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Tfie.
timinuttal
INCLUDING
Bank Sc Quotation Section
Railway Earnings Section
VOL. 95
Railway 8c Industrial Section
Bankers' Convention Section
SATURDAY, DECEMBER 14 1912
The Thromicit.
ii?
1912.
Terms of Subscription-Payable in Advance
For One Year
For Six Months
European Subscription (including postage)
European Subscription six mouths (including postage)
Annual Subscription in London (including pcstage)
Six Months Subscription in London (including postage)
Canadian Subscription (including postage)
NO. 2477
Week ending December 7.
Clearings al-
PUBLISHED WEEKLY.
Electric Railway Section
State and City Section
1911.
Inc. or
1910.
I
1909.
$
r
Chicago
$
334,946,839 294,774,306 +13.6
273,267,123 268,199,004
Cincinnati
28,356,550
27,672,550 +2.5
24,783,300
27,868,200
Cleveland
25,965,390
13 00
20,790,880 +24.9
17,810,381
17,465,476
Detroit
24,552,992
7 50
23,176,577 +5.9
17,453,129
15,369,891
16,373,810
22 14s. Milwaukee
15,822,970 +3.5
14,264,412
12,783,207
10,179,041
21 118. Indianapolis _ _
9,453,856 +7.7
8,638,096
9,272,204
Columbus
6,917,900
5,414,400 +27.8
$11 50
5,774,000
7,850,100
Toledo
5,906,150
Subscription includes following Supplements
4,530,170 +31.2
4,133,373
3,868,136
Peoria
4,209,04
8
4,229,42
5
-0.5
3,845,423
BANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL
3,641,91
5
Grand
Rapids_
3,445,81
_
6
(3 times yearly)
3,179,139 +8.4
2,540,902
RAILWAY EARNINGS(monthly) ELECTRIC RAILWAY(3 tunes
2,495,383
Dayton
2,433,313
yearly)
2,347,776 +3.7
2,119,013
STATE AND CITY (semi.annually) BANKER'
2,183,787
Evansville
CONVENTION (yearly)
2,517,394
2,324,275 +8.3
2,296,125
2,099,312
Kalamazoo
934,642
913,441
+2.3
785,254
Terms of Advertising-Per Inch Space
691,502
Springfield, Ill
1,354,276
1,224,469 +10.6
1,108,198
1,116,056
Lexington
Transient matter per inch space(14 agate lines)
1,363,521
1,151,670 +18.4
1,134,719
1,120,024
$4 20 Fort Waytte _ _ _ _
1,237,229
Two Months
970,277
+27.5
(8 times)
1,082,34
3
22 00 Youngstown
1,023,117
2,393,420
_
1,330,259 +80.0
Standing Business Cards
1,351,666
29 00 Rockford
1,124,332
745,257
669,963 +11.3
NITV
710,164
50 00 Canton
685,911
1,511,57
Twelve Months(52 times)
9
1,126,18
+34.2
4
925,009
87 00 Akron
730,238
CnicAao OFFICE-Geo.M.Shepherd,513 Monadnock Block;
2,025,000
1.326,000 +52.7
908,173
934,320
Tel.Harrison 4012. Bloomington_
770,158
662,650 +16.3
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens
643,529
502,630
Quincy
, E. C.
931,264
677,201 +37.5
736,156
560,776
South Bend
1,682,087
WILLIAM B. DANA COMPANY, Publiahers,
574,052 +193.0
582,700
547,535
Springfield, 0_ _ 574,665
497,842 +15.5
P.O. Box 958. Front, Pine and Depeyster Sts.,
560,489
440,460
Decatur
New York.
533,492
604,183 -11.7
416,892
488,328
Mansfield
498,478
409,541 +21.8
454,081
406,680
Published every Saturday morning by WILLIAM B. DANA COMPA
641,690
512,392 +25.2
NY, Jackson
350,000
318,503
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold
Danville
530,695
445,462 +19.1
414,563
407,138
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all. Office of the G. Dana, Lima
507,808
389,419 +30.3
Company. Jacksonv
337,767
314,545
ille, Ill _
348,163
290,680 +20.0
324,804
348,543
Lansing
410,000
400,000 +2.5
300,000
Ann Arbor
CLEARING-HOUSE RETURNS.
248,966
205,203 +21.3
203,402
215,600
Adrian
72,260
47,868 +51.0
The following table, made up by telegraph, &c., indicates that
30,729
52,997
Owensbo
ro
the
399,147
420,42/
total bank clearings of all clearing houses of the United States for
-5.0
_
450,499
375,000
the
week
Tot.Mid. West 485,518,040 428,538,537 +13.3
ending Dec. 14 have been $3,839.868,961, against
390,726,414 385,545,740
week and $3,367,694,639 the corresponding week last$3,950,612,669 last San Francisco_ _ _
58,466,772
year.
53,566,524 +9.2
45,249,641
41,168,234
Los Angeles _ _ _ _
27,560,765
19,541,658 +41.0
17,459,936
16,176,960
Seattle
13,333,536
11,800,485 +13.0
Clearings-Returns by 7'elegraph.
10,731,852
12,070,561
Spokane
Per
*5,300,9
39
5,067,28
+4.6
0
Week ending December 14.
5,000,000
5,290,861
1912.
Salt Lake City
1911.
Cent.
9,078,891
8,196,413 +10.8
8,289,567
7,736,227
Portland
12,390,687
11,630,082 +6.5
New York
11,171,860
8,852,872
$1,850,522,426 $1,529,962,132 +21.0 Tacoma
4,387,14
6
4,542,717 -3.4
Boston
4,419,600
5,780,69
.134,927,187
3
Oakland
147,318,
826
-8.4
4,004,310,
3,830,768 +4.5
Philadelphia
3,560,298
1,990,313
140,154,942
123,557,668 +13.4 Sacramento
2,255,890
2,156,364 +4.6
Baltimore
1,730,583
1,301,91
36,753,454
3
San
30,344,2
Diego
56
+21.1
3,146,28
3
1,748,183 +80.0
Chicago
1,320,000
1,100,000
269,703,779
256,663,667
+5.1 Stockton
1,152,000
St. Louis
948,733 +21.5
759,061
680,952
74,187,598
72,837,876
+2.1 San Jose
862,504
New Orleans
706,991 +22.1
532,413
20,185,030
588,009
21,331,583
-5.4 Fresno
1,491,500
1,107,203 +34.7
917,330
712,803
Pasadena
1,163,50
8
Seven cities, five days
902,062
+27.8
862,799
$2,526,434,416 $2,181,816,008 +15.8 North Yakima
575,000
561,941
Other cities, five days
498,482 +12.6
527,139
629,487,261
508,205
566,428,737 +11.1 Reno
354,006
324,374 +9.3
328,107
273,193
Total all cities five days
Total
Pacific.._
145,510,
688 126,568,319 +15.0 113,560,386
$3,155,921,677 $2,748,244,745 +14.8
103,806,796
All cities, one day
683,947,284
619,449,804 +10.4 Kansas City
61,033,840
__
55,472,778 +10.0
51,472,308
47,581,942
Minneapo
Total all cities week
lis
____
34,686,591
83,839,868,961 83,367,694,639 +14.0
28,394,549 +22.1
23,079,517
21,041,705
Omaha
19,000,000
15,313,640 +24.1
15,305,509
The full details for the week covered by the above
13,059,074
St.
Paul
12,091,3
88
will
11,510,072 +5.0
13,085,005
Saturday. We cannot furnish them to-day, clearings being be given next Denver
10,230,504
10,528,395
made up by the
9,365,189 +12.4
9,265,046
clearing houses at noon on Saturday, and hence in the
9,272,237
Duluth
11,325,2
above
73
the
5,478,06
+106.7
last
5
day of St.
3,760,660
the week has to be in all cases estimated, as we go to press
4,903,641
Joseph
7,755,903
7,208,138 +7.6
6,347,447
We present below detailed figures for the week ending Friday night.
6,136,524
5,212,107
with Saturday Des Moines
4,565,926 +14.2
3,733,71
3
noon, Dec. 7, for four years.
3,395,863
Sioux City
3,100,000
2,747,827 +12.8
2,796,942
2,551,870
Wichita
3,756,278
3,476,418 +8.1
3,724,175
2,858,372
Lincoln
1,927,52
1
1,806,60
0
+6.7
1,608,76
9
Week ending December 7.
1,360,566
Topeka
1,770,46
9
1,579,941 +12.1
Clearings at
1,552,269
1,300,724
Davenport
1,803,698
1,918,924 ---6.0
1,976,017
1,462,134
Inc. or
Cedar Rapids
1,819,74
7
1,245,05
+46.1
1
1,271,034
1912.
1911.
Dec.
1,387,916
1910.
Fargo
1909.
649,060
1,123,165 -42.2
940,659
1,186,235
Colorado Springs
785,359
641,399 +22.5
645,529
$
$
874,597
%
Pueblo
$
$
847,511
839,752
+0.9
New York
2,277,535,144 1,860,701,116 +21.8
915,459
564,620
4,729 2,171,894,527 Fremont
321,590
390,602 -17.6
Philadelphia _ _ _ _ 193,583,116 161,854,911 +19.6 1,876,10
322,979
249,044
146,165,546 1 57,574,857 Waterloo
1,688,852
1,200,806 +40.7
Pittsburgh
1,117,05
57,591,640
49,530,773 +16.3
8
915,951
48,934,075
50,026,888 Helena
1,424,855
1,229,151 +15.9
Baltimore
45,867,899
928,492
39,327,254 +16.6
800,983
25,288,103
34,956,534 Aberdeen
430,000
420,435 +2.3
Buffalo
13,564,737
12,092,416 +12.2
536,704
468,320
10,151,214
0,448,176 Billings
400,000
275,000 +45.5
Albany
7,073,877
6,342,902 +11.5
149,644
231,374
6,289,447
6,069,740 Hastings
234,515
218,789 +7.2
Washington
8,761,912
8,815,696 +1.7
219,385
8,165,306
7,761,088
Tot. 0th. West 182,592,952 156,422,223 4-16.7 144,754,
Rochester
6,431,934
5,200,550 +23.7
4,322,716
320
133,834,
3,884,78
196
4
Scranton
3,627,774 . 2,846,177 +27.5
2,597,905
2,969,282 St. Louis
Syracuse
85,679,150
3,416,564
2,513,959 +35.9
79,643,212 4-7.6
77,792,297
2,140,682
70,366,571
2,045,068 New Orleans_ _ _ _
Wilmington
27,576,7
1,831,406
53
1,617,013 +13.2
24,998,4
39 +10.3
24,412,967
1,384,116
24,823,582
1,648,194 Louisville
Reading
15,330,453
1,987,597
1,747,209 +13.7
14,858,487 4-3.2
12,538,768
1,434,892 ' 1,566,449 Houston
15,422,334
Wilkes-Barre
25,089,556
2,117,515
1,720,990 +23.1
20,890,740 4-20.1
15,669,149
1,526,038
15,058,658
1,519,392 Galveston
Wheeling
11,755,0
2,507,605
00
10,575,000 4-11.2
1,801,190 +39.2
9,895,500
1,913,053
7,915,500
1,624,890 Richmond
Trenton
9,315,350
9,123,451
2,347,385
4-2.1
2,668,477 -12.0
7,005,262
2,349,496
8,513,987
2,316,897 Memphis
York
12,512,666
11,519,396 4-8.6
944,025
1,027,447 -8.1
9,832,091
1,048,668
7,579,481
978,943
Erie
Atlanta
18,193,2
80
1,099,553
19,101,311 --4.8
888,738 +23.8
16,541,593
826,260
13,768,596
715,235 Fort Worth
Chester
10,761,051
688,427
8,732,550 +23.2
664,006 +3.6
8,432,318
509,966
8,636,829
618,817 Savannah
Greensburg
_
7,445,589
575,000
7,394,154 4-0.7
562,387 +2.2
7,456;120
517,192
6,332,006
745,330
Binghamton
Nashvill
_
8,625,17
e
7
744,700
6,304,211 4-36.8
643,200 +15.8
4,400,141
501,300
4,094,394
446,400 Norfolk
Altoona
5,048,921
580,819
4,600,305 4-9.7
482,639 +20.3
4,270,33
441,104
4
3,770,165
435,052 Birmingham _
Lancaster
3,100,000
1,733,568
2,823,732 4-9.8
986,100 +75.8
2,714,641
948,794
2,521,028
Montclair
Augusta
2,942,403
431,414 Not included in total
2,998,639 --1.9
3,631,286
2,694,507
Jacksonville _ _
3,670,144
3,655,108 4-0.1
2,875,763
2,252,961
ChattanoogaTotal Middle_ 2,634,612,197 2,172,835,245 +21.3 2,153,56
3,254,839
2,479,824 4-31.3
2,094,890
0,602 2,459,246,523 Little Rock
1,695,770
2,956,307
2,613,894 4-13.1
107,938,324 168,896,473 +17.2 162,071,
Boston
2,513,323
2,072,586
713 165,765,414 Mobile
1,754,563
1,500,43
Providence
6
4-16.9
10,237,900
1,653,483
7,730,300 +32.4
1,424,33
1
8,333,80
Knoxvill
0
2,021,38
e
8,182,30
3
0
2,027,406 --41.3
Hartford
5,067,634
1,514,001
4,08,577 +13.7
1,645,852
3,974,040
2,655,518
4,140,384 Charleston
2,120,733 4-25.2
New Haven _ _ _ _
3,095,010
2,692,535
3,245,004 -4.6
2,042,400
2,597,273
Oklahom
a
2,675,61
2,392,76
0
3
2,359,46
Springfield
1
4-1.4
2,706,003
2,600,000
2,423,438 +U.7
2,298,237
2,131,062
2,696,481
2,275,000 Austin
Portland
3,205,160 ---15.9
2,387,241
1,706,893
2,189,581
1,033,615
+9.0
2,008,005
1,640,251 Macon
4,546,565
Worcester
5,181,109 ---12.2
3,083,056
2,599,481 +18.6
1,600,000
1,300,0911
1,981,29
Wilm'to
2
N.
n,
C..
1,658,15
850,000
9
839,048 4-1.3
Fall River
1,310,058 +13.9
1,492,653
912,139
599,488
1,523,87
Vicksbur
1
g
1,542,669
513,198
460,262 4-11.5
New Bedford _ _
542,275
1,193,258
990,790 +20.5
400,653
1,177,457
1,437,454 Jackson
4/5,087
815,692 ---7.9
Lowell
700,000
569,117 +0.7
573,396
500.000
559,782
Muskoge
e
513,024
1,096,20
5
1,035M/0 i-5.9
Holyoke
591,056 +5.7
625,000
581,216
546,154 Tulsa
1,117,238
901,913 +23.9
Bangor
535,924 +12.7
603,777
Total Southern 273,375,640 250,468,773 +9.1 225,996.
069 208,763,484
'rot. New Eng. 229.003.152 105.539.709 +17.1 186,915.
Total all
511 190.376.419
13,950,612,669 3,330,372,836 +18.6 3,214,842,702
3,479,572 248
Note.-For Canadian Clearings see "Commercial and Miscellaneous
Outside
N. Y_ 1,673-,O77,5251 1,460,671,7201 +14. 1,338,735,973
News.",
1,307,678,621
Einiimrs f,1
$10 00
6 00
1566
THE CHRONICLE
[voL. Lxxxxv.
We would not refer to the matter except that
N.
ATIO
L
SITU
NCIA
Congressman Levy from this State last week introTHE FINA
upthe
ing
duced a resolution in the House of Representatives
hstand
It is noteworthy that, notwit
of
ing the Secretary of the Treasury "to use the
been
direct
has
heaval on the Stock Exchange, which
by law to relieve the conunusual character the present week, there has not authority vested in him
in the money market by depositing
been the least sign of tension in money. As a tinued.stringency
al banks throughout the country the
matter of fact the money market has been in a in the nation
of $50,000,000 out of the balance in the general
decidedly placid condition'. At the very close of Sum
fund in the Treasury of the United States." It is
November there was a spurt in the call-loan rate, it
to be said of this proposal,in the first place,that it is
will be'remembered, to 20%, but this was the result
based on false premises. There is no "continued
Of an dnusual dombination of circumstances, and an stringency," and has, in fact, been no stringency at
easier state of things speedily followed. On the first all. There is firmness in the money market, but
business day of December (Monday of last week, no more than is natural in a period of great trade acDec. 2) the rate again went high, an extreme of 16% tivity, and no more so than is healthful in keeping
being reached, but thereafter there was a quick de- the too venturesome under wholesome restraint.
cline, the maximum Dec. 3 being 93.1%, Dec. 4 There is the further observation to make that we
83/2%, Dec.5th 7%and Dec.6th 63/2%. The present will have reached a very sorry plight when Congresweek the highest rate was 6%, and yesterday the sional meddling is allowed to dictate Treasury policy
range was 4@4%%. As a matter of fact, these call- in the matter of money affairs. If the Secretary is
loan rates are of little significance,anyway, as indi- to be told arbitrarily to put $50,000,000 of cash at
cations of monetary conditions. They are the rates the command of the banks, then we will soon have
ruling on the Stock Exchange, where speculation as the next impending step a repetition of the numer
money
paper
not
y's
a,re
countr
lves
d
the
themse
marke
that
by
es
and
ous episod
predominates, and of
directing
necessarily to be deplored. A temporary strain in era when Congress was passing resolutions
, on
which
ty
that branch of the market might even be beneficial in the issue of more greenbacks, a calami
of a
se
exerci
the
by
d only
checking speculative operations, which, except for one occasion, was averte
the restraints imposed by high call loan rates, might Presidential veto.
It seems desirable to emphasize the point that
be carried to such extremes as to endanger the money
has been no very large in-drain into.the Treasrequirements of legitimate trade. Of course tension there
recent periods. It seems also desirable
within
in the call-loan branch might be symptomatic of deep ury
that
to indicate how the erroneous impressions in
underlying trouble permeating the whole money
tion
resolu
s
regard have arisen. Congressman Levy'
market, but on the present occasion there is nothing
upon
g
bearin
s
has a preamble containing some figure
to betoken anything of the kind. There is no evi- Treasury withdrawals, but they do not furnish a
dence that mercantile borrowers have not been able warrant for the distribution of even half the $50,to obtain all the accommodation they needed for 000,000 named. The reason for the erroneous imthe legitimate conduct of their business.
pressions which prevail in respect to Treasury withThe absence of a pinch in money at this time is drawals is found in the fact that the Sub-Treasury
fortunate in view of the determined efforts which have figures in this city, as given out each Friday, almost
ury
been'made to induce the Secretary of the Treas
invariably show large losses to the banks from
in
ts
deposi
nment
Gover
sing
to extend aid by increa
Treasury operations. This is the result week after
a
duty
the
is
it
times
ky
panic
in
week and month after month. There was a time
the banks. Of course
ury
-Treas
cash
Sub
ble
availa
these
when
its
put
ago
to
tment
years
Depar
great many
of the Treasury
other periods figures furnished a reliable index of the results of
at the disposal of the banks, but at
ary should Sub-Treasury operations upon the banks. To-day
:sound judgment dictates that the Secret
ition that these figures afford no indication whatever of the
keep his hands off. This is on the suppos
trade of their effect of Sub-Treasury operations—that is, they
he is not draining the channels of
heavily furnish no information as to whether the Sub=money supplies through Treasury absorptions
ates the Treasury, as a result of its own operations, is gaining
in excess of the disbursements. It illustr
losing cash. The misleading character of the
unfortunate operation of our Sub-Treasury laws that cash or
r of Sub-Treasury statements has not yet become generthis latter state of things has arisen a numbe
ury figresump- ally known, and consequently the Sub-Treas
times in the history of the country since the
on the
sive
ons the ures given out are accepted as conclu
taking
is
tion of specie payments, and on such occasi
nment
Gover
but point whether or not the
absoTreasury Department had no option of course
really
are
they
while
,
banks
trade chan- money awayfrom the
tion
indica
an
As
e.
to undertake to get the money back into
purpos
the
for
that purpose lutely worthless
at
s
figure
y
Sub-Treasur
nels, and was justified in employing for
York
New
of how these
d.
devise
be
could
that
ent
folexpedi
the
every legitimate
e even the very astute, we take
at the present times deceiv
No such situation, however, exists
t from the issue of the Boston News
extrac
lowing
Macary
Secret
which
to
s
unitie
import
time. The
Bureau for Nov. 27, a publication which deservedly
-fold
two
a
on
based
are
ted
subjec
Veagh is being
occupies a high place in the financial world:
that
notion
ous
errone
the
on
first,
misconception:
deposits,
"One particular aspect of the recent situation
the public is clamoring for Government
ly suggests the long-suffered need for currency
forcib
that
and,secondly, on the equally mistaken notion
New York banks lost to
been reform. On Monday the
Treasury absorptions in recent periods have
Sub-Treasury $3,479,000, and since Friday last
the
unusually heavy—have, in fact, been proceeding at $6,834,000. Reviewing the ten weeks prior tod
ate loss reache
such a rate as to denude the money market of enor- Friday, we find that the aggreg
bank till into
from
leaked
which
est
$68,338,000,
mous supplies of cash. There is not the slight
the net cash
period
that
Government vault. During
foundation for this latter supposition.
THE CHRONICLE
DEC. 14 1912.]
1567
Let the reader note that sincelthe third week of
January there has been only a single week showing
a gain to the banks, notwithstanding that Treasury
payments have at times been exceedingly heavy.
Let him note also that the result during the calendar
year 1911 was much the same,except thatin the week
ending July 5 1911 a gain in the large sum of $30,114,000 was reported. This was the time when
payment was made for a new issue of Panama Canal
bonds and if the sub-Treasury statements accurately
portrayed the situation, the gain should have been
very much larger, as $50,000,000 bonds were sold
Our contemporary finds, it will be observed, that and the proceeds aggregated over $51,000,000.
in ten weeks there was an aggregate loss reaching
According to the Sub-Treasury figures gathered
$68,338,000 "which leaked from bank till into together in the above table, the Clearing-House
Government vaults" while the net cash loss of the banks lost for the fifty weeks of the current year to
banks during the same ten weeks totaled only date no less than $253,881,000 and for the fifty-two
$15,118,000. Hence, had there been no drain into weeks of 1911 they lost $122,305,000, making
the sub-Treasury,the banks, instead of $15,118,000 $376,186,000 together. We would have to go back
loss, would have shown $53,220,000 gain. If the
three or four years more to get an aggregate loss
figures given are reliable, the conclusion follows as only
000. Of course this is absurd, and we
a matter of course. But they are not reliable. We of $1,000,000,
figures for the purpose of showing how
made some computations two years ago, and which present the
proposition founded MI the same.
we then presented for the consideration of our readers, erroneous is any
taken $376,000,000
showing very clearly, as we thought, that the New If Government operations had
and stored the
years
two
York Sub-Treasury figures are wide of the mark out of the banks the last
the
of
channels of
out
vaults,
as. guides for determining the effect of Government money in Treasury
appalling.
been
have
would
operations on the banks. The truth is, as already circulation, the results
of
cash, as
holdings
almost
invariably
As a matter of fact, Treasury
stated, the Sub-Treasury figures
, were
losses
at
large
that,
Washington
and
at
disclosed by the official returns
show osses to the banks,
of
t
course
year
Governmen
the
present
the
1
and if they truly reflected
only $2,000,000 larger on Dec.
long
must
country
the
in
money
Governyear
last
the
of
operations, all
than on Aug. 11911,. On June 1
since have lodged in Treasury vaults. As the best ment cash had got down to an unusually low basis,
way of showing this and of demonstrating beyond and it was this that made necessary the sale of
peradventure that the Sub-Treasury statements $50,000,000 Panama Canal bonds. The amount for
are utterly at variance with the facts, we bring Aug. 1 1911, therefore, shows the holdings after they
together in the following table the figures for each had been replenished in that way, and may be taken
week of the last two years.
as about what the normal aggregate should be. In
WEEKLY LOSS OR GAIN TO BANKS FROM SUB-TREASURY the following we give the amount of cash held by the
OPERATIONS.
1911.
1912.
Treasury on Aug. 1 last year, on Aug. 1 the present
Week ending—
Gain $2,157,000
Gain $6,262,000
5
January
7,808.000 year and for each month since then. It is proper to
Gain
Gain
3,660,000
12
4,455,000
Gain
6,120,000
Gain
19
138,000 add that the holdings are usually drawn down graduLoss
Loss
3.460,000
26
3,979,000
Gain
1,032,000
Loss
February 2
are then replen88,000 ally between October and June and
Gain
9,529,000
Loss
9
Loss
356,000
4,295,000
Loss
16
from the tax on
receipts
the
large
with
in June
Gain
852,000 ished
7,704,000
Loss
23
Loss
237,000
8,802,000
Loss
incomes.
1
corporation
March
3,245,000
Loss
5,299,000
losses of the banks totaled only $15,118,000. Had
there been no drain to the Sub-Treasury, the movements to and from the interior and of gold in and out
would have actually strengthened the metropolitan
banks by $53,220,000.
"And this anomaly has occurred precisely in the
season when the task of crop-moving was most
strenuous, and when expected foreign aid was suddenly precluded. Part of this loss to the SubTreasury represents, of course, the commercial
transfer of funds to other sections; but the greater
share is merely the large tax toll that Uncle Sam
reaps in prosperous times."
8
15
22
29
5
April
12
19
26
3
May
10
17
24
31
7
June
14
21
28
5
July
12
19
26
2
August
9
16
23
30
September 6
13
20
27
4
October
11
18
25
November 1
8
15
22
29
December 6
13
20
27
Total
Loss
Loss
Loss
Loss
Loss
Loss
Loss
Loss
Loss
LOSS
Loss
Loss
Loss
Loss
Loss
Loss
Lass
Loss
Loss
Loss
LOSS
Loss
Lass
Loss
Loss
Loss
Loss
Loss
Loss
Loss
Loss
Loss
Gain
Loss
Loss
Loss
Loss
Loss
Loss
Loss
Loss
4,867,000
Loss
9,033,000
5,370,000
Loss
6,222,000
7,206,000
Loss
8,238,000
1,190,000
Loss
4,385,000
1,263,000
Loss
3,627,000
Loss
145,000
625,000
4,676,000
Loss
9,795,000
Loss
3,994,000
3,485,000
Loss
878,000
6,732,000
Loss
251,000
789,000
Loss
3,181,000
3,055,000
3,038,000
Loss
5,174,000
1,397,000
Loss
4,317,000
2,531,000
Gain
5,614,000
1,983,000
Loss
4,913,000
Loss 16,777,000
15,150,000
Gain 30,114,000
15,651,000
Loss
7.225,000
9,704,000
Loss
1,862,000
4,533,000
Loss
2,711,000
6,098,000
Lass
3.019,000
4.586,000
Loss
2,376.000
2,576,000
Lossain
0
3,146,00074,00
9,244,000
2,312,000
Loss
5,519,000
6,410,000
Loss
5,030,000
8,338,000
Loss
3,866,000
6,539,000
Loss
2,140,000
5,957,000
Loss
3,277,000
6.345,000
Loss
3,667,000
5.627,000
Loss
1,933,000
2,314,000
Loss
3,214,000
668.000
Loss
5,177,000
11,616,000
Loss
5,559,000
5,476,000
Loss
3,987,000
2,981,000
LOSS
5,073,000
5,393,000
Loss
9,609,000
4,203,000
10,423,000
6,854,000
Lass
Loss
7,970,000
9,122,000
Loss
4,566,000
6,551,000
Loss
722,000
2,986,000
Less
Loss $253,881,000
Loss $122,305,000
GOVERNMENT MONEY HOLDINGS ACCORDING TO WASHINGTON OFFICIAL RETURNS.
$369,623,572
$370,530,717 October 1 1912
August 11011
370.379,573
373,020,869 November 1 1912
August 1 1912
372.590.703
373.297,214 December 1 1912
September 1 1912
Thus Treasury money holdings Dec. 1 were actually
somewhat less than on Sept. 1 or on Aug. 1, and hence
Government operations during that period did not
affect the position of the banks in any way. In
view of the misleading character of the Sub-Treasury
statements, and in view of the embarrassment occasioned thereby to the Treasury Department in conveying the mistaken notion that the banks are being
depleted of their supplies of money, would it not be
well for Secretary MacVeagh to give the New York
Sub-Treasury statement his personal attention and
have it re-cast in a form where it will be actually
enlightening for the purpose for which it is issued?
The public is entitled to know at least once a week,
if not daily, how the Sub-Treasury operations in this
city are affecting the Clearing-House banks. The
subject is one of great, of vital, importance to every
one, and in this era of publicity regarding Governmental affairs no valid excuse can be offered for withholding the information. A very brief form of re-
1568
THE CHRONICLE
turn will suffice for the purpose. Let the SubTreasury officials show what the Treasury on its
own operation has taken from or added to the money
supply in the banks, and then give separately the losses or gains by other operations through the SubTreasury (particularizing the items) and as regards
which the latter has acted simply as a medium for
the banks. If Mr. MacVeagh wants to link his
name with a genuine reform, let him devote a couple
of hours to the task of preparing a statement for the
Sub-Treasury in this city which shall furnish an
accurate portrayal of the situation.
[VoL. Lxxxxv.
pemands upon it without encroaching upon reserve
supplies, especially with better result anticipated
in India and Egypt, little thought is given to the
amount to be ginned hereafter..
The winter-wheat report of the Department of
Agriculture for December 1, issued on Monday,
indicates a higher condition of the cereal than usual
on the date mentioned, but with the area somewhat
reduced. The acreage planted in the United States
this fall is estimated by the Department as 2.5%
(or• 828,000 acres) smaller than that put under.
winter wheat the previous year, the present area
being stated at 32,387,000 acres. This total, however, is 174,000 acres greater than the estimate
promulgated a year ago, the Department having
revised the area it then con idered to have been
planted by adding 1,002,000 acres. Changes in
area in individual States this year have been quite
general and in localities of largest production decreases have been the rule, but, with one or two
exceptions, small. Kansas shows a falling off of 4%,
Missouri %,Indiana 6%, Ohio 3% and Illinois 10%.
On the other hand, an addition of 10% is to be noted
in Washington, 1% in Nebraska and Oklahoma and
2% in Pennsylvania.
In the condition of the crop on December 1 an
improvement of 6.6 points as compared with 1911 is
indicated-93.2, contrasting with 86.6. The condition, moreover,is very much above that of 1910 and
3.3 points better than the ten-year average. Illinois
reports a marked improvement this year over last94, comparing with 79; in Oklahoma 92, contrasts
with 78; in Nebraska 96 with 92; in Ohio 95 with 83;
California 91 with 75; in Washington 100 with 91;
Indiana .93 with 82 and Missouri 95 with 85. In
almost all the other States the situation is better
than in 1911. There is nothing special, however,
to be deduced from this report except that at the
moment the outlook is more favorable than usual.
That, of course, is very encouraging, but the vicissitudes of the winter have yet to be faced. Private
advices fully confirm the official report, as they
indicate a highly favorable status of the plant, the
only prejudicial influence to which they refer having
been dry weather over a limited territory. In
act, the opinion of experienced grain men as expressed by one recently returned from the West
seems to be that "wheat goes into the winter with
such an excellent start and fine root development
that it can bring to bear more than ordinary powers
of resistance to the rigors of winter."
The cotton-crop estimate of the Department of
Agriculture, issued on Thursday, leaves no reason
to doubt that the current season's yield of the staple
is a large one, even though it falls below the phenomenal production of last year. In fact, the estimate
as issued, indicates that the crop of 1912-13 (actual
growth as distinguished from the commercial crop,
or amount marketed between September 1 and
August 31) will reach 6,612,335,000 pounds of lint
(not including linters), the equivalent of 13,820,000
bales of 500 pounds gross weight each. To this
total, as it stands, there must be added upward
of half-a-million bales to cover linters, making the
agregate yield not far from 143/i million bales or
some three-quarters of a million bales in excess of
any former crop except that of last season. But
when we consider the fact that almost invariably
the Department's estimates have been below the
Census Bureau's figures (linters excluded in both
cases), quite largely at times, and have shown an even
greater deficiency when compared with the commercial crop totals, there seems reason for counting on
a yield quite a little in excess of the figures given.
In other words, there is a general inclination to look
upon these estimates as minimum approximations
very likely to be well exceeded unless the late picking
season should be conspicuously adverse. Going
over the Department's estimate in detail, it is seen
that all States except Texas, Oklahoma and Louisiana
are given a smaller production than last year. This
is rather in line with general opinion, but the very
decided falling off indicated in Georgia, South Carolina and Alabama naturally attracts attention.
Particularly is this true of the first named, in which
it is estimated the yield will be over one million
bales (or nearly 40%)less than last year, as reported
by the Census Bureau, and but little, if any, larger
than in 1906-07, when acreage was fully 20% less
—virtually a crop failure in Georgia.
The Census Bureau report on amount of cotton
ginned to December 1 having also made its appearImmigrant arrivals during October 1912, according
ance this week (on Monday) opportunity is afforded to the official statement, exceeded those for the
to see what portion of the crop remains to be put in corresponding month of all earlier years except 1907,
condition for marketing in order to reach the De- and fall only nominally below that. The movement
partment estimate. The Census report shows that, in November, too, as unofficially compiled, was
excluding linters, 11,844,432 running bales (of a comparatively larger, and the same is true of the
somewhat greater average weight than 500 lbs. elapsed portion of December. With this the situagross) had been ginned to the date mentioned,but an tion, less is heard of lack of unskilled laborers, but
amount about a million bales less than in 1911 but we are now, of course,at the period when the amount
a million-and-three-quarter bales greater than in of work in progress or projected for which their
• 1910 and 836,000 more than in 1908—the 13,828,346- services are required is less urgent than in the spring
bale year. Thus, to reach the Department's estim- and summer. The feature of the October immiate there remained to be ginned after December 1 gration statement, as well as of the returns that have
less than 2 million bales, as against 2% million last preceded it in the current calendar year, is the large
year (1911-12), over 2 million in 1908-09 and close influx of Greeks. Month by month, almost without
to 3 million in 1906-07. With the crop, however, exception, the arrivals from the small Mediteranean
expected to,be of adequate dimensions to meet any kingdom have been anywhere from double to nearly
DEC. 14 1912]
THE CHRONICLE
five-fold the movement of the preceding year and
much in excess of the arrivals from either England,
Ireland or the Scandinavian countries. But while
the inward movement of Greeks has been in 1912
very much larger than ever before,the efflux latterly
has been of huge proportions, the call to the colors
to take part in the war in the Balkan States
having been freely and promptly responded to.
The outward flow of Bulgarians, Italians and
Turks also has been considerablely swelled as a
result of the war, but as the present outlook is
favorable to a peace agreemen , further important
departures are not looked for.
The number of aliens of all classes who entered
the United States during October was 128,588 (of
which 108,300 immigrant and 20,288 returning, or
non-immigrant, aliens), this total comparing with
86,888 a year ago, 100,334 in 1910 and 129,664 in
1907. For the ten months of 1912 the inward
movement reached 1,025,935, against 791,680 and
1,068,535 and 1,295,714, respectively, in 1911, 1910
and 1907, the latter the record for the period.
Departures of steerage passengers in October were
slightly less than in the month last year, but for the
ten months January 1 to October 31 they reached
a greater aggregate than in any year except 1911 and
1908, totaling 428,916, against 467,167 a year ago,
only 343,101 in 1910 and but 260,668 in 1909.
Deducting the outflow from the arrivals we have
for the ten months of 1912 a net gain in foreign-born
population of 597,019. This compares with a net
influx of only 324,513 last year. In 1910, however,
the net number of the foreign-born added to our
population in the ten months was 725,434 and in
1907 no less than 935,639.
The long-expected protest of Great Britain against
the Panama Canal Act was filed with Secretary of
State Knox on Tuesday by Ambassador Bryce.
•Sir Edward Grey, who signs the document, concedes
the right of the United States to subsidize its coastwise trade at its discretion, but urges that a remission of the tolls to coastwise shipping may
reasonably be assumed to make necessary increased
charges to other vessels, and is, therefore, a violation
of the Hay-Pauncefote Treaty. Great Britain
recedes from its former attitude to a considerable
extent, particularly in the matter of granting subSidles, and in furtherance of the desire of amicable
settlement, the British Secretary for Foreign Affairs
said: "Animated by an earnest desire to avoid points
which might in any way prove embarrassing to the
United States, His Majesty's Government have
'confined their objections within the narrowest
possible limits, and have recognized in the fullest
manner the right of the United States to control
the Canal." Again, he says, "it is only with great
reluctance that His Majesty's Government have felt
bound to raise objections on the ground of treaty
rights to the provisions of the Act." He states his
"perfect readiness" to submit the questions in dispute to arbitration.
Sir Edward first recounts the whole course and
understood intent of the negotiations leading up to
the Hay-Pauncefote Treaty. In this respect he
says: "The Hay-Pauncefote Treaty does not stand
alone. It was the corollary of the Clayton-Bulwer
Treaty of 1850. The earlier treaty was, no doubt,
superseded by it, but its general principle, as
embodied in Article 8, was not to be impaired.
-
1569
The object of the later treaty is clearly shown by its
preamble. It was to 'facilitate the construction
of a ship canal to connect the Atlantic and Pacific
oceans by whatever route may be deemed expedient,
and to that end to remove any objection which may
arise from the Clayton-Bulwer treaty to construction
of such canal under the auspices of the Government
of the United States, without impairing the general
principles of neutralization, established in Article 8
of that convention.' It was upon that footing, and
upon that foot ng alone, that the Clayton-Bulwer
treaty was superseded. Under that treaty both
parties had agreed not to obtain any exclusive control
over the contemplated ship canal, but the importance
of the real project was fully recognized, and, therefore, the construction of the canal by others was to
be encouraged, and the canal, when completed, was
to enjoy a special measure of protection on the part
of both the contracting parties." Referring, particularly to the word "neutralization," Sir Edward
Grey says further: "It certainly was not the intention
of His Majesty's Government that any responsibility for the protection of the canal should attach
to them in the future. Neutralization must, therefore, refer to the system of equal rights." Speaking
of Article 3 of the treaty,the English protest declares
that it provides for the United States adopting as
a basis of the neutralization of the canal certain
rules substantially as embodied in the Suez Canal
Convention. The word "neutralization" he says
implies subjection to the system of equal rights.
The note further furnishes intimation that another
protest will be forthcoming from Great Britain if it is
held by the Government of the United States that
British or Canadian vessels are included in the
disbarment from .the use of the canal of ships in
which any railroad under the jurisdiction of the
Inter-State Commerce Commission has an interest
and ships whose owners may be adjudged guilty
of violating the Sherman Anti-Trust Law. The
note states that the British Government now assumes
that these two clauses do not apply to or affect
British ships. In regard to arbitration it is stated
that the British Government has taken cognizance
of the fact that many persons of note in the United
States "whose opinions are entitled to great weight"
hold that the Act of Congress in question does not
infringe the treaty obligations of the United States,
and, therefore,it is declared,the British Government
is perfectly willing to submit the question to arbitration if the United States prefers. This significant
sentence is added, however: "A reference to arbitration would be'rendered unnecessary if the Government of the United States should be prepared to
take such steps as would remove the objections to
the Act which His Majesty's Government have
stated."
Sir Edward Grey hastens to deny that the British
Government is attempting to deny the right of the
United States to grant subsidies to its shipping and
thus deprive it of the rights enjoyed by other nations
which will send subsidized vessels through the
Panama Canal. It is declared that in advancing
this argument, President Taft in his memorandum
of August 27 evidently misunderstood the meaning
of Mr. Innes's first note of protest. It is carefully
stated, however, that the British Government does
not concede the right of the United States to favor
by subsidy a special class of American shipping in
such a way as to place such shipping at an advantage
1570
THE CHRONICLE
in the use of the canal as compared with British
shipping.
In brief, the British argument is based on two
points: the first is that, in interpreting the HayPauncefote treaty of 1901, the Clayton-Bulwer
treaty of 1850, which it superseded, must be considered with it. The second main point is that if
any American ships are granted the free use of the
canal, British ships using the canal will be forced
to bear more than a proper share of the burden of the
cost of the upkeep of the canal and interest charges
on its cost of construction. This, it is claimed, is in
violation of the Hay-Pauncefote treaty.
The meeting of the peace delegates in the Balkan
War controversy, which will formally begin in London on Monday, promises to be the last step towards
settling the war against Turkey. While Greece has
still refused to sign the armistice under which the
meeting of delegates was assured, it is understood
that she will probably do so at the peace meetings
and thereby place herself on the same footing as Bulgaria, Montenegro and Servia. Indeed, the Turkish
delegates have been instructed by the Ottoman
Government to decline to meet Greek delegates until
Greece has signed the armistice. The basis of the
deliberations will, it is said, be the renunciation by
Turkey of all the territory conquered by the troops
of the allied Balkan nations and certain matters
relating to pious foundations and crown lands
in European Turkey. According to this arrangement, Adrianople, not being conquered territory,
will remain in Turkish hands, and the frontier of
the future Ottoman Empire in Europe will run
from that fortress eastward to Media by way of
Visa and from Adrianople southward along the
railroad to Dedeaghatch, on the Aegean Sea.
With this conference of delegates of the lesser European countries in session, what may prove to be a
still more important meeting will be begun within a
few days in Paris, of Ambassadors of the European
Powers. This meeting seems to be fully assured, and
while it is not expected that the Ambassadors will
reach any decisions relative to pending purely Balkan
questions, they will make a study of them and will
aid materially toward making European peace an
assured fact. Any peace arrangements entered into
by the delegates of Turkey and the Balkan nations in
the London conference will presumably have to
be ratified by the Ambassadors of the great Powers,
who will meet first in London prior to the Paris
conference.
While the efforts to formally end the Balkan War
are under way and the Powers' Ambassadors are
discussing general peace, it appears, however, that
Austria and Servia, who have been on the verge of
war, are closely approaching the critical point at
which an actual clash is probable. This is a situation that has been the source of great nervousness
on the European bourses this week. Austria continues to show extreme hostility to the action of Servia in taking a seaport on the Adriatic and the Servian
demand for the whole of North Albania as her fruits
of the Balkan War victory. Servia, on the other
hand, has remained firm in her attitude, and has
reached such a state of preparedness for war that
every reserve has been ordered to be in readiness for
action within 24 hours' notice. The attitude of Austria in mobilizing nearly 500,000 men in five different points near the Servian frontier and the activ
\Tot- Lxxxxv.
ity with which she has continued to push preparations for war have caused much uneasiness, and
have resulted in a disturbance of commerce and industry. Servia, on the other hand, is firm and fearless, relying on the backing of the Triple Entente—
France, Great Britain and Russia. So sure is Servia that her part in any war will be upheld by the
three friendly nations that Stojan Novakovitch,
former Servian Premier and peace delegate to the
London conference, said: "I have the conviction that
the just claims of Servia will be firmly and efficaciously supported by the Powers belonging to the
Triple Entente—France, Great Britain and Russia.
We are resolved to insist on the possession of a port
on the Adriatic Sea. We consider this claim as a
duty, for it amounts, not to a conquest, but to a
recovery of what belonged to us from the tenth to
the fifteenth centuries. Moreover, a maritime outlet is indispensable to the vitality and future of
Servia. I am surprised at the enigmatic and disquieting attitude of Austria. In spite of these menaces, however, Servia is leaving her troops in the
territory she has conquered."
As if to strengthen her position in case of war,
General von Auffenberg, Austrian Minister of War,
and. Field Marshal Schemua, Chief of the Austro-.
Hungarian General Staff, resigned on Monday. Men
who are avowedly more able in time of war were appointed to fill the vacancies, and the resignations
are praised as a show of patriotism on the part of the
two men. The two men appointed by the aged Emperor as successors are believed in their own country
to be the ablest military strategists in the dual empire.
General von Krobatin, Under Secretary of War,
becomes Austrian Minister of War and Baron von
Hoetzendorf becomes Chief of the General Staff.
Servia took drastic action on Thursday, when,
according to press dispatches, M.Simies, the Servian
Minister to Austria, was recalled peremptorily. No
successor was announced and the action of Servia was
construed as a formal breaking off of diplomatic
relations with Austro-Hungary. Later dispatches,
however, cast doubt upon the reported withdrawal
of the Servian Minister. The greater Powers
watch these bickerings with thoughts concentrated
on efforts to keep the peace at any cost. But their
attitude is not one of dissolving any ties which bind
each coalition. Italy, it was announced semi-officially, has reached an agreement with her ally, Austria, by which it is expected that Servian ambitions
for an Adriatic port will be forestalled. The Ambassadors of these two countries are expected to press
a vigorous demand at the Paris conference that all
Albania be declared neutral territory. Germany,
the other member of the triumvirate, which will be
against Servia in case of war, has remained silent
during the past week. Her attitude, however, is
well known through speeches two weeks ago by the
German Chancellor, in which he made firm declarations of friendship for Austria and almost open attack against Russia.
We are able to state with authority that tentative
negotiations have been resumed with the Six-Power
group of bankers by China for an additional loan
The amount under consideration is $125,000,000
payable in installments extending over a period of
atleast two years. The English bankers participating
in the loan will, in addition to those originally concerned, include the Barings and J. Henry Schroeder
DEC. 14 1912.]
THE CHRONICLE
& Co., as well as several other London financial interests. It is understood that the loan of $50,000,000
recently arranged by the Crisp syndicate will be taken
care of in the new negotiations, although this loan
will not become an official part of the new one. Only
one-half of the Crisp loan has thus far been offered for
public subscription. The result of that offering was
not favorable, and the strained situation that has
since taken possession of the world's money market
has discouraged the offering of the second half of
the loan. The contract for the loan of $125,000,000
will be secured by the salt gabelle. The draft of the
contract, it is understood, provides for a settlement
with the Crisp syndicate, it prectically eliminates
any monopoly, and in a substantial way modifies
the objectionable feature (to China) of foreign supervision over China's expenditures. China asks for
$50,000,000 on account within three months. China
agrees that the administration of the salt gabelle
shall be subdivided into ten centres, each being controlled by Chinese and foreign co-directors, working
under a committee of control which shall include a
foreigner acting piactically as managing director.
Conferences between representatives of the Six-Power
group as newly constituted and the Chinese Minister of Finance are now in progress in London, but
have not yet resulted in a formal agreement on the
exact proposition that is to be made to China.
American interests in the conference are represented
by Morgan, Grenfell & Co.
The proposition of Premier Borden of Canada to
make a $35,000,000 gift to England to build three
Dreadnoughts is meeting decided opposition in the
Canadian Parliament, under the leadership of the
former Premier, Sir Wilfrid Laurier. Members of
the Opposition have voted unanimously to carry on
what press dispatches term the "most memorable
fight ever seen in the Canadian Parliament." The
Opposition will insist that Canada should not give up
the idea of a Canadian'built and owned navy, and the
plan of continuing the navy training school at Halifax. The Canadian House adjourned yesterday
until early in January, when the fight will be resumed, and it is suggested that the effect may be to
bring on a general election, in which not only the
Government's huge gift to England will be reviewed,
but the rapidly growing demand for a drastic downward revision of the tariff may be taken up. In
'opening the naval debate on Thursday, Sir Wilfrid
Laurier attacked Premier Borden's bill all along the
line, denying that there was any emergency and quoting the memorandum furnished by the Admiralty
to Mr. Borden to prove his assertion. He declared
that the only thing Canadian about the proposed
ships would be the Canadian names. He offered
an amendment to the bill, providing for a Canadian
navy of two fleet-units, to be immediately constructed. At the conclusion of his speech, Sir Wilfrid's followers rose and cheered, and sang the national anthem with great enthusiasm.
The Home Rule Bill passed its committee stage in
the British House of Commons on Wednesday night,
showing the ability of the Government to keep in control of the situation. The House of Commons immediately adjourned, and Premier Asquith and his
Ministers received an ovation as they left the
Chamber.
1571
While the New 'York stock market, as a result
of influences in great measure peculiar to itself,
has been under severe pressure this week, the
London Stock Exchange i,nd the Continental
bourses have, as a result of the political tension
in Europe, also ruled weak and nervous. In
the British centre railway labor troubles have been
a contributing factor. But the chief weakness has
resulted from active selling of securities by the Continent that was either stimulated by the absence of
favorable progress in the European political situation
(to which we refer elsewhere) or was the natural result of the protracted period of strain in financial
and business circles. A cable dispatch from Paris
declares that Russia, which hitherto has been resisting the weakness of financial markets, has finally
become affected and is now selling heavily in the
French capital. This is causing enormous fluctuations in the speculative Russian industrials at that
centre. The report was confirmed by a St. Petersburg's dispatch of Dec. 11, which stated that prices
on the Bourse there had been dropping daily and
that there had been a heavy fall on Wednesday,
owing to reports of a critical tension between Russia
and Austria. A large failure was reported in St.
Petersburg and troubles of some importance were also
rumored at Paris and Vienna. The chief trouble appears to be the position of Austria. "It is not known,"
according to one dispatch from Paris, "what Austria
really wants." The latter has this week negotiated
a loan of $25,000,000 jointly in New York and at
home. This loan has been arranged on full assurances of peace and not war; but it is feared that
her demands will at least be pressed very close to the
breaking point before compromise becomes possible.
British Consols closed yesterday at 7414, which
compares with 75% a week ago, while French Rentes
(in Paris) were cabled at 89.60 francs, comparing
with 90.323/ francs a week ago. On the London
Exchange State funds of countries interested in the
Balkan troubles showed continued irregularity.
2, which
Russian 4s closed last evening at 893/
compares with 9032 a week ago. Turkish 4s
are M point lower at 85. Bulgarian 6s finished at
103, against 1013; Greek Monopoly 4s are unchanged at 54, and Servian Unified 4s also without
change at 81. German Imperial 3s closed 1 point
lower at 76. British railways as a rule closed fractionally lower, the Great Eastern finishing at 603/2,
against 61% a week ago; the Great Western at 117,
against 118
the London & Northwestern at 132,
against 1333, and Southeastern deferred shares at
643., comparing with 67%. Money in London closed
at 3%@4% and in Berlin at 5@6%.
Although an advance in the Bank of France
official discount rate was confidently predicted in
French banking circles on Wednesday, it did not
occur. There were also quite free expectations that
the Bank of England would feel impelled to advance
its rate, and it would have done so, according to
reports received from very high authorities in London by prominent New York bankers, had New York
insisted on taking gold either at the Bank or at the
weekly auction of South African gold on Monday.
Dispatches from London announced that, of the
£800,000 of South African gold offered on Monday,
£250,000 had been laid aside for America, though
the date of shipment was uncertain. No definite
date for shipment was later announced, however,
1572
THE CHRONICLE
and as yet no arrangements have been made,so far
as can be learned, on this side to receive it. The
Bank, according to its weekly statement, lost the
large sum of £2,169,246, and London bankers advise
their correspondents here that the Bank would
therefore be not unlikely to consider purchases of
gold in the open market of London by New York
as equivalent to taking gold from the Bank itself,
as Threadneedle Street at the present time must look
to the outside market to replenish its 'own gold reserves. Germany secured £300,000 of Monday's
offering of the South African gold and India
£100,000.
There were no changes in the official European
bank rates, however, except that the Bank of Bombay raised its rate on Friday from 6% to 7%,
but open market rates ruled firm. Short bills
in London closed at 4 15-16@5%, against 4%%
a week ago, and 90-day bankers' acceptances
finished at 47
4@5%,as cabled at the close yesterday,
comparing with 43/2% a week ago. There is no
difference at the present time in the rates for spot
bills and those to arrive. A week ago the forward
bills required a premium of about A%. In Paris
the private bank rate was advanced WI%to 4% for
all maturities of commercial bills, while finance bills
require 438%. The Berlin rate for all maturties
closed at 6% for spot and 63i% for bills to arrive,
which is a fractional advance. Brussels closed without change at 4%% and Amsterdam remains nominally at 3%%, although there is virtually no discount market for American bills at the Dutch centre
at the moment. Vienna closes unchanged for the
week at 6%—the Bank rate. The official bank rates
at the leading foreign centres are: London, 5%;
Paris, 4%; Berlin, 6%; Vienna, 6%; Brussels, 5%;
Amsterdam, 4% Bombay, 7%, and Bank of Bengal, 7%.
Lxxxxv.
reduced 64,800,000 francs, while there was also a
decrease of 5,625,000 francs in the Bank's advances.
Note circulation wa's decreased by the large amount of
115,575,000 francs. Both treasury deposits and
general deposits showed large reductions, the former
of 233,525,000 francs and the latter of 54,700,000
francs. Comparing with the figures of last year,the
gold item of 3,310,029,000 shows an increase of
98,029,000 francs. Silver, however, registers a
reduction from 806,225,000 francs in 1911 to 732,995,000 francs in Thursday's report. Note circulation has increased to 5,357,913,000 francs from
5,254,004,480 francs a year ago and 5,192,225,245
two years ago. Discounts have increased from 1,257,539,095 francs in 1911 to 1,640,969,000 francs.
General deposits show a healthy.increase over last
year and the year before, being 747,881,000 francs,
as compared with 560,639,875 francs in 1911 and
556,629,766 francs in 1910.
Further decreases in the holdings of gold and silver
were recorded in the weekly statement of the Imperial
Bank of Germany, issued on Tuesday. The gold
stock registered a contraction of 21,478,000 marks and
gold and silver combined of 28,327,000 marks.
Meanwhile there was the large decrease of 53,819,000 marks in note circulation. Loans and discounts also showed decreases, the former of 35,518,000 marks and the latter of 10,626,000 marks.
Comparing the returms with totals for last year, a
loss of 74,243,000 marks is indicated in the Bank's
stock of cash (gold and silver), the total now being
1,009,237,000 marks. Loans, discounts and note
circulation register large increases in the year's
comparison. The loans and discounts are now
312,999,000 marks in excess of last year and note
circulation is 253,087,000 marks higher. The aggregate of loans and discounts is 1,513,259,000 marks,
comparing with 1,200,260,000 marks in 1911. The
As already stated, a still further decrease in gold outstanding circulation is 1,956,167,000 marks, comand bullion holdings of £2,169,256 was shown in paring with 1,703,080,000 marks a year ago and
the weekly statement of the Bank of England 1,557,660,000 marks in 1910.
on Thursday and a loss of £1,940,000 in the reserve
brought the proportion to liability down to 48.07%,
The local money situation has shown a distinct
comparing with 50.08% a week ago and 49.40% tendency toward an easier condition. This, not
a year ago. The market slightly increased its loans unnaturally, has been more pronounced in the inat the Bank (by £101,000) while £658,000 in public stance of demand loans, though there has also been
deposits were released. Ordinary deposits de- a better supply of time money, especially for the
creased £1,203,000. The loans (other securities) distant maturities, March money, for instance,
now aggregate £39,985,000 and compare with £28,- having loaned quite freely at 532%. There is no
799,516 one year ago and £27,386,903 two years expectation in local banking circles, however, of any
ago. The bullion holdings are £34,245,556, compar- decisive reductions in money rates. Really cheap
ing with £35,954,031 one year ago and £35,088,033 money is out of the question so long as the high disin 1910. The reserve shows totals of £24,321,000, counts continue abroad, with such an evident tendency
comparing with £25,713,211 a year ago and £25,- towards rising rates. The news of a loan to Austria
538,723 two years ago. Our special correspondent by New York banks on 432% Treasury notes for
furnishes the following details of the gold movement both eighteen months and two years came as someinto and out of the Bank for the Bank week: Imports, what of a surprise. The rate paid to the bankers,
£109,000 (of which £54,000 from India, £40,000 from we understand, was about 97, which would make
Ecuador and £15,000 bought in the open market); the cost to Austria 6% for the two-year notes and
exports, £1,322,000 (of which £500,000 to Brazil, 63/2% for the shorter maturity. It is possible that
£300,000 to France, £422,000 to India and £100,000 there was an additional commission concerned of
to miscellaneous destinations), and shipments of some character which, of course, Would add frac£956,000 net to the interior of Great Britain.
tionally to the cost of the loan to Austria. A considerable misconception of the character of this loan
The return of the Bank of France issued on is contained in the printed accounts that have apThursday was favorable from the standpoint of a peared in the daily press. It has been quoted as a
reduction in liabilities although a decrease of 205,000 $25,000,000 New York transaction. As a matter of
francs in gold holdings was shown and of 298,000 fact, the New York bankers, namely Messrs. Kuhn,
francs in the silver holdings. Discounts were Loeb & Co. and the National City Bank, have under-
thP
DEC. 14 1912.]
THE CHRONICLE
1573
written only one-half of this amount—$12,500,000— of choice character. Names
not so well known are
and the proceeds are to be remitted in four equal still quoted at
63/2%•
monthly amounts beginning Dec. 14. Thus each
remittance will amount to only about $3,000,000,
Sterling exchange during the week has shown a
and will not therefore be likely to materially affect hardening tendency, which is not
unnatural in view
sterling exchange. The loan was taken by the New of the firmer discounts abroad and the
reactionary
York bankers in conjunction with an Austrian group, tone in the money market at home. We are, of
including the Imperial Austrian Postal Savings course, at the point where the seasonal remittanc
es
Bank, the firm of S. M.von Rothschild, the Austrian are necessary for the new year dividend and interest
Credit Anstalt and the Austrian Laenderbank.
payments on American securities. International
The disposition in banking circles in the New York bankers do not await the actual development ofsuch
market is to expect a fairly comfortable situation transactions as these, but make their preparations
in money until the close of the year. Then it is not well in advance. Furthermore, the $3,000,000 per
unlikely that there will be another period of tempo- month which, beginning with to-day, it is necessary
rary strain due to the preparations for the new year to remit on account of the Austrian loan for four
dividend and coupon payments. There will, how- months will necessarily have some influence on the
ever, be a very large volume of capital set free,both foreign exchanges, although, as we have already intiat home and abroad,after the new year begins, and, mated, the amount is not sufficiently large to
while the world's demands for funds will continue constitute an important factor. Germany has been
active, there seems no special reason why any pro- taking gold from London and the Bank of
England
nounced stringency should result. At home here has in fact been called upon to satisfy heavy outside
the agricultural demand for funds is continuing demands for the precious metal during the week.
beyond the usual time, one reason being the more or Sterling exchange rates have now advanced
well
less general indisposition on the part of farmers to above the gold-import point. It was reported
by
market their corn crop freely. They find the price cable that £250,000 of the South African gold
offered
available is unattractive when compared with the in the open market on Monday last had been
reserved
profitable figures of a year ago, and thus a move- for America. However, no direct engagement
of
ment that has assumed considerable headway is in the precious metal was made for shipment, and in
progress to feed corn to cattle and hogs and thus view of the sharp advance in sterling exchange,
it
ultimately secure profits from live-stock instead sell- is not likely that any actual shipment will take place
ing the corn at present prices. This, of course, is a in the near future. Furthermore, very strong intisuggestion that we are to have cheaper provisions nations have been received at this centre that any
and meat in the course of the next year. It also insistence by New York for gold either from the Bank
means that the farmers are going to require continued of England or in the open market would
provoke
banking facilities. They are not paying off their a 6% rate by the Bank. British trade
continues
loans to the banks as rapidly as would otherwise extremely active and is requiring a correspon
dingly
be the case, and the Western banks in turn are not large banking ability. For the month of
November,
forwarding funds to New York. However, New York according to the monthly trade statement
of the
bank officers have assured bankers of the corn States British Board of Trade, the imports into Great
Britthat they will have ample funds with which to re- ain increased £5,601,000, while the exports increased
new loans for such legitimate transactions.
£2,372,000 over the corresponding figures of a year
The weekly statement of the Clearing House on ago—itself a very active period. An
idea of the
Saturday last showed a restoration of the cash sur- remarkable activity that has ruled in
British trade
plus above legal requirements to $3,015,200. This during the current calendar year
may be gained
compares with a deficit on the Saturday preceding from the fact that the importations have
aggregated
of $5,057,950 and with a surplus of $11,696,250 a £670,942,503, against £615,454,822 in
1911, while
year ago. These figures include the banks and trust the exports have reached £445,974,577,
comparing
companies. Two years ago the Clearing-House with £415,710,581. The excess
of imports over exbanks alone held a surplus of $5,711,800, the trust ports this year to date is £224,967,926, against
companies not at that time being members of the £199,744,241.
Clearing House.
Compared with Friday of last week, sterling
So far as call money rates this week are concerned, exchange on Saturday was unchange
d with demand
they represent a return to what may be termed nor- again quoted at 4 8450@4
8460, cable transfers at
mal conditions. The highest rate which was touched 4 85@4 8510 and sixty days
at 4 8030@4 8040.
on Monday was 6%. The lowest figure that day On Monday the market
was dull and inactive; after
and also for the week was 4%, with 6% Monday's early firmness, a slight reaction
set in, although
ruling quotation. On Tuesday the range was quotations for demand and cable
transfers were
4@53/2%, with the higher figure the renewal basis; unchanged from Saturday's closing
figures; sixty
Wednesday's maximum was 5%, minimum 4% and days declined to 4 8020@4 8030.
Rates were firmer
renewal rate 4/
3 1%; on Thursday 43@5% were the on Tuesday, but the market continued
quiet; there
extreme figures, with 434% again the ruling quota- was an advance of 10 points
through speculative
tion; Friday's highest was 434%, lowest 4% and re- operations to 4 8060@4 8470 for
demand, 4 8510®
newal rate 4/
31%. Time money rates are frac- 4 8520 for cable transfers and
4 8030@4 8040 for
tionally lower than a week ago. As already noted, sixty days. A further advance was
witnessed on
March money has loaned in fair volume at 53/2%. Wednesday with more active trading and
a fairly
Closing quotations are 6% for 60 and 90 days, extensive demand in preparation for
the London
534@6% for four months and 53
/
2% for five and settlement; the range was at 4 8475@4 8485 for
six months. Mercantile paper remains without demand; 4 8525@4 8535 for cable
transfers and
change at 6% for 60 and 90-day endorsed bills re- 4 8035@4 8045 for sixty days. Sterling
moved up
ceivable and also for four to six months' single names very sharply on Thursday, advancing
about 45
1574
THE CHRONICLE
[VOL. ixxxxv.
the Clearing House could ever be penalized in such a
way. It was not stated, nor, apparently, had it
been considered, whether only letters whose envelopes•
were marked with the names of the institutions in
question should be excluded, or whether all people
connected with the Stock Exchange or the Clearing
House—that is to say, practically all bankers and
brokers in New York—should be denied the privilege of the mails.
The mere statement of the proposition reduces
it to absurdity. We should ourselves have dismissed
it merely with the contempt which it and its foolish
authors deserve but for the fact that this loose talk
was ncouraged in a peculiar way by actual legislation which slipped through Congress in the last
session regarding penalties to be imposed under
certain circumstances upon the newspapers. In
The New York Clearing-House banks, in their
that legislation, which was inserted at the last
operations with interior banking institutions, have
moment of the session as a "rider" to the Post-Office
gained $4,023,000 net in cash as a result of the curappropriation bill, and which was never at any time
rency movements for the week ending Dec. 13.
debated in its present form, it was provided that all
Their receipts from the interior have aggregated matter for which any consideration had been re$11,947,000, while the shipments have reached ceived must be so labeled when published in a news7,924,000. Adding the Sub-Treasury operations
paper, and that a statement of the newspaper's capiand gold imports,which together occasioned a loss of
tal, debt, owners of its stock, bonds and notes,
$6,000,000, the combined result of the flow of money
figures of its circulation, and so on, must be filed
into and out of the New York banks for the week
with the Post-Office and must also be published
appears to have been a loss of $1,977,000, as follows:
at regular intervals in the newspaper itself; the
Net Change in
Out of
Into
penalty for refusal to be exclusion of the newspaper
Bank Holdings.
Banks.
Banks.
Week ending Dec. 13 1912.
$7,924,000 Gain 54,023,000 from the mails.
311,947,000
Banks' interior movement
24,600,000, 30,600,000 Loss 6,000,000
Sub-Tress. operns and gold imports_
As is well known, this law has been challenged
$36,547,000 $38,524,000 Loss $1,977,000
Total
by the newspapers and is now before the Supreme
1
1
Newspapers
The following table indicates the amount of bullion Court on the issue of Constitutionality.
or to
submit
to
unwilling
in general have not been
in the principal European banks.
most
they
but
for;
asked
ion
informat
publish the
December 11 1911.
December 13 1912.
free
a
of
rights
the
that
position
the
took
properly
Banks of
Total.
Gold. I Silver. I
Total.
Silver. I
Gold.
which are guaranteed by the Constitution,
press,
£
£
35,954,031 are seriously invaded when Congress prescribes,
34,245,556 35,954,031I
England. 34,245,556
160,729,440
France _ _ 128,400,720 29,319,840 157,720,560 128,480,360 32,249,080 54,174,300
the newsGermany_ 37,394,200 15,100,0001 52,494,200 39,785,900; 14,388,400 149,789,000 not what shall not be printed but what
Russian _ _ 158,374,000 6,338,000164,712,000143,702,000 6,087,000 65,430,000
ed, the
11,671,000
establish
53,759,006
once
Ann.- Hun. 50,950,000 10,336,000 61,286,000
papers must print; that,
Spain _ _ 17,434,00 29,539,000 46,973,000 16,713,000' 30,163,000, 46,876,000
e
44,297,000
3,560,000
impossibl
be
40,737,000;
46,136,000
would
3,500,000
principle
42,636,000
Italy _ _
ramifications' of this
601,400 14,091,400 11,456,000; 1,180,200, 12,636,200
13,490,000
Neht'lan
Nat.Belg._ 7,637,333 3,818,667 11,456,006 6,098,000, 3,049,000 9,147,000 to predict; also that the punishment of exclusion
4,733,000
5,576,000 4,733,000'
Sweden _ _ 5,576,0
6,432,000
7,164,000 6,432,000,
7,164,00
for purposes wholly
Switelan
2,154,000 from the mails, when imposed
2,254,0001 2,154,000;
Norway _ 2,254,00
of the Post-Office,
duties
and
functions
the
to
alien
592,351,971
680
Total w'k 505,555,809 98,552,907 604,108,716'490,004,2911102,347,
44
Prey.week 509,280,055 99,060,367 608,340,422,490,672,9671103,182,2771593,855,2
and as a penalty for no obnoxious act or criminal
1
offence, is whol.y repugnant to our scheme of government. Particularly, there has been cited in the
CONGRESS AND THE CONSTITUTION.
argument the following highly pertinent declaration
There was reported from Washington last week of the Court itself in an important precedent:
the following statement, ascribed to Representative
"It is our duty to inquire, in respect to the statute
Pujo of Louisiana, Chairman of the Ways and
now
ee
sub-committ
us, not only whether there is a real or subthe
of
before
and
Means Committee
objects and the
engaged in the so-called Money Trust inquiry: stantial relation between its avowed
objects, but
these
obtaining
for
means
devised
"The postal laws may be invoked to exclude the exnatural operation it
and
necessary
its
by
whether
changes, the associations of bankers and brokers impairs or destroys rights secured by the Constitufrom use of the mails in inter-State commerce. tion of the United States."
Unless complete reorganization is made, they will
In due course the Court will finally and positively
be treated exactly as the Louisiana lottery was
what are the limitations on action of this sort.
decide
to
in
regard
made
was
treated." The same threat
The Solicitor General's recent defense of the Conthe Clearing House.
When it was seen to what extent public ridicule gressional legislation, in his argument before the
ted, and
was bestowed upon this proposal, it was denied in Supreme Court, was feeble and half-hear
scope
the
on
reasoning
singular
such
upon
based
was
a general way that any such interview had been given
the
Post
using
of
matter
the
in
,
authority
of
public
y
out. There was certainly no serious possibilit
as
to
purposes,
ulterior
and
remote
to
serve
Office
comfull
the
by
of such absurdities being adopted
law
did
officer
not
nt's
Governme
that
the
suggest
that
ess
remains
neverthel
mittee. But the fact
this absurd recourse, by way of threat or penalty, believe in his own case. Whatever decision the
has actually been discussed by certain individuals in Supreme Court itself arrives at, the scope of Conlegislative circles. None of them seems to have a stitutional restriction will, at all events, have been
clear idea as to how either the Stock Exchange or defined; also the scope of protection which individ-
points on the higher English discounts and heavy
demands for remittances in connection with the
coming holidays and the year-end settlements due
abroad; demand rose to 4 8510@4 8520, cable
transfers to 4 8560@4 8570 and sixty days to 4 8070
@4 8080. On Friday the market ruled nervous,
and quotations at the close showed declines of 10
points for sixty days, of 5 points for demand bills
and an advance of 5 points for cable transfers.
Closing rates were 4 8060@4 8070 for sixty days,
4 8505@4 8515 for demand and 4 8565@4 8575 for
cable transfers. Commercial on banks closed at
4 789@4 803/b and documents for payment at
4 803/@4 81. Cotton for payment ranged from
4 80@4 803; grain for payment from 4 80% to 4 81.
MP
DEo 14 1912]
TIIE CHRONICLE
uals and associations have the right to invoke under
that Constitution.
We have had this week in another quarter, however, an instande of how certain political agitators
of the day would deal with this high function of the
judicial department of our Government, which has
in the case referred to been so necessarily appealed
to. Mr. Roosevelt, in a long speech to the singular
collection of people who went to the Progressive
Convention at Chicago last Tuesday, not only
declared again for all the extreme principles in the
party's platform of last August, and not only insisted that "if any particular legislation is declared
unconstitutional, we, the people, should have the
power to declare it Constitutional," but added:
"I believe that the Progressive Party, and all good
citizens and all believers in genuine popular rule,
should heartily support the proposed Constitutional
Amendment recently introduced by Senator Bristow,
to secure the people of the United States proper
control of their own Government."
It might naturally have been asked by Mr.
Roosevelt's hearers—though there was no report of
their having asked it—exactly what the Bristow
amendments are. There were two of them—one
providing for the recall of U. S. Supreme Court decisions and their reversal by a majority public vote;
the other for the conferring on the President of the
United States of power to enact any law through direct appeal to the people over the head of Congress.
Such utterly wild proposals were received, when
lately submitted to Congress, as the mere dream of
an excited brain; they were nowhere taken seriously.
Nor, indeed, is there the remotest chance of their
adoption now or hereafter. But the fact that they
should have been proposed, in the very face of such
episodes as the proposal to use the Post-Office as
an engine to force the newspapers to publish what
the majority in Congress wishes published, and the
fact that the proposed amendments'are thus heartily
endorsed by Mr. Roosevelt before his convention,
should be sufficiently convincing evidence, not only
of the tendencies which the third party is showing,
the very morning after its defeat, but of the paramount necessity, at this time above all others, of
the preservation of the powers conferred by the
Constitution on our highest Court. On the whole,
we think it fortunate that the more insidious proposals of the third party's recent national
platform, and the evasions with which its candidate
endeavored, during the campaign, to surround
his attack on the judiciary, should be replaced by
a formal proposal which, like Mr. Bristow's, carries
the whole crazy and revolutionary idea to its logical
conclusion. If we are to have a party in this country,
organized with the purpose of promoting such
conceptions of government, by all means let the
thinking public know just what the plan would
legitimately lead to.
UNION PACIFIC IN A YEAR OF UNFAVORABLE
CONDITIONS.
The annual report of the Union Pacific Railroad
Co. comes at a time when there is unusual interest in
the affairs of the company by reason of last week's
Supreme Court decision compelling the company to
part with its dominating ownership in the Southern
Pacific Co. There is, of course, no reference to the
matter in the report, since it was written several
weeks before. It bears date Nov. 14, just a month
1575
ago. The first thing that attracts attention in the
document, in view of the severance of relations
which is to take place between the two companies
within the next three months (according to the terms
of the decree of the Supreme Court) is a paragraph
relating to some financing that the Union Pacific did
for the Southern Pacific during the twelve months
under review.
It is generally supposed that the divorce of the
two companies will prove an advantage to theSouthern Pacific Co. and that the Union Pacific Co.
will come out distinctly a loser. This is based on the
notion that the Union Pacific can hardly do without,
the Central Pacific line from Ogden to San Francisco,
which forms part of the Southern Pacific system,
and that the latter has an additional advantage in
the possession of a complete trans-continental line
of its own from California to Galveston and New
Orleans, with steamship lines running thence to the
Atlantic Coast cities and to Mexico. But reflection
suffices to show that the Union Pacific, on its part, is
by no means in a helpless condition, though, of
course, it is desirable that its traffic arrangements
over the Central Pacific shall not be disturbed.
Justice Day,in delivering the opinion of the Supreme
Court, pointed out that, entirely independent of the
Central Pacific, the Union Pacific reaches the Pacific
Coast over its own tracks through the control it
holds of the Oregon Navigation and the Oregon
Short Line. The latter route terminates at Portland,
but steamship lines would give connection between
that point and San Francisco. To this might be
added the further statement that the Union Pacific
controls still another route to the coast in the San
Pedro Los Angeles & Salt Lake RR.,in the possession
of which the Supreme Court does not disturb it.
Thus the situation is that the Union Pacific has a
route to the south as well as to the north, both of
which can be developed to the detriment of the
Central Pacific, if we imagine that anything quite so
unlikely is possible as the rupture of the existing
traffic arrangement between the Central Pacific and
the Union Pacific, which, together, constitute a
continuous trans-continental line. If there is to be
any sparring for positions, therefore, the points
would appear to be about even as between the two.
On the other hand, from the coming competition of
the Panama Canal route the Southern Pacific seems
more likely to suffer than the Union Pacific, as it
handles such a large amount of through traffic over
a mixed rail and water route.
In one particular, it would seem, the Southern
Pacific Co. will be distinctly a loser. The Union
Pacific will no longer look after its financing. Doubtless this is not as important as it was a decade ago,
when the Southern Pacific first passed under Union
Pacific control, for the Southern Pacific, thanks to
Union Pacific domination, is now on a secure dividend basis and possesses an established credit of its
own. In the past, however, the fact that the Union
Pacific was always ready to extend unlimited aid in
the extensive financing required in the development
of the Southern Pacific system was an advantage
of the highest importance. How liberal and how
extensive this aid has been will appear from a study
of the reports of the two companies during the last
ten years. How carefully the Union Pacific has been in
the habit of planning for Southern Pacific's financial
needs is illustrated in the present Union Pacific
report in the paragraph to which allusion is made
1576
THE CHRONICLE
above. This tells us that the Union Pacific purchased
from the Southern Pacific Co. during the year
$14,568,000, face value, Southern Pacific RR.first
refunding 4s, $5,449,000, face value, Southern
Pacific Co. (Central Pacific stock collateral) 4s, and
$6,000,000, face value, Southern Pacific Co. San
Francisco Terminal first 4s. The Union Pacific
gave in payment its notes amounting to $23,740,362.
The bonds were sold, it is stated, while the right
under the existing law was unrestricted to assure
financial provision for new construction and improvement already authorized. In other words, the
management looked ahead. The notes were given
in order not to disturb the cash accounts of the two
companies, except as funds should be needed. The
interest collected on the bonds is to be applied to
the discharge of interest on the notes, and the
proceeds from the sale of the bonds to the discharge
of the principal of the notes.
With reference to the Union Pacific income results
for the year, it is known, of course, that conditions
during the twelve months were unfavorable. As is
pointed out in the report, there was a decrease in
revenue from a shortage of crops, with the resultant
shrinkage in general traffic, and there were reductions in rates made by Government Commissions,
both State and inter-State. Many items of the
agricultural tonnage were smaller than in the year
preceding, and the tonnage in animal products was
smaller, as also was the manufacturing tonnage.
Against this there were gains in other directions, but
the aggregate volume of the transportation service
rendered, as represented by the number of tons of
revenue freight moved one mile, was substantially
below that of the preceding year, and in addition
rates, as already stated, were also lower. As a
matter of fact, this last would appear to have been
the most important element in the decline in revenue.
The number of tons of revenue freight carried was
actually somewhat larger than in the year preceding,
though not up to that of two years ago, the figures
being 14,980,793 tons for 1912, against 14,807,161
tons for 1911 and 15,312,211 tons for 1910. The
slight increase in the latest year follows from the
addition to length of road operated, and the average
length of haul, owing to the crop shortage, &c., was
reduced, so the number of tons of freight moved one
mile for 1912 was only 5,710,324,140, against
5,803,802,346 for 1911 and 5,997,233,894 for 1910.
The rate realized averaged only 0.89 mills per ton
per mile in 1912, against 10.03 mills in 1911 and 10.24
mills in 1910. In the late year there was also some
reduction in the passenger earnings. Altogether,gross
earnings were reduced $3,005,499 in 1911-12, in addition to a decrease of $1,244,984 in the year preceding.
This is the first shrinkage in revenues that has
occurred since the reorganization of the company.
Starting with $32,631,769 in 1898, gross transportation revenues rose steadily until they reached
$90,228,092 in 1910; in the two years since then
there has been a falling off to $85,977,609, and,
considering the conditions prevailing and the antecedent expansion, the falling off must be regarded
as relatively slight. Bearing in mind that the
present season's crop yield is again abundant, it
would not be surprising if the whole of the two
years' loss should be recovered during the current
or new fiscal year. Already, in the four months of
this new year from July 1 to Oct. 31, there has been
a gain in gross of $2,814,541.
VoL. Lxxxxv.
The late year's loss in gross was made additionally
hard,inasmuch as it was attended by a further augmentation in expenses. In 1911 a loss of $1,244,984
in gross came concurrently with an increase of
$3,068,725 in expenses, thus causing a loss in net
of $4,313,709. In 1912 a decrease of $3,005,499 in
gross was coincident with an increase of $1,486,214 in
expenses, producing a loss in net of $4,491,713. In
two years, therefore, the net from transportation
operations has been cut down from $40,024,835 to
$31,219,413. Of the late year's further augmentation of $1,486,214 in expenses, $904,641 was due to
another addition to the yearly tax payments. It is
pointed out by Robert S. Lovett, the Chairman of
the Executive Committee, who signs the report,
that in five years payments for taxes have more than
doubled. In the year 1907 they amounted to
$2,069,734, for 1912 they aggregated $4,368,788,
an increase of $2,299,054, or considerably over 100%.
Apart from the taxes there was an increase of
$625,548 in the ordinary operating expenses of the
rail lines, offset by a decrease of 143,975 in the
expenses connected with• the outside operations.
This further rise in expenses occurred notwithstanding a diminution, as already shown, in traffic in
both the passenger and the freight departments. In
analyzing the expense accounts,the report points out
that the increase occurred notwithstanding that
expenses were closely watched and reduced wherever
this was possible without lowering the standard of
efficiency and service to the public.
There was a decrease of $247,214 in expenses for
"maintenance" but an increase in expenses for
"operations" of $872,762. The augmentation in
the latter case cannot be considered at all surprising,
bearing in mind the various influences at work
tending to swell the expense accounts. Additional
expenses were imposed by the requirements of the
"hours of service" and "full train crew" laws, also
by higher wage schedules and by extra expenses
incident to the strike of the shopmen. This last
was one of the notable adverse features of the year.
The reader will recall that in the summer of 1911
the machinists, boiler-makers, blacksmiths, car
repairers and sheet-metal workers on the Union
Pacific and Southern Pacific formed a new federation
and presented demands involving an increase in
wages aggregating 36% and working rules and conditions which, according to the officials, would have
seriously abridged the company's ability to perform
its duties to the public as well as to the stockholders.
The employees were so informed, but at the same
time were assured that the company was willing to
continue working agreements as theretofore with individual crafts, recognizing but without discriminating in favor of or against the different unions. A
general strike was declared Sept. 30 1911 and 3,042
employees of the Union Pacific system and 5,189
of the Southern Pacific system responded. Places
were soon filled, but many unskilled workmen were
among those first employed, and several months
elapsed before all of these were replaced and the new
force was brought up to the proper state of efficiency.
In the meantime heavy expenses were incurred in
hiring guards to protect the employees of the company from violence and prevent damage to the
company's property.
Ilk In addition to the loss in net earnings from the
transportation operations, there was an increase of
1,696,969 in the fixed charges resulting from the
100
DEC. 14 1912.j
THE CHRONICLE
1577
payment of a full year's interest and rentals on newly
In what we have said in the foregoing we have in
built lines taken over the previous year. Altogether mind merely the general ability of the company to
the company had unfavorable circumstances and continue the present rate of distribution. Our reconditions to contend against in every direction. marks are not intended to have any reference to the
It is indicative of the great income strength possessed probable action of the management with regard to
by the company that, in face of all this, the income the quarterly dividend payable the coming January.
account for the year shows the 10% dividend earned In the ordinary course, action on this dividend will
in full with a surplus of $8,393,510 left over. Of occur within the next few days. There is nothing
course, however, this surplus reflects great shrinkage available as a guide to the probabilities. The single
as compared with the similar surplus in the preceding concrete fact is that, under the decree of the Supreme
year and a still larger shrinkage as compared with Court, the payment of dividends on the Southern
two years before. In other words, while for 1912 Pacific shares held by the Union Pacific is enjoined
the surplus above the 10% dividend is $8,393,510, "except to a receiver to be appointed by the District
for 1911 this surplus on the year's operation was Court to collect and hold such dividends until dis$14,334,445 and for 1910 was no less than $19,819,- posed of by the decree of the Court." As a result,
824. The contraction has been entirely in the in- the Union Pacific will not get the $1,899,750 reprecome from transportation operations. The income sented by the 13/2% quarterly dividend on Southern
from investments has remained substantially un- Pacific stock to be paid Jan. 2d—unless, indeed, an
changed. For instance, $14,651,247 was received express waiver is obtained from the Court with referas dividends on stocks owned (of companies other than ence to this particular dividend. Entirely apart from
the Oregon Short Line and Oregon-Washington Rail- this, however, it is quite possible the Union Pacific
road & Navigation Co.) in 1912, against $14,596,701 directors might not consider it expedient as a matter
in 1911 and $15,298,078 in 1910, and $1,834,019 was of policy to pay the usual 23/2% quarterly dividend
received as interest on bonds owned, against $1,392,- on Union Pacific common stock at this time, lest
it
509 in 1911 and $1,263,983 in 1910.
be looked upon as a defiance of the Court. A reducIt has been the custom heretofore to show the tion of the dividend in such circumstances, however,
transportation income and the income from invest- would have no bearing upon the probabilities of
ments separately and to charge up 6% (out of the the longer future.
10% dividends paid) against the former and the
Financially the company occupies a position of
remaining 4% against the investment income. In exceptional strength, as appears from the balance
the present report this distinction is abandoned and sheet for June 30 1912. The sum owing from the
no attempt at segregation made. The reason is Southern Pacific Co. on demand loans is only
obvious. As the loss has been entirely in the $12,000,000, against $20,007,305 on June 30 1911,
transportation income, this last has been reduced and cash on hand is only $7,117,052, against $12,to a point where it could no longer take care of the 171,011; but the Union Pacific and its auxiliary
6% dividends with which it has been charged in the companies had no less than $44,835,693 outstanding
past. With the net operating income from trans- June 30 1912 in demand and time loans and deposits,
portation operations $31,219,413, the fixed charges against only $2$,900,000 June 30 1911. Altogether,
were $16,075,924, the call for the 4% dividend on current assets June 30 1912 (not counting material,
the preferred stock was $3,981,744, while the require- fuel and supplies) were $78,876,351, while the current
ment for the 6% dividend on the common stock liabilities, including the dividends payable both
would be $12,998,843, making altogether $33,056,- July 1 and Oct. 1 and the $23,740,362 of Southern
511, and leaving a deficiency of $1,837,098. It is, Pacific Co. bond-purchase notes, were no more than
hence, evident that the company owes its excellent $48,959,766. The only addition to the funded debt
income showing entirely to the fact that the income during the year was in the sale of $14,775,000 of
from investments has remained unimpaired. Even Oregon-Washington Railroad & Navigation Co. first
with the income from the Southern Pacific stock and refunding 4s previously held in the treasury of
entirely eliminated, now that this stock must be the Oregon Short Line Co.
disposed of, the 10% dividends paid out of transportation income and investment income combined [ITCH COST OF LIVING AND HIGH COST OF
would still appear fully earned. With the Southern
SELLING.
Pacific's dividends included, the surplus on the year's
In the current number of "The World's Work,"
operations, we have seen, is $8,393,510. The Mr. B. F. Yoakum treats of "the high cost of selling"
amount received from the Southern Pacific dividends as an important factor in the high cost of living. The
was $7,599,000, which, if deducted, would make the products of the farms of the country last year were
surplus $794,510. Of course, however, it is unlikely worth, at the place of production, over 8 billions,
that the 10% dividends would be maintained if the says Mr. Yoakum. On the safe assumption that less
margin of surplus was so small as this. On the other than one-third was consumed on the farms, the
hand, in disposing of the Southern Pacific shares, farmers marketed products which brought them 6
the Union Pacific will, most assuredly, receive money billions. When those products finally went into
in return in one shape or another, which, presumably, consumption, the public paid for them over 13
will be used either in making new investments or billions, so that it cost 7 billions to distribute 6
reducing outstanding indebtedness. Either opera- billions' worth of products from farm to consumer.
tion will serve to add to the yearly net results, and in
There is apt to be a little uncertainty in dealing
addition there is almost a certainty of a considerable in- with great aggregated values, and there is often an
crease in the transportation income. We have already unconscious temptation towards impressive forms.of
shown that in the gross revenue for the four months statement; but strict exactness is not necessary to
of the new fiscal year from July 1 to Oct. 31 there the purpose in this case. The ordinary citizen will
was an increase of $2,814,541. In the net revenues affirm unhesitatingly that the bulk of this disthe increase for the same four months is $1,535,127. appeared 7 billions went to the railroads. If he is
15.78
THE CHRONICLE
[VoL. Lxxxxv.
confronted with the statement, easily sustained by a practicable part of the work of a "nation" collecGovernment statistics, that the total railroad tively. It is natural and just for him to defend the
earnings from all kinds of freight combined have railroads from the common imputation of extortion,
never reached 2 billions in a year, he will make any and he seems to lay little to the charge of the soconvenient reply, but will obstinately stick to his called trusts, which he deems business organizations
guess. In fact, says Mr. Yoakum, the total railroad that are able to largely eliminate wastes. Some
earnings from all agricultural products, including attempts at direct marketing which he relates, and
animals, last year was approximately 495 millions, his tabular statement of the growth of the British
or less than 4% on the 13 billions paid by consumers co-operative societies from the start in Rochdale in
1844, are interesting but not equal to solving the
of farm products.
Then Mr. Yoakum follows with a story told by a problem. All we can see clearly is that solving it
friend who has an inquiring turn of mind. Standing must come in part by lessening friction and waste,
at a Rock Island station in Oklahoma, and noticing probably by some elimination of middle-men, cera car in course of loading with fine watermelons, he tainly by a large increase in the average yield of the
questioned the farmer who had brought them, and soil through more brain work and better methods,
learned that 1,050 melons went into the car for a load and that patience and search for defects are an indisand brought him 5 cents each; the farmer added pensable factor. It is a work for individuals seeking
that it took him all day with two teams, one of which individual advantage rather than one to be underhe hired, to get the melons in from his farm, four taken collectively.
miles distant, and that he was not making anything
GS FOR NOVEMBER.
on his crop, merely trying to get some ready money. RAILROAD GROSS EARNIN
Our early statement of railroad gross earnings
Then the local buyer came along, and was drawn into
and general
the talk. The narrator told him he had just come for the month of November shows large
the month
of
e
experienc
from St. Paul, where such melons were bringing 60 gains. This repeats the
is
November
for
gain
of
amount
.
The
to 75 cents each, and why must the grower take preceding
or
1,
$8,441,33
being
October,
for
as
not
as
large
a loss on them at 5 cents? To this the buyer replied
12.30% for October,
that all he got was 30 cents from the dealer, out of 11.88%, against $9,327,956, or
better, inasmuch
really
is
result
the
but
present
asceror
investigat
which he paid the freight. The
of an extra
advantage
tained that the car paid $75 to reach St. Paul, and as in October there was the
Sundays in
four
only
been
having
after figuring down to a single melon it was found working day (there
in the
Sundays
five
against
as
1912,
in
that the farmer got 5 cents, the buyer got 30 or the month
November
for
whereas
year),
last
of
month
more, the railroad 732 cents, the retailer got 30 same
same number of
cents, and the consumer paid the whole. The the comparison is based on the
46 roads conthe
Of
years.
both
in
days
working
the
d
astonished farmer said he had always considere
all but 5
month,
the
latest
for
returns
tributing
the
1,050
of
cost
the
Taking
railroads the robbers.
losses
the
and
of
gain,
aggregate
the
to
contribute
figured
was
it
$630,
be
to
consumer
melons to the
able.
inconsider
are
5
that the farmer got $52 50, or 8.33%; the buyer got on these
Bearing in mind that these early statements of
$240, or 38.09%; the railroad got $75, or 11.91%;
come almost entirely from Western grainearnings
and other expenses and profits got $262 50, or
Southern cotton-carrying roads and that
or
carrying
41.67%.
grain movement ran far in excess of
Western
the
e,
Such wasteful methods ought to be impossibl
and the Southern cotton movement
year
last
of
that
push
to
them
says Mr. Yoakum. We have allowed
and considering furthermore that
larger,
also
was
of
number
largest
the
that
up the cost of selling, so
was very much more
non-producers may live; now the tendency is in the general trade the present year
anding that 1912
notwithst
year
other direction of requiring all who handle the neces- active than last
the excellent
election,
al
Presidenti
a
by
saries of life to show cause why they should not be was marked
no surprise.
creates
made
showing
the
of
character
curtailed somewhat.
that last
ed
remember
be
,to
re,
furthermo
is,
It
an
y
The melon case is interesting, but admittedl
to
served
events
special
extreme. Mr. Yoakum made, some time ago, an year in November some
which
s
lines,
drawback
investigation of food prices in Philadelphia, and fig- reduce the earnings of certain
For
the
year.
instance,
ured that on the total food bill of that city for one were absent the present
& Mississippi Valley
year the farmer got 59%, the carriers got 532% and Illinois Central and the Yazoo
of the shopmen's
reason
by
severely
then
suffered
the costs of selling plus profits were 3532%. In this
of the Harriwhole
the
over
which
extended
strike,
tercity
city the total annual cost of food at the
in 1911 lost
Central
Illinois
The
man
of
system
roads.
freights
with
minals is estimated at 350 millions,
i
Valley
Mississipp
$109,&
Yazoo
and
the
$589,834
500
pay
to
paid, but the consumer is estimated
gains
now
of
$544,468
the
this
In
of
view
560.
handling
of
costs
mostly
millions, the difference being
rather than profits. As to the total 13 billions paid by the Illinois Central and of $56,049 by the Yazoo
e.
by the consumers of the country for farm products & Mississippi Valley do not seem very remarkabl
losses
sustained
roads
also
other
a
of
Quite
number
in 1911, Mr. Yoakum makes a rough estimate that
smaller crop movement.
the producer got 46.1%, the carrier got 3.8%, legiti- last year because of the
in November 1911
whole
a
as
early
statement
Our
selling
mate expenses of selling took 9.2%, wastes in
namely
$1,247,559,
increase,
a
showed
moderate
took
retailers
and
took 12.0% and profits of dealers
Canadian
systems
28.9%. "No nation," he affirms, "can be permen- or 1.73%, but this included three
4, leavof
$1,841,70
increase
an
had
together
which
the
obvious
neglects
which
powerful
and
ently great
in
United
roads
the
the
for
a
loss
methods to furnish to the people ample supplies of ing, therefore,
4
$2,755,46
year
present
The
of
$594,145.
necessary food at the lowest prices consistent with States
systems
three
Canadian
the
by
ed
is
contribut
gain
of
sound business and sound morals."
of Canada
What are "the obvious methods" Mr. Yoakum does (the Canadian Pacific, the Grand Trunk
7
$5,685,86
leaving
,
Northern)
Canadian
the
and
not
are
they
that
not set forth, and our own belief is
DEO. 14 1912.)
THE CHRONICLE
gain for the roads in the United States. It is rather
noteworthy that our early statements for November
have recorded improved results for every year back
to 1896, with the single exception of 1908, the year
following the panic. This will appear from the
following, showing the aggregates back to the year
named.
Mileage.
Gross Earnings.
November.
Year Yr .pre- InGiven. ceding. cr.se.
Year.
Roads. Miles. Miles.
1806._
1897_
1898_
1809____
1900__
190E_
1902._
1903._
1904____
1905_
1906_
1907____
1908._
1909____
19101911._
1912....
c",
Year
Given.
8
Year
Preceding.
Increase (+),
or Decrease (-).
$
$
%
122 89,936 89,214 0.81 39,415,623 44,188,179 -4,772,556 10.79
126 96,391 95,103 1.35 50,213,481 41,517,497 +8,695,984 20.94
114 89,367 88,235 1.28 47,777,989 45,833,778 +1,944,211 4.24
117 98,684 96,967 1.77 59,800,183 54,149,899 +5,650,284 10.43
105 97,494 94,059 3.65 59,169,448 57,853,427 +1,316,021 2.28
100 103,453 101,924 1.50 68,966,766 61,260,137 +7,706,629 12.58
74 90,106 88,251 2.10 62,023,087 57,983,250 +4,039,837 6.96
70 86,742 84,573 2.56 60,220,508 57,887,073 +2,333,435 4.03
68 84,002 82,427 1.91 63,536,601 57,818,885 +5,717,716 9.88
55 83,677 81,709 2.41 71,044,232 65,109,098 +5,935,134 9.11
69 97,240 94,861 2.51 87,119,750 83,250,084 +3,869,666 4.65
58 74,439 73,168 1.74 54,770,493 53,425,317 +1,345,176 2.52
51 79,108 77,518 2.05 59,940,539 61,744,772 -1,804,233 2.92
45 81,218 79,588 2.05 65,522,732 58,007,375 +7,515,357 12.91
45 87,809 85,221 3.04 69,828,448 68,138,393 +1,690,055 2.48
51 90,287 88,685 1.77 73,469,030 72,221,471 +1,247,559 1.73
46 86,371 84,098 2.70 79,457,311 71,015,980 +8,441,331 11.88
Jan. 1 to No v.30.
1896____ 116 88,629 87,907
1897_ 119 95,150 93,873
1898____ 114 89,307 88,235
1899____ 110 96,867 95,172
1900____ 103 96,630 93,195
1901____
93 102,492 100,995
1902_
74 90,106 88,251
1903._
70 86,742 84,573
1904-.. 87 83,968 82,393
1005-55 83,677 81,709
1906.... 69 97,240 94,861
1907____
55 74,037 72,766
1908- 50 78,706 77,116
1909____
44 81,008 79,378
1910____
45 87,809 85,221
1911____
51 90,287 88,685
1912.... 46 86,371 84,098
0.82 411,624,390 404,636,777 +6,987,613 1.72
1.36 460,682,396 433,915,117 +26,767,279 6.09
1.28 461,937,617 424,007,183 +37,930,434 8.64
1.77.559,918,434 511,496,013 +48,422,421 9.46
3.68 595,487,645 542,700,820 +52,786,825 9.72
1.48 677,212,805 609,239,714 +67,973,091 11.15
2.10 623,776,463 576,882,954 +46,893,509 8.12
2.56 639,338,998 576,573,058 +62,765,940 10.88
1.91 613,553,405 606,552,863 +7,000,542 1.15
2.41 673,611,217 826,496,472 +47,114,745 7.52
2.51 900,355,234 794,728,647 +105626,587 13.39
1.74 590,965,575 540,238,902 +50,726,673 9.39
2.06 575,231,637 662,099,137 -86,867,500 13.12
2.06 618,292,400 551,266,144 +67,026,348 12.16
3.04 717,209,180,644,249,456 +72,959,724 11.32
1.77 739,426,368.724,138,841 +15,287,527 2.11
2.70 775,171,5271712,244,329 +62,927,198 8.83
Note -Neither the earnings of the Mexican roads nor the mining operations of
the anthracite coal roads are included in this table.
The Western grain movement was of prodigious
dimensions the present year. That follows naturally, of course, from the country's bounteous harvests, the 1912 yield of most of our leading grain
crops having been of unexampled dimensions. For
the five weeks ending November 30 the receipts
of wheat at the Western primary markets reached
no less than 60,574,359 bushels, as against only
28,271,252 bushels in the corresponding five weeks
of 1911; the receipts of oats were 29,400,014 bushels,
against 12,065,078 bushels; the receipts of barley
16,488,591 bushels, against 10,635,445 bushels and
the receipts of rye 2,961,284 bushels, against 1,261,076 bushels. Adding corn, where the receipts
were below those of last year, as the new crop has
not yet begun to move to any considerable extent,
the receipts of the five cereals for the five weeks of
1912 amounted to the huge total of 122,876,070
bushels, as against only 69,005,087 bushels in the
corresponding five weeks of 1911. In addition there
was a considerable gain in the flour movement.
The details of the Western grain movement in our
usual form are set out in the table we now insert.
WESTERN FLOUR AND GRAIN RECEIPTS.
Five weeks
Ending
Nov. 30.
Chicago-
Flour.
(Ibis.)
Wheal.
(bush.)
881,105 5,078,500
1,883,500
1911-- 614,139
Milwaukee964,350
1912____ 374,410
1,085,920
1911____ 304,934
St. Louis1912......_ 331,660 3,632,666
1911____ 257,165
1,164,471
Toledo1912_
868,000
1911_
385,000
Detroit1912---25,600
40,000
1911-33,545
452,515
Cleveland1912-4
27,603
195,247
1911-3,675
35,439
Peoria1912.... 202,640
112,000
216,600
103,000
Duluth169,505 21,246,686
1912- _
124,525 6,484,536
1911.._
inneapolls20,441,910
1912.
1911_
15,009,271
Kansas City1912.
5,248,000
1911____
1,687,600
Omaha1912_
2,746,000
1911_
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
7,935,900 17,077,800 4,470,100
9,187,350 6,384,000 3,838,300
463,420
798,820
1,715,060 2,608,800
766,000 1,550,900
Rye.
(bush.)
608,100
297,000
569,300
331,440
1,371,579
1,507,381
2,242,360
1,134,200
318,500
413,500
366,900
121,500
229,400
437,723
449,760
228,034
205,799
223,098
579,058
199,960
12,316
3,124
1,353,073
2,205,524
898,978
324,000
412,600
241,200
70,300
20,900
1,464,012 3,387,455
868,430 1,052,837
737,485
141,622
2,188,300 4,897,320
1,382,854 3,632,400
946,136
455,960
505,470
776,640
764,400
1,242,200
882,300
656,100
341,281
1,535,486
700,000
316,684
29,963
12,154
2,000
The cotton movement also, as already stated,
ran well ahead of that of last year, though the gain
was entirely in the Southwest; in the Atlantic States
there was a falling off. The shipments overland
for the month were 301,484 bales, against only
285,408 bales last year and 305,504 bales in November 1910, while the receipts at the Southern ports
aggregated 2,161,310 bales, against 1,953,246 bales
last year and 1,673,039 bales two years ago. At
Galveston, Texas City and New Orleans the deliveries were very much heavier than last year, but at
Mobile, Pensacola, Savannah, Charleston, Wilmington and Norfolk they were considerably smaller
than in 1911, as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER AND
FROM JANUARY 1 TO NOVEMBER 30 1912, 1911 AND 1910.
November.
Ports.
Galveston
bales
Texas City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News,&c__
Total
1912.
1911.
786,015
204,202
375,383
50,919
45,039
304,428
78,200
76,949
586,311
194,187
312,614
57,733
46,328
388,377
64,050
85,375
233
108,305
146,746
2,987
88,567
132,743
18,865
Since January 1.
1910.
1912.
1911.
1910.
476,956 3,730,751 2,614,098 2,435,454
86,244 813,299 649,698 306,112
365,474 1,487,307 1,204,935 1,207,993
52,364 280,094 220,328 210,460
27,333 154,486 180,489 104,136
273,766 1,634,583 1,605,555 1,111,797
45,445 335,989 248,981 145,658
76,424 339,362 275,451 234,024
372
389
1,724
1,448
105,491 432,684 352,409 316,887
162,287 585,908 466,389 493,752
883
54,102
5,763
8,990
2,161,310 1,953,246 1,673,039 9,848,954 7,825,220 6,576,691
As an indication of the advantages derived from
the general activity of trade, and particularly the
wonderful expansion of the iron and steel industry,
we may note that the receipts of iron ore at the
Upper Lake ports during November 1912 amounted
to 4,072,674 tons, as against only 2,523,253 tons in
the same month of last year. This ore, after it
reaches the Lower Lake ports (making the passage
by water) is thence distributed by the various rail
lines to points of destination at mills and furnaces.
From this last the big trunk-line systems derive
largest benefit and none of these is ever represented
in our early compilations.
The Westegn grain movement was particularly
heavy at the spring-wheat points, more particularly
Duluth and Minneapolis, and accordingly it is not
surprising to find the Great Northern recording
an increase of $1,532,813, following a large gain last
year, which latter, however, was in good part a
recovery of what had been lost in 1910. Most
of the Southern and Southwestern roads, however,
also submit very encouraging exhibits. In the
following we bring together all changes for the
separate roads for amounts in excess of $30,000,
whether increases of decreases, though as a matter
of fact the list is entirely made up of gains, there
being no losses for the amount named.
PRINCIPAL CHANGES IN GROSS EARNINGS IN NOVEMBER,
Increases.
Increases.
Canadian Pacific
$1,726.000 Buffalo Roch & Pittsburgh $174,111
Great Northern
1,532.813 Texas & Pacific
137,259
Illinois Central
544.468 Chicago & Alton
115,394
Grand Trunk
521,264 Colorado & Southern_ _ _ _
109,740
Canadian Northern
508,200 Seaboard Air Line
81,235
Southern Railway
485,508 Chic New On & Tex Pac__
71,571
Missouri Pacific
469.377 Chicago Great West
71,375
Missouri Kansas & Texas_
468,828 Chicago Ind & Loulsv
64,622
Wabash
272,550 Yazoo & Miss Valley
56,049
Louisville & Nashville_ - __
258,037
Chesapeake & Ohio
241,988
Minneapolis & St Louis
207,743
Representing 22 roads
Denver & Rio Grande_ _ _ _
205,700
in our compilation_ __$8,323,832
To complete our analysis we annex the following
six-year comparisons of the earnings of leading roads,
arranged in groups.
Total of Alt1912.- 2,012,523 60,574,359 13,488,822 29,400,014 16,488,591 2,961,284
1911-- 1,574,575 28,271,252 16,772,236 12,065,078 10,635,445 1,261,076
1'579
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
November.
1912.
1911.
1910.
Canadian Pae_ 12,125,000 10,399,000 9,413,238
Chic & Alton_ 1,361,1851,245,791 1,275.040
Chic Gt West * 1,150,665 1,079,290 1,108,819
253,465
234,847
257,526
Dui So Sh & At
Great North__ 7,757,543 6,224,730 5,623,009
856,096
648,353 1 439,635
Minn & St 1...1
f 311,695
Iowa Cent.1
Total
1909.
9,075,964
1,215,708
1,064,253
270,968
6,135,465
492,127
308,350
1908.
1907.
$
7,303,303 6,953,967
1,036,842 1,052,378
915,490
715,391
232,191
258,786
5,673,562 6,093,554
363,531
351,208
233,686
253,047
23,503,954 19,832,011 18,428,962 18,562,835 15,758,605 15,678,331
* Includes Mason City Wort Dodge and the Wisconsin Minnesota & Pacific in
1912, 1911, 1910, 1909 and 1908.
THE CHRONICLE
1580
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
PIOINVOCT.
1912.
1911.
1910.
1909.
1908.
1907.
994,108 - 819,997
783,016
770,664
547,945
754,546
Buff Roch & P
580,355
515,733
487,570
417,260
Chic Ind & Lou
509,224
433,785
Grand Trunk{
Gr Tk West 4,622,508 4,101,244 3,845,640 3,839,761 3,545,458 3,934,548
DetGH&M
Canada MI(
Illinois Cent c_ 55,476,774 54,932,306 55,522,140 a5,126,766 a5,074,164 5,313,028
107,911
Tol Peor & W_
103,315
90,207
88,533
93,937
105,359
Tot St L & W_
344,261
335,198
301,899
351,338
353,044
342,796
Wabash
2,706,857 2,434,307, 2,585,197 2,529,408 2,081,245 2,127,7C0
Total
14,832,774 13,242,1001 13,671,718 13,219,0741 12,073,12912,992,357
1
1
a No longer includes receipts from outside operations.
S No longer includes receipts for hire of equipment, rentals and other items.
c Includes earnings of the Indianapolis Southern beginning with July 1910.
EARNINGS OF SOUTHERN GROUP.
November.
Ala Gt South_
Ala N 0 & T P
NO & N E_
Ala & Vicks_
Vicks Sh & P
Central of Ga_
Ches & Ohio_c
CinNO&TP
Lou & Nashv b
Mobile & Ohio
Seaboard Mr L
Southern Ry_ _
Yazoo &Mimi/
Total
1912.
1911.
1910.
1909.
1908.
1907.
444,969
424,618
382,239
368,682
295,711
323,637
334,617
161,186
161,844
1,256,600
2,893,805
861,887
5,112,025
1,013,403
2,064,872
5,911,973
1,137,340
342,307
165,704
148,134
1,251,800
2,651,817
790,316
4.853,988
1,033,841
1,983,637
5,426,465
1,081,291
328,512
161,503
140,911
1,190,542
2,771,400
808,306
4,871,173
1,004,266
1,893,461
5,358,623
1,190,851
296,052
281,639
157,753
148,156
133,861
127,442
1,117,427 1,008,065
2,657,437 2,118,133
797,744
625,508
4,540,697 3,863,382
880,432
924,343
1,734,707 1,484,200
5,089,245 4,465,162
1,075,125 a1,146,398
276,044
148,238
141,638
1,130,379
2,458,019
702,161
3,912,611
858,494
1,340,075
4,622,207
996,107
21,354,521 20,153,918 20,101,787 18,893,073 16,444,228 16,909,610
a Includes, beginning w th this year, some large items of income not previously
included in the monthly returns.'
S Includes Louisville & Atlantic and the Frankfort & Cincinnati in 1912, 1911,
1910 and 1909.
c Includes Chesapeake ac Ohlo of Indiana, beginning July 1 1910.
EARNINGS OF SOUTHWESTERN GROUP.
November.
1912.
1911.
1910.
1009.
1908.
1907.
[VOL. Lxxxx
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
-The public sales of bank stocks this week aggregate
241 shares,of which 171 shares were sold at the Stock Exchange and the remainder at Auction. No trust company
stocks were sold.
Shares. BANKS-New York.
Low. High.
*6 Amer.Exchange Nat. Bank_ 228
228
*165 Commerce, Nat. Bank of.. __ 19534 198
70 Fourth Nat. Bank
200 200
Close.
228
196
200
Last previous sale.
Nov. 1912- 230
Dec. 1912- 200
202
Nov. 1912
* Sold at the Stock Exchange.
-A New York Stock Exchange membership was posted
for transfer this week, the consideration being $55,000. Last
week a transfer was recorded for $58,000.
-A resolution providing for the adjournment of Congress
during the Christmas holidays, from Dec. 19 to Jan. 2, was
adopted by the House of Representatives on the 11th inst.
and a similar resolution was passed by the Senate yesterday
(Friday).
-The following schedule of hearings on tariff revision
was announced by the Ways and Means Committee of the
House of Representatives on the 11th inst.:
Schedule A-Chemicals, oils and paints, Monday, Jan. 6.
Schedule B-Earths, earthenware and glassware, Wednesday, Jan. 8.
Schedule C-Metals and manufactures, Friday, Jan. 10.
Schedule D-Wood and manufactures, Monday, Jan. 13.
Schedule L-Silk and silk goods, Monday, Jan. 13.
Schedule E-Sugar and manufactures, Wednesday, Jan. 15.
Schedule II-Spirits, wines and other beverages, Wednesday, Jan. 15.
Schedule F-Tobacco and manufactures, Friday, Jan. 17.
Schedule M-Pulp, paper and books, Friday, Jan. 17.
Schedule H-Agricultural products and provisions, Monday, Jan. 20.
Schedule I-Cotton manufactures, Wednesday, Jan. 22.
Schedule J-Flax, hemp and jute and manufactures, Friday, Jan. 24.
Schedule K-Wools and manufactures, Monday, Jan. 27.
Schedule N-Sundries, Wednesday, Jan. 29.
Free list, administrative features and miscellaneous, Friday, Jan. 21.
-A bill pensioning widows and minor children of veterans
of the Spanish-American War or the Philippine insurrection
was passed by the House of Representatives on the 4th inst.
It provides that the widow of any officer or enlisted man who
served ninety days or more during the Spanish war or the
16,560,435 15,134,531 15,299,208 14,337,917 12,972,765 11,986,829 Philippine insurrection between April 18 1898 and July 4
Total
_
1912 shall, on certain conditions, receive a pension of $12 a
a Includes Texas Central in 1912, 1911 and 1910 and Wichita Falls Lines in 1912. month; a pension of $2 a month is accorded each minor child,
We now add our detailed statement for the month, and in case of the widow's death the $12 would be paid to
comprising all the roads that have thus far furnished the child or children. It is estimated that the bill will add
about $1,000,000 to the yearly pension payments.
comparisons for November.
-The Legislative, Executive and Judicial Supply bill,
GROSS EARNINGS AND MILEAGE IN NOVEMBER.
carrying appropriations of $34,900,583 for the fiscal year
beginning July 1 1913, was passed by the House of RepreMilegae.
Gross Earnings.
sentatives on the 9th inst. Before the passage of the bill
Name of Road.
Inc.(+)or
Dec. (-). 1912. 1911. an effort was made by Representative Gillette of Massa1911.
1
1912.
chusetts to incorporate a provision appropriating $54,500
$
$
$
+.20,351
424,618
309
444,969
309 for the maintenance of the U. S. Commerce Court, but the
Alabama Gt Southern
Ala New Orl & T P342,307
-7,690
195
334,617
195 motion was defeated by a vote of 83 to 33. Provision for
New On & N E____
-4,518
142
165,704
142
161,186
Alabama & Vicks__
171
+13,710
148,134
161,844
171 the Court until March 4 1913 was made in the last legislaVicks Shrew & Pac_
292
-10,721
200,234
292 tive bill.
189,513
Ann Arbor
27
27
+727
6,547
7,274
Bellefont Central
+174,111
573
819,997
573
994,108
Buffalo Each & Pitts_
-Leander P. Mitchell, Assistant Comptroller of the U. S.
+508,200 4,297 3,731
2,509,700 2,001,500
Canadian Northern
12,125,000 10,399,000 +1,726,000 11,354 10,542 Treasury, died in Washington on the 6th inst. of heart disCanadian Pacific..
+4,800 1,915 1,915
1,256,600 1,251,800
Central of Georgia..
+241,988 2,309 2,242 ease. Mr. Mitchell entered the Treasury department in
2,893,805 2,651,817
Chesapeake & Ohio
+115,394 1,026 1,026 1898. Walter W. Warwick was
1,361,185 1,245,791
Chicago & Alton
nominated by President
+71,375 1,496 1,496
1,150,665 1,079,290
Chicago Gt Western.._
616 Taft yesterday to succeed Mr. Mitchell as Assistant Comp+64,622
616
515,733
580,355
Chic Ind & Louisv__ _
336
+71,571
336
790,316
861,887
Cinc New Orl & T P
+109,740 1,814 2,008 troller.
Colorado & Southern_ 1,447,894 1.338,154
+205,700 2,598 2,555
Denver & Rio Grande 2,275,300 2,069,600
+2,927
411
89,934
358
92,861
-In resuming its oral hearings in the "money trust" inDetroit & Mackinac
234,847
+18,618
625
253,465
616
Duluth So Sh & Ati
206,003
+11,974
217,977
395
395 vestigation on Monday,the Congressional committee directed
Georgia Sou & Fla..
Grand Trunk of Can
clearing-house asso+521,264 4,533 4,524 its attention to the workings of various
4,622,508 4,101,244
Gran dTrunk West
Dot Gr Haw & Mil
ciations, the operations of the clearing houses of Baltimore,
Canada Atlantic__
7,757,543 6,224,730 +1,532,813 7,712 7,345 Pittsburgh, Philadelphia and New York entering into the
Great Northern
+544,468 4,763 4,763
5,476,774 4,932,306
Illinois Central
+10,000 1,160 1,160 line of inquiry. Samuel Untermyer, counsel for the com1,139,000 1,129,000
Internat & Gt Nor_ .. _
+258,037 4,723 4,705 mittee, conducted the examination of the witnesses, and en5,112,025 4,853,988
Louisv & Nashv
105
105
-1,329
14,678
13,349
Macon & Birmingham
127 deavored to show that there was a general movement among
127
+8,601
60,803
69,404
Mineral Range
Minneap & St Louls_l
+207,743 1,585 1,585 clearing houses to impose on banks a rule enforcing the
648,353
856,096
Iowa Central
J
+468,828 3,816 3,398
Missouri Kan & Tex a 3,160,596 2,691,768
+469,377 7,233 7,233 collection of charges on out-of-town checks. Monday's
5,329,883 4,860,506
Missouri Pacific
-20,438 1,114 1,114 proceedings started with testimony relative to the Baltimore
1,013,403 1,033,841
Mobile & Ohio
114
238
+6,117
31,432
37,549
Nevada-Cal-Oregon _
180 Clearing House, Waldo Newcomer, President of the Associa180
+21,134
35,456
56,590
Rio Grande Southern_
+25,000 1,609 1,499
St Louis Southwestern 1,245,000 1,220,000
+81,235 3,070 3,046 tion and President of the Exchange National Bank, being
2,064,872 1,983,637
Seaboard Air Line..
+485,508 7,036 7,089 one of about eight financiers of that city who appeared
Southern Railway_ __ _ 5,911,973 5,426,465
95
95
+3,577
7,833
11,410
Tenn Ala & Georgia.._
+137,259 1,885 1,885 before the committee. The action of the Association in
1,962,762 1,825,503
Texas & Pacific
247
247
+4,596
103,315
107,911
Toledo Peoria & West
451 declining to admit the State Bank of Maryland to member+9,063
335,198
451
344,261
Toledo St L & West
+272,550 2,514 2,514
2,706,857 2,434,307
Wabash
ship, because it would not agree to abide by the Clearing1,081,291
1,374
+56,049
1,374
1,137,340
Valley..
Miss
Yazoo &
House rules enforcing collections, figured in the examination.
79,457,311 71,015,980 +8,441,331 86,371 84,098
Total (46 roads)_.
Net increase (11.88%)
Robert Wardrop,President of the Pittsburgh Clearing-House
tg- Association, and A. C. Knox, Vice-President of the Mellon
Mexican roads (not in cl. in total)+63,929 1,030 1,034
636,596
Interoceanic of Mex
700,525
+8,900
9455,700
395
9464,600
361 National Bank of Pittsburgh, were called upon for informaMexican Rallway..
+387,014 6,062 6,001 tion as to the movements of the clearing house of their city.
Nat Rys of Mexico__z 4,498,268 5,111,254
Mr. Knox's bank is one of those which is contesting the rule
a Includes Texas Central in both years and Wichita Falls Lines in 1912.
x Includes Mexican International in both years.
the Pittsburgh Clearing House fixing uniform charges for
of
are for three weeks only in both years.
Colorado & So
Deny & Rio Or
Intern & Gt N
Mo K & T a__
Mo Pacific_
St L S W
Texas & Pacific
$
1,447,894
2,275,300
1,139,000
3,160,596
5,329,883
1,245,000
1,962,762
$
1,338,154
2,069,600
1,129,000
2,691,768
4,860,506
1,220,000
1,825,503
y These figures
$
1,569,474
2,210,052
878,036
2,971,573
4,741,483
1,209,702
1,718,888
$
1,570,545
2,117,056
875,667
2,433,439
4,659,078
1,082,448
1,599,684
$
1,437,267
1,836,889
834,642
2,318,061
4,006,075
1,022,037
1,517,794
$
1,422,672
1,858,378
606,217
2,018,059
3,819,501
875,623
1,386,379
DEC. 14 1912
THE CHRONICLE
1581
the collection of out-of-town drafts and checks and the rate of pany,and will deposit under this agreement all of the stock of thecompany,
interest to depositors. Mr. Knox responded in the negative with the exception of 140 shares, which 140 shares are owned and heldkby
the incorporators of the company, subscribers hereto in the
proportions
when asked as to whether he could see any objection to the of ten shares each,
necessary to qualify the said incorporators to act as
incorporation of the clearing house. The clearing house he directors of the company and for that reason are not
deposited under this
regards as a necessity, and, while doubting the wisdom of agreement; and
"Whereas, It is
purpose of the said incorporators to provide herein
Federal or State supervision to any extent, he thought that that the ten sharesthe
of stock which are to be retained by each, and not
a limited protection of this sort might be desirable. While transferred hereunder, shall, nevertheless, be held subject, so far as may
Mr. Knox was on the stand the affairs of the Salt Lake be,to the provisions of this agreement without interfering with the necessary
qualifications required by law of each director; and
Clearing-House Association were discussed, documents
"Whereas, The trustees are also beneficially interested in the company
and
a majority, as individual stockholders, are among the parties
bearing on it being placed in evidence. It appeared that the
of the
first part hereto; and
National Copper Bank of that city charged that the associa"Whereas, The terms and provisions of this agreement and the execution
tion, under its rules, was violating the Sherman Anti-Trust thereof wore in contemplation of all the parties hereto at the
time of their
Act. Its rules, it is reported, provide that no member shall respective subscriptions to the stock of the company,and formed a part
of the consideration for the said subscriptions to said stock, although
not
pay interest on open or checking accounts except in cases recited in the subscriptio
n agreement
said stock,
where the arrangement had already been made with cus- "Now, therefore, in consideration for
of the premises and of the mutual
tomers before the rule was adopted. Francis B. Reeves, covenants, promises and undertakings herein contained and to be kept
and
be performed by the several parties hereto, and of one
dollar by
President of the Philadelphia Clearing-House Association, each to
of the parties hereto to the other in hand paid, the receipts
and President of the Girard National Bank, was another are hereby acknowledged, the parties hereto have agreed as follows:whereof
"First, Each of the parties hereto of the first part holding
of the week's witnesses. Mr. Reeves 'told the committee capital
shares of the
stock of the company to the number set opposite
his name herethat the Philadelphia association has no rule requiring the unto subscribed, hereby
severally agree to deposit the said shares to the
banks to charge stipulated rates for out-of-town collections, number set opposite his name, and the certificates therefor, with sufficient
thereof in favor of the trustees, with the trustees
and stated that the Philadelphia banks make whatever transfers
or the agent
or depository duly authorized by them, and to receive or have
delivered
arrangements are deemed proper without any strictures by to his order in exchange
therefor the certificates hereinafter referred to;
which deposit shall continue for the period of five years from the
the Clearing House.
date of this
agreement; that is to say, until the 18th day of March 1908;
and, upon
The evidence which elicited the most interest, however, the
making of such deposit, the shares represented
the stock certificates
was that brought out at Tuesday's hearing, in which facts so deposited shall be transferred upon the books by
of the company to the
were put on record showing that control of both the Bankers names of the trustees; said trustees are hereby fully authorized and empowered to cause such transfers to be made, and they and their survivors
Trust Co. and the •Guaranty Trust Co. of New York is and
survivors in office are hereby further fully authorized and
empowered
vested in voting trusts. According to the testimony to make, or cause to be made, any further transfers
of such shares which
of Walter E. Frew, Chairman of the Clearing-House may become necessary through the occurrence of any change of the persons
the office of trustee as hereinafter provided.
Committee of the New York Clearing-House Associa- holding
"During the said period of five years the trustees shall possess
and be
tion and President of the Corn Exchange Bank of entitled to exercise all rights of every name and nature, including
the
New York, the only witness of that day, the Bankers Trust right to vote in respect to any and all such shares deposited, except as
hereinafter limited, it being, however, understood that the holders
of
the
Co. (of which he is a director) is controlled by three trust certificates to be issued by the trustees shall
be entitled to receive
trustees, namely H. P. Davison, a partner in the firm of payments equal to the dividends, if any, collected by the trustees
upon
J. P. Morgan & Co,.; George B. Case, of White & Case, shares standing in their names, such payments to be made when and as
soon as received by the trustees, on the basis of the proportionate interests
counsel for the First National Bank, and Daniel G. Reid. represented by the several trust certificates; provided,
however, that the
a director of the First National Bank. The trustees in trustees may deduct from any dividends their fair compensation and their
control of the Guaranty Trust Co. are H. P. Davison necessary expenses incurred in connection with their duties hereunder, to
be divided among them as they see fit, and thereby reduce the payment
and William H. Porter, both members of J. P. Morgan to tho several certificate
holders pro rata.
"Second—The trustees do hereby promise and agree with the stock& Co., and George F. Baker, Chairman of the Board
holders, and with every holder of certificates issued as hereinafter provided,
of the First National Bank. Under the original voting that
from the time, upon request, they will cause
be issued to the several
trust agreement of the Bankers Trust Co., entered into in stockholders of the company, in respect of all to
stock deposited by such
1903, George W. Perkins, then of J. P. Morgan & Co., was stockholders, certificates to an aggregate amount equal to the amount:
all stock so deposited, and which certificates shall be in substantially.
one of the trustees, but he was later replaced by Mr. Case. of
the following form:
The voting trustees, it is stated, hold and vote all of the
Bankers Trust Company, Voting Trust Certificate.
stock of the respective companies, except enough to allow a
"This is to certify that on the 18th day of March 1908
will
be entitled to receive a certificate or certificates for full-paid shares
board of directors to qualify, and under the trust agreements
of $100 each in the capital stock of the Bankers Trust Company,
have absolute authority over the affairs of the companies.
and
in the meantime to receive payments equal to the dividends,
if any,
Mr. Untermyer endeavored to induce the witness to admit
collected by the undersigned voting trustees upon
a like number
of such shares of the capital stock standing in their
that the "phenomenal rise" in the growth and influence of
names less the
fair compensation and necessary expenses of the voting
trustees, and
the Bankers Trust Co. was due to the influence of J.. P. Moruntil the said 18th day of March 1908, the voting trustees
shall possess
gan & Co. Mr. Frew, however, refused to characterize the
and be entitled to exercise all rights of stockholders
of every name
and nature, including the right to vote in respect of any
company as a Morgan institution, but admitted that the
and all such
stock, it being expressly stipulated that no voting right
passes to the
voting trustees were identified with or closely related to the
holders hereof by or under this certificate or by or under
any agreefirm of J. P. Morgan & Co. Mr. Untermyer also tried, unment, expressed or implied. This certificate is issued pursuant
to the
terms of an agreement in writing dated the 18th day of March
successfully, to show that the merger of the Mercantile Trust
1903,
made and entered into between stockholders of said company
and said
Co. with the Bankers Trust was the result of Morgan
voting trustees, which agreement is on file with the voting
trustees and a
duplicate of which agreement is on file in the office of
influences in the Equitable Life Assurance Society, which,
said Bankers
Trust Company in the city of New York.
before the sale of its holdings of stock in that company, had
"Thiscertificate is transferable:only on the books which
shall be kept
controlled the Mercantile. The rules and practices of the
for that purpose by said voting trustees at the
office of the trust company by the registered holder, either in person or by
New York Clearing-House Association also figured in the
attorney, duly
authorized according to the rules which shall be established
examination of Mr. Frew, this phase of it having particular
for that
purpose by said voting trustees, and on surrender hereof
and title so
reference to incidents of the 1907 panic—the suspension of
transferred said voting trustees may treat the registered
holder:as
owner hereof for all purposes whatever, except that delivery
the Knickerbocker Trust Co. and the affairs of the failed
of
certificates hereunder shall not be made without the surrender stock
Mechanics' and Traders' Bank. The full text of the original
hereof.
"This certificate is not valid unless signed at least by one
of the
voting trust agreement under which the stockholders of the
voting trustees and also countersigned by said Bankers
Trust Company as registrar.
Bankers Trust Co. transferred control of their institution
"In witness whereof the said voting trustees have caused
this certito three trustees appears this week in the Philadelphia
ficate to be signed this day of 190—
"Ledger," and we reprint it below. The agreement
HENRY
P.
DAVISON
,
was
GEORGE W.PERKINS,
originally dated March 18 1903; it was renewed in
March
DANIEL G. REID;
1908 for five years, and in March 1912, it appears, a third
Voting Trustees.
agreement was signed for another five-year period,
"By
with
"Countersigned and registered this — day of
Messrs. Davison, Reid and Case as the voting trustees.
. 190—.
"Bankers' Trust Company, registrar.
Agreement made
this 18th day of March 1003 between all the
stockholders
of the Bankers Trust Company (which Bankers Trust Company is
herein
after sometimes called the company) who shall become parties
to this
agreement by signing the same (hereinafter called the stockholder
s), parties
of the first part and Henry P. Davison, George W. Perkins and
Daniel G.
Reid and the survivors and the survivor of them jointly as
trustees (hereinafter sometimes called the trustees, parties of the second part,
witnosseth:
Whereas, all the stockholders of the company deem it for
the best interests of themselves and of the company to act together
concerning the
management of the company, and to that end to unite the
voting power
held by them as such stockholders and to place the same in
the hands of the
trustees as hereinafter provided; and
"Whereas, the parties to this agreement of the first part
constitute and
are at the date hereof all of the incorporators and stockholder
s of the corn-
"By
"Third. On the 18th day of March 1908 the trustees, in
exchange for,
and upon surrender of, any of their trust certificates then outstandin
g,
duly indorsed, will, in accordance with the terms hereof, cause to
be delivered proper certificates of equivalent amount of stock of the
Bankers
Trust Company and may require the holders of the trust certificates
to
exchange them for certificates of capital stock.
"Fourth. From time to time after this agreement shall have
taken effect,
the voting trustees shall, upon request of any stockholder of the
company
who shall become a party hereto, have additional full-paid shares
of the
capital stock of the company transferred to them upon the terms
and conditions of this agreement, and in respect of any such shares so
received
will cause to be issued and delivered certificates similar to those
above mentioned entitling the holders to all the rights above specified.
1582
THE CHRONICLE
be sent to
"Fifth. Any trustee may at any time resign by delivering to the other country bankers have been invited, and invitations will also
interests who
trustees in writing his resignation to take effect ten days later; and in every a limited number of the representatives of the agricultural
lists in these
case of death, resignation or vacancy arising through other cause, the va- may be familiar with banking and currency matters. The
limited number of
cancy so occurring shall be filled by the appointment of a successor or suc- respects have not been completed. In addition to the
will be sent
questions
by
the
heard
be
a
will
of
list
who
committee,
cessors to be made by the remaining trustees or trustee by a written instru- persons
in this way to
ment, and the term 'trustees' as herein used shall apply to the parties of the out to quite a number of other persons who will be invited
present their views to the committee. This course will be pursued in order
second part and their successors hereunder.
and to avoid
"Sixth. All questions arising between the trustees shall, from time to to expedite, as far as possible, the work of the committee
time, be determined by the decision of the majority of those then acting the prolongation of the public hearings."
as trustees, either at a meeting or by writing with or without meeting; and
—Following the annual conference of Governors, which
in such manner they may establish their rules of action. The decision or
was brought to a conclusion at Richmond on the 6th inst.,
act of a majority of the trustees shall, for the exercise of a voting power,
and for all purposes of this agreement, be deemed the decision or act of the Governors met in Washington on the 7th to confer with
111 the trustees.
President Taft, in accordance with his suggestion several
"Seventh. In voting the stock held by them,the trustees will exercise
for the consideration of means for the adoption
their best judgment from time to time to select suitable directors, to the months ago,
in of an agricultural credit system. While in conference at
end that the affairs of the company shall be properly managed, an
voting on other matters which may come before them at any stockholders' Richmond the Governors adopted a resolution calling for
meeting, they will exercise like judgment; but it is understood that no
committee to prepare a bill on the
trustee incurs any responsibility by reason of any error of law, or of any the appointment of a
matter or thing done or omitted under this agreement, except for his own subject. At the Washington session the following comindividual malfeasance.
mittee, consisting of nine State Executives, was named to
"Eighth. The trustees will not vote for any increase of stock of the
and make.a definite
company to be sold for cash unless the price of sale shall be at least equal study the different land credit systems
to the book value of the stock when the increase is authorized, and in the recommendation at next year's conference at Colorado
event of any such increase of stock,the trustees shall, in respect of all the Springs as to the plan most suitable for adoption in this
stock held by them hereunder, waive any and every right of subscription
F. W. Plaisted of Maine, Chairman;
for new stock at par, and also in respect of said stock held hereunder may country: Governors
waive to the extent of one-half of such now stock and every right of sub- Emmet O'Neal of Alabama, Wm. H. Mann of Virginia,
scription at the price fixed as aforesaid.
Judson Harmon of Ohio, F. E. McGovern of Wisconsin,
"This provision shall not, however, affect or limit the right to vote for
corporaor
H. S. Hadley of Missouri, Eugene N. Foss of Massachusetts,
corporation
other
any
with
company
the
of
merger
any
of effect
Joseph M. Carey of Wyoming and II. W. Johnson of Calitions.
be
may
shares
sufficient
hereunder
"Ninth. Of the stock transferred
and provisions fornia. Permanent organization was effected by the Govwithdrawn from time to time and released from the terms
surrender of trust cer- ernors during their sessions at Richmond. Heretofore the
the
by
each,
shares
ten
of
blocks
in
agreement,
of this
same, for the
tificates issued hereunder, duly endorsed, representing the
meetings had been in the nature of informal gatherings, in
surrender, the
purpose of qualifying directors of the company; and, upon
cer- accordance with tentative understandings and temporary
trust
the
of
holders
or
the
holder
to
issued
be
to
cause
shall
trustees
tificates sosurrendered,certificates of stock of the company for the corre- rules. One of the discussions at the late meeting was on the
sponding number of shares; provided, however, that each holder of such income tax. Former Governor Augustus E. Willson of
to
trust certificates who shall surrender the same shall be a person selected
to Kentucky, one of those whose views were expressed on the
become a director of the company; such selection, when the election is
by the subject, criticized the proposed Federal income tax, declarbe made by the board of directors, to be certified to the trustees
Chairman of the board.
ing that the ratification of the Income Tax Amendment to
• "Whenever any of the parties hereto of the first part, or any person hereis
agreement
the Federal Constitution would "hinder, if not exclude, all
the
while
shall,
company,
the
of
director
after becoming a
he or his State governments from raising any revenues by income
in force, cease, for any cause to be a director of the company,
the
legal representatives shall forthwith cause the ton shares of stock of
tax and add to the Federal Government taxing power this
company held by him as qualification for such office to be transferred to
innecessary
new and vast revenue-producing tax, which is now an unall
executing
and
transfers
sufficient
all
the trustees, making
struments and agreements for that purpose, and shall accept in exchange questionable right of the States." According to the Richfor said ten shares voting trust certificates issued hereunder representing mond "Times-Dispatch," Mr. Wilson also said that the
the same.
of
"Tenth. The trustees hereby accept and agree to perform the duties wording of the amendment proposed made no exception
its ratification
and
that
bonds,
State
and trusts hereinbefore imposed and created.
from
income
derived
at
the
any time by
"Eleventh. This agreement may be terminated
would grant the Federal Government the power to tax these
trustees by filing a declaration to that effect with the trust company and
trust certificates bonds unless the Supreme Court should hold that the amendof
holder
registered
each
to
same
the
of
copy
sending a
transfers to be
issued hereunder, and all acts necessary to be done and
ment does not mean all it says, which he declared too remote
this agreement
executed shall thereupon be carried out precisely as if
a
contingency upon which to risk its ratification. "I see
limitations.
own
its
of
had thereupon terminated by reason
"Twelfth. This agreement shall bind and benefit the executors, ad- no difficulty," Mr. Willson said, "in starting another proper
ministrators, assigns and successors of the respective parties hereto, and amendment in place of this, giving Congress power to lay
in the
shall be executed in duplicate and one origliaal thereof shall be filed
an income tax but not on incomes 'from whatever source
office of the company. Its principal place of business is located at 143 Liberty Street, Manhattan, New York City, and shall be open to the inspec- derived.'"
tion of any stockholders daily during business hours.
—The St. Louis Fruit & Produce Exchange on the 9th
"In witness whereof the several parties hereto have executed this agreeinst. decided to discontinue fixing quotations on fruits and
ment the day and year first above written.
"240 shares, JAMES A. BLAIR (L. S.)
vegetables. The St. Louis "Republic" says that, while regu"190 shares, JAMES G. CANNON (L. S.)
lar meetings of the members will be held daily and business
"390 shares, E. C. CONVERSE (L. S.)
will be transacted as heretofore, the directors have deemed
"240 shares, II. P. DAVISON (L. S.)
"240 shares, G. W. GARTH (L. S.)
it
best to set no more arbitrary quotations until the rights of
"240 shares, A. B. HEPBURN (L. S.)
exchanges have been defined by adequate legal opinion or by
"90 shares, WILLIAM LOGAN (L. S.)
action of the courts in a test case.
"190 shares, G. W. McGARRAII (L. S.)
At the hearings since Tuesday the New York Stock Exchange and its operations have been under investigation.
Frank K. Sturgis, Chairman of the Law Committee of the
Exchange, was on the witness stand on Thursday and
Friday and gave testimony in explanation of and defense
of these operations.
• —A number of representative bankers and others of
Importance interested in currency legislation have been
invited to appear before the sub-committee of the Banking
and Currency Committee charged with the work of preparing a currency bill, which will begin its hearings in the week
of Jan.6. A statementissued by Representative Carter Glass,
Chairman of the sub-committee, says:
men
"The list is not complete, but so far embraces the names of many
well known in financial circles and others who are regarded as authority
have been
on the subject of currency. Among those to whom invitations
extended are: A. B. Hepburn of the Chase National Bank, New York City;
Festus J.
and
Chicago,
Bank
of
National
James B. Forgan of the First
Wade of St. Louis, representatives of the American Bankers' Association;
J. Laurence Laughlin of Chicago, Paul Warburg of Now York City and
T. V. Farwell, representatives of the National Citizens' League; ex-Congressman Charles N. Fowler of Now Jersey, ex-Secretary of the Treasury
Leslie M. Shaw of Philadelphia and Victor Morawetz of Now York City,
as representing those who have given special attention to money problems.
"The National Credit Men's Association is asked to be represented by
D. G. Endy of Philadelphia and A. H. Decatur of Boston; the labor interests of the country by John Mitchell of the American Federation of Labor
and Warren S. Stone of the Brotherhood of Locomotive Engineers. From
Samuel
the National Association of Comptrollers and Accounting Officers,
L. Wilhite of Louisville, Ky., W. S. McCormack of Duluth and Edmund
of
number
A
been
selected
invited.
have
City
York
New
of
D Fisher
—A decision adverse to the Mechanics & Metals National
Bank of this city, in the litigation between it and the trustees
in bankruptcy of the firm of J. M. Fiske & Co. was handed
down by the United States Circuit Court of Appeals on
Wednesday, the 11th inst. The controversy grew out of
the transfer to the bank by the firm on the day of the latter's suspension in Jan. 1910 of securities to cover a loan of
$400,000 which had been made to the firm that morning.
In the report of Special Master Charles F. Brown this transfer was held to constitute a preference; the finding of the
Special Master was confirmed by Judge Hand of the United
States District Court on Jan 3 1912, and the judgment
ordered against the bank is now affirmed by the United
States Circuit Court of Appeals. A similar action in which
the National City Bank and the trustee in bankruptcy of
Lathrop, Haskins & Co. were involved, was likewise decided
on the 11th inst. by the United States Circuit Court of Appeals, and in the same way—that is, against the bank. As
a result of the decisions the trustees in bankruptcy for J. M.
Fiske & Co. get back the sum of $255,312 realized by the
Mechanics & Metals National from the securities turned
over to it just before the firm's collapse to protect the
credit of $400,000, and the trustee for Lathrop, Haskins e,
co. will get back $500,000 realized by the National City
Bank from securities delivered under similar circumstances.
Two separate decisions were rendered by the United States
itO
DEC. 14 1912]
THE CHRONICLE
Circuit Court of Appeals. The case of J. M. Fiske & Co.
was passed upon by Judges Lacombe, Coxe and Ward, while
that of Lathrop, Haskins & Co. was decided by Judges
Lacombe, Ward and Noyes. The decision in both cases was
written by Judge Ward, who, according to the New York
"Times," wrote in part as follows:
The proofs show that in New York City contracts of brokers to deliver
stock sold and to pay for stocks purchased must be carried out the next
day, and that credit from banks is absolutely necessary to enable them to
release the securities they have sold, which are generally pledged in bank
or trust companies, and with the proceeds to pay for securities they have
bought. To enable them to clear these transactions the banks at 10 a. m
of each business day extend a credit which must be repaid by 3 p. m. of the
same day. These loans are made from day to day and are called day or
clearance loans, no interest being charged on them.
We have no doubt that both the firms were insolvent when they delivered
the securities, and that the banks had reasonable cause to believe so. . . .
The loan and re-payment the same day should be regarded as one transaction, the fact that they were not literally contemporaneous being a necessary
result of the nature of the business. It would not be possible to act like
a farmer who holds the cow's tail in one hand until he gets payment for
her in the other. . . .
In these cases the banks seek to escape by claiming that they had an
equitable lien upon the securities subsequently delivered and cash deposited
by the brokers, and that they were receiving only their own property. Each
of them, however, admits that it made the day loan under the written
agreements, each of which contained provisions as to securities in the possession, but none as to securities not in possession of the banks. . . .
The banks simply demanded security generally, and took whatever they
could get. The conduct of the parties at the time is inconsistent with any
claims as to specific securities or their proceeds. We see no ground for
claiming an equitable lien under these contracts alone.
The banks, however, also allege a usage of the business which requires
the clearance loan to be so applied. . . . We do not think that the
usage alleged was proved. It was abundantly established that brokers
do re-pay banks for the clearance loan on the same day, and'generally with
the proceeds of the released securities, or of substituted securities, and that
It is understood or expected that this shall be done. ThLs, however, only
shows the way in which tho business is done. It could hardly be done, and
certainly could not be continued, in any other way.
Such a course of business does not establish that the brokers are bound
by usage to do these things, or that the banks are entitled to the proceeds
of the released securities. Indeed, we understand that the question of the
rights and obligations of the parties if the broker fails to re-pay the clearance
loan on the day it is made is raised for the first time in the cases now under
consideration. Therefore, we agree with the Special Master and the Court
below on the main question involved in both cases.
It is understood that the matter will be carried to the
United States Supreme Court.
—An address on "Clearing-House Bank Examinations"
was presented by James B. Forgan, President of the First
National Bank of Chicago, at the fifteenth annual dinner of
the Bankers' Club of Detroit on the 7th inst. Since Chicago
was the pioneer in Clearing-House examinations, Mr. Forgall's views in the matter are of special interest, and we give
a portion of his remarks herewith:
The strength of this bureau lies in the fact that it was thus evolved by
the voluntary action of the associated banks for their individual benefit
and protection. We were fully aware that external supervision under
whatever authority it may be exercised does not absolutely guarantee
sound and safe banking in individual cases. Honorable and intelligent
initiative management can alone be relied on for the ultimate success of
individual banks. But Judicious and intelligent supervision in the mutual
interest of all fosters and encourages conservative management in each.
We further saw that it would not do to have the entire business of the individual banks disclosed to a committee made up of competitors in the business.
We therefore devised tho plan of appointing a competent examiner with
a sufficient force of assistants to make as thorough an examination as
possible of each bank at least once a year and report his findings in full
detail to its directors. In this way as thorough an examination is made
of each bank as would be made if the directors of their own initiative employed an outside expert to examine their banks and report to them. The
examiner's complete report of each bank is sent to its President, the directors are all notified of its existence and are asked to personally peruse it
and to acknowledge to the examiner the receipt of his notice. If, in the
course of his examination, the examiner finds any bad debts, depreciated
assets or other losses unprovided for, so that,at a fair valuation,the assets
do not offset the liabilities, including the capital, surplus and undivided
profits, as shown in the balance sheet, or if he discovers any irregularities
in connection with the bookkeeping or management, he reports such findings to the Clearing-House Committee.
The committee does not see the examiner's complete report as rendered
to the directors. All that is found satisfactory is so reported to the committee without detail. If conditions are so bad as to make it necessary,
the committee has the right to call for a copy of the complete report, so
that it may deal intelligently with the case; but this is only when bad
business so permeate8 the bank as to render its condition precarious. Thus,
as nothing but bad and undesirable business comes to the committee's
attention, the members of it have no advantage through their position in
competition with the other banks for desirable business. * * *
As to the practical working of the Clearing-House examinations in Chicago during the six years of their existence, I can only say that it has
proved in every way most satisfactory and successful. There has been
neither friction nor unpleasantness. Bank directors realize the great benefits derived and are unstinted in their praise of them. They are greatly
assisted by these reports in keeping themselves informed on the condition
of their banks and they readily co-operate with the Clearing-House Committee in the correction or elimination of anything open to criticism.
Our experience has been that the banks have almost unanimously
adopted every suggestion made by the committee. I cannot, of course,
discuss such details as would show its efficacy. I can only say that the
results have been most satisfactory to all concerned and that much good
has been accomplished for the Chicago banks individually and collectively.
1583
the United States." In the preface President John W.
Platten states that "the record of trust company achievement has never been more strongly marked by constantly
increasing evidences of a rare combination of progressive,
ness and conservatism than during the year ended June 30
1912. More and more clearly has it been shown that the
trust company's functions and its opportunities are capable
of a legitimate expansion unrealized in former years. As a
result, the trust companies of the country stand higher today then ever before in public confidence, material resources
and usefulness to the communities they serve." The reports
of 1,579 companies are furnished in the book, with total resources of over $5,490,000,000, showing a gain in assets of
over $322,000,000 compared with 1911,and of over one billion
and a half since 1908. The publication has become a standard work of reference, being of incalculable value to financial
and other institutions both here and abroad.
—It is rather a unique experience for a bank or trust company to be complimented by Government officials. The
disposition quite generally on the part of the authorities
is to cavil and criticize. The Morristown Trust Co., however, of Morristown, N. J., enjoys the distinction of having
received favorable mention from the New Jersey Department
of Banking and Insurance. This appears from the following letter, addressed to President Samuel Freeman, the executive head of the trust company:
STATE OF NEW JERSEY.
Department of Banking and Insurance.
Trenton, November 20 1912.
Samuel Freeman, Esq., President, Morristown Trust Co., Morristown, N. J.
Dear Sir—The report on the official examination of your company as of
the 4th inst. came to hand on the 18th. It is very favorable to the management, the examiner's conclusions being summed up as follows: "General
condition excellent. Affairs conducted in a lawful and prudent manner.
There seems to be nothing which calls for any adverse criticism." All of
which is very gratifying to the Department.
Yours truly,
(Signed) THOMAS K. JOHNSTON,
Deputy Commissioner.
—E. G. McWilliam, President of the New York Chapter of the American Institute of Banking, delivered an interesting address on the 6th inst. at the annual meeting of the
Connecticut Savings Bank Association at Hartford, Conn.,on
"The Campaign of Education on Savings and Thrift." Mr.
McWilliams is also Secretary of the Savings Bank Section
of the American Bankers' Association.
—Eugene Delano, Alfred E. Marling and Moses Taylor
have been nominated as trustees of the New York Life
Insurance & Trust Co., subject to election later.
—The Guaranty Trust Co. of New York has issued a book
of 48 pages, which describes in a most unique and interesting
manner, after the fashion of a story, the various functions
of a modern trust company. The title of the book, "Mr.
Brown's Experience," indicates its style, since it relates the
experience which Mr. Brown had in making use of the different departments, from the opening of a checking account to
the naming of the company as executor under his will. The
book carries a list of contents, showing eleven chapters devoted to such subjects as checking accounts, household
accounts, safeguarding securities, money for travelers, loans,
foreign department, collateral loans, bond department, and
trustee and executor. For the convenience of the layman,
there is also a subject index in which are listed all of the many
topics treated. Bound in dark red cloth, with the title in
pure white, the book makes a very attractive appearance.
Henry R. Wohlers, President Hemphill's Secretary, is the
author. A copy, we believe, can be had on written application.
—A quarterly dividend of 2% has been declared by the
Gotham National Bank of this city, payable Jan. 2 1913 to
holders of record Dec. 31 1912. This is the first dividend to
be paid on the stock of this institution, which began business
in April 1910. It has a capital of $200,000.
—General Warren M. Healey of Healey & Co., carriage
manufacturers, and R. V. Lewis, of Lewis & Conger, have
been elected directors of the Hudson Trust Co. of this city.
—John T. Atterbury of the Stock Exchange house of Van
Emburgh & Atterbury died suddenly of apoplexy on the 10th
inst. He was a director of the old Standard Trust Co., the
Robins Conveying Belt Co. and the New York Quotation
Co., and Vice-President of the Alabama Mineral Land Co.
—Lewis L. Clarke, President of the American Exchange
—The United States Mortgage & Trust Co. of this city National Bank of Now York, has been elected a director
is distributing the 1912 edition of its "Trust Companies of of the First National Bank of Tenafly, N. J.
1584
THE CEH? ONICLE
[VoL. Lxxxxv.
—The Mutual Bank of this city has declared a semi-'380. The New York State National.has a capital of 8500,000
annual dividend of 6%,payable Jan.2 1913, placing the stock and it had surplus and undivided profits on the 26th ult.
on a 12% per annum basis. Previous distributions were 8% of $754,695. This bank is the oldest in the city, having
per annum, or 4% each half-yearly period.
been originally incorporated under the State laws in 1803.
—Charles H. Hyde, formerly City Chamberlain, who was Ledyard Cogswell is its President. John R. Camel!,Presiconvicted of bribery on the 29th ult., the conviction being dent of the Albany County Bank, and Seth Wheeler, a
based on an indictment which resulted from the investiga- director, have been added to the directorate of the New
tion into the affairs of the failed Carnegie Trust Co., was York State National. William N. S. Saunders, Cashier of
sentenced on Wednesday, the 11th inst., to not less than two the Albany County Bank, has also been Treasurer of the
years nor more than three years and six months in the Albany County Savings Bank, and will continue in that
State prison at Sing Sing. In pronouncing sentence Justice capacity.
Goff on his own motion granted the defendant a certificate
—Charles H. Bissikummer was elected President of the
of reasonable doubt, and admitted him to bail to the amount Albany Trust Co. of Albany, N. Y., on the 6th inst. Mr.
of $25,000, pending an appeal, on condition that he file the Bissikummer had been acting President of the company since
appeal within ten days. This appeal was filed on Thursday. the resignation of George C. Van Tuyl Jr. in May 1911, when
The certificate of reasonable doubt was allowed by Justice the latter was appointed State Superintendent of Banks.
Goff after he had denied the motion of Hyde's counsel for The new head of the institution has been connected with it
an arrest of judgment. In granting the certificate, he an- since its organization in 1900. Ho started with the company
ticipated the course which would be pursued by the counsel as teller and trust officer, was later made Assistant Secrefor the defendant, and in explanation of his action said:
tary and subsequently filled the posts of Third Vice-PresiWere the law as clear as the facts, made so by the verdict of the jury,
dent and First Vice-President. Mr. Bissikummer has also
there could not justly arise any doubt of the defendant's guilt, but, from
the language of the statute and the absence of authority directly in point, given creditable service to the city as Deputy ,Chamberlain
questions of law are involved which are ofsufficient merit to receive that care- and Deputy City Comptroller, having acted in these caful consideration and authoritative determination which an appellate tripacities before he became associated with the trust company.
bunal alone can give.' At common law the simple practice was for the justice presiding at the trial to reserve mooted questions of law for the opinion He is President of the Albany Bankers' Association and a
of the judges and meanwhile stay the execution of the sentence. Under member of the Albany Clearing-House Committee. Cothe more elaborate system of our code procedure, the execution of sentence
incident with Mr. Bissikummer's election to the presidency
cannot be stayed unless—by a process of legal metaphysics—a Justice of
the Supreme Court will certify a reasonable doubt that the conviction will of the Albany Trust Co., Alonzo P. Adams Jr. was advanced
stand.
from the office of Treasurer to that of Third Vice-President,
From the arguments of counsel, as well as what has become a settled
practice, it may be safely assumed that an application for such a certificate and Philip Fitz Simons Jr., Assistant Treasurer, was made
will be made. This procedure will necessarily entail both expense and de- Treasurer.
lay to the defendant as well as to the people, and incidentally present the
—James G. Freeman, President of the Edwards Mfg. Co.
anomaly of one Justice of the Supreme Court sitting in review of the Judicial action of another Justice of the same Court who was vested with origi- and a director of the New England Trust Co. of Boston,
nal jurisdiction. As a matter of right, the defendant may appeal within
died on the third inst. Mr. Freeman, who was sixty-three
one year after his conviction, but the stay of execution of sentence is not
linked with that right and may be granted or refused in discretion. If years of age, had served in both branches of the Boston city
there has been reversible error in the conviction, it is manifestly to the ad- government and was trustee for numerous large properties.
vantage of the defendant to be relieved of the stain as soon as possible,
He was also a director of the Boston Real Estate Exchange
and if there has not, it is the duty of the District Attorney to see to it that
the judgment of the law be enforced. Therefore, to expedite and aid the and Auction Board.
defendant's remedies and to invoke the authority of the Appellate Divi—Arthur M. Alger has been elected a director of the
sion, I grant, under Section 527 of the Criminal Code, a certificate of reasonable doubt on the following questions:
Commonwealth Trust Co. of Boston, to fill a vacancy.
Whether the instruction given to the jury defining the crime of bribery Mr. Alger is a
Vice-President and trustee of the Taunton
as applying to the acts of the defendant in evidence was erroneous.
Whether the facts set out in the indictment constitute a crime, and if the Savings Bank of Taunton and a director of the Taunton Nadefendant has been sufficiently apprised thereof.
tional Bank. He is also the Judge of the Probate Court
Whether, under the statute, the acts of the defendant, as found by the for Bristol County.
jury, constitute the crime of receiving a bribe.
—Reuben S. Swan has retired as Vice-President of the
In addition, I will grant an order staying the execution of the sentence
and admitting the defendant to bailin thesum of$25,000,pending appeal,on Brookline Trust Co. of Brookline, Mass., on account of
condition, however, that within ten days herefrom he files a motion ofappeal
and brings on his appeal for argument before the Appellate Division not later ill-health. Mr. Swan, it is stated, is the only officer or emthan the first Monday of April 1913. In the event of the failure of the de- ployee of the institution who has been affiliated with it
fendant to file a notice of appeal and bring it for argument within the time throughout its entire existence—since
twenty-six years ago,
mentioned, the order granting the stay and admitting to ball shall be
vacated and set aside on the application of the District Attorney to any when it started as the Brookline National Bank, and was
Justice of the Supreme Court.
later converted into a trust company.
—Schedules in bankruptcy of Rudolph Kleybolte, the
—Fuller C. Smith has forwarded to the Comptroller of
banker of this city and Cincinnati, filed on the 9th inst., the Currency at Washington his resignation as national
show individual liabilities of $3,175,483, of which $518,863 bank examiner for Vermont, Western Massachusetts and
are seeured. The assets are reported as $123,693, the latter a part of the State of Maine. Mr. Smith's appointment
consisting of $41,208 debts due him and a claim for $82,485 dated from Nov. 14 1908, and twice during his service his
against the firm of Rudolph Kleybolte & Co. Some of the territory has been increased by direction of the Comptroller,
debts, it is stated, were contracted by Mr. Kleybolte indi- until 97 banks were under his supervision. On Jan. 1 1913
vidually and some as a partner in the firm of Rudolph Kley- Mr. Smith will associate himself with Charles E. Schoff,
bolte & Co. They were incurred, it is said, from 1905 President of the Franklin County Savings Bank & Trust
to 1908.
Co. of St. Albans, Vt., and Walter B. Paschall, President
—The proposal to reduce the capital of the Flushing Na- of the American Investment Co. of Oklahoma City, Okla.,
tional Bank of Flushing, N. Y., from $150,000 to $100,000 under the name of Smith, Schoff & Paschall. The firm will
was approved by the stockholders on the 6th inst. The engage in the buying and selling of all kinds of investment
movement was referred to in our issues of Nov.9 and Nov.23. securities thorughout New England, devoting special atThe stockholders have also ratified the plan to increase tention to 'the business of Oklahoma farm mortgages, railthe board from eleven to fifteen members, and in accordance road, industrial and public service corporation bonds. Mr.
therewith the following additional directors have been Paschall has been personally engaged in the farm mortgage
elected: Ellis Parker Butler, Clarence M. Lowes, Frank B. business in Oklahoma since the time when that State was
first opened for settlement. Mr. Schoff is widely known
McCord and C. H. Roberts.
as a successful manufacturer and hanker, and is now the
—The Albany County Bank of Albany, N. Y., was abbusiness manager and Treasurer of the Robinhood Ammunisorbed on Monday the 9th inst. by the New York State Nation Co. at Swanton. The business will be managed by
tional Bank of Albany. The absorbed institution had a
Mr. Smith. The new firm will occupy front offices in the
capital of $250,000, more than two-thirds of which, it is Fuller-Be
dard Bldg. at St. Albans.
stated, was taken over by the New York State National at
—Henry
W. Hall, Vice-President of the Real Estate Title
$220 per share. The cost to the latter, the Albany "Journal" reports, is in the neighborhood of $250,000. Before the Insurance & Trust Co. of Philadelphia, died on the 7th
transfer was concluded, that paper states, the Albany County inst. at Los Angeles, Cal. Mr. Hall had been associated
BankNisposed of its building to the Albany County Savings with the company since 1898. He wasfifty-two years of age.
Banktat $225,000. The Albany County Bank dates back
—William Cole Morgan, head of the Philadelphia Stock
about forty years. Its merger with the New York State Exchange firm of William C. Morgan & Co. of Philadelphia,
National will add about $1,100,000 to the deposits of the 1st- died on the 6th inst. at his home in Germantown. Mr.
ter, which, under the call of Nov. 26, amounted to $19,626,- Morgan, it is stated, was the oldest member of the Phila-
DEC. 14 1912.]
THE CHRONICLE
delphia Stock Exchange, having been admitted therein in
January 1865. He was 73 years of age.
—E. B. Warner, heretofore Assistant Treasurer of the
Belmont Trust Co. of Philadelphia, has been elected Treasurer of the institution. Frederick K. Mears has been made
a director of the company, succeeding Albert L. Hoskins,
resigned.
—Otto C. Wolf has been elected Vice-President of the
Northwestern National Bank of Philadelphia, succeeding
the late August W. Woebken.
—The American Exchange & Savings Bank of Baltimore, lately organized with a capital of $100,000 and surplus
of $20,000, commenced business on the 10th inst. Frederick C. Weber is President of the bank, the other officials
being Frederick W. Schanze and James T. O'Neill, VicePresidents; Charles F. Bennett, Cashier, and Gordon F.
O'Neill, Secretary. The institution has quarters at Pennsylvania and North avenues.
—John F. Sippel was elected President of the National
City Bank of Baltimore on the 11th inst. to succeed Dr.
David H. Carroll, who died on Nov. 15. Mr. Sippel had
been Vice-President of the institution since it started in
1910, and in this office he has been replaced by Gen. Murray
Vandiver, who has been Treasurer of the State of Maryland
for the past twelve years. Mr. Sippel had long been identified with the Third National Bank up to the time of his
resignation as Cashier in 1908; the institution has since been
merged with the National Bank of Baltimore. The National
City Bank has a capital of $500,000, a surplus of $125,000
and deposits of $1,248,335. Harry M.Mason is the Cashier
and Edward A. Vavarina is Mr. Mason's assistant.
—Three new directors have been elected to the board of the
National Marine Bank of Baltimore, viz.: J. Kemp Bartlett,
Vice-President of the United States Fidelity & Guaranty Co.,
Frank K. Murphy and William L. Straus. They replace
George R. Heffner and James W. Bates, deceased, and
F. E. S. Wolfe, resigned.
—The building of the Union Savings Bank & Trust Co.
of Cincinnati was damaged in a fire which destroyed the
Gibson Hotel and several other buildings on the 10th inst.
The loss suffered by the Union Trust Building is estimated
at $50,000. The structure, which is seventeen stories high,
was built in 1900. The structural work of the building, it is
understood, is not affected, the damage being confined
principally to the furnishings and woodwork. The total
losses of the fire are estimated at about $500,000.
—The stockholders of the Swedish-American State Bank
of Chicago held their first meeting on the 7th inst. The bank
is a new one which has been organized with a capital of
$200,000 and paid-in surplus of $20,000, and will open for
business upon the completion of its quarters at North Clark
Street and Balmoral Avenue. The officers of the new institution are: W. J. Klingenberg, President; W. G. Arnold,
Vice-President, and E. F. Turnbloom, Cashier.
—The Michigan Avenue Trust Co. of Chicago has declared
an initial quarterly dividend of 13%, payable Jan. 2 to
holders of record Dec. 26. The institution began business in
October 1910.
—The People's Trust & Savings Bank of Chicago has declared an extra dividend of 2% in addition to the regular
quarterly dividend of 2%, both payable Jan. 2 1913. The
institution began business in Dec. 1910 and paid its first
dividend, a quarterly distribution of 2%, on Jan. 2 1912.
—A quarterly dividend of 23/2% and an extra dividend of
2% has been declared by the Live Stock Exchange National
Bank of Chicago. The institution has paid 10% per annum
for some time past.
—The Harris Trust & Savings Bank, Chicago, has declared the regular quarterly dividend of 3% and an extra
dividend of 5%,both payable Jan. 2 1913 to holders of record
Dec. 18 1912. The company paid an extra dividend of the
same amount three years ago; that is, on Jan. 1 1910 and also
increased the quarterly distribution in that year from 2M%
to 3%.
—The East Side State Bank of Milwaukee has been incorporated with $50,000 capital by William G. Greene,
David H. Davies and Willard T. Nichols.
—On the 2d inst., the date when the merger of the National
German-American Bank of St. Paul with the Merchants'
National Bank became effective, the consolidated institution, which operates under the latter name, reported deposits
of $22,246,941. The resources of the enlarged Merchants'
1585
National are $27,389,510. Its capital is $2,000,000, while it
has a surplus of $1,530,000 and undivided profits of $501,869.
The officers of the institution were announced in our issue of
Nov. 30. The National German-American Bank is in process of voluntary liquidation.
—George C. Smith has resigned as President of the
People's National Bank of Kansas City, Kan., and has been
succeeded by 0. W. Shepherd, heretofore Vice-President
of the institution.
—At the annual meeting of the stockholders of the Jefferson-Gravois Trust Co. of St. Louis, the membership of the
board was reduced from eleven to seven. In addition to
two vacancies which had already existed, J. H. Byrd and
W. E. Talley retired.
—Charles C. Reuss, for many years Vice-President and
director of the South Side Bank of St. Louis, died on the
2d inst. Mr. Reuss was one of the organizers of the bank in
1891 and was its first Cashier. He was seventy-seven years
of age.
—The Church Hill Bank, Inc., heretofore a branch of the
Bank of Commerce & Trusts of Richmond, is now operated
as a separate and distinct institution with an independent
capital. The change went into effect on Dec. 2. The subscribed capital of the Church Hill Bank, Inc., is $125,000,
while the paid-in amount is $63,250. It has deposits of
$502,822. The President, Joseph E. Willard, is President
of the Bank of Commerce & Trusts. The other officers of
the Church Hill Bank are: H. A. Hare, Vice-President, and
Oscar E. Parrish, Vice-President and Cashier.
—The shareholders of the Hibernia Bank & Trust Co. of
New Orleans are to receive a stock dividend of $500,000
under the proposed movement to increase the capital of the
institution from $1,000,000 to $1,500,000. The new capital
is to be paid for out of the undivided profits of the bank,
each shareholder being given an extra half share for every
share at present held. No fractional shares will be issued,
but the bank will either buy from or sell to the shareholders
the fractional parts at the rate of $350 per share. The stockholders are to authorize the issuance of the new stock at the
annual meeting on Jan. 14. The institution has surplus and
profits of about $2,350,000.
—M.J. Sanders resigned as President of the City Bank &
Trust Co. of New Orleans on the 2d inst. in order that he
might devote more time to his various other business interests. Mr. Sanders has been at the head of the bank since its
organization in My 1906. The directors part with his services regretfully, and take occasion to commend his management,under which the company has grown to an institution
with deposits of almost a million dollars. F. Prevost
Breckenridge, who was previously Manager and Cashier,
succeeds Mr. Sanders as President and Alfred Lippman
takes Mr. Breckenridge's place as Cashier. Mr. Lippman
is promoted from the position of Assistant Cashier. It is
stated that Mr. Sanders will continue as a director.
—Announcement has been made of the election of R. M.
Richardson as First Vice-President of the Farmers' &
Mechanics' Savings Bank of Sacramento, Cal. Mr. Richardson is also the Postmaster in that city.
—From the statement of the Royal Bank of Canada (head
office Montreal) as of Nov. 30, as given in our advertising
columns, it appears that the deposits of that institution now
aggregate $137,891,667. During the year the paid-up capital
was increased from $6,251,080 to $11,560,000,and the reserve
fund from $7,056,188 to $12,560,000. Quarterly dividends
at the rate of 12% per annum have been paid. The Royal
Bank has established a branch at Belize, the capital of British
Honduras, where it has recently purchased the business of the
Bank of British Honduras, an institution with a capital of
$100,000, reserve of $85,000 and deposits of $125,003.
Aside from over three hundred branches in Canada, extending from the Atlantic to the Pacific, and including every
important city in the Dominion, the Royal Bank of
Canada has a chain of branches throughout the West
Indies covering Cuba, Porto Rico, Dominican Republic,
Bahamas, Barbadoes, Jamaica and Trinidad.
—W. M. Birks has been elected a director of Molson's
Bank (head office, Montreal) to succeed the late W. M.
Ramsay. Mr. Birks is Vice-President of Henry Birks &
Sons and a director of a numbar of organizations, including
the Sun Life Assurance Co. W. A. Black is also a newly
elected director of the Molson's Bank, succeeding C. B.
Gordon, who was last week elected a director of the Bank
of Montreal. Mr. Black is Vice-President aad managing
director of the Ogilvie Flour Mills Co., Ltd.
1686
THE CHRONICLE
[VOL. Lxxxxv.
TRADE AND TRAFFIC MOVEMENTS.
pkonetargiCrimintrcialguglish4vms
ANTHRACITE COAL PRODUCTION.-The shipments
of anthracite coal during November fell 27,778 tons below
[From our own correspondent.)
those of November 1911, but with that exception are the
London, Saturday, November 30 1912.
largest on record for that month. The small decrease from
Pessimism and optimism succeed to one another with
last year is due to the interruption to mining caused by the
national election, certain holy days, &c. Below we give extraordinary rapidity just now. The main reason for this
the shipments by the various carriers for November 1912 is that there are fears regarding the possible action of Austria.
There is a war party in Austria-Hungary which is exceedingly
and 1911 and for the periods from Jan. 1 to Nov. 30:
unscrupulous. It is trying to egg
Jan. 1 to Nov. 30- powerful and exceedingly
November
1912. $41 1911.
1912.
1911.
the Dual Monarchy into war with Servia, though that in
Philadelphia & Reading._ _ _tons_ 1,243.111
1,288,457 11,628,506 12,027,031
Lehigh Valley
1,177,732
1,036,933 10,682,836 11,493,295 all reasonable probability would lead to war with the whole
Central RR. of New Jersey
812,870
827,009
7,581,998 8,397,839
Delaware Lackawanna & West
855,744
8,214,645 9,042,372 of the Balkan Allies and inevitably before long with Russia.
889,560
Delaware & Hudson
635,575
600,321
5,762,269
6,613,809 Meanwhile, the British Government, with the French and
Pennsylvania
679,176
509,752
5,004,832
5,893,930
New York Ontario & Western
201,099 '2,022,843
188,325
2,292,510 the German, is trying to calm down the excited feeling.
Erie
708,611
704,575
6,768,147 8,078,086 A congress for the determination of the disputed questions
Total
6,165,536
6,193,314 57,666,076 63,838,872 is believed to be disliked by Austria-Hungary. It will be
recollected how fiercely she opposed it at the time of the
COPPER PRODUCTION AND CONSUMPTION.
- annexation
of Bosnia and Herzegovina; and it is also beThe statement of the Copper Producers' Association for the lieved that Italy is secretly against it. Both have broken
month of November, issued on Monday last, shows that through treaties and both fear that a congress might go
domestic stocks increased during the month from 76,744,964 back upon their actions, so at least it is generally underlbs. to 86,164,059 lbs. The production was 134,695,440 stood. Germany naturally does not like to do anything
of her allies. Still, it is believed that
lbs., against 145,405,453 lbs. in October and 111,876,601 without. the approvaleventually
be got over. Meanwhile,
will
lbs. in November 1911. In the following table we give a all difficulties
is no question that there is much excitement in Austriacomparison of the various items for the months of November there
amongst the Slays, who, it will be recollected, are
1912 and 1911 and for the periods from Jan. 1 to Nov. 30. Hungary
the majority, in favor of their kinsmen of the Balkans.
We also add figures showing the European visible supply, in
In Russia, though it has been contradicted so often, nobody
which decreased 5,788,160 lbs during the month.
doubts now that mobilization on a limited scale is being
November
Jan. 1 to Nov.30carried on. In this state of things business naturally is
1912.
1912,
1911.
1911.
Stocks beginning period_lbs_ 76,744,964 134,997,642
89,454,695 122,030,195 much affected. Bankers all desire to keep very large
Production
134,695,440 111,876,601 1,438,566,245 1,309,041,641
reserves. They are, therefore, discouraging every sort of
Total supply
211,440,404 246,874,243 1,528,020,940 1,431,071,836 new risk, and cautious people of all kinds are acting in the
Deliveries forDomestic consumption
69,369,795 68,039,776 761,174,225 643,623,131 same way. For all that trade continues wonderfully good.
Export
55,906,550 67,049,279 680,682,656 675,663,517
Assuming that much gold is not withdrawn from the Bank
almost safe to say now
125,276,345 135,089,055 1,441,856,881 1,319,286,648 of England for New York, it seems
that the 5 per cent rate will suffice. Money is fairly easy,
Stocks end of period
86,164,059 111,785,188
86,164,059 111,785,188
considering all the circumstances, here, and discounts are
European visible supply:
Beginning period
97,059,200 138,512,640 128,313,920 187,705,280 well below the Bank of England minimum. But on the
End of period
91,271,040 131,447,680
91,271,040 131,447,680 on the Continent it is different. This has been an exceedingUNFILLED ORDERS OF STEEL CORPORATION.
- ly anxious week in Berlin, Vienna, Buda Pesth, St. PetersThe United States Steel Corporation on Tuesday, Dec. 10 burg and Moscow, for the liquidation at the end of the
issued its regular monthly statement showing the unfilled month is going on. There is no fear for the present liquidaorders on the books of the subsidiary corporations at the tion; but the liquidation at the end of next month is looked
close of November. From this statement it appears that the forward to with a good deal of anxiety. The December
aggregate of the unfilled orders on Nov. 30 was 7,852,883 liquidation is always one of the most difficult in Germany.
tons, or 258,502 tons more than on Oct. 31. In the following Already the German banks are borrowing in London as well
as in all Continental countries where they can get accomowe give the comparisons with previous months:
dation at high rates. And, what is worse, they are withTons.
TOM.
Tons.
Nov.30 1912_ _ 7,852,883 Jan. 311912....5,379,721 Mar. 31 1911_ _ _3,447,301 drawing money in large amounts from Russia, where they
Oct. 31 1912_ ...7,594,381 Dec. 31 111......5,084,781 Feb. 28 1911_....3,400,543
Sept.30 1912_ _ _ _6,551,507 Nov. 30 1911__ _4,141,955 Jan. 31 1911._ _3,110,919 usually employ large balances. That is making money
Aug. 31 1912____6,163,375 Oct. 31 1911____3,694,328 Dec. 31 1910____2,674,750 scarcer and dearer than ever in St. Petersburg and Moscow.
July 31 1912_ _ _5,957,079 Sept.30 1911_ __3,611,317 Nov. 30 1910_ _ _2,760,413
refused to give much
June 30 1912_ _ _ _5,807,346 Aug. 31 1911...3,695,985_
Oct. 31 1910___ -2,871,949 The Imperial Bank of Russia has long
May 311912....5,750,983 July 311911....3,584,085 Sept.30 1910......3,158,106 accomodation as,indeed, have the Imperial Bank of Germany
April 30 1912____5,664,885 June 30 1911____3,361,058 Aug. 31 1910___3,537,128
Mar. 31 1912____5,304,841 May 31 1911.__ _3,113,187 July 31 1910____3,970,931 and the Austro-Hungarian Bank. The exchanges are
Feb. 291912____5,454,200 April 30 191L....3.218,704
against all three countries and merchants engaged in the
Prior to July 31 1910 reports of unfilled orders were issued foreign trade are greatly inconvenienced, for while the
only quarterly. In the following we show the totals at the exchanges are adverse they cannot get gold. The blocking
end of each quarter or period for which the figures were made of the Dardanelles, too, is retarding shipments from the
Black Sea, while the Balkan war has upset all calculations.
public, back to the organization of the Steel Company.
Altogether, therefore, the conditions of business in Russia,
Tons.
Tons.
Tons.
June 30 1910___ 4,257,794 June 30 1907___*7,603,878 June 30 1904___*3,192,277 Germany and Austria-Hungary are far from satisfactory,
Mar. 31 1910._ 5,402,514 Mar. 31 1907___*8,043,858 Mar. 31 1004_ __*4,136,961
Dec. 31 1909._ 5,927,031 Dec. 31 1906___*8,489,718 Dec. 31 1903___*3,215,123 and people are looking forward to the end of next month
Sept.31 1909_ _ _ 4,796,833 Sept.30 1906_ _ _*7,936,884 Sept.30 1903_ __*3,728,742 with much uneasiness.
June 30 1909___ 4,057,939 June 30 1906___*6,809,589 June 30 1903.._*4,666,578
The India Council offered for tender on Wednesday 80 lacs
Mar. 31 1909_ _ 3,542,595 Mar. 31 1906___*7,018,712 Mar. 31 1903_ __*5,410,719
Dec. 31 1908__ 3,603,527 Dec. 31 1905___*7,605,086 Dec. 31 1902 ....*5,347,253 of its bills and telegraphic transfers and the applications
Sept.30 1008._ 3,421,977 Sept.30 1905.... _*5,865,377 Sept.30 1902._ _*4,843,007
7053/ lacs at prices ranging from is. 4 1-32d.
June 30 1908___ 3,313,876 June 30 1905___*4,829,655 June 30 1902..__*4,791,993 amounted to
Mar. 31 1908._ 3,765,343 Mar. 31 1905___*5,597,560 Dec. 31 1901._ _*4,497,749 to is. 4 3-32d. per rupee. Applicants for bills at is. 4 1-16d.
Dec. 31 1907._ 4,624,553 Dec. 31 1904.. *4,696,203 Nov. 1 1901_ __*2,831,692
per rupee and for telegraphic transfers at is. 4 3732d. per
Sept.30 1907_ _ _*6,425,008 Sept.30 1904._ _*3,027,436
amounts applied for.
* The figures prior to Dec. 31 1907 are on the old basis. Under the present rupee were allotted 16 per cent of the
method only orders received from sources outside of the company's own interests are
following returns show the position of the Bank of
The
shown. The amount as of Sept. 30 1904 shown above as 3,027,436 tons, the former
England, the Bank rate of discount, the price of consols,
basis, would, It is stated, be 2,434,736 tons on that now employed.
compared with the last four years:
&c.,
LAKE SUPERIOR IRON ORE SHIPMENTS.-The
1908.
1009.
1911.
1910.
1912.
shipments of Lake Superior iron ore by water during the
Dec. 2.
Nov. 29.
Nov. 30.
Dec. 1.
Nov.27.
1
£
.£
season just ended reached the unprecedented total of 47,28,311,835 28,731,960 28,394,980 28,964,820 28,985,215
Circulation.
435,777 tons, an increase of 15,305,366 tons over 1911 and Public
5,323,114
8,064,924
deposits__ 13,179,627 12,128,431 11,415,399
41,753,316 40,618,588 39,565,467 40,686,260 41,662,840.
4,807,019 tons over 1910, the previous high-record year. Other deposits
Governm't securities 13,034,576 14,437,210 14,643,543 14,412,788 14,730,533
Shipments in November were 4,072,674 tons (against 2,523,- Other
securities_ _ _ _ 31,780,724 28,911;031 28,491,146 23,503,121 28,492,749
253 tons in the corresponding month last year, and three Reserve,notes&coin 27,924,435 27,075,283 25,686,492 26,775,856 24,086,017
Coln&bull.,both dep 37,786,270 37,357,243 35,631,472 36.290,676 34,621,262'
cargoes aggregating 14,579 tons were shipped in December- Prop.
.
reserve to ha10,428 tons from Escanaba and 4,151 tons from Two Har51 5-16
50 3-16
5(3
4334
p. c. 50 13-16
bilities
234
5
4
4!5
c.
bors. Below we give the movement from the various ports Bank rate p. p.
78A
80
82 11-16za 83 13-161d
c___
7
2
,
5m
1-(1.16
.
ConsoLs, 2A
22d.
for the months of November 1912 and 1911 and for the last Silver
25/3d.
2534d.
23 9-16d.
four seasons, and also add the rail movement (which is never Clear.-house return.s276,264,000 308,481,000 206,736,000 206,486,000 280,090,000
large) for previous'seasons. No figures as to the 1912 rail
Messrs. Pixley & Abell write as follows under date of
shipments are yet available.
Nov. 28:
November
1912.
1911.
PortTons.
Tons.
Escanaba
560,328 513,790
Marquette
214,431 244,135
Ashland
414,224 168,909
Two Harbors _1,140,767 605,531
Superior
1,080,066 476,583
Duluth
662,858 514,325
Total
All rail
1912.
Tons.
5,234,655
3,296,761
4,797,101
9,370,969
14.240,714
10.495,577
Entire Season
1911.
1910.
Tons.
Tons.
4,278,445 4,959,726
2,200,380 3,248,516
2,429,290 4,094,374
6,367,537 8,271,177
9,920,490 8,414,799
6,934,269 13,640,166
1909.
Tons.
5,747,801
2,009,451
3,834,207
9,181,132
6,540,505
13,470,503
4,072,674 2,523,253 47,435,777 32,130,411 42,628,758 41,683,599
No figures available662,719
813,639
903,270
Grand total
32,793,130 43,442,397 42,586,869
GOLD.-The arrivals this week have been large, amounting in all to £1,080,000,
were only
of which £983,0001came from South Africa. The Indian requirements
£98,000. About £200,000 has been taken for New York, a small amount has been
should
England
receiveof
Bank
one
of
the
by
the
banks
and
secured
joint-stock
the balance. Since our last the Bank has received £560,000 in bar gold, £24,000
from South Africa In sovereigns and £60,000 from R011111/thia. £420,000 has beer.
withdrawn for Brazil and £50,000 for Belgium. Next week we expect £792,000 from
South Africa and £124,000 from India. Arrivals-South Africa, £983,000; West
Africa, £75,0130; West Indies, £23,000; total, £1,081,000. Shipments-Bombay,
i.9.1-ratlhliV.T.!.
£151,000; Calcutta, £1,000; Aden, £1,000: total, £153,000.
SILVER.-The market is still a quiet one, cash silver having been quote at
2934d. since Nov. 22, while forward is Md. higher at 29 Yid. The tone at the close is.
steady. China has sent a few buying orders, but as the Bombay rates are under
parity with I.ondon,she has been able to obtain silver more profitably there, and the-
II
DEC. 14 1912.]
THE CHRONICLE
small demand on this market has been easily filled by the daily offerings. The interesting feature of the week is the fresh purchases on account of the Indian Government, and it Is expected that a large shipment will be made to India this week for
their account. In consequence of this consignment, coupled with a shipment of
about £100,000 to China and £150,000 to the Continent, the stocks in London are
largely reduced, standing now at not over £2,200,000. There is a substantial bear
account open for both India and China, and it is worthy of note that, in spite of the
fact, now generally known, that the Indian Government are buying, the bazaars
have so far made little attempt to cover their "short" commitments. The Bombay quotation is Rs. 73 9-16 per 100 tolahs. Arrivals-New York, £158,000;
South America, £7,000; total, £165,000. Shipments-Shanghai, £50,000; Madras.
£7,500; Colombo, £1,000; total, £58,500.
Name of Company.
1537
Per When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (S team) Concluded.
Chicago & Eastern Illinois, pref. (quar.)
134 Jan. 2 Holders of rec. Dec.17a
1% Dec. 30 Holders of rec. Dec. 19
Chicago Ind. & Louisville, common
Preferred
2
Dec. 30 Holders of rec. Dec. 19
Chicago & Northwestern, corn. (quar.)_ 134 Jan. 2 Holders of rec. Dec. 2a
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 2a
2
Chicago Rock Island & Pacific Ry.(quar.) 144 Dec. 31 Holders of rec Dec.20a
Clev. Cin Chic. & St. L., pref. (guar.)
144 Jan. 20 Holders of rec. Dec.27a
Dec. 31 Dec. 21 to Jan. 1
Colorado & Southern, common (annual)..._ 1
2
(Philadelphia)
Dec. 30 Holders of rec. Dec.20a
Connecting
Ry.
The quotations for bullion are reported as follows:
Delaware & Hudson Co. (guar.)
234 Dec. 20 Holders of rec. Nov.27
10
Dec. 20 Holders of rec. Dec. 90
Lackawanna
&
Western
(extra)
Delaware
Nov.
28.
Nov.21
GOLD.
Nov. 28. Nov. 21.
BILVtR.
3
Dec. 19 Holders of rec. Dec.11a
Delaware River RR. & Bridge
S. d. S. d.
London Standard.
d.
d.
London Standard.
244 Jan. 2 Dec. 15 to Jan. 3
Detroit & Mackinac corn, and pref
77 9
77 9
Bar silver, fine, oz. _29%
Bar gold, fine, oz
29 1-16
Fonda Johnstown & Gloversv., pref. (qu.) 134 Dec. 16 Holders of rec. Dec. 5a
" 2 mo. delivery, oz_29%
29 3-16
3
Dec. 19 Holders of rec. Dec.14a
Greene Railroad
31 7-16 31%
Cake silver, oz
Harrisb. Portsm. Mt. Joy & Lancaster___ _ 3% Jan. 10 Holders of rec. Dec.20a
154 Dec. 31 Holders of rec. Dec. 6a
• Hocking Valley (quar.)
2
Jan. 2 Dec. 12 to Jan. 5
Illinois Central, Leased Lines, guar
English Financial Markets-Per Cable.
234 Jan. 2 Holders of rec. Dec.24a
Rapid Transit (quan)
The daily closing quotations for securities, &c., at London, Interborough
4
Jan.
2
Not closed.
International dr Great Northern, pref
2% Dec. 30 Dec. 15 to Jan. 1
Kanawha & Michigan
as reported by cable, have been as follows the past week:
Jan. 1 Holders of rec. Dec. 7a
Lackawanna RR. of New Jersey (guar.)._ 1
London,
$1.25 Jan. 15 Dec. 14 to Jan. 15
Little Schuylkill Nay., RR. & Coal
Thurs. Fri.
Tues. Wed.
Mon.
Week ending Dec. 13.
Sat.
13.4 Jan. 2 Holders of rec. Dec.16a
Manhattan Ry., guar. (quay.)(No. 115)
299-16 299-16
d 29 11-1629 11-1629 11-16 29%
Silver, per oz
3
Jan. 29 Holders of rec. Dec.27a
Michigan
Central
74
15-16
74
9-16
7444
75%
75
75%
d Consols, 244 per cents__
344 Jan. 1 Holders of rec. Dee, Oa
Morris & Essex, guaranteed
751-16 74%
757-16 75%
745-16
75%
d For account
Jan. 15 Holders of rec. Dec.20a
1
N. V. Central & Munson River (guar.)
90.15
89.80 89.60
d French rentes(In Paris)_fr_ 90.2744 90.17% 90.20
5
Jan. 2 Holders of rec. Dec.13a
New York & Harlem, corn, and pref
83%
79%
78%
83%
77%
77
Amalgamated Copper Co
1% Jan. 1 Holders of rec. Dec.11a
N.Y. Lackawanna & Western (quar.)
72
72
75
7144
72%
Am. Smelt. & Refining Co 75
2
Dec. 31 Holders of rec. Dec.10a
N. Y. N. H.& Hartford (quar.)
7%
8%
8%
8
8
7%
b Anaconda Mining Co
44 Jan. 1 Holders of rec. Dec.14a
Norfolk Southern (guar.)
109%
108%
108%
108%
109%
Atch. Topeka & Santa Fe_ 10944
134 Dec. 19 Holders of rec. Nov.30a
Norfolk dr Western, common (guar.)
105
105
105
105
104%
105
Preferred
Jan. 15 Holders of rec. Dec.31a
$2
Central
Northern
108%
108%
107
107
107
1063
&
Ohio
Baltimore
%
Northern RR. of New Hampshire (guar.)_ _ _ 144 Jan. 1 Holders of rec. Dec. 9a
89%
89%
89%
89%
89%
89%
Preferred
2
Dec. 21 Holders of rec. Dec.11a
Philadelphia Baltimore & Washington
2723
% 2717/, 270% 271%
Canadian Pacific
207
266%
244 Jan. 10 Jan. I to Jan. 10
Philadelphia & Trenton (quar.)
Chesapeake & Ohio
82%
80%
83%
81
81%
80
Pitts. Ft. Wayne & Chic., reg. guar. (guar.) 1% Jan. 7 Dec. 15 to Jan. 7
Chicago Great Western
17%
17%
16%
17
1644
16%
134 Jan. 2 Dec. 15 to Jan. 2
Special guaranteed (guar.)
Chicago Milw.& St. Paul 117
117
114% 114%
114
115%
1
Jan. 9 Holders of rec. Dec.24a
Reading Company second preferred (qu.)
Denver & Rio Grande
22
22
21
21%
20%
20%
4
Jan. 2 Dec. 15 to Jan. 1
Rensselaer & Saratoga
39%
Preferred
4044
40%
39%
39%
39
134 Dec. 31 Holders of rec. Dec. 10
St. Louts Rocky Mt. & Pacific Co.. Pref
34%
34%
32%
33%
32
Erie
32%
50
51%
St. Louis & San Francisco-51%
5044
49%
First preferred
50
5
Jan. 2 Dec. 18 to Jan. 2
Chic. & E. Ill., corn. tr. certfs
41%
43
43
41%
40%
Mif Second preferred
4044
_ 134 Jan. 2 Dec. 18 to Jan. 2
Preferred stock tr. certfs. (quay.)
136%
138
e13444
Great Northern, preferred_ _139% 140
135%
1
Jan.
2 Dec. 18 to Jan. 2
131
Illinois Central
130%
130
129
K.C. Ft. S.& Mem., pf. tr. ctf. (qu.)
129%
129%
13.4 Jan. 15 Holders of rec. Dec.31a
149
• 148%
146
146%
144
Louisville & Nashville
St. Louts Southwestern, pref. (guar.)
145%
Jan.
2 Holders of rec. Dec. 2a
134
(No.
25)
Texas
Pacific
(quar.)
Kansas
&
28%
27%
27
Southern
Missouri
28%
27%
27%
234 Jan. 2 Holders of rec. Dec. 2a
64
63
63
Union Pacific. common (quar.)
Preferred
63%
63
63%
2
Jan. 10 Dec. 21 to Jan. 1
42
42
Missouri Pacific
43%
43
United N.J. RR.& Canal Cos. guar.(qu.) 2%
43%
42
Jan. 1 Holders of rec. Dec.21a
66
66
60
Nat. RR. of Mex., 1st prof 05
Valley RR.(N. Y.), guaranteed
66
66
Dec. 16 Holders of rec. Dee. 6a
4
28%
Second preferred28%
28%
Vandalia
28%
29%
29
Jan. 15
1
112
113A
112
N. Y. Central & Hud. Riv_ _116%
White Pass & Yukon
115% 1:3%
33
32%
32X
33
Street and Electric Railways.
N. Y. Ontario & Western_ _ _ 33
34
Jan. 1 Dec. 22 to Dec. 31
3
115%
114%
115%
Amertcan Cities Co., preferred (No. 3)
Norfolk & Western
116%
116%
5
134 Dec. 16 Holders of rec. Nov.29a
89
American Railways (guar.)
Preferred
90
123
122
12.24i
Arkansas Valley Ry., L. & P., pref. (qu.) 134 Dec. 16 Holders of rec. Nov. 30
125
4344
Northern Pacific
125
62%
62
62%
62
Bangor Ry. & Electric pref.(guar.) (No.5). 134 Jan. 1 Holders of rec. Dec.21a
a Pennsylvania
62% • 62%
El Jan. 1 Holders of rec. Dec.24a
88
86%
86% 84% 84%
Boston& Worcester Elec. Cos., pref
88
a Reading Company
46
46
46
45%
134 Jan. 1 Holders of rec. Dec. 9a
46%
46
Brooklyn Rapid Transit (quar.)
a First preferred
48
48
49
Capital Traction, Washington, D. C.(guar.) 134 Jan. 1 Dec. 9 to Jan. 8
a Second preferred
23%
iiii
25
ii-ki
iii%
Carolina Power & Light, pref.(au.)(No. 15) 134 Jan. 2 Holders of rec. Dec.23a
24%
Rock Island
. 134 Jan. 1 Dec. 17 to Jan. 1
111%
110
112%
113%
113
112
Cincinnati Street Ry. (guar.)
Southern Pacific
134 Jan. 2 Dec. 1 to Jan. 1
29%
29%
28%
Cleveland Ry.(quar.)
2834
Southern Railway
2834
2834
83
83
82
82
81%
Continental Passenger Ry., Philadelphia_ $3 Dec. 30 Holders of rec. Nov30a
Preferred
8234
173
172
168
Duluth-Superior Traction, common (guar.). 141 Jan. 2 Holders of rec. Dec. 10
158%
167
Union Pacific
16234
1
Jan. 2 Holders of rec. Dec. 10
Prefer red (guar.)
96
95
Preferred
95%
95
93%
93
$3 Jan. 1 Holders of rec. Dec.I8a
71
70%
Eastern TOMS El. Co., pref.(No. 2)
67%
68
U.S. Steel Corporation
67%
6834
112
111%
Frankford & Southw. Pass., Phila. (quar.) $4.50 Jan. 2 Holders of rec. Dec.14a
Preferred
111% 110% 112
11234
1% Jan. 14
Illinois Traction, preferred (guar.)
4%
4%
4%
4%
Wabash.
4%
4%
Jan. 1 Dec. 24 to Jan. 1
3
14
Preferred
13%
13%
13%
13%
13%
Indianapolis Street Ry
134 Jan. 1 Holders of rec. Dec.21a
Ry.,
first
preferred
(guar.)_
Extended 4s
06
Elec.
6544
Lake
Shore
66
66
6545
6634
Jan.
2 Dec. 11 to Dec. 16
1
Louisville Traction, common (guar.)
13.4 Dec. 31 Holders of rec. Dec.18a
a Price per share. b £ sterling. d Quotations here given are flat prices.
Manila Elec. RR.& Ltg. Corp.(quar.)
Holders of rec. Dec.18a
1
Dec.
31
rights.
Extra
2
Jan. 1 Holders of rec. Dec. 5
Massachusetts Elec. Cos., pref
134 Dec. 31 Holders of rec. Dec. 22
Memphis Street Ry., preferred (guar.)
154 Jan. 2 Holders of rec. Dec. 24
Mohawk Valley Co. (quar.)
2
Nov.29 Holders of rec. Nov.25
Nashville Ry. & Light, common
134 Jan. 1 Holders of rec. Dec. 28
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec.18a
New York State Rys., common (quar.)
National Banks.-The following information regarding
134 Jan. 2 Holders of rec. Dec.18a
Preferred (guar.)
134 Dec. 15 Holders of rec. Dec. 1
national banks is from the office of the Comptroller of the Northern Ohio Trac. & Lt., corn. (quar.). la(
Feb. 1 Holders of rec. Jan. 2
Company,com.(guar.)(IsTo.125)
Philadelvhia
Treasury
Currency,
Department:
St. JosephRy.,L.,TI.&P.,pf.(qu.)(No.41) 134 Jan. 2 Holders of rec. Dec.140
$3
Jan.
2 Holders of rec. Dec. 20
Phila.
(guar.).
Second & Third Stn. Pass.,
APPLICATION TO CONVERT APPROVED.
Terre Haute, Indianap. & East., pref. (gu.) 134 Jan. 1 Dec. 22 to Jan. 1
2
Jan. 2 Holders of rec. Dec.16a
The Florida Bank of Gainesville, Fla., into "The Florida National Toronto Railway (quest.)
Bank of Gainesville." Capital $150,000.
Twin City Rapid Tran., Minn., corn.(qu.) 134 Jan. 2 Holders of rec. Dec. 16
134 Jan. 2 Holders of rec. Dec. 16
• CHARTERS ISSUED TO NATIONAL BANKS NOV. 29 TO DEC. 3.
Preferred (quar.)
54.75 Jan. 1 Holders of rec. Dec.16a
10,291-The First National Bank of Omaha, Ill. Capital $25,000. Geo. Union Passenger lit1., Philadelphia
$1.50 Jan. 1 Holders of rec. Dec.10a
L. Land, Pres.; H. C. Land, Cashier. (Succeeds Exchange Bank Union Traction, Philadelphia
of Omaha.)
134 Dec. 31 Dec. 22 to Jan. 1
United Light & Rye., first pref. (quar.)_
X Dec. 31 Dec. 22 to Jan. 1
10,202-The First National Bank of Coaehella, Cal. Capital $25,000.
Second preferred (quar.)
2
Dec. 2 Dec. 1 to Dec. 2
J. M. Westerfield, Pres.; H. A. Westerfield, Cashier.
United Rys. dr Elec., Baltimore, pref
10,293-The Selma National Bank, Selma, Cal. Capital $50,000. W. T. United Trac. & Elec., Providence (quar.). 134 Jan. 2 Dec. 11 to Dec. 15
2% Jan. 10 Holders of rec. Dec.14a
Forkner, Pros.; C. W. Christensen, Cashier. (Succeeds Farmers' Virginia Ry.& Power, preferred
Jan. 2 Holders of rec. Dec.16a
Bank of Selma)
Washington Water Power, Spokane (qu.)- 2
10,294-The First National Bank of Hagerman, Idaho. Capital $25,000. West End Street, Boston, pref. (quar)._ _ $2 Jan. 1 Dec 24 to Jan. 1
J. E. Clinton Jr., Pres.; C. L. Nelson, Cashier. (Conversion of WestPenn Trac.&WaterP..Pf.(911.)(Nn. 3) 14 Dec. 16 Dec. 10 to Dec. 16
$5 Jan. 1 Holders of rec. Dec.lao
the Hagerman State Bank.)
West Philadelphia Passenger Ry
3
Jan. 2 Holders of rec. Dec. 16
Winnipeg Electric Ry. (guar.)
VOLUNTARY LIQUIDATIONS.
Banks.
2,943-The National German-American Bank of St. Paul, Minn., Nov. 27 Chatham & Phenix National (guar.)
2
Jan. 2 Dec. 22 to Jan. 2
1912. Consolidated with the Merchants' National Bank of St. F
1% Jan. 2 Holders of rec. Dec. 11
(quar.)nal(guar.)
Paul. Liquidating agents, Messrs.
d S. Culver, F. E. Cool m&aIrioonnaNlatio
7
Dec. 31 Holders of rec. Dec.30a
' Weyerhaeuser and R. 0. Jefferson, St. aul, Minn.
5
Dec. 31 Holders of rec. Dec.30a
Extra
2,292-The City National Bank of Gloucester, Mass., Nov. 27 1912. Ab- First
3
Dec. 31 Holders of rec. Dec.30a
Security Co. (guar.)
sorbed by the Gloucester Safe Deposit & Trust Co. Liquidating
5
Dec. 31 Holders of rec. Dec.30a
Extra
William
A.
Pow,
agents,
Eugene Ji Fabens and A. Foster Collins,
2
Jan. 2 Holders of rec. Dec. 31
Gotham
National
(guar.)
Gloucester, Mass.
2
Jan.
2 Dec. 21 to Jan. 2
Homestead (Brooklyn)
,6,542.-The First National Bank of Tifton, Ga., Nov. 27 1912. Consoli- Montauk (Brooklyn)
2
Jan. 1 Dec. 17 to Jan. 1
dated with the National Bank of Tifton.
3
Jan. 2 Dec. 21 to Jan. 1
Mount Morris (guar.)(No.52)
Jan. 2 Dec. 24 to Jan. 2
6
.futual
4
Dec. 31 Dec. 22 to Jan. 1
Union Exchange National
DIVIDENDS.
Companies.
Trust
6
Dec. 31 Holders of rec. Dec.27a
(quar.)
The following shows all the dividends announced for the Guaranty
2
Dec. 31 Holders of rec. Dec.27a
Extra
Jan. 2 Dec. 17 to Jan. 2
3
.future by large or important corporations:
Lawyers' Title Ins, & Trust (guar.)
5 Jan. 2 Dec. 29 to Jan. 2
Mechanics of New Jersey (guar.)
Dividends announced this week are printed in italics.
Jan. 2 Dec. 29 to Jan. 2
5
Extra
134 Jan. 2 Dec. 29 to Jan. 1
Mutual Alliance (guar.)
1
Jan. 1 Holders of rec. Dec.31a
:Mutual of Westchester County (guar.)
When
•
Books Closed.
Per
25
Jan, 2 Dec. 20 to Jan. 1
Name of Company.
Untied States
Days Inclusive.
Cent. Payable.
Miscellaneous.
Railroads (Steam).
Aeolian, Weber Piano & Pianola, pref.(gu.) 134 Dec. 31 Holders of rec. Dec. 26
1
Jan. 15 Holders of rec. Dec.23a
Alabama Great Southern, ordinary
2% Dec. 23 Holders of rec. Nov.30a Amer. Agricul. Chem., corn. (gu.)(No. 5)
134 Jan. 15 Holders of rec. Dec.23a
Preferred (guar.) (No. 30)
Preferred
Feb. 24 Holders of rec. Feb. la
3
Jan.
2 Dec. 17 to Jan. 2
(guar.)
134
pref.
Note,
Bank
American
Susquehanna,
guaranteed
Albany &
444 Jan. 2 Dec. 15 to Jan. 1
2 Holders of rec. Dec.14a
Albany & Susquehanna (special)
$3.45 (m) Holders of rec. Jan. 2a American Beet Sugar, prof. (nu.)(No. 54) 154 Jan.
Dec. 31 Holders of rec. Dec. 20
Atchison, Topeka & Santa Fe, preferred_ _ 2% Feb. 1 Holders of rec. Dec.31a American Brake Shoe & Fdy., cons. & pf.(gu) Ix Jan.
1 H&i s of rec. Dec.19a
134
Atlantic Coast Line RR.., common
344 Jan. 10 Dec. 20 to Jan. 10 American Can, preferred (quar.)
A Jan. 1;Holders of rec. Dec.19a
Preferred (extra)
Boston & Albany (guar.)
234 Dec. 31 Holders of rec. Nov.30a
A Jan.
rec. Dec.10a
Boston & Lowell
4
Jan. 2 Nov. 25 to Nov. 30 Amer. Car & FdY.. emn.(quar.)(No.40). 1X Jan. 1,Holders of
of rec. Dec.10a
Preferred (quar.) (No. 55)
Boston & Maine, common (quar.)
1
Jan. 1 Holders of rec. Nov.30a
134 Jan. 21Holders of rec. Dec.14a
Boston Revere Beach & Lynn (guar.)
144 Jan. I Holders of rec. Dec 14a American Cigar, preferred (quar.)
134 Dec. 31 Dec. 24 to Dec. 30
Canada Southern
1% Feb. 1 Holders of rec. Dec.27a American Coal Products, corn. (quar.)
$3
Jan. 2 Holders of rec. Nov.30a
Canadian Pacific, common (quar.)
2% Jan. 2 Holders of rec. Dec. 2a American Express (quar.)
Jan. 2 Dec. 18 to Jan. 2
1
Central RR.of New Jersey (quar.)
2
Feb. 1 Holders of rec. Jan.23a Amer. Oas & Elec., coin. (guar.) (No. 1I)._ lA
Feb. 11Jan. 16 to Feb. 2
(No.
24)
(guar.)
Special
Preferred
2
Dec. 18 Holders of rec. Dec.10a
Chesapeake & Ohio (guar.)
1% Dee. 31 Holders of rec. Dec. 6a Amer.Iron ,t Steel, Mfg., corn. & of.(guar,) 134 Jan. 1 allolders of rec. Dec.21a
,Jan.
l'Holders of rec. Dec.16
134
Manufacturing
63).
American
Chicago Burlington & Quincy__
2
(quar.)(No.
Dec.
26
(qUar.)---Holders of rec. Deo.19a
Cowcnterciat aviltnisceilianeons news
THE CHRONICLE
1588
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive
Name of Company.
[VoL. Lxxxxv.
Per
When
Cent. Payable.
Books Closed.
Days inclusive.
Miscellaneous (Continued).
Miscellaneous (Concluded).
American Pipe &Construction (quar.)__ _ _
5
2
Jan. 1 Holders of rec. Dec. 14 Northern Pipe Line
Jan. 2 Holders of rec. Dec. 16
American Radiator, common (quar.)
134 Jan. 15 Holders of rec. Dec. 31
2
Dec. 31 Dec. 22 to Dec. 30 Nova Scotia Steel & Coal, common (quar.)_ _
Am.Smelt.& Ref., corn.(quar.)(No.37). 1
Dec. 16 Nov. 28 to Dec. 5
Preferred (guar.)
2
Jan. 15 Holders of rec. Dec. 31
Am. Smelters Sec., pref. A (qu.)(No. 32)_
134 Jan. 2 Dec. 21 to Dec. 29 Ohio 011 (quar.)
$1 25 Dec. 20 Nov. 27 to Dec. 11
Preferred B (quar.) (No. 31)
134 Jan. 2 Dec. 21 to Dec. 29 Otis Elevator, common (guar.)
Jan. 15 Holders of rec. Dec. 31
1
American Snuff, common (quar.)
3
Jan. 1 Holders of rec. Dec.14a
Preferred (guar.)
154 Jan. 15 Holders of rec. Dec. 31
Common (extra)
3
Jan. 1 Holders of rec. Dec.14a Pabst Brewing, pref. (quar.)
1% Dec. 15 Dec. 7 to Dec. 15
Dec.14a
rec.
Preferred (quar.)
Packard Motor Car, preferred (quar.).__ _
134 Dec. 16 Dec. 7 to Dec. 16
13% Jan. 1 Holders of
Amer. Sugar Refining, corn. & pref. (qu.). 14 Jan. 2 Holders of rec. Dec. 2a Phelps, Dodge cfc Co., Inc. (guar.)
234 Dec. 27 Holders of rec. Dec.16a
American Surety (guar.) (No. 94)
3
Dec. 31 Dec. 8 to Jan. 7
Dec. 27 Holders of rec. Dec.16a
Extra
3
Extra
3
Dec. 31 Dec. 8 to Jan. 7 Philadelphia Electric (guar.)
2614c Dec. 14 Holders of rec. Nov.21a
American Tobacco, preferred (quar.)
14 Jan. 1 Dec. 17 to Dec. 31
134 Jan. 2 Dec. 13 to Jan. 2 Pittsburgh Plate Glass, common (guar.)._ _ _
Amer. Type Founders, common (quar.)...
1
Jan. 15 Holders of rec. Jan.10a Producers' Oil (guar.)
$1.50 Dec. 31 Holders of rec. Dec. 13
Preferred (quar.)..
14 Jan. 15 Holders of rec. Jan.10a Quaker Oats, common (guar.)
234 Jan. 15 Holders of rec. Jan. 2a
Am. Wat. Wks.& Guar., pref.(0 uar.)._ _ 134 Jan. 1 Holders of rec. Dec.16a
134 Feb. 28 Holders of rec. Feb. la
Preferred (quar.)
Amer. Woolen, pref. (quar.) (No. 55)
Jan.
15
Dec.
24
to
Jan. 7 Quincy Mining (quar.)
134
$1 50 Dec. 23 Holders of rec. Nov.27a
Asheville Power cfc Light, pref. (guar.)
13
. Jan. 2 Holders of rec. Dec.23a Railway Steel-Spring, pref. (guar.)
14 Dec. 20 Dec. 8 to Dec. 20
Jan. 1 Holders of rec. Dec.14a Realty Associates(No. 20)
Baldwin Locomotive Works, common..1
3
Jan. 15 Holders of rec. Jan. 6
334 Jan. 1 Holders of rec. Dec.14a Republic Iron & Steel, pref. (qu.)(No.41) 14 Jan. 1 Holders of rec. Dec.14a
Preferred
234 Jan. 2 Holders of rec. Dec. 29 Reynolds (R. J.) Tobacco
Baltimore Electric, preferred
Jan. 1 Holders of rec. Dec.16a
3
1% Jan. 2 Dec. 22 to Jan. 1
Booth Fisheries, first pref. (quar.)
Jan. 1 Holders of rec. Dec.16a
2
Extra
3
Borden's Cond. Milk, pref. (qu.)(No. 44) 134 Dec. 14 Dec. 6 to Dec. 15 Royal Baking Powder, common (guar.)
Dec. 31 Holders of rec. Dec.16a
Dec. 20 Nov.28 to Dec. 20
20
Borne, Scrymser Company
134 Dec. 31 Holders of rec. Dec.16a
Preferred (guar.)
6
1
Jon 7 See note e
British-American Tobacco, Ltd
Dec. 14 Holders of rec. Dec. 10
Rubber Goods Mfg., common (quar.)
3
British Columbia Copper (guar.) (No. 6)_ _ _
Jan. 15 Holders of rec. Jan. 2a
14 Dec. 14 Holders of rec. Dec.10a
Preferred (quar.)
1,1 Jan. 2 Dec. 15 to Jan. 1 Rumely (M.) Co., pref. (guar.)
Brooklyn Union Gas (quar.) k No. 47)._
134 Jan. 2 Dec. 20 to Jan. 1
1
Jan. 2 Dec. 15 to Jan. 1 Safety Car Heating & Lighting (quar.)_
Extra
Dec. 23 Holders of rec. Dec.13a
2
14 Jun. 1 Holders of rec. Dec. 20
Brunswick-Balke-Collencler, pref. (guar.). _
Dec. 23 Holders of rec. Dec.13a
1
Extra
111,
Buckeye Pipe Line (quar.)
Dec. 16 Holders of rec. Nov. 25 Sears, Roebuck & Co., pref. (quar.)
14 Jan. 1 Holders of rec. Dec.14a
Buffalo General Electric (guar.) (No. 73).
134 Dec. 31 Holders of rec. Dec. 20 Securities Company
234 Jan. 15 Jan. 1 to Jan. 15
California Petrol. Corp., com. (qu.) (No. 1) 134 Jan. 1 Holders of rec. Dec.15a Shawinigan Water & Power (guar.)
134 Jan. 20 Holders of rec. Jan. 7
Preferred (guar.) (No. 1)
14 Jan. 1 Holders of rec. Dec.15a Solar Refining Co
Dec. 20 Nov. 20 to Dec. 20
20
Calumet & Hecla Mining (quar.)
$12 Dee 20 Holders of rec. Nov. 22 South Penn Oil (quar.)
Dee. 14 Nov,24 to Dee. 15
10
Canadian General Elec., Ltd., corn. (qu.)
14 Jan. 2 Dec. 16 to Dec. 31 South Porto Rico Sugar, common (quar.). 1
Jan. 2 Holders of rec. Dec.14a
Common (bonus)
1
Jan. 2 Dec. 16 to Dec. 31
2
Jan. 2 Holders of rec. Dec.140
Common (extra)
Canadian Westinghouse, Ltd. (qu.) (No. 32) 14 Jan. 10 Jan. 1 to Jan. 9
2
Jan. 2 Holders of rec. Dec.14a
Preferred (quar.)
Bonus
Jan. 10 Jan. 1 to Jan. 9 South West Pennsylvania Pipe Lines (qu.) 5
2
Dec. 31 Holders of rec. Dec. 16
Case (J. 1.) Threshing Machine, pref. (qu.). 14 Jan. 1 Holders of rec. Dec. 18 Standard Coupler, common
2
Dec. 23 Dec. 19 to Jan. 14
Celluloid Company (quar.)
134 Dec. 31 Holders of rec. Dec.14a
4
Dec. 23 Dec. 19 to Jan. 14
Preferred
Dec. 31 Holders of rec. Dec.14a Standard Gas dc Elec., pref. (guar.)
2
Extra
Dec. 16 Holders of rec. Nov.30a
2
134 Jan. 2 Holders of rec. Dec.10a Standard Gas Light, N. Y common
Central Leather, pref. (quar.)
134 Dec. 31 Dee. 20 to Jan. 1
Central States El. Corp., of.(qu.)(No.2). 14 Jan. 2 Holders of rec. Dec. 10
Dec. 31 Dec. 20 to Jan. 1
3
Preferred
6
Dec. 21 Dec. 3 to Dec. 22 Standard Oil of California (guar.)
Chesebrough Manufacturing (quar.)
234 Dec. 16 Holders of rec. Dec. 2
4
Dec.
21
•
Extra
Dee. 3 to Dec. 22 Standard 01101 Kansas
Dec. 14
Dec. 14 Nov. 16 to
3
Jan. 2 Holders of rec. Dec. 17
Chic. June. Rys. & Un. Stk. Yds., corn.(qu.) 2
Dec. 14
Dec. 14 Nov. 16 to
2
Extra
134 Jan. 2 Holders of rec. Dec. 17 Standard Oil of Nebraska
Preferred (quar.)_
10
Dec. 20 Holders of rec. Nov. 20
2
Chicago Telephone (guar.)
Dec. 31 Holders of rec. Dec.28a Standard Oil of New Jersey (quar.)
Dec. 16 Holders of rec. Nov.20a
5
Cities Service, common (monthly)
1-3 Jan. 1 Holders of rec. Dec.15a Standard Oil of Ohio
5
Dec. 16 Holders of rec. Nov. 13
Preferred (monthly)
34 Jan. 1 Holders of rec. Dec.15a Subway Realty (quar.).
14 Jan. 2 Holders of rec. Dec.24a
Cleveland & Sandusky Brewing, common.. 1
Dec. 15 Hold. rec. Nov.30 1907 Sulzberger dr Sons Co., pref. (guar.)
134 Jan. 2 Dec. 15 to Jan. 1
Preferred
134 Dec. 15 Hold. rec. Nov. 30 1907 Swift & Co.(quar.)(No. 105)
13% Jan. 6 Dec. 11 to Jan. 1
Columbus (0.) Gas & Fuel, preferred (qu.) 13 Jan. 2 Holders of rec. Dec. 16 Texas Company (quar.)
134 Dec. 31 Holders of rec. Dec.13a
Columbus (0.) L., II. efc P corn. (quar.)_
134 Jan. 16 Holders of rec. Dec.16a Underwood Typewriter, common (quar.)_
1
Jan. 1 Holders of rec. Dec.20a
Preferred (guar.)
134 Jan. 16 Holders of rec. Dec.16a
134 Jan. 1 Holders of rec. Dec.20a
Preferred (quar.)
Consolidated Gas (guar.)
134 Dec. 16 Holders of rec. Nov.14a
Union Carbide (guar.)
214 Jan. 1 Holders of rec. Dec. 20
Consol. Gas, El. L.& P., Bait. corn.(qu.)
134 Jan. 2 Holders of rec. Dec. 20 United Cigar Stores of A m.,pf.(qu.)(No.1) 14 Dec. 16 Dec. 3 to Dec. 16
$134 Dec. 16 Nov. 21 to Dec. 16 United Fruit (guar.) (No. 54)
Crescent Pipe Line (quar.)
Jan. 15 Holders of rec. Dec. 24
2
Crex Carpet
3
Dec. 15 Holders of rec. Nov.30a United Gas Improvement (guar.)
31 Jan. 15 Holders of rec. Dec. 31
Crucible Steel, pref. (qu.)(No. 37)
14 Dec. 24 Holders of rec. Dec.13a U.S. Steel Corp., common (quar.)(No.36) 154 Dec. 30 Dec. 3 to Dec. 8
Cuban-American Sugar, pref. (quar.)__ _ _
14 Jan 2 Holders of rec. Dec.16a United Utilities, pref. (guar.) (No. 8)
to Jan. 2
13% Jan. 2 Dec. 22
6
Dec. 16 Holders of rec. Nov.30a Utah Consolidated Mining
Cumberland Pipe Line
Dec. 17 Nov. 24 to Dec. 1
$1
Detroit Edison (guar.)
14 Jan. 15 Holders of rec. Jan. 2a Utah Copper (quar.) (No. 18).
75c. Dec. 31 Dec. 7 to Dec. 11
Diamond Match (guar.)
134 Dec. 16 Holders of rec. Nov.30a
Western Union Telegraph (guar.)
94 Jan. 15 Holders of rec. Dec.20a
Dominion Textile, preferred (guar.)
134 Jan. 15 Holders of rec. Dee. 31 Westinghouse Air Brake (guar.)
Jan. 15 Holders of rec. Dec. 31
2
du Pont Internat. Powder, pref. (quar.)._
14 Jan. 2 Holders of rec. Dec. 20
Jan. 15 Holders of rec. Dec. 31
2
Extra
duPont(E.I.) de Nem. Powd., corn. (qu.). 2
Dec. 14 Dec. 5 to Dec. 15 Weyman-Bruton, common (quar.)
234 Jan. 2 Holders of rec. Dec.14a
Common (extra)
1
Dec. 14 Dec. 5 to Dec. 15
14 Jan. 2 Holders of rec. Dec.14a
Preferred (quar.)
Preferred (quar.)
14 Jan. 25 Jan. 16 to Jan 26 Woman's Hotel (No. 11)
234 Dec. 16 Holders of rec. Dec. 2a
Eastern Light & Fuel (guar.)
2
Jan. 2 Holders of rec. Dec. 20 Woolworth (F. W.), common (No. 2)_
1
Dec. 20 Holders of rec. Nov.30a
Eastman Kodak, common (guar.)
234 Jan. 2 Holders of rec. Nov.30a
14 Jan. 11Holders of rec. Dec.10a
Preferred (quar.) (No. 4)
Preferred (quar.)
134 Jan. 2 Holders of rec. Nov.30a Yukon Gold Co. (guar.)(No. 14)
734c. Dec. 31'Dec. 14 to Dec. 17
Empire Steel cfc Iron, preferred
2
Jan. 1 Holders of rec. Dec.31a
Equitable Ilium. Gas It., Phila., preferred 3
Dec. 16 Holders of rec. Dec. 7
a Transfer books not closed for this dividend. b Less income tax. d Correction.
Federal Mining & Smelt., pref. (quar.). 134 Dec. 15 Holders of rec Nov.23a e Transfers received in London up to Dec. 27 1912 will be in time for payment of
Galena-Signal Oil, common (guar.)
4
Dec. 31 Holders of roc Nov.30a dividend. f On account of accumulated dividends. h Payable in common stock at
Preferred (guar.)
2
Dec. 31 Holders of rec .Nov.30a par. k Payable in stock. 1 At rate of 6% per annum for period from Sept. 1 to
General Chemical, common (extra)
5h Feb. 1 Holders of rec. Dec. 31 Dec. 31 1912. m Payable about Jan. 6 1913.
Preferred (quar.)
134 Jan. 2 Holders of rec. Dec.19a
......._
14 Jan. 2 Holders of ree.Dec. 19a
Gen. Chem. of California, 1st pref. (qu.)._
2
General Electric (quar.)
Jan. 15 Holders of rec. Nov.30a
Auction Sales.-Among other securities, the following,
Jan. 18 Holders of rec. Dec.31a
General Electric (payable in stock)
30k
not usually dealt in at the Stock Exchange, were recently sold at
General Gas et Electric, pref. (guar.)
154 Jam 2 Holders of rec. Dec. 20
1% Jan. 2 Holders of rec. Dec.23a auction in New York, Boston and Philadelphia:
Goodrich (B. F.) Co., preferred (guar.)._
50c Dec. 27 Dec. 19 to Dec. 29
Great Northern Iron Ore Properties
By Messrs. Adrian H. Muller & Sons, New York:
Guggenheim Exploration (quar.)(No.40). 214 Jan. 2 Dec. 14 to Dec. 18
Per Cent.
Per Cent. Shares.
14 Dec. 31 Holders of rec. Dec. 20 Shares.
Hart, Schaffner & Marx, pref. (quar.)_ _ _
60 Hart Ayres Plum. Co.$10 per sh.
13 Pinelawn Cemetery_ _ _.$6 per eh.
234 Jan. 2 dHolders of rec. Dec.14a
Helme (Geo. W.), common (quar.)
S.
Tungsten
97,000
U.
Corp.,
Slea_3810
4
315
lot
Nassau
pref_
Elec.Ry.Co.,
14 Jan. 2 Holders of rec. Dec.14a
Preferred (guar.)
500 North Butte Exten. Copper
1,000 North Butte Exten. Copper
Ingersoll-Rand, preferred
3
Jan. 1 Holders of rec. Dec.14a
Mining Co., $5 each.. _ _$6 lot
Mining Co., $5 each.. _ _ _$21 lot
Intercontinental Rubber, pref. (quar.)___ 14 Dec. 31 Dec. 22 to Jan. 1
70 Fourth Nat. Bank
O
5 Stewart Mining Co.,$lea..
Internat. Harvester, corn. (qu.) (No. 12). 14 Jan. 15 Holders of rec. Dec.24a
110 Consol. Engraving Co....$5 per sh.
5 Nat. Monument Co
International Silver, preferred (guar.)._ _ _
134 Jan. 2 Dec. 18 to Jan. 2
1 Free right N. Y.Soc. Llb'y_151
50 Cobalt Silver Queen, Ltd. $34 lot
Preferred (account accum. dividends)_ _
y, Jan. 2 Dec. 18 to Jan. 2
Clinton Hall Association_ _$45
$1 each
Internat.SmokelessPow.&Chem., pt. (qu.)
Jan. 2 Holders r f rec. Dec.20a
Bonds.
1
P
Per
- Cent.
100 Consolidated Arizona Sm.
Island Creek Coal, common (guar.)
50c. Feb. 1 Holders cf rec. Jan. 25
$4,000,000 Colo.-Utah Construc.Co.
Co.,$10 each
Preferred (guar.)
$1.50 Jan. 1 Holderi of rec. Dec. 21
$2,200,000
coll. tr. 6s, due 1911
Kansas Gas et El., pref. (qu.) (No. 11)._ _
2,000 Ontario Mg.&Sm.Co.,31ea.$5410t
134 Jan. 2 Dec. 24 to Jan. 2
Kayser (Julius) et Co., common (quar.).__
11 The Modern Pen Co__ 15250 lot $4,225,333.33 claim of Equit. Tr.
1
Jan. 2 Holders of rec. Dec. 20
Co. of N. Y. agst. Est. of D. H.
5 Yates&PorterfieldTr.eo.j
First and second preferred (guar.)
14 Feb. 1 Holders of lee. Jan. 20
Moffat, as guarantor upon said
La Belle Iron Works, corn. (guar.)
30 Celluloid Co
14134
34 Jan. 31 Jan. 16 to Jan. 31
notes of Colo.-Utah Construc.
Preferred (guar.)
10 Christopher & 10th St.RIt.._13034
2
Dec. 23 Holders of rec. Dec.10a
Co., filed in County Court of
Laclede Gas Light, common (guar.)
57 Ala. Mineral Land Co
75
14 Dec. 16 Dec. 1 to Dec. 15
Denver, allowed by said court $200,000
93 Texas Land Synd.$6 25 per sh.
Preferred
234 Dec. 16 Dec. 1 to Dec. 15
$1,000 City of Elizabeth adJustment
Lanston Monotype Machine (quar.)
186 Tex. Land Synd. No. 3,
134 Dec. 30 Holders of rec. Dec. 23
4s, 1922; J. & J
1p
co_per22sh.
$1 each
Liggett & Myers Tobacco, pref. (quar.)_ _ _
1% Jan. 2 Holders of rec. Dec.14a
$5,000 So. Caro. consol. 6s; Jan.
Loose-Wiles Biscuit, first pref. (guar.)
500 N. Y. Susq. & W
V. Coal
14 Jan. 1 Dec. 21 to Dec. 31
$21991Olt
1877 coupons on
Second preferred (oar.)
33 N. J. & N. Y. RR. Co..$2 per sh.
134 Feb. 1 Jan. 16 to Feb. 2
1,000 McElheney Oil Co, $10 ea_35 lot $100,000 Dover White Marble Co.
Lorillard (P.), common (quar.)
234 Jan. 2 Holders of rec. Dec.16a
1st 5e; May 1912 coups attached$100
1 Lenox (Mass.) Club__ _ _$5 lot__
Common (extra)
234 Jan. 2 Holders of rec. Dec.16a
$400,000 Improved Prop. Hold. Co.
1,500 Internat. Motor Co., pref.
Preferred (quar.)
14 Jan. 2 Holders of rec. Dec. 16
2140
gen. M. bonds, 1941; Oct. 191$
vot. trust certfs
Mackay Companies. coin. (c111.) (No. 30). 134 Jan. 2 Holders of rec. Deo.11a
coupons attached
1,900 Internat. Motor Co., coin. $500
Preferred (quar.) (No. 36)
Jan. 2 Holders of rec. Dec.1la
1
n
p
mo
vss
:
ei
,
s
1
l
3
e
17
o
t
h
ff
suA
.
a
p
.
j8295
e
i
e
f
rt
,000
aet
F
$400
vot. trust certf
Manhattan Shirt, pref. (guar.) (No. 2)_ _
14 Dec. 31 Holders of rec. Dec.16a
of deposit
May Department Stores, pref. (quar.)._ _ _
5 Monaton Realty Investing
154 Jan. 1 Holders of rec. Dec.16a
Ssi
°.6
,.C00
Mergenthaler Linotype (quar.)
Corp., pref
$5 per sh. $1C
234 Dec. 31 Holders of rec. Dec. 7a
Extra
334 Dec. 31 Holders of rec. Dec. 7a
By Messrs. Francis Henshaw & Co.. Boston:
Mexican Petroleum, preferred (monthly)_ _ _ _
2-3 Jan. 2 Holders of rec. Dec.15a
Montreal Cottons, Ltd., common (quar.). 1
$ per sh. Shares.
Dec. 15 Holders of rec. Dec. 5 Shares.
$ per sh.
Montreal Cottons, Ltd., pref. (quar.)_ _ _ _
1 Waltham Watch Co., pref_ _ _ _10034
134 Dec. 15 Holders of rec. Dec. 5 1 National Shawmut Bank
246
Muskogee Gas & Elec., pref. (quar.)
20 Pacific Mills rights
31
134 Dec. 16 Holders of rec. Nov.30a 6 Charlestown G. & E. Co. ($50
National Biscuit, common (guar.)
Dec.28a
each)
rec.
130
134 Jan. 15 Holders of
Nat. Gas, Elec. L. Rr P., pref. (quar.)._ _ _
134 Jan. 1 Dec. 27 to Jan. 1
By Messrs. R. L. Day & Co., Boston:
National Lead, common (guar.)
% Dec. 31 Dec. 14 to Dec. 17
Preferred (quar.)
134 Dec. 16 Nov. 23 to Nov. 26 Shares.
$ per sh. Shares.
$ per sh.
National Licorice, pref. (guar.) (No. 42)._ _
I% Dec. 31 Dec 27 to Jan. 1
5 Concord(N.1-1.)Elec, Co.,com85
1,500 Amer. Signal Co.($10 each)
National Sugar Refining, pref. (quar.)_ _ _ _
134 Jan. 2 Holders of rec. Dec. 13
7 Lowell Elea. Lt. Corp
100 Amer. Silk Co., pref
20034
3
National Surety (guar.)
Jan. 2 Dec. 21 to Jan. 1
5 Waltham Watch Co., pref_ _10034
50 Amer. Silk Co., corn
National Transit (quar.)
75c. Dec. 16 Holders of rec. Nov.30a
1 BostonAthenaeum(par$300)32034
4,500 TheAvinoMines,Ltd.(315ea)
Nevada Consolidated Copper (quar.)
3734c. Dec. 31;Dee. 7 to Dec. 11
10 Mass'. 13ond.&Ins, Co
15634
7,000 DunkirkMAL.Co.($1;en.)..
Extra
50c. Dec. 31 1 Dee. 7 to Dec. 11
55 Waltham Watch Co., corn.. 2734
50 GuanaJuato
Mg. Co.._ $19
New England Teleph. & Teleg. (quar.)-- IX Dec. 31 Holders of rec. Dec.16a $5,000 Guanajuato Riv.
10 Charleston Gas & Elec. Co.
Riv. Mg. Co. for
New York Air Brake
13.4 Dec. 16 Holders of rec. Dec. 2a
($50 each)
1st. 6s
12834
lot
New York Transit (quar.)
10
Jan. 15 Holders of rec. Dec. 23
15 LaZacualpa Rubber PICo,
100 Hudson Riv. Wet. P. Go......
Niagara Falls Power (quar.)
2
Jan. 15 Holders of rec. Dec.31a 10,000 Montgomery Mtn. Mg. Co.
20,000 Wyoming Oil Co.($1 ea.). $1,000
Niles-Bement-Pond, common (quar.)__ - _
134 Dec. 21 Dec. 13 to Dec. 22
($1 each) 10,001 Internat. Cons. Oil Co. of for
Nipe Bay Co., preferred (oar.)
I
Jan. 15 Holders of rec. Dec. 24
Wyoming ($1 each).
500 Mont. Revenue Gold Mg.
lot
Nipissing Mines Co. (guar.)
Jan. 20 Jan. 1 to Jan. 17
5
p.1 520 ChoraleeloMfg.Co.($10ea)J
Co.($5 each)
Extra
234 Jan. 20 Jan. 1 to Jan. 17
247 Spaulding Lunch Co., Lynn 1
294 Thomson Elec. Weld. Trust
t
North American Co. (quar.) (No. 35)._
134 Jan. 2 Holders of rec. Dec.16a
240
Vt* 41Nat. Shawmut Bank
6 Beverly (Mass.) Nat. 1311._152
North. Ontario Lt. & Pow., Ltd., pref__ _ _ $6
Dec' 31 Dec. 17 to Dec. 31
Bonds.l.
Per cent.
3 Sagamore Mfg. Co., Fal1R..175
Preferred (issued in Sept. 1912)
In
Dee. 31 nen 17 to D.,. ni
10 Lockwood Co.,Waterville,Me103 $3,000 Burl. & Mo. Riv. RR. cons.
Se, 1918
StMiddlesex Co.,Ecommon
60
10234
DEC. 14 1912.]
THE CHRONICLE
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh. Shares.
$ per sh.
127 Simplex Concrete Piling Co... 1034
5 Farmers' & Mech. Nat. Bank_141
9 Guar. T.& Trust Co., Del_ ___ 3
10 Central Tr.& Say. Co., par$50 653
600 Dunbar Furnace Co., par$50_lot $5 10 Chelten Trust Co., par $50... 75
10 Continuous Process Machine
10 Hamilton Trust
par 350._ 43X
lot $5
Co., par $10
5 Pennsy. Co. for Co.,
Ins., &c
650
60 Rural Land Imp. Co., Cam2 West End Trust Co., par $50_ 183_
12
den, N. J., par $50
17 Fire Asso.of Phila.,par$50 350-35034
1 Egg Harbor(N. J.) Com.Bank_205
4 Mechanics' Ins. Co., par $25_ _ 50
26 First Nat. Bk., Media, Pa_ _ _400
10 People's Nat. Fire Ins. Co.,
33 Nat. State Bk., Camden, N.J..200
par $25
203
3 Penn Nat. Bank, par $50
192
2 2d & 3d Sta. Pass. RY
2503j
30 Phila. Nat. Bank
475
11 John B. Stetson Co., com_451-451 X
12 Bank of Nor. America
30334 36 Amer. Pipe & Constr. Co_ __91-91 3,
6
16 Girard Nat. Bank
415
10 Corn Exchange Nat
300
9 First Nat. Bank., Phila.._231 X-232 13 Enterprise Mfg. Co. v. t. c_ _ _100
32 Ches.& Del. Canal Co.,par$50. 2
4 Phila. Bourse, com., par $50.. 4
3 Bergner & Engel Brew.Co.,com 453 Bonds.
Per Cent.
10 Penna. Standard Rubber Paint
$1,000 Cleve. Paines. & East. RR.
Co., pref
lot $11
Co. 1st 5s, 1916
9931
40 Penna. Standard Rubber Paint
$1,000 Buff. & Lake E. Tree. Co.
Co., corn
lot $1
1st and ref. 5s 1936
50X
14.040 13klyn Boro. Gas Co_ _.._ 79% $10,000 Phila. Bourse 1st 5s, 1913_100
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh. Bonds.
10 Independence Fire Ins. See. Co_ 3234 $4,500 City of Phila. 4s, 1941
25 People's Nat. Fire Ins
25
$3,000 City of Phila. 4.s, 1940
25 Amer. Pipe & Construe. Co_.91-9134
Per Cent.
10131
10134
Canadian Bank Clearings.—The clearings for the week
ending Dec. 7 at Canadian cities, in comparison with the
same week of 1911, shows an increase in the aggregate of
14.8%.
Week ending Dec. 7.
Clearings at—
Canada—
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Calgary
St. John
Hamilton
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
1912.
1911.
Inc. or
Dec.
61,189,536
51,172,426
45,263,248
14,332,552
4,451,910
3,975,882
2,549,613
6,619,527
1,966,068
4,472,902
2,157,593
4,192,741
5,412,439
3,033,715
1,040,627
824,444
3,075,832
2,052,498
702,855
1,054,774
57,245,468
44,270,624
39,704,217
12,274,517
4,561,159
3,608,913
2,266,567
5,706,963
1,645,597
2,925,087
1,825,175
2,767,419
3,432,745
2,305,228
941,805
741,021
2,215,181
1,404,831
655,736
727,917
+6.9
+15.5
+14.0
+16.8
—2.4
+10.2
+12.5
+16.0
+19.5
+52.9
+18.2
+51.5
+57.7
+31.6
+11.5
+11.2
+38.9
+46.1
+7.2
+44.9
1910.
1909.
$
43,518,911 41,943,061
35,977,733 33,994,080
25,619,148 24,105,353
10,432,310 7,540,001
4,006,239 3,571,434
2,893,016 2,513,907
1,743,365 2,061,225
3,958,141 2,625,180
1,719,671 1,637,297
2,101,776 1,850,528
1,712,564 1,449,685
2,364,360 1,688,427
1,784,208 1,251,102
1,520,713 1,099,075
808,931
612,677
1,033,569
1589
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
On Dep.
Net
Surplus. Loans. Specie. Legate, withC.H. Deposits.
Average. Average. Average. Banks. Average.
Reserve.
$
$
$
$
$
$
%
Brooklyn ___ 2,440,3 16,333,0 1,396,0
465,0 1,208,0 12,371,0 15.0+ 8.8
Bankers'
16,412,4 118,333,0 13,541,0
132,0 9,831,0 90,709,0 15.0+ 9.7
U.S. Mtge.&T 4,569,4 40,956,0 4,095,0
434,0 3,530,0 30,161,0 15.0+10.4
Astor
1,388,6 18,809,0 2,038,0
25,0 1,489,0 13,594,0 15.1+ 9.7
Tit. Guar.& Tr 11,335,3 33,319,0 1,817,0 1,336,0 1,921,0 21,088,0 15.0+ 8.2
23,324,0 165,800,0 13,080,0 1,202,0 11,029,0 96,639,0 14.7+10.2
Guaranty
Fidelity-- — 1,303,2 8,040,0
745,0
233,0
736,0 6,394,0 15.2+10.2
LawyersT.L&T 6,394,9 16,797,0 1,207,0
559,0 1,318,0 11,393,0 15.4+10.3
Col.-Knickerb. 7,192,6 48,063,0 4,963,0
830,0 4,239,0 40,090,0 14.4+ 9.5
Peoples'
1,690,5 16,969,0 1,991,0
394,0 1,838,0 15,853,0 15.0+10.2
11,713,5 41,929,0 3,926,0
New Yol
:
k
502,0 3,135,0 28,120,0 15.7+10.0
Franklin
1,281,4 9,106,0 1,050,0
203,0
839,0 8,181,0 15.3+ 9.2
Lincoln
567,2 10,382,0 1,192,0
220,0
994,0 9,419,0 15.0+ 9.5
Metropolitan _ 6,103,4 23,247,0 2,025,0
9,0 1,909,0 13,547,0 15.0+12.3
Broadway
565,3 8,593,0
979,0
313,0
919,0 8,463,0 15.0+ 9.6
Totals, Avge 96,252,0 576,678,0 54,043,0 6,857,0 44,935,0 406,022,0 14.9+ 9.9
Actual figures_ Dec. 7. 567,682,0 54,657,0 6,701,0 47,898,0 399,812,0 15.3+10.6
The capital of the trust companies is as follows: Brooklyn, 31,000,000-Bankers
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000- Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000:
Lawyers' Title Insurance & Trust, $4,000,000; Columbia-Knickerbocker, $2,000,000:
People's, $1,000,000; New York, $3,000,000; Franklin, $1.000,000; Lincoln, $1.000,000; Metropolitan. $2,000,000; Broadway, $1,000,000; total, $45,250,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Dec. 7.
Capital. Surplus.
Loans.
On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits.
Specie.
Averages.
$
$
$
$
$
$
$
Banks
133,650,0201,897,01,286,744,0239,047,0 74,583,0
1,254,801,0
Trust cos_ 45,250,0 96,252,0 576,676,0 54,043,0 6,857, 44,935,0 408,022,0
Total __ 178,900,0298,149,6.1.863,420,0293,090,0 81,440,0 44,935,01,660,823,0
Actual.
1
Banks
1,279,378,01238,593,0 71,485,0
1,245,798,0
Trust cos_
567,682,0. 54,657,0 6,701,0 47,898,0 399,812,0
Total _
1
1
77.71._ 1,847,060,0293,250,0 81,186,0
1
47,898,0,1,645,608,0
The State Banking Department also furnishes weekly
returns of the State banks and trust compnies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
219,550,182 191,226,170 +14.8 141,807,332 127,330,855
Total Canada
following:
For definitions' and rules under which the various items
Statement of New York City Clearing-House Banks
and Trust Companies.—The detailed statement below are made up, see "Chronicle," V. 86, p. 316.
shows the condition of the New York City Clearing-House
STATE BANKS AND TRUST COMPANIES.
members for the week ending Dec. 7. The figures for the
separate banks are the averages of the daily results. In
State Banks
Trust Cos.
State Banks
Trust Cos,
the case of the totals, actual figures at the end of the week Week ended December 7.
in
in
outside of
outside of
Greater
N. Y. Greater N. F. Greater N. F. Greater N. Y
are also given.
For definitions and rules under which the various items are
$
made up, see "Chronicle," V. 85, p. 836, in the case of the Capital as of Sept. 9.... 22,325,000 62,775,000 9,548.000 9,950,000
banks, and V.92, p. 1607, in the case of the trust companies. Surplus as of Sept. 9_ _ _
38,321,500 172,033,200
12,471,974
12,508,781
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
—
13ank of N. Y.
Manhattan Co
Merchants'. _
Mech. & Mot_
America
City
Chemical
Merchants' Ex
Butch. & Drov
Greenwich
Amer. Exch._
Commerce __ _
Pacific
Chat.& Phenix
Peoples'
Hanover
Citizens' Cent.
Nassau
Market & Fult.
Metropolltan ..
Corn Exch.__
Imp. & Trade
Park
East River_ _ _
Fourth
Second
First
Irving
Bowery ...
N. Y.County_
German-Amer.
Chase
Fifth Ave
German Exch.
Germania
Lincoln
Garfield
Fifth
Metropolis
West Side
Seaboard
Liberty
N. Y. Prod.Ex
State
Security
Coal & Iron
Union Exch..
Nasaau,Bklyn.
Capital. Surplus.
$
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
300,0
500,0
5,000,0
25,000,0
500,0
2,250,0
200,0
3,000,0
2,550,0
1,000,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
Loans.
Average.
$
$
4,257,4 20,503,0
4,835,2 30,350,0
2,084,4 17,691,0
8,663,0 52,422,0
6,260,2 21,921,0
29,142,3 168,292,0
7,231,2 27,987,0
534,7
6,284,0
128,9
2,287,0
949,4
8,992,0
4,510,1 40,781,0
16,316,8 124,904,0
958,6
4,604,0
1,301,1 17,884,0
2,210,0
472,8
13,740,9 70,692,0
2,201,4 21,940,0
460,0 10,477,0
8,854,0
1,897,5
1,725,7 15,125,0
5,753,6 47,881,0
7,795,0 24,624,0
13,552,0 79,387,0
70,0
1,530,0
5,874,1 28,981,0
2,526,4 13,689,0
21,940,2 105,901,0
3,225,8 33,427,0
3,639,0
799,2
9,007,0
2,006,0
4,135,0
711,6
9,672,3 84,385,0
2,119,4 13,307,0
3,546,0
830,9
5,437,0
1,064,3
1,656,2 14,878,0
8,865,0
1,275,2
525,6
3,474,0
2,182,4 12,615,0
1,023,0
4,368,0
2,277,7 25,123,0
2,790,2 21,049,0
895,2
9,311,0
607,9 18,165,0
416,1 11,873,0
534,1
6,788,0
1,006,1
9,596,0
1,100,7
7,563,0
Specie. Legals. Net Depos ReAverage. Average. its. Aver. verve.
—
$
$
3
%
3,515,0
966,0 17,451,0 25.6
6,342,0 1,533,0 32,900,0 23.9
3,113,0 1,113,0 16,845,0 25.0
7,588,0 2,319,0 46,710,0 21.2
3,857,0 1,763,0 20,773,0 27.0
32,498,0 6,342,0 154,891,0 25.0
4,199,0 2,085,0 24,469,0 25.6
1,390,0
179,0
6,252,0 25.0
438.0
72,0
2,126,0 23.9
2,350,0
210,0 10,193,0 25,1
8,009,0 1,534,0 38,422,0 24.8
16,632,0 6,709,0 96,191,0 24.2
327,0
706,0
4,226,0 24.4
2,834,0 1,749,0 17,884,0 25.6
445,0
154,0
2,367,0 25.3
13,506,0 5,400,0 76,333,0 24.7
4,542,0
621,0 20,228,0 25.5
1,725,0 1,287,0 11,956,0 25.1
1,384,0 1,011,0
8,750,0 27.3
3,702,0
289,0 16,174,0 24.6
7,685,0 5,919,0 55,763,0 24.4
3,434,0 1,949,0 21,284,0 25,2
18,886,0 1,684,0 80,260,0 25.6
346,0
125,0
1,800,0 26.1
4,501,0 2,300,0 27,938,0 24.3
3,139,0
171,0 13,030,0 25,4
19,592,0 5,356,0 94,961,0 26.2
5,472,0 3,025,0 33,023,0 25.7
847,0
96,0
3,837,0 24.5
1,240,0
620,0
8,639,0 21.5
760,0
248,0
3,897,0 25.8
18,996,0 4,217,0 92,055,0 25.2
2,498,0 1,389,0 15,009,0 25.8
572,0
395,0
3,798,0 25.4
1,391,0
258,0
6,369,0 25.8
2,568,0 1,014,0 14,971,0 23.9
1,945,0
495,0
9,110,0 26.7
342,0
501,0
3,565,0 23.6
1,230,0 1,877,0 12,465,0 25.0
907,0
276,0
4,884,0 24.2
5,159,0 2,492,0 29,440,0 25.9
4,758,0
872,0 22,369,0 25.1
2,382,0
436,0 10,958,0 25.7
5,298,0
378,0 23,147,0 24.5
2,181,0 1,395,0 14,658,0 24.3
1,217,0
424,0
6,665,0 24.6
2,044,0
360,0
9,654,0 25.0
1,261,0
271,0
6,108,0 25.0
Totals, Avg 133,650,0 201,897,6 1288,744,0239,047,0 74,583,0 1254,801,0 24.9
Actual figures. Dec. 7
1279,378,0 238.593.0174,485,0 1245,796,01 25 1
1 '
Circulation.—On the basis of averages, circulation of national banks in the Clearing !louse amounted to $46,759,000 „and according to actual figures was
$46.820,000.
Loans and investments..
Change from last week_
295,956,700 1,077,005,100
—978,400 —15,390,200
Specie
Change from last week_
51,108,200
—2,661,900
113,362,300
+3,861,400
Legal-tenders & bk. notes
Change trom last week.
21,808,200
—79,300
10,835,900
+174,200
Deposits
Change from last week_
338,762,400 1,101,844,100
—3,020,300 —21,879,100
Reserve on deposits
Change from last week.
86,783,300
—2,525,000
P. C. reserve to deposits.
Percentage last week
26.7%
27.2%
131,266,800
+4,277,000
16.9%
16.1%
116,709,300
+418,400
177,844,100
—43,900
123,010,700
+426,700
181,646,900
+551,300
22,692,400
—200,300
20,716,100
+582,200
19.7%
19.9%
12.5%
12.2%
+ Increase over last week. — Decrease from last week.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks, not only cash items but amountsdue
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 dyas
represented by certificates, and also exclusive of deposits secured by bonds o
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 gor it by any publiedepartment.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
—Trust Cos.-- —State Banks—
Reserve Required for Trust Companies
Total
Of
Total
Of
and State Banks.
Reserve which Reserve which
Location—
Required. in Cash. Required. in Cash.
Manhattan Borough
15%
15%
25%
15%
Brooklyn Borough (without branches in Manhat.)15%
20%
10%
10%
Other Boroughs (without branches in Nianhattan)15%
10%
15%
734%
Brooklyn Borough, with branches in Manhattan 15%
20%
15%
20%
Other Boroughs, with branches in Manhattan- —15%
15%
15%
15%
Cities of the first and second class
10%
5%_Cities of the third class and villaget
10%
3%
Elsewhere in State
The Banking Department also undertakes to present separate figures indicating the totals for the State Banks and
trust companies in Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the re ults (both actual and average) for the Clearing
[VoL. Lxxxxv.
THE CHRONICLE
1590
Boston and Philadelphia Banks.-Below is a summary
House banks and trust companies. In addition, we have
of the weekly totals of the Clearing-House banks of Boston
combined each corresponding item in the two statements, and Philadelphia:
thus af:ording an aggregate for the whole of the banks and
We omit two ciphers (00) in 'all these figures.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Dec. 7-
Clear -House Clear.-House State Banks & Total of all
Members. Trusr Cos. Not Banks&Trust
Members.
Average. in C.-H. Aver. Cos. Average
ActualFigures
3
Capital1Nat. Banks
Nov. 26 and
State banks
Surplus Sept. 9.
J
Banks.
•
178,900,000
298,149,600
298,149,600
$
$
$
178,900.000
29,025,000
207,925,001]
80,900,900
379,056,5012
Loans and investments 1,847,060,000 1,863,420,000
Change from last week -42,048,000 -31,135,000
579,335,000 2,442,755,000
-2,427,000 -33,562,000
1,645,608,000 1,660,823,000
Deposits
Change from last week -40,061,000 -35,336,000
a573,360,100 2,234,183,100
-5,804,500 -41,140,500
Specie
Change from last week
293,250,000
+429,000
293,090,000
-7,712,000
67,630.800
+5,972,900
360,720,800
-1,739,100
Legal-tenders
Change from lavt week
81,186.000
-518,000
81,440,000
-43,000
88,446,600
+51,200
89,886,600
+8,200
Banks:cash in vault_ _ _
Ratio to deposits
313,078,000
25.13%
313,630,000
24.99%
12,794,900
14.37%
326,424,900
Trust cos.; cash in vault
61,358,000
60,900,000
63.282,500
124,182,500
Aggr'te money holdings
Change from last week
374,436,000
-89,000
374,530,000
-7,755,000
76,077,400
+6,024,100
450,607,400
-1,730,900
Money on deposit with
other bks. & trust cos_
Change from last week
47,898,000
+1,003,000
44,935,000
-967,000
15,133,400
+643,500
00,068,400
-323,500
Total reserve
Change from last week
422,334,000
+914.000
419,465,000
-8,722,000
91,210,800
+6,667,600
510,675,800
-2,054,400
Surplus CASH reserve -1,029,000
Banks (above 25%)
1,386,200
Trust ens.(above 15%)
def.70,250
def.3,300
3,015,200
+8,073,150
del.73,550
-56,500
Total
Change from last week
16.86%
1.17%
26.03%
24.95%
18.03%
93,351,0
92,303,0
89,430,0
86,477,0
88,961,0
89,562,0
87,917,0
81,770,0
103,684,3,387,500,0
103,684,3 385,334,0
103,684,3 386,035,0
103,684,3 385,576,0
103,684,3 381,498,0
103,684,3 375,884,0
103,684,3 374,148,0
103,684,3 374,982,0
7,050,0 231,211,9
6,973,0 194,857,1
6,976,0 182,975,5
7,001,0 172,823,0
7,163,0 198,716,5
7,197,0 163,952,1
7,219,0 140,897,7
7,228,0,197,938,3
1
*435,092,0 15,110,0 197,262,5
426,934,0 15,113,0 169,265,0
*426,799,0 15,125,0 173,550,3
*423,799,0 15,126,0 157,540,2
*423.754.0 15,135,0 170,674,7
*418,387,0 15,140,0 182,119,3
*414,722,0 15,164,0 144,283,5
*411,884,0 15,115,0 193,583,1
286,030,Q
269,514,0
272,366,0
268,579,0
278,186,0
270,343,0
262,616,0
260,770,0
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $936,000 on December 7, against $902,000 on
November 30.
* "Deposits" now include the item of "Exchanges for Clearing House," which
were reported on December 7 as $16,962,000.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Dec. 7; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.'
$3,707,649
18,032,668
$3,553,256
16,618,115
Dry Goods
General Merchandise
1910.
1911. .
1912.
For Week.
I
$3,259,825
13,354,152
1909,
$3,664,346
18,894,244
1 $20,171,371 $21,740,317 516,613,977, $22,558,590
I
I
$143,792,444 $133,364,046 $149,061,985 $159,688,215
! 817,489,207 698,885,991 707,810,099 674,200,740
,
,$961,281,651 $832,250,037 3856,872,0841$833,888,955
Total 49 Weeks
14.9917
9.967:
Circu- Clearings.
lation.
Specie. Legals. Deposits.
a
Loans.
$
60,735,4 232,772,0 24,753,0 5,245,0
60,735,4 225,292.0 24,972,0 4,465,0
60,735,4 226,518,0 23,777,0 4,162,0
60,735,4228,451,0 23,209,0 4,253,0
60,735,4,226,297,0 24,442,0 4,270,0
60,735,4,225,952,0 24,846,0 4,090,0
60,735,4226,985,0 22,911,0 4,065,0
60,735,4 224,283,0 21,132,013,939,0
Total
Since January 1.
Dry Goods
General Merchandise
% of cash reserves of tr ust cos15.34%
Cash in vault
10.69%
Cash on dep. with bks.
Total
Boston.
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Philadelphia
Oct. 10
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Capital
and
Surplus.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Dec. 7 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
+ 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 5620,954,600, a decrease of $5,969,300 from last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
1912.
I
1911.
1909.
1010.
522,866,926 517,892,748 814,486,009 $15,243,185
767,987,945 719,779,863 638,025,408 578,361,310
For the Week
Previously reported
$790,854,871 $737,672,011 $652,511,417 $593,604,495
1
The averages of the New York City Clearing-House banks Total 49 Weeks
and trust companies, combined with those for the State banks
The following table shows the exports and imports of
and trust companies in Greater New York outside of the specie at the port of New York for the week ending Dec. 7
Clearing House,compare as follows for a series of weeks past: and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
IN
OF BANKS AND TRUST
COMPANIES
COMBINED RESULTS
GREATER NEW YORK.
We omit two ciphers in an these figures.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK,
Oct. 5
Oct. 11
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov.23
Nov.30
Dec 7
$
$
I
3
1
8
1
$
1
$
1
12,546,392,9 2,395,942,4 388.472,0, 90,687,6 479,159,6 549,168,6
12,535,672,1 2,378,856,4 386,925,5 89.606,9 476,532,4 542,235,0
2,530,437,1 2,371,614,1 390,217,5. 90,192,1 480,409,6 551,499,5
'2,534,880,0 2,372,940,0 385,208,11 90,701,4 475,909,5 543,007,5
2,515,054,6 2,335,724,8 378,728,8' 91,511,3 470,240,1 536,079,5
2,496,735,7 2,308,801,0 375,777,2, 87.858,7 463,635,9 528,052,6
12,493,836,1 2,303,144,9 374,309,51 89,412,7 463,722,2 526,523,9
2,480,706,3 2,290,470,8 372,417,8 90,306,0 462,723,8 524,960,0
2,476,317,0 2,275,323,6 362,459,91 89,878,4 452,338,3 512,730,2
2,442,755,0 2,234,183,1 360,720,8! 89,880,6 450,607,4 510,675,8
Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing non-member
banks for week ending Dec.7, based on average daily results:
We omit two ciphers (00) in all these figures.
Banks.
Capt..
tat.
Surplus.
On
Legal
Loans,
Tender Deposit
Disets
with
Net
Specie. and
and
C.-H. Deposits.
Bank
InvestNotes. Banks,
ments.
New York City.
Manhattan and Bronx.
544,9 3,118,0 618,0
500,0
Aetna National
336,0 1,577,0 163,0
100,0
Washington Heights_
115,1 1,591,0 307,0
Battery Park Nat_ _ _ _ 200,0
515,5 6,621,0 686,0
500,0
Century
549,4 6,476,0 915,0
400,0
Colonial
787,4 6,757,0 625,0
300,0
Columbia
71,0
168,9 1,207,0
Fidelity _
200,0
337,4 2,532,0 435,0
Mount Morris
250,0
411,0 5,071,0 544,0
Mutual
200,0
281,4 3,014,0 313,0
New Netherland _ _ _ _ 200,0
96,0 2,094,0 255,0
Twenty-Third Ward_ 200,0
100,0
•
515,8 4,413,0 615,0
Yorkville
Brooklyn.
672,3 3,846,0 323 0
300,0
First National
910,2 6,150,0 570,0
Manufacturers' Nat_ _ 252,0
765,7 11,018,0 1,412,0
1,000,0
Mechanics'
578,5 4,336,0 480,0
300,0
National City
174,5 2,423,0 197,0
North Side
200,0
Jersey City.
First National
400,0 1,335,0 5,256,0 295,0
798,4 3,424,0 199,0
Hudson Co. Nat
250,0
96,0
Third National
417,9 2,431,0
200,0
Hoboken.
220,0
649,0 4,231,0 205,0
First National
125,0
275,7 3,276,0 198,0
Second National
$
93,0
73,0
50,0
429,0
421,0
543,0
120,0
53,0
352,0
104,0
105,0
255,0
81,0
206,0
96,0
575,0
945,0
605,0
151,0
315,0
437,0
91,0
262,0
490,0
2,797,0
1,321,0
1,620,0
7,531,0
6,787,0
7,455,0
1,169,0
2,859,0
5,196,0
2,665,0
2,287,0
4,908,0
460,0 3,010,0
107,0
500,0 5,695,0
320,0
581,0 1,545,0 13,098,0
126,0
716,0 4,208,0
113,0
210,0 2,448,0
361,0 1,483,0
100,0
447,0
140,0
554,0
42,0
43,0
339,0
242,0
Week.
Since Jan.11
Week. !Since Jan.1
I $729,975, $7,534,451
500,000 2,536,283
820,146,222
2,569
15
564,674
731
$14,500 2,897,762
219,581 13,200,055
89,441 3,607,047
10,194,194
30,493 1,721,467
53,483
Great Britain
France _
Germany
West Indies
Mexico
South America
All other countries
$14,500 833,291,676 $1,570,221 $20,166,546
170,469 14,765,631
267,705 10,033,650
186,354 21,849,326
38,710 45,256,848
Total 1912
Total 1911
Total 1910
Sliver.
Great Britain
France
Germany _
West Indies
Mexico
South America
All other countries
$1,117,796 $46,164,736
6,941,928
205,330
297,686
200
25,349
709,190
$1,323,326 $54,138,889
1,459,325 47,635,931
1,003,048 40,504,085
Total 1912
Total 1011
Total 1910
$1,142
12,128
65,404
4,520
$118,649
6,914
21,007
48,267 '4,687,520
2,889,205
1,438,097
$73,203 $9,209,659
90,750 6,583,995
83,974 4,595,011
Of the above imports for the week in 1912, $625 were
American gold coin and $842 American silver coin.
ganIting and financial.
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled "Railroad and Industrial
Stocks," which describes 124 issues listed on the Now York Stock
Exchange, and classified by us as follows: Investment Stocks, SemiInvestment Stocks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK.
Chicago, III, Boston, Mass. Albany, N. Y.
4-embers New York Stock Exchange.
4,154,0
1,726,0
1,417,0
1,619,0
1,551,0
Totals Dec. 7_ _ - _ 6,597,0 11,236,0,90,862,0 9,522,0 4,531,0 10,750,0 85,527,0
Totals Nov. 30_ _ _ _ 6,597,0 11,236,0 90,932,0 9,354,0 4,376,0 10,186,0 85,873,0
Totals Nov. 23- -- - 0,597,0 11,236,0 90,728,0 9,398,0 4,553,011,800,0 85,932,0
I
I
Imports.
Exports.
Gold.
1
.
ToillIoney,EntireRes.
Loans and
Week Ended- lInvestmentsi Deposits.' Specie.' Legal& Holdings.;onDeposit
White, Weld & Co.
Bonds and Investment Securities.
THE ROOKERY 111 DEVONSHIRE STREET
BOSTON
CHICAGO
14 WALL STREET
NEW YORK
THE CHRONICLE
DEC. 14 1912
Vaulters'
azette.
Wall Street, Friday Night, Dec. 13 1912.
The Money Market and Financial Situation.—The
disturbance in security values caused by the Supreme Court's
decision in the Union Pacific-Southern Pacific case increased
in force and effect during the early part of this week. It led
to drastic liquidation and resulted in a decline of nearly. 23
points in Union Pacific shares and from 8 to 10 points
in other prominent issues. When this level of prices was
reached there appeared what seemed to be investment buying, to which the market quickly responded, and closing
quotations to-day are above the lowest of the week.
The investigation now in progress with a view to locating
the power supposed to be wielded by the so-called "Money
Trust" has attracted considerable attention in banking
circles, but up to this writing seems to have discovered
nothing more startling than the well-known fact that strictly
legitimate financial operations are carried on every day in
Wall Street and sometimes are on a very large scale. If the
investigation has had any influence in a business way, the
results are not apparent.
Cotton declined in this market on announcement of the
Agricultural Department's estimate of the year's crop.
This was a somewhat better showing than had generally been
expected, placing the total yield (with allowance for linters)
at nearly 14,500,000 bales, or, with the exception of the 1911
crop, the largest in the history of the country.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 4@6%. To-day's rates on call were 4@4%%.
Commercial paper quoted 6% for 60 to 90-day endorsements and for prime 4 to 6 months' single names and 63/
2%
for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £2,169,246 and the percent.
age of reserve to liabilities was 48.07, against 50.08 last weekThe rate of discount remains unchanged at 5%, as fixed
Oct. 17. The.Bank of France shows a decrease of 205,000
francs gold and 298,000 francs silver.
NEW YORK CLEARINO-HOUSE BONKS.
(Not Including Trust Companies.)
1912.
Averages for
week ending
Dec. 7.
1911.
Averages for
week ending
Dec. 9.
Differences
Irons
previous week.
1910.
Averages for
week ending
Dec. 10.
$
$
133,650,000
135,150,000 133,350,000
Capital
198,020,300 196,577,100
201,897,600
Surplus
Loans and discount& _ _ 1,286,744,000 Dec. 18,310,000 1,305,923,000 1,234,134,600
48,483,600
50,790,000
100,000
46,759,000 Dec.
Circulation
1,254,601,000 Dec. 23,981,000 1,291,031,000 1,194,740,300
Net deposits
Specie
239,047,000 1)ee. 5,772,000 252,324,000 235,519,600
66,824,300
74,3-10,000
163,000
74,583,000 Dec.
Legal tenders
Reserve held
25% of deposits
313,630,000 Dec. 5,935,000
313,700,250 Dec. 5,995,250
326,664,000
322,757,750
302,343,900
298,685,075
3,658,825
60,250
3,906,250
Def, 70,250 Inc.
Surplus reserve
Note.—The Clearing House now issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House, appear on the second
page preceding.
Foreign Exchange.—The market for sterling exchange
ruled firm during the week, owing to the higher discounts
abroad and the easier money conditions at home.
To-day's (Friday's) nominal rates for sterling exchange were 4 81% for
sixty-day and 4 86 for sight. To-day's actual rates for sterling exchange
were 4 806504 8075 for sixty days, 4 8505()4 8515 for cheques and 4 8565
4 8575 for cables. Commercial on banks 4 7834@4 80% and documents
for payment 4 80%64 81. Cotton for payment 4 80©4 8034 and grain
for payment 4 80%04 81.
The posted rates for sterling, as quoted by a representative house, were
not changed during the week from 4 8134 for 60 days but the sight rate
was on Friday advanced to 4 86 from 4 853/i.
To-day's (Friday's actual rates for Paris bankers' francs were 5 23%0
for short. Germany
5 2234 less 1-16 for long and 5 1934 less 1-3205
bankers' marks were 94)94 1-16 for long and 9434094 15-16 less 1-32 for
short. Amsterdam bankers' guilders were 40 159)00 17 for short.
Exchange at Paris on London, 25f. 2034c.; week's range, 25f. 24c. high
and 25f. 2034e. low.
Exchange at Berlin on London,20m.4534 pf.: week's range, 20m.4634 Pf•
high and 20m. 4334 pf. low.
The range for foreign exchange for the week follows:
Sixty Days.
Sterling Actual—
Cheques.
Cables.
High for the week__ _ 4 8080
4 8520
4 8570
Low for the week__ _ 4 8020
4 8450
4 85
Paris Bankers' Francs—
High for the week__ _ 5 2234 less 1-16 5 1934
5 18%
Low for the week.. _ _ 5 233
% less 1-16 5 203/i less 1-32 5 20 less 1-32
Germany Bankers' .larks—
High for tho week_ __
95 plus 1-32
1)4
94 15-16
Low for the week_ __
94%
9334
9434
Amsterdam Bankers' Guilders—
7
High for the week..__
39
40 3-16 less 1-16 4034 less 1-16
Low for the week_ _ _
39 13-16
4034 loss 1-32 40 3-16 less 1-16
Domestic Exchange.—Chicago, Sc. per $1,000 discount. Boston, par.
St. Louis, 15c. per $1,000 premium. San Francisco, 20c. per $1,000
premium. St. Paul,30c. per $1,000 premium. Montreal,6234c. premium.
Minneapolis, 30c. per $1,000 premium. Cincinnati, par.
1934
4
State and Railroad Bonds.—Sales of State bonds at the
Board include $1,000 New York 4s, 1961, at 101; 88,000
N. Y. Canal 4s, 1962, at 1013/i to 1013; 85,000 Tennessee
settlement 3s at 97%, and $23,000 Virginia 6s deferred trust
receipts at 52 to 55.
The market for railway and industrial, bonds had been
more active than for a long time past, and, in sympathy with
the shares market, has been generally weak. The transactions on Tuesday aggregated almost $3,000,000, par value,
and of a list of 22 active issues 14 are lower.
Among the exceptional features, Wabash ref. and ext. 4s
are conspicuous for an advance of I% points. Union Pacific
cony. 4s have declined over 2 points.
1591
United States Bonds.—Sales of Government bonds at the
Board include $1,000 4s reg. at 114, $3,000 3s coup. at 103
and $3,000Panama 3s coup. at 102. For to-day's prices ofall
the different issues and for yearly range see third pagefollowing.
Railroad and Miscellaneous Stocks.—Increasing activity, as noted last week, has continued in the stock market.
On Wednesday the transactions included 1,261,229 shares,
the largest number for any day since the week ending Oct. 28
1911. On that day, also, or, in the case of a few issues the
day following, the lowest quotations of the week were recorded. The entire list of shares traded in had then added
an average of about 5 points (the range being from 2 to 17)
to the previous week's decline and Union Pacific was 223
4
points below its selling price on Dec. 2, when the abovementioned decision of the Supreme Court was handed down.
On Thursday there was a reaction from these low quotations
and practically the entire active list has recovered from 1 to 6
points. To-day's market has been irregular, with the result
that net changes are for the most part unimportant. .
In addition to Union Pacific, fluctuations have been wide
in Canadian Pacific, Reading, Lehigh Valley, the copper and
tobacco issues and United States Steel. The latter was, however, freely taken at between 64 and 65, and closes at 653%,
a decline of nearly 10 points since the first of the month.
For daily volume of business see page 1599.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Dec. 13.
Sales
for
Week.
Range for Week.
Lowest.
;
Highest.
Range since Jan. 1.
Lowest.
Highest.
600 134 Dec 91 234 Dec 9 17-4 Dec, 354 Oct
Allis-Chal tr rec 2d paid
700 614 Dec 101
Pref tr rec 2d paid____
7 Dec 9 634 Dec: 1034 Nov
100 98 Dec 101 98 Dec 10 9134 Jan 10734 Nov
Amer Brake Shoe & Fdy
10313834 Dec 12,13634 Dec 12 130
Preferred
Jan 160
Sept
1,500 154 Dec 13!2 1-16 Dec 9 134 Dec 24 Nov
Rights
10 90 Dec 12; 90 Dec 12' 90
Amer Coal Products_ __ _
Dec 98 June
100
111
Preferred
Dec 111111 Dec 11 10834 July 114
Sept
25 174 Dec 13,174 Dec 13 172
American Express
Nov 225
Apr
700, 9834 Dec 71 99 Dec 11" 973-4 Nov, 99 Dec
Mn Wat Wks (lc 0, pref_
100 $134 Dec 91 $134 Dec
Batopilas Mining
Mch, 527
4 Apr
BrunswickTerminal
200 73-4 Dec 101 8 Dee 11!1 734 Dec! 1134 May
100 114 Dec 9114 Dec 9 105
Buff Roch & Pittsb
Jan'11934 July
Canadian Pacific rights_ 10,770 18% Dec 121 2034 Dec 7 1831 Dec: 21
Nov
Jan 2434 Apr
Chicago & Alton
200 18 Dec 7! 18 Dec 10' 17
Dec, 40
Apr
Preferred
100, 25 Dec 91 25 Dec 9 25
Feb
Colorado & Southern
Dec 13 3534 Dec 9 3234 Dec 45
3003234
1
July
Second preferred
100; 66% Dec 11 6634 Dec 11 6634 Dec: 71
5001 9974 Dec 13 wog Dec 12 9934 Dec.10034 Dev
Deere & Co, preferred
E I du Pont Powd, pref_
ma 98 Dec 10 98 Dec 10 9034 Jan,100 Nog
Jan225
Aut
General Chemical
110200 Dec 9 200 Dec 9 128
100 111% Dec 1011154 Dec 10 10634 Mob 115
Preferred
Sepy
0 W Heime
100 186 Dec 10 186 Dec 10 155
Mai19734 Jule
Homestake Mining
100 105 Dec 11105 Dec 13' 8614 Mar1105
Dee
list Agri() Corp pref v t c
300 91 Dec 12 9134 Dec 11 91
Dec 99 June
Iowa Central
100, 12 Dec 9 12 Dec 9 1034 Feb 15
Jan
Preferred
100 22 Dec 10. 22 Dec 10 22
Dec 30
Jan
Keokuk & Des Moines
200 534 Dec 13 534 Dec 13 534 Dec 934 May
Louisv de Nashv rights
2,700 7 Dec 10 754 Dec 10 7
Dee 954 Oct
Mackay Companies
100 84 Dec 9 84 Dec 9 7554 Jan 9234 July
Preferred
100 66 Dec 13 66 Dec 13 66
Dec 7034 Jan
Mexican Petroleum, prefl 100101 Dec 10 101 Dec 10 101
Dec 104
Nov
Nashv Chatt & St Louis
100 170 Dec 11 170 Dec II 16034 Apr180
Ote!
Dec 23
New York Dock
100 18 Dec 918 Dec 9 18
Jan
200 z4334 Dec 13 44 Dec 10 x4334 Dec 55 May
Norfolk Southern
Feb 3% May
100 234 Dec 12, 234 Dec 12 1
Ontario Silver Mining
Peoria dr Eastern
100 1234 Dec 111 1234 Dec 11 127-4 Dec 1834 Oct
Nov i0434 Aug
Pittsburgh Steel. pref
100,100 Dec 7,100 Dec 7 100
Jan 854 Apr
Quicksilver Mining
200 4 Dec 12: 434 Dec 10 3
Preferred
2001 7 Dec 91 7 Dec 9 334 Feb 1234 May
St L & 8 F—C & E II1
new stock trust certif.:1
Dee, 57
Feb
41 47 Dec 13! 4834 Dec 9 47
81055-Shelf Steel & I, pfFeb:105
Apr
100, 97 Dec 10: 97 Dec 10 90
So Porto Rico Sug, pref_
45108 Dec 1010 Dec 11 108
Dec 110
Jan
Texas Pac Land Trust
100 9634 Dec 9i 9634 Dec 9 89
Apr, 9734 Oct
United Cigar Mfrs
1,100 50 Dec 131 52 Dec 9 50
Dec, 6434 May
630 99 Dec 12.100 Dec 9 97
United Dry Goods
Feb 10234 July
20010234 Dec 1310234 Dec 9,10234 Dec 108% July
Preferred
200 67 Dec 71 6734 Dec 12, 6214 Nov 10016 Apr
U S Express
125 9774 Dec 10. 9754 Dec 10 95
July
U S Indus Alcohol, pref_
Jan 105
300 134 Dec 71 134 Dee 7! 134 Mch 354 May
US Itedue & Refining
100 3 Dec 7 3 Dec 7, 3
Dec 1011 Apr
Preferred
1,400, 55 Dec 111 58 Dec 9' 54
Mch 90
Jan
Virginia Iron,C & C
Jan 55
Nov
Virginia Ry dr Power
, 100! 51 Dec 11 51 Dee 11; 41
Dec Si
Apr
West Maryland, pref ' 1,200 70 Dee 10, 72 Dec 71 70
Nov 282
Nov
Westinghouse Air Brake, 100 276 Dec 13'276 Dee 13,272
Outside Market.—Heavy selling of the tobacco issues and
a slump in the prices were the absorbing features of the "curb"
market this week. The list generally also suffered, though in
much less degree; the close to-day was quieter and steadier.
Umted Cigar Stores common showed the heaviest volume
of business, the price dropping from 1163( to 10432, recovering to 1103/2 and finishing to-day at 1079'. The preferred
moved down from 116% to 115. Tobacco Products preferred, after an improvement from 993 to 1003/2, broke to
85, sold up to 933/ and ends the week at 92. British-Amer.
4,
Tobacco lost almost 2 points to 233, but advanced to 243
the final figure to-day being 243'. Brown Shoe pref. was
traded in down to 993,a loss of 3 points compared with last
Friday's close. Cluett-Peabody corn. declined from 68% to
653/i and recovered to 67. The pref.weakened a point to 1013,
thenimproved to 103%. Emerson-Brant.corn,sankfrom 713
%
to 66, and ends the week at 663/2. The pref. receded from
993/i to 98 and closed to-day at 983. Houston Oil corn. was
traded in at first at 17, but moved up steadily to 223, the
/
1.- Manhat. Shirt pref. was off
final figure to-day being 213
4 to 102, but recovered all the loss. Standard Oil
from 1033
of N. J. opened the week at 385, fell to 381 and moved upward, reaching 398 to-day with the close at 396. WillysOverland common improved from 683% to 70, fell to 68 and
sold to-day at 683/2. Bonds were quiet. Braden Copper 6s
rose from 192 to 205, reacted to 188 and recovered to 195.
The 7s sold up from 190 to 2023/ and clown to 188 and back
to 190 finally. Copper stocks were also lower. Braden
Copper rose from 93/ to 103, eased off to 93. and closed to-.
day at 93
4.
Outside quotations will be found on page 1599.
1592
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
01)4JUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding page.
STOCES-HIGHES7' AND LOWEST SALE PRICES.
Saturday
Dec.7
fonday
Dec.9
Tuesday
Dec. 10
Wednesday
Dec. 11
Thursday
Dec. 12
Friday
Dec. 13
sates ol
Ms
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range tor Previous
Year 1911.
Range since January 1.
On basis eV 100-share lots
Lowest.
Railroads
10438 10512 10432 108
106 10638 1044 106
10458 106
10512 106
39,170 A tell Topeka 4 Santa Fe 10314 Feb 1
101731 10178 102 10238 10112 10178 102 102
*10178 103
10134 10134 1,126 -4*-. Do prof
10138 Jan 2
13813 13812 13634 138
1364 13818 13618 13714 13614 138
137 13714 4,300 Atlantis Coast Line RR
13318 Jan 10
1054 10518 10318 105
10278 10414 1034 10412 10318 10438 10312 10438 14,100 Waltimore 4 Ohio
210114 Feb 1
8714 8714 .8612 8712 *8612 8714 .8612 8714 *8612 874 *8612 8712
8618 Aug 13
210 LP Do pref
90
9058 28714 8934 86
8712 8712 8812 25,790 Brooklyn Rapid Transit_ 7634 Jan 2
88
854 8778 86
26414 26413 261 26358 26118 26234 25512 26314 255 26013 25314 25812 71,625 i lanadian Pacific
22613 Men 4
*360 370 *360 370
100 k- antral ot New Jersey _ 305 Jan 9
360 360 *355 370 *355 370
7834 7914 77
79
7658 -7838 77
6814 Feb 1
7814 7634 7812 7818 7878 26,300 Chesapeake 4 Ohio
17
1714 1634 171. 1612 1678 1634 1718 1634 17
1638 J'ly 12
*164 1714 3,200 Chic Gt West trust otfs
3034 3118 3113 3112 31
3113 32
31
3112 31
31
3112 1,600
3034Deo 6
Do prof trust °us
11314 11352 11012 11334 10958 11112 10912 11258 •10934 11234 111 11278 62,250 Chicago Milw 4 St Paul.9938 J'ly 13
*138 14112 140 14114 11404 14014 140 14018 13914 140
13934 13934
980
Do pref
- 13914 Dec 12
13612 137
13413 13614 13414 136
1344 13618 135 13578 1354 13558 8,800 Chleago 4 North Western 13418 Dec 11
..-_*HO 100
_-_ *180 190 *180 190 §183 183 *180 190
Do prof
34
188 Nov 0
*45 -65
55
*43
454 4514 *46
*46
52
48
52
200 Cleve Cin Ohio & St L
46
4514 Dec 10
9834 .95
9834 *96
*95
*93
95
983
983.2 95
300
95
Do pref
05 Dec 11
47
*163
16278
166
166
162
*160
16358
*164
16234 16234
400 flelaware 4 Hudson_ _ 16234 Dec 11
5594 55978 2555 560
545
547 560
r '535 554
1,300 lielawaro Laok 84 wesi_ 530 Aug 23
564 564
02013 2113 2058 2058 20
20
1912 2014 1934 1934 *1912 21
600 Denver & Rio Grande
1813 J'ly 12
394 3813 3812 3738 3738 3758 38
39
38
38
900
Do prof
38
38
3414 J'ne 19
*74 813 *712 9
*7
812 *713 812
285 Duluth So Shore & Atlan
8 Sep 9
8
*713 812
8
14 •13
14
17
*15
•15
17
15
*13
15
Do pref
*13
100
16
14 Dec 10
33
31
3314 3158 33
3173 3014 3214 3038 3134 3114 3178 46,000 Erie
3014 Jan 15
4958 4934 4814 4934 4814 49
4734 494 4734 4812 4834 4912 9,600 11-4 Do lat preferred__
4734 Dec 11
4213 40
*40
40
*394 41
Do 2d preferred.; 38 Dec 11
1,500
4012 *38
38
40
*38
40
135 13578 13134 135
131 13414 132 13478 13212 13412 13334 13478 39,650 Great Northern prof
- 120 Jan 15
Iron Ore properties__ 36 Jan 31
42
4214 4013 4214 40
4113 4112 8,800
41
4113 40
4112 40
126 12634 12518 12612 125 125
12678 12712 2,900 Illinois Central
125 12518 *125 128
12058 May 9
183 1838 17
184 1658 1712 1658 1712 1614 1714 1714 1778 34,000 I nterboro-Metrop v t °Us 1614 Dec 12
44,700
6112 5758 5934 594 61
Do pref
63
58
6338 6038 634 5912 61
5338 Jan 3
2612 1,200 Vanua City Southern-- 2212 May29
2614 26
•27
2658 2658 *26
2712 2634 2712 2613 27
6212
100 LvDo
*60
6212 .60
60
6212 60
6218 *60
6213 *60
*61
56 May29
preferred
14
*11
100
ake Brie & Western
*Ills 15
12
12
15
•1234 13
15 .12
*12
1112 Jan 26
100 -1-4 Do preferred
38
*34
38
*34
35
38
*34
35
38
*35
39
*35
30 Jan 8
165 16812 168 16934 96,900 Lehigh Valley
17134 1724 16914 17334 167 16978 16413 170
15578 Feb 5
13912 14114 1394 14112 1404 141
5,150 Louisville 4 Nashville
14018 142
141 143
0143 145
1394 Deo 12
131
1200 M anhattan Elevated
130 131 *12934 132
13114 13114 130 131
0131 133
130 Dec 10
___
23
2314 2314 *23
23
24
23
-------_- ..._ 22
-700 Minneapolis & St Louis 1813 J'ly 24
*46
49
49
4912 *40
_ *47
Do preferred
340 Feb 26
13814
14013
139
14014
Minn
14
138 14118 13534 13812 138 13812 5,350
St P & El S Marie
10
129 Feb 3
.
4 141*146 155 *146 155 1146 146 *146 152 *144 152 *145 151
146 Dec 5
Do preferred
48
2512 Dec 12
*2718 2758 2612 274 2578 2612 2578 2613 2512 2634 2634 2634 5,350 Mo Kansas & Texas
6738 mane
6314 6034 6114 *60
6114 6114 *61
Do preferred
63
900
60 60
60 60
4218 4214 4012 4212 3934 4114 4018 4134 4014 4134 4118 4134 26,320 Missouri Paottlo
35 J'ly 12
6612 *62
66
*63
*63
Mat Rye of Mem let prof 621s Oct 7
67
*64
66
*63
*6318 6612
66
2713 2712 2714 2712 *27
2818 2814 •2814 29
2638 Oct 18
2714 2713
28
900 LI Do 2d preferred
11138 11234 109 11134 1084 110
10858 110
10614 Jan 9
10812 10934 107 10834 27,525 N Y Central & Hudson
•181 13234 131 131 x127 127
126 12712 12612 12912 12834 12912 1,681 N 7 N H & Harttord
126 Dec 11
3213 3212 31
3238 314 3134 314 32
2973 J'ne 29
3134 3134 3134 3134 1,455 N Y Ontario & Western_
088
8934 *88
8312 Oct 25
8978 *88
100 N Y State Railways__
8934 *38
8978 897a 8978 *8812 9012
113 11314 1114 11234 11112 11214 111 112
1104 112
112 11212 11,000 Norfolk do Western
- *10734 Feb 1
--- ---- ---- ------ --_ -- -- ____ ____ ____ ____ ______
Do adjustment pref._ 88 J'ne 12
___ ___ --56 Mcb 11
75 -.- ---- ---- ---100 Nor Ohio Trao 63 Light_
1i; fill; iisis 12112 118 11958 1177s 12018 11814 12018 11918 12058 03,770 Northern Paoillo
11538 Jan 15
1214 12158 1204 12112 120 12038 11978 121
12018 12034 12058 12112 33,540 Pennsylvania
11978 Dec 11
*104 106
104 104 *100 104 *102 106 *100 104
104 104
9813 Jan 2
200 Pittsb Cin Ohio ds St L
*110 120 *110 120 *110 120 *100 120 *100 120 *100 120
Do preferred
10812 Jan 2
17014 17138 16618 17114 16514 16734 162 16818 16158 16618 16414 16614 805,370 D ending
1481s Jan 11
§90
.88
91
91
90
90
90
*8812 8912 *8813 8912 *89
160 AA' 1st preferred
8712 J'ne 27
9412
200
2d preferred
9212 93
9212 Dec 7
9312 •91113 9312 *914 9312 *9012 9313 *93
*93
2334 2278 2318 234 2314 14,200 Rook Island company
2358 24
2238 Dec 9
2238 2334 2212 2312 23
4414 7,400
44
444 4234 4414 4258 44
43
4514 4512 4312 46
Do preferred
4258 Dec 12
1,200
1812
1813
19
1838 Nov29
19
19
Qt Louis 63 San Fran __
184 1878 1878 1914 *1878 1934 19
63
624 4,60
200 LI Do 1st preferred._
6014 6014 *60
6014 Nov 27
61
61
*60
6014 6014 *60
Do 3d preferred
3034 2,810
2914 Dec 9
2914 3034 30
2914 30
3012 31
2914 3012 *2914 30
500 St Louts Southwestern__
3513 3512 *3214 38
2934 Jan 22
*3534 3914 3534 3534 3512 3558 3513 351
77
75 •74
610
§75
Do preferred
77
6812 Jan 17
7612 •70
7658 7658 75
•7613 77
184 184 1834 2,635 Seaboard Air Line
18 Dec 12
1914 1914 194 1978 184 1914 18
20
*19
4684 4434 4534 45
464 4634 46
45
3,600
4638 48
48
4434 Dec 12
48
Do preferred
10812 10914 10634 10838 10618 10812 10712 11058 10778 11012 10634 10978 134,520 Southern Paolflo Co
10513 Feb 1
2714 28
27
2778 2758 28
2812 2712 28
2812 2858 28
2613 Jan 31
11,100 Southern r tr otfs stmpd_
80
7914 7978 7934 8014 3,500
8012 8012 7912 8018 7912 7912 79
Do pref
6814 Feb 4
do
2212 2134 22
2278 2278 2214 2212 22
*2212 23
2214 2212 2,200 Tiaras do Paola°
2013 Jan 3
3512
3534 3312 3434 34
3518 3514 34
35
34
3558 8,375 0. bird Ave New_ _.. __ $312 Dee 10
35
212 212 .258 3
212 212
0212 312
.213 312
676 Toledo Railways 44-Lt213 234
24 Dec 9
__
•___ 12
*9
12
11
12
*10
*8
12
12
11
11
700 Toledo St L & Western.: 11 Dec 10
30
*27
2973 *25
*25
•____ 30
30
2912 2912 *25
30
100
Do preferred
28 J'ne 7
103 104 *101 104
*194 10512 §105 105 4,104 105
875 Twin City Rapid Transit_ 103 Dec 11
10313 10312
16714 16814 1624 16712 161 16278 15358 16212 15034 15612 15458 15712 722,300 1 Talon Facia°
15034 Dec 12
9014 913
9914 91
924 924 *9214 9314 9012 91
9014 9012 2,880 L.
8814 Oct 31
, Do preferred
3612 3812 37
3712 35
36
*3712 39
3612 37
38
2,500 Unit Rye Inv't of San Fr 28 J'ly 11
37
67
64
6413 65
66
6718 65
67
6712 66
644 6512 5,700
57 J'ly 18
Do preferred
.4
418
418 418
4
418 418
34 4
4
418 1,400 IOU abash
*4
334 J'ne 19
13
1314 1318 134 13
1314 13
*13
1338 1338 13
1238 J'ne 27
Do preferred
1334 3,900 T V
• 5234 5234 5114 5214 5078 52
5178 514 5178 *514 53
51
2,700 Western Maryland Ry
5034 Dee 4
658 7
7
9
*7
7
9
7
*713 84 *7
400 Wheeling & Lake Erie_
7
4 Jan10
*25
29
*25
29
*28
2712 2713 274 28
30
2813 2812
500
Do 1st preferred
11 Jan 3
14
*10
*10
14
*13
15
14
*12
15
*12
*12
Do 2d preferred
15
6 Jan 19
_-___ 494 50
50
50
51
50
65
*50
*49
54
1.600 Wisconsin Central
48 Feb 5
industrial&Miscellaneous
804 8114 7634 8014 7518 7738 7314 7678 7214 7512 7358 7558 331,450 A maigamated Copper
60 Feb 1
*5513 58
600 rkmerAgrioultural Chem
5512 5512 5414 5414 WS 56
*5412 5512 *5418 5512
5414 Dec 10
*9812 100
*98 100
98
*97
*97 100
*99 100
Do pref
*99 100
98 J'ly 17
5134 54
5314 4834 50
50
4713 49
4714 50
4812 4912 23,140 American Beet Sugar
4714 Dec 11
*8312 90
91
Do prat
91
*88
*85
92
*86
92
*87
.87
92
90 Nov20
284 2913 128,480 American Can
28
3134 3278 274 3112 26
2634 2858 2714 29
1114 Feb 1
13,500
118 11878 115 1171 113 11412 113 11438 112 11414 11334 114
Do prof
9058 Feb 1
5518 5,755 American Car & Foundry 49 Feb 5
5412 54
54
55
5653 57
5434 5512 25238 5414 53
250
11812 1184 .11734 119 :116 116 .116 119 §11558 11558 *11512 11812
Do pref
115 Feb 14
4914 4914 1.000 American Cities
5138 50
51
5113 52
58
*51
50
49
§49
3034 Oct 8
8218 8218
500
Do preferred
83
83
82
82 •-__ 84
*79
83
82
*81
7514 Aug 6
5733 5713 5414 56711 5433 15633 544 5634 554 5634 564 5718 7.800 American Cotton 011___
451k Jan 19
25
98
Do pref
*96 100
*96
*913
98
*96
*96 100
98
98
;98
- 95 Jan 19
*5
513
5
6
5
5
5
5
5
518
47s 478 1,100 Amerioan Hide ds Leather
3 Feb 19
1,125
2634 2634 2558 2612 2558 2558 24
Do pref
*244 26
2514 24
25
20 Feb 26
1813 18
*18
18
1878 1878 1,650 American Ice Securities_
18
18
18
18
18
18
18 Jan 2
12
12
114 1134 1078 1114 1013 11
4,000 American Linseed
1034 11
1058 11
9 Mch 6
3114 3112 31 31
34
*31
*314 3234
900
Do pre.
3158 3134 3134 32
30 Feb 20
43
6,400 American locomotive- 3134 Feb 27
4338 4113 43
42
4114 42
41
4212 4014 42
41
e106 10713 *10612 10712 1064 107
400
Do pref
103 Jan 15
10634 10634 10618 10618 *10534 10634
14
1,500 American Malt Corp-14
1178 12
434 Jan 10
1134 1134 1134 1178 *1112 1214 1158 121
5914 57
*55
50
57
59
Do pret.
574 5812 57
42 Jan 6
5812 1,850
5712 58
$8312 8512
85
300 Amer Smelters Seo pref II 84 Dec 9
8434 *8312 85 .8412 851 .83
8512 84
*85
65,350 Amer Smelting& Refining 6778 Feb 1
7214 73
694 7234 084 7012 6812 7078 68
7034 6958 71
104 104
Do prof
104 104
105 10512 104 104
10238 Jan 2
10312 10358 104 1044 1,000
r
Highest.
Lowest.
Highest.
11134 Oct 4
10414 Feb 10
14812 Aug 12
11178 Air. 30
91 Jan 23
9412 J'ly 2
283 Aug 15
395 Apr 29
8514 Oct 3
2034 Oct 26
3912 Apr 8
11758 Nov 7
146 Jan 2
146 Apr 26
198 Mch26
6213 Apr 23
10112 Apr 17
17612 Feb 6
569 Jan 29
24 Mch27
4614 Jan 24
1134 May16
23 May15
3918 Apr 11
577„ Apr 11
48 Apr 11
14334 Aug 10
53 Sep 20
14112 Jan 23
22 J'ly 2
6738 Oct 15
3114 Sep 30
654 Mch 25
18 Apr 24
40 May21
18534 Jan 15
170 Aug 14
13834 Meh 13
2712 Jan 23
157 Jdn 16
15412 Aug 12
158 Aug 10
3152 Mal29
66 Apr 17
4734 Mch27
71 Jan 4
3678 Jan 20
12112 Apr 25
14214 Apr 1
4138 Apr 12
9334 Apr 26
11914 Aug 12
92 Feb 17
7913 Nov 30
13113 Aug 14
12614 May 2
11112 Sep 23
117 Feb 20
17914 Apr 29
9314 Apr 20
10112 Apr 29
3012 Apr 8
5958 Apr 9
2913 Mch26
6912Jan 23
4334 Apr 11
4038 Oct 4
8058 Oct 4
2712 Apr 4
5612 J'ne 7
11512 Apr 8
32 Sep 30
8678 Oct 2
2612 Nov 7
4934 Jan 9
1058 Apr 16
1638 Mch27
36 Apr 8
11118 Sep 17
17634 Sep 30
964 Dec 2
3978 Dec 4
6918 Dec 4
934 Mayll
2278 Apr 9
6414 Mcb26
1134 Oct 10
3613 Oct is
1712 Oct 9
6212 Aug 12
9978 Sep
10034 Jan
117 Jan
0313 Sep
8513 Aug
72 Sep
1955s Jan
260 Aug
6838 Sep
17 Sep
3512 Dec
10534 Oct
141 Sep
13818 Sep
191 Nov
4818 Sep
9414 J'ly
15912 Sep
505 Sep
1758 Deo
3634 Dec
9 Nov
1718 Dec
2714 Jan •
4658 Jan
35 Jan
119 Sep
3334 Dec
132 Jan
134 Sep
3934 Sep
2514 Sep
0112 Sep
10 Sep
25 Sop
151 Sep
13612 Sep
13114 Sep
2112 Apr
33 Mch
212434 Sep
140 Nov
27 Sep
0234 Sep
3314 Sep
60 Aug
254 Aug
29978 Sep
12678 Sep
3734 Sep
11658 J'ne
10512 Jul
13914 NOV
10914 J'ly
91 Jan
8458 XI,
247 J'Ilf
320 Dec
8034 Feb
2514 J'no
4914 fob
13312 Feb
15613 Feb
16012 J'ne
;209 Jan
66 Jan
98 Feb
17 8 J'ne
670 Nov
35 Fob
74 Feb
154 Bich
301s bleb
3838 J'ly
6114 J'13
,
4934 J'ly
140 J'ne
6334 Feb,
147 JIF
2038 Feb
4
6638 J'ly
3738 J'nes
6934 J'ne
17 Nov
40 Jan
18678 Dec
16034 Nov
14213 Jan
4213 Sep
0812 Sep
15214 Mc
180 Melt
3813 J'ne
70 Oot
63 Feb
7233 Jan
38'8 Feb
11312 Feb
1511s
4678 J'1Y
9934 Sep
8534 Apr
3913 Jan
11034 Sep
11838 Sep
904 Sep
1024 Sep
134 Sep
88 Mch
9012 Sep
2234 Sep
4334 Dec
23 Dec
59 Sep
37 Sep
24 Jan
5934 Jan
11114 Nov
9114 J'as
5534 Nov
1374 J'ae
13018 Feb
100 Jan
112 Feb
16178 rue
92 J'ly
101 May
8438 Jul
6858 J'ne
27 Oot
0914 J'il
4912 J'ly
84 Feb
72 J'us
10412 Sep
2434 Sep
6114 Jan
1978 Dec
31 Nov
4 Nov
12 Dec
344 Dec
104 Bep
15312 Sep
89 Sep
2813 Sep
62 Sep
534 Dec
1414 Dec
4872 Apr
212 Sep
7 Sep
3 Aug
48 Sep
12638 rut
3338 J'131
7514 J'ly
3014 Feb
41 Dec
814 Jan
2434 Feb
5378 Jan
111 Feb
1924 J'ly
96 J'iy
49 Feb
7014 Mot
1838 Feb
4038 Feb
66 J'ly
614 rob
1758 Feb
8 Fel
7218 Mal
4434 Sep
9234 Oct 4
4434 Sep
6358 3lch22
0913 Oct
10414 Mcb20
77 Sep 19
3914 Jan
10114 J'ne 19
9212 Jan
4738 Oct 11
878 Jan
77 Jan
12614 Sep 19
6358 Sep 25
024 Sep
120 May24 113 Oot
604 Dec 3
8334 Dec 4
4111 Nov
804 Nov18
92 Nov
9914 Feb 13
714 Sep 25
312 Sep
18 Sep
34 Sep 24
1612 Aug
3034 May20
S Aug
174 Apr 23
2618 Oct
43 Apr 23
3218 Oct
4713 Nov18
11013 Aug 14 102 Oct
3 Sep
1913 Aug 5
6914 Aug 14
3113 Mch
8912 J'ne 10
82 Sep
91 Sep 26
563 Sep
10938 Sep 26
9834 Sep
7158 J'n
634 Der
105 Des
6934 001
101 Ool
124 Ma
931s Dot
5814 J.11
130 Ma
rib
624 Fel
10513 Fel
6 .113
2038 J'n
254 J'11
124 Fe
3413 De
4314 Ma
11034 Mc
Vs Jai
434 J'1
894 .11.
834 J'i 0
1084 J's
..so
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Ask
Bid
Banks
Banks
Bid I Ask
New York
ChatdrPhonlx 182
186
Aotua
155
200 210 Chelsea WI 140
America 11625 Chemical __ 440 450
A.mer Exch.. t228 I 233 Citizens' CU 190
195
Battery Pk_ 146 I 130 City
416 425
Bowery... 425
165
---- Coal 4 Iron 160
BronxBorol, 300
____ Colonial 1... 425
____
Bronx Nat. 180
195 Columbia 1. 330 340
Bryant Pk I 155 ICommerce - t19512 t198
Butch 63 Dr 13212 140 Corn ra 11- 318 326
Seatury 1.... 220 230 East River- 90 100
Chase
760 J 790 Fidelity 1.- 165
175
Banks
Ask
Bid
Filth Avail- 4300
___
("11th
300 325
First
1000 1025
Fourth ---- t200
____
Gardeid - 280
295
Germ-Am ¶ 140
____
Germ'n Ex1 400
__
Germania ij_ 525
540
Gotham
170
180
Greenwich 1 250
__
danover--- 700
715
Banks
Harriman _
Imp & Trad
(twine
Liberty
LInc010...-danhattanli
Maric't&Ful
Aech&Met's
herds Each
Merchants'.
Bict
290
555
200
845
370
350
253
263
156
195
Ask
310
565
204
660
385
355
260
268
162
205
Banks
Metropolis ¶
Metropol'n1
51t Monti_
Mutual 1._
Nassau ___
New Neth..1
NewYork0o
New York_
PacifIc1-.
Park
People's 1....
Mx
350
190
200
290
220
220
875
395
255
368
240
Ask
375
Ho
__ __
305
225
____
____
405
265
373
250
Banks
Prod Kroh 1
Reserve ___
.ieaboard __
iecond ___
3ecuritylmerman_
State 1 ____
23d Ward1.
Un1on Exc.,
Wash trts i
West Side
Yorkville 1.
Bid
16712
9312
450
375
-- -_
135
;:40
175
165
275
575
590
• Bid and asked prices no sales were made on this day. :Ex-rights. fLess than 100 shares. 11State banks. a Ex-divldona and rights. u New s
Sale at Stook Exchange or at auction this week. h First Installment paid. a Sold at private sale at this price. x Ex-dividend. 1 Full paid.
Ask
1724
_
___
400 .
145
__....
265 i
__...
175 .
__...
625
610 I
DEC. 14 1912.1
New York Stock Record-Concluded-Page 2
For record of sales
STOcZs-.11011EST AND LOW EST SALE PRICES.
Saturday
Dec. 7
Itonday
Dec. 18
Tuesday
Dec. 10
Wednesday
Dec. 11
1593
urine the week of stocks usually inactive see second gage ',receding.
Thursday
Dec.12
Friday
Dec. 13
Sales 01
she
•Feet
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share tots
Lowest
Highest
Range tor Previous
Year 1911.
Lowest.
Highest.
Industrial and Misc.(Coa)
195 19714 190 19512 100 190
108 199
2,600 American Snuff
18978 18978 .182 188
123 Mch 6 20314 Dec 4 225 Sep 325 May
*103 105 *102 105 *102 105 *102 105 *100 104 *100 104
Do pref, new
99 Feb 0 103 Aug 13
3412 3412 35
3518 3518 3412 36
*35
700 Amer Steel Found (new) _
35
3518 3518
36
26 J.'4.1 19 4438 Oct 8
25 Sep
5212 Feb
11512
11712
11734 11734
11434 116
11312 11634 11378 116
8,900 American Sugar Re111311311 11312 Deo 11 13312 May13 11214 Sep 12212 Feb
116 117
*117 119 .115 119 .110 120 *110 120 *110 120 .110 120
Do prof
11513 Jan 6 124 Sep 2; Ill Jan 11912 Feb
13918 13014 13838 13918 138 13812 13734 139
138 13834 13834 13918 5,900 American Teleph & Teleg 13758 Jan 2 14918 Mch 25 13112 Aug 15318 J'ne
266 260
25953 263
25718 287
261 261
11,325 American Tobacco
259 265
256 263
24118 Feb 29 32412 J'ly 1
*104 105 *10412 105
104 101
10338 10418 210212 10238 *103 104
850
Preferred, new
10114 Jan 11 10638 Jan 19
.1912 23 .20
22
1958 2014 *1912 22
2012 2012 21
21
1,000 American Woolen
2512 Dec
18 Nov 19 31 May17
3612 Mch
.80
8114 6014 8035 8014 81
8012 8114 8114 8112 8212 8218 1,060
Do pref
7912 Nov 19 9412 Mob 11
8514 Oct
9614 J'ne
3112 3112 3018 3114 30
2912 2978 29
2978 30
30
29
2,000 Amer Writing Paper, Pa• 2518 Jan 25 4138 May I
241: Sep
3412 Feb
4034 41,4 3914 41
3718
3878 3814 39
3814 3958 3714 3958
32,485 aAnacondaCopper Par$25 $34 Feb I $48 Oct 2 $29 Sep $4118 .I'ne
*119 124
119 119 *118 120
11814 11814 *11814 122 *11814 120
400 Assets Realization
10512 Feb 7 12712 Oct 3 10612 Dec 108 Dec
*5112 5412 5012 5112 49
5012 252
5134 50
50
51
5238 2,900 1.1aldwin Locomotive
49 Deo 10 6034 Aug 30
*10612 107 .10612 107 *10612 107 *10612 107 *10612 107 x10318 10318
100 1 3 Do pref
10234 Feb 2 10818 J'ne 17 10314 Dec 107 Deo
3534 3658 3478 3614 3338 3638 31
3578 34
30
3413 36
14,800 Bethlehem Steel
2734 Feb 27 5158 Oct 2
:•.6 Sep
3818 Aug
"66
67
63
61
63
64
6012 61
6412 66
64
65
4,700
Do pret
5612 Feb 27 80 Sep 23
54 Seo
6634 J'ly
*140 141
140 141 *138 144 *138 144 *137 142
140 140
400 Brooklyn Union Gas__ _ 13712 Mch 21 149 Aug 12 x129 Sep 14814 Nov
*2814 2914 2814 2814 2814 204 *2814 2914 *2838 2914 *2838 2914
200 Butterick Co
28 Nov26 4018 Apr 30
28 Feb
31 Mcb
6412 6514 6044 6518 5912 6114 5834 6112 5734 5958 25412 5814 66,400 i 1alifor Petrol vot tr
ctfs 5412 Dec 13 7212 Oct 5
0038 9038 8712 90
8678 83
8612 8714 86
87
28412 8512 3,200 k , Do pref vot tr ctfs x 8412 Dec 13
0.512 Oct 5
101 101 *100 101 *100 101
10112 10112 10112 10112 101 101
400 Case(JI)ThreshMpf tr ctfs 100 Oct -8 10112 Deo 2
2578 2738 2612 2718 2612 28
28
28
2578 28
2712 2734 8,855 Central Leather
16)2 Feb 27 3358 Sep 24
333 Feb194 Sep
29214 9214 92
*95
9714 9278 95
9218 9118 9118 *9114 03
800
Do pref
80 Feb 27 10017 Oct 17
9113 Dec 105 Feb
43)4 4418 4114 4358 4018 4212 3818 4238 3858 4114 41
42
86,052 dChino Copper____Par $5 $25 Jan 15 $5038 Nov 8 $1612 Sep $2713 Dec
2934 32
3034 33
3214 3033 32
3234 3234 3312 34
32
6,500 Colorado Fuel & Iron
2312 Feb 28 4334 Sep 28
25 Sep
3638 Feb
13634 1381 136 13812 13534 13834 13812 13914 19,425 Consolidated Gas
14014 14014 138 140
(N Y)_ 13534 Dec 12 14912 Aug 12 12834 Sep 14812 J
1312 14
1334 15
1278 14 • 13
1478 15
1334 1378 1418 17,340 Corn Products Relining_
10 Jan 16 2218 Oct 10
958 Oct
1534 May
77'2 7712 7578 77
75
7578 7534 7534 7558 7558 76
77
1,570
Do pref
75 Dec 10 8312
18
73 Sep
85 May
2412 2478 2078 2418 20
2034 20
2014 2012 2014 2118 16,650 Distillers' Securities Corp 20 Dec 10 3614 Oct
21
Aug 21
29 Sep
3814 Mch
14
14
14
18
*14
14
14
14
*12
18
*12
18
500 Federal Mining & Smelt'il
1114
Feb 28 2134 Sep 25
13 Deo
86 Feb
4012 41
40
40 .3812 43
3712 3912 *37
4212 *3712 4212 1,375
Do pref
3718 Jan 23 5234 Sep 26
87 Dec
6612 May
183 18414 18178 184
182 18212 17912 18238 18014 182
18158 18214 8,783 General Electric)
155 Jan 2 18812 J'ly 25 142 Sep 16838 May
.33
3512 334 3312 *33
3612 33
3338 35
35
34
3418
750 Gen Motors vot tr ctfs__
30 Feb 26 4278 Sep 3
35
Nov
6134
Aug
.76
78 .76
78
78
78
78
78
*76
78
7778 7778
Do pre vot tr era_
7014 May 3 8234 Sep 3
300
7412 Dec
8658 Aug
112 158
112 158
112 158
112 158
153 134
134 134 10,100 dGoldfleld Con M Par $10 3138 Dec 5 $5 Mch lb
$778 Jan
$312 Oct
68
68
65
68
6238 6534 6014 6:314 6334 66
63
6414 8,125 Goodrich (B F)
6014 Dec 11 81 Sep 9
106 106
10512 10514 105 105
105 10518 105 1051k *105 10612 1,700
Do pref
105 Dec 10 10912 Sep 16
5112 5112 51
5234 5012 5073 50
49
5112 47
x4838 4938 8,325 dGuggenh Expio_Par $21 $47 Dec 12 46238 J'ne 14
1834 19
1773 19
1734 1818 1712 18
1712 18
1734 1814 5,700 a 1 nsp'n ConCop Par $20 $1712Deo 11 $2118 Oct 10
113 11334 11018 11314 10018 11012 10512 11112 10512 10)
10734 109
9,000 -1.nternational Harvester 10514 Feb • 12678 Sep 10
9918 Sep 1293s Ma
.113 11412 *113 11412 .113 11412 .113 11412 11312 11414 *11333
11412
200
Do pref
11312 Nov26 12134 Apr 4 115 Sep 12814 May
.412 5
*412 5
412 412 *412 5
*412 434
412 412
500 Int Mer Marine ilk tr ctfs
4 Mch 7
778 Mch 29
314 Sep
578 Jan
1834 1834 1814 1878 .18
19
18
18
18
18
1814
1814
800
Do
prat
1534
J'ly
30
26
Melt
29
14 Aug
2212 Deo
*1112 12
11
1134 1118 117., 1112 1178 1112 1134 1134 12
3,750 International Paper
Jan 17 1934 May23
9
Sep
98
1338Jan
4914 4914 48
49
4718 4812 47
4814 4712 48
48
49
5,225
Do pref
s4578 Jan 3 6278 May23
4458 May 5638Jan
19
20
1912 1912 17
18 .18
25 .17
25 .18
25
1,000 Internal Steam Pump
17 Dec 10 34 Jan 2
23 Oct
44 Fett
74
74
7418 7418 74
74
17418 7418 *71
76
*73
78
410
Do prof
74 Dec 10 8458 Apr 8
80
Oct
9012 J'ne
*91
93
*90
03
02
*88
90
91
*85
90
*85
90
400 Kayser & Co (Julius)._
90 Dec 10 9534 Oct 24
.107 109 *106 101 *106 109 *106 109
107 107 *105 108
200
Do
18t
pref
107
Dec
12 103 Oct 21
*76
7612 75
73
*74
81
7612 /012 75
7912 .74
710 Kresge Co (S S)
7912
71 Sep 25 8912 Oct 2
*10014 102 *10014 102
100 100
*9934 101
.9934 101
.9934 101
100
Do
pref
100 Oct 30 10512 Oct 2
4912 4912 49
4612 48 .46
4712 46
49
4614 *4512 50
Lackawann
1,000
a
Steel
29 Mch 21 5512 Sep 30
30 Sep
48 Ali
.103 104 .103 lot
10314 10314 10338 10338 10212 103
103 103
1,100 Laclede Gas (St L) corn_ 10212 Dec 12 10334
t 18
4 10114 Sep 11412 Jail
212 21214 20612 21118 203 211
20634 210
206 208
20918 210
3,854 Liggett es Myers Tobaocc 1681 Jan 15 225 Oct
115 115 *112 117
.112 117 *112 117
115 115 .114 115
200
Do
_preferred
10512 Jan 12 118 Aug 29
3812 3914 3818 3934 3714 33
3634 38
30
37
3712 3812 5,900 Loose-Wiles Bts tr co ctft
3612 Dec 12 4718 J'ly 26
104 104 *104 10412 *101 10112 *104 10412 10414 10414 *104 10412
300
Do lit pref
10z12 Oct 7 10538 Nov16
9134 *90
9134 *90
•90
9134 *9012 9134 *90
9134 .90
Do
24
90 J'ly 22 9234 Oct 14
913
pref
4
7758 7712 7712 7812 77
77
77
7718 7658 78
77
78
2,200 May Department Stores. 69 Apr 11 88 Oct
70 Apr
87 J'ne
.106 10712 106 106
105 105 *104 10712 105 105 *104 106
400
D o prat
105 [Dec 10 112 Jan 11 10734 Sep 11314 J'ne
8278 8312 7834 8312 77
8012 7634 80
7618 79
7512 7914 40,000 Mexican Petroleum
6234 Apr 20 9012 Oct 17
2658 27
2578 2612 25
2412 2518 25
2534 2412 26
2514 11,700 dAllamt Copper__ _Par $1 $2318 Feb 14 $3014 Sep 25 $1658 Sep $2912 flee
12612 12612 125 12512 114 12118 117 120 *117 120
11618 11812 0,550V, ational Wsoult
114 Dec 10 161 Apr 30 11714 Jan 14334 Noir
•122 12412 *12214 12412 .122 124
12214 12214 122 122
124 124
400 LI . Do prof
122 Deo 12 131 J'ne 19 124 Jan 130 Feb
•17
1812 1612 1733 1638 17
*1014 1714 1612 17
*1612 19
1,030 Nat EnamePg & Stamp'S
1214 Feb 29 26 Oct 15
1212 Dec
22 J'ig
1090
93
*90
*83
93
93
*88
03
*88
93
*88
03
Do pref
88 Feb 27 9512 Jan 2
85 Jan 10034 .rtr
.5534 5712 5434 56
5434 5514 5412 55
56
5618 25512 5512 2,400 National Lead
5118 Jan 9 6814 Oct 7
4212 Sep
59 Feb
'107 10812 .106 1081 .104 10712 *104 10714 *103 10714 106 106
100
Do pref
10512 Feb 1 11078 Nov20 104 Sep 10934 Aug
20
2018 1912 20
1812 1938 1834 1914 1834 19
19
1938 21,750 dNev Cons Copper_Par $1 $1814 Jan 29 $2413 Sep 30 51518 Sep $2114 J1111
7914 7914 79
79
75
74
77
751
7212 7212 76
76
1,000 New York Air Brake__
50 Feb 17 85 Nov18
45 Oct
76 Feb
82
82
8012 8112 8012 8112 8012 81
8014 8012 8012 8012 2,400 North American Co (new;
7412 Jan 3 8778 Aug 21
64 Jan
704 May
*3212 3334 31
3212 30
3034 29
30
2834 2934 30
3014 5,200 pacific Mail
2834 Dec 12 33 Sep 30
2318
3338
Apr
Nov
4712 4758 47
4018 4512 40
4718 46
45
45
46
46
2,100 I- aellic Teiep & Teleg..
95 Dec 12 5538 Apr 25
35 Sep
5458 Jan
11412 1144 110 11314 10018 111
10914 111
10912 111
11034 11114 7,800 People's (I L & C (Chic).• 103 Jan 8 12212 Oct 9 10112 Aug 109 Jan
*2112 2212 21
2138 21
2114 21
2114 20
2038 2038 2078 2,400 Pittsburgh Coal Co
1634 Mch 1 2714 Aug 14
17 Dec
2314 J'all
8838 8838 86
8812 85
8612 84
8614 8312 861
8534 8614 8,400
Do pref
77 Feb 8 100-34 Aug 14
6734 Jan
1208 208
0078 J'IY
200 200
108 200
200 203
198 200
1,935 P. Lorillard Co
• 167 Mch 11 21512 Oct 18
•1164 11714 *1164 11714 116 11638 *114 116 1115 115 *19812 202
11578
116
550
preferred
Do
10734 Jan 12 118 Aug 20
*3412 3512 34
35
3312 35
34
35
*3312 3412 35
2,170 Pressed Steel Car
35
2834 Feb 27 4078 Sep 30
25 Sep
•10012 10112 10078 10078 98 100
3758 J'ne
0912 100
*99 10012 .9931 101
Do firer
800
96 Feb 28 10334 Aug 16
91 Sep 10234 J'ne
.115 118
11634 11634 .115 120 .115 118
117 117 .115 118
200 Pub Service Corp of NJ. 10634 Feb 17 12078 Aug 13 108 Oct 120 Feb
162 16212 160 162
160
160
15912
160
15034
160
15934 15978 1,925 Pullman Company
15812 Feb 2 175 Aug 21 154 Sep 163 Jan
3534 3534 34
3412 34
3358 3414 *3212 35
34
34
34
1,200 1)allway Steel Spring...
271, Feb 8 4034 Sep 25
26 Oct
•100 10212 .100 10212 100 100 .99 10212 9812 00 .98
39 J'ne
10212
9812 Dec 12 105 Aug 28
300 11A, Do pref
92 Jan 103 J'ass
2012 2034 1934 2012 1914 20
1018 1078 19
2018 1958 1978 54,880 dRay ConsCopper Par $1) 51e Jan 29 $24118 Sep
23 $12 Sep $19 Dec
2512 2614 2414 2578 2312 2478 2312 2412 2358 2478 25
2534
Republic
9,650
Iron
1534 Feb 26 35 Oct 4
& Steel
18 Oct
3514 Feh
8758 8758 86
87
85
86
8434 87
8478 86
28414 8434 12,100
Do prof
6412 Feb 27 9338 Oct 25
7418 Oct
9933 Feb
9438 9412 94
95
92
94
9112 9212 9012 91
9012 9012 2,600 Rumely (M) Co
9012 Dec 12 101 Nov14
*101 102
101 102
10014 10014 1100 100
10078 10078 *100 102
535
Do pref
100 J'ne20 10312 Oct 25
20712 20812 203 20712 197 204
197 201
19212 10612 198 200
7,899 Sears, Roebuck & Co__.. 140 Jan 15 221 Nov 8 12512 Sep 192 Feb
.44
48 .44
47
45
45 ....._ 47 .41
45 .40
48
600 Sloss-Sheffield Steel
3914 Jan 30 5934 Sep 20
34 Seri
5614 Feb
32
32
3112 32
31
3112 32
3112 3112 3158 3158 1,500 Standard Milling. & Ir
32
1614 Jan 19 3312 J'no 27
15 Aug
06312 64
1718 J'119
6312 64
163
6212 63
63
*62
63
0212 6212
510
Do
pref
Jan 8 66 Oct 2
53
50 J'ly
53 Dec
3934 40
40
30
4014 3712 38
3712 3412 35
*35
37
1,400 Studebaker Corp (The)..
30
J'ly
10 4912 Aug
.92
9412 92
9112 92
92 .00
9212 9212 *91
94
93
400
Do pref
9012 J'ne 28 9818 Aug 13
3912 3934 3714 3914 35
3718 3558 37
353s 3612 3634 37
7,200 dTennessee Copp _Par $25 $3412Feb 1 $4714 May21 $3014 Sep $44 J'ne
10812 113
109 1121 108 10912 106 109
106 109 2108 108
10,215 Texas Company (The)
81 Jan 16 13058 Sep 7
7412 Nov 13612 Feb
10218 10218 101 102
9914 97
99
05
97
97
*97
100
2,100 1 1 nderwood Typewriter
95 Dec 10 11534 J'ne 28
*113 115
63 lich 111 J'ais
113 113
11212 113 *112 115
113 113 .11212 115
900 ki Do pref
110 J'ne 14 11412 Sep 17 103 Mch 11378 fly
618 64
612 6
612
6
6
612
53
618
4
614
612
3.000
Union
Bag
Paper_
&
Jan
458
_
25 1778 May15
354 3618 36
434 Deo
9 Feb
36
36
3614 3612 38
*3614 40
3678 3078 1,200
Do prof
8518 Dec 6 6734 MaY15
•17
5018 Nov
21
5912 Jan
.17
19
•17
20
1778 1778 .17
19
1734 1734
300 U S Cast I Pipe es Found
13 Feb 16 2212 May16
11 Sep
5853 59
19 Feb
57
58
157
5714 15714 5714 .56
59
.56
60
910
Do
pref
60 Jan 4 6438 Oct 18
4012 Sep s61 Feb
•____ 52 *____ 55 .____ 53 •___ 50 ..... _ 50 .____
50
U S Industrial Alcohol_
26 Jan 8 5714 Sep 24
24 Aug 80 May
7234 73
73
72
73
74
73
7312 •7134 7234 73
73
1,400 U S Realty ec Improv't_
67 Jan 31 8612 J'ly 18
13518 Jan
7934 May
63
6312 6034 63
6234 63
6134 6358 62
63
63
17,110
6334
United
States Rubber__
4514 Feb 1 6778 May21
3012 Sep
4812 Dec
10678 107
106 10678 106 107
10612 10714 107 10712 *100 108
3,500
Do lit prof
10538
J'ly
25
MaY20
116
104
Sep
.78
11512
J'ly
80
78
7912 7912 7912 7912 7958 7088 .78
79
go
goo
Do 24 pref
75 Jan 23 8512 May21
6818 6918 654 6834 6418 6612 6334 6612 6418
66 Sep
79 Meh
6612 6412 66341069310 United States Steel
6814 Feb 13 8034 Sep 30
50 Oct
8218 Feb
10838 10878 10712 109
10714 10838 10712 10838 10714 10858 10338 10934 19,500
Do pref
10714 Dec 10 117 Sep 30 103 Oct 12078 Feb
5958 6018 5834 6034 5714 5878 5478 5834 5414
5634 5578 57
49,700 dUtah Copper__ _Par $10 3521: Jan 29 86712 Sep 30 $38 Sep $5778 Dee
4334 4418 4134 44
4134 43
4034 42
42
43
43
4312 8,575 Virginia-Carolina Chem_
4034 Dec 10 5714 Jan 26
.115 117 *11538 11634 115 115 *115 11512 .114
4318 Sep
7038 Feb
11634 11534 11534
Do pref
700
115 Dec 10 122 Mch27 114 Sep 12312 Nich
75
75
74
7534 7212 7312 72
74
72
74
7312 7334 5,950 W estern Union Teleg.
72 Dec 11 8614 Jan 18
8413 May
80
80
7158 Apr
7718 7912 7614 7714 7514 7712 7438 7612 7614 7714
9,900 I' T estIngh'seEl&Mfg a: s 6614 Jan 3 8912 Aug 9
.12134 12334 122 122
5858 Sep
79 May
12112 12112 121 121
12112 12112 *117 12112
400
Do lit pref
11478 Jan 5 126 Aug 8 11012 Aug 123 Jim
107 107
105 107
10418 10634 10514 10734 10518 107
106
7,600
Woolworth
10618
(F
921.
W)
J'ly 25 11778 Oct 2
.
11412 11434 •115 116 211312 11312 114 114 ,.11312 114 .11312
11412
Do pref
850
- _ 1131aly 29 13631 J'iy 2
BANKS AND TRusT COMPANIES-BANKERS' QUOTATIONS.
Bid
Banks
Brooklyn
Coney Isi'dt
First
HIT
ClreenpoInt..
Hornestead
Manufae'rs
Meohahics'
Montauk 11.
Nassau
at City
405
230
412
275
Ask
155
205
160
125
115
425
240
150
225
295
Bid
Ask
175
145
150
200
155
165
N Y City
Astor
395
Bankers' fr 535
II' way Tr- 170
405
545
180
Banks
Br,
oktun
North Slde
.'cople's
Prosp'etPk')
Trust Co's
Trust Co'l
N Y City
Central Tr__
Col u m bta.
Knlekerb
Commercial
it,npiro _
l'qult'bio
Farm Lo&'1
Fidelity
_
Ful ton
(Iuar'ty Tr.
Bid
Ask
1015
1030
560 565
9712
300
535 545
1300 1350
213
315
325
615 623
Trust Co's
N Y CitY
Guardian 11
'Judson ___
Law T
Lincoln Tr_
Metropol't'n
Mutual Alit
ance
Mut.i Westchester).-
Bid
Ask
65
135
217
125
440
90
149
222
130
450
145
152
140
150
'rens: Co's Bid
Ask
N Y City
NY Life& rr 1060 1030
N Y Trust. 630 615
TitleGu es Ti 490 500
Union Tr__ 1285 1300
US Mtg& Ti 475 485
Unit States. 1125
Washington 375 3.66
Westchester 150
160
Windsor
180
Trust Co's
Brooklyn
Brooklyn Ti
31tIrens'
Franklin _ _ _
Hamilton -Home
Kings Co _ _
L Is! L do Ti
Nassau ...Peoples
4ueens Co.
Bid
Ask
475
150
240
270
118
520
298
130
295
100
490
255
285
305,
110
!
4 Bid and asked prices' no sales on this day. I Less than 100
t Ea-rights. a Ex-dlv and rights. b New stock, d Quoted dollars per sham
t Sale at Sto:Ic 6acliange or as auction this week. a Ex stook shares.
dividend.
Banks marked with a paragraph (1) are State banks. z Ea-dividend. /
1594
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 tho Egzchango method of quoting bonds was changed, and prices are now all—"and interest"—ezcev foi incoms and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE A5•E
Week Ending Deo 13.
....4.,
Price
Friday
Dec 13
Week's
Range or
Las: Sale
Q.
g:2
er4ca
Range
Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE ...
Week Ending Deo 13.
.F., a,
Pria,
Friday
Dec 13
414
Bid
jHMI
Ask Loft,
Bid
Ask Low
High No. Low High Chesapeake & Ohio—
Gen funding & impt 5s_1929 J -J
9912 Sale 9938
9912
1007 10114 1007
1 10011 10118
10078
1st consol gold 55
1939 M-N 110 ___ 109
110
10078 1013 tot Oct '12 ____ 10034 10134
Registered
1939 M-N .107 __ 10938 Nov'12
102 1023.1
10212 103 10212 J'ly '12
General gold 4 30
1992 M-S 998 Sale 09
0958
10.02 103 103
3 10112 1031
103
Registered
1992 M-S _99 0938 Nov 11
114 Sale 114
1 11314 114k,
114
- ,a le 92
Convertible 4 30
9258
1930 F- A 62.38
1,3 14 11414 1134 Dec '12 _ __ 11314 11434
Big Sandy 1st 45
1944 J -I) 854 8912 8618 Nov 12
10078 10114 10012J'ne 11
Coal Rill Ely 1st gu 4s.,_,,_1945 J -D 83
_
3812 Oct 12
-3 10138 10212
102
10134 10214 102
Craig Valley 1st g 5s_ _1940 J -J ---- ---10134 May'12
Potts Creek Br 1st 4s
8314 ___ 34 May'12
1946 J-J
Foreign Government
R & A Div 1st con g 43 1989 J -J
92
9134 94 92
Argentine--Internai 5s of 1000_ 111-S 1 06 98 0612 Nov'12 ____ 9512 100
2d consol gold 4s
3 90 9512
00
1989 J -J
8834 ____ 0012 Aug 12
Chinese (Hukuang) Fly 58 J.;____ J -D t 895 9418 90
Greenbrier Fly 151 gu g 4s 1940 M-N 8714 ____ 95 Oct '10
Imperial Japanese Government
Chic & Alt RR ref g 3s
9118 16 9012 94
1949 A-0 67 69 667
Sterling loan 4 30
6678
1925 F-A 1 9012 Sale 9013
Railway 1st Ilen 3 43
8934
7 89 93
1950 J-J _ _ _ 65 65 Dec 12
2d Series 4 30
1925 J -J t 89 Sale 89
Sterling loan 4s
1931 J J 1. 82 84 8312 Nov'12 ___ 8258 8818 Chic II & Q Denver Div 43 1922 F-A 094 100 100 Nov 12
8514
10218 10 10112 105
Illinois Div 330
85 Sale 85
1940 J -J
Republic of Cuba Os eaten debt_ M-S :1024 Sale 102
1949 J -J *83 .._ 8014 Aug 12
9612 99 Aug'12 ____ 99 9914
Registered
External loan 4(33
I -A t
1949 ,
9812 Sale 9734
Illinois Div 48
0812
1949 J-J
San Paulo (Brazil) trust 53..1919 .1 -..1 2 97 9712 98 Oct '12 ____ 974 9834
Registered
1949 J J .90 ____ 97 Sep '12
Tokyo Jity loan of 1912, 5s__ 111-S.-- 9354 9178 Sep '12 __-_ 9178 95
104/8 Oct 12
Iowa Div sink fund
957
3 9512 9714
_1919 A-0 102 __
U S of Mexico s t g Is ot
1899 Q-J t 95 9534 954
Sinking fund 45 15s.- 1919 A-0 9858 994 9812 Dec '12
Gold 45 of 1904
1954 J-1) -- 90 90 Nov 12 ____ 88 91
9612 Dec '12
I '11
/
415.: ars p rico on iheba is o .1 18 to Z.
Nebraska Extension 4s 1927 11-N 9612 91
Registered
1927 11-N .90 ......_ 9658 Sep'i 2
State and City Securities
10018 204 9078 103
Southwestern Div 4s__ 1921 M-S 9812 ---- 9334 Nov'12
N Y City-4 1's
1960 M-S 100 Sale 9978
Joint bonds See Great- North
9614 11 06 10018
4% Corporate Stock__ _1959 11-N 96 9653 96
0978
Debenture Is
4% Corporate Stock
9638 35 96 1004
1913 M-N 9978 100 9978
1958 M-N 96 0638 00
General 42
95
Sale
96
9612
21
9618
96
4% Corporate stock
10014
1958 11-S 95 Sale 9414
11-N
1957
7812
10414 69 104 10778 Chic 63 E Ill ref & imp 4 gs_1955 J-J -- --79 7712
New 4 30 _
1957 M N 104 Sale 104
1st consol gold Os
1934 A-0 11814 125 119.5 Oct '.2
10112 10 10112 10234
New 4 40
4917 81-N 10112 102 10112
General
107
105
10/
Nov'12
Sale
104
1937
M-N
8
87
1033
4
consol
1037
1st
55
11-N
10334
Corporate
10778
434%
Stock1957
Registered
10112
2 101 10278
1937 11-N __ 1004 10914 Feb 12
434% assessment bonds_1917 11-N 10112 1017 101
3 8378 88
8418
Pur money 1st coal 5s_1042 F-A ___ 93 08 Oct '12
334% Corporate Stock_1954 n-N 83% Sale 8372
Registerad
101
101
101
1
State
-4s
10033
N Y
10278
1961 11-S
Chic & Ind C Hy 1st 53_1936 -J---J 10512 __ . 10614Nov'12
_ 10112 10114 Nov 12 — 101)38 10278
Canal Improvement 4s 1961 J-J
Chic Gt Western 1st 4s___1959 11-S
76 Sale 76
76
Canal Imp'ment (new) 43 1961 J J 1lf1612 10114 10018 Oct '12 __ 1003 103
Chic !Ind & Loulsv—Ret 63_1947 J-J 12434 12812 12434
100
5
8
Oct
'12
101
__
__
10012 102
12434
Canal Improvement 43_1960 J J
Refunding gold 5s
98 .....— 10313 J'ly '10 ___ ____ _
1947 J-J ____ 1083 10934 Aug 12
So Carolina 4 3.0 20-40
1933 .1 -J
Refunding 45 Series 0_1017 J-J -------- 95_ 8 Apr 11
97%-„,„- 9753
9758
Tenn new settlement 3s__ _ _1913 ./' -.1
5 9734 ii34
Ind & Louisv 1st gu 43_1956 J-J ___ 84 86 J'iy '12
Virginia fund debt
_1991 J-J ---- 87 8612 Deo '11 ____
Chic Ind &Sou 50-yr 49_ _ _1956 J J
1 0014 Aug 12
55
Os deferred Brown
Brosctts__ ____ 52 54 52
23 id id
2-3s_-Chic L S & East 1st 4 4.0.:_1969 J-D ---- ---- 104 Dec '11
Railroad
77 7712 77
10034
2 7012 8414 Ohio Mil & St P terml g 5g,.1914 J-J 1•03-4 ____ 10034
77
A nn Arbor 1st g 43
1c8995 Q-J
Gen.
( gold 4s Series A__81989 J-J
9814 Sale 9734
9814
(Itch Top & S Fe gen g 43_1995 A-0 965 Sale 9614
967 104 9614 100
Registered
31989 Q-J *05
0712 Apr '12
Registered
1995 A-O -„.. 96 9034 Oct '12 — 964 9912
8412
Gen
'
.
gold
3 As Series B_31989 J-J
8353 -85 - 8412
Adjustment gold 4s____141995 Nov 8714 88 8712 Dec '12 _..- 8712 9238
Registered
86 .rne '11
31(389 J -J *82 _
86 91
80 Nov'12 _
Registered
/1995 Nov --_,.
25-year deben 4s
1034 J-J
9012 905-8 01 Dec '12
75 8712
8734 26 874 9208
Stamped
/i1995 11-N 871
Cony 4 40 (full pd rects)
1047 Sale 10412
_ 1081 Sep 12 ._ — 10614 10734
10534
Cony 45 Issue of 1909_ _1955 J -D ---- ---Chic & L Sup Div g 5s__1021 J-J 1045 __
105 Sep '12
____ 105
106
17 195 111
1955 J -D
Cony gold 4s
Chic 63 Mo itiv Div 5s_1926 J -J 106 _ _
10614 Nov'10
10234 Sale 10172
Cony 45 (issue of 1910)_1960 J-D ,„.10314 942 10014111
Chic & P W 1st g 53
1921 J -J 10414 10434
.- 10133
10412
10-year cony gold 5s_
1917 J -D 10512 10612 10458 10578 64, 1045,8 10714
CM & Puget Sd 1st gu 45 1049 J -J _ _ _ _ 9334 9334 Nov'12
Debentures 4s Serles If,,i913 F-A 9834.___ 9914 J'ly 11 ____
Dak & Gt So gold 5s__11)16 J -J 10118 ____ 10214 Oct 12
East Okla Div 1st g 45_ 1928 m-s 9412 90 94 Oct '12 ____ 94 963-4
Dubuque Div 1st 3 f 63_1920 J -J 111 11112 111
111
91 Sale 007
Short Line 1st 45 gold_1958 J-J
2 0034 94
91
Far & Sou assum g es
1177 Aug'11
1924 J-J 115
10014 29 9934 10012
Cal-Arlz 1st & ref 4 40_1962 111-S 9934 10014 9934
LaCrosse & D 1st 5s
1910 J-J 10314 ____ 10434 J'ne'12
S Fe Pres 60 Pb 1st g 59._1942 11-S108
14 Oct '12 -- 10814 11012
—
Wis ee Mina Div g 53
1921 J -J 10412 10614 105 Nov 12
Chic & St L 1st Os
i'
i di- -.. .10832J'1y '11
1915 11-S ,
Wls Vail Div 1st Os
1920 J -J 10934 Sale 10934
10934
AM Coast L 1st gold 45___/1952 11-S 954 Sale 9514
951
59 -64-is 6
.6.78
Mil & No 1st cons 6s
10038
1913 J -D 10012 __ 10038
Registered
/1952 11-S •93 —_ Os Oct '06
Extended 4 30
1913 J -I) 9912 ___ 100.1 Aug'12
- 1(58 - 108 8
Ala Mid 1st gu gold 58_1928 M-N ------ 108 Oct '12
1047
95 9554 Chicago 40 N West cons 75 _1915 Q-F 1047k Sale 1047*
5 Aug'12 __
Bruns 6: W 1st gu gold 45 1938 J -J ---- 945
Extension 4s
1880-1926 F-A ____ 0713 u612Sep '12
Charles & Say 1st gold 73 1936 J -J - - - - - - _
- __— __
Registered
1880-1926 F-A *95___ 90 Oct '12
01952 .11-N 9114 Sale 91
917 - 33 -91 -9614
L & N coil gold 4s
General gold 3;is
1987 M-N 834 -84 84 Deo '12
Say F & IV 1st gold 6s___1934 A-0„- 122 12318 J'ne'12 ____ 4234 12318
Registered
p1987 Q-F 8212 84 8434 J'ly '12
1st gold Is
1934 A-0 1053-4 11212 1i058 May'll
General 4s
9738
1987 M-N 9714 sale 9018
97 100 07 Oct '12 __ 97 97
Sil Sp Oca & G gu g 4s
1918 J -J
Sinking fund 6s____1879-1929 A-0 11014 ____ 11134 Nov'll
9034 9118 9012
9034 12 0012 93
& Ohio Prior 3 30
1925 J-J
Registered
1879-1929 A-0 103 ___ 109d4 Aug'12
9014 Nov'12 -- 9014 9158
LP Registered
11925 Q-J *89
973
Sinking fund Os_
1879-1929 A-0 10514 __ 106 Oct '12
60 9512 9914
Gold 4s
/1948 A-0 9714 Sale 97
Registered
1879-1929 A-0 10514 ____ 10453 Oct '12
96 9818
9812 Nov'12 _
Registered
/1948 Q-J *95
Debenture 55
1921 A-0 102 103 103120ct '12
Pitts June 1st gold 58____1922 J -3 --------112 Jan '12 ____ 112 112
101
Registered
1921 A-0 101 Sale 101
8718 90
P June & M Div 1st g 3(381925 11-N 8612___ 8718 Nov'12
Sinking fund deb 5s
1933 11-N __— 10314 10314 Nov'12
8812 34 88 92
P L E. & W Va Sys ret 43_1941 m-N 8812 Sale 88
1933 n-N
Registered
10/34 Aug'11
Southw Div 1st gold 3 30 1925 J-J
8812 8912 8913
89% 24 8813 9112
From Elk 68 Mo V 1st 03_1933 A-0 1221-2 125 124 Oct '12
09 1015F
Cen Ohio It 1st o g 4 34s__1930 NI-S 101 _ „.. 10158 Nov'12
Mani G B & N W 1st 340 1941 J -J ____
_ 0012 Sep '09
Cl Lor & W con 1st g 5s_1933 A-0 ,,,,..z.- 108 10/ J'ho'12 ---- 107 11112
Milw & S L 1st gu 3 40_1941 J -J
Monon Riv 1st gu g 5s___1919 F-A AO. - - - - 10214 J110'12 ...._ 10214 10112
1111 L S & West 1st g 63_1921 ri-s 111 114 11131Sep-'12
Ohlo River RR 1st g 5s__1936 J -D 107 _ _ _ 10854 Nov'12 __ 10854 10938
Eat & imp s t gold 5s 1929 F-A 10634 107 10712 Nov'12
General gold 55
1937 A-0 101 10614 10512 Apr '12 __ 105 1051 2
Ashland Div 1st g 63_1925 11-S 1145
14212 Feb '02
11312 Feb '12
Pitts Clev 44 To) 1st g 68_1922 A-0 11214
11312 11312
Mich Div 1st gold 63_1924 J -J 11514 ____ 11634 May'12
9612 __ 9612 Oct '12 _ 0612 9712
Pitts & West 1st g 4s
1917 J-J
1111 Spar &N IV 1st gu 43_1947 11-S 9312 Sale 0318
91 J'ne'12 ___ 91 91
Stat Isl fly lit gU g 4 30_1943 J-D 91
91
Northw Union 1st 7s g 1917 M-S 110 _
_ 115 J'ly '11
--_- 10931 No.'12 Buffalo It & P gen g 53
10934 11212
1937 11-S 10813 10934
Winona 61 SIP 1st ext 7s 1916 J-1) 109 11158 109 Sep '12
Consol 4 30
1957 /11-N 10334 10412 10413 Nov'12 ___ 104 10714
All & West 1st g 4s gu
1998 A-0 95% ____ 97 Feb '11 ____ __ ___ Chicago Rock Is & Pa 6s 1917 J-J 10612 ____ 10634 Sep '12
Registered
1917 J-J 105 _109 Aug'10
Cl & Mali 1st gu g 5s
1943 J -J „:.- —_ 103 J'ly '08 ..-- ............
General gold 4s
1988 J -J
92 66
___ 11334 Nov'll
934
Bach & Pitts 1st gold 6s-1921 F-A in
34
- 9312
Registered
1988 J -J ___ 94 0312 Oct '12
Consol 1st g 6s
1922 J -I) 11213 ____ 112 Aug'12
iii” Hai
Refunding gold 4s
1934 A-0 8658 Sale 8012
87
Buff & Susq 1st ref g 4s _d1951 3-5 40
_ 72 Mch 10
894
20-year debenture 5s_, 1932 J- J 89 Sale 89
10014 230 100 102
an So 1st ext 65
1913 J-J 10018 Sale 10018
Coll trust Series L 48
1914 11-N 94 ____ u7 Sep '11
10018 49 9912 101
2(1 53
1913 M-S 10018 Sale 10018
P 45
1918 11-N ____ 05 0434 J'ne 11
Registered
10034 Jan
1913 11-S 994
11
Ohio R I & Pao RR 43
6534
2002 11-N
l 6418
Central of Ga 1st gold 5s__p1945 F-A 110 __-_ Ill Dec '12 -___ 1f - 11334
Registered
2002 11-N ---- --- 6712 Nov 12
Consol gold Is
10634 16 10034 11118
1945 M-N 10034 Sale 10634
R I Ark & Louis 1st 4 30 1934 ,11-S 88 90 8713 Nov'12
Registered
1945 111-N .106 ---- 107 Aug'12 __ 10'7 107
Bur 0 R & N—lst g 53_1934 A-0
.0 10813 Deo '12
1st pret income g 5s____p1945 Oct ---- - -.- 103 Dec '11 __ ___ _ _
Registered
1934 A-0 --------12012 Mch'03
2d pref income g 5s___p1945 Oct ---- -___ 105 Dec '11
C R I F & NW 1st gu 5s '21 A-0 102 100 10514 Sep '11
2d pret income g Is stamped__ _
..— -- 06 Nov'll __ ____ _ _
M &St L 1st gu g 73_1027 J I)
_---3d pret income g 5s____p1945 C7c-t- ---- -- 107 Dec '11
Choc Ok 60 41 gen g 53_01919 J-J
_ _ ___ _
093-4 ____ 102 Sep '12
ad pret Income g Is stamped__ _ __—___ 8518 Oct '10
Consol gold Is
1952 ,11-N 10534 106 100 Oct '12
Chatt Div pur 'non g 48_1951 J---D -_-_ 9018 9012 Nov'12 __ 8958 9112
Keolt 60 Des M 1st
_
1923 A-0 90 100 0958 Deo '12
Mac 114 Nor Div 1st g 5s 1946 J -J 104 10912 10714 Jan '12 __ 10714 10714
St Paul& K C Sh L5s1st4 40'41 F-A 89 9012 01 Nov'12
115 Nov'05 __ ____ ____
Mid Ga & Atl Div 53
1947 J -J 1053
Chic SIP 11 & 0 con 63_
1930 J -D 120 12112 120 Dco '12
Mobile Div 1st g Is
1946 J -J -------- 10934 May 11
Cons 6s reduced to 3 40 1930 J -D 8914 ____ 03 Deo '03
1014 Nov'12 __ 101 103
Can RR & B of Ga col g 53_1937 11,N 100 - _
Debenture Is
1930 M-S 102 10214 102
10214
1184 20 118 12234
Cent of N J gen'l gold 52_1087 J-J 1184 Sale 118
Ch SIP & Minn 1st g 6s.,_1018 11-N 11914 ____ 120 Dec '12
Registered
/1987 IQ- J --- 11812 11814 Oct '12 ___ 11712 12214
1930 J -J' 1104 ____ 1295 May'00
Nor Wisconsin 1st 6s
Am Dock 44 Imp gu 5s_ __1921 J -J 103 106 10512 Dec '12 ___ 105 107
1919 A-0 10914 110 10014 Deo '12
St P & S City 1st g Os_
Le 63 ilud It gen gu g 55_1920 J-J 10212 ____ i0212 May'12 ____ 10212 1021 2
Superior Short L 1st 5s-g_11930 M-S
Leh & Wilkes-B Coal Is._1912 11-N
100 J'ly '12 ___ 100 100
10712 Oct '12
Chia &West Ind gen g 6s__q1932 Q-M 106_
N Y & Long Br gen g 43_1941 M-S 98
_ _ _ 100 Sep '12 -- 100 100
4 so
ss 6631952 .1-J
89
Consol 50-year 4s
Cent Vermont 1st gu g 42_31920 Q-F __ _ --8918 89 Dec '12 ____ 8912 9214
U
U
U
U
U
U
U
U
Range
Since
Jan. 1.
--No Low Nigh
1 99% 10412
6 109 11134
109% 11114
is 09 10.3
_
175 92 94
/ill 89
85 8813
10134 10134
8634
84
9134 00
9012 90,2
IV.;ek'i
Range or
Lass Sal,
U. S. Government,
2s consol registercd_d1930 Q-J
25 consol coupon_ ___a1030 Q-J
35 registered
01918 Q-F
3s coupon
01918 Q-F
S 45 registered
1025 Q-F
S 45 coupon
1025 Q-F
S Pan Canal 10-30-yr 2s 01936 Q-N
S Panama Canal 3s g
1961 Q-S
S
S
S
S
nalt
5 667 7213
8014 6512
9918 WO
33 8334 83
8512 8614
18 9712 10018
97 0912
10378 10.5
0813 99%
9612 0058
9658 9638
9834 9915
•
-
1 9978 101%
114 0418 9714
3 77 8112
11912 125
10612 Ill's
10914 10914
9713 9:i
16614 16612
57 75 83
1 12414 12913
10934 11034
2
-id - 7610014 915s
iodii 1021
10 9612 9918
9712 98
8358 8678
00 -652
608 10154 107
105 108
10614 10834
10414 106%
9312 9514
_
_ 102 103
111 11338
_
10412 i0i'14
105 10638
10934 11234
10038 10114
10018 100,8
10134 108
0612 98
_ 90 00
8338 87
8412 8634
18 95 9834
--
4
111634 1.119-3105 10078
101% 101%
_ 10234 10512
2 101 101
10814 10812
----
-
124 127I
11112 11515
10834 110
4
4 ifd3ifa44 0212 04
fad- 111
10034 10878
10
_
35
17
C
-63-1-2 -6678
0338 9614
8612 0034
0458
89
172 6413 7314
67,2 7234
8712 93
10312 11113
-__--___ _
idi
ma
98
89
120
-1-
idi"
10814
10114
9112
124
_
7 102 idE"
120 12313
idd - hug
10712 10813
—16 8312 0218
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Brooklyn Rap Tran g 5s___1945 A-0
1st refund cony gold 43..2002 J-J
Bk City 1st con Is 1916-1941 J j
Bk Q Co 6.; S con gu g 5s_1941 11-N
Bklyn Q Co & S 1st 5s _ _1041 J-J
Bklyn Un El 1st g 4-53_1950 F-A
Stamped guar 4-5s____1950 F- A
Kings Co El 1st g 43
1949 F-A
Stamped guar 4s
1049 P-A
Nassau Elec guar gold 4s_1951 J -J
Conn Ry& List & ref 5g 4 34s.:51 J -S
Stamped guar 453s
1951 -J
Del United 1st cons g 4 40_1932 -J
FtSinithLt &Trac 1st g 53_1936 ,11-S
Grand Rapids Fly 1st g 5s 1916 J -D
Havana Elec consol g 53_1952 F-A
Inter boro-Metrop -coll 4 As _1956 A-0
I! No price
Friday; latest this week
103 Sale 103
10 103 10558
103
90 452 8378 9 134
8834 Sale 8712
101 _ _ 102
102
7 101 10212
9834.1'1y '12
9834 9834
_. 10078
_ 101 1611-4 Dec '12
idi- 10314
101
4 101 10212
1.0.1. 10114 101
1 8312 87
8312 Sale 3313
8312
8414 8612
__ 86 8512 Nov'12
3 7712 81
it-112 Sale 79
79,2
102 10178 J'ne'12
101 10178
____ 10014 10115 Sep '12
10112 10214
75,4 19 74 7938
7314 74 74
03 95
8712
_ 93 Apr '12
09 10014
99 Sep '12
98 0934
__ 09 08 Nov'12
79 Sale 78
8018 378 78 8412
Street Railway,
Interboro Rap Tr 6s Ser A_1952 1.1-N 10314 1033.1 103
10312
9312
94
Manhat fly (NY) cons g 4s_1990 A-0
Stamped tax-exempt.__ _1990 A-0 93 94 0312 Dec '12
Metropolitan Street By—
64 May'12
2002 A-0
Refunding gold 4s
6114 J'ly '12
Farmers' Loan & Tr ctf___
Stamped
-_ 5934 Mch'12
Bway & 7th Av lstc g 55_1943 J-D
I031T 10312 Dec '12
10214
102 10214
Col & 9th Av 1st gu g 53_1993 M-S
10134 102 J'ne'12
Lex Av & P F 1st gu g 5s_1993 35-S
/4 J'ly '12
Third Av RR cons gu 43_2000 J-J
7412 J'ly '12
Central Trust Co certs
74 Nov'12
-ig
Cent Tr Co cts stamped_
Third Ave By 1st g 5s__ _1937
10512 10734 107 Deo '12
Met W S El (Chic) 1st g 4s_1938 10- A ____ 8418 9312 J'ly '06
Elec Ry 60 Lt cons g 551926 F-A ____ 10414 10412 Dec '11
___ 9414 11412 Oct '12
Refunding 40 exten 4 30_1931 J
Minneap St 1st eons g 5s__ _1919 J -J i01 10112.102 Nov'12
8 Due April. 6 Due May. Is Duo July. k Due Aug.
o Due Oct.
p Due Nov.
q Due Deo.
31 103 105
12 9313 984
0312 08
_72
5812 64
5712 6214
5758 62
103 10413
10112 1031$
102 103
74 80
73 8118
7214 8114
107 11012
-dir2
loth 10211
a Opt on sale
DEC. 14 1912.1
New York Bond Record—Continued—Page 2
1595
Price
Priam/
Dec 13
Range
Week's
7i.
BONDS
Price
Range
Ifieelc'l
N. Y. STOCK EXCHANGE
Since
Range or
b
Friday
Range or
Since
Week Eliding Dec 13
Jan. 1.
Last Sale
Last Sale
iiitr,
Jan. 1,
-.3
, Dec 13
— —
Bid
A vk Low
High No. Tills High St P M & M (Continued)—
Bid
kWh No Low Mali
Ask Lots
Mont ext 1st gold 4s....1037 J -D
10038 101
1
1 9512 Dee '12 _ 954 9814
10114 10034 Oct '12
Cln H & D 2d gold 4 4s____1937 J -J
1959 J -J
Registered
9112
1937 J -D ---lit & refunding 4s
_ ---._ 98 J'nc'll ____ ______
Pacific Ext guar 4s £
1950 J J
194t8 J -J
1st guaranteed 43
86 87
c_ 91
8614 J'ne'12
9212 ___ 9218 Mch'11
B Minn Nor Div lot g4s1948 A-0
1941 II- N fo
_ 101 Nov'12
Cin D 63 I 1st gu g 5s
_ 101 10114
97 Sep '12 ___ 9612 b8I2
'
Minn Union 1st g Os_1922 J -J --------11414 Sep '12 __ 114 116
O Find & Ft W 1st Ku 4s g 1923 \I- N
88 Melt 11
Mont C lot gu g 6s
1953 J -J
1937 J -J 12438 ____ 12458 Nov'12____ 124.58 12714
ddi
Cin I & %V 1st gu g 43
8634 Nov 12 _
Registered
1937 J -J 121
Day & Mich 1st cons 4 4s 1931 J J
13614 May'06
lot guar gold 5s_ _ _ _1937 J -J 10934 1113 11018 Nov'12 ____ 11011935
lac - 10-113
Ind Dec & W 1st g 5s
itid Hi- jai- Oct '12
8 111-12
Registered
1935 J -J __ 105 10712 Dec '02
1937 J -J
1st guar gold Is
'11_ ____ ____ _Will de S F 1st gold 5s_1938 J-D 10412 ___ 11212 Sep
90 9314
Cleve Cin0 & St L gen 4s 1993 -I) ____ 92% 9114 Dec '12
91 0334 Gulf he S list ref & t g 5s__11952 J -J
20-yr deb 4 )0
_..1531 J-.1 ---- 9218 9218 Dec '12
9113,,,, _ 92 Dec '12 ____ 9118 -95
Registered
931s 0414
b1952 J -J ____ ____
Cairo Div 1st gold 48_ ___1939 J J
_ 1.413 9318 Sep '12
rfock Val 1st cons g 4 4s_1(199 J -J 100 101 101 Dec '12 ____ 0934 103
90 93
ClaW &M Div 1st g 4s_1991 -J
110 J'ly '12
8634 89
Li
Registered
11.199 J -J ____ 10014 10012 Sep 'OS
8978 9312
St L Div 1st col tr g 4s___1990 51-N 9018 01 90 Nov'12
Col & 11 V 1st ext g 4s
Registered
1948 A-0 924 94 92 Nov 12 _ __ 92 92
1990 51-N .88 ____ 01 Oct '07
Col & Tot 1st ex 45
90 Dec '11
Spr & Col Div 1st g 45_1940 '1-s
1955 F-A 92 94 92 Dec '12 _-__
92 9614
[bus
Belt & Term 1st 5s
91 Apr '12
-if - -617
1937 J -J
W w Val Div 1st g 48_1940 J -J
9912 100 10014
10014
2 99%10014
I Ilinois Central 1st gold 4s_1951 J -J 102 ____ 102
10534 Dec '11
0 I St L & C consol 6s
1920 11-N
102
2 10034 104,
i
Registered
Nov'12
1st gold 4s
9712
-9712
k1936 Q-F
100 Sep '11. __ _
1951 J -J _
_
1st gold 3 4s
96 J'ly '12
1951 J-J •- 06 06
k19:36 Q-F
9222 Oct '12 .T__ id 9211
Registered
Registered
10718 10718
1951 J -J ---- ---- 89 Aug'12 ..... 89 8912
pin S & Ci con 1st g 5s_1928 J -J 10512 _ 10715 J'ly '12
Extended
1st
g
3
105
J'no
'12
4s
105 15512
1,55
1951 4-0 -------1914 J
___
0 0 & I consol 7s
_ 0312 maroo _ - ---Registered
1951 4-0
Consol sinking fund 7s_1914 J -D
_ __-.. ...-- --1st gold 35 sterling
123 Oct '12
1951 ni-s ____ ____ so ni-iie -_:-__ -- --.
123 12312
General consol gold 6s_ 1934 J -J
__.
_
M-s
Registered
1951
1934 J -J
Registered
.z.:
-------- 100
Coll trust gold 4s
1940 A -0 *99 _ _ _ 94 J'ly '08
1952 A-0 vo - 99 9818 Nov '12 ---Ind 131 &W 1st pref 4s
____ -9712
Registered
1952 4-0 _ —. 9534 9514 Sep '12 __ 9514 :,514
0 Ind & W 1st prof 5s__d1938
1st ret 4s
1955 ti-N 9418 Sale 9378
4
8814
1 8012 92
Peo de East 1st con 45_1940(
t
-gg,
i Sale -8119418 47 93 I3634
Purchased lines 34s
1952 J-J ___
1990 Apr
4534 sale 45
4534 14 35 50
Income 45
8614 Feb '12.. 8018 8614
L
N 0 he Tex gold 4s
1953 M-N 95 974 95% Nov'12 TT._ 95 094
1917
45
1st
g•
363
4
38
38
39
Col Midland
4 36 5812
J -J
1953 3.1-.N _ _ 95 9434 Jan '11
Registered
1929 FA 93 94 9332
Colorado & Sou 1st g 4s
9312 11 9314 97%
Cairo Bridge gold 4s
1950 J -D
1935 II-N 93 Sale 93
Refund & ext 4;0
934 12 03 9818
__ 9478,1'1y '12 ___ -9478 95
LItchneld Div 1st g 35_1951 J -J _ 7518 7518 Nov'12 . 7312 7512
1021 J-1) 10612 Sate 10612
Ft W & Den C 1st ir es
107
8 10612 11212
Loulsv Div & Term g 3 451953 J-J __ 85 85 Oct '12 _ -__ 8412 874
Conn & Pas Ftivii 1st g 4s...1943 A-0
1953 J -J ___ 85 83 Aug'12 _-__ 83 13
Registered
Cuba RR lot 50-yr 5 g
1952 J -J
166- maTIO
Middle Div reg Is
1921 F-A ____ ___ 123 May'99 :,
-net Lack & WesternOmaha Div 1st it 3s
1951 F-A
11-1 Mortis & Essex 1st 7s 1914 m-N 10314- 10314
7518 Aug 12 -___ 75 7518
10314
2 10314 10634
St Louis Div & term g 3_l951 J-3 ____ 77 7512 Mch'12
106 jai" 106
1st consol guar 7s
106
1915 J
1 106 10918
7512 7512
1951 J -J
Registered
11138 Dec '10
73 754
Registered
1915 J-1)
Gold 3548
1951 J-J *81
90 Mch'12
2000 J-1)
__ 851-20(1-'12 - 2 -E1-2. 8684
1st ref gu g 3 4s
90 90
1114
Nov.12
11112
J-J
1951
1921 j-j
112
*80 ...._ 1014 Oct '99 -_-_ __ — - _ - 4.
Registered
N Y Lack & W 1st as
1114 11414
Spring Div 1st g 34s
105%
1951 J-J
1923 F-A 105 1074 105%
Construction Is
_
100 Nov'00
105410734
Registered
1923 11-N 96 ___ _ 0612 Nov'12
Term & Improve 4s
1951 J-J iga ..„
9512 98
_ ..„., ____ __ -,—.
Western
Feb
'03
Warren 1st ref gu it 3 48_2000 F- A
10218
1951 F-A 9112 9314 -921-2 Oct-'12 ____ -921-2 9614
lines 1st g 4s
Registered
Del & Bud 1st Pa Div 7s_1917 51-S Hells -_-_- 11512 Aug'11
1951 F-A 91 _ __
_
_
__
Bellev & Car 1st as
149 Aug '01
Registered
th2 may'io
1923 J -D
1917 M-S
Carb & Shaw 1st g 4s___ 1932 211-S ---------9412.1'1y '12 T..--_ 9413 dd
10-yr cony deb 43
1916 J -D 9654 Sale 0634
9758 64 9634 99
Chic St L & N 0 g 5s
1951 J-D 112110078 10134
1st lien equip g 4 4s
4 -____ 11314 Nov'12 ...:.. 11314 110
1922
10034 10078 Dec '12
Registered
-1951 J-D
1st & ref 4s
14 Feb '11 ___
9734 29 974 9934
1043 11-N 9734
- Sale 9712
_ ......
Gold 3545
8858 28 8812 03
1951 J-D ---------90 Oct '09 _- —__ --Alb & Sus cony 3 10..
1946 A-0 8812 Sale 8812
Registered
1951 J-D
12114 12112
_ 12114 May'12
Dens & Saratoga 1st 7s1921 11-N 118
.915;--Memph
42_1951
J-I)
Div
1st
874
874
49133
01
____
84
8718
-921;
36
It
Cr
89
Deny&
1st con g 4s_19
Aug-'12.. -6212 -9212
it
9
.1-J
Registered__ .
1951 J-I)
0612 9812
—__ _ _
Consol gold 4 ts
98 97 Nov'12
1936 J -J
St L Sou 1st gu it .4s
1931 M-S ____ osti 61 J'ly ii'08--:0412
9412 Sale 9412
1 9312 9912
Improvement gold 5s
1928 J
End
Ill
A:
la
1st
J-J
g
1950
4s
83
8312
8312
91
9434 94 Aug'12 -_-_-_ -0231955 F-A
Sale
5 81 00
1st & refunding lis
8 96 ,
1919 31-N 107 ____ 107
10112 Aug'12
10112 10112 Ent & Great Nor 1st g
107
Rio Gr June let et' g Is 1039 J-1) 101
3 100% 1081S
Iowa Central 1st gold 5s__1938
7-- 12 6112 Apr '11
6s...J-D 98 9853 09
99
1940 J-J
1 9512 105
Rio Cr So 1st gold 4s
Refunding
gold
4s...:1951
85
Mch'08
MS __ 5978 5978
1940 J -J
70
Guaranteed
60
13 5978 654
8212
8212 Sale 8212
1939 J -J
Rio Cr West 1st g 43
9 82 888 jamestown Franklin -.3;
(.8 Clearfield 1st 4s
1959 J-D
_ ...... 04 May'12
Mtge & col trust 43 A 1949 A -0 - - 77 80 J'ne'12
94 9412
78 81
Kan&it
,ry
iseorucist gold 3s_ _
97 Jan '08
Utah Cent 1st gu g 4s_a1917 A-0
_7 7134 _74.
_'72 .
7252 Ns
11(1 Sep '04
1917 Al- N
Oct '00
Des Al& Un fly 1st it 5s
- — -Ref de limn 55
1995 J -D
92 Nov'll
Oct & Mack 1st Ilen g 4s
9734
Apr 1050 J-J
98
1515-4 od
5 -9612 10014
1005 J -D 87 _
Gold 45
_ 9014 Oct '12
-der -Eli Kansas City Term' 1st 45_l960 J-J
9634 9718 971s
9718
6 9614 9834
98 Nov'12
_1937 J -J ____ ___ 10612 Dec '12
08 1004 r ake Brie & w ist g 52_ 10612 110
Oct Illy Tun Det Ter Tun 4 4,s'61 11-N •- I-4
2d
75
Feb
'12
g
___
gold
Div
1st
461941
6212
Is
I-0S
do
73
1041
T
75
J-J 100 10314 104 Sep '12
et
'4-8
104 10414
North Ohio 1st gu g 52_ _1945 A-0 ____ 105 10414 J'ne'12 ____ 10414 1054
105 106
105 105 Sep '12
DUI 3.11ssabe & Nor gen 5s_1941 J-J
Len Vail N Y lot gu g 4341937 A-0 100 10312 10312 Nov'12
1034 107
5_1940 J-J 10112 ___ 10414 Nov'12 __ 10378 106
DUI & Iron Range 1st 5s
10612 Mch'08
Registered
1937 A-0 *103
1940 J-J *___ _ 1023-4 10418 May'12 ___ 10412 1044
Registered
Lehigh Vail (Pa) cons g 4s_2003 ,11-N _ 9612 9618 Oct '12 ___ 9512 084
1916 J -J 10114
_ 104 Feb '11
• 2d 6s
Leh V Ter fly 1st gu g 3s_ 1941 A-0 108 __ 11234 Oct 12 - __ 10912
1937 J -J 103 __ _ 103 Oct '12
103 idi
Put So Shore & Atl it 5s
114
Ite,gistered
-1941 A-0 *109 __ 11118 Deo '11 -_-_ __-.
110 Aug'12
lgin Jo! & East 1st g 53_1941 M. N
110 11212
_ 115 115 Nov'12
115 11858 Leh V Coal Co 1st gu g 52_ 1933 J -J -___
__ 10652 Oct '12 _::: 10622 108
1920 M-S _
rle 1st consol gold 78
Registered
-1933 J-J
_ 10112 J'ne'11
N Y & Erie 1st ext g 4s 1947 11-N
let Int reduced to 4__,_l933 J-J
10454 10412
-- 1919 111-S 10213
—
3d ext gold Is
10414 Meh'12
•
_ _
•
9934 10234 Leh & N Y lot guar g 42.,_1 945 M-s iiii- -___ da- J.rie".15 -_:-__ di" -454
3d ext gold 4 4s
1923 11-S 100
9954 Oct '12
Registered
-1945 31-S
103 10514
1920 A-0 1(13 ____ 103 Dec '12
4th oat gold Is
El C he N 1st pre! es......_ 1914 A-0 -------- 10112Feb '10 __
_ _ _ __
1928 J
100 100
5th ext gold 45
9212 101 100 Jan '12
Cold guar 5s
-1914 A-0 ___ _.103 3,1411'12
NYLE&W 1st g fd 7s_1920 '1- S 1134 11614 11534 J'no'12
11534 11612
idi 103
E.,ong Isld tot cons gold 3s_h1931 Q-J --- 10914 10834 Nov'12 ____ 10834 110%
Erie 1st con g 4s prior
8534 17 8558 90
1996 f-J 8554 86 85%
181931 Q-J
9614 Meh '12 ___ 904 9611
1st consol gold Is
Registered
8512 85 Sep '12
1006 J-J
85 8812
1938 J-1) 03 a 93 Nov'12
7412 40 7334 7934
General gold 45
1st consol gen lien g 45_1996 J -J
74 Sale 7334
9138 941
Ferry gold 43s
1922 M-S 9614 100 9814 Nov'12 :___ 964 93
Registered
1996 j-J
77 77
7712 77 Apr '12
Gold 45
1932 J -D ____ 97 994 Oct '06
8878 — 22 8818 91
1951
Penn coil tr g 4s
8858 8912 88%
A
Unified gold 43
1949 M- S
1953 A-0 8212 Sale 8212
50-year cony 43 A
93 91 Dec '12 __ .... 90 - -954
83
33 8212 9118
Debenture gout 55
--10413 Dec '08
1934 J-D ----78
__
Series B
1953 A-0 75 76 75%
do
_
_23 7514 80%
Guar ref gold 4s
1949 ,11-S 2
_ 10034 110 Apr '12
.412 Sale 9412
94.12 - i iS - -971;
N Y & Erie 1st 75_1910 J -D
10834 11034
Registered
1949 M-S ____ ___ 95 Jan '11 ___ __ _—
Chic ea Erie 1st gold 53_1982 11-N .
11.6 110)4 110 Dec '12
110 114
N Y B & M B 1st con g 5s 1935 A-0 ___ .._ 11014 Nov'06-- ---109 May'12
Clev & Mahon Val g 52_1938 J -J
109 109
1927 NI- S
_ _ 103 103 Oct '12 I. -... IN 104
N Y he R. 181st g Is
Long Dock consol g 6s1935 A-0 120
_ 124 Nov'12
12384 12412
Nor Sh 13 lot con g gu 5s.o1932 Q-J iO3.12 ..„. 10414
Coal & RR 1st cur gu 68_1922 11-N 106 Dec '12
106 10738
10414
5 10414 1074
Dock & Imp 1st cur 63_1913
1927 M-S 9112 93 934 Nov'12
661,2 101 10014 Oct '12
10014 10134 Louisiana he Ark let g 5s
93 96
Louisville he Nash.ville—
N Y & Green L gu it 5s_1946 31- N 104 109 1034 Aug 12
10312 105
1st
ref
5s
1937
W
General gold 63
1930 J-D 112 1145g 114 Nov'12._ 11212 11712
103 105
N Y Sus &
J -J _10312 103 Oct '12
1937 - A
20 gold 4 4s
ti212 90 10014 Dec '06
1937 /11-N 11034 11211 1.1118 Oct '12 ._ _ 11034 1124
Gold 5s
United gold 48
1940 J -J
General gold 5s
F-A
8634 8712 Nov'12
07 Sale 9634
87 90
97
24 9654 904
u 11- N 10712 10812 10812 Nov,12
943
_ 194
1940 J-J ____ _ _ _ 0612 Sep '12 __ 9612 983g
Terminal 1st gold 531
Registered
10812 110
11112 Mav 12 7_2 11112 11112
Collateral trust gold 5s 1931 31-N 10412 109 110 Aug'12 T.._ 1038 11012
Mid of N J 1st ext 5s__„1940 A -0
F.: H he Nash lot g 63
1942 J -D -671
9834 10212
2 -685-4 9834 Dec '12
1919 J-D 11012 11118 11012 11012
/
4
4 11018 m1
With & Ea 1st gu it 5s
. 10954 106 May'12
1926 J -J
100 100
L Cln he Lox gold 4 4s 1931 31-N
10434 May'12 _
10418 105
__
SVtb II1(1 1st con gu g 6s
110 112%
N 0 he M 1st gold Os_ _1930 J -J 11914 12014 12038 Aug'12 _-___ 12014 121 ,
Evans & '1' 11 1st cons 68_1921 J J lid Rio. _ 110 Dec '12
102 J'ne'12 :-_-_-_ 1014 102%
N 0 he M 20 gold Os
1942 4-0
_
1930 J-J 114 ___ 11712Jan '12
_ 117121174
1st general gold Is
108 Nov'll
Paducah de Rem div 43_1946 F-A _
_ 04 Oct '12 ___ 9314 98
Mt Vernon 1st gold es__1923 A-0 1.6/14
Pensacola Div gold 68_1920 /11-S 10554
J'ne12)5
-di- -05
Suit Co Branch 1st g 58_1030 A-0
- ___- 10534 Me11.11 -- ---- ,--•
945
4
'12
St
;0__1959
J
-I)
Oct
Louis
4
9634
96
Div
Coast
1st
-1568
4
99%
1st gold 82_1921 hl-S ____ 11212 11212 Ply '12 __ 11212 113
Inlorkla 13
2d gold 35
92 Aug'10
1980 in-s _,__ 7012 6938 Sep '12 __ 8918 6984
_
ort St II I) Co 1st g 4 ;0_1941
Atl Knox & Cin Div 48_1955 M-N 9178 9212 917
70 -1111-2
_ - 7712 7712 Nov,12
Ft W de Rio Cr lot it 43____1928
92
7 9114 93
Atl
Knox
he
53.1913
Aug
12
Nor
994
lot g 5s_1946 J-I) 109 ____ 11212 May'12 ___ 11212 112%
0012 100
A-0
_
11 of 1883 lit
al H
Hender lIdge 1st s f g (4_1931 NI-S 105 ___ 106 Apr '11 _--------N-Ireat NorthernKentucky Cent gold 43_1987 J-J
9518 408 944 98%
9518 Sale 9478
0112:_ 9112
0B & Q coil trust 45____1921 J-J
8 9112 95
9134
L he N he AI he AI 1st g 4 54s1945 M-S 101 10312 10312 10312
95
95
1921
943i 98%
2 10312 1041$
Registered _h
L he N-South AI joint 4s 1952 J-J
100
___ 894 9012 Oct '12 ____ 887 903
1st & refund 4 143 scr A 1961 JJ 100 10014 100
13 9934 10158
Registered
h1952 Q-J *86 ___ 95 Feb '05
1961
Registered
_1937 F-A ___ 10812 10912 Oct '12 ____ 10814 1093i
St Paul M & Man 4s
N Fla & S 1st gu g 5s
08 9912 98 Dec '12
1933 J -J
97% 0034
1st consol gold es
. 10012 Sep '12 ___ 10(112 1001
N do 0 Bdgc gen gu g 4 42 1945 J-J 1014
1214
1033 J -J 12112 12234 12112
12112 12534
Pens he Atl 1st gu g es___1921 F-A 110 ...... 11014 Oct '12 ____ 11014 112
Registered
122 Sep '12
1933 J -J
122 122
Reduced to gold 4 401933 J-J 10412
S & N Ala eon gu g 5s___1930 F-A 10834 110%10918J%,'12 ____ 10918 11112
104 Nov'12
10358 10512
Registered
oil. 9111
E. & Jeff Bdee Co eu tr 4s___1945 111-S ____ 90 914 Mcia'12
_ 10834 J'no'09
1933 J -J 10334
BONDS
N. Y. STOCK EXCIIANGI.
Week Ending Dec 13
k.
t
-i63-4 88
pas 2:8
- -Offs
E
G
L
•
MISCELLANEOUS BONDS—Continued on Next Page
Street Railway
Street Railways.
_ 8412 8812 United flys St L 1st g 4s___1934 J-J-___ -- 74 Dec '12 _--New Or! fly he Lt gen 4 45_1935 J -J 83 8712 86 Oct '12
St Louis Transit gu 5s___1924 A-0 ___ 82 83 Nov'12 ____
7658 46 76 8158
N Y ltys lot R 13 he ref 45 temp J -J
78% Sale 76
1942 A-0 54 Sale 52
43
70
54 579 5112 5934 United Ras San Fr s f 4s_1927 A-0 677,2 Sale 677
30-year adi Inc Is
1930 31-N 10034 Sale 10034
1
95
5 99 10078 Va Ity he Pwr 1st& ref 5s___1934 J-J
95 Sale 944
portland Ry 1st he ref 5s
10034
Portland fly Lt he Pow 1st he
1942 P.A — 00 98 Dec '12 . 96 96
(las and Electric Light
ref cony 8 t 53
5s_1935
J
J
Atlanta 0 L Co 1st g 5s____1947 J-I) 102 --- ---_
Portland (len Mee 1st
---- ---10612 16
Blilyn U Gas 1st con g Is_ 1945 11-N -------- 10534
08 NoVroil
St Jos ay, L, H he!' Istg 5s1937 M-N
1947 A-0 54 65 - 54 Oct '12 ____
.. 105 106
Buffalo Gas 1st g Is
105 Nov,12
St Paul City Cab cons it 55 1937 J -J
19611
J3 7934 Sale 7912
Columbus Gas 151 g 55
Thlrd Ave 1st ref 4s
8014 1 .4 7912 86
\-0 7312 Sale 7212
73% 2 4 70 8014 Detroit City Gas g Is
1923 J -J
00 Nov'12 ____
Ad) I na Is
-9558 Sep 08
n A-0 ---- 99 9712 Dec '12
23
1918 F-A ---- ---_
.
Het Gas Co con 1st g 5s
41196
_ 974 99
TrI-City fly & Lt let s f 5s
8
10112
Bet Edison 1st coil tr 55_1933 J -J 10112 ....„ 10114
Underground of London94 95 91
1932 11-S __ 107 10612 Oct '12 ____
1933
94
0 04 9614 Eq 0 L N Y 1st con it 5s
454s
8712 90 89 Dec '12
Gas de Bice Berg Co cg 5s 1949 J-1) 100 ____ 103 Sep '12 ___
Income es
_ 7412 00
84 Oct '08
1915 P-A *____ 101 100 Oct '09
948
5
•. ____ Gr Rap G L Co 1st it 5s
Union Elee (ChIc) 1st g 5s 194
1949 A1-N 103%104 10338
2
Hudson Co Gas 1st g Is.
10338
United Rys Inv 1st lien coil
821 8234 Dec '12
1928 il-N
. 8212 8612 ICan City(Afo)Gas lot g 55_1922 4-0 ____ 9854 9812 Sep '12 ____
trust he Pitts Issue
'No prloo Friday; icest bid_an4 asked thIs wesk,, ft Due Jan. 5 Duo Fe:). a Due April. 8 Due July, IC Due Aug. 0 Due Oct. f
74
83
6412
9412
80
85
70
974
........ _....
1053.11077g
54
6538
100 1014
_ _,..
10012 10218
10574 10611
103 103
_ — _-..
10312 10611
9812 9984
1596
New York Bond Record—Continued—Page 3
VOL. Lxxxxv.
C
if.
BONDS
Y. STOCK EXCHANGE
Week Ending Deo 13
E
Price
Friday
Dec 13
lidS
Affanlla RR—Sou lines 48_1936 11-N
Cent too g 35 tr roots
6
1917 -A--Equip de coil g Is
$
Mez Internat 1st con r 45..1977
Stamped guaranteed....1977 511927 J -D
Minn & St L let gold 7s
paclac Eat lit gold 6s
1921 A-0
lit consol gold Is
1934 M-N
lit and refund gold 4s
1949 8%-S
Des M de Ft D 1st gu 4s 1935 J-J
StP&SSM con g 45 lot gu.1938 J-J
lit Chic Terml s f
_1941 51- N
INISSM&A 1st g 4sint
gu 1926 J -J
43__MLuissippi Central 1st 5s...1949 J -J
)do Kan & Texas 1st gold 4s1990 JD
2d gold 4s
0990
1944 It-N
lit eat gold Is
2004 51-S
1st & refund 49
1936 J-J
Gen sInklng fund 4 30
St Louis Div 1st ref g 48_2001 A-0
1940 M-N
Dal & Wa 1st gu g Is.
Kan C & Pao lit g 4s.._1990 F-A
1942 A-0
Mo K & E 1st gu g 5s
K de Ok 1st guar 5s
1942 M-N
K & T of T 1st gu g 5s_1942 51-S
Sher Sh & So 1st gu g 55 1943 J-D
Texas & Okla 1st go g Is 1943
S
Missouri Pao 1st cons g 8s1920 M-N
Trust gold Is stamped__a1917 M-S
a1917 111- S
Registered
lot collateral gold 5s____1920 F-A
1920 F-A
Registered
40-year gold loan 45
1945 818d Is extended at 4%
1938 51-N
lit & ref cony Is
1959 51-S
Cent Br Ry lit gu g 4s 1919 F-A
1948 J-D
Cent Br U P 1st g 4s
Leroy & OVAL 1st g 55_1928 J-J
Pao R of Mo let ext g 4s_1938 F-A
1938 J-J
2d extended gold 5s
StL Ir 3163S gen con g 5s 1931 A-0
Gen con stamp gu g 53_1931 A-0
Unified & ref gold 43...1929 J-J
Registered
•
1924 J-J
Rlv & 0 Div lit g 4s_193.1 M-N
Verdi V I & W let g 5s 1926 M1927 J-D
Web & Ohio new gold 6s
extension gold 6s___81927 Q- J
1938
S
General gold 45
Idontiom Div lit g 55_1947 Ft-A
at L
Cairo coil g 4s___01930
1931
Guaranteed gold 4s
Mashv Ch & St L 1st 75_111:g j-j
A-0
LI lit ()ousel gold Is
Jasper Branch let g 65_1923 J -J
MoM M W 63 Al 1st 63_1917 J-J
T & P Branch lit 6s.1917_
Nat Rya of Max pr lien 4 1;6.1957
Guaranteed general 4s
1977 A-0
Nat of Mex prior lien 4 40_1926 J-J
let eonsol 45
1951 A-0
0 Mob di Chic let ref Is 1960 J -J
0 & N Ii prior lien g 63....221915 A-0
ew Orleans Term lit 45_1953 J-J
N Y Central & fi B g 3 10_1997 J-J
Registered
1997 J-J
Debenture gold 4s
1934 M-N
Registered
1934 M-N
Lake Shore coil g 3 4,51
1993 F-A
Registered
1998 F- A
Mich Cent coil gold 8;48_1998 F-A
Registered
1998 F-A
Beech Creek let gu g 48....1936 J -J
1936 J-J
Registered
2d guar gold Is
1936 J-J
1936 J-J
Registered
eech Cr Ext lit g 3 11s_b1951 A-0
§art &
1st gu g 43..„1981 J-D
ouv & Oswe 1st gu g 55_1942 J -D
Mob & Mal 1st gu g 43_1091
S
NJ June It guar 1st 48_1986 F- A
Registered
1986 F-A
N Y de Harlem g 3 4is
2002 M-N
Registered
2000 81-N
N Y & Northern let g 5s_1927 A-0
N Y & Pu 1st cons gu g 431993 A-0
Nor & Mont let gu g 59_1916 A-0
Pine Creek reg guar 6s
1932 J-D
R W & 0 con 1st eat 5s_51922 A-0
Oswe & It 2d gu g 5s___e1915 F-A
RW&OTRIstgug 53_1918 M-N
Rutland 1st con g 4 10 1941 J -J1
Og&LCham 1st gu 4s g 1948 J -J
Rut-Canad 1st gu g 45_1949 J -J
St Lawr & Adlr 1st g 5s.._1996 J-J
2d gold Os
1996 A-0
Utica & Blk Riv gu g 48_1922 J-J
Lake Shore gold 3 10
1997 J-D
Registered
1997 JD
Debenture gold 4s
1928
25-year gold 4s
1931 11-N
Registered
1931 11-N
Ka A & G B 1st gun 53.1938 J-J
Mahon C't RR 1st Is..1934 J-J
Pitts de L Erie 2d g Is. _a1928 A-0
Pitts McK & Y 1st gu Os.1932 J-J
2d guaranteed Os
1934 J -J
McKees & B V 1st g 63_1918 J-J
Michigan Central Is
1931
S
Registered
1931
4s
1940
Registered
1940 J-J
J L & S 1st gold 3 3,
0 1951 Stlet gold 3 10
1952 M-N
20-year debenture 4s_ _1929 A-0
NY Chic &St L ist g 43.1937 A-0
Registered__
1937 A-0
Debenture 4s
1931 .11-N
iLL Wean
1
5
Week's
Range or
Last Stitt
1;
1
Range
Since
Jan. 1
Ath Low
High No. Low
86
2512 Api."'"oo
77 Mch'lO
79 Nov'10
244 Oct '12
11018 Auell
-5
:
i12 100 - 100
100
60 Sale 60
60
----8212 76 No" 12
9578 100 06 Dec '12
95 -- 9714 J'ne'12
98
_ 9614 May'12
9812 lich '11
9-6
9412 Sale 9412
944
79% Sale 79%
7978
-- 99 9934 Oct '12
-___ 7712 7714 Dec '12
87
8614 Sale 86
77
_
7712 77
10478 Sep '12
8612 _
88 Sep '12
106 11g
-34 108 Nov'12
104 105 10334 Nov'12
10012 10012 Dec '12
___9912 104 1031 Feb '12
101 10434 101 Nov'12
10514 106 10512 Dec '12
9934 100 100 Dec '12
97 may'12
9712 9812 974
9712
_
70 7012 7118 Dec '12
____ 9612 0612May 11
80
86 8612 86
9234 Nov'12
_
80
80 Sale 80
-.- 110 Mch'05
9312
_ 93 Nov',2
10314
102 105 10314
10412
10412
_ 10418
104 Oct '12
82
-- -6614 8034
8078 Oct '12
8318 8312 8278
8314
100 Oct '12
ll65s 118 11718 Nov'12
11234
- 11534 Feb '12
8514 8512 85% Nov'12
107 10812 107
107
__ 80 8578 Dec '12
*9112 _
92 Nov 12
10138 1150N 10118 Nov'12
110 10912 Nov'12
_ 11578 Nov'10
15;4 106 10734 Meh '12
113 J'ly '04
_ 88% 8814 Dec '12
_
8014 7912 Nov'12
-- 10112 99 Mch'12
__ 77% 777 Dec '12
_ 8634 8714
8714
104 .
88 8714 Sep '12
8518 Sale 8518
8514
____ 86 8418
8418
9114 Sale 9114
9112
*91
93 May'12
7814 Sale 7814
79
_ _ 78 77
77
78
78 Sale 78
78 Sep '12
9812 ....- 9834
9834
*97 ---- 99 May'll
106
"8712
Oct '09
108
9773 Aug'11
IN) 107
96
HU;Jaci-'bo
11912 106 160.4 101338 Nov'12
., 10112 101 Men'12
104 J'ne'10
lad
96 Oct '12
83 _ _ _ 85 Nov'12
92 J ne 09
16./34 :::: 108 Sep '12
11012 Mch'12
-- 007 Nov '11
8712
8712 8914 8712
8718
8718 8718
92%
9212 Sale 9212
9214 Sale 9214
93
02 ___. 03 Oct '12
110
10512 ---__-_
11112 Man i
105 Apr '12
13018 Jan '09
12314 Moh'12
**-- Ili" Jan '12
119 J'ne'06
10512
- - - ---- 98 Apr '12
984 Nov'1 1
____
90 J'ne'08 8512 8714 8612 Mch'12
_ 8812 8812 Aug'12
99
99 9912 99
9834 Nov'12
8712 89 88 Deo '12
High
—
_
12412 129
__ 125
88 Oct '12
*8838 -108
*95 --- "jilt; MeVii
Of) ---- 105 Oct '02
__-- -8715 --- -
BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec 13
_
99 16E 2 5978 6978
78 81
95 9734
9714 9714
9614 9614
6 -f;i6; V a 7938 8418
9912 10212
7714 8112
22 8514 8914
76 78
10478 10532
88 91
10612 110
10334 10712
9912 104
10334 103%
14012 10514
1044 10818
98%10034
07 97
9634 10034
id
7514
-AV -814
92 9234
75 81
-6i3-4 -66
3 10314 10314
13 10212 10638
104 104
11 77% 8234
78 8078
824 84
100 100
1174 121
11534 11534
85 8734
107 11034
82 8578
9112 92
10118 104
109% 10972
10734 10734
6
15
78
46
2
9
6
14-6'12
7712 MI
99 MO
7712 80
87 95
_
8712 8812
85 8812
8418 8714
9114 0614
93 93
7814 85
7034 84
78 8212
7784 7912
9834 9914
88
2 871
88
39
1.664 1673-4
101 101
96 "Sig1-4
84 80
108 i6i
11912 11912
87 -1;157;
874 8834
22 9131 9412
34 9112 93%
02 9312
_
ig"fa&
12314 12314
111 iff
98
-:
98
8612 "i63-4
8812 92
9712 10068
9834 0934
8712 91
1
a-
Price
Friday
Dec 13
Range or
Last Sate
E;
Range
Since .
Jan. I,
No Low R VA
Bid
NYC &H
Ask
2 93 101 i
West Shore 1st 48 guar__2361 J -J
9814
98 9814
1 96 9812
Registered
2361 J-J i6i 98 97
97
'
N Y Cent Lines eq tr 4 10 1923 J -J
10012.Fly '11
N Y New Haven & Hartf—
2 8912 92
1953 J -J
Non-cony deben 4s
8912 Sale 8912
8912
90 93181
Non-conv 4s
1936 M-N ____ 8912 90 Sep '12
00 94634
Cony debenture 3 10_ _1936 J -J
- 9114 90 Nov'12
Cony debenture Gs
1948 J -J iii12 Sale 123
12412 56 123 13212
99 9918
Harlem R-Pt Che3 1st 45_1954 I1-N
994 Nov 12
B & N Y Air Line 1st 4s 1955 F-A
9912 J'ne'12
9912 9912
9014 9358,
Cent New Eng 1st gu 4s 1961 J-J
9014 92 9212 Nov'12
115 Aug '12
114 115
Housatonic Ft cons g 5s...1937 51- N 111
9512 Sale 9512
NYW'ehes&Bist seri 4 10'46 f -J
9712 99 0512 10014,
N H & Derby cons cy 58_1918 11-N
107 Aug'09
..__
New England cons 5s,,,_1945 J-J
-_
Conso, 43
-9912
-9.111-2 1061
1945 J-J
Providence Secur deb 43_1957
83 81 Dec '12
84r
81
N Y 0 & W ref 1st g
92 1)8)
_01992 51-S 93 9412 93 Dec '12
0212 J'no'12
51-S
9212 9212
Registered $5,000 only_g1992
4s_General 45
89 8963Feb '12
8052 8918
1955 J -D
Norfolk Sou 1st & ref A 531901 F- A
99 10018
- 98 99 Oct '12
Norf & South 1st gold 58_1041 M-N
10234 Apr '12
__
10212 10234
Norf & West gen gold 0_1031 111-N 119 ____ 12518 J'ly '12
12338 12,518
124 12638
Improvement & ext g 65_1934 F-A 12012 _ . 12412 May'12
New River 1st gold 6s_1932 A-0
124 May'12
124 124
N & W By let cons g 4s 1996 A-0
97
21 06 09%
Sale 913
Registered
199,, A-0
98 Jan '11
Div'
. 1st I & gen g 4s 1944 J-J
9212
-8673 -0"4""
9212 92
10-21-year cony 45_1932 J -D
11212 20 10712 118
Sale 11138
10-20-year cony 4s .......1932
108 117 ,
118 11234 Dec '12
S
Pocah C & C Joint 4s_ _1941 J -D
7 8j72 94 1
92 90
9014
CC & T let guar gold Is.1922 J-J 111::990921::0602253;4
106%10638
10638 Mch'12
Selo V & N E 1st gu g 49_1989 M-N
95 Oct '12 _- 95 9812
Northern Pac prior I g 4s 1997 Q- J
9
0812 46 97%10034
97
37% -Sale
- - 97%
97 9912
Registered
974 Nov'12
1997 Q- J
General lien gold 8s____a2047 Q-F
9 68 7013
68
6814
Registered
a2047 Q-F
68 Nov'12
68 08
St Paul-Duluth Div g 43_1096 J -D -98.1
9419 9613
944
9418
8
Dul Short L 1st gu 5s_1916 M-S 10012 _ 10112 Oct '12
100 10112
St P & N P gen gold 63.._1923 F- A 112
113 11519
113 Dec '12
Registered certlecates_1923 Q-F 11112 ____ 11538 Aug '11
-6
St Paul & Duluth 1st 53_1931 F-A 1
09
idi" i(ii i14 (3-1 107 Jan '12
:
2d 5s
1023 Sep '12
10233 10233
1917 A-0 10218
1st consol gold 43
1968 J-D 92%
94 J'ne'12
9234 94
*8958
Wash Cent 1st gold 4s
1948
9118 Apr '11
Nor Pac Term Co 1st g 6s 1933
11118
11114 Oct '12
iii" ffidi
Oregon-Wash 1st de ref 48 _1961 J-J 9034 Sale 9012
17 8912 9234
91
Pacific Coast Co 1st g 53_1946 J -D 10034 Sale 10034
1 10034 104
10018
L ennsylvania RR
1 st real est g 4s
100 102
102 Dec '12
1923 n-N
Consol gold 55
S
11-(1 110 hich '12
108 110
1919
Consol gold 4s
10214 Nov'12
101 104
_
1943 11-N
Convertible gold 3 34s__,,19 l2 M-N
9978 Oct '12
9912 1001g
Convertible gold 3 34s_01915 .1-D 1-0-06
1-3
14
2
- Sale 9612
9634 212 9552 9772
Registered
97 J'ly '12
97 9712
_ o1015 J -D
Consol gold 4s
1948 M-N 10154
10214
5 101 10413
10214
Alleg Val gen guar g 4s_ _1042 111-S
9952 10011
_ 10012 10018 Aug'12
D 1212 B & Bge let gu 4sg1936 F-A
'
16
Phila Bait & W 1st g 4s 1943
-SW - fait.;
9918
tar Oct '12
Sod Bay & Sou 1st g 5s 1924 J -J
102 Jan '03
---- ....
Sunbury & Lewis lit g 4s 1938 J -J
U N J BIl & Can gen 45..1944 11- S
1.511-2 MtiV•U
itii" Din;
Pennsylvania Co.—
2 10214 104
1931 J-J 103 Sale 103
103
Gual'lstg4l4s
Registered
10168 103
1921 J-51 102 10234 1013 Oct '12
Guar 3 30 con trust leg_ .1937 If- S
8812 8914
89 Sep 12
8512 89
Guar 3 3413 C011 trust ser B.1941 F-A
"8554 86 Nov'12
9712 9814
Trust Co certfs go g 3 As_1916
89 Sep '12
88 8814
Guar 3;is trust otts C...._1942
- 88 Mch'12
Guar 3 3is trust ctfs D_1944
8734 8734
8839 8754 Jan '12
96 9812
2
Guar 15-25 year g 4s
06
1931
- 9612 96
9612 Deo '11
Cin Leb & Nor gu 4s g
--1942 51-N ;66'
__ - —
CI & Mar lit gu g 4 30_1935 M-N 10134 ---- 110 Jan '05
10734 Dec '11
-___
CI & P gen gu g 4 10 ser A 1942 J -J Series B
1942 A-0
109134J'I'09
9114
9114 -011Int reduced to 330_1942 A-0
_ 0114 Feb '12
4
Series C 334s
1948 M-N 0014-- 5013 Oct '12
9018 9114
Series D 3 10
1950 F-A 9014.— 90 May 08
Erie & Pitts gu g 334s B..1940 J-J
9112 May'12
-1-/I1-2 -011-21
Series C
1940 J -J
9018 J'ly '12
9018 90181
Gr It do! ex 1st gu g 434s.1941 J-J
_ 104 104 Aug'12
104 105
Pitts Y & Ash 1st con 55_1927 51-N
109 May'10
Tol W V de 0 gu 4;is A 1931 J -J
16134 faiis
10'218 J'ne'12
Series B 4 54s
1933 J-J 10113_" _ 10238 Nov',2
10238 10238
Series C 45
1942 11-S 95 98 0513 Oct '12
9568 9568
P 0 & St L gu 4 40 A 1940 A-0 10314 10578 10414.2'1y '12
10414 10634
Series B guar
1042 A-0
10431 107
---- 10434 J'iy '12
Series C guar
1042 M-N
106 J'ne '11
Series D 48 guar
1945 M-N 61 "9878 96 Nov'12
90 99 1
Series E 334s guar g_1949 F-A 90 _ _ _ _ 0514 Sep '12
9318 9538,
Series F gu 45 g
1053 J -D 9514
00 Nov'12
96 07 I
Series 0 45 guar
1957 11-N 9634 98 97 J'ly '12
07 99 ,
0 St L & P 1st con g 5s_1932 A-0
11312 Nov'11
Peo & Pek Un 1st g 6s__1921 Q-P
---109 May'll
2d gold 4 ;is
81921 M-N
932 Jan '11
Pere Marquette--Ref 4s_1055 J -J
_ 5912 5812 Nov'12
-6§1-2 -69-3-4
5233 5938
Refunding guar 43
1055 J -J __ 6014 5612 Nov'12
08 9968
Ch de IN M 5s
- 9712 08 (let '12
1021 J-D
101 10832
FlInt & P M g 68 •
1920 A-0 la. 10612 104 Oct '12
98 100
lit consol gold Is
1939 11-N ____ 08 96 Sep '12
97 9712'
Pt Huron Div let g 55_1939 A-0 9612 97 07 Nov'12
Sag Tus & H let gu g 46_1931 F-A
.Philippine fly 1st 30-yr s f 4s_'37 J -J
8414 86
id4 "g(i Pitts Sit & L E let g 56
113 J'ly '12
113 11314
1940 A-0 —
let consol gold Is
11314 Nov'll
1943 J-J
D eading Co gen g 4s
0614 Kat) 96
1997 J -J
9034 15 -66" "60-3-4'
LL Registered
_ 05 0814
1997 J -J *95
05 Nov'12
0618
0012 11 9539 9812
Jersey Cent coil g 4s
1951 A-0
Atian City gu 4s g
1951 J -J
93 _ --8.6 -iiiiii
t Jo & Gr Isl 1st g 4s
1947 J -J
8834 - - 88
t Louis & San Francisco—
11812 119%i
General gold Os
1931 J-J 11312 12031 11812 Sep '12
General gold 58
101 108121
1931 J-J 102 1074 104 Dec '12
St L & S F RR cons g 43_1996 J-J
83 8512 83 Nov'12
83 86141
8234 10 8212 8813.
Gen 15-20 yr Is
1927 11-N 8234 Sale 8212
Southw Div let g 5s 1947 A-0 10)
9934 Sep '12
9934 9934,'
RefundIng g 45
75 Sale 7434
1951 J-J
7554 33 7434 8154I
Registered
1951 J-J
8034 Mch'll
m-N
S
-agf2
1
MISCELLANEOUS BONDS—Continued on Next Page.
Gas and Electric Light
Trigs Co El L & P g Is_..,,,,1937 A-0 ____ 104 1011 Oct '12 ..
1997 A-0 113 Sale 113
purchase money Os
8
113
1922 n-s 12112._ 124 Nov'12 .
convertible deb Os
Ed El II Bien 1st con g 4s_1039 J-J
8818 .. _
3814 Nov'12 _
Lao Gas L of St L 1st g 55_81919 Q-F 1015s ____ 10163 10138
2
Ref and ext 1st g Is
1934 A-0 10012 10112 10112 10112
1
Milwaukee Gas L 1st 45_1927 11-N 0014 9038 90
90
1
Newark Con Gas g 5s
1948 J-D 102 ____ 10614 Apr '12 _.
10212 16
Y 0 ELH &Pg 58_1948 J-D 10178 Sale 1017
Purchase money g 48
8634
1049 F-A ____ 8634 86
Ed El III 1st cons g 53_1995 J-J __ 11118 11318 Mch'12 _.
NY& Q El L&P 1st con g 5s..1930 F-A___ 9934 100 Sep '12..
NY & Rich Gas 1st g 5s,,_1021 8%-N..___ ____ 9212J'ly '09 -Pacific 0 & El Co Cal G de E
Corp unifying & ref 56_1937 11-N 9478 Sale 0478
9518 12
Pac Pow & Lt 1st & ref 20-yr
1930 F -A _.. 95 95 Oct '12
55 Internat Series
Pt & Pxisaln (3.5. ft 5s
1949 11-S
103 1025o i'lv .12
(las and Electric Light
117 11578 Dec '12
Peo Gas & C let con g 8s___1943 A-0
1947 51- S 10034 10134 1014
Refunding gold Is
10114 ---5
1947
S
Registered
103 Feb '00
55_1937
g
J-J 10214
Ch G-L & Cke 1st go
10212 Oct '12
Con G Co otCh 1st gu g Is 1936 J-I) 100 10273 01)4 Oct '12
Ind Nat Gas & 011 30-yr 5s '36 51- N 82 89 03 Mch'12
Mu Fuel Gas 1st gug 5s 1947 51- N *-___ 101 10114 Aug'1 2
Philadelphia Co cony 59_1919 F-A _ 101 100 Nov'12
1922 51-N _9814 0734
9734 10
Cony deben g 5s
Stan GasS3Elec cony sf Os-1926 J-D 66 looks 10088 Dec '12
Syracuse Lighting let g 55-1951 J-I)
_ 101 Dec '11
1954 J-J
8512 J'ne'12
Syracuse L & P Is
Trenton CI & E 1st g 5s
109 Feb '01
1949 8%-S
Union Rico L & P 1st g 5s 1932 11- S 00 ____ 10012 Aug '12
Ref & eat 55
1933 11-N 95
00 Nov'12
94 9638
Utica El L & P 1st g Is.._1910 J -J 101 ___
Utica Gas & E ref Is
1957 J-J
98 _ _ _ 10014 Dec 'ii
93 95
102% 102% Westchester Light'g g Is__.1950 J-D 10478 100 10473
10479
2
10414 10512
113 117
123 124
04
88 8,
10112 103
10034 102
8973 9038
10814 10614
10179 10414
80 8912
11212 11318
109 10212
--
_
i
11579 11712
10034 10212
1E171 164);
10112 10314
93 93
100% 10114
100 199
9734 98
100 101
-gE1-2 -66
1.661-2 itir
06 9812
164-4 IOW
.! No price Friday; latest bid and asked. a Due Jan, _ 8 Due Feb. e Due May. g Due June. h DucTuly. o Due Oct. p Due Nov. s Option sale.
DEC. 14 19121
BONDS
N. Y. STOCK EXCHANGL
Week Ending Dec 13.
New York Bond Record—Concluded—Page 4
t
Price
Friday
Dec 13
)Veek's
Range or
Last Sala
Range
Since
Jan. 1
Hi,
Ask Low
111011 No. Low High
St L & San Fran (Con)
K 0 Ft S & M con g 6s__1925 11-N 11012 113 11278 Nov'12
11278 118
3 77
K C Ft 5 & M fly ref g 48_19:36 A-0 7714 Sale 77
8012
7714
193 A-0
Registered
7712 771,
---- 7712.1'1y '12
10312 1031;
K C & M 18 & B 1st go 58_192.i A-0 ---10312 J'ly '12
991 09 Dec '12
Ozark & Ch C 1st gu Istr,_191•_ A-0
90 100
8934 12 8933 9212
StL S W 1st g 43 bd etfs 1989 NI- N
8912 8934 8912
8012 . _ _ 80 Nov'12
2d g 4s Inc bond etts__p1981) J -3
80 83
Consol gold 45
1932 J -U 8012 Sale 8018
8012 41 7812 841.,
Gray's Pt Ter 1st go g 58_1947 J -I) 9918
_ _ 10118 Apr '0,
9 -12478
S A & A Pass lst gu 9 4s
- -8/34
85 86 84'78
1043 J -J
85
F & N P 1st sink t g 58_ _1919 J -J
91 ____ 104 Oct '09
Seaboard Air Line g 4s.._1950 A-0 v8512 _
-g7-3g
_ 8618 Oct '12
Gold 45 stamped
16 8512 90
86
1950 A-0 8578 86 85%
Registered
1950 A-0
7512
7412 8414
Adjustment 5s
7434 Sale 742
01949 F-A
7634 83
Refunding 4s
7712 77 Deo '12
1959 A-0
Atl-Birm 30-yr 1st g 4)1_61933 NI- S 84 86 98 J'ly '12
87 90
9234 9312
Car Cent let con g 48_ _1049 J-J
9312 Apr '12
Fla Cen & Pen lst g 5s__ _1918 J -J
:
103 May'll
_ 101 Nov'12
18t land ex ext g 5s_ _1930 J -J 10314
104 104
Consul gold Is
197 1137
1943 J -J *10314 _ _ _ 107 J'no'12
Ga & Ala lty 1st con 58_01945 J-J 10112 100 1047 Nov'12
lig% 10714
10134 Sep '12
Ga Car & No 1st go g 53_1929 J-J 104%
10134 10534
10618
105 May'12
Scab & Hon 1st Is
1926 J-J - - _
105 10018
Southern Pacific Co—
9212 60 88 96
Gold 48 (Cent Pee col)) _81949 J -D 9112 Sale 9078
- _ - - 92 Dee '12
92
81949 J -D
91
Registered
9278 554 91% 07
01929 NI- S 9218 Sale 0114
30-year cony 43
94% 13 94 97
Cent Pile 1st ref go g 4s_1949 F-A 94 Sale 94
9412 J'ly '12
1949 F-A 1 93
9412 941;
Registered
2 9012 9112
9012
Mort guar gold 3 ;is_ _81929 J -D 9012 Sale 9012
92 91 Nov'12
Through St L 1st gu 4s . 1 5 I A-0 _
89 0278
1051 2 105
1 105 107
105
OH &SAM&Plst 58_1931 11-N
Gila V G & N 1st go g 53_1924 11-N
_ 10312 10218 J'ly '12
10218 10434
_ 103
How: E & W '1' 1st 5s 1933 11-N IQ'S
103
103 105
1st guar 58 red
10414 10414
1933 14-N 103 iog 10414 May'12
H & T 1st g Is int gu 1937 J-J 10914 _
10914 Sep '12
10914 116
Gen gold 48 Int guar 1921 A-0 92 54-58 9434 Dee '12
9318 9512
Waco & N W div 1st g 6s '30 .11-N 114 _ _ _ _ 11914 Meh'10
A & N W lst
2 105" 107)
105
105
g 58_
_1941 .1-J 105
Morgan's La & T 1st 7s 1918 A-0 111
1134
- 11134 Aug'12
11134 111:11
1st gold 8s
1920 .1-J 10634 - - - 111 Nich'll
112 Feb '07
No of Cal guar g Is
1938 A-0
Oro & Cal 1st guar g 5s_ _1927 101 Oct '12
-- 116 May'07
So Pao of Cal—Gu g Is _1937 M- N
91
9112 Sep '12
So Pao Coast let gu 4s g_1937 .1-J
9112 911;
San Fran Term) 1st 4s_1950 A-0 88 -6(1 89 Nov'12 sl 8812 92
Tex & N 0 con gold 53 _ _1943 J -J 10018 101 10158 MaY'1 1
101 1J1
0312 44 93 9538
ijo Pao RR 1st ref 43
931s Sale 93
1953 J -J
Southern106
23 10512 10838
1st consol g Is
loot J -J 10534 106 1051g
105 Sep '11
Reglstered
199) .1-.1
78
57 77 7934
Develop & gen 4s Ser A1956 A-0 7714 7712 77
851s 8612 8518 8518 2 85 8717
Mob 63 Ohlo colt tr g 4s_ _19:18 51-s
10818 Dec '12 _ 10738 111
1906 J -J 107
Mom Div let g 4 ;4-5s
88
4 8714 0014
-3-14 8712
8714 -t0St Louis div let g 4s_ __ _1951 J -J
N v ;121
00
5(142 Sep
1918 J -J 1053.1 _ _ _ _ 10
Ala Cen It let g 6s
10514 10514
8114 _ 1948 J -J
Atl & Danv 1st g 4s
81% ____ 8214 Feb '12
1048 .1-J
244s
8214 82)4
8312
_
At) & Yad 1st g guar 4s_ _1049 A-0
1i0
(),&3:
44
1016 J -J 103 _ _
Col 4 Greenv 1st its
10612 Oct '12 .. _
10814
E T Va & Ga Div g 53_1930 J -J 10512
10914
1 10013111)1
Con 1st gold Is
N 109 4:1-112
1956
IS Ten reor lien g 5s
1938 111- S 10412 _ -- 10518 J'ly '12 --. 10518 108
6412
Ga Midland 1st Is
64
1946 A-0 0312 '671-4 64 Aug'12
Ga Pao ity 1st g 68
1922 J-J 10912 110 111 J'ly '12 ---- 111 112%
114 J'ne'12
Knox & Ohio 1st g Os_ _ _1025 J-J
114 115
_ 10512 Nov'12
Mob & 13Ir prior lien g 53_1945 J -J 10511 _
10512 10512
7712 7712
79
Mortgage gold 48
7712
7712
1045 J -J
Rich & Dan con g 6s_ _ _ _1915 J-3
102 Oct '12
102 10431
Deb Is stamped
10434 Apr '12
104 10434
1927 A-0 (
Riots & Meek 1st g 4s
1948 M-N 7134 _ _ _ 73 Sep '12
73 73
_ 10238 Nov'12
So Car & Ga 1st g 5s
10214 104
1919 M-N 102%
1
61
11013234 Oct
NovO c .
Virginia Mid ser C 6s
1916 11- S
4 101 Series D 4-53
103-34 10334
1921 M-S ilia31053.1 J'ly 12
Series IS 55
1053.1 10534
1928 .11- S 10412 _
105 J'ne'10
Series F Is
1931 51- S
General Is
1936 M-N 1(1634 10814 10612 Nov'12 _ 1661
2 1(181-4
Vs & So'w't let gu 53_2003 J -J 108 109 109 Dee '12
109 109
let cons 50-year Is_ _1958 A-0 9512 0534 9534
9534
5 95 9734
9312 Sep '1'
9312 _ _
W
& W let cy gu 4s__ _192 1 F-A
90 931,
_ _ 102 10312
West N C let con g (is__ _1914 J -J - - - - ---- 102 Novi
103 10212 Apr i
J -J
Spokane Internat 1st g Is. 195_
___- 10312 10374 Oct 'L
fror A of St L 1st g 4 1is_ _1039 A-0 10214
i6:r371 105
11014 11217
-3-• 1st con gold 53_ _ _1894-19 14 F-A 10812 11112 ill Aug'12
• Gen refund s f g 48
94 06
195:1 J -3 ____ 93 9458 Oct '12
10618 1071,.
St L M Bge Ter gu g 5s_,103)) A-0 ____ 108 10618 Sep '12
107
10
10614 11012
10634 1064
Tex & Pac 1st gold Is
2000 J -D
.6
_ 51 Nov'12
2d gold Inc 5s
4913 51
q2000 Nich "4
9912 Apr
Dlv 11 L 1st g Is
1931 .1-3
10612 Nov'01
W Mln W & N IV 1st gu
F- A
1 16E38 i661-2
21
Tot & 0 C 1st g 58
1()734 j.01c06
1935 J-J 1661-2 1.6612 106
Western DIv 1st g Is
1935 A-0 109I8
10734 10734
General gold Is
1035 J-1) 10:3 10314 103 Nov'12
103 104
9112
2 9114 93
1990 A-0 9012 9212 0112
Han do M 1st go g 4s
97 98 9812 Dec '1'2
1027 J -J
•
2d 20-year 53
9714 091,
9018
3 90 9478
901s Sale 9013
1917 .1 -J
Tol P & W let gold 4s
84
8412 Oct '12
Tol St L & W pr lien g 3 y4s_1925 J -J
84 8712
5012
8 55 6958
50-year gold 43
1950 A-0 55 -861-2 55
I. - A 05 68 68 Dec '12
Coll tr 48 g Ser A
1917 ,
63 7312
89 Deo '12
Tor Ilam & Bull let g 48_ _81946 -1) 89
80 0312
7 14- 101 Nov'12
& 1)cl 1st con g 53_1928 -1) 10318 1*( 4
104 106
8-1 1st refund g 4s
86 8512 J'oe'12
1952 A-0
8512 8618
Union Pacific085s Sale 9812
90
1st RR & land grantg4s.1917 J-J
47 9812 10214
*um
98% Nov'12
Registered
1947 J - J
9812 10178
96% Sale 95
99 818 95 104
20-year cony 98
1927 J - J
02008 m-S 9514 06 08
0614 25 9538 077,s
1st & ref 48
92
Oro Hy 6: Nay con g 4s_1946 J -D 9112 9212 0112
16 9112 061s
Ore Short Line 1st g 64_11)22 - A ____ 11114 11118 Dec '12
111 11334
1st eons°, g Is
10812
1946 J-J 10912 Sale 10814
10814 112
Guar refund 4s
1929 J -D 91 Sale 01
9134 25 91 9534
_ 108 NIayli
Utah & Nor gold 58_1926 J -J 104
_
—
1st extended 43
91 09
_
1933 J-J
Vandalla cons g 4s Ser A_1055 F-A .
54 _ _ _ _ 94
94
io 94
1)658
V
Consol 43 Series 11
Nov'12
94
94%
03%
1957 M-N
9212 9712
Vera Cruz & P 1st gu 4 341_1934 J-J ____ 03 91 Oct '12
9134 04
10613
U
N
BONDS
Y. STOCK EXCHANGE
Week Ending Dec 13.
Nvv abash
1st gold Is
2d gold
11-N
Is
F-A
Debenture Series 13
903
339
09 J-J
1119
lit lien equip s Id g 5s
1921 11- S
1st lien 50-yr g term 4s_ i054_
J
1st ref and ext g 43
1956 J - J
Cent 'i rust Co ctfs
Do Stamped
Eqult Trust Co etfs
Do St,mped
Dot & Ch Ext 1st g 5s___1941 - J
Des Mob n Div let g 4s__ _19:39 J- J
Om Div 1st g 3(is
A-0
Tol & CI) 1)1v 1st g 4s
9111 11- S
194
Wab Pitts Term 1st g 4s_ 1954 J-D
Cent & Old Col Tr Co certfs_ - _
Columbia Tr Co etfs
2d gold 4s
1054 J
Trust Co certfs
Wash Termi 1st go 3 ;is__ _194 5 F-A
1st 40-yr guar 45
F-A
West Maryland 1st g 4s
19
95
42
5 A-()
West N Y & Pa 1st g 5s
1937 J -J
Gen gold 48
1943 A-0
Income 5s
Nov
Wheeling 63 L E 1st g 5a___
16
3 A-0
81 92
Wheel Div 1st gold 59_1928 J-J
Extcn & Imp gold 5s__ _1930 F-A
RR let consol 43
NI- S
20-year equip s f 53_ 1194
29
2 J--1
Winston-Salem S B 1st 48_1960 J-J
Wis Cent 50-yr 1st gen 4s_ _1940 J-J
Sup& Dul dlv & term 1st 4s '36 .11-N
Manufacturing and Industrial
Allis-Chalmers 1st 53
1936 J -J
Trust Co ctfs deposit
Am Ag Chem 1st c 5s
1928 A-0
Am Cot °next 4 ;is
Q-F
Debenture Is
11-N
Am Hide &L let 8 f g 8s..„1119
19
51 NI- S
993
Amer Ice Secur deb g
_ _1925 A-0
Am Smelt Securities 8 f 8s_ _1929 F-A
Mn Spirits Mfg 1st g es_ __ _1915 M-S
Am Thread 1st col tr 4s_ _ _1919 J -J
Am Tobacco 40-yr g 6s___ _1944 A-0
Registered
1944 A-0
Certificates of deposit
Gold 4s
Registered
F-A
Am Writg Paper 1st s 55_1119
11)
11 J -J
99 55
Baldw Loco Works 1st 5s 1940 11-N
Beth Steel 1st ext s f 55___ _1926 J -J
lot lien Is guar A
,11-N
Cent Leather 20-year g 5s_ _1192
2 A-0
945
Consol Tobacco g 45
1951 F-A
Registered
F-A
Corn Prod Ref a f g Is
11-N
1st 25-year s 5s
SI-N
Cuban-Amer Sugar con tr 63119
99933
5
18
411 A-0
Distil Sec Cor cony let g 5s_1927 A-0
E I du Pont Powder 4 ;is_ _1936 J-1)
Gen Electric deb g 3 31s
1942 F-A
10-yr g deb Is
J-1)
Debentu're 5s (rects)
19
17 NI- S
1052
Gen'l Motors 1st lien 6s
1915 A-0
In Steel deb 4 ;.,F;
1940 A-0
Indiani- Steel let 53
1952 .11-N
Int Paper Co 1st con g 6s_ _1918 F-A
Consol cony a f g 53
J-J
Int St Pump 1st
58
1199295
3 NI- S
Lackaw Steel 1st g 53
A-0
let con 5s Series A
51-S
5-year convertible 5s___ _1119
02
95
1053
S
Ligg & Myers Tob Co7s tpy bds _ 5s temporary bonds
Mexican Petrol Ltd env 6s A '21
Nat Enam & Stpg 1st 5s___1929 J -D
Nat Starch 20-yr deb 5s__ _1930 -J
National Tube let Is
11-N
N Y Air Brake let cony 6s 192
58
2 11-N
P Lorillard Co 7s tem'ory bds_
_
58 temporary bonds_
_
fly Steel Spgs 1st s f 5s__ _ _1921
Itepub I & S lst&eol Cr 5s_ _1934 A-0
10-30-year Is s
A-0
Standard Milling 1st 53_ _ 19
04
3°
0 NI-N
the Texas Co cony deb 6s_ _1931 J-J
Union Bag & Paper 1st 5s_ _1930 J -J
Stamped
U S Leath Co s f deb g 63__ _ 1193
913
°
El S Realty & I cony deb g 5s_'24 J-J
U S Red & Refg 1st g 6(1_1931 J-J
U S Rubber 10-yr coll tr 63_1918 J-1)
Registered
J -L)
U S Steel Corp—feoup __ _8119
963
18 NI-N
S 10-60-yr 531reg ___ _81963 NI-N
Va-Car Chem let 15-yr 5s_1923 ,J -I)
West Electric 1st Is Dec 1922 J-J
Westinghouse 5 & M s f 58_1931 J -J
10-year colt tr notes 5s_ _1917 A-0
'telegraph & telephone
Am Telep & Tel coil tr 4s 1929 J-J
Convertible 48
11- S
Chicago Telephone let 58_193
1928
3 J -I)
Commercial Cable 1st g 48_23137 0-i
Registered
2397 Q-J
Keystone Telephone 1st 58_1935 J -J
Nfetropol Tel & To! 1st s f Is 1918 .11-N
Mich State Telep 1st 5s_
1924 F-A
NY &NJ 'telephone Is g_1920 51- N
N Y Telep 1st & gen s f 4 ;•is 1939 NI-N
1037 J-J
Pao Tel & Tel 1st 5s
South Bell Tel 41' 1st s f 5s_1941 J -J
West Union col tr cur 5s__ _1938 J -J
1950 11-N
Fd and real est g 4 ;411
1041 11-N
Slut Un Tel gu ext 5s
Northwest 're gu 4 WI g_1934 J -J
1597
Pria
Priday
Dec 13
IV cek%.
Range or
Last Sale
e6
Range
Since
Jan, 1,
Hid
Ask bow
Arc Low High
3 10412 107%
10412 Sale 10412
105
16 9ti 10013
98
98 9814 08
90 J'ne'12 ..-- 90 100
99% ____ 9918 N ov'12 ____ 9814 100
_ 83 Dec '10
66 402 5512 7238
65 Sale 63
6378 Oct '12
63% 71
_ 67
03 63.7 Oct '12
63 6934
64 Nov'12
5914 70
62 _ _
63 113 5912 69%
62 65 61
106 10714
107 — 107 Oct '12
80 80
____ 80 80 Aug'12
70 Oct '12 _- 6812 7134
67 69
5 7234 8313
80
82 80
80
30
2612 30 Dec '12
3914
92 2512 4214
27
2512 261 2512
2 2534 4112
27
•26
_ 26
1
238 Nov '12
3
1% 3
5
218
1% 312
I% 214 2
8312 _
8738 Oct '11
9718 103
100 Sep '12
0718 _
3 84 88(4
84 84% 84
8478
106 10834
106%
_ 106 Dec '12
se
8812
8634 86 Oct '12
84 Feb '07
10113 i011
10112 Oct '12
5 99 99%
99 Sale 99
9934
0934 102 J'ne'10
3 8l1s 8513
8112 83 8214
8212
97 _ _ _ _ 1502 Feb '11
8958 91
9034 Nov'12
-1-)45-3-4 93
00 91
25 90 9338
90
91
1 804 9212
9058 90
90
____ 6134 61 Dec '12
59 Sale 59
59
10114 101% 101%
10138
96 97 9618
9612
9318 94 94
94
10034 Sale 10014
10034
73
73 75
73
10212 103 102
10334
101 100 Oct '12
6:312
9:31,,, Nov'12
119 121 11934
11934
120 Nov'12
11912 Sep '12
-05-1-2 -67 9534
0534
0534 .1'ne '12
85 89 89 Dec '12
101 103 Sep '12
95 9512 9514
06
86
85 8534 8512
9312 93% 9334
0414
90
____ 9818 95i2
77 Nov '07
og11-4 -66 9814 Dec '12
_ _ _ _ 933 9414 Nov'12
____ 97 9634 Nov'12
69 Sale 68
70
8712
87 Sale 86
____ 79 80 Nov'12
1811 Oct '12
104
Rii12 Sale 10212
9834 Sale 0834
0918
__ 90 90 Dec '12
10014
100 Sale 100
103
103 Sale 10212
87
86
87 87
89
89
8812 89
95
____ 97
95
77
____ 77
77
94
04
__
04
11912 120
1978Sale
I9658
96% Sale 9614
102 Sale 10134
10214
9312 95 95 Ozt '12
_
8812 8934 Sep '12
9838 Sale 98%
9878
10018 102 100
10112
121
121 Sale 120%
9678 Sale 9638
97
98
9714 9734 98
103%
10358 Sale 10358
9138 9114
9114
91
8812
88 8914 8812
9914
0812 9912 0812
92 Dec '12
__-_ 91
_ _ 92 92 Nov 12
i1
i0
10034 10018 Dec '12
88 Sale 8712
88
25 32 30 Oct '12
103
103 Sale 10212
10318 Jan '10
10078
S
- -are 100%
10134 Dec '12
98
-973-4 -91/4 0734
101
10034 Sale 10034
93
92% Sale 9258
96 97 0/ Nov'12
8914
89 Sale 8878
108 110 111% Deo '12
_
1
3
29
6
18
2
88
16
4
8
15
23
31
67
61
26
26
53
7
5
4
5
7
2
21
128
25
100
13
18
52
1
10
1
1
63
4
22
59 6714
5712 64
10978 10234
9818 9812
9214 9512
9818 10112
7212 82
102 103 ,
9912 101 '
92% 95
11878 12111
118%121%
11873 12112
9173 9714
9214 9553
8814 9132
10234 104
931211)2
8512 87%
9134 9614
0134 9/
-3)
-S172 07"
94 9612
96 9712
68
7814
8473 9212
80 84
15312 192
10212 104%
9812 10072
8912 9284
WO 101%
10212 10434
8412 9178
9313
89
94 9758
77 8212
9012 96
11834 123 '
8934 9914
95 10314
03 95'
991 t 8934
08% lolls
97 10352
1.1938 12334
0118 994
97
9812
l0'2l 104
9034 93%
86 9014
9412 10212
90 9412
02 9412
100 102
87)2 91
30 50
10212 105
363 100 10412
10112 104
10 97% 101
54 10.02 103%
34 9258 96
9612 93
34 88% 9118
1.08% 116%
-E1-2
"go— "i61:: 8217 Mch'l2
8312 Nov'll
82
85 Aug'12 —
8..)
84
101%102 10112 Nov 12
10112 103 ;
99%101
9812 10014 10914 Nov'12
10314 May'll
9712 65 9614 166i
07 Salo 9634
9918 Sale 99
0914 52 9$i8 10114
9812 44 9838 190
9812 Sale 98%
10014 10034 101 Dec '12
10014 10311
95 9512 3/512
6 95 10012
9512
104 J'ne '11
9614 J'ne'12
95 "jai
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Buff & Susq Iron s f 5s____1932 J-D
97 J'ly '22
Debenture Is
a1928 Ni- S 85_ 91 Nov'll
Col F & I Co gen s fg 5s_ _ __19 13 F-A 97 i6i 07 Dec '12
1919 11-N .10712
Col Fuel gen 65
10714 J'ne'12
Col Indus 1st & coil 51 gu_ 1034 F-A 8234 Sale 8018
83%
Cons Ind Coal Me 1st 5s-1935 J-1)
8412 85 J'ne '11
Cons Coal of Aid 1st & ref 53 1950 J-1) ___
- 94 93 Oct '19
Or Inv Coal & C 1st g 63_h1019 A-0
10334 Apr '06
Kan & It (/ & C 1st s f g 5s_1951 J -J _
66 98 Dec '12
Pocali Con Collier let s f 53_1057 J-J
87 88 87%
88
78% 7912 70%
St L Itock Mt & P 1st 5s__ _1955 J -J
7912
Tenn Coal gen 58
1951 J -J 10114 102 1017 Nov'12
Itirm DIv let consol 63_1917 J -J 10214 10334 1.213 Nov'12
Tenn Div 1st g Os
a1917 A-0 10112 103 10214 Oct '12
Cats C M Co 1st gu g 6s__1922 J -I) 10312 110 110 Jan '09
Utah Fuel 1st g 5s
1931 11- S
Victor Fuel let s 1 Is
_ 83
34 Oct85
1053 J-J
Va Iron Coal & Coke lit g 531940 51-S 08 97 96
98
97
98
"Ifif 1664
10711 10734
89 7212 8514
6612
7 8112 8912
0 7912 8412
1037
8
10118
10218 104)2
10214 104
8534 86
2 9112 9812
Miscellaneous
1948 ,11-S
Adams Ex coil tr g 43
Armour & Co 1st real est 4 ;is '39 J-1)
1952 A-0
Bush Termina. let 45
1955 J -J
Consol Is
131dg8 58 guar tax ex
1080 A-0
Chino Copper let cony 6s 1921 J -J
InspIr Coils Cop 1st 65 (rects) -1922
Int Mercan Marine 43s
Int Navigation lit 3 1 Is_ _1929 F-A
Mge Bond (NY) 4s ser 2
1966 A-0
1932 J -J
10-20 yr 55 series 3
Morris & Co lets 1 4 ;is
1939 J-J
1951 F-A
N Y Dock 50-yr 1st g 4s
1932 J -J
Niag Falls Pow 1st Is
Ontario Transmission 53_1945 11-N
Pub Serv Corp N J gen 5s1959 A-0
Ray Cons Copper 1st cony Os 1921 J -J
Wash Water Pow lit 5s__ _1939 J -J
81
8334
8358 8312
9114
9118 Sale 91
____ 90 8978
89%
96 9612 Nos'12
-_- 97 97 Nov'12
174
169 Sale 165
10.817
107 Sale 105
6512
6434 Sale 6412
79
78 79 7834
10 81 8811
27 90 921a
5 8811 92
9612 'J9
9612 9784
50 116 200
86 101)711034
24 63 70
11 7734 8214
100 Oct '12
Q-1712
___ 00 8934 Aug'12
78 80 76 Nov'12
10031 10218 1021 Dec '12
92
_ _ 92
94
92%
9214 Sale 92
120
113%118 115
102 ____ 104 May'12
100 100
8912 894
76 8512
10012 10214
4 92 9414
64 92 9412
17 112 13Q
10272 104
*No price Friday; latest bid and asked aDue Jan dllue April ()Due May glAto Juno WOO July kllue Aug °Due Oct (Mlle Nov qDue Dec sOption
Bala i
1598
CHICAGO STOCK EXCHANGE-Stock Record.
87OOKS-111811ES7' AND LOWEST SALE PRICES.
S'aturda 1
Dec. 7.
'Ianaai
Dec. 9.
Tuesdav IlVelnerlay
Dec. 10.
Dec. 11.
7'hurstirty
Dec. 12.
Prklav
Dec. 13.
Sales
of the
Week
Shares
STOCKS
CHICAGO STOOK
EXCHANGE
Range for Year 1912
Lowest.
!lig/lest
Range JOT Previous
Year 1011
14010C36
Highest,
Railroads
Chicago Elev Rys oom
*27
*27
_ *27
.. *27
_
21, J'ly
Last Sale 25 Nov'12
25 Nov23 40 Apr 24
82 Deo
Do pret
*85 -9c12 *85 -9-112 *35 -9-1-12 *85 -6.112
Last Sale 01 Dec'12
85 J'ly
90 Iday27 9334 Jan 20
94 Nov
*83
05
*88
Chia
95
*88
Rys part ott "1"
95
*83
95
Last Sale 90
Oct'12
80 Apr 101 Aug
85 Jrly 15 1013 Jan 18
2111 2111 *21
22
2012 21
20% May 37% Deo
2012 21
201 2211 2212 231i 1,471 Jhlo Rys part ett "2"
1034 No.26 38 Jan 9
Ohio Rya part ott "3"
*7
812 *7
812 *7
812
812 *7
Last Sale 7
Dec'12
1"12 Aug
8 May
6 J'ne 13 11 Jan 12
712 Aug
11 Ohio Rya part ott
*3
312
312 312 *3
412 Mch
3 Oct 1
312 *3
312 *3
312 *3
578 Jan 13
312
*13
20
*18
Kansas City Ity & Lt_100 1414 Aug 8 25 Sep 27
20
*18
20
*18
20
Last Sale 18 .Nov'12
15 Sep
26 Feb
.41
Do pref
43
*11
43
*41
100 40 Oct 10 5012 Jan 19
43
*41
43
Last Sale 41 Nov'12
1212fel!)
39 Sep
*S14 9
831 A *834 9
117 Streets W Stable U L.100
912 912 *831 9
9
9
6 /deb 23 1178 Apr 10
1314 eb
7 Deo
*50
55
Do pref
*50
55
*50
100 35 Jan 30 52 J'ne 20
55
*50
55
Last Sale 50 Nov'12
60
38 Nov
an
scel!aueous
32
321, 2714 3112 20
2314 2714 29
285 2918 4,910 American Can
28
27
100 1112 Jan 2 47 Oct 11
1212 May
9 Jan
1181 118,8 116 11712 11312 11312 113 1143 112 11414 11334 11334 1,460
Do prof
100 91 Feb 1 120 Sep 19
7678 Jan
93 Deo
*450 480 *150 480 *450 430 *450 480
American Itadiator_100 325 Feb 1 405 J'ly 2 205 Jan 304 Oat
Last Sale 405 July'12
*130 139 *130 136 *130 136 *130 136
Last Sale 13411Nov'12
Do pret
100 131 Jan 15 135 Apr 30 12612 Mch 133 Nov
*55
57
53
58
5618 *53
5818 *53
*50
57 .53
48 Nov
5818
100 45 Aug 7 61 Oct 1
104 Amer Shipbuilding
79 Feb
*10412 10512 *105 10612 *____ 103 *102 103
Last Sale 101 Dec'12
Do pret
100 100 Feb 0 10633 Oct 28 10812 Sep 113 Mar
13913 13918 *13312 139 *137 133
138 138 *138 139
139 139
100 Amer Teicp & Teleg
133 Dec 11 198,1 Mch 17 13158 Aug 15214 x ne
65
65
62
6312 60
6018 60
63
61
63
35 Apr
6313 6312
39 hich 14 6834 Dec 3
796 Booth Fisheries own
6914 Moll'
Last Sale 4'7 Apr'12
Voting trust Ott
33 J'ne
4312 Feb 25 50 Jan 9
57% MOti
;;5" ''66- -65" 16- 11- "ii- -13:972 'ii" 89 897 _ _
00 Sep
am Do 1st pret
88% Dee
77 blch14 95 Joe 5
*55
53
*55
58
Cal & Ohio Canal & D..100 49 Feb
58
*55
53
*55
Last Sale 55-Nov'12
4912 Apr
62 Feb
65% May1:3
52
52
51
52
47
51
48
50
4914 50
51
51
70 Ohio Pneutnatio Tool_100 44 Mch15 6512 Oct 15 3012 Set) 5512 Feb
Chicago Telephone_ __100 13712 Jan 4 145 MO
Last Sale 142 May'12
115 Jan 14114 Nov
*210 212
210 210
205 205
200 200 *205 212 *205 212
150 Ohicago Title & Trust.100 184 Jan 4 222 J'ne 20 15112 ,Ian 180 Dee
143 143
143 143
143 143
143 143
143
4234 143
795 Commonveth-Edison_100 13514 Jan 4 150 Mch 7 113 Jan 137% J'ir
15
15
*1612 17
*1613 17
---- -- -14
934 Oct
13
13
14
125 Corn Prod Ref Co com
1538 Joe
10 Feb 13 2112 Oct 21
Last Sate 87 Oct'12
75 Jan
78 Jan
Do
do
pref.__
87 Oct 17 87 Oct 17
9212 Feb 11034 Nov
15e.1.2 1-0612 *10012 107
106 106 *106 107 *103 107
10534 10534
100 103 J'ly 5 11134 Feb 5
95 Diamond Matoh
9812 98
93
*98
*93
9912 *98
9812 9334 9853 98% 0314
98 Oct 2 10212 Mch 8 100 Sep 10334 Deo
200 Hart Shaffner & Marx pf_
6812 6812 6812 6812 6812 6812 68
4978 Sep
70 Jan
100 50 Jan 2 7312 Sep 23
6834 63
63
6814 6814 1,372 Illinois Briolc
11312 11312 112 113
9014 Sep 129 May
Internat Harvester Co___ 10512 Deo 11 12678 Sep 1..)
11013 11012 10512 108
108 109
109 109
•
Knickerbocker Ice prat_
67 May 1 76% Aug 6
Last Sale 7633 Aug'12
100 114 Deo 10 10112 Apr 30 11714 Jan 11212 Deo
.iiii" Ili" .....
11612 11838
600 National Biscuit
771 fill iiF Ed- *115 120
Do prof
100 12214 Oct 26 13034 May28 123 Jan 130 Mali
*122 121 *122 124 *120 125 *120 125
Last Sale 121 Nov'12
100 103 Mob 5 135 Sep 24 100 Aug 120 Mcb
*120 12512 121 124
123 125
__
220 National Carbon
122 12514 *123 128
100 115 Feb 11 120 Jan 2 117 Sep 120 mcb
*117 11812 *117 11812 11714 11714 117 117 *117 11812 .117 11-812
Do pref
120
61
64
64
03
x 61 J'ly 2 z07 Apr 22 ..... •
550 P..Leitle Gas & El Co
6538 *-___ 05
*65
6533 *65
658 *65
Do
Last Sale .60 May'12
eights
z.60 May c,05 Apt 23
:5-173 ---: ;;;ii., ---: ;Hi; --: ;5112 _ *9112 _ *9112
Do
preferred
11412 11412 111 f1112 10914 fif no ffoi 110 iff 111 11114 1,555 Peopte's Gas L&Colte_100 10312 Jan 2 -H21,3 Oct 9 101 Sep 108f.; Jan
*8512 8012 *81
Last Sale 8614 Nov'12
8512 *81
8512 ......... 85
Pub Scrv ot No 111 corn. z 84 Mity29 z 9112 Apr 24
*9312 99
99
99
*98/3 9912 *911
99
*93
99
*98
99
Do preferred
107
98 Dec 6 r10712 Apr 24
*94
95
*91
95
*94
95
*94
95
Last Sale 9113 Dec'12
Rumely C )mmon
9412 Deo 5 9878 Nov22
_
*102 101 *102 101 *102 104 *102 101
Last Sale 100 Nov'12
DO preferred
x 9J,2 Apr 27 £10312 Oct 25
207 20918 203 208
197 2033 10612 20114 19213 197
197 20034 19,253 Sears-A-toot/nes com_100 140 Jan 5 221'2 Nov 8 12334 Sep 19234-Jan
*121 12112 124 124 *122 124 *123 125 *122 123 *122 123
Do prat
100 12112 Jan 11 12534 J'ne 8 11J Sep 122 Meh
40
40
*40
41
*40
41
3712 3712 3413 3412 --------200 Studebaker Cor corn..- 3078 J'ly 18 49 Aug 9
*94
96
*94
90
*94
98
*91
96
Last Sale 9712 Aug'12 _ ... . _
.
2 Aug 7
Do preferred
...... 9112 J'iy is 971,
10638 10031 10614 107
104 10412 103% 101
10314 105
1)734 Sep la•Tice
101 101
100 0834 Jan 2 10914 Apr 4
-1,375 Swift & Co
*240 255
250 250
215 250 250 250 *250 260 *250 260
296 The Quaker Oats Co..100 215 Jan 15 397 Nov23 11)5 Alch 212 Dee
108 103
109 109 *108 109 *103 109 *108 109
Do peel
100 10512 Jan 2 110 Jan 15 10212 Feb 10712 J'ly
10318 10318
87
21014 212
195 205
180 198
196 19712 195 200
2,194 Union Carbide Co
19512 201
£13554 May 8 231 Nov 4
Do
Last Sale 412 May'12
rights
C 314.May 8 x 0 May22
113 *1
*I
112 *1
112 *1
112 *1
112
114 114
7 Jan
178 Jan 18
38 May 2
200 Unit Box 13d & P Co_100
1 Dec
053 681 643 6538 61
6813 69
6614 643 80
65
5012 Oct
8178 Feb
6638 3,870 United States Steel corn. 5358 Feb 13 8012 Sep 30
*11
13
912 10
*8
11
1013 1012 *8
11
13 Dee
25 Jan
9 Sep 30 15 Nov25
*8
11
100
85 Western Stone
1201.2 116-1;
Chicago Bond Record
•
BONDS
OHIOAGO STOOK
EXCHANGE
Week ending Dec. 13.
Interperiod
Price
Prida7.
Dec. 13.
Week's
Rahge or
Last Sate,
Chicago Banks and Trust Companies
tr tis
301
Range
for
Year 1912
Bid
Ask. bow.
EtO13 No bow.
. Will
_ -----01 Apr'12 ____ 291
91
Am Tel h Tel coil 48_1929 ,7 - ,j --9118 21 9012 0214
Sale 9078
Armour & Co 4 113__1939 -I - D 3113
9
8214 Apr'12 _--- 28214 8214
Auto Elea 1st M 63_1928
9618 May'12 ---- x96% 9618
Cal has & El unlf &ref 5s'37 A - N
1018 46 101 103
1 - A ioii-4 S'ale. 101
Chicago City fty 5s.„1927 ,
80
Oct'12 ____ 86
9238
OhloCity &Con Rys 5s.d1927 A - 0 3.- _ 87
9678
9678 10 9678 09
i
By 53-1914 J - j 967 Sale
ChicagoElev
00
95
Chia ne Tool 1st 59_a1921 J - J 3.___ 9434 95 Dec'12 ____
1927 F - A 9878 Sale
98%
9378 38 9832 10114
Chicago Itys 53
9138 Oct'12 _ _
Chlo Rys 5s-series "A" A - 0 t____ 95
9438 97
Ohio Rys 4s...3eries "A' A - 0
9638 Jan'12 _ ___
9814 97%
Ohio Rys 4s_serles "13" J - D 83 Sale
8234
83
26 8212 0158
Ohio Rys 4s__series "C' F - A3 9114 95
93 Nov'12 ____ 93
9518
Chle Rys coil 63_1913 F - A
100
Jan'12 __
_
100 100
Chic By Pr in Mg 45_6'97 j - J 3.770i4 1i- 71 Dec'12 ____
70
85
Ohio By Adl Inc 4s.c1927 Mayl t____ 50
45 Dec'12 ____
45
60
Chicago Telephone 53_1923 J - D 3---- 10033 10033 10073 25 1008 10314
____
9712 Oct'12 ____
Cicero Gas Co ref (1 M_193.: J- J
0738 9938
___- Sale 10134 102
62 10134 10334
Commonw-Edlson 51_1915 .11 - 8 102
10072
5 10034 10334
Commonw Eleo 59.5 1943 it- S 310078 Sale 1007
997 10158
10014 Nov'12 __
udahy Pack 1st 11 58.1924 51- N 39934 100
109
la Match Con db 6s 1920
3109 10012 109
5 107 11014
9934 Apr'12 ___ 29038 9934
en Mot tin 1st L notes'15 A - 0 ____ --__
lad Steel 1st g 53_1952 .11. - N ---- ---- 10114 May'12
:10114 10112
• Do
1st g 65_1928
tt liar 3-yr 5% g notes'15 P - A 3998 9958 10058 May'12 __ v10012 10038
_ 10518 Apr'12 ____ :10518 10518
'..I St'l Is. Xi g 83_1928
an City Ry h Light
90
Oct'12 ._ __
• Oo 5s
1913 M - N
89
9414
;Ake St 51-1st 5s_11/28 J - J 38013
-„- _.._8
88 Sep'12 ____
8714 9u
Metr W Side El 1st 43_1933 F - A 3 803 _s __ 8034
8034
7 8013 8534
Extension g 4s
1938 J - J 3..... -7812 79 Nov'12 ..... 78
83
Mil El By & Lt 1st g 591926 F - A
__ ____ 104% Apr'12 ____ /10478 10478
do re, de oat 4 43.1931 J - J ---- ...-- 95 Apr'12 ____ zilt.)
us
do gen 13: pal 5s...„1951 J - D ____ __
- - ---_
_
___ -1-)6i8 ma-y-;12 ____ x8934 -9-018
liallw Gas IA 1st g 43_1927 11 - N
88
88
21 8734 9014
Morris & Co 4 3,11939 J - .1t88 Sale
19.52 Al - N ___ ____ 19054 May'12 _ __ r100% 10114
at Tube 1st g 5s
£10314
or Shore El 1st g 55_1922 A - 0 31027.3 _
10314 Apr'12 --10314
do 181 & rot g 55_1940 A - 0 110038 10078 100% Apr'12 ____ :10038 10038
,- A ____ ____
Nor Sh Gas o. III 1st 53 '37 1
95% Sep'12 ____ z9512 971s
North West El 1st 45_1911 St - S ____
10014 Jair'12 ---- 10014 10014
NWOL & Coke Co 5s 1928 Q - M 3 9912 ___
99% Oct'12 ---- 9934 10012
0013 Dee'12 __- 9534 99
Ogden Gas 5s__ _1945 ,i, - N 3 9612 -97
Pas Gas & Si ret g 53_11142 J - J --__ ____
92 May'12 --- £9172 9218
Pao ThT 1st coil tr 55_1937 .1 - .1 _.. _._ 100 May'12 ..- x100 10018
Pearsons-Taft 5s
1010 J - D 3 9712 ___ 10038 Atoli'.09 _--- ---- ---4.40s
Ai - 53 91 ___
0612 Mch'10 _.... ___ ____
4.60s Series E
ai - N 3 95 ____ 97 Feb'10 _- -- --4.808 Series 1
,
St - N 3 9814 _ __
9814 Nov'11
. ---- -Peop Gas L & 0 1st 09_1943 A - 0 3.
11512 11812
1177
11512 Sep'12
Refunding gold 53_1947 It- S(100)t 10i14 10114
1,):)kt 10234
10114
Ohio Gas LhO 1st 5s 1937 1 - .1 110214 --_
1 102 103%
10214
10214
Consurn Gas 1st 5s..1936 7 - D 100 102; 10114 Sep'12
10114 103
Idut'l Fuel Gas lst5s1947 St - N 3100 10112 101
101 --iii 100 10112
3 9034 9712 975 Oct'12 ____ 29634 100
Pub Serv Co 1st ref g 5s '50
30U Bell T 63 T 1st st 55 '41 .1 - J ___- _-_ 100% May'12 ___ r10012 1214
South Side Elev 4 3,13_1924 J - J 3 9112 92
9112
92
7 91
Swift & Co let it 53._1914 J - J t 9934 Sale
9934 ' 9934
1 99% 10034
Tri-Olty By & Lt coil
xog
og14
trust lien 2 3 5s
1923 A - 0 --------0814 Apr'12
Union Elea (Loop) 59_1945 A - 0 _....
85 Apr'12
89
85
tS Gypsum 1s1 g 531022
_
--100 May'12
- ---:
11 - 5 ----z9978 100
102% Apr'12
3Stool 10-60-yr 31 g 5s...
z19212 102 3
Western Elea Co 53_1922 5:
-.1 tioi02 -_-__-_ 10078 Oct'12 ..._ 10034 103
Note-Acoruod interest mo3, oo added t o all Chicago -ban d prices.
i
NAME
Outstandtrij
Block.
(3)
Surplus
and
Profits.
(1)
Dividend Record,
In
1910.
Per- Last Paid.
Ir
toect:
1P111. '
4179,779
- ____ Oct '13, 1U
y00,879
0
An Jan '11, 0
9,459,000 ..."
10
Q-J Jan '13, 231
6,133.773 10
10
85,085
8
6
600 000 10
10
:i34
°
j')
aecci ;11I
257,533
8
611 i
l
l(
11,815,233 12
12 Q-11 Oct '12 431
209,125 10
12 Q-11 5030'12 23i
575.690 Priv ate Ba nk
8
(41) (.(4
750,800
1-i Oct '12, 2
1,513,768 8+2
(II)
(
33,091 Beg, b us Aug '12. V. 05,1).273
:151,700 10+15 19
J-J July '12, 5
4,902 seg. b us Apr i'11 V.02,p. 1004
238,014 Org D eo. 16 1911
603,477 10
10 Q-11 Tan '13, 4;1
52,853 Beg. b lista 20:J .:D1 V 95,0503
1,433.581
8
Q
Q.j Oct,e 3,1121,2,1326
6
6
662.389
y103,075
4
0
Q-J ‘)ct '12, 14
90.199
631
7
Q-J Jan '13,1 q
0 (1,) oct '12, 11,1
50,982
0
5 (4.J Oct '12, 111
4
:41,751
01 (1-) Oct '12, 234
:94,848
7
:7,193 Beg, b us Nov 1 '11 V.93,p. 1235
6
Q-J Oct '12, 111
411
2109,022
Q-J Oct '12, 2
8
114,00,
731
Q-J Oct '12, 111
18,545
0
Q-J Oct '12, 3
1(
2
2,393,161 12
8 Q-11 4ep30 '12, 3
245,422
8
Nor 12, 3
21..9
1...M
g
American State
3200,000
Calumet National
100,000
Cont'tal & Comtn Nat.__ 21,500,000
Corn Exchange National 3,000,000
Drexel State
200,000
Drovers' Dep National_ v600,000
Eng_ewood State
200,003
First National
10,000,000
First Nat Englewood_ _ _
150,000
Foreman Bros 13'k'g Co_ 1,000,000
Fort Dearborn National 2,000,000
Hibernian Banking Assn 1,500,000
Hyde Park State
200,000
Kaspar State Bank
400,000
Lake View State
200,000
Lawndale State
200,000
Live Stock Exch'ge Nat 1,250,000
Mech. di Traders State200,000
Nat Bank of ftepubllo__ 2,000,000
2,000,000
National City
National Produce
250,000
North Avenue State
200,000
North Side State Say'gs
,50,000
North West State
209,000
People's Stit Yds State_
500,000
Second Security
200,000
Security
400,000
South Chicago Savings_
209,000
South Side State
200,000
State Bank of Chioago
1,500,000
Stock Yards Savings
250,000
Union Bank of Chicago_
500,000
g
Washington Park Nat
1011,000
Dec
t'
311.0
2,
3,2
134
Wendell State
50,000
225,431 None None Q-M O
2.. 2
6
'
,112
Central Tr Co of Ill
4,500,000 1,972,735
Qj.-il
73;
8
500,000 :322.860 10
Chic City Bk h Tr Co
July
Pi))
23.
,
, 2:1331
:1
12
Chicago Say Bank & Tr 1,000,000
JanJsce t .
285.129
6
(4Q4--4J) Oct
Chicago Title & Trust
5,000,000 12,271,355
8
711
Citizens Trust & Savings
50,000
:16,510
0
10
Colonial Trust & Savings
600,000
476,309 8+2 8+2 Q-J Jan '13 234
Cent & Comm Tr & Say 3,000,000 1,652,358 _...
Drovers Trust & Sav
187,641
200,000
8
First Trust & Savings
-Cii
ii D
O-ce-O3
'
°
0'
.
12
-i
11 Q
1,4
5
5,00Ca00 2,367,162 12 --18
Apr
Ft Dearborn Tr &Savl3k 25V.
92,p.929
Beg.
'
.
I_Ill V.94, p 1030
to Franklin Tr & Say Bk
6(2Al ,3e . 1)
1) tutss i I
" u1
200,000
'.23,-.31 ____
GreenobaumSonsBk &Tr 1,500,000
Oct '12, 234
:40,3;)1
Guarantee Trust h Say_
.1-4J July '12, 3
200,000
-1
-i- Q
Harris Trust h Savings_ 1,500,000 2,235,542 11+5
Jan '13, 8
Home Bank h Trust....
:72,433 Beg b us Apr 111'1 1V.92,p1004
300,000
Illinois Trust & Savings 5,000,000 9.608,090 16+4 16+4
q N ov20'12, 1
Kenwood Trust & Sav,.
200,000
:/7,46.3 1+134
Q-J Sep30'12,134
7
Lake View Trust & Say..
201,714
200,000
Q-J 301)30'12,112
531
0
u La Salto St Tr & Sav.13 1,(2
)1.0
01
0
265,511 Beg bus. Ma y'10 See note (u)
Mercantile 'Fr. & Say
1'
)
-12 . V .94,1).•184.
41,522 Beg. b Lis.11;iy 0
on 1.2. 4
Merchants' Loan&Tr Co
Michigan Ave Trust Co_ 3,2133:20
Q-.J Jan '13 114
Mid-City Tr & Say Bank
0/5,s1.1 Co
--r-n-b u.-1-4kin 191 IV .92,01001
500,000
lloortepesTtru
ersatiOros3 say 1,1r511:300 2,804,056 8
8 (1-J dep 30 '1 2,2
',14:L'i
6.714,111 "
00 ".
b
li 4-18J.1
Old Colony Tr e4 Say Bk
.
4S,L13
'
.
(a
le i
200,000
el
u
3;
0 :
People's Tr h Say Bank
600.000
208,354
o
j8c:
:
anteent2
yt;
2
1
41
J .k
,
,
1
0
12
1
r;
Q1j
Pullman Trust & Say_
il- j
300,000 2273,511 II!5.
a-b --8
Sheridan Tr 'Sc Say Bank
:43,036
200,000
Standard 'Fr 63 Savings_ 1,000,000
389,813 C-o-in .
n1
Stooltmen's Trust & Say
200,000
213,209
53,1
Union Trust Co
1,200,000 1,501,033 k8+2 8-1-02 13-11,1 Sept 30'12, 2
3:t54 *
121,126
6
8-11,6 (1.
4-1 .rit:i '42
West Side Tr &Say Bic_
400,000
.0t
Woodlawn Tr & Say 13 k
200.000
80,340
74
0
• Bid and asked prIces; no sales were made on this day. 7 Sept. 4 (close of business) for national banks and Sept. 5 (opening of business) for State
institutions. 3 No price Friday; latest price this week. iSept. 1 1911. 11 Dividends not published. Stock all acquired by the Cont. & Comm. Nat.
q Dividends are paid Q.-J. with extra payments Q-F.
Bank. a Due Dec. 31. b Due June.
3 Also 20% in stock.
c Due FJb.
dDuo Jan. 1.
• 8 Aug.31 1912. x Sales reported beginning April 18. u Formerly La Salle Street Nat. Bank. See V.95, p. 1091. to Douglas State Bank absorbet1 by
O
v Capital to be increased
ranklin
& Say. Bk, V. 95, p. 1611. Flgures here given are as of Dec. 2 1912 and are for consolidated institution.
760,000. V. 95. P. 1511. 3 Increase in capital to $200,000 to be voted on Dec. 30. V. 95, p. 1511. y Sept. 4 1912. z Sept. 5 1912
THE CHRONICLE
DEO. 14 1912.]
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY
Stocks
Week ending
Dec. 13 1912.
Par value.
Shares.
Railroad,
&c.,
Bonds.
Total
Sales as
New York Stock
Exchange.
U S.
Bonds.
$810,000
1,933,000
2,833,000
2,384,000
2,253,000
1,589,000
$71,000
37,000
97,000
111.000
124,000
55,000
4,045,353 3454,555,425 $11,802,000
$495,000
226,789 $20,807,025
988,993 89,710,800
1,004,735 02,774,000
1,261,220 119,591,400
900,467 80,393,200
563,140 51,279,000
Saturday
Monday
Tuesday
Wednesday
Thursday
• Friday
Mate
Bonds.
Week ending Dec 13.
1912.
1911.
$4,000
1,000
85,000
Jan. 1 to Dec. 18.
1911.
1912.
123,395,107
126,692,338
3,021,532
4,945,353
Stocks-No.shares__
$454,655,425 $270,145,250 $11,444,005,300 $11,133,218,450
,
Par value
$1,521,700
5757,000
$7,000
$18,100
Bank shares, par
Bonds.
$1,171,000
$3,396,500
330,000
55,000
Government bonds___
605,000
90,828,400
25,261,000
495,000
State bonds
755,659.700
627,771,000
11,802,000 21,217,000
RR. and misc. bonds_
Total bonds
$12,302,000: $21,852,000
$654,203,000
$849,884,600
DAILY TRANSACTIONS AT fHE BOSTON AND PHILADELPHIA
EXCHANGES
Boston.
Week ending
Dec. 13 1912.
Saturday
Monday
Tuesday
Wednesday
Thursday
' Friday
Total
Listed
shares
Unlis!ed
shares,
Philadelphia.
Bond
sales.
Listed
shares.
Unlisted
shares.
Bond
sales.
8,647
30,171
43,493
30,114
36,631
22,223
7,160
22,892
41,180
28,903
26,200
14,756
$4,000
36,000
26,000
16,000
37,000
18,500
8,345
13,903
19,805
20,461
16,428
11,115
2,787
19,020
15,706
18,550
13,663
10,608
$24,700
38,000
62,800
49,500
52,800
32,100
177,279
144,091
$137,500
90,057
80,334
8259,900
Inactive and Unlisted Securities
All bond prices are now "and Interest" except where marked "f !I
Bid
Ask
Street Rail ways-(Con.)
Street Railways
5612
Bid Ask Union fly Gas & El corn 100 55
100 88
90
Preferred
80
United Lt & Rys com_100 75
New York City
IOU 83 85
First preferred
28
Bleeek St & Fut Fy stk.100 22
100 73
75
Second preferred
70
tat mtge 4s 1950.
J-J
100 172 180 United Rye of St LD'Y do 7th Ave stir
100
1012 1114
Corn vol tr ctfs
J&J 9914 10014
Id ratge Si 1914
e Preferred
100 3658 3714
Broadway Surface RRIOU 86 80
J&J 10112 10214 Wash Ry & El Co
1st 13e 1924
Preferred
to
100 88 8858
Cent Crosstown stook 100
43 1951
J-D 8234 84
1547
let mtge 63 1922_
3 10 West Penn Tr& Wat Pow 100 30 3112
,eio Pk N & E Itiv stock.106
13078
hristophereslOth St stk 100
Preferred
100 79
7912
ry Dock E B & 13J-D 10014 1011 Electric, Gas & Power COs
let gold be 1932
F-A
Scrip Si 1914
34
42
New York City
Eighth Avenue stock. 100 319 320 Cent Un Gas 5s 1927
J4 102 104
F-A f 99 101 e Kings Co El L diP Co 100 12612 12812
, Scrip lii 1014
420 & (ir St Fy stock. 100 200 285 New Amsterdam Gas420 St At & St N Ave. 100
let cowl 88 1948
34 10012 10112
let Os 1910
111-b 99 101 NY&ERGas let 51E44 J-J 104 10512
2nd Ina Os Jan 1 1915..- 178
Omni te 1945
J-J 101 103
1.110th Avenue stock__ _100 too 180 •N Y Mutual Gas L
100 167
Second Avenue stock
100
58
1
3 NY as QBIL & Pow Co_100 50
85
Consol Ss 1948 ctfe_F-A
35
40
Preferred
100 77
Sixth Avenue stock, 100 115 126 N Y & RIchmond Gas...JOU 53 62
on Boulev Si 1945
.J-J 88 93 North% Un lit 63 1927 IM-N 100 102
o Fee let 5e 1919.
A-0 90 95 Standard G L 1st 5.11930 M-N 104 106
Tarry WP & It to '28.../ildcb 75
80
Other Cities.
28 & 29th 8ts bs '90 ctfeA-0 120 28 Am Gas & Eleo coin
50 *80 86
Twenty-third St stock _100 250 275
Preferred
+50 *45 47
Union Ry let 55 1942 F-A 104 105 Am Lt & Trao corn
100 400 412
Westchester let 5s '43_J-J 96 100
Preferred
100 108 111
Yonkers St RR 8s 1946_A-0 88 95 Amer Power & Lt com 100 66 69
Brooklyn
Preferred
100 8514 8614
*12
28
Atlan Ave lilt con 63'31A-0 102 104 Bay State Gas
50
B 13 do W E 5s li)33
412 6
A-0 97 101 Buffalo City Gas stook _100
Brooklyn City ER._
10 162 165 Cities Service Co com....100 110 114
13klyn ligts let Sc 1941.A-0 100 103
81)
Preferred
100 87
Coney It & Bklyn
100 100 105 Columbia Gas & Elec..,100 15
1514
1st eons g 49
70
80 85
7712
J-J
let ta 1927
J-J
Con g 4s 1955
78 83 Con Gas of NJ Si 11/36...3-3 99 100
J-J 99 101 Consumers' L 11 & Pow13rk
de N 133 1939
5s 1938
Nassau Eieo let 5111044 A-0 lo2 10314
J-D 100
wnsumers Power (211nn )N Winsburg & Flatbush92
lst&ref fis 1929op'14_M-N 83
1st 43is July 1941...F&A 02 95
J-J 100 103 Denver 0 & El Sc 1949_M-N 95 07
Steinway lit es 1922
Elizabeth Gas Lt Co.. 100 325
Other Cilia.:
Buff St Ity 1st =188'31P-A 10312 1051 Essex & Hudson Gas.. 100 135 iid
89
Deb Os
101 106 Gas & El Bergen Co...JOU 88
'Chicago Union Tract corn1
11 (let West Pow Si 1940 J-J 8612 8712
sPreferred
3
6 Hudson County Gas
100 133 135
45
Com'ivIth Pow ity & L_100 65 67 Indiana Lighting Co.. 100 41
100 8712 NI
71
Preferred
4e 1958 opt.
10-A 69
32
28
79 Indianapolis (las.
0 Conn Sty & Ltg com 100 76
100 80
89
let g 63 1952
• 0 Preferred
A-0 86
7114 74 Jackson (las bs g 1937 _A-0 98 102
•Detroit United Ity
'sclera' Light & Tract__ _100 30 34 eLaciede Gas preferred 106 95 102
100 80 82 Madison Gas Os 1926. A-0 103 120
Preferred
•Havana Elea Ry L &P 100 86 87 Narragan (Prov) El Co _50
98
Preferred
100 98 97 Newark Gas Os Apr'44.(2-3 124
98
,b Louley St 5s 1930
J4 10434 105 Newark Consol Gas
100 96
No Ilud LII & P55 1938 A-0 100
New On
& Lt corn IOU 85
e Preferred
Pacific Gas & E corn
100 6334 6414
100 7412
Preferred
Pub Serv Corp of N J -See tk R c list
100 01
92
Tr etfs 2% to 6% perpet 10712 1081 Pat & Pas Ciao & Elec
95
100 90
North Jersey St Ity_190 80 _
J-3 90 94
St Joseph Gas 15s 1937
lit 4s 1948
2112
M-N
7812 79 Standard Gas es Elec(Del).50 *21
Cone Treat of N J....100 75
Preferred
5012
50 *50
76i
lit Sc 1933
J-D 10234 10334 United Electric of N J..100 90
95
New'k Paso Ry 58 '43(LJ-J 107 1071
J-D 8114 8214
lit g 45 1949
Rapid Tran St Ity -.100 235
26
10
27
Western Power corn
A.0 103 lag
lit Sc 1021
Preferred
106 54
56
78 80 Western States GasesEleeJO Hob di Pat 40 194951-N
10 125
9212 95
let & ref g 5.11941 op_J-D
So J Gas El & Trao_0
M-S 9812 -ogr
Gu g 55 1953
Ferry Companies
No Rod Co Ry Os 1914 J4 101 - - 14 102
Cott M 5s 1928
_J-J
90
97
B & N Y 1st es 1911
Eat So 1924......M-N 98
8
15
NY&ER Ferry stock 100
M-N
50
60
let 5s 1922
Pet RY Con Os 1911 J.I) 112
9d 63 1914 opt....A-0 100 103 - N Y & Hob 58 May '46 3.1) 99 100
Repubile Ity & Light
26
100 24
Hob Fir 1st 511946 M-N 104
79
81 711 di NJ 53
Vreferre,1
98 -Tennessee ity L&P coni 100
99 221e 21 10th de 23d Sts Ferry. l00 25
35
7512 7/1/ lit rage 8s 1919
J-1) 65
Preferred
05
Trent P
100 15
17
LE bs 1943
Union Ferry Ito*
2
1-0
00 96
Si-N 91
lot Si 1923
93
i
Telegraph and Telephone
a Amer Teleg & Cable
100
a Central es South Amer_100
Comm'
. Un TeRN
Empire & Bay State Te1 100
Franklin
100
s Gold & Stock Teleg..._100
e Macliay Cos corn
103
e Preferred
10u
a Northwestern Teleg..._60
Pacific & Atlantic
25
8 Pao Telep di Teleg pref.100
Southern do Atlantic
25
1599
Bid Ask
6612 69
110 115
110 115
65
75
40
50
115-- _
81
85 66
67
118 124
66
74
99 10112
85 100
Indust and /niece!,-(Con.)
American Thread pref....5
Amer Typelounders com 100
Preferred
10),
Deb g 6s 1939
Al-N
Amer Writing Paper
JOU
Barney & Smith Car com100
100
Preferred
Bliss (E W) Co corn
50
Preferred
50
Bond & Mtge Guar
100
Borden's Cond Milk com 10,1
Preferred
IOU
British Col Copper Co ..S
Brown Shoe corn
Preferred
Casein Co of Amer corn _100
Preferred
0()
1)
10
co of America_ 1
Casualty Co
Celluloid
City Investing Co
100
Preferred
100
6 Cladln (kJ 13) Co corn
a lot preferred
IOU
e 2d preferred_...... 1()U
Cluett Peabody & Co corn-Preferred
Consol Car Heating....100
Consol Rubber Tire,...100
Preferred
Debenture 4s 1951__A1-0
99
C Cry
a .crlefbleerrS
ed
teel corn., l00
lila
*4
48
5
51 1
10212 105
9912 101
!
2
3'
_
14 !
88
89
80
85
122 130 :
300 310 '
11334 11434
105 106
*412 458
Short-Term Notes
52
56
_A-0
9912
Copper
55
1913
100
Amal
99
991'
Salt & Ohio 44s 1913.J-D 9938 995e
2
9614 9612
Bldyn Rap Tr 53 1918
40
Chas & Ohio 4)is 1914...1-D 9978911;
lid 120
12 9
Chia & Alton Si 1913_M-S
14114
46
()Me Elm/ Rys Si 1914...14 97 9712
50 k
Cin Ham & D 45 1913.__J-J 9812 99
100 101
Erie es April 8 1914.,,A-OS 9978 100
85
90 .;
Coil Si Oct 1 1914... A-0 0834 9914
88 95
• Sc April 1 1916_4-0 9712 98
87 92
Gent Motors(Ss'15-See N Y StkEs list.
66
68
Hudson Companies103 1084
9812 9912
IA
(Is Feb 1 1913
70
75
9834
Os Oct 15 1913....A&015 98
11
14
lii Cent 4s 1914_J&J 9834 9914
5212 60
lot & CR Nor Si 1914 F-A 9712 98
15212
9914 9934
Inter Harvester bs '15..F&A
1554
K C Ry & Lt 6s 1912._111-S
9212 93
97 Davis-Daly Copper Co .
Mirus & St L 5s 1913 F-A
10 *112 184
199
99
5
9914 duPont(I) de Nem Pow 100 195 200
Mo Kan & Tex bs 1913 M-N 9
a Preferred
Missouri Pacific Sc 1914_J-D 9614 9634
loo1
/
4
9812 Emerson-Brantingham 10
Nat Rys of Mex 4355 '13.3-D 98
67
90
9 66
N Y 0 Lines Eq 5s 1913-22 4.80 4.60
Preferred
Lou 08 99
b
4.55
434
Empire Steel & Iron corn 00 10
455c Jan 1913-1925.„3-.1
13
4553 Jan 1913-192/, J-3 0 434 4 55
Preferred
40 48
9914 e General Chemical com 19
N Y Cent 4)4s 1914
M-8 99
10
90 185 210
991
a Preferred
NY N H&Hartford 5s'I3J-D 9914
109 115
St L & S P Si 1913 opt J-1) 9834 9914 !: Hackensack Water Co19°
Ref g 411'52 op 1912. __J-3 85 87
M-S as% 9914
68 Sept 1 1914 opt
4
South RY 565 1913-- --F-A 9914 9978 Havana 'fobaceo Co.. 100
7
Preferred .
M-N
Wabash 43-4s 1913
15
lot g bs June 1 1922_11
West Maryland 53 1915 J-J
9 /62 65
Weetingh'se El & H 03 1913 "56; 101
; Lieeker-Jones-Jewell MhIlln
101 103
• notesOct'17-See NY
3tk
Helrertin68
g-Hall-2Marvln _51
Railroad
101 10 20
e Chic & Alton corn.. 100 1612 20 Hoboken Land & Improvel
let es Nov 1930
51-5 10412
100 25 40
Preferred
4
a Ohio St PM & Om
6
100 125 135 Rocking Val Products _100
1st g Ss 19111
54
58
100 150 160
a Preferred
35 a Ingersoll-Rand corn_ 10i) 120
Colo & South corn.. _100 31
10u 95
lit preferred
100
63 6
7612
5 '
InterPcretonetirnreRd
Rub corn
1034
e 2d preferred.
100 "
60 Internet Banking Co. loo 110 120
e N Y Chic & St L corn _100 51
International Nickel...JOU 146 148
a let preferred_
10(1 99
Preferred
10() 10512 10612
e 2d Preferred..100 85 88
2
5
100
Northern Securities Stubs_ 105 110 International Salt
35
lit g bs 1951
Pita Bess & Lake Erie_50 *30
A-0 / 50
5212
70 international Silver prof 100 134 138
Preferred
So 1430
s Railroad Securities Colit 63 1948
..J-L) 110 11114
85 Internet Smelt & Refg.7.00 123 125
ll! 051k tr eta Ser A....
. 8414 Eanston Bionotype
West Pao let As 1933..M-1, -/33-34
100 8912 91
Lawyers' Mtge Co..100 215 220
Lehigh Val Coal Sales _50 212 215
Standard 011 Stocks
19
Madison Sq Garden Stubs
Anglo-American 011
£1 *18
3
Atlantic Refining
IOU 570 580 Manhattan Shirt
100 60 68
Preferred
Borne-Seryinser Co.
IOU 180 190
JOU 10112 103
Manhattan Transit
Buckeye Pipe Line Co...5U ,170 175
20 *112 15
Chesebrough Mfg Cons. 101) 660 680 SionongahelaR Con C&C 150
Preferred
Colonial 011
100 135 145
50
Continental Oil
100 1375 1425 Mortgage Bond Co
100 104 toti"
65 e National Surety
Crescent Pipe Line Co
50 *62
100 200 210
70 e New York Dock com 100
Cumberland Pipe Line 100 65
_e Preferred
Eureka l'ipe Line Co
100 377 384
100 "ar 45
Ualena-Slgnal 011 com 101. 277 283 N Y Mtge dr Security. 1M 205 (18
20 .6
6
Preferred
100 133 137 N Y Transportation
87
Indiana Pipe Line Co....50 *145 150 Mies-Bern-Pond com_100 83
138 114
10 .
National Transit Co
25 447 48 Ohio Copper Co
212 3
100
New York Transit Co_ _100 340 345 e Ontario Silver
100 76
78
Northern Pipe Line Co..100 117 123 Otis Elevator coin
Preferred
10. 102 103
Ohio Oil Co
25 *120 122
Prairie 011 & Gas
190 310 315 Pettibone -MullIken Co J00 28
30
Solar Relining
1st preferred
IOU 565 575
100 9812 100
914
Southern Pipe Line Co 100 255 265 Pittsburgh Brewing
50 .9
100 770 780
South Penn 011
Preferred
50 *3812 39
Sou West Pa Pipe Linee 1011 r160 165 a Pittsburgh Steel peel..IOU 9712 100
Standard Oil of Calif. 100 163 165 Pope Mfg Co corn
100 27
30
100 318 322
Preferred
73
Stand 011 of Indiana
100 70
100 98 103
Standard Oil of Kansas_1(10 400 410 Pratt & Whitney pref
10o 130
Stand 011 of Kentucky. 100 375 385 Producers Oil
235
300
Realty Assoc (Bklyn)._106 115 119
Stand 011 of Nebraska_100
lUu 1040 1080 Royal Bak Powd corn __10!) 214 218
Stand 011 of N J (old)
Preferred
106 105 108
100 395 398
Stand Oil of N J
3 Rurnely (M) Co corn-See tKEii
Standard Oil subsidiaries_ _ 660 690
575 580 Safety Car Heat Sc Lt
10u 11412 11.512
Standard Oil of N
itk 5. list
Standard 011 of Ohlo
100 255 265 Sears,Roebtack&03-SeaN
05
7 27
25
0 Sing
ePer erred-Ses
co
Chic Stk zx lit !".
Swan & Finch
10u 20
.10u 290 292
Union Tank LineCo.
Mfg
10u
Vacuum 011
2
10o 173 178
South Iron & 8 corn....100
10))
Washington 011
3
10 *20 25
Preferred
Waters-Pierce Oli
40
100 1450 1500 Standard Coupler corn 1(k, 30
fobacco Stocks
lOu 108 112
Preferred.
Wee also Stock ExeltanoList)
Stern Bros prof
100 77 78
Amer Machine & Fdy _100 45
55
tilzberger it Sons Co pf_100 r 9712 99
British-American Tobac.f.l *24
2414 fecas & Pacific Coal_ 10o 94 100
100 290 300 3 Texas Pacific Land Tr
Conley Foil
95
9613
Helme (Geo W) coin _100 x170 185 Title Ins Co of N Y
100 115 120
E c list
10J el05 116
a Preferred
fonopalo Alin(Nev)-SeePhtla
Johnson Tin Foil &Metal IOU 180 200
4
7
frenton Potteries corn _100
Preferred new
15
100 ao
liacAndrews & Forbes 100 190 198
rrow Directory
IOU 20
_
Porto-Rican-Amer Tob 100 240 250
Union Typewriter com 100 ea
40
Reynolds(it J) Tobacco_100 250 260
1st preferred
10u 106 10812
Tobacco Products corn (w I) 115 140
9234 9212
24 preferred
10u 10212 104
Preferred (w 1)
1
100
2
e United Cigar Mfrs coin IOU
15
02
9
8
thal
Pted
referrVer
100
.
100
15
e Preferred
UnitedCigarStoresofAm corn 107 10712 :United Dry Goods ____100 98
99
115 117
a Preferred
IOU 10118 loet4
Preferred
U S Casualty
100 190 200
100 210 300
• Weyman Bruton Co
U 13 Envelope corn
.101) 102
100 116 117
a Preferred
Preferred
100 170 180
10(1 112 115
Young (J 8) Co
e1313 Express
Lou 67
72
U S Finishing
75
100 60
Industrial and Miscellaneous
Preferred
100 155 165
1(3
95 100
8 Adams Express
8212
1st g 53 1919
_J-D / 80
100 105
Col tr g 4s 1947
J-J 95 100
100 116 118
Con g 5s 1929
Alliance Realty
51
54
U 8 Indus Alcoh-See N Y S tk Ex
Amer Bank Note com...50 .
100 91 105
51 *5234 5412
e Preferred
Preferred
10( 165 175
U 8 Steel CorporationAmerican 1300k
IOU 139 141
Col el Apr 581951 op 1911 114
American Brass
Col e I Apr 58 1951 not opt 114
American Chicle cons.. 101) 214 218
100
90
USTI'Co & Indem
100 101 103
Preferred
58
100 188 176 e Virginia Iron C & C__100
eAmerican Expres.
5114 1 Wells Fargo &
100 125 131
Am Graphophone com_.100 50
81
Westchester & Bronx Tin,
10o
Preferred
& Mtge Guar
100
165
American Hardware...JO() in;140
Amer Malting 6s 1914 1-1) 101 102 eWestIngh'se Air Brake _56 *iid 14212
55 Willys-Overland corn __ 100 681,
100 45
Amer Press Asecio'n
Preferred
100 991.1 188
Am Steel Fily (3s 1935. A-0 99 10012
73 ;Woolworth (10 W)-See NY Stk x
F-A 71
Deb 45 1923
Worthittgton(HRiCe of.100 105 110
50 1200
American Surety
• Per share a And accrued dlvilooti. b Basis. k Listed on Stock Exohange but usually inactive. Flat price. n Nominal. s Sale price. I New stock. s Lx-dIS.
y Ex-rights g includes all new stock dividends and subscriptions 0 Listed on Stock Exchan7c hut Infrequently dealt in: record of sales, if any, will be found on II
- - -• preceding vase.
1600
BOSTON STOCK EXCHANGE-Stock Record.
SHANE PRICES-NOT PER CENTUM PRICES
Saturday
Dec. 7
Monday
Dec. 9
I
Tuesday !Wednesday
Dec. 10
Dec. 11
*100 10614 106 106 +105 10512 105 105
*10134 102 *10112 102 *10184 10218 *10134 102
21318 21318
214
212 213
213 213
41120 121 *120 121
120 120
11934 120
*202
_ *202
+202
_ *202 ____
*95 1W
90 -91;- 95 -9512 94
95
•____ 205
295 *-___ 295 •____ 295
*____ 15
15 *-__ 15
10
10
+
1 .78
75 *--- 75 *_-__ 75
i'13
9
7
7
•____ 50
50 •
60 *____ 50
•___ 170
170 170 *____ 170 *____ 170
*108 109 .103 109
108 108 *108 109
Thursday
Dec 12
Friday
Dec. 13
108 105
10538 10538
Last Sale 10134Dec'12
213 213
212 213
119 11912 119 119
Last Sale 203 Dec'12
94
95
9412 95
Last Sale 290 Dec'12
10
10
10
10
Last Sale 72 Nov'12
Oct'12
Last Sale 50
*___ 170
170
*108 109 *108
Last Sale 260 Aug'12
120
iio- 120 11934 120 HO" fir 11934 11934 *119 120
•120 12312
'
120 124 *120 124
Last Sale 125 Nov'12
;8512 8412 ;a; -874-1-2 *8312 8412 *83
84
8412
8314 8314 .83
*- 128
128 *125 128 *125 128
Last Sale 125 Nov'12
ii 17 1612 1612 16 16 1612 1612 *1612 18
74
7478 74
7312 73
74
73
74
-772; 73
73
73
13012 132
131 132 x127 123
126 12714 127 129
129 12934
*131
*12912
Last Sale 130 Nov'12
*200
4200
'200
.Y65Last Sale 200 Dec'12
•17514 - *17514
17512 17512 17512 17512 17514 17514 +17514
*45 -55
*45 157- *45
*45
45
55
55
45 •____ 45
161% 16778 16214 16214 16278 16278 155 162
152 15614 15658 15634
*9213 93
*92
93
*90
*90
91
9012
Last Sale 9378 Dec'12
*152
15512 15512 *152
*152
_
*152
*152
8112 12
81
81
81
-81-12 81
*8112 8214 8112 -811-2
100 100
*99 100 *---- 100 *--- 100 *--- 100 *--- 100
Suter
the
Week
Shares,
STOCKS
BOSTON STOCK
EXCHANGE
Range since January 1
On basis ol 100-sliare 1013
Lowest.
Range ;or Piet:wits
Year 1911
Highest
Lowest
Railroads
160 Ateh Top & Santa Fe_lOr 10378 Feb 10 11114 Oct '2
Do pret
101, 10114 Nov 1) 10414 Feb 7
10u :1112 Sep 17 22212 Apr 3
121 loston & Albany
100 119 Deo 14 13434 Mch25
68 Boston Elevated
Boston & Lowell
100 202 Nov25 218 Jan 4
281 Boston & Maine
100 94 Dec 11 10012 Jan
Boston & Provklence..106 290 Dec 5 330 Apr 27
boston
Suburban El Cos_
50
10 Dec 11 1. May23
Do pref
71.2 Oct 1.
80 J'ne
100 Boston & Wore Elec Cos_
7 Dec 9 1212 Jan 6
Do pref
50 Aug30 57 Jan 8
3 Chic Juno Ry & USY.100 165 May 6 170 Jan 19
Do pref
46
10;12 Oct 3 112 J'ne 14
Connecticut River ___100 260 J'ly 24 272 Jan 18
72 Fitchburg, prof
100 11934 Dec 10 128 Jan 25
Ga Ry de Eleo stmpd..100 121 J'ne i .179 Apr 1
Do pret
50
100 N.04 Nov 28 9112 Jan 6
.Aaine Central
100 125 Dec 6 14738 May31
280 Mass Electric Cos_
b00 16 Dec 10 2318 Jan 8
Do pref Starnped_100 7238 Dec 13 83 Feb 28
718
1,259 NYNH & Hartford_100 126 Dec 11 14238 Apr 2
Northern N H
100 12512 Oct 3 143 Jan 24
Norwich 63 Wor pref _100 200 Oct 24 21212 Jan 29
84 Old Colony
100 r174 J'ne 14 187 Jan 31
Rutland
pref
25
70 Jan 24
100 41 Jan
1,370 Union Pacific
10u 152 Dec 12 17614 Sep 30
Do pre,
100 8,18 Sep 23 9378 Dec 2
5 Vermont S4 Mass
100 152 Sep 30 164 Jan 16
130 West L.d St
50 80 Oct 10 81378 Feb 29
Do prof
104
50 96 Nov 4 10312 Mch 19
Miscellaneous
5512 5512 5512 55% 54
55
54
55
65
55
55
780 Amer Agricul Chem_ 109 54 Dec 9
5512
*9914 100
99
9934 9834 9934 99
D- pre
379
9834 99
99
9838 99
106 9858 Dec 12
4
4
4
418
4
785 Amer Pneu Servloc_ 50
4
4
4
4
4
378 4
4 Aug 2
2218 2218 21
22
Do prof
1,620
2014 2112 2058 2134 21
21
50 11 Itch 26
11712 11734 11512 11734 11514 11612 114 11612 11334 116
11512 Cif
2,493 Amer Sugar I3eflu
100 11334 Deo 12
117 117
Do pref
116 117
115 11512 1,007
115 11614 11512 116
11414 115
100 11414 Dec 12
13914 13912 13814 13914 133 13834 133 139
13834 13914 1,485 Amor TeNp de Teleg_100 13712 .1
13734 139
*18
2012 *18
American Woolen.,...100 22 Nov18
20
*1812 20
*1812 20
Last Sale 22 Nov'12
80/8 81
Do prof
8014 81
8014 8078 8078 8114 8034 8112 8134 8234
824
100 7914 Nov18
4.75
78 •75
75
75
*75
78
*75
78
78
75
75
8 AmoskeagManuraoturing 75 Nov27
99
99
*9912 _- *100
100 100
*100 ___ *100 _
Do prof
90
x9014 J'ne21
*512 7
*512 7
5
512
512 -534 *434 --5 Aug20
533 138 1,187 At! Gulf & W I SS L 100
*12
•12
13
13
*1214 13
*1214 13
1112 12
250 Do pref
109 1012 Aug21
12,4 12,-; *____ 13
1234 1234 12
1812 1,440 East Boston Land_ 10 2.11032142 SepJati 2
1234 1218 1214 12
280 232
280 28612 279 280 278 279 278 270
278 27912
346 rrAlson Eleo Illum_100
20
183 184
18234 18414 18214 183
180 183
189 182
18214 18234
680 General Electrfo
100 156 Jan 2
*91
9134 90
91
8912 9034 9018 9013 8958 90
1,273
Massachusetts Gas Cos100 x3518 J'ly 15
903
4
903
4
*9412 90
95
95
93
9414 9414 95
Do
94
94
p.ef
389
9412 9434
100 93 Dec 10
*21712
*217
*217
75
18
._ 29
6
216 216 .
50 Mergenthaler Lino. 100 215 Dec 13
*__
*334 4
4 *::::
312 312
100 Mexican Telephone
4
0
10 9212
ech 54
Dle
6 ‘
99 *____ 99
96
96
a08 •_
3
__ _ 98 *---- 98
N E Cotton Yarn
100
99
97
99
97
i
•
95
Do
25
prof
95
11
Dec
100
*153 154
153 154
150 152 *150 15112 150 150
60 N E Telephone
16113 15112
100 14.34 Oct ko
Oortland (Me) Eleo_lv0 7212 Jan 17
Last Sale 90 Mch'12
Hi" gill 160" gi" 160 160 185- gi- 1594
159 160
160
321 Pullman Co
100 168 Feb 1
•15
16
1512 1512 1512 1512 1534 1534 *1514 1534 411538 153.1
35 kteece Button-Hole_ 10 1:334 Jan 2
10612 107
10612 1053 2103 10434 1033.1
10312 10414 104 10414
417 Swift & Co
100 9812 Jan 2
2712 2734 *2714 28 4 2711 2734 2712 10438
2712 2712 2712 2712 2712
186 Torrington
29 21 May 8
*28
29
*28
29
*28
29
*28
Do prof
29
64
29
29
29
29
25 28 Jan 5
213 218 *2
2
Union
2
*2
214
214 *2
270
Copper L & M 28 .85 Jan 6
214
238 23
173 179
176114 179
175 177
176 178
719 United Fruit
177
179
177
17514
6174 Sep 16
100
50
50
49
49% 48
4814 4712 4812 47
2,322 On Shoe Mach Corp__ 25 4614 Jan 15
4712 48
48
2814 2812 28
2834 28
28
2712 23
717
Do pref
28
28
28
28
25 2/12 Dec 11
6814 69
6518 6858 6414 6638 64
6614 6414 6638 6412 6612 20,711 11 S Steel Corp
100 13838 eu 13
10834 109
108 109
10712 10814 108 10814 10738 10812 10814 10813
Do prof
721
.100 10718 Feb 13
6334 Arch 23
105 Mcn 22
514 J'no 19
2412 Nov 11
13368 Ma;13
12334 Aug 30
149 Mch2.
30 Mch22
9414 Mch 23
84 May .•
105 Mch2t,
9 Feb 14
20 Jan lb
1714 May27
300 Mch_.
18778 J'ly 25
95 Oct 11
9878 Feb 19
229 Aug 2t
412 J'ne2t
105 Jan lb
107 Mch29
164 Mch 1.
90 Nich2t.
184 Aug 21
17% Apr 11
10918 Sep 29
32 Jan 10
31 Apr 11
334 Apr a
20812 J'ne 19
5712 Aug 2v
2934 Sep 13
80.8 SeP
11638 Oct 1
12714 Sep
139 Jan
210 Jan
183 WA
32
an
15312 Sep
Mch
150 Mch
86 Sep
10,1 Aug
15138 Feb
142 Mch
214 Nov
1/5 Nov
45 Deo
19218 J'ly
9518 May
16418 Dec
93 Mch
105 Jan
40 Sep
99 Jan
312 Au4
1218 Aug
112 Sep
11134 Jan
131132 Aug
2012 Dec
8512 Oct
7112 Dec
90 Dec
7% Dec
1412 Nov
714 Jan
275 Sep
142 Sep
8734 Jan
93 Dec
211 Jan
3 Oct
103 Oct
101 Nos
137 Jan
0234 J'ly
153 Sep
212 Jan
11734 Sep
29 Sep
27 Met')
34 May
/1178 Dec
4014 Aug
2612 Sep
50 Oct
10312 Sep
6334 Dec
10514 Mob
012 Jan
1014 Jan
122 Feb
12018 May
15314 J'ne
3614 Mob
9012 J'no
81 Nov
10012 Dec
11 May
20 Jan
12 May
297 Deo
10734 May
9634 Aug
9812 Oct
235 Aug
472 Jan
119 Itch
11012 Melt
16512 Dec
7334 Nov
104 Jan
16 May
104 J'ne
30 Jan
31 J'ly
1118 Mch
19712 J'iy
5878 Feb
2914 Jan
8218 Feb
12012 Feb
Mining
5
8
5
518 518
5
681 Adventure Con
8
5
25
6 Dec 9 1114 Apr 20
4 Sep
232 212
212 238
212 212
212 212 1,110 llgomah Mining
25
238 Dec 11
21300$
814 May 2
1,380 Allouez.......
35
36
3612 37
35
36
35
35
25 35 Dec 10 5018 J'ne 21
21 Aug
8038 8118
7633 8038
7538 7714
733 7634 7212 7512 7334 7538 16,617 Amalgamated Copper 100 00 Feb 1 9258 Oct 4
4434 Sep
20
2914 2772 2914 27
2734 2632 27
2614 2712 2712 2814 8,032 .m Zinc Lead & Sm_ 25 2412 Feb 15 35 Oct 3
1934 Oct
31
314 33
3
314
3
3
3
314
312
318 312 2,225 Arizona Com'l ctrs dep.
672 Apr 2
2 Jail 2
138 Dec
+1.30
.40 *.30
.40+1.30
.40'1%30
.40
Bonanza Dev Co____ 10 .25 Nov30 ,55 Apr 11 .30 Oct
Last Sale .30 Dec'12
*412 5
5
5
412 412
413 438
412 412
434
890 Bos&CorbCop &SIIMg 5
Aug
438
Deo
412
J'ne
5
6
914
334
338 38
35
312 334
338 378 *353 4
545 Butte-Balaklava Cop- 10 2ibie J'ly 25
334 `358 334
634 Apr 2
3 Nov
4214 4314 3912 4212 3714 3912
30
37
38,575 Butted3Sup Cop(Ltd) 10 1912 Feb 7 6134 J'ne 12
3512 3914 3434 37
7312 7434 72
7334 6634 71
6614 6938 65
6712 6613 6734 9,875 Jaitunet & Arizona... 10 6712 Feb 1 8312 Aug 28
46 Sep
640 540
525 540
515 525
525 635
515 525
510 525
346 Calumet & Heels__ 25 905 Feb 1 615 Sep 2. 360 Sep
*17
18
17
17 *__ 17
1512 1512 16
540 Jentennial
17
1634 17
2712
11
Dec
25
Apr
3512
17
8 Aug
*43
4312 42
4358 4014 4153 3912 4178 3918 4138 4112 42
2,695 .2111no Copper
2514 Feb 2b 5014 Nov 8
1038 Sep
___
.05
Nov'12
Cons Merour Gold____ 6
49
Last Sale
1 .01 Nov14 .09 Jan 19 03 Nov
"iii2 W2 *.50
5214 "iir2 -ii"
-i5" -ili6018 4,047 Jopper Range Con Co 100
50
50
4812Dec 10 Ot312 Apr 11
4634 Sep
*312 4
334 334
378 4
245 Daly-West
312 312
334 334
38 38
20
312 Oct 11
712 Mch'27
3 Feb
1414 1434 1334 1434 1312
7,700 East Butte Cop Min_ 10 1214 Jan 16 1654 Sep 26
14
1412 1338 1412 1334 1414 14
878 Aug
83t812 834
818 814
1,742 Franklin
8
8
814
8
8
833
Apr
27
1614
Sep
25
67
8
1
612 Aug
3'X. 314 • 33', 312
314 38
314 314
3 Dec 4 61144Apr 6
314 312
3%) 334 6,705 Giroux Consolidated_ 5
338 Sep
68
6812 05
6812 62
64
6118 6412 6012 6212 62
6414 8,380 Granby Consolidated_106 33 Feb 5 7734 Nov11
26 Aug
013 014
9
9
42
81s 878
ireene Cananea 0 712 Feb 29 1118 Oct 4
838 8%
34 4,800
2
8 81
5.40 Oct
*2312 25
23
24
22
23
2212 23
22
23
2234 2234 1,950 Dincock Consolidated 25 22 Oct JO 37 J'ne 14
17 Sep
*-.--34 ..70
34 .70
.70
34 .70
.75 .80
.80
785 Helvetia Copper
25 .70 Dec 4
2 May a
34 Sep
1632 1612 14
1512 1358 14
1378 1412 14
14
1412 1412 1,772 Indiana Mining
25 1118 Sep 2(1 23 Apr 21
514 Oct
1878 1878 18
1812 1714 1778 1734 1734 1734 1734 *1734 1814
260 ,nsplration Lonsol C_ 20 1714 Dec 10 2158 Jan 24
55
55
*53
54
5212 53
52
5212 5112 53
480 aland Creek Coal__ 1 4018 J.ill 17 6534 J'ne 10
54
54
2014 May
*86
87 .8512 86
*8512 86
80
86
8513 86
152
*86
Do prof
83
808 Sep
1 85 Jan 13 9114 Aug 1
3314 3314 2912 33
*2912 30
29
3018 29
31
3014 31
6,410 Isle Royale Copper__ 25 2034 Jan 15 3714 N0v21
1112 Aug
*212 238
25
238 *24 234
212 212
213 258
212 258
472 Kerr Lake
258 Oct
312 Feb 13
5
2 Apr 9
2
2
*2
214 *178 218 *178 2
178 1% 1% 1%
625 lieweenaw Copper
12 Nov
3 May 8
25 .80 Jan 2
27
27
24
27
24
25
2234 25
23
2412 24
2438 5,915 Lake Copper Co
22 Aug
25 2234 Dec 11 49 Apr 10
*54 534
512 512
434 5
512 512
220 La Salle Copper
5
5
25
412 t. et) 15
3 Aug
5
8 Apr 17
5
*1132 1112 1133 1138 1114 1114 1114 1114
1012 1032 1,145 Mason Valley Mines._.8 1012 Dec 12 1412 J'ne27
1012 11
612 Apr
*514 6
*5
514
5
5
5
512
350 M.ass Consol
5
5
5
5
914
25
51.)eo1
412 Aug
234 „,,1 6
15
1512 1312 1434 1314 1412 1414 15
1512 2,812 Mayflower
1512 15
14
25
1813 j
23
a
p
n
r
.20
A
:
3
Feb
1
*2012 27
26
2658 25
2578 25
375 Miami Copper
*25
2514
2578 25
25
5 23% Jan 29 308 Sep 25
1678 Sep
*2
238
2
2
2
490 Michigan
2
158 2
2
2
2
2
25
158 Dec 13
512 Apr 20
114
Nov
8134 6134 61
62
58
60
58976 Mohawk
58
6014 55
25 6012 Jan 36 73 J'ne 27
5812 57
36 Apr
1934 2014 1934 20
1812 1938 19
1914 1812 1831 19
1914 1,641 Nevada Consolidated_ 5 1814 Jan 29 2432 Sep 30
15 Sep
*212 3
214 212 *21
42 214
2
214
214 214 1,400 New Arcadian Copper 25
2 Dec 11
614 Apr 10
2 Ana
812 812
812 812
814 821
,?,
600 Nipissing Mines
85
5
83
534 Jan 3
814 812
834 Sep 26
x612 Dee
813 812
8414 3478 30
3412 30
3112 3012 3238 3018 32
3112 3234 17,272 North Butte
15 2234 Feb 1 393 Ott 8
20 Sep
3
312
218 3
2% 3
27s 3
455 North Lake
212 278 *234 3
834 Apr 22
25
218 Dec 9
334 Aug
238 25*,
112 218
218 25
211 214
214 238 3,250 Olbway Mining
214 214
3% Dec
812 838
734 832
714 8
734 814
734 81.
3
2g
A:= ? Mrkall .50 Jan
812 5,115 Old Colony
.
56
56
55
5614 252
5312 5078 53
5214 2,330 Old Dominion Co
Oct
52
ne 22
52
2
3o 3t1613
25 144 1Jan
3 13
3414 Sep
40312 10412 10078 10538 100 10214 100 103
102 103
100 103
876 Osceola.
25 00
81 Sep
26
26
25
2614 24
25
2378 2534 21
8,692 Pond Creek Coal
25
25
25
10
lo Mch 27 29 Nov29
7912 80
78
78
74
76
7312 77
74
77
7612 7612
723 Quincy
25 7312 Jan 29 9, J'ne 22
86 Sep
2014 2038 20
2018 1914 1934 1938 1978 19
802 Ray Cnnsol Copper__ 10 1618 Jan 29 2418 Sep 25
1953 197 197a
12 Sep
3
318
278 3
234 278
234 234 *258 278
1 Jan 31
234 278 1,465 Santa Fe Gold & Cop_ 10
478 MaY24
34 Apr
13
13
1278 13
12
1212 12
1234 1012 12
12
10
1238 8,032 Shannon
9 Jan 31
1778 Aug a
7 Oct
2918 2912 29
2912 28
29
28
2873
28
2858
285
17
..16
Shattuck-Arizona
2834
Feb
2,648
21
3112 Nov 13
1412 Sep
51.25
.30 +.20
.30 *AO
.25 *AO
.25
Last Sale .35 Nov'12
etritoUrtah M & S- 2g .n NT
S
so
uu
pt
)
;2? 417
:
1 !It,ryr 21
12 Dec
3812 3812 37
34
36
36
3,815
20 Oct
114 133 114 3713, 35pa 37114 35vs 361
154 118 114 114 37114 4,939
20
5 21
Sliperlor 6313ostou Inn 1
61s Dec
Jan
a,1 ris '
eza
001
5
7
.11
40
30
38
33
3412 31
3412 34
35
34
latryack
35
1
nr
20 Sep
413 412
412 412
414 414
4
4
4
5
433 4323 11,g
25
4 Dec 12
2
i/8
912
278 Oct
*258 232
25
234
258
234
*212
234
212
212
Tuolumne
Copper
.212
23.
1
60
212 Dec 1.: 411/8 Mch 2U
134 Sep
4212 4234 4112 4212
4114 3934 41
3934 4078 41
40
411
3032 Seca
3,47 U S SmeltRef & Min_ 50 34 Jan 31 25058 Sep 30
60
60
50
2
505
24 4914 4914 49
4912 49
4912 4834 49
1,287
D . prof
50 47 Jan 1(
9514 Aug
5234 Sep 28
2%,
2
21t
2
2
.2
2
2
2
2
2,325 Utah-Apex Mining... 5
1% Nov
1 Nov20 31144 Feb 9
11
11
1012 1012 1014 1014 1012 1012 10
1012 1012 104 1,720 Utah Consolidated
934 Jan
5
912 fly a 2038 Apr 2
60
60
59
60
5838 585t,
563g 67
5814 5814 5112 55
400 Litah Copper Co
33 Sep
2
2
2
2
2
2
Vs
2
Vnto
a
ornia
1 Aug
2
*4
150
412
4
418 .312 4
313 33
:
14
133
2
4 212
4
4
334 Nov
25
38Dec
7118 7112 7114 7112 69
70
67
72
05
69
68
69
496 Wolverine
11.7
!
:
3 44 41\
74 Nov
"tiirci 17
Dec
4
1
25 65 1
ec
112 112 *114
112
1
114 *1
112
1
1
*1
112
385 Wvandott
25
.30 Nov
1
• Dia ona asked prIGes. a New stoo1s. j Asst't patd. o Ex-stoca div.
6 Ex-rights. a Ex-div, and rights. z Unstamped.
*434 6
*212 314
*38
40
5
5
212 212
3812 3612
.38
Prilnu
Z1
li
51'14'13.yi lii 'A 7.1-) 11,
High8J1.
10038 Sep 11514 J'ne
101 Sep 105 J'ne
219 Apr 226 Feb
12412 Se.) 13012 Aug
207 Feb 218 Sep
9012 Oct 12238 Feb
292 Mch 300 Mch
12 Sep
16 Mch
70 Oct
7614 J'ne
6 Feb
13 J'ly
3812 Jan
53 J'ly
150 Apr 171 Dec
107 Lich 11512 J'ly
266 Jan 272 J'ne
126 Apr 130 Jan
211712 Jan 2164 Oct
80 Feb
9312 J'ne
135 Sep 215 Jan
16 Apr
24 J'ne
718 J'no
11 J'ne
4414 Dec
7158 J'ne
3058 J'ne
21118 Deo
.76 May
1512 May
012 Jan
6334 Dec
545 Jan
19 Deo
2712 Dec
.15 J'ne
6934 Feb
7 Dec
1434 J'no
14 J'ne
818 Feb
9312 J'ne
858 Dec
8112 Deo
2 Feb
10 J'ne
44 Dec
91 J'ne
23 Dec
778 Jan
334 J'ne
90 J'ao
(3 Jan
1178 Dec
710 J'ne
3148 Dec
2438 Dec
312 Jan
57 Deo
2114 J'ne
414 Aor
1138 Feb
8014 J'no
934 J'no
812 J'no
318 J'ly
99 J'ne
124 Jan
76 Dec
11/ Dec
134 J'no
1214 Fob
24 Jan
Pia Mal
4212 Jan
8,14 j'ne
52 Jan
612 Dec
4% May
4012 J'ne
491.,
31-2J'no
20 J'ne
67% Dec
418 Dec
912 Feb
122 Feb
2 Feb
Boston Bond Record-
DEC. 14 1912,j
Price
Friday
Dec 13
BONDS
BOSTON STOCK EXCHANGE t
Week Ending Deo 13.
Range
Since
Jan. 1.
Week's
Range or
Last Sate
1601
BONDS
BOSTON STOCK EXCHANGE
Week Ending Dec 13.
&I t
Ind
Hioh No. Low II
Ask Low
8 10118 10214 General Motors 1st 5-yr 63_1915 A-0
10114 10112
Am Agricul Chem 1st 5s___1928 A-0
8914 51 8834 0114 Gt Nor C B & Q coil tr 4s__1921 J-J
Am Telcp & Tel coil tr 4s__1929 J-J Wig Sale 8834
1936 11-S
10834 11534
11238 Nov 12
Registered 43
Convertible 48
1921 -J
89,8 J'ne'12
Illinois Steel debeu 5s
8973 9(1
1913 A-0
Am Writ Paper 1st s f 5s g 1919 J -J
1915 M-N
La Falls di Sioux 0 1st 7s
131 J'ne'12
103 131
1917 A-0
Am Zinc L & S deb 65
Kan C Clin & Spr 1st 5s
82 J'ly '12
1925 A-0
54 88
Ariz Corn Cop 1st Os ctfs ot dep_
---9638 9934 Kan C Ft Scott & Mem 6s 1928 11-N
------ 9638 Dec '12
Atch Top ds S Fe gen g 48_1995
Adjustment g 4s____July 1995 Nov 8733 Nov 12
1934 51- S
8758 9218 Kan M & B gen 4s
July 1995
Stamped
Assented income 5s
1934 11- S
8912 0158
8012J'iy '12
1955 J -D
50-year cony 48
10134 Sep '12
10134 10818 Kan C & At Ry & Br 1st 5s_1929 A-0
55
cony
siarq Hough & Ont 1st 6s 1925 A -0
1917 J -D ..... - _ 110'1 Mch'll
10-year
1929 J -J
Atl Gulf & %V 1 SS Lines 5s..1959 J-.1
6234
63
7 -a.- 18-1a Mass Gas 4 ;is
——
1017 J -J
Boston Elev 30-yr g 43—.1935 M-N
Mich Telephone 1st 5s
95 951
9518 Feb '12
Boston & Lowell 4s
1916 J -J
New Eng Cotton Yarn 5s 1929 F -A
10014 Meh'09
Boston & Maine 4 ,14s
1944 J -J
1915 A-0
New Enz Tel.ph 5s.
10412 Oct
Improvement 45_ ___ _Mt F-A
5s
1916 A-0
Plain 4s
1945 J -J
95 Feb'12
New England cons g 5s
1042 F-A
05 95
Bur & Mo Riv cons 6s
103 J'ne'12
Boston Term 1st 45
1913 J -J
1939 A-0
103
1115 Sep '11
Cedar Rap & Ito it 1st 73_1910 ,11-N
New River (The) cony 58_1934 J-J
Cent Vermt 1st g 4s.._ _May 1020 (,)-F
89 Dec '12
1038 9214 NYNH &H con deb 3 As_195e J -J
1103 Oct '07
C B 63 (.2 Iowa Div 158 5s
1948 J -J
Cony deb 6s
19111 A-0
99 Aug'12
1924 F-A
99 9912 Old Colony gold 43
Iowa Div 1st 4s
1919 A-0
10038 J ily '12
10038 10112 Oregon Ry & Nay con g 4s.,1946 J -D
Debenture 5s
1913 ,11-N
9978 Feb '12
9978 100
Dreg Sh Line 1st g 8s
1922 F- A
1922 F-A
Denver Eaten 4s
9813 Mch'12
9812 9858 Pore Marquette deb g 63_1912 J-J
1927 ,11-N
Nebraska Exten 4s
9918 Feb '11
Repub Valley 1st s 1 63_1919 J-J
1921 11-S
B&SWsl.43
851 8734 Savannah Elec 1st cons 5s 1952 J -J
8512 Nov'12
1940 J -J
Illinois Div 33s
10018 12 100 10134 Seattle L'lec 1st g 53
100
1930 F- A
Chic Jet By & Stir Yds 5s...1915 J J
Shannon-Ariz 1st g 8s
87 91
8734 No '12
1919 51-N
Coll trust refunding g 45_1940 A-0
Terre Haute Elea g 55
114 Jan '11
1929 J -J
Ch AIllw & St P Dub I) 65_1920 J-J
Torrington 1st g 53
11358 Feb '11
1918 M-S
Ch M & St P Wls V dly 6s 1920 J J
01
93
21 11J191 Mayil2
9- "- Union Pao RR & I gr g 48_1047 J-J
10
-D
N
Oh & No Mich let gu 5s
9614 Nov '12
20-year cony 45
0614 101
1927 J -J
Chic & W Mich gen 5s
1923 J-J
9712Sep '11
Concord & Mont cons 4s_ _ _1920 J-D
- United Fruit gen s 1 4 As
Debenture 43s
1925 J -J
10-6.
10014 Aug'12
14 10-014
4 1VA1-O
N
Cudahy Pack (The) 1st g 5s 1926
9914 103
U S Steel Co 10-60-yr 5s Apr 1963 M-N
100 Aug'12
Current River 1st 53
1915 10-A
80 8614 West End Street Ry 4s
8014 Sep '12
Dot Cr Its 63 W 1st 4s......_1940 A-0
1914
99 Oct '12
Gold 4 As
S
Dominion Coal 1st s t
_1040 11-N
9834 9914
1916 11-N
10313 Apr '05
Gold debenture 4s
Fitchburg 4s
1915 31-S
1917 F-A
Gold 48
1927 M-S
95 Oct '12
95 95
45
1271212212 Western Teieph & Tel 5s__ _1932 J-J
12712 Mch'12
Fremt Elk & Mo V 1st 6s
1933 A-0
1933 A-0
127 Mch'12
Unstamned 13t Os
127 12712 Wisconsin Cent 1st gen 4s 1949 J -J
Pr.cc
fri Lay
Dec 13
iVce.k's
e or
us
/easpsa
./7anSat.te:
Since
11
rIcz
—
High No
Ask Low
9914 Feb '12 ... _
047 9514 9478
4
9478
0438 _
_ 9434 Dec '12..,.__
9978
b
9978 Sale 9912
117 Apr '08
97 Meh 12 ____
110 113 113 Nov '12 ..._
____ 9212 9212 Sep 12 __.
8338 Nov'12 ____
_ 86
101
4
101 Sale 100
115 J'ne'0 --9612
4
"tig" -15512 96
10018 Apr '12 ____
Bid
Low High
9914 9914
9478 9813
9434 9732
9838 10034
116-12 -9Y113 11712
92 9212
,:338 89
100 10234
lid" 191;
m918 10014
.
1 9_52 f_
95:
1 M ch9•51112
---- 1015
Sep '08
---- ---- 10012
4 912y
-9:9:3.i
-------- 9978 Jan - 12 ....-- .
-------- -.192E:41151,
JJh7.ii --- ---- ..-----2 _ _ 0214 9238
1.
322
12418 ---; .
1 2..1._.
124
........
lul Apr 'Us.
987s Sep '09 _.
i -83
i.112
11138 Oct0'3L
21
1-1-0
3-34
95 Jan '12 __._ 9512 95
-----103 Jan '11
11;3-17014 Dec '10
2 1-0-8-4
10312,1'1y '12
94 97 95
97 Apr '0, ___
- 4 1111
0..lul Sep 'h. ---..193
__...1
.. 1)
(17
0018
8 10178
0%
---- 10018 J'ly '12 __
10178 blay'12
---95
5 9518 9718
9532 95
9478 9478 Deo '12 _ __ 9478 9612
i5 -3 Sale 10058 10058 1 10058 104
---- 99 May•12 _. 99 6918
---- --- 993 Oct '12 ._ __ 9933 10014
---- ---- 9878 Apr '1':
9812 Novill ------------__
9938 19 09 101
9918 Sale 99
9338 Feb 12 ____ 9.138 93
NOTE.—Buyer pays accrued Interest in addition to the purchase price for an Boston Bonds. • No price Friday: atest bid and asked. 11 Flat price
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share Prices—Not Per Cent= Prices
Saturday
Dec. 7
Monday I
Dec. 9
Wednesday
Dec. 11
Tuesday
Dec. 10
Thursday
Dec. 12
Friday
Dec. 13.
*11212
_ 11212
11212 11212 *11212
•11212 .- *11212
_ 11112 11112
11112 11112
112 112
4.11112
1714 1834 18
2212 2118
16 -18
1712 20
21
20
03
65
6512 6412 05
6734 6712
66
6612 6734 66
•122
123 12312 •____ 123 *122 123
*123
*1814
*1812 -- 1934 1934
4634467
-His-1(i
"iii; 1514 '2513
253, 2578
•ii1-2
2514 2512
212
213 212
213
212 212 *2
2
2
4112 4114 4112 41
41
*4034 4112 4114 4114
4873 49
49
4814 49
48
4914 4734 4812
*12
1214 *12
*12
*12
54
53 13-7-8 5312 5312 5313 54
*53
54
37
35
3612 3438 3634 3514 37
357s 37
7012
7012 71
71
71
7014
7012 71
7034 7034
*10
1012 1014 1014 1013 1014
10
1018 1018 1014
3018 3018 30
3012 2934 3014 *2934 3012 3014 3014
91
9138 9112 9112 9034 9034 89
0014 8934 8934
*80
8614 8512 8512 8312 85
8212 8412 83
8438
•1412 15
1412 1454 .1412 1454 1434 15
15
15
31
31
.3012 3112 3118 3114 *3012 3112 *31
3112
6034 61
6014 6078 60 60
6012 60',(460jf6
60
*4978 5018 4978 4978 4978 4973 *4934 5014 *4912 50
2314 2312 2312 2378 233s 2312 2313 2312 23
2314
*2712 2734 2714 2712 2714 2734 27
2714
2714 27
833s 8478 83 83% 8178 841A 8134 82'3,15
858X485
*612 638
612 612
618 638
63s 612
67
4 612
52
52
5134 5214 25014 5014 5018 5014 50
5014
8918 8912 8912 8934 8918 8914 8914 8912 8914 8938
*214
*4034
49
*12
54
PHILADELPHIA
Inactive Stocks
American Alining
10
Amer Itys receipts
50
Cambria Iron
Central Coal de Coke_100
100
Preferred
100
Consol 'Frac of N J
50
Germantown Pass
100
Harwood E3ectric
Huntington & B T____50
Preferred
50
Insurance Co of N A__.10
Inter Sin Pow & 011em..50
Interstate Itys.
10
Kentucicy Securitles__100
Preferred
100
Keystone Telep, pref__50
Keystone Watch Case_ 100
Lit Brothers
10
Little Schuylkill
50
MIneIsili rc Schuyl 11_50
Nat Gas Mee Lt & Po_100
Preferred
100
North Pennsylvania___50
Pennsylvania Salt
5u
Pennsylvania Steei__ _100
Preferred
100
Pislia Co (Pitts) pref___50
Phil German & Norrls_59
Phlla Traction
30
Hallways General
10
Tonopah Belmont Dev_l
United Cos of N J_ __100
Cti.ted 'frac Pitts P-ref_50
Virgin's By & Pow__ _100
100
Preferred
Warwick Iron & Steel_lu
Washington-Va By.. _ 10.
100
Preferred
100
Welsbach Co
West Jersey & Sea Sh__50
Weit moreland Coal__50
100
Wilkes Gas & Elec
York Railway
Preferred
so
DLI
43Ic
178 2
10238 10278
90
91
.....
- - - - -2-3
.12
__.
22
2214
—.
-721-2 74
-- —
1712 1812
30 __
80 .___
jai - ioS . 03
94
4414 4434
-31.1-2 -313-4
—118
_ ___
35
10
4712
77
- - --
_
1013
49
71
--__
____
51"i6 13
36
-1437
253s
Baltimore
140 Con Gas El L & Pow_100
pref
100
Do
185
15,114 Houston Oiltr etfs_100
Do
pre: tr ctfs.100
3,039
223 Northern Central____ 50
52 Seaboard Air Line__100
pre.:
100
Do
100
2,440 United By & Electric_ 50
Philadelphia
214 212
50
259 American Cement_
*41
50
64 American Railways
4112
4812 4834 3,236 Cambria Steel
00
Electric Co of America 10
*12
1212
5312 5334
877 Eleo Storage Battery 100
3634 3834 21,860 Gen Asphalt tr ctfs_.J00
pre( tr ctfs_100
Do
1,391
7014 72
*1014 1034
424 Keystone Telephone_ 50
*30
3034
785 Lake Superior Corp_ 100
*89
90
746 Leh C & Nay tr ctfs.., 50
50
8378 8412
999 Lehigh Valley
15
15
943 Lehigh Valley Transit 50
Do pref
50
420
3112 3112
60ife 6034 4,783 Pennsylvania RR
50
4934 50
50
365 Philadel Co(Pittsb)
25
2314 2312 17,798 Philadelphia Elea
2714 27,4 2,835 Phil R T vot tr Ws
50
50
/4 8,915 Reading
8218 831
618 ot4 4,092 Tonopah Mining
1
50
5014 50,4 2,231 Union Traction
bu
2,743 United Gas lmpt
8914 90
Bid
PHILADELPHIA
Bond;
Prices are aU "and
interest'
Alt & L V Elec 4 As'33F-A
Ain Gas & Elec 5s '07_1
,
-A
Am Itys Os 1917
A-0
Atl C Gas lets t 5s
Berg&EBrew 1st 6521 J-J
llethlelt Steel 13s 1998_Q-1
,
Ch Ok & G gen Os 1919 J-J
Con Trac of N J let 5s '33
Del Co Itys tr Ws 43.49J-J
Edison Eieo 5s 1946_A-0
Eiec 63 Peoples Tr tr MI5__
Fr Tac6311 1st 5s 1940.J-J
Gen Asphalt Os 1918_M-S
IIarw Eleo 1st Os 1942.M-S
Interstate 4s 1943
F-A
Keystone Tel Ls 1935_J-J
Lake Sup Corp Inc 53'24_0
Lehigh Nav 4 As '14__Q-J
Gen Ai 4 As g 1924_Q-F
Leis V 0 1st 5s g 1933_J-J
Leh V ext 43 let 1948-J-D
conso. Os 1923
J-D
Consol 4 As 1923
J-D
Annuity Os
J-D
Gen cons '4 2003 M-N
Leh V 'Iran con 4s '35 J-1)
1st series A 45 1935_1.1-S
Malst series il 53 1935 M-S
rketStEl 1st 4s'55 M-N
NatLH 63P ser It 5s 19 J-J
New Con Gas Os 1948_J-D
NY Ph & No 181 48'39 J-J
Income 45 1939
M-N
Pa de N Y Can 58 '39_A-0
Penn Steel 1st 53 '17_Ai-N
Pc.ople's Tr tr ctfs 45 1943
P Co Ist&col1 tr 5s'49 51-5
Con 63 coil tr 55 '51 111-N
Phil Elec gold tr ctfs_A-0
Trust Ws 43 1949 __J-J
P & E gen AI 51 g '20..A-0
Gen NI 4s g 1920
A-0
!Bld and asked; no sales on this day.
11212
11112
2234
68
123
19
Sala
ACTIVE STOCKS
0/1/14
Week (For Bonds and Inactive
Stocks see below)
Shares.
Ex-div. & r.ghts.
Ask
PHILADELPHIA
Ph 63 Read 2d 5s 1933 A-0
Ex Imp AI 41 1947_A-0
Terrain-I Os g 1941_Q-F
_
P W & B col tr 4s '21._J-J
-31- -88 - Read Trac 1st 65 '33__J-J
9534 _
Hoch fly & L con 58'54 J-J
—
Spanish-Am Ir 88
_
Stan'd Gas & E 6s'26_J-D
iid- 116-34 Stand 511 Wks lst5s'28 J-J
10214 U Trac Ind gen 53 '19 _J-J
Un Itys Tr ctts 45'49....J-J
United Rys Inv 1st coil tr
s t 5s 1928__M-N
85 -313-8 Welsbach s 1 5s 1930__J-D
Wit-B G&E con 5s'55_J-J
-54-1-2 -95- York Rya 1st 5s 1937-J-D
99 100
86
1
60 0
BALTIMORE
Inactive Stocks
74 ___ Atlan Coast L (Conn)-100
_ Canton Co
100
Consolidation Coal,. 100
- Georgia Sou & Fla__ _10u
1.661;
1st preferred
10214
100
2d preferred
100
wohangds
GI-B-S BreB
104
106
9614 9012
—_
9634 _
—
—
_
10178
-6 is 90
103 10334
8112 82
105 106
_
II $15 paid.
Prices ars alt "and
interest"
Bait City 33s 1930
J-J
45 1954-1955__Varlous
55 1916
M-N
Anacostia & Potom 53 A-0
AtCoast L cony deb 4851-N
Atl Coast L(Ct)ctts 58 J-D
5-20-yr 45 1925
J-J
BSP&C 1st 4 As'53 F-A
Bait Trac 1st 5s'29__M-N
No Halt Div 5s 1942 J-D
Cent Ity cons 5s '32.._11-N
Ext 63 Imp 5s 1932_M-S
Chas City Ity 1st 5s'23 J-J
Chas Ity G & El 5s'99 M-S
City 63 Sub 1st 5s 1922 J-D
City & Sub(Was)1st 54 '43
113 14
paid.
Range Since
January 1
Lowest
Highest
98 'Jan 3 117 May 6
101 Jan 2 110 Apr 3
814 Jan 3 2518 Nov22
5334 Jan 25 7212 J'ly 18
123 Dec 2 130 Apr 8
19 Oct 19 2714 May24
4513 Mch 14 5534 J'ne 10
1814 Jan 2 2638 Sep 9
Range lee Previous
'year (1911)
Lowell
Highest
-----
64 Jan
89 Jan
7 Mch
45 Feb
121 Jan
20 Jan
33 Jan
1012 Jan
01511 Deo
101 Sep
10 Aug
79 J'ly
13034 J'ne
27 J'ne
50 Nov
1978 J'ly
5 Nov
7 Jan 10
1 J'ne 14
42 Jan
4012 Oct 30 47 Sep 25
4078 Sep
4112 Mch 2 5518 Oct 10
1112 Jan
1212.1'1y
1112 J'ly 31
481 Jan
5234 Jan 16 5838 Aug 12
2812 Aug
18 Apr 2 3834 Dec 13
68 Aug
5934 Apr 2 73 Jan :1
638 Dec
0 Apr 4 13 Sep 16
2112 Sep
27 Feb 20 3514 Sep 7
8312 J'ne
877s Alch20 /00 Sep 25
7534 Sep
7818 Feb 5 9278 Jan 16
614 Jan
812 Jan 3 1678 Sep 16
1812 Jan
23 Jan 12 3338 Sep 16
5938 Sep
(10 Dec 10 63148 Apr 26
4814 Sep
4934 Dec 13 5614 Feb 16
1512 Nov
111678 Jan 2 2434 Sep 6
17 Apr
2218 May 6 29 Sep 13
5914 Apr 31 611154, Sep
7414 Jan 11
512 J'ly
618 Dec 12
814 Apr 15
43 Jan
4934 Feb 28 53 Sep t
8614 Jan Ii 9238 Aug G
8414 Sep
1712 Jan
4612 Nov
4834 Feb
121 Jan
561s J'no
3914 Oct
8378 Jan
918 Jan
32 Feb
98 Jan
9371e Dec
978 Oct
2533 Oct
65 Feb
5914 Jins
18 J'ly
2418 Aug
8034 Feb
85s Jan
5234 Aug
13112, Jan
Bid
Bitt
Ask
BALTIMORE
Coal & C Ry 1st 53'19 A-0
Coal & I By 1st 5s '20_F-A
iii- iii- comarnv 1st 6s 1918 J-J
99 9912 Consol Gas 53 1939_J-D
Gen 44s 1954.___A-0
._ Cons G E & P4 ;is '35 J-J
Ifilli 102 Consol Coal 5s 1950_ _J-D
100 10012 Fair & Cl Tr 1st 5s'38 A-0
Ga & Ala 1st con 55'45 J-J
_. Ga CardoN 1st Os g '29_J-s
Georgia P 1st 6s 1922__J-J
74 75
Ga So & Fla 1st 58 '45_J-J
8214 8218 G-B-S Brew 3-4s '51_M9314 9354 Houston 011 div ctfs _F-A
10212.-- Knoxv Trac 1st 5s '28 A-0
Maconlly&Lt 1st 55.53 J-J
2_
_6;2
MU Elec fly 1st 55'31 _A-0
Memphis St 1st Os '45_J J
Monon V Trao 53'42.J-D
Mt Ver Cot Duck let Os__
Npt N &0P 1st 55'38M-N
-14 N & A Terml 5s '29_ M-S
-47934- 100
Nor&Port Tr 1st 5536 J-D
30
Norf fly & L 5s '49_M-N
92
75North Cent 4 As 1925-A-U
Series A 53 1928____J-J
3 --i
Series B Sc 1926____J-J
Pitt Un Trac 5s 1997__J-J
Poto Val 1st 53 1941__J-J
Say Fla & West 5s '34 A-U
01
96 -66 2 Scab Air L 4s 1950___A-U
__ 10214 Scab & Roan 5s 1926__J-J
9834 9914 South Bound 1st 5s__A-u
9934 100
U El L&P 1st 4 54s'29 M-N
19
02
112 ____ Un By & El 1st 4s '49 M-S
Income 45 1940___J-D
....-Funding 5s 1938—J-D
9512
Cony notes 53 1914_ J-J
106 :7:3d ser tis '16__M-S
3122 .
10814 Va Mid
10
07
4th ser 3-4-53 1921_11-S
100 -._
..
5th series Os 1926__M-s
106 ___.
10212 ____ Va (State) Is new '32 _J-J
Fund debt 2-38 1991 J-.1
9612
--_-_- West N C con Os 1914_J-J
____ 103
Wil & Weld 5s 1035___J-J
113 114
$17 34 paid.
Ask
0414
100
107"
94 95
8712 88
9112
9912
105
1u5
110
105
45
83 84
1(1484
9812
9712 9814
_
73
9711 99
92 9212
- - 9214
9234
104
10712 -- .
10712
104
109
104
106
9212
84 -8454
6334
8712
103 idi-- 8312
8312
10134
108
1602
THE CHRONICLE
Anuestment
[VoL. Lxxxxv.
and igaittcracl lIntettiaence.
RAILROAD GROSS EARNINGS. •
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be bta ned. The first two columns of figures give the gross earnings for the latest week or month, and the last two
co'. mns the earnings for the period from July 1 to and including such latest week or mon h. 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 subse luent pag,.
Latest Gross Earnings.
ROADS.
Week or
donth.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year
Ala N 0& Tex l'acN 0 & Nor East November
334,617 342,307 1,602,806 1,558,837
A'a & Vicksburg_ November
161,186 165,701
783,685
719,578
Vicks Slimy& Fac Tovember
161,844 148,134
728,628
617,034
Ann Arbor
60,636
4th wkNov
59,551
985,073 1,011,533
Atch Tope'ca & S Fe October __ 11363860 9,945,875 39,979,230 35,789,388
Atlanta Birm & At! October __ 313,898 309,478 1,080,825 1,092,084
Atlantic Coast Line October .... 3,033,457 2,784,565 10,394,350 9,695,386
Charlest & W Car October _ 190,750 197,015
590,911
650,877
Louise Hen& St L October __ 121,397 115,312
427,871
443,641
g Baltimore &Ohio _ October_.. 9,408.363 8,259.823 35,105,890 32,150,795
153,824
174,484
B & 0 Ch Ter RR October __
616,803
560,644
Bangor & Aroostook October __ 315,459 303,322 1,040,683 1,145,214
Bessemer & Lake E October __ 961,443 908,653 3,902,980 3,826,555
71,360
374,675
277,549
Birmingham South_ October __ 101,639
Boston & Maine
October __ 4,816,478 4,115,342 17,740,296 16,413,609
Bull Roch & Pitts 1st wk Dec 203,900 182.339 5,118,432 4,371,169
203,348 211,211
604.452
Buffalo & Sus6
September
626,328
Canadian Northern. 1st wk Dec 567,900 461,600 10,675,800 8,964,900
Canadian Pacific
1st wk Dec 2,771,000 2,478,000 63,840,245 '4,217,799
Central of Georgia_ 4th wkNov 372,200 385,200 6.079,865 6,002,607
Cent of New Jersey October __ 2,881,994 2,646.• 23 11,436,868 10,127,744
Cent New England.. October __ 329,691 317,868 1,305,629 1,111,647
October __ 389,881 376,483 1,522,381 1,487,173
Cent:al Vermont
Ches & Ohio Lines_ 1st wk Dec 638,103 628,563 15,588,236 14,877,197
1st wk Dec 290,116 276,284 7,239,435 6,976,137
Chicago & Alton_
Chic Burl & Quincy October __ 9,575,518 8,320,216 33,967,735 31,465,144
p Chic Great West.. 4th wkNov 266,999 236,154 6,062,377 5,693,118
Chic Ind & Loulsv_ 1st wk Dec 139,041 118,642 3,203.643 3,004,446
Chic Milw & St P.. October__ 7,2-.4,754 6.141,525 25,918,521 22,643,790
Chic Mil & Pug S October .._ 2,165,324 1,582,690 7,600,651 5,647,119
vOhlc& North Wtst October _ 8.431,908 7,485,604 31,134,964 28,049,874
oChic St Paul M&O October _ 1,,807,988 1,499,608 0,242,120 5.421,717
Chicago T H & S E.. October _ 188,581 168,474
654,446
627,411
Cmn Ham & Dayton October __ 987,436 921,092 2,773,182 8,717,737
Colorado Midland_ October __ 220,486 203,353
784,615
733,998
S Colorado & South. 1st wk Dec 301,236 315,659 6,845,566 6,778,748
Cornwall
October __
19,778
15,914
81,530
63,668
32,927
Cornwall &Lebanon October __
25;053
142,044
117,118
Cuba Ra'tread
October __ 289.813 257,682 .1,257,574 1,037,957
Delaware & Hudson October __ 2,021.740 1,955,818 8,385,266 7,599,833
Delaware Lack & W October __ 3,860,824 3,301,710 14,142,017 12,897.462
Deny & Rio Grande 1st wk Dec 468,500 433,400 11,943,112 11,168,304
Westera Pacific October __ 632,031 530,233 2,290,090 1,990,080
Denver N W & Pac October __ 112,745 110,474
484,365
487,066
Detroit Tot & Iron, October _ 173,457 173,797
611.537
625,497
Detroit & Mackinac 1st wk Dec
20,988
21,838
551,977
537,485
Dul Sou Shore & At! 4th wkNov
75,508
63.470 1,465,620 1,414,394
Dul & Iron Range.. October __ 952,324 938,074 4,049,974 3,952,082
Elgin Joliet & East_ October __ 1,149,904 891,848 4,398,222 3,291,943
El Paso & So West.. October __ 757,683 620,637 2,739,932 2,251,704
October _ 5,780,078 5,205,847 22,347,031 20.587,865
Erie
2,194
2,395
October -_
Fairchild & N
8,862
7,551
Florida East Coast.. October __ 326,788 270,626 1,107,695
926,800
80,570
77,486
368,118
Fonda Johns & Glov October __
352,988
October __ 222,088 345,322
987,694 1,151,023
Georgia Railroad
Grand Trunk Syst_ 1st wk Dec 1,005.097 892,957 24,897,124 22,612,535
Grand Trk West.. 3d wk Nov 142,895 118,947 2,853,774 2,629,285
67,400
51,259 1.025,092
954,759
Det Gr H & 1VIllw 3d wk Nov
51,647
43.399 1,004,877
883,715
Canada Atlantic.. 3d wk Nov
Great North System November 7,757,543 6,224,730 37,308,088 31,633,770
669,160
646,446
Gulf & Ship Island, October __ 177,045 159.476
October _ 734,800 656,758 2,888,074 2,673,710
Hocking
November 5,476,774 4,932,206 27.649,478 25,474,100
Illinois Central
Internet & C.,rt Nor. 1st wk Dec 191,000 214,000 5,628,500 4,828,978
a Interoceanic Mex_ilst wk Dec 161,106 141,503 3,755,759 3,612,415
Knanwha & Mich .september
285,831 294,593
903,102
895,965
;Kansas City South. October__ _ 953,987 £48,741 3,634,434 3,172,305
October..__ 3,947,469 3,465,306 15,337,039 13,393,641
Lehigh Valley
Lexington & East.... October _
61.855
46,307
245,904
194,724
Louisiana & Arsan_ October __ 128.133 109,671
529,732
429,982
eLoulsv & Nashville 4th wkNov 1,541.760 1.418,583 24,829.924 23,667,302
13,349
14,678
71,322
72,486
Macon & Birm'hain November
1,032,032 983,623 4.103,879 3,911,327
October
Maine Central
184.884
43,170
166,818
50,336
Maryland & Penne_ October __
a Mexican Railway_ 3d wk Nov 145,800 162,700 3,240,400 3,102,600
24,7:-10
19,993
356,460
311,325
Mineral Range__ 1th wkNov
Minn & St Louis_l 1st wk Dcc 187.470 155,370 4,493,153 3,590,013
Iowa Central_.,_f
Minn St P & S S M. October _ 2,588,926 1,788,706 7,662,187 6,277,485
Chicago Division. October _ 1,006,167 827,791 3,691,259 8.314,613
Mississippi Central_ October __' 3'
77,758
338,096
308,686
is Mo Kan & Texas_ 1st wk Dec 634;031 559,748 15,154,798 13,545.765
x Missouri Pacific__ 4th wkNov 1,564,000 1.430,000 27,298,501 24,078,772
Mery Chatt & St L October __ 1,170,229 1,057,483 4,391,820 4,082,439
aNat Rys of Mex_t_ 1st wk Dec 1,267,242 1.263,606 28,162,954 28,130,915
215,405
9,288
169,106
Nevada-Cal-Oregon 4th wkNov 10,058
128,748 149,269
429,217
N 0 Great Northern leptember
430,414
786,105
610,002
N 0 Mobile & Chic_ October __ 224,901 170,804
oN Y 0& Hud Ely_ October _ 10192479 9,553,552 40,027 152 37,618,922
Lake Shore & M S October _ 5,172.316 4,351,609 19,495,168 17,516,306
nLake Erie & W. October _ 562,333 488,256 2,150,096 1,994,586
Chic Ind & Soutb October __ 423,040 368,328 1,434,878 1,256,939
Michigan Central October _ 3,204,940 2,865,021 11,725.046 10,822,377
Cloy 00 & St L October __ 3,188,640 2,697,279 11.985,689 10,851,005
Peoria & Eastern •ctober __ 330,935 280,716 1,263,887 1,109,239
530,651
480,981
Cincinnati North October __ 155,324 122,688
Pitts & Lake Erie October __ 1,836.554 1,442,323 6,892,247 5,810,611
N Y Chic & St L October _ 1,253,014 1,001,351 4,235,707 3,858,943
Tol & Ohio Cent_ October __ 514,872 500,940 1,998,443 1.970,248
Tot all linesabove October __ 27134448 23673061 101738968 93.290.154
AGGREGATE
Weekly Summaries.
Curren..
Year.
Previous
Year.
Latest Gross Earnings.
ROADS.
Week or
donth.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
NYN118: Hartf_ October
8,314,027 5,735,12" 24.463,217 22,180,321
N Y Ont & West.... October
801,424 720,399 3,625,975 3,394,140
N Y Susq & West__ October
325,035 345,061 1.225.120 1,338,430
Norfolk Southern__ October
307.745 278,227 1,172,601 1,051,852
NoeColk & Western.. October
3,888,376 3,445.793 15,021,923 13,469,728
Northern Pachlc__ October
7,667,044 6,604.918 26,229,714 23,369,817
Pacific Coast Co_ _ _ October
746,792 761,989 2,954,230 2,912,954
Pennsylvania RR__ October
16374615 14353719 42,116,989 54,591,091
Ball Ches & Atl_ October
25,482
151,688
20,217
133,949
Cumberland Vali October
320,185 268,425 1,182,585 1,007,852
Long Island
October
958,400 876,744 4,605,998 4,315,989
Maryl'd Del & Va October
14,991
73,423
67,975
11,263
N Y PhIla & Nod October
299,023 289,717 1,295,019 1,188,142
Northern Central October
1,223,916 1,201,495 4,561 636 4,358,236
Phil Bait & Wash October
1,831,994 1,667,127 7,349,082 6,623,444
W Jersey & Seash October
460,270 446,619 2,941,339 2,813,736
Pennsylvania Co...._ October
6.134,793 5,221,333 24,156,318 20,430,318
Grand Rap & Ind October
483,604 453,119 2,025,823 1,882,294
Pitts 00 & St L_ October .7_ 4,181,897 3,533,145 15,60.),576 13,880,993
Vandalia
October
1.083.154 919,761 3,965,931 3,499,669
Total Lines__
East Pitts & E
October
22971359 20451144 90,370,351 80,603,861
West Pitts & E October
12023004 10246140 46,252,253 40,155,546
, All East &West October
34994363 30697284 136622605 120759408
Pere Marque tte_ _ _ October
1,625,536 1,609,287 6.134,285 6,045,183
Reading CompanyPhila & Reading_ October
4,789,607 4,116,724 17,520,275 15,109,777
Coal & Iron Co October
4,784,547 3,748,332 14,592,386 9,932,499
'Iotal both cos..... October
9,574,154 7,865,056 32,112,661 25,042,277
Rich Fred & Potom October
211,981 197,611
871,038
766,963
Rio Grande June_ _ _ September
277,122
129.465 110,241
312,035
Silo Grande South 4th wkNOv
12.716
282,183
210,818
16,172
Rock Island Lines.._ October __ 7,103,127 6,188,324 25,773,411 22,953,189
Rutland
October
351,916 320,819 1,3844e14 1,284,433
St Jos & Gr Island_ October _ 108,854 153,831
620,507
609,314
St L Iron Mt & Sou October -- 3.100,462 2,830.765 11,594,783 10,115,928
St L Rocky Mt St P October __ 196,226 149,200
666,664
542,492
St Louis & San Fran October -- 4,370,010 4,122,871 15,836,361 14,558;118
f Chia & East lii. October __ 1,480,539 1,471,325 5,612,912 5,429,806
October -- 5,850.549 5,594.196 21,449,272 19,987,924
Total all lines
St Louis Southwest. 1st wk Dec 274,000 275,000 6,084,403 5,452,553
San Ped L A & St L October _ _ 908,053 751,511 3,398,391 2,979,425
Seaboard Air Line 4th wkNov 588,751 541,097 9,473,104 9,159,224
Southern Pacific Co October __ 13915714 11925129 50,845,185 45,815,975
Southern Railway 1st wk Dec 1,362,710 1,327,328 30,257,169 28,067,093
Mobile & Ohio.. 4th wkNov 302,434 314,623 5,066,292 4,884,868
Cin N 0& Tex P.. 4th wkNov 290,193 255,421 4,193,958 4,029,759
Ala Great South_ 4th wkNov 156,836 164,889 2,139,286 1,967.867
Georgia Sou& Fla 4th wkNov
65,253
62,657 1,020,955 1,011,514
Spok Port & Seattle October __ 512,925 475,908 1,911,353 1,783,218
Tenn Ala & Georgia 4th wkNov
56,618
47,730
3,397
2,394
Tennessee Central_ October
550,032
560,589
152,684 134,261
'Texas & Pacific
1st wk Dec 381,868 396,768 8,450,947 7,794,532
Tidewater & West_ September
26,411
'28,518
8,718
8,652
Toledo Peor & West 1st wk Dec
569,808
613,827
20,337
20,644
Toledo St L & West 1st wk Dec
81,852 1,796,431 1,806,174
89.414
Union Pacific Syst_ October
9,687,569 8,714,435 35,006,002 32,191,461
V.rginia & So West.. October
583,139
593,400
157,460 152,818
% ireinian
October
486,837 418,963 1,764,229 1,580,778
Wabash
Novembc: 2,706,857 2,434,307 14,171,693 12,856,258
Western Maryland_ Septembee
681,634 667,823 1,926,863 1,893,604
Weal & Lake Erie_ October __ 808,632 708,651 3,046,831 2,821,833
Wrightsv & Tennille October
122,128
40,725
105,038
36,407
Yazoo & Miss Vali_ November 1,137,340 1,081,291 4,514,380 4,189,652
Various Fiscal Years.
Period.
Delaware & Hudson
Jan
N Y Central & Hudson River_e_ Jan
Lake Shore & Michigan Soutb Jan
Lake Erie & Western_n
Jan
Chicago Indiana & Southern_ Jan
Michigan Central
Ian
Cloy Cin Chic & St Louis
'an
Peoria & Eastern
Ja
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
New York Chicago & St Louis Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
Pennsylvania Railroad
Jan
Baltimore Oliesap & Atlantic_ Jan
Cumberland Valley
Jan
Long Island
Jan
Jan
Maryland Delaware & V a_
N Y Philadelphia & Norfolk_ Jan
Jan
Northern Central
Philadelphia Ball & Wash._ Jan
West Jersey & Seashore. Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
Pitts Clue Chicago & St L
Jan
Vandalla
Jan
Total lines-East Pitts & Erie Jan
West Pitts & Er Ian
All lines E & W Jan
Rio Granle Junction
;Sec
Rutland
tan
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
Current
Year.
Previous
Year.
31 18.494,276 17,823,841
31 90,589,548 86.427.585
31 44,541,088 40,261,349
31 4,803,657 4,518,755
31 3,460,070 3.129,786
31 26,962,438 24,881,790
31 26,680,505 25,276,891
31 2,770,336 2,673,516
31 1,147,406 1,021,603
31 14,962,683 12,747,907
31 9,062,980 9,250,749
31 4,417,499 4,078,521
31 230298810 214208511
31 144147105 129916773
239,205
204,360
31
31 2,716,889 2,399,136
3311 0,524.065 8.999,383
110,950
122,312
2,991,164 2,786,588
!
0
Oc
c 31 10,572.138 10,566,038
Oct 31 16.851,679 15,742,782
Oct 31 5,632,176 5,401,122
Oct 31 51,656,040 44,693,827
Oct 31 4,521.541 4,227,451
Oct 31 35.858.957 31,932,607
Oct 31 8.785,640 8,269,664
Oct 31 205035248 187520164
Oct 31 102018503 )0.222,743
Oct 31 307054751 277712908
818,116
Seat 30
783,686
Oct 31 2,099,297 2,358,262
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct0ct
OF GL.OSS EARNINGS-Weekly and Monthly.
Increase or
Decrease.
%
fonthly Summar:8c.
Current
Year.
Previous
Year.
Dicrease or
Decrease.
$
lileage. Cur. Yr. Prev. Yr.
$
$
S
S
$
February -237,082 233,191 218,031,094 197.278,939 +20,752,155 10.52
+729..369 3.88
4th week Sept (36 roads)...._.. 19,503,157 18,773,788
+12,955,678 5.77
237,564,332
March
224,608,654
roads)....__
4.17
238,218
(38
14,934,702
+598,665
234,692
Oct
14,366,037
1st week
2.10
+4,538,251
April
+985,991 6.56
233,087 220,678,465 216,140,214
.
d week Oct (39 roads)._... 16,003,026 15,017,035
May
235,410 231,597 232,229,364 226,181,666 +6,044,698 2.67
d week Oct 39 roads)....... 16,343,503 15,051,023 +1,289,481 8.57
June
4th week Oct 39 roads -_ 24,173,993 21,461,603 +2,712,390 12.64
,31.3,
115 230.891 243,226,498 228,647,383 +14,579,115 6.38
245,595,532 222.537,872 +23,007,660 10.34
July
+921.847 6.70
1st week Nov 38 roads)...... 14,696,080 13,774,233
' ,
August
239.230 235,404 276,927,416 251,037,032 +25.860,384 10.30
2d week Nov (37 roads)..... 15,621.495 14,075,093 +1,546,397 10.98
Septernber_237,591
week
13,482,111
Nov
15,269,490
35 roads)_..
+1,787,379 13,26
ad
235,140 272,209,629 252,318,597 +19,891,032 7.88
October........ 86.131
4th week Nov (39 roads)._ ..- 20,632,339 18,527,219 +2,105,090 11.36
85,457 85,141,427 75.813,471 +9,327,956 12.30
November
86,371
week Dec (23 roads)_- 10,981,664 10,245,101
84,098 „ 1 71,015,980 +8.441,331 11.88
+736,563
7.20
let
_
a Mexican currency. b Does not incl ide earnings of Colorado Springs'lc- Cripple Creek District Railway from Nov. 1 1911. e Includes the Boston & Albany, the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Railway, the latter of which, being a Canadian
road,does not make returns to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville & Indianali,R. g Includes the Olebeland Lorain & Wheeling Hy. in both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City & lot. Dodge and
Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Fran2fort & Cincinnati. t Includes the Mexican International. u Includes
the Texas Central In both years and the Wichita Falls Lines In 1912. beginning Nov. 1. v Includes not only operating revenues, but also all other
'
receipts. z Includes St. Louis Iron Mountain & Southern.
DEC. 14 19i.]
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of December. The table covers 24 roads and shows 7.20%
increase in the aggregate over the same week last year.
1603
Interest Charges and Surplus.
-Int., Rentals, &c.--Bat. of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
Bellefonte Central
Nov
1,235
244
250
2,055
•
Jan 1 to Nov 30
8,843
2,684
11,735
2,750
Increase. Decrease.
1912.
1911.
First week of December.
Denver & Rio Grande__ _Oct 587,979
538,113 d354,212
d21,739
July 1 to Oct 31
21,561
182,339
2,188,099 2,034,277 d872,486 d601,298203,900
Buffalo Rochester & Pittsburgh
461,600 106,300
Canadian Northern
Duluth So Sh & Atl
567,900
Oct
95.531
100,060 zdef39,390 xdef12,015
293,000
2,478,000
Pacific
2,771,000
Canadian
July 1 to Oct 31
393,310
388,175 zdef97,916
x15,818.
9,545
628,563
Chesapeake & Ohio
• 638,108
Mineral Range
Oct
12,621
z4,338
z1,026
12,554
19,832
276,284
Chicago & Alton
296,116
July
1
to
Oct
31
49,632
z2,827
x4,621
50,471
20,399
118,642
Chicago Ind & Louisville
139,041
315,659
14,423 New London NorthernColorado & Southern
301,236
July 1 to Oct 31
433,400
35,100
Denver & Rio Grande
468,500
78,578
90,466 def32,667 def13,706
Jan 1 to Oct 31
21,838
850
253,721
Detroit & Mackinac
20,988
235,096 def83,020 def94.892
)
Grand Trunk of Canada
N Y Ontario & Western_Oct 120,629
85,369
63,273
116,859
I 1,005,097
892,957 112,140
Grand Trunk Western
July 1 to Oct 31
481,799
562,472
789,649
451,933
Detroit Or Hay & Milw_ _ _ _
Oct 461,490
Norfolk & Western
496.113 z1,079,310 x791,092
Canada Atlantic
July 1 to Oct 31
1,842,312 1,994,317 x4,003,147 x3,334,936
214,000
191,000
23,000
Internet & Great Northern_ _ __
141,503
19,603
161,106
Rio Grande Southern.._ _Oct
InteroceanIc of Mexico
19,479
x7.276 xdef26,317
18,825
155,370
187,470
32,100
July 1 to Oct 31
1
Minneapolis & St. Louis
77,447
75,525 zdef22,944 xdef40,133
Iowa Central
Peor
&
West_
_
_
Toledo
_Nov
24.793
xdef4,883.
xdef7,340
23,950
634,631
559,748
74,883
Missouri Kansas & Texas
July 1 to Nov 30
119.375
120,169
x8,509
x46,157
3,636
1,267,242 1,263,606
National Railways of Mexico
275,000
274,000
1,000
St Louis Southwestern
INDUSTRIAL COMPANIES.
1,362,710 1,327,328
35.382
Southern Railway
381,868
396,768
14,900
Texas & Pacific
-Int., Rentals, ctc.- -Bal. of Net Earrt.4.20,337
20,644
307
Toledo Peoria & Western
Current
Previous
Current
Previous
89,414
81,852
7,562
Toledo St Louis & Western....
Companies.
Year.
Year.
Year.
Year.
$
$
$
10,981,664 10,245,101 791,043
$
54,480
Total (24 roads)
Atlantic Gulf & W I SS Lines736,563
Net increase (7.20%)
(Subsidiary Cos)
Sept 132,380
128,072 def28,390
32,946.
Jan 1 to Sept 30
1,183,222 1,155,577
532.465
766,178
For the fourth week of November our final statement Keystone
Tel & Tel
Nov
25.258
24,970
29,783
23,666
covers 39 roads and shows 11.36% increase in the aggregate
Jan 1 to Nov 30
276,813
270,675
276,927
262,612
over the same week last year.
Oct
Wisconsin Gas & El
8,873
8,626
x10,643
x7,808.
Jan 1 to Oct 31
88,224
85,010
x81,342
z68,494
1912.
1911.
Increase.
November.
Decrease.
of
Fourth Week
d These figures are after allowing for other income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus and
placed to the credit of renewal fund. Since Sept. 1912 $10,000 has been
roads).
16,439,922
14,573,376
1,889,437
(23
22,891 deducted each month for the ref. mtge. sinking fund.
Previously reported
156,836
164,889
8,053
Alabama Great Southern
x After allowing for other income received.
59,551
60,636
Ann Arbor
1,085
372,200
385,200
Central of Georgia
13,000
30,984
288,412
Chicago & Alton
319,396
ELECTRIC RAILWAY AND TRACTION COMPANIES.
30,845
Chicago Great Western
236,154
266,999
34,772
Cincin New On & Texas Pacific
255,421
290,193
Detroit & Mackinac
2,664
28,816
26,152
Duluth South Shore & Atlantic..
12,038
75,508
63,470
! Jan. 1 to latest date.
Latest Gross Earnings.
2,596
Georgia Southern & Florida__ _ _
65.253
62,657
Name of
93,177
Louisville & Nashville
1,541,760 1,448,583
Previous
Road.
Week or Current Previous! Current
Mineral Range
24,730
4,737
19,993
Year.
Year.
Month.
Year.
Year.
302,434
Mobile & Ohio
314,623
12,189
10,058
Nevada-California-Oregon
9,288
770
588,751
541,097
Seaboard Air Lino
47.654
American Rys Co___ November 402,878 371,195
3,397
2,394
1,003
Tennessee Alabama & Georgia_
Atlantic Shore Ry___ October __ 29.274 23,369
314,388
297,926
86,535
74,904
11,631
Toledo St Louis & Western.._ _ _
cAur Elgin & Chic Ry October __ 166,069 156,742 1.602,361 1.500,934
Bangor Ry & Elec Co October _ _ 62,964 53,129
588.014
491,497
20,632,339 18,527,249 2,162,308
Total (39 roads)
57,218 Baton Rouge Elec Co October _ _
13,315 10,593
120,503
96,315
2,105,090
Net increase (11.36%)
Binghamton Railway September
38.570 36,418
321,425
292,100
Brazilian Tr, Lt & P.. October _ _ 1770.187
October
Brock & Plym St Ry_
9.594
9,336
104,108
103,044
Rap Tran Syst July
2299,420 2238,045 13,972,036 13,351.092
Net Earnings Monthly to Latest Dates.--JIlle table BklynBreton
Elec Ry October
31,133 31.650
291,226
275,148
following shows the gross and net earnings of STEAM rail Cape
Carolina Pow & Lt Co July
36,267 26,980
240.597
200,229
Cent Park N & E Ely July
59,548 58,589
374,483
365,066
roads and industrial companies reported this week:
Central Penn Trac__ October
74,249 69,494
723,895
763,006
- Chattanooga
-Gross Earnings- -Net Earnings
Ry& Lt October
95,581 83,698
877.927
780,934
Current
Previous
Current
Previous
Cleve Painesv & East October _ _ 32,692 30,974
327,028
310,567
Roads.
Year.
Year.
Year.
Year.
Clev Southw &Colum October
106,915 99,404
945,618
984,626
$
$
$
$
Columbus(Ga) El Co October
444.249
401,046
48.766 44.452
1,485 Commonw P. Ry &Lt October _ _ 573.053 482.351 5,154.963 4,462,809
6,547
Bellefonte Central_ b_ __Nov
7,274
2,299
64,295
Jan 1 to Nov 30
11,693 Coney Isl'd & Bklyn July
14,419
69,813
200.357 197,842
920.245
907,820
202,728 182.459 1,483.568 1,333,351
610.721
Chicago Ind & Loulsv_b_Oct 674,004
213,405 Dallas Elec Corp....__. Octobber
243,627
July 1 to Oct 31
2,484,746 2,370,072
853,987 Detroit United Ry__ 2d wk Nov 427.649 366,657 10,119,349 8,878,391
819,339
DDEB& Batt(Rec) July
51.828 53,313
352,137
358,544
Denver & Rio Grande_ a_ Oct 2,485,473 2,193,056
860,773
491,277 Duluth-Superior Trac October
73,835 96.704
942.037
888.426
July 1 to Oct 31
9,199,312 8,665,304 2,718,714 2,319,151 East
St Louts & Sub_ October
227,088 200,629 2,000,223 1,878,479
283,330
Duluth So Sh & Atl_ b__ _Oct 288,771
65,898
83,694 El Paso Electric Cos.. October
71,029 62.011
555,430
637,081
July 1 to Oct 31
1,212,155 1,179,547
289,375
153,840 145,285 1,018.029
385,489 42dStM&SNAv(Rec) July
898,073
175,449 132.645 1,663,190 1,254,062
Galv-lious Elec Co__ October
Grand Trunk of Canada101,569 93.587 1.025.834
Grand Rapids Ry Co October
966,461
Oct 3,781,271 3,452,782 1,079,875
Grand Trunk Ry
911,738 Havana Electric Ry_ Wk Dec 8 53.282 48,096 2,347,724 2,246,487
15,132,139 13,795,798 4,430,461 3,658,400 Honolulu Rapid Tran
July 1 to Oct 31
162,541
581,060
& Land Co
136,749
October
49,243 42,582
Grand Trunk Western_Oct 645,784
463,717
409,727
486,893 Houghton Co TracCo October
565,000
24.853 24,250
July 1 to Oct 31
256,974
254,147
2,426,436 2,265,112
Hudson
&
Manhattan
July
216,375 2.106,060 1,724,069
263,948
59,371
50,125
228,239
Det Or Hay & Milw_Oct 238,945
Illinois
640,510
Traction ____ October
676,158
6.010,948 5,623,806
182,736 Interboro
82,731
July 1 to Oct 31
853,584
798,593
Rap Tran_ October
2919,938 2707,569 26,358,342 24,795,601
Oct 235,539
29,199 Jacksonville Trac Co August
Canada Atlantic
7g
ig.:5
706
206,340
399,124
377,688
48.856 44,565
91,004 Lake Shore Elec Ry_ October
July 1 to Oct 31
855.531
757,470
110,505 107,620 1,109,025 1,069,857
61,855
124,439
120,944
Lexington & Eastern_ b_Oct
28,206 28,797
16,797 Long Island Electric.. July
46,307
22,291
245,904
194,724
482.309 448,150 4,668,923 4,122,458
July 1 to Oct 31
67,177 Milw El By & Lt Co_ October
93,656
Milw Lt, lit & Tr Co October
101,426 92,932 1,042.953
943.672
Oct
77,637.
62,987
16,729
Mineral Range_ b
13,433 MonongahelaValTrac
October
611,639
77,837 67,970
705,450
287,056
250,522
51,752
July 1 to Oct 31
51,182 N Y City Interboro__ July
37,708 27,070
251,224
164,880
New London Northern_ bN Y & Long Isl Trac_ July
219.945
39,347
42,766
219,585
323,692
317,006
July 1 to Sept 30
45,911
76,760 N Y & Queens Co- July
128.599 131,146
760,263
718.743
917,861
921,551
Jan 1 to Sept 30
170,701
Railways_
York
October
140,204 New
1255,203 1210,060 11,436,337 11,363,072
720,399
N Y Ontario & West_a_ _Oct 801,425
127,034
205,998
138,174
16.000 17,667
180,132 Northam Easton & W September
3,625,976 3,394,140 1,271,448 1,014,405 North Ohio Trac & Lt October
249.148 220.342 2,497,014 2,240,088
July 1 to Oct 31
201.567 168,512 1,450,679 1,346.516
Texas Elec Co October
Norfolk & Western_ b_ __Oct 3,888,376 3,445,794 1,405,754 1,200,171 North Electric
I)_ July
32.878 31,646
68,415
78,814
15,021,923 13,469,729 5,535,648 5,072,848 Ocean Tree&(L
July 1 to Oct 31
Lt Co October _ _ 24,643 21,775
Paducah
233,107
215,005
Oct 746,792
761,989
136,948
Pacific Coast
169,141 Pensacola Electric Co October _ _ 24.759 24,415
237,031
236.807
2,954,230 2,912,954
602,158
July 1 to Oct 31
61165 Phila Rapid Trans Co October.... 2093.814 1947,003 19.208,074 18,295,092
(Ore)R y,L &PCo October _ _ 565,839 540,764 5,484,589 5,238,372
65,136
32,321
26,584
Rio Grande Southern_b_Oct
def8,003 Port
Sd Trac, L & P September 684,221
6,162.520
225,593
175.361
51,369
July 1 to Oct 31
31,280 Puget
Richmond Lt & RR_ July
214,507
47,139 48,932
208,680
Texas & Pacific_ b
Oct 1,971,057 1,732,729
753,782
784,193 StJoseph (Mo) Ry,Lt
5,572,261
6,106,317
July 1 to Oct 31
1,143,276 1,727,186
103,953 91,442
968,178
Heat & Power Co_ October
903,306
103,315
Tol Peor & West_ b_ _ _ _Nov 107,911
14,453
35,036 34.380
334.801
292.466
15,886 Santiago El Lt& Trac October
549,163
July 1 to Nov 30
601,366
145,710
615.170
571,257
114,012 Savannah Electric Co October _ 63,885 59,843
July
(Rec)
93,893 95,384
Avenue
Second
556,110
520,052
2,691,293
Wabash_ b
882,896
Oct 3,014,984
804,855 Southern Boulevard..'July
15,148
13,431
80,354
70,696
July 1 to Oct 31
11,464,839 10,421,951 3,314,518 2,977,941
Wisconsin Ry Co October
20,278 16,736
Sou
163,579
187.050
708,651
Wheeling & Lake Erie_ b_Oct 808,632
315,942
262,436 Staten Isl'd Midland.. July
40,523 42,698
160.126
163,863
July 1 to Oct 31
3,046,831 2,821,833 1,182,873 1,068,350 Tampa Electric Co_ _;October
65,640 59,328
564,610
624,892
Third Avenue (Rec)_1July
332,091 337,434 2.215.674 2.116.403
INDUSTRIAL COMPANIES.
Tr -City Ry & Lt Co.. October _ _ 283,102 250,610 2,573,174 2,342,038
Earnings-Net
-Gross
Earnings
- Twin City Rap Tran_ 4th wkNov 207,641 189,909 7,472,424 7,130,158
Previous
Current
Current
Previous
Underground Elec By
Year.
Companies.
Year.
Year. *
Year.
of London$
$
$
Three tube lines.. _ _ wk Dec 7 £14,480 £15,080 £667,270 £668,015
$
Metropolitan Dist_ Wk Dec 7 £12,763 E12,356 £614,925 £582,627
Atlantic Gulf & W I SS LinesUnited Tramways_ Wk Dec 7 £5,296 £5,456 £304,162 £317,700
(Subsidiary Cos)___ -Sept 1,316,863 1,292.624
103,990
161,018
London Gen'l Bus_ Wk Dec 7 £55,107 £38,151 £2,520,037 £1,844,342
Jan 1 to Sept 30
13,267,099 12,664,496 1,715,687 1,921,755 Union (Rec)
July
245,880 252.033 1.453,867 1.423,398
Keystone Tel& Tel_ a __Nov 105,333
98,496
55,041
394.657 299.154 3,167.194 2.574.556
48,636 UnionRy G&ECo(111) October
Jan 1 to Nov 30
553,740
1,110,949 1,068,135
533,287 United Rys of St L__ September 1031.600 1001.729 9,075.065 8,859,508
Pullman Co.b
700,271 6.987,233 6,511.043
Oct 3,453,491 3,262,394 1,334,830
982,320 United R Rs of San Fr October_ _ 756,153
64,572 70,677
July 1 to Oct 31
337,204
345,547
14,897,040 14,195,308 6,696,911 5,793,447 Westchester El (Rec) July
64,549 61.998
Yonkers RR (Bee) __ July
389.042
420.705
Wisconsin Gas & El_a_ _Oct
52,105
58,240
19,399
15,973
Riv_ October
Ohio
23,266
Youngst
&
199.419
20,726
196,126
Jan 1 to Oct 31
478,710
555,609
165,451
149,327 Youngstown & South October
14,611 12,232
139,308
122,837
a Net earnings here given are after deducting taxes.
earnings
here
Net
given
are before deducting taxes.
b
c Those figures are for consolidated company.
Roads.
1604
IVOL. Lxxxxv.
THE CHRONICLE
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
$
Honolulu Rap Tr & Ld..b Oct
49,243
42,582
25,634
19.070
Jan 1 to Oct 31
463,717
409,729
223,835
193,069
New York Railways_a_ _Oct 1,255,203
466,415
July 1 to Oct 31
4,740,667
1,717,810
Springfield (Mo) Ry&Lt_Oct
24,042
21,483
43,914
49,755
Jan 1 to Oct 31
178,439
208,979
406,155
470,692
Youngstown & Ohio RiverJuly 1 to Oct 31
35,352
89,209
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
Honolulu Rap Tr & Ld_ _Oct
7,091
Jan 1 to Oct 31
68,888
New York Railways_ _ _ _Oct 279,119
July 1 to Oct 31
1,116,336
Springfield(Mo)Ry&Lt_Oct
8,781
Jan 1 to Oct 31
82,542
Youngstown & Ohio RiverJuly 1 to Oct 31
16,667
6,638
65,913
7,693
77,145
x19,002
x159,750
225,273
739,761
15,261
126,436
18,685
x After allowing for other income received.
EXPRESS COMPANIES.
August
1912.
1911.
Northern Express Co.$
S
Gross receipts from oper_ _ _ _ 321,992
275,932
Express privileges-Dr
172,262
147,989
July 1 to
1912.
$
648,553
345,731
Total operating revenues_
Total operating expenses_ _ _
149,729
95,132
127,942
89,523
302,821
102,373
Net operating revenue_ _ _
One-twelfth of annual taxes_
54,597
4,500
38,419
4,500
110,448
9,000
50,097
33,919
Operating income
x13,706
x131,498
13,790
101,294
78,753
9,000
Wells Fargo & CompanyGross receipts from operation
Express privileges-Dr
Total operating revenues
Total operating expenses
1,519,708
1,303,015
1,071,327
953,547
216,692
30,000
117,780
24,713
186,692
93,066
Operating income
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 Nov. 30. The next will appear in that of Dec. 28.
Union Pacific Railroad.
(Report for Fiscal Year ending June 30 1912.)
On subsequent pages is given the report of the board of
directors, signed by Robert S. Lovett, Chairman of the Executive Committee; also the comparative income account and
balance sheet for two years, and other tables. Below are the
principal traffic statistics and comparative income account
for several years, compiled for the "Chronicle."
TRAFFIC STATISTICS.
1910-11.
1911-12.
1909-10.
1908-09.
Aver. miles of road oper.
6,678
7,150
6,062
6,296
EquipmentLocomotives
1,330
1,331
1,088
1,134
Passenger cars
1,026
825
959
711
Freight cars
28,955
30,224
26,043
26,470
Road service equipment
3.958
5,781
4,686
3,728
Passenger TrafficNo. of rev, pass. carried 8,721.379
8,574,527 8,306,930 7,190,853
Pass. carried 1 mile_
898,779,794 934,002,700 960,734,984 795,199,750
Receipts of pass. trains
per mile of road
$3,506
$4,022
$3,836
$3,633
Receipts of pass. trains
per rev, train mile*
$1.63
$1.41
$1.48
$1.77
Freight TrafficTons comm'l freight car. 14,980,783 14,807,161 15.312,211 13,726,025
Tons carried 1 mile._ _ _5710324,140 5803802,346 5997233,894 5266658,054
Tons company fr't card a7,152,705 a6,857,620
5,729,134
4,891,895
Ton miles per mile of rd.
(all freight)
1,155,577
1,100,131
1,022,263
1,054,427
$9,765
$8.717
Receipts per mile of road
$7,901
$8,908
Rec'ts per rev. tr. mile*
$4.62
$4.43
$4.20
$4.63
Tons per rev, freight tr.
mile (all freight)
547.89
558.64
543.69
548.49
* Based on revenue passengers and freight and all mixed train miles.
a Includes in 1911-12 and 1910-11 tonnage of material carried for construction of additional main tracks and new lines for which a charge is
made, this being included in commercial freight in previous years.
EARNINGS AND OPERATING EXPENSES.
1910-11.
1909-10.
Revenues1911-12.
1908-09.
$20,207,257 $20,981,405 $20,814.820 $17,672,357
Passenger
4,637,739
4,509,434 4,354,717
4,859,879
Mail and express
57,483,558 59,964,364 61,479,680 54,000,195
Freight
1,618,464
1,629.403
Switching, rentals, &c
1,702,531
1,333,160
1,781,136
Outside oper.-revenue.. 1,797,512
1,721,627
1,390,032
Total revenues
$88,983,108
$90,228,092
$85,977,609
$78,750,461
Operating expensesMaint. of way & strucs- $9,594,538 $10,445,203 $9,915,482 $7,682,146
Traffic expenses
2,021,492
1,985,017
2,119,603
1,563.031
General expenses
2,241,017
1,964,856
2,251,895
1,908,391
9,074.6531
Maintenance of equip
9,208,725
9.812,175
Transportation expenses 24,755,109 23,991,335 22,208,2621
6 2 .791,517
Outside oper.-expenses 1,856,087
1,790,639
1,900,062
Taxes
3,264,348
3,464,147
4,368,789
2,570,562
Total expenses & tax_$54,758,196 853,271,981 $50,203,257 840,515,647
Rev, over exp. & taxes_$31,219,413 $35,711,127 $40,024,835 $38,234,814
1910-11.
89,650
18,643,590
54,354,716
12,623,282
12,013
1,742.563
1,097
3,981,744
21,659,571
40,020,270
14,334,446
Pere Marquette Railroad.
(Report for Fiscal Year ending June 30 1912.)
The receivers, Frank W. Blair, Dudley E. Waters and
S. M. Felton, report for the entire fiscal year ended June
30 1912 substantially as follows, including both Pere Marquette and Lake Erie & Detroit River Ry.:
Results.-Operating revenues increased $636,719; net operating income
increased $136,716, and other income decreased $6,995, and the
charge for hire of equipment increased $44,587 (to $614,819) and
interest increased $259,587, while rentals decreased $8,533, resulting in a
deficit for the year of $1,979.680, against $1,813,761, increase $165,919.
Funded Debt.-The bonded and secured debt was increased as follows:
Aug. 314% refunding bonds were issued in exchange for equipment bonds
1911.
retired in 1910 and 1911
'
8
$816,000
560.268 Imp. and ref. gen. M. bonds issued in exchange for $816,000:
4% ref. bonds deposited with trustee, and in exchange for
300,129
equipment notes retired in 1911 and 1912, $479.000
1,295,000
260,139 Receivers' certificates, 4M %,issued Apr. 23 1912, due Apr. 23
1914, to pay 1911 taxes, State of Mich
181,386
605,000
101.448
69,751
July
1912.
1911.
$
$
2,976,424 2,010,569
1,456,715
939,242
Net operating revenue
One-twelfth of annual taxes
OTHER INCOME,FIXED CHARGES,&c.
1911-12. 1910-11.
1911-12.
Receipts-$
$
$
Int. on bds. of cos.
Miscall. Income__
97,626
other than Ore.
Sh. L. and 0.-W.
Tot. other Inc_ .18,896,504
RR.& Nar. Co. 1,834,020 1,392,509 Total net Income_50,115,917
Divs. on stks. of
•
Deductcos. other than
Int. on fund. d't
Ore. Sh. L. and
In h'ds of public 14,068,704
0.-W. RR. &N.14,651,247 14,596,702 Sink. fd. req'm'ts_
12,013
Bfd, of int. on l'ns,
litre of eq.-bid._ 1,930,118
&c., other than
Rentals for lease
auxiliary cos.__ 2,211,976 2,016,542
of road, &c____
39,842
Rentals for lease
Miscell. expenses_
25,247
of road, &c.
243,361 Pref. dive. (4%)... 3,981,744
Rents from steamCorn. diva.(10%) 21,664,739
ships
101,600
304,800
Net inc. from lease
Total dcduc'ns_41,722,406
of unpl. Ids.,&c_
35
27 Balance, surplus-_ 8,393,511
-V.95, p. 1543, 1474.
Total bonded and secured debt issued
$2,716,000
Equipment notes matured July 1911 to June 1912(but see "note") 844,338
Increase in bonded debt as per general balance sheet
Add matured equipment obligations not paid (see note)
1,871,662
274,250
$2,145,912
Deduct: Bonds issued and owned by the company, pledged,
$2,016,000, and issued and owned, unpledged, $95,000
2,111,000
Increase in bonded and secured debt in hands of public
$34,912
Note.-The following notes, which matured on April 1 1912, were not
paid, but the obligations were transferred on the books of the company
from "mortgage, bonded and secured debt" to "matured mortgage ,bonded
and secured debt unpaid," in accordance with instructions of Inter-State
Commerce Commission: Am. Locomotive Co. 5% notes (Ser. A), $11,250;
Am. Locomotive Co.5% notes (Ser. B), $15,000; Am. Car & Fdy. Co.6%
notes, $40,000: Robt. Winthrop & Co..0i% notes, $76,000; P. M. R. R.
Pullman Co. 5% notes. $132,000; total, $274,250.
Improvements.-The improvements authorized during 1911 and mentioned in detail in last year's annual report were all completed during the
fiscal year just closed, with the exception of the double-track Lamar to
Grandville, which was completed in July 1912, and the yard tracks at
Ludington and Toledo, and the new passenger stations at Ludington and
St. Joseph, work on which had not been started at close of year.
There was constructed a net increase of 61.33 miles of side and yarn
tracks; 713,937 cross-ties were used, (391,985 in main track renewals,
85.452 in side track renewals and 236,500 in now work; 23.92 miles of
track were ballasted with cinders, 16.46 miles with gravel and 1 mile with
slag. 636 tons of new 90-1b. rail, 10,505 tons of new 75-1b. rail and 110 tons
of now 70-1b. rail were laid on main and second main line. There were
erected on concrete abutments 7 new double-track steel bridges, aggregate
length 668 ft. (including Benton Harbor two lifts, 121 feet each, with 50-ft.
deck approach), and 17 new single-track steel bridges, aggregate 1.034 ft.
During the year there were received on contract previously let 35 consolidation freight engines. Seven 8-wheel and three Mogul engines were
retired from service on account of age.
Summary of $2,411,833 Net Charges to Additions and Betterments During
Year (after Deducting Credits of $535,071).
Grade reduc'ns & changes
Interlocking apparatus -- $18,944
of line
65,954
$330,031 Station buildings, tkc
Bridges, trestles & culverts_ 115,988 Shops, engine houses, &c_ _ _ 206,047
Increased weight of rail_ _ _ _ 25,982 Shop machinery and tools
62,515
Additional main tracks_ _ _ - 648,402 Water and Fuel stations_
29,192
Sidings and spur tracks_ _ _ 166,924 Equipment
516,284
Terminal yards
152,512 Other (net)
64,057
Statistics.-Of the increase in revenues during the year, $490,221 was in
freight traffic, with an increase in revenue tonnage carried of 74,498 tons
and a decrease of 109,154,315 tons carried one mile. The average rate per
ton per mile was .643 cts., as compared with .579 cts. in 1911. Passenger
revenue shows an increase of $106,197, with an average rate per passenger
per mile of 1.800 cts., as compared with 1.774 cts. in 1911. The number of
passengers carried one mile increased 1.20%, which is considerably less
than the normal increase per year during the past ten years.
Profit and Loss.-The debit of June 30 1911, namely, $2,780,312, was
increased during the year as follows: $133,496 account of depreciation
prior to July 11907, on equipment destroyed, sold, &c.; $58,250 account of
depreciation on tracks and structures destroyed, removed or sold and not
replaced: $26,045 account of sundry adjustments, and the balance from
Income account, $1,979,680. The account was credited during the year
with $1,978,792, this being the difference between the book valuations and
par value of Pere Marquette RR. capital stock owned and hold in treasury,
In compliance with instructions received from Inter-State Commerce Commission; $3,875 adjustments, leaving the debit June 30 1912 $2,995,117.
OPERATIONS, EARNINGS, EXPENSES, &C.
1909-10.
1910-11.
1908-09.
1911-12.
2,331
2,333
Average miles operated_
2,349
2,331
5,633,295
5,745,124
Passengers carried
5.267,714
5,905,044
Pass. carried 1 mile_ _ _ _224,750.787 222,096,660 209.500,679 189,727,627
cts.
1.770
1.774
Earns, per pass. per mile 1.800 cts.
cts.
1.774 cts.
$0.9272
$0.9077
Earns. per pass. train m.
$0.9569
$0.8486
Revenue tons carried_ _ _ 10,420,770 10,346,272 10,527,251
9,316,716
Rev. tons carried 1 mile-1749267,067 1858421,382 1884653,706 1681078,143
Earns. p. rev. ton p. m- 0.643 cts. 0.579 eta. 0.591 cts. 0.577 cts.
320.32
Tons per freight train m.
335.45
322.96
306.58
$1.85558
Earns, per freight tr. m_ $2.15847
$1.77001
31.90748
$7,082
$7,362
Gross earnings per mile..
$6,223
$7,097
ACCOUNT.
INCOME
1910-11.
1911-12.
1908-09.
1909-10.
$
Operating Revenue$
$
$
Freight
11,255,766 10,765,545 11,131,076 9,705,565
4,045,588 3.939,391
3,366,466
3,707,311
Passenger
605,474
724,866
578,505
689,541
Mail and express
464,313
394.569
438,388
Other transp. revenue
359,768
157,192
185,895
153,943
Rev, other than transp.
159,261
484,053
546.649
536,954
Outside operations
460,262
Total operating rev__ 17,160,481 16,523,762
Operating Expenses2,123,296
Maint. of way & struct_ 2,064,891
2,550,859
Maint. of equipment_ _ _ _ 2,804,938
467,790
423,916
Traffic expenses
7,292,092
Transportation expenses 7,707.865
407,194
424,373
General expenses
559,229
Outside operations
612,555
Total expenses
13,968,033
13,470,965
16.542,271
14,629,827
1.932,437
2,117,700
420,298
6,370,632
362,173
495,602
1,669,220
2,018.494
349,971
5,712,493
357,017
474,385
11,698,842
10,581,580
DEC. 14 1912.]
THE CHRONICLE
1911-12.
1910-11.
1909-10.
1908-09.
(81.40)
3,192,448
667,704
(81.52)
3,052,797
664,770
(70.72)
4,843,429
755,641
42.33)
4,048,247
576,893
Operating income_ _
2,524,743
2.388,027
4,087,788
Int., diva., &c., received
157,138
164,132
126,393
Hire of equipment
Dr.614,819 Dr.570.232 Dr.143,213
3,471,354
248,674
Dr.10,465
•
Per cent exp. to earns__ _
Net operating revenue__
Taxes
Total net incomeDeductInterest on bonds
Int. on bills payable_
Int. on receiver's certfs_
Rentals
2,067,062
1,981,927
4,070,968
3,709,563
3,291,196
38,050
4,840
712,655
2,997,130
77,370
2,898,793
25,047
825
676,589
2,941,151
11,690
17,005
699,066
721,188
Total deductions_
Balance
_ 4,046,742 3,795,688
3,601,254
3,668,912
dot!,979,680 def1,813,761 sur469,714
sur40,651
BALANCE SHEET JUNE 30.
1912.
1911.
1912.
1911.
A ssetsLiabilities
5
Road,equip.,&c.a90,837,455 88,539,433 Common stock_ 16,216,200 16,203,700
Securs. owned_ _b28,840,858 26,821,858 Pieferred stock_ 12,168,400 12,155,800
Other investm'ts c1,544,624
669,985 Stock of sub. cos
115,400
140,500
Cash
386,194 1,915,189 L. E.4tr D.It. Ry.
Deposits for int.
common stock 1,400,000 1,400,000
and dividends
691,771 Mtge., bond,&c.,
264,127
Emirs. In treas. 2,207,790
193,998
debt (see "Ity.
Marketable secs
818,590 & Ind." Sec.) 93,854,809 91,983,147
703
Traffic balances.
210,147 Vouch.& wages. 2,073,734 1,758,819
127,445
Agts. & conduc_
608,986
391,518 Loans&bills pay. 1,200,000
Material & supp.
835,992 1,228,923 Traffic balances_
409,352
468,018
Miscell. accounts 723,911
572,582 Matur. int., aim
Accrinc.not due
13,912
31,832
692,786
& rents, unpaid 932,290
Advances
170,721
137,136 Motu. mtge.
Prepaid rent and
bonded & sec.
insurance_ _ _
23,230
333,250
15,000
93,653 debt unpaid _
Special deposits_
41,676
254,103
245,995
757,583 Miscell. accounts
Other def. debit
Accrued interest,
items
699,880
626,479
580,151
412,942 dividends, &c.
Profit and loss
2,995,117 2,780,313 Accrued taxes_ _
349,343
347,197
Open reserves_ _
39,618
12,768
Other def. credit
Items
353,978
319,238
Total
130,385,622 126,270,453 Total
130,385,622 120,270,453
a Road franchises and equipment (including leasehold estate), $90,837,455 in 1912, includes investment to June 30 1907, $81,873,241; investment
since June 30 1907, $9,518,436, less reserve for accrued depreciation,
$554,223.
b Includes in 1912 securities of proprietary, affiliated and controlled
companies pledged, $3,782,856 and unpledged, $2; also securities
issued or
assumed pledged, $25,058,000.
c Other investments include in 1912 physical property, $171,115, securities
$818,401, and securities unpledged, $555,108.-V. 95,
p. 1208. 545.
pledged,
New Orleans Great Northern RR.
(Report for Fiscal Year ending June 30 1912.)
Pres. H. I. Miller, Oct. 1, wrote in substance:
Results.-The total operating revenues decreased $62,339, or 3.67%. A
material factor toward this result was the extreme and continued heavy
rainfall over our entire territory. In the seven months ending June
30
last the total precipitation was 89 inches, or practically double that in the
same period in the preceding year. This condition affected seriously the
freight and passenger traffic. The country roads were impassable at times,
and the logging and lumber industry was almost totally suspended for several periods of considerable duration. Earlier in the year, when conditions
were favorable for traffic, it was impossible to obtain an adequate supply
of empty cars, due to labor trouble on our principal connection; and after
the heavy rains had disappeared,similar difficulty was again experienced,
due to the overflow of the Mississippi River, causing serious
in the operations of the railroads upon which your company isinterference
largely dependent for its car supply.
The total tons of revenue freight handled amounted to 935,305 tons,
a gain of 5.32%; total ton miles, 69,507,703, a decrease of .68%. The earnings averaged per ton, $1.257, a decrease of 6.73%, and per ton mile 1.691
cents, a decrease of 1.11%. The reductions in the average revenues
per
ton and per ton mile are caused by increases in through traffic, increases
in low revenue commodities, such as lumber, stone, gravel,
&c.,
and
also
a
decrease of 4.49 miles, or
in the average length of haul per ton.
The average revenue per 5.70%.
freight train mile was $4.828, an increase of
4.23%, resulting from an increase of 14.58 tons (to 285.55 tons), or 5.38%,
in the average revenue train load.
Number of passengers carried, 449,702, decrease, 15.04%;
one mile, 16,094,717, decrease, 15.11%; average revenue per passengers
passenger
mile, 2.117 cents, an increase of 8.73%.
The operation of the St. Tammany Branch, under order of the Court,
was continued during the year, resulting in a deficit of $12,204.
Development.-The development of land adjacent to the railroad for the
growing of vegetables shows favorable progress. In 1911 the total acreage
planted was 600, furnishing 93 cars of freight for shipment. In 1912 there
were 1,800 acres planted, but the abnormal rainfall prevented the
of the early vegetable crops, and the shipments amounted to only maturing
105 cars.
With normal weather conditions, the shipments should have amounted
to 250 or 300 cars.
Bonds.-The equipment trust bonds were reduced $50,000,to $375,000.
Physical Conditton.-On June 30 1912 our 243.04 miles of main track in
182.24 miles of 80-lb. rail, 41.12 miles of 70-1b. rail and 19.68 miles
of 60-1b. rail. Net increase in industrial tracks in the year was 7,148 ft.,
or 1.35 miles. A passing track. 2,500 ft. in length, at Cheraw, Miss., was
under construction June 30. Three new station buildings and four vegetable packing stations were built.
There were 210,829 cross-ties put in the track, an increase of
Pile trestles, aggregating 15,662 ft., were rebuilt and 1,571 ft. were69,728
filled,
making permanent embankment; a further 1,812 ft. and 2,383 ft., respectively, were in progress on June 30.
Three miles of ballast was placed between Oma and Nogan, Miss. On
June 3 two new 50,000-gallon steel water tanks and two coaling
stations
were under construction.
Two new ten-wheel freight locomotives and three second-hand cars,
two flats and one coach were purchased and placed in service.
There were
retired 1 locomotive, 2 box cars and 4 flat cars.
INCOME ACCOUNT.
1911-12.
1910-11.
1909-10.
$1,175,308 $1,196,438 $1,064,474
340,778
369,220
354,709
119,197
131,964
78,465
Total oper. revenues_ $1,635,283 $1,697,622 $1,497,649
ExpensesMaInt. of way & struc
$234,046
$245,560
$241,638
Maintenance of equip
219.611
232.695
189,036
Traffic expenses
30,232
36.848
28,535
Transportation expenses
520,905
496.378
389,592
General expenses
80,174
68,024
57,898
Total expenses
$1,084,967 $1.079,505
$906,699
Net oper. revenue
$550,316
$618,117
$590,951
Outside oper.-net (def.)
860
1,056
987
Total net revenue_ _ _ _ $549,455
$617,061
$589,964
Taxes accrued
21,423
23,511
14,400
Operating income_ _ _ _ $528.032
$593,550
$575,564
Hire of equipment
1,569
14,051
56,871
Joint facilities,&c..rents
3.033
1,199
51,984
Interest on securities,&c.
1,031
1,298
61,417
RevenuesFreight
Passenger
Mail, express & miscel
1605
1908-09.
$378,221
191,427
43,800
$613,448
$103,345
127,901
16,813
284,704
42,783
$575,546
$37,902
789
$37,113
13,185
$23,928
142,196
10,273
11,386
Gross corporate income $533,665
$610,098
$745,836
$187,783
DeductJoint facilities, rents_ _ _
$87,615
$81,451
$75,961
$69,822
Int. on funded debt,&c_
397,241
397,083
399,479
139.746
Other interest
24,446
24,512
77.287
55,967
Discount on secur. issued
19,104
19,104
19,104
(7)
Total deductions_ _ $528,406
$522.150
$571,831
$265,535
Balance
sur.$5,259 sur.$87,948 sur.$174,005 def.$77,752
GENERAL BALANCE SHEET JUNE 30.
1912.
1911.
1912.
1911.
Assets$
LiabilitiesRoad & equip't._ 1'15,302,482 15,184,726 Capital stock _ _ _ _ 7,500,000 7,500,000
Cash
77,307
77,693 Mortgage bonds_ _ 7,500,000 7,500,000
Marketable secur's
5,500 Equip. tr. oblig'ns 375,000
425,000
Traffic, &c., balPlain bonds, deances
6,341
6,946
bentures, &c_
500,000
Agents & cond'rs_
19,291
20,395 Loans & bills pay_
375,000
Miscell. account&
58,834
82,767 Traffic, &c., bats_
15,224
9,453
Mat'is & supplies_
90,360
96,802 Vouchers & wages
98,327
98,900
Ace. Int ,divs.,&&
5,543
linen. accounts_
3,768
3,988
Unexting. discount
Unmat'd int., &c
166,720
172,356
on funded debt
759,228
778,332 Taxes accrued_ _ _ _
13,975
13,972
Other def'd debit
Oper. reserves_ _ _ _
71,166
33,294
items
22,050
13,535 Oth.def.cred.items
2,692
51,646
Profit and loss_ ___
94,564
83,086
Total
16,341,436 16,266,696
Total
16,341,436 16,266,696
*After deducting reserve for accrued deprec'n, $449,237.-V. 94, p.691.
United Fruit Company.
(Report for Fiscal Year ending Sept. 30 1912.)
The full text of the remarks of President Andrew W.Preston, affording many particulars regarding the property and
its business, and also comparative income account and balance sheets for two years, &c., will be found on subsequent
pages. Further facts compiled from the report and the usual
comparative tables for several years follow:
LOCATION AND BOOK VALUE OF PROPERTY OWNED.
Total Acreage- -Plants and Equipment, Book Cost1912.
1911.
1910.
1912.
1911.
1910.
Costa Rical91,664 177,659 176,474 $9,808,734 $8,086,055 $8,459,691
Cuba
91,894 92,100 90,270 7,122,068 7,109,695
6,770,437
Guatemala110,532 90,620 80,549
2,404,831
1,557,053
1,075,633
Jamaica
34,081 34,084 34,182 2,903,561
2,735,211
2,496,402
Republic of
Colombia 72,302 38,671 30,032 3,372,454
646,208
475,235
Republic of
Panama 98,178 45,559 43,588 6,520,360
5,885,727 5,431,102
Honduras_ 28,471
650,398
Nicaragua 193,000
Total* _820,122 473,693 455,095 $32,782,408 $26,042,227 $24,708,500
* Also leases 5,933 acres in Costa Rica, 26,250 acres in Jamaica, 10 acres
in the Republic of Colombia and 245 acres in Honduras.
BOOK COST OF COMPANY'S LANDS, &c.
1912.
1911.
1910.
1909.
Lands
$12,153,355 $9,499,957 $9,420,058 $9,062,372
Houses and buildings
2,405,211
1,755,390
1,380,304
1,300,899
Cultivations
6,725,779 a4,541.878 4,751,656 4,718,156
Live stock
978,262
966,695
799.354
765,303
Tools and machinery_
265,838
214,780
193,503
192,303
Railways
6,776,004
5,856,633 5,326,887
4,865,509
Telephones
115,130
101,442
96,075
92,574
Wharves, lighters, &c
440,547
376,899
383,366
341,211
Merchandise (stores)._ _. 849,315
730,670
632,163
607,561
Material on hand
627,578
572,410
437.601
456,207
Sugar mill
1,445,389
1,425,472
1,287,533
1,287,533
Total
$32,782,409 $26,042,227 $24,708,500 $23,689,629
a The book valuation of banana cultivations was written down in 1911 by
a special charge of $587,508 to income account.
Total head of cattle Sept. 30 1912, 20,385, against 20,004 in 1911 and
18,104 in 1910; horses and mules, 4,763, against 4,136 in 1911 and 3,553
in 1910; miscellaneous, 248, against 232 in 1911 and 271 in 1910. Railways
owned,919 miles, against 736 in 1911; also operates Costa Rica Ry., 163 m.
INCOME ACCOUNT.
1911-12.
1910-11.
1909-10.
1908-09.
Net earns, from tropical
fruits and other oper_ $4,495,616 $4,277,623 $5,912,294 $3,871,833
Miscellaneous income__
836,497
761,117
640,282
516,817
Total income
$5,332,113 $5,038,740 $6,552,576 $4,388,650
DeductInterest on bonds
$424,583
$327,771
$260,583
$220.771
Dividends (8%)
2,395,788
2.164,712
1,877,472
1,707,042
Total deductions_ __ _ $2,820,371 $2,492,483 $2.138,055 $1.927,813
13a1., surplus for year
$2,511,741 $2,546,257 $4,414,521 $2,460,837
Surplus previous years_ 13.762,998 13,787,326 12,006,805 10,036,450
Prem. on sale of stock
a3,780,100
1,125,000
Total surplus
$20,054,839 $17,458,583 $16,421,326 $12,497,287
Extra div. (10%)
2,705,890 2,459,900 2,134,000
Balance, surplus
$17,348,949 $14,998,683 $14,287,326 $12,497,287
Direct charges to profit
and loss
1,235,685
703.096
500,000
490,482
Surp. as per bal. sheet $16,645,853 $13,762,998 $13,787,326 $12,006,805
EQUIPMENT OWNED ON JUNE 30.
-Locomotives- Passenger -Freight Equip. WorkNo.
YearTract. Power.
Equip.
No. Cap.(tons).
Equin
1911-12 26 , 628,440 lbs.
1,403
51,925
16
1910-11
25
580,261) lbs.
29
1,382
51,345
170
1909-10
25
580,260 lbs.
30
1,401
51,695
197
1908-09 23
524,274 lbs.
24
1,411
51,960
200
CLASSIFICATION OF FREIGHT-PRODUCTS OF (TONS).
Agricul. Animals. Mines.
YearForests. Manufac. Miscel.
45,393
5,963
1911-12
53,642
761,738
63,808
4,761
44,126
9,249
1910-11
35,036
743,647
46,522
9,585
4,162
46,768
1909-10
19,219
660,695
47,001
5,119
4,934
20,321
18,367
1908-09
242,257
30,785
5,979
TRAFFIC STATISTICS.
1911-12.
1910-11.
1909-10.
1908-09.
Average miles pass. serv.
282.77
280.94
275.60
91.50
Passengers carried
449,702
529,300
512,843
250,866
Pass. carried one mile
18,094,717 18,958.972 19,0-14,586 10,017,466
Rate per pass. per mile.. 2.117 cts.
1.947 cts.
1.863 ctn.
1.911 cts.
Gross earnings per mile_
$5,783
$6,043
$5.434
$6,704
Aver. miles freight serv_
276.77
274.94
269.60
85.50
Rev,tons carried (No.)_
888,065
935,305
782,964
a Premium on sale of stock includes in 1911-12 premium of 100% on
322,643
Rev, tons carried 1 mile 69,507,703 69,986,331 59,932,045 13,245,548
7,306 shares issued in payment for property and premium of 50% on 60,990
Rate per ton per mile_ _ _ 1.691 cts.
1.710 cts.
1.766 cts. 2.855 cts. shares offered to stockholders under company's circular of Sept.
5 1912.
Aver,rev. tr.-load (tons)
270.97
285.55
261.90
215.80 -V.95, p. 1547, 822.
1606
THE CHRONICLE
Great Western Power Co., New York and San Francisco.
(Preliminary Report for 10 Months ending Oct. 31 1912.)
Vice-Pres. A. W.Bullard, San Fr., Nov.27, wrote in subst.
(VOL. Lxxxxv.
running as a reserve, with small load, picks up the system load instantly
and automatically in case of trouble on the Shoshone end of the system.
The transmission line has caused some trouble at intervals, but its condition
has been improved steadily and the interruptions to customers since last
April have been few in number and of short duration. [The transmission
line extends from Shoshone to Denver, 453 miles, and Denver to Boulder,
29 miles, total, 182 miles, consisting of 3 copper cables with steel guard
wires carried on 45-foot galvanized steel towers 45 ft. high, 7 to mile.
Sub-stations at Denver, Boulder, Dillon, and Idaho Springs.-Ed.]
Except as regards market, the condition of the company could hardly
be better. The construction has shown itself to be substantial. Adequate
expenditures have been made on maintenance and the physical condition
of the property is excellent. The service rendered is most satisfactory to
customers. Operating expenses are being steadily reduced. The local
management is unusually good. It initiated and is taking an active part
in a co-operative movement to unwater a large mining district in Leadville,
and is watching the development of electric smelting of zinc subjects.
The market conditions continue to be unfavorable. During the past
year depression in mining and other industries has become more acute.
Competent observers feel that Colorado, in common with other Western
States, felt in 1911 and still feels more acutely than in previous years the
business depression following the panic of 1907. Other public service
companies in the district served have reflected the conditions in decreased
earnings or failure to make usual increases.
The retail business secured by the company in 1911 was only about onehalf as great as in 1910, and a number of apparently substantial mines and
mills served have discontinued operations, with a consequent serious loss
of revenue. The gross earnings for 1911 were $423,583, as against $447,000
estimated in the last annual report; net earnings were $242,310 actual, as
against $262,000 estimated
Negotiations are under way looking to a considerable extension of transmission line to reach a market good for an annual net income of upwards
of $125,000, but if this line is built,it can produce no income until Its completion next fall. At present about 757, of the total annual capacity of
the plants is being sold, much of it at low prices. [For a description of
the property see Poor's "Manual of Industries."'
Combined Earnings of Company and Leadville L. & P. Co.from June 30 1910
to June 30 1912.
12 Mos. end.- June 30'10 Dec.31 '10. June 30'11 Dec. 31 '11. June 3012
$265,393 $322,202 $424,979 $521,779 $554,977
Gross earnings
234,994
224,761
209,309
213,031
Operating expenses.._ 168,585
Earnings, &c.-The company has made such rapid progress since Jan. 1
1912 in developing its property and business that a preliminary report for
the ten months is made in advance of the annual report for the calendar
year. Comparative figures follow:
Increase.
Jan. 1. Nov. 1.
Customers connected; number.._ 4,258 10,728
6,470 (or 152%)
Connected load of customers'
installations: h. p
94,892 120,500 25,608 (or 27%)
Current generated, total 10
months: k. w. h
-240,271,071-43% (over 10 mos. 1911)
Gross Earnings for 10 Months 1912 and 1911 (Total $1,868,802, against
$1.592,969) 000 omitted - Increase (%).
Jan. Feb. Mch. Apr. May. June. July. Aug. Sept. Oct. Total.
$
$
$
$
$
$
$
$
$
$
$
1912___ 180 169 188 186 183 182 179 196 187 213 1,868
1911___ 171 155 167 154 160 148 154 152 159 168 1.592
Inc., %. 5.30 9.41 12.31 20.85 14.77 23.22 15.99 28.43 17.74 26.49 17.31
The earnings per kilowatt hour are adversely affected by the contract
with the Pacific Gas & Electric Co., which returns less than one-half the
average rate received from the balance of the business. A re-sale of the
current now delivered under this contract, after its expiration,[Jan. 15
19141 will greatly benefit the company. The market for the current
exists now and is constantly expanding.
Contracts.-Additions have been made to the distributing system in
Oakland and adjacent territory and much business connected thereto,
including a number of large power users. The most important contracts
made in this division during the year are with the Standard Oil Co. for
supplying its works at Richmond,to which service will begin in April 1913.
and the Central Oakland Light & Power Co., which has an underground
and overhead distributing system in Oakland in districts not covered by
Great Western Power Co. and a steam plant from which its customers
have been supplied. A contract has been made under which Great Western
Power Co. has just commenced supplying power to the Central Oakland
Co., thus enabling it to deliver power to a section which produces a large
amount of business without an investment being required for distribution
lines. The Central Oakland is a constituent property of the United Light
$96,808 $109,171 $189,985' $297,018 $345,668
Net earnings
& Power Co. of California. See V. 94. p. 357.
The company now has its transmission and distribution lines built over Income Account of Central Colorado Power Co. for Calendar Year 1911.
$423,583
a wide territory involving a large initial expenditure therefor. This Gross earnings
system is capable of caring for a greatly increased business at a com- Operating expenses: Production water-power,$37,190; production
distribution,
transmission,
$43,255;
$13,928;
connections.
service
power,
and
secondary
steam
lines
for
cost
additional
small
paratively
$10,812; department expense, $15,118; sales, taxes, insurance
. Summary of Characteristic Elements of Physical Property and capacity (h. P.)
181,273
and general expense, $60,970; total
3 gen. sta's_capacity 98,000 h.p.j720 miles tower and pole lines.
11 sub-sta's _capacity 91,800 h.p. I 19 miles underground systems.
$242,310
Net earnings from operation
1,493 line transf.capacity 50,365 h.p. I
8,742
Other Construction, &c.-During the year the distributing systems and Interest accrued, accounts and bills receivable
business of the South Sacramento Light & Power Co. and the North
$251,052
earnings
net
Total
have
purchased.
Co.
been
Water
&
Light
Sacramento
Leadvillo steam plant, $25,000, and bond int. on 2d
In Sacramento a complete overhead and underground distributing Rental
M.bonds and on $1,762,000 1st M.int. not funded 5s),$142,414 167,414
system has been constructed of ample capacity to take care of several times
it.
the business now connected to
$83.638
Net income
In the delta lands at the mouth of the Sacramento River extensive
transmission and distribution lines have been constructed to which has been
BALANCE SHEETS ON JUNE 30 1912 AND 1911.
CONDENSED
connected a business of nearly 3,000 h. p., consisting largely of pumping
1911.
1912.
.
1911.
1912.
installations for reclamation and irrigation. A practically unlimited field
S
Liabilities$
Assets5
exists for business of this character from which the returns are profitable.
7,500,000
7,500,000
_
.
stock_
Preferred
34,130,676
Property
account_34,031,216
During the summer and fall a complete transmission and distribution
50,000 Common stock _15,000,000 15,000,000
50,000
system has been built covering portions of Solano, Napa and Sonoma Sec. of other corps
24,331 lit mtge. 5s, due
33,299
counties. Sub-stations have been erected at Napa, Petaluma and Santa Cash in banks_ _ _ _
384,962
Dec. 1 1946_ _ _*10,635,000*10,635,000,
373,527
&
Accts.
bills
_
rec.
Rosa and distributing systems constructed in each of these cities. Some
26,006 2d mtge. Si, due
16,199
2,000 customers have already been connected, including the municipal Material & supp__
4,074
Nov. 1 1929_ _ 1,350,000 1,350,000
8,850
Prep.&
susp.accts.
lighting in Napa and Santa Rosa and the San Francisco Napa & Calistoga
228,509
135,000 Accts. & bills pay.. 129,038
Ry. Co. (see "El. Ry. Sec." p. 119). About 1,000 customers in this lit M. Si in treas_ 18(1,000
29,067
65,255
int. payable_
Bond
43,050
46,950
treas._
In
5s
11,1.
2d
extreme
to
them
activity
get
notwithstanding
unconnected
still
are
division
24,04220,498
power
in
pay.
Adv.
promptly on the lines.
13,281
15,808
Reserve accounts_
In San Fran. considerable new business has been secured, although no
24,200
30,382
Surplus
distributing
the
to
lines
year.
made
this
been
have
considerable additions
Comprehensive plans for an expansion of the system in San Francisco are
34,740,041 31,801,009
Total
34,746,041 34,804,099
Total
under consideration to meet the growth which is in evidence and that still
is to come in connection with the Exposition in 1915.
had their int.
$8,687,000
Si,
of
M.
issue
1st
original
the
$9,000,000
Of
*
Big Meadows Dam in Plumes County.-This is the most important con- from Dec. 1909 to June 1 1912, incl., funded into 2d M. Si, and $262,000'
struction work of the year. Active work on the dam started in April 1912. remained unassented, while $1,500,000 bonds were issued subsequently,.
satisfactory bedrock for the entire structure was found at much greater making a total of $1,762,000 1st M.bonds with int. not funded (V.89,p.996). •
depth than was estimated with the result that construction has not sufThe company owns all the capital stock of The Leadville Light & Power
ficiently advanced this year to admit of storing water during the coming Co., furnishing electric-light, power and gas in Leadville and vicinity, and
winter. The altitude (4,500 ft.) and the inaccessibility are too great to has guaranteed the prin. and int. of its 1st M.6% bonds, of which $860,000,
permit cf work after the winter rains begin, as they did about Oct. 28 1912.
been issued: of this amount $58,000 are in sinking fund and $45,000'
There have been placed 19,600 Cu. yds. of concrete, mostly in the bed of have
1544.
the river,and the work generally has made such progress that no difficulty in treasury (V. 83, p. 1593).-V. 95, p.
dam
of
the
Be-the
in
in
1913.
summer
completing
experienced
be
should
cause of tho depth of bedrock and the consequently increased yardage of
excavation and concrete, the cost of the dam will exceed the estimates,
but nevertheless the storage will be the largest and cheapest in this country.
Power House.-The foundations and substructure for an extension to the
Big Bend Power-house to double its capacity have been constructed this
RAILROADS, INCLUDING ELECTRIC ROODS.
year. The work is now ready to receive the steel for the building. Orders
have been placed for the turbines and generators and it is planned that
& Danville Ry.-Suit to Enforce Provisions of
Atlantic
latter
the
operation
for
ready
be
shall
capacity
additional
of
w.
20,000 k.
part of 1913.
Lease.-Judge Lawless in the Circuit Court of Norfolk
Outlook.-A largo amount of the business added to the lines this year
defendant
was taken on after Aug. 1 and as much of it was lighting business its real County on Dec. 11 overruled the demurrer of the
earning power is only beginning to be demonstrated. The gross earnings to a bill of complaint filed by the company against the
for November and December of this year and the first half of 1913 will be Southern Ry., to enforce the provisions of the 50-year lease
correct index of the value of the business developed and connected to
date. In addition to the customers now connected, contracts have be n of 1899.
made with nearly 2,000 additional customers from whom it is estimated
The action is based on the claim of the lessor that the lessee has failed to
an annual revenue of $250.000 will be derived. Further business is being live up to the terms of the contract by discontinuing the use of the West
taken at the rate of about SOO contracts a month.
Norfolk terminal, and allowing parts of the branch roads of the Atlantic
The satisfactory showing which is being made for the latter part of this & Danville to fall into ruin. It is also alleged that tho lessee has failed to
year will be very much improved durin 1913.
maintain and replace some 850 freight cars,passenger coaches,engities.&c.,
[There have been listed on the San I rancisco Bond & Stock Exchange which were covered by the terms of the lease. Upon the general claim
$20,366,000 of tho authorized $25.000,000 1st M 5s of 1946. Application that, as a result of the policy pursued by the lessee, the individuality of
was made not long ago for the listing also of the following shares of allied the road, the security of the bondholders and stockholders, would be decompanies, but no action on these has so far as known been taken, viz.: stroyed, the Court has been asked to intervene and compel the lessee to
$6,000,000 of 6% pref. (cum. from Jan. 11912) and $14,670,000 common observe in all particulars the terms of the lease.
stock of the Western Power Co. and $5,000,000 of common, and $2,500,000
Walter E. Moyer of New York, who appeared for the complainant in
6% pref. stock of Cal. El. Generating, the 6% on the last-named issue opposition to the demurrer, also represents a majority of the 2d M. bondbeing guaranteed by the Great Western Power Co. The Cal. E.1 Gen. holders of the company. The Court, by overruling the demurrer, holds
Co. also has outstanding $1,200,000 1st M 5s.-Ed.1
that it has jurisdiction to grant the relief asked for,If tho facts alleged are
President Mortimer Fleishhacker, on or about Nov.13,said in substance: proven. The amount involved is stated to be several million dollars."We have ample funds on hand for all the development work that can be V. 89. P. 1410,
done until Jan. 1 and perhaps for some time afterward. We are not selling
any bonds now for the reason that there is no need. Everybody who knows
Boston Elevated Ry.-Debentures Offered.-Tho Mass.
anything of the plans of the Great Western knows that to complete the RR. Commission, having approved the proposed issue or
projects in hand and under consideration will require much money. This
money we get largely from the East, and we prefer to have the securities $4,000,000 bonds, N. W. Harris & Co., Lee, Higginson &
get into non-speculative hands. A good many million dollars will go into Co., Estabrook & Co. and R. L. Day & Co., offered
the Great Western before it is shaped up."r-V.94, p. 1767, 1699.
GENERAL INVESTMENT NEWS.
the same at par and interest, being gold 5% (debenture)
bonds dated Dec. 1 1912 and due Dec. 1 1942. Par,
The Central Colorado Power Co., Denver, Col.
$1,000 and $500; r* $1,000, $5,000, $10,000 or $50,000.
c*
(Reportfor 1911-Earnings, &c.,for Year ending June 30 '12.) The entire amount is reported as sold. The bankers say:
in Boston,
The company controls the elevated, subway and surface lines
Pres. G. II. Walbridge on'Mch. 19 1912 wrote in substance
487 miles. The present market value of the stock shows a prop(compare statement on a subsequent page regarding present operating
erty value of substantially double the bonded debt. Dividends at rate of
[The Commisprospects):
6% per annum have been paid upon the shares since 1902.
now stock at 105, the
The Boulder plant was completed and put in regular operation April 1
1911, and has since been running successfully. The stream flow in 1910
was the lowest in the 20 years of record, and in 1911 was the third lowest;
as a result of this cumulative drought Barker reservoir was not filled, and
the output of the plant was somewhat diminished in conseouenco. Since
the full capacity of the system has not been sold, the loss of revenue from
this cause has not exceeded $5,000 to $10,000. Recent heavy falls of snow
indicate an ample water supply the coming season .
The Shoshone plant [generating capacity 10,000 k.w.1 has run successfully and it and the Boulder plant [generating capacity 10,000 k.w.l supplemeat each other in a most satisfactory manner. The Boulder plant when
sion has also authorized the issuing of $4,000,000
company having expended prior to Aug. 31 1912, on account of improvements and additions still in progress, some millions in excess of the stocks
and bonds theretofore authorized .1
Leased Lines Securities.-See West End St. Ry. below.V. 95, p. 1272, 1400, 1402.
Boston & Maine RR.--New Equipment, &c.-The directors on Dec. 10 appropriated $2,000,000 to purchase 100
THE CHRONICLE
DEO. 14 1912]
1607
a campaign for electric light and power business in its territory, a field
which it has not yet exploited to any extent.
The management is also working out a plan for adjustment of back dividends,
which should be ready for announcement early next year. The
Of the locomotives 50 are
Juno 30 1912 owned 1,185 locomo- stock is 5% cumulative, and as no dividends have been paid on it since
early in April next. The company on were
years.
two
within
April
1907, there remains about 24% unpaid accumulated dividends.
1
purchased
stated,
is
300,1it
tives, of Which nearly
[Some readjustment of both issues of capital stock is thought probable in
V. 95, p. 1402, 1206. 1200.
Cleveland financial circles.-Ed.j-V. 94, p. 982.
new locomotives and $800,000 for block-signal-installation
and various other purposes.
to be delivered Feb. 1 and the remainder
i
Brooklyn "Union Elevated RR.-Exchange of Stock.Coal & Coke Co. Ry.-President to Retire.A special dispatch to the New York "Times" dated Dec. 8 states that
Henry G. Davis will retire from active business early next year and
Canada Southern.-Official Data.-An international Pres.
be succeeded as President by Richard C. Kerens of St. Louis, at present
syndicate headed by Ladenburg, Thalmann & Co. has pur- American Ambassador
to Austria-Hungary.-V. 95, p. 816, 749.
chased the $22,500,000 new 5% bonds referred to last
Colorado & Southern Ry.-Dividend Reduced.-An anweek, subject to the option of exchange which is extended nual dividend of 1% has been declared on the $31,000,000
to the holders of the maturing bonds, as stated onp.1541. common stock ($23,657,500 of which is owned by the Chicago
Digest of Statement from Pres. W. C. Brown, New York, Dec.6 1912. Burlington & Quincy RR.), payable Dec. 31 to holders of
These $22,500,000 "consolidated guaranteed 50-year 5% gold bonds,
1 record Dec. 20, comparing with 2% yearly from 1908 to
Series A," will be isstied to refund $14,000,000 1st M. Os due on Jan.
the 1911, both incl. See annual report in V.95, p. 1328, 1336,298.
next and $6,000,000 2d M. 55 due March 1 next, and to reimburse
Michigan Central RR. Co. for additions and improvements on the Canada
Creston (Ia.) Winterset & Des Moines (Electric) RR.
Southern By. and to provide for further additions and betterments. Total
authorized issue, $40,000,000. Principal and interest guaranteed uncondi- -Mortgage.-The company has filed a mortgage to secure an
Co.
by
RR.
bond
Michigan
Central
each
on
endorsement
tionally by
issue of $750,000 20-year $500 bonds dated July 1 1912.
Upon payment, early in 1913, of said 1st and 2d M. bonds, this issue will
See New 'York Consolidated By. below.-V.95, p. 1206, 1039.
entire property, except for $130,000 1st
be a direct first mortgage lien upon(14
miles in length), to retire which in
M. 4s on the Leamington branch
With this exception, the new bonds
1945 $130,000 new bonds are reserved.
mortgage
first
upon 380 miles of railway, exa
be
will
after meh. 1 1913
miles
tending, with branches, from the Niagara to the Detroit River; 226Michitrunk
double-track
line, forming, with the
standard
a
being
this
of
gan Central RR. and the Detroit River tunnel, part of the shortest lino
of the New York Central system from Now York to Chicago.
The remaining $17,500,000 authorized bonds are to be issued only to refund the $130,000 divisional bonds and for additions, extensions, improvements and acquisitions, as provided for in the indenture and the supplemental agreement, which states the purposes for which the bonds may be
issued and specifically limits the amount to the rate of $3,000,000 per annum
Chartered in Canada in 1868, its main line extends from Suspension
Bridge, Ont. (opposite Buffalo), to Windsor, Ont., opposite Detroit, with
several branches. Modern construction, low gradients, easy curves,
electric automatic block signals, &c. Leased to the Michigan Central RR.
Co. for 999 years from Jan. 1 1904, the Michigan Central being obligated
to pay ass rental the interest on these bonds and.dividends at 3% per annum,
on the present capital stock. This agreement was confirmed by the Canadian Parliament in 1904.
The Michigan Central RR. Co., the guarantor, now operates a total of
about 1,816 miles of railway lines, with gross earnings of $16,603 per mile
in 1911, against $11,521 in 1902. It owns $7,810,000 of a total of $15,000,000 capital stock of the Canada Southern By. Co.
Earnings of Michigan Central for Cal. Year 1911 (the Fixed Charges Including
Interest on Said $213,000,000 Canada Southern Bonds).
$2,543,998
Gross oper. revenue_ _ _ _$30,164,490 I Int. on funded debt
$8,104,547 Rentals, leased linos_ _ _ _ 1,605,443
Not, after taxes
3.009,699
Total net (incl. 0th. inc.) $9,275,504 Other deductions
$2,116,364
Balance, surplus (for dividends, &c.)
Application will be made in due course to list the now bonds on the
New York Stock Exchange. Compare V. 95, p. 1541.
Lease.Canadian Northern Ry.-Proposed
95, p. 1394,
below.
S e
London & Port Stanley By.
-V.
1402, 1039.
Canadian Pacific Ry.-Leased Line Bonds.-
See Kootenay Central By. below.-V.95, p. 1402, 1331.
Chattahoochee & Gulf RR.-First M.Bonds Called.-
Fourteen ($14,000) 1st M.5% bonds, dated July 1 1900, for payment at
102 on Jan. 1 1913 at Citizens' & Southern Bank of Savannah, or at office of Treasurer of company.-V.93, p. 1599.
The mortgage trustees are Theodore S. Delay, Clarence E. Wilson and
A. S. Lynn. Of the bonds, $200,000 (series A) have been sold to the
Iowa Bond & Securities Co. to build and equip the first section from Creston
to Macksburg,22 miles, which is now mostly completed;$150,000 (series B)
will be issued to construct from Macksburg to Winterset, and the remaining $400,000 to build from Winterset to Des Moines. Incorporated in
Iowa Sept. 1911 with $500,000 authorized stock. Pres., Richard Brown,
Creston; Vice-Pros., Clarence E. Wilson; 2d Vice-Pros., M. T. Harris;
Sec., A. S. Lynn; Treas., W. W. Walker.
Denver Northwestern& Pacific Ry,-Reorganization Prospects.-Holders of a great number of the bonds of the company have signed the necessary request for the foreclosure
of the mortgage, and the sale will take place at an early
date. The following is confirmed:
Holders of all but $750 of the notes of the Securities Co. have signified
their assent to the reorganization plan, while holders of considerably over
$10,000,000 of the $10,040,000 of the bonds of the railway company have
either actually deposited the same or signified their intention in writing
of doing so. The name of the new company will be the Denver & Salt Lake
RR. Co.
Dr. F. S. Pearson will be Chairman of the Board and Newman Erb,
President. In addition to these two men, W. M. Wadden and Leroy
Baldwin have been selected by Mr. Erb as directors. The noteholders'
committee will name as its representatives Benjamin Strong Jr., the chairman of its committee, and the Denver interests will select two representatives, whose names will be made public shortly.
After the foreclosure proceedings are completed, the other necessary
steps for the reorganization of the property and the organization of the new
company will be taken as rapidly as possible. The Vice-President, Secretary and Treasurer have not yet been selected. See also Denver Railway
Securities Co. below.-V. 95, p. 1541, 1403.
Denver Railway Sec unities Co.-Collateral Sold.-
At auction on Dec. 11 the collateral securing the $3,500,000 6% gold
notes was purchased by the noteholders' protective committee,the $4,000.000 Colorado-Utah Construction Co. coll, trust notes for $2,200,000 and
the claims against the estate of David H. Moffat as guarantor of said
Colorado-Utah Construction Co. notes, for $200,000. Compare V. 95,
p.1331.
Detroit Toledo & Ironton Ry.-Sale Adjourned.-The
foreclosure sale which has been adjourned a number of times,
Chicago Burlington & Quincy RE.-Controlled Co. Re- the last time to Jan. 8, has, it is reported, been again post
to Feb. 5.
duces Div.-See Col.&So.Ry. below.-V.95,p.1214,1197,480. poned
An amended decree has been made along the lines of the report filed by
Elmer W. Voorhies, special master of the Court. The sale will be held
' Chicago Elevated Railways.-Earnings Controlled Cos.- at Springfield, 0., instead of Detroit. The road is to be sold in parcels
or divisions. The lowest price at which the entire road can be sold has
Metropolitan West Side Elevated Ry.
Balance, been increased from $2,500,000 to $3,200,000. One parcel is to be the
DiviInterest,
Gross
Net
Southern Division, for which the report recommends that no bid less
Ohio
dends.
Surplus.
&c.
Taxes,
Earnings.
Income.
$2,991,180 $1,594,199 $1,105,823 $370,083 $118,292 than $1,550,000 be accepted, and the other parcel the Northern and South145,125 ern Division, for which a minimum bid of $1,650,000 is fixed.-V. 95.
261,237
1,076.376
1,482,738
3,026,864
p. 1273, 539.
Northwestern Elevated RR.
$3,177,215 $1,862,821 $1,745,065 $98,888 $18,867
1911-12
Fairmount Park Transportation Co., Phila.-Earns.237,509
200,000
1,707,429
1,269,920
2,776,905
1910-11
Balance,
Fixed
Net
Gross
October 31
South Side Elevated
Earnings. Earnings. Cho., &c. Surplus.
YearRR. $422,020 $96,090 1911-12
$840,340
$14,234
$50,209
$2,464,019 $1,358,450
$64,444
$149.605
1911-12
601,145
230,203
124,551 1910-11
955,899
30,781
45,710
76,491
147,977
2,446,236
1910-11
-V. 94, p. 1056.
Combined Earnings of Operating Companies.
$233,249
$890,991
$3,691,229
$4,815,471
$8,632,414
1911-12
Ft. Dodge Des Moines & Southern RR.-Abandonment.
2,947,441. 691,440 507,186
4,146,067
8,250,005
1910-11
Judge McPherson in the Federal Court on Dec.6 signed an order author-V. 95, p. 889, 749.
izing the abandonment of the portion of the old Newton .SE Northwestern
road between Des Moines Jct. and Goddard. 27 miles, if an arrangement
Chicago Rock Island & Pacific Ry.-Equipment Notes cannot
be made within 90 days to sell the same. The value of the road
Sold.-The company recently sold an issue of $5,100,000 SS junk is estimated at $90,000. See V. 92, p. 394.-V. 94, p. 1763.
June 30
Year1911-12
191(}-11
4M% equipment $1,000 gold notes (Series G), dated July 1
Grand Trunk Pacific Ry.-Proposed Legislation.-Hon.
1912 and maturing $170,000 semi-annually to July 1 1927. W. T. White, Minister of Finance, on Dec. 6 gave notice
the
issued
made
the
are
is
between
notes
which
The agreement under
I. & P By. and the of a resolution declaring that it is expedient to authorize the
Rock Island Improvement Co. as vendor, the C. R.
Bankers Trust Co., as trustee. The equipment purchased, costing $5,- Governor in Council to purchase at par from the railway
of 50 locomotives,
consists
cash),
in
n57_,788 (of which $457,788 was paid
Mikado" type, with tenders; 2 steel gasoline electric motor cars, 10 steel company such of the 3% bonds,the issue and sale of which is
baggage cars, 10 steel combination passenger and baggage cars, 20 steel provided for by the statutes of 1905, as may be Unsold at
combination baggage and mail cars, 6 steel dining cars, 4 steel horse exresolution.
press cars, 500 furniture cars. 2,500 box cars, 700 steel coal cars and 200 the time of the passing of the Act founded on the
convertible ballast cats.-V.95. IL 1114. 1132.
The latter arises out of the legislation of last session in regard to the
"implement clause" of the Government's guaranty of bonds for the G.T.P.
The Privy Council at London decided (V. 93, p. 1386, 1462) that the
Cleveland Southwestern & Columbus (Electric) Ry. Government
must pay to the company the difference between par of the
-Plan.-Harris, Forbes & Co. have suggested a plan of bonds and the amount actually realized from the sale. Ten million dollars
session. The new arrangement would practically enable the
last
voted
was
company,
which,
by
upon
the
its
approval
reorganization to
Government instead of the railway company to sell the bonds, and it is
the stockholders and sanction by the Public Service Commis- believed the Government can effect the sale to better advantage, thus desion, will result in the sale of the following secutities, viz.: creasing the amount to be "implemented" to the company.-V. 95, p•
(a) $5,000,000 of a proposed authorized issue of $25,000,000 1403, 1207.
Grand Trunk Ry. of Canada.-Proposed New Debenof "first and ref." M. 5% 30-yr. gold bonds, to Harris,
Forbes & Co.. (b) $1,500,000 of a proposed authorized issue ure Stock.-A bill empowering the company to issue £5,consolidated debenture stock was introof $2,000,000'first pref. 6% cum. stock, to Kissel, Kinnicutt 000,000 additional
duced in the Canadian House of Commons at the end of
& Co. and Borton & Borton.
The proceeds of these bonds will be used by the company to retire all its last week; also one permitting the Grand Trunk Pacific Ry.
present outstanding issues. It is proposed to acquire outstanding Cleve- to make a further issue of not exceeding $25,000,000 of•
land & Southwestern 5s at 95 and the outstanding Cleveland Southwestern
p. 1207.
& Columbus 5s at 90. In anticipation of the present deal, the company has perpetual or terminable debenture stock. V. 95,
is in progress
"London
underwriting
already secured options at the above-mentioned prices on approximately
Times"
says
that
Tie
$1,500,000 of these two issues. From the proceeds of the sale of the of an issue of $5,000,000 of the Grand Trunk 4% debenture
bonds and preferred stock there will also be paid all floating debt (upward
of $1,250,000), leaving the company with debts of every kind paid and with stock, which is to be put out at 95. A full half-year's intera working capital of approximately $75,000.
be paid on the stock in April next.-V.95, p. 1403.
rfhe company's earnings in 1911 and 1912 were considerably in excess est will
of twice the amount required to pay the dividends on the proposed $1,500,Great
Northern Ry.-Circular-New Stock-Transfer
000 first pref. stock, and would have warranted dividend payments on
the present preferred stock had it not been for the large floating debt. It is a Books Closed Dec. 14 to Ascertain Holders of Dec. 21 Entitled
condition of the sale of the first pref. stock that no dividend on the present to Subscribe.-Pres. C.. R. Gray in a circular dated Dec. 5
outstanding stocks shall be paid out of next year's earnings, but the officers
in substance:
predict that when the present deal is perfected and the indebtedness per- ni
manently funded, the company will pay dividends on the present pref. stock
In the early part of 1914.
The company is reconstructing and improving its poower house, and expectalto effect an annual saving of more than $50,000, With the enlargement_of its power house, the company is expected to enter vigorously into
he directors have authorized, subject to the ratification of the stockholders, the issuance of $21,000,000 additional capital stock, like in all
respects to that now outstanding.
The proceeds of this issue of capital stock are to be used to pay for additonal equipment, for extensions, additions and improvements, for the
1608
THE CHRONICLE
acquisition by construction, by the purchase of their capital stock, bonds
or other securities or otherwise, of such lines of railway and property, including the lines of railway of Montana Eastern Ry. Co., as your directors
may from time to time decide to be necessary, and further, for all other
general corporate purposes.
This $21,000,000 of new stock is now offered to stockholders of record
Dec,21 1912 for subscription at par, to the extent of $10(10%) of new stock
for each share of their respective holdings. Subscription warrants will be
Issued Dec. 21 1912, and will be negotiable in form, and transferable upon
the books of the company in New Yoric until the close of business Jan. 27 13.
To determine stockholders of record on Dec. 21 the stock transfer books
will close Dec. 14.
No subscription will be deemed binding, nor will the resolutions of the
directors authorizing the new stock, become effective, until the holders
of
75% of the existing stock shall have filed their assents to said increase, or
their subscriptions to, or assignments of, right to subscribe.
Subscriptions must be paid at this office (32 Nassau St., N. Y.) in N. Y.
funds as follows: 40% Feb. 10 1913, 20% June 10 1913,
Oct. 10 1913,
20% Feb. 2 1914. Interest will be allowed upon the first20%
three installments
from the due dates thereof, as given above,to Feb.2 1914. at
67 per annum;
and this interest will be paid to registered holders of full paid
on,
Feb. 16 1914. Thereafter the receipts will be exchangeable receipts
for certificates of stock, which will rank with the existing stock from Feb.
2 1914.
Address communications regarding this circular to Vice-Pres. E.T. Nichols, 32 Nassau St., N. Y.—V. 95, p. 1541.
International Railway, Buffalo.—Merger.—New Bonds.
—The P. S. Commission has approved the plan to merge in
the International Railway Co. the Electric City Ry. Co.,
and also, pending the further merger (which legal difficulties
are said temporarily to block), the taking of a 999-year lease
of the Crosstown Street Ry. Co. The Commission has also
authorized the International By. Co. to make a mortgage
for $60,000,000 and to issue bonds secured thereby to the
amount of $19,817,500, as follows:
To be issued only as other bonds now outstanding become due_ _$11,641,500
To pay off $4,344,000 certfs. of indebtedness held by International Traction Co. of N. J., representing expenditures between 1002 and 1910 for add'ns and betterments
4,344,600
To be sold to reimburse the International Ry. Co. for additions from Jan. 1 1911 to July 31 1912
1,231,000
For similar expenditures made and to be made during the current year
1,591,000
To pay off $1,000,000 Buffalo Ry. debentures and $10,000
Buffalo & Niagara Falls 2d M. bonds
1,010,000
The mortgage provides for a sinking fund which, on or before 1949,
will
provide from income sufficient to retire all the prior lien bonds, of a total
par value of $12,651,500, and the company agrees, instead of increasing
its surplus by the amount of the bonds so retired, to reduce its fixed capital
accordingly. (See plan under "International Traction Co.," V.94, p. 911.)
Buffalo & Niagara Falls Ry-2d M. Bonds Called.—
Six 2d M. sinking fund gold bonds, Nos. B009, B040, B069, B072,
B154, B155, of the Buffalo & Niagara Falls Electric Ry., dated July 11896,
for payment at 105 and int. on Jan. 1 at Bankers Trust Co., N. Y.—
V. 95, p. 1123, 618.
Interstate RR., Virginia.—Acquisition.—
The company, it is stated, has acquired the Wise Terminal Co., whose
road extends from Norton to Glamorgan, Va., the securities of which were
deposited as collateral under the mortgage of the Sheffield Coal & Iron Co.
and sold at auction on Oct. 30(V. 95, p. 893, 1212).—V. 91, p. 1629.
Kootenay Central Ry.—Mortgage Filed.—
A mortgage, dated Oct. 2 1912, between this company, the Royal Trust
Co. and the Canadian Pacific Ry. Co. has been lodged with the
Sec. of
State for Canada. H. C. Oswald is Sec. A British Columbia leased
line under construction on June 30 1912 from Wardner north, 46 miles, and
from Golden south, 42 miles; entire $250,000 cap. stock owned by Can.
Pac. Ry. Co. (see V. 91, p. 728, 1093).
[VoL. Lxxxxv,
Morris County Traction Co., N. J.—Stock Reduct. Plan.
A plan has been formulated for reducing the stock from $3,000,000 to
$300,000 by reducing the number of shares from 30,000 to 3,000, the par
value to remain $100 per share. Depositaries named for exchange of stockSafe Deposit & Trust Co. of Pittsburgh, Pa., Harrisburg Nat. Bank of liar:
risburg, Pa., and National Iron Bank of Monristown, N.J.—V.95,p.680.
Nashville (Tenn.) Ry. & Lt. Co.—Quarterly Div., 2%.—
A quarterly div. of 2% was paid Nov. 29 on the $3,000,000 corn. stock
comparing with 1%% in Sept. and 1% in July last.
Dividend Record (Per Cent).
1909.
1910.
1911.
1912
July, 1
3
3%
Jan., 1; July, 1; Sept.,1%; Nov.,2
Also special dividend of 11% May 15 1912. See V. 94, p. 1449.
New Hampshire Electric Ry.—Sub. Co. Merger.—
The Massachusetts RR. Commission has authorized the Massachusetts
Northeastern Street Ry. to purchase the following properties and for this
purpose to issue 4,550 shares $455,000 of new stocic in exchange,
viz.:
Citizens' Electric Street Ry.
2,400 shares, share for share; Seabrook &
Hampden Beach St. Ry. Co.,
Co.'
650 shares, share for share; Haverhill, Plaistow & Newton St. Ry. Co., 1,500 shares in exchange for 2,250 shares
of
H. P. & N. St. Ry. Co. Compare V. 95, p. 236, 298.
New York Central & Hudson River RR.—Listed.—The
New York Stock Exchange has listed ,995,000 30-year 4%
debentures dated Jan. 1 1912, with authority to issue $11,005,000 as issued in exchange for the remainder of the stocks
of the New York & Harlem RR., Rome Watertown & Ogdens- •
burg RR. and Utica & Black River RR. (V. 95, p. 834,
1057, 1119).
Equipment Trusts.—See New York Central Lines below.
Earnings.—For 9 months ending Sept. 30:
Nine
Operarg
Mos. Revenues.
Net Oper.
Revenues.
Net (after
Total
Other
Bal. for
Income. Deductions.
Taxes).
Divs.
1912_80,097,069 20,058,919 15,738,130 14,165,883 20,135,432 9,768,582
1911--76,874,033 20,899,654
Dividends of 3Y4 % for the 9 months of 1912 call for $8,352,349, leaving
a surplus of $1,416,233.
Extension of Time.—The Commission on Dec. 7 granted
an extension from Jan. 1 next to Jan. 1 1914 to complete the
Grand Central Terminal impts.
Favorable Decision.—See Rutland RR. below.—V. 95,
p. 1473, 1403.
New York Central Lines.—Equipment Trust of 1913.—
Application was made to the P. S. Commission at Albany on
Dec. 9 for the approval of "New York Central Lines Equipment Trust Agreement of 1913," and the authorization of a
present issue of $12,547,000 of trust certificates thereunder,
the same to be sold at not less than 97 on account of the purchase of the following new equipment:
N. Y. Central & Hudson River RR.—Locomotives: 20 passenger, 30
freight, 5 suburban, 50 switching and 50 freight
155
1,000 hopper cars and 40 steel baggage cars
1,04200
Lake Shore & Michigan Southern Ry.—Freight locomotives
15 steel baggage cars and 15 steel passenger coaches
30
Michigan Central Ry.—Locomotives: 10 passenger and 25 switching.. 35
20 steel passenger cars and 10 steel baggage cars
30
Cleveland Cincinnati Chicago & St. Louis 1111.—General service cars_ _1,000
Pittsburgh & Lake Erie RR.—Cars: 2,000 gondola and 2,000 hopper_ _4,000
Toledo & Ohio Central Ry.—Hopper cars
1,000
Compare V. 95, p. 1403.
New York Consolidated RR.—Consolidation.—The comLake Erie & Youngstown Ry.—Reincorporation, &c.— pany was incorporated at Albany on Nov. 30 with $18,900,000
stock, consisting of $14,900,000 common and $5,000,000
The company was reincorporated in Ohio on Dec. 3 with $300,000 stock.
On the same day application was made to the Ohio P. S. Commission to preferred, as a consolidation of the Brooklyn Union Eleturn over the $300,000 stock to the old company in payment for the right- vated, Sea Beach Ry. and Canarsie
RR.
of-way and other property; also to increase the capital stock of the road by
The
$4,700,000. These steps are taken because of the objections recently made
by the Commission to the issuance of securities by the old company.—
V. 95, p. 420.
London & Port Stanley Ry.—Proposed Lease or Sale.—
The stockholders will vote on Dec. 30 on selling or leasing
the road to the Canadian Northern Ry.
•
The latter has, it is stated, offered to lease the road, which extends
from London to Port Stanley, 24 miles, and is now owned by the City of
London, for 99 years at $29,000 a year for the first ten years and $25,000
a year for the remainder of the time, and to run a line of steamers to Port
Stanley and make London a divisional point, with shops, and also place it
on their main line. The present 20-year lease to the Lake Erie & Detroit
River Ry.(Pere Marquette system) expires Jan. 11914. Trackage rights,
it is stated, may be accorded by the Canadian Northern to the Pere Marquette and Michigan Central between London and St. Thomas, the Canadian Northern retaining exclusive right to operate trains to Port Stanley.
Lorain Ashland & Southern RR.—Securities Authorized.
—The Ohio P. S. Commission on Dec. 5 authorized the company to issue $1,750,000 capital stock, $1,500,000 1st M.
bonds anti $1,200,000 2d M. bonds to complete the road so
as to run from Lorain, on Lake Erie, to Custaloga, on the
Fort Wayne division of the Pennsylvania lines. Joseph
Ramsey Jr. is President.—V. 91, p. 1512.
Metropolitan Street Ry., Kansas City.—Called.--
Columbia-Knickerbocker Trust Co., as stock transfer agent, will
deliver common and pref. shares in exchange, share for share, of
like class
of the Brooklyn Union Elevated RR. See V. 95, p. 1207.
New York New Haven & Hartf. RR.—Favorable Decision.
Seo Rutland RR. below.—V. 95. p. 1542. 1403.
New York Philadelphia & Norfolk RR.—Increase.—
The stockholders on Dec. 10 authorized an increase in the stock
$2,500,000 to $4,000,000, none of the new stock, it is understood, to from
be issued
at present.—V. 95, p. 1332.
New York Railways.—Order Amended.—The P. S. Commission on Dec. 10, in the application of the company for a
re-hearing, modified the order issued by it in Feb. last to
the company and the Third Ave. By. by striking out the provisions requiring them to set aside each year a specified
amount as an amortization fund,to make up the difference
between the estimated value of the property and the securities issued by the companies in their respective reorganization plans, in addition to 20% of the gross earnings as a
depreciation fund.
The commission finds, however, that it had the authority to order the
setting aside of 20% of the gross earnings as a depreciation fund. The
amounts of the amortization fund ordered to be set aside were $108,000 each
year plus 4% on all prior payments until the fund shall amount to $16,500,000 in the case of the New York Rys., and $180,000 plus 4%
on all
prior payments until the fund shall amount to $25,000,000.
The Commission says: "In the opinion of the Commission the company
Fifty ($50,000) 1st M. 5% sinking fund gold bonds of the Corrigan- ought to provide an amortization fund for this purpose, but the
Consolidated St. Ry. dated July 1 1886, for payment at 110 and int. conferred by the Public Service Commissions Law" [in the case ofpower
($1,100 per bond) on Jan. 1 at Central Trust Co. of N. Y.—V.94, p. 1627. ganized companies as decided in the Third Ave. RR. case.—Ed.] "isreorbroad enough to authorize the Commission to issue an order requiring not
the
company to do so. The order of the Commission is, therefore,
Midland Continental RR.—Officers.—
to
tent
unwarranted and should be changed." Compare V. 94, p.that exThe following officers have been chosen: Pres. and General Counsel. V. 95,
698.—
p.
1473,
1207.
Herbert S. Duncombe, with office at 1352 Otis Bldg., Chicago, Ill.; VicePres., J. K. George, 347 Fifth Ave., New York; Sec., James D. Small.
Pere Marquette RR.—Report.—See "Annual Reports."
Frank D. Bull is Chairman of the board, Racine, Wisc. See offering of
President Resigns.—William Cotter has resigned as Presinotes in "Chronicle" last week, page 1542.
dent and General Manager.
Midland Valley RR.—Meeting Adjourned.—
The special meeting of stockholders to consider the authorization of
changes in capitalization (V. 95. p. 1274) has been adjourned from Dec. 11
to Jan. 11.—V. 95, p. 1472, 1274, 1271.
Montreal Tramways Co.—Bonds Offered.—Harris,Forbes
& Co.,New York; Harris Trust & Savings Bank (the trustee),
Chicago, and N. W. Harris & Co. offered in last week's
"Chronicle", at 993/i and int., an additional 90,000 "first
and refunding mortgage 30-year 5% gold bonds of 1911.
Years ending Sept. 30—
1910-11.
1911-12.
Gross receipts
$5,318,619 $6,047,351
Net earnings, after operating expenses & taxes
$1,824,838 1,979,485
charge
on these and all underlying bonds(315,755,000) 765,650
Annual int.
Balance, surplus [for debentures and corn. stock—Ed.]
(See also V. 93, p. 1463.)—V. 95, p. 295.
$1,213,835
While the resignation according to Mr. Cotter, is made solely for personal reasons,a change,it is expected, will lead to greater
harmony between
operating officials and the receiver, and therefore to better
operating results.—V. 95, p. 1208, 5.15.
Philadelphia Rapid Transit Co.—Voting Trust.—Tho
Phila. Stock Exchange has listed a further $201,450 voting
trust certificates (issued under agreement of Feb. 20 1911,
expiring Feb. 20 1916), making the total listed $20,999,550
out of a possible total of $30,000,000. Dec.31 has been fixed
as the last day for exchanging stock for voting trust certificates.—V. 95, p. 294, 233.
Quebec Oriental Ry.—Prior LienMortgage Filed.—
A trust deed
dated Oct. 22 between the company and the Royal
Co., to secure an issue of 57 prior lien mtge. (Metapedia Section)Trust
gold
bonds, was deposited in the office of the Secretary of State of
Canada on
Dec.3.—V.94, p. 1764.
DEC. 14 1912.]
THE CHRONICLE
1603.
It is proposed also that the California Co. shall authorize an issue of
Rutland RR.-Favorable Decision.-The Appellate Diwhich $3.000.000 will be presently
vision of the Supreme Court yesterday, reversing the de- ;prior preference for
.*the
e1 eso
trw
kAic
o;
it has been made with E.H. Rollins
cision of Justice Gerard, vacated the temporary injunction Sons. The proceeds of this stock
will beused for the purchase of $2,000,000
ar
ym
v
a
e
ln
To
o
fftr
etes
urocfhtahsee Ugicteed
ofigiiroa,di. of San Francisco and to complete
granted at the instance of the Delavan minority stock- p
s
eeofo
rtaos
Val. ,
csotm
V
r:s Mfga
holders' committee restraining the sale by the New York
Such action Fs a consistent conetisnuan
to maintain its integrity as a holding company,causing the companies
Central & Hudson River RR. to the New York New Haven policy
ntrols, in so far as practical, to conduct their own financing.& Hartford RR. of the one-half interest in the majority .o:c5n.spo.r2c9o8.
stock not already owned by the New Haven road. Compare
Waba3h-Pitt3burgh Terminal Ry.-Receivers' CertifiV. 95, p. 680, 48.
cates Extended.-The $939,323 6% receivers' certificates
St. Paul (Minn.) Union Depot Co.-Reported Financing due Dee. 1 were extendei at same rate to June 1 1913.
$973,000 certificates which fell due on Nov. 1 were recently extended
Denied.-The newspaper reports that J. P. Morgan & Co. toThe
Feb. 1 1913. See annual report. V. 95, p. 1395, 1274.
have arranged to underwrite an issue of $10,000,000 bonds
Wheeling & Lake Erie Ry.-Receiver's Certificates.for enlargement of the property are pronounced premature.
Plans, it is stated, are being formulated to enlarge the union passenger Judge Day in the U. S. District Court at Cleveland, 0., on
depot at St. Paul, and increase facilities to take care of the growing passenger business, but the roads interested have not agreed upon final terms, Dec. 10 heard the application of Receiver W. M. Duncan for
authority to issue $3,981,000 receiver's ctfs. for new rolling
and at the moment no active steps are being taken.-V. 74, p. 1090.
stock and improvements.
San Francisco Elect ric Ry.-Control.Of the certificates, RIB proposal to issue $3,100,000 for
See Cal. By. & Power Co. above and V. 95, p. 1540.-V. 91, p. 464.
Southern Ry.-Suit Over Lease.See Atlantic & Danville By. above.-V.95, p. 1404, 971, 968, 963.
Charlotteville & Rapidan Bonds Called.Thirteen bonds of $1,000 each. 34 of $500 and 11 of $100, dated July 1
1879, for payment at par and int. on Jan. 1 at Philadelphia Trust, Safe
Deposit & Insurance Co., Philadelphia.-V.95, p. 1404, 971.
Toledo (0.) Railways & Light Co.-Plan Operative.The joint committee representing the bondholders' and stockholders' committee on Dec. 10 announced that sufficient
stock and bonds have been deposited with the depositary,
the N. Y. Trust Co.,to declare the plan of reorganization (V.
95, p. 1333) operative. Over 70% of the $13,000,000 of
stock and over 84% of the 5% collateral trust bonds have
been deposited and much of the stock has paid the $7 50
a share assessment. The committee has extended the time
for deposits of stocks and bonds to and incl. Dec. 21.V. 95, p. 1542, 1333.
Trans-Mississippi Terminal Co.(New Orleans, La.)New Company-Bonds.-Under this title, it is announced,
will be financed the proposed enlarged freight and passenger
terminals at New Orleans for the Texas & Pacific Ry., which
were referred to in V. 94, p. 1628.
J. T. Freeman, Pres. of the company and First Vice-Pres. of the Texas &
Pacific By., is quoted as saying that the negotiation of a $5,000,000 30-year
5% bond issue has been practically been arranged, only the details remaining
to be completed.
Teicas & Pacific Ry.-New Orleans Terminals-Financing.
See Trans-Mississippi Terminal Co. below.-V. 94, p.1696.
Third Avenue Ry., New York.-Order Modified.-
See New York Railways above.-V.95, p. 1274, 545.
Underground Electric Rys., London.-Tramway Merger.
To effect the consolidation of the Metropolitan Electric Tramways, Ltd.
(56% route miles),and the London United Tramways,Ltd.(55 route miles).
it is proposed to form the London Suburban Traction Co., Ltd., with a
capital of £550,000 in 4j4% debenture stock (carrying dividend from
Jan. 1 1913), £1,500,000 in 5% cumulative pref. shares of £1 each and
£1,750,000 in ordinary shares of £1 each. Terms of exchange:
-Will be Exch. for London. Sub. Traction Co's
Existing SecuritiesDeb stk. 5% cum. pf. shs.
Ord. Shares.
Metropolitan El. Tram.Pref. shs., £500,000-40%-£200,000 709'- £350,000
Ord. shs., £395,832
100%- 395,832 100%- 395,332
Def. shs., £314,016
78,504 25%25%78,504
London United Tram.Pf. shs.,.E1,250.000
50%- 625,000 469'- 575,000
Ord. shs., £1,000,000_
70%- 700,000
Other purposes
350.000
50,664
664
authorized
Total
£550.000
El,500.000
£1,750,000
Also remaining out.Met. El. Tram. debs
£813,219 (E247,500, is. 5%, £565,719 4% %.)
London United Tram.
debentures 4%
1,649,930
The new company will acquire at cost, viz., £11.000, the 200,000 issued
shares (Is. per share paid up) of the Tramways (M.E.T.) Omnibus Co.
The £550,000 4 % debentures of the new company, beyond the amount
(£200,000) required for carrying out the exchange, will be used for the
acquisition of these Omnibus shares, for providing the Omnibus Co. with
sufficient funds to enable it to complete its purchase of 350 motor omnibuses
from the Daimler Co., and for additional working capital.
The two tramway companies carried in 1911 a total of 152,455,000 passengers and had a gross revenue from all sources of £846,000 and not profits
available for dividends of £88,742, exclusive of sums brought forward.
The net profits for the current year are not ascertainable at present, but
it is pointed out that unfavorable weather conditions and increased omnibus competition during last summer have adversely affected them. It is
expected, however, that, through economies, &c.,the consolidated company
will be able to show a fair return on its ordinary stock.
The Metropolitan Electric Tramways, Lts., in addition to operating a
system of tramways and light railways in the northern and western districts of Greater London. having an aggregate of 56.75 route miles, owns
(a) the issued ordinary Share capital of 40,000 shares of £10 each (30,000
fully paid and 10,000 50% paid up) in the North Metropolitan Electric
Power Supply Co., which has generating stations at Enfield, Willesden,
Hertford and St. Albans; and (b) all the shares in said recently formed
Tramways (M.E.T.) Omnibus Co., Ltd., which has issued £100,000 debenture stock and 200,000 shares of £1 each (Is. per share paid up). Compare V. 05, p. 1542.
United RRs. of San Francisco.-Control.-
See Cal. By. & Power Co. above and V. 95, p. 1540.-V. 95, P. 1333.
3,000 freight cars.
$450,000 for 20 consolidated freight locomotives, $319,000 for improving
the dock equipment at Huron, Ohio, and $112,000 for bridges.
Judge Day has granted the request of the minority stockholders of the
Wheeling & Lake Erie (which was contained in a cross-bill filed
time
ago by attorneys representing them and Receiver Duncan), tosome
make the
Wabash RR. a party defendant in the Wheeling & Lake Erie receivership
suit. It is alleged that the Wabash-Pittsburgh Terminal
Co. (which is
controlled by the Wabash), through its control of the Wheeling,
in 1905
negotiated a loan of $8,000,000 and purchased therewith 62
and 2,000 freight cars for its own use.-V.95, p. 1474, 1275. locomotives
West End Street By., Boston.-New Securities.-
The company has applied to the Mass. RR. Commission for
to issue $600,000 20-year 5% bonds and 44.000 shares of common authority
(the
latter at auction) to reimburse the Boston Elevated By. Co. forstock
improvements amounting to 3982.671.-V. 95, p. 1474. 619.
Winnipeg Saline & Gulf Ry.-Receiver's Sale,-
The a.ssets of the company were sold at public auction by the receiver,
J. A. Kimball, at Salina, Kan., on Nov. 27. The "Kansas City
Star" says:
"II. Leone Miller, the promoter, who was arrested in the Federal
on
the Kansas side by the Postal authorities for handling a blue-skyCourt
proposition, bought them for $800 through H. J. Nesmith, his bondsman.
assets consisted mostly of office furniture. The maps and profiles ofThe
the
road could not be found and were not offered for sale. Miller is out on
a
$5,000 bond awaiting trial on a charge of misuse of the mails."-V.95,p.
545.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Brake Shoe & Foundry Co.-Earnings.-2% Quarterly Preferred Dividends beginning April 1913.Year end. Net,after Other
Bond Pref. Div. Com.Div. Balance,
Sept. 30. Depr.,&c. Income. Interest. (7%).
(7%).
Surplus.
1912
-$1,052,718-- 338,271 8280,000 $252,000 $482,448
1911
$971,056 $57,752 1,028,808
280,000
252,000
457,267
Stockholders at the annual meeting on Dec. 10 approved the recommendation of the directors that the dividends on the preferred stock be increased
from a 7% to an 8% basis by the payment of quarterly dividends of2%,
beginning next April.-V.95, p. 1474, 1404.
American-La France Fire Engine Co., Elmira, N. Y.-
The reorganization committee announces that sufficient bonds and stocks
having been deposited with the Bankers Trust Co., the plan of
readjustment (V. 95,p.482) has been declared operative, and the time to make
deposits extended to Dec. 31.-V. 95, p. 482.
American Sugar Refining Co., N. Y.-Dismissed.-
Judge Hough in the U. S. District Court on Dec. 5, on motion of U. S.
District-Attorney Wise, dismissed the indictments against the company,
former counsel John E. Parsons, former Pres. Washington B. Thomas and
directors George H.Frazier, Arthur Donner and John Mayer,for conspiracy
in restraint of trade in connection with the closing down of the Pennsylvania
Sugar Refining plant in 1903 The defendants were tried in March last,
but the jury disagreed.-V..95, p. 112.
Americus (Ga.) Gas & Electric Co.-Deposits.-
The committee of holders of 1st M.30-year 5s due May 1942 ($300,000
issued) has fixed Dec. 12 as the last day for depositing the bonds [having
coupons of Nov. 1 1912 attached] with the Guar. Tr. Co. of N. Y., depositary, under agreement of Oct. 15 1912. Committee: Louis P. Doyle.
Chairman, William 0.Potter, Charles D. Rood and Thomas J. Brown, with
F. J. II. Sutton, Sec., 28 Nassau St., N. Y.
[Incorp. in Del. May 30 1912 with $250,000 auth. stock and received permission from the Ga. RR. Comm. to issue $100,000 stock and $350,000
bonds (instead of 3400,000, as requested). G. R. Solomon, an Atlanta engineer, valued the property at $260,583, including intangible property.
The creditors took possession in October and C. M. Council of Americus
was elected a director to represent the Nat. Park Bank of N. Y. At
auction in N. Y. on Oct. 30 $95,000 of the bonds sold at 35.]
British-American Tobacco Co.-Final Div.8%
-Earns.
The directors on Dec. 9 decided to recommend to the shareholders
at the
annual meeting to be held on Dec. 31 the payment on Jan. 7 of a final div
of 8% on the £6,244,613 ordinary shares for the year ending Sept. 30 1912,
in addition to the interim div. of6% declared last week, payable on the same
day. A dividend of 10% was paid in June 1912, and in March 1912 234
%•
An advertisement says: "The net profits for the year, after deducting
all charges and expenses for management, &c., are £1,981,159 5s.
9d., as
against £1,655,880 8s. 3d. for previous year. While the earnings of the
company justify a larger dividend, the directors prefer to adopt a conservative policy and substantially increase the amount carried forward, which
will, after deducting the final dividend. be £1,658,690 9s. 7d., against
£1,168,106 8s. 4d. carried forward last year. The report and balance sheet
will be mailed to shareholders from London Dec. 10."-V.95, p.
1544, 1041.
Browning Engineering Co., Cleveland.-New Stock.-
Shareholders will vote to-day (Dec. 14) upon increasing the capital stock
from $850,000 (Including $425,000 coin. and 8125.000 7% cum.
pref.)
$1,500,000, viz.: $750,000 com. and $750,000 pref. See V. 84, p. 1554.to
California Petroleum Corporation.-Initial Dividends.
An initial quarterly dividend on the $10,572,900 common and 1 % on
the $10,100,000 79' cum. pref. and participating stock, both payable Jan. 1
to holders of record Dec. 15. See detailed statement in V.95, p. 1041.
United Railways Investment Co.-Explanation as to
California Railway cfc Power Co. Amalgamation.-The manCalumet & Hecla Mining Co.-Output.-The estimated
agement has put out the following statement regarding the copper output of the company and its subsidiaries for Novemorganization of the California Ry. & Power Co. described ber and the 11 mos. ending Nov. 30, stated in pounds, was:
November
11 Mos.end. Nov.30last week (p. 1540):
1912.
1911.
1912.
For some time past the United Railways Investment Co. has been study- Calumet
IIecla
5,328,357 6,610,200 63,630,003 691
,9
0111
:
1 852
ing plans for combining its California railroads with the power companies Osceola &
1,731,530 1,509,120 16,524,455 16,761,640
supplying such railroads with power, including in the combination other Tamarack
682,555
704,200
7,133,259
6,814,011
interests tributary thereto. It has now formulated plans which it is sub- Ahmeek
1,317,485 1,391.990 14,886,440 13,826,480
mitting to its stockholders for approval by which the California Railway & Others
1,621.041 1,392,612 17,563,306 15,767,218
Power Co. will be organized to accomplish this result.
through
either
direct
stock ownership or through its
This company,
Total
10,680,968 11,608,122 119,737,463 122,181,201
subsidiary companies will own all the outstanding capital stocks of United -V.
95, p. 1405 1275.
Railroads of San Francisco and of the Sierra & San Francisco Power Co.
developed
(which has approximately 80,000
horse-power); also all the stocks
Canada Interlake Line, Ltd.-Preferred Stock Offered.of other small companies engaged in the power, lighting, railroad, water
A. E. Ames & Co. of Toronto, Can., are offering an issue of
and gas business in California.
The combined gross earnings of the California properties owned for the $950,000 7% cum. preference shares of the Canada Interlake
year ended Juno 30 1912 amounted to 39,379,303.
Under these plans it is provided that the United Railways Investment Line, Ltd., at par ($100 a share) with a bonus of 15% on the
Co. shall receive $6,874,400 7% pref. stock and $40,000,000 common stock common stock.
of the California Railway & Power Co., being all the pref. and common
This is the largest company in Canada engaged entirely in freight lake
stocks to be presently issued by the California Co.
transportation, operating 14 modern steel freighters with a total capacity
THE CHRONICLE
1610
of 1,662,500 bushels of wheat. Total auth. stock, $3,000,000, half pref.;
outstanding, $1,000,000 of each class; underlying bonds, $720,000; mortgage debt, $66,432. Three of the vessels are free of encumbrances. Recently chartered In Ontario, succeeding the prosperous Canadian Interlake
Line. Ltd. M. J. Haney of Toronto is President.
Canadian Car & Foundry Co., Ltd.-Earnings.Sept. 30.
Year1911-12
1910-11
-V. 95. p. 752.
Net
Profits.
$1,039,932
1,007,138
Pref. Divs.
(7%).
$423,500
385,000
Common
Dividends.
(2%)$77,500
(4) 155,000
Balance,
Surplus.
$538,932
467.138
Canadian Westinghouse Co.-Bonus Declared, 2%.-
[VOL. Lxxxxv.
City Fuel Co., Chicago.-Knickerbocker Purchase."Chicago Economist" Nov. 30 said: "The basis upon which the directors
of this company have offered to the stockholders the shares of Knickerbocker Ice stock recently acquired bx them is one share of preferred and
twelve shares of common for $298 75. In the event of a consolidation of
the two companies, the directors reserve the right of delivering shares of
the new company,for which both City Fuel and Knickerbocker Ice shares
are to be exchanged,in place of the shares of the ice company. See V.
95, p. 1405, 1475.
Coast Valley Gas & Electric Co.-Control.See California Railway & Power Co. under "Railroads" above and also
V. 95, p. 1540.-V. 94. ps. 1249.
Connecticut River Power Co., Boston.-Acquisition.
The important water-power privileges, dam, &c., at Bellows Falls, Vt., on the Connecticut River, including the
Bellows Falls Canal Co. and Fall Mt. El. Lt.&Power Co.,
acquired by interests identified with this comCarolina Terminal Co., Charleston, S. C.-Guaranteed have been
at a cost of over $1,000,000. An authorized stateBonds Offered.-Spencer Trask & Co.have purchased $700,- pany,
follows:
000 of an auth. issue of $1,000,000 1st 5% 25-year sinking ment
This acquisition marks the passing to interests headed by Baker, Ayling
fund gold bonds dated Nov. 1 1912 and due Nov. 1 1937, but & Co. of Boston of the second largest water power on the Connecticut
River. Other properties in such a comparison are the hydro-electric plant
callable at 105. Guaranteed, principal and interest, by controlled
by the sam3 interests at Vernon, Vt., at which some 29,000 h.p.
endorsement, by Clyde SS. Co., which operates the property (primary and secondary) is now being generated, and the Holyoke Water
Co., which is strictly a canal enterprise and is first in rated capacity.
under a 99-year lease. The earnings of the terminal company Power
The Bellows Falls proposition, it is believed, will prove of advantage to
are reported substantially in excess of the interest and sink- the Conn. River Power Co., both as a "feeder" and in making available
large manufacturing territory. [The new property, it is understood,
ing fund ($20,000 annually beginning in 1914) on the entire another
will be owned and developed hydro-electrically under the title of the Bel$1,000,000 issue.
lows Falls Power Co., whose common stock will be owned by the Connecticut River Power Co. of Maine.-Ed.]
(J. I.) Case Threshing Machine Co.-Sales.The Conn. River P. Co. reports its net income for October 1912, after
A bonus of 2% has been declared on the $4,376,600 stock along with the
regular 1%% quar. div..(No. 31), both payable Jan. 10 to holders of
record Dec. 31. In Jan. 1911 a bonus of 1% was paid and in July 1911
34 of 1%. In April 1912 the quarterly rate was increased to 1 %,the rate
from April 1905 to Jan. 1912 having been 14%.-V. 95, p. 617.
The gross sales for the 11 months endin,„..• Nov. 30 were $12,024,459, com- fixed charges ($13,300) as $25,157, and for tho ten months ended Oct. 31
pared with $8,323,091 for the same period in 1911, an increase of $3,701,368, as $115,513 (after fixed charges of $138,194), present earnings being 5%
on common stock after allowing for 6% on $500,000 pref.-V. 95, P.
or approximately 44%.-V. 95, p. 1210.
1042, 178.
Central Colorado Power Co.-Statement to Bondholders.
-The reorganization committee (V. 95, p. 1544), in a circular dated at N. Y. City, Dec. 3 1912, relating to the plan
outlined last week (p. 1544), says in substance (compare
also "Annual Reports"):
Connecting Gas Co., Columbus, O.--Additional Stock.
The company on Dec. 6 applied to the Ohio P. S. Comm. for authority
to increase its capital stock from $825,000 to $1,330,000. Of the new stock,
$300,000 is to be used to construct a new pipe line from the Ohio River to
Sugar Grove, 30 miles, where it will connect with the lines of the Northwestern Ohio Natural Gas Co. and the Union Natural Gas Co.,with which
statement,
It
Mch.
19
1912,
and
the
Treasurer's
has contracts for supplying its output.
issued
report,
annual
The
issued July 15 1912, indicated that the company would not be able to pay
Continental Can Co.-Merger.-It is learned that a
the next installment of interest on its 1st M. bonds, and intimated that a
• reorganization would probably be necessary. On Nov. 29 1912 the Colum- new company is being organized to take over the business of
bia-Knickerbocker Trust Co., as trustee under the first mtge. of the Central this
J. corporation, the Export & Domestic Can Co., a
Colorado Power Co., commenced foreclosure proceedings in the U. S. District Court for the District of Colorado, based upon the failure of the N. Y. corporation (capital reported as $300,000) and the
company to discharge certain prior liens filed in 1910. Upon this applica- Standard Tin Plate Co. (V. 78, p. 1910).
tion Pros. G. H. Walbridge and Gen. Mgr. L. P. Hammond were appointed
The authorized capitalization of the new company is to be $7,500,000
receivers of the property. On Dec. 1 1912 the company defaulted on the
cum. pref. stock and $10,000,000 corn. stock, of which there is to be
interest then due on its [$10,449,000] 1st M. bonds. [From Dec. 1909 to 7%
presently
issued $5500,000 prtf. stock and $8,000,000 coin. stock. The
was
mostly funded into $1,303,050 2d M.
June 1 1912 the 1st M.interest
object
of this financing is to largely increase tile working capacity of the Can
5s. V. 89. p. 998.-Ed.] On Nov. 1 1912 the Leadville Light & Power Co. and
to enable it to keep pace with its rapidly growing business.
Co., whose stock is owned and whose [$757,000, V. 93, p. 1593] bonds are
It is understood that Goldman, Sachs& Co.and Lehman Bros. of New
guaranteed by the Central Colorado Power Co., defaulted on its first York,
and Kleinwort, Sons & Co. of London, will acquire an Interest in the
mortgage with respect to the sinking fund.
While market and other conditions have improved during the past six securities of the now company. Compare V.90,p.505.
Condensed Circular-Data as Reported to the Bankers.
months and offer grounds for hope of further improvement, the conditions
The plan will provide the new company with $1,750,000 additional workdo not warrant the belief that the earnings of these two companies will at
any time in the near future be sufficient to meet their present requirements ing capital for the expansion of its rapidly growing business. After giving
of about $750,000 per annum for interest and sinking funds. The combined effect to the adjustment of interest resulting from the introduction of this
net earnings, eliminating inter-company charges, amounted for the year working capital, the combined net profits of the companies and their subending Sept. 30 1912 to only $358,616, the gross earnings being $559,603 sidiaries for the cal. year 1911 were about $750,000 and for the 10 months
ending Oct. 31 1912 were $920,000, subject to reasonable variances. The
and the operating expenses $200,987.
The bankers who are the largest individual holders of the securities have, net tangible assets of the can companies amounted to $3,750,000 on Dec. 2
after consultation with some of the other large holders of bonds, formulated 1912; additional cash working capital $1,750,000; total at least $5,500,000.
The certificate of incorporation will provide that without the consent of
a plan of reorganization, dated Nov. 25 1912, which is now presented to
you (see plan, V. 95, p. 1544). The interest on the bonds to be issued by at least 75% of each class of outstanding stock, voted separately, the company shall not mortgage any part of its property or increase the pref. stock
the new company will be less than one-half the present net earnings.
Holders desiring to participate in the reorganization must deposit their or issue any stock having preference over said prof. stock. The whole or
bonds on or before Dec. 31 1912 with Columbia-Knickerbocker Trust Co., any part of the pref. stock may be redeemed at any time upon 3 months'
N. Y. City, or Commonwealth Trust Co., Boston. [Signed by George C. notice at $125 per share and all accrued dividends. Yearly, beginning in
Lee,of Lee, Higg.inson & Co.; Sidney Z. Mitchell, of Electric Bond & Share 1915, the company shall, out of surplus profits, acquire, by redemption
Co.; Frederic O. Walcott, Chairman, of William P. Bonbright & Co., or purchase at not exceeding $125 per share, plus accrued dividends at
the reorganization committee, with H. H. Harrison as Sec.,60 Bway., N.Y. least 3% in par value of the largest amount of pref. stock at any one time
outstanding. No dividends shall be declared on the common stock until
Authoritative Statement Regarding Effect of Proposed Reorganiza- all arrears in respect of the acquisition of pref. stock are met. The pref.
tion Plan (V. 95, p. 1544).
stock shall have no vote in the election of directors unless four quarterly
Under the plan it appears that the new securities will have a very sub- dividends thereon shall be in default, in which case the election of directors
stantial basis. The panic of 1907, by its disastrous effect on mining and shall be vested exclusively in the pref. until all such defaults have been made
milling operations in the section served by the company, deprived the enter- good.-V. 94, p. 489, 126.
prise of a large market for power and cut off sources of income upon which
Cumberland Telephone & Telegraph Co.-Listed.the engineers relied. The financial troubles of 1907 also added greatly to
the capital cost of the property, and thus from the very start the com- The New York Stock Exchange has listed $15,000,000 25pany was obliged to meet unnaturally heavy charges, with income resources
far below the normal both for the capacity of the property and the year 1st and general 5% bonds due 1937 (V. 93, p. 1467;
territory it serves. Meanwhile, however, the construction work was V. 94, p. 210, 354).
efficiently carried out and the physical condition of the property is regarded
Earnings.-For year ending Oct. 31 1912:
as excellent.
Gross
Taxes
Bond Dividends Balance,
Net
The development of earning power during the last two years has been Year
Earnings. Earnings. Paid. Interest. (8%),
Surplus.
continuous and at an increasing rate. The reports of the company, even
apart from the Leadville Light & Power subsidiary, show not only persist- Oct.31 12-$7,804,180 $2,733,905 $474,862 $746,605 $1,058,412 $454,085
Dec.
31
'11_
717,819
7,372,662
1,574,412
454,862
182,346
2,929,440
receipts
but
also
a
grass
steadily
increasing
substantial
growth
in
ent and
ratio of earnings. (See "Annual Reports" on a preceding page.)
Favorable Decision by Federal Court.For the year ended Oct. 311910, gross earnings were $212,350 and net
The U. S. Circuit Court of Appeals at Cincinnati on Dec. 3, reversing
were $54,216. For the following year, gross returns of $391,429 and net
Court, granted an injunction reof $211,686 were reported, while the report for the year ended Oct. 31 1912 the decision of Judge McCall in the lower
straining the city of Memphis. Tenn.,from enforcing an ordinance reducing
shows $472,688 gross and net of $328,000.
will seek to have a law
authorities
city
rates
for
telephone
The
service.
for
the
system
year
ended Sept. 30 1912
The net earnings of the entire
right to regulate the charges
were approximately $358.000. The annual interest charge on the issue of passed by the next Legislature giving them the
5% bonds about to be made under the plan will be $167,460; therefore, the for telephone service.-V. 95, p. 752, 681.
amount applicable to this charge is 2 14-100 times the interest requirements
Deere & Co. (Plows, &c.), Moline, Ill.-Listed.-The
from the outset. At 85, these bonds would be on approximately a 634%
Income basis, which seems a very conservative valuation gauged by the N. Y. Stock Exchange has listed $37,828,500 pref. stock.
established earning power that has now been built up behind this security Combined Income Account Deere & Co.and Sub. Cos.-Year end. Oct.
1,
32914765
19
:85161259
.
and by comparison with similar investment issues. Assuming a price of Net earnings(after depr.)_$4,917,300 General expenses, &c
$409,006
85 for the 7% pref. stock and 20 for the common stock, upon which current Rental and miscellaneous_
charges,
net
Interest
102,899
earnings at the rate of about 2% are indicated, the Central Colorado Power
Prof. dividend paid
Co. 1st M. bonds with 15% of 2d M. bonds for the funded coups. thereon,should have an exchange value of between 41 and 42.-V.95, p.1544.
Net
income
carried
to
su•$5rau2s0,199
$2,388,809
[The reorganization agreement empowers the committee to elect the first
Deere & Co. and Sub. Cos. Consolidated Balance Sheet Oct. 31 1912.
board of directors of the new company, and to hold and vote the new stock
Liabilities , ,9 4,423)ssets ($75,964,423)for such period (not to extend beyond Jan. 1 1918) and under such terms
generally as to the committee may seem wise. In case the committee shall Property & equipment_ _$13,943,956 Pref. stock, 7% cum_ _ __$37,828,500
:6
600
decide at any time that it is desirable to substitute for the foregoing a new Trade-marks,good-will,&c19,272,700 Common stock
Sub.cos. stock not acquired
20,2
13
plan,such new plan (which may provide for the consolidation of the Central Timber lands, properties
78
4
not used in over., &c_ _ _ 2.576,843 Bonds,debs.& mortgages:
Colorado Power Co. and the Leadville Light & Power Co. and any other
Serial notes due'13 to'16 4,000,000
company or companies) shall become effective and binding upon all holders Mdse. inventories(at cost)15,384,873
Debens. due 1913 to '17 250,000
of deposit receipts unless holders representing 50% in amount of all de- Insurance and interest paid
In advance and other
Subsidiary companies
1,848,400
posited bonds shall, within 20 days after the mailing of such new plan to the
working assets
3,523,031
368,335 Notes payable
depositors, file with the depositaries an.election in writing not to be bound
Cash
2,276,278
3,420,170 Accounts payable
thereby.-V. 95, p. 1544.
1,355,316
Notes receivable
10,377.128 General reserves
4,470,697
receivable
10,614,417 Surplus
Chicago Junction Railways & Union Stock Yards Co. Accounts
Compare
V.
95,
p.
1405,
820.
Dec.
9,
Court
on
U.
S.
reversing the decision of the
The U. S. Supreme
Commerce Court on Nov.141911,held that not only the Chicago June.Ry.,
Eagle Lock Co., Terryville, Conn.-150% Stock Div.but also the Union Stock Yards & Transit Co.and the Chicago Junction Ry.
The stockholders
Nov. 9 voted to increase the stock from $400,000 to
& Union Stock Yards Co. are common carriers and as such subject to the $1,000,000, the newon
stock being distributed out of surplus as a 150% diviregulations of the Inter-State Commerce Commission, and compelled to file dend. Par of shares,
J. S. Farlee & Co., Hartford, offered to buy
a tariff of rates in conformity with the law. The Court also holds that the fractional shares at $29$25.
half share or sell one-half shares at $30. Organfirm of Louis Pfaolzer & Sons, a packing company, received undue prefer- ized in Conn. in 1854;per
1882. No bonds. Dividends of 16%
ence over other patrons of the lino. in violation of the Elkins Law forbid- yearly, it is stated, have chartered
been plaid (Q.-J.). Pres., R. J. Plumb; Sec. and
ding rebates, in getting a bonus of $50,000 under their agreement to erect Treas., H. B. Plumb; Gen.
Mgr.,
0. B. Hough.
a new plant in Chicago instead of Kansas City, and to purchase all live
stock slaughtered or canned by them within a radius of 200 miles at the
Empire Steel & Iron Co.-Dividends Resumed.Chicago stock yards, or to have the same pass through them and pay the
A dividend of 2% has been declared on the $2,500,000 6% cumulative
customary tolls and charges. Justice Day wrote the opinion. Compare preferred stock. payable Jan. 1. The last dividend paid on the Issue was
V...93, p. 1388; V. 90.p. 1615.-V.94,p.486.
1% in July 1911.
N.
DEC. 14 11412
THE CHRONICLE
Previous Dividend Record on the Preferred Stock (Per Cent).
1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912
0
3
6
6 434 6
3
6
3
3 334 234 3
3
Accumulated dividends on preferred Jan. 1913, 29%.—V. 93, p. 1791.
General Electric Co.—Listed.—The New York Stock
Exchange has authorized to be listed on and after Jan. 2
(1) the $10,000,000 5% debenture bonds due 1952 which were
recently sold (V. 95, p. 238, 752, 892) on notice of exchange
for outstanding temporary receipts, and (2) the $23,297,000
stock which has been declared payable as a 30% stock dividend to holders of record Dec. 31 (V. 95, p. 238, 422),
making total amount of the latter to be listed $101,514,200.
Earnings.—For 8 months ending Aug. 31 1912:
1611
Depreciation charged against earnings amounted to $595,705 for the eary
ending Sept. 30 1912 and $768,142 for the 18 months ending Sept. 30 1911.
Hampton E. Toner has been elected a director to fill a vacancy.—V. 95.
P. 1405.
Kanawha Water & Lt. Co., Charleston, W. Va.—Sale.
See West Virginia Water & Elec. Co. below.—V.82, p. 754; V.76, p. 922.
(S. S.) Kresge Co.—Total Sales.1912. —Nov.— 1911.
$691,878
$978,915
—V. 95, p. 1276. 963.
Increase. 1912. —11 Mos.— 1911.
41.48% I $8,582,623
$6,577,833
Increase.
30.47%
Lake Superior Corporation.—First M. Bonds Called.—
Fourteen ($14,000) 1st M.5% gold bonds of the Cannelton Coal & Coke
Co., issued under mortgage dated June 20 1910, for payment at par and
int.
on Jan. 1 at Fidelity Trust Co., Philadelphia.—V. 95, p. 893.
Other Deben. Dividends Balance,
Net
Sales
Period
Surplus.
Billed. Earnings. Income. Interest. Paid.
Covered—
Library
Bureau, Boston.—Deferred Divs. Paid.—
$
8 mos. ending
A dividend of 4% has been declared on the $1,500,000 8% cum. preAug.31 '12_ _48,969,167 5,877,743 1,702,819 64,524 *3,103,306 4,412,731 ferred stock, payable
Jan.1 to holders of record Dec.21,covering 2 deferred
Year ending
quarterly payments.—V.94, p. 628.
Dec.31 '11__70,383,854 7,923,297 3,010,524 371,015 a5,806,344 4,756,462
*2 quarterly dividends (4%)•
Lytton Building, Chicago.—Bonds offered on New 18The total accumulated surplus Aug.31 1912 was $33,432,624,from which
will be deducted the 30% stock dividend payable to stockholders of record Story Building Owned and Largely Occupied by "The Hub"
Dec. 31 1912 ($23,297,000 as stated above), after adding the profits for (Henry C. Lytton & Sons), Men's Clothing.—The Greenethe 4 months ending Dec. 31.—V. 95, p. 892, 752.
(B. F.) Goodrich Co.—November Sales.-
Per Cent.
1912.
1911.
Increase.
$3,120,567 $2,663,174
17.17
$457,393
November sales
A press dispatch says that the list of shareholders shows that the company
now owns over $2,000,000 of its pref. stock, possibly bought in anticipation
of sinking fund to begin in 1914.—V. 95, p. 547, 238.
Grasselli Chemical Co., Cleveland.—New Stock.—
Holders of record on Nov. 26 of the $7,059,167 of outstanding stock were
offered the right to subscribe at par ($100 a share) for the $440,833 of
unissued stock in amounts equal to 6% of their respective holdings.
baum Sons Bank & Trust Co., Chicago, the mortgage trustee,
is offering at par, yielding 5M% on the investment (see
adv. on another page), $1,500,000 (total issue) 1st M.53 %
serial gold bonds, par $500 and $1,000 each, dated Jan. 1
1913, covering the handsome new 18-story Lytton Bldg.,
at corner State St. and Jackson Boulevard, Chicago. A
circular shows:
Due 1916 to 1930 in annual installments on Jan. 1, respectively, 2 of
$50,000, 5 of $75,000, 3 of $100,000, 4 of $125,000 and 1 of $225,000, but
callable all or any part on or after Jan. 1 1919 on 60 days' written notice, at
Horse Shoers' Association.—Alleged Combine—Suit.—
103%. Pr n. and nt. (J. & J.) payable at office of trustee.
The Government on Dec. 12 brought a suit in the U. S. District Court
Security consists of new massive fire-proof 18-story and triple basement
at Detroit, Mich., against the Master Horse Shoers' Protective Association steel, granite and terra cotta store and office buildilg and valuable leaseand manufacturers of drilled horseshoes, adjustable calks and rubber hold estate, size 117x144 feet, in the unexcelled "loop district. Valuation
hoof pads,forming what is termed the "Horseshoers' Trust," to enjoin them completed building, $2,500,000; leasehold, $1,000,000; total, $3,500,000.
from continuing an alleged combination and conspiracy in violation of the The bonds are the first obligation of "The Hub," started in 1887 and recogSherman law to confine the sale of those articles in this country and Canada nized as one of the largest men's and boy's clothing establishments in the
to horseshoers and to prevent the direct sale to horse owners.
United States, and financially very strong, its sales aggregating several
The defendants named include the Master Horse Shoers' National Pro- million dollars annually. Total yearly rental from building estimated at
tective Association of America, New York; Master Horse Shoers' National 534 times the interest on these bonds. "The Hub' (Henry C. Lytton &
Protective Association of America, Michigan; Williams Drop Forging Co., Sons) occupies a large portion of building (8 stories and 2 basements). InPennsylvania; Rowe Calk Co., Connecticut; Diamond Calls & Horseshoe come from new building, exclusive of space occupied by the owners, estiCo., Minnesota; Giant Grip Horseshoe Co., Wisconsin; Air-O-Pad Co.; mated sufficient to meet all fixed charges.
Revere Rubber Co., Rhode Island; Walpole Rubber Co., Maine; William
Killian & Sons Co., Massachusetts; Firestone Tire & Rubber Co., Ohio;
Montana Power Co.—Consolidation—Officers.—The
Octagon Drop Forge Co., Illinois; Dryden Hoof & Pad Co., Illinois;
stockholders of the Butte Electric & Power Co. on Dec. 12
Hoopeston Horse Nail Co., Illinois, and eleven individuals.
now
done
at
is
shops
conhorseshoeing
all
It is alleged that nearly
ratified the proposed consolidation with its allied companies
ducted by members of the defendant Horse Shoers' Association, organized
in 1903, to succeed a voluntary association also declared to have entered under the name of the Montana Power Co., per plan V. 95,
between
the
agreements
association
and
that
p. 1333. The new company was incorporated in New Jerinto an unlawful combination;
manufacturers of drilled horseshoes and adjustable calks provide that such
manufacturers will market their products through hardware jobbers, under sey on Thursday with $100,000,000 capital stock. Officers
manufacturer
to
fix
the
price
at
which
the
and directors:
a sales contract empowering the
Officers.—President, Charles W.Wetmore; Vice-Presidents, Max Hebgen,
jobber sells to retail hardware dealers; that the agreement stipulates that
n States other than Montana, Utah, Wyoming and Idaho horseshoes and Charles Norman Fay, Alfred Jaretzki and Charles R. McCabe; Sec. and
horseshoers,
above
the
price
charged
to
Treas., P. E. Bisland; Asst. Sec.-Treas., Henry F. Kroyer.
calks will be sold at a price 33 1-3%
Directors.—W. S. Brayton, East Orange, N. J.; George F. Canfield,
while in the five States mentioned the price is fixed at 50% above that
Percy Chubb, Charles Martin Clark, Charles A. Coffin, William E. Corey,
charged to horseshoers.
Marcus Daly, Charles Norman Fay, Alfred Jaretzki, Syndey Z. Mitchell,
Indiana Pipe Line Co.—Status—Outlook.—
Charles H. Sabin, Frederick Strauss and Charles W. Wetmore, all of New
Ackermann & Coles, New York,in a circular dated Nov. 27,say in subst.: York; W. K. Whigham, London; Thos. F. Cole, Duluth, Mimi.; J: G.
Incorporated in Indiana in 1889. Capital stock, $5,000,000, par $50. Schmidiapp, Cincinnati; Elliott Wadsworth, Boston, and Max Hebgen,
An important unit in the system formerly controlled by the Standard 011 John G. Morony, John D. Ryan and William G. Thornton, all of Butte,
Co., being the connecting link by which the mid-continent oil reaches the Mont.—V. 95, p. 1334.
Eastern pipe lines. Also owns complete field gathering systems and collects
Nebraska Telephone Co., Omaha.—New Bonds.—
direct from the wells all the oil produced in Indiana.
The company has applied to the State Railroad Commission for permisThe main line closely follows the Erie RR.from Griffith, near the Ill, line,
where it connects with the Prairie Oil & Gas Co.'s line from Oklahoma and sion to issue $1,313,000 refunding bonds.—V. 45, p. 53.
Kansas, to Preble, near the Ohio line, where it joins with the Buckeye
New England Fish Co.—First M. Bo nds Called.—
Pipe Line Co., a distance of about 168 miles, with two 8-inch pipe lines,
Eighteen 1st M. 6% sinking fund gold bonds issued under mortgage
which, with loops, have a carrying capacity equal to three 8-inch lines
Oil
dated
Ohio
July 1 1908, for payment at par and int. on Jan. 1 1913 at Federal
the
branch
runs
from
Preble
to
important
(over 400 miles). An
Co.'s pipe line at Montpelier, about 25 miles. Other branches, Preble to Trust Co., Boston.
Smithfield and Broad Ripple, and to oil fields in Southwestern Indiana.
Phelps, Dodge & Co.—Extra Distribution 3%.—
The gathering systems cover the Trenton rock fields in counties of Adams,
An extra dividend of 3% has been declared on the $45,000,000 stock,
Bluffton, Blackford, Grant, Delaware, Huntington and Jay and also in
the Oakland City and Princeton fields in Gibson and Pike counties. Four together with the regular 23,6% quarterly disbursement maintained since
large main-line pump stations between Griffith and Preble and numerous March 1909, both payable Dec. 27 to holders of record Dec. 16. Extra
branch and field line stations. Steel tankage about 1,500,000 bbls. of crude. dividends of 2% each were paid in Dec. of the 3 preceding years, and on
The company delivers all the oil (Western crude) used by the Standard June 1912 2% extra was paid. Dividend record (per cent):
Oil Co. of Indiana, at the Whiting, Ind., refinery (reported in the Pipe
1910 and 1911
1912
1909
Line Statistics as "regular deliveries."). The balance of the Western oil,
10 & 5% extra.
10 & 2 ext. (Dec. 30)
10 & 2% extra
as well as that from Ohio 011 Co. and gathered direct from the wells, is —V. 95, p. 1546, 1276.
delivered to the Buckeye Pipe Line Co. at Preble. The published rates
from Griffith to Philadelphia and Centerbridge, Pa., are 6834c. and 67c.
Plainfield-Union (N. J.) Water Co.—Favorable Decision.
per barrel, respectively, of which, on a mileage basis, we estimate that this
The N. J. Supreme Court on Dec. 9 set aside the order appointing comcompany should receive about 21%, while on oil delivered at Whiting, missioners in a proceeding brought by the city of Plainfield to condemn a
receive
about
should
4c.
per
barrel
pipeage
and
on
it
haul,
about a 12-mile
portion of the water-works. Justice Swayze in the opinion says: "The
oil received from the Ohio 011 Co. at Montpelier and delivered to the Buck- Legislature may authorize one public agency to condemn property already
eye pipe line, probably 6c, per barrel. On oil gathered from the wells devoted to a public use by another public agency, but the intention to grant
barrel,
and
also
we
per
estimate
about
20c.
there is a collection charge of
such authority must be manifested in express terms or by necessary impliSc. per barrel as pipeage.
cation. The Act of April 21 1876 was not meant to authorize the condemDuring the first nine months of 1912 the company delivered 24,657,745 nation, either in whole or in part, of a water-supply plant supplying several
collected
direct
from
were
564,205
bbls.
amount
barrels of oil, and of this
municipalities. [See list of towns supplied in bond offering, V. 95, p.
the wells, the remainder being received from the Prairie 011 & Gas Co. 240.—Ed.1—V. 95, p. 1126, 240.
and the Ohio 011 Co, about 78% from the former at Griffith and about 22%
probably
Prairie
Co.
deliveries,
50%
from the latter at Montpelier. Of the
(R. J.) Reynolds Tobacco Co.—Extra Dividend.—
was delivered to Whiting, the balance coming East to the Buckeye. With
An extra dividend of 2%, along with the usual semi-annual distribution
this division of the oil received and with the above rates applying we esti- of 3%,has been declared, payable Jan. 1 to holders
of record Dec. 16. The
mate the gross earnings at $3,000,000 to $3,250,000 per annum and net stock was recently increased from $7,525,000 to $10,000,000.
earnings at $2,250,000 to $2,750,000, or 45% to 55% net on the present
Extra
Dividend
Record
(Per
Cent).
depreciation.
capitalization. This estimate, however, does not allow for
1909.
1910.
1911.
1912.
1908.
1913.
In 1912 there have been paid two dividends of 6%, or $3 each, on May 15 1907.
None
None
14%
July, 2
13%
Jan., 2
and Aug. 15, and one dividend of 8%, or $4 a share, paid on Nov. 15, 10%
saying:
as
"The
quoted
year
1912
will
is
mark the most
official
An
making a total disbursement this year of 20%, or $1,000,000.
In 1906, when the capital was $1.000,000 and the pipe line system was prosperous year in the history of the company, both as to volume of business
assessed $3,429,552 and carried on the books of the Standard Oil Co. of and profits."—V. 95, p. 485, 301.
N. J. at $4,364,652, the company's net earnings were reported as $2,513,Sacramento Valley Irrigation Co.—Bond Redemption.
553 and its surplus, or profit and loss, as $3,365,748. In 1911 the assessed
valuation was $5,130,086, which figures are the assessment on pipe lines
The company,redeemed on Dec. $580,000 1st M. 6s, making the total
and telegraph equipment only and do not include their pump stations, retired to date $1,030,000. Amount outstanding Jan. 1 1912, $7,526,000:
tankage, or oil in stock. Prior to dissolution dividends were reported now outstanding, $7,109,000. Total auth., $15,000,000, but not over
$10,000,000 to be outstanding at any one time. Compare California-Idaho
as 76% in 1903 and 43.6% in 1906.—(V. 85, p. 216, 790.)
From its location the company should be assured of good earnings for Co. above and under Amer. Water-Works & Guarantee Co. in V. 95, P.
come,
as
years
to
the
bulk
of
the
are
located
refining interests
1538, 1539.—V. 93, D. 1607.
a number of
in the East and they are compelled to draw more and more on the West
Indiana,
material.
which
in
San Joaquin Light & Power Co.—Bonds.—
1906
produced
over
7,000,000
raw
their
for
The Calll'ornla RR.Comm.has authorized the company to issue $925,000
bbls., will hardly show 750,000 bbls. this year.
[Ackermann & Coles write: "The information given has been obtained bonds, $320,000 at once to discharge outstanding indebtedness and the
by one of the best-known field oil men in the United States, who is employed. balance from time to time for the same purpose.
by us, and who is constantly traveling all over the country obtaining inEarnings for Ten Months ending Oct. 31.
formation we propose to issue in theform ofletterssimilar to the above.")
1911.
1912.
1912.
1911.
—V. 95, p. 820; V. 94, p. 986.
Gross income_ _51,097,133 $877.4311Int. & sink. fund _3370,830 $290,487
Net
surplus
483,395
658,335
287,505
Net,
after
taxes
192,908
Indianapolis (Ind.) Water Co.—Sale.—
President L. C. Boyd has sold control to the C. H. Geist Co.. Philadel- —V. 95, p. 240.
phia.—V. 92. p. 1502.
Shredded Wheat Co., Niagara Falls, N. Y.—Div.—
International Steam Pump Co.—Director--Earnings.—
A quarterly dividend of 1% and a bonus of I% has been declared on the
The combined earnings of the associated companies were:
$8,750,000 common stock, payable Jan. 2. This is an increase of 34 of I%
Bal., Sur.
in the bonus over the amount paid last quarter. See V. 94, p. 1315.
Net, after Int.& Disc. Preferred
or Def.
Period Covered—
Deprec'n. on Bonds. Dividends.
$859,800 def.$169,416
Year end. Sept. 30 1912_$1,292,144 $601,760
For other Investment News see pages 1625-1626.
1,289,700 sur. 506,573
880,176
18m0.end. Sept. 30 1911 2,676,449
'
THE CHRONICLE
1612
[VoL. Lxxxxv.
cdri tvarts and Documents.
UNION PACIFIC RAILROAD COMPANY
FIFTEENTH • ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1912.
New York, November 14 1912.
To the Stockholders of the Union Pacific Railroad Company:
The Board of Directors submit herewith their report of the operations and affairs of the Union Pacific Railroad Company and its Auxiliary Companies for the fiscal year ended June 30 1912.
The combined operations and affairs of the Union Pacific Railroad Company, the Oregon Short Line Railroad Company and the Oregon-Washington Railroad & Navigation Company are herein designated for convenience by the term
'Union Pacific Railroad and Auxiliary Companies.'
PROPERTIES AND MILEAGE.
The Union Pacific Railroad and Auxiliary Companies owned and operated or operated under trackage rights, on June 30
1912, the following railways and water lines:
Companies.
Mileage of Railways owned by:
Union Pacific Railroad Co
Oregon Short Line Railroad Co
Oregon-Washington Railroad & Navigation Co
Des Chutes Railroad Co
Oregon-Washington Railroad & Navigation Co. jointly with other companies
• Total owned
ileage operated under trackage rights by:
Union Pacific Railroad Co
Oregon Short Line Railroad Co
Oregon-Washington Railroad & Navigation Co
Total trackage rights
Total June 30 1912
Total June 30 1911
Increase
Decrease
First
Main
Track.
'
Additional
Main
Track.
Sidings.
3,548.20
1,711.84
1,731.10
95.23
727.16
45.40
19.00
1,267.68
513.98
373.40
9.21
7,086.37
71.15
791.56
2,164.27
22.68
187.00
7,157.52
791.56
2,186.95
187.00
33.90
2.94
194.98
92.21
2.80
9.32
72.83
231.82
92.21
84.95
7,389.34
7,115.48
883.77
761.33
2,271.90
2,141.77
273.86
122.44
130.13
Water
Lines.
187.00
187.00
201.00
14.00
During the year there was a net increase of 227.28 miles in mileage of railways owned; of 3.86 miles in railways owned
jointly; of 42.72 miles in railways operated under trackage rights; of 122.44 miles in additional main track, and of 130.13
miles in sidings. There was a net decrease of 14.00 miles in water lines.
. The details of the mileage of the railways and water lines are shown in Table No. 1 of the report of the Vice-President
and Comptroller.
The additions to railways owned or operated and the changes during the year in first and additional main tracks were
as follows:
Additions.
First
Main
Track.
Union Pacific Railroad:
Dent to Ft. Collins, Colorado, built, opened for traffic July 15 1911
Rock Springs to Reliance, Wyoming, built, opened for traffic September 15 1911
Northport to Gering, Nebraska, built, opened for traffic December 1 1911
Callaway to Stapleton, Nebraska, built, opened for traffic May 20 1912
Nebraska Division, built
Wyoming Division, built
Colorado Division, built
Transferred from sidings
Remeasurements
Trackage rights
Oregon Short Line Railroad:
Montpelier to Paris, Idaho, built, opened for traffic August 15 1911
Caldwell to Wilder, Idaho, built, opened for traffic August 1 1911
Rupert to Bliss, Idaho, built, opened for traffic December 1 1911
Burley to Oakley, Idaho, built, opened for traffic October 20 1911
Nyssa to Homedale, Idaho, built, opened for traffic May 7 1912
Granger, Woming. to Huntington, Oregon, built
Ogden to Sandy, Utah, built
Changes in line
Remeasurements
Trackage rights
Oregon-Washington Railroad & Navigation Co.:
East Portland to Troutdale, Oregon, built
Tidewater to Tacoma Junction, Washington, built, opened for traffic April 1 1912
North River Junction to Primo, Washington, built, opened for traffic Sept. 23 1911
Transferred from or to sidings
Remeasurements
Abandoned-Wallace to Mullan, Idaho
-Tidewater to Tidewater Junction, Wash
"
Owned jointly with C. M. & P. S. Ry.:
Helsing Junction to Hoquiam, Wash., built
Trackage rights:
Metolius to Bend, Oregon
Vancouver to Tidewater, Wash
Miscellaneous
Des Chutes Railroad:
South Junction to Metolius, Oregon, built, leased to Oregon-Washington Railroad & Navigation
Co. September 24 1911
Remeasurements _
_____
Deductions.
Additional
Main
Track.
First
Main
Track.
Additional
Main
Track.
25.09
7.44
30.64
36.87
49.37
17.55
4.80
1.25
.09
1.08
9.50
11.32
72.84
22.07
.13
2.06
5.38
5.45
.47
.05
.08
5.72
.25
.01
.50
1.16
12.04
.79
1.03
2.74
7.18
.40
3.86
42.67
2.90
39.62
2.80
1.59
19.04
5.57
.04
Total
292.90
122.45
Net Increase
273.86
122.44
.01
The average number of miles of railway operated for the year, for which the accompanying statements of revenues
and expenses are submitted, was 7,149.87.
INCOME FOR THE YEAR.
The grossirevenues and expenses of the Union Pacific Railroad and Auxiliary Companies, after excluding all offsetting
accounts between them, were as follows:
DEC. 14 1912.]
TIIE CIIRONICLE
1613
This Year.
Average miles of railway operated during the year
OPERATING INCOME.
Gross operating revenues-rail lines
Gross revenues-outside operations
Total
Operating expenses-rail lines
Expenses-outside operations
Taxes
Total
Net operating income
OTHER INCOME.
Interest on bonds owned of companies other than Oregon Short Line Railroad and OregonWashington Railroad & Navigation Cos. (Table 15)
Dividends on stocks owned of companies other than Oregon Short Line Railroad and OregonWashington Railroad & Navigation Cos. (Table 16)
Balance of interest on loans and on open accounts other than with Auxiliary Companies
Rentals for lease of road, for Joint tracks, yards and terminal facilities-balance
Rentals from steamships
Net income from lease of unpledged lands and town lots
Miscellaneous income
Total other income
Increase (+) or
Decrease (-).
Last Year.
7.149.87
6,678.29
+471.58
$84,180,096 67
1,797,512 11
$87.201,971 38
1,781,13643
-43.021,874 71
+16,375 68
$85,977.608 78
388,983,107 81
-63,005,499 03
848,533,320 24
1,856,086 68
4,368,788 61
$47,907,77231
1,900,061 68
3,464,147 20
+3625,547 93
-43,975 00
+904,64141
854,758,195 53
$53,271,981 19
+$1,486,21434
$31,219,413 25
$35,711,126 62
-44,491,713 37
$1,834,019 58
$1,392,509 01
+$441,510 57
14,651,247 50
2,211,975 97
14,596,701 50
2.016,541 69
243,360 65
304,800 00
26 54
89,650 10
+54,546 00
+195,434 28
-243,360 65
-203,200 00
+886
+7,975 74
101,600 00
35 40
97,625 84
$18,896,504 29
$18,643,589 49
+8252,914 80
Total net operating income and other income
350,115,917 54
$54,254,716 11
-34,238.798 57
FIXED AND OTHER CHARGES.
Interest on funded debt in hands of the public (Table 14)
Sinking fund requirements
hire of equipment-balance
Rentals for lease of road, for Joint tracks, yards and terminal facilities-balance
Miscellaneous expenses
$14,068,703 54
12,013 33
1,930,118 08
39,841 88
25,247 35
$12,623,281 83
12,013 33
1,742,562 63
+$1,445,421 71
Total fixed and other charges
Surplus above fixed and other charges
Application of Surplus.
Dividends on stocks of Union Pacific Railroad Co.:
4 por cent on preferred stock
10 per cent on common stock
Surplus after payment of dividends
+187,55545
+39,841 88
+24,150 08
1,097 27
$16,075,924 18
$14,378,955 06
+$1,696,969 12
$34,039,993 36
$39,975,761 05
-$5,935,767 69
$3,981,744 00
21,664,738 57
63,981,744 00
21,659.571 51
+35,167 06
$25,646,482 57
$25,641,315 51
+$5,167 06
$8,393,510 79
$14,334.445 54
-$5,940,934 75
The results of the year's operations, compared with those of the preceding year, were as follows:
Increase.
Average miles of railway operated
Gross operating income
Operating expenses and expenses outside operations
Taxes
Net operating income
All other income
Total net operating income and other income
Interest on funded debt and other charges
Surplus over fixed and other charges
Decrease.
471.58
$581,572 93
904,64141
252,914 80
1,696,969 12
$3,005,499 03
4,491,713 37
4,238,798 57
5,935,767 69
I Per Cl.
7.06
3.38
1.17
26.11
12.58
1.37
7.80
11.80
14.85
The marked decrease in the year's surplus resulted partly from exceptional causes. There was a decrease in revenue
from a shortage of crops, with the resulting shrinkage in general traffic, and there were reductions in rates
made by Commissions, both State and inter-State. There was an increase in operating expenses from the causes referred to in "Transportation Operations," a very large increase in taxes ($904,641 41, or 26.11%), and an increase in interest charges, resulting from
the payment of a full year's interest and rentals on newly built lines taken over last year, but on which the earnings have
not as yet been fully develpoed.
In five years payments for taxes have more than doubled. In the year 1907 they amounted to $2,069,734 46; this year
they amounted to $4,368,788 61, an increase of $2,299,054 15.
The details of these operations, which have diminished the gross earnings and increased the operating expenses, are
dealt with under "Transportation Operations."
The Union Pacific Railroad Company purchased from the Southern Pacific Company during the year $14,568,000 face
value Southern Pacific Railroad Company First Refunding Four Per Cent Bonds, $5,449,000 face value Southern Pacific
Company (Central Pacific stock collateral) Four Per Cent Bonds, and $6,000,000 face value Southern Pacific Company,
San Francisco Terminal, First Mortgage Four Per Cent Bonds, giving in payment therefor its notes, amounting
to $23,740,362 22. These bonds were sold while the right under existing law was unrestricted, to assure financial provision for
construction and improvements already authorized; and the notes were given in order not to disturb the cash accounts ofnew
the two
companies, except as the funds should be needed. The interest collected on the bonds is to be applied to the discharge
of
the interest on the notes, and the proceeds from the sale of the bonds to the discharge of the principal of the notes. The
interest colleeted or accrued to June 30 1912 on these bonds, amounting to $509,451 11, is included in the receipts from interest on bonds owned.
The decrease in the income from "Rentals from steamships" resulted from the sale of the ocean steamships
and "Manchuria" to the Pacific Mail Steamship Company, but this decrease is at present about offset by the "Mongolia"
interest collected on the deferred payments included in income from interest on loans and open accounts.
The details of the interest paid or accrued on funded debt for the year are shown in Table No. 14, and of the interest and
dividends collected or accrued on bonds and stocks owned in Tables Nos. 15 and 16.
The expenditures for "Additions and Betterments," including equipment, amounted to $5,645,625 29, and were charged
to Capital Account. The details of these expenditures are shown in Table No. 24.
Fron the Trustee of the Union Pacific Railroad Company's First Railroad and Land Grant Mortgage, there was
received during the year the sum of $1,000,000, proceedsfrom sale of lands and money received on account of intetest
and principal of bonds of the Union Pacific Land Company,as shown in detail in Table No. 18. Under the provisions of the mortgage,
this sum was applied to the payment of betterments, improvements, equipment, &c., not otherwise paid for. The totalsum
received from the Trustee, and thus applied to June 30 1912, amounted to $19,771,091 13.
CAPITAL STOCK.
Stocks of.the Union Pacific Railroad and Auxiliary Companies outstanding in the hands of the public at the beginning
of the year, viz.:
Common Stock-------------------------------------------------------------------------------$216,629,300 00
Preferred Stock------------------------------------------------------------------------------------------------------- 99,543,600 00
$316,172,900 00
Issued during the year:
Union Pacific Railroad Company Common Stock issued in exchange for $28,875 face value Union Pacific Railroad Company
TwentyYear Four Per Cent Convertible Bonds converted at the rate of $175 per share of $100 par value
16,500 00
Amount of stock outstanding in the hands of the public June 30 1912
$316,189,400 00
Increase during the year
516,500 00
The total amount of stock issued,outstanding in the hands of the public, and the amount owned by the Union Pacific
Railroad and Auxiliary Companies are shown in detail in Table No. 6.
1614
[VoL. Lxxxxv
THE CHRONICLE
FUNDED DEBT.
beginning of the year____$329,232,380 00
Bonds of the Union Pacific Railroad and Auxiliary Companies outstanding in the hands of the public at the
Sold during the year:
Oregon-Washington Railroad & Navigation Company First and Refunding Four Per Cent Bonds:
$7,500,000 00
U. S. Dollar
7,275,000 00
£1,500,000 Sterling (converted into U. S. gold at $4 85)
14,775,000 00
$344,007,380 00
Deduction-Bonds converted or acquired:
Bonds converted into Common Stock at the
Union Pacific Railroad Company Twenty-Year Four Per Cent Convertible
rate of $175 face value in bonds for each $100 par value in stock
by
Oregon Short Line Railroad Company Income “A." Bonds acquired but included in statement of bonds owned
Union Pacific Railroad and Auxiliary Companies
$28,875 00
2,500 00
31,375 00
$343,976,005 00
14,743,625 00
Amount of bonds outstanding in the hands of the pnblic June 30 1912
Increase during the year
The total amount of bonds issued, outstanding in the hands of the public, and the amount owned by the Union Pacific
in
Railroad and Auxiliary Companies are shown in detail in Table No. 7 and the annual interest accruing thereon in shown
Table No. 13.
The discount, commission and expenses on the bonds sold during the year to the public and the premium on Common
Stock issued in exchange for Convertible Bonds were taken up in Profit and Loss.
ASSETS AND LIABILITIES.
in detail in Table No. 4.
The assets and liabilities of the Union Pacific Railroad and Auxiliary Companies are shownthus
dealing only with the
The securities owned are stated after eliminating all offsetting accounts between the companies,
payable to the public.
securities in the hands of the public, the assets collectible from the public and the liabilities
The increase or decrease in assets or liabilities since last report, briefly stated, is as follows:
Increase in Assets:
Property investment as detailed under Capital Expenditures
Stocks and bonds acquired or disposed of as detailed in Tables 8,9 and 10:
Stocks acquired
Bonds acquired
$13,622,196 46
$148,267 01
26,875,470 00
$27.023,737 01
Less:
$698,216 50
6,500 83
Stocks sold
Bonds sold
704,717 33
$26,319,019 68
15,935,693 41
215,616 36
345,677 22
3,871,875 00
1,100,000 00
Balance, stocks and bonds
Demand and time loans and deposits
Current cash accounts
Due from Proprietary Companies
Purchase Money Notes-S. S. Mongolia and Manchuria
Purchase Money Notes-S. S. Bear and Beaver
$47,787,881 67
Deduct for decrease in:
Demand loans to Southern Pacific Co
Loans to San Pedro Los Angeles & Salt Lake RR. Co
Loans to Utah Light & Ry. Co
Cash on hand
Material, fuel and supplies
Contingent unadjusted accounts
Net increase in assets
Increase in Liabilities:
Capital stock
Funded debt
Southern Pacific Co. for bonds purchased
Current cash accounts
Due to Proprietary Companies
$8,007,305 41
1,168,860 00
8,533 80
5,053,959 31
811,519 66
967,318 91
16,017,497 09
31,770,384 58
$45,392,581 04
$16,500 00
14,743,625 00
$14,760,125 00
$23,740,362 22
430,417 66
392,637 21
$24,563,417 09
Deduct for decrease in:
Reserve for depreciation on steamships and miscellaneous property
Contingent unadjusted accounts
$1,023,777 10
538,021 91
1,561,799 01
23,001,618 08
37,761,743 08
Net increase in liabilities
$7,630,837 96
Increase of assets in excess of increase in liabilities (gain in Profit and Loss)
Mail Steamship Company
The ocean steamships Mongolia and Manchuria were sold on November 1 1911 to the Pacific
79 received in the charter hire
for $4,212,783 70, the remainder of the cost of said ships after deducting therefrom $1,035,163
the purchase price, and the intercollected for account of depreciation and other adjustments. In payment of $4,200,000 ofof
$102,544 42 each dated Novemest accruing thereon,the Oregon Short Line Railroad Company accepted sixty-four notes year,
secured by mortgage on the
ber 1 1911, payable quarterly on February 1, May 1, August 1 and November 1 of each at their
present worth on the date
steamers. The purchaser has the option to pay any of these notes prior to their maturity
of redemption.
Steamship Company
The ocean steamships Bear and Beaver were sold on June 1 1912 to the San Francisco & Portland
1932, bearing interest
1
June
due
1912,
1
June
dated
each,
of
$55,000
notes
twenty
by
evidenced
for the sum of $1,100,000,
these notes prior to their maturpayable semi-annually on all outstanding notes. The purchaser has the option to pay any ofoutstanding capital stock of this
entire
the
of
owner
the
is
Company
Navigation
&
ity. The Oregon-Washington Railroad
steamship company.
CAPITAL EXPENDITURES.
in companies other than the
The expenditures for capital account, excluding the cost of stocks and bondsofacquired
steamships and other items, amounted
Union Pacific Railroad and Auxiliary Companies, after deducting proceeds from sale
to $13,622,196 46, and were as follows:
Union Pacific Railroad Company:
Extensions and branches, viz.:
Callaway to Gandy, Nebraska
Northport to Gering, Nebraska
Onaga to Marysville, Kansas
Dent to Fort Collins, Colorado
Sand Creek to St. Vrains, Colorado
$669,774 08
394,511 46
3,438 32
149,175 68
70,704 91
$1,287,604 45
$1,951 03
Credits: O'Fallions to Northport Nebraska
7,820 96
Rock Springs to Coal Fields, Wyoming
11,094 76
Cloverly to Hungerford, Colorado
3,092 06
Grants Mine to La Salle, Colorado
2,187 53
Greeley Junction to Briggsdale, Colorado-------------------------------------------26,146 34
Oregon Short Line Railroad Company:
Extensions and branches, viz.:
Ashton to Driggs, Idaho
Burley to Oakley, Idaho
Caldwell to Mile Post Eleven, Idaho
Montpelier to Paris, Idaho
Moreland to Aberdeen, Idaho
Nyssa to Homeland, Idaho
Rupert to Bliss, Idaho
St. Anthony to Yellowstone, Idaho
Twin Falls to Rogerson, Idaho
Adjustment in accounts taken over under reorganization
$1,261,458 11
$551,482 70
31,946 64
16,470 27
17,158 79
7,947 09
417,572 03
143,076 46
33 40
1.347 86
$1,187,035 24
11,215 62
1,198.250 80
••••
DEO. 14 1912.]
1615
THE CHRONICLE
$2,459,708 97
Brought forward
Oregon-Washington Railroad,& Navigation Company:
Extensions and branches, viz.:
Centralia to Hoquiam, Washington
Coyote to Stanfield, Oregon
Cosmopolis to Primo, Washington
Midvale to Sunnyside, Washington
Portland, Oregon, to Seattle Washington, North of Columbia River
Portland, Oregon, to Seattle, Washington, South of Columbia River
South Montesano to Montesano, Washington
Spokane Terminals, Washington
Spokane to Ayer, Washington
Attalla to North Yakima, Washington
Vale to Odell, Oregon
Preliminary surveys and reconnaissance
$137,844 06
3,900 75
136,804 03
9,537 49
582,502 78
61,704 97
4,953 57
592,821 48
4,460,108 72
155,137 39
328,304 89
6,606 07
$6,480,226 20
$4,423 91
733 42
24,900 82
30,058 15
Credits: Blakes, Oregon, to Lewiston, Idaho
Vale to Brogan, Oregon
St. Johns to Troutdale, Oregon
$6,450,168 05
68,314 72
Other expenditures
6,518,482 77
Des Chutes Railroad Company:
$120,712 59
Expenditures during the year
5,647,606 23
new lines"
Expenditures prior to July 1 1911, transferred from "Advances for construction and acquisition of
5,768,318 82
Expenditures for Additions and Betterments (Table No. 24), viz.:
Roadway, Track and Appurtenances:
80
------------------- --137,367
Ballast ----------------137283 19
crossings
Bridges resesctverEs and grade
52
617,908
tunnel
improvements
and
embankments,
widening
Changes in line, revision of grades,
114,680 49
switches, track fastenings and appurtenances
Increased weight of rails, improved frogs and
59
30,197
signals
crossing
highway
and
block
Interlocking,
2,017,203 75
Second main track
110,232 38
Real estate, right-of-way and station grounds, and fencing right-of-way
319,289 73
tracks
Sidings and passing
29,630 85
Telegraph and telephone lines
$4,413,794 30
Buildings, Structures and Appurtenances:
$560,368 58
Enginehouses, shops, machinery ,tools, &c
6,468 06
Roadway, buildings, machinery, tools, &c
190,681 85
Station buildings, terminal yards and appurtenances
89
136,887
Water and fuel stations
555,177 14
Other buildings-general service
1,449,583 52
Equipment:
65
8161,638
29 passenger-train cars
518,888 08
496 freight-train cars
104,758 61
376 work equipment
$785,285 34
24,592 68
Additional cost of equipment purchased last year
52,055 44
equipment
Improvements to existing
861,933 46
$6,725,311 28
Less:
steamers vacated
19 passenger-train, 869 freight-train, 309 work-equipment cars and 2 river
$798,289 84
•
during the year
during the year,
abandoned
and
"Additions
Betterments,"
to
charged
Cost of property originally
281,396 15
not to be replaced
1,079,685 99
5,645,625 29
120,392.135 85
Deduct:
and Land Grant MortAmount received from the Trustee of the Union Pacific Railroad Company's First Railroad
00
gage,in payment for expenditures for additions, betterments and improvements,&c., not otherwise provided for$1,000,000
481 16
Received from Receivers Union Pacific Railway in settlement of reorganization accounts
55
6,522
accounts
Transferred to other
1,007,003 71
$19,385,132 14
832,855 38
1,193,392 17
Total "Cost of railways, equipment and appurtenances"
Terminal property and other lands
Rolling stock
121,411,379 69
Deduct for:
to "Cost of
Advances for the construction of the Des Chutes Railroad Company prior to July 1 1911, transferred
$5,647,606 23
railways, equipment and appurtenances"
4,050,285 92
Less: Advances for the construction and acquisition of new lines
1,597,320 31
$19,814,059 38
6,191,862 92
Balance
Ocean steamships "Manchuria," "Mongolia," "Bear" and "Beaver" sold
$13,622,196 46
Increase during the year in charges to Property Investment
LAND DEPARTMENT.
Grant Mortgage, the net proUnder the provisions of the Union Pacific Railroad Company's First Railroad and Land all
and .slims of money received on
ceeds from the sale of lands, after payment of expenses and taxes appertaining thereto,
Union Pacific.Lnad Company, are set
account of interest or principal of the bonds and for dividends upon the stock of the
the Railroad Company for any
apart and held by the Trustee as a Cash Improvement and Equipment Fund, to reimburse
for out of other funds or charged
expenditures for betterments, improvements, equipment, or for other properties not paid
year and thus applied was
to operating expenses or cost of maintenance. The amount received from the Trustee during the
$1,000,000 00.
The transactions in respect of the, above-mentioned lands for the year were as follows:
49.330.7
Number of acres sold
Total amount of sales (cash and principal of deferred payments), after deducting expenses
Interest on deferred payments and other collections
$119.310 70
263.734 87
Average price received per acre
Number of acres of land remaining unsold June 30 1912
Estimated value of lands and town lots remaining unsold June 30 1912
Land contracts outstanding June 30 1912
$383,045 57
$3 58
901,312.48
$1,632,325 22
$2,978,019 59
The details of the year's transactions and the account with the Trustee in respect of said funds are shown in Tables
Nos. 17, 18, 19 and 20.
ADDITIONS AND BETTERMENTS.
The expenditures for Additions and Betterments amounted to $5,645,625 29, and were charged to capital account.
The details, of. these expenditures are shown in table No. 24.
The principal improvements to and upon the roadway, track and appurtenances completed during the year were as
follows:
Total.
Track ballasted with gravel (track miles)
Wooden structures replaced with improved wooden structures (lineal feet)
Wooden structures replaced with steel structures (lineal feet)
Wooden structures replaced with I beam concrete structures (lineal feet)
Wooden structures replaced with culverts (lineal feet)
Wooden structures replaced with embankments (lineal feet)
Total wooden structures replaced (lineal feet)
Union
Pacific
Railroad
t.Company.
Oregon
Short Line
Railroad
Company.
OregonWashington
Railroad c%
Nay. Co.
113.40
60.21
.49
52.70
3,967.30
602.80
272.70
69.50
841.50
3,625.30
347.80
272.70
27.50
313.50
80.00
65.00
262.00
190.00
5,753.80
4,586.80
145.00
42.00
528.00
1,022.00
1616
THE CHRONICLE
[VoL. Lxxxxv.
Union
Pacific
Railroad
Company.
Total.
I beam concrete structures replacing wooden structures (lineal feet)
I beam concrete structures replacing steel structures (lineal feet)
I beam concrete structures replacing embankments (lineal feet)
Steel structures built replacing wooden structures (lineal feet)
Steel structures built replacing embankments (lineal feet)
Steel structures built account second main track and sidings (lineal feet)
Steel structures replaced with heavier structures (lineal feet)
Combination structures replaced with steel structures (lineal feet)
Total concrete and steel structures put in place (lineal feet)
Wooden structures built for additional yard tracks (lineal feet)
Wooden structures built replacing embankments (lineal feet)
Stone, concrete or brick arch culverts (lineal feet, transversely to track)
Iron pipe culverts (lineal feet, transversely to track)
Masonry used in bridges, trestles and culverts (cubic yards)
Second main tracks built (miles)
Material moved in revision of grades (cubic yards)
Material moved widening cuts and embankments and filling trestles (cubic yards)
Sidings, passing tracks and yard tracks built (miles)
Sidings, passing tracks and yard tracks taken up (miles)
Excess weight of new rails used in renewals (tons)
Excess weight of frogs and switches used in renewals (tons)
Excess weight of track fastenings and appurtenances used in renewals (tons)
Right of way fenced (track miles)
Automatic electric block signals built (track miles)
Additional telegraph and telephone wire strung on existing poles (miles)
272.70
260.70
213.90
602.80
57.00
180.00
898.90
529.40
286.90
529.40
3,015.40
1,861.90
90.00
464.30
176.00
3,074.00
37,153.00
75.59
129,672.00
6,309.00
53.84
15.15
1,577.78
410.97
1,175.18
61.75
132.19
97.14
Oregon
Short Line
Railroad
Company.
272.70
260.70
107.40
347.80
57.00
414.30
26.00
2,212.00
25,661.00
68.15
45,655.00
73.00
19.39
11.22
435.70
393.52
840.20
9.70
132.19
19.60
OregonWashington RR. &
Nay. Co.
106.50
65.00
•
180.00
612.00
190.00
963.50
90.00
50.00
150.00
283.00
8,657.00
7.44
84,017.00
3,000.00
25.26
3,16
967.35
17.15
311.16
41.32
190.00
579.00
2,835.00
3,236.00
9.19
.77
174.73
.30
23.82
10.73
77.54
*Excluding extensions and branches under construction.
Incident to the construction of second main line, three short changes in line on the Union
Railroad in Nebraska,
aggregating 2.46 miles; one of 2.34 miles on the Oregon Short Line Railroad between Ogden andPacific
Farmington, Utah; and one
of 30.34 miles on the Oregon-Washington Railroad & Navigation Company between Des Chutes
Blalocks, Oregon,
were made for the purpose of eliminating curvature and reducing grades. All but those on the Unionand
Pacific Railroad were
completed before the close of the year.
Important buildings and structures completed during the year:
Union Pacific Railroad.-Shops.--Omaha, Neb., following additions: Five-stall brick engine house; material platform
45 feet by 394 feet; 70-feet track scale; yard trackage and piping; dry kiln; wheel platform; sand blast and varnish remover
building; planing mill 90 feet by 302 feet; two lumber sheds 20 feet by 250 feet; walking jib
with steel runways and
sundry minor appurtenances. At Rock Springs, Wyo.-Boiler house; concrete cinder pit;crane
pipe lines and sewers. At
Laramie, Wyo.-Brick power house 45 feet by 60 feet. At Cheyenne, Wyo.-Boiler washout system;
brick tool-air room
36 feet by 82 feet; frame boiler house 46 feet by 78 feet, and a 350,000-gallon water tank with 3,000 feet
of pipe line. At
Denver, Colo.-Machine foundations and tracks in blacksmith shop; floor piping and tracks in machine shop;
standardgauge round-house pits, replacing narrow-gauge pits in Fortieth Street round-house; roof of existing boilernine
room raised;
addition to machine shop and boiler room; foundations for boiler pumps; compressor and rotary; boiler set and
connected;
induced draft system installed.
Engine Houses: Laramie, Wyo.-New brick eighteen-stall engine house and drop-pit for largest type of engines. Similar type of twelve-stall engine house at Rock Springs, Wyo. Nine-stall brick engine house at Sidney, Neb., to replace part
of wooden engine house destroyed by fire, and eighteen-stall brick engine house at Cheyenne, Wyo.
Turntables: Three 100-ft. pony truss turntables with electric tractors, capable of turning largest locomotives,
installed at Cheyenne, Laramie and Rock Springs, Wyo., respectively, and a second-hand 72-ft. steel turntable were
was
installed at Sidney, Neb.
General office building at Omaha, Neb., consisting of twelve stories and basement, concrete foundations, steel frame
fireproof construction, 173 feet by 97 feet, containing, approximately, 214,182 square feet of floor space and equipped with
high-speed electric elevators and all modern appurtenances.
Oregon Short Line Railroad Company.-Subway at Pocatello, Idaho, 799 feet long, carrying Halliday Street under
railroad tracks between Harrison Avenue and First Avenue; consists of two 12-foot roadways separated by concrete wall,
with two 6-foot sidewalks; lined throughout with concrete, with stone block paving for the roadways.
Oregon-Washington Railroad & Navigation Company.-The new bridge across the Willamette River, Portland, Ore.,
built to replace old single-track bridge, was practically completed (opened August 10 1912). This bridge is a double-deck
steel structure, with a double-deck lift span over the channel, concrete foundations, carrying double-track railroad on lower
deck and double highway, double-track street-ear line, and two sidewalks on upper deck. East approach 305 feet viaduct;
west approach 512 feet viaduct. Two 288-feet river spans with a lift span of 220 feet. Independent lift of lower
deck
gives 51 feet clearance above high water; .total lift of both decks gives 140 feet clearance.
Shops: Additions to shops at Albina, Ore., including corrugated iron freight-car repair shop 80 feet by 403 feet; mill
70 feet by 403 feet; dry kiln 40 feet by 70 feet, and two lumber sheds 35 feet by 159 feet.
EQUIPMENT.
The changes in the equipment during the year were as follows:
Condemned,
Destroyed, Sold or
Transferred to
Another Class
and Credited to
"Equipment."
Added by
Purchase
and Charged
to "Equipment."
No.'Original Cost. No.
Cost.
Locomotives
Baggage cars
Baggage and mail cars
Baggage and passenger cars
Business cars
Chair cars
Motor cars (gasoline
Motor car trailers
Passenger cars
Postal cars
Narrow-gauge cars
Total passenger-train cars
Ballast cars
Box cars
Box automobile cars
Caboose cars
Flat cars
Furniture cars
Gondora cars
Gondola (D. B)cars
Refrigerator cars
Stock cars
Total freight-train cars
Work equipment
Total
Owned by
Union Pacific
Equipment
Association.
No.
1
3
*11
5
20
1
2
2
3
Cost.
$24,408 24
4
19
$128,142 08
29
528
346
142
7
9
7
125
131
3
10
56
1
No.
1
Cost.
$24,408 24
9
0
2
3
9
5
1
47
1
9
5
1
47
_
2
10
Total.
4
$161.638 65
57
$796,910 94
*348
108
*8
86
8958,549 59
*2
250
*I
1
869
$517.987 42 496
$518,888 08,*248
$267,727 62 248
309
$137,549 34 376
$104,758 61! *I
86,904 74 375
$783,678 84 -
$785,285 341 _ ___
$547,686 82
$251,160 46
$98,853 87
$1,332,972 16
*Credit-Sold to Union Pacific Railroad, Oregon Short Line Railroad and Oregon-Washington
Railroad & Navigation Companies; includes also
1 ballast car and 1 box automobile car destroyed.
The original cost, salvage value and amount charged to the operating expenses of the equipment retiroi durin7 tho
year were as follows:
DEO. 141912.]
THE CHRONICLE
Passenger-Train
Cars.
Freight-Train
Cars.
$783,678 84
272,493 55
$128,142 08
75,501 65
$517,987 42
151,712 10
$511,185 29
$52,640 43
$366,275 32
Total.
Original cost (estimated if not known)
Proceeds from sale or salvage value
Charged to operating expenses
1617
Locomotives.
Work
Equipment.
$137,54934 ..
45,279 80
$92,269 54
The number of locomotives and cars of standard gauge owned and the total and the average capacity of freight-train
cars at the close of the year were as follows:
Standard Gauge.
This Year.
Locomotives
Total weight, excluding tender (tons)
Average total weight, excluding tender (tons)
Total weight on drivers (tons)
Average total weight on drivers (tons)
Passenger-train cars
Last Year.
1,325
117,613
88.76
95,619
72.17
Freight-train cars
Total capacity (tons)
Average capacity (tons)
1,324
117,486
88.74
95.504
72.13
+ Increase.
-Decrease. Per Cent.
+1
+127
+.02
+115
+.04
.08
.11
.02
.12
.06
1,011
948
+63
6.65
30,165
1,265.311
42.67
30,786
1,276,546
42.18
--621
--11,235
+.49
2.02
.88
1.16
3,958
3,892
+66
1.70
Work Equipment
The equipment owned by the respective companies is shown in Table No. 23. The changes during the year, the c a
parity and the service of all equipment are shown in Tables Nos. 29, 30 and 31.
TRANSPORTATION OPERATIONS.
The results of the year's transportation operations compared with those of the preceding year are as follows:
This Year.
Lverage miles of railway operated
Last Year.
7.149.87
6.678.29
Operating IncomeWight
'assenger
4a11
ixpress
Other transportation revenues
tovenues from operations other than transportation
$57,483.557 90
20,207,257 26
2,877,129 07
1,982,749 91
932,79.5 89
696,606 64
$59,964,363 73
20,981,404 90
2,881,04
5 43
1,756,234 83
937,375 28
681,088 21
Total, rail lines
tevenues-outside operations
$84,180,096 67
1,797,512 11
$87,201,971 38
1,781,136 43
$85,977,608 78
$88,983,107 81
Total gross operating income
Operating Expenseslaintenance of way and structures
vlaintenence of equipment
['raffle expenses
9Cransportation expenses
1eneral expenses
$9,594,538 34
9,812,175 09
2,119.603 04
24,755.109 06
2,251,894 71
•
Decrease.
Increase.
_
Iii#S,Kioti
15,518 43
4,579 39
4.14
3.69
.15
12.90
.49
2.28
$3,005,499 03
3.38
10,445,203 37$850,66503
9,208,724 95
-I663.-41-0-14
2,021,491 93
98,111 11
23,991,335 10
763,773 96
2,241,016 96
10,877 75
8.14
6.55
4.85
3.18
.49
$47,907,772 31
1,900,061 68
$625,547 93
Total operating expenses
$50,389,406 92
-7.
$35,588,201 86
$49,807,833 99
$581,572 93
$39,175,273 82
(a) Revenue freight train and all mixed train miles.
$2,480,805 83
774,147 64
4,375 36
3.47
.92
$48,533,320 24
1,856,086 68
Freight Traffic (Commercial Freight Only-Way-Bill Tonnage 7ons of freight carried
14,980,793
7ons of freight carried one mile
.
5,710,324,140
tevenue per mile of road
$7,901 35
:
tevenue per revenue train mile
(a)
$4 20
Lverage revenue per ton per mile.9
89
cents
Lverage distance carried
381.18 miles
1
Passenger Traffictevenue passengers carried
8,721,379
tevenue passengers carried one mile
898,779,794
levenue from passenger trains per mile of road
$3,505 96
tevenue from passenger trains per revenue train mile
(b)
$1 41
Lverage revenue per passenger per mile
•
cents
2.198
Lverage distance carried
103.05 miles
7.06
$3,021,874 71
$16,375 68
Total, rail lines
lxpenses-outside operations
let operating income
Per Cl.
471.58
14,807,161
5,803,802.346
$8,716 88
$4 43
1.003 cents
391.96 miles
173,632
8,574,527
934,002,700
$3,836 18
$1 48
2.199 cents
108.93 miles
146,852
$43.975 00
1.31
2.31
$3,587,071 96
9.16
93,478.206
$815 53
$0 23
.014 cents
10.78 miles
1.17
1.61
9.36
5.19
1.40
2.75
35,222,906
$330 22
$0 07
.001 cents
5.88 miles
1.71
3.77
8.61
4.73
.05
5.40
1.17
(b) Revenue passenger train and all mixed train miles including miles run by motor cars.
Compared with the preceding year, the per cent of operating expenses (including expenses of outside operations) to
the
gross operating revenues (including revenues from outside operations) was as follows:
Rail Lines
Only.
Rail Lines and
Outside Operations.
This Year Last Year This Year Last Year
For "Maintenance" (Maintenance of Way and Structures and Maintenance of Equipment)
For "Operation" (Traffic Expenses, Transportation Expenses and General Expenses)
Total
23.05
34.60
22.54
32.40
57.65
54.94
58.61
55.97
The details of the operating revenues and operating expenses are shown in Table No. 25, and the details of passenger
and freight traffic in Tables Nos. 27 and 28.
A large part of the decrease in the gross Operating Income resulted from the partial failure of crops in sections of the territory traversed by the lines of the Union Pacific, from the diminution in passenger
travel incident
and from the decrease in the movement of commodities used in manufacturing and building operations. There thereto
was a slight increase in
the number of tons of freight and the number of passengers carried resulting entirely from the additional
erated, but there was a shrinkage in the volume of traffic moved of 8.10 per cent in freight and of 10.12 miles of road opper cent in passengers. There was also a considerable loss of revenue from the reduction in rates.
Although Operating Expenses were closely watched and reduced wherever possible without
lowering the standards of
efficiency and service to the public, they increased $625,547 93, or 1.31 per cent, notwithstandin
ga
of $3,021,874 71, or 3.47 per cent, in operating income. There was a decrease of $247,214 89, or 1.26 per cent, inreduction
expenses for "Maintenance," but an increase in expenses for "Operations" of $872,762 82,or 3.09 per cent. This increase resulted
from 633,905,
or 3.47 per cent, more miles run by locomotives and motor cars in passenger service, and of 349,371, or 2.37 per
cent, more
miles run by locomotives in freight service-the result mainly of an increase over last year of 471.58, or 7.06 per cent,
miles
of additional road operated-from additional expenses imposed by the requirements of the "Hours of
Train Crew" laws;from higher wage schedules,from expenses incident to strike of the shopmen and from anService" and "Full
increase in Traffic
Expenses and in General Expenses.
There were in service 32 gasoline motor cars. The mileage of these cars, 777,050 miles, or 4.79 per cent of the total
revenue passenger train mileage, is included in the mileage statistics.
In the following statements the details of operating expenses have been combined under titles of accounts present the
to
year's expenses in concise form:
[VoL. Lxxxxv
THE CHRONICLE
1618
MAINTENANCE OF WAY AD STRUCTURES.
P.C.
Decrease.
7,943.38
7,298.30
645.08
8.84
$72,281 65
1.604,665 43
165,905 51
475,322 40
361,327 57
1,741,332 70
245,218 70
790,243 87
$10,954 08
17.86
$136,667 27 7.85
79,313 19 32.34
314,921 47 39.85
Average miles of railway operated and maintained-first and additional main tracks
Ballast
Ties
Rails
Frogs, switches and other track material
Increase.
Last Year.
This Year.
Total material roadway and track
Repairs of roadway and track
Bridges, trestles and culverts
Buildings, grounds and appurtenances
Snow and sand fences and snow sheds
Electric power, telegraph and telephone lines
Superintendence
Stationery and printing
Other expenses
Changes in line
$2,318,174 99 $2,838,122 84
3,648,834 13 4,007,725 26
980,787 10
692,169 00
1,432,032 36 1,505,716 36
17,980 46
15,409 62
119,525 38
84,265 98
630,933 73
707,152 52
36,122 25
32,623 97
58,955 26
72,886 46
249,334 73
590,989 31
Total
Cost per mile-all main tracks operated and maintained
89,594,538 34 310,445,203 37
18.32
8.95
29.43
4.89
14.40
29.50
12.08
.97
3,498 28
23.63
137.03
$519,947 85
358,891 13
288,618 10
73,684 00
2,570 84
35,259 40
$76,218 79
13,931 20
341,654 58
8.14
$850,665 03
$223 31 15.60
$1,431 18
$1,207 87
There is a large charge to the year's expenses for changes in line. This charge, $590,989 31, is the difference between
the entire cost incurred in making these changes less the amount of such improvements which is, under the Inter-State Commerce Commission accounting regulations, chargeable to "Additions and Betterments." Of the amount charged there was
expended on the lines of the Union Pacific Railroad $110,877 96, on the Oregon Short Line Railroad $225,595 79 and on the
lines of the Oregon-Washington RR. & Navigation Company $254,515 56. The unusually severe winter, followed by
heavy floods in the spring, also added to the expenses about $225,000.
thereof
The following rails, ties, tie-plates and continuous rail joints were used in making renewals and the entire cost
frogs and
was charged to operating expenses, with the exception of $114,680 49 for increased weight of rails and improvedCommerce
switches charged to additions and betterments, as required by the accounting regulations of the Inter-State
Commission:
This Year.
Last Year.
Decrease.
172.62
1.74
1,118,411
901,875
2,020,286
726.98
7.31
763,497
137.37
86,223
136.16
287.24
3.01
1,341,232
941,253
2,282,485
818.98
8.59
1,558,832
279.66
179,598
280.62
114.62
1.27
222,821
39,378
262,199
" 92.00
1.28
795,335
142.29
93,375
144.46
Miles of new steel rails
Per cent of renewal of all rails in track, including sidings
Number of burnettized ties
Number of other ties
Total number of ties
Equal to miles of continuous track
Per cent of renewal of all ties in track, including sidings
Number of tie plates
Equal to miles of continuous track
Number of continuous rail Joints (single pieces)
Equal to miles of continuous track
The weight of rails per yard in main line and branches at the close of the year was as follows:
files of First and Additional Main Tracks
Total.
Operated and Maintained.
90-lb.
85-lb.
80-lb.
75-lb.
70-lb. I 67-lb.
612.38
407.96
62-1b.
65-lb.
56-1b.
60-lb.
Lessthan
56-lb.
Main line
Branches
4,504.87 1,806.82
22.14
3,274.79
32.68 1,425.75
97.78
1.41
524.25
782.15
29.85
98.07
2.78
4.01
28.62 1,114.39
.75
582.77
.16
204.94
Total
Per cent of total miles of track
7,779.66 1,828.96
23.51
100.00
34.09 1,523.53 1,020.34 1,306.40
16.79
13.12
19.58
.44
29.85
.38
100.85
1.30
28.62 1,118.40
14.37
.37
583.52
7.50
205.10
2.64
16.18
.40
1.35
15.07
7.89
2.83
Per cent last year 1
100.00
22.01
.45
20.25
13.27
.30
At the timber-treating plants of the Companies,1,101,127 cross-ties and 28,555 switch-ties were burnettized and 97,042
cubic feet of piling and other timber were creosoted.
MAINTENANCE OF EQUIPMENT.
Locomotives
Passenger-train cars
Freight-train cars
Work equipment
Floating equipment
Shop machinery and tools
Superintendence
Other expenses
Total
P. C.
Decrease.
Increase.
Last Year.
This Year.
$5,017,503 81 $4,448,003 11
816.855 67
869,856 13
2,731,608 26 2,957,310 83
192,826 49
213.071 46
880 01
4,11073
261,153 71
220,154 92
444,174 70
479,109 94
87,520 43
276,759 84
$569,500 70
53,000 46
34,935 24
189,239 41
12.80
6.49
7.63
10.50
367.12
40,998 79 15.70
7.87
216.22
$9,812,175 09 $9,208,724 95
$603,450 14
6.55
20,244 97
3,23072
$225,702 57
The expenses include $511,185 29 for difference between original cost,less salvage value, of 19 passenger-train,869 freight
train and 309 work equipment cars condemned, sold or destroyed during the year.
The average cost of repairs and renewals per locomotive-excluding motor cars-and per car per annum, and the
average number of serviceable locomotives and cars owned during the year were:
Average Cost per Annum.
(Including original cost, less
salvage of locomotive and cars
'condemned, destroyed or sold).
Locomotives (repairs, renewals and replacements)
Passenger-train cars (repairs, renewals and replacements)
Freight-train cars (repairs, renewals and replacements)
I
This Year.
Last Year.
I
$3,723 57
973 90
92 02
--• _ • •
$3,712 32
1,04578
107 95
-- _ •
Average Serviceable
Number.
This Year. Last Year
1,329
1,013
29,684
1,194
888
27,395
The equipment owned by the respective companies is shown in Table 23, and the capacity, service and the average
cost of maintenance are shown in Tables Nos. 29, 30 and 31.
TRAFFIC EXPENSES.
Outside agencies
Advertising
Superintendence
Stationery and printing
Other expenses
Total
Increase.
This Year.
Last Year.
$743,670 62
634.972 92
509.105 29
205,068 52
26,785 69
3696,659 07
744,746 16
379,077 93
182,972 04
18,036 73
$47,011 55
_-_--_--__ -,
130,027-36
22,096 48
8,748 96
$2,119,803 04
32,021,491 93
$98,111 11
Decrease.
$109,773 24
Per Cl.
6.75
14.74
34.30
12.08
48.51
4.85
The increase in "Superintendence" resulted principally from the transfer to this account of the salaries and expenses
of the Freight Claim Department, which were last year dealt with as an item in "General Expenses."
'2.
1
DEO. 14'
THE CHRONICLE
1
16;9
TRANSPORTATION EXPENSES.
This Year.
•
Total
Increase.
Last Year.
$7,615,814 54
5,594,786 70
4.223,011 58
4,754.512 15
12,567 28
1,316,051 72
990,405 98
169,392 60
78,566 51
Locomotives, fuel for
Locomotive service other than fuel
Train service
Station and terminal service
Ferry and river service
Injuries, loss, damage and other casualties
Superintendence
Stationery and printing
Other expenses
Decrease.
$7,776,415 11$160,60057
$387,402 30
5,207,384 40
327,596 49
3,895,415 09
59,934 07
4,694,578 08
1,489 69
14,056 97
142,490 97
1,173,560 75
3,787 73
994,193 71
198,7573429,36474
41,59286
36,973 65
1
$24,755,109 06
$23,991,335 10
$763,773 96
Per Ct.
2.07
7.44
8.41
1.49
10.60
11.29
.38
14.77
112.49
3.18
The decrease in fuel for locomotives resulted entirely from areduction in the price of fuel on the lines of the OregonWashington Railroad & Navigation Co. The increase in locomotive and train service resulted principally from higher wage
schedules, requirements of the "Hours of Service" and "Full Train Crew" laws, and from an increase of 765,671 miles run
by locomotives in transportation service.
The operations of the transportation department of the rail lines compare with those of last year as follows:
Increase.
Total operating revenues
Transportation expenses
Tons of commercial freight carried one mile
Tons of commercial and company freight carried one mile
Mileage of cars in freight service, including caboose
Locomotive mileage with freight and mixed trains, including helping
Revenue passengers carried one mile
Mileage of cars in passenger service
Mileage of motor cars
Locomotive mileage with passenger and mixed trains, including helping
Total locomotive mileage in service for which the attendant expenses are charged to "Transportation
Expenses"
Per Cl.
Decrease.
I
4,516,758
150,070
483,835
3.47
3.18
1.61
.52
1.15
2.37
3.77
4.36
23.94
2.73
765,671
2.14
$3,021,874 71
$763,773 96
93,478,206
37,949,058
5,170,224
349,371
35,222,906
The average number of tons of freight per train (ton miles per revenue freight train and all mixed train miles), and
loaded cars per train (excludng caboose), and the tons per loaded car for the respective companies for the year were:
Loaded Cars per Train.
Tons per Train.
-I- Increase.
-Decrease.
Tons.
Tons.
Per Cent.
Cars.
Union Pacific Railroad
Oregon Short Line Railroad
Oregon-Washington RR. & Nay......
531.49
629.07
474.11
-29.86
+30.50
-16.90
5.32
5.10
3.44
25.52
23.76
19.99
-1.21
+ .65
- .75
543.69
--14.95
2.68
24.27
- .75
Average, all lines
Cars.
Tons per Loaded Car.
Tons.
Per Cent.
Per Cent of
Loaded Car
Mileage to
Total Car
Mileage.
Tons.
Per Cent.
4.53
2.81
3.62
74.62+ .61
74.40+1.06
79.88-3.28
20.82
26.48
23.71
-.18
+.58
+.04
.86
2.24
.17
3.00
75.21+ .28
22.40
+.07
.31
Increase.
-Decrease.
mmercial and Company Freight
(Way Bill Tonnage).
+ Increase.
-Decrease.
The cost of fuel per locomotive mile run in revenue service and in non-revenue service for which the expenses are
charged to "Transportation Expenses" was 20.84 cents, against 21.73 cents last year.
GENERAL EXPENSES.
Salaries and expenses of general officers
Salaries and expenses of clerks and attendants
Law expenses
General office expenses
Stationery and printing
Insurance
Pensions
Other expenses
Total
This Year.
Last Year.
Increase.
Decrease.
$207,121 61
984,343 00
308,052 47
151,761 08
134,120 58
214,835 57
84,185 13
167,475 27
$164.747 80
1,045,529 05
278,077 84
114,300 64
154,734 47
170,767 19
68.449 19
244,410 78
$42,373 81
____ _____
29,974 63
37,460 44
____ _____
44,068 38
15,735 94
__-_ _____
$61,186 05
$2,241.016 96
$10,877 75
$2,251,894 71
____ _____
20,613 89
____ _____
76,935 51
Per Cl.
25.72
5.85
10.78
32.77
13.32
25 81
22.99
31.48
.49
GENERAL.
In addition to the completed lines of railway reported under "Properties and Mileage," construction is progressing
on the following lines and also on about 98 miles of additional main track:
Union Pacific Railroad:
Dent to Fort Collins, Colorado
Oregon Short Line Railroad:
Ashton to Driggs, Idaho
Nyssa to lIomedale, Idaho
Ballard to Logan, Utah
Oregon Eastern Railway:
Vale to Dog Mountain, Oregon
Central Idaho Railroad:
Richfield to Hill City, Idaho
Salt Lake & Idaho Railroad:
Hurley to Strevell, Idaho
Oregon-Washington Railroad & Navigation Co.:
Spokane to Ayer Junction, Washington
Total
•
Length of
Projected Line.
Track
Completed.
Grading
Completed.
Grading
Progressing.
Miles.
25.33
Miles.
25.22
Miles.
.11
Miles.
____
37.53
26.00
8.18
19.96
.79
15.96
25.21
----
1.5g_10.22
1.61
139.00
.31
15.00
59.31
34.21
20.36
3.74
60.50
.79
58.30
___ _
103.95----
98.96
4.99
459.80
At the close of this fiscal year 643.65 miles of the main line of the Union Pacific Railroad Co.-Omaha to Ogden, 1,011.47
miles in length-was double tracked. The expenditure of $3,042,400 for the completion of this work has been authorized.
This will complete about 108.59 miles of additional double track. Double-tracking has also been authorized by the Oregon
Short Line Railroad Co. and by the Oregon-Washington Railroad & Navigation Co., involving an expenditure of about $1,000,000.
The Insurance Fund shows a gain in the year's transactions of $54,019 32. The operations of this fund from its commencement to June 30 1912 are shown in Table No. 22.
Under the pension system in effect since Jan. 1 1903 there are carried on the pension rolls 258 employees. The payments
to them for the year amounted to $85,093 63.
The receipts of the Hospital Fund for the year amounted to $256,387 91; the expenses were $249,095 92, leaving a
surplus of $7,291 99.
In the summer of 1911 the Machinists, Boilermakers, Blacksmiths, Car Repairers and Sheet Metal Workers on the
Union Pacific and Southern Pacific systems formed a new Federation and presented demands involving an increase in wages
aggregating thirty-six per cent, and working rules and conditions which would have seriously abridged the Company's ability
to perform its duties to the public as well as to its stockholders. The employees were so informed, but at the same time were
assured that the Company was willing to continue working agreements as theretofore with individual crafts, recognizing but
without discriminating in favor of or against the different unions. A general strike was declared on Sept. 30 1911, and 3,042
employees of the Union Pacific System and 5,189 of the Southern Pacific System responded. Their places were soon filled,
but, of course, many unskilled workmen were among those first employed, and several months elapsed before all of these
were replaced and the new force was brought up to the proper state of efficiency. Heavy expenses were incurred in hiring
guards to protect the employees of the Company from violence and prevent damage to the Company's property, and much annoyance and inconvenience in the conduct of the Company's business ensued; but the expense, loss and inconvenience were
very much less than anticipated when the strike occurred.
[VoL. Lxxxxv.
THE CHRONICLE
1620
In the fire on Jan. 9 1912 in the building of the Equitable Life Assurance Society, at 120 Broadway, a number of the
company's records were either destroyed or impaired. Many of these records were copies of statements received from the
comparnes' general offices at Omaha, Salt Lake City and Portland. These statements, as well as other data required to restore the companies' records, were subsequently replaced.
There has been a gratifying increase in the earnings beginning with the current fiscal year. The large crops throughout
the country have given an impetus to business, and the prospects for a good business year are most encouraging. The operating income for the first quarter of the current fiscal year compares with that of the,previous year as follows:
.
Gross revenue
1912.
$25,318,432 84
1911.
$23,477,026 30
Increase.
$1,841,406 54
Operating expenses
Taxes
$12,752,865 42
1,145,213 34
$12,250,421 38
975,636 26
$502,444 04
169,577 08
$13,898,078 76
$13,226,057 64
$672,021 12
$11,420,354 08
$10,250,968 66
$1,169,385 42
. Total expenses and taxes
Revenue over operating expenses and taxes
The accompanying report of the Vice-President and Comptroller shows in detail the property of the Union Pacific Railroad and Auxiliary Companies, and their combined financial and other transactions.
By order of the Board of Directors,
ROBERT S. LOVETT,
Chairman of the Executive Committee.
UNION PACIFIC RAILROAD AND AUXILIARY COMPANIES,
NO. 2.-INCOME ACCOUNT FOR THE YEAR ENDED JUNE 30 1912.
'Operating expenses and expenses of outside operations, as
shown in detail in Table No.25
$50,389,406 92
'Taxes
4,368,788 61
$54,758,195 53
Total expenses and taxes
Interest on bonds in hands of public, as shown in Table
14,068,703 54
No. 14
12,013 33
Sinking fund requirements
1,930,118 08
Hire of equipmentr-'-balance
$88.942 68
Rentals for lease of road
81,883 74
Less: Collections
7,058 94
Rental for joint tracks, yards and terminal facilities
$922,171 05
Less: Collections
811,546 75
110,624 30
Dividends on preferred stock:
1,990,872 00
2 per cent paid April 1 1912
1,990,872 00
2 per cent payable October 1 1912
Dividends on common stock:
5,416,416 07
234 per cent paid January 2 1912
5,416,107 50
234 per cent paid April 1 1912
4,416,107 50
234 per cent payable July 1 1912
5,416,107 50
234 per cent payable October 1 1912
8,393,510 79
Balance to profit and loss (Table No. 3)
$104,926,707 08
Total
Gross operating revenues and revenues from outside oper$85,977,608 78
ations, as shown in detail in Table No. 25_
Miscellaneous rentals
$447,679 36
Less: Payments
369.838 00
•
77,841 38
Interest on bonds owned of companies other than Oregon
Short Line and Oregon-Washington ER. & Navigation
Cos.(Table No. 15)
1,834,019 58
Dividends collected or declared on stocks owned of companies other than Oregon Short Line and Oregon-Wash14,651,247 50
ington RR.& Navigation Cos.(Table No. 16)
Interest on loans and open accounts other than with auxili2,211,975 97
ary companies-balance
101,600 00
Rentals from steamships
3540
Net income from unpledged lands and town lots_
$97,625 84
Miscellaneous receipts
25,247 35
Less: Payments
72,378 49
$104,926,707 08
Total
NO. 3.-PROFIT AND LOSS FOR THE YEAR ENDED JUNE 30 1912.
Discount, commission and expenses on bonds sold
Abandoned property not to be replaced
Cost of surveys and construction expenditures incurred in
former years on lines subsequently abandoned, now
written off
Miscellaneous payments
Uncollectible accounts written off
Balance, June 30 1912
$1,382,542 50
174,018 59
9.097 19
1,479 17
8,774 61
194,545,768 76
$196,121.680 82
Total
15186,914,930 80
Balance, June 30 1911
8,393,510 79
Balance from income account (Table No. 2)
Difference between $28,875 face value Union Pacific 1111.
43t
Convertible Bonds retired and canCo. 20-Year
celed and $16,500 par value common stock issued in ex12,37500
change therefor
171,51852
Profit from sales of Northern Securities Co. Stubs
Sinking fund contributions and income from sinking fund
25,421 94
Investments
49,443 95
Advances to Portland & Asiatic Steamship Co. repaid_ _ _ _
Interest accruing prior to July 1 1911 on advances and
311.94468
open accounts
19,673 89
Adjustments in accounts
974 18
Proceeds from sale of unpledged lands and town lots
153,772 92
Contingent liabilities written off
23,521 79
Other liabilities written off
44,59236
Old accounts collected
Total
$196,121,680 82
NO. 4-ASSETS AND LIABILITIES, JUNE 30 1912.
(Excluding stocks and bonds owned of Auxiliary Companies and all offsetting accounts between them.)
ASSETS.
Capital AssetsCost of railways, equipment and appurtenances
Advances for construction and acquisition of new lines
'Terminal property and other lands
Rolling stock
'Ocean steamships
Total property investment
Stocks and bonds as detailed in Tables Nos. 8, 9 and 10:
Proprietary companies and investments
Southern Pacific Company
Trust funds
This Year.
Last Year.
Increase.
$498.229,184 29 $478,844,052 15 $19,385,132 14
8,131,040 03
6.533,719 72
832,85538
14,204.451 66 13,371,596 28
1,193,392 17
8,990,311 86
10,183,704 03
6,191,862 92
Decrease.
$1,597,320 31
a6,191,862 92
$529,151,059 70 $515,528,863 24 $13,622,196 46
262,409,907 47 259,831,25001
b23,740,362 22
266,105 34
292,751 91
2,578,657 46
23,740,362 22
26,646 57
5815,594,081 30 $775,626,218 59 $39,967,862 71
Current AssetsDemand loans, Southern Pacific Co
Loans to San Pedro Los Angeles & Salt Lake RR. Co
Loans to Utah Light & Railway Co
Cash
Demand and time loans and deposits
Agents and conductors
Traffic and car service
Income accrued to June 30 on securities owned
Individuals and companies
V. S. Government transportation
Deposits against matured and called bonds
Material, fuel and supplies
312,000.000 00 $20,007,305 41
1,168,860 00
5,498,108 14
5,489,574 34
7.117.051 96 12,171,011 27
44,835,603 41 28,900,000 OQ $15,935,693 41
18,361 31
582.529 43
600,890 74
41,090 25
13,626 17
54,716 42
4.625.691 00
551,359 70
5,177,050 70
3,177,674 25
2,988,630 88
502,725 82
107,016 34
609,742 16
3,000 00
3,000 00
11,718,919 94 12,530,439 60
$8.007,305 41
1,168,860 00
8,533 80
5,053,950 31
189,043 37
811,519 66
390,595,270 55 $89,180,971 09, 51,414,299 46
Deferred Assetsindividuals and companies
Pacific Fruit Express Co
Principal of purchase money notes SS. Bear and Beaver
Balance of principal of purchase money notes SS. Mongolia and Manchuria
Contingent AssetsUnadjusted accounts
Due from proprietary companies
Land and town lot contracts
Total assets
$55,096 24
1,212.202 76
1,100,000 OQ
3,871,875 00
$394,910 681
791,525 31
36,239,174 00
$1,186,435 99
$152,230 20
177,416 69
2,081,976 39
$790,235 72
252,416 92
2,411;289 78
$638,005 52
75,000 23
329,313 39
$2,411,623 28
$3,453,942 42
$1,042,319 14
$339,814 44
3420,677 45
1,100,000 00
3,871,875 00
$5,052,738 01
$914,840,149 13 $869,447,568 09 $45,392,581 04
DEC. 14 19121
THE CHRONICLE
1621
UNION PACIFIC RAILROAD AND AUXILIARY COMPANIES.
LIABILITIES.
This Year.
Last Year.
Increase.
Decrease.
Capital LiabilitiesUnion Pacific Railroad Company:
Common stock
Preferred stock
$216,644,300 00 $216,627,800 00
99,543,600 00 99,543,600 00
Stocks of Auxiliary Companies in hands of the public, viz.:
Oregon-Washington Railroad & Navigation Co. Capital stock
1,50000
Total stocks
Funded debt (excluding bonds owned of Auxiliary Companies), Table No. 13
$16,500 00
1,50000
$316,189,400 00 $316,172,900 00
343,976,005 00 329,232,380 00
$16,500 00
14,743,625 00
$660,165,405 00 $645,405,280 00 $14,760,125 00
•
Current LiabilitiesSouthern Pacific Co. bond purchase notes
Coupons matured but not presented
Coupons due July 1
Interest accrued on bonds and loans to June 30
Dividends due but uncalled for
Dividends payable July 1st and October 1st
Mortgage bonds satisfied
VouChers and pay-rolls
423,740,362 22
114,209 67
3,658,766 25
1,420,532 96
375,193 50
12,823,087 00
3.00000
6,824,615 21
$109,752 64
3,437,927 50
1,373,950 49
45.797 50
12,822,119 50
3,000 00
7,425,541 48
$23,740,362 22
4,457 03
220,838 75
46,582 47
329,396 00
967 50
$600,926 27
$48,959,766 81 $25,218,089 11 $23,741,677 70
Deferred LiabilitiesTaxes assessed but not due
Hospital department
$1,926,511 28
111,174 31
$1,558,720 41
103,882 32
$367,790 87
7,291 99
$2,037,685 59
$1,662,602 73
$375,082 86
$464,378 15
168,701 43
2,393,803 86
1,583,940 32
1,429,279 30
545,819 21
2,081,976 39
463,624 31
$410,358 83
1,192,478 53
2,105,134 10
1.427,455g9
1,617,402 82
410,212 67
2,411,289 78
672,332 83
Contingent LiabilitiesInsurance fund
Reserve for depreciatim on steamships and on miscellaneous property
Railroad Securities Co
Union Pacific Equipment Association
Union Pacific Coal Co
Due to other proprietary companies
Principal of deferred payments on land and town lot contracts
Unadjusted accounts
$54,019 32
288,669 76
156,484 43
135,606 54
$194,545,768 76 $186,914,930 80
188,123 52
329,313 39
208,708 52
$9,131,522 97 $10,246,665 45
Balance to credit of profit and loss (Table No. 3)
Total liabilities
$1,023,777 10
$1.115.142 48
$7,630,837 96
3914,840,149 13 $869,447,568 09 $45,392,581 04
The sum of $19,771,091 13 received to date from the Improvement and Equipment Fund has been
used in payment of expenditures for additions
and betterments and was deducted from the total amount of such expenditures. Appropriations from
"Income Account" to the amount of 313,310.236 52
have been credited against the total expenditures for additions and betterments.
a Depreciation amounting to $1,023,677 62 carried per contra in "Reserve for Depreciation," was deducted
from this cost in the purchase price of
the ships.
b Bonds purchased from Southern Pacific Company, referred to on page 10.
c Given for the bonds purchased referred to on page 10.
NO. 6.-STOCKS OF THE UNION PACIFIC RAILROAD, OREGON SHORT LINE RAILROAD AND
OREGON-WASHINGTON RAILROAD dc
NAVIGATION COMPANIES JUNE 30 1912.
COMPANY.
Total
Outstanding
June 30 1912.
Amount
in Hands of
Public
June 30 1912.
Owned by
Union Pacific
RR. Co.
Oregon Short 'Oregon-WashLine RR. Co. ington Railroad
& Nay. Co.
Union Pacific RR.:
Common Stock__ $216,646,300 00 $216,644,300 00
$2,000 00
Preferred Stock.. 99,569,300 00 99,543,60000
25,700 00
Ore. Short L. RR.:
Capital Stock
100,000,000 00
100,000,000 00
Oregon-Washingt'n
RR. & Nav.:
Capital Stock___ 50,000,000 00
1,500 00
$49,998,500 00
Total 1912
3466,215,600 00 $316,189,400 00 $100,027,700 00 $49,998,500 00
Total 1911
466,199,100 00 316,172,900 00 100,027,700 00 49,998,500 00
Increase
$16,500 00
$16,500 00
Total.
Of the total owned there arePledged.
Unpledged.
52,000 00
25,700 00
$2,000 00
25,700 00
100,000,000 00
100,000,000 00
49,998,500 00
49,998.500 00
$150,026,200 00
150.026,200 00
$150,026,200 00
150,026,200 00
NO. 7-BONDS OF THE UNION PACIFIC RAILROAD, OREGON SHORT LINE RAILROAD AND OREGON-WASH
INGTON RAILROAD &
NAVIGATION COMPANIES JUNE 30 1912.
COMPANY.
Total
Outstanding
June 30 1912.
Amount
in Hands of
Public
June 30 1912.
Union Pacific RR.:
First M. RR. and
Land Grant 4% - 5100,000,000 00 $100,000,000 00
First Lien and Refunding 4%____ 65,085,205 00 65,085,205 00
20-Year 4% Cony. 36,738,300 00 36,738,300 00
Ore. Short L. RR.:
Consol. 1st M. 5% 12,328,000 00 12,328,000 00
Non-Cum. Inc. A..
315,000 00
295,500 00
Collat. Trust NonCum. Income B..
55,000 00
25,000 00
First and Consol.
Mortgage 4% ___
24,000,000 00
4% Refunding__ 100,000,000 00 45,000,000 00
Ore. Sh. L. lty.•.
First Mortg.6%. 14,931,000 00 14,931,000 00
Utah & North.Ry
let M.4% Ext_ _
4,991,000 00
4,991,000 00
Consol. M. 5% _ _
1,802,000 00
1,802,000 00
Oregon-Wash. RR.
de Navigation:
First and Refunding Mtge. 4%_.. 39,400,000 00 39,400,000 00
Ore. RR. & Nay.:
4% Consol. M__
23,380,000 00 23,380,000 00
Total 1912
Total 1911
Increase
Decrease
Union Pacific
RR. Co.
Owned by
Oregon Short
Oregon-WashLine RR. Co. ington Railroad
Total.
(14 Na,. Co.
Of the total owned there are
Pledged.
Unpledged.
$19,500 00
519,500 00
30,000 00
30,000 00
30,000 00
24,000,000 00
55,000,000 00
24,000.000 00
55,000,000 00
24,000,000 00
55,000,000 00
579,049,500 00
94,047,000 00
379.049.500 00
94,047,000 00
$14,997,500 00
514,997,500 00
3423,025,505 00 1343,976,005 00 379,049.500 00
423,279,380 00 329,232,380 00 79,047,000 00 $15,000,000 00
$14,743,625 00
32,500 00
I
*$253,875 00
$15,009,000 00
519,500 00
* Resulted from issue of Oregon-Washington RR.& Nay. Co. Sterling
bonds for Dollar bonds and retirement of Union PAc, RR.Co. Convert. bonds.
[VOL.Lxxxxv.
THE CHRONICLE
1622
UNION PACIFIC RAILROAD AND AUXILIARY COMPANIES.
NO. 8.-STOCKS OWNED OF OTHER COMPANIES JUNE 30 1912.
VW14014 VII
Total
Outstanding
June 30 1912.
COMPANY.
Union
Pacific
RR.Co.
$20,000 00
Camas Prairie Railroad____
a220,000 00
Central Idaho Rallroad____
225,000 00
Green River Water Works__
1,000,000 00
Kansas City Terminal Ry__
50,000 00
Leavenworth & Topeka Ry_
150,000 00
Leavenworth Depot & RR__
1,000,000 00
McKeen Motor Car
300,000 00
Ogden Union Ry. & Depot..
1,000,000 00
Oregon & Washington RR__
610,800,000 00
Pacific Fruit Express
78,300 00
Rattlesnake Creek Water___
100,000 00
Riverside Homestead
St. Joseph dc Grand Isl. By.:
4,600,000 00
Common Stock
5,500,000 00
First Preferred Stock____
3,500,000 00
Second Preferred Stock__
a160,000 00
Salt Lake & Idaho RR
500,000 00
San Francisco & Portland SS
San Pedro Los Angeles &
Salt Lake RR.:
25,000,000 00
Capital Stock
100,000 00
Short Line Land & Improv't
110,000 00
Topeka Iron
400,000 00
Union Depot & By.(Denv'r)
10,000 00
Union Land
5,000,000 00
Union Pacific Coal
100,000 00
Union Pacific Equip. Ass'n_
100,000 00
Union Pacific Land
500 00
Union Pacific Water
Utah Light & Railway:
1,942,550 00
• Common stock
3,863,175 00
Preferred stock
500,000 00
Yakima Valley Transpor'n_
Total
Oregon- Washing(on RR. 41.
Natl. Co.
Oregon
Short Line
RR. Co.
$10,000 00
$220,000 00
$225,000 00
100,000 00
25,000 00
50,000 00
550,000 00
150,000 00
999,300 00
5,400,000 00
78,300 00
100,000 00
4,076,400 00
2,544,640 00
2,876,350 00
160,000 00
300,000 00
+Increase. 'Of the total owned there are
-Decrease.
Un pledged.
Pledged.
During Year.
$10,000 00
$10,000 00
220,000 00
220,000 00
225,000 00
225,000 00
100,000 00
100,000 00
25,000 00
25,000 00
50,000 00
50.000 00
550,000 00
550,000 00
150,000 00
150,000 00
999,300 00
999,300 00
5,400,000 00
5,400,000 00
78,300 00
78,300 00
100,000 00
100,000 00
Total.
4,076,400 00
2,544,640 00
2,876.350 00
160,000 00
500,000 00
4,076,400 00
2,544,640 00
2,876,350 00
160,000 00
500,000 00
+120,000 00
+115,300 00
+157,250 00
12,500,000 00
12,500,000 00
12,500,000 00
50,000 00
50,000 00
50,000 00
55,000 00
240.000 00
10,000 00
5,000,000 00
100,000 00
100,000 00
500 00
55,000 00
240.000 00
10,000 00
5,000,000 00
100,000 00
100,000 00
500 00
$99,400 00
1,853,600 00
3,842,875 00
499,700 00
+1,250 00
$21,681,190 00 $20,125,475 00 • $510,000 00 $42,316,665 00
+393,800 00
1,853 600 00
3,842,875 00
499,700 00
55,000 00
240,000 00
10,000 00
5,000,000 00
100,000 00
600 00
500 00
1,853,600 00
3,842,875 00
499,700 00
•
$99,400 00 $42,217,265 00
a 10% paid. b ;5.400,000 owned by Southern Pacific Company.
NO. 9.-INVESTMENT STOCKS OWNED JUNE 30 1912.
OWNED BY.
Total
OutstandingOregon-WashJune 30 1912. Union Pacific Oregon Short ington RR. &
Nay. Co.
Line RR. Co.
RR. Co.
COMPANY.
$
$
32,334,200 00
7,206,400 00
$
Baltimore & Ohio RR.:
151,590,092 26
Common Stock
58,873,974 71
Preferred Stock
Chicago & Alton RR.:
19,544,000 00 10,343,100 00
Preferred Stock
Chicago & N. W. By.:
4,018,700 00
130,117,213 82
Common Stock
Chicago Milwaukee & St.
Paul. Ry.:
1,845,000 00
116,274,900 00
Preferred Stock
Illinois Central RR.:
109,296,000 00 22,500,000 00
Capital Stock
New York Central & Hudson River RR.:
17,857,100 00
222,729,300 00
Capital Stock
Northern Securities:
Stubs
Railroad Securities:
3,486,420 00 3,484,420 00
Common Stock
1,936,900 00 1,936,900 00
Preferred Stock
Southern Pacific:
126,650,000 00
64
272.672,405
Common Stock
Of total owned there are
Unpledged.
Pledged.
$
$
10,255,400 00 22,078,800 00
7,206,400 00
$
$
32,334,200 00
7,206,400 00
$
10,343,100 00
10,343,100 00
4,018,700 00
4,018,700 00
1,845,000 00
1,845,000 00
22,500,000 00
22,500,000 00
8,000,000 00
17,857,100 00
9,857.100 00
-$724,900 00
3,484,420 00
1,936,000 00
3,484,420 00
1,936,900 00
+500 00
108,000,000 00 18,650,000 00
126,650,000 00
228,175,820 00 -724,40000 133,461,800 00 94,714,020 00
38,264,420 00 189,911,400 00
Total
+ Increase.
- Decrease.
During Year.
Total.
NO. 10.-BONDS OWNED OF OTHER COMPANIES JUNE 30 1912.
Owned byTotal
Outstand'g
June 3()
1912.
COMPANY.
Union
Pacific
RR. Co.
$
$
5%-.-.-3,500
tchison Union Depot & Railroad-Second Mtge.
26,200
5%
heyenne County, Colorado-Refunding
%_
hicago Milwaukee & St. Paul Ry.-Convertible 4M
194,000
194,000
reen River Water Works-First Mtge. 6%
OregonWashlon
Oregon
Short Line RR. &
RR. Co. Nay. Co.
$
Total
•
276,700
34,218,500 5,449,000
24,990,000 6,000,000
137,320,000 14,568,000
35,630,540 30,030,700
•
there are+ Increase. '
-Decrease.
During Yr. Pledged. Unprg'd.
8
$
3,500
26,200
125,000
250,000
eavenworth & Topeka Itallway-First Mtge. 4
63,000
150,000
eavenworth Depot and Railroad-First Mtge.5
57,000
3,335,000
6%
Mtge.
-First
"orthern Pacific Terminal
163,000
326,000
gden Union Railway & Depot-First Mtge.5%
44,000
44,000
ayette Valley Railroad-First Mtge.6%
140,000
140,000
ayette Valley Extension RR.-First Mtge. 5%
146,000
146,000
attlesnake Creek Water-First Mtge. 6
27,577,000
tn Pedro Los Angeles & Salt Lake RR.- irst Mteg. 4% 55,155.000
15,000
15,000
baron Springs Township-Railroad Aid 5%
270,000
5,500,000
Duth Pacific Coast Ry.-First Mtge. 4%
Duthern Pacific927,000
81,151,000
Twenty-Year Convertible
4
66,000
227,000
4 % Twenty-Year Gold
2,000
1,115,000
4%
Mtge.
onsolidated
Power-C
tanLight &
tah Light & Railway993,000
1,485,000
Consolidated Mortgage 5%
5,000
100,000
Collateral Trust 6%
a5,000,000 3,354,000
nion Pacific Coal-First Mtge. 59"
5,196,840 5,196,840
nion Pacific Land-First Mtge. 49
9,613,540 30,030,700
Total
Duthern Pacific4% (C. P. Stock Collateral)
San Francisco Terminal First Mortgage 4%
Duthern Pacific Railroad-First Refunding Mtge.4%
Of the total owned
Total.
$
-1,000
$
$
3,500
26,200
276,700
+276,700
276,700
194,000
194,000
;
125,000
125,000
63,000
63,000
212,000
-5,000
212,000
155,000
163,000
.
163,000
44,000
I
44,000
1
140,000
140,000
146,000
146,000
27,577,000 +3,160,000 24,271,000 3,306,000
15,000
15,000
270,000
+270,000
270,000
1
927,000
I
927,000
66,000
00,
66,0
2,000
2,000
1
993,000
993,000
5,000
5,000
3,354,000
3,354,000
-185,000 5,196,840
5,196,840
155,000 39,799,240 +3,515,700 29,467,840 10,331,400
;
5,449,000
5,449,000 +5,449,000
6,000,000
6,000,000 +6,000,000
14,568,000
14,568,000 +14,568,000
36,348,400
155,000 65,816,240 +29,532,700 29,467,840
a $1,646,000 held by Union Pacific Coal Co. sinking fund.
AND BONDS JUNE 30 1912.
NO. 11.-RECAPITULATION OF STOCKS
Amount in !Owned by Union Pac. RR. and Auxiliary Cos.
Total
Hands of Public
Outstanding
Un pledged.
Pledged.
Total.
June 30 1912. June 30 1912. 1
Union Pacific Railroad and Auxiliary Companies:
Stocks (Table No. 6)
Bonds (Table No. 7)
•
• • •
Total Union Pacific Railroad and Auxiliary Companies
Stocks of other companies (Tables Nos. 8 and 9)
Bonds of other companies (Table No. 10)
Total stocks and bonds
Par value $488,215,600 00 $316,189,400 00/5150,026,200 00
_Face value 423,025,505 00 343,976,005 001 70,049,500 00
$889,241,105 00 $660,165,405 004229,075,700 00
Par value
Face value
$150,026,200 00
79,049,500 00
$229,075,700 00
$270,492,485 00 $133,561,200 00 $136,931,285 00
65,816,240 00 29,467,840 00 36,348,400 00
1
5336,308.725 00 1163.020,040 00 $173.279.1185 00
1623
THE CHRONICLE
DEC. 14 19121
UNITED FRUIT COMPANY
ENDED SEPTEMBER 30 1912.
THIRTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR
The output for the previous year was 92,912,700 pounds of
• Office of the United Fruit Company, sugar
and 1,656,370 gallons of molasses.
Mass.,
Boston,
131 State Street,
The growth of the demand for the Company's bananas
December 3 1912.
necessitates continued extensive development work,and large
To the Stockholders:
of
purchases of banana properties and lands available for banana
report
following
the
Your Board of Directors submits
planting have been made in the Republic of Colombia, ReSeptemended
year
fiscal
the Company's business for the
public of Panama, Costa Rica and other parts of Central
ber 30 1912:
A large program of development work is being
America.
INCOME ACCOUNT FOR THE YEAR.
on
in
Costa Rica, Guatemala and Panama, the Comcarried
$627,844 45
Total net earnings for the year, after deducting
policy
being to grow a large proportion of its fruit
pany's
were:
expended for betterments,
$2,565,428 88 in order to insure an adequate supply and maintain a standFrom bananas and miscellaneous tropical fruits
83
1,930,186
From the sugar business
ard quality. Attention is directed in this connection to the
$4,495,615 71 increase of 30,911 acres in banana cultivations, reported in
Net earnings
836,496 84
the table on a following page.
Miscellaneous income
Total income
Deduct interest on debentures
Balance, net income for the year
Deduct dividends declared aggregating 8%
Balance, surplus for the year
Surplus brought forward from close of fiscal year 1911
$5,332,112 55
424,583 33
$4,907,529 22
2,395,788 00
$2,511,741 22
13,762,998 04
$16,274,739 26
Total
Premium of 100% on 7,306 shares issued dur- $730,600 00
ing the year in payment for property
offered to
Premium of 50% on 60,990 sharescircular
of
stockholders under company's
3,049,500 00
Sept. 5 1912
$3,780,100 00
Less direct charges against income, as follows:
Extra dividend of 10% paid
$2,705,890 00
Dec. 19 1911
Special charge, mainly for de371,113 92
preciation of tropical properties 703,096 10 3,408,986 10
$16,645,853 16
Total surplus September 30 1912
•
RIGHTS.
ION
SUBSCRIPT
AND
S
DIVIDEND
In addition to the four regular quarterly dividends of
two per cent each, an extra dividend of ten per cent was paid
December 19 1911 out of the company's surplus, and shareholders were offered the privilege of subscribing for new stock
at par equivalent to the amount of the extra dividend.
Under the terms of the company's circular of September 5
g
1912, stockholders were offered the privilege of subscribin
to the
to shares of the company's stock at $150 per share
amount of 20% of their holdings, which gave shareholders
rights having a market value of from six to seven dollars each.
BETTERMENT EXPENDITURES INCLUDED
OPERATING ACCOUNTS.
IN
CURRENT
Betterments charged to operating accounts for the year
are as shown below:
95
For new banana and cane fields
For buildings at tropical divisions
For railways and railway equipment
For tramways
For wharves, telephone lines, etc., at tropics
$320,365
169,928 58
55,464 25
78,266 90
3,818 77
$627,844 45
STOCK AND DEBT.
The outstanding capital stock was increased within the year
by the amount of 27,058 new shares issued to stockholders
under the terms of the Company's circular dated November
141911, and by the issue of 7,306 shares for tropical properties August 5 1912, and by 60,990 shares offered to stockholders under the terms of the Company's circular dated
September 5 1912.
Of the Company's 5% serial debentures there were paid
and canceled $160,000 which matured on June 1 1912.
INVESTMENTS.
Elders & Fyffes, Limited.-The development of the banana
trade on the Continent is receiving special attention and the
steamers especially built for this service will shortly be put
into commission.
Northern Railway Company.-The Northern Railway Company's property in Costa Rica is maintained in excellent
physical condition.
Nipe Bay Company.-The Nipe Bay Company's sugar mill
produced 86,217,880 pounds of sugar and 2,043,352 gallons
of molasses, as against 92,835,600 pounds of sugar and 1,842,087 gallons of molasses the previous year.
Saetia Sugar Company.-The Company has acquired a
seventy-five per cent interest in the Saetia Sugar Company,
which owns 35,566 acres of land adjoining the property of
the Nipe Bay Company in Cuba. Of this, some 6,351 acres
are planted in sugar cane and 558 acres in citrus or other
fruits. The cane crop for 1913 is estimated at 140,000 tons,
which will be delivered to the Nipe Bay Company's mill for
grinding.
Tropical Fruit Steamship Company, Limited.-This Company owns eighteen steamers, has three others of approximately 8,000 tons gross register each now under construction
and shortly to be delivered, with accommodations for 135
passengers, a.,nd has purchased four additional steamers recently constructed to meet the Company's requirements for
tropical transportation. This will give the Company the
service of a fleet of twenty-five steamers in addition to the
sixteen owned by Elders & Fyffes, Limited, and numerous
chartered vessels. The rapid growth and great importance,
from an earnings standpoint, of the marine freight and passenger service has amply justified the development of this
fleet.
The Company has made a special direct charge against its
surplus income account of $703,096 10 for depreciation, in
addition to the $627,844 45 betterments absorbed in operating accounts, thus making a total of $1,330,940 55 written
off within the year by way of provision for depreciation over
IN GENERAL.
and above the regular maintenance charges.
Following is a table of the direct charges to income account
.-Since its organization the Company
t
Departmen
Medical
and of the betterments absorbed in operating expenses for the has maintained hospitals at various points for the care of its
past ten years:
employees and others. The importance of this feature of
Total.
Betterments Absorbed.
Direct Charges.
its work has been recognized by the creation of a department
Year.
$750,356 41
$540,791 90
$209,564 51
1903
to have charge of the hospitals and sanitary work at the trop48
1,108,605
'
25
529,067
579,538 23
1904
630,910 31 ical divisions, and of the medical staff upon the steamships
501,719 04
129,191 27
1905
1,159,496 57
638,867 37
520,629 20
1906
1,226,383 69 and the supervision of quarantine matters. The activities
683,923 70
542,459 99
1907
803,169 18 of this Department involve an outlay of several hundred
665,708 22
137,460 96
1908
1,094,874 44
604,392 54
490,481 90
1909
96 thousand dollars annually. As a result, in large measure,
1,179,551
90
679,551
500,000 00
1910
1,935,177 82 of its work, the localities in which the Company operates
699,492 50
1,235,685 32
1911
1,330,940 55
627,844 45
703,096 10
1912
have been relatively free from dangerous contagions, and
$11,219,466 41 mutually helpful relations are maintained with Government
$6,171,358 93
15,048,107 48
health and quarantine authorities.
TROPICAL DIVISIONS.
Respectfully submitted by order of the Board of Directors.
The Company's sugar mill at Banes, Cuba, produced
ANDREW W. PRESTON, President.
molasses.
of
gallons
144,247,580 pounds of sugar and 3,469,644
YEARS ENDED SEPTEMBER 30 1912 AND 1911.
COMPARATIVE STATEMENT OF INCOME ACCOUNT FOR THE FISCAL
Increase(+)or
Decrease (-).
1911.
1912.
Not Earnings arising from the production and importation of tropical products
Miscellaneous Income
$4,495,615 71
836,496 84
$4,277,623 18
761,117 07
+$217,992 53
+75,379 77
Total Income
Less: Interest on Debentures
$5,332,112 55
424,583 33
$5,038,740 25
327,770 84
+1293,372 30
+96,812 49
Balance, Net Income
Dividends declared (see foot-note)
OCT Surplus for fiscal year
Surplus Income at close of previous year
114
Total Surplus
Extra Dividends of 10% paid November 4 1910 and December 19 1911
$4,907,529 22
2,395,788 00
$4,710,969 41
2,164.712 00
+$196,559 81
+231,076 00
$2,511,741 22
13,762,998 04
$2,546,257 41
13,787,325 95
$16,274,739 26
2,705,890 00
$16,333.583 36
2,459,900 00
-$58,844 10
+245,990 00
113,568,849 26
*3,780,100 00
$13,873,683 36
1,125,000 00
-1304,834 10
+2,655,100 00
$17,348,949 26
703,096 10
$14,998,683 36
1,235,685 32
+$2,350,265 90
-532.589 22
$16,645,853 16
$13,762,998 04
$2.882,855 12
Balance
Premium from sale of Company's shares
o kpa
,
"wir Surplus
Less! Direct charges to Profit and Loss
Balance, Surplus
-$34,516 19
-24,327 91 •
1624
THE CHRONICLE
Lxxxxil
DIVIDENDS.
*This item represents premium on shares of the company's capital stock
Four quarterly dividends were declared and charged to Income Account authorized
during the year, viz.:
diving the year, viz.:
Premium of 100% on 7.306 shares issued for property
Dividend paid January 15 1912, 2
$595,294
Premium
00
of
50% on 60,990 shares offered to stockholders $730,600 00
" April
15 1912, 2%
595,294 00
under Company's circular of September 5 1912
3,049,500 00
July
15 1912,2%
595,294 00
" October 15 1912, 2%
609,906 00
$3,780,100 00
$2,395,788 00
DIRECT CHARGES TO PROFIT AND LOSS:
Special charges, largely for depreciation of tropical investments,$703,096 10
COMPARATIVE BALANCE SHEET SEPTEMBER 30 1912 AND 1911.
ASSETS.
1912.
1911.
Increase.
Plantations and Equipment Tropical Divisiohs (see ex
hibits "A" to "E"
$32,782,408 58
$26,042,226 79
$6,740,181 79
Domestic Divisions
382,218 05 $33,164,626 63
385,878 05 $26,428,104 84
*3,660 00 $6,736,521 70
Investments:
Agricultural (Bananas)
$3,890 854 32
$1,186,765 63
$2,704,088 69
Agricultural and Manufacturing (Sugar)
3,335,483 09
2,915,037 73
420,445 36
European and Tropical Steamships and Railways
15,772,256 98
13,809,365 40
1,962,891 58
Miscellaneous
21,100 00 23,019,694 39
17,911,168 76
21,100 00 5,108,c2563
Current Assets:
Cash
$6,149,441 68
$4,352,860 91
$1,796,580 77
Accounts Collectible
1,996,679 09
1,618,637 13
378,041 96
Unpaid Subscriptions to Capital Stock (under Company'
circular September 5 1912)
1,870,875 00 10,016,095 77
5,971,498 04 1,870,875 00 4,045,407 73
Notes Receivable
99,688 94
$953,254 88
*853,565 94
Coupon, Dividend and Trustee Accounts
670,834 93
670,410 43
424 50
Advance Payments:
Charters, Wharfage and Steamship Supplies
528,552 68
298,39656.
230,156 12
$67,500,393 34
$52,232,833 51
$15,267,559 83
LIABILITIES.
Capital Stock:
Issued (Including 16,183 shares issued under Company's circular of September 5 1912)
$32,113,600 00
$27,058,900 00
$5,054,700 00
To be issued (under Company's circular letter September 5 1912)
4,480,700 00 $36,594,300 00
$27,058,900 00 4,480,700 00z$9,5n400 00
Funded Debt:
Sinking Fund 44% Debentures (1923)
$4,250,000 00
$4,250,000 00
Sinking Fund 4A % Debentures (1925)
4,000,000 00
4,000,000 00
Serial 5% Debentures due June 1 1913 to 1918
960,000 00 9,210,000 00 1,121,000 00 9,371,000 00 *8161,00000
*161,000 00
Property Purchase Obligations
5668,276 48
668,276 48
Unclaimed Dividends and Unpaid Coupons
6,782 75
• 7,383 25
*600 50
Current Liabilities.
Accounts Payable
$924,647 08
$696,615 51
$228,031 57
Drafts
621,618 37
683,279 54
*61,66117
Dividend payable in October
609,906 00
541,178 00
68,728 00
Notes and Bills payable
e2,110,197 00 4,266,368 45
1,921,073 05 2,110,197 00 2,345,295 40
Interest accrued not yet due on Funded Debt
108,812 50
111.479,17
*266667
Income Account (Surplus)
16,645,853 16
13,762,998 04
2,882,855 12
(See preceding statement.)
$67,500,393 34
$52,232,833 51
$15,267,559 83
The Company's Insurance Fund Asset of $752.248 67 shown on page 22 [pamphlet report] Is not included in the above balance sheet.
*Decrease. a This debt has all been paid since the close of the Company's fiscal year. h Of this debt $350,000 has
been paid since September 30
1912. x This increase of 95,354 shares includes the following issues during the year, viz.: 27,058 shares issued to stockholders under the Company's
circular letter of November 14 1911; 7,306 shares issued for tropical properties; 60,990 shares offered to stockholders under the Company's circular letter
of September 5 1912.
EXHIBIT "A"-COMPARAT1VE STATEMENT SHOWING THE BOOK COST OF THE COMPANY'S PLANTATIONS AND
EQUIPMENT
AT ITS TROPICAL DIVISIONS FOR THE FISCAL YEARS ENDED SEPTEMBER 30 1912 AND 1911. •
Republic of Colombia.
1912.
Lands
Houses and Buildings
Cultivations
Live Stock
Tools and Machinery
Railways
Tramways
Telephones
Wharves, Lighters, etc
Merchandise (Stores)
Material on Hand
Sugar Mill
$1,358,288 16
110,096 78
1,684,598 73
44,758 00
8,66900
9.000 00
74,354 25
3,391 60
49,830 27
29,467 46
$3,372,454 25
Lands
Houses and Buildings
Cultivations
Live Stock
Tools and Machinery
Railways
Tramways
Telephones
Wharves, Lighters, etc
Merchandise (Stores)
Material on Hand
Sugar Mill
3158,552 88
540,703 92
773,140 26
27,889 00
299 46
483,825 51
133,420 53
19,334 04
13,335 91
115,429 83
138,899 52
Honduras (Ceiba).
Honduras (Cortes).
1911.
1912.
1912.
Lands
houses and Buildings
Cultivations
Live Stock
Tools and Machinery
Railways
Tramways
Telephones_.,
Wharves, Lighters, etc
Merchandise (Stores)
Material on Hand
Sugar Mill
1911.
I
3297,953 10
43.166 94
14,800 00
11,303 00
I
160,396,19
3,07856
I
57,778 45
13,913 30
25,733 11
'
$2,404,830 86 $1,557,052 81
$628,122 65,
1911.
-
1912.
1911.
$319,857 43 $6,110,718 48 $5,051,946 86 $1,975,328 00 $1,963,506 62
22,122 13
527,938 39
413,765 55
349,271 52
327,547 02
218,219 04 1,039,533 33
762,855 06 1,293,152 30 1,289,545 41
25,179 50
363,852 30
395,940 02
221,442 40
230,467 00
8,66900
70,130 58
47,791 34
109,597 47
101,809 89
9,000 00
803,881 88
772,499 82 1,434,607 59 1,431,124 80
533,394 74
251,738 77
3,203 38
60,355 35
60,355 35
15,070 69
14,210 03
468 81
468 81
38,702 18
38,702 18
37,914 81
203,010 24
245,051 93
112,004 60
90,569 27
2,042 80
95,450 18
83,641 96
127,502 04
196,739 83
1,445,389 03 1,425,471 93
$646,208 09 $9,808,734 28 $8,086,055 47 $7,122,067 821167,109,694 88
I
$92,550 24
300,658 55
583,204 65
18,801 50
290 46
316,279 72
100,945 12
6,694 58
10,380 19
61,996 89
65,241 91
Jamaica.
1912.
Cuba.
1912.
Guatemala.
1912.
Costa Rica.
1911.
1911.
..
Republic of Panama.
1912.
1911.
1911.
$10,826 22
$10,826 22
3,237 00
3,237 00
48 00
8,165 69
'
48 00
8,165 69
$22,276 91
822,276 91
Grand Totals.
1912.
1911.
Increase.
31,109,584 97 $1,109,165 69 31,142,929 87 3962,929 87 $12,153,355 46 $9,499,956 71 $2,653,398 75
473,285 76
368,049 46
349,921 33
312,421 33
649,820 60
2,405,210 86 1,755,390 26
494,466 08
494,456 08 1,426,098 09 1,193,598 09
6,725,778 79 4,541.878 33 2,183,900 46
240,537 60
226,146 72
68,480 00
70,160 00
978,262 30
11,567 56
966,694 74
60,340 68
49.409 86
3.563 66
13.563 66
265,837 85
51,057 64
214,780 21
82,152 70
82,152 70 3,012,892 41 2,847,892 41
527,806 83
5.986,756 28 5,458,949 45
45,000 00
45,000 00
789,248 08
397,683 89
391.564 19
16,524 04
16,524 04
405 92
405 92
101,442 20
115,129 64
13,687 44
226,980 14
95,115 89
224,066 54
95,115 89
440,547 (17
376,899 30
6.3,64777
142,220 64
212,906 02
93,544 14
201,592 82
849,314 90
730,669 86
118,645 04
57,478 64
153,047 37
71,696 04
153,017 37
572,409 01
627,578 32
55I6841
1,445,389 03 1,425,471 93
19,917 10
32,903,561 25 $2,735,211 27 $6,520,360 56 $5,885,727 36 $32,782,408 58 $26,042,226 79 $6,740.181 79
DEC. 141912.]
THE CHRONICLE
1625
EXHIBIT "C"-COMPARATIVE STATEMENT OF LANDS OWNED AND LEASED BY THE COMPANY ON SEPT. 30 1912 AND 1911.
LANDS OWNED.
LANDS LEASED.
Acreage.
1911.
1912.
Republic of Colombia_ _
Costa Rica
Cuba
Guatemala
Honduras
Jamaica
Nicaragua
Republic of Panama_ _ _
Total
Acreage.
Unimproved.
Improved.
Location.
1912.
1911.
Total.
1912.
Location.
Improved.
1911.
1912.
1911.
Unimproved.
1912.
1911.
Total.
1912.
1911.
6,332 48,714 27,339 72,302 33,671 Republic of Colombia.._
10
10
39,290 149,294 138,369 191,664 177,659 Costa Rica
3,412 2,828
2,521 1,526
5,933 4,354
54,900 35,609 37,200 91,894 92,100 Honduras
207
38
245
I
17,336 87,650 73,284 110,532 90,620 Jamaica
12,535
12,768,
14,009
13,715
26,250
26,777
22,159
28,471
14,735 18,713 19,349 34,081 34,084
Total
16,164 15,596: 16,274 15,535 32,438 31,131
193,000
193,000
38,868 33,530 59,310 12,029 98,178 45,559
Total Acreage, Lands
205,673 166,123 614,449 307,570 820,122 473,693
Owned and Leased_ _ _ 221,837 181,719 630,723 323,105 852,560 504,824
23,588
42,370
56,285
22,882
6,312
15,368
EXHIBIT "D"-COMPARATIVE STATEMENT SHOWING THE LOCATION AND ACREAGE OF THE COMPANY'S CULTIVATIONS
ON SEPTEMBER 30 1912 AND 1911.
LOCATION AND ACREAGE.
Description.
Republic of
Colombia.
1912.
Fruit:
Bananas
17,169
Oranges
Sugar Cane
Miscellaneous:
Cocoanuts
Cocoa
62
Rubber
Pastures.
Para Grass
Guinea Grass
2,145
Natural Grass_ 4,068
Roads, Lots, etc..
154
Total
23,598
1911.
Costa Rica.
1912.
1911.
Guatemala.
Cuba.
1912.
1911.
1912.
1911.
3,015 26,768 25,199
203
203 22,156 16,673
52
52
215
215
9
9 27,816 27,654
296
66
34
66
88
886
Honduras.
1912.
6,163
52
886
306
325
2,431 2,167
15,619 14,026 19,890 18,803
272
240 7,187 7,087
235
2,145
554
109
356
6,332 45,782 42,118 56,285 54,900 22,882 17,336
6,519
617
109
Sierra & San Francisco Power Co.-Control.-
See California Railway & Power Co. under "Railroads" above, and also
V. 95, p. 1540.-V. 92, p. 1215.
Shannon Copper Co.-Earnings.-Year ending Aug. 31:
Fiscal
Other Balance,
Gross
Int. Develop- Taxes
Net
ment. Paid. Income. Surplus.
YearSales,
Profits. Paid.
1911-12.. $2,594,867 $684,230 $11,015 $90,416 $22,184 $20,401 $581,015
1910-11_ 1.954,244 200,161 16,040 44,262 20,004
118,854
Total profits for year were $596,739 in 1911-12, against $128,711 in
1910-11, after adding profit of the Shannon Arizona RY.,$15,7231n 1911-12,
against $9,856.
Sales in 1911-12 were 16,406,336 lbs. of fine copper at $.14875, against
15,182,063 in 1910-11; 2,615.027 oz. of gold, against 1,588.0515 oz.;
170,690.5488 oz. of silver, against 87,467.34 oz.-V.95, p. 425.
1911.
Jamaica.
1912.
8,052
88
1911.
Republic of
Panama
1912.
1911.
Total.
1912.
1911.
1
7,846 34,949 30,713 115,460 84,549
88
355
355
27,825 27,663
4,1861 3,248
4,274 3,300
77.
87
767
472 2,088 1,479
15
15
81
81
4,822
300
10,613 15.869
50
50,
1,840
1,312
306
325
9,398 4,612
1,457 53,003 50,709
888 9,047 8,646
27,903 27,503 38,868 33,530 221,837 181,719
Twin Falls Oakley Land & Water Co.-Status.-
The authoritative statement made Oct. 18 says: Inc. July 17 1909 in
Delaware. Is constructing a dam and water distribution system by means
of which 45,000 acres of land in Cassia County, Southern Idaho, will be
irrigated. The water is taken from Goose Creek and five tributary streams
in Cassia County, Idaho, and impounded in a reservoir, which, when completed, will store 70,000 acre feet of water. A construction company and
is not operating, therefore has no income account. The $1,425,000 1st M.
6s outstanding Aug. 1 1912 willl mature in annual installments on April 1.
viz.: 1913, $90,000; 1914, $108.000; 1915. $142,000: 1916. $188.000; 1917,
$264,000; 1918, $214,000; 1919, $229,000; 1920, $190,000. (V. 89. 1).
1000). See V. 95, p. 1547.
Twin Falls Salmon River Land & Water Co.-Status.-
The authoritative statement dated Oct. 18 says in subst.: Incorp. Feb. 7
1908 in Del. Has constructed and is operating an extensive irrigation
Southern Iron & Steel Co.-Bankruptcy Sale.-The system
in the Twin Falls country, Idaho. Water impounded in canyon of
properties of the company are to be sold at public auction Salmon River by the
third highest irrigation dam in the U. S.. the water
backed up the river for over 15 miles. Water is taken from the reserat the Court House, Birmingham, Ala., on Jan. 31, by order being
voir by means of two concrete-lined tunnels extending for a distance of
of E. H. Dryer, referee in bankruptcy.
about one mile. These tunnels carry the water to the distribution system,
The sale is the first step toward the reorganization of the company.
- comprising about 400 miles of main and lateral canals. Its segregation of
V. 95, p. 1276, 364.
land in Idaho covers 127,707 acres. Company is a construction company
is not operating, therefore has no income account like the operating
Southern Power Co., North and South Carolina.- and
companies have. The
1st M. 54 outstanding Aug. 1 1912 will
Bonds Offered-Earnings.-Harris, Forbes & Co. and the mature June 1 annually$1,884.000
as follows: 1913, $177,000; 1914, $150,000: 1915,
1916, $285,000; 1917. $285,000; 1918, $275.000; 1919, $470,000:
National City Bank, New York, are offering at par and int. $157,000:
1920, $85,U00. (V. 88, p. 1135.) See V. 95, p. 1547.
the unsold portion of $1,000,000 1st M.30-year 5% gold
United Equities Corporation (of Va.), N. Y. City.
bonds, making $5,000,000 outstanding(compare V.90,p.855; -Enlarged
Enterprise-Stock Offered.-Bertron, Griscom &
V. 92, p. 1640). See adv. on another page.
Co. N. Y., Phila. and Pans, have underwritten the
Abstract of Letter from V.-Pres. NV. S. Lee, Charlotte, N. C., Dec. 10. $4,000,000 pref. 7% stock, cumulative and
participating, of
The company (incorp. in 1905) supplies power to more than 160 mills,
which operate approximately 2,373,000 spindles and 71,000 looms. It also this company, incorporated in Virginia on Nov. 7 1912, and
sells at wholesale electricity for commercial and municipal uses to the local are placing a block of the same on the basis of $100 pref.and
distributing companies. The present opportunities in its field of service
are still great, irrespeetive of the industrial growth now in progress. The $25 common for $100. A circular shows:
bond issue is a first and only mortgage upon hydro-electric developments
aggregating 88,000 h.p., and steam developments aggregating 30,000 h.p.
rated capacity, and upon the company's unified system of high-tension
transmission lines, comprising a 3-wire circuit equivalent to 1,520 miles in
length, its inter-connecting and distributing sub-stations, &c. Total reproductive value(physical property,excluding intangibles) over,$12,500,000.
Capitalization.
Preferred stock,7% cumulative, auth., $6,000,000; outstanding_$6,000,000
Common stock, authorized, $5,000,000; outstanding
4,000,000
First mortgage 5s, due March 11930,auth., $10,000,000; outst'g 5,000,000
Further 1st M. 58 can be issued only for 70% of cash cost of additions
earnings
annual
net
are
twice
the
the
interest charge,
and extensions where
including the bonds about to be issued.
Catawba Power Co., whose entire $700.000 stock is owned, has outstanding $659,500 6s due June 1 1933 and $6,000 6s due Aug. 1 1922, but
neither the property nor the stock of the Catawba Co. is covered by this
mtge., nor have the bonds of that co. any lien or interest in this co's prop'y.
Earnings for Year ending Sept. 301912, also for Calendar Year 1910 (inserted
by Ed.)-Against Present Interest Charge of $250,000.
1911-12.
1910.
Gross receipts
$1,969,790 $1,263,479
Net earnings after oper. expens., taxes & ientals_
1,330,944
807,937
The above earnings include the income derived-fron the Catawba Power
Co. and the Catawba rental is charged into operating expenses.
The Southern Power Co. serves the great manufacturing and industrial
territory extending for some 315 miles over the western section of North
Carolina and South Carolina, commonly described as the cotton-mill district of the South, including as it does over 420 mills with an estimated
equipment of 6,000,000 spindles and 125,000 looms. The larger cities and
towns include: Durham, Burlington, Greensboro, High Point, WinstonSalem, Salisbury, Lexington, Concord, Charlotte, Rock Hill, Gastonia,
Chester, Spartanburg, Greenville, Gaffney, Easley, Greenwood, Newberry,
Union, Lancaster, Monroe, Albemarle, Lincolnton, Shelby, Hickory and
Statesville. Urban population estimated at over 260,000; total county
population by 1910 Census in excess of 952.000.
The growth of this industrial section has been very striking.
The bond issue covers the following power developments: (a) Hydraulic
(rated capacity), Great Falls, on Catawba River,32,000 h.p.; Rocky Creek,
on Catawba River, 32,000 h.p.; Ninety-Nine Islands, on Broad River,
24,000 h.p (b) Steam, Greenville, 10.000 h.p and Greensboro steam
station, 10,000 h.p., in operation, and Mount
station, 10,000
h.p., almost completed. In addition to the entire capital stock of the Catawba Power Co. (with water-power development on Catawba River of
8,800 h.p.), owns the entire common capital stock of the Greenville-Carolina
Power Co. and operates its water-power development of 3,500 h.p., located
on the Saluda, near Greenville. S. 0. (V. 93, p. 533); also owns entire
capital stock of Charlotte Power Co. and Charlotte Electric Ry., Lt. &
Power Co., which two companies do the entire street railway, electric light
and power and gas business of Charlotte, N. C.
J. B. Duke, B. N. Duke, W. G. Wylie, R. H. Wylie, W. S.
associates own control.-V. 93. D. 1469.
The pref. stock will, after 7% has been paid on both stocks in any one
year, share with the common in further dividends for that year provided that in no year shall either stock receive in excess of 7% (plus any
accum. dividends on the pref.stock) unless there has been created and maintetrad a special surplus account amounting to 10% of the outstanding pref.
stock. Redeemable at 120 and accrued dividends and to be liquidated at
120 and accrued dividends in case of dissolution
CapitalizationAuthorized. Now Issued.
Preferred 7% stock, par $100
$5.000,000
$4,000,000
Common stock, par $100
5,000,000
3,000,000
An enlargement of the successful United Equities Co., which was formed
in 1910 and has outstanding $1,000,000 pref. stock and 31,000,000 common
stock on which $500,000 has been paid, also $1,500,000 3-year secured
notes, of which $1,250.000 were placed in Europe. The "company" in its
first year of business, 1910, a poor financial year, earned and paid 6% on its
pref. stock and earned over 6% on its common. In 1911 it earned and paid
10% on its pref., 10% on $1,000,000 of common and put aside to surplus
an amount equal to 10% on common stock. The corporation will be under
our immediate direction and it will continue on the same successful policy of
the old company, viz.: the purchase and sale of pref. and common stocks
of companies which are and will be financed by this firm.
Approximate Assets upon Contemplated Purchase of the Stocks, etc., of United
Equities Co. (Par Value).
Amount. Tot. Issued. Fund. Debt.
American Cities Co., pref. 6% stock_ _81,000,000 $20,514,200 $10,000,000
Corn. stk.[see p.82 of "El.Ry.Sec." 1,200,000 16,250,600(Col.tr.5s&6s
Internat. Trac. Co., pref. 4% stock__ 2,000,000
5,000,000 18,335,000
Com.stk.[seep. 22,"El. Sty. Sec.") 1,000,000 10,000,000 (Col. tr. 4s)
United Gas & El. Corp., pf. 6-7% stk_ 500,000 9,453,800
5.500.000
Cora. stk.[seep. 85,"El. Ry. Sec.") 1,250.000 8,378,620 (Cony. 54)
Seattle Com& Dry D. Do..pf. 7% stk. 500,000
500,000
2,500,000
Cow.stock [V. 04. p.420]
150.000
1,000,000(4-4
& 6$)
Certain of these shares are subLect to $1,500,000 of the 6% 3-year gold
notes
of
the United Equities Co. dated Sept. 1 1912 and due
coupon secured
Sept. 1 1915 [par $1.000, callable on any int. date at 101 and int. Int.
M. & S. at New York Trust Co., trustee]. These notes the corporation
will assume upon the acquisition of the pledged securities.
Earnings of Above Companies for Periods Shown.
Net. Int.Chge. Balance. Pf. Div. Bal.,Sur
Int. Trac. Co. of N.J.$
$
Surplus earnings, year
ending June 30 1912_ (Not shown)
700,995 200,000 500,995
Am.Cities Co.(V.94.p.1760)Co's prop, earns. sub-cos
yearend. Aug. 31 '12_2,210,012 500,000 1,710,012 1,233,210 476,802
United G.& E.Corp.(V.94,p.1696)Co's prop. earn. sub-cos.
Year end. Sept.30'12. 1,116,606 275,000 841,606 555,288 286,318
Seattle Const.&DryD.Co.8 mos. end. Aug. 31 '12- 197.221 80,000 117,221
23,333 93,888
-(V. 94. P. 420).
1626
[VoL. Lxxxxv.
THE CHRONICLE
winteS.
United Light & Power Co., Cal.-Important Contract.United States Express Co.-New President.-D.I. Roberts, at present general Canadian freight agent of the DelaCOMMERCIAL EPITOME.
ware & Hudson Co. stationed at Montreal, has been elected
• Friday Night, Dec. 13 1912.
President to succeed the late Senator T. C. Platt, to take efTrade is still active. Bank exchanges show large gains
fect Jan. 1.-V: 95, p. 1330, 1213.
over those of last year and the year before. Iron and steel,
United States Motor Co., New York.-Plan Operative.
demand and
The receivers of this company and its subsidiary concerns, the Alden although somewhat less active, are still in good
Sampson, Brush, Columbia, Dayton and Maxwell-Briscoe companies, have firm. The scarcity of labor imposes restrictions on producbe
will
companies
these
of
properties
the
all
by
adv.
that
announced
imposed by demand. The break in stocks has so
offered at auction in room 47, Post Office Building, N. Y. City, on Jan. 8 tion not
1913, between 11 a. m. and 3 p. m., pursuant to a decree of the U. S. Dis- far had little or no effect on general business. Big building
1912.
18
Nov.
date
bearing
Y.,
N.
trict Court for the Southern District of
operations are a sign of the times. The very large holiday
(See plan V. 95, p..1044.)
Over 96% of debts and 95% of stock has been deposited under the plan. sales indicate an increased buying capacity of the people.
expired.
penalty
without
On Dec. 9 the opportunity to make deposits
The manufacturing trades are in good condition. Money
The payment of the second installment of the assessments imposed on
of seems to be tending towards easier rates. On the whole
stockholders has not been as prompt as was hoped, though members
interwill
that
the committee believe that there is practically nothing now
the business situation, despite some drawbacks, is very
fere with the reorganization. On Dec. 12 the plan was declared operative.
widely considered favorable.
-V. 95, p. 1407, 1335.
-Sale.
LARD has declined. Prime Western $11 15; Refined
United States Natural Gas Co.
See West Virginia Water & Electric Co. below.-V.91. p. 42.
Continent $11 45; South American $12 30; Brazilian,
United States Rubber Co.-Tire Plant.$13 30. Speculation in lard has been on a moderate scale
The company has changed its plan for "building the largest tire plant
prices, largely attributable to a decline in hogs.
in the work!"(V. 94, p. 1453, 1703) to the extent that it will instead enlarge at declining
This, in turn, was due to large receipts at the West. They
the plant of Morgan & Wright in Detroit.
United States Steel Corporation.-Unfilled Orders have caused very general liquidation in provisions and at
Nov. 30.-See "Trade and Traffic Movements" on page times prices have dropped sharply. Houses with stock-yard
connections have been among the leading sellers. The chief
1586.-V. 95, p. 1478, 1335.
and
Vicksburg (Miss.) Water Wks.00.-P urch.Disapproved. buyers have been shorts. Packers, however, have nowbeen
See "Vicksburg" in "State and City" Department.-V.95, p. 1478, 1126. then given the market some support. There has also
West Virginia Water & Electric Co., Charleston, some general buying on the decline for a turn.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
W. Va.-New Company.of auth.
See Great Western Power Co. under "Ann. Reports'above.-V.94,p.357.
Tommercial
Tues.
Mon.
Wed. Thurs.
Fri.
Sat.
This company, incorp. in W.Va. on Nov. 25, with $1,000,000
Co.(V.82, p. 754; December delivery__10.82% 10.77% 10.65
10.55
10.52% 10.55
capital stock, has purchased the Kanawha Water & Light
Gas Co. (V. 89, 13. 724, January delivery
10.10
10.12% 10.17%
10.35
10.55
10.55
V. 76, p. 922) recently owned by the U. S. Nat.Co.
reported as $600,000 May delivery
9.97% 10.02%
9.95
10.2234 10.1734 10.05
1546; V. 91, p. 42). Capitalizati3n of Kanawha
11933. Incorstock and $590,000 1st M.5s (of $300,000 auth.) due April
Potts, Arthur B.
$22@$24 50;
clear
50;
$19@$19
mess
firm;
PORK
porators of new company: Hugn E. Garrott, Robert
Harman, James E. Sweeney and John J. McCarthy, Chicago, Ill.
family $23@$24. Beef steady; mess $18@$19; packet
(F.-W.) Woolworth & Co.-Total Sales.-
Inc.(%).[1912' -11 Mos. 1911. Inc. (%).
1012. -Nov.- 1911.
$43,908,073 (16.33)
(24.75) I $51,077,706
$4,506,060
$5,621,262
-V.95, p. 1279.
Youngstown (0.) Sheet & Tube Co.-Pref. Stock.Holders of common stock ($10,000,000) are offered the right
to subscribe for the remaining $1,500,000 pref. stock authorized in July 1911,pro rata at par, to increase working capital
and for improvements.-V.93, p. 294.
-To yield the investor 73,%, W.E. Hutton & Co., members N. Y. Stock Exchange, 60 Broadway, this city, are offering $100,000 1st M. public service corporation bonds of
a property controlled by one of New York's banking houses.
The firm states that the value of the property is more than
double the bonded debt; has been in successful operation for
14 years, the territory served has two million population and
the earnings are 2M times the interest charges. Full particulars upon application.
-A list of bonds tax-free in Pennsylvania has been compiled and published in a neat pamphlet by Snowden, Barclay
& Moore, 123 South Broad St., Philadelphia. The list does
not include every tax-free issue, municipal bonds and small
issues closely held being omitted; but it does include those
"in which there is a reasonable chance that orders can be
filled." The list is given in various classifications, such as
nature of corporation, line of issue, rates of int., &c., &c.
-Announcement is made that Goodwin B. Beach and
George Lawrence Austin have formed a partnership under
the firm name of Beach & Austin to transact a general investment business in Hartford, Conn., acting as correspondents of Spencer Trask & Co., New York. Mr. Beach was
formerly with Spencer Trask & Co. in their New York office
and Mr. Austin was with Bond & Austin for several years.
-Owing to the demands of the growing business of the
investment banking firm of D. Arthur Bowman & Co. of
St. Louis, that house has taken largely increased space adjacent to its present quarters in the Third National Bank
Building. Very handsome quarters are now provided for
the library and statistical department of the house.
-Harris, Forbes & Co. and the National City Bank of this
city are jointly offering $1,000,000 Southern Power Co. 1st
M.5% bonds, due 1930, at 100 and int. See advertisement
in to-day's advertising columns and our "General Investment News" Dept. for further information. Complete circular on request.
-The International Bank has published an interest table
for use in the daily computation of interest on call loans.
Copies of this convenient table will be sent to bankers and
brokers,upon request,by the International Bank,60 Wall St.
-The Chicago office of Kissel, Kinnicutt & Co. of which
Robert Stevenson Jr. is manager, has been moved from the
fourth floor of the Rookery Building to more commodious
quarters on the tenth floor of the same building.
-Price, Waterhouse & Co., chartered accountants, announce the establishment of branch offices in the Bank of
Ottawa Bldg., Vancouver, and the Union Trust Co. Bldg.,
Winnipeg.
RE-John Bunn Henkle has severed his connection with
A. G. Edwards & Sons of St. Louis and will be associated
with the Chicago office of Kissel, Kinnicutt & Co. after Jan.!.
lb;-Douglas G. Carroll, formerly associated with Poe &
Davies, has been appointed Manager of the office of Howard
C.sTaylor & Co. of Baltimore.
$19@$20; family $22@$23 50; extra India mess $37(038.
Cut meats strong; pickled hams, 10 to 20 lbs., 12 M©13Mc.;
bellies, clear, f.o.b. New York,6 to 12 lbs., 139'@15c.
Butter, creamery extras, 363/2@370. Cheese, State, whole
milk, colored specials, 18c. Eggs, fresh gathered extras,
31@34c.
OILS.-Linseed firm; City,raw, American seed,46@47c.;
boiled 47@48c.; Calcutta 70c. Cottonseed oil stronger;
winter 6.50@7c.; summer white 6.40@6.95c. Cocoanut
oil steady; Cochin 10 M@l0Wic.; Ceylon 9M@9Ysc.
/sc. Corn in good demand at
Chinawood steady at 83/i@83
5.80@5.85c. Cod firm at 41 @,42c.
COFFEE has been dull and easier; No.. 7 Rio, 14@143'c.
Mild has continued to meet with only the routine demand.
In fact, the general spot trade is still unsatisfactory in coffee,
owing to a fear of valorization sales to be announced next
month. Fair to good Cucuta 16@1631c. Speculation in
coffee futures has been on only a moderate scale at irregular
prices. At times there has been some advance on buying
by leading interests and covering of shorts. Brazilian advices in some cases state that recent liquidation was due partly
to financial pressure rather than to any improvement in.
the crop situation, which, as a matter of fact, was still reported bullish. Yet the receipts at Brazilian points continue liberal, despite recent predictions of a falling off in
the near future. Very many are awaiting the results of the
valorization sales in January before entering into large obligations on either side. Closing prices were as follows:
13.10 13.25
Dec
Jan
13.24013.25
Feb
13.34 a413.35
March -..13.M013.55
April
May
June
July
13.74013.75
13.84©i3.85
13.79 13.80
13.84013.85
August --i3.89e413.90
Sept
13.94 13.95
Oct
13.9413.96
Nov
13.94013.96
SUGAR.-Raw quiet and unchanged; centrifugal, 96degrees test, 4.05c.; muscovado, 89-degrees test, 3.55c.;
molasses, 89-degrees test, 3.30c. Refined has been slow and
unchanged; granulated 4.900.
PETROLEUM.-Refined continues firm; barrels 8.50c.,
bulk 4.80c. and cases 10.40c. Naphtha steady; 73 to 76
degrees in 100-gallon drums 23c.; drums $8 50 extra. Gasoline, 86-degrees, 27c.; 74 to 76 degrees, 240.; 68 to 70
degrees, 21c., and stove, 19%c. Spirits of turpentine 38%
@393/sc. Common to good strained rosin $5 90.
TOBACCO continues for the most part quiet. There is
little disposition to increase supplies on the part of the average buyer at the present time. Binder is in relatively small
supply and good lots are not difficult to sell. Filler meets
with only a moderate demand. The new Connecticut thus
far offered is not altogether satisfactory. At any rate, it
is not as good as had been expected. Sumatra sells rather
slowly, as the assortment available is not very attractive.
About the usual demand prevails for Cuban tobacco. Taking the market as a whole, it lacks life.
COPPER has been irregular with Lake latterly 17
17%c. and electrolytic 17.35@17.40c. European markets
have been stronger. Of late a somewhat better demand has
prevailed here. Tin firm but quiet at 49.30c.. Lead steady
at 4.323/2c. Spelter 7.300. being steady but quiet. Pig
iron firm at $17.50@$18 for ko. 2 Foundry East at Furnace,
with a fair business. Though somewhat less active, sales
are still large of finished iron and steel. Americans are trying to buy billets in Germany and Great Britain. There are
said to be prospective orders of 600,000 tons of steel, which
corporation mills are unable to supply in the time required.
Wire products active.•
DEC. 14 1912.]
•
THE CHRONICLE
COTTON.
On Shipboard, Not Cleared for-
Friday Night, Dec. 13 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
380,202 bales, against 437,010 bales last week and 454,342
bales the previous week, making the total receipts since
Sept. 1 1912 6,190,829 bales, against ,6,198,399 bales for the
same
period of 1911, showing a decrease since Sept. 1 1912
of 7,570 bales.
Receipts at-
Sat.
Mon.
Tues.
•
Wed. 1 Thurs.
Fri.
Total.
Galveston
27,275 21,778 36,473 22,700 30,133 17,135 155,494
Texas City
14,910 5,4'71 4,3'7'7 1,674 3,981 3,609 34,022
Port Arthur_
____
___---------Aran. Pass,&C__-„_, -„., 2;ei6 2-,iiiii
New Orleans__.._ 11,319 10,634 9,593 12,667, 13,080 7,487 64,780
2,206
642
Mobile
969
752 6,992
839 1,584
9,370
Pensacola
----1 -__- 5,000 14,370
Jacksonville,&c780
780
'
Savannah
'riffs 8-,:0ii 8;588 a:6U) 5-,66.
5 5,400 41,210
Brunswick
--- 8,500 8,500
-.-._
Charleston
565 1,345 1,089 2,200 9,257
1,230 2,590
1,077 2,023 2,586 1,217 2,313
Wilmington
729 9,945
Norfolk
3,214 3,102 5,363 4,171 1,520 2,509 19,879
N'port News,&c.
--4,923 4,923
868
New York
185
585
TT
166
137 1,343
Boston
384
'724
520
'788
552
769 3,737
Baltimore
2,282 2,282
Philadelphia_ _ _ _
39
____
39
TritstlathiatoPalr A7 ORA AA AAA 713 cm 52.221 5A.7R4 A4J1A1 Rgn.202
The following shows the week's total receipts, the total
1 1912, and the stocks to-night, compared with
last year:
since Sept.
1912.
Receipts to
December 13.
1911.
Stock.
This Since Sep This Since Sep
Week. I 1 1912. Week. 1 1911.
Galveston
155,494 2,549,157 126,569 2,012,641
Texas City
34,022 469,636 25,610 368.707k
Port Arthur
62,996 110,000 100,157
Aransas Pass,&c_ 2,649
54,495 1
New Orleans ___- 64,780 808.445 76,248 720,546
Gulfport
21.122
5,129
Mobile
6,992 142,146 17,966 199,769
Pensacola
14,370
79,293 8,750
81,365
Jacksonville, &c..
11,805 2,862
780
28,959
Savannah
41,210 893,050 75,719 1,415,658
Brunswick
8,500 184,300
750 183,013
Charleston
9,257 240,668 16,872 269,199
Georgetown
368
Wilmington ___ 9,945 268,233 28,633 326,522
Norfolk
19,879 335,097 29,515 386,764
N'port News,&c.. 4,923
31,426 3.104
8,509
New York
1,343
4,295
____
2,251
Boston
3,737
27,028
17,007 3,244
Baltimore
37,835 4,286
2,282
45,821
Philadelphia
39
945
m.....1
200 000 0 100 000 A00 107 A 100 000 1
I
1912.
1911.
498,838
38,274
438,058
87,330
3,925
197,573
275,862
16,542
86,117
36,520
5,000
2,042
166,082
12,127
65,193
265,099
601
63,438
20,399
67,871
36,285
66,075
109,204
7,450
8,583
784
119,110
4,713
9,692
3,235
020 Q00 1 470 147
In order that comparison may be made with other years
we give below the totals at leading ports for six seasons:
Receipts atGalveston _ _
TexasCity,&c.
New Orleans_
Mobile
Savannah _
Brunswick_ _ _
Charleston,&c
Wilmington_ _
Norfolk
N'port N..&c
All others_ ___
1912.
1911.
1910. I
1909.
1908.
1907.
155,494
36.671
64,780
6.992
41,210
8,500
9,257
9,945
19,879
4,923
22,551
126,569
35,510
76,248
17,966
75,719
750
16,872
28,633
29,515
3,104
24,271
109,787
45,185
97,590
18,288
66,361
14,700
9,335
5,063
28,6911
1
24,201
67,251
984
39,583
7,535
27,743
13,687
5,369
9,472
17,401
1,047
5,252
141,587
21,522
6,292
99,196
20,551
59,974
16,028
7,672
17,417
26,621
184
15,907
84,636
15,022
52,563
36,050
6.926
9,491
31,576
75
25,426
Total this wk. 380,202 435.157 417,201 204,324 403.352 391,364
Since Sept. 1_ 6,190,829 6,198,399 5,333,835 4,689,983 5,635,647 4,412,641
The exports for the week ending this evening reach a total
of 438,605 bales, of which 244,536 were to Great Britain,
36,789 to France and 157,280 to the rest of the Continent.
Below are .the exports for the week and since Sept. 1 1912:
Week ending Dec. 13 1912.
Exported toExports
fromGalveston _ _
Texas City
Port Arthur
Ar.Pass, &c.
NewOrIcans
Mobile _ _ _
Pensacola _ _
Savannah _ _
Brunswick _
Charleston
Wilmington
Norfolk _ _ _
New York
Boston ___
Baltimore_
Philadelp'a
San Fran _ _
Pt.Towns'd
Front Sept. 1 1912 to Dec. 13 1912.
Exported to-
' ContiGreat
Great
Britain.'France nent. Total. Britain. France.
73,802
39,356
80".686
4,513
___
3,875
14,948
11,181
3,045
7,782
3,550
2,400
1,9491 43,545 119,208 874,023 253,284
46,671 279,058 115,931
7,315
19,439 16,407
11,959 13,123
8;078, 43,887 132,048 359,117 83,018
10,0801 6,9811 21,5741 35,728 23,411
15,105 34,791
9,370
9,37
31,808, 35.481 105,099 56,575
14,946 79,871
46,546
5,000
21,855 73,440 48,821
500
10,000 13,045 13,130
2,513 10,295 135,404 27,829
1,258' 4,808 69,509
900
250'
3,994
250,
50' 2,4501 21,141
3,237 3,237
3,601 3,801
Continent.
Total.
Great
GerOther
Dec. 13 at- Britain. France. many. Foreign
Now Orleans__
5,777 8,613 3,053 1.299
Galveston ____ 24,854 30,424 81,'783 28,'76'7
Savannah ____ 5,000
___Charleston ___ 3,500
____ 5-000
.
Mobile
2,366
____
450 1,149
Norfolk__
New York.._ _ 2,000 1;866 1,666 1,200
Other ports
12,000
____ 13,000 2,000
Total 1912_ _ 55,497 40,987 104,985 33,266
Total 1911 127,965 37,318109,225 46,882
Total 1910_ _ 42.R15 42_780 84_410 42.038
Coastwise.
Total.
330 19,072
12,888 178,716
1,500 6.500
8,500
1,500 5,465
23,500 23,500
___- 5,700
____ 27,000
Leaving
Stock.
178,501
320,122
159,582
56,693
31,055
44,371
103,504
71,584
39,718 274,453 965,412
32,620 354,010 1.118,137
20.552 213.475 878.784
Speculation in cotton for future delivery has been somewhat
less active at times, though latterly it has increased. The
interest has centred largely ,first in the ginning report on the
9th and second in the Government crop estimate on Thursday, the 12th inst. The total ginning up to Dec. 1, as reported on Dec. 9, was in some respects a stand-off. That is
to say, it was smaller than some of the estimates and larger
than others. The total was 11,844,432,against 12,816,804
for the same time last year, 10,139,712 in 1910 and 8,876,886
in 1909. The Texas ginning continued to be very large,
reaching 4,308,760, against 3,747,932 in the same time last
year and 2,794,125 two years ago. Moreover, the quantity
ginned for the period was large, reaching between Nov. 13
and Dec. 1 no less than 1,544,786 bales, against 1,503,571
in the same period last year, 1,359,279 in 1910 and 764,687
in 1909. Despite this ginning, however, the market had
only a temporary setback, and later on advanced again on
the idea that the crop report by the Government on Dec. 12
would be in the main bullish. At the same time spot markets have continued strong. Some 300 or 400 bales have been
sold here from the local stock at 10 points over January.
Exports have continued liberal. Dry goods reports have been
in the main favorable, especially as regards the trade in
yarns. Cloths, however, have continued in good demand
on the whole, despite some reports to the effect that here and
there there has been some lessening of the trade. Lancashire
is doing a good business, especially in yarns. Spinners have
been calling to some extent for cotton. Large Wall Street
interests supposed to be short of cotton have latterly bought
heavily on the eve of the Government crop estimate. Liverpool has bought to some extent here, principally in liquidating straddles originally made by selling in New York and
buying in Liverpool. Persistent reports come from various
parts of the South to the effect that 85 to 90% of the crop
has been picked, ginned and marketed. Large American
spot interests and also the Continent have been buying in
Liverpool. Meantime the New York discounts are still
very heavy and to all appearances preclude the possibility
of any important shipments from the South to this point.
On the other hand many hesitate to buy at around 123
4c.
They think such a price discounts anything bullish in the
situation, especially as the world's visible supply is the largest
ever known. The receipts, moreover, have continued large.
Many think the crop is being underestimated. They believe
that so far from being well under 14,000,000 bales, as some
assert,it is in reality about 14,500,000 bales,including linters.
They point out that last year the Government underestimated the crop by 658,000 bales. On Thursday came the
long-expected Government crop estimate, and with it excited trading and in the end a decline in prices, after which
there was a rally. The estimate proved to be, in other
words, larger than many had expected, being, in fact, 13,820,000 bales, against the estimate a year ago of 14,885,000
bales. This estimate gave Georgia only 1,701,000 bales,
against 2,768,627 bales, the Government figure last year.
Texas is credited with 4,850,000 bales, against 4,256,427
last year. To the estimate of 13,820,000 bales many are
inclined to add 400,000 bales of linters, which would make the
commercial crop 14,220,000 bales, against the total Government figures last year of 16,109,000 bales, including linters.
To-day prices advanced on good buying for local and outof-town account. There was also considerable covering.
Many think the Government has over-estimated the crop.
Moreover, it was said that the ginning for the period from
Dec. 1 to Dec. 12 would show a marked falling off. One
private report was to the effect that it was only 608,000 bales,
as against 954,000.111 round figures, according to the Census
report of a year ago. Spot markets were strong. Towards
the close there was some reaction on profit-taking. Spot
markets were strong here and middling uplands closed at
13.10c., showing an advance for the week of 35 points.
689,960 1,817,267
32,0641 427,053
27,150' 62,096
200. 25,372
167,668 609-801
17,753 76,890
24,397 74,293
343,605 505,279
The official quotation for middling upland cotton in the
78,729 158,600
89,159 140,705 New York market each day for the past week has been:
118,008 238,269
Sat. Mon. Tues. Wed. Thurs. Fri.
41f967 55,597 Dec. 7 to Dec. 1377,935 241,168 Middling uplands
12.75 12.75 12.95 13.00 12.90 13.10
4,481 73,990
25,629 30,523
4,350 25,491
NEW YORK QUOTATION FOR 32 YEARS.
65,003 65,093
21,491 21,491
The quotation for middling upland at New York on
Total.. _ _ 244,536 36,789,157,280.438,605 2,142,5611 679,678 1,827,8394,849,878
1
Total 1911_ 122,471 38,822157,678 318,7711,956,175 547,526 1,905,7794,409,480
N0t8.-New York exports since Sept. 1 include 15,513 bales Peru,&c., to Liverpool
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
1627
Dec. 13 for each of the past 32 years have been as follows:
1912_c
1911
1910
1909
1908
1907
1906
1905
13.10
9.20
15.05
15.20
9.10
12.10
10.65
12.00
1904_c
1903
1902
1901
1900
1899
1898
1897
8.00
12.45
8.55
8.50
9.88
7.69
5.81
5.88
1896_c
1895
1894
1893
1892
1891
1890
1889
7.38
8.56
5.69
7.94
9.75
8.06
9.38
10.25
1888_c
1887
1886
1885
1884
1883
1882
1881
9.88
10.56
9.50
9.25
10.88
10.50
10.38
11.94 .
1628
THE CHRONICLE
[VOL. Lxxxxv.
FUTURES.-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the improvement-that is,
New York the past week have been as follows:
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
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Movement to December 15 1911.
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Movement to December 13 1912. I
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* Last year's figures are for Louisville, Ky
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
movement for the week and since Sept. 1, as made
THE VISIBLE SUPPLY OF COTTON to-night, as made overland
up from telegraphic reports Friday night. The results for
up by cable and telegraph, is as follows. Foreign stocks, the
week and since Sept. 1 in the last two years are as follows:
as well as the afloat, are this week's returns, and conse-----1912
1911
quently all foreign figures are brought down to Thursday
Since
December 13Since
Week.
Sept. 1.
Week.
Sept. 1.
evening. But to make the total the complete figures for ShippedVia St. Louis
24,839
186,595
29,974
213,833
to-night (Friday), we add the item of exports from the
Via Cairo
11,487 109,678
a13,013 a134,480
Via Rock Island
117
1,505
2,126
6,462
United States, including in it the exports of Friday only.
Via Louisville
December 13Stock at Liverpool
Stock at London
Stock at Manchester
1912.
bales.1,081,000
5,000
46,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1,132,000
9,000
397,000
300,000
2,000
19,000
26,000
753,000
1911.
713,000
3,000
50,000
1910.
1909.
761,000 1,048,000
5,000
4,000
73,000
63,000
766,000
10,000
311,000
175,000
2,000
15,000
22,000
2,000
828,000 1,126,000
4,000
3,000
190,000 244,000
171,000 389,000
2,000
2,000
9,000
8,000
34,000
45,000
____
1,000
537.000
409,000
693,000
1,885,000 1,303,000 1,237,000 1,819,000
Total European stocks
18,000 101,000 136,000
36,000
India cotton afloat for Europe
Amer. cotton afloat for Europe_ _1,195,481 824,728 993,687 527,175
Egypt,Brazil,&c.,afit,for Europe_ 108,000
66,000
92,000
58,000
293,000 206,000 272,000 230,000
Stock in Alexandria, Egypt
353,000 231,000 263,000 417,000
Stock in Bombay, India
1,239,865 1,472,147 1,092,239 816,165
Stock in U. S. ports
Stock in U. S. interior towns_ _ _ _ 804,204 958,913 831,361 778,623
71,131
65,791
52,895
U. S. exports to-day
51,191
Total visible supply
5,980,341 5,150.919 4,933,478 4,834,858
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales. 933,000 609,000 650,000 917.000
Manchester stock
28,000
39,000
54,000
61,000
Continental stock
726,000 507,000 390,000 672,000
American afloat for Europe
1,195,481 824,728 993,687 527.175
1,239.865 1,472,147 1,092,239 816,165
U. S. port stocks
804,204 958,913 831,361 778,623
U. S. interior stocks
51,191
65,791
71,131
52,895
U. 8. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
4,992,341 4,481,919 4,062,478 3,854,858
Total East India, &c
Total American
988,000 669,000 871,000 980,000
4,992,341 4,481,919 4,062,478 3,854,858
148,000
5,000
18,000
27,000
36,000
108,000
293,000
353,000
104,000
3,000
11,000
30,000
18,000
66,000
206,000
231,000
111,000
4,000
9,000
19,000
101,000
92,000
272,000
263,000
4,070
9,699
5,443
8,894
37,694
60,653
69,690
126,535
4,628
4,508
6,143
9,412
56,058
35,975
71.869
101,980
Total gross overland
66,558
Deduct ShipmentsOverland to N. Y., Boston, &c___ 7,401
Between interior towns
2,183
Inland, &c., from South
3,624
597,307
67,795
615,700
60,082
33,403
35,258
7,530
1,014
335
75,100
17,631
14,935
Via Cincinnati
Via Virginia points
Via other routes, &c
Total to be deducted
13,208
128,743
8,879
107,666
Leaving total net overland*
53,350
468,564
58,916
508,034
*Including movement by rail to Crinada. a Revised.
The foregoing shows the week's net overland movement
has been 53,350 bales, against 58,916 bales for the week
last year, and that for the season to date the aggregate net
overland exhibits a decrease from a year ago of 39,470 bales.
1911
1912
Since
In Sight and Spinners'
Since
Week.
Sept: 1.
Takings,
Sept. 1.
Week.
Receipts at ports to Dec. 13
380,202 6,190,829 435,157 6,198,399
508.034
58,916
468,564
Net overland to Dec. 13
53.350
690,000
832,000 54,000
Southern consumption to Dec. 13- 56,000
Came into sight during week_ _ _519,488
Total in sight Dec. 13
8,198,561
North. spinners' takings to Dec.13 103,452 1,066,514
594,804
_--- 8,254,909
96,408
1,040,890
Movement into sight in previous years.
Bales.
Since Sept. 1Bales.
Week536,777 1910-Dec 16
7,264,819
16
101,000 1910-Dec.
1909-Dec. 17
307,665
6,602,947
1909
-Dec.
17
5,000
536,018 1908-Dec. 19
7,731,405
12,000 1908-Dec. 19
MIDDLING COTTON AT
21,000
QUOTATIONS
FOR
136,000 OTHER
MARKETS.-Below are the closing quotations
58,000
230,000. of middling cotton at Southern and other principal cotton
417,000 markets for each day of the week.
Week ending
Dec. 13.
Total visible supply
5,980.341 5,150.919 4,933,478 4,834,858
Middling Upland, Liverpool
8.03d.
7.06d.
8.11d.
5.02d.
otro
lea
n ns___
wves
Middling Upland, New York
13.10c.
15.15c.
9.45c,
15.15c.
Egypt, Good Brown, Liverpool
10.50d.
11%d.
123'
9%d.
8d. New
Peruvian, Rough Good, Liverpool 10.25d.
9.50d.
9.30d. 10.00d.
Broach, Fine, Liverpool
6h d. 5-5-16d. 7 11-16d.
7%d. Savannah
ton
Tinnevelly, Good, Liverpool
5%d.
7%d.
7d. Charleston
6 9-16d.
Wilmington
Continental imports for the past week have been 150,000
bales.
The above figures for 1912 show an increase over last week
of 176,266 bales, a gain of 829,422 bales over 1911, an excess
of 1,046.863 bales over 1910 and a gain of 1,145,483 bales
over11909.
489,552 7,491,393 548,073 7,396.433
858,476
707,168 46,731
29,936
Total marketed
Interior stocks in excess
olkore
Ba
olrtfim
N
Philadelphia
Augusta
Memphis
St. Louis
Ilouston
Little Rock
Closing Quotations for Middling Cotton onSat'day, Monday, Tuesday, Wed'day, Thursd'y, Friday,
12 13-16
12%
x
12 11_16 12%
'12%
12
124$
12%
12%
12%
12%
12%
12%
12
12 8
123,
6
.01i
12%
13.00
12%
13
13
12%
l2-4
HiA
ii;
12%
12%
13.20
13.00
13
13
13
13
13%
13%
12%
12%
12%12%
12%
12%
12%
11:
16 12
29
1
1214
12%123.412r
4
12%
123
12%
25
13
113.v
133
113x
.15
133
113.:
13
1234
13
13%
12%
13 1-16
13%
12N
13 1-16
DEC. 14 1912.]
THE CHRONICLE
1629
NEW ORLEANS OPTION MARKET.-The highest,
WEATHER REPORTS BY TELEGRAPH.-Advices
lowest and closing quotations for leading options in the
to
New us by telegr
Orleans cotton market for the past week have been as follows
aph this evening from the South denote that rain
:
has been quite general at the South during the week, with
Sarday, Monday, Tuesday, Wed'day,
, Friday,
Dec. 7. Dec. 9. Dec. 10. Dec. 11. Thursd'y
Dec. 12. Dec. 13. the precipitation heavy in some portions of the Southwest.
Dec.This has interfered to an extent with the gathering and marRange
12.45-.51 12.54-.60 12.59-.71 12.69-.8 12.70-.8
2 12.84-.95 keting of
Oloding
12.50-.51 12.52-.53 12.71-.72 12.79-.800 12.68-.6
the crop.
9 12.91-.93
Jan.Galveston, Tex.-Wet and colder weather has been experiRange
12.47-.54 12.49-.68 12.53-.74 12.69-.84 12.65-.9
12.81-.9
0
8
Closing
12.50-.51 12.53-.54 12.72-.73 12.81-.82 12.70-.7
1 12.93-.94 enced in Texas during the week. Precipitation heavy in
Feb.Southwest sections. We have had rain on four days during
Range
Closing
12.1.54 12.1..58 12.71-.76 12.8t.85 12.72-.74 12.1-.9
7 the week, the precipitation reaching sixty-one hundredths.
Mch.of an inch. The thermometer has ranged from 38 to 65,
Range
12.51-.59 12.55-.75 12.59-.77 12.74-.90 12.69-.9 12.84-.0
3 averaging
Closing
12.56-.57 12.58-.59 12.76-.77 12.85-.86 12.74-.755 12.99-.0
52.
0
MayAbilene, Tex.-We have had rain on two days of the week,
Range
12.57-.66 12.61-.82 12.64-.84 12.80-.95 12.75-.01 12.91-.09
Closing
12.62-.63 12.64-.65 12.83-.84 12.92-.93 12.81-.82 13.05-.06 the rainfall reaching forty-three hundredths of an
inch. The
JulyRange
12.67-.72 12.70-.87 12.72-.91 12.89-.02 12.83-.09 13.02-.15 thermometer has ranged from 28 to 42, averaging 35.
Closing
Palestine, Tex. -We have had rain on four days of the'
12.70-.71 12.72-.73 12.90-.91 13.00-.01 12.90-.91 13.14-.15
Oct.week, the rainfall being one inch and thirty-six hundre
Range
11.70 -11.70-.80 11.75-.85 11.94-.00
dths.
11.95 - The thermometer
Closing
11.72-.75 11.74-.76 11.88 -11.92-.94
has ranged from 34 to 48, averaging 41.
11.97-.9
9
ToneSan
Antoni
o,
Tex.-Rain has fallen on five days during the
Soot
Steady. Steady. Steady. Firm. Steady. Steady.
Options
Steady. Steady. Very st'y Steady. Bar. st'y Steady. week, the precipitation reaching one inch and seventy-four
hundredths. The thermometer has ranged from 36
to 52,
AGRICULTURAL DEPARTMENT'S COTTON CROP averaging 44.
ESTIMATE.-The report on cotton, issued by the AgriTaylor, Tex.-Rain has fallen on six days during
cultural Department on Dec. 12, is as follows:
the precipitation reaching one inch and thirty- th3 week,
eight hunThe Crop Reporting Board of the Bureau of Statistics of the United States dredths. The
thermometer has ranged from 32 to 48, averDepartment of Agriculture estimates,from the reports of the
correspondents aging 40.
and agents of the Bureau, that the total
producti of cotton in the United
States for the season of 1912-13 will amount on6,612,3
New Orleans, La.-There has been rain on four
35,000 lbs .(not
including linters), equivalent to 13,820,000 balesto
days of
500 lbs. gross weight.
the week, the rainfall aggregating one inch and
The estimated production, with comparisons, of
by States, follows:
sixteen hundredth
s.
The
thermo
meter
has averaged 51.
-Bales of 500 lbs., Cross iVeight.Shreveport, La.-We have had rain on three
Av. 5 Yrs.
days of the
Lbs. Lint.
1911.
week,
1906-19
10.
the
rainfal
l
Statesreachi
ng one inch and twenty-one hun1912.
1912.
(Census.) (Census.)
Virginia
dredth
11,443,000
s.
The
thermo
24,000
meter
29,891
has ranged from 35 to 59.
12,064
North Carolina
418,630,000
878,000 1,075,826
Vicksburg, Miss.-Rain has fallen on six days
627,668
South Carolina
565,123,000 1,184,000 1,648,71
during the
2 1,085,893 week, the precipi
Georgia
812,738
tation
,000
1,701,00
reaohing one inch and seventeen
0 2,768,627 1,782,160
Florida
32,728,000
hundredths. The thermometer has ranged
68,000
83,388
56,158
Alabama
from 34 to 59,
636,006,000 1,330,000 1,716,534 1,187,707
Mississippi
averaging 43.
530,656,000 1,109,000 1,203,545 1,400.15
Louisiana
3
208,104,000
Helena
435,000
Ark.
,
384,597
-Rain
526,481
has
fallen on one day the week, to
Texas
2,324,120,000 4,850,000 4.256,427 3,172,218
Arkansas
the extent of twenty-eight hundredths of an of
408,895,000
854,000
939,302
inch. Average
856,703 thermo
Tennessee
134,064,000
meter
280,000
36.5,
449,737
highes
t
300,867
49, lowest 20.
Missouri
28,260,000
59,000
96,808
51,456
Little
Rock,
Ark.
-Dry
Oklahoma
all
the
497,265,000 1,039,000 1,022,092
week. Average thermometer
783,796 43, highes
California
4,302,000
t 62, lowest 24.
9,000
9,790
All other
7,425
Memphis, Tenn.-We have had rain on one day during
3.946
United States
6,612,335,000 13,820,000 15,692,701 11,847,
270 the week, the rainfall being six hundredths of an inch. AverAs a matter of interest in connection with the foregoing age thermometer 37, highest 48, lowest 22.
report, we subjoin tit statement showing for a series of
Mobile, Ala.-We have had rain on four days during the
years week,
the annual crop estimates of the Department
the rainfall being one inch and ninety-six
of
Agricu
lture
and the final commercial crop as compiled by us:
Average thermometer 54, highest 69,lowest 36. hundredths.
Selma, Ala.-There has been rain on five days the
*Department
x"Chronicle"
past
Estimate.
Commercial Crop. week, the rainfall being seventy-eight hundre
1912-13
dths of an inch.
bales
13,820,
000
1911-12
The
thermo
meter
has
ranged
from
14,885,000
32 to 69, averaging 45.5.
16,043,316
1910-11
11,426,000
Madison, Fla.-We have had rain on one
12,132,332
1909-10
day during the
10,088,000
10,650,961
week,
the
1908-09
precipi
taiton
reachi
ng
forty hundredths of an inch.
12,920,000
13,828,846
1907-08
The
thermo
meter
11,678,
has
000
ranged
11.581,8
from
29
42
to 74, averaging 55.
1906-07
12,546,000
13,550,760
Savannah, Ga.-It has rained on one day of
1905-06
the week, the
10,167,818
11,319,860
1904-05
precipi
tation
being
five
12,162,
hundre
700
dths
13,556,841
of an inch.
1903-04
9,962,039
mometer had ranged from 41 to 78, averaging 60. The ther10,123,686
1902-03
10,417,000
10,758,326
'
1901-02
Montgomery, Ala.-Rain on three days of the week, to
9,674,000
10,701,453
1900-01
10,100,000
the extent of fifty-two hundredths of an inch. Average ther10,425,141
1899-00
8,900,000
9,439,559
mometer 50, highest 69, lowest 33.
* Not including linters. x Including linters.
Charlotte, N. C.-Rain has fallen on one day during the
CENSUS BUREAU'S REPORT ON COTTON GIN- week, the precipitation reaching six hundredths of
an inch.
NING.-The Division of Manufactures in the Census
The thermometer has ranged from 24 to 73, averaging
46.
Bureau completed and issued on Dec.9 its report
Charles
ton,
S.
C.
-Ther
e
has
been
no
during the week,
of cotton ginned up to Dec. 1 the presen on the amount The thermometer has ranged from 37 torain
76, averaging 57.
t season, and we
give it below, comparison being made with
The following statement we have also receiv
the returns for graph,
ed by telethe like period of the two preceding years.
showing the height of the rivers at the points
named
at 8 a. m. of the dates given:
-Counting Round as Half Bales
1912.
1,160,637
660,174
Alabama
Arkansas
Florida
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All others
1,563:443
343,236
818,862
754,249
867,488
1,041,221
208,721
4,308,760
69,048
1911.
1,436,076
680,434
74,056
2,339,354
313,624
892,495
828,660
783,989
1,310,963
319,979
3,747,932
89,245
1910.
1,063.498
625,226
54,396
1,625,573
217,956
970.626
615,637
829,387
1,036,889
249,927
2,794,125
56,472
United States
11,844,432 12,816,807 10,139,712
These statistics include 72,927 round bales
for 1912; 87,996 for
101.718 for 1910. The number of
Sea
Island bales included is 1911 and
1912: 87,656 for 1911 and 66,696 for
for
1910. This report for 191251,275
to corrections when checked
is subject
in the mail. The corrected against the individual returns of ginners now
statistic
s
of
the
quantit
y ginned this season
prior to Nov. 14 are 10,299.646.
MARKET AND SALES AT NEW YORK
.
The total sales of cotton on the spot
week at New York are indicated in the each day during the
For the convenience of the reader we following statement.
add columns which
show at a glance how the market for also
spot and futures closed
on same days.
Spot Market
Closed.
Futures
Market
Closed.
Saturday_ _ _ Quiet
Steady
Monday _ _ _ uiet
Barely steady.._
Tuesday _ _ _ eady, 20 pts. adv_ Firm
Wednesday_ Steady, 5 pts. adv_ _
Steady
Thursday _ _ Quiet, 10 pts. dec Steady
Friday
Steady, 20 phi. adv.. Very steady
Total_
SALES.
Spot. Contr'ct Total.
100
200
non
2,200
2,200
100
200
600
n ono
200
800
R.9,10
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Dec. 13 1912. Dec. 15 1911.
Feet.
Feet.
Above zero of gauge_
4.6
6.4
Above zero of gauge_
10.4
11.1
Above zero of gauge_
10.7
19.4
Below zero of gauge..
4.1
3.4
Above zero of gauge_
5.5
15.8
WORLD'S SUPPLY AND TAKINGS OF
ON.
The following brief but comprehensive statemCOTT
ent indicates
at a glance the world's supply of cotton for the week and
since
Sept. 1 for the last two seasons, from all sources from which
statistics are obtainable; also the takings, or amoun
ts gone
out of sight, for the like period:
Cotton Takings.
Week and Season.
1912.
Week.
Season. I
1911.
Week.
Season.
Visible supply Dec 6
5,814,075
4,940,284
Visible supply Sept. 1
2,135.48
1,603,418
American in sight to Dec. 13- _ _ 519,488 8,198,56 5,
11 594,804 8,254,909
Bombay receipts to Dec. 12..-63,000
269,000
54,000
309,000
Other India ship'ts to Dec. 123,410
62,410
1.000
60,000
Alexandria receipts to Dec. 11_ _
53,000
627,000
50,700
456,900
Other supply to Dec. 11 *
8,000
95,000
9.000
109,000
Total supply
6.460,973 11,387,4565,649,788 10,793,227
DeductVisible supply to Dec. 13
5,980,341 5,980.341 15,150,919 5,150.919
Total takings to Dec. 13
480,632 5,407,115 498.8691 5.642,308
Of which American
415,222 4,571,705 407,169 4.625,4
Of which other
08
65,410
835.410
91,700 1,016,900
-*Embraces receipts in Europe from Brazil,
Smyrna, West Indies, &c.
INDIA COTTON MOVEMENT FROM
PORTS.
The receipts of India cotton at Bombay andALL
the shipments
from all India ports for the week and for the
ept. 1 for three years have been as follows: season from
[VoL. Lxxxxv.
THE CHRONICLE
1630
Total bales.
1,450,
MOBILE-To Liverpool-Dec. 11-Horncap, 1,450
3,063
To Manchester-Dec. 7-NitonIan, 3,063
10,080
To Havre-Dec. 7-Ethipoo, 10,080
6,981
To Bremen-Dec. 6-Manchester Citizen, 6,981
9,370PENSACOLA-To Havre-Dec.9-Cayo Soto, 9,370
3,875
ld, 3,875
SAVANNAH-To Liverpool-Dec. 13-Kingsfie__Dec.
-Sophie
10
Hall,
5,450
9-Clumber
To Bremen-Dec.
11,450Rickmers, 6,000
To Hamburg-Dec. 9-Clumber Hall, 975___Dec. 10-Orion, 7,277
6,302
5,301
To Barcelona-Dec. 10-Kingwood, 5.301
7.478
To Genoa-Dec. 7-Monviso, 7.478
100.
o,
100
To Rotterdam-Dec. 12-Thenist
14,946
BRUNSWICK-To Liverpool-Dec.7-Nessian, 14,946
11,181
11,181
11-Stanfield,
-Dec.
Liverpool
o
TON-T
WILMING
10,352
To Trieste-Dec. 9-Federica, 10,352
2,872
NORFOLK-To Liverpool-Dec. 9-Iowa, 2,872
173.
1910.
1911.
173
1912. .
-Lakonia,
3
To Glasgow-Dec.
10,000.
c. 12-Glenfruin, 10,000
December 12
Bremen-De
To
3,249'
Since
3,249
Since
n,
6-Bohemai
Since
-Dec.
Liverpool
Receipts ato
BOSTON-T
301
Week. I Sept. 1. Week. Sept. 1. Week. Sept. 1.
To Manchester-Dec.6-Caledonian, 301
1,258.
To Genoa-Dec. 11-Canopic, 1,258
250
79,000
456,000
309,000
250
54,000
Main,
269,000
11
63,000
Dec.
Bremen
Bombay
BALTIMORE To
2,400PHILADELPHIA-To Liverpool-Dec. 6-Havefford, 2,400
50,
50
,
4-Manitou
ec.
To
Antwerp-D
Since September 1.
3,237
For the Week.
3,237_ _
SAN FRANCISCO-To Japan-Dec.7-Nippon Maru,
3,601
3,601
Exports
PORT TOWNSEND-To japan-Dec. 11-Seattle Maru,
Japan
ContiGreat
Great Conti- Japan
fromnent. & China. Total.
438,605
Britain. tient. &China Total.1 Britain.
Total
have the folwe
Liverpool
from
cable
-By
OL.
BombayLIVERPO
123,000
4,000 6,000 10,000, 11,000 66,000 46,000 117,000
1912
lowing statement of the week's sales, stocks, &c., at that
34,000 83,000
1,000,
1,000
1911
6,000 198,000 96,000 300,000 port:
12,000 17,000 29,000
1910
Dec. 13.
Dec. 6.
Nov. 22. Nov. 29.
Calcutta7,010 Sales of the week
53.000,
10
5,000
58,000
2,000
38.000
10
10
41,000
bales_
1912
7,000
4,000.
4,000
6,000
1,000
5,000
2,000
took__
speculators
Of
which
1911
2,000.
7,000
2,000
5,000
2,000
2,000
2,000
Of which exporters took..__
1910_
43,000
50,000
31,000
30,000
American
Madras5,000
10,000 Sales,
6,000
14.000
4,000
16,000
2,000
7,000
2,000
export
Actual
1912_
7,000
102,000
112,000
5,000
2,000
107,000
107,000
1911..
13,000 Forwarded
9,000
927,000 1,035,000 1,081,000
4,000
1,000
821,000
Total stock-Estimated
1910_ __ _ 1,000
933,000
911,000
784.000
685,000
American
which
Of
All others
151,000
1,400 45,400 Total imports of the week..._ 194,000
241,000
238,000
6,000 38,000
400 1,4001
1,000
1912____
104,000
216.000
1,000 46,000
198,000
4,000 41,000
1,000
169,000
American
1,000
which
Of
1911
646,000
43,000 Amount afloat
519,000
1,000
30,000
604,000
12,000
3,000
686,000
2,000
1,000
1910_ __ _
561,000
422,000
523,000
531,000
Of which American
Total allThe tone of the Liverpool market for spots and futures
7,000 6,410 13,410 23,000 115,000 47,410 185,410
1912
177,000
84,000
86,000
7,000
2,000
2,000
the past week and the daily closing prices of'
1911
24,000 242,000 97,000 363,000 each day of
2,000 14,000 17,000 33,00
1910_
SOUTHERN TEXTILE ASSOCIATION.-Chattanooga
Convention.-The Southern Textile Association held its
fourth annual convention at Chattanooga, Tenn., on Nov. 29
and 30. Among the subjects treated in the various papers
were: "The Relation of Welfare Work to Efficiency";
"System in the Weave Room"; "Drafts in the Card Room,
Especially Relative to the Drawing Frames"; System and
Costs in the Repair Shop"; and "Piecework in the Spinning
Room."
INDIA COTTON MOVEMENT FROM ALL PORTS:
spot cotton have been as follows:
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
December 11.
Receipts (cantars)This week
Since Sept. 1
1912.
400,000
4,706,640
Spot.
1910.
1911.
Market 1 A fair
business
12:15
doing,
P. M.
360,000
4.799,031
380,000
3,426,486
This Since
This Since
Week. Sept. 1. Week. Sept. 1.
This Since
Week. Sept. 1.
7,750 101.050 9,250 72,539
To Liverpool
18,250 106,801 16,000 90,837
To Manchester
To Continent and India_ 22,250 122,161 11,500 105,208
8,500 40,368 4.500 12,439
To America
56,750 370,380 41,250 281,023
Total exports
Note.-A cantar is 99 lbs. Egyptian bales weigh about
9,250 112,801
9,250 100,579
19,250 139,236
3,000 42,798
Exports (bales)
Saturday.
40,750 395,414
750 lbs.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Moderate
demand.
A fair
business
doing.
Moderate
demand.
Good
demand.
Moderate
demand.
Mid.Uprds
6.88
6.96
6.99
7.06
7.07
7.06
Sales
Spec.&exp
9,000
1,000
8,000
500
10,000
1,500
10,000
1,000
18,000
1,000
8,000
700
at Quiet at St'y unch.
Futures. 1 Sty unch. Very st'dy, Steady, Steadypts.
3 points to ii pt.
5©6
unto 1 pt. 203 pts.
Market
decline.
advance.
advance.
advance, advance, changed,
opened
at
Steady
un'Quiet,
at
Quiet
at
Steady
at
Quiet
at
Market, I Quiet
changed to 53407
5(5634
10234
4@7 pts.
4
1(523-4
nth mitt
2 nth dart
nth ndv
nth aria,
arthanna
nth rln n
I, Tyf
*At 8 P.M.
given
The prices of futures at Liverpool for each day are
Prices are on the basis of upland, good ordinary
MANCHESTER MARKET.-Our report received by
below.
cable to-night from Manchester states that the market is clause, unless otherwise stated.
64-100-1.
The prices are given in pence nad 100ths. Thus, 6 64 means 6
quiet for yarns and steady for shirtings. Demand for China
is improving. We give the prices for to-day below and leave Dec. 7.
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
those for previous weeks of this and last year for comto
4 1234 8 123-4 4
4
1234
4
1234
1234
1234
13,
Dec.
1234
parison.
p.m. P.m. p.m. P.m. Pm. P.m. P.m. P.m. p.m.
P.m. P.m. P.m.
1911.
1912.
328 Cop
Twist.
831 lbs. Shirt- Cot'n
tags, common Mid.
Uprs
to finest.
323 Cop
Twist.
•
s. d.
d. s. d.
d.
Oct.
15.5
011
0
6
25 9 7-16 0 1056
Nov
1 9% (4) 10% 6 1 (511 23.4
10).4 6 1%011 3
8 93,1
15 934 © 1034 6 134(511 3
113-4 6 2 ©11 4
22 10'
29 1014 0 11X 6 3 @II 6
Dec.
6 103-16(5114 6 3 ©11 6
@1134 6 3 ©11 6
13 10%
d.
834 lbs. Shirt- Cot'n
ing:, common Mid.
Upl's
to finest.
d. s. d.
8. d. d.
.
I
d.d
6.16 8 11-16©
934 5 534(§)10 434 5.17
6.63 8%
6.79 8%
6.78 8%
6.91 8%
7.09 8%
9% 5
9% 5
9% 5
9% 5
93-1 5
5 @104
434@10 4
4% ®10 4
43'4@10 4
4% ®10 4
5.17
5.25
5.19
5.22
5.08
6.99 89-16 © 9 7-16 5 4341510 4
7.06 8t4
934 5 4 @103
5.04
5.02
SHIPPING NEWS.-Shipments in detail:
Total bales.
NEW YORK-To Liverpool-Dec.6-Carmania,694_ _ _Dec. 11- 7,782
5,858
Cedric,
1,230;
Carpathia,
727
To Bremen-Dec.9-Koenigen Luise
100
To Barcelona-Dee.10-Provincia, 100
446
121
Konig
Albert
325;
i,
-Cincinnat
7
Dec.
To,Genoa840
To Naples-Dec. 10-San Gugliehno, 840
200
To Venice-Dec.6-KalserFranz Joseph I,200
100
To Trieste-Dec.6-Ultonia, 100
100
To India-Dec.7-MarienfeLs, 100
, 11,221
GALVESTON-To Liverpool-Dec. 5-Biddeford
__Dec.
11,671_
-Dents,
9
__Dec.
Dec. 6-Maddleno, 4,441_
64,124
10-Victorian, 23,033_ __Dec. 11-Copenhagen, 13,7589,678
To Manchester-Dec. 10-Pilar de Larrinaga, 9,678
1,949
To Havre-Dec.12-Strathclyde, 1.949
To Bremen-Dec.6-Cloutsham, 10,925___Dec. 10-Corona- 24,583
tion, 13,658
1,933
To Antwerp-Dec.6-Wilberforce, 1,933
6,173
To Barcelona-Dec. 6-Graphic, 6,173
593
593
To Venice-Dec.6-Graphic,
10,263
To Genoa-Dec 6-Sicilia , 10,263
Dec.
,
14,497..
-Nestorian
7
-Dec.
Liverpool
-To
CITY
TEXAS
39,356
10-Indianola, 14,299; Musician, 10,560
7,315
To Havre-Dec.12-Strathclyde,7,315
,
Companion
-Knight
7
-Dec.
Liverpool
-To
NEW ORLEANS
_
10,669_
Director,
11,572___Dec. 9-Nubian, 12,936;
Dec. 10-Orator, 9,509___Dec. 11-Crown of Castile, 5,000
_ __Dec. 12-Alexandrian, 10,000--_Dec. 13-Custodian, 79,686
20,000
400
To London-Dec. 11-Californian, 400
8.075
To Havre-Dec. 7-Spheroid, 8,075
To Bremen-Dec. 7-Ashburton, 7,793......Dec. 12-King21,793
stonian, 14,000
To Antwerp-Dec. 10-Tintoretto. 1,541___Dec. 11-Califor- 2,141
nian, 600
2,672
To Barcelona-Dec. 10-Conde Wilfredo, 2.672
To Genoa-Dec.11-Posillipo, 4,457_ -_Dec. 12-11 Piemonte, 13,781
9,324
1,600
To Trieste-Dec. 12-Ida, 1,600
1.900
To Venice-Dec. 12-Ida, 1,900
Dec
Dec.-Jan_
Jan.-Feb..
Feb.-Mch.
Mch.-Apr.
Apt.-May
May-June
June-July
July-Aug_
Aug.-Sep..
Sep.-Oct _
Oct.-Nov_
d. d. d. d. d. d. d. d. I d. d.
d.
7934 83
6 64X 72 71% 73 73% 79% 7934 81 7634 79
78 80 7534
63 70% 70 71)4 72
7734
78
733.4
76
76
70
69%
68
68%
61
6
79
6 60 67 66% 68 68% 74% 7434 7634 72 76
743.4 77%
6 58 65 64% 68 67 73 72 7534 7034
7
76q
6-34
72
65%
334
7434
64%
63%
64
57
6 58 63 62% 63% 64% 71 71 7334 6834 7234 75
6 55 61% 61 61% 62% 69 69 72 6634 7034 73
6 52 58 57% 58% 5934 66% 66 69 64 68 71
6 42% 48% 48 48 49% 56 56 59 54 58 61
6 26% 32% 31 31 32 38 3734 42 3734 41 43
21% 27 25% 2534 27 33 32 36 32 •35 37%
Int
BREADSTUFFS.
Friday Night, Dec. 13 1912.
demand, and
Flour has continued to be in only moderate
of any great
to all appearances there seems little prospect
the Northwest
improvement until after the holidays At
in trade,
some recent advance in wheat caused a decreaseMills
here
but the mills are running heavily on old orders.
of trade.
maintain pretty steady prices, despite the smallness
At Kansas City the sales are also small. That is likewise
report that
the case at St. Louis. But Northwestern mills
shipping directions are freer. The inference is that the domestic trade is not overburdened with supplies, to say the
least. The output for the week at Minneapolis, Duluth and
Milwaukee last week was 428,100 bbls., against 493,340 in
the previous week and 315,235 last year.
Wheat, though at times firm enough, has also now and
then sagged. Of late the tone has been rather stronger.
Reports of damage to the crop in Argentina by rains have had
besome effect. So have the rumors of strained relationsbeen
tween Austria and Servia. The Continent has recently ern
buying Nos. 2, 3 and 4 winter wheat in ourisSouthwest
at
markets. The Argentine exportable surplus estimated
ones of
120,000,000 bushels for 1913, as against previous
128,000,000 to 136,000,000 bushels. Cold weather and the
territory,
lack of snow are complained of in winter-wheat
200,with some reports of damage. At Chicago of late somepremmillers at a
000 bushels of red wheat have been sold tofar
this season. It
ium of 14 cents over May,the highest thus
movement
is pointed out that in the past 5 months the crop year,
i. e.g.
has exceeded .that tor the entire 12 months last
•
DEC. 14 1912.]
THE CHRONICLE
from July to July. It is argued that it is only a question of
time when receipts must decrease sharply and thus render
short selling hazardous. Also in conjunction with this large
primary movement attention is called to the fact that there
may be much more wheat at Buffalo and Eastern terminals
than we have seen for years, and that this works in two ways:
First, it makes available for export a larger quantity of wheat
through the winter than usual, and in that way will help
decrease our stocks, especially with any moderate primary
movement. Second, the fact that this wheat has moved from
first hands to an amount much greater than previous years,
taken in connection with the known shortage of 100 million
bushels of winter wheat in the Central States of Illinois,
Indiana, Ohio, Michigan and part of Missouri, suggests that
there must come a time when the primary movement will be a
bullish factor in the United States. It is argued that either
these Central States will be forced to come to the visible supply centres for wheat for their mills or else there will be an
unusual demand on the spring-wheat milling territory for
flour to fill their deficiencies. Moreover, the world's shipments for the week fell off to 10,832,000 bushels, against
12,720,000 for the previous week and 8,944,000 in the same
week last year. At the same time the export business has
been on only a moderate scale. The sharp decline
the
stock market has been an unfavorable factor in theingrain
trade. To-day wheat advanced on covering of shorts.
Montreal reported 160,000 bushels sold for export. At the
same time the world's shipments for the present week
in some quarters estimated at only 10,400,000 bushels. are
DAILY
CLOSING PRICES OF WHEAT FUTURES IN
NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
106
106
106
106
106
108
December delivery in elevator
91
90% 904 91
91% 92
May delivery in elevator
963i 95% 95% 95% 95% 963
DAILY CLOSING PRICES OF WHEAT FUTURES
IN CHICAGO.
Sat.
Tues. Wed. Thurs. Fri.
December delivery in elevator......_ 84% Mon.
83%
83%
83%
844 84%
May delivery in elevator
90% 89
89j 89
89% 90
July delivery in elevator
87% 86g 863 86% 87
87
1631
WINTER WHEAT.-Area sown this fall is 2.5% less than the
revised
estimated area sown in fall of 1911, equivalen
t to a decrease of 828,000
acres, the indicated total area being 32,387,00
Dec. 1 was 93.2, against 86.6 and 82.5 on Dec. 0 acres. Condition 011
I. 1911 and 1910, respectively, and a ten-year average of 89.9
RYE.-Area sown this fall is 1.4% less than the revised estimated
area
sown in fall of 1911, equivalent to a decrease of
total area being 2,443.000 acres. Condition 35,00.0 acres, the indicated
on Dec. 1 was 93.5, against
93.3 and 92.6 on Dec. 1 1911 and 1910.
respectively, and a ten-year average of 93.2.
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collecte
d by
the New York Produce Exchange. The receipts at Wetern
lake and river ports for the week ending last Saturda
y and
since August 1 for each of the last three years have been:
Receipts at-
Chicago ___
Milwaukee _
Duluth
Minneapolis
Toledo
Detroit _ __
Cleveland__
St. Louis...
Peoria
Kansas City.
Omaha
__
Tot. wk.'12.
Same wk.'11
Same wk.'10
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush.32 lbs. bush.481b5. bu.5811m.
180,000
399,000 2,415,000 2,168,000
825,000 • 57,000
49,000
72,000
227,000
90,000
560,000
70,000
14,000 3,330,000
273,000
598,000
78,000
4,180,000
182,000
461,000 1,050,000 143,000
158,000
111,000
23,000
6,000
227,000
109,000
49,000
7,000
14,000
172,000
138,000
1,000
1,000
65,000
577,000
363,000
364,000
99,000
1,000
69,000
16,000
311,000
251,000
92,000
6,000
446,000
154,000
111,000
•246,000
109,000
223,000
390,000 9,665,000 4,153,000 4,151,000
329,934 4,704,199 5,991,848 2,589,037 3,225,000 356,000
1,647,951 182,009
284,665 4,176,195 4,871,726 3,784,262 1,973,380
138,200
Since Aug. 1
1912
7,019,520 198,523,966 58,762,328 110,195,688 45,990,336
9,735,642
1911
4,096,530 118,888,067 63,872,814 64,499,318
41,444,612 4,892,563
1010
8074 205127 750 RRS 87 RR1 049 50 acn 19094
904 inn 9 R28 052
Total receipts of flour and grain at the seaboard ports for
the week ended Dec. 7 1912 follow:
Receipts atNew York
Boston
Portland, Me_
Philadelphia _
Baltimore
New Orleans
Port Arthur
Norfolk
Galveston
Mobile
Montreal
St. John
_
Flour,
Wheat,
bbls.
bush.
268,000 1,286,000
46,000
533,000
3,000
288,000
69,000
611,000
97,000
661,000
36,000
657,000
64,000
Corn,
bush.
129,000
8,000
64,000
Oats, Barley,
bush.
bush.
494,000 624,000
121,000 40,000
70,000
140,000 92,000
323,000
75,000
127,000
Rye,
Such.
1,000
3,000
2,000
Indian corn, after all the fluctuations of the week,
241,000
18,000
winds
98,000
up only a little below the quotations of a week ago.
receipts are expected next week. The weather over Larger
1,000
412,000
8,000
4,000
the belt has been excellent for curing, shelling and most of
1,000
21,000
10,000
marketi
24,000
ng
22,000
the corn. Last Tuesday large interests at Chicago
5,000
233,000
1,000
676,000
115,000
bought
4,000
184,000
1,000
over a million bushels of May, against sales of
er at Total
a discount of December of Yic. Within 48 hoursDecemb
week 1912_
550,000 4,939,000
573,000 1,908,000 1016,000
some 3,000,- Since
25,000
1 1912_17,235,024 43,490,083 32,141,295 74,086,034 7804,046 963,183
000 bushels are said to have been changed in this way. Asa Week Jan.
1911
421,433 3,538,362
682,632
896,057 226,990
21,555
rule the trading in corn has been on only a moderate scale
and Since Jan. 1 1911_18,154,544 91,494,060 62,497,604 45,145,867 4785,099 1001,329
no decisive developments have taken place. Of
Receipts do not include grain passing through New Orleans for foreign
Illinois
ports on
and Iowa have sold rather more freely and thelate
rs through bills of lading.
of the corn have hedged it by selling futures. Thepurchase
The exports from the several seaboard ports for the week
primary
receipts have not increased noticeably. The scarcity of ending Dec. 7 are shown
in the annexed statement:
cars is still interfering with the movement. To-day corn
Wheat,
Corn, Flour,
Oats,
Rye,
Barley, Peas.
was slightly higher in sympathy with wheat, but well-known
Exports frombush,
bush.
bbls.
bush,
bush,
bush.
bush.
New York
1,149,439
9,230 97,633 613,512 34,726 260,348
operators and cash houses were sellers on the rise.
981
Portland, Me_ _ _ _ 288,000
3,000
70,000
DAILY CLOSING PRICES OF NO.2 MIXED
CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
nom. nom. nom. nom. nom. nom.
December delivery in elevator
nom. nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURE
S IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator
48% 473-i 473
47% 47% 475
May delivery in elevator
48% 47% 48% 483
483-f 48
July delivery in elevator
49H 483( 49
48% 49H 49%
F Oats have fluctuated within narrow limits and end about
where they closed
Boston
366,878
Philadelphia ____ 450,000
Baltimore
389,174
New Orleans____ 632,000
Galveston
432,000
Mobile
. 10,000
Montreal
262,000
St. John, N.B.__ 184,000
Port Arthur
64,000
Norfolk, Va
Total week____4,227,431
Week 1911
2,313,257
100 6,900
44,000
54,797 36,313
55,000 10,000
14,000
24,000 21,000
41,808
50,000
868,993
7,000
22,000
46,000
• 4,000
8,000
1,000
500
143,127 283,346 1,554,313 34,726 388,348
257,445 208,407
12,505
981
a week ago. Some of the shorts have been
2,222
covering. December of late has shown more
The
destinat
ion
of
strength
these exports for the week and since
the distant months. But on any rise there has been than July 1 1912 is as below:
somewhat liberal selling of May, which has had a tendenc
Flour
y to
Wheat
check any upward movement. It was noticed that
Since
Since
Since
some of
Week
July 1
Week
the largest buyers of December of late have
July 1
Week
July 1
Exports
for
week
and
Dec.
•
7.
1912.
Dec. 7.
1912.
Dec. 7.
1912.
more or less July. As a rule there has been analso b ught
since July 1 to-bats.
bbls.
bush.
bush.
bush.
bush.
absence of United
Kingdom_100,498 2,138,608 1,577,186 36,645,498
striking features. While the receipts have continu
44,000
337,776
ed
Continent
mod50,922 862,851 2,573,211 36,108,814
54,897
68,897
erate, the demand, taken as a whole, has also been moderat
& Cent. Amer_ 20,492 536,870
56,034
454,459
1,180
317,366
e, Sou.
West Indies
789,284
aside from covering of shorts in December. To-d
10,000
62,235
40,870
682,734
ay May Brit. Nor. Am. Cols.68,705
6,300
51,085
2,180
40,974
touched 333/8c., but reacted later. There was considerable Other Countries
36,429 152,298
11,000 1,227,923
20,492
selling on the rise. At the same time large interests were
Total
283,346 4,530,996 4,227,431 74,498,929 143,127 1,468,239
good buyers.
Total 1911
208,407 4,581,926 2,313,257 44,168,666 257,445 10,770,718
DAILY CLOSING PRICES OF OATS IN NEW
YORK.
The world's shipments of wheat and corn for the week
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
ending Dec.7 1912 and since July 1 1912 and 1911 are shown
38% 383
38
38%
38%
383-i
No. 2 white
nom. nom. nom. nom. nom. nom. in the following:
DAILY CLOSING PRICES OF
December delivery in elevator
May delivery in elevator
July_delivery in elevator
OATS FUTURES
Sat. Mon. Tues.
31% 31% 32%
32% 32% 32%
32% 32% 32%
FLOUR.
Winter, low grades_ __ _$3 60 $3 95
Winter patents
5 250 5 40
Winter straights
4 600) 4 70
Winter clears
4 252 4 30
Spring patents
4 50
4 70
Spring
straights
Spring clears
Kansas straights, sacks_$4 10Q$4
30
Kansas clears, sacks.... 4 00
4 10
City patents
6 20(a) 8 50
Rye flour
3 65
4 05
Graham flour
4 300 4 50 Buckwheat,cwt
4 000 4 20
Wheat, per bushel-f. o. b.
IN CHICAGO.
Wed. Thurs. Fri.
32) 32% 32%
325
323-g 33
3234, 33
33%
4 00
4 70
2 25
GRAIN.
Corn, per bushelCents.
N. Spring, No. 1, new_
0 96
No. 2
elevator Nominal
N. Spring, No. 2, new__ -_
nom.
Steamer
elevator Nominal
• Red winter, No. 2, new_ _ _ 1 08
No. 3
c.i.f. Nominal
Hard winter, No. 2
973 Rye, per bushelOats, per bushel, newCents.
No. 2
67@68
•
Standards
38
State & Pennsylvania_
nom.
No. 2, white
No.3
nom Barley
38Q38%
Malting
1912.
Week.
Dec. 7.
Since.
July 1.
Corn.
I
1911.
I
Since.
July 1.
Bushels.
Bushels. I
North Amer. 5,680,000 112,090,000;
1,280,000 63,363,000
Russia
Danube __-- 1,120,000 32,303,000
1,104,000 31,162,000,
Argentina
Australia.... 248,000 10,256,000;
1,216,000 36,328,000'
India
0th. countr.s 184,000 3,750,000i
1912.
Week. I
Dec. 7.
Since
July 1.
1911.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
81,460,000 204,000,
699,000 9,020,000
47,250,000
94,000 5,725.000 20,100,000
40,561,000 247,000 8,999,000 31,776.000
21,376,000 5,109,000 134,937,000
21,412,000
20,986,000
4,867,000
Total ____ 10832000 289,252,000 237,912,000 5,654,000 150,360,000 60,956,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
58@70
AGRICULTURAL DEPARTMENT'S REPOR
T ON
CEREAL CROPS DEC. 1.-The Agricult
ural
ment's report on cereal crops Dec. 1 was issued on Departthe 9th
inst., as follows:
The Crop Reporting Board of the Bureau
States Department of Agriculture estimates, of Statistics of the United
from the reports of correspondents and agents of the Bu•reau, as followsum
agataziao._,
Wheal.
Exports.
1Vheat.
United
Kingdom. Continent.
Corn.
United
Kingdom. Continent.
Total.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Dec. 71012.. 16,976,000 17,520,000 34,496,000 10,447,000 18,045,000
Nov.30 1912_ _ 20,528,000 18,120,000 38,648,000 12,283,000 18,105,000 28,492,000
Dec. 9 1911_ 21,136,000 10,296,000 31,432,000 2,890,000 3,258,000 30,388,000
6,148,000
Dee, 10 1910_ 15,152,000 20.752.000 35.904,000 6,732,000 13,303,000 20,035,000
[VOL. Lxxxxv.
THE CHRONICLE
1632
1912
-----1911----Since
Since
Week.
64
5
1,292
1.821
848
809
63
407
519
461
Jan. 1.
3,823
1,847
56,875
26,924
48.236
27,063
42,595
3,318
19 355
67,508
68,333
6,289 365,877
44
A
41
B
41
E.
Z
41
1,263
2,413
121
Jan. 1.
1,028
1,411
99.259
23,550
23,677
12,620
953
41,552
77
653
1.413
1,962
2,381
19,191
55,543
42,278
B
o
8,893 322,490
1.4
Week.
19
19
MI
41
B
.4
,
8
al
a
E.,
1:4
. .
o
.1
g p.401
'
A _
08t,0,47; g
.
4
`
c2
L
g .1.,'!:
:qaS.,
5.9.
5
4
AZ
8tM'
g
El
Ig
i
6.
.
8
J.,
o
g
OgsN gFc.i
litw
New York to Dec. 7Great Britain
Other Europe
China
India
Arabia
Africa
West, Indies
Mexico
Central America
South America
Other countries
F.
710,820 143,792,444
495,508 114,703,937
=gg
...,1,..03. ciii
718,361 142,573,480
457,279 106,372,008
3,736,107 678,968 133,782,440
The value of these New York exports since Jan. 1 has been
The visible supply of grain, comprising the stocks in
$23,235,481 in 1911.
granary at principal poimts of accumulation at lake and $24,134,002 in 1912, against
Conservatism continues to prevail in markets for domesseaboard ports, Dec. 7 1912, was as follows:
tic cottons, there being less desire to contract ahead. The
UNITED STATES GRAIN STOCKS.
Amer.Bonded. Amer. Amer.Bonded. Amer. Amer.Bonded Government report, issued during the latter part of the week,
Barley.
Barley.
Rye.
Oats.
Oats.
Wheat. Wheat. Corn.
that there would be plenty of cotton this
bush, bush. bush, bush, bush, bush, bush. bush. gave assurance
/n Thousands163 year to meet ordinary requirements, estimating this season's
471
31
3
68 1,650
772
2,582
New York
40
however, is
afloat
"
--a. - --i --15 yield at 13,820,000 bales. Current business,
15 -163 ____
52 iiii
Boston
of satisfactory volume,and prices maintain a firm undertone.
157
11
730
288
Philadelphia
167 1,643 ___ - -ill -137
657 1,150
Baltimore
Strength is particulatly noted in colored goods, as, owing to
127
136
1,563 ____
New Orleans_
their scarcity, they are hard to obtain for prompt shipment,
73423
Galveston
11 while deliveries on old contracts are very backward. Bleached
92 -245 -86
-6i
592
33
4,362 -iii
Buffalo
2
____
365
50
____
1,830
Toledo
cottons as a rule are quiet, but as mills are well booked with
51
____
71
139
889 ____
Detroit
143 -iii
____
768 2,217
9,1.96 -___
orders, prices are firmly held. Ginghams, influenced by an
Chicago
69
263
____
166
55
192___
Milwaukee
406 "ioi improving demand for spring delivery, are also firm, and it
70
89
288
2,788 -451
Duluth
817
589
____
571
is reported that many desired patterns are hard to obtain.
--ii
____
13,586
Minneapolis
4
21
205 ---59
3,682 ____
St. Louis
Regarding fine and fancy goods, dealers are finding trade as
76 ---33
____
5,276
Kansas City
good as it was a fortnight ago,and prices obtained satisfac268 --- - - -i5 ---30
7 ---_
Peoria
355
217
____
319
Indianapolis
tory. The 1913 blanket season has been opened, and busiAo -jail
667 --- 1,333 ____
Omaha
ness has been active. It is reported that one house making
69 1,320
_-----501
11,902 ____
On Lakes
for •
295 a specialty of fancy blankets has already sold its output
184 1,760 4,072
Total Dec. 7 1912__61,278 4,587 1,896 10,082
405 1913. Trade accounts from all parts of the country are op95 1,888 4,131
Total Nov.30 1912__55,800 3,962 2,525 10,774
4,076
4,126 19,959 ---- 1,271
timistic, and while inquiries are not quite so numerous as
Total Dec. 9 1911__70,389
471 1,744
_ _1,510 15,349
Total Dec. 10 1910__42,666
they were a week or two ago, jobbers are requesting prompt
CANADIAN GRAIN STOCKS.
Bonded deliver of goods on order, which is taken to indicate that
Canadian
Bonded
Canadian
Canadian Bonded
Rye. Barley. Barley. distribution is going on at a satisfactory rate. Print cloths
Wheat. Wheat. Corn, Oats. Oats.
bush,
bush.
bush.
bush.
bush.
bush,
bush.
bush.
ThousandsIn
while steady, are quiet. Buyers recently made purchases
46 ____
4 1,651
634
Montreal
---- on a liberal scale and are said to be well covered for some time
_
---- 1,700
Ft.William & Pt.Arthur 6,100
2,842
7,183
Other Canadian
to come. Gray goods, 383/
2-inch standard, are quoted at
46
4 6,193
5% to 5Mc.
____
Total Dec. 7 1912_13,917
24
5,770
10
____
Total Nov.30 1912_15,215
107
4 4,688
Total Dec. 9 1911_ _10,833 -__
WOOLEN GOODS.-Dealers in men's wear and dress
81
13 1,398
Total Dec. 10 1910_ A6,352 ____
goods report business satisfactory, with road salesmen sendSUMMARY.
Bonded ing in good orders. Sponge cloths are the leading spring
Bonded
Bonded
Rye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
made of these fabrics have sold well
bush, bush, bush, bush, bush, bush, bush. bush novelty, as garments
In Thousands295 and demand is broadening. Regarding heavy woolen goods,
184 1,760 4,072
61,278 4,587 1,896 10,082
American
46 ____
4 2,842 ---13,917 ____
Canadian
a more general inquiry is reported for overcoatings and cloak295 ings for the next fall, and substantial orders have been placed.
184 1,760 4,118
Total Dec. 7 1912_75,195 4,587 1,900 12,924
405
95 1,888 4,155
Total Nov.30 191271,015 3,962 2,535 16,544
1,271 4,183
4,130 24,647
FOREIGN DRY GOODS.-Contrary to expectations of
Total Dec. 9 1911__81,222
471 1,825
1,523 16,747
Total Dee. 10 1910._53,018
a quiet trade, which usually prevails at this time of the year,
business in linens has been active and prices firm. The
THE DRY GOODS TRADE.
possibility of tariff changes appears to be causing little worriment among merchants, as many who have stocked up for
New York, Friday Night, Dec. 13 1912.
The dry goods situation continues satisfactory, although spring are buying liberally for the fall of 1913. Colored
with the approach of the new year there is the usual tendency dress linens continue to be in active demand, but mills are
to quietness in primary markets. After the exceptionally so well sold up that many are unable to promise deliveries
heavy demand of the past two or three months, a temporary any earlier than April or May. While demand for houseslowing up is not unwelcome to manufacturers, who are in keeping fabrics has been less active, the week's business has
most cases behind in their output. On the other hand, re- been satisfactory. Burlaps, influenced by weaker advices
to the
tailers are enjoying an active retail season, while jobbers are from Calcutta, have been quiet and easier. Owing
kept busy meeting their immediate requirements. The cold approach of the inventory period in order to 'Clean up stocks,
Lightweather has brought out a heavy demand for seasonable a number of small lots have been sold at concessions.
merchandise, and supplies are not over plentiful. Retailers weights are quoted at 6.65e. and heavyweights at 8.75c.
are well satisfied with the volume of sales, but complain that
the high prices which they are compelled to pay allow them Importations and Warehouse Withdrawals of Dry Goods
WW Co
but a very narrow margin of profit. In primary Tt)ttoil goods
NW
.WOVN
MO
• • NO Co *44.
00
markets, mills are very conservative in accepting bids for
02010..h.
8
q
aci
om
51,690;a4..;
forward business, owing to the violent fluctuations and highly
Ot.. 40
.
M CO co
,
1
.
;
8
.
48
:> 85
speculative market for the staple. Where they are well covCO
CO
,
i
c
)
0
co
to
over-anxious
i
'Sg
are
not
they
material,
8
raw
MN..
ered ahead on
accept business at the present level of prices. Buyers, on
NO.
WCOMVM 00
.2000N
0
C104
the other hand, are much concerned over getting delivery of
8,70:;42 c:S.
g
have
uici1c_i
should
cases
many
in
which
orders,
old
goods against
CW4
-co NN
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gi
.
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,
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e4
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been delivered last month. Print cloths are quieter, with
14
or
two
next
the
for
covered
well
pretty
buyers seemingly
B IL,...i.s0 W. M
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cmo.tim
..-%4R" m2.2
• vivit.mc
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three months. Considerable interest is displayed in the
Co
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cisl 0)80 00 400
opening of 1913 fall lines of underwear, which were opened
mm
,i '
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;
1
p, 3gig8c
oo
frl 'cq u'2:1
,
) CD
F4c1614
early but immediately withdrawn, pending a revision of Z ts1
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02
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of
30
from
advances
at
reopened
been
have
They
prices.
M
NO0C-0.4
although
is
oo
quiet,
trade
80
export
The
00WO.
a
dozen.
cents
40
to
E. Vz222 22 Co M .2.04001
Comm 00-4
NW.erw :*!.
!
1 GT4
-0-val ,..... 01
India has come into the market again for standard drills for
r-7 cow
t
,
Z
.... c•iv:
4 z
.14
v-I
.
O
delivery during the latter part of the first quarter. China
1
4
A.
also has taken some small supplies, mostly standard drills.
0
Iz.
.4100w.
x
CO Co 2t.;
A Nco.t.goo01-'Co'-4tler. .om
Reports from that country are to the effect that business is B Csi •
800)!
M mdc;mic; 28
b.
expanding and that the outlook is very encouraging. Some
8N avic.i...56.
clr......o.
Co
28c1V3
-7.
,
NcONO
..--,
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o ,
inquiries are coming to hand from Red Sea ports, but very 41 ../#0..".'11 21
-.......s
oi cico .o •tr c:,;•
t•.:1•
04 N.
000.M
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little business has been put through. The higher prices M
VMN.
04 ,...
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have caused export buyers to move slowly, and it is expected
E. .,tesit,0
N2
'•••
W021,C.C2
8
O
g2WIOW
that it will take quite a little time for them to become recon- 0
C3
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14
wear,
men's
and
goods
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prices.
higher
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the
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ri
ciled
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4. 44' 4-...4i ..4.
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business is active and prices firm. Interest centres chiefly Z Con, CletshcoV.
5
in the new lines for fall of 1913 and a very satisfactory busi- 2
OW Co
:mmioco
N00022 Co
C RnM13 OW
'g
oom..c4 coLo
. .00totom
ness has been placed on the most desirable qualities. In El
"t01
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Co
4.CIONN ct;co
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the meantime, buyers are providing for their additional re- F,.... a.c4 -.,,0
Co
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8
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1,..,
Iti%
quirements for spring.N4 tot
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Co
01
ci2W
01
cotton
of
exports
DOMESTIC COTTON GOODS.-The
:4,,t'''
co
Wt..
t
r
e
oo.komilot,l
r-t-geoto
6,289
were
7
Dec.
MONV2,14 Co ,0......0 OW Co
goods from this port for the week ending
vco
e cilin ,
c4.-J co co.t.; 40
00 4.co cv v l
..W
WCOOt,
packages, valued at $378,922, their destination being to the g
41
10.
CO'
a.
points specified in the table below:
0
re.',.5A
AV
t4 t
1
1
?.
E?.
DEC. 14 1912.]
THE CHRONICLE
STATE MID CITY DEfmrnyhtv-r,
News Items.
1633
Ohio.—Senator Cetone Found Guilty on Bribery Charge.—
State Senator George K.Cetone of Montgomery County was
found guilty on Dec. 4 by a jury in Judge M. G. Evans'
court of accepting a bribe of $200 for his favorable vote on
what was known as the Cetone-Whittemore insurance bill.
Pensacola, Escambia County, Fla.—Election on Commission Form of Government.—The City Council has unanimously passed a resolution over the Mayor's veto calling a,
special election on Dec. 30 to vote on the question of establishing a commission form of government.
Porto Rico.—Bond Offering.—Proposals will be receive
until 2 p. in. Jan. 22 1913 by the Bureau of Insular Affairsd,
Washington, D. C., for $1,000,000 4% gold registe
bonds
issued under an Act of the Porto Rico Legislature red
approved
March 9 1911. The bonds are for the continuation
probable completion of the irrigation project for whichand
an
issue of $3,000,000 bonds was made under date of
Jan. 1 1909.
Denomin
Alexandria, La.—Election on Commission Form of
ment.—An election will be held Jan. 14 1913 to vote Governon the
adoption of a commission form of government.
Argentine.—Tenders of Bonds Requested.—Tenders
are
invited until Dec. 21 in London for the sale to the Argenti
ne
Government under par of £58,000 of the 5% interna
l gold
loan of 1909. Payment will be made March 1 1913,
excoupon in London. J. P. Morgan & Co. will cable tenders
received at their New York office prior to 3 p. m. Dee.20.
Austria.—Loan.—The National City Bank is offering,
jointly with Kuhn, Loeb & Co.,at 97%,
3 $25,000,000 432%
treasury notes of the Austrian Government. Denom.$1,000
and $5,000. Interest Jan. 1 and July 1 in New York. Due
ation $5,000. Date Jan. 1 1913. Interest semi-ann
ually at
the United States Treasury
. Maturity Jan. 1 1943, redeemable at the
$12,500,000 July 1 1914 and $12,500,000 Jan. 1 1915. Free pleasure of the
Government
Porto Rico after Jan. 1 1933. Certified
check on a N. Y.City bank forof
2% of the bonds bid for, payable to the Chief
of all Austrian taxes. Payment to be made 25% Dec. 16 Bureau of Insular Affairs, War
ent, is required. Purchaser to
pay accrued interest. The Act ofDepartm
1912, 25% Jan. 15 1913 and 50% Feb. 3 1913. Payment in the
the Porto Rico Legislature under which
bonds are issued exempts them
from the payment of all insular and
municipa
l taxation. The United States Treasury
full may be made on Dec. 16 1912.
Department authorizes
the statement that it will accept these bonds
at 'Gar as security for public
The official notice of this bond offering will be found on a deposits. The
Postmaster-General authorizes the
statement that they
will be accepted at par as security for
savings deposits. These bonth
preceding page of this issue.
will also be accepted by the Governmpostal
ent of Porto Rico as security fordo-,
posits
of funds of that
.iGovernment.
Cuba (Republic of).—Notice to Bondholders Concerning
Vicksburg, Miss.—Question ofPurchasing Water
New Coupons.—The Cuban Government has issued the
Plant
Defeated.—The question of purchasing the plant of the Vicksfollowing notice with respect to the attachment of additio
nal burg Watercoupons to its Interior Debt 5% bonds.
Works Co. for $347,500 was defeated on Dec. 3,
the vote being 434 "for" to 517 "against" (V. 94, p. 1421.)
Owing to the fact that the last coupon on the bonds
of the Interior Debt
5% in circulation is Number 16, due on Novembe
Washington.—Result of Vote on Constitutional Amendorder to duly provide for the attachment of the new r 28th 1913, and in
coupons,
Numbers 17
to 48 inclusive, so that the holders of the bonds may
collect the interest ments.—Complete returns from the election held Nov. 5
when due, the holders of said bonds are hereby
notified that on and after show that three of the four
December 1st next they may present
proposed constitutional amendbonds to the Division of the
National Debt, Treasury Department,said
accompanied by their petition, in ments submitted on that day were adopted. The official
which shall appear a list of their bonds,
numbers
the
vote
beginnin
is
reporte
g
with the
d as follows:
lowest number. To be published in the
official gazette three times
a
week during four consecutive weeks by order
of the Secretary of the Treesurirfavana, November 14 1912.
(Signed)
FRANCISCO MORIANO.
Chief of Division of the National Debt.
Proposed amendment removing
ons against county officers,
except treasurers, holding office for restricti
more than two terms: For, 67,717;
against, 83,138.
Proposed amendment providing for recall of elective
officers, except
judges: For, 112,321; against, 46,372.
Proposed amendment providing for initiative and referend
um: For,
110: against, 43,905.
Proposed amendment relative to the time when laws take
effect: For.
79,940; against, 47,978.
Referring to the above notice, A. B. Leach & Co. of
Broadway, N. Y., offer their services to bondholders149
in
connection with the shipment of bonds to the Cuban Govern
As stated in V.95, p. 1421, we were advised under date of
ment and their return with the coupons attached withou- Nov.
14 that the indications at that time were that the
charge other than the actual cost of insurance and postage t amendm
.
ents had all carried by large majorities.
Durango, Colo.—Commission Form of Government Adopted
Wyoming.—Constitutional Amendment Defeated.—The
—This city has adopted the commission form of govern
ment constitutional amendment reserving to the people the powers
to become effective May 1 1913.
of initiative and refere
(V.93, p. 1054) was defeated at
Illinois.—Sources of Municipal Revenues.—A very inter- the general election on ndum
Nov. 5. The vote was 20,579 "for"
esting study of this subject is made in a book written
to
3,446
"agains
t";
necessa
ry
to authorize 21,149.
by
Lent Dayton Upson, Ph.D., Sometime Fellow in
Political
Science, University of Illinois, and publish
ed
by
the latter
Bond Proposals and Negotiations this week
as one of its series of bulletins (price 75 cents).
The purpose have been as follows:
of the work, as explained by the author, is
to
examin
e the
ABILENE, Taylor County, Texas.—BONDS REGIST
sources of revenues, as typified by the budgets
ERED.—On
of a number Dec. 7 the State Comptrol
ler registered the $30,000 5% 10-40-yr. (opt)
of cities for the year 1909, noting
street-impt. bonds, recently sold (V. 95, p.
the
variati
ons
in
the
1146).
different municipalities and the means of revenue
ADAMSTON, Harrison County, W. Va.—BIDS REJECT
which are following
ED.—The
bids received on Dec. 3 for the $15,000 water
not fully utilized, so that all the financial revenue
and $5,000 sewer
s of any 5% coupon tax-free bonds
(V. 95,
1421) were rejected.
city may be made more available to
Allerton, Greene & King, Chic ___ p.
the others.
$19,100
C. H. Coffin, Chicago _
Jackson, Tenn.—Election on Commission
0:012
61
0 for 6
5s—no cert. check with bid.
Hoehler & Cummings, Toledo __ _ 20
Form of Gov- H.
ernment Proposed.—The city propose
C. Speer* Sons, Chic
19,400 for 5s.
s
to
hold
an
electio
n,
reports state, to vote on the question of establi
ILLE, McNariff County, Tenn.—
SALE.—This place
shing a com- hasADAMSV
drposed of the $5,000 6% coupon school-blBOND
mission form of government.
dg. bonds offered but not
sold on June 10 1911 (V. 93, n. 1737.)
AKRON
, Summit County, Ohio.—BONDS AUTHORIZED.—
Lake Charles, La.—Election on Commission
An
Form of ordinance was passed Nov. 25 providin
g for the
Government.—An election will be held Dec.
of $117,500 4%
coupon city-hall-site-purchase bonds. Denom. issuance
17
to
vote
(1)3
on
500.
the
(117)
$1,000.
adoption of a commission form of govern
Date Dec. 1 1912. Int. semi-ann. Due Dec. 1 1930.
ment.
ALBERT LEA, Freeborn County, Minn.—BONDS NOT
TO BE
Millcreek Township School District (P. 0.
RE-OFFERED AT PRESENT.—The City Clerk advises
that no action
Marys- has yet been taken looking towards the re-offering of the us
ville), Union County, Ohio.—Bond Issue Enjoined.—Th
4
issues
of
bonds, aggregating $141,000, awarded to the Harris Trust & Savings 43I%
e of
Bank
Circuit Court has granted an injunction restraining the issuChicago, the sale of which was not consummated,(V.
95, p. 1147).
ance of $15,000 bonds to provide for a new centralized school
ALICEVILLE, Pickens County, Ala.—BOND ELECTION.—On
Dec.
16 the voters will have submitted to them the question of
building at Watkins. The Court held, it
issuing $11,000
said, that the 6% 10-yr. school-bldg
. bonds. Denom. $500. These bonds take the
advertisement and notice of sale of bonds iswas
place
of
the
$9,000
issue
offered
without
success on Aug. 1 1911 (V. 93,
insufficient p. 683.)
and defective.
ALLIANCE, Starke County, Ohio.—BONDS AUTHOR
IZED.—On
Dec. 2 an ordinance was passed providin
New Orleans, La.—Commission Governm
g for the issuance of $10,000 Westent Attacked.— ville reservoir-erection bonds,reports state.
Suit was filed Dec. 2 in the Civil District Court
by John M. ANADARKO SCHOOL DISTRICT (P. 0. Anadarko), Caddo
Duffy attacking the constitutionality the
Okla.—NO BONDS TO BE ISSUED.—The Clerk advises
charter adopted County,
us
in August (V. 95, p. 634) establishingof
that the $16,500 bonds offered without success
on Dec. 5 1910 (V. 93,
a commission form of us
p. 1737) have been withdrawn from the market.
government.
ANTHONY, Harper County, Kans.—BONDS AUTHOR
IZED.—An
ordinance was recently passed providing for the issuance
New York City.—Mayor Acts on Budget
of $5,000 5%
Reductions.— coup. street-impt. bonds. Denom.
$500. Int. J. & D. Due part yearly
On Dec. 10 Mayor Gaynor sent
on
Dec.
1
from
1922
1913
inclusive
to
a
messag
.
e
to
Aldermen restoring $212,520 of the $583,52 the Board of
A.—BONDS NOT SOLD.—No bids were received
4,84 which the forARIZON
on Dec. 5
the $2,000,000 4% 15-25-yr. (opt.) gold Territorial
Board cut from the Budget for 1913.
refunding bonds
Mayor's action offered on that day
(V. 95, p. 1069.)
makes the final budget $192,676,241 16.The
ARLING
(V.
95,
TON,
p.
Shelby County, Tenn.—NO ACTION YET
1486).
Among the items restored by the Mayor were
TAKEN.
—No action has been taken looking
the issuance of the $10,000
priations made to the Board of Health for child the appro- water-works bonds voted Oct. 19 (V.towards
95. p. 1147)•
hygiene
ARLINGTON HEIGHTS (P.
prevention of tuberculosis and social service amount , the County.
Sta. R Cincinnati), Hamilton
,
ing to coupon , Ohio.—BONDS AUTHOR0.
IZED.—The issuance of $12,000 4%
5,150; Civil Service Commission, $22,500; Board
sewer-constr. tax-free bonds was recently
ed. Denom.
3500. Int. payable at First Nat. Bank in Lockland. authoriz
Estimate and Apportionment for standardization of supplieof for
Cert. check (or cash)
$300, payable to the Village, required
s,
We are advised that proposals
$10,000; contingencies, $13,000; Borough Preside
for these bonds will be received about Feb.. 1 1913.
nt Mc
Aneny's asphalt plant force and other
D, Ashland County, Ohio.—
s of the latter's willASHLAN
OFFERING.—Proposals
be received until 12 m. Jan. 4 1913 byBOND
office, $11,650, and for keeping healthpurpose
Edgar Koehl, City Aud., for
records
of
the
city's $1,200 41% Arthur St. impt.
bonds. Auth. Sec. 3939, Gen. Code. Dedependent children in private institutions, $10,000
nom. $400. Date Dec. 301912. Int. M.& S. Due
.
$400 yrly. on Mch. 1
from 1914 to 1916 incl. Cert. check for 5%
bonds bid for, payable to
North St. Paul, Ramsey County,
the City Treas., required. Bonds to bedeliveof
Minn.—Litiga- of
award. Purchaser to pay accrued interest.red within 10 days from time
tion.—Proceedings were started on Dec. 10 in the Distric
t
ASHLAND, Hanover County, Va.—BOND ELECTION PROPOS
Court to restrain the issuance of the ,000
ED.—
Local papers state that an election will be held
and impt. bonds voted Aug. 30. V. 95, p. elec.-light ext. issuing
$50.000 bonds to purchase the Ashland to vote on the question of
770.
plant or any other, or to construct a municipaGas, Sewerage & Water Co's
l plant.
1634
THE CHRONICLE
[VoL. Lxxxxv.
5% Dist. No.3 bonds. Denom.$500. Date July 15
ASHLEY, DELAWARE COUNTY, Ohio.-BOND SALE.-According par and int. $450,000
A. & 0.
to reports, Spitzer, Rorick & Co. of Toledo were awarded on Dec. 6 the 1912. Int.
Dist. No. 2 bonds were purchased by R. J.
state
that
$120,620
Reports
1421).
p.
95,
(V.
$8,954 16 5% 10-year East High St. impt. assess. bonds
Edwards of Oklahoma City.
ASSUMPTION, Christian County, Ill.-BONDS PROPOSED.-This
SCHOOL DISTRICT NO.6, Texas.
COUNTY
COMMON
CAMERON
place, according to reports, is considering the issuance of school bonds.
-BONDS REGISTERED.-On Dec. 6 $'2,000 5% 20-yr. bonds were
AUBURN, Cayuga County, N. Y.-BOND SALE.-The Water Board registered by the State Comptroller.
of the City has purchased $8,484 63 4%% 1-20-yr. (ser.) paving bonds, we
CAMERON DRAINAGE DISTRICT NO. 2, Cameron Parish La.are advised.
BOND ELECTION PROPOSED.-Local papers state that an election wil.
AUGUSTA, Ga.-BOND SALE.-On Nov. 30 the three issues of 4%% be held early in Jan. 1913 to vote on the question of issiung drainage bondsl
as
awarded
30-yr. coup. bonds, aggregating $500,000(V. 95, p. 1559), were
CANTON, Starke County, Ohio.-BONDS AUTHORIZED.-An
follows:
ordinance was passed Nov. 25 providing for the issuance of $27,700 4%£
$250,000 flood-protection bonds to Harris, Forbes & Co. of N. Y. at street-impt.
assess. bonds. Denom.(1) $700.(27) $1,000. Date March 1
98.587 and interest.
1913. Int. semi-ann- Due $4,000 yrly. on March 1 from 1915 to 1920
150,000 hospital bonds to Strother, Brogden & Co. of Baltimore and incl.
March 11921.
and
$3,700
interest.
and
Ladenburg, Thalmann & Co. of N. Y. at 98.587
BONDS AUTHORIZED.-Ordinances were passed Dec. 2 providing for
100,000 water-works bonds to'N. Y. Life Ins. Co. at 101.20 and int.
4%% coup. bonds
It will be noticed that the above report differs in some respects from that the issuance of the following
Denom.(1) $900,(9) $1,000.
given in last week's "Chronicle," that item having been written from news- $9,900 storm-sewer-constr. bonds.
8,200 storm-sower-constr. bonds. Denom. (1) $1,200, (7) $1,000.
paper accounts, as stated at the time.
Due Mch. 1 1922.
semi-ann.
Int.
1913.
Date
1
March
AVILLA, Noble County, Ind.-DESCRIPTION OF BONDS.-The
CENTRE TOWNSHIP, Vernon County, Mo.-BOND SALE.-On
are
$3,900 6% electric-light bonds disposed of on Nov. 7 (V. 95, p. 1421)Int.
(V. 95, p. 1346) were awarded
bonds
road-impt.
Dec.
3
the
6%
$20,000
1912.
7
in the denom (1) of $400 and (7) of $500 each. Date Nov.
to the Thornton Nat. Bk. of Nev.at par, int., and blank bonds and giving
ann. in July.
in installments to and incl.
bonds
deliver
the
to
privilege
the
township
NOT
• AVON-BY-THE-SEA, Monmouth County, N. J.-BONDS
Sept. 11913; also to retire all or any amount of bonds at any time. Other
SOLD.-No award was made on Nov. 21 of the $22,000 43,g% school bonds bids follow:
(V. 95, p. 1345.)
Fidelity Trust Co., *1520,075 00 A. G. Edwards & Sons,1*320,011 50
St. Louis
Kansas City
1 20,112 50
BABYLON,Suffolk County, N. Y.-BONDS NOT YET RE-OFFERED.
20,006 00
omm. Tr. Co., Kan
-No action has yet been taken to re-offer the $20,000 1-10-yr. (ser.) road- Spitzer, Rorick &
Toledo
Co.,'I *20,025 00 Bolg.Mosser& Will., Chic. 20,000 00
impt. bonds offered without success on May 14 (V. 94, p. 1461).
00
Chic*19,900
Co.
&
S.
Kean
A.
R. Compton Co.,
BALLSTON SPA, Saratoga County, N. Y.-DESCRIPTION OF Wm.
St Louis*20,056 00 C. H. Coffin, Chicago..__*19,621 00
% refunding water bonds awarded on Nov. 30 H.C.Speer
BONDS.-The $3,000
00
Des
Corp..
M*a20,000
Sec.
West.
00
*20,030
&
Ct
Co.,
Sons
denom.
to A. S. Booth of Ballston Spa at 100.66 (V.95,P. 1559) are in the
* and blank bonds. a less attorney's fees, &c.
of $500 each and dated Dec. 2 1912. Int. ann. in Dec. Due $500 yearly
SALE.
-BOND
Ohio.
Urbana),
0.
(P.
COUNTY
CHAMPAIGN
from 1913 to 1918 incl.
The Nat. Bank of Urbana was awarded at par the four issues of bonds
BANGOR, La Crosse County, Wis.-BOND OFFERING.-Proposals
offered on Oct. 28. See V. 95, p. 994.
will be received until 8 p. m. Dec. 17 by S. B. Wheldon, Village Clerk, for aggregating $9,600
CHARDON, Geauga County, Ohio.-BOND SALE.-On Dec. 10
$14,000 5% sewer bonds. Authority vote of 116 to 25 at an election held
$1,000
Due
% coup. North Main St. paving (assess. and city's
two
4%
semi-ann.
issues
of
the
Int.
Oct. 1. Denom. $1,000. Date Feb. 11913.
95, p. 1422), were awarded, it
yrly. from Feb. 1 1914 to 1927, unmatured bonds opt. after Feb. 1 1923. portion) bonds, aggregating $18,300 (V.
village,
the
to
Nat. Bank, Chardon, for $18,505-making the
payable
is
First
to
stated,
the
for
$300,
deposit
of
cert.
or
draft
check,
Cert.
price
101.12.
required.
CHARLOTTE, Eaton County, Mich.-NO ACTION YET TAKEN.BAY, Ohio.-BOND SALE.-On Dec. 3 the $10,000 4%% town-hall
bonds (V. 95, p. 994) were awarded to the First Nat. Bank of Cleveland at -We are advised by the Mayor that no action has yet been taken looking
towards the issuance of the $6.000 street bonds (V. 95, p. 1487.)
102.799 and int. Other bids follow:
$10,255 Hayden, Miller & Co., Clev_$10,210
Otis & Co., Cleveland
CIRCLEVILLE, Pickaway County, Ohio.-BOND OFFERING.
10.245 Sidney Spitzer & Co., Tol___ 10.010 Proposals will be received until 12 m.Dec. 24 by F. R. Nicholas, City Aud.,
Guardian Trust Co
Gen.
BERNARDS TOWNSHIP (P. 0. Bernardsville), N. J.-BOND SALE. for $9,500 4%% coup. fire-dept.-impt. bonds. Auth. Sec. 3939
Treas.
'
-On Dec.4 the $30,000 5% school bonds(V. 95, p. 1486) were awarded to Code. Denom. $500. Date Sept. 1 1912. Int. M. & S. at City
incl.
Curtis & Sanger of N. Y.at 104.75. Denom. $1,000. Dated July 1912, office. Due $500 each six months from Mch. 1 1914 to Mch. 1 1923
Cert. check (or cash) for 3% of bid, payable to the City Treas., required.
Int. J. & J. Due $5,000 yrly. in July from 1928 to 1933 incl.
threatened
or
no
is
pending
there
litigation
that
states
Official
circular
BILOXI, Harrison County, Miss.-BOND ELECTION PROPOSED.
affecting the corporate existence or the boundaries of the city or the title
Reports state that an election will be called the latter part of Jan. 1913 to of
its present officials to their respective offices or the validity of those
vote on the question of issuing bonds to secure terminal facilities and depot bonds, and that there has never been any default on the part of the city
grounds for the Biloxi Vicksburg & Omaha RR.
in the payment of any of its obligations: A certified transcript of the proBLACK CREEK DRAINAGE DISTRICT, Holmes County, Miss.
ceedings of the Council will be furnished the successful bidder. Bonds
BOND SALE.-The $18,200 6% tax-free drainage bonds (V. 95, p. 1070) will be ready for delivery on the "day of sale." Purchaser to pay accrued
were awarded on Oct. 28 to the Bank of Lexington in Lexington at par, interest.
int. and blank bonds. Date Oct. 1 1912.
CITY CREEK SCHOOL DISTRICT, San Bernardino County, Cal.
BLOOMINGDALE, Essex County, N. Y.-BOND SALE.-On Dec. 9 -BOND ELECTION.-Newspaper reports from San Bernardino state
the $6,000 coupon or reg. water bonds (V. 95, p. 1559) were awarded to that on Dec. 21 the voters of this district will have submitted to them the
Douglas Fenwick & Co. of N. Y. for $6,017 50 (1011.29) and int. for 4.65s. proposition to issue $8,000 school-construction bonds.
Other bids follow:
CLARINGTON SCHOOL DISTRICT (P. 0. Clarington), Monroe
$6,015 00
Adams & Co., N. Y., (for 4.80s)
that by a vote of 31 to 6
6,060 12 County, Ohio.-BONDS VOTED.-It is stated
J. J. Hart, Albany, (for 5s)
question of issuing $3,000 heating and ventilating-system-installation
the
6,042 00
Lobdell & Co., N. Y. (for 58)
at an election held Nov. 30.
bonds
carried
80
6,007
5s)
N.
(for
Y.
Hahn,
Geo. M.
CLINTON COUNTY (P. 0. Albany), Ky.-BOND ELECTION PROBOISE CITY, Ada County, Idaho.-BONDS AUTHORIZED.
POSED.-Reports state that a petition is being circulated calling for an
Ordinances were passed Dec. 3 providing for the issuance of the following election on Mch. 29 1913 to vote on the question of issuing $50,000 turn7% coupon assess. bonds
pike-construction bonds.
$5,528 56 Improvement Dist. No. 18 grading and surface-drainage bonds.
COHOES, Albany County, N. Y.-BOND SALE.-On Dec. 9 the
Denom. (1) $528 56, (10) $500.
51 4%% local-impt. bonds (V.95, p. 1487) were awarded ,$10,000
18,033 60 sewerage-impt. Dist. No. 2 bonds. Denom. (1) $533 60, (35) $31,283Cohoes
Say. Inst. and $21,283 51 to the Manufacturers Bank in
the
to
$500.
(1)
$410 70. Cohoes at par and int. A bid was also received from the Nat, Bank of
35,410 70 sewerage-impt. Dist. No. 111 bonds. Denom.
Cohoes.
(70) $500.
Date Feb. 11913. Int. F. & A. at the City Treas. office or at the Chase
COLFAX, Placer County, Cal.-BOND SALE.-According to reports,
Nat. Bank, N. Y. Due one -tenth of each issue yearly commencing Feb. 1 the $15,000 5% gold coup. sewer bonds(V.95, p. 636) wore awarded to the
1914.
Capital Nat. Bank of Sacramento at par and int.
BONNER'S FERRY SCHOOL DISTRICT (P. 0. Bonner's Ferry),
COLUMBUS, Bartholomew County, Ind.-BOND OFFERING.
issuing
of
question
-The
DEFEATED.
Bonner County, Idaho.-BONDS
This city will offer for sale about Feb. 1 1913 an issue of $38,000 4%
the $40,000 bonds(V.95, p. 1422)failed to carry at the election held Dec. 6. 10-20-yr. (opt.) filter-constr. bonds. Denom. (30) $100, (10) $500 and
BRAZORIA COUNTY (P. 0. Angleton), Tex.-BOND ISSUE.-This (30) $1,000. Date Jan. 1 1913.
county has issued 1150,000 Alvin Precinct road bds., according to reports.
COLUMBUS, Ohlo.-BOND SALE.-We are advised that $304,000
by this city to its sinking funds
BRAZORIA COUNTY DRAINAGE DISTRICT NO. 6, Texas.- 4% and 43 % assessment bonds were soldIt
was inadvertently reported in
BONDS REGISTERED.-On Nov. 29 the State Comptroller registered between July 1 1912 and Oct. 311912.
sold
during this period aggregated
bonds
assessment
yearly
the
$4,000
that
and
years
95,
1429,
V.
p.
10
180,000 5% bonds. Due $2,000 yearly for
$3,354.700, whereas that was the entire amount outstanding on Oct. 311912.
thereafter.
until 2 p. In. Dec. 16
received
be
will
-Proposals
OFFERING.
BOND
BREMEN, Fairfield County, Ohio.-BOND SALE.-On Dec. 10 the by the Sinking Fund Trustees for $200,000 4% water-main-extension taxtwo issues of 5% (village's portion) bonds, aggregating $3,718 (V. 95, p. free bonds. Denom. $1,000. Date April 26 1912. Int. M. & S. at
at
Lancaster
of
Hawk
1486) were awarded, $1,000 sewer bonds to J. F.
agency of the "City of Columbus" in N. Y. Due Sept. 11942. Delivery
105.512, and the remaining $2,718 to the Bremen Banking Co. in Bremen, of bonds Dec. 27 . Cert, check on a local bank for 2% of bonds bid for,
11.718 sewer for $1,808 75 (105.282), and $1,000 street at 102.48. Other payable to the Sink. Fund Trustees, required. Official circular states
bids follow:
the city has never defaulted in the payment of principal and interest
First Nat. Bank, Bremen-$2,840 for sewer bonds, $1,023 for street bonds. that
any of its bonds. The above is not a new issue, but securities held by the
M. S. Pond, Somerset-$2,786 22 for sewer bonds. $1,014 01 for st. bds. of
Sinking Fund as an investment.
BRIGGS SCHOOL DISTRICT, Ventura County, Cal.-BOND
CONVERSE COUNTY (P. 0. Douglas), Wyo.-gONDS PROPOSED.
SALE.-On Dec.6 the $5,000 5% 1-10-yr.(ser.) bldg. bonds(V.95, p. 1422) -Local
papers state that this county is considering the advisability of
were awarded to the First Nat. Bank of Ventura at 101.20 and int. Other issuing $30,000
funding bonds.
bids follow:
COOKE COUNTY (1". 0. Gainesville), Texas.-BOND SALE.-We
$5,005 00
First Nat. Bank, Oxnard__35,012 50 Bank of Hueneme
are advised that this county has disposed of $200,000 road bonds.
_ 5,005 001
Nat. Bank of
Ventura..1912. Interest annually in December.
Date Dec. 30
COTTON CREEK IRRIGATION DISTRICT, Saguache County,
- Colo.-BONDS NOT YET SOLD.-No award has yet been made of the
BROOKS COUNTY (P. 0. Falfurrias), Tex.-BOND ELECTION.
On Dec. 21 the voters will have submitted to them the propositions to $69,600 6% bonds offered without success on Sept. 30(V. 95, p. 995.)
issue $80,000 court-house and $45,000 road bonds, according to reports.
COVINGTON COUNTY (P. 0. Collins), Miss.-BOND SALE.-On
it is stated, to John
BRYAN, Williams County, Ohio.-BONDS AUTHORIZED.-An Dec. 4 $35,000 Dist. No. 2 road bonds were awarded,
434%
of
issuance
$10,000
the
& Co. of Chicago for $35,425-making the price 101.214.
for
Nuveen
providing
25
Nov.
ordinance was passed
of issuing Dist.
question
the
bonds.
that
nt-impt.
state
BOND ELECTION.-Reports
•coup. municipal-water-works and electric-lighting-pla
Treasury. No. 4 road-constr. bonds will be submitted to a vote on Dec. 19.
Denom. $500. Date Dec. 15 1912. Int. J. & D. at the Village
1
$2,500
and
March
$2,500
and
Due $3,000 March 1 and $2,000 Sept. 1 1925
DADE CITY, Pasco County, Fla.-BOND OFFERING.-Proposals
Sept. 1 1926.
will be received until 12 m. Dec. 16 by D. A. McGreachy, Co. Cleric, for
BUTTE CITY SCHOOL DISTRICT, Glenn County, Cal.-BOND $3,000 bonds to assist the county to erect a high-school in Dade City.
SALE.-Reports state that the $6,000 5% 8-yr. bldg. bonds voted July 10 and $12,000 street-impt. 5% coupon bonds. Auth. Chap. 6049, Acts of
(V. 95, p. 249) have been purchased by the State Board of Control.
Legislature, Session of 1909. Denom. $500. Date Dec. 1 1912. Int.
required as a deposit with bid.
CALDWELL COUNTY COMMON SCHOOL DISTRICT NO. 32, semi-ann. Due Dec. 1 1942. No check of
the Circuit Court. No other
bonds have been validated by decree
regis2
on
Dec.
These
Texas.-BONDS REGISTERED.-The State Comptroller
debt. Assessed val. 1911 $195.656.
tered $25,000 5% 10-20-yr. (opt.) bonds.
CALHOUN COUNTY (P. 0. Rockwell City), Iowa.-VOTE.-The
DALLAS, Teaxs.-BONDS AWARDED IN PART.-The following
vote cast at the election held Nov. 5, which resulted in favor of the issuance bids were received on Dec. 4 for the 5 issues of 4%% gold coupon bonds
of the $125,000 court-house-construction bonds (V. 95, p. 1422), was aggregating $725,000 (V. 95, p. 1346).
1,930 to 1,630.
Harris Trust & Say. Bank, Blodgett &
$715,163 00 and int. for $725,000
Co. and Kountze Bros
CALHOUN COUNTY (P. 0. Port Lavaca), Tex.-BOND ELECTION.
714,996 00 and int. for $725,000
-A vote will be taken on Dec. 31, it is stated, on the proposition to issue Dallas Trust & Say. Bank, Dallas
&
Oldham
Co.
Merrill,
&
and
Estabrook
$135,000 road-impt. bonds.
705,562 75 and int. for $725,000
Company
CALIFORNIA.-BONDS NOT SOLD.-A bid for $100,000 highway N. W. Halsey & Co., Chicago681,718 00 and int. for $725,000
bonds from N. W. Halsey & Co. of San Francisco was the only one received, C.
50 and int. for $100,000
100,536
&
Denison
Co.,
Cleveland------1
E.
it is stated, on Dec. 5 for the $1,000,000 harbor-impt. and $400,000 highwater or city-hall bonds.
way 4% bonds offered on that day (V.95, p. 1486). This offer was rejected. J. B. Oldham, Dallas
100,125 00 and int.for the $100,000 water bonds.
1
CALVERT, Robertson County, Tex.-BOND OFFERING.-We are
The Commissioner of Finance & Revenue recommended that the $100,000
advised that the Mayor will receive bids for $25,000 5% 10-50-yr. (opt.)
at 100.125 and int. from
Dallas
of
Oldham
be
bonds
to
B.
J.
awarded
water
sewer bonds. Denom.$500. Int:ann. in Calvert or at the Hanover Nat.
and that $100,000 of the $200,000 city-hall bonds be awarded
Bank in N. Y. These securities take the place of the $25,000 bonds Nov. 1 1912
and int. from Nov. 1 1912.
100.5365
&
Denison
at
E.
Co.
of
Cleveland
C.
to
p.
(V.
4
95,
Dec.
1345).
offered
DANSVILLE, Livingston County, N. Y.-NO ACTION YET TAKEN.
CAMERON COUNTY DRAINAGE DISTRICTS, Texas.-BOND
under date of Dec. 7 that no action
SALES.-Wm. R. Compton Co. of St. Louis was awarded on Sept. 4 at -We are advised by the Village Clerk
Al_
APO
DEC. 14 !s)12]
THE CHRONICLE
1635
has yet been taken looking toward the issuance of the $43,400 paving bonds
FAIRVIEW, Bergen County, N. J.-NO BOND ELECTION
voted Oct. 11 (V. 95, p. 1070.)
.-We are
advised that there is no
in the newspaper reports stating that an elecDAYTON, Ohio.-BOND OFFERING.-Further details are at hand tion will be held Dec. 24truth
to vote on the issuance of $15,000 street-impt. bds.
relative to the offering on Dec. 23 of the $12,000 5% coupon Sewer Dist.
FANNIN
No.4 sewer-constr.assess. bonds(V. 95,p. 1560). Proposalsfor these bonds -BONDS COUNTY COMMON SCHOOL DISTRICT NO. 15, Texas.
REGISTERED.-The State Comptroller registered
will be received until 12 m. on that day by G.W.Dish., City Aud. Denom.
$1,000 5%
$1,000. Date Sept. 1 1912. Int. semi-annual in N. Y. Due $1,000 5-20-yr. (opt.) bonds on Dec. 4.
FARMERS'IRRIGATION DISTRICT, Scotts
Sept. 11917; $2,000 Sept. 11918; $1,000 Sept. 1 1919 and $2,000 yearly
County, Neb.on Sept. 1 from 1920 to 1923 incl. Cert. check on a national bank for BOND OFFERING.-Further details are at hand Bluff
relative to the offering
$600, payable to the City Aud., required. Bonds to be delivered and paid on Dec. 23 of the $2,703,000 6% gold coup. tax-free bonds(V.
95. p. 1560).
Proposals will be received until 1:30 p. m.
for Dec. 23.
on that day by H. G. Leavitt,
Dist.
Sec.
(P.
0. Scotts Bluff). Denom. $100 or $500. Date
DELAWARE SCHOOL DISTRICT (P. 0. Delaware), Delaware
Jan. 111913.
Int. J. & J. at the Co. Treas, office
County, Ohio.-BOND SALE.-On Dec. 7 the $35,000 43i
in
Gering.
school
FREEPORT, Stephenson County, Ill.-BOND
bonds (V. 95, D. 1346) were awarded to Seasongood & Mayer of
Cin.
for
'
OFFERING
.-Proposals will be received until 2 p. m. Dec. 16
$35,660 (101.885) and int. The other bids follow:
by Wm. J. Goff, City Clerk,
Prov. Say. Bk.& Tr. Co.,
Sidney, Spitzer & Co.,Tol.$35,556 50 for $25,000 4 % fire-department-impt. bonds authorized by a vote of
Cincinnati
707 to 415 at the election held Dec. 3. (V. 95,
$35,630 00IBreed, Elliott & Harrison,
p. 1423). Denom. $500.
Date Dec. 15 1912. Int. semi-ann. Due
Cincinnati
Dec. 15 1932. ,Cert. check for
35,525 00
DENISON SCHOOL DISTRICT (P. 0. Denison), Grayson County, $1,000, payable to the Cityareas., required.
4
GARRETT
Texas.-BONDS VOTED.-The election held Dec. 6 resulted
favor of BY BANKERSSON, Minnehaha County, So. Dak.-BONDS OFFERED
the question of issuing the $100,000 high-school-erection bondsin
C. Speer & Sons Co. of Chic. are offering to investors
(V. 95, p. the $6,000 6%.-II.
1423). The vote was 420 to 30.
10-yr. electric-light bonds (V. 95, p. 845). Denom.
$500
Date. July 25 1912. Int. J. & J. in Chicago.
DE PERE, Brown County, Wis.-BOND SALE.-On Nov. $5,000 Assessed
Bonded debtl$11,900.
9
val. $125.123.
5% Sewer Dist. No. 1 sewer-constr. bonds were awarded to the
FM
State
Bank
GASTONIA, Gaston County, No. Car.-BONDS
of De Pere at 100.80. Denom. $250. Date Nov. 15 1912. Int. ann. in
VOTED.-By a
vote of 466 to 15 the question of issuing
January at the First Nat. Bank of Chicago, National Bank
$70,000 city-impt. bonds carried,
of Do Pere. Duo $250 yrly. Jan. 15 from 1913 to 1932 incl.or State Bank according to reports, at an election held Nov. 30.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
DES MOINES SCHOOL DISTRICT (P. 0. Des Moines), /owa.-BONDS NOT SOLD.
BOND ELECTION PROPOSED.-Local peppers state that the question of We are advised that on Nov. 20 no sale was made
of an issue of $12,500
bonds
issuing $200,000 high-school-bldg. bonds will probably be submitted
to the
voters.
GENEVA, Ontario County, N. Y.-NO
YET TAKEN.
DETROIT, Mich.-BOND SALE.-We are advised that this city has No action ha.s yet been taken looking towards ACTION
city-hall bonds voted Oct. 14 (V. 95, p. 1071.)the issuance of the $80,000
disposed of the remaining $215,000 of the $715,000 4% coupon
priv.
of reg.) tax-free bonds (V. 95, p. 1423) . The Comptroller also(with
GRANDFA
LLS DRAINAGE DISTRICT, Ward
advises us
County Texas.that the bids received on Oct. 28 for the whole of this issue ($750,000)
were BOND SALE.-The $33,000 5% bonds registered on Oct. 18
rejected.
'
(V. 95, p.
1148) have been sold, we are advised.
DEWEY, Washington County, Okla.-BONDS VOTED.-An election
GRANT COUNTY (P. 0. Ephrata), Wash.-NO
BONDS
OFFERED.
held Dec. 2 resulted in favor of the proposition to issue the $10,000
school -The County Treas. advises u.s that the newspaper reports of the offering
bonds. The vote, it is stated, was 163 to 91.
of $45,000 bonds on Dec.7(V.95, p. 1489) are erroneous.
DILLER, Jefferson County, Neb.-BOND ELECTION.-On
GRANT'S PASS, Josephine County, Ore.-BONDS
Dec.
23
VOTED.-Acthe voters will have submitted to them the proposition to
cording
to reports the issuance of the $200,000 railway
issue $5,000
bonds (V. 95, 13.
water-works-completion bonds, reports state.
1560) was authorized at a recent election.
DONA ANA COUNTY (P. 0. Las Cruces), N. Mex.-BOND ELECGREENFIELD, Adair County, Iowa.-BOND OFFERING
TION.-An election will be held Dec. 28 to submit to the voters
.-We are
the pro- advised this city will offer at private sale the $9,000 electric-lig
position to issue $100,000 5% coupon 20-30-yr.(opt.)
ht bonds
bonds. Denom. voted Oct. 21.(V. 95. p. 1148.)
$100. Date Jan. 1 1913. Int. semi-ann. in N. road
Y. Those securities
GUIN SCHOOL DISTRICT (P. 0. Guin), Marion County, Ala.
were offered on Dec. 10,subject to this election.
BONDS
AWARDED IN PART.-The Marion Co. Banking Co. in
DOUGLASVILLE, Douglas County, Ga.-BOND
Guin
OFFERING has purchased at par $5,000 of the $6,500 5% 10-year
POSTPONED.-We are advised that the sale of the $14,000
bldg bonds offered
waterbut
works
not
sold
on
Oct.
1 (V. 95, p. 995).
and $6,000 electric-light 5% 40-yr. bonds (V. 95, p. 1487) was
postponed
from December 2 to December 16.
HAMILTON SCHOOL DISTRICT (P. 0. Hamilton), Butler County,
Ohio.-BOND SALE.-On Dec. 10 the $300,000 4% coup.
DOVER CITY SCHOOL DISTRICT, Cuyahoga County,
school-bldg.
Ohio.
- tax-free bonds (V. 95, p. 1071)
BOND SALES.-On Oct. 31 the $5,000 4% 5-9-yr. (ser.) site
awarded to the Hamilton Clearing-purchase and House Association for $301,879.were
bldg. bonds (V. 95, p. 995) were awarded to the State Say. Bank
Well, Roth & Co., Ctn., submitted a
of
Canal
bid of $300,010.
Dover at par. Date Oct. 11912.
We are advised that the State Say. Bank of Canal Dover
HANFORD SCHOOL DISTRICT, King County, Cal.-BONDS
at par an issue of $10,000 4% bonds dated Nov. 29 1912. also purchased RE-AWARDED.-According to reports the
$36,0006% gold bonds awarded
DUBLIN INDEPENDENT SCHOOL DISTRICT (P. 0. Dublin), to the Farmers' & Merchants' Nat. Bank of Hanford (V. 95, p. 1424) have
Erath County, Tex.-BOND OFFERING.-Proposals will be received been re-awarded to the First Nat. Bank.
until Dec. 23 by J. II. Lacharn, Pres. Bd. of Trustees, for
HARDWICK, Caledonia County Vt.-BOND SALE.-The
5%
$15,000
10-40-yr. (opt.) school-constr. bonds. Auth. Sec. 154 et $44,000
bonds offered on Feb. 19 (V. 94, p.
seq. Chap. 4% coupon electric-light-loan of 1911'
124 Gen. Laws, 29th Legis., as amended by Sec. 1540, 31st Legis.
504)
have been sold, we are advised.
Denom,. $1,000. Date Jan. 1 1912. Int. J. & J. at Dublin, Austin or N.
HASTINGS, St. John County, Fla.-BOND ELECTION
Deposit of $5,000 is required. Official circular states that there is no Y. -Reports
PROPOSED.
state that this city intends to hold
controversy or litigation pending or threatened affecting the
election in Feb. 1913 to
existence vote on the issuance of $10,000 5% 20-yr. cityan
fire protection, pavement
or the boundaries of said municipality or the title of its corporate
present
and
officials
sewer
to
bonds.
Denom.
$500.
Int.
annual.
their respective offices, or the validity of these bonds, and that the princiHAYNES
pal and interest on all previous bonds have been promptly
at maturity. Gwinnett CREEK DRAINAGE DISTRICT NO. 1 (P. 0. Grayson),
These bonds were registered by the State Comptroller on paid
Ga.-BONDS NOT SOLD.-No, award has yet been
Dec. 3. Bonded made of the
County,
$15,0006% impt.ibonds offered by this district(V.95, p. 1148).
debt, $5,000. No floating debt. Assess. val. equalized 1912, $1,699,683
;
actual value 1912 (est.), $2,500,000.
HOOD RIVER, Ore.-BOND SALE.-On Dec. 2 the following
five
DUNDEE(P.O. Omaha),Douglas County, Neb.-BONDS
issues of 6% 1-10-yr. (opt.) bonds aggregating $14,480
62 were awarded
VOTED.- to Terry, Briggs
Newspaper reports state that at an election held Nov.
& Slayton of Toledo at par and int.
30
the
question
of
Issuing $7,000 village-hall bonds carried by a vote of
$4,689 40 Cascade Ave.-grading bonds. Denom.(9) $500 and (1)
109 to 2.
$189 40.
Date June 24 1912.
EAST ROCHESTER, Monroe County, N. Y.-BOND
ELECTION.3,236 22 Cascade Ave.-sidewalk bonds. Denom. (6) $500 and
On Dec. 21 the voters will have submitted to them
(1)
the
proposition to issue
$236 22. Date Sept. 7 1912.
$25,000 sewer-extension bonds.
3,546 95 Prospect Ave.-impt. bonds. Denom. (7) $500 and (1)
EL CENTRO, Imperial County, Cal.-BOND SALE.-On Nov.
$46
95.
Date Sept. 14 1912.
the $40,000 534% municipal-impt. bonds (V. 95, p. 1226) were awarded 12
387 45 No. Half State St.-sidewalk bonds. Date Sept. 14
to
the First Nat. Bank at par and int.
1912.
2,620 60 Thirteenth St.-impt. bonds. Denom.
(5) $500 and (1) $120 60.
ELIZABETH, Union County, N. J.-BOND OFFERING
Date July 12 1912.
.-John S.
Sauer, City Comptroller, has been directed to dispose
Int. semi-ann. at the City Treas. office.
of $303,000 43i%
coup. (with priv. of reg.) school bonds. Denom. $1,000.
HOQUIAM, Chehalis County, Wash.-BOND
1912. Int. .1'. & J. at National State Bank, Elizabeth, Due Date July 1
.-ProJuly 11052. posals will be received until 2 p. m. Dec. 18 by G. II. OFFERING
Validity approved by Hawkins, Delafield & Longfellow
Shaw, City Clerk,
Y. Genuine- it is stated, for $11,678 8% 1-5-yr. (opt.) bonds.
ness certified to by U. S. Mortgage & Tr. Co. N. Y., N.
Int. semi-ann. Cert.
The
entire
check
issue
for
1%
required.
amounted to $393,000, of which $90,000 was ptirchased on Oct.
at par
HURON COUNTY (P. 0. Norwalk), Ohio.-BOND SALE.
and int. by the Trustees for the Support of the Public Schools of 15
-On
the State Dec. 9 the $38,000
of New Jersey. It was erroneously reported in V. 95, P. 701,
5% 10%-yr. (aver.) coupon children's home bonds
that the (V. 95, p. 1346) were
entire issue had been disposed of.
awarded to the Citizens' Banking Co. of Norwalk
at 107.53 and int. Other bids follow
ELKIN TOWNSHIP, No. Car.-BOND SALE.-We have
just been First Nat. Bank
advised that Ulen & Co. of Chicago were awarded in Sept.
90 Tillotson & Wolc. Co., Cle$40,557 00
at par $20,000 Seasonfrood & Mayer, Cin.$40,859
5% railroad-aid bonds. Denom.$1,000. Date July
40,763 00 Spitzer, Rorick & Co.,Tol. 40,306 60
15
1911.
Int.
J.& J. Well. Roth & Co., Cin
Due July 15 1941.
40,668 00 Otis & Co., Cleveland..__ 40,283 00
IBERIA PARISH
ELLIS COUNTY COMMON SCHOOL DISTRICT
111, Texas.- This parish, according(P.10. New Iberia), La.-BONDS PROPOSED.
BONDS REGISTERED.-On Dec.7 the State ComptrolleNO.
to reports, is contemplating the issuance of $120.r registered $2,000 000 road
bonds.
5% bonds.
ILLIOPOLIS SCHOOL DISTRICT (P. 0. Illiopolis) Sangamon
ELSINORE, Riverside County, Cal.-BONDS VOTED.
,
elec- County, Ill.-BOND
tion hold Dec. 2 resulted, it is stated, in a vote of 191 to 16 in-The
SALE.-Reports state that the Bd. of Directors of
proposition to issue the $20,000 sewer bonds (V. 95, p. 1423). favor of the the Fireman's Fund of Springfield will purchase $5,000 school
bonds of
ELYRIA, Lorain County, Ohio.-BOND SALE.-Otis & Co. of Cleve- this district at 102.
land were awarded the 4 issues of bonds aggregatiing $93,000
INDIANAPOLIS SCHOOL CITY (P. 0. Indianapol
(V.
Marion
is),
95,
p.1148)
for $93,131 (100.14) and int.
County,Ind.-BOND OFFERING.-Proposals will be received
until 5 p.m
Dec. 23 by the Board of School Commrs., J. E.
ELYRIA CITY SCHOOL DISTRICT (P. 0. Elyria),
Cleland,
Bus.
Director.
Lorain
County, for $75,000 4% coupon school-real-estate-and-impt. tax-free
Ohio.-BOND OFFERING.-Proposals will be
bonds.
Dec. 24 by S. S. Rockwood, Dist. Clerk, for thereceived until 10 a. m. Denom. $1,000. Date Dec. 2 1912. Int. J. & D. at Indiana Trust Co. in
school-equip. bonds voted Nov. 5(V. 95, p. 1346).$300,000 4% additional Indianapolis. Due $25,000 Dec. 1 1942 and $50,000 Dec. 11943. Cert.
Dec. 24 1912. Int. J. & D.at the Elyria Savings & Denom. $1,000. Date check on a responsible bank or trust company in Indianapolis for 3% of
Banking Co. in Elyria. bonds bid for, payable to the Bd. of School
Due $15,000 yriy. on Dec. 24 from 1923 to 1942
Commrs., required. Bonds
incl. Cert. check on to be delivered Dec. 27. A prospectus
some solvent bank for $5,000, payable to the Dist.
of said bonds and envelopes for
Clerk, required. Bids bids will be furnished on
must be unconditional.
application to the Business Director Bd.of School
Commrs.
Bids to be made upon the printed form made part of the prosEMS WORTH, Allegheny County, Pa.-BOND
OFFERING.-Further pectus.
details are at hand relative to the offering on Dec. 19
of the $24,000 454%
JACKSON, Jackson County, Ohio.-BOND OFFERING.-Proposal
tax-free funding bonds (V. 95,
s
Proposals
p.
1487).
will be received on will be received until Dec. 28 by W. A. Ridenour,
that day until 5 p. m. by J.
City Aud., for $6,500
Sevin, Sec., Borough Council. Denom.
deficiency
$2,500 pumping-machinery 4% 20-yr. coupon bonds.
$1,000. Date about Jan. 15 W.
Auth.
1913. Int. sem-ann. Due $5,000 in 1928 Secs. 3916 and
and 3939 Gen. Code. Denom.$500. Int. at City Treas. office.
and 1933 and $7,000 in 1938 and 1943.
must be accompanied by Cert. check for $200 required. Bonds
will be ready for delivery the day
a Pittsburgh or Now York draft or cashier's Bids
check for $500.
of sale.
ESSEX COUNTY (P. 0. Newark), N. -BONDS
J.
AUTHORIZED.
JACKSON COUNTY DRAINAGE DISTRICT NO. 3, Texas.-BOND
This county authorized recently the issuance
$22,000 road and $3,933 27 court-house reg. of $100,000 coup. park, OFFERING.-The Commissioners' Court will offer at public sale on Dec.20
gold bonds. Denom. $64,950 5% drainage bonds. Due serially,
$3,933 27 and $1,000. Date Dec. 11912. Int.4%
the last bond maturing in
j. & D., $100,000 payable 1945. J.
at U. 5, Mortgage & Trust Co., N. Y.
W. Bagby is County Judge. (P. 0. Edna).
and$25.933
at Co. Treas. office.
Due $3,933 27 Dec. 11913,$22,000 Dec. 1 1932 and27
JACKSON TOWNSHIP (P. 0. Fostoria),!Seneca County, Ohio.
$100.000 Dec. 11952.
EUPORA, Webster County, Miss.-BONDS OFFERED
BY BANK- BOND OFFERING.-Proposals will be received until 12 m. Dec. 30 by
C. Speer & Sons Co., of Chic, are offering to investors
Twp. Clerk, for $40,000 of an issue of $75.000
$5,000 6% J. W. Shaw,
coup.
43
20-yr. water-works bonds. Denom. $500.
impt.
bonds.
public
ways
Auth.
vote
Date
of
190
Aug.
to
at
85
election
1
1912.
Int.
held Nov. 5.
F. & A. at the First Nat. Bank of Chic. Bonded
debt $25,500. Assess. Denom. $1,000. Date Dec. 1 1912. Int. M. & S. at the Com'i Bank &
val. $425.000.
Savings Co. in Fostoria. Due $2,000 each six months from Sept. 1
1913 toEXETER SCHOOL DISTRICT,Tulare County,
incl.
Mch.
1923
Cert.
1
check
for
10%
of
bonds
bid
payable to the
-On Dec. 3 the $25,000 6% bldg. bonds (V. 95, Cal.-BOND SALES. Twp. Treas., required. Bonds to be delivered within for,
10
days
from
p.
time
1423)
were
awarded
to N. W. Halsey & Co. of San Francisco at
of award. .14:Purcha.ser to pay accrued interest.
Torrance, Marshall & Co., San Francisco107.67. Other bids follow:
JEFFERSON COUNTY (P. 0. Birmingham), Ala.-BOND OFFER$26,750 00
E. II. Rollins & Sons, San Francisco
26,687 00 ING.-Proposals will be received until 12 m.
G. G. Illymyer & Co., San Francisco
Dec. 31 by the Board .of
26,307 25
Wm. R. &eats Co., San Francisco
26,026 00 Revenue, R. F. Lovelady, Pres.,for the $100,000 4 % 50-yr. gold hospital
First National Bank, Barnesville
offered
without
bonds
success
on
25,301 00
Sept. 7 (V. 95, p. 702). let .semi-ann.
Denotn. $1,000. Date Nov. 4 1912. Int. ann. in Jan.
Cert. check for $1,000, payable to the Board of Revenue, required. The
1636
THE CHRONICLE
Lxxxxv.
$100,000 site-purchase and building bonds (V. 95, p. 1488) failed to carry,
legality of the bonds will be approved by Dillon, Thompson & Clay of reports state, at the election held Dec. 3.
N.Y.,a copy of whose opinion will be furnished to the purchaser.
MARION COUNTY (P. 0. Fairmount), W. Va.-NO ACTION YET
the
The official norice of this bond offering will be found among the advertise- TAKEN.-No action has yet been takeni looking towards the issuance of
road-impt. bonds voted Sept. 21 (V. 95, p• 919)•
$400,000
•ments elsewhere in this Department.
held
-An
election
MARLIN, Falls County, Texas.-BONDS VOTED.
JEFFERSON SCHOOL DISTRICT (P. 0. Jefferson), Jackson
to issue $25,000 water-worksCounty, Ga.-BONDS VOTED.-By a vote of 155 to 3, the question of Dec. 9 resulted in favor of the proposition
Issuing $10,000 bldg. bonds carried, it is stated, at an election held Nov. 30. system-purchase bonds, reports state.
-BONDS REGISTERED.Texas.
MARSHALL, Harrison County,
JEWELL, Hamilton County, Iowa.-BOND SALE.-Thls town has
The State Comptroller on Dec. 6 registered the $28,000 5% 10-40-yr.
disposed of the $5,000 water-works bonds voted Oct. 14 (V. 95, p.1071.)
95,
p.
1
(V.
on
sold
Oct.
bonds
919)•
paving
(opt.)
JOPLIN, Jasper County, Mo.-DESCRIPTION OF BONDS.-We
-Reports
MARSHFIELD, Coos County, Ore.-BONDS VOTED.
are advised that the $50,000 viaduct bonds to be voted upon on Jan. 14
to issue $10,000 school bonds carried at a recent
1913 (V. 95, p. 1561) will bear 5% interest and mature in 20 years, subject state that a proposition
election.
to call after 5 years.
until
MARYLAND.-BOND OFFERING.-Proposals will be received State
JUSTIN SCHOOL DISTRICT (P. 0. Justin), Denton County, Tex.
the
of
m. Jan. 13 1913 (not Jan. 2, as at first stated) by M. Vandiver,
favor
12
in
resulted
-BONDS VOTED.-An election held recently
$500,000
and
"0"
Series
($500,000
the
$1,000,000
r
Treas.,at Annapolis,fo
question of issuing the $15,000 bldg. bonds (V. 95, p. 1289), reports state.
Series "D") 4% coupon (with privilege of registration as to principal)
KANSAS CITY Mo.-BOND ELECTION.-The election to vote on road State Loan of 1912 tax-free bonds (V. 95, p. 1425). Auth. Chap. 370.
the question of issuing the following 20-year gold coup. bonds, aggregating Acts of 1912. Denom. $1,000. Date Dec. 1 1912. Int. J. & D. Due
$2.950,000, will be held Jan.7(date changed from Dec.17-V.95, p. 1488).
Dec. 1 1927, opt. Dec. 11922. Cert. check on some responsible banking
$300,000 for street improvements.
$750.000 for flood protection.
Institution for 5% of bid required. Bonds to be delivered Jan. 18 1913.
plant.
incinerating
an
for
500,000
450,000 for bridges.
HASER OF BONDS.
MARYSVILLE, Nodaway County, Mo.-PURCbonds
250,000 for Swope Park impt.
150,000 for workhouse extension.
(V. 95, p. 1561)
purchaser of the $100,000 44,% water-works
100,000 for a tuberculosis hospital. 450,000 for park and play-ground The
and int. Date
was the Commerce Trust Co. of Kansas City, Mo., at par of
improvements.
N. Y. Due
Dec. 5 1912. Int. semi-ann. at the Guaranty Trust Co.
KENTON, Hardin County, Ohio.-BOND PALE NOT CONSUM- from 1917 to 1932.
MATED.-We are advised that the sale on Nov. 4 of the $18,000 5% coup.
Ohio.
County,
Washington
,
Matamoras)
MATAMORAS (P. 0. New
street-impt. bonds (V. 95, p. 1424) was not consummated.
was passed Dec. 2 providing
is -BONDS AUTHORIZED.-An ordinance
St. impt. bonds. Denom.
KEOKUK, Lee County, Iowa.-NO BONDS TO BE VOTED.-It
Broadway
coup.
4%
for
the
of
$1,725
issuance
stated that the proposed election to vote on the issuance of $250,000 school (1) $225, (3) $500. Date Dec. 31 1912. Int. semi-ann. at Vil. Treas.
bonds has been abandoned.
office. Due Dec. 311922.
Cal.KERN COUNTY (P. 0. Bakersfield), Cal.-BOND ELECTION PROMERCED HIGH SCHOOL DISTRICT, Merced County,
POSED.-It is stated that this county intends to submit to the voters BOND ELECTION.-An election will be held Jan. 11 1913, it is stated,
bonds.
bldg.
high-school
$50,000
the question of issuing $3,000,000 road-building bonds.
to vote on the question of issuing
purKINGMAN, Kingman County, Kan.-BOND ELECTION.-An elecMINNESOTA.-BONDS PURCHASED BY STATE.-The State
tion will be held, it is stated, to vote on the proposition to issue $45,000 chased at par during November the following 13 issues pf 4% bonds, aggrelight bonds.
gating $65,800.
a vote Aitkin County Dist. No. 39.. $500 McLeod Co. Ind. Dist.No.2.$28,000
LA FAYETTE, Yamhill County, Ore.-BONDS VOTED.-By
to own and Crow Wing Co. Dist. No.77. 1,600 Redwood Co. Dist. No. 50_ _ 2,000
of 66 to 41 the question of issuing not more than $30,000 bondsthe
election
700 Renville Co. Dist. No. 72_ __ 1,000
at
carried
system
light
or
Douglas Co. Dist. No. 17_ _ _
operate a municipal water system
3,005000
300 Rock Co. Dist. No. 14
IIubbard Co. Dist. No. 52_ _
held Dec. 2.
Roseau Co. Dist. No. 40........
21,000
-The
Ind.D.No.4_
Co.
SALE.
Kandiyohl
-BOND
200
155
LAKE COUNTY (P. 0. Crown Point), Ind.
No.
Dist.
Co.
Todd
2,000
First Nat. Bank of Crown Point was awarded on June 4 for $153,599 (102.39) LacQui Parle Co.Dist.No.108. 5,000
an issue of $150,000 43,5% almshouse bonds. Denom. $300. Date July 15 Lesueur Center,Lesueur Co.._
until
received
be
will
-Proposals
MOBILE, Ala.-BOND OFFERING.
1912. Int. J. & J.
5% 1-10-year
- 12 m. Dec. 30 by L. Schwarz, Mayor,it is stated, for $72,000required.
LAS CRUCES, Dona Ana County, N. Mex.-BOND ELECTION.
$25,000 (opt.) public impt. bonds. Int. ann. Cert. check for 1%
An election will be held Dec. 23 to vote on the proposition to issue
are advised
MODOC COUNTY (P. 0. Alturas), Cal.-VOTE.-We
20-30-yr. (opt.) coupon bldg. bonds at not exceeding 5% int., payable
resulted in the
that the official vote cast at the election held Nov. 5, which
semi-annually.
bonds (V. 95, p.
court-house
175,000
the
issue
to
proposition
of
the
-The
$11,000
defeat
SALE.
-BOND
LATAH, Spokane County, Wash.
"for" to 834 "against, a two-thirds majority being neces1425),sary
water-system bonds recently voted have been sold, we are advised.
rr9
t wcaas
12
y.
AULAUDERDALE COUNTY (P. 0. Meridian), Miss.-BONDS
Ariz.-BOND SALE.-On
MOHAVE COUNTY (P. 0. Kingman),
THORIZED.-Reports state that on Dec. 5 the Board of Supervisors Nov.
bonds (V. 95, p. 1227) were
25 the $80,000 5% coupon court-housefor
authorized the issuance of $100,000 bonds to construct roads in Supervisors' awarded
$80,901 50 (101.126) and
City
Kansas
of
Co.
&
to Sutherlin
District No. 1.
int. Other bids follow
I John Nuveen & Co. Chic,.$80,000
__
-..$80,810
LAVACA COUNTY (P. 0. Hallettsville), Tex.-BOND ELECTION
Denver
Co.,
N.
Wright
J.
PROPOSED.-The question of issuing $100,000 road bonds in Yoakum Causey,Foster& Co., Denver._ 80,0551
DEFEATED.-A propoJustice Precinct will be submitted to a vote, according to reports.
MONROE, Monroe County, Mich.-BONDS
on
LAWRENCEVILLE, Gwinnett County, Ga.-BOND SALE.-On sition to issue $25,000 payinFF bonds (V. 95, p. 109) was defeated
Nov. 21 the $15,000 5% 30-yr. gold coupon sewer tax-free bonds (V. 95. Nov. 25. The vote was 248 'for" to 325 "against."
Tex.
,
DISTRICTS
p. 1347) were awarded to J. B. McCrary Co. of Atlanta at par.
MONTGOMERY COUNTY COMMON SCHOOL
LINCOLN SCHOOL DISTRICT, Placer County, Cal.-BOND -BONDS REGISTERED.-The State Comptroller registered on Dec. 6
ELECTION.-An election will be held Dec. 31 ,it is stated, to vote on the $2,000 Dist. No. 10 and $1,500 Dist. No. 16 5% 10-20-yr. (opt.) bonds.
ELECTION.-An
issuance of bonds.
MUSKOGEE, Muskogee County, Okla.-BOND
of
SALE.
LOOKOUT MOUNTAIN, Hamilton County, Tenn.-BOND
be held Dec. 17, reports state, to vote on the issuance
bonds offered election will
bonds.
se
e-purcha
-Reports state that the $25,000 434% 20-yr. coupon street
park-sit
$150,000
&
of
Deppe
Walter
Mayer,
to
sold
been
have
ELECTION
637)
p.
95.
La.-BOND
on Sept. 21 (V.
NAPOLEONVILLE, Assumption Parish,
the
Cincinnati at par.
-It is reported that an election will be held to vote on
AUTHORIZED.-An PROPOSED.
-improvement bonds.
LORAIN, Lorain County, Ohio.-BONDS
power-house
of
issuance
5%
,
43
of
$75,000
7
Dec.
-On
SALE.
ordinance was passed Dec. 2 providing for the issuance
-BOND
Ohio.
County,
NELSONVILLE, Athens
Auth. Sec. 3939-1, Gen.
coup. subway-constr. and street-impt. bonds.
(V. 95,p.1425), were awarded
Int. M. & S. at office of the $5,200 5% coup. sewer and water bonds
was also
76
$5,232
Code. Denom. $1,000. Date Dec. 15 1912.
of
bid
A
int.
and
at
101.29
Somerset
of
Pond
S.
M.
Sinking Fund Trustees. Due $5,000 yrly. on Sept. 15 from 1937 to 1951 to
received from the Provident Say. Bank & Trust Co. of Cincinnati.
incl.
County, Mo.NEOSHO SPECIAL ROAD DISTRICT, Newton
BOND OFFERING.-Proposals will be received until 12 m. Jan. 3 1913
1488) BONDS PROPOSED.-This district is considering the issuance of $60,000
by E.P. Keating, City Aud.,for the following coup. bonds (V. 95, p.$1,000.
(1)
$607
(32)
Denom.
23,
bonds.
refund.
paving
bonds, we are advised.
$32,607 23 4%
SALE.-On Dec. 11
Due $2,607 23 Sept. 15 1914, $3,000 yrly. on Sept. 15
NEW BEDFORD, Bristol County, Mass.-BOND
from 1915 to 1920 incl and $4,000 yrly. on Sept. 15from $45,000
1912 bonds were awarded
4% reg. tax-free Municipal Loan No.7 of Sr
was
required.
of
$1,000
Deposit
1921 to 1923 incl.
at 100,029 int. A bid of parDate
Boston
of
Co.
&
Oldham
Merrill,
to
4,678 29 5% sewer refund. bonds. Denom. (1) $678 29, (4) $1,000. also received from Estabrook & Co. of Boston. Denom. $1,000.
Due $678 29 Sept. 15 1914 and $1,000 yrly. on Sept. 15 Nov. 1 1912. Int. M.& N. Due $5,000 yrly. Nov. 1 1913 to 1917 incl.
from 1915 to 1918 incl. Deposit of $200 required.
incl.
•
S. at office and $4,000 yrly Nov. 1 1918 to 1922
Auth. Sec. 3916, Gen. Code. Date Dec. 15 1912. Int. M.dr cert.
, Del.-BOND SALE.check
a
NEW CASTLE COUNTY (P. 0. Wilmingtonbonds
of Sinking Fund Trustees. Deposit must be in the form ofTreas.
offered on Sept. 24
t.
highway-imp
coup.
gold
Bonds
4%
City
Of the $105,000
on a Lorain bank or any national bank, payable to the
Sr. of Wilmington.
Carpenter
L.
J.
transcript (V.95, p. 703), $25,000 was awarded to
to be delivered within 10 days from time of award. A complete
& Co. of N. Y., as
Leach
B.
A.
to
of
disposed
was
furbe
will
$80,000
bonds
The
remaining
above
the
of
of proceedings had relative to the issuance a
nished to the successful bidder, together with sample copy of the printed reported in V. 95, p. 1488.
NEWPORT, Lincoln County, Ore.-BONDS VOTED.-The question
bond, on the day of sale.
carried,
BOND SALE.-On Dec. 12 the $20,000 43,6% coup. public-playground of issuing the $10,000 water-system-impt. bonds (V. 95, p. 996)
and park-impt. bonds(V 95, p. 1424) were awarded to A. E. Aub & Co. of it is stated, at an election held Dec. 2.
OFFERING.
stated.
is
it
Cincinnati at 106.125,
NEWPORT NEWS, Warwick County, Va.-BOND
18 by F. A. Hudgins, City-,
LOWELL, Middlesex County, Mass.-BOND SALE.-On Dec. 9itthe
Proposals will be received until 12 m. Dec.harbor
truction
pier-cons
and
is
awarded,
were
95,
coupon
156t)
(V.
$21,825 4% municipal loan bonds
Clerk,for the $250,000 434% 40-yr.
996. Denom.
p.
Due $7,275 yrly. from bonds offered on Oct. 24 without success. See V. 95,
stated, to Estabrook & Co. of Boston at 100.52.
p. Treas. Cert.
& J. at office of City
1920 to 1922 incl.
$1,000. Date Feb. 11913. Int. J.Curtis,
required.
Tress.,
City
LOWELL, Middlesex County, Mass.-BOND SALE.-Estabrook & check for $5,000, payable to J. M.
VOTED.
Co. of Boston were awarded at 100.52, it is stated, the $5,100 4% road
NOLAN COUNTY (P. 0. Sweet Water), Texas.-BONDS
$100,000 road
bonds offered but not sold on Dec. 2 (V. 95, p. 1561).
It is reported that at a recent election the question of issuing
four
the
bonds carried.
LYNN, Essex County, Mass.-BOND SALE.-On Dec. 10
RY
Issues of 4% bonds, aggregating $174,500 (V. 95, p. 1561) were awarded to
NORTH ATTLEBORO, Bristol County, Mass.-TEMPORA
stated,
R. L. Day & Co. of Boston at 100.159, reports state.
LOAN.-A loan of $30,000, due April 8 1913, was negotiated, it is
3
discount.
Dec.
-On
SALE.
4.08%
at
-BOND
Minn.
Boston
of
Co.
&
County,
L.
Day
R.
Louis
with
McKINLEY, St.
1488) were
the $10,000 5-14-yr. (ser.) coupon refunding bonds (V. 95, p.
County, N. J.NORTH WILDWOOD (P. 0. Anglesea), Cape May
bids follow:
awarded to the Biwabik Investment Co. at par for 6s. Other
the City Clerk under date
$9,700
Chic
NO ACTION YET TAKEN.-We are advised by looking
Co.,
&
Kean
A.
$10,000 IS.
Commercial Invest. Co
the sale of
toward
taken
been
has
action
of Dec. 4 that no further
MADISON COUNTY COMMON SCHOOL DISTRICTS, Texas.- $30.000 5% gold coup. tax-free boardwalk bonds(V.95, p. 1072).
BONDS REGISTERED.-On Dec. 2 the State Comptroller registered $700
ELECTION
NORTH YAKIMA, Yakima County, Wash.-BOND
5-20-yr. (opt.) Dist. No. 19 and $1,500 10-20-yr. (opt.) Dist. No. 20 5%
future, it is stated, to
bonds.
PROPOSED.-An election will be held in the nearbonds.
vote on the proposition to issue $250.000 sewer
MALDEN, Middlesex County, Mass.-TEMPORARY LOAN.-A loan
of $150,000 was recently negotiated, it is stated, with Blake Bros. & Co. of
OCEANSIDE-CARLSBAD UNION HIGH SCHOOL DISTRICT,
Boston, $100,000 at 4.07% discount and 1550,000 at 4.15% discount.
San Diego County, Cal.-BOND SALE.-Reports state that the $15,000
sold to
VOTED.
high-school-erection bonds voted Sept. 6 (V. 95, p. 846) have been100.073.
MARICOPA COUNTY (P. 0. Phoenix), Ariz.-BONDS
the price
By a vote of 12 to 3 the proposition to issue the $30,000 6% 10-20-year the W. R. Staats Co.of Los Angeles for $15,011, making
P•
(V.
95,
bonds
impt.
-Accordhighway
and
(opt.) gold Road District No. 1 road
OKEMAH, Okfuskee County, Okla.-BONDS PROPOSED.
1425) carried, it is stated, at the election held Nov. 30.
ing to reports this town is considering the issuance of water bonds.
to
MARION, Marion County, Ohio.-BOND OFFERING.-Proposals
OKETO, Marshall County, Kans.-BONDS VOTED.-According
will be received until 12 m. Dec. 26 by II. E. Mason, City Aud., for the reports, this city authorized the issuance of electric-light-system bonds at
following 43. % non-taxable bonds:
held
Nov.
25.
election
an
$3,376 street-impt. (city's portion) bonds. Auth. Sec. 3939, Mun. Code.
be received up to
OKLAHOMA.-BOND OFFERING.-Proposals will
Denom. (1) $376, (6) $500. Due $500 each six months from
Treas., at Oklahoma
Mch. 1 1916 to Sept. 1 1918 incl., and $376 Mch. 1 1919. Cert. and including January 15 by Robt. Dunlop, StateAuth.
Chap. 7 Art. 1,
bonds.
Treas.,
City
refunding
the
required.
to
payable
coupon
4%
check for $100,
City for $3,000.000
151913. Int. J. & J.
17,800 funding bonds (V. 95, p. 996). Auth. Sec. 3916-17, Mun. Code. Session Laws of 1895. °Denom. $1,000. Date Jan.
yrly. for 10 yrs.
the Oklahoma fiscal agency in N. Y. Due $300.000
Denom. (1) 3300, (35) $500. Due $500 Mch. 1 and Sept. 11914,
at
$1,000 each six months from Mch. 1 1915 to Sept. 1 1922 incl. and Cert. check for 2%, payable to the State Treas., required.
$500 Mch. 1 and $300 Sept. 1 1923. Cert. check for $500 required.
OLEAN, Cattaraugus County, N. Y.-BONDS VOTED.-The elecDate Sept. 11912. Int. M.& S.
Dec. 9 resulted in favor of the proposition to issue the $22,000
BONDS AUTHORIZED.-Local papers state that an ordinance was re- tion heldand
site-purchase bonds (V. 95, p. 1562), reports state.
cently passed by the City Council, providing for the issuance of $124,711 city-Jail
bonds.
impt.
and
pavement
sidewalk
6% sewer,
ONEONTA, Otsego County, N. Y.-BOND SALE.-The Citizens'
at par and int. $14,500 43,5% 29-Yr•
MARION CITY SCHOOL DISTRICT (P. 0. Marion), Marion Nat. Bank In Oneonta was awarded
$500. Date July 15 1912.1ant. J. & J. .
County, Ohio.-BONDS DEFEATED.-The proposition to issue the public-impt. bonds. Denom.
DEC. 14 1912.]
THE CHRONICLE
1637
ORANGE COUNTY (P. 0. Hillsboro), No. Car.-BOND SALE NOT received until 2 p. m.
20 by C. W. Bucklew, Clerk Bd. of Ed.. it is
CONSUMMATED.-The County Attorney writes us as follows concern- stated, for $15,000 5%Dec.
434-yr. (ay.) bldg. bonds. Int. semi-ann. Cert.
ing the $230,000 road bonds awarded in June to Woodin, McNear & check for $300 required.
Moore of Chicago (V. 94, p. 1582) "The validity of the issue was conRICHMOND TOWNSHIP, Huron County, Ohio.-BOND SALE.
tested, but the Supreme Court of the State held the issue valid in Pritchard We
have just been advised that the $10,000 coup. road bonds offered on
vs. Commissioners, 75 S. E. Rep.849. The opinion of the Court, however,
13 as 4345 (V. 94, p. 1720) were awarded to Hayden, Miller & Co.
left it doubtful whether the Commissioners of the county had authority July
to levy a special tax to exceed the limitation of the constitution, Art. 5, of Cleveland at 101.60 for 5s.
ROCHESTER., N. Y.-NOTE SALE.-On Dec. 10 the $300,000 sewageSection 6 (i. e., double the State tax), and a motion was made to amend
the judgment so as to show that the defendants did have this authority. disposal notes (V. 95, p. 1562) due in 6 months (maturity changed from
The Court, in an opinion handed down on Nov. 27 1912, as yet unreported, 4 months) were awarded to Luther Robbins of Rochester for $300,023 as
held that they did not have such authority. The effect of this decision is 534s. Other bids follow:
Bid for 5.75s
to stop the sale of the bonds until authority is conferred by the Legisla- Daniel A. Moran & Co., New York
Bond & Goodwin, New York
lature, which convenes on Jan.8 1913.
$11 premium for 5.60s
3600 premium for 6s
OWEGO SCHOOL DISTRICT NO. 1 (P. 0. Owego , N. Y.-BOND H. Lee Anstey, Now York
ROCKFORD, Mercer County, Ohio.-BOND SALE NOT CONSUMSALE.-On Oct. 20 $5,000 4% 1-5-yr. (ser. coup. bldg. bonds were
awarded to local investors at 100.86. Denom. $500. Date Nov. 11912. MATED.-The sale of the $6,000 5% refunding bonds on Nov. 15 to Seasongood & Mayer of Cin. (V. 95, p. 1562) was not consummated, we are
Int. M.& N.
PACIFIC COUNTY SCHOOL DISTRICT NO. 36, Wash.-BOND advised.
ROSEVILLE, Muskingum County, Ohio.-BOND SALE.-This
SALE.-On Dec. 7 $45,000 20-year bldg. bonds were awarded to the State
place, we are advised, has disposed of $10,017 34 street-impt. bonds.
of Wash. at par for 5s. Other bids follow:
Wm. D. Perkins & Co., Seattle
$45,000 for 53s
RIITHTON, Pipestone County, Minn.-BOND OFFERING.-ProCausey, Foster & Co., Denver
posals will be received until 8 p. m. Dec. 17 by H. V. Pederson, VII. Re45,680 for 5
Well, Roth & Co., Chicago
m s corder, for $2,000 5% coup. refund. bonds. Denom. $200. Date Nov. 1
63 o 5%s
45
5:r5501
C. H. Coffin, Chicago
for
1912. Int. semi-ann. at 'Vil. Treas. office. Due Nov. 1 1922. Bonded
First National Bank,
debt, $5,000; no floating debt. Assess. val. 1912,$60,000.
01 for 6s
Denom. $1,000. Date
Barnesv
Jan. 1 1913. Int.ille53
ann. in January.
SACRAMENTO COUNTY, Cal.-BOND OFFERING.-Proposals will
PAWTUCKET, Providence County, R. /.-BOND OFFERING.- be received until 10 a. m. Dec. 30 by M.J. Curtis, Co. Treas.(P.0.SacraProposals will be received until 12 m. Dec. 17 by J. Ellis White, City Treas., mento), for 363.000
for the $10,000 40-yr. park, $10,000 40-yr. park system, $40,000 40-Yr. bonds, it is stated. 6% 20%-year (ay.) Reclamation Dist. No. 551
highway and bridge. $35,000 25-yr. fire-station, $40,000 sewer, $175,000
ST. FRANCIS CONSOLIDATED SCHOOL DISTRICT (P. 0. St.
water-works and $40,000 30-yr. school-house 434% coup. bonds (V. 95, Francis),
Anoka County, Minn.-NO ACTION YET TAKEN.-No
p. 1426). The water bonds are due $35,000 on Dec. 1 in 1917, 1922, action has been
taken looking towards the issuance of the $25,000 building
1927, 1932 and 1937. Denom. $1,000. Date Dec. 11912. Int. J. & D. bonds voted Oct.
15 (V. 95, p. 1150).
at City Treas. office. Cert. check for $1,000 required. Bonds will be
ST. GEORGE, Dorchester County, So. Caro.-BONDS DEFEATED.
certified as to genuineness by the Old Colony Trust Co., Boston, and the
legality will be approved by Storey, Thorndike, Palmer & Dodge, whose -The election held Dec. 2 resulted in defeat of the question of issuing
$18,000 water-works-system bonds, reports state.
opinion will be furnished to the purchaser without charge.
ST. HILAIRE, Pennington County, Minn.-BONDS NOT SOLD.
PENSACOLA, Escambia County, Fla.-BOND ELECTION.-Newspaper reports now state that the election to vote on the question of issuing We are advised that no sale was made of an issue of 34.000 6% bonds
the $400,000 municipal dock construction bonds will be held Dec. 30,
and recently offered.
not Jan. 14 1913, as first reported (V. 95, p. 1426).
SALEM, Marion County, Ore.-BOND SALE.-The U. S. National
PETERSBURG, Menard County, Ill.-BOND SALE.-On
2 flank has been awarded, reports state, $23,000 impt. bonds for $23,342 11,
the$15,0005% sewer bds..(V.95,p. 1149) were awarded to Bolger, Dec.
Mosser making the price 101.487.
& Willaman of Chicago for $15,151 (101.006) and int. Other bids follow:
SCHLEICHER COUNTY (P.O. Eldorado), Tex.-BOND ELECTION.
S. A. Kean & Co.. Chicago_ _$15,125 H.C.Speer & Sons Co.,Chic_$15,015 -An election will be held Jan.
111913, reports state, to vote on the quesFirst Nat. Bank, Petersburg_ 15,075 Herrick Const. Co., Carlsay_ 15,000 tion of issuing $60,000 court-house
bonds.
Merch. Loan & Tr. Co., Chic. 15,027 Geo. M. Bechtel & Co., Day. 14,850
SCHUYLER, Colfax County, Neb.-BOND SALE.-On Dec. 3 $25,Wm.R. Compton Co., St. L.. 15,015 N. W. Halsey & Co., Chic__ 14,716
5-20-yr.
sewer
bonds
were awarded to H. C. Speer & Sons Co. of
000 5%
Allerton, Green & King,Chic_ 15,0101
A bid was also received from 0. H. Coffin of Chicago. Date Dec.3 1912. Chicago at par. Denom.$1.000. Date Aug. 11912. Int. ann.in Aug.
Interest annually in September.
SEATTLE, Wash.-BOND SALE.-During November this city issued
PHOENIX SCHOOL DISTRICT (P. 0. Phoenix), Maricopa County, the following special impt. bonds aggregating $77,508:
Amount.
Int.
Due.
Purpose.
Date.
Ariz.-BOND ELECTION.-An election will be held Jan. 4 1913,
it is
1-10-yr.ii)pt.)
6%
Sidewalks
Nov. 1 1912
stated, to decide whether or not this district shall issue $200,000 5% 20-year $6,340 15
6%
79
1-10-yr. opt.)
8,967
Sidewalks
Nov. 1 1912
site-purchase, building and improvement bonds.
1-10-yr. opt.)
9,006 95
6%
Asphalt top
Nov. 8 1912
PINELLAS COUNTY (P. 0. Clearwater), Fla.-BONDS VOTED.- 4,177 28
1-10-yr. opt.)
Walks
6%
Nov. 8 1912
The election held Dec. 3 resulted in favor of the proposition to issue the
6,985 48
Paving
6%
1-10-yr. opt.)
Nov. 8 1912
3370,000 5% 25-30-yr. (opt.) road-constr. bonds (V. 95, p. 1290), ac- 25,655 99
Grading
6%
1-10-yr. opt.)
Nov. 8 1912
cording to reports.
11,694 05
Sewer
7%
1-5-yr. opt.)
Nov. 11 1912
PITTSYLVANIA COUNTY (P. 0. Chatham), Va.-BOND SALE.
1-10-yr. opt.)
Walks
6%
Nov.20 1912
- 1,417 09
On Dec. 3 the $50,000 5% 34-year Dan River Magisterial Dist. bonds
3,263 22
6%
1-10-yr. opt.)
Sewer
Nov.30 1912
(V. 95, p. 1150) were awarded to Harris, Forbes & Co.of N. Y. at 100.75
SEATTLE SCHOOL DISTRICT NO.1(P.O. Seattle), King County,
and interest.
Wash.-BONDS VOTED.-The election held Dec. 7 resulted in favor of
PORTAGE COUNTYP. 0. Ravenna), Ohio.-BOND SALE.- the proposition to issue the $675,000 coup. school bonds(V. 95, p. 1426).
On Dec. 9 the $12,000 434% Skeel's Crossing subway-constr. (county's
SENATOBIA CREEK DRAINAGE DISTRICT (P. 0. Senatobia),
share) bonds (V. 95, p. 148 ) were awarded to the Ravenna Nat. Bank in Tate County, Miss.
-BONDS NOT YET SOLD.-No award has yet been
Ravenna at 102.725 and int. Other bids follow:
made of the $10,000 5% 20-year bonds offered without success on Oct. 1
Seasongood & Mayer, Cin___$12,3121Prov. Say. Bk.& Tr. Co.,Cin$12,272 (V. 95, p. 997). Denom.$500. Date April 11911. Int. ann. in April.
A. E. Aub & Co., Cincinnati_ 12,301 Well, Roth & Co., Cincin_ _ _ 12,242
SEQUIN Guadalupe County, Tex.-BONDS DEFEATED.-At a
PORT CHESTER, Westchester County, N. Y.-BOND OFFERING. recent
the question ofissuing $25,000 water-works and electric-lifht-Proposals will be received until 8 p. m. Dec. 16 by C. 0. Derby, Village systemelection
impt. bonds was defeated, it is stated, by a vote of 76 "for' to
Clerk, for $50,000 434% gold tax-relief bonds. Auth. Sec. 12, Chap. 4, 114 "against."
Village Charter, and, Chap. 28, Laws of 1906, as amended by Chap. 16.
SHARON, Mercer County, Pa.-BOND OFFERING.-According to
Laws of 1912. Denom. $1,000. Date Jan. 15 1913. Int. semi-annually
newspaper reports this borough will ask for bids for $85,000 bonds to
at First Nat. Bank of Port Chester. Due Jan. 15 1916. Certified
for 5% of bonds bid for, payable to the Village Treasurer, required. check construct a municipal electric-light plant.
SMITH COUNTY (P. 0. Raleigh), Miss.-BOND SALE.-On Dec. 5
PORT HURON, St. Clair County, Mich.-BOND OFFERING.Proposals will be received until Dec. 16 by G. Ross, City Clerk, for $75,000 S. L. McLaurin of Brandon was awarded $45,000 road bonds, it is stated.
bridge bonds. Cert. check for 5% of bid, payable to the "City of Port
SOUTH PASADENA HIGH SCHOOL DISTRICT, Los Angeles;
Huron", required.
County, Cal.-BOND ELECTION.-According to reports, the proposiPORTLAND, Ore.-BOND SALE.-On Nov. 25 $127,684 99 impt. tion to issue $70,000 building bonds will be submitted to a vote on Dec. 21.
These
bonds were awarded to Torrance, Marshall & Co. of Los Angeles
bonds were awarded to the Lumbermen's Nat. Bank of Portland at 103.10
on Oct. 28, but subsequently refused by them on account of certain irreguand int. Other bids follow
larities found in the election held Aug. 22 authorizing the issuance of the
J.W. Cruthers&Co_$15,000 103.02 Merchants' Nat 1325,000
102.71
(V. 95, p. 639).
Henry Teal, Port-__ 110,000 103.01
Bank
1 25,000 102.66 bonds
land
SPARTANBURG, Spartanburg County, So. Car.-BOND SALE.110,000 102.53
25,000
102.60
John Holm
The Central Nat. Bank of Spartanburg was awarded the three issues of
4,500 103
Dexter-Horton
25,000
102.55
Ludwig Hirsch
% coup. bonds,aggregating $200,000, offered without success on Oct. 14
10,000 103
Nat. Bank,
25,000
102.50
U. S. Nat. Bank
(V. 95, p. 1073).
80,000 102.91
Seattle
____ 25,000
102.45
Morris Bros, Portld 50,000 102.811
27,684
99
102.40
COUNTY (P. 0. Rockport), Ind.-BOND OFFERING.SPENCER
S. P. Siferd
2.500 102.50 The Citizens' Bank 23,000 102.125 Proposals will be received until
4 p. m. Dec. 21 by J. T. Stevenson, Co.
PORTLAND SCHOOL DISTRICT NO. 1, Multonomah County, Aud ,for $4,477 705% drainage bonds. Denom.(1) 3877
70 and (9)$400.
Ore.-BOND SALE.-On Nov. 20 the $150.000 431% 10-20-year (opt.) Int..I.
. & J., beginning Jan. 2 1914. These bonds were offered without
building bonds(V. 95, p. 1150) were awarded to the New York Life Insursuccess on Nov. 18. V. 95, p. 1426.
ance Co. of New York at 100.80-a basis of about 4.40%.
STANLEY COUNTY (P. 0. Fort Pierre), So. Dak.-BOND OFFERPORT OF SEATTLE, Wash.-BOND OFFERING.-Proposals will be ING.-Proposals will be received until 2 p. m. Jan. 18 1913 by the County
received until 2 p. m. Dec. 19 by II. M.Chittenden, Pres. of Port Commis- Auditor for not more than $150,000 5-20-yr. (opt.) warrant-funding bonds
not exceeding 5% int. Denom. $1,000. Cert. check for $1,000, payasion, 843 Central Bldg., Seattle, for the $2,350,000
% gold coup. bonds at
ble to the Auditor, required. Bonds were authorized by a vote of 1,378
(V.95, p. 1602). Denom. $1,000. Int. semi-ann. at the County Treas. to 679 on Nov.
5.
office or the State fiscal agency in N. Y. Date Jan. 11913. Cert. check
STILLMAN VALLEY SCHOOL DISTRICT (P. 0. Belton), Bell
for 1% of bonds bid for, payable to the Port Commission, is required. County, Tex.-BOND ELECTION PROPOSED.-An
election will be held,
Bonds will be certified as to genuineness by the Columbia-Knickerbocker it is reported, to vote on the question of issuing bldg. bonds.
STURGEON BAY, Door County, Wisc.-BOND SALE.-On Oct. 30
Trust Co. in N. Y. and the legality of those bonds will be passed upon by
A. B. Leach & Co. of Chicago was awarded at par and blank bonds an issue
Caldwell, Masslich & Reed of N. Y., whose opinion will be furnished upon of
$3,000 5% electric-light bonds. Denom. $1,000. Date Jan. 1 1909.
request. Blank forms for bids will be furnished by the Port Commission Int.
J. & J. Duo $2,000 Jan. 1 1914 and $1,000 Jan. 1 1915.4111111111111
or the above-mentioned trust company. Purchaser to pay accrued int.
SUISUN, Bolan° County, Cal.-BONDS VOTED.-The election held
The Port of Seattle has no bonded debt at present. Assessed valuation of Nov. 27 resulted, reports state. in a vote of 167 to 61 in favor of the propothe Port District (King County),$258,640,374;real val., est., $575,000.000. sition to issue $20,000 (not $10,000, as first reported municipal waterThe official notice of this bond offering will be found among the advertise- system-impt. bonds (V. 95, p. 1562).
TEMPLE, Belt County, Texas.-BONDS AUTHORIZED.-It is
ments elsewhere in this Department.
reported that the City Council recently authorized the issuance of $75.000
PORTSMOUTH, Norfolk County. Va.-BOND SALE.-We have sewer and $75.000 street-paving (city s portion) bonds (V. 95. p. 920)•
ust been advised that Mayer, Donne & Walter and Well, Roth &
17HRICHSVILLE, Tuscarawas County, Ohio.-BOND SALE.
Co. of
(Mn .have been awarded the three
issues of 434% 30-yr- coupon (with priv. The $22,000 4% coup. Trenton Ave. paving bonds, bids for which were
of reg.) street impt. bonds,aggregating $275,000
offered on Aug.29(V-.95. reported in V. 95, p. 1562, were awarded on Dec.3 to Otis & Co. of Clevep.375).
land at par, int. and blank bonds.
POSEY COUNTY (P. 0. Mt. Vernon), Ind.-BOND SALE.-On
VAN BUREN COUNTY (P. 0. Keosauqua), Iowa.-BONDS PRONov. 7 the First Nat. Bank of New Harmony was
POSED.-According to local papers, this county will issue $50,000 reawarded
for
35.608
(100.143) an issue of $5.600 4%% 20-yr. road-ext. bonds. Denom. $140. funding bonds.
.
Date Nov.4 1912. Int. M.& N.
WARE COUNTY(P.O. Waycross), Ga.-NO ACTION YET TAKEN.
PUTNAM COUNTY (P. 0. Palatka), Fla.-BOND SALE NOT CON- -No action has yet been taken looking towards the issuance of the $200,000
SUMMATED.-The sale of the $35.000 5% funding bonds(V. 94, p.
bonds, recently proposed (V.95, p. 1073).
1135) road
was not consummated, owing to irregularities.
•
WAYCROSS, Ware County, Ga.-BOND SALE.-On Nov. 29 the
RACINE, Racine County, Wis.-BOND OFFERING.-Proposals will $100.000 5%_30yr. publtc-linpt. bonds (V. 95, p. 1350) were awarded,
it
be received until 2 p. m. Dec. 19 by E. J. Eisenhurst, City
Treas., for Is stated, to N. W. Halsey & Co., NewYork,at 102.074.
$30,000 434% garbage-incinerator bonds. Denom.
$1,000. Date Nov. 1
WELLINGTON, Sumner County, Kan.-NO BOND ELECTION.1912. Int. M. &N. at City Treas. office. Due $1,000
yrly. on Nov. 1 We are advised that the election which was to have been held
from 1013 to 1927 incl. and $3,000 yrly. on Nov. 1 from 1928
Dec. 10 to
to 1932 incl. vote on the issuance of $200,000 water bonds (V. 95, p. 1291) was
Successful bidder must furnish cert. check for $2,000, payable to
canceled.
the city.
BOND ELECTION PROPOSED.-Reports state that the voters
will
WESTBORO,
Worcester
County,
Mass.
-NO
ACTION
TAK
,.....„.72
YET_
EN..
have submitted to them next spring the question of issuing $50,000
action has yet been taken looking towards the issuance of the $7.000
pub- -No ac
lic park bonds.
4% water tax-free bonds recently authorized (V.95, p. 1073).A
-ar
RANDOLPH TOWNSHIP SCHOOL DISTRICT (P. 0. Clayton),
WEST PLAINS SPECIAL ROAD DISTRICT, Howell County, Mo.Montgomery County, Ohio.-BOND OFFERING.-Proposals
will be DESCRIPTION OF BONDS.-The 330,0005% road bonds awarded to the
[VoL. Lxxxxv.
THE CHRONICLE
1638
Wm. R. Compton Co. of St. Louis in August (V. 95, p. 439) are in the
denom. of $500 each and dated Aug. 1 1912. Int. F. & A. at the Merchants-Laclede Nat. Bank in St. Louis. Due $2,000 yearly Aug. 1 1914
to 1928, incl. No other debt. Assessed valuation, $1,134,205.
WEST POINT, Cuming County, Neb.-BOND SALE.-On Oct. 28
the $14.000 5% 20-yr. coup. sewer bonds (V. 95, p. 1074) were awarded
to the Bankers' Reserve Ins. Co. of Omaha at par.
WHITESBORO, Oneida County, N. Y.-BOND OFFERING.-Proposals will be received on or before Dec. 20 by G. P. Morse, Village Treas.,
for $1,338 reg. Moseley and Pleasant Sts. paving assessment bonds at not
exceeding 5% int. Date Jan. 11913. Int. semi-ann. Due $267 60 yrlY.
Jan. 1 from 1914 to 1918 incl. Cert. check for 5% of bid required.
WHITING, Monona County, Iowa.-BONDS VOTED.-An election
held Dec. 4 resulted in favor of the proposition to issue $10,000 electriclight bonds. The vote, it is stated, was 252 to 6.
WINCHESTER, Randolph County, Ind.-BONDS NOT SOLDBOND OFFERING.-We are advised that no award was made on Nov. 20
of an issue of $8,000 4% bonds offered on that day. Bids will again be
received for these securities, this time until Jan. 7 1913.
SALE.
Pr WORCESTER COUNTY (P. 0. Snow Hill), Md.-BOND1228)
were
On Nov.26 the 825,0005% tax-free road-impt. bonds(V.95, p.
awarded to Townsend Scott & Son and Hambleton & Co. of Baltimore.
Canada, its Provinces and Municipalities.
ARMSTRONG, B. C.-DEBENTURES PROPOSED.-It is reported
that $2,500 debentures will be issued for the erection of stabling on the
agricultural grounds.
BARTON TOWNSHIP, Ont.-DEBENTURE SALE.-On Dec. 7 the
$32,300 43,6% 20-yr. debentures (V. 95, p. 1491) were awarded to A. E.
Ames & Co. of Toronto for $30,062, making the price 93.071. Other bids:
Wood, Gundy & Co., Tor_ ..$29,863 Brent, Noxon & Co., Tor _ __$29,463
C. H. Burgess & Co., Tor_ _ _ 29,691 Dominion Securities Corp.,
28,669
W. A. Mackenzie & Co.,Tor_ 29,639 Ltd., Toronto
BRAMPTON, Ont.-BIDS REJECTED.-The following bids received
rejected
were
on Dec.2 for the 843,0005% debentures(V.95, p. 1491)
W.A. Mackenzie & Co.,Tor..$41,3271e. H. Burgess & Co., Tor_ $48,882
A. E. Ames & Co., Toronto.. 41,160 Dominion Securities Corp.,
39,882
Ltd., Toronto
Wood, Gundy & Co., Tor_.__ 40,903
DEBENTURE SALE.-We are advised that W. A. Mackenzie purchased
•6s.
5
as
(100.209)
the above debentures for $43,090
DEBENTURE ELECTION.-An election will be held Jan. 1 1913 to
submit to the rate-payers a by-law providing for the issuance of $40,000
school-building debentures, according to reports.
BRANDON SCHOOL DISTRICT NO. 2063, Man.-DEBENTURE
on
ELECTION PROPOSED.-According to reports, a vote will be taken
Dec. 16 on the issuance of $125,000 school and grounds-purchasing debs.
BRIDGEMIRG, Ont.-DEBENTURE SALE.-On Ded. 2 the $13,(V. 95,
582 20 10-yr. local-impt. and $28,010 30-yr. sewer 5% debentures
p. 1491) were awarded to C. H. Burgess & Co. of Toronto for $38,759
follow
bids
Other
int.
and
(93.18)
$38,726 49
W. A. Mackenzie & Co., Toronto
37,534 00
B. C. Matthews & Co., Toronto
BRIGHTON, Ont.-DEBENTURES PROPOSED.-The burgesses wilt
vote on Jan. 6 1913 on a by-law providing for the issuance of $50,000,
water-works-system debentures, according to reports.
CALGARY, Alta.-DEBENTURE ELECTION.-AccordIng to reports,
by-laws•
an election will be held Dec. 20 to submit to the rate- payers
providing for the issuance of $50,000. sewer-ext.. $50,000 catch basins,
$45,000 fire-alarm-extension and apparatus, and $60,000 paving-plant debs.
DEBENTURES VOTED.-A by-law providing for the issuance of $800,000 bridge debentures carried recently, it is stated.
CARLETON COUNTY (P. 0. Ottawa), Ont.-DEBENTURE OFFERING.-Proposals will be received until 11 a. m. Dec. 23 by Chas. Macnab,
Co. Clerk, for $10,000 5% debentures, to be issued Dec. 30.
CHARLOTTETOWN, P. E. I.-DEBENTURE SALE.-An issue of
$2,000 4;4% 20-yr. debentures has been purchased, it is stated, by D.
Goodwill at par.
CLINTON, Ont.-DEBENTURE ELECTION.-Tho question of issuing
$33,000 debentures to purchase the Clinton electric-light plant will be
voted upon at the municipal election, it is reported.
DIAMOND CITY SCHOOL DISTRICT NO. 1,861 (P. 0. Diamond
City), Alta.-DEBENTURE OFFERING.-Proposals will be received until,
12 m. Dec. 16 by T. N. Christie, Secy.-Treas., for $2,600 6% 20-annualinstal. debentures.
EMERALD, Rural Municipality, Sask.-DEBENTURE SALE.
Reports state that $10,000 5% 20-installment debentures were awarded
to the Flood Land Co. of Regina.
ESTEVAN, Sask.-DEBENTURES NOT YET SOLD.-No award has.
yetbeen made of the three issues of 5% debentures, aggregating $110,000,
offered without success on Oct. 15 (V. 95, p. 1151).
FERGUS, Ont.-DEBENTURE OFFERING.-Reports state that proposals will be received until about Dec. 15 by James Beattie, Treas. for
water-works debentures ranging from $525 to $2,200 at 5% and to maturein from one to thirty years.
FILLMORE, Sask.-DEBENTURES PROPOSED.-The burgesses will
have submitted to them on Dec. 9 a by-law providing for the issuance or
$25,000 debentures, according to reports.
GILBERT PLAINS (Rural Municipality), Man.-DEBENTURE
ELECTION.-An election will be held Dec. 17 to submit to the ratepayers a by-law to borrow $30,000 to construct a bridge and other public
works, according to reports.
GOLDEN WEST, Rural Municipality No. 95, Sask.-DEBENTURE'
SALE.-Nay & James of Regina have, it is stated, purchased $12,000
debentures.
GUELPH, Ont.-DEBENTURE ELECTION PROPOSED.-According
to reports, this place is to vote on the issuance of $15,000 additional fireprotection debentures.
KAMSACK, Sask.-NO ACTION YET TAKEN.-No action has yetbeen taken looking towards the issuance of the 4 issues of debentures, aggregating $40,000, recently voted (V. 95, p. 922).
KINGSTON, Ont.-DEBENTURES PROPOSED.-AccordIng to reports, this place is considering a by-law which provides for the issuance of'
$50,000 electric-power-works debentures.
LONDON, Ont.-DEBENTURE OFFERING.-Proposals will be received until 4 p. m. Dec. 30 by Jas. B. Bell, City Treas., for the following
coup. debentures, aggregating $231,400
NEW LOANS.
NEW LOANS.
KANSAS CITY, MISSOURI
$2,350,000
PORT OF SEATTLE,WASHINGTON
2 PER CENT BONDS
1
GOLD 4/
The undersigned will receive SEALED BIDS until 2 P. M.,
DECEMBER 19, 1912, at its office, 843 CENTRAL BUILDING,
SEATTLE, WASHINGTON,for all or any part of $2,350,000, GOLD
43/ PER CENT 1 TO 42 YEAR SERIAL bonds of the PORT OF
SEATTLE, principal and semi-annual interest payable in Seattle
or New York at the holder's option.
Further information and blank form for bid may be obtained
from the undersigned or from the COLUMBIA-KNICKERBOCKER
TRUST COMPANY, NEW YORK, which will certify to the genuineness of the bonds, or from CALDWELL, MASSLICH & REED,
NEW YORK, whose opinion approving legality will be furnished to
the purchaser.
The Port of Seattle is an independent municipal corporation,
coterminous with King County, which includes the City of Seattle.
Assessed valuation $258,640,374. Estimated real value $575,000,000. Bonded debt, none.
NO FURTHER OFFERING OF BONDS WILL BE MADE FOR
SIX MONTHS.
The right is reserved to reject any or all bids.
THE PORT COMMISSION OF THE PORT OF SEATTLE,
BY H. M. CHITTENDEN,
PRESIDENT.
ROBERT BRIDGES,
SECRETARY.
Charles M. Smith & Co
$200,000 WATER BONDS
$200,000 SEWER BONDS
Sealed proposals will be received by the undersigned, the Mayor and the City Comptroller, of
Kansas City, Missouri, until DECEMBER 19.
1912, at 10 o'clock A. M., for the purchase of
all or any part of the following-named bonds of
the city of Kansas City,Missouri,in the followingnamed amounts:
Water-Works-Improvement
$200,000 00
Bonds, Second Issue
Kansas City Sewer Bonds.._$200,000 00
The water-works-improvement bonds bear
interest at the rate of four per cent per annum
and the Kansas City sewer bonds bear interest
at the rate of four and one-half per cent per
annum. All of these bonds are of the denomination of $1,000 each,dated September 1st, 1910, to
mature September 1, 1930. Interest payable at
the office of the City Treasurer of Kansas City,
Missouri, or at the Chase National Bank in the
City and State of New York, at the option of
the holder. The March and September, 1911,
and March and Septemner, 1912, coupons will
be detached from said bonds before delivery and
will not be sold.
No bid will be received which is in whole or in
part less than par.
The legality of the bonds will be approved by
Messrs. Dillon, Thomson & Clay of New York,
whose opinion as to the legality, or duplicate
thereof, will be delivered to the purchaser or
purchasers of said bonds.
Each bid must be made on a blank form furnished by the city, and must be accompanied
by a duly certified check on a national bank doing
bu.siness in Kansas City, Missouri, payable to
the order of the City Comptroller of Kansas
City,. Missouri, for 2 per cent of the par value
of the bonds bid for. The right is reserved to
reject any and all bids.
Delivery of the bonds will be made on Decemtrr 31, 1912, at 10 o'clock A. M., at the office
of the City Comptroller of Kansas City, Missouri.
Bids will be received at the office of the Mayor
of Kansas City, Missouri, in the City Hall in
said City, but no bid will be entitled to consideration unless received by or before the hour
above set for receiving bids.
Printed circulars containing more definite and
detailed information with reference to said bonds
and blank forms for bids, can be had on application to the City Comptroller of Kansas City,
Missouri, or to Messrs. Dillon, Thomson & Clay
of New York.
HENRY L. JOST,
of.Kansas City, Missouri.
A. Mayor N
M.
FLYN
Comptroller of Kansas City, Missouri.
CORPORATION AND
MUNICIPAL BONDS
AMERICAN MFG. CO.
TIM NATIONAL BANK BUILDING
CHICAGO
MANILA, SISAL AND JUTE
CORDAGE
ESTABLISTIED 1885.
H. C. SPEER & SONS
CO.
First Nat. Bank Bldg., Mugs
SCHOOL,
COUNTY AND MUNICIPAL BONDS
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
Sales Office:
SEASONGOOD & MAYER
Noble & West Sts., Brooklyn N. Y.
Ingalls Building
CINCINNATI
db•
DEC. 14 1912.]
THE CHRONICLE
/50,000 4X% incinerating-plant debentures. Denom. $1,000. Due June
30 1942.
1E6,000 4 % public-comfort-station and weigh-scales office debentures.
Denom. $1,000. Due June 30 1942.
17,500 44% Victoria Hospital debentures. Denom. (1) $500, (17)
$1,000. Due June 30 1942.
IN
61,000 4X% water-works debentures. Denom. $1,000. Due June 30
1942.
66,900 4X % electric-light-plant constr. debentures. Denom. (1) 8900.
(66) $1,000. Due June 30 1942.
15,000 4%% fire-department debentures. Denom.$1,000. Due June 30
1922.
15,000 4%% public-school debentures. Denom. $1,000. Due June 30
1927.
Int. J. & D.at City Treas. office or at any branch of the Molson Bank in
Canada. Cert. check for $1,000, if bid is made for the whole block, or 2%
of bid if same is for less than $25,000,required. Debentures to be delivered
Jan. 15.
MAGRATH, Alta.-DEBENTURE SALE.-We are advised that a
bid of $11,087 73 (100.795) was received from the Flood Land Co. of
Regina for the $11,000 5% 20-yr. local-impt. debentures offered on Nov.20.
(V. 95, p. 1292.)
MOOSE JAW, Sask.-NEW LOAN.-Advices from London state that
underwriting arrangements are in progress for $1,500,000 4%% debentures
•of this city.
DEBENTURES AUTHORIZED.-The City Council recently passed a
by-law providing for the issuance of $59,226 4 % 40-year frontage assess.
debentures, according to reports.
PETERBORO, Ont.-DEBENTURES AUTHORIZED -It is stated
that the City Council recently authorized the issuance of $120,000 municipal
lighting-system debentures.
PETERBOROUGH, Ont.-DEBENTURE SALE.-The $19,500 434%
20-yr. bonus debentures ((V. 95, p. 1292) were awarded, it is stated, to
Wood, Gundy & Co. of Toronto.
POINT GREY, B. C.-DEBENTURE ELECTION PROPOSED.-Bylaws providing for the issuance of $740,000 sewer-ext. and $250,000 road
debentures may be voted upon in Jan. 1913 it is stated.
PORT COLBORNE, Ont.-DEBENTURES NOT SOLD.-No award
has yet been made of the $20,000 school and $20,000 water 5% 30-installment coup. debentures (V. 95, p. 641) which this place has been offering
for sale.
ST. THOMAS, Ont.-DEBENTURES VOTED.-The by-law providing
:or the issuance of $45,000 debentures (V. 95, p. 1430) as a bonus to the
E. T. Wright Shoe Co., carried, it is stated, at the election held Dec. 4.
pliSANDWICH, Ont.-DEBENTURE SALE.-The Dominion Sec. Corp.,
Ltd., of Tor. was awarded, reports state, $12,498 14 5% 20-installment
debentures.
SASKATOON, Sask.-NEW LOAN OVERSUBSCRIBED.-Subscriptions were asked until Dec. 3 by the Bank of Montreal, London, Eng.,
for £400,000 5% consolidated stock of the city of Saskatoon at 99
Newspaper advices are that the loan was oversubscribed. The proceeds
of the issue are required for general purposes, including the extension of
the water-works, electric-light and power-systems and other civic works.
A full half-year's interest is payable April 11913. The stock is redeemable
at par on Oct. 1 1961, the city having the option to redeem at par on or
after Oct. 1 1941, on six months' notice. Principal and interest payable at
the Canadian Agency, Ltd., London, E. C., or, at holders option, at the
BOND CALL.
NOTICE TO HOLDERS OF
BROWN REDEMPTION BONDS
Issued by the State of South Carolina
Under the Act of 1892.
Pursuant to the Act of the General Assembly
of the State of South Carolina passed at the
session of 1912, entitled, "An Act to Provide for
the exercise by the State of its option to call in
and pay the whole or any part of the Brown
Bonds and Stocks issued under an Act entitled,
'"An Act to Provide for the redemption of that
portion of the State debt known as the Brown
Consol Bonds and Stocks by the issue of other
bonds and stocks", approved December 22nd,
A. D. 1892, 27th Statutes, page 738. Notice
4s hereby given to all the holders of Brown
Redemption Bonds issued under said Act of 1892,
and numbered from No. 3,781 to No. 4,319,
both inclusive, being of the par value of One
Thousand ($1,000) Dollars each; to present the
said bonds for payment and redemption to the
State Treasurer of the State of South Carolina
as Treasurer of the Sinking Fund Commission,
at the office of the State Treasurer in the City
of Columbia, South Carolina, on January 1st,
1913. And notice is hereby given that coupons
for the interest on any of the bonds hereby called
In. maturing after January 1st, 1913, will not
aid.
be
B/order of the Sinking Fund Commission of
South Carolina.
- Columbia, S. C., Dec. 2, 1912.
JENNINGS,
State Treasurer & Secretary & Treasurer
of the Sinking Fund Commission of
The State of South Carolina.
NATIONAL LIGHT,
HEAT &POWER COMPANY
GUARANTEED
BONDS
All issues
A. H. Bickmore & Co.,
BAN KERS
30 Pine Street,
1639
fixed rate of exchange of $4 86 2-3;to the Z, at the Canadian-Agency, Ltd.,
Saskatoon, or other office where the stock may be registered for the time
being.
SOURIS, Man.-DEBENTURE1ELECTION.-The by-law providing
for the issuance of the $40,000 30-year elec.-light-works debentures(V.95,
p. 1491), will be submitted_to,the ratepayers at an election to be held
Dec. 17, reports state.
A
.-A 4 A .4 4 ,4 4
4I I
SOURIS SCHOOL DISTRICT NO. 285, Man.-DEBENTURE ELECTION.-Reports state that this district will vote Dec. 17 on the issuance of
$5,000 collegiate-bldg.-completion debentures.
SOVEREIGN, Sask.-DEBENTURE SALE.-According to reports the
Flood Land Co. of Regina has purchased $3,000 6% debentures.
so*STRATFORD, Ont.-DEBENTURE 4SALE.-G. A. Stimson & Co.
of Toronto were awarded in November $10,000 4 % 20-installment
debentures.
SUFFIELD ?SCHOOL'DISTRICT, Alta.-DEBENTURE SALE.
G. A. Stimson & Co. of Tor. were awarded in November $4,000 6% 10installment debentures.
SUTTON, Rural Municipality No. 103, Sask.-DEBENTURE SALE.
-Nay & James of Regina were awarded $5,000 debentures, according to
reports.
TARA, Ont.-NO DEBENTURES PROPOSED.-The Clerk advises
us that the reports of the issuance of $10,000 drainage debentures (V. 95.
p. 1075) are erroneous.
TILLSONBURG, Ont.-DEBENTURE OFFERING.-Proposals will
be received until Dec 16 by A.E. Baynes, Town Clerk. for $ 17,378025%
30-installment debentures.
TORONTO, Ont.-DEBENTURE ELECTION.-In addition to the
questions of issuing $200,000 National Sanitarium Assn. bonus, $6,677,000
water-works, $1,375,000 filtration-plant, $2,500,000 Bloor St. viaduct.
$1,000,000 garbage-disposal and $954,000 storm-sewer-constr. debentures
to be submitted to the voters on Jan. 1 1913 (V. 95, p. 1430), propositions
to issue $250,000 hospital and $100,000 road and highway debentures
will also be voted upon on that day.
TITRNBERRY TOWNSHIP, Ont.-DEBENTURE SALE.-The $10,000 5% 20-yr. debentures offered without success on Oct. 21 (V. 95, P.
1152) have been disposed of to a local investor at par.
VANCOUVER, B. C.-DEBENTURES AUTHORIZED.-By-laws have
been passed providing for the issuance of $16,000 police-dept., $148,500
bridge, $165,000 exhibition, $47,300 subway and $70,000 hospital 4%
40-yr. coup. debentures. Int. F. & A.
441
WADENA, Sask.-DEBENTURE OFFERING.-Proposals will be received until 5 p. m. Dec. 20 by J. F. T. Saich, Sec.-Treas. for $13,000 6%
elec.-light and power-plant-constr. debentures, repayable in 40 annual
installments of principal and interest.
WATERLOO, Ont.-DEBENTURE ELECTION PROPOSED.-A bylaw providing for the issuance of $20,000 debentures as a loan to Reitzel
Brothers will be voted upon, according to reports,some time next month.
WATFORD, Ont.-DEBENTURE OFFERING.-Proposals will be
eceived until Dec. 16 by W. S. Fuller, Vii. Clerk, for $4,450 5% 20-ann.
r
installment granolithic-pavement debentures dated Dec. 15 1912 and $1,100
5% 10-ann. installment public-library-site debentures dated Dec. 11912.
WESTFIELD SCHOOL DISTRICT NO. 2, N. B.-DEBENTURE
SALE.-.J. M. Robinson & Sons of St. Johns were awarded in November
$3,740 5% bldg debentures dated Nov. 1 1912.
NEW LOANS.
NEW LOANS.
$10,000
Jefferson County, Alabama, City of Fort Pierce, Florida
$100,000.00
•
Fifty-Year
s. a. ,Gold
Hospital Bonds
The Board of Revenue of Jefferson County,
Alabama, will receive sealed bids for the purchase of One Hundred Thousand Dollars of Four
and One-Half(43%) Per Cent, s. a. fifty-year
Gold Hospital bonds, on DECEMBER'
31st, 1912,
at twelve o'clock M., at the office of the Board
of Revenue, Birmingham, Alabama. A certified
check for One Thousand Dollars shall accompany
each bid, which sum shall be forfeited toJefferson
County, as liquidated damages, if the successful
bidder fails within thirty days thereafter to pay
for said bonds according to contract. The Board
reserves the right to reject any and all bids
The legality of the above bonds will be approved
by Dillon, Thompson & Clay, Attorneys and
Counsellors at Law. of New York City, and a
copy of the opinion of the said attorneys will be
furnished to the successful bidder.
R. F. LO VELAD Y, President,
Board of Revenue of Jefferson County,
Birmingham, Alabama.
PUBLIC UTILITY BONDS
Notice Is hereby given that the City Council
of the City of Fort Pierce, Florida, will receive
bids for the purchase of $10,000, par value. of
City of Fort Pierce Public Utility Bonds at Fort
Pierce, Florida, at the City Hall, at 8 o'clock
p. m., on WEDNESDAY, JANUARY 15. 1913.
Said bonds are dated January 1st, 1912, payable
thirty years after date, in denominations of
$500 00 each, and bear interest at the rate of six
pet cent per annum, payable semi-annually on
July 1st and January 1st of each year. All
bidders shall accompany their bids with a certified check for $200 00 as security for compliance
with bid. The right Is reserved to reject any
and all bids.
Address all bids to
F. M. TYLER, City Clerk,
Fort Pierce, Florida
AMENDED NOTICE
$550,000
State of North Carolina
REFUNDING BONDS
TERRITORY OF HAWAII
Dated January 1st, 1913, payable January 1st.
1953, without prior option. Interest four per
centum per annum, payable semi-annually
4% PUBLIC IMPROVEMENT BONDS
January 1st and July 1st. Both principal and
Due Sept. 3, 1942-32 @ 102.75 and interest.
interest pauable at the National Park Bank, New
Tax Free Throughout United States
York City. The undersigned State Treasurer
Accepted at par for Govt, and Postal Deposits will receive sealed bids at his office in Raleigh,
North Carolina.for said bonds until 12 O'CLOCK
M., TUESDAY, DECEMBER 17TH. 1912,upon
blank forms which will be furnished, together
with full information, by the undersigned, or
Toledo, 0,
Cincinnati, 0.
Caldwell, Masslich & Reed, Attorneys, 100
Broadway, New York, whose approving opinion
will be furnished to purchaser without charge.
These bonds are tax-exempt in North Carolina
and must be deducted in appraising shares in
banks for taxation to the extent that the surplus
of the bank is invested therein.
Dated December 2nd, 1912.
B. R. LACY.
14 1A/oll St., New York
State Treasurer.
in '
4- 4
STACY & BRAUN
HODENPYL, HARDY & CO.
Railroad, Street Ry., Gas & Elec. Light
New York
SECURITIES
BLODGET & CO.
BONDS
GO STATE STREET,BOSTON
F. WM. KRAFT
Bolger, Mosser & Willaman
LAWYER.
MUNICIPAL BONDS
of
Municipal and Corporation Bonds
Specializing
in
Examination
1037-9 FIRST NATIONAL BANK BLDG..
CHICAGO, ILL.
Legal for Savings Banks.
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St.,
01320AGO
ZO PINE STREET, NEW YORK
STATE, CITY & RAILROAD BONDS
R. T. Wilson & Co.
33 WA LL STREET
NEW YORK
[VoL. hxxxxv.
THE CHRONICLE
1640
gn.gineevs.
gnut gompantts.
vifitel gam MI GOWN or
ESTABLISHED 1894
ew 1011(
Chattered 1853
43 end 47 WALL STREET
•
CAPITAL,
-
-
-
-
-
-
.
..t.P.ngineers.
$2,000,000.00
Ak...T AS
13,910,317.80
SURPLUS AND UNDIVIDED PROFITS
This Company acts as Executor, Administrator, Guardian, Trustee, Court Depositary and in
other recognized trust eapacities.
/t allows interest at current rates on deposits.
/t holds, manages and Invests money, securities and other property, real or personal, for estate.,
serporations and individuals.
EDWARD W. SHELDON, President.
WILLIAM M. KINGSLEY, V.-Pres. WILFRED J. WORCESTER,Secretary
CHARLES A.EDWARDS, 2d Asst. Secy.
WILLIAMSON PELL, Asst. Secy.
William Rockefeller,
Alexander E. Orr.
William H. Maoy Jr.,
William D. Sloane,
Prank Lyman,
TRUSTEES.
JOHN A. STEWART. Chairman of the Board.
Payne Whitney,
James Stillman.
Edward W. Sheldon,
John Claflin,
Chauncey Keep,
John J. Phelps,
George L. Rives,
Lewis Cass Ledyard,
Arthur 0. James.
Lyman J. Gage.
William M. Kingsley,
William Stewart Tod.
Ogden Mills,
Egerton L. Winthrop,
Cornelius N. Bliss Jr.
Tavis
fforb,:113acon
CONSULTING ENGINEERS
CONSTRUCTING ENGINEERS
OPERATING MANAGERS
APPRAISERS
PROPERTIES FINANCED
115 BROADWAY, NEW YORK
SAN FRANCISCO
VEW ORLEANS
J. G. WHITE & CO.,In c.
Engineers, Contractors
CHARTERED 1864
UNION TRUST COMPANY OF NEW YORK
MAIN OFFICE, 80 BROADWAY
Plaza Branch.
Fifth Avenue Branch,
786 Fifth Avenue, corner 60th St.
415 Fifth Avenue, corner 88th St.
Modern Safe Deposit Vaults at both Branches.
Investigations and Reports on Electric
Railway, Oas, Electric Light and Powm
Properties, etc., for Financial Instal*.
Bons and Investors.
Electric Railways, Electric Light ale&
Power Plants, Gas Plants, Financed,
Designed and Built.
43 Exchange Place, - NEW YORK
San Franeisco
Chicago
Surplus (earned) $7,700,000
Capital $1,000,000
London Correspondents:
J. G. WHITE
(JO., Limited,
• Cloak Lane, Cannon St., E. C.
ALLOWS INTEREST ONiDEPOSITS
Guardian, Trustee, Administrator and in all Fiduciary
Capacities on behalf of Individuals, Institutions or Corporations.
Acts
m Executor,
se BARSTOW et
Incorporated
CONSULTING and
CONSTRUCTION ENGINEERS
PUBLIC SERVICE PROPERTIES
FINANCED and MANAGED
SURPLUS, $4,000,000
CAPITAL, $1,000,000
THE
PHILADELPHIA TRUST
DE5
E(
SAFC
i
;S
I
L
Cm
50
Pine Street
New York
ANCE
C. G. YOUNG
Main Office, 415 Chestnut St.
Branch Office, 1415 Chestnut St.
Engineering and Construction
EXECUTES TRUSTS OF EVERY DESCRIPTION.
Acts as Trustee for Corporation Mortgages, Registrar or Transfer Agent
Plans, Methods, Examinations
Public Utilities and Industrials
Interest allowed on Individual and Reserve Accounts
Henry G. Braude,
Edmund D. Scholey,
John Story Jenks.
'Thomas S. Gates.
Secretary.
Treasurer.
Vlee-Pres. pro ten.
President.
REPORTS FOR FINANCING
BankeraTrust Bldg., New York
rles D. Robison
Alfred E. Forstall
FORSTALL AND ROBISON
Mellon National Bank
PITTSBURGH, PA.
8-26
Assurance of safety, nerfect service and 3%
interest on reserve accounts are offered to corres"
pondents of this bank. Your account is invited
RESOURCES OVER 50 MILLIONS
ENGINEERS
Investigations and Appraisals of Gas and
Electric I'roperties for Owners or Financial
Institutions.
NEW YORK CITY
84 William St.,
weer)
HUMPH REYS & M I LLER,Ins.
Alten S.
Alex. 0. HumphreysMILII
ENGINEERS
Power—Light—Gas
165 BROADWAY.
-
•
NEW YORK
Established 1889.
A. L. REGISTER & CO.
ENGI N EERS-----CONTR ACTORS
Philadelphia
L. F. DOMMERICH & CO.
NEW YORK
Ceneral Offices, 67 Greene Street
Will Remove to N. W. COR. 20th ST. & 4th AVE. In January
SOLICIT MERCANTILE ACCOUNTS TO FINANCE
FOR MANUFACTURERS,
DISCOUNT AND GUARANTEE SALES
AGENTS AND OTHERS
CARRY NO GOODS FOR OWN ACCOUNT
Established over 60 Years
Vaning gnginters.
MINES MANAGEMENT CO.
CONSULTING MINING ENGINEERS
Managers of Mining Properties
GO BROADWAY, - NEW YORK
Ag and 99 St. SwithIns Lane,
LONDON. E 0., ENGLAND.
Avenida 16 De Septiembre, Num, 411;
MEXICO. D. F.. MEXICO.
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Toramined, Developed, Managed
PHILADELPHIA. PA.
Drexel Bldg.,
@FedFRASER