus" Includes all undivided profits. "Reserve on deposits" includes
for both trust compan es and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as Shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to loe1C.
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 amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for It by any public department.
-Trust dos.- -State BanksTotal
Of
Total
Reserve Required for Trust Companies
Of
Reserve which Reserve
and State Banks. •
tchich
Required.in Cash. Required. in Cash
Location15%
15%
25%
Manhattan Borough
15%
13a
Brooklyn Borough (without branches In Manhat.) 15%
IR
10%
1
Other Boroughs(without branches in Manhattan) 15%
7%%
15%
Brooklyn Borough, with branches in Manhattan...15%
20,0
20%
15%
Other Boroughs, with branches In Manhattan_ _ _ _15%
15%
15%
10%
5%
,Cities of the first and second doss
10%
3%
Cities of the third class and villages
Elsewhere In State
-18,;. -6%
The Banking Department also undertakes to present separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the rosults (both actual and average) for the Clearing-
278
THE CHRONICLE
[VoL. Lxxxxv.
House banks and trust companies. In addition, we have
Boston and Philadelphia Clearing-House Members.-Be"
combined each corresponding item in the two statements, low is a summary of the weekly totals of the Clearing-House
thus affording an aggr gate for the whole of the banks and institutions of Boston and Philadelphia:
trust companies in the Greater New York.
We omit two ciphers(00)in all thesefigures.
NEW YORK CITY BANKS AND TRUST COMPANIES
Capital
and
Loans.
Surplus.
Banks.
Clear.-Hovse
Members.
ActualFigur
Week ended Jarty 27
Clear:House State Banks & Total of all
Members. Trust Co.. Not Banks &Trust
Average. in C.-If. Aver. Cos. Average.
$
$
Capital at of lute 14 _
174,275,000
174,275,001
$
26,068,400
200,3:3,400
Surplus as of June 14_,
293,808,000
293,808,00 S.
*82.647,800
376.455,800
Loans and investment§ 2,042,817,000 2,041,744,00#
Change from laat week +6,879,00
+2,779,00I
616,833,700 2.658,577,700
-5,204,000 -2,425,000
Des:1081W
1,908,126,000 1,906.802,00
Change from last week +7,122,00
+4,645,00
a626,912,800 2,533,714,800
-6,168.300 -1.523,300
Specie
Change from last week
860.207,001
+3,108,000
Legal tenders
L Change from last week
88,348,000
-228,000
Banks:-cask In vault
Ratio to deposits__
358,633.001
+5,473,00
66,082,600
-1,463,700
424.715,600
+4,009,300
68,447,900
+64.900
97.255,900
-291,100
11,707,300
13.76%
385,271,300
88,808,00
-356,00
377,018,000' 373,564.000
28.34%
26.19%
Trust cos.: cash In vaul
71,537,000
73,877,001
62,823,200
136,700,200
Aggr'te stoney holdings
I.Change from last wee
448,555,000
+2,880,000
447,441,001
+5,117,0i 1
74.530,500
-1,398,800
521,971,500
+3,718,200
Money on deposit with
other Ulm .Sr trust cos.
Change from last week
74,165,000
+3.296.000
71,915,001
+4,576,001
19,049,000
+6.800
90,964,000
+4,582,800
Total reserve
[Change from last week
522,720,00))
+8,176,000
519,356,00#
+9.693.00'
93,579,500
-1.392,000
612,935,500
+8,301,000
I
Surplus CASH reserve _
10,274.00u!
Banks (above 25%)
, Trust cos.(above16%)
def.35.000)
‘‘
Total
Change from last wee
19,238,5001
+72,700)
28.44%
Total
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $800,000 on July 27, against $808,000 on July 20.
t "Deposits" now include the item of "Exchanges for Clearing House," which
was not previously embraced in the total. "Exchanges for Clearing House" were
reported on July 27 as $11,831,000.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending July 27; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For week.
1912.
15.37%
11.20%1
15.32%
1.33%
26.57%
16.65%
1910.
$2,928,031
16,508,953
1909
$2,631,661
15,319,130
$3,771,157
12,897,550
$18,294,447 $19,436,984 $17,950,791 $10,668,707
$83,044,151 $80,546,806 $91,171,013 $99,681,994
493,805,606 421,154,923 452,133,281 398,992,840
Total 30 weeks
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $697,241,900, a decrease of $4,454,700 from last week. In
the MC of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
1911.
$2,790,413
15,504,034
Total
Since Jan. 1.
Dry Goods
General Merchandise
18.801,801. .
+3.142,651'
% of cash reserve of tru st cosCash In vault
14.99%
1 Cash on dep. with hits.
13.45%'
Boston.
$
$
$
$
$
$
$
June 8
41,575,0 232,641,0 25,024,0 4,620,0 277,022,0 8,252,0 177,547,4
June 15
41,575,0 239,063,0 27.364,0 4,562,0 588,915,0 8,240,0 174,474.5
41,575,0 237,775,0 27,757,0 4,656.0 583,778,0 8,244,0 156,028,6
June 22
41,575.0 239,454,0 27,200,0 4,935,0 287.338,0 8,250,0 161,387,0
June 29
July 6
41,575,0 239,395,0 26,212,0 4,827,0 291,163,0 8,267,0 179,258,5
July 13
41,575.0 241,243,0 25,011,0 5,470,0 287,649,0 8,275,0 180,222,4
July 20
41,575,0 243,587,0 26,048,0 5,307,0 281,234,0 8,271,0 181,245,4
July 27
41,575,0 343,740,0 25,405,0 5,509,0 275,508,0 8,257,0 153,939,0
Philadelphia.
June 8
80,623,2 391,567,0
96,355,0 t 436,562,0 15,084,0 161,931,7
June 15
80,623,2 391,789,0
96,591,0 t 437,868,0 15,069,0 147,602,4
June 22
80,623,2 392,664,0
97,190,0 t 438,628,0 15,048,0 151,193,0
June 29
80.623,2 392,039,0
94.597,0 t 437,703,0 15,054,0 153,438.6
July 6
80,623,2 390.652,0
96,427,0 t 441.647,0 15,038,0 175,778,4
July 13
80.623,2 390,152.0
98,415.0 t 438,625.0 15,054,0 152,053,7
July 20
80,623,2 388,805,0
97,184,0 t 435,660,0 15,049,0 161,649,1
July 27....80,623,2 388,722,0
98,771,0 t 431,132,0 15,021,0 136,091,3
Dry Goods
General Merchandise
17,016,751
1,785,051
Specie. Legal.. Deposits. Circu- Clearings
a
lotion.
$576,849,757 $501,701,729 $543,304,294 $498,674,834
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending July 27 and from Jan. 1 to date:
EXPORTS FRON
NEW YORK.
1912.
For the week '
Previously reported
1911.
1910.
1909.
$13,055,416 816,148,162 812,803,943 510,293,816
466,018,823 434,279,755 :161,791,766 350,184,669
The averag s of the New York City Clearing- ouse banks
Total 30 weeks
5479,074,239 8450,425,917 $374,595,709 $360,478,485
and trust companies, combined with those for t e State banks
ii
Greater New York outside of the
and trust companies
The following table shows the exports and imports of
Clearing House, compare as follows for a series of weeks past: Specie at the port of New York for the week ending July 27
and since Jan. 1 1912, and for the corresponding periods in
GX)34BINED RESULTS OF BANKS AND TRUST COMPANIES IN
1911 and 1910:
GREATER NEW YORK.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
We omit two ciphers in all thesefigures.
Week
Ended.
May
June
June
June
June
June
Juls,
July
July
July
25_
1_
8._
1522.._
29._
fl...
13...
20....
27
Loans and
Investments
Deposits.
$
2,661,903.1
2,655,549,3
2,634,657,0
2,673,538,3
2,668,564.3
2,675,205,6
2.699,751,2
2.691,376,4
2,661,002,7
2_658.577.7
S
2,545,082,2
2,539,401.5
2,514,177,7
2,554,290,
2,551,635,9
2.564.717,6
2.568,733,3
2,551,294,3
2,535,238,1
2_523.714.5
Specie.
$
433,287,6
436,759,2
434,636,3
442,026,5
444,169,5
438,614,0
419,280.9
413,382,5
420,706,3
424.715.6
5
95,044,9
95.864,3
95,070,6
95,950,5
94,364,2
93,770,4
03,032,0
95,210.1
97,547,0
97.255.0
$
528,332,5
532,623,5
520,706,9
537,977,0
538,533,7
532,384,0
512,312.9
508,592,6
518,253,3
521.071 a
S
607,150,6
614,540,4
606,647,3
623.194,2
624,498,0
621,239,0
604,649,7
590,600,1
604,634,5
Ale ORA A
Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending July 27, based on average daily Jesuits:
We omit two ciphers(00)in all thesefigures.
.-
Banks.
i
csc3tccoc,025;5 goce. 500. 'co
oddcedOeOgee ce.it5,69- cie5g. 4.4.1
mccoccooLoc....00
iniNcmt, ,tit4
New York City.
Manhattan and Bronx
Aetna National
Washington Heights_
Battery Park Nationa
Century _
Colonial
Columbia
Fidelity
..,
Mount Morris
Mutual
New Netherland_ __
Twenty-third Ward
Yorkville
I."
Brosklyn.
First National.
Manufacturers' Nat
Mechanics'
National City
North Side
Jersey City.
First National _ __ _ _
Hudson County Nat-,
Third`N".ionsi
Hoboken.
First Nati nal
.Second,National
Capt.
tat.
Surplus.
S
535,5
327,0
115,
530,
537,P
805,•
168.
342,8
411,
281,:
100,1
518,
669,1
894,
710,7
590,
170,4
Loans,
Legal
On
Disc'ts
Tender Deposit
and
Specie and
toith
Net
InvestBank C.-H. Deposits.
nunds.
Notes. Banks.
s
2,932,1
1,456,
1,400,1
5,676,0
6,271,1
8,503,0
1,141,1
2,404,1
4,499,1
2,893,1
11852,0
4,176,s
s
628,0
152,0
354,5
333
734,1
593,
48
390,
475,
299,1
223,1
506,1
3,837,
290,5
529,0
6,053,
10,734,0 1,407,0
4,245,f 559,0
2,165,1 196,0
1,329,1 5,237,0
808,7 3,561,0
417, 2,170,1
302,s
224,1
121,0
659,6 3,981,1
297,1 3,005,1
200,0
186,1
s
64,0
57,1
41,0
701,1
413,1
518,
132,1
40,0
326,1
99,0
103,0
298,0
s
132,0
178,0
188,0
868,0
828,0
579,0
113,
341,0
431,0
251,0
239,0
673,
s
2,721,0
1,198,0
1,588,0
5,650,0
6,474,0
7,133,0
1,092,0
2,705,0
4,758.0
2,733,0
2,012.0
4,656,0
120,0
471,0 3,007,0
311,0
734,0 5,614,0
613,0 1,594,0 12,992,0
72,0
744,0 4,182,0
87,0
372,0 2,149,0
401,0 2,105,0
85,0
718,0
126,1
366,0
65,0
36,0
365,0
385,0
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Imports.
Since Jan.1
Week.
$391,272
1,998,676
$20,146,522
15
$14,100 2,683,875
258,000
Since Jan.1
8395
164,870
19,998
19,357
9,586,452
51,983
184,057
8,378,187
1,598,038
870,272
8272,100 $32,468,847 $204,620 $13,420,502
2,764,941
81,872 7,838,081
140,400 44,441,503 2,858,986 10,736,846
Total 1912
Total 1911
Total 1910
Sliver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$1,173,135 $26,792,346
3,417,311
2,486
.
460
Total 1912
Total 1911
Total 1910
80,877
52,035
5,411
9,663
131,448
25,349
705,990
$1,176,081 $31,021,873
1,328,685 28,847,949
790,882 25,194,399
$3,329
4,980
15,335
32,305
2,880,570
1,965,291
875,109
$148,607 $5,776,919
26,577 4,550,821
7,656 2,338,568
Of the above imports for the week in 1912, $3,030 were
American gold coin and $1,920 American silver coin.
Maniting and WinanciaL
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled "Railroad and industrial
Stocks," which aescrlhes 124 Issues listed on the New York Stook
Exchange, and classified by us as follows: Investment Stocks, Semi.
Investment Stocks, Speculative Stocks.
Spencer Trask & Co.
48 EXCHANGE PLACE-NEW YORK.
Chicago, Ill. Boston. Mass. Albany. N. Y.
Members New York Stock Exchange.
4,343,0
1,891,0
1,557,0
White, Weld & Co.
1,615,0
1,137.0
Totals July 27_ .._. 6,597,0 11,219,7 86,251,0 8,748,0 4,708,0 12,675,0 81,207,0
Totals 3,11," 20.
)3,597.0 11,219,7 86,976,0 8,852,0 4,741,0 11,923, 82,436,0
3,597.0 11,219, 86,517,1 8,761,0 5,083,0 13.141,0 82,186,0
f Totals July 12
44
Exports.
Gold
Tot. Money Entire Res.
Holdings. on Deposit.
Legals.
Bonds and Investment Securities.
14 WALL STREET
NEW YORK
THE ROOKERY
CHICAGO
111 DEVONSHIRE STREET
BOSTON
AUG. 3 1912.]
279
THE CHRONICLE
Varitterfe %mutt&
-Wall Street, Friday Night, Aug. 2 1912.
The Money Market and Financial Situation.-There
undoubtedly is a much better feeling in financial circles as
the week draws to a close. Transactions at the Stock
Exchange, which for a long time past have been abnormally
small, have notably increased in volume and the tendency
of prices is in many cases sharply upward. There are a few
substantial reasons for the change noted.
The quarterly report of the Steel Corporation was more
favorable than had been expected and present conditions in
the iron and steel industry point to a still more favorable
statement at the end of the current quarter. There has been
a further advance in some kinds of finished product, including bars, and it is reported that the railroads are making
inquiry for large deliveries of rails to be made next year.
It seems, therefore, reasonable to expect increasing activity
and larger profits in the steel business during the remainder
of the year at least. Sentiment has been further improved
by a report which has gained currency that the Democratic
candidate for President will, in his speech of acceptance next
week, favor a gradual reduction of the tariff so that business
may not be seriously disturbed thereby. This is important
in view of the fact that the organization of a third party
in Chicago next week makes the success of the Democratic
Party at the polls in November quite possible, if not probable.
Perhaps more influential than the foregoing as a market
factor has been the now practical certainty that the crops
of the country will be among the most.bountiful ever harvested and that there will be a foreign demand for all surplus.
The weekly statement of the Bank of England shows a
reduced percentage of reserve. The Bank of France also
shows increased loans and notes outstanding and smaller
gold holdings. Presumably both banks reflect simply the
effect of month-end settlements.
The local money market indicates that preparations are
in progress to meet the demand which is sure to come soon
for crop-moving purposes. Rates are, as yet, however,
not unusually high.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2%@3%. To-day's rates on call were 234@23/4%.
Commercial paper quoted at 434@43/4% for 60 to 90-day
endorsements and for prime 4 to 6 months' single names and
4% for good single names.
53/
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £441,017 and the percentage
of reserve to liabilities was 48.65, against 50.38 last week.
The rate of discount remains unchanged at 3%, as fixed
May 9. The Bank of France shows a decrease of 10,250,000
francs gold and an increase of 3,125,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
. (Not including Trust Companies.)
1
1911.
1912.
1
Averages for
Differences
Averages for
week ending
from
week ending
previous week.
July 29.
July 27.
1910.
Averages for
week ending
July 30.
$
s
.3
$
133,650,000
135,150,000 132,350,000
Capital
190,141,300 189,131,400
197,084,400
Surplus
Loans and discounts_ _ _ 1,388,977,000 Inc. 9,181,000 1,387,007,000 1,191,400,200
48,446,500
203,001
47,647,000
45,739,000 Dec.
Circulation
1,426,189,000 Inc. 12,776,001 1,424,125,000 1,207,882,700
Net deposits
277,616,900
293,250,000
5,901,001
Inc.
291,571,000
Specie
72,805,700
78,233,001
169,001
81,993,000 Dec.
Legal tenders
Savannah, buying, 3-16% discount, and selling par. Montreal, 31 3-/se.
discount; Charleston, buying, par, selling, 1-10% premium. Minneapolis, 40c. per $1,000 premium. Cincinnati, 15c. per $1,000 Premium.
•
State and Railroad Bonds.-Sales of State bonds at the
%
Board nclude $10?000 N.Y. Canal 4s 1961 at 10134 to 1013
and $221,000 Virginia 6s deferred trust receipts at 53 to 57.
The bond market was exception 1 y du I during the early
part of the week and price movements were narrow. In
sympa hy with the stock market there was, however, more
activity later and a few issues are higher.
United States Bonds.-Sales of Government bonds at the
Board are limited to $3,000 Panama 3s coup. at 1019/4 and
$1,000 as coup. at 1023/4. The following are the closing
daily quotations;for yearly range zee third page ollearin
Interest
Periods
2s, 1930
registered --Jan
2s, 1930
coupon
Jan
3s, 1908-18
registered
Feb
3s, 1008-18
coupon
Feb
4s, 1925
registered
Feb
4s, 1925
coupon
Feb
2s, 1936.Fanama Canal regIE -Feb
35, 1961_Panama Canal cour Q-Meh
July
27
july
29
July
30
July
31
A tif.
1
Aug.
2
*1003-/, 51004L10034 .10034 .100% 010034
*100H *100H *100H *10034 *100H .100%
102 *102 *102 *102
0102 *102
102% 4,102
102
102
*102 *102
*113% *113% *113% *113% *113% *113%
*1133
% *113% 113% *113% *113% *113%
*10034 .10034 *100H
*10034 *100H *1.0034
*101% *101% *101% 101% *101% *101%
*This Is the price bid at the morning board: so sale was made.
Railroad and Miscellaneous Stocks.-Only on one day
during the past year have transactions at the Stock Exchange
aggregated so small an amount as on Tuesday of this week,
but since then the market has become much more active.
This increasing activity has been accompanied by a substantial advance in prices, and several railway issues have reached
the highest quotations of the year. Among these are Great
Northern, Northern Pacific, Canadian Pacific and Norfolk &
Western-Canadian Pacific leading the movement with an
advance of 13 points. To-day's market was irregular.
Prices advanced at the opening, but the upward movement
was soon met by profit-taking sales and some reaction.
As a result of the week's operations Canadian Pacific shows
a net gain of nearly 9 points, St. Paul 4, Lehigh nearly 4,
American Can 334, National Biscuit 73/4 and U.S. Steel 13/4.
American Tobacco has covered a range of 11 points but
shows a relatively unimportant net change.
For daily volume of business see page 287.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending AVI. 2.
Amer Coal Products, prel
American Express
Brunswick Terminal_ _ _.
E I du Pont Powd, pref.
Green Bay & W deb B.. _
Int Agric Corp v t c
Preferred
Lake Shore & Mich Sou_
Pittsburgh Steel, pref._
Quicksilver Mining
St L & S F-C & E his
new stock trust Ws
Seam, Roebuck dc Co,pid
Sloss-Sheff St & I, pref._
So Porto Rico Sugar__ _ _
United States Express
U S Indus Alcohol, pref.
US Rubber rights
%Wyman-Bruton. ore?
S* ales
for
Week.
Range for Week.
L9west.
Highest.
Range since Jan. 1.
Lastest.
Highest.
260 10934 Aug 1 0934 Aug 1
10('05 July 30.,05 July 30
10( 854 July 29 834 July 21
137 953./s July 30 953.4 July 30
3 1334 Aug 1 133/s Aug 1
200 4834 Aug 2 49 July 29
101 9634 July 30 963-/s July 3
10 170 July 31 70 July 31
200 0234 Aug 1 03 Aug 1
100 5 • July 30 5 July 3(
10834
05
8
9034
1034
48%
94
150
101
3
July 111
July 25
Jan 11%
Jan 9554
Feb 1334
Au 5334
July 99
Jan 95
Feb 10334
Jan 8%
July
Apr
May
July
Aug
July
June
Apr
June
Apr
7 50 Aug 1 BOH July 21
100 2454 Aug 1 ,2454 Aug 1
100 00 Aug 1 00 Aug 1
100 78 July 30 78 July 3(
110 89 Aug 2 8934 Aug 1
200(05 July 2710.5 July 2;
% Aug 1
% Aug 1
100
100 I47A Aue 2 1147A Aim 2
50
121
90
78
84
95
7-16
112
July 57
Jan 12454
Feb 05
July 88
Jan 0034
Jan 105
Jul
%
lErh I147l
Feb
Feb
Apr
Feb
Apr
July
June
Tilly
Outside Market.-Movements in standard Oil securities,
both the old stocks and the subsidiaries, and United Cigar
Stores old and new issues, have enlivened the"curb" market
373,564,000 Inc. 5,732,000 371,483,00( 350,482,600
Reserve held
356,547,251 Inc. 3,194,001 356,031,251 301,970,675 this week, business otherwise being quiet. The spectacular
25% of deposits
rise in Standard Oil of Kansas some 120,points, to 460, was
48,511,925
15,451,75(
17,016,750 Inc. 2,538,00(
PtSurplus reserve
reported due to talk of "melon cutting.' In line with this
Note.-The Clearing House now issues a statement weekly, show ng the actual the old Standard Oil stock-that is, including all subsidicondition of the banks on Saturday morning, as well as the above averages. The aries-sold up from 1000 to 1050, the highest point ever
figures, together with the returns of the separate banks and trust companies, also
were at 1040. Standard
the summary issued by the State Banking Department, giving the condition of State reached. To-day's transactions
hanks and trust companies not reporting to the Clearing House,appear on the second Oil of N. J. advanced from 389 to 420. Standard Oil of
page preceding.
N. Y. rose 20 points to 520. Trading in United Cigar Stores
Foreign Exchange.-The market for sterling exchange continues unabated,the old stock,after an early loss of about
ruled weak. Finance bills were offered quite freely and the 6 points to 282,moving up to 290, the close to-day being at
proceeds to some extent were loaned out in the New York 289. The new corn. of the United Cigar Stores Co. of Amer.,
market.
"w. i.," fluctuated between 9134 and 939/4, finishing to-day
•
To-day's (Friday's) nominal rates for sterling exchange were 4 8534
sterling ex- at 933/4, while the new pref., `w. i.," sold between 11934
for sixty days and 4 88 H for sight. To-day's actual rates forcheques
and and 1203/4 and at
change were 4 8430®4 8440 for sixty days, 4 87@4 8710 for
1203/4 finally. British-Amer. Tobacco ran
4 8740®4 8750 for cables. Commercial on banks 4827/s@484 and docuup from 21 to 23U, reacted to 22%;and ends the week at
ments for payment 4 83 % ®4 85. Cotton for payment 4 84©4 84 % and
4. The "rights' were active and moved up from 8 to 9
223
grain for payment 4 84 % 4 85.
It+ The posted rates for sterling, as quoted by a represenattive house, were
and down to 83/4. B. F. Goodrich corn. dropped 4 points to
not changed during the week from 4 8534 for sixty days and 4 8834 for
75 and recovered to 7634, closing to-day at 763/4. The
sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 20 less preferred lost 134 points to 10734 and tended the week at
1-10®5 20 less 1-32 for long and 5 1834 less 1-32@5 18 34 for short. Germany hankers' marks were 94 %@94 11-16 for long and 95 3-16 less 1-32 1079/4. There were a few transactions in Intercontinental
13595 3-16 for short. Amsterdam bankers' guilders were 40 34(340 36 for Rubber corn. reported down from 123/4 to 12 and today at
short.
Exchange at Paris on London, 251. 24 Mo.; week's range, 25r. 25.1(0. 13. Julius Kayser & Co. corn. opened at 89, went up to
high and 25f. 23 %(:). low.
91 and down subsequently to 90. The preferred was quiet
Exchange at Berlin on London, 20m.48 %pr.; week's range, 20m. 49541/1.
at from 110 to 1103/4. Manhattan Shirt dom. receded over
high and 20m. 47 %pt. low.
The range for foreign exchange for the week follows:
point to 57 and closes to-day at 5734. The preferred was
a
Cables.
Cheques.
Sixty Days.
Sterling Actualoff from 10094 to 100, recovered to 10034 and sold to-day
4 8475
4 8795
4 8765
High for the week__
4 8430
4 8740
487
LOW for the week ___
at 1003/4. Trading in bonds was somewhat better, though
Germany Bankers' Marksthe aggregate business was very small. Copper issues were
94 %
95 5-16
953/s
High for the week__ _
95 H
94 %
95 3-16
Braden weakened from 7% to 69/4 and closed to-day
dull.
Low for the week ___
• Amsterdam Bankers' GuildersBritish Columbia moved down from 594 to 5, the
64.
at
15
40
43
40
37
40
__
week_
the
for
High
40 12
40 34
40 40
final figure to-day being 53/4. Giroux sold up from 44 to
Low for the week ___
Paris Bankers' Francs534. Greene Cananea advanced from 1034 to 103/4, sank
5 1734 less 1-32 5 16 ii less 1-18
High for the week...5 20
5 18 H Less 1-32 5 1734 less 5-64
to 10 and recovered finally to 103/4. Mason Valley fell from
Low for the week _.._5 20 less 3-32
% to 1394 and was traded in to-day at 1334. • • • j
DOMESTIC EXCHANGE.-Chicago, par. Boston, par. St. Louis, 135
31,000
Orleans,
per
commercial, 50e.
par bid and Sc. premium asked. New
• - •
Outside quotation_will be found on page 287.
bank 41 premium. San Francisco, 40e. per 31.000 premium.
dlscount, and
-New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of safes during the week of stocks usually inactive. see
STOCKS-IIIGHEST AND LOWEST SALE PRICES.
Monday
Saturday
Tuesday
Wednesday Thursday
Friday
July 24.
July 27.
July 30.
July 31.
Aug. I.
Aug. 2.
sate3 ai
ihe
Week'
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
preceding
page.
Range since January 1.
On basis cd 100-share lots
Lowest.
Highest.
Range jor Previous
Year 1911
Lowest.
Highest
Railroads
10638 10812 10812 10834 10858 10878 x10738 10734 10734
108 10814 24,530 A toh Topeka & Santa Fe 10314 Feb 1 11033 Apr
9978 Sep 11658 J'ne
4410212 10278 *10212 10234 10212 10212 10238 10238 10238 10818
10238 10253 10234
800 -L-A- Do pref
10138 Jan 2 10414 Feb 10 10034 Jan 10512 J'ne
14058 14058 *13934 14014 14034 14034 *140 141
141 14138 14112 14134 2,400 Atlantic Coast Line RR
13318 Jan 10 14312 Apr 9 117 Jan 13314 Nov
10958 109544 10934 11014 110 11014 11018 11058 x10734 10814 108 10818
9,700 Ilaltimore & Ohio
C10114
Feb
1 11178 Apr 30
9312 Sep 10914 Ply
*8712 8812 *8712 8812 8734 8734 *8712 8812 *8512 87
*8512 8712
Do pref
500 I8718 J'ly 15 91 Jan 23
8512 Aug
91 Jan
9158 9158 9114 9178 *9113 9178 9134 9214 9212 93
9278 9338 6
30
5 uBrooklyn:nnttrdairtj Rapid
10
28
90
a Transit..
7634 Jan 2 9412 J'ly 2
o
72 Sep
8438 J'iy
26434 2655 26312 26514 26438 26614 26818 27173 27358 27638 27234 275
22612 Mch 4 27633 Aug 1 19553 Jan 241 J'ly
*370' 395 *370 395 *370 395 *360 390 *370 395 *370 390
of New
cinJersey _ 305 Jan 9 395 Apr 20 200 Aug 320 Dec
*8012 81
8012 8073 8012 8012 8012 81
8112 8,600 Chesapeake & Ohio
81
8138 81
6814 Feb 1 8158 Apr 11
6838 Sep
8634 Feb
*17
1718 17
17
*1612 1718 *1612 1718 1714 1714 1712 1734
600 Chic Gt West trust eta
1638 J'iy 12 2012 Apr 8
17 Sep
2614 J'ne
3334 3334 *3314 34
*2512 27
3312 3312 3418 3412 3412 3434
pre
Do
925
trust
ctts
8
.
11
J'iy
317
3912
Apr
3512 Dec
b
4914 Feb
10358 10378 10314 10358 10338 10358 10314 10512 10538 10712 107 10734 32,820 Chicago Milw &
9933
St
J'ly
11234
Apr
13
Paul
6
10534
Oct 13312 Feb
*140 142 *140 142
141 141 *140 143
143 144 *141 144
7,3
90
70
5
140 J'iy lb 146 Jan 2 141 Sep 15512 Feb
13978 13978 13878 13938 . 13812 13812 13812 139
13912 14178 14114 141513
ChD
ico
ago
pr&
orNorth Western 13412 J'iy 12 145 Apr 20 13818 Sep 15012 J'ne
*180 195 *180 190 *180 195 *180 190 8180 190 *180 195
Do prct
190 May 4 198 Mch 26 191 Nov 4209 Jan
*2
212 *214 212 *2
212 *2
234
212 *2
Chic Un Traci etfs stmpd
234 *2
118 Feb 16
378 Apr 18
152 Sep
338 Feb
*612 734 *7
8
*6
7
*6
300
7
7
7
*634 712
Do pref ctfs strnpd___
4 Mch21 61201142
2
13
8
434 Sep
714 Feb
*5158 59
*5158 59
*5158 59
*5158 59
*5138 59
*5158 59
Cleve CM Chic ec St L___
5112 Mch28
4818 Sep
Apr
66 Jan
*91 10134 *98 10134 *98 10134 *98 10134 *98 10134 *98 10131
Do pref
49573 Feb 24 1
10
9414 J•ly
7
76
112 F
r 16
Aepb
08
Feb
16814 16814 *167 16812 16712 16712 168 168
16812 16812 *16818 170
500
16
15912 Sep 17478 J'ne
,
400lVgs&ne_si... 166 J'ly b
*525 536 *525 530 *525 536 *525 536 *525 536 *525 536
535 J'ne 29 569 Jan 20 505 Sep 570 Nov
*1834 1912 *1834 1914 *1834 1912 19
19
1914 1914 *19
20
Denver
200
& Rio Grande
1812 J'iy 12 24 Mch 27
1758 Dec
35 Feb
*35
3512 *3434 36
3512 3512 3512 *3512 36
3478 3478 *35
3634 Dec
3414 J'ne 19 4614 Jan 24
74 Feb
*812 912 *812 912 *812 912
912 934 *9
7
200 D• up
912
934 *9
luothPS
reof Shore & Atlan
9 Nov
812 Mch 4 1134 May16
1538 Mch
*1612 20
*1612 20
*1612 20
1812
18
19
18
1812
1812
Do pref
5
32
0:3
42
00
16 :dell 8 23 May15
1718 Dee
3018 Mch
3512 3534 3518 3534 3518 3514 3514 36
3612
36
3658 36
2714 Jan
3014 Jan 15 3918 Apr 11
383s
J'iy
*5234 5334 5312 5312 *5238 5312 5312 5312 54
5458 5414 5412 3,200
1st preferred
4538 Jan
5018 Feb 3 577,, April
0114 J'ly
, *43
4334 4312 44
*43
44
4414 4414
4312 4312 4334 44
Do 2d preferred
700
40 Feb 3 48 Apr 11
35
Jan
4934
J 'ly
14014 14034 13834 14012 13914 13912 13938 14058 14078 14212 14158 14278 50,300 Great Northern
126 Jan 15 14278 Aug 2 119 Sep 140 J'ne
pref
4314 4414 4334 4412 4,640
: 4338 4338 43
43
4212 4234 43
43
Iron Ore properties..,. 36 Jan 31 4514 J'iy 3
6334 Feb
3334 Dec
11212 133
132 133
13234 13314 x130 13112 131 13178 5,700 Illinois Central
13112 132
12038 May 9 14118 Jan 23 132 Jan 147 J'iy
2018 2018 1934 2018 1978 1978 1978 2038 2014 2038 2014 2034 7,500 Anterboro-Metrop
1318 Sep
v t ctts 1638 Jan 3 22 J'ly 2
2038 Feb
6812 5834 5773 5878 5778 58
5778 5838 5818 5858 5838* 5934 12,700
Do pref
5338 Jan 3 62 Mob 26
3934 Sep
563s J'iy
*2412 2514 25
25
2412 2458 2438 2438 2412 2514 25
25
City Southern_ _ 2212 May29 2914 Mch 25
1,700
373
8 Joe
2514
Sep
*56
60
*56
5618 5618 *5612 5918 5916 59'2 *58
60
60
preferred
56 May29 6533 Mch 25
200
0112 Sep
6934 .1' ue
*14
18
*14
17
*14
17
*14
17
*14
17
*14
apoe
k ErWestern... 1112 Jan 26 18 Apr 24
17
10 Sep
17 Nov
*38
3918 *38
3912 *38
3912 *38
3912 *38
-LA
3912 *38
Do preferred
39
30 Jan 8 40 May21
25 Sep
40 Jan
16718 16758 166 16714 16534 16614 16612 16734 16813 16978 170 17214 57
oh
olig
sv
hilyealke
680
0 Le
15578 Feb 5 18534 Jan 16 151 Sep 18678 Dec
07
158 168
15712.15712 15734 158
158 158
158 161
1593,4.16012
yNashville
14978 Feb 1 163 Apr 9 13612 Sep 16034 Nov
134 134 *134 135
13478 13478 5134 134 *134 135 *134 135
o1Its :I esvta
250 Atinnaheaatota
; 131 J'ne 20 13834 Mc1113 13114 Sep 14212 Jan
1913 1918 lb
19'
1918 1912 1912 20
20
1812 J'ly 24 2712 Jan 23
2014 2012 201.: 1,790
2112 Apr
4212 Sep
*45
48
*40
49
4618 4618 *44
113
48
*46
48
*44
Do preferred
48
440 Feb 26 557 Jan 15
35 Mch
6812 Sep
14758 148
14614 14714 14612 14714 148 152
15034 15134 151 15178 12,710 Minn St P & S S Marie__ _ 129 Feb 3 152 J'iy 31 212434 Sep 15214
Mch
*154 157 *153 157 *155 15734 *156 15734 415512 15513 157 15712 2,3
35
20
5 mo K
o prefdD sas
14714 Feb 1 15712 Aug 2 140 Nov 160 Meta
2712 2712 42712 2712 2634 27
2634 27
2714 2734 2734 2778
ebTexas
2338 fly 13 3158 Men 29
27 Sep
3818 J'no
*60
6012 *60
6012 *5978 6014 60
6014 6014 6014 6012 6012
Do preferred
500
5733 May29 66 Apr 17
6234 Sep
70 Oct
3612 3612 3534 3612 36
xTex
3634 3638 3634 3634 3714 3718 3734 9,3(E Missouri
R yePa
efekliec 1st
35 J'iy 12 4734 Mch 27
3314 Sep
63 Feb
*6534 69
*66
69
*66
69
*66 (f9
*66
69
*66
69
63 May17 71 Jan 4
60 Aug
pref
8 Jan
723
3018 3018 *3012 31
*3018 31
*3012 3034 *30
31
Do 2d preferred__. 28 Apr 1 3618 Jan 20
*3038 31
• 200 4
„,,
-1
2578 Aug
3838 Feb
, *11512 11614 11514 11514 5115 115
11614 11614 11633 11734 11712 118
Y Central Ck Hudson
4,776
10614 Jan 9 12112 Apr 25 2.9978 Sep 11512 Feb
*135 136 *135 137
135 135
135 135
13512 13512 136 136
750 NY NH& Hartford
134 J'ne 18 10
144 A pr 26
43
1 12078 Sep 15118 Feb
23
*3214 3278 3212 3212 *32
33
*32
3234 3238 3212 3212 3212 1,000 N Y Ontario & Western_
2978 J'ne 29 4138 Apr 12
3734 Sep
4678 J'iy
*8834 8934 8934 8934 *8834 8934 89
8914 891a 8934 8934
89
400 N Y State Railways
8678 J'ne 1
11678 11718 117 11818 11753 11773 11778 11812 11838 11834 11814 11834
21,005 Norfolk 6cII'esternorim
110734 Feb 1 11834 Aug 1
9934
11114
Nov
Sep
. *88
90 *88
90
*89
90
*89
90
8878 8878 *88
Do adjustment
100
90
88 J'ne 12 02
8712 lA
i'epb
r1
16
7
8534 Apr
9114 J'ne
L 63
63
*6212 64
6314 6314 *61
64
6334 6334 *61
64
300 Nor Ohio Trac & Light
56 Mch 11
3912 Jan
5534 Nov
123 12358 12258 12358 12278 12358 12312 12458 125 12658 12638 12678 54,979 Northern Pacific
11538 Jan 15 12678 Aug 2 11034 Sep 13778 J'ne
*12338 12334 12338 12312 12338 12312 12312 12358 12358 12414 12418 12458 9,850 Pennsylvania
12212 Jan 9 12614 May 2 11834 Sep 13018 Feb
' *106 10812 108 10812 *107 10834 *10834 109
10878 10878 109 110
3.600 Pitts!) Cln Chic & St L
9812 Jan 2 11014 May20
9018 Sep 100 Jan ,
*10914 117 *10914 117 *10914 117 *10914 117 0113 117 *110 117
Do preferred
10812
Jan 2 117 Feb 20 10218 Sep 112 Feb
' 16414 16434 16318 16458 163 164
16358 16538 16578 16714 16718 16838 242.8
500
14818 Jan 11 17914 Apr 29 134 Sep 16178 J'ne
*8912 92 *8912 90
*8912 90
*8912 90
90
90
*8912 90
preferred
8712 .1'ne 27 9314 Apr 29
88 bleb
92 J'iy
*95
9612 *95
9612 *95
9612 *95
9612 *95
2d preferred
9612 9612 9612
100
9012 Sep 101 May
94 Jan 11 10112 Apr 29
*2414 25
24513 2434 2412 2412 2473 2518 2514 26
26
2618 7,300 Rook Island Company
2234 Sep
2212 May31 3012 Apr 8
3438 J'ne
*48
4912 *48
4912 49
49
49
5218
49
5112
50
Do
preferred
3,300
4714 J'ly 16
5112
4334 Dec
6838 J'no
23
23
2234 2234 21
2212 21
2114 2112 25
*22
25
1,050 St Louis 64 San Fran
21 J'ly 30 50
Nlp
9
29 A
crh 26
23 Dec
27 Oct
*60
63
*60
63
*60
63
*60
63
*61
*61
63
63
Do 1st preferred
61 May10 6912 Jan 23
59 Sep
6914 J'iy
35
35
3412 3434 3378 3412 *3334 3414 3412 36
Do 2d preferred
3312 J'iy 21 34345234 AprApr 12
1
3534 3614 1,500
37 Sep
4912
J'ly
*30
3212 *30
3212 *30
300 St Louis Southwestern
3212 *30
3212 3212 3212 33
33
2934 Jan 22
24 Jan
34 Feb
*7212 7438 *73
7438 *73
74
7278 73
6812 Jan 17 7713 Apr 8
7212 7212 7278 73
Do preferred
600
5934 Jan
72 J'uo
2314 2314 2314 2314 2312 2312 2312 2378 2378 24
2414 2458 3,400 Seaboard Air Lino
2258 J'iy 12 2712 Apr 4
5338 5338 *5318 5338 5314 5312 5338 5334 5378 5458 5414 5 Os 4,400
Do preferred
5033 Apr 16
J'ne
110 11014 10934 11038 10978 110
11134 11214 9,850 Southern Pacific Co
10912 11058 11058 112
10512 Feb 1 156
2A
8
7 10412 Sep 12638 J'ne
15112
29
29
2878 29
2812 2878 2858 2918 29
2933 2918 2938 16,800 Southern v tr ctfs stmpd
2652 Jan 31 3118 Apr 9
2434 Sep
3338 J'iy
*76714 7738 7678 7714 7718 7714 77
3,500
7712 7712 78
Do prof
7712 78
do
6814 Feb 4 78 Aug 1
6114 Jan
7514 J'ly
*2112 23
2034 2134 21
21
21
21
21
2212 2,500 Texas e• Pacific
2112 22
2012 Jan 3 2614 Apr 2
1973 Dec
3014 Feb
*3612 3712 3634 3714 3738 3734 3734 3778
*3634 3712 *3612 38
3512 J'ly 12 4934 Jan 9
31
Nov
Dec
41
'
340 T• oledo
held
*514 6
rd
*514 6
oR
*5
*5
6
Aa
Railways
6
vieNaeyw
*5
512 *5
s & Lt._.
514 1
3 Jan 15 1058 Apr 16
4 Nov
814 Jan
*13
14
1378 1378 1358 1358 1378 1378 *13
14
14 *13
300 Toledo St L cSa Western... 1234 Mch 4 1638 Mch 27
12 Dec
2434 Feb
*2912 3258 3134 3178 3158 3158 3178 32
432
32
3178 3173
tryen
in
o Cip
825 TwD
lea
rrpeid
28 J'ne 7 36 Apr 8
3478 Dec
5378 Jan
108 *10612 108 *10612 108 *10612 108 *107 108 *107 108
d Transit. 10412 Jan 5 10
6 104 Sep 111 Feb
179558 AprMa y 19
16858 16918 16734 16918 16753 16812 16778 16912 16978 17134 17138 17214 113,160 I nlon Pacific
160 Feb 1
15312 Sep 19238 J'iy
*9018 9034 *9018 9058 *9018 9058 *9018 9038 9014 9014 9012* 9078
Do preferred
500
8934 J'iy 11 9358 Feb 27
89 Sep
96 J'iy
2812 2812 *28
*28
31
3012 3034 3034 3034 3034 *28
31
525 Unit Rys Inv't of San Fr 28 J'iy 11 3714 Feb la
2812 Sep
49 Feb
*5712 58
58
58
5812 59
*5712 5912 5934 ISO
*5812 60
DO preferred
800
52 Sep
67 J'iy 18 6512 Feb 14
7614 McLi
418 418
418 418
414 414
414 514
434 434 5,700 IV abash
934 Mayll
5
514
334 J'ne 19
1838 Feb
534 Deo
1334 1334 1358 1358 1312 1334 14
1518 15
15
15.
Do preferred
15
27
58
4A
mp
1238 J'ne 27 26
er
t:
o
1414 Dec
4038 Feb
59
5914 58
58
5712 5814 5778 58
5734 58
Maryland By... 5534 Jan 9 6414 Mch25
58
2:2
0 20
6814 50
w
1 W• T estern
4878
Apr
J'ly
66
*6
7
*6
8
*6
*612 8
8
7
7
*6
7
200 Wheeling & Lake Erie
4 Jan 10
212 Sep
614 Feb
*18
21
*18
25
*18
20
*13
21
*19
*18
21
26
Do 1st preferred
11 Jan 3 2578 Apr 18
7 Set/
1758 Feb
*812 10
*812 1012 *812 10
*812 1012 *9
11
Do 28 preferred
6 Jan 19 14 Mchla
*812 12
3 Aug
8 Feb
*48
55
5478 5478 *48
54
53
54
1.500 Wisconsin Central
55
5612 57
57
48 Feb 5 5712 Apr b
48 Sep
7213 May
Industrial&Miscellaneous
*200 210 *200 205 520014 20212 *200 205 *200 210 *200 206
270 A dams Express
5191 Mch 12 ‘21712 Apr 18 5198 Nov 1245 Apr
8258 8278 8134 8258 8158 8214 8218 8318 8338 84
8338 8414 69,200 -1-1k maigatnated Copper.. 60 Feb 1 88 J'no
4434 Sep
7158 J'ne
6112 6012 6138 6073 6138 2,000 Amer Agricultural Chem_
60586058 60
6014 6014 6014 *60
5812 Feb 27 6358 Mch22
4434 Sep
6312 Deo
*9934 101
*9914 101
*9834 99
*9934 101
10034 10034 10012 10012
200
Do pref
17
J'ly
98
10414
Mch
2O
9912
Oct
105
Deo
7212 6814 72
6912 7034 7014 7114 71
72
7158 7118 7112 18,500 American Beet Sugar
53 Feb 26
3914 .lan
5934 Oct
*9812 99
9812 *9512 9712 *9512 9712 *9612 9712
*9812 99
97
400
Do pref
76 ,J'ne 11
97 Apr 3 10114
9
9212 Jan 101 Oct
3614 3614 3558 3614 3558 36
3512 37.33 3734 3878 3833 4034 72,450 American Can
1114 Feb 1 43 May 11
1212 May
878 Jan
11714 118
*11612 11714 11633 11634 117 117
11773 11834 11878 12058 9,325
Do pref
9038 Feb 1 12112 Mayll
9318 Dec
77 Jan
*5734 5834 5734 5734 5734 58
5934 4,700 American Car & Foundry 49 Feb 5 6138 Apr 9
5734 5914 5938 5958 59
4238 Sep
5814 J'ly
*117 12018 *11734 12014 311714 11812 *11714 120 *11714 11814 11812 11812
100
Do pref
113 Feb 14 120 May24 113 Oct 120 May
*33
3312 *33
3312 33
:33
3112 32
33
3134 3214 1,800 American Cities
3112 Aug 1
*7712 7812 *7778 7812 478
78
*77
7812 7678 7738 7634 7934
550
Do preferred
7634 Aug 2 8318 J'ne 20
5318 5318 53
53
5338 5312 5312 5313 5312 5312 5312 1,800 American Cotton Oil
53
4512 Jan 19 3
6238 Feb
57
414 jlY
May 3
4158 Nov
2
*9438 10212 *9438 10212 *9433 10212 *9433 102
*9433 10212 *9113 10212
Do pref
95 Jan 19 9914 Feb 13
92 Nov 10512 Feb
*512 812 *518 -512 *5
512
512
512
512
300
American
Hide
*5
&
512
512
Leather
3 Feb 19
312 Sep
5 .1 'Ile
612 May16
*25
*25
2614 *26
26
26
*25
26 *25
2618
26
26
200
Do pref
20 Feb 26 2712 May 16
2658 J'ne
18 Sep
2614 2814 2534 2614 2614 2612 2612 2612 1,700 American Ice Securities_
2634 2718 2614 27
18 Jan 2 3034 May20
102 Aug
2534 J'IY
*1318 1378 13
*13
1378 *13
13
1378 1318 1314 *13
400 American Linseed
1414
O Mch 6 1778 Apr 23
1.1 Aug
1238 Feb
3612 *3412 3612 *3412 3612 *3412 3613
3612 *34
*3412 3612 *34
Do pref
30 Feb 20 43 Apr 23
2618 Oct
3412 Deo
4234 4234 4212 4212 4212 4212 4234 4338 4318 4334 4334 44
2,300 American Locomotive
1:218 Oct
3134 Feb 27 4434 Apr
4314 May
*108 109
109 109 4109 109
109 109 *10812 11012 *10812 11012
253
Do pref
103 Jan 15 110 Apr 8 102 Oct 11034 Meh
*1412 18
15
1512 1514 1534 *1534 1812 1714 1714 1714 1712 1,300 American Malt Corp_:
3 Sep
434 Jan 10 19 J'ne 20
538 Jan
6018 6018 46012 6012 6034 6034 61 • 61
6212 6214 6258 1,800
*61
Do pref.
3112 Mch
42 Jan 6 6258 J'ne 27
4358 J'ly
•
Delaaware
deDo
Kansas
Rending1st
BANKS AND TRUST. COMPANIES-BROKERS' QUOTATIONS.
Banks
1310
New Yorlc
Aetna
•
200
America 11._ 620
Amer Each_ 233
,Battery Plc. 175
13o weryi___ 400
Bronx Borot 300
Broax Nat.. 175
Bryant Pk II 150
Butch & Dr 130
Century 11._ 5230
Chase
675
Ask
207
630
242
130
180
155
140
Banks
Bid
Chat&Phenix ,180
Chelsea Exl, 8150
Chemical _ 44212
Citizens' Ctl ISO
City
415
Coal & Iron 155
Colonial 11.._ 425
Columbia 11. 335
Commerce _ 11971
Corn Ex
322
East River_ 88
Fidelity
165
Ask
185
4471
185
425
160
ier
326
1-7I
B11 Ask
1300
300 3-251000 1015
First
Fourth
200 203
Garfield ___ 275
290
Germ-Am 11 140
tierm'n E311 425 416
Germania It. 525 640
Gotham
155 166
Greenwich 11 250
Hanover_ 690 710
Banks
111th
Banks
Harri1na..
Imp ea Trad
Irving
Liberty....
LIfool n--danhattanli
dark't&Ful
Niech &Niet's
\larch Ezell
Verenants'_
Bid
280
565
200
595
375
310
250
260
160
133
Ask
Banks
Metropolis I,
Metropol 'n11
lit alorrisli.
610
Mutual
385
Nassau
3471 New Neth
2571: New YorirCo
204
Now York_
105
Park
People's
675
Lila
375
190
250
285
200
220
875
340
255
367
240
A/c
385
193
260
295
205
350
265
374
250
Banks
1310
Prod. Each
16712
Heserve _
9312
'ea board _
425
lecond
375
135
Sherman
135
.•itate
250
23d Ward¶. 175
Un.on Exc. 162
Wash ti'ts
275
West Side 1] 575
Yorkvilie I. 600
Ask
17212
4-66"
145
275
168
625
• Bid and asked prices no sales were made on this day. t Ex-rEdits. S Less than 100 shares. liStato
banks. a Ex-dividend and rights.
New stock.
? Sale at Stook Exchange or at auction this week, is First installment paid. n Sold at private Salo at this Pr100. X Ex-dividend. I Full b paid.
281
New York Stock Record-Concluded-Page'2
1912.1
AUG.
For record of sales during the week of stocks usually inactive see second page preceding.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
July 27.
Tuesday
July 30.
Monday
July 29.
Wednesday
July 31.
Thursday
Aug. 1.
Friday
Aug. 2.
Sales of
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share lots.
Lowest
Highest
Range tor Previous
Y e2r 1911
Lowest.
1117hast
An
Industrial
e pmee delI
es,e
1izir
nerB
g
i
8918 J'11,
E2 Sep
86 Mch 22 8912 J'ne 10
Smelters
*8712 88
*8713 88
*8714 88
*8734 88
88
*87
*8734 88
8378 J'na
5653 Sep
6773 Feb 1 8958 Mch 25
e
51 AnLer
8338 8413 8458 8438 8473 912(
8333 8312 8212 8312 8214 8253 83
9834 Sep 10812 J no
24
Apr
2
10812
Jan
10233
10778 10818 10813 10813 110838 10838
*10712 108 *107 108 1108 108
123 Mch 6 176 J'ly 1 225 Sep 325 May
Snuff
*169 171 *160 169 *168 16934 16912 17134 17112 17112 0168 17134 1,000 AmpeerleapnreSt.
99 Feb 9 10312 PlY 5
new
*100 105 *100 105 *100 105 ,100 105 *100 105 *100 105
5212 Feb
25 Sep
26 Jan 19 3913 Atayll
600 Amer Steel Found (new)
*3434 36
35
3512 3534 3534 3578 3578
*3434 36
*3412 36
! May13 11214 Sep 12213 Feb
127 12713 127 12733 10,800 American Sugar Refining 11434 Jan 12 1331,
125 12614 126 127
*12614 12738 12314 127
3 111 Jan 11912 Feb
Poe
5
12313
Jan
11512
pref
Do
400
122
122
12153 12178 *120 122
*12178 12212 *120 12212 *120 122
Aug 15318 J'ne
3,100 American Teleph & Teleg 13753 Jan 2 14918 Mali 25 13112
14513 146
14578 14618 14534 14618 14573 146
14558 14578 14553 146
24118 Feb 29 32412 Ply I
0
0b
onateeceo
w
n
3, 5 AAmniferrrelicceaarnnre T,
8,150
29613 301
292 29434 295 295
296 20034 30012 30312 30112 303
Jan
19
10633
10114
Jan
11
10473 105
*10413 10512 10514 10514 10473 10473 10434 10434 105 105
3612 Mch
2512 Dec
2514 Feb 6 31 May17
Wooten
28
*26
29
27 *28
2712 2712 *27
2712 2713 27
29
9614 J'ne
8514 oct
86 Feb 7 9412 Mc1112
wprreit
f
1,000
8812 89
90
*89
8912 8812 89
*8812 9014 8912 8912 *89
1413 Feb
Sep
2412
2
4138
May
2518
Jan
25
Amer
writing
Paper,
.
pd.
500
3534 3534 *3512 3612
3514 3514 35
35
3434 35
*3514 36
$4118
J'ne
Sep
$29
Pne21
ssneatc
eon
Rdea
aC
liz
oa
ptple
ornPar$25 $34 Feb 1 $1518
AA
10
00 e
4173 4213 5;5
4114 4113 4114 4118 4133 4113 42
4138 4112 41
10513 Feb 7 126 J'ly in 10612 Dec 108 Dec
125 125
*124 12634 *124 12631 *124 126 *124 126 *124 126
6012
J'ne
2s
5353
Pne
18
1.laldwIn
Locomotive
330
5813 5812 *571_2 5812 5813 5812 *5713 5812 5813 5812 *5713 58
10234 Feb 2 10813 J'ne 17 10314 Dec 107 Dec
Do pref
961 •
*105.34 106
10534 10534 10578 105
10573 10578 10573 10573 *10534 106
3818 Aug
16 Sep
2734 Feb 27 42 Apr 19
3778 3713 3778 14,900 Beth
35
3514 3578 3578 *3473 3512 3514 3578 36
6634 J'ly
54 Sep
5612 Feb 27 7434 May 9
11)eoheprnre'reel
6813 6834 6973 6913 7014 3,700
68
67
67
68
66
66
*66
13712 Mch 21 14712 Aug 1 r129 Sep 14814 Nov
te
kriiy
en
k Union Gas
a ruoto
1,000 B
14712 14712 *146 148
*14512 14612 *145 147
14614 14612 14678 147
31 Mch
28 Feb
2912 Mch 18 4018 Apr 30
Co
37
37
*3273
*3273
*3273 37
*3273 37
*3273 37
*3234 37
3338 Feb
1834 Sep
1612 Feb 27 2813 Apr 22
2,100 lentral Leather
27
2658 *26
2658 2633 2612 2634 2714 27
*2613 2712 26
9113 Dec 105 Feb
80 Feb 27 90. J'ly 22
300 k
Do pref
96
06
97
0613 *96
9612 *95
*95
96
9613 06
*93
$25 Jan 15 $3514 J'ne20
dChino
Copper___Par
35
13,400
3234
3234
33
3183 3134 3178 3178 3112 3178 32
3114 32
Feb
38 Dec4
Sep L'26
3712
612 Se)
15
2318 Feb 28 3414 Apr lo S2
1,410 Colorado Fuel & Iron
31
31
3012 3012 31
30
*2934 3012 30
13014 3014 30
14812 J'ne
7,800 Consolidated Gas (N Y)_ 13814 Feb 17 14633 Ply Is 12834 Sep
14418 14434 14453 145
143 14334 14314 144
143 144
*144 145
1534 May
958, Oct
24
10
Jan
16
1713
Apr
Corn
Refining_
Products
3,500
1413
1414
1414
1418 1418
1412
1415 1453 1312 14
*1438 15
85 May
73 Sep
£7614 Jan 3 87 Apr 24
Do pref
700
82
*8113 8234 *8112 8314
*81
81
8112 8158 8114 8114 81
3814 Mch
59 Sep
lla
lsdteir
elrs:
ttiS
nein
eu
rrec
De
itis
esmC
cor
it.p
g 23 Feb 5 3433 Apr 8
3318 1,490 F
3212 3233 3238 3214 3214 3238 3233 3233 3278 33
*32
36 Feb
Dec
13
3
Ply
2158
1114
Feb
28
21
*14
*14
21
*14
21
21
*14
21
*14
21
6612 May
*14
Dec
37
J'ly
2
50
23
3718
Jan
Do pref
4834 *44
4834 *44
4834 *44
4834
4834 *44
4834 *44
*44
155 Jan 2 18812 J'ly 25 142 Sep 16838 May
General
rao
nem
l
tor
E
s vlecett
182 183
182 18212 7,650 G
182 18234 182 18212 182 182
18173 183
Nov
35
513
4 Aug
9
Apr
Feb
26
3814
30
tr
3734 2,350
34
34
3414 3473 38
34
134
34
*32
34
*32
7412 Dec
8053 Aug
7014 May 3 82 Apr 8
Do pre vot tr ctts_
7812 80
2,420
7712 7712 78
7612 7612 77
77
*75
77
*76
$778 Jan
$312 Oct
Mch Is
$5
Ply
26
$378
dGoldfield
Con
AI
Par
*37
8
4
2,500
373
4
3
7
3
378
373
4
4
378 378
4
5613 5653 5658 1,800 dGuggenh Exino_Par $25 $53 Ply 11 r$6233 J'ne l4
55
5514 56
55
5434 5413 5412 *54
19
19
19
1834 1918 1,480 di nsp'n ConCop Par $20 $1814 Pine 3 $2013 Pao 7
*1812 1914 *1834 1918 51834 1834 19
9518 Sep 12933 May
lit harvester stk tr cfts 10514 Feb 1 12434 Aug
11934
12018
12012
11934
121
120
12314
12314 12434 10,900
120 12012 119
11613 Jan 26 12134 Apr 4 115 Sep 12814 May
Do pref stk tr etfs
*11713 121 *11713 121 011713 121 *118 121 *118 121 *118 121
578 Jan
314 Sep
4 Mali 7
773 Mch 29
100 lot Mar Marine stk tr ct-fs
413 418
412 *413 412 *418 414 *413 414 *418 414
*4
2213 Dec
14 Aug
1534 Ply 30 28 Mch 29
Do prof
2,100
1534 1613 1573 1578 1613 1634 1634 17
*1534 16
16
16
Jan
13
Sep
U
May23
11134
17
Jan
9.
38
15
*15
16
15
16
1573 1638 1633 1633 3,050 International Paper
1512 15
*15
56 Jan
4453 May
24578 Jan 3 6273 May23
Do pref
5714 2,200
56
55
56
5614 57
57
5512 5613 5612 56
55
44 Feb
23 Oct
2
Jan
3
34
2412
J'ne
Internat
Steam
Pump
300
2712 2614 27
*2612 28
*2513 2712 *26
*2512 28
*2513 28
9013 J'ne
So Oct
79 Feb 1 8458 Apr 8
Do pref
200
*79
81
7012 7912 *7914 8012 7012 7912 *7012 8013 *79 . 81
435 Laclede Gas (St L) corn.... 104 Mcb 16 10834 Jan 4 10114 Sep 11413 Jan
106 10638 *10512 10612 *106 10612 *10618 10612
*106 10612 106 106
1
J'ly
2083
4
Jan
15
15678
&
Liggett
Myers
2,800
Tobacco
20614
20612
20718 20858
20112 206
200 20314 *20012 205
*201 206
10513 Jan 12 114 J'ly 26
Do preferred
240
11312 11312 11373 11373 *11234 114 *11234 114 111412 11412
*11312 114
45
4534 4514 4534 4413 4514 9,350 Loose-Wiles Bls tr co ctfs 43 J'ty 22 4718 Ply 26
4678 4534 46
4614 4678 46
103
J'ly 22 10414 Ply 27
1st
pref
Do
1,100
104
104
104
10414
*10334
104 10414 10334 104 *10:334 10412 104
00 Ply 22 9212 J'ly 26
Do 2d pref
700
*9214 9234
*9134 921: *9134 9213 *9134 9212 9134 9134 9114 92
7518 Jan 31 9214 Ply 17
7.113 Dec
95 Feb
Mackay Companies
100
*87
91
91
89
89
*87
91
*87
93
*87
77 Mch
63 Dec
6813 Jan 11 7073 Jan 23
Do pref
400
6934
65i3 -89-38 *6914 6934 *6914 6934 6933 6938 *69
*6914 6034 .
87 J'ne
70 Apr
260 May Department Stores_ 69 Apr 11 8214 May23
7714
*77
70 . 77
79
*77
79 *77
7834 *77
79
*77
10534 J'ne24 112 Jan 11 10734 Sep 11314 Pas
Do pref
*103 108 *10313 108 *10313 107 *103 10713 *10313 107 *10312 108
6234 Apr 20 7333 MaylS
1,300 Mexican Petroleum
6912 6912 6914 6912 6938 6938 £6773 6812 6813 6834 6873 69
dMlaml Copper_ _Par $5 32313 Feb 14 $2978 J'ly 31 81653 Sep $2412 Dec
2953 2934 2938 • 2958 2938 2934 2938 2978 £2938 2934 2912 2034 13,400
12913 J'ly 26 161 Apr 30 11714 Jan 14334 Nov
ational
1.31souit
142
14,345N
14034
14014
1417
8
13612
13614
140
4
1333
130 13013 12078 134
12634 Feb 20 131 J'ne 19 124 Jan 130 Feb
Do pref
4
*124 127 1125 125 *125 129 *125 129 *125 129 *125 129
22 J'ly
1212 Dec
1718 1714 1714 1733 1738 1,800 Nat Enamerg & StamP'g 1214 Feb 29 1914 May15
1614 1634 17
16
1614 1614 16
85 Jan 10034 J'ly
88 Feb 27 9512 Jan 2
Do
pref
03
93
*91
*90
*90
93
93
*90
93
*90
93
*90
Sep
59 Feb
4213
6058
May22
Jan
9
5118
National
Lead
2,900
5978 5934 60
5813 5812 5812 5812 5812 5812 5814 5812 59
10512 Feb 1 10934 Feb 15 104 Sep 10934 Aug
Do pref
*10812 1101s 1.108 11018 *108 11018 *108 11018 *10812 11018 *10812 11018
May 1 $1518 Sep $2114 J'ne
29
$2314
Jan
§1814
dNev
Cons
$5
Copper..Par
8,130
2134
2218
2112 2113 2112 2153 22
21
2113 2114 2073 21.
76 Feb
45 Oct
50 Feb 17 78 Ply 26
610 New York Air B_
rake__.
78
7813 7714 7712 78
*75
7912 7613 77
*75
77
7634 May
77
04 Jan
800 North Amerieao&C;e(ineeg7 7412 Jun 3 8473 Apr 27
8318 8278 8278
*82
*8134 8314 8212 83
82
8234 8234 82
3338 Nov
2313 Apr
Alch27
35
Jan
3
30
Mali
e
Pa
ec
e
ir
1,900
3112 3134 3178
*3013 3112 31
*3113 3212 3053 31
*3114 32
Sep
545
8 Jan
35
25
Apr
5538
5
Feb
47
5112 2,609 -251
*4813 4912 4938 52
*4812 50
*4812 50
*4812 49
103 Jan 8 11814 May23 10112 Aug 109 Jan
11573 11614 116 11633 11573 11614 11613 11638 11613 11612 r11518 11512 2,875 People's G L & C (Chic).. 102 J'ne 3 11114 Feb 10
Sep 11812 Pan
90
Philadelphia
Co
200
(Pittsb).
10312 10313 *10312 10413 *10313 105 *10312 105
*10313 105 ,10313 106
2314 Pus
17 Dec
1634 Mch 1 2334 Apr 23
700 Pittsburgh Coal Co
2134
2134 *21
2112 Ms 2058 2058 2053 21
*2033 211! *20
0078 .11.7
0734 Jan
77. Feb 8 9513 J'ly 5
Do pref
91
*0013 92
9113 9234 9212 9212 3,350
90
9214 9014 91
*91
Mch
11
20012
J'ne
8
167
P.
Lorillard
Co
862
192 103
18973 190 5192 192 1192 192 *____ 103
191 191
10734 Jan 12 115 Jan 19
Do preferred
250
114 114 *11312
*11334 ---- 511434 11434
*11334 11414 114 114
3758 J'ne
25 Sep
2834 Feb 27 3738 Apr 9
3514 3514 35
3634 36
3638 3614 3658 3,495 Pressed Steel Car
*3512 36
*3513 36
91 Sep 10234 J'ne
96 Feb 28 10312 Apr 24
nrei
Do
300
*10112 102 *10112 102 *10112 102 £10113 10113 10158 10134 10112 10313
955 Pub Service Corp of N J- 10634 Feb 17 11613 Ply 29 108 Oct 120 Feb
1 11434 11634 *11512 11634 116 116
11234 11612 11613 11612 ,
*109 112
15812 Feb 2 163 Apr 29 154 Sep 163 Jan •
866 Pullman Company
*162 16212 162 16214 16212 16212 £16014 16014 *160 16112 *16012 161
39 Jill
26 Oct
2712 Feb 8 3714 Apr 27
300 1.? allway Steel Spring
3434 3514 *3412 3512 3512 3512 *3512 36
36
3614 *35
*35
92 Jan 103 J'ise
100 Mch 12 103 Feb 21
200" Do pref
10218 10213 103 103 *102 103
*101 103 *101 103 *101 103
312 Sep 1119 Dee
J'ne21
316
Jan
29
$2212
Par
$10
dRay
ConsCopper
10,243
21
2078
2112
3
4
2114
20
2138
2034 2034 2053 2034 2058 2034
3514 Fab
18 Oct
27
27
2714 2714 2,775 Republlo Iron & Steel.._.. 1534 Feb 26 2734 J'ly 18
2634 2553 2553 2513 26
26
27
*26
7413 Oct
9933 Feb
6413 Feb 27 8614 Ply 2
Do pref
8412 8412 8473 8512 8553 8578 3,300
85
8478 8478 *84
85
*84
J'ly
20
103
100
J'ne
20
770
Rumel
111)
pref
y
102
102
102
103
4
103 103 510234 10234 10212 10234 10134 1023
140 Jan 15 19734 J'ly 24 12512 Sep 192 Feb
105 19614 19518 19573 4,590 Sears. Roebuck &
19514 196
10414 19553 19458 19518 r19412 195
34 Sep
5614 Fib
*55
57
400 Sloss-Sheffield Steel & jr.. 3914 Jan 30 58 J'ly 2
66
5512 5512 56
5612 55
55
5512 *54
*54
1718 J'ne
15 Aug
1614 Jan 19 3312 J'ne 27
Milling.
Standard
2912
2912
1,100
30
2012
3012 2934 2934 2973 30
30
30
30
53 Dec
50 J'ly
53 Jan 8 6412 Ply 2,
Do pref
540
6418 6413 6412 6418 6418 *6312 6434 56412 6412 6358 6334
64
'
J'ly 10 3834 Aug
30
4,060
(The)
Studebaker
Corp
3
4
3812
3734
38
37
3414
3434
3414
3478
35
3612
*3334 3412
9012 J'ne 28 9512 Aug 1
100
Do pref
9512 9513 9512 *9434 96
*9413 9512 *9413 9512 *9478 951,2 *94
1,390 dTennessee Copp_Par $25 33413 Feb 1 $4714 May21 $3014 Set) 544 Jul
42
4213 4273 4213 4234 4234 43
*4113 4212 42
43
§43
7412 Nov 13613 Feb
Jan 16 130 J'ly 19
81
Texas
4,200
Company
(The)12712
127
12614
12658
12714
12614 12634 *12534 12612
12613
127 127
03 Mch 111 Jul
9834 Apr 3 11534 Pne28
700 Undffewoo Typewriter_
111 111
11014 11058 111 111
111 111
111 11113 *110 113
110 J'ne I4 11414 J'iy 26 103 Aleh 11378 J'
Prof
*112
*113 116 *112 116 *112 ......_ *112 11213 *112
9 Feb
434 Dec
May15
Jan
25
1773
458
Union
Bag
800
&
Paper
1278
1278
1273
1238
*12
13
1213
1278
12
1273
13
e12
5013 Nov
5912 Jan
4834 Feb 21 6734 May15
530
Do pre
59
*5713 60
59
60
60
58
68
58
68
*5734 62
5314 Ply 10 6434 May21
100 United Cigar Mtrs
57
5712 *53
5712 *33
5712 *53
57
*53
5713 *53
57
105 Jan 10 109 Feb 15 10014 Set/ 110613 Oct
pref
Do
*104 108 *104 108 *104 110 *104 108 *104 108 *103 108
9712 Sep 108 J'ne
97 Feb 10 10234 Ply 17
300 United Dry Goods
*9978 100
9978 9978 *9914 100
*9914 100
100 100
100 100
10034 Sep 10712 J'ly
10333 Feb 24 10878
Do prat
125
*10838 110 *10838 110 *10834 11058 10878 10878 *---- 11038 *108 11058
Mar16
11 Sep
19 Feb
13
Feb
16
2212
&
Foundr
Cast
I
Pipe
U
S
100
1012
*1814
1912
187
8
1878
*1814
1912
*1814
1912
*1814
20
*18
4013 Sep r61 Feb
50 Jan 4 61 J'ne 13
Do pref
230
*5734 5812 *5712 5813 *5712 6812 5778 5778 5812 5812 *5712 5914
30 May
24 Aug
500 U S Industrial Alcohol.... 26 Jan 8 4578 Ply 26
*4412 4514 45
46
4434 4413 4413
45
44
*44
48
*44
7934 May
6518 Jan
5,500 U S Realty 6: Improv't_ 67 Jan 31 8613 Ply 18
8173 83
83
83
83
8314 8414 8414 85
8212 8278 *82
4813 Dec
3013 Sep
4514 Feb 1 6773 May21
5234 5314 9,000 United States Rubber....
53
5214 5258 5233 5258 5214 5233 5238 6212 52
10553 Ply 25 116 May20 104 Sep 11512.3.'1y
Do
1st
pref
4,019
10614
10812
10613
10633
10613
108
106
101358
10678
108
10614
10578
Sep
79 Mch
(16
81
May21
*75
8513
81
23
Jan
*75
75
81
*75
Do
2d
prof
81
*75
81
*75
81
*75
8213 Feb
50 Oct
5814 Feb 13 7314 Apr 30
6934 7078 71
7214 7113 7212 272,109 United States Steel
6978 7038 6914 7014 6933 70
Feb 13 114 Aug 1 103 Oct 12078 Feb
10738
pref
11214
11233
Do
7,275
11233
11214
114
11334
11213
11238
114
11212
11214 11214
8 $38 Sep $5778 Dec
6214 6278 6213 6234 10,250 dUtah Copper_ __Par $10 55212 Jan 20 $6512 Apr 26
6133 6112 6118 6112
7033 Feb
4318 Sep
4714 J'ly 12 5714 Jan
2 6
49
112 4
611411
6
4912
6912
*49
218 4912 4934 £4834 4834 1,050 Virginia-Carolina Chem
49
4918 4918 49
20 122 Mch27 114 Sep 12813 Mali
Ply
11813
pref
117
Do
*115
511653
50
117
11653
*115
*116
117
*115
117
4,115 117
139
Sep
177
May
3
151
Jan
17
J'ly
130
Co
&
Fargo
Wells
50
*136 140 5138 138 *136 140 *136 140 *136 140 *136 142
8413 May
7158 Apr
8212 8212 8134 8134 8134 82
8238 2,300 •• astern Union TOM-- 79 Jan 2 8614 Jan 18
82
82
8184 8218 82
58-'8 Sep
79 May
6614 Jan 3 8333 Aug 2
wen
&Mfg
Westingh'seEl
8018
7934
7934
23,600
80
3
4
8333
80
£8018
8034
8034
7912
7978 8018
11478 Jan 5 125 Aug 2 11013 Aug 123 Jan
100
Do 1st prof
125 125
*120 122 *122 125 *121 125 *122 125 *123 125
9212 Ply 25 0914 J'ne 27
1,200 Woolworth (F W)
94
9273 9373 94
95
94
0414 *93
9434 *9212 95
94
11314 J'ly 29 11634 Ply 2
114
pref
11415
1.366
Do
114
11414
11411
1131,
114
1135
,
114
*114 11412 11314
$ia
545
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Coney'MAT
First
Gree npo Int
.11111sidd
liomestean1
Manutae'rs
Meohatiles'l
Montauk 11.
Nassau
Nat City_ - _
lita
Ask
Banks
155 North Side I!
_
295 People's
Prosp'ctPlq
101
125
Trust Co's
115
4)
.5-- 425
N YCIIU
2.10
230
Astor
150
2-1/- 225. hankers' fr
Li' way Tr..
205
275
280
Bid
Ask
Trust Co'j, Bid
N Y GUy
175
200 Central Tr_ 1030
145
155 Col um bia150
165
Knielterb 530 590
Commercial
04
Itinpiro ..-- 301) 310
Equit'ble Tr 34212 5471,4
Farm Lo&T
1400
410 420
Fidelity ..... 2-1-8 222
Fulton
582 587
_ 315 325
17712 18213 Guarly Tr_ 1015 1025
Ask
Bid
00
137
225
140
460
Ask
105
142
230
145
Alut.t West140
chester)
152
Trust Co's
Guardian Tr
Hudson
Law T 1&Tr
Lincoln Tr.
Metroport'n
Mutual All
470
150
Trust Co's Bid
Ask
NY Life &Tr 1030 1045
N Y Trust 630 640
Standard Tr 370 380
litleGudc Tr 594 600
Union Tr
1300
-US Mtg&-'15
: 470 480
Unit states 1120 1130
Wasblutttori 3:10
410
Westchester 152
160
Windsor .._ 138
192
Fruit car
Brolklun
Brooklyn 'Fr
Citizens' _
Franklin _ _ _
d snit!ton Home
Kings Co
L Is( L & Tr
Nassau
Peoples'
jteens CO_
Bid
470
150
265
275
105
520
300
150
205
93
Ask
275
fir
312
160
305
105
Ex-rights. a Ex-div and rights. b New stock. cl Quoted dollars per share.
• Bid and asked prices: no sales on this day. 4 Less than 100 shares.
are State banks. z Ex-dividend.
Sale at Stook Exchange or at auction this week. s Ex stock dividend. I Banks marked with a paragraph (V)
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed, and prices are now all--"and
interest"—except for income and defaulted bonds.
11V
BONDS
N. Y. STOCK EXCHANGE
Week Ending August 2.
Price
Friday
August 2
Week's
Range or
Las: Sale
4,53
Range
Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ending August 2.
Prim
Friday
August 2
Range
Since
Jan. 1.
rlicek's
Range or
Las: Sal:
U. S. Ocivernment.
S 25 consol registered_ _d1930 Q- J
S 25 consol coupon_ _ _t11930 Q-J
S 3s registered
k1918 Q-F
S 33 coupon
k1918 Q-F
S 43 registered
1925 Q-F
S 43 coupon
1925 Q-F
S Pan Canal 10-30-yr 2s k1936 Q-N
S Panama Canal 3s
Q-S
Bid
Ask Low
High No, Low High Chesapeake & Ohio—
Bid
Ask Low
High No. Low High
10013 101 10034 Mar12
10014 10078
Gen funding it impt 58_1929 J -J 10212 10312 10.113 10.02
102 104%
10012 10114 10034 May 12
10034 1013,
1st consol gold 5s
1939 A1-N 110 11114 110
1101.
109% 11134
102 10234 10212 J'ly '12
102 10234
Registered
1939 M-N 10814 __ 111 May'12
110 11114
102 10234 10214
30214
1 10112 10314
General gold 4 30
1992 M-S 9913100 9973
100
1. 9973 103
11,134 1141: 114 J'ne'12
11314 11453
Registered
1992 /11-S 9812 993., 9932 Nov'11 • _
,
11334 11412 11414 J'ne'r.
11314 11434
Convertible 4348
1930 F- A 9358 Sale 9314
;
8
-1.
113g 04
10012 101 10012 J'ne'11
Big Sandy 1st 4s
1944 J -D 8638 8) 8614 J'ly '1:
8614 89
10012 101 101%
10158
3 idf3-8 10213
Coal Riv Ry 1st gu 4s
1945 J -D 8643 893s 8812 J'ne'11
Craig Valley 1st g 5s
1940
J
-J
103
12
May
1013
4
10412
4 16114
101-3Foreign Government
Potts Creek Br 1st 4s
1948 J-J
84 _ _ 84 May'12
8634
84
Argentine—Internal 5s of 1909. 11-S t 9938 0953 9912
9913
1 97 100
II &A Div 1st con g 0_1989 J -J ---- 95 95 May'12
96
9313
Chinese (Hukuang) Ely 5s £_
_ J -D 94 9418 94 J'iy '12
9314 9512
2d consol gold 4s
1989 J-1
1214 J'ne'11
Imperial Japanese Government
Greenbrier
Ry 1st gu g 48 1940 M-N 9138
95 Oet '1u
Sterling loan 4 30
1925 F-A 91% Sale 9183
9178
4 9113 94
Chic & Alt RR ref g 3s
1949 A-0 70 71
7114 J'ly
"i634 7213
2d Series 4 30
9034 9112 91
1925 J -J
91
1 90% 93
Haitzvay 1st lien 3 34s__._1950 J-J
45
0414 67 65
31 6014 6512
Sterling loan 4s
8312 8534 8418 J'ly '12
1931 J J
8418
B & Q Denver Div 4s 1922 F-A 9938 100 995 J'ne'12
9953 100
Republic of Cuba Ss eaten debt_ M-S 110:112 104 10312 10378 36 10213 8818 Chic
Illinois Div 334s
101
1949 J -J
8738 8758 8714
873;
87 88
External loan 4 14s_
100 99
1949 F-A 9_
99
12 99 9914
Registered
1949 J -J
86 861. 8513 Apr '12
8512 8512
San Paulo (Brazil) trust 53_1919 J -J t 9734 9812
9812 17 9718 9314
Illinois Div 4s
9914
1949
J-J
Sale
9914
00117
10012
0812
Tokyo Ulty loan of 1912, 5s____ NI-S
9414
9414
1 94
Registered
95
1949 J J
9713 1-4.) 98% J'no'12
9858 9912
U S of Mexico s f g 5s of_
97 J'ly '12
1899
I 963-4 07
Iowa Div sink fund 53
9512 9714
1919 A-0 10478
105 J'ly
• __. 10473 105
Gold 43 of 1904
1954 -D ____ 9012 91 May'12
88 91
Sinking fund 4s
1919 A-0 9914
9914 J'ly - 1.
0914 9988
Thess are p rices on theba sis o / $5 to Z.
Nebraska Extension 48_1927 11-N 98 i.r.) - 91) J'ly '12
97.4 9988
State and City Securities
Registered
_ 9818 Mch'll
1927 111-N 9612
N Y City-4 30
1960 M-S 10138 Sale 10118
10138 27 10078 103
Southwestern Div 4s_ __ _1921 NI-S 9938 ____ 9938
u938
-6633 -9913
when
issued
10013 Salo 101112 10034 126 10012 10118
43's
-1962
Joint bonds See Great North
4% Corporate Stock_ __ _1959 1W-14 99 Sale 9878
99
Debenture 5s
38 9834 10018
1913 111-N 10012 101 10013 10013
10012 10153
4% Corporate Stock____1958 NI-N 9878 99 9878
9878 35 9878 10018
General 48
1958 A1-S 9578 Sale 958
95
71 95"1; 9714
4% Corporate stock
9914 99
1957 11-N
99
7 99 10014 Chic & E Ill ref & imp 4 gs_1955 J -J
781: 7812 J'iy '12
78
781', 8112
New 4 ;is
1957 M N id0" 10614 10638 J'ly '12
1st consol gold 6s
10514 10778
1934 A-() 1215 12312 12214 J'iy '1_
122 - 125
New 4 30
191711-N *10138
102 Mch'12
General consol 1st 5s_ _1937 NI-N 107 10113 107
10234
102
i07
107
11113
4 .6% Corporate Stock 1957 M-N 10618 Sale 106%
10512 25 10618-10778
Registered
11--N
10914 Feb '12 _ 10114 10914
4% assessment bonds_1917 M-N 10112 102 102 J'ly '12
10112 10278
Chic & Ind C Ry 1st 5s 19
1938
roj34
:10812 J'ne'12 _ . 10810 10912
37 .11-1.N
J
334% Corporate Stock...1954 M-N 8512 8013 86 J'iy '12
Chic Gt Western 1st 4s
86 88
1959 NI-S 7714 Sale 77
1114 L. 77 - 83
N Y State-4s
1981 M-S
10112 J'ly '12
101 10278 Chic Ind & Loulsv—Itef 8s_1947 J-J 125 12/ 12534 J'ly '12
12513 12912
Canal Improvement 4s....1901 J -J 10114 10134 10112
10134 10 10118 10278
Refunding gold gs
1947 J-J 10934 Sale 10334
[0934 11034
1093
,
Canal Imp'ment (new) 4s1961 J - J .101.12
10118 103
Refunding 45 Series C_I917 J-J
- 10118 J'ly '12
9538 Apr '11
Canal Improvement 43_1980 J J
10034 J'ne'12
Ind & Loulsv 1st gu 43_1956 J-J
10034 102
8512 811 J'iy '1:.
il0I
86
So Carolina 454s 20-40
1933 J -J
Chic Ind de Sou 50-yr 4s
9714 -- 10312 J'ly '10
1956 J J -9034
M 412
1
0012 9133
Tenn new settlement 3s
9712 9833 9734 Apr '12
1913 J-J
-9Y34 9734 Chlc L S & East 1st 4 30_ _1969 J-D
9112 10
94 Dec18
Virginia fund ,debt 2-3s
- 87 8812 Dec '11
1991 J-J
Chic Mil & St P terml g 5s 1914 J-J idfq 1-6138
10114
J'ly '11
10114 1021
Os deferred''Brown Bros ctfs__ ____ gE 59 53
57
Gen'l gold 48 Series A__e1989 J-J
219 46 57
97 9714 9714
0712
9913
97
Railroad
Registered
96 — _ 9712 Apr '12
9712 98
A an Arbor 1st g 4s
7314 Sale 7$14
51995 (,)-J
Gen'l gold 334s Series B_e
7814
1 77 8414
e19
98
89 Q
J-1
_., 8514 85 J'no'lk
85 8678
_
ritch Top & S Fe gen g 48_1995 A-0 9718 Sale 9718
9758 137 9713 100
Registered
-- -- ---- 86 J'ne'11
Registered
— 93 9618
1995 A-0
9618
25-year deben 45
5 9613 9912
61
198
934
9j
J-j
J
9034 _ _ _. 9013
0013 1. 90 9253
Adjustment gold 4s____51995 Nov
0 8914
8914
Cony 4 30 (full pd reels)
2 89 9233
10578 Sale 10434
106 64( 10134 106
Registered
51995 Nov
_ 91 Feb '12
Chic & L Sup Div g 5s__ _1921 J-J l055___,. 10614 Apr '12
9014 91
10614 108
Stamped
51995 M-N
8V14 89
89
Chic & Mo Ely Div 5s___1926 J-J 108108 J'ncs'12
89 9258
108 10834
Cony 4s issue of 1909_..._1955 J-D
_ 10734 Apr '12
Chic & P W 1st g 55
10614 10734
1921 J -J 105 10-53-4 10512 J'ly '1:.
10514 10683
Cony gold 45
1955 J -D 10814 Wale 10734
10814 41 10534 10983
C M & Puget Sd 1st gu 4s 1949 J -J 9212 93 93
03
9273 0514
: Cony 43 (issue of 1910) 1960 J -D 10434 Sale 10438
10478 601 10014 10478
Dak & (It So gold 5s
1916 J-J 102 ___ 102 J'ly '12
102 103
10-year cony gold 5s
1917 J -D 10814 Sale 10818
10838 106 105 110
Dubuque Div 1st s t 83_1920 J-J 11234 _ ._. 11314 Apr '12
113 11338
Debentures 4s Series K
_ 9914 J'ly '11
1913 F-A 99
Far & Sou assum g Gs__ _1924 J-J 115'8,_ 11738 Auell
East Okla Div 1st g 4s__.1928 11-S 96 - - 96 J'ly '12
LaCrosse & D 1st 5s
id - -663-4
1919 J-J 10434 ____ 10434 J'ne'12
4
10412 idi3Short Line 1st 4s gold
9218 Sale 9218
1958 J-J
9218 14 92 94
Wis & Minn Div g 5s
1921 J-J 105 _
106 J'ne'12 _
100 10638
S Fe Pres & Ph 1st g 5s_1942 1I-S 109
Wis Val' Div 1st 6s
109 J'ly '12
109
11012
1920
J-J 11234 113 11234 Mch'12
_ 11234 11234
Chic & St L 1st Os
1915 111-S
__ 10638 J'ly '11
Mil & No 15t cons 8s
J-D
1913
10114
10118
10118 Sale 10118
10114
AU Coast L 1st gold 4s___51952 1I-S 10494% 943Extended 4348
9473 -id 941 -9678
4 9412
1913 J -D 10018 Sale 10018
10018
1 10018 10018
Registered
51952 141-S 93
., 93 Oct '06
Chicago & N West cons 7s _1915
- -- - - 10614 10634 1003s J'ly '12 __ .- 10683 108
Ala Mid 1st gu gold 5s___1928 M-N 107 i.di 10838 Aug'11
Extension 45
1888-1926
9633 9712 9638 J'ne'12
9683 98 '
• Bruns & W 1st gu gold 45 1938 J -J 95
9584 Jan '12
Registered
9534 -9534
1886-1926 F-A - - - - ---- 9734 Nov'll ____
• Charles & Say 1st gold 7s 1938 J -J 128 ___
General gold 334s
1987 M-N 85 8518 8518 J'ly '12
"d& - 87
L & N coil gold 48
(3415
01952 11-N 9334 94 - 9335
Registered
9335 9534
p1987 Q-F 8312 87 8434 J'ly '12
8412 8634
Say F & W Ist gold 68_1934 A-0 123
General
12318 J'ne'12
12318
1987 -N 9714 9713 9714
975s 113 9713 9834
1st gold 5s
1934 A-0 10314 -- 1105 May'll
S
Giennkel
ill 6s_ _ _ _1879-1929 1-NdA -0 11013 ___ 11134 Noy'll
Sil Sp Oca & G gu g 4s
97 100 97 Jan '12
1918 J -J
Registered
12397 97 11014 ____ 11114 Nov'09 —_
alt & Ohio Prior 330 1925 J-J 91 Sale 91
Sinking fund 55
91
91 93
187
879
9-19
929 A
A-1 105 ____ 103
105
1
Registered
89 91 91% May'12
51923 Q-J
Registered
907g 9182
1879-1929 A-0 10438 __ 10378 Deo '11
Gold 45
51948 A-0 9712 Sale 9714
Debenture
55
1921 A-0
9756
9714 9914
_ 1043-8 10413 May'12
Registered
983
51948 Q-J
4 J'ne'12
96
Registered
1921 A-0 iaS ____ 10612 Feb '10
9634 9818
: Pitts June 1st gold 5s_ __1922 J -J 11112 _ 112 Jan '12
Sinking fund deb 5s
112 112
1933 111-N 10518 _ _ ___ 10812 Mch'12
• PJunc & M Div 1st g 3 301925 M-N 88 /19.
14 89 J'ne'12
Registered
88 90
1933 11-N
10734 Auell
PLE & W Va Sys ref 4s..1941 M-N -_-. 8934 90 J'ly '12
Frem Elk & Mo V 1st 6s..1933 A-0 12412 12712 120
8953 92
9013__
J'iy '12 -' Southw Div 1st gold ;A 30 1925 J-J
9018 Sale 9018
Mani G B & N W 1st 3 30 1941 J -J
905s --dd 9013 9112
Se '
Cen Ohio R. 1st o g 4 30_1930 M-S 10158. 103 Mch'10 _
Milw & S List gu 3 30_1941 J -J
------------g
34
con
&
Lor
W
1st g 5s_1933 A-0 107 154-12 107 J'ne'12
, Cl
Mil L S & West 1st g 6s 1921 1-S
idi- 1111-2
iiii J'ne'12
1121" 11518
11113 113
Monon I4iv 1st gu g 5s_ _1919 F-A 10238 _ _ 10214 J'ne'12
Eat & imp 51 gold 5s._1929 F-A 10918
10214 10412
._ 10914 J'ne'12 _. 109 110
• Ohio River RR 1st g 5s__1938 J -D 107
_ 10938 Mch'12
Ashland Div 1st g 6s_1925 111-S 11658 ____ 14212 Feb '02
10918 10933
•
General gold 5s
1937 A-0 103 10518 10512 Apr '12
Mich Div 1st gold 6s_1924 J-J 11638 ____ 11634 May'12
105 10512
11634 11634
Pitts Clev & Tol 1st g 6s_1922 A-0 11118 ____ 11312 Feb '12
11312 11312
Mil Spar & N W 1st gu 48_1947 M-S 9318 Sale 9313
0312 Si 9313 04
Pitts & West 1st g 4s
1917 J -J
9712 Mch'12
9734 Northw Union 1st 7s g 1917 M-S 11112 __ _ 116 J'ly '11
9712 9712
Stat Isl Ry 1st gu g 4 30_1943 J -D 91
91 J'ne'12
Winona & St P 1st ext 7s 1918 J-D 11012 111 111 J'iy '12
91 91
ill ill
Buffalo It & P gen g 5s
1937 NI-S 11134
112 J'ly '12
11178 11212 Chicago Rock Is & Pa 6s_1917 J-J 1077____ 10778 J'ly '11
10734 10878
Consol 4 30
1957 M-N 105.34 Sale 105
10534
Registered
105 10714
__
107
'10
Aug
109
All & West 1st g 4s gu
1998 A-0 9718 _ _ _ 97 Feb '11
General gold 48
- - -9434 Sale 9412
198
18
7j
0431 19 -641-2 -667J -j
J
3
• Ci & Mah 1st gu g 5s_ _ _1943 J -J 108 ____ 103 J'iy '08
Registered
--- 1988 J -J 9312 9478 05 J'ly '12 ___ 94 9614
• Roch & Pitts 1st gold 8s_1921 F-A 11212 _
11334 Noy'll
Refunding gold 45
1934 A-0 8813 Sale 8813
8838
75
8818
9034
Consol 1st g 6s
1922 J -D 114 la34 11434 J'iy '12
20-year debenture 5s
figc
1932 J- J 9218 Sale 9158
9213 87 91
9458
Buff & Susq 1st ret g 4s_d1951 J -J
72 Mehl°
Coll trust Series L 48
1914 11-N 97 ____ 9734 Sep '11
_
—
an So 1st ext 6s
1913 J -J 10033 Sale 100%
10034
1065; idi 'M 4s
1)8
9531
i1-N
1915
-N
9612
Nov
'1
1
--C 2d 5s
1913 111-S 10038 10034 10038 100%
P 4s
6 10014 101
1918M
95 9434J'ne'll.Registered
1913 M-S 9934 10034 Jan '11
Chic It I & Pac RR 4s_2002 M-N 69 Sale 63
6913 100 -di - 7314
Central of Ga 1st gold 5s__p1945 F-A
11278 Apr'12
erL
Registered
d
It
7134 Mch'12____ 7134 7234
e
A ts
1127 11334
2002 24-N
-N
• Consol gold 5s
.614 110 10014 J'iy '12
1945 M-N 16
RI
ouls 1st 4 30 1934 M-S :::: -01-4 9112 Apr '12 ...... 9112 93
109 1111s
Registered
1945 M-N
10713 Noy'll
Bur C It & N—lst g 5s 1934 A-0 11014 _..... 110 J'ne'12
110 11112
, 1st pref income g 5s____p1945 Oct
Reglstered
103 Deo '11
1934 A-0
12012 &Leh'03
Stamped
10612 May'll
C R I F & N W 1st gu 5s '21 A-0 Nil;"_:"... 10514 Sep '11
---—
—
2d pref income g 5s____p1945 Oct
M & St L 1st gu g 7s__ _1927 J -D
_ 105 Dec '11
---- ---, 2d pref income g 5s stamped
_
96 Noy'll
Choc Ok & G gen g 5s_ _01919 J -J
1152-34 Au-g'
--11
---3d pref income g 5s_ ___p1945 Oct
107 Dec '11
Consol gold 5s
106I-310814 107 May'12
id/"10814
3d pref Income g 5s stamped_ _
8513 Oct '10
Keok & Des El let 5s
19
92
83
2M
A-N
O 9913 _ _ _ _ 10013 J'ly '12
100 10114
, Chatt Div pur 'non g 4s_ _1951
9112 J'iy '12
8953 911 Chic St P M & 0 con eis
1930 J -D 122 12312 12173 J'iy '12 ...• 12173 124
Mac & Nor Div 1st g 5s__1948 J -J 10714 10912 10714 Jan '12
10714 10714
Cons (3s reduced to 330 1930 J -D 89
_ 93 Dec 03 __
' Mid Ga & Atl Div 5s____1947 J -J 1055a
115 Nov'05
1930 111-S _ _ _ _ 1-15S14 102
10234 45 102 idE"
• Mobile Div lit g 5s
1946 J -J 103_ 10934 May 11
t Ptu&reM8lenn 1st g 6s_ _1918 A1-N
Sen
C
Dheb
122 J'ne'12 _. 122 12312
Cen RR & B of Ga col g 58_1937 M-N 101 foil1 10212 J'iy '12
Wisconsin
'fait; 103
1st 6s
Nor
1930 J -J
12953 May'09 __
Cent of NJ gen'i gold 5s
1987 J -J 1'20%12012 12018
12112
120 12234
St P & S City 1st g 8s. _1919 A-0 110 11111014 May'12 ____ ii63; 11113
Registered
51987 Q-J 11914 12012 12012 J'IY'
19014 12214
Superior Short L 1st 53 g_1930 M-S 10938 _-- 12
• Am Dock & Imp gu 5s_ 1921 J -J 10513 107 106 J'ly '12
106 107
Chic & West Ind gen g 6s_q19932
52 Q-11
j...1 10712
10112 J'n-e-.0
idd"10812
Le & tlud II gen gu g 53_1920 J - J 10214
j:jj ____ -di- 8934
4 ms..._11995397 j
g orm45
10212 10212 cin
ConsolD
2-dyea
u ec 50
r,934 -i 8934 921s
- 10212 May121
Leh & Wilkes-B Coal 55.._1912 M-N 100
100 100
100 J'ly '12
__ 10114 101 Mch'12 -- 101 101
N Y & Long Br gen g 4s_1941 11-S
__ 100 Dec '11
1st & refunding 48
Cent Vermont 1st gu g 48.._e1920 Q-F 989112
9118 9173
1st guaranteed 4s
s 90 "ii1-4
- 9112
1959 J-J :::: 9
1:1P3 -8614 J'ne'12 :::: 86 87
MISCELLANEOUS BONDS—Continued on Next Page,
U
U
U
U
U
U
U
U
-•
?_-,F,
B
-
Street Railway
'Brooklyn Rap Tran c 5s...._1945 A-0
• lit refund cony gold 45_ _2002 J -J
• Bk City 1st con Is 1918-1941 J J
• Bk Q Co 63 S con gu g 5s_1941 AI-N
. Bkiyn Q Co & S ist 5s_1941 J -J
• Bklyn Un El 1st g 4-5s....1950 F- A
Stamped guar 4-5s____1950 - A
• Kings Co El 1st g 4s
1949 F-A
Stamped guar 4s
1949 F- A
Nassau Elec guar gold 48_1931 J -J
Conn Ry&List & ref 5g 4 30_'51 J-J
Stamped guar 4 30
1951
Det United 1st cons ir 4 30_1932 -J
FtSmith Lt & Trac ist g 56_1936
S
rand Rapids Ry 1st g 5s_ _1916 J -D
avana Elec consol g 58...._1952 F-A
nterboro-Metrop coil 434s1956 A-0
nterboro Rap 'fr 5s Ser A.1952 24-N
1_ No pilaf Friday; latest this week
10514 1051
9314 Sale
10214 1031
_
10512 1051
935
9134
1021
10214
8834 J'ly '1
Street Railway.
50 108 10558 Manhat Ry(NY) cons g 48_1990 A-0
518 8378 0434
Stamped tax-exempt_ __1990 A-0
10 10113 10212 Met St Ry gen coil tr g 5s_ _1997 F-A
9884 9834
Guaranty Trust Co certifs. _
Refunding gold 48
2002
.
10138 1.011Farmers Loan & Tr ctf____
4
10112 10212
Stamped
Bway & 7th Ay letc g 58_1943 J -D
8312 .
8514
2 84,4 86
Col & 9th Av lit gu g 53_1993 24-S
3 7/12 81
Lex Av & P F 1st gu g 5s..1993 24-S
101 10173
Third Ay RR cons gu 45_2009 J -J
10112 10214
Central Trust Co certs
15 75 7933
Cent Tr Co cts stamped_ _
93 95
Thlrd Ave fly 1st g 53__ _1937
10014 10014 Met W S El (Chic) 1st g 48_1835 F- A
9878 9934 tfilw lilec Ry & Lt come g 53192 F-A
566 8012 8412
Refunding & erten 4343.1931 J -J
41 10312 105
10238 Sala idd3-8
102 luzl 10214 rty '1
8413 — $534 May'12
88
86
7712
7713 Sale 7712
10134 102)3 10178 J'ne 12
10263 10153 10138
7512 76
7512
76
-- 941 93 Apr '1
100
10014 Mch'12
9878 9914 9875ju
8213
$214 Sale 8214
10134
10438 Sale 10458
d Due April. e Due May
9534 9618 96
9614
9834
9634
95 97
102 Mch'12
- ---- 9918 J'ne'12
64 May'12
----- - 6114 J'ly
5934 Mch'12
10313 10312 103%
10313
102
102 Sale 102
__ 102 102 J'ne'12
74 J'ly '12
72
— - 7412 J'iy '12
7212
7212
10712 109 108 J'iy '12
9312 J'iy '06
10412 Dec '11
9513 May'12
9413
A Duo July. lc DUO Aug. a Due Oct. p Duo Nov. q Duo Dec.
31 96 0813
2 9614 08
9912 102
97 103%
5812 64
5712 6214
5758 62
103 10413
2 10112 10312
102 103
74 80
73 811$
7214 81%
108 11013
29513
611-
Option sitig.,
AUG.
3 1912.]
It
BONDS
Is
N. Y. STOCK EXCHANGE
Week Ending August 2.
283
New York Bond Record—Continued—Page 2
Price
Friday
August 2
Range
Since
Jan, 1,
Week's
Range or
Last Sale
t1.
BONDS
C
N. Y. STOCK EXCHANGE
...e.,
Week Ending August 2.
Price
Friday
August 2
Range I
Since
Jan. 1. ;
Week's
Range or
Last Sale
Low Hi0h1
High
Ask Low
Bid
High No. Low High St P AI & M (Continued)—
Ask Low
Bid
Cin Ham & Dayton (Continued)
- - - - - - -.
_ 10212 10114
Pacific Ext guar 45 £___1940 J-J
9212 _ _ 9258Mch'll
Cln D & 21st gu g 5s_. _ _1041 /11-N 10212 ___ 10212May 12
9612 9812,
E Minn Nor Div 1st g4s1048 A-0 9613 97
0612 J'ly '12
88 Mch'll
C Find & Ft W 1st gu 4s g 1923 NI-N
116 '
114
'12
J'ly
11412
-J
J
4
j14
803
114
____
-88
68___1922
4
Minn
-863
)34
8
833
Union
g
1st
-J
53
J
_19
_
4s__
g
gu
1st
Cln I & NV
127 12714
Mont C 1st gu g 6s_ _1037 J-J 12518 ..___ 127 May'12
Day & Mich 1st cons 40 1931 J J
_ 13614 May'06
---1937 J-J 12412
161t-2 16gi7 103!,J'nO 12
104 11)412
Registered
Ind Dee & W 1st g 5s_1935 J
__- 11234 SeP '11
1st guar gold 5s1937 J -J 11134 114
1035 J
10712 Dec '02
1st guar gold 5s
_
____
1937 J -J
12
-611; -611-4
92
Registered
Cleve Cln C & St L gen U....1993 -D
11212Sep '11
Will & S F 1st gold 59_1938 J -D 112
0334 0,234
1931 i-J ____ 9314 9334 J'ne 12
20-yr deb 4 36s _
112
9
92
-J
&
J
Gulf
92
S
8
52
Sale
92
I
937,
_b19
1st
5s_
9334
938.1'no'1::
ref
901
g
_1939
t
&
J
J
4s__
gold
1st
Div
Cairo
__
_
Registered
b1952 J -J
90 93
90 '‘ 0. 90 J'ly
v & H Div 1st g 49_1901 J -J
Cm
10(75;
8 103
i6611990 15- N 9038 Sale 3038
8978 0312 [Jock Val 1st cons g 4 3,59_1999 J -J j-661-3 jo-0-.3-4 io0'13
1i38
St L Div 1st col tr g 4s
-3- RegiStered
1999 J -J ____ ____ 10012Sep '08
)
1900 15-N
91 Oct '07
Registered
Col & H V 1st ext g 4s
1948 A-0 9218 _-__ 9412Dec '11
09 Dec '11
Spr & Col Div 1st g 4s_1940 NI- S 90_
Col & Vol 1st ex 4s
8 -661;
-6611955 F-A 9213 ___ 6'8 Jan '12
-91 - -61
90 (.)-21.. 91 Apr '12
W W Val Div 1st g 1s
1940 J -J
nous Belt & Term 1st 5s
9913,,_ _ 0934 J'ne'12
9912 9984',
1937 J -J
C I St L & C consol 69._ _1920 M-N 10618 ____ 10534 Dec '11
-66 - -67 - r ilinois Central—
k193 Q-F J6 93 97 Aletr 12
1st gold 4s
10212 104
1951 J -J 10134 ____ 10212 May'12
96 96 '. 1st gold 4s
kI93 Q -F 96 98 96 J'ly '1
Registered
100 Sep '11
10718 10718
1951 J -J
Registered
Cin S & CI con 1st g 5s___1928 J -J 10638 ___. 10718 J'ly '12
1st gold 3 Lis
9078 ____ 90 Apr 'is
105 1031.
1951 J -J
J -1) 111114103 105 J'ne.12
CCC &I consol 7s
89 8913
89
89 ____ 80
Registered
1951 J -J
9111 J -D
Consol sinking fund 78_1
19
-Extended 1st g 3
12313 12317
1951 A-0 89 __ 9312 May'02
General consol gold 69_1934 J -J _ _ _ _ 123 1231-2 Apr '12
Registered
1951 A-0 89
---123
-J
Registered
1st gold Is sterling
- '65
1951 M-S ---- ---- -80 J'ly
---94 J'ly '08
4 A -0 90
Ind 131 & NV 1st prof 4s
9110
104
Registered
1951 M-S
_
0 Ind & W 1st pref 5s_d1938 Q-J
6-:113;6
16
66
61
Coll trust gold 45
- -1
-'
4J'ly
--6/312:
1952 A-0 .1819012 1)2
91 -617
1940 A-0
Peo & East 1st con 4s
Registered
1952 A-0
__ 95.3-4 9812Aug'11
35 4673
40 43'- 3819 J'ly
1990 Npr
Income 9s
95
1st
ref
4s
11)55
-9512
9512
8
31-N
42
5
95
OA
50
5812
50 Sale 417
Col Midland 1st g 4s
1917 J -J
Purchased lines 3 is___ _1932 J
8614 Feb '12
4 9434 9753
1
-86661
- 97
96
116 _96
1929 F -A
Colorado & Sou 1st g 4s
96 9912
1953 Ni-N
-J-96 9634 96 J'ly 'L.
9018 20 9514 9818 • L N 0 & Tex gold 4s
1935 M-N 05- 66 9514
Refund & ext 4s
1953 M-N_
___ 9434Jan '11
Registered
111 1121:
110 111 May'12
Ft W ec Den C 1st g 6s_1921 J -0
947
Cairo 13rIdge gold 45
1950 J -D 114-34 _ ___ 94,8 J'ly '12
-Conn & Pas Rivs 1st g 4s 1043 A -0
7312 7312
Litchfield Div 1st g 3s_ _1951 J-J
7312 7518 7312 J'ne'.12
i661952 J -J
Cuba RR 1st 50-yr 5 g
Louisv Div & Term g 3 cis1953 J-J
8412 8713
83
85 ___ 86
el Lack & Western—
8512,,::: 8314 Nov'10
1953 J -J
Registered
10438
- -- - 10138 101
Morris & Essex 1st 7s 1014 11-N 10112 10134 10138
F-A
1921
Middle
Div
reg
Is
May'99
10534
'12
123
J'ly
___
10918
10712
10714
10712
4
1073
1915
-1)
J
1st consol guar 7s
Omaha Div 1st g 3s
1951 F-A
75 73
73 7518 75 Apr 12
11138 Dec '10
1015 J -D 107 _
Registered
St Louis DIv & term g 3s_1951 J -J
74 77
7512 751
7512 Mch'12
1)0 90
90 Mch 12
2000 J -D 84
1st ref gu g 3 36s
1951
-J
J
73
Registered
_
'12
11414
11211212.11y
112
-.1
6s1021
NY Lack ele W 1st
1951 J -J
Gold 3 3,6s
8 J.ii-i=
285)3
851287 -i.58834:
1923 F-A 10512 10/3-4 10734 May'12
10712 10734
Construction Is
1951 J-J
8312 ____ 10118 Oct '99
Registered
03 08
Term & Improve 43_1923'M-N 93 ____ 98 J'ly '12
1951 J -J
84 87 100 Nov'00
Spring Div 1st g 3
10218 Feb '03
Warren 1st ref gu g 3 368_2000 F-A
1951 J -J 83 86
Registered
1917 Ii-S
11512 Aug '11
Del & Ilud 1st Pa Div 7s
2 J'n-e-'U
Western lines 1st g 4s___ _1951 F-A 94 9614 -941-cg 149 Aug'01
1917 M-S
Registered
1951 F-A 9312 ____
_
: 93 9712 99
981:
Registered
1916 J -I) 6.1i18 Sale 0818
10-yr cony deb 4s
Bellev & Car 1st 65
10117
1 tot 10134
1922 J -J 10118 19,14 10118
1st lien equip g 4 3,6s
3 25
-1
9
2.Ylay
-i
1.91112
314 -_-_-_- i9
13
412 -6
(
614
96
S *19
.1 -D
Carb & Shaw 1st g 4s
23 M
632
9912
119
4 98 9134
90 9 I 9914
1043
1st & ref 48
11334 116
Chic St L & N 0 g 5_,,_l1)51 J -D 11312 11432 11333 J'ly 'L.
24 90 93
Alb & Sus cony 3 355__1946 A -0 91 Sale 9012
91
1951 J -D 113 ___ 114 Feb '11
Registered
N 120 ____ 12114 May'12
12114 12112
Rens & Saratoga 1st 7s 1021
1951 J-D ____ ____ 9(1 Oct '09
Gold 3 3,6s
85 8334 85 J'ly
84 91
Deny& It Gr 1st con g 4s1936 J -J
1051 J-D ---- --- -_-_,Registered
J -J
9714 9738 J'ly '12
9738 9812
Consol gold 4 its
Memph Div 1st g 4s__ 1951 J -I) 9212 ---- 1/71-23,1c-h'
15
6 J -1) 95 06 91 J'ne'12
28
94 9912
Improvement gold 5s
193
-1951 J-D
Registered
8 8:372 90
8212 84 8312
84
1955 - A
1st & refunding 58
St L Sou 1st gu g 4s
1931 M-S 03 ____ 98 S'ii 08
10117
10112
Rio Cr Juno 1st U g 59_1939 J -1) 10112._ 10112
96 :
Ind Iii & Ia lst g 4s
1950 J -J
92 100 9238 J'ne '12
6112 Apr '11
1940 J -J
Rio Cr So 1st gold 4s_
Int & Great Nor 1st g 6s__ 1919 M-N 10814 ___ 10812fly '12
10'18
-'8 10812
85 Meh'08
1940 J -J
Guaranteed
;
105
100
Iowa Central 1st gold 59_:1938 J -1) ---- 993
8134
10834 83
83 84 8934
;103
105
Rio Cr West let g 45_ _1939 J -J
6213 6612
Refunding gold 4s
_ 1951 M-S 6212 64
6278 J'ly '12
79 80 J'ne'12
78 81
Mtge & col trust 4s A1949 A-0
lamestown
Franklin
'92
G
e
Jan
_
---- 97
Utah Cent 1st gu g 4s_a1917 A-0
94 9412
1959 J -D _..
94 May'12
1917 15-N ---___ 110 Sep '01
- - f" Clearfield 1st 4s
Des Mol (in Ity 1st g 5s
7312 --15 _6
4
761
rran City Sou 1st gold 3s_ j950 A-0 7234 7314 7312
2 i6
77.4
05 02 Nov'll
Dot & Mack 1st lien g 49_1095 J -I)
-1-1.1950
_
63
A-0
'00
Oct
Registered
9112
9112
-66 9212
1995 J -I) 91 -_
Gold 48
9814 15
Ref & impt Is
98 - Sale 98
2 0012 10078
Apr 1950 J-J
9912
Bet Itiv Tun Det Ter Tun 4 10'61 M-N ____ 9912 9912
9718
3 9884 9884.
9713 Sale 9718
Kansas City Tenni 1st 4s1960 J -J
r5:5..cs 75 Feb '12
75 75
Det T & 1—OS Div 1st g 481941 M • S
10712 110
r ake Brie & W 1st g 5s___1937 J -J 10713 10134 1071,J'ly '12
10558 106
10534 J'ly '12
But Missabe & Nor gen 5s 1941 J -J 105
.11-/ 2d gold 5s
1041 J-J 104 10412 104 - May'12
1937 A-0 10112 105 10413 J'ly '12
10112 107
Dot & Iron Range 1st 5s
1945 A-0 10412 10612 10114 J'ne'12
North Ohio 1st gu g 5s
_
1937 A -0 103 ____ 10613 Nich'08
Registered
414 ;'7
6
11005
1 10
°4
°05
10
Leh Vail N Y Int gu g 4;0_1940 J-J 102 10478 105 J'1Y '12
104 Feb '11
10318
1916 J • Id Os
1i
414
08
413 19
107
,
1940 J-J ____
Registered
10412 May'l.
i6612 i6§1937 J-.1 106 ____ 10512.11y '12
D411 So Shore & Atl g 5s_
M-N
Lehigh
9712
49_2003
Vail
9/14
Sale
9712
(Pa)
11219
g
cons
May'12
11218
11033
11034
11138
M-N
lgin Jol & East 1st g 59_1941
;
119
11314
12
May
119
____
Leh
11312
V
A-0
104l
5
Ter
Ry 1st gu g
11611 11858
1920 15-S -__ 11712 11612 J'ly '12
rie 1st consoi gold 7s
1941 A-0 110 ____ 11118 Dec '11
Registered
N Y & Erie 1st eXt g 48 1947 •11-N 1035i1 112J'ne'll
lOS
108
108
108
10712
-J
V
J
___
Leh
1933
Coal
Co
5s
10112
1st
g
gu
1(1414
Mch'12
10414
1910 NI- S
2d cat gold 58
1933 J-J
Registered
10212 Mch'12
10212 10234
1923 81-S 10118
3d ext gold 4 36s
1st int reduced to 45
105 10514
1833 J -J
1920 A-0 10313 ___ 105 Feb '12
4th eat gold 5s
---- -.-7
I
J'n-e'12
Leh & N Y 1st guar g 4s__ 1945 81-S -,,9112_,.._
93-100 100
J -I) 96 101 100 Jan '12
5th ext gold 48
_
-1945 NI-S ________
Registered
11534 11612
8 NI- S
20
92
11614 (1531J'ne'12
19
NYLE&Wlstgfd 75_1
5
1
.2Feli
loil
C
El
&
A-()
1914
_______
N
1st
pref
6s
J
90
8812
-J
.1996
89
31
4s
8934
g
con
1st
8914
prior_
Erie
8334
Gold guar Is
1014 A-0 —_ ____ 103 Mch'12
86 88!1096 J -J
434 783s 8812
88
7
Registered
78 J'ne'12
7814 24 778 7934 Long Island1st consol gen Hen g 4s1996 J -J
it413:4 i170
:
1st consol gold 5s
684
81931 Q-J 109 10912 110 ,J'ly '12
1096 J -J
77 77
Registered
14
1st consol gold 48
95 ____ 9614 Mehl?
81931 Q-J
713 APr.
70
i)01122 12 8813 91
1951 F-A 91 9112 9
Penn coil tr g 4s
9413:
94
1938 J -D 9418 ____ 9.114 J'ly '12
General gold 4s
2 8553 9118
1953 A-0 85 8712 86
50-year cony 48 A
98
98
'12
J'ne
98
81-S
Ferry
100
1922
98
gold
69
,
3
4
807,
1953
7818
7514
30
A-0
7914
7814
Series B
do
1 14
)
76
8
1932 J -D 9118 07
9914 Oct '00
Gold 45
Apr '12
.10834 11034
Bull N Y & Erie 1st 78_1916 J
92
9312J'ne'12
1949
Unified gold 48
112 114
Chic & Erie 1st gold Is .1982 M-N 113 ___ 113 J'ly '12
1934 J -D .._ __ 10312 10412 Dec 'OS
Debenture gold 58
7
9
0
0
1
109
....__
May'12
109 109
Clev do Mahon Val g 5s 1938 J -J
93 -6i71
9 -12
1011) 11-S_--- 9534 9334
2
9534
Guar ref gold 4s
Registered
Q-J
1949 M-S ---- ____ 95 Jan '11
Registered
12334 12412
5 A-0 121 ____ 12412 May'12
38
93
19
Long Dock consol g 6s_ 1
N Y B & M B 1st con g 59 2935 A-0 10112 10714 11014 Nov'06
106 107
Coal & RR 1st cur gu 6s.A922 ,M-N 10618 10712 10678 J'ne'12
101
1927 M-S 10212 10334 104
N Y & 12 B 1st g Is
10134 10134
Dock & Imp 1st cur 63_1013 J -J 10118 ____ 10134 NIch'12
1:0
2-312:
6
3
'
:
:
12
174-:1
1707
119
6 10312 105
NoeSh B lst con g gu 59,01032 Q-J 105 ____ 10714 Jan '12
10312
NY & Green L gu g 59_1946 /11-N 10312Sale 10312
1927 1.1-S 91 96 93 May'12
103 105
Louisiana & Ark 1st g 5s
N Y Sus & W 1st ref 58_1937 J -J ____ 10348 103 Ply '12
Louisville & Nashville—
8212 ____ 10014 Dec '06
11)37 F -A
2d gold 4)'t9
1930 JD 113 114 11312 1137s
- -66General gold 6s
Si J'ly '12
8314
1940 F-A
General gold Is
2
1953
,
11.1
18
19
1937 81-N 112 -- -- 112 Apr '12
Gold 5s
(10 110
Terminal 1st gold 59_1943 ,M11-N 10312 __ 110 J'ne'12
9874,
1940 J -J - __- 9S5k 031.2
Unified gold 45
1111211112
11112 May'12
1940 A -0
Mid or N J 1st ext 5s
983e
9818
'12
J'ly
9818
____
98
3
J
1940
9912103!:
Registered
'12
Wilk & 13a 1st gu g 5s._ _1942 J -D ___ 9912 9912 J'ne
106 106
Collateral trust gold 5s1931 Ni-N 110 11012 109 J'17 '12
1926 J -J 109 ____ 100 May'12
fly & Ind 1st con gu g 6s
11038
E H & Nash 1st g 6s
1919 J -D 11013 11053 11053
11112 11238
1921 J -J 11012
112 J'ly '12
Evans & 'I' H 1st cons 6s
L
CM & Lex gold 4 369_1931 I11-N 103 10434 10434 May'12
8
1023
10178
1942 A -0 10131 ____ 192 J'ne'12
1st general gold 5s
N 0 & l'A 1st gold 6s__1930 J -J 120 12013 121 Mch'12
--Mt Vernon 1st gold 6s1023 A-0 10734 ____ 108 Nov'll
11111°0
7
5
2110.5838
8
1111882 141 19
N 0 & NI 2d gold 6s__1930 J-J 11718 ____ 11712Jan '12
6
20111750
:
1.13311
95 95
95 J'ne'12
Suit Co Branch 1st g 5s 1930 A-0
Paducah & Hem dtv 49_1946 F-A 0418 ____ 95 May'12
96 9958
-01" 06 J'ly '12
Vlorlda E Coast 1st 4 3,6s 1959 J-1)
Pensacola Div gold 6s
1920 M-S 10534 10714 10534 Mch'11
92 Aug'10
ort St 11 D Co 1st g 4 30_1941 J -J
HS";
3
Div 1st gold 6s_1921 M-S 11112 11212 11212 11213
-if- -ill; St Louts
Ft W & Rio Gr 1st g 4s_ _1928 .1-J ---- 7712 77 J'ly '12
6918 6934
2d gold 35
1980
0912 100
A-0 9912.,,.,, 100 May'12
92 93
Atl Knox & Cin Div 4s 1955 M-N 9112 9211 9278 J'ly '12
44ol'itlfern882 "t -66-""
11212 11213:
Ail Knox & Nor 1st g 5s_1946 J-1) 11112 115 11212 May'12
9914 152 06 9858
1921 J -J
9618 Sale 96
0 13 & Q coil trust 43
106 Apr '11
Ilender Bdgc 1st s f g 63_1931 Ni-S 105
96 ____ 96 J'ly '12
1921
96 9838
Registered_h
-93 - -68'8 93 J'iy '12
9318 937Kentucky Cent gold 49_1987 J-J
8
10034 26 10018
1st ec refund 4 5s ser A.._1961 JJ 10033 Sale 10038
10414 10453
10133 J'ly '12
L & N ft M & M 1st g 4 3,651945 M-S 10158 _
10(1)
Registered
8878 8958!
8912 9218 8018 J'ly '12
L & N-South /A Joint 4s_ _1942 J-J
-681-2 Ktie -1-111-2
10584
4
-17'531033
St Paul M & Man 4s
86
95 Feb '05
h1952 Q-J
Registered
12338
12134 12534
_ 12134 fly '1•2
1933 J 1st consol gold 6s
- 10934,
109
'12
J'ly
109
F-A
10012
10712
5s____1937
g
gu
1st
S
&
Fla
N
J
132 Apr '09
1933
Registered
_ —
__
N ec C Bdge gen gu g 4 ;is 1995 J-J 103
1.0,112 1661-2
Reduced to gold 4 301933 J-J __ 10134 10112.1'1y '12
Hi- Hi-.
Mch'12
112
___
11012
F-A
6s___1921
g
gu
1st
At!
&
Pens
-J
J
103
10834
J'ne
'09
1933
Registered
18
14
11
4 19
118
99
10
8 10918 J'ly '12
S & N Ala con gu g 5s___1936 P-A ____ 110397
97
9612 97
Mont ext 1st gold 45_1937 J
4
1 -681-66;
ISMS VI- S *911. ____ 9114 Mch'12
i'. A...7MT Tick,(10 an 44 444
98 J'ne'11
1937 J -D 95
Registered
_-__
_-
_-_-
----
---
••___
D
.---
--
E
n-s.____
-------110
----
-__
n-s 6918 7:4i, 694
G(rtCal
6934
----
----
----
----
____
--_-
_-_-
----
_-__
----
----
----
----
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
10112 102
Minneap St 1st cons g 5s___1019 J -J 102 10214 102 J'ly '12
8412 8813
83 8712 8714.1'1y '12
New On Ry & Lt gen 4 ils_1935 J-J
7834 32 7734 81%
7812 Sale 7833
N Y ltys 1st It E & ref 4s temp -J
5838 768 5112 6914
Temporary ad) Inc 5s
A-0 5753 Sale 5733
99 99
N 10034 ---- 99 Feb '12
Portland Ely 1st & ref 5s___1930
_1935 J J
Portland Gen Elec 1st
55 1037 hf- N 98 _ - — 08 Nov'08
5s_St Jos Ity, L, H & P Istg
10514 1011
St Paul City Cab cons g 5s__1937 J -J 106 ___ 106 Sly '12
8234 10 8134 86
8234 Sale 8258
Third Ave 1st ref 45 ctfs
7218 51 "1,1 80),
7133 Sale 1I•12
Adj Inc 58 interim ctfs
11 9712 09
99
9812 9334 9838
TrI-CIty fly & Lt 1st s f 5s_1923
98 Apr '09
Underground of London 5s..1920 M-N
1933 J - J
-ig- "96i1-4
95
9312 96 95
454s
1048
7912 90
86
86 Sale 8512
Income 6s
--- -84 Oct '08
Union Bloc (Chic) 1st g 58 1945
United Ilys Inv 1st lien coll
1926 31-N 8212 84
8112 J'ly '12
8339 8612
trust Is Pitts issue
Street Railways.
United Rys St L 1st g 4s__1934
St Louis Transit gu 5s___1924
United RRs San Fr s f 4s__1927
Va fly & Pwr 1st& ref 5s___1931
7573 ____
J-J
A-0 85 87
A-0
J -J -11j12 967
Uas and Electric Light
Atlanta C L Co 1st g Is _1947 J
Bklyn U Gas 1st con g 5s__1945 '4-N
1947 A-0
Buffalo Gas 1st g 58
1932 J -J
Columbus Gas 1st g Is
1923 J -J
Detroit City Gas g Is
Det Gas Co con 1st g 5s____1918 F-A
Det Edison 1st coil tr 5s__1933 J -J
Eq GLNY 1st con g 5s-__1932 '11-S
Gas & Elec Berg Co cg 5s1949 J -D
Gr Rap G L Co 1st g 5s____1915 F- A
Hudson Co Gas 1st g 5s____1949 81-N
Kan CIty(Mo)Gas 1st g 5s__1922 A-0
7712 J'ly '12
84 J'ly '12
66 J'ly '12
97 J'ly '12
_
i6i6212 65'8 6112 J'ly '12
94_
101 le112 101
9558 Sep '08
10112 J'ly '12
10.534 J'ne'12
_ 6112 Oct '01
103
100 Oct '09
99 i
105 10513 105113.71y '12
9934 Jan '12
7612
84
66
96
104
10614 10773
60 63
10018 101
10134 1O21
10534 10534:
10414 fair&
9918 993,4
Option sale.
• No price Friday; latest bid and asked this week. a Duo Jan. D Duo Feb. d Due April. 8 Due July. Ii Due Aug. 0 Due Oct. s
80 7
85
70
9712
284
',,:8
BONDS
•
N. Y. STOCK EXCHANGE ...1 E
-,a.,
Week EndIng August 2.4.
[voL. Lxxxxv.
New York Bond Record—Continued—Page 3
Price
Friday
August 2
Weclei
Range or
Last Sal;
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending August 2.
,8
11
Price
Fr1dai
August 2
Weer;
Range
Range or
Since
Last Sale
Jan. 1,
------Old
High No. Low High NY C & R—(Con)—
Ask Low
Bid
Ask LOW
High No. Low High
lUranila RR—Sou lines 4s_1936 M-N ____ 88 _
West Shore 1st 4s guar_ _2361 J-J
9058 Sale 9912 '9978 33 9912 101
J.K3-exican Cent Inc g 3s tr recta_ — ____ ___ 2-5-1-2Ap-r-ilo
Registered
2361 J-J
- — --9818 Sale 9818
9812
981s
I 97
Equip & colt g 5s
1917 A--0
_ _
N Y Cent Lines eq tr 4;is 1923 J-J
---10012J'ly '11 -Ilex Internat 1st con g 4s_1977 M-S --------- 17
Mehl°
N Y New Haven & IIartf—
Stamped guaranteed__ _1977 M-S -------.. 79 Nov'10
Non-cony deben 4s
1955 J-J ____ 02 9112
92
4 0112 92
Minn & St L 1st gold 7s__ _1927 J-D 115 12912 129 Feb '12
129"129
Non-conv 4s
1956
9112 9134 9138
6 9112 9313
9134
Pacific Ext 1st gold 6s__ _1921 A-0 11 __ 108 11018 Aug'11
Cony debenture 3 35s.. __..1956
56 J-J
2 90 0453
9012
9012 Sale 9012
1st consol gold 5s
1934 M-N
101 10134 May'12
Cony debenture Os
10112 105 1948 J-J 12812 12834 12838
12812 26 128 13212
1st and refund gold 4s
12 60 6978
1949 M-S 63 Sale 61
63
Harlem 1 -Pt Ches 1st 45_1954 .11-N
99 J'ly '12
99 9913
Des M & Ft D 1st gu 4s_ _1935 J-J ..__ 78
7712
7714
5 77 81
B & N I Air Line 1st 4s1955 F-A 9914 __ 9912 J'ne'12
9912 9912
M StP&SSNI con g 4s int gu.1038 J-J
9812 97 9614 J'ly '12
96 0734
Cent New Eng 1st gu 4s1961 J-J
_ tii12 9212 J'ly '12
9214 9353
1st Chic Term' $ f 4s
1941 M-N 9612 9712 9714 J'ne'12
Housatonic
_1937
R
Is_
cons
g
NI
-N
if&
9714 9714
115 Mch'12 _- 114 '115
MSSM&A 1st g 4s int gu 1926 J-J 0612._ 0614 May'12
NYW'ches &B 1st ser / 4 Ms'46 -J
9614 9614
9978 Sale 9978
10018 85 98 10014
Mississippi Central 1st 5s....1949 J -J _
9812 Mch'11
N H & Derby cons cy 5s_1918 ,11-N 10212
107 Aug'09
Mo Kan ea Texaslst gold 4s1990 J D 9478
9478 20 "64" "if - Sale 9478
New England cons 5s
1945 J-J
8114
8012
2d gold 4s
g1990 F-A 80 8112
11 SO 84ic
Como, 45
1945 J-J
09.8
9913 100
_ 3912 Mch'12
1st ext gold 5s
100
1944 If-N 9973 100 100
2 100 10212
Providence Secur deb 4s195'/ ,11-N
i'115 84 J'ly '12 ---- 84 84
7712
1st & refund 45
2004 NI-S 7712 7814 7712
7 7712 8117 NYO&W ref 1st g 4s_ _ _g1992 31-S _9134 93 92
92
5 92 96
Gen sinking fund 4 Ms
84 8612 8712 J'ly '12
1936 J-J
87 8914
Registered $5,000 only_g1992 NI-S
_ 9212 J'ne'12 -- 9212 9212
St Louis Div 1st ref g 4s_2001 A-0 __
7814 78 J'ly '12
76 78
General 4s
1955 J -D
8953 Feb '12 -- 8958 8958
Dal & Wa 1st gu g 5s___ _1940 M-N 103_58 ___ 10538 Mch'12
10538 10533 Norfolk Sou 1St & ref A 5s 1061 tz- A -66- Mo
190
.
100
2 99 10013
Kan C & Pac 1st g 4s.. _ _1990 F-A -__ 9034 91 J'ne'12 --- 9012 91
\-ort & South 1st gold 58_1941 ,11-N 19338 10234 Apr '12
10212 10234
Mo K & E 1st gu g 5s..„1942 A-0 10734
- 10834 108 J'ly '12 --_- 108 110
\;orf & West gen gold 65_ _1931 ‘11-N 12112 _ 12518 J'ly '12
12338 1251s
M K & Ok 1st guar 5__ _1942 8I-N 104 105 10534 J'ly '12 _-_- 10514 10712
Improvement & ext g 6s.1934 F-A 124 1255k 12412 May'12
124 12633
M K & 'I' of T 1st Cu g 5s_1942 M-S 101 10338 10134 J'ly '12 --- 101 104
New River 1st gold 6s.._1932 A-0 '122
124 May'12
124 124
.i02_
Sher Sh & So 1st gu g 5A043 J-D
10378 Feb '12 ---- 10334 1121
N & W Ry 1st cons g 4s_ _1996 A-0 9714 Sale 9714
9734 22 9714 9978
Texas & Okla 1st fru g 5s 1943 M-S 10212 10514 10378 Mch'12 10378 10.0 1
Registered
1908 A-0 96
98 Jan '11 ---_
Missouri Pao 1st cons g 0_1920 M-N 104 103 10478
10478
10178 10,18
Div.
!1st 1 & gen g 43_1944 J-J
92 9238
- 92
9238 25 9134 94
Trust gold 5s stamped_ _a19 17 M-S 9878 90 09 J'ne'12
10-25-year cony 4s_
1932 3-1) 11734 Sale 11634
9834 10034
24i, 10712 118
118
a1917 NI-S 97 ____ 97 May'12
Registered
97 97
10-20-yr cony 4s full pd rct
11612 118 116
117
b 108 117
1St collateral gold 5s_ _1920 F-A 4)7 984 98 J'ly '12
Pocah C & C Joint 4s_ _1941
9773 10034
91 Sale 91
9112
7 01
94
_
4s
1020 F-A __
Registered
-__ _
C C & 1' 1st guar gold 5s_1922 J-J 10614
10638 10633
10635 Mch'12
MS
1945
70
72
40-year gold loan
93 70 "fE1"4 Selo V & NE 1st gu g 4s_19811 M-N 96 _ _ _ 9614 J'ly '12
95 9813
3d 7s extended at 4%._1938 5J-N --------9612
_
May'll
Northern Pac prior 1 e 4s 1997
9812 Sale 0838
0834 61 9838 10034
1st & ref cony 58
19511 M-S 8534 87.12 86
8612 13 "if" 865",
Registered
1997
9814 J'ne'12
9814 9912
Cent Br Ry 1st gu g 4s 1919 F-A 02 _.. 92 J'ly '12
General lien gold 3s____a2047 Q-F 69 Sale 6834
92 92
31 6834 7018
69
Cent Br U P 1st g 4s_ _1948 J-D '
81 May'12
81 81
Registered
a2047 Q-F 68
_ 68 J'ly '12
68 68
Leroy & C V A L 1st g 59_1926 J-J --------110 /deli'05
St Paul-Duluth Div g 4s_1996 J-D 9512-- 96 J'ly '12
06 9612
Pao Rot Mo 1st ext g 4s_1938 F-A 93
9412 J'iy '12
Dul Short L 1st gu 5s_1916
10012__ 100 J'ly '12
-134-1;"96"
100 100
2d extended gold 51938 J-J 102 105 10812 May'll
St P & N P gen gold 63_ _1923 F-A 11514 116 11535 J'ly '12
•
11514 11512
StL Jr NI &S gen con g 53_1931 A-0 __ 10414 10212
10312 10 1E1;11563;
Registered certificates_1923 Q-F 11434 ---- 11533 Aug'11
Gen con stamp gu g 5s_1931 A-0
St Paul & Duluth 1st 53_1931 F-A 109
Ill Sep '03
_ 107 Jan 12
"107
7834 125
Unified & ref gold 4s_1929 J-J
2d 5s
78 - Sale 78
1917 A-(1 010234
" "03"
_ 10234 J'no 11
Registered
•
1029 J-J
1st consol gold 43
89 Mch'12
78 80
1908 J
Illas _ _ _ _ 94 J'ne'ls
9234 94
" fly & G Div 1st g 4s....193 , ,11-N 8334 Sale 8312
84
Wash Cent 1st gold 4s
7 8212 84
1948 1.)-M 8958
_ 9118 Apr '11
Verdi V I & AV 1st g 53_1926 ,11-S _:._ 100 10212Jan '10
Nor Pac Term Co 1st g 6s....1933 J-J 111 _
11112 J'ly 'Is
fife,
11058 "ii 119 121
Oregon-Wash 1st & ref 4s _1901 J-J
Mob & Ohio new gold 6s_1927 J-D __ 11938 119
til
6f18 91
91
91 9234'
1st extension gold 6s_ __h1927 Q-J 11412.._ 11534 Feb '12
_ 11534 11534 Pacific Coast Co 1st g 5s_ _1946 3-1) 10353 1045,, 104 J'ne'12 25 10312
104
General gold 4s
1938 NI-S __ 87 85 J'ly '12 _. 83 8734
enna RR 1st real est g 45_ 1923 M-N 10012 10134 10014
19014
6
102 '
10011
Montgom Div 1st g 5s
1947 F-A 10734 10812 10812 J'ne'12
Consol gold 5s
10812 11031
1919 NI- S
11)1, 110 WW1
108 110
'St L & Cairo coil g 4s_ __e1930 Q-F 82 8358 8353 J'ne'19
Consol gold 4s
83
1943
ilf12 Sale 10112 10112
10112 104
Guaranteed gold 4s.._1931 J-J
9312 NIch'11 ---83
Convertible gold 3 ms_ _ _1912 NI-N 6973 100' 9978
3 9912 10013
9978
Mashy Ch & St L 1st 7s_ _1931 J -J 10238103 10234 J'ly 'Is ---- 10234 101
Convertible gold 3 Ms_ o191 5 J-1) 9714 Sale 9718
55 9(334 9778
9714
11 1st consol gold 5s
1928 A-0 10J34 _
10934J'iy '15
Registered
to932 10934
_ 97 9712
-01915 J-D 96
_ 97 J'ly 'Is
Jasper Branch 1st g 6s 1923 J -J 114
11571 Nov'10
Consol gold 45
1948 hl-N 10213 10358,
- 10313
10334 11 10212 10418
Mall M W & Al 1st 69_1917 J-J 1063l...._ 10734 Mela'12
Alleg Vol gen guar g 4s_ _1942 M-S 9912 10018 9958 J'ly '12
10734 10734
0958 9953
T & P Braneh 1st 6s__ _1917 J-J 10634_...... 113 J'ly '04
D R 11 B & Bge 1st gu 4sg1936
_ F-A
Nat Rya of Alex pr lien 4 M-s.1957 J -J ____ 00 8934 J'ly 'Is
Phila. Balt & W 1st g 4s_ 194
83 -Elj
NI-N "titi" 101 IN"
1617
2 10213
_
.,
Guaranteed general 43._ _1977 A-0 ..— 84
Sod Bay & Sou 1st g 5s..- 1944 J -J
33
83
8212 8312
102 Jan '03
Nat of Alex prior lien 4 Ms..1926 J-J
0833 100 99 Mch'12
Sunbury & Lewis 1st g 4s-1936 J -J
99 100
06 ____
1st consol 45
'12
J'ly
78
A-0
1951
U NJ
80 7812
& Can gen 4s_ 1044
7734 80
S 101 .
_
" 1.611;
N 0 Mob &Chic 1st ref 55 1960 J -J .___ 90 8934
Pedna Co guar 1st g4 Ms__ -1921 J-J 10234 10314 102•3
8914 95
8934
11)2,2
5 10273 104
NO & NE prior lien g 6s_ p1915 A-0 103 106
Registered
-1921 J -J 10218 _ _ _ _ 103 Mch 12
103 103
New Orleans Term 1st 4s_1953 J-J — 8778 -877J'ne'17
-Guar
2
3 Ms coil trust reg_ 1937 NI- S 8834 ---- 8914 Apr '12
8
8778 8817
8812 8914
N Y Central ec H. 11 g 3 3s_1997 J-J
8738 22 8812 881,
Guar 3 Ms coil trust ser 61-.1941 F-A 89
867 87 87
88 8834
8834 May'12
Registered
Trust Co certfs gu g 3 Ms 1916 NI-N 9712
_ 8714 J'ly '12
8612
1997 J-J
86 8714
9788 J'ly '12
9712
0814
94
Debenture gold 45
Guar
3
9614
9214
Ms trust etts C__ -1942 J -I)
1931 111-N 94 -• Sale 94
_ _ 8838 88 Mch'12
83 8814
Registered
93 May'12
Guar 3 Ms trust ctfs D_
93 93
1934 111-N ......
J -D 8612 8714 8734 Jan '12
8734 8734
81
Lake Shore coil g 3 Ms__ _1998 I,- A 8078 8114 81
Guar 1 5-25 year g 45,
1.5 8073 85
1931 A-0 06 9634 t1614
0634
2 96 0813
79
Registered
Cin Leb de Nor gu 4s g
79 84
1998 F-A 7834 7038 79
1942 M-N
9612 Dec '11
Mich Cent coll gold 3 3,0_1998 F.,-3 78 7938 7938 J'ly '12
Cl & Mar 1st gu g 4s 1935 M-N 103" idg 110 Jan '05
781s 821;
Registered
_1998 F-A 7712 __. 7838 J'ly '12
gen
CI
&
P
gu
g
4 Ms scr A
7734 791;
1942 J-J 105 108 10734 Dec 111
'
9834
_ ,9918 J'ne'12
Beech Creek 1st gu g 43_1936 J-J
Series II
991s 9918
1942 A-0 105 ____ 10934317 '09
lilt reduced to 3 ms_1942 A-0 9114
Registered
1936 j_ j 9718 ___ 99 May'll
_
_ 9114 Feb '12
9114 -1.71174 I
____
2d guar gold Is
1936 J-J 107
Series C 3 Ms
1948 73- N 9114 ___
9114 May'12
9114 9114 '
Registered
1936 J-J __— ___ ........
____
Series D 3 Ms ___
i950 F-A
_
0014 9238
- 00 May'08
Beech Cr Ext 1st g 3 Ms_b1951 A-0 ______ ___
Erie & Pitta gu g 3;is
1940 J-J ---- 9214 9112 May'12
9112 9112
Cart ec Ad 1st gu g 4s_ _ _1981 J-1) ---- ---- 0712 A13-r-'65
Series C
1940 J -J
9018 J'ly '12
9013 9013 1
Gouv & Oswe 1st gu g 53_1942 JD 108
____
_
Or H & I exist go g 4 3.$_1941 J -J 104 Sale 104
16 104 105 ;
104
Mob & Mal 1st gu g 4s
1991 M-S ____ 9812 9918 Mch-'11
Pitts Ft W & 1st 7s_1912 J-J _
100 May'12
100 10114
NJ June R guar 1st 4s_1986 F-A 96 100 11)5 Oct '02
2d 7s
1912 J-J
10378 Feb '11
Registered
1986 F-A
3d 7s
81912 A-0
101 Dec '11
-— 1
• N Y & Harlem g 3 Ms__ 2003 M-N 8814 ____ 89 May'12
8858 89
Pitts Y & Ash 1st con 5s_ 1927 M-N
109 May'lO
_
Registered
2000 M-N
Tol W V & 0 gu 4 Ms A1931 J -J 10173
10215 J'ne'12
1123 10113
" N Y &Northern 1st g Is.1927 A-0 ____ 107 108 Oct '09
Series B 4,s
100 J'ly '10
1933 J-J 10112
' N Y & Pu 1st cons gu g 4s1993 A-0 ___ 9658 9778 Aug'11
9512 _ _
Series C 45
1942 NI—_
._
Nor & Mont 1st gu g 5s_ _1916 A-0
P C C & St L gu 4 Ms A 1940 A-0 10414 15514 i5.114
16414 ilia."
'I
Pine Creek reg guar Os...._1932 J-D 12034 ____ 13112 Jan'09
Series B guar
1942 A-0 10414 10511 10434 J'ly '12
10134 107 !
• R W ec 0 con 1st ext 55-h1922 A-0 10634 __ 10634 J'ly '12
joigi 1-5/3-4
Series C guar
1942 M-N 104 107 106 J'ne'11 ____
I
Oswe & R 2d fru g 5s_ _e1915 F-A ....„ 10312 101 Mch'12
101 101
Series D 4s guar
1945 NI-N 97
9712 J'ne'12
_ 97 99
R W & 0 T R 1st gu g 53_1918 M-N 10634 ...._ 104 J'ne'10
Serles E 3 Ms guar g__ _1949 F-A 0473 9612 9312 Feb '12 _--- 9313 9312
Rutland 1st con g 4 3s_1941 J -J
9633.._ 9814 Mch'12
9712 -11431-4
Series F gu 4s g
1953 J-D
97 J'ly '12
97 97
8138 J'ly '12
Og&LCham 1st gu 45 g 1948 J-J
41
84 86
1057 M-N 90 _
Series G 4s guar
97 J'ly '12
97 99 I
Rut-Canad 1st gu g 48..1949 J-J --------92 J'ne'09
_
C St L & P 1st con g 5s 1932 A-0 11034
11312 Noy'll
St Lawr ec Adir 1st g 5s 1096 J-J 10838 110 115 J'ne'09
_ 109 May'll
Peo & Pek Un 1st g 6s
1921 Q-F 10612
2d gold 65
11912 11912
11912 Mch'12
1996 A-0 100
2d gold 4 Ms
b1921 M-N 91 99
9312 Jan '11
• Utica & Blk fly gu g 4s_1922 J -J __— 100 9973 Noy'll
Pere Marquette—Ref 4s-1955 J-J
6034 Apr '12 _
"66.cl 6634
Lake Shore gold 3 8s..._1997 J -D 8812 89 8812
8812
WI;"8'67"2 Refunding guar 4s1955 J -J
51 J'ly 'Is
31' 54
Registered
1997 J-D 8733 8812 8734 J'ly '12
1921 J-D
9958 Feb '12
8714 8834 Ch & W SI 5s
9953 9952
Debenture gold 4s
1928 NI-S 0312 Sale 93:2
9358 16 9314 9412
A-0
1920
Flint & P
10838 May'12
g 6s
108 10832
25-year gold 45
1931 M-N 9234 Sale 923,1
93lR 48 9234 9378
1st consol gold 5s
1939 /11-N
9634
9634
904 100
•
Registered
1931 M-N ____ .._. 9258 Apr '12
9253 9312
Pt Huron Div 1st g 5s_1939 A-0 90
9712 May'12
9712 9712
Ka A & G R, 1st gu c 53.1938 J-J -1101;--__
_ Sag Tins & H 1st gu g 45_1931 F-A
Mahon Cl RR 1st 5s 1934 J-J
1111-2 Me-h-ii
Philippine Ry 1st 30-yr s f 4s-'37 J-J
"
11171 86"
Pitts & L Erie 2d g 5s__a1928 A-0 10514 ____ 105 Apr '12
idS 105 Pitts Sh & L E 1st g 5s___
_1940 A-0 *111 113 .13 J'ly '12
113 11314
Pitts MoK & Y 1st gu 6s_1032 J-J 121
13018Jan '09,
1st consol gold 5s
11314 Nov'll
1943 J -J
2d guaranteed Cs
103,1 J-J 121
U7l Sale 97
— 12314 Mch'12
12314 12314
eading Co gen g 4s
1997 J-J
9712 76 -if 9838
McKees & B V 1st g 6s_1918 J-J 108 ___ __
IL Registered
96 _ _
9633
5 0638 9814
0638
1997 J-J
Michigan Central Is
1931 ,11-S 10858 111 - Ill - Jan '12
lii 111
9733
Jersey Cent coil g
6 9112 9812
51 A-0 -- 97 9613
Registered
1931 Q-M 10714
119 J'ne'06
93 ____
Atlan City gu 43 g
1951 J -J
98 68 Qt Jo & Or Isl 1st g 4s
1940 J-J
98 Apr'12
"a"
An
87 90 8712 J'ly '12
1947 J-J
"8"6 891
Registered
-----------____ 9812 Noy'll
1940 J-J ...—_
—
_
L & San Fran gen g 6s 1931 J -3 11812 12012 11834 May'12
11834 11953
J L S3 S 1st gold 3 Ms...1951 M-S _
General gold 5s
_ 90 J'ne'08
108
1931 J-J 108 Sale 108
10312 1084
1st gold 3 Ms
1952 111-N 83
8612 Mch'12
8612 8634
245
Sale
85
85
&
S
F
J-J
L
11 88 8814
RR cons g 4s.,1996
St
20-year debenture 4s....1929 A-0 - - -9018 0014 J'ly '12
8931 92
Gen 15-20 yr Is
1927 M-N 8634 Sale 8634
8678 12 8634 8812
N Y Chic &St L lst g 4s_1937 A-0 159.12 ....... 9934
22 9933 10058
100
Southw Div 1st g 5s 1947 A-0 9914 _ _ _ 1.00 Oct '11
Registered_
1937 A-0
99 9934
9934 Moh'12
Refunding g 45
79 Sale 711
79
1951 J-J
80 7734 8134
neheetere da
111Ill 41-11
12,
11. kg
)11
5 89 91
Registered
8034 Mob'11
1051 J-J
MISCELLANEOUS BONDS—Continued on Next Page.
in-
Gas and Electric Light
Kings Co El L & P g 5s____1937 A-0
Purchase money es
1997 A-0
Convertible deb 6s
1922 hi- S
Ed El II Bkn 1st con g 413_1939 J-J
Lae Gas L of St L 1st g 5s__e1919 Q-F
Ref and ext 1st g 55
1934 A-0
Milwaukee Gas L 1st 45
1927 /11-N
Newark Con Gas g Is
1948 J-D
NYGELH&Pg 5s_1948 J -I)
Purchase money g 4s____1949 F- A
Ed El III 1st cons g 5s__ _1995 J-J
NY& Q El L&P 1st eong 53_1930 F-A
N Y & Rich Gas 1st g 53.._ _1921 111-N
Pacific G & El Co Cal G & E
• Corp unifying & ref 5s__1937 NI-N
Pac Pow & Lt 1st & ref 20-yr
Is Internat Serie;
1930 F -A
Pat ec Passale G & B Is,..... _1949 M-S
Gas and Electric Light
Peo Gas & C 1st con C 6s___1943 A-0
Refunding gold 55
1947
Registered
1947 31-S
Ch G-L. & Cite 1st gu g 513_1937 J-J
Con G Co otCh 1st gu g 55 1936 J -I)
Ind Nat Gas & Oil 30-yr Is '36 73-N
Mu Fuel Gas 1st gu g 5s_ _1947 M-N
Registered
1947 Nf-N
Philadelphia Co cony 5s
1919 F-A
Stan('as& Elea cony sf 6....1926 J-D
Syracuse Lighting 1st g 5s_1951 J -I)
Syracuse L & P Is
1954 J -J
Trenton G & E 1st g 53
1949 111- S
Union Elec L & P 1st g 58 1932 M-S
40 94 9638
Ref & ext 15s
1933 M-N
Utica El L & P 1st g 153•_,...1950 J -J
9313 95
Utica Gas & E ref Is
1957 J -J
10238 10233 Westchester Light'g g 5s_ _1950 -I)
104 10412 10112 J'ne'12 _. 10412 10512
115 11734 117 J'ne'12
11512 117
11813 Dec '11
12512 8812 Dec 'II
O idfi2 i'di
fails
_ 10233 10238
10134
5 10334 102 •
10113 1m 10155
2 8978 9058
9013 9118 9018
001s
10538
10614 Apr'12
I 19
10852
06
10318 10312 10312
2514s 19
06
4114
8873 Sale 8834
887s
_ 19
1294
11318 Mch'12 ___9
318
1:t
10114 _ _ _ _ 10212 Mch'12
102 10212
9212,1'1y '09
._
9573 Sale
9534
057s
9312
05 J'ly '12
10212 ____ 10253,1'1y '12
ti-s
11512 117 117 J'ly '12
10158 10134 10134
10134
103 Feb '00
1-617; Sale 10278
10278
10112 103 103 J'ly '12
_ 90 93 Mch'12
10014 - _ _ _ 10114 Mch'12
109 100 Feb'12
10012
10012 Sale 10012
10012 _ 101 Dec '11
gt512 8512 J'ne'12
_ 109 Feb '01
100 ___ 101 Apr '12
97 9718 07 Ply '12
103
1(1014 Dcc '11
iji 105 J'ly '12
11614 11712
32 10158 10212
1021-2 fat;
10112 103
93 93
10055 10114
107
109
[00
101
851
86
lOt 101
9612 981i
10433 idgs4
• No price Friday; latest bld and asked. a Duo Jan. 5 Due Feb. e Due may. a Duo
Juno. li Due July. o Duo Oct. p Duo Nov. 8 Option sale.
AUG. 3 191 2
BONDS
5
N. Y. STOCK EXCHANGE
-.5.
Week Ending August 2.
New York Bond Record—Concluded—Page 4
Price
Friday
August 2
Week's
Range or
Last Sa21
,,
g t9,
51-
Range
Since
Jan. 1
N
BONDS
Y. STOCK EXCHANGE
Week Ending August 2,
t•P
z
285
Price
Friday
Aug..st 2
1Vcele.
Range or
Last Sa:c
ts2
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low High
St L & San Fran (Con)
Bid
As!. Low
High No. Low High(
Wabash 1st gold Si
K ()Ft S & M con g 68__1028 M-N 11414 115 11534 J'ly '12 ____ 115 118
10612 Sale 106
1939
10612
1041, 10773
0
7818 10 1712 8012
7318
2d gold 58
KC Ft S & NI Hy ret g 43.1936 A-0 781
9934 Sale 9934
21 96 10012
100
1936 A-0 ---- ----7712 J'ly '12 _.— 7712 771:
Reestered
Debenture Series B1
939 FA
J-J _ 100 90 J'ne'12
_ 193
90 100
2 10312 1031:
1st lien equips Id g 5s
10312 .10312
' K 0 & M it & 131st go 55_1929 A-0 1031;
_ _ 9814 J'ne'12
1921 (11-S
9814 IOU
1st Ilen 50-yr g term 43_1954 J-J
Ozark & Cli C lit gu 58 g_1912 A-0 9934 997-8 9934
1 994 100
993480
_ 83 Dec '10
1st ref and ext g 45
St L S W 1st g 4s bd etts_1989 Id-N 9012 91
9012 14 9010 0212
9012
75.2
6812 Sale 68
1956 J-J
5512 7238
2d g 48 Inc bond ctts__p1989 J -J
80 81. 8038
Cent 'trust Co ctfs
81
1 8038 83
70 J'ne'l
6438 71
Consol gold 48
1932 J-D 8012 81
8034 14 79 841,
8038
Do Stamped
.
68 J'ne'l:
643
8 6934
Gray's Pt Ter 1st gu g 53_1947 J -D 99
10118 Apr '07 -----------Equit•Tr it Co ctfs
__
651. 70 J'ne'12
5914 70
S A & A Pass 1st gu g 4s
1943 J-J 86 _Do Stamped
8678 8614
8614
1' 861 873-653g Sale 6514
66
21 6012 6958
S F & N P 1st sink t g 55_1019 J -J
Det & Ch Ext 1st g 5s___1941 J-J 10512 _ 10618 May'12
94
104 Oct '09 ------------106 107
Seaboard Air Line g 4s
1950 A-0 8714 88 8714 J'ly '12 —. 87 8738
Des Moin Div 1st g 4s___1939 J-J
8112 May'l 1
_
Gold 48 stamped
1950 A-0 8734 Sale 8714
Om Div 18t g 3 30
6 8612 90
8734
80 84
7134.19y '12
6813 -7134
Registered
1950 A-0 .-Tol & Ch Div 1st g 411
. --- --- ---- ---MSS
O
7012 86 8018 J'iy '12
94 1
72.4.8312
1941
Adjustment 58
01949 F- A 7918 Sie 79
8114 67 79 8414 Wab Pitts Term 1st g 4s
_ _ _ 31 J'ly '19
1954 J-D 32
31
3914
, Refunding 48
1959 A-0 7978 Salo 7938
Cent & Old Col Tr Co certts_- - - 34 Sale 32
7978
6 7933 83
13 3114 4214
34
Att-Birm 30-yr 1st g 4s_e1033 81-S ___ 8958 88 J'ly '12 ___ 87 90
Columbia Tr Co etts
32 3112
22 3114 4112
34
' Car Cent 1st con g 4s_ _ _1949 J-J
2d gold 4s
9112 93 9312 Apr '12__-- 9234 9312
.12 3
134 J'ne'12 ...„
I
212
, Fla Cen & Pen 1st g 5s1918 J-J 10314 ____ 103 May'll -- ---Trust Co certfs
1
214 238 J'ne'12
178 3
•
1st land gr ext g 5s_ __ _1030 J -J 102
Wash Term! lit gu 3 30_1
104
104 May'12..-- 104 -85 ____ 8788001 '11
95
45
4
19
Como' gold 5s
lst 40-yr guar 4s
1943 J -J 10614 107 107 J'n4'12 ___. 107 107
9718
9718 Mch
"cin; -671;
Ga & Ala By 1st con 53_01945 J-J 10612 10738 10614 J'ne'12 ..-- 10534 10714 West Maryland 1st g
8612Sale 8612
8634 IC 9612 8814
4s_..194
9525
' Ca Car & No 1st gu g 53_1929 J-J 105 10578 10512 May'12 ____ 10512 10534 We
GseteNgo
Yld&45
Pa 1st g 58
107
107 10834
1937 J-J 107 1971,107
Scab & Boa 1st 5s
1926 J-J 104 10612 105 May'12 ---- 105 10918
8658 Sale' 8653
865?
8658 8812
Southern Pacific Co—
Income 5s
34 Feb '07
1)
)1
2t
5s!......_
:
d19
Gold 4s (Cent Pao coil).81949 J-D 8958 90 90 " 9014
8 90 9212 Wheeling & L E lit g 58
10212 10413 10412 J'iy '12
26
10414
10512
Wheel Div 1st gold 5 __ 19 8 Registered
91 J'ly 12 ____ 91 ,91
81949 J-D —__ 91
10114 104 10218 Nov '11
20-year cony 4s
Eaten & Imp gold
9458 93 9458 97
g1929 fd-S 9158 Sale 9438
_1930 -A 10114 103 102 J'ne'10
RR
9512
51 9434 97
Cent Paz 1st ref gu g 4s1949 F-A 9514 Sale 9434
1st consol 4s
80 83 84 J'ne'12
8214 8112
20-year equip s t 53_19
Registered
1949 F-A 0312 9/ 9412 rly '12 -- 9412 941,,
9812 Feb '11
J
49
2 NJI-S
92
6"3.
13 9012 9112 Winston-Salem S B lit 4s_ _1960 J-J
•
Mort guar gold 3 30_ _81929 JD ---- 9033 9058
00 9114 92 J'ne'12
9134 03
9278 Wis Cent 50-yr 1st gen 4s 1949 J-J
Through St L 1st gu 48_1954 A-0 9038 9312 91 J'ly '12 -- 1)0
9153 92 9112
915? 19 91 9338
Sup &Dui div & term 1st 45'36 11-N 9058 9113 11034 J'ne'12
' CI H do S A IA & P it 53_1931 111-N 10558 10118 10512 J'ne'12 ___ 10512 107
9034 9212
, Gila V G do N 1st gu g 53_1924 51-N 10212 104 10218 J'ly '12 ..— 10213 10434
, nous E & W 'I' 1st g 5s 1933 51-N 10334 10178 109 J'ne'12 _--- 104 10418
Manufacturing and Industrial
1933 M-N 10334 105 10414 May'12 ____ 10414 10414 Allis-Chalmers 1st Si
1st guar 5s red
61 62 6034
60341
1936 J-J
2 52 6714
Trust Co etts deposit
II & '1' C 1st g 5s int gu_ _1937 J-J 10914 __ 10958 May'12 --. 10958 110
6012 Sale 5812
6013 2s 5812 62
Am Ag Chem 1st c Si
Consol g as Int guar_ _1912 A-0 ___.
10712 Sep '11
10112 102 10134
1013.,
6 10112 10234
Gen gold 4s int guar_ _1921 A-0 04 9512 9512 J'ly '12 —.. 9412 9512 Am Cot 011 ext 4 14s
9734 03 9712.1'1y '12 _—. 9712 9812
Waco & N 3,V div 1st g 68'30 51-N 114 118 11014 Mch'10
Debenture 5s
51 N
997, 95 J'ne'12 ___ 9412 9512
, A & N W 1st gu g 5s___.1041 J-J 10(3 108 10712Feb '12 ___ 162 i(ii1-2 Am Hide & L lit s t g 65„..111199119851
9
932
i0058 10034 10034 J'iy '12 _-__ 9818 10034
Morgan's La & T 1st 7s_1918 A-0 11134 _ _ 11212 Sep '11 -- ____ _ _ 'Amer Ice Secur deb g 6s__ _1925 A-0 79 797, 79
79
7212 82
1st gold Os
Am
'
____
___
__
Smelt Securities s f 6s_ _1926 F-A 105 Sale 10458 105
1920 J-J 10812 110-12 111 Mch'll
23 10212 10514
Ain Spirits Mfg 1st g 6s___ _1915 M-S __ 997i 100 J'ly '12 -- -- 100 101
, N Y Tex & M gu
1938 A-0 ---- ---- 112 Feb;
• No of Cal guar g Si
67 . — .___ _ _ Am Thread 1st col tr 4s__ _ _1919 J-J 94 945? 94 Jell,'12
0258 95
, Ore & Cal 1st guar g 58_1927 J-J
_ 102 Ply '11 __ ____ ____ Am Tobacco 40-yr g 6s.._1944 A-0 120 1211: 121 J'ly '12 -- 11878 12112
' So Pao of Cal—Go g 53 _1937 M-N 11034 ____ 116 May'07 ---- ____ _ _ _
Registered
12014 J'ne'12
11878 12138
195441
! So Pao Coast 1st gu 4s g_1937 J-J 9112 __ 00 J'ly '09 __-Certificates of deposit
12014 May'12
11878 12112
San Fran Tenni 1st 45_ 1950_
A-0 ___ 9012 9018 J'ly '12 ____ 9018 92
Gold 45
" Tex do NO Sab Div 1st g 6s'12 M-S *100 __ 10034 Dich'12 .... 10034 10034
Registered
9
9(51738 J'ne°•6172 __I.! 9921174
8 99753
18
8
Con gold 58
1943 J-J 100
10158ay'll
Nf
.
Certificates of deposit 1951 F-A
9514 May'12
9178 96
1955 J-J 0914 9934 9414
P Lorillard Co Ts tem'pry bds.
9:38 21 9414 9538
So Pao RR 1st ref 48
122 §ife 12134
122
9 11938 12334
1071i
Southern 1st consol g 53_1994 J -J 107 10712 10738
Si temporary bonds
r
8
0914 39 9118 9913
9834 Sale 4858
Registered
1994 J-J 105
Ligg & Myers Tob Co7s tpy bds
105 Sep '1 ------------ ...
12034 Sale 12058
1207? 7c 11834 123
Develop & gen 4s.Ser A.1956 A-0 7814 Sale 7818
7838 123 28 7934
Is temporary bonds
9812 Sale 9812
9834 81 8934 9914
Mob & Ohio coil tr g 45_1938 M-S 8518 8612 85 J'ly '12 ---- 85 8712 Am Writg Paper 1st 5 f 5s.._1919
91 Sale 91
9114 71 8814 9114
Baidw Loco Works 1st 5s_ _1940 At-N *10353 _ _
Mem Div 1st g 4 16-53_1996 J-J 10712 110 109 May'12 ---- 1(1814 III
10:334 J'ly
10312 104
1951 J-J
80 90 8934 J'iy '12 .___ 8858 0014 Beth Steel 1st ext s t bs___ _1926 J-J 0012 ____ 9678
St Louis div 1st g 45
92
14 9312 102
1018 .J...1 _ _ _ _ 10778 Nov'10 _...... __-..
Ala Cen 11 1st g Os
951: 45 9134 9618
---- Cent Leather 20-year g Si_ _1925 A-0 9612 Sale 9538
J-J
1948
gSla
&
Noy'll
Deny
9012
Consol
81
1st g 4s
, Atl
Tobacco g 4s
1951 F-A 97 Sale 97
97
6 91.34 97
8112 _
8214 Feb '12 ___ 8214 -821-4
241 4s
1948 J-J
Registered
_
57 Nov '1)7
1951 F-A
' AU & Yad 1st g guar 4s1049 A-0 8131 ---1931 51-N 96 _
1)678 J'ne
---- ---- --- - Corn Prod Ref s f g 5s
-41E12 97
104
4
1st 25-year if 5s
iog3 Die'-11
1916 J-J
, Col de Greenv 1st (33
95 96 96 J'iy '12 __-__ 94 9612
E T Va & Ga Div g 5s
1030 J-J 107 10812 10778 May'12 ...... 10734 10814 Cuban-Amer Sugar coll tr 6511918
934
9612 9634 9612rly '12.._. 96 9712
11014
'
Con 1st gold 5s
3 110 11134 Distil Sec Cor cony 1st g 53_1927 A-0 7338 Sale 7358
1956 1M-N 11014 Sale 11014
74
41 7158 7814
E I du Pont Powder 484s..1936 J-D 38 Sale 88
, B Ten reor lien g 58
1938 NI-S 10412___ 10518.fly '12 ___ 10518 106
8112 27 8978 0212
64
.8
2 64 641, Gen Electric deb g 384s,,....1942
.a2
1 : 8358 J'ne'12 ____ 82 84
' Ga Midland 1st 3s
1946 A-0 69 6712 64
917 FJ -1
1
10-yr
' o. Pao Ity 1st g 63
1124
J'ly
'12
.
g deb Si
111
1922 J-J 11012 112 111
159 Feb '12 --__ 15312 159
Gen'l Motors lit lien 6s___ _1915 A-0 lOOli
,
nox & Ohio 1st g 6s. _1925 J-J 11313— 114 J'ne'12 ___ 114 115
100
10014 92 9813 10078
_ _ _ Ill Steel deb 4 Ms
Mob do Mr prlor lien g 5;1_1945 J-J 1095a __ 10512 Nov '1(
__
1940 A-0 0058 Sale 90311
9034 11 9014 9234
Mortgage gold 45
Indiana Steel 1st 55 (recta) 1952 51,-N 10078 Sale 10058
78 Dee '11
1945 J-J
7834
10078 49 10058 10158
, Rich & Dan con g 135._ 1915 J-J 104 10114 10412,1'1y '12 ___ 10918 104-34 Int Paper Co lit con g (35_ _1918 F-A 10334 1034 10373 • 10378
1 103 10434
•
Deb 58 stamped
Consol cony s f g 55
1927 A-0 10312.
1)0
1935 J-J 90
90
2 8912 9178
10434 Apr '12 _
109 10934
, Rich do Meek 1st g 45
Int St Pump lit s 1 bs
1948 If-N -1929 M-S 0214 Sale 9213
71 Mch'll
9214 13 9134 9312
Lackaw Steel 1st g 55
, So Car & Ga 1st a 5s
9612
1919 11-N 10234 _. 10234 J'ne 12___ 1023
9612 10 91
1923 A-0 9612 97
97
;104
Virginia Mid ser C 6s_1916 51-S 10112 _ __ 112 Oct '06 ___- ____ _ _ _ _
1st con 55 Series A
8034
80 81
8114 43 77 8212
Series D 4-55
'5-year convertible 5s_
1921 51-S 10334 _-_ 10414 J'ne'11 ____ _ _ _ _ _
9334 21 9012 9414
915
05
A1-S 92 94 9334
195
Series E Si
1926 Ai,- S 10534 ____ 10534 J'ly '12 _ _ 10534 1053-4 Mexican Petrol Ltd env 6sA '21 A-0 98 9812 98 rly '11 ....„ 05 100
Series F lis
'
Nat Enam & Stpg 1st 5s
1929 J-D 93 9358 9358 J'ly '12 ____ 93 9412
1931 M-S 1055s _ _ 105 J'ne'10
General 5s
1936 M-N 107 10114 10814 May'12 ____ i(58 - 10/31q Nat Starch 20-yr deb 5s_1930 J -J
87 91
8914 J'ly '12 --- 8914 8914
, Va & So'w't 1st gu 53_2003 J-J 108 ___ 10812 J'ly '11
National Tube 1st Si rects_1952 51-N 9934 Sale 9934
__
9918 79 991210112
1st cons 50-year 55_1958 A-0 06 963-4 9634 J'ly '12 ____ 0612 973-4 N Y Air Brake 1st cony 6s 1928 M-N 9978 10134 9978
10018
5 97 10114
W 0 & W 1st cy gu 48..„1924 F-A 9218 _ __ 90 Mch'12 ___ 90 90
Fly Steel Spgs let sf 55
1921 J-J 9712 98 98 J'ly '12 __-- 97
9814
• West N C 1st con g 6s
1914 J-J 10234 2._ 103 May'12 ...... 103 10312 Repub I & S lst&col tr Ss_.1934 A-0 10314
,
'
212
_ 104 Apr
93%
4
1027
9038
4 10
10212
okane Internet 1st g 5s 1955 J-J - — 103
Apr '11
10-30-year 5s s 1
1940 A-0 92 Sale 02
Standard Milling 1st Os.. __.1930 13,1-N 8612 88 86 J'ly '12 -- 86 8834
ler A of St L 1st g 4;is_1039 A-0 ,..__10514 105 Mch'12 __ 105 105
1st con gold 5s_ _1894-1944 F-A __ 11112 11034.1'9y '12 ____ 11034 11212 The Texas Co cony deb 6s_ _1931 J -J 10134 Sale 10112
1017? 41 9412 10212
Union Bag & Paper 1st 53_1930 J-J
95
• Gen refund s f g 45
4 94• 96
1053 J-J
9358 94 May'12 ___ 94 9412
96 96 95
10712.1'1y '12 ....... 10712 1071,
Stamped.
94 9414 J'ne'12 ____ 94
944
St L M Bge Ter gu g 5s 1930 A-0 10614
103
6 107 11012 LI S Leath Co s deb g 6s...._1
10012 10114 10013 J'ly '12 _ __ 10012 102
193
91°
3
2000 J-D 108 10812 108
Tex & Pao 1st gold 6s
US Realty do bony deb g 58.'24 J-J
2d gold Inc 55
q2000 Mch 80 5018 50 Ma7'12 --- 50 60
8913 90 8978
2 8712 9012
90
1931 J.,j 98
9912 Apr '11 ..... ___ __ U S Red & Retg lit g 65_1931 J-J
25 30 30 J'ly '12
La Div B L lit g 5s
30- 50
W Min W & N W 1st gu lis_'30 F-A ---- ---:10512 Nov'04-_ U S Rubber 10-yr coll tr 63_1918 J-D 104 Sale 101
10414 _3
.
.
7 10334 105
Registered
Tot do 00 1st g 58
10318 Jan '10
1918 J-D
i 10/318 161112
10814
J-J - 14 jags 10814
1935
Western Div 1st g 5s
1935 A-0 107 __ _ 10734 J'ne'12 __. 10734 10734 U S Steel Corp—(coup __d1963 IM-N 102371 Sale 10134
10234 312 10184
S t 10-60-yr 5slreg ___..d1963 111-N 102,8 Sale 10213 10278 11. 10158 104
General gold Si
1935 J-effi 10334 10.112
- 10334 J'ly '12 ___ 103 104
Va-Car Chem lit 15-yr 55_ _1923 J-D 9812 Sale 9838
Ran do Mist gu g 4s_1990 A-0 0013 93 93 May'12 .....- 9134 03
9838 39 9814 101
1927 J-J
2d 20-year 53
9918 9912 9912fly '12 ___ 9814 991, West Electric 1st Os Dec 1922 J-J 105
9134 s
10214 16 10114 10312
_a
_le_ 10134
1917 J-J
9312 94 9412J'ne'12 _. 9314 9478 Westinghouse E & Ms I 53_1931 J-J
Tol P & W let gold 43
9434
9518 19 93 9514
10-year coil tr notes 55_1917 A-0 9634 9713 9712
8518 Sale 8518
8518
Tol St L & W or lien g 310_1925 J-J
4 8518 8712
2 9612 98
9712
1950 A-0 61. 62 61123'ly '12 ___ 60 6933
50-year gold 45
1 68 7312
68
1917 F-A 68 75 68
Coll tr 9s g Ser A
Telegraph & Telephone
Tor Hain & Buff 1st g 48_h1946 J-D 8934 __ 8978 Apr'12 .... 8912 9312 Am Teiep & Tel coil tr 4s__1929 J-J
9038 Sale 9014
9012 67 90 9118
1)N i-D 105 .....r. 105 J'ly '12 ___ 105 106
Convertible 43
TT ister & Del lit con g 5s 11,
1938 51-S 11412 11513 11W
115
2 10834 11653
0 8518
'Li 1st refund g 43
_ 8512 J'ne'12 ____ 8512 8613 Chicago Telephone let 55_1923 J -D
Union Pacific—Gold 4s__1947 J -J 10014 Sale 100
'lir 84 -871?
10038 55 100 10214 Commercial Cable 1st g 48_2397
8212 821k
1947 J-J
Registered
9831 1001? 9073 J'iy '12 _
Registered
8312 Noy'll
9914 10178
2397
8334 _
1927 J-J 10178 Sale 10138 102
Keystone Telephone 1st 513_1935
20-year cony 43
82 Feb '12
101 10114 104
82 82
02008 11I-S ___. 97 9612
1st & ref 48
97
14 90 9773 Metronol Tel &'Fe! 1st if Os 1918 51-N 10214 11a 10234,1'1y 'L.
10234103
1924 F-A 9978 i0ois 9078
Ore Ily & Nay con g 48_ _1046 J -D 9312 94 9338
9338 10 9358 9613 Mich State Telep lit 5s
9978 101
9978
Ore Short Line 1st g 6s....1922 F-A 11214 __ 11212.1'1y '12 ____ 112 11334 NY &NJ Telephone 55 g_1920 M-N
10314 May'll
1st consol g Is
1946 J-J 110 ,__ 11018
11018
N Y Telep 1st & gen 5 1 4 10 1939 81-N 100 Sale 9913
2 11018 112
$
10018 37 -66" id6f
•
0214
Guar refund 48
9214
Sale
93
1937 J -J 10078 Sale 10012 10072 50 9872 10078
1929 J-D
3 9214 9534 Pac Tel & Tel 1st Si
•
Utah & Nor gold 55_1926 J-J 10518 ____ 108 May'll ..... ____
10112 le 101 10312
_ West Union col tr cur 53_1938 J -J 10114 Sale 10114
lit extended 4s
_ __ __ __ _____
1933 J-J ____ ___
9734
N 9712 Sale 9712
9 9714 10012
Fd and real est g 4 10_1950
endetta cons g 4s Ser A_1955 F-A 92 --- 9658 Meh-'12 ___ -965
1941 51-N _
Hut (in Tel gu ext 5s
104 J'ne'11
;-965s
Consol 4s Series B
Northwest Tel gu 4 ;is g..1934 J-J
1957 111-N 91 9612 94 J'ne'12 _. 94 9712
9614 J'ne'12
94
95 9614
Vera Cruz & P 1st gu 4 143_1934 J-.I ____ 9612 9134 J'ne'12 ___ 913, 913,
-
0.;
AFJA:o°
fi
V
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Buff & Susq Iron s f 5s___1932 J-D
Debenture 55
a1926
Col 11 65 I Co gen if g 5s____1943 F-A
1019
Col Fuel gen Gs
cot Indus 1st It coll Is gu ..1934 F-A
on i Ind Coal Me 1st 513...._1935 J -D
cons Coal of Md lit do ref Is 1950 J-D
r Illy Coal do C lit g 63....h1919 A-0
' an It H 0 & C 1st if g 53.1951 J-J
()cab Con Collier lit s f 58_1957 J-J
1955 J -J
t L Rock Mt It P lit bs
1951 J-J
can Coal gen bs
firm Div lit consol 6s 1917 J-J
a1917 A-0
Tenn Div 1st g 63
Cab C M Co 1st gu g 63._1922 J-D
tali Fuel lit g Os
4931 M-S
1953 J-•J
lotor Fuel 1st s 1 58
a Iron Coal'eo Colic lit g 531949 111-S
I
•
97 J'ly '12
91 Nov'll
-99 100 99 J'ly '12
10634 10812 1074 J'ne'12
8112
80 8134 8112
_ 8412 85 J'ne'11
9312 937 91 Dee '11
10258 Apr '06
9734 99 98 J'ne'12
87 8812 87 rig '12
--.... 8234 83
83
10238 103 10238
10:3
10334 10412 108 J'ly '12
10312 104 10338 J'ly '12
10312 ____ 110 Jail '09
_
8:3
85 -§6"
0512 93
9511
951.
97
97
98
99 10038
10714 10734
7212 82
4 9812
-0138112 891?
7934 8412
10213 10378
10312 1041::
103 104
86
05
86
9812
Miscellaneous
1948 M-S
Adams Ex coll tr g 45
Armour & Co 1st real est 4845'39 J -D
1952 A-0
Bush Terminal lit 48
1955 J-J
Consol 85
Chino Copper 1st cony 6s 1921 J-J
Irrigation Wks It D of A 4 10'43 SI-N
InspIr Cons Cop 1st 65 (rectal -Int Mercan Marine 484i_...1922
Int Navigation lit s f 53_1929 F-A
Mge Bond (N Y) ser 2-45_1966 A-0
1939 J-J
Morris It Co 1st s f 4 10
1951 F-A
N Y Dock 50-yr 1st g 4s
1932 J-J
Niag Falls Pow lit Si
Refunding It gen 6s___a1932 A-0
Ontario Transmission 53_1945 11-N
Pub Serv Corp N J gen 53_1959 A-0
Ray COWS Copper 1st cony tIs 1921 J -J
1939 J-J
Wash Water Pow 1st 5s
83 8512 86 J'ly '12
9112 9134 9112
9134
90 _ 8934
90
9738 J'ly '12
140 Sale 139
14012
_ 95 9318 Nov 11
1654 sale 107
10714
63,
8 Sale 6113
6178
78 7914 79
7`./12
89 Apr '11
8953 J'ly '12
___ 90
82 821: 82 J'ly
10078 ____ 10173 J'ne'12
8212 8818
11 9114 9214
17 8834 92
97 99
41 116 150
9212 -511;
9334
9314
125
121
104 May'12
2 -92-1; 93
54 9238 9412
46 112 130
10278 104
9212 93
9333 Sale
124 Sale
102 ____
12 1091210733
54 63 70
2 78 8214
8912 "897i
82 8512
10012 10178
No price Friday; latest bid and asked aDue Jan dDue April eDue May gDue June hDue July kDue Aug oDue Oct dDue Nov qDue Dec sOption sale
CHICAGO STOC-C. EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCICS-HIGHEST AND LOWEST SALK PRICES.
Saturday
July 27.
-.
Monday
July 29.
Tuesday
July 30.
Wednesday Thursday
July 31. . Aug. 1.
Friday
Aug. 2.
Sates
of the
Week
Share.I.
STOCKS
CHICAGO STOCK
EXCHANGE
Range for Year 1912
Lowest.
Highest.
Range for Previous
Year 1911
Low,st
Railroads
'
34
Last Sale 32 June'12
Chicago Ely Rys com___
40 Apr 24
32 Mch lio
21 J'ly
92
Last Sale 91 July'12
Do pref
90 May8, 9334 Jan 20
85 J'iy
95
Last Sale 95 July'12
Chic, Rys part otf "1"___ 85 J'ly 1,, 10438 Jan 18
80 Apr
Chic
724
Rys
part ett "2"___
2512 *2412 2512 2434 2434
2412 J'ne -,8 38 Jan 9
2034 May
812 *734 812
75 Chlo Rys part ctf "3"___
6 J'ne ii
814 814
11 Jan 12
8 May
*35
4
*358 4
4
50 Chic Rys part et/ "4"___
312 J'ly ‘,
412 Mch
578 Jan 13
16
Kansas City Hy & Lt_100 1812 May2, 21 May 1
Last Sale 1812 June'12 •
15 Sep
Do pref
43
Last Sale 4012 June'12
100 4012 J'ne 1., 5012Jan 19
39 Seto
10
*912 10
10 Streets W Stable C L_100
978 98
9 Mch2,, 108 Apr 1.9
7 Dec
4712 *45
50
45
45
Do pref
40
100 35 Jan :st, 52 J'ne 2u
38 Nor
Miseel aneous
3614 3614 3534 3614 3588 36
3512 3758 38
100 1112 Jan
3814 3834 4012 3,668 American Can
43 Mayll
9 Jan
*11614 11714 11614 1163 117 117
1,100
100 91 Feb 1 121 Mayll
11712 118
Do pref
11812 11812 11878 120
7678 Jan
*400_ 400
American Radiator_100 325 Feb 1 405 J'ly 2 265 Jan
__ *100
__ *400
Last Pal
__
,405 July'12
)130 • 1-3-8 *130 1-3-8 *130 1-3-8 *130 1-3-8 *130 138
1
Do pref
135
10
100 131 Jan 1, 135 Apr 30 12612 Mch
47
47
46
47
5212 46
47
*47
47
47
--------230 Amer Shipbuilding_ 100 46 Aug 1 69 Apr 11
48 No%
*101 102
101 102 1.101 102 *101 102
Last Sale 102 Juy'12
Do pref
100 100 Feb q 10414 J'ne2u 10612 Sep
14558 14534 *145 1451: *14512 14612 *14512 146,2 146 14618 ---. -__
100 Amer Telep & Teleg
139 Jan 11 1481 Mch 17 131% Aug
*60
601: *60
60,2 60
60
6012 *60
6012 *60
39 Mch 14 6612 May22
10 Booth Fisheries com____
35 Apr
Last Sale 47 -Apr'12
Voting trust ctf
4312 Feb '‘, 50 Jan 9
38 J'ne
*8814 91
8334 8934 8978 8973 8912 8912 8912 8912 -77Do 1st pret
50
77 Mch 14 95 J'ne 5
60 Sep
*58
*58
60
60
60
*58
5912 5912 *58
5912 -5912
60
40 Cal & Chic Canal & 1:1100 49 Feb 9 6658 May13
4912 Apr
5018 5018 5012 5012 5014 6014
51
*50
*50
51
51
*50
70 Ohio Pneumatic Tool_100 44 Mehl., 5312 May 3
3012 Sep
Last Sale 142 May'12
Chicago Telephone_100 13713 Jan 4 145 Mch I1
115 Jan
iiii" 21-6- 210 21-6- 210- iiii" 211 211 *210 213 *210 213
93 Chicago Title dc Trust.100 184 Jan 4 222 J'ne20 15112 Jan
139 13912 140 140
139 139
139 139
140 140
139 139
384 Commonw'th-Edlson_100 13514 Jan 4 150 Mch 7 113 Jan
1414 1414 __
15
*14
15
*14
*14
15
*14
15
50 Corn Prod Ref Co oom___
10 Feb 13 17% Apr 26
934 Oct
Last Sale 78
Jan'ii
Do
78 Jan
pret
do
108 108
108 108
10812 10812
*107 108
10718 108 *107 108
121 Diamond Match
9212 Feb
100 103 J'iy a 11134 Feb 5
9912
9912
*9912
100
9912
9912
9312
1(i)
*9934
9958 9934
9934
185 Hart Shaffner & Marx pf_
99 J'ly 1; 10212 Mch 8 100 Sep
*64
65
65
6414 6112 *64
*64
55
*61
65
6412 6514
200 Illinois Brick
100 56 Jan 1, 11813 May27
4978 Sep
120 120
119 11934 11934 11934 12012 120:4 121 12314 123 12434 2,250 Internet Harvester Co..__ 10t1 Feb 14 12434 Aug 2
9914 Sep
Last Sale 70 July'12
Knickerbocker Ice pref_
67 May 1 71 May21
*132 135
132 13312 13418 13634 13638 14014 14112 14512 14112 14134 2,810 National Biscuit
100 131 J'ly 29 1011
/
2 Apr 30 11714 Jan
Last Sale 12'7 July'12
*12512 129 '12512 121) *12512 129 *12512 129
Do pref
100 126 Jan 15 13034 May28 123 Jan
11612 119
*___ 117 . ____ 117 *____ 117 *-- 117
---. _--365 National Carbon
100 103 Mch 5 121)18 May20 100 Aug
119% 11918 *119 120 *119 1-20
119 120 *119 120
*119 120
5
Do prof
100 115 Feb 11 120 Jan 2 117 Sep
6612 *66
6613 *68
6612 *66
66
6614 6614 6614 66
661
410 Paohlc Gas & El Co
z 61 J'ly 2 x 67 Apr 22
Last Sale .60 May'1
rights
Do
z.6J May 3 z.65 Apr 23
preferred
Do
116 11614 116 11614 116 11618 116 11612 11634 11612 11512 11512 1,309 People's Gas L&Coke_100 [0312 Jan 2 lls May25 101 Sep
*90
91
91
90
90
8934 8934 8912 8912
93 *90
90
256 Pub Serv of No III corn. x 84 May29 x 9412 Apr 24
Last Sale 18
May'12
Do rights
_ x.08 May O' z 112 Apr 24
10034 10034
Do preferred
825
_ _ z100 May31 x10712 Apr 24
115112 1-6112 10138 1-0138 10114 10114 101 10118 101 101
Last Sale 10112Ju1y'12
___ Rumely Co, preferred_ _- x 9912 Apr 2, z102 May 8
*10112 103 *10112 103 *10112 103 *10112 103
19412 19514 19358 19534 19534 19612 19514 19612 4.421 Sears-Roebuck oom_100 140 Jan 5 19734 ,J'ly 24 12334 Sep
19512 19638 19412 196
12412 12412 124 124 *124 12412 12412 12412 125 125
70
100 12112 Jan 11 12534 J'ne 8 116 Sep
Do pre
3612 3612 3658 38
34
*33
3734 37-34
34
*33
34
425 Studebaker Corp oom_-_ 30,8 J'iy 18 38 Aug 1
*33
Last Sale 9412July'12
*9412 9512 *9412 9512 *9412 9512 *9412 9512
Do preferred
9412 J'ly 18 9412 J'ly 18
10634 1077 10512 10658 10558 10614 106 10618 106 1064- 106 10618 1,552 Swift & Co
100 9834 Jan 2 10914 Apr 4
9734 Sep
*285 290 *285 290 *285 290 4285 290 • 290 290
295 299
40 The Quaker Oats Co 100 215 Jan 15 299 Aug 2 165 Mch
*10812 109 *10812 109
10814 109 *10813 109 *10812 109
109 109
Do pref
21
100 10512 Jan 2 110 Jan 15 10212 Feb
S____ 165 *___ 163
162 162
160 160 *160 163 *160 163
24 Union Carbide Co
x13534 May 8 z168 J'ne 13
Last Sale 18
ay'
Do
rights
.s 314 May 8 z 6 May22
*114 112
114 114
118 114 *1
114
118 114 --------735
Unit Box Bd & P Co_100
-38 May 2
1 Dec
178 Jan 18
6912
70
69
5
7018
8
6934 6934 7034 7134 7214 7214 -7214 1,575 United States Steel corn_
70
585 Feb 13 7234 Apr 26
5012 Oct
*In
11
*10
10 .*10
10
11
11
*10
11
*10
11
10 Western Stone
100 10 .fan 17
14 Dec
147g Feb 7
*30
*89
*93
2514
814
37
P____
P___..
*912
*45
34
92
95
2538
814
372
17
43.
10
50
*30
*89
*93
25
*8
*358
0___
*____
*012
*45
*30
34
*89
92
*93
95
251: *25
812 *8
*358
4
17 *___
43 *____
10
*912
*45
50
34
*30
92
*89
95
*93
2514 *2412
812 ,.*8
*358
4
*14
17
43 *_
10
*912
50 *____
Chicago _Bond ttecord
BONDS
CHICAGO STOCK
EXCHANGE
Week .inding Aug. 2.
Interest
period
Price
Friday.
Aug. 2.
Week's
Range or
Last Sale.
-9013
32 Dec
94 Nov
101 Aug
37% Dec
1212 Aug
712 Aug
25 Feb
7212 Feb
1314 Feb
50 Jan
1212 May
93 Dec
304 Ocu
133 Nov
79 Feb
113 May
15214 J'ne
5914 Mch
5734 Mcla
8838 Dec
52 Feb
5512 Feb
14114 Nov
130 Dec
13738 J'ly ;
15% J'ne
78 Jan.
11034 Nov,
10334 Duo
70 Jan
129 May
14212 Deo ,
130 Mch
120 Mch
120 Mch
_
108% Jan
10234 Jan
122 Meh
101 J'ne
212 Dec
10712 XIV
7 Jan
8178 Feb
of, Jan
Chicago 13aniis and Trust Companies
B'ds
Sold
Range
for
Year 1912
Bid.
High No. Low. High
Ask Low,
91 Apr'12
91
x91
Am Tel & Tel coil 4s__1929 J -J
91%
3 9158 9214
Armour & Co 4 30_1939 J -D 5-e112 -01-13 9178
z8214 8214
8214 Apr'12
Auto Elea 1st M
z9618 9618
9618 May'12
Cal Gas & El unit&ref 5s'37
N
10214 10238 20 10134 103
Chicago City By 5s___1927 F - A 10214
8812 8838 July'12
ChicCity&ConRys 5s.01927 A 9158
88
5 88
Chicago Elev By 53_1914 J - J 5 9734 ---- 9778 July'12
9733 99
9318 92 June'12
90
Chic Pne Tool 1st 5s_a1921 J -J 5 92
95
10038 23 9978 10153
Chicago Rys 55
1927 F - A 510014 Sale 10014
Chic Rys 5s series "A" A 96
97
5....-- 9534 96 June'12
9638 jan'12
Chio Rys 4s__series "A" A 9814 97%
8714 33 8618 9158
8634
Ohio Rys 4s__series"B" J -D 5-00i4 Sale
9434 94 June'12
9334 9$38
Chic, Rys 4s__series "C" F -A 594
Jan'12
100
1913 -A
Chic Rys coil 6s
100 100
Chic By Pr m Mg 4s_c'97 J -J 5723 7711-2 7412June'12
7312 85
49 July'12
Chic By Ad)Inc 4s.c1927 hfityl 547 52
60
45
Chicago Telephone 5s_1923 J -D 10112 Sale 101% 101% 41 10078 10314
9938 May'12
99
Cicero Gas Co ref G M_1932 J
9733 9938
Commonw-Edison 53_1943 M- S 10314 Sale 10318 10314 12 10214 10334
Commonw Elec 5s.b 1943 M- S 5102 10278 10212 July'12
10214 10334
Cudahy Pack 1st B 5s.1924
- N 510038 10053 1003 July'12
9978 10034
5103 Sale 10812 109
8 107 11014
Dia Match Con db 6s 1920
Gen Mot6% 1st L notes '15 A z9958 9634
---- 9934 Apr'12
x10114 10112
Ind Stepl 1st g 5s____1952 M - N ---- -- 10114 May'12
1st g 6s____1928
Do
tat Bar 3-yr 5% g notes'15 F -A 510014 10034 10038
z10012 10058
10518 Apr'12
Turd St'l 1s'; M g 6s1928
x10518 10518
Kan City By & Light
9414 Apr'12
9414 9414
1913 M - N
Co 5s
89
Lake St E1-1st 5s_1928 J -J 588
8714 90
88 July'12
8212
8212
Metr W Side El 1st 48_1938 F - A t 8212 Sale
8213 8534
Extension g 4s
1938 J
J 5____ 82
82
83
82 July'12
Mil El By & Lt 1st g 5s1926 F -A
x10478 10473
10478 Apr'12
95 Apr'12
do ref & eat 4 30_1931
x95
- J
95
do gen & ref 5s_1951 J -D
MIlw Gas Lt 1st g 43-1927 - N
;895
.
4 1618
1939 J - J
Morris & Co 4 As
8034 8912 8912 7 8912 9014
1952 hi - N
Nat Tube 1st g 5s
z10034 10114
10034 May'12
Nor Shore El 1st g 5s_1922 A - 0 flags
Apr'12
x10314 10314
10314
do 1st & ref g 5s 1940 A - 0 510038 10078 10038 Apr'12
x10038 10038
9718 Apr'12
Nor Sh Gas o. Ill 1st 5s '37 F -A
z9718 9718
North West El 1st 4s_1911
July'12
10014
- S
10014 10014
NW GL & Coke Co 5s 1928 Q - 5-5618
100 June'12
0934 100
Ogden Gas 5s
___ _1943 M - N 596
98% 983 July'12
9534 99
5s_1942
Pas Gas & El ref g
J
X9178 9218
J
92 May'12
Pao T&T 1st coi tr 5s_1937 J -J
_- 100 May'12
2100 10013
Pearsons-Taft 5s
1916 J -D 9812 --_ 10038 Mch'00
4.40s
- S 95 ---- 9612 Meh'10
4.60s Series E
97 Feb'10
-N
4.809 Series F
- N 9712 -- 9814 Noy'll
116 May'12
116 Ifi1-2
Peop Gas L & C 1st 6s_1943 A Refunding gold 5s__1947
10158 10214
- S 510ig8 gni 10178 July'12
510273 10312 10318 10314
Chic Gas L&C 1st 5s 1937 J
2 10234 101334
Consum Gas 1st 5s_1936 J -D
10312 10234 May'12
10218 103
Mut'l Fuel Gas 1st551947
10112 10112
- N 510012 --- 10134 June'12
Pub Serv Co 1st ref g 5s '56
5_
9812 9812 June'12
x9634 100
_ 10014 May'12
Sou Bell T & T 1st st 5s '41 J
J
x100 10014
South Side Eley 4 ;53_1924 J -J
94 July'12
flA
9614
10014 July'12
Swift es Co 1st g 5s___1914
510014
10014 10034
Tr -City By & Lt ooll
trust lien s f 5s
9814 Apr'12
1923 A z98
9814
Union Eleo (Loop) 53_1945 A 85 Apr'12
5____ 81
86
89
S Gypsum 1st g 5s....1922
100 May'12
S
x9973 100
U S Steel 10-60-yr s f g 5s_
10212 Apr'12
210212 10288
Western Eleo Co 5s...._1922 J - J 1---- 10214 10134 July'12
10112 103
Note-Accrued interest must be added t o all Chicago -LOD d prices.
giii
Highest.
NAME
Outstandlag
Stock.
(5)
American State
$200,000
Calumet National
100,000
Cont'tal & Comm Nat_ 21,500,000
Corn Exchange National 3,000,000
Douglas State
200,000
Drexel State
200,000
Drovers' Dep National_
600,000
Eneewood State
200,000
First National
10,000,000
First Nat Englewood
150,000
Foreman Bros B'k'g Co_ 1,000,000
Fort Dearborn National 2,000,000
Hibernian Banking Assn 1,500,000
Kasper State Bank
400 000
Lake View State
200,000
La Salle St National
1,000,000
Stock
Exch'ge
Live
Nat 1,250,000
Nat Bank of Republic
2,000,000
National City
2,000,000
National Produce
250,000
North Avenue State_
200.000
North Side State Swigs
50,000
North West State
200,000
People's Stk Yds State..
300,000
w Prairie State
500,000
Second Security
200,000
Security
400,000
South Chicago Savings_
200,000
South Side State
200,000
State Bank of Chicago.... 1,500,000
StockYards Savings
250,000
Union Bank of Chicago..
500,000
Washington Park Nat...100,000
Wendell State
50,000
w Central Tr Co of 111- 4,500,000
uChic City Bk & Tr Co.
500,000
Chicago Say Bank & Tr 1,000,000
Chicago Title ec Trust
y5,000,000
CitizensTrust Is Savings
50,000
Colonial Trust Is Sayings
600,000
Cont Is Comm Tr Is Say 3,000,000
Drovers Trust Is Say_
200,000
First Trust Is Savings
5,000,000
Ft Dearborn Tr&Savi3k
250,000
Franklin Tr & Say Bank
200,000
GreenebaumSonsBk &Tr 1,500,000
Guarantee Trust Is Say_
200,000
Harris Trust Is Sayings_ 1,500,000
Home Bank Is Trust
300,000
Illinois Trust Is Savings 5,000,000
Kenwood Trust Is Say_
200,000
Lake View Trust Is Say..
200,000
Merchants' Loan&Tr Co 3,000,000
Michigan Ave Trust Co..
200,000
Mid-City Tr Is Say Bank
500,000
Northern Trust Co
1,500,000
North-Western Tr& Say
250,000
Old Colony Tr Is Say Bk
200,000
People's 9L'r Is Say Bank
500,000
Pullman Trust Is Say_
300,000
Sheridan Tr Is Say Bank
200.000
Standard Tr Is Savings_ 1,000,000
Stockmen's Trust Is Say
200,000
Union Trust Co
1,200,000
West Side Tr &Say Bk..
400,000
Woodlawn Tr Is Say Bk
200,000
Surplus
and
Profits.
(5)
Dividend Record.
In
In Per- Last Paid,
1910. 1911. tod.
$193,131
Jne30'12 134
An Jan '11, 6
55,486
6
9,191,143
10
Q-J July'12, 234
5,974,296 16
16
(4-.1 July '12,4 ,
2,445 Beg. b us May 31 '1 1,V.92,p1538
69,613
6
8
Q-J July'12, 134
472,962 10
10
Q-J July'12, 234 ,
58,681
6
6% H-J Apr '12, 2
11,744,404 12
12 Q-M July'12 4340
211,855 10
12 Q-M Jne30'12 234
564,772 Priv ate Ba nk
659,788
8
8
Q-J July'12, 2
1,468,193 8+2
(11)
CI-J
154,312 10+ 15 10
J-J July'12,5
220,784 Beg. b us Apr 8'11 V.92,p. 1004
271,883 Beg b us. Ma y'10 V.00.1), 1277
547,088 10
10 Q-M Joe29.12,234
1,370,514
8
8
Q-J July'12,2
603,772
6
6
Q-J July'12, 134
100,465
4
6
Q-J July'12, 134
80,397
7
Q-J July'12, 134
42,379
6
Q-J July'12, 134
38,966
4
5
Q-J July'12, 134
143,586
7
Q-J July'12, 234
253,623
6
6 Q-M Apr '12, 134
3,066 Beg. b us Nov 1 '11 V.93,p. 1235
153,408
4;5 s6
Q-J July'12, 134
107,000
735
8
Q-J July'12,2
22,242
6
6
Q-J July'12, 134
2,270,812 12
12
Q-J July'12,3
217,010
8
8 Q-M Jne30'12,2
140,642
6
6 M-N May'12,3
12,176
Q-J July'12, 134
6
41,610 None None Q-M Dec31'08,1 M
1,895,693
8
Q4 July'12, 2
356,896 10
10
J-J July'12,6.
263,112
6
6
Q-J July'12 134
12,031,511
8
735
Q-J July'12, 2
216,325
6
Q-J July'12,3
10
481,625 8+2 8+2 Q-J July'12,234
1,375,874
170,836
8
834 (2-4 July'12, 234
1,804.597 12
18 (1-Si Dec 30'11,4
14,850 Beg. b us Apr 3'11 V.92.P.929
52,340 Beg. b us Apr 8'12 V.94, p.1030
190,835
234 Q-J July'12, 234
39,539
J- J July'12, 3
2,112,847 11+5
12
Q-J July'12, 3
64,869 Beg b us Apr 10'1 1.V.92,p1004
July'12, 4
9,464,116 16+4 16+4
7
78,818 7+1%
Q4 July '12,134
6
60,828
Q4 Jne30'12,11a
5%
15
Q4 July'12,4
6,573,016 12
64,911 Beg. b us Oct 29'l OV.91,p1221
64,644 Corn. b us Apr 10'1 IV.92,91004
8
Q-J Jne29'12,2
8
2,890,757
J-J Jr:to 29'12,4
8
124,602
6
50,000 Beg. b us J'ne 1'11 V.92,p. 1537
Q-J July'12, 2
181,626
8
8
286,872
Q-2 July'12,2
40,180
Q-J July'12, IM
355,831 COMM enCed bus. Sept 6 1910534
40,796
J-J July'12,3
1,436,542 k8+2 8+2 Q-M Jne29'12, 2
8+2 Q-M Jne30'12, 2
6
85,966
9% Q-J July'12, 234
7;5
97.048
• Bid and asked prices: no sales were made on this day. 5 June 14 (close of business) for national banks and June 15 (opening of business)
for State
!institutions. 5 No price Friday; latest price this week.
Sept.
I 1911. II Dividends not published. Stock all acquired by the Cont. Is Comm.
'Bank. a Due Dec. 31. b Due June, c Due Feb. dDue Jan. 1. k Also 20% in stook. q Dividends are paid Q.-J, with extra payments Q-F. Nat.
s
!dividend of 50% was paid in 1911 on Security Bank stook, to provide capital for the new Second Security Bank. V.93, p. 1235. 1 Dec.30 1911.
v
of this Is a special dividend. w Prairie State Bank to be merged into the Central Trust Co.; see V. 94, Fp. 1293, 957. z Sales reported beginning 134
A
ig. u Formerly Chicago City Bank. y Increase In Capital to 55,600,000 authorized. V. 95, p. (1); V. 94, y. 1739. S April 19 1912.
Aua. 3 1912.j
287
THE CHRONICLE
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Bid
9,
Ferry Companies
B & N Y lst os 1911_ _J-J 99
13
N Y & E It Ferry stock-_1(k)
45
M-N
1st Ss 1922
N Y & Bob Is May '46. _J-D
Hob Fy 1st 5s1946 M-N le44
NY &NJ Is 1946____J-.1 98
10th & 23d Sts Ferry_ __100 25
J D 55
1st rntge 58 1019
100 16
Union Ferry stock
95
M-N
1st 5s 1920
Ask
101
15
55
sha and M isceII-(Con.)
risee
u
d
inroli:
tilIndust
Bliss (E W) Co corn_ _50
50
Preferred
100
Bond a Mtge Guar
Cdond Milk corn.100
rsre
'
1:43 108,4s:
85
75
120 125
288 292
125 128
____
6
_0
Col Copper Co_1_0
_... __
112 2
35 Casein Co of Amer com _100
Railroad,
Stock-s
Preferred.
65
U. S.
Slat!
dec.,
52
5° 120
110
00
°°
1
Week ending
Casualty Co of AmerIca_1
21
Bonds.
Bonds
Bonds.
Par Value.
Shares.
100 141 143
Aug. 2 1912.
100 Celluloid Co
53
10u 51
City Investing Co
$21,000
5137,000
57,450 $5,447,600
100 100 101
Saturday
Preferred
Short-Term Notes
145,000
1,424,000
90
10,370,300
213,368
10014 10034 f. Clallin (11. B) Co com _100 85
Monday
Amal
53
1913A-0
Copper
92,500
1,585,000
91
11,821,300
129,088
_,.5(J0 80
e let preferred
Tuesday
53,000 Bait & Ohio 4385 1913_3-1.) 100 10014
137,000
02
1,781,000
309,530 28,694,000
Wt. 87
e 3d preferred
Wednesday
1,000 Bethleh Steel (is 1914_51-N 10212 10311
103,000
80
2,024,500
548,153 50,555,300
Consol Car Heating__ 100 75
Thursday
9934
9914
&
1914
Ohio
Ches
41-89
66,000
2,164,000
424,432 38,161,700
014 Consol Rubber Tire,,..100 121 15
j9
)14,. 19
Friday
Chic dr Alton Is 1913 _M-6 99
Chic Eiev Rya Is 1914 __J-J
34,000
$561,500
9
50
6
1
55
1,632,141 $154,059,100 $9,415,500
0 f5
-0
rrteudre 4s 1951 _ _ _ A1°
1 reebf:n
P
Total
9778 98'4
Cin Ham & 1) 4s 1913_ J-J
1834 19
coin__ UM
ed
lbteierrSteel
uere
a i,
178 e Cr
,
0
958 19
Erie 63 April 8 1914 __A-06 100:8
100 9412 95
Jan. 1 to Aug. 2.
Week ending Aug. 2.
Coil 53 Oct 1 1914_ _ A-0
Sates at
Davls-Daiy Copper Co. 11, *218 238
9834 93
Coll Is April I 19151.A-'U
New York Stock
1911.
1912
1911.
eGeneral Motors Gs '15.Ade0 9912 10018 e Diamond Match Co_ _100 10733 10812
1912.
Exchange
,luPont( I) de Nem Pow 100 191) 205
Hudson Companies61,685,670
77,517,509
e Preferred
9934 13914
F-A
66; Feb 1 1913
1,970,691
1,682,141
Stocks-No. shares__ _
2
8114
99
$5,500,403,600
00 9514 8
e Gold 438s 1936_ J1-1/
63 Oct 15 1913, __A&015 9.,58 lu0 o
5154,059,100 5178,161,200 57,012,838,125
Par value
$1,280,200 Lit Ccat 4)is 1914
10
8349,900
$9,100
9312 9934 Empire Stec. & Iron corn 100
J&J
$500 •
Bank shares, par
40
100 35
Preferred
984
98
Is
&
1914
_F
Gt
-A
Nor
let
Bonds.
$2,139,500 Inter Harvester Is '15_F&A 10038 10053 e General Cheinicat emu_ 100 170 190
31,033,000
5190,000
34,000
Government bonds
15,588,500 ' 77,630,000 K C Ky & Lt
e Preferred
90
742,500
1912_51-S 92
564,500
State bonds
456,300,500 Minn & St L g os 1913F-A
° - -1
1576
II) 17
443,395,500
2
bounce (B F) Co combo
9,908,000
92
90
9,415,630
RR.and misc. bonds
6121. ur
9
91,
leern
c.___e__ .___....14)0 10714 10734
9,12 9
99
'
efec_reran.a
Mo Ran & Tex Is 1913.61-N
1013
S536,079,000
*10
$462,017,000
$10,840,500
1914...1-D
Is
Pacific
1lissourl
S9,984,00
bonds
Total
9814 3834 e Hackensack Water (.;o20
Nat Itys of 5Iex 4)8s '13.J-D
88
Ref g 4s '52 op 1912_ ....J-J 87
1308 FON AND PHILADELPHIA
eN YC Lines Eq 5s 1912-22 5112% 4.4.
DAILY TRANSACTIONS AT THE
8
7
4385 Jan 1913-1925_ __J-J 6.12% 4.1t, Havana Tobacco Co... .10u
EXCHANGES.
6
1
7 0
0
12
Preferred
4185 Jan 1911-1927_ J-J 5112% 4.1.
0
0
1-13
1922„.1
1
1.03
55
June
MN
11stg
M-s
N Y Cent 4s 1914
l'hiladelphia.
Boston.
9934 10014 tlecker-Jones-Jeweil Alliiin‘,
St L dr S F Is 1913 opt J-D
M-0 102 104
let In 1922
South Ry g 5.s 1913_F-A 10018 10011
Week ending
Bond
Unlisted
Listed
Bond
Unlisted
15
94
Listed
90
derring-kiall-Nfervin _100 10
M-N
Wabash 434s 1913
Aug• 2 1912.
sales.
shares
shares.
sates
stiores. shares
Westingh'se El & NI 63 1913 101 10111 Hoboken Land & Improve i
__
, _il
0 104
904 0/12
....51-N
1st 58 Nov 1930
Oct
1917_A-0
notes
5%
e
$12,300
329
5,630
02
$8,000
3,707
d
docking Vat Products 10
4,904
Saturday
65,600
4,115
8,653
62
58
37,000
J-J
12,014
let g 55 1961
9,418
Railroad
Monday
31,700
1,617
5,297
10i, 141, 1134
28,000
9,287
Houston Oil corn etfs
6,675
23
18
Tuesday
41,800 e C1113 & Alton corn_ 100 36
3,831
67
5,700
10u 66
35,500
Pre( ctfs
13,703
9,276
40
..100
Wednesday
e Preferred
63,200
12,310
11,211
9,000
e Ingersoil-Rand coin_ _100 117
14,580
12,081
x130 155
__10()
dr
Om
P
Thursday
St
Chic
e
61,300
5,170
-:
_
95
12,819
100
40,000
P
e
Preferred
16,613
16,726
163
x152
10.
Friday
e Preferred
-Intercontin Rub corn_100 121 1234
42
corn., _100 40
90
27,372 $275,900 it Colo & South
49,319
Internat Banking Co. 104i 85
09,934 $157,500
59,982
11
72
100
Total
1st preferred
320
310
_100
_
Nickel
international
75
100 65
e 20 preferred..,
100 116 120
Preferred
5._
e N Y Chic dc St L com -100 56 __9
A-0 10011 110
1st g Is 19.32
1 1
312 _37_
...100 .J0
let preferred
4
2
100
Salt
InternatIonai
100
c 2d preferred
"1"
56
A-0 / 53
let g .5s 1951
All bond prices are now "and interest" except where marked
Northern Securitles Stubs_
110
125
Rh)
coin
Silver
international
&
Lake
Bess
Erle...50
Pitts
Bid Ask
Street Rao ways-(Con.)
Preferred
72
50 •00
Preferred
iiiAsk United Rys of St LBid
1st (is [948_
Street Railways
100
1518 1511 o Railroad Securales CoCo vot tr ctfs
213
8 127
0
4.u, 1112
-4,3
11
89
214
Smelt & Ka;_ 3
Internat
A
Ser
zt,fs
4512
tr
stk
C
ll!
100 45
Preferred
e
91
88
„104.1
Co_
&
Kayser
8212
(Julius)
City
York
New
_
Vest Pac 1st 58 193351-3
93
100 90
Wash Ity & El Co
25
100 110 112
let preferred
13leeck St & Fat Fy stk_100 20
Standard Oil Stocks
95
100 94
Preferred
75
15
41
_100
65
Steel__
J-J
e
19
*1812
Lackawanna
011
Ll
1st mtgo 43 1950_
n
8614
Anglo-America
8578
J-D
43 1951
81
M-s 80
e 1st con Os 1950
100 170 ISO
100 485 490
B'y & 7th Ave stk
Atlantic Refining
94
M-s 92
1)1134 14)4)14 Electric, Use & Power Cos
e Deb 5s 1915
J&J
180 200
.100
Co
r
20 mtge Is 1014
Borne-Scrymse
City
New York
9134 93
100
Monotype
Lanston
190
•I85
_61)
Co_
Line
Broadway Surface RRPipe
103
Buckeye
Is 1927 __J-J 10112
Gas
Un
Cent
225
104
222
,
100
103
Co
Mtge
Lawyers'
J&J
873
13212 Che.sebrough Mfg cons. 100 825
1st 5s 1024
10 e Kings Co El L P Oo _ _100 131
Lehigh Val Coal Sales._5() 238 245
100 160 180
Cent Crosstown stock..104)
Colonial 011
_ New Amsterdam Gim51-N
100 850 .030 eLoose-W hes Biscuit cornlOC 4412 4514
let rutge (is 1922
Continental Oil
1948___J-J 10112 103
bs
consol
let
144
04 23
234 19
03
,
12 1
15
5
e 1st preferred
stock_100
69
*66
Gen Pk N dr E ltiv
R. Gas 1st 5344 J-J 10412 10512 Crescent Pipe Line Co.., 50 95 105
e 2d preferred
Christopher&lOth St elk 100 125 137 N Y & H 5s 1945
Cumberland Pipe Line...101)
3-3 101 103
*213 712
Consol
__
Stubs
So
n
,
Gard
Madison
420
13-410
dr
13
E
Dock
..100
Dry
100 175 18212 Eureka Plpe Line Co_
20 .173- 213
Manhattan Transit __
J-D 100 101 e N Y Mutual Gas L
1st gold 53 1032
Galena-Signal 011 corn...100 237 240
60
20
45 N Y & Q El L & Pow Co_100 65
siononganelaR Con C&C_50 *15
I--A I 38
Scrip 55 1914 _
100 140 145
85
l'referred
100 76
,
*15
Preferred
50
315
Preferred
_100
130
stock_
*120
Avenue
Eighth
60
Indiana Pipe Line Co.._50
l "
°°id
N Y & Richmond Gas...100 40 10112
Mortgage Bond Co
F-A / 99 101
46
.44
Scrip Os 1914
25
Co
National
Transit
9912
11-N
1927
Is
125 230
0 2
100
42d & (Jr St Fy stock_ _100 270 ____ North'n Un 1st corn .,100 60
New York Transit Co ..100 390 400 e National Surety
19
Standard Gas L
42d St M de St N Ave_ .._100
Northern Pipe Line Co_100 138 165 e New York Dock com_10
100 90 100
35 -if)Preferred
10
/ 99 101)
e Preferred
1st Os 191))
•105 107
25
011
Co
Ohio
106
104
111-N
let 5s 1930
2nd Inc (is Jan 1 1913____ / 78
N Y Mtge & Security_ _10 208 21212
314 320
100
dr
Gas
011
Prairie
Other Cities.
6
*5
2
N Y Transportation
Ninth Avenue stock,.,,.j00 160 lid 100 620 350
Solar Refining
83
50 *80
Am Gas & Eiec corn
ti
2
90
87
Niles-Bem-Pond corn. 10
Second Avenue stock_ ..100
Southern Pipe Line Co_100 300 110
50 *4712
Preferred
45
*733 773
Mines
Consul 5s 1948 etfl_F-A / 40
Nlpissing
/10
750
100
Oil
Fenn
410
South
100 405
*Os 1
1
Ohio Copper Co
a Sixth Avenue stock. _100 115 126 Am Lt & 'Frac coin
Sou West Pa Pipe Lines_100 182 190
100 108 110
Preferred
92
112 2
_ J-J 88
10
e Ontario Silver
Sou Boulev 55 1945
7212, Standard Oil of Gaul...100 196 zOU
05 Amer Power & Lt corn_100 70
76
72
10
corn
Otis
Elevator
So For 1st Is 1019_ _ __A-0 90
470
265
Indiana,.
.J00
of
OU
Stand
87
100 85
Preferred.
80
194
102
10,
_
Preferred
Tarry WP & H 53'28 _ M&S f 73
12 Standard Oil of Kan.sas_100 450 470
*38
50
28 Bay State Gas __
5 .1114 1133
Pittsburgh Brewing
28 dr 29th Sts 58 '06012A-0 f 20
190
475
0
1{entucky_10
Oil
of
Stand
50 *3914 3933
Preferred
Twenty-third St stock__100 250 2,5 llIngiVton (N Y) Gas Wk
Stand 011 of Nebraska..100 275 ,00
A-0 98 1st g bs 1938
10214 10312
Union Ity 1st Is 1942__F-A 104 105
Stand 01101 NJ (old)_ _100 1030 1055 e Pittsburgh Steel pre:__100 30
7
6
31
06 Buffalo City Gas stock 100
100
Pope Mfg Co corn
914 418
Westchester 1st 5s '43..J-J 91
100
J
N
of
Oil
Stand
116
114
77
97 Cities Service Co corn_ _100
74
10u
Preferred
650
615
Yonkers St RR 5s 1946_ A-4) 00
_
91
Standard 011 subsidiaries_
100 89
Preferred
lik 105 106
Pratt & Whitney pref
Y_.„100 515 $25
Brooklyn
N
of
Oil
100
Standard
98
1936....J-J
NJ
55
4
10
10 12
Producers Oil (Bkly.)..1
225 235
..100
Allan Ave RR con 5.1 '31A-0 102 10311 Con Gas of L
Ohio_
of
011
Standard
dc Powii 97 100 Consumers'
Realty Assoc
100 200 220
BB&WE bs 1933_ __ASwan dc Finch,
J-D 100 102
53 1938
100 210 215
163 166
Royal Bak Powd com
Brooklyn City RR__ __I
Warrants (when issued). .90 110
Power (Mtnn.)_ 10( 109 Ill
Preferred
80
75
Bkiyn Hgts 1st 53 1041_A-0 99 102 ConsumersIs
1011
LineCo
Tank
Union
92
lst&ref 19200p'14_51-N 90
e Rumely OD Co pref __10 102 103
Bklyn Queens Co & Sub100 178 181
96
Vacuum Oil
95
El 53 1941..M-N
30 Safety Car Heat dr Lt_ _JO 117 11712
1st g 5s '41 op1.1116.J-..: __ 99 Denver U &
10 •25
Washington Oil
j 10
44
412
53
26
23
00 19
10
99 Elizabeth Gas Lt Co,,. _100 300
3 Sears, Roebuck & Co_1
1600
1400
1st con Is '41 op '16 M-N '37
100
011
Waters-Pierce
100 101 105 Essex & Hudson Gas_ 100 110 142
e Preferred
Coney 131 dc Bkiyn
tobacco Stocks
10u 280 285
87 4.las dr El Bergen Co.....10(1 8)12 Rid Singer Mfg Co
1st cons g 45 1948_ __J-J 80
ExchangeList)
Stock
also
99
(See
'15.F-A
53
1st
L
2
1
82 e (Jr Rap
77
& S corn_ _JO
J-J
Con g 45 1055
89
British-American Tobac.£1 *2212 2234 South Iron
88
4
2
10
99 101 Get West Pow bs 1946..J-J 139
Preferred
3
Brk C & N 5s 1039
100 290 330
141
Conley Foil
°10
Standard Coupler com_1
100• Hudson County Gas..100
197
179
Nassau Elec prof.
100
com
10312
W)
HeIrne
((leo
105
51-N
12
8 14
3°
10
c 1st Is 1949
A-0 10212 1031
Preferred
114
105
1st Is 1944_
100
44
Preferred
..100 40
Co__
Lighting
29
_10
Indiana
Co_
Milling
1
Flatbush293
Standard
e
N %Vmsburg &
72
Johnson Tin Foil &Metal 100 180 200
50
F-A
05
63
45 1938 opt
95
1
92
e Preferred
1st 43,8s July 1941..F&A
45
NiacAndrews & Forbes_100 205 210
50 39
88
8612
1111930.
Is
151
e
270
260
Steinway 1st 65 1922__J-J 102 105 Indianapolis Gas
91
Porto-Rican-Amer Tob_100
A-0 89
89
1st g Is 1952
86
10
Stern Bros prof
Other Cities
Reynolds([Ii) Tobacco.100 290 295
Jackson Gas Is g 1937 A-0 99 102
9912 101
Sulzberger dr Sons Co pf_10
Buffalo Street ItyUnited Cigar Stores Corp100 287 289
preferred 10C 00 100
10511
Gas
102
eLaciede
99
105
100
__F-A
Coal_
1931._
Pacific
&
55
texas
9311
consol
9234
issued___
1st
New corn when
A-0 104 109
A-0 10112 105 Madison Gas (is 1926
Deb (is 1917
New prof when issued___ 120 12012 .Texas Pacific Land Tr_100 0212 9712
El Co _50 *9612
54534
1045
5 112
100 120
title Ins Co of N Y,
Conn Ity & Ltg com 100 x 7712 79 Narragan (Prov)
1Veyman-Bruton Co_ _100 220 260
Gs Apr'44..Q-J 123 12612
Gas
81
Newark
79
.e
100
Tonopah Min (Nevada). __I *678 713
Preferred
100 113 115
e
e Preferred
99
100 98
_ Newark Consol Gas
5 .
57
4
6 80
100 38 _
Frenton Pottgries coin 100
180 183
100
Federal Light & Trac
Co
S)
(J
Young
10538
J-D
e Con g 5s 1948
100 85
Preferred hbw _
Preferred
-. Industrial and Miscellaneous
No Ilud LU & P53 1938 A-0 100
86
100 25
40
Crow Directory
84
83
e Havana Elea Ity L &P 100 80
100 6614 6634 Adams Exp g 48 1947J-D 1 118
96 Pacilic Gas & E com
44
42
100 90
Union Typewriter corn .1O
120
e Preferred
100
9334
Realty
Alliance
93
100
Preferred
100 109 111
let
preferred
J-J 105 1051
50
.10
a Loulsv St Is 1930.
corn
Note
Bank
Amer
_100 02
& Elec
10 10712 110
20 preferred
50 '12
e New On 'Lys & Lt coin 100 3512 38 Pat & Pas Gas
Preferred
fil-S 10212
e Con g 59 1949
78
12 1
10
100 77
United Copper.
7
53
169 1.5
a Preferred
100 sz
14
American Book
$t Joseph Gas Is 1937_J-J 00
139
136
Preferred
100
eN Y Westch dr Bost ByBrass
American
03
106
2
5
9
1,8
1017
104)
9978 10018 Standard Gas & Eiec(Del).50 *2312 21
8
as
J-J
U
Casualty
227
223
1st It 4348 11146
51
American Chicle com_100
50 *50
['referred
U S Envelope coin
104) 103 105
I Pub Serv Corp of N 3-See Stk E x lie
Preferred
912
12
eConv s f g Os 111204mJ-D 103 1001.
7 19
19
04) 18
100
ress
d
p
e
r
rx
45
sE
3112
Tr ctf3 2% to 6% perpet 109 10034
UP'efe
_100
corn
Am Graphophone
00 United Electric of N J _ _100 00 .95
6
85
North Jersey St Ity _100 75
100 75
Preferred _
J-I) 8234 8314
90
1st g 43 1949
100 85
8112 8212
M-N
U 8 Finishing __
let 43 1948
13912
13812
100
Hardware__
American
3312
100 100 105
Western Power coin,....103 33
77
Preferred
Cons Tract of N 3_100 76
10012 102
60
Amer Malting 6s 1914
100 59
3-3 100 105
Preferred
J-D 10114 10134
1st g 5s 1910
1st 54 1933_ _
__ 77
Amer Press Assoe'n.._ .,100
95 100
J-J
Western States Gas&ElecCon g 5s 1929
101
91:
9
New'k Pass By bs '30..1-.1 10712 108
A-0
1935
Ss
Am
Fdy
Steel
95
1st & ref g 151941 op _J-D 9212
134
0 14
02
00
0
1
_
Alcohol_
8
U
Indust
e
71
6812
Rapid 'Fran St Ity_ .,100 235
F-A
11th 45 1923
telegraph and Telephone
A.0 103
e Preferred
541 320 ____
1st 53 1021
Surety
American
70
65
100
Cable
dr
e Amer Teleg
8 Steel CorporationU
5
*4
pref____5
C Hob & PatersonThread
American
51-N
80
8013 e Central & South Anter_100 112 119
Col s f Apr 5s 1951 op 1911 114 11458
48
43 g 11141)
Amer Typefounders com.100 46
100 115
'Un Tel(N
Comm.
Cots 1 Apr 5s 1051 not opt 114 11478
100 100 103
So J Gas El Se 'Frac...100 128 130
Preferred
75
10
M-s
Empire dr Bay State Tel..100 65
95
10012 102
100 90
U S Tit Cu dr Indem
M-N
Go g Is 1953
1930
69
ITeb
g
50
100 44)
2112 Franklin
100
9312
102
J-J
1014
63
314
212
& Bronx Tito
Ity
Westchester
Co
..100
Ilud
No
Amer Writing Paper__
100 121 121
Gold dc Stock Teleg
J-J 102 104
1043 160 166
& Mtge Guar
9116
105-1-.1 91
Con M. 5s 1928
red
'19
Is
g
f
s
122
elst
120
_50
98 100
Northwestern Teleg_
738 ___. WestIngh'se Air Brake. S0 •144 145
Ext 53 1024.. ____M-N
Atl (hilt & W 188 Ltnes_100
75
25 70
118 Pacilic dr Atlantic
95
100 ---- 13 e Woolworth (F W)Co_ _100 93
Pat By con 6.11931 3-D 116 102
Preferred
e Pac Telep & Teleg pref._100 93 _ _ _ _
100 11312 1141.
e Preferred
64
63
J-J
2d Os 1014 opt__A-0 100
1039
Is
g
tr
Coll
'37
92
25
30 Southern & Atlantic
106 109 pf.10
llt)Co
0
10
8
10
7
5
Worthington(L
com100
Republic By & Light_100 29
Car
Smith
Barney &
821 South Bell Telep & Teleg100 81
100
Preferred
l'referred _
1st g Is 1041 op 1916.3-J 103 10012
99
Trent P & II Is 1943 _J-D 97
page. 1 Flat price. n Nominal. s Sale price. t New stock.
preceding
Stock Exchange; see sales-iecord on a
.
• Per share. I Basis. it Sells on
Ex-rights. z Includes all new stock dividends and subscriptions
• is First instalment paid. z Ex-div. y
•
Inactive and Unlisted Securities
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER.CENTUM PRICES
Monday
Tuesday
Wednesday Thursday
Friday
July 29.
July 30.
July 31.
Aug. 1.
Aug. 2.
Saturday
July 27.
*10838 10858 10834 10834 10878 1037$ 107 10734
10314 10814 10814
*10258 10318 .10234 103 310238 10234 810218 10238 10814
Last Sale 10278July'12
*214 217
215 215 .215 216
215 215
21514 21514
21512
125 126
124 125
12514 126
12512
126
.126
12634 z123 123
*20412
.204
_ 20412 203
20412 20412 *204 _ _ *204
99
09
99
99
9912 9912 99
99
*97
99
98 -9-9- *296 297 ._-__ 298
298
297 297 *____ 298 *-- 298
*13
15
*13
15
*13
15
*13
15
Last Sale 14 June'12
*78
80
*78
80
*78
80
80
*78
*78
80
78
78
s_ _ _
953
953
953
953
.958 058
*53
*33
53
53
*53 -___ *53 _ _ *53
169 gi 169 169 .____ 169
169 *-*105- 16612 109 109
8109 1111.: .109 11110 *10912 1111: *10012 11112
__
-__- _- .255 262
Last Sale 260 July'12
*12534 126
*259126 126
126 126 '124125 125
125 125 *125 126
*124 126 *124 125 *124 126
12512
Last Sale 12512July'12
*3514 86
*8514 86
85
85
*8312 8412 *8313 85
8412 8412
*125 127 *126
_ .126 ---- .126
Last Sale 125 July'12
*1812 19
1814 1814 *19
1914 *19
1912 *1812 19
1834 1834
*76
77
77
77
761: 77
76
77
77
77
77
77
13312 136
13512 13512 135 135i, 135 13578 135 136
136 13634
Last
Sale 13478ruly'12
Last Sale 206 July'12
*iio"
oiie"
*176 __- 176 176
176
*50
58
Last Sale 59 May'12
57
*50
*16834 169
ia" 168 *16818 16813 16812 16912 170 171 *1714
17112
*90
9012 *90
9012
Last Sale 90 July'12
9012 *90
9012 *90
*156 -- *156
.156
.156
15734 15734 157 167
8518 85
86
8512 85
*85
8518 8518 86
85
8578 8578
100 100 *100 10012 .100 10012 .100 10012 *100 10012 *100 101 •
iia-
sales
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range since January 1
On basis ol 100-s/tare tall
Lowest
Highest
/tan9s lot Previous
Year 1911
Loacv
Railroads
273 Atoll Top & Santa Fe_100 10378 Feb 10 110 Apr
1004 Sep
Do pre.
100 10113 Jan 12 10414 Feb 7 101 Sep
34 Boston & Albany__:_100 21113 fly 25 22212 Apr 3 119 Apr
307 Boston Eievated
100 £123 Aug 1., 13434 Mch 2S 12412 Sep
24 Boston & Lowell
100 204 J'ne lo 218 Jan 4 147 Feb
113 Boston ((1 0 Maine
100 96 May2,, 10012 Jan 3
yo12 Oct
10 Boston & Providenoe_100 297 May 8 300 Apr 27 k92 41,h
1.oston Suburban El Cos
13 Jan'24 1
May.:.:
12 Sep
Dopre(
10
75 Jan 25 80 J'ne 3
70 Oct
80 Boston & Worn Elea Cos_
933 Aug 2 1212 Jan 6
6 Feb
D I pre,
2
51 May11 57 Jan 8
4812 Jan
Chic
June
27
Ry & USY.100 165 May 6 170 Jan 19 15ti Apr
Do pret
.17
10812 Jan 2 112 J'ne 14 101 Mch
Connecticut RI ver _ _100 260 J'ly 24 272 Jan Is .A5 Jan
123 Fitchburg, pret
100 12214 J'ne 1 128 Jan 25 123 Apr
Ga Ry & Elan stmpd_100 124 J'ne
z179 Apr 1 :1111, Jan
Do pre,'
130
100 8412 Aug 2 9112 Jan
89 Feb
_damn() Central
100 123 J'ly 23 14738 May31 135 Sep
104 Mass Electric Cos_ _ _ _100 1814 J'ly 20 2318 .1 a n
18 Apr
Do pret tam ped _100 76 J'ly 30 83 Feb 2.
119
548 N YN21 & Harttord_100 13312 May18 14238 Apr 2 121,4 Sep
Northern N H_100 13478 J'iy 5 143 Jan 24 13o Jan
Norwich & Wor pref _100 206 fly 5 21212 Jan 29 210 Jan
22 013 Colony
100 x174 J'ne 14 17
87
34
n, Jan 1
1 183 Mcb
Rutland {met
100 41 Jan 2
32 Jan
916 Union Paeitio
100 16013 Feb 1 17434 Apr 1( 15312 Sep
Do pre.
100 00 J'ne 3 9212 Feb
90 Melt
Vermont & Mass
100 157 Aug 2 164 Jan 16 150 Mch
213 West
83 Sep
50 83 Apr 15 888 Feb 2.
Do pret
1
50 98 fly 11 10312 Mehl, 103 Aug
11014 J'ne
105 J'ne
220 Feb
13012 bug
213 Sep
12238 Feb
300 Mch
16 111ch
7614 J'ne
13 J'ly
68 J'ly
Ill Dec
11512 Sly
272 J ne
130 Jan
z164 Oct
9312 J'no
215 Jan
24 J'ne
15138 Feb
142 Mch
214 Nov
190 Nov
45 Dec
19212 J
9513 May
16418 Dec
93 Mch
105 Jan
Miscellaneous
Ms 6033 60113 8012 6014 6058 6014 6114 61
614 1,034 Amer A^,Tleul Chum. 109 5814 Feb 28 6334 Mch 23
46 Sep
6334 Dec
10014 10014 100 10013 10014 10014 10012 10012 10014 10012
D
prof
368
100 x9958 J'ne24 105 Mch:
99 Jan
10514 Mch
4
4
4
4
378 4
4
4
3
3
670 Amer Pneu Servic‘._ 50
3 Aug 2
312 Au4
013 Jan
514 J'ne 10
1814 1814 1812 1812 *1814 1812 *1812 19
1812 1812
Do pret
235
50 14 Mel)26 21 J ne
1218 Aug
1914 Jan
12334 12612 126 12614 126 12634 127 12714 127 12714 1,20,1 Amer Sugar Itelln_10
0 11434 Jan 10 13338 Mavl.; 112 Sep 122 Feb
121 122
120 121
121 12112 12112 12112 12158 12212
Do
pret
279
100 11512 Jan 4 123 Apr o 11134 Jan 12018 May
14512 146
14558 14578 14558 146
14578 14613 146_ 146
& Teleg_100 13712 Jan 2 149 Mch
1,662 Amor
13158 Aug 15314 J'ne
*27
Last Sale 2712 July'12
2734
Amer.can Woolon___100 25 Jan 31 30 Mch 22
26.2 Dec
3(314 Mch
-8972 8913 "89
8912 89
8914 "ion; 8914 884 8914 89
Do pret100 86 Feb 5 9414 Mch'23
89
1,171
8512 Oct
9612 J'ne
*81
*81
8112 811: *8112 82
8112 82
82
Amoskeag Manufacturing 77 Jan 3 84 May
82
77
7712
Dec
81 Nov
*_ -_ 101
*100 10012 .100 10034
Last Sale 10034July'12
Do pret
59014
J'ne
105
Meh
1)9
21
20
Dee 10012 Dec
*732 _
*732
-,7(53
*733 _ _
Last Salt 738 July'12
AU Gulf & W I SS L_160
9 Feb 14
7 Jan 4
738 Dec
11 May
*___ 13
3-__ 13
Last Sale 1234 July'12
13
Do pret
100 1212 J'ne
23 Jan 18
1412 Nov
26 Jan
*1412 15
14
*1412 1512 1412 1412 1412 1412
1434 1515 14
East Boston Land
1034
10
372
714
Jan
1714
2
May27
Jan
12 May
*295 300
297 297
298
297 29712 29712 2971 2
297 297
Edison
Eleo
Illum
100 280 May23 300 Men 2/ 275 Sep 29"/ Dec
98
182 18214 183 183
132 18212 182 182
13234 13314 18212 183
100 155 Jan 2 18778 J'ly 25 142 Sop 10734 May
708 General Electric
*8912 8934 8912 8912 8914 8912 8914 8914 89
8934 8934 8934
377 Massachusetts Gas Cos100 z8818 J'ly 15 94 Meh to
8734 Jan
9634 Aug
98
9612 9612 93
96
96
95
98
Do
p9518
et
9518 9512
9512
311
100 9312 Jan 5 9878 Fob 12
93 Dec
9812 Oct
_ .222
_ .22134
*22012 ____ .22112
_
Last Sale 221 July'12
Mergenthaler Lino__ _100 217 J'ne 21 225 Jan 18 211 Jan 235
Aug
Last Sale 312 July'12
Mexican Telephone
*334 412
*334 412 *334 412
10
212 31ch 14
412 J'nezu
3 Oct
478 Jan
*100 103
100
4'334 100
412 *100 103 *100 103 *100 103 .100 103
10 N E Cotton Yarn
100 100 J'ne 13 105 Jan 18 103 Oct 119 Mch
*98 100
*98 100
*9934 100
Do pret
32
*9934 100
4 9934 9934 100
9
9
3
100
98
107
101
J'ne
Meh
28
Nov
11612
Mob
154 154 *_
15434 154 154
153 15334 15334 154
154 154
147 N E Telephone
100 150 fly 10 164 Mels 14 131 Jan 16512 Dee
*93 ____ *93 *93 _ _
Portland (Me) Elee_100 7212 Jan 17
Last Sale 90 Mch'12
0234 J'ly
Sleh 20
7334 Nov
16134 16212 16214 16214 16214 16214 516013 16012 16034 161
161 161
216 Pullman Co
153
16512
100
153
Feb
Sep
Apr
29
1
163
Jan'
*16
17
*16
17
*16
1612 1612 1612 1612
17
*16
17
210 iteece Button-Hole.. 10 1334 Jan 2 1738 Apr 11 x12 Jan
15 May
107 107
10578 107
106 206
10534 10612 106 1034 10534 10638
382 Swift & Co
9734 Sep 104 .1'ne
100 9812 Jan 2 109 Mch 27
*2834 29
*2834 29
29
29
*2834 29
*2834 29
29
29
25 Torrington
36 Jan
29 Sep
25 27 May 1. 32 Jan 10
*28
2912 *28
2912 *28
2912
Last Sale 2912 July'12
2012 *28
Do peel
27 Meh
31 J'IY
25 28 Jan 5 31 Apr 17
2
2
*2
212 *2
.21.2
- • _
50 Union Copper L & M 25 .85 Jan
34 May
1110 Mch
334 Apr 8
207 207
20612 207
20538 206
205 206
207
205 207
686 United Fruit
100 178 Jan 21) 20812 J'ne
4178 Dec 19712 J'ly
*5012 51
5012 5012 51
51
5014 5073 51
5112
Un
5112
51
Shoe
Mach
Corp
642
25 4614 Jan 15 6314 Mch 13
4014 Aug
6872 Feb
2913 29
*29
2914 2918 2913 29
Do pre:
2914 *29
2914 29
29
334
25 2758 Jan 10 21)13 Apr 2u
1:914 Jan
2612 Sep
70
6934 70
7014 6912 70
7112 7214 7,443
S Steel Corp
6978 7034 714 72
100 5838 Feb 13 7314 Apr 36
8218 Feb
50 Oct
11212 1121: 11238 11238 112 11238 11212 11212 311358 11378 11334 11334
Do pre
08
100 10718 Feb 13 11334 Mch2. 10312 Sep 12012 Feb
•
Mining
834 834
878 878
_12 812
415 Adventure Con
812 812
5
534 834
812 858
4 Sep
1L141 Ap
ary2!2
718 J'ne
635 Algomah Mining*
618
6
813 618 *534 818 *6
614
6
6
534 618
212 Oct
11 J'ne
*40
4612 46
46 *45
46
4518 4512 4534 46
940 Allouez
46
4712
20
5 3814 Feb 1 5018 J'ne 21
21 Aug
4414 Dec
8234 8278 82
8212 8158 8232 8218 8314 8312 84
8312 8413 4,558 Amalgamated Copper 10
60 Feb 1 8734 J'no 6
4434 Sep
7152 J'ne
3114 3114 3034 31
3058 3034 31
3138 3133 3158 3113 3112 2,215 :sin Zhu: Lead & :_int_ 25 2412 Feb 15 3314 J'ne .,..
1934 Oct
303s Inc
fins Arizona Com'l ctts dep..
6
618
634 6
133
2 Jan
558 534
64 Apr :.
534 534
534 Sale
6 .45 634
6
6--- Bonanza Dev Co.-- 10 .90 Mell 2 .55 Apr 11 .30 DeC 2140 Dec
*.40 .50 *.40 .50 *_- .50 *.40
July'12
.50
Last
U
Oct .75 May
712
714 714
*714 775
247 DosdeCorbeop&SIIMg 5
714 714
7
734 734 *7
714
j
Fewb 21
3
9
5.134 J
A
'N 2
6
334 Aug
1512 May
210 Butte-Balalclava Cop- 10 215611:
*212 3
3
3
312 312 *---3
*278 312
312 312
61; Jan
3 Nov
Butte Coalition
Last Sale 23 Feb'12
15 2134 Jan 18 2338 Jan 3
14
2312
Dee
Aug
-4-0- 1012 -58T2 1011 -5g1-8 -311-2 -5i1:1 WI; 4234 44
er,
4258 4338 21,746 0
13aultutientSu
C
v
oip
z0Vc
.
!) 1
10
0 1912 Feb 7 6134 J'ne 12
7512 7534 7434 7531 7412 7514 7412 7533 7434 7513 75
751: 1,671
5712 Feb 1 7814 J'ne ti
45 Sep
6334 Dec
Calumet
518 520
520 520
520 524
623 623
525 532
525 528
& Hocla____ 25 405 Feb 1 511 J'ly 6 360 Sep 545 Jan
181
450 Centennial
*2312 2412 *2312 2412 2312 24 4._ _ __ 24
23
23
2234 23
25 171 Jan 5 2712 Apr 18
8 Aug
19 Dec
3112 3112 3158 3234 3278 3278 1,031 jhino Copper
*3138 3134 3114 3114 3158 32
5 2314 Feb 28 3514 J'ne 21
1638 Sep
2712 Dec
____
Cons
Mercur Gold
.05 .05 -200
1 .03 Med 26 .09 Jan 19 .03' Nov .15 J'ne
-57f2 /7-12 57 -5-7-12 -5.7.- 17-- 5714 5834 *5712 -5-8-- -bgf4 -5-8-3-4 1,067 Copper ltango Con Co 10
2% 82
4634 Sep
11 0112
6034 Feb
2,
'
,Sil
,
I ,'7
*5
512 *514 512
512 512
514
3 Feb
514 514
5
513 518
445
7 Dec
*1314 1312 1314 1338 1314 1314 1314 137s 1338 1334 1312 1378 1,326 2a
alsffue
tstte Cop Min
Jan 15 1538 Apr 11
878 Aug
iii
1214
1134 J'ne
11
1112 1112 11
1034 11
550 Franklin
1138 1138 1112 1134
1
1614 Apr 1
14 J'ne
512 Aug
*478 5
478 478 41510 41516
478 11310
Giroux
1,630
478 5
Consolidated_ 22 1118 t;ei ti 271 611i0Apr 0
-4..te --3 338 Sep
813 Feb
53t2 5310 53
1,534 Granby Consolidated_100
84
8378 5434 55
5412 5314 54
65
26 Aug
4312 J'ne
10'3 1,882 Greene Cananea
10
1014 1018 1014
1012 10
934 1014 10
1014 10
e?) 2t
858 Den
20 3:113 Ye
Pt* Oct
3012 31
3112 3112 31
3014 3014 30
31
Hancock
Consolidated 23 29 Jan 6 '37 J'ne 14
3012 3013 31
580
3112 Dec
17 Sep
*1110 13s *1110 138 *1110 138 *1110 138 *1110 133 Pie
50 Helvetia Copper
1110
1
2 Feb
34 Sep
1713 1712 17
1712 17
17
17
1710 1712 173,1 1734 1834 1,515 Ind1ana Mining
1111
21
:
31 Xp
22
n 11'
ar211
38 Pen
Oct
13 J'no
514
*1834 1912 *18
*1813 19
19
19
Inspiration
19
19
10
Consol C 20 18 Feb 6 2158 Jan 21
30
_ *56
*56
58
5514 56
56
58
56
57
232 Island Creek Coal__ 1 10
512 Lati
n 17
14 J u
ng
e lii
3 V.3
2914 May
44 Dec
579
*89 -9-0 - 8912 90
8912 9018 90
Do pref
90
01
9012 9114 01
8218 Sep
91 J'no
3414 3514 3438
3452 3412 3478 35
3558 8
355
3512 3514 3538 4,503 Isle Royale Copper__ 25
1112 Aug
5 18
5 22034
8
1,
23 Dec
i
o
r
*234 3
234 234 *234 273 *234 278
30 Kerr Lake'
234 234 *234 278 1
Apr )
253 Oct
773 Jan
112 112
158 158 1910 1910 *112 178 15te 1910 *112 178
180 Kewecnaw Copper
25 .80 Jan 2
334 J'ne
12 Nov
3 May 6
Luke
3634 3634 35
36
Copper Co
3334 344 34
35
11,133
35
3538 38
36
Feb
22 Aug
40 J'no
*634 714 *634 714
658 7
15 La Salle Copper
*634 718 *634 718 *634 714
22 3L120 e 11
5 41)3 ALF)rr 11/)
3 Aug
6 Jan
1358 1353 1318 1338 1338 1333 1312 1312 133. 1338 1338 1338
330 Mason Valley Mlnes....
1178 Dec
612 Apr
*653 7
3678 714
7
7
*678 714
7
7
718 718
407 Mass Consol25
412 Ausr 310 J'ne
1018 1018
1012
934 10
934 934 1012 1012 1014 1014 *10
135 Mayflower
23
234 Jan 3 1812 Apr 23 .20 Feb
31to Dec
*2914 2978 2914 2914 2938 2973 2938 30
707 511181111 Copper
2912 2934 2934 2931
5 2338 Jan 29 30 J'ly 31
2438 Dee
1678 Sep
*212 3
*212 3
*212 3
*212 3
'5
313 Jan
2 Jan 2
*212 3
114 Nov
3
3
512 Apr 2()
*68
69
67
67
*67
68
k
68
68
68
68
63
63
348 TOCillalVn
25 5022 Jan 30 73 J'ne 2)
57 Den
36 Apr
2118 2118 21
2118 2118 2133 2114 2133 2158 2134 22
Nevada
Consolidate
22
d_ 5 1814 Jan 20 2314 May 1
893
2114 J'ne
15 Sep
*312 4
312 312 *312 4
*312 4
378 43s
370 Nevr Arcadlan Copper 25
314 Feb 8
438 43s
414 Aor
614 Apr 19
2 Au;
5
235 NipIssing Minos
534 Jan 3
734 734
1138 Feb
5612 Dec
*778 8
778 778
758 734
734 754
778 778
858 Bich 25
3012 3012 30
3014 3012 3012 31
3014 2934 3014 2934 30
15 2234 Feb 1 35 Apr 11
3,127 North Butte
3014 J'no
20 Sep
513 512 *512 6
578 614
578 6
558 538
Pus 534
463 North Lake
2%5 814 Jan 30 834 Apr 22 334 Aug 934 J'ne
418 414
lionnine
418 418 *418 412
ic)a
i
lbw
o mi0inAnyi
4144 Vie 4110 4110 ---- ---go..._ 25
4
27
15
5p
Oil
4 J'ly U
358 Dec
812 J'ne
e6:34 Jan 11
814 814 *734 814
8
8
50 Jan
8
25
8
258 Jan '2
734 734
1314 May 1
8
318 XIS,
8
*50
5612 5612 5658 56
5612 5614 5614 57
57
57
57
'3414 Sep
25 44 Jan 31 00 J'ne 6
49 J'ne
630 01
*117 118
Osceola
116 116 8117 118
115 115
117 118 8117..
81 Sep 124 Jan
23 106
15 Jan
1o
Ah
te 2
2 J n0 2*,
15
, 1301
1018
1914 117185
1934 2,0001 Pond Creek Coal
16
*1833 1834 1812 1812 1814 1812 1814 1814 1812 1914
J'no
*0012 91
8978 9012 8912 8912 91
91
9112
*90
70 Dec
55 Sep
140 Qu,ney
7112 Jan
9112
2034 2034 2012 2034 2012 2034 2012 2034 2114 2133 2138 2112
19 Deo
12 Sep
_
0
326 Hay Cmisol Copper
g U12 .i:ne *i.
215
338 338
318 338
3518 351s
478 MaY23
845 Santa Fe Gold & Cop_ 10
134 J'no
314 314 AO 3714
338 338
1 Jan 31
34 Apr
1712 1734 1034 1738
.
7
IPA 1
1634 17
17
1714 1678 1714 5,476 Shannon
10
1214 Feb
9 Jan 31 1734 J'ly 26
7 Oct
.62 .62 *.50
62
.50 .60
.60 .60
.60 .60
.60
370 South Utah AI & 5
1 10 May
12 Dee
5 .60 Feb 1
114 Apr 3
4878
4812
4634 4812 47
4712 48
4712 4814 48
47
20 Oct
4212 Jan
4814 3
7?:
412 PI, 112 112 1,400 0
134 134
153 134
112 159
112 1914
4213 Oct
'11.reggrree 1103ten 111n
814 J'ne
1 41773
Ir1 2
3L
13
7
2114 Leaby24
42
42
42
42
41
41
41
4312 44
41
*42 - 43
20 Sep
195 Tamarack
32 Jab
Apr
6
6
57
18
2 5
33,,
24 Oct
118,
'
178
22 22 1%91
3 L
1
7;34
6 512
512 Dec
8
238 21he *2
134 Sep
67
478 May
1,0) T
rionlighne Copper ._ 1
ru
258 fly 27 41110 Mch 26
4514 4512 45
4514 45
4514 45
4512 4512 4534 -ii3-8 -407- 5,218 U S Smelt Bet & Min_ 50 34 Jan 31 48 J'ly 5
3038 Sep
4013 J'no
*4912 4978 4978 4978 4934 4934 4934 4934 4934 4034 4934 4973
pret
4514 Auc
497D
50 47 Jan 10 5034 J'ne2:.
401g J'ne
' 2
2 ' *2
214 214
214 214
214 *218 214 *218 214
5
456 Utah-Apex Mining
2 May21 3140 Feb 9
312J'no
17s Nov
121:
elm Utah Consolidated
1314 1314 1212 1234 1213 121: 1212 1212 1 212 127;-.
20 J'ne
5
912 J'ly 8 2038 Apr 2
934 Jan
6113 6112 6114 6112 *6114 611: 6138 6138 6212 6212 6234 6234
10 5212 Jan 29 6510 J'ne o
260 (AO. Copper Co
38 Sep
5758 Dec
325 Vie oria
*314 334 *314 334
1
314 314
.
1
31
14 *314 312
Aug
25
418 Dec
3 Aug 1
57i Jan 20
*512 6
512
512 578 *5
25
513 Jan 25
334 Nov
290 Winona
1,
*518 6
*512 534
734 Mch 1
912 Feb
108 108
103 108
108 109
1212812 10812
*108 110
108 109
10
182 Wolverine
23 9434 Jan 29 117 Apr 17
74 Nov 122 Feb
*13, 21.. *134 211
(......._
2
2
2
2
2
''
2
136 11f,
,
' 1 'ott
2.3
.31)
Nov
131 Jan 5
314 Melt 4
2 Feb
• Bid and asked prices. a New stock. 6 Asst't paid. 0 Ex-stook dlv. h Ex-rights. a Ex-div. and rights. .3 Unstamped
.
- - .
6038 6012
*100 10012
*4
412
*18
1812
12714 12714
*12112 12212
14512 14534
ioa
22 T4 yactih2f,
hann
64.2
EkIi.Mg
;La- -i_i
hi
1grl,,I,y ,j, 1tva....274
fi,
g. *3 gt,
289
Boston Bond Record
Aug. 3 1912.]
BONDS
BOSTON STOCK EXCHANGE
-ti
4"
• Week Ending August 2.
Price
Friday
August 2
Ask
Bid
Am Agricul Chem lst 5s__ _1921 A-0
9012 Sale
Am Teiep So Tel coil tr 4s_1021 J-J
1936
S 114
Convertible 4s
Am Writ Paper 1st s f 5s g 1919 J- J
1915 31-N
Am Zinc L & S deb Os
Ariz Corn Cop 1st 6s etfs of dep_
Atch Top & S Fe gong 4s 1995
Adjustment g 4s____Juiy 191)5 Nov
July 1995 31-N
Stamped
1955 J -D
50-year cony 45
1917 J -D
10-year cony 155
Atl Gulf & W I SS Lines 58_1950 J-.1
MI5 11-N
Boston Elev 30-yr g ,s
1916 J Boston & Lowell 4s
1944 J -J
Boston & Maine 4 30
Improvement 4s__ ____ _193, F-A
1942 F-A
Plain 4s
1016 J -J
Bur & Alo fly cons 6s
Cedar Rap & Mo R 1st 78_1910 M-N
May 1920 Q- F
Cent Vermt 1st g.4s
1911) A-0
C B & Q Iowa Div 1st 5s
Iowa Div 1st 43
1916 A-0
Debenture 5s
1913 :11-N
Denver Exten 43
11)22 F- A
Nebraska Exten 4s
1927 ,14-N
1921 11-S
B&SWse 45
1940 J -J
Illinois Div 3 ;is
Chic Jet fly & Stk Yds 58_1915 J J
Coll trust refunding g 48_1940 A-0
Ch Milw & St P Dub D es_1920 J -J
/ 68_1920 J
Ch Id & St P Wis V di,
Ch & No Mich 1st gu 5s_1931 n-N
1921 J-4)
Chic 53 W Mich gen 58
1920 .1-1)
Concord & Mont cons 4s
Cudahy Pack (The) 151 g 5s 1924 M-N
1926 A-0
Current River 1st 5s
Dot Cr Rap & W 1st 4s_1946 A -0
1940 11-N
Dominion Coal 1st s f 5s
1915 M-S
Fitchburg 4s
1927 31-S
4s
1933 A-0
Freint Elk 33Mo V 1st 6s
1933 A-0
Unstamped l'it 68
Range
Since
Jan, 1.
Weer;
Range or
Last &de
Price
Friday
August 2
BONDS
BOSTON STOCK EXCHANGE
Week Ending August 2.
Weee.;*::
Range or
Last Sale
Range
Since
L
High No Low High
Bid
Ask Lao
High No Low
Low
9914 9914
10114 10234 General Motors 1st 5-yr 6s_1915 A-0 100 10012 9914 Feb '12
10134 10178
9614
9614 Sale 95i8
957s 9812
9012 47 9013 9114 Gt Nor C B & Q coil tr 4s1921 J-J
9014
9578 9753
96
1921 Q-J 6,
Registered 4s
10834 11531
11.1123'iy '12
F4 - - 9578
10018 10034
1913 A-0 904 98 10014...Tly '12
Illinois Steel deben 5s
8978 00
8078J'no'12
117 Apr '0
[a Falls & Sioux C 1st 7s1917 A-0
103 131
131 J'ne'l:
-1W1-2 97
97 Mch '12
Kan C Clin & Spr 1st 5s__1925 A-0
82
54 88
82
11414 11712
_116 11412 J'ly '1:
9778J'iy '12
9778 9934 Kan C Ft Scott & Hem 6s1928 11-N
92 9212
9212 Mch -12
1934 11- S 9212
01 9218 Kau C M & 13 gen 4s
91 Meh'12
841? 89
85
1934 11-S 85 Sale 85
Assented income 5s
8912 9158
8012J'ly '12
_
10234
10212
10314
103
'12
J'ly
58_1929
Kan
&
C
A-0
31
fly
ec Br 1st
10818 10818
10818 Mch'12
115 J'ne'08
Nlarq Hough & Ont 1st 6s 1925 A-0
11058 Mch'll
9712
9758.
97-12 -9-9-12
1929 J -J
9714 98
6334 17 63 6814 Mass Gas 4 kis
G3
10013 Apr 11
10018 10012
1017 J • J
95 9518 Mich Telephone 1st 5s
9518 Feb '12
9812
9612 99
-- -- New Eng Cotton Yarn 5s1929 F - A 981.1 Sale 98
10014 Meh'09
11
Mch
-—
10133
1915
New
-0
A
Eng
Tel
5s
.ph
Oct
'08
10412
10012 Sep '08
1910 A-0
5s
9(3
4 -9-9-7;
- -3U978Jan '1:
1945 J -J
New England cons g 5s
91 95
95 Feb '12
1939 A-0
Boston Term 1st 45
103 10318
103 J'ne'12
-ii Dccii
11153 Sep '11
---- -- New River (The) cony 5s 1934 J-J
1)214 12-3;
8912 9214 N Y N II & II eon deb 3 30_1956 J -J
90
90
---- 9214 Mch'12
12918 13212
12634 J'ly '12
-J
J
6s
1948
deb
Cony
1103 Oct '07
---101 Apr '09
---1924 F-A
-9-9-12 9(312 Old Colony gold 43
9912 Meh'12
9873 Sep '0,,
10033 10112 Oregon ity & Nay eon g 43_1946 J -I)
10058fly '12
112 1-113;
112 J'ne'12
1922 F-A
Oreg Sh Line 1st g Os
997 Feb '12
9973 100
95 95
95 Jan '12
9812 9858 Pere Marquette deb g 6s,,_ 11)12 J-J
0812 M ch'12
103 Jan '11
Repub Valley 1st s f 6s
1919 J-J i6i991 Feb '11
7014 Dec '10
Savannah 1.31ec 1st cons 5s 1952 J -J
4
-8138713 May'12
'I:
10312.1'1y
1-65-1;
1930 F- A
10078
101
10058 10134 Seattle Elec 1st g 5s
8312 100
Shannon-Ariz 1st g 6s
1919 51-N
99 J'iy '189 91
9012J'ne'12
97 Apr '07
Ferre Haute Elec g 5s
1929 J -J
114 Jan '11
go-3;
1918 31.-S
ForrIngton 1st g Cs
13012 Ply '12
11353 Feb '11
10018 10053
10018.1'1y '1.
Union Pac RR & 1 gr g 4s1947 J -J
91 91)
91 May'12
1927 J -J
10178 10178
20-year cony 48
10178 May'12
9634 101
9634J'iy '12
11558 9718
United Fruit gen s 1 4)0_1923 J-J
9618
969
9712Sep '11
11)23 J -J
Debenture 40
96
9618
9514 9612
10014 Aug'09
10158 104
10258fly 12
9914 1-63-- U S Steel Co 10-00-yr 55 Apr 1903 31-N
100 May'12
1915 F-A
99 9918
90 May'12
80 8614 West End Street fly 4s
80 May'12
1914 n-S
10014 Feb 12
Gold 4 30
10014 10014
9834 9914
99 J'iy '12
1916 11-N
9878 Apr '12
Gold debenture 4s
---10313 Apr '05
9812 Noy'll
1917 F-A
Gold 4s
96 Apr '08
1932
lot
-J
J
10078
5s
Tel
&
-61-1
2
;;;1Teleph
Western
Mch'12
1271212712
12712
933, Feb 1'
9323 9358
127 12712 Wisconsin Cent 1st gen 4s 1949 J -J
127 Mch'12
Friday; latest bid and asked. 11 Flat price
NOTE.—Buyer pays accrued interest in addition to the purchase price for all Boston Bonds. • No price
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Shars Prices—Not Per Ce:ituni Prices
Saturday
July 27
Monday
July 29
Wednesday
July 31
Tuesday
July 30
Thursday
August 1
Friday
August 2
44
4412
12
55
2312
6612
7
*3212
9034
*83
15
31
6134
5218
2238
2534
678
5134
8858
44
438 44
4412 4412 441 2
*12
12
5514 5514 5514
231:
2378 23
*66
67
6634
711
712 *7
3276 3234 3234
9034 9078 9078
8314
8314 83
1518 1478 1512
3178 3114 3134
6178 6134 6178
5218
5218 52
2238 2214 2214
2534 2534 2578
8178 8134 8134
678
678
5134 5158 5134
8834 8858 8878
PH I LA DELPH IA
tits
Highest
Lowe.a
111jUst
2434
64 Jan
89 Jan
7 Aleh
45 Feb
121 Jan
20 Jan
33 Jan
1612 Jan
9512 Dec
101 Sep
10 Aug
79 J'ly
13034 J'ne
27 J'ne
50 Nov
1978 J'ly
112
*1
-4334 13:3-4 4334 4333 4334 4334
4412 441: x4414 4414 4414 4438
1112 1112 1178 1178 *1214
5612 5614 57
5514 5512 56
2434 25
23
2414 2414 25
6614 6634 6673 6714 6714 8738
912
714
838 912
733 712
33
33
33
33
*3212 33
8912 891: 898 8934
*8914 90
8534
8358 8358 84546 84516 83
15
15
1514 1538 1514 1514
3134 32
3112 3134 3112 3112
6218 6238
6134 611518 6178 62
*5173 5214 52
52
5214 5214
2233 2238 2238 2238 2238 2212
2578 2578 253.1 2578 2534 2578
*8253 8234 8314s 8338 8:31146 811113
673 678
678
634 016ie 61316
5134 5134 5134 5134 5158 5134
8938
8878 8878 8878 8878 89
Philadelphia
American Cement__ 50
227 American Railways_ 50
50
939 Cainbria Steel
145 Electric Co of America 10
1,295 Nice Storage Battery_100
100
2,530 Gen Asphalt tr ctfs
pref tr ctls_100
Do
1,673
3,180 Keystone Telephone_ 50
735 Lake Superior Corp_ _100
50
59 Leh C & Nay te ars
50
478 Lehigh Valley
2,566 Lehigh Valley 'Transit 50
50
Do pref
3,413
50
2,221 Pennsylvania Rit
50
76 Philadel Co(Pittsb)
25
0,550 Philadelphia Elea
50
2,966 Phil 11 T vot tr etfs
CO
3,925 Reading
1
2,328 Tonopah Mining
50
671 Union Traction
Cu
2,100 Union Gas 1mpt
5 Nov
7 Jan 10
1 J'ne 14
42 Jan
4318 Joe 10 4512 Feb 1
4078 Sep
4112 Mch 2 4434 Mch 2S
1112 Jan
1212 J'ly
1112 J'ly 31
4812 Jan
5234 Jan 16 57 Aug 2
2812 Aug
18 Apr 2 3378 Feb 17
68 Aug
5934 Apr 2 73 Jan 3
658 Dee
6 Apr 4
912 Aug 1
2112 Sep
27 Feb 20 3312 J'iy 9
8312 J'ne
8778 Mch 20 9118 J'ly 1
7534 Sep
7818 Feb 5 9278 4an 16
614 Jan
812 Jan 3 1512 J'ly 30
1812 Jan
23 Jan 12 32 J'iy 31
5938 Sep
61116 Jan 27 6310 Apr 26
51)52 Jan 11 5614 Feb 16
4814 Sep
1512 Nov
111678 Jan 2 2234 J'ne 29
2212 May 6 2612 J'ly 22
17 Apr
7414 Jan 11 8914 Apr 30 601 16 Sep
814 Apr 15
6316 J'ly 19
512 J'lY
43 Jan
4934 Feb 28 1214 Jan 20
8934 Apr 20
8414 Sep
8614 Jau
171 Jan
4611 Nov
4834 Feb
1212 Jan
5618 J'ne
3914 Oct
8378 Jan
913 Jan
32 Feb
98 Jan
93713 Dec
978 Oct
2538 Oct
65 Feb
5914 J'ne
18 fly
2418 Aug
8034 Feb
85 Jan
5234 Aug
8058 Jan
15
67
12514
2414
Bondi
Prices are all "and
interest'
Alt & L V Eke 4 3.is'33 F-A
Am Gas & lilac 5s '07_F-A
A-0
Ain Itys 5s 1917
Ati C Gas 1St s 155 '60...14
Berg&EBreW 1st 6521 J-J
Bethleh Steel Os 1998_Q-F
Choc & Me 1st 5s 1949.J-J
Ch Ok & CI gen 55 1019 J-J
Con 'rrac of N J 1st 58 '33
Del Co Itys tr etfs 4s'49J-J
Bice & Peoples Tr tr ars__
Fr Tachli 1st 5s 1940.44
Gen Asphalt 5s 1910.31-S
Indlanap fly 45 1933_J-J
F-A
Interstate 43 1943
keystone Tel 5s 1935_J-J
Lake Sup Corp Inc 53'24_0
Lehigh Nay 4 30'14__Q-J
,
Gen 51 4 30 g 1924_Q-1
Leh V C 1st 5s g 1033 _J-J
Leh V ext 48 lot 1948.J-1)
J-D
Cense Os 1923
J-D
Consol 4 40 1923
h-1)
Annuity Os
Gen cons ,s 2003 M-N
Leh V 'Iran con 4s '35 3-1)
1st series A 9s 1935_31-S
1st series B 5s 1935 31-S
111arketStEl 1st 4555 151-N
NatLH&P ser B 5s '19 J-J
New Con Gas 5s 1948_,J-1)
N Y Ph & No 1st 45'39 J-J
Income 45 1939_ _M-N
l'a & N y Can 5s ,-3-6_A-0
Penn Steel 1st 5s '17_31-N
People's Tr tr etfs 43 1943
P Co Ist&coli tr 5549 31-S
Con & coll tr 5s 'Cl 31-N
Phil Elec gold tr etfs_A-0
Trust etfs 4s 1949 ....J-J
n Al 5s g '20-A-U
P & 1,1
Gen 51 48 g 1920
A-0
& r:ghts.
Bid Asl:i
PHILADELPHIA
-,Ph h Read 2d 5s 1933 A-d __ .....i.
Ex Imp Id 43 1947_A-0 —__ 100
Terinln-1 5s g 1941_Q-F ...... __..
_ P W & B col tr 42 '21--J-J 9938 ..__
__
8714 Read 'Frac 1st Os '33__J-J _ _
87 __9512 96
Roth fly & Leon 58'5i J-J _::. 101-14
93 Spanish-Am Ir Os '27__J-J 10118 ____
---- ----Stand Gas & E 63'26..J-D 10058 101
117 ___. Stand SU Wks Ist53'28 J-J ____ ____
___ ___ U 'Frac Ind gen 5s '19 _J-J
Un Rya Tr ctfs 4s'49—J-J 76 —77
___ 103
____ ____ United itys Inv 1st coll tr
M-N 8334 81
s f 5s 1928___ _
....... ..,-Welsbach s e 5s lido._J-D 9212 ____
8012 87
—_ —_ W11-13 G&E con 5s'55_J-J_
York figs 1st 5s 1937.J-1) (434 9514
9414 95
---- 8338
BALTIMORE
6238 6212
Inactive Stocks
8312 ---79 —.. Ala Cons Coal & Iron_100 __ _ _ _
_
100 ____ _
____--- --Preferred
-------Coast L (Conn) _100 26712 lii
_— ---100 135 140
108 10814 Canton Co
100 35 40
__- ....r.- Georgia Sou & Fla
100 97 98
1st preferred
113 116
100 82 86
2d preferred
____ 10353
412
14514 G-B-S Brewing
4
100
_
9712 9734 Pullman Con; Venti1_100 ___ _
100 ____ 911L
Preferred
___-Bonds
Prices an all "and
___ 1023-4
interest"
--- 9714
_--- Balt City 3545 1030_ ..J-J 92 9312
4s 1954-11)55—Vallous 97 99
______
111-N 10212 10312
58 1916
98 - ----- Anacostia & Potom 5s A-0 99 100
U/
2 ____ AtCoast L cony deb 4s31-N 10414 10112
___ ____ Atl Coast L(Ct)ctfs 5s J-D 103 10312
Ctrs of indebt 4s____J-J 93 94
911; 9212
J-J 02 93
5-20-yr 4s 1925
10332 104
9612 9614 B S P & C 1st 4 30'53 F-A 9612 9714
Trac 1st 55 '29__M-N 100 10612
halt T
10312 104
No Halt Div 5s 1942 J-D 108 110
8212 8278
1111: ____ Car Pow & Li', 5s 1938 F-A 92 94
10612
--- • - --- Cell: HY cons 5s '32__M-N 10512
Bid
PHILADELPHIA
43k
Bid and asked; no sales on this day.
Lowest
90 Jan 3 117 May 6
101 Jan 2 116 Apr 3
814 Jan 3 1018 J'ly
5334 Jan 25 7212 J'ly 18
12434 J'ly 31 130 Apr 8
2212 Mch 2 2714 1.fay4
4512 Mch 14 5534 J'ne 10
1814 Jan 2 26 J'ne 21i
Inactive Stocks
214
2
10
American Milling
50 44 45
Cambria iron
Central Coal & Coke..100 8512 86-34
821:
100 81
Preferred
1011 76'i,-.
Consol Trac of N J
Germantown Pass_ 50 112 ____
Huntington & B T---50 --- - ---50 _..___
Preferred
Indiana Union Tr__100
1 -2i.310
Insurance Co of N A
Inter Sm Poi,v & Chem_50 --- ---Interstate Itys. pref _10 ____ ____
Kentucky Securities— 10,J ---- ---100
Preferred
Keystone Telep v t c .50 -734 -8
50 35 37
Preferred
Keystone Watch Case_l00 __ ____
1834
10 18
Lit Brothers
50
Little Schuyiliiil
Minehill & Schuyl Ii_50 _ _ __
Nat Gas Elec Lt & Po-100 30 ___
100 80
Preferred
North Pennsylvania-50_
iii"
iiiii:
50
Salt
Pennsylvania
Pennsylvania Steel__100 .___ ____
9812
100 97
Preferred
4412
Phi's Co (Pitts) pref_ __15s 44
Phil German & Norris__50 149 150
50 8412 85
Piffle Traction
912 __
10
Railways General
Tonopah Belmont Dev--1
AS 912
United Cos of N J___100 ____ ____
_
United Trac Pitts pref _50
Virgin% Fly & Pow___100 ......_ ____
_ _
100
Preferred
.
Warwick Iron & Steei 10 104 161:
Washington-Va By___10,1 5112 521:
100 79 80
Preferred
100
Weisbach Co
West Jersey & Sea Sh_50 53 5334
Westmoreland Coal__ 50 ____ 83
100 __,. ___
Wlikes Gas & Elec
York Hallway
. 117-8
1138
V
CO 321; 34
Preen ed
-
Lange ;or Previoug
Y
(1911)
Range Since
January 1
Baltimore
35 Con Gas El L & Pow_100
100
pref
Do
52
3,205 Houston Oii tr etts_100
pre tr etts_100
Do
192
50
200 Northern Central
754 Seaboard Air Line_100
100
pre:.
Do
190
125 United RI & Electric_ 10
1081 2 10717 10717 *10712 -- *10712 ---110 110 1110 111 *110 112
*10912 111
10912
1434
1414 1412 1417 1412 1412 1434 1458 1434
1434 1434
*6512 6612 *66
67
68
67
70
6612 6612 *66
70
12434 12434 125 125 *12412
--- 1,12434
--2414
2312 2312 2378 24
-2-31
------541:
5314 5312 54
*53 ____
2412 2412 *2414 2434 *2412
*2412 --__
-iir2
;Ft____
*1
4418 4418
4438 • 441:
*1214
5538 5538
2378 2378
6634 6735
618 7
*3258 33
9073 9078
*8312 8334
15
1518
3118 3131
611348 6178
5218 5218
2238 2238
2578 2578
*82316 825ic
615.61810
,
5173 51,
8834 8834
Salo;
ACTIVE STOCKS
ol the
Week (For Bonds and Inactive
SIOC/C3 see Oolow)
Shares
Ask
11 *15 paid. 0 13 j
paid.
4 17 M paid.
BALTIMORE
C By Ext&Imp 54 '32 151•S
Chas City fly 1_t 56'23 J-J
Chas Ry G 63 El 5s'99 M-s
City & Sub 1st 5s 1922 J-D
City & Sub(Was)Ist 5s '48
Coal & C By Pt 5s'19 A-0
Coal & 1 lty 1st -s'20_F-A
Col&Grnv 131 6s 1916 J-s
COnsoi Gas 5s 1939__J-D
Gen 4 3 1954_ _A-0
-35 J-J
Cons G E & P 434s'
Falr & CI Tr 1st 5.8'38 AU
(la & Ala 1st con 5s'45 J-J
Ga Car&N 1st 5s g '29J-it
Georgia P 1st 65 1922__J-J
Ga So & Fla lit Cs '45..J-J
G-B-S 13r...w 3-4s '51_5j-,a
Knoxy Trac 1st 5s '28 A-0
SiaconRyhLt 1st 5553 J-.1
Sid Elm RI 1st 58'31_A-0
Memphis St 1.:t 5s '45...1 J
Mt Ver Cot Duck 1st Co__
Npt N do OP 1st us'3831-N
Nor&Port Tr 1st 5s'36 3-1)
North Cent 4;0 1925-A-U
Serle.s A 51 1926____J-J
Series B 5s 1926____J-.)
P.tt On Trac 5s 1997__J-J
Poto Val 1st 5s 1941__J-J
Say Fla tie West 5s '34 A-U
Scab Air L 4s 1950___A-U
Adjust 58 1949____F-A
Scab & Roan 55 1926__J-J
South Bound 1st 5s__A-U
U El L&P 1st 4;0'29 14.-N
Un fly & El 1st 4s '49 31-S
Income 45 1049___J-D
Funding 5s 1936_J-D
Va Mid 3d ser 6s '10__M-S
4th ser 3-4-5s 1921_M-S
5th series 55 1926.._31-S
Va (State) 3s new '32_J-J
Fund debt 2-3s 1991 J-J
West N C con Os 1914..J-J
WI! & Weld 38 1O35J4
Bid Ask
105 10612
1031: 10112
9512 9612
10414 105
10114 10134
921: 9312
10111 102
103 10512
1O8 109
9612
96
861, 8834
1003-8 10058
10614 10612
10514 10534
11114
11)6 107
5012 5112
103 106
9934 10012
98 9838
97 9813
7414 7412
971:100
8934 90
10112
4
108
108 10934
____
1061: idi10714
8738 8733
79 80
105 10534
106 108
931: 94
8478 85
6478 65
8834 88
_
_
__-:1051; id612
_
_
_:_
10i12 10314
109 110 4
1093
290
[VoL. Lxxxxv.
THE CHRONICLF
pluestment and faitroaci
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAVI railroad from which re.4ular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent plie.
Latest Gross Earnings.
ROADS.
Week or
Month
Current
Year
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year
Ala N 0 & Tex PacN 0 & Nor East.. June
311,240 263,211 3,880,676 3,595,917
Ala & Vicksburg_ June
124,886 123,348 1,638,004 1,773,841
Vick Shrev & Pac June
106,992 102,274 1,389,028 1,487,367
Ann Arbor
41,712
44,335
3d wk July
129,762
122,130
Atch Topeka Fe S Fe June
8,668,710 8,341,420 107752,359 107565,115
55,32 8
Atlanta Birm & At 13d wk Jul y
52,64 1 163,787
157,024
2,527,820 2,332,124 33,463,558 31,822,449
Atlantic Coast Line June
Charlest'n &Wear May
150,055 155,313 1,813.639 1,798,120
Louis Hen & St L May __110,311 101,479 1.184,927 1.119,037
gBaltimore & Ohio.. June
8,314,833 7,461,709 92,594,323 88,145,004
141,895 117,211 1,557,470 1,451,102
B & 0 Ch Ter RR June
Bangor & Aroostook May
242,718 257,118 3,111,023 2,896,065
Bessemer & Lake E June
1,049,053 854,570 8,457,260 7,518,828
Boston & Maine_
3,859,051 3,879,814 42,018,443 40,952,054
May _
Bridgeton & Saco R May
3,713
3,907
50,985
47,178
Buff Roch & Pittsb_ 3d wk July 223,083 195,816
596,453
587,448
Buffalo & Susq
May
162,400 214,538 2,132,562 2,170,145
Canadian Northern_ 3d wk July 426,100 337,000 1,254,700 1,048,200
Canadian Paciflc
3d wk July 2,593,000 2,120,000 7,855,000 6,386,000
Central ofGeorgia_ _ 3d wk july 250,800 218,800
767,400
665,700
Central New Engi'd May ...
252,194 327,775 3,167,020 2,956,886
Cent of New Jersey.. May
1,870,028 9,540,160 26,700,934 26,737.960
Central Vermont..
May
335,284 304,849 3,732,915 3,626,828
Ches & Ohio Lines_ 3d wk July 629,189 822,474 1,694.497 1,755,944
Chicago & Alton
3d wk July 293,148 332,734
836,320
043,683
Quincy
Chic Burl &
May
0,650,535 6,950,602 79,838,701 81,284,819
p Chic Great West.. 3d wk July 280,761 238,857
760,596
739,148
Chic Ind & Louisv_ 3d wk July 124,715 127,800
361,230
364,496
'Chic Milw & St Paul May
4,936.,863 5,040,680 57,795,985 59,793,732
Chia Mil & PugSd May
1,428,654 1,170,731 14,659,720 13,252,515
vehlo & North West June
7,313,883 7,074,767 76,919,330 77,897,975
roChle St Paul M & June
1,347,476 1,244,322 15,371,366 16,220,082
Chicago T H & S E.. May
96,629 137,525 1,899,486 1,803,589
Cin Ham & Dayton June
856,768 836.580 9,861,320 9,570,381
Colorado Mdland
June
133,273 142,493 1,830,106 1,914,657
b Colorado & South.. 3d wk July 232,333 273,212
670,178
764,170
Cornwall
June
17,687
15,588
196,751
108,291
Cornwall & Lebanon June ___
30,205
20,457
308,573
326,635
Cuba Railroad
June
318,818 262,954 3,819,253 3,059,650
• Delaware & Hudson June _
2,275,295 1,780,642 21,242,929 20,986,075
Delaw Lack & West June
3,251,839 3,210,003 35,492,527 35,947,086
Deny & Rlo Grande 3d wk July 449,100 430,900 1,328,900 1,303,500
Western Pacific
Slay
448,827
4,789,249
Denver N W & Pao_ May
77,861
79,311 1,093,208
952,105
Detroit Tot & Iront 4th wkMay
40,414
38,572 1,824,633 1,871.328
Detroit & Mackinac 3d wk July
23,013
22.219
71,070
68,243
Dul & Iron Range
June
953,235 859,949 6,684,438 7,362,400
Dul Sou Shore & Atl 3d wk july
73,226
68,044
210,204
201,762
Elgin Jollet & East_ May
1,110,312 897,000 0,566,207 7,354,776
El Paso & Sou West June
655,801 561,348 7,613.456 7,195,887
'Erie
May _- 4,285.537 4,834,075 51,463,264 51,740,311
Fairchild & N E.. June
1,895
2,540
31,175
23,421
Florida East Coast_ May
442,453 329,594 4,079,521 3,897,114
Fonda Johns & Glov May
89,308
74,291
840,602
864,421
Georgia Railroad
222,973 209,818 3,378,734 3,210,291
June
Grand Trunk Syst.... 3d wk July 1,047,951 980,016 3,097,865 2,897,911
Grand Isrk West.. 2d wk July 123,799 117;896
253,593
245,792
Dot Gr Hay & MI1 2d wk July
40,698
44,499
88,998
81,679
Canada Atlantic_ 2d wk July
42,197
43,287
85,178
85,893
Great Northern Syst Juno
5,750,498 5,537,324 66,086,585 61,234,191
Gulf & Ship Island_ May _ -170,010 106,218 1,831,680 1,851,228
Hocking Valley..
852,816 567,446 0,837,452 6,589,181
May
Illinois Central .._
5,100,214 4,901,492 59,117,096 62,560.227
June
Internat & Grt Nor.. 3d wk July 168,000 123,000
489,000
389,000
a Interoceanic Max.. 3d wk July 180,973 152,295
530,853
463,093
Kanawha & Mich
May
395,909 288,721 2,848,322 2,835,634
Kansas City South_ June
775,432 771,842 9,408,953 10,125,582
Lehigh Valley
May
2,300,711 3,519,575 33,256,742 33.999,731
Lexington & East_ _ May
54,722
54,547
513,326
430,228
Louisiana & Arkan_ May
148,842 125,139 1,303,215 1,334,319
s Louisville & Nash.. 3d wk July 1,032,945 996,640 2,908,370 2,919,835
Birm'ham
Macon &
Juno
9,853
8,844
164,783
154,995
Maine Central
June _
913,329 901,471 10,643,050 9,948,269
Maryland & Penna_ June
37,168
445,792
33,410
438,147
, aMexlcan Railway_ 2d wk July 164,000 137,000
333,500
278,800
' Mineral Range
3d wk July
14,738
13,853
40,639
40,176
Minn & St Louls....1 3d wk July 170,028 140,350
497,136
424,062
lowa Central___ j
Minn St P & S S MI 3d wk July 490,414 468,320 1,510,576 1,381,288
Chicago Division)
Mississippi Central_ May ___
74,445
74,808
844.177
807,455
u Mo Kan & Texas..
wk July 489,195 487,235 1,381,802 1,384,934
Missouri Paolfio
3d wk July 1,189,000 1,029,000 3,090,506 3,000,570
• Nashv Chatt & St L May
1,104,949 1,057,749 11,266,817 11,371,805
a Nat Rys of Mex_t_ 3d wk July 1,159,516 1,205,232 3,051,578 3,785,401
• Nevada-Cal-Oregon. 3d wk July
10,430
6,415
33,351
19,489
N 0 Great Northern May
145,515 146,028 1,489,828 1,555,335
N 0 Mobile & Chia.. May
203,080 145,053 1,826,881 1,688,545
eNYC & Hud fly Juno
9,143,950 8,845,348 105708 592 101746 344
Lake Shore & M S June
4,433,597 3,951,967 50,661,872 48.452,126
Lake Erie & W. June
447,045 406,621 5,550,211 5,466,610
Chic Ind & South Juno
315,190 292,522 3,975,554 3,688,753
Michigan Central Juno
2,617,277 2,394,786 31,342,467 29,766,827
Cleve C C & St L_ June
2,534,230 2,449,289 30,700,843 30,667,618
Peorla& Eastern June
266,739 242,211 3,160,451 3,508,587
Cincinnati North.. June
98,893 1,324,747 1,244,995
100,178
Pitts & Lake Erie Juno
1,606,389 1,332,451 16,441,698 15,706,373
•
N Y Chic & St L_ June
1,033,456 954,592 11,593,472 11,181,159
Tol & Ohio Cent_ June
503,556 425,685 5,249,428 5,032,574
Tot all lines above Juno
23001 005 21384 355 265709 338 256459 970
Lcuest ';ross Earnings.
ROADS.
eek or
Month.
Current
Year.
Previous
Year.
Jul/ 1 to Latest Date,
Current
Year.
Previous
Year.
$
8
*
N Y N H & Hartf _ May
5,482,404 5.179,669 59,105,855 56,580,574
N Y Oat & West...... May
465,280 791,108 7,730,415 8,497,466
N Y Susq & West__ May
235,140 340,481 3,374,288 3,556,859
Norfolk Southern__ May
303, 14 257,812 2,984,132 2,697,260
Norfolk & Western_ May
3,524,953 2,951,247 38,277,915 32,661,912
Northern Pacific...... May
5,127,545 5,091,858 57,909,507 59,852,579
Pacifio Coast Co..
May
571,839 096,085 0,839,090 7,120,583
Pennsylvania RR.. June
14182187 12021989 164191845 107234106
Bait Chas & Atlan June
25,685
25,058
280,959
270,000
Cumberland Vail_ June
282,313 240,001 3,034,352 3,027,799
1,102,314 1,023,966 10,752,422 10,148,508
June
Long Island
Maryl'd Del & Va June
11,230
10,057
134,145
130,635
N Y Phlla & Nor! June
358,110 298,705 3,424,153 3,372,484
Northern Central. June
1,077,483 1,003,864 12,548,667 12,868,181
Phila. Balt& Wash June
1,755,363 1,838,358 19,297,503 19,078,477
W Jersey & Seash June
610,073 502,130 6,351,115 6,144,563
Pennsylvania Co.. June
5,912,294 4,173,775 54,970,902 52,686,540
Grand Rap & Ind June
419,304 378,125 5,182,222 5,071,128
Pitts C C & St L_ June
3,568,028 3,100,002 40,756,700 38,924,316
Vandalia
June
840,342 796,285 10,020,039 10,422,440
Total linesEast Pitts & E.. June
20789302 18988538 233733325 225837297
West Pitts & E_ June
10842080 0,082,018 114050973 109932310
All East& West June
31631983 28070557 347784302 335769610
Pere Marquette.._.. June
1,347,977 1,342,713 16,676,428 15,986,808
Reading Company-•
Phila & Reading_ May
3,224,803 4,081,254 41,517,114 11,841,579
Coal & Iron Co._ May
755,243 2,956,714 32,580,797 32,212,429 ,
Total both cos..
May
1,980,046 7,017,068 74,097,911 74,054,008
Rich Fred & Potom May
278,271 241,110 2,335,860 2,185,018
Rio Grande June_
May
76.649
78.757
908,239
002,279
Rio Grande South__ 3d wk July
12,892
8,940
35,466
28,415
Rock Island Lines_ May
4,899,145 5,155,627 58,635,034 62,347,073
Rutland
June ..__ __ 303.902 306,919 3,460,170 3,437,318
St Jos & Grand hi_ May
121,200 142,758 1,438,314 1,574,807
St Louis & San Fran May
3,378,469 3,301,176 38,713,363 39,842,154
1 Chlo & EastIII_ May
1,035,493 1,108,308 14,008,095 13,801,971
Total all lines__ __ May
413,962 4,409,485 52,722,356 53,644,126
St L Rocky Mt & P.. May ----- --153,324 160,782 1,819,138 1,938,853
St Louis Southwest.. 3d wit July 243,000 188,000
697,000
556,000
San Ped L A & S L_ May
884,189 851,916 8,233,388 7,558.885
Seaboard Air Line__ 3d wk July 398,476 374,799 1,230,372 1,173,810
Southern Pacific Co May
11032 945 10610 022 120984 339 122139 802
Southern Railway__ 3d wit July 1,160,409 1,089,053 3,480,405 3,282,933
Mobile & Ohio__ 3d wk July 215,233 209,109
615,730
588,844
Cln N 0 & Tex P.. 3d wk July 170,215 167,594
506,223
490,886
Ala Great South.. 3d wk July
241,138
74,888
84,206
228,872
Georgia Sou& Fla 3d wk July
130,967
44,424
45,270
133,272
Spok Portl & Seatt_ May
391,317 449,210 4,407,512 4,312,783
Tenn Ala & Georgia 3d wk July
2,173
3,259
7,784
6,520
Tennessee Central__ May
145,886 138,408 1,411,148 1,302.275
Texas de Pacific__ 3d wk July 273,350 240,546
767,848
734,372
Tidewater & West_ May
9,716
9,805
89,504
82,409
Toledo Peor & West 3d wk July
22,487
20,753
63,300
60,507
Toledo St L & West 3d wk July
68,438
89,192
197,876
234,025
Union Pacific Syst_ May
6,974,180 6,963,095 70,071,682 31,855,006
Virginia & So West_ June _ __
155,155 131,831 1,757,924 1,393,448
Virginian
May
462 878 342,263 4,448,36
3,390,530
Wabash
June
2,390,320 2,502,647 28,343,70 29,884,038
Western Maryland May
625,837 607,345 6,647,810 6,593,982
Wheel & Lake Erie_ June
706,361 590,395 7,493,146 0,800,707
Wrightsv & Tennille June
16,380
10,719
348,993
327,112
Yazoo & Miss Valley June ____. 732,429 730,541 9,651,421 10,817,549
Various Fiscal Years.
Period.
Delaware & Hudson
Jan
N Y Central & Hudson River_e_ Jan
Lake Shore & Michigan South Jan
Jan
Lake Erie & Western_n
Chicago Indiana & Southern.. Jan
Jan
Michigan Central
Cleve Cin Chicago & St Louis.. Jan
Jan
Peoria& Eastern
Jan
Cincinnati Northern
Pittsburgh & Lake Erie
Jan
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central..
Jan
Total all lines
Pennsylvania Railroad
Jan
Baltimore Chesap & Atlantic_ Jan
Cumberland V aley
Jan
Jan
Long Island
Maryland Delaware& Virginia Jan
N Y Philadelphia Fc Norfolk_ Jan
Northern Central
Jan
Philadelphia Bait & Wash
Jan
Jan
West jersey & Seashore
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
Pitts CIncInChloago & St L.._ Jan
Vandalla
Jan
Total lines-East Pitts & Erie Jan
West Pitts& Erie Jan
All lines E & W.. Jan
Dec
Rio Grande Junction
Rutland
Jan
Texas & Pacific
Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1,
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Current
Year.
Previous
Year.
3
June 30 10,109,011 10,224,009
June 30 50,502,393 48,808,662
June 30 25,045,919 22,745,044
June 30 2,653,580 2,524,167
June 30 2,025,790 1,872,846
June 30 15,237,392 14,059,414
June 30 14,604,815 14,425,886
Juno 30 1,506,447 1,584,278
Juno 30
616,754
540,683
Juno 30 8,070,43
6,937,297
June 30 6,727,271 5,391,805 :
June 30 2,419,055 2,108,274
Juno 30 128559 832 120978 356
Juno 30 82,030,115 75,325,081
Juno 30
112,673
105,258
June 30 1,534,304 1,301,284
June 30 4,918,007 4,883,394 •
June 30
48,888
48,973
June 30 1,606,145 1,598,446
June 30 6,010,602 6,207,802
June 30 9,502,597 9,119,338
June 30 2,690,836 2,587,385
June 30 27,499,722 24,363,509
June 30 2,495,718 2,345,157
June 30 20,258,380 18,051,613
June 30 4,819,709 4,769,995
June 30 114663347 106912153
Juno 30 55,658,367 49,903,445
Juno 30 170321715 156875599
May 31
423,872
424,148
June 30 1,617,286 1,573,829
July 21 8,557,783 7.807,728
AGGREGATES OF GROSS EARNINGS-Weekly and idonthly.
Weekly Summaries.
Cuent Year Prey's Year Inc. or Dec.
Monthly Summaries.
Cuent Year Prey's Year Inc. or Dec.
$
3
$
Mileage. Cur.Yr. Prey. Yr.
$
$
$
2d week May (40 roads)___ 13,539,914 12,337,158 +1,202,756 9.75
September-245.404 240,825 257,256,762 256,748,775
+507,987 0.19
3d week May (43 roads)___ 14,007,892 12,432,657 +1,575,335 12.67
October ___245,633 241,321 366,084,130 263,837,356 +2,426,773 0.92
4th week May (41 roads)___ 19,535;402 17,972,712 +1,562,690 8.70
November _234,209 231.563241,343,703 213.111,388 --1,767,025 0.73.
1st week June (41 roads)........ 13,381,042 12,535,087
+845,955 6.75
December _238,581 235,685 233,614,912 232.275,177 +1,339,735 0.57
•2d week June (41 roads)...... 13,839,647 12,981.841
+855,006 6.59 January --237,888 234,402 210,704,771 213,145,078 --2,440,307 1.14
.3c1 week June (41 roads)____ 14,073,731 13,168,005
+905,666 6.97 February __237,082 233,191 218,031,1)94 197,278.939 +20.752,155 10.52
• 4th week June (41 roads)____ 18,264,980 17,965,863
+299,117 1.83
March
238,218 234,692 237,564,332 224,608,054 +12.955,078 5.77
.1st week July (40 roads)____ 13,143,297 12,818,451
+324,840 2.50
April
236,722 233,057 220,678,465 216,140,214 +4,538,251 2.10
2d week July (40 roads)___ 13,934,880 13,271,242
+663,638 5.00
May
235,410 231,597 232,229,384 220,184,608 +6,044,698 2.67
3d. week July
(41 roads)....__ 14,320,563
_8
13,238,634 +1,081.929
9,
78
8.17
Juno
1 83,103, 68,320,870 01,667,757 +4,152,922 6.38
•
a Mexican currency. b Does not Inc tide earnings of Colorado Springs & Cripple
Creek District fly., from Nov 1 1911: in 1910 these returns
are included. e Includes the Boston & Albany, the New York & Ottawa, the St.
Lawrence
& Adirondack and the Ottawa & N. Y. fly., the latter
of which, being a Canadian road, does not make returns to the Inter-State Commerce
Commission. f Includes Evansvi in be Terre Haute and Evansville & Indiana RR. g Includes the Cleveland Lorain & Wheeling Ry. In both years.
n Includes the Northern Ohio RR. p Includes earnings of
Mason City & Ft. Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantio
and tho Frankfort & Cincinnati. t Includes the Mexican International from July 1910. u Includes the Texas Central. v Includes not only operating
revenues, but also all other receipts.
_
AUG. 3 1912.]
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of July. The table covers 41 roads and shows 8.17% increase in the aggregate over the same week last year.
Third week of July.
Alabama Great Southern
Ann Arbor
Atlanta Birmingham & Atlantic
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Central of Georgia
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western_ _ _ ._
Chicago Indianapolis & Louisv_
Cincinnati New On & Texas Pao
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & Atlantic_
Georgia Southern & Florida_ __ _
Grand Trunk of Canada
1
Grand Trunk Westerni
Detroit Grand Hay & MIlw_
Canada Atlantic
International & Great Northern
Interoceanic of Mexico
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
}
Iowa Central
Minneapolis St Paul & S S M__
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
National Railways of Mexico
Nevada-California-Oregon
Rio Grande Southern.... ___ .. _
St Louis Southwestern
Seaboard Air Line
Southern Railway
Tennessee Alabama & Georgia..
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western.. _ _ _
Total (41 roads)
Net Increase (8.17%)
m Roads.
291
-Gross Earnings- -Net Earnings-.
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Pennsylvania LinesPennsylvania RR_a_ _June 14,182,187 12,921,989 3,816,967 3,010,021
82,030,115 75,325,681 18,109,354 16,813,545
Jan 1 to June 30
4,461
1,281
25,058
25,685
Balto Ches & Atl_a_June
4,599
def 481
105,258
112,673
Jan 1 to June 30
Increase. Decrease.
1912.
1911.
70,209
96,873
245,901
Cumberland Valley_a_June 282,313
349,312
435,397
1,534,304 1,391,284
Jan 1 to June 30
$
$
$
$
311,068
336,856
Long Island_a
June 1,102,314 1,023,966
9,320
84,206
74,886
535,256
619,237
Jan 1 to June 30
4,918,067 4,683,394
2,623
94,335
41,712
2,685
55,326
52,641
de13,583
10,957
def3,956
11,230
Maryland Del & Va_a_June
27,267
195,816
223,083
48,973 def21,818 def15,554
48,888
Jan 1 to June 30
89,10Q
337,000
426,100
63,795
107,653
298,705
N Y Philo, & Norf_a_ _June 358,110
2,593,000 2,120,000 473,000
299,084
397,754
1,696,145 1,598,446
Jan 1 to June 30
38,000
218,800
256,800
118,596
151,303
6,715
Northern Central_a_ _June 1,077,483 1,005,669
622,474
629,189
638,622
242,697
39,586
6,010,602 6,207,802
Jan 1 to June 30
332,734
293,148
21,904
238,857
260,761
377,110
352,490
Phila. Balto&Wash_a_June 1,755,363 1,638,358
3,085
127,800
124,715
Jan 1 to June 30
9,502,597 9,119,338 1,443,919 1,655,011
8,621
167,594
176,215
158,359
175,129
562,130
West Jer & Seash _a _ _June 610,073
40,879
273,212
232,333
363,085
202,175
Jan
1
to
2,690,836 2,587,385
June
30
18,200
430,900
449,100
794
22,219
Pennsylvania Co_a
June 5,912,294 4,713,775 1,987,728 1,473,359
23,013
5,182
Jan 1 to June 30
68,049
27,499,722 24,263,509 5,686,022 5,768,279
73,228
846
44,424
45,270
61,736
50,919
376,125
Grand Rap & Ind_a_ _June 419,304
257,677
229,294
Jan 1 to June 30
2,495,718 2,345,157
87,935
960,016
1,047,951
837,613
963,700
Pitts Cln Ch & St L_a_June 3,568,028 3,100,002
Jan 1 to June 30
20,258,380 18,051,613 4,533,872 4,211,816
45,000
148,870
123,000
-168,000
153,867
796,285
June 840,342
Vandalia_a
- _ -28,678
152.295
180,973
786,933
683,072
Jan 1 to June 30
4,819,709 4,769,995
36,305
996,640
1,032,945
Tot lines East P&E _a June20,789,302 18,988,538 5,185,978 4,261,049
885
13,853
19,738
Jan 1 to June 30
114,663,347 106912,153 21,667,733 20,833,567
Tot lines WestP &E_a June10,842,680 9,082,018 3,181,342 2,541,573
23,678
146,350
170,028
30
June
to
1
Jan
24,094
55,658,367 49,963,445 11,271,046 11,170,899
466,320
490,419
1,960
487,235
489,195
Total all lines
June 31,631,983 28,070,557 8,367,320 6,802,622
1,169,000 1,029,000 140,000
Jan 1 to June 30
170,521,715 156875,599 32,938,779 32,004,466
6,124
209,109
215,233
94,603June 303,902
86,741
306,919
_ _ _ _ __ 105,716 Rutland_ b
1,159,516 1,265,232
303,837
348,411
1,617,286 1,573,829
Jan 1 to June 30
6,415
4,024
10,439
8,940
3,952
12,892
Southern Railway_ b_ _ June 4,888,597 4,521,126 1,358,979 1,365,966.
63,590,328 60,345,062 19,894,092 19,418,272
55,000
188,000
243,000
July 1 to June 30
23,677
374,799
398,476
285,053
331,818
916,327
Mobile & Ohio_b_ _ _ _June 942,140
70,756
1,160,409 1,089,653
11,207,732 11,197,346 3,040,580 3,303,360
30
July 1 to June
2,173
1,086
3,259
237.542
265,048
762,841
819,897
Pac.b.June
Tex
&
0
N
Cin
32,804
273,350
240,546
9,756,266 9,205,405 3,273,357 3,089,214
July 1 to June 30
1,734
22,487
20,753
99,059
83,844
20,754
346,246
377,985
68,438
89,192
Ala Great Southern_ bJunc
4,775,891 4,479,120 1,386,515 1,234,707
July 1 to June 30
14,320,563 13.238,63411,291,949 210,020
94.075
39,988
185,895
Georgia South & Fla b June 181,266
1,081,929
570,304
549.107
2,447,529 2,399,398
July 1 to June 30
p58,705
p95,014
317.765
293.967
Tol St Louis & West_a_June
July 1 to June 30
3,865,229 3,777,677 p1,019,828 p948,612
52,564
57,935
131,831
153,155
Virginia & Southwest.b.June
455,306
615,201
1,757,924 1,393,448
July 1 to June 30
to Latest Dates.-The table fol-
Net Earnings Monthly
lowing shows the gross and net earnings of STEAM railroads
and industrial companies reported this week:
INDUSTRIAL COMPANIES.
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
-Gross Earnings- -Net Earnings
$
$
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
• Roads.
Abington & Rockland Eleo
1,130
455
7,535
8,096
Light & Power Cob June
8,310
6,488
46,473
52,261
Jan 1 to June 30
Atch Top & Santa Feb June 8,668,710 8,341,420 53,136,880 52,915,715
863
107,752,359 107,565,115536,479,156536,766,
July 1 to June 30
Atlantic Gulf & West Indies
290,602
271,542
SS Lines (subsid cos) May 1,561,428 1,525,320
482,580
406,888
Atlantic Coast Linea._June 2,527,820 2,332,124
7,700,976 7,277,732 1,296,872 1,411,705
Jan 1 to May 31
33,963,558 31,622,449 9,522,580 9,894,662
July 1 to June 30
22,393
28,677
85,282
168,899 Blackstone Val G&E_b_June 94,053
365,548
762,152
Buffalo Roth & Pittsbb Juno 904,938
257,663
274,067
549,298
584,803
Jan 1 to June 30
9,542,388 9,134,402 3,078,139 2,988,546
July 1 to June 30
7,449
10,780
26,134
29,014
Edison Elec (Brockton)bJune
56,704
Junc11,311,397 9,979,650 3,846,603 3,024,671
CanadianPacific_a
73,029
171,393
189,397
Jan 1 to June 30
July 1 to June 30
123,319,541 104,167,805 93,298,243 36,699,831
10,704
12,851
35,802
38,220
Fall River Gas Works_ b_J'ne
5340,550
61,914
5282,982
59,220
206,689
Chicago & Alton_a____June 1,144,804 1,287,022
217,213
Jan 1 to June 30
July 1 to June 30
14,535,722 14,592,519 53,188,865 53,723,278 Houghton Co El Lt_ b_Jue
9,615
7,087
20,066
19,441
71,097
67,973
221,272
145,044
139,337
Jan 1 to June 30
491,846
Chic St P Minn & 0_a_ _June /1,347,476 '1,244,322
July 1 to June 30
10,301
/15,371,366/16,220,082 4,122,304 4,833,222 Lowell Elm Lt Corp_b_June
11,594
29,217
31,762
76,570
73,084
385,146
219,506
206,051
Jan 1 to June 30
213,659
Colorado & Southern_ b_June 938,959 1,060,359
13,960,826 15,824,069 4,344,372 5,489,953 Sierra Pacific Elec_ b_ _ _June
30,936
July 1 to June 30
33,188
47,207
52,517
173,347
189,195
278,383
308,567
30
June
to
1
Jan
7,962
9,075
15,588
17,687
June
Cornwall_ b
78,226 Southern Cal Edison_ _ _June
157,909
158,517
102,043
168,291
299,024
196,751
July 1 to June 30
358,320
893,482
2,099,762 1,767,563 1,001,537
Jan 1 to June 30
121,741
131,669
262,054
Cuba RR
June 318,818
July 1 to June 30
3,819,253 3,059,650 1,818,860 1,374,071
a Net earnings here given are after deducting taxes.
700,129
Delaware & Hudson_ b_June 2,275,295 1,780,042 1,143,494
b Net earnings here given are before deducting taxes.
Jan 1 to June 30
10,109,011 10,224,009 3,372,977 3,742,132
c After allowing for outside operations and taxes, operating income for
Del Lack & Western_b_June 3,251,839 3,210,003 1,296,968 1,216,191 * June 1912 was $488,595, against $487,633; from July 1 to June 30 was
July 1 to June 30
35,492,527 35,947,066 12,498,466 14,319,124 55,885,362 In 1912, against $7,446,525 last year.
e Includes the Northern Ohio RR.
12,137
23,317
Detroit & Mackinac_a_ _June
92,632
104,583
I Includes not only operating revenue, but also all other receipts.
247,988
253,109
July 1 to June 30
1,243,015 1,117,099
g These results are in Mexican currency.
291,354
223,180
El Paso & Southwest_
501,348
655,801
The company now Includes the earnings of the Atch. Topeka & Santa Fe
Jan 1 to June 30
7,613,456 7,195,887 3,114,040 2,894,085 Ry., Gulf Colorado & Santa Fe Ry. Pecos & Northern Texas By.. Pecos
Texas, Texas & Gulf By., G. & I. Ry.
47,744 River RR., Southern Kansas By. of'
37,097
Georgia Railroad _____ _june
209,818
222,973
798,451 of Texas, C. S. S. & L. V. RR. and R. G. & E. P. RR. in both years. For
796,566
July 1 to June 30
3,378,734 3,210,291
against $282,907 In 1911; after deducting
$301,258,
June
to
amounted
taxes
279,500
303,308
785,634
r Interoceanic of Mex_ _Juno 831,457
which, net for June 1912 was $2,835,621, against $2,632,808 last year.
8,963,156 8,864,282 3,254,263 3,187,931 From July 1 to June 30 taxes were $4,206,453 in 1912, against $3,474,607
July 1 to June 30
299,126 last year.
June 913,329
280,789
901,471
Maine Central- b
n For June 1912 additional income was $9,222, against $22,613 in 1911,
10,643,050 9,948,269 2,952,205 2,743,581
July 1 to June 30
$94,949
n185,053 and for period fom July 1 to June 30 was $19,501 in 1912, against
701,842
659,034
n173,742
Minneapolis & St La _ _June
It
last
year.
n2,064,695
7,954,116 8,490,820 n1,443,708
July 1 to June 30
P For June miscellaneous credits to Income were $1,374, against a $594
c573,315 in 1911; for period from July 1 to June 30 they showed a charge of $74,068
c589,686
Mo Ran & Texas_ b _ __June 2,097,923 2,186,168
July 1 to June 30 _ __ 28,186,719 29,005,294 c6,980,870 c8,458,778 in 1912, against a credit of $81,322 In 1911.
q Includes the Boston & Albany ,the N. Y. & Ottawa ,the St. Lawrence &
g Nat Rys of Mexico__ _June 4,808,044 5,431,856 1,117,761 1,814,273
of which, being a Cana61,447,791 61,934,421 23,012,536 22,655,076 Adirondack and the Ottawa & N. Y. By., the latter Commerce
July 1 to June 30
Commission.
dian road, does not make returns to the Inter-State
q N Y C & Hud Riv_ b_ _June 9,143,950 8,845,348 2,725,389 2,446,891
Jan 1 to June 30
50,562,393 48,808,662 11,105,694 11,189,941
Interest Charges and Surplus.
Lake Shore & M S_b_June 4,433,597 3,951,967 1,462,689 1,141,380
-let., Rentals, &c.- -Bal. of Net EarnsJan 1 to Juno 30
25,045,919 22,745,044 7,743,601 5,661,601
Current
Previous
Previous
Current
e Lake Erie & West b June 447,045
50,645
Year.
Year.
Year.
Year.
96,389
406,621
Roads.
Jan 1 to June 30
343,950
477,401
$
$
$
2,653,560 2,524,167
$
x50,798
173,848
176,271
x262,574
37,657 Buffalo Roch & PIttsb_June
Chicago Ind & Sou _ b_June
60,140
292,522
315,190
Jan 1 to June 30
2,117,798
2,086,830
x1,709,277
z1,770,894
245,442
July 1 to June 30
320,239
2,025,790 1,872,846
133,441
51,438
358,405
169,831
Michigan Central_ b_ _June 2,617,277 2,394,786
805,452 Chic St P Minn & 0_ __ _June
776,869
2,037,701 2,016,834 2,084,603 2,816,386
Jan 1 to June 30
July 1 to June 30
15,237,302 14,059,414 4,205,577 3,119,952
_June
_
x102,727
287,190
Cleve Cin Chic & StLb June 2,534,230 2,449,289
641,610 Colorado & Southern_
z13,974
272,405
582,102
Jan 1 to June 30
3,376,303 3,272,845 Z1,500,817 x2,298,592
July 1 to June 30
14,694,815 14,425,886 2,911,829 2,918,854
Peoria & Eastern_b_ _June 266,739
June
64,161
64,045
35,638 Cuba RR
67,624
57,580 .
75,231
242,211
797,316
227,861)
Jan 1 to June 30
July 1 to June 30
576,755 1,059,862
758,998
315,769
1,506,447 1,564,278
xdf.22,363
Railroad
zdf.47,178
Georgia
8,868
June
78,670
91,584
Cincinnati North_b_ _June
7,365
98,893
100,176
x22,241
z5,416
July 1 to June 30 _ _____
883,910
903,556
37,233
Jan 1 to June 30
8,511
616,754
540,083
664,938
Pitts & Lake Erie_b_June 1,606,389 1,322,451
872,904
INDUSTRIAL COMPANIES.
Jan 1 to June 30
, 8,070,436 6,937,297 3,662,238 3,307,753
-Int., Rentals etc.- -Eel. of Net Earns.
287,483
N Y Chic & St Louis b June 1,033,456
Previous
Current
327,517
954,592
Previous
Current
Jan 1 to June 30
Year.
Year.
5,727,271 5,391,805 1,439,531 1,300,625
Year.
Year.
Companies.
$
$
$
Toledo & Ohio Cent b June
503,556
$
425,685
102.909
184,773
Jan 1 to June 30
360,503 Abington & Rockland Eleo
2.419,055 2,108,274
521,774
268
943
187
June13.001 .605 21,384,355 7,171,363 6,223.477
187
Light & Power
June
Total all lines_ b
7,185
5,363
1,125
1,125
Jan 1 to June 30
128,559,832120,978,356 32,712,174 28,713,713
Jan 1 to June 30 '
292
THE CHRONICLE
-Int., Rentals, &c.- -Bal. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Atlantic Gulf & West Indies
SS Lines (subsid cos),May
157,704
157,595
113,838
133,007
Jan 1 to May 31
700,832
786,634
500,040
625,071
Blackstone Val Gas & E June
8,873
8,493
19,804
13,900
Jan 1 to June 30
163,511
158,240
110,556
99,423
Edison Eleo (Brockton) June
1,940
1,775
8,840
5,674
Jan 1 to June 30
11,653
10,718
61,376
45,986
Fall River Gas Works_ _June
688
450
12,163
10,254
Jan 1 to June 30
3,796
3,065
55,424
58,849
Houghton Co Elec Lt. June
4,050
4,087
3,037
5,528
Jan 1 to June 30
26,004
25,660
41,960
45,437
Lowell Elm Lt Corp_ _ _ _June
1,602
1,504
9,992
8,797
Jan 1 to June 30
9,426
9,523
63,658
67,047
Sierra Pacific Elec
June
5,319
3,067
27,867
27,871
Jan 1 to June 30
• • 32,486
22,213
156,709
151,134
Southern Cal Edison_ _ _June
59,059
54,588
99.458
103,321
Jan 1 to June 30
359,689
331,396
641,849
562,086
Companies.
x After allowing for other income received.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
•
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
3
$
$
American Rys Co____ May
398,320 399,207 1,871,872 1,775,041
Atlantic Shore Ry___ May
25,207 26,660
115,009
103,365
^Aur Elgin & Chic fly June
181,426 161,328
862,542
801,217
Bangor fly & Elec Co May
53,790 41,750
282,567
215,069
Baton Rouge Elec Co June
9,870
12,420
71,510
56,174
Binghamton Railway May _ __
33,677
35,371
165,157
146,440
Brock & Plym St Ry_ June
10,974
11,766
51,369
50,515
Bklyn Rap Tran Syst April
- 1937,196 1835,006 7,372,688 6,977,751
Dapc Breton Elea Co_ June
29,448 27,427
161,015
152,135
32,682 27,900
Daxolina Pow de Lt Co June
204,330
173.249
54,272 50,026
Dent Park N da E Riv April
198,912
190,879
78,905 76,324
-Jentral Penn Trao__ _ June
437;151
413,874
88,888 77,738
Dhattanooga fly & Lt May
409,080
368,045
33,673 33,138
Sieve Palnesv de East May
129,553
127,953
105,173 99,637
ClevSouthw & Colum June
540,343
520,167
Dolumbus (Ga) El Co June
45,531
39,554
259,699
235,580
Dommonw P. fly & L May
485,425 422,709 2,492,911 2,190,470
Doney Island & Bklyn April
110,535 110,399
411,716
404,564
Dallas Electric Corp_ June
142,342 122,110
841,482
764,755
Detroit United Ry___ 2(1 wk July 222,414 193,236 5,848,550 5,171,886
D D E B & Batt(Rec) April
53,837 50,656
201,075
196,016
Duluth-Superior Trac June
98,894 96,225
549,431
535,077
East St Louis & Sub_ May
108,824 193,181
954,430
005,984
El Paso Electric
June
• 80,175 52,470
372,507
334,035
)'airm & Clarks Tr Co Anril
65,227 53,186
243,232
208.612
12dSt NI &SNAv(Ree) April
146,685 125,222
543,796
464,268
Galv-Hous Hie() Co__ June
171,085 134,934
923,076
712,293
Grand Rapids Ry Co_ May
102,627 98,137
484.640
451,713
Havana Electric Ry_ Wk July 28 49,908 43,989 1,444,485 1,362,530
Honolulu Rapid Tran
& Land Co_
June
45,729 42,787
273,504
240,219
Houghton Co Trac Co June
27,379 26,940
144,613
144,468
Hudson & Manhattan April
314,532 258,300 1,249,947 1,016,626
Illinois Traction Co__ June
571,749 535,849 3,502,638 3,249,989
Interboro Rap Tran_ April
2806,389 2658.586 11,135.865 10,494.692
Jacksonville Trac Co.. June
50,174 43,776
301,020
239,203
Lake Shore Elec Ry_ May
107,140 105,322
466,338
441,636
Long Island Electric_ April
15,410
14,935
55,049
53,681
Nillw El fly & Lt Co_ June
455,514 418,823 2,690,688 2,401,314
Milw Lt, Ht & Tr Co_ June
118,226 103,838
552,625
489,332
Nashville fly & Light April
168,976 161,228
663,697
631,374
N Y City Interboro__ April
36,107 22,936
134,323
85,435
N Y & Long 1st Troia_ April
108,224
30,853 30,716
105,477
N Y & Queens
103,356 96,757
375,496
__ April
346,839
New York Railways
1157,654 1120,081 4.397,516 4.314,224
April
Co_14,598
15,826
Northam Easton & 4W June
82,400
74,327
276,961 245,097 1,377,335 1,222,675
North Ohio 'frac & Lt June
North Texas Elec Co_ June
144,974 136,061
795,345
775,004
Ocean Electric (L I)_ April
4,734
6,150
19,502
14,691
21,816 20,647
Paducah Trac& Lt Co Juno
138,137
126,482
23,946 24,742
Pensacola Electric Co June
138.163
138,850
Philo Rap Trans Co__ June
1990,225 1901,032 11,356,183 10,798,934
Port(Ore)Ry,L&PCo. May
543,813 527,931 2,669,653 2,560,045
PugetSd Trac,Lt& P_ April
2,742,918
669,409
Richmond Lt & RR_ April
25,824 24,488
96,553
01,548
Rio de Janeiro Tram
Light & Power Co_ June
1228,342 1071,964 6,992,476 6,107,773
St Joseph (Mo) Ry.Lt
Heat & Power Co_ May
94,248 88,759
473,233
435,301
Sao Paulo Tram,L&P June
367,799 282,558 2.212,348 1,684.253
Savannah Electric Co June
65,016 59,928
363,023
330,266
Second Avenue (flee) April
75,862 68,756
286,264
254,685
Southern Boulevard_ April
10,593
9,194
38,270
33,396
Sou Wisconsin fly Co June
18,318 20,528
95,591
107,049
Staten IsI'd Midland_ April
18,686
17,625
68,015
63,818
Tampa Electric Co__ June
61,874
56,813
370,101
334,787
Third Avenue (no:)_ April
308,718 289,753 1,219,036 1,131,015
Tr -City fly do Lt Co_ June
226,792 209,965 1,430,395 1,311,414
Twin City Rap Tran_ 3d wk July 158,085 152,223 4,403,233 4,271,136
Underground Elec fly
of LondonThree tube lines__ _ Wk July 27 £11,850 £12,255 £416,180 £422,895
Metropolitan Dist_ Wk July 27 £11,955 £11,205 £377,440 £384,852
United Tramways_ Wk July 27 £7,234 £7,407 £189,115 £195,627
London Gen'l Bus_ Wk July 27 £59,881 £41,658 £1453,508 £1112,821
Union (Roe)
April
741,075
200,099 181,333
668,414
Unionlly,G&EC0(111) May
275,795 250,574 1,478,605 1,281,040
United Rys of St L_.. May
1083,014 1053,826 4,901,759 4,794,945
United RRs of San Fr May
720,462 667,730 3,416,556 3,193,666
Westchester El (Iim) April
38,940 45,142
163,775
164,171
Yonkers RR (Rec)__ April
63,710 54,214
221,568
198,500
Youngst & Ohio Riv_ June
20,099
110,170
19,840
108,164
c These figures are for consolidated company.
[VoL. Lxxxxv.
--Net Earnings
-Gross Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
Cleve Southw & Col_b_June
105,173
45,636
44,758
99,637
Jan 1 to Juno 30
209,785
217,936
540,343
520,167
Columbus (Ga) El Co_ b_June
45,531
39,554
22,585
19,424
Jan 1 to June 30
125,846
259.699
235,580
121,812
Dallas Elect Corp_ b_ _ _ _June
142,342
54,735
20,018'
122,110
Jan 1 to June 30
. 841,482
306,693
764,755
231,932
Detroit United_ b
June 1,026,897
329,737
358,702
893,250
Jan 1 to June 30
5,390,568 4,768,049 1,895,570 1,741,759
Duluth-Superior Tr_ b__June
08,894
43,307
96,225
44,654
Jan 1 to June 30
549,431
230,892
535,077
226,687
El Paso•Elect Co_ b_ _ _ _June
60,175
19,186
52,470
27,316
Jan 1 to June 30
372,597
334,035
170,344
133,367
Galv-Houston Elect_ b_June
171,085
51,357
134,934
76,592
Jan 1 to June 30
923,076
712,293
364,073
252,323
Honolulu R T & Land b June
45,729
42,767
21,146
10,030
Jan 1 to June 30
273,504
240,219
127,836
113,051
Houghton Co. Tract_b_June
27,379
26,940
12,706
13,175
Jan 1 to June 30
144,613
144,468
55,064
56,685
Illinois Traction_a
June
501,749
535,849
218,470
107,283
Jan 1 to June 30
3,502,637 1,249,989 1,383,001 1,252,115
Jacksonville Trac Cob June
50,174
43,776
16,817
15,870
Jan 1 to June 30
301,020
289,203
107,716
109,253
Mass Elect Cos_ bApr 1 to June 30
989,142
2,340,477 2,266,936
873,046
July 1 to June 30
9,116,203 8,761,847 3,309,793 3,277,367
Milw Elec fly & Lt_a__June 455,514
119,881
418,823
149,186
Jan 1 to June 30
684,455
2,690,688 2.401,314
764,986
Milw Lt, lit de Trac _a_ _June
42,237
118,226
103,838
47,312
• Jan 1 to June 30
552,625
173,462
179,311
489,332
North'n Tex Elm Co_b_June
144,974
68,671
63,299
136,061
Jan 1 to June 30
795,345
338,470
775.004
354,775
Paducah Tree & Lt_ b_ _June
21,816
20,647
7,600
7,973
Jan 1 to June 30
138,137
126,482
.30,911
48,904
Pensacola Elect Co_ b_ _June
23,946
24,742
9,635
9,939
Jan 1 to June 30
138,163
138,850
50,403
52,129
Philadelphia Co (Pitts)a June 1,688,760 1,557,667
618,139 • F537,595
April 1 to June 30
5,321,946 5,095,225 2,110,822 • 2,064,973
Rio de Janeiro Tr,L&P_June 1,228,342 1,071,964
640,846
562,910
Jan 1 to June 30
6,902,476 6,107,773 3,605,617 3,125,783
Savannah Elect Co_ b_ _June
65,016
59,928
16,038
15,317
Jan 1 to June 30
363,023
330,266
92,437
05,867
Tampa Elect Co.b
61,874
June
56,813
24,121
29,983
Jan 1 to June 30
370,101
334,787
149,802
174,442
Tri-City By & Light_a_June 226,792
07,112
209,965
87,628
1,430,395 1,311,414
Jan 1 to June 30
605,578
537,133
Twin City Rap Tran_b_June 692,417
681,503
356,564
355,154
3,926,120 3,781,952 1,877,514 1,853,151
Jan 1 to June 30
Roads.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bal. of Net Earns.• Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Augusta-Aiken fly & El June
16,250
7,146
14,583
12,244
July 1 to June 30
183,980
129,208
Aurora Elgin & Chic_ _ _June
37,814
36,536
50,192
41,013
July 1 to June 30
441,052
416,643
367,934
323,077
Bay State St flyApr 1 to June 30
413,321
458,501
575,821
414,545
July 1 to June 30
1,840,329 1,823,060 1,469,464 1,454,307
Baton 4ouge Elea Co_ _June
1,734
1,728
1,306
2,268
Jan 1 to June 30
10.383
10,312
9,096
18,694
Brockton & Plymouth_June
1,050
1,080
1,080
2,444
Jan 1 to June 30
6,310
6,025
3,223
919
Cape Breton Bice Co_ _ _June
5,702
6,244
5,644
6,954
Jan 1 to June 30
30,143
34,015
33,914
29;244
30,181
Cleve Southw & Colum_June
x14,641
x15,183
30,995
Jan 1 to June 30
•180,276
182,598
x27,719
14,763x
9,277
Columbus (Ga) Elec Co_June
12,946
9,639
10,147
53,599
46,136
68,213
79.710
Jan 1 to June 30
21,057
Dallas Electric Corp_ _ _June
30,069
8,861
24,666
128,192
142,345
164,348
103,740
Jan 1 to June 30
177,178
176,174
June
201,073
Detroit United
160,037
1,066,026 1,057,273
769,932
Jan 1 to June 30
929,917
22,012
Duluth-Superior Trac_ _June
22,737
21,265
21,917
June
30
to
1
136,425
Jan
132,250
98,642
00,262
6,465
6,676
El Paso Electric Co_ _ _ _June
12,510
20,851
41.046
Jan 1 to June 30
40,144
93,223
129,298
Galveston-bust Elm_ _June
33,860
19,034
42,732
32,323
Jan 1 to June 30
203.334
116,343
160,739
135,980
Honolulu R T & Land_ _June
x13,993
7,105
x14,251
6,633
z77,427
Jan 1 to June 30
39,362
40,653
x90,240
Houghton Co Trac Co_ _June
7,948
5,706
5,227
7,000
25,309
Jan 1 to June 30
31,376
33,110
21,954
Jacksonville Trac Co_ _ _June
6,775
9,821
9,095
6,996
65,503
Jan 1 to June 30
57,619
43,660
50,097
Massachusetts Electric Cos414,545
Apr 1 to June 30
413,321
575,821
458,501
July 1 to June 30
1,840.329 1,823,060 1,469,464 1,454,307
59,285
56,675
MIlw Elec fly & Light_ _June
30
June
to
1
373,757
Jan
314,690
x30,836
x37,484
54,904
56,463
Milw Lt, Ht & Trao_ _ _ _June
347,248
Jan 1 to June 30
x151.826
336,765 x130,334
42,542
47,826
20,845
North Texas Elec Co_ _ _June
20,757
229,705
214,912
125,070
Jan 1 to June 30
123,558
817
059
Paducah Trac & Light_June
7.156
6,641
1.505
. 38,406
13,459
Jan 1 to June 30
35,445
3,562
Co_ _Jane
4,659
4,976
6,377
Electric Railway Net Earnings.-The following table gives Pensacola Electric
12,140
21,764
Jan 1 to June 30
30,365
38,263
the returns of ELECTRIC railway gross and net earnings Savannah Electric Co_ _June
4
11
15,306
10,034
60
180
92,257
Jan 1 to June 30
95,807
reported this week:
rtj
25,619
18,725
June
5,396
4,364
-Gross Earnings- -Net Earning- Tampa Electric Co
147,769
119,494
30,308
20,673
Jan 1 to June 30
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
18,011
Year.
27,108
60,520
70,101
Tr -City fly & LightJune
158,159
172,040
365,093
447,419
Jan 1 to June 30
Augusta-Alken Ry&EI aJune
49,706
24,825
44,773
213,485
215,075
140,079
19,801 Twin City Rap Tran__ _June
143,079
July 1 to June 30
612,151
564,462
280,603
June
1,022,039
30
to
1,012,683
1
840,475
277,084
Jan
855,475
Aurora Elgin & Chic_b_June
181,426
161,382
88,006
77,549
July 1 to June 30
x After allowing for other Income received.
808,986
1,845,488 1,735,675
739.720
Baton Rouge Elec Cob June
4,002
12,420
9,870
3.034
New York State Railways.
Jan 1 to June 30
29,077
/1,510
50,174
19,408
-Gross Earnings- -Net Earnings---Bay State St Ry-aCurrent
Previous
Current
Previous
Apr 1 to June 30
2,340,477 2,326,936
980,142
873,046
Roads.
Year.
Year.
Year.
Year.
July 1 to June 30
9,116,203 8,761,847 3,309.793 3,277,367
$
$
$
$
Brockton & Plym_ b_ _ _June
11,766
10,974
3,491
2,166 lIudson & Manhattan a Apr 314,532
c188,636
258,300
c145,141
Jan 1 to June 30
51,309
50,515
9,533
7,544
Jan 1 to Apr 30
720,044
539,415
1,249,947 1.016,626
29,448
Capt Breton Elec Cob June
• 27.427
12,656
11,888 Interboro R T (Subw)_a _Apr 1,462,189 1,329,925
873,239
766,3
161,015
Jan 1 NI June 30
152,136
63,259
64,057
Jan 1 to Apr 30
5,868,591 5,310,236 3,483,143 3,095,6
Roads.
.1N:321 xV::!M
AUG, 31912.]
THE CHRONICLE
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
654,055
673,157
Interboro R T (Elev)_a_Apr 1,344,200 1,328,661
5,267,324 5,184,556 2,525,685 2,450,905
Jan 1 to Apr 30
Total Interboro II T a Apr 2,806,389 2,658,586 1,546,396 1,420,362
11,135,915 10,494,792 0,008,828 5,546,582
Jan 1 to Apr 30
629,798
657,628
Brooklyn R T_a
Apr 1,937,196 1,835,006
7,372,688 0,977,751 2,346,033 2,052,473
Jan 1 to Apr 30
138,086
389,475
New York Rys_a
Apr 1,157,654 1,120,081
897,802
4,397,516 4,314,224 1,279,599
Jan 1 to Apr 30
,759
54,272
a_Apr
deft
3,592
50,026
Central Pk N & E Itiv
198,912
190,879
def0,839 def17,255
Jan 1 to Apr 30
8,821
75,862
Apr
Second Aveuue_a
9,167
68,756
14,263
286,204
14,826
Jan 1 to Apr 30
254,685
139,664
Apr
148,346
Third Avenue_a
308,718
289,753
496,916
Jan 1 to Apr 30
554,384
1,219,036 1,131,015
8,329
16,535
Dry Dk E B way & Bat a Apr
53,837
50,656
18,240
Jan 1 to Apr 30
25,479
201,075
196,016
38,990
42d St M & St N Av_a_ _Apr
55,168
146,685
125,222
111,029
Jan 1 to Apr 30
141,258
464,268
543,796
4,204
N Y City Interboro_a_ _ _Apr
4,975
22,936
36,107
9,421
22,322
Jan 1 to Apr 30
85,435
134,323
2,133
Southern Boulevard_a_Apr
1,344
0,194
10,593
4,276
6,712
Jan 1 to Apr 30
33,396
38,270
46,900
61,679
Union a
181,333
Apr 200,099
115,427
136,703
668,414
Jan 1 to Apr 30
741,075
0;205
1,257
45,142
Westchester Elect _a_ __ _Apr
38,940
12,327
164,171
163,775
Jan 1 to Apr 30
7.9 1
def3,283
20,664
54,214
63,710
Yonkers a
Apr
3,797
42,635
198,500
221,568
Jan 1 to Apr 30
deli.066
532
14,935
15,410
__Apr
Long Island
def8,489
53,681
def7,563
55,049
Apr 30
Jan 1 toElect_a_11,212
5,014
30,716
30,853
N Y & Long Isi Tract_a_Apr
105,477
24,885
12,985
108,224
Jan 1 to Apr 30
def6,346
96,757
103,356
def1,067
Apr
N Y & Queens Co_a
346,839 def81,674 def40,089
375,496
Jan 1 to Apr 30 •
4,734
6,150
def5,571
Ocean Eiec (L 1)..a
766
Apr
19,502
14,091
def1,514 def10,824
Jan 1 to Apr 30
110,535
110,399
27,888
14,708
Coney 1st & Bklyn_a_ _ _ _Apr
411,716
404,564
96,334
69,070
. Jan 1 to Apr 30
25,854
Richmond Lt & 11R_a__Apr
24,488
def2,568
1,735
96,553
def7,114
91,548
Jan 1 to Apr 30
def6,133
2,031
Staten Island Midland a..Apr
18,680
3,745
17,625
68,015
Jan 1 to Apr 30
def4,178
4,326
63,818
Roads.
1
a Net earnings here given are after deducting taxes.
c Other itsome amounted to $81,238 in Apr. 1912, against $68,366 loll.
EXPRESS COMPANIES.
April
1911.
1912:
Adams Fapress Co.$
$
Express revenue
2,921,003 2,661,398
10,767
9,487
Misc transportation revenue
33,926
22,204
Non-transportation revenue..
open._
2,965,696
2,693,089
Gross receipts from
1,537,883 1,436,218
Express privileges-Dr
Total operating revenues.. _ 1,427,813 1,256,871
45,875
73,058
Maintenance
6,093
11,398
Traffic expenses
1,093,102 1,022,398
Transportation expenses_
85,627
82,704
General expenses
Total operating expenses- 1,200,263 1,159,994
90,877
167,549
Net operating revenue_ _ _ _
20,595
One-tweifth of annual taxes_
20,778
146,954
Operating income
76,099
32,432
32,692
Mileage of alliSteam roads..
4,842
3,779
lines coveredlOther lines.. _
July 1 to April 301912.
1911.
$
$
27,833,446 26,932,532
104,152
96,388
247,992
210,832
28,185,592 27,239,752
14,422,469 14,180,639
13,763,122 13,059,113
044,796
708,528
56,926
88,966
10,955,460 10,420,078
856,784
837,933
12,590,889 11,978,585
1,172,232 1,080,527
216,390
198,608
864,136
973,62-3-
April
July 1 to April 301911.
1912.
1912.
1911.
$
$
American Express Co.3,782,551 2,432,033 34,641,917 33,056,288
Express revenue
Miso. transportation revenue
151,962
Non-transportation revenue..
145,112 1,445,090 1,405,020
379
Gross receipts from oper__34,513 3,577,145 36,087,007 34,461,308
2,041,294 1,676,035 17,101,048 15,960,271
Express privileges-Dr
Total operating revenues.. 1,893,219 1,901,110 18,985,958 18,501,037
504,095
636,486
41,196
Maintenance
79,532
303,639
251,708
26,611
Traffic expenses
31,738
Transportation expenses_ __ _ 1,550,286 1,411,183 14,829,637 13,725,491
General expenses
146,845
116,264 1,269,173 1,187,171
Total operating expenses.... 1,807,84-5 1.598,255 16,906,545 15,800,917
Net operating revenue
85,374
302,855 2,079,413 2,700,120
292,128
316,961
One-twelfth of annual taxes..
29,974
39,294
55,400
263,561 1,762,451 2,407,992
Operating Income
56,118
Mileage of alliSteam roads..
54,269
2,388
lines coveredlOther lines_ 2,156.
April
1912.
1911.
Canadian Express Co.
Express revenue
Miscell. transporta. revenue_
Non-transportation revenue..
Gross receipts from oper_ _
Express privileges-Dr
Total operating revenues.. _
Maintenance
Traffic expenses
Transportation expenses.. _ _ _
General expenses
Total operating expenses.. _
Net operating revenue-..-..
One-tweifth annual taxes- Operating income
Mileage of alliSteain roadS_
lines covered Wther lines....
Canadian Nor. Express Co.
Express revenue
Miscell. transports. revenue..
Non-transportation revenue..
Gross receipts from oper
Express privileges-Dr
Total operating revenues....
Maintenance
Traffic expenses
Transportation expenses........
General expenses
Total operating expenses
Net operating revenue........
One-twelfth of annual taxes..
Operating Income
Mileage of all1Steam roads
lines coverediOther lines..
202,087
2,373,270
2,133,856
5,091
259,107
120,700
138,407
7,515
1,412
102,248
6,792
117,969
20,438
2,250
18,188
6,122
830
5,025
52,412
208,012 2,425,691
102,709 1,128,458
105,243 1,207,233
12,126
61,689
813
12,079
78,579
954,503
6,781
71,876
98,299 1,100,149
6,943
197,084
1,200
22,500
5,743
174,584
7,362
830
44,195
2,178,051
1,050,264
1,127,786
38,347
9,652
805,171
07,964
919,136
208,649
12,000
196,649
1,698
62,371
24,269
38,102
169
223
16,212
1,552
18,158
19,943
540
19,403
4,022
22
Globe Express Co.Express revenue
Miscel. transportation rev..
Non-transportation revenue..
Gross receipts from oper_ _
Express privileges-Dr
Total operating revenues....
Maintenance
Traffic expenses
Transportation expenses..
General expenses
Total operating expenses....
Net operating revenue_ _ _ _
One-twelfth of annual taxes_
Operating income
Mileage of alif Steam roads..
lines coveredlOther lines
Great Northern Express Co.
Express revenue
Miscell. transporta. revenue_
Non-transportation revenue..
Gross receipts from oper_ _
Express privileges-Dr
Total operating revenues.._
Maintenance
Traffic expenses
Transportation expenses__ _
General expenses
Total operating expenses_ _
Net operating revenue.. _ _ ..•
One-twelfth of annual taxes_
Operating income
Mileage of alliSteam roads_
lines coveredlOther lines- National Express Co.Express revenue
Miso. transportation revenue
Non-transportation revenue..
Gross receipts from oper__
Express privileges-Dr
Total operating revenues_ _
Maintenance
Traffic expenses
Transportation expenses....
General expenses
Total operating expenses....
Net operating revenue........
One-twelfth of annual taxes_
Operating income
Mileage of allfSteam roads..
lines coveredlOther lines....
Northern Express Co.Express revenue
Miscellaneous transpor. rev..
Non-transportation revenue_
Gross receipts from oper_ _
Express privileges Dr
Total operating revenues_ _
Maintenance
Traffic expenses
Transportation expenses_ __ _
General expenses
Total operating expenses.._
Net operating revenue........
One-twelfth of annual taxes_
Operating income
Mileage of allfSteam roads._
lines coveredlOther lines
April
1912.
1911.
$
$
59,807
50,797
1,162
60,969
30,308
30,661
6 20
1,740
23,075
3,561
28,098
1,663
650
1,013
2,903
608
51,406
26,806
24,599
993
1,418
21,965
3,684
28,062
-3,462
815
-4,277
2,842
Apri
1912.
1911.
$
230,776
200,373
July 110 April 301911.
1912.
$
$
578,957
634,188
7,945
642,133
318,824
323,309
6,517
16,967
243,831
40,640
307,957
15,352
7,550
7,802
5,802
584,759
287,792
296,967
7,956
13,761
202,380
40,436
264,536
32,413
7,920
24,511
July 1 to April 301911.
1912.
2,315,774
2,115,939
12,588
20,385
3,479
1,050
234,255
201,423 2,356,160 2,128,527
141,397
121,550 1,429,336 1,302,149
92,858
826,378
906,823
79,872
1,975
15,459
16,762
1,282
1,370
12,591
1,554
14,450
70,012
574,821
58,354
694,204
4,475
36,725
3,200
40,373
77,833
64,391
639,598
765,790
15,024
15,480
186,780
141,033
4,046
2,616
29,759
31,526
10,977
12,864
157,020
109,507
8,496
8,439
399
359
April
July 1 to April 301911.
1912.
1912.
1911.
$
$
$
$
98,448 1,037,749 1,000,050
103,572
494
104,066
46,552
57,513
1,086
343
98,792
37,615
61,176
602
4,624
1,042,374
417,361
625,012
8,922
7
479,447
30,413
518,790
106,221
4,931
101,290
3,963
1,004,014
380,390
623,624
8,679
46,010
45,182
464,055
2,902
31,243
3,216
49,999
49,001
503,979
12,175
7,514
119,645
540
4,306
12,175
6,973
115,339
1,422
1,408
218
218
Marc)
July 1 to Mch. 311911.
1912.
1911.
1912.
236,256 2,147,874 2,336,912
215,755
31,420
29,164
3,154
3,193
239,411 2,177,038 2,368,355
218,949
125,491 1,107,167 1,144,589
111,529
107,419
113,920 1,069,871 1,223,744
2,247
17,137
16,863
3,008
3,386
8,370
27,741
30,098
73,105
76,736
693,368
696,405
4,209 .
5,973
42,058
53,802
84,696
87,340
780,307
797,170
26,579
22,722
443,437
272,701
4,500
40,500
4,500
40,500
18,222
402,937
232,201
22,079
6,601
7,310
315
261
April
-July 1 to April 301911.
1911.
1912.
1912.
$
$
$
$
United States Express Co.Express revenue
1,757,349 1,653,372 17,238,806 16,603,619
Miscell. transporta. revenue
27,039
28,722
267,373
272,453
Non-transportation revenue_
1,784,389 1,682,095 17,506,180 16,876,072
Gross receipts from oper
849,151
793,308 8,154,147 8,039,219
Express privileges-Dr
888,786 9,352,032 8,836,852
Total operating revenues-.. 935,237
24,582
30,084
332,236
244,745
Maintenance
12,709
12,663
158,082
Traffic expenses
121,127
765,206 8,240,977 7,552,100
818,174
Transportation expenses.. __ _
45,148
498,676
General expenses
53,457
430,327
847,646 9,229,972 8,348,301
Total operating expenses_ _
914,381
Net operating revenue_
122,060
41,140
488,551
20,856
One-twelfth of annual taxes_
123,478
94,889
12,267
20,481
393,662
--1,417
28,872
Operating income
$74
Mileage of all'Steam roads..
28,853
28,788
lines covered101her lines
3,839
3,954
July 1 to April 301911.
1912.
254,016
May
1911.
1912.
$
$
42,621
60,673
293
July Ito May 311912.
1911.
544,880
1,316
18,544
43,938
563,425
17,048
218,522
26,889
344,902
39
2,510
193
4,134
11,877
158,694
981
16,709
13,091
182,649
13,798
162,852
1413,971
13,656 - 158,881
3,369
.
22
403,237
316
15,665
419,220
160,727
258,492
1,458
3,292
123,752
11,930
140,433
118,058
1,554
116,500
ANNUAL REPORTS,
Annual Reports. -An index to annual reports of steam
railroads, street railways and miscellaneous companies'which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of July 27. The next will appear in that of Aug. 31.
Colorado & Southern Railway.
(Preliminary Statementfor Fiscal Year ending June 30 1912.)
COMBINED SUMMARY OF OPERATIONS OF ALL COL.& SO.LINES
1911-12.
1910-11.
1909-10.
1908-09.
1,813.17
2,008.39
(1)
Mileage
(3)
$13,960,826 $15,824,064 $16,777,981 $15,080,412
Operating revenue
9,616,454 10,334,111 10,863,455 10,225,687
Operating expenses....
Net operating revenue $4,344,372
511,470
Taxes
$5,489,953
478,323
$5,914,526
477,870
$4,854,725
393,907
Operating income........ $3,832,902
532,749
Misc. credits to inc.(net)
$5,011,630
81,484
$5,436,656
179,986
$4,460,818
421,723
$4,365,651 $5,093,114
Total
DeductInterest on bonds, &c... $2,864,833 $2,794,522
340,000
340,000
First pref. dlvs., 4%.._ .
340,000
340,000
Second pref. divs., 4%..
620,000
620,000
Common diva., 2% _ _
$5,616,642
$4,882,541
$2,665,009
340,000
340,000
620,000
$2,683,682
340,000
340,000
620,000
$3,965,009
$1,651,633
$3,983,682
$898,859
Total deductions
Balance, surplus
$4,164,833
$200,818
$4,094,522
$998,592
294
THE CHRONICLE
Note.-The operations of Colorado Springs 80 Cripple Creek District By.,
74.25 miles, are omitted after Nov. 1 1911, the road now being leased to the
Cripple Creek Central By. system. The operating revenue of the C. S. &
C.C.D.Ry.from Nov. 1 1910 to June 30 1911 was $435,224.-V.94,p.278.
Brooklyn Rapid Transit Co,., New York City.
(Report for Fiscal Year ending June 30 1912.)
Pres. T. S. Williams, Brooklyn, Aug. 1, wrote in substance:
Pere Marquette Railroad.
(Preliminary Statementfor Fiscal Year ending June 30 1912.)
Financial Results.-The system for the year shows: An increase in gross
earnings of $1,240,007, or 5.64%; an increase in operating expenses of
$445,692, or 3.68%; an increase in taxes of $309,507, or 21.12%, and an
increase in surplus from operation of $651,278, or 21.28%. There has
been an increase in reserves for insurance and depreciation of $386,847
and a decrease in bills payable of $950,000.
The net surplus was $3,731,259, equivalent to 8.32% upon the stock,
as against 6.82% for the preceding year. The directors have set aside from
surplus account, as a special reserve fund, the sum of $1,000,000, making
the total reserves, other than surplus, $2,016,046, and leaving a balance
to the credit of surplus of the combined system as of June 30 1912 $5,863,813.
Dual System of New Rapid Transit Lines.-The city Board of Estimate
and Apportionment determined on May 22 1912 upon a new program, involving substantially a return to the so-called ;'dual system," and a distribution of the new rapid transit lines between your company (V. 94, p. 1694)
and the Interborough Rapid Transit Co.(V. 94, p. 1507, 1566). The Public Service Commission is now engaged in preparing formal contracts.
Lines to be Operated by New Company Now Being Organized in Interest
of Brooklyn Rapid Transit Co.
(A) To be constructed with funds furnished jointly by the city and the
operator in certain agreed proportions, title to be vested in the city.
(1) Two-track subway line from Whitehall St. at the Battery in Manhattan, through Whitehall and Morris streets, Trinity Place, Church and
Vesey streets to Broadway; thence as a 4-track subway in Broadway to
42d St., and from 42d St. through 7th Ave. to 59th St.; thence as a 2-track
subway through 59th and 60th streets to Queensborough Bridge and by
two tracks over the bridge to a connection with the lines converging at
Queensborough Plaza in Long Island City.
(2) Two-track tunnel line from Whitehall St. at the Battery under the
East River to Montague St. Brooklyn; thence under Borough Hall, Fulton
St. and Willoughby St. to the 4th Ave. subway in Flatbush Ave.
(3) Two-track subway from a connection with the 4th Ave. subway
tracks in Fulton St., Brooklyn, through St. Felix St. and under Long
Island RR. station to Flatbush Ave. at about 5th Ave.; thence through
Flatbush Ave. to Prospect Park Circle and Brighton Bch. line at Malbono St.
(4) Two-track subway in Canal St., Manhattan, from the Manhattan
Bridge line westerly to the Broadway line at Canal St. and Broadway.
(5) Completion of Centre St. loop line to the Brooklyn Bridge, and an
extension of two tracks from said loop southerly through Nassau St. and
Broad St. to the East River tunnel at Whitehall St.
(6) Completion of the 4th Ave. subway and Its extensions to 86th St.,
Brooklyn, with 4 tracks from 40th St. to 65th St., and 2 tracks from 65th
St. to 86th St., with provision for a connection at or about 65th St. with
the proposed tunnel line to Staten Island, and with the Sea Beach By.
(7) Extension of 4th Ave. subway from 4th Av. and 38th St., Brooklyn, to about 10th Ave. as a subway, thence by a 3-track elevated line
over 10th Ave. and New Utrecht Ave. to a point near 81st St.; thence over
private property to 86th St. and thence over 86th St. and Stillwell Ave. to
Surf Ave., Coney Island.
(8) Three-track elevated line from a point near 38th St. and 9th Ave.,
Brooklyn, over the present Culver route-that isver private property,
X, and thence over
to Gravesend Ave., over Gravesend Ave. to about Ave.A
Shell Road to Surf Ave. Coney Island.
from 6th Ave. and 14th St., Manhattan, through
(9) Two-track subway'
14th St. and under the East River to North 7th St., Brooklyn, thence
through Metropolitan and Bush wick avenues to Johnson Ave., thence as
a 2 and 3-track elevated line over Johnson Ave. and private property to
•Wyckoff Ave. and over Wyckoff Ave. and private property to the Broadway elevated line at Broadway in East New York.
(10) Two-track subway and tunnel route from the 4th Ave. subway,
near 65th St. in Brooklyn, along, under or near the line of 65th St. and
under the Bay to Staten Island, near the foot of Arrietta St., with spurs
to St. George and Stapleton.
(13) To be constructed by the operating company at its own expense,
and title thereof Is to vest in the company, subject to recapture by city.
(11) Two-track extension of Brighton Beach elevated line from the intersection of Fulton St. and Franklin Ave. through Greenpoint of Long Island
City to the Queensborough Bridge Plaza, there connecting with the lines
to Astoria and Corona.
(12) Two-track elevated line to Jamaica, with privileage of three tracks,
running from present terminus to Cypress Hills elevated via Jamaica Plank
Road to Grant St.
(13) Two-track elevated line, with privilege of three tracks, from the
present termination of the elevated tracks in Liberty Ave., at a point near
the old Brooklyn City line, through Liberty Ave. to about Lefferts Ave.,
Richmond Hill.
1909-10.
1910-11.
• Operating Revenue1911-12.
Freight
$11,255,766 $10,765,545 $11,131,076
3,707,311
3,939,391
Passenger
4,045,588
605,474
689,541
724,866
, all and express
394,569
438,388
464,313
0 h r transport'n rev
157,192
153,943
185,895
( ti.er than transp'n rev.
546,649
536,954
484,053
Cutside operations
1908-09.
$9,705,565
3,366,466
578,505
359,768
159,261
460,262
• Total operating rev_ _$17,160,481 $16,523,762 $16,542,271 $14,629,827
Operating Expensesaint. of way & struct_ $2,064,891 $2,123,297 $1,932,437 $1,669,220
2,550,859
2,117,700
2,018,494
2,804,938
Mat-it. of equipment..
420,298
467,790
349,971
423,916
raffle expenses
7,292,092
6,370,632
5,712,493
Transportation exp_ __ _ 7,707,865
424,373
362,173
357,017
407,194
General expenses
612,555
495,602
474,385
559,229
Outside operations
$13,968,033 $13,470,966 $11,698,842 $10,581,580
Total expenses
(81.52)
(70.72)
(72.33)
(81.39)
P.c. exp. to earnings_ _ _
3,052,797
4,843,429
4,048,247
Net operating revenue.. _ 3,192,448
664,770
755,641
667,704
576,893
Taxes
Operating income_ _ _ _ $2,524,743 $2,388,027 $4,087,788
Dr.614,819 Dr.570,232 Dr.143,213
Hire of equipment
157,138
164,132
126,393
Other income
$3,471,354
Dr.10,465
248,674
$2,067,062 $1,981,927
Total net income
Deduct$3,291,197 $2,997,130
Interest on bonds
77,370
38,050
Int. on bills payable_ __ _
4,840
Int. on receiver's Ws
712,655
721,188
Rentals
$4,070,968
$3,709,563
$2,89.8,793
25,047
825
676,589
$2,941,151
11,690
17,005
(399,066
$4,046,742 $3,795,688 $3,601,254 $3,668,912
Total deductions
Balance, surp. or def_def.$1,979,680df.$1,813,761sur.$469,714 sur.$40,651
Note.-The figures for 1911-12 include receivers' earnings, expenses and
,fixed charges for June 1912, and also such earnings, expenses and fixed
charges as were taken into account during June 1912, on account of business
prior to receivership.-V.95 p. 111, 48.
Philadelphia Rapid Transit Company.
(Report for Fiscal Year ending June 30 1912.)
A part of the text of the report for the fiscal year ending
June 30 1912 was given last week (p. 233) along with the
comparative tables of income account and balance sheet.
The pamphlet report now at hand also says in part:
Additions, &c.-The construction of a car house, costing approximately
$500,000, located at 10th and Luzerne streets, is now under way. It was
agreed that $229,000 from the proceeds of the new $10,000,000 bond issue
would be used for the construction of a new double-track crosstown line on.
Snyder Ave. and of certain extensions to other lines. This work was completed prior to Jan. 1 1912. We have also expended (see V. 95, p. 233)
during the year $408,156 for 30 elevated cars and additional freight and
miscellaneous equipment.
Bonds.-The mortgage securing the new $10,000,000 loan stipulates that
bonds to the amount of $2,000,000 shall be Issued as of March 1 1912, the
date of the mortgage, and $2,000,000 during each of the four succeeding
years, with the provision that these issues may be anticipated with the
consent of Union Traction Co. The management determined to purchase
new cars faster than promised, thus giving the public better service and
the company a greater earning power. 880 new cars were accordingly contracted for as against the 520 originally contemplated, and in order to meet
this large outlay the consent of the Union Traction Co. was obtained to an
issue of $2,000,000 bonds on Oct. 1 1912 and $2,000,000 on Jan. 11913; this
in addition to the $2,000,000 issued under date of March 1 1912.
Power.-The capacity of our power plants as of July 1 1011 was not sufficient to propel additional cars nor to heat the cars operated through the
evening rush hour during the preceding winter season. To meet this shortage a 5-year power contract was entered into with the Phila. Electric Co.
In July 1911 for 8,000 k.w. for delivery commencing in Nov. 1911, and your
Third Track and Other Improvements and Additions.
company simultaneously increased by 6,000 k.w. its own power production
(C) Third track to be laid by operator at its own expense, subject to
at the Delaware Ave. plant. The contract with the Phila. Electric Co. recapture
by the city under certain conditions.
has now been extended to cover a 10-year period and increased from 8,000
On Fulton St. elevated line from Brooklyn Bridge to East New York;
k.w. to 15,000 k.w. commencing Nov. 15 1912 and to 20,000 k.w. com- Broadway
elevated line from Williamsburgh Bridge to East New York,
mencing Nov. 15 1913. The contracts with the Philadelphia electric comwith the privilege of extending either of said third tracks from the present
panies operating in Delaware County have also been increased from 560 k.w. terminus
such line; and the Myrtle Ave. line from Broadway to Ridgeof
This
1912.
1
Oct.
additional
power
will
enable
to 1,200 k.w., effective
connection between the Myrtle Ave. and Broadway tracks.
us to operate during the coming winter cars supplying over 30% added seat- wood with a
compared
as
with
travel
of
hours
rush
the
1911-12.
during
capacity
ing
Improvements and additions to be made to existing lines at operator's
(D)
A new contract has been entered into with the Philadelphia Electric Co. expense (but without any right of recapture by the city) to eliminate grade
for the supply of 5,000 k.w. in the northern district, including Chestnut Hill, crossings and generally facilitating rapid transit.
Ogontz, Willow Grove and Neshaminy, for a period of ten years commencing
(1) Reconstruction of Sea Beach line from the 4th Ave. subway at 65th
June 1 1913. The purchase of this power relieves us from the capital ex- St. to Coney Island, with either two or three tracks where necessary and
penditures necessary to the modernizing and enlargement of our power depressed or elevated as may be found practicable.
producing units in this outlying district.
(2) Two additional tracks on Brighton Beach line from Malbonc St. to
Wages.-The co-operative plan of Aug. 1911 promises increases in wages Church Ave., thus continuing the four-track line of this road to the subway
as rapidly as the use of the 22% fund [set aside for wages, pensions and In Flatbush Ave. and the removal of grade crossings on the Brighton Beach
death benefits of motor men and conductors] makes possible, but in no line through the elevation of two of the existing tracks and the addition of
case later than the dates contained in our notice of April 5 1910. The two other tracks between Neptune Ave. and the terminal at Coney Island.
maximum wage paid prior to July 1 1911 was 23 cts. per hour. Effective
(3) Removal of grade crossings for rapid transit service on the Lutheran
July 1 1912 the maximum rate was 25 cts. per hour, this being two years Cemetery line, between Ridgewood and Fresh Pond Road, by elevation of
in advance of the published notice and representing an Increase of 2 cts. two tracks, with connections at Ridgewood with existing elevated.
of
all
the
by
year,
which
one
aid
of
has been accomplished
per hour in
(4) Establishment of elevated terminal at Coney Island, between the
the 22% fund. Effective July 1 1912 an increase of 1 ct. per hour was given Culver and West End terminals, for use of Brighton Beach and Sea Beach
to over 1,500 men employed in the cleaning and repair of cars. The wages lines and by city-owned lines In New Utrecht Ave. and Gravesend Ave.
of these men are not included in the 22% fund.
(5) Installation of additional tracks to faciltate the connection of the
Accidents.-The crusade for the prevention of accidents in which the various elevated lines converging at East New York.
company has been ably assisted by the Board of Education and others
The Brooklyn Company is also to have trackage rights in Queens over the
has been most effective in reducing the number of serious accidents. The so-called Astoria and Corona elevated lines.
safety devices, as applied to the new near-side cars, and the improved wheel
The general operating terms anti the conditions under which the city may
guards have also proven of great use. The claims department has during recapture various lines are outlined in the report approved by the Board of
the past year made a reduction of over 25% in the number of litigated cases Estimate and Apportionment.
pending against this company.
The expense to the company for construction and equipment will be
Pensions, &c.-The directors authorized as of Feb. 19 1912 a broadening about $60,000,000.
of the plan covering pensions and Insurance. All employees who have
The existing rapid transit lines of the Brooklyn Union Elevated RR., the
reached the age of 65 years and completed 25 years of continuous service, Canarsie RR. Co. and the Sea Beach By. Co., together with the proand who are in receipt of compensation not exceeding $200 per month, are, jested extensions thereof, will be operated in connection with the new citywhen unable to further perform their duties, entitled to a pension of $20 owned rapid transit lines.
per month. A $500 death benefit is also paid to the surviving family or Track Mileage of the Unified System will Approximate 268.999 Miles.
7
dependent of all employees above the age of 21 years who have been in Existing rapid transit lines_ _105.522 ISubways and tunnels
continuous service for two years prior to their death and who are in receipt Additional tracks on above.. 19.863 Elev. extens. (Incl. bridges)_ 73.034
of compensation not to exceed $200 per month. During 1911-12 pensions
The new company, whose stock wit be owned by one of the companies of
were paid to 50 of the older employees, and tile $500 death benefit was paid the Brooklyn Rapid Transit system, is being organized.
to the families or dependents of 87 employees. The total expenditure for
In order to provide the now
the year on this account was $55,853.
Financing.-The Brooklyn Rapid Transit
equipment, has contracted with
company with the funds for construction and Co.'
EXPENDITURES OUT OF PROCEEDS OF THE $10,000,000 5% COLL. Central Trust Co. of N. Y., Kuhn, Loeb & Co. and Kidder, Peabody & Co.
GOLD BONDS YEAR END. JUNE 30 1912-TOTAL, $2,668,341.
for the sale of $40,000,000 6-year 5% notes of an authorized issue of $60,000,000. These notes will be convertible at option of holder into 5% 1st M.
Rehabilitation of property-Expenditures on account of new
bonds of the new company at any time prior to Jan. 1 1916, on and after
near-side cars and standard track reconstruction, $1,301,287;
less 50% charged to reserve fund for renewals, $650,643
$650,643 which date they are to be redeemable at the option of the company at 101
•1
and int. on any interest day on 90 days' notice.
Additional property [real estate, $224,366; track, $507,784; cars
The issue of notes will be secured: (1) By pledge with the Central Trust
(cost of 30 elevated cars and miscel. equip.), $408,156; power,
$562,315; miscellaneous, $50,096]
1,752,718 Co. of N. Y., as trustee, of an equal face amount of 1st M.5% bonds ()tithe
company which is to be organized to lease and equip the new subway and
Refunding capital obligations: Phila. Rapid Transit Co. equip.
elevated lines allotted to the Brooklyn Rapid Transit interests; (2) by
trust, $150,000, and collateral gold bonds, 834,300; People's
pledge as additional security with said trust company, as trustee, of
Pass. By.4% stock trust, $25,000; Union Traction Co.collateral
$10,000,000 of the convertible 4% refunding bonds of the Brooklyn Rapid
gold bonds, $13,680; Market St. Elevated Pass. By, equip.
Transit Co., which bonds are now held in the treasury of the B. R. T. Co.ill
F. trust, $32,000; Phila. & Willow Grove St. By. Co. 4%% gold
The proceeds of the notes are to be deposited as security for the notes
bonds, $10,00.0
264,980
. ........
until expended. (See also V. 94, p. 1694, 1702.) •
[.See alsoW. 95, p. 233.
•
r.
AUG. 3 19121
295
THE CIIRONICLE
franchise to the
The town of Montreal West has granted an exclusivethe
have been deferred
Privy Council
Additions, &c.-Many contemplated improvements
for a period of 50 years. Under the judgment of Railway
company
Among
city.
the
with
contracts
Commistransit
of
rapid
Pending the consummation of
of London, Eng., the judgment rendered by the Board
year are:
of fares in
rates
and
traffic
through
to
regard
with
the additions and improvements of the past
Canada
for
single-track sioners
viz.,
lines,
surface
of
extensions
Two
-(a)
Lines.
(1) Surface
was dismissed.
and Liberty Ave. (580 ft.), Mount Royal Ward
employees,
line on Georgia Ave. between Atlantic Ave.
The company has continued its liberal policy towards its
to Malbone
and double-track extension of Kingston Ave.line from Carroll St.Island RR. wages having been increased during the year.
&
Coney
Y.
city, the
N.
(5)
the
track).
of
as
single
measured
congestion
and
St. (1,824 ft.
Owing to the continued rapid growth
1.43 miles.
double-tracked between West 15th St. and West 37th St.,
negotiating with the City of Montreal for a new conn. (d) 66,640 directors have beenpresent-day
conditions.
(c) 12.62 miles of single track rebuilt of standard constructio
repre- tract applicable to
Co., see
yards of improved pavement in city streets between tracks and rails,Ave.
(As to the holding company, the Montreal Tramways & Power
1057.]
senting 7.89 miles of street. (e) Terminal loops at 86th St. and 5thwere
re- V. 91, p. 1711, 1768; V. 94, p. 417, 488, 560,
(2) Elevated Lines.-3.62 miles of track and 14,100 cross-ties
approximately
RESULTS FOR NINE MONTHS ENDING JUNE 30 1912.
newed. Reinforcement of elevated structure completed,repainted.
$4,355,403
86,200 ft. of structure having been reinforced. 1.65 miles
auxiliary Gross earnings
unit,with
enerator
turbo-g
k.w.
20,000
-One
2,618,943
Stations.
Power
(3)
increas- Operating expenses
equipment, was contracted for, to be in operation during 1912-13;
One
k. w.
$1,736,460
ing the capacity of the Williamsburg power station to 90,000 sub
Net earnings
-station,
bonds
1,000 k. w. rotary converter installed in the Prospect Parkw.
Deduct-City percentage on earnings, $279,030; int on
increasing the total capao.ty of the sub-stations to 94,500 k.be
and loans, $449,514; int. deb. stock, $600,000; taxes, $50,850_ 1,379,394
ordered for
(4) Cars.-One centre-entrance car constructed; 100 will elevated
cars
943
and
surface
$357,066
delivery during the ensuing year. 1,682
Balance, surplus
completely overhauled, repaired and revarnished.
an
From this surplus there has been appropriated for contingent account,
Wages.-Before the close of the fiscal year the directors authorized
transferred to general surplus, $207,066.
be
to
leaving
1912.
$150,000,
July
in
effective
Increase in wages affecting about 5,000 employees,
the company
GENERAL BALANCE SHEET JUNE 30 1912.
Capital Expenditures-Refunding Bonds.-On June 30 1911bonds
had not
had expended for construction purposes, for which refunding
Assets ($35,102,061)1911-12,
during
added
was
there
$465,455;
$32,143,281; new construction, $741,427.$32,884,708
been
issued,
time
at that
year $430,000 Cost of road 6: equip.
$406,522; total, $871,977. There were issued during the for refunding Accts. reedy., $107,074; stores, $410,116; underlying securities 1,722,353
; cash, $58,163; total
$1,147,000
first refunding mortgage 4s of 1902 bonds (besides $52,000
fund,
redemption
495,000
similar bonds may
purposes), leaving the amount of $441,977 for which
es, the final Investments-($35,102,081)be issued. This does not include certain capital expenditur
Liabilities
No
.
determined
•$2,000,700
been
yet
not
has
securities
in
which
common
for
ent
stock,
Capital
reimbursem
•16,000,000
debentures
bonds of any kind were sold during the fiscal year.
to June 30 1912, Capital stock
bonds, $10,445,000; 434% underlying bonds,
Of the $50,199,000 first refunding bonds delivered
$26,676,296-$1,761,000 1st & ref. M.;5%
14,871,863
-realizing
total
cash
for
$6,863;
sold
mortgages,
been
$4,420,000
$33,078,000 have
constituent companies. One Accts.
6: wages payable, $332,896; accrued int., $241,125;
have been exchanged for bonds and stocks of
accrued tax n earns., $292,992; employees' securs., $21,242;
bond was converted Into stock.
Hand June 30 1912.
unclaimed 1,s., $1,957; unredeemed tickets, $119,348; sus- 1,318,454
Disposition of $17,121,000 Refunding Bonds on
pense account, $308,894; total
security for Brook127,648
account
Collateral with banks and trust companies as
Contingent
$5,755,000
207,066
lyn itapla Transit bilis payable
Surplus
9,605,000
Co
Transit
Rapid
576,330
reserve
In hands of Treasurer Brooklyn
capital
Special
1,046,000
Co
In hands of Treasurer The Nassau Electric BR.
700,000
1186.
Deposited with trustee of Nassau consolidated mortgage
• This Includes amount due on shares not yet exchanged.-V.94,p.
15,000
Deposited by N. E. RR. Co. with City of N. Y. & held in escrow
RESULTS FOR YEARS ENDING JUNE 30.
1909-10.
United States Steel Corporation.
1910-11.
a--Tj • •
1911-12.
598,555,794 571,881,446 569,438,773
carried
Passengers
77,984,651
79,619,831
Quarter and Half-Year ending June 30 1912.)
the
81,604,127
(Earningsfor
Revenue mileage
26.3 eta.
26.8 cts.
27.6 cts.
Earnings per revenue mile
subReceiptsThe following statement of the corporation and its
$22,949,021 $21,716,486 620,746,876
out op
Transportation
232,639 sidiaries for the quarter ending June 30 was given
270,057
277,529
s
Miscellaeou
.
Tuesday after the regular monthly meeting of the directors
$23,226,550 $21,986,543 $20,979,515
Total
" as here shown "were arrived at after
earnings
"net
The
Expenses
Operating
$1,384,581 deducting each month the cost of ordinary repairs and mainMaintenance of way and structures.._ $1,636,713 $1,423,108
2,070,814
2,125,580
2,155,134
fixed charges of
Maintenance of equipment
1,498,712 tenance of plants and interest on bonds and
1,339,552
1,404,160
plant
power
Operation of
3,451,414 subsidiary companies."
3,714,683
3,863,700
Trainmen's wages
1,543,049
1,584,180
Operation of cars-miscellaneous__ _ _ 1,586,974
1321). •
656,502
750,854
681,441
• UNFILLED ORDERS ON HAND (Compare V. 94, p. 1631.
Damages paid
198,906
232,616
Tons.
231,975
Tons.
Tons.
Damages, legal expenses
66,130
60,115
65,195
,346 Dec. 31 '08_•3,603,527 June 30 '05_4,849,655
General law expenses
689,522 June 30 '12_95,807,841
,560
707,369
31
'05_5,597
Mch.
,977
733,294
'08.93,421
30
Sept.
General expenses
174,289 Melt. 31 '12_•5,304,761 June 30 '08.93,313,876 Dec. 31 '04..4,696,203
227,004
252,762
Freight and mail expenses
3,192 Dec. 31 '11.'5,084 317 Mch. 31 '08.93,765,343 Sept. 30 '04_3,027,436
1,306
711
expenses
Co.
'11.3,611,
Traffic
30
By.
Sept.
American
30 '04..3.192,277
June 30 '11.'3,361,058 Dec. 31 '07_ 1'4,624,553 June
$12,612,059 $12,166,367 $11,737,111 Mch. 31 '11.'3,447,301 Sept. 30 '07...6,425.008 Mch. 31 '04...4.136.961
Total
$9,242,404
31 '03_3,215,123
Dec.
$9,820,176
878
1
'07_7,603,
$10,614,49
30
June
,757
Net revenue
278,814 Dec. 31 '10_•2,674,106 Mch. 31 '07_8.043,858 Sept. 30 '03..3,278,742
297,524
317,991
Sept. 30 '10.93,158
OtherlincoMe
June 30 '03_4,666,578
718
'06_8,489,
31
Dec.
,794
*.
,
•
'10.'4,257
'
1.:.1
June 30
if • •
$10,932,482 $10,117,70031$9,521,218 Mch. 31 '10.93,402,514 Sept. 30 '06...7,936,884 Mch. 31 '03_5,410,719
r. Total income
'02_5,347,253
,031 June 30 '06_6,809,589 Dec. 31
0Deductions$1,454,213 Dec. 31 '09_•5,927
$1,465,535
712 Sept. 30 '02..4,843,007
$1,775,041
axes
Sept. 30 '09_ 4'4,796,833 Mch. 31 '06_7,018,,086 June 30 '02_4,791,993
5,455,410
5,503,686
5,446,219
31 '05..7,605
Interest and rentals (net)
108,560 June 30 '09.93,057,939 Dec.
88,535
'05..5,865,377 Nov. 1 '01_2,831,692
Betterments
1,906,286 Mch. 31 '09.93,542,595 Sept. 30
2,242,690
2,239,851
Dividends
(434%)
(5%)
(5%)
Rate of dividend
• On present basis-see V. 91, p. 1333.
$9,461,111 $9,300,446 $8,924,469
RESULTS FOR QUARTERS ENDING JUNE 30.
Total deductions
$596,749
1909.
$817,254
$1,471,371
1910.
1911.
1912.
Balance, surplus
$25,102,265 $28,108,520 640,170,960 $29,340,491
Net earnings
BALANCE SHEET JUNE 30.
Deduct
1911.
1912.
1911.
1912.
Sinking funds on bonds
$506.096
Liabilitiesr720,256 •
$
Assetsof subsidiary cos_ _
B. R.T.stock _ _ 44,837,218 44,853,772
$6,268,680
Road & equip_a126,280,147a125,951,909 Stock of constit.
De rec.& reserve funds $5,075,119
5,511,000
5,569,949
_
_
Brooklyn
Bonds
regular provision)
892,609
816,609
cos.not owned
5600,000
5600,000
S. Steel
City RIt
5,911,862
5,849,363
Funded debt_ __ 84,362,540 89,915,590 Interest on U.
5,783,293
Adv. to leased
Corporation bonds... 5,714,111
160,000
154,600
mtges_
est.
Real
11,233,083
11,303,225
companies __
on U. S.
funds
Sinking
c5,100,000
c4,150,000
_.
1,400,101
payable_
1,462.599
Bills
1,528.670
1,597,852
Deposit to guar.
bonds__
Corp.
Steel
1,640,362
Accts. payable_ d2,073.580
Brooklyn City
1,855,289
1,693,802
9
7
$13,329,05
accrued..
$13,602,16
3
Faxes
$13,580,64
___ 3,004,920 3,904,920
$12,387,082
lease
61o,9u9
615,696
1,012,608 Bond Int. acced
860,764
$12,715,183 $14,527,877 126,568,793 $16,011,432
Mails & supplies
59,926 Balance
42,319
$6,304,919
$6,304,919
$6,304,919
864,980 Int.&rents accr_
$6,304.919
Accts. receivable 1,104,919
267,584 Div. on pref. stk.(1 %%)
361,900
003812269
177,164 Insurance res've
171,166
Investments
Div, on corn. stock.(1 SO 6,353,781(1 ;06353781(1 S06353781
1,742,686 1518,059 Accr'd amort. of
Ca%
• $5,894,244
3
&sinking
$13,910,09
cap.
216,156
*1,869,177
•
310,472
res've
$56,483
Insurance
Surplus for quarter__
361,616
654,145
fund accrued_
110,182
287,823
Prepaid accts._
On account of expendi500 sinecial reserve. 1,000,000
Miscellaneous
be
to
and
made
tures
e5,863,813 5,427,395
Surplus
--- - made for addl prop'y,
7,500,000
new plants,constr.,&c.
196,626,122 145,689,561
Total _
146,626,122 145,589,561
Total
$56,483 $1,869,177 $6,410,093 $5,894,244
quarter
for
sun,
Bal.,
funded,
yet
a Includes construction expenditure, constituent companies, not
30.
NET EARNS.FROM OPERATIONS FOR HALF-YEAR END.JUNE
1441,977 In 1912, against 8465,455 in 1911.
1909.
1910.
1911.
1912.
S These are deposited with trustee of B. It. T. Co. refunding 4% bonds.
cThe;e are secured by deposit of B. It. T. Co. refunding bonds.
•$5,243,406 $5,869,416 $11,316,014 $1062,605
January
7,669,336
7,180.928 11.616,861
if Inci ides July 1 1912 dividend unpaid.
•5,427,320
February
items, $20,037,
7,989,327
e Atte' adding profit from real estate disposed of and other misc.
•7,156.247 10,468,859 14,684,001
March
&c.
,
and d ducting $1,000,000 for special reserve and $54,990 for adjustments
13. R. T.
$17,826,973 $23,519,203 $37,616,876 $22,921,268
In addition to the above securities, there is held in the treasury $162,782 bonds.
Total quarter
•$7,509,207 $9,412,573 $13,414,956 $8,163,244
stock and $16,498,600 bonds of the B. It. T. and constituent companies'
April
9,661,228
9,590,444 13,229,289
47.
•8,846,821
p.
95,
-V.
May
9,105,503 13,526.715 11,516,019
•8,746,237
June
Montreal Tramways Co.
(Reportfor Nine Months ending June 30 1912.)
Pres. E. A. Robert, in the report to be submitted at the
shareholders' meeting Aug. 6, says in substance:
Street By. Co.
Results.-In view of the amalgamation of the Montreal Tramways Co.
and its subsidiary companies under the name of the Montrealcompared with
very
be
well
cannot
submitted
figures
the
1
1912)
[Oct.
In gross earnings has been very
the same period last year, but the increase
exp, to earns. Is also satisfactory.
satisfactory, and the ratio of open
from
the sum of $150,000 for
surplus
ed
appropriat
The directors have
to the sum of $85,000 appropriacontingent account, this being in additon
period, making a total credit to
ted for the same purpose during the above
the sum of $107,this account of $235,000, against which has been charged
o 1127,848.
352, leaving a balance at the credit of this accounton
account the
been
capital
expended
has
there
period
above
the
During
sum of *741,428.
properties
The directors considered it advisable to insure the company's
fire Insurance
against fire, and the amount previously at the credit of the
reserve,
fund, amounting to $576,330, has been transferred to special capital
which will be used as the directors may decide.
to
amendment
an
secured
company
the
year
General.-During the past
Its charter whereby certain agreements and deeds of sale with the Montreal
a
Street By. Co. and other companies were ratified. There are now onlyfor
few shares of the Montreal Street Ry. which have not been exchanged
this company's securities IV. 92, p. 527, 659; V. 93. D. 1022, 1324, 1463;
V. 94, p.207]
Total quarter
Total half-year
$25,102,265 $28,108,520 $40,170,960 $29.340,491
$42,929,238 $51,627,723 $77,787,836 $52,261,759
bonds outstanding,
• After deducting interest on subsidiary companies'
and $847,120 In the
$723,657, $722,439, $721,371, $807,038, $847,294
respective six months.
ENDING JUNE 30.
INCOME ACCOUNT FOR HALF-YEAR
1909.
1910.
1911.
1912.
3 $77,787,836 $52,261,759
Tot. net earns. half-year $42,929,238 151.627.72
Deduct1112,391,529 $12.815.904f $3,902,656 $3,551,485
For sinking funds
11,399,181
8,974,666
Depr. & reserve funds.'
11,455,960 11,594,087 11.725,975 11,851,070
Interest
12,500,000
&o.
constr.,
prop.,
Add'I
$24.409.991 $39,527.812 $24,377,221
Total deductions ____$23,847,489
$19,081,749 $27,217,732 $38,260,024 $27,884,538
Balance
Dividends on Stocks$12,609.838 $12.609,838 $12.609,838 $12,609,838
Preferred (3 A %)
6,353,782
12,707,562 12,707,562 12,707.562
Common
(2 Si %) (134%)
(234%)
(2 Si %)
Rate of div. on com
1
Total dividends
Balance
-V. 95, p. 110
$25,317.400 $25,317,400 $25,317,400 $18,963,620
def.$6,235,651sr.$ 1.900.3325r.$12942624sr.$8.920.918
296
THE CHRONICLE
Westinghouse Machine Co., East Pittsburgh, Pa.
(Financial Report Dated July 29 1912.)
T. S. Grubbs, Sec. and Aud., on July 29 wrote in substance:
[VoL. rntxxxv.
General Chemical Co., New York.
(Statementfor Half-Year ending June 30 1912.)
PROFIT AND LOSS ACCOUNT FOR HALF-TEAR.
At the close of the fiscal year, Mch. 31 1912, Haskins & Sells
1912.
1911.
examined
1912.
1911.
our books for the period since their previous report and certified
Net
profits
$1,352,752 $1,193,308 Chged: off plant &
ance sheet as of Mch. 31 1912, and to the earnings for the 10 to the bal- Fire ins. res've
30,000
30,000
years
ended
Invest acc't____ $207,691
$47,723
that date. By reason of the recent sale of our holdings in
capital
of the Electric Properties Co. (V. 95, p. 238, 113, 51), a substantia stock
$1,322,752 $1,163,308
l reducBalance, surplus $483,294 $496,046
tion has been effected in the item "securities owned and other
DeductBrought forward._ 4,463,038 4,090,759
with the further result of anticipating maturity and retiringinvestments," Pref. dive.(3%)__ $375,000
$375,000
$1,627.500 of
the 3-year notes due Jan. 2 1914. The retirement of
Corn.
diva.
(3%)._ 256.767
these notes reduces
244,539
Sum.,June 30..34.946.331 $4,586,805
our fixed charges by approximately $100,000 per annum.
During the first six months of 1912 there has been
In Connection
expended
with this transaction, $1,669,000 of "first and refunding
new conmtge." bonds have struction $456,129, against $300,603 in 1911; and on repairson
been canceled, greatly enhancing the security
and reconfor
remainder of the bds. struction, charged to expense, $284,540, against $270,030.
It will be noted that the new bonds available inthe
the
treasury
amply
CONSOLI
proDATED BAL. SHEET (INCL. SUB-COS.)
vide for the additional working capital which will
JuivE
- 80.
be required to finance
the larger volume of business that, In
1912.
1911.
of the improvement in general
1912.
1011.
conditions, can reasonably be expectedview
AssetsIn
Liabilities
the
immediate
future,
and will Mfg. invest's'.. _20,191,71
$
$
enable the company to extend its operations
9 19,425,847 Preferred stock__ _12,500,000
to new and profitable lines Invest.
12,500,000
of product recently developed.
in co's partCommon stock___ 8,558,900 8,151,300
On July 1 1912 the total funded liabilities, including
ly owned
1,124,542
937,605
Acc'ts
payable__
the
remainder of the Miscell. invest'ts_ _
434,144
357,667
3-year notes ($4,605,500), were $6,640,500 and
61,508
58,709 Div. payable
the annual interest charges Mdse.on
187,500
187,500
thereon $384,880. The average annual
hand(cost)3,271,509 3,158,818 Stk.subscription
for ten years past, $651,- Cust.
s:
995, are greatly in excess of the presentearnings
accts.
&
bills
1,509,462
1,336,424
annual
interest charges, notwithPreferred
487,575
standing the fact that the capital employed and the
Miscellaneo
us
156,576
121,502
Common
facilities for production Cash
239,575
were much less then than now,and,further, that
1,094,773
744,367 Fire insur. reserve 598,817
ten-year period includes Fire
521,173
the long business depression following the panicthe
ins. reserve
598,837 .521,173 Sundry reserves._
of 1907.
106,063
Taking into consideration the ample security and high
Surplus
rate of Interest
4,946,331 4,586,805
(6%) on the new bonds authorized (which are a first lien on all
the property,
plant, investment securities, &c.), together with the
Total
28,008,926 26,304,445
Total
y margin of
28,008,926 26,304.445
annual earnings over interest charges, there should satisfactor
no difficulty in placing, at a price approximately par, as required frombe
Alter
•
deducting
mortgages on properties purchased. 396.300, and detime
to time to meet
the expansion in business, the bonds reserved for further working
preclatIo
n.-V.
94, p. 564.
capital.
In the extension of the 3-year notes provision
made for the exchange of the notes at par for new bonds at 97 ji; andwas
Standard Gas & Electric Co.
the holders of a considerable amount of the notes have already signified their
n to convert their notes into bonds on this basis. The conversion intenti
(Stateme
nt for Year ending June 30 191/3.)
of
all
into bonds would result in $1,118,000 treasury bonds availablethese notes
for working capital. (V. 91, p. 1518.)
INCOME ACCOUNT.
(The proposition to issue pref. stock has
Yr. endingJ'ne 30 '12.Dec.31 '11.
been presented to the stockYr. ending- J'ne30'12. Dec.3111
holders, and it is supposed to have been not
indefinitely deferred in view of IntAdivs.rec.,&c.31,919,052 $1,020,014 Interest charges__ $469,658 $238,083
recent developments.-Ed .1
Expenses
37,699
24,422 Preferred diva_ _ 684,895
412,356
Extracts from Statement by Haskins & Sells July 18
1912,
Net earnings_ _ _31,831,353 $995,592
Surplus
$726,000 $344,253
tion for 10-Year Period ended March 31 1912. after ExaminaThe investments in foreIgnWestinghouse
CONDENSED BALANCE SHEEr.
, par value $872,488,
are carried at a book value of $317,192. companies
The capital stock of the Pitts•
J'ne 30'12.Dec.31'11.
•
J'we 30'12.0ec.3111.
burgh Meter Co. Is carried at its par value of $1,350,000
Assets$
;
during
$
term
a
of
Liabilities$
years, including the recent business depression that company
$
has earned Securities owned_ _30,940,237 26,731,343 Bonds
10,300,000 9,000,000
over 10% per annum on its capital stock. We,are
Cash, lot. & diva.
of
the
opinion
that
the
Preferred
stock.
..10,977,950 9,823,000
securities owned, considered as a whole, are fairly valued.
receivable
710,791
The
360,615
invenCommon stock... 0,343,150
tories of raw materials, work in progress and manufactured product
were H.M.Byllesby&Co
29,354 Int. and diva. accr. 124,686 7,468,150
valued at cost. Proper reserves have been created for all
110,736
40,091
doubtful notes Organization exp.
36,316 Notes & acc'ts pay. 119,005
and accounts receivable.
779,000
Prem. on bonds &
Surplus
1,008,776
The average annual net income of the company available
341,088
notes redeemed_
for interest
168,500
168,500
and dividends or for capital amounts for the ten years•ende
d Mch. 31 1912 Disct. on securs_
192,687
has been
8,845
$651,995 Sundry assets....
3,159
BALANCE SHEET MARCH 31 1912.
Total
31,874,467 27,521,974
Total
(Anticipating Effect of Certain Transactions Consummat
31,874,467 27,521,974
ed Since That Date.) -V. 94, p. 1630.
[Said transactions are: (1) Sale of capital stook of
Electric Properties Co.
owned; (2) acquirement of certain electric railway
patent rights, and (3)
exchange of debenture certificates for first and refunding
mtge. 8% bonds.)
Assets ($15,862,530)-(Compare bal. sheet of Oct. 23
1907, V.86, p. 106)
Property and plant, Incl. real est. and bldgs., mach'y
tools
and
fixt's, designs, patterns & flasks, located at East Pittsburgh
RAILROADS, INCLUDING ELECTRIC ROADS.
'
and
Trafford City, Pa. (valuations adjusted to appraisal
of
July
1909) and at Attica, N. Y. (carried on books at $233,115,
Atlanta Birmingham 83 Atlantic RR.-New Gen. Manager
or
.
less than coat)
See Norfolk Southern RR. below.
$8,573,373
Securities owned and other investments
Tenders Asked.-The Equitable Trust Co. of N. Y., as sucQuick assets (incl. cash, notes and acc'ts ree'le, raw materials, 2,772,500
cessor trustee Under the joint 2-year 5% gold notes, having
work in progress and manufactured product)
2,990,349
Patents and licenses and insur., freight, &o., paid in advance..
_ _ _ 1,526,408 at its disposal $156,135 for the redemption of notes, will reLiabilities ($15,862,530)ceive tenders of the same up to that amount at less than par
Capital stock (incl. $132,000 issued during April and June 1912 iz.
until Aug. 13 at 12 M.-V.94, p. 1762.
part settlement for certain electric railway patent rights)._ $7,505,450
First mtge.6% bonds ($35,000 retired June 1 1912)
Atlanta & Macon (Electric) Ry.-New Project.-The com105,000
Debenture ctfs., 5%, $760,000, less $100,000 exchanged for first
pany, we are informed, has practically completed its plans
and refunding Os gold bonds June 29 1912
660,000
Westinghouse Fdy. Co. 1st M. 5s ($50,000 retired May 1 1912)..
and surveys and intends in the near future to start construc
West. Machine Co. tat & refund. M.6% bonds auth_$10,000,000 750,000
tion on its proposed high-speed third-rail electric road be-Deduct-Reserved against prior issues
$1,600,000
Bonds canceled by trustee June 28 1912
tween Atlanta and Macon, a distance of
1,669,000
miles, via
Treasury bonds
624,000
Jonesboro, Griffin and Forsythe. Kennett883/2
Due from trustee to replace treasury bonds exCowan of Chichanged for deb. etfs. June 29 1912
cago
is
President and H. N. Randolph, Secretary.
100,000
Bonds deposited as eollat. to 3-yr. 0% notes_ _ _ _ 5,118,000
C. G. Young, Bankers Trust Building, N. Y., has
appointed condo
do
de
notes payable
sulting engineer, representing the interests financingbeen
284,000
railway. Mr.
Young recently appeared before the Georgia RR. Comm.thereference
to the
$9,395,000 605,000 petition for the consent of the Commission to an issue ofin
$7,500,000
Three-year 6% lobes, due Jan. 2 1914
mtge.
bonds and $3,600.000 corn. stook, to be issued as needed for the constructi
Notes payable, $237,463; &cola payable, incl. acer'd taxes and 4,605,500 and
on
equipment
of
the
aforesaid
railway,
and
for
additions,
int., $372,266; advance payments ree'd on contracts, $246,573_
improvements,
purchases,
extensions, &c., and for the acquisition of the rights, franchises,
856,302
Heave for deprec. of prop. & plant and for notes & acc'ts ree'le
323,513 &c., of the former projected Atlanta Griffin & Macon fly. The
profit and loss surplus
present
451,765 company was incorp. In Ga. May 27 1912 with $100,000 stock (in $100
Notes.-The company has a contingent liability for Trafford
shares) which it is now proposed to increase to $3,600,000.
ImproveOn July 19 a
ment Co. 6% mtge,a. on improved real estate, due Aug. 6 1913,
50-year franchise was applied for In Atlanta.
$100,000,
and as endorser on notes receivable, discounted, amounting to
Pres. Cowan says: "The financing
Of the outstanding 1st & ref. es, $385,000 was issued during April $92,500. work of construction will begin just asis practically all arranged and the
soon as we can complete the few
and June remaining
1913 in part settlement for certain electric railway patent rights
legal formalities. After Investigating the territory
and$100,- Atlanta for
In and around
000 was exchanged for debenture certificates June 29 1012.-V. 95,
several months / am convinced of the great possibilitie
p. 56,
s of development and feel there Is no question of the successful
outcome of this
first large interurban project in the South. We propose to
Inland Steel Co., Chicago.
give Georgia
one of the best constructed and most modernly equipped interurban
lines in
(Report for Fiscal Year ending June 30 1912.)
the United States."
GENERAL INVESTMENT NEWS,
1911-12.
Sales, less disc & exell..1
Not
Cost of sale('
f reported.
1910-11.
1909-10.
Not
I $9,816,093
reported. 1 8,184,130
1908-09.
$7,543,531
6,502,763
Net earnings
Other income
$1,798,438
1,981
$1,040,768
2,241
z$1,230,703
1,394
Total income
$1,232,097 $1,800,419
Deduct-Interest
$150,750
$159,750
Dividends
(l0%)682,131 (10)594,344
Depree. & exit ,usitlen__
195,056
201,795
$1,631,963
2,174
$1,634,137 $1,043,009
$168,750
$177,750
(7)404,5'17(3 6)188,687
150,000
150,000
Total
$1,027,937
$955,889
$723,32/
$516,437
Balance, surplus
$204,160
$844,530
$910,810
$526,572
x After deducting $9158,848 for maintenance and repairs of
plants.
The regular annual dividend rate is 7% (Q.-M.). On Icich. 1
1911 and
1912 3% extra was paid.
BALANCE SHEET JUNE 30
1912.
1011.
1912.
1911.
Assets$
$
'
$
Land, plants, &c.10,713,339 9,254,591 Capital
Liabili
stock
ties-$
7,157,170
6,316,821
Inventories
2,360,849 2,307,253 Bonded debt.
2,400,000
Bills receivable_
77,392
87.680 Accounts payable_ 381,906 2,550,000
527,970
Accts. receivable_ 1,008,308 1,013,035 Pay-rolls
127,703
137,186
Instr. unexpired_
4,842
3,016 Miscellaneous
8,416
22,302
•
Cash
491,208
779,91u Taxes accrued_'
33,617
29,514
Miscell. Items._ _ _
8,163
8,582 Interest accrued
Agg2
deserves
surplus
*3,781,404 3,372,947
Totals
14,662,101 13,514,082
Totals
14,662,101 13,514,082
After adding premium on capital stock, $201,386.-V. 94, p.
1700.
534:15,2
Boston Elevated Ry.-Strike Ends.-The strike of conductors and motormen, which began June 7, was ended July 29,
the company having agreed not to discriminate between union
and non-union men.
The strike followed the discharge of 300 employees who, it was declared,
were discriminated against because they had joined a recently-f
ormed
union. About 2,000, it is said, went out In the settlement
the company
agrees not to discriminate between union and non-union employees
, and
to meet its employees, individually or as a committee from any organization, to discuss grievances.-V.94, p. 1565.
Buffalo Rochester & Pittsburgh-Railway.-Common Stock
Placed on 6% Basis.-The directors on Tuesday declared
the usual div. on the $6,000,000 pref. shares and also
div. of 3% on the $10,500,000 corn. stock, the latter comparing with 23/2% semi.annually since Feb. 1 1911, both
payable Aug. 15 to holders of record Aug. 9.
Pref..
Corn..
Prevous Annual Dividend Record (Per Cent).
'97. '98. '99. '00. '01. '02. '03. '04-'06. '07. '08. '09-'10. '11. 1012.
1
2
2
6
6
6
6 6 y'ly. 6
6 6 y'ly.
6
4
4 5
6 y'ly. 5M 44 4 y'ly. 5 255, 3
President William T. Noonan in a statement says:
According to the annual report given out in New York on Tuesday at the
meeting of the directors, the road made the best showing
01 earnings in its
history. The gross revenues were $10,321,954, an
increase of 3.38%, and
the net income, $1,770,894, an increase of 3.48%.
Not only has the
excellent physical condition of the property been maintained, but expenditures for maintenance of way and structures exceed those of 1911 by 4.03%,
while equipment charges were increased 2.24%.
Among the items of increase in the maintenance of way department that
contribute to the permanent betterment of the property are bridges molar:0d
with heavy steel construction; a number of new freight and paasengei
AUG. 3 1912]
THE CHRONICLE
stations have been erected; block signals are being installed on the Rochester division, and have been completed between Falls Creek and Clarion
Junction, on the middle division; telephone train-dispatching lines are
being established; numerous yards and sidings have been extended; heavier
rails laid; reservoirs for conservation of water supply at Ketncr and Falls
Creek, Pa., completed, and several branch-line extensions are partly built.
Expenditures for rolling stock during the year embraced the purchase of
10 locomotives, 3 cafe observation parlor cars, 1,500 steel coal cars, amounting to $1,505,875; also, 17 steel passenger coaches and 100 steel flat cars
were purchased, but, owing to late delivery, will be accounted for in next
year's report. In this we find assurance that not only will the company's
high standard of freight and passenger service be fully maintained, but that
provision has been made for the growth of traffic in a section that is rapidly
developing along industrial lines.
Increased transportation expense was due to greater volume of traffic,
additions to force wage increases and improvements of service. An analysis indicates continued high standard of maintenance of property, and an
efficiency of service that has greatly strengthened the satisfactory relations
already existing between the road and its patrons.—V. 94, p. 122.
Charleston Consolidated Ry. & Lighting Co.—Injunction
Denied.—Justice Woods at Columbia, S. C., on July 29,
denied the application for a temporary injunction preventing
the City of Charleston from enforcing the ordinance fixing
the rates to be charged for light, heat and power, pending a
hearing of the cause by the Supreme Court.
The restraining order heretofore granted is revoked. The company Is
ordered to credit each consumer the execes charged or collected for light,
heat or power since July 1 1912, over the rates fixed by the City Council
to go into effect on that day, and in cases where the account has been
closed to pay such cams to the consumer.—V. 92, p. 880.
Columbus Delaware & Marion (Electric) Ry.—Suit.—
Robert W. Bingham of Kentucky has begun a suit asking for the foreclosure of the first refunding mortgage of 1904, Mercantile Trust Co., Si.
trustee.—V. 94, p. 1448.
Columbus Kenton it Toledo Traction Co.—Authorized.—
Tile Ohio State Utilities Commission on July 27 authorized
the issue of $1,385,000 bonds to be sold at 80 and $50,000
capital stock to be sold at par.
The company was incorporated in Ohio in March last. It is expected
that the construction of the line connecting Toledo with Columbus
will be begun soon. The plan is to run the line to Richwood, Union County,
Marlon, Kenton, Wapakoneta, Findlay and Toledo. New track will have
to be laid between Richwood and Findlay, 50 miles. From Richwood to
Columbus and from Findlay to Toledo, connection will be made over the
Toledo Bowling Green & Southern Traction lines.
Columbus (O.) Ry. & Light Co.—Reorgantzation.—Pres.
Samuel G. McMeen, in a circular to stockholders mailed on
July 30, reported progress in the negotiations with E. W.
Clark & Co. to rehabilitate the property.
The circular does not contain anything definite relating to reorganization
aside from the information that any program contemplated an assessment
on Railway ec Light stock. [The assessment proposed, it is commonly
reported, is to be 10%.) The plan involves the consolidation of all of the
companies and the elimination of the lease arrangements.
Mr. Melicen says It has been impossible to complete a plan for the reorganization of the companies in so short a time, pointing out that many
details of the condition, business, value and needs of the various companies
must yet be investigaetd, and many legal questions arc to be determined
before a definite plan can be set before the stockholders of the various
companies.—V. 94, p. 1249.
Connecticut Valley St. Ry., Greenfield,Mass.—Dividend.
A dividend of M of 1% has been declared on the $500,000 common stock,
payable Aug. 1 to holders of record July 19, comparing with 1%, the first
payment, on Feb. 1 last.—V. 93, p. 1461.
Cuba RR.—Report.—For year ending June 30:
Balance,
Preferred
Fixed
Net
Gross
Fiscal •
Surplus.
Dividends.
Charges.
Profits.
Earnings.
Year—
1911-12 ___ _$3,819,253 $1,818,860 $758,998 (5%)$500,000 $559.862
397,316
(4%)400,000
1,374,071
576,755
1910-11 ____ 3,059,650
Net profits are shown after deducting $96,000 yearly for extraordinary
replacements.—V. 95, p. 175.
Erie RR.—Equipment Trusts Authorized.—The P. S. Commission has authorized the company to issue $2,160,000 5%
gold equipment trust obligations, dated Aug. 1, maturing
$108,000 semi-annually for term of ten years to Aug. 1
1922. Provision is made for deferred payments on semiannual installments of $108,000 each. The certificates are
to be sold at not less than 97.7167. The Commercial Trust
Co., Philadelphia, is trustee.—V. 95, p. 236.
Grand Trunk Ry. of Canada.—Denial.—The statement in
press dispatches that the deal for the sale of 30,000 acres of
coal lands of the River & Rail Coal Co. in Belmont County,
Ohio, to interests identified with the company has fallen
through,owing to the death of Pres. Hays,is incorrect. The
transfer took place in April last, as previously announced in
the "Chronicle" (V. 94, p. 1119).
New Bond Issue Successful.—See Pacific Great Eastern Ry..
below.—V. 95, p. 111.
Greenville & Knoxville Ry.—Mortgage.—The company
has made a mortgage to the Trust Co. of Georgia of Atlanta,
as trustee, to secure an issue of $460,000 first M. 30-year
5% $500 gold bonds due June 1 1942, but redeemable at
105 on and after July 1 1917.
The bonds will be issued at once at the rate of $23,000 per mile on the
road extending from Greenville, S. C., to Riverview, 23.1 miles, in lieu of
other funded and floating obligations, and comprise, we are informed, all
the indebtedness of the company. Sidings, &o., 2.5 miles. Stock, $130,000 each of common and 5% non-cum. pref. all issued; par of shares, $100.
'
Pres., W. H. Patterson,
Incorporated in South Carolina May 31 1904.
Greenville, S. C.; See., Asa G. Candler Jr., and Treas., John S. Owens,
both of Atlanta, Ga.
Houston & Brazos Valley Ry.—Officers Elected.—
President and Gen. Mgr., Felix Jackson; Vice-Pres., E. P. Swensen;
Secretary and Treasurer, Daniel J. Kerr.
It is understood that extensive improvements arc to be made on the
line, including a bridge across the Brazos River connecting the twin cities
of Velasco and Freeport.—V. 94, p. 1119.
297
on application of creditors, appointed receiver of the Union
and International Construction companies and H. L.
Harmon receiver of the town-site companies.—V.94, p.1566.
Kansas City Railway & Light 0o.—Status.—The stockholders' committee, George M. Reynolds, Oscar Fenley and
H. T. Abernathy, which is calling for deposits of the stock
with the Cont. & Corn. Tr. & Say. Bank, Chicago, reports
by circular dated at Chicago on July 10 substantially the
following information, obtained from the receivers:
Assets of the Company—Stock, Notes, &c., Owned (and Pledged)—Amount
of Bonds and Collateral Trust Notes Outstanding.
Amount of
Owned and Pledged
Cap. Stock. 8% Mtge. y Promissory Outst'd'g
(Entire Iss.) Impt. Notes. 77 Notes. Bands, &c.
,721,043 $7,700,100
Metropolitan St. Ry_ _ _ _ $5,636,800 $8,000,000 $5°
2,000,000
2,100,000
1,008,796
IC. C. Elec. Lt. Co
2,000,000
500,000
(z)
Central El. By. Co
(z)
Edison El. Lt. & P. Co_
(z)
K.C. El. Wire Sub. Co_
2,600,000
(x)
K. C. Elev. Ry. Co_ __ _
(z)
Consol. El. L. & P. Co
(z)
Standard El. Lt. Co_ __ _
(z)
K. C. Heating Co
500,000
..
250,000
K.C.&WestportBeltRy_
15,678,000
(See below)
K.C. By. & Lt. Co
(Total above bonds and debenture debt in hands of public__ _$28,478,100)
x K. C. By. & Lt. Co. owns all interest represented by the capital stock of
the "controlled cos." (Metropolitan Street By. Co. and Kansas City'El.
Lt. Co.) in and to the properties and shares of the capital stock of each of
these "subsidiary companies."
y Also claims divers sums due on account of loans and advances for additions, preserving the property or meeting the obligations of Met. St.Ry.Co.
Said capital stock (except the stock of the K. C. By. & Lt. Co.), mortgage improvement notes and the right, title and interest in the subsidiary
companies (see "x" above) are pledged under the "first lien refunding"
mortgage of the K. C. By.. & Light Co., due May 15 1913; bonds outstanding, $10,200,000. The 'promissory notes" are pledged as part security
for 6% "five-year collateral gold notes" of K. C. By. & Lt. Co., dated
Aug. 20 1907 and due Sept. 1 1912, viz.: Series "A," $4,125,000, and Series
"B," $1,375,000, all outstanding excepting $22,000 Series "A"; total out,
$5,478,000. To secure said collateral gold notes there is also pledged (1)
the equity in the aforesaid stock, notes and interest also (2) $2,695,000
common stock and $2,977,900 pref. stock of said K.C. By. & Lt. Co., and
the trlistee Is entitled to receive as additional collateral security notesrepresenting the advances or loans to the Met. St. By. Co. for additions,
preserving the property or meeting its obligations. The stock of the K. C.
& Westport Belt By. Is pledged with the K. C. El. Lt. Co. to secure certan
advances to the K. C. By. & Lt. Co.
The funded debt of the K. C. By. & Lt. Co. consists of the aforesaid first
lien refunding gold bonds (V. 85, p. 600; V. 86, p. 1589; V. 76, p. 1143).
$10,200,000, and 8% five-year collateral gold notes, Series "A" and "B"
(V. 85, p. 284, 469; V. 86, p. 285), $5,478,000. The debt of the Met. St.
By. Co., $7,700,100, embraces consolidated 5s now maturing May 1
1913, $7,242,000 (V. 92, p. 595; V. 90, p. 1363; V. 91, p. 871); Corrigan
Consol. St. By. 1st M. 5s, due July 1 1916, $206,000; East Side Elec. By.
1st M. 5s, due July 1 1911, $250,000, and Met. St. By. Co. matured bonds.
$2,100. The Central El. bonds are due in 1914; the K. 0. El. By. bonds
In 1922 and the K. C. & Westport Belt bonds in 1926.
The properties of the Metropolitan St. By. Co., Central El. Ry. Co. and
K. C. Elev. By. Co. arc, and since June 3 1911 have been, in the hands of
receivers in the suit of the K. C. Ry. & Lt. Co. Foreclosure proceedings
are pending under consol, mtge, of the Metropolitan St. By. Co.
The intrinsic worth of the properties owned or controlled by the K.-C.
By. & Lt. Co. and their earning power, present and prospective, are such
as to give value to both its pref. and common stock if the necessary financing, particularly of its presently maturing debt, can be accomplished. A
reorganization whereby the debts of the company and of its controlled and
subsidiary companies could be funded and its stockholders be protected, is
highly desirable, and, If present demands can be provided against, Is probably attainable. Such a reorganization must embrace a re-arrangement of
the contractural relations existing between the Metropolitan St. fly. Co.
and the various municipalities served by it. The most pressing question,
however, is that of providing for the funding or payment or extension of the
$5,478,000 6% collateral gold notes which mature on Sept. 1 next. It will
be necessary to deal with the holders of these obligations, as it will probably
be impossible to determine upon any plan of reorganization or to come to
any accommodation with the authorities of the municipalities before the
maturity of these obligations.
The company, as matters now stand, has neither the credit nor the means
to provide for these maturing obligations, and needs the support of its
stockholders. In any event, in the negotiations with the holders of these
obligations, the stockholders, or a majority of them, should be represented
as well as in any steps hereafter taken looking to a reorganization. (Compare report, V. 93, p. 1458.)
[The committee must, before (1) incurring any indebtedness other than
its own expenses, including attorney's fees; (2) selling or pledging any of
the stock deposited; (3) adopting or consenting to any plan of reorganization; or (4) adopting any amendment to this agreement—give notice in
writing to each depositor, and if any depositor shall fail within 30 days to
withdraw his stock and pay his proportion of the expenses of the committee
(not exceeding 50c. per share of common and $1 per share of pref.), then
such depositor shall be conclusively presumed to have assented to the
proposed action of the committee.)
[The city authorities of Kansas City, Mo., have still under consideration
the question of granting the company a new franchise.1—V. 95, p. 236, 176.
Kentucky & Indiana Terminal RR.—New Officers.—
C. R. Meekin, who has been in the service of the company for 15 years,
has been elected Secretary, to succeed II. W. Heazlitt, deceased. He will
also have charge of the company's accounts. Henry Ormsby has been
elected acting Treasurer. Both have offices at Louisville. Ky.—V. 93, p.
1599.
Lake Shore Electric Ry., Oleveland.—Bonds Authorized.—
The Ohio Utilities Commission on July 27 authorized the
company to sell two blocks of $56,000 and 460,000 additional bonds, respectively, at 85 for improvements and
equipment.
Permission to issue the $56,000 block was refused twice, the matter
having been. taken to the Cuyahoga County Common Pleas Court. The
previous refusals were because of the low price at which it was intended
to sell the bonds, viz., 80.—V. 94, p. 413.
Lakeview Traction Co., Memphis, Tenn.—Sale Ordered.—
Judge Francis Fentress, ChaAbellor of the Second Division of
the Chancery Court, on July 23 ordered the sale of the
property, the date being set for Sept. 2.
"Memphis Appeal" says: 'It is understood that the bondholders will
make an effort to buy the property. They have arranged for a sum sufficient to continue the line into Memphis and up to Madison Ave. on 3d St.
It is estimated that $300,000 will complete the first unit, as that line is
called. The funds will be furnished by the Mercantile Trust Co. of St. Louis.
After the line into Memphis has been finished, It is understood the company
has assurance that the same concern will be willing to finance the extension
of its line to Collierville. The estimated cost of extending the line to
Collierville is $500,000.—V. 94, p. 559.
Huntington Richmond & Hamilton RR.—Status.—We are
advised that there was no receiver's sale of the Cincinnati
Bluffton & Chicago RR., the predecessor company, the
Marion Bluffton & Eastern Traction Co., Bluffton, Ind.—
H. R. & H. being merely a reorganization and re-financing
Receivership.—The Wells County Circuit Court on July 24,
of the old company.
Creditors the old company have agreed to take preferred stook or second on application of Abram Simmons and Frank C. Dailey, atmortgage bonds of the new company, so that the first mtge. bonds on the torneys, who claim $3,000 due as salary, appointed the Unproperty may be issued to the interests providing the new money. There
arc to be constructed 106 additional miles of road. Engineers are now at ion Savings & Trust Co. of Bluffton as receiver.
work making estimates. Engineers' reports arc received and final details
of new financing it is expepted will be ready in a few weeks.—V.95. P• 236.
Kansas City Mexico & Orient Ry.—Receivership of Construction and Town-Site Cos.—C. A. Young was, on July 29,
The receivership is a direct result of the head-on collision between two'cars
on the line near Marion on July 7, which cost the lives of four persons and
injured 60 or more. The company admitted Its insolvency.
Mr. Simmons says that the company has always been able to meet the
interest on its outstanding 5% bonds, but that a request of the State RR.
298
THE CHRONICLE
Comm. that new ties be placed and that the roadbed be re-ballasted will
burden the company with current expenses which must be paid immediately
out of the earnings, the company not having any sinking fund to pay additional expenses or to pay damages for Injuries which could not be foreseen
or anticipated. See statement in "Elec. Ry." Sec. of May 1912, page 12.
Manila Ry. (of 1906).-First Dividend on Preference Stock.
-An initial div.of 1%,less income tax, has been declared on.
the $2,000,000 5% non-cum. preference stock of the company (which owns the shares of the Manila. RR.,the American
operating company) for the year ending Dec. 31 1911.
Earnings.-For the calendar years:
•
•
Calendar
Year1911
1910
-V. 90, p. 303.
ManilaRR. Int. on
Brought Pf.Div. Carried
Holdings,&c. Debs.
Forward. (1%). Forward.
£190,650 £155,200 £44,928 £20,000 £60,377
166,816
154,972
33,084
44,928
Midland Pennsylvania RR.-Negotiations-Payment of Interest.-The following statement is made:
[VOL. Lxxxxv.
don, E. C., pursuant to agreement of Feb. 16 1911, for certificates for the 1st M. 4% debenture stock of the company
guaranteed by the Canadian Northern Ry. Co.
The London Joint-Stock Bank, Ltd., 5 Princes St., London, E. C., is
authorized to receive on deposit for accbunt of the committee all outstanding 1st M. and income bonds, on payment by the depositor of %%, on the
1st M. bonds and X% on the income bonds so deposited.-V.94, p. 1317.
Round Mt. RR.,Mining & Smelting Co., Ouray,Col.-Sale.
The Court has ordered the sale of the property at the Ouray County
Court House, Ouray, Col. on Sept. 4. Albert Thompson of Philadelphia
has been receiver since Sept. 4. Lancaster parties are said to be largely
Interested.
Saginaw-Bay City Ry.-Earnings.-For the twelve months
ending May 1912, as furnished by Hodenpyl, Hardy & Co.:
Gross earnings 12 months ending May 1912
$618,943
Net earnings after operating expenses and taxes, total $392,961_$223,982
These figures shotild be substituted for the incorrect statement of earnings appearing in the "Electric Railway Section."-V. 94, p. 983.
The railroad company had made a contract with the construction company for the complete construction of the road and equipment and the
guaranty of the bond interest, accompanied by collateral of 51% of the
stock, in consideration of its entire issue of bonds and stock, which were to
be issued only as the work progressed, according to the engineers' certificates.
The work of the construction company proved so unsatisfactory and dilatory that the contract between it and the railroad company was annulled.
In consequence of which no provision was made for payment of the bond interest July 1. The bondholders are, however, protected by 51% of their
holdings in the stock of the railroad company, which is held in trust for
that purpose by the Commonwealth Title & Trust Co., Phila. Negotiations are now in progress with a syndicate of bankers for completing the
road for the unissued securities, and which syndicate will assume the payment of the July 1 interest and future interest until the road is completed.
Compare V. 95, p. 176.
St. Louis Rocky Mtn. 85 Pacific Co.-First Dividend.-An
initial dividend of 1-% has been declared on the $1,000,000
5% non-cum. pref. stock, payable Aug. 31 to holders of
record Aug. 10.
New Director.-Thomas B. Harlan has been elected a director to succeed Henry Koehler, deceased.
St. and the Harlem River has now been
terminal of the road at White Plains.
At the Harlem River close connection with the Third and Second Ave.
elevated trains has been arranged. The number of trains that will daily
enter and leave the Harlem terminal will, at first, be 225, part running over
the New Rochelle branch and part over the main line to White Plains on
20 minutes' headv,ay. while the Bronx and Mt. Vernon will have the service
of the entire number on about 10 minutes during the greater part of the day.
The running time of express trains from White Plains to Harlem River is
37 minutes, from New Rochelle 24 minutes. and from Mt. Vernon 17 minutes. Compare V. 95, p. 48; V. 94, p. 1827.
The moving spirit in the new company is said to be Senator William C.
Sproul of Chester, Pa. Incorporators are: William I. Schaffer, Felton
Bent, son of Major L.S. Bent; E.Pdsey Passmore, John J. Stetser and John
B. Hannum .Tr.
Hugo A. Koehler succeeds Henry Koehler as a director of the St. Louis
Rocky Mountain & Pacific Ry.-V. 94, p. 1450.
Underground Electric Rys. of London, Ltd.-Increased
Interest on Incomes.-Notice is given, by advertisement on
another page, that 2% interest on the income bonds for the
New Hampshire Electric Railways.-Merger of Sub-Com- half-year ended June 30, being at the rate of 4% per annum
panies.-The Massachusetts Northeastern Street Ry. Co., (free of British income tax), will be paid against surrender
which was formerly the Haverhill & Southern New Hamp- of coupon No. 9 on Sept. 1 1912, contrasting as follows:
Sept. 1911.
March 1912. Sept. 1912.
shire Street Ry. Co., is to merge, by purchase, with nine Sept. 1910. March 1911.
X of 1%
1%
1%,
% of 1%
2%
other Massachusetts and New Hampshire companies, under %Aofdividend
of 1% (or at the rate of 2% yearly for the half-year ending
the title of Massachusetts Northeastern Street Ry. Co.,.with June 30 1912) has been declared on the £1,470,000 2d preference stock of the
District Ry., all of which Is owned by the Underground coma total mileage of approximately 126 miles.-V.95, p. 236,47. Metropolitan
pany. The same amount was paid from earnings of half-year ending Dec. 31
New Orleans By. & Light Co.-Earnings.-Bertron, Gris- 1911, this being the first distribution made on the shares.-V.95, p. 112.
Union Traction Co. of Indiana.-Listed in Philadelphia.com & Jenks have favored us with the following statement
The Phila. Stock Exch. has listed $150,000 additional gen. M.
for the six months ending June 30:
(after
Gross
Net
Interest
on
Six
Balance, 5% gold bonds, due 1919, which were issued to retire $150,000
Earnings. Taxes,&c.) Old Bds, Gen. 4 %s. Ref. 5s. Surplus.
Months.
1912
$3,342,493 $1,319,727 $304,840 $394,740 $88,691 $531,456 Anderson Elec. St. Ry. bonds maturing on that day, making
" 3,195,053 1,202,540 310,974 394,740 70,376 426,450 the total amount listed $4,554,000.-V. 94, p. 1567.
1911
-V. 94, p. 1588.
United Railways Investment Co.-Payment of Notes.N. Y. & North Jersey Rapid Transit 0o.-Sale.--A syndicate, headed by Thomas P. McKenna, of 111 Broadway, N. Y., Treasurer Benjamin S. Guinness announces that the principal
has, it Is announced, purchased the rights of way of the projected road and interest of Series H 6% notes of 1908, maturing Aug. 15
between Weehawken, N. J., and Paterson. It is proposed, it is stated, to
paid at the N. Y. Tr. Co. or at office of United
start construction soon. The terminal Will be at Church and Market streets, 1912, will be
Paterson. The line follows the route of the Erie, through Passaic, Ruther- RRs. of San Francisco, San Fr., on surrender of such notes
ford and across the meadows,and connects with the tunnels.-V.80, p. 1112. and the collateral accompanying satne.-V.94,p.1326, 1310.
New York Westchester & Boston (Electric) Ry.-Through
Valley Railways.-New Company.-Application was made
Line.-The new line from the Harlem River at 133d St. and in Penna. on July 25 for a charter for the company, with
Willis Ave. to White Plains will be opened to-day.
$10,000 authorized stock, which, it is stated, is to take over
The line from 180th St. through Mt. Vernon and Pelham to New Rochelle
has been operated since the latter part of May, and more recently to the Valley.Traction Co., the latter having been recently sold
Mamaroneck Ave., White Plains. The 4-track trunk line between 180th (V. 95, p. 112).
completed, as also the northern
Wabash RR.-Additional Receivers' Certificates.-The U.S.
District Court at St. Louis on July 31 authorized the receivers
to issue $2,500,000 certificates additional to the $11,500,000
already issued (V. 94, p. 353, 1250). The series under
which the certificates thus far put out have been issued is
Norfolk Southern RR.-Resignation of President.-E. T. limited to $15,000,000. Kuhn, Loeb & Co., who purchased
Lamb has resigned as President and General Manager, ef- the outstanding certificates, will, it is understood, also take
fective Aug. 1, to become General Manager for the receivers the new issue.
of the Atlanta Birmingham & Atlantic RR., with headThe purposes for which additional money is needed at present are: Construction of new locomotive shops at Decatur, to cost about $500,000; adquarters at Atlanta.
The management will be turned over to Morris S. Hawkifis, now assist- ditional yard and terminal facilities at Detroit, about $400,000; second
ant to the President and Secretary, until Mr. Lamb's successor is chosen. It track between Romulus and Britton on the Detroit division, about $500,Is reported that W.S. Tinsman of Chicago. at present assistant to the Presi- 000; water tanks anJ coaling stations, to cost $130,000, and 20 new Mikado
dent of the Chicago Rock Island & Pacific Ry., will succeed Mr. Lamb.
- locomotives. approximately $400,0J0.
The improvements are among those recommended by J. C. Stubbs in hi,
V. 95, p. 111, 48.
report on the property, which, together with improvements already perNorthern Pacific Ry.-Joint Trackage Arrangement.mitted from proceeds of certificates previously sold, represent, it is stateds
about one-third of the recommendations made by him.-V.95, p. 177, 112.
See Great Northern Ry. on page 236 last week.-V. 95, p. 111.
Wheeling(W. Va.) Traction Co.-Bonds Called-Option.Pacific Electric Ry.-New President.-Vice-President and
managing director Paul Shoup, on Aug. 1 succeeded W. F. The $500,000 Wheeling Ry. 1st M. 5s, dated Sept. 3 1892,
have been called for payment on Sept..3 at the Central Tr. Co.
Herrin as President.
The resignation of Mr. Herrin, it Is stated, was the direct result of the N. Y. The $150,000 Bellaire Bridgeport & Martin's Ferry
policy for local management on the Harriman lines.-V. 93, p. 1463.
1st 6s and $100,000 Moundsville Benwood & Wheeling 6s
Pacific Great Eastern Ry.-Bonds Sold.-Montreal papers have also, it is understoo I, been called for payment.
say that the issue of bonds, which are guaranteed by the
Redmond & Co., N. Y., and the Continental Trust Co. of Washington,
D. 0., offer holders of the aforesaid Wheeling Ry. bonds the privilege of
British Columbia Govt., has been a success. See description subscribing
to a limited amount of Wheeling Traction Co. 1st consol. 55 of
of enterprise in V. 94, p. 912.
1931 at 97 and int., secured by a closed 1st M.of $2,500,000 on the entire
property, which, it is stated, is earning more than twice the amount of Its
Power
Corp.,
Los
Light
&
Pacific
Angeles.
-Assessment.----.
t•
fixed charges.-y. 95, p. 237.
A San Francisco paper announces the calling of an assessment of $5 per
West Penn Traction .& Water Power Co.-Purchase of
share, delinquent Aug. 30. Compare V. 94, p. 356, 634, 1123.
Philadelphia Company, Pittsburgh, Pa.-Acquisition.- Wheeling Tract. Co.-Further Data.-J. S.& W. S. Kuhn say:
The Wheeling Traction
ogether with its subsidiary companies
The Allegheny County Light Co. has acquired control of the which
were taken over Aug.Co.,1912,
1
comprises 92.72 miles, making a total
Pennsylvania Light & Power Co. through, it is said, the trackage owned and controlled by tile West Penn Traction Co. of 301.72.
Annual Gross Earnings of Wheeling Traction Co.-Est. for 1912.
purchase of-10,000 of the outstanding 17,000 shares of $50
(1908-09 June 30 year, excluding Bellaire & S. W.; 1910 to 1912 cal. yrs.
each (see V. 95, p. 115).
1911.
1912 (abt.)
1910.
1909-08.
This, it is supposed, will practically put an end to competition in electric
light and power In Allegheny and in the downtown sections of Pittsburgh.
Bonds Called.-All of the $50,000 Ohio Valley Electric Co.
All of the $50,000 1st M. 6s of 1897 have been called for redemption at
par on Oct. 1 at Colonial Tr. Co., Pittsburgh. Coupons due Oct. 1 will be
paid at office of company, 435 6th Ave., Pittsburgh.-V.94, p. 1698, 1380.
Portland (Ore.) By., Light & Power Co.-Bonds Ready.Drexel & Co. announce that they are prepared to deliver 1st & ref. M.
5% bonds of $1,000 and $500 denominations with Aug. 1 coupons attached,
on presentation of their interim receipts. The $100 bonds will not be ready
for delivery until about Aug. 10. The coupons are payable at the Columbia..
Knickerbocker Trust Co., New York.-V.94, p. 1250, 1186.
$958,935 $997,774 81,113,000
Gross earnings
$795,471
The four months ended April 30 1912 show an increase in gross earnings
of 11.6%, which, If carried out through the year, would bring the gross
earnings this year to $1,113,000. Gross earnings of the West Penn Traction & Water Power Co. for the year ended Mch. 31 1911 were $2,427,481,
and the earnings for the Wheeling Traction property will thus add In the
neighborhood* of 45% to the total gross income. The Wheeling properties
are paying dividends at the rate of 5% annually. See also V. 95, p. 237.1,1
West Virginia Traction & Electric Co., Wheeling, W. Va.
-Deed Filed.-The deed dated July 25, conveying the property of the City & Elm Grove Ry. to the West Virginia Co.,
has been filed in the office of the County Clerk at Wheeling.
/ • Quebec & Lake St. John Ry.-New Securities Ready.-The
Henry R. Warfield has been elected President and will have
certificates issued by the prior lien bondholders' committee general management of the properties.
and the bondholders' protection committee, representing
prior lien 1st M. and income bonds, are now exchangeable , Noes.-The company has sold to William Morris Imbrie &
at the London office, Bond Court House, Walbrook, Lon- Co. $1,250,000 convertible 5% 3-year notes.
AUG. 31912.]
THE CHRONICLE
These notes are secured by the deposit of $1,565,000 "first refunding and
extension" mtge. 6% bonds, and are dated July 1 1912. They are convertible at maturity Into the let ref. & ext. 6s. See V. 95, p. 117.
299
Columbia Coal Mining Co.-Car Trust Bonds Called.-
All of the outstanding ($90,000) car trust bonds issued under mtge. dated
Sept. 1 1905 consisting of series "F," Nos. 251 to 300, both incl., and series
"G." Nos. 301 to 340, both incl.) have been called for payment at par and
Youngstown & Ohio River (Electric) RR.-Earnings.- int. on Sept. 1 at Harrisburg Trust Co., trustee. The notice applies to 3
bonds of series "E," which were called for payment on Mch. 1 1912,but were
C. E. Denison & Co. of Cleveland and Boston report:
Balance. not presented, interest on which ceased on that date.
Exp., Taxes
Gross
Net
Year ending
Bond
Surplus,
June 30Earnings. ec. Rentals. Earnings.
Interest.
Deere & Co., Moline, 111.-Additional Pref. Stock Offered.
$46,256
1911-12
$236,466
$140,210
$96,256 . $50,000
43,554 -White, Weld & Co., New York, Chicago, Boston and Buf1910-11
224,246
130,692
93,554
50,000
See annual'report for calendar year in V. 94, p. 1117.
falo, and Kissel, Kinnicutt & Co., New York, Chicago and
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
American Ice Co.-Mortgage Filed.-The company has
filed its new first gen. mtge. to the Pennsylvania Co. for
Insurances on Lives and Granting Annuities, as trustee, to
secure an authorized issue of $6,500,000 30-year 6% bonds.
The mortgage is made jointly by the American Ice Co., the Knickerbocker Ice Co., the Ice Mfg. Co. and the Knickerbocker Ice Co. of Philadelphia. Compare V. 94. p. 1628, 1509.
American Light & Traction Co., New York.-Earnings.Balance,
Year end. Earns.from Other
Pref.Div. Common
Net
Surplus.
June 30. Sub. Cos. Income. Profits.
(6%). Dividend.
1911-12 .53,567,241 5545,719 $3,993,684 $854,172 $1,157,285 *1,982,227
1910-11 • 3,564,292 478,539 3,924,874 854,172 1,047,973 2,022,729
There were also deducted stock dividends on the common stock amounting
to $1,157,285 in the year endingJune 30 1912, against $1,048,170 in 1910-11,
leaving a balance of $824,942 In 1911-12, against $974,559 in 1010-11.
-V. 94, D. 984.
American Railway & Lighting Co.-Bonds Called.-
The $500,000 collateral trust 5% gold bonds of 1907 have been called for
payment at 103 and Int. on Sept.1 at the Equitable Trust Co.-V.88,p.1130.
American Steel Foundries.-Earnings.Total
Int.,S.F., Bal., Surp.
Other
Net
3 Mos. ending
Earnings, Income. Income. Depr.,&c. or Deficit.
June 30.
$7,416 $298,918 $196,016 sur.$102,902
5291,502
1912
13,053 def.3,114
161,946 def. 165,060
def 16.167
1011
Six Months$480,158 $15,271 $495.429 $383,200 sur.$112,229
1912
27,689
49,357
77,046
331,023 def. 253,977
1911
-V. 94, p. 1251.
Atlantic Fruit & Steamship CO.-Settlement of Litigation.The suit for damages against Lindo Bros. to enforce their agreement to
sell Costa Rica banana lands to the company (V. 94, p. 1698) has been
settled by the payment of $100,000 by the defendants, who have sold out,
it is stated, to the United Fruit Co. Other litigation with the latter, however, is pending. Comapre V. 95, p. 113.
Hartford, are offering at par and int. by advertisement on
another page, the unsold portion of 60,000,000 7% cumulative pref. (p. & d.) stock. Total auth. issue, $40,000,000;
outstanding, $37,825,900. Not redeemable. Divs. Q.-M.
Transfer agents: Bankers Tr. Co., N. Y.,and Illinois Tr. ec Savings Bank,
Chicago. Registrars, Guar. Tr. Co., N. Y. and First Tr. & Say. Bk., Chic.
Abstract of Letter from Pres. William Butterworth, Moline, July 30 1912.
Business founded in 1837 by John Deere, who invented and first manufactured steel plows. To-day is the largest producer In the world of steel plows.
Also manufactures and sells a varied line of other agricultural'implements,
farm wagons, buggies and other vehicles.
Capitalization Aug. 1 1912, with New Issue of Preferred Stock OutEanding.
Authorized. outs a id.
Authorized. Outstand.
Debs. of 1902
Closed $375,0001 7%eu.pf.stk$40,000,000 $37,825,000
5% ser. gold notes_Closed 4,000,0001 Com. stock_ 25,000,000 18,396.400
This $10,000,000 of pref. stock is sold to enable the company to retire a
large part of its notes payable and those of its subsidiaries, and provide
additional working capital in anticipation of large expansion of trade in 1913.
The pref. stock has no right to vote except on changing the name, place
of business or objects of the company, on dissolving or consolidating, or
selling the business as an entirety or on increasing or decreasing the auth.
capital stock; but if at any time four pref. dividends shall be in arrears.
then, and until these arrearages have been earned and paid, a majority of
the directors shall be elected exclusively by the pref. stock (V. 92, p. 1502).
The debentures of 1902 are serial and all mature by Nov. 1 1917. The
5% serial gold notes mature $1,000,000 per annum, the last series Aug. 1
1916 (V. 92, p. 1245). The company plans to retire both issues as they
mature out of earnings. No additional bonds or mtges. so long as any of
the 5% serial gold notes or the debentures of 1902 are outstanding.
Assets of Company and Its Subsidiaries Aug. 1 1912.
Net quick assets, abt. $34,000,000; fixed assets, $16,000,000_ _ _*50,000,000
Outstanding obligations (notes, debentures and real estate
6,475,000
mortgages) only
Every dollar of the $37,825,900 pref. stock, therefore, has behind it net
tangible assets of $1 15, of which approximately 90c. is quick assets.
Net Earnings of the Company and Its Subsidiaries.
For the six months ended April 30 1912, after payment of all gen$2,649,163
eral expenses and interest on funded and floating debt
For the year ending Oct. 31 1912, before interest charges on the
$4,558,000
funded debt, probably not less than
Annual interest charges on funded debt as to be reduced Nov. 1
212,500
1912 to 54,250,000
British Columbia Packers' Association.-Earnings.-
$4,345,500
Balance applicable to the annual dividend requirements
Anticipated net earnings applicable to preferred dividends in
$5,000,000
1913, considerably over
Average applicable to pref. divs. for 6 yrs. ending Oct. 31 1911_ _$3,702,344
Full year's div. on entire $37,825,900 pref. stk. out. Aug. 1 1912_52,647.813
The nature of the business is such that the earnings for the 6 mos. ending
31 are not as large as for the 6 mos. ending April 30.
Brooklyn & Manhattan Ferry Co.-Bonds Offered.- Oct.
[White, Weld & Co. remark: "It should be noted that in the case of each
M.
1st
int.
and
Trippe & Co., New York, are offering at 95
branch house and factory the reserves for that particular branch or factory
are deducted from its profits before arriving at the net profit which is
20-year 5% gold bonds, dated Feb. 1 1912 and due Feb. 1 credited
to Deere & Co. For the first 6 mos. of 1912 the branch houses and
1932, but callable at par after Feb. 1 1917. Total issue, factories set up total reserves of nearly $600,000, against which there were
which left a net increase In the combined reserve for 6
deductions
certain
$500,000. Int. F. & A. A circular says in brief:
ordinary method of setting up reserves of a single
These bonds are a first lien on all the assets of the company, including mos. of $391,254. The
the reserves from the surplus left after paying interest
deduct
company
to
Is
clear.
and
franchises described below and a fleet of ferry boats, owned free
of the fact that Deere & Co. keep separate
The company (incorporated in N. J. Oct. 10 1909 with $500,000 stook in and dividentis. By reason
companies, it really credits itself, not
$100 shares) operates the ferry lines between New York and Brooklyn accounts for each of the subsidiarybranch
companies, but merely with their
of
the
with
various
earnings
the
net
known as the Roosevelt ferry line and the 23d St. ferry line. Under the
account were credited with
charter provisions of Greater New York, the company owns a 10-year fran- several surpluses. It the company's general
of all the subsidiaries, and then
prolts
manufacturing
selling
gross
or
the
city
the
ferries,
for
these
years
10
renewal)
operating
of
option
chise (with
with the interest on
second,
charges;
overhead
their
with
first,
leasing to the company (for ten years from Dec. 11 1909-Ed.) ferry houses debited,
charges on the funded debt of
and equipment of three terminals at a nominal rental of $1 per annum. their floating debt; third, with the intereston
debt-the apparfloating
interest
its
the
with
fourth,
and,
Co.;
&
Deere
deposited
with
$53,000
the
has
City
and
Comptroller
The company owns
on the preferred stock
par value N. Y. City bonds as a guaranty under the lease. During the ent earnings which would be available for dividends
than those shown."
franchise the city guarantees to pay to the company the sum of $11,000 would be nearly 25% greateron
the necessity for cultivating the soil and
The business, being based
monthly, which in itself is more than sufficient to pay the interest charge
part of the North American continent and
on the entire bond issue and provide for the payment of the entire princi- extending as It does over a large
from effects of business depression.
free
exceptionally
is
fields,
foreign
York
New
of
City
a
The
receives
percentage
maturity.
pal at or before
Plants and Products (The Factories Employ about 7,000 Men).
of the net receipts of only one of these routes.
Owns and operates the main plant at Moline, Ill., where all kinds of steel
For the 12 months ending June 30 1912 the total revenue, after paying
operating expenses, was $102,900. After deducting bond interest, taxes plows, drag harrows and cultivators are manufactured.
Also owns 12 subsidiary manufacturing companies, viz.: (a) Deere &
and the percentage paid to the city on the Roosevelt Ferry, the surplus
Mansur Co., Moline, largest manufacturers in the world of corn planters
shown was $47,090.
(exclusive patents), and also large manufacturers of disc harrows, hay rakes
1912.
22
July
Letter from President H. B. James,
and hay loaders; (b) Moline Wagon Co., Moline, farm wagons; (c) Union
The earnings for the year ending June 30 1912, after paying operating Malleable Iron Co. East Moline, malleable iron castings for all purposes;
East Moline, manure spreaders under valuable patents,
expenses, payments under lease and deducting interest payments, amounted (d) Marseilles Co.,'
to $47,090. Taking the growth of the compally by months I have made grain elevators and corn shellers; (e) John Deere Plow Co. of St. Louis,
surplus,
net
the
believe
and
buggies
vehicles;
(f) Dain Mfg. Co., Ottumwa, hay-making machinery
and
1913
an estimate for the year ending June 30
after paying operating expenses, payments under lease and the interest (basic patents); (g) Dahl Mfg, Co., Ltd. Welland, Ont., hay tools and
on the issued amount of bonds, will be $55,614. The Wall and Catherine other implements for Canadian trade; (ii) Davenport (Ia.) Wagon Co.,
Street ferries operating between Brooklyn and Manhattan will be discon- metal running gear farm wagons; (0 Syracuse (N. Y., Chilled Plow Co.,
tinued on July 28 1912, and I estimate this will give us a substantial in- chilled plows and other implements for Eastern trade; (1) Van Brunt Mfg.
Co., Horicon, Wis., grain drills and other seeding machinery (numerous
crease of business above my estimate of $55.614.
patents); (k) Fort Smith (Ark.) Wagon Co., wooden farm wagons (factory
[Under the lease of Dec. 11 1909 the company agrees to pay the city $1
new and modern); (I) Moline Lumber Co. owners of a valuable tract of
a year on account of the 23d St. Ferry, also one-half of the 'net profits" of hard-wood timber, and a new saw and planing mill at MalvernArk.
running the Roosevelt St. ferry after deducting all necessary expenditures
Also owns branch (sale) houses In Winnipeg, Omaha, Icansas City,
for "maintenance, operation and management." The city covenants to Minnelpolls, St. Louis, Dallas, Indianapolis, Baltimore, Portland, Ore.,
pay the company a subsidy of $11,000 a month and said sum is to be in- San Francisco, Atlanta, Syracuse, Moline, and Welland. Ont.
cluded with the gross earnings of the Roosevelt St. ferry in determining the
Outlook.-The gross sales to the trade will reach approximately $30,000,aforesaid "net profits."1-V. 92, p. 958. 1376.
000 for the fiscal year ending Oct. 31 1912, and, with normal conditions for
ltehaestsulcoevo
eeding year, we confidently expect an increase In gross sales of at
Pref.Divs. Balance,
Common
Profs.(aftsr Ser. B Sh.
Year ending
Surplus.
(7%).
Dividend.
June 30- Deprec., &c.). Redeemed.
$70,949 $145,931
$416,353 $108,789 (6%)$90,684
1911-12
129,511
77,424
55,953 (2%) 30,228
293,116
1910-11
Total surplus June 30 1912, $615,530.-V. 93, p. 1388.
Butte Electric & Power Co.-Lease-Control.-
See Missouri River Elec. & Power Co. below.-V.95. p. 178.
California Sugar Refining Co.-Dissolution Voted.-The
stockholders on July 13 voted to dissolve.
The American Sugar Refining Co. owned one-half of the $300,000 stock
(see Amer. Sugar. Refg. statement, V. 91, P. 1571). John D. Spreckels
was President and A. D. Spreckels. Vice-President.
Canadian Light & Power Co., Montreal.-Stock Increase.-
The shareholders will vote Aug. 6 on increasing the capital stock from
$6,000,000 to $7,000,000. The Montreal Tramways & Power Co. owns
control (V. 94, p. 1057, 488).-V. 93, p. 1024.
Central Iron & Steel Co., Harrisburg, Pa.-Coupons.-
The receivers announce that they have deposited with the Girard Trust
Co. of Philadelphia funds to pay the coupons due Aug. 1 on the $1239,000
5s outstanding. Checks will be mailed by the bondholders' protective committee for coupons on all bonds which have been deposited with the Girard
Trust Co. under the tondholders' protective agreement.-V.94, .p 1567.
Ohemung Copper CO.-Proposed Sale of Property.-
President Tener In a circular dated July 31 says that, as President and
the largest individual stockholder, he has accepted the offer of Phelps,
Dodge & Co. of $1,350,000 cash, payable on delivery of deed,for the property of the company, subject to the ratification by the stockholders. A
special meeting of stockholders has been called for Aug. 15 at Duluth to
ratify the sale. After deducting $100,000 advanced by some of the stockholders, and now carried on the books as bills payable, with interest on
same, together with sundry accounts payable, there would be left about
51,230.000 for the stockholders, or not less than $5 per share. Owing to
cost of keeping mine unwatered until sale is consummated, it is Impossible
to state exactly the return per share.
Voting Trustees.-The common stock is held under a voting trust which
expires Nov. 1 1920. The voting trustees, who are all directors and
members of the executive committee are: Pres. William Butterworth,
Moline; V.-P. & Can. Counsel Burton F. Peck, Moline; V.-P. Charles C.
Webber, Minneapolis; Willard L. Velle (Chairman Exec. Comm.), V.-P.
George W. Mixter and George N. Peek, all of Moline.
Among the other directors are: F. R. Todd, G. W. Crampton and R. B.
Lourie, of Moline; C. D. Velle, Minneapolis; J. C. Duke, Dallas; Joseph
Dain, Ottumwa; H. W. Hutchinson. Winnipeg; S. H. Velle, Kansas City;
C. W. Mansur, St. Louis.-V. 95, p. 238.
(E. I.) du Pont de Nemours Powder Co.-Earnings.-
Net (after Non-op'g Bond Pref. Div. Bal. for
6 Mos.end. Gross
June 30- Receipts. DePTeC.,&C.). Deduc's. Interest. (2 %). Corn. Div.
1912 _ _$17,987,365 $3,438,331 *$67,296 $378,006 $395,779 $2,731,842
3,301,730 '38,390 377,185 373,294 2,589,640
1911 _17,152,766
fl_t_. 15,995,471 3,013,157 151,153 353,243 336.720 2,172,041
:
11)!O_o
Profit.
The balance as above for the six months of 1912 is equal to 9.28%
(18.56% yearly) on the $29,426.386 common stock outstanding, against
8.80% (17.60% yearly) on the $29,426,548 in 1911. Net earnings for the
six months of 1912 are equal to an annual income on the gross investment
of 8.09%, against 8% In 1911.
The following is officially confirmed.
The gross receipts for June were the largest In the history of the company
and the net receipts were only once exceeded in the past.
The company considers the 6 months' showing an unusually satisfactory
the anthracite coal regions,
one, as the six months cover the troubles insharply.
-V.95, p. 113, 51.
when Its sales of blasting powder dropped off
111.-Advance OfferRockford,
Emerson-Brantingham Co.,
Salomon & Co., who, in conjunction with
ing
300
THE CHRONICLE
Kuhn, Loeb & Co., are financing this company, are making
an advance offering of the new issue of $12,000,000 7% pref.
stock. The bankers say in substance:
Business established In 1852. Through the new financing, is acquiring
the property and business of a number of plants, chiefly the Geiser Mfg. Co.,
Waynesboro, Pa.; Reeves & Co., Columbus, Ind.; and the Gas Traction Co,
V. 94, p. 1189), Minneapolis, and is enlarging Its working capital. Under
the new capitalization will have an auth. Issue of $20,000,000 7% pref. stock
and $30,000,000 common, of which $12,000,000 pref. and $10,000,000 corn.
Is to be presently issued. No funded debt. Through the aforesaid acquisitions the company will have facilities for a more extensive line of agricultural implements and will reduce the cost of manufacture through increased
efficiency in its seilinr organization.
After glving effect to the new financing, the combined companies will have
net tangible assets (exclusive of good-will, patents, trade-marks, &c.) of
$17,367,0i6, or about 40% in excess of the present issue of pref. stock. Net
current assets wilt alone be about $12,224,355, or more than the present
issue of pref. sto ds. The combined earnings for 1911 applicable to diva.,
after deducting teoreciatlon, were $1,602,074, or about twice the amount
required to pay dividends on the present issue of pref. stock. For the past
five fiscal years earnings after depreciation have averaged $1,456,114.
Without eonsid ‘ring the economies to be effected, it is estimated that the net
earnings forth; next fiscal year will be in excess of $2,000,000.—V.95,p.179.
Marconi Wireless Telegraph Co. of America.—Purchase
See United Wireless Telegraph Co. below.—V. 95, p. 179.
Mexican Petroleum Co., Ltd., of Del.—Listed.-The N. Y. Stock Exchange has auth. to be listed $13,800 additional common stock on notice of exchange for permanent engraved certificates, making the total to be listed $32,000,000.—V. 94, p. 1180.
Mississippi Valley Gas & Elec. Co., Chicago.—Purchase.
See Louisville (Ky.) Gas Co. above.—V. 94, p. 1452, 1510, 1630.
Missouri River Electric & Power Co.—Offering of 9-Year
6% Mortgage Notes with Interest and Sinking Fund Guaranteed
Under'Lease to Butte Electric & Power Co.—A. B. Leach & Co.,
N. Y. &c., are placing $400,000 9-year mtge.6% gold notes,
part Of a present issue of 86,000,000, dated Jan. 1 1912 and
due Jan. 1 1921, but redeemable at option of company on
any int. date at 102 and int. Par $13000 (ea). Int. J. & J.
in N. Y. • Equally with bonds, secured by 'extension and
refunding mortgage." Central Trust Co., N. Y., trustee.
The bonds are also offered by William W. Eastman, MinGreen Bay (Wis.) Water Co.—Bonds.—E. H. Rollins & neapolis. A circular shows:
Leased to Butte Elec. & Power Co. (V. 87, p. 41) for 999 years from
Sons, Bo3ton, N. Y., Chic., &c. are offering at 103 and April
30 1912. The lease provides that the Butte Elec. & Power Co. shall
int. a block of 1st M. 6s due 1940. See V. 91, p. 1515. •
pay as rental a sufficient sum annually to pay all int. and sinking fund
charges
the Missouri River Elec. & Power Co. Organized In N. J.[early
Electric
&
Co.—Committee
Gas
Hamilton (0.)
Takes Charge. in 19121 of
as successor to the United Missouri River Power Co.[V. 94, p. 587,
E. M. Peters of Hamilton, Ohio, was on July 30 placed in charge of the
business of the company, and also of the Hamilton Otto Coke Co. The
property was on July 29 turned over to W. E. Hutton, J. C. Thorns and
Frank L. Perin of Cincinnati, the committee representing the bondholders,
by Samuel F. Goodman, trustee In bankruptcy. The committee will continue to run the plant as heretofore, and shortly will call the bondholders
together for instructions as to what to do with the plant and to organize a
new company.—V. 95, p. 239, 114.
Hart-Parr • Co.—Financing.—The Hart-Parr Co., large
manufacturers of agricultural machinery, are reported to be
negotiating for some new financing with Eastman, Dillon &
Co. of N. Y. and King, Farnum & Co. of Chicago. The new
financing will probably take the form of a 7% preferred stock
issue which will be offered to the public in the near future.
‘‘ The company, it is claimed, is the oldest concern In the world In its line
of business, and this will be the first.time the nubile has ever been able to
buy any of this company's securities. Its products, we are Informed, are
sold In every agricultural country in the world, and its business, especially
its foreign business, has lately been growing at a rapid rate.
• Improved Property Holding Company of New York.—
Notice is given by the bondholders' protective committee for the Series A
6% bonds (V.94, p. 1510)'that Aug. 15 has been fixed as the last day for
the &posit of the bonds under the protective agreement dated May 24
1912, and that no bonds will be accepted under the said agreement after
that date except within Its discretion and upon such terms as it may Impose.—V. 95, p. 179.
• Indianapolis Gas Co.—Bonds.1---Joseph T. Elliott & Son;
and Newton Todd, both of Indianapolis, offered on July 19
$200,000 1st M. 5% bonds dated 1902 and due Oct. 1 1952.
Par $1,000 c*. Interest A. & 0. at Equitable Trust Co. of
N. Y., trustee. The bankers say:
Authorized. Outstand'g.
Capitalization—
$2,000,000 $2,000,000
Capital stock
7,500,000
4,840,000
Bonds (an absolute 1st M. Listed on Ind. Stk Ex.)
Incorporated in 1890 as successor to a company which began business in
1851. Owns modern gas plant situated on 26 acres of ground on Langs1ale
Av., and has recently acquired five acres upon which it is erecting a BernetSolvay gas oven at a cost of approximately $600,000. Also owns 10-story
Majestic (office) Building. All property, including franchise, Majestic
Bldg., &c., is covered by this mtge. Miles of mains laid, serving practically the entire city, 350; service connections, 42,500; customers, 37,600;
gross output of gas In 1911, 1,294,000,000 cu. ft. Replacement value of
property much in excess of the total outstanding bonded debt. With the
completion of the plant under erection, the net earnings above interest
charges will be greatly Increased. (Compare Citizens' Gas Co. of Ind., in
V. 95, p. 178.)—V. 93, p. 799.
International Harvester Co.—Application to List.—The application in connection with the listing of the company's
$60,000,000 7% cumulative pref. and $80,000,000 common
stock on the N. Y. Stock Exchange is given at length on another page. The stock is being issued in exchange for the
voting trust certfs., the voting trust having expired on Aug. 1.
p. 239.
Keystone Telephone Co., Phila.—End of Voting Trust.—
The voting trust agreement dated July 1 1905 having expired, the common stock voting trust certfs. are now exchangeable for certificates of common stock.
Of the $5,000,000 common stock, $2,750,000 has been held In the voting
trust. There is also outstanding $1,936,850 pref. stock.—V. 94, p. 1452.
Louisville (Ky.) Gas Co.—Amendment of Incorporation.—
The city General Council on July 25 passed two ordinances
(1) approving the sale of the city's $925,000 stock at $150
a share to H. M. Byllesby & Co. of Chicago for the Miss.
Valley Gas & El. Co. (V. 94, p. 1452), which had already
owned most of the $3,600,000 outstanding stock ($4,000,000
auth.), and (2) sanctioning the amendments to the charter
contingent on which the purchase was made.
These amendments are chiefly the acceptance of the provisions of the
State constitution of 1891 which the removal of the limit of $250,000 fixed
for the maximum bonded debt; and also of the provision that no individual
other than the city of Louisville could own over 1,000 shares of stock. The
charter fixes a maximum rate of $1 30 per 1,000 ft. for gas furnished consumers, but the company charges $1 20, with a discount of 20 cts., making
the actual cost $1. Fuel gas is being furnished for 80 cts. per 1,000 ft.,
or 75 cts. with the discount of 5 cts. The amended articles of incorporation
were filed with the County Clerk on July 27. See V.94 .p. 1452;V.95,p.240.
• • Lossier Motor Co. of Detroit.—New Officers and Directors,—
H. M. Jewett, of the Paige-Detroit Motor Car Co., has been elected President to succeed H. A. Lozier, who resigned, but will continue to take an
active part In the business. Raymond B. Fosdick, now Commissioner of
Accounts In New York, was made•Vice-Pres. and Treas.; E. P. Earle and
H. E. Kohler, of New York, become directors.
• It is announced that the company will materially increase its capacity
and add to its line of cars. Heretofore only a 50-horse-power car has been
manufactured, at a sale price of $5,000. In 10 weeks or less there will be
ready a model of less horse power, but in every respect, it is claimed, up to
the standards set. The company will also add in the near future to Its
machine shops. The necessary financial arrangements for tile increase in
capacity and buildings have, It is stated, been made.—V. 93, p. 108.
r. Manufacturers' Light & Heat Co., Pittsburgh.—Earnings.
Dies.
Gross
Net
Other Interest,
13,
Mos. end.
Balance,
&c.
(1%).
June 30— Earnings. Earnings. Income.
Surplus.
$3,229,228 $1,679,764 $18,565 $175,810 $215,000
1912)
2,805,943 1,301,262 35,563 232,110
95
1 11;
9;310047,7519
—V.95, P. 179.
2851, the Missouri River Power Co.[V. 76, p. 708; V. 81, p. 900;
88,
V.
P. 7511. the Helena Power Transmission Co.[V. 81, p. 843; V. 88, p.7511
and the Capital City Power Co.(V. 86, p. 111; V. 93, p. 10241. Owns two
water-power plants on Missouri River, and an auxiliary steam power plant
in Butte in complete operation, combined generating capacity, 35,000 elec.
h. p. Also owns additional water-power rights on Missouri River capable
of developing 46,700 electrical h. p.
Capital stock (all owned by Butte Elec. & Power Co.)
$1,000,000
Ext. & ref. M.(bonds & notes), auth. issue, $17,500,000; bonds
issued, $1,500,000; these mortgage notes, $6,000,000
7,500,000
Reserved to retire underlying mortgage bonds (see V.94, p. 285) 3,545,000
Reserved for new constructien, improvements and
other capital expenditures at 90% of cost
6,455,000
Both "extension and refunding mortgage" bonds and "mortgage notes"
are secured by the same mortgage, the two issues being equal in rank and
security. The mortgage provides that $6,000,000 of the bonds may be
issued to retire the $6,000,000 mortgage notes on or before maturity of notes.
The Butte Electric & Power Co. serves that most important section of
Montana including Butte, Great Falls, Livingston, Billings, Bozeman,
Belgrade, Whitehall, &c., a territory 225 miles in length, with rapidly
growing and diversified industries, copper and gold placer mining, agricultural, &c. Among its assets arc: (1) The entire capital stock of the Madison
River Power Co. owner of three water-power plants on Madison itiver,
combined generating capacity of 25,000 electrical h. p. (see V. 90, p. 113):
and (2) one-half ($2,500,000) of the capital stock of the Great Falls WaterPower 6: Townsite Co., which in turn owns: (a) real estate In Great Falls
with an assessed value in excess of $2,000,000; and (5) the entire $10,000,000 capital stock of the Great Falls Power Co., owner of two hydro-electric
plants, generating capacity 46,000 h. p. (see V. 94, p. 985).
Butte Electric & Power Co.—Annual Earnings and Income (000 omitted].
1911. 1910. 1900. 1908. 1907. 1906. 1005. 1904. 1903. 1902.
Gross ___$1,703 $1,675 $1,662 $1,269 $1,046 $848 $674 $514 $453 $457
1,046
Net
999 1,003
509 408 367 278 231 226
699
Interest _
96
01
431
266 218 166
391
361
309
72
Bal.. sur
565
608
332 247 200 179 139 153
612
390
The results for 1911 here shown (seep. 149, "Ry.&Ind. Sec.") take no ace ount of[the company's] one-halt of the surplus earns. of Great Falls Water
Power l& Townsite Co.1, amounting to $100,000. Accordingly, the surplus
earnings of the Butte Co. and the net earnings obtained through operation
of the predecessor company of the Missouri River Electric & Power Co. for
1911 aggregate $706,805, being in excess of the interest requirement on the
entire indebtedness of the Missouri River Electric 6: Power Co. Operation
of the plants of the Missouri River Electric & Power Co. at their maximum
capacity should produce a gross income of $1,500,000, which is sufficient to
pay all operating charges, interest and sinking funds of that company and
leave a substantial surplus for dividends on its stock. The Butte Electric
& Power Co. Itself has paid 5% dividends on Its pref. stock continuously
since organization in 1901, and Is now paying dividends at rate of 7% per
annum on Its common stock. The outstanding $4,000,000 common stock
and $1,000,000 pref. stock have a value based on present quotations In
excess of $5,600,000. See United Missouri Power Co., V. 94, p. 587, 285.
Mitchell Lewis Motor Co., Racine, Wis.—Payment of No es.
The $750,000 6% gold notes, due Aug. 1, will be paid at either the Continental 6: Commercial Trust & Savings Bank, Chicago, or the First National
Bank, N. Y., on or after that date.—V. 93, p. 1768.
National Electric Signaling Co.—Receivership.—The U. S.
District Court at Trenton, N. J., on July 26, on application
of D. S. Wolcott,appointed Samuel M.Kintner of Pittsburgh
and Halsey M. Barrett of Bloomfield, N. J.,as receivers.
The company consented to the receivership, which is the result of the
judgment obtained recently by Prof. Reginald Fessenden for $406,175.
Compare V. 95, p. 180.
National Fireproofing Co., Pittsburgh.—Business.—At the
meeting on July 25, at which $2,500,000 new bonds were
authorized, Pres. W. D. Henry, it is reported, said in part:
During the first 6 months of the year the comapnv has booked orders
52,000,000 In excess of the amount secured during the first half of 1911, and
the indications are that this increase will continue. The Juno and February
business was the largest ever booked In any month in the company's history.
In regard to increasing dividends on the pref, shares, that is a matter entirely
in the hands of the directors. The company enjoyed Its banner year in
1906, and, based on the volume of business now being booked, this year
will show even greater gains. The earnings for the 6 months show an increase over the corresponding period of 1911. The tendency has been
toward better prices for materials. [It is stated that the outstanding bonds
will be retired out of the funds from the sale of the new issue, which, after
paying off its floating obligations, will give the company a working capital
of $500,000.1—See V. 95, p. 240.
National Packing 0o.—Dissodution Plan.—The details of
the plan by which the company proposes to effect its voluntary dissolution were submitted to the Gov. on July 30:
The general plan for the disintegration of the meat company was agreed
on several weeks ago, and It is expected the detailed plan also will be acceptable to the Government. 'rho basis on which the property of the National Packing Co. is to be dissolved is 46% of the property to Swift & Co.,
40%.'to Armour & Co. and 14% to Morris & Co.—V.95, P. 240.
Nevada-California Power Co.—Another Scrip Dividend.—
A scrip dividend of $2 a share on the outstanding common stook has been
declared, payable to holders of recerd at noon July 27. Interest-bearing
certificates dated Aug. 1 will be mailed Aug. 10. A similar scrip dividend
was paid six months ago. Compare V. 04, P. 283.—V. 95, p. 53.
New England Watch Co., Waterbury, Conn.—Receivership.—Judge Burpee in the New Haven County Superior
Court on July 23 appointed John P. Elton of Waterbury and
Harris Whittemore of Naugatuck receivers.
The directors on July 20 voted to temporarily suspend operations and
apply for a receiver. The receivers will conduct the business for the remainder of the year at least, and it Is hoped that a permanent reorganization will have been effected by the first of January next. The financialdifficulties are understood to be duo to the remodeling of the product from
the old-style duplex to the more modern lever escapement.—V. 88, p. 886.
New Jersey Gas Co.—Bond with Stock Bonus.—
There was sold at auction In Phila, last week at 90 one $500 1st M. 5%
1940, with $75 N. J. Consol. Gas Co. corn, scrip bonus.—V.92, p. 1314.
AUG. 3 1912.]
THE CHRONICLE
N. Y. & Wilkes-Barre Coal Co.—Auction Sale Aug. 20.—
York
The company's holdings of securities, &c., are advertised by the NewMuller
II.
Trust Co., the mortgage trustee, to be sold at auction by Adriancompany's
& Son, Nos. 14-16 Vesey St., N. Y., on Aug. 20. Holders of the consent"
$600,000 6% bonds are said to have given 'practically unanimous
to the plan. See V. 94, p. 1701.
Niagara Lockport & Ontario Power Co.—Stock Authorized.
—The P. S. Commission on Aug. 1 authorized the company
to issue and sell as of June 1 1912 $2,000,000 first pref. stock
at par to discharge $2,000,000 5% 30-year gold coupon notes
which matured June 1 1912.
The Electric Power Securities Co. of Niagara Falls has also been authornow
ised to acquire $980,000 of the new issue, or 49%. The Electric Co.
holds 49% of the present outstanding stock of the company.—V.94, p.1691.
301
• Toronto & Niagara Power Co.—Favorable Decision.—
•
The Judicial Committee of the Privy Council on July 24 reversed the
judgment of the Court of Appeals of Ontario, Canada, delivered in February
last. The Privy Council finds that the company is entitled to erect poles
and string power wires along the streets of North Toronto to distribute
electric power without the consent of the city authorities.
The company, it is stated, recently decided to expend $3,000,000 to
extend its system at Niagara Falls, bringing the total capacity up to 125,000
horse power. The controversy with the city authorities was over the erection of a transmission line from Niagara to the City of Toronto for a voltage
of 85,000.—V. 84, p. 52.
Union-American Cigar Co.,Pittsburgh.—First Dividend.—
An initial semi-annual dividend of 3 y,% has been declared on full shares
of 7% cumulative pref, stock, payable Aug. 15 to holders of record Aug. 1.
Checks will be mailed. G. P. Waidely is Treas. See V. 94, p. 213.
Union Telephone Co. of Erie, Pa.—Receivership.—
North Carolina Electric & Power Co.—Sale of TVhitney
Judge Henry of Lebanon, specially presiding in the Dauphin County
Property.—The company recently agreed to sell the partially Court, on Aug. 1 appointed Theodore A. Lamb as receiver. The company's
lines are leased by the American Union Telephone Co., which lain the hands
completed hydro-electric tolant, together with houses and of
receivers. (V. 93, p. 347, 1466; V. 94, p. 561, 1628).
a portion of the land at Whitney, N. C. (formerly belonging;
United States Steel Corporation.—See "Reports."
to the Whitney Company, V. 91, p. 1715, 1636), to L'AluCalled.—($75,000) 1st M. 6s of the Johnson Co. have been
minium Francais. The Manufacturers' Record said.
drawn for payment at 105 and interest on Sept. 1 at the
L'Alumlnum Francais has been organized with a capital of 15,000,000
francs by Banque Franco-Americaine of Paris and Bank Len & Co. of office of U. S. Trust Co., N. Y trustee.—V. 95, p. 116.
capital
a
with
Co.
Aluminum
Southern
Zurich, and plans to organize the
United Wireless Telegraph Co., New York.—Report by
stock of $8,000,000 to build aluminum works and utilize for this enterprise
Reorganization Committee.—A circular dated Aug. 1 and
the uncompleted Whitney hydro-electric development. The Whitney
by
owned
formerly
&c.,
construction,
property comprises the land, dam
Arthur P. West, 55 Liberty St., Chairman of the
the Whitney Company, which was succeeded by the Norht Carolina Elec- signed by
$1,- reorganization committee, says in substance:
tric & Power Co., the first organization having expended more than
Yadkin
tire
on
hydro-electric
construction
000,000 for its purchases and
River near Whitney. In accepting this proposition ot the French capitalists, the North Carolina Electric & Power Co. will retain the ownership
in Whitof mine, quarry, Virginia lands, &c., including about 7,200 acres
$750,ney and along the Yadkin River. The French capitalists are to pay
for their
Co.
Aluminium
the
of
stock
in
Southern
$500,000
000 in cash and
Whitney purchase.
[Lawrence H. Sanders, 2 Rector St., N. Y. City, is now President of the
North Carolina Electric & Power Co.]—V. 91, p. 1776.
Northern States Power Co.—Permanent Notes Ready.—
The temporary certificates for the $5,000,000 5-year 6% collateral lien
notes may now be exchanged for permanent certificates at the trust department of the Guaranty Trust Co.—V.95, p. 180.
Ohio Fuel Oil Co., Pittsburgh.—Dividend.—This company
on July 16 declared a cash dividend of 100%, or $1 per share,
on its $320,000 of outstanding capital stock, payable Aug. 1
on stock of record July 2. "Pittsburgh Press' said:
This is the first dividend declared by the company, but for some thne
action had been anticipated. The stock was given as a dividend to holders
of the Ohio Fuel Oil Supply Co. in Oct. 1909 (V. 89, p. 724). This required
320,000 sh-res, of a par value of $1. Earnings have been very large3492,127 in the year ending Apr. 30 1010, $487,830 in 1911 and $753,745
in 1912, the latter including only one big month's production from the
Blue Creek oil pool. Average annual earnings have thus been $577,900, or
180% per annum on the outstanding capital. On April 30 the surplus
stood at $1,733,745, on which date cash and accounts receivable exceeded
accounts payable by $356,708. May, June and July receipts from the
Blue Creek field alone will probably approximate two-thirds of the gross
earnings of the last fiscal year, which were $1,092,667. George W. Crawford is President and H. C. Reeser Sec. and Treas.—V. 80, p. 724.
Omaha (Neb.) Water Co.—Payment of 1st Pref. Stock.—
Tho beneficial certificates pertaining to the 3749,000 1st pref. stock,
will be paid at par and retired upon presentation at the Farmers' Loan &
Trust Co. N. Y. Tile usual dividend of 5% on the stock will be paid on
' of the earnings of the fiscal year ending June 30 1912.—V. 94,
Aug. 7 out
p. 1630.
Pennsylvania Light & Pow. Co., Pittsb.—Control Sold.—
See Philadelphia Company under "Railroads" above.—V. 95, p. 115.
Philadelphia Electric Co.—Power Contract.—
See Phila. Rapid Transit Co. under "Reports."—V. 94, p. 1387, 1190.
Pittsburg Oil & Gas Co.—Earns.—For 3 mos. end. June 30.
Total earnings, all sources, $170,583; operating expenses, maint., drilling
new wells, rentals, interest on funded and current debt, &c., $131,940;
net earnings, 338,043.—V. 94, p. 1190.
Porto Rican-Amer. Tobacco Co., N. Y.—Indefinitely Postponed.—The meeting called for Aug. 1 to vote on increasing
the auth. stock to $3,000,000 was indefinitely postponed.
Several of the 29 individual defendants in the Government's suit to
dissolve the American Tobacco Co. feel that any Increase in the capitalization of the company might involve a violation of the Court's decree, which
enjoined them from increasing their holdings in any of the companies
formed as the result of the dissolution, at any time within 3 years thereafter.
See plan of dissolution, V. 93, p. 1122-4.—V. 95, p. 180.
Pure Oil Co.-234% Extra Dividend.—An extra dividend
of 234% has been declared on the $4,421,610 common stock,
in addition to the regular quarterly disbursement of 234%
(the rate in effect since Sept. 1911), both payable Sept .1.
Compare V. 93, p. 1389.—V. 95, p. 54.
Reo Motor Oar Co., Lansing, Micl} —Dividend.—The company paid on July 15 a dividend ofi 10% on its $2,000,000.
stock, making 20% paid to date in 1912.
Company's Dividend Record to Aug. 1 1912 (Per Cent).
1912.
1911.
1907. 1908. 1900. 1910.
1906.
1905.
30 3 ($60,000) 20
70
80
86;i
37 A
10
In cash__
33 1-3 _ • 100
In stock _
50
Stock out.
Deo. 31_3500,000 $750,000 -$1,000,000- -----$2,000,000
Total dividends: Cash, $4,147,500; stock, $1,500,000. No bonds or
mortgage. E. 11. Caldwell & Co., 25 Broad St. N. Y. are interested.
The plant, it is stated, is operating to capacity,I,000 men being employed,
and has orders ahead for 1,500 cars.—V. 90, p. 1300, 1618; V. 93, p. 1793.
(R. J.) Reynolds Tobacco Co.—Subscription Rights.—
Stockholders of record Aug. 22 are offered the right to subscribe for the
remaining $2,475,000 of the 310,000,000 auth. stock at par, in rpoportion
to the number of shares now held, with provision for handling fractional
parts of shares. Stockholders have until Oct. 1 to accept the offer and pay
for the stock. Stockholders who do not ()are to subscribe for additional
shares may assign their rights.—V. 94, p. 1630.
Riverside-Dan River Cotton Mills, Inc., Danville, Va.—
The Virginia Court of Appeals in tile suit brought by the holders of a
small percentage of tile stock sustained the validity of the merger of the
Riverside Cotton Mills and Dan River Power & Mfg. Co. in Aug. 1009.
Dividends at the rate of 10% were paid in 1911 on tile common stock, of
which $180,000 of the outstanding $2,500,000 is in the treasury. There
is also outstanding 34,500,000 6% cumulative prof. stock.—V.94, p. 356
Southern California Mountain Water Co.—Sale to City.—
See "San Diego" in "State and City" department.—V. 82, p. 574.
Southern Pipe Line Co., Oil City, Pa.—Dividend Increased.
—A dividend of 8% has been declared on the $10,000,000
stock, payable Aug. 31 to holders of record Aug. 15.
This compares with 6% in June and March last, the first distribution since
the dissolution of tile Standard Oil Co.—V.94, p. 420.
Standard Oil CO. of California.—Stock Increased.—
The stockholders on July 31 ratified the increase in the capital stock from
$25,000,000 to 350,000,000.—V. 94, p. 1769.
Developments Since Circular of April 4 1912 was Issued.
Approximately 15,000 stockholders, holding about 650,000 shares of
United Wireless Telegraph Co. stock, have participated in the reorganization, paying the assessment of 50 cents a share. On July 3 1912 the final
papers were signed by which the physical assets and patents of the United
Wireless Telegraph Co. were turned over to the reorganization committee
by the trustees in bankruptcy. These assets, in turn, have been sold to the
Marconi Wireless Telegraph Co. of America for 140,000 shares- of Marconi
Wireless Telegraph Co. of America stock ($5 par value), with an option for
90 days to the new Wireless Liquidating Co. to "put" such stock, or any
part of it, to the English Marconi company at par (V. 95, p. 179, 1731).
As was proposed in the original circular, this $700,000 American Marconi
stock has been transferred to a new corporation organized by your committee called the Wireless Liquidating Co., and its shares arc about to be
distributed in exchange for the certificates of deposit issued by this committee. Whether the Wireless Liquidating Co. will continue to hold these
shares, or proceed to distribute them, or their proceeds, among Its stockholders is a matter for the determination of the stockholders, and a meeting for that purpose will be called as soon as the stock certificates can be
sent out, a matter which will take a little time, as there arc about 15,000
separate certificates to be made out, signed and mailed. These $5 shares
of Marconi stock arc now selling on the N. Y. market at about $8 to $8 25
a share. At $8 a share the 140,000 shares of this stock held by the new
company arc worth about $1,120,000.
Tile committee has already paid to the trustees in bankruptcy of the
United Wireless Telegraph Co. $200,000 for the property transferred to the
Marconi company and has still to pay the trustees In bankruptcy $450,000
on that account, but the payments remaining to be made to the trustees
will probably be largely offset by dividends from the estate in bankruptcy
Comm the shares of United Wireless Telegraph Co. stock transferred to your
committee) when the old company is wound up. Your committee will also
have on hand, after paying its expenses, approximately $75,000, which is
also being turned over to the new company. We have already issued certificates of deposit of United Wireless stock calling for 300,000 shares of
the Wireless Liquidating Co. of $5 each. There are some further proposed
deposits which were offered us with the requisite checks prior to April 30
1912, but acceptance of which is still under consideration, Figuring the
Marconi shares at $8 25 each, the stock of the Wireless Liquidating Co.
should be worth approximately $4 a share.
In accordance with the original plan (V. 94, p. 703), the shares of the
Wireless Liquidating Co., which have a par value of $5, are to be issued
only to holders of certificates of deposit on the following basis: One share
In the Wireless Liquidating Co. for each two shares of United Wireless
Telegraph Co. stock deposited. For example, the holder of a certificate
of deposit for five shares of United Wireless Telegraph Co. stock will receive
2 y2 shares of the Wireless Liquidating Co. stock. This stock is now ready
to be Wised, and you are hereby requested to return your certificates of
deposit at once in order that stock certificates of the Wireless Liquidating Co.
may be issued therefor. All certificates of deposit must be signed on the
back by the person to whom it runs with exactly the same name shown on
face of certificate and the signature must be witnessed. All transfers,
after this original issue of stock will be charged for at the rate of 25 cents
for each transfer, plus stock transfer taxes. In case it is desired that any
part of the new stock be issued in a name different from that in which the
certificate of deposit runs, the signatures authorizing any such changes
must each be guaranteed by a bank.
(The Wireless Liquidating Co. was incorporated at Albany on June 10
with $1,700,000 auth. capital stock.—EdJ—V. 94, p. 1703.
Whitney Co.—Property Again Sold.—
See North Carolina Electric & Power Co. above.—V. 91, p. 1715.
—Investors liere and abroad will be interested in the
$10,000,000 Deere & Co. 7% cumulative preferred stock
offering made to-day through our advertising columns by
White, Weld & Co., of 14 Wall St., N. Y., Chicago, Boston
and Buffalo, and Kissel, Kinnicutt & Co., 14 Wall St., New
York, Chicago and Hartford, Conn. This stock is preferred
as to assets and dividends. Having sold a large part of the
entire issue,the bankers offer the unsold balance, subject to
change in price, at 100 and accrued dividend. Descriptive
details appear in the advertisement, and the investment features of this property are referred to in our "Gewral Investment News" Department. Circular will be sent on request
to the bankers.
—James C. Willson, formerly Southern representative of
the Harris Trust & Savings Bank, Chicago, announces the
organization of the investment banking house of James C.
Willson & Co., Incorporated, with offices at 901 Lincoln
Bank Bldg. Louisville, Ky. It will be the policy of this
deal in high-grade bonds and preferred stocks.
company to'
—Plympton, Gardiner & Co. have issued a special circular on St. Louis & San Francisco refunding 4s of 1951.
Copies may be had on application at the firm's offices, 27
William St., New York, or 228 So. La Salle St., Chicago. •
—Emery, Peck & Rockwood, Chicago, announce that
Mr. Henry D. Fellows, for the past five years actively engaged in the bond business in Chicago, has become associated
with their sales department.
—Theodore Prince has retired from law practice to become
a member of the firm of L. M. Prince & Co., 20 Broad St.,
members of the Stock Exchange. He will be an active
member of the firm.
302
THE CHRONICLE
Aleviorts and
[VOL.Lxxxxv
ocu mcuts.
INTERNATIONAL HARVESTER COMPANY
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING OF
THE SEVEN PER CENT CUMULATIVE PREFERRED STOCK AND THE COMMON STOCK.
New York, N. Y., June 17 1912.
Referring to the previous applications for the listing of
International Harvester Company Stock Trust Certificates
numbered and dated respectively A3494, June 3 1908, and
A3763, February 2 1910, International Harvester Company
hereby makes application to have placed, from time to time,
upon the regular list of the New York Stock Exchange
$60,000,000 par value of its Seven Per Cent Cumulative
Preferred Stock, divided into 600,000 shares of the par
value of $100 each and $80,000,000 par value of its Common
Stock divided into 800,000 shares of the par value of $100
each, being the entire authorized capital stock of the Company, said shares to be listed in lieu of and upon the retirement of the Stock Trust Certificates hereinafter described.
All the stock of the Company, preferred and common,
except twenty-one shares held by the directors, is now
deposited under a Voting Trust Agreement, dated August 13
1902, which will expire by limitation of time on August 1
1912, at which time the holders of Stock Trust Certificates
issued thereunder will be entitled to receive stock certificates
of the appropriate class and amount in exchange therefor.
The voting Truste s are George W. Perkins, Charles Deering
and Cyrus H. McCormick. Stock Trust Certificates issued
under said, Voting Trust Agreement representing all the
stock of the Company, preferred and common, the listing
of which is now applied for, except the twenty-one shares
now held by the directors, are now on the regular list.
Said Stock Trust Certificates are issued by the Voting Trustees, signed by their Agents, and entitle the holders to
receive stock certificates of the Com any upon the termination o said Voting Trust and in the meantime to receive
payments equal to the dividends collected on the deposited
stock. All dividends which have been declared upon the
stock of the Company, both preferred and common,since
the formation of said Voting Trust, have been distributed to
the holders of the Stock Trust Certificates representing such
stock, preferred and common.
r ternational Harvester Company (hereinafter called
the "Company") was organized under the General Corporation Laws of the State of New Jersey on August 12 1902.
The duration of the corporation is perpetual.
At the time of its organization the Capital Stock of the
Company consisted entirely of Common Stock to the amount
of $120,000,000, but by amendment of the Company's charter on Jan. 8 1907 the plan of capitalization was changed
(without increasing the total amount) by making one-half
of the stock Seven Per Cent Cumulative Preferred Stock and
leaving the other half Common Stock. Stockholders received one share of Preferred Stock and one share of Common
Stock in exchange for every two shares of the original stock.
By further amendment of the Company's charter made on
Jan. 28 1910, the authorized capital stock of the Company
was increased from $120,000,000 to $140,000,000, all of the
additional authorized stock being common stock. The
$20,000,000 additional common stock so authorized was
issued and distributed among the holders of record of the
common stock at the close of business on Feb. 3 1910, pro
rata, in payment of a dividend of 33 1-3% duly declared
by the directors upon said stock. The entire authorized
capital stock of the Company has been issued and is now
outstanding, fully paid and non-assessable. No personal
liability attaches to the ownership of the stock, preferred or
common.
The Company is engaged in the manufacture, sale and
dealing in harvesting machines, tools and implements of all
kinds, including harvesters, binders, reapers, mowers, rakes,
headers, shredders, machinery, engines, wagons, and motor
vehicles; agricultural machinery, tools and implements of all
kinds; binder twine; and devices, materials and articles used
in connection therewith; and repair parts and other devices,
materials and articles used in connection with harvesting or
agricultural machines, tools or implements, in accordance
with the terms of its Certificate of Incorporation.
The amended Certificate of Incorporation of the Company
provides with respect to Preferred Stock as follows:
"The holders of Preferred Stock shall be entitled from and after February 15 1907 to receive, when and as declared, from the surplus of the Corporation, or from the net profits arising from the business of the Corporation, cumulative dividends at the rate of Seven per Cent per annum, and no
more, payable quarterly on dates to be fixed by the by-laws. The dividends on such Preferred Stock shall be cumulative, and shall be payable before any dividend on the Common Stock shall be paid or set apart, so that if
In any year dividends amounting to Seven per Cent shall not have been paid
on the Preferred Stock, the deficiency shall be payable before any dividends
shall be paid upon or set apart for the Common Stock.
"Whenever the cumulative dividends on the Preferred Stock for all previous years and the accrued quarterly installments for the current year
shall have been declared, and the Corporation shall have paid the same, or
shall have set aside from its surplus, or from the net profits arising from its
business, a sum sufficient for the payment thereof, the Directors may declare dividends on the Common Stock, payable then or thereafter, out of
any remaining surplus of the Corporation or out of any remaining net profits
arising from its business.
"In the event of any liquidation or dissolution or winding up (whether
voluntary or otherwise) of the Corporation, then, before any amount shall
be paid to the holders of Common Stook, the holders of Preferred Stock
shall be entitled to be paid In full the par amount of their shares, and in.
addition thereto all arrears of dividends—that Is to say, an amount sufficient, with the dividends actually paid, to make Seven per Cent for each
year; and after the payment to the holders of the Preferred Stook of such
par value and arrears of dividends, the remaining assets and,funds shall be
divided and paid to the holders Of Common Stock pro rata according to.
their respective shares.
"Neither the Preferred nor the Common Stock of the Corporation shall at
any time be increased or diminished without the consent in writing, or by
vote at a speolal meeting of Stockholders called for the purpose, of at least
two-thirds in amount of each class of stock at the time outstanding."
The amended Certificate of Incorporation also provides as.
follows:
The Corporation shall not create any mortgage or other lien upon its
real estate, plants, tools or machinery without the consent in writing or by
vote at a special meeting of the Stockholders called for the purpose, of theholders of at least two-thirds of the entire Capital Stock of the Corporation
at the time outstanding, and, if there be more than one class of stock, without the consent of the holders of at least two-thirds of each class of stock.
outstanding; but this restriction shall not be construed to apply to any
purchase money mortgage or lien.
Except as herein otherwise provided, the directors shall have power and
authority to sell, assign, transfer, convey or otherwise dispose of all or
any of the property and assets of the Corporation on such terms and conditions as to the directors shall seem just and expedient, and to issue the
bonds, debentures, notes and other obligations or evidences of debt of the
Corporation.
With the consent in writing or by vote at a special meeting of stockholders called for the purpose of the holders of not less than two-thirds of
all the Capital Stock of the Corporation at that time outstanding, or if there
be snore than one class of stock, of not less than two-thirds of each class
of stock at the time outstanding, the Directors of the Corporation shall have
power to sell, convey or otherwise dispose of all the property, rights and
franchises of the Corporation, as an entirety, upon such terms and conditions and for such considerations, whether in cash, stocks, bonds or other
property, as the directors may in their discretion determine.
Of the company's original capital stock of $120,000,000,
$60,900,000 was issued for an equal amount of cash working
capital and $60,000,000 for the manufacturing plants and
other physical properties formerly owned by the Warder,
Bushnell & Glessner Company, McCormick Harvesting Machine Company, Deering Harvester Company, Milwaukee
Harvester Company and Plano Manufacturing Company.
Said plants .and properties immediately prior to their conveyance to the Company were valued by independent appraisers, exclusive of any allowance for good-will or patents,
at a sum in excess of $60,000,000. The $20,000,000 additional capital stock was issued as a stock dividend as aforesaid.
The Company has no bonded indebtedness and its properties are free and unencumbered. The only long-time obligations of the Company are an unsecured loan of $10,000,000,
due in 1921, and $20,000,000 unsecured Three-year 5% Gold
Notes issued under an indenture dated Feb. 15 1912, made
between the Company and the Bankers Trust Company,
as Trustee. This indenture provides that no recourse
shall be had thereunder or upon any note issued thereunder.
against any stockholder of the Company.
INTERNATIONAL HARVESTER COMPANY AND AFFILIATED
COMPANIES COMBINED INCOME ACCOUNT FOR
FISCAL YEAR ENDING DEC. 31 1911.
Sales of harvesting machinery, tillage implements, engines, tractors, cream separators, farm wagons, manure spreaders,
auto wagons, twine and steel products _4108,033,595 61
Miscellaneous earnings and charges (net) - 715,572 37
$108,1'49,167 98:
Deduct—
Cost of manufacturing and distributing _ _
$82,393,687 92
Ordinary repairs and maintenance _
__
3,488,949 52
Renewals and minor improvements
678,867 00
Experimental, development and patent expenses640,505 32
Administrative and general expenses _
670,754 97
Interest on loans
1,547,095 42
Appropriations for fire insurance fund ___
250,000 00
Reserve for pension fund _
250,000 00
Reserve for industrial accident fund
250,000 00
Reserves for plant depreciation and ore extinguishment
1,987,909 94
Reserves for contingent losses and collection expenses on receivables _
1,070,000 00
93,227,770 09,
Net profit
315,521,397 89
The Company agrees with the New York Stock Exchange
as follows:
To publish at least once in each year and to submit to the
stockholders of the corporation a detailed statement of its
physical and financial condition an income account covering the previous, fiscal year, and a balance sheet showing
assets and liabilities at the end of said year; also annually an
income account and balance sheet of all affiliated companies,
which may, however, be incorporated in a combined income
account and a combined balance sheet of the Company and
its affiliated companies;
To maintain a transfer office or agency in the Borough of
Manhattan, City of New York, where all stock shall be directly transferable, and to make, at the option of the holder,
dividend payments in New YOrk funds;
To give at least ten days' notice in advance of the closing
of the books or the taking of a record of stockholders for
any purpose;
To notify the Stock Exchange in the event of the issuance
of any rights or subscriptions to or allotments of its securities, and to afford the holders of listed securities a proper
period within which to record their interests, and that all
rights, subscriptions or allotments shall, at the option of
the holder, be transferable, payable and deliverable in the
Borough of Manhattan, City of New York.
The following is the combined Balance Sheet of the Company (including the assets and liabilities of affiliated companies) as of Dec. 31 1911 (the close of its last fiscal year):
COMBINED BALANCE SHEET DECEMBER 31ST 1911.
ASSETS.
Property account:
Real estate and plant property, ore mines.
coal and timber lands at December 31
$70,936,328 05
1910
4,590,769 16
Net capital additions during 1911
$76,585,000 70
206,888 08
1,514,312 50
Deferred charges to operations
Fire insurance fund assets
Current assets:
Inventories:
Finished products, raw materials, etc.,
$19,168,601 18
at close of 1911 season
Subsequent material purchases and manu20,424,179 68
facture for 1912 season
$69,592,780 86
Receivables:
Farmers' and agents'
$52,910,943 11
notes
10,977,644 65
Accts. receivable
$72,888,587 76
1),duct:
Accumulated reserves for
3,137,166 22
contingent losses
69,751,421 54
6,074,151 86
145,418,354 26
$223,724,555 54
LIABILITIES.
Capital stockPreferred
Common
.....
_ 360,000,000 00
80,000,000 00
$140,000,000 00
879,500 00
Purchase money obligations _
Current liabilities$30,918,341 68
.
Bills payable
Accounts payableCurrent invoices, pay-rolls,
accrued interest and taxes,
$8,334,729 84
&c
Preferred Stock dividend
(payable March 1 1912) _ 1,050,000 00
Common Stock dividend
(payable Jan. 15 1912) _ 1,000.00000
.
10,384,729 84
41,303,071 52
ReservesPlant depreciation and extinguishment _ _ $9,708,607 37
1,340,810 66
Special maintenance
Collection expenses on receivables__ _____ 1,000,000 00
2.061,399 82
Fire insurance fund
1,027,719 27
Pension fund
512,500 00
Industrial accident fund
2,500,000 00
Contingent _
Surplus
18,151,037 12
23,390,946 90
$223,724,555 54
The fiscal year of the Company ends on Dec. 31 of each
year. The annual m cling of the Stockholders of the Company is held on the third Thursday of April at Hoboken,
N. J., and the regular meetings of the Board of Directors are
held hi-weekly.
The Stock Certificates of both classes are interchangeable
and directly transferable both in New York and Chicago.
The New York Transfer Agent is The Standard Trust Coinpany of New York and the New York Registrar is the New
York Trust Company. The Chicago Transfer Agent is the
First Trust & Savings Bank and the Chicago Registrar is
the Merchants' Loan & Trust Company.
The corporate office of the Company is at No. 51 Newark
Street, Hoboken, N. J.
The principal office of the Company is in the Harvester
Building, Michigan Avenue, Chicago, Ill.
Directors (Term expires 1913): James Deering, John J.
Glessner, William H. Jones, Harold F. McCormick, George
W. Perkins, William L. Saunders.
(Term expires 1914): Charles Deering, Chairman; George
F. Baker, William J. Louderback, Cyrus H. McCormick,
Norman B. Ream, Charles Steele.
(Term expires 1915): Edgar A. Bancroft, John A. Chapman, Elbert H. Gary, Richard F. Howe, Thomas D. Jones,
John P. Wilson.
The members of the Finance Committee are: George W.
Perkins, Chairman; George F. Baker, Charles Deering, Elbert H. Gary, Cyrus H. McCormick, Norman B. Ream.
The Officers of the Company are: President, Cyrus H.
McCormick; Vice-Presidents, James Deering, John J. Glessner, William H. Jones, Harold F. McCormick; Treasurer,
Harold F. McCormick; Assistant Secretary, William M. Gale.
Respectfully submitted,
INTERNATIONAL HARVESTER COMPANY,
By HAROLD F. McCORMICK, Vice-President.
This Committee recommends that on and after Aug. 1 1912
the above-described $60,000,000 Seven Per Cent Cumulative
Preferred Stock and $80,000,000 Common Stock be admitted
to the list on official notice of issuance in exchange for outstanding Stock Trust Certificates.
WM. W. HEATON, Chairman.
Committee June 26 1912.
Governing
Adopted by the
Secretary.
ELY,
GEORGE W.
N,Ite Touxutercial
COMMERCIAL EPITOME.
Friday Night, Aug. 2 1912.
A gradual expansion in trade is reported in some branches
of industry and the feeling in the business world is decidedly
cheerful. The indications still point to bountiful crops of
A further adgrain and cotton shows improvement.
vance in steel products and increasing difficulty in securing
prompt deliveries is a sign of the times.
GENERAL STOCKS OF MERCHANDISE.
Aug. 1
1912.
$75527097
,, 21
•
Expenditures for stripping and develop1,057,903 49
ment at ore mines
Cash
303
THE CHRONICLE
AUG. 3 11112.]
_ bags_ 1,741,674
Coffee, Brazil _
57,122
mats_
Coffee, Java
284,500
bags..
Coffee, other ______________
10,765
Sugar __
_hogsheads_
7,785
Hides ____
_No_
125,061
Cotton
bales..
1,210
Hanila hemp __
bales_
Sisal hemp
bales_
550
Flour
_______ _ __ ....bbLs. & sacks_
52.425
July 1
1912.
Aug. 1
1911.
1,635,655
Nil.
265,407
32.000
4,550
128,238
4,745
9,687
46.500
1,825,528
21,881
226,809
24,231
7.000
62,363
5,803
1,718
46.200
LARD on the spot was higher in sympathy with the Western speculative market. The demand, however, continues
very quiet, with business confined to actual requirements.
The trade still hopes for lower prices, though there is no
pressure to sell. Prime Western is quoted at 10.70c., middle
Western 10.50c., City, steam, 103,6c. Refined lard is still
rather quiet but firmer; Continent is quoted at 11.10c.;
South America 11.85c.; Brazil, in kegs, 12.85c. Speculation
in lard futures has been not especially active, support from
packers being noted in sympathy with provisions and grain.
The smaller arrival of hogs at Chicago is still a feature.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
10.5734
10.65
10.67
10.70
10.673
10.70
10.70
10.77 yi 10.75
_ 10.80
July delivery
September delivery_
PORK has been quiet and steady. Mess $20 25@$20 75,
clear $19 25®$21, family $20 25@$21 25. Beef has been
moderately active and firm; mess $15 50®$16, packet $17
®$17 50, family $18®$18 50, extra India mess $29®$29 50.
Cut meats have been quiet and generally steady; pickled
hams, 10®20 lbs., 11%®1234c.; pickled bellies, 6@12 lbs.,
11(4)11%c. Butter, creamery extras, 27(4)273c. Cheese,
State, whole milk, new, white, specials, 153®1534c. Eggs,
Western firsts, 18%®1934c.
OILS.-Linseed has been quiet and easier; City,raw,American seed, 70@71c.; boiled 71(4)72c., Calcutta 80c. Cottonseed oil has been quiet and firm; winter 7.10@7.75c.. summer
white 6.75@8c. Cocoanut oil has been quiet and firm;
Cochin 9 W4)9%c., Ceylon 8% ®8Yic. Chinawood has been
in fair demand at 9@10c. Corn has been fairly active at
5.80@5.90c. Cod quiet and firm; domestic 46@48c. COFFEE continues rather nominal. • Prices however,
Trade was
might have been shaded on actual business. '
practically at a standstill, reflecting the weakness in options.
The country maintained its attitude of indifference, hoping
for lower prices. On the other hand, holders were not disposed to press their Brazil grades, as primary points are comparatively higher. Cost and freight offers from Santos did
not decline materially and were too high for business. Spot,
Rio No. 7, was quoted at 14Yt cents. Santos No. 4 is held
at 159- cents to 15% cents. West Indian coffees are nominally steady in sympathy with Brazils. Fair to good Cucuta is •quoted at 15%®163'ic. Options made a new low
level on tired liquidation. Primary receipts were heavier.
Closing prices were as follows:
Aug -----12.65@12.f16
12.75 ® 12.76
Sept
__12.82®12.84
Oct __
12.88 ® 12.90
Nov
12.95@12.96
Dec
2.97®12.99
Jan
Feb -------i2.95®12.97
March __ _ _13.05@ 13.06
April
13.07@13.09
May _____ 13.10 13.11
_13.10 ®13.11
June
_ 18.09@ 13.10
July
SUGAR.-Raws were quiet and rather heavy, reflecting
pressure to sell. Refiners, moreover, followed a waiting
policy, as they are fairly well supplied for current requirements. Centrifugals are quoted 4.05c. for 96-degrees test,
muscovado 3.55c. for 89-degrees test; onolasses 3.30c. for
89-degrees test. Refined sugar quiet with only moderate
withdrawals on contracts. Fine granulated at 5.05®5.10c.
PETROLEUM.-Refined petroleum has been quiet and
easier. Barrels 8.35c. bulk 4.75c. and cases 10.25c.
Naphtha has been quiet and firm; 73(4)76-degrees, in 100gallon drums, 22c.; drums $8 50 extra. Spirits of turpentine quiet and firm at 46®46c. Common to good strained
rosin firm at $6 45®$6 50.
TOBACCO on the spot continued quiet. The same handto-mouth buying of cigar manufacturers is noted in the trade.
But this is confined largely to binder, of which the assortments are getting poorer. The new crop is coming along
well in all sections. Business in Sumatra leaf is only.routine,
covering current requirements of manufacturers. Cuban
tobacco quiet and steady, interest centering in new crop.
COPPER continues firm with a fair consuming inquiry.
4c., electrolytic at 17%c. Stocks are
Lake is quoted at 173
still decreasing, despite a larger production here. Tin has
been firmer but quiet, with the spot quotation 45c. Lead
shows a slightly stronger tendency on the basis of 4.72
Spelter is inactive at a decline to 7c. Pig iron is firm and
active, with No. 1 Northern quoted at $15 75©$16 25,
No.2 Southern being held at $15 75 ®$16 25. Mills are busy
filling old contracts, and new business comes steadily forward.
Further advances on finished products have been made.
304
THE CHRONICLE
COTTON.
[VoL. Lxxxxv.
On Shipboard, Not Cleared for-
Aug 2 at-
Friday Night, August 2 1912.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reaChed
8,277 bales, against 12,478 bales last week and 11,670
bales the previous week, making the total receipts since
Sept. 1 1911 11,471,758 bales, against 8,403,262 bales for
the same period of 1910-11, showing an increase since Sept. 1
1911 of 3,068,496 bales.
! Great
Britain. France
New Orleans_ _
Galveston
Savannah
Charleston_ _
Mobile
Norfolk
New York_ __ _
Other ports.._ _
1,000
200
Total 1912..
Total 1911..
Total 1910_ _
1,901
861
5,221
701
10
50
984
500
2,505
2,046
2,534
5,731
4,982
Total.
431
885
4,631 22, 167
3,481
17,667
21,439
3,145
2,189
15,000 15,000
2,745
200
1,700 124,077
9,028
800
500
600
60
898
2,015
Leaving
Stock.
GerOther Coastmand. Foreign wise.
4,751 16,316 25,612
408 2,285 10,183
1,628 2,327 16,173
202,657
133,507
265,520
Speculation in cotton for future delivery has been active
and at times excited, with sharp and frequent fluctuations
in prices. Much.of the time, however, the trend has been
Galveston
248 1,387
619
69
235
318 2,876 downward, owing to an improvement in crop prospects, espeTexas City
cially in the Southwest;where beneficial.rains have fallen. PriPort Arthur, &o_
New Orleans_ _ _ _
263
720
-4'73
82
665
2,205 vate advices from many points in Texas to various firms here
Gulfport
have reported moisture ranging from light showers to heavy
Mobile
14
20
118
82
1
235
Pensacola
rains, and while they have not been fully confirmed, there
Jacksonville, &o.
seems to be little doubt that there has been sufficient preSavannah
183
188
112
207
-156
599 1,445
Brunswick
cipitation in important sections to make the outlook for a
Charleston
4
5
heavy yield in that State much more favorable than it was
Georgetown _
Wilmington _ _
155
5
160 recently. The deterioration, which was declared to be
Norfolk
125
604
82
27
203
130 ,1171 marked in some sections, is now reported to have been
N'port News, &c.
New York
58
58 checked. In the opinion of very many, the plant in Texas
Boston
31
81
6
118 has not suffered any irreparable damage. Over the region
Baltimore
east of the Mississippi the weather during the week has in
Philadelphia_ _ _ _
the main been favorable. Showers have occurred of late
Totals this week_
1,901
1,040
917 2,776
582 1,061 8.277 at many
points, but according to the last weekly GovernThe following shows the week's total receipts, the total ment report they were generally needed. The concensus
since Sept. 1 1911, and the stocks to-night, compared with is that the situation in the eastern belt has undergone a material improvement, and that, with normal weather during
last year:
the remainder of the season, the yield in that region is likely
to
be considerably larger than seemed probable a while back.
1911-12.
1909-10.
Stock.
Receipte to
Liverpool has at times been disappointing. Its spot sales,
Aug. 2.
This Since Sep This Since Sep
moreover, have been only 7,000 to 8,000 bales a day as
Week. 11911. Week. 11910.
1912.
1911.
a rule. Manchester has continued quiet. There has been
Galveston
2.876 3,509,771
5,403 2,747,033
21,348
5,591 heavy liquidation at times for account of Wall Street, SouthTexas City
586,468
308,229
Port Arthur, &o
ern local and Western operators. Room traders have sold
280,095 . 279 259,508
New Orleans__
2,205 1,653,089
1,010 1,578,336
26,798
24,789 freely on the rain reports, and many stop-loss orders have
Gulfport
66,845
34,211
been uncovered. On the other hand, as already intimated,
Mobile
235 381,654
11 249,781
2,189
374
Pensacola
215,979
123,906
the official daily weather reports from Texas have not fully
Jacksonville, &o
50,419
174
26,038
confirmed the private reports of rains, the precipitation at
Savannah
1,445 2,376,636
180 1,426,119 • 21,439
11,589
Brunswick
404,363
222,736
141
651 many points being light. Moreover, temperatures have been
Charleston
9 413,937
7 285,095
3,145
3,507 reported much of the time of 100 to 111 degrees at many
Georgetown
1,169
1,454
Wilmington
160 548,019
410,780
230
156 stations in the same State. In Oklahoma, too, temperatures
Norfolk
1,171 749,349
93 559,199
17,745
1,557 have been recorded over the State of 100 to 111 degrees.
N'port News, 4ce
38,486
3,924
New York
58
6,831
14,483 125,777
87,312 Many unfavorable crop reports have been received from the
Boston
118
62,885
202
38,729
4,595
6,412 Southwest. Complaints of damage from army worms, bollBaltimore
122,775
208 113,186
3,887
927
Philadelphia
2,988
515
975
825 worms and boll-weevils have been numerous. The crop in
many parts of the belt is declared to be from three to- four
,,,.....
MI 09711,71 ',K2
q 2,72 Al19 029
992 92(1
1,1 ann
weeks late, with the plant small. The spot markets have
In order that comparison may be made with ether years, continued firm. The movement of new cotton is much
smaller than a year ago. Large spot interests have purwe give below the totals at leading ports for six seasons:
chased freely, commission houses have bought at times on
expectations of a bullish Government report, and shorts have
Receipts al-1 1912.
1911.
1910.
1909.
1908.
1907.
covered. To-day prices were irregular, closing higher, owing
Galveston ___
2,876
5,403
1,639
2,051
14,557
2,369 mainly to the Government
rexas City,61c
report, which stated the condition
279
New Orleans.
2,205
1,010
1,611
2,193
2,036
2,402 at 76.5%, against 80.4% a month ago and 89.1% last year.
1
Mobile
235
11
257
1,512
347
288
This
caused
active
general
and
buying. Good rains were
Savannah _ _ _I
1,415
180
548
570
2,581
820
Brunswick_ .
I
reported in parts of Texas. Spot cotton has been quiet.
Charleston,&a
9
7
36
183
284 Middling upland closed at 13.10c., showing an advance for
1
Wilmington... I
161
42
5
60
163
Norfolk
1,171
1
93
706
607
1,002
395 the week of 10 points.
1
N'port N.,&o.1.1
The rates on and off middling, as established Nov. 15 1911
All others_ __ _1
176
584
1,652
866
1,110
748
by the Revision Committee, at which grades other than
Total this wk..1
8,277
7,567
6,491
7,804
21,876
7,469 middling may be delivered on contract,,are as follows:
Receipts al-
ginn.R.r.i.
1
Sag.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
11,71,
1222 Ann 7119 7 929 AMC, 0 ,citt nni 2 919 nn,0 aan can
The exports for the week ending this evening reach a total
of 29,712 bales, of which 15,110 were to Great Britain,
75 to France and 14,527 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1911:
Exports
from-
Week ending Aug. 2 1912.
Exported to-
Prom Sept. 1 1911 to Aug. 2 1912.
Exported to-
Great
ContiGreat
Britain.France. sent. Total. Britain. France.
Galveston__
7,699 7,699 1,373,770
Texas City_
411,504
Pt.Arth.,&(
21,546
New Orleatil 3-,I300 ,, ___ 5,083 8,083 827,319
Mobile
107,270
Pensacola.. _
61,663
Gulfport _ .
Savannah__
'09
203 472,207
Brunswick _
197,664
Charleston
51.365
Wilmington
162,097
Norfolk____
-ilo -410 . 14,756
New York_ 11,384
75 1,126 12,585 257.343
Boston.
553
____
......_
553 173.158
Baltimore_.
.....
___
18,912
Philadelphia
---------173 64,602
173
Portland,M
6,829
San Fran__
Seattle
Tacoma
Detroit
Total..___ 15,110
Tot.lo10-11
Contisent.
Total.
280,8211,355,5413,010,132
92,658 81,752 585,914
66,140 117,178 204,864
174,061 590,2601.592,540
65,654 119,319 292,243
64,337 90,329 216,329
37,373
27,429 64,802
169,6721,138,9391,780,818
175,160 372,824
199,209 250,574
115,441 224,888 502,426
6,597
21,353
83,274 312,006 658,523
11,990 185,148
6,227 102399 127,588
24,733 89,335
6,829
_,
211,778 211,778
150,520 150,520
59,843 59,843
4,868
75 14,527 29,7124,226,873 1,161,5585,000,770 10389201
1191n I/ not a qoo not Wict 90,12 .91
.",.
'
9 ,,
1K
Fair
e 1.75 on
Strict mid. fair_ _ _ _1.50 on
Middling fair
1.30 on
Strict gond mid_ __ _0.80 on
Good middling__ ..0.56 on
Strict middlIng_ _ _0.30 on
c Basis
Middling
Strict low mid
0.35 oft
Low middliag
0.80 oft
Strict good ord._ _..1.40 oft
G- od ordlnary _ _ _ _2.15 oft
Strict g'd mid. tgd_0.43 on
The official quotation for middling upland cotton in the
New York market each clay for the past week has been:
July 27 to Aug. 2Middling .uplands
Sat.
13.25
Mon. Tues.
13.40 13.10
Wed. Thurs. Fri.
18.20 13.00 13.10
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for 'middling upland at New York on
Aug. 2 for each of the past 32 years have been as follows:
1912
1911
1910
1909
1008
1907
1906
1905
13.10
12.50
15.30
13.10
10.60
13.25
10.90
10.95
1904_c
1903
1902
1901
1900
1899
1898
1897
10.50
12.75
8.95
8.06
9.75
6.12
6.06
8.00
1896e
1895
1894
1893
1892
1891
1890
1889
7.44 1888_0
7.12 1887
g:81 Igg2
VII
.4:N
11:g? 18:1
10.04
.10.00
9.56
10.50
11.00
10.06
12.88
12.12
MARKET.AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Markel
Closed.
Saturday..__ Quiet, 25 pts.
Futures
Market
Closed.
adv.. Firm
711
Monday___ _ Quiet, 15 pts. adv. Steady
In addition to above exports, our telegrams to-night also WeggliiT Quiet, 30 pts. dec. _ Steady
Quiet, 10 pts. adv.. Barely steady..
give us the following amounts of cotton on shipboard, not Thursday _ _ Quiet,
20 pts. dec _ _ Steady
Qulet, 10 pts. adv_ Easy
cleared, at the ports named. We add similar figure for Friday
New York.
Total..-...
I
Good mid tinge 1 _ Even
Strict mid. tinged ._0 I 5 oft
Middling tinged.. _0.30 oft
Strict low told. ting:0.80 oft
Low mid. tinged__ _1.90 oft
Middling stained_ _0.90 oft
SALES.
Spot. Contr'ct 7'otal.
- --55
2,721
1.200
1,200
2,200 2,255
10,700 10,700
2,721
2,776 11,100 16,876
AUG. 3 1112.]
THE
305
CHRONICLE
AT THE INTERIOR TOWNS the movement-that is,
FUTURES.-The highest, lowest and closing prices at
the receipts for the week and since Sept. 1, the shipments
gew York the past week have been as follows:
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year-is set
e E.
out in detail below.
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OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
THE VISIBLE SUPPLY OF COTTON to-night, as made the week and since Sept. 1 in the last two years are as follows:
----1916-11-------1911-12---up by cable and telegraph, is as follows. Foreign stocks,
Since
Since
Aug. 2as well as the afloat, are this week's returns, and conse- ShippedWeek. Sept. 1.
Week. Sept. 1.
521,177
1,146
2,507 653,130
Via St. Louis
quently all foreign figures are brought down to Thursday
212,710
557
66,734
148
Via Cairo
evening. But to make the total the complete figures for
8,458_
25,957
Via Rock Island
132,262
-39-5
172,283
949
Via Louisville
to-night (Friday), we add the item of exports from the
79,791
130,946
583
Via
Cincinnati
United States, including in it the exports of Friday only.
176,275
226
191,400
Via Virginia points
27
II
Ca
OP
It
II ' lit
Ca
I .
Ca
li;
Ca
04
Ca
W
It
It
l l
i l,'
It
.
It
ta
It
I • August 2-'• :t1 .; , • ' • • .11912. • • 1911. •
Stock at Liverpool
bales. 791,000 520,000
Stook at London
10,000
19,000
Stock at Manchester
89,000
53,000
11910. • • 1909.%
412,000 932,00p
12,000
9,000
60,000
35,000
Total Great Britain stock
Stock at Hamburg
Stook at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
890,000
7,000
290,000
157,000
3,000
11,000
17,000
13,000
593,000
14,000
51,000
100,000
2,000
19,000
16,000
9,000
456,000 1,004,000
9,000
12,000
104,000 203,000
103,000 206,000
3,000
2,000
25,000
17,000
22,000
19,000
5,000
7,000
498,000
211,000
264,000
1,388,000
Total European stocks
86,000
India cotton afloat for Europe_ _ _
90,934
Amer. cotton afloat for Europe
Egypt,Brazil,&c.,aflt.for Europe.. 23,000
51,000
Stock in Alexandria, Egypt
519,000
Stock in Bombay, India
Stock in U. S. ports
228,269
Stock in U. S. interior towns_ _ _ _
98,904
_
U. S. exports to-day
1,723
804,000
102,000
39,345
33,000
69,000
475,000
143,690
95,330
3,174
720,000 1,477,000
82,000
68,000
46,321
73,177
16,000
17,000
58,000
53,000
531,000 263,000
281,693 234,749
94,837
64,287
5,403
2,375
Total Continental stocks
473,000
2,486,830 1,764,539 1,796,676 2,291,106
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales. 664,000 355,000 321,000 845,000
Liverpool stook
47,000
66,000
Manchester stock
45,000
28,000
469,000
Continental stock
167,000 204,000 436,000
73,177
90,934
46,321
39,345
American afloat for Europe
228,269
143,600 281,603 234,749
U. S. port stocks
94,837
98,904
95,330
64,287
I.Y. S. Interior stocks
1,723
5,403
3,174
2,375
U. S. exports to-day
Total American
East Indian, Brazil, &C.
Liverpool stock
London stock
Manchester stock
Continental stook
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &a
Total American
1,618,830
848,539
947,676 1,736,106
127,000
10,000
23,000
29,000
86,000
23,000
51,000
519,000
165,000
19,000
9,000
44,000
102,000
33,000
69,000
475,000
91,000
9,000
7,000
60,000
82,000
16,000
53,000
531,000
868,000
1,618,830
916,000
848,539
849,000 555,000
947,676 1,736,106
87,000
12,000
13,000
37,000
68,000
17,000
58,000
263,000
2,486,8:10 1,764,539 1,796,676 2,291,106
Total visible supply
7.37d.
6.95d.
Middling Upland, Liverpool
8.07d.
6.69d.
13.10c.
12.75c.
15.45c,
12.700.
Middling Upland, New York_
10%d. 13 7-160. 9 13-160.
Egypt, Good Brown, Liverpool_ _11 1-16d.
9.500.
10.60d.
11.00d,
8.250.
Peruvian, Rough Good, Liverpool
6 Nd. 6 9-16d.
7,14d. ' 6 Ud.
Broach, Fine, Liverpool
754d. 5 15-16d.
Tinnevelly, Good, Liverpool_ _ _ _ 6 9-160. 6 9-160.
Continental imports for the past week have been 28,000
.
bales.
The above figures for 1912 shoie a decrease from last week
of 172,495 bales, a gain of 722,291 bales over 1911, an excess of 602,514 bales over 1910 and a gain of 195,724 bales
_........ 11-1/111
73 448,422
4,287 1,671,373
Total gross overland
Deduct Shipments176
195,479
Overland to N. Y.. Boston, &c.. _
103,146
64
Between interior towns
86,861
Inland, &c., from South
3,777
Via other routes, &c
Total to be deducted
385,486
4,017
Leaving total net overland'.... _
270 1,285,887
171,687
3,639 1,319,859
1,315
410
113
2,595
166,913
62,376
60,262
3,118
289,551
521 1,030,308
'Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 270 bales, against 521 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 255,579 bales.
----1911-12
Since
In Sight and Spinners'
Sept. 1.
Week.
Takings.
8,277 11,471,758
Receipts at ports to Aug. 2
270 1,285,887
Net overland to Aug. 2
Southern consumption to Aug. 2_ 56,000 2,516,000
64,547 15,273,645
a1,533
•11,599
Total marketed
Interior stocks In excess
______
Came Into sight during week _ __ 52,948
15,272,112
Total in sight Aug. 2
North. spinners' takings to Aug. 2 10,721
2,384,62
1910 11
Week.
7,567
521
41,000
Since
Sept. 1.
8,403,262
1,030,308
2,273,000
40,088 11,706,570
44,552
946
48,142
11.751,122
8,868
2,134,329
• Decrease during week. a Less than Sept. 1.
Movement into sight in previous years.
Since Sept. 1Bales.
Week-
Bales.
10,376,820
13,528,497
11,310,381
29,357 1909-10-Aug. 5
50,661 1908-09-Aug. 6
51,597 1907-08-Aug. 8
1910-Aug.5
1909-Aug.6
1908-Aug.8
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Closing Quotations for Middling Cotton onWeek ending
Aug. 2.
Galveston
New Orleans..
Mobile
Savannah
Charleston
Wilmington_ _ _ Norfolk
Baltimore
Philadelphia _ _ _
Augusta
Memphis
St. Louis
Houston
Litte Rock
Sat'day. Monday. Tuesday. Wed'day. Thursd'y, Friday.
13 II
134
12%
12 %
13 %
1311
12%
12%
13 5-16
13 %
12 1,6
12%
13 5-16
13 %
12 %
12 %
13 5-16
13
12 %
12 %
-- - 13%
135i
13.50
13 ii
13 %
13
13 ii
12 %
13 Y-i
13 %
13.65
13 %
13%
13 M
13 5-16
12 71
13
13 %
13.35
13%
13%
13%
13 5-16
12 %
13 %
13.45
13 %
13
13%
13 5-16
12%
13
i5-3%
113 %
13 %
13.35
13.25
.13 %
1334
13 34
1334
1334
1311
13 3-18 13 3-16
123.1
12 34
13 5-16
13
1234
12 3i
306
THE CHRONICLE
[VoL. Lxxxxv.
NEW ORLEANS OPTION MARKET.—The highest,
Shreveport, La.—Rain has fallen on one day of the week,
lowest and closing quotations for leading options in the NeW the precipitation being two inches and
forty-four hundredths.
Orleans cotton market for the past week have been as follows: The thermometer has averaged 83, ranging
from 68 to 98.
'
Eldorado, Ark.—Rain has fallen on two days during the '
•
Sat'day, Monday, Tuesday, Wed'day, Thursd'y, Friday,
week, the rainfall being forty-five hundredths of an inch.
July 27. July 29. July 30. July 31. Aug. 1. Aug. 2.
The thermometer has ranged from 66 to 99, averaging 83.
July—
Helena, Ark.—Moisture has helped crops. It has rained
Range
13.72 — 13.50-.55 — ® -- ® -- ® — — ® —
Closing
13.88 — 13.58 — 13.20 — — ® — — ® — — ® — on two days of the week, the rainfall being eighty-seven
Aug.—
Range
13.19-.35 13.30-.50 13.09-.36 13.00 —12.88-95— ® — hundredths a an inch. Average thermometer 81, highest
Closing
13.49 — 13.43 — 13.14-.16 13.15 — 12.85-.90 12.90 — 91 and lowest 67.
Sept.—
Little Rock, Ark.—Crop conditions are good and the plant is
Range
13.18-.38 13.34-.36 13.01-.23 13.13 — 12.92-.94 — ® —
Closing
13.32-.34 13.31-.33 13.08-.10 13.12-.14 12.87 — 12.88 -- fruiting heavily. Rain has fallen on three days of the past
Oct.—
Range
12.95-.35 13.08-.34 12.87-.20 12.88-.10 12.70-.87 12.70-.96 week, to the extent of twenty-one hundredths of an inch.
Closing
13.19-.20 13.22-.23 12.98-.99 13.03-.04 12.77-.78 12.78-.79 The thermometer has averaged 85, the highest being 100and
Nov.—
_ ® _ _ ® --- @ — — ® — 12.76 — — ® — the lowest 70.
Range
Closing
Columbus, Miss.—We have had no rain tile past week.
13.19-.20 13.23-.24 12.98-.99 13.03-.04 12.78-.80 12.78-.80
Dec.—
The thermometer has averaged 80, ranging from 64 to 96.
Range
12.94-.25 13.08-.34 12.89-.21 12.88-.01 12.70-.86 12.70-.97
Meridian, Miss.—It has rained on one day of the week,
Closing
13.19-.20 13.24-.25 12.99-.00 13.03-.04 12.78-.79 12.78-.79
Jan.—
the precipitation reaching two hundredths of an inch. The
Range
12.98-.29 13.15-.38 12.94-.25 12.93-.12 12.73-.88 12.74-.00
Closing
13.23-.24 13.27-.28 13.02-.03 13.07 — 12.80-.81 12.80-.81 thermometer has ranged from 66 to 92, averaging 79.
Feb.—
Vicksburg, Miss.—It has rained to an inappreciable extent
— ® _____ ® _ ___. ® _ _ ® _ _ ® _ _ ® —
Range
Closing
13.27-.29 13.31-.32 13.07-.08 13.11-.13 12.38-.85 12.83-.85 during the week. Average thermometer 82, highest 94 and
Mch.—
lowest 71.
Range
13.09-.38 13.24-.46 13.08-.31 13.05-.19 12.84-.02 12.88-.05
Mobile, Ala.—Weather very favorable the past week and
Closing
13.33-.34 13.38-.40 13.13-.14 13.17-.18 12.90-.91 12.91-.92
May—
crops are much improved. The week's rainfall has been
Range
13.21-.31 — ® — 13.16-.43 13.16-.34 13.07-.09 13.00-.15
Closing
13.44-.45 13.49-.50 13.24-.25 13.27-.29 13.01-.03 13.00-.01 nineteen hundredths of an inch on two days. The therTone—
mometer has averaged 85, the highest being 98 and the
Spot
Quiet.
Quiet. Steady. Easy.
Quiet. Steady. lowest 72.
Ontiona
Firm. Steady. Steady. Steady. Steady. EAsv,
Montgomery, Ala.—Light rains locally. Weather gener• WEATHER REPORTS BY TELEGRAPH.—Our 'tele- ally favorable. There has been rain on one day during the
graphic reports from the South this evening denote that in week, to the extent of thirty hundredths of an inch. The
the main the weather has been favorable the past week. thermometer has averaged 81, ranging from 67 to 95.
Selma, Ala.—We have had rain on one day during the
From Texas, however, we are advised that a good, general
rain is needed. Improvement in the condition of the crop week. The rainfall reached twenty-five hundredths of an
inch. The thermometer has ranged from 69 to 91, averis noted by some of our correspondents.
aging 80.
Galveston, Texas.—Widely scattered rains have fallen in
Gainesville, Fla.—There has been rain on one day of the
Texas during the week, but the precipitation was light. Week, the rainfall being twenty-five hundredths of an inch.
Cotton is deteriorating and a good general rain is needed to Average thermometer 83, highest 96, lowest 70.
check it. First bales are now appearing in all sections.
Madison, Fla.—We have had no rain during tile week.
Local new cotton receipts are 168 bales, compared with 6,096 The thermometer has averaged 85, the highest being 100
for last year. We have had rain on one day during the past and the lowest 71.
week, to the extent of one hundredth of an inch. Average
Tallahassee, Fla.—There has been no rain the past week.
thermometer 86, highest 93, lowest 78.
The thermometer has averaged 83, ranging from 72 to 94.
Abilene, Tex.—There has been rain on one day of the week,
Augusta, Ga.—We have had ram on two days during the
to the extent of sixteen hundredths of an inch. The ther- week, the precipitation reaching sixty-three hundredths of an.
mometer has averaged 89, highest being 106 and lowest 72.
inch. The thermometer has ranged from 69 to 94, averagBrenham, Tex.—We have had rain on one day of the past ing 81.
week, the rainfall being two hundredths of an inch. The
Savannah, Ga.—We have had rain on one day the past
thermometer has averaged 88, ranging from 74 to 102.
week, the rainfall reaching forty hundredths of an inch.
Cuero, Tex.—Dry all the week. The thermometer has Average thermometer 84, highest 97, lowest 70.
ranged from 68 to 104; averaging 86.
Washington, Ga.—There has been rain on two days of the
Dallas, Tex.—The week's rainfall has been ten hundredths past week, the rainfall being forty hundredths of an inch.
of an inch, on one day. 'Average 'thermometer 99, highest Tile thermometer has averaged 81, the highest being 96 and
108 and lowest 72.
the lowest 65.
Henrietta, Tex.—It has rained on one day of the week, the
Charleston, S. C.—Rain has fallen on one day of the week,
rainfall being four hundredths of an inch. The thermometer the precipitation reaching one hundredth of an inch. Tile
has averaged 90, the highest being 108 and the lowest 72.
thermometer has averaged 85, ranging from 74 to 97.
Huntsville, Tex.—There has been no rain during the week.
Spartanburg, S. C.—We have had rain on one day during
The thermometer has averaged 88, ranging from 76 to 100.
the week, the precipitation reaching fifty hundredths of an
Kerrville, Tex.—We have had no rain the past week. The inch. The thermometer has ranged from 58 to 94, averthermometer has ranged from 64 to 104, averaging 84.
aging 76.
Lampasas, Tex.—It has been dry all the week. Average
Memphis, Tenn.—First open ball received twenty-ninth
thermometer 86, highest 106 and lowest 76.
from Bolivar County, Mississippi, one day earlier than
Longview,. Tex.—We have had no rain during the week. average year. Crop making good progrea4. We have had
The thermometer has averaged 88, the highest being 102 and rain on one day during the past week to the extent of
the lowest 74.
twenty-eight hundredths of an inch. Average thermometer
Luling, Tex.—Dry all the week. Tile thermometer has 80, highest 91, lowest 69.
averaged 88, ranging from 72 to 104.
.
Dyersburg, Tenn.—Dry all the week. The thermometer
Nacogdoches, Tex.—There has been rain on one day the has averaged 79, ranging from 65 to 93.
past week, the rainfall being twenty hundredths of an inch.
Charlotte, N. C.—Rain has fallen on one day during the
The thermometer has ranged from 72 to 102, averaging 87.
week, the rainfall being thirty-one hundredths of an inch.
Palestine, Tex.—We have had rain on two days tile past The thermometer has ranged from 62 to 89, averaging 76.
week, the rainfall reaching twenty-three hundredths of an
Greensboro, N.C.—There has been no rain during the week.
inch. Minimum thermometer 72.
Average thermometer 72, highest 86, lowest 57.
Paris, Tex.—The week's rainfall has been one inch and
Raleigh, N. C.—There has been no rain the past week.
fifty-two hundredths, on,one day. The thermometer has The thermometer has averaged 80, the highest being 99
averaged 88, the highest being'108 and .the lowest 68.
. ...... • •
• •
and the lowest 62.1 • •
San Antonio, Tex.—There has been no rain the past week.
'7WORLD'STSUPPLYi
ANDATAKINGSXOKOOT
TON.—
The thermometer has averaged 88, ranging from 72 to 104.
Taylor, Tex.—It has.rained on two days of the week, the The following brief • but comprehensive statement indicates
the
ince
week
for
gl
st
the
a
and since
world's supply of cotton
precipitation reaching Six hundredths of an inch. Minimum
Sept. 1 for the last two seasons, from all sources from which
thermometer 72.
takings,
statistics
or
are
amounts gone.
obtainable, also the
IVeatherford, Tex.--,It has rained on one day of the week,
the rainfall being four hundredths of an inch. Average out of sight, for the like period:
therinometer 90, highest 108 and lowest 72.
1911-12.
Ardmore, Okta.—There has been rain on two days of the
Cotton Takings.
1910-11.
Week and Season.
past -week, the 'rainfall being eighty-seven hundredths of an
Season. I Week.
Week.
Season.
inch. Tile thermometer has averaged 88, the highest being
2,059,325 ---------1.808,116
Visible supply July 28
—
110 and the lowest 66.
Visible supply Sept. 1
1,495,514
Marlow, Okla.—Rain has fallen on one day during the American In sight to Aug. - - - 52,948 151 632
2 3:13
81
48,142 11,751,122
11,000 2,470,000
week,. the rainfall reaching one inch and fifty hundredths. Bombay receipts to Aug. I__ _ 13,000 2,277,00t
11,000
Other India shIp'ts to Aug. 1_ _
18,000,
469,300
380,0001
The thermometer has averaged 82, ranging from 59 to 106. . Alexandria
967,80
receipts to July 31_ _
1,010,900
- 6,66 268,00
9,000
Tulsa, Okla.—We have had no -rain during the, week. The Other supply to July 31•
337,000
thermometer has ranged from 64 to 106, averaging 8,5.
2,745,273 20,768,33&,1,934,258 17,533,836
Total supply_
Alexandria, La.—Rain has fallen on two days of the week,
Deduct—
2,480,830 2,486,830i 1J64,539 1,761,539
the rainfall being two inches and forty-two hundredths. Visible supply
Average thermometer 83, highest 98, lowest 69.
Total takings to Aug. 9
258,443 18,281,5001 189,719 15,769,297
192,443 14,505,7001 136,719 11,696,097
Of which American
New Orleans, La.—There has been no rain the past week.
66,000 3,775,800
Of which other
53,000 14,073,200
TherMometer has averaged 86,highest being 96 and lowest 78.
• Embraces receipts in Europe from Brazil, Smyrna, West Indies, &o.
307
THE CHRONICLE
AUG. 3 191:31
SHIPPING NEWS.-As shown on a previous page, the
THE AGRICULTURAL DEPARTMENT'S AUGUST exports
of cotton from the United States the past week havecondition
the
showing
statement,
following
REPORT.-The
29,712 bales. The shipments in detail, as madereached
of
Department
the
by
issued
was
25,
of cotton on July
from
mail and telegraphic returns, are as follows:
up
2:
Aug.
Agriculture on
Total bales.
United
The Crop-Reporting Board of the Bureau of Statistics of the
of the corStates Department of Agriculture estimates, from the reports
crop
respondents and agents of the bureau, that the condition of the cotton
on June 25
on July 25 was 78.5% of a normal, as compared with 80.4%
of
1912, 89.1 on July 25 1911, 75.5 on July 25 1910 and 80.6 the average
the past ten years July 25.
follow:
Comparisons of conditions, by States,
Jut:, 25 June 21 ------July 251910. 10-yr.Av.
1911.
1912.
1912.
States83
80
102
87
85
Virginia
80
71
87
80
83
North Carolina
80
70
86
75
79
South Carolina
82
70
95
72
68
Georgia
84
70
95
75
76
Florida
80
71
76
94
73
Alabama
79
71
86
74
88
Mississippi
78
69
84
74
76
Louisiana
80
82
86
89
84
Texas
82
73
94
77
74
Arkansas
84
76
92
76
71
Tennessee
85
72
96
75
75
Missouri
82
87
88
82
80
Oklahoma
__
98
99
98
99
California
_
80.6
75.5
89.1
80.4
76.5
United States
In the
For the purpose of comparison, the condition of the cotton crop
United States monthly for the past ten years is given below:
25
Sep.
25.
Aug.
25.
May 25. June 25. July
Years71.1
73.2
89.1
88.2
87.8
1911
65.9
72.1
75.5
80.7
82.0
1910
58.5
63.7
71.9
74.6
81.1
1909
69.7
76.1
83.0
81.2
79.7
1908
67.7
72.7
75.0
72.0
70.5
1907
71.6
77.3
82.9
83.3
84.6
1906
71.2
72.1
74.9
77.0
77.2
1905
75.8
84.1
91.6
88.0
83.0
1904„
65.1
81.2
79.7
77.1
74.1
1003w
58.3
64.0
81.9
84.7
95.1
1902
67.5
73.6
80.6
80.7
61.5
AVerage, 1902-1911
NE WORK-To Liverpool-July 30-Caronla, 1,490_ __ -J111Y 318,951
Baltic, 3,037 upland, 104 Sea Island, 4.320 Peruvian
To Manchester-July 28-Camoens, 2,413 upland, 20 Sea Island 2,433
7.3
To Marseilles-July 26-Sant' Anna, 75
850
To Bremen-July 26-Prinz Friedrich Wilhelm, 850
104
To Antwerp-July 27-Zeeland, 104
100
To Genoa-July 26-Taormina, 100
50
To Naples-July 31-Saxonia, 50
22
22
To Plraeus-Aug. 1-Patris,
4,374
GALVESTON-To Bremen-July 27-Breslau, 4,374
100
To Antwerp-Aug. 1-Penrith Castle, 100
1,624
To Barcelona-July 29-Martin Saenz, 1,624
1,601
To Genoa-Aug. 1-Monviso, 1,601
NEW ORLEANS-To Liverpool-July 31-Commodore, 3,000._ _ _ 3,000
3,708
To Bremen-July 31-1.1emphian, 3,708
475
To Gothenburg-July 27-Texas,475
900
To Barcelona-July 31-Pio IX., 900
209
SAVANNAH-To Rotterdam-July 30-Anglo-Canadian, 209
410'
NORFOLK-To Hamburg-July 30-Batavia, 410
553
BOSTON-To Liverpool-July 30-Arabic, 553
173
PHILADELPHIA-To Liverpool-July 26-Merlon, 173
29,712
Total
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock-Estimated
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
July 12. July 19. July 26. Aug 2g36,000,
52,000
50,000
bales.. 64,000
2,00""
3,000
4,000
9,000
1,00
2,000
1,000
2,000
27,000
43,000
41,000
54,000
4,000
3,000
8,000
3,000
66,000
76,000
70,000
71,000
951,000 889,000 841,000 791,000
819,000 758,000 710,000 664,000
19,000
15,000 310,000
25,000
12,000
18,000
5,000
12,000
39,000
45,000
54,000
58,000
21,000
22,000
28,000
26,000
The tone of the Liverpool market for spots and futures
COTTON CROP OIRCULAR.-Our Annual Cotton Crop each day of the past week and the daily closing prices of
Review will be ready in circular form about Thursday, spot cotton have been as follows:
Sept. 5. Parties desiring the circular in quantities, with
Friday.
Eaturday. Monday. Tuesday. Wednesday. Thursday.
Spot.
their business card printed thereon, should send in their
orders as soon as possible, to secure early delivery.
Fair
arket, 1
Moderate Moderate Moderate Moderate
business
12:15 ) Quiet.
demand.
INDIA COTTON MOVEMENT FROM ALL PORTS.
demand. demand. demand.
doing.
P. M. • 1
1909-10.
1910-11.
1911-12.
August 1.
Receipts at-
Since
Since
Week. Sept. 1. Week. Sept. 1.
Since
Week.'Sept. 1.
13,000 2,277,000 11,000 2,470,000 10,00013,148.000
Bombay
Since September 1.
For the Week.
Exports
from-
Bombay4,000 11,00
1911-12. _
10,000
1010-IL..
13,000 15,
1909-10. _
Calcutta1011-12_ _ 1,000 1,000
2,000
1910-11_ _
1,000
1003-10_.
Madras2.000
1911-12_
1910-11.. 3;666 1,000
1903-10_
All others1011-12_ 1,000 7,000 2,000
1910-11_ _ 4,000 8,000
3,000
19(19-10. _
Total MI1911-12_
1910-11_
1909-10._
Japan
China
Continent.
Great
Great Conti- Japan
Britain. neat. &Chin Total. Britain.
Total.
11,000 351,000 823,0001,185,000
57,000 909,000 616,0001,582,000
95,000 975,000 894,0001,964,000
15,000
10,000
28,000
2,000
2.000
1,000
4,000
3,000
5,000
28,000
39,000
50,000
2,000
4,000
3,000
12,000
4,000
13,00
25,000
22,000
26,000 58,000
19,000 61,000
48,000 103,000
2,000
300
1,000
18,000
37,300
27,000
id.Uprds
7.44
7,53
7.53
7.42
7.44
7.37
ties
,ec.&exp.
5,000
500
8,000
500
8,000
050
7,000
500
7,000
500
7,000
500
Firm at
11 points
advance.
Quiet at
334 pts.
advance,
Quiet at
11 points
decline.
Quiet at
3462 pts.
advance.
Steady at
1862 pts.
decline.
1 Quiet at Irreg. at
3 43468 668 pts.
I nt,t nay I ruilynnep
Easy at
263 pts.
clenlin,
Firm at
4604
nt, dpe.
Quiet at
4673,6
?As. dee.
Quiet at
35428404
nts any
Firm at
Futures.
arket 1 405 pts.
J advance,
0 )ened
arket,
4
P M
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.
•
The prices are given inpence and 100ths.
Thus: 7 20 means 7 30-100d.
Fri.
Thurs.
Wed.
Mon. I Tues.
Sat.
July 27
to
6
4
4
4
11234
1234
4
12341
1234
1234
Aug. 2. 1234 123.4
p.m. P.m. p.m. p.m. P.m. P.m. P.m. P.m. P.m. P.m. P.m. p.m.
July7 2034 2934 127 2834 25 18
July-Aug_ __ _ _ 7 19 273425 2634 22 1034 1634 1934 1234 13 19
1934117 1834 14 0234 10 12 04 0434 10
7 11
Aug.-Sep_
Sep.-Oct - ----6 993-4 09 07 0834 0434 9334 99% 00 93 34 92 9734
Oct.-Nov. ____ 6 92 0134993401 963486 92 93 85 84 8934
Nov.-Dec. _ _ _ _ 6 87 9634,94 96 91 80% 86% 8734 7934 78 34 83%
Dec.-Jan_ _ _ _ _ 6 86 95 193 95 90% 80 86 8634 78% 77348234
2,000 14,000 13,000 29,000 38,000 583,000 944,0301,565,300 Jan.-Feb_
_ 6 88 9534 93 H 95 9034 80 86 85 79 78 83
7,000 21.000,
- - 28,000 141,0001,252,000 658,3002,051,300 Feb.-Mch. ___ _ 6 863496 194 953491 80% 8634 8734 79 H 78% 83 34.
17,000, 15,000 32,000 136,0001,360,000 958,0002,454,000 Mch.-Apr. ____ 6 87 97 95 9834 92 8134 87% 88% 80% 7934 84
Apr.-May _ _ _ _ 6 8734 97% 9534 97 9234 82 88 89 81 80 85
a Rti 44 08“96;4 98 93% 83 89 90 82 80 ;4 8514.
May-J.0p
SHIPMENTS.
20,000 191,000
69,000 279,000
32,000 313,000
10,0(0
12,000
3,000
93,000 304,000
23,000 371,000
15,000 360,000
ALEXANDRIA RECEIPTS AND
Alexandria, Egypt,
July 11.
Receipts (cantars)This week
Since Sept. 1
1909-10.
1910-11.
1911-12.
1,000
7,258,528
7,581,978
4,909,633
This Since
This Since
This Since
Week. Sept. 1. 1Veek. Sept. 1. Week. Sept. 1.
Exports (bales)-
2,000 201,750
To Liverpool
227,800
To Manchester
To Continent and India.. 8,000 381,334
3,000 118,175
To America
2,250 215,130
____ 217,168
4,750 406,808
1,500 122,214
3,000 156,736
____ 119,286
2,500 304,857
600 82,534
8.000 929.059 8.500 961.3201 6.100 643.413
Total exports.
Note.-A eantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
MANCHESTER MARKET.-Our report received by cable
to-night from Manchester states that the market continues
firm for both yarns and shirtings. Merchants are buying
very sparingly. We give the prices for to-day below and
leave those for previous weeks of this and last year for
comparison.
1912.
32$ Cop
Twist.
1911.
84 the. Shirt- Cot'n
tags, common Mid.
Upt's
0finest.
a. d
d. q. d.
d.
June
84 103.4 6 2 011 3
14 9%
21 9% 0 1054 3 134011 2
28 9 11-116 1054 6 135011 2
July
5 04 @1013-16 6 234011 4
12 10 0 10 15-16 6 3 011 5
3%,-,•11 5
19 10 04 10 15-16
20 10 1-16 86 11 6 4 011 5
Aug.
2 1034 0 "1134 0 434011 5
d.
32, Cop
Twist,
d.
831 lbs. Skirt- Cot'n
ings, common Mid.
Upl's
lo finest.
d. 8. d.
s. d. d-
6.63
0.63
6.62
6 1344411 5
6 034011 4
6 1 011 3
8.27
8.21
8.04
3
6.8,
7.07
7.21
7.31
owan 3
'1 0 011 134
511 ('4110
5 0 @108
7.97
7.76
7.;i9
6.90
7.37 15-16 6 104 5 73-4610 6
8.95
BREADSTUFFS.
Friday, Aug. 2 1912.
Flour showed a seasonably lower tendency. Most of themills report a material increase in business as a result of the
decline. This is especially the case in Minneapolis, wherethe output was larger. Interest centres about new-crop
shipments,bids on the basis of 5 celits being noted locally_
It is thought that at this level a good volume of orders would
result. Favorable crop prospects naturally tend to restrict
buying, but spring wheat shows greater stability. Millers
apparently believe that the bottom is in sight, judging by
their purchases the past week. The Southwestern mills
report more inquiry and new soft winter flour is moving quite
well. All things considered, the outlook is bright for active
trade.
Wheat has acted better; pressure of receipts caused some
decline in the deferred options but greater resistance was
shown. A sharp break in July could be ascribed to the completion of the squeeze against the shorts. It was evident
that the bears were more timid. They were favored, it is
true, by generally satisfactory weather in the Northwest.
It was clearer and cooler. This meant an absence of humidity and a subsidence of black-rust reports. Some damage has been done, but nothing to materially curtail the
yield. The crop is too far along and cutting reported in all
States. Predictions of the yield are more moderate, one
expert estimating 225,000,000 bushels for the two Dakotas
and Minnesota. Others, however, say 275,000,000 bushels. In the Southwest, despite showers, harvesting
Yields are better than
has progressed steadily.
expected, and the next Government report should show
marked improvement. The movement of winter wheat has
308
THE CHRONICLE
[VoL. Lxxxxv.
been active, record arrivals being reported at Kansas City
GRAIN
and St. Louis. For one day there were over 1,500,000 bush- Wheat, per bushel-I. o. b.
Corn, per bushelCents.
N. Spring, No. 1
51 12 %
No. 2
els, as compared with 570,000 bushels last year. But low.
elevator
823%
N. Spring, No. 2
nom.
Steamer ___elevator
Nominal
prices have stimulated export buying. Great Britain has
Red winter, No. 2
1 075%
No. 3
c.i.f.
Nominal
Hard winter, No. 2
1 015% Rye, per busheltaken our wheat and the Continent now shows interest.
per bushel, newCents.
No. 2 Western
76
Sales of 500,000 bushels of hard winter wheat are reported Oats,
Standards
61
State & Pennsylvania
Nominal
No. 2 white
for shipment to the other side, and more is likely to follow.
61
Barley-Malting
_
Nominal
No.
3..
61
Later on, Russia will be a competitor for this business, but at
present its movement is light. Millers also have shown active
The statements of the movement of breadstuffs to market
interest in new wheat. Their purchases have been compara- indicated below are prepared by us from
tively heavy and will be a growing factor in the situation. It the New York Produce Exchange. The figures collected by
receipts at Western
should not be forgotten that farm reserves are very small. lake and river ports for the week ending
last Saturday and
The American visible supply fell off 956,000 bushels as com- since August 1- for each of the last
three years has been:
pared with an increase last year of 6,879,000 bushels. The
world's visible supply makes an even poorer showing. For
Wheat.
Corn.
Oats.
Barley.
Rye.
the week there was a falling off of 1,756,000 bushels, as com- Receipts at- Flour.
bbls.196lbs. bush. GO lbs. bush 56 lbs. bush. 32 lbs. 5ush.481bs. bit.56 lbs.
pared with an increase last year of 6,679,000 bushels. Yet
Chicago ____
90,124
1,703,200
1,058,600
1,259,300
85,500
8,500
American exports were lighter-2,192,000 bushels, as com- Milwaukee__
72,000
123,050
.80,240
187,200
32,500
0,000
pared with 2,560,000 last week and 3,208,000 last year. It Duluth
17,425
81,647
9,785
2,400
M
nneapolis
_
660,510
56,530
74,100
25,000
is a question how large our surplus supplies will be this year. Toledo
3,500
343,000
35,200
18,000
Some people are optimistically talking of a total wheat crop Detroit
5,000
3,000
12,800
78,000
Cleveland
_
30,146
9,095
750
24,900
805
of 700,000,000 bushels. Others, more conservatively in St. Louls___
49,270 1,711,153
440,065
234,540
7,834
2,203
dined, say 650,000,000 bushels. Probably the happy me- Peoria
43,700
31,000
206,916
81,050
16,316
1,200
3,060,400
192,000
62,900
dium will be nearer the mark. It is figured that domestic Kansas City
requirements average around 600,000,000 bushels, from Total wk.'12 278,269 7,726,055 2,112,497 2,029.775 170,355 22,003
which basis the export surplus would be 50,000,000 to 100,- Same wk.'11 346,452 8,737,299 2,505,969 5,068,920 185,886 61,051
000,000 bushels. European conditions are mixed, but pros- Same wk.'10 337,735 8,727,133 2,386,934 3,766,683 545,279 49,070
pects, on the whole, are fairly good for the crop. In fact, Since Aug. 1
148,364,577 197,314,060 150,543,179 61,900,520 7,083,231
climatic conditions have seldom been better the world over, 1911-12___ 12,673,144
15,995,791 238,484,065
194,327,875 53,368,467 5,233,207
taken as a whole. The population of this country is grow- 1909-10___ 20.161.328 256,831,511 376,105,035
184,039.739 93.701.043 41.277.072 6.846,238
ing, however, which means an increasing home consumption,
Total receipts of flour and grain at the seaboard ports for
with which the production of wheat hardly keeps pace. The
same is true of Europe. This all tends to prevent abnor- the week ended July 27 1912 follow:
Flour,
mally low prices being reached, though temporary pressure
Wheal,
Corn,
Oats,
Barley,
Rye,
Receipts atbbl-s.
bush.
bush,
bush,
bush.
lush.
naturally has its effect. The slower movement of American New York
140,287
272,400
75,200
328,300 36,975
wheat has had its effect upon world's stocks. These are Boston
31,740
152,002
9,000
65,622
Philadelphia
28,701
323,625
49,172
120,190 .
now only 10,475,000 bushels, as compared with 126,668,000 'Baltimore
18,033
235,287
32,675
14,742
1,013
bushels in 1911. To-day prices declined quite sharply, on New Orleans*
29,027
1,200
77,900
56,500 I
crop estimates. Snow makes the aggregate of spring and Galveston
100,000
9,000 ..li
Mobile
3,000
6,000
r
winter wheat 707,000,000 bushels, of which 407,000,000 Montreal
80,121
092,348
700
121,780 t
bushels is figured for winter wheat. Weather conditions St. John
5,400
740 0
were favorable and black rust reports seemed to have lost Total week 1912_ 343,859 1,770,802 - 250,647 716,874 36,975
1,013
Since Jan. 1 1912.9,532,870 03,051.50.1 25,125,330 26,971,791 3853,098 288,577
their force.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts 109% 111
111% 110
108's 107%
July delivery In elevator
108 5% 108 % 108 %
September delivery in elevator_ __ _101 5% 10.1 % 101
% 101 3% 101 3% 1005%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Man. Tues. Wed. Thurs. Frt.
July delivery in elevator
cts 98 % 98 % 99
92
_
September delivery In elevator_ _ _ _ 93% 94 % 93% 93% 93 5% 02%
Week 1911
331,811 3,961,0.11
538,677 1,151,479 33,023
3,852
Since Jan. 11911_10,423,200 39,557,502 18,021,612 30,416,909 2657,965 363,865
*Ro-elots do not include grain passing through New Orleans for foreign ports on
through bills of laiing.
The exports from the several seaboard ports for the week
ending July 27 are shown in the annexed statement:
Wheat,
Corn, Flour,
Oats,
Rye,. Barley,
Peas.
Exportsfrombush.
bbls.
bush.
bush.
bush.
bush.
bush.
Corn is showing an advancing tendency. As in wheat, New
York
118,142
14,420 61,647
5,695
998
183
the short interest was squeezed in the July option and other Boston
89.668
1,708
Philadelphia
84,000
5,000
months were sympathetically higher. Interior receipts Baltimore
23,092 2,113
were light, as the new crop movement is still some time off. New Orleans_ _ _ _
772
45,500 6,714
2,050
This naturally stiffened cash prices. There is a good con- Galveston
280
Mobile
6,000 3,000
suming demand for the coarse grain. Weather advices were Montreal
911,267
53,950 239,250
68,000
mixed. In most of the corn belt showers were reported. St. John, N. B..
5,400
740
But extreme heat and drought were noted in some sections
Total week___ _1,193,849
89,012 139,812 245,685
08,998 2,233
of Oklahoma and Texas. The "Price Current" points out Week 1911
2,088,830 317,131 137,451 164,906
1,484
that the crop is backward where replanting was necessary.
The destination of these exports for the week and since
A bumper crop can yet be made, providing the critical frost July 1 1912 is as below:
period is successfully passed. The visible supply shows a
---Flour--Wheat-- --Corn
falling off of 1,233,000 bushels, as compared with 364,000last
Since
Since
Since
year. To-day there was a decline in sympathy with wheat.
1Veek July 1
Week
July 1
Week
July 1
July 27. 1912. July 27. 1912. July 27. 1912.
for week and
Tired bulls sold on rains in the Southwest. Snow's estimate Exports
bbls.
bbls.
bush,
since July 1 to-bush.
bush.
bush.
indicates 2,809,000,000 bushels.
80,961 314,933 827,440 3,941,204
United Kingdom
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
cts nom. nom. nom. nom. nom. nom
July delivery in elevator
nom. nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri. .
July delivery In elevator
.cts 715% 71 % 725% 72
September delivery in elevator_ _ _ 655% 865% 08
083% 68
10,202 60,875
Continent
South &Central America . 20,180 80,728
28,232 93,933
West Indies_
British No. Am. Colonies_
428
138
Other countries
1,417
33
Total
Total 1911
352,528 2,258,371
3,772
82,922 28,400
100
100 55,880
10,000
00,238
144,901
4,726
0,938
139,812 558,314 1,183,849 0,282,687 89,012 252,137
137,451 513,211 2,098,836 4,830,024 317,131 2,155,005
• The world's shipments of wheat and corn for the week
Oats also showed strength in July option. The cash situation was firm despite active receipts. Deferred months, ending July 27 1912 and since July 1 1912 and 1911 are shown
however, at times felt the pressure of the new-crop move- in the following:
ment.. Primary receipts are large and, with threshing active,
promise to increase. Illinois and Indiana especially report
Corn.
Wheat.
good yields. Crop returns promise to reach one of the largest
Exports.
1912.
1912.
1911..
1911.
totals on record. The natural course of prices will be toward
Week
Since
Since
Week
Since
Since
a lower level. But farmers are not forcing their offerings
July 27.
July 1.
July 1.
July 27.
July 1.
July 1.
upon the market. Statistics were not entirely bearish.
-Thus, the visible supply showed a falling off of 1,066,000 North Amsr. Bushels. Bushels. Bushels. Bushels. Bushels, Bushels.
2,192,000 10,001,000 9,004,000
1,937,000
bushels, as against a decrease of 247,000 in 1911. To-day Russia
2,080,000 7,015,000 11,152,000 357,000 1,343,000 6,895,000
800,000 2,792,000 2,446,000 705,000 4,013,000 8,560,000
prices reacted to the lowest for the season. Snow's bearish Danube
Argentina
2,320,000 9,950,000 0,064,000 4,497,000 22,008,000
report, predicting a crop of 1,275,000,000 bushels, explains Australia
___ 384,000 1,500,000 3,544,000
India
the decline.
2,504,000 10,776,000 7,986,000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
cts 81 % 61 5% 60
60
60
81
No. 2 white
815% 613.4 803.4 605% 60
61
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
July delivery in elevator
44% 46 % 48% 54
September.delivery in elevator_ _ _ _ 33
33% 33
32%
Oth. countr's
754,000
598,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Closing prices were as follows:
FLOUR.
Winter, low grades____53 75 54 101 Kansas straights, sacks_ 54 40 ® *4
60
Winter patents
5 15
5 40 Kansas clears, sacks__ _ 4 15® 4 55
Winter straights
4 55
4 75 City patents
6 30
6 60
Winter clears
4 25
4 50 I Rye flour
4 25
4 50
Spring patents
520®5 40 Graham flour
400@470
Spring straights
'4 70® 5 10!Corn meal, kiln dried__ 4 05
Spring clears
4 65® 4 90IBuckwheat, cwt
Nominal
72.000
Total --__ 10352000 43,511,000 40,864,000 5,619,000 27,364,000 17,292,000
Wheat.
United
Kingdom. Continent.
July 27 1912_
July 20 1912.._
July 29 1911__
July 30 1910_
Gorse.
Total.
Bushels. Bushels
Bushels.
23,952,000 15,904,000 39,856,000
23,464,000 17,312,000 40,776,000
22,792.000 13,648,000 36,440,000
22,320.000 7,920,000 30,240,000
United
Kingdom. Continent. Total.
-Bushels. Bushels.
Bushels.
8,959,000 21,701,000 30,660,000
9,112,000 22,483,000 31,595,000
3,64E3,00 5,993.000 9,630,000
7,395,00 10,625,000 18,020,000
THE CHRONICLE
AUG. 3 1912]
309
The visible supply of grain, comprising the stocks in per yard during the week. Drills and sheetings are very
granary at principal points of accumulation at lake and firmly held and many complaints are heard about the scarcity
of certain lines of goods for prompt delivery. Tickings and
seaboard ports July 27 1912, was as follows:
denims suitable for the jobbing trade are hard to secure in
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer.Bonded quantity, and good
orders have been received for ginghams,
Wheat. Wheat. Corn. Oats. Oats. Ryer Barley. Barley.
bush. bush. hush, bush, bush, bush. bush. bush. with buyers ready to pay the prices asked. The Western and
In Thousands58
New York
537
221
38 Southern trade for dry goods is broadening, and reports re252
149
.
3
2
.
1
Boston
395
25
-_
garding the future in this part of the country are very optimisPhiladelphia
90
406
16.
18
Baltimore
403
40
218
68
____ -9 ---- ---- tic. In addition to urgent requests for deliveries of goods
New Orleans
228
83
that are overdue, there is considerable new business. Print
Galveston
162
Buffalo
677 -676
233
67
22 --45 "iii -- ii cloths and convertibles are decidedly firm, with buyers willing
Toledo
632
43
18 ____
3
to pay the advances asked and are not finding goods so
Detroit
264
133,
82 ____
19
Chicago
7,905
1,255
20 --- plentiful at the higher levels. Converters are buying more
270 ____
119
Milwaukee
9
4100
42 ____
11
freely of the heavier lines. Gray goods, 383/
2-inch standard,
Duluth
2,295 -56 ____
6 ---8
89
35
MinneaPolis
3,245
37
203 - - -- are quoted at 54 to 5 5-16c.
____
7
49
St. Louis
2 ---558
42
18 ____
1
DOMESTIC COTTON GOODS.--The exports of cotton
Kansas City
887
105
15 ___
---- -- goods from
---this port for the week ending July 27 were 4,351
Peoria
•15
13 -___
---------Indianapolis
74
8
337
---- --- packages, valued at $287,020, their destination being to the
Omaha
-- ii
71
340
points specified in the table below:
On Lakes
690
294
-_ ---- ---On Canal and River....
-fi ____
32
17
1911-----1912-----..
Total July
66
Since
27 1912..18,048 2,328 3,636 1,034
260
Total July 20 1912 17,986 2,416 4,802 1,676
302
Total July 20 1911_41,316 ---- 8,001 11,203 •____
____
Total July 30 1910..12,375 ---- 3,770 2,761
CANADIAN GRAIN STOCKS.
Canadian Bonded Canadian Bonded
Wheal. Wheat. Corn. Oats. Oats.
mash
bush. bush. bush. bush.
In Thousands6 •384
1,566
Montreal
__-____
3,399
539
Fort William
1,318 ----------816
Port Arthur
2,622
Other Canadian
Total
Total
Total
Total
July
July
July
July
27
20
29
30
1912._
1912._
1911...
1910._
In ThousandsAmerican
Canadian
Total July
Total July
Total .Ttily
Total July
27
20
29
30
303
334
14
343
384
349
714
995
84
___-
Canadian Banded
Rye. Barley. Barley.
bush. bush. bush.
26 ___-
8,905
9,438
0,018
4,353
____
0 4,515
26
____
9 4,033
13
____
858 4,731
31
____
20
953
153
SUMMARY.
Bonded .
Banded
Bonded
11Theat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush, bush. hush. bush, bush, bush. bush. bush.
66
18,018'.2,328 3,636 1,034
384
303
260
8,905 __
____
26
____ -____
6 4,515
1912_26,95r 2,328 3,642 5,549
1912_27,4n 2,416 4,811 6,609
1911 47;334
8,859 15,934
1910..16,788
___ 3,790 3,714
260
303
334
302
14
_.__
____ . 243
•
THE DRY GOODS TRADE.
410
362
745
1,148
66
84
-------
New York to July 27Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
Since
Week. Jan. 1.
3,221
47
1,296
2
48,344
16,621
590
36,097
671
16,790
807
28,587
12
1,871
634
13,204
1,380
43,050
208
42,386
Week. Jan. 1.
7
483
26
601
61,463
5,140
17,866
552
12,524
220
177
8,173
743
23,499
1,386
61
11,624
108
35,241
365
484
22,801
4,351
7,863
251,467
195,661
The value of these New York exports since Jan. 1 has been
$15,997,925 in 1912, against $13,850,377 in 1911.
WOOLEN GOODS.-Further openings for spring 1913
have engaged the attention of the trade in men's wear and
dress goods markets during the past week. Advances have
ranged from 2% to 9c. According to all reports, a good
steady business is being transacted, and there is little doubt
expressed that it will not be sufficient to take care of the full
output of the current year. Demand for serges is active,
with bookings in excess of expectations. It is evident that
agents and buyers refuse to be disturbed to any great extent
by the tariff agitation.
FOREIGN DRY GOODS.-Good orders continue to be
booked on linens, with the business of several houses during
the past month said to be the largest on record. Buyers are
covering their spring needs unusually early this season,
fearing that they will have difficulty in securing goods when
they are needed. An active demand has been noted for
coarse linens, with prices firm. Burlap markets have been
very strong, with business active and the outlook for higher
prices. Lightweights are quoted at 5.55c. to 5.75c. and
103, -ounce at 7.20c.
• New York, Friday Night, Aug. 2 1912.
The general dry goods situation continues decidedly firm,
with manufacturers steadily strengthening their prices. The
volume of buying is increasing as distributers become more
nnd more aware of the fact that the present rate of production will be inadequate to meet the long-delayed demand
which is beginning to make its appearance in all quarters.
The prospect of excellent crops and constant reports of general business improvement are causing retailers to discontinue
their policy of curtailment and prepare for a period of prosperity which is bound to follow in the wake of bountiful
harvests. Were it not for the steadily increasing cost of raw Importations and Warehouse Withdrawals of Dry Goods.
1,
/
til,?.',
4
materials, manufacturers would be in a highly favorable position, as they are booked with sufficient business to carry them
well through the last quarter. The uncertainty as to the i ,De 01 !!
7,,,. r'f191 E g. gaR
0
m ,
extent to which the price of wool and cotton may advance, g
hi
g
however, leaves them in a very uncertain position regarding
to
the acceptance of business beyond the last quarter. In
<i 2.9.' .
IS
woolens and worsteds large manufacturers of dress goods are
1,.1 ...
T
5
delaying the opening of spring lines, owing to their inability
IS
Ai
..
hi
to announce prices upon which they can be sure of a reasont
6
IS
O
-z,t
able profit. The fact that they are booked to their capacity
W
F
1,1
,
on fall business also causes them to be negligent about open.-3
0 .40
is is is is
Nj
0
ing a new season. As it is, large manufacturers are turning .
141. ON.Cla •
t4
.: '
:7 :
41c: 7.4..10
*4000.
down much additional fall business., owing to the inability m .o.4.. omom.
a
o 4a 400..0
.3
tl
to produce the same, and are also unwilling to enter into
„N.0
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t.21
contracts for spring business so far in advance of the season. .„
g
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isi
0
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tt
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ma' .40000.a
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ments, being confronted with constantly stiffening prices.
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oom.,
.4
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prices for light-weight yarns from which to make up their 4 .
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spring goods. This is a situation entirely beyond their con- 0 04
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business beyond the turn of the year. In the market for
A,
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oo
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staple cotton goods prints are attracting the greatest amount W W.
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of attention. The sharp advance in the cost of cotton, to- W 00 00.-4. 0
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gether with the firmness in print cloths, has compelled print....T
. 00$040
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to Yi cent a yard. Many '... 10 is 11.10lo.c. en
ers to advance their staple lines
00
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05 4-4 aw..40
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buyers who had been lax in following the situation were taken .
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by surprise upon the announcement of this advance, and .
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rushed hurriedly into the market in an effort to place their .ON.
-00 *OGG 4,...0.0 Z
requirements before Aug. 1, when the advance became t 24 .
0m
W4aa4
2grl:t
41
00 :0 ow -440 .-3
effective. They met with little success, however, and are c, NW 00.40 CJ
X
tt
ICC
4
taking, hold quite freely at the new figure. The steadily N N
-4
01
..
...,
.0.
1gg 4
advancing cotton market, together with the increased cost li.° "rog.
-c"get 22.
..o
0o0a,
.. oo co
t
0000
.-Loc.c.siv
of operation, are reducing the margin of profit on all lines of O. is4".o
c.
, 1,"o 7
-,I:
i t:7
o t r.,
Vi
o 1..., %1 .
o
.-L ei
.
-4 .,,'o
o.
.o-c
finished goods to the minimum, and further advances on all .aa OWNen0
it 00
W
staple lines must soon take place unless there is an easing up
4 0.
.g.
in the market for raw materials.
cc, 8
. N - !-3 0
'
0
4''''''
op
0 04 0. 0
0a4C00
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co
004..
Co OW 4400a
..
i„
.
,„.
6„..c
,...„
continue
....
firm,
markets
lalo
with
the trade
.
Domestic cotton
...c5
6 0'
14
o
oo
.L.
-.4.00
o
wo4..c.,
oco vowow
CI C.
o co..3 -.1-4co.p...
..4,,,
,00
0 00050000,
broadening. From the character of buying it is evident that i. oo
jobbers have concluded that recent advances are not a tem..N
a.
0.
28
4,
1.100WCA
porary upward movement, but have come to stay, and if they
G
GA.
0
want to secure goods they will have to pay the prices asked.
14 en ap a .4
AA
C4
,
A Ce CA ,
e Ca,
"
t;
o+ Cl'
Various lines of low and medium count bleached cottons,
0
en
'
CA"
te ,
7r te
isis
a. :"
"
owing to an increased demand, were marked up 3'8 to 14c. C,. CO Co
0-4
COOMW
va g
,
g
. ,g
2
g
05
I
is
iso
'1161 CINV ZIEST
otVoirtros
is4
THE CHRONICLE
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News Items.
Arizona.—Act Providing for Election of State, County and
Precinct Officer8 in, November 1912 Declared Unconstitutional
by Supreme Court.—On July 15 the Arizona Supreme Court
declared unconstitutional that part of the Act of the Legislature approved June 14 1912 providing for general elections
in November 1912 of State, county -and precinct officers.
Accordingly all such officers will hold over until 1915. The
Act referred to also provides for the election in November of
a Representative in Congress and for Presidential electors,
but this provision is not affected by the ruling of the Court.
The decision, the text of which is given in the Arizona
"Republican" of July 16, says in part:
As we have seen, the Act is repugnant to the constitution in many particulars. It conflicts as to the date for holding the first general election for
State, county and precinct officers. It conflicts as to who shall canvass
the returns and issue certificates of election. It conflicts as to the court
which shall have original jurisdiction in election contests. Such an Act
so violative of the fundamental law cannot be sustained. The question for
consideration Is one of power and not of policy, and we are unable to arrive
at any other conclusion than that the Act of the Legislature is in contravention of the constitution.
The Act also provides for the election for a Representative in Congress
and for Presidential eleotors. But this part of the Act is not so inseparably
connected in substance with tile other parts of the Act as to work the destruction of the whole Act. Striking out the provision for the election of State,
county and precinct offcers, the Act is capable of being carried out in
accordance with the legislative intent as to the election of Representatives
in Congress and Presidential electors in the year 1912.
The time for the appointment of Presidential electors and the election of
Representatives in Congress is fixed by the Congress of the United States,
and the time fixed is the first Tuesday after the first Monday in November
1912. It could not be questioned that a provision in the constitution, or
In the Act of the Legislature, fixing a different date would be void to the
extent that the date conflicted. An Act of the State of Michigan, fixing
the date for tile meeting of Presidential electors as the first Wednesday of
December, when an Act of Congress has provided that the electors of each
State should meet and give their votes on the second Monday in January
next following their appointment, was declared by the Supreme Court of
the United States as in conflict with the Act of Congress, and must necessarily give way; yet the Act of Congress did not in terms prohibit the meeting at any other time, the State law yielding only to the extent of the
collision.
The question presented being one of power and not of policy, we are
unable to arrive at any other conclusion than that the proposed action of
the Secretary of State to prepare and transmit to the Board of Supervisors
of the several counties of the State a notice in writing designating State,
county and precinct officers as officers for which candidates are to be nominated at a primary election, which such candidates so nominated are to be
voted for at an election to be held on the first Tuesday after the first Monday
in November 1912, is illegal and without authority of law.
To assert the high prerogative of the State in his behalf by one of its
officers without lawful authority so to do would undoubtedly cause strife,
promote discord and grave legal complications, out of which would grow
confusion, a multiplicity of law suits and contentions seriously embarrassing
the due administration of the several departments of the State government,
and unnecessary and illegal expense incurred. Such conditions cannot
be encouraged to arise even to gratify political ambitions, for ambition
should be made of sterner stuff. We are not concerned with the ambitions
of men, but only with the reason and justice of the law.
Accordingly the judgment of the Superior Court of Marlcopa County,
In dissolving the temporary injunction heretofore issued, is reversed and
vacated, the temporary injunction is so amended as to include in the writ
all precinct offices, and, as amended, the temporary injunction is made
permanent. Let the writ issue accordingly.
Colorado.—Suit to Test Legality of Initiative and Referendum.—Mandamus proceedings were commenced in the District Court July 23 by W. II. Tate to compel the Secretary
of State to resubmit the constitutional amendment adopted
in 1910 establishing the initiative and referendum. Mr.
Tate claims, it is said, that the amendment was never given
proper publication and seeks to restrain the certification of
twenty petitions initiated under the same.
Fresno, Fresno County, Cal.—Commission Form of Government Defeated.—Reports state that a new charter providing
for a commission form of government was defeated by a vote
of 660 "for" to 1,064 "against" at an election held July 26.
Manistee, Mich.—Bwius Bonds Not a Lien upon Property.—
Judge Sessions in the United States Circuit Court recently
decided that the city's donation of $25,000 in bonds as a
bonus for the Manistee Watch Co. is not a lien upon the
property. According to the "Michigan Investor, Judge
Sessions says:
In March 1905 the Common Council of the city of Manistee, claiming to
act under the city charter, adopted a resolution to submit to the qualified
voters of the city a proposition to bond the city for $50,000 "for the purpose of procuring, beautifying and ornamenting suitable ground for one
or more public parks within the city." An election was held and the
bonding proposition received the favorable vote of the electors. Subse-
[VoL. Lxxxxv.
quently, pursuant to directions of the Council, the Mayor and Clerk prepared and executed the bonds and advertised them for sale. No purchasers
were found and the bonds were not sold.
At the time of the adoption of the first resolution and as a part of the
same proceedings, the Mayor was authorized to appoint a committee of
seven citizens of the city of Manistee to handle and disburse the fund to be
derived from the issue and sale of the bonds. This committee was appointed by the Mayor before the election.
Three years later and in May 1908 this committee reported to the Council
that a contract had been negotiated with W. It. Rath and Joseph M.
Bachner for the establishment of a watch factory in the city and recommended its approval and execution by the proper city officers. By the
terms of the (o ltract so presented Messrs. Rath and Bachner agreed to
construct, operate and maintain in the city of Manistee a watch factory of
speciflea dimensions and equipment and to employ therein an average of
250 persons for a period of five years. They also agreed to give to the
city a mortgage upon the factory plant and premises to secure the performance of the contract on their part. The city on its part agreed to
turn over to them park bonds of the par value of $25,000, the issuance of
which had been authorized by the voters for park purposes.
Pursuant to a resolution of the Council the contract was executed by the
Mayor and Clerk of the city. Messrs. Rath and Bachner incorporated the
Manistee Watch Co. with themselves as its principal officers and assigned
their interest in the contract to the company. The factory was constructed,
the bonds turned over to the company and by its officers negotiated and
sold, and the mortgage given to secure the further performance of the contract. The seven members of the committee who procured the deal to be
made and the persons by and through whom the bonds were sold are all
solvent and amply responsible financially. The watch company is bankrupt, owes debts amounting to $50,000 aside from the claim of the city of
Manistee, and has little or no property except its factory plant and premises.
If the claim of the city is valid and entitled to priority, the general creditors
will receive nothing.
The important question presented relates to the right of the city of Manistee to a lien upon the factory and premises of the bankrupt, or the proceeds
of the sale thereof, which 'shall have priority over the claims of general
creditors. It is conceded that the contract between Messrs. Rath and
Bachner and the city of Manistee and the mortgage given by the bankrupt
to the city are invalid, and therefore do not constitute a lien upon the factory property of the bankrupt. It follows that the trustee in bankruptcy
Is entitled to have the property sold free of such lien. However, the city
of Manistee claims that it Is entitled to a prior lien upon the property for
$25,000, not by virtue of the contract or mortgage, but because its funds
to that amount have been wrongfully diverted by its officers and the
officers of the watch company and have been used in the construction of
the factory and can be traced directly into that property. In other words,
the city invokes the aid of the familiar rules (1) that when the money of a
municipality has been paid out on a contract or for an indebtedness which
the municipality had no authority to make or incur, It may be recovered,
and (2) that where public funds have been unlawfully diverted and can be
traced into the property of;an Insolvent estate, they may be reclaimed as a
trust fund by the municipality, which is their rightful owner, before any
distribution is made to the general creditors of the insolvent.
But, to bring itself within the rules above stated, the city must show
that its funds have been unlawfully diverted. No moneys have been taken
from its treasury sinless it can be said that the unlawful issue of its bonds,
or obligations to pay, is the equivalent of the unlawful use and diversion of
its funds. The city has not paid the bonds and has not been injured
financially unless it is legally liable upon them. The funds of the city have
not been diverted unless it can be compelled to pay the bonds to the holders
thereof. Certainly no one who was a party to, or a participant in, or who
had knowledge of the illegal transaction by and through which the bonds
were turned over, to the watch company as a bonus can successfully make
any claim against the city. In other words, no one except possibly a,
bona fide holder of the bonds for value can recover them. Upon the present meager record, the liability of the city upon these bonds, even to an
Innocent purchaser for value, may well be doubted. The resolution of
the City Council submitting the bonding proposition to a vote of the freeholders and electors specified the nominal purpose of the bond issue in a
very uncertain and indistinct manner, while the records of the Council proceedings in the same connection show very clearly and distinctly the real
and Illegal purpose of such issue. A purchaser of municipal bonds must,
at his peril, ascertain not only that the municipality had the power to issue
such bonds, but also that the authority assumed by the officers or agents
executing or issuing them had been conferred and has not been exceeded.
If either the power of the municipality or the authority of its officers to
issue bonds is lacking, there can be no such thing as bona fide holdings
thereof.
Assuming that the city of Manistee is liable upon these bonds in the hands
of innocent purchasers, insuperable difficulties and obstacles still exist to
a recovery in this proceeding. The bondholders have not been made
parties and the character of their holdings cannot be determined in such
manner as to be binding upon them, and, even if the city could represent
them, there is nothing in the proofs to indicate that any bond is at the
present time or ever has been in the hands of an Innocent purchaser. Both
the testimony and the regular presumptions are to the contrary. Where it
is shown that there was fraud or illegality In the Inception of municipal
bonds the burden is thrown upon the purchaser who seeks to enforce payment to show that he or, some one under whom he claims, was a bona fide
holder for value.
The final contention of the city of Manistee is that it is in the position of a
cestui quo trust whose trustees have wrongfully converted and invested
its funds and therefore that It has an election of remedies: either to recover
its funds from the trustees or to take the property in which such funds
have been invested. The fallacy of this contention is apparent. Neither
the city nor its officers had any right or power directly to invest the city
funds in an industrial factory nor to issue bonds of the city and donate them
as a bonus to the promoters of such a factory. What it could not originally
do directly It cannot now do by indirection or by ratification. To permit the
city to appropriate to itself substantially all of the property of the bankrupt
estate for the purpose of saving its officers and trustees from the consequences of their wrongdoing, and thus deprive those who have innocently
extended credit to the bankrupt of all chance to recover their legitimate
claims, would be grossly unjust. All of the persons by and through whom
the illegal Issue of these bonds was accomplished are amply responsible and
are legally liable to the city for any injury which It has suffered because of
their unlawful acts. No necessity exists for a resort to any unusual and
extraordinary measures for the protection of the public interests and the
Court will not lend its aid to any plan or scheme, however specious and
plausible it may appear, by which tile just creditors of a bankrupt estate
may be deprived of their moneys for the benefit of wrongdoers.
The petition of the trustee in bankruptcy will be granted and the cross
petition of the city of Manistee will Le denied.
Nevada.—Proposed Constitutional Amendments.—Five proposed amendments to the constitution will be submitted to
the voters of this State at the general election in November.
Two of these provide for the establishment of the initiative
and referendum and the recall of public officials. The other
proposals concern revenues for educational purposes, indictments on information and making females eligible for certain
offices. The amendments concerning the initiative, referendum and recall are given in full below:
INITIATIVE AND REFERENDUM.
Resolved by the Senate, the Asseinbly cancurring, That Section 3 be added
to Article 19 of the constitution of the State of Nevada, said section so
added to read as follows:
Section 3. The people reserve to themselves the power to propose laws
and the power to propose amendments to the constitution and to enact or
reject the same at the polls, independent of the Legislature, and also reserve the power at their option to approve or reject at the polls, in the
manner herein provided, any Act, item, section or part of any Act or measure passed by the Legislature, and Section 1 of Article 4 of the constitution
shall hereafter be construed accordingly. The first power reserved by the
people is the initiative, and not more than ten per cent (10%) of the qualified electors shall be required to propose any measure by initiative petition,
and every such petition shall include the full text of the measure so proposed. Initiative petitions, for all but municipal legislation, shall be filed
with the Secretary of State not less than thirty (30) days before any regular
session of the Legislature; the Secretary of State shall transmit the same
to the Legislature as soon as it convenes and organizes. Suoh initiative
AUG. 3 1912.1
THE CHRONICLE
except
measure shall take precedence over all measures of the Legislature
appropriation bills, and shall be enacted or rejected by theIfLegislature,
any such
(40) days.
without change or amendment, within forty
as aferesaid shall be enacted by
nitlative measure so proposed by petition
the Goveraor in the same Manner as other
the Legislature and approved by
law,
but shall be subject to refera
become
shall
same
enacted,
are
laws
this article. If said
endum petition as provided in Sections 1 and 2 of if
no action be taken
initiative measure be rejected by tile Legislature,ofor
State
shall submit same
the
Secretary
days,
(40)
forty
said
thereon within
next ensuing genat
the
or
rejection
approval
to the qualified electors for
voting thereon shall
eral election; and if a majority of the qualified electorsasuresoapprovet
y
e a Itiativcne
tva nd take effect from the ate
leyoteani
I measure.it sallbecr
lieia(raof
approveafstc
0eof
by the
the qualified electors shall not be annulled, set aside or repealed
In
Legislature within three (3) years from tile date said Act takes effect.may,
case the Legislature shall reject such initiative measure, said body
the same
with the approval of the Governor, propose a different measure onSecretary
subject, in which event both measures shall be submitted by the next enof State to the qualified electors for approval or rejection at the
the
suing general election. The enacting clause of all bills proposed by folInitiative shall be: "The People of the State of Nevada do enact as
lows." The whole number Of votes cast for justice of the Supreme Court
at tile general election last preceding the filing of any initiative petition
shall be the basis on which the number of qualified electors required to sign
such petition shall be counted. The second power reserved by the people
in
is the referendum, which shall be exercised in the manner providedthis
Sections 1 and 2 of this article. The initiative and referendum powers ineach
of
article provided for are further reserved to the qualified electors
county and municipality as to all local, special and municipal legislation
The
of every character in or for said respective counties or municipalities.
Legislature may provide by law for the manner of exercising the initiative
shall
but
legislation,
and referendum powers as to county and municipal
qualified
not require a petition of more than ten per cent (10%) of the(15%) to
per cent
electors to order the referendum, nor more than fifteen
If the conflicting measures
propose any municipal measure by initiative.general
election shall both be
submitted to the people at the next ensuing cast for
and against each of
approved by a majority of the votes severally
n:.mber of affirmative
said measures, the measure receiving the highest
provisions. The
conflictlag
all
to
law
as
a
become
thereupon
shall
votes
may be
provisions of this section shall be self-executing, but legislation
especially enacted to facilitate its operation.
RECALL OF PUBLIC OFFICERS.
Resolved by the Senate, the Assembly concurring, That Section 9 be added
to Article 2 of the constitution of the State of Nevada, to read as follows:as
Section 9. Every public officer in the State of Nevada is subject,
herein provided, to recall from ofifce by tile qualified electors of the State,
or of the county, district or municipality, from which he was elected. For
this purpose not less than twenty-five per cent (25%) of the qualified electors who vote in the State or in the county, district or municipality electing
said officer, at the preceding election, for justice of the Supreme Court,
shall file their petition, in the manner herein provided, demanding his recall
by the people; they shall set forth in said petition, in not exceeding two
hundred (200) words, the reasons why said recall is demanded. If he shall
offer his resignation, it shall be accepted and take effect on the day it is
olered, and the vacancy thereby caused shall be filled in the manner provided by law. If he shall not resign within five (5) days after the petition is
filed, a special election shall be ordered to be held within twenty days (20)
after the issuance of the call therefor, In the State or county district or
municipality electing said officer, to determine whether the people will recall said officer. On the ballot at said election shall be printed verbatim
as set forth in the recall petition the reasons for demanding the recall of
said officer, and,in not more than two hundred (200) words, the officer's
Justification of his course In office. He shall continue to perform the duties
Other
of his office until the result of said election shall be finally declared.
candidates for the office may be nominated to be voted for at saidofspecial
votes
highest number
election. The candidate who shall receive the for
the remainder of the
at said special election shall be deemed elected recall
filed
was
petition
the
whom
against
person
the
be
it
term, whether
with whom
or another. The recall petition shall be flied with the officer
the same officer
the petition for nomination to such office shall be filed, and
shall order the special election when It is required. No such petition shall
be circulated or flied against any officer until he has actually held his office
or
six (6) months, save and except that it may be filed against a Senatorthe
Assemblyman In the Legislature at any time after ten (10) days from
beginning of the first session after his election. After one such petition
and special election no further recall petition shall be filed against the same
officer during the term for which he was elected, unless such further petitioners shall pay into the public treasury from which the expenses of said
special election have been paid tile whole amount paid out of said public
treasury as expenses for the preceding special election. Such additional
legislation as may aid the operation of this section shall be provided bylaw.
Pawhuska, Okla.—Commission Government Adopted.—A
new charter providing for the commission form of government was recently adopted, it is stated, by a vote of 205 to 68.
Porto Rico.—Bond Offering.—Proposals will be received
until 2 p. m. Sept. 4 by the Bureau of Insular Affairs, WashinWn, D. C., for $100,000 of an issue of $500,000 4% gold
registered bonds issued under an Act of the Porto Rico
Legislature approved March 7'1912.
Denomination $5,000. Date Jan. 1 1912. Interest (from July 1 1912)
semi-annually at the United States Treasury. Maturity Jan. 1 1937, redeemable at the pleasure of the Government of Porto Rico after Jan. 1
1922. Certified check for 2% of bid, payable to the Chief Bureau of Insular Affairs, War Department, is required. Delivery Sept. 17 1912.
Purchaser to pay accrued interest. The Act of the Porto Rico Legislature
under which the bonds arc issued exempts them front the payment of taxes
of any kind of the Government of Porto Rico, or of any local authority
therein. The United States Treasury Department authorizes tile statement that it will'accept these bonds at par as security for public deposits.
The Postmaster General authorizes the statetnent that they will be accepted at par as security for postal savings deposits. These bonds will
also be accepted by the Government of Porto Rico as security for deposits
of funds of that Government,
Sheffield, Ala.—Election on Commission Form of Government.—An election will be held August 19 to vote on the
question of adopting the commission form of government.
South Carolina.—Cotton Warehouse Act Declared Unconstitutional by Supreme Court.—:,The State Supreme Court on
July 19 declared void and unconstitutional the Act passed
early in the year creating a commission to provide for a
systemn of warehouses for the storing of cotton. See V. 94,
p. 577 and 645. The opinion was written by Chief Justice
Gary and concurred in by every justice 'sitting in the case.
Associate Justice Woods did not sit. The opinion is given
in the Charleston "News and Courier" of July 21, and we
reprint the same below:
'This is a petition to the 'Court, in the exercise of its original jurisdiction,
in which the petitioner prays that an Act of the Legislature, entitled 'An
Act to create and Operate a State warehouse system for storing cotton and
other commodities, be declared unconstitutional, and that the respondents
be enjoined from attempting to enforce its provisions.
"The return of the respondent, to the rule to show cause, why the prayer
of the petitioner should not be granted, was formal, and merely submitted
the questions involved to the consideration of the Court.
"A copy of the Act will be set out in the report of the case.
"The circumstances under which the Court should declare a statute
unconstitutional, the pollee power, and the unlimited power of the Legislature, except when controlled by constitutional provision, are discussed at
length in the case of the State versus Aiken, 42 S. C.222; and the ease
renders unnecessary the further discussion in a general' way of those questions In this proceeding.
—Me grounds ppon which the petitioner contends that the Act Is unconstitutional are'designated by the letters a, b, c, it, e, f, g and h, and will be
considered In regular order.
311
"(a) It appropriates public revenue for private purposes, and provides
that the State, through, her public officers engaged in an enterprise In no
way Incident or relating to any governmental function or matter, the
warehouse system provided for therein being solely for the benefit of
private individuals and violative of Section 2, Article of the constitution.
"The ultimate solution of this proposition depends upon the question
whether the said Act can be construed as a police regulation.
"The title of Act shows that its object was to create and operate a State
warehouse system for storing cotton and other commodities.
"It will be observed it was not the intention of the statute that the State
should become the owner of the cotton or other commodities deposited in
the warehouses; nor that the State should operate the warehouses for the
purpose of profit.
"The object of the Act may be stated in a few words. The cotton growers in this Statc, and the merchants, to whom a large portion of the staple is
delivered, in payment of indebtedness for supplies consumed in its production, are, as a rule, unable to hold it but for a short time after the crop is
gathered; and a forced sale means a sacrifice of profits to them. Knowing
this fact, certain speculators, by combination of capital and manipulation
of the money market, are able for a short time, by reducing the circulating
volume of money, to depress the cotton market and fix an unreasonably low
price for the cotton crop. They would not, however, be able to control the
price but for a short time, and the object of the statute was to give protection to the public during this period from an enforced sale of the cotton
crop. We deem it unnecessary to discuss at any length the manner in
which this unreasonable depression in price affects not only the cotton
grower but the people generally, as well as every department of the
government and every governmental agency in the State. In passing this
statute the State was clearly within the exercise of its police power, which
In Its last analysis simply means the State's right of self-defense.
"The case of Barfield vs. Mercantile Co. and the cases therein cited tend
to show that the Act in question was for a public and not a private purpose.
"(b) It provides that the State shall engage In a private business, not
incidental or necessary to the exercise of the police power.
"What has just been said disposes of this ground.
"(c) It provides for an issue of bonds and an increase of the public debt
without first submitting the question as to the creation of such new debt to
the qualified electors of this State at a general election, in violation of Section 2, Article 10, of the constitution.
"Section 2, Article 10, of the constitution: 'To the end that the public
debt of South Carolina may not hereafter be increased without the due
consideration and free consent of the people of the State. the General
Assembly is hereby forbidden to create any public debt or obligations, either
by the loan or the credit of the State, by guaranty, endorsement, or otherwise, except for the ordinary and current business of the State, without first
submitting the question as to the creation of such new debt, guaranty,
endorsement or loan of its credt to the qualified electors of this State at a
general State election; and unless two-thirds of the qualified electors of this
State voting on the question shall be in favor of increasing the debt, guaranty, endorsement or loan of its credit, none shall be created or made.'
.
"There arc two reasons why this ground must be sustained:
"(1) The building of warehouses is not one of the ordinary functions of
government; therefore, the issuing of bonds for such purposes cannot be
properly regarded as embraced within the words 'the ordinary and current
business of the State.'
"(2) It appears upon the face of the statute that the bonds were not Intended to be a debt or obligation of the State. Bonds can only be issued
under Section a, Article 10, of the constitution, when a debt or obligation
of the State Is thereby created.
"(d) It Is discriminatory and denies the equal protection of the law in
that no provision is made for expert grading, classifying weighing or otherwise putting in a marketable condition any commodity other than lint
cotton, and does not compel the acceptance for storage of any commodity
other than lint cotton.
"The petitioner does not state whether the statute denies the equal protection of the laws under the State or Federal Constitution. The rule in
such cases, arising under the Federal Constitution, is thus clearly stated by
Mr. Justice Van Devanter in Lindsley vs. N. C. Gas Co., 22 U. S., 61:
"(1) The equal-protection clause of the Fourteenth Amendment does
not take from the State the power to classify in the adoption of police law,
but admits of the exercise of a wide scope of discretion in that regard, and
avoids what is done only when it is without any reasonable basis, and is
therefore purely arbitrary. (2) A classification having some reasonable
basis does not offend against that clause merely because it Is not made with
inequality.
mathematical nicety, or because in practice it results In some if
any state
(3) When the classification in such a law is called in questign.
of facts reasonably can be conceived that would Sustain it, the existence
of that state of facts at the time that the law was enacted must be assumed. (4) One who assails the classification in such a law must carry the
burden of showing that it does not rest upon any reasonable basis, but is
essentially arbitrary.
"This language also shows that the classification is not repugnant to Section 5, Article 1, of the State constitution, which provides that no person
shall be denied the equal protection of the laws.
"The case of the State vs. Aiken, 42 S. C., 222, shows that when a statute
is declared to be a police regulation and the State takes charge of the business, the objection that It is a monopoly cannot properly arise.
"(e) It provides for issuing receipts for commodities stored in warehouses,
transferable by written assignment, which receipts or certificates of indebtedness, issued contrary to Section 7, Article 10, of the constitution.
"Section 7, Article 10, of the constitution is as follows: 'No scrip certificate or other evidence of State indebtedness shall be issued, except for the
redemption of stock bonds or other evidence of indebtedness previously
issued, or for such debts as are expressly authorized in this constitution.'
• "Section 7 of the statute under consideration contains these provisions:
"'That person depositing the cotton or other commodities shall be given
of
a receipt from the State Warehouse Commission, signed by the manager
which
the warehouses in which the cotton or other commodity is stored,
bale of cotton or
receipt shall give the weight grade and number of each
only
description of other commodity. The said receipts to be transferable
by written assignment, and the cotton or other commodities which it reprewhich is
sents, deliverable only upon the production of the original receipt,
to be marked (canceled) when tile cotton or other commodity is taken from
the warehouse.'
"It is only necessary to refer to the foregoing language of said section to
show that the receipt therein mentioned in no respect whatever partakes of
the characteristics of scrip, certificate or other evidence of State indebtedness.'
"(I) It makes appropriations for both the years 1912 and 1913, contrary
to the provisions of Section 2, Article 10, of the constitution,
"Section 2, Article 10, of the constithtion is as follows: 'The General
Assembly shall provide for an annual tax sufficient to defray the estimated
• expenses of the State for each year, and whenever It shall happen that the
ordinary expenses of the State for any years shall exceed the income of the
State for such years, the General Assembly shall provide for levying a tax
for the ensuing year sufficient, with other'sources of income, to pay the
deficiency of the preceding year, together with the estimated expenses
of the ensuing year.'
"Section 16 of said Act provides that 'the sum of $250.000. divided into
two equal annual installments of $125,000 in 1912 and $125,000 in 1913, to
carry out the purpOses of this Act, is hereby appropriated.'
"If the Legislature contemplated the expenditure of $250,000 during the
year 1912, then it was necessary to include,the whole amount in the estimated expenses of the State for 1912 in providing for the annual tax for
that year. If, however, it was not contemplated to expend $125,000
thereof until 1913, then that sum could only be properly included in the
estimated expenses for the year 1913 in making provision for the annual
tax for that year.
"Therefore the appropriation of $125,000 of said amount was in violation
of the constitution.
"(0) It attempts to apply a tax to an object not stated in the law, and
thereby violates Section 3, Article 10, of the constitution.
"Section 3, Article 10, of the constitution is as follows: 'No tax shall be
levied except In pursuance of a law which shall distinctly state the object
of the same; to which object the tax shall be applied.'
"Section 16 of the Act appropriating $250,000 to carry out the purposes
thereof. We have already shown that $125,000 of said amount was not
be
appropriated in the manner provided by law. If It should hereinafter
it
determined that the entire Act must be declared null and void, thenwas
$125,000
remaining
the
abstract
whether
question
more
will present a
properly appropriated.
appro"(h) The'said Act, together with Section 40 of 'An Act to make for
the
priation to meet the ordinary expenses Of the State Government
fiscal year commencing Jan. 1 1912, and to provide for a tax sufficient to
defray the same,' provides for pledging the credit of the State for the benefit
312
THE CHRONICLE
Lxxxxv.
of private individuals, owners of lint cotton and bales, in violation of SecASOTIN
SCHOOL DISTRICT NO. 25, Wash.-Bond Sale.tion 6, Article 10, of the constitution of South Carolina; that Section 40 On July 20COUNTY
$16,000 20-year coupon bonds were awarded to the State of
of said appropriation is hereto attached and made a part of this petition Washington at par for
5s. Other bids follow:
and marked 'Exhibit B.'
Hoehier & Cummings, Toledo
Rate, 5%%. Premium, $22
405
70
50
0
"Section 40 of this Act just mentioned is as follows: 'That in anticipation John Nuveen dc Co., Chicago
" 6%
of the taxes herein before levied the Governor and the State Treasurer and Union Trust & Savings Bank,
" 5
175 00
the Comptroller-General be, and they are hereby, empowered to borrow, on E. H. Rollins & Sons, Denver Spokane
409 00
" 5X
credit of the State, so much money from time to time as may be needed to C. H. Coffin, Chicago
201 00
"
%
meet promptly at maturity the interest which will mature on the first day Merchants' Say. Fe.
Co., Portland.. " 5 h %
59 00
of July and on the first day of January of each year, on the valid debt of the C. S. Kidder & Co.,Trust
Chicago
" 6%
Par.
State. and to pay the current expenses of the State Government for the Fidelity National Bank,
Spokane
" 5).6%. Premium, 580 00
present fiscal year, and for pensions, and for carrying out the provisions of Bolger, Mosser & Willaman,
Par.
an Act to establish a State Warehouse Commission, if the same be declared John E. Price & Co., Seattle Chicago_ __ _ " 53i%
"
constitutional by the Supreme Court of the State: Provided, that the sum Carsten lc Earles, Seattle
" 53.%, Premium, 595 00
so borrowed shall not exceed six hundred thousand ($600,000) dollars.'
"Section 6 of the constitution provides that 'The credit of the State shall
AUGUSTA, Oa.-Bonds to Be Offered Shortly.-Reports
not be pledged or loaned for the benefit of any individual, company, asso- arrangements arc being made by the Mayor for the sale of the state that
ciation or corporation, and the State shall not become a joint owner of or river-protection, $150,000 hospital and $100,000 water-works 4 X*1,000,000
% 30-year
stockholder in any company, association or corporation.'
coupon bonds voted June 24 (V. 94, p. 1778).
"This ground disposed of by the conclusion that the Act was intended as
BARAGA COUNTY (P. O. L'Anse), Mich.-Bond Election.-An election
a police measure, and therefore necessarily related to a subject that was
will be held Nov. 5 to vote on the proposition to issue $14,000 jail bonds.
public in its nature.
"The last question to be determined is whether the portions of this Act
BARELAS SCHOOL DISTRICT NO. 5. Bernadillo County, N. Mex.that have been declared unconstitutional render it null and void in its Bonds Voted.-According
to reports, an election held recently resulted in
favor of the proposition to issue $2,500 bldg.-construction bonds.
"The rule is thus stated In Colley's Con. Lim.(6th ed.), pages 211 and 212,
'• and quoted with approval in Utsey vs. Hiott, 30 S. C., 360, and Murphy vs.
BARTOW COUNTY (P.0. Cartersville), Ga.-Bonds Proposed'
lag to Atlanta papers, It Is believed that a proposition to issue-AccordLandrum, 76 S. C., 21:
$400,000
"'If, when the unconstitutional portion is stricken out, that which re- road bonds will be submitted to a vote.
mains is complete in itself and capable of being executed in accordance with
BAYOU CANE DRAINAGE DISTRICT, La.-Bands Autharized.-Newsthe apparent legislative intent, wholly independent of Oat which was
rejected, it must be sustained. The difficulty is in determining whether the paper dispatches from Schriever state that on July 20 the Commission
good and bad parts of the statute are capable of being separated within the authorized the issuance of $140,000 6% bonds.
BELLEFONTAINE, Logan County, Ohio.-Bond Sale.-The $16,600
meaning of this rule.
"'If a statute attempted to accomplish two or more objects, and is void 5% 5 U-year (average) coupon Patterson Ave. impt. bonds recently authoras to one, it may still be, in every respect, complete and valid as to the ized (V. 94, p. 1715) will be taken by the Sinking Fund Trustees. Bonds
other. But if its purpose is to accomplish a single object only, and some of to be delivered Aug. 1.
Its provisions are void, the whole must fall, unless sufficient remains to
BETTSVILLE SCHOOL DISTRICT
0. Bettsville), Seneca County.
effect the objects without the aid of the invalid portion, and if they are so Ohio.-Bond 0ffering.-Proposals will (P.
be received until 12 m. Aug. 5 by
mutually connected with and dependent upon each other as condition, M. E. Wilson, Pres. Bd. of Ed., for the $12,000
4% bonds (V. 95. p.
considerations or compensations for each other, as to warrant the belief that 249). Authority Sec. 7625 and 7626,
General
Denom. $500. Int.
the Legislature intended them as a whole, and if all could not be carried into M. ec S. Due $500 each six months from Sept.Code.
11014
to March 1 1926 Inc),
effect, the Legislature would not pass the reSidue Independently, then if
BEXLEY (P. O. Columbus), Franklin County, Ohio.-Bond Election.some parts are unconstitutional, all the provisions which are thus dependAccording to reports, the proposition to issue $90,000 water construction
ent, conditionally or connected, must fall with them.'
"Tested by these principles, the entire Act must be declared unconstitu- bonds will be submitted to the voters at the November election.
tional.
BISHOP SCHOOL DISTRICT (P. O. Bishop), Neuces County, Texas."Of course the' conclusion that the statute under consideration is void in New Bond Election.-An election will be held in Jan. 1913
to resubmit the
Its entirety does not mean that in its general scope it is not a police regula- proposition to issue school bonds which carried recently. The first election
tion, but that it cannot be given effect in its present form by reason of its was declared void, we are advised, on account of a defect in the charter
failure in certain respects to comply with the requirements of the constitu- of the district.
tion. •
BLACKVILLE. Barnwell County, So. Caro.-Bonds Voted.
-A favorable
200
00
"It is the judgment of this Court that the Act herein mentioned is null vote
was cast on July 24, it is stated, on a proposition to issue $
and void and that the respondents be enjoined from attempting to carry its water-works and sewerage-system bonds.
provisions into effect."
BLUE ISLAND, Cook County, III.-Bond Offering.-Proposals will be
received until 7:30 p. in. Aug. 5 by F. Hohmann, City Clerk, for the $30,000
4% funding bonds voted June 11 (V. 94, p. 1715). Denom. $1,000.
Date July 1 1912. Int. J. & J. at office of the City Treas. Due $2,000
yriy. on July 1 from 1913 to 1927 incl. Official circular states that principal and interest have always been paid promptly, no previous issues conSpokane, Wash.-Bond Call.-The following special im- tested and there is no litigation or controversy pending or threatened concerning the validity of these bonds, the boundaries of the municipality
provement bonds are called for payment Aug. 15 at the or
the titles of officials to their respective offices. Cert. check on an Illinois
City Treasurer's office: •
bank for 10% of bid, payable to the City Treas., required. Bonds will be
ready for delivery about Aug. 15.
GRADE BONDS.
SEWER BONDS.
Die- Nos. Bonds
Ms- Nos. Bonds.
BOISE CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Boise City),
trict. Called.
NameCalled.
trict.
NameAda County, Idaho.-Bond Sale.-On July 22 $100,000 5% 10-20-year
Adams
250
8-9
13-22 incl. Alley
599
(opt.) bonds were awarded to H. T. Holtz & Co. of Chicago at 103.077 and
272
Carlisle
218
6
0
Alley
int.-a basis of about 4.01% to the optional date and 4.77% to full ma455
12-14 incl. turity. Among the other bids received was one of 101.21 from E. H.
Elm
Alley
14
149
7 331-380 incl. Rollins & Sons of Denver.
Fourteenth
First Ward
5
108
7
12-17 incl. Fifth Ward
Grand
507
4-6 incl.
BOWLING GREEN. Warren County, Ky.-Bonds Proposed.-The
223
Hamilton
2-5 inel. Ninth Avenue
15-16
682
Council is discussing the advisability of holding an election in
Second
3
Heroy
1
812
9-112 incl. Common
November
to vote on the issuance of $300,000 4% sewer bonds.
Jefferson
2-5 incl. Tenth
224
834
17-19 inel
BREMERTON, Wash.-Band Sale.-W. D. Perkins & Co. of Seattle
19-20 incl. Twenty-sixth
157
Mission
464
5
reports state, an issue of $70,000 paving bonds.
purchased,
have
7
No th Bryant ___ _487
PAVING BONDS.
3-7 incl.
784
Pest
BROCKPORT. Monroe County, N. Y.-Bonds Voted.-Reports state
Die- Nos. Bonds
17-19 incl.
8
Sixth
that an election held July 30 resulted in favor of the proposition to issue
Nametrict.
Called.
15-22 Incl. Alley
448
Sixth
$275,000 water-works-constr. bonds. The vote was, It is stated, 467 to 32*
595
5-6
14-21 incl Bernard
388
Sixteenth
4
40-41
CALIFORNIA.-Bond Offering Postponed.-We are advised that the
2-4 incl. Division
South East Blvd_ _ _720
587
11-18 incl. offering of the $1,000,000 4% India Basin bonds which was to have been
2-3
Thirty-second ___..742
Lincoln
417
22-44 incl. held July 22 (V. 94, p. 1579) has been indefinitely postponed.
2-4 incl. Post
Twenty-eighth _ __ _664
435
17-21 incl.
Bond Offering.-E. D. Roberts, State Treasurer, will offer at public
WALK BONDS.
Stevens
444
8
auction on Aug. 26 $2,000,000 4% San Francisco harbor impt. bonds.
Die- 1\10.9. I3onds Sprague
326
28-35 incl. These bonds are part of an issue of $9,000,000 voted Nov. 1910, $1,000,000
Second
Called.
trict.
Name763
2-14 incl. of which has already been disposed of (V. 93, p. 1212).
13-14
170
Third
Mission
437
34-43 incl.
CALVIN, Hughes County, Okla.-Bonds Defeated.-An election held
7
50
Twelfth
July 18 resulted in the defeat of the proposition to issue $17,500 water6-7
278
Twentieth
works-system bonds. The vote wasJ.LO B
to
on4d23.
7-8
375
York
CAMDEN. Camden County, N.
Autherized.-Local papers
Tacoma, Wash.-Bond Call.-The following bonds are state
that the City Council recently authorized the issuance of $200,000
school and $65,000 wharf and dock-system-extension bonds.
called for payment:
CANTON, Ohio.-Band Offering.-Proposals will be received until 12
No. of Bonds.
DistrictInt. Ceases.
Local Improvement District No.317- 10 to 12, inclusive_ _July 29 1912 Aug. 26 by E. C. Brumbaugh, City Aud., for the following 4%% coup. bds.:
Local Improvement District No.600- 83 to 120, Inclusive__July 29 1912 $25,000 water-works-ext. bonds. Denom. $1,000. Due Melt. 1 1932.
1,600 sewer-const. bonds, authorized April 19 (V. 94, p. 1398). DeLocal Improvement District No.389- 71 to 126, Inclusive_ _July 26 1912
nom. (1) $600, (1) $1,000. Due Mch. 1 1922.
Local Improvement District No.674- 11 to 23, inclusive_ _July 26 1912
3,500 sewer-Coast. bonds. Denom. (1) $500, (3) $1,000. Due $1,000
Local Improvement District No. 178-112 to 138, Inclusive-July 24 1912
yriy. on Mch. 1 from 1914 to 1916 incl. and $500 Mch. 1 1917.
Local Improvement District No. 180- 9 to 12, inclusive_ _July 24 1912
1,500 sewer-const. bonds. Denom. (1) $500, (1) $1,000. Due $1,000
Local Improvement District No.414- 24 to 27, inclusive_ _July 24 1912
Mch. 1 1916 and $500 Mch. 1 1917.
Local Improvement District No. 651-113 to 148, inclusive_ _July 24 1912
5,600 sewer-coast, bonds. Denom. (1) $000, (5)$t4,00. Due $1,000
Local Improvement District No.677- 15 to 19, inclusive_ _July 24 1912
on Mch. 1 1914 and 1915, $2,000 Mch. 11918 an $1,600 Mch. 1 '17.
1,600 sewer-coast. bonds. Denom. (1) $600, (1) $1,000. Due $1,000
M
Mch.
s
e.
h. e
l elret.
$6004
1
id
id
Bond Calls and Redemptions.
Bond Proposals and Negotiations this week
have been as follows:
•
ADA, Hardin County, Ohio.-Bond Offering.-Proposals will be
received
until 12 m. Aug. 10 by M. C. Felker, Clerk, for $3,750 4%% coupon Lincoln
Ave. and Gilbert St. paving tax-free bonds. Denom. $250. Date Aug. 10
1912. Int. A. & 0. Due yearly on Oct. 1: Lincoln Ave. bonds from 1913
to 1922; Gilbert St., 1914, 1916, 1918, 1920 and 1922, incl. Certified check
for 5% of bonds issued, payable to the City Clerk, required.
ADEL, Berrien County, (]a.-Bonds Voted.-An election held recently
resulted in favor of the proposition to issue *15,000 sewer bonds,according to reports.
ALABAMA CITY, Etowah County, Ala.-Band Offering.-Proposals
will be received at once by W. T. McCord, Mayor, for the $5,000 city-hall
$18,500 sanitary and sewerage and $26,500 water-works 5% bonds voted'
July 12 (V. 95, p. 248). Denom. $500 and $1,000. Date Sept. 11912.
Int. M. & S. Due Sept. 1 1942. No bonded debt. Floating debt,
"about $1,000." Assessed valuation, $750,000. Actual val., $1,500,000.
ALAMEDA SCHOOL DISTRICT, Cal.-Bonds Voted.-It is stated that
the question of issuing $5,000 6% school bonds received a favorable vote
at a recent election.
ALHAMBRA. Los Angeles County, Cal.-Band Election.-An election
will be held Aug. 6 to vote on the proposition to issue $234,000 bonds.
ALLIANCE, Ohio.-Bond Offering Postponed.-The offering of the
$40,000 4 3-i% water-works refunding bonds which was to have been made
July 25 (V. 95, p. 126) has been postponed, according to reports, untl Sept.
ALVISO SCHOOL DISTRICT, Santa Clara County, Cal.-Bonds Voted.
-By a vote of 61 to 9, the proposition to issue the $7,000 5% bldg. bonds
(V. 95, p. 65) carried at the election held July 20, it is stated.
ANTIOCH, Contra Costa County. Cal.-Bond Election.-Reports state
that an election will be held Sept. 21 to vote on the propositions to issue
$10,000 automatic-electric-pump, $10,000 auto-hook and fire-ladder, $8,000
town-hall and jail-imp and $3,000 water-meter bonds.
'•
7
ch
check on
a Canton bank'for
City Treas., required. Bonds to be 5%
bile$t6M.
anit.
a
6ya
bonds bid 1for, payable
of D
delivered within 10 days from time of award. Successful bidder to furnish
blank bonds at his own expense.
CARTERSVILLE. Bartow County, Ga.-Bond Sale.-On July 25 the
$50,000 5% 29;6-year gold coupon (with priv. of reg.) tax-free electric-light,
gas and water-works plants and school bonds (V.95, P. 65) were awarded to
W. M. McCafferty of Cartersville at 104.10 and int.-a basis of about
4.741%.
CASCADE. Cascade County. Mont.-Bond Offering.-The Town Clerk,
W. R. Call, will sell at public-auction at 2:30 p. m. Aug. 31 $20,000 5% •
gold water bonds. Denom. $1,000. Date June 1 1911. Int. J. & D. at
office of Town Treas., or at some New York bank, as purchaser may desire.
Due $5,000 June 11920, redeemable after June 1 1918; $5,000 June 1 1926:
redeemable after June 1 1921; and $10,000 June I 1931, redeemable after
June 11926. Cert. check for $500, payable to H. D. Hall, Mayor,required.
CENTRALIA, Marion County, III.-Bonds Voted.-Local papers state
that the election held July 23 resulted in favor of the proposition to issue
the $10,000 water bonds (V. 95, p. 126.) The vote was 205 to 30.
CHANDLERSVILLE SPECIAL SCHOOL DISTRICT (P. 0. Chandlers.
yule), Muskingum County, Ohio.-Bond Offering.-Further details are at
hand relative to the offering on Aug 16 of the $1,000 4% 10-year coupon
building-repair bonds (V. 95, p. 249). Proposals for these bonds will be
received until 12 in. on that day by A. W. Keller, Clerk Board of Education. Auth. Secs. 7625, 7626 and 7627, Gen. Code. Denom. $500. Date,
"day of sale." Int. semi-ann. Cert. check for 15% of bonds bid for,
payable to Board of Ethic., required. Purch. to pay accrued interest.
CHARLOTTE, Nor. Car.-Band Sale.-Mayer, Deppe & Walter of Cilia.
were awarded at 104.55-a basis of about 5.043%-an issue of $100,000
to $300,000 6% 1-10-yr. special street-impt. bonds dated Sept. 1 1912,
reports state.
CHASE CITY. Mecklenburg County, Va.-Bond Election.-An election
will be held Aug. 29 to vote on the question of issuing $20,000 5% 30-yr.
sewer bonds. Date Sept. 1 1912. These securities will take the place of
those offered but not sold on June 14 (V. 94, p. 1715.)
AUG. 3 1912]
THE CHRONICLE
CHICAGO JUNCTION. Huron County, Ohio.-Band Offering.Further
details are at hand relative to the offering on Aug.24 of the $20,000 4;i%
coupon public-hall tax-free bonds (V. 94, p. 1779). Proposals for these
bonds will be received until 12 m. on that day by E. K McMorris, Village
Clerk. Auth. vote of 320 to 82 at election held May 21. Denom. $1,000.
Date Aug. 1 1912. Int. F. & A. at office of the VII. Clerk. Due $1,000
yearly on Aug. 1 from 1918 to 1937 incl. Bids to be unconditional. Official
circular states that there is no controversy or litigation pending or threatening the corporate existence or the boundaries of the municipality or the
title of the officials to their offices or the valdity of these or any other
outstanding bonds.. Cert. check for $500, payable to the VIII. Treas.,
required. Bonds to be delivered within 10 days from time of award.
Purchase to pay accrued interest.
CHICKASAW COUNTY (P. 0. Okolona), Miss.-Bond Sale.-The
$50,000 5% 25-yr. coupon tax-free Dist. No. 3 road bonds offered for sale
on July 1 (V. 94, p. 1779) were awarded ,it is stated, to the People's Bank
& Trust Co. of Tupelo.
CHICOPEE, Hampden County. Mass.-Bond Sale.-On Aug. 1 the $55,000 4% 53i-year (ay.) coup. Valentine and Chapin School bonds (V. 95,
p. 249) were awarded to Estabrook ,S: Co. of Boston at 100.77 and int.-a
basis of about 3.83%. Other bids follow:
Blodget & Co., Boston
100.737 R. L. Day & Co., Boston_ _ _100.279
Parkinson & Burr, Boston_ _100.555 Merrill, Oldham & Co., DosCurtis & Sanger, Boston_ _ _ _100.42
100.179
ton
CINCINNATI, Ohio.-Bond Offering.-Proposals will be received until
12 m. Aug. 29 by I. D. Washburn, City Auditor, for the following 4% taxfree bonds:
$220,000 street-impt. (city's portion) bonds. Date Aug. 15 1912.
38,000 sewerage (city's portion) bonds. Date Aug. 15 1912.
• 96,000 water-impt. bonds. Date Aug. 1 1912.
Auth. Sec. 3939 Gen. Code. Denom. $500. Int. semi-ann. Due
20 years after date. Cert. check for 5% of bonds bid for, payable to the
City Auditor, required. Purchaser to pay accrued interest. Bids to be
made upon printed form furnished by the Auditor.
Bond Sale.-On July 30 the following bids were receiyed for the 7 issues
of 4% tax-free bonds aggregating $438,500 (V. 95, p. 65):
$25,000
$100,000
$51,000
$31,000
issue.
issue.
issue.
issue.
Breed & Harrison and Field,
Longstreth & Co., Cin___$31,868 00 $52,428 00 $102,800 00 $25,917 50
Union.Say.Bk.&Tr.Co., Cin. 31,810 50 52,332 00 102,617 00 25,878 00
in.;
Well, Roth &
Co.,Tot., and
Stacy & Braun,
Cent. Tr. & Safe Depost_ 31,753 00 52,239 30 102,430 00 25,787 50
31,713 31 52,239 81 102,401 60 25,775 25
Second National Bank
102,291 00 25,768 00
Davies-Bertram Co., Cin_ _ 31,707 00
Western German Bk., Ctn.:. 31,635 50 52,045 50 102,050 00 25,562 50
First Nat. Bank, Norwood_ 31,620 00 52,020 00 102,000 00 25,750 00
Atlas Nat. Bank, Cincinnati 31,573 50 51,918 00 101,790 00 25,577 50
25,650 00
A. E. Aub & Co.. Cin
31,511 50 51,938 00
New First Nat. Bk., Col__ _ 31,351 00 51,678 00 101,330 00 25,517 00
Fifth-Third Nat. Bk., On
102,330 00
German Nat. Bank, Cin
52,167 90
101,385 00
Citizens National Bank
$140,000
$37,500
$54,000
issue.
issue.
issue.
Breed & Harrison and Field, Longstreth & Co., Cincinnati
$56,381 40 $39,153 75 $142,940 00
142,885 00
Union Say. Bk. & Trust Co., Cin
39,120 00
56,330 00
German Nat. Bank, Cincinnati
56,138 40
38,988 75
Well, Roth & Co.,Cin.:Stacy& Braun,
142,842 00
38,868 75
Tol., and Cent. Trust & Sate Dep_ 55,971 00
55,923 00
38,835 38
142,901 10
Second National Bank
55,620 00
38,625 00
142,450 00
First National Bank,'Norwood
38,535 00
Atlas National Bank, Cincinnati.... 55,490 40
142,114 00
55,350 00
38,437 50
Western German Bank, Cincinnati
142,170 00
38,107 00
141,685 00
New First Nat. Bank, Columbus.... 54,876 00
Mayer, Deppe & Walter, Cincinnati_
142,506 00
The Liberty Banking & Savings Co. bid par for $5,000 (10 bonds) of
each of the following issues: $31,000 Beekman St., $100,000 police-dept.,
$25,000 hospital and $140.000 fire-dept.
Breed & Harrison and Field, Longstreth &Co. of Cin. were awarded all
of the above securities.
CLEVELAND COUNTY (P. 0. Norman), Okla.-Bond Election.-An
election will be held Aug. 6 to vote on the proposition to issue $20,000
bridge bonds, reports state.
COAL CITY SCHOOL DISTRICT (P. 0. Coal City), Grundy County,
111.-Bonds Voted.-An election held July 22 resulted, It is stated, in favor
of the proposition to issue $5,000 building bonds, the vote being 40 to 1.
COHOCTON, Steuben County, N. Y.-Bond Offering -According to reports, proposals will be received until 12 m. Aug. 15 by A. MeWatters, VII.
Clerk, for *10,000 1-10-yr. (ser.) paving bonds. Int, rate to be named in
bid. Cert. check for $100 required.
COITSVILLE TOWNSHIP SCHOOL DISTRICT (P. 0. Youngstown),
Ohio.-Bond Sale.-On July 26 the $18,000 5% coupon bonds (V. 95, P.
127) were awarded to Stacy & Braun of Toledo for $19,430 25, making the
price 107.945. Other bids follow:
Mayer,Deppe&Watter,Cin.$19,295 00 Breed & Harrison, Cin_ _$19,267 20
First Nat. Bank, Cleve.__ 19,283 50 Tillotson&WolcottCo.,Cley 19,265 40
New First Nat. Bank, Col_ 19,283 00 Well, Roth & Co., Cin_ _ _ _ 19,086 00
Seasongood & Mayer, Cin.. 19,275 00 Otis & Co., Cleveland_ ___ 19,085 00
• COLEMAN COUNTY COMMON SCHOOL DISTRICT NO. 27,Tex.-Bond
Sate.-We are advised that the $1,500 5% 5-10-year (opt.) bonds registered
June 5 (V. 94, p. 1716) were awarded to the county.
COLUMBIANA COUNTY (P. 0. Lisbon), Ohio.-Bond Offering.-Proposals will be received until 1 p. m. Aug. 12 by the Board of Co. Comms.,
P. It. Walker, Chief Clerk, for $17,145 90 Calcutta and Frederickstown road
bonds. Auth. Sec. 6912-1 Gen. Code . Denom. (1) $145 90 (17) $1,000
Date Aug. 1 1912. Due $145 90 Sept. 1 1913 and $1,000 yrly. on Sept 1.
from 1914 to 1930 incl. Cert. check on a local bank for $500, payable to
the County Treas., required. Bonds to be delivered Aug. 22. Purchaser
be required to satisfy themselves,of
to pay accured infest. Bidders
Tie. Conditional bids not considered.
the legality of tile
(average) coupon
3
Bond Sale.-On (dy 29 the $17,248 50 4 % 9%-year
road bonds (V. 95, P. 249) were awarded to Seasongood & Mayer of Cincinnati for $17,875 50 (103.63) and int.-a basis of about 4.0464.
COLUMBUS,Ohio.-Bonds Authorized.-Ordinances were passed July 22
providing for the issuance of the following 4% coupon assess. bonds:
$3,000 Lake Alley-tmpt. bonds. Due Sept. 1 1923, subject to call after
Sept. 1 1913.
5,000 Naghten St.-impt. bonds. Due Sept. 1 1923, subject to call after
Sept. 1 1913.
16,000 Hamlet St.-Impt. bonds. Due Sept. 1 1923.
18,000 Wood Ave.-impt. bonds. Due Sept. 1 1932,
21,000 Jenkins Ave.-impt. bonds. Due Sept. 11923.
5,000 Spring St,-impt. bonds. Due Sept. 1 1923, subject to call after
Sept. 1 1913.
3,000 Sixth St.-impt. bonds. Due Sept. 1 1923, subject to call after
Sept. 1 1913.
1,000 Capital St.-Impt. bonds. Due Sept. 1 1923, subject to call after
Sept. 1 1913.
2,000 Alley West Wilson Ave. bonds. Due Sept. 1 1923, opt. after
Sept. 1 1913.
Denom. $1,000. Date not later than Dec. 31 1912. Int. M. & S. at
office of the City Treasurer.
CRITTENDEN COUNTY (P. 0. Marion), Ky.-Bond Election.-Local
papers state that at the November election the question of issuing $100,000
road bonds will be submitted to the voters for approval.
CROWLEY DRAINAGE DISTRICT, La.-Bond Election.-An election
will be held Aug. 27, it is stated, to vote on a proposition to issue $60,000
drainage-system bonds.
CULPEPER COUNTY (P. 0. Culpeper). Va.-Bond Offering.-Proposals will be received until 10 a.m. Aug. 19 by W. E. Coons, Clerk, for
the $40,000 of the $120,000 5% coup. Catalpa Magisterial Dist. bonds voted
April 20 (V. 94, p. 1580). Denom. $500. Date July 1 1912. Int. ann.
in Jan. at tile Co. Treas. office. Due $4,000 yrly. on Jan. 1 from 1915
to 1924 incl. Cert. check for 5% of bld, payable to the Chairm., required.
CUMBERLAND COUNTY (P. 0. Bridgeton), N. J.-Bond Sale.-On
July 30 the $10,000 43% 10-yr. armory bonds (V.95, p.189) were awarded
to John D. Everitt & Co. of N. Y. at 101.09-a basis of about 4.365%.
Denom. $1,000. Date July 1 1912. Int. J. & J,
313
CUYAHOGA COUNTY (P. 0.Cleveland), Ohio.-Bond Sale.-On Juy 31
the $500,000 4% 16.9-yr. (ay.) coup. bonds (V. 95, p. 127) were awarded
to Tillotson & Wolcott Co. of Clev. at 101.7614-a basis of about 3.85%.
Other bids follow*
C. E. Denison & Co., Clev_l
Mayer,Deppe&Walter,C1n.1
Well, Roth & Co., Cincin__ 1$507,007 Breed & Harrison, Cincin_ }$506,350
Seasongood & Mayer, Cin_
Davies-Bertram Co., CInc_j
Prov.Say.Bk.&Tr.Co.,Cin
New First Nat.Bk.. Colum_ 505,200
Otis & Co., Cleveland
71 505,215 Clev, Trust Co., Cleveland1 503,225
Hayden, Miller & Co., ClevI
Field,Longstreth &Co.,Cin_ J
DAKOTA SCHOOL DISTRICT, Cal.-Bond Sate.-The First Nat. Bank
of Selma was awarded $3,000 bonds, at 100.50, reports state, on July 20.
DAYTON. Ohio.-Bond Election.-An election will be held Sept. 3,
local papers state, to vote on the question of issuing $1,000,000 water bonds.
DECKERV I LIE. Sanilac County, Mich.-Bond Offering.-Proposals will
be received until Aug. 7 for $11,000 water-works and $8,000 elec.-light
bonds at not exceeding 5% Int. Auth. vote of 107 to 30 for electric light
and 109 to 27 for water-works at election held July 22. Due in 20 years.
DEDHAM, Norfolk County, Mass.-Temporary Loan.-A loan of $20,000,
due Nov. 3 1912, was negotiated with the Boston Safe Deposit & Trust Co.
of Boston at 4% discount, reports state.
DE KALB COUNTY (P.O. Fort Payne). Ala.-Bond Eleaton Proposed.A petition is being circulated, it is reported, calling for an election to vote
on the question of Issuing road bonds.
DETROIT. Mich.-Bond Sale.-On July 30 $100,000 4% 30-year coupon
(with priv. of reg.) tax-free sewer bonds were awarded to the Detroit Trust
Co. In Detroit at 100.20. A bid of par and int. was received from the
Treas. for the city. Denom. $1,000. Date Aug. 1 1912. Int. F. & A.
at the City Treasurer's office.
DIVIDE COUNTY (P. 0. Crosby), No, Dak.-Bond Saie.-On July 25
the $18,500 6% 5-year coupon refunding bonds (V. 94, p. 1779) were
awarded to T. L. Beiscker of Fessenden for $19,005, making the price
102.72-a basis of about 5.373%. Other bids follow:
Minn. Loan & Tr. Co., Minn.$19,000 Chapman, Mills & Co., Chic_$18,657
Uien & Co., Chicago
18,947 ITerry, Briggs & Slayton, Tol_ 18,600
New First Nat. Bank, Colum. 18,945 IBolger, Mosser & Willaman,
A. J. Hood & Co., Detroit_ _ _ 18,9251 Chicago
18,515
C. H. Coffin, Chicago
18,6861S. A. Kean &Co., Chicago... 18,5
65
Denom. $500. Date July 25 1912. Interest F. & A.
DODGE SCHOOL DISTRICT NO. 46 (P.O. Dodge). Neb.-Bond Sale.We are advised, under date of July 25 that the $23,000 5% 5-20-year
(opt.) coupon building bonds offered for sale on July 1 (V. 91, p. 1716) were
awarded to the Lincoln Safe Deposit & Trust Co. of Lincoln at 101.20 & int.
DUBLIN, Pulaski County. 'Va.-Bond Offering.-Proposals will be received until Aug. 10 by J. R. Beirtly, Town Clerk, for $10,000 5% coupon
water bonds. Denom. $500. Date Aug. 10 1912. Int. J. & J. at office
of the Town Treasurer, Due Aug. 10 1942, opt. after 15 years. Bonds
are exempt from town taxes.
EAST McKEESPORT, Allegheny County, Pa.-Bonds Voted.-A favorable vote was cast on July 23, it is stated, on the question of issuing the
$31,000 funding and $29,000 street and sewer impt. bonds (V. 94, p. 1716).
The vote was 214 to 126.
EAST MOLINE TOWNSHIP SCHOOL DISTRICT (P. 0. East Moline),
Rock Island County, 111.-Bond Election Proposed.-According to reports,
the proposition to bond the district to erect a new building will be passed
upon by the voters.
EAST YOUNGSTOWN, Mahoning County, Ohio.-Bond Offering.Proposals will be received until 7 p. m. Aug. 26 by the Village Treasurer
for the following 5% bonds:
$7,500 Robinson Road impt. bonds. Due $800 yearly on Oct. 1 from
1913 to 1918, incl., and $900 yearly on Oct. 1 from 1919 to 1921, incl.
3,000 Adams St. impt. bonds. Due $300 yearly on Oct. 1 from 1913 ta
1922, inclusive.
2,800 Eleventh St. impt. bonds. Due $300 yearly on Oct. 1 from 1913 ta
1920, inclusive, and $400 Oct. 1 1921.
600 Short St. impt. bonds. Due $100 yearly on Oct. 1 from 1913 ta
1918, inclusive.
2,000 Twelfth St. Impt. bonds. Due $200 yearly on Oct. 1 from 1913 to
1922, inclusive.
3,500 Washington St. Impt. bonds. Due $500 yearly on Oct. 1 from 1913
to 1919, inclusive.
5,700 Jefferson St. impt. bonds. Due $700 yearly on Oct. 1 from 1913 to
1919, inclusive, and $800 Aug. 1 1920.
16,000 Wilson Ave. impt. bonds. Due *1,500 yearly on Oct. 1 from 1913
to 1920, inclusive, and $2,000 Oct. 1 1921 and 1922.
Date Sept. 1 1912. Int. semi-annually at office of Village Treasurer.
Certified check for 2% of bonds bid for, payable to the Village Treasurer,
required. Separate bids must be made for each block of bonds.
• ELIZABETH. Union County. N. J.-Bond Offering.-Proposals will be
received until 12 m. Aug. 8 by J. S. Sauer, City
for $393,000 43%
coup. (with priv. of reg.) school bonds. Denom.
Comp.,
$1,000. Date July 1
1912. Int. J. & J. at the Nat. State Bank, Elizabeth. Due July 1 1952.
Bonds will be certified as to genuineness by the U. S. Mtge. & Trust Co.,
N. Y. City. Validity will be apprvoed by Hawkins, Delafield & Longfellow, N. Y. City, whose opinion will be furnished to the purchaser. Cert.
check on an incorporated bank or trust company for 2% of bonds bid for,
payable to the City Comp., required. Bonds to be delivered about Sept. 5.
Purch. to pay accrued int. Bids must be upon blank form furnished by
the Comptroller.
ELK BAYOU SCHOOL DISTRICT. Cal.-Bond Sale.-On July 15 the
California Nat. Bank of Santa Ana was awarded an issue of $3,200 bonds,
it is stated, for $3,505, making the price 109.53.
ELMIRA. Chemung County, N. Y.-Bond Offering.-Proposals will be
received until 10 a. m. Aug. 5 by D.Sheehan, Mayor, for $73,400 43i% reghighway-impt. tax-free bonds. Denom. (1) $3.400, (14) $5,000. Date
Aug. 1 1912, Int. F. & A. at office of the City Chamberlain. Due $3,400
Aug. 1 1913, $5,000 Aug. 1 1914, $5,000 yrly. on Aug. 1 from 1916 to 1925
incl. and $5,000 yrly. on Aug. 1 from 1927 to 1929 incl. No deposit re. . . .....
quired.
EL SEGUNDO SCHOOL DISTRICT, Los Angeles County, Cal.-Bond
Offering.-Reports state that proposals will be received up to 2 P. m. Aug. 5
by the Supervisors for the $5,500 5% school bonds voted May 20 (V. 94, D.
1522). Denomination $500.
• • • • • • la
ELWOOD. Gosper County, Neb.-Bond Sale.-The First Nat. Bank -of
Elwood was awarded at par $5,000.5% 5-20-yr. (opt.) bonds. Denom.
$500. Date July 1 1912. Int. J. & J.
EVF.RETT, Snohomish County, Wash.-Bond Sale.-The State of Wash.,
according to reports, has purchased $100,000 bonds of this city.
EXPORT SCHOOL DISTRICT (P. 0. Export)."Westmoreland County,
Pa.-Bond Offering.-Proposals will be received until 8 p. in. Aug. 10, it
is stated, for $28,000 5%, tax-free coup. bonds. • Due $2,000 yrly. beginning Aug. 1 1929.
• • • • • • • • •" • • • • • • • •"• •I • kia
• FAIRFIELD' INDEPENDENTTSCHOOL DISTRICMP. 0. Fairfield),
Sumter County, Iowa.-Bonds Awarded in Part.-On July 1 $20,000 of the
$60,000 4 M % 5-10-yr. (opt.) coup. high-school-bldg. tax-free bonds (V. 94,
p. 1779) were awarded to local investors.
• • 'L!.LbJ• • • *Mal
• FALL RIVER. Bristol County, Mass.-Bond Sate.-On-July 30 the $50,250) were awarded to Esta000 4% 1-10-yr. (ser.) street bonds (V. 95,
p' follow:
brook & Co. of Boston at 100.74. Other bids
R. L. Day & Co , Boston_ _100.7191Curtts & Sanger, Boston_ _ _ _100.22
100.5871Merrill, Oldham & Co., Bost_100.089Blodget & Co., Boston
. Denom. $1,000. • Date July'1'1912.
13
.
.InIty.
,j
13.a.
ec
2
e71
-R RELL (P.0:Sharon)Mercer"Cou
tion will be held Aug. 3 to vote on the proposition to issue $50,000 street
and funding bonds. 411
lt,5 • •,
-"441,41 '1 • ,• •" • • '''f,•4 • 4r..;...r• * • •••;i;•
'• FILLMORE SCHOOL DISTRICT, Ventura-County,'Cal.-Bond Sale.On July 15 $6,000 5% 8-13-yr. (ser.) gold bonds were awarded to Torrance,
Marshall & Co. of Los Angeles for $6,124, making the price 102.066-a basis
of about 4.748%. Denom. $1,000. Date June 30 1912. Int. ann.•_ at
the County Treasurer's office. • iv • • • • •
FIN DLAY, Hancock County,"Ohio.-Bond Sale.-No award was made
on July 29 of the 2 issues of 4% coup. tax-free bonds,aggregating $15,714 46,
offered on that day (V. 95. p. 250). • We are advised, however, that private
..
. .. .
parties"will take thebonds. 4 • • •
-FORD COUNTYTCOMMON SCHOOL -DISTRICT"NO. 13. Tex.-Bond
Sate.-On July 23 the State Comptroller registered an Issue of $6,000 5%.
10-40-yr. (opt.) bonds.
314
THE CHRONICLE
FORT WORTH,Tarrant County,Tex.-Bonds Defeated.-The question of
Issuing the $100,000 hospital bonds failed to carry at the election held July
27 (V. 95, p. 189). The vote was 1,822 "for" and 2,214 against."
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-Bond Offering.-The
Board of County Commrs. J. Scott, Clerk of Board, will offer at public
'$32,000 434% Post Road irnpt. bonds. Auth.
auction at 10 a. m. Aug. 19
Sec. 2294, Gen. Code. Denom. $500. Date Sept. 1 1912. Int. M. & S. Due
$3,000 Sept. 1 1913 and 1914, $6,000 Sept. 1 1915 and 1916 and $14,000
Sept. 1 1917. Certified check on a national bank or trust company In
Franklin County for 2% of bonds bid for, payable to the County Auditor,
required. Bonds to be delivered by Sept. G.
FREDERICKTOWN, Madison County, Mo.-Bonds Defeated.-An election held recently resulted in defeat of the proposition to Issue $35,000
water-works bonds.
FULLERTON. Orange County, Cal.-Bonds Refused.-Reports state that
E. M. Campbell Sons & Co. of Indianapolis have refused the $146,000 bridge
and street bonds awarded to them in May (V. 94. p. 1399).
GARFIELD SCHOOL DISTRICT,Fresno County. Cal.-Bond Offering.Proposals will, be received until 2 p. m. Aug. 5 by the County Supervisors
(P.O. Fresno), it is stated, for the $5,000 6% building bonds voted June 15
(V. 95, p. 68). Due $500 yearly.
GARRISON IND. SCHOOL DISTRICT (P. 0. Garrison), Nacogdoches
County. Texas.-Bond Offering.-C. R. Langston, Treas., is offering at
private sale $5,000 5% coup. school-bldg. bonds. Denom. $125. Date
June 1 1912. Int. ann. at New York, Austin or Garrison. Due June 1
1952, optional alter June 1 1913. Bonded debt, Incl. this issue, $15,000.
No floating debt. Assess. val. 1912, $452,590.
OILMAN, Marshall County, Iowa.-Bond Sale.-The $12,000 municipal
water-works bonds voted July 5 (V. 95, p. 1 28)_have been awarded to a
Marshalltown bank as 5s.
GLENDALE, Los Angeles County, Cal.-Bond Election Proposed.Reports state that the Trustees will submit to the voters in the near future
a proposition to issue $20,000 fire-department impt. and bldg. and $225,000
water system bonds.
GROVER HILL SCHOOL DISTRICT, Paulding County, Ohlo.-Bond
Sale.-On July 27 $3,000 5% coupon school bonds were awarded to Spitzer,
Rorlok dc Co. of Toledo for $3,126 10, making the price 104.203. Denom.
$1,000. Date July 27 1912. Int. M. & S. at the Treasurer's office. Due
$1,000 yearly March 15 1933 to 1935, inclusive.
GUTHRIE, Logan County, Okla.-Bond Offering.-This city is offering at
private sale $25,000 5% 25-yr. bridge bonds. Auth. vote of 566 to 168 at
an election held July 18. Date Aug. 1 1912. Int. F. &-A. Official circular
states,that the city has never defaulted in the Interest payments. A deposit
of $5010 with the City Treas. Is required. '
HALEYVILLE, Winston County, Ala.-Bond Offering.-Proposals will
be received at once by M. S. Drewry, Clerk, for $20,000 5% coup. waterworks and light tax-free bonds. Denom. $100. Date 'when sold."
Int. J. & J. Due In 20 years. No deposit required. No other debt.
Assessed valuation 1911, $260,000.
•
HAMILTON COUNTY (P. 0. Webster City), Iowa.-Bond Sale.-The
Security Say. Bank & Trust Co. of Toledo, it is stated, was awarded $20,000
5 % drainage bonds.
HARTSELLS, Ala.-Bonds Voted and Sold.-The proposition to issue the
$15,000 school-bldg. bonds (V.94, p. 1717) MIS favorably voted upon. We
are advised that.these securities have been sold.
HELENA SCHOOL DISTRICT NO. 1 (P. 0. Helena), Lewis and Clark
County, Mont.-Bond Offering.-Proposals will be received until 11 a. m.
Aug. 15 by T.E. Goodwin, Cleric, for the $70,000 5% coup. bldg. and equip.
bonds voted July 13 (V. 95, p. 189). Denom. $1,000. Int. A. & 0. at
office of the County Treas. or at a bank in N. Y. to be designated by the
purchaser. Due 20 years from Oct. 1 1912, optional after Oct. 1 1922.
Cert. check for $500, payable to the Clerk, required.
HERMOSA BEACH. Los Angeles County, Cal.--Bond Offering.-Proposals will be received until 7:30 p. m. Aug.6 by the City Clerk, it is stated,
for the $60,000 5% municipal-wharf bonds (V.94, p. 1522).
HOLLAND SCHOOL DISTRICT (P. 0. Holland), Ottawa County, Mich.
-Bond Sale.-On July 29 the $100,000 4% 1-20-year (serial) high-schoolbuilding bonds (V. 95, p. 250) were awarded to the Security Trust Co. of
Detroit at 97.40 and int.-a basis of about 4.31%. 'Other bids follow:
Emery,Peck&Rockwood,Chic_ _96.781W. E. Moss & Co., Detroit__ _ _95.73
96.701
Detroit Trust Co., Detroit
HOOD RIVER. Hood River County. Ore.-Band Sale.-On July 22 the
$36,000 10-yr. water bonds (V. 95, p. 128) were awarded to Carstens &
Earles, Inc., of Seattle at 102.91 and int. for 5348-a basis of about 5.12%
Other bids follow:
Chapman, Mills & Co., Chic_ _$36,862 Morris Bros. Portland
$36,367
36,338
N. W. Halsey & Co., San Fr_ 36,612 Glens Falls fns. Co
E. H. Rollins & Sons, San Fr. 36,551 Causey, Foster & Co., Deny_ 36,028
Bolger,Mosser&Willaman,Ch. 36,468 Merchants' Say. & Tr. Co__ _ 34,929
Hoehler & Cummings, Tol__ 36,417 Terry. Briggs & Slayton,
Toledo
S. A. Kean & Co., Chicago__ 36,396
34,300
HOPF.DALE, Tazewell County, Ill.-Description of Bonds.-The $3,500
bonds
July
15
to
the
National
5% electric-light
awarded on
Bank of Hopedale at par, are dated July 15 1912 and due part yearly from April 1 1913
to 1919. Interest annually in' April.
HORTON. Brown County, Kan.-Bond Sale.-On July 29 the $38,000
5% 20-yr. water-works bonds voted July 5 (V. 95, p. 128) were awarded to
John A. Prescott & Co. of Kans. City for $38,875 (102.302) and int.-a
basis of about 4.82%. Denom. $500. Date Aug. 1 1912. Int. F. & A.
IBERIA PARISH (P. 0. New Iberia), La.-Bond Election Proposed.According to reports, the police Jury has been petitioned to call an election
to submit to the voters the proposition to issue $180,000 20-yr. road-impt.
bonds.
ILION, Herkimer County. N. Y.-Bond Sale.-On July 27 $50,000 paving bonds were awarded to Isaac W. Sherrill of Poughkeepsie as 4.40s.
Dem:int. (25) $1,000 and (50) $500. Date July 1 1912. Int. J. & J. Due
$2,000 yriy. July 1 1917 to 1942 incl.
JOHNSTOWN. Weld County, Colo.-Bond Sale.-The $20,000 waterworks bonds voted June 12 (V. 94, p. 1717) have been sold at par.
KALAMAZOO, Kalamazoo County, Mich.-Bonds Voted.-Reports
state that an election held recently resulted in favor of the proposition to
issue $40,000 water-works-extension bonds. It is ttited that the vote was
402 to 182.
KIRKWOOD SCHOOL DISTRICT (P. 0. Kirkwood), Warren County,
III.-Bond Election Postponed.-Reports state that the election which was
to have been held July 27 to vote on the question of issuing the $12,000 or
$15,000 building bonds (V. 95, p. 251) has been postponed until Aug. 10.
KITTITAS RECLAMATION DISTRICT (P. 0. Ellensburg), Wash.impt. bonds (V.94, p. 505)
Bonds to be Offered Shortly.-The $5,000,000
will be offered for sale, we arc advised, during September.
• K1(GER SPECIAL SCHOOL DISTRICT (P. 0. Kyger), Gallia County,
Ohio.-Bond Offering.-Proposaig will be received until 12 in. Aug. 20 by
C. A. Rife, Clerk Bd. of Ed:, for $2,750 4% bldg. and equip. bonds. Denom. $275. Date Aug. 20 1912. Int. ann. at office of Dist. Treas. Due
$275 yrly. on Aug.I20 from 1913 to 1922 Incl.
LA CROSSE, La Crosse County, Wisc.-Bond Offerino.-Proposals will
be received until 2 p. m. Aug.8 by E. H. Hoffman, City Clerk, for $150,000
4 bi% coup., water-system-extension bonds. Denom. $1,000. Date
Aug. 1 1912. Int. F. & A. at office of City Treas. Due Aug. I 1932, opt.
after Aug. 1 1922.
LAGRANGE, Troup County, Oa.-Bond Election Proposed.-Reports
state that this city proposes to hold an election early in September to vote
on a proposition to Issue $215,000 water-works-system, gas plant and
school bonds.
LAKELAND. Polk County, Fla.-Bonds Refused.-We are advised that
the sale on April 15 of $150,000 5% 30-44-yr. (ser.) sewer, street and bldg.
bonds to Farson, Son & Co. of Chicago (V. 94, p. 1266) was not consummated, the attorneys in the case ruling that the issue would have to be
re-advertised. The new sale will be held on Aug. 12. Due $10,000 yearly
beginning 30 years from date. Int. semi-annually at Nat. Park Bank, N. Y.
For other details and terms of offering see V.95, p. 251.
LAKEVIEW, Lake County, Ore.-Bonds Defeated.-The election held
July 20 resulted In the defeat of the proposition to issue $75,000 sewer system bonds (V. 95, p. 67). The vote was 82 to 146.
rocxxxv.
LANSING, Ingham County, Mich.-Band Sale.-On July 15 the two
issues of impt. bonds aggregating $25,000 (V. 95, p. 67) were awarded to the
City Nat. Bank of Lansing at 100.18 and int. for 434s.
LEMON TOWNSHIP SCHOOL DISTRICT (P. 0. Middletown), Butler
County, Ohio.-Bond Sale.-On July 25 the $8,000 434% 13-16-yr. year.)
coup. Monroe school-house bonds (V. 95, p. 67) were awarded to DaviesBertram Co. of Cin. at 104.6375 and int.-a basis of about 4.074%. Other
bids follow:
Scasongood. & Mayer, Cin_$8,362 00 New First Nat. Bk., Col_ _$8,331 00
Breed & Harrison, Cin_ ___ 8,360 00 Well, Roth & Co., Cin____ 8,322 50
Hayden, Miller & Co., Ole.. 8,356 00 Hochler & Cummings, Tol_ 8,302 50
8,352 00 Spitzer, Rorick & Co., Tot_ 8,165 60
Otis & Co., Cleveland
Prov.Say.Bk.&Tr.Co., Cin_ 8,336 80
LEONIA SCHOOL DISTRICT (P. O. Leonia). Bergen County, N. J.1934ryear (average) coupon
Bond Sale.-On July 22 the $65,000 4
(with priv. of reg.) school bonds (V. 95 p. 190) were awarded to R. M.
Grant & Co. of N. Y. for $65,200, making the price 100.307.
LEWISTON, Nez Perce County, Idaho.-Bond Election.-Reports state
that an election will be held Sept. 3 to vote on the proposition to issue
$35,000 bridge bonds.
LEXINGTON SCHOOL DISTRICT (P. 0, Lexington), McLean County,
III.-Bonds Voted.-By a vote of 185 to 75 the question of issuing $25,000
high-school-building bonds carried,reports state, at the election held July 20.
LIBERTY TOWNSHIP SCHOOL DISTRICT (P. 0. Girard), Trumbull
County, Ohio.-Bond Offering.-Proposals will be received until 12 m.
Aug. 19 by J. A. Howell, Clerk, for $5,000 5% coup. bldg. and equip.
bonds. Auth., Secs. 7625, 7626, 7627 and 7628, Gen. Code. Denom.
$500. Date "day of sale." Int. M. & S. at the First Nat. Bank in Girard.
Due $500 each six months from Mch. 1 1913 to Sept. 1 1917 incl. Cert.
check on a Trumbull County bank for 5% of bonds bid for, payable to the
Treas. Bd. of Ed., required. Bonds to be delivered within 10 days from
time of award. Purchaser to pay accrued Interest. No conditional bids
considered.
LINCOLN COUNTY (P. 0. Lincolnton). Oa.-Bond Election.-The
election to vote on the question of issuing the $90,000 site-purchase and
court-house-erection bonds (V. 94, p. 1718) will be held Aug. 21, according
to reports.
LOCKPORT. Niagara County, N. Y.-Bond Sale.-On july 25 $21,800
5% street-impt. bonds were awarded to Douglas, Fenwick & Co. of N. Y.
at 106. Denom. $1,000 and $800. Date Aug. 1 1912. Int. ann. in Dec.
Due part yearly from 1913 to 1934 incl.
LONG BEACH, Nassau County, N. Y.-Bond Election Proposed.-According to reports, an election will probably be held Sept. 17 to vote on
the proposition to issue $100,000 bonds for greater docks.
LOST HILLS, Cal.-Bonds Voted.-Reports from Bakersfield state that
an election held recently resulted in favor of the proposition to issue $10,000
school-bldg. bonds, the vote being 45 to 101.
LOWELL, Middlesex County, Mass.-Bond Sale.-R. L. Day & Co. of
Boston were awarded at 100.169 on July 30 the $63,950 4% 1-10-yr. (ser.)
municipal bonds (V. 95, p. 251), reports state.
LOWER MIAMI SCHOOL DISTRICT NO.19(P.O. Miami), Gila County.
Ariz.-Bond Election.-Reports state that an election will be held Aug.
to submit to the voters the proposition to issue $1,200 school-buildingimprovement bonds.
LUVERNE. Rock County, Minn.-Bonds Voted.-The election held
July 23 resulted, it Is stated, in favor of the proposition to Issue the
$10,000 elec-light-plant-impt. bonds (V.05, p. 129.)
MC ALESTER SCHOOL DISTRICT (P. 0. McAlester), Pittsburgh
County, Okla.-Bond Sale.-Reports state that the $60,000 building bonds
recently voted (V. 95, p. 190) have been sold to G. W. Plersol and A. E.
Piersol of Oklahoma City.
McARTHUR, Vinton County, Ohio.-Bond Offertng.-Proposals will be
received until 12 m. Aug. 26 by E. H. Perkins, VII. Clerk, for the $17,000
4% coup. street-impt. bonds (V. 95, p. 251). Denom. (12) $500, (11)
$1,000. Date Aug. 31 1912. Int. ann. Due $500 yearly on Sept. 15
from 1914 to 1925 incl. and $1,000 yearly on Sept. 15 from 1926 to 1936
incl. Cert. check for $100, payable to the VII. Clerk, required. Bonds to
be delivered within ten days from time of award. Purchaser to pay
accrued interest.
McKEES ROCKS, Alleghany County, Pa.-BanctSale.-On July 29 the
$115,000 434% 1834-year (average) coupon tax-free funding bonds (V. 95,
p. 251) were awarded, reports state, to the Mellon National Bank.
McLAIN COUNTY (P. 0. Purcell), Okla.-Bond Election.-According
to reports, an election will be held Aug.6 to submit to the voters the proposition to issue $20,000 bridge bonds.
MACON, Ga.-Bond Ofiering.-Proposals will be received until 12 as.
Aug. 24 by the Board of Water Commrs., W. H. Fetner, Chairman, for
$40,000 434% coupon water-works bonds (V. 05, p. 251). Denom. $1,000.
Date July 1 1911. Interest J. & J. Due $15,000 Jan. 1 1938 and $25,000
Jan. 1 1939. Certified check for $500 required. These securities are part
of an issue of $900,000 bonds voted March 18 1011 to purchase the plant
of the Macon Gas Light & Water Co., of which 4785,000 has already been
disposed of. V. 94, p. 1134.
MADISONVILLE. Madison County, Texas.-Bonds Voted.-An election
held July 16 resulted, it is stated, in favor of the proposition to issue *16,000
water-works bonds. According to reports the vote was 125 to 24.
MANTUA TOWNSHIP, Gloucester County. N. J.-Bond Offering.According to reports, provision has been made for advertising for sale
$15,500 bonds to build schools at Sewell and Barnsboro.
.
MARION, Marion County, Ohio.-Bonds Authorized.-An ordinance was
passed July 22, it is stated, providing for the issuance of $14,591 4%
bonds. Denom. $500 and $591. Int. semi-annual. Due 13 years.
MARION GRADED SCHOOL DISTRICT NO. 27 (P. 0. Marion),
Crittenden County. Ky.-Bond Sale.-On July 29 the $3,000 4 1-20-yr.
(opt.) building bonds (V. 95, p. 251) were awarded, It is stated, to the
Marion Bank of Marion at par.
MARTINEZ, Contra Costa County, Cal.-Bonds Voted.-The proposition
to Issue municipal wharf bonds has been favorably voted upon, It is stated.
MASON CITY, Mason County, IIL-Bond Offertna.-Proposals will be
received up to and including Aug. 12 by J. F. Ambrose, City Clerk. for
$3,500 5% sidewalk bonds voted July 15 (V. 95, p. 251). Auth. vote of
205 to 132. Denom. $500. Due part from 1913 to 1919, Inclusive.
MASON CITY, Cerro Gordo County, lowa.-Bonds Authorized.-The
issuance of $50,000 water bonds has been authorized, according to reports.
AlASSILLON, Stark County, Ohio.-Bond Offering.-Proposals will be
received until 4 p. m. Aug.9 by R. J. Krisher, Sec. Sinking Fund Trustees,
for the following 4 34% bonds now held in the sinking fund as investments:
$6,250 coupon Main St. (city's portion) bonds (V. 94, p. 1718). Denom.
(5) $1.p00 and (1) $1,250. Date Juno 1 1912. Int. semi-ann. at
the State Bank of Massillon. Due $1,000 yearly Oct. 1 1915 to
1919 and $1,250 Oct. I 1912.
4,000 coupon fire-department bonds (V. 94, p. 1718). Denom. $1,000.
Date May 1 1912. Int. M. & N. at the State Bank of Massillon.
Due $1,000 yearly May 1 from 1915 to 1918, inclusive.
4,000 public-Improvement bonds. Denom. $1,000. Date Aug. .1 1912.
,.
Int. semi-ann. Due $1,000 each six months from April 1 1915 to
Oct. 11916, Inclusive.
MASSILLON CITY SCHOOL DISTRICT (P. 0. Massillon), Starke
County, Ohio.-Bond Sale.-On July 26 the $36,000 4% 1034-year (ay.)
coup. public-school-impt. bonds (V. 95, is. 67) were awarded to Well,
Roth & Co. of Cin. at 100.40 and int. Other bids follow:
Davies-Bertram Co., Cin.$36,130 00 Mayer, Deppc & Walter,
$36,075 60
Hayden,Miller&CO.,Cleve. 36,122 00 Cincinnati
Provident Savings Bank &
New First Nat. Bk., Col 36,070 00
04
50
68
Trust Co., Cincinnati__ 36,104 40 Cleveland Trust Co., Cleve. 36:0
40
6
Atlas Nat. Bank, Cin_ _ 36,101 25 Tillotson & Woloott Co.,
Cleveland
Breed & Harrison, Ctn._ _ 36,090 00
seasongood & Mayer, Cin_ 36,076 00 Otis & Co., Cleveland .__ _ 36,036 00
MATAGORDA COUNTY (P. 0. Bay City), Texas.-Bonds Defeated.The election held July 20 resulted in the defeat of the proposition to issue
the $100,000 good-road bonds (V. 95, p. 68).
MIDDLETOWN, Butler County, Ohio.-Bond Sales.-On July 29 the
$10,000 414% 2-6-yr. (scr.) strect-impt. bonds (V. 95, p. 68) were awarded,
it is stated, to Seasongood & Mayer of Cincinnati 'at 103.77-a basis of
AUG. 3 1912.]
THE CHRONICLE
about 3.48%. On July 30 the $10,000 4% 1-20-Yr. (ser.) water-worksextension bonds (V. 95, p. 68) were awarded, reports state, to A. E. Aub
& Co. of Cincinnati at 104.52, a basis of about 3.96%.
• MILTON, CabeII County, W. Va.-Bonds Voted.-An election held
recently resulted in favor of the proposition to issue $10,500 6% waterworks-system bonds. It Is stated that bonds will be offered early in
August.
MILTON UNION FREE SCHOOL DISTRICT NO. 1, N. 1/.-Bonds
Defeated.-Newspaper dispatches from Ballston Spa report that at a recent
election the question of issuing $35,000 school-building bonds was defeated.
MITCHELL COUNTY (P. 0. Colorado), Texas.-Bonds Defeated.-The
election held July 20 resulted in the defeat of the proposition to issue
$30,000 Loraine Precinct road bonds (V. 94, p. 1718). The vote was
45 to 201.
MOBILE, Ala.-Bond Election.-An election will be held Sept. 2 to vote
on the proposition to issue $100,000 bonds. This issue, it is stated, takes
the place of the $60,000 recently refused (V. 95, p. 252.)
MODESTO SCHOOL DISTRICT (P. 0. Modesto), Stanislaus County,
Cal.-Bonds Defeated.-The election held July 6 resulted in the defeat of the
propositions to issue the $45,000 grammar school and $92,000 high school
building bonds (V. 94, p. 1719.)
MOLINE, Rock Island County, 111.-Bond Offering.-Proposals will be
received until 12 in. Aug. 22 for $164,000 4)i% water-works bonds. Auth.,
vote of 1,528 to 593 at the election held July 23 (V. 94, p. 1719). Due
$14,000 July 1 1917 and $10,000 yrly. July 1 1918 to 1932 incl.
MONROE COUNTY (P. 0. Aberdeen), Miss.-Bond Sale.-The $50,000
5% tax-free Supervisors' Dist. No.5 road bonds offered for sale on July 1
(V. 94, p. 1780) were awarded to the Wm. R. Compton Co. of St. Louis at
par and interest.
MORRIS SCHOOL DISTRICT. Grundy County, Ill.-Bond Election.An election will be held Aug. 6 to submit to the voters the proposition to
issue $21,000 school-bldg. bonds, according.to reports.
MORRISTOWN SCHOOL DISTRICT (P.O. Morristown). Morris County.
18-year (average) coupon
N. J.-Bond Sale.-On July 26 the 142,000 4 J.
repair bonds (V. 95, p. 190) were awarded to R. M. Grant & Co. of N. Y.
at 102.792 and interest-a basis of about 4.277%.
Other bids follow:
Adams & Co., New York_ _ _102.781 1 McCurdy, Henderson & Co.Ja101.675
N.Y
Bank1:110011..01672
John D. Everitt & Co.. N. Y102.76
A. B. Leach & Co., N. Y ___ _101.77 Harris, Forbes & Co., N. Y_ _101.421
Morris County Savings
a Bid for $32,000. • Bid for $8,000.
No Action Yet Taken.-No action will be taken until Sept. we are advised, on the proposition to issue $200,000 high-school bonds.
MORROW COUNTY (P. 0. Mount Gilead), Ohio.-Bond Offering.Proposals will be received until 11 a. m. Aug. 30 by the Co. Commrs. for
the following 4% coup. bonds aggregating $30,900:
$14,200 Shaw road impt. bonds. Denom. (19) $700 and (1) $900. Due
$700 each six months from Mch. 1 1913 to Mch. 1 1922 incl. and
$900 Sept. 1 1922.
8,550 Osborn road-impt. bonds. Denom. (19) $420 and (1) $570. Due
$420 each six months from Mch. 1 1913 to Mch. 1 1922 incl. and
$570 Sept. 1 1922.
8,150 Randolph road-impt. bonds. Denom. (19) $400 and (1) $550.
Due $400 each six months from Mch. 1 1913 to Mch. 1 1922 incl.
and $550 Sept. 1 1922.
Date Sept. 1 1912. Int. M. & S. Bonds to be delivered and paid for
within 5 days from time of award. Separate bids must be made for each
issue on blanks furnished by the Auditor. Cert. check on a bank in Morrow County for 10% of bonds bid for, payable to the Auditor, required.
Clifton Sipe is County Auditor.
MOUNTAIN IRON. St. Louis County, Minn.-Bond Offering.-Proposals
will be received until 8 p. m. Aug. 5 by the Village Council, G. Ellersson,
Vii. Bee., for $50,000 5% water-works impt. bonds. Denom. $1,000.
Date July 1 1912. Int. payable in Mountain Iron. Due $10,000 yearly
on July 1 from 1913 to 1917 incl. Bonded debt $5,000. Floating debt
142,000. Assessed val. 1912, $10,000,000.
• MT. AYR SCHOOL DISTRICT. Ringgold County, Iowa.-Bond Sale.Geo. M. Bechtel & Co. of Davenport were awarded, it is stated, $40,000
4% bonds of $500 each.
• MUSCATINE SCHOOL DISTRICT (P. 0. Muscatine), Muscatine
County, Iowa.-Price Paid for Bonds.-We are advised that the price paid
for the $15,000 4 A % funding bonds awarded to the First Trust & Savings
Bank of Muscatine on July 5 (V. 95, p. 252) was par. Denom. $1,000.
Date Aug. 11912. Int. F. & A. Due Aug. 11922; optional after Aug. 1
1917.
.
r'NACOGDOCHES. Nacogdoches County, Tex.-Bonds Registered.-The
State Comptroller registered $20,000 electric-light and $30,000 street-impt.
5% 10-40-year (opt.) bonds on July 25.
NACOGDOCHES COUNTY COMMON SCHOOUDISTRICT NO. 2,Tex.
Bond Offering.-W.B. Hargis, County Supt. (P.10. Nacogdoches), is offering for sale $3,000 5% 5-20-yr. (opt.) school-house bonds registered by the
State Comptroller on July 25. Date May 13 '12.
NATRONA COUNTY HIGH SCHOOL DISTRICT. Wyo.-Bond Offering.-Proposals will be received until 2 p. m. Aug. 29 by E. L. McGraugh,
Sec. Board of Trustees (P.O. Casper). for $50,000 5% coup. bldg. and equip.
bonds. Auth., Chap. 142, Rev. Stets., and amendments thereto. Denom. $2,000. Int. J. & J. at offices of the County or State Treas., as holder
desires. Due $2,000 yrly. on Jan. 1 from ,1914 to 1938 inel. Cert. check
for $500, payable to the See. of the Board of Trustees, required.
NEW BRITAIN, Hartford County, Conn.-Bond Sale.-On July 31
the $60,000 4% 1-30-yr. (ser.) subway bonds (V. 95, p. 252) were awarded
to the Savings Bank of New Britain at 98.25-a basis of about 4.155%,
Other bids follow:
Hincks Bros., New Haven__ _98.003 Biodget &
oston
96.678
E.II. Rollins & Sons, Boston_97.39 R. L. Day &
Co.,do., Boston_ .._ _96.619
Harris, Forbes & Co., N. Y _ _ _96.83 Merrill, Oldham & Co., Boston96.539
NEWBURGH, Orange County, N. Y.-Bonds Voted.-An election held
July 31 resulted In favor of the proposition to issue $50,000 water-worksimpt. bonds. The vote was 154 to 40.
NEW HARTFORD, Oneida County, N. Y.-Bond Sale.-On July 25
Isaac W. Sherrill of Poughkeepsie was awarded for $44,111 50 (100.253)
for 4 )4s the $44,000 1-22-year (serial) registered Sewer District No. 1 taxfree bonds offered without success on July 11 (V. 95, p. 191).
NEW LEXINGTON, Ohio.-Bond Sale.-On July 29 the two issues o.
434% 1-10-yr. (ser.) coupon assess. bonds, aggregating $8,700 (V. 95,
P. 68) were awarded to Otis & Co. of Cleveland for $8,820, making the price
101.379-a basis of about 4.217%, it Is stated.
NEW PHILADELPHIA SCHOOL DISTRICT (P.O. New Philadelphia).
Tuscarawas County, Ohio.-Band Election.-Aocording to reports, tha
proposition to issue $110,000 bldg. bonds will be submitted to a vote at the
regular November election.
NEWPORT NEWS, Warwick County, Va.-Bonds Voted.-The question
of issuing $250,000 harbor and pier-const. bonds carried, it is reported, by
a vote 1,150 to 65 at an election held July 25.
NEWTON COUNTY (P. 0. Neosho), Mo.-Bonds Proposed.-The county
authorities have been petitioned to call an election to vote on the question
of issuing road bonds.
NOES COLONY SCHOOL DISTRICT, Fresno County, Cal.-Bond Sale.An issue of $8,500 bonds has been sold to the First Nat. Bank of Fresno,
it is stated, for $8,733 75, making the price 102.784.
NORWOOD. Hamilton
Ohlo.-Bond Sale.-On July 29 the
following bids were receivedCounty,
for the two issues of 4 A% bonds, aggregating
$8,967 55 (V. 95, p. 191.):
$4,000 00
$4,967 55
issue.
Stacy & Braun, Toledo
•$4,280 80
$4i
,s
9s8u5e.05
&
Bank
Say.
Trust
Provident
Co., Cincinnati_ ___ 4,216 80
Well Roth & Co., Cincinnati
4,249 00
Seasongood & Mayer, Cincinnati
4,24700
4,982 55
Atlas National Bank, Cincinnati
4,24520
Mayer, Deppe & Walter, Cincinnati
4,955 50
4,244 00
Breed & Harrison, Cincinnati
'4,989 90
4,237 60
First National Bank, Norwood
4,980 54
'
It is stated that these were the successful bidders.] • •'
.7. • • •,
315
NORTH HEMPSTEAD (P. 0. Manhasset). Nassau County. N. Y.
Bond Sale.-According to reports, Adams & Co. of N. Y. were awarded on
July 30 the $10,000 Barrow Beach and $8,003 impt. bonds. Similar issues
of bonds were awarded to Farson, Son & Co. of N. Y. some time ago, but
subsequntly refused by them (V. 94, p. 1000).
OKLAHOMA CITY, Okla.-Bond Election Proposed.-Local papers
state that an election will possibly be called within the next few weeks on
the question of issuing $100,000 bonds to improve Grand Boulevard.
ORANGE COUNTY (P. 0. Santa Ana), Cal.-Bonds Voted.-Reports
state that the election held July 20 resulted in favor of the propositions to
issue $100,000 bridge and $60,000 hospital, almshouse and poor-farm bonds
(V. 94, p. 1719.)
ORANGE SCHOOL DISTRICT (P. 0. Orange). Orange County, Cal.Bonds Voted.-Reports state that at a recent election the question of issuing
$50,000 polytechnic high-school bonds carried by a vote of 619 to 142.
ORO LOMA SANITARY DISTRICT, Cal.-Bond Election.-An election
will be held August 17, reports from Haywards state, to rote on the question
of issuing $62,000 sewer bonds.
PAGE SCHOOL DISTRICT, Fresno County, Cal.-Bonds Refused.
E. H. Rollins & Sons of San Fran. have refused the $11,000 6% bldg. bonds
awarded to them on July 9 (V. 95, p. 191). We are advised that the bonds
will be re-submitted to a vote.
PALM BEACH COUNTY (P. 0. West Palm Beach), Fla.-Bonds Voted.
-An election held July 23 resulted in favor of the proposition to issue $60,000 5% 30-yr. Road and Bridge Dist. No. 2 bonds. The vote was 96 to 22.
We are advised that the bonds will probably be offered Sept. 3.
PAULDING COUNTY (P.O. Paulding), Ohio.-Bond Sale.-On July 26
$24,000 5% 6-13-year (ser.) coup. bridge bonds were awarded to Well,
Roth & Co. of Cin. at 107.07 and int.-a basis of about 4.094%. Other
bids follow:
Otis & Co., Cleveland_ __ _$25,680 001First Nat. Bank, Cleye__$25,653 40
Authority See. 5843 and 5644, Gen. Code. Denom.$1,000. Date Aug.1
1912. Int. F. & A. at the County Treas. office. Official circular states
that the purchaser is to furnish blank bonds.
PEEKSKILL, N. Y.-Bond Sale.-On July 30 the $30,000 5-34-yr.
(ser.) coup, court-house and jail bonds (V. 95, p. 129) were awarded to
E. H. Rollins & Sons of N. Y. for $30,011 10 (100.037) for 4(s. Other
bids follow:
Miller & Co
4.258
100.067
John J. Hart, Albany
100.117
4.30s
Harris, Forbes & Co., New York
4.35s
100.091
R. M. Grant dc Co., New York
4.40s
100.378
Adams & Co., New York
4 40s
100.316
Ferris & White, New York
4.4051
100.25
Farson, Son & Co., New York
4s
100.116
Peekskill Savings Bank, Peekskill
4;4s
Westchester County National Bank, Peekskill
4)4s
PILOT ROCK, Umatilla County, Ore.-Bond Sale.-On July 25 the
$12,000 6% 20-year water-works bonds (V. 94, p. 1719) were awarded to
the American Light & Water Co. at par. A bid was also received from
C. A. Cockran. Denom. $1,000. Date July 1 1912. Int. J. & J.
PINELLAS COUNTY (P. 0. Clear Water), Fla.-Bond Sale.-Duke M.
Farson was awarded at 96 an issue of $80,000 5% school-bldg. bonds.
Denom. $1,000. Date Aug. 1912. Int. F. & A. Due $4,000 yearly.
PITCAIRN. Allegheny County, Pa.-Bonds Voted.-According to reports, the election (V. 94, p. 1782) held July 20 resulted In favor of the proposition to issue $5,000 school-house bldg. and fire-dept.-lmot, bonds and
$32,000 street-impt. bonds. The vote for the former was 157 to 117 and
the latter 142 to 131.
PLUMMER, Kootenai County, Idaho.-Bonds Voted.-An election held
July 25 resulted in favor of the proposition to issue $15,000 water bonds.
The vote was 51 to 2.
PORT ARTHUR INDEPENDENT SCHOOL DISTRICT (P. 0. Port
Arthur), Jefferson County, Texas.-Description of Bonds.-The $35,000
5% 20-40-year (opt.) bonds registered July 18 (V. 95, p. 252) are in the
denom. of $1,000 each and dated May 1 1912. Int. A. & 0. As reported
In V. 94, p. 1782, these securitieswere sold to the Merchants' State Bank
in Port Arthur for $35,250 (100.71), int. and blank bonds.
PORTLAND. Ore.-Bids.-The following bids were received for $99,675 69 6% 10-year improvement bonds, the sale of whioh on July 16 was
reported in V. 95, p. 191.
BidderAmt.
Price. I BidderAmt. Price.
W. F. White__ 99,675 69 104 00
Security Savings &
United States 125,000 00 103.52
Trust Co
Nat. Bank_ _ _125,000 00 103.26
Le Roy Thomas_
.
05
00
609
RushlighI,991:0 67
5,000 00 103.511 A. G.
Morris Brothers{ 15,000 00 103.471
Mayor
99,675 69 100.00
120,000 00 103.3911 Wm.Adams.Treas.urer
l20,000 00 103.2751
99,675 69 100.00
All the above bids include accruei interest.
PRAIRIE DELL SCHOOL DISTRICT (P. 0. Prairie Dell), Bell County.
Tex.-Bonds Voted.-According to reports, the proposition to issue the
$5.000 building bonds (V. 95, p. 130) carried at the election held July 25
by a vote of 38 to 3.
PRESQUE ISLE COUNTY (P. 0. Rogers). Mich.-Bond Election.-We
are advised that the proposition to issue $30,000 county Jail bonds will
be submitted to the voters at the fall election.
PULASKI COUNTY (P. 0. Pulaski), Va.-Bonds Voted.-An election
held July 30 resulted In favor of the proposition to issue the $100,000 30-yr.
road bonds (V. 94, p. 1583). The vote was 360 to 113.
QUINCY. Norfolk County, Mass.-Bond Offerino.-Proposals will be
received until 4 p. m. Aug. 7 by H. F. Tilden, City Treas., for the following 4% coupon bonds:
$12,400 miscellaneous and school bonds. Denom. $1,000 and ;400. Date
June 1 1912. Int. J. & D. Due $3,400 June 1 1913, $3,000 on
June 1 1914 and 1915, $2,000 June 1 1916 and $1,000 June 1 1917.
15,800 sidewalk and street-impt. bonds. Denom. $1,000, $500 and $300.
Date July 1 1912. Int. J. & J. Due $4,800 July 1 1913, $4,000
July 1 1914, $3,000 July 1 1915 and 1916 and $1,000 July 1 1917.
80,000 Madison Ave. school bonds. Denom. $1,003. Date Aug. 1 1912,
Int. F. & A. Due $8,000 yrly. on Aug. 1 from 1913 to 1922 incl.
Int. at the Eliot Nat. Bank in Boston. Bonds will be certified as to
genuineness by the Old Colony Trust Co., Boston. The legality of the
bonds has been approved by Ropes, Gray & Gorham, Boston, whose opinion will be furnished to the purchaser without charge.
RANSBURG SCHOOL DISTRICT,,cal.-Bond Sale.-On July 8 $1,000
7% 2 3 -year (ay.) school bonds were awarded to the First Nat. Bank of
Barnesville, Ohio, Denom. $1,000. Date July 1 1912. Int. .7. & J.
REDLANDS, San Bernardino County, Cal.-Bonds to be Offered Shortly.
-The $600,000 water bonds recently voted (V. 94, p. 1583) will be offered
for sale about Sept. 1, we are advised.
REDONDO BEACH t Los Angeles County, Cal.-Bond Election.According to reports, the proposition to issue $30,000 park bonds will be
submitted to a vote.
REEVES COUNTY COMMON SCHOOL DISTRICT NO. 22, Texas.
Bond Sale.-The County Judge advises us that the $25,000 5% 10-30-year
(o
vte.)bb
hap
ee
on
bonds
ndsd
registered
egister
by the Comptroller on May 7 (V. 94. p. 1583)
RICHFIELD SCHOOL DISTRICT, Tehama County, Cal.-Bond Issue
Rescinded.-We are advised that the sale of the $10,000 6% bldg. bonds
on July 19 was called off and all proceedings canceled.
RISING STAR INDEPENDENT SCHOOL DISTRICT (P. 0. Rising
Star). Eastland County, Tex.-Bond Sale.-According to reports, this district disposed of $20,000 bonds on July 14.
ROBERTSON COUNTY (P.O. Franklin), Tex.-Bonds Voted.-According
to reports, the election held July 23 resulted in favor of the proposition to
issue $100,000 Bremond Precinct road bonds (V. 95, p. 68).
ROCHESTER, N. Y.-Note Sale.-On July 30 the $539,000 water-worksimpt. and $10,000 park-impt. 8-months notes (V.95, p.253) were awarded
to Bond & Goodwin of N. Y.for $549,011 for 4.875s. Other bids follow:
Union Trust Co., New York
$549,000 for 4.875s
H Lee Anstey, New York
549,026 for 5s
300,000 for 4.875s
Goldman, Sachs & Co. New York
Note Offering.-Sealed bids will be received at the office of E.S. Osborne.
Comptroller,:until 2 p. m. Aug. 6 for $300,000 local-impt. and $100,000
316
THE CHRONICLE
[VOL.
Lxxxxv.
SWEET GRASS COUNTY SCHOOL DISTRICT NO, 6, Mont.-Bond
water-works-Impt. notes, payable 8 months from Aug. 12 1912. They will I
be drawn with Interest and made payable at the Union Trust Co. of New Sale.-On July 22 $3,000 8% 10-15-year (opt.) bldg. bonds were awarded
received were as follows:
I to the State of Montana at 111.25. Other bids
York. Bidder to designate rate.of int. and state denomination of notes.
Par
Causey, Foster & Co., Denver_100.201Unlon Bank, Helena
Denom. $1,000. Date Sept. 1 1912. Int. J. & J. It was inadvertently
7ROCK HILL, York County.'So. Caro.-Bonds1Voted.-An election!held
July 25 resulted In favor of the proposition to issue $50,000 20-40-yr. (opt.) reported last week that these bonds had been sold to the State of Washington
water-works-extension bonds at not exceeding 5% Int. The vote was
THIEF RIVER FALLS, Red Lake County, Minn.-Bond Offering.-Pro1251,to 18.
plosals will be received until 7:30 p. m. Aug. 6 by W. H. Quist, City Clerk,
SACRAMENTO. Sacramento County, Cal.-Bonds Voted.-The election for $20,000 6% elec.-light-plant bonds. Auth.. Chap. 8, Laws of 1895, and
held July 23 resulted In favor of the proposition to issue the $887,000 levee amendments thereto. Denomination and date to be hereafter determined
bonds (V. 94, p. 1720). The vote was 2,338 to 628.
by Council. Int., semi-annual. Due in 20 years.
ST. PETERSBURG, Pinellas County. Fla.-Bond Sale.-On July 25 the
TOLEDO, Lucas County, Ohio.-Bonds Authorized.-An ordinance was
8 issues of 6% 30-yr. gold impt. tax-free bonds aggregating $200,000 passed July 8 providing for the issuance of $165,000 4% coup.!mot. (city's
(V. 95, p..130) were awarded $170,000 to the New First Nat. Bank of Col. portion) bonds. Denom. $1,000. Date Sept. 1 1912. Int. M. ec S. at
at 101, $25,000 to the American State Bank of St. Petersburg at 108 and
S. Mortgage & Trust Co. N. Y. City. Due $65,000 Sept. 1 1925 and
$5,000 to S. W. Smith of Allegheny at 107.31. Other bids follow:
U.
$100,000
Sept. 1 1926. Ordinances were passed July 22 providing for the
$201,437 issuance of the following 5% coupon assessment bonds:
Mayer, Deppe&Walter,C1n_$202,100 W. W. Flourney
201,525 Farson, Son 80 Co., Chicago 200,567 $9,971 63 Collins St. No. 1 paving bonds. Denom.(1) $9'71 83, (9) $1,000.
On
Well, Roth &
Cin_ 201,450
Co.,
Prov.Say.Bk.&Tr.Co.,
Date Apr. 1'1912. Due $971 63 Mch. 9 1913 and $1,000 each
A bid of $206,200 from S. A. Kean & Co. of Chicago was rejected.
six months from Sept.9 1913 to Sept.9 1917 incl.
9,160 09 South Ave. sewer No. 1,119, Dist. No. 43, constr. bonds. DeSAN DIEGO, Cal.-Water Bond Election.-An election will be held
nom. (1) $790 09, (9) $930. Date June 9 1912. Due $790 09
Aug. 14, according to the Los Angeles "Times," to vote on the question of
MO. 9 1913 and $930 each six months from Sept. 0 1913 to
issuing bonds to purchase the system of the Southern California Mountain
Sept. 9 1917 incl.
Water Co. The application of Tyndale Palmer and others to prevent the
Interest M. & S. at the Second Nat. Bank in Toledo.
proposed purchase was recently denied by the State Railroad Commission.
See V. 82, p. 574.
TOPPENISH, Yakima County, Wash.-Bond Sale.-Local papers state
Proposals will be received until 2 p. m.Aug.7 by the City Treas.for $7,500 that
Carstens & Earles, Inc.,of Seattle, have purchased an issue of about
6% road bonds, reports state. Denomination $500. • • • . . . . . . $14,000 sewer bonds.
SAN FERNANDO UNION"HIGH SCHOOL DISTRICT. Cal.-Bond
TRENTON. N. J.-Bond Offering.-Proposals will be received until 2
Election.-An election will be held August 12, reports state, to vote on the p. m. Aug. 12 by H. E. Evans, City Treas., for $52,000 4% 20-yr.firequestion of issuing $50,000 building bonds.
dept. bonds, reports state. Int. semi-ann. Cert. check for $1,000 reSANGER GRAMMAR4ISC1IOOL DISTRICT, Fresno County, Cal.- quired.
Bond Sale.-Reports state that on July 20 Torrance, Marshall & Co. of
TRENTON UNION FREE SCHOOL DISTRICT NO. 3, Oneida County,
Los Angeles were awarded $24,000 bonds for $24,315, making the price N. Y.-Bond Offering.-Proposals will be received until 7 p. m. Aug. 8
101.31.
by the Bd. of Ed. (P. 0. Hinckley) for $3,500 5% bonds. Denom. $500.
SAN MATEO COUNTY (P. 0. Redwood City), Cal.-Bond Election.- Date Aug. 15 1912. Int. ann. at Utica Trust & Deposit Co.'s Bank of
An election will be held Dec. 16, it is stated, to vote on a proposition pro- Utica to the holder thereof in New York exchange. Due $1,500 Nov. 1
1913 and $1,000 Nov. 1 1914 and 1915. Purchaser will be required to deviding for the issuance of $1,500,000 boulevard-system-constr. bonds.
posit with its bids cash, certified check or bank draft for 10% of bonds
SANTA BARBARA COUNTY (P. 0. Santa Barbara), Cal.-Bonds Voted. and
pay the balance with accrued interest when bonds are delivered.
vote
was
on
20
favorable
cast
July
on the
-Local papers state that a
question of issuing the $85,000 road bonds (V. 95, p. 69.)
TROY, N. Y.-Certificate Sale.-On July 27 $100,000 5% certificates
July 27 1912 and due Oct. 27 1912 were awarded to
SANTA CLARA, Santa Clara County, Cal.-Bonds Refused.-It Is stated of indebtedness dated
Manufacturers' Nat. Bank in Troy at 100.095 and int. The other
that $60,000 grammar school and $5,500 fire-apparatus bonds sold recently the
were
Troy
the
Savings Bank for $100,000 at par and the National
bidders
refused.
(V. 95, p. 130) have been
- City Bank in Troy for $50,000 at par. Denom. $25,000.
SANTA'MONICA HIGH SCHOOL DISTRICT. Cal.-Bond Election.
Cal.-Bond Election.-The election at which
Tulare
County,
TULARE,
Reports state that the proposition to issue $70,000 high-school bldg. bonds the
propositions to Issue the $100,000 municipal water-system and $10,000
will be submitted to the voters Aug. 8.
be
will
bonds
fire-equipment
to a vote (V. 95, p. 69) will be held,
submitted
SAWTELLE, Los Angeles County. Cal.-Bond Election.-An election it is stated, on Sept. 12.
will be held Aug. 8 to submit to the voters the proposition to issue $10,000
-Bids.-The other bias received
Tenn.
County,
Coffee
TULLAHOMA,
fire-dept.-Impt. bonds, reports state.
on July 20 for the $25,000 5% 5-20-year (opt.) coupon sewer bonds awarded
SCRANTON SCHOOL DISTRICT (P.O. Scranton). Lackawanna County, to H. C. Speer & Sons Co. of Chicago at par less $500 exptnses (V. 95, p.
1% 29-yr. (ay.) coup. tax-free 253) were as follows:
Pa.-Bond Sale.-On July 30 the $100,000 43,
bonds (V. 95, p. 69) were awarded to J. S. & W. S. Kuhn Inc. of Phila. S. A. Kean & Co., Chicago_ _$24,500 Bolger, Mosser & Willaanan,
at 101.667 and int.-a basis of about 4.15%. A bid of 100.419 was also re- Spitzer, Rorick & Co., Toledo 24,300
$24,255
Chicago
ceived from Harris, Forbes & Co. of New York.
24,275 A. J. Hood & Co., DOtiolt___ 23,505
C. H. Coffin, Chicago
SEATTLE, King County, Wash.-Bond Election.-Local papers state
Sale.
July 22
-On
TWIN FALLS COUNTY (P. 0. Filer), Idaho.-Bond
that the proposition to issue $900,000 city-hall and court-house bonds will $12,000 6% 10-20-year (opt.) school bonds were awarded to Oausey, Foster
be submitted to the voters at the general election next fall.
& Co. of Denver at 102.60. Other bids follow:
SENECAVILLE SCHOOL DISTRICT (P. 0. Senecaville), Guernsey Hanchett Bond Co., Chicago _$12,2001James N. Wright & Co.,
$12,000
County. Ohio.-Bonds Defeated.-The question of issuing $1,000 high- Union Tr. & S. Bk., Spokane 12,0651 Denver
it is reported, at an deeDenom. $500. Date June 11 1912. Interest J. & D.
school-ventilating-system bonds failed to.carry,
,
. .
..
•
tionlheld July 23. • • • • • • • • ,...-wtilMtvarme
manwronniromp
r,e.
UMATILLA COUNTY SCHOOL DISTRICT NO. 14, Ore.-Bond Sale.
KAIMaritiTrWriTh .71"c Lincoln County,' Idaho.-Bond On June 28 $6,000 5% 10-20-year (opt.) bonds were awarded to CauseY.
Sale.-McCoy & Co. of Chicago have purchased, according to reports, the Foster & Co. of Denver at par. Denom. $1,000. Date Aug. 1 1912.
Interest F. & A.
$80,000 6% road bonds (V. 94, p. 1713) at 100.45625.
-The $8,000 5%
SOCIAL CIRCLE. Walton County, Ga.-Bond Sale.
UNION COUNTY (P. 0. Elizabeth), N. J.-Bond Offering.-Proposals
1
July
94,
on
(V.
sale
for
offered
bonds
20-year reg. tax-free school-bldg.
will be received until 10 a. m. Aug. 15 by N. R. Leavitt, County Collector,
p.1344) have been awarded to Stacy & Braun of Toledo at par less $135 75. for $145,000 4 X% coup. (with priv. of reg.) road bonds. Denom. $1,000.
July 30 the $148,SOI,VAY, Onondaga County, N. Y.-Bond Sale.-On
95, p. 192) were awarded Date July 11912. Int. J. & J. at the Nat. State Bank of Elizabeth. Due
000 street-impt. and municipal-bldg. bonds (V.
for 4 ;is.
(100.67)
80
July 1 1942. Cert. check on an incorporated bank or trust company for
$148,992
for
Cleve.
to C. E. Denison & Co. of
Offering.-Proposals 2% of bonds bid for, payable to the County Collector, is required. The
SPRINGFIELD, Clark County. Ohlo.-Bond 27
the
City
Clerk
by
Aug.
m.
p.
validity of these bonds will be approved by Hawkins, Delafield & Long(sealed or verbal) will be received until 8
for the following coupon bonds:
Date Jan. 15 fellow of N. Y., whose opinion will be furnished to the purchaser. Accrueeh
$20,000 00 4% park and boulevard bonds. Denom. $500.
to be paid by purchaser.
Interest
to
1933
1936
incl.
1910. Due $5,000 yrly. Mch. 1 from
bonds (V.94,
The official notice of this bond offering will be found among the advertise161,228 15 4;i% Indian Run storm-water sewer construction
(1)
Date
$1,228
15.
and
$1,000
(160)
Denom.
p. 1720).
ments elsewhere in this Department.
Mch. 1 1912. Due $40,000 yrly. Mch. 1 1934, 1935 and
VALDOSTA. Lowndes County, Ga.-Vote.-We are advised that the
1936, and $41,228 15 Mch. 1 1937.
cast at the election held July 16, which, as stated last week, resulted
vote
delivered
be
paid
and
to
Int. M. & S. at the City Treas. office. Bonds
In favor of the Issuance of $55,000 water, p5,000 paving, $15,00,0 sewer
for within 10 days from date of sale. Cert. check for 5% of bonds bid for and $5,000 cemetery 5% bonds, was 275 'for" and 7 'against.
Prorequired.
posals for these bonds will be received in about 60 days. Int. will be paid
Offering.-Proposals annually on Jan. 1. Denom. $1,000. Due yrly. on Jan. 1 as follows:
SPRING LAKE, Ottawa County, Mich.-BondKay,
Village
M.
for
Clerk,
$2,000 from 1914 to 1922 incl., $3,000 1923 to 1932 incl., $5,000 1933 to
will be received until 7:30 p. m.Sept. 4 by Chas.
Due $500
incl. and $7,000 in 1942.
the $6,000 5;i% park bonds (V. 94, p. 1720). Int. semi-ann.
1930 Incl. 1941
yriy. from 1922 to 1927 incl. and $1,000 yrly. from 1928 to of
VAN WERT COUNTY (P. 0. Van Wert, Ohio.-Bond Sale.-On
printing
Bidders are to specify whether or not their bids include the cost
July 27 the $12,000 4 yi % 1-3-year (serial) ditch-impt. bonds (V. 95,
bonds and whether the village Is to furnish same.
p. 131) were awarded to Geo. H. Marsh of Van Wert at 100.275. A bid of
- $12,015 was also received from the New First Nat. Bank of Columbus.
STAMFORD. Fairfield County, Conn.-Bonds Offered by Bankers.
Merrill, Oldham & Co. of Boston are offering to investors the $150,000 4%
WAHTOKE SCHOOL DISTRICT, Cal.-Bonds Voted.-A favorable vote
30-year gold coup. park bonds (V. 94, p. 1135). Date May 1 1912. Int was
cast recently, reports state, on a proposition to issue $5,000 6% school
M. & N. In New York.
bonds.
STEVENS COUNTY SCHOOL DISTRICT NO. 11. Wash.-Bond Sale.WALHALLA SCHOOL DISTRICT NO. 26 (P. 0. %Valhalla), Oconee
to the State
On July 20 $1,200 1-10-yr. (opt.) building bonds were awarded
County, So. Caro.-Bond 0'tering.-E. L. Herndon, Chair. Bd. of Trustees,
of Washington at par for 5 Ms. Denom. $300. Date July 20 1912. Int. Is offering at private sale $13,000 5% coup. school-bidg. and equip. bonds.
annually in July.
Denom. $500. Date July 1 1912. Int. J. & J. at office of County Treas.
SUTTER CITY UNION HIGH SCHOOL DISTRICT, Yuba Clunty. Cal. Due July 1 1932. No other debt. Assess. val. 1912, $419,920.
-Bond Offering.-Proposals will be received until 2 p. m. Aug. 6, it is
WARREN. Trumbull County, Ohio.-Band Offering.-Proposals will be
bldg.
$20,000
6%
stated, by the Co. Supervisors (P. 0. Marysville) for the
received until 12 m. Aug. 20 by W. E. Dilley, City Auditor, for $10,000
bonds voted June 18 (V. 95, p. 69). Denom. $1,000. Int. ann. Due 4 % coupon storm sewer bonds. Denom. $500. Date April 15 1912.
two bonds yearly.
Int. A. & 0. Due $500 each six months from Oct. 15 1913 to April 15
SWAN SCHOOL DISTRICT (P. 0. Swan), Smith County. Tex.-Bonds 1923, incl. Cert. check for $100, payable to the City Treas., required.
Voted.-At a recent election the issue of $6,000 school-building bonds was Bonds to be delivered within 5 days from time of award. Purchaser to
authorized, It is stated, by a vote of 37 to 0.
pay accrued interest.
SWEETWATER INDEPENDENT SCHOOL DISTRICT (P. 0. SweetWASHINGTON. Guernsey County. Ohio.-Bonds Authoorized.-An
of
Co.
&
May
Chicago
-Cutter,
Sale.
-Bond
Tex.
,6% coup,
County.
ordinance was passed July 1 providing for the issuance of $5,000 4;
water), Nolan
on May 8 (V. 94, p. street-impt. bonds. Denom.
have been awarded the $50,000 5% bonds registered
$500. Date Sept. 1 1912. Int. ann. at
office of City Treas. Due $500 yrly. on Sept. 1 from 1913 to 1922 incl.
1721). Denom. $1,000. Date Jan. 2 1912. Int. annually in August.
WASHINGTON COUNTY (P. 0. Salem), Ind.-Bond Sale.-The Bank
SYRACUSE, Onondaga County, N. Y.-Bond Offering.-Proposals will
for $200,000
Salem was awarded $6,200 Jackson Two. and $14,460 Howard Twp,
be received until 1 p. m. Aug. 6 by M. E. Monahan, Compt.,
Chap. 356, Laws of of
bonds and A. Colglazer purchased $750 Jefferson Twp. bonds, reports
4;4% reg. Intercepting sewer tax-free bonds.
or multiples thereof. Date state, on July 24: - Bonds bear 4% interest.
1907, and amendments thereto. Denom. $500 Auth.'
Trust Co.,
Aug. 1 1912. Int. F. & A. at the Columbia-Knickerbocker
WASHINGTON COUNTY SCHOOL DISTRICT NO. 7, Ore.-Bond Sale.
to 1932 Incl. Bonds
N. Y. City. Due $10,000 yrly. on Aug. 1 from 1913
Trust Co. -On July 2 $35,000 5% 10-20-yr. (opt.) bldg. bonds were awarded to the
will be certified as to genuineness by the Columbia-Knickerbocker
Say. & Trust Co. of Portland at 101-a basis of about 4.873%
Merchants'
Masslich
&
Caldwell,
by
Into
Reed,
inquired
be
will
The legality of the issue
to the optinal date and 5.01% to full maturity. Denom.$1,000. Date
New York, whose opinion will be furnished to the purchaser. Cert. check July 1 1912. Int. J. & J.
required. Bonds
for 2% of bonds bid for, payable to the City Comptroller,
be mutually agreed
WAYNESBORO SCHOOL DISTRICT (P. 0. Waynesboro), Franklin
to be. delivered Aug. 19, unless a subsequent date shallwill
be furnished 6
11
County, Pa.-Bond Sale.-N. W. Halsey & Co. of Phila. were awarded the
upon. Puroh. to pay ace. Int. Blank forms for bids
.
.
.
•
•
•
•
•
•
•
•
•
•
4% 15-30.-yr. (opt.) coupon bldg. bonds (V.95, p. 193) at 103.26
considered.1•4
$40,000
bids
conditional
the city. No
-a basis of about 4.207% to the optional date and about 4.306% to full
TACOMA Wash.-Bond Sale.-Thls city during June issued the:following maturity.
bonds:
7% special Improvement assessment
Date.
Due.
ELD
wON
SCHOOL DISTRICT, Cal.-Bond Sale.-On July 8 an Issue
PurposeAmount.
June 5 1912 June 5 1917 of $1,500 7% 3 1-3-year (average) school bonds was awarded to the First
$957 90_ _ Grading
June 5 1912 June 5 1917 National Bank of Barnesville, Ohio, at par, interest and $11 premium.
631 60__Water-main
June 5 1912 June 5 1917 Dcnom. $100. Date July 1 1912. Interest J. & J.
1,350 95_ _Water-main
June 12 1912 June 12 1922
2,025 35_ _Paving
WELLSVILLE. Columbia County, Ohio.-Bonds Defeated.-The elecJune 25 1912 June 25 1917 tion
3,158 85_ _Sewer
held July 16 resulted in the defeat of the proposition to issue the $60,000
The following were Issued during July:
municipal-lighting-plant-construction bonds. The vote was 492 "for"
July
6
1912
6
July
1917
-walk
$656 35_ _Cement
"against'-a two-thirds majority being necessary.
277
and
July
6 1917
July 6 1912
1,830 45_ _Water-main
WEST ALLIS, Milwaukee County, Wis.-Bond Offering.-Proposals
July 10 1912 July 10 1917
2,626 80__Grading
received
until 8 p. m. Aug. 10 by F. S. Baldwin, Mayor and Finance
be
July
10
1912
will
10
July
1917
1,049 60_ _ Grading
Committee of the Commlon Council for the foliwIng 5% bonds:
Bonds are subject to call part yearly.
AUG. 3 1912.]
317
THE CHRONICLE
1931 incl.
$6,000 school bonds. Due $1,0001yriy. March 1 from 1926 to 1932
incl.
5,000 water bonds. Due $1,000 yrly. March 1 from 1928 to
Denom- $1,000. Date July 1 1912. Int. M. & S. Cert. check for
required.
$250
• WESTERN SCHOOL DISTRICT. Cal.-Bond Sale.-The California Nat.
Bank of Santa Ana, reports state, was awarded $3,500 bonds.
WHITE COUNTY (P. 0. Monticello). Ind.-Bond Offering.-Proposals
will be received until 10 a. m. Aug. 15 by A. G. Fisher, Co. Aud., for the
following 4 3 % coupon non-taxable bonds:
each
422,000 Christian Blumhardt road bonds. Denom. $550. Due $550
six months from May 15 1913 to Nov. 15 1932 incl. Int. payable
at the Monticello Nat. Bank of Monticello.
17,000 C. W. Brackney road bonds. Denom. $850. Due $850 each six
months from May 15 1913 to Nov. 15 1922 incl. Int. payable at
the State Bank of Monticello.
16,000 J. H. Dawson et al. road bonds. Denom. $800. Due $800 each
• . six months from May 15 1913 to Nov. 15 1922 incl. Int. payable
at the Farmers' State Bank of Monticello.
Date July 2 1912. Int. M. & N. A deposit of $500 required.
CANADIAN
WINSTON (P. 0. Winston-Salem). Forsyth County, No. Car.-Bond
Y. and the Wachovia Bank & Trust Co. of
Sale.-A. B. Leach & Co. of
Winston-Salem have been awarded $100,000 street, $85,000 sewer, $50,000
water-works, $60,000 school, $90,000 hospital and $15,000 park bonds
• • •
recently voted.
-On July 26
• WOOD COUNTY (P.0. Bowling Green), Ohio.-Bond Sale.
(average) coupon highway impt. bonds (V. 95,
2.8-year
5%
$50,000
the
at 102.323
Cleveland
of
Bank
p. 131) were awarded to the First National
and interest-a basis of about 4,107%. Other bids follow:
Cin_$51,085
Walter,
&
Deppe
Mayer,
00
Colum_$51,117
New First N. 13k.,
Cin_ _ _ 51,080
Scour. S.B.& Tr. Co., Tol_ 51,112 75 Davies-Bertram Co.,
& Co.,Clev___ 51,068
Stacy & Braun, Toledo__ 51,110 30 Hayden,Miller
51,015
Cincinnati
Co.,
&
Roth
Well,
Tillotson & Wolcott Co..
50,955
51,100 00 Otis & Co., Cleveland
Cleveland
50,820
Seasongood & Mayer, Cin_ 51,095 00 ProvidentsS.B.& Tr.;Co.,(Cin.
29 the
ltnWOODSTOWN, Salem County, N. J.-Bond Sale.-OnlJuly
to
awarded
were
131)
p.
(V.95.
bonds
$28,000 4 yi% 20-yr. water-refunding
basis ot about 4.276%
the City Nat. Bank of Salem at 103 and int.-a
for
Woodstown
of
Bank
Nat.
First
the
from
received
also
A bid of 102 was
$14,000 of the bonds. Denom.91,000.11Date Sept. 111912.1Int.11.14&18.0
IFIWORTHINGTON Ft RE'DISTRICT (P. 0.11Worthington),niampshire
County, Mass.-Bond Sale.-On July 29 the $5,000 4% 29-28-yr. (ser.)
coupon bonds (V. 95, p. 253) were awarded to Adams & Co. of Boston at
101.67 and Int.-a basis of about 3.90%. Other bids follow:
100.01
100.561Curtis & Sanger, Boston
Biodget & Co., Boston
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 2, Mont.-Bond
Board
the
by
26
Aug.
Offering,-Proposals will be received until 2 p. m.
highof Trustees, A. J. Thorine, Clerk (P. 0. 131111ngs), for $67,000 coupon
to 61
144
of
vote
Auth.
int.
6%
exceeding
not
at
school-building bonds
F. &
at election held July 12. Denom. $1,000. Date Aug. 1 1912. Int.
Aug. 1
A. at office of the County Treas. Due Aug. 1 1932, redeemable
Chairman,
Gass,
R.
J.
to
payable
bonds,
of
5%
1922. Cert. check for
required with all bids except that submitted by the State. Official circular
its obligations.
states that the district has never defaulted in the payment of
Bonded debtaincluding this issue, $252,000. Assessed valuation 1911,
$8,404,261.
r.
YAZOO COUNTY (P. 0. Yazoo City), Miss.-Bond Offering.-Proposals
will be received until 3 p. m. Aug. 5 by S. S. Griffin, Clerk Board of Supervisors, for $77,500 5% coupon road tax-free bonds. Auth. Chap. 257, Acts
of 1912. Denom. $500. Date Sept. 1 1912. Int. annually at office of
the County Treasurer or New York City. Due Sept. 1 1936. No deposit
is required with bids. Bonded debt, none. Floating debt $49,000.
Assessed valuation 1911, $8,844,755.
These bonds were previously awarded to Seasongood & Mayer of Cincinnati (V. 94, p. 1721, but we are not advised why that sale tuts not consummated.
YORBA LINDA SCHOOL DISTRICT, Orange County,rCal.-Bonds Refused.-According to reports, J. H. Adams & Co., now Torrance, Marshall
& Co. of Los Angeles, have refused the $10,000 5% 4-13-yr. (ser.) bldg.
bonds recently awarded to them (V. 94, p. 1584).
Canada. its Provinces and Municipalities.
BELLEVILLE. Ont.-Debenture Sale.-The Ontario'Securities Co., Ltd.,
of Toronto was awarded ,according to reports, $13,00045% 20-yr. debenta.
BERLIN. Ont.-Debenture Election.-An election' will be held during
August, reports state, to vote on the issuance of $15,000 sanitarium, $6,000
stable and $17,000 street-car and rolling-stock debentures.
BIGGAR (Rural Municipality). Sask.-Debenture Sale.-Nay & James of
Regina have been awarded $8,000 6% 20-yr. debentures.
BURLINGTON & NELSON SCHOOL SECTION NO. 1, Ont.-Debentures
Not Sold.-We are advised, under date of July 25, that no sale has been
made of the $33,000 43% 30-installment debenturesaoffered on July 11
(V. 95, p. 70).
CALGARY, Alta.-Debenture Election.-An election will be held Aug. 8
to vote on the question of issuing $82,000 sewer debentures, it Is stated.
• Debentures Authorized.-The issuance of $400,000 filtration-plant debentures has been authorized by the City Council, reports state.
CORNWALL. Ont.-Debenture Election.-The proposition to issue
$50,000 bonus debentures will be submitted to the burgesses Oct. 14, It is
reported.
COTE (Rural Municipal), Sask.-Debenture Sale.-Nay & James o
Regina were awarded $1,000 6% 20-yr. debentures.
EBURNE (P.O. Point Grey), B. C.-Debenture Election Proposed.-This
place is contemplating holding an election to vote on the issuancelof $154,700
school debentures, it is stated.
ELFROS, Sask.-Debenture 011ering.-Proposals will be received by
J. N. Stewart, Secy.-Treas., for $2,500 permanent -impt. debentures, It is
reported.
ESTEVAN SCHOOL DISTRICT NO. 257 (P. 0. Estevan), Sask.Debenture Offering.-Proposals will be received until 12 m. Aug. 19 by
L. A. Duncan, Sec'.-Treas., for $16,000 5% debentures due in 30 annual
installments of prin. & int.; first payment 15 mos.from date of debentures.
GEORGIA TOWNSHIP, Ont.-Debenture Election.-An election will be
held to-day (Aug. 3), it is stated, to vote on the question of issuing $6,000
bridge debentures.
GLEICHEN. Alta.-Debentures Voted.-Reports state that the issuance
of $5,000 water and sewer debentures was voted at a recent election.
GOVAN, Sask.-Debentures Proposed.-The proposition to issue $15,000
town-hail debentures is under consideration, reports state.
NEW LOANS.
NEW LOANS.
NEW LOANS.
$835,000
$100,000
Dallas County, Alabama,
$145,000
UNION COUNTY, N. J.
[43% County Road Bonds
City of Norfolk,Virdinia,
Thirty-Year Four and One-half Per Cent
(4Y2%)Bonds of $1,000.00 Each
Dated September 1, 1912.
Interest Payable March 1st and September 1st.
SEALED PROPOSALS will be received at the
Office of the City Treasurer of NORFOLK,
VIRGINIA, UNTIL 12 O'CLOCK M., THURSDAY,SEPTEMBER 12TH, 1912, for $835,000 00
Four and One-Half Per Cent (45%) Thirty (30)
Year Coupon Bonds, issued for the following
purposes:
$345,000 00
Appropriation Bonds
20,000 00
Park Place Ward School Bonds
Ninth Ward Improvement Bonds:
Series A
248,000 00
Series B
Tenth Ward Improvement Bonds_ _ 214,000 00
$835,000 00
Total
Bids may be for the whole or part of the said
Bonds, and must state price and accrued interest.
Bonds issued In denominations of $1,000 00.
Bonds and interest payable in Norfolk.
All Bonds to be issued as Coupon Bonds, but
purchasers to have privilege of having same
registered.
Blida must be marked "Proposals for Bonds."
Bidders to enclose cheak for one per cent (1%)
of the par value of the amount bid for. Immediately upon notification of allotment a further
deposit of four per cent (4%) of par value of
amount allotted shall be made.
Four and one-half per cent (43i%) interest will
be allowed successful bidders on the five per cent
(5%) paid in from time of receipt of the four per
cent (4%) until bonds are ready to be delivered.
It is proposed to deliver the Bonds to purchasers as of the date of sale, but if for any reason any
delivery should be delayed beyond that date, the
purchaser will be required to pay accrued interest
to the time of delivery. The remainder of the
purchase money to be paid immediately after the
purchasers are notified that Bonds are ready for
delivery.
The Bonds shall be delivered and paid for in
the City of Norfolk.
Checks to be drawn on some State or National
Bank, certified and made payable to order of
B. Gray Tunstall, City Treasurer of the City of
Norfolk, Va.
Circular containing full information will be forwarded upon request to the City Clerk.
• The right is reserved to reject any or all bids,
and also (unless otherwise expressly stated in the
bid) to allot any portion of the amount of bonds
bid for.
THE FINANCE COMMITTEE.
• JNO. N. SEBRELL, Jr., Chairman,
From the Common Council.
THOS. H. WILLCOX, Chairman,
From the Board of Aldermen.
Teste: B. E. STEED, City Clerk.
Sutherlin & Company
MUNICIPAL BONDS
Commerce Building
MISSOURI
KANSAS CITY
GOOD ROADS BONDS
• Sealed bids for the One Hundred Thousand
Dollars Dallas County, Alabama, Good Roads
bonds, voted for by a majority of the electors of
Dallas County, Alabama, on July 1st, 1912, will
be received by the undersigned on or before noon,
MONDAY. AUGUST 1211-I, 1912. Said bonds
bear interest at the rate of five percent perannum.
payable semi-annually in New York City, with
thirty years to run. The first coupon payable
January 1st, 1913, bears interest from July 1st,
1912. Certified check for $1,000 must accompany each bid.
P. H. PITTS.
Probate Judge,
Selma, Alabama.
$50,000
CITY OF DOUGLAS, GEORGIA,
30-Year 4% Bonds
104.75 and Interest. Yielding 4.70%.
STACY & BRAUN
Cincinnati, 0.
Toledo, 0.
Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
CHICAGO
Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St.,
CHICAGO
MUNICIPAL AND RAILROAD
BONDS
Sealed proposals will be received by the undersigned at his office, 130 Broad Street, Elizabeth.
N. J., until
THURSDAY, AUGUST 15 1912 AT 10 A. M..
for the purchase of county road bonds of the
County of Union; amounting in the aggregate to
$145,000, to be issued pursuant to an Act of the
Legislature of the State of New Jersey, entitled
"An Act to enable Boards of Chosen nveholders
to acquire, improve and maintain public roads,"
approved March 19, 1889, and the supplements
and amendments thereof. Said bonds will be
dated July 1, 1912, will mature July 1, 1942, and
will bear interest at the rate of four and onequarter per cent (43i%) per annum, payable
semi-annually on the first days of January and
July in each year, both principal and interest
being payable at the National State Bank of
Elizabeth, N.J. Said bonds will be coupon bonds
of the denomination of one thousand dollars
($1,000) each, with the privilege to the holder
of registering the same as to the principal only
or of converting the same into bonds registered
as to both principal and interest.
Proposals will be received for the whole or any
part of said bonds.
All proposals must provide for the payment
of accrued interest by the purchaser from the
date of said bond to the date of delivery of the
bonds and must be accompanied by a certified
check upon an incorporated bank or trust company, payable to the order of the County Collector
of the County of Union, for two per cent (2%)
of the amount of bonds bid for, the amount of
said check so to be deposited to be credited upon
the bid if accepted, and to be returned if not
accepted.
The right is reserved to reject any or all bids.
The validity,of said bonds will be approved by
Messrs. Hawklbs, Delafieid & Longfellow, attorneys, of New York, whose opinion will be furnished to each successful bidder.
$1,140,000 00
County bonded debt
1,111,060 24
County assets
86,658 00
Sinking fund
144,344,797 30
Taxable valuation
Dated July 25, 1912.
NATHAN R. LEAVITT,
County Collector.
HODENPYL, HARDY& CO.
14 Wall St., New York
Railroad, Street Ry., Gas & Elec. Light
SECURITIES
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
B. W. Strassburger
SOUTHERN INVESTMENT SECURIllES
MONTGOMERY, ALA.
318
THE CHRONICLE
• GREENFIELD PARK. Que.-Bond Sale.-Reports state•that an issue
of $35,000 5% 30-yr. bonds has been purchased by Hanson Bros. of Mont.
• GUELPH. Ont.-Debenture Sale.-The $9,000 5% 20-Installment debentures offered on July 1 (V. 94, p. 1722) have been sold.
HOPE (Rural Municipality), Sask.-Debenture Offering.-Proposals wit
be received, it Is stated, by W. G. Wright, Secy.-Treas. (P. 0. Semans), for
$6,000 improvement debentures.
INGERSOLL, Ont.-Debentures Defeated.-The election held July 22
resulted in the defeat, It IS stated, of the propositions to issue the $57,000
sewer and $20,000 bonus debentures (V. 95, p. 194).
INVERMAY (Rural iMun. No. 305), Sisk.-Debenture Offering.-Proposals wit be received by W. Hel,vson, Secy.-Treas., it Is reported, for
*12,000 improvement debentures.
KINLEY, Sask.-Debenture Offering.-Proposals will be received by
F. Hopkins, Sec.-Treas., for $3,500 Improvement debentures, it is stated.
MEDICINE HAT. Alta.-Debenture ElectIon.-An election will be held
Aug. 18, reports state, to vote on the question of issuing $300,000 waterworks debentures.
Debenture Sale.-Wood, Gundy & Co. of Toronto have been awarded, It Is
stated, $200,000 debentures.
MELITA. Man.-Debenture Electlon.-The question of Issuing $6,000
school debentures will be voted on to-day (Aug. 3), reports state.
MERCELIN. Sask.-Debenture Offertng.-E. A. Labrosse, Sec.-Treas.,
will receive bids, It is stated, for $2,000 permanent-improvement debentures.
MORSE, Sask.-Debenture Sale.-AceordIng to reports, $10,000 6%
20-year school debentures were awarded to Nay & James of Regina.
NELSON, B. C.-Debenture Election.-An election will be held, according
to reports, to vote on the question of issuing $75,000 gas-plant-purchase
debentures.
NEW MARKET, Ont.-Debenture Election.-The burgesses will vote
to-day (Aug. 3) on the question of issuing $3,500 bridge debentures, it Is
stated.
NORTH COWICHIAN, B. C.-Debenture Election.-Reports state that
an election will be held to vote on the issuance of $3,009 90 drainage debs.
NORTH VANCOUVER. B. C.-Debentures Authorized.-The voters
recently approved eleven issues of debentures, aggregating approximately
$350,000, reports state.
NORTH WINNIPEG, Man.-No Debenture Election.-We are advised
that the reports stating an election would be held to vote on the issuance
of $50,000 hospital debentures (V. 94, p. 1535) are erroneous.
• ORMSTOWN. Que.-Debenture Sale.-On July 2 the $52,000 5% 40-year
water and sewer debentures (V. 94, p. 1585) were awarded to the Dominion
Securities Corporation, Ltd., of Toronto for $49,405 20, making the price
95.01. •
RADVILLE, Sask.-Debentures Authortzed.-A by-law has been passed
authorizing the Issuance of $7,000 school debentures, It Is stated •
REGINA SCHOOL DISTRICT NO. 4. Sask.-Debenture Offertno.-Proposals will be received until Sept. 2 by J. H. Cunningham, Sec.-Treas., for
$275,000 43% school-building and repair debentures. Due In 20 annual
Installments. Purchaser to pay bank charges and cost of printing debens.
ST. LAMBERT. Que.-Debenture Election.-An eleotion will be held, It Is
stated, to voto on the question of issuing $11,000 bonus debentures.
SASKATOON. Sask.-Debenture Election.--ProposItIons to issue $55,000
paving and $85,000 bonus debentures will be voted upon at an election to
be held Aug. 6, reports state.
•J
SPRINGFIELD SCHOOL DISTRICT NO. 1569, Can.-Debenture Election.-An election will be held Aug. 17 to vote on the question of issuing
$3,500 school debentures, reports state.
STEELTON. Ont.-Debentures Proposed.-This place, reports state, Is
considering the issuance of $9,000 park debentures.
TABER, Alta.-Debenture Election.-PropositIons to issue $4,000 hospital, $3,000 street, $3,000 sidewalk and $3,000 park debentures will be
submitted to the burgesses, it is stated, on Aug. 6.
• THORNBURY, Ont.-Debentures.Voted.-An election held recentlY• resulted, reports state, in favor of the proposition to Issue $50,000 road debs.
TORONTO, Ont.-Debentures Authortzed.-The City Council, It Is stated,
has authorized the issuance of $300,000 abattoir and cooling plant and
$230,000 water-main debentures.
• • •
VERNON, B. C.-Debenture Offertng.-Proposals will be received until
Aug. 19, it is stated, for $8,000 fire-protection, $5,000 cemetery, $24,000
re-roads, $10,000 roads, $40,000 lighting-system, $40,000 water-works,
$7,500 municipal-building and $3,000 armory-site debentures.
VIBANK. Sask.-Debenture Sale.-J. 0. O'Brien, according to reports,
was awarded $500 8% debentures.
VICEROY. Sask.-Debenture Sale.-Nay & James of Regina were
awarded $4,000 6% 15-year debentures.
VICTORIA, B. C.-Debenture Election Proposed.-The Council, reports
state, has been requested to submit the matter of Issuing $200,000 hospitalaid debentures to a vote.
Result of Electton.-An election held recently, it Is stated, resulted in
favor of the proposition to issue $175,000 school debentures, and In defeat
of the question of issuing $500,000 city-hall debentures.
WALLACEBURG. Ont.-Debenture Sale.-0. II. Burgess & Co. of
Toronto were awarded, reports state, $40,000 5% 15-Installment debentures.
Debenture Election.-An election will be held Aug. 12 to vote on the
question of issuing $10,000 road debentures, according to reports.
WOODSTOCK, Ont.-Debenture Election Proposed.
election to vote
on the issuance of $30,000 school debs. Is being talked-An
of, it is reported.
MISCELLANEOUS.
INVESTMENTS.
OFFICE OF THE
ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 23d, 1912.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on the
3in of December, 111. .
The Company's business.has been confined to marine and inland transportation insurance.
Premiums on such risks from the 1st January, 1911, to the 31st December, 1911
$3,653,325 18
Premiums on Policies not marked on 1st January, 1911
873,680 37
Total Premiums
$4,527,005 56
Premiums marked off from January 1st, 1911, to December 31st, 1911
53,773,578 22
Interest on the investments of the Company received during the year____$333,897 03
39,628 24
Interest on Deposits in Banks and Trust Companies, etc
153,167 66
Rent received less Taxes and Expenses
Losses paid during the year
Less Salvages
Re-insurances
(\rot. Lxxxxv.
BLODGET & CO.
BONDS
60 STATE STREET,BOSTON
BO PINE STREET, NEW YORK
STATE, CITY & RAILROAD BONDS
ESTABLISHED 1885.
528,692 93
51,385,386 46
5220,704 52
205,151 34 425,855 86
5959,530 60
$196,936 89
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationety, advertise570,472 18
ments, eta
A dividend of interest of fix per cent on the ontstan.lIng certificates of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday the sixth of February next.
The outstanding certificates of the Issue of 1900 will be redeemed and paid to the holders thereof, or theft
legal representatives, on and atter Tuesday the sixth of February next, from which date all interest thereon
Will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent Is declared on the earned premiums of the Company for the year ending 31st
December, 1911, which are entitled to participate in dividend, for which, upon application, certificates will be
Issued on and after Tuesday the seventh of May next.
G. STANTON FLOYD-JONES, Secretary.
By order of the Board,
TRUSTEES.
HERBERT L. GRIGGS,
CHARLES M. PRATT,
FRANCIS M. BACON,
CLEMENT A. GRISCOM,
DALLAS B. PRATT,
JOHN N. BEACH,
ANSON W. HARD,
GEORGE W. QUINTARD,
ERNEST C. BLISS,
THOMAS II. HUBBARD.
ANTON A. RAVEN,
VERNON H. BROWN,
LEWIS CASS LEDYARD,
JOHN J. RIKER,
WALDRON P. BROWN,
D.
CHARLES
LEVERIC,
H
DOUGLAS ROBINSON,
JOHN CLAFLIN
LEANDER N. LOVELL,
GUSTAV H. SCHWAB,
'GEORGE C. CLARK,
GEORGE H. MACY,
WILLIAM SLOANE,
•CLEVELAND H. DODGE.
CHARLES H. MARSHALL,
LOUIS STERN,
•CORNELIUS ELDERT,
F.
NICHOLAS
PALMER,
WILLIAM A. STREET
RICHARD H. EWART,
HENRY PARISH,
GEORGE E. TURNURE.
PHILIP A. O. FRANKLIN,
ADOLF PAVENSTEDT,
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY. 3d Vice-President.
JOHN H. JONES STEWART, 4th Vice-President,
BALANCE SHEET.
LZABILITIES.
ASSETS.
Estimated Losses and Losses Unsettled
United States and State of New York
in process of Adjustment
$2,310,027 00
$700,000 00
Bonds
Premiums on Unterminated Risks
753,427 33
New York City and New York Trust CO
1,777,900 00 Certificates of Profits and Interest Unand Bank Stocks
paid
267,092 05
2,742,162 00
Stocks and Bonds of Railroads
109,742 16
220,020 00 Return Premiums Unpaid
Other Securities
Reserve for Taxes
57,512 10
Special Deposits in Banks and Trust
183,599 07
1,000,000 00 Re-insurance Premiums
Companies
Claims not Settled, including CompenReal Estate cor. Wall and William Streets
sation, etc
69,104 08
and Exchange Place, containing offices 4,299,426 04
Certificates of Profits Ordered Redeemed,
Real Estate on Staten Island (held under
Withheld for Unpaid Premiums
22,471 29
75,000 00
provisions of Chapter 481 Laws of 1887)
7,401,390 00
618.136 00 Certificates of Profits Outstanding
Premium Notes
449,354 23
Bills Receivable
Cash In hands of European Bankers to
pay losses under policies payable in
203,603 36
foreign countries
930,321 99
.Cash in Bank
450,000 00
New York City Revenue Bonds
-----$11,174,36514
$13,465,923 62
H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS
F. WM. KRAFT
LAWYER.
Examination of
Municipal and Corporation Bonds
Specializing In
1037-9 FIRST NATIONAL BANK
BLDG.,
CHICAGO, ILL,
ACCOUNTANTS.
LYBRAND
ROSS BROS &
MONTGOMERY
Certified Public Accountants
(Pennsylvania)
NEW YORK,55 Liberty St.
PHILADELPHIA, Morris Bldg.
PITTSBURGH, Union Bank Bldg.
CHICAGO, First Nat. Bank Bldg.
SAN FRANCISCO, Kohl Bldg.
SEATTLE, Central Bldg.
LONDON, 58 Coleman St,
JAMES PARK & CO.
CERTIFIED PUBLIC ACCOUNTANTS
New York, Chicago, Cincinnati and
London, England.
AUDITORS FOR
FINANCIAL iNSTITO•
TIONS, INDUSTRIAL AND
MINING COMPANIES
$2,291,558 48
,.
Thus leaving a balance of
Financial Statements,
$41.878 80 Investigations.Periodical
Accrued Interest on Bonds on the 31st day pi December, 1911, amounted to
Audits and Accounting
21,970 46
Rents due on the 31st day of December, 1911, amounted to
Re-insurance due or accrued, in companies authorized in New York, on the 31st day of December,
214,367
to
amounted
00
1911,
83,096 43
Unexpired re-Insurance premiums on the 31st day of December, 1911, amounted to
Note: The insurance Department has estimated the value of the Real Estate corner Wall and
450,573 96
William Streets and Exchange Place in excess of the Book Value given above, at
FOR SALE
Value,
at
63,700 00
Book
property
at
Staten
Island in excess of the
And the
The Market Value of Stocks. Bonds and other Securities on the 31st day of December, 1911, exSecond-hand volumes in good condition for
1,588,635 62 years
ceeded the Company's valuation by
prior to 1908
----$4,755,780 75 COMMERCIAL & FINANCIAL CI IRONICLE
On the basis of these increased valuations the balance would be
138 Front St., New York
•-
CHRONICLE VOLUMES
@FedFRASER