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The
firtantil
tillinurct31
I-fro-nide
Bank St Quotation Section
Railway Earnings Section
VOL. 93.
INCLUDING
Railway St Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, DECEMBER 30 1911.
Tinotticte.
PUBLISHED WEEKLY.
• Terms of Subscription-Payable in Advance
NO. 2427.
Week ending December 23.
Clearings at
1911.
1910.
Inc. or
Dec.
1909.
1908.
200,276,766 272,327,895 +6.6 235,153,485 215,980,875
Chicago
26,026,900 +2.8
26,762,700
25,217,400
21,282,800
Cincinnati
19,659,182 +10.0
21,618,293
18,914,840
11,881,731
Cleveland
13,780,873
18,303,813 +9.1
12,109,590
21,808,516
Detroit
9,934,519
9,467,103
13,583,818 +1.0
13,716,343
Milwaukee
6,619,774
7,284,420
9,682,5;0 -11.7
8,546,469
Indianapolis _ _ _
6,732,100
6,714,100 -8.5
5,589.900
6,146,500
Columbus
5,168,417
4,781,895
4,898,432 -4.5
4,676,879
Toledo
2,557,613
2,309,994
3,561,496 -1.7
3,500,000
Peoria
1,829,455
2,086,807
2,984,954
2,484,517 +20.1
Grand Rapids .....
1,829,213
2,248,804
1,940,634
2,138,704 -9.3
Dayton
1,895,457
2,191,804
2,581,742
2,734,252 -5.6
Evansville
560,597
726,575
695,880
752,381 -3.4
Kalamazoo
987,582
+1.5
1,134,605
Springfield, Ill_
1,162,066
1,117,873
Terms of Advertising-Per Inch Space
533,848
1,117,921
Fort Wayne.... _ _
791,416
888,396 +25.8
20 Youngstown _ _ _
1,512,148
Transient matter per inch space(14 agate lines)
963,016
1,170,962
1,122,898 +34.7
22 00 Lexington
'wo Months
(..< time,)
880,679
538,118
865,486
1,119,545 -21.3
29 00 Akron
Three Months (13
1,655,979
650,000
1,096,900
1,258,900 +31.5
Standing Business Cards
50 00 Rockford
Six Months
(213 times)
828,613
700,809
791,520
938,487 -11.7
87 00 Canton
1,172,875
Twelve Months(52 times)
1,122,869 +4.5
626,507
884,296
594,360
375,702
620,852 -4.3
462,856
CHICAGO OFFICE-Pliny Bartlett,513 Monadnocklilock;Tel.11arrison 4012. Bloomington_ _ _
586,136
434,592
580,647
553,874 +5.8
Quincy
C.
E.
Gardens,
1
Smith,
&
Drapers'
OFFICE-Edwards
LONDON
341,329
504,400
410,667
486,437 +3.7
South Band
428,430
461,278
497,909
533,760 -6.7
Springfield, Ohio.
WILLIAM B. DANA COMPANY, Publishers,
-19.1
336,105
466,772
406,659
502,465
Decatur
New York.
P.O.fox 958. Front. Pine and Depeyster Ste.,
367,303
378,272
427,487
435,581 -13.2
Mansfield
225,000
486,000
405,000 +20.0
368,199
Jackson
283.941
Published every Saturday morning by WILLIAM B. 1)ANA COMPANY, Danville
363,915
515,135
404,479 +27.3
238,267
385,220
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Lima
307,391
419,944 -8.3
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company. Saginaw
549,206
622,404 +23.3
767,429
286,174
326,122
274,800
316,433 -13.2
Jacksonville, Ill_
141,013
173,330
206,331 -14.0
177,476
Ann Arbor
16,902
19,031
29,366
37,056 -20.8
Adrian
CLEARING-HOUSE RETURNS.
720,350
492,256 +46.3
900,000
Owensboro
The following table, made up by telegraph, ecc., Indicates that the total
ending
week
for
States
United
bank clearings of all clearing houses of the
Tot. Mid. West. 419,912,709 396,473,900 +5.9 343,552,509 304,613,022
Dec. 30 have been $2,700,347,047, against $3,257,873,451 last week and
$2,644,769,487 the corresponding week last year.
29,383,431
46,843,697
37,398,991
43,008,190 +8.9
San Francisco_ _ _
21,000,000
9,277,560
Los Angeles
11,735,806
16,036,307 +31.0
8,541,183
11,238,864
10,342,077
10,123,749 +11.0
Seattle
Per
Clearings-Returns by Telegraph.
4,511,351
2,920,255
4,150,000
4,480,876 +0.7
Spokane
Cent.
1911.
1910.
30.
Dec.
ending
Week
5,756,492
8,789,527
6,074,941
7,421,305 +18.4
Salt Lake City_ _
10,000,000
5,318,869
7,400,000
9,000,000 +11.1
+0.0 Portland
$1,154,166,432 $1,148,922,662
New York
4,552,077
5,352,598
4,224,788
4,520,829 +0.7
Tacoma
+0.6
101,812,082
101,184,226
Boston
+1.8
3,513,947
1,669,948
1,655,193
3,453,082
Oakland
+9.6
104,505,471
114,505,605
Philadelphia
1,092,382
1,924,047
1,150,510
1,443,037 +33.3
25,025,105 -10.4 Sacramento
22,409,473
Baltimore
+23.5
538,803
971,770
740,181
786,507
Fresno
+4.4
187,078,831
195,299,744
Chicago
503,829
861,742
684,450 +25.8
615,838
+1.1 Stockton
54,508,744
55,123,385
St. Louis
947,822
500,000
659,743 +43.7
Pasadena
-3.6
16,084,087
15,506,037
Orleans
New
342,257
667,290
431,329
508,756 +31.2
San Jose
300,000
396,624
420,000
464,928 -14.6
+1.4 North Yakima_ _
$1,658,882,758 $1,636,809,126
Seven cities, 5 days
300,000
270,000
275,000 +9.1
+8.8 Reno
404,761,274
440,489,973
Other cities, 5 days
+13.3
69,855.042
116,518,758 102,806,749
88,260,219
Total Pacific
+2.8
$2,099,372,731 $2,041,570,400
Total all cities, 5 days
36,218,592
52,986,382
43,865,875
53,283,796 -0.6
-0.4 Kansas City_ _
600,974,316
003,199,087
All cities, 1 day
15,384,492
25,905,844
24,262,469
22,330,726 +16.0
Minneapolis
14,600,000
10,924,768
15,082,506
11,763,406
+2.1 Omaha
$2.700,347,047 $2,644,769,487
Total all cities for week
10,540,324
7,897,578
9,045,551
10,413.196 +1.2
St. Paul
7,690,738
9,401,805
9,459,140 -0.6
8,269,607
The full details for the week covered by the above will be given next Sat- Denver
+12.0
7,631,608
6,811,072
4,470,043
6,697,308
Joseph
St.
clearings
to-day,
the
by
up
made
being
urday. We cannot furnish them
4,754,044
5,193,615
3,734,396 +27.3
clearing houses at noon on Saturday, and hence in the above the last day of Duluth
4,182,959
3,001,631
2,577,763
3,826,882 +9.3
Des Moines
the week has to be in all cases estimated; as we go to press Friday night.
2,016,704
2,409,516
2,426,236
2,446,370 -1.5
We present below detailed figures for the week ending with Saturday, Sioux City
1,771,833
3,405,912
2,971,136
3,429,626 -0.7
Wichita
noon, 1)ec. 23 for four years.
1,469,351
1,796,909
1,222,044
1,650,752 +8.8
Lincoln
1,312,062
2,299,613
1,417,048
2,160,107 +6.4
Topeka
Week ending December 23.
852,168
1,668,749
1,212,240
1,683,453 +0.3
Davenport
758,882
912,432 -11.8
804,875
1,133,660
Fargo
Clearings atInc. or
1,032,913
1,120,578
962,336
1,175,025 -4.6
Helena
Dec.
1008.
1909.
1910.
700,000
1,106,000
1911.
954,100
1,231,590 -10.2
Cedar Rapids_ _ _
611,130
791,702
691,822
745,012 +6.3
Pueblo
---$
$
$
1,019,871
%
843,586
1,012,280 +0.7
$
Waterloo
560,058
815,613
562,430 +45.0
502,658
1,833,819,805 1,722,319,410 +0.4 1,808,310,000 1,838,256,657 Colorado Springs
New York
262,748
385,594
158,5-12,286 143,911,077 +10.2 130,406,199 107,004,420 Fremont
325,751
307,755 -14.6
Philadelphia
38,018,253 13111ings
52,238,46748,880,419
235,025
'250,000
228,922
145,285 +72.1
53,662,650
Pittsburgh
18,410,146 Hastings
26,893,185
32,036,047 -I160,606
182,225 -11.9
1
1.7
35,915,726
Baltimore
7,758,661 Aberdeen
9,423,618
9,142,773 +12.4
425,000
400,000
500.000 -15.0
10,277,010
Buffalo
5,132,502
4,599,330
+7.1
5,650,784
6,055,816
Albany
148,340,658 143..126,056 +3.6 127,391,007
96,869,694
Tot. oth. West
5,380,182
6,693,440
7,504,328 +0.6
7,549,621
Washington
2,781,359
3,046,850
3,608,178 +31.4
4,740,245
Rochester
58,278,520
65,103,243
84,350,571
76,833,649 +9.8
St.
Louis
2,277,658
2,412,960
2,666,960 +1.0
2,693,841
Scranton
16,211,000
25,346,419 -1.8
24,806,022
21,537,663
1,550,622 New Orleans_ _ _ _
1,841,981
2,072,139 +13.3
2,347,363
Syracuse
+4.4
12,112,798
13,650,641
13,104,201
13,686,287
Louisville
1,140,294
1,397,839
1,425,428 +16.4
1,658,930
Reading
13,092,692
12,000,000
13,230,411 +48.2
19,604,618
Houston
970,262
1,344,779
1,528,230 +4.4
1,595,441
Wilmington
6,950,500
6,149,000
9,725,000 -1.2
9,604,500
1,261,673 Galveston
1,377,221
1,518,410
1,474,960 +3.0
Wilkes-Barre
7,174,167
5,782,286
9,341,383
7.633,628 +22.4
1,416,771 Richmond
1,938,407
1,430,328
1,893,320 +2.4
Wheeling
-5.0
5,958,23(
5,314,997
9,451,715
9,951,611
Memphis
1,119,503
1,776,877
1,542,175
1,718,476 +3.4
Trenton
4,370,440'
17,906,121
11,961,194
16,087,510 +11.3
Atlanta
644,035
1,027,696
979,178
+4.9
787,700
York
-0.8
5,132,559
7,946,125
6,339,023
8,014,571
Worth
Fort
909,242
812,336 +11.9
581,882
836,641
Erie
8,212,424
8,883.556 -7.6
3.654,732
5,181,236
486,600 +2.6
499,700 Savannah
499,300
398,300
Binghamton
4,183,793 +24.0
2,266,578
5,189,770
3.710,520
496,806 +30.8
510,653 Nashville
650,007
480,093
Greensburg
4,039,072 +3.1
2,784,571
4,166,786
3,455,553
+6.3
561,661
452,222
597,124
381,596 Norfolk
Chester
2,762,808 +0.8
2,176,113
2,786,070
2.350,006
Birmingham ___.
+4.3
500,870
409,146
522,306
342,606
Altoona
2,384,205
4,395,350 -95.8
1,394,098
2,862,088
Augusta
948,958 -3.7
913,432
Lancaster
2,783,343 +20.2
1,477.287
3,585,000
1,096,045
_
Jacksonville
2,208.038
2,301,424 -4.0
1,483,546
1,603,234
Little Rock
+6.8
1,993,983,886
2,058,964,426
2,035,439,435
2,129,211,535
Total Middle__
2,453,206
1,653,955
2,350,180 +4.4
1,907,337
Chattanooga .._ _
1,871,274
1,343,981
1,640,994 +14.1
1,534,361
Knoxville
172,584,103 158,674,547 +8.8 149,704,252 120,564,605 Charleston
Boston
+0.7
2,366,229
2,211,831
1,878,887
1,631,664
+1.7
7,592,800
7,821,400
6,365,800
7,724,600
Providence
-22.8
1,466,429
1.898,897
1,375,987
937,509
Mobile
4,300,486 +4.1
3,460,389
2,794,909
4,478,214
Hartford
2,250,000 -18.7
1,828,360
1,376,803
2,075,000
2,944,537 -0.8
2,704,102
1,826,047 Oklahoma
2,919,992
New Haven
5,692,280 -10.2
5,113,147
937,821
1,850,283
Macon
+11.6
2,064,393
1,900,000
1,472,719
2,301,673
Springfield
2,400,000
2,043,676 +17.4
573,315
706,305
1,701,795 +14.9
1,508,178
1,334,501 Austin
1,954,839
Portland
413,550 +4.0
430.033
416,294
344,383
Vicksburg
+16.8
1,625,604
2,094,584
1,378,834
2,447,655
Worcester
750,000
796,505
333,998
-5.8
627,576
C.
N.
Wilming'n,
1,073,005 +20.0
1,159,580
899,447
1,288,280
Fall River
553,624
700,000
392,000
-20.9
568,000
1,015,623
1,203,289 -13.1
697,464 Jackson
1,046,442
New Bedford__
852,129 Not included in total
503,277 +9.6
428,295
392,082 Muskogee
526,498
Lowell
680,004 Not included In total
509,864 +19.2
398,108 Tulsa
481,829
007,844
Holyoke
Total Southern 244,551,937 229.476,2591 +8.6 184 702,462 151.228.557
+8.3
182,662,577
171,809,252 144,124,516
Total New En/ 197,880,140
3,256,415,737 3.048.529,427 +6.8 2,974,678.875 2.801,630 264
Total all
Outside N. Y. 1,422.595,932 1.326,210,0171 +7.3 1.166.367.875 963.873.609
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Subscription includes following SupplementsBANK AND QUOTATION(monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
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(monthly)
EARN1Nos
ItAiLwAit
STATE AND CITY (semi.annually) BANKERS'CONVENTION (yearly)
1744
THE CHRONICLE
[VoL. Lxxxxin.
and therefore signified something inherently wrong in
the composition or proceedings of that Court. It
seems wholly unconscious of the fact that the fault lies
in its own conduct. The fact of the matter is, throughout its whole existence the Commission has encountered the same experience. It has for years been
exc eeding its authority or acting in a manifestly
unfair manner, and accordingly the courts have been
obliged over and over again to apply a corrective and
set aside its erroneous judgments or orders. So well
established is the fact that it has long excited wide
THE FINANCIAL SITUATION.
comment. But unfortunately the Commission learns
It is becoming more apparent each week that the nothing from experience.
foremost problem to be dealt with in American affairs,
In its present annual report the Commission, after
in the interest of the entire community, is that of setting out at length the views that controlled its
securing proper treatment for our railroads. In our action in the orders that did not find favor with the
estimation—and the evidence accumulating from day new Commerce Court, summarizes its claim to exto day serves incontrovertibly to support that view— clusive authority as follows:
this railroad problem far transcends every other
The Supreme Court has declared that the making
prominent public matter, even overshadowing the of a transportation
rate for the future is a legislative,
"trust" question or the subject of dealing with large not a judicial, function. It has further apparently
trade combinations. Next to farming, the railroad declared that this function may be exercised by Contransportation interest is the largest single industry in gress through the appointment of a Commission acting
the country. It represents a capitalization of over under rules prescribed by it. The rate when fixed is
$17,000,000,000, gives employment to nearly 13
% just as much legislative when Made by a commission as
million persons, and the yearly gross earnings of the when made directly by the Legislature itself.
That being so, the discretionary power involved in
same amount to not far from $3,000,000,000. This reaching the conclusion
that a particular rate is or is
great industry is suffering—deeply suffering—not not reasonable for the future, or that a particular disthrough any fault of the managers of the properties, crimination is or is not undue, is a legislative discretion
which cannot be reviewed by the courts.
but from causes entirely beyond their control.
How is the exercise of this judgment in prescribing
One of the causes that is operating to the disadvantage of this railroad-carrying interest is the rise in the future rate any the less legislative because there
happens to be
operating cost, in the main as the result of advances in applied? Or no dispute about the facts to which it is
how, if the
wages, but in part also as the result of other circum- by this Commission cannotconclusion of fact reached
be reviewed through judistances. If the roads were free to work out their own cial process, can a court look into the mind of the
salvation, a cure would soon be effected along the Commission for the purpose of determining whether
usual lines. But the carriers are subject to the author- that conclusion has been influenced by any improper
ity of the Inter-State Commerce Commission in all motive or consideration?
their operations and affairs. .That body is seeking to
The foregoing has a plausible look, but is really a.
force upon the roads and their managements novel very specious kind of special pleading. As the Comtheories, all of which if carried out will be at the ex- mission contends that it must be sole judge of the
pense of the roads. As a consequence the welfare of facts, the question arises whether it can be trusted to
the carriers is being steadily undermined and a situa- determine the facts. On that point all the testimony
tion is being produced which must work untold harm that can be adduced—and there is a perfect mine of it
if allowed to continue indefinitely. In the conduct
all against it. In the passage here quoted it refers.
of its operations, too, the Commission is getting in- to the Supreme Court favorably, because it happens to.
creasingly impatient of restraint. Under the amended answer for the purpose of its argument. In other
law of 1910 it has been vested with extraordinary parts of the report there are a number of sallies at the
powers, and it thinks it should be permitted to exer- expense of he Supreme Court and some very caustic
cise these powers free from all control—that neither references to it. The sum and substance of the claim
the new Commerce Court, nor any other Court, should of the Commission is that it should be amenable to no.
be allowed to overrule its decisions so far as they in- one—that whatever ;t says or does should be final,
volve determination of rates and facts. It argues and that no appeal should be permitted to any other
that the powers conferred upon it are legislative authority.
powers; that these powers have been delegated to it
When in this enlightened country any body of men
by Congress; that therefore it should have exclusive sets itself up as superior to every one else, and in effect
authority and sole jurisdiction. The argument in claims that it can do no wrong, it is time for soberbrief is that Congress was its creator, and that conse- minded men to do some serious thinking. For it
quently it should stand on a par with the creator.
shows we have already reached that dangerous stage
The plea of the Commerce Commission that its acts, that, sooner or later, always comes where a man or set
affecting at every point the welfare of such a tre- of men is given unchecked and unlimited control over
mendous industry, should not, like the acts of every- the affairs of fellow-men. The dictator and despot is
one else in private or official life, be subject to review speaking and he is demanding that no one be allowed
by the courts, seems an extraordinary doctrine; yet to interfere with his acts and doings. In the case of a
this plea is seriously put forth in its annual report body that has so often been overruled by the courts,
submitted to Congress last week. The Commission the very suggestion borders on the ludicrous. On that.
points out that a very large number of its orders and account it might be dismissed, except that it involves
decisions have been overturned by the new U. S. such a serious matter. The plea appears all the more
Commerce Court. It speaks of this as if it were a dangerous when we bear in mind that the constant
unique occurr.nee in the history of the Commission tendency of legislation in recent years has been
CHRONICLE INDEX.
The index to Volume 93 of the "Chronicle"—which
volume ends with the current issue—will be sent to
our subscribers with the number for Saturday, Jan. 13.
Owing to the increased size of the volume, it is no
longer possible to include the Supplements in binding
the same. These latter will therefore be bound separately in six-months' or yearly volumes, as may be
desired.
DEC. 30 1911.1
•
TIIE CHRONICLE
in the direction of conferring more and more power
upon the Commission.
The point presented for the consideration of thoughtful citizens is whether we can allow the authority of
the Commission to be extended any further. We have
stated that the railroad industry—thanks largely to
the Commission itself— is deeply suffering. Proof is
furnished in the Commission's own report and also by
the current returns of earnings for leading companies,
more particularly those which have come to hand the
present week. When, last February, the Commission
handed down its decisions denying to both Eastern
and Western roads permission to advance rates to offset the higher wage schedules that they had been obliged
to grant, the Commission stated that there was no
necessity for any such step. It said that "the increase
in wages does not come out of net, but comes out of an
increased gross." The report of the Commission now
furnishes figures by which to test the accuracy of this
statement.
From these figures it appears that gross earnings
of United States railroads did increase somewhat in
the twelve months ending June 30, the aggregate
amount for 1911 having reached $2,818,780,398,
against $2,786,679,616 in 1910, being a gain of $32,000,000; but the addition to operating expenses (notwithstanding sharp retrenchment in maintenance outlays) reached almost $89,000,000, and there was a
further increase in taxes of over $4,000,000, with the
result that net earnings amovotted to only $776,232,865 in the twelve months ending June 30 1911, against
• $837,810,808 in the twelve months. preceding. This
loss of over $61,000,000 in net earnings at a time when
the requirement is so urgent for increased net, is proof
at once that the Commission was wholly mistaken in
its conclusions and that the prosperity of the railroad
industry is being steadily impaired. Here, then, we
have a conclusive demonstration going to show that
in this instance (as in many others) the Commission,
which has rate-making powers and wants to be the
sole judge of the facts, was utterly at sea as to the facts.
Current returns of earnings emphasize still more
forcibly how egregiously the Commission blundered
as to the facts and how deeply the railroad industry
is suffering. A number of large companies have this
week submitted their statements for the month of
November. The Union Pacific, instead of an increase
in gross,shows a falling off for the month in the large
sum of $888,720,• while operating expenses were increas d $24,556 and taxes ran up in the sum of $188,579, the result being that there is a loss in net for this
month in amount of $1,101,855—a shrinkage in net of
over 25%. The Southern Pacific for the same month
fell $241,730 behind in gross, while expenses and taxes
increased $474,055, the two together producing a loss
in net of $715,785. Both these are Harriman roads
and the shopmen's strike on these roads is referred to
as responsible for the unfavorable results. Doubtless
this strike (the effects of which have been immensely
exaggerated) served to augment the amount of loss,
but that is the most that can be said.
Turning to some other leading systems we find the
comparisons equally unsatisfactory. The Rock Island
Lines were not afflicted by a strike. Nevertheless
during the same month that system lost $562,608 in
gross and was able to reduce expenses only $18,702,
thus producing a loss in net of $543,906. The diminution in net here, too, is close to 25%. The Chicago
& North Western for the month suffered a reduction in
gross of $486,508, and was able to meet this with a re-
1745
duction of only $177,123 in expenses,leaving,therefore,
a loss in net of $309,385. The St. Paul & Omaha reports for the month $135,199 decrease in gross and
$112,288 decrease in net. Even the Southern Railway, which has heretofore done so well, this time
shows $211,391 augmentation in expenses, as against
only $67,841 gain in gross, thus suffering a loss in net
for the month of $143,550.
It is such results as these that impel us to say.that
the problem of dealing fairly with the railroads is the
foremost problem that the American people have to
solve to-day. An intimate feature of that problem is
the attitude of the Inter-State Commerce Commission
towards the railroads. Obviously, the Commissioft
cannot be allowed to go on and harass and weaken
the roads any further. Its plea to be let alone and
be permitted to do as it pleases, would, if granted,
bring about general disaster. Imagine what it would
mean if the Commission .were free to fix rates high
or low, without the right of appeal to the courts by
the railroads, on the theory that determining what is
a reasonable rate is a question of fact which is solely
the business of the Commission and with which no
court must be allowed to meddle—imagine iii what a
position this would leave the railroads, with absolutely
no protection whatever against oppressive action on
the part of this omnipotent body. It is really a monstrous doctrine to put forth. There is something
peculiarly un-American,anyway,in the proposition to
place any human interest outside of and beyond the
jurisdiction of the courts. One of he chief functions
of a court is to prevent injustice, and in this case
there is particular need for protection against injustice
any destructive action.
From a material standpoint it is in the highest
degree important that a curb should be put upon the
dangerous tendencies of the Commission. Just at the
moment the trade outlook appears to be a little more
encouraging, a somewhat better tone and slightly increased activity being noted in several different lines
of business. But let no one be deceived. There can
be no enduring activity and no genuine revival in
trade until the railroads, the very biggest spenders of
money, are able to purchase supplies and give orders in
the free and liberal way that was their wont a few
years ago. If the railroads are to remain crippled,
their credit impaired, and their spending power curtailed, the date for a lasting revival of industrial activity will have to be deferred indefinitely.
While the usual shifting of loans incidental to the
preparations for New Year disbursements on dividend
and coupon account and for other annual forms of settlement was noticeable in the local money market
this week, no distinct strain developed. Bank officers
and other large lenders are nevertheless looking forward to a year, not of high rates, but of rental figures
sufficiently remunerative to make the banking year
a prosperous one. The early months of 1911—in fact,
until well into the autumn—were marked by an accumulation of unemployed funds on a scale that has
few precedents. Interest rates, it is true, did not
fully reflect the real situation, lenders, as a rule, having refused to enter into cut-throat competition to
supply the restricted demand that was available. The
chief explanation of this steady redundancy of funds
is, of course, the fact that trade and industry were
largely confined to a basis of supplying current needs;
and neither manufacturing nor merchandising was
carried on on a sufficiently liberal scale to provide a
1746
THE CHRONICLE
[VoL. Lxxxxm.
normal demand for banking facilities in either of these where they would make certain demands of the mine
owners upon the expiration of the present working
branches of national activity.
As to the new year money prospects, our inquiries agreement on April 1 next. In addition to a demand
show a degree of unusual unanimity among leading for greater wages, it was designed to effect the abolibanking interests at this centre. The year 1912 will tion of the Board of Conciliation. It was sought to
not encounter essentially different conditions from undermine the entire work of the Anthracite Cornthose of 1911 so far as domestic affairs are concerned. 'mission of 1902. Since the disclosure in Los Angeles,
It will start, as did 1911, with the knowledge that tariff however, regarding the part played by organized labor
revision, or at any rate, substantial attempts at tariff in the dynamiting plot, a spirit of restfulness has
revision, will be made the particular business of Con- spread over the anthracite coal'regions which indicates
gress. Therefore slight encouragement offers to ex- that there will be no strike next year. Prices of some
pect a substantial revival of either trade or industry, grades of anthracite have been advanced. As the
or of any immediate increase in the banking capital wages of the mine-workers are based on the selling
necessary to finance usual requirements. In fact, the price of coal, the advance in prices works automatically
general demand for banking accommodation from to raise wages. Mine workers will feel the benefit of
these sources will be subject to the quadrennial dis- this during the winter months and on this account
turbance in general trade conditions that has become they will be less inclined to cause labor trouble. Indiso closely associated with the opening of the year of a cations now point to a renewal of the three-year
Presidential election. This is an influence that will agreement without difficulty.
Another important effect of the Los Angeles incialso serve to restrict any unusual demand upon the
banks for Stock Exchange commitments during the dent should not be overlooked. It has put an end to
earlier months of the year, at least. In the last three the movement to have the Sherman Anti-Trust Law
Presidential years, it will be recalled, great irregularity so modified that it could not be applied to a labor
was without exception the feature of Stock Exchange trust, to the employment of methods by labor unions
operations during the earlier months; but in each of which might be construed as being in restraint of
these years prices of securities sustained active ap- trade. There has been no movement during the prespreciation as soon as the results of the election could ent session of Congress to have the Sherman Act
changed in this respect and the indications are that
be assumed with some fair promise of accuracy.
It is assumed in representative banking circles that no effort of the kind will be made.
the home demand for funds, either for speculation, for
The lockout of cotton-mill operatives in Lancashire,
merchandising or manufacturing, will not during the
earlier months of the new year prove active; and if we to which we referred in our cotton market last week as
were to concern ourselves merely with home affairs, scheduled for Wednesday of this week, became an acwe might expect a repetition of the conditions current complished fact on that day. As a result, upward of
during the first half of 1911, in which lenders, having 160,000 weavers were forced out and it is estimated
no other channels for profitable employment for their that an equal number of spinners will be put upon half
'funds, sought the stock market and invested in stand- time to avoid a piling up of yarns that the looms, now
ard:securities for the return afforded by the dividend idle, would otherwise consume. The trouble that led
and interest payments, and also by the rise in quota- to the announcing of the lockout had its inception in
tions that many experienced operators associate with the 'refusal of two operatives (a man and his wife) in
periods of great abundance of money. It is of in- the Helene Mill at Accrington to join the union. As a
terest to observe that during the first six months of consequence, as stated, of this employment of non1911 the course of the stock market was almost steadily union labor in the mill, the weavers went out on strike
upward. The investment of unemployed capital in on Dec. 20, and two days later the Lancashire Cotseasoned securities by financial institutions, as well ton Spinners' and Manufacturers' Association decided
as by individuals, is conceded to have been a substan- to lock out the workers in all the mills holding membertial factor in this rise, although it is at the same time ship in the organization, as a protest against the atnecessary to recall that sensational purchases by a tempts of trade unionists to force weavers to join their
• group of young speculators were also an active aid to ranks. On Thursday the dispute spread to the County
of Cheshire, the mills at Marple locking out their operthis upward movement.
We have suggested that if only our own domestic atives, and similar action is expected in other manudemands were concerned, we would have before us facturing centres of Cheshire. Furthermore, the Cotseveral months in which the supply of money would be ton Waste Spinners' Federation resolved the same day
more than adequate for speculative or business de- to close their mills on Jan.1 0 unless• the trouble in
mands, just as was the case in the early part of the Lancashire is settled in the meantime. This would,
year just ending. But the foreign situation, which of course, increase appreciably the number of the unwas responsible for the decisive strength in money dur- employed.
Cable advices are to the effect that efforts are under
ing the closing weeks of the year, continues sufficiently
acute to justify a belief that American lenders may be way to bring about a settlement, but as the operatives
able to secure profitable rates for their money abroad. referred to persist in their determination not to join
This, in turn, may mean that our own borrowers may the union, and the manufacturers insist upon their
be compelled to pay well up to the figures that foreign right to maintain open shops, it is feared that an adjustment will not be easily reached. Moreover, it is
borrowers will offer.
reported the difficulty is likely to be further compliThe McNamara confessions at Los Angeles appear cated through the introduction of the question of wages,
to have caused a complete change in the labor situa- the weavers, according to latest advices, having detion in the anthracite regions of Pennsylvania. Up clared their intention of insisting upon a5% increase
to that time the labor leaders had been industriously as a condition of any settlement. Furthermore, the
working to strengthen the union organizations in the open-shop issue having been injected, some believe
cod fields and educating the mine-workers to a poin danger exists of the fight spreading to other indus-
DEo. 30 1911.1
THE CHRONICLE
tries. It is estimated that the loss in wages through
this locking-out of the weavers and the stoppage of
work in spinning mills three days each week after
Jan. 1 will aggregate £280,000 (about $1,400,000)
weekly. This latest labor difficulty in Lancashire's
cotton industry recalls vividly the lockout of 1908,
which extended over a period of eight weeks (from
Sept. 19 to Nov. 4).
1747
By a virtually unanimous vote (433 to 8) the French
Chamber of Deputies on Dec. 22 rejected a motion to
terminate the Government privilege of the Bank of
France. This action of the Chamber is significant, as
it means that the new agreement drawn up between
the Government and the Bank on Nov. 11 will undoubtedly be ratified. The new convention was found
necessary because the Bank had virtually reached its
legal limit of note issue, which was fixed at 5,800 milliards francs, and the new agreement raises this limit
to 6,800 milliards francs. This is the immediate reason for the change proposed; but beyond this is the fact
that the law of 1897, which extended the Bank's privilege to 1920, contained a clause which would enable
Parliament to end the convention in 1912.
Building construction operations in November 1911
were on the whole of very satisfactory volume, being
well up to the aggregate of the corresponding period
of previous years. Out of 114 cities included in our
compilation, 71 record gains over a year ago, but the
combined prospective outlay, at $65 ,971,832, compares
with $66,814,526, or a decline of 1.3%. Contrasted
Notwithstanding the protracted period of excitewith the month• of 1909 the decrease is somewhat
from
off
falling
slight
a
is
there
and
and nervousness that accompanied the Angloment
5.1%,
greater,
1908, but a very large augmentation over 1907 is German tension over Morocco, British trade and indusshown. Operations in Greater New York (all bor- try has been unusually active. For the eleven months
oughs, excepting Richmond, included) reflect a loss of the current calendar year the value of importations
of 11.8% from 1910; an increase of nearly 6 million dol- has reached £615,674,000, or an increase of £6,353,000
lars in Manhattan and smaller gains in Brooklyn and over the corresponding period last year, while exporQueens are much more than overbalanced by a phe- tations during the same period expanded by L22,544,000 to £415,710,000. Imports were, of course, of the
nomenal decrease in the Bronx.
Outside of New York, while such representative usual sort, foodstuffs and manufacturers' raw materials
cities as Chicago, Cleveland, Kansas City, Omaha, predominating. These do not convey as accurate an
Los Angeles, Pittsburgh, Philadelphia, Seattle, Wash- idea of the activity of British workshops as the exports.
ingtoh and Atlanta record more or less conspicuous It is a fact of interest that, despite the low prices of
losses, an even greater number, including St. Louis, raw cotton, of the £3,110,200 increase shown in manuSan Francisco, Boston, Newark, Portland, Ore., Balti- factured goods alone, no less than £1,386,000 are
more, Milwaukee, Cincinnati, Rochester, Salt Lake contributed by cotton exports. The revolution in
City, Richmond and Dallas, show gains. The general China became acute at a time when the reduction in
result for the outside cities is an increase of 2.6% as the cost of raw cotton had encouraged a demand for
compared with 1910. Contrasted with 1909 there is a cotton fabrics that clearly showed the effects of cumulative demand. This demand was nipped in the bud
nominal decrease and a small increase over 1908.
the
.
1911
and many orders w ere canceled. But the demand in
For the eleven months of the calendar year
the
over
other sections of both the Near East and the Far East
figures for the 114 cities reveal a gain of 1.2%
803
with
comparing
has kept well up—that of India, not unnaturally,
1910 total, 812% millions,
of
aggregate
with
the
record
reflecting the requirements incident to the Durbar
contrasted
millions; and
1909 (8219. millions), the loss is but 1.1%. Greater celebration.
New York's operations at 181 1-3 millions fall behind
In a word, the Lancashire cotton mills have apparthose of 1910 by 6.5% and those of 1909 by 25.5%, ently entered a period of protracted prosperity. At
but exceed 1908 by 15.3%. Outside of this city, this highly favorable stage, labor comes forward with
however, the general aggregate shows gains over all demands that the mills feel they cannot grant, ani
preceding years, the respeptive totals being 631 1-3 a lockout directly affecting 160,000 weavers, and inmillion dollars, 609 millions, 5783 millions and 437 directly placing on half-pay nearly as many spinners,
in Lancashire is the unfortunate result. We have
millions.
In the Dominion of Canada a slight let-up in build- referred to this dispute further above. Of course
ing operations, as compared with the period of the labor always chooses as favorable a time as possible for
previous year, is indicated by the November returns. the enforcement of its demands; and from its standOf 27 cities from which reports are available, 14 show point no better time can exist than when,as at present,
smaller intended outlay for building than in the month mills have contracts for their output for months abead
of 1910, and in some cases the decreases exhibited are on a profitable basis. The leaders argue that manufacnoticeably heavy; it is to be said, however, that turers will be more disposed to grant increased wage
generally they follow great activity earlier in the year. or decreased hours of labor (or both) at a time when a
The combined aggregate for the 27 cities i:eaches shutdown of the mills would mean the loss of large
87,872,031, against $7,878,835—a merely nominal de- profits. But, as already pointed out, the question
cline. The statement for the eleven months for the at issue is not, primarily, one of hours or rate of wages
same 27 cities, on the other hand, furnishes evidence in the present crisis. The dispute arises from the
of unexampled activity. It covers contemplated ex- simple cause of the refusal of a man and his wife to
penditure of $115,676,364, against $90,557,947 in join the weavers' union at Accrington.
1910, or an excess of $25,118,417 (27.8%). Seven
cities record declines, but as a rule of small amount,
The United Provinces of China is the rather euphoniwhile at such places as Calgary, Regina and Moose ous name proposed for the Chinese Republic. The
Jaw the current year's totals more than double those week's developments at Shanghai certainly encourage
of last year. At Vancouver, Victoria, Winnipeg, Ed- the belief that the permanent formation of a republican
monton, Hamilton,, Saskatoon and Prince Albert, form of government will be the ultimate outcome of
conspicuous increases are also reported.
the peace negotiations. As we intimated last week
would probably be the case, the abrupt refusal of
1748
THE CHRONICLE
[VoL. Lxxxxm.
Premier Yuan Shi Kai to consider the establishment owing to the disturbed state of China, it had not reof a republic proves to have merely been a tactical ceived funds for the service of the loan of Aug. 211895,
message designed to maintain an uncompromised posi- of $15,000,000. The Bank was, however, prepared to
tion until the lay of the land could be thoroughly purchase coupons of the scrip due on Dec. 31 at their
studied out. This is the usual course in negotiations face value.
of this character, and is especially so in Chinese bar4 short cable from Nanking yesterday announced
gainings. The Premier has now so far retired from the election of Dr. Sun Yat-Sen as President of the
his original position, according to a Peking dispatch new republic. This is interpreted as meaning that the
(Dec. 27) as to send a dispatch to Tang Shao Yi, his peace conference between Wu Ting-Fang and Tang
representative at the peace conference at Shanghai, Shao Yi is closed. The President, it is announced
accepting in principle that the proposed national con- from Shanghai, will assume charge of all negotiations,
vention decide whether China shall be transformed into and a continuance of these negotiations with Yuan
a republic or remain a monarchy. The Premier insists Shi Kai as the representative of the retiring Manchu
that the convention must be truly representative and royalty will depend entirely upon the immediate withmust not attempt to take snap judgment; otherwise, drawal of all the so-called Imperial troops from all
its decision would not have the nation's confidence. points of contact with the revolutionists. President
Several months' preparation, he says, will, therefore, Sun will be the head of a military government,which
be necessary, and he instructs Tang Shao Yi to discuss will continue as such until affairs become calmer.
with Wu Ting-Fang and the other revolutionary leaders
It is rather difficult to harmonize the reports of
plans for the election. This is unquestionably the Dr. Sun's election with the news that Mongolia has
important development of the week, so far as China is been or is to be proclaimed independent simultaneously
concerned. It seems, for instance, much more indica- with the cutting off from China of the vast dependency
tive of the final prospects than the news, which has of Turkestan. Both, according to a dispatch from
been cabled from Peking, that Republican extremists Peking (Dec. 28), will pass under Russian influence
are clamoring for the resumption of hostilities, while and will practically become Russian protectorates. A
the Imperialists continue the concentration of troops. Grand Khan, it is announced, will be named as
Definite decision has been reached, say Shanghai monarch of Mongolia. Thus far there is no direct
cables, that Nanking shall be the future capital. The confirmation of the proclamation, but that there is
advices are not specific as to who has thus decided, nor some tangible basis for the report is evidenced by the
do they name responsible authority for the statement fact that the Russian Government has handed to the
in the cable that immediately follows the foregoing Chinese Foreign Office, through the Russian Charge
announcement, namely that, even after the abdication d'Affaires, a request that China should promptly reof the Emperor and the reorganization of the new sume control of Mongolia. The Chinese Government
Government, Peking will not be considered as the loca- has responded that it is unable to comply at the present
tion for the capital. In the minds of the revolution- moment. This new development adds a new factor to
isth the movement has been entirely successful (still the Chinese situation, as it is evident that Russian inquoting the Shanghai press cable Dec. 25). Fourteen fluence, to quote the Peking cable, "will flank the
provinces have absolutely declared for a republic. Japanese sphere in Manchuria perilously, and a JapanOne of the highest (but unnamed) authorities is further ese alliance for the sake of preserving Japanese interquoted as saying: "We control twelve divisions of the ests may sooner or later be expected. Russian offiCers
army; two more are coming. We hold the entire and officials, if not the Russian Government proper,
navy. Two provinces remain Imperial and two are have influenced this action in Mongolia."
neutral. There is no government in Peking. Yuan
Shi Kai, the Premier, is its only representative, except
Russia certainly has enough to keep its Foreign
the infant Emperor. The sooner the Powers recognize Office busy at the moment. Aside from its more rethe real situation, instead of clinging to harmful and cent attitude in regard to Mongolia, to which we have
intangible sentiment, the sooner will order be secured just referred, the Czar's Government is pursuing a
in China. Hesitation to recognize the Republican policy of active aggression in Persia, the complete surcause will certainly prolong the stagnation of trade render of Persia in the so-called Shuster crisis having
and will be responsible for much bloodshed, should apparently been in vain. The conflicts between the
fighting begin again."
Persian and Russian troops at Tabriz, Resht and EnPeking cables contain the certainly not improbable zeli are the ostensible reason for the decision of Rusnews that negotiations between the groups of interna- sia to enter upon an exceedingly severe punitive movetional bankers and the Imperial Chinese Government ment; and it is now reported that Britain will also start
or a loan are entirely suspended for the present. The a punitive expedition as a result of the attack on the
Ministers of the four interested nations—the .United British Consul, who was wounded in an engagement
States, Great Britain, Germany and France—for between his Indian eseort and 800 Kashgai tribesmen..
political reasons invited the Japanese and Russians to Great Britain, of course, is in an exceedingly delicate
consider whether they would co-operate in the loan. position, in view of the Anglo-Russian agreement in
The Russian Charge d'Affaires showed no inclination regard to Persia, the latter country, as is well known,
to do so, and.the representatives of the other Powers being usually regarded as a buffer between Russia and
eared that a boycott of foreign merchandise would Great Britain's interests in India. Should the Rusresult. While all agreed that the money should not sian control of Persia become too absolute, it could
be advanced for military purposes, certain of the Minis- hardly fail to be resented by England, though the
ers argued that there was only one recognized Govern- British Foreign Office, according to a London disment, which would soon be without funds, and when patch of yesterday's date, declares absolutely withhat occurred further lawlessness would result, includ- out warrant and entirely incorrect a statement that
ng a grave possibility of the Imperial army being the British Government has sent an ultimatum to
isintegrated into plundering bands. On Dec. 21 the Russia demanding the immediate cessation of the
Hong/Kong & Shanghai Bank issued a notification that, ravages of the Cossacks in Persia. Nevertheless, ac-
DEC. 30 1911.]
THE CHRONICLE
cording to London cables, the British Government is
likely to send reinforcements from India to Southern
Persia in consequence of the attack on the British Consul. The Persian Cabinet on Christmas Day formally
notified W. Morgan Shuster of his dismissal from the
office of Treasurer General, and inforMed him that
they would communicate to him later their plans concerning the turning over of his accounts to his successor.
So far as the relations between our own country and
Russia are concerned, there have been no positive developments, though certain proposed legislation aimed
at the United States has reached the introductory
stage at St. Petersburg. For instance, a bill was introduced into the Duma (Dec. 27) providing for the
complete exclusion of American citizens of the Jewish
religion and in the second place for an advance in
Russian customs duties of 100% on American products,
except in cases where the Russian normal schedule is
lower than the American. In the latter event a
duty equaling the American duty will be collected.
The author of the bill states that the last provision is
necessary in order to deal with the imports of American
agricultural machinery. The remaining points of the
proposed law are essentially the same as those of a bill
introduced on Dec. 22 by ex-President Guchkoff, providing for tariff schedules applicable to the United
States at the expiration of Russo-American treaty
on Jan. 1 1913. Our own opinion is that these measures may be regarded more in the light of maneuvering
for position than as indication of possible legislation.
1749
week ago, while the "to arrive" compares with a
closing range a week ago of 3IA03%
8%. Paris
is quoting 332% for all maturities, both spot and ."to
arrive," which is an advance of %% for the week,
and indicates the particular year-end strain at the
French centre. In Berlin 5% is still the spot quotation
for 60 and 90-day bills, while the "to arrive" rate shows
8
a sharp reduction (4%)
to 4% for the week.
Amsterdam,closes 1-16% lower for the week at 3%%,
while Brussels is without change at 3 8%. Money
remains firm in London, the year-end pressure at the
Bank of England proving particularly severe. Loans
and discounts for the first and second week of January
at the British centre are exceptionally heavy.
The Bank of England's statement on Thursday fully
reflected money market conditions in London. The
total reserve showed a decrease of £1,609,000, while
bullion and gold coin, according to the cablegram of
our special London correspondent, suffered a loss of
£1,702,170, notwithstanding that the Bank had no
competitor for the South African gold offered on
Tuesday. The proportion of reserve to liabilities declined to 35.48% from 41.55% last week and compares
with 37.86% a year ago. The joint-stock banks borrowed £6,696,000 for the usual year-end window
dressing, &c., and the Bank had to send large amounts
to the interior of Great Britain and to Brazil. Our
special correspondent furnishes the following details
of the movement into and out of the Bank for the
Bank week. Imports, £405,000 (of which £200,000
from Turkey, £5,000 from Panama, £12,000 from
Australia and £188,000 bought in the open market);
exports, £645,000 (of which £100,000 to India,
£500,000 to Brazil, £15,000 to South Africa and
£30,000 ear-marked for the Straits), and shipments of
£1,462,000 net to the interior of Great Britain.
The Mexican situation has been materially cleared
by the surrender of General Bernardo Reyes, the leader
of the revolutionists, on Dec. 25. His action followed
a skirmish between his own forces and the Government
troops at Burgos the preceding afternoon, in which
his force was defeated and disbursed. Reyes thereThe New York money market has shown virtually
upon sent the following telegram to General Geronimo no indication of any year-end strain. Call rates this
Trevino, Military Commandant at Monterey:
week have not exceeded 4% and time money is in fact
easier,
indicating that more comfortable conditions will
"I called on the people, I called, on the army, and
prevail for demand accommodation as soon
probably
they did not respond, so I must give up. I place myas the new year is well under way. Monday of course
self at your disposition.
was a holiday; on Tuesday the range was
Foreign bank discounts "to arrive" are much easier. with the higher rate the ruling one; on Wednesday
The Paris settlement will extend into the new year and 33'@4% was the range, but with 3( still the ruling
the French centre, having helped out London for the figure. Thursday's extreme figures were 3@4%, with
and on Friday, notwithstanding
settlement there, is now finding that its funds are quite renewals at 3
urgently needed at home. On the other hand, Berlin that Stock Exchange loans carried over to Tuesday,
exchange in Paris has declined materially, yesterday's thus completing the year, the range did not exceed
cables quoting 123.173', as against 123.45 on Wednes- 33'@4%, with the ruling figure 33%. Closing rates
day of last week. This seems to indicate that Berlin for time money are 3%@4% for thirty days and in
succeeded ahead of time in providing for year-end fact for all periods up to ninety days. For four, five
requirements, although for the settlement yesterday and six months 4% is the general minimum. A week
rates in Berlin were quoted by cable as having in a ago 43@432% was the range for thirty days and
few instances touched 20%. No reflection of this rate 43i% for longer periods. Mercantile paper is not yet
wasshown in New York operations with Berlin, however, offering freely, but a better supply will undoubtedly
and international bankers here were surprised at the appear early in the new year. Quotations and rates
cabled reports. That Paris is drawing on London is in- have been raised about WI% for the week to4M@5%
dicated by the fall of London check on Paris from for sixty and ninety days' endorsed bills receivable
25.24 last week to 25.203, the rate current yester- and also for four to six months' single-name bills of
day. After the Paris settlement is over money will choice character; others are quoted at 5Wi@53%.
undoubtedly again gravitate towards London. An inThe week in sterling exchange has shown, as was
dication in this respect is that bids by Paris for London checks for delivery in London a week hence expected, a gradual decline, demand reaching as low
are as high as 25.213'„ against 25.201A for spot. as 4 8575 on Friday, though it was evident that
London bank discounts were yesterday reported some degree of short selling had taken place by banks
4% for 60 to 90 days spot; while and speculative brokers. The close was firm, in
by cable at 37
bills
(60 to 90 days) were 33%. This some measure due to the sentimental influence
"to arrive"
spot rate is unchanged from the quotation of a of the Lancashire cotton strike, suggesting a possible
1750
THE CHRONICLE
[VoL. Lxxxxm.
curtailment of cotton shipments in the near future, and
Week ending Dec. 29 1911.
Received by
Shipped by
Net Interior
N. Y. Banks. N. Y. Banks.
Movement.
a consequent curtailment of drawings. The differ- Currency
814,847,000
82,117,000 Gain $12,730,000
Gold
3,647,000
1,699,000 Gain 1,048,000
ence between cable transfers and demand is more
$18,494,090
$3,816,000 Gain $14,678,000
pronounced in reichsmarks than in sterling, the differ- Total gold and legal tenders
ence between cables and checks (9531 and 94 15-16,
With Sub-Treasury operations result is as follows.
respectively) being about 5 16%, while London deWeek ending Dec. 29 1911.
Into
Out of
Net Change in
mand is 4 8615 and cables 4 8670, or a little over 4%.
1
Banks.
Banks.
Bank Holdings.
The difference between checks and cables Paris is about Banks' interior movement,as above_ $18,494,000 $3,816,000 Gain $14,678,000
Sub-Treasury operations
23,100,000
26,200,000 Loss 3,100,000
4%,
the check rate being 5.183
1
% and cables 5.173/b Total gold and legal tenders
$41,594,000 $30,016,000 Gain $11,578,000
less 1-32.
Cable transfers that are now,being sold, as is usual
The following table indicates the amount of bullion
at the extreme year-end, are against actual credit bal- in the principal European banks.
ances. The demand for Berlin has been steadily mainDec. 23 1911.
Dec. 29 1910.
tained. All banks of Berlin are now observing an Banks of Gold.
Silver. I Total.
Gold. I Silver.
Total.
arrangement whereby they will refuse to permit ac.£
.£
1.£
£
England_ _ 32,438,162
32,438,162 31,355,545
31,355,545
counts to be overdrawn except at a charge of 1-10 of 1% France
_ 128,258,36 32,164,080 160,422,410131,176,920 33,043,840 164,220,760
Germany _ 38,709,850 14,240,3001 52,950,150 30,714,700 13,362,800 50,077,500
per week. This is in accordance with the comparative- Russia _a_ 143,290,00 6,277,000 149,567,000 148,082,000 6,190,000 154,272,000
Aus.-Hunb 53,841,00 11,807,000 65,648,000 55,133,00 12,040,000 67,173,000
ly recent regulations affecting the issue of notes by the Spain
_
16,717,000 30,311,000 47,028,000 16,418,000 30,782,000 47,200,000
Italyd_
3,563,000 44,348,000 39,215;000 3,500,000 42,745,000
Reichsbank, which has passed along the tax to the out- Netherl ds. 40,785,000
11,457,00
1,144,400 12,601,400 10,354,000 2,057,600 12,411,600
Nat.Beig.d 6,822,667 3411,333 10,234,00
5,524,000 2,762,000 8,286,000
side banks. The Reichsbank can issue notes over and Sweden _ _ 4,727,000
4,727,000 4,473,000
4,473,000
Switzeri'd. 6,449,000
6,449,000 6,260,000
6,260,000
above the "Baarvorrat" (which includes gold coin Norway __ 2,192,000
2,192,000 1,785,00
1,785,000
week 485,687,039 102,918,113583,605,152486,521,165 103,738,240590,259,405
and gold bars and also notes held by the Reichsbank Total
Prey. week 488,202,949 103,865,493 592,068,442480,034,03 103,667,397 592,701,433
issued by other issuing banks) to an extent not exceeda The total of gold in the Bank of Russia ncludes the balance held abroad—
ing 550,000,000 marks, except at the end of every that
is, the amount held for Russian account In other Continental banks. The
proportion so held, and consequently duplicated in the above statement, is about
quarter the note issue may extend to 750,000,000 marks one-seventh of the total this year. against about one-eighth a year ago.
b The
Bang statement is now issued in Kronen and Heller
above the "Baarvorrat." The Bank must pay to the Instead ofAustro-Hungarian
Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
Government on any over-issue of notes a tax of Kronen has really no greater value than 20 cents, our cable correspondent in London, in 'order to reduce Kronen
has altered the basis of conversion by
1-10 of 1% a week, the year being divided into 48 dividing the amount of Kronen byto24Pounds.
Instead of 20.
d The division (between gold and sliver) given in our table of coin and bullion In
Banks of Italy and Belgium is made from the best estimates we are able to obweeks for the purpose of ascertaining the tax that must tbe
tain; it is not claimed to be accurate, as the banks make no distinction in their weekly
merely reporting the total gold and silver; but we believe the division we
be paid on such over-issue of notes. Thus at the end returns,
make Is a close approximation
of the year the Reichsbank itself is subject to a tax
which it is disinclined to pay except the banks that are
THE LATEST "PENSION GRAB."
borrowing will themselves assume the tax. This,
The passage of the Pension Bill by the House of
then, is an influence that has made Berlin recently Representatives, on December 12, has left the question
such an active borrower in the other money centres. of that sort of legislation in this session in the hands,
We are informed by the banking interests here who first, of the Senate and next of President Taft, with
have been considerable lenders to Berlin that a large whom will ultimately rest the problem of signing or
part of the German borrowings in the New York mar- vetoing the measure as it comes to him from Congress.
ket are January maturities, and an important amount In view of the possibility which still remains that the
of American money will therefore be released next Senate may modify , or the President may reject, the
month.
extraordinary measure enacted by the House, it will
Compared with Friday of last week, sterling ex- be timely to review the provisions of that bill.
change on Saturday was unchanged, with demand still
It- must be said in the first place that the so-called
quoted at 4 8630@4 8635, cable transfers at 4 8710@ Sherwood Bill, known as "House Bill No. 1", was
4 8715 and 60 days at 4 8305@4 8315. Monday was proposed in response to no visible body of sentiment
a holiday. On Tuesday cable transfers advanced on anywhere in the country, was thrust with something
active demand, in connection with the year-end settle- like violence on Congressional consideration, and
ments,to 4 8720@4 8725; demand remained unchanged was forced to a vote in practically a single day, at a
while 60 days fell to 4 83@4 8310. Large offerings of time when the House was anxious to adjourn for the
cotton and grain bills and selling on speculative account Christmas holidays. Under the circumstances, it
caused a sharp break on Wednesday; demand declined passed the House by a vote Of 229 to 92, the vote
to 4 8595@4 86 and cable transfers to 4 8695@4 87; being in the main non-partisan, although the Demo60 days was unchanged. On Thursday, after opening cratic majority has been generally held responsible
steady, practically on Wednesday's final range, ex- for it. At any rate, 84 Democrats and 8 Republicans
change became steadier but closed atsome further con- voted against the bill. Among the negative votes
cession at 4 8585(04 8615 for demand; cable transfers were those of Chairman Fitzgerald of the Appropriaand 60 days finished lower at 4 8670@4 8685 and tions Committee and of Mr. Underwood, Democratic
4 8280@4 83, respectively. On Friday demand again leader in the House and Chairman of the Ways and
opened easier, but steadied up towards the close, Means Committee. Speaker Clark voted in favor
which was at 48575@4 8615; cable transfers are a of the bill.
shade firmer at 4 8670@4 8695. The close was at
Briefly summed up, this measure provides that
4 8280@4 8310 for 60 days, 4 8575@4 8615 for de- every veteran of the war who served from ninety days
mand and 4 8670@4 8695 for cables. Commercial on to six months and was honorably discharged shall
banks was quoted at 4 81 @4 829 and documents for receive a pension of $15 per month. If he served from
payment 4 829/
8@4 83. Cotton for payment ranged six months to nine months, he is to get $20; for service
from 4 823-@4 823's, grain for payment from 4 82% of nine months to one year, $25; for service of one
@4 83. •
year or more, $30 a month. It has thus come to be
known as the Dollar-a-Day Pension Bill. We have
The following gives the week's movement of money said that the bill was proposed in response to no
to and from the interior by the New York banks.
apparent demand by the country as a whole. The
DEC. 30 1911]
THE.CHRONICLE
1751
It still seems to be more or less doubtful what the
debate was such as one might have expected to hear in
1886 or 1890. Advocates of the measure devoted Senate will do with the bill. Lately, there has been
themselves to picturing the sufferings of soldiers in the some talk of passing as a substitute the McCumber
field, appealing to patriotism and gratitude, and Bill, whose largess is not quite so extravagant and
denouncing stingy governments. Every argument which is declared to add only $17,000,000 to annual
thus introduced would have applied with equal force expenditures. We should say that enactment of the
to a bill with monthly pension provisions double or measure in that form, while not so grave an offense
treble those which this measure contains. Opponents against legitimate public policy, would still propose
of the bill pointed out that it would lay a burden on a burden on the national finances which is in all
the country which the Treasury, on the basis of its respects unwarranted.
We have said that the Sherwood Bill was not a
present revenue receipts, could hardly meet. One
to an open and legitimate demand from any
response
were
or two positive and courageous declarations
How, then, is the extraordinary vote of the
quarter.
and
new
with
made against loading the taxpayer
Dec. 12 to be explained? First, we should
on
of
House
veterans
when
sort,
this
enormous expenditure of
old and familiar terrorism exercised through
the
by
say,
for.
provided
generously
already
the war were
Mr. Fitzgerlad pointed out forcibly that between fear of what used to be called "Grand Army influence"
1881 and 1911 the United States has spent $3,- in politics. How large an influence this purely political
755,731,152 for pensions, as against $760,998,503 and demagogic motive has exercised we do not profess
spent in the same period for the same purpose by to know; there must be some limit in time, at any rate,
Great Britain, and he further showed that last year to the scope of such an argument. We imagine, howthe combined expenditure for the purpose by England, ever, that the Democratic vote at' any rate can be
Germany, France, Austria and Hungary was $33,- largely accounted for by the unworthy wish—to use
000,000 less than the expenditure of the United States. a bit of political slang—of "putting the Taft AdminisIt should be remembered that these European pension tration in a hole." If this was the underlying purpose
expenditures had to do with veterans of the Franco- of the vote, we have no hesitation in predicting that
Prussian war and of half a dozen other formidable it will prove altogether futile—unless, indeed, the
President were to be ill-advised enough to sign such a
conflicts of our time.
imno
monstrous bill. As matters stand, and unless the
absolutely
produced
arguments
But these
Bill.
measure is very radically modified, we take it for
the
Sherwood
of
advocates
the
pression on
Their mental and moral attitude was further indicated granted that Mr. Taft will veto the bill and that it will
by the fact that a proposed amendment, excluding not be passed over his veto.
What the other Presidential candidates would then
from its provisions veterans with a personal income
or say in the matter can only be conjectured. One
do
and
of more than $1,000, was promptly voted down,
of
veterans
more—might be capable of using
them—possibly
that
that a further amendment, providing
a
act on the President's part to
such
should
Home
statesmanlike
the
Soldiers'
in
nation
supported by the
and promote his own.
Mr.
Taft's
chances
injure
similiarly
was
the
bill,
of
allowances
the
not receive
rejected. As the measure stands, a millionaire who But we feel very strongly that even this would be a
served a year in the Civil War,even if he never saw dangerous policy on the part of the candidates or
action, and even if he came out of the conflict in public men who should undertake to appeal to the
perfect bodily health, might become the recipient of unworthy motives underlying this bit of pension legislation. Nobody can have forgotten the episode of
$30 a month from a generous government.
Mr: Cleveland's pension vetoes during 1886 and 1887.
what
was,
arose
One question which immediately
determined stand against the extravagance and
His
allowances?
large
providing
these
of
cost
would be the
of the special pension bills was made the
corruption
charge
annual
bill
the
of
an
supporters
estimated
The
of $35,000,000. Its opponents estimated $75,000,000. basis then of the most positive predictions that his
This week the Secretary of the Interior has had,the future political prospects were absolutely blighted.
matter investigated by his department, with the result Yet the country was pretty definitely taught in 1892
that the $75,000,000 estimate is confirmed. Just just what the voting electorate as a whole thought of
what this would mean to the national finances may be his courageous action.
pension
Government's
the
that
observed
the
1911,
be
Let
it
year
in
the
fiscal
that,
fact
judged from the
Government's excess revenue was $28,273,031; that expenditure of 1886—the year when Mr. Cleveland's
the estimated excess revenue for 1912 is $10,225,000, veto policy began—was only $63,404,864, whereas the
or, if the Panama Canal expenditure from current actual pension expenditure of the fiscal year 1911 was
revenue is included, a deficit of $1,585,895; and that $157,980,575, and would apparently have been $232,for 1913, including the Canal expenditure and assum- 000,000 if the Sherwood Bill had been on the statute
ing the present sources of taxation, there would be a books. These figures of themselves are sufficient
deficit of $18,184,563. This is how the matter stands commentary on the merits of the question involved in
in advance of the Pension Bill's proposition. It will this reckless action of a House of Representatives
be seen from these figures that, on the estimate which began the session with every profession of
of the friends of the Sherwood Bill, the pension ex- economy. If further enlightenment on that aspect of
penditure which that bill proposes would have caused the question were required, it might be recalled that
a deficit even in the fiscal year 1911. If the $75,000,000 in 1872, when reporting a pension appropriation bill
figure, assigned for the cost of these pension appro- of a trifle over $30,000,000, General Garfield, himpriations by the opponents of the bill and by the self a veteran and the strongest kind of sympathizer
Interior Department, is accepted, it would have with the soldier vote, announced that"We may reasoncaused a deficit of $47,000,000 even in the past fiscal ably expect that the expenditures for pensions will
year, and, on the basis of the Treasury's estimates of hereafter steadily decrease, unless our legislation
general revenue and expenditure, would cause in should be unwarrantably extravagant." General Gar1912 a deficit of $76,500,000 and in 1913 one of filed was a better prophet in the qualification attached
tolhis prediction than in the prediction itself.
$93,000,000.
1752
THE CHRONICLE
WHEN PAYING A COMMISSION CONSTITUTES
USURY.
The United States Court for the Southern District
of New York has just handed'down a decision of considerable importance in volving the application of the
Usury Law of this State. The tenor of this decision
is that under the laws of New York, to constitute
usury it is not necessary that the sum in excess of the
legal rate of interest be given or received as interest,
nomine. Judge Hough, who wrote the opinion,
says: "If it clearly appears that all the lender did or
intended to do was to loan, and all the borrower got
or expected to get was money,then any word or phrase,
any collateral or contemporaneous agreement by virtue
of which more than the amount of the lawful rate flows
into the pockets of the lender, must and should be
swept aside, and the intended and agreed-upon usury
denounced."
The question came up in the matter of Fishel, Nessler & Co., bankrupts. This firm had borrowed on
assigned accounts from three concerns, the National
Discount Co. being one of the three. Bankruptcy
having supervened before many oi the accounts were
due or paid, the trustee in bankruptcy collected the
amounts thereof. Thereupon the three lenders petitioned for orders requiring the trustee to pay over the
proceeds of the accounts averred to belong to them.
In several instances, either by inadvertence or design,
the same account had been assigned to more than one
lender. A special master was appointed to ascertain
the facts. Two questions arose upon the reference:
(1) whether the transactions between the bankrupts
and the National Discount Co. were tainted with
usury and (2) to whom did the accounts belong which
had been assigned more than once.
The master's finding as regards the allegation of
usury was such as to make it incumbent upon the Judge
himself to examine into the nature and character of
the contract between borrower and lender and to
apply the law in its bearing upon such contract. The
question of course depends on the law of New York as
declared in its statutes and interpreted by its highest
courts. It is often said, Judge Hough observes, that
usury consists in exacting a higher rate of interest than
that authorized by law. The expression seems to him
colloquial and does not pretend to exactness, yet the
idea that usury is allied to interest (eo nomine) has
appeared in argument and befogged the matter. He
points out that Section 373 of the General Business
Law declares that "all
•
contracts
or securities,
all deposits of goods
or other things
•
whereupon or
whereby there shall be reserved or taken, or secured or
agreed to be reserved or taken any greater sum
or value, for the loan
of any money (than 6% per annum) shall be void."
Language could not be broader or more plain, and
under it courts are bound to inquire whether by any
device, however circuitous, or under any name, however fair in sound, a borrower is surrendering and a
lender is exacting more for the use of money than an
equivalent of the legal rate of interest, whether paid
in money or otherwise. Judge Hough is frank enough
to say that, considering the attitude of most States
and 'countries on this subject, the New York Act
seems archaic, but that can make no difference in the
duty of courts. Since, however, in order to reveal
usury it may be necessary by oral evidence to prove
the falsity of paper contracts, fair and legal on their
[ VoL. Lxxxxm.
face, experience has shown, he points out, that the
statute contains a temptation to rascally borrowers
to avoid payment of just debts by offering usury ftS
defense. On this knowledge of human weakness are
founded certain rules of decision, judge-made, but
long since established beyond cavil. Thus the burden
is upon him who alleges usury to prove it by clear and
satisfactory evidence—the offense is largely one of
intent—and 'the unlawful usance must be giveh and
retained in pursuance of an agreement, mutual and
existing at the inception of the transaction..
It also happens not infrequently that the lender
does more than merely hire out his money, and for
such additional service he is entitled to be paid, if the
service be actual; and whatever objection there may
be to his rate of charge, it cannot be based upon the
usury statute, unless the whole transaction is plainly
but a cover for unlawful lending. But if, when all the
evidence and explanations have been considered, it
clearly appears that all the lender did or expected to
do was to loan; and all the borrower got or expected
to get was money, then, as already stated, any word
or phrase, any collateral or contemporaneous agreement by virtue of which more than the amount of the
lawful rate flows into the pockets of the lender, must
and should be swept aside, and the intended and
agreed-upon usury denounced.
The facts of the case were not involved, and it is
pointed out that in one sense they were not disputed;
i. e., it was not denied that certain papers were exchanged and many words spoken, as a result of which
a course of business began some months before bankruptcy and continued down to that calamity. The
contest was not with reference to the facts, but over
the inferences of intent to be drawn from admitted
actions.
The master's finding was that he could not draw the
inference of intent necessary to establish the conclusion
of usury because the trustee had not sustained the
burden of proof. This really means, says the opinion,
that the admitted facts did not warrant the inference
and conclusion, and made it necessary for the Court
to determine the sufficiency of evidence conclusive on
the facts. In July 1910 the bankrupts were in straits
and wished to borrow on open and unmatured accounts; they sought information from the Discount
Company and received a letter containing the following:
"We make advances upon outstanding accounts equal
to 75% of the net face value of the invoices, the other
25% being returned to you when payments are made
to us. Our commission charge is 5% on the gross
amount of business assigned, and we charge interest on
all loans made at the rate of 6% per annum upon daily
balances. That is to say, we charge interest at the
rate- of 6% per annum on all moneys loaned, and we
credit your account with interest at the rate of 6%
per annum upon all moneys received by us." On
Aug. 8 the firm signed a printed form agreement by
which they were to actually assign and transfer
accounts to the Discount Company and receive a
stipulated percentage of their face value by way of
loan. The agreement was to cover all future transactions, and all accounts assignable were to be security
for all loans. In brief a regular scheme of future business was set forth. The document contained especially the following sections, which the Court quotes
as vital to the controversy:
"Sixth. The customer agrees to pay the banker in
cash or allow the banker, if it so elects, to retain from
any moneys advanced, collected or received upon the
DEC. 30 1911.]
TILE CHRONICLE
accounts of the customer a commission of 5 per centum
on the gross amount of accounts of the customer
assigned to the banker, to reimburse the banker for
services rendered or to be rendered in the collection of
the accounts, such as sending out statements, attending to all correspondence, adjust returns, allowances,
discounts and investigations with reference to same;
and for assisting in extending credits, securing references and reports, and generally in aiding and assisting
the customer with his credit department. The customer also agrees to reimburse the banker for such
,
outlays as exchange on checks and postage.
"Seventh. The banker shall further be entitled to
charge interest at the rate of (6%) six per centum per
annum on all moneys advanced by it to the said customer, and the customer shall be entitled to receive
credit at the rate of (6%) six per centum per annum
upon all moneys collected and received by the banker
upon accounts transferred to the banker."
If the arrangement had ended there, the question of
usury, it is reasonable to suppose, would never have
been raised. But it appears that contemporaneously
with the delivery of the above agreement by the firm
to the Discount Company, the former wrote a letter,
as follows:
"In signing the enclosed formal agreement it is agreed
and understood that you are at no time to have any communication.whatever with any of our customers, and that
the accounts are only to be used as collateral for loans
made. We are to collect all outstandings and agree to
indorse and turn over the checks to you as received,
and if at the expiration of each loan the full amount is
not paid, we are to send our check to wipe out such
loan."
Judge Hough points out that all this was before any
loan was made, and hence when the Discount Company thereafter accepted any offerings of accounts
from the firm it did so under the terms of the letter.
On Aug. 9 accounts were assigned and accepted and
a loan made. The form of the loan, the Court says,
is significant—a clerk of bankrupts made a note
(without consideration), bankrupts indorsed it, and
in form sold the note to the Discount Company—which
thereupon handed over to them the stipulated percentage of the face of assigned accounts accompanying the note.
Considering the effect of the quoted letter upon the
agreement the conclusion is reached that it absolutely
nullified the entire consideration for the so-called
"commission," except as follows: "For assisting in
extending credits, securing references and reports, and
generally in aiding and assisting the customer (i. e.,
this bankrupt) with his credit department." Judge
Hough says that, even without other testimony, it is
difficult to see how any of these services could be performed if the Discount Company forebore any communication with the debtors on the accounts assigned.
A further feature of this case was that there was oral
testimony substantiating the conclusion of the Court.
It appears that Lewis, the Secretary of the Discount
Company, testified that the effect of the letter was an
agreement on his part that as long as the bankrupts
kept their agreement (i. e., paid their clerk's notes
when due), they might do their own collecting; the
company would not communicate with their debtors;
and he fairly admits, says Judge Hough, that down to
bankruptcy his company performed "none whatsoever" of the services mentioned in the quoted sixth
paragraph of the agreement. In the view of the Court,
the inference is irresistible that the company never ex-
1753
pected or intended to perform any of such services
and agreed to refrain therefrom.
In the peculiar circumstances of the case, the conclusion is reached that the lender was guilty of usury.
The following are the concluding paragraphs of the
opinion:
Contracts are to be interpreted on the assumption
that they are made to be fulfilled, and in expectation
of fulfillment. Here the Discount Company is conclusively held to have agreed to refrain from doing
any service 'whatsoever' in consideration of 5% on
the face of the assigned accounts, and yet to have intended to take the percentage, and procured the bankrupts' assent thereto. As a matter of fact, some of the
loans were repaid before bankruptcy and the 5%
charged without dissent or complaint.
"After bankruptcy and when the inability of its
principal debtor to pay became apparent, the Discount
Company became very active and sought to exercise
to the full its legal ownership of the accounts. Such
activities were not services to the bankrupts, but
merely measures of self-protection, such as any holder
of such collateral would naturally and legally take.
"To me it appears plain beyond doubt whatever
that the parties to this transaction agreed perfectly
that if Fishel would suffer a charge of 6% on money
loaned and 5% on collateral hypothecated therefor,
the Discount Company would forego its usual (or, at-.
all events, stipulated) method of doing business, anct
do absolutely nothing but loan money, unless a breach,
of contract on Fishel's part required them to take
further proceedings; but this last the company would
have been obliged to do, agreement or no agreement.
"Contemporaneous construction evidenced by the
actions of the contracting parties before breach, shows
the Discount Company in the exact position of a lender
on collateral, with legal title to the same, in effect a
chattel mortgagee, charging by agreement before loan
6% on the loan and 5% on the face of the collateral—
equivalent on a 90 days' accommodation to over 25%,
per annum. A plainer case of actual and actually,
intended usury I cannot imagine."
LIFE INSURANCE "DIVIDENDS" TAXABLE AS
INCOME.
The life insurance companies, or some of them,
sought to obtain exemption, as to their dividends
paid, from the sweep of the income tax levied by
the law of 1909, and Internal Revenue Commissioner
Cabell, to whom, the question was referred by the
Bureau's agent in this city, has rendered a long
opinion adverse to the companies. The contention
of the companies in respect to the real nature of
these miscalled dividends in incontrovertibly sound.
The term "dividend" is very loosely used, in common
parlance. One issue of a daily journal, for example,
may advertise dividends at specified rates by various
banks and in another column may inform interested
parties that the receiver of a failed bank will pay
a dividend on the claims of depositors. Dividends
in life insurance are analogous to the latter, and
are precisely what the companies now contend them
to be: merely refunds to the policyholder of an
overcharge in the premium itself. It has been explained, an innumerable number of times, that to
foresee the exact cost of insurance is impossible, and
will always remain impossible in the nature of the
case. A premium rate which will certainly be large
enough (and is also known to be somewhat too large)
is fixed and collected; the excess as ascertained by
experience is returned from time to time.
Mr. Cabell considers this contention untenable,
notwithstanding it is merely a statement of a wellknown fact. He argues that policy contracts specific-
1754
THE CHRONICLE
[VoL. Lxxxxin.
yet it is not
ally promise an unspecified "dividend which shall avert the immediate consequences;
exempted
been
have
would
sums
be the distributive share of the policy," and that certain that these
d
been
never
mentione
had
they
if
exen
tax
this
"profits" and "dividends" are constantly adver- from
struck
are
blows
taxes
For
term.
e
inaccurat
an
by
tised, talked of, and used as arguments to persuade
up. To say
prospective insurants. This is quite true. The upon any head which is seen sticking
ic, is to fall
is
is
unscientif
it
have
we
as
taxation
in
that
even
ds",
sums in controversy are called "dividen
make an attempt
the official reports; and Mr. Cabell succeeds in putting short of the fact, for it does not even
a "system" is
for
the companies in a sort of dilemma when he points to be scientific. It is no system,
with some
and
together
y
put
out that they use "dividend" in the ordinary com- something coherentl
be not
work
the
,
though
principles
to
hip
mercial sense (or, at least, tacitly allow it to be so relations
money
raise
to
laid
are
Taxes
done.
wisely
understood) when they are addressing the public, very
s and
legislator
the
of
part
the
on
labor
the
least
with
of
words,
but plead that they are accepting a misuse
public;
the
from
ance
remonstr
political
least
the
g
with
Admittin
officer.
when they remonstrate with a tax
ent
all this, it is yet irrelevant to the issue; and when the diffusion of the sums seized, by readjustm
effects
the
s,
and
Mr. Cabell proceeds to argue, from the op tions offered among all industries and consumer
form a problem
the policyholder as to the particular application of his of the process upon the public welfare,
as one of
viewed
is
it
since
studied,
is
refund, that it is a true dividend and no refund, and which less than
,
therefore
is,
funds,
of
tion
accumula
ce.
Any
that the investment earnings of the companies nearly indifferen
club,
tax
the
for
mark
e
attractiv
shiningly
most
the
or quite equal the sums annually divisible as dividends,
will realize
he goes wide of the mark and rather indicates un- because it is not supposed that anybody
therefore,
and,
of
this
p
ownershi
in
the
share
own
his
.
insurance
life
of
familiarity with the nature
g
voters.
the
distrubin
As a ministerial officer, his task is to execute it may be depleted without
This is so rudimentary that we are almost ashamed
the tax law, and he must begin by interpreting it.
and over and nobody pays
Section 36 sets forth the various deductions per- to say it, yet it is said over
convenient cover of inthe
Under
it.
to
attention
mitted from gross income, and as to this particular
of injustice and
manner
all
works
taxing
,
direction
case the language is: "and in the case of insurance
common people
the
offering
by
ic
life
publ
s
debauche
companies, the sums other than dividends paid
apparently
which
of
g
money
scatterin
the
in
share
a
&c.
,"
within the year on policy and annuity contracts
The hands which are to receive
That is, payments, dividends excepted, made on rains from the skies.
they
stretch out; the hands that
and
invited,
are
certain
-Tad
I
exempt.
are
policies and annuities
. We shall never get the
things been simply specified as allowable deductions, contribute are all forgotten
imperfections permit
human
which
nt
governme
the question might naturally have arisen whether best
and spending is
g
taxing
concernin
attitude
this
until
dividends could properly be construed as falling
changed.
insurwithin the line, and then the real nature of life
ance dividends would have been pertinent; but the law
UES TO GO ON.
N
mentions these dividends only to specifically put them WHY INCORPORATIO CONTIN
Comment is often made on the fact that new coroutside the pale. It is impossible to supp ose Congress
small, in the business world are
ignorant of the existence and nature of these disputed porations, large and
, notwithstanding the atorganized
being
sums,for they are too well and too long known. They all the time
unabated movement to
The
ons.
corporati
on
are unmistakeably mentioned, and clearly excluded; tacks
in
any degree a defiant
not
is
ons
corporati
new
form
they
therefore, all discussion of what they are and how
corporations and
destroy
to
crusade
to
the
firm
on
response
is
Cabell
ought to be called is academic. Mr.
onerously. It is
them
tax
to
on
dispositi
•general
the
the
mind
in
had
s
ground when he says that "Congres
any other trust.
of
or
trust
a
of
money
work
the
not
es
themselv
s
companie
same thing that the insurance
or of any hosgreed,
especial
any
of
the
result
not
is
It
whether
,
and
dividends
as
ng
have been designati
not possibly
could
this
such dividends are dividends in the commercial sense tility to the common people;
t is by
movemen
persistent
the
on,
or not they constitute what Congress specifically be the explanati since
that,
simply
means
It
s.
people
themselve
common
the
prohibited from being deducted."
everyto
patent
be
to
ought
which
reasons
natural
The companies were certainly ill-advised in raising for
convenient and efan issue now. The proper time to oppose this law body, the corporation is the most
means that a lone
it
next,
ng;
of
associati
form
fective
utmost
its
used
was in 1909, when the "Chronicle"
child in respect
grown-up
a
than
more
hardly
is
man
all
realize
lines
in
people
business
endeavor to make
that nothing
and
shment,
the incurably vicious nature of the proposed corpora- to feebleness of accompli
ble scale
any
considera
on
done
tion tax and to arouse them to the determined oppo- has been or ever can be
exceptakes
If
anybody
together.
getting
sition which would certainly have killed it. Our except by
profitamight
t,
he
statemen
a
as
too
broad
this
to
efforts were in vain. The labor organizations, the tion
even one
fraternals, the building and loan associations; and bly stop and reflect until he can point out
one
some
or
,
possesses
else
he
or
which
anybody
thing
having
obtained
some others, took more notice, and,
absodo,
can
or
does
else
he
or
which
anybody
no
thing
felt
further
s,
themselve
an express exemption for
cohcern, and rested. The public in general took the lutely solitarily and unaided.
Therefore incorporating proceeds, despite the bittersame purblind view as of the later general income-tax
who cheers on
proposition expressed in the pending Constitutional est war upon corporations. The man
a member of
himself
probably
is
the
loudest
Amendment;they assumed that it would all pass above that war
class; or,
berated
most
the
on
outside
corporati
their on heads to hit some taller persons, and there- some
directly,
interest
an
such
scout
to
enough
wild
is
he
in
if
fore behaved as if the whole matter were Australia
interindirectly
be
to
likely
he
is
himself,
respects
as
rather than in the United States.
he may
though
s,
denounce
he
things
very
the
in
will
Life
hereested
Equitable
the
that
reported
It is now
well decry marafter use the word "refund" instead of "dividend," not suspect the fact. One might as
both by stasuppress
to
try
and
which is plainly more exact. It is never amiss to riage and the family
gravi..
to
legislate
try
well
as
might
one
acknowledge an error, even though it is too late to tutes; indeed,
DEC. 30 1.911.1
THE CHRONICLE
17.55
are not in any
tation out of wo rk ing, as to try to suppress the one has reached us this week, and they
d the
anticipate
instrumentality for doing the indispensable work of way at variance with what it was
industry
the
since
time
no
mankind. Misunder standings and assaults are de- year's results would be. At
half a century
plorable; they retard progress and cause losses; but •was firmly established in India,about
capacity of
the
to
to
add
failure
there
has
been
ago,
statutes to prevent men fr orn combining are as futile
of new
erection
the
year,
mills
each
through
either
the
.
as fences strung across the path of an avalanche
ones.
old
of
or
spindleage
the
ents
increasing
establishm
some
but
ng,
The persons (not all of the m time-servi
however,
ar
additions,
of
the
extent
year-to-ye
The
comof
favor
in
are
they
of them misguided) who say
volume
bination but object to co mbinations—that is, to com- vary with the exigencies of the situation. In
steady
quite
was
binations which reach si ze and economic effectiveness— of consumption, also, expansion
having
time
any
checks
to
that
prior
1896-97,
might well consid er the unwisdom of a course which can until
disturb but cannot stop natural movements. They been extremely slight. The next two years' operations
two seasons
might find the same lesson again in other figures which were very active, but were succeeded by
new high
a
set
on;
1901-02
declining
consumpti
of
the
of
are customarily printed at this season; figures
nominal
a
to
on
off
fell
again
consumpti
then
level,
has
It
distribution of ownership in corporate shares
was
which
record
a
new
made
1904-05
but
extent,
how
tively,
-authorita
never been announced, even non
turn,
in
of 1905-06, and this,
large a corporation or a fortune can be before it becomes displaced by the result
The figure then established
1908-09.
in
exceeded
was
in
danger
see
to
professes
nobody
as
dangerous; still,
cwts., or 1,653,456
7,381,500
of
on
smallness, the smaller corporations may be dismissed. —a consumpti
each—still stands
weight
net
average
lbs.
500
of
bales
As for the large ones, the figures of this year indicate
record.
high
the
as
rs
that the ratio of increase in the number of stockholde
Coming down to the latest year (1910-11), we find
in transportation and industrial companies is several
from
the report now before us that the approximations
Were
ion.
capitalizat
times as large as the increase in
in our September annual statement correctly
used
process
a
in
halt
a
only
mean
this the reverse, it would
d, to all intents and purposes, the situation
represente
years
some
through
general
been
has
of diffusion which
ng industry of India in
cotton-manufacturi
the
past. Figures need not be repeated; they show that in
to spindles and a very
addition
further
a
showing
the average holding decreases, as a general statement,
on. At the close of
in
consumpti
decrease
moderate
and it is hardly exaggerated to say that the stockago, the number of
year
a
showed
we
as
1910,
June
may
lair,
holder in a monopoly, when hunted to his
on was 263,
of
constructi
in
course
or
working
mills
small
the
that
Admit
prove to be widow and orphan.
and emlooms,
82,725
and
spindles
6,195,671
with
signot
does
that
property;
holder does not direct the
of
hands.
233,629
force
nify; for it is inevitable that ownership scatter and ploying an average daily
to
slackened
owing
however,
year,
the
control concentrate; operation could not go on other- Consumption for
demand for goods, consequent upon the higher prices
wise.
by the increased cost of cotton, had been
entailed
At this season all men look back, and then try to
less than in 1908-09, reaching 6,772,535
somewhat
Upon
frame some sort of forecast for the future.
nt to 1,517,040 bales of 500 lbs. net
.equivale
cwts.,
opinions
what we have had and what we may expect,
year ended with June 30 1911 there
the
During
each.
counthis
that
will
agree
vary; but probably most men
in the number of factories workto
261
a
decrease
was
profusely
so
aid
the
regulative
try gets along despite
(the
result of fires), but spindles
pressed upon it, and that our prosperity owes nothing ing or being built
looms to 85,352. High
and
to the wisdom and sincerity of our governing. The advanced to 6,357,460
act as a check upon
to
continued
however,
newspaper is under a human temptation to exploit prices,
nt of operations,
acurtailme
forcing
y
practicall
demand,
any error which captures the unthinking multitude.
was a drop
there
that
fact
the
by
indicated
is
which
The politician sees his own advancement more probable
employed
of
hands
average
number
the
in
230,649
to
corto
by catering to popular delusions than by trying
of 6,275
and
from
1909-10
2,975
of
decrease
a
daily,
curative
not
are
of
polici6
rect them. The results bad
to
ly
declined
coincident
ion
Consumpt
from
1908-09.
efand
cause
n
between
connectio
the
any faster than
lbs.
500
of
bales
1,494,199
fect becomes plain, and thq injury is usually charged 6,670,531 cwts., equaling
being a falling off of 159,257
upon the wrong cause. Therefore, after all is said, average net weight—this
of 1908-09 and a loss of
mark
record
the
bales
from
we are compelled to look for permanent improvement
year.
last
from
bales
22,849
ense
in public affairs to the samcp opular common-s
In referring to consumption in India, no account is
which seems so slow to arouse and so easy to mislead.
of course, of the cotton that is turned into goods
taken,
beginthe
for
augury
happy
It would, however, be a
of manufacture has
ning of a year (especially the year of quadrennial dis- entirely by hand. That method
y it is carried on
extensivel
how
but
turbance) if the people could only begin to get a firm obtained for.ages,
on on the
,
informati
determine
to
is
impossible
it
grasp upon the fact that there are unalterable natural now
extension
the
With
l.
conjectura
wholly
being
subject
laws and principles—principles which can be forgotten
hand
to
that
assume
reasonable
seems
it
mills
of
and laws which can be violated, but never without incourse
the
in
and
declining
steadily
is
re
manufactu
laws,
natural
flicting their penalties. More respect for
a really negligible quantity. At
and more patience to rely upon those for the cure of of time will become
any rate, no reliable or convincing data as to the extent
incidental troubles, would be a great national b oon.
of this band manufacture being available, the consumption, as reported by the Bombay Mill-Owners'
COTTON-MANUFACTURING IN INDIA.
n is quite generally and rightfully accepted
Associatio
The cotton-manufacturing in dustry of India, while
of India's use of cotton. The Indian
measure
a
as
in
volume
the
experiencing a further slight setback
that 750,000 bales (of 392ilbs.
estimates
nt
Governme
in
made
raw
material
1910-11,
the
of consumption of
by hand annually.
woven
and
spun
is
each)
of
spinning
the
extending
direction
progress in the
e
is, as is well known,
in
cotton
prominenc
India's
the
the
are
of
These
plants.
capacity
and weaving
re
to
its
manufactu into goods, as the
salient points we glean from the annual official state- not confined
ranks
second only to the United States as a
m ent of the Bombay Mill-Owners' Association, which country
THE CHRONICLE
1756
producer of cotton, maintaining that position steadily,
• notwithstanding the extremely wide variations in
yield in earlier years. As far back as 1879-80 the
India cotton crop (excluding takings by hand spinners,
4Szc.), was approximately 13 million bales of 500 lbs.
each. It reached double that amount in 1898-99, but
fell back to
millions in 1899-1900. Since that time,
in consequence of more thorough methods of cultivation as well as increased area, a considerable augmentation in yield has resulted, but changes from year to
year have at times been great. For instance, between
1899-1900 and 1906-07, production advanced from 11A
million 500-lb. bales to 3M million, but declined to
23 million bales in 1907-08. The next year (1908-09)
gave 2,976,822 bales and 1909-10 a record crop of
3,788,613 bales of 500 lbs. each. The 1910-11 product
showed a decline of over M million bales, figuring out
4,119,555 bales of Indian weights, or 3,229,739 bales
of 500 lbs. each, and for the current season (1911-12)
a further diminution in 'yield is indicated as a result
of unfavorable climatic conditions. The extent of the
India crop this year, however, is not a question of
general concern, owing to the important increase in,
and comparatively low prices for, the American product. Owing to these low prices cotton is going from
the United States to Japan more freely than ever
before, reducing that country's requirements from
India. Furthermore, there have been a number of
shipments from the United States to India since the
current season opened.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.
—The public sales of bank stocks this week aggregate 217
shares, of which 125 shares were sold at auction and 92
shares at the Stock Exchange. No trust company stocks
were sold.
Shares. BANKS—New York.
*90 Commerce, Nat. Bank of _ _ _ _
*2 Imp. & Traders' Nat. Bank__
100 Jefferson Bank (ex-div.)__
25 N. Y. Produce Exch. Bank__
Low.
198 34
568.
156
176
High. Close. Last previous sale.
200
200
Dec. 101— 200
568
568
Dec. 1911— 580 3,f,
156
156
Aug. 1911— 1823-i
176
176
Oct. 1911— 172'%
• Sold at the Stock Exchange.
—A resolution endorsing the report of the Railroad
Securities Commission has been adopted by the Savings
Banks' Association of Connecticut, as follows:
The Savings Banks' Association of Connecticut, representing banking and
business interests of the State, deeply interested in the sound value of
railroad investments, approves and commends to the favorable action of
Congress the late report of the Railroad Securities Commission and the
adoption of its recommendations.
In accordance therewith the association urges legislative action upon
the Congressional Representatives of the State to provide and insure a
batter public knowledge of the business and financial transactions of
railroad corporations and the standing of their obligations.
—A material change has been made in the form of report
under which the New York Banking Department calls for the
figures of condition from the State institutions. While the
banks only have thus far been called upon• to use the new
form, this is due to the fact that the last official statement
made by them (December 21) marked the beginning of their
fiscal year; the trust companies will be required to report in
the new way with the first statement of their fiscal year the
coming month. The new method of reporting is designed to
show the exact position of the institutions as to their real
estate interests. In the case of resources, real estate
collateral had heretofore been included in the general item
of "Loans and Discounts"; the Banking Department has
now divided this item into three separate headings, these
divisions-being as follows:
Loans and discounts secured by bond and mortgage, deed
or other real estate collateral.
Loans and discounts secured by other collateral.
Loans and discounts without collateral.
The institutions are also called upon in the new report to
show under liabilities any mortgages to which real estate
owned by them may be subject.
—The validity of the law passed by the New York Legislature early this year, prohibiting the sale of transfer tax
stamps by any one not authorized by the State Comptroller,
is:upheld under a decision of Supreme Court Justice Seabury
handed down on tile 21st inst. The opinion was given in a
[VoL. Lxxxxm.
test case in which Alfred A. Isaacs, a dealer in the stamps,
was the principal. Mr. Isaacs' arrest occurred in October
with his continuance to sell the stamps without securing permission from the Comptroller. At the time the law went
into effect he had on hand $1,000 worth of the stamps,' and
he held the law to be in violation of the State and Federal
constitutions, inasmuch as it took, as contended by him,
private property without due compensation. Justice Seabury dismissed the writ of habeas corpus which had been obtained by Mr. Isaacs, and in his finding said in part:
The property interest which one has in stamps purchased under the provisions of this law is of a limited and peculiar character. Thus the owner
can use the stamps as stamps only for the purposes prescribed by law. The
value of such stamps springs entirely from the statute pursuant to which
they arc issued. Such attributes of property as these stamps possess attaches to them solely by virtue of the statute. The legal nature of a stamp
is evident from an inquiry into the history of stamp duties. Stamp duties
first originated in Holland in 1864. *
• Stamp duties are therefore
a means of raising revenue and a branch of a system of taxation.
Justice Seabury said that presumably the stock transfer
tax was levied because the Legislature deemed it a necessity
for raising revenue, and for that reason the necessity may be
removed at any time and the statute under which the stamps
are issued be repealed. Any one purchasing the stamps, he
argues, does so subject to such right on tile part of the Government. It follows that tile Legislature may provide that
the stamps are to be sold only by persons who are licensed.
—Three opinions bearing on the stock transfer tax were
rendered by New York State Attorney-General Carmody on
the 21st inst. His respective rulings are as follows:
Where s; corporation, as a consideration for the sale to it of the assets of
a second corporation, issues and delivers certificates of its capital stock to
and in the name of the selling corporation, the subsequent distribution of
said stock by the directors of the latter among its stockholders,according
to their respective holdings In sald'corporatIon,constitutes taxable transfers.
Transfers which operate to effect a change in the legal title to stock are
taxable, although the intermediate holder of the stock 13 acting merely as a
trustee for the transferree.
A transfer of a "certificate of participation" (in the Big Muddy Coal Syndicate) constitutes a transfer of "shares or certificates of stock" in an association within the meaning et Section 270 of the tax law, and accordingly
is taxable.
—Before the Finance Forum of the West Side Y. M. C. A.
on Wednesday night Samuel Untermyer discussed at length
the question "Is there a Money Trust?" Alluding to the
efforts which are being made to secure a Federal inquiry
into the so-called "money trust," Mr. Untermyer said: "If
it is expected that any Congressional or other investigation
will expose the existence of a 'money trust' in tile sense in
which we use the word 'trust' as applied to unlawful industrial
combinations, that expectation will not be realized. Of
course there is no such thing. There is no definite union or
aggregation of the money powers in the financial world.
There certainly is none that can be said to be in violation of existing law. If, however," he added, "we mean by this loose,
elastic term 'trust' as applied to the concentration of the
"Money Power,' that there is a close and well-defined 'community of interest' and understanding among tile men who
dominate the financial destinies of our country and who wield
fabulous power over the fortunes of others through their
control of corporate funds belonging to other people, our
investigators will find a situation confronting us more serious
than is popularly supposed to exist." In his further treatment of the subject Mr. Untermyer had the following to say:
It is the greatest and most difficult of our many perplexing economic
problems. This is so although, and perhaps largely, because nothing is
being done in fastening this power upon the people that is actually Illegal.
It is therefore difficult to find an adequate remedy, though much may be
accomplished through improved currency and banking laws, and in other
ways that will hereafter be outlined to mitigate the constantly increasing
danger..
What I shall have to say involves no reproaches or charges of wrongdoing against the men who have achieved this power and no serious criticism against the methods they have employed to secure their ends. They
have exercised the power with exceptional justice and self-restraint, except
where the interests under their protection are threatened. My criticism is '
leveled against the business and financial system that has made such results
possible and which if not corrected is likely to lead to a moneyed oligarchy
more despotic and more dangerous to industrial freedom than anything
civilization has ever known.
•
•
•
•
•
•
There has been greater concentration of the money power in the past five
years
through the control acquired by these few men over corporate
or ten
funds that are deposited under their direction in our financial institutions
than in the entire preceding fifty years. The process of absorption is likely
to continue until a few groups absolutely dominate the entire financial
situation of the country, unless a way can be found to check their march of
progress.
•
•
•
•
•
•
•
It is said that the average daily bank balance of the United States Steel
about
Is
Co.
$75,000,000; that of the Tobacco Trust is said to be $20,000,000
or more, whilst the average daily balances of deposits of the many other
trusts whose financial headquarters have been transferred to New York
must amount, conservatively stated, to many hundreds of millions of
dollars. When to this is added the influence of these bankers in designating or directing the depositaries of the funds of the principal railroads
of the country into the institutions controlled by the respective issuing
houses, we begin to get some faint conception of the source of their power.
•
•
•
•
DEC. :30
1911.]
THE CHRONICLE
1757
force have been considered, the remainder of the force at New York will
be made up from a local eligible list, and, of course, after this has been
done the opportunity for transfer will have passed.
Please see to it that all your employees are fully informed of the situation.
In former years the Mint at Philadelphia received considerable crude
bullion from the Western Assay ptilce, but with the opening of the new
Mint at Denver, it is more econothical to have the Western bullion coined
at that institution.
The Philadelphia Mint is in the position of being cut off on all sides from
shippers of crude bullion, with the results that your receipts are insignificant.
Respectfully,
GEORGE'E. ROBERTS,
Director of the Mint.
Thus it has come to pass that less than a dozen men in the City of New
York are for all practical purposes in control of the direction of at least 75%
of the deposits of the leading trust companies and national banks in the
City of New York and of allied institutions in various parts of the country.
•No
•
•
•
•
No fault could be found with the most unrestricted use by these men of
their own money within lawful limits. It is quite as Important to our
prosperity that we permit and encourage the free play of enterprise in the
men of wealth in all departments of human endeavor as that we seek to
restrain their activities in the use of the moneys entrusted to them by the
people in the accomplishment of their vaulting ambition to rule the finances
of the country. So long as they use only their own money, we have
nothing to fear from their mad race for power. It is when they tap the
resources of the merchants in our banks and the savings of the people in our
life insurance companies and industrial and railroad corporations that we
must stay their hand, no matter how well-meaning may be their purpose.
•
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•
There are some things that we can do by legislation to ameliorate existing
conditions and to prevent them from growing worse. Among them I
suggest the following:
1. Limit the class of securities other than commercial paper that banks
may purchase.
2. Prohibit them from becoming syndicate underwriters as life insurance
companies were disqualified from such participations by the Act of 1906.
3. Limit the proportion of capital and surplus that may be loaned
bankers and brokers on Stock Exchange securities, so that ample funds
will always be available for commercial credits, instead of being at times
diverted to speculative Wall Street purposes to the injury of legitimate
business.
4. Prohibit every bank from owning or loaning upon the stock of any
other bank or of any trust company. It was never intended that a bank
should be a holding company.
5. Further restrict the investments of life insurance companies by
State legislation so as to limit them in the purchase of bonds to those that
have been continuously paying interest for at least five successive years.
There arc over five billion dollars in the three great New York companies.
No policyholder cares to have his company speculate with his savings in
new and untried issues, especially with the disastrous results of which we
know and which may recur at any time. The more of their money is
required to be invested in first mortgage or unencumbered improved real
estate and the further they are kept away from Wall Street, the better for
the policyholders.
6. Prohibit any bank or trust company from acting as an issuing house
for the sale of securities to the public. That is not its proper province. A
disastrous enterprise may so destroy the credit of an institution as to force
its liquidation to the injury of depositors and the inconvenience of business.
7. By all means prevent the enactment of the provision of the pending
Aldrich plan which would permit the establishment of branch banks.
8. No person or firm should be permitted directly or through "dummies"
to be a director of more than one bank or trust company in the same city
where the institutions would be naturally competitive but for the community of interest thus created.
9. All corporations having securities for sale should be required in the
interest of shareholders to sell them in competition in the same way in
which Federal and State Governments and municipalties are now required
by law to sell their securities.
10. Place the Clearing-House Association under the direction of the
Comptroller of the Currency and the Secretary of the Treasury with respect
to the national banks and under that of the State Banking Department
with respect to State institutions.
11. Place the issue of securities of Inter-State railway corporations under
the control of the Inter-State Commerce Commission and those of industrial
corporations under that of an Industrial Commission, with ample requirements for full publicity as to all security issues before they are authorized.
This would involve a full disclosure of all bankers' commissions, similar to
the requirements of the English "Companies' Acts." It would also enable
the Commission to determine whether the proposed arrangement had been
reached as a result of competition. In that way much could be accomplished towards securing independence in corporate financing.
In reply to protests made by employees of the Mint as a
result of the order, Mr. Roberts, the Philadelphia "Ledger"
reports, has explained that much of the refining work recently done at Philadelphia had been transferred there from
New York pending the rebuilding of the refinery in the latter
city, and that in the new move he is only sending back to
New York what really belongs to it. The "Ledger" adds
that Mr. Roberts made it clear that the order does not involve a closing down of the Philadelphia Mint.
—The Philadelphia Clearing House Association has
approved the applications of the following trust companies for
admission to the Association as full membdrs: The Land Title
& Trust Co.; the Real Estate Title Instirance & Trust Co.;
the Girard Trust Co.; the West Philadelphia Title& Trust
Co.; the Philadelphia Trust Safe Deposit & Insurance Co.;
the Provident Life & Trust Co. and the Pennsylvania Co. for
Insurances on Lives and Granting Annuities. The entrance
of these institutions to the Clearing House follows the
adoption of regulations governing the admission of State
banks and trust companies to full membership. The Land
Title & Trust Co. and the Real Estate Title Insurance &
Trust Co. were the only trust companies which had heretofore been members of the association; under the rules previously in force, however, they were not accorded a vote in
the management of the Clearing House. A change has lately
been made in the form of the weekly statement of the
Association. The Philadelphia "Press" in noting the
change states that while it is apparently unimportant in
itself, it is based on a new form of daily statements involving
a change in the computation of reserves held. The "Press"
indicates these changes in the following:
—The Philadelphia Mint has received notice from Director
George E. Roberts to the effect that its melting and refining
plant is to be discontinued, this branch of the work being
removed to the United States Assay Office at New York.
Mr. Roberts' announcement also contains the information
.that the operations of the Philadelphia Mint in the future
will be chiefly in the manufacture of minor or subsidiary
coin, and the new minor-coinage plant will have an equipment of furnaces especially designed for such work, and
which are expected to considerably reduce the amount of
labor required for the making of ingots. The order issued
by the Director in the matter is published by the "Ledger"
as follows:
—In a communication under date of the 16th inst. to
Internal Revenue Agent John W. Sinsel at New York, Royal
E. Cabell, Commissioner of Internal Revenue, has decided
that dividends declared by insurance companies, when applied to the payment of renewal premiums, to shorten the
endowment or premium-paying period, to purchase paid-up
additions and annuities, &c., are subject to assessment under
the corporation tax law and must be included and accounted
for as income. The following are the essential features embodied in Mr. Cabell's decision:
Hereafter in figuring the amount subject to reserve requirements the
banks will be allowed to deduct from deposits all notes of other national
banks and the amount due by the United States Treasurer upon account
of national bank notes in course of redemption, which will naturally reduce
the net deposits to some extent. This change is reflected only in the totals
of the new statement, as it does not go into such details.
In the weekly statement there have been some changes in wording. For
instance, the word "Investments" has been added to the item "Loans and
Discounts," although they were included in the figures heretofore. The
position of the items "Circulation" and "Legal Reserve" have been transposed, the latter having been called "lawful money reserve" in the old form.
In the old form there were two items: "Due to Banks" and "Deposits"
while in the new form there is one head "Deposits" subdivided into "Bank"
and "Individual" deposits. It is thought the changes will make the
statements clearer to the average reader.
In the adininistration of this law the questions of what was meant by the
use of the word "dividend" and the status of dividends declared by insurance companies have arisen. These questions have been receiving most
Superintendent of the Untied States Mint, Philadelphia, Pa.:
Sir: In view of the fact that the new refinery of the United States Assay careful consideration in this office for the past six months. Many hearings
Office at New York will be ready for operation on or about Jan. 1 next, and have been had on this subject, at which have appeared officers and counsel
of the further fact that the receipts of crude bullion at the Philadelphia representing nearly all of the insurance companies interested. In addition
Mint arc not sufficient to justify the continued operation of your refinery to elaborate arguments, a number of briefs have been filed and this office
after transfers from the New York office have been discontinued, you are has on its own aceount made careful and painstaking investigations.
Reduced to final analysis, the contentions of the various companies are
hereby directed to instruct the Melter and Refiner to wind up and permanently discontinue operations of your refinery on or about the same date, chiefly two:
First. That dividends declared by mutual and participating companies
Jan. 1 1012,
Tile Meiter and Refiner of the Assay Office at New York is now filling are not dividends in the commercial sense of the word, but are simply reup the list of employees for that refinery, and the Bureau is very desirous funds to the policyholder of a portion of the overcharge collected from such
that, so far as practicable, these places shall be reserved for workmen from policyholder at the time the annual premium of the policy contract is colyour refinery or other departments of your institution whose services, in lected, which overcharge is merely held in trust by the company issuing
view of the reduction of your operations, are not likely to be required. the policy, and annually or at stated periods all, or a portion thereof, Is
You understand that under tire law that authorizes the Secretary of the returned to the person holding the policy.
A careful consideration of the language used by Congress on this subject;
Treasury to issue gold certificates against gold bullion in the Treasury, the
amount of gold coinage in the future will be very much less than in the past. a consideration of the provisions in the policy contracts relating to diviThe operations of the Philadelphia Mint in the future will be chiefly in the dends; the statements of the insurance companies to their policyholders;
manufacture of minor or subsidiary coin, and the new minor-coinage plant the statements made by the insurance companies to the public generally
will have an equipment of furnaces especially designed for such work, and through their authorized advertisements, their literature and by their agents
which arc expected considerably to reduce the amount of labor required and the sworn reports of the insurance companies made to the various State
authorities, show that this contention is untenable.
for the making of ingots.
The language in the various policies differs a little, but the contract itself
It is hoped that these changes may be brought about with the least pospresent
of
force
sets out specifically that the policy shall entitle the holder annually or at
end
employees, and to that
sible amount of hardship to the
you are urged to call the attention of all your employees to the opportunity stated periods to a dividend which shall be the distributive share of the policy in the surplus of the company, the amount thereof being fixed by the
now open to obtain permanent places in the New York Assay Office.
In filling up that force, a preference will be given to employees of the board of directors or in some other designated method.
•
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•
transfers.
After
all
Philadelphia Mint asking for
requests from your
1758
THE CHRONICLE
In all of the policy contracts and in the literature and representations of
the agents and officers of the respective companies, the amounts thus paid
to the policyholder are designated dividends, are treated as dividends,so
far as appears both by the companies and the policyholders receiving them,
and an examination of the sworn reports furnished by these insurance companies to the various State officers discloses the fact that these amounts are
called dividends and treated as dividends; and in the face of these faots
becomes an impossibility for this office to rule that such dividends should
be considered under any other designation or that the amounts so paid
should be deductible from gross income in making the returns of annual
net income.
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•
It appears from the investigations of the books themselves that in many
oases the earnings of the companies from previous investment and holdings
are nearly, if not quite, as large as the amounts which are annually distributed as dividends, and while it may be true that the dividends in whole
or in part might be distributed from premiums rather than from these earnings, it does not appear that a separation of sources of income is made for
the purpose of ascertaining the funds available for dividends. The insured
Is not promised a refund, but a participation in the surplus or profits Is
promised, and the plea that the dividend is declared is a refund of a portion of the premium heretofore paid, rather than a distribution of the actual
surplus of a company derived from all sources, does not appear to be consistent.
It does not appear, therefore, that the facts warrant the contention of
the counsel that dividends are refunds of premium payments, but, on the
contrary, it appears that most of the companies are in a position to declare
a dividend which will conform to the commercial definition of dividends
urged by counsel as the correct definition.
The language of Congress relative to deductions from gross income Is
as follows: "And in the case of insurance companies the sums other than
dividends paid within the year on policy and annuity contracts," and there
is no clearer or more reasonable rule of construction than that every clause
or word of a law should be presumed to have been intended to have some
force and effect.
The second contention, and the one most vigorously advanced by many
of the companies,is that, granting that dividends paid to policyholders in
cash are dividends within the intent of the statute, when such dividends are
applied to (a) the payment of renewal premiums;(b) applied to shorten the
endowment or premium-paying period; (o) applied to purchase paid-up
additions and annuities, they are not dividends but refunds applied as stated.
The contention Is that the company does not actually receive the money,
and that it Is not, therefore, to be taken up in the income accounts, but that,
owing to provisions of local statutes over which they have no control, they
are forced against their will to take up these items on their ledger accounts
and on their sworn statements as income.
A careful consideration would appear to show the complete fallacy of
this contention. It Is not disputed that when the dividends shall have been
declared and the ratable distribution determined by the duly constituted
authority of the company,the title to the ratable share Is thereby vested in
the policyholder. Such being the fact, the company is thereafter the mere
custodian of the amount of dividend thus declared and agrees as agent to
make disposition of such amount in accordance with the direction of the
owner thereof. This is specifically set out in the policy contracts, and the
disposition of the dividend Is determined solely by the election of the policyholder himself.
The insurance company declares a dividend and the policy contract gives
the ipsured in whose favor the dividend is declared the absolute direction
of its disposal. He may direct that it be paid to him in cash or he may
direct its disposal as hereinbefore stated by the company which acts as the
agent of the policyholder in applying the dividend as he may direct. The
dividend having been regularly declared, the amount belonging to each
policyholder is entirely within his control, in accordance with the terms of
his contract, and he may and must direct its disposal, as stated.
For purpose of illustration, suppose a policyholder elects to direct the
disposition of his dividend to the part payment of his next renewal premium.
The company contends that such an election on the part of the policyholder
Is a rebate on the part of the company. When we consider, however, that
the title to this dividend has already vested In the policyholder, It would
appear that there is no abatement of premium, but that the policyholder
who pays a continuing annual premium remits to the company a certain
portion of that premium In cash and directs that the company take the
amount of dividend due and payable to him and add it to the amount remitted in cash in payment of the premium then due to the company. The
policy contracts of the companies themselves, the receipts for premium
payments and the whole transaction appear to establish this beyond any
question.
•
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•
. The second and third allegations as to disposition of dividends declared
fall identically within the reasons set forth, and a further detailed discussion thereof does not appear necessary. It appears clear, therefore, that
under the language of the law the dividends excepted from deductions are
the amounts disbursed annually by the various companies as dividends,
and that after the dividends are once declared and by direction of the
policyholders are transferred back to the company for the purpose of paying
premiums, purchasing additional insurance or shortening the term of insurance, the amount of dividends so transferred to the company constitutes
Income In every sense identically as though the actual cash was paid therefor, and such items shall be so treated and accounted for.
—Commissioner Cabell has also issued a notice to the
United States Attorneys suggesting that when proceedings
are instituted against delinquent corporations for the recovery of the penalty imposed under the Corporation Tax law,
a civil action be brought for the penalty which the statute
fixes at not less than $1,000 and not exceeding $10,000,
instead of proceeding by indictment in a criminal action.
—Alfred Carpenter, founder and proprietor of the Charing
Cross Bank of London, is reported to have been found guilty
on the 18th inst. of the charge of obtaining money on false
pretenses and sentenced to two years' impris onment. The
institution, a private banking concern, closed its doors in
October 1910. The arrest of its owner occurred last April.
—Commencing January 1, the representations which have
heretofore been maintained in London and on the Continent
by William Salomon & Co. of New York will be transferred
to and continued by the new co-partnership formed under
theltitle of Salomon & Co. of London, with offices at Austin'Friars.
[VOL.
—George H. Newhall has been appointed Bank Commissioner of Rhode Island, to succeed William P. Goodwin, who
resigned to become Treasurer of the People's Savings Bank
of Providence. Mr. Goodwin's resignation became effective
December 1. Mr. Newhall who was appointed to the
Commissionership on the 20th inst. by Governor Pothier
assumed his new duties on the 21st. His name will be sent
to the ,Senate for confirmation as soon as that body convenes. The term will run to January 311914. • Mr. Newhall,
it is stated, was for many years Secretary-Treasurer and
General Manager of the Providence Tool Co. and the Household Sewing Machine Co., and was formerly a director of the
Atlantic National Bank of Providence.
—Frederick P. Holt has been appointed a State Bank
Commissioner of Connecticut to fill the vacancy due to the
death of Charles H. Noble.
—Arthur B. Chapin has tendered his resignation as Bank
Commissioner of Massachusetts, having accepted a vicepresidency in the American Trust Co. of Boston. Mr.
Chapin's term of office would have expired in March. His
resignation will take effect on January 15, or earlier, if a
successor is chosen before that date.
—As indicating the extent of the dealings had by the
Massachusetts savings banks in life insurance and annuity
policies, it is reported that the banks now have 5,500 policy
holders and more than $2,000,000 of insurance in force.
Dividends have just been declared by the insurance departments of the Whitman Savings Bank of Whitman and
the Peoples' Savings Bank of Brockton. According to the
Boston papers, the dividends on the monthly premium
policies at the end of the first year amounted to 8 1-3%, and
in the fourth (and present) year reach 16 2-3%. The
dividends on the annual premium policies, it is stated, have
been largely increased over those declared a year ago, and
now average from 9 to 11% of the yearly premium on the
straight life policies; from 8 to 9% on the 20-payment life
policies, and from 634 to 834% on the twenty-year endowment policies. Insurance departments, it is reported, are
operated by three savings banks, while thirteen others have
become public agencies for savings bank life insurance.
—The Portland (Ore.) Clearing House Association recently
decided to adopt the system of examination of members and
institutions clearing through members, which is rapidly
becoming universal among the larger clearing-house associations of the country. The work of supervision will be
carried on through C. S. Loveland, who has been appointed
by the Association as its Special Examiner. Mr. Loveland
has served for many years both as a National and State
bank examiner.
—Another Brooklyn savings bank, the Brevoort Savings
Bank, has reduced its interest rate from 4 to 3
this being the sixth institution in that borough to lower its rate.
—H. A. Schlotzhauer, who resigned several months ago as
Cashier of the Fletcher-American National Bank of Indianapolis, has been appointed a national bank examiner.
—Local savings banks not heretofore mentioned which
adhere to the 334% interest rate with the present disbursement are the Citizens Savings Bank, the Union Square
Savings Bank, the North River Savings Bank and the Franklin Savings Bank.
—The Broadway Trust Co. of this city has become allied
with the Irving National Exchange Bank as a result of the
acquisition of a majority of the stock of the trust company
by interests indentified with the bank. The purchase is
said to have been effected through Frank W. Woolworth, a
director of the Irving Exchange National. At the annual
meeting of the stockholders of the trust company on January 10 action will' be taken toward increasing its capital from
$700,000 to $1,000,000. The new stock is to be sold at $150
per share, thus enabling an addition of $150,000 to be made
to the surplus. A number of new members will also be added
to its board. The Broadway Trust Co. began business in May
1902. The deposits under the September statement amounted
to $4,510,274. It is announced that the company will continue
in its present quarters at Broadway and 8th St., and its management is expected to remain unchanged. Its officers are
Frederic G. Lee, President; M. M. Belding Jr., and Marks
Arnheim, Vice-Presidents; John W. H. Bergen; Secretary;
Henry F. Price, Treasurer, and Louis S. Quimby, Assistant
Secretary.
—Group VIII. of the New York State Bankers' Association
will hold its annual dinner on Jan. 15 at the Waldorf-Astoria.
The speakers of the occasion will be Darwin P. Kingsley,
DEC. 30 1911.]
THE CHRONICLE
President of the New York Life Insurance Co.; LieutenantGovernor Robert Bruce of Massachusetts, and Col. Norris
G. Osborne of Hartford, Conn.
—Announcement has been made this week of the abandonment of the plan with which Col. Robert M. Thompson,
special partner in the brokerage house of S. H. P. Pell & Co.,
has been identified, under which it was proposed to advance
to the planter $25 a bale on his cotton. As stated in our issue of Nov. 25, the scheme aimed to make a large amount
of money available for the handling of the present year's crop.
The offer of $25 a bale was with a view to enabling the growers
to hold the staple until it reached 12 or 13 cents; the planter,
on his part, was to reduce his acreage during the coming
year. Col. Thompson's decision to defer further action in
the development of his plans is said to be due to the criticism which has been directed against the movement. The
scheme was generally looked upon as chimerical.
—Richard Schuster, of Speyer dr Co., has been elected a
director of the Banco Mexican° de Comercio e Industria of
Mexico City, Mexico, in place of James Speyer, resigned.
=Charles A. Otis, of the banking firm of Otis & Hough of
Cleveland, has been elected a director of the Windsor Trust
Co. of New York.
—The Guaranty Trust Co. of New York has declared an
extra dividend of 8% on its capital stock, which, added to
the regular dividends already declared for 1911, makes a
total of 40% for the year, against 32% paid in 1910. The
growth of this, the largest, trust company in America,during
the past year has been exceptional. The deposit of December 31 1910, ere, in round numbers, $124,000,000. At the
last call, December 21 1911, the deposits had grown to over
$156,000,000, a gain of $32,000,000 during the twelve
months. In the same time the company has, as stated
above, paid 32% in regular dividends on its capital of
$5,000,000, and out of its earnings has now declared an
extra dividend of 8%, or $400,000. This growth has wade
necessary larger and more convenient quarters, and arrangements have been made for the erection of its own building on
Broadway at the corner of Liberty Street. This building
when completed, will be one of the m st imposing structures
on that famous thoroughfare.
—The new $1,000,000 capital of the Security Bank of New
York was admitted to the New York Stock Exchange list
on the 27th inst. Under proceedings ratified by the stockholders on August 21 the capital was reduced from $1,000,000
to $750,000 and then restored to $1,000,000; the additional
2,500 shares were sold at $150 per share, and the premium
of $125,000 was carried to the surplus. The institution
was formerly the Fourteenth Street Bank, the change in the
name having also occurred last August, when the Nineteenth
Ward and Twelfth Ward Banks were merged with it.
—President Taft this week indicated that no pardon
would be issued at the present time to Charles W. Morse,
who was removed the latter part of November from the
Federal Prison at Atlanta to the Army Hospital at Fort
McPherson. During the past month it has been reported
that Mr. Morse's condition had been critical, and persistent
efforts have been made to secure his release. The President's
decision to decline to grant the petition unless further
changes in Mr. Morse's condition should warrant it was
made known in the following announcement issued at the
White House on the 24th inst.:
The President to-day called into consultation the Surgeon-General of
the Army,the Surgeon-General of the Navy and Major M.A. Delaney, Mcdisal Corps, U.S.A., on the report of the board of physicians at Atlanta as to
the physical condition of Charles W. Morse. After a full consideration of
the report as explained to him by them, the President was not satisfied that
immediate action was necessary and directed that he be kept fully advised
and at frequent intervals of any change.
Mr. Morse is under a fifteen-year sentence on charges of
misapplying funds of the National Bank of North America
of New York, of which he was Vice-President; he began his
term of imprisonment in January 1910.
—Members of the firm of Burr Bros. & Co., promoters of
mining and other ventures, who were arrested by Post
Office inspectors in November 1910, pleaded guilty on the
22nd inst in the U. S. Circuit Court in New York to a
charge of using the snails to defraud investors. They are
Shelton C. Burr, President; Eugene H. Burr, Secretary and
Treasurer; Charles H. Tobey, Vice-President, and E. W.
Preston. They were each sentenced to one year's imprisonment on Blackwell's Island.
—The United States & Mexican Trust Co. has declared its
regular quarterly dividend of 2%, payable January 1st to
stockholderslof record December 26th. The capitarstock
1759
of the trust company has been increased from one million
to two million dollars, five hundred thousand of the increase
being 6% preferred stock. This increase, it is stated, has
been found necessary to take care of the rapidly expanding
business of the company. The company does not do a
banking business, devoting all of its resources to the development of industrial and agricultural enterprises. It is represented in New York by the Metropolis Finance Co., and has
offices in Kansas City, Mexico City, London and Amsterdam.
—The inquiry directed by the State Banking Department
into the management and affairs of• the Borough Bank of
Brooklyn Borough was begun at the Borough Hall on Wednesday.
—The Franklin Trust Co.of Brooklyn will pay on December 30 to holders of record December 30 a semi-annual dividend of 6%. This is at the rate of 12% on the capital of $1,000,000 and is the equivalent of the old rate of 8% on the
old capital of $1,500,000, which was reduced in July 1911.
—The question of increasing the capital of the American
National Bank of Newark, N. J., from $200,000 to $300,000
is under consideration, and, it is stated, will shortly be put
before the stockholders for decision. If the new issue is
authorized, the additional stock will be offered pro rata to
the present shareholders at $125 per share. One of the
objects in issuing the new capital, it is stated, is to provide
funds for the contemplated erection of a new building on the
bank's present site.
—The Marine National Bank of Buffalo again shows most
decided growth in its business. During the past year its
resources have increased from $29,921,167 (Jan. 7 1911) to
$34,903,049 on Dec. 5 1911. Deposits in this period have
risen from $25,204,251 to $29,725,358. The ntrine has
earned its entire surplus and profits, amounting on Dec. 5 to
$1,627,692, and also $1,500,000 of the $2,000,000 capital.
Stephen M. Clement is President and Clifford Hubbell,
Cashier. The bank is distributing a very useful calendar
for 1912, showing by different colored figures the Sundays
and holidays on which paper in New York State is due, and
the date it is payable.
—A semi-annual dividend of 6% has been declared by the
Hartford Trust Co. of Hartford, Conn.; the institution had
heretofore paid 5%, the yearly rate thus being increased
from 10% to 12%. •
—The Chelsea Savings Bank of Norwich, Conn., recently
took possession of its handsome new banking house erected
on the site of the old Universalist Church at Main and Cliff
streets. The building, which covers a ground area of about
4,500 square feet, is one story high, is of white Millstone
granite and of the Greek type of architecture. The main
banking room is 40x60 feet and 35 feet high; this room, the
lobby and the vestibule are wainscoted in Tavernelli Fleuri
marble, its soft tints almost matching the pale buff which is
the finish of the molded and paneled walls, alternating with
pale green and gold trimmings. The building is as thoroughly fireproof as modern methods can make it. Up to two
years ago, when its building was destroyed by fire, the bank
had for forty-five years, or since 1864, been located on Shetucket Street. The construction of the present building was
started about September 1909. The bank is under the management of Edward Harland, President; Henry H. Gallup,
John C. Averill and Charles E. Chandler, Vice-Presidents;
Charles B. Chapman, Secretary and Treasurer, and Frank
Hempstead, Assistant Treasurer.
—The Torrington National Bank of Torrington, Conn.,
celebrated its twelfth anniversary on the 12th inst. The
institution was established on Dec. 12 1899; Hosea Mann, a
State Bank Examiner from Vermont, played a prominent
part in perfecting its organization and has been its Cashier
since the start. Under its statement of the 5th inst. the
bank had deposits of $1,368,507 and total assets of $1,655,861. It has a capital of $100,000. John F. Alvord is President.
—A pension plan has been adopted by the National
Shawmut Bank of Boston, applicable to all employees
under the grade of Cashier. The following announcement
concerning it appears in the Boston "Advertiser" of the
28th inst.:
Any clerk who has served the bank for fifteen consecutive years shall be
entitled to an annual pension of 30% of the salary paid at the date of retirement. The optional date of retirement is placed at 60 years, and the clerks
become automatically retired at the age of 65 years unless by special vote
of the directors.
This plan is the first straight pension plan instituted by any bank in Boston. and, so far as Is known, differs from the usual annuity in that the employee is cot requirod to contribute towards the fund..
1760
THE CHRONICLE
—Percy M. Chandler, Receiver for the Tradesmen's Trust
Co. of Philadelphia, which closed its doors in September,
filed his first account on the 14th inst. He reports that since
assuming charge of its affairs he has succeeded in converting
assets of the institution into cash to the extent of $570,855,
and after payment of secured loans and other expenses has
a balance on hand of $465,106; this, he states, is exclusive
of certain special deposits. In addition he estimates that
$350,000 of other fairly quick assets, including the company's building, will be realized in liquidation. Mr. Chandler
adds that the remaining assets, shown on the books at about
$1,000,000, are invested in mortgages and loans on building
operations, a large part of which security he states is of
doubtful value. According to the report mortgages of over
$600,000 par value which were in default at the time the
receiver took charge have been restored by payment of overdue interest, thus saving large equities to the company.
With regard to second mortgage holdings of the institution
he says:
Upon investigation, your receiver also found that of the second mortgages
owned outright by the company, amounting in all to about $435,000, there
were three large mortgages, aggregating $264,000 on three operations,
which were taken over by the General Investment Co. about one year ago.
The receiver was informed that certain of the directors and other individuals
formed the General Investment Co. and took over these three operations,
making payment of a sum of $80,000 in cash and giving the Tradesmen's
Trust Co. for the balance due the three second mortgages aggregating
$264,000. These mortgages have yet four years to run and bear interest
at the rate of only 5%. They are not marketable at the present time at
any price near their face value.
At a meeting of the Board of Directors of the Tradesmen's Trust Co.
called for Saturday last the receiver brought attention to these various
conditions and particularly the second mortgages of $264,000 and indicated
that in order to secure prompt liquidation and payment of the claims
against the company,certain of the slow real estate assets would have to
be realized upon, and, that in his judgment the directors should appoint
a committee of five of their members to co-operate to this end. This
committee was appointed,and, subject to the approval of your honorable
Court,the receiver purposes insisting upon some arrangement being made
for the further liquidation of these unmarketable assets of the company.
The check and time deposits of the company, constituting
the preferred claims, amounted to $1,220,670 at the time
the institution closed its doors.
—J. S. M. Phillips, who resigned recently as Cashier of
the National Bank of Western Pennsylvania at Pittsburgh,
is identified with a movement to form a new bank in that city.
Application has been made to the State Bank Commissioner
for a charter for the proposed institution, which is to be
known as the Merchants' Bank. It is to have a capital of
$100,000 and its stock will be sold at $120 per share to create
a surplus of $20,000. Mr. Phillips is to be Cashier of the
new organization; others who are interested with him in the
venture are A. Hillis Boyd, Truman S. Morgan and George
E. Dietz. The bank is expected to begin business on April 1
1912; it will locate in the neighborhood of Penn and Liberty
avenues and Sixth and Tenth streets.
—We are in receipt of the Mellon National Bank's new
1912 calendar. Being of a goodly size, it meets with much
favor where a large-figured calendar is required for business
purposes.
M. Hinman has been chosen as Manager and Examiner of the Columbus, Ohio, Clearing-House Association, to
take the place of Earl S. Davis, who retires on Jan. 1. Mr.
Hinman, who. is at present a State bank examiner under
Superintendent Baxter of Ohio, will formally enter upon
his new post on Jan. 1; he will not, however, take up the
actual work of the office until the following month, an
assistant in the meantime attending to the routine matters.
As we noted in our issue of the 2d inst., the Columbus
Clearing House will put in force on Jan. 1 new regulations
affecting reserves; an improved system of examinations is
also to be adopted, the supervision under the changed
methods being more complete than heretofore, and similar
to that conducted by the New York and other large clearinghouse associations.
—The Supreme Court of Ohio is reported to have recently
sustained the lower court in relieving William L. Davis,
formerly Vice-President of the defunct Canton State Bank
of Canton, Ohio, of the charge of embezzlement. The bank
closed its doors in May 1905. The former Vice-President
it is stated, was charged with having criminally abstracted
from the hank's vaults stock of the institution which represented security for loans to himself and others. He was
sentenced on December 29 1909 to five years' imprisonment.
It appears that only 60% of the face value of the stock had
been paid in, and according to the "Ohio State Journal" the
Court holds that such shares under the provisions of the free
banking Act of 1851 are not shares at all, but only receipts
for money paid in/ and are to be classified neither as moneys,
[VOL. rocxxxin.
credits, nor funds. The Court furthermore says that abstracting or embezzling such shares constituted no offense
because the bank was in no worse shape after the abstraction
than it had been before.
—Since the merger of the Fifth and Third national banks
of Cincinnati on June 11908, the resultant institution, the
Fifth-Third National Bank, has experienced a, noteworthy
increase in its business. On June 1 1908 deposits were
reported at $12,061,000, while in the call for December 5
1911 the total reached $16,113,894 —a gain of over four
millions of dollars in the intervening period. Aggregate
resources are now $22,730,223. The bank has a capital of
$3,000,000 and surplus and profits of $4,573,479. Charles
A.Hinsch is the well-known President, William A.Lemmon
and Edward A. Seiter, Vice-Presidents, and Monte J. Goble,
Cashier.
—The stock of the Guardian Savings & Trust Co. of Cleveland has been placed on a 10% basis, a quarterly dividend of
2
having been declared, payable Jan. 2. The yearly
rate heretofore has been 8%. The institution has a capital
of $1,000,000 and surplus and profits in excess of $1,000,000.
—The quarters at 534 Walnut Street, Cincinnati, formerly
used by the Metropolitan Bank & Trust Co. of Cincinnati,
which suspended on Sept. 18, have been opened as a branch
of the Cosmopolitan Bank & Savings Co. The latter has its
main office at Freeman Avenue and Oehler Street.
—A judgment for about $2,000 which had been obtained
by a depositor against George G. Metzger, formerly President of the failed Broadway Savings Bank Co. of Toledo,
Ohio, on the ground that, as a stockholder, he was doubly
liable for the company's debts, was set aside by the Circuit
Court of Toledo on the 15th inst. The Toledo "Blade" states
that, notwithstanding the fact that the law governing the
double liability of stockholders was repealed on Nov. 3 1903,
the Common Pleas Court had entered judgment against the
former President on the ground that the stock was originally
issued before that date. In reversing the finding of the
lower Court, the Circuit Court contends that it makes no
difference when the stock was first issued, if it was purchased
by the holder subsequent to the date of the repeal of the law,
he is not subject to double liability and judgment against him
personally for the company's debts cannot be obtained if his
stock is fully paid for.
—The proposal to increase the capital of the First Trust &
Savings Bank of Chicago:from $2,500,000 to $5,000,000 was
ratified by the stockholdersaon Tuesday. The additional
capital, as noted in our issue of Nov. 25, will represent a conversion of a part of the surplus, $2,500,000 of which will be
applied as payment for the proposed issue. The enlarged
capital becomes effective Dec. 30.
—The Central Trustro. of'Illinois, which recently took
over the business of two other financial institutions in Chicago, has completed arrangements whereby it will absorb the
Western Trust & Savings Bank of that city. The two other
institutions which during;the;past two months have become
a part of the Central are the'Wonroe National Bank and the
Metropolitan Trust ViSavings:Bank. The facts in the latest
consolidation which has been entered into were made public
in the following announcement issued in behalf of the participating institutions on Saturday, the 23d inst:
President Joseph E. Otis of the Western Trust & Savings Bank and
Charles G. Dawes, President of the Central Trust Co. of Illinois, who have
for some time been negotiating for the consolidation of the two banks, were
to-day authorized by their respective boards to complete the transaction.
The Western Trust Ac Savings Bank wiligirst convert $250,000 of its stock
into surplus. Its capital will then be $1,000,000 and its surplus and undivided profits approximately $470,000, making the book value of its stock
147, which is approximately that of the Central Trust Co. of Illinios, the
latter being 150.
The two institutions will then be consolidated, the Central Trust Co. of
Illinois taking over the business of the Western Trust & Savings Bank and •
issuing to the Western Trust & Savings Bank stockholders $1,000,000 of
the Central Trust Co. of Illinols!stock in exchange for the Western Trust
& Savings Bank stock.
The capital of the Central Trust Co. of Illinois will then be $3,500,000,
with surplus and undivided profits of $1,700,000 and deposits of about $35,000,000. Joseph E. Otis will be associated with Mr. Dawes in the management of the Central Trust Co. of Illinois, becoming Vice-President of that
institution, and six of the present'directors of the Western Trust dc Savings
Bank will become directors of the Central Trust Co. of Illinois.
The capital of the:Central Trust was increased on the' 15th
inst. from $2,000,000 to $2,500,000, the new stocklinithat
instance being issued to the stockholders of the Metropolitan
Trust & Savings Bank, the capital of which had beenlreduced from $750,000ato $500,000. Through these several
consolidations the Centralibecomes;.the:fourtki largest:trust
company in the city,7andithe/seventhlin the list okitsilargest
banks. Under thel:Sept.i2istatementItheltentral hadrdeposits of $19,329,198aitslreport:ofiDec.1.6,1after_the:Mergers
DEO. 30 1911.]
THE CHRONICLE
of the Monroe National and the Metropolitan Trust & Savings Bank had been carried through, showed deposits of
$25,660,623; the consolidation of the Western Trust & Savings Bank will augment the Central's deposits to the extent
of $9,813,272, these being the figures of the Western as given
in its statement of Dec. 6. The Western Trust & Savings
Bank developed from the reorganization of the Western State
Bank in 1903, when members of the banking firm of Otis,
Wilson & Co. secured a large interest in the institution.
Last year the Western Trust took over the business of the
Prairie National Bank, the Western Trust at that time increasing its capital from $1,000,000 to $1,250,000.
—An application to organize the Irving Park National
Bank of Irving Park, Chicago, has been approved by the
Comptroller of the Currency. The institution will have a
capital of $100,000.
—The dividend rate of the Englewood State Bank of
Chicago has been increased from 7 to 8% per annum, the
present quarterly declaration being 2%, as against 1U%
paid in October and July; previous to the latter period
134% (or 6% annually) was paid quarterly. The bank
has transferred $20,000 from undivided profits to surplus.
—The Chicago City Bank, which has maintained an annual dividend rate of 10%, has, with its present semi-annual
distribution of 5%, payable on Jan. 1, declared an extra
dividend of 2%.
—In addition to the regular quarterly dividend of 2% just
declared by the West Side Trust & Savings Bank of Chicago,
an extra payment of 2% has been declared, making the total
payments for the year 10%.
—A first dividend of 3% (semi-annual) has been declared
by the Guarantee Trust & Savings Bank of Chicago (Englewood), payable Jan. 1. The institution has a capital of
$200,000. It was established in 1908.
—The year 1911 has been a most prosperous one for the
Northwestern National Bank of Minneapolis, judging from
the various official reports made to the Comptroller. On
Jan. 7 the deposits were $22,311,798; on June 7 they advanced to $23,138,850, while during the past six months the
growth has been exceptional, the figures on Dec. 5 being
$28,356,649. Adding to these the deposits of the Minnesota
Loan & Trust Co.—$2,508,514—which is affiliated through
the ownership of their capital stock by the same individual
stockholders, the grand total of deposits reaches $30,865,163.
The combined capital, surplus and profits of both institutions foot up $6,664,000.
—The Boise State Bank of Boise, Idaho, was closed by the
State Banking Department on the 19th inst. According to a
statement issued by the Boise Clearing-House Association,
"the failure was the direct result of bad and doubtful loans
and incompetent management." This announcement of
the Clearing House also contains the statement that "where
the Association would have gladly liquidated the bank without loss to the depositors, that was made impossible by the
condition found when they became conversant with the
facts." The institution had a paid-in capital of $50,000; its
total resources were reported on Dec. 5 as $259,399; the individual deposits in this statement were given as $99,276; the
demand certificates, $5,995; time certificates, $37,325, and
savings deposits, $16,813. The deposits are said to include
State funds amounting to $30,000. The bank was established in 1906.
—Controlling interest in the City National Bank of Lincoln,
Neb., is reported to have been purchased by L. B. Howey,
President of the First National Bank of Beatrice, Neb. The
City National has a capital of $250,000.
—The deposits of the Commerce Trust Co. of Kansas City,
Mo., have increased from $7,233,585 on Nov. 10 1910 to
$8,964,671 on Dec. 5 1911. This institution, of which
W. T. Kemper is President, has a capital and surplus of
$1,367,922 and aggregate resources of $10,632,593. C. E.
Keplinger is at the head of the company's very active bond
department, which specializes in high-grade bonds of the
Middle West.
—It is understood that arrangements have been perfected
for the purchase of the business and assets of the First Trust
Company Savings Bank of Huntington, W. Va., by the First
National Bank of that city. As part of the proceedings,
it is reported, the latter will increase its capital from $500,000
to $575,000, all of the new stock being issued to the stockholders of the trust company.
—Joseph E, Willard, formerly Lieutenant-Governor of
Virginia, was elected President of the Bank of Commerce &
1761
Trusts of Richmond at a meeting of the directors on the
20th inst. The following new members have also been added
to the directorate of the institution: John T. Wilson, Thomas
P. Bryan and R. Latimer Gordon:
—Courtney Thorpe, formerly Assistant Cashier of the
Chatham Bank of Savannah, Ga., has been elected Second
Vice-President of the Savannah Bank & Trust Co.
—During 1911 the Fourth National Bank of Atlanta made
a still further increase in its business, as is evidenced by the
official statement of Dec. 5. Deposits on this date were
$5,721,562, as against $5,345,983 on Dec. 5 1910. The
bank has a capital of $600,000, surplus and profits of $862,039 and aggregate resources of $8,097,500. Captain James
W. English is at the head of the institution, John K.
Ottley is the well-known Vice-President and Charles I. Ryan
is Cashier.
—A new institution, which has been designated the Central
Trust Co., is slated to begin business in Macon, Ga., on
Jan. 15. Its organization was perfected on the 15th ins,
when the following officers were elected: President, J. J.
Cobb; Vice-Presidents, W. E. Small, Leon S. Dure and
William Gunn; G. S. Derry, Secretary; James S. Massey,
Tr8asurer, and E. P. Mallary, Trust, Officer. Mr. Cobb,
who has been chosen as head of the institution, is Vice-President of the Commercial National Bank of Macon, in which
post, it is understood, he will continue. The Macon "Telegraph" reports that the Central Trust Co. will conduct its
business under the charter of the Union Savings Bank &
Trust Company, which suspended operations the latter part
of 1907. The new institution will engage in a general banking and trust business, which will embrace corporate organization, real estate, collections, title guarantee and stock and
bond departments. It will start with a capital of $300,000.
—The six-year sentence imposed on William Adler, former
President of the State National Bank of New Orleans, following his conviction last January on charges of misapplying
funds of the institution, was upheld by the United States
Court of Appeals on the 19th inst., when an application for a
new trial was denied. It is expected that the case will be
carried to the United States Supreme Court.
—According to the Dallas "News," control of the Waggoner Bank & Trust Co. of Fort Worth, Tex., has been acquired by A. G. Godair of St. Louis and E. E. Balbridge,
George T. Reynolds and W. D. Reynolds of Fort Worth.
Early the present year it was announced that the institution
had become identified with the First National Bank of Fort
Worth, and that it would be operated as an adjunct of the
latter, but under its own title, viz., the Waggoner Bank &
Trust. The new owners, it is announced, intend to increase
the capital from $150,000 to $500,000, and continue it as a
savings and trust institution.
—Houston is rapidly becoming the financial centre of the
great State of Texas. Its aggregate bank resources are the
largest of any city in the State, while its clearings for the
month of November show 29% increase over the same month
last year, being reported as $80,459,410, as against $62,287,220—a* gain in the twelve months of $18,172,190. The
financial institutions of Houston have prospered during the
past few years, their statements published from time to
time showing constant growth and a healthful increase in
deposits. The city has many handsome bank buildings, the
newest of which is that of the Union National Bank. The
latter has just completed one of the most modern bank
buildings in the South. The Dec. 5 figures of such of the
institutions whose statements have thus far come to us
are furnished below:
First National Bank, Houston: Capital, $1,000,000; surplus and profits:
$429,948; deposits, $9,209,565; resources, $11,646,773. Of the $1,000,000
capital the institution has earned $700,000, besides its entire surplus and
profits. 0. L. Cochran is President; J. T. Scott, First Vice-President,
and W. S. Cochran, Cashier.
Union National Bank, Houston: Capital, $1,000,000; surplus and profits;
$342,243; deposits, $8,634,278; resources, $9,222,433. J. S. Rice is President and De Witt C. Dunn, Cashier.
Lumberman's National Bank, Houston: Capital, $400,000; surplus and
profits, $245,334; deposits, $3,234,974; resources, $4,288,738. S. F.
Carter is President and Lynn P. Talley, Cashier.
South Texas National Bank, Houston: Capital, $500,000; surplus and
profits, $459,514; deposits, $5,981,328; resources, $7,805,843. Chas.
Dillingham is President, and B. D. Harris, Active Vice-President and
Cashier.
Houston National Exchange Bank. Capital, $200,000; surplus and
profits, $162,053; deposits, $3,798,439; resources, $4,360,492. Henry
S. Fox is President and Joseph W. Hertford, Cashier.
—In Fort Worth, Texas, the old Fort Worth National
Bank still stands at the head among the city's financial institutions. This bank has not only earned its entire surplus
and profits of $797,920, but also $200,000 of • its $500,000
1762
gvoL. Lxxxxin.
THE CHRONICLE
capital. The official call of December 5 1911 reports deposits of $4,261,799 and aggregate resources of $5,854,918.
K. M. Van Zandt is President, N. Harding and R. L. Ellison,
Vice-Presidents; Elmo Sleed, Cashier; and It. E. Harding,
E. B. Van Zandt and W. M. Massie, Assistant Cashier.
-The Ladd & Tilton Bank of Portland, Oregon (established 1859),is enjoying an unusual degree of prosperity since
its removal to its magnificent new banking quarters. The
statement of December 5 1911 shows deposits to be $14,708,579 and aggregate resources $16,576,815. William M.
Ladd is at the head of the institution, Edward Cookingham is Vice-President. W. H. Duncklay, Cashier, and
Robert S. Howard, J. W. Ladd and Walter M. Cook, Assistant Cashiers.
-A circular letter has been addressed to the stockholders
of the Eastern Townships Bank (head office Sherbrooke)
advising them of the proposal referred to in this department
last week, to consolidate with the Canadian Bank of Commerce (head office Toronto), and recommending its acceptance. They will pass upon the proposition at a meeting
to be held on February 14.
-The Royal Bank of Canada (head office, Montreal) will
increase its paid-in capital from $6,200,000 to $8,200,000.
The new stock will be issued at $210 per $100 share, and will
be offered pro rata to shareholders of record Dec. 15. Payments on the same may be made in ten monthly installments
of $21 each, beginning Jan. 22 1912, the final payment being
due Oct. 31 1912.
-The Merchants' Bank of Canada(head office Montreal)
for the year just closed (Nov. 30 1911) reports net profits of
$1,179,581; this was augmented by the balance of $99,297,
brought forward from the previous year's account, giving
the bank a total of $1,278,878 out of which to make its
customary appropriations. The dividend payments, which
were increased in July from 9 to 10%, absorbed $570,000;
$100,000 was used in writing off bank premises; $50,000 was
contributed to the officers' pension fund and $500,000 was
transferred to the reserve fund, leaving $58,878 to be carried
forward. Deposits at call have grown in the past year from
$21,457,952 to $25,897,925; while deposits subject to notice
have risen from $32,633,323 to $36,239,678. The paid-up
capital is $6,000,000 and the reserve fund $5,400,000; the
total -assets amount to $81,928,961, and compare with
$71,600,050 in last year's statement. The institution has
about 175 branches throughout Canada and a New York
agency at 63-65 Wall St. Sir Montagu Allan is President
and E. F. Hebden General Manager.
EXCESS OF EXPORTS OR IMPORTS.
Merchandise- -Gold1911.
1910.
1911.
1909.
1910.
$
$
$
$
$
January
+66,522 +10,790 +53,137 -8.617 +4,032
February
+54,262 -5,560 +7.398 -5,381
-126
+22,891 -19.341 +6,417 -3.613 -2,558
March
+38,161
April
-812 +3,007 -3,019 +34.183
+23.338 +12,246 +7,262 +1.802 -2,424
May
June
+18 900 +8,012 -7,246 -1,693 -2.978
July
+9.643 -2,688 -3.151
-417 -9.454
+18,240 -3,692 -7.342 -3.624 -9,669
August
Septembec--+70,627 +51,609 +32,948 -2,351 -1,369
October
+77,009 +83,663 +73,024
-118 -3,500
November ___ +75,461 +76,834 +53.490 +11,483 -2,937
December
+91.593 +33,734
-3,647
Total
+302,654+252,678
4- Exports. -Imports.
Silver-1911.
1910.
$
$
+2,099
+250
+555 +1,434
+2,700
+558
+3,358
+856
+1,498
+776
+2,272 +1,279
4-1.354 4-1,329
+1.216
+637
+778 +1,388
+1,683
+875
+438
+1,713
+1,663
-447
+11,483
We subjoin the totals for merchandise, gold and silver for
eleven months since Jan. 1 for six years:
Merchandise.
Eleven
Months.
Exports.
Dn.
ports.
Gold.
Excess
of
ExExports ports.
Silver.
Excess
Intof
Exports. Exports ports.
$
$
71
$
$
s
1911_ 1,867,605 1,392,550175,055 36,187 52,738 /16,349
1910_ __ 1,637,256 1,426,194211,062 57,444 54,246 3.198
1909_ 1,555,721 1,336,777218,944 122,301 42,003 80,298
1908_ 1,564,005 1.004.454559,551 73,858 45,124 28,734
1907._ _ 1,716,306 1,330,928385,378 54.211 98,949/44 ,738
1906_ 1,607,843 1,186,152421,691 44,828 147,962 103134
s
59,667
61,300
52,294
47,112
57,212
53,552
Excess
Imof
ports. Exports
$
40,440
41,480
41,984
37,815
41,690
40,229
$
19,227
9,820
10,310
9,297
15,522
13,323
I Excess of imports.
Similar totals for the five months since July 1 for six years
make the following exhibit:
Gold.
Merchandise.
Five
Months.
1911_
1910...
1909_
1908...
1907_
1906_
Silver.
Excess
Excess
Excess
Exports. Imports.
of Exports Imports of Exports Imports of
Exports
Exports
Exports
879,7.85
832,497
767,748
686,207
775,856
750,001
628,805 250,980
626,770 205,727
618,779 148,969
482,002 204,205
579,649 106,207
548,792 201,20
22,937
7,927
58,366
20,340
17.910
13,218
S I S
18,965i 3,972
34,857/26,931
21,868 26,498
18,716 1,624
77,481 /59 ,571
85,424 /72,206
25,224
24,245
22,935
21,597
27,993
20,115
18,470
19,578
19,113
16,673
19,295
16,552
6,745
4,667
3,822
4,924
8.698
3,563
I Excesb of imports.
outtatTleommerriaMnglislinexus
(From our own correspondent.)
London, Saturday, Dec. 16 1911.
There has during the week been a marked change in the
spirit of the stock markets,leading to a very considerable rise
in quotations, and particularly in quotations for British
railway securities. At the end of last week a conference
of the railway companies and the leaders of the railway employees was held at the Board of Trade, and it came to decisions which have insured that there is to be no railway
strike, and which give reasonable grounds for hoping that
the disputes between the companies and their employees
IMPORTS AND EXPORTS FOR NOVEMBER.
The Bureau of Statistics at Washington has issued the will not occur again for a considerable time to come. As soon
statement of the country's foreign trade for November, and as the result was known, there was a rush to buy British
from it and previous statements we have prepared the fol- railway securities, and in some cases the rise has been very
marked. About the middle of the week, operators began to
lowing interesting summaries:
realize so as to secure their profits, and in consequence a
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
good deal of the advance was temporarily lost, but the up(In the following tables three ciphers (000) are in all cases omitted.)
MERCHANDISE.
ward movement has been resumed. As the hopeful feeling
Exports
Importshas not been destroyed, the general expectation is that when
1911.
1909.
1910.
1911.
1910.
1909.
$197.083 $144,461 $156,713 $130,561 1133.671 1103.576 the New Year sets in there will be a further expansion of
January
February
126,052
124,558
175,957
121,695
130.118
118.654 markets. There is some fear, however, that there may be
March
161,933
143,658
139,291
162.999
139,042
132,874
April
1o7 988
133,110
125,175
119,827
133.922
122.168 a great coal strike. But against that there is the hope that
May
153,152
131.084
123.323
120,814
118,838
116.061 the Government will intervene, and,as it succeeded with the
June
141,707
117.419
127.888
122,807
119.876
124.665 railways, will succeed
also in maintaining peace in the mining
July
114,628
127,697
109.337
118,051
117,316
112,488
August
144,185
134,666
109,752
125,945
138,358
117,094 industry. The same view is taken with reference to the
September
195,799
153,963
168,874
125,172
117,265
121,015 vague fear that the continuance of war between Turkey and
October
210,499
207,709
200,697
133,487
124,046
127.673
November .._ 201,608
206,620
193,999
126,147
129,786
140.509 Italy may encourage the Balkan States to attack the former.
December
228.303
172,478
136.710
138.749 Against this is the argument that the great Powers all desire
Total
31.865,559 11.728.199
11.562.905 11,475.521 to maintain peace, and that they will be able to prevent a
GOLD.
violation of it. In any event nobody looks for any serious
Experts
Imports---- disturbance in the Balkans for some months,
and, therefore,
1911.
1910.
1909.
1911.
1910.
1909.
January
3924
16.163
17.865
$9,541
12.131
13.420 it is generally expected that there will be considerable activity
February
425
8.861
2,937
5,806
3,063
3.576 in markets until the melting of the snows warns all concerned
March
1,818
500
21,252
4,119
4,374
5,162
April
36,284
1,500
6,338
2,101
4,525
3,346 that the time for caution has arrived. As to the settlement
May
6,817
719
11,171
3,143
5,015
2.264 in the last week of the year in Berlin, the best informed think
June
3,075
1,598
8.347
4,576
4,768
2,368
July
2,178
829
16.662
10,283
2,595
3,270 it will not be so difficult as most people have apprehended
August
481
9,230
3,150
12,819
4,105
5.349 up to now, for the pressure of the banks has brought selling
September
2,353
1,323
7,547
3,192
4,704
2,351
large scale and; accordingly, it is thought the account
October
3.984
750
4,102
9,379
4,250
7,034 upon a
November _ 13,941
1,376
15,649
4,313
3,458
3,863 open for the rise will turn out to be much smaller than it has
December
1,330
10.579
4,977
2,084 been supposed it would be.
Total
158.775 $132,881
In addition to this, the well-informed are encouraged by
$59,222
$44,087
SILVER.
the continued cheapness of money in New York. If New
-Exports
Imports
York were compelled to withdraw much gold from Europe,
1911.
1910.
1909.
1910.
1911.
1909.
January
$5,651
$4,498
$4,542
$4,248
$3,552
13.665 the difficulties of Berlin would be greatly increased. But if
February ___
4,453
4,589
4.853
3,155
3,898
3,509 New York can avoid doing so, the settlement in Berlin will
March
5,897
4,553
5,079
3,197
3,995
3,280
April
7.610
4,697
4,252
4,952
3,841
4,222 probably pass off easier than hitherto has seemed likely. In
May
5,054
4,131
4,428
3,558
3,355
3,857 Paris there has been a fair amount of business during the
5,778
June
4,587
5.505
3,506
3,308
4,339
5.275
5,124
July
5,049
3,921
3,795
3,916 week. But the negotiations between France and Spain
4,869
August
4,756
4,495
3,653
4,119
3,191 concerning Morocco are not ended. For all these reasons,
4,940
September___ _
4,830
4,162
4.386
3,442
3,261
5,087
4,054
4,270
October
3,404
3,395
4,049 and because the banks are carrying very large amounts of
5,052
5,265
4.951
November
3,339
4,827
4,695 new issues that have not yet been placed, and are preparing
6,061
December
5,298
4,308
4,204 for further new issues early
in the New Year, there is a jeneral
Total
$57,361
$57.592
$45,878
$46,188 disinclination to engage to any aonsiderable extent in new
THE CHRONICLE
DEC. 30 1911.]
1763
The imports and exports of gold and silver for the eleven
issues. In London,there is,as already said,a much more hopeful feeling. But during the next fortnight there is not likely to months have been as follows:
be much business. The Stock Exchange, for example, will
Gold Movement at New York.
Silver-New York.
be closed from Friday evening, the 22d, to Wednesday
morning of the following week. And, furthermore, money
Month.
Imports.
Exports.
Imports. Exports.
is rather scarce and will be in strong demand.
1911.
1910.
1911.
1910.
1011.
1011.
The India Council offered for tender on Wednesday 40 lacs
S
s
3
s
$
8
of its bills and the applications exceeded 2863. lacs at prices January
1,325,148
421,996
871,445 3,113,576
875,816 4,858,676
ranging from is. 4 1-16d. to is. 3-32d. per rupee. Appli- February
632,423 1,912.799
351,125 2,786,542
604,167 3,585,088
March
1,158,724
2,425,426
cants for bills at is. 4 1-16d. per rupee were allotted 16% April
936,292 1,844,417
970,394 4,764,044
470,074
470,490
591,794 30,168,360
873,523 3,742,414
and above in full.
May
3,850,931
493,413
395,600
438,769
882,315 4,312,224
June
Abell
2,:319,280
write
as follows under date of
Messrs. Pixley &
532,143
40,777
127,503
572,630 4,679,370
July
519,068 4,006.446
269,508
177,490
556,492 4,449,553
Dec. 14:
August
1,873,040 9,335,389
84,400
276,000
GOLD.-Arrivals of bars this week have amounted to £837,000, of which India
has taken £106,000, while some small orders from the Continent have absorbed about
£200,000 more. The balance is being sent into the Bank of England. Since the
6th inst. the Bank has received £645,000 in bars and has lost In sovereigns £500,000
to Brazil, £320,000 to Uruguay,£100,000 to Argentina and £28,000 to Java. We
understand that upwards of £500.000 in sovereigns is leaving Perth, W. A., for
India this week. Next week we expect nearly £650,000 from South Africa, while
other arrivals will bring the total amount available to about £750,000. For the
week: Arrivals-South Africa, £780,000; West Africa, £39,000; West Indies, £18,000; total, £837,000. Shipments-Bombay, £101,500. For the month: Arrivals
-Germany,£2,000; France,£13,000; Switzerland, £1,000; India, £190,000; Egypt,
£4,000; South Africa, £3,901,000. Shipments-Germany, £120,000; France,
£2,026,000; Switzerland, £175,000; India, £608,000; Egypt, £600,000.
SILVER.-The market has been somewhat irregular since the date of our last
circular, but the closing quotation of 2534(1. for spot is the same as that on the 6th
Inst.. while forward silver at 25 3-158. Is 1-16d. lower, the market being quietly
steady at the close. China has been a moderate buyer of forward silver, but seems
unable to give us any substantial support, while the Indian bazaars have been both
buyers and sellers. Tie scarcity of spot silver is still the feature of the market,
nearly all arrivals being taken up by the Indian speculators, under their contracts,
as they come due. Stocks of silver in London amount to about £1,800,000, the bulk
of which is held by the Indian speculators, while we are informed the same group
hold the greater part of the stock of 14,000 bars (about £1,700,000) in Bombay also,
The offtake in Bombay continues on a small scale, and amounts to about 40 bars
a day only, while a large proportion of the sihpments which have recently arrived
in Bombay have gone Into the Mint to be coined into British dollars. The steamship Delhi, which sailed from London on the 8th inst. with £185,000 of bar silver,
on board, has gone ashore on the coast of Morocco. It is expected, however, that
all the bullion will be salved before long. The Bombay quotation Is Its. 64 per
100 tolahs. For the week: Arrivals-New York, £276,000; India, £17,500; West
Indies, £9,500; total, £303,000. Shipments-Bombay,£185,000. For the month:
Arrivals-Germany, £45,000; West Africa, £2,000; U. S. A., £1,138,000. Shipments-Russia, £108,000; Germany, £127,000; Westt Africa, £378,000; India,
£791,000.
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
HOLIDAY
London,
Sat.
Mon.
Tues.
Week ending Dec. 29.
Wed.
Thurs. Fri.
d 28 1-16
Silver, per o'z
25 1-16 25%
2534
Consols, 2% per cents
76%
77
77%
For account
77
77 1-16 77 3-16
French mites (in Paris)__fr_ 99.55
94.47% 94.37% 94.45
Amalgamated Copper Co_ _
68%
68%
613%
Amer. Smelt. & Ref. Co_
77
76
74
S Anaconda Mining Co
•8
8
7%
Atch. Topeka & Santa Fe_
108%
108%
108%
Preferred
107
107
107
Baltimore & Ohio
106%
108
105
Preferred
92
92
92
Canadian Pacific
248%
248
c240%
Chesapeake & Ohio
76%
77
75%
Chicago Great Western
19
19
19
Chicago Milw. & St. Paul_ _
114% 113% 112%
Denver & Rio Grande
to% 20% 20
Preferred
40% 41% 40%
Erie
32%
32%
31%
First preferred
54%
54%
53%
Second preferred
44
44
43
Illinois Central
145
145
144
Louisville dc Nashville
160%
160
15834
Mo. Kansas & Texas
30
30
29%
Wreferred
66
66
66%
Missouri Pacific
39%
40%
,40%
Nat. RR. of Max., let pref._
70
70
70
Second preferred
36
36
36
N.Y.Central dr Hudson Riv.
110
109%
108%
N. Y. Ontario & Western...
40%
40%
39%
Norfolk & Western
111%
111%
111
Preferred
Northern Pacific
122
121
a Pennsylvania
63%
63 ' 63
a Reading
78%
78%
77%
a First preferred
46
46
40
a Second preferred
Rock Island
Southern Pacific
115%
113%
Southern Railway
30
29%
29%
Preferred
73
73
72%
Union Pacific
179%
177%
175%
Preferred
95%
95%
95%
U. S. Steel Corporation
70
70%
68%
Preferred
114%
114%
113%
Wabash
6%
6%
Preferred
174
17%
17
Extended 43
56
55
55%
a Price per share. b £ sterling. c Ex-rights
September
October
November
Total
644,005 3,920,270
1,661,591
431,581
179,027
134,500
532,385 3,774,911
2,045,191
689,290 2,816,299
132,185
855,434 4,182,162
1,347,824
746,321 2,305,278
256,900
760,569 4,805,863
17,204,194 22,365,244 8,350,545 45,256,242 8,157,730 47,074,575
TREASURY CURRENCY HOLDINGS.-The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on the first of September, October, November and
December 1911,
TREASURY NET HOLDINGS.
Sept. 1 1911. Oct. 11911, Nov. 11911. Dec. 1 191I
Holdings in Sub-Treasuriess
S
Net gold coin and bullion
258.319,307 257,503,487 280,180,440 285,303,171
Net sliver coin and bullion
35,838,731 36.525,576 18,199,735
9,920,357
Net United States Treasury notes
15.227
10,251
9,868
8,230
Net legal-tender notes
4,240,310
4,926,284
4,768,101
5,868,032
Net national bank notes
43,430,951 41,068,954' 33,166,353 29,800,608
Net fractional silver
21,093,644 19,537,456 18,617,856 17,490,432
Minor coin, &c
2,592,301
1,873,382 3,212.199
2,542,084
Total cash in Sub-Treasuries, 365,539,471 361,445,390 358.154,552 1350932,914
Less gold reserve fund
150,000,000 150,000,000 150,000,000 150,000,000
Cash balance In Sub-Treasuries__215,539,471 211,445,390 208,154,552
200,932,914
Cash in national banks
48,684.242 48,568,692 48,200,874 47,820,242
Cash in Philippine Islands
4,504,172
7,208,286
6,334,028
6,138,299
Net Cash in banks, Sub-Treas_268,727,885 267,222,368 262,689,454
254.891,455
Deduct current liabilitics_a
126,319,031 122,827,372 126,167,055 122,647,827
Available cash balance
142,408,851 144.394,996 136.522,399 132,243.628
a Chiefly "disbursing officers' balances." 1 Includes 52.446,907 48 sliver
bullion
and $2.5 .2,083 58 minor coin. &c.. not Included in statement "Stock of Money."
--The January circular of Joseph Walker & Sons, 20
Broad St., describes at length a number of bond issues and
guaranteed stocks. The circular will be mailed on request.
-Frank D. Marr has been admitted as a partner in the
business of his brother, Goulding Marr of Nashville, beginning Jan. 1, the firm name to be Goulding Marr & Bro.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
VOLUNTARY LIQUIDATION.
8,096-The First National Bank of Overly. No. Dak., Dec. 4 1911. Succeeded by The Farmers and Merchants Bank of Overly.
5,734-The First National Bank of Montgomery, Ind., Dec. 6 1911.
CDANGE OF CHARTER NUMBER.
2,738--The First National Bank of Iowa City, Iowa, to No. 18, the latter
being its original charter number.
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, preferred___. 3
Feb. 24 Holders of rec. Feb. 8a
Albany & Susquehanna_
2 Holders of rec. Deo.15a
4;4 Jan.
Albany dr Susquehanna (special)
$3.45 Ian.
5 Holders of ree. Jan. 2a
Allegheny & Western, guaranteed
3
Jan.
1 Helders of reo Deo.22a
Atchison Topeka & Santa Fe, preferred.. 2% Feb.
1 Holders of reo. Deo.29a
AtlanticCoast Line RR.. common
334 Jan, 10 Dec. 16 to Jan. 10
Atlantic Coast Line Co., Connecticut(qu.) 3
Meh. 10
Beech Creek, guaranteed (quer.)
1
Jan.
2 Holders of reo. Deo.23a
Belt Railway of Chicago
Dec. 31
2
Belt RR. & Stock Yards, Ind., common
1
Jan.
3
Preferred
1% Jan.
1
Boston & Albany (guar.)
2% Dec. 30 Holders of rec. Nov.29a
Boston & Lowell
4
Jan.
2 Nov. 27 to Dec. 2
Boston dr Maine, common (quar.)
1
Jan.
2 Holders of rec. Dec. it
Boston dr Providence, guaranteed (quan) 234 Jan.
1 Holders of rec. Dec.20a
Boston Revere Reach & Lynn (quar.)--1% Jan.
1 Holders of rec. Dec.15a
Canada Southern
1% Feb.
1 Holders of rec. Dec.29a
Canadian Pacific, corn.(quer.)(No.62).. 2% Jan.
2 Holders of rec. Dec: is
FOREIGN TRADE OF NEW YORK-MONTHLY Carthage Watertown dc Sackets Harbor _ '2% Dee. 30 Holders of
rec. Dec.230
Central
RR.
Jersey
of
New
(quer.)
Feb.
2
STATEMENT.-In addition to the other tables given in Chesapeake & Ohio (quer.) (No. 21).._ 1% Dec. 301 Holders of rec. Jan. 19a
Holders of rec. Dec. 8a
this department, made up from weekly returns, we give the Chicago & Alton, prior lien stock
Jan. 15 Holders of rec. Dec.30a
2
& Eastern Illinois, pref. (quay.). 1% Jan.
2 Holders of rec. Dec lea
following figures for the full months,: also issued by our Chicago
Chicago & North Western, corn. (quar.). 1% Jan,
2 Holders of rec. Dec. la
New York Custom House.
Preferred (quer.)
2
Jan.
2 Holders of rec. Dec. la
Chicago Rock Island & Pacific Ry.(quar.) 1
Dec. 39 Holders of rec. Dec.18a
Chicago dr Western Indiana (quer.)
1 14 Dec. 31
Merchandise MovemcrU to New York.
Customs Receipts
Clev. Ctn. Chic. & St. L., pref. (quar.)
1% Jan. 20 Holders of rec. Dec.29a
at New York,
Colorado & southern, common (annual). 2
Dec. 30 Dec. 21 to Jan. 1
Imports.
Month.
Exports,
Connecting Railway, Philadelphia
Dec. 30 Holders of rec. Dec.20a
2
Cuba RR., preferred
2% Feb.
1 Holders of rec. Dec.30a
1911. I
1910.
1011.
1910.
1911.
1910.
Lackawanna
&
(guar.)_
Western
2% Jan. 20 Holders of rec. Jan. 9a
Delaware
-- Detroit & Mackinac. common and pref.. 2)4 Jan.
2
Dec. 16 to Jan. 8
$
I
$
s
3.16 Jan.
Elmira & Williamsport, preferred
2 Dec. 21 to Jan. I
January__ 74,513,315! 78,666,123 61,365,707 52,644,329 10,898,957
(guar.)
1% Jan.
1 Dec. 2 to Dec. 10
February_ 66,677,912 77,826,788 61,749,886 49,927,253 16,334,953 17,545,140 Fitchburg, preferredBanking (quar.)
3
Jan. 15 Dec. 31 to Jan. 14
84,252,892102,955,233 71,039,369 56,874,809 19,847,785 18,778,746 Georgia Railroad &
March
Harrisburg Portsm. Mt. Joy & Lanc___
3% Jan. 10 Holders of reo. Dec.20a
71,065,446 78,224,201 73.279,673 52,027,284 14,903,015 21,988,922
April
16,276,428 Hock Mg Valley
3
Dec. 30 Holders of rec. Dec. 8a
57,570,521 68,497,815 66.065,070 58,511,642 16,013,192 14,909,384
May
Leased Line, guaranteed_
2
Jan.
2 Dec. 12 to Jan. 4
69,527,171 72,216,599 65.127,728 61,704,701 14,917.580 17,119,870 Illinois Central,
June
Rapid Transit (quer.)
239 Jan.
2 Holders of rec. Dec.23a
69,247,136 69,966,872 58.702,124 56,019,567 16,481,668 10,911,067 Interborough Michigan
July
Kanawha
&
Dec.
2%
30
Dec. 16 to Dec. 31
74.673,583
81.340,437
62.055,957 65,279,115 18,023,013 20,276,113
August_ -City Southern, preferred (guar.)
Jan. 15 Holders of rec. Dec.30a
1
September 73,313,591 68,590,610 70,132,541 60,183,119 15,834,097 17,699,966 Kansas
Jan. 29 Holders of rec. Dec.29a
6
October _ 77,295,842 70,317,977 65,514,265 61.166,950 16.968,775 16,381.800 Lake Shore & Michigan Southern
Guar. stock (Mich. Sou. & Nor. Ind.)_ 6
1 Holders of rec. Dec.29a
Feb.
November 76,482,105 75,033,744 67,843,513 60,821,026 15,870,054 18,533,078
Lehigh Valley, corn, and pref
Jan. 13 Holders of rec. Dec.30a
5
2% Jan. 10 Dec. 22d to Jan. 9
701,610,517 843,677,008 722,875,333 641,150,795212,273,089 190,510,514 Little Schuylkill Nay., RR. &Coal
Total
Louisville Bridge
Jan.
4
2 Holders of rec. Dec.22a
Louisville & Nashville
334 Feb. 9 Jan. 20 to Feb. 9
us%
4
(Commercial and grascellaneonsACM'
1764
Name of Company.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Railroads (Steam)(Concluded).
1 Holders of rec. Jan.12a
$5 Feb.
Mahoning Coal RR., common
234 Jan.
2 Holders of rec. Dec.20a
Preferred
1
Jan.
1 Holders of rec. Dec.15a
Maine Central (quar.)
1 Jan.
13,
2 Holders uf rec. Dec.15a
Manhattan Ry., guar. (guar.)(No. 111)_
3
Jan. 29 Holders of rec. Dec.29a
Michigan Central
234 Jan. 15 Dec. 19 to Jan. 14
Mine Hill & Schuylkill Haven
1 Holders of rec. Dec. 9a
334 Jan
Morris & Essex. guaranteed_
134 Jan. 15 Holders of rec. Dec 20a
N. Y. Cent. & Mud. River (qman)
Jan.
2 Holders of rec. Dec.15a
New York & Harlem,common and pref__ 5
134 Jan.
1 Holders of rec. Deo.11a
N. Y. Lack. & Western, guar. (quar.)__
N. Y. New Haven & Hartford (quar.)
Dec. 30 Holders of rec. Dec. 9a
2
Norfolk Southern (quar.)
h Jan.
1 Hr‘Idns of rec. Dee.Va
Norfolk & Western, adj. pref. (guar.)_ _
Feb. 10 Holders of rec. Jan.31a
1
Northern Central
Jan. 15 Holders of rec. Dec.31a
4
Northern RR. of New Hampshire (guar.)
1 Holders of rec. Dec.11a
Jan.
;Northern Securities (annual).
Jan. 10 Dec. 28 to Jan. 10
3
:Norwich & Worcester, pref. (quar.)___
1 Dee. 17 to Dec. 31
Jan.
2
:Old Colony (quar.)
1 Holders of rec. Dec.16a
15i Jan.
;Pennsylvania Company
Dec. 30 Holders of rec. Dec.28a
4
'Philadelphia Baltimore & Washington
Dee. 30 Holders of rec. Dec.13a
2
Philadelphia & Trenton (quar.)
234 Jan. 10 Dec. 31 to Jan. 10
.Pitts. Cin.Chic. & St. Louis, com.&P1-(0) 134 Jan. 25 Holders of rec. Jan. 15a
Pitts. Ft. W. dc Chic. reg., guar. (quar.)_
2 Dec. 10 to Jan. 2
134 Jan.
2 Dec. 16 to Jan. 2
144 Jan.
Special guaranteed (quar.)
to Dec. 31
1 Dec. 23
3d Jan.
Pittsburgh McKeesport & Yough
Reading Company, common (quar.)_ _ _ _
13-4 Feb. 8 Holders of rec. Jan.23a
-Reading Company, second preferred__ __
Jan. 11 Holders of rec. Dec.26a
1
'2 Holders of rec. Dec.15a
Jan
4
)Rensselaer & Saratoga
2 Dec. 23 to Jan. 2
434 Jan.
Efrain. Fred,& Potom. corn. & dlV. oblig
1 Dec. 21 to Jan. 1
334 Jan.
Rome & Clinton
Dec. 30 Holders of rec. Dec. 23
4
St. Lawrence & Adirondack
St. Louis ,Te San Francisco2 Dec. 17 to Jan. 2
Jan.
C. & E. Ills., com, stock trust certifs.- 5
2 Dec. 17 to Jan. 2
134 Jan.
Preferred stock trust certifs. (quar.)
2 Dec. 17 to Jan. 2
Jan.
H.C. Ft. S. & M. pfd. stk. tr. ars.(qu.) 1
Ian,
Holders of rec. Dec.30a
15
2
preferred
Southwestern,
St. Louis
2 Holders of rec. Dec. la
134 Jan.
Southern Pacific (quar.) (No. 21)
5 Dee. 16 to Jan. 5
234 Jan.
Southwestern of Georgia
Dec. 30 Holders of rec. Dec.29a
6
Toledo Columbus dc Ohio Riv. (ann.)
2 Holders of reo. Dec. la
23.4 Jan.
Union Pacific, common (guar.)
10 Dec. 21 to Jan. 1
'United N.J.RR.&CanalCos.,guar.(quar.) 234 Jan
1 Holders of ree Dec.10a
234 Jan.
'Valley Railroad (N. Y.)
1 Holders of rec. Dec.21a
Jan
5
Vermont Valley
lb Jan
16 Jan. 1 to Jan. 15
White Pass & Yukon
Dec. 18 Dec. 16 to Dec. 17
3
Wrightsville & Tennille, common anti pref
Street and Electric Railways.
2 Dec. 21 to Jan. 1
Jan.
3
American Cities Co., pref. (No. 1)
Auburn & Syracuse Electric RI?., pf. (qu.) 13-4 Jan. 15 Holders of rec. Dec. 31
Augusta-AlkenRy.&EI.Corp.,pfd.(No. 1) 134 Dec. 30 Dec. 28 to Jan. 1
M Jan. 10 Holders of rec. Dec. 23
-Aurora Elgin & Chicago RR., corn. (guar.)
13-4 Jan. 10 Holders of rec. Dec. 23
Preferred (guar.)
_
1 Holders of rec. Dec.23a
(guar.)._
Jan.
4
13
pref.
Electric,
&
Ry.
'Bangor
1 Holders of rec. Jan. 13
$3 Feb.
Way State Street Ry., first preferred
Dec. 30 Dec.24d to Dec.30d
'Birmingham Ry., Lt. & Power, common 4
Dec.24d to Dec.30d
30
Dec.
3
Preferred
Boston Suburban Electric Coo., pre/:(guar.) $1 Jan. 15 Holders of rec. Jan. la
1 Holders of rec. Dec. 23
$1 Jan.
Boston & Worcester Elec. Cos., pref___
5 Dec. 31 to Jan. 5
134 Jan.
Brazil Ry., pref. (guar.)
2 Holders of ree. Dec. 9a
134 Jan.
Brooklyn Rapid Transit (quar.)
234 Dec. 31 Holders of rec. Dec.22a
Brooklyn Union Elevated, preferred_ ___
1 Dec. 11 to Jan. 10
134 Jan.
Capital Traction, Wash. D. C. (quar.)_ _
2 Holders of rec. Dec.23a
Carolina Pow. & Lt., pref.(qu.)(No. 11). 131 Jan.
34
10
Lt.,cam.(gu.)
Jan.
Holders of rec. Dec.31a
Ry.dc
City
Cedar Rapids-Iowa
134 Dec. 31
Preferred (guar.)
2 Holders of rec. Dec.15a
Chattanooga Ry.& L., pref.(qu.)(No.10) 134 Jan.
234 Dec. 30 Dec 20 to Dec. 23
Chicago City Ry. (quar.)
134 Dec. 30 Dec. 20 to Dec. 23
Extra
1 Dec. 22 to Jan. 1
Jan.
Chicago City & Connecting Ry., com.ctfs. $1
1 Dec. 22 to Jan. 1
$234 Jan.
Preferred certificates
1 Dec. 16 to Dec. 31
Cincinnati IJayton & Toledo Trac., corn _
34 Jan.
1 Dec.16 to Dec. 31
234 Jan.
Preferred
2 Dec. 21 to Jan. 1
M Jan.
Cincinnati & Hamilton Traction, corn__
2 Dec. 21 to Jan. 1
134 Jan.
Preferred
Ctn. Newport & Cov.L. dc Trac., corn.(qu.) 15-4 Jan. 15 Dec. 31 to Jan. 15
1 M Jan. 15 Dec. 31 to Jan. 15
Preferred
2 Dec. 17 to Jan. 1
134 Jan.
Cincinnati Street Ry.(guar.)
1 Holders of rec. Dec.16a
1 M Jan.
Cleveland Ry. (guar.)
1 Holders of rec. Dec.20a
$3 Jan.
Columbus(Ga.)Elee. Co., pref. (No. 11)_
Commonwealth Pow.,Ry.&I,t.,pfd. (qu.) 154 Feb. 1 Holders of rec. Jan.19a
Jan. 15 Dec. 31 to Jan. 15
2
Consolidated Traction of New jersey.. _ _
Dec. 29 Holders of rec. Dec.20a
Consolidated Traction,Pittsburgh., common 1
Continental Passenger Ity, Philadelphia_ $3 Dec. 30 Holders of rec. Nov.29a
2 Holders of rec. Dec.16a
134 Jan.
Duluth-Superior Traction, corn. (quar.)_
Jan.
2 Holders of rec. Dec.10a
1
Preferred (guar.)
8 Holders of rec. Dec.18a
Jan.
El Paso Electric Co., pref. (No. 19)_ _ 3
1 Holders of rec. Dec.15a
Frankford & Southwark Pass.,Phila.(qu.) $4.50 Jan.
1
2 Dec. 13 to Jan
Germantown Pass. Ry., Phila. (quar.)_ _ 81.3114 Jan.
2 Dec. 19 to Jan. 2
Jan.
Halifax El. Tram., Ltd. (qu.) (No. 60).., 2
1 Dec. 21 to Jan. 1
2
Jan.
Hestonv. Mantua & Fairm. Pass., corn._
Jan.
1 Dec. 21 to Jan. 1
3
Preferred
I Holders of rec. Dec.30a
4
Jan.
Holyoke (Mass.) Street Ry
Honolulu Rap. Tran. & Land, corn.(V.) 134 Dec. 31 Dec. 28 to Jan. 1
3
Dec. 31 Dec. 28 to Jan. 1
Preferred
1 Holders of ree. Dec.15a
134 Jan.
Illinois Traction, pref. (quar.)
Jan.
1 Dee. 23 to Jan. 1
3
Indianapolis Street Ry
2 Dec. 22 to Jan. 1
3
Jan.
Inter-State Rys. (Phila.), preferred___
1 Holders of rec. Dee.21a
134 Jan.
Lake Shore Elec. Ry., tat pref. (quar.)__
1 Dec. 23 to Dec. 31
5
Jan.
Little Rock Railway & Electric, corn... _
Jan.
1 Dec. 23 to Dec. 31
10
Common (extra)
1 Dec 23 to Dec. 31
3
Jan.
Preferred
M Jan.
1 Dec. 24 to Dec. 31
Lou. & Nor. Ry. & Ltg., pf. A.&B.(qu.)
1 Dec. 11 to Dec. 15
1
Jan.
Louisville Traction, common (quar.)_ _ _ _
Jan. 15 Holders of rec. Jan. la
Manchester(N.11.)Trac., L. & P. (guar.) 2
134 Dec. 30 Holders of rec. Dec.18a
Manila El. RR. & Ltg. Corp. (guar.).- _
1 Holders of rec. Dec. 2
$2 Jan.
Massachusetts Electric Cos., pref
134 Dec 30 Dec. 21 to Jan. 1
Memphis St. Ry., pref. (ouar.)
1 Holders of rec. Dec.23a
Jan.
Nashville Ry. & Light, common (quar.). 1
134 Jan.
1 Holders of rec. Dec.23a
Preferred (quar.)
1 Holders of rec. Dee.20a
Jan.
New England Invest. & Security, pref_ 2
2 Dec. 17 to Jan. 8
13-4 Jan.
New York State Rys., corn. (quar.)____
134 Jan.
2 Dec. 17 to Jan. 8
Preferred (guar.)
1 Holders of rec. Dec.15a
Northern Ohio Trac. & Lt.• pref. (quar.) 134 Jan.
234 Jan.
2 Holders of rec. Dec.31a
Ottawa Electric Ry.(guar.;
2 Holders of rec. Deo.31a
2
Jan.
Extra
234 Jan. 16 Holders of rec. Jan. 2a
Pacific Coast Power, common
50e. Jan. 16 Holders of rec. Jan. 2a
Common (extra)
Jan. 16 Holders of rec. Jan. 2a
3
Preferred (No. 3)
1 Holders of rec. Jan. 2a
Philadelphia Company, common (quar.).. 134 Feb.
2 Holders of rec. Dee 22
Jan.
Porto Rico Railways, Ltd., coin. (quar.) 1
2 Holders of rec. Dec. 22
Preferred (quar.)
134 Jan.
134 Dec. 30 Dec. 30 to Jan. 1
Public Service Corp. of N. J. (quar.)-Jan. 15 Holders of rce. Dec. 30
1
Quebec Ry., L., H. & P., Ltd. (guar.)._ _ _
1 Dec. 21 to Dec. 31
75e. Jan.
Reading Traction
Republic Ry. .Sc Lt., pref. (qu.)(No. 2).. 13-4 Jan. 15 Holders of rec. Dec. 30
1 Dec. 17 to Jan. 1
Ridge Av. Pass. Ry., Phila. (quar.)...
$3 Jan.
134 Feb. 1 Holders of rec. Jan. 10
Rio de Janeiro Tram., L. & P.(guar.)__ _
2 Dec. 21 to Jan. 1
134 Jan
Rome (Ga.) Ry. & Electric (guar.)
1 Holders of rec. Dec.31a
Jan.
3
St. Charles Street RR., New Orleans
2 Holaers of rec. Dec.15a
St. Joseph Ry., L.,H.&P.,pf.(qu.)(No.37) 13-4 Jan.
2 Holders of rec. Dec. 11
Sao Paulo Tram.,L.&P.,Ltd.(qu.)(No.39) 234 Jan.
1 Holders of rec. Dee.23a
Scioto Valley Traction, lot PI• tfc P1•(quar.) 134 Jan.
Seattle Elec. Co., corn. (qu.) (No. 14) 134 Jan. 15 Holders of rec. Jan. 2a
to Jan. 4
2 Dec. 5
Second Jr Third Sta. Pass. RT., Phlia__ _ _ $3
Jan.
Springfield dc Xenia Ry., preferred (guar.) 234 Dec. 30 Holders of rec. Dec.29a
2
M Jan.
Stark Electric RR. (quar.)
1
2 Dec. 22 to Jan. 1
Jan.
Susquehanna Light & Power, common__
2 Holders of rec. Dec.23a
Jan.
1
Syracuse Rapid Transit, common
2 Holders of rec. Dec.23a
134 Jan.
Preferred (quar.)
1 Dec. 23 to Jan. 1
Terre Haute Ind. dr East. Tr., pfd. (qu.) 134 Jan.
2 Dec. 21 to Jan. 1
$6 Jan.
Thirteenth & 15th Sts. Pass., Phila____
2 Holders of ree. Dec.15a
Jan.
2
Toronto Street Ry. (guar.)
Lxxxxm.
THE CHRONICLE
Name of Company.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Street and Electric Rail ways(Concluded).
2 Holders of rec. Dec. 22
Tr -City Railway & Light, pref. (quar.).. 13-4 Jan.
Holders of rec. Dec.12a
Twin City R. T., Minneap., corn. (quar.) 134 Jan.
2 Holders of rec. Dec.15a
134 Jan.
Preferred (quar.)
1 Holders of rec. Dec.15a
Union Passenger Ry., Philadelphia_ _ _ _ $4.75 Jan.
2 Holders of rec. Dec.21a
134 Jan.
Union Ry., Gas & Elec., pref. (quar.)__
1 Holders of rec. Dec. Pa
Jan.
3
Union Traction, Philadelphia
1 Dec. 21 to Dec. 31
34 Jan.
Union Utilities, W. Va., corn. (quar.)- 2
United Electric Co. of New Jersey
23-4 Jan.
2 Dec. 22 to Jan. 1
134 Jan.
United Light & Rys., 1st pref. (guar.)_ _- 2 Dec. 22 to Jan. 1
M Jan,
Second preferred (guar.)
2 Dec. 19 to Dec. 21
134 Jan.
United Trac. & Elec., Prov. (quar.)_ _ _ _
2
Dec. 30 Holders of rec. Dec.23a
Utica & Mohawk Valley Ry., common__
Preferred (quar.)
134 Dec. 30 Holders of rec. Dec.23a
8 Holders of tee Dec.16a
234 Jan.
Virginia Hallway & Power, preferred.._
2 Holders of rec. Dec.15a
Jan,
Washington Water Pow., Spokane (qu.) 2
1 Dec. 23 to Jan. 1
West End Street Ry., Boston, preferred_ $2 Jan.
13.4 Jan. 10 Holders of rec. Dec.28a
Western Ohio Ry., first preferred (guar.) _
Second preferred (guar.)
154 Jan. 10 Holders of rec. Dec.28a
2 Dee. 23 to Jan. 2
West India Elec. Co.,Ltd.(qu.)(No. 16). 134 Jan.
1 Holders of rec. Dec.15a
$5 Jan.
WestPhiladelphia Passenger RY
Wheeling (W. Va.) Traction (quar.)_
134 Jan. 15 Dec. 31 to Jan. 15
2
Jan.
3
Winnipeg Electric Ry.(guar.)
Dec. 30 Holders of rec. Dec.20a
Youngstown & Ohio River RR., pref. (qu.) 1
Banks.
2 Holders of rec. Dec. 26
Jan.
2
Aetna National (guar.)
Jan.
2 Dec. 20 to Jan. 2
14
America, Bank of
Jan.
2 Holders of re° Dec.22a
3
Battery Park National
2 Dec. 13 to Jan. 1
Jan.
4
Broadway, Brooklyn (quar.)
2 Dec. 21 to Jan. 1
Jan.
2
Bronx National
2 Dec. 22 to Jan. 1
Jan.
3
Butchers' & Drovers', National
2 Dec. 27 to Jan. 1
Century (quar.)
134 Jan.
1 Holders of rec. Dec.30a
Jan.
5
Chase National (quar.)
2 Dee. 23 to Jan. 1
Jan.
Chatham & Phenix National (guar.) -- 2
1 Dec. 30 to Dec. 31
Jan,
2
Chelsea Exchange (quar.)
234 Jan.
2 Dee. 24 to Jan. 1
Chemical National (bi-monthly)
2 Holders of rec. Dec. 27
134 Jan.
Citizens' Central National (quar.)
2 Dec. 20 to Jan. 1
Jan.
7
City, National (Brooklyn)
2 Holders of rec. Dec. 13
134 Jan.
Coal & Iron National (guar.)
234 Dee. 30 Holders of rec. Dec.20a
Colonial (guar.)
1 Dec. 21 to Jan. 1
Jan.
8
Columbia (No. 47)
2 Dec. 23 to Jan. 2
2
Jan.
Commerce, National Bank of (quar.)_
2 Dec. 21 to Jan. 2
Jan.
3
East River National
2 Holders of rec. Dec.30a
Jan.
25
Fifth Avenue (quar.)
2 Holders of rec. Dec.30a
Jan.
3
Fifth National (guar.) (No. 146)
2 Holders of rec. Dec.30a
Jan.
7
First National (guar.)
Jan.
2 Holders of rec. Dec.30a
10
Extra
2 Dec. 27 to Jan. 1
2
Jan.
First National, Brooklyn (quar.)
2
2 Dec. 27 to Jan. 1
Jan,
Extra
2 Holders of rec. Dec.30a
3
Jan.
First Security Co. (guar.)
1 Dec. 23 to Jan. 1
Jan,
2
Fourth National (quar.)
Dec. 30 Dec. 21 to Jan. 1
3
Garfield National (quar.)
2 Dec. 17 to Jan. 2
10
Jan.
German Exchange
1 Dec. 23 to Jan. 1
Jan.
4
Hanover National (quar.)
2 Dec. 21 to Jan. 2
2
Jan.
Homestead (13tooklyn)
2 Dec. 23 to Jan. 1
Jan.
12
Importers & Traders' National
2 Dec. 23 to Jan. 1
Jan.
2
Irving National Exchange (quar.)
2 Dec. 28 to Jan. 2
Jan,
4
Jefferson
2 Holders of rec. Dec.30a
Jan.
5
Liberty National (quar.)
2 Holders of rec. Dec.30a
Jan.
5
Extra
2 Dec. 28 to Jan. 1
Jan.
7
Manhattan Co., Bank of the (No. 211).
2 Dec. 23 to Jan. 1
Jan.
Manufacturers' National. Brooklyn (qm.) 5
2 Dec. 20 to Jan. 1
Jan.
3
Market & Fulton National (quar.)
2 Dec. 27 to Jan. 1
Jan,
Mechanics', Brooklyn (No. 119)
2 Dec. 24 to Jan. 2
134 Jan,
Mercantile National (quar.)_
2 Holders of rec. Dec.22a
Jan.
3
Merchants' Exchange National
2 Holders of rec. Dec.21a
334 Jan.
Merchants' National (No. 217)
2 Dee 17 to Jan. 1
Jan
2
Metropolitan (guar.)
1 Dec. 16 to Jan. 1
Jan.
2
Montauk, Brooklyn
2 Dec. 21 to Jan. 1
Jan.
3
Mount Morris (quar.) (No. 48)
2 Dec. 23 to Jan. 2
Jan.
4
Mutual
2 Dec. 27 to Jan. 1
234 Jan,
Nassau National, Brooklyn (quar.)
2 Dec. 23 to Jan. 1
Jan.
New York, N. B. A., Bank of (No. 256). 7
2 Dec. 26 to Jan. 2
Jan.
New York County National (No. 119)_ 20
2 Dec. 20 to Jan. 2
Jan.
3
North Side, Brooklyn (No. 35)
2 Holders of rec. Dec. lfla
(quar.)
Jan,
4
National
Park,
2 Dec. 24 to Jan. 1
Jan.
5
People's (No. 121)
2 Holders of rec. Dec.31a
Jan.
2
People's National, Brooklyn
2 Dec. 28 to Jan. 1
134 Jan.
Prospect Park, Brooklyn (quar.)
2 Holders of rec. Dec. 22a
Jan.
3
Seaboard National (guar.)
2 Holders of rec. Dec.30a
Jan.
3
(guar.)
National
Second
2 Dec. 16 to Jan. 1
Jan.
5
State
Dec. 30 Dec. 21 to Jan. 1
4
Union Exchange National
2
Dec. 30 Holders of rec. Dec.30a
Washington Heights, Bank of (quar.)
2 Dec. 22 to Jan. 2
Jan.
6
West Side
Dec. 31 Dec. 22 to Jan. 9
10
Yorkville
Trust Companies.
2 Holders of rec. Dec.26a
Jan.
6
Bankers' (quar.)
2 Holders of rec. Dec.26a
Jan.
6
Extra
2 Holders of rec. Dec.23a
Jan.
5
Brooklyn (quar.)
2 Holders of rec. Dec.23a
Jan.
10
Extra
2 Holders of rec. Dec.23a
Jan.
9
Central (guar.)
Dec. 30 Holders of rec. Dec.26a
3
Columbia (quar.)
234 Dec. 30 Holders of rec. Dee. 23
Empire (quar.)
Dec. 30 Dec. 28 to Jan. 2
6
Equitable (quar.)
2 Dec. 21 to Jan. 1
Jan.
3
Fidelity
2 Dec. 20 to Jan. 1
Jan,
4
Flatbush, Brooklyn
6
Dec. 30 Dec. 31 to Jan. 10
Franklin, Brooklyn...
2 Holders of rec. Dec. 26
Jan.
5
Fulton (No. 39)
Dee. 30 Holders of rec. Dec. 30
8
Guaranty (quar.)
Dec. 30 Holders of rec. Dec. 30
8
Guaranty (extra)
2 Dec. 23 to Jan. 1
Jan,
4
Iludson
Dee. 30 Dec. 23 to Jan. 1
3
Knickerbocker (guar.)
1 Dec. 16 to Jan. 2
Jan.
Lawyers' Title Ins. Jr Tr.(ou.) (No. 53). 3
2 Holders of rec. Dec.23a
Jan.
Long Island Loan & Trust, Bklyn. (qu.) 3
2 Holders of rec. Dec. 6a
Jan.
6
Manhattan
2 Dec. 29 to Jan. 2
Jan.
Mechanics' of New Jersey (qu.)(No. 50). 5
Dec. 30 Dec. 22 to Jan. 1
6
Metropolitan (quar.)
2 Dec. 23 to Jan. 1
134 Jan.
Mutual Alliance (quar.)
134 Dec. 31 Holders of rec. Dec. 31
Mutual of Westchester Co. (quar.)
Holders of rec. Dec. 31
1
31
Dee.
Extra
Dec. 30 Dee. 24 to Jan. 1
8
New York (guar.)
1 Holders of rec. Dec.300
Jan.
1
People's, Brooklyn (monthly)
4
Dee. 30 Holders of rec. Dec.20a
Standard (quar.)
Dee. 30 !folders of reo. Dec. 22
5
Title Guarantee & Trust (guar.)
Dec. 30 Holders of reo. Dec.23a
3
Trust Co. of America (quar.)
1234 Jan. 10 Jan. 6 to Jan. 9
Union (quar.)
2 Dee. 20 to Jan. 1
Jan.
25
United States
2 Holders of rec. Dec. 23
Jan.
3
Washington (quar.)
2 Holders of rec. Dec. 23
Jan.
2
Extra
Fire Insurance.
2 Dee. 30 to Jan. 2
_
Jan.
234
(quar.)___
City of New York Insurance
2 Deo. 23 to Jan. 3
Jan.
Hanover Fire Insurance (guar.) (No. 121) 4
_ Miscellaneous.
Aeolian, WZber Piano & Planola,p1.(qu.) 134 Dec. 30 Holders of rec. Dec.26a
Jan. 15 Holders of rec. Jan. 5
2
Alliance Realty (guar.)
Jan. 15 Holders of rec. Dez.30a
1
Am. Agile. Chem., corn. (qu.) (No. 1)
134 Jan. 13 Holders of rec. Dec.30a
Preferred (quar.) (No. 26)
1 Dec. 16 to Jan. 1
American Bank Note, preferred (quar.).. 1,34 Jan.
2 Holders of reo. Dec.16a
Amer. Beet Sugar, pref.(quar.)(No.50-) 134 Jan.
Am. Brake Shoe & Fdy.,com. & pfd.(qu.) 134 Dec. 30 Holders of rec. Dec.20a
2 Holders of rec. Dec.15a
American Can, preferred (quar.)
13-4 Jan.
1 Holders of rec. Dec.11a
34 Jan,
Amer. Car & Fdy., corn. (quar.)(No. 37)
1 Holders of rec. Dec.11a
Preferred (quar.) (No. 51)
134 Jan.
1
Jan.
2
Caramel,
pref.
American
(qman)
2 Holders of rec. Dec.23a
134 Jan.
American Chicle, preferred (guar.)
2 Holders of rec Dec. 15a
Jan.
3
American Cigar, pref. (quar.)
1 Holders of rec. Dec. 22
Amer.Cool Products, cont.(guar.)(No.36) 19-4 Jan.
1 Holders of rec. Dec. 22
Common, extra
M Jan.
2 Holders of reo. Nov.29a
Jan.
93
American Express(guar.)
2 Dec. 20 to Jan. 2
13-4 Jan.
Amer. Gas dr Elec., corn. (quar.)
1 Jan. 16 to Feb. 1
Feb.
1
Preferred (quar.)
THE CHRONICLE
DEC. 30 1911.]
Name of Company.
Miscellaneous (Continued).
Am. Iron & Steel Mfg., com.drpfd. (qu.)
Amer. Locomotive, pref. (guar.)
American Manufacturing (guar.)
American Piano, pref. (guar.)(No. 15).._
American Pipe dr Construction (auar.)_
Amer. Power & Lt., pref. (q11.)(No. 9)
American Radiator, common (guar.).- American Screw (guar.)
Amer. Seeding-Machine, com. (quar.)
Preferred (guar.)
Amer. Shipbuilding, pref. (guar.)
Amer.Smelt. dr Retin ,com.(gu.)(No.33)
Preferred (guar.) (No. 50)
American Snuff, common (guar.)
Common (extra)
Preferred (guar.)
corn. & pref. (quar.)
Amer. Sugar
American Surety
Ref..(quar.) (No. 90)
Extra
Amer. Telep. & Teleg. (guar.)
American Thread, preferred
American Tobacco, pref. (guar.)
American Typefounders, corn. (guar.)._
Preferred (guar.)
American Woolen, pref. (guar.)(No. 51)_
Anaconda Copper Mining (guar.)(No. 45)
Associated Gas & Elect., pre/. (guar.) _ _ _ _
Associated Merchants, lot pref. (guar.)_._
First preferred (extra)
Second preferred (guar.)
Second preferred (extra)
Autosales Gum & Chocolate (No. 1)
Baldwin Locomotive Wks., corn. (No. 1)
Preferred
Bell Telephone of Canada (guar.)
Bell Telephone of Missouri (guar.)
Bell Telep. of Pennsylvania (guar.)
Bliss (B. W.), pref. (guar.)
Bourbon Stock Yards (guar.)
Brooklyn Union Gas (guar.)(No. 43)_
Extra
Brunswick-Balke-Collender, pref. (guar.).
Buffalo Gen. Elec., corn. (qu.) (No. 69).
Bush Terminal, common
Preferred
Butte Elec. & Pow. corn, (qu.) (No. 42)
Canadian Cons'd Rtibber, Ltd.,com.(qu.)
Preferred (guar.)
Canadian Gen. Elec., Ltd., corn. (quar.)_
CanadlanWestinghouse,Ltd.(qu.)(No.28)
Extra
Canton Company
Celluloid Company (quar.)
Extra
Central Coal & Coke, common (quar.)
Preferred (guar.)
Central Leather, pref. (guar.)
Central & S. A. Telegraph (guar.)
Chesebrough Manufacturing (guar.)
Chic. Junc.Hys.& Un.8tk.Yds.,com.(gu.).
Preferred (guar.)
Chicago Telephone (guar.)
Cincinnati Gas dr Electric (guar.)
Cincinnati Gas Transp.. guar. (ann.)_
Cincinnati & Suburban Telepnone (guar.)
City Investing (guar.)
Cities Service, common (monthly)
Preferred (monthly)
Columbus(0.) Gas & Fuel, pref. (quar.)_
Columbus (0.) L.,H.&Pow.,com. (quar.)
Preferred (guar.)
Commonwealth Water (N. Y.), preferred
Cons. Gas, El. L. & P., Balt., corn. (qu.)
Consumers' El.L.&P.,New Orl.,pl. (No.2)
Consumers' Power (Mich.), pref. (guar.)
Corn Products Refg., pref. (guar.)
Cuban-American Sugar, preferred (guar.)
Dayton Power & Light, pref. (guar.)...
Delaware Lack. & Western Coal (guar.)._
Detroit Edison (nuar.)
Distillers' Securities Crop.(guar.)(No. 37)
Distilling Co. of Amer., pref. (quar.)_ _ _
Dominion Steel Corp., Ltd. (No. 3)- - duPont(E.I.)deNemoursPow.,nref. (qu.)du Pont Internat. Powd., pref. (quar.).
Preferred (extra)
Eastern Light & Fuel (guar.)
Eastman Kodak, common (guar.)
Preferred (guar.)
Electrical Securities Corp., common (guar.)
Preferred (guar.)
Electrical Utilities Corp., pref.(qu.)(No.7)
Elec. Light dr Power of Abingdon and
Rockland, Mass
Electric Storage Battery, com.drpfd.(qu.)
Empire District Elec., pref. (monthly)_.. _
Galena-Signal 011, preferred (guar.) _ _
General Chemical, common Cextra)
Preferred (guar.)
Gen. Chemical of California, let pf. (qu.)
General Electric (guar.)
Goldtleld Consolidated Mines
Extra
Gorham Manufacturing, pref. (guar.)._
Great Lakes Towing, preferred (quar.)-Guggenheim Exploration (guar.)(No. 36)
Harrison Bros. & Co., Inc., pref. (qtr.).Hart, Schaffner & Marx, pref. .(quar.)._
Ingersoll-Rand, preferred
Intercontinental Rubber, preferred (guar)
Int. Buttonhole Sew. Mach. (qu.) (No. 57)
Internat. Cotton Mills Corp., pref. (guar.)
Internat. Harvester, corn.(guar.)(No. 8)
International Nickel, corn. (guar.)
Preferred (guar.)
International Paper, preferred (guar.)_ _
International Silver, preferred (guar.)._ _
Preferred (extra)
Internat. Smokeless P. & Ch., corn. (qu.)
Common (extra)
Kansas Gas efc Electric, pref. (qu.)(No. 7)
La Belle Iron Works (guar.)
Langton Monotype Machine (guar.)
La Rose Consolidated Mines (guar.)..._
Lawyers' Mtge. CO. (guar.) (No. 41).....
Lehigh & Wilkes-Barre Coal
Louisville Gas
Louisville Lighting
Mackay Companies, corn.(guar)(No.26)
Preferred (guar.) (No. 32)
Massachusetts Gas Cos., corn. (guar.). _
Massachusetts Lighting Cos. (qu.)(No.33)
May Department Stores, pref. (quar.)
Mergenthaler Linotype (guar.)
Extra
Mexican Telegraph (guar.)
Michigan Light, pref. (guar.)
Mich. State Telephone, pref. (guar.)._
Mortgage-Bond Co. (guar.)
National Biscuit, corn. (guar.)(No. 54).
National Carbon, common (guar.)
Per
Cent.
131
IN
13,5
IN
2
13,4
2
235
1
155
1%
1
IN
5
2
135
Ui
3
3
2
234
134
1
13.
134
50c.
134
134
N
134
YL
1
1
.355
2
1
134
2
154
13,4
1
13(
134
2
3
13
1
134
134
135
1
$2
I%
2
Y,
134
154
155
$10
2
13,4
2
1 Li
7
134
N
55
IN
134
135
234
134
34
135
1
134
13,4
235
134
55
1
1
154
154
134
2
23,4
134
2
134
134
$4
1
N
2
50
13.4
134
2
30e.
20a.
134
134
235
1/
134
3
134
1
1
134
5
134
34
134
54
34
N
134
234
13,4
2
3
$3.25
3
2
134
1
$1
154
3
14
235
355
234
13,4
135
13.4
154
134
When
Payable.
Jan.
Jan.
Dee.
Jan.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan,
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Tan,
Jan
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dee.
Jan.
Jan.
ran.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Dee.
Dec.
Jan.
Jan.
.1an.
Jan
Jan
Jan.
Jan.
Dec
Jan.
Dec.
Jan.
Jan.
Jan.
Jan
Jan,
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan,
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan
Jan.
Dec.
Jan.
Jan.
Dec.
Feb.
Jan.
Jan.
Jan.
Jan.
Dec.
Feb.
Jan.
Jan.
Jan.
Ian.
Jan.
Jan.
Jan.
Jan.
Jan.
1)ec.
Ian.
Dec.
Jan,
Jan.
Jan.
)[ch.
Feb.
Jan.
Ian.
ran.
Tan
Jan.
Jan.
Dec.
Dec.
Jan.
Dec,
Dee.
Dec.
Dec.
Jan.
Jan.
Feb.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Feb.
Dec.
Jan.
Jan,
Books Closed.
Days Inclusive.
Name of Company.
1765
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
2 Holders of rec. Dec.20a Nat. Enameling & Stamping, pre/. (guar.) 134 Jan.
1 Dec. 13 to Jan. 1
22 Jan. 5 to Jan 22 National Fire Proofing, pref. (guar.) •
Jan. 15
1
30 Holders of rec. Dec. 15 National Gas, Elec. L. & P., pref. (()uar.) 134 Jan.
1 Dec. 27 to Jan. 1
1 Dec. 24 to Jan. 2 National Lead, common (guar.)
34 Dec. 30 Dec. 9 to Dec. 13
1
1 Holders of rec. Dec.150 National Licorice, pref. (guar.)(No. 38). • 134 Dec. 30 Dec. 27 to Jan
2 Dec. 21 to Jan. 1 National Sugar Refg., pref. (guar.)
2 Holders of rec. Dec. 18
134 Jan.
30 Dee. 23 to Jan. I National Surety (guar.)
2 Dee. 23 to Jan. 1
Jan.
3
30 Holders of rec. Dec.23a Nevada Consolidated Copper (quar.)
3734c. Dec. 30 Dec. 9 to Dec. 11
15 Holders of rec. Dec.30a New England Telep. & Teleg. (quar.)_
154 Dec. 80 Holders of rec. Dec.15a
15 Holders of rec. Dec.30a N. Y. Mtge. dr Security (guar.)
3 Holders of rec. Dec. 23
Jan.
3
15 Jan. 4 to Jan. 15 N. Y. Mutual Gas Light
Jan. 10 Holders of rec. Dec.26a
5
15 Dec. 23 to Jan. 3 Niagara Falls Power (guar.)
Jan. 15 Holders of rec. Dec.30a
2
Jan, 15 Holders of rec. Dec. 26
1
2 Dec. 16 to Dec. 25 Nipe Bay Co., pref. (guar.)
2 Holders of rec. Dec. la Nipissing Mines (guar.)
Jan. 20 Dec. 31 to Jan. 17
5
Extra
255 Jan. 20 Dec. 31 to Jan. 17
2 Holders of ree. Dec. le
134 Jan,
2 Holders of rec. Dec.I5a
2 Holders of rec. Dec.15a North American Company (quar.)
2 [folders of rec. Dec. is Nova Scotia Steel & Coal. Ltd.,corn.(qu.) 134 Jan. 15 Holders of rec. Dec.30a
Preferred (guar.)
2
30 Dec. 16 to Jan 9
Jan. 15 Holders of rec. Dec. 30
3
2 Dec. 21 to Jan. 1
Jan.
30 Dec. 16 to Jan. 9 Old Dominion Steamship
5
1 Holders of rec. Jan. 1
15 Holders of rec. Jan. 3a Onderdonk Estate, common
Jan.
Preferred
1 Holders of rec. Jan. 1
1 Nov. 16 to Nov. 30
355 Jan.
2 Dec. 2 to Jan. 1 Osceola Consolidated Mining
$3.50 Jan. 31 Holders of rec. Dec.30a
Jan. 15 Holders of rec Dec. 30
1
15 Holders of rec. Jan.10a Otis Elevator, common (guar.)
Preferred (guar.)
155 Jan. 15 Holders of rec. Dec. 30
15 Holders of rec. Jan.10a
15 Dec. 21 to Jan. 4 Pacific 'Yelp. & Telg., pref. (guar.)
13,4 Jan. 15 Dec. 31 to Jan. 15
17 Holders of rec. Jan. 6a Pay-As-You-Enter Car Corp.,pfd. (qu.)_
134 Jan, 15 Holders of rec. Jan. 10
134 Jan. 25 Holders of rec. Jan. 15a
15 Holders of rec. Dec.31a Pittsburgh Coal, preferred (guar.)
15 Holders of rec. Jan. 8a Pittsburgh Plate Glass, common (guar.) 154 Dec. 31 Dec. 16 to Jan. 1
1
Jan, 31 Holders of rec. Jan. 26
15 Holders of rec. Jan. 8a Pope Manufacturing, common
Preferred (quay.)
154 Jan. 31 Holders of rec. Jai. 26
15 Holders of rec. Jan. 8a
2
Jan. 15 [folders of rec. Dec.30a
15 Holders of rec. Jan. 8a Procter & Gamble, pref. (guar.)
1 Jan. 27 to Feb. 1 Producers 011 (guar.)
13.4 Dec. 30 [folders of rec. Dec.15a
1 Holders of rec. Dec.20a
1 Holdets of ree. Dec. 18 Public Securities Co., preferred
33,4 Jan.
1 Holders of rev. Dec.18a Quaker Oats, common (guar.)
234 Jan. 15 Holders of rec. Jan. 2a
15 Holders of rec. Dec. 23
Preferred (guar.)
134 Feb. 29 Holders of rec. Feb. la
2 1)ec. 27 to Jan. 2 Realty Associates (No. 18)
15 Holders of rec. Jan. 5
Jan
3
15 Jan. 6 to Jan. 15 Reece Button Hole Mach. (qu.) (No. 103)_ 2
Jan. 15 Holders of rec. Jan. 5
2 Dec. 25 to Dec. 30 Republic Iron & Steel, pf. (qu.)(No. 40) 1 N Jan.
1 Holders of rec. Dec.15a
2
Rhode Isl. Perkins Horseshoe, pref. (guar.) 1 . Jan. 15 Holders of rec. Jan. 5
2 Dec. 17 to Jan. I Royal Baking Powder, corn. (quar.)_ -- 3
Dec. 30 [folders of rec. Dec.15a
2 Dec. 17 to Jan. 1
Preferred (guar.)
135 Dec. 30 Holders of rec. Dec.15a
2 Holders of rec. Dec.20a Scranton Electric Co., pref. (guar.)
135 Jan.
2 Dec. 23 to Jan. 2
30 Holders of rec. Dec. 20 Sears. Roebuck & Co., pref. (guar.)
1 Holders of rec. Dec.15a
134 Jan.
15 Holders of rec. Dec.30a Securities Company
24 Jan, 15 Dec. 31 to Jan. 15
2 Holders of rec. Dec.30a Shawinigan Water & Power (guar.)
134 Jan. 20 Holders of rec. Jan. 8
2 Holders of rec. Dec.20a Sloss-Sheffield Steel & Iron, pfd. (qu.)_
1N Jan.
2 Holders of rec. Dec.19a
2 Holders of rec. Dec. 21 Southern New England Telephone (quar.)_ _
155 Jan. 15 Dec. 31 to Jan. 15
2 Holders of rec. Dec. 21 South Porto Rico Sugar, common (guar.) 1
2 Holders of zee. Dec.21a
Jan.
1 Dec. 16 to Dec. 31
Common (extra)
2
2 Holders of rec. Dec.21a
Jan.
10 Dec. 31 to Jan. 9
Preferred (guar.)
Jan.
2
2 Holders of rec. D'ec.21a
10 Dec. 31 to Jan. 9 Standard Gas Light, New York, common 2
Dec. 30 Dec. 21 to Jan. 1
1
Jan.
30 Dec. 20 to
Dec. 30 Dec. 21 to Jan. 1
3
Preferred
30 [folders of ree. Dec.15a Stetson (J. B.) Co., common
Ian. 15
15
30 /folders of rec. Dec.15a
Jan. 15
Common (extra)
25
15 Dee. 31 to Jan. 15
Jan. 15
4
Preferred
15 Dec. 31 to Jan. 15 Subway Realty (guar.)
134 Jan.
2 ilofclers of rec. Dec.23a
2 Holders of rec. Deo.11a Sulzberger dr Sons, preferred (quar.).
2 Dec. 16 to Jan. 1
134 Jan.
1 Dec. 17 to Jan. 4
9 Holders of rec. Dec.30a Swift & Co. (guar.)(No. 101)
134 Jan,
5 Dec. 6 to Jan. 5 Texas Company (guar.)
134 Dec. 30 Holders of rec. Dec.15a
155 Dec. 30 Dee. 17 to Jan. 1
2 Holders of rec. Dec.11a Texas & Pacific Coal (guar.)
2 [folders of rec. Dec.11a Torrington Co., preferred
2 Dec. 21 to Jan. 1
334 Jan.
1 Holders of rec. Dec.20a
Jan.
30 Holders of rec. Dec.20a Underwood Typewriter, corn. (quar.).. 1
1 Holders of rec. Dec.20a
2 Dec. 15 to Dee. 21
134 Jan.
Preferred (guar.)
30 Dec. 24 to Jan. 1 Union Bag dr Paper, pref. (qu.) (No. 51) 1
Jan. 15 Holders of rec. Dec.30a
2 Dee. 24 to Dec. 29 Union Carbide (guar.)
2 Dee. 19 to Jan. 1
Jan.
2
2 Holders of rec. Dec. 27 Union Switch & Signal, corn. & pref.(qu.) 3
Jan. 10 Dec. 31 to Jan. 10
1 Holders of rec. Dec.20a United Dry Goods Cos., common (guar.)- - 2
1 Holders of rec. Jan. Feb.
1 Holders of rec. Dec.20a United Fruit (guar.) (No. 50)
Jan. 15 Holders of rec. Dec.26a
2
1 Holders of rec. Dec. 15 United Gas & Electric, preferred
235 Jan. 15 Dec. 31 to Jan. 14
2 Holders of rec. Dec. 15 United Gas Improvement (guar.)
Jan. 15 Holders of rec. Dec. 30
2
2 Holders of rec. Dec. 15 United Shoe Machinery, corn. (quar.)
5 Holders of rec. Dee. 19
Jan.
2
1
155 ran.
5 Holders of rec. Dec. 19
Preferred (quar.)
2 Dee. 27 to Jan. 1 (J. S. Finishing, corn. (qu.) (No. 12)..... 1
1 Holders of rec. Dec. 21
Jan.
1 Holders of rec. Dec. 10
1 Holders of rec. Dec. 21
Preferred (guar.) (No. 50)
134 Jan.
2 Holders of rec. Dec.18a U.S. hulustrial Alcohol, preferred (guar.) 134 Jan. 15 Holders of rec. Jan. 8a
3da
15 Holders of rec. Jan.
U.S. Light & Heating, preferred
334 Jan. 22 Holders of rec. Jan. 6a
2 Dec. 23 to Jan. 23
2 Holders of rec. Dec.15a U. S. Printing of N. J., common (guar.) 154 Tan.
2 Dec. 23 to Jan. 2
14 Jan.
15 Holders of ree. Dec. 31 U. S. Printing of Ohio (quar.)
Jan. 15 Holders of rec. Dec. 30
15 Holders of rec. Dec. 30 U. S. Smelt., Refg. dr Min.. corn, (guar.) 1
154 Jan. 15 [folders of rec. Dec. 30
15 Holders of rec. Jan. 2a
Preferred (guar.)
31 Holders of rec. Jan. 10a U. S. Steel Corp., corn. (auar.)(No:32). 13.4 Dec. 30 Dee. 2 to Dee. 12
2 Dec. 23 to Jan. 2
30 Holders of rec. Jan.10a United Utilities, pref. (guar.)(No. 4)---- 154 Jan.
2
75c. Dec. 30 Dec. 9 to Dec. 12
Utah Copper (guar.) (No. 14)
2 Dec. 27 to Jan. 2
25 Jan. 16 to Jan. 25 Utah Gas dr Coke, preferred (guar.)
134 Jan.
1 Holders of rec. Jan. 1
2 Holders of rec. Dec.20a Van Dyck Estate, common
Jan.
3
1 Holders of rec. Jan. 1
2 Holders of rec. Dec.20a
155 Jan.
Preferred (quar.)
1 Holders of rec. Jan. 1
31 Holders of rec. Dec. 20 Ver Planck Estate, common
534 Jan.
1 Holders of rec. Jan. 1
2 [folders of rec. Nov.29a ' Preferred
334 Jan.
Jan. 15 Dec. 31 to Jan. 15
2 Holders of rec. Nov.29a Va.-Carolina Chem., pref. (emu.) (No. 65) 2
30 Holders of rec. Dec.29a Vulcan Detinning, pref. (quar.)
134 Jan. 20 Holders of rec. Jan. 10
Jan. 15 Jan. 5 to Jan. 15
5
1 Holders of rec. Jan. 27a Wells, Fargo et Co
15 Holders oL rec. Dec.31a Weisbach Company, preferred
$3.50 Dec. 30 Holders of rec. Dec. 26
Dee. 30 Holders of rec. Dec.23a
2
Western Electric (quar.)
1 Holders of rec. Dec.20a
Dec. 30 Holders of rec. Dec.23a
2
Extra
2 Holders of rec. Dec.23a Western Union Teleg. (guar.)(No. 171)
34 Jan, 15 Holders of rec. Dec.29a
20 Holders of rec. Dec.20a Westinghouse Air Brake (guar.)
234 Jan. 10 Dec. 30 to Jan. 10
134 Jan. 10 13, tr. 30 to Jan. 10
30 Holders of rec. Dec. 4a
Extra
1 Holders of ree. Dee.30a
Jan. 10 Dec. 30 to Jan. 10
1
Special
2 [folders of rec. Dec.19a Westinghouse El. & Mfg., pref. (quar.).. 134 inn. 15 Holders of rec. Dec.30a
2 [folders of rec. Dec. 19 Yukon Gold Co. (guar.) (No. 10)
734c. Dec. 30 Dec 13 to Jan. 8
15 Holders of rec. Dee. 2a
31 Holders of rec. Dee.30a
a Transfer books not closed for this div dend. b Less Income tax. d Correction.
31 Holders of rec. Dec.30a e Payable in common stock. / Declared 4%, payable in quarterly installments.
2 Holders of rec. Dec.23a
2 Dec. 16 to Jan. 2
2 Dec. 16 to Jan. 2
2 Dec. 27 to Jan. 2
Canadian Bank Clearings.-The clearings for the week end-30 Dec. 21 to Jan. 1
1 [folders of rec. Dec.12a ing Dec. 23 at Canadian cities, in comparison with the same
30 Dee. 21 to Jan. 1 week of 1910, shows an increase in the aggregate of 30.9%.
15 Holders of rec. Jan. 5
20 Holders of rec. Dee.30a
15 Holders of ree. Dec.23a
Week ending December 23.
1 Feb 14 to Mch. 1
Clearings at
1 Jan. 14 to Feb. 1
Inc. or
15 Holders of rec. Jan.30a
1909.
1910.
1908.
Dec.
1911.
2 1)ec. 17 to Jan. 2
2 Dec. 17 to Jan. 2
$
Canada2 Holders of rec. Dec.20a Montreal
35,140,249
45,396,358
40,850,495 +27.2
51,971,2161
2 [folders of rec. Dec.20a Toronto
26,579,740
23,500,000
33,424,380 +25.6
41,974,435
2 Dec. 24 to Jan. 2 Winnipeg
17,505,353
20,799,463
23,490,407 +33.1
31,265,141
30 Dec. 21 to Jan. 1 Vancouver
7,924,243
10,109,162 +27.6
4,400,017
12,898,220
30 Holders of rec. Dec. 23 Ottawa
3,776,479
4,096,306 +39.9
2,900,248
5,729,957
20 Dee. 31 to Jan. 17 Quebec
2,838,498
2,973,468 +6.3
2,202,786
3,159,304
30 Holders of rec. Dec. 23 Halifax
2,179,331
1,856,043
1,598,529 +36.3
1,636,405
20 [folders of rec. Dec.19a Hamilton
1,679,026
2,189,692 +55.0
1,390,706
3,392,5431
30 Dec. 22 to Jan. 1 Calgary
3,682,993 +43.0
1,822,651
2,783,665
5,266,974'
30 Dec. 22 to Dec. 29 St. John
1,513,355 +14.9
1,622,414
1,403,972
1,738,469,
2 Holders of rec. Dec. 9a London
1,397,001 +17.0
992,319
1,634,8741
1,309,350
2 Holders of rec. Dec. Oa Victoria
1,943,026
2.588,345 +15.1
1,158,736
2,979,000;
1 Holders of rec. Jan. 18 Edmonton
3,846,344.
1,114.313
1,108.704
1,961,295 +96.1
15 Holders of rec. Dec.26a Regina
1,062,425
1,893,2841
1,236,419 +53.1
1 Holders of rec. Dec.20a Brandon
750,783
629,681 +19.2
30 Holders of rec. Dec. Pa Lethbridge
733,976
621,292 +18.0
30 [folders of ree. Dec 9a Saskatoon
2,130,224
1,013,522 +110.2
10 Holders of ree. Dec.30a Moose Jaw
1,156,587 Not included In total
2 Holders of rec. Dec.21a Brantford
623,491 Not Included In total
1 Jan. 14 to Feb. 1 Fort William_
788,968 Not included in total
30 Holders of rec. Dec. 23
15 Holders of ree. Dec.28a
95.162.146
Total Canada_ 174,544,075 133,376,302 +30.9 120,685,043
15 Jan. 6 to Jan. 15
Auction Sales.—Among other securities, the following, not
usually dealt in at the Stock Exchanges, were recently sold at
auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Shares.
63 Bklyn. Warehouse & Stor. Co_ 65
103 A
50 Terminal Warehouse Co
666 2-3 Estates of Chatham_ _$1,100 lot
93
100 Crocker & Wheeler Co., com
25 N. Y. Produce Exch. Rank.__176
150
100 Jefferson Bank, ex-div
Per cent.
Shares.
100 Amer. Druggists' Syndicate,
$9 per eh.
$10 each
Per cent.
Bonds.
$2,000 Pinewald Co. 1st 5s, 1915,
$300 lot
Nov. 1909 coupons on
$3,000 Peoria Ky. Term. Co 1st
82A & lot
guar. 4s, 1937
• By Messrs. Francis Henshaw & Co., Boston:
Per cent.
$ per sh.lBonds.
Shares.
1
$1,000 Butte El. & Pow. Co. 1st 5s,
200 Arizona Crown Mines Co
96
1931
3 Concord & Mon. RR., class 4_x160
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares.
10 Merchants' Nat. Bank, ex-div_ _280
40 Framingham Nat. Bank (So.
Framingham)
1403.
100A
4 Merrimack Mfg. Co., pref
15 Massachusetts Cotton Mills.._ _ _119
40
8 Atlantic Cotton Mills
115
14 Lancaster Mills
3800
1 Pacific Mills, $1,000 par
10 Union Twist Drill Co., com.,
199
ex-div
$ per sh.
Shares.
10 Wamsutta Mills(New Bedford)..129 A
10 Merrimack Chem. Co.. $50 each..101
6 Aetna Fire Ins. Co., Hartford.._315
1 Boston Athenaeum,$300 par_..311
2 Heywood Bros. & Wakefield Co.,
104
preferred
Per cent.
•
Bonds.
$1,000 Terre Haute El. Co. 1st 5s,
100A & int
1929
By Messrs. Barnes dr Lofland, Philadelphia:
$ per sit.
Stares.
50 Bonzano Rail Joint Co.,$25 ea. 10
10 Morowebb Cot. Mills Co.,N.C. 80
13 Real Eat. Title Ins. & Tr. Co..295
100 New Haven 1. & S. Co.,$5 each 40c.
4 23 & 3d Sts. Pass. Ry., ex-div.250)4
11 Germantown Pass. Ily., ex-div.116 A
126
' 8 County Fire Ins. Co
3703-377357 Girard Nat. Bank
I 11 Farmers' & Meehan. Nat. Ilk_ .141A
128 Nat. State Bank, Camden, $50
each
9 Southwark Nat. Bank, 350 ea_ 72A
13 Commercial Trust Co...Co....406N -406
994A-995
11 2 Girard Trust Co
985
. 3 Real Est. Tr. Co„ pref
240
4 Commonwealth Tr. Co
4734
Mutual Tr. Co., 150 each
People's Nat. Fire Ins. Co., $25
35
• • each
209
John B. Stetson Co., pref
$ per share.
Shares.
66 Rights to subscribe to J. 13.
Stetson Co. coin. at par.._346-382
350 Glen Willow Ice Mfg. Co., $10
15
each
10 Big Black Creek Impt. Co.,$10
12
each
20 Riverside Traction Co., $50
500.
each
4 Wicomico & Poeomoke RR.
Co., $25/each
$134 lot
2 Phil. dr Sou. Mall SS. Co., $2501 $2
J lot
10 New Eng. Steam Htg. Co
Per cent
&Inds.
$500 Carbondale St. Ky. Co. gen.5s,
95
1933
$5.000 Dallas Cot, Mills of No. Car.
6
1st, 1915
$1.000 Springfield Water Co. 5s,
100
1926
$1,000 No. Springfield Water Co.
100
6s, 1928
F5
fr
1110
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Percent.
$ per sh. Bonds.
Shares.
$2,500 Atlan. City Gas la 55, 1960 9234
51 Phila. Bourse, common_ ___3 A-3 A
_100
1928_
5s,
Wat.
Sp'gf'd
No.
$1,000
9
22 Phila. Bourse, preferred
47
$400 Springfield Wat. 5s, 1926. _100
10 Mutual Trust Co
353t
_...
Co._
The.
Fire
Nat.
People's
15
Statement of New York City Clearing-House Banks and
Trust Companies.—The detailed statement below shows the
condition of the New. York City Clearing-House members
for the week ending Dec. 23. The figures for the separate
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF TRUST COMPANIES.
Net
On Dep.
Trust Cos. Surplus. Loans. Specie. Legate withC.H Deposits. Reserve.
Average. Average. Average. Banks. Average.
00.s (matted.
$
$
$
$
%
I
$S
100,0 2,028,0 15,374,0 15.2+11.0
Manhattan ___ 2,155,8 20,040,0 2,246.0
414,0 2,844,0 13,327,0 15.5+17.4
Brooklyn ____ 2,400,7 17,461,0 1,659,0
9.2
15.0+
9,943,0
97,070,0
678,0
13,142,7 118,555,0 13,950,0
Bankers
623,0 4,980,0 25,504,0 15.0+10.2
U.S. Mtg.& T. 4,476,1 36,285,0 3,206,0
119,0 1,605,0 12,841,0 15.6+10.6
1,032,7 16,065,0 1,887,0
Astor
Title Guar.&T. 11,439,4 35,987,0 1,782,0 1,278,0 2,161,0 20,499,0 15.0+ 9.4
22,697,7 142,854,0 14,572,0 1,462,0 13,755,0 101,277,0 15.8+11.9
Guaranty
235,0
733,0 5,007,0 15.3+12.4
536,0
1,274,8 7,028,0
Fidelity
707,0 1,568,0 13,256,0 16.0+10.1
LawyersT.L&T 6.176,4 18,576,0 1,443,0
100,0 1,319,0 10,789,0 14.7+10.8
Columbia ' 1,824,1 15,857.0 1,490,0
42,0 1,746,0 12,016,0 15.1+11.9
1,432,5 15,163,0 1,913,0
Standard
535,0 1,974,0 14,831,0 15.0+11.7
1,681,1 16,038,0 1,704,0
People's
213,0 3,133,0 28,004,0 16.1+10.0
New York..., 11,532,6 44,142,0 4,319,0
300,0 1,061,0 8,727,0 15.4+10.1
1,357,3 10,366,0 1,047,0
Franklin
232,0 1,160,0 8,901,0 15.5+11.1
551,0 9,720,0 1,157,0
Lincoln
14,0 2,159,0 15,520,0 15.0+12.2
6,096,8 23,897,0 2,335,0
Metropolitan
Totals, Avge_. 89,271,7 548,034,0 55,246,0 7,052,0 52,169,0 403,843,0 15.4+11.4
Actual figures Dec. 23 550,845,0 55,814,0 6,915,0 56,837,0 407,798,0 15.3+12.2
The capital of the trust companies is as follows: Manhattan,$1,000,000; Brooklyn,
$1,000,000; Bankers, $5,000,000; U. S. Mtge. dr Trust, $2,000,000; Astor, $1,250,000; Title Guarantee & Trust, $4,375,000; Guaranty, $5,000,000; Fidelity, $1,000,000: Lawyers' Title Ins. & Trust, $4,000,000; Columbia, 81,000,000; Standard.
$1,000,000; People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000:
Lincoln, $1,000,000; Metropolitan. $2,000,000: total, $34,625,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Dec. 23
Capital. Surplus.
Bank of N. Y.
Manhattan Co.
Merchants' ......
Mech.& Metals
America
City
Chemical
Merchants'Ex.
Gallatin
Butch. & Drov
Greenwich _
Amer. Exch..
Commerce__ _ _
_
Mercantile
Pacific
Chat. de Phen.
People's
Hanover
Citizens' Cent_
Nassau
Market & Fult
Metropolitan _
Corn Exchange
Imp.& Traders
Park
East River_ _.
Fourth
Second
First
Irving Exch..
Bowery
N. Y. CountyGerman-Amer.
Chase
Fifth Avenue_
German Exch.
Germania _ _
Lincoln
Garfield
Fifth
Metropolis _ _ _
West Side... _
Seaboard
Liberty
N. Y.Prod.Ex
State
Security
Coal & Iron
Union Exch_ _
Nassau, Bklyn
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
1,000,0
300,0
500,0
5,000,0
25,000.0
3,000,0
500.0
2,250,0
200,0
3,000,0
2,550,0
500,0
1,000,0
2,000,0
3,00041
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
2,000,0
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.
Specie. Legate. Net Depos- Reerage. Average. its, Aver. save.
$
$
879,0 18,522,0 26.7
3,774,7 20,613,0 4,068,0
4,496,8 36,500,0 10,189,0 1,614,0 43,150,0 27.3
1,970,4 19,801,0 3,575,0 1,628.0 20,033,0 25.9
8,382,4 53,359,0 10,832,0 1,951,0 50,715,0 25.2
6,039,6 24,645,0 4,741,0 1,903,0 24,650,0 26.9
26,668,4 176,994,0 39,325,0 5,960,0 170,041,0 26.6
0,920,4 29,048,0 5,083,0 1,820,0 26,430,0 26.1
220,0
6,430,0 25.3
6,460,0 1,412,0
607,0
6,222,0 25.0
8,249,0 1,150,0
407,0
2,518,0
90,0
2,606,0 25.1
565,0
147,1
2,356,0
9,782,0 25.2
180,0
8,539,0 2,291,0
905,5
4,474,2 37,819,0 4,899,0 4,132,0 35,413,0 25.5
15,893.4 133,260.0 19,726,0 8,232,0 108,602,0 26.2
9,904,0 25.8
800,0
2,754,4 13,415,0 1,756,0
553.0
450,0
3,754,0 26.7
4,093,0
940,4
16,021,0 2,878,0 1,365,0 16,149,0 26.2
1,232,1
407,0
140,0
2,199,0 25.0
1,885,0
473.3
12,952,4 64,163,0 13,358,0 5,274,0 70,360,0 26.4
631,0 21,307,0 25.5
1,914.6 22,357,0 4,807,0
921,0 11,045,0 24.3
9,591,0 1,763,0
628,9
9,144,0 28.7
8,950,0 1,512,0 1,119,0
1,808,5
251,0 13,739,0 25.0
1,605,5 13,111,0 3,181,0
5.555,0 45,959,0 7,440,0 5,859,0 53,633,0 24.8
7.690,2 26,459,0 4,168,0 1,815,0 23,810,0 25.1
12,990,0 81,469,0 19,720,0 1,435,0 83,588,0 25.3
1,805,0 29.7
109,0
1,531,0
428,0
96,7
5,845,2 30,341,0 5,104,0 2,200,0 30,836,0 23.6
154,0 13,574,0 25.2
2,329,4 13,921,0 3,274,0
21,984,4 112,089,0 21,531,0 4,302,0 102,833,0 25.1
1,963,9 23.238,0 4,758,0 1,807,0 24,869,0 28.4
3,602,0 25.8
3,443,0
865,0
66,0
809,7
8,503,0 26.2
755,0
8,382,0 1,480,0
1,781,0
3,845,0 27.4
241,0
815,0
710,5
3,994,0
8,704.5 81,394,0 18,411.0 4,442,0 89,578,0 25.5
2.089,2 12,591,0 2,658,0 1,015,0 14,150,0 25.9
519,0
3,613,0 26.2
430.0
3,523,0
872,7
8.457,0 24.4
153,0
1,047,1
5,574,0 1,423.0
1,663.6 15,561,0 2,958,0 1,198,0 16,481,0 25.5
8,690,0 28.0
568,0
1,252,6
8,407,0 1,872,0
3,651,0 26.7
525,0
451,0
3,505,0
538,6
2,154,4 12,808.0 1,704,0 1,634,0 13,116,0 25.4
4,917.0 25.3
250.0
997,0
1.017,1
4,325.0
2,103,9 23,983,0 4,977,0 2,383.0 28,263,0 26.0
2,770,6 16,609,0 3,137,0 1,108,0 16,567,0 25.6
427,0
9,884,0 24.7
8,443,0 2,022,0
820,6
370,0 21,185,0 26.1
878,9 16,353,0 5,177,0
503.2 10,207,0 2,521,0 1,158,0 14,309,0 25.6
346,0
6.461,0 24.5
6,408,0 1,240,0
464,0
9,686,0 1,345,0 1,191,0 10,084,0 25.1
998,6
280,0
6,747,0 24.6
1,065,1
7,566,0 1,386,0
Totals, A vge _ 135,150,0 197,808,7 1309,058,0 260,260,0 76,380,0 1303,257,0 25.8
Actual figures Dec.23
1309,495,0 259,472,0 75,751:0 1302,576,0 25.7
Circulation.—On the basis of averages, circulation of national banks in the
according to actual figures was
Clearina
use amounted to $51,020,000, and
.
--- • .
•
$50,947;000,„
On Dep.
Net
Legal fuflth C.II.
Tenders. Banks. Deposits.
Total __ 169,775,0287,080,4 1,857,092,0315,500,0 83,432, 52,169,0 1,707,100,1
Actual.
1,302,576,0
1,309,495,0259,472,0 75,751,0
Banks
550,845,0, 55,814,0 6,915,0 66,837,0 407,798,0
Trust cos_
1
1,860,340.0,315,286,0 82,666,0 56,837,0 1,710,374,0
Total .
The State' Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
Week ended Dec. 23,
Capital as of Sept;29___.
Capital. Surplus.
Specie.
Loans,
$
$
$
$
$
I
$
$
Averages.
1,303,257,0
Banks _._ 135,150,0 197,808,7 1,309,058.0260,280,0 76,380,01
403,843,0
Trust cos_ 34,625,0 89,271,7 548,034,0 55,246,0 7,052,0 52,169,
DETAILED RETURNS OF BANKS
cv, ',eft two ciphers (00) in all eases.
Banks.
00s am led.
[VOL. raxxxm.
THE CHRONICLE
1766
Trust Cos.
Stale Banks
Trust Cos
State Banks
outside of
outside of
in
in
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
$
22,771,000
$
61,956,000
38,568,700
$
9,417,974
$
9,525,000
174,752,800
11,456,214
11,378,230
Loans and investments__
Change from last week_
291,553,000 1,088,827,500
+4,553,300 —3,539,600
104,108,400
—.217,000
158,800,100
—499,900
Specie
Change from last week_
52,881,700
+1,586,900
116,380,500
+2,830,600
Legal-tenders & bk. notes
Change from last week_
23,624,100
—107,200
11,251,400
—136,200
Surplus as of Sept. 20....
Deposits
Change from last weak.
343,288,800 1,155,459,100
+5,992,300 +2,441,000
110,735,200
—34,500
165,414,300
+374,500
Reserve on deposits
Change from last week..
96,069,000
+1,657,400
135,080,700
+2,890,100
22,462,500
—15,100
22,180,000
+674,300
P. C. reserve to deposits_
Percentage last week
29.4%
28.8%
16.5%
16,4%
21.5%
21.4%
14.4%
14,0%
— Decrease from last week.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes,
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required Is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days.
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for It by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
—Slate Banks—
—Trust Cos.—
Of
Total
01
Total
Reserve Required for Trust Companies
which
Reserve
which
Reserve
and State Banks.
Required. in Cash. Required. in Cash.
Location—
15%
25%
15%
15%
Manhattan Borough
10%
20%
10%
Brooklyn Borough (without branches in Manhat.) 15%
10%
15%
734%
Other Boroughs(without branches in Manhattan) 15%
20%
20%
15%
Brooklyn 13orough, with branches in Manhattan_ _15%
15%
15%
15%
Other Boroughs, with branches in Manhattan. _ _15%
5%
15%
6%
10%
Elsewhere in State
+ Increase over last week.
The Banking Department also undertakes to present separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as arc
for the Clearingalso the results (both actual andaverage)
_
.
In addition, we have
House banks and trust companies.
in the two statements,
combined each corresponding item
the whole of the banks and
thus affording an aggregate for
York.
brust companies in the Greater New
Boston and Philadelphia Banks.-Below is a summary of
of Boston
the weekly totals of the Clearing-House banks
and Philadelphia:
We omit two ciphers(00)in all thesefigures.
S.
NEW YORK CITY BANKS AND TRUST.COMPANIE
of all
Clear.-House Clear.-11cuse State Banks & Total &Trust
MellIbers. Dust Cos. not Banks
Creek ended Dec. 23- Members.es
Average.
Cos.
Aver.
In
Average.
ctual'igur
Nat'! banks
Dec. 5 and
State banks
Surplus J Sept. 29..._ _
Capital
169,775,000
169,775,000
34,652,000
204,427,000
287,080,400
287,080,400
93,130,300
380,210,700
Loans and investments 1,860,340,000 1,857,092,000
Change from last week +10,283,000 +15,316,000
616,758,800 2,473,850,800
-1,782,900 +13,533,100
1,710,374,00(1 1,707,100,000
Deposits
Change from last week +20,030,000 +28,051,000
315,506,000
315,286,000
Specie
+3,742,000
Change from last week +1,204,000
a612,637,200 2,319,737,200
+229,500 +28,280,500
66,715,800
+507,300
382,221,800
+4,249,300
Legal tenders
Change from last week
82,666,000
-2,275,000
83,432,000
-610,000
511,477,700
+34,300
94,909,700
-575,700
Banks: cash In vault_ _
Ratio to deposits
335,223,000
25.74%
336,640,000
25.83%
12,840,000
14.06%
349,480,900
Trust cos.: cash in vault
62,729,0.10
62,298,000
65,352,600
127,650,600
Aggete money holdings
Change from last week
397,952,000
-1,071,000
898,933,000
+3,132,000
78,193,500
+541,600
477,131,500
+3,673,600
Money on deposit with
other bks. & trust cos.
Change from last week
58,837,000
+5,921.000
52,169,000
+ 1,633,000
19,501,000
-223,700
71,670,000
+1,409,300
Total reserve
Change from last week
454,80.000
+4,855,000
451,107,000
+4,765,000
97,694,500
-F317,000
548.801,500
+5,082,900
Susplus CASH reserve
Banks (above 25%)_
Trust cos.(above15%)
9,579,000
1,159,300
10,825,750
1,721,530
Total
Change from last week
11,138,300
-1,489,100
12,547,30))
-2,024,050
tr
% of cash reserves of nsteos15.98%
Cash in vault
tbfbks.
wi
dep.
on
Cash
15.43%
11.44%
15.20%
1.03%
27.61%
26.87%
16.23%
Total
Banks.
Boston.
Nov. 4
Nov.11
Nov.18
Nov.25
Dec. 2
Dec. 9
Dec. 16
13ec. 23
Philadelphia.
Nov. 4
Nov.11
Nov.18
Nov.25
Dec. 2
Dec. 9
Dee. 16
Dec. 23
Oct. 21_ _
Oct. 28_ _
Nov. 4._
Nov. 11_.
Nov. 18__
Nov. 25_
Dec. 2..
Dec. 9-.
Dec. 16__
Dec. 23 _ _
2,519,188,7
2,517,979,4
2,525,948,9
2,529,634,5
2,518,727,7
2 517,982,1
2,510,340,4
2,480,178,0
2,460,317,7
2,473,850,8
2,380,090.9
2,380,965,6
2,384,031,8
2,376,207,5
2,375,438,3
2,362,329.5
2,346,988,2
2,310.182,6
2,291,456,7
2,319,737,2
Specie.
3
399,322,0
403,805,5
401,382,5
398,091,6
398,222,3
391,111,7
380,755,5
372.027,8
377,972,5
382,221,8
Legato.
93,911,6
92,996,1
93,244,2
93,208,6
93,756,3
92,911,6
92,208,3
92,4(15,5
95,485,4
94,909,7
1910.
1911.
For week.
63,253,803
14,1-••28,067
1)ry goods
General merchandise
1908.
1909.
83,319,306
8,721,709
$3,990,121: $3,657,153
14,073,721 13,896,244
$18,081,870 818,061,142 $17,553,402 612,071,008
5139.427,117 $155,986,672 5107,163,6805126.363,700
727 2.,4,810 735,467,057 705,042,313 506,661,684
6806,711,927 6891,453,729 $872,205,99318633,025,477
ive of
The following is a statement of the exports (exclus
for the
specie) from the port of New York to foreign ports
week ending Dec. 23 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1908.
1909.
1910.
1911.
For week.
For the week
Previously reported
$22,240,550 80,200,948 $11,230,288 $7,623,440
754,967,151 667,617,173 608,124,862 619,919,13$
Total 51 weeks
$777,207.701 $676,818,121 8019,355,150 8627,542,578
of
The following table shows the exports and imports
Dec. 23
specie at the port of New York for the week ending
in
and since Jan. 1 1911, and for the corresponding periods
1910 and 1009:
Tot. Money Entire Res.
Holdings. on Deposit.
8
493,233,6
996,801,6
494,626,7
491,300,2
491,978,6
484,023,3
472,063,8
465,033,3
473,457,9
477,131,5
575,895,6
580,002,4
575,900,1
565,413,1
568,571,4
560,301,6
546,531,7
5:35,306,4
543,718,6
548,801,5
for
We omit t co ciphers(00) in all these figures.
Coldtat.
Imports and Exports for the Week.-The following are
Dec. 23;• also
the imports at New York for the week ending
January.
totals since the beginning of the first week in
FOREIGN IMPORTS AT NEW YORK.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Reports of Clearing Non-Member Banks.-The following is
the clearing non-member banks
the statement of condition of
the week ending Dee. 23, based on average daily results:
Ban I
7,375,0 229,525,7
7,382,0 166,874,
7,387,0 180,465,7
7,231.0 166,210,6
7,450.0 154,505,3
7,431,0 168,896,6
7,523,0 182,165,1
7,622,0 172,584,1
328,730,0 15,335,0 162,693,2
331,076,0 15,307,0 135,986,1
331,636,0 15,320,0 162,239,4
329,408,0 15,433,0 148,315,8
331,372,0 15,470,0 163,96(1.7
322,509,0 15.481,0 161,854,9
319,162.0 15,467,0 151,732,8
318,161,0 15,481,0 158,542,3
73,504,0
75,248,0
75,388,0
77,114,0
77,696,0
72,180.0
71.051.0
71,250,0
60,105,0 276,209,0
60,105,0 274,291,0
60,105,0 272,588.0
60,105,0 271,075.0
60,105,0 272,090,0
60,105,0 271,275,0
60.105,0 268,724,0
60,105,0 266,460,0
Total 51 weeks
We omit two ctphers in all these figures.
Deposits.
Specie. Legals. Deposits. Circu- Clearings,
lotion.
a
s
s
11,350,0 231,129.0 28,032,0 4,151,0 294,736,0
41,350,0 235,879,0 28,599,0 4,355,0 292,463,0
41,350,0 233,993,0 29,164,0 4,513,0 293,377,0
41,350,0 234,151,0 27,958,0 4,644,0 236,651.0
91,350.0 232,750.0 26,440.0 4.271,0 282.057,0
41,350.0 228,621.0 26,194,0 4,539.0 274,320,0
41,350,0 223,860,0 26,497,0 4,426.0 272,147,0
41,350,0 219,681,0 26,166,0 4,120,0 264,493,0
Total
Since January 1.
Dry goods
General merchandise
-House banks
'rile averages of the New York City Clearing
d with those for the State banks
and trust companies, combine
New York outside of the
and trust companies in Greater
of weeks past
Clearing House, compare as follows for a series
ES- IN
COMPANI
AND
TRUST
BANKS
OF
RESULTS
D
COMBINE
GREATER NEW YORK.
Loans and
Investments.
Capital
Loans.
and
Surplus.
banks." At Boston
a Includes Government deposits and the item "due to other
23, against $3,195,000
Government deposits amounted to 83,182,000 on December
16.
December
on
week.
+ Increase over last week. -Decrease from last
r the item "Due from reserve depositories
a These are the deposits after clIminatith
with this iteni included,
City:"
York
In New
and other banks and trust companies
8263,900 over last week. In the
deposits amounted to $676,950,20. an increase of are "legal net deposits" both for
the
deeAsits
members,
usc
ease of the(learing-Ho
bank notse.
the average and the actual figures. b Includes
Week
Ended.
1:767
THE CHRONICLE
DEC. 30 1911.)
On
Legal
Loans,
Tender Deposit
Disc'ts
Net
with
Specie. and
and
SurBank C.-11. Deposits.
Mrestplus.
Notes. Banks.
mews.
-- ----------
Imports.
Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week.
53,503,745
3,500
$75,100 2,020,520
100,977
Total 1911
Total 1910
Total 1909
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America.
All other countries
Total 1911
Total 1910
Total 1909
Since Jan.!
Since Jan.1
$752
10,792
16,041
5,248
4,582,407
174,755
873,394
515,739
2,578
1,620,207
7,670,097
3,043,691
1,954,394
5176,077 $10,284,927
12,700 45,444,948
1,389,550 95,039,667
832,833 514,880,100
253,661 22,485,580
49,230 8,896,060
81,042,376 $16,204,487
109,000 3,043,034
167,149
106,923
1,100
8173,210
11,792
26,919
81,945
3,162,283
1,889,390
1,457,117
:370
$652
940
84,558
142
36,617
8,118
81,152,846 519,566,328
828,613 42,454,202
601,059 42,181,223
$86,292 86,802,656
123,948 4,879,980
44,117 5,328,536
$2,468 were
Of the above imports for the week in 1911,
New York City.
3
s
s
s
8
$
Manhattan 51./roar.
1,068,0 American gold coin and 537 American silver coin.
169,0
59,1)
144,0
1,323,0
297,0
100,0;
Washington Heights_
124,0 1,638,0
41,0 215,1
250,01 • 120,3 1,631,0
Century
815,0 7,087,0
400,0; 463,4 5,807,0 851,0 431,(
Colonial _
8,341,0
949,0
628,0
715,0
7,155,0
786,9
300,0
Columbia_
104,0 1,028,0
54,0 115,0
167,3 1,086,0
200,0
Fidelity
874,0 4,506,0
486,)
323,0
3,786,0
531,0
500,0
Jefferson
326,0 2,865,1)
40.0
340,2 2,419,0 436,0
250,0
Mount Morris
401,0 3,717,1)
39,0 634,0
393,1i 3,401,0
200,0
Mutual
744,0 9,475,0
305.0
363,0
3,948,0
475,2
100,0
Plaza
257,0 2,042,0
87,0
233,0
98,8 1,3177,0
200,0
Twenty-thir I Ward
4,576,0
727,0
571,0
61,0
4,137,0
506,2
100,0
Yorkville
19:3,0 2,439,0
2783; 2,637,0 305,0 101,0
200,0
s Investment," which
New Nettledand
Write for our clroular entitled "Judiciou
62,0
194,0 1,376.0
142.0 1.415,0 134,0
Battery Par It Nat.__ 200,0
subject in detail.
2,130,0
52,0
above
442,0
2.217,0
48,0
the
317,4
treats
300.0
Ial
Aetna Natio
11,0
71,0 1,310,0
123,1 1,260,0 333,0
Gotham Nat tonal_ __ _ 200,0
Brookl vn.
365,0 3,011,0
3,050,0
402,0
155,0
5354
200,0
NEW YORK.
Broadway
43 EXCHANGE PLACE. - 616,0 5,344,0
892,4 5,814,0 554,0 250,0
252,0
Manufacture rs' Nat
Albany, N. Y.
Boston, Mass.
839,t; 10,855,0 346,0 1,621,0 1,710,0 12,635,0
Chicago, Ill.
1,000,0
Mechanics'
3,850,0
490,0
984,0
202,0
3.778,0
595,1
:300,0
National Clt y
Members New York Stock Exchange.
251,0 1,952,0
70,0
150,0 1,958,0 209,0
200,0
North Side_
461,0 2,822,0
65,0
, :1,637,0 337,0
670,)
300,0
First Nation 0
Jersey ;Hy.
4,861,0 281,0 415,0 1,947,0 4,025,0
1,306,1
400,0
il
Nation
First
409,0 2,444,0
790,5 3,352,0 257,0 114,0
Hudson Coo sty Nat_ 250,0
454,0 1,836,0
916,4 2,096,0 128,0 183,0
200,0
Third Natio ial
liobokon.
340,0 1,660,0
37,0
203,1)
3,625,0
646,1
220,0
First Nation LI
4; 316,0 1,338,0
Bonds and Investment Securities
286,1 3,104,0 170,0
125,0
Second Nati >nal
89,515,0
13,696,0
0,229,0
7,201,0
7,851,0
12,170.•
THE ROOKERY.
Totals De ;. 23.-- 6,947,0
5 NASSAU STREET.
08,064.0
6 917 0 12 179 ' 0,418 _ .... 11,101,0 89,947,0
- 7.279.0
---3J
Totals De 3. 16_
CHICAGO
- _ _ - -.- ....,-.
'
.
.
„
YORK
(
NEW
Totals De
Maniting and financial,
Diversify Your Investments
Spencer Trask & Co.
White, Weld & Co.
1768
THE CHRONICLE
Vanittre Gazette.
dal, 50e. per $1000, discount, and bank, 81 per $1,000 premium; St. Louis,
25c. per 51,000 premium bid and 35c. per 51,000 premium asked; San Francisco, 20c. per 51,000 premium.
Wall Street, Friday Night, Dec. 29 1911.
The Money Market and Financial Situation.-Business at
the Stock Exchange this week has been exceptionally limited, even for the season. The tone of the security markets
and the tendency of prices indicate that many members of
the Exchange have taken advantage of the opportunity offered by the holiday period to absent themselves from the
Street. The market has been weak, a condition for which
two reasons aro suggested: First, the recent general advance,
which naturally made a reaction easy, if not necessary; and,
second, the unfavorable traffic reports made by some of the
large railway systems, notably those of the Union Pacific,
Southern Pacific and Rock Island for the month of November. These showed losses so large, of both gross and net,
as to attract attention and excite curiosity as to forthcoming
reports from other roads. The showing made by the Harriman lines may be accounted for in part by the shopmen's
strike which prevailed during the period mentioned; but after
making due allowance for that disturbance, the shrinkage
still seems large.
Sterling exchange has declined this week as a result of the
large outward movement of grain and cotton, and suggests
that the Jan. 1 payments for interest and dividends abroad
have been provided for. The weekly foreign bank statements are also evidence in the same direction.
The local financial situation is illustrated by the fact that
there has been no advance in rates here, and it is reported
that offers by German .bankers of a rate to net at least 5%
have been aceepted by lenders here this week. Considerable
satisfaction is manifest in certain quarters on the announcement that a much-talked-of plan to raise the level of prices
and restrict the acreage planted to cotton next year has been
abandoned.
The open market rate for call loans on the Stock Exchange
during the week on stock and bond collaterals has ranged
from 3 to 4%. To-day's rates on call were 3%@4%. Commercial paper quoted at 432@5% for 60 to 90-day endorsements and for prime 4 to 6 months' single names, and
534©53'% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £1,702,170 and the percentage of reserve to liabilities was 35.48, against 41.56 last week.
The rate of discount remains unchanged at 4%, as fixed
Sept. 21. The Bank of France shows a decrease of 6,975,000
francs gold and 7,475,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1911.
1
, Averages for
' week ending
Dec. 23.
Differences
from
previous week.
1910.
Averages for
week ending
Dec. 24.
1909.
Averages for
week ending
Dec. 24.
$
$
$
8
Capital
135,150,000
133,350,000 127,350,000
Surplus
197,808,700
196,577,100 180,024,900
Loans and discounts__ 1.309,058,000 Inc. 17 206,000 1,223,743,200 1,197,479,600
Circulation
51,020,000 Dec.
60,000
48,378,400
52,611,100
Net deposits
1,303,257,000 Inc. 18,484,000 1,189,066,600 1,179,731,300
Specie
260,260,000 Inc. 1.994,000 239,495,000 235,778,600
Legal tenders
76,380,000 Dec. . 662,000
67,839,600
69,299,500
Reserve held
25% of deposits
Surplus reserve
,
[VoL. Lxxxxin.
336,690,000 Inc. 1,332,000
325,814,250 Inc. 4,621,000
307,334,000
297,266,650
305,078,100
294,032.825
10,825,750 Dec. 3,289,000
10,067,950
10,145,275
Note.-The Clearing House now issues a statement weekly showing the actual
condition of the banks on Saturday morning,as well as the above averages. These
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
State and Railroad Bonds.-Sales of State bonds at the
Board include $56,000 New York Canal 4s, 1961, at 101%
and $10,000 Virginia 6s, deferred trust receipts, at 46%.
The market for railway and industrial bonds has again
been fairly active on the movement of a few issues, and
generally weak in sympathy with the stock market. Among
the exceptional features Underground Electric Rys. of London 6s are conspicuous for an advance of 6 points. International Mercantile Marine 4%s are up 1% and Allis-Chalmers
5s have recovered 4 points of their recent decline. InterMet. 4,1 2s are nearly a point higher and Northern Pacific 3s
have been strong.
On the other hand, Atchison, American Tobacco, Union
Pacific,'Southern Pacific, Third Ave. (w. i.) and a few less
important issues have shown a tendency to weakness.
United States Bonds.-Sales of Government bonds are
limited to $23,000 Panama 3s at 1013% and $10,000 4s, reg.,
at 113%. The following are the daily closing quotations;
for yearly range see third page following.
Interest
, Periods
Dec.
23
2s, 1930
registered Q-Jan
2s, 1930
coupon Q-Jan
Is, 1908-18
registered Q-Feb
3s, 1908-18
coupon_ Q-Feb
48, 1925
registered Q-Feb
4s, 1925
coupon Q-Feb
2s, 1936.Panama Canal regis Q-Feb
38, 1961.Panama Canal coup. Q-3/I el
Dec.
25
Holl day
Holl day
Dec.
26
Dec.
27
Dec.
28
Dec.
29
.100 *100 *100 *100
.100 .100 .100 .100
.101M .101M .101M *1013
.1013 *1013 .1013 .101M
*113 h *113 M 113% .1133.
.113h .1134 .113M .113M
"100 "100 .100 .100
1014 .101% *101% 101%
*This Is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.-The stock market
has been dull and weak-a typical holiday market. On
Tuesday, although the Exchange had been closed since Friday, only a trifle more than 200,000 shares were traded in,
and throughout the week the volume of business has averaged
but little more. Prices have steadily declined until to-day,
and, notwithstanding some recovery, led by an advance of
23
% points in New York Central, a considerable portion of the active list is from 1 to 3 points lower than at the
close last week.
Union Pacific is conspicuous for a decline of 33/i points,
presumably on its report of earnings for November. New
York Central was, as noted above, strong to-day, and closes
with a net gain for the week of over 2 points. Canadian
Pacific is up over a point and Atchison is fractionally higher.
International Harvester has lost nearly 4 points of its recent advance, and Great Northern Ore and U. S. Steel are
down more than a point within the week.
For daily volume of business see page 1778.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Dec. 29.
Ani Brake Shoe & Fdry_
Preferred
Baldwin Locomo, pref_ _
Canadian Pacific rights_
Comstock Tunnel
Federal Sugar Ref, pro!
General Chemical, pref.
Homestake Mining
Lackawanna Steel
Minn & St Louts, rights_
Ontario Silver
Quicksilver Mining
So Porto Rico Sugar, pref
Standard Milling, pref._
Tex Pacific Land Trust.
Virginia Iron C & C
Vulcan DetInning, pref.
Sales
for
Week.
Range for Week.
Lowest.
100 00% Dec
200129% Dec
1,09010334 Dec
8,050 8 Dec
500 15c. Dec
7 96 Dec
110106% Dec
10 86% Dec
1001 30 Dec
8001
% Dec
30
1 Dec
300 3% Dec
5110 Dec
300 523( Dee
1,100 87 Dec
1,020 70 Dec
10 66% Dec
I
Range since Jan. 1.
Highest.
281 903 Dec
26130 Dec
28104 Dec
26 8% Dec
271 15c. Dec
26 96 Dec
27106% Dec
26 86% Dec
27 30 Dec
28
% Dec
26 1 Dec
26 35j Dec
28110 Dec
27 53 Dec
27 873 Dec
28 77 Dec
26 664 Dec
Lowest.
Highest.
28, 87
Sept 97
Feb
26'122% Oct 138
Feb
28 103% Dec 107
Dec
27 8
Dec 8% Dec
27 15c. Dec 34o. May
28 90
Aug 96
Dee
27 103% Jan 108
Apr
26 81% Sept 87% Dec
27 30 Sept 48 April
26
M Dec
Dec
28 1
Sept 2
Nov
26 2 April 4% Nov
28 110
Feb 113
Jan
28 50
July 53
Dec
29 84
Sept 92
Jan
29 52
Jan 97
July
26 50
Jan 70 June
Outside Market.-The "curb" market was exceedingly dull
this week, and with the exception of the Tobacco issues and a
few of the copper shares trading proceeded in a listless fashForeign Exchange.-The general course of the market was ion. Price changes, with a few exceptions, were fractional
towards a lower level.
and irregular. Amer. Tobacco corn. lost 16 points to 485
To-day's (Friday's) nominal rates for sterling exchange were 4 83% for and sold down to 480 to-day for odd lots, the close being at
sixty-day and 4 87 for sight. To-day's actual rates for sterling exchange
were 4 8280®4 8310 for sixty days, 4 8575®4 8615 for cheques and 490. Amer. Tobacco corn., ex-subsidiaries, advanced from
4 8870@4 8695 for cables. Commercial on banks 4 81®4 823j and docu243 to 247. British-Amer. Tobacco was active and flucments for payment 4 82 %@4 83. Cotton for payment 4 82% ®4 82%
tuated between 153
/
8 and 145
%, the close to-day being at 15.
and grain for payment 4 82% ®4 83.
The posted rates for sterling, as quoted by a representative house, have Liggett & Myers moved down 6 points to 159 and up finally
not been changed during the week from 4 83% for sixty days and 4 87 for to 1673'. P. Lorillard
fell
from 163 to 159 and recovered to
sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 21 % less 168. R. J. Reynolds Co. opened at 182 and moved up to
1-16 ® 5 21 h less 1-32 for long and 5 18 % ® 5 18 3
,
8 less 1-16 for short. 183. United Cigar Mfrs. corn. improved from 483
4 to 51
Germany bankers' marks were 94 7-16 ® 94 % for long and 95 less 1-32(05
and was traded in to-day at 503i. United Cigar Stores
for short. Amsterdam bankers' guilders were 40 h plus 1-32@40
% plus
1-16 for short.
opened
the
at
week
205,
dropped
finished
and
197
to
to-day
Exchange at Paris on London, 25f. 20 lic.; week's range, 25f. 2234c. high
at 199. M. Rumely Co. advanced from 983
4 to 98 8. Bonds
and 25f. 20e. low.
Exchange at Berlin on London, 20m. 46pf.; week's range, 20m. 46 %pf. were very dull. Montreal Tramway 5s were dealt in down
high and 20m. 44 %pt. low.
from 1003% to 100% and N. Y. Westchester (SE Boston Ry.
The range for foreign exchange for the week follows:
Sterling, ActualSixty Days.
43's at 97% and 973
4 and at 97% finally. Among the copDemand.
Cables.
High for the week
4 83 34
4 8635
4 87%
per shares, Butte Coalition continued the most active, adLow for the week
4 82%
4 8585
4 8665
Paris Bankers' Francsvancing from 22% to 23% and closing to-day at 23. Braden
High for the week
5 21%
5 183-g less 1-16 5 17%
sold up from 53% to 6 and ends the week at 5%. Giroux
Low for the week
5 2l3
5 18'% less 1-32 5 17% less 1-16
Germany Bankers' Marksranged between 43% and 4% and finished to-day at 4 9-16.
High for the week
94 %
95 1-16
95 5-16
Greene Cananea lost about half a point to 8, the final figure
Low for the week
94 %
94 15-16 less 1-32 95 3-16
to-day being 8%. Inspiration was heavily traded in and
Amsterdam Thinkers' GuildersHigh for the week
40 1-16
40 5-16 less 1-16 40 %
rose from 103 to 10%, weakened to 10 and closed to-day at
Low for the week
40 plus 1-16 40% plus 1-32
40 3i less 3-32
104. Nipissing improved from 7 to 73' and sold down to
Domestic Exchange.-The following are the rates for domestic exchange
6%,ex-dividend, the close to-day being at 63%.
at the under-mentioned cities at the close of the week: Chicago, 250.
per
*1,000 premium; Boston, 10o. per $1,000 premium; New Orleans,
Outside quotations will be found on page 1778.
comfier-
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Friday
1Vednesday Thursday
Tuesday
Monday
Saturday
Dec. 29
Dec. 28
Dec. 27
Dec. 20
Dec. 25
Dee. 23
sales of
the
1Veek
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share lots.
Lowest.
Highest.
Range for Previous
Year 1910.
Lowest.
Highest.
Railroads
9034 J'ly 12418 Jan
5
9,500 A tch Topeka & Santa Fe 997,, Sep 27 11653 J'ne 12
x97 J'ly 10414 .Jan
10034 Jan 3 10512 J'ne
1,160 IX Do pref
J'1Y 13712 Jan
10212
Nov23
3
Jan
117
13914
Line
P.R.
_
1,500 Atlantic Coast
0312 Sep 29 10934 J'ly 14 10014 Sep 11018 Jan
1,800 Daltimore & Ohio
94 Jan
8714 Sep
8512 Aug.10 91 Jan 4
100 IP Do pref
8238 Mly
6813 Feb
13 84,
8 J'ly 20
2,480 Brooklyn Rapid Transit_ 72 Sep
19558 Jan 3 247 J'iv 21 17034 Feb 20238 Nov
3,700 ,anadian Pacific
Aug 24 320 Dec 26 248 J'ly 312 Jan
1,135 k entral of New Jersey _ 260 Sep
92 Jan
65 Aug
25 8634 Feb 8
6838
3,600 Chesapeake & Ohio
6634 Jan
234 J'iy
15 Aug 28 3118 May23
Chicago & Alton 1411
69 Apr
644 J'ne
37 Oct 2 53 Jan 19
1)o pref
3678 Jan
J'ly
5
19
J'ne
13
2514
17
Sep
400 Chic Gt West trust ctfs
6418 Jan
40 J'Iv
3512 Dec 26 4914 Feb 5
Do pref trust ctfs
900
4 1.33(3 Feb 7 11334 J'ne 15S3 Jan
Oct
10534
Paul
._
St
&
hillw
Chicago
22,250
Jan
Sep
17214
2
143
Feb
15513
Sep
14
141
Do pref
700
Sep 1 15012 J'ne 12 13714 J'ly 18212 Jan
320 Chicago & North Western 13813
191 Nov 13 5209 Jan 7 203 J'ne 225 Jan
Do prof
16212 Feb
Chic St P Minn & Omaha 13013 Apr 2 149 J'ne 12 140 Apr
147 Nov28 1160 Mch 27 5160 Apr 517014 Feb
Do pref
Dec
24
4
Feb
338
30
15,
Sep
538 Jan
ctfs
stmpd
Chic Un Trac
1214 Jan
473 Sep
434 Sep 11
714 Feb 6
Do pref ctfs stmpd
300
9214 Sidi
61 Nov
4818 Sep 15 66 Jan lb
Cleve Cin Chic & St L
98 Feb 1
99 Sep 104 Jan
9414 J'ly
Do pref
6534 Feb
46 J'ly
43 Sep 23 00 Jan 18
Colorado & Southern
83 Mch
70 J'ly
x,0 Sep 25 82 J'ne30
Do 1st preferred
2
81 Jan
Aug
70
25
Mch
7512
Sep
263
Do 2d preferred
14914 J'ly 185 Jan
15913 Sep 20 17473 J'ne
elaware & Hudson
500
Sep 25 570 Nov10 490 J'ly 620 Mch
505
&
WestLack
elaware
200
52 Jan
2314 J'iy
1758 Dec 22 35 Feb 15
1,775 Denver & Rio Grande
81 Jan
6258 J'iy
3634 Dec 22 74 Feo 21
Do pref
1,935
1834 Jan
10 J'ly
9 Nov 25 1553 Mch 30
Duluth So Shore & Atlan
3458 Jan
17 J ly
1718 Dec 11 304 &fell 30
Do pref
3458 Jan
1912 J.15'
2714 Jan 11 3838 J'ly 1
8,975
5234 Slch
35 J'ly
4553 Jan 12 6114 fly 1
Do 1st preferred
1,700
42 Mch
2614 J'ly
35 Jan 9 4934 J'iy 1
Do 2d preferred
200
119 Sep 25 140 J'ne 8 118 J'ly 14378 Jan
2,500 Great Northern pref
ly
8013 Jan
J
2
45
Feb
6134
Doe
13
3334
Iron
Ore
_
7,940
1818 Mch
11 Aug
11 Aug 28 1514 Jan 17
W.deb ctfB
62 Green Bay &properties_9712 Apr
881: Jati
9314 J'iy 22 98 Oct 11
...... javana Electric
92 May 99 Jan
9334 Jan 12 10258 Oct 9
I Do preferred
124 Nov16 134 Apr 29 112 J'ne 140 Oct
Valley
*1261 132 12512 12512 ...100 Hocking
132 Jan 3 147 .Ply 31 124 J'ly 147 Jan
900 I ilinois Central
140 140
14014 140 140
*140" 14/ 14018
2513 Jan
1414 J'iy
p v t Mrs 1313 Sep 22 2038 Feb 10
1538 15 1518 1514 1612 11,049 I nterboro-Metro
1514 1514 151,1 49
6278 Jan
411:.Ply
3934 Sep 25 5634 .Ply
Do
pref
51
12,780
4812
4812
4734
8
48,
*4812 49
3912 Sep 14 5512 J'ly 19
pref
vot
tr
Do
etre
4,675
4812 50
47
47
48
48
*4712 48
30 Jan
15 J'ne
15 May12 22 Sep
1812
150 Iowa Central
*1512 1612 *1512 1812 *15
17
5414 Jan
*16
25 J'ly
23 Apr 24 42 Sep 7
Do preferred
30
100
3014 3014 30
*3112 32
*3212 34
80 Feb
38 Aug
8 80 Dec 29
Apr
74
etfs,pref
,tS&Ai
tr
100
80
80
*7712 80
*7718 80
J'iy
4914 Jan
13
*7718 80
J'ne
23
373g
:-5
2514
Sep
aneas City Southern
300
2712 28
*2712 29
*2712 20
*2712 29
68 Aug
71 Jan
6112 Sep 26 6934 Joel)
Do
preferred
*64 (3512
*6514 6634 *6512 67
J'ne
67
Jan
2534
Ia
9
*64
Nov
17
25
Sep
10
T ake Erie & Western_
*1214 15
*1212 15
*1212 1312 *1212 15
0234 Jan
8714 Dec
25 Sep 1 40 Jan 13
3-4
Do
preferred
31
*25
31
*26
31
*28
31
*26
14 18678 Dec 26 17314 Dec 186 Nov
Sep
151
Lehigh
Valley
18434 18878 18438 18612 18434 18818 x17912 181 118,380 Long Island
'',014 Apr
60 J'ly
45 Nov27 63 Jab 16
52
*45
52
52
*44
*45
52
*46
13612 Sep 14 16034 Nov24 13112 fly 16934 Jan
15512 15612 154 15512 15414 15514 6,200 Louisville & Nashville
15512 156
19 123 J'ne 140 Oct
Jan
22
14212
Sep
13114
Elevated
Manhattan
200
135 135 *134 136
13514 13514 *133 137
5334 Jan
23 J'iy
1-T11 inneapolis 64 St Louis 2113 Apr 26 4212 Sep 6
32 *___ 32
33
*30
33
*30
80 Feb
40 Sep
35 Mch 13 6812 Sep 8
Du preferred
59 *---- 6812 1,100
J'iy 145 Mcb
5912 5812 5812 *58
69
30
114
Mch
22
15214
Sep
Z12434
S
S
St
&
Minn
P
Marie
300
4134 136 *13414 13434 13412 13412 13412 135
140 Nov23 160 M ch30 144 J'ne 1554 Melt
Do preferred
225
14833 14838 148 148 *14712 150 *146 150
034 Jan
Do leased line mfg.__ 8712 J'1' 6 9013 /Bch 15 x8814 Sep
*8758 8918 *8758 8918 *8;58 8918 *8714 8818
5118 Jan
27 jOy
27 Sep 26 3818 J'ne 14
&
Mo
Kansas
Texas
750
2858 2858
2853 29
29
*2858 2914 29
7452 Jan
57 J'IY
6234 Sep 25 70 Oct 17
I)o preferred
100
8434
8434
6412
8412
*62
*82
85
*82
7358 May
41 J'ly
3314 Sep i4 53 Feb 15
Pacific
Missouri
11,000
3912 3834 ON
3812 381, 3914 4014 39
19 160 J'ne 14 125 J'ly 140 Nov
Jan
14014
St
Louis.
&
Chatt
1\1
ash
......
*150___ *157 167 *15712 ____*157
7238 Nov
60 Feb
Rys of Mex ist pref 60 Aug 23 7233 Jan 26
at
II
5912
*8514
8912
*6634
70
*8612
*8812 7f01
374 Nov
25-8 Aug 28 3838 Feb 15
2312 "3'
Do 3d preferred..
8,2(10
35
35
J'ly
1054
128
Mch
Feb
3
11512
21
Sep
x9972
Hudson
&
Y Central
10512 10518 10614 10518 10558 105 10778 19,200 N
:May
651
6878 Nov
48 Sep 14 65 Jan 19
100 N Y Chic & St Louts
6
6:134 86
a :: *::::
bleh 20 101 J'iy 10934 Jan
10158
Nov29
1.1812
Do
1st
preferred
*9812 110
*9812 110
*9812 110
98 Jan
*9812 110
8234 Apr
8213 Aug25 90 Jan 27
Do 2d preferred
85
*75
85
*75
85
*75
85
*75
149 Apr .62 Mch
775 N Y N 11 & Hartford_ _ 12678 Sep 14 1514 Feb 23
381
:Aug
50 Jan
137 13714 13612 13612 13878 13678 *135 137
22
4678
J'ly
25
Sep
3734
&
Y
N
Western_
Ontario
1,400
3812 3812 377g 38
39
3914 3019 39
8813 J'ly 10853 Moll
9934 Sep 26 11114 Nov24
Norfolk & Western
9114 Mob
10834 10834 108 10812 108 10812 108 10814 8,000
88 Feb
8534 Apr 18 9114 J'ne 8
Do adjustment prof_
200
91
*90
91
*00
Aug 14538Jan
9012 9012 *9018 91
11112
8
J'ne
25
1374
Sep
11034
Pacific
11634 11758 8,020 Northern
11878 11858 118 11812 11718 118
9434 Dec 11 102 Jan 10 100 Oct 11834 Jan
Co
c
fl
Coast
acl
105
*90
105
*90
105
*90
*95 105
Do 1st preferred
*85 105
*85 105
*85 105
*85 105
9934 J'iy 5 102 Jan 11 105 Feb 118 Jan
Do 2d preferred___
*90 105
*90 105
*90 105
*95 105
11834 Sep 25 13018 Feb 2 12212 .Ply 13812 Mch
Pennsylvania
5,900
12278
12258
8
1227
8
1223
12234
123
12278 12278
Si) J'ly 10458 Mch
904 Sep 26 100 Jan 17
&
L..
St
Cm
Chic
Pittsb
9838 1,825
9714 9712 9712 9758 98
97
97
Mob
1024 Sep 25 112 Feb 17 110 Oct 110 Feb
Do preferred
*101 11512 *101 115 *101 115 *101 115
13058 J'iy 17214
134 Sep 25 16178 XII.
15114
162,000
15238
15012
14978
15314
15238 15334 152
9313 Feb
J'ly 14 x85 Aug
92
1
Mch
I.e
88
t
ii
ls
igpreferred
200
00
8012 90
897,8 818",8 *88
90
*88
87 J'ly 11012 Jan
9012 Sep 20 lot May 2
2d preferred
*9112 95
*9112 95
97
*91
97
*92
5714 Jan
2278 J'ly
2234 Sep 22 3438 J'ne 14
2478 3,000 Rook Island Company
2334 2334 2378 2438 2312 2378 24
54 J'ly
9212 Apr
14
J'ne
6853
22
Dec
4334
preferred
Do
7,800
4633 46
49
4412 4434 4434 4838 46
16
Oct
27
27
23 Dec
t Louis & San Fran -400
23
23
23
23
23
23
25
*23
73 Jan
58 Aug
69 Sep 19 6914 J'ly 27
350 kJ Do 1st preferred._
88
8714 6714 *66
88
88
69
69
60 Jan
3412 Aug
37 Sep 25 4912 J'ly 19
Do 2d. preferred
4018
925
401.j 40
40
4034 41
*4114 4214
3412 Jan
1812 J'ly
24 Jan 13 34 Feb 4
St Louis Southwestern_
32
*29
30
*28
32
*30
32
*30
7712 Jan
6112 J'ly
5934 Jan 3 72 J'uo 26
Do preferred
72
*68
72
*70
72
*70
72
*70
Jan
J'ly
£13814
26
J'ne
10314
12638
25
Sep
10413
11038 11114 8,275 Southern Pacifle Co
11212 1123. 112 11212 11078 112
3334 Jan
18 J'ly
v tr ctfs stmpd.. 2434 Sep 28 3338 J'ly 19
2014 2912 2834 2914 2812 2878 2838 2878 5,700 Southern
75 Jan
43 J'ly
29
J'ly
11
7514
Jan
prof
6114
Do
do
1,200
7114 7034 7078 7034 7034
71
71
71
3634 Jan
2212 J'ly
194 Dec 21 3014 Feb 21
600 Texas & Pacific
21
*20
2038 2078 2038 2039 *2014 21
400 1 hird Ave (N Y)tr etfsh 52114 Dec 28 52134 Dec 27
2112 2134 2114 2114 *2114 22
_
Dec
18
41
Nov27
31
_
New
(when
issued)
3912 3878 4038 7,330
39
-564 701; 3914 3978
812 Jan 17
512 J'IY
1534 Jan
4 Nov17
Toledo Railways dc Lt412
*334 414 *334 414 *3
*312 4
5438 Jan
1'. J'iy
12 Dec 28 2434 Feb 8
1334 3,400 Toledo St L & Western_
12
14
12
14
14
15
*12
7214 Jan
J'ly
5
4234
Jan
26
5378
Dec
35
Do
preferred
1,000
35
35:11 3514 3578 3514 3538 *30
35
100 Twin City Rapid Transit_ 104 Sep 15 ill Feb 2 103 J'ly 11712 Jan
105 105 *104 10514
*104 106 *10414 100
22 15214 J'Iy 20434 Jan
J'ly
8
1923
25
Sep
15313
'
8
Union
Pacific
1713
17,340
16978
17313
8
1703
174 17478 17278 17438
8814 J'ly 10334 Jan
89 Sep 13 96 J'ly 24
Do preferred
800
92
9278 9218 92
93
*9212 9312 93
4214 Jan
2334 J ne
100 Unit Rys Inv't of San Fr 2812 Sep 25 49 Feb 20
3114 3114
35
*31
35
*31
33
*31
7238 Jan
47 J'ne
Mch22
7614
25
Sep
52
Do
preferred
400
6012 5934 6934
6014 6014 *58
60
*59
24
Apr
45
8
Sep
37
Virginia lty & Power
*4112 4412 *---- 4.114
*__ 4412
77 Sep 20 583 Apr 23
Do preferred
2734 Jan
1258 J'iy
534 Dec 19 1838 Feb 23
638 3,100 Wabash
8
8
'Ws -11613 633
MS 612
61 Jan
1813 J'ly
1414 Dec 20 4038 Feb 23
Do preferred
1658 1718 1678 1738 1612 1634 1812 1634 6,400 VT
6438 Moll
40 J'ly
is 66 J'1Y 8
Apr
48.8
Ry....
Western
Maryland
1,000
8012
8114
8038
61
6034 6114 6012 61
77 Dec
87 Aug
75 Jan 14 8814 J'ly 24
Do preferred
100
8112
*7912 8112 *79
8212 81
81
*81
10 Jan
3 Apr
614 Feb 3
212 Sep 28
476 Wheeling & Lake Erie4
4
*334 414
312 334
812 812
23 Jan
8 J'ne
7 Sep 28 1758 Feb 3
Do let preferred
400
*1012 12
11(4 1112 1034 11
*1112 1214
1313 Jan
4
7
J'ne
Feb
8
3
Aug23
Do Ed preferred
300
5
*412 6
5
*514 612 *514 6
64 Nov
44 J'iy
48 Sep 22 7218 May 1
5612
Wisconsin Central
6013 *52
5612 *52
6612 *52
*62
10018
108 10618 106 10818 10512 106l1 10512 10118
10418 10418 10414 1043g *104 10438 X10112
134 13412 13412 13.112 134 13412 *13334 13434
10338 10:::-!8 103 10314 10134 10234 10214 10214
8034 83'1 *8912 00
*8812 90
*8914 90
7638
781.2 76
7634 7634 76
77
77
2403t 240',1 24138
24012
24134
24118
241 242
318 318 *315 320
318 318
313 320
7334
7434 7518 7412 7458 7318 7414 73
21
*18
24
*18
24
*18
*18
24
45
*35
45
*35
45
*35
45
*35
1812
1814
1814
19
1812
*18
4
'
*1814 19.
3512 3614 *3512 3612 3512 3512 *3512 3612
11012 11144 11018 11034 10858 11014 10734 10878
14514 14514 *145 14612 148 145
145 145
*143 14312 143 143 *14212 14312 14212 143
*190 200 *190 200 *190 200 *190 200
*137 141 *137 141 *137 141 *137 141
*150 160 *150 160 *150 160 *150 160
218 *134 218
218 *2
214 *2
*2
434 434 *434 6
434 434
5
62
*60
83
*60
83
63
*60
*60
*92 110
*92 110
*92 110
*92 110
48
*45
48
*45
48
*45
49
*45
*76
77
7812
*78
*7612 77
*7612 77
.75
*65
75
*85
75
*65
75
*135
18718 16818 *160 170
187 16712+165 170
538 840
*520 550 *520 550 *520 550
1912
1918 1i14 1914 1912 1914 1912 19
3918
3914 3912 3934 4018 3938 4012 39
*812 9
*814 9
*814 9
*814 9
1758
1738 *17
1758 *17
1758 *17
*17
3118 3158 3118 3158
3238 3112 32
32
5234 5234 5212 5234 5178 5214 5178 52
42
42
42
42
43
*42
44
*42
12714 12734 12612 12738 127 127
12734 128
3812 3918 3712 3812 3714 3812 3814 3814
1134 1134 1112 1112 1112 1112 1112 1112
*9312
-- *9312
*9312 ___ *9312
D
E
'
I
K
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Hid
Banks
New York
175
Aetna
A.merica 11- cos
mer Exch. 245
attery Pk_ 125
385
oweryli
roux Born' 300
roux Nat_ 175
ryant Pk II 150
Dr 135
entury 1.._
i
I
utoh 4
hue
aa
Bid
ink i
Bid
Bid
Ask
Ask
Bank.
Banks
178
Fifth Ave_ 4100 4250
Harriman _ 310
Chat&Phenic 175
300 325 [nip & Trad 1568
180 Chelsea Mill 195 200 ("13th
rlrit
950
1025
- . Irving N Mx 210
.. Chemical _ 435
160
Fourth
200 205- JelTersonli_ z158
250- (Atizens' CU 155
.
415 420 Gallatin ..„ 330 335 Liberty__ 510
130 City
290 Lincoln___., 395
275
_. Coal & iron 15213 1571, Garfield __
_ Germ-Am 11 140
. 1.1anhattan¶ 330
42,5
_ Colonial ¶
Hi \iark't&Ful 250
1-80 Columbia 11. 350 3-8-0 Uerm'n Ex 420
itecheafet4 200
550
¶525
clermanla
155 Commerce - 11981212001.
1iercantile _ 148
155
140 Corn Si 11... 305 316 Gotham _ . 150
Much Exoh 16212
115 GreenwIch-¶ 245
255
1521, Mast River_ 105
Verchants'. 180
175
tianover._ 625 830
ndelltY 11.- 185
575
A44
Ask
___
-_
____
510405
335
280
285
152
1671,
185
Bank,
Metropolis ¶
Metr000l 'nil
Sit siorrist.
qutual ¶1.-Nassau ____
New Neth.1,
NewYorItC,o
New York_
Paciflel-_
Park
People's 11 _
hid
370
196
260
280
300
210
875
305
270
365
240
Ask
385
200
260
290
_.
220
-15
3.
280
370
250
Bid
1176
85
415
375
145
,uerman___ 135
State 1 -- ___
23d Ward¶. 175
Union Exc., 165
Wash lila 1 275
West Side 1 ___
Yorkville ii. 625
Banks
Prod Rich li
aeserve ....
,
eaboard-__
eeond _____
,
.iecurity li_
¶State banks. a Ex-dividend and rights
• •131c1 and asked prices; no sales were made on this day. tax-rights. Mess than 100 shares. sale at this price. z Ex-dividend.
paid. n Sold at private
• Mao at Stook lIzehangel or at auction this week. Is Ph* installment
Ask
-.
10
-_,..
900
16213
_
280_
170
...
660
8 New stook.
1770
New York Stock Record-Concluded-Page 2
STOCKS-HIGHEST AND GOIVENT RALE Pl?..r.CES
.
M°Way
1t'd:1am.1a y Thursday
Tuesday
Fr, kly
Dec 26
Doc. 27
DI^. 26
Dec. 28
Dee. 29
Saturday
Dec 23
,
' hes 0
the
it,eek
Shares.
S FUCKS
NEW YORK STOCK
EXCHANGE
[voL. 1,xxxlm.
Rangc SinCC January 1.
On basis of 1004.13re iots
Lowest
11iv/test.
Range for Previous
Yea, 1910
Leneesi
H
industrial&Miscellaneous
$19014 19914 *199 203 *108 203 *la3 20.3
darns Express
35
1198 Nov20 3245 Apr 7 4235 Dec x270 Jan
*128 134 *138 129 *133
134 *133 133
-Chaimers
Dec 16
93/ May31
712 J'ly
15 Jan
(1,8
812 PI
8
8
*712 10
8
8
Do pref
700
658 Dec 16 34 Feb 3
27 Aug
5134
637s 671s 61112 6739 65
61.153 6434 6
40,000 Amalamated Copper
4434 Sep 25 7158 J'ne 19
5518 J'iy
0034 Ian
6314 631. 63
51
8312 63
2,62
62
tigr
relfultural Chem_
1,000 AmerA
4434 Sep 25 6312 Dec 22
35 J'iy
491, Oct
105 105 *101 10434 *1;,) 105 *10112 103
Do
100
9)12 Oct Ug 105 Dec 26
9914 Apr 103 Jan
*5(
1
5512 55'4 56
68
57
5012 5'
3,100 American Beet Sugar.- 3914 Jan 12 5934 Oct 23
14 J'ly
*95
9102 *95
5
9012
499
*93
99
Do
pref.
30
92(2 Jan 9 101 Oct 11
89 J'IY
0
45
7% Joe
n
1038 1el. 1014 lu 8 1.151 1,
', 133) 11
7,450 American Can
873 Jan 6 1213 May II
6/8 1 tic
1378 1 an
803.1 V'. 90
90
8933 904 00
Do pref
91
8,800
77 Jan 5 9318 Deo 2
62 J'ly
8214
Nov
511• 54
54
5", 5112 5334 54
2,01.1
America)
54
) Car 43 Foundry 4233 Sep 28 5814 J'iy 10
3912 J'ly
*116 1171- 11714 11.'/ *116 1171 *116 11712
Do pref
10))
113 Oct 24 120 May23 109 .1 no 12
70
278 j
.'
'
% 1,411
46'1 4712 4612 4678 4618 4614
4614 41114 2,170 American Cotton OIL
4134 Nov 2 3238 Feb 26
5218 J'ly
6934
9318 9333 *92114 94N. *9334 M7 g *9312 9414
Do pre
3(Y)
92 Nov29 10512 Feb 16 IOU Dee 107 IkIch
Oct
1210 212 *208 214'*308 214 *308 213
100 American Express
201 Sep 23 1255 Jan 2, 1230 Dee 320 Jan
American Elide & Leather
*312 :Ili *312 334 *31.3 334 *313 334
312 Sep 22
5 inc 14
612 Sep
818 Jan
*20
23
*20
23
*20
23
*20
Do pref
23
18 Sep 22 2618 J'ne 14
19 Sep
9778 ..an
*1814 1P78
1813 1812 18
181. *1734 1812
1612 Aug:26 25.34 J'ly 11
600 American Ice Securities_
1638 Dee
2914 Meh
1112 1112 1112 11!, 1114 1114 *11
American Linseed
1112
3
500
Aug
11
124/ Feb la
1t33 ny
1/34 Jan
34
341, 34
34 - 34
3433 34
Do pref
34
1,350
2613 Oct 27 3412 Deo 24
2513 J'ne
4678 Jan
*36
36,
. *3513 3,*, *3513 3', *35
American Locomotive__ .. 2238 Oct 7/ 4314 May22
3512
29 J'ly
6212 Jan
*104., . 105 106 *10412 106 .105 106
Do
pref
100
102 Oct 24 11014 Sleh 1 1021. Au4 115 Jan
418 -4-19
414
414
412 41" .4
5
600 American Malt Corp
3 Sep 25
638 Jan 21
314 Dee
8 Feb
*4013 43
*41
4112 4113 *4112 43
43
Do prof.
100
3112 Men 1 4308 .Ply 41
2812 J'ne
48 Steil
*84
86
*35
86
*8412 86
8,12/ 8,,
Amex
3
100
Smelters See pref B 82 Sep 241 8918 J'iy 19
82
J'iy
9078 Jan
75
75
x7224 74
7234 71,,,/ 7:"?, 8,000 Amer Sp
72
m
:
r t1t1ngeo Refining 5658 Sep 25 8378 J'ne it,
0138
J'ly
10
1-1
234 ja
nt
Jan
103 103
10278 103
10212 10213 102 in; 4
Do
600
9314 Sep 27 108)3 Joe 15
1/814 J'ty
33
33
*33
3", *33
3-1
.33
3313
100 Amer Steel Found (new).. 2,5 Sep 26 5213 Feb 9
SS J'iy
60 Jan
*115 1151. 11513 11,
*, 115 115
115 115
500 American Sugar Refining 11214 Sep 25 12213 Feb 27 11118 Oct 143
273
18
2 1):,e
ol)
t,
11311 11534 .1103 111 ,*114 1161, 11r'3 11",Do pref
300
111 Jan 7 11913 Feb 14 11112 Dec 13
29
434 Feb
,
feil
130,8 140
13,011 1397, 13034 13973 c113/38 13. 14 4,300 American Teleph &
0 15
tm
Teieg 11711, A tult14
34/
14 J'ne 8 12634 J'iy
10312 10312 103 10314 10212 10278 10214 10278 2,448 American Tobacco
,
pf
103 1011. *103 10312 10212 1025. 10213 103
Certfs of deposit
865
9213 Sep 1 105 Dec
ipee 16
1
"2j'IY
*25
271. *25
27
26
26
2512 2513
200 American Wooten
2512 Deo 22 3612 Moll 21
2518 J'iy
3913 mull
*8612 90
*8612 8812 87
87
8934 8712
Do pref
400
8514 oct 27 0614 J'ne 13
1013 Dec 104 Alch
*26
2618 2618 25
27
26
26
26
400 A.rner Writing Paper. pH. 2412 Sep 24 3412 Feb 1,i
3818 3873 3814 39
3712 3814 3738 38
0%0,,
8,
aAAaiihntoondeanCi Steelopper Par$25 129 Sep 25 $4118 J'ne
33313 J'ly 354 (an
30,2 3133 3012 317, 3012 3112 3018 3012 5,501
I
25 Sep 21 38(3 Aug 1
21 J 3117 13
3634
9718
2 Jj
Oaaennt
614 9114 61
6173 0012 615* 59
2,600 11. Do met
60
54 Set) 25 6034 J'iy 31
49 Aug
85 Jan
*138 142 *138 142 *137 142
139 139
nttcriek
Brookly
100 B
z129
Sep
Union
n
15
14814
Nov10
Gas
125
J'ly
*2878 30
*2878 30
*2878 30
130
30 ,
12
Co
28
Feb
16
31
Me1130
28 J'ne
2112 22
21
2114 21
21
21
21
1,200 i lentral Leather
1834 Sep 25 3338 Feb 2
2514 .1 .ty
4834 Jan
*9113 931. *91
93
*91
*01
93
1
0:1
Do prof
9118 Dec 15 105 Feb ill
9914 J'ly 10914 mcb
2812 261. 2e'18 2713 26
2718 2512 25'. 16,300 dChino Copper__ _Par $5 51512 Sep 29 82713 Dec 27
*2614 2734 27
2734 *27
2714 2612 2617
Colorad
o Fuel & iron..,, 25 Sep 23 3533 Feb 6
500
2212 J'ly
DO Jan
13873 1387. 13438 13813 13734 13813 138 13934 4,040 Consolidated Gas (N
Y_ 12834 Sep 25 14812 J ue 6 12212 J'Iy 16038 Jan
1018 1014 31014 1014 1013 1012 *1014 1014
600 Corn Products Relining__
938 Oct 19 1534 May17
1.12 J'ar.
2314
Jan
*77
78
78
*7613 79
78
77
Do pref
77
300
73 Sep 21 85 May29
5033 J'ly
804 „Fan
*31
3112 31
3118 3044 31
*3014 3112
60.3 Distillers' Securities Corp 29 Sep 26 3814 Slch 1
51.i •Plir
3634 Jan
*12
18
*1218 18
*12
18
*12
18
Per
o ap
l rM
eitnIng & Smeit'g 13 Deo 7 36 Feb 16
12 Oct
60 Alch
*39
45
*39
41
41
41
*39
41
100
37 Dec 6 6612 Slay10
37 Oct
88 Jan
155 15518 15.1 15134 153 15312 153 153
1,301 General Electrio
d 142 Sep 22 10838 May29 134 J'IY '60/8 Jan
*35
335
3(1
35 *35
3513 35
357
820 Gen Motors vol to ctts_ 35 Nov18 5134 Aug 4
78
78
*77
7812 7714 7714 76
Do pref vot tr Ws__
76
570
7412 Dec 11
Aug 5
478 5
431 47p, x414 438 6,165 Goldfield Con 31_ Par $10 5312 Oct 18 808
5
5
$778 Jan3
3134 Oct
3914 Sep
10!) 111
10734 10912 10714 10814 10841 107
4,900 1 nt Harvester stk tr efts 9918 Sep 20 12938 Mae 5
48318Feb
*11912 12013 *1103 120 *11912 120
120 120
100 L Do pref stk tr Ws__ 115 Sep 22 12814 May 4 e.117 Aug 125 Jan
129 Jan
418
434 ,178
478 54
5
5
3,200 lot Mer Marine stk tr Ors
314 Sep 1)
b78 Jan 30
713 Jan
414 J'IY
*1734 19
,
1914 24
4 2138 2238 22
Do prof
2212 15,450
14 Aug 30 2212 Dec 29
125* J'iy
243k Jan
913 934
912 913 *913 10
*912 10
300 International Paper
9 Sep 9 1333 Jan 31
10 Jan
9 •I'ly
4:24 4572 34513 4513 *45
46
*4512 46
Do pref
240
4458 May15 5638 Jan 11
4112 J'iy
6112 Jan
*33
34
*32
34
*33
34
*32
Internet Steam Pump
34
23 Oct 30 44 Feb 8
3653 J'iy
5453 Jan
*8212 8334 *82
8312 *82
83
*82
Do pref
84
80 Oct 9 0013 J'ne 12
7813 J'ly
14,10434 105)4 *10412 105
9034 Jan
10434 10514 10518 10614
1,800 Laclede Gas (St L) corn
10114 Sep 25 11412 Jan 20
9334 J'IY 11613 Jai
8018 81
70413 80
79
79
7412 7812 3,000 Mackay Companies
7412 Dec 29 95 Feb 7
79 J'ly
08 00$
70
70
69
69
68
6818 *67
Do pref
6912 1,100
(18 Deo 28 77 Mch 2
71 J'1Y
783400$
*70
72
*70
72
71
7178 *70
Slav
72
Departm
ent Stores_ 70 Apr 28 13/ J'ne26
200
*108 10914 *103 10914 *103 10914 *103
Do prof
10914
10734
Sop
21
11314
J'ne
6
2358 24
24
2412 2378 2414 2314 24
10,000 dMiami Oopper___Par $5 $1653 Sep 28 $2412 Dee 27
13912 14018 140 14278 *13914 14078 113918 139$
ational Biscuit
4,900
11714 Jan 16 14334 Nov14 100 Aug 11912 Dee
123 128
128 128
12778 12778 *124 128
500 NDo prof
121 Jan 20 130 Feb 4 11834 J'1Y 125 Jen
*1212 1413 *1234 1414 *13
1412 *1234 14
125 Nat Enamel; & Stamp'g 1213 Dec 20 22 J'ly 24
14 Sep
2812 Jan
*92
96
*92
96
*92
96
Do
9434 9434
prof
85 Jan 6 10034 J'ly 22
84 Oct
9613 Jan
5414 5434 5438 5512 5334 5412 5312 5133 6,800 National Lead
4212 Sep '25 59 Feb 2
4613 J'iy
895 Jan
1106 1011 *105 10912 *105 10912 *105
109
Do pref_
60
104 Sep 22 10934 Aug 15 10134 J'ly 11012 Jan
1914 101.
,
3
20
1913 1978 1912 1934 14,700 dNev Cons Copper_Pctr $5 $1518
Sep 25 $2114 J'ne 14 $1712 J'iy 52238 OM
*50
58
*50
*51
58
57
New York Air Brake
*50
54
45 Oct 24 70 Feb 4
9513 Jan
59 J'ne
74
7434 7438 7513 7434 7478 7412 75
2,000 North American Co (new) 64 Jan 20 7634 May18
6018 Nov
84 Jan
*30
32
3112 32
3134 3134 31
31
1,000 Paciflo Mall
2313
Apr
10
Nov24
3338
2278
J'ly
4314 Jail
47
4714 4718 4713 4714 4734 48
aciflo Telep & Teleg
4812 1,500
35 Sep 24 5458 Jan 31
30 J'iy
*103 10313 103 10314 10318 10318 103 103
4614
600 People's G L As 0 (Chic) _ 10112 Aug22 109 Jan 19 103 J'ly 1163 Jan
2 Jan
Philadelphia Co(Pittsb'h) 09 Sep 25 11812 J'ne ;1
84 J'ly 10612 Jan
-1334 181
4 -1812 18 3 1812 18-12 -1813 .181; ---E56 Pittsburgh Coal Co
17
Dec 6 2314 Puts 5
13 3.1Y
2724
Jan
82
82
*8112 8/
82
82
*8113 84
'Do
pref
400
6734 Jan 4 0078 J'ly 26
6014 J'iy
85 Jan
*3312 34
3312 3313 *33
34
*33
3312
100 Premed Steel Car
25 Sep 25 3758 J'ne 21
25 J'ly
5172 Jan
40100 102 *100 102 *100 102 *100 102
Do 'ire(
91 Sep 21 10234 J'ne 16
00 J'ly 10712 Jan
*107 113
10314 10834 *10712 113 *10612 103'4
200 Pub Service Corp of N J. 108 Oct 27 120 Feb 7
*168 160
159 159 315913 15013 *15312 160
.
110 Pullman Company
154 Sep 23 163 Jan 30
J'ne 200 Jan
*3038 3112
3078 *3033 3112 31
D ailway Steel Spring_ _ _ 26 Oct 27 31) J'ne 14 155
31
200
28 J'ly
*9812 101
5172 Jan
*9312 101
*99 101
I t. Do pref
*99 101
92 Jan 3 103 J'ne 16 59014 See. 107 Jan
18
1814
1838 19
1838 19
18
1813 29,270 dRay ConsCopper Par $10 512 Sep 25 $19 Dec 27
2712 2758 2718 2713 26
27
2513 2613 3,600 Republic Iron & Steel__
18 Oct 27 3514 Feb 6
27 J'ne
4578 Jail
84
.
8412 8414 8438 8414 8412 84
8414
Do pref
7418 Oct 27 9938 Feb 1
8234 J'iy 10414 Jan
*13912 143 *14114 14238 14238 14238 4140 14238 2,500
100
Roebuck & Co_ _ 12512 Sep 21 192 Feb 6 150 J'ne 190
Nov
*38
45
*41
44
*41
44
, effield Steel 18 -Ir 34 Sep
*39
44
101oss-Sh
4814 Dec
3734 3818 38
8612 Jan
3834 37
3734 3714 3714 4,000 dTenneesee Copp_Par $25 $3014 Sep 25 5614 Feb 6
26 544 j'ne 13 $1934 .PlY $4058 Jan '
*80
88
*80
88
*8033 88
Texas Co (The) •
*81
87
7
64312 N
Nio
c9:
h 6
3
131 Oct 144 00i
*100 102 *100 102 *100 102
101 101
10C 1 Inderwoo0 Typewriter_
1112 J
F
'
13
one 21
6
*11014 112 *11014 112 *11014 11212 411014
.
t) Do pret
11212
103 Meh31 11378 J'ly 28
*458 5
*458 5
*434 5
Union Bag & Paper
*458 5
434 Dec 15
9
Feb
JOY
6
0
1314
*50
55
Jan
*50
.
,
55
*50
56
*49
Do prof
55
5013 Nov 1 5912 Jan 30
5218 Dec
73 San .
*9734 100
*9712 100
*9712 100
*9778 100
United Dry Goods Cos
9712 Sep 26 108 J'ne20
96 Aug 122 Jan '
105 105 *105 106 *105 106
105 10512
Do pref
600
10034 Se7 25 10712 J'ly 7
0914 Aug 11378 Jan •
11134 17
*16
17
1618 1614 *1512 17
400 U S Cast I Pipe & Foundr 11 Sep 25 19 Feb 23
1418 J'ly
32 Jan :
352
52
*51
53
51
5214 51
Do pref
51
950
4012 Sep 25 x61 Feb 23
49 J'ne
*83
84 Jan.
88
38634 8834 *83
88
*83
88
United States Express
it
84 Deo 6 1105 Jan 27 39313 Dec 145 Jan 1
*69
70
*69
70
69
69
*6813 69
100 (IS Realty i73 Improvem't 5518 Jan 25 7934 May29
6434 J'ly
8414 Jan '
48
48
4734 48
4733 4758 47
4734 4,600 United States Rubber
3012 Sep 25 4812 Dec 16
27 J'iy
11018 11018 11014 11014 *10012 111
6212 Jan
11073 11078
Do 1st pref
300
104 Sep 25 11312 J'iy 7
7572 7573 *75
90
J'iy
11612
Jan :
76
75
75
*74
70
Do 24 pref
300
60 Sep 26 73 Mch 1
6514 6834 6758 6868 6634 6814 66
5913 Xi)
, 81 Jan ,
67(8 259,071 United States Steel
50 Oct 27 3218 Feb 6
1114 11112 11112 11132 11012 11114
6118
.1.
11
,
91
Jan
Do
11012 111
prof
3.361
103 Oct 27 12078 Feb 4 11912
12533 Jan :
5512 57
5612 5778 5514 5634 5438 56
65,004 dUtah Copper__ _Par *10 $38 Sep 25 55778 Dec 27 15393s J'ly
J'ne $6014 Jan :
5412 5458 54118 5434 54
5458 53
Virginia-Carolina Chem
54
1,701
4318 Sep 25 7033 Feb 28
*118 122 *11012 122 *11034 122 *117
47 Feb
6618 OM
Do prof
114 Sep 25 12812 Mehl5 117 J'iy 12914 Jan
*147 151 1148 151 *145 150 3148 12212
148
12( Wells Fargo & Co
130 Sep 25 177 May26 14412 Deo 105 Jan '
7813 79
79
79
7814 7838 78
7814 1,55, 4 V astern Union Teleg__
7158 Apr 18 8412 May24
56 J'ly
6714 6712 6612 67
7812 Melt
6614 6533 6534 2,004 WeRtIngh'seEl&Mfg assen 58
66
53 Sep 25 79 May29
*1 1 71e 113
4912 J'iy
8212 Jan
1171. 1171. *11872 118 *1151s 118
10() Do 1st prof
11012 Aug16 123 Jan 5 110 May 130 Feb
CHRISTMAS DAY
EXCHANGE CLOSED-EXTRA HOLIDAY
4ills
In
38
Sears
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS
.
Banks
Bid
BrooklUn
Broadway 1 330
uey 131'0 rst
2-80
111sidell..„ ____
1omesteacil,
__
anufac'rs 415
echanies'1 225
()titanic 1.
.
aSsau
'212-
F
Ask
395
155
290
125
100
430
240
150
225
Banks
Brookilln
rtt City ..,
North Side T.
People's __
Prosp'ot1"10-
Bid
Ask
283
150
155
140
295
170
165
155
350
750
360
__
Trust Co's
N Y City
Astor
Bankers'
Trust Co'i Bid
N Y City
Or.,. 145
Central Tr_ 1010
040110311111 -- No
Commercial 10,5
Empire .. _ _ 300
Equit'bie Tr 490
Farm Lo,t1 1400
Fidelity -__ 21712
Fulton ___ 290
/1.W:13
,
Trust Co's
Bid Ask
(luarty 'Fr_ 890 910
Guardia
150
n Tr 100
115
Hudson _
1030
_ . 145
liniCkerb.kr 185- 295
310
_ Law T I&Tr 228
2321
3-1-0 Lincoln Tr.. 110
120
_ _ Manhattan 375 390
14i0" Metreoorrn 405 410
22212 Mutu'l(NY) 125
130
...... xy Lue&T, 1000 1040
Ash
Trust Co's
Bid
Ask
Trust Co's Bid
N Y TrUst- 585
600
Hrookiya
Savoy
90
Brooklyn Tr 480
Standard Tr 345 355 Citizens' _ 120
TitieGu& Tr 485
_ _ Flatbush __ 200
'Fr Co of Am 325
3-35. Franklin__ 275
Union Tr_ 1300
. Hamilton _ 265
US Mtg& Tr 4(14) 471 Home
610165
Unit States_ 1100 1150
Kings Co ...:,.
Washington 360 375
L 181 L ea Ti'320
Westchester 150
Nassau
160
163
Windsor - 19212 200 Peoples'
285
Queens Co_ 100
Asa
.....,
130
216
286
276
118
311
16
390
110
•Bid and asked prices; no sales on this day. ;Less than100
shares.
Ex-rights. b New stock. a Ex-div. and rights. if Quoted doiirs per
tSale at Stock Exchange or at auction tills week. s Ex stoek
erg.
dividend. ¶Ilanks markei with a parazrapn (10
aro State banks. X Ex-dividend.
•
_
Yearly
ge-Bond Record, Friday, Weekly and
New York Stock Exchan
income and defaulted bonds.
bends was changed. and prices are now alt-"and interest"-except for
Jan. 1 1909 the livzchangs nethod of quoting
Price
Friday
Dec. 29
BONDS
K. Y. STOOK EXCHANGE
Week Ending Dee. 29.
Week's
Range or
Las: Sale
n
BONDS
Range
N. Y. STOCK EXCHANGE
Since
Week ending Dec. 29.
Jatwary 1
l'rice
Friday
Dec. 29
Week's
Range or
Last Satz
Range
Since
January 1
Low High
Ifig
Ask Low
),'i. d
Ilig No. Low High Chesapeake & OhioAsk Low
did
10278 10611
U. S. Government.
Gen funding & impt 53_1920 J -J 10312 10412 10434 Dec '1
10014 10118
10014 Nov'11
111 11311
11133 1111
11188Sa1e
U S 25 consol registered_d1930 -J 100 1001
19395%-N
5s
gold
1st
consol
10134,
10818
'11
10018 Dec
11112 11134
'l
Nov
11112
11114
____
U S 2s consol conpon____d1930 -J 100 10034 10178 Sop '11
M-N
1959
Registered
10153 10314
10112
14
-F
102
10033 102
k191
1013
1011$
Sale 10118
U S 3s registered
1992 In-s
General gold 4!,s
10134 10234
10112 10214 10134 Dec '11
9938 100
k1918
Nov'l
38
:
1,
14
99
U S 3s coupon
114-S
1992
Registered
19
116
11338
1133
9214 9713
1925 Q-F 11314 114 11338
931
93
Sale
93
F-A
1930
U S 48 registered
'As
Convertible 4
11334 11638.
11314 114 11351 Oct '11
87 89
1025
IT S 45 coupon
1944 J -I) 8714 883 87 May'll
131g Sandy 1st 4s
10012 10012
'11
J'ne
141032
_
100
-N
85 5813
'11
8812J'ne
891
8518
-D
J
IT S Pan Canal 10-30-yr 23 k1936
5
_194
__
4s..
1st
gu
By
lily
Coal
13
103
10134
10234 103
1901 Q-S 10134 Sale 10184 1013
U S Panama Canal 3s g
1940 3-i 10012 1041 10234 J'iy 'it
Craig Valley 1st g 5s
8612 87
8178 87 87 Dec '11
Potts Creek Br 1st 4s........1946 J-J
96
94
9412 90 9412 Dec '11
Foreign Government
R & A Div 1st con g 4s_ _1988 J -J
11 9634 99
967
9634
9012 9214
Argentine-Internal 5s of 1909_ 11-S t 9678 9713
1959 J -J ___ 921 0214 Pne'ii
2d consol gold 41
9534 99
J -D I---- 95111 90 Dee '1
Chinese (liukuang) Sty 3s
Warm Spr Val 1st g 5s_ _1991 111-S 106 1081 11314 Feb '0
Imperial Japanese Government
Greenbrier By 1st gu g 4s 194 M-N 84.113._ _ _ 95 Oct '1
7 9134 9534,
921
70 7333
-;
71
1921 P-A 192 93 9212
Sterling loan 4 145
194 A-0 70 7314 71
4 9514 Chic & Alt RR ref g 3s
/
911
011o
11 65 7112
65
1025 J-J t 9133 Sale 9118
65
6412 OS
2d Serles 4 is
1st lien 3,10__. _195 J-J
Hallway
2
86
90
86
091
1 99 99/
4
1
J t 86 881 8-6
99' 9912
1931
9912
A
FSterling loan 46
_1922
4s_
Div
Q
&
II
Denver
Chic
3 10218 109
10278
4 8812
1
87/
8
8713 8814 8814
Republic of Cuba 5s eaten debt_ 11-S 110212 10314 10278 Dec
194k J -J
Illinois Div 31s
'11 -. 9712 100
9832
1949 F-A 5 9713
88 Sep '1
External loon 4 i4s.
Registered
9734,
'11
97
S "9814 1661-3
100
9718 9714 97 Dec
San Paulo (BrazU) trust 5s_1919 J -J
1049 J -3 9934 100 9958
Illinois Div 4s
1 9612 98
9638
100 100:=3
50.0 965 9658
100 Jan '11
1949J J
U S of Mexico s i g 5s of_ _ _ _1899
Registered
8912 941p
'11
92 9212
10434 10514
1954 -D
_ 10434 Dec '11
10412
AGold 45 of 1904
_191s
_
5s_
sink
fund
Div
Iowa
X.
iiTO
$5 to
n 8 )(1
99 9978
Thsse are 7) rice3 oNo7
'11
Dec
9918
1001
9913
A-0
1919
4s
fund
Sinking
9638 100
State and City Securities
Nebraska Extension 4s_1927 41-N 9814 981 9814 Dm 'II
10238 76 10.034 103
9818 9818
14-N 9712 ____ 9818 Mch'11
1060 111-S 10214 sale 10218
927
3
N Y City-4 Its
Registered
1
33
9853 0014
991
99 0:13
9978 Sale 9978 100
9918
0914
S
II_1921
_
_
9s_
4% Corporate Stock_ __ _1959
n
Div
Southwester
26
10014
9812
Sale
9978
997
51-N
4
93
9
1958
4% Corporate Stook
Joint bonds .‘.ee Great North.
20 9834 101
100
b 10034 10112
1057 M-N 9973 Sale 0978
1913 M-N 10078 101 10078 1007
4% Corporate stock
Debenture 5s
7 10578 10014
1073
79 9534 98
967
1957 Si N 1Cr758Sale 10758
New 43s
1958 Ill-S 9078 Sale 9634
General 4.13
103
10178
'11
Oct
10212
102
80 83
St-N
8013
891
3
.
1917
8014
8018
New 4 /4s
4 Chic & B Ili ref & luip 4 gs_195 J-J 12433
1
7 10012 100/
124 127
10712 1077 10712 10734
Sale 12433 12
1934 A-0
44% Corporate Stock_1957 111-N 102
1st consol gold 6s
1 102 103
102138
2 109 11112
10238 10238
1013
10934
1101
10914
Ii-N
45% assessment bonds_1917
_1937
__
General consol 1st 55_
8634 89
8718 Deo '11
10834 10834
10834 Mch'1
193 II- N
3% Corporate Stock1954 111-N 10112 1554 10134 Dec '11
Reglabered
10112 10334
10938 11014
1961 M-S
N Y State-4s
Chic & Ind C By 1st 53_ _ 1936 J -J 109 ____ 10933 Doc '11 iii 9214 8012
101 10334
10134 10134 Dec '11
83
8213
8
8214'
441-S
Canal Improvement 4s..,.1061 J-J" 10153
59
19
10113 10614 Chic (It Western 1st 4s_
Nev'll
10113
10158
10114
1
1271
J-J
12614 12834
1960
12714
Canal Improvement 9s
Chia Ind & Louisv-lief 6s_1947 J-J 12734_._
_ 10312.1'1y '10
10738 111
1933 J -J
1947 J-J 10618110 100 Nov'ii
So Carolina 4.14s 20-40
"or Retung gold 55.
gd"
98 Oct '11
9714
-j
05 9558
'11
_1913
__
Apr
3s_
9558
931
settlement
____
new
J-J
Tenn
Refunding 48 Series C_ _ _1917
86 88
8612 Dec '11
1991 3-j 87 _ _
8912 97 Pile'1 -Ss
Virginia fund debt 2-3s
*_
J-J
1st
gu
Ind
Louisv
45_1956
10
6712
90
4614
4014
48
4618
8
9012 9273 92 Nov'11 _- -6131959 J J
Os deferred Brown Bros ctfs__
Ohio Ind & Sou 50-yr 4s
104 104 Dec '11 ....... 104 10114
Chic L S & Bast 1st 4 1is_ _ _1989 .1-13 __
10178 10278
J-J 102 10214 10214 Dcc '11
_1914
P
g
&
term!
5s_
St
Mil
Railroa
Chic
85
8
1
787
7934
7934
4 7934
1
79/
9918 16, 98 9058
nn Arbor 1st g 4s------31905 Q-J
Gen'l gold 45 Series A__e198 J-J 99 Sale 99
9812 Nov '11 ---. 9812 9918
el989
tchlson Topeka & Santa Fe
Registered
9938 69 98 0978
1995 A-0 99 Sale 99
J-J ___ 87 8718 Dec '11 _- 8612 8813
B_01.089
Series
Gen gold 98
}is
3
gold
Gen'l
97
4
983
'11
Dec
1095 A-0 9738 9814 9712
86 Pne'11 ..... 86 86
e1989
Registered
Registered
9133
9138
9034 9212
1 91 9313
9e
92 9234 1238
1934 J-J
Adlustment gold 48____319125 Nov 91 Sale
25-year deben 4s
92 Jan '10
106 107
109 Dec '11
3199 Nov
J-J 10014
55_1921
Registered
g
Div
Sup
L
&
Chic
9212
8
7
9138
90
9138 gale 9138
-. 10834 109
'11
Apr
h10 M____10834
928
1
5s
Stamped
Div
&
Mo
Riv
Chic
105 11438
'11
J'ne
901
11438
1
J-D
106
106 10712
55
_19
10638196
106
-J
_
J
1909
1021
Cony 48 issue of
Chic & P W 1st g 55
107 . 11; 10334 11578
9478 10 9314 95
1955 J-D 10614 Sale 10614
Oonv gold 45
CM & Puget Sd 1st gu 48 1949 J-J __ 93 9478
10034 458 9612 10558
10012 Sate 109
10318 10334
__Aug'11
1027
810'"10313
J-J
1916
5s
gold
(It
So
&
Dak
; Cony 43 (issue of 1910).._1060 4-B 10813 Sale 10818
10334 12 10514 1161:
11314 11412
1917 J -D
11314 Dec '11
10-year cony gold 5s
Dubuque Div 1st s f 6s192 J-J 11314
---- -9874 Jan '10
_
-J 115 __ 11738 Aug'11 _-- 11714 11734
J
924
I
_
_
65._
g
&
assum
Sou
Far
' Debentures 4s Series J._ _1912 F-A.
9914 J'iy '11
4 9934
/
991
10412 105
191 F-A
Series IC
191 J-J 10334 ____ 10412 Dec '11
•
LaCrosse & D 1st 5s
06 9712
9512 _ _ _ 96 Dec '11
1921 J-J 10934 -_ 10614 Dec '11 _- 10614 10713
Wis & Minn Dtv g 5s
;• east Okla Div 1st g 45_ _ _192 M9318 27 9212 9914
9234 9333 93
11238 114
11238 Nov'll
11233._
3-3
1920
Div
lst
Wis
6s
Vail
• Short Lino 1st 43 gold_195 J-J ____
10834 Nov'll -- 10814 10912
1 10134 10334
1013
Fe Pros & Ph 1st g 5s194 11.1-S 10412 110
1913 J -D 10134 Sale 10134
Mil & No 1st cons 6s
_ _ 10638 Ply '11 ---- 10638 10638
191 M-S
10014 10033
J -D 10038 ____ 10014 Nov'll
1913
%s
4
i Ohio & St L 1st Os
Extended
76
9618
9514
9334
95 9533 95
i. 10734 112
9811
734 I)eo'
98
10
A41 Coast L 1St gold 48......31952 M-S
Chicago & N West coils 7s _1915
98 Oct '0
M-S
9778 9934
i0524
98
Registered
9734
1886-1926 F-A
Extension 48
108 10818
10858 Aug'11
9734 Nov'll -- 97 9913
Ala Mid let gu gold 5s_ __IOU
1886-1926
Registered
9514 0514
9013 _ _ 9514 Mch'11
8615 871 8713 Dec '11 --__ 85 8813,
II1987
i;runs & W 1st gu gold 48 1938 J -J 128
3
gold
Ms
General
___
p19870-'85 ____ 8634 Nov'll --.... 86 8634
Charles & Say 1st gold 7s 193 J -J
Registered
33 -5i1
8 -i613 General
90
9434 Sale 9434
69 97111 9913
o1952 M981
1987 11-N 9638 Sale 9818
& N coil gold 4s_
48
12413 126
125 126 12514 Dec '11
11134 112
A-0 11153..,,.. 11134 Nov'l
19
6s____18791 Say F & W ist gold 69_1034 A-0- 10818 _ _ _ 11038 May'll
Sinking
fund
11058 11114
A-0
---____
Nov'0
1934
11114
11012
A-0
Se
1879-1929
1st gold
,
Registered
'DIN
lg.
9638 9814 97 Sep '11 36 97 9712
92 A-0 107 -__ 10712 Oct '11
5s_1879-1
Sinking
fund
i1911 Sp Ooa & 0 gu g 4s....1018 .1.I
93
9112
9218
9178 Sale 9134
192" 3-J
1879-1929 A-0 10334 ____ 10373 Dec '11 _--_ wag 10714
sit & Ohio Prior 3 30
Registered
0112
IQJ
9114
Nov'll
91
9114
8934
10613
10434
---'1
Sep
10618
1)198
106
10912
A-0
1921
Registered
Debenture 5s
9818 57 9712 9912
98 Sale 98
3194 A1021 A-0 103 ____ 10019 Feb '1
Reglstered
• Gold 48
97 9818
9813 Ply '11
lid"
107"
Nov'll
10938
31948 Q-J
____
10812
19315%Registered
5s
deb
fund
,
Sinking
112 _ 112 Nov'll -- 112 112
10712 10812
__192 J 107 ____ 10734 Aug'11
1933 MPitts June 1st gold
Registered
127 12813
11
Neo;:0
2s
27118
8818 -.- 8818 Aug'11 12 8734 8834
g 330192 MP June & M Div 1st6s.,Frem Elk & IR) V 1st 68_1933 A-0 12618 ..-- _ 190
00 9218
91
9114 Sale 91
1941
W
1is
1st
3
N
&
PLE &W Va Sys ref 48_1941 MB
G
Mani
9118 75 8812 0112
S L 1st gu $ 30_1941
&
Southw Div 1st gold 3 30 192' 3-J. 9118 Sale 9012
Milw
19933,___ 103 Mch'1
---- 11373 11512
20e
7Fii
Can Ohlo R 1st g 4 30__1930
Mil LB & West 1st g 6s 1921 M-S 113 115 iii1101211111
11012 Dec '11
10913 111
10858 ____ 11038 Aug'11
Eat & Imps f gold 5s.....1929 FCI Lor & W con 1st g 5s.._193 A-0 11013 1111
1024 10214
10214 1091 10214 Dec '11
1$1-5 11013 ____ 14212 Feb '0' -6s....1925
g
1st
Div
Monon Rio 1st gu g 5s___191 1.
Ashland
10912
'11
10912
ii61; 118
10814 ____ 10912 Apr
_ 11618 Oct '1
11613_
J-J
Ohio River RR 1st g 5s__193 J 68_1924
1st
gold
Div
Mich
106 10913
115
108 11018 106 Ply '11
1937 AGeneral gold Os
Northw Union 1st 73 g 1917 M-S 112 1147 115 Ply '11 --_ 115
11313 11334
_ 11318 Aug'11
11313
11334 11334
334 Aug'11
11112114:11
J-D
Pitts ()ley & Tol 1st g 68_192 A1016
78
ext
P
&
1st
St
Winona
9712
9738
10858 110
9713._ 9712 Sep '1
--'11
Dec
9
1085310';10
J-J
1917
Pitts & Mat 1st g 4s___ _191 36s
Pa
&
Is
Rock
Chicago
95 95
86 90 95 Nov'll
Stet Isl Sty 1st gu g 4 30_194 J 1917 J-J 101512 109 109 Aug'l
Registered
1125s 113
. -1/g1
2 987
.
961 --6
193 5f-S 11053___ 11258 Nov'll
J-J 96 NI 4
1983)61
'Buffalo It & P gen g 5s
General gold431
10718 10838
10418 1063 107i8 Aug'11
195 4111..
1988 J-J 95 96 • 9834 Feb '1
Consol 4 30
Registered
971
97
'11
Feb
97
--i
....„
7
9513
A-()
19
8
_
gu
8914
r
48
Saii.
g
1st
8938
-We 90
West
1934 A-0
All &Mali
Refunding gold 43
_194 J -J 108 ____ 103 Ply '0
1st gu g
9734 _ _- 9718 J'ly '1 -1912 Cl &
Coll trust Series J 4s
11334 11434
1l28__,,_ 11334 Nov'll
Sep '1 ---- -9-53
9734
1914
Roch & Pitts 1st gold 6..192 PL
Series
4
1
11612 116/
11514 11714 11678 Mch'll
102 J
____ 971 9612Nov'l ---- 9842 9713
1915 MConsol 1st g 65
M 48
50 72 Mch'1
____ ___ 94 Deo '0 -1918 MB1117 & Susq 1st ref g 4s__ _d195 JN 46
4 i611-2 10373
1017
10153 Sale 10178
191' J9414 May'l ---1917
an So 1st eat Os
O 45
3 10018 10138
10
10018 1003 10038
9434.1434
191 At____ 951 9434 J'ne'1
1918312d 5s
413
P
4
'1
1003
10034
Jan
10034
721 -ii 7012 77
1913 M• 72 Sal 7178
hi2002
Registered
4s
RR
Pac
&
I
R
Chic
112 11412
112 Nov'll
F4
1
75/
--__
7414
'1
Ply
7514
200
Central of Ga 1st gold 58....io194 MRegistered
10714 110
109
109 10912 109
0212 94
' 194'
Consol gold 5s
R I Ark & Louis 1st 4 30 1934 M-S ____ 94
107 10712
107 __ 10712 Nov'll
11012 11213
194
RegIstered
But 0 R & N-let g 58_1914 A-0 11038 111 11012 Nov'l -95 108
'11
Dec
103
....____
Oct
---,
'0
_p194
Mch
12012
5s_
g
income
1034
1st pref
Registered
10014 10612
10612 May'll
2
4
106192
0
2
514
1
:1
:
Stamped
CRIF&NWlstgu 53'21 A-01
91 10614
105 Dec '11
2d pref Income g 5s_p194r Oct •
M & St L 1st gu g 78_1927 .1 -I)
96 100
Nov'll
96
10234
2
0
6
1
iAu
g
4
3
stamped__
7
io-'
-_-_-_-_
8
5s
g
107
2d pref income
Choc Ok & G gen g 5s_ _o191 J -J
85 107
107 Dec '11
10942 10911
106 ___ 10812 Sep '1
195 M3d pref income g 5s_ _ -p1940 Oct
Consol gold 5s
8518 Oct '1
_
99 103
3d pref income g Os stamped_ _ 1923 A-() 100 1011 10218 Nov'll
licok & Des M 1st 5s
-313-3 8813
'11
Oct
8812
911
88
123 12513
123
-D
J
5
_19
Chatt Div pur mon g 4s_
10013 Chic St P M & 0 con 6s.._ _193 J-D 123 Sal 123
10513
Aug'11
106
___
_
107
__ 93 Dec '0
90
JMac & Nor Div 1st g 53_1946 J Hs_
_193
3
to
Os
reduced
Cons
'0
115 Nov
12353 12513
Mid Ga & AU Div 5s_1947 J-J 10453 10712
Ch St P & Minn 1st g 623.._191812338Dec 'I
10834 1614
11
12958 May%)
194 J-J 10712 ____ 10934 May
',Mobile Div 1st g 5s
Nor Wisconsin 1st Os___ _1990 J -J
10112 103
10213109 102 Nov'll
Hi- 11214
111 111 Dec '1
111
A-S
Gen RR & B of Ga col g 58_103 611919
5
&
City
g
P
6s_
1st
St
125
12012
Dec '11
.i.i
.
OciGent of NJ gen'l gold 5s_ _ _1987 J-J 12112 122 122
Superior Short L tat 5s g_1930 M-S 103 ____
120 12312
'11
Dec
12118
,
2
121.1
12118
105111.
108
Q51987
Registered
__
10613 10814 Chlo &West Ind gen g 6s__q1932 11)-5 109
94 9312
AM Dock & Imp gu 5s_.,,.1921 J-J 10612 _ _ _ 10013 Dec '11
1952 ,1-3 9214 921 9214 Dec '1I
Consol 50-year 43
10114
10038
'11.
Deo
10038
La & Mud R gen gu g 5s_1920 J-J 10153
_193
2d
4
gold
D
yis__
&
16013 iodii Cin II
100 10014 10012 Aug'11
Leh & Wilkes-B Coal 58_1912 M1959 J-J ____ 911 _iii _ miiii
1st & refunding 4s
100 10013
100
19
• N Y & Long Br gen g 45_1941 M-S 9958 _ _ 100
1st guaranteed 4s
9713 9214
8912 Dec '11
Dent Vermont 1st gu g 4s_ _e192 Q-F 8914 ---MISCELLANEOUS BONDS-Continued on Next Page.
In-
A
C
2
.
i6g1
Street Railway.
Street Railway.
98 9852
9612 963 9634 Deo 'I
102 10434, Manhat By (NY) cons g 48,191
10314 Dec '11
96
9614 9813
9612 971 9612
Brooklyn Rap Tran g 5s...._1945 A-0 10318 10614
tax-exempt,._ _ _19
Stamped
37
8
5
831
88
8234
8314
Sale
8338
1 7314 97
911
97 96
*9013
1st refund cony gold 4s....200 J-J .
58,..199
g
tr
coil
gen
Ry
St
Met
10114
10114 103
2 10114
07
10_11_4 19
59 73 9714
97
97 Sale 9614
Bk City 1st con Os 1916-194 J
Guaranty Trust Co =Ws_ _ _
97 100
97 Nov'll
4512 59
*61313 591 59 Dec .1
200
Bic Q Co & S con gu g 53.1941,11-N
Refunding gold 48
681
8 45 5932
4
1
58/
Sale
ott____
5618
Tr
do
' Bklyn Q Co & S 1st 5s__1941 J -J
Loan
Farmers'
1011. 25 1001 10314
10112 10114
4314 58
37
57
5634
Sale
5634
Bklyn Un El 1st g 4-5s.. _195 F-A
Stamped
10034 103
--- 10134 10134 Dec '11
6 8078 8132
*7978 80 79114
Stamped guar 4-5s,,....193l F801
Refunding 48 I vrken Issued) _ _
8412 86
85 8513 Nov'll
194 F6418
5.34
8313 54711
8 Sal
537
issued)._
Kings Co El 1st g 48
(wh
5s
Inc
Adjustmt
831
8212 8613
194'F-A.
9812 104
8312
103
103 Sal 103
Stamped guar 43
Bway & 7th Av lsta g 58_184
77 81
78 Dec '1
9914 102
10/ 103 102 Dec '1
Nassau Eke guar gold 46_1951 .1-3 771-2 78 10178
Col & 9th Av 1st gu g 58_1993
10134 10173
10178
Sale
9938 10212
1021
101
Dec
'1
53_1993
10112
g
gu
Conn Ity& List & ref 5g 4 10.'51 J-J 10178
1st
F
P
Ay
St
Lax
10214
101
'11
_
Dec
10178
10118
J-J
1051
69 7813
Ms
'1
4
Dec
guar
7813
48.200
Stamped
Third Av RR cons gu
6113.4 7814
771
"77577
4
certs
Saiol
Denver Con Tram cons g 58_1933 A-0
Co
Trust
Central
04
1
1
."id"'IV -id 80 Deir
3. 5834 7634
7
7558 Sale 7512
Bet United 1st cons g 4 10_1932 J.J
Cent Tr Ce cts stamped_ _ _
J'ly
'1
90
J-1
191
5s
g
1st
4
20
991
851
By
85
Rapids
_
4 8819
833
8538 Sale
Grand
1st ref 4s when issued
2 9412 -1563-4
9812
981
761 25 7158 7634
7512 Salej 7518
Havana Bice consol g 58_195 FAdjust inc Os when issued_
801 571 7714 83
111
10634
1101
10938
interboro-Metrop coil 4s.195e A-0 8015 Sale 7914
Sale
10938
1-)
g
5s___1937
1st
Third Ave Ry
103
40 10134 10412
103 Sale 102
Rap Tr 53 Ser A_195
q Due Dec. s Option sale.
Interb"°
Due Oct. V Due Nov
o
Aug.
Due
k
July.
Due
h
May.
e
Due
d
Due
April.
week.
price Friday; latest this
'No
r1772
...
1110
N.
t
BONDS
Y. STOCK EXCHANGE
• Week Ending Dec. 29.
New York Bond Record—Continued—Page 2
Price
Friday
Dec. 29
Week's
Range or
Last Sale
11
Range
BONDS
Since
N. Y. STOCK EXCHANGE ti,
January 1
Week Ending Dec. 29.
"0.,
[VoL. Lxxxx.m.
Price
Frtday
Dec. 29
Week's
Range or
Law Sale
Rang.;
sow
January
OW Ham & Dayton (Continued)
Bid
Ask Low
High No. Low High St P M & M (Continued)—
Bid
Ask Low
High No. Low
Cin D do I 1st gu g 5s_1941 M-N 10312 10414 10314 Dec '11
Pacific Ext guar 4s £___1940 J-J 9212
10214 10434
9258 Mch'11
9258 9
O Find d3 Ft W 1st gu 4s g 1923 M-N
88 Meh'll
88 88
E Minn Nor Div 1st g4s1948 A-0 9634 9012 96 Oct '11
96 96_
8712
Cin I & W 1st gu g 4s_ ___1953 J-J
8712 Nov'll
8712 8812
Minn Union 1st g 6s___1922 J-J 11512
11518 Aug'11
11412 11614
Day Fe Mich 1st cons 4;is 1931 J-J
Mont C 1st gu g 6s......_1937 J-J 1271 129 12714 Nov'll
127 12878
Ind Dec & W 1st g 58.-1035 J -J 104 10412 idi
103 id&
Registered
1937 J-J ---- ----13614 May'06
1st guar gold 5s
1933 J-J
10712 Dec '02
181 guar gold 5s
1937 J-J 111 - 113 11234 Sep '11
11212 11234
Cleve Cin Chic & St Louis—
Registered
1937 J-J
General gold 45
1903 J -D 0212 9312 9338
9312
Will & S F 1st gold 5s_1938 J-D 113
92 95
_ 1121-2Sep '11
iiii2 11234
Cairo Div 1st gold 4s1939 J -J 9134 9412 94 Dec
92 94
Gulf dc S I 1st ref & t g 5s.._01952 J-J
95 Sale 95
05
Cin W & NI Div 1st g 4s 1991 J-J
8818 9514
9018 9138 90
9018
90 9018
Registered
01952 J -J ___
___
___ _
St L Div 1st col tr g
93 91 Dec '11
51-N 91
T_Tock
9014
94
Val
1st
cons
;is_1999
g
4
J-J 10218 1025-8 1021-2Dec '11
ior Hai
Registered
1090 M-N 8c1
91 Oct '07
II Registered
1999 J-J
____ 10012Sep '08
Spr & Col Div 1st g 4s
1940 M-S 90 93 90 Dec '11
Col & II V 1st eat g 4s
90 90
1948 A-0 9178 _ _ 9412 Dec '11
-fii- -95
W W Val Div 1st g 4s...._1940 J-J
91
92 91 Dec '11
Co) & Tol 1st ex 45
91 91
1955 F-A 9434 9618 96 Feb '11
90 00
C I St L & C consol 6s
1920 Al-N 10558 _ _ _ _ 10534 Dec '11
10512 10634 Hous Belt & Term 1st 5s
1037 J-J
9912100
9912 10113
10012Dec '11
1st gold 48
k1936 Q-F 95 9814 9712 Nov'll
Ilinois Central96
9712
Registered
k1936
9612 9814 9712 Dec '11
1st gold 4s
9718
9718
1951 J-J 102 __ 103 Doc '11
10014 103
Cin S do Ci con 1st g 5s _1928 J -J 107 ____ 10714 Oct '11
Registered
106 107/4
1951 J - J 100 ____ 101) Sep '11
100 100
C C C & I consol 7s
1914 J -D 10512 107 10712 Aug'11
1st gold 3;is
10718 107.7
1951 J-J
91 Aug'11
Consol sinking fund 78_1914 J-D
8614 91
Registered
1951 J-J -------__-_ ____ 89 Apr '11
89 89
General consol gold 63_1934 J -J 12312 -_-_-_-_ if3-4 Oct
Extended 1st g 3 s_
12134 12514
1951 A-0 _____. 9312May'09
Registered
1934 J-J
Registered
1951
A-0
Ind Ill Fc W 1st pref 4s
1940 A-0 90
94 J'iy '08
1st gold 3s sterling
1951 M-S ---------80
---- ____
- J'iy
--i").
0
0 Ind & W 1st prof 5sd1938
_
Registered
___
1951 M-S
_
Peo & East 1st con 4s
1940
9112 _
_ 9113 Dcc 11
Coll trust gold 4s
00
93
1952 A-0 99 Sale 99
-99 - -9.54
Income 4s
1990 Apr
38 3934 40 Dec '11
40 6112
Registered
1952 A-0 9612 98 9812 Aug'11
9812 9812
Col Midland 1st g 4s
1947 J -J
56 59 59
59
1st rct 45
5778 69
1955 M-N 9614 9612 9638
9912 13 9618 08
Colorado & Sou 1st g 4s
1929 F-A 06 Sale 9534
13 9434 9712
96
Purchased
lines 3;is___ _1952 J-J .85 8618 88 Oct '11
86 88
Refund de ext 4 ;is
1935 M-N 97 Sale 97
9714 127 96 9834
L N 0 & Tex gold 4s_
1953 M-N 9914
9914 Dec '11
9712 0914
Ft IV & Den C 1st g 68_1921 J -D 112 Sale 112
6 11112 11312
112
Registered
1953 M-N 9612 98
9434Jan '11
Conn & Pas Rlvs 1st g 4s _1943 A-0
9434 9434
Cairo
Bridge gold 4s
1950 J-D 95 ..... 9712Feb '11
---96 9712
Cuba lin 1st 50-yr 5 g
1952 J-J
155- ma-57.15
Litchfield Div 1st g 3s_.1951 J-J
---74 ____ 7518 Sep '11
-7518 7618
el Lack & WesternLoulsv Div & Term g 3;01953 J-J
85 Dec '11
85 8714
-IL/ Morris & Essex 1st 7s 1914 Al-N 10618 103 10834 Nov'11
10634 10834
Registered
1953 J- J --------8314 Nov'10
1st consol guar 78__1915 J -D 10914 10912 10912 10912
2 10912 11134
Middle Div reg 55
1921 F-A 10514.._ 123 May'99
Registered
1915 J -I)
11131 Dec '10
Omaha Div 1st g 3s
1951 F-A 73 ____ 7618 J'ne '11
751 7)313
1st ref gu g 3;is
2000 J-D 85
_ 91 Jan '11
St Louis Div do term g 3s_1051 J-J
91 91
7378 '77
7512Jan '11
7512 7512
N Y Lack Fe W 1st (3s
1921 J -J 114 11512 11312 Oct '11
11312 11614
Registered
7312_
1951 J-J
Construction 53
1923 F-A 106
10638 Nov'11
Gold
330
10633
10712
1951 J- J
8514 8634 -8.
7.18 Ma-y-ii.
-gd - Wig
Term & Improve 4s__ _1923 M-N _-- 99 98 Dec '11
9734 9912
Registered
1951 J-J *
10118 Oct '99
Warren 1st ref gu g 3 3is_2000 F-A
10215 Feb '03
Spring Div Ist g 3;is
---- 100 Nov'00
1951 J -J ---- ....__
Del & Mud 1st Pa Div 7s
1917 M-S
8 11512 Aug'11
1151Registered
iid
_
gi
1951 J-J
Registered
1917 M-S
149 Aug '01
Western lines 1st g 4s
1951 F-A
9612, ____ 90 - Oct '11
2
"c)6110-yr cony deb 48
1916 J -D -9734 Sale 9712
9734 83 -563-8 165 Registered
_
1951 F-A
1st lien equip g 45s
1922 J-J 10034 10112 101 DeWitt
Belles,
&
101
Car
102
1st 138
1923 J-D 116
1st & ref 4s
iii1-2MaTiO
1943 M-N 9852 9878 9812
Carb & Shaw 1st g 4s
9834 18 9778 101)17
1932 111-S 9134 _ _ _ _ 9514 Oct '10
Alb do Sus cony 3 y5s
1946 A-0 91 Sale 91
9112 18 8912 9414
Chic St L & N 0 g 5s_,.1951 J-D 114 116 11458 Dec '11
Hens & Saratoga 181 7s 1921 M-N 122 __ 122 Dec '11
11334 117
122 12412
Registered
1951 J -D 113 114 114 Feb '11
Denver & Rio Grande113 115
Gold 3;is
1951 J-D
12 ____ 00 Oct '09
1st consol gold 45
1936 J-J ....
8978 8978
8978 10 8978 94
Registered
--1951 J-D
Consol gold 4555
1036 J -J
98 Sep '11
Iffemph Div lst g 4s_1951 J-D 95 ---98 98
Improvement gold 5s
971-2Mell'
1928 J -D
- 18
9814 98 Nov'll
98 101
Registered
_
1951 J-D _ _
____
1st & refunding 5s
1955 F-A 3514 Salo 84
8514 61 80 9358
St L Sou 1st gu g 4s
1931 M-S
___ fig J'ii '08A
Rio Gr June 1st gu g 5s.._1939 J-D
10434
'11
Mch
Ind
- in & la 1st g 4s
10434 10434
1950 J-J
0413
o'ir-96 95 Nov'll
9415 91l
Rio Gr So 1st gold 0_19
19 1
0112 Apr '11
1 J:J
J
6112 6112 hit & Great Nor 1st g 6s
1919
M-N
107
10912Dec
___
'11
10712 log12
Guaranteed
83 Mch'08
Iowa Central 1st gold 5s
1038 J-1) 10134 10218 10134 Dec '11
10012
103
Rio Gr West 1st g 4s
1939 J-J
Sale 87
1 87 923.i
87
Refunding gold 4s
1951 M-S 6512 67 67 Dec '11
63 7113
Mtge & col trust 4s A 1949 A-0 -_-- 8018 81 Dec 'II
amestown Franklin &
81 8512
Utah Cent 1st gu g 4s_a1917 A-0
97 Jan '02
Clearfield 1st 4s
1959 J-D
9412 94 Nov'll
94 9514
Des Mol Un By 1st g 5s
1917 SI-N 99_ 110 Sep '04
-Iran City Sou 1st gold 3s....1950 A-0 '737_
8 Sale 7378
7314 7478
Det & Mack 1st lien g 4s_1995 J -D 92 ig 92 Nov'll
7378
-IA- Registered
92 92
1950 A-0 _
63 Oct '00
Gold 4s
1905 J -D 8912 91 91 Dec '11
Ref
& impt 53
8812 95
1595Apr 1950 J-J
8 IPA 9978
9
9812 102
Det T & 1-0 S Div 1st g 4s1941 (VI -S 68 ____ 70 Aug'11
997
8
Kansas City Terrill 1st 4s__1960 J -J ___ 9812 9812 Dec '11
70 70
9634 9934
Dul Missabe do Nor gen 5s.._1941 J -J 10418 10412 10•112
10412
10412 10614 T ake Erie do W 1st g 5s_1937 J -J 10812 10012 11012 Dec '11
10813 11113
Dui & Iron Range 1st 5s
Z
1
1
106 107 106 Nov'll
, 2d. gold 53
10512 10914 11041 J-J 10414 10112 104 Dec '11
104 10411,
Registered
_ 10612 Mch'08
North Ohio 1st gu g 5s
1945 A-0 --- ---- 10712 Oct '11
10712 1101,
2d Os
1916 J -J
104 Feb '11
Leh Vail N Y 1st gu g 4 As_1940 J-J 105 ___ 10518 Dec '11
104 104
Dul So Shore & At'g 5s
10518 106
1937 J-3
- 16'112 10738 Dec '11
Reg,istered
10738 108
1940 J-J 10412 105
Oct '11
10414 1091 '
igin Jot Fe East 1st g 5s_1941 M-N 10812 _ _ _ 112 J'iy '11
Lehigh Vail (Pa) cons g 4s_2003 M-N 9614 ____ 10.112
112
112
0738 Oct '11
-Lurie 1st consol gold 7s
9654 9712.
1920 M-S
.11734
- 118 Nov'll
11734 12058 Leh V Ter Ry 1st gu g 5s_1941 A-0 11114 11418 11378 Nov'll
11214 114*3;
N Y 63 Erie 1st ext g 48_1947 111-N 102 _ _ _ _ 10112 J'ne'11
Registered
10012 10158
1941
A-0
11114
112
11118
11118
11118
113 ,
3
2d ext gold 53
1919 M-S 1044
10578 May'll
Leh V Coal Co 1st gu g 5s_ _ 1933 J -J 10714 ____ 108 Nov'09
10414 108
3d ext gold 45s
10214 _
101 Oct '11
Registered
101 104
1933 J-J -- ...._ ____
ext gold 53
___
I
10514 10512 10518 Dec '11
4A:
th
1st Int reduced to 4s
105 10634
1933 J -J
5th eat gold 4s
-1928 J -D 100 101
9912 J'no'11
9912 9912 Leh dc N Y 1st guar g 9s
1945 M-S 0314 _-___ -033-4 Oct '11
NYLE&Wlstgfd 70_1920 M-S
12034 118 Oct '10
Registered
1945 M-S
Brie 1st con g 4s prlor
1996 J-J 893-4 897s 89
8912
5 8478 -$;(i
El
C
&
N
1st
pref
6s
1914
10112
A-0
103
____
Feb'10
Registered
8412 _
1906 J -J
8414 Oct '11
Gold guar 5s
8212 86
1914 A-0 10014 ___ 10114 Sep '09
lst consol gen lien g 4s_1996 J -J
7812 Sale 7812
7834
7 7312 7934 Long IslandRegistered
1996 J-J
77 J'iy '11
1st consol gold 58
77
77
711931 Q-J 110 112 11038 Oct '11
10912 1121$
Penn coil tr g 4s
1951 F-A 88 8912 88
8814
1st
consol gold 4s
86 91
741931 Q-J
93 ____
__
50-year cony 4s A
1953 A-0 8512 8612 8512
8512
2 73 92
General
gold
1038
4s
J-1)
9312
'11
9512
9314
Dec
52.34 9611
do
Series B
1953 A-0 75 Sale 75
7634 256 69 8012
Ferry gold 4;is
1922 M-S 9612 100 100 Aug'il
9812 100
Buff N Y & Erie 1st 7s 1916 J -D 10814
10834 Dec '11
10834 11158
Gold 4s
1032 J -D 9118 97
1)914 Oct '06
Chic & Erie 1st gold 5s 1982 M-N 11218 -11214 11212 Dec '11
11058 113
Unified gold 45
1949 11-S 92 0331 93 May'll
-5g
Clev & Mahon Val g 5s.._1938 J -J 10958 ____ 111 Apr '11
111 11138
Debenture gold 5s
1934 J -I) 102 10412 10412 Dec '08
Registered
1938 Q- J 108
Guar ref gold 4s
1949 Iff-S____ 96 0512
97
94
Long Dock consol g 6s
_
12258
9512
1935 A-0
12518 Nov'll
123
Registered
12518
1949
m-s
__
Jan
95
_
'11
95 05
Coal & RR 1st cur gu 6s.1922 M-N 10413 lEd 10418 Oct '11
10418 10418
N Y I 63 M 13 1st con g 5s 1935 A-0 10534 ____ 11014 Nov'06
Dock & Imp 1st cur (1s.._1913 J-J 10134 ___ 10134
2 10053 10213
10134
N Y & R B 1st g 53
1927 M-S 10378 __ 105 Apr '07
N Y & Green L gu g 5s 1946 SI-N 10212 _ - 10212 Sep
'11
Nor Sh B 1st con g gu 5s.o1932 Q-J 10514_.. 10512 10512
10012 10212
2 jEd1-2 100
Y Sus dc W 1st ret 58_1937 J -J 103 105 103
103
10134 10434 Louisiana & Ark 1st g 5s...._1927 M-S — - 9412 973:1 Sep '11
94 9834
2(1 gold 43s
1937 F-A 80 __ 10014 Dec '06
Louisville & Nashville—
General gold 58
1940 F-A 88 515 90
90
5
-66General gold 6s
1930 J-D 11514 11578 115
4 112 11613
Terminal 1st gold 5s 1943 M-N 10858
11514
_ 10812 Dec '11
10812 11912
Gold 5s
1937 51-N 11112 ____ 112 Deo '11
112 1121_2
Mid of N J 1st ext 5s_ __ _1940 A-0 11012 11012 Oct '11
11018 11012
Unified gold 4s
99 Sale 09
1940 J-J
9912 52 9818 997/1
Wilk & Ea 1st gu g 5s
1942 J-1) 9834 6675
- 10034 Dec '11
9818 10118
Registered
1940 J-J
_ 9734Nov'10
Ev & Ind 1st con gu g 63._1926 J -J 109
110 Aug'11
110 11012
Collateral, trust gold 5s_ _1931 M-N *10034111
07--- 10834 Sep '11
168371 1663-4
Evans & T II 1st cons 6s
1921 J -J 11178
_ 11178 J'ne '11
11112 113
E H & Nash 1st g 6s
1919 J -I) 111 115 111 Sep '11
111 113
1st general gold Is
1942 A-0 101 _
10218 Aug'11
101 10212
L Cin Fe Lox gold 4 %s1031 SI-N
___ 10512J'ly '11
10138 10513
Mt Vernon 1st gold Os_ 1923 A-0 10758 _-_-__ 103 Nov'll
108 108
N 0 & M 1st gold 6s
___- 125 121 Sep '11
1930 J -J 12034
11834 12211
Soil Co Branch 1st g 5s_1930 A-0 95
_ 95 J'ne 08
N 0 .4.:. M 2(1 gold 6s
1930 J-J 1171211914 11818 Nov'll
11818 11858
lorlda E Coast 1st 4;is 1959 J -I) 97 S- itie 97
97
20 95 -6§1
Paducah
&
Mom thy 4s 1946 F-A 9434 9612 9534 Nov'll
95 9614
ort St U D Co 1st g 4 5s_1941 J -J
00 95 92 Aug '10
Pensacola Div gold 6s__ _1920 St- S 1051211)9 10534 Mch '11
10534 10534
Ft W & Jib Gr 1st g 4s
1928 J -J _8218 8218 Dec '11
821 8412
St Louis Div 1st gold 68_1921 hl-S 113 11978 113 Oct '11
113 113
(sal H & 11 of 1882 1st 58_1013 A-0 5d58
9712 Oet '11
2d
0712 9818
gold 3s
1080 in-s 68 7338 7112Feb '11
7112 7111
1•Areat Northern—
AV Knox & Cin DIv 4s_ _1955 51-N 92 9214 9214
9238 19 92 9334
() 13 & Q coil trust 45_1921 .1.-J
0834 Sale 9658
963.1 95 9512 98
Atl Knox Fe Nor 1st g 5s_1946 J-D 1123 115 112 Oct '11
11112 11214
Registered_b
1921 Q-J
9638 Sale 0638
10
!lender I3dge 1st s f g 6s_1931 M-S ---- ----100 Apr '11
0538 9818
0638
106 106
1st Fe refund 4 ;is ser A 19131 J• J 10078 Sale 10078
1011
53 100 10112
Kentucky Cent gold 4s 1987 J-J
9412 95 9412
.3412 --5 94 96
Registered
1901
L & N do Si & M 1st g 4 01945 M-S 104 106 103 - Dec '10
St Paul M & Man 4s
1933
9918
991 Dec'11
-581-2 -561-2
L & N-South M joint 4s_ _1952 J-J____ 0 90 Dec '11
88 -511st consol gold 8s
1933 j-J 12514 _
12558 Oct '11
125 12714
Registered
h1952 Q-J ___
95 Feb '05
Registered
1933 J.
132 Apr '09
N Fla & S 1st gu g 5s____1037 F-A 10818 -_-___
1)-- 10814 May'll
iiii14 11261
Reduced to gold 4555193:1 J-J 106 Sale- 106
106
log- 1661-4
N & C Bdge gen gu g 4 ;is 1945 J-J 101
_ •
__
Registered
1933 J-J
10834 J'ne'09
Pens do Ati 1st gu g 68-1921 F-A 11011 11114 1161-4Novi1
110 ifoli
Mont ext 1st gold 4s 1937 J -D
9712
9712
1)514 -9812
8 & N Ala con gu g 5s___1936 F-A 111 11117 111 Nov '11
11034 11218
Registered
1937 J -D - - - - 98 J'ne '11
98 98
L Fe Jeff Bdge Co gu g 4s__1045 M-S 9114 9214 9111
9114 94
9114
MISCELLANEOUS BONDS—Continued on Next Page.
D
J
E
Street Railway.
Met W S El (Chic) 1st g 48_1933 F-A
Milw Elcc By & Lt cons g 5s1926 F-A
Refunding & exten 4;0_1931 J -J
Minncap St 1st cons g 5s___1919 J -J
New Orb By & Lt gen 455s1035 J-J
Portland By 1st do ref 5s___1930 SI-N
Portland By, Light & Pow—
Portland Gen Eiec 1st 5s_1935 J- j
St Jos By,L, II & P lstg Is 1937 M-N
St Paul City Cab cons g 5s__1937 .1 -J
Guaranteed 5s gold
1937 J -J
Trl-City By & Lt 1st s f 5s_1923 A-0
Underground of London 5s_1920 m-N
43-5s
1938 J -J
Income 6s
1948 _
_
Union Elec (Chic) lst g 5s1945 A--b
United Rys Inv 1st lien coll
trust 5s Pitts issue
1926 11-N
,
Street Railways,
..
_ 9312 J'ly '00 ------------United Rys St L 1st g 4s___1934 J-J
7714 Sale 7714
7714
1 75 771
_:"..,- -_-_-__ 10412 Dec '11 ____ , 2
12
St Louis Transit gu 5s___1924 A-0 8212 8-i38 8212
8212
2 8214 85
1e 9314
9314
I 9314 9312 United RRs San Fr a I 4s__1927 A-0 70 Sale 6914
71
50 6512 721
---------10712
_
Feb '06
-85 8714 Aug'11 ____ 84 8714
Das and Electric Light
9858 9958 9812 Dec '11
9812 9834
Atlanta G L Co 1st g 5s___1047 J-D 10212_ _
__ __ ___ __
___ ____ ___
____ ___ ____ ____ Bklyn U Gas 1st eon g 5s__1945 m-N
10572 16612 ii5o12 16617
1 1053-4 10&
-08 ___ 98 Nov'08
Buffalo Gas 1st g Is
1947 A-0 _ ___ 63 132 Deo '11 __ 5914 63
105 10578 106 Nov'll ___ la- i6614 Columbus Gas 1st g 5s
1932 J-J
_
---Detroit City Gas g Is
1923 J - J if5F2 iff N618136.-11 ____ idifi - iiii:
9712 98
9712 Dec '11 .--- 9'7 09
Det Gas Co con 1st g 58
1918 F-A
_ 9558 Sep '08
_
__
_ 98 Apr '09
__ _ _ Det Edison 1st coll tr 5s
1933 J -J 10112 102 10178 Dec :11 -___ 100 102
-95 - -96 9514
96
5 9014 of
Eq G L NY 1st con g 5s— _1932
10312 106.14 106 Oct 11 __. 105 106.
'
72
7612 227 3814 '7612 Gas & Elec Berg Co c g Is., _1949 M.'S
J-1) 101 ___ 6112 Oct '01 __ ___ ___
-------- 84 Oct '08 ____ ____ ____ Gr Rap G L Co 1st g 5s
_
1915 F-A 9934 101 100 Oct '09
Hudson Co Gas 1st g Is__ 194i1 Al-N 10.114 105 105 Dec '11 ____ 103 105
___ 8514 83 Oct '11 ____ 83 8618 Kan CIty(Mo)Gas
1st g 58_1922 A-0 98 9934 9812 Dec 'II ____ 9778 99
No price Friday: latest bid and asked this week. a Due Jan. 0
Due Feb. d Due April. Is Due July. k Due Aug. o Due Oct. s Option sale.
DEC. 30 1911.1
BONDS
i-..
N. Y. STOCK EXCHANGE'E
,a,
Week Ending Dec. 29.
17731
New York Bond Record—Continued—Page 3
Price
Friday
Dec. 29
Week's
Range or
Last Sale
.n
Range
Since
g 3,
January 1
cci
.6,...
BONDS
,-E
. Y. STOCK EXCHANGE Z
...0.,
Week Ending Dec. 29.
Price
Friday
Dec. 29
Range
Sfrice
January I
Week's
Range or
Last Sal;
High No. Low High
Ask Low
Bid
Michigan Central—(Con)
High No. Low High
Bid
Ask Sow
BatC&Sturlstgug3s_198C J-D __ ___ --- -"8
99 1.65111/1"anila RR—Sou lines 4s_1936 M-N
100
100
N Y Chic & St L 1st g 43_1937 A-0 2178 1110
Ma-iii ____ 564 iod
__
___ ----100'
.13'lexlcan Cent cons g 48_1911 J-J ---9834 9834
1937 A-0 9812 _ _ _ 9834 Nov'11
Registered
_
2512 Apr '09 .__ ____
_
4 8934 9284
2d cons Inc g3s trust
90
M-N 90 Sale 90
1931
4s
Debenture
6
reets1ii'i -A--7 9712 10112
Equip & colt g 5s
West Shore 1st 48 guar_ _236) J-J 100 10138 10058 10114
____ ____ _..
___
1919 A-0
97 10012
2d series g 5s
98 Dec '11
3
2381 J-J
Registered
____ _-_ 77 Mehl° ____ ___ ____
10013 10012
'11
J:ly
Mex Internet 1st con g 4s_1077 M-S ------------10012
---J-J
1923
Hs
4
tr
eq
Lines
Cent
NY
Stamped guaranteed__ _ _1977 M-S _—_ 80 79 Nov'10 ____ ____ ____
Y New Haven & Hartf—
9314 9438
Minn & St L 1st gold 7s_ _1927 J-1) 127 131 130 Aug'11 __ 130 130
__ _ 9438 Aug'11
1955
Non-conv deben 4s
_ 11018 Aug'11 ____ 11018 11018
1921 A-I) __
9212 11 92 9412
Pacific Ext 1st gold 6s
9114 013 9214
J-3-1956 M-N
Non-conv 4s
1 103 109
10618
1939 M-N 10618 Sale 10618
89 10012
1st consol gold Is
1956 J-J 92 9212 92 Dec '11
3 3s
Cony
debenture
75
65
___
'11
Dec
6958
70
6618
M-S
1040
4s
3 12634 13434
1st and refund gold
3158 132
2
1948 J-J
Cony debenture 6s
2 7834 8112
7934
7834 7934 7958
99
99
Des M & Ft D 1st gu 48_ _1931 J-J
'11
-----99
---Oct
M-N
4s1954
1st
Harlem 14-Pt Ches
97 9734 97 Dec 'II __-- 9534 08
9212 9334
M StPdcSSM con g 4s list gu.1938 J-J
923 931 93 Dec '11
Cent New Eng 1st gu 48_1961 J-J
_
11318 11318
J'ne'll
M S S 3.1 & A 1st g 4s int gu _ 1926 J-J ___ ____ 9812Jan '10
11318
_
-------M-N
1937
R
5s
g
cons
Housatonic
9312 Mch'11 __ -931-2 -931-2
Mississippi Central 1st 5s_1949 J-J ____
N II & Derby cons cy 5s_1918 M-N .10218 ____ 107 Aug'09
Missouri Kansas & Texas---1945 J-J --- ---- ---New England cons 5s
6 96 08
9612
1991 J D 9612 Sale 96
1st gold 4s
991-3
1945 J-J
Consol 4s
83 86
91990 F-A 8212 84 8312 Dec '11.
87
'2d gold 4s
y'll
-al;
Ma
87
8518
---M-N
Providence Secur deb 4s1957
1044 M-N 101 10112 10058 Dec '11 ....., 9012 10312
1 9414 97
1st ext gold Is
95
Y 0 & W ref 1st g 4s_ _g1992 M-S 9438 95 95
8038 13 78 83
2004 M-S 8014 8034 7912
1st & refund 4s
'11 _.-- 9314 9412
9314Oct
9212
____
M-S
5
only_g1092
5.000
Registered
15 8312 8918
89
11)36 J-J 8834 89 89
Gen sinking fund 4 Ms
___ 9114 Aug'11 ---- 0114 9232
1955 J-D
General 4s
84 7834 Nov'll __ 78 7914
10213 10312
St Louis Div 1st ref g 4s_2001 A-0
N orf & South 1st gold 5s_ _1941 M-N 1021; __ 10212 Oct '11
12314 12434
Dal h Wa 1st gu g 5s_ _ _ _1940 M-N 1053; _ _ _ _ 10538 Aug'11 ___ 10538 )0538
12318
12314 Nov'll
M-N
gen
gold
6s...1931
West
&
ort
• Kan C & Pao 1st g 4s_ _ _1990 F-A 88 91 91 Nov'll __ 88 91
124 127
'11
Sep
124
12978
Improvement & eat g 63_1934 F-A
1942 A-0 10912 11018 10812 Oct '11 __ 10734 11012
Mo K & B 1st gu g 5s
12312 125
12458 12312 Oct '11
124
A-0
1932
6s
1st
gold
River
New
108
'11
10614
._
Dec
M K & Ok 1st guar 59_1942 M-N 10612 107 10612
8
9712 9934
4
973
9734
4
973
9814
4s
A-()
1996
g
cons
Ry
1st
N
W
h
M K & Tot T 1st gu g 5s_1942 M-S 102 10434 10434 Dec '11 ____ 10234 10538
98 98
'11
Jan
98
___
9612
1996 A-0
Registered
Sher Sh & So 1st gu g 58_1943 J-D 10314 10414 10312 May'll ____ 10312 10514
9112 9414
Dec '11
9314
9334
J-J
4
933
1944
4s
g
&
1
gen
1st
DWI
103
___
105
34
1001211014
Texas & Oklo. lst gu g 5s 1943 31-S 10313_,_.. 10534 Nov'll
5
10758
Sale
1075
8
J-D
107
__1932
8
5
4s_
cony
-25-year
10
2 10612111
108
8838 93
Missouri Pao 1st cons g 6s....1921 M-N 10612 108 108
5
92
9218
93
92
Pocah C & C Joint 4s_ _1941 J-D
9978
1 0938 10214
Trust gold Is stamped__a1917 M-S 9978 10912 owe
10412 10413
10413 Oct '11
C C & T 1st guar gold 5s_1922 J-J 10413
99 Mch'10 ____
a1917 M-S ___
9812
9614
Registered
'11
10112
Dec
98
9812
31-N
4s..1989
g
&
gu
E
V
N
1st
Sclo
4 1Cl2 10018 14 -9938 Sale 9978
_1920 F-A 9971st collateral gold 5s
25 9858 10034
100
9934 Sale 9934
orthern Pao prior I e 4s_ _1997 Q-J
_
___
_
1920 F-A ___
6 98 991,4
9812
Registered
J .--- 9978 9838
Q1997
Registered
ii
L
761
'fa
fdii
4
if
1945 M-s
0914
7 68 7113
40-year gold loan 48
General lien gold 3s__a2047 Q-F 6914 Sale 69
68 6912
3d 7s extended at 4%.._1038 31-N ____ 95 9612 May'll ___ 9612 9612
a2047 Q-F ---- 6812 68 Dec '11
Registered
53 84 9633
87
1951) NI- S 87 Sale 8612
1st & ref cony 58
96 9812
Sep '11
96
9612
---J-D
4s_1996
St
Paul
g
Div
-Duluth
8
90
____
Nov'll
3
9334
Cent Br By 1st gu g 48_1919 F-A 92 __ 92
- _
J-1)
1996
Registered
1(148 J-D 78 8513 8312 Dec '11 ___ 83 8312
' Cent 13r U P 1st g 4s_
__ 99 Feb '10
Dui Short L 1st gu 5s__ _1916 M-S 99
11634
, Leroy,& 0 VA L 1st g 5s_1926 J-J ____ 102 110 Mch'05
8
Nov.11
1153
11538
11538
___
F-A
13
NP
6s1923
St
&
gen
gold
4
983
Pao It of Mo 1st eat g 4s_1938 F-A __ 9712 97 Dec '11 ____ 96 10812
11538 11538
Registered certificates_1923 Q-F 11438 ____ 11538 Aug'11
1938 J-J 104 10914 10812 May'll __ 10812
2d extended gold 5s
109 _ __ _ 110 J'ne'10
F-A
5s_1931
&
lst
Duluth
St
Paul
10838
106
---Dec
'11
10612
' StL Zr M&S gen con g 5s_1931 A-0____
4 10284
103_ 10234 J'ne'll
1917 A-0 10212
2d 5s..
,
Gen con stamp gu g 5s_1931 A-0 _— ----111 Sep '09
1968 4-1) 9234 __ 9612 Apr '10
let consol gold 4s
7912 27 79 877-8
791-2Sale /9
Unified & ref gold 4s_1929 J-J
911
fi
_ 9118 Apr '11
-M 89
1948
4s
1st
gold
Cent
Wash
___
8634
8634Mch'll
863
4
1929 J-J --Registered
•
111 11112
-J 11114 __ 11138 Dec '11
8334 Dec '11 ____ 8214 8838 Nor Pac Term Co 1st g 8s__1933
fly & G Div 1st g 4s_1933 M-N 11- 108
'11
104
10312
Dec
1047;
104
J-D
6
5s194
pacific Coast Co 1st g
Verdi V I & W 1st g 5s 1926 M-S ----- ---- 10212Jan '10
10013 102
enna RR 1st real estg4s_1923 M-N 10114 ____ 10012Nov'll
1 120 122
12038
Mob & Ohio new gold 13s_ _ _1927 J-D 12038 121 1203,1
108 108
1919 M-S 106 110 108 J'ne'll
Consol gold Is
1st extension gold 6s_ „h1927 Q-J 119 117 114 Sep '11 ____ 119 11639
1943 Al-N 102 10234 102 Nov'll _- 102 10312
Consol gold 4s
86 87
1938 M-S 8534 86 87 Nov'll General gold 4a
7 9834 9934
51-N 9912 Sale 9912
3
995
10_1912
3
gold
Convertible
'11
III
Dec
........
110
11018
11078
11018
1947 F-A
Montiom Div 1st g 5s
9034 12 9578 9714
Convertible gold 310_1915 J-D 965sSale 9658
Cairo coil g 4s___e1930 Q-F 83 85 83 Deo '11 __ 81 83
St L
9618 97
9614 Sep '11
1915 J-D ___
Registered
1931 J-J 9314 9334 9312 Mch'll ____ 9312 9412
Guaranteed gold 4s
8 102 10412
10378
7 Sale 10314
M-N 103;
1998
4s
gold
Consol
10914
9978
'Mashy Chatt & St Louis'11
Apr
9978
8
993
10014
M-S
_1942
4s_
g
Alleg Val gen guar
1013 J-J 104 10418 10438 Dec '11 _— 10438 10612
1I 1st 75
--- --,D R R R & Bge 1st gu 4sg1936 F-A 1001
10912 Dec '11 .___ 11)918 III
1928 A-0 109
1st consol gold Is
jails idifa
Nov'ii
2
0
1
-----M-N
4s...1943
g
W
Bait
&
1st
Phila.
____
___
____
11578 Nov'10
Jasper Branch 1st g 6s_1923 J -J 113 __
_
--- ____ 102 Jan '03
Sod Bay & Sou 1st g 5s_1924 J-J
10812 Dec '10 ____ ___ __
f • MoM M W & Al 1st 6s_1917 J-J 10714_
---—
Sunbury & Lewis 1st g 45 1938 J-J -97 ---- ---T & P Branch 1st 6s_ _1917 J-J 10714 __ 113 rly '04 ____
10118
10118
10113
'11
Dec
____
10138
M-S
_1949
4s_
N
gen
U
J
Can
UR
&
10
9238
91 -681;
9214 923; 9238
Nat Itys of Mex pr ilen 4 H-s.1957 J-J
10314 101172
mna Co guar 1st g4 Hs__ _1921 J-J 10314 104 10312 10312
Guaranteed general 4s_ _ _1977 A-0 8514 87 85 Nov'll ____ 83 8934
10278 1027á
1921 J-J ____ __ 10278 Mch'11
Registered
Dec '11 ......, 0912 10034
Nat of Mex prior lien 4 Hs_1026 J-J _ _ 100 9912
'10
Aug
90
......
28
M-S
3
_1937
Hs
Guar
reg_
coil
trust
7
1 '7818 8318
1951 A-0 7014 8o3
'7914
--4 .914
1st consol 9s
88 89
____
Guar 3 Hs coil trust ser 13.1941 F-A 8812 ..... 8858 J'ly '11
_
NO & NE prior lien g 6s_ _p1915 A-0 10418 __ _
9832
Trust Co certfs gu g 3 Hs_1916 M-N 9713 __ 9734 Dec '11
88 ___ -8d - Dec '11 ____ -di- -1;813
New Orleans Term 1st 4s..1953 J-J
87 Aug'10
88
90
J-1)
1942
Hs
3
cas
C
Guar
trust
N Y Central & Hud River—
-gd - 89
Guar 3 Hs trust ctfs D__ _1944 J-I) 88 8858 89 Nov'll
8734 72 87 00
8758 Sale 8712
1997 J-J
Gold 3 30
9712 99
Guar 15-25_year g 4s........1931 A-0 — 9838 9712 Dec '11
1997 J-J 87,____ 8812Nov'll ___ 86 8912
Registered
96 9614
Cin Leb & Nor gu 4s g__ _1942 M-N 961-2 9712 9612 Dec '11
9312 26 9218 9412
1934 M-N 9314 Sale 9314
Debenture gold 45
CI & Mar 1st gu g 4 Hs_1935 M-N 10312 ____ 110 Jan '05
9234 Sep '11 ____ 9212 9318
1934 M-N 9212
Registered
1073;1654
Dec '11
10618
__
-J
10734
J
4
1942
ser
g
A
Hs
gu
gen
P
Cl
&
78
8078
8058
104
80
Sale
8012
Lake Shore coll g 3 s__ _1998 F-A
10934.1'1y '09
1992 A-0 107
Series B
75 7934
1998 F-A 77 79 78 Dec '11
Registered
- _
Int reduced to 310_1942 A-0 9114 ---- __-7014 13 7612 7912
911____ 96 Aug-'09
' Mich Cent coil gold 3 Hs_1998 F-A 7834 Sale 7812
-N
1948
3
If
C
Hs
Series
7
78
75
78
77
1998 F-A 7778 7814
Registered
1950 F-A 9114 __ 90 May'08
Series D 3 Hs
901 __. 9858 Dec 10
Beech Creek 1st gu g 4s_1036 J-J
'11
9012
Apr
901 91
90'8.,__
Erie & Pitts gu g 3 Hs 13_1940 J-J
1036 J-J--------99 May'll ____ 99 99
Registered
_ 9834 Apr '04
9018
1940 J -J
Series C
li -_
1986 J - J
10414
2d guar gold 5s
'11
idiDec
105
105
J-J
Grit & I ex Ist gu g 4 Hs_1941
1936 J-J _______ ___—_--- ____ __
Registered
10112 104
1912 J-J 10112 1013-4 10112 Dec '11
Pitts Ft W & C 1st 7s
__. _.. ___
Beech Cr Ext 1st g 3 1s_b1951 A-0
10372
'11
10378
10378Feb
10112
4
1013
J-J
1912
7s
2d
_
_
Cart & Ad 1st gu g 4s_ _ _1981 J-D 90 _ _ -971-2 Apr '09 ___ ____ _ _
101 10124
101 Dec '11
h1912 A-0 101
3d 7s
_
__
Gouv & Oswe 1st gu g 53_1042 J-D 108
109
May'10
10758
M-N
5s_1927
Ash
1st
&
con
Y
8
Pitts
991
99
____
'11
Mch
9918
Mob & Mal 1st gu g 4s__ _1991 M-S ___ 99
Tol W V & 0 gu 4 Hs A__1931 J-J 101 __ 103 Aug'07
__ ___
4 100 105 Oct '02
N J June R guar 1st 4s_ _1986 F-A 953—
1933 J-J 10134 ____ 100 J'iy '10
Series B 4,(4s
1986 F-A
Registered
1942 M-5 95
Series C 4s
9018
_
Feb
'11
9018
9018
__
____
.__.
N Y & Harlem g 3 Hs__ _2000 M-N
10734
8
3
'11
it55
2Deoid61
10618
A-()
10612
1940
A
Hs
L
4
St
gu
PCC&
____
____
____
2000 M-N
Registered
1051210734
1992 A-0 10614 107 10612 Dec '11
Series 13 guar
'09
: N Y h Northern 1st g 5s_1927 A-0 __ 10712 108 Oct
106 106
1942 11-N 10614 ____ 106 J'ne'll
Series C guar
4 i77-8
• NY & Pu lst cons gu g 4s1993 A-0 ___, 9712 9778 Aug'11 __ -011'11
9858 9852
Dec
97
9858
____
M-N
45
1945
guar
D
Series
• Nor h Mont 1st gu g 5s_1916 A-0
9134 9314
Series E 33s guar g.. _ _1949 F-A 9234 9314 9318 Aug'11
_
_
_
13112
___
Jan
in
12018
____
J-D
_1932
_
8s_
guar
reg
Pine Creek
9778 9774
Aug'11
9778
97
J-D
1953
g
4s
gu
F
Series
110
107
10734
6 107
10718
10714
• R W & 0 con 1st ext 5c_h1922 A-0
995s
'11
98
Oct
98
____
9812
1957
M-N
Series G 4s guar
_ _ _ __
1 105 Jan '08 ___
Oswe & It 2(1 gu g 5s ,.e1015 P-A
113 11312
A-0 114 ____ 11312 Nov'll
53_1932
P
g
&
1st
L
con
St
C
__
---'10
---104
rile
M-N
5s_1018
g
gu
R W & 0 T It let
109
May'll
109
109
---Q-F
1921
6s
1st
g
8
Un
683
Pek
&
;co
48'3
____
'11
95 ____ 9838.1'1y
9312 9312
' Rutland 1st con g 4 5s_1941 J-J
51921 M-N -- 99 9313 Jan '11
2d gold-1 Hs
8 8512 9012
8612
1e 8612
Og&LCham 1st gu 4s g.1948 J-J
66 7634
73 66 Dec '11
)re Marquette—Ref 49_1955 J-J 92 J'ne'09
Rut-Canad 1st gu g 4s_1949 J-J
7634
Nov'll
67
6834
---__
---J-J
1955
guar
4s
Refunding
.._ 115 rne'09
-------------10013 10072
St Lawr h Adir 1st g 5s_1996 J-J ---10014 Apr '11
;
1921 J-D 997
Ch & W M 5s
125 Feb '08 ..
1996 A-0 118
2d gold 65
10934 11034
11018 ____ 11018 Oct '11
A-0
1920
M
6s
P
g
&
Flint
100
9934
__
9978
Noi'll
9934
J-J
4s_1922
Utica & 131k Riv gu g
9958 103
1939 M-N 9912 101 9958 Dec '31
1st consol gold Is
8878 15 88 . 90
Sale 8812
Lake Shore gold 3 Hs_ _ _1997 J-1) 8878
98 10332
Pt Huron Div 1st g 58_1939 A-0 9912 102 98 Aug'11
1997 J -I) _ _ 8912 89 Dec '11 ___ 8718 89
Registered
F-A
---43_1931
H
Sag
---__-g
--Pus
&
gu
1st
95
25
9212
9334
9358
Sale
935;
1928 M-S
Debenture gold 4s
-di- 88
1111ppine By 1st 30-yr s f 4s_'37 J-J ---- 8414 84 Dec '11
9314 145 9218 9434
1 Sal 93
1931 M-N
25-year gold 45
1121,11278
11214
1940 A-0 11214 ____ 11214
„- ---- 0334 May'll ____ 9334 0334 Pitts Sh & L E 1st g 5s
1931 M-N ---Registered
•
11314 11314
Nov'll
11314
J-J
Is
1943
gold
1st
consol
Ha A & G R 1st gu 0 5s.1938 J-J 108
9634 9815
"Oa
9838
9818
9818
Sale
J-J
1997
Co
4s
gen
oeading
g
- 11 ---- 110°-3 11112
Mahon Cl RR 1st 5s_ _1934 J-J 11112 __ 11112 Mcb'
9718 9734
9714 ____ 9714 Dec '11
1997 J-J
10 Registered
____
........
--'09
Dec
100
10312.—
A-0
_a1928
5s_
g
2d
Erie
Pitts & L
9712
3
96 9814
0712
9712
9812
A-0
51
_
19
g
4s
coll
Jersey
.....
Cent
'09
13018Jan
____
Pitts WI( di Y 1st go Os_1932 J-J 121
J-J
-1951
Clty
gu
--Atlan
48
- -g
---123 Oct '11 ___ iid lid
1934 J-J 123
2d guaranteed 6s
4 -90-1•3751t Jo & Gr Is! 1st g 4s
1947 J-J 873-4 -89 87 Nov-'11
_
_
_
McKees & 13 V lst g 6s_1918 J-J 108
118 11912
t L & San Fran gen g 6s 1931 J-J 118(8 11918 11878 Dec '11
-li —__ HA in:
193) ni-s 11014 if1 iicia; DeC'
Michigan Central 5s
'11
107
10812
10812
Dec
108
10712
J-J
55
1931
gold
General
Registered
1031 Q-M 10918 110 119 J'ne'06.
90 91
St L & S F RR cons g 4s_1996 J-J 88 9134 90 Sep '11
1943 J-J ____ ____ 9834 Nov'll __ 9834 99
45
8512
90
8814
Gen
15-20
Is
8812
51-N
yr
1927
:
881
8812
9812
9812
9812 Nov'1 1 _
1940 J-J
Registered
100 10112
Southw Div 1st g 153_1947 A-0 9812 ____ 100 Oct '11
_ J L & S 1st gold 3 Hs_ _1051 M-S _ _ 8818 90 J'ne'08 ...... _
8014
7 77 83
4s
J-J 80 Sale 80
g
1951
Refunding
.
io
8812
4
ti5I
Oct
'11
4
863
1952
MN
8812
1st gold 3 Hs
8034 8031
Registered
1951 J-J __ ____ 8034Mch'll
9019 10 9019 93
20-year debenture 4s_ _1920 A-0 9012 Sale 9019
MISCELLANEOUS BONDS—Continued on Next Page.
-a
Gas and Electric Light
105
1
Kings Co El L & P g 5s____1937 A-0 ____ 105 105
1997 A-0 114 11578 11512 Dec '11 _
Purchase money Os
11818
11818
1
1922 31-S 11712 _
Convertible deb es
I
8812
Ed Bill Bkn 1st con g 4s_1039 J-J 8812 90 8812
4
10214
1023
Q-F
10214
10214
5s__81919
2
g
1st
L
St
Lac Gas L of
1934 A-0 101 10138 10114 Nov'll .--Ref and ext lst g Is
1927 M-N 00 9034 90 Oct '11 _
Milwaukee Gas List 4s
10478 Dec '11 ___
1948 J-D 10434 _
Newark Con Gas g 5s
4
10234
1948 J-D 10212 103 10258
N Y 0 E L H & P g 5s
8834 13
Purchase money g 4s,., 1940 F-A 883i Sale 8834
Ed El III 1st cons g 5s_1995 J-J 11218 _ _ 11212 Oct '11 ___
*100
15158
F-A
10012
10012
1
NY& Q El L&P 1st cong 53_1930
9712 J'ly '09 ____
_
ti y di Rich Gas 1st g 5s.._..1021 M-N
Pacific G & El Co Car0 doE
9412 14
Corp unifying & ref 58_1937 31-N 9412 Sale 94
____ ___
__
1949 M-S 10134
Pat & Passaic 0 & E 5s
*NO price Friday; latest bid and asked.
.
Gas and Electric Light
Peo Gas & C 1st con g 6s-__1943 A-0 11614 117 11614 Dec '11 ____ 11618 1191
1947 31- S 10158 10238 10134 Dec '11 ........ 10135 11)23
Refunding gold 5s
1947 M-S •____ 10112 103 Feb '09
Registered
103
10 1023 1037
Ch G-L & CliC 1st gu g 53_1937 J-J 103 Sale 103
101 102
Con G Co of Ch 1st gu g 53 1936 J-1) 10118 1025g 102 Nov'll
Ind Nat Gas & Oil 30-yr 5s '36 M-N ____ ____ 90 Mch'll ____ 90 913
10118 Aug'11 ____ 10012 1011
Mu Fuel Gas 1st gu g 5s._1947 M-N ____
1947 M-N
Registered
Philadelphia Co cony 5s_1919 F-A __ 109 116 J'ne'll ____ 104 116
Syracuse Lighting 1st g 5s_1951 J-D 100 10112 101 Dec '11 ____ 101 101
1954 J-J ____ 8112 81 J'ne'll __ 81 82
Syracuse L & P 55
_
Trenton G & E 1st g Is..,, 1949 M-S 102 ____ 109 Feb '01
9812Sep '11 ____ odl-3 MO'
Union Eke L & P 1st g 5s 1932 31-S 100
1933 M-N 96 ____ 9612Nov'll __ 93 9612
Ref & eat Is
_
_
1950 J -J 10212._ _
Utica El L & P 1st g 5s
9134 96
1957 J-J
99 ____ lidlirli-ii ____ id1-3 661
____ ___ Utica Gas & E ref 5s
9 104 1051
Westchester Light'g g 5s_1950 J-D 105 10512 10514 10512
10112 106
11334 117
11712 11818
8714 90
102 104
100 103
90 in
10014 10478
10114 10412
87 8958
Ill 11234
100 10112
_
a Due Jan. 5 Due Feb.
e Due May. g Duo June. 8 Due July. p Due Nov. s Option sal..
1774
g.
"
BOPID5.
N. Y. STOCK EXCHANGE91
Week Ending Deo. 29.
-9
New York Bond Record—Concluded—Page 4
Price
Friday
Dec. 29
Week's
Range or
Lan Sall
.gN
ge,
Range
g:4
SODS
Since
N. Y. STOCK EXCHANGE ki t,
91 — January 1
Week Ending Dec. 29.
49,
VoL. Lxxxxm.
Price
Friday
Dec. 29
.n
Week's
Range
Range or
g,
Since
Last Sale re
January 1
------ ---UM
High No. Low High
Ask Low
94 ____ 97 Oct '11 ---- 07 07
99 979 9512 Dec '11 —. 9512 9712
9014 998:1 93 Nov'll ---, 90 93
104 Sale 104
10414 39,10312 110
96 Sale 9512
34 9912 101
96
____ 105 98 Apr '11 -- 98 98
____ 991, 100 Dec '11 ---- 100 1C14
70 85 83 Dec '10
_ _
6412 Sale 5314
551 Kiln' if 7153
105____ 10712 Sep '11 _. 10712 10814
-___
_ 8112 May'll _—_ 81 8112
67 75 6612 Dec '11 ._-_ 6612 7534
'2
85 May'll ....„ 85 85
--------4024
Dec '11 ...... 4014 4934
40 Sale 40
4034 18 3858 50
3934 Sale 3934
4034 10 3(112 50
-- -- - -- - ---- — - -.
/33 9
il2 Dec
- '-1.1 --I 791-2
114 218 212.
21
4
.34 8
_„__ 881 8782 Oct '11 —9 8738 90
87 ,_„. 89 Dec '11 „- 89 89
87135810 8712
8778 98 86 8812
-- -- 1091 109 Deo '11 ---- 100 11018
8812
8812 Oct '11 ---- 884 8834
,__ ____ 34 Feb '07 —.... ________
____
10914 __ 9 10412 Dec '11 --- 10334 105
102 10-1 19218 Nov'll _—. 10218 10484
_,_ 103 102 J'ne'10 --- __
838-4 843. 8512 Dec '11 ---- 82 86
9812 ____ 9812Feb '11 ___ 9993 9912
- _ ___ 95 May'll —, 04 95
93 Sale 93
93
6 9218 93%
---- ---, _------ ---- ___ ____
-„ --,-- -----,, ---- --- -911-2 92 9218 DeC '11 ---- 017-8 -93 -
St L & San Fran (Con)
hid
Ask Lots
High No. Low High
K 0 Ft S & M con g 6s__1928 M-N 117 118 117 Dec '11 ___ 116 11858- Vandalla cons g 4s Ser A_1955 F-A
K C Ft S & Ai Ry ref g 413 1936 A-O 793 80 7973
20
80
v
Consol 48 Series 13_ __ _1057 11-N
Registered
1936 A
---- ----79 Sep '19 ___ _
7718_81_ Vera Cruz & P 1st gu 4 198_1934 J-3
K C & M 11 & 13 1st gu 58_1929 A- ..__ .. 10014 Dec 'Or ___
Wabash 1st gold 55
_ _
1939 91-N
Ozark & Oh C 1st gu 53 g_1013 A99 0' 99 Dec '11 -...„ 971-2 1:-11-9 ,
, 2d gold 55
1939 F-A
St L S W 1st g 4s bd ctfs_1989 M-N 9112 Sale 9112
9112
Debenture Series B __ _ _1939 J-J
9 8978 9934
2d g 4s Inc bond ctfs,_-9/1989 J-J 82 821 89 Dec '11 ---, 78 83
1st lien equip s Id g 5s_1921 M-S
Consol gold 48
1932 J-D 7914 Sale 99
791- 72 754 8119
1st lien 50-yr g term 4s_ _199, J-J
Gray's Pt Ter 1st gu g 5s..1947 J-D 9,6
_ 1014 Apr '07 ---- ____ _ _
1st rof anti ext g 48
1956 J-J
E A & A Pass 1st gu g 4s
1943 J-J 8738 -8812 8738
Det & Ch Eat 1st g 5s__ _1941 J-J
1 86 9-994
8739
13 F & N P 1st sink 1 g 53_1919 3.3 09 ......_ 104 Oct '09 __ _ __
Dee Moln Div 1st g 4s
1939 J-J
Seaboard Air Line sg 4s___ _1950 A--------8734 Dec 9.1 _„ 853-4 -8
Om Div 1st g 3:is
1941 A-0
.179-4
Gold 4s stamped
11812 Sale 88
1950 ATol & Cit Div 1st g 4s_ _ 1941 M-S
8852 52 8434 889s
Bistered
1950 A..„_ „,_
Wab Pitts Term 1st g 4s
...... _— _ _
11)54 J-D
Ad ustment 5s
01949 F-A 829-4 sale -817g
Cent 99 Old Col Tr Co certfs__
-8234 98 9412 iiii4
Refunding 4s
1959 A-0 8994 Sale 82
83 118 8112 83
Columbia Tr Co ctfs
____
. Atl-Birrn 30-yr 1st g 4s_e1933 11-S 9713 83 8712 Dec '11 ---- 8514 89
Col 'Fr etre for Cent Tr ctfs_
Car Cent 1st con g 4s_
1949 J-J 9238 98 9134 Apr '11 ---- 9134 9134
2d gold 4s
195:1 -J--.K1
Fla Can & Pen 1st g 5s....1918 J-3 19118 -___ 103 May'll ___- 102 103
Trust Co certfs
1st land gr ext g 5s_
____
1930 J-J 103 ___
Wash 'Fermi 1st gu 3 193._ _1945
A
1943 0.; 10512 ,9 1953-4 99pr '11 ---Consol gold 5s
18t 40-yr guar 4s
1945 F-A
Ga & Ala Ry lert con 58_01945 .1.4 199 11571- 107 New'll --- 104 107
West Maryland 1st g 4s_ _1952 A-0
Ga Car ee No 1st gu g 58_1920 J-J 10518 10534 10518 Dec '11 ---- 104 10513 West N Y & Pa 1st g 53_1937 J-J
Scab & Boa 1st Os
Gen gold 43
1926 J-J 10S13
- 109 May'll ---- 109 109
1943 A-0
Southern Pacific Co—
Income 58
d1943 Nov
Gold 4s (Cent Pac coil) _91949 J-D 99 Sale 9178
13 9012 9373 Wheeling & L 11 1st g 5s__1926 A-0
92
Registered
91049 J-D -,__ 991, 9112 Nov'n _„„. 90 9112
Wheel Div 1st gold 5E9_1928 J -J
• 20-year cony 4s
07 21/4 9418 100
Exten & Imp gold 58
U1929 91-S 97 Sale 9653
1930 F-A
Cent Pac 1st ref gu g 45__1949 F-A 9653 Sale 9612
0658
Bit 1st consol 45
6 96 971,
1949 M-S
Registered
1949 F-A 99 961: 97 Feb '1 ---20-year equip s f 55__ _1922 .1-3
Mort guar gold 3 398_ _91929 J-D 0013 9134 904 Deo '11 ---- 90- Id" Winston-Salem S B 1st 4s_ _1960
-J
Through St L let gu 48_1954 A-0 ____ 93 03 Dec '11 ---- 9112 9334 Wls Cent 50-yr 1st gen 4s_1949 J
J-J
CI H & S All & P 1st 58_1981 91-N ,„ 10784 10712 Dec '11 ---- 10612 10853
1st & refunding 4s
1959 A-0
Gila V 0 & N 1st gU g 5s_1994 31-N 1021-tt 10334 103 Deo '11 ---- 103 103
Milw & L Winnebago 63_1912 J-J
Mous E & W T let g 53.-1933 A1-N 104 ____ 105 J'nell --- 105 10634
Sup &Dul div & term 1st 43'36 91-N
1st guar 5s red
1933 M-N 104 —__ 10412 Aug'11 ---- 1041210$
H & T c 1st g 55 Int gu 1937 J-J 10934 119 10958 Aug'11 ---- 10912 11024
Manufacturing and Industrial
'
Consol g Os Int guar_1912 A-0 -.„-- 11018 10712 Sep '11 ---- 10712
.
Can gold 48 Int guar 1921 4-0 9519 96 06 pee '11 ---- 9334 1094• 96
Allis-Chalmers let 158
551 233 4934 79
1936 J-J 5412 Sale 52
Waco & N W div 1st g 65'30 M-N' 11414 ___ 11914 Mch'10 --_
_ Am Ag Chem 1st c 58
A-0 10212 Sale 10213 1021. 51 101 10253
1928
' A, & N W 1st gu g 5s_......1941 J -J 103 „„- 108 Oct '11 —. iog ig
Am Cot 011 ext 4 3-Is
1915 99-F 11712:Ale 9712
984 46 06 9834
Morgan's La & T 1st 78_1018 A-0 11234 1144 11212 Sep '11 ---- 11212 1151,
Debenture 53
1931 N1-N 9518 Sale 95
10 05 9733
95
1st gold Os
1920 J-J 10034 ---- 111 Mcli'll --__ in in
Am Hide & L 1st s f g 66
9938
6 9614 100
1919 li-S 9913 991, 9918
N Y Tex & At gu 4s g_
1913 A-0 ----,„ ___
____ ---_ _
_ Amer Ice Secur dob g 6s
1995 A-0 7012 721. 7013
7012
2 65 78
No of Cal guar g 5s
1938 A-0 ___. 1125-3 112 - Feb '07 _--- --,999 Am Smelt Securities 51 681926 F-A 10234 Sale 10258 10234 24 100
- -___
104
Ore & Cal 1st guar g 5s_ _1027 j....1 101 ____ 102 3,15' '11 ---- 102 102
Am Spirits Mfg lit g 6s___ _1915 Ai-S -,... 102 100 Dec '11 --.„ 9914 109
So Pac of Cal-68 E..
1912 A-01 1004 --- 10013 Dec '11 ---- 10018 10213 Am Thread 1st col tr 45_.,.,1919 J-J 9313
9278
927
5 9212 0352
let gold Gs F
1912 A-0 1144
_ 11412 Dec '0.1 ---Am Tobacco 40-yr g 6s
1187
Sale
A-0
1944
11858 11918 435 10278 119%
1st con guar g 5s
1937 91-N 10991 11278 116 MaY'07 ---Registered
_ --11834 11834 37 10912 119
1944 A-0 ---- -__
So Pac Coast 1st gu 4s g_193 .I-J 91
,.,_ 90 J'ly '09 ---- _
_ 41878
Certificates of deposit
- ale 11853 119
_
70 1041311914
San Fran Terml 1st 43_1951 A-0 „,.,._ -00:
7 01 Dec '13 ---- 9033 9318
Gold 46
9214 462 7978 9314
1951 VIA 91% Sale 9173
Tex & N 0 Sab Div 1st g Os'12 bi-S 1000-8 ---- 10058 Dec '11 ---- 10053 10179
92
Registered
9212
3 824 9213
1951
-------P-A
Con gold 5s
105 10153 May'll -„, 10158 103
1943 3-J
2 Sale 92
Certificates of deposit
9214 532 8518 9214
---go Pac RR 1st ref 45
195 J- J 9478 Sale 9458
9478 1191 9358 96
P Lorillard Co 7s when issued -___ 11934 Sale 11934 19014 239 11658 12014
Southern 1st consol g ss_ _ _1994 J-J 10734 Sale 10734 10734 10 10412 10919
53 when Issued
9014801e 90
0034 240 88 9034
Registered
1994 J-J --- ---- 105
'11 ---- 105 105
Liggett &Myers TobCo7s(w1) -__-__- 11894 Sale 11814 119 954 11678 120
Revelop & gen 4s Ser A_1958 A-0 79 Sale 79 Se!)7914
_
161 7434 804
58 when Issued
8812 Salo 8838
903
4 389 8818 9034
Mob & Ohio coil tr g 4s_1935 M-99 8512 86 86 Dec '11 ---- 85 . 88
Am WrItg Paper 1st s f 5s__1919 JIJ 8112 Sale 8812
2 8812 917
Kern Div 1st g 4 9-I-581998 J-J 108 ____ 108 Oct '11 ---, 108 10912 Baldw Loco Works let 5s_ _1940 M-N 1031210334 10312 Dec8812
'11 --- 1028 10334
St Louis div 1st g 4s__ _ _1951 J-J 8712 $814 8712
8712
0 8612 89
Beth Steel 1st ext s f 5s_ _ _ _1926 J -J 19994Sa1e 4/312
9334 28 8612 9818
Ala Cen R 1st g 6s
1918 J-J 1034110 10778 Nov'10 ---_
Cent Leather 20-year g 543_ _1925 A-0 96 Sale 96
0614 28 95 100
Atl & Danv 1st g 43
1948 J-J 88 £197 99012 Nov'11 ---- __9012 6912 Consol Tobacco g 43
1951 F-A 913 Sale 9134
92'8 13 8198 9218
2d 40
1949 3-i 824 823 8214 J'ly '11 ---- 8214 8214
Registered
1951 19-A ---- ----57 Nov'07
, AU & Yad 1st g guar 4s_ _1949 A-(29 85 „__
_ _ ---_ Corn Prod Be!8 1 g 53
_
1931 M-N ---- 9914 9512
954
1 951-2 9793
Col & Grecnv 1st 68
1916 .1-‘1 10534 1st 25-year s f 5s
Idia..4 Dec '11 ---- 199992 idi
1934 M-N --- 951E 96 Nov'll -- 091
,.2 071
..,. _2
.E T Va & Ga Div g 5E1_1930 3-3 10734 --,- 108 Dec '11 ---- 107%10)94 Cuban-Amer Sugar coil tr 001918 A-0 901-4 --- 97
Dec '11 __
9512 97
Oon 1st gold 5s
1956 NI-N 11118 Sale in
11113
Distil Sec Cor cony 1st g 58_1927 A-0 7412 Sale 7412
6 10912 112
7478 13 7034 80
1938 IN-9' 105 _„_ 10634 Noy'll --- 105 107
E Ten reor lien g 53
E / du Pont Powder 410_1936 J-1) -___ 8312 85
85
2 8279 8613
Ga Midland 1st 3s
194 4-0 „,..- 72 67 Dec '11 ---- 67 67
Gen Electric deb g 3998
1942 F-A_. 8212 82 J'ne'll -- 81 82
Ga Pac Its'-1st g 6s
1922 J-J 111
- 11212 Oct '11 ---- 11212 114
10-yr g deb 58
1917 J -D -.,..... 153 Nov'll — -. 145 167
Knox & Ohio 1st g 63_ _ _1925 J-3 114 ____ 11458 Dec '11 ---- 114 116
Gon'l Motors 1st Ilen 6s_ _1915 A-0 1189s Sale 0852
9834
4 97 9914
Mob & Bir prior lien g 53_194 J10418 ____ 10512 Nov'10 --- _ _ ____ Ill Steel non-cony deb 5s
1913 A-0 -___ ___ 01 J'ne'0. ---- -------Mortgage gold 4s
1945 J76 ,--- 78 Dec '11 ---- -78 - 7814 Ingersoll-Rand 1st g 5s___Q1835 J-J -------- -95 J'ne'07 ---• Ridit & Dan con g 6s....„1915
16434 10314 104 Oct '11 -.---104 10578 Int Paper Co 1st con g 98_1918 F-A
10314 1031' 10312Deo '11 --,,, 101 1041-3
Deb 5s stamped
1927 103 --- 10412 Dec '11 --- 10412 106
Consol cony s f g 5s
1935 J-3 8119 Sale 8312
8412 18 83 89
ich & 91cck 1st g 4s
194:
72 -_,_ 71 hich'll ---- 71 71
In! St Pump 1st s f 56
2 91 96
911
1929 M-S 9112 Sale 91
194,m_
10818 105 10358 Nov'll ___ 103
t Car do Ga let g 5s
10412 Lackaw Steel 1st g 5s
4-0 9612 97 9612
9 ; 42 96 9918
*
1923
105 10912 112 Oct '06 ---Irginia Mid ser 0 Gs__ _191'
1st con 55 Series A
1950 19-S 78 79 78
7878 71 77 8814
Series D 4-55
1921 18314 ---- 10414 J'ne'll ---- 19991-4 i699-4
5-year convertible 53
1915 li-S 91 9112 9034
91
20 90 06
192'-105 ---- 106 Mch'll ---- 106 106
• Series E 58
Nat Enain & Stpg 1st 5s
1929 J-D 9334 9512 94 Dec '11 __-- 94 95
Series F 5s
10312 -„- 105 J'ne'10 —
1931 _ N Y Air Brake 1st cony 83._1928 91-N 9914 100 9914 Dec '11 ....., 94 10813
107% 1081 108
General 58
193.. 108
i jai" jo9' Ry Steel Spgs 1st s f 581921
3
J-J 97 984 9734
__
9714
2 97 99
-,9 10753___. 19822rl5T '11 ---, 108 110
Va & So'w't 1st gu 58_200
Repub I & S lstdccol tr 5s 1934 A-0 10218 ____ 10278 Aug'11 ---- 10278 10313
1st cons 50-year 5s_1919. A-0 9612 Sale 9613
961
0 9412 9758
10-30-year 58 5 1
1940 A-0 9112 92 91 Dec '11 -- 8978 06'
W 0 9.: W 1st cy gu 45
Nov'll
96
„„„---- 96 96 Standard Milling let 5s
1024 F-A. 90
1930 11-N ____ 883 8712 Dec '11 ..„' 86 89
.905 104343'15''II --- 10412
West N C 1st coil g Os-- -191 J...1
105 The Texas co cony deb 6s_ _1931 J - J 9414 Sale 94
941, 27 94 98
?tokane Internat 1st g 5s_ _195- J-J lir 1041.10212 Apr '11 ---- 102 10259 Union Bag lc Paper 1st 53_1930
J-J 04 ____ 94 Deo '1 -- 9012 9512
er A of St L 1st g 4 ifi 193 A-Q 10478 _.10572 Nov'll -- 10434 10578
Stamped
1930__ _ 94 9714 9434J'ne'l ---, 08 9t1
ist con gold 5s-1894-194, F-A 112 .„- 112 Aug'11 ---9 11034 11938 U S Leath Co 3f deb g
_1913 MIN 102 ____ 102
102
1 192 106
Clen refund s 1 g 4s
195' J-J• 93 99 95
U S Realty & I cony deb
95
z 95 98
6s..g03_'24 J-.1 90 Sale 90
5 8712 91
St 1.31 lige Ter gu g 58_ _103i A-04. 105 ,„_ 10813 Feb '11 ---- 10812 108t2 U S Red & Retg 1st g 63_1931 J-J ___ 60 70 Apr90
'11
-„,
70 88
Tex & Pac 1st gold 58
zoo J-I9 199 1141 11012Deo '11 ------110 11158 11 S Rubber 10-yr toll tr 98_1918 J-D 10414 Sale 10414 1045
27 10134 105
2d gold Inc 5s
50 70 Mch'10 ---9900 Mel%
Registered
_
1918 J-1) .... --__ 10318Jan '10
La Div B List g 53 __ _ _ _103 .1-4 100 ---- 9912 Apr '11 ---- 9012 -5912 (IS Steel Corp—Jcoup ___d1963 1I-N 1011 Sale 10112 1017
207 10011 10811
W Mln W & N W 1st gu 5s_'3 F„,- ---- 10912 ov'04 ---_
Si 10-60-yr 5s1reg ____d1963 1I-N ---- ----102 Dec '11 -- 100 10614
Tol & 0 C 1st g 5s
193 .110915 ---- 110 Dec '11 ---- 1693-4 19498 Va-Car Chem 1st 16-yr 55_1923 J-0 1001-4 1001 10012 10012
3 0878 10214
Western Div 1st g 5s__ _193 A1084 „-- - 112 Sep '09 --- .._
_ West Electric 1st Se Dec 1922 J-J 10933 Sale 10938 10938
4 10014 10273
103 1049 /04 N0,11 ____ 10112 i6i
General gold 5s
193 .1Wostlaghouse E & 11 51 56_1931 J-J 93 Sale 9213
93
17 9012 9614
Kan & 9,1 1st gu g 4s
1991. A-C79 9213 931 92 Oct '11 ---- 90 92
10-year coil tr notes 5.3_1917 A-0 __ 9712 96 J'ne'll ---- 96 96
• 2d 20-year 5s
1927 Jr - J 998 991 9912 Deo '11 ---9 9(312 99
Tol P & W 1st gold 4s
1917 ,1-J4/ 9212 ---- 94
94
0 90 94
Telegraph & Telephone
Tol St L & W or lien g 3148_192; ,j-.9 8912. . 8712 Sep '11 ---, 8713 8912 Am Telep & Tel soli
tr 444_1929 .1-J 9018 ____ 00
6-i 8938 921c
. 904
50-year gold 4s
6778 BS 6778
Convertible 43
195 4-1
68
2 67 7478
21 10418 11311
1936 M-S 1085Salo 1081
109
Coll tr 4s g Ser A
191 F-....- 74 75 Nov'll ---- 75 8112 Chicago Telephone 1st 53_1923 J-D -------------.
-----Tor Ham & Buft let g 48._3194 J3013____ 89 Dec '11 ---- 87 9012 Commercial Cable 1st g 4s_2397 9)-.1 82 ____ 83 Nov'11 ---- -------83 8312
Ulster & Del 1st con g 53._199 .1Registered
10412 ---- 10412 Dec '11 ---, 10412 106
2397 (9-J 82
_ 8312Nov'11 --__ 8312 84
ki
bit refund g 4s
195 A85 - — 8612
9 8512 8512 Keystone Telephone 1st 58_1935 J-J ---- --8512
_ -83 Oct '11 _. 83 86
Union Pacific—
Metropol Tel 99 Tel let s t 58 1918 M-N 10214____ 103 Dec 'II ____ 103 104
RR & land grant gold 45_1947 3-3 101 Sale 10034 '101
42 100 191214 Mich State Telep 1st Os__ _1924 F-A 993 10014 10014
100)4
9a 101
Registered
-1 997 3-J 99 --,- 09 Deo '11 ---- 99 1007e N Y & 91 3 Telephone 53 g_1920 91-N ---- ---10314 May'll _—1 10314
10314
20-year cony 48
1927 J -.I 102% Sale 192
10314 369 100 11018 N Y Telep 1st & gen 814 998 1939 11-N 1005-8 Sale 10014 10058 50 983 101
9900 m- al 9714 SAO 9714
1st & ref 4s
971
55 9534 9814 Pac Tel & Tel 1st 5,
1937 J -J 9834 Sale 0858
4
35 97 9934
99
Ore By & Nay con g 4s_194 J-19 951,Sado 9992
991,
2 9319 0714 West Union col tr cur 55
1938 J-J 10034 1014 10053 1005
4k, 9913 108
Ore Short Line 1st g 9s.._199 9 F-A 11319 11414 11312 Deo '11 ___ 113 11514
Fd and real cal g 4 99s_1950 941-N 9614 9034 9012
97
6 9414
19t consol g 5s
1141 J-3 111 1111 11034 11034
1 10914 1144
Cony' 4s. series A
1036 11-N 1043 __ 10434 Deo '1 _ _ 103
Guar refund 45
192' J4) 9414 Sale 94
9453 40 9212 95
Re tered
193651-N --------103 Feb '11 ...... 103
Utah & Nor gold 58_1926 J-J 105 ____ 108 May'll ....... 108 108
Mitt n Tel gu ext 58_19414111-N 0118 ..... 104 J'ne'11
14 10491
let extended 4s
193. 3-1 al
_
_ _ _ _ ____ _ __
Northwest Tel gu 43'6z r_1934IJ-J
__
103 J'ly '04 -----------
p-
iog3-4 idoi,
f
1E1
MISCELLANEOUS BONDS—Concluded
Coal & Iron
Miscellaneous
Buff & Susq Iron s t 5s____1932 3-29 97 ____ 97 Feb '11 __ 9614 97
Adams Ex coil tr g 4s
8714
2 8313 91
1948 411-S ....... 87 87
Debenture 58
__
a192 14-S
93 91 Nov'll ____ 89 91
Armour & co 1st real est 4 Hs'39 J-D 0134 Sale 913
9184 42 9113 934
Col F & I Co gen s f g 119____1943 F
0914
98 ___ 99
2 97 10214 Bush Terminal let 48
1952 A-0 9012 92 02
92
1 90 991
Col Fuel gen Os__
191 MConsol 58
10734 _ _ 10734 Nov'11
10734 1073j
15 97 1101
987
1955 J-J 9873 Sale 9878
Col Indus 1st & coil 58 gu__193 F-A 75 Sale 7973
76
331 72 7912 Chino Copper is! cony 115_1921 -1
1151 121 100 1119
e 114
Cons Ind Coal Me 1st 5s___193. J____ 841, 85 J'ne'll _ ___P 85 85 Comstock Tunnel Inc 46__ _1919 ------- -----18 J'ne'l ____ 16
181
Cons Coal of Md 1st & ref 55 1950 J93 953 94 Dec '11____ 94 9'7
Irrigation Wks D of A 4 998 '43 94-N 92 95 9312 Nov'll ___ 99 931
Or Ely Coal & C 1st g Gs_ _h1919 A90 __— 10953 Apr '06 ___ _ _ ___ Int Mercan Marine 4
6734 747 6313 0914
1922 A-0 8732 Sale 66
Kan & II C & C lst e 1 fc 58-1981 J- J 9614 101 99 Oct '11 --__ 99 99 In! Navigation 1st s f3.I8
98_1939 F-A 80 Salo 80
80
1 78 8213
Pocali Con Collier let e t 53_1954 3.4 ____ $61, 85 Apr '11 __ 84 85
Mge Bond (N Y) ser 2-4s__,,1986 A-0 ___ 881, 89 Apr '11 __ 89 89
St L Rock Mt & P 1st 5s___196 J-J ....... 8014 8412J'ne'll -___ 83 86
Morris & Co let e f 4 3s
1939 J-J ____ 91 0112 Nov'll _. 0034 92
Tenn Coal gen 5s
196 J-I 102 1021, 102 Dec '11 __ 100 /0413 N Y Dock 50-yr lit g 43_1951 F-A 8212 90 8238 Deo '11 ...... 82 90
131rm Div 1st consol 93_11117 41103 104 19312 Dec '11 ..... 10312 108
Niag Palls Pow 1st Os
1932 J-J 10012._ 102 Apr '11 _ _ 102 102
Tenn Div 1st g Os
44191 A10312 108 10414 Nev'll ____ 10334 10512
Refunding & gen is____81932 A-0 ---- --- ------ ---- ---.....
Cab C M Co 1st gu c 90_192 J100 110 110 Jan '0
___ ____ Ontario Transmission 53_1945 ,11-N ____ 95 -- -- ---- --- ....
Utah Fuel let g 5s
Pub Serv Corp N J gen 58_1959 A-0 9212 927 9253
927
9 9213 9
Victor Fuel 1st at Os
1953 J-9 .„ 86 9714 May'll _
87 8812 Sues Stk Yds g 4 As
1030 J-J 87 __ 10013 Sep '05 ____ ____ __
Va Iron Coal & Coke 1st r 41949 31-9 961 Sale 9612
961: 3 0112 98
Wash Water Pew lat 5s...1939 J -3 101 ___ 10212 Mch'11._ 1021210 ,
!kro price FridayLIAt919t bid and asked apue Jan dDue April eDue May pDue Juno hDue July 9Due Aug oDue Oct pD449 Nov gDue Deo 'Option Salo
&
CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly
Sakc
of the
1Veelc
Shares
STOCKS-W(111647' AND LOW114T SALE PRWRS.
Saturday
Dec. 23
Monday
Dec. 25
Tuesday
Dec. 28
Wednesday
Dec. 27
CHRISTMAS HOLIDAY
EXCHANGE CLOSED-EXTRA HOLIDAY
*170 190 *170 190
3
3
*1
*1
4
*2
4
*2
*3012 3112
30
30
92
921, 490
*91
9914 901, *99 10018
3612 37
38
36
11
*1014 111, 11
I.
612
*6
*6
--- -__ ---_
22
_ *20
*28
52
*48
*48 -52
8
*7
8
*7
38
*35
33
*35
Thursday
Dec. 28
Friday
Dec. 29
Last Sale 190 Apr'll
Last Sale 112 July'll
Last Sate 3 June'll
*3012 3112 3012 31
Last Sac 02 Dee'll
*99 10013 *99 10013
3738
36
*3612 37
*11
1112 1012 1012
538 838
6
6
Deo'll
Last Sale 38
Last Sci!e 21 Dee'll
Last Sa.',e 59 Deo'll
Last Sale 712 Dec'll
Last Sale 38 Noy'll
Sroc 1<
S
CHICAGO STOCK
EXCHANGE
R-7t72 sines January 1
Loxes:
Highest
Railroads
100 185 Jan 11 190 Apr 28
:Chicago City Ity
112 J'ne lfi
113 J'ne 1
Chicago 63 03a Park..100
6 Mch:
3 J'ne 16
100
Do prat
21 J'ly 12 31 Deo 29
165 Chia Elev Itys corn
85 J'ly 19 91 Nov15
Do pret
80 Apr 29 101 Aug 2
20 Ohio Rys part ctt "1"
2,14( Chic Rys part ctt "2"_.. 2034 May13 3778 Dec 20
b May13 1212 Aug 3
"3".....
ctt
Rys
part
65 Ohio
412 Mch 1
712 Aug 3
91 Clue Rys part ctt "4"_
14 Nov14
6 Mch 1
100
Chicago Subway
25
25
Feb 23
15
Sep
Lt_100
&
Fly
Hans City
100 39 Sep 26 7212 Feb 25
Do pret
7 Dec 7 1314 Feb 23
Streets W Stable 0 L_100
100 38 Nov21 50 Jan 9
Do pret
Miscellaneous
1212 May 9
9 Jan 16
100
875 American Can
4 1014 11
1058 1078 1078 1078 1034 10,
100 7678 Jan 7 93 Dec 1
prat
Do
655
91
90
8953 9018
*8212 90
8933 90
301
Oct 11
9
Jan
265
Radiator_100
American
Last Sac 300 Nov'll
300 301 *298
,
133 Nov28
100 12612 Mch
Do pret
Last Sale 132 Noy'll
*130 133 *___ 1-33
8 79 Feb 6
Nov
48
100
ShipbuildIn7....
Amer
225
_
_
50 -_
50
50
5914 50
*50
100 10612 Sep 6 113 May18
Do pret
Last Sale 10612 Se-p'11 .._
*100 105 *100 10512
13158 Aug 30 15214 J'ne 12
ii] Amer Teiep do Teleg
• 13W4 136'4 413012 14012 *13913 140 *13912 140
35 Apr 28 5914 Itch 4
com
Fisheries
Booth
330
50
50
50
*46
50
*46
4`..... 50
33 J'ne 14 5734 Mch 9
ctt
trust
Voting
Last Sale 49 Dee'll
60 Sep 22 8338 Dec 29
pret
Do
1,205
8838
86
86
80
86
86
87
*36
4913 Apr 21 52 Feb 2
D_100
&
Canal
Chic
dc
Cal
Last Sate 50 Nov'll
*49
*49
114 J'ne 7
1 Jay 20
Chic Brew'g & Malt'g
Last Sate 118 Oct'll
114
114 *1
*1
7 Nov 1
312 Mch27
pret
Do
y'
12
Last
Sue
8
*6
8
*6
22 5512 Feb 23
Sep
3913
Tool_100
Pneumatic
Chic
4612 4618 4614 ---------84„
4613 46
*46
Chicago Telephone.__100 115 Jan 25 14114 Nov25
Last Sale 13612 Dee'11 ;
_- -__
*136 137
41 Chic Title 63 Trust __100 15112 Jan 6 180 Dec 13
180 180 *178 181 *1'78 181
130 180
211
Commonw'th-Edison _100 113 Jan 19 13738 J'ly 15
_
135,4 135'., 13513 13513 13514 13558 _..
934 Oct 27 1538 J'ne 15
5( Corn Prod Ref Co corn.....
11
*10
11
lull 10F ____ ___ *10
do
Do
pref.- 78 Jan 18 78 Jan 18
Jaren
Last Sale 78
Feb 10 11034 Nov28
02I
100
Match
Diamond
51
107 108 *107 10712 100 106
*107 108
475 Hart Simmer dc Marx pt. 100 Sep 22 10334 Dec 13
o
102 T
10112 10134 10114 10112 101 10138
26 70 Jan 20
4978
Sep
100
Brick
Illinois
33C
56
5534
5512
5512
•
3
55
55
*55
7C Internat Harvester Co _- 9914 Sep 20 129 May 5
10814 10814 .._ __
___
110 1 1
47 Jan 18 5018 Aug 2
Masonic Temple
Last Sale 50 Aug'11
*47 10
50
*47
175 McCrum-Howell Co.-100 3812 Nov 2 67 Jan 3
90
4112 40
4112 9112 *40
41
40
90 Oct 3 98 Feb 2
Do pret
315
9112
9114 9112 9112 91
91
9018 91
100 11714 Jan 17 14212 Dec 27
205 National Biscuit
13814 13814 14212 14212 *142 143 *142 143
Jan 3 130 Mch31
123
100
pref
Do
Dee'll
127
Last Sale
*126 128 *127 128
100 100 Aug18 120 Mch14
NatIonal Carbon
Last Sale 10412Dee'll
*107 110 *110 115
100 117 Sep 13 120 Mch23
Do prof
20
110 11012 *113 120 *118 120 *118 120
205 People's Gas L&Coke_100 101 Sep 27 10858 Jan 19
10.112 10..'2 103 10312 10314 10312 103 103
831 Sears-Roebuck com_100 12334 Sep 21 19234Jan 31
112 14214 142 14212 14112 142
141 142
100 116 Sep 25 122 Mchll
Do pret
Last Sale 120 Dee'll
*120 12114 *12112 122
100 9734 Sep 25 104 J'ne 5
361 Swift dc Co
9834 9834 9834 9834 98'3 9831 9834 9834
Mch 7 212 Dec 29
a The Quaker Oats Co_100 165
212 212
210 210 *210 215
*205 210
10212 Feb 1 10712 J'ly 21
100
prat
85
Do
10512
10
10512
*105
10512
10518
108::
512
*105
7 Jan 3
11
Deo
1
Co_100
P
&
lid
Box
Unit
112 134 2,150
118 134
118
118 41
*1
1,000 United States Steel COM. 5012 Oct 27 8178 Feb 6
6614 67
63
6314 6848 6134 6833 67
25 Jan 27
8
Dec
13
100
Stone
Western
Deo'll
15
Sale
Last
15
*13
*13
15
Range .or Prericus
Year 1910.
Lowest.
Highest.
160 Oct
112 J'ly
4 J'ly
185 Mch
31 Jan
"(12 Jan
. "ia Jan
6033 Sep
;
36 Jan
1114 Sep
8 May 16 Jan
918 Jan
3 May
614 Aug
218 J'ne
39 Jan
20 Aug
7734 Mch
69 Feb
5438Jan
7 J'ly
40 J'ly 104 Jan
13);; Jan
638 J'ne
82 Jan
6212 J'ly
240 Apr 261 Dec
126 J'ly 135 Apr
8418 May'
72 Feb
107 Aug 112 Jan
13114 J'iy 14218 Mch
43 Dec
31 J'ne
41 Dec
29 Aug
74 Jan
513 J'ne
55 Feb
46 Dec
1 Feb
1 Feb
3 Sep
3 Sep
47 Dec
2512 J'ly
110 May 137 Jan
148 Aug 163 Mch
10812 J'ly 12112 Jan
2234 Jan
1312 J'ly
82 Feb
7914 Apr
C213 SeP 127 Jan
__
53 J'ly --91 - Mch
9478 Aug 115 Nov
46 Jan
4312 Mch
6712 Dec
40 Mch
93 J'ne 10234 Apr
101 Aug 119 Dec
118 J'ly 125 Jan
101 Feb 145 Oct
112 Feb 1•Z3 Nov
103 J'ly 11634 Jan
148 Feb 18634 Nov
11612 Aug 122 Mch
100 Dec 10935 Jan
155 J'ly 186 Feb
101 J'ly 106 Jan
514 Apr
1638 Jan
_,
2638 Dee
15 J'ne
Chicago Banks and Trust Companies
Chicago .i3onti Palcord
Dividend Recora
Surplus
------and
in Per- Last P
In
Profits
.
1909 1910 lad
(1)
'(1)
•
...
An Jan '11, 6
6
6
8100,000 1452,216
High Calumet National
High Na. bon,
Ask Lou)
Rid
7
Jan
'12,
3-3
10
500.000 1266,453 10
100t2 10012 Chicago City
10012 Jan'll
Amer Strawb'd 1st 69-1911 k•.A
...... Q-J Jan '12, 211
9114 9358 Contl'Iral 63 Comm Nat., 21.500,000 8,805,613 -,
915s
0158
Armlaur & Co 4 &is-1939 J • 0 915 Sale
4
'12.
Jan
Q-J
16
-12
5.814,152
3,000,000
Corn Exchange Nationai
13018 100
100 Mcliii
Booth Fish 00 Debbi 5s'17 J - J
Beg. b Uf May 311 1. V412.p1538
900,00v a
Douglas State
90 100
100 biciell
1924 1 - J
Deb g 5s
Jan '12, 112
Q-J
8
0
200,000
50,283
State
Drexel
9818 00
9,12 Apr'll
Sink Fd Deb6s tr roe - A.0
10 (.1-3 Jan '12, 213
453,399 10
600,000
Drovers' DeR National_
Calumet 63 South Chicago
Q-J Jan '12, 2
6
6
200,000
55,414
9914 9914 Englewood State
1927 F - A 98311 937a 9914 July'll
Ry lst 5s
121 Q-M Dec30'11,314
12s
11,618,417
10,000,000
National
First
10114 Oct'00
Sep30'11 .212
01-14
Cass Av & F G (St 1.3 5s 12
10
10
150,000' 196,74:
First Nat Englewood_
100 May'0/
-D
3
Ohio Board ot Trade 491927
Priv ate Bank
565,221
1,000,000
IO2r8 163-1; Foreman Bros 13'k'g Co
4 10234 Doc'll
'12,2
Chicago()Hy Fly 5s___1927 lo - A 10233 1021
Jan
Q-J
3
2,000,00e
8
611,695
Nationat
Dearborn
Fort
Apr'04
103
Chic Oonsoi Br & Mit tls___ J - J
8+2 (1-..1 July '11;2
8
Hibernian 1.1'k'g Ass'n__ 1,500,000 1,225,02.
_
50
Apr'OU
Chic Como( 'Frac 4 &is 1930 3 - D
J-J July '11. 5
10+15
10
2,145
501/.000
Bank____
State
Kaspar
Jan'06
9834
Chia Auditoriutn Ist591920 e - A
6,062 Beg. b us Apr 811 V.1.12.p, 1001
200,000
"ars 007 Lake View State
3 -9 -1-2 9778 Oct'll
.
-71
Chicago Elev Ry 59_1911 1 - J t -0
234,343 Beg. b us. Ma y'10 V.90, p.1277
La Salle St National_ 1,000,000
9412 1)ee'09 Ohio Jo 1110 1st Mg 53_1845 ti - 0
10 14-81 Dec31'11,211
10
603,782
1.250,000
Nat
Excli'ge
Stock
Live
87
leelf05
Q-b Nov '11, 1
4
4
Ohio No Shore Elec 0.1912 A - (3
464,811
vMonroc National
300.000
Dee'll -- -8714 92
92
Chic Vise fool 1st 5s-a1921 ,.1 --t , i51- 92
8
8
14-3 Jan '12, 2
2,000,000 1,335,22'
Republic
ot
Bank
Nat
10014
0738
100
45
10018
100
Sale
Jan '12, III
Chle Ry 58
Q-3
6
6
523,705
2,000,000
City
National
9614 44 0318 9712
4 ,1. U I 96/4 9612 9614
14-3 Jan '12, 112
Ohio Rya 4-5.9 series "A"
4
(9
93,517
250,000
National Produce
37 8218 92
915
9112
Ohio Rye 4-5s series "13' 1 - il 9158 Sale
12.134
)
,
QJan '
034
534
200.000
70,0'
_
State_
North
Avenue
91
90
1
Scp't
A
91
9214
.......
14
Q-3 Jan '12. 111
6
ONO Rya 4-58 series "C'
0
37,711
50,000
9958 10078 North Side State Saegs
10014 Nov'll
I - A 1(00 101
Ohio Rya Coll 69-1913 ,
Q-J Jan '12, DI
1
200,000
311,657 ---West
State
North
100
100
11
.1:m
A
101)
101
1103
14
6s_1913
Ohio ltys Fund
14-3 Jan '12, 211
7
137,210 _.
300,000
People's Stk Yds State_
0734 109
100 Dalt
9
6 14-Id Jan '12. 114
Chic Itys 'rem Ctts 1st as
07.999
500.00o
Prairie State
6652 Aug'Oa
Ohio It I 63 P RR 43-2002 A • IN
4014
114
Q-J Jan '12, 111
400,010 1327,429
Security
6512 Jely'0.3
Coliat trust g 5s-11114 A - :.•
74 Q-3 Jan '12. 2
6
100,000
200,000
102 10313 South Chicago Savings_
103
103
Ohio Telephone 11s_.....1923 I • L tiogs 1134
Q-3 Jan '12. 111
6
16.597
200,000
114
10318 21 10012 10314 South Side State
10318 Sale 103
Commonw-Edison 5s.1943 It •
Q.1 Jan '12,3
12
State Bank of Chicago_ 1,500,000 2,093,092 12
10078 Nov'lu
Chic Edison deb 69_1913 J - J
14
8
-Id Dec 30'11, 2
8
250,000
198,01,
Savings
Yards
Stock
100
100"
Feb'll
100
Nov '11,3
'1st g 5s__July 1926 A • 0
30-N
6
6
130,672
500,000
Union Bank 0_1 Chicago_
100311 Aag'09
Debenture 5s.._1112u 11 - S
Q-J Jan '12, 111
6
6
100,000
17,814
Nat'l
Park
Washington
itiS"
foil;
101)34
10212
:joiDeo'll
4
Dec31'08.113
Comrnonw Elect 5801943
Q-A
None
Noise
50.000
19,767
State
Wendell
10
10314 11012
103
107 Sale 11.17
1
Dia Match Con db 6E7_1920
fli Q-J Oct '11, 2
1.000,000 1,016,466
xvCentral Tr Co ot III
Deo'08
80
_
--i,
Illinois Tunnel 591228 iQ-.1 Jan '12, 113
6
6
226,687
1.000.000
& Tr
Ilk
Say
Chicago
City lty 63 Light
Kan
6
5,000,000 11,810,612
714 Q-J Jan '12. 2
co 6,
9638 2734 Chicago Title 63 Trust
1913 A - N 18912 9012 9734 May'll
4
Q-J Jan '12; 21;
6
16,395
50.0u0
Citizens Trust & Savings
9734 100
100 May'll
KnIaleb'ker Ice 1st 59 1928 A - U
3+2 8+2 14-3 Jan '12, 21;
476,333
600.001;
Saving
&
Trust
Colonial
8912
71
3812
5
Lake St 51-1st 5s-1923 J . .1 8812 Sale 88
-- ----_
---....
1,011,315
3,000,000
Say
&
Cont 63 Comm Tr
16 May'05
192,, Feb
inceme 5s,
8 -Q-3- Jan '12, 21;
8
153,301
200,000
Drovers"Frust&Savings
Iletr W Side El12 Q-M Dec30'11,4
3,972,600 10
i,000
5u
r2
Savings_
63
Trust
r
First
8218 8634
1938 10 - A t 8514 8534 8511 Dee'11
lst 43
6,377 Beg. I us.Apr 3' 11 V. 92, p. 921
2a0,000
8218 30 7818 8278 Ft.Dearborn Tr&Say 13k
80'8
Extension g 4s____1038 J - J t 8178 Sale
72,863 ---- --- Q-3 Jan '12, 211
1 8034 9134 Greenbaum Sous Bk& Tr 1,500,000
90
90
Morris & Co. a 4-_11/311 J - J t 90 Sale
---- - -- J-J Jan '12. 3
200,000
34,628
Say_
&
Trust
Guarantee
9518 100
1211 SI - S ...... -- 100 July'll
North West El 151 45
94 1171-5 Q-.1 Jan '12.3
Harris Trust & Savings_ 1,500,003 1,907,670
Northwestern Gas Light &
59,793 Beg. t, its Ap. 1,,'1 1V.92.p.1001
300,000
'frast___
&
Bank
Home
0914
100
M
100
09
Dee'll
t
9912
,
1928
Coke Co Os
q Jan '12, 4
16+4
16+4
9,096,028
5,000.000
&
Savings
5 92
06
9612 Illinois Trust
1945 d, - 1N 1 9512 9612 96
Ogden Gas 53
6,4 1+1% Q-J Dec30'11.13,
71,097
200,000
1914 1 - Ii 0812 ___ 10032 atch'00
____ Kenwood Trust do Savo
Pearsons-Taft 5s
514 Q-3 Jan '12, 11;
6
58.83'
0
93
200.00
dcSaygs
__
Trust
Vlow
9612
Lake
Mch'10
_
il - S
4.40s
12
Q-3 Jan '12. 4
Merchants' Loa,n&Tr Co 3,000.000 6,391,703 12
96
Feb'10
_ _ 97
d• A
4.603 Series E
G
6
750.000 1260,413
14-3 Oct '11, 11!
9712 ____ 9314 Noy'll
-9814 i9814 zaletropolitaat 'Fr &Say
11 • IN
4.808 Series F
2911.1V91,p.1221
Beg.
b
59,701
Oct
ua.
200,000
Co
Tr
Ave
Michigan
12118
Peo Gas L do 0 1st 69_1043 A - U --- liTii 10178 iday'00
56,791 Uom, bus. Ap r10' 11V92 p1001
500.000
10184 1-023Dee'll
4 Mid-City Tr & Say Bk..
Refunding g 5s___1947 A - It 1102
Q-J Dee30'11,1
8
8
1.500.000 2,612,154
6 10278 10312 Northern Trust Co
10314
Chic Gas L&C 1st 581937 1 - J 10314 Sale 10318
.1-.1 Jan '12; 4
6
250,000
6
115,53
&Say
Tr
North-Western
10112 102
Consum Gap 1st 53_1936 J - II 1102 10258 10112 Sep'11
V.92,p. 153'
1'11
3'ne
us
b
3cg.
200.000
50,382
.... 191 10138 Old Colony Tr & Say Bank
M ilta Fuel Gas 1st591947 Id- N 110034 10134 101 Nov'l 1
166,204 ...... ____ Q-J Ian '12. 2
500.
Bk_
Say
&
Tr
People's
9638
Sale
18
9638
93
9614
9612
J
J
south Side Eley 448.1924
Jan '12,2
Q-J
8
3
'278,150
.
300
de
Trust
SavgsPullman
10014 Dee'11
100 10158
Co let g 5s-1914 J - .1 t100 101
200.000
30,044 ay.:. b 13. ..1' iy 120 9 V.89.0.14
Sheridan Tr dc Say Bank
90 Dec'll
90
00
$7
Ion El (Loop) 53-194a A - 0 t
324,378 Comm eased bus Sept 6 1910
Standard Tr 63 Savings.. 1.000,000
... 70
Apr'10
.8
_3
x 30
tett Box Board 001 6726
514 34 July '13:3
5
200.000
411,358
Say
&
Trust
Stockmen's
60 Mek'll
85J - J
General mtge Os
1.200.000 1,331,735 18+2 08+2 14-81 Dee 30'11,2
Union Trust Oo
Weatern Klee Co 58....1022 J - J *102 10212 10238 Ney'll --- 10034 103
Q-J Tan '12, 11
6
6
223,092
West's Trust & Savings 1,250.000
6 Q-M pec30'11, 4
145.128
200,000
West Side Tr deSayllank
714 LI-J (),.t •It 2
it
Note.-Aoudad Interest must be added to all Claloago b aid prices.
711 All
200.0(X)
ViTnnillsiwn TrAaNavilan
012rtitiiitrasira t aNy0:
a ) for Ititiadte
(Rotpeo!ng otufiuislineesds
and Dec.6In
for national b..
n
Deo. 8
,
laksic Also 20
.ayi,
br2wlid
(
4f7tb
(cc Exo
o:Isti dIvb end of 33 1-3%
veream7V:
a elii.
IT:Lis:
1 1:011.
ffonl 1
arne e
1
1%,ew
of
aT
c
le
ar
ulva
n
eq
the
,
n
ri
1tIo
.
.1
i
(
'
In
it
'
1911.
30
Ju'ne
t
nt4 Q.v. s In addition, the equivalent of 4% snore canto from First Trust & Savings Bank. p. 1439. v Monroe Nat. Bank to be taken over by the Centralist.; V.934.
s .11 Baying" Bank. r Cap, to be Ina. to 35,000,000, a stook div. of 100%to be dee ared. V. 93,1705, 1303. a SOL 9 1911. tSept 1 1911, II Sept.2 P311.
p.
03,
V.
Bank
Tr.
Tr.
Say,
and
comsat.;
Metropol.
4
. 1161. 1873. 10 Moll. 31 1911, :Central
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Dee. 29.
interest
Pecioa
Pries
Friday
Dec. 29,
Week's
Ranye or
Last Sale
lt'ds
Sold
Range
for
Year 1911
lt.„
-ae wi:,..-
ci• rizady,-1:tedestpr)gesce:
g
pt. J...
-
NAME
•
•
• •
Outstancbtng
Stock
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PR10ES-NOT PER CENTUM PRICES.
Saturday
Dec 23
Monday
Dec 25
Tuesday
Dec 26
Wednesday
Dec 27
Thursday
Dec 28
Ftiday
Dec 29
Sales
of the
Week
Shares
Range since Januar,/ L.
On oasis 01 100-share lots
STOCKS
BOSTON STOCK
EXCHANGE
Lowest.
Railroads
40 Atoh Top & Santa Fe_100
Do prei
100
100
72 Boston & Albany
100
269 Boston Elevated
3 Boston & Lowell
100
100
45 Boston & Maine
, 5 Boston & Providence_100
Boston Suburban El Cos_
Do pref
Boston & Woro Eke CosDo prof
Chic Juno fly do USY _100
106 100, *10534 10614 108 106 *10578 10614
10058 Sep 21 11614 J'ne 5
*104 10414 *104 10438
Last Sale 104 Dec'll
101 Sep 7 105 J'ne20
22012 221 *22012 221
22012 221
221 221
219 Apr 21 226 Feb 15
130 13014 130 130
130 13014 130 13014
12412 Sed 23 13012 Aug 1
*216 218
216 216 *216 218
207 Feb 1 218 Sep 14
9934 993/ *99 100
9012 0912 -55; 100
9613 Oct 27 12238 Feu 15
*____ 300
298 298 *29812 299 *298 299
292 Mch21 JOU •Mch 6
*14
*14
15
15
Last Sale 14 Nov'll
12 Sep 1 16 Mch 15
*74
*74
__ Last Sale 75 Dec'll
70 Oct 9 7614 J'ne22
Last Sale 12 Nov'll
6 Feb 15 13 fly 13
*54
55 ;Li" IS"
Last 'Sale 56 Dec'll
3812 Jan 3 58 J'iy 1
*17012 171 *17012 171
Last Sale 171 Dee'll
156 Apr 29 171 Dec 20
10912 10812 10812 *10812 109
108 108
107 Mehl7 115123'1y 25
*271
4271
Last Safe 271 Oct'll
51 CoD
nn
oectP
icru
ett River_100 265 Jan 31 272 J ne 6
*125 ---- *125
12518 12518 125 12512
100 125 Apr 10 130 Jan 4
49 Fitchburg, pref
*14413 14812 *14412 148 *143 14814 145 145
otlectric
oy cLerE
100 11713 Jan 23 164 Oct 4
10 CADR
*90
91
Last Sale 90 Dee'll
100 86 Feb 20 1)312 J'ne 19
*142 145 3142 145"
Las.: Sale 135 Sept'll
Liaine Central
14
100 135 Sep 20 22
5 Jan
ae 18
3
*2134 2238 2134 2134 *9
25
1178 ,
22
5144 2
91
534 2
95
130 Mass Electric Cos.........100 16 Apr 20
134
9514 95
95
9512
100 8334 Jan 9 96 Nov22
2 Do _ pref
3
42
34
137 13712 13634 137
13612 137
N Y N H & Hartford_100 12714 Sep 14 15138 Feb 23
13612 137
141 141
10 Northern N H
100 139 Jan 13 142 Men 6
*210
*Ho"
Last Sale 214 Nov'11
Norwich & Wor pref_100 210 Jan 20 214 Nov27
18514 18.514 19514 185.4 *18514 188 *18514 188
31 Old Colony
100 183 Mc1315 190 Nov18
*45
-Last Sale 4012 Dec'll
Rutland pref
100 32 Jan 29 43 Feb el
*45-115
11312 11312 *11312
11334 114 *11312
go Seattle Electric
100 10512 Apr 18 114 Dec 22
*101 ---- 10112 10112 *10114 10134 *101 10153
5 Do pref
100 59712 Mch 13 104 Aug 28
4.17418 17438 *17234 17314 17233 173
915 Union Pacific
170 17114
100 15312 Sep 25 19218 J'iy 22
*93
9314 *9212 9312
Last Sale 0312 Dec'll
Do peel
100 90 Mch 9 9518 May12
*163
103 163 *1631844 16418
7 Vermont & Mass...,.,100156 Mch21 16418 Deo 29
8712 -87-1-2 8738 87% 8619 8-612 *8612 87
335 West End St
50 85 Sep 29 93 Men22
10114 10114 10114 10114 10114 10114 *10114 10214
Do pref
191
50 104 Aug 17 105 Jan 10
Miscellaneous
6314 6312 6314 8312 6212 6312 x62
897 Amer Agricul Chem 100 46 Sep 25 6334 Dec 21
62
104 10412 104 10414 104 10414 510234 10234
100 99 Jan b 10514 Mch 1
346 D, prof
478 5
478 478
470 Amer Poet' Service
412 412
412 412
613 Jan 20
50312 Aug 25
1634 1634 1612 1612 1612 1612 16
o
Dcr
16
8 Am
28
00
50 124 Aug 25 1914 Jan 31
2
11538 11512 11514 11512 115 11514 11412 115
Sugar
r
garr lietin_100 112 Sep 25 122 Feb 27
115 1153t 115 115
115 115% 11434 115
DO pref
276
100 11134 Jan 5 12013 Itav19
13931 140
13934 140
13934 140 513712 13734 2,986 Amer Tele') & Teleg_100 13153 Aug30 15314 J'ne 8
*25
2612
Last Sale 2612 Dee'!l
Amer.can Woolen____100 26 2 Dec 14 3614 Meh 20
87 -/f78612 8714 8634 87
8612 8634
100 8512 Oct 27 9612 J'ne 15
78
78
78
78
*77
78
78
poskeagM
78
Pref anufacturing 7712 Dec 18 81 Nov21
15
50
5 Amo
99 100
99
09
99
0934 0934 100
99 Dec 26 10012 Deo 5
432
8
8
8
8
tiref I SS L_100
Gulf&W
*712 8
80 At113o
733 Dec 5 11 May29
17
1714 *1612 17
*161 17
c0Do Te
4712 1712
prof
ie p
100 1413 Nov 3 26 Jan 31
156 15612 *15612 157 *15612 157
157 157
202
70
& Teleg_100 14514 Jan 10 15912 J'ne 15
1112 11
11
810 Ealst Boston Land_ 10
*1034 11
1114 *1034 11
714 Jan Is 12 May 1
111 111
111 111
111 111
22 Eastern SteainshIp.__100 7878 Feb 3 118 Nov23
290 290
255" 2"9"6" 291 292 293 294
77 Edison Eleo Illum_100 275 Sep 9 297 Dec 19
Last Sale 155 Dec'll
General Electric
100 142 Sep 22 16734 May29
i.goi4 1(1 "55" -91)- 90
90
00
90
475 Massachusetts Gas CosI00 8734 Jan :, 9634 Aug 3
9412 9412 93 94 9314 94
9434 95
Do p ef
100 93 Dec 27 9813 Oct 17
509
*218 221 *218 221
30 Mergenthaler Lino_100 211 Jan 4 235 Aug 3
218 220 *21814 221
*3
312
3
3
66 Mexican Telephone
3
3
3
3
3 Oct 2
10
478 Jan 31
*104 105
104 104 *104 105 *104 105
p e Yarn
E0Cotton
100 103 Oct 18 119 MO 14
4ND
*105
105 105 *105_ *103 10312
94
100 101 Nov25 11612 Me1113
154 155 - 151 15212 15234 Ili 151 152
351 N E Telephone
100 137 Jan 14 16512 Dec 13
*no
*110
Pacino Coast Power_ _100 96 Jan 9 105 J'ne 28
10
,359/
313
afe
0
549
a 28 7
12N
9,11
O01cv5t.:
*7412 ____ *7412 ---_ • 16L76aas3;18
Portland (Me) Elec__1o0 6234 J'iy 29 7334 Nov18
159 159
15912 1-5912
100 Pullman Co
100 153 Sep 25 163 Jan 311
1312 1312 *13
go Reece Button-Hole
1334 133
1334 ..3.4
4
10 x12 Jan 5 15 May 1
0812 0878 9812 183-4 9812 9834 9812 914;
470 Swift & Co
100 9734 Sep 26 104 J'ne 5
*3034 3114 *3012 3114 *3012 31
po
Torrin
Fpreeuri
t
31
3114
8
5
20
25 29 Sep 29 36 Jan 3
*30
31
*30
31
3012 3012 30
30
25 27 Mch23 31 J ly 17
X180.34 184
183 18334 181 183
gtonUited
181 182
100 8178 Deo 4 19712 J'iy 15
4634 48
47
47
4333 4712 4034 47
3 Un Shoe Mach Corp
58
1,2
54
4014 Aug26 5878 Feb 18
25
28
28
2734 28
Do pref
28
281; 2734 28
25 2612 Sep 20 2914 Jan 31
6838 6834 6778 6812 6634 88
30
6
36
7
1 U S SteelinCin
or
inpg
6618 6714 7,8
100 50 Oct 27 8218 Feb 6
111 11158 111 111
11114 11114 111 111
100 10312 Sep 22 12012 Feb 2
CHRISTMAS DAY
•
512 6
6
614
Adventure
D
voPrreetCon
614 614
614 814 1.530 Ad
25
5
514
Alf0
-oum
A
ez
434 5
514 512
ah Mining
473 473 2804
,
25
41
41
44
44
4212 4212 41
42
516
25
6612 6718 6612 6712 6513 6353 6458 6558 8,309 Amalgamated Copper 100
2534 2531 2534 2578 2514 2512 52412 2478
565 .lin Zinc Lead & Sm. 23
214 2%
218 214
3,324 Arizona Com'l ctfs dep.
2
24
178 2
.40 .41 * .40 .92
200 Bonanza Dev Co
*.40 .42 *.40 .42
10
*712 8
733 712 *7
285 Bes&CorbCop&SI1Mg
712
5
714 714
438 4%
414 414
418 414
4146 418 10.36051
c0
aallti
laiclo
5 ButteButte-13
an
va Cop_ 10
2234 2314 2314 2312 2234 233
2234 23
15
6312 63
63
6334 6133 63
6012 0112 3,907 Calumet & Arizona
10
448 449
448 449
1,o50575 ConsCn
490 495
lutme
432 435
HecIa.
_ _ _ 25
15
1714 1712 1631 1634
16
1612 19
Centennial
25
* .03 .05 *__ .05
Last Sale .05 Dec'll
lur Gold
1
55
5618 56
5714 5534 5614 5434 55
2
61,
:2
5003
1071 Copper Range Con Co 100
612 658
612 7
• 653 7
*8
614
20
1314 1312 1313 1312 1278 1334 1278 1318
D
Eas
ltBu
Y-Wctstte Cop Min
10
1238 13
12
1218 1134 12
1138 1112 1,823 Franklin
25
412 49
,
412 458
6
i11.raonubxy e
412 48
C0
ons0
oIildated
471.3 412 3,750(
35
38
3812 3912 37
38
35
3614 2,026
100
5
833 812
833 853
811e 812
8
818 7,889 Greene Cananea
2834 2914 29
3114 2914 30
29
Hancock Consolidated 25
30
0
112 112 *118 112 *118 112
5
2:9
5
12
5
70
8 ifinedlivanetala,,Cuoninpeer
1
1
25
1412 1538 15
1518 1312 1912 1334 14
1018 1058 1038 1012 1018 1012 10
1014 8,183 Inspiration Copper_ _2105
42
4218 *42
85 Island Creek Goal
43
42
92
1
*85
8512 *85
8512 *85
10
Do pref
8512 "iL" "fii"
2112 22
2134 23
2134 2234 2112 2134 3,575 Isle Royale Copper 251
3
3
234 234
234
234
*234
.
280 Kerr Lake
2154
5
.85 .85
.85 .85 *.85 .90 *.85 .90
100 Kewecnaw Copper._ 25
37
3712 3812 3712 35112 38112 3512 3614 3,495 Lake Copper Co
23
512 558
578 578
52 52
533 538
315 La Sallo Copper
25
4014 4214 4114 4214 41
3,178 Live Oak Developm't_10
4133 4053 41
1134 1178 1134 1178 1173 1178 1158 1158
590 Mat,on Valley Mines...5
9
938
Mass
9
Consol
914
878 873
35
818 812 2,028
238 278
273 3
Mayflo
234 278 8,540
278 311e
5 51i
hlgan
wer25
2312 24
2378 24% 24
2414 2312 235
1,493 Miami Copper
5
212 *2
*2
212
2
2
*218 212
25
52
5312 5412 56
54
ohawk
55
54
64
24
8 Mohawk
6
57
25
1914 1934 1934 20
1912 1973 1938 1934 2,574 Nevada
6
378 4
*334 4
330 New Arcadian Copper 25
333 334
334 334
678 7
6134s 7
7
5612 612 1,155 Nipissing Mines
718
5
2834 29
28
29
2734 29
2713 2812 8,102 North Butte
15
714 72
714 712
718 733
7
7
1,060 North Lake
25
473 5
5
478 534
514 *5
514 3,050 Ojibwa' Mining
25
212 234
212 258
238 258 2,460 Old Colony
2(2 23
25
4734 48
48
4812 9712 4814 47
4712 1,015 Old Dominion Co
25
106 108
108 110
10712 109 x103 105
503 Osceola
25
1412 1453 1434 1434 1412 1412 1414
Parrot
1,489
Silver & Cop_ 10
1412
7312 7518 75
76
75
76
7312 7412
25
18
1814 1833 19
1814 19
1818 1812 9,6
in
06 Ray
680
Copper
10
*114
112 *114 112
112 112 *1110
Santa
Fe Gold & Cop- 10
50
114
1034 11
1012 1078 1013 1034 1014 1034 2,29185
2 Shannoun
m & s.... 10
5
* .60 .70 * .60 .65
.62 .62
South Utah
12
12
3014 3012 30
32
3112 2912 30
30
Superior
25
37
8
*312 4
378
__
4
4
"31705 Superlor & 13oston /lin 10
29
2912 29(2 33
2934 32
-293-4 -3112
981 Tamarack
25
514 538
5
514
5
514 538
5
1,605 TrInitY
37
3712 3634 37
3834 374 x3() 36
2,185 U S Smelt Ref & Min_ 2
605
49
40
49
49
49
49
x98
4818
680
D , pref
60
238 238
214 212 *214 212
238 238
305 Utah-Apex Mining_ 5
17
17
1714 18
17
1714 1634 1738 1,235 Utah Consolidated-. 6
5512 5634 5634 5758 5512 5634 654 66
1,714 Utah Copper Co
10
312 331
314 314
314 333
4
4
1,370 Vic,oria
25
612 612 *6
614 812
614 *6
658
480 %Vinona
25
102 103
102 103
102 10212 *___. 102
70 Wolverine
25
*112 178 *112 178
Last Sale 158 Dec'll
145 Wyane.ott
25
•1310 Au0 Assed price., el New stock, e Aset paid. e i8x-stook
der. it Sz-rlgots. a Es-div. and r121.4ts.
4 Sep 22
212 Oct Ili
21 Aug23
4434 Sep 25
1934 Oct 5
138 Deo 19
.30 Oct 24
334 Aug24
3 Nov20
14 Aug 25
46 Sep 25
360 Sep 20
8 Aug24
.03 Nov 6
4634 Sep 25
3 Feb 8
873 Aug 25
512 Aug24
g Sep 22
63 Aug 25
23
553, Oct 9
17 Sep 26
34 Sep 21
12
8
Oeept 2
(
5,514
8s
718 J'ne 16
11 J'ne 13
44 Dec 27
7158 J'ne 19
3058 J'ne 14
21148 Dec 2)
.75 May22
1512 May27
612Jan 14
2312 Dec 27
6334 Deo 22
545 Jan 4
19 Dec 27
.15 J'ne lo
0934 Feb 2
7 Dec 27
1134 J'ne 24
14 J'ne 8
813 Feb 6
4312 J'ne 21
858 Deo 27
3114 Dec 27
2 Feb 4
10
638 D
J'
6
c
oca 12
Range tor Previous
Yee.r (191(1).
Lowest.
Highest.
9112 fly
r712 Aug
218 J'ne
z122 Aug
200 J'ly
70.18 Dec
285 Oct
14 J'ne
70 J'ly
8 Mob
35 Aug
139 Sep
109 Oct
260 Oct
12414 Sep
104 Jan
85 Apr
202 Feb
1414 J'iy
75 J'ly
149 Apr
139 Dec
210 May
18114 Sep
25 May
103 Aug
9834 Auv
15314 J'ly
8014 J.17
154 Oct
83 Sep
J'ly
1234 Jan
10414 Jan
234 Jan
13634 Jan
227 Feb
152 Feb
300 Nov
1618 Nov
76 Apr
1012 Sep
48 Jan
160 Dec
118 Jan
270 Mob
13313 Jan
123 Oct
90 Oct
218 Deo
2118 Nov
8834 Nov
16438 Mch
141 Dec
112 Mch
200 Jan
4412 Nov
116 Jan
306 Moll
20412 Jan
10338 Jan
1C8 Jan
9512 Mob
104) Feb
36 J'ly
4912 Oct
9812 Dec 105 Sep
4 Dec
873 Feb
1334 Dec
24 Feb
111 Oct 12733 Mch
11134 Oct 124 I'Mch
12714 J'1Y 14373 Nov
26 J'11, 3912 Itch
9012 Dec 10414 Mob
7 Mch
18 May
13812 fly
718 Apr
70 JOY
239 Jai.
.35 J'ly
7014 Feb
89 May
21212 Dec
234 Jan
107 Sep
9912 Aug
12912 Aug
9314 Nov
1113 Jan
28 Jan
15212 Melt
1158 Jan
80 Oct
29212 Nov
16012 Jan
9133 Nov
97 51 ch
226 NoV
834 May
124 Jan
115 Jan
13834 Dec
100 Jan
153 J'ne 200 Feb
1114 Jan
14 Oct
100 Jan 10931 Jan
28 Mali 37 Dec
27 Jan
31 May
18512 Jan 200 Sep
4C34 J.1l
'1134 Apr
31 Jan
2514 J.17
6138 J.11
9034 Jan
111 J'1Y 12558 Jan
4 J
734 Dec...s
31 J'IY
5514 J'iy
1913 J.17
10 Fob
1434 sep
58 Feb
9034 Jan ,
.4012 Jan
.50 E11-1; .7U Mall •
10 &DV
2414 Jan
412 Nov
1814 May
1558 J'ne
2812 Jan
4434 J'ly 103 Jan
500 J'ir 68- Jan
1312 XIS'
38 Jan i
.01 J'IY
JAI Jan
58 Feb
85 Jan
31,, Sep
953 Mob
614 J'iy
14 Nov
t, Dec
2212 Itch
J'ly
1112 Jan
20 J'1Y 11114 Jan
633 Sep
1178 Jan
1434 J'IY
36 Jar
134 Oct
57g Jan
10 J'ly
4434 Mob
303,
3334 Oat
8414 Nov
1)0 Nov
131. May
2812 Jan
x6 Sep
11 Jan
3 J'ly
634 Jan
2812 J'iy •
'2 Jan
614 Deo
19 Jan
2914 May 9 44 Dec 15
8218 Sep 25 91 J'ne 3
1112 Aug23 23 Dcc 27
258 Oct 21
74 Jan 21
12 Nov15
334 J'ne 15
22 Aug24 40 Joe 13
6 Jan 3
3 Aug 17
2014 Nov 1 4214 Dec 20
612 Apr 34 1178 Deo 15
412 Aug24 do .1'nei0
412 Men
1058 Oat
.20 Feb 18 344 Dec 27 .35 Oct
178 Jan
1673 Sep 28 2438 Dec 27
17 J'IY
29 Jan
114 Nov 9
314 Dec
312 Jan 4
8(2 Jan
36 Apr 18 56 Dec 27
43 .1 ly
75 Jan
15 Sop 25 2114 J'no 15
1758 J'ly
2712 Jan
2 Aug 16
312 J'iy
414 Anr 28
10% Jan
x612 Deo 29 113 Feb 17
12 May
934 Jan
20 Sep 25 3014 J'ne 2
18 J'ne
50 Jan
334 Au423
614 Dec
934 J'ne 3
2573 Mch
358 Dec 11
812 J'ne b
1234 Jan
Set)
.50 Jan 5
313 fly 10 .25 Aug
134 Feb
3,913 J 'nee
3414 Sep 25 49 J'ne 13
Jan
81 Sep 22 124 Jan s 114 J'iy 164 Jan
778 Sep 22 1434 Dec 27
11 Dec
2134 Jan
55 Sep 22 76 Deo 27
60 JOY
02 Moll
12 Sep 25 19 Dec 27
1514 J'ly
2434 Itch
13 .1 ne 10
34 Apr 26
114 Nov
234 Jan
7 Oct 4 121 t Feb 2
834 J'iy
18 Jan
12 Dec 19 1110 May18
1 Dec
33t Jan
20 Oct 27 4212 Jan 3
36 J'ly
8814 Jan
6218 Ocs 26
814 J'ne 15
4% Deo
18 Jan
20 Sep s 52 Jan 3
4512 J'ne
73 Jan
30
238
78 Oct27
412 Dec
513 Dec 22
1133 Jan
Sep 26 4018 J'ne 14
30 Dec
55 Jan
4534 J*11
4514 Aug 26 44112 J'ne:.6
, 5318 Jan
312J'no 15
2 Dec
173 Nov 3
514 Jan
934 Jan 20 20 J'ne 14
1212 Dec
96 Jan
38 Sep 25 5753 Dec 27 /13934 Jab
6012 Jan
1 Aug 17
2 Deo
4 Dec 29
534 Jan
5 J'IY
334 Nov 4
912 Feb 6
15 Jan
74 Nov 2 122 Feb 10 120 J'iy 150 Jan
.30 Nov23
114 J'iy
3 Feb 6
334 Jan
1777
Boston Bond Record
DEC. 30 1011.1
Price
Friday
Dec. 29
BONDS
BOSTON STOCK EXCIIANGE
Week Ending Dee. 29
Pr:ce
Friday
Dec. 29
BONDS
BOSTON STOCK EXCHANGE
Week Ending Dec. 29
Range
Since
January 1
1Veek't
Range or
Last Sal)
Ween
Reny cr
Las: ,Sat3
Range
CM Ce
January 1
High No Low High
Ask !..ow
but
High No Low High
Ask Low
Bid
3 100 10238
10014
1913 A-0 10014 Sale 10014
10217 18 1005810258 Illinois Steel deben Is
'08
Apr
117
Am Ag,rleul Chem 1st 5s__ _1928 A-0 10214 Sale 10214
A-0
1017
7s
1st
C
Sioux
ha Falls &
0018 23 8912 02
90 Sale 90
'11
Feb
9414
904 004
Am Telep & Tel coil tr 4s_1920 J- J
1925 A-0
& Spr 1st 5s_
115 11714
1930 M-S 1081410914 11118Nov'11 _. 104 111(2 Kan C ClinScott
Convertible 4s
_ 11718 Dec '11
& Mem 6s 1928 M-N
9834 Oct '11 --- 90 9834 ICan C Ft
92 9312
92
Am Writ Paper 1st s f 5s g 1919 J-J
92
Sale
1934
S
02
M2 08 12212 Kan CM & B gen 4s
106
1915 M-N 103 idd 106
88 90
Am Zinc L & S deb Os
1934 11- S ____ 89 89 Nov'11
Assented income Is
54
5612 10 45 5712
52 54
102 10312
Nov'11
10212
Ariz Corn Cop 1st 68 offs of dep_
10238103
5s_1929
A-()
Br
1st
&
By
NI
Fe
C
Kan
3 98 1)912
99
99 Sale 99
10014 10234
'11
Dec
10014
Atch Top & S Fe gen g 4s 1995
1912
A-0
7s
1st
9114 Sep '11 ___ 91 9178 Maine Cent cons
_--Adjustment g 4s___July 1995 Nov 91 02
10114 Sep '05
1912 A-0
Cons 1st 45
91 92
July 1905 11-N 01 92 92 May'11
Stamped
115 J'ne'08
Marq Hough & Out let 6s_1925 A-0
107 Dec '11 ____ 107 113
1955 J-1)
9312 l0O3
99
50-year cony 45
99
-J
J
08
-titi
1929
1081411058 Mass Gas 4 Ms
11058 Meta'11
1917 J -D
9912 9912
10-year cony Is
(3912 May'll
1917 J J
Mich Telephone 1st 5s
0 6334 73
68
6778
68
2 98 103
98
Ati Gulf & W I SS Lines 58_1959 J -J
98 &.-aiJ 98
F-A
5s1929
Yarn
Cotton
Eng
New
19014 Melt 09 _-1916 J-J
102
10134
Mch
10138
'11
Boston & Lowell 45
1015
A-0
New Eng Tel:ph Is
10412 Oct '08
1944 J
10012 Sep '08
Boston & Maine 4 Ms
1916 A-0
55
1 10234 10312
10234
10234
1918 J-J
Sep
'11
9834
Bur & Mo Itly cons (is
1,834
4
-J
083
J
11)45
5s_
g
cons
England
11158Sep '11 ___ 1115811134 New
Cedar Rap & Mo R 1st 78_1016 M-N
1039 A-0
Boston Term 1st 4s
1 8712 905s
90
90
75 75
-- -7-6"Cent Vermt 1st g 4s.._ ,May 1920 Q-F
5s_1934 J-J
cony
(The)
River
New
9634 9912
0634 may'll
C 13 & Q Iowa Div 1st 5s_1910 A-0
---- 1103 Oct '07 -_-. ---- -- NY N II & H con deb 3 Ms_1956 J -J
99 Feb '11
1919 A-0 ---12012 oct
1201213434
Iowa Div 1st 4s
1948 J -J
Cony deb 6s (Ws;
150.3-4 i
10034 Oct '11
1913 M-N
101 Apr '09
Debenture Is
F-A
1924
43
gold
Colony
Old
9914 100
9978 Sep '11
1922 F- A
9878 Sep
Denver Exten 45
Nay con g 48_1946 J --I)
_ 9912 May'll ____ 9838 9912 Oregon My & 1st
113 11473
1027 NI-N
11314 Dec '11
Nebraska Eaten 45
1922 F - A
g Os
Oreg Sh Line
9918 Feb '11
98 9834
1921 li- S
'38 3'110'11
II &SWsf 48
J-J
1912
6s
g
deb
Marquette
Pere
97
3 898
9318
8
8712 Nov '11 ____ 8
9114
103
103
1949 J-J
Jan
'11
Ws
Illinois Div 3 Ms
J-J
_1919
6s___
t
s
1st
10 100 10218 Repub Valley
7014 Dec '10
Chic Jet ity & Stk Yds 5s_1015 J J 10034 1611-8 10034 101
1st cons 5s...1952 J -J
Eiec
Savannah
8714
90
4
3
4
00
ioi- 1(5EColl trust refunding g 4s_1940 A-0 90 Sale 89
10412 1041213ee '18
1930
____
F-A
Is
g
1st
Elec
Seattle
114 Jan '11 ____ 114 114
80 93
80 Noy'll
Ch 1111w & St P Dub I) 6s_ _1920 J-J ---1011) M-N
1st g Os
11333 Feb '11 ___ 1135811358 Shannon-ArizElec
97 Apr '01
Ch M & St P Wis V div Os_ _1020 J J
1929 J -J
g Is
Terre Haute
10034 Meh'10
S
MCh & No Mich 1st gu 5s___ _1931 M-N 99 -1557-8 100 Dec '11 ___ 0812101
1018
55
g
let
Torrington
91)121013.1
8 101 i(5631921 J-1) 1001210112 10018 Dec '11
10078 Oct '11
Chic & NV Mich gen 5s
g 4s 1947 J-J
9712Sep '11____ 9'712 0712 Union Pac RR & 1 gr
10318 10458
10318 Dec '11
Concord & Mont cons 4s_ _ _1920 J
1927 J-J
20-year cony 48
10014 Aug'09 _ _
0578 9712
9638 Dec '11
06
Cudahy Pack (The) 1st g Is 1924 M-N
4;0_1923
J-3
f
s
gen
Fruit
"iii- United
97 Mch'll
9512 9078
1926 A-0
Current River 1st 55
1925 J -J ...._ 96 90 Dec '11
Debenture 4 Ms
oc
8512 t '11 ____ 8512 875s
10112 10178 14 100 106
11-N
Bet Gr Rap & W 1st 4s_ __ _1946 A -0 8512 _
'11 ____ 9534 9814 U S Steel Co 10-60-yr 5s Apr 1963
0812 9918
Sep
'11
9918
Dominion Coal 1st s f Is___ _1940 M-N 0734 0812 9758 Nov
F-A
1915
4s
By
_ West End Street
10318 Apr '05 ____
10018
10018 10012
1915 NI- S
10018
Fitchburg 48
1914 M-S
Gold 4 Ms
90 Apr '08
1927•S
9812 Apr '10
M-N
4s
1916
45
Gold
debenture
8
1271412
128 J'ly '11 ____
8
.1-58
9812Nov'll
Fremt Elk & Mo V 1st Os_ _1933 A-0
1917 F-A
Gold 4s
140 Apr '05
1933 A-0
0634 10012
9978
Unstarnped Mt 6s
9712 9918 Western Teleph Fe Tel 5s_ _ _1932 J -J -1-a73-4 Sale 9934
9834 0712Sep '11 __
0312 0314
1)314 Jan '11
General Motors 1st 5-yr 63_1915 A-0 9812
J-3
1949
4s
gen
1st
Cent
Wisconsin
0634 26 9512 0834
612
Gt Nor C 13 & Q coil tr 4s_1921 J-3 0658 9634 9612
9538 98
Dec '11
1921 Q J
903s ---Registered 4s
11 Fiat price.
price for all 13oston Bonds • No price Friday: latezt Old and asked.
purchase
the
to
NOTE.—Buyer pays accrued interest in addition
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
ACTIVE STOCKS
Saks
ot the
Week (For Bonds and Inactive
Stocks see below)
Shares
. Share Price;—Not Per Centum Prices
Saturday
Dec 23
Monday
Dec 25
Wednesday
Dec 27
Tuesday
Dec 20
Thursday
Dec 28
____
*94
9512 9512 *9534
100 100
8 -1778 7-i8 "912
6912
4,-.- 70
6814 6813 69
*127 130 *127 129 *127 130
2612 2538 2558 2512 2512
0934 9978
6412 1,-- -641;
6312 6413
1838 1838
1814 1814
1814 1814
*45
4414
1 178
5358
*3134
7178
452
4414
12I
5338
3212
7178
*2634
8915
Who
*838
*2314
6138
5212
1612
*2314
7614
712
5114
8712
*45
4458
*12
*53
*3113
*71I2
7517, 45
4456 4412
12I. *12
531; 5314
321. *3134
*71
72
;26:74 -2-7 27
8958 90
90
9314 9214 93116
858 *838 858
*2314 24
24
6158 6138 6117
5212 5212 5213
1634 1658 17
2312 2314 2314
76,6
7678 70
71, 72
712
5138 5114 5114
8734 8712 8717
45
4412
1218
5314
3234
72
-2612 114
90
9212
*838
2312
6138
5242
1678
2314.
7518
738
5114
8734
90
0318
858
2312
6158
5212
17
2314
7534
712
5114
8814
Friday
Dec 29
Baltimore
61 Con Gas El L & Pow_100
100
Lira
Do
100
100
1,850 Houston Oil
100
prof
Do
1,110
50
---7-- Northern Centrai
200 Seaboard Company_ 100
*2514 2574
100
1st pre
Do
100
*9912 100
100
2d pref
Do
525
6312 6413
337 United By & Electric,- 50
1838 1834
*9514 ---_
*9012 100
778 818
6814 685
*7
712
4514
*45
4418 4412
12(8
*12
53
5314
33
*32
*71
72
*612 7
27
27
*8914 90
z8934 9038
*838 838
2313 2312
615is 6112
*5214 5234
104 17
2318 2314
7558
75
7
x7
*51
5118
8714
z87
Range for Previous
Year (1910)
Rang-- Since
Atm 1 1011
Lowest
Hafizest
64 Jan 9 9512 Dec 22
89 Jan 9 101 Sep 18
7 Mch31 10 Aug 15
45 Feb 8 79 J'ly 31
121 Jan 11 13034 J'ne 26
21 Jan 4 2838 J'ne 3
80 Jan 6 9978 Dec 26
4314 Jan 4 65 IN oy 20
1613 Jan 1, 1978 J'ly 20
Lowest
6412 Dec
46 Mch
90 J'ly
80 M eh
9 Nov
6 Sep
51 Deo
35 J'ly
115 Jan 132 Feb
2714 Jan
1858 Jig
8012 Jan
7212 Feb
47 Jan
40 Oct
1612 Dee
1258 May
Philadelphia
17 Dec
5 Nov27 1712 Jan 4
American Cement____ 50
4134 J'ly
42 Jan 5 4612 Nov16
11 American Railways__ 50
4014 J'ly
18
4834
22
Feb
Sep
4078
50
848 Cambria Steel
1114 J'ly
11(2 Jan 4 1212 Jan 14
20 Electric Co of America 10
J'ne
42
15
9812
J'ne
3
Jan
5618
Battery_100
218 Elm Storage
19(4 J'ly
2812 Aug 25 3914 Oct 23
100
Gen Asphalt tr ctfs
64 J'iy
68 Aug 26 8378 Jan 30
pre( tr ctfs_100
Do
50
7 J'ly
9ls Jan 10
658 Dec 19
Keystone Telephone_ 50
1512 J'ne
2112 Sep 14 32 Feb 6
203 Lake Superior Corp_100
J'ne
86
Jan
14
98
8312
J'ne
29
50
ctfs_
tr
Nay
&
C
Leh
411
6212 J'IY
75.34 Sep 14 93746 Dec 22
50
4,179 Lehigh Valley
312 J'ne
9/8 Oct 24
614 Jan 11
50
Leh V Trans tr ctfs
1212 Jan
1812 Jan 16 2538 Oct 23
Do pref vol tr ctfs 50
100
5938 Sep 25 65 Feb 2 6111,4 J'ly
50
1,817 Pennsylvania 1111
42 J'ne
4814 Sep 21 594 J'ne
50
350 Philadel Co(Pittsb)
1512 Nov23 18 Jig 10 11378 Feb
25
8,320 Philadelphia Eleell
15 Apr
17 Apr 18 2418 Aug 1
50
vol tr ctfs
586 Phil It
0512 J'iy
Sep 25 8034 Feb 10
50
G6,546
Reading
5,510
17
612 Jan
Jan
8
5
8
512
J'ly
28
1
1,938 Tonopah Mining
38 Oct
43 Jan 3 5234 Aug 1
50
697 Union Traction
J'ly
711
Jan
8938
25
Sep
8414
50
Impt
Gas
2,703 Union
ss
PHILADELPHIA
Inactive Stocks
10
American Milling
50
Cambria Iron
Central Coal & Coke 100
100
Preferred
Consol 'frac of N J..__ _100
Germantown Pass___ 50
Huntington & 13 T____50
50
Preferred
Indiana Union Tr____100
Insurance Co of N A_10
inter Sm Pow & Chem_51)
Interstate Itys. pref_10
Kentucky Securities_100
100
Preferred
Keystone Teiep v t c _50
50
Preferred
Keystone Watch Case_100
10
Lit Brothers
50
Little Schuylkill
Minelilli & Schuyi 11_50
Nat Gas Elec Lt & Po_100
100
Preferred
North Pennsylvania_ __50
50
Pennsylvania Salt
Pennsylvania Steel. _100
100
Preferred
Ma Co (Pitts) pref_50
Phil German & Norris,. 50
50
Phi's Traction
10
Railways General
Tonopah Belmont Dev_ _1
United CO3 of N J _ _ _100
United 'frac Pitts pref_50
Virginia Ity & Pow. 100
100
Preferred
Warwick Iron & Steel_ 10
Washington-Va Ity_100
100
Preferred
100
Weisbach Co
West Jersey & Sea Sh__50
Westmoreland Coal_ ___50
Wilkes Gas & Eleo____100
5()
York Railway
50
Preferred
Iti I
Ask
Bonds
Prices are all "and
112
interest"
4434
7912 Alt & LV Elec 4 Ms'33F-A
80 Am Gas ds Mee 5s '07_F-A
A-0
__-_ Am Rys Is 1917
At! Eiec ref Is 1938.11-S
Berg&EBrew 1st 66'21 J-J
18(2 ____ Bothleh Steel Os 1908_Q-F
Choc & Me 1st 55 1949_J-J
22 2212 Cli Ole & G gen 58 1919 J-J
Trao of N J 1st Is '33
Con
—
—
8 ____ Del Co Itys tr etts 48'49J-J
Eiec & Peoples Tr tr etts.._
—
---- Fr Tac&Il 1st 58 1940.J4
Gen Asphalt Is 1916_M-S
Indlanap By 48 1933__J-J
_
43 1043—F-A
Interstate
95 160 1734 Keystone Tel Is 1935.J4
17
Lake Sup Corp Inc 5s'24_0
Lehigh Nay 454s '14__Q-J
Gen Al 4 Ms g 1924.Q-F
20 _
Leh V 0 1st 5s g 1933.44
70
Leh V ext 45 1st 1948 _J-D
9612
J-1)
Conso Os 1923
11212 113
Consol 4 Ms 1923___J-D
J-D
Annuity 6s
Gen cons 45 2003__M-N
4314 4334
Leh V Tran con 4s '35 J-D
1st series A 48 1935_11-S
8412
84
1st series B Is 1935 11-S
1012 11
818 MarketStEl 1st 48'55 NI-N
8
NatLIi&P ser B Is '19 J-J
-id - -if- New Con Gas 55 1948_J-D
N Y Pit & No 1st 43'39 J-J
Income 48 1939
_M-N
1112 12 Pa & N V Can 5s '39_A-0
Penn Steel 1st 55 '17_11-N
40
People's Tr tr etfs 4s 1943
-5117-8 P Co lsteccoll tr 5s'49 111-S
Con & coil tr 55 '51 M-N
tr etts_A-0
— ---- Phil Elec gold
Trust Ws 45 1949 __J-J
9 P & E gen M Is g
Gen 111 48 g 1920_ __A-0
2838
• 28
138
44
7812
79
7534
*Bid and asked: no sales on this day.
Bid
PHILADELPHIA
11 Ex-d1v.44 rights.
Ask
PHILADELPIAIA
Ph & Read 2d 5s 1033 A-0
Ex Imp Id 48 1947.A-0
Termin-1 55 g 1941_Q-F
P W & 13 col tr 4s '21.._J-J
Read Trao 1st 66 '33__J-J
8478 85
Roch By & L con 56'54 J-J
9512 96
Spanish-Am Ir 65 '27__J-J
— Stan'd Gas & S 68'25 M-N
Stand St1 Wks Ist53'28 J-J
11612
IJ Tree Ind gen 53 '19..1-J
.J4
163- 1031-4 Un Itys Tr Ws 4s'40.
United Rys Inv 1st coil tr
s t 5s
Welsbach s 158 1030J-D
8634 87
Wil-B G&E con 5s'55_J-J
York Rys 1st 5s 1937-J-D
-&i
l
82
83
oo
101
BALTIMORE
Inactive Stocks
Ala Cons Coal & Iron-100
100
Preferred
Atlan Coast L (Conn) _100
fall 1012 Canton Co & Fla_ 100
100
Georgia Sou
100
1st preferred
100
2d preferred
100
G-B---; Brewing
9734 98 Seaboard Air Line_ __100
100
Preferred
-111-4
97(2
-6111-4 ____
-_
-62- -93 10212 10234
9612 9'7
_
10112
7912
79
— -_
-003-4 ----
al5 paid.
Bonds
Prices are all "and
interest"
Bait City 3 3.s 1930— -J-J
4s 1954-1955_ __Various
1.1-N
Is 1916
Anacostia & Potom Is A-0
At) Coast L(Ct)etts Is J-D
(ills of Indebt 4s____J-J
J-J
5-20-yr 48 1925
B S P & C 1st 4 Ms '53 F-A
Bait 'Free 1st 5s '29 __M-N
No Bait Div 5s 1942 J-D
Car Pow & Lt Is 1938 F-A
Cent Hy cons Is '32 __M-N
$13 34 paid.
Bid
Ask
Highest
BALTIMORE
_ 115 C By Ext&Imp Is '32 MS
10034 Chas City By 1st 5823 J-J
Chas ley (1 & El 5s'99 1.1-S
City & Sub 1st 5s 1922 J-D
993 i645
125 City & Sub(Was)lst 5s '48
--- Coal & C By let Is '19 A-0
72 ____ Coal & I Hy 1st 58'20_1f-A
Col&Grny 1st 6s 1916 J-J
Consol Gas 5s 1939__J-D
Gen 434s 1954___A-0
95
75 __ Cons G E & P 4;0 '35 J-J
Fair & CI Tr 1st 5s'38 A-0
Ga & Ala 1st con 5s '45 J-J
8234 83
Ga Car&N 1st 55 g '29_J-J
8934 90
Georgia P 1st 6s 1922 __J-J
Ga So & Fla 1st Is '45_J-J
96
G-B-S Brew 3-4s '51.11-S
Knoxv Trac let Is '28 A-0
MaconRy&Lt 1st 58'53 J-J
Md Elea By 1st 5s'31 _A-0
Memphis St 1st Is '45_J-J
Mt Vet Cot Duck 1st 5s__
012
Npt N &0P 1st 5s'3811-N
130
124
Nor&Port Tr 1st 53'36 J-D
-64 - -if- North Cent 4345 1925_A-0
Series A 5s 1926_ ___J-J
Series B 55 1926____J4
-3-4 --ifs
2412 25 P.tt Un Tree Is 19117__J-J
47 4812 Poto Val 1st Is 1941_ _J-J
Say Fla & West Is '34 A-0
Scab Air L 4s 1950__A-0
Adjust 5s 1949____F-A
Scab & Roan Is 1926__J4
South Bound 1st 5s __A-0
U El L&P 1st 4 Ms'29 M-N
Un By & El 1st 4s '49 Af-S
Income 45 1949___J-D
Funding 58 1936___J-D
Va Mid 3d ser 6s'16M-S
4th ser 3-4-5s 1921_11-S
91 9112
5th series Is 1926__M-S
9612
Va (State) Is ne'32J4_J
Fund debt 2-33 1991 J-J
1161-2
West N C con Os 1914_J-J
Wit & Weld 53 1935___J4
28 Jan
50 Jan
6312 Jan
1212 Jan
0414 Mch
3438 Dec
8414 Jan
13 Jan
2978 Dec
123 Jan
12114 Mch
634 Dec
20 Dec
69346 Melt
5314 Jan
1614 Mch
2812 Jan
86 Feb
91ie May
5234 Jan
9618 Jan
Ask
Bid
9714
105
101 _
97
88
100
-6iii
8814
105_
108
-5E12 36
101 - 102
0814 09
-- _
WA-4
89
10714
8818
8214 8212
106 10614
93
85
6158
8612
-
94
8514
6134
8634
1778
THE CHRONICLE
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
Dec. 29 1911.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Shares.
Par value.
Railroad,
&c..
Bonds
HOLI DAY
HOLT DAY
$18,375,200 $2,881,000
27,925,300
3,272,500
34,144,500
3,481,500
39,111,100
2,975,500
State
Bonds.
U. S.
Bonds.
[VoL. mcxxxm.
Bid
Electric Corn panics
Chicago Edison Co-See Ch cago
Gr't West Pow Is 1946__J-.1 8234
a Kings Co El L & P Co 100 125
Narragan (Prey) El Co._ _50 *a_ _
N Y & Q El L & Pow Co 100 62
Preferred
100 73
United Electric of NJ.._100 1)0
1st g 43 1049
J-D 78
Western Power corn__ __100 27
Preferred
100 55
Ask
Hat
8334
12612
80
57
77
93
79
30
59
Telegraph and Telephone
80
$20,000 e Amer Teleg & Cable_ _100 76
e Central 4 So Amer _._100 x11412 117
10,000 Comae' Un Tel (N Y)._ _25 103 115
75
3,000 Empire & Bay State Tel_ 100 65
Franklin
50
100 40
100 115 120
Total
1,286,811 $119,561,100 $12,610,500
$302,500 $33,000 e Gold Ar Stock Teleg
a Northwestern Teleg.......50 103 113
Paola() Sr Atlantis
73
25 65
Sales at
Week ending Dec. 29
Jan. 1 to Dec. 29.
a Pao Telep & Teleg pref 100 z97
New York Stock
Southern & Atlantic _ _25 85
1)3
1911
1911.
1910.
Exchange.
1910.
Ferry Companies
B & N Y lat 63 1911____J-J 88
93
1,105,681)
1,286,811
Stocks-No. shares___
127,053,553
105,061,929 N Y & E It Ferry stk._ _100
5
12
$119,561,100 $97,613,950 811,473,271,600 $14,721,499,225
Par value
1st Is 1922
M-N 50
$2,000
$9,200
$1,554,000
Bank shares, par
$1,103,100 N F & Hob Ea May '46._J-D 98
Bonds.
Hob Fy 1st 53 1046_31-N 104
81,000
$3,461,500
$33,000
Government bonds_ _
8361,700 NY&NJ 531946
J-J 06
760,000
302,500
91,728,400
State bonds
42,430,550 10th & 23d Sts Ferry_ _100
25
35
9,200,500
791,908,200
500,849,700
RR. and misc. bonds. 12,610,500
1st into Is 11119____J-D 87
65
3 Union Ferry stock..__100 18
22
$12,946,000 $10,057,500
$897,104,100
Total bonds
$633,650,950
1st 55 1920
M-N 04
07
Short-Term Notes
DAILY TRANSACTIONS AT Tfle'. 1103rox AND PHILADELPHIA
Amal Cop 55 Apr 1 1913.. 100 10038
EXCHANGES.
American Cig.,rSer B 4$ Itch 15 12....M-S. 9fY78 10018
Philadelphia.
Boston.
Balt & Ohlo 4135 1913.3-D 100 10018
Week ending
Bethieh Steel 63 1014_ _31-N 9934 11)0
1.13M1
Pond
Unlisted
Dec. 29 1911.
Listed Unlisted
Bond
ChM & Ohio 4123 1914_J4) • 9111s 9938
shares,
sales,
shares. shares.
sales.
shares.
Ohio Sr Alton 5s 1913 M-1) 9812 99
Chic Elev Rye Is 1914...J-3 97% 98
HOLI DAY
Saturday
Cln Ham & 114s 1913_3-1 99
9914
110LI
DAY
Monday
Erie 63 Apr 8 1914_ A-03 10038 1007g
19,046
26,933
$28,600
7,340
$51,600 eGeneral Motors 63'15 A&O 1/812 9834
3,087
Tuesday
29,033
25,963
10,636
53,000
Wednesday
3,456
54,300 iludson Companies' 24,830
17,019
30,503
8.207
Thursday
9,884
70,600
65 Feb 1 1913
F-A 98
9812
14,127
18,720
19,500
4,562
32,000
Friday
15,236
9812
Os Oct 15 1913-- A&015 98
lot 401 No Is 1914- r-A 9614 'J7
99,116
76,790 $137,600
31.335
31.663 8208.500 K C Ry & Lt 03'12_ _M-S 94- 97
.• Total
Minn 451 L g Is 1013..F-A 94
9434
ho Kan & Tex 63 May 1'13 9834 99
SUF.:chic 53 1914
9512 90
Nat Rye of Alex 41i5'133-1)
a NYC Lines Eq Is '11-'22 59-1All hood prices are now "and interest' exceaf where marked '1"
2770
433s Jan 1912-1025
9412%
N Y Cent 4135
100 10014
Bid Ask N Y N ti 4 11 1.914_M-S
Bid Ask
Street Railways
Street Rail ways
Is Jan 1912 100 10012
Pub Serv Corp N J (Con)413s MO 1 11.112.___M-S
Rapid Tram St Ry____100 235 240
New York City
St 12 & S P 5a 1913.......111-8 9812 99
25
1st .e; 1921
A-0 102 _ -- • 59 June 1 1013 opt.-J-D 9812 99
Elleeck St & Ful Fy stk_100 20
70
J-J
65
J C Hob & Paterson1st mtge 4s 1950
South fly g Is 1913. _F-A 10018 10038
76
100 145 160
111-N 75
45 g 194:1
B'y & 7th Ave eta
Tidewater Os, 1913, guar_ _ 101 10113
J-.), 99 lot
So J Gas El & Trao j00 127 _ -- Wabash 413s 1913_ _M-N 95
26 mtge Is 1014
9612
Gil g 53 1953
Con 53 Is)' -See Stock Exc list
hl-S 93 9912 West Telep & T Is '12_F-A 100 1003a
No iliid Co Ely (Is 1914 3-3 101
Irway Surface 1st Is gu 1921 10112 103
WestIngh'se El 4 al Ca 1913 10114 10134
3.3
10212
_100
1928
,
stock
___
Crosstown
la
"Jent'l
5% notes Oct 1917-A-0 95
9712
85 '
Ext 5s 1924
31-N 98 -.
let mtge Os 1922._ M-N / 80
20
Pat Ely con (Is 1931--J-D 114 ..- Chic PeorRailroad
'len Pk N & Fl Riv stook.100 10
& St
24 63 opt
_A-0 100 102
.Thristophl & 10th St stk 100 100 120
Prior lien g 4135 '30_M-8 7 90 93
Republic) Ely &1914_Light__100 28
29
)o1 ..e. iitti Ave 55-See Stook Esc 1st
Con mtge g 58 1930.-_J-J 40
60
Preferred
Dry Dock E B 4 13100 78
79
Income Is, July 1930____
10
103
30
97
J-D
Side
Si
1932
gold
5s
1st
(Cinci-See CM cago list
Chicago Subway
100
45
FLA / 38
Syracuse It r 53 19411 ,M-S 101 10212 Northern Securities Stubs__ 101 105
Sdrip 5s 1914
10
Eighth Avenue stook.„100 276
Trent P & II Is 1943-3-0 95 100
eOregon-Wash RR & Nay00
F-A 1 05
Scri'p Gs 1914
United Rys of St L1st & ref gu 45 '61 op 3-3 s 9214
Coin vot tr cal
124 & Or St F'y stock..100 ' 0 a 5
um 9
934 Pitts Bess & L E
35
50 *30
126 St DI & St N Aye......100 ----------6 Preferred
100 4012 4038
Preferred
70
50 *60
42.1 income Os 1015.. _J-J 1 -416 .Gen 44 1934-Sea Stock Exo list
e Railroad Securities CoUnit Rys San Fran-See Stk Etc list
Inter-Met-See Stock -Exch tinge ,st
ln C stk tr ctfs ser A
52 90 95
Wash ity & El Co
5134 Seaboard
Lex Av & Pay F Is-Sea Stk Etc 1st
100 50
13a It Exe list
100 88 8812 West PazCompany-See
Preferred
Idetropol St Ity-See Stk Esc ist
1st 53 1933_81-S 87
89
45 1051
Ninth Avenue stook._100 150 175
J-L) 8514 8634
Industrial and Miscel
12
8
4,9
Second Avenue stock-100
Adams Exp g 4s 1917-I-D /82843144
085513141
46
F-A / 43
Consol 53 1948
Eas Securities
Alimeek Mining...... ___25 1'240
100 116 125
New Y oft
pSixta Avenue stook
Alliance Realty
100 120 125
75 Cent Un this Is 1927___J-J 101 103
Sou Sautes, 68 1.945___J-J 05
Amer Bank Note corn.., 50 *11
44
95 Con Gas (N Y)-See Stock Et:
A-0 85
, list
So Fer 1st Is 1919
Preferred
51
50 *50
a Mutual Gas
Third Avenue ER-See Stk Etc ist
100 165 175
American Book
10th 105
80
New Amsterdam GasTarry W P & 1.1 Is 1928._ / 60
eA tn Brake Sh&Fdy com100
Y'kers St RR 53 1940 A-0 81 86 ' 1st oonsol Is 1948_ _J-J 101 10214
2 13
25
1
ePreferred
100 129
N Y & E R Gas 1st 5s '4-4 J-J 103 105
18th & 29th Sts 68 '96-A-0 ,./ 2134 26
American Brass
100
Twenty-third St stock._100 190 413 ' Consul Is 1915
3-3 101 103
Amerler.0 Chicle corn.. 100 215 225
041: i N Y & Richmond (les_100 35 '50
Union fly 1st 5s 1942_ _F-A 103
Preferred
100 102 103
SO
Westchester 1st Is '43 J-J 70
Nor Un 1st 28 1927__M-N 100 102
7
Am Clraphophone corn._100
_
a Standard Gas coin..
100 60 -Preferred
100 30
e 'reze red
Brooklyn.
.._
100 95
Amer Hardware
100 x130 140
,
1st Is 1930
/Ulan Avenue RRlit-N 10112 10534- Am Malting 6.1' 1914_ _
9112 10112
A-0 10012 102 1
Con Is g 1931
95
Amer Press Assoo'n_. 100
A-0 98 102
Other Clltes
B 13 4 W El Is 11.133
eAmer Snuff corn
-300
100
a
70
Am
160
Gas & Eleo corn------50 *34
10
Brooklyn City Stock
67
e Preferred
15
104
100
Preferred
Con 5s-See Stook Each also let
*4312 45
Am St Found new-See S t1:0 '.1\
2 1155
0034
Bklyn Ligts 1st Ss 1941 A-0 98 102
Amer Light & Fraci___105 294 230
65 1935
A-0
100
10312 108
Bkiyn Queens Co & SubPreferred
Bob 48 1923..F-A 62
65
e let g Is '41 op 1916 _J-3 98 101
Amer Power & L.
- 74
American Surety
50 203 205
e 1st con Is'41 op '16 M-N 95 98
com_100--Preferred
100 8112 8312 American Thread met_ _5
is
Bay state Gas
Bklyn Rap Tran-See Steel Etc let
.
50 *lie
Am Tobacco Co coin_ _ _ _100 480 490
65
100 45
Coney lei & Bklyn
Bingn'ton (N Y) Gas Wks
Ex-subsidiaries
212 245
82
J-J 75
1st cons g 4s 1948
1st g 5s 1938
A-0 98 100
Amer Typerders cons_ _ _100 43
47
Con g 4s 1955
80
J-J
75
Brooklyn (In Gas-See 8th Etc list
Preferred _
100 98 101
Brk 0 & N 53 1939_ _J-1 08
01
Buffalo City Gas stock 100
312 412
Deb g 6s 1939
/11-N 99 102
Kings Co El 48-See Stock Exo '1st
1st Is 1947-Sea Stock Eke 1st
Amer Writing Paper_ _..100
112 2
100
Nassau Elec pref
Cities Service Co
82
100 81
ePreferrad -See Stock Ex ch'ge list
A-0 101
03
5s .1944
Preferred
100 8114 8214
elst s I g Is '19 red 105J-J 8812 8878
1st 45 1951-See Stock Etc 1st
Con Gas of N J 53 1936 ...1-.1
9312 9512 AU Olt & W I 88 Lines..100
712 8
94 I Consumers' L II & PowN W'b'fe 34 Flat 1st ex .14is 00
Preferred .
100 1012 17
Itelaway let Ca 1922___J-J 100 104 , 5s 1933
J-D 100
Col tr g Is 1959
68
J-J 66
, Denver Gas de Eieo
100 220 _ - Barney 4 Smith Car
16
100 10
Other Cities
i
Gen g 55 1949 op........M-N 9412 90
Preferred
1011
Elizabeth Gas Lt Co____100 300 -. Bliss Company com---- 60 80 00
Buffalo Street RyIri)
1st consol Is 1931___FLA 10412 103 1 Essex & Hudson Uas_.100 133 136Preferred
50 129 128
Deb Os 1917
Gas & El Bergen Co
A-0 1031.105
100 84
87
Bond & Mtge Guar
100
Columbus (09 St Ry_ -100 80
8214 e Or Rap 1st 53 1915 __F-A
9934 101
Borden's Cond Milk... 100 248
12814 15
20
914
Preferred
100 8934 91
Hudson Co Glee
IOC 131 133
ioo 103 111
Colum Ity con 53 1932 J-J 102 104
elst 55 1949
M-N 10414 100
hrreeod
l Copper
Crosst'n let Is 1933-1-1) 101 102
Indiana Liglitin.g Co
4012 Butte Coalition Mining_ 15 42
101 39
4114
2 23
4142
100 7512 __ 1
4$ 1058 op
I Conn Ely J, Ltg com
F-A
6712 70
Casein Co of Am cam_ _100
,414 234
100 8012 811, Indianapolis (Jan
a Preferred _
51 20
26
Preferred
GO
101) 55
1st de ref 415s-See Stock Etc list
1st g 5s 1932
A-0 70
80
Casualty Co of Amer_ _1
100
1) 125 140
rederal Light & Tree_100 38
40
Jackson Gas Is g 1937 A-0 97 _- Celluloid Co
100 137 140
Preferred
100 73 80 e Laclede Gas-Sea StockE sten It it
Cent Fireworks cons. _100
1
3
pram! Rapids Ry pref 100 82 86
a Preferred
100 96
Preferred
0712
10
13
1,Louise St 63 1930... _J-J 111314 0 . Madison Gas 63 1926- A-0 104 loU
Chesebrough Mfg Co
1
1010
) 700 60o
ynn & Hos lit Is 1924-.34) 10414 105.54 Newark Gas Gs 1944
Q-J 12512 1261: eCiiino Copper Co-Sea Stec Exa het
148w On Rye & Lgt__100 3312 36
Newark Consol Gas
100 'JO
city Investing Co
50
10(1 47
a Preferred
100 x7812
_
e Con e Ea 1948
3-1) 105 100
Preferred
98
100 115
. Gen 111 g ths 1985-See I-. lea Ex list I No Hudson L Et dr Powe Clallln (II B) coin
88
100
95
IPub Sera,Corp of N J-Nee lint E t list
Se 1988
A-0 100
e 1st preferred
00
100
, Tr otts 2% to 0% perm( 10412 106
Piscine Gas & E, coin_ _100 481, 401:
e 20 preferred
100 85
05
88
58
i North Jersey St Ky 100 80
' Preferred
100 $9 - 9012 Consol Car Ileating.-100
Let 45 1948
M-N
77
79 I Pat 4 Pas Gas a, Elee-10(J 92-.
Consol 'tubber Tire--100
4181 434
Cons Tract of X J.....1011 75 _
e Con g Is 1949
M-S 10134
.
Preferred
10(1 25
30
1st Ea 1913
.1-1) 104 1011: at Joeepa Gas Is 11137....J-J 00
Debenture 4s 1951_A-0 44
95
47
New'k Pas Rv 5e '30_ _3-3 106 __ -205,127
297,353
368,095
416,236
$68,500
66,000
75,000
93,000
Inactive and Unlisted Securities
-414.10
4145
-- --
•
Opel. share.
9 /mete
al Selo on Stook Excuange.b..t not very active. / Flat price.
n No.nInal
s Sale prior),
dli .4 Rh
industrial and MIsce:
.234.
e Crucible Steel
100
e Preferred
1(10 82 83 •
Copper
ls
)ai
Davls.lo
n cr 11Clitte
oppti Coo-_0
:1
-10
0 10512 107
duPont (F) 1) do Nem Po 100 158 165
e Preferred
1/5
100 87
e Goirl 410 19311____J-11
85.2.
Empire Steel
100 -11;- 15
Preferred
43
100 36
a General Chdinical
100 x128 134
e Preferred
100 10612 10758.
5,G
Gold 11111 Copper
1 **die
1,14_
Greene-Cananea
20 es
Guggenheim Explor'n__100 180 185
e Hackensack Water Collet g 45 '52 op 1912 __J-J 84
Hall Signal Co corn
"IF
100
Havana robacco Co___ _100
15
Preferred
100 10
1st g Is June 1 1922
57
/ 52
ifeeker-J ones-Jowell Stilling
1st the 1922
A11-b 101 10213,
25 •
new 100 15
Hoboken Land & Imp._100
let Is Nov 11130____M-N
1)45
10
flocking Val Products 100
8
let g Is 1961
00
J-J 56
Houston 011 coin ctfs __100
778 814.
Preferred cies
_100 6811
• Inaersoll-Rand coin._ _100 105
e Preferred
100 105
Intercontinental Rubber 100 1712 19
Internat.
! Banking Co....100 88 . 2
International Nickel
100 250 110
Preferred
100 99 lea
1st g Is 1932
A-0 90 11.0
2
4
International Salt
100
1st g Is 1951
A-0 / 43
lup
terreni
90
feti
trro
endal Silver..-100 70
15
100 113
1st 03 1948
.3-D 111 112
Internet Smelt & Refs_.100 120 130
Jones & Laughlin Steel Cc
tat s I g Is 1939
9-5 10034 10114.
Kayser (Julius) & Co...100 59 61
1st preferred
100 11/112 10213 .
e Lackawanna Steel._ _ _100 284 35
C 1st con 53
79
78
e Deb Is 1915
11112
111-8 91
Lanston Monotype.._ _ _ _100 90 .Lawyers' Mtge Co
100 262 265
Loh & Willtes-B Coal_.._50 275 300
e Lorillard (P) pref
100 141)
Madison Sq Garden__ _100
2d 03 1919
.M-N 171-2
'Manhattan Transit
111e
20
e May Dept Stores-Sea Stk Lxcli list
eallami Copper-Se, Stock Each list
Monongahela It Coal
50
Preferred
50 *32
Mortgage Bond Co
100 10712 112
Nat Bank of Cuba
100 103
e National Surety
100 250 260
et, 3te •
Ney-Utah Mln & Sm
10
e New Central Coal
New York Dock
25
100
a Preferred
55
100
N Y Mtge et Security...100 205 21g
N Y Transportation
20 *3
94
Nlles-Bem-Pond corn. 100 90
NIpissing Mines
x*612
Ohio Copper Co
10 *1
e Ontario Silver
1
100
Otis Elevator corn
71
100 70
100 102
Preferred
*938 97s
Pittsburgh Brewing
-1(°
5()
)
10 *3812
Preferred
Pittebargii Steel pref__100 101 105
Pope Mfg Co coin
95
101 41
88
Preferred
100 66
l'ratt Sr Whitney pref._ 100 98 10213
Producers Oil
90
100 85
eitay Consol Copper-see 8 it ,Ex list
Realty Assoo (Bidyn)_100 118
Royal Bak l'owd corn
101) 11)0
Preferred
100 108 10812.
Ilumely (M.) Co. pref-100 9834 99
Safety Car ileat Lt__ _100 110 117
Seneca Mining.26 425
Singer Mfg Co_
100 292 298
1
2
South Iron & S corn_ _100
2
4
Preferred
101
14
Standard Cordage
100
1st It g Is '31 red_ _. _A-0 116' 14
Adjust al 5s Apr 1 193L_ / 1
3
45
StandardCoupler coin_ _100 38
Preferred
101; x101 111
e Standard Milling Co.....100 15
17
.; Preferred
100 5212 5311.
r let Is 1930_ .....
8834.
Standard Oil of N J
11k (355 (75
Standard Oil ex-subskilar's 355 365
Stamhird 011 Stibsidlarles- 3'20
_
Studebaker Corp coal 100 5634
Preferred
_10( 10214 103
Sulzberger & Sons uo p 1.100 9811 100
8wItt & Co-See Boston Stk Esc 1st
1st 55. See Chicapa 1)11 Esc list
Texas Company-See Stock Exc list
e Texas 6, Pacific Coal_ _100 98 100
eTexas Pacific Lana Tr_101 86
87
Titio Ins Co of N Y. _101 122 124
Tonopah Min (Nevada).....1 x678 71g
Trenton Potterles com_101
4
Preferred VOW
56
50
100
TrOW Directory
40
100
Underw'd Typewriter-See Stk E a list
Union Typewriter corn 101! 33 40
1st preferred
100 104 100
20 preferred
100 0812 10012
100 5012 52
United Cigar Mfr3
100 1015 104
e Preferred
100
United Copper
119 2
8
10
100
Preferred
100 215
U S Casualty
100 70
U S Envelope coin
100 110
Preferred
1)5
100 89
U A Finishing
Preferred
100 102
1st g Is 1919
J-J 100 105
Con g Is 1920
J-J 95 100
U S Indust Alcohol -.:_ 100 22
29
e Preferred
IOU 9313 9712
S Steel Corporation11312 11413
Col tr s f 5s 1951 opt '11
Col tr e t Is '51 not opt__ 11312 11912
05
U S Tit Ott & Indem_.100 90
Westchester & Bronx Titi0
e
& Mtge Guar
160 166
Wastinglfso Air Brake__ 60 *15312 15912
Woolworth (F W) Co (w 1)
80 81
rretdti(w t)
P:tebtleug
w0
10838 109
Pump pre1.10U 106 110
ilrew stook.
z Ex-dly•
y b:x-righta•
!inc. '.;o
1779
THE CHRONICLE
1
$nuestatent and 'Railroad tateittlence.
SS EARNINGS.
RAILROAD GRO
re4ular we3k ly or monthly return
STEANI railroal fro n
two
The following table shows the gross earnings of every
the gross earnings for the latest week or month, and the last
give
s
figures
of
column
two
first
The
d.
obtaine
y
mentar
supple
can be
a
add
We
month.
or
week
such
ng
latest
1 to and includi
columns the earnings for the period front July roads whose fiscal year does not begin with July, but covers some other
statement to show the fiscal year totals of those
together separately on a subsequent pnge.
period. The returns of the electric railways are brought
Latest Gross Ifarntnas.
Current
Year.
1...
..
NW
,.1.
“ .
7.COV
".
,V
...V
,
..Q.
VV...
,
....
,,00......Q.WV.
C.4ocom ,
,
...N.
-.w.Opc,...10C,.4
,.,:
.
.V.
.M.Q.T.
COW
= .... .
... .
...
WC.......p.........C3G..
......
..
. ...... .
.
V..
VA.U.
1.
.
0
..M.U.V. ....O.
V
1,V
..
V.0...........C...
OVV......0....V.C.
Ala N 0 & Tex Pao-N 0 & Nor East_ November_
Ala & Vicksburg_ November_
VIcks Shrew & P_ November_
Ala Tenn & North__ November..
3d wit Der
Ann Arbor
Atch Topeka & 8 Ft November_
Atlanta Birm & AU 2d wk De
Atlantic Coast Lin.: October __
p Balt!more F0 Ohio_ November_
B & 0 Oh Ter 1511 October- _
Bangor & Aroostook October__ _
October__
Boston & Maine
Bridgoton & Saco R October-__
Bull Hoch & Pittsb_ 3d wIt• Dec
October__
Buffalo Fc Susq
Canadian Northern_ 3d wk Dec
3(1 wk Dec
Canadian Pacific
3d wk Dec
Central of Georgia
Central of New Jcr_ October__
October__
Central Vermont
Cites & Ohio Linos_ 3d wit Dec
3d wit Dec
Chicago & Alton
Ohio Burl & Quincy October_
p Ohio Great West 25 wit Dec
Ohio Ind h Loulsv_ 3d wk Dec
Ohlo Mer.oh & Gulf October __
Ohio Milw & St Pant October___
Ch Mll & Pug Sd_ October___
vOttio & North West November_
vGit:a St Paul M & (I November_
October__
Oak;'1' II & S E
r_
Ohl Ham & Dayon November_
Novembe
Midland
Colorado &
Colorado & South_ 3d wk Dec
Slily
Copper Range
October __
Cornwall
Cornwall & Lebanon October __
October__ _
Railroad
Ottha
Datawaro & Hudson November_
October__
Dei Lack & West
Deny & Rio Grande 3d wk Dec
October..._
Western Pacific
Denver N W & Pao_ 3d wk Dee
wit Dec
2d
front
&
Detroit Tot
Detroit Fc Mackinac 3d wit Dec
Dui & Iron Range__ October__
Dul So Sh & AtI___ 3d wit Dec
El Paso & Sou West November__
October_ _
Erlo
November_
Fairchild & N B
Fonda Johns & Glov November_
__
October
Railroad
Georgia
Grand Trunk Syst 3d wk Dee
Grand Trk West_ 25 wit Dec
Dot Cr Hay & Mil 25 wit Dee
Canada Atlantic_ 24 wit Dec
Great Northern Syst November_
Gulf & Ship Island_ October__
Hocking Valley_ __ _ October __ _
Illinois Central_ __ _ November_
Internat & Grt Nor_ 3d wk Dee
n Interoceanio Mcx_ 3d wk Dec
2d wit De
Iowa Central
October___
Kanawha & Web
Kansas City South_ November_
K C Alex & Orient., lit wit Dec
November_
Lehigh Valley
October__
Lexington & East
Louisiana & Arkan_ October...
Loulsv Head & St L October_ . _
3d wk Dee
r Loulsv & Nashv
Slacon & Birming.rn November_
October __
Maine Central
Maryland 63 Penna.. November_
a Mexican Hallway_ 4th wit Nov
3d wit Doc
Mineral Range
Uifincap 63 St Louis 2d wit Dec
Minn SIP & S S All 3d wit Dec
Chicago Divislonj
Mississippi Central_ October_ _ _
u Mo Ran & Texas_ 3d wit Dec
Missouri Pacific_ __ _ 3d wit Dec
Nashv Chatt lk St L October_
3 Nat Itys of Mex_t_ 3d wit Dec
Nevada-Cal-Oregon 3a wit Dee
November_
Nevada Central
N 0 Great Northern October_
Wk Deo 9
ek
Chic_
N 0 Mobile
i N Y. C & Hud Riv October .._
Lake Shore & M S October __
n Lake Erie & W. October __
Clito Ind & South October
Micalgan Central. October __
Cleve CO & St L. October __
Peoria & Eastern October __
Cincinnati North_ October __
Pitts & Lake Erie October __
N Y Chic & St L. October __
October __
Tol & Ohio Cent_ (Intnhor
niinarn
I,-.Thr
n11 II,,,-.,
Previous
Year.
Current
Year.
ROADS.
Previous
Year.
Wee,C or
Alantir
Current
Year.
Previ9us
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
3
3
22 22,046,113
N Y N It & Hartf__ October __ ;,733,127 5,571,071 22,180,3
328.512 1,558,837 1,488,071
0 3,482,061
3.394,14
743,446
720,309
..
October.,
&
We.st___
Y
Oct
766,926 N
719,578
161,503
1,338,430 1,246,136
335,52
659,944 N Y Susq & Wes•A__ October.,.., 345,031 248,034 1,051,851
617,214
940,010
140,911
45.890 Norfolk Southern.. October.... 278,227 3,300,513 13,469,722 12,591,375
65,302
11,659
3,445,761
_
_
October_
&
Western_
04
52
31,464,7
41,554 1,144,472 1,028,208 Norfolk
29,226,4
3,972,74
_ November_ 5,856,036
9.083,003,45,737,808 46,074,213 Northern Pacific__
761,983 804,850 2,012,954 3,142,3012
Co___ October.,., _
1 35,230,10
54,591,09
60,605 1,517.559 1,275,557 Pacific Coast
14237001
14353719
_
RR_
October
ania
134,271
133,946
2,557,255 9,684,142 9,021,843 Pennsylv
2)1,26(
20,216
Halt Chcs & Allan October
1,115,074
7,470,106 39,734,130 40,154,550
268,425 295,272 1,007,854 4,038,92
Cumberland Vail., October
552,505
8
8
560,644
4,315,98
144,573
801,846
876,743
October
Long Island
995,959
61,676
67,975
269,559 1,145,214
11,09
11,263
Maryrd Del & Va October
4,085,314 16,413,608 16,215,892
282,124 1,188,142 1,236,221
289,718
October
&
Nori
Plana
N
Y
8
20.479
23,290
4,456
1,201,495 1,174,231 4.358,245 4,370,266
Northern Central. October
19-1,196 4,679,121 4,735,452
1,667,126 1,653,173 6,623,443 6,832,111
Phila Balt& Wash October
802,959
839,687
208,195
451,603 2,813,736 2,813,26
446-,619
October
&
Seash
W
Jersey
285,000 9,828,200, 7,698,200
4,877,945 4,933,070 19,128,576 20,202,768
ania Co.._ October
2,065,000 59,267,800 52,855,129 Pennsylv
453,110 446,10' 1,832,294 1,886,264
Grand Rap & Ind October
294,300 6,871,910 6,338,894
3,533,146 3,611,968 13,880,995 14,213,555
October
Gin
StL
eh&
Pitts
2,418,345 10,127,/44 9,645,744
3,499.669 3,758,282
919,761 962,56
October
Vandalla
393,707 1,487,173 1,391,142
Total fines600,811 16,251,579 16,062,394
80,590,945 81,417,345
20281727
20440432
H.
&
Pitts
October
East
335.286 7,641,192 7,404,201
10231173 10387021) 40,101,618 11,626,399
October
West Pitts &
4
8,909,593 31,465,141 32,759,270
30680603 30669657 120692561 123043741
All East& West October
265,753 0,220,171 6,041,009
3 1,396,486 7,573,046 7,112,83
1,527,86
r_
e...,.
Novembe
Marquett
52,148
105,733 3,204,540 3,064,239 Pero
58,704
15,332
16,170
38,620 Raleigh dt, Sou th port
91,021
13,938
Company
29
6,503,261 22,643,790 24,352,306 lteadlirs
Phila. & Reading_ November 4.122,541 4,148,991 19,232,319 19,041,188
1,319,990 5,647,119 4,795,113
November 4,237,676 3,874.049 14,170,176 12,553.0 18
Coal & Iron Co
6,792,230 34,338,001 35,393,203
0 33,402,495 31,549,2
8,023,04
7
r
8,3(10,21
Novembe
cos_
both
Total
3
728,349
1,531,807 6,821,083 7,553,64
766,962
197,611 178,31
828,323 Rich Fred ec Potom October_ _ _
627,412
196,663
287.359
277,122
110,241 100,463
June.... September
311,081
802,434 4,555,241 4,246,134 Rio Grande
240,289
11,237
9,117
Dec
wk
3d
South
Grande
Rio
053,634
927,622
48
30,475,5
195,472
69
28,583.4
8
6,192,88
5,630,280
r_
Novembe
352,227 7,337,749 8,621,254 Hoek Island Lines.. October..., 320,819 331,918 1,284,433 1,298.690
Rutland
70,733
60,551
639,532
70,733
609,314
183,319
153,834
__
October_
Isl.
&
Grand
Jos
St
60,125
63,660
11,006
4,074,796 14,558,118 1,1.821,545
131,681 St Louis & San Fran October___ 4.122,871 1,400,321 5,429,806 5,260,537
117,118
28,431
I Ohio & East Ill_ October___ 1,471,325
821,883
190,692 1,037,957
5,475,117 19.987,924 20,082,082
6
5,594,19
__
October_
_
lines_
all
Total
707,159
542,493
1,833,411 9,380,288 0,066,226
Mt 63 P., October... 140,200 194,237 6.008,553 6,100,019
3,218,290 12,897,463 12,354,823 St L Stocky
276,000 278.000
Dec
wk
3d
t_
Southwes
St
Louis
96
12,260,9
5 2,641,656
2.979,42
433,90( 12,035,101
743,496
751,512
.,.
October.,
L.
San Pod LA ea S
1,990,080
457,464 453,511 10,549,938 9,775,967
610,517 Seaboard Air Line.. 3d ws Dee 11956 013 12198 643 57,772,888 59.571,259
650.658
19,009
903,223 Southern Pacific) Co November_
846,284
32,284'
1,258,875 30,522.465 29,384.308
1,235,424
Dec
565,490 Southern Railway 3d wk
584,674
5.272,778 5,004,140
19,414
Mobile & Ohio... 2d wit Dec 227,044 228,836 4,382,751 4,342,877
022,872 3,952,082 4,516,927
170,931
172,671
Dec
wk
2d
P.
&
Tex
0
N
Cin
'2,362 1,577,759 1,651,859
2,142,703 2,082,174
82,733
80,579
Ala Great South_ 24 wk Dec
GA,591 2,917,113 3,009,653
52,001 1,117,205 1,102.846
53,278
Georgia Sou & Fla 25 wk Den
44.465
55,332
5,115,689 20,587,865 20,231,648 Tenn
1.766
1,772
Dec,
wk
3d
Fc
Georgia
Ala
10,284
10,420
2,268
378,812 8.527,034 8,278.036
428,456 Texas 63 Pacific_ _ _ _ 3d wk Dec 381,791
425,093
34,873
72,290
42,197
6,60
7,103
r_
Novembe
West_
&
r
Tidewate
130,187
310,283 1,151,023 1,042.208
613,449
25,60
21,281
Peer & West 3d wk Dec
3
1,908,18
878,140 24,475,474 21,761,007 'rolcdo St
1,994,206
84,81
88,394
L & West 3d wk Dec
35,238
127.843 3,062,417 2,694,917 Toledo ee Valley
41,552
7,75
9,382
November_
957,114 Tombigb
65
42,478,0
45,940 1,119,159
83
39,869,3
3
8,566,64
3
r.
7,677,92
Union Pacific Syst_ Novembe
899,221
426,587
28,391 1,010,769
583,133
Virginia & So West_ October.,.. 152.818 116.519 1,580,778 1,150,553
5,623,009 31,548,159 30,165,351
October.,.., 418,963 314,860
655,570 Virginian
78
15,058.8
051,830
35
179,553
14.487,5
604,679
545,627
3d wk Deq
759,569 2,673,710 2,945,970 Wabash Maryland_ October
631,075 651,806 2,524,679 2,655,223
Western
2,821,833 2,580,589
5,522,141 25,371,428 26,694,844
012,581
708,651
__
October
Eric_
ec
Lake
105,910
122,911
34,989
189,000 5,047,824 4,760,419 Wheel
40,950
& TennIlle October_ _ _
4,107.630 4,338,888
175,625 3,904,099 4,059,026 Wrightsv
& Miss Valley November_ 999,269 1,190,851
69,603 1,678,077 1,634,075 Yazoo
Previous
Current
290,685 1,212,403 1,182,008
Year.
Year.
638,347 4,085,296 4,465,784
Perfect.
Various Fiscal Years.
880,740
819,462
39,158
:1,271,262 10,713,873 15,080,344
173,594
194,724
39,858
to Nov 30 19,604,297 18,633,840
Jan
477,386 Delaware & Hudson
82.941,863
429,982
113,838
to Oct 31 80,427,585
426,611 N Y Central & Hudson River_e_ Jan
387
443,641
103,944
to Oct 31 40,261,350 41,299
Lake Shore & Michigan South Jan
4,518,75-1 4,573,641
1,136,735 27,041,334 26,469,434
31
Oct
to
Jan
n
Western
&
Erie
Lake
66,806
5
3,032,34
70,724
6
3,129,78
15,112
31
Oct
to
Chicago Indiana & Southern_ Jan
03
909,216 3,911,326 3,617,580
to Oct 31 24,881,790 24,600,4
Jan
Michigan Central
199,832
91 25,039,728
201,548
36,747
25,276,8
31
Oct
to
Jan
St
Louis
&
Chicago
Cleve Cin
3
196,100 3,262,700 3,496,40(4
to Oct 31 2,673,516 2.909.08
Jan
Peoria & Eastern
354,372
1,074,413
354,922
13,413
to Oct 31 1,021,60073 14,588,8
Jan
Cincinnati Northern
78
100,859 2,200,187 2,550,483
12,747,9
31
Oct
to
Jan
Erie
Pittsburgh & Lake
9
402,249 13,367,024 11,398,321
to Oct 31 9,250,748 9,326,49
New York Chicago & St Louis Jan
4,151,566
to Oct 31 4,078,520 213540
Jan
Toledo & Ohio Central
809
307.977
511
308,883
214268
77,541
31
Oct
to
Jan
Total all lines
579,530 14,586,459 14,939,725
Jan 1 to Oct 31 129010773 133798 975
Railroad
238,847
239,205
095,000 27,420,755 26,238,690 Pennsylvania
to Oct 31
Baltimore Chcsap & Atlantic_ Jan 1
1,010,241 4,082,439 3,873,282
Jan 1 to Oct 31 2,390,137 2.606,816
Cumberland Valley
2
8,352,03
3
8,999,38
1,276,285 30,476,448 30,268,504
31
Jan 1 to Oct
Long Island
112,262
197,974
183,550
5,802
to Oct 31 116,9508 2,928,79
Jan
Maryland Delaw & Virginia
9
34,344
29,215
2,786,58
7,900
31
Oct
to
Jan
N Y Philadelphia & Norfolk
39
575,113
571,169
138,901
to Oct 3110,560.038 10,508,5
Jan
Northern Central
777,953
837,462
.782 15,894,685
33,044
3115,742
to
Oct
Jan
Wash_
&
Philadelphia Bait
7
0,166,923 37,618,921 35,971,005
Jan 1 to Oct 31 5,401,122 5,237,75
West Jersey & Seashore
10
1,309,008 17,510,300 17,580,259
Jan 1 to Oct 31 41,707,985 45,970.6 8
1 4.309,28
405,287 1,994,586 2,002,760 Pennsylvania Company
4,227,45
31
Oct
to
1
Jan
Grand Rapids & Indiana
30
337,011 1,256,930 1,100,586
to Oct 31 31,032,6074 33.942,2
Jan
Pitts Clnein Chic & St L01113
8,634,210
2,706,510 10,822,376 10,622,0011
to Oct 31 8,269,66
Jan
Vaudalla
485 191290 578
187494
2,868,006 10,851,006 10,858,460
31
Oct
to
Jan
Erie
&
Total lines-East Pitts
04 90,457,855
342,741 1,109,237 1,317,325
to Oct 31 90,005,0549
West Pitts &Erie Jan
434,447
287748 433
480,980
117,580
to Oct 31 277559
All lines E & W- Jan
843,176
783,686
30
1,634,951 5,810,610 0,305,257 1110
Sept
to
Dec
Grande Junction
2,775,032
2,818,201
31
1,093,571 3,858,943 3,876,975
to Oct
Jan
7 1,985,880 Rutland
500,823 1,970,24
21 15,460,990 15,703,712
Deo
to
Jan
nim
1
11,
nn
IMA
&
Pacific
9AA
Texas
9,1,, Kn.' (14
,,7
,,O".1."..1:..C.I.
--o:.
14
..
.c.,.:.co
0.
.
1.4"..O.Vc7
..w.z,.
00occ.=
..;..1
.cwc.(,
,......
,
1....,.
,,..w0
,,,,,
.....c,
..c.c.
,...,..
c,,..,
c.-....
,,-.,.
,...--..
..7,,,
.0,,,,
,,,,..
.-40w,.4
..--..
0.0.--10
c,o-1,
,c......
.,....
......
...c-c.......,...... c,u,-.c..o.--.:..u.,,-..
-=-,
Week or
Month.
... =
.
...
...... Ip
.C..........
ROADS.
Latest Gross EarningS.
July 1 to Latest Dale.
Monthly.
AGGREGATES OF GROSS EARNINGS-Weekly and
IVeck,ly Summaries.
Client Year ('rev's Year Inc. or Dec.
%
Monthly Summaries.
Cur'nt Year Prey's Year Inc. or Dec. b%
Mileage Cure. Yr. Prey. Yr.
$
202,492,120 -3,456,863 1.78
February __242,640 238,003 190,035,247 238,336,
009 -11,339,128 4.76
+602.977 3.85
10,264,214 15,031,237
242,686 238,941 236,997,481
25 week Oct (45 roads) _
Marcia
2.74
2
83
+437,04
25
15,951,4
16,338,5
225,700,811 --7,523,688 3.33
123
218,177,
roads)
(44
230,132
;
24 ,
3(1 wceic Oct
April
5.63
103 2.00
21
03
84
+1,239,1
21,859,0
23,093,7
243,170 239,357 339,642,771 234,339,374 -4,697, 702 2.71
41:1 week Oct (43 roads)
May
+489,531 3.30
43
77
243,732 240.012 231,697,053 238,156,755 --6,459, 81 0.65
1St week Nov (45 roads) __ _ _ 15,661,595 15,175,0
Juno
2.80
7
08
+429.22
-1,481,8
15,346,5
15,775,7
887
006
233,169,
(43
roads)
231,688,
240,083
344.505
25 week Nov
842 0.72
-91.200 0.59 July
15,175,025 15,266,825
244,531 240,170 253,043,102 254,886,044 --1,843,
3c1 week Nov (44 roads)
August
A-39.801 0.01
+476,922 1.93
235
19,907,122 19,490,200
4th week Nov (44 roads)
Septomber 230,913 220,526 249,054,036 249,014,859
8.18
62 0.53
04
35
+1,370,3
+1,163,4
99
14,033,3
15,251,7
259,111,
_
221
roads)
(40
260,482,
1st week Deo
October _236,291 233,199
- 15,343,409 14,035,136 +1,308,273 9.32
88,685 73,469,030 72,221.471 A-1,247,559 1.77
90,287
25 week Dec (42 roads)
November
+513,890 4.01
14,101.751 13,557,861
returns
3d week Dee (35 roads)
these
Creek District Ity., from Nov 1 1911; in 1910
include earnings of Colorado Springs 63 Cripple
& N. V. Ry., the latter
a Mexican currency, b Does not63
tho St. Lawrence (53 Adirondaek and the Ottawa
Ottawa,
Evansand
&
Haute
York
Boston
New
the
the
Terre
Albany,
arc Included. e Includes
e Commission. I Includes Evansville & p Includes earnings ol
returns to the Inter-State Commerc
Ohio RR.
of which, being a Canadian road, does not make
ity. in both years. n Includes the Northern
tht
Wheeling
Includes
t
63
d
i.
the
Lorain
Clevelan
Cincinnat
Includes
&
a
t
ISIS.
Frankfor
and the
ville & fndlana
a eo pacific. s Includes Loulsville & AtlaatIe
'Mason City 63 Ft. Dodge and Wisaoiriln. uMinnesot the Texas Central. v Includes not only operating revenues, but also all other receipts.
Includes
1010.
July
from
onal
Internati
'Mexican
1780
THE CHRONICLE
Latest Gross Earnings by Weeks.-In ihe table which
follows we sum up separately the earnings for the third week
of December. The table covers 35 roads and shows 4.01%
increase in the aggregate over the same week last year.
Third week of December.
1911.
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific,
Central of GeorgiN
Chesapeake & Ohio
Chicago & Alton
Chicago Ind & Louisville
Colorado & Southern_
Denver & Rio Grande
Denver Northwestern & Pacific_
Detroit & Mackinac
Duluth So Shore & Atl
Grand Trunk of Canada
Grand Trunk Western
•Det Grand Haven & Mllw
Canada Atlantic
International & Great Northern
Interoceanic of Mexico
Louisville do Nashville
Mineral Range
Minneapolis St Paul de S S M.._}
Chicago Division
Missouri Kansas & Texas
Missouri Pacific
National Rys of Mexico
Nevada-Cal-Oregon
Rio Grande Southern
St Louis Southwestern
Seaboard Air Line_
Southern Railway
Tenn Ala & Georgia
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western_ _ _ _
Wabash
Total (35 roads)
Net increase (4.01%)
1910.
46,154
41,554
189,768
194,196
439,500
285,900
2,528,000 2,065,000
294,500
294,300
686,697
609,811
324,496
335,286
110,083
105,733
280,315
352,227
425,500
433,900
24,065
19,099
19,665
19,414
55,044
52,362
933,118
Increase.
4,600
153,600
463,000
200
76,886
4,350
4,3R(13
3,682
878,140
54,978
213,000
189,000
178,741
175,625
1,117,980 1,136,735
14,221
13,413
434,956
402,249
24,000
3,118
529,203
579,530
1,020,000
995,000
1,164,512 1,276,285
5,363
5,802
9,117
11,237
276,000
278,000
457,464
453,511
1,285,424 1,258,875
1,772
1,766
381,791
378,812
21,281
25,606
88,394
84,814
545,627
604,679
14,101,751 13,557,861
-Gross Earnings- -NetEarnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
,
Keystone Tel & Tel_a_ _Nov
98,496
96,474
48,636
48,369
July 1 to Nov 30
486,826
475,628
238,900
237,985
Pennsylvania LightIng.bNov
10,612
9,799
7,320
6,606
Decrease
a Net eatnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes. •
c After allowing for outside operations and taxes, operating income for
4,428.
Nov. 1911 Was $358,838, against $391,245; from July 1 to Nov. 30 was
$1,727,751 in 1911, against 51,593,185 last year.
d Beginning with Nov. 1 1011 the earnings of the Colorado Springs d3
Cripple Creek District Ry. Co. are no longer included, but have not been de10,790 ducted from the comparative figures
for 1910.
Includes not only operating revenue, but also all other receipts.
71,912
g These results are in Mexican currency.
8,400
The company now includes the earnings of the Atch. Top. do Santa Fe
Ry., Gulf Colo. & Santa Fe Ry., East.;rn Ry. of New,Mexico
System,
Santa Fe Prescott & Phoenix Ry., Southern Kansas Ry. of Texas, Texas
& Gulf Ry., G. & I. Ry. of T., C. S. S. & L. V. RR. and R. G. & E. P.
RR. In both years. For November taxes amounted to $385,218, against,
$241,835 in 1910; after deducting which, net for November 1911 was $3,431,914, against $3,530,335 last year. From July 1 to Nov. 30 taxes were
$1,790,453 in 1911, against $1,444,786 last year.
18,755
Companies.
808
32,707
Interest Charges and Surplus.
50,327
25,000
-Int., Rentals, &c.- -Bat. of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Buff Roch & Pitts
Nov
171,394
175,754
x133,175 x175,237
July 1 to Nov 30
862,211
883,439 x759,166 x1,053,321
Chicago Gt Western____Nov
221,741
220,806
x51,306
x73,281
July 1 to Nov 30
1,129,644 1,042,332 x561,477 x577,569
Chic Memphis & Gulf
Oct
3,317
1,782
14,232
2,112
July 1 to Oct 31
12,331
6,628
28,988
3,909
Chicago & North West_ _Nov
753,114
760,881
864,826 1,166,444
July 1 to Nov 30
3,596,732 3,767,226 0,821,700 6,733,632
Chic St Paul Minn & O_Nov
186,119
180,368
249,296
364,673
July 1 to Nov 30
869,832
847,200 1,073,792 1,732,271
Colorado Midland
Nov
29,820
29,820
zdef750 zdef14,648
July 1 to Nov 30
149,100
149,100 zdef30,095 zdef51,536
Colorado & Southeo
.
._.Ni
,..
267,435
269,100 x260,213 z345,868
July 1 to Nov 30
1,380,077 1,351,362 x1,190,048 x1,415,722
Reading Company
Nov 868,250
888,661 1,277,322 1,008,686
July 1 to Nov 30
4,341,250 4,443,303 3,317,276 2,909,169
Roads.
111,773
439
2,120
2,000
3,953
26,549
6
2,979
4,325
3,580
59,052
888,211
543,890
( VOL. LXXXXIII.
344,321
Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
and industrial companies reported this week:
INDUSTRIAL COMPANIES.
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Keystone Tel & Tel_ ___Nov
24,971
24,392
23,665
23,977
Year,
Year.
Year.
Yesar.
July 1 to Nov 30
124,360
122,551
114,540
115,434
$
$
$
Pennsylvania Lighting _ Nov
3,125
3,357
Ala Tenn & Northern__ _Nov
4,195
3,249
15,772
11,659
7,934
5,615
July 1 to Nov 30
65,302
45,890
32,748
22,347
x After allowing for other income reCeived.
Atch Top & San Fe_b__Nov 9,948,420 9,983,068 j3,817,132
j3,772,170
July 1 to Nov 30
45,737,808 46,074,213 /15,578,637 /17,271,005
ELECTRIC RAILWAY AND TRACTION COMPANIES
Buff Roch & Pitts_ b_ __ _Nov
753,104
783,016
237,677
282,419
July 1 to Nov 30
4,121,937 4,152,863 1,347,325 1,581,379
Canadian. Northern_ _ _ _Nov 2,001,500 1,565,400
Latest Gross Earnings.
665,200
Jan. 1 to latest date.
558,900
July 1 to Nov 30
Name of
8,503,300 6,791,200 2,441,300 2,131,800
Road.
Week or
Canadian Pacific _a_ _ _ _Nov10,570,694 9,413,238 3,987,366 3,737,122
Current Previous Current
Previous
Month.
Year.
July 1 to Nov 30
Year.
Year.
51,911,494 47,082,367 20,364,517 19,330,174
Year.
Central of Georgia_ b_ _ _Nov 1,251,803 1,190,542
c397,800
c431,512
July 1 to Nov 30
6,002,610 5,486,494 c1,920,662 c1,785,979 American Rys Cci____ October __ 397,964 380,345
3,629,526 3,451,303
Chicago Gt Western_b_ _Nov 1,079,290 1,108.819
21,363 21,023
262,483
319,391
284,594 Atlantic Shore Ry___ November_
329,496
July 1 to Nov 30
5,693,117 5,545,416 1,633,582 1,573,400 cAur Elgin & Chic Ry November_ 140,050 132,508 1,640,984 1,548,352
Bangor
Ry & Elec Co November_
50,234
46,346
Chic Memphis & Gulf_b_Oct
541,731
518,123
30,456
13,958
17,549
3,894 Baton Rouge Elea, Co October__ _
10,593
9,597
July 1 to Oct 31
96,311
89,421 ,
91,621
38,620
41,319
10,528 Binghamton Railway September
36.418 33,158
202,100
272,606
Chic & North West_a_ _Nov /6,305,731 16,792,239 1,617,940 1,927,325 Brock & Plym St Ry_ October__ _
9,336
9,797
103,043
103,926
July 1 to Nov 30
134,338,001135,393,203 10,418,440 10,500,758 Bklyn Rap Tran Syst September 2027,273 1882,376 17,497,667
16,397,196
Cape Breton Elm Co_ October_ __
Chto St Paul Minn & 0.a.Nov /1,390,366 11,531,807
31,650 30,406
275,148
266,533
435,415
545,041
July 1 to Nov 30
34,839 29,078
16,821,083 '17,553,643 1,943,624 2,579,471 Carolina Pow & Lt Co November_
32,161
289,487
Cent
Park
N
Riv
&
E
September
54,492
56,002
476,422
476,377
Colorado Midland_a_ __ _Nov
193,625
195,472
39,379
34,842
Central
Penna Trite__ October __
69.494 68,365
723,895
691.474
July 1 to Nov 30
927,622
953,635
180,866
147,100 Chattanooga By & Lt November_
78,711
70,480
859,645
799,419
d Colorado & South_b_ _Nov 1,338,153 1,569,476
505,268
30,974 31,818
626,816 Clay Painesv F0 East_ October___
310,567
301,199
July 1 to Nov 30
6,463,088 7,565,908 2,392,836 2,747,266 Clev Southw & Colum November_
80,659 86,519 1,035,208
968,139
Columbus (Ga) El Co October__
Delaware F0 Hudson_b_Nov 1,780,455 1,853,411
44,451
42,736
401,047
372,764
684,338
796,871
Jan 1 to Nov 30
19,604,297 18,633,840 7,783,784 7,508,814 Coney Island & Bklyn September 115,427 145,724 1,104,738 1,173,789
Dallas Electric Corn_ October___ 185,459 165,372 1,337,545 1,202,985
Detroit & Mackinac_a__Nov
96,303
90,285
16,458
23,558 Detroit United Ry___ 4th wk Nov 238,264 206.901 9.299,153 8,527,510
July 1 to Nov 30
522,016
508,699
111,335
151,378 DDEB & Batt(Ree) September
50,803 52,189
456,606
456,902
Fairchild & Northeast b_Nov
2,870
93,217 90,310 1,035,254
2,268
1,026
996,315
1.018 Duluth-Superior Trac November_
July 1 to Nov 30
St Louis & Sub_ November_ 197,966 194,974 2,076,445 2,161,328
10.420
10,284
1,212
def8,073 East
El Paso Electric..___ October___
05,172
62,011
gInteroccanio of Mexico.Nov
555,430
515,504
636,596
696,190
201,759
231,405 Fairm & Clarks Tr Co November_
63,003 52,669
674,642
July 1 to Nov 30
557,183
3,470,912 3,556,392 1,132,509 1,292,964 42dStM&SNA
v (flee) September 146,872
1.184,759 1,061,786
gNat Rys of
_ __Nov 5,111,254 5,247,962 2,472,271 2,205,967 Galv-Hous Elec Co__ October__ 132,645 132,561
113,476
1,354,061
1.079,613
July 1 toMexicoNov 30
26,867,310 26,573,301 12,304,945 11,012,685 Grand Rapids Ry Co_ November_
94,323 88,376 1,060,784 1,036,304
Northern
__Nov 5,856,636 5,972,746 2,508,243 2,477,737 Havana Elm Ry Co_ Wk Dec 24 48,291
43,603 2,341,111 2,124,011
July 1 Pacifle_a_to Nov 30
29,226,452 31,464,704 11,604,094 12,196,057 Honolulu Rapid Tran
F0 Land Co •
October___
42.582 37,118
409,727
373,675
Reading CompanyHoughton Co Trac Co October__
24,249 26,192
254,146
263,641
Phila & Reading_ b_ _ _Nov 4.122,541 4,148,991 1,697,519 1,466,328 Hudson & Manhattan September 377,007
323,493 3,375,968 2,902,080
July Ito Nov 30
19,232,319 19,041,129 6,764,511 8,693,423 Illinois Traction Co__ October__ 642,068 614,476 5,661,779 4,907.077
Interboro Rap Tran_ October__ 2707,569 2547,654 24,795,000 24,030,857
Coal & Iron Cob__ _Nov 4,237,676 3,874,049
279,407
279,995 Jacksonville
July 1 to Nov 30
49,743 48,366
472,529
471,775
14,170,176 12,553,088
66,526 def73,808 Lake Shore Trac Co- October._ _
Ry_ October___ 107,620 105,075 1,069,857 1,018,739
Total both companiesbNov 8,360,217 8,023,040 1,976,926 1,746,323 Long Island Elec
Electric_
September
20,216
20,208
166,014
159,219
July 1 to Nov 30
33,402,495 31,594,218 6,831,037 6,619,616 Metropolitan St (flee) September 1183,291 1188,973 10,153,012 9,861,413
Reading
Milw El fly & Lt Co_ October__ 448,150 406,919 4,122,458 3,863,695
__Nov
168,646
151,024
July 1 Company_Milw Lt, lit & Tr Co.. October__ _
to Nov 30
92,932 89,028
827,489
943,671
896,007
732,856 Montreal
Street Hy_ November_ 420,476 366,098 4,508,108 4,078,894
Total all companies_ _Nov
2,145,572 1,897,347 Nashville Ry & Light
November_ 166,887 158,739 1,781,111 1,662,003
July 1 to Nov 30
7,658,526 7,352,472 New Orleans Ry & Lt September
521,570 489,458 4,894.456 4,018,471
Rock Island Lines_b__Nov 5,630,280 6,192,888 1,589,872
2,133,778 N Y City Interboro__ September
27,612 21,392
168,054
219,023
July 1 to Nov 30
28,583,469 30,475,548 8,129,879 9,231,668 NY & Long Isl Trac_ September
41,464 39,621
282,676
300,507
Southern Pacific_a
Nov 11,956,913 12,198,643 3,749,355 4,465,140 N Y & QueensCounty September 117,303 106,981
952,877
848,723
Northam
July 1 to Nov 30
Easton
& W October__ _
14,656
57,772,888 59,571,259 20,228,100 21,749,055
145,903
14,626
138,983
No Caro Pub Serv CO October__
20,987 24,536
201.088
180,813
Southern Railway_ b_ _ _Nov 5,426,464 5,358,623 1,746,100
1,880,650 North Ohio Trac do Lt November_ 214,563 189,705 2,454,651 2,235,453
July 1 to Nov 30
26,739,764 25,701,135 8,960,256 8,677,651 North Texas Elec Co_
October___ 168,512 154,007 1,346,517 1,205,575
Mobile do Ohlo_b____Nov 1,033,841 1,004,267
304,646
13,668
11,772
337,392 Ocean Electric (L I) _ September
109,629
99,836
July 1 to Nov 30
4,884,868 4,557.733 1,411,562 1,360,032 Paducah Trac& Lt Co October .... 21,775 20,940
215,004
203,926
Pensacola Electric Co October__
Cin N 0 & Tex Pac.b.Nov
23,650
24,415
236,804
223,113
790,316
808,306
255,717
265,569 Phila Rap Trans Co_ - October....
July 1 to Nov 30
1947,002 1831,067
4,029,759 4,001,134 1,509,111 1,610,281 POrt(Ore)fy
.,L&PC0 November_ 541,934 498,953 5,780,306 5,108,927
Alabama Gt South_b_Nov
424,618
382,240
131,657
108,336 Puget Sound Elec Co October_._ 154,752 161,760 1,487,065 1,607,031
July 1 to Nov 30
1,967,867 1,899,125
624,630
574,455 Richmond Lt do RR_ September
34,490 32,423
283,347 .266,179
Tidewater dc Western_ b_Nov
7,105
6,608
def114
deft ,206 Rio de Janeiro Tram
July 1 to Nov 30
Light & Power Co_ November_ 1128,286 946,006 11,777,484 0,945,040
42,197
34,873
7,554
2,714
Joseph
St
(Mo)
Ry,Lt
Tombigbee Valley
Nov
9,382
7,759
3,009
2,738
Heat & Power Co_ November_
997,884
04,577 87,644
July 1 to Nov 30
942,007
41,552
35,238
15,187
12,790 Sao Paulo Tr, L & P_ November_ 332,072
259,390 3,231,851 2,665,591
Union Pacifica
Nov 7,677,923 8,566,643 2,902,356 4,004,211 Savanna Electric Co.. October___
571,253
69,843 53,794
521,976
July 1 to Nov 30_ _ _39,869,383 42,478,065 17,157,193 19,052,076 Seattle Electric Co__ October___
461,501 469.033 4,521,484 4,625,013
Second Avenue (Bee) September
89,775 82,267
700,693
632,979
INDUSTRIAL COMPANIES.
Southern Boulevard_ September
11,437
12,071
95,112
83,677
Sou Wisconsin By Co November_
17,315 14,298
178,835
163,903
American Express_ b_ _ _Sept 2,083,711 1,980,486
444,342
395,136 Staten Isl'd Midland_ September
223,486
29,224 20,950
209,235
July 1 to Sept 30
5,633,885 5,399,592
728,469
790,634 Tampa Electric Co_.. October__ _
59,328 43,254
564,611
503,459
Edison Eleo Tel (Boston)Nov
547,177
485,156
340,606
287,247 Third Avenue (Ree)_ September 315,410 203,945 2,744,085 2,565,899
July 1 to Nov 30
2,187,986 1,943,776 1,248,538 1,066,179 Toronto Railway Co.. November_ 413,525 365,466 4,350,065 3,041,125
Roads.
1781
THE CHRONICLE
DEC. 30 1911.1
RailroadsPage.
Atlantic Coast Line RR_ _1455, 1470
RR.
&
Susquehanna
Buffalo
Current Previous
Week or
(Bondholders' Committee's
Year.
Year.
Month.
1596
Report Nov. 16)
1596
Vermont Ry
Central
$
RR
1527
Alton
&
Chicago
2,266,333
Tr -City Ry & Lt Co.. November_ 247,038 230,868 2,441,504 7,168,088 Chicago & East Illinois RR_ _ _ _1456
7,434,500
141,127
144,889
Twin City Rap Tian. 2d wk Dec
Cin. New On. dc Texas Pac. Ry_1530
Underground El Ry
Evansville de Terre Haute RR_ _1456
of LondonInteroccanic Ry. of Max., Ltd_ _1458
£658,283
£699,295
Three tube lines__ _ Wk Dec 23 £15,355 £14,430
-1665
Central Ry
Iowa
Metropolitan Dist_ Wk Dec 23 £12,748 £11,887 £595,784 £557,023
£317,737 Minneapolis & St.Louls RR_ _ _ 1665
United Tramway_ _ Wk Dec 23 £6,024 £6180 £328,912 1,689,182 Missouri Pacific Ry
1456
September 227,628 203,076 1,870,909
Union (flee)
1457, 1474
2,087,557 Nat. Rys. of Mexico
UnionRy,G&EC0(I11) November_ 290,240 265,668 2,864,796 10,550,474
1528
Norfolk Southern RR
10,893,109
952,870
982;129
United Rys of St L_ _ November_
Reading Co. (bal. sh. June 30)_1596
United Ras of San Fr November _ 674,089 633,618 7,185,132 6,971,133
St. Louis do San Fr. RR_ _1955, 1472
402,857
461,636
50,407
55,490
September
Westchester El (flee)
334,893 Toledo St. Louis & Western RR.1529
314,260
34,506 35,602
Whatcom Co By & Lt October__ _
Electric Railways506,047
Yonkers RR (Ree)_ _ September , 59,714 58,745
191,286 Aar. Elgin & Chic. (Elec.) RR_1530
215,493
17,395
19,407
November_
Youngst & Ohio Ry_
Kansas City Rys. & Light Co_ _1458
1725
Lehigh Valley Transit Co
c These figures are for consolidated • company.
1535
Oregon Electric Ry
1535
Pensacola Electric Co_
1535
Traction Co
Electric Railway Net Earnings.-The following table gives Texas
Industrials_ _ _1597
the returns of ELECTRIC railway gross and net earnings American Soda Fountain Co_
Amoskeag Manufactnring Co__ _1531
reported this week.
(Mass.) Belting Co. (balBoston
--NetEarnings
1598
-Gross Earnings
ance sheet Sept. 30)
Previous
Current
Previous
Current
Canadian Car & Foundry, Ltd.,
Year.
Year.
Year.
1531
Year.
Roads.
Montreal
Latest Gross Earnings.
Name of
Road.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
Page.
Colorado Springs Light, Heat &
Power Co.(12 mos. Sept. 30)_1604
Consumers' Gas Co. of Toronto_1598
1467
Consumers' Power Co
Cudahy)Packing Co., Chicago_ _1598
Granby Consol. Mining, Smelt1598
ing & Power Co., Ltd
Harbison-Walker Refrac. Co__ _1459
International Steam Pump Co.
(18 mos. ending Sept. 30)__ - _1724
International Textbook Co..
1460
Scranton, Pa
Iron Steamboat Co. of N. J.. _1531
Lehigh & Wilkes-Barre Coal Co_1459
Mass. Electric Companies, Bost_1597
New York Transportation Co.
(Fifth Avenue Coach Co.)_ _1537
_ _1458
Nipe Bay Co. (Cuba)..__ _
Ray Consol. Copper Co., N. Y _ _1460
Realty Associates of Brooklyn_ _1607
Southern California Edison Co_ _1469
1666
Southern Iron & Steel Co
1469
Southern Power Co
Street's Western Stable Car Line 1459
United States Bobbin & Shuttle
1598
Co. (bal. sheet Oct. 11)
United States Finishing Co.,
1460
Conn
Norwich,
1597, 1608
United Fruit Co
1480
Utica Gas de Electric Co
Victor-American Fuel Co.,Denv.1458
26,029
Lehigh & Hudson River Railway.
148,042
(Report for Fiscal Year ending June 30 1911.)
10,372
111,321
Pres. Lewis A. Riley, Warwick, N. Y., Oct. 1 1911, wrote:
28,999
Application of Year's Surplus.-Thts, amounting to $244,264, is ac335,296
for as follows: Additions and betterments, $87,313; advances to
34,472 counted P.
RR. Co., $3,273; bills payable paid, $59,000; locomotive rental
403,569 S. E. &
pald,
$58,146; equipment trust certificates paid, $40,000; current
notes
42,581 assets and liabilities reduced, $59,931; equipment destroyed, doc.. $10,631:
437,476 total, $318,294; less replacement accounts, $74030; $244,264.
General Results.-The gross earnings increased $25,762, or 1.79%; the
88,192
operating ex971,970 operating expenses increased $18,355, or 2.06%. Included in to $40,418.
penses are increased depreciation on equipment, amounting
32,852 Eliminating this increase, the operating expenses would have decreased
361,534 $22,063, or 2.48%.
37,331
The revenue from freight traffic increased $22,242, or 1.61%. The num476,531 ber of tons carried one mile Increased 13,245,942, or 5.41%, but the average
per ton mile was 5.43 mills, a decrease of .021 mills, or 3.70%.
revenue
6,165
The tonnage originating on the line was 799,964, a decrease of 65,658
105,576
tons, or 7.58%, and amounted to 21.29% of the total tonnage moved.
11,802
Expenditures amounting to $156,914 were made for maintenance of way
110,340 and structures, a decrease of $26,382, or 14.40%. There were laid 13-100
72,891 of a mile of 80-lb. rails, also 30,879 ties (2,763 for new track), as against
703,016 46,039 during 1909-10.
Additions to tracks cost $30,424 and new buildings, doc., cost $52,833.
78,987
equipment, an inThe sum of $209,358 was charged to maintenance of for
1,001,506
depreciation on
crease of $54,244, or 3.97%44 of this increase $40,418 is
244,771 equipment. the rate for same having been increased beginning July 1 1910;
2,618,244 eliminating the depreciation, the increase is $13,826, or 8.91%.
steam
Six steel underframe flat cars of 80,000 lb. capacity each, and acars
39,083
In
of freight
391,050 ditcher were purchased, costing $11,386. Total numbertons,
compared
as
22,150
of
capacity
a
having
567,
was
1911
30
June
93,561 service
tons last year.
1,000,239 with 21,670 -A
payment of $40,000 was made on the equipment trust cerFinancial.
173,362 tificates, which now amount to $200,000, five annual payments of $40,000
1,907,686 each having been made. Payments on locomotive rental notes, amounting
Bills
299,417 to $58,146, were made, the amount now outstanding being $39,217.
3,568,294 payable decreased $59,000-from $201,000 to $232,000.$800,000 Lehigh &
The $145,000 Warwick Valley RR. 1st M. bonds and
Hudson River RR. 1st M. bonds became due July 1 1911 and $240,000 VVar£32,353 wick Valley RR.2d M. bonds became due April 1 1912.
£35,676
£60,695
£32,404
£36,016
£63,934
Arrangements were made for refunding the above bonds and money pro£3,789 vided by selling a block of our general mortgage 5% bonds due in 1920.
£6,147
£21,965
118,612 (See V.93, p. 1701.)
127,808
265,668
2,687,557 1,218,650 1,125,334
COMPARATIVE FREIGHT TRAFFIC.
283,153
322,961
633,618
Anth.Coal. Bit.Coal. Merch'dise. Milk.
Ores.
6,971,133 3,251,104 3,045,788
56,347
729,385 1,848,445
763,287
360,171
1910-11, tons
57,764
602,203 1,796,560
756,221
417,100
1909-10, tons
53,751
390,256 1,418,245
a Net earnings here given are after deducting taxes.
703,635
444,096
__.._
_
tons_
1908-09,
54,028
1,223,479
152,408
b Net earnings hero given are before deducting taxes.
172,163
333,135
1907-08, ton§
1910-11, earnings_ _ _ _$132,122 $324,498 $177,857 $692,034 $74,262
72,573
686,294
149,728
328,446
Interest Charges and Surplus.
761,490
earnings..._
1909-10,
67,766
545,780
97,930
302,890
170,404
- 1908-09, earnings
69,017
462,767
-Int., Rentals, &c.- -flat. of Net Earns.
41,354
85,375
125,006
1907-08, earnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
OPERATIONS FOR YEAR ENDING JUNE 30.
, Roads.
1907-08.
1908-09.
1909-10.
1910-11.
173,097
160,333
152,172
13,831 Passengers carrled
157,002
12,682
16,484
12,198
Nov
Bangor Ry Elee
2,179,883
1,976,616
1,849,054
88,118 Pass. carried one mile
,92,901
64,672
1,955,150
59,924
July 1 to Nov 30
cts.
2.266
cts.
2.335
cts.
2.40
cts.
2.37
mile_
10,124 Rate per pass, per
10,647
18,875
20,552
Chattanooga Ry do Lt_ _Nov
1,935,213
3,009,983
3,629,848
133,353 Freight (tons) carried_ _ 3,757,635
137,447
201,943
218,684
July 1 to Nov 30
.257,807,254 244.561,312 200,075,041 111,986,219
mile_
1
car.
Fr't
(tons)
z5,371
z7,128
29,794
29.000
0.70 cts.
0.59 cts.
0.56 cts.
0.54 cts.
Cleve Southw & Colum_ _Nov
mile
x83,456 Av. rate per ton per
327,733 z125,106
329,863
Jan 1 to Nov 30
EXPENSES AND CHARGES.
EARNINGS,
18,515
20,617
,
24,066
22,929
_Nov
Duluth-Superior Trac__
1907-08.
1908-09.
210,761
1909-10.
224,643
226,715
246,121
1910-11.
Jan 1 to Nov 30
$851,519
$1,465,795 $1,440,033 $1,251,316
42,966 Gross earnings
41,052
45,226
46,058
607,523
East St Louis & Suburb_Nov
868,656
889,401
907,756
475,747 Operating expenses__
389,202
498,223
501,909
Jan 1 to Nov 30
19,887
20,092
12,985
$243,996
17,485
$382,660
$550,632
$558,039
Fairm & Clarksburg_ _ _ _Nov
Net
earnings
225,195
253,632
136,339
181,148
Jan 1 to Nov 30
Deduct$31,446
$32,913
22,536 Taxes
$37,413
26,689
14,795
$41,767
14,490
,
Gr_.nd Rapids Railway_ _Nov
160,773
181,241
163,645
309,606 Interest on bonds_. _ _ _ _
295,842
161,845
166,925
164,831
Jan 1 to Nov 30
6,733
12,345
15,193
13,850
x935 zdef12,12 8 Int. on floating debt_ _ _ _
19,519
17,127
33,512
Kentucky SecuritiesCo_Nov
95,761
a89,209
a96,313
Rentals
x12,434
x38,192
98,357
87,658
July 1 to Nov 30
78 def.1,276
$232,464
$302,260
13;078
$305,460
14,430
$313,775
Lewiston Aug & Water_Nov
Total
$11,532
44,701 Balance,
48,632
$80,400
65,639
$245,172
72,258
$244,264
Jan 1 to Nov 30
surplus
39,501
45,011
33,390
33,911
Nashville Ry & Light_ _ _Nov
balance, $29,819 In 1910-11. against
equipment
of
333,980
hire
Rentals
367,984
a
include
369,036
370,660
30
Nov
to
1
Jan
against $61,004.
35,620 $28,205 In 1900-10, and joint facilities, 866,404,
45,629
43,367
43,730
Nor Ohio Trac ec Light_ _Nov
524,612
487,120
607,969
476,894
BALANCE SHEET JUNE 30.
Jan 1 to Nov 30
1910.
1911.
125,155
119,616
130,807
160.993
1910.
Portiand(Ore)Ry,L & P_Nov
1911.
$
1,377,530 1,274,896 1,589,612 1,343,548
Jan 1 to Nov 30
Assets1,340,000
1,340,000
stock
Capital
3,592,970
3,673,829
18,708
20,350
14,874
19,381
road
of
Cost
St Joseph Ry, L,H & P_Nov
2,669,000
2,669,000
debt
Funded
1,429,265
160,623
202,264
211,900
188,786 Cost of equipment __1,435,719
Jan 1 to Nov 30
150,000 150,000 Debenture bonds_ - 400,000 400,000
z30,498
78,482
84,621
z15,750 So. East. & Ph.stock 258,440
Toledo Rys & Light _ _ _ _Nov
255,167 Eq. tr. ctfs., Her. A.._ 200,000 240,000
do adv. for constr.
z194,312
847,644
888,856
z159,229
97,363
30
Nov
to
1
Locom. rental notes_ 39,218
Jan
Mine Hill RR. adv.
82,357
137,912
168,281
50,438 Equip. replace't acct. 156,388
148,079
161,505
for construction__ 50,438
Twin City Rapid Trans_Nov
65,783
66,033
debt..
funded
on
Int.
1,539,886
2,062,798
113,760
1,598,871
2,028,408
165,727
Jan 1 to Nov 30
Cash
3,307 Vouchers & pay-rolls 110,201 138,569
6,079
59,546
64,057
agents
63,751
59,066
by
Due
_Nov
_
(Ill)
El
&
0
Union Ry,
payable 232,000 291,000
bills
do
Loans
334,877
319,544
641,501
_
538,651
679,999
483,833 Traffic balances_
Jan 1 to Nov 30
36,417 Traffic balances__ _ _ 175,962 185,007
41,916
Open accounts
5,696
11,731
Miscellaneous
Material & supplies_ 99,570 116,162 Profit
z After allowing for other income received.
800,979 567,347
and loss
50,234
Bangor Ry & Electric_a_Nov
277,082
July 1 to Nov 30
34,839
Carolina Power do Light_Nov
329,161
Jan 1 to Nov 30
78,711
Chattanooga Ry do Lt_a_Nov
859,645
Jan 1 to Nov 30
89,659
Cleve Southw ec Col_ b_ _Nov
1,035,208
Jan 1 to Nov 30
03,217
Duluth-Superior Trac_ b_Nov
1,035,254
Jan 1 to Nov 30
197,966
_Nov
East St Louis & Sub _a_
2,076,445
Jan 1 to Nov 30
63,003
Fairm lic Clarksburg_ b_ _Nov
674,642
Jan 1 to Nov 30
94,323
Grand Rapids fly-a- __ _Nov
1,060,784
Jan 1 to Nov 30
49,421
KentuckySecurities Co_ .Nov
308,383
July 1 to Nov 30
41,422
v
Waterville_No
Lewis Aug &
267,571
July 1 to Nov 30
166,887
Nashville Ry & Light_a_Nov
1,781,111
Jan 1 to Nov 30
214,563
Nor Ohio Trac do Lt _a_ _Nov
2,454,651
Jan 1 to Nov 30
541,934
Portland(Ore)Ry,L&P.a.Nov
5,780,306
Jan 1 to Nov 30
04,577
_Nov
P_a_
St Jos Ry, L, H &
997,884
Jan 1 to Nov 30
284,963
Toledo Rys & Light_ _ _ _Nov
2,838,588
Jan 1 to Nov 30
Nov 413,525
Toronto Railway
4,350,065
Jan 1 to Nov 30
633,968
Twin City Rap Tran_ b_ _Nov
7,141,997
Jan 1 to Nov 30
London
Rys,
El
Underground
Metropolitan District_Nov £63,968
London Electric Ry_ _Nov £68,405
London United Tram_Nov £23,744
290,240
Union Ry, G & E(Ill) _a_Nov
2,864,796
Jan 1 to Nov 30
674,089
United RRs of San Fran.Nov
7,185,132
Jan 1 to Nov 30
46,346
262,817
29,078
289,487
70,480
799,419
86,519
968,139
90,310
996,315
194,974
2,161,328
52,669
557,183
88,376
1,036,304
44,257
307,158
37,580
255,291
158,739
1,682,093
189,705
2,235,453
498,953
5,108,927
87,844
942,007
261,010
2,695,194
365,466
3,941,125
619,149
8,884,875
29,166
157,573
12,838
120,297
31,199
356,131
35,522
447,835
43,546
470,764
87,110
891,111
37,577
434,780
41,179
460,673
16,675
121,077
14,506
120,890
78,922
738,644
89,359
1,095,089
291,800
2,967,142
34,255
372,523
114,360
1,072,964
201:806
2,167,043
316,340
3,611,667
ANNUAL REPORTS.
Total
-V. 92, p. 1701.
6,201,262 6,082,362
Total
6,201,262 6,082,362
Chicago Peoria & St. Louis Railway Co. of Illinois.
Annual Reports.-The following is an index to all annual (Report of Receivers for Fiscal Year ending June 30 1911.)
reports of steam railroads, street railways and miscellaneous
Receivers John P. Ramsey and H. M. Merriam, Springcompanies which have been published since Nov. 25.
report to Judge J. 0. HumphThis index, which is given monthly, does not include re- field, Ill., Oct. 4 1911, in their
rey, of U. S. Circuit Court, Sou. Dist. of Illinois, say in part:
ports in to-day's "Chronicle."
[VoL. Lxxxxin.
THE CHRONICLE
1782
Results.-Daring the 12 months ending Oct. 31 1910. 254,491,765 tons of
fteight were moved one mile, the greatest tonnage ever handled during a
12 months period. Beginning with Nov. 1910 the tonnage moving began
to decrease and continued to do so until March 1911, the causes being tile
congestion at the Peoria terminals and the business conditions prevailing
throughout the country. As a result, during the late fiscal year there were
moved 219,399,630 tons one mile, an amount second only to that moved
during the year ending June 30 1910, and an increase of 12% compared
with the year 1008-09. During the 12 months ending June 30 1910 the
tonnage moved exceeded by 12% any previous 12 months period.
The revenue. derived from freight traffic decreased 4.5%, but increased
13.3%, as compared with 1909, and 20.7%, as compared with 1008.
Wage Increase.-As a result of the general movement throughout the
country, in Aug. 1910 an increase in rate of pay of approximately 7% was
granted the locomotive engineers, and in Dec. 1910 a similar increase was
granted the locomotive firemen. The train conductors, brakemen and yardmen received an increase May 1 1911, while at intervals the force in every
department received increases in rateof pay. During the past year,also,
the legislation fixing the maximum hours of work largely increased expenses.
Coal Strike.-The coal miners' strike, effective April 1 1910, continued
throughout Illinois until Sept 8 1010, causing not only a large decrease in
tonnage moved, but also a 10% increase in the cost of fuel for locomotives.
Work on the improvements was pushed and some that had been undertaken were completed, while work on others was suspended ;or lack of funds
resulting from the decrease in earnings and an increase in cost of operations.
Maintenance of Equipment.-The large charge to "steam , locomotivesrepairs," was caused by damages resulting from the hard usage imposed
during the congestion which occurred from Oct. 1910 to Jan. 1911. The
increased charge to the item, "freight train cars-repairs," was due to the
age and general condition ot the equipment, causing not only large expenditures on the system, but also large bills for repairs, rendered by companies
on whose lines the cars happen to be.
Betterments and Renewals.-These aggregated $52,951, including $22,117
for bridges, trestles and culverts.
CLASSIFICATION OF FREIGHT-PRODUCTS OF (TONS).
Year-Agricul. Animals. Mines.
Forest. Manufac. Miscell.
1910-11
785,236 321,291 263,335 384,304
351,099 34,793
:1909-10
344,406 20,206 1,076,473 291,265 250,785 430,289
360,704 37,342
870,293 224,500 221,394 314,236
1908-09
919,963. 202,406 179,983 248,312
1907-08
316,640 36,563
In 1910-11 carried 455,208 tons of bituminous coal; 712,624 tons in '09-10.
• TRAFFIC STATISTICS.
1910-11.
'
1009-10.
1907-08.
1908-09.
2,422,424
Tons of freight carried.. _ 2,140,058
1,903,867
2,028,469
Tons fgt. carried 1 mile_219,399,630 244,301,683 195,494,550 180,072,962
Aver, distance each ton
hauled (miles)
102.52
94.58
100.85
96.38
Av. earn, per ton per m. 0.604 cts.
0.609 cts.
0.568 cts.
0.598 ets.
Fgt. earn. per fgt. tr. m_
$2.052
$2.190
$2.233
32.188
Fgt. earn. p. m.of road_
$4,438
$4,728
$5,611
$5,358
Avgc. train-load (tons)3.30
393
362
337
770,748
794,534
No.of passengers carried
821,946
790,007
No. pass. carried 1 mile 16,828,590 16,829,364 17,507,223 16,587,190
Aver, distance each pass.
21.30
carried (miles)
21.52
21.18
21.30
Av.earn. per pass.-p-. m. 2.108 cts.
1.814 cts.
1.816 cts.
1.779 cts.
Earn. per pass. train Ill _ 78.79 eta.
68.94 eta.
71.07 cts.
66 77 cts.
Gross earn, per mile road
$5,792
$6,125
$6,916
$6,914
INCOME ACCOUNT.
Operating Revenue-1009-10.
1910-11.
Freight
$1.324,718 $1,387.356
Passenger
299.367
354,714
Mail, express and miscellaneous
66,149
72,964
Other than transportation
14,096
13,905
1908-09.
$1,169,044
317,943
65,595
12,251
Total
14 Operating Expenses and TaxesMaintenance of way and struotures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses and taxes
$1,766,301
$1,766.968
$1,564,833
$251,266
361,169
86,956
786,705
121,526
$278.011
331,202
80,101
732,135
117,454
$205,753
374,914
73,699
689,752
108,214
Total
Net revenue (after taxes)
Other income
$1,607,622
$158,679
*42,726
$1,538,903
$228,065
0,978
$1,452,382
$112,501
4,017
Total income
Deduct-Interest on prior lien bonds____ ._
Other interest
Rentals
Hire of equipment
$201,405
$235,043
$116,518
$79,245
$79,245
31,849
50,113
34,665
9,078
$78,165
13,100
35,944
9,762
Total
Balance
$161,207. $122,988
$136,970
$40,198 sur.5112,055 def.$20,452
'" Includes $31,050 passenger revenue in excess of two-cent rate carried in
suspense at close of previous year, now credited to income.
BALANCE SHEET JUNE 30.
1911.
1910.
1911.
1910.
Assets$
Liabilities$
RR. & equipml_a12,729,702 12,732,682 Common stock_ __ 3,598,900 3,508,900
Securities deposited
Preferred stock__ 3,689,715 3,689,715
• under mortgage. b350,000 b350,000 Funded debt
5,909,300 5,909,300
Securities in tress_ c149,500 c149,500 Car and equipment
Securities pledged
trust notes
178,853
178,853
for loans
d174,000 d174,000 Consol. mortgage
Current assets_
63,204
63,834
coupons
290,250
193,500
Suspense accounts.
24,754 Bills payable
22,809
135,000
135,000
J. P. Ramsey 'Sr H.
Current liabilities. 208,088
201,433
H.M.Merrlam,rec.
47,438
50,191 Accrued interest on
Profit and loss..
489,653
369,840
loans
16,200
8,100
EARNINGS OF SUSQUEHANNA RAILWAY, LIGHT h POWER CO.
,SYSTEM-12 MONTHS ENDING SEPT. 30 1911.
Gross
Net, alter
Balance,
Fixed
Earnings.
Taxes.
Charges.
Surplus.
Altoona (Pa.) Gas Light &
Fuel Co.(Altoona, Pa.)- $152,502
$60,586
$42,985
$17,603
Citizens' G. & F. Co. (Terre
207,651
81,698
Haute)
38,755
42,943
Colo. Spgs. (Colo.) L., H. &
P. Co
536,574
248,434
131,343
117,091
DImira, N.Y., W.L. & RR _
952,394
343,025
241,441
101,584
Hartford (Conn.) City Gas
Light Co
511.161 '
255,397
19,368
236,029
Leavenworth (Kan.) L., H
& P. Co
244,752
74,765
33,293
41,471
Lockport(N. Y.) Lt., H.&P. 242,657
58,033
37,422
20,611
Richmond (Ind.) L., H.&P.
153,469
55,744
39,836
15,908
Union Gas & Elec. Co.
(Bloomington, Ill.)
138,328
58,319
33,462
24,857
Wilkes-Barre Co. (WilkesBarre, Pa.)
564,493
301,373
74,466
226,907
Columbia (Pa.) E. L., H. &
P. Co
32,084
15,057
6,933
8,125
Conestoga Trac. Co. (Lancaster, Pa.)
941,627
393,669
319,867
73,802
Edison Elec. Ill. Co. (Lancaster, Pa.)
249,292
152,946
24,142
128,804
Lancaster (Pa.) Gas L.& F_
175,721
25,108
100,996
75,887
$5,102,705 $2,200,042 $1,222,054
Total
Year end. Sept. 30 1910...... $3,360,649 $1,366,302 $835,247
$977,988
$531,580
EARNINGS FOR CALENDAR YEARS 1907 AND 1909 AND
ENDING SEPT. 30 1911.
-Gross Earnings
1907.
1909.
$
3
AltoonaG.L.&F._ 141,706
136,939
aCit.G.&F.,T.H_ 157,171
185,275
bCol.Sp.L.,H.&P.
524,177
778,774
cEl. W.,Lt.&RR. 645,744
dHartford C.G.Lt. 412,560 445,463
eLeav'w.L.,H.&P. 193,871
210,926
Lockport L.,H.&P.110,821
203,955
fRichm.Lt.,H.&P. 49,110
69,069
gUn.G.&El.,Bloom.
119,793
hWIlkes-B. Co_
431,256
Col.El.Lt.H.&
_
_ . _ _ __
i Conestoga Trac.
P.759-ii1
841,985
Ed.El.Co.,Lanc._ 287,234
218,358
j Lana. G. L.&F.. 136,394
143,197
Total
YEAR
Sur)). aft. Fixed Claps1910-11. 1907.
1909. '10-'11.
$
$
$
$
152,502 10,482 13,645 17,602
207,651
7,748 38,554 42,943
536,574
102,487 117,091
952,393 49,216 78,999 101,584
511,161 182,657 192,234 236,029
244,752 36,379 37,950 41,471
242,657 18,416 33,168 20,611
153,469df.12,068 df.6.928 15,908
138,328
12,222 24,857
564,493
24,276 74,466
32,085
6,933
941.627 50,799 20,036 73,802
249,292 98,874 91,353 128,804
175,721 47,580 60,449 75,887
2,894,235 4,309,167 5,102,705 499,083 098,445 977,988
a See V. 92, p. 60; V. 90, p. 1365. b See V. 91, p. 1097; V. 93, p. 1604,
471. c V. 93, p. 1532; see also "El. Ry." Sco. d V. 92, p. 191. e V. 88,
p. 380. f V. 78, p. 992. g See V. 83, p. 102; V. 81, p. 1407. Ii V. 91,
p.658; V. 93, p. 475. i See "El. Ry." Sec. j V.82, p. 163; V. 91, p. 1774.
CAPITALIZATION OF SUBSIDIARY COMPANIES SEPT. 30 1911.
Amount
Susg.
Outstand. Owns,% Owns,%
(1) United Gas & Electric Co. of N. J.
Common stock
$3,464,250 100.00
Preferred 5% stock
1,467,770
1st coll. tr. 5s, Jan.'22 (auth., $3,000,000) 1,780,000
Altoona (Pa.) Gas Light & Fuel Co.corn. stk. 305,000
98.30
Preferred stook
100,000
100.00
1st M. 5s, Aug. 1 1932 (auth., $750,000) _ _
750,000
Citizens' Gas & Fuel Co. of Terre Haute, stk_
300,000
99.38
1st M. 5s, Oct. 1 1922 (closed)
287,000
1st & ref. 5s, Jan. 1 '60 (auth., $2,000,000) 487,500
Colorado Spgs. (Col.) L., H 'Sc P. Co., cons... 1,000,000
98.64
Preferred. 6% stock
1,000,000
75.62
1st & ref. 5s, Aug. 1 '20 (auth., $3,500,000) 1,200,000
Colo. Sp. L.& P. 1st 5s. Apr. 1919(closed).. 300,000
Colo.Sp El. Co. 1st 5s, Apr. 20'20(closed) 1,000,000
Elmira (N. Y.) Water, Lt. & RR.Co., corn.... 1,000,000
• 85.64
Preferred 5% stock
683,000
46.10
1st M.5s, Jan. 1 1949 (auth., $2,000,000)_ 1,661.000
1st cons.M.5s,Sept. 1 '56(auth.,55,000,000) 2,166,000
Elmira W. Wks. 1st es, Apr. 1 '13 (closed)
339,000
West Side RR. 1st 5s, Oct. 1914 (closed) _
355,000
Chemung Co.Gas.Co.lst 6s,July'23 (closed) 307,000
Hartford (Conn.) City Gas Lt. Co., corn
1,250,000
71.36
Preferred 8% stock
750,000
1.92
1st M.4s, July 1 1935 (auth., $1,000,000)
350,000
Leavenworth (Kan.) L., H. & P. Co. stock._
600,000
100.00
1st M. 5s, Sept. 1 1923 (auth., $1,000,000) 675,000
Lockport (N. Y.) L., H. & P. Co. stock_....
150,000
100 00
1st & ref. 5s, Jan. 1 1938 (auth., $750,000) 409,000
Lockp. G..& E., 1st 5s, Feb. 1 '20 (closed) 300,000
Richmond (Ind.) L., H. & P. Co. stock..... 300,000
100.00
1st M. 5s, Jan. 1 1914 (auth., $300,000)....
200,000
3-yr.6% notes, Mch. 1 '14(auth.,$500,000) 500,000
Union G. & E.Co. of Bloomington, Ill., corn_
750,000
100.00
Preferred 6% stock
150,000
100.00
1st M.5s, Sept. 1 1935 (auth., $750,000) _ _
550,000
Wilkes-Barre Co. of Wilkes-Barre, Pa., stock 1,500,000
71.52
1st & ref. 5s, July 1 '60(auth., $7,500,000) 2,056,000
Wilkes-B.G.&E.1st cons.5s.Jan.'55(closed) 3,000,000
Susg. Lane.
Total
•
Owns.% Owns,%
Out.
(2) Lancaster County (Pa.) Ry.& Lt. Co.(N.J. Corp.)Common stock
$1,210,000 100.00
Preferred 5% stock
1,000,000
Total
14,026,306 13,914,801
Total
14,026,306 13,914,801
Coll. trust 5s, July 1 1951 (closed)
1,000,000
Conestoga Trac. Co., Lancaster, Pa., corn._ _ 3,200,000
100.00
a After deducting equipment replacement funds, $274,723. b Includes Peoria &
Preferred 6% stock
800,000
Pekin Union lty. stock, $250,000; Alton Term. Ry. stock, $50,000, and Alton Term.
99.99
1st M. 4s, Jan. 1 1950 (auth., $2,000,000) _ 1,277,500
Ry.bonds,$50,000. c Includes Peoria & Pekin Union Ry. bonds, $6,500; Mo.& Ill.
Lane. City St.Hy.5s, Apr. 11020 (closed) _
160,000
Br. & Belt Rit. stock, 813,000; prior lien M. bonds not pledged, $130,000. d InWest
End St. Ry. 1st 5s, May 1 '21 (closed) 225,000
cludas prior lien M. bonds, 9109,000, and cons. M. bonds, $65,000.-V. 93, p. 229.
Lane. Trac. Co. 1st 5s, A pr. 1 1923(closed) 225,000
Edison Elec. Co. of Lancaster, Pa.. stock__ 1,500,000
100.00
Susquehanne..Railway, Light & Power Co.
lst&ref.11.5s,Nov. 1 '40(auth .87,550,000)
190,000
1st M. 5s, Jan. 1 1925 (closed)
253,300
(Financial Statement of Sept. 30 191 1.)•
1st M. 5s, July 1 1922 (closed)
46,700
Columbia El.L.,H.&P.Co.lst5s,May 1 1935
125,000
A pamphlet prepared by Bertron, Griscom & Jenks of New
Manheim & Sub. Elec. Co. 1st 5s, due
York, who control the company and manage the several
Oct. 1 1941 (auth., $100,000)
80,000
Lancaster Gas L. & F. Co. of Lane., Pa,,stk_
550,000
operating properties, shows:
100.00
1st M. 5s, Jan. 1 1925 (closed)
300,000
This holding company.,incorporated under the laws of Connecticut, owns,
2d M. 5s, Jan.1 1936 (auth., $400,000)._
100,000
with the exception of a few qualifying shares, the entire common stock of
3d M. 5s, Jan. 1 1936 (until., $100,000)._
100,000
the United Gas & Elec. Co. of N. J. and the Lancaster County (Pa.) Ry.
Columbia Gas Co. 1st M. 5s, Jan. 1 1941
Light Co. of N. J. These two companies are also holding and operating
(auth. 5200,000)
75,000
companies, controlling through stock ownership some 14 subsidiary comConestoga Realty Co., stock
100,000
100.00
panies, furnishing gas, electric railway, electric light and power in many
1st M. 5s, May 1 1958 (auth., $500,000).... 222,000
of our important cities. The total populations served by the subsidiary
Total securities outstanding as above: Bonds, $23,052,000; preferred
companies is (a) United Gas & Electric Co., 400,000; (b) Lancaster County stock, *5,950,770; common stock,
$17,239,250.
Railway & Light Co., 339,000,
EARNINGS OF SUSnUEHANNA RY. LIGHT & POWER CO. FOR BALANCE SHEET OF SUSQUEHANNA RY. & LT. CO.SEPT.30 1911.
CALENDAR YEARS 1907-1910 AND '
12 MOS.END.SEPT.301911.
riFAssets ($9,047,965)Liabilities ($9,067,965)Stock, sub-companles___ 38,758,019 Preferred stock
1910-11.
1910.
1909.
1908.
1907.
$4,434,200
Accounts receivable
Company's proportion of
119,809 Common stock
4,108,000
Bills receivable
surplus earnings of sub88,000 Accounts payable
45,674
sidiary properties
$601,033 $514,371 $391,630 $316,502 $315,255 Furniture, &et
7,181 Bills payable
25,000
Div. of 5% on co.'s pf. stk. 217,960 204,610 204,610 204,610 204,610 Prepaid and accrued accts.
1,246 Deposits, sub-companies.
35,320
Suspense
2,111 Interest accrued
208
Balance
$383,073 $309,761 $187,020 $111,892 $110,645 Cash
91,509 Surplus
329,581
Per cent on co.'s corn. stk 0.25%
4.52%
7.50%
2.70%
2.70%
See also reports for U. Gas & El. Co. and Lan. Co. By. h Lt. Co. below.
Paid on com.stk.(July 1)(1%)41,980
V. 93, p. 1727.
THE CH.RONI.CLE
DEC. 30 1911.
United Gas it Electric Company of New Jersey.
(Earnings Year ending Sept. 30 1911-Bat.Sheet June 30'11.)
This company is controlled by the Susquehanna Ry.,
Light & Power Co., which see above for securities held by
United Gas & Electric Co.
Earnings for Cal. Years 1909 and 1910 and 12 Months ended Sept. 30 1911.
1900.
1910.
1910-11.
Proportion of surplus earnings of subsidiary companies represented by
their stock controlled by. U. G. &
365,620
438,606
485,150
E. Co. after all charges
58,567
62,969
42,105
Other income
Total income
Fixed charges
Preferred dividend 5%
Sinking fund
527,255
84,656
58,605
72,223
501,575
93,350
58,605
424,187
90,724
58,605
274,858
349,620
311,771
Balance, surplus for year
Dividends have been paid regularly at rate of 5% on the pref. stock since
Incorporation. Common stock dividends as follows: 4% in 1905, 1906 and
1907; 2% in 1908 and in 1909;4% in 1910; 5% in 1911.
BALANCE SHEET JUNE 30 1911.
Liabilities-($7,409,388)Assets-($7,409,388)$3,464,250
Stocks and bonds of sub cos_ _ .$6,030,285 Corn. stock ($4,000,000)
z1,467,770
Pref. stock (81,500,000)
Hartford City Gas Lt. Co.
343,834 Bondi ($3,000,000 auth.)_ __ _x1,780,000
rights and new stock
122,390
payable
accts.
and
Bills
295,600
Treasury preferred stock
29,302
336,000 Dividends payable
Treasury bonds
1,223
63,080 Interest accrued
Cash
520,885
334,910 Profit and loss
Bills receivable
23,568
5,679 Surplus 6 months
Interest accrued, &c
xSee "Assets" side for amount in treasury. The bonds are 1st M. coll.
trust 5s, due Jan. 11922, *3,000,000 auth., int. J. & J., at N.Y. Trust Co..
trustee.-V.92, p. 398.
Lancaster County Railway 85 Light Company.
Earnings 12Mos. End. Sept. 30 1911-Bat. Sheet June 30.)
This company is controlled by the Susquehanna Railway,
Light & Power Co. See that company above for list of controlled companies, their securities, &c.;also "Elec. Ry."
Section. Total population served, 1910 Census 330,000.
EARNS. FOR CAL. YRS. 1909 & 1910 & YEAR END. SEPT. 301011.
[Proportion of surplus earnings of subsidiary companies represented by
their stock controlled by the company after all charges.]
1910-11.
1909.
1910.
$285,421
$240,635
$179,186
Earnings
11,409
1,608
8,940
Other income
• Total income
Fixed charges
Preferred dividend (5%)
$188,120
$50,000
50,000
$242,243
$50,000
50,000
$296,830
$50,000
50,000
$196,830
$142,243
$88,126
Surplus
Dividends on the pref. stook have been paid at the rate of 5% since incorporation and on the common stock at tile rate of 10% since 1907.
BALANCE SHEET OF JUNE 30 1911.
Liabilities ($3,516,792).
Assets ($3,516,792).
$1,100,000 Prof. 5% cum. stock____$1,000,000
Franchises
1,200,000
2,265,600 Common stock
Stock subsidiary 003
117.500 Collateral trust bonds_ ___ 1,000,000
Bonds
4043
130,00
17,080 Bills payable
Bills receivable
4,181 Accrued accounts
Cash
186,349
12,431 Six mouths' surplus
Miscellaneous
-V. 91, p. 1447.
1783
Cuban-American Sugar Co.
(Report for Fiscal Year ending Sept. 30 1911.)
Pres. R.B.Hawley,N.Y, Dec.18 1911, wrote in substance:
Results.-During the period when rains were most necessary for the
growing crops there prevailed a serious drought throughout the Island of
Cuba, causing a reduction in the total crop of 18% and in the instance of
the estates of this company, excluding the output of the San Manuel house,
a reduction 01 17% is shown as compared with the crop of the previous year.
With the factories operating practically the same number of days but producing 17% less raw sugar and the low prices prevailing during the months
when the crop was being harvested, the net profits of the company amounts
to but $273,477, as compared with $1,777,182 for 1909-10.
The effect of tile drought beyond increasing the cost of our cane for the
past year cannot be fully ascertained until the crop now beginning is harvested, and it has been decided therefore to set up as a special reserve
$250,000 to meet this anticipated loss. The competition for cane in the
neighborhood of our Tinguaro and Nueva Luisa factories has so far advanced the price of cane in this section that it was found more profitable
temporarily to suspend operations of the Nueva Luisa factory and to increase the output of the Tinguaro factory 40 to 50%.
' Accumulated Dividends.-Dividends of 1 %% on the pref. stock were paid.
on Oct. 1 1910, Jan. 3, April 1 and July 1 1911, and a similar dividend declared, payable Oct. 2 1911, being the accumulated dividends on the pref.
stock to Sept. 30 1910.
Acguisitions-Chaparra RR.-In October 1910 the company acquired the
capital stock of the San Manuel Sugar Co., owning an estate located in the
vicinity of Puerto Padre, Cuba, adjoining the Chaparra estate, comprising
about 92,000 acres of land, sugar factory, railroad lines, wharves and other
accessories of sugar plantation, as well as the greater part of the town of
Puerto Padre. (V. 91, p. 1712; V. 92, p. 264.) The Chaparra RR. Co.
was organized on Oct. 14 1910 with a nominal capital stock of $10,000 to
take over the railroad properties of the Chaparra and the San Manuel Sugar
companies. Subsequently the authorIzed capital stock of the railroad
company was increased to $2,000,000 to conform with the railroad laws of
Cuba, of which $224,000 is owned by the Cuban-American Sugar Co., the
balance remaining unissued.
Stock and Boncis.-To provide for the purchase and development of these
properties, erecting a modern sugar factory, extending the railroad and
constructing a deep-water shipping terminal, the stockholders on Dec. 20
1910 authorized the directors to issue for cash 15,988 shares of the pref.
stock, and to deliver to the subscribers 40% of the amount of their subscriptions-the equivalent of 6,395 shares-1n the full paid common capital
stock. In addition $1,800,000 10 year 6% collateral trust gold bonds have
been sold for this purpose. (V. 91, p. 1714; V. 92, p. 264.)
Increase in Property Account during Year, $4,907,687.
•
Cost of San Manuel purchase, organization expenses, including
•
the increase of $639,500 in the value of the combined properties $2,262,985
New Delicias factory, Installing machinery, &c
1,094,243
Dwellings, stores and other buildings
128,958
238,102
Improvements to old San Manuel factory
612,815
Development of Chaparra RR
143,747
Machinery, water supply, &c., at Gramercy, La., refinery
183,171
New buildings, railroad extension, &c., at Constancia
163,126
Land purchases and new machinery at Tinguaro
84,540
Improvements at Nueva Luisa, Mercedita, Cardenas and Unidad
The development of the San Manuel property and the Chaparra RR.
have progressed satisfactorily, and our new sugar house at Delicias, erected
this year, will be ready for the campaign now at hand. The addition of
this factory to our Chaparra territory brings our output in this favored
locality to 66% of the total production of the combined estates.
Bonds.-01 the total authorized issue of $10,000,000 10-year 6% collateral trust gold bonds, $9,300,000 has been issued, of which $270,000 has
been retired by the sinking fund and $15,000 is reserved to purchase a like
amount of underlying bonds of sub, companies not owned. There remains
outstanding Sept. 30 1911 $9,015,000.
Output, &c.-The amount of cane ground and the annual production
from 7 estates in 1909-10 and 8 estates in 1910-11 was:
Cane Ground (Tons)1910-11.
1909-10.
Grown
258,376
157,256
Purchased from Colonos
1,127,546
1,153,232
Total (tons 2,000 lbs.)
1,284,802
1,411,608
Sugar production (tons)
167,218
151,852
The estates now include Chaparra, Tinguaro, Nueva Luisa, Unidad,
Mercedita, Constancia, San Manuel, Gramercy (La.).
Outlook.-During the coining year the reversal of last year's situation
American Cities Company.
seems practically assured. All our factories are provided with a sufficient
cane supply to run to their full capacity, and it is estimated, with normal
(Financial Statement Sept. 30 1911.)
weather conditions for harvesting our crop, the total output should exceed
bags of sugar, or an increase of 30% over last year. Present
This holding company, organized and financed by Bertron, 1,250,000
prices and the outlook for supplies and consumption indicate better returns
Griscom & Jenks of New York (see V. 93, p. 228, 285, 1670, for our product than experienced for many years. In the judgment of the
board, the present status of the property and the outlook offer every guarand 1724, also "Elec. Ry." Sec.), is fully described, along anty
of a successful future.
with all the operating properties, in the pamphlet just issued
ANNUAL OUTPUT.
by the firm regarding its 'Public Utility Companies." Cer191011. 1909-10. 1908-09. 1907-08. 1906-07.
Total bags
949,077 1,045,139 915,628 443,864 600.519
tain salient features therefrom are covered below:
Total in tons
96,083
151,852
71,018
167,218
146,500
Capitalization of American Cities Company.
50.000
50,000
CardenasRef.(abt.)(bbls.) 33,101
50,668
45,817
191,924
Pref. stock, 6% cumulative, authorized, $35,000000; outst'g_ _$20,514,200 Gramercy Ref'y (abt.) 265,713 275,000
16,250,600
Common stock authorized. $25,000,000;outstanding
INCOME ACCOUNT.
Coll. tr. 5-6s, due July 1 1919 (V. 93, p. 228, 285), authorized,
1910-11.
1909-10.
1908-09.
10,000,000 Sugar sales
$11,000,000; outstanding
•$14,527,681•$15,269,758 $10,918,374
240,193
327,287
357,022
Capitalization of Subsidicry Cos. & Proportion Owned by Amer. Cities Co. Molasses sales
220,622
512,942
241,603
Miscellaneous income
Total Bonds.-Preferred Stock- -Corn. Stock
(Bonds, see the
$15,397,645 *15,817,667 $11,400,169
Total
Total Issued.
Outsrg.
Own'd. Outsrg. Own'd.
"El. Ry." Sec.)
12,971,235
13,854,820
9,172,660
exps_
Mfg.
gen.
&
&
sell.
Prod.
costs,
New Orleans (La.)
$1,542,825 $2,846,432 $2,227,509
Net earnings
Ry. & Light Co__ 33,107,950 10,000,000-5% 87.5% 20,000,000 96%
Birmingham (Ala.)
Deduct$212,666
$503,563
$469,309
Ry., Lt. & P. Co_$11,454,000 $3,500,000-0% 79% $3,500,000 88% Depreciation
58,000
50,000
*40,698
Memphis (Tenn.) St.
Discount on bonds
9,000,000 2,500,000-5% 88% 2,500,000 86% Interest on bonds
338,240
497,965
Ry. Co
228,855
211,700
400,354
209,820
Interest on bills payable. &c
Little Rock (Ark.)
750,000-6% 80% 1,500,000 81% Bond sinking fund
Ry. & Elec. Co... 2,814,000
137,703
127,541
131,147
Knoxville (Tenn.)
66,851
Miscellaneous reserves
500,000-6% 100% 1,500,000 100% Dividends
Ity. & Lt. Co
3,375,000
(7%)524,5871(8 Y0550,812(130110,162
Houston (Tex.) Ltg.
Balance
.$382
del
,257sr.$1,088,667sr.$1,040,383
500,000-6% 92% 1,000,000 110%
1,300,000
& Power Co
• "Sugar sales" in 1911 and 1910 is stated after deducting commissions.
&c., which in 1908-09 were stated together with discount on bonds, mak$61,050,950 $17750,000
Total
$30,000,000
ing a total of $40,698, as above shown.
EARNINGS OF AMERICAN CITIES CO. SY5TEM-12 MONTHS
BALANCE SHEET SEPT. 30.
ENDING SEPT. 30 1911.
1911.
1911.
1910.
Gross
1910.
Net, after
Balance,
Fixed
$
Assetsa
LiabilitiesS
$
Earnings.
Taxes.
Surplus.
Charges.
New Orl. (La.) Ry.& L. Co_ $6,342,895 $2,341,024 $1,618,015 $723,009 Prop'ty & plaats121,289,282116,234,969 Common stock__ _ 7,135,600 6,496,100
1 146,626 Preferred stock__ _ 7,893,800 0,295,000
558,450
576,622 Adv.forillt.const.1
Birm.(Ala.)Ry.,L. & P. Co_ 2,777,765 1,135,072
93,964 Col. Bug. stk. not
74,786
Meinphis(Tenn.)St.Ry.Co_ _ 1,867,426
680,843
479,778
201,065 Investments
owned
6,100
3,929,340 3,929,340
6,100
850,691
416,060
LittleRk.(Ark.)Ry.&E.Co.
144,718
271,342 Good-will
13,600
13,600 Coll. trust bonds 9,015,000 7,239,000
721,793
370,341
157,070
212,362 Securs. in trust. __
Knoxville(Tenn.)Ry.&L.Co.
Bonds of sub. cos_
15,000
585,749
120,000
316,460
HOuston(Tex.)Ltg. & P.Co_
49,922
266,538 Advances to Coloa1,883,811 1,567,412 Real est. Ms., &c_
nos, &c
511,278
490,359
884,129 Bills payable
1,159,348 2,007,928
$13,146,319 $5,259,800 $3,008,862 $2,250,938 Plant.&grow.cane $3,096,087
Total
424,922 Bankers' loans_
2,378,771
961,528
Year ending Sept. 30 1910_ _$12,437,190 $4,924,167 $2,916,031 $2,008,136 Live stk. & equip_ 581,168
Acc'ts payable... 431,881
Mat'',supplies,raw
476,924
8.8%
5.7%
3.2%
12%
Increase, per cent
Salaries & wages
65,481
&ref.sug.,merch.
56,717
EARNINGS FOR CAL. YEARS 1907 AND 1909 AND YEAR ENDING
In stores, fie_ _ _ 1,692,153 1,962,638 Interest accrued
245,421
306,246
SEPT. 30 1911.
849,529 Pref. dividends__ c138,141 d110,163
Fiscal agents
555,116
710,393 Sinking fund
74,541
34,535
-Gross Earnings
-Sur.Alter Interest, &c
.- Cash
548,528 Deprec'n reserve
Acc'ts & bills rec _. 873,634
1,440,528
938,966
1909.
1910-11.
1007.
1907.
1910-11
1909.
369,638
___
discount
Bond
290,378
c1,771,532
Surplus
2,227,789
$
$
$
$
$
$
98,872
723,009 Other def. charges 135,863
680,474
New On. 0,008,909 6,042,894 6,342,895 746,012
220,014
576,822
Birm'in_ 2,221,000 2,286,369 2,777,785
393,314
Total
32,494,478 27,755,300
Total
32,494,478 27,755.300
162,411
Memph's 1,604,384 1,719,609 1,867,426
174,605 201,065
720,371
850,691
a After deducting reserve for bad and deubtful accounts, $384,376. b After
110,474
197,126 271,342
Lit. Rock 842,011
813,520
605,777
721,793
212,362
of
reserve
special
123,314
deducting
164,448
Knoxville
*250,000. c For 3 mos. ending Sept. 30 1910 paid
461,388
384,625
585,749
113,010 266,538 Oct. 2 1911. d For 3 mos. ending Sept. 30 1909, paid Oct. 1 1910. e After adding
75,000
Houston
3176,000 for coll. trust and subsid. companies' bonds canceled by sinking fund and
11,844,131
13,190,319 1,437,225 1,652,983 2,250,938 deducting $250.000 for special reserve to meet loss arising from valuation of growTotal..11,446.708
-V. 03; p. 17,24. 1670. • • _ • • .•
OW •.• El.!12112.ur: ELL:, ing CIU10.-y. 92. v. 264.
.
1784
THE CHRONICLE
[Vol,
Sealshipt Oyster System, Boston, Mass.
(Reportfor First Fiscal Period of 17 Mos.ending Sept.301911).
Pres. Lewis C. Brooks, Boston, Dec. 5, wrote in substance:
DeductInterest on bonds
Dividends
Rate of dividends
191 0-11.
$156,403
100,000
(5%)
Assets.-During September your directors had a complete appraisal made
of all the company's physical properties by the United States Appraisal Co.,
which entirely justified the valuation at which these properties are carried
upon the books. Your company also had separate appraisals of the oysters
on beds made by tour oystermen of long experience, two of whom were in
no way connected with the company. These appraisals indicate that the
company has a sufficient stock of oysters to care for its market requirements
for the next five years, and that the valuations are conservatively stated.
In order to handle the product more economically, the plants of the former
Stratford Oyster Co. and the Merwin Co. at East Providence have been
merged and enlarged and modern conveying machinery, a power plant and
cooling rooms have been installed. This plant, we believe, is now the
largest and most modern oyster-shucking house in the world. A new
sterilizing plant has been erected at West Sayville for the cleansing of our
shipping equipment at that point. During the summer our forty boats
were thoroughly overhauled.
The company is making every effort to produce and Market oysters of
superior quality, and the services of the Lederie Laboratory have been
retained and tests are constantly being made in and about the waters surrounding our beds. We believe that your company is the only shipper
of oysters employing such precautions.
In order to better enable the company to distribute its products, a con-•
tract has been entered into giving the Producers Sales Co. (the capital stock
of which is held in the treasury of the Sealshipt Oyster System)the exclusive
sale of our oysters. This company has established branches in many of
the leading cities of the United States and Canada.
Capital Stock.-The common stock is $2,000,000; pref., $2,500,000.
During the period there were issued $1,680,000 in pref. shares and 500,000
in common shares, all of which were sold, and the proceeds used in the
purchase of properties (see V. 91, p. 1634, 1713; V. 02, p. 601, 887).
Bonds.-Your company issued under date of July 1 1911 $2,500,000 of
3-year 5' " convertible gold bonds, due July 1 1914, to enable it to retire
short-term property notes (V. 93, p. 163).
Property Notes.-The outstanding notes issued in payment for properties
purchased by your company aggregate $1,717,662. These notes mature
on various dates as follows (years ending Sept. 30): 1911-12, $391,312;
1912-13, $418,850; 1913-14, $208,500; 1914 to 1923, $699,000. It is
our purpose to retire these notes as they become due.
INCOME ACCOUNT FOR THE FISCAL PERIOD OF 17 MONTHS
ENDING SEPT. 30 1011.
Net earnings from operat'ns.$530,640 Surplus for 17 months
$238,403
Miscellaneous income_
22,676 Previous surplus
52,301
Total deductions
Balance, surplus
$256,403
$167,023
LXXXXIII.
1909-10.
$122,835
210,000
(10 34)
1908-09.
594,654
110,000
(53i)
$332,835
$204,654
$74,008
578.015
BALANCE SHEET OCTOBER 31.
1911.
1910.
1911.
1910.
Assets$
Liabilities$
$
8
Prop., plant,rights,7
I
Capital stock
10,000,000 2,000,000
&e
115,555.17015,882,253 Bonds
b4,967,000 3,305,000
Meters, tools, flx.,
Bibs payable
425,821 339,922
wagons, &c_ __ _
1 148,203 Accounts payable
231,516 270,509
Material dr supplies' 45,452
24,852 Accrued bond int.,
Cash
35,583
15,642
taxes, &c_ __
96,759
73,398
Bills receivable_ _
2,323
2,198 Maint., &e., reserve
13,933
Accounts receivable
84,422
74.711 Surplus reinvestm't 323.918 159,029
Treasury bonds_ _ _ _ a336,000
Total
16,058,950 6,117,859
Total
16,058,950 6,147,859
a Sale negotiated for future delivery. b Bonds outstanding include $3,964,000
Northern California Power Co. consol. ref. and consol. Is; $866,000 Northern California Power Co. 1st M. Is; $43,000 Keswick Electric Power Co. 1st M. Is; $84,000
Battle Creek Power Co. 1st M. Is and $10,000 Redding Water Co. 1st M. Is.V. 93, p. 1606, 1469.
Harrison Bros. & Co., Inc., Philadelphia.
(Reportfor Fiscal Year ending October 31 1911.)
President Robert S. Perry, Philadelphia, Dec. 19, wrote:
in substance:
A moderate increase in profits is gratifying, considering that business
conditions have been more or less disturbed during the entire year, and our
trade generally has been buying only as actual needs compelled. This has
resulted in a decrease in the average sales per customer, but new business
has offset both the decrease, and also a decrease in the average net profit
on some of our products.
The important addition to the plant has been completed. The total cost
during the year of such additions has been $117,097; of this sum there has
been provided from special appropriation of previous year for new construction, and from amount transferred from depreciation fund,$102,920,
leaving net addition to plant valuation $14,178.
Liberal expenditures also have been made in replacements and renewals
Total Income__ _ _....._
_3553,316
Total_
$290,704 of existing apparatus, the cost being charged against depreciation fund.
Deduct-Interest charges__ _3153,745 Less profit & loss charges_ _h213,671 Out of the earnings of the year we have transferred to the credit of depreciation fund $106,839, which is equivalent to 3% on buildings and 10% on
Pref. dividends_a__(8 X %) 161,168
Surplus Sept. 30 1911
$77,033 machinery and apparatus. We have also, out of earnings, charged off
a Includes a semi-annual dividend of 3 1fi% paid Jan. 5 1911 and 3 quar- $100,146 of "patent rights, good-will, &c.," reducing this item to $430,000.
We have added to our holdings of securities of other corporations, and
terly diva. of 1 X% each, paid April 5, July 15 and Oct. 14. b Includes deferred advertising exp., $80,104, and disc't on 3-yr.5% bonds sold,3133,567. the net income from such holdings has increased from $26,018 in 1909-10 to
$32,201 this year.
BALANCE SHEET SEPT. 30 1911.
Out of the profits of the year the directors have appropriated $60,000
Assets (39,359,330)$
for dividends on the pref. stock, payable in four quarterly dividends of
Liabilities ($9,359,330)
$
Oyster beds
4,079,690 Preferred stock
2,500,000 1% each-the first Jan. 1 1912.
Equipment
a1,193,693 Common stock
2,000,000
rTATEMENT OF PROFIT AND LOSS FOR YEARS ENDING OCT. 31
Advance payments__ _ .___
20,550 3-year 5% convertible bonds
Cash_
119,547
due 1914
2,500,000
1910-11.
1909-10.
1908-09.
1907-08.
Due from pref. underwrit'rs
50,000 Bank loans
400,000 Profit for year_ _ _
$341,356
$326,116
$289,861
*172,880
Due from underwriters' 3Property notes
61,717,663 Depreciation
106,839
100,000
100,000
93,887
year bonds (not yet called) 803,500 Unclaimed dividends
98
Accts. & notes receivable__ 290,321 Accounts Payable.
55,404
$234,517
$226,116
$189,861
$78,993
Oysters in transit
20,054 Dividend payable Oct. 14
43,750 Int. on lat M.bonds_ __ _
$65,000
$65,000
$65,000
$65,000
Oysters on beds_
2,668,351 Miscellaneous
7,597 Preferred dividends.. _(4%)60,000 (5%)75,000 (4%)60,000
Company stock in treasury
4,500 Interest accrued
57,785 Patent rights, good-will,
Stocks of other companies.. 109,124 Surplus
77,033
&c., charged off
100,146
Approp. for new constr..
75,000
a Includes
'
real estate, buildings and furnishings, $470,484; boats and
floating property, $298,092; tools and machinery, 3102,612; sealshiptors in
Surplus for year
$9,371
$11,116
$64,861
$13,993
service, $201,182; materials on hand, 3121,323.
b Includes $391,313 maturing Oct. 1 1911 to Sept. 30 1912; $418,850
BALANCE SHEET OCTOBER 31.
Oct. 1 1912 to Sept. 30 1913; 3208.500 Oct. 1 1913 to Sept. 30 1914, and
1911.
1910.
1910.
1911.
$699,000 Oct. 1 1914 to Sept. 30 1923.
AssetsLiabilities$
$
-V. 93, p. 167.
Real est., plant, &c_2,381,918 2,367,740 Preferred stock
1,500,000 1,500,000
Patent rights, trade
Common stock
1,000,000 1,000,000
marks, &c
430,000 530,146 First mtge. bonds_ _1,300,000 1,300,000
Northern California Power Co., Consolidated.
Stock in other cos.,&c 214,908 163,465 Accounts payable._ _ 56,149
71,294
Inventory
516,225 405,112 Accrued wages
14,145
13,159
(Report for Fiscal Year ending Oct. 31 1911.)
Bills & accts. reedy_ 406,692 464,978 Accrued bonds int
32,500
32,500
Cash
110,725 212,734 Bal. of deprec'n fund
Pres. H. H. Noble, San Francisco, Nov. 22 1911, wrote:
Value of unexpired
approp. for con.&c. 17,036
97,496
General Results.-About the time of our last annual meeting it was
insur., taxes, &c
6,251 Dividend account... 60,000
4,710
60,000
supposed that the smoke problem at the smelters in Shasta County was
Surplus
85,348
75,977
solved; however, the Cottrell process did not prove satisfactory to the
farmers and the result was the complete shut-down of the smelter at
Total
4,065,178 4,150,426
Total
4,065,178 4,150,426
Balaklala and the prevention of increase in output at the Mammoth smelter.
The curtailment of the mining industry in Shasta County has caused our -V. 92; p. 184.
company a loss in income of approximately $15,000 per month for the past
year. Notwithstanding this setback, we have made a substantial gain in
gross earnings of $61,620, but our operating expenses and fixed charges have
increased in greater proportion, owing to the large amount of new work
that we have engaged in.
RAILROADS, INCLUDING ELECTRIC ROADS.
Extensions.-We have extended our 60,000 volt line from Hamilton to
Arbuckle, a distance of 62 miles and a branch line to Butte City 2 miles long.
American Railways, Philadelphia.-Remaining Bonds OfWe are now building our lines as far south as College City. We have purohased sub-station sites at Hamilton, Maxwell, Williams and Butte City, fered.-Subscription books closed yesterday for the remainder
and have wired the three last-named towns for delivery of current.
Our new gas plant at Willows is now in successful operation. We have of the $2,500,000 collateral trust convertible 5% refunding
completed our Battle Creek dam to a height of 46 feet and will utilize the gold bonds, dated Aug. 1 1911 and maturing Aug. 11931,
same at this height for the storage of water this winter. We have also
raised our McCumber dam 2 feet and will get that additional storage there. which were offered at 96M and int., yielding 5.30% income,
We have completed a small reservoir on the Baldwin place.
by Newburger, Henderson & Loeb and Bioren & Co., PhilaWe have at last completed our Coleman plant of 20.000 h. p., now having
as fine a plant as there is in the State. In fact our whole system is equaled delphia and New York. See full description in V. 93, p.'
by few power plants in the country in extreme flexibility and consequent 526, and compare V. 93, p. 938, 1385.
ability to give a perfect service. Having such a large quantity of power
Bay State Street By., Boston.-Bonds Offered lointly.ready for delivery, we feel that our position is a very strong one. The first
commercial furnace of the Noble Electric Steel Co. will be completed about N. W. Harris & Co., Inc., Merrill, Oldham & Co. and Perry,
Dec. 1 1911 and we expect them to be large users of power.
We have done considerable work on our Pitt River water right, have had Coffin & Burr, all of Boston, are offering $1,235,000 Boston
complete survey made, purchased all the rights of way, riparian rights and & Northern Street Ry. Co. 1st M. refunding gold 4% bonds
power-house site, and are planning to do considerable work that will be of a
permanent nature, so that as soon as there is a demand for the power we (due July 1 1954) at 92 and int., yielding 4.42% income, and
can complete the plant within a short time. The ditch line and series of $1,315,000 Old Colony St. Ry. Co. 1st M. refunding gold
short tunnels combined will be 5.3 miles long. With our pipe lines less than
1,000 feet long, we get 468 feet head and can develop 120,000 h. p. This, 4% bonds (due July 11954) at 90 and int., to yield 4.53%
income. These bonds are practically all issued for refundto my mind, is one of the most valuable assets of our company.
New Stock, &c.-The accounts for the past year include an addition of
$8,000,000 to the company's issued capital stock and a corresponding in- ing purposes, and are obligations of the Bay State Street
crease of assets, being balance on purchase price of entire capital stock and Ry. Co., which, as a consolidation of the two roads menassets of the Northern California Power Co., said purchase having been tioned, owns and operates a comprehensive system of street
completed during the year just closed.
GENERAL
EarningsElectric light and power
Gas and water works
Miscellaneous
INCOME ACCOUNT.
1910-11.
$582,612
56,615
475
1909-10.
$506,958
53,031
18,093
1908-00.
$370,455
50,520
11,740
Total
ExpensesOperating expenses
Maintenance
Maintenance and depreciation reserve
General expenses
$639,702
$578,082
$432,715
$89,023
47,188
13,933
81,328
$77,145
30,673
$65,114
30,205
73,793
55,842
Total expenses
Net earnings..
Other income
3231,472
$408,230
15,196
3181,611
$396,471
10,372
$151,161
$281,554
1,115
$423,426
$406,843
$282,669
Total net earnings
NVESTMENT NEWS,
railway lines connecting and serving the principal cities and
towns situated within 30 miles north and 45 miles south of
Boston. See map on page 15 of "Elec. Railway" Section.
Capitalization of Bay State Street Ry. Co. as Officially Reported.
Stock, common, $19,047,300; pref. 6% cum., $2,088,600
$21,135,900
Stock of leased lines
1,793,700
0,830,000
B & N.St. By. 1st M.ref. 4s (incl. present offering)
Divisional bonds, $5,566,500; leased line bonds, $420,000
5,986,500
5,157,000
Old Colony St. By. 1st M. ref. 4s (incl. present offering)
Divisional bonds, $3,066,000; leased line bonds, 3876,500....-.. 3,942,500
EARNS.OF PROPERTIES NOW COMBINED-YR.END J'NE 301911.
Total.
B.&N.St.Ry. OldCol.St.Ry.
$3,378,552
Gross receipts
$5,326,669
$8,705,221
1,008,981
Net (after taxes)..
1,653,403
2,752,383
365,273
Bond interest
533,306
898,579
96,191
Rentals
121,920
218,111
Balance, surplus
3998,177
3637,517
31,635,693
TIM CHRONICLE
DEC. 30 1911.]
1785
The territory directly served has a population iCensus 1910) of 1,332,000
Cheyenne (Wyo.) Electric Ry.-Sale.-A dispatch to the
and embraces such important cities as (1) on B. & N. St. Ry., Lowell, San
Francisco "Commercial News" dated Dec. 4 says that
Lynn, Lawrence, Haverhill, Salem, Gloucester, Chelsea, Malden, Everett,
Nashua, N.H.,and (2) on Old Col. St. Ry., Quincy, Brockton, Taunton, the reported sale to a syndicate of Eastern capitalists, headed
of
miles
953
all
Fall River and Newport, R. I. The company controls in
by W. J. Barker, President of the Northern Colorado Power
track, including 67 miles held under lease in New Hampsihre and Rhode
/eland and 26 miles in the City of Boston, leased to the Boston Elevated Co., has been confirmed.
Ry. Co., comprising the largest street railway mileage of any system in
The Eastern syndicate, it is stated, obtains the line, a 22-year franchise
Massachusetts.
and other important considerations,for approximately $115,000. A 5-cent
Of the authorized issue of these bonds, namely, B. & N. St. Ry., $15,- fare between Cheyenne and Fort Russell
will, it is said, be instituted.000,000, and Old Colony St. Ry., $10,000,000, only $2,768,000 and $1,- V. 93, p. 1599.
777,000, respectively, can be issued for future additions and improvements
refundfor
(tor 50% of cost of same), the remainder unissued to be reserved
Chicago City Ry.-New Prcsident.-Leonard A. Busby
ing purposes. (The company is controlled by the:Mass. Elec. Companies.)- has been elected President to succeed Thomas E. Mitten,
V. 93, p. 1597, 1462).-V. 93, p. 1724.
who resigned.-V.93, p. 1667, 1599.
Chicago Rock Island & Pacific Ry.-Listed.--The New
York Stock Exchange has listed $330,000 additional first
and refunding mtge. 4% bonds due 1934, with authority to
add $3,500,000 additional bonds which were recently offered
Boston Elevated Ry.-Subway Leases Signed.-President (V. 93, p. 1667, 1725), on notice of issuance, making the
William A. Bancroft for the company and the members of total amount to be listed $94,942,000.
Purposes for Which $3,830,000 Bonds to Be Listed Have Been Issued.
the City Transit Commission on Dec. 7 signed (a) leases cov- Against
the acquisition of Rock Island Improvement Co. 1st M.,
ering the proposed Dorchester tunnel, Boylston St. subway,
covering shops and real estate at Chicago, Ill., and additional
$202,238
real estate at Cedar Rapids, Ia., and Kansas City, Mo
East Boston tunnel-extension and the Cambridge connec$100,000 1st M.55 and $100,000 stock (being entire issues) of
tion; (b) the extensions of the leases of the present Tremont ForRock
Island ec Dardanelle Ry. Co. (of Arkansas)-See Dar128,000
danelle Ola & Southern Ry. item, V. 93, p. 1599
St. subway and East Boston and Washington St. tunnels.
Binghamton (N. Y.) Ry.-Earnings.-
Gross
Year end.
Nov. 30- Earnings.
1910-11 _ _$383,882
1909-10 _
357,916
-V. 93, P. 1190.
Operating
Expenses.
$209,477
204,923
Net
Earnings.
$174,405
152,993
Interest
and Taxes.
$111,164
107,319
Balance,
Surplus.
$63,241
45,674
By this action all the leases, old and new, will continue in force not only
till July 1 1036, but thereafter unless terminated on said date or any subsequent to July 1 by 2-yrs. notice from either party. The Mayor must give
such notice when directed by Act of General Court or by a vote of City
Council, approved by the Railroad Commission. Compare V. 93, p. 344.
The rental to he paid by the company in all instances Is 4 %% of the net
cost of construction, payable quarterly (Q.-M.). In the case of the East
toll:
Boston tunnel the following clause is inserted, disposing of the one-cent
to collect as
"The company shall be under no obligation after June 10 1022the
tunnel."
agent for the city the toll from passengers passing through
West End interests have a suit pending in the Federal Court to test the
Constitutionality of the merger Act. See also V. 93, p. 1384.
British Columbia Electric Ry.-Report.Bal.,
DiviNet (aft. Int., ctc. Miscell. Int. on
Surp.
dends.
(Net). Expenses. Debs.
Maint.
£
£
57,455
82,671 141,000
22,120
56,947
1910-11 901,553 246,299
36,391
59,479 103,000
28,126
34,203
1909-10 628,763 192,793
5%
Dividends as above, £141,000 and £103,000, respectively, include
£25,and
£35,000
for
calling
stook,
pref.
perpetual
cumulative
the
yearly on
ordinary
pref.
the
on
yearly
000 in 1910-11 and 1909-10. respectively; 6%
8% yearly on the
stook, calling for £42,000 and £30,000, respectively, and
deferred ord. stook, calling for £64,000 and £48,000, respectively.
fund £56,472
reserve
to
From the surpluses as above there was transferred
defiIn 1910-11 and £37,845 in 1909-10, leaving a surplus of £083, against a
1323.
1667,
cit of £1,454.-V. 03, p.
*Pao 30 Gross
Year- Earns.
Buffalo Batavia & Rochester (Electric) Ry.-Securitiesfor
Proposed Buffalo-Rochester Road.-An application has been
made to the Public Service Commission, Second Department,
for permission to consolidate the Buffalo & Williamsville
Electric Ry., the Buffalo & Depew Ry.and the projected Buffalo Genesee & Rochester Ry. under mime of Buffalo
Batavia & Rochester Ry., and to issue $3,000,000 1st M.
bonds, $1,000,000 pref. and $2,500,000 common stock, with
a view to forming a line between Buffalo and Rochester.
the stook of the present companies into the
It is proposed to exchange
corporation, share for share.
stock of the consolidated
Electric fly.
The proposed route of the Buffalo Batavia & Rochester
Ry. and the proforms an extension of the Buffalo & Williamsville
a continuaposed route of the Buffalo Genesee & Rochester Ry. will form
tion of the Buffalo ec Depew Ry. The proposed routes join near the village
of Batavia and will form one continuous connected line of railway.
The petitioners state that they have made arrangements with the Batavia
contract to
& Genesee Construction Co., which is ready to enter into aright-ofway.
build and equip the road from Buffalo to Rochester, furnish the
abroad,
bonds
marketing
of
expense
years,
two
pay Interest on the bonds for
to
and the engineering cost upon the basis of cost plus 10% profit, and
pref.
$1,000,000
and
85
at
bonds
$3,000,000
therefor
payment
in
receive
stock
common
the
in
or
cash
In
paid
be
stock at par, and the remainder to
comof the railroad company at par. It is stated that the construction
pany has already arranged to sell the bonds in London at 85, provided the
Issue can be made at once.
Te refund gen. M. bonds to be issued Jan. 2 1912 for additions
1,000,000
and Improvements
To be issued Jan. 2 1912 for additions and improvements, viz.,
new buildings, industrial and passing tracks, heavier rail, additional ballast, improved terminals, heavier bridges, &o3,500,000
Earnings.-For four months ending Oct.'31:
Balance.
Other . Int. &
Taxes
Net Oper.
Operating
Four
for Stock.
Paid. Income. Rentals.
Revenue.
Mos.- Revenue.
_
$6,540,007 $882,455 $156,534 $3,809,491 $2,004,595
1911522,953,189
1910___ 2,428,659 7,097,890 964,721
From the surplus as above for the 4 months of 1911 there was paid the
quarterly dividend of 1 3i% on Sept. 30 1911, calling for $935,940, leaving
balance of $1,068,655.-V. 93, p. 1725, 1667.
Chicago & Milwaukee Electric RR.-Suit.--John R.
Thompson, the owner of $1,034,000 1st M. Wisconsin Division 5s, on Dec. 13 brought suit in the Superior Court
against the reorganization committee and the depositary to
obtain the return of his bonds.
The two bills flied allege that under the agreements entered into on Feb. 24
1908 and Oct. 10 1908 the committee has no right or authority to enter into
any plan of reorganization and that for that and other reasons his interests
as the largest bondholder are not being properly preserved.-V. 93, p.
1461, 939.
Chicago & Oak Park Elevated Ry.-Judgment.-Judgment by default for $1,035,377 was entered on Dec. 8 in
this city by George H. Church against the company on two
notes made by the company on Sept. 5 to the order of Frank
A. Vanderlip, Henry A. Blair and Samuel McRoberts, as
trustees under a certain agreement dated June 30 1911,establishing the Chicago Elevated Rys. collateral trust.
The step is regarded as a necessary one in arranging for the merger with
the Chicago Elevated Railways.
Receiver's Certificates Authorized.-Judge Kohlsaat in the
U. S. Circuit Court on Dec. 29 made an order allowing receiver Insull to issue $2,000,000 certificates for improvements.
-V.93, p. 1386, 939.
Clarksburg-Northern RR.- Mortgage.- The comp
has filed a mortgage to the Union Trust & Deposit Co
Parkersburg, W. Va., as trustee, to secure an authori •
issue of $2,100,000 5% $500 gold bonds, dated Oct. 1 1 •
and due Oct. 1 1945, but subject to call at 105 and inter
on any interest day on and after Oct. 1 1921.
The proposed line on which construction is reported to be in progress
Is projected to extend from the city of New Martinsville to the town of
Middlebourne, and thence either to the cities of Salem or Clarksburg, or
both of them. Interest payable April 1 and Oct. 1 at office of trustee.
Present issue $40,000. President, T. Moore Jackson, Clarksburg, W. Va.,
Secretary, Paul S. Horner.
Buffalo Rochester & Pittsburgh Ry.-Equipment Bonds.Procter & Borden, Equitable Bldg., New ,York, have purchased, subject to the approval of the Public Service ComCleveland Cincinnati Chicago & St. Louis Ry.-Listed.mission,$1,000,000 equipment 4s due Oct.11929 issued under The New York Stock Exchange has listed $1,106,000 addiagreement dated Oct. 1 1909, securing Series "G" equipment tional general mtge. 4% bonds due 1993, making the total
bonds, limited to $3,000,000, of which there have now been amount listed to date $26,243,000.
issued $1,754,000 bonds. Of th'is amount, $44,000 bonds
Purposes for Which $1,106,000 Bonds Have Been Issued.
have been retired by action of the sinking fund. A sink- To retire a like amount of Cincinnati Indianapolis St. Louis & $106,000
93,
-V.
gen. 1st mtge. 48
Chicago
ing fund retires 6% of the amount of issue annually.
For new equipment,construction, betterments and additions_ _ _ 1,000,000
p. 1461, 939.
Earnings.-For ten months ending Oct. 31:
Calgary & Edmonton Ry.-New Bond Issue.-The stock- Ten
Balance
Total
Other
Operating Net Op. Outside Taxes
as
follows.
bonds
authorizing
on
16
Deduc's. Surplus.
Jan.
Mos. Revenue. Revenue. Op.Def. Accrd. Inc.
holders will vote on
branch a distance of 125
(1) In respect of the extension of the Lacombe
of which
miles east from the eastern end of the 100-mile section in respect
authorized.
been
already
has
bonds
of
issue
the
to EdStrathcona
from
line
branch
the
of
(2) "Bridge bonds" in respect
River and
monton, Including the high-level bridge over the Saskatchewan
116.
p.
80,
-V.
approaches.
Its
Carbondale Ry.-Bonds Offered.-Bioren & Co. and Newburger, Henderson & Loeb, who recently purchased the
remainder of the $800,000 (closed mtge.) gen. M. 5s due
Jan. 1 1933, but redeemable on any interest day (Jan. 1 or
July 1) at 105 and int., guaranteed prin. and int. by the
Scranton Ry., have privately placed a large part of the bonds,
which are offered at 96 and accrued interest, yielding 5%%.
A circular says:
1911 ....25,276,891 6,824,513 42,264 870,000 523,723 5,013,346 1,422,627
1910 __25,039,728 5,725,216
Dividends at 5% yearly on the $10,000,000 pref. stock call for $406,667
for the 10 months.-V.93, p. 1323, 1190.
Cleveland Painesville & Eastern (Electric) RR.-Bonds
Authorized.-The Ohio Public Service Commission on Dec. 28
granted the application to issue $211,000 bonds for improvements.-V.92, p. 391.
Cleveland & Pittsburgh RR.-Listed.-The New York
Stock Exchange has listed $1,073,950 additional special betterment stock, making the total amount listed to date
$10,927,000.
The new stook represents new equipment ($264,262), second, third and
with the Scranton Ry. Co.
The Carbondale Ry. Co. has been consolidated
yards and track elevation ($541,325), right-of-way
These bonds are a direct obliga- fourth tracks, storage
($46,855); remainder for various purposes.
and is now operated as a part of the latter.
secured by a mtgo .on the street railway and station grounds
tion of the Scranton Hy. Co.and arc
and
City
Forest
on
the
north
Carbondale
Earnings.-For six months ending June 30:
lines connecting Scranton with
aggregating some 35 miles. The
Fixed
Dividend Balance,
and Pittston and Duryea on the south,
Net (after
Operating
Six
The
Ry.
Scranton
franchises.
owns
perpetual
Surplus.
company operates under
Fund.
Charges.
Taxes).
Revenue.
of street railway trackage in the Months$126,177
and operates a system of some 87 miles
$590,550
$1,109,292
$392,565
$4,403,096
a population of approximately 1911
586,482
City of Scranton, Pa., and suburbs, serving
581,340
1,557,836
390,114
5,442,331
1910
Is
of
Co.
Phila.
mtge.
Trust
trustee.
&
Life
225,000 people. The Provident
30 '11, as Officially Reported.
$501.871 -V. 93, p. 1532, 1461.
Earnings of Scranton Ry. Co. for Yr. end. J'ne
income
Total
$1,272,950
Gross earnings
Columbus Urbana & Western (Electric) Ry.-Application
796,579 Int. charges, incl. CarbonOperating expenses
275,230 to Issue New Bonds, &c.-The company has applied to the
dale Ry. gen. M. 5s
$476,371
Net earnings
for permission to issue
Sur. for pfd. & cons.stks_$226,641 Ohio Public Utilities Commission
$25,500
Income from oth. sources_
outstanding $50,000 additional stock and $5,500,000 25-year 6% bonds
The Scranton Ry. Co. is paying 5% dive. upon $1,500,000
for
annum
the
per
past
years
5
6%
than
pref. stock, and has paid not less
to build a line from its present terminus at the storage dam
upon $2.000,000 outstanding cOMMOn StOOk.-V. 90: P. 1044
1 ISO
THE CHRONICLE
to Findlay, and to acquire the Kenton & Wapakoneta
Traction Co. It is proposed to sell the bonds at 80.
[VoL. Lxxxxin.
Mr. Macpherson is also the Quebec representative of the White Star-Dominion line, one of the important steamship connections of the Grand
Trunk.—V. 93, p. 1599, 1386.
The cost of construction to Findlay is estimated at $2,922,726,and from
Kenton to Wapakoneta, $796,200. Of the bonds, $450,000 are to be reserved to retire $438,500 outstanding 1st 25-year 5s, due July 1 1928.
The road extends from Columbus to Fishingers; track operated about 10
miles. Stock authorized, $2,000,000; outstanding, $380,500. L. P.
Stephens is President and General Manager. The application is reported
to be the preliminary to a sale of control.
Grand Trunk Ry. of Canada.—Acquisition.—The company, it is reported, has acquired, either directly or through
the medium of a subsidiary company, the lands and mines
of the Rail & River Coal Co. of Pittsburgh, for a price
approximately $3,000,000. Another account says that the
Commonwealth Power, Railway & Light Co., New York n,ew owner will assume the $2,500,000 bonds and pay for the
and Grand Rapids.—Sub-Company Bonds.—The Mich. State stock (amount outstanding, $2,500,000) approximately
RR. Commission has approved the issue of the following $3,500,000.
The deal is said to include about 31,000 acres of coal lands in Belmont
additional bonds, aggregating $1,860,000, viz.:
Co., 0., and six operating mines,
• An issue of $1,080,000 for the Grand Rapids Edison Co., with which to
refund an Issue coming due In 1916, and $15,000 to refund an issue by the
Lowell water works due in the near future. For proposed betterments:
Saginaw Power Co., $90,000; Bay City Power Co., $27,000; Pontiac Power
Co., $36,000; Flint Power Co., $54,000; Commonwealth Power Co., Jackson, $72,000; Grand Rapids-Muskegon Power Co., $450,000; Consumers
Power Co., Owosso, $36,000. [See map on p. 53 and Consumers' Power
Co., p. 54 of "El. By. Sec."; also V.92, p. 465, 526, 1438.1—V.92,p.794,260.
Concord Maynard & Hudson Street Ry.—Bonds Authorized.—The Massachusetts Railroad Commissioners have approved the petition of the company to i3sue $30,000 20-year
5% coupon or registered bonds to retire the bonds of the
Lowell Acton & Maynard Street Ry. amounting to $30,000.
Any excess which may be realized from premiums may be used for per.
manent additions and improvements.—V. 89, p. 96.
Dedham (Mass.) & Franklin Street Ry.—Operations Suspended.—This 9-mile road, extending from Dedham to Medfield, will, it is stated, suspend operations on Jan. 1, due to
the Court order reducing fares from 6 to 5 cents. The loss
in the first 7 mos. is reported as $4,500.—V. 79, p. 2147.
Delaware Lackawanna & Western RR.—Cut-Off Cornpleted.—President Truesdale on Dec. 15 took a party of invited guests over,the new 28-mile cut-off from Hopatcong to a
point on the Delaware River near Portland, Pa. The first
regular passenger train was run on Dec. 24. Compare V. 93,
p. 1323; V. 92, p. 656.
Des Plaines Valley Ry.—New Mortgage.—The stockholders of this Chicago & North Western subsidiary on
Dec. 28 authorized a mortgage to secure an issue of $2,500,000
bonds. (See C. & N. W.report, V.93, p. 886.)—V.93, p.1190
Detroit Toledo & Ironton Ry.—Sale Again Postponed.—
Judge Angell in the Federal Court at Detroit on Dec. 27
postponed the sale of the road from Jan. 9, to which it had
been previously adjourned from Oct. 5, to April 9, on petition of the New York Trust Co., trustee of the general lien
and divisional 4% bonds.—V. 93, p. 871, 796.
Federal Light & Traction Co., New York.—Recent News.—
Earnings of Recent Acquisitions—Nov. 1911 Compared with Nov. 1910.
Springfield By. e.c Light Co., increase
14.8%
Trinidad Elec. Transmission, By. dc Gas Co., increase
12.5%
Springfield has just received 5 of the 8 new passenger cars, purchased on
account of increasing business. The new 2,000 k. w. generating set is on
the ground. Immediate requirements for street paving have been fulfilled,
thus doing away with delay and annoyances of the past five months.
Trinidad.—Work has been started on the new Walsenburg power plant,
which will cost fully $300,000; immediate installations provide for 3,500
k. w.capacity. Located In the coal fields, fuel will be procurable at a minimum cost and power distributed advantageously to surrounding minca.
The increase in business at Rawlins. due to the inauguration of day service, having called for additional equipment, a generating set and boiler
arc being installed. At Gray's Harbor the new railway extension through a
high-class residential section not heretofore served has been completed,
and the largo dredge (disabled by accident) has resumed operation, and Is
taking large amounts of power.—V.93, p. 1532.
Earnings of Sub.Companies—Month of November and Eleven Months ending
Nov. 30—Comparison with Same Companies for 1910.
—Incl.Trinidad— Inc. —Excl. Trinidad— Inc.
1911—Nov.-1910. %
1911-11 MO3.-1910.
%
$147,543 $132,637 11.2 $1,201,815 $1,100,815 9.1
Gross
66,321
62,611
Net
5.9
490,853
463,114 5.9
Trinidad Elec. Transmission, By. & Gas Co., which began operation.
Sept. 1 1011, is included In earnings for November, but not for 11 monthss
Fitchburg R11.—Bonds.—The B. & M. RR. received
bids until 10 a. m. Dec. 28 for $1,200,000 4% currency bonds
dated Jan. 1 1912 and maturing Jan. 1 1932. Denominations: c* $1,000; r $5,000, $10,000 and $50,000.
The bonds were awarded to Wm. A. Read & Co. at 102.89.
The firm is now offering them at 104 and int., to net 4.20%
income. The other bids ranged from 100.27 to 102.419.
The proceeds will be used to reimburse treasury as follows: $100,000 for
advances to take up Brookline & Pepperell RR. bonds due Dec. 1 1911,
assumed by the Fitchburg BIZ. Co.; $1,100,000 for additions and improvements on Fitchburg RR.under terms of lease.—V. 93, p. 1725.
Florida Ry.—Suit.—The company in its answer to the
suit brought by the Knickerbocker Trust Co., which recently
resigned as trustee under the mortgage, for an accounting
and compensation for its acts as trustee, interposed a counterclaim for $2,000,000 damages.
The Knickerbocker Co., which succeeded the Carnegie Trust Co. as trustee, was asked, it is stated, to certify 8,000 bonds of $100 each which it had
been arranged to dispose of in Paris. The trust company, it is alleged,
certified $600,000 of the bonds, but wrongfully refused to deliver them to
the Paris purchasers, as a result of which the railroad company has been
without funds to continue construction work and has done nothing since
last August. The materials on hand arc now said to be worthless and most
of the grading will have to be done over again. For this It asks for $2,000,000
damages. The counter-claim also asks for $14,000 claimed to be due from
the funds be-longing to the railroad which was turned over to the Knickerbocker Co. by the Carnegie Trust Co.—V. 90, p. 1362.
Ft. Smith & Western RE.—New Trustee.—The Superior
Savings & Trust Co. of Cleveland has been appointed trustee
under the 1st M. dated April 1 1904, to succeed the Mercantile
Trust Co. of New York, which resigned. The change, it is
stated, does not foreshadow reorganization.—V. 93, p. 527.
Grand Trunk Pacific Ry.—New Director.—William Molson
Macpherson of Quebec, President of the Molson's Bank, has
been elected a director in place of Hugh A. Allan, who retired
on account of taking up his residence abroad.•,
with an annual capacity of 750,000 tons.
The RR. company, it is stated, is to operate:the mines and use the output
on its lines.—V. 93, p. 1462, 1386.
Great Northern Ry.—New Officer —L. E. Katzenbach
has been elected Secretary and Asst. Treas. to succeed Edward Sawyer, who retired.—V. 93, p. 1191, 1109.
Guayaquil & Quito Ry.—Interest Payments.—The council
of foreign bondholders received from the President of
Ecuador a letter, dated Quito, Oct. 21, promising that the
outstanding coupons would be paid before the second fortnight of December. He said:
"The country has passed through a most serious convulsion, but, well
furnished as it is with resources, it will regain In your sight the credit it
deserves and which I. for my part, consider indispensable to its existence
as a nation." The Council of Foreign Bondholders also received a
telegram dated Nov. 25 stating that the Banco Comercial y Agricola of
Guayaquil had remitted the sum of £5,288 12s. for the service of the railway bonds,this being the first remittance since before the default in 1909.
The amount was short by £2,000 of the requirements pet' fortnight of full
interest charges and the sinking fund on the prior lien and 1st M. bonds,
but it is hoped that full, regular payments may hereafter be made. A telegram dated Dec. 13 announced the remittance of a further £6,191.—
V. 93, p. 1462, 1323.
Hilo RR. of Honolulu.—Bonds Sold.—The "San Francisco
News Bureau" has the following dated Honolulu, Dec. 6:
One of the largest bond deals put through In some time is the sale of several hundred thousand dollars of Hilo RR. 1st M. construction and exten
sion 6% bonds to a syndicate of which the Waterhouse Trust Co. and Hal
steal Company were members. The deal completes the financing of the
road to Paaullo. R. W.Shingle, President of the Waterhouse Trust,stated
that the amount involved was $750,000. Tile road reached Hakalau yesterday morning, a work train having arrived there over the extension.
About half the work into Laupahoehoe has been done and the road is expected to reach this point by July 1. The extension to Paaullo, 32 miles
from Hilo, is expected to be completed by Feb. or Mch. 1913—V.91,p.336.
Interborough-Metropolitan Co.—Annual Meeting to be
Changed.—The stockholders will vote at the annual meeting
on Jan. 16 on changing the date of the annual meetings from
the third Tuesday of January to the third Tuesday of September.—V. 93, p. 1532, 666.
International Traction Co., Buffalo, &c.—Payment of Jan.
1911 Coupon.—The semi-annual interest which matured
Jan. 1 1911 on the 50-year 4% collateral trust gold bonds.
will be paid at the office of J. P. Morgan & Co. 23 Wall St.,
on or after Jan. 2 1912, together with 5% interest thereon
from Jan. 1 1911 to Jan. 11912.
Deposits Aggregate 983/
2%—Advance of Interest Due Jan. 1
1912.—The committee of holders of 50-yr. 4% coll, trust
gold bonds Robert L. Fryer, Chairman, and A. H. Gillard,
23 Wall Se., Sec., announces by advertisement on another
page that more than 983/g% of the above-mentioned bonds
has been deposited under the modified plan dated -Jan. 20
1911 (V. 92, p. 261), and that the necessary arrangements
have been made for an advance to the holders of certificates
of deposit of the interest due Jan. 1 1912 on the bonds.
Bondholders who have not yet deposited their bonds, upon deposit of the
same, with July 1 1910 coupons and all subsequent coupons attached thereto, will receive an advance of the interest due July 11910, Jan. 11911,July 1.
1911 and Jan. 1 1012 at the office of J. P. Morgan & Co. See also the aforesaid advertisement.—V. 93, p. 1260.
Interoceanic Ry. of Mexico.—Listed.—The London Stock
Exchange has listed .C150,000 additional 4% 2d debenture
stock, making the total £1,300,000. See V. 93, p. 1458.
Jarclim Botanico Tramway 00.—Listed.—The London
Stock Exchange has listed £800,000 5% 40-year lst M. bonds
of £100 each, Nos. Al to 8,000. Compare V. 93, p. 527.
Kansas City Mexico & Orient Ry.—Extension—Sale of
Bonds.—Edward Dickinson, Vice-President and Gen. Mgr.,
is quoted as saying that the company will complete its line
from San Angelo, Tex., to Del Rio within the next 12 months.
Of the proceeds of an additional block of $4,000,000 bonds,
half, it is stated, will be used on this extension and the remainder for building from Wichita either to Emporia or to
Osage City, Kan.—V. 93, p. 1318, 1324, 1260.
Lackawanna RR. of New Jersey.—Dealings in Stock.—
The stock of the company, whose 28-mile road has just
been opened (see Delaware Lackawanna & Western RR.
above), and which is guaranteed 4% divs. by that company,
has been recently quoted at 95()97. A. M.Kidder & Co., by
advertisement on another page, announce dealings in the
stock.—V. 93, p. 1324.
Lake Erie Bowling Green & Napoleon (Electric) Ry.—
Receiver's Certificates.—Judge Killits in the Federal Court
on Dec. 18 ordered a re-issue of $75,000 of receiver's certificates, owing to informalities in the original issue put out
several months ago for improvements to the power plants.
—V. 93, p. 796.
Lake Shore & Michigan Southern Ry.—/Ife'rger.—See N. Y.
Central & Hudson River RR. below.—V. 93, p. 1260, 346.
Lehigh Valley Transit Co., Allentown, Pa.—Guaranteed
Bridge Bonds.—This company, we learn has decided to proceed with its plan for building a $300,000 bridge through a.
subsidiary company called the Allentown & South Allentown Bridge Co. (V. 85, p. 39). There will be a bond issue
of $225,000 5% bonds in denominations of $1,000, interest
THE CHRONICLE
DEC. 30 1911.]
1787
ugh-Metropolitan Co., will become President.
and principal guaranteed by the Lehigh Valley Transit Co. of the Interboro
on Dec. 27 Pres. A. J. Hemphill, of the
-Late
Deposits.
mortthe
but
for,
d
subscribe
been
All of these bonds have
Trust
Co.,
announced that holders of general and
Guaranty
up.
drawn
gage has not as yet been
who had not deposited their bonds
5%
trust
bonds
collateral
will,be
the
bridge
that
advised
is
York
Now
The "Engineering News" of
wards, will be known as the under the bondholders' agreement might deposit the same
built of concrete, will connect the 3d and 12th
$425,000. Length, 2,000 ft.
depositary,
South 8th St. viaduct and will cost about
top of rail to sur- without penalty with the Guaranty Trust Co. as
over all, or 1,800 ft. between abutments; distance from
highway and double- on or before Dec. 29 1911, after which no further extensions
face of water, 125 ft., with provision for sidewalk,
93, p. 1725.
track trolley traffic. Plans will be ready about May 1.-V.
could be promised by the reorganization committee, and if
Lewiston Augusta & Waterville Ry.-Acquisition.-See the time was extended after that date, in any event a
penalty would be imposed.
Portland & Yarmouth Ry. below.-V. 92, p. 659.
The bondholders' committee then announced that there
Manchester (N. H.) Traction, Light & Power Co.-New
&
Sanderson
been 95% of the stock deposited, 983" of the $12,500,000
had
with
associated
now
Foster,
C.
-E.
President.
previand 99% of the $16,604,000 4% issue.
and
,
bonds
5%
Francisco
San
and
York
New
,
engineers
Porter,
Metropolitan Crosstown Ry.-See that co. above.
ously for many years prominently identified with electric
traction interests, notably the operating companies of the -V. 93, p. 1726, 1668.
Michigan Central RR.-Possible Merger.-See N. Y. CenMassachusetts Electric Companies and the New Orleans Railways Co., has been elected President of the Manchester Trac. tral & Hudson River RR. below.-V. 93, p. 1191.
& Light Co. There has been no change in the control,
Michigan United Rys.-Bonds Authorized.-The Michigan
Tucker, Anthony & Co. retaining their large interest.
RR. Commission on Dec. 19 authorized the company to isMarshall & East Texas Ry.-Bonds Authorized.-The sue approximately $1,350,000 additional bonds.
The Central Traction Co. has been organized with $100,000 capital
Texas RR. Commission on Dec. 18 granted permission to
paid In by interests connected with the company,it is stated to build
register $1,154,000 bonds on the 91 miles of road extending stock
extensions and lease the present company. A London syndicate is reported
miles
18
the
and
from Elysian Fields to Winnsboro, Tex.,
to have signed a preliminary agreement to lease the company for 999 years
the new corporation, which will begin with $2,000 ,000 stock. The new
from Marshall to Elysian Fields, recently completed.- to
company,it is said, is to spend $3,265,000 on improvements and extenV. 93, p. 1599, 1324.
sions,for which bonds are to be issued, of which $1,745,000 will be purchased
a Canadian trust company and the remainder of $1,520,000 by the InMassachusetts Electric Companies.-Bonds Offered.-See by
vestment Register of London.-V. 92, p. 1178
Bay State Street Ry. above.-V.93, p. 1597.
Middlesex & Boston Street Ry.-Bonds Authorized.-The
Massachusetts Northern Railways, Greenfield, Mass.- Mass. RR. Commission has authorized the company to issue
Further Data.-Warner, Tucker & Co., Boston, who recently $1,483,000 20-year 5% refunding bonds, of which $468,000
placed the present issue of $400,000 pref. stock at 100 and to be put out immediately to take up floating debt and the
accrued dividend from Dec. 1 (V. 93, p. 1599), report:
remainder as required for refunding all existing bonds (due
$1,370,000; convertible common,
'El. Ry. Section."
Limit of Authorized Issues.-Common,of
single shares, all classes, $100. July 1 1912 to 1925). See p. 16 of
Par value
$183,700; prof., $1,100,000.
when net earnings for 12 mos.
Additional preferred shares only to be issued
date of issue shall have been one
ending not more than 180 days priortotopay
on shares outstanding
dividend
necessary
and one-half times amount
and applied for.
be exchanged for an
may
stock
-This
Stock
Common
Rights of Convertible
when the net earnings for a period of
equal amount of preferred shares180
prior to date of application for
days
than
more
not
ending
months
12
necessary to pay the
conversion shall have been 1 34 times the amount
and those to be issued in exdividends on preferred shares outstanding
As
regards
dividends, convertible
shares.
common
convertible
change for
shares.
common shares are treated as common
herewith is apparently correct,
The statement of capitalization returned
which has $75,000 stock outexcept in the case of Templeton Street Ry.,
of $209,064.
standing, mortgage of $155,000 and loans and notes
Companies.
of
Controlled
on
Capitalizati
Date. i nterest. Outsrg. Maturity.
Stock and Bonds$500,000
stock, corn---- ---Conn. Vail. St.
120,000
M-S
Prcf. 6% cum. (par $100)
1900 5 g M-S 120,000 Sept.1 1920
First mortgage gold
180,000 Sept.1 1920
g
5
M-S
1900
M
1st
Amherst
Northampton &
J-J
150,000 July 1 1923
Greenfield Deerfield & N. 1st M.._ 1903 5 g
70,000 June 1 1916
g
5
J-D
1896
1st
M..
Falls
Turner's
de
Greenfield
60,000 June 11023
CODS. mtge. 1903 5 g J-D
do
do
185,000
Gardner West. & Fitch__ Stock
185,000 Feb. 1 1920
1st M ___ 1900 5 F-A
74,000
Stock
Athol de Orange
69,000 Jan. 1 1915
1905 5 J-J
1st M
Stock
Templeton Street Ry
The Massachusetts
(The Templeton Street By. Co. has no bond issue.
of the Templeton Street
Northern Rys. owns the outstanding mortgages other
being substandebt,
its
of
all
and
By. Co.. which aggregate $155,000,
being subject to
tially $200,000, the mortgages and all of this other debt
being carried
is
which
in
1914,
maturing
$150,000
of
owners
a claim by prior
at 4% interest-$6,000 yearly.-Ed.l
are for the year
Earnings.-Thc gross earnings shown on the circularother
year named.
ended Juno 30 1911 and for years ending Sept. 30 in each
nearly
Stock, &c., Owned.-The Massachusetts Northern Railways owns
St. By.,
Valley
Connecticut
St.
By.,
Orange
&
Athol
of
stock
outstanding
all
owns
It
also
St.
Ry.
Templeton
and
Gardner Westminster & Fitchburg
all outstanding debts and obligations of the last-named company, subject
mortgage.
to a $150,000
7'rust Deed.-There have been no copies of the trust deed printed for
distribution. See also V. 93. p. 1599.
..
Metropolitan Crosstown Ry., New York.-Sale of Deposited Bonds at 80.-The committee of 1st M. bondholders,
J. Augustus Barnard, Chairman, announce by circular dated
Dec. 1, addressed to the owners of bonds deposited under
agreement dated June 1 1909 and Dec. 14 1911, that said
bonds have been sold at 80 to a private party, netting the
depositors $790 for each $1,000 bond. The committee say:
assented to the agreeOver 87% of the entire issue of bonds ($600,000)
after using the greatest diliment of Dec. 14 1911, and your committee,
the sale of these bonds to a private
gence, finally succeeded in negotiating
interest; that is, at $800 for each
party at 80% of the par value, without
from Oct. 1 1908 attached, which
$1,000 bond delivered, with coupons
of the MetroIs more than 35% in excess of the offer of the joint committee
politan Street Ry, Co.
to 2%;1% of this amount
Under the agreement, the expenses were limited
be deducted from
has been deposited by you in cash, and the other 1% will
of deposit, properly
the remittance made. If you will send your certificate
a draft for
endorsed, to the Columbia Trust Co., 135 Broadway, N. Y. City,p.
1532.
$790 for each $1,000 bond will at once be delivered. See V. 93,
Met7Cpo1itan Street Ry., New York.-Sale.-E. S. Marston, A. J. Hemphill and G. E. Tripp, a sub-committee
appointed by the bondholders' protective committee, bid in
the property at the foreclosure sale yesterday, bidding $10,000,000 for the property represented by the 5% bonds and
$2,010,000 for that covered by the refunding 4s. The upset prices fixed by the Court were $10,000,000 and $2,000,000,
respectively.
The new company will be known as the New York Railways Co. Efforts will be made to have the new company
take possession within a few days., if possible by Jan. 1.
Directors-Mr. Shonts to Be Prestdent.-It is announced
that the board of directors of the new company to be formed
to take over the property will consist of 9 members, of which
6 will at present be elected by the bondholders' committee,
while the stockholders will elect the other 3. When the
final reorganization of the company has been effected,
the bondholders will elect 4 members, while the stockholders
will select 5, giving them control. As the Interborough-Metropolitan Co. will own a majority of the stock of the new company, control will rest with the former, and President Shonts,
The Board of RR. Commissioners rescinded the authority given to the
Newton St. Ry. several years ago to $185,000 new capital stock in connection with the consolidation with the Middlesex & Boston StRy.-V.93.p.731.
Milwaukee Electric Railway & Light Co.-Meeting.-The
shareholders will vote to-day on the proposition to authorize
a "general and refunding mortgage" to secure an issue of
$90,000,000 bonds. See V. 93, p. 1387, 1600.
Bonds Offered.-By advertisement on another page, Harris, Forbes & Co. and Spencer Trask & Co. of New York;
N. W. Harris & Co., Inc., and Perry, Coffin & Burr of Boston, and the Harris Trust & Savings Bank of Chicago, are
offering at 96M and int. the entire present issue of $3,000,000
"general and refunding mortgage" 5% gold bonds, dated
Dec. 1 1911, due Dec. 1 1951, except that in the event the
company has not acquired a franchise extending to 1954 on
or before Dec. 1 1931,the bonds become due and payable on
that date. Subject to redemption on any interest date on
and after Dec. 1 1916 at 105 and int. on six weeks' notice.
Int. J. & D. Par $1,000c*. Bankers' Trust Co., N. Y.,
trustee. Application will be made to list these bonds on
the New York Stock Exchange.
Digest of Letter from Vice-Pres. J. D. Mortimer, Milwaukee, Dec. 30 1911.
Capitalization (Regular Divs. at 6% Are Being Paid on All Outstanding Stock).
Common stock authorized, $20,000,000; issued
0
5 00:010
4,
9
$0
Pref. stock (6% non-cum.) auth., $4,500,000: Issued
General F0 refunding M.55, total auth., $90,000,000; present issue 3,000,000
1st)
M.
(now
Consol.
bonds:
Reserved to retire all underlying
5s due 1926, $6,500,000; refg. & ext. M.4 ;is due 1931, $6,-13,228,000
728,000
entire propNew Bonds.-These are secured by a general mtge. on the
pledge
erty, subject to the aforesaid ($13,228,000) underlying bonds and4by
;is, now
mortgage
extension
and
as collateral of $2,000,000 refunding
they become
available for issue, and all additional amounts of these bonds as
extensions,
available and are issued (at not over $1,000.000 per annum) for
and refunding
improvements, &e. Of the authorized issue of "general
retire at or before mamtge. bonds," $13,228,000 bonds are reserved tomortgage
that the underturity the underlying liens, it being provided In the
that the $6,500,000
lying liens cannot be extended. It is further provided
1st) M. 5s will not
(now
consol.
the
refund
to
reserved
;is
4
M.
cat.
de
refg.
new bonds.
be issued, the retirement of the latter to be carried out by issuedof
(now 1st) 5s
or in some other manner, It being agreed that the consolidate
prior.
lien
a
as
removed
entirely
be
to
are, at or before maturity,
from time
The balance, or 873,772,000, of the new bonds may be issuedacquisition
to time for extensions, permanent improvements and for the to Dec. 1
subsequent
made
bonds,
or
stocks
of new property, other than
earnings
911, on the basis of 80% of the actual cost thereof, but only when be equal
for 12 months out of 14 calendar months preceding such issue shall
In
issued.
be
to
and
outstanding
to 1 ;i times the Interest on the bonds
aggrecomputing the earnings after Nov. 1912, an allowance of 20% of the
and
gate gross earnings from Dec. 1 1911 must be made for depreciation
maintenance,and,lacking such expenditures and appropriation, an amount
up
necessary to bring the charges for maintenance and depreciation reserve
to 20% must be included In operating expenses.
as
(measured
track
of
Property.-(a) Railway system of about 139 miles
ion
single track), supplying substantially all the street railway transportat
exvery
a
of
city
the
into
entrance
affording
and
facilities In Milwaukee
(b) Generating
tended suburban and interurban electric railway mileage.
departments-three
plants for both the railway, electric light and power
h. p.), 43,000
(92,850
kilowatts
69,250
capacity
stations, total generating
this year. The company also
kilowatts of which has been added duringSouthern
Power Co.
Wisconsin
the
from
power
lectric
purchases hydro-e
systems of
(V. 90, p. 377, 451, 508). (e) Transmission and distributing
the central
both departments largely underground, and exclusively so in(e)
NeW carbusiness district. (d) Rolling stock, modern and ample.
country. (f) "Pubrepair shops practically completed and unexcelled in this
company's offices
the
containing
located,
centrally
Building",
lic Service
of the Milw. Light, Heat &
and used as a terminal for the interurban lines
permanent construction.
Traction Co. (g) Steam-heating department
Jan. 1 1910, as estimated
properties
physical
of
value
n
Total reproductio
; since expended
by the Wisconsin RR. and Tax Commissions, $16,988,417 total now not
on additions, extensions and improvements, $2,988,562;
less than $19,976,979.
These are favorable and exFranchises.-(a) Street railway franchises:
At any time before the expiration
tend in the opinion of counsel until 1934.
right, under the Wisconsin
the
has
company
of its special franchises, the
the street railway lines.
law, to accept an indeterminate permit covering
cover the entire city
These
power
franchises:
and
heat
light,
(8) Electric
either the right
of
counsel,
and are satisfactory, granting, In the opinion
time limit under
to operate under an indeterminate permit, or else without
special franchises.
Years ended Oct. 31.
Earnings (Incl, those of Milwaukee Central Heating Co.)1910-11.
1909-10.
1909-10.
1 . $4,700,236 Total net inc_$1,725,259 $1,622,952
0,655
1914
Gross earns_ _$5,0
(Incl.
int.
Bond
Net, after de777,760
777,768
prcs. Issue) _
prec. & tax _$1,467.682 $1,382,406
$845,192
240,546 Bal., surplus_ $947,499
257,577
Other Income_
•
$627,760.
was
years
these
during
paid
Note.-The actual bond interest
1788
THE CHRONICLE
The earnings during the year ended Oct. 31 1911, available for
payment of interest on the $3,000,000 new bonds, are over 7 times theirthe
interest.
Gross Earnings Cal. Years 1907 to 1909—Yrs. End. Oct. 31 1910 and 1911.
1908.
1907.
1909.
1909-10.
1910-11.
$3,946,789
$3,823,383
$4,325,037
$4,765,789
$5,041,655
Business Field.—Milwankee, with its 24 miles of first-class dock facilities,
is the twelfth largest city in the United States, its population being 373,857 in 1910. 285,315 in 1900 and 204,468 in 1890, whilethe County of Milwaukee in 1910 had a total population of 433,190. An important
cial and manufacturing city, its transportation facilities and largocommerbrewing
ndustries having made it the principal Western market for barley and
malt,
its grain trade amounting to about 40,000,000 bushels per annum;
it is
also the largest tanning and leather centre in the country,
and contains the
largest tin plate and enameling works in the world. Continued
as
a commercial and manufacturing centre may safely be predictedgrowth
for years
to come.—V.93, p. 1600. 1387.
Missouri Arkansas & Gulf RR.—Mortgage.—The company
has made a mortgage to the St. Louis Union Trust Co., as
trustee, to secure an issue of $1,600,000 5% gold bonds dated
Oct. 1 1911 and due Oct 1 1041, but redeemable any A. & 0.
on and after Oct. 1 1916 at 105. Par $1,000 and $100.
Int. A. & 0. at office of trustee.
The company was incorporated in Missouri in April 1911 with $2,000,000
authorized stock, to build a road from Rolla, Mo., to Bakersfield, 125 miles.
Grading is said to be in progress from Rolla to Willow Springs. No surveys,
it is stated, have been made south of Willow Springs. Pres., Gilbert
Lay; Secretary, W. E. Finke
New England Investment & Security Co.—Legislation
Asked to Permit Sale of Assets.—This voluntary association,
whose $4,000,000 4% pref. stock and $13,859,000 notes are
guaranteed by the New York New Haven & Hartford RR.
(see p. 77 of 'El. Ry.Sec.") has, with the approval of that
company,filed a petition for submission to the Mass. Legislature asking for an Act that will authorize the New Haven
road either to purchase outright the assets of the Association
or to own control and guarantee the pref. stock of a merger
emnpany to be organized to take over the various properties.
In brief, the Association desires authority:
[VoL. Lxxxxm.
332% gold bonds of 1898, by which they are asked to authorize the following acts, a 75% vote being required to approve
the same:
The consolidation of the Lake Shore & Michigan Southern By.
Co. [or
the Michigan Central RR., as the case may be] with the New York
& Hudson River RR., or its successors, together with any other Central
railroad
companies, now or hereafter in the New York Central System, upon
such
terms and conditions as the boards of directors and the
of said
companies may fix, this consent being applicable eitherstockholders
to a single consolidation or to successive consolidations which may be effected by
tion proceedings or by merger under present or future laws, or byconsolidapurchase
or otherwise.
Conditions Prior to such Consolidations on which such Consent is Given.
(1) The New York Central & Hudson River RR. Co's 3)% gold bonds,
Michigan Central collateral, and 3)4% gold bonds, Lake Shore collateral
shall have been secured by a mortgage to be executed by the New
Central & Hudson River RR. Co. upon the railroad owned by It at theYork
date
hereof, which mortgage shall be next in rank and second only to the existing
general mortgage of the N. Y. Central
Hudson River RR. Co., dated
June 1 1897, securing an auth trized issue f $100,000,000 of bonds.
(2) The railroad company shall have paid the tax on the Lake Shore
Michigan Central collateral bonds under the present mortgage tax and
law
of the State of New York.
(3) In connection with such consolidation with the N. Y. Central no
lien or charge shall be placed on the property of the Lake Shore & Michigan
Southern By. or the Michigan Central RR. Co. except in subordination
subsection to the prior claim, lien and charge of the Lake Shore and and
the
Michigan Central collateral bonds.
Extracts from Circulars Dated Dec. 15.
(a) To Holders of Company's 355% Gold Bonds, Lake Shore Collateral.
Under the indenture dated Feb. 4 1898, under which these bonds were
issued, the Lake Shore & Michigan Southern By. Co. may be consolidated
with the New York Central, or any other company may be consolidated with
the Lake Shore, upon such terms as may be approved by the holders of 75%
of said bonds; but in case of any such consolidation these bonds and the New
York Central 334% bonds, $21,550,000 authorized, Michigan Central collateral, shall be secured by a mortgage upon the railroad of the N. Y. Central, as provided in section 5 of article 2 of the indenture, next in rank and
second only to its existing general mortgage, dated June 1 1897, securing
an authorized issue of $100,000,000 of bonds.
The N. Y. Central owns more than 90% of the stook of the Lake Shore,
and it is thought that it may be desirable to consolidate the two companies
and to include in such consolidation certain others of the N. Y. Central lines.
(17) To Holders of Company's 3)4% Bonds, Michigan Central Collateral.
It is not intended at tile present time to consolidate the Michigan Central
with the N. Y. Central or with the Lake Shore, but (the
necessary consents
being obtained) the Michigan Central collateral bonds will be secured
by a
mortgage on the railroad of the N. Y. Central when any two of those companies are consolidated.
•
In that connection and in order to facilitate such Michigan Central consolidation as may hereafter be decided on, the holders of the Michigan Central collateral bonds are asked to give their consent to the consolidation of
the Michigan Central with the N. Y. Central, or its successors, or with any
other railroad company or companies now or hereafter of the N. Y. Central
System, which consolidation may be made presently or at any future time.
[Blank forms of consent are furnished for the signatures of the registered
bondholders, and also of such holders of coupon bonds as shall temporarily
deposit them with any trust company satisfactory to the trustee and furnish a certificate as to said deposit in order to prove ownership.—Ed.]
Either (a) for the organization of a corporation under the laws of this
Commonwealth with all the usual powers of a street railway company, to
purchase and take over from your petitioner all or any of the property now
owned by it, and as will further authorize the New York New Haven &
Hartford RR. Co. to own stock, bonds and other securities issued by such
corporation so organized, and to guarantee the dividends and liquidation
value of such stook, or any of it, and the interest and principal upon such
bonds or other obligations; or (b) if such course seems to your honorable
bodies preferable, as will permit it to sell, and said New York New Haven &
Hartford RR.Co. to buy,all or any of the stocks, bonds,securities and other
property owned by said Association.
Abstract of Statement by President J. T. Harmer.
Need for Trolley Extensions—Public Sentiment Thought Favorable to Measure.
The principal reason for this petition is the strength of the sentiment in
Western Massachusetts for further trolley extensions to open up large sections of the State at present without modern transportation facilities. This
sentiment was unmistakably manifested in the proposition submitted to
The company, in order to be able to communicate with the,
the Legislature last winter to permit a consolidation of the Berkshire Street
By., already owned by the New Haven railroad, with the Springfield Street holders of the aforesaid coupon bonds, requests, by adverRy., then and now controlled by this Association; and thereupon to permit tisement on another page, that the names and addresses of
the New Haven RR. Co. to buy the Springfield Street By. Co.stock. While
that proposition failed of the necessary three-fourths vote to secure its ad- all holders of these bonds be sent to Dwight W. Pardee, Sec.,
mission at the late stage of the session when it was 'presented, the substan- Grand Central Terminal, N. Y. City.
tial majority voting to suspend the rules and to admit the bill indicated,
Authorized to Purchase New York & Harlem Stock.—
almost certainly, a favorable action whenever it should be considered upon •
The Public Service Commission on Dec. 28 authorized the
ts merits. A similar bill has now been seasonably filed.
company to purchase all or any of the $10,000,000 stock
Sale or Merger of All the Lines Preferable to Sale of Part
Since the sale On 1910) of its holdings in the Berkshire St. By. Co. to the of the New
York & Harlem at not over $175 a share, and to
New Haven road, the Association has consolidated, under the general laws,
most of its street railway properties in two principal operating companies, issue the following securities:
the Springfield and the Worcester Consolidated. Between the territories
(a) 30-year
debentures of an issue limited to $50,000,000, of which
served by these two companies there is a close and growing community of not exceeding 4%
are to be issued at present, which shall be sold
interest. The through line from Worcester to Springfield—owned partly by when they can$35,000,000
be disposed of to advantage at not less than 90. (5) 4)4%
one company and partly by the other—does a large and increasing business, notes maturing In not more than
3 years from their respective dates, to an
both in passengers and trolley express. The merchants of Springfield ship aggregate not exceeding $30,000,000,
on condition that the notes shall be
goods to many points on the Worcester Consolidated section of this line, and sold at not less than 98%.
• • • •1
the converse is sure to be true, now that the latter company has been auThe Commission has also authorized the use of the proceeds of notefr.isthorized to act as a common carrier in Worcester. This Association, there- sued under order made
March
on
1911,
10
which
are
hand,
on
now
to-an
fore, would naturally seek authority, under the general laws, to consolidate amount not exceeding $5,000,000.
The order provides that the total of the
these two companies. Indeed, this would have already been done had it debentures and notes issued
at any time under the present authorization
not been for the appearance last winter of the Berkshire-Springfield plan.
shall not exceed $35,000,000,
such notes as may be issued shall be reUnder the Berkshire trolley Act [adopted in 19101 the Berkshire company tired at or before maturity outand
of the proceeds of sale of debentures. Comwas prohibited from entering into many of the contracts usual between pare V.
93, p. 1600, 1260.
connecting street railway companies. This prohibition, unless modified,
would extend to the lines of the Springfield company in case of its consoliNew York New Haven & Hartford RR.—Petition of New
dation with the Berkshire. The through cars, at present operated jointly England
Investment & Security Co.—See that company above
by these companies, might thus become impossible, as well as the operation
of trolley express cars from Springfield to Southbridge, Worcester to Palmer, and compare V. 93, p. 1669.
&o. Not only would this Association be left with only a partial system of
Application to Purchase Rutland Stock.—See that co. below.
trollies, but the public also would be in a similar position with respect to the
Berkshire-Springfield system. While recognizing the desirability of con- —V.93,
1669.
solidating the Springfield and Berkshire companies as a necessary prelimiNew York Railways Co.—New Company.—See Metronary to the construction of the extensions so much desired and so sadly
needed in the territory west of the Connecticut River, the trustees of this politan Street Ry. above.
Association are convinced that in a short time the same embarrassment
New York State Rys.—Increased Income on stock Owned.—
would inevitably arise respecting the territory between Springfield and
Worcester. The simplest solution seemed, therefore, to lie in the direction See Utica & Mohawk
Valley Ry. below.
of a petition for authority to sell to the New Haven company the whole of
Sale of Bonds.—See Rochester Ry. & Light Co. below.
Its street railway investments.
—V. 93, p. 1387.
If Merger Company is Formed, Pref.
. Stock Must be Guaranteed.
If, however, the Legislature deems the formation of a Massachusetts
Northern Illinois Light & Traction Co.—Bonds Offered.—
sorporation to take over our assets preferable to a direct sale to the New
Haven Railroad, the petition permits legislation authorizing the formation E. H. Rollins & Sons, Bost., N. Y. Chic., Den. and San
Fr.,
of such a corporation. In such case the New England Investment &
'of 1st M.5% gold bonds,
Security Co. and the two subsidiary associations would be dissolved, and are offering at 95 and int. a block
their assets would be transferred to the new corporation and the various dated July 1 1903 and due July 1 1923.' Interest J. & J. at
street railway companies controlled by the three associations would be American
Trust Co., Boston trustee. Par $1,000 and
merged into this new corporation.
Under a decision of the Supreme Court of Connecticut, a guaranty con- $500 c*. A circular says in substance:
tract by the railroad of the preferred shares of the New England Investment
The company does the entire street railway, electric light and power
& Security Co. has been held valid and binding. In view of that decision business
of Ottawa, Ill., an important industrial and manufacturing centre,
it is hardly to be expected that the preferred shareholders would accept about 84 miles
west of Chicago.
onguaranteed shares of a new corporation in place of their present guaranThe
bonds ($593,000) may only be issued under the provisions
teed shares. The preferred shares of one of the subsidiary associations of the remaining
have the benefit of a similar guaranty. To effect the proposed substitution Sons. deed of trust, subject to the consent in writing of E. H. Rollins &
Our agreement with the company provides that additional bonds
of a Massachusetts corporation for the present voluntary association, may only
therefore, and to enable that corporation to secure the funds necessary for reasonablebe issued for not exceeding in par value 80% of the actual and
cash cost of additions, extensions and new properties acquired.
the building of the desired lines, it seems necessary that the New Haven
the $607,000 bonds outstanding, $342,000 have recently been issued to
railroad should be authorized to hold the common stock, and to guarantee Of
provide for the acquisition of new property and for additional constructhe preferred stock of the new corporation.—V. 93, p. 1669.
tion, costing in excess of $425,000 and now completed. Included in the
New Orleans Railway & Light Co.—Bonds Called.—Seven following statement of earnings for 1911 are the interest charges on the
$607,000 outstanding bonds, although the net earnings are based on
($7,000) New Orleans Traction Co. 1st M. gold 6% bonds of total
the original issue of $265,000 and do not include the increased earnings
1897 for payment on July 1 1912 at 105 and int. at the which will result from the recent expenditures of over $425,000.
Abstract of Letter from Pres. NV. B. McKinley, Champaign, Ill., Oct.
Fidelity Trust Co., trustee. V. 93, p. 1260, 346.
263
050
1
7:
,001001
.
00
[Compare map on page 24 of "Electric, Railway Section."1
New York Central & Hudson River RE.—Collateral Bonds Capital
stock authorized, $250,000; issued
First mortgage 5% bonds authorized, $1,200,000; issued
to Be Given Direct Lien, if Holders Consent to Merger.—As
and operates the street railway, electric light and power business
preliminary to the unifying of its system, probably in the In Owns
the city of Ottawa,including 65,5 miles of standard-gauge track, car
first instance by consolidation with the Lake Shore and other power plant of brick and steel and
distributing systetn covering entirebarn.
city.
earnings for the year ending Oct. 31 1911 were derived solely
companies and later possibly with the Michigan Central, the The
from this
property The company also owns 22 miles of high-tension
transmission
company has sent circulars to the holders of its $90,578,400 line along the Illinois
amid Michigan Canal, from Morris to Ottawa, with 16
miles additional under construction from Ottawa to La Salle. The comLake Shore collateral and $19,336,445 Michigan Central coll. pany
owns right of way from the State along the canal, LaSalle toJollet,
p.
DEC.'30 1911.]
THE CHRONICLE
The company has recently completed at Marseilles, Ill., 8 miles east of
Ottawa, a modern hydro-electric generating station, designed for an ultimate development of 5,000 h.p., with water obtained from the Illinois
•River under contract with the State; about 4,000 second feet, at a head of
11 ft. being available. The cost of this property, Including sub-stations
in Ottawa, La Salle, Utica, Morris and Seneca, Ill., and the necessary
transmission lines is in excess of $427,000. The total value of all the property of the company is conservatively estimated at $825,000, as against a
bonded debt at that time of $607,000.
Earnings 12 Mos. ended Oct. 31 1911-Estimate for Cal. Year 1912.
1912.
1910-11.
$115,768 est. $242,650
Gross earnings
$57,427 est. $109,750
Net earnings, after taxes
$30,350
$30,350
Interest *607,000 5s
est. $79,400
$27,077
Surplus
Franchises.-In Ottawa are perpetual for electric lighting and extend to
1924 for the electric railway.
Contracts.-Has already entered under favorable contracts for the sale of
all of the power generated at the Marseilles power plant, with public service
properties and interurban street railways, among them the Chicago Ottawa
ec Peoria By. Co. and the Illinois Valley By. Co., owned by the Western
Railways & Light Co., which operates 84 miles of Interurban railway,
serving Marseilles, Seneca, Morris, Streator, Utica, La Salle, Spring Valley,
Ladd, Bureau and Princeton, Ill. This road is being rapidly extended east
to Joliet for operation on or about Dec. 1 1911. The company also furnishes
electrical power wholesale to public service properties operating in La Salle,
Morris, Seneca, Utica and Marseilles.
Business Field.-(a) Ottawa (population 1910, 9,535), an important distributing centre, manufacturing glass, tiles, flour, cigars, lumber, eco.
Surrounded by a rich agricultural section. Many coal mines and quarries
throughout this district. (b) Marseilles (1910 pop. 3,291) manufactures
paper, boxes, pulp and agricultural implements. (c) Seneca (1910 pop.
1,120) manufactures tiles and is a shipping point for coal and grain. (d)
Morris (1910 pop. 4,563) is a shipping point for grain, coal and cattle and
'manufactures leather, car wheels, hardware and flour. (c) Joliet, a thriving
manufacturing city of approximately 40,000 pop. (I) Utica (1910 pop.
1,342) has important cement works. (g) La Salle (1910 pop. 11,537).
extensive zinc works and cement works and manufacturers of sulphuric
acid, brick and clocks. (h) Streator (1910 pop. 15,771), the centre of the
bituminous coal fields of the State and manufactures glass, brick and lumber.
Management.-Owned and operated by the Western Railways & Light
Co., a corporation affiliated with the Illinois Traction system of Public
Service properties. Together with_the Illinois Traction Co., which operates
560 miles of electric railway, this system will eventually form part of a
through electric railway from Chicago to St. Louis. (See p. 23 to 27 of
"El. By. Sec.-)
The directors include wealthy and influential business men of Illinois,
New England and Montreal. Canada, whose following have a total investment in fraction and lighting properties of some 350,000,000.--V.82.p.1041.
•
:110
Northern Ohio Traction & Light Co.-Suit Dismissed.Judge Wansmaker in the Summit Common Pleas Court last
week dismissed the suit brought by W. L. Kimball of New
York, who is said to be the owner of two shares of stock, to
enjoin the issue of the $1,000,000 pref. stock which was sold
early this year. (V. 92, p. 956.)
The Public Service Commission of Ohio, we are informed, also recently
dismissed the application of the same interests to declare the issue invalid
on the ground that the stock was issued before the law creating the Commission became operative.-V.93, p. 1534.
Ocean Shore RR., San Francisco.--New Company in Possession-Securities, &c.-The company.on Dec. 1 took over
the property of the old railway company from the bondholders' committee operating under the name of the Ocean Sh.RR.
The $5,000,000 capital stock of the new company has been given to the
bondholders of the old company in exchange for their securities, leaving
the road free from bonded debt. Subscriptions for $700,000 1st M. 6%
bonds at 85 were open until Dec.20,the money raised will be used in part to
pay the floating debt, the remainder, about half, to be placed in the treasury for future use. The officers are: President, S. W.Reynolds; Gen. Man.,
L. II. Landis, and Sec. and Trans., J. W.Crosby.-V.93, p. 1669, 1106.
Old Colony RR.-Stock.--Francis Henshal,v & Co. will
offer for sale at public auction in Boston at noon Jan. 3 1912
$500,000 capital stock, by order of the board of directors,
making the total outstanding stock $21,664,000. See V. 93,
p. 872,1022.
Pennsylvania Co.-Income on Stock Owned.-See Toledo
Columbus & Ohio River Ry. below.-V.93, p. 1669, 1324.
Phillipsburg (N. Z.) Horse Car RR.-N. J. Franchise Tax
Law Upheld.-The New Jersey Supreme Court on Dec. 20
sustained the validity of the Franchise Tax Law of 1906,
which levies an annual tax upon such proportion of the
gross receipts of a street railway as the length of its line in
that State bears to the whole line.
It is held that the tax is not leyied on the gross receipts nor on the business of the corporation, but is merely an excise tax on the franchises, namely,
the franchise to exist and the franchise to occupy the streets, which is
measured in part by the gross receipts. It is therefore not a regulation of
inter-State commerce, and the Act is not in conflict with the clause of the
U. S. Constitution giving Congress power to regulate commerce among the
several States.
Portland (Me.)& Brunswick Street Ry.-New Name.-See
Portland & Yarmouth Ry. below.-V. 93, p. 872.
Portland (Me.)& Yarmouth Ry.-Reorganized Company.The organization of the company with $300,000 authorized
.capital stock, as successor of the Portland & Brunswick
Street Ry., which was sold at foreclosure sale on Sept. 25
to Harry B. Ivers of Lewiston, Superintendent of the Lewiston Augusta & Waterville Ry., was on Dec. 22 approved by
the Maine RR. Commission. The road is to be operated as
part of the Lewiston Augusta& Waterville Ry. system.
Public Service Corporation of New Jersey.-Decision.-The Supreme Court of New Jersey on Dec. 26 sustained the
order of the Board of Public Utility Commissioners requiring
the Public Service Ry. to give transfers to all intersecting
lines within the City of Newark, so as to carry a passenger
to his destination for a single 5-cent fare. Justice Bergen
wrote the opinion.
The Court says that the company claims the right to compel passengers
to enter only such cars as would carry them without change, and the
order requires It to allow passengers to take any car going in the required
direction, with the privilege of transferring at intersecting points. This,
it is stated, is no invasion of a contract right but a regulation of the system
of transfer. The objection that the stopping of cars at intersecting points
to permit thsce transfers results in unnecessary cost and waste of power
is said to be more fanciful than real, as in practice these cars usually stop ,at
intersecting points.-V. as, p. 1191, 590.
1789
This is the first section of the lower end of the subway on which the Commission had taken action since the revised plans were adopted, calling for
a 4-track road with a bore similar to that now used by the Interborough Co.
In October 1910 the section was bid for under the old plan for a larger bore
at figures ranging from $3,619,315 to $3,978,901.-V. 93, p. 1601, 1535.
Rates.-Chicago Switching Agreement.-The following is
•
published:
It is stated that the new switching agreement between Chicago terminal.
roads and shippers is a gentleman's agreement to leave all disputes, so far
as possible, to a committee representing all important interests there,
which will not, however, have authority to enforce its rulings. It is not
expected that many cases will be carried to the Inter-State Commerce.
Commission. Disputes have been frequent and for years conditions have
been at times serious. In Aug. last a conference plan was adopted under
which uniform charges were established, $15 per car for every incoming or
outgoing car, with excess on a basis of 2 M cents per 100 pounds and a
minimum of $9 for 60,000 pounds and 1 15 cents excess per 100 pounds for
cars switched from one point to another within the switching zone.
V. 93, p. 1669, 1534.
Reading & Columbia RR.-Bonds for Refunding.-This
company, $788,200 of whose $958,373 stock is owned by
the Reading Co., has called a meeting of the shareholders for
Feb. 28 to act on authorizing $850,000 new 1st M. 50-year 4s,
to be guaranteed by the Reading Co. and used to refund the
$650,000 1st M. 4s, due Mch. 11912, and $200,000 of the
$350,000 2d 5s due Sept. 1 1912. The remaining $150,0002d 5s will be made debentures.
There are 5650.000 1st M. 4s and $350,000 2d M. 5s, but of these the
Reading Co. owns $9,500 1st and $193,000 2d M. bonds.
Reading Company.-Refunding Bonds to Be Guaranteed.See Reading & Columbia RR. above.-V.93, p. 1726, 1596.
Reading (Pa.) Transit CO.-Car Trust Certificates Sold and
Resold.-The company has sold to Edward B. Smith & Co.
of hiladelphia and New York, who have resold on a basis
yielding about 5.25%, the entire issue, $150,000, Series A
$1,000 (c*) 5% car trust certificates dated Jan. 1 1912 and
due in semi-annual installments of $7,500 each, beginning
July 1 1912. Girard rust Co. of Phila., trustee.
The certificates are callable at 101 and interest on 60 days' notice and'
are free of Pennsylvania State tax. The certificates are issued to pay for
standard equipment costing approximately $215,000, more than 30%, of
the cost being paid in cash as advance rental by the Transit Co. They
are to be secured by cars built by the J. G. Brill Co. as follows: 26 large
double-truck, semi-convertible cars of the Pay-As-You-Enter type, with
two motor equipments each; and 10 large douole-truck, semi-convertible
cars, with 4 motor equipments each.
Title will be vested in the trustee until the entire issue is paid off.
• Earnings.-For the 11 months ending Nov. 30 1911:
Gross receipts, railways_ _$1,309,815 Interest, rental and taxes _ _$720,591
$173,900
588,598 Surplus
Gross rots., lighting cos__
Unexpended bal. set aside
for injuries and damages.. 11,182
Total receipts _ ______ _$1,898,413
1,003,920
Operating expenses
Net earnings
-V. 92, p. 1033.
$894,493 Total net surp. for 11 mos_ _$185,082
Rochester (N. Y.) Railway & Light Co.-Suit-Sale of
Bonds.-The Security Trust Co. of Rochester, as trustee of
the consolidated mortgage of 1904, under which $9,401,000
bonds are outstanding, has brought a suit in the Supreme
Court for Monroe County for the purpose of procuring the
Court's decision as to its right to release, at the request of
the railroad company, a part of the New York State Rys.
bonds ($4,500,000 1st consol. 5s) held by it as collateral, sa
that the same may be sold for extensions, betterments and
improvements.
Under the terms of the mortgage, the trustee has power in its discretiok
to release from its lien any securities held by it as collateral, the proceeds of
such release, equal to at least the par value of said securities, to be used
for extensions, betterments and permanent improv'ts.-V. 93, p. 1464.
Rutland RR.-Sale of Remaining Half of Majority Stock to.
New IIaven Road-Proposed Purchase of Additzonal Stock.The N. Y. N. H. & H. RR, has applied to the Public Service.
Comm., 2d Dist. for permission to purchase for the N. Y. C.
& H. R. RR. the remaining half of the majority holding of
$4,704,100 pref. stock (the other half having been purchased
in February last) at a price not exceeding cost to the New
York Central, including carrying charges; also to purchase
additional shares from others as opportunity may offer.
The reason given for the purchase is that the Rutland lines connect with
others owned or controlled by the New Haven in such a way that by controlling all of them the New Haven will be able to establish and maintain
through routes under its own control and management between New York,
Boston, Portland, Me., and Montreal, and also, through transportation
routes) between Boston. Portland, Me.,and the West,by Ogdensburg. N.Y..
and the Great Lakes.-V. 93, p. 1601, 1464.
Scranton (Pa.) Ry.-Offering of Guaranteed Bonds.-See
Carbondale Ry. above.-V.91, p. 1096.
Seaboard Air Line Ry.-Pull Adjustment Interest Again
Declared.-The full interest of 23% on the $24,975,500 adjustment mortgage income bonds (the same as in Aug. and
Feb. 1911 and Aug. 1910) has been declared for the half-year
ending Oct. 31, payable Feb. 1 1912.-V. 93, p. 1601, 1464.
Seattle Renton & Southern (Electric) Ry.-Decision.Judges Main and Ronald in the Superior Court on Dec. 11
rendered a joint decision holding unconstitutional the criminal
section of the Public Service Commission Law which provides for imprisonment for violation thereof.
Five cases, including President Crawford and several employees, were before the Court, general demurrers being interposed, which were sustained.
a-
Under the provisions of the law the corporation is subject to a fine
$1,000 and the agent or employee to punishment by fine or imprisonment.
It is held that the criminal feature of the law contained in Section 95 is
not embraced in the title of the Act, and is therefore unconstitutional. The
provision subjecting the corporation to a maximum fine of $1,000 is not
affected by the decision.-V. 93, p. 1601. 732.
Springfield (Mass.) Street Ry.-Bonds.-The company has
asked the Massachusetts Railroad Commissioners for auRapid Transit in New York City.-Bids for Lower End of thority to issue $200,000 4% 20-year gold bonds (denominaSubway.-The Public Service Commission is advertising for tion of $1,000 each), dated April 1 1903.
bids for the construction of Section 3 of the Lexington Ave.
The Commissioners authorized the issuance by the Springfield Street
subway, under Broadway from Howard to Bleecker Street.
Railway Co. of $1,700,000 worth of bonds in 1903. of which amount $1,..
1790
THE CHRONICLE
500,000 have already been floated, leaving a balance of $200,000 to be issued
from time to time as directors might designate.
The proceeds of the present $200,000 will be applied towards the cancellation of Indebtedness Incurred by improvements to the company's property,
as follows: Payment for construction of Bircham Bend Extension, $11,375; double-tracking, Longmeadow, $50,156; additional apparatus at
Margaret St. power station, $20,014; additions to machinery at Margaret
St. power station, $128,537; total, $210,082.—V. 92, p. 957.
•
Springfield (0.) & Xenia Ry.—Pref. Dividend Increased.—
A quarterly dividend of 23/2% has been declared on the
$300,000 5% *cumulative pref. stock,
Dec. 30 to
holders of record Dec. 29, comparing with 13% in Sept. last,
13% in July and April and 1% (incl. M of 1 extra)
in Jan. 1911.
Dividend Record of Preferred Stock (%).
1908.
1909.
1910.
1911.
4 (Oct.)
53,6
5;i Jan. 1 V., Apr.1 Y., July 131, Oct. 1 3.6, Dec.2%
The unpaid accumulations on the pref. stock are understood
to amount
to 5%.—V. 93, p. 1327.
[VOL. Lxxxxm.
calve in lieu thereof at least $300, and In addition thereto the rights and
claims reserved for the benefit of such bondholders, not In any event, how.
ever, exceeding net to the bondholders the principal and accrued Interest.
In the event that no such sale to the Third Ave. RR.or other Interests
shall be consummated, then the committee, on receipt of such stock
bonds, shall use so much thereof as may be necessary in order to meetand
the
existing receiver's certificates, taxes, expenses of operation, reorganization
and the like, and shall distribute the balance of the stock and bonds remaining in Its hands to the assenting bondholders pro rata. In such event,
the committee may In its discretion provide for the issue by such new corporation of not to exceed $200,000 bonds, which shall be a first lien (prior
to the lien of the mortgage for $1,000,000) to be used as required for equipping and operating the road.
This plan will become binding upon the deposited bonds unless the holders of certificates of deposit representing one-third of the total number deposited shall, within 20 days from Dec. 12 file with the Central Trust Co.,
the depositary, written notice of their dissent therefrom.—V. 93, p. 165,
1465.
Virginia Railway & Power Co.—Listed in Philadelphia.—
The Phila. Stock Exchange has listed $8,203,000 "first & refunding mortgage" 5s. Stock listed to date:
$11,Third Avenue Ry., New York.—New Co. to Take Possession 858,700; pref., $7,641,300.—V. 93, p. 1536, Common,
1319.
Jan. 1.—Judge Lacombe in the U. S. Circuit Court on ThursWaterville Fairfield & Oakland (Electric) Ry.—Merger—
day, on the application of the reorganization committee,
made an order turning the property over to the new com- Further Data.—We have been favored with the following:
This company was organized as the Waterville & Oakland Street Ry. In
pany at midnight on Jan. 31.
1902 with a capital stock of $100,000, now increased to $500,000 and name
Of the consol. M. 4% bonds of the old railroad company about 99.75%
(or $37,470,000 of the outstanding 537,560,000) and 95% of the stock
was
deposited with the Central Trust Co., as depositary for the committee,
leaving only $90,000 bonds in the hands of holders who did not assent to
the plan. The petition for the discharge of the receiver states that as
nearly as can be estimated In advance of the settlement of his accounts, the
amount payable out of the proceeds of sale to bondholders who have not
assented to the reorganization plan is about $606, exclusive of interest for
each $1,000 of bonds, or about $54,573 in the aggregate.
changed as shown above. No bonds. Road now extends from Fairfield, via
Waterville, to Oakland. Me., 10.85 miles; standard gauge.
Of the additional capital stock, $150,000 has been paid to the Central
Maine Power Co. (V. 93, p. 798) to pay that company for having retired
the outstanding bond issue of the Waterville & Oakland Street Ry., which
amounted to 5125,000; 5250,000 additional stock was paid to the Central
Maine Power Co. for procuring the conveyance of the street railway and
railway property formerly belonging to the Waterville& Fairfield Ily.& L.Co
The Central Maine Power Co. assumes and agrees to pay all liens, claims
and incumbrances of every kind attaching to the property formerly owned
by the Waterville & Fairfield Ry. lk Light Co., so that the Waterville Fairfield & Oakland By. now owns both railroads, which connect.at Waterville.
Pres., Harvey D. Eaton; Sec., Lewis G. Whipple; Treas., Charles F. Johnson.—V. 93, p. 1602.
Mr. Whitridge Elected President.—F. W. Whitridge. who
has acted as receiver of the road since Jan. 1908, was named
as President by a sub-committee of directors that has been
appointed to effect a permanent organization, and will be
Western Maryland RR.—Notes Sold.—The following offiformally elected President by the full board and also as a cial statement was issued on Thursday:
director shortly. Edward A. Maher, who has been General
The company has authorized an Issue of secured notes in the aggregate
Manager tinder Mr. Whitridge, will continue in that position. principal amount of $10,000,000,
of which $8,000,000, face value, are to be
presently issued and have been sold. The notes; re to be dated Jan. 1 1912,
Directors.—The directors of the new company are:
and are to mature July 1 1915, and bear interest at tile rate of 5% per
James A. Wallace, Adrian Iselin, Harry Brenner, James Timpson, annum. All or any part of the notes are redeemable at the price of 102%
Frederick H. Shipman, W. Emlen Roosevelt, John W. Platten, Joseph H. on 90 days' notice. The notes are to be issued
under trust indenture to
Seaman, George W. Davison, Edward A. Maher, Franklin L. Babcock the Equitable Trust Co. of New York, as trustee, andaare secured
by the
and Milton Ferguson.—V. 93, p. 1535, 1464.
free assets of the company, including all of the capital stock of the George's
& Cumberland RR. Co. and the Connellsville & State Line By.Co.,
Tidewater Power Co., Wilmington, N.0.—New Trustee.— Creek
which own the line of unencumbered railway (about 85 miles in length),
The Penn. Co. for Insurances on Lives & Granting Annuities now nearing completion, between Cumberland. Md., and a connection with
line of the Pittsburgh & Lake Erie RR. Co. at Connellsville, Pa. The
of Philadelphia has been appointed as trustee under the the
proceeds of the notes are to be applied In the acquisition of equipment.
$2,000,000 mtge. dated Jan. 1 1909, to succeed the Carnegie expansion of terminal and yard properties, and
generally the enlargement
of the facilities of the company,so as to enable It to handle with economy
Tr. Co.. See p. 123 of "El. Ry." Sec.—V. 89, p. 471.
and despatch the increasing volume of busIness tributary to its own lines
as well as the additional traffic which it is expected will result upon the
Tidewater & Southern (Electric) RR.—Bonds.—This com- opening
of the company's Pittsburgh connection.—V. 93, p. 1465, 1381.
pany, which was incorporated in
Cal. on Oct. 4 1910 with
$1,000,000 of auth. capital stock and is building 44 miles of
electric railway from Stockton to Turlock, Cal., via French
Camp, Atlanta, Escalon, Modesto, Ceres and Keyes, has
made a mortgage to the Union Trust Co. of San Francisco,
as trustee to secure an issue of $900,000 5% 40-year s. fd.
bonds, dated Nov. 15 1911, par $500 and $1,000, subject
to• call at 103. Int. semi-annually at Stockton. None
issued to Dec. 8 1911.
Of the auth. stock $750,000 Is common and $250,000 pref.; outstanding,
1550,000 common and $100,000 pref.; par of shares, $1.
Directors (and officers): President, Karl C. Brueck, Secretary Clark &
Henery Construction Co., Stockton; V.-Pres. J. A. Coley, Escalon; Secretary, Byron A. Bearce, J. L. Craig •and Geo.
' F. Schuler, all of Stockton;
T. J. Wisecarver, Modesto, and Ward B. Minturn, Fresno. There is also
an advisory board of 13, which, it is stated, will shortly be elected directors,
among them R. B. Teefy, W. G. Wallace and Frank A. West of Stockton
and Hon. Carroll Cook and Dr. S. B. Wakefield (Wakefield-Garthwalte
Co., bond brokers) of San Francisco.
Toledo Columbus & Ohio River Ry.—First Dividend.—An
initial "annual" dividend of 6%, payable to-day, has been
declared on the $8,000,000 capital stock, which is all owned
by the Pennsylvania Co.—V.93, p. 106.
Twenty-eighth Twenty-ninth Sts. Crosstown RR., N. Y.•
—Sale.—The foreclosure sale indefinitely postponed last
October is now advertised for Jan. 4, upset price $50,000.
Total lien $1,639,168, with int. from Feb. 8 1910; also
expenses of sale.
Plan..—The reorganization committee, John W. Hamer,
(925 Chestnut St., Phila.), Chairman adopted on Dec. 11 a
plan of reorganization. The committee says in substance:
INDUSTRIAL, GAS AND MISCELLANEOUS.
Adirondack Electric Power Corporation.—Reorganized
Company.—The company was incorporated in New York on
Dec. 27 with $12,000,000 authorized stock, of which $2,500,000 is 6% preferred, as successor of the Hudson River Electric Power Co. and allied companies, foreclosed per plan
V. 93, p. 348. As already announced, the Stone& Webster
Management Association of Boston has agreed to act as
Manager of the new company.
The directors of the new company are: John P. Reynolds, Francis M.
Edwards and James R. Hooper of Boston; Senator Edgar T. Brackett of
Saratoga Springs, Wilson A. Shaw and Charles E. Willeck of Pittsburgh;
John S. Scully of Washington and Edwin S. Webster of Chestnut Hill, Mass.
All of the directors except Senator Brackett and Mr. Edwards make up the
bondholders' committee of the defunct companies.
Officers.—Pres., James R. Hooper, Boston; Vice-Pros., Charles E. Willock, Pittsburgh; Sec., Francis M. Edwards, Boston; Treas., William H.
Blood Jr., Boston.
The company has applied to the Public Service Comm., 2d
Dept.,for permission to issue $9,000,000 corn. and $2,500,000
pref. stock and $5,000,000 50-year 5% bonds, as per plan.
Interests closely identified with the reorganization committee inform us that no negotiations are pending with the
Municipal Gas Co. of the City of Albany or the Troy Gas Co.
for the sale of the properties, as recently reported (V. 93,
p. 1671, 1672).
Altoona (Pa.) Gas Light & Fuel Co.—See Susquehanna
Railway, Light & Power Co. under "Annual Reports."
Amalgamated Asbestos Corporation.—Circular to Canadian Bondholders.—A circular signed by a number of large
Canadiati bondholders has been sent to bondholders-, notify-.
ing them of the fact that the consent of Sir Hugh Grahah. ,
W. G. Ross and Henry J. Fuller has been obtained to act as
a protective committee in their interest, and more especially
to obtain representation on any central advisory committee
that may be appointed. Deposits are requested with the
National Trust Co., Montreal or Toronto.
Preamble.—Since about Dec. 15 1910 storage-battery cars of Receiver
Whitridge have been operated on the road with a free transfer system between it and the Third Avenue system, and such operation is apparently the
only feasible method by which the road can be put to effective use
After thorough consideration your committee has concluded that the
proposal to sell the road to the Third Avenue Ry. Co. Is the most advantageous to the bondholders. This proposal, it carried out, should net the
bondholders at least $300 per each $1,000 bond. It Is hoped in addition
to turn back a part of the deposit of $30 per bond as each bondholder will
receive back his pro rata share of the net amount realized from receiver's
certificates and the advances by the bondholders' committee after the committee has discharged obligations incurred for the benefit of the road.
The receiver's suit regarding the ownersnip of the tracks on Marginal St.
between 14th St. and 22d St. and on 22d St. between Marginal St. and the
North River was compromised by the payment by the Metropolitan reSimilar committees have already been formed in Efee'ned and the United
celvers of an amount which netted to the receiver $8,000, and by an agreement admitting that the Crosstown road owns an undivided one-half in- States. No reorganization plan can be voted upon fly the Canadian protective committee until it has been submitted to and approved In writing
terest of said tracks.
The receiver has also an action pending against Metropolitan Traction by the depositors of a majority of bonds deposited with the committee,
Co. and certain of its directors for the recovery of $1,109,000, by reason and as soon as a scheme of reorganization has been agreed upon by the
of the facts surrounding the issue of the 1st M. bonds. Under the proposed central advisory committee, such scheme will be submitted to the bondarrangement with the Third Ave. interests, any results accruing from this holders for approval.—V. 93, p. 1602, 1536.
action are reserved, and so also are any moneys which may be realized on
American Brass Co.—To Absorb Subsidiaries.—The comthe claim against the Metropolitan St. By.Co.in respect of its guaranty.
It Is estimated that the outstanding obligations for receiver's certificates, pany, it is reported, will on Jan. 1 take over the property
advances by your committee, taxes, interest and expenses of operation and
and assets of the following subsidiaries now controlled
reorganization, will aggregate as of Feb. 1 1912 about $135,000.
Plan.—If the committee purchases the property at foreclosure sale, the through stock ownership:
reorganized company shall have a capital stock of approximately $500,000
American Brass & Copper Co., Ansonia, Conn.; Benedict 8: Burnham
and an authorized issue of approximately $1,000,000 5r 50-year bonds,
which may, in the discretion of the committee, be income bonds. The Mfg. Co., Waterbury; Coo Brass Mfg. Co., Torrington, and Ansonia, and
Waterbury Brass Co. After that time the American Brass Co. will handle
committee may also, In Its discretion, authorize a bond issue of not t 3 ex
all of the business directly. The subsidiary corporations, it is said, will be
ceed $200,000 for the equipment and operation of the road, and in such case formally
dissolved at the annual meetings of their shareholders in February.
the said bond issue of $1,000,000 may be secured by a second lien.
The American Brass Co. also controls the Chicago Brass Co. of Kenosha,
The reorganized company shall turn over to the committee all of its Wis.,
the
Waterbury Brass Goods Corporation and the Ansonia Land &
capital stock and $500,000 of the total issue of $1,000,000 bonds, and the Water Power
Co. through stock ownership by the present subsidiaries.
committee shall thereupon have authority to sell the same to the Third These,
It is said, may also be eventually consolidated with It. Holmes,
Avenue fly. Co.. the net result to the assenting bondholders hereunder to Booth &
Hayden,
another Waterbury brass house, was merged with the
be as follows: Each holder of a $1,000 bond dated1Oct. 111896 shall reBenedict & Burnham Co. some time ago.—V. 92, p. 880.
AIL
DEC. 30 1911.]
THE CHRONICLE
American Coal Products Co.—Extra Dividend.—An extra
dividend of M of 1% has been declared on the $10,418,400
stock in addition to the regular quarterly disbursement of
per annum, the rate in effect since Jan. 1911,
1%%,or 6
both payable Jan. 1 to holders of record Dec. 22. Compare V. 91, p. 1712.
The extra payment places the stock upon a 7% basis for 1911, and the
directors, it is stated, expect that the earnings will warrant the payment
regularly hereafter of 1)1% each quarter, thus maintaining the 7% rate.
The general business for 1911 has been satisfactory, and the outlook for
1912 is said to be encouraging.—V.92, p.957,
AIL
1791
Operates in borough of West Chester, Pa., and vicinity and also in boroughs of Malvern, Duffryn Mawr and vicinity. Incorp. In Pennsylvania on
June 1 1911 and acquired by merger or purchase the following properties:
Edison Electric Ilium. Co., Ridley Creek Supply Co. of Pennsylvania, East
Whiteland Elec. Lt. Co., West Whiteland Elec. Lt. Co., East Goshen Eke.
Co., West Goshen Elec. Co. Willistown Elec. Co. and East Bradford Eke.
Co. Auth. capital stock, $300,000 corn, and $100,000 pref., all $100 shares
and all out. Pref. callable at 110 and accrued divs. Bonded debt, 1st M.
30-year 5% sinking fund gold bonds, auth. $500,000, issued $286,000;
dated June 1 1911, due June 1 1941, but redeemable on any int. date at 105.
Par $500 and $1,000. Int. J. D. at Chester County Trust Co:, West
Chester, trustee. Sinking fund from Dec. 1 1912 at rate of 34 of 1%,from
Dec. 1 1922 4%, of all bonds out. Unissued bonds ($214,000) available
for 80% of cost of new construction when net earnings are twice total int.
charges. No prior liens out. Directors: E. E. Mandeville (Pres.), M. F.
Maury (Treas.), Austin G. Maury (Sec.), L. M. Schoch and Harold B. Settler. General offices, 900-901 Land Title Bldg., Philadelphia.
[This company should not be confounded with the Chester Valley Electric
Co. organized in Jan. 1911, an entirely distinct enterprise.]
American Telephone & Telegraph Co.—Listed.—The New
York Stock Exchange has listed $5,000,000 coll. trust 4%
bonds due 1929, making the total amount listed to date
$78,000,000.
Chicago Telephone Co.—Deposits—Time Extended.—The
Stocks and Bonds.—The list of stocks and bonds owned offer of the American Telephone & Telegraph Co. to exchange
Oct. 31 1911 is only slightly changed from that given for its stock for the minority stock of the Chicago Telephone Co.
Sept. 30, in V. 93, p. 1192.
was, it was stated, consented to by "practically all" of the
The par value of the shares pledged Oct. 31 is $240,002,190, against stockholders. The time for deposits with the Northern Trust
against
$1,109,000,
$240,198,290 on Sept. 30, and of the bonds pledged,
Chicago was extended to noon to-day.—V. 93, p. 1467,
$1,108,000 on Sept. 30. The Bell Telephone Co. of Missouri stock pledged Co. of
Oct. 31 was $5,300,• Bell Telephone Co. of Missouri, $4,661,640; Missouri & 668.
Telephone
Kansas Telephone Co., $10,014,500, and Southern New England
Childs (Restaurant) Co.—Stock Increase Approved.—The
Co., $366,800, these amounts on Sept. 30 having been, respectively, $5,200,
$4,657,940, $10,004,700 and $184,300. The addition to bonds pledged stockholders on Dec. 28 approved the increase in the comconsists of $1,000 Bell Telephone Co. of Canada.
mon stock from $3,000,000 to $4,000,000, the new stock to
Earnings—For the Ten Months ending Oct. 31 1911.
used for a 33 1-3% stock dividend. See V. 93, p. 1728.
$15 438 091 Deduct—Adminis. exp_ _ _$2,437,519 be
Dividends received
8,672,480 Int. (and taxes, $578,309) 5,229,903
Telephone traffic
Citizens' Gas & Fuel Co., Terre Haute, Ind.—See Susque4,699,979
traffic
Telephone
78,467
Real estate
16,285,909 hanna Railway, Light & Power Co. under "Annual Reports"
Int., &c.,from assoc. cos. 8,699,124 Diva, 9 mos.(6%)
454,869
Other interest
above.—V. 92, p. 60.
2,489
Sundry
Colorado Springs Light, Heat & Power Co.—See Susque$4,782,208
Balance, surplus
$33,435,519
Total revenue
hanna Railway, Light & Power Co. under "Annual Reports"
—V.93, p. 1536, 1466.
above.—V. 93, p. 1604.
American Tobacco Co.—Preferred Stock Voting Rights.—
Consolidated Gas, Electric Light & Power Co. of Baltithe
in
change
a
The stockholders on Dee. 26 authorized
more.—Listed.—The London Stock Exchange has listed
equal
have
charter providing that the preferred stock shall
$1,000,000 gen. mtge. 454% 30-year gold "endorsed bonds"
voting rights with the common stock in accordance with the of $1,000 each, Nos. 11,565 to 12,564 (V. 92, p. 1568).—
Court.
Circuit
S.
disintegration plan approved by the U.
V. 93, p. 1189, 1604.
Dissolution of Subsidiaries.—The stockholders of the P.
Creamery Package Manufacturing Co.—Report.
voted
26
Dec.
on
Co.
Lorillard Co. and Amsterdam Supply
DiviDepreciNet
Balance,
ending
to dissolve in accordance with the plan, the American Stogie Year
derv's.
alien.
Earns.
Surplus.
Nov. 30$45,000
$241,050
$16,248
$302,298
1911
Co. also having done so recently.—V. 93, p. 1670, 1603.
74,366
240,000
18,976
333,342
1910
231.
p.
93,
—V.
President.—
--New
Pennsylvania.
of
Co.
Bell Telephone
asand
company
the
of
a
elected
been
McBroom
has
New Director.—Walter
Frank H. Bethel, Vice-President
sociated companies, has been elected President of the Bell director to succeed Charles M. Gates.
Telephone Co. of Pennsylvania, the Delaware & Atlantic
Cumberland Basin Coal Co., Phila.—Receivership.—Judge
Telegraph & Telephone Co., the Diamond State Telephone Rose in the U. 8. Circuit Court at Baltimore on Dec. 23
Co. and the Chesapeake & Potomac Telephone Co., to suc- appointed Roy A. Hatfield as receiver of the company as
ceed Union N. Bethell, who becomes chairman of the board. upon a bill of complaint filed by the Baltimore Security &
—V. 93, p. 288.
Trading Co., as holder of a note of $5,000, overdue. An
Birmingham (Ala.) Coal & Iron Co.—Merger.—See Wood- exchange journal says:
The company has 5,000 acres of coal lands in Somerset Co., Pa., and 900
ward Iron Co. below.—V. 93, p. 1326.
acres in Allegheny County, Md., and also owns all of the capital stock of
Cumberland Basin Coal Co. of Maryland, which owns 4,000 acres in
Bush Terminal Buildings Co., New York City.—Guaranteed the
Allegheny Co., Md. The company produces about 6,000 tons per month.
Bonds Offered.—F. J. Lisinan & Co. and Spencer Trask & Capital stock Is $1,000,000. The company admits its embarrassment,
which is attributed to large expenditures for development. Receiver's
Co., N. Y. City, having placed privately the greater portion certificates
for $20,000 arc authorized. Compare V.84, p. 751.
of the present issue of $4,000,000 1st M. 50-year sinking fund
Steel Co., Pottsville, Pa.—Proposed Lease.—The
Eastern
the
by
interest,
bonds,
and
guaranteed,
principal
gold
5%
to take a lease
Bush. Terminal Co. by endorsement on each bond, are offer- shareholders will vote Jan. 17 on a proposition
Pottsing, by advertisement on another page, the remainder at of the furnaces of the Warwick Iron & Steel Co. at on
9834 and int., yielding about 5.10% income. Authorized town Pa., for 99 years on the basis, it is said, of 8%with the
an
issue, $12,000,000; outstanding, $4,000,000; tax-exempt in $1,44,714 stock ($10 shares) of the Warwick Co.,
the property outright. See V. 92, p.
N. Y. State. Due April 1 1960, without option of earlier option to purchase V.
92, p. 728.
redemption. Interest A. & 0.in N.Y. City. Par,$1,000c*, 1315, and compare
Eastern Texas Electric Co.—New Stone dc Webster Organi$1,000 r*, $5,000, $10,000. Columbia Trust Co. of N. Y.
trustee. Application is to be made to list these bonds on zation.—This company was incorporated in Maine on Dec. 8
with $4,000,000 of auth. capital stock in $100 shares, $2,the N. Y. Stock Exchange.
President Irving T. Bush in a Jotter which was cited at con- 000,000 to be 6% cum pref. p. & d., callable at 110.
A Stone & Webster corporation that owns the entire capital stock of
siderable length in the "Chronicle" of April 22 1911 (p. 1111)
Beaumont Electric Light & Power Co. (which company does the entire
calls attention to the following facts:
electric light and power business of Beaumont, Tex. (See that company
1. Secured by first lien on valuable real estate and buildings thereon in below.) The Eastern Texas Elec. Co. has issued $1,400,000 com.stock and
the boroughs of Manhattan and Brooklyn, N. Y. City, a large equity $900,000 pref. (Including $50,000 pref. held in the treasury. No bonds.
Pres., Marshall M. Phinney; Sec., Clement R. Ford; Treas., Henry B.
existing therein above the $4,000,000 bonds now offered, and guaranteed, principal and interest, by the Bush Terminal Co. by endorsement Sawyer. Office, 147 Milk St., Boston.
on each bond. Remaining bonds can only be issued for erection of
Empire Steel & Iron Co.—No Dividend.—No action has
additional buildings and acquisition of new property.
2. The Bush Terminal Co. and the Bush Terminal Buildings Co. own ex- been taken on the dividend on the $2,500,000 6% cumulative
tensive piers, warehouses, model loft and factory buildings—all interconnected by a railroad and switching system—area covered about pref. stock which is usually paid in January. In July last
200 acres, with a frontage of more than half a mile on the Brooklyn 1% was paid and in Jan. 1911 2%.
" side of N. Y. harbor; also real estate and buildings in N. Y. City.
Dividend Record on Preferred Stock (Per Cent).
"3. The Bush Terminal Buildings Co. owns the property from 28th to 37th
streets, between 2d and 3d avenues, South Brooklyn, and has erected 1899. 1900.1901. 1902.1903.1904.1905. 1906. 1907. 1908. 1909.1910. 1911
3
3
6
3
6
6
4)4
3
34 2)4
3
6
3
thereon a series of model loft and factory buildings from 700 to 800 feet
Accumulated dividends on preferred July 1911, 22)4%.—V.92, p.1638.
in length, 80 feet wide, and from 6 to 8 stories in height. Only half of
the nine blocks is now covered with buildings; six of these are entirely
Enid (Okla.) Electric & Gas Co.—Bonds Offered.—H. F.
rented and two under construction, to be completed In the spring of
1912, over 50% already rented. Also owns office building No. 100 Bachman & Co. N. Y. and Phila., are offering at par and int.
Broad St.,,Nsritattan, occupied by the company, and three buildings
to the rear tnereof, and also the 10-story loft building No. 327-333 East 1st M. 6s of 1910, $1,500,000 auth. of which $677,000 were
29th St., Manhattan.
recently outstanding (see Standard Gas & Electric Co.,
4. The Bush Terminal Buildings Co. for the calendar year 1911, with but
1327).
four buildings in operation during the whole of the year, and with V. 93, p. 1469,
buildings 5 and 6 bringing in their full income for only half of the year,
For year ending Sept. 30 1911 gross earnings were $147,992 (gas, $45,077;
and buildings 7 and 8 In course of construction, is earning in excess of electricity, $102,845); net earnings, $66,489; fixed charges, $36,000;
the interest charges on the whole $4,000,000 bonds outstanding. It balance, surplus, $30,489. See also V. 93, p. 1194.
is estimated that the net income from buildings Nos. 1 to 8, incl., for
1912 should be in excess of $400,000, or more than twice the annual
General Rubber Co.—Bonds Sold.—The company recently
interest requirements on the $4,000,000 5% bonds.
a syndicate headed by the First National. Bank a
5. The Bush Terminal Co. (the guarantor) had surplus earnings for 1910 sold to
(after payment of taxes and bond interest) of $428,375, equal to more block of $2,900,000 43% gold debentures, being the last of
than twice the guaranteed Interest charges on these $4,000,000 bonds. the $9,000,000 issue, which are guaranteed, principal and inThe plant is practically free from the adverse effects of general business
depression, because the fixed income is from leases, and the fluctuating terest, by the United States Rubber Co. and Rubber Goods
income from the storage of merchandise which tends to accumulate in
Mfg. Co., dated July 1 1905 and due July 11915, but redeemwarehouses In bad times.
6. The sinking fund, it is estimated, will retire approximately 75% of able at 105 on any interest day. The bonds were quickly rethese bonds before maturity.
sold.
7. Capable management; exceptionally favorable location; unsurpassed
The proceeds of the bonds are to be used to finance the raising of crude
transportation facilities; good labor conditions; steadily increasing
rubber in the Far East, the company having spent large sums in acquiring
number of tenants.—V. 92, p. 1111, 797.
rubber plantations there and further cash being required for plantings
Chester County Public. Service Co. West Chester, Pa.— and for additional working capital.
offerA circular issued recently by Kissel, Kinnicutt &
First Dividend.—A semi-annual div. of 3% was paid Dec. 15
Co.,
on the $100,000 6% cum. pref. stock.
ing $500,000 of the bonds,says in part(compare V.81,p.1103).
1792
THE CHRONICLE
The excess of cash assets over current liabilities of the U. S.
Rubber Co. as of March 31 1911 was
$22,160,083
Rubber Good; Mfg. Co., as of Dec. 31 1910, was
8,970,524
Strenath of Guarantee.
Total net quick assets (excluding any value for plants, good
will, &c.)
$31,130,607
Total auth. Issue of General Rubber 4 ;is outstanding
$9,000,000
Net profits, after providing for interest charges, depreciation,
&c., of U. S. Rubber Co.for year ended March 31 1911 were_ $4,349,826
Rubber Goods Mfg. Co., year ended Dec. 31 1910, were
2,122,248
Total
$6,472,074
Annual interest charge on this issue
$405,000
The General Rubber Co., which has a cash capital of $3,000,000, was
organized for the purpose of buying crude rubber for the use of the U. S.
Rubber Co. and the Rubber Goods Mfg. Co., which owns Its entire capital
stook.
The growth of the business is best seen from the earnings reported for the
past fiscal year, during which net sales of the U. S. Rubber Co. Increased
from $38,711,051 to $40,888,724, and of the Rubber Goods Mfg. Co., from
$25,620,593 to $35,188,295.—V. 87, p. 1302.
Hartford City.Gas Light Co.—See Susquehanna Railway,
Light & Power Co. under "Annual Reports."—V. 92,p. 191.
Harwood Electric Co., Hazleton, Pa.—Purchase by Company's President.—C. Pardee Sr., President of this company,
has purchased a large majority of all of the bonds and stock
of the Hazleton Electric Light & Power Co. and its subsidiary
companies, the West End Electric Light & Power Co., Edison
Electric Illuminating Co. and Freeland Electric Light, Heat
& Power Co. of Hazleton and Freeland.
These companies will be operated for some time in the same way that
they were by the former owners. The Hazleton Elec. Light & Power Co •
had outstanding $250,000 stock in $100 shares and $243,000 of an issue of
3250,000 5% bonds, dated Jan. 1 1889 and due July 1 1919, but callable
at par and in (Int. J. dc J.) at People's Bank, Wilkes-Barre. There are
no outstanding bonds of the Freeland Electric Light, Heat & Power Co.
There were no securities issued to effect purchase, transaction being cash.
See V. 90, p. 1616.
Hazleton (Pa.) Electric Light & Power Co.—Sold.—See
Harwood Electric Co. above.
Houston Lighting & Power Co.—See Susquehanna Railway, Light & Power Co. under "Annual Reports" above.—
V. 93, p. 1262, 107.
•
Hudson River Electric Power Co.—Successor.--See Adirondack Electric Power Corporation above.—V. 93, p.
1670, 1326.
International Harvester Co.—Bonus to Employees.—The
company announces that it will in the near future distribute
$500,000 cash as a bonus to especially meritorious employees,
being about the same as a year ago.—V. 93, p. 1536, 1389.
International Shoe Co. St. Louis.—New Company.—The
company on Dec. 27 filed articles of incorporation in the
Recorder's office, St. Louis with $25,000,000 authorized
capital stock, of which $12:750,000 is common stock and
$12,250,000 7% cumulative preferred, as a consolidation of
the Roberts, Johnson & Rand and Peters Shoe companies.
Of the stock $21,000,000 has been paid up. The directors are:
[VoL. Lxxxxin.
a small concern doing business in Chicago, granted a permanent injunction restraining the defendant company from
directly or indirectly using or selling kinetoscope or motion
picture films embodying the Edison invention. An appeal
will be taken to the District Court of Appeals.
If the decision Is sustained, not a perforated film (without which good
results cannot be obtained), it is stated, could be operated without a
royalty to Mr. Edison. The income to the company from moving picture
exhibitions has been, according to the "New York Sun," about $20,000 a
week, and if the company is ultimately successful in the litigation, this, it is
said, will be increased to at least $50,000 a week. Mr. Edison, it is reported,
owns half of the stock of the company.—V. 91. 1:1• 575.
Nevada-Utah Mines & Smelters Corporation, New York.—
Plan.—A plan of readjustment dated Dec. 15 1911 and signed
by T. Gross, Syndicate Manager, Robert G. Mead (President) and C. J. Caughey (Treasurer) provides in substance:
Auth. Capilltlization of Proposed "Consolidated Nevada-Utah Co." (to be
incorporated in Delaware).
Capital stock, par value of shares $5 each
$6,000,000
To holders .of present $15,000,000 stock who deposit their
stock and take bonds hereunder to an amount equivalent
at par to 60 cents per share so deposited, one share ef stock,
par $5, of the new company for each two shares deposited
(par $10 each); in all
$3,750,000
To syndicate subscribers who have underwritten
bonds of the new company
450,000
To the treasury of the new company
600,000
Reserved for conversion of bonds
1,200,000
1st M.6% serial convertible bonds, payable $120,000 in each year
beginning with 1917, but redeemable on any Interest day, and
bearing interest at 6% from Jan. 1 1913. Secured by pledge
with the Columbia Trust Co., trustee, of the stock, and 1st M.
notes of the subsidiary corporations acquired by the new company covering the Nevada and Utah properties. Convertible
into stock of new company at par at any time prior to maturity
or redemption. Par $100 and $1,000. Total authorized_ _ _ _$1,200,000
To be offered to shareholders at par with 50% in stook (underwritten)
$900,000
To remain in treasury
300,000
The $900,000 new bonds will be offered to the present stockholders at par;
before being sold to other persons. Stockholders arc given the privilege
of subscribing to such bonds pro rata; that is, for each 166 2-3 shares of
stock or majority fraction thereof now held, the stockholder may subscribe
to $100 bonds and upon payment therefor at par will receive bonds to the
amount of his subscription accompanied by 83 1-3 shares of the new stook
for each $100 bonds taken by him.
Application of $900,000 cash to be realized, from sale of $900,000 bonds at par: To holders of notes and all other valid indebtedness of
the company and its subsidiaries, $350,000; compensation of the syndicate
manager and subscribers and for commissions, taxes, receivership and other
readjustment expenses, $150,000; to treasury of new company, $400,000.
Assenting shareholders must deposit their certificates with the depositary,
the Columbia Trust Co., 135 Broadway, N. Y. City, on or before Jan. 31
1912, with check for 50% of the par value of the bonds subscribed, the
remaining 50% thereof to be payable In installments, 30% May 31 and 20%
Sept. 30 1912, but the deferred payments may be discounted at 5%.
Willard V. King, President of the Columbia Trust Co., New York;
William J. Palmer, of Trippe & Co., and L. Vogelstein, of L. Vogelstein &
Co., all of New York City, have consented to select the managers of the
new company and its first board of directors.
Condensed Letter from President Robert G. Mead N. Y.. Dec. 15 1911.
On July 31 1911 your former President explained In a circular the benefits
to be derived by combining the Pioche properties in the Amalgamated
Pioche Mines dc Smelters Corporation and terminating the litigation in the
camp. Your present board considers that this combination was desirable
but t cannot approve all the methods of the former management. Suffice
Jackson Johnson, J. C. Roberts, Oscar Johnson, R. M. Womack, J. T. it to say that we have striven to re-establish the credit of your company,
Pettus, C. D. P. Hamilton, H.C. Wood, David C. Biggs, Henry W.Peters, t annul certain doubtful obligations and to recover assets disposed of without
sufficient consideration. All of the treasury stock had been sold and the
P. Augustus Sudholt, F. W.Peters. Charles M. Peters and F. L. Osborne.
cash In
expended, so that the company is without quick assets with
The company is authorized to manufacture Its own
The which tobank
meet its indebtedness. In view of certain pending proceedings
bulk of the property owned is in St. Louis, but there aro also
factories
machinery.
shoe
of the fact that the taxesfor 1911 were overdue and that a large amount
and
at Hannibal, St. Charles, Jefferson City, Hermann, Cape Girardeau,
assessment
work must be done on the unpatented mining claims within a
Washington and De Soto, Mo., and at Jerseyville. Springfield and Belle- of
short time, it was deemed advisable to have a receiver appointed.
ville, Ill.
The company's mines In Utah are being operated by lessees and the
mine is being worked by the Day-Bristol Co. The Bristol mines cannot
Lancalter (Pa.) Gas Light & Fuel Co.—See Susquehanna Day
be operated profitably until the problem of transporting the ore to the railRailway, Light & Power Co. under "Annual Reports" above. road is solved. Considerable development
has been done on tile Amalgamated properties with gratifying results, and this development should
—V. 91, p. 1774.
be immediately pushed so that the extent and character of the ore bodies
Leavenworth (Kan.) Light, Heat & Power Co.—See Sus- may be determined, with a view to erecting suitable reduction works.
The outlook for the plan is good, but the result will depend upon the prompt
quehanna Railway, Light & Power Co. under "Annual Re- action
of the stockholders in assenting and in subscribing for the new bonds.
In view of the acceptance of this plan by stockholders owning a large
ports" above.—V. 93, p. 592.
number of shares and of the underwriting of a substantial amount of bonds
Lockport (N. Y.) Light, Heat & Power Co.—See Susque- by a syndicate formed by T. Gross, New York Manager of the Hirsch Syndicate, Ltd., of London, Eng., the directors have adopted the plan. It
hanna Railway, Light & Power Co. under "Annual Reports" should
be added that arrangements have been made for the acquisition
bove.—V. 85, p. 1344.
of certain options on other properties which are deemed of great value.
Mackay Companies.—Reduction of German Cable Rates.—
Stockholders' Protective Committee.—This committee, which
The following announcements are made:
questions the desirability of the foregoing plan, asks deposits
A 50% reduction has been arranged in deferred press and plain Engi'sh with the Security Transfer & Registrar Co., 66 Bway., N. Y.
eablegrams between New York and Berlin and other German cities througn
an agreement between the Commercial and the German Atlantic Cable companies, which already had a general working alliance. While the present
press rate to Berlin and other German cities from New York, and from German cities to New York, Is 1234 cents a word, under the new rate if the message can be deferred for delivery on the second day after filing, the rate will
be 6)4 cents. The same percentage of reduction is made for deferred plain
English.messages. The present charge for this service between New York
and Berlin is 25 cents a word, the new rate being 12 cents a word. The
new rates go into effect on Jan. 1.
The Commercial Cable Co. will, beginning Jan. 1, transmit messages In
plain language, without figures, commercial marks, groups of letters, abbreviations, or mutilations, to Great Britain and Ireland, at a reduction of
50% from the charges for an ordinary message. The messages will not be
subject to artificial delay, being held up only until ranking cables have been
despatched, and not more than 24 hours. Reductions in the rate to other
Countries, it is stated, may be expected, the messages to be written in the
language of the country of origin or In that of the country of destination as
desired.
The French Telegraph-Cable Co. also announced that, beginning Jan. 1,
It would accept plain-language cablegrams to England, France, and Germany at half the rate of code messages, full-rate business to take precedence, however, over those at reduced rates.—V. 93, p. 1605.
Manhattan Fire Alarm Co., New York.—Proposed Reincorporation.—The shareholders will on Jan. 4 vote again on
the proposition adopted Nov. 27 1911, to transfer all the
company's assets, franchises, &c., to a new corporation, to
be incorporated under the Transportdtion Corporations Law
of the State of New York.
MTh's transfer will be made in consideration of the issuance of the $500.000
capital stock of said new corporation to the stockholders of this corporation,
or to such of said stockholders as the board of directors may designate,
upon said new corporation assuming the outstanding obligations of this
company, which amount to $74 3;0 (in the:alit( r °Meta' notice were erroneously stated as 3574,330, and hence necessitating a new rate).—V. 78,
p si45.
Motion Picture Patents Co.—Favorable Decision.—Judge
Stafford in the Supreme Court of the District of Columbia,
Washington, in a test suit against the Chicago Film Exchange,
Committee: Frank D. Pavey, Chairman; A. 0. Beebe, William B.
Randall, David B. Simpson and Charles V. Wagner, with Walter J. Moore,
Secretary, 32 Nassau St., N. Y., and Dos Passes Bros. as Counsel.
New York Telephone Co.—Sub-Company Bonds.—See
Onondaga Independent Tel. Co.above.—V.93, p. 1606,1263.
North Atlantic Collieries Co.—Sale.—The properties of
the company were sold recently for $70,500 at public auction
at Sydney, N. S., to H. C. Foss, acting, it is reported, as the
agent of a trust company.
Onondaga (N. Y.) Independent Telephone Co.—Called.-7All of the $126,000 bonds secured by mtge. dated Sept. 1
1909 have been declared payable on Fob. 1 1912 at par and
int. at the Trust & Deposit Co. of Onondaga, trustee.
In May 1011 passed into control of N. Y. Tel. Co., along with Utica Home
Tel. Co. and of N.Y. Tel. Co. In Roch. Syr. as Utica Tel. Co.; see the last
named Co. in V.92, p. 1182.
Page Woven Wire Fence Co., Adrian, Mich.—Ncw Securities.—We have confirmed the proposed re-capitalization as
stated in the "Chronicle" last week, page 1729.
The
new preferred stock to be issued in exchange for bonds
is, however, to be first pref. 6% non-cumulative nonvoting shares, instead of 5% pref. The capitalization is now:
Stock authorized: common. $1,000,000; first (new) 6% non-cumulative
non-voting pref., $1,200,000, and 2nd (old) 7% non-cumulative pref.
(having equal voting rights with the common and participating In additional dividends after the common receives 7%), $1,000,000. Outstanding issues: common, $1,000,000; first pref., $800,000 and 2nd pref., $800,000
($200,000 having been returned to the treasury and being held as treasury
stock.)
Bonds, authorized Issue, $2,000,000 20-year $500 and $1,000 gold 5s
due April 1 1922, but subject to call as a whole or In any part at 110; int.
(A• & 0.) at Trust Co. of America, trustee. Sinking fund. $100,000 yrly,
which has been anticipated to 1921; present outstanding amount. 3400,000.
DEC. 30 1911.]
THE CHRONICLE
Incorporated in New Jersey in 1902. Acting President, Charles M.Lamb;
Secretary, Arthur B. Cody, 226 So. La Salle St., Chicago, Ill. Treasurer,
L. B. Robertson, Adrian, Michigan.-V. 93, p. 1729.
Peters Shoe Co.-Consolidation.-See International Shoe
Co. above.-V.93, p. 536.
Philadelphia Electric Co.-Price for City Lighting Reduced.
-The company has reduced the price for city lighting from
$95 19 a year for each arc light (contrasting with $147 26 per
lamp in 1895) to $91 53, a total reduction of $51,379. Pres.
McCall in a letter to the Mayor says in substance:
1793
Troy (N.'Y.) Gas Co.-Increase of Stock.-The stockholders voted Dec. 28 to increase the capital stock from $1,000,000
to $3,000,000.-V. 93, p. 1672.
Union Gas & Electric Co., Bloomington, Ill.-See Susquehanna Railway, Light & Power Co. under "Annual Reports"
above.-V. 83, p. 102.
United States Steel Corporation.-Distribution to Employees, &c.-The following is official:
The United States Steel Corporation has made its usual annual distribuIn view of the reductions made for 1911, which aggregated about $75,000, tion to the employees of the corporation and subsidiary companies under .
Its
bonus plan, which has been In force nine years. The amount distributed
large
investment which we have made in ornamental street
as well as the
lights, and the further reductions to the consumers in our underground dis- for 1911 is $1,450,000. The corporation will also offer to its employees the
trict, taking effect Jan. 11912, which will amount to about $200,000, mak- right to subscribe for about 25,000 shares of stock, as usual, on the basis
ing in the aggregate for 1912 $275,000, the board felt it should wait till of the plan which has been in force for the period above stated. The price
another year for these reductions. In view, however, of your request, we has not yet been fixed, but it will probably be a little lower than the market.
are willing to anticipate the reduction as specified above, which will amount
Larger Orders-Higher Prices.-The "Iron Age,"of New
In the aggregate to $51,379 on the basis of the present number of lamps
erected.-V. 93, p. 1671, 1538.
York, on Dec. 28 said:
Rail & River Coal Co., Pittsburgh.-Sale.-See Grand
Trunk Ry. under "Railroads" above.-V. 88, p. 886.
Reo Motor Car Co., Lansing, Mich.-Dividend.-A dividend of 3% has been declared on the $2,000,000 stock from
the 10% dividend recently received from the Reo Truck
Co., a majority of whose stock is owned.-V.90, p. 1618.
Richmond (Ind.) Light, Heat & Power Co.-See Susquehanna Railway, Light & Power Co. under "Annual Reports"
above.-V. 78, p. 992.
Roberts, Johnson & Rand Shoe Co., St. Louis.-Consolidation.-See Internat. Shoe Co. above.-V. 93, p. 1469, 1389.
Rogers-Brown Iron Co.-Bonds Offered.-Brown Bros. &
Co. N. Y., Phila. and Boston, are offering at prices to yield
5%%0 $400,000 of a new issue of $650,000 "first and refunding
mortgage 5% serial gold bonds," dated Jan. 11910, and due
serially Jan. 1 1913 to 1940. Auth., $8,000,000; outstanding, including the bonds now offered, $5,150,000.
The buying of finished steel has continued on a scale that has broken the
tradition of a quiet market at the end of the year and has tended to establish
the higher prices recently asked, particularly for bars, plates and structural
steel. Mill resumptions on Dec. 26 were general, and operations have increased this week at a number of plants, instead of waiting until after
New Year's Day. The Steel Corporation is putting two Ohio furnaces at
Youngstown in blast and one at New Castle, Pa., and all furnaces of those
groups are now active. Jan. 1 will bean holiday at the Corporation's plants.
Heavy orders have come to the steel manufacturers this week and leading
Interests are now so far committed for the first four months of 1912 that the
question has arisen whether the railroads will find open space for such
rollings as some trunk lines have required heretofore for spring delivery.
The advance in steel bars to 1.15c., Pittsburgh, has been well held. The
persistent weakness in fabricated work is still a factor, as steel companies
are called upon to back up the low bids of customers. Plate mills in the
Central Western and Chicago districts have nearly four months' work ahead,
but Eastern Pennsylvania mills, which share in only a small way in steel
car business, are not so well off. Sheet and tin plate mills will operate in
January on better schedules than in months, and the average to-day is
about 75% of capacity. Wire mills are also increasing their operations,
good orders having been taken on the $1 55 basis for wire nails. Wire
prices are still low In comparison with those for the heavy products.
Pittsburgh district steel works are heavily committed on billet and sheet
bar contracts for the first half of 1912. and $20 for Bessemerand openhearth billets is now generally quoted, representing $1 advance. Forging
The two new blast furnaces at Buffalo are practically completed and the billets are now $26, Pittsburgh, an advance of $2 in two weeks.
Comparison of Prices (Increases in Heavy Type).
stripping operations at Hibbing are about 70% completed. Proceeds of the
block of bonds now offered are being applied to the construction of coke
Dec. 27 Dec. 20 Nov. 29 Dec. 2$
ovens at Sykesville, Pa., and to the opening of the Rogers Mine at Iron
.
1910.
1911
Per Gross Ton1911
River, Mich. Of the balance of the issue in reserve, $850,000 are for future Foundry pig iron No. 2, Philadelphia_ _ _ _$14 85 $14 85 $14 85 $15 50
underlying
bonds.
for
refunding
additions and construction and $2,000,000
23 00
18 50
19 00
Open-hearth billets, Pittsburgh
20 00
In 1910 the company earned three times its bond int., with only 2 blast Car wheels, Chicago
13 25 13 00 12 50 13 50
furnaces in operation. Compare V. 92, p. 1246.
1 20 I 32 34
Iron bars, Philadelphia
1 273S 1 25
Cents. Cents. Cents.
Cents.
BuyersLb.
to
Large
Per
Rubber Goods Mfg. Co., New York.-Bonds Called.-The Sheets, black, No. 28, Pittsburgh
2.21
1.90
1.85
1.90
New York Belting & Packing Co., Ltd. (controlled) has Wire nails, Pittsburgh
1.70
1.55
1.55
1.50
1.35
1.35
1.30
1.50
Pittsburgh..
wire,
Fence
Knick.
Tr.
Co.,
called for redemption on July 1 1912 at the
13.00
13.25
14.00
14.25
Lake copper, New York
60 Broadway, N. Y., all the outstanding (about $291,485 Speiter, New York
6.96
6.30
5.69
6.35
4.45
4.45
4.45
4.50
after Jan. 11912) 1st M.6% debentures dated 1891 and due Lead, New York
31.41
45.25
45.25
45.00
Tin, New York
Jan. 1 1918. Payment will be made at X110 per £100 bonds, Tin plate, 100-lb. box, New York
$3 64
13 64
13 04
$3 64
or the equivalent thereof in U. S. currency. See V. 93, p. -See V. 93, p. 1672, 1328.
1263, 1607.
Shawinigan Water dz Power CO.-Increase of Stock".-The
stockholders on Dec. 27 approved the issue of $500,000 additional 434% debenture stock.-V. 93, p. 1607, 800.
Tri-State Telephone & Telegraph Co., Minneapolis and
St. Paul.-New Preferred Stock-Earnings.-This company,
whose Eastern representative is S. F. Robinson, 43 Exchange
Place, New York City, has recently been placing at par ($10
a share) $500,000 additional 6% non-cum. pref. stock.
Charles Warner Co., Wilmington, Del.-Profit-Sharing
Plan.-The company has announced its intention to distribute annually a certain precentage of its net earnings after
present dividends and depreciation charges, to employees
of special merit, payment to be made in common stock to be
purchased in the market and held in trust for five years, to
assure continued interest and activity.-V. 92, p. 1182.
Western Canada Power Co., Ltd., Vancouver, &c.-Bonds
Offered.-The Royal Securities Corp., Ltd., Toronto, Montreal, Quebec, Halifax, Ottawa and London, is placing at 90
4% income, 5% 1st M. sinking fund
and int., to yield 55
gold bonds, dated July 1 1909, due July 1 1949, but callable,
all or any part, on 3 months' notice at 105 and interest.
Official Data, Condensed by "Chronicle."
Issued.
Authorized.
Capitalization6% non-cum. pref. stook (Incl. present offering) __ _$5,000,000 $2,000,000
986,270
Common stock
5,000,000
Twin City preferred stock outstanding
142,950
Twin City common stook outstanding
12,700
5% bonds Twin City Telephone Co. (assumed by
Authorized. Now Issued.
Tri-State Co., due serially $25,000 to $40,000
Capitalizationyearly on5J1u
)ly 1 from 1912 to 1925, V. 74. p. 52;
$4,000,000 $3,000.000
5% first mortgage bonds
975,000 Common stock (par $100 a share)
1,000,000
3.000,000
5,000,000
6% bonds Consolidated Tel. & Tel. Co. (assumed •
Prin. and int.(J. & J.) payable at Bank of Montreal, Montreal, or London.
50,000
by Tri-State Co.)
50,000
trustees.
$4
86
$500.
Royal
Trust
Co.,
Montreal,
at
2-3
to
£1.
Par
Eng.,
The Tri-State Co. has no bonds outstanding, except those assumed in Sinking
fund beginning in 1920 will retire an Increasing amount of bonds
acquiring properties as stated above.
issue
at
maturity.
authorized
the
present
annually,
sufficient
to
redeem
Incorporated in Maine in 1903 to construct and operate long-distance
of Letter from President C. H. Cahan, K.C. Dec. 20 1911.
telephone lines and local exchanges in Minn., Wis. and Nor. Dalc. In 1906 Abstract
Incorporated under Companies Act of Dominion of Canada in May 1909
acquired the business of the Twin City Telep. Co., operating in Minneapolis
over
the undertaking, property and franchises of the Stave Lake
took
and
and St. Paul. Has since acquired several other properties, has constructed
hydro-electris
thousands of iniles of "toll lines" and established many local exchanges in Power Co., Ltd.. which had for some time been constructing
Stave
River Falls, about 35 miles east of the City of Vancouver.
works
at
the States named. Now owns and operates 36 local exchanges and 510 toll
of British Columbia, ratified
stations outside the Twin Cities, and has 40,676 telephones installed, also B.C. Holds perpetual water rights from Govt.River
at Stave Falls.
to use of waters of Stave
controls 12 subsidiary companies operating 20,672 telephones. On Dec. 31 by Dominion Govt.,
The present installation includes two units, each consisting of a 13,000
1910 the company had in service 3,503 miles of pole lines, carrying 174,473
with a 7,500k. w. generator, which will provide for a connected
miles of wire, about 3,000 miles being "toll," or long-distance, lines, over h. p. turbine
30,000 h. p. Present area of Stave Lake (used as a
which it handled 711,473 messages that year, an increase of 17% over 1909. load of approximately
Is built to Its ultimate height the
In the Twin Cities it has about 395 miles of cable lines. Has one main and reservoir), 10 sq. miles; when the damcu.
ft.,which, with an average head
five branch exchanges in Minneapolis and one main and four branch ex- capacity will amount to 14,000,000,000
of four units having a capacity of
installation
for
the
sufficient
110
ft.,
is
of
important
cities
served
are
changes in St. Paul. Among the
Minneapolis,
additional
units will amount to about
two
of
these
The
cost
50,000
is.
p.
St. Paul, Duluth, Superior, La Crosse, Mankato, Albert Lea and Faribault.
3 miles of
Population served, approximately, 3,000,000. Has 25-year franchise in $1,500,000. Also controls water rights on the same river within
50,000
h.
p. can be constructed at a
of
plant
the
present
site,
where
a
second
St. Paul; unlimited franchise In Minneapolis and most other places.
low cost. The plant, which is now ready for operation, is one of the finest
Number of Telephones in Use on May 1.
of its kind on the continent; total cost, approximately, $3,500,000. Power
1901.
1903.
1905,
1911. house of concrete and steel structure. Main transisslon line, designed for
1910.
1909.
1907.
2,774
9,163
15,271
61,348 60.000 volts, is 33 miles long from the power house to the receiving station,
38,93451,536
23,859
Earnings for Calendar Years.
which is situated half way between the cities of Vancouver and New WestCross. 0per.Pzps. Net,
Interest.
Divs. Sur.&Res minster; steel towers 60 ft. high. The transmission lines and main feeders
$657,455 $341,221 $316,234 $155,428 $100,017 $60,789 cover Vancouver, New Westminster, and practically the whole of the Lower
1905
1907
1,021,010 563,351 457,659 176,486
84,165 197,008 Fraser Valley, from Vancouver to Mission and Sumas.
1909
1,210,399 635,996 574,403 219,044 151,934 203,425
The company has been delivering power from its provisional plant in
1,307,619 666,893 640,726 226,053 159,427 255,246 small quantities since 1910. and has already executed contracts for the sup1910
1911 (10 mos.)_ 1,160,635 616,055 544,580 189,329 127,679 227,574 ply of over 9,000 Is. p. Additional contracts for about 6,000 h. p. have been
promised and will be closed as soon as the company can install the electrical
EnFor the year 1905 the Twin City Telep. Co. paid 5% on $986,270 common apparatus
and make the necessary connections. The company is pursuing
stook held by the Tri-State Tel. & Tel. Co. The latter company paid no
dividends on minuet)stock until Jan. 11909', in 1910 the dividends include the policy of supplying power chiefly for industrial purposes.
$99,616 paid on pref. stock and $59,811 paid on common stock. The surEstimate of Earnings (Power from Steam Costs $70 to $80 per 11. P.)
plus ($255,246) for 1910 was distributed as follows: Reserve for contingen- From sale at $26 66 2-3 to $25 per h. p
15,000
30,000
cies, $5,246; reserve for depreciation, $150,000; to surplus account. Gross income
$400,000 $650,000
$100,000. For 10 Inns. ended Oct. 31 1911 the pref. div. charge was Estimated net earnings available for bond interest
300,000 500,000
$82,980; common div. $44,609 (pref. divs. payable Q.-M.; corn. divs. Int. on the auth. Issue of $4,000,000 bouds at 5% requires
200,000
Q.-J. 15). The balance sheet of Sept. 30 1911 shows total footings of
We expect to have sold the entire present development of 25,000 h. p.,
$7,823,678; reserve for depr., $521,105; surp. and undiv. profits, $701,671. supplying a connected load of 30,000 h, p.. before the end of 1912. Power
is:14Quarterly dividends of 1
have been paid on the pref. shares for more from steam in Vancouver costs from $70 to $90 per h. p. The demand for
power is increasing very rapidly, and It is anticipated that the prospective
than 8 years and on the coin. stock since Jan. 1909.
The object of the present issue of treasury stock Is to provide funds for business will more than absorb the present capacity of the plant, and It Is
extensions and to reimburse the treasury in part for expenditures already possible that the installation of a third unit will be required before 1913.
made for acquisition of properties, extensions and improvements; $268,056
Franchises.-Has 50-year franchise for light and power in City of Van
has been expended for new construction the first 9 mos. of this year. Work couver and 50-year franchise for power In New Westminster; perpetual
already begun or projected will require as much more outlay. The out- franchise for light and power in Coquitlam; 40-year franchises for light and
standing pref. stock is held from Maine to California, some large blocks in power in Maple Ridge, Burnaby and Mission Municipality. The population
of Vancouver has increased from 40,000 in 1904 to 100,000 in 1911, and is
New England anti the Middle States.-V.93, p. 290.
Management.-Pres., E. H. Moulton, Minneapolis; Treas., C. W.Robin- the districts which will be served by the transmission lines there is a palliason; Sec., H. L. Mason, of Pittsburgh.
tion of approximately 160,000, which is increasing rapidly.
1794
THE CHRONICLE
Directors.—President C. H. Cahan, K.C., Montreal, Pres. Prince Rupert
Hydro-Electric Co.; Sir Max Aitken, London, Eng.; T. J. Drummond,
Montreal; John Hendry, Wm. McNeill and C. Sweeny, Vancouver, B. C.;
Secretary, A. R. Doble, Montreal.
[VoL. Lxxxxm.
J. S. Farlee & Co., 11 Wall St., New York, members of the
New York Stock Exchange, advertise a selected list of railroad, electric railway bonds and preferred stocks in this issue
Western (Bell) Telephone & Telegraph Co.—Payment of of the "Chronicle." The bonds yield from 4.10% to 5.30%
Notes.—The $6,500,000 5% notes dated Jan. 30 and Feb. 1. and the preferred stocks 532% and 7%. See advertisement
1911 (V. 92, P. 954) and due Dec. 15 are being paid on pre- for details. Address the firm's offices at 11 Wall St., New
sentation at the National Shawmut Bank, Boston, out of York, or the Conn. Mutual Life Building, Hartford, Conn.,
for circulars.,
funds supplied by the Am. Tel. & Tel. Co.—V.93, p. 1108.
Western Union Telegraph Co.—See Mackay Cos. above.—
—Investors will be interested in the advertised olfering of
V. 93, p. 1672, 1609.
$4,000,000 Bush Terminal Buildings Co. first mortgage sinkWilkes-Barre (Pa.) Co.—See Susquehanna Railway, Light ing fund 5% bonds by Spencer Trask & Co. and F. J. Lisman
dr Power Co. under "Annual Reports" above.—V. 93, p. 475. & Co. of New York, which appears elsewhere in this issue.
Woodward Iron Co.—Merger—New Securities.—The mer- Having privately sold the greater portion of these bonds, the
ger of the Birmingham Coal & Iron Co. and the Woodward bankers offer the remaining portion of the issue, subject to
Iron Co. under the name of the latter has, it is reported, been prior sale, at 983 and interest, netting about 5.10%. See
consummated and the Birmingham company will be taken advertisement for full particulars and also item in 'General
over Jan. 1. The new Woodward Iron Co. was incorporated Investment News" Department.
in Delaware on Nov. 15 with $13,000,000 auth. stock, of
—Mr. George H. Burritt retires from the firm of McCurdy,
which $3,000,000 will be 6% pref. and $10,000,000 com. Henderson & Co. and will become associated with Brown
stock. There will, it is stated, be authorized $25,000,000 of Bros. & Co. Jan. 1, in charge of their bond and securities
5% bonds, of which $11,000,000 will be issued at once, department. Mr. Burritt is well known in Wall St. among
$2,000,000 reserved in the treasury for immediate improve- financial institutions, and bond and investment houses,
ments and the remaining $12,000,000 will be r3s3rved for having been for many years identified with this branch of
future construction and improvements.—V. 93, p. 1328.
the banking business, and is familiar with the markets of
this country and Europe.
—We have been favored by the old-established brokerage
—Two years ago the banking house of N. W. Halsey &
Co. of New York opened an office in London at 7 Crosby and bond house of John W. Dickey, of Augusta, Ga., with
Square, and, as this brought many inquiries from the Conti- one of the largest and handsomest 1912 calendars which it
nent and also from the firm's clients in temporary residence has been our pleasure to receive the present season. The
abroad, the firm has now decided to open a branch on the picture on the calendar portrays "Washington's Last BirthContinent at No. 2 Rue de la Croix d'Or, Geneva, Switzer- day," and is from the original painting by J. L. Gerome
land. This office will be under the able management of Ferris.
William Foley, formerly manager of the investment depart—Lovejoy, Mather & Hough, certified public accountants,
ment of the Mercantile Trust Co. and latterly Vice-President 55 Liberty St., N. Y., announce that they have admitted
of the William R. Compton Co., both of St. Louis. The firm into partnership'Mr. James Hardwick Stagg and Mr. Raymaintains offices in New York, Philadelphia, Chicago, San mond Ives, formerly with Price, Waterhouse & Co. The
Francisco and Los Angeles, and through these various firm name will remain unchanged. Messrs. Derbyshire Bros.
branches is in a position to know not only of the published & Co., chartered accountants, will represent• the firm in
statistics but of the actual physical condition and present London.
standing of most corporations throughout the country.
—Isidore Newman & Son,212 Carondelet St., New Orleans,
The firm has just issued an important circular giving details of a large number of high-grade bonds which it offers have several circulars ready for distribution on the bonds of
for investment. The list includes municipal, railroad and established street railway and electric-lighting corporations
corporation bonds which will yield the investor from 3.92% in the South. This old and well-known banking and brokto 6%. A number of the issues are legal for savings banks erage house was established in 1868 and makes a specialty
and trust funds in New York, New Jersey, Connecticut and of Southern securities. The firm's ciroulars can be had on
Massachusetts. Detailed particulars of any of the bonds application.
—W.N..Coler & Co., bankers, 43 Cedar St., this city, have
offered will be furnished upon request.
—Bertroh, Griscom & Jenks, investment bankers of New issued a special December circular of selected municipal,
York, Philadelphia and Paris, call attention in an advertise- railway and corporation bonds which the fir m offers for inment inserted elsewhere in this issue to the earnings of twenty vestment to the officers of banks, administrators of estates,
prosperous companies comprising the American Cities Com- savings banks, insurance companies and individuals. This
pany and the Susquehanna Railway,. Light & Power Co., list of offerings will be mailed on request.
—At 963' and interest, Spencer Trask & Co. and Harris,
furnishing gas, electric railway or electric light and power
service, either controlled by them or in which they are largely Forbes & Co. of this city are jointly offering $3,000,000 Milinterested. In to-day's "General Investment News" Dept" waukee Electric Railway & Light Co. gen. and refunding
we give at length several interesting facts regarding the sub- mtge. 5% bonds by advertisement in this issue. See adsidiary properties of these two large holding companies. A vertisement for description and our news item in the "Gencomprehensive book containing a full description and minute eral Investment News" Dept.
details of the entire twenty companies will be mailed upon
—Lee, Higginson & Co. of New York, Boston and Chi' request to the firm's offices, 40 Wall St., N. Y. Bertron, cago and Higginson & Co. of London are to-day advertising
Griscom & Jenks will be glad to correspond with investors in the "Chronicle",a page list of high-grade bonds which they
and submit for consideration a carefully selected list of se- offer for January investment. This list is extensive, and will
curities issued by companies in which they are interested, suit varied requirements, with interest yields ranging from
whose bonds yield from 5 to 5N,% and preferred stock 53/i to 4.20% to 6.35%.
6M7o•
—Lamarche & Coady, 25 Broad St., this city, are issuing
—For January investment J. S. & W. S. Kuhn, Inc., of a special list of offerings yielding attractive income return.
Pittsburgh, Chicago, New York, Philadelphia and Boston, Lamarche & Coady are specialists in gas, electric-light,
are offering, by advertisement on another page to-day, the street railway and industrial securities. Correspondence
unsold portion of United Coal Co.'s 6% notes and also the invited.
United Water & Light Co. 6% notes. Large amounts of
—A. M. Kidder & Co., 5 Nassau St., this city, will mail
both issues have been absorbed by banks, institutions and on application a descriptive list of high-grade railroad bonds •
private investors. The United Coal Co. 6% notes are tax- suitable for banks, insurance and trust companies, and guarfree in Pennsylvania; maturities from 1913 to 1925. The anteed railroad stocks exempt from tax suitable for execuUnited Water & Light Co.6% notes, besides being limited to tors and trustees.
a total issue of $4,000,000,are guaranteed by the American
—The investment bond firm of Edwin White & Co., St.
Water-Works & Guarantee Co., whose capital and surplus is
Minn., is distributing to its many friends a calendar
overi$10,000,000, and are callable at 103 and interest on any Paul,
historical interest, bearing a large-sized steel engraving of
interest date, upon six weeks' notice; maturities from 1913 of
to 1925. Prices on application. Descriptive circulars will General U. S. Great.
—Attention is called to the advertisement of the Hibernian
be sent to inquirers addressing "Department 5," Bank for
Savings Building, Pittsburgh, or any of the firm's offices in Bank, Chicago, Bond Department,offering several issues of
bonds in $100 sizes, which they suggest as appropriate for
other cities.
—Henry L. Doherty & Co., bankers, 60 Wall St., this city, New Year's gifts.
—For the convenience of our readers the largest payers of
have just prepared an interesting chart showing by means
of four colored lines the relative percentage basis of increases interest, coupons and dividends in New York City are adverand decreases of the gross and net earnings of steam rail- tising their Jan. 1st lists of payments as usual in this week's
roads, electric railways, gas and electric companies and in- issue of the "Chronicle." By perusing these advertisements
dustrials for each of the nine years from 1902 to 1910. The of Jan. 1 coupons, the reader can conveniently ascertain
resulting curves of the lines on the chart would indicate that what payments will be made by: Harris Forbes & Co.;
Farmers' Loan&
the gross and net earnings from the gas and electric busi- Kountze Bros.; Winslow, Lanier & Co.;'
ness increased the most rapidly, and that they are practi- Trust Co.; Bankers Trust Co.; Trust Co. of America;
cally unaffected in their rate of increase, even by such panic United States Mortgage & Trust Co.; New York Trust Co.;
conditions as those of 1907 and 1908. The chart is copy- Seaboard National Bank, Stone & Webster of Boston,and
righted by Henry L. Doherty & Co., but a copy can be ob- others.
tained, we think, on application to them.
—Edwin White & Co., St. Paul, Minn., are offering a block
—For the convenience of January investors seeking high- of $100,000 Duluth Street Ry. Co. 1st M. 5s, due May 11930,
grade and conservative investments, with attractive income, at 1013' and int., to yield 4%%.
1795
THE CHRONICLE
DEC. 30 1911.1
The Tonxuternal
Tirades.
COMMERCIAL EPITOME.
Friday Night, December 29 1911.
Though conservatism is still everywhere apparent, the
the
improved conditions in iron and steel, it is hoped, are
harbinger of better times to come in the year 1912. Trade
indeed,
at the South is not in very good shape, however, and,
in all deas a rule, buyers keep within very prudent limits
partments of business. Bank clearings for the week make
no bad showing, and it is hoped that this may also prove to
be of favorable augury.
LARD was higher early in the week but declined later on
January liquidation. Foreign houses sold. Packers also
sold in expectations of an increased hog movement. Prime
Western here 9.40c., refined for Continent 9.60c., South
America 10.25c., and Brazil in kegs 11.25c.
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
9.26
9.26
9.30
9.30
HoltJan. delivery in tierces_ Roil9.30
9.30
9.35
9.40
day.
Mch.delivery in tierces_ day.
CHICAGO.
IN
FUTURES
LARD
OF
DAILY CLOSING PRICES
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
9.12
9.12
9.15
9.17 3
Ho11Jan. delivery in tierces_ Holtday.
Mch.delivery in tierces_ day.
COTTON.
Friday Night, Dec. 29 1911.
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
323,704 bales, against 471,233 bales last week and 435,157
bales the previous week, making the total receipts since
Sept. 1 1911 6,993,336 bales, against 5,993,538 bales for
the same period of 1910, showing an increase since Sept. 1
1911 of 939,768 bales.
Receipts al-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston ----- 18,360 14,397 12,527 11,636 15,318 29,262 101,500
2,464 4,649 21,989
2,300 9,151
3,425
Texas City
14,557 14,557
Port Arthur__ •
10,188 10,118 9,841 49,720
6,435 13,228
New Orleans.._ _ _
3,313 3,313
Gulfport
1,342 13,940
1,471
857 2,327 5,934
2.009
Mobile
Pensacola
004 2,106
235
967
Jacksonville, &c_
9,915 7,521 54,851
11,450 17,851
8.114
Savannah
Brunswick
1,322 1,057 1,658 1,682 12,207
3,540 2,948
Charleston _ _ _
112
112
Georgetown
1,698 7,934
419 1,768
995 1,034
2,020
__
Wilmington
32,407
4,282
4,254
8,015
9,460
6,396
Norfolk
398
398
_
NewportNews,&c
1,294
405
43
846
New York
2,780
932
603
287
702
256
BoAon
4,596 4,596
Baltimore
Philadelphia..
Totals this week_ 82.278 33.127 40.420 64.693 48.209 84.977323.704
PORK has been quiet; mess here $17.25@817.75, clear
$17.25@$18.50. Cut meats' have beenl steady and in
fair demand; pickled hams 10%@12c., pickled bellies, clear
4@9Mc. Beef has been steady; mess $12, packet $13,
9Y
The following shows the week's total regeipts, the total
family $14.50, and extra India mess $21.50@$22. Tallow, since Sept. 1 1911, and the stocks to-night, compared with
oleo
for
89c.
steady,
/0. Stearines
lower; City 5%@63
last year:
and 10.j©103' for New York lard. Butter lower. Creamery extras, 38c. Cheese steady; State, whole, milk, fancy,
Stock.
1910.
1911.
Receipts to
159c. Eggs lower; Western firsts 32@330.
Sep
Since
This
Sep
Since
This
Dec.
29.
immediate
satisfying
OIL.-Linseed oil consumers are only
1910.
1911.
week. 1 1911. week. 1 1910.
wants. Seed receipts have been lighter at Duluth and
258,168
464,815
2,059,389
489
90,455
101.5002.236,
relatively
present
Galveston
the
at
crushers have been buying even
98,395
178,913
21,989 408,455
Texas City
high prices. City, raw, American seed, 73@74c.; boiled, Port Arthur, dec. 14,557 126,307 2,150 116,884
221,363
292,900
947,434
68,636
835,940
49,720
_
prices
_
and
quiet
Or1eans__
New
74@75c. Calcutta, raw, 83c. Cottonseed
4,184
13,161
12,325
30,186 3,836
3,313
91,064 • 63,117
have declined slightly. Crude offered more freely.. Winter Gulfport
13,940 230,564 12,012 188,886
Mobile
68,649
10,205
90,943
.
4.13@4.20c
and
.
crude
Pensacola
5.40@6c.,summer white 5.35(0)5.75c
16,651
908
32,395
2,106
&c_
4@9y1c. for Jacksonville,
/
Cocoanut steady at 93/o@9%c. for Cochin and 91
54,851 1,559,601 47,777 1,111,070 291,098 191,455
Savannah
2,941
23,563
169,450
9,359
75@
prime
232,388
____
steady;
Lard
Brunswick
Ceylon. Corn steady at 5.95@6c.
45,568
41,593
12,207 298,345 7,454 246,672
85c., No. 1 extra 55@60c. Cod steady; Newfoundland 55@ Charleston
898
480
112
Georgetown
22,848
18,471
7,934 354,011 12,5917 333,639
Wilmington ____
58c. and dbmestic 52@53c.
33,710
51,706
32,407 455,497 25,100 441,924
Norfolk
COFFEE on the spot has been dull. Business continues N'port
2,784
____
9,185
398
&c.
News,
4,200 184,012 289,989
444
3,634
1,294
to be the same routine affair. Rio No. 7 14%@14Mc., New York
1,801
5,264
22,592
32,862 2,173
2,780
4©16c. Futures have been irregular with Boston _
Santos No. 4 153
10,402
7,746
71,258
5,598
56,054
4,596
Baltimore
10,548
3,882
150
100
trading of small proportions. The Havre market has shown Philadelphia
marked weakness. Brazilian markets, though, have shown
a tendency to advance. Receipts at primary points have
been small. To-day prices advanced.
In order that comparison may be made with other years,
Closing prices were as follows:
we give below the totals at leading ports for six seasons:
January __13.65@13.70
February _13.50a 13.55
March ____13.35@13.37
13.25 ® 13.27
April
13.16@13.17 September.13.15®13.16
May
13.15®13.17 October___13.10013.14
June
13.15 ®13.16 November_13.05@13.10
July
August ___13.15@13.16
SUGAR has declined. Refiners have continued to buy for
January delivery. Receipts at six Cuban ports were 5,500
tons and at the Cuban outports 400 tons. Centrifugal, 96degrees test, 4.65c.• moscovado, 89-degrees test, 4.15c.;
molasses, 3.90c. Refined has been quiet. Distributers have
shown little disposition to stock up. Granulated 5.75@
5.80c. Hops in the New York State markets have been dull,
but on the Pacific coast there has been a good demand for
1912 contracts. Prime to choice New York State, 54@56c.
PETROLEUM has been quiet. Export business is dull,
foreign competition being keen. Refined, barrels, 7.35c.;
cases, 8.85c.; gasoline, in 100-gallon drums, 19c.; drums
$7 50 extra. Naphtha, 73 to 76 degrees, in 100-gallon
drums, 17c.; drums $7 50 extra. Spirits of turpentine
533'c. Rosin $7 for strained.
TOBACCO.-Trade continues quiet in the main as
usual towards the close of the year. At the same time a
fair demand prevails for binder, with which manufacturers
are supposed to be rather poorly supplied; a fact which
in the estimation of some points to the possibility of higher
prices in the fore part of 1912 or at any rate at some time
during that year. Sumatra tobacco has been quiet, as the
more desirable grades have been disposed of. For Cuban
tobacco the price has been steady, but trade has still kept
within very narrow limits. In a word, the condition of
the tobacco trade has remained practically unchanged, the
general disposition being to trade on a hand-to-mouth
basis until the outlook clears up.
COPPER has been firm but somewhat more quiet here.
In London, however, speculation in standard copper has
been active, orders coining mainly from this country. Here
producers are holding later months firm. Both receipts and
exports have been light, Lake 14%@1431c., electrloytic
14.10 ®14.15c. Tin has advanced. Spot here 443'@45c.
Spotter 6.25@6.35c., lead 4.40@4.50c. Pig iron has been
quiet. However, a number of merchant furnaces are
preparing to go into blast after the first of January. No. 1
Northern $14.75@$15., No. 2 Southern $14@$14.25.
Steel mills have been active. The United States Steel
Corporation has increased its blast furnaces to meet the
larger demands of the finishing mills. Railroads have been
placing good orders for rolling stock. Orders for wire
products have been large for this time of the year. Bar
plates and wire products firm at the recent aadvnce.
Receipts at-
1911.
_
Galveston
TexasCity,&e.
.New Orleans_
Mobile
_
Savannah
Brunswick
Charleston,&c
Wilmington_ _
Norfolk
N'port N., &c
All others_
101,500
36,546
49,720
13,940
54,851
Total this wk
323,704
12,319
7,934
32,407
398
14,087
1910.
90,455
2,150
68,636
12,012
47.777
9,359
7,454
12,397
25,100
23,324
298,664
1909. 1
63,392
13,163
37,385
4,058
19,617,
4501
4,721,
7,283,
12,345:
1,436
6,939
170,789
1908.
99,422
2,481
69,137
8,440
27,702
10,492
2,236
7,717
14,894
24,251
262,772
1907. 1
1906.
115,993; 113,812
8,289, 17,722
107,341' 89,834
8,671
7.105
41,783
33,184
2,487
23,649
1,752
2,826
5,546
5,842
17,316 17,564
3,768
297
9,006
18,398
340,240
311,945
Since Sept. 1_ 6,993,336 5,993,568 5,069.271 6,254,155 5.102,306 6,069,988
The exports for the week ending this evening reach a total
of 306,180 bales, of which 75,787 were to Great Britain,
to 57,645 France and 172,748 to the rest of the Continent.
Below are the exports for the week and since Sept. 11911:
Week ending .Dec 29 1911. From Sept. 1 1911 to Dec. 29 1911.
Exported toExported toContiI Great
Conti- I
Great
fromTotal.
Britain. Fr nce neat. I Total. , Britain. France. nent.
.
7
589,2281.575,19
803,765182,204
96,832
32,4311
36,00628,395
Galveston ____
_1 233,313 45,821 30.902 310,036
Texas City....- - - -- --94,547
.o 8.636 30,494 55,417 563,921
-666 9-66
9,
Pt. Arthur, arc.
69,532 182,886
New Orleans__14,000 5,008 30,756 49,7641 311.503
19,031 40,695 101,718
--- 8,265 17,267 41,392 25,533
,
Mobile
32,868 91,061
32,660
-Pensacola -------12,242 4,780 17,022
Gulfport
115,729 533,608 942,255
Savannah _ _ _ _ 5,26 7,042 36,740 40,042 292,918
10,410 10,410 87,349 ___ _ 110,843 198,192
Brunswick_ _
154,397 173,969
12,179 12,179 19,572
Charleston _ _ _ _
155,081 313,691
-,
9,751 76,833 81iii
- _ 0,751
Wilmington,.
2,991
2,991
Norfolk
Newport News.
52,215 152,61 315,649
845 7,449 6,347 14,641 110,81
New York_ _ _ _
4,753 90,884
5,70Z 86,131
5,702
Boston
12,053 4,839 75,154 92,046
1,485 2,635
1,150
Baltimore
9,016 36,311
1
27,295
4,722
900
-3,822
_
_
Philadelphia
_
Portland, Me_.
83,711
83,711
16,367 16,3671
San Francisco_
44,17 44,179
6,576 6,576
Seattle
21,721
21,721
1,292 1,292
Tacoma
Portland, Ore_
Pembina,
186
8
Detroit
7
281,8545,069,28
47,416640,0172,
,7481306,1802,1
75,78757,645172
Total
Total 1910_ ___ 106,26662,097 81.020249,3832.164,677539,8511,652,108'4.356,636
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.
1796
THE CHRONICLE
Fair
c 1.75 on I Middling
c
Basis I Good mid. tinged_c_ Even
Strict mid. fair__1.50 onl Strict low mid
0.35 off'Strict mid. tinged...0.15 off
Middling fair
1.30 on I Low middling
0.80 off'Middling tinged.. 0.30 off
Strict good mid...._ _0.80 on I Strict good ord.. _1.40 oft I Strict low mid. ting.0.80 off
Good middling _ _ _ _0.56 on Good ordinary
2.15 off I Low mid. tinged_1.90 off
Strict middling.....0.30 onI Strict g'd mid. tgd.0.43 onI Middling stained_0.90 off
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 23 to Dec. 29Middling uplands..
Sat.
H.
Mon. Tues.
H.
9.40
Wed. Thurs.
9.50
9.35
Fri.
9.25
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland 'at New York on
Dec.29 for each of the past 32 years have been as follows:
1911.o
1910
1909
1908
1907
1906
1905
1904
9.25
14.95
15.95
9.30
11.80
10.65
11.90
6.85
1903.c
1902
1901
1900
1899
1898
1897
1896
13.70
8.85
8.50
10.31
7.69
5.88
5.94
7.06
1895...c
1894
1893
1892
1891
1890
1889
1888
8.25
5.75
7.81
9.88
7.75
9.19
10.25
9.75
1887.e
10.56
1886
9.44
1885
9.19
1884._ _ _11.06
1883
10.44
1882
10.25
1881
12.00
1880
11.88
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday_ _ _
Monday_ _ _ _
Tuesday....
Wednesday_
Thursday _ _
Friday
Futures
Market
Closed.
HOLIDAY
HOLIDAY
Quiet, 10 pts. deo_ _ Steady
Quiet, 10 pts.
Steady
Quiet, 15 pts. dec.... Steady
Quiet, 10 pts. dec.... Very steady..
Total_
SALES.
Spot. Contr'ci Total.
7,200 7,200
6,200 6,200
6,000 6,000
41,900 41,900
61:300 61.300
,4
11'
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Dec. 28.
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Dec. 27.
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Saturday,
Dec. 23.
Speculation in cotton for future delivery has been of moderate proportions and prices after some irregularity have latterly receded somewhat. Yet at times they have been quite
firm under the lead of December, which until Thursday
showed noteworthy strength. The December premium
over January has been high, coincident with considerable
covering in December, but on Thursday fell off sharply.
One great drawback has been the locking out of 160,000 operatives in Lancashire. The firmness of December buying
by Liverpool and the Continent, big exports, including large
shipments to Japan and China, and more or less trade buying,have been among the chief factors in any advance that
has taken place, and certainly the market on the whole has
shown noteworthy strength, even in the teeth of the Lancashire lockout. Some Wall Street people identified with the
bull side have bought to a greater or'less extent. Large spot
interests have been buying January, though they have sold
December, March; May and July. Certain houses with
Squthern connections have bought. Memphis operators
have latterly been covering short accounts. Also the socalled Waldorf-Astoria element has plainly abated some of
,its ardor on the bear side, and, in fact, according to the common understanding, has covered most or all of its short obligations. It is believed that the tendency in the cotton
goods industry in this country is towards improvement.
The fact that wool has been active and strong and that the
outlook in the woolen and worsted trades seems more hopeful
has not been without its influence. Indirectly, too, the
brightening condition of the iron and steel trade has had a certain effect. Yet, on the other hand, many are dubious as
to the possibility of any material or sustained advance at
this time in the face of the Lancashire labor trouble, the big
crop, the indifference of Northern spinners in this country
and the fact that Lancashire, if its lockout continues, will
naturally reduce its purchases. And whatever may be
said as to the prospects of the cotton goods business in this
country, the fact remains that at the present time its condition is far from being all that could be desired. The yarn
trade especially is described as being unsatisfactory.
Meantime believers in lower prices insist that a wide gulf
separates the prospective supply and the prospective consumption and that the matter can only be adjusted by a
decline of prices to a point that will induce American and
British spinners to stock up freely. It is noticed that the
offer to advance $25 a bale to the Southern farmer by certain
moneyed interests in this city has been withdrawn. It is
said that there was no great readines to accept the offer, as
Southern banks stood ready to advance as much or even
• more without binding the farmer to conform to conditions
exacted by the so-called $50,000,000 pool. To-day prices
advanced on buying by big spot interests, some foreign
buying and covering of shorts. January notices to the
amount of 100,000 bales were sent out, but soon came around
to the issuers and were thus disposed of. Spot cotton has
been quiet, declining 25 points for the week, closing at
9.25c. for middling uplands.
The rates on and off middling, as established Nov. 15 1911
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
Friday.
Dec. 29.
Oa Shipboard, Not Cleared torGreat
GerOther CoastDec. 29 at- Britain. France many. Foreign wise. Total. Leaving
Stock.
New Orleans_ _ 25.244 7,569 4,921 19,650
111 57,495 235,405
Galveston _ _ _ _ 49,267, 16,318 53,473 35,739 3,147 157,944 306,871
Savannah _ _
1 1,576 8,200 11,580
21,356 269,742
Charleston_ _
3,000
2,000
5,000
36,593
Mobile
_19,254 22,442
-aoi
32,197
58,867
Norfolk
5,000
13,000 18,000
33,706
New York_ _ _ _
5,000,
_
1,666
1,866
8,500 175,512
Other ports.. _ _ 25,000, 4,000 29,000
58,000 112,482
Total 1911.... 112,511, 38,717 122,036 68,469 16,759 358,492 1,229,178
Total 1910.... 97,299 49,314 49,008 48,299 21,477 265,397
Total 1909._ 57,057 23,058 33,164 30,665 52,998 196,942 890,695
612,729
[VOL. LXXXXII1.
2.11›
:
04
4 4 4 4 4 4 4
01.4
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000tig.v.4z.;g0.
.g.,,,,c4..,.2.,z.ts.go.
ifgc)
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P.52 I o
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7' I ,15:4 04:4 iJ. I ,
4
32.
711 I
THE VISIBLE SUPPLY OF COTTON to-night, as made
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, are this week's returns,and
consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
December 29Stock at Liverpool
Stock at London
Stock at Manchester
1911.
bales. 807,000
3.000
63.000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stook at Havre
Stock at Marseilles
Stook at Barcelona
Stock at Genoa
Stock at Trieste
1910.
1909.
975,000 1,054,000
6,000
6,000
93,000
70.000
1908.
937,000
10,000
44,000
873,000 1,074,000 1,130,000
10,000
3,000
4,000
304,000 247,000 274,000
227,000
185,000 . 467,000
2,000
2,000
3,000
14,000
8,000
9,000
35,000
33,000
58,000
2,000
1,000
991,000
14,000
406,000
275,000
3,000
34,000
42,000
4,000
Total Continental stooks
594,000 478,000 816,000 778,000
Total European stocks
1,467,000 1,552,000 1,946,000 1,769,000
India cotton afloat for Europe_ _ _
36,000
126,000
144,000
75,000
Amer. cotton afloat for Europe
908,125 882,072
511,852 957,568
Egypt,Brazil,&o.,allt.for Europe_
91,000
79,000
35,000
58,000
Stock in Alexandria, Egypt
237,000 292,000
239,000 293,000
Stock in Bombay, India__
266,000
323,000
504,000 259,000
Stock in U. S. ports
1.587,670 1,156,092 809,671 1,070,700
Stock in U. S. interior towns..
982,065 863,440 799,068
935,102
U. S. exports to-day
68,200
89,357
29,118
41,979
Total visible supply .
5,637,060 5,362,061 5,017,709 15,459,349
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales. 696,000 852,000 952,000 831,000
Manchester stock
48,000
69,000
.
62,00035,
000
Continental stock
566,000 448,000 784,000 731,000
American afloat for Europe
908,125 882,072
511,852 957,568
U. S. port stocks
1.587,670 1,156,092 809,671 1,070,709
U. S. interior stocks
982,065 863,440 799,068
935,102
U. S. exports to-day
68,200
89,357
29,118
41,979
Total American
East Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &o
Total American
4,856,060 4,359,961 3,947,709 4,602,349
__
111,000
3,000
15,000
28,000
30,000
91,000
237,000
266,000
123,000
6,000
24.000
30,000
126,000
79,000
292,000
323,000
102,000
6,000
8,000
32,000
144,000
35,000
239,000
504,000
106,000
10,000
9,000
47,000
75,000
58,000
293,000
259,000
781,000 1,003,000 1,070,000 857,000
4,856,060 4,369,961 3,947,709 4,602,349
Total visible supply
5,637,060 5,362,961 5,017.709
Middling Upland, Liverpool
5.01d.
8.07d.
8.50d.
Middling Upland, New York......_
9.25o.
15.00c.
16.100.
Egypt, Good Brown, Liverpool...
9 %d.
11 Md.
14 Md.
Peruvian, Rough Good, Liverpool
9.05d.
9.50d.
10.00d.
Broach, Fine, Liverpool
5 5-16d. 7 11-16d. 7 11-16d.
Tinnevelly, Good, Liverpool..._..
5 Yid.
7d.
734d.
5,459,349
4.99d.
9.35d.
8 13-16d.
7.75d,
4 11-16d.
4 11-16d.
Continental imports for the past week have been 135,000
bales.
The above figures for 1911 show an increase over last week
of 212,872 bales, a gain of 274,009 bales over 1910, an
excess of 619,351 bales over 1000 and again of 177,711 bales
over 1908.
THE CHRONICLE
DEO. 30 1911.]
AT THE INTERIOR TOWNS thOmovement-that is,
the receipts for the week and since Sept. 1, thetbhipments
for the week and the stocks to-night, and the same items
for the correspondia neiod for the previous year-is set
out in detail below.
,14.902Pbuga.,51g5
il Li.
ENgssfursIgh-amegipm,Ia-PcrEt?”'g.p5-.0to•
p
F.C.);,,§.9• °
ce.
:05.
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7 Op!.
:4.
•
•
'
•
1797
Closing Quotations for Middling Cotton on-
Week ending
Decemoer 2511.
Galveston
New Orleans__ _
Mobile
Savannah
Charleston
Wilmington_ _ _ _
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Narciay. monaay. Tuesaay. wea•aay. Tnursa-y. rTway.
HOLIDAY.
HOLTDAY.
Little, Rork
93%
9A
8 15-16
8 11-16
87%
8%
8%
97%
9.65
97%
94
97%
9%
9
93%
934
84
8 11-16
8%
84
83%
934
9.75
9® %
94
93%
94
0
93%
97%
87%
8 11-16
83%
84
83%
93%
9.60
934
94
97%
9%
a
93%
9 1-16
84
87%
83%
84
83%
934
9.50
934
934
934
9%
a
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sat'day, Monday, Tuesday, Wed'day, Thursd'y, Friday.
Dec. 23. Dec. 25. Dec. 26. Dec. 27. Dec. 28. Dec. 29.
y
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The above totals show that the interior stocks have increased during the week 12,065 bales and are to-night 118,625
bales more than at the same time last year. The receipts
at all towns have been 37,865 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
1911
December 29ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, eco
Week.
23,254
2,744
4,348
3,459
7,098
24 062
1910
Since
Sept. 1.
261,781
32,384
. 1,546
64,833
44,274
87,729
146 439
Week.
23,126
4,095
530
5,319
3,185
6,241
3,186
Since
Sept. 1.
268,373
133,295
20,753
68.678
38,799
91,484
81,290
638,986
45.862
702,672
92,550
19,801
16,214
8,315
749
104
98,200
16,925
21,852
64,965
Total gross overland
Deduct shipmentsOverland to N. Y., Boston. &a__ _ 8,670
Between interior towns
1,246
Inland, doe., from South
437
Total to be deducted
10,353
128,565
9,168
136,977
Leaving total net overland •
54,612
510,421
36,514
565,695
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 54,612 bales, against 36,514 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 55,274 bales.
.Since
Sept. 1.
6,993,336
510,421
798,000
Week.
298,664
36,514
51,000
1910-----Since
Sept. 1.
5,993,568
565,695
762,000
432,316 8,301,757
12,065
881,628
386,178
6,185
7,321,263
812,662
In Sight and Spinners'
Takings.
Week.
Receipts at ports to Dec. 29
323,704
Net overland to Dec. 29
54,612
Southern consumption to Dee. 29_ 54,000
Total marketed
Interior stocks In excess
Came into sight during week__ _444,381
Total in sight Dec. 29
9,183,385
North,spinners' takings to Dec. 29 41,692
1,049,111
392,263
8,133,925
50,461
1,228,765
Movement into sight in previous years:
Week1009-Dec.
1909--Jan.
1908--Jan.
1907--Jan.
31
1
3 __
4
Dales,
257,661
377,881
424,610
431,925
Wince Sept. 11909-Dee. 31
1908-09 Jan. 1
1907-08-Jan. 3
1906-07-Jan. 4
Bales.
7,169,456
8,602,528
6,772,768
8,172,557
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern andiotheriprincipal cotton markets for
each day of the week. N ti4•
DecemberRange
Closing
JanuaryRange
Closing
FebruaryRange
Closing
MarchRange
Closing
AprilRange
Closing
MayRange
Closing
JuneRange
Closing
JulyRange
Closing
AugustRange
Closing
SeptemberRange
Closing
OctoberRange
Closing
ToneSpot
9.05,14 9.05,19 9.10 -- 40 •....
9.04 - 9.10-.13 8.95 -- 40 •-•
8.84-.92 8.85-.98 8.91-.00 8.93-.02
8.90-.91 8.95-.96 8.94 - 9.01-.03
_ ® ____ ___ ® _ ___ ® _- 4® 8.97-.99 9.02-.04 8.97-.99 9.04-.06
8.95-.03 8.96-.09 9.00-.10 9.00-.10
9.00-.01 9.05-.06 9.02-.03 9.09-.10
_ ® _ ___ 4 ___ ___ ® _ ___ 0 9.03-.05 .9.08-.10 9.05-.07 9.13-.14
HOLTDAY
HOLIDAY
9.05-.13 9.08-.20 9.11-.20 9.10..22
9.11-.12 9.17-.18 9.13-.14 9.21-.23
•
_ ® _ ____ ® ___ ___ ® -- 0 ....
9.14-.16 9.19-.21 9.15-.17 9.34-.36
9.18-.26 9.23-.33 9.26-.34 9.26-.37
9.23-.24 9.30-.31 9.28-.29 9.36-.37
9.21-.23 9.27- 29 9.25-.27 9.32-.$4
- ® -- 0 --- 0 9.23-.25 9.29-.31 9.2 -.29 9.35-.36
9.15-.21 9.20-.27 9.23-.29 9.27-.33
9.19-.20 9.24-.25 9.23-.24 9.32-.$3
Quiet.
Firm.
Quiet.
Easy.
Steady. Quiet. Steady. Steady,
oatom
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph this evening from the South indicate that
rain has been quite general during the week and rather heavy
in some localities, interfering with the gathering of the
remainder of the crop. The movement of the crop continues
comparatively liberal.
Galveston, Tex.-Cold and wet weather has continued in
Texas, greatly retarding the picking that remains to be done.
It has rained lightly on six days during the week, the rainfall
being seventy-seven hundredths of an inch. The thermometer has averaged 54, ranging from 40 to 68.
Abilene, Tex.-We have had rain on one day of the past
week, the precipitation being one hundredth of an inch.
Minimum thermometer, 24.
Palestine, Tex.-We have had rain on two days during the
week, the precipitation being eighty hundredths of an inch.
Lowest thermometer, 24.
San Antonio, Tex.-The week's rainfall has been seventeen
hundredths of an inch, on three days.
Taylor, Tex.-There has been rain on three days during the
week, to the extent of thirteen hundredths of an inch.
Minimum thermometer, 13.
New Orleans, La.-There has been rain on five days of the
past week, the rainfall being one inch and sixty hundredths.
The therthometer has averaged 54.
Vicksburg, Miss.--We have had rain on five days of the
week, the precipitation reaching one inch and sixty-six
hundredths. The thermometer has averaged 48, the highest
being 74 and the lowest 30.
Helena, Ark.-It has rained on two days of the week, the
precipitation being one inch and twelve hundredths. Average thermometer 42, highest 60, lowest 25.
Little Rock, Ark.-There has been rain on two days of the
week, the' precipitation reaching fifty-six hundredths of an
inch. The thermometer has averaged 38, the highest being
53 and the lowest 23.
Memphis, Tenn.-The week's rainfall has been two icnhes
and two hundredths. on five days. The thermometer
has averaged 42, ranging from 24 to 61.
Mobile, Ala.-Heavy rain in the interior. We have had
rain here on six days during the week, the precipitation
reaching four inches and seventy hundredths. The thermometer has ranged from 35 to 72, averaging 59. •
Montgomery, Ala.-There has been rain on five days during
the week, the precipitation reaching two inches and thirtythree hundredths. Average thermometer 53, highest 77,
lowest 30.
Selma, Ala.-We have had rain on five days of the week,
the precipitation reaching two inches and forty hundredths.
The thermometer has averaged 49.5, the highest being 75
and the lowest 26.
Madison, Fla.-We had seven days rain past two weeks.
Savannah, Ga.-We have had rain on five days during the
week, the precipitation reaching one inch and seventy-three
hundredths. The thermometer has ranged from 34 to 72,
averaging 58.
1798
THE CHRONICLE
[VOL. Lxxxxm.
Charleston, S. C.-There has been rain on four days of the cloth is poor. We give the prices for to-day below and
week, the rainfall reaching one inch and three hundredths. leave those for previous wee•cs of this and last year for
Average thermometer 52, highest 70, lowest 33.
comparison.
Charlotte, N. C.-There has been rain the past week, the
1911.
1910.
precipitation reaching forty-eight hundredths of an inch.
The thermometer has averaged 42, the highest being 56 and
834 lbs. Shirt- Cot'n
834 lbs. Shirt- Cot's
lags, COMMON Mid.
32s Cop
the lowest 27.
32s Cop
lags, common Mid.
Ttoist.
to finest.
Upl's
to finest.
Twist.
Upl's
WORLD'S SUPPLY AND TAKINGS OF COTTON.
-Cotton Takings.
Week and Season.
1911.
Week.
1910.
Season.
Week.
Season.
Visible supply Dec, 22
5,424,188
15,133,371
Visible supply Sept. 1
' 1,495,514
1,603,418j
American in sight to Dec. 29.._ _ 444,381 9,183,385 392,363 8,133,925
Bombay receipts to Dec. 28.. _ _
64,000
414,000
93,000, 635,000
Other India ship'ts to Dec. 28_
61,000
5,000;
70,000
Alexandria receipts to Dec. 27_
40,700
552,200
47,000, 719,000
Other supply to Dec. 27*
3,000
119,000
12,000; 117,000
Total supply
• DeductVisible supply Dec. 29
December 28.
5,637,060 5,637,060 5,362,961 5,362,961
Receipts at-
AGRICULTURAL DEPARTMENT'S COTTON CROP
ESTIMATE.-The report on cotton, issued by the Agricultural Department on Dec. 11, is as follows:
The Crop Reporting Board of the Bureau of Statistics of the United States
Department of Agriculture estimates,from the reports of the correspondents
and agents ot the Bureau, that the total production of cotton in the United
States for the season of 1911-12 will amount to 7,121,713,000 pounds (not
including linters), equivalent to 14,885,000 bales of 500 pounds, gross
weight.
The estimated production, with comparisons, by States, follow:
Pounds Lint. -Bales of 500 pounds, gross weightAvge. 5 Yrs.
1910.
1905-1909.
States1911.
1911.
(Census).
(Census.)
Virginia
14,815
10,957,000
23,000
12,084
North Carolina
445,808,000
935,000
706,142
610,268
South Carolina__ ____ 706,404,000
1,480,000
1,163,501
1,068,802
2,560,000
1,767,202
1,765,231
Georgia
1,223,168,000
73,000
58,940
Florida
35,135,000
58,127
1,600,000
1,194,250
765,280,000
Alabama
1,196,571
1,195,000
1,262,680
Mississippi
572,046,000
1,387,331
305,000
245,648
Louisiana
188,810,000
580,047
3,049,409
4,280,000
Texas
3,070,723
2,051,832,000
821,233
Arkansas
915 000
438,102,000
816,280
420,000
331,947
Tennessee
201,054.000
200,205
83,000
50,633
Missouri
39,757,000
48,076
915,000
923,063
Oklahoma
438,102,000
734,604
California
11,000
5,986
5,258,000
All other
4,158
2202
7,121,713,000
14,885,000
11,608,616
11,640,551
As a matter of interest in connection with the foregoing
report, we subjoin a statement showing for a series of years
the annual crop estimates of the Department of Agriculture
and the final commercial crop as compiled by us.
1911-12
1910-11
1909-10
1908-09
1907-08
1906-07
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
• Not including linters.
*Department x"Chronicle"
Estintate. Commercial Crop.
bales. 14,885,000
11,426,000
12 132,332
10,088,000
10,650,961
12,920,000
13,828,846
11,678,000
11,581,829
12,546,000
13,550,760
10,167,818
11,319,860
12,162,700
13,556,841
9,962,039
10,123,686
10,417,000
10,758,326
9,674,000
10,701,453
10,100,000
10,925,141
8,900,000
9,439,559
x Including linters.
CENSUS BUREAU'S REPORT ON COTTON GINNING.
-The Division of Manufactures in the Census Bureau completed and issued on Dec. 20 its report on the amount of
cotton ginned up to Dec. 13, the present season, and we give
it below, comparison being made with the returns for the
like period of the two preceding years.
-Counting Round as Half Bales1910.
1909.
1911.
9,358,085
13,759,652 10,695,443
United States
1,128,470
987,254
Alabama
1,561,134
676,259
642,322
745,667
Arkansas
82,026
60,082
58,556
Florida
1,706,816
2,515,619
Georgia
1,766,070
233,347
248,693
340,017
Louisiana
997,012
1,066,216
Mississippi
956,509
664,722
912,556
581,954
,
lorth Carolina
863,561
858,822
)klahoma
514,535
1,107,556
1,423,295
1,064,819
, outh Carolina
269,670
360,454
221,465
'ennessee
2,849,259
1,860,386
2,262,938
Texas
64,485
102,664
53,020
Others
The statistics in this report include 93,294 round bales for 1911, 106,486
for 1910 and 140,024 for 1909. The number of Sea Island bales is 99,436
for 1911, 75,228 for 1910 and 85,177 for 1909. The distribution of the
Sea Island cotton for 1911 by States is: Florida, 35,686; Georgia, 58,948,
and South Carolina, 4,802. The statistics in the report are subject to slight
corrections when checked against the individual returns of the ginners,
being transmitted by mall. The corrected statistics of the quantity of
cotton ginned this season to Dec. 1 1911 are 12,816,807 bales.
EGYPTIAN COTTON CROP.-The Alexandria General
Produce Association resume of information received during
November 1911 is as follows:
LOWER EGYPT.-With the exception of the first ten days, the temperature during November was very favorable, and the second and the third
pickings have considerably benefited by these climatic conditions. The
rains that fell in the beginning of the month did only a moderate amount
of damage and chiefly in the Dakahlich and Gharbich provinces. The ginning yield is the same as that of last month, and for the whole season it is in
general about 134% more than that of last year.
UPPER EGYPT AND FAYOUM.-The temperature in general has been
favorable. There remains very little cotton to be picked. The ginning
yield for the whole season is from 1 to 1 34% more than that of last year.
In view of the above circumstances, we estimate the crop at about 6,500,000 cantars.
MANCHESTER MARKET.-Our report received by cable
to-night from Manchester states that the market is quiet for
both yarns and shirtings. The demand forPoth yarn and
d.
s. d
d. d.
d. s. d.
g
s. d
4%010 4
4%010 4
5.19 11
5.22 1134
434010 4
454010 4
4 @103
4%010 3
4 @103
5.08 113-16 0 12% 5 8 010 11
5.04 113-160 12% 5. 8 011 0
5.02 lf%
12% 5 8%011 1%
5.05 113i
12% 5 9 @ll 3
5.01 1134 ©. 12% 5 9 @II 3
@
d.
1134 5 7 @l0 10 7.85
12 3 7%01010% 8.10
8.06
7.95
8.11
8.16
8.07
INDIA COTTON MOVEMENT FROM ALL PORTS.
5,976,269 11,933,003 5,680,73411,170,439
339,209 6,295,943 317,7731 5,807,478
Total takings to Dec. 29
Of which American
282,509 5,179,743 206,773 4,587,478
Of which other..
56,700 1,116,200 111,000' 1,240,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, ece.
United States
d.
d.
Nov
17 8% @
5
24 8%
40 9% 5
Dec.
1 8%
C) 9345
8 8 9-16 (4) 97-16 5
15 834
@ 9345
22 8
3 5
/
8
2 @ 9345
29 83
Since
Sept. 1.
Week.
Bombay
64.000
1910.
1909.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
414,000 93,000
For the Week.
Exports
from'
Bombay1911
1910
1909
Calcutta1911
1910
1909
Madras1911
1910
1909
All othen31911
1910
1909
1911
1910
1909
Great Conti- Japan
Britain. neat. &China Total
2,000 1,000 17,000
2,000 24,000 37,000 63,000
2,000 14,000 21,000 37,000
2,000
1,000
2,000
Great
Britain
Conti- I Japan
nent. & China.
Total.
I
44,000; 126,000 170,000
11,000 235,000, 147,000 393,000
13,000 167,000; 207,000 387,000
I
1,000
2,000
2,000
6,000,
6,000,
10,0001
1,0
-00
_
2,000
6,000
4,000
5,000.
9,0001,
4,0001
1,000
7,000
15,000
9,000
1,000
4,000
4,000
12,000
16,000
42,0001
34,0001
37,000,
1,000
1,000
1,000
47,000
47,000
54,000
--
____
____
972,000
1,000
1,000
1,000
1,000
______
1,000
__
635,000 114,000
Since Sept. 1.
2,000 15,000 17,000
3,000 26,000 37,000 66,000
4,000 17,000 21,000 42,000
7,000
8,000
12,000
I
7,000 97,000; 127,000; 231,000
31,000 284,00(11, 148,000' 463,000
35,000 218.000, 209.000 462.000
ALEXANDRIA RECEIPTS AND SHIPM-ENTS.
Elexandria, Egypt,
December 27.
Receipts (cantars)This week
Since Sept. 1
Exports (bales)To Liverpool
• To Manchester
To Continent and India_ _
To America
Total exports
1911.
1010.
1909.
310,000
4,141,294
350,000
5,389,031
105,000
4,064,502
This Since
This Since
Week. Sept. 1. Week. Sept. 1.
This Since
Week. Sept. 1.
8.250
9,500
9,250
3,250
4,500 124,051
100 114,029
9,750 157,236
2,500 53,208
4-,6136 141,069
30,250 345,689 16,850 449,514
7,300 334,530
87,642
106,501
131,1177
19,569
2,000 84,469
71,310
800 37,682
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past. week have
reached 306,180 bales. • The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Manchester-Dec. 22-Calderon, 645
645
To London-Dec. 22-Minnewaska, 200
200
To Havre-Dec. 23-Caroline, 2,050; Rochambeau, 5,399._ 7,440
To Bremen-Dec. 27-Princess Irene, 3,795
3,795
To Antwerp-Dec. 26-Kroonland, 600
600
To Copenhagen-Dee. 27-Hellig Olav, 89
89
To Trieste-Dec. 26-.--Guilla, 452; Oceania, 348
800
To Venice-Dec. 26-Giulia, 263
263
250
Td Naples-Dec. 27-San Guglielmo, 250
To Piraeus-Dec. 28-Patris, 550
_
550
GALVESTON-To Liverpool-Dec. 21-Crispini, 9,932; Kirnwood, 10,715_ Dec. 22-Kentra, 15,350
36,006
To Havre-Deo. 21-Arvonlan, 9,861; Miramichl, 11,455....
Dec. 22-Margam Abbey, 7,079 .
28,395
To Bremen-Dec. 22-Braunton, 12,756
12,756
To Hamburg-Dec. 21-Kilnsea, 3,986___Deo. 22-Hemisphere, 2,324
6,310
7,811
To Ghent-Dec. 27-Domingo de Larrinaga, 7,811
2,100
To Christiania-Dee. 27-Aberiour, 2,100
3,454
To Barcelona-Dec. 21-Martin Saenz, 3,454
9,000
PORT ARTHUR-To Bremen-Dec. 28-Westfield, 9,000
NEW ORLEANS-To Liverpool-Dec. 28-Craftsman, 14,000.... 14,000
5,008
To Havre-Dec. 26-Crown of Leon, 5,008
To Bremen-Dec. 27-Etonian, 16,493
16,493
25
To Hamburg-Dec. 28-Riverdale, 25 _
1,300
1,300
To Rotterdam-Dec.27-Roseland,
4,863
To Antwerp-Dec. 29-Ministre de smet do Noeper, 4,863_ _
To Genoa-Dec. 23-Mongibello, 7,317
7,317
To Naples-Dec.22-Mongibello, 650
650
To Port Barrios-Dec. 28-Ellis, 108
108
MOBILE-To Liverpool-Dec. 25-Ethiope, 3,904._ Dec. 28Louisianian, 5,098
9,002
8,265
To Bremen-Dec. 23-Brookwood, 8,265
SAVANNAH-To Liverpool-Dec. 23-Dominion, 5,260
5,260
To Havre-Dec. 28-Redmill, 7,042
7,042
To Bremen-Dec. 23-Sidmouth, 11,283; Waltham, 9,977..
27,160
Dec. 28-Vesteriand, 5,900
199
To Rotterdam-Dec. 23-Zyldyk, 190
7,800
To Genoa-Dec. 28-Sicilia, 7,800
1,581
To Bombay-Dec. 22-Dominion, 1,581
10,410
BRUNSWICK-To Bremen-Dec. 23-Purltan, 10,410
12,179
CHARLESTON-To Bremen-Dec. 23-Strathden, 12,179
9,751
WILMINGTON-To Havre-Dec. 23-Glenmay, 9,751
BOSTON-To Liverpool-Dec. 22-Bohemian, 3,199_ _Deo. 23
Boyle, 2,503 _ _ __ - _ - - ___ ----,---- 5,702
- --1,150
BALTIMORE-To Belfast-Dec. 22-L-ordOrmondo
----- 1------ --1,485
To Bremen-Dec. 23-Chemnitz, 1,485
3,822
PHILADELPHIA-To Liverpool-Dec. 22-Morton, 3,822
____
900
To Antwerp-Dec. 20-ManItou, 900
16,367
SAN FRANCISCO-Dec. 20-Algoa, 16,367
SEATTLE-To Japan-Dec. 22-Siterries, 2,119__ _Dec. 235,209
Panama Maru, 3,090 _____________ _
To China-Dec. 22-Skerries, 290_ _Dee. 23-Panama Maru,
1,367
1,077
200
TACOMA-To Japan-Dec.27-Antilochus,200
1,092
To China-Dec. 27-Antilochus, 1,092
Total
306,180
THE ,CHRONICLE
DEC. 30 1911.]
1799
LIVERPOOL.-By cable from Liverpool we have the fol- gainsaid that the total world's stocks are still large and that
lowing statement of the week's sales, stocks, &c., at that port: in the visible supply in this country is 71,668,000 bushels,
Dec. 29. against 43,929,000 a year ago. Moreover, the receipts at
Dec. 22.
Dec. 15.
Dec. 8.
14,000 the Northwest, though smaller than at one time, are, after
46,000
64,000
bales.. 72,000
Sales of the week
600
4,000
7,000
Of which speculators took.... 12,000
1,500 all, still larger than those of a year ago. At Winnipeg they
12,000
2,000
Of which exporters took........ 2,000
13,000 are decidedly larger than then. . And the dulness of the
40,000
59,000
65,000
Sales, American
9,000
9,000
11,000
9,000
Actual export
50,000 flour trade is something not to be ignored. The acreage in
89,000
102,000
111,000
Forwarded
807,000 the United Provinces of India, according to a semi-official
753,000
713,000
838,000
Total stock-Estimated
544,000609,000
696,000
645,000
Of which American
113,000 report, is 1,000,000 acres larger than last year, with the
150,000
178,000
Total imports of the week_ __ _150,000
108,000 germination good and the outlook declared to be most
154,000
126,000
113,000
Of which American
364,000
348,000
407,000
446,000
Amount afloat
299,000 promising. Also, the crop reports from Germany, Hungary
308,000
361,000
392,000
Of which American
and Bulgaria are, on the whole, favorable. From nowhere,
The tone of the Liverpool market for spots and futures
are there any serious complaints of damage to the
each day of the past week and the daily closing prices of indeed,
crop. The reports of injury received from Argentina are, it is
spot cotton have been as follows:
suspected, more or less exaggerated, as is apt to be the case
when speculation enters more or less into the question.
Saturday. Monday. Tuesday. Wed'day. Thursday. Friday.
Spot.
From our own winter-wheat section the reports are, in the
Market
main, favorable. But after all, however, Argentina and
Dull.
Quiet.
Dull.
12.15
our own Northwest have been the doniinant factors in the
P.M.
making of prices. It is said that country elevators in the
5.01
5.03
5.01
Mid. Upl'ds
American Northwest do not contain much more at the
5,000
HOLISales
4,000
HOLIpresent time than 12,000,000 bushels. To-day, prices
5,000
HOLIDAY.
Spec.& exp
2,500
DAY.
500
500
DAY.
declined, owing to better weather in Argentina and lower
quotations at Buenos Ayres, Liverpool, Paris and AntFutures.
Quiet at
Quiet at Steady at
Market I
304 pts.
3@4 pts.
1 pt.
werp. East Indian exports for the week are 1,856,000
opened
decline.
decline.
j
decline.
bushels, against 664,000 last year. On the other hand, the
Steady at Steady at
Market, I
Firm at
stock at Minneapolis has increased this week only 50,000
103 pts.
10134
4
3340434
bushels. Towards the close prices rallied on covering.
deelitys.
pt.. adv. pt.. adv.
P. M. J
FUTURES IN NEW YORK.
The prices for futures at Liverpool for each day are given DAILY CLOSING PRICES OF WHEAT
Sat. Mon. • Tues. Wed. Thurs. Fri.
below. Prices are on the basis of upland, good ordinary No. 2 red
Holl- Holl- 9734 9834 98
98
December delivery In elevator_
day. day. 9654 9734 97
clause, unless otherwise stated.
9654
May delivery
The prices are given in pence and 100ths.
Thus, 4 85 means 4 85-100d.
Tues.
Mon.
Sat.
Dec. 23
Fri.
Wed.
1 Thurs.
to
4 1234, 4
4 1234
1234
Dec. 29. 12 MI12% 12 MI 4 12341 4
p.m.lp.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m p.m.
I
4 85 8734 87 M 8834 87
December
1.7 .7
863488 85 ,u1Y4
4 84
Dec.-Jan..
Jan.-Feb_
9134
4 84 M 87 863488 85
Feb.-Mch.
4 86 89 8834 90 8734 94
Mch.-Apr.
4 88 91 91 92 89 M 96
Apr.-May.
4 9034 93 M 93 M 9434 92 9834
May-June HOLTHOLTHOLT- 4 9234 98 96 97 94 3401
DAY.
June-July
DAY. 4 95 98 9834 99 97 0334
DAY.
July-Aug_
4 97 00340034013499 0534
Aug.-Sep.
498 01 01 M 02 M 00 0634
Sep.-Ott _
4 9834 01M 02 03 0034 07
Oct.-Nov.
4 99 02 02 34 03 M 01 08
Nov.-Dec.
02 ;4 03 54 01 08
Dec.-Jan.
0234 0334 01 08
.Tftn .F.1.11
0t 14 na 14 02 no
•
BREADSTUFFS.
Friday Night, Dec. 29 1911.
Flour has on the whole continued quiet. This is something not altogether surprising towards the end of the year,
when there is more disposition to settle accounts and straighten out books than to enter into very large obligations. It
is remarked, however, that trade is so extremely dull that
not even the recent rise in wheat has been been able to infuse
any very noticeable increase of strength in the flour market.
Yet prices are considered relatively low. At the Northwest
trade has been very quiet. Sales have apparently not exceeded 50 to 75% of the output. The sales have been small
and to a widely scattered territory. Export business has
been noticeably rare. At the same time some look for an
improvement in business in January, as supplies controlled
by jobbers and brokers are believed to be smaller than usual.
However, this is mere conjecture. .What is certain is that
trade at the moment all over the country is in an unsatisfactory condition.
Wheat has advanced, mainly under the spur of bad weather
in Argentina and rising prices at Buenos Ayres. But some
decrease in the Northwestern receipts and the fact that the
increase in Northwestern stocks is much smaller than for a
long time past has naturally not been without its influence.
The Northwest at times has been a heavy buyer at Chicago.
It is predicted that receipts in that quarter will decrease
sharply in the early part of 1912. Comment is made on the
fact that in the first four days of the week the increase in the
Northwestern stock was only 15,000 bushels. This was not a
tithe of what they have been in the same period for many
months past. Meantime, not only have prices at Buenos Ayres
been advancing, but they have also been rising in the European markets. The. European visible supply has shown
some decrease, even if it was nothing like as great as that for
the corresponding week last year, and it is now down to
85,488,000 bushels, against 110,300,000 bushels for the same
time last year. Also, the world's shipments, though larger
than the previous week, showed some decrease as compared
with last year, i. e., 10,304,000 bushels, against 11,792,000
for the same week last year. As regards the exportable
surplus of Argentina, always an interesting subject to the
trade, some of the estimates of late have fallen to 100,000,000
bushels, as against recent estimates of anywhere from 115,000,000 to 130,000,000 bushels. Moreover, it is stated that
excessive rains in the United Kingdom and France are causing
some apprehension. But after all, one of the chief assets of
the believers in high prices has been the news from Argentina.
Some reports from that country insist that black rust in the
Southern districts has been doing harm, while in some other
sections heavy and continuous rains have been interfering
with harvesting. At the same time, the fact is not to be
in elevator
10234 10336 103
10234
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_
Holl- Holl- 93% 9434 94 54 94 34
May delivery in elevator
day. day. 9734 99
9854 9834
July delivery in elevator
93% 94 X 94
9434
Corn has advanced on December, especially as there had
been some pressure to cover shorts in this month on the part
of belated bears. Cash houses have been buying that month
also. Still, it is noticeable that other months have been
inclined to hold back unless stimulated by a strong wheat
market. The reason is that of late the weather at the West
has, on the whole improved. The roads in the fore part of
the week were muddy as a result of protracted soft weather,
but of late weather conditions have become clear and cold
in the corn belt, and this naturally has a tendency to put the
roads in better conditions, promote the curing of corn and
tend to increase farmers' deliveries. Meantime, export
trade is quiet. Cash prices, without the December speculative stimulus, show a tendency to sag. 1he contract
stocks at Chicago increased during the week 222,000 bushels,
and are now up to 446,000 bushels, something decidedly
larger than the totals noticeable for some weeks back. With
the continuance of the clear, cold weather, the visible supply is expected to increase materially. At present it is
4,965,000 bushels, against 3,300,000 bushels at this time
last year. Two factors dominate the corn market at the
present time, namely, the state of the weather at the West
and the drift of the price of wheat. Meantime, it is not forgbtten that the price is some 15 to 16@14 to 16c. higher than
a year ago. a fact which is believed largely to discount anything that might be regarded as at all bullish in the situation.
To-day December advanced, then reacted. Other months
were sluggish and without features of interest.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
Holl- Holt- Nom. Nom. Nom. Nom.
day. day. Nom. Nom. Nom. Nom.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator.... Holt- Holt- 63 M 65
63 M 6434
May deliverY in elevator
day. day. 63% 64
6334 63%
July delivery in elevator
63 54 64
63 34 63%
Cash corn
December delivery In elevator...
Oats have been more or less irregular, declining for some
grades on the spot, but advancing slightly on futures in
response to the rise in other grain. At times heavy covering
of shorts and a stronger market for corn have served to advance prices for oats. The visible supply is approximately
19,500,000 bushels, against 16,129,000 bushels at this time
last year, and prices are very much higher than a year ago.
Of late the-cash demand has been better and cash prices have
become stronger, but on the whole the market has lacked
individuality and features of striking interest. For the most
part it has been a mere echo of conditions of corn and wheat.
The outlook for prices hinges largely on the developments in
other grains. To-day prices were irregular. December
advanced, then receded. Trade was slow.
DAILY CLOSING PRICES OF
Sat.
Hollday.
OATS
Mon.
Hollday.
IN NEW YORK.
Tues. Wed. Thurs. Fri.
53 M 53
53 • 5334
53 X 533f 5334 5334
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator
Holl- Holt- 4554 4634 4834 4854
day. day. 4634 4754 4634 4734
May delivery In elevator
July delivery in elevator
43
43% 43
4334
Standards
No. 2 white
The following are closing quotations:
FLOUR.
Winter, low grades____$3 50@$3 65 Kansas straights, sack_34 75@$5 00
4 80@ 500 Kansas clears, sacks__ 4 00® 4 50
Winter patents
4 25
Winter straights
4 50 City patents
6 20@ 6 50
4 00
Winter clears
4 25 Rye flour
4 50@ 5 20
5 00
Spring patents
5 40 Graham flour
Nominal: •
Spring straights
4 80
5 00 Corn meal, kiln dried__
13 45
clears
Spring
4 10@ 4 75 Buckwheat. cwt
2 60€) 2 75
1800
GRAIN.
Wheat, per bushel-f. o. b.
Corn, per bushelCents.
N. Spring. No. 1
31 181.(
No. 2
f.o.b. Nominal
N. Spring, No. 2
1 16g
Steamer ____elevator Nominal
Red winter, No.2
98
No. 3
elevator Nominal
1 08 g Rye, per bushelHard winter, No. 2
Cents.
No. 2 Western
Nominal
Oats, per bushel, new53 q
State & Pennsylvania Nominal
Standards
53
Barley-Malting
Nominal
No. 2 white
No. 3 white
5331
EXPORTS OF BREADSTUFFS, PROVISIONS, COTTON AND PETROLEUM.-The exports of these articles
during the month of November, and the eleven months, for
the past three years have been as follows:
Exports
from U. S.
1911.
1909.
1910.
November. 11 Months. November. 11 Months. November. 11 Months.
Quantities.
Wheat.bus 2,286,240 28,608,395
Flour __bb
949,842 10,140,613
2,482,691 10,264,880
943,176 7,311,950
Wheat*.bu. 6,580,529 74,254,654
Corn. bush 1,209,537 54,814,504
6,726,983 52,168,655 12,968,715 81,167,120
1,834,156 32,163,985 1,682,636 28,944,999
Total bush_ 7,860,066129,069,158
8,561,139 84,332,640 14,651,351110,112,119
$
Values.
$
Wh't& flour 6,546,522 74,382,182
Com&meal. 1,060,265, 33,053,249
1,395
Rye
4851
174,505 1,732,419
Oats& meal
135,342 2,311,308
Barley
$
11
•$
$
6,929,113 56,643,771 13,617,178 88,648,729
1,129,980 22,217,358 1,227,175 21,718,646
290,777
10
13,917
157,180 1,146,402
98,581 1,235,669
586,916 2,915,151
1,252,559 3,862,277
8,402,984 43,183,948
1,014,607 8,440,705
Breadstuffs 7,917,119111,480,553 9,410,232 83,972,992 15,588,459 114,719,705
Provisions.. 9,271,916125,152,538 8,084,960 97,530,257 9,093,125121,379,178
Catt.& hogs 672,982 13,213,628 1,058,415 7,603,347 1,170,042 13,993,553
Cotton ____ 68,868,142439,752,812 87,513,403427,128,781 78,992,827407,519,691
7,449,680 90,859,356 6,888,957 81,601,948 8,536,300 91,981,119
Petrol.,
&C.
Total value 94,170,839780,458,887112,955,967697,837,325 113,380,753749,593,246
*Including flour reduced to bushels.
Note.-All the above figures are based on the monthly preliminary returns issued
by the Bureau of Statistics, and cover about 96% of the total exports.
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREAL AND OTHER CROPS.-The final estimates of the
Crop Reporting Board of the Bureau of Statistics, United
States Department of Agriculture, based on the reports of the
correspondents and agents of the Bureau, indicate the harvested acreage, production and value of important farm crops
of the United States in 1911 and 1910 to have been as follows:
Par Value Dec. 1.
Acreage.
Crops.
Corn
Porn
Winter wheat
Winter wheat
SprIng wheat
Spring wheat
All wheat
All wheat
Oats.
Oats
Barley
Barley
Rye
Rye
Buckwheat
Buckwheat
Flaxseed
Flaxseed
Rice _
Rice
Potatoes
Potatoes
Hay
Hay
Tobacco
Tobacco
[VOL. Lxxxxm.
THE CHRONICLE
Production.
Per 13u.
Total.
Bushels.•
Cents.
Dollars.
Acres.
1911 105,825,000 2,531,488.000 61.8 1,565,258,000
1910 104.035,000 2,886,260,000 48.0 1,384,817,000
379,151,000
1911 29.162,000 430,656,000 88.0
382,318,000
1910 27,329,000 434,142.000 88.1
163,912,000
1911 20,381,000 190,682,000 86.0
178,733,000
1910 13,352,000 200,979,000 88.9
543,063,000
1911 49,543,000 621,338,000 87.4
561,051,000
_1910 45,681,000 635,121,000 88.3
414,663,000
_1911 37,763,000 922,298,000 45.0
406,406,000
1910 37.373,0001.160,513,000 34.4
7,627,000 160,240,000 86.9
1911
139,182,000
100,426,000
1910 7,743.000 173,832,000 57.8
2,097,000
33,119,000 83.2
1911
27,567,000
34,897,000 71.5
1910 2,185,000
24,953,000
833,000
17,549,000 72.6
1911
12,735,000
860,000
17,593,000 66.1
1910
11,636.000
2,757,000
19,370,000 18.2
1911
35,272,000
12,718,000 23.2
1910 2,467,000
29,472,000
696,000
22,934,000 79.7
1911
18,274,000
24,610,000 67.8
722,000
1910
16,624,000
8,619,000 292,7;17,000 79.9
1911
233,778,000
1910 3,420,000 349,032,000 55.7
194,566,000
1911 43,017,000 847,444,000 d$14.84 694,570,000
1910 45,891,000 560,978,000 d312.26 747,769.000
/9.4
85,210,000
1,012,000 e905,109,000
1911
19.3
102,142,000
1910 1,366,000 e1,103,415,000
Per pound.
• Bushels of weight. b Tons. d Per ton. 0 Pounds.
The total value of crops above speAtied on Dec. 1 1911 was 3,769,562..000, against 33.579,862.000 on Dec. 1 1910.
OATS.-Germany, 151,648,000 cwt. of 112 lbs. (equivalent to 530,768,000 bushels of 32 lbs.); Austria, 44.682,000 cwt. (156,387,000 bushels);
Belgium, 11,815,000 cwt. (41,352,000 bushels); Bulgaria, 5,842,000 cwt.
(20,447,000 bushels); Spain, 9,674,000 cwt. (33,859,000 bushels); Hungary,
including Croatia and Slavonia, 27,345,000 owt. (95,708,000 bushels); Roumania, 7,908,000 owt.(27,671,000 bushels); Russia, 245,280,000 cwt.(858,410,000 bushels); Switzerland, 1,386,000 cwt. (4,851,000 bushels); Algeria,
3,455,000 cwt.(12,092,000 bushels). Total production, 1,049,000,000 cwt.
(3,741,500,000 bushels), being 90.9% of the production last year.
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the,New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts at- Flour.
Wheat.
Corn.
Oats.
Rye.
Barley.
bbls.1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu. 56 lbs.
Chicago _
107,584
171,600 1,135,600 1,287,200
387,000
34,000
Milwaukee.._
67,800
120,910
143,510
265,200
249,600
42,840
Duluth
10,025
490,136
210,159
47,862
2,675
Minneapolis_
1,585,100
115,650
253,930
207,030
36,360
Toledo
31,000
99,300
21,000
Detroit
6,956
34,733
84,210
28,594
Cleveland
843
7,180
32,420
42,410
560
St. Louls
398,400
163,900
44,230
329,800
56,000
4,400
Peoria
267,565
9,000
112,000
76,400
60,600
14,300
470,400
Kansas City..
162,800
134,300
Total wk.'11
Same wk.'10
Same wk.'09
298,038
314,923
277,234
2,776,359
4,611,648
2,795,398
2,747,055
6,584,460
4,091,816
2,684,593
974,052
4,616,869 2,137,069
2,251,723
886,483
134,575
145,940
61,416
Since Aug. 1
1911____ 4,703,204 126,993,826 72,171,665 70,793,382 43,768,201 5,211,335
1910_ - 7,555,369 137,190,643 79,819,301 98,217,121 38,618,365 3,089,300
1909... _ 9,848,905 152,663.111 67,160,625 82,366,781 42,114,056 3,961,813
Total receipts of flour and grain at the seaboard ports for
the week ended Dec. 23 1911 follow:
Receipts atNew York
Boston
Portland, Me
Philade)phia
Baltimofe
New Orlean.s•.._ _
Newport News
Norfolk
Galveston
Mobile
Montreal
Wheat,
bush,
693,600
255,126
281,000
406,040
151,441
1,200
Flour,
bbls.
139,403
39,443
22,000
39,040
35,420
20,991
Corn,
bush,
675,000
290,003
18,000
188,277
572,367
271,800
43,000
Oats, Barley,
bush.
bush.
399,550 84,914
111,697
1,275
132,587
38,716
43,500
714
12,000
5,000
8,479
32,167
20,000
1,868
23,234
____
------------23,iii
-
Rye,
bush.
8,661
Total week 1911__ 312,490 1,972,574 2,080,315
8,001
754,264 109,559
Since Jan. 1 1911_18,888,600 95,670,952 65,947,606 46,452,409 4984,622 1024,025
Week 1910
394,556
608,792 34,688 12,678
846,061 2,394,027
Since Jan. 1 1910_18,049,435 75,269,469 42,478,805 49,732,815 3927,712 949,375
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
.ending Dec. 23 are shown in the annexed statement:
Exports fromNew York
Portland, Me
Boston
Philadelphia ____
Baltimore
New Orleans____
Newport News_
Galveston
Mobile
Montreal
Total week_
Week 1910
Wheat.
bush.
393,455
281,000
318,360
428,000
189,008
1,000
Corn,
bush.
315,469
181,000
77,143
26,000
405,516
224,570
43,000
Flour,
bbls.
89,927
22,000
1,440
23,000
4,698
14,559
20,000
4,000
5,000
Oats,
bush,
21,015
Rye,
bush,
Barley, Peas,
bush.
bush.
1,551
1,194
100
140
1,000
1,800
.
_1,750,823 1,129,698 167,338
630,436 1,252,281 232,194
23,449
6,686
3,351 .
4,928
The destination of these exports for tho week and since
July 1 1911 is as below:
----Wheat-- -Corn
Since
Since
Since
Week
July 1
Week
July 1
July 1
Week
1911.
1911. Dec. 23.
1911. Dec. 23.
Exports for week and Dec.23.
bush.
bush,
bush.
bush,
bbts.
Since July 110United Kingdom... 56,305 2,472,051 1,226,869 27,901,241 390,912 5,452,763
36,832 1,121,696 500,652 18,959,669 689,441 5,268,595
Continent
650,932
341,986
2,000
23,302
So. & Cent. America 25,179 400,432
913,522
64,845
7,388
46,302 615,379
West Indies
6,547
1,192
31,666
Brit.No.Am.Colonlei 2,000
16,864
1,308
23,000
720 165,164
Other Countries
-Flour
Total
Total 1910
167,338 4,896,388 1,750,823 47,233,284 1,129,698 12,309,223
232,194 4,413,613 630,436 29,573,506 1,252,281 9,805,138
GRAIN PRODUCTION ABROAD.-The U. S. DepartThe world's shipments of wheat and corn for the week
ment of •Agriculture has received the following cablegram, ending Dec. 23 1911 and since July 1 1911 and 1910 are shown
from
the
of
Agri1911,
Institute
26
International
dated Dec.
in the. following:
culture, Rome, Italy, regarding crop production in coun1911:
for
specified
Corn.
tries
Wheat.
ALL WHEAT.-Germany, 80,042,000 cwt., of 112 lbs. (149,412,000
1910.
1910.
1911.
Exports.
bushels of 60 lbs.); Austria, 31,543,000 cwt.(58,880,000 bushels); Bulgaria,
38,574,000 owt. (72,005.000 bushels); Spain, 79,552,000 owt. (148,497,000
Since
Since
Week
.
Since
Week
Since
Slavonia,
101,915,000
cwt.
(190,bushels); Hungary,including Croatia and
July 1.
Dec. 23.
July 1.
July 1.
Dec. 23.
July 1.
241.000 bushels); Russia, 272,943,000 cwt. (509,494,000 bushels); Japan,
13,297,000 owt. (24,821,000 bushels); Algeria, 19,605.000 cwt. (36,598,000
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
bushels); Egypt, 20,321,000 cwt. (37,933,000 bushels); Tunis, 4,626,000
60,841.000 1,335,000 10,831,000 9,154,000
cwt. (8,635,000 bushels); Switzerland, 1,883,000 cwt. (3,515,000 bushels). North Amer. 3,808,000 88,836,000 125.080,000 808,000 21,512,000
4,989,000
1,880,000 50,626,000
Total production, all countries, 1,678,000,000 cwt. (3,132,267,000 bush- Russia
60,320,000
2,201,000 37,639,000 13,017,000
45,201,000
3,000,000
Danube
els); equivalent to 98.6% of the total production in 1910.
60,000 81,912,000
Argentina _ 216,000 21,712,000 23,360,000
of
112
lbs.
weight
to
(equivalent
RYE.-Germany, 213,890,000 Cwt.,
616.000 22,820,000 15,424,000
Australia
427,780.000 bushels of 58 lbs.); Austria, 52,062,000 cwt.(104,124,000 bush- India
600,000 22,570,000 23,200,000
els); Bulgaria, 7,384,000 cwt. (14,768,000 bushels); Spain, 14,449,000 cwt. 0th. countr's 184,000 5,571,000 4,694.000
(28,898,000 bushels); Hungary, including Croatia and Slavonia, 27,086.000
owt. (54.172,000 bushels); Russia, 381,028,000 owt. (762,056,000 bushels);
Total
10304000 257,336,000 312,919,000 4,344,000 70,042,000 109,072,000
Switzerland, 914,000 cwt. (1.828,000 bushels). Total production, all countries, 775,000,000 cwt. (1,550,000,000 bushels), which is 94.8% of the proThe
quantity
of wheat and corn afloat for Europe on dates
duction of 1910.
BARLEY.-Germany, 62,200,000 cwt. of 112 lbs. (equivalent to 145,- mentioned was as follows:
133,000 bushels of 48 lbs.); Austria, 34,892,000 cwt. (81,415,000 bushels);
Corn.
Bulgaria, 8,711,000 cwt. (20,326,000 bushels); Spain, 37,197,000 cwt. (86,Wheat.
793,000 bushels); Hungary, including Croatia and Slavonia, 32,405,000 owt.
United
(75,612.000 bushels); Roumania, 1,193,000 cwt. (2,784,000 bushels); RusUnited
sia, 176,256,000 cwt. (411,264,000 bushels); Japan, 40,943,000 cwt. (95.Kingdom. Continent. Total. • Kingdom. Continent. Total.
534,000 bushels); Algeria, 20,471,000 cwt. (47,765,000 bushels); Egypt,
4,035,000
cwt.
owt.
(11,711,000
bushTunis,
(9.415,000
bushels);
5.019,000
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
els); Switzerland, 194,000 owt. (453,000 bushels). Total production, all Dec. 23 1011._ 17,920,000 11,368,000 29,288,000 3,392,000 6,707,000 10,099,000
countries, 584,000,000 cwt. (1,363,000,000 bushels), being 99.9% of the Dec. 16 1911_ 19,232,000 9,864,000 29,096,000 3,179,000 5,092,000 8,271,000
production of last year, 1910.
Dec. 24 1910.... 14,808,000 17,224,000 32,032,000 7,139,000 13,557,000 20,696,000
6,460,000
CORN.-Austria, 5,967,000 cwt. (11,934,000 bushels of 56 bs.); Bul- Dec. 25 1009__ 17,600,000 7,280,000 24,880,000 5,865,000 5,780,000 12,325,000
10,200,000
garia, 28,889,000 owt. (57,778,000 bushels); Spain, 14,365,000 cwt. (28,- Dec. 26 1908_ 15,072,000 8,160,000 23,232,000 4,420,000
730,000 bushels); Hungary,including Croatia and Slavonia, 80,537,000 cwt. Dec. 28 1007_ _ 17,160,000 8,160,000 25,320,000 3,360,000 4,800,000 8,160,000
Roumania,
61,567,000
owt.
(123,134,000 bushels);
(161,074.000 bushels);
The visible supply of grain, comprising the stocks in
Russia, 41.145,000 cwt. (82,290,000 bushels); Switzerland, 61,000 cwt.
(122.000 bushels); Algeria, 168,000 cwt. (336,000 bushels); Egypt, 33,952,- granary at principal points of accumulation at lake and
production,
all
countries, 1,500.000 cwt. (67,904,000 bushels). Total
seaboard ports Dee. 23 1911, was as follows:
000,000 cwt. (3,180,000,000 bushels), being 89.5% of production of 1910.
Rye.
Oats,
Barley,
bush.
bush.
bush.
19,494,000 1,442,000 3,982,000
112,000
4,691,000
24,185,000 1,442,000 4,094,000
23,662,000 1,424,000 4,129,000
478,000 1,652,000
17,380,000
11,587,000
807,000 3.049,000
10,454,000 1,080,000 5,447,000
THE DRY GOODS TRADE.
to Dec. 23.
Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
'Other countries
PIPPNew York
Total
-----1911
-----1910
Since
Week. Jan. 1.
Since
Week, Jan. 1.
45
26
2,782
472
2,678
248
1,021
100
256
903
2,694
11,225
1,094
4
1,857
1,468
960
_
105.640
59,539
24,372_ 14,899
26,956
HO 15,249
13,064
2 6,637
43,892
1,370 33,744
2,566
52
1,997
19,717
69 13,557
57,448
266 50,189
45,666
171 48,794
341,883
2,184 247.278
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ENTERED FOR WAREHOUSE DURING SAME PERIOD. '
New York, Friday Night, Dec. 29 1911.
With but few buyers present over the holidays and most
of the houses busily engaged in taking stock, the market for
.dry goods has been quiet and featureless during the past
week. Not a few of the mills have closed and will not reopen until Jan. 2. Dulness has prevailed in all departments
and little new business was looked for until after the New
Year holiday. It is well known that most buyers are poorly
,covered on their spring business and sellers are confident of a
broader demand after the first of the year. While cotton
yarns are slightly easier, most lines of staple cottons are
being held at firmer levels than a week ago. The confidence
•expressed in mill circles regarding increased demand after
the first of the year, combined with the indisposition of
millers to accept much new business at the' current level of
prices, is causing buyers to evince some anxiety as to the
course of prices in the immediate future. Business during
the week was confined to small mail orders and some sales
in those lines of staple cottons which had not been included
in the advance of last week. Aside from a few scattered
re-orders, conditions in the market for dress goods were very
-quiet. The large mills have, however, accumulated a fair
business for spring delivery,and are still receiving inquiries.
In men's wear attention is centering on lines for the fall of
1912. Buyers are congervative and orders are confined
mostly to the high-grade lines. Improvement in the woolen
industry is reflected in the continued firmness of worsted
yarns and the steady operation of the large mills. With the
-exception of a few small orders from South America and
Red Sea ports, quietness has prevailed throughout the week
in the export trade. Very authoritative reports are being
received from the East to the effect that Japanese goods are
gradually but surely supplanting the American product in
Manchuria. Another feature which gave rise to considerable speculation as to its cause was the purchase by the
British-American Tobacco Co. of 2,000 bales of cotton goods
for China. The opinion held in several quarters is that these
goods will be cut up and samples enclosed in all packages of
smoking material distributed throughout China, thereby
bringing the goods more directly to the attention of agents
in this territory. Conditions throughout the week have,
however, been no quieter than was to be expected, and aside
from the reticence displayed in some quarters, much is hoped
for after the New Year.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Dec. 23 were 11,225
packages, valued at $1,028,432, their destination being to the
points specified in the table below:
0.30
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3,000
1,974,086,000
3,307,000
7,425,000
7,019,000
112,000
104,000
97,000
126,000
51,000
4,691,000
4,422,000
1,251,000
481,000
206,000
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3,000
7,000
38,000
25,000
SUMMARY.
Corn,
Wheat,
bush.
bush.
71,668,000 .4,965,000
11,860,000
000
Total Dec. 23 1911_ _11,860,000
Total Dec. 16 1911_ _11,622,000
Total Dec. 24 1910 10,638,000
Total Dec. 25 1009._ 8,988,000
Total Dec. 20 1908_ 5,755,000
pala4.rrim igloy
New York
afloat
"
3,000
Boston
Philadelphia
4,000
249,000
Baltimore
New Orleans
Galveston
132,000 1,203,000
Miffslo
593,000
137,000
afloat
"
1,000
Toledo
43,000
Detroit
afloat
201,000
100,000
Chicago
afloat
"
230,000
215,000
Milwaukee
347,000
97,000
DUluth
154,000
afloat
949,000
392,000
Minneapolis
110,000
13,000
St.Louis
Kansas City
7,000
Peoria
3,000
Indianapolis
186,000
Omaha
,
4,965,000 19,494.000 1,442,000 3,982,000
Total Dec. 23 1911...71,668,000
4,083,000 19,240,000 1,424,000 4,025,000
Total Dec. 16 1911_71,738,000
478,000 1.555,000
Total Dec. 24 1910,_ .43,929,000 3,300,000 16,129,000
807,000 2,923,000
7,387,000 11,106,000
Total Dec. 23 1909..27,362,000
6,994,000 10,248,000 1,080,000 5,396,000
Total Dec. 26 1908-.51,676,000
CANADIAN GRAIN STOCKS.
Rye,
Barley,
Oats,
Wheat,
Corn,
bush.
bush,
bash.
bush.
bush,
112,000
8,000
290,000
606,000
Montreal
5,890,000
1,200,000
Fort William
2,620,000
980,000
Port Arthur
1,905,000
3,060,000
Other Canadian
The value of these New York exports since Jan. 1 has been
$24,789,747 in 1911, against $17,705,458 in 1910.
Although as a result of the holidays business in domestic
cottons has been quiet, the trade in general appears to be
optimistic concerning the future. Mail orders of various
kinds are being steadily received for shipment through
January and February, while there is also a good inquiry for
colored goods from manufacturing trades. The general
undertone of the market continues steady, this being particularly true of bleached cottons, with further advances
expected to be announced shortly on lines which have been
well bought up for January and February delivery. Most
merchants at present are busy taking inventories and have
not been expecting any great amount of activity until after
the turn of the year. Many of the houses are not sending
out salesmen, but it is stated that some will likely do so in
the near future, owing to intimations on the part of buyers
that new orders would be placed during the coming month.
Mills of late have not been accumulating output as fast as
buyers had expected they would, and this phase of the
market condition appears to be causing more or less anxiety
on the part of some of the leading buyers. Print cloths and
convertibles continue quiet, business being checked to some
extent by the firmness of sellers. It is stated that bids at
current prices in many instances are refused. Heavy convertibles for immediate shipment are scarce and very firmly
held. Gray goods, 38%-inch standard, are quoted steady
at 43' to 434c.
WOOLEN GOODS.-The market for dress goods and
men's wear has been quiet, although progress is being made
in the openings of men's wear for the fall of 1912. Buyers,
however, are displaying a certain amount of conservatism
and business is confined largely to the better quality cloths.
The tariff probabilities continue to attract considerable
attention and in many quarters little else is talked of.
Optimism, nevertheless, prevails in the market for dress
goods, owing to the number of urgent requests for quick
deliveries. Mills report a good spring business booked.
FOREIGN DRY GOODS.-The market for linens is more
or less unsettled, owing to trade conditions abroad. It is
feared as a result of the dock handlers' strike shipments of
goods for spring delivery will be delayed. Importers, however, have hopes that the trouble will soon be settled.
Burlap markets have shown very little change during the
week. The demand has continued quite active, supplies
light and the tone firm. Prices are as follows: .Lightweights, 4.30c., and 103 -ounce, 5.35c.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Dec. 23 1911 and since
Jan. 1 1911 and for the corresponding periods of last year:
18
g
Si
0 00
no
a 8 hi 4 S1 g .3
ZLVCOnCI
Bartell,
bush.
5,000
Lu'Lzv'tset 901969
Rye,
bush.
50,000
ZL9'986'S9I
AMERICAN GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
823,000
353,000
3,912,000
36,000
74,000
148,000
8,000
724,000
54,000
100,000
1,637,000
772,000
133,000
1,767,000
160,000
123,000
17,000
2,000
169,000
918,000
138,000
4,272,000
354,000
4,495,000
259,000
1,559,000
209,000
206,000
226,000
428,000
207,000
1,387,000
4,488,000
15,196,000
764,000
4,414,000
1,006,000
189,000
389,000
1,000
1,251.000
6,762,000
122,000
2,032,000
18,189,000
63,000
499,000
3,783,000
221,000
5,011,000
189,000
278,000
33,000
4,000
1,167,000
351,000
40,000
572,000
472,000
1,880,000
1,091,000
American
'Canadian
Total Dec. 23 1911.83,528,000
Total Dec. 16 1911_.83:360,000
Total Dec. 24 1910- _54,567,000
Total Dec. 25 1909..36,350,000
Total Dec. 26 1908_57,431,000
1801
THE CHRONICLE
DEC. 301911.]
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1802
THE CHRONICLE
VIM AVD CITY
trAVIVEVT,
News Items.
Bayou Sale Drainage District, La.—Decision.—Judge
Rufus E. Foster of the United States Circuit Court has
granted an injunction applied for by the Chicago Title &
Trust Co., restraining the Board of Commissioners of Bayou
Sale Drainage District from levying a tax and issuing bonds.
The New Orleans "Picayune" of Dec. 16 says:
•
It seems that the Police Jury' passed an ordinance establishing the
Bayou Sale Drainage District, Including in it approximately 50,000 acres
Of land, of which complainants owned over 31,000 acres. The Board of Commissioners appointed by the same ordinance called an election for August 23,
1910 to determine whether or not a special tax of 25 cents per acre on all
the land in the district, and an issue of $150,000 of bonds, payable out of the
said tax, and a special tax of 5 mills ad valorem on all the lands in the district, and necessary work and machinery for the same, should be authorized. The election carried in the affirmative, but thereafter the defendant board called another special election, which was held on Feb. 13 1011,
at which a new and different bond issue was authorized, payable out of the
special acreage tax of 25 cents per acre, already voted on. These taxes and
the proposed bond issue were attacked by the complainants upon various
grounds.
The injunction applied for by the Chicago Title & Trust Company was
granted by Judge Foster, who held as follows:
"It appears, however, that Article 281, of the Constitution of Louisiana,
relative to drainage districts, was amended in November 1910,some months
prior to the second special election. By this amendment it is provided that
when the character of the land is such that it must be leveed and pumped in
order to be drained and reclaimed, the work can only be done on the petition
of not less than a majority in acreage of the property taxpayers, resident
and non-resident, in the territory to be affected. It was also provided by
Act 317 of 1910, that whenever It Is necessary for the drainage of a district
to levee the district or any portion thereof and pump the water therefrom,
the Board of Commissioners must first have the district surveyed and
ascertain the cost per acre of draining the particular area embraced, and
then they can levee an acreage tax for whatever amount is necessary, but
the tax shall be imposed only on such lands in the district as are specially
benefltted by the drainage.
It is shown by the affidavits and bill that it will be necessary to levee the
land and pump the water out to properly drain Bayou Salo Drainage District, and that no petition for the incurring of the debt was flied, but that
the defendant board acted on its own initiative. It is also shown that the
defendant board has completed no surveyance of the entire district, nor
estimated the cost of drainage for the entire district, nor formed any definite
plan as to the doing of the work. The district is divided Into nine subdivisions of about equal area and they contemplate spending the entire amount
to be derived from the bond issue in draining subdivisions 1 and 2. On the
proof before me it is very clear to my mind that complainants' property will
derive no benefit except a small portion situated in said subdivisions 1
and 2.
It is contended by the defendants that even though the bonds may be
considered invalid, the tax is not. But the taxes and the bonds to be Issued
are so Indissolubly connected that in my opinion if one is invalid the other
must also fall.
The defendants also contend that they are not bound by the provisions
of the Constitution and Act 317 of 1910; that the said Act is void because It
does not comply with the technical requirements of the Constitution of Louisiana relative to the passage of laws. To this the complainant replies that it does not lie In the mouth of the defendant board to
contest the validity of the Act, even it it is void.
But I do not consider It necessary to decide either of these questions on
this preliminary hearing, for at any rate the Act expresses the intention of
the Legislature of Louisiana. which is in entire keeping with the settled
principles of equity.
The preliminary injunction will issue on plaintiffs giving bond to indemnify defendants for any damage occasioned."
Green Bay, Wis.—Vote on Commission Form of Government.—The City Clerk advises us that the returns from the
election held Dec. 21 on the question of adopting the commission form of government (V. 93, p. 1618) have not yet
been canvassed, but that the vote as reported in the local
paper was 1,922 "for" to 2,135 "against."
Idaho.—Supreme Court Upholds Commission Plan of Government.—A decision was rendered by the State Supreme
Court on Dec. 23 allowing a writ of mandamus and directing
Mayor Fritchman of Boise City to call a special election on
the question of adopting the commission plan of government as provided by Section 2 of the Act adopted by the
Legislature on March 13 1911. See V. 93, p. 893. Chief
Justice Stewart wrote the opinion, Justice Ailshie concurring
for the most part, but reserving his opinion upon one important phase of the question, while Justice Sullivan dissented from the majority of the Court. The majority
opinion closes with the following statement:
"We have made careful examination of the Constitution
and the Act involved in this case, and we have found nothing
in the Constitution which prohibits the Legislature from
enacting such a law. The wisdom or policy of such legislation is a matter entirely with the legislative department.
With that the Court has no concern, and in upholding this
Act we are guided by its provisions as they relate to the
Constitution."
[VoL. Lxxxxim
bill into a law, where the vote Is taken by yeas and nays and entered mit
journal, IS a final passage of a bill. The Senate has voted for the bill with
the amendments, and, by the second vote, taken in the manner required
by the Constitution, removed the amendments, leaving the bill as passed
by the House. It is argued that it did not follow that the Senate assented
to the bill as passed by the House, but that such was the Intention and
understanding and that the vote receding from the amendment was intended as a final passage of the bill before it was amended there can
be no
doubt. Under similar provisions of the Constitutions of the States, it has
been held, wherever the question has arisen, that if one House passes a bill
and the other House amends it and passes it as amended and
recedes from the amendments, and the vote is taken by yeas andafterwards
nays and
entered upon the journal,such vote is a final passage of the bIll without the
amendments. (Robertson vs. People, 20 Colo., 279; Division of Howard
County, 15 Kan., 194; State vs. Corbett, 61 Ark., 226; People vs.Supervisors, 8 N. Y., 317; Nelson vs. Haywood County, 91 Tenn., 596.) These
cases show a quite general understanding among legislative bodies that a
vote by one House receding from amendments made by It to a bill of the
other House which has been passed by It as amended is a passage of the
bill in its original form as passed by the other House, and such is the rule
and practice in Congress. (Vol. 5, Hines Precedents of the House of Representatives, 668-672.)
Counsel regarded the case of People vs. DeWols, 62 III., 25e, as stating a.
different rule. In that case a bill for an Act to increase the jurisdiction of
Justices of the peace was placed in the House and amended in the Senate
and as amended was passed by a constitutional majority on the call of the
yeas and nays. The House refused to concur in the amendment, and the
Senate, by a vote of the majority of a qourum less than a majority of all
the members elected, receded the amendment. The Court stated the question to be decided as follows: "The question is, to what did a constitutional majority of the Senate give their assent?" and the Court answered
that it was to increase the jurisdiction of justices of the peace, coupled with
a corresponding increase of their official bonds provided for by the amendment, and the constitutional majority never assented to the Increase of the
jurisdiction without the increase of the official bonds. It was not held
that receding from the amendment by a vote taken as required by the Constitution would not have been a final passage of the bill, and the question
here considered was not involved in any manner. The Constitution wascompiled with in the passage of the Act.
Concerning the other objections to the Act, the Court says:
It is contended that the Act deprives the voter of his constitutional right
by not permitting him to vote at the primary election for more than one
candidate for Mayor, although two are to be nominated; nor more than four
candidates for Commissioner although eight are to be nominated. Counsel
call attention to the decision in Rouse vs. Thompson, 228 III., 522, and other
cases holding that the right to choose candidates for public office whose
names will be placed upon the official ballot is of the same nature as the
right to vote for them after they are chosen, and that any law regulating
primary elections must not curtail, subvert or restrict such rights. It does
not appear to be claimed that a voter at a regular election would have a right
to vote for two candidates for mayor and eight candidates for commissioner.
What was held in those cases was that a voter has a right to vote for as
many candidates at primary elections as he can vote for at the regular election, and by this Act he is given that right and can vote for i1S many candidates as he could vote for when the regular election takes place.
It is next insisted that the Act violates Sec. 22 of Art. 4 of the Constitution, which prohibits special or local legislation in matters affecting the
incorporation of villages, cities and towns. It does not violate that section
because of the provision that It is only to become effective in municipalities
which may adopt it by a vote. (People vs. Hoffman, 116 III., 587; People
vs. Kipley, 171 id., 44.) If the law is not obnoxious to the Constitution
because it only operates where adopted, it cannot be objectionable because
the people by a vote may cease to act under it. Another reason given is
that the city of Chicago is arbitrarily excluded by the provision that an Act
can only be adopted by cities having a population of not exceeding 200,000.
The Constitution does not require that every hamlet or village should have
the same organization, or even the same officers and powers, as the larger
cities. It was not intended by the Constitution to effect that object and
classification based on substantial differences in population, and the necessity for different officers and powers has been recognized as valid. (Cummings vs. City of Chicago, 144 III., 563.)
The next objection to the Act is that it violates Sec. 4 of Art. 4 of the
Constitution of the United States, which provides that the United States
shall guarantee to every State in the Union a republican form of government.
That provision applies only to the form of government of the State, and
not to its regulation of affairs of minor municipalities or local subdivisions
of the State. (Cooley's Const. Lim., 28.) It has never been supposed that
holding a town meeting, where the voters assembled to make their own
regulations of township affairs according to the form and plan of a pure
democracy, is in violation of the Constitution of the United States. Local
affairs were regulated in that manner In New England when the Constitution was adopted, and the same method has existed in this State for a long
time without question. If the provision for the initiative, referendum and
recall do not come within the accepted definition of a republican form of
government, the Act is not therefore rendered invalid by the ,Constitution
of the United States because the provision of the Constitution relates only
to the State government.
The next contention of counsel is that the Act violates Sec. 13 of Art. 4
of the Constitution of this State, which provides that no law shall be reviewed or amended by reference to its title alone, but the law reviewed or
section amended shall be inserted at length in the new Act. No law was
reviewed in this Act, which by its title purported to amend the general Act
providing for the incorporation of cities and villages by adding thereto
Art. 13. The article added was printed at length, and as no change was
made in the Act excepting by adding the article, the Constitutional provision was not violated.
Finally, it is argued that the trial court erred in rendering a personal
judgment against the defendant for costs. By express provision of Sec. 5
of the Mandamus Act,the relator is entitled to recover its costs, and the
fact that the appellant was an officer did riot exempt him. (County of
Pike vs. People, 11 III., 202.) There are cases where proceedings are begun
and prosecuted by public officers in their official character in behalf of the
public where the judgment should be against them for costs in their official
capacity, and the case of the People vs. Madison County, 125 III., 334, was
of that nature. The defendant represented no one but himself in refusing
to perform a duty enjoined upon him by law, and he was personally and
Individually liable for costs
The judgment is affirmed.
The dissenting opinion says in part:
RI
We do not concur in the majority in its conclusion that the Act providing{
for a commission form of government was passed in a Constitutional manner by the Legislature. The journals of the two IIouses show that thisIbill,
known as House Bill No. 43, was introduced in and passed by the House
and reported to the Senate and there referred to the committee on municipalities. The committee amended the house bill by striking out all of the
bill after the enacting clause and substituting in lieu thereof another bill,
and that action of the committee was approved and the submittenbill
passed by the Senate. At the time the Senate voted to pass the bill not a
single section of House Bill No. 43 was before the Senate as a house bill,
but every line and every section for which the Senate voted was matter sub-.
mitted by the Senate and its committee for the House bill. Having stricken
out all of the House bill after the enacting clause, it seems unreasonable to
hold that a vote for the substituted bill was a passage of the bill that had
been bodily stricken out by way of amendment.
• 1.,1
In our opinion this bill never became a law. We have not considered
any Constitutional °bleak:Ins to this Act upon the assumption that it,was
regularly enacted, and we express no opinion upon those questions. • •1..-J
Illinois.—Constitutionality of Commission Form of Government Bill Upheld by Supreme Court.—The Illinois Supreme
Court on Dec. .21 affirmed the decision of the Sangamon
County Circuit Court holding constitutional the law providing for the commission plan of government and adopted by
certain cities throughout the State. (V. 93, p. 822.) The
opinion was written by Justice Cartwright and concurred in
by Justices Carter, Hand and Dunn. A dissenting opinion
was handed down by Justices Vickers, Farmer and Cooke.
The majority opinion holds that the Act is not unconstiThe Illinois cities which have adopted the new7forml'of
tutional, even though the Senate did not formally adopt it government are reported as follows: Springfield,qCarbonafter receding from amendments made by it. On this point dale, Clinton, Decatur, Dixon, Elgin, Hamilton, Hillsboro,
the Court says:
Jacksonville, Kewanee, Moline,.Ottawa, Pekin,iLaiSalle,
• Sec. 12 of Art. 4 of the Constitution contains the provision that "on the Rock Island, Spring Valley and Waukegan.
bills, the vote shall be by yeas and nays
upon each bill
final passage of all
separately, and shall•be entered upon the journal; and no bill shall become
a law without the concurrence of the majority of the members elected to
each House."
• The Constitution does not prescribe any form of procedure for the final
passage of a bill other than the requirements of said Sec. 12. and the view
of the courts has been that any action evidencing the intention to enact a
I
Laurel, Jones County, Miss.—Commission Formlof Government Adopted.—By a vote of 264 to 194, the commission'form
of government was adopted at the electionlheld,Dec.1,19
(V. 93, p. 1547).
Isla .11 'A
DEC. 30 1911.]
THE CHRONICLE
Mississippi.-Callfor Deposits of Defaulted State Bonds.Notice is given in an advertisement on a preceding page that
The Corporation of Foreign Bondholders of London and
Messrs. H. B. Hollins & Co. of New York have consented to
act as readjustment managers for the benefit of the holders
of old defaulted bonds of the State of Mississippi, who may
deposit their bonds under the terms of an agreement provided for that 'purpose. The bonds referred to were issued
years ago by the State in payment of its subscription to the
stock of the Planters' and Union banks.
There are $7,000,000 of the bonds in question, 52,000,000 6s having been used to purchase, It Is stated, one-half of the stock of the
Planters' Bank, incorporated in 1829 with $4,000,000 capital, and the
0 bonds subscribed (under Acts of 1837-1838)
remaining $5,000,000 In 57
for that amount of stock in the Union Bank, which had an authorized
capital of $15,500,000. The stock, it appears, was actually received by
the State, but when the banking enterprises failed, payment of the bonds
was refused, and later, in 1875, the new Constitution, then ratified, declared
that the State should never assume or redeem any Indebtedness claimed to
be due on "bonds known as the Union Bank bonds or Planters' Bank
bonds" (see "State and City Supplement" for April 1894).
Under the terms of the agreement which the bondholders are now invited
to enter into, It is provided that a certificate of deposit shall be issued in
exchange for deposited securities.
The readjustment managers shall on deposit become vested with the title
to the following percentages of the several holdings deposited hereunder,
that is to say:
1. 5 per cent (5%) of such holdings in any event whether an arrangement
is effected hereunder or not.
2. A further 15 per cent (15%) of such holdings in the event of an
arrangement being effected hereunder.
3. A further amount not exceeding 20 per cent (20%) for the purpose
of donating such portion of the deposited securities as the readjustment
managers may consider necessary to any foreign Government or State of
In furtherance
the Union or for any other purpose they may deem desirablebe
retained by
of the objects of this agreement. These percentages will
so far
discretion
their
in
them
by
managers
and
applied
readjustment
the
as they may deem expedient in payment of legal expenses, agents and any
other charges Incidental to the business, any balance remaining over being
at the disposal of the readjustment managers for their services.
No depositor shall be entitled to withdraw his securities represented by
the certificate of deposit Issued to him without the conseht of the readjustment managers prior to July 1 1916, or prior to such later date to which the
period of deposit may be extended as hereinafter provided. And after said
date or extended date, in case no settlement or disposition of said bonds
shall have been made as herein provided, the holders of certificates of deposit shall upon surrender thereof receive 95% of the face amount of the
securities represented by such certificates of deposit respectively. Should
a re-distribution of the deposited securities be made and a depositor should,
after a deduction of the 5 per cent (5%) above mentioned, be entitled only
to a part of a bond, a certificate representing the fractional amount will be
Issued, the bond being retained as cover.
1803
ALVIN, Brazoria County, Tex.-Bond Sale.-Reports state that the city
has awarded an issue of 10,000 street-impt. bonds to J. C. Kelso of Galveston at par and int.
ANSONIA. New Haven County, Conn.-Bond Sale.-On Dec. 23 the
$75,000 4% 25-year gold coup. refunding bonds dated Jan. 1 1912 (V. 93,
p. 1679) were awarded to Kountze Bros. cif N. Y. at 98.321-a basis of
about 4.11%. Other bids follow:
98.270 Hincks Bros. & Co., Bridgep't_97.00
Adams & Co., Boston
97.910 E. H. Rollins & Sons, Boston_96.56
Blodget & Co., Boston
Harris, Forbes & Co., N. Y _ _97.189 Estabrook & Co., Boston
96.39
95.09
R. L. Day & Co., Boston ..97.180 Blake Bros. &Co., Boston
Merrill, Oldham & Co., Bost_97.149
A bid was also received from the Conn. Savings Bank at 97 for $15,000
and 96.50 for $15.000.
ARDMORE SCHOOL DISTRICT (P. 0. Ardmore), Carter County. Okla.
-Bond Sale.-The $100,000 bonds (V. 93, p. 1131) have been sold at
102.185. It is stated.
ATLANTIC, Cass County, Iowa.-Bond Sale.-The Capital City Concrete Constr. Co. was awarded at par about Nov. 20 an issue of $12,500 6%
bonds. Date Nov. 1 1911. Int. ann. Due serially from Nov. 1 1013.
BAGLEY. Clearwater County, Minn.-Bonds Not Yet Sold.-The $12,500
bonds (V. 91, p. 1659) have not yet been disposed of, we are advised.
BATESVILLE. Panola County. Miss.-Bonds Awarded In Part.-The
Farmers' Savings Bank of Batesville was awarded about Nov. 15 at par,
int. and blank bonds $4,000 of the $6,000 6% 20-year concrete-walk bonds
(V. 93, p. 1275). Denom. $500. Date Nov. 1 1911. Interest M. &N.
BATON ROUGE, East Baton Rouge Parish, La.-Bonds Voted.-The
election held Dec. 19 resulted, it is stated, in a vote of 230 to 14 in favor of
the proposition to issue the $75,000 high-school-bldg. bonds(V.93, p.1679).
BELL COUNTY COMMON SCHOOL DISTRICT NO. 108, Tex.-Bond
Sale.-During October the $2,000 5% 20-yr. bonds registered on Oct. 2
(V. 93, p. 1055) were awarded to W. C. Retiger of Belton at par. Denom.
$100. Date Aug. 10 1011. Int. ann. in April.
BEVERLY, Essex County, Mass.-Bond Offerino.-Proposals will be
received until 4 p. m. Jan. 2 1912 by C. F. Lee, City Treasurer, for $20,000
4% coup, school-house-site loan No. 1, 1911 bonds. Denom. $1.000.
Date Dec. 1 1911. Int. J. & D. at the Old Colony Trust Co. of Boston.
Due $2,000 yrly. on Dec. 1 from 1912 to 1921 incl. These bonds will be
certified as to their genuineness by the Old Colony Trust Co. of Boston,
which will further certify that In the opinion of Ropes, Gray & Gorham,
this issue is a valid obligation of the city of Beverly.
•
BLOOMFIELD Essex County N. J.-Bond Sale.-On Nov. 20 the
$30,000 4% 30-year coup.(with privilege of registration) park bonds(V.93.
p. 1338) were awarded to Allison Dodd of Bloomfield at par.
New York State.-New Deputy Comptroller.-Wallace S.
Fraser has been appointed by State Comptroller Sohmer to
be Deputy Comptroller in charge of the New York City office,
to succeed Julius Harburger, Sheriff-elect.
Portland, Ore.-Bidder for Bridge Bonds Recovers "Good
Faith" Deposit.-On Dec. 22 Parson, Son & Co. of New York
obtained in the U. S. Circuit Court at Portland judgment
against the City of Portland for $25,000 and interest. The
amount recovered represents the deposit made by this firm
on account of the $500,000 bridge bonds awarded to it on
Jan. 24 1911. They declined to accept the bonds,as their
attorneys, Hawkins, Delafield & Longfellow, of New York,
failed to approve the same,and the city retained their deposit.
The bonds have since been re-sold (V. 92, p. 1134).
Bond Calls and Redemptions.
Missouri.-Bond Call.-Whitaker & Co. of St. Louis,in
their quotation pamphlet dated Dec. 15,give the following
list of municipal bonds which have been called for redemption:
BOONE COUNTY (P. 0. Columbia), Mo.-No Bond Election.-We are
advised that the proposition to issue road-impt. bonds was not submitted
to the voters on Dec. 22, as previously reported. V. 93, p. 1680.
BOONE SCHOOL DISTRICT (P. 0. Boone), Boone County, Iowa.Bonds Voted.-The question of issuing the $100.000 bldg. bonds (V. 93,
p. 1489) carried by a vote of 796 to 272 at the election held Dec. 18.
BOSQUE COUNTY (P. 0. Meridian), Tex.-Bonds Voted.-A favorable
votemas cast on Dec. 9, it is stated, on a proposition to issue $40,000 road
bonds in Valley Mills Precinct No. 7.
BOX ELDER COUNTY SCHOOL DISTRICT (P. 0. Brigham), Utah.Vote.-We are advised that the vote cast on Dec. 5 in favor of the proposition to issue the $200,000 4 X% 20-yr. bldg. and equipping bonds (V. 93,
p. 1680) was 983 "for" and 267 "against." Denom. $1,000.
BRIDGEVILLE. Allegheny County. Pa.-Correaton.-In giving the bid
of Edward V. Kane & Co. for the $23,000 funding bonds sold on Dec. 19
(V. 93, p. 1737), we Inadvertently reported their address as Minneapolis
instead of Philadelphia.
BRIMFIELD TOWNSHIP. Portage County. Ohio.-Bond Offering.Proposals will be received until 12 m. Jan. 22 1912 by G. W. Bard. Twp.
Clerk (P. 0. Kent, R. D. No. 8). for $8,900 4% Kent-Brimfield road impt.
(twP's portion) bonds. Auth., Sec. 1223, Gen. Code. Denom. $400 and
$500. Date Feb. 11012. Int. M. &S. Due $400 Mch. 1 and $500 Sept. 1
in 1913 and $500 each six months from Mch. 1 1914 to Sept. 1 1921 incl.
Bonds to be delivered Feb. 1 1912. Cert. check for $200, payable to the
Twp. Treas., required. Purchaser to pay accrued int.
BRUNNER INDEPENDENT SCHOOL DISTRICT (P. 0. Houston),
Harris County. Tex.-Bonds Voted.-A proposition to issue $30,000 bldg.
bonds received a favorable vote, it is stated, at a recent election.
0 bonds, Nos. 4 to 7 incl., for
Dunklln County School District No. 1, 67
BRYAN. Williams County, Ohio.-Bond Sale.-We are advised that the
$500 each, dated June 1 1905, were called for payment Dec. 1 1911.
and
Kirksville Sch. Dist., Adair County-4% building bonds, Nos. 46 to 52, following coup. bonds were taken over by the Sinking Fund Trustees
paid
be
will
sold to local banks:
and
subsequently
inc., for $500 each, dated July 11899, have been called
Jan. 1 1912.
Due
1414).
p.
93,
water and light-plant-Impt. bonds (V.
Lebanon Ind. Sch. Dist. No. 42, Laclede County-4% renewal fund $23,000 4j% $2,500 on March 1 and $1,500 on Sept. 1 from March 1 1914
bonds, Nos. 7 and 8, for $1,000 each, dated Jan. 1 1806, have been
to March 11019 incl. and $500 Sept. 1 1919.
called and will be paid Ja.n. 1 1912.
1,200.5% High St. sewer-construction bonds (V. 93, p. 1620). Due
Plattsburg, Clinton County-4% refunding bonds Nos. 4 and 5, for $500
$400 Sept. 1 in 1912, 1913 and 1914.
each, dated July 11901. have been called and will be paid Jan. 1 1912.
Polk County.-4% court-house bonds Nos. 21 and 22, for $500 each,
DISTRICT (P.O. Butte), Silver Bow County, Mont.
1011.
SCHOOL
10
Dec.
BUTTE
paid
dated Oct. 2 1905, were called to be
to 25 was cast on Dec. 16 In favor of the propoPoplar Bluff, Butler County-4% building city hall & jail bonds Nos. 1 to Bonds Voted.-A vote of 146 5% 10-20-year (opt.) bldg. bonds (V. 93. 13•
$50,000
the
paid
issue
be
to
will
been
called
and
sition
have
1901,
1
July
dated
each,
$500
for
7 incl.,
1414). it is stated.
9.
Jan. 1 112
Slater, Saline County-5% water-works bonds Nos. 12 and 13, for $500
1912.
1
Jan.
be
and
paid
will
called
been
have
CAMERON COUNTY DRAINAGE DISTRICT NO. 3. Tex-Bond Meeeach, dated Dec. 311897,
tton.-The election to vote on a proposition to issue $105,620 canal drainage
Mont.-Bond Call.- bonds will be held, It Is reported, Jan. 11 1912.
Powell County (P. 0. Deer Lodge),
Payment will be made on Feb. 1 1912 at the County Treasurer's office of bonds numbered from 33 to 39, inclusive,
of the issue of July 1 1901.
The official notice of this bond call will be found among the
advertisements elsewhere in this Department.
Reading, Berks County, Pa.-Bond Call.-The following
0 bonds, Series "B," Jan. 1 1889, are called for payment
0
Jan. 1 1912 at the office of the City Treasurer:
Nos. 53 to 58, 61 to 63, 65, 66, 68, 69, 71 to 73, 75 to 80, 82 to 85, 87
to 89, 91 to 95, 97 to 100, incl. $1,000 each, total $38,000.
Nos. 101 to 150, Incl., $500 each, total $25,000.
•Nos. 51, 52, 59, 60, $1,000 each, total $4,000.
Bond Proposals and Negotiations this week
have been as follows:
ABERDEEN, Brown County, So. Dak.-Bond Offering.-Proposals will
be received until 10 a. m. Jan. 2 1912 by A.E. Boyd, Comm'er of Finance,
for the $200,000 4 3470 sewer bonds (V. 93, p. 1679). Date Jan. 1 1912.
Int. semi-ann. Due 20 yrs. Cert. check for 2% of bonds bid for, payable
toll:4. Bolles, City Treas., required.
ALLEN TOWNSHIP SCHOOL DISTRICT (P. 0. Allen Center) Union
County, Ohio.-BondElec!ton.-An election will be held Jan.9 1912 to vote
on the question of issuing $1,500 school-bldg. and site-purchase bonds,
CAMILLA. Mitchell County, Ga.-Bond Sale.-We are advised that
John W. Dickey of Augusta has now agreed to accept the $15,000 sewerage
and $5,000 city-hall 534% bonds awarded to him on July 13, but subsequently refused. (V. 93, p. 483.) The price paid is 103.30. Due Jan. 1
1941.
CANTON. Stark Countyhlo.-Bond Sale.-On Dec. 26 the $4,000
and $2,000 4-5-year (ser.) No. Cherry
2-5-year (scr.) Harrison Ave.A
St. 4 X% sanitary-sewer assess. bonds (V. 93, p. 1548) were awarded to
Hayden, Miller & Co. of Cleve. at 100.625 and Int. Other bids follow:
(Seasongood & Mayer, Cin_$6,017 25
Provident Say. Bank &
Trust Co., Cincinnati_ _$6,029 80 Stacy & Braun, Toledo___ 6.016 22
CARTER COUNTY (P. 0. Ardmore), Okla.-Bond Sale.-We are advised that the $30,000 5% 25-year coup. warrant-funding bonds (V. 93,
p. 1275) have been sold.
CECIL COUNTY (P. 0. Elkton), Md.-Bond Sale.-On Dec. 5 $25,000
5% road bonds were awarded to Mrs. E.S. France of Port Deposit at 104.30.
Denom. $500. Date July 1 1908. Int. J. & J. at the County Commissioner's office. Due July 1 1928.
CHAMBERSBURG SCHOOL DISTRICT (P. 0. Chambersburg), Franklin County, Pa.-Bond Sale.-We are advised that this district has sold an
issue of $20,000 4% bldg. bonds.
CHEHALIS COUNTY SCHOOL DISTRICT NO. 9, Wash.-Bond Sale.
We have just been informed that on July 5 the $2,000 1-3-yr. (opt.) bldg.
bonds offered but not sold on July 1 (V. 93, p. 484) were awarded to the
State of Washington at par for 5s.
CHICAGO, III.-Bond Election.-Newspaper dispatches from Chicago
say the bond propositions to be voted upon at the next April election are
as follows: $5,000,000 for harbor Impt., $4,000,000 police and fire dept.
1mpt. and $500,000 for miscellaneous purposes,
1804
THE CHRONICLE
[VOL. Lxxxx.m.
CHOUTEAU COUNTY SCHOOL DISTRICT NO. 59(P. O. Joplin), Mont.
Bonds Not Sold.-The 510,000 4% 20-yr. armory bonds
at the
-Bonds Not Sold.-No award was made of an issue of
$20,000 bonds same time were not sold, the only bids received being on a 4offered
h% basis.
offered on Dec. 18, we are advised.
CUSTER
COUNTY
(P.
0.
Miles
City),
Mont.
-Bond Election.-PropoCINCINNATI. Ohio.-Bonds Authorized.-Ordinances have been passed sltlons to
issue $60,000 Yellowstone River bridge and 525,000 Powder River
providing for the issuance of the following 4% coupon bonds:
bridge-constr. bonds will be submitted to a vote on Feb. 20 1912. The
$37,500 00 hospital impt. bonds. Denom. $500. Date Jan. 15 1912. Powder River bridge bonds were sold on Feb.
7 to the Security Trust Co.
Due 50 years.
(V. 92, p. 1265), but later declined, according to local papers.
4,384 06 street-oiling bonds. Date Dec. 15 1911. Due Dec. 15
-Bonds
35,000 00 Eastern Ave. sewer-constr. bonds. Denom. $500.1912.
DAYTON,
Ohio.
Authorized.
-Ordinances
have been passed proDate viding for the issuance of
Dee. 15 1911. Due 20 years.
the following bonds:
30,000 00 Burton Ave. sewer bonds. Denom. $500. Date Dec. 15 1911. $15,000 4% bridge-construction bonds. Due
$5,000 Jan. 1 in 1919,
Due 20 years.
1920 and 1921.
307,000 00 Eastern Ave. (city's portion) Impt. bonds. Denom. $500.
8,000 43i% Linden Ave. and Central Ave. improvement bonds. Due
Dote Dec. 15 1911. Due 20 years.
$1,000 yearly Jan. 1 from 1916 to 1923, inclusive.
4,200 00 public library bonds. Denom. $500. Date Mch. 1 1912.
Venom. $1,000. Date Jan. 1 1912. Interest J. & J.
Due 20 years.
Bond Offering.-Proposals will be received until 12 m. Jan. 17 1912 by
10,250,00 Northside and Sam avenues sewer impt. (city's portion) bonds.
G.
W. Bish, City Aud., for the following coup. bonds (V. 03, p. 1621):
Denom. $500 and $750. Date Dec. 26 1911. Due 20 years.
$18,500 5% Huffman Ave. paving assess. bonds. Denom. $1,000 and $1,Interest semi-annual.
500. Due on Dec. 1 as follows: $2,500 in 1913, $1,000 in 1914.
Bond Ordinance Repealed.-An ordinance was passed on Dec. 18 repealing
$2,000 in 1915, $1,000 in 1916, $2,000 in 1917, $1,000 in 1918,
an ordinance passed Nov. 13 providing for the issuance
$3,000 in 1919, $1,000 in 1920, $2,000 in 1921, 51,000 in 1922
of $12,000 Fern
Street bridge improvement bonds.
and $2,000 in 1923.
11,300 5% Huffman Ave. paving assess. bonds. Denom. $1,000 and
CLEVELAND HEIGHTS, Ohio.-Bond Offering.-Proposals will be re$1,300.
Due $1,300 Dec. 1 1913 and $1,000 yriy. Dec. 1 from
ceived until 12 m. Jan. 16 1912 (not Nov. 7, as inadvertently reported last
1914 to 1923 incl.
week) by H. H. Canfield, VII. Clerk (P. 0. No. 309 Beckman Bldg., Cleve20,000 4% storm-water sewer bonds. Denom. $1,000. Due 54,000
land), for the following 4;i% coup. impt. assess. bonds:
yriy. Dec. 1 from 1920 to 1924 incl.
523,422 Fairfax Road bonds. Denom. $1,000 and $422. Due on Oct. 1
30,000 4% general lighting bonds. Denom. $1,000. Due $5,000 yrly,
as follows: $1,422 in 1912, $2,000 yrly. from 1913 to 1917 Incl. and
Dec. 1 from 1920 to 1925 incl.
$3,000 yrly. from 1918 to 1921 Incl.
50,000 of an issue of $450,000 4% Great Miami River impt, bonds voted
17,147 Monmouth Road bonds. Denom. $1,000 and $147. Due on Oct. 1
Nov. 2 1909. Denom. $1,000. Due $5,000 yriy. Dec. 1 from
as follows: $1,147 in 1912, $1,000 in 1913 and 1914 and $2,000
1924 to 1933 incl.
yrly. from 1915 to 1921 incl.
Date Dec. 1 1911. Int. semi-ann. in New York. Bonds to be delivered
Jan. 17 1912. Cert. check on a national bank for 5% of bonds, payAuth., See. 3914, Gen. Code. Date "day of sale." Int. A. & O. beginning April 1 1912, payable at the VII. Treas office. Bonds to be delivered able to City Aud.. required.
and paid for within 10 days from time of award. Cert. cheek on a bank
DENBIGH
other than the one making the bid for 10% of bonds bid for, payable to the -Bones Not SCHOOL DISTRICT (P. 0. Denbigh), Warwick County, Va.
Sold.-We are advised that $5,000 6% bonds which this disVII. Treas., required. Purchaser to pay accrued interest.
trict has been offering for sale have not been sold, it having been found that
a building could not be erected for that sum.
CLINTON COUNTY (P.O. Plattsburgh), N. y.-Bond Sale.-On Dec. 21
the $28,000 4 ii% 5-11-yr. (ser.) reg. funding bonds dated Jan. 2 1912
Ripley County, Mo.-Band Election Proposed.-PetItIons
(V. 93, p. 1680) were awarded to W. N. Coler & Co. of N. Y. at 101.5075 areDONIPHAN,
being circulated calling for an election to vote on the question of issuing
and Int.-a basis of about 4.28%. Other bids follow:
electric-light and sewer bonds, according to reports.
R. L. Day & Co., New York_101.39 1 Geo. M. Hahn, New York_ .. _101.13
DOVER, Cuyahoga County, Ohio.-Bond Sale.-On Deo.16 the $1,000
Isaac W. Sherrill, Poughk__101.29 Harris, Forbes & Co., N. Y_.101.081
4 % 1-2-yr. (ser.) Dover Township refunding bonds (V. 93, p. 1414)
Adams F0 Co.. New York_ __ _101.218 John J. Hart, Albany
were
100.882
Farson. Son'& Co.. N. Y____101.145 A. B.Leach & Co., New York10.).171 awarded to the Rocky River Banking Co. at 100.26 and int. No other
bids were received.
Bond Sale.-On Dec. 26 the $12,000 4;i% Center Ridge road-impt. bonds
COALINGA, Fresno County. Cal.-Bond Sale.-We have just been ad(V. 93, p. 1489)
vised that the $40,000 5% sewer bonds, bids for which were rejected
awarded to Seasongood & Mayer of Cin. for $12,330
on (102.75) and int.were
Aug. 7 (V. 93, p. 547), were sold on Oct. 23.
Other bids follow:
Tillotson&Wol
cottCo.,Cie.$
12,327 60 Well, Roth & Co. Ci. ..$12,289 20
COATESVILLE, Hendricks County, Ind.-Bonds Voted.-An election Rocky River
Bk. RockyR. 12,319 20 Hayden, Miller & Co. Cie. 12,252 00
held recently resulted in favor of the question of issuing electric-light-system Otis
& Hough, Cleve
12,305 00 Breed &Harrison, dn.__ 12,243 60
bonds, according to reports.
C. E. Denison & Co., Cle
12,291 80
COLDWATER Mercer County. Ohlo.-Bond Sale.-No bids were reDue $500 yrly. Oct. 1 from 1913 to 1918 incl. and $500 each six months
ceived on Dec. 22 for the $3,000 4 %% 17-year coup. sewer and street- from April 1 1919 to Oct. 1 1927 incl.
impt. bonds offered on that date (V. 93, p. 1680). We are advised that
these bonds were later awarded to the People's Bank Co. of Coldwater
DRAYTON, Pambina County, No, Dak.-Bond Sale.-The
at par and interest.
Loan do Trust Co. of Minneapolis has been awarded at par and int, Minn.
$10,400
6% bridge bonds. Denom. $500, except one bond of $400.
Date Nov. 1
COLUMBUS, Ohio.-Bond Election.-A resolution has been adopted 1911. Int. M.
N. Due on Nov. 1 as follows: $1,000 in 1016; $1,400
In
calling for an election to be held May 21 1912 to vote on the proposittoh to 1921; $4,000 in &
1926
and
$4.000
in
1931.
issue $700,000 grade-ctossing-elimination bonds. These bonds were favorably voted upon on Nov. 7 (V. 93, p. 1339), but the ordinance passed by
DUMONT, Butler County, Iowa.-Bond Offerintl.-Proposals will be reCouncil was published only twice before the election, In each of the three ceived until Feb. 1 1912 by the Town Treas, for the
$7,000 5% water-works
daily newspapers instead of four consecutive weeks 30 days previous to the bonds voted Oct. 12 (V. 93. p. 1134). Denom. *500.
Int. semi-ann. beelection, as required by law.
ginning May 11912. Due 20 yrs., opt, one or more bonds yriy.
after 5 yrs.
On the same day (May 21) the proposition to issue the $250,000 prison- upon 30 days' notice. J. A. Barlow is Town
Clerk.
bldg. bonds which was defeated on Nov. 7 (V. 93, p. 1339) will also be resubmitted.
LIVERPOOL, Columbiana County, Ohio.-Bonol Offering.-Proposals will be received until 12 m. Jan. 17 1912 by R. L. B. Chambers,
COMANCHE COUNTY (P. 0. Lawton). Okla.-Bond Sale.-An issue City
Auditor, for the following 5% bonds:
of $90,134 74 5% 20-year coupon funding bonds offered Dec. 19 was awarded.
$35,400 Pennsylvania Ave. impt. assess. bonds. Auth. Sec. 3914
to D. H. Rollins Fe Sons of Chicago at 101.68 and int.-a basis
and
about
3812, Gen. Code. Denom. $500 and $80. Date July 1 1911. Due
4.868%. The Harris Trust & Say. Bank of Chicago bid 101.389 of
and int.
serially from July 1 1912 to July 1 1916 incl.
Seven bids in all were received. Denom. $1,000. Date Dec. 9 1011. Int.
4,980 Ravine St. impt. assess. bonds. Auth., Sec, 3914, 3814, 3815,
J. Fc J. at fiscal agency. No other debt. Assess. val. 1911, $28,000,000,
3819 and 3812, Gen. Code, Denom. $096. Date July 1 1911. Due
CONNECTICUT.-Bids.-The bids received on Dec. 21 for the $4,000,000
$996 yriy. on July 1 from 1912 to 1916 incl.
4% 25-yr. coup. or reg. general bonds awarded, as stated last week, to R. L.
850
Monroe St. impt. assess. bonds.
Sec. 3914, 3814, 3815,
Day & Co.and Est/brook & Co. of Boston,at their joint offer of 101.598,
3819 and 3812, Gen. Code. Denom.
Auth..
$170. Date July 1 1911.
were as follows:
Due $170 yrly. on July 1 1912 to 1916 Incl.
Brooks Nat. Bank,
4,115 West 9th St. lmpt. assess. bonds. Auth. Sec. 3914, 3814, 3815
$50,00) 100.95
Torrington
350,000 102
3819 and 381-, Gen. Code. Denom. $82'3. Date July 1 1911.
50,000 100.90
A. D. Osborne, New
Due $823 yrly. on July 1 from 1912 to 1916 incl.
50,000 100.85
Haven
20,000 101.70
2,275 Jefferson St. impt. assess. bonds. Auth., Sec. 3914, 3814, 3815.
50,000 100.80
J. S. Hotchkiss, New
3819 and 3812, Gen. Code. Denom. $455. Date July 1 1911.
50,000 100.70
Haven
10,000 101.70
Due $455 yrly. on July 1 from 1912 to 1916 incl.
50,030 100.60
{300,000 101.62
2,600 Centre Alley impt. assess. bonds. Auth. See. 3014, 3814, 3815 and
Morgan, Livermore & 100,090 100.55
300,000 101.28
3812, Gen. Code. Denom. $520. Date July 1 1911. Due $520
Co., New York____ 100,000 100.50
Livingston & Co.._ _ 200,000 101.03
yriy. on July 1 from 1912 to 1916 incl.
100,000 100.45
100,000 105.78
1,130 Persimmon Alley impt. assess. bonds. Auth. Sec. 3914, 3814.
100,000 100.40
100,000 100.58
3815, 3819 and 3812, Gen. Code. Denom. $226. Date July 1
103,000 100.35
1911. Due $226 on July 1 from 1912 to 1916 incl.
50,000 100.30
Travelers' Insurance 1100,000 101.60
350 Crook Alley impt. assess, bonds. Auth. Sec. 3914, 3814, 3815,
50,000 100.25
Co., Hartford
(100,000 101.30
3819 and 3812, Gen. Code. Denom, 570. Date July 1 1911. Due
50,000 100.20
L 50,000 101.15
$70 yriy. on July 1 from 1912 to 1916 incl.
50,000 100.15
R.L. Day & Co. and14,000,000 101.598
2,100 Drury Lane impt. assess. bonds. Auth. Sec. 3914, 3814, 3815,
25,000 100.81
Estabrook &Co.,Bos1
3819
and 3812, Gen, Code. Denom. $420. Date July 1 1911.
Roy T. H. Barnes 50,000 100.71
J. S. Hyde, Bath, Me. 25,000 101.57
Duo 5.120 yriy. on July 1 from 1912 to 1916 incl.
& Co
100,000 100.61
100,000 101.19
690 East Alley impt. assess. bonds. Auth. Sec. 3014, 3814, 3815, 3819
Millet, Roe & Hagen, 100,000 101.09
100,000 100.51
and 3812, Gen. Code. Denom. $138. Date July 1 1911. • Due
New York
100,003 100.41
100,000 100.99
$138 yriy. on July 1 from 1012 to 1916 incl.
k•t•••1
75,000 100.31
100,000 100.89
1,585 Jackson St. impt. assess. bonds. Auth. Sec. 3914, 3814, 3815,
75,000 100.21
100,000 100.70
3819 and 3812, Gen. Code. Denom. $317. Date July 1 1911,
J. S. Farlee & Co
Harvey Fisk & Sens,
250,000 100.78
Due 5317 yriy. on July 1 from 1912 to 1916 incl.
New York
)125,000 100.7661
4,000,000 101.177
295 Church Alley impt. assess. bonds. Auth. Sec. 3014, 3814;!3815,
Richter & Co
Connecticut Savings 125,000 101.15
)100,000 100.5131
3819 and 3812, Gen. Code. Denom. $59. Date July 1 1911.
J 100,000 100.2513
Bank, New Haven_ 125,000 100.78
Due $59 yriy. on July 1 from 1912 to 1916 incl.
•
Watson&Pressprich,14,000,000 101.088
1,750 Church Alley inapt. assess. bonds. Auth. Sec. 3914, 3814,!:1815,
100,000 100.635
i (or any part)
3819 and 3812, Gen. Code. Denom. $350, pate July 1 1911.
100,000 100.510
Bridgeport Savings
f50,000 101.06
Francis R. Cooley.-- 100,000 100.38
Due $350 yrly. on July 1 from 1912 to 1916 incl.
Bank
(25,000 100.57
1,350 Fifth St. impt. assess. bonds. Auth. Sec. 3914, 3814, 3815;3819
100,000 100.255
125,000 100.28
and 3812, Gen. Code. Denom. $270. Date July 1 1911. • Due
100,000 100.125
Spitzer, Rorick & Co.,
$270 yrly. on July 1 from 1912 to 1916 incl.
25,000 101.01
New York
525 Moore St. impt. assess. bonds. • Auth. Sec. 3014, 3814, 3815,9819
Nat. Bk. of Comm'ce,125,000 100.76
200,000 100.57
and 3812, Gen. Code. Denom. $105. Date July 1 1911. • Due
New London
25,000 100.525 A. It. Hillyer, Heard 20,000 100.50
People's Savings Bk.,
$105 yriy. on July 1 from 1912 to 1916 incl.
25,000 100.26
• • Nil
Bridgeport
1,252 sewer-constr. (city's portion) bonds. Auth. Sec. 3820, 3821rand
T. B. Hawley, Br'n't 15,000 101.006
10,000 100.50
Wm. A. Read & Co_ _4,000,000 101.0.33 Blocks Bros., Bridge- 5309,000 100.41
3939, Gen. Code. Denom. $500 and $252. Date Sept. 15 1911.
port
Gov. F. B. Weeks,
1200,000 100.125
Due Sept. 15 1919.
szj •
• 10
BroWn Bros. & Co.__
29,406 Street-impt. (city's portion) bonds. Auth. Sec. 3820,V821,and
Middletown
10,000 100.25
10.000 101
Derby Savings Bank_ 25,000 100.25
F. C. Atkins, Hartf'd 10,000 101
3939, Gen. Code. Denom. $500 and 5406. Date Sept.. 1541911.
H. W.Crawford, New 110,000 101
Due $2,000 yrly. on Sept. 15 from 1919 to 1032 incl. anti $1,406
25,000 100.125
Hartford Trust Co..
on Sept. 15 1933.
Haven
50,000 100.25
110,000 100.75
• • • atil
Onondaga Sav. Bank, 5100,000 100.55
9,000
garbage-crema
tory-plant bonds. Auth. Sec. 3939, Gen. Code.
100,000 101
Syracuse, N. Y.... 1100,000 100.35
Denom. $500. Date June 1 1911. Duo $3,000 on June 1,11923,
Second National Bk., 100,000 100.75
Burr,
Parkinson
&
1924 and 1925.
New Haven
50,000 100.50
Boston__
100.1369
Int. semi-ann. Cert. check for 5% of bonds bid for, payable toNitY
50,000 100.112 A. S. Emerson, Bost.. 250,000
50,000 100.10
Treas. required. Bonds to be delivered and paid for within 10 days.
100,000 100.10
ter
Ins.
Co. 50,000 100
Hartford Fire
time Of award. Purchaser to pay accrued interest. The first 17 issues
National Bank °teemAetna Life Ins. Co.__ 530,000 100
were previously offered on Nov. 30 (V. 93, p. 1490), while the $9,000 garbmerce, New London 13,000 101
Hartford_
F.
Holt,
R.
5,000
100
age-crematory-plant bonds were previously offered on Nov. 20 (V...93,
Blodget & Co., Bos-f4,000,000 100.99
First Nat. Bk., Merril 25,003 103
p. 1276).
1 (or any part)
ton
A. B, Leach & Co.,f4,000,000 100.67
Total
$31,093,000
EAST PALESTINE SCHOOL DISTRICT (P. 0. East Palestine). Colum.
New York
1 (or any part)
biana County, Ohio.-Bond Election.-An election will be held Jan. 6 1912
COOK COUNTY (P. 0. Grand Marais), Minn.-Bonds Not Yet S.)1(1.-No to vote on the question of issuing $50,000 site-purchase and building bonds.
award has yet been made of the $60,000 bonds (V. 93, p. 744)
offered on
ELKIN TOWNSHIP (P. 0. Elkin), Surry County No, Car.-.Bohd
Aug. 7, we are advised.
CROOKSTON. Polk County. Minn.-Bond Sale.-On Dec. 26 the $25,- Offering.-Thls township is now offering for sale the $20,000 5% bonds
(V. 93, p. 1276). Int. semi-ann. Due July 15 1941. Bonded debt
223 30 6% paving assess. bonds (V. 93, p. 1680) were awarded to
Wells & (Including this issue) $26,000. Assessed val. for 1911, $1,100,000.W. F.
Dickey Co. of Minneapolis at par and int.
Hendren is Attorney.
EAST
1
11
DEC. 30 1911.1
Tim CHRONICLE
1805
0. Ellensburg), Wash.
K1TTITAS RECLAMATION DISTRICT (P.
Sate.-On Dec. 5 the $10,000
24, the issuance of $5,000,000 special
ELMA, Chehalis County, Wash.-Band
1 1912 (V. 93, p. 1549) Bonds Voted.-By a vote of 335 to 16
is
it
Jan.
which,
dated
bonds
canal
ks
line
high
water-wor
a
coup.
build
to
(opt.)
1-10-yr.
impt, bonds was authorized on Dec.
par for 6s.
was organized
were awarded to the State of Washington at
said, will irrigate 91,000 acres of valley lands. This district
favored the scheme
-owners
land
the
when
14,
5%
Sept.
an
to
$130,000
the
election
11
Dec.
pursuant
-On
EUGENE, Lane County, Ore.-Bond Sale.
power and water bonds by a vote of 383 to 6.
warrant-funding bonds and $57.000 15-yr. light,
it is stated, to Carstens & Earle of Seattle
ltam Torrance
(V. 93, p.1339), were awarded,
bonds were bought as 5 34s. Similar
LA CROSSE.. La Crosse County, Wis.-Bond Sale.-Wil
ten
at par and accrued int. The $57,000
has been awarded, it is stated, $3,350 street-impt. bonds. Denom.
24. See V. 93, p. 683.
issues of bonds were reported soli on Aug.
bonds of $70, $83 and $182 each.
Dak.So.
0. Faith), Meade County,
• FAITH SCHOOL DISTRICT (P.school-bui
have just been
lding bonds were awarded to
LAFAYETTE. Chambers County, Ala.-Bond Sale.-We
Bond Sale.-On Dec. 1 $4,200 6%
of Chicago at par. Denom. $200. Date advised that the Alabama Bond Co. was awarded on July 1 the $40,000 5%,
the H. C. Speer & Sons Co.0.
p. 207). De92,
(V.
years.
15
bonds
sewer
and
Due in 6, 9, 12
30-yr. water-works, electric-light and
Dec. 1 1911. Interest A. &
1911. Int. J. & J.
Tex.-Bonds Voted. nom. $500. Date July 1
21,
NO.
DISTRICT
SCHOOL
CAGE
&
ON
FULLERT
-Bond
question of issuing $10,-The election held Dec. 16 resulted in favor of the
LAKE BORGNE LEVEE DISTRICT, St. Bernard Parish. La.
was 16 to 5.
Sale.-On Dec. 15 $7,000 5% bonds were awarded, it is stated, to Mysing
000 school hnpt. bonds. According to reports, the vote
0. Libby), Lincoln County, Bros. at 105.38.
GLEN LAKE IRRIGATION DISTRICT (P.
6% irrigation bonds (V. 92,
-On Jan. 9
Mont.-Bonds Not Yet Sold.-The $112,000
LAURENS COUNTY (P. 0. Dublin), Oa.-Bond Election.
issue
p. 480), have not yet been sold, we are advised.
1912 an election will be held to decide whether or not this county shall
that $300,000 road-impt. bonds, according to reports.
advised
are
-We
Sale.
-Bond
Iowa.
GLIDDEN, Carroll County,
ht
electric-lig
$10,000
the
s will be
G. M. Bechtel & Co., of Davenport, were awarded
LAWTON. Comanche County, Okla.-Bond Offering.-Proposal
of Finance.
bonds voted Nov. 10 (V. 93. p. 1415).
received until 2 p. m.Jan.8 1912 by F.J. Bedfcrd, Commissioner
$1,000. Date Aug. 14
Denom.
will
s
bonds.
funding
-Proposal
5%
coupon
$70,000
Offering.
for
-Bond
draft
GRAND RAPIDS, Kent County, Mich.
Clerk,for $250,000 1911. Int. F. & A. Due 25 years. Cash, certified check or bank
The bonds
be received until 3 p. m.Jan. 22 1912 by J.Schriver, City Date Feb. 1 1912. for
$1,000, payable to the Commissioner of Finance, required.
4% coup. flood protection bonds. Denom. $1,000.
General, ex-officio Bond Commissioner
the
of
Attorneycertificate
the
bear
Int. F. & A. Due Feb. 1 1937.
and regularly issued
of the State of Oklahoma, that each bond is valid
-A favorable
ble in any court in the State of Oklahoma.
VIEW, Yakima County, Wash.-Bonds Voted. water-system according to law, and is incontesta
OR
opinion of Messrs.
legal
the
bidder
to
the
successful
issuing
of
furnish
question
also
on
the
stated,
will
The city
vote was cast on Dec. 11, It is
that these bonds are
Dillon, Thomson & Clay, of New York, to thes effect
bonds. There were 88 ballots "for" to 19 "against."
legally binding obligation of the City of Lawton. A
constitute
and
valid
Securities Co.
Caro.-Bond Offertng.-Proposals
Issue of bonds was awarded on Oct. 30 to the Investors
GREENSBORO, Guilford County, No.
10 1912 by T. J. Murphy, Mayor, for like
subsequently refused by it. V. 93, p. 1549.
will be received until 2:30 p. m. Jan.bonds
voted Mch. 12 1907. Denom. of Des Moines. but
$30,000 5% 30-year coupon school
Treasurer's office. Certified check for
Kans.-Bond Sale.-On
$1,000. Int. J. & J. at the City
LEAVENWORTH, Leavenworth County,
awarded to
to the City Treasurer, required. All proposals Dec.
19 310,912 88 5% special improvement bonds were
2% of bonds bid for, payable furnished
by the city. These bonds will be
papers.
local
to
must be made upon forms
Trust Co. of E. W. Geiger, according
&
Mortgage
States
United
the
by
s
genuinenes
certified as to
of Bonds.-The
upon by Caldwell, Masslich & Reed
LEXINGTON, Henderson County. Tenp.-Purchaser
New York, and their validity passed that
the city has never made default purchaser of the $50,000 6% electric-light and water bonds recently sold
of New York. Official circular states
or
pending
now
is
stated.
is
it
no
litigation
and
Chicago,
bonds
Coot
its
&
on
was
John
Nuveen
(V. 93, p. 1681)
in the payment of interest
of bonds. Coupons to Jan. 1
has been threatened that will affect this issue
16 the six
int. from that date.
LINCOLN. Lancaster County, Neb.-Bond Sate.-On Dec.
1912 to be clipped from bonds: purchaser to pay accrued
assess, bonds, aggregating $88,100 (V. 93, p. 1415) were
paving
of
issues
be
will
and
Porposals
(100.68)
08
Offering.$88,699
for
of
Toledo
&
-Bond
Co.
Rorick
Ohio.
awarded to Spitzer,
HAMILTON, Butler County,
City Aud., for the int. A bid of $88,525 was also received from the Lincoln Safe Deposit &
received until 12 m. Jan. 23 1912 by H. A. Grimmer,
Lincoln.
of
Co.
Trust
following bonds:
s
Date Oct. 1 1911. Due one
LOCKLAND, Hamilton County, Ohio.-Bond Offering.-Proposal for
$3,935 50 41.4% G St. lmpt. assess. bonds.
tenth yearly.
be received until 12 m. Jan. 22 1912 by C. E. Troy, Village Clerk,
Nov. 1 1911. $22,737
1911.
1
Date
Nov.
bonds.
Date
t
assess.
bonds.
impt.
impt.
assessmen
Ave.
Ave.
Falrgrove
Wayne
5%
55
2,221 20 414%
Due one-tenth yearly.
annual. Due $2,273 76 yearly Nov. 1 from 1912 to 1016 incl. and
Date Nov. 1 1911. Interest75 yearly Nov. 1 from 1917 to 1021, Inc!. Bonds to be delivered
513 604 )4% North Fifth St. sewer assess. bonds.
$2.273
$5 for
Duo one-tenth yearly.
and paid for within 10 days from time of award. Certified check of
on bonds. Denom. $500. Date each $100 or fractional $100 of bonds bid for required. Purchaser to pay
2,500 00 4% storm sewer constructi
Nov. 1 1911. Due Nov. 1 1926.
accrued interest.
paid for within 10 days
-Bond Sale.-The
Interest semi-annual. Bonds to be delivered and
LOS ANGELES COUNTY (P. 0. Los Angeles), Cal.
bid, payable to the City
accepted
from time of award. Certified check for 5% of
"San Francisco News Bureau" says that the Supervistors have
by the First
submitted
interest
accrued
Treasurer, required.
and
premium
$3,600
the offer of
(P.O. Hay wards), Alameda County. National Bank for the $525,000 4 34% highway bonds (V. 93, p. 1340).
.HAYWARDS SCHOOL DISTRICT
17
returns, the election held Dec.
are offering
Cal.-Bonds Defeated.-According to early
Bonds Offered by Bankers.-J. H. Adams & Co. of Los Angeles
building bonds.
resulted in the defeat of the proposition to issue $80,000
the above bonds. Due serially on Feb. 1, 1915 to
$28,000 to investors $475,000 of
the
11
Dec.
-On
Sale.
-Bond
Kan.
County,
Brown
HIAWATHA.
awarded to the 1949, incl.
1% water-works-system bonds (V. 93, p. 1549) were
41,
Dec. 27 the
int.
LOWELL. Middlesex County. Mass.-Bond Sale.-On were awarded
Morrill & James Bank in Hiawatha for $28,365 (101.303) and
$76,450 4% 51.4-yr. (aver.) municipal bonds (V.93, p.1739),
$35,000
the
16
Oct.
3.675%.
-On
about
of
Sale.
d
basis
Kan.-Boh
int.-a
County.
and
Biodget & Co., of Boston at 101.539
HILL CITY. Graham
5% 10-20-yr. (opt.) bonds (V. 93, p. 609) to
water and $15,000 electric-lightat
Date Sept. 15 Other bids follow:
$1,000.
par.
Denom.
banks
local
to
_101.319
_
_
awarded
Boston_
Co.,
were
101.431R. L. Day &
Curtis & Sanger, Boston
_101.31
1911. Int. M. & S.
Lee, Higginson & Co., Boston.101.411Estabrook & Co., Boston.._
101.34 Merrill, Oldham & Co., 13ost _101.179
NO. 1, Tex.-Portion of Bond Issue Adams & Co., Boston
HOOD COUNTY ROAD DISTRICT
5% 20-40-year Int. J. & D.
$25,000
the
of
$22,000
that
advised
are
-We
Canceled
May 9 1910 (V. 91, p. 52)
question of
(opt.) road bonds offered without success onwill
McA LESTER. Pittsburg County, Okla.-Bonds Voted.-The
be taken by the county
of 308
have been canceled. The remaining $3,000
issuing $50,000 water-works-impt. bonds was authorized by a vote
1912.
during February
to 69 at an election held Dec. 16, according to reports.
sewer
5%
$1,800
18
Dec.
Registered.-On
HURON. Erie County. Ohio.-Bond Sale.-On
for $1,875
McCULLOCH COUNTY (P. 0. Brady), Texas.-Bonds
1 road bonds voted
bonds were awarded to the American Banking Co. In Sandusky
Dec. 22 the $75,000 5% 10-40-year (opt.) Road Dist. No.
(104.166) and int. Other bids follow:
registered by the State Comptroller.
were
p.
1656)
92,
(V.
June
in
Co.,
Katherin Breegel, Huron....$1,853 75 Berlin Heights Banking
Not Yet Sold.
$1,825
Huron
1,840 00
MC DOWELL COUNTY (P. 0. Welch), W. Va.-Bond
J. M. Garrett, Huron
Fork
1.839 96 Hayden, Muller & Co., Clev_1,820 No award has yet been made of the $50,000 20-30-yr. (opt.) North
M. S. Pond, Somerset
coup. road-impt.
5%
Dist.
Elkhorn
(opt.)
10-20-yr.
$30,000
and
Dist.
is
of
Indianapol
Co.
&
Wild
F.
-J.
93,
bv
Bankers.
p.
(V.
66.)
17
Offered
on
June
were rejected
INDIANA.-Bands
which they offer to bonds, bids for which
in their circular dated Dec. 16 1911 describing bonds road bonds, the sale
$25,000 414%
MADISON, Morris County, N.J.-Bond Sale.-On Dec. 27 Trust Co. at
Investors include the following Issues of 4)4% tax-free
bonds were awarded to the Madison
sewer
(opt.)
reported:
10-30-yr.
of which we have not previously
&J.
J.
Int.
5282 '75. 101.54. Denom. $1,000. Date Jan. 11912.
Daviess County-$5,655 Washington Twp. bonds. Denom.
in Washington.
Not Yet Sold.
Date Aug. 7 1911. Int. M. 46 N. at Co. Treas.tooffice
MADISON COUNTY (P. 0. Huntsville), Ala.-Bonds
Nov. 15 1921 incl.
15 1912
43.4% 20-30-yr.
Due $282 75 each six months from May $160.
We are advised under date of Dec. 23 that the 350.000
Int.
1911.
5
Sept.
Date
Denom.
bonds.
Twp.
of.
Elmore
$1,020
opt.) bonds (V. 93, p. 745) have not yet been disposed
1913 to
M. & N. at Co. Treas. office in Washington. Due $160 May 15
1921Inel.
nds Defeated.-We
1918 incl. and $160 each six months from May15 1919 to Nov. 15
MARION COUNTY (P. 0. Knoxville). lowa.-Bo
N.
M.&
Int.
it was reported
1911.
0.
5
Sep.
Date
Denom.$21
bonds.
Twp.
$3,990 Elmore
are now advised that the $30,000 county-farm bonds, which
at Co. Treas. office in Washington. Due $210 each six months from had been voted on Oct. 24 (V. 93, p. 1277), failed to carry on that date.
Nov. 15 1012 to Nov. 15 1921 Incl.
. Stark
$627.
MASSILLON CITY SCHOOL DISTRICT (P. 0. Massillon)
Huntington County-112,540 Huntington Twp. bonds. Denom.
at First Nat. Bk., Huntington. Due Count', Ohio.-Bond Offering -Proposals will be received until 12 tn.
Date Aug. 7 1911. Intl M. & N.
,0.P. Foust, Clerk,for the $100.000
Education
incl.
15
of
to
Nov.
15
1912
1921
May
Board
from
the
by
months
1912
26
Jan.
six
$627 each
$460. Date Aug. 7 1911. 4% coupon high-school-building bonds voted Nov. 7 (V. 93, p. 1340).
$9,200 Huntington Twp. bonds. Denom.
n. Due $460 each six months Authority Secs, 7625, 7626 and 7627, Gen, Code. Denom. $500. Date
Int. M. & N. at First Nat. Bk., Huntingto
six months
Incl.
1921
15
Nov.
Feb. 11912. Int. M. & S. at office of Clerk. Due $1,500 each
to
from May 15 1912
7 1911. Int. beginning Mch. 1 1913. Certified check for 5% of bonds bid for, payable
$5,260 Wayne Twp. bonds. Denom. $263. Date Aug.
six months from to the Clerk, required.
M. & N. at First Nat. Bk., Huntington. Due $263 each
May 15 1912 to Nov. 15 1921 Incl.
Int.
MATTON SCHOOL DISTRICT NO. 100 (P. 0. Matton), Coles County,
g
$8,880 Dallas Twp. bonds. Denom. $444. Date Oct. 4 1911.
six months III.-Bonds Voted.-The proposition to issue $60,000 4% school-buildin
M. & N. at First Nat. Bk., Huntington. Due $444 each
was favorably voted on at the election held Dec. 20 (V. 93. p. 1681).
bonds
incl.
$6,000
from May 15 1012 to Nov. 15 1921
Due
l.
semi-annua
Interest
"against."
4
to
Date
84
"for"
was
70.
vote
The
$123
Knox County-$989 60 Vincennes Twp. bonds. Denom.
Due
on July 1 from 1922 to 1931. Inclusive.
July 5 1911. Int. M. & N. at German Nat. Bk., Vincennes. and yearly
.Sale.-We are advised
$123 70 each six months from Nov. 15 1915 to Nov. 15 1917 incl.
MEBANE, Alamance County, No. Caro.-Bond
sold on
from Nov. 15 1918 to Nov. 15 1910 incl.
that the $15,000 6% coupon road-impt. bonds offered but not
Date
85.
$211
Twp.
10
Jackson
Denom.
bonds.
-$1,271
of
at par.
disposed
Parke County
Due May 16 1910 (V. 91, p. 744) have been
May 3 1911. Int. M. & N. at Co. Treas. office in Rockville. from
Va.-Bond
Offering.
Boydton),
MECKLENBURG COUNTY (P. 0.
$211 85 yriy. May 15 1917 to 1919 incl. and $211 85 each six months
Board of SuperProposals will be received until Jan. 29 by the Chairman March
Nov. 15 1019 to Nov. 15 1020 incl. been
April
and
for
Int.
bonds.
impt.
road
coup.
by
5%
Duncan,
$240,000
for
Smith,
approved
visors
The legality of the above bonds has
Due 32 yrs., not less
1912 to be deducted from the purchase of the bonds. 1 1912. Cert. check
Hornbrook 4c Smith.
than five bonds yrly. on May 1. Delivery on March
-Bonds
c
Tenn.
),
Voted.-Th
(lainsboro
0.
$1,000 required.
JACKSON COUNTY (P.
in favor of the proposition to for
election held Dec. 9 (V. 93, p. 1490) resultedThe
Neb.-Bond Sale.-The
vote was 1,250 "for" to
MERRICK COUNTY (P. 0. Central City),
issue $150,000 30-year road impt. bonds.
p. 1491)
4% reg. court-house bonds offered on Dec. 12 (V. 93,
$100,000
950 "against."
who have been
of
Chicago,
Co.,
&
r
Ellenberge
have been turned over to
JEFFERSON COUNTY COMMON SCHOOL DISTRICT NO, 16, Tex.- awarded the contract for building.
Bond Sale.-The $20,000 5% 30-40-yr. (opt.) bonds registered by the State
in Part.-Of the
MILFORD, New Haven County, Conn.-Bonds Awarded
Comptroller on April 24 (V. 92, p. 1656) have been awarded to Cutter, May
$41,000 have been
$50,000 4% coup. bonds offered for sale (V. 93, p. 1585). $9,000 are being
& Co., of Chicago, we are advised.
sold at par and int. to local investors. The remaining
JEFFERSONVILLE. Ind.-Bond Sale.-Miller, Adams & Co. of Indian- offered at the same price.
reports, to take up
apolis were awarded $56,800 4% bonds, according to
Proposals will be
MINF.RVA. Stark County, Ohio.-Bond Offertng.for the
certificates of indebtedness (V. 93. p. 1337). The sale was made at par,
received until 12 m. Jan. 17 1912 by A. H. Freed, Village Clerk,
for
expenses.
contingent
the city to pay $350
following bonds:
will be held
of
$1,000
10
bonds
Denom.:
bonds.
JOLIET, Will County, III.-Bond Election.-An election
assessment
t.
street-imp
$13,600
Interest
April 19 1912 to vote on the question of issuing $35,0004 1.4% artesian-well
each and 9 bonds of $400 each. Date Oct. 2 1911.
bonds. This issue was awarded on July 31 to the Harris Trust & Savings
bond each 6 months beginning April 11913.
1
Due
semi-ann.
Denom. $500. Date
Bank of Chicago and subsequently refused by them as stated in V. 95.
9,500 5% street-impt. (village's port' n) bonds.Due
$500 yearly April 1
p. 485, because the ordinance was not printed on the ballot.
Oct. 1 1911. Int. semi-annual.
the
7
Nov.
-On
Sale.
La.
-Bond
a
inclusive.
Parish,
1931,
Tangipaho
to
1913
KENTWOOD.
93,
(V.
bonds
tr.
and
water-works
Treasurer,
sewer-cons
$50,000 5% coup. tax-free
Certified check for 10% of bonds bid for, payable to the Village
•as1 •'
p. 1276) were awarded to the Interstate Trust & Banking Co., New Or- is required. Purchaser to pay accrued interest.
leans, at 101.
1806
THE CHRONICLE
Lxxxxn,.
MINGO COUNTY (P. 0. Williamson), W. Va.-Bonds
Not Sold Yet.,
- - New York, $100,000 at 4% int. and
We are advised that the $60,000 534%
$27 premium; $100,000 at 434%
10-34
District road bonds (V. 93, p. 610) have not yet-year (opt.) coupon Lee int. and $27 premium. Other bidders were:
been disposed of.
Union Trust Co., New York,4 34% Interest.
MINOT PARK DISTRICT (P.O. Minot).
Goldman, Sachs & Co. New York, 454% interest and
County, No. Dak.-Bond
Offering.-Proposals will be received until 8 Ward
$5 75 premium
p. m. Jan. 20 1912 for $31,000
Watson & Pressprich,
'
New York, 4 %% interest and $11 premium. .
bonds at not exceeding 5% int. Denom.81,000.
T.
J. Swanton. Rochester. 4% interest.
Int.
ann.
at
Treas.
the
City
office. Due 20 yrs. 'Cert. check for 1% of bid
required
. Assess. valuation $2,352,221.
ROCK HILL SCHOOL DISTRICT (P. 0. Rock Hill),
York County,
So.- Caro.-Bonds Defeated.-The proposit
ion to issue the $50,000
MONTECITO SCHOOL DISTRICT, Santa Barbara
434%
County,
Cal.-Bands 20-year building bonds (V. 93, p. 363) fatted to carry at the
Defeated.-By a vote of 41 "for' to 53 'against
election held
Dec.
11. The vote was 138 "for" to 139 "against."
the $6,000 6% 4-15-year (ser.) bldg. bonds (V. , the proposition to issue
93, p. 1622) was defeated
at the election held Dec. 15.
ROCKMART,Volk County, Oa.-Band Sale.
W. Dickey of Augusta was awarded at 98.50 on Dec. 20 1910, we -John
have Just been advised, the
MT. CORY. Hancock County,
-Bonds Authorized.-An ordinance $25,000 water-works and $10,000 sewer bonds
has been passed providing for the Ohio.
offered without success on
issuance of $1,000 lighting-system bonds, Nov. 1 1910 (V. 91. p. 1279).
according to reports.
ROSEBURG SCHOOL DISTRICT (P. 0. Rosebur
MT. PENN, Berks County, Pa.-Bond Sale.-We
g), Douglas County,
are advised that the Ore.-Bonds Voted.-The election held Dee. 16 resulted
$10,000 4% impt. bonds
in favor of the
(V. 90, p. 1255) were awarded.to local investor
proposit
ion to issue the $35,000 building bonds (V.03. p. 1551),
s
at prices ranging from 100 to 103. Denom.
it Is stated.
$100.
Date Sept. 1 1909.
Interest annual.
SALEM (P. 0. Winston-Salem), No, Caro.-Bonds Voted.
-The election
held Dec. 26 resulted in favor of the propositions to issue
MOUNT VERNON, Westches
County, N. if.-Bond Offering.-Pro- $15,000 street and $10,000 sewer bonds (V. 93, p. 1340) the $50,000 school.
posals will be received until 8 p.ter
it is stated.
m. Jan. 2 1912 by the Common Council
and E. W. Fiske, Mayor, for $24,000
SALT LAKE CITY SCHOOL DISTRICT (P.O. Salt
434% assessment bonds. Denom.
Lake City), Utah.
$1,000. Date Jan. 2 1912. Int. J. & J.
Bond
Election
.-The
election
at
Treasure
to
vote
r's
on
office.
the proposition to issue the $325,000
Due Jan. 2
1918. Certified check for $1,000, payable to
th,p City of Mt. Vernon, 4 34% 20-year refunding school bonds (V. 93, p. 1740) will be held to-day
required. Bonds will be certified as to genuinen
(Dec. 30), it is stated.
ess
by
United
States
Mortgage & Trust Co. New York, and their legality
approve by Caldwell,
Massitch F0 Reed of New
SANDUSKY, Erie County. Ohio.-No Action Yet Taken.
' York, whose opinion will be delivereddto
-No action has
purchaser. yet been taken looking
Bonds to be delivered Jan. 15 1912
towards the issuance of the $125,000 grade-cr
unless a subsequent date shall be abolition
ossingmutually agreed upon. Purchaser to pay
bonds voted Nov. 7 (V. 93, p. 1416).
accrued
interest. Bids must be
made on blank forms furnished by the
city.
SANGER SCHOOL DISTRICT. Fresno County, Cal.-Bonds
Refused.It is stated that
MT. VERNON. Franklin County, Tex.-Bonds Votcd.-The
election held $60,000 5% bondsN. W. Halsey & Co. of San Francisco have refused the
Dec. 15 resulted In favor of the proposit
recently awarded to them. V. 93, p. 1682.
to issue the $20,000 water-works
bonds (V. 93, p. 1416), It is reported. ion
The vote was 101 to 43.
SCOTLAND COUNTY (P. 0. Laurinburg), No. Caro.-Bond
Sale.-On
Dec. 4 the $20,000 Spring Hill Twp.
MUSKEGON, Mich.-Bonds Withdrawn from Market.-We
and $30,000 Laurel Hill Twp.6% coup.
are advised road bonds (V. 93,
by the city authorities that the $75,000 electric-lig
p. 1551) were awarded to Otis do Hough of Cleveland
ht bonds (V. 91, p. 1401) at 104 and
will not be issued, as the contract for lighting has been
int. Due Dec. 1 1941, redeemable one-twentieth yearly
let for ten years.
after
ten years.
MUSSELSHELL COUNTY SCHOOL DISTRI
NO. 6 (P.O. Ryegate),
SEATTL
Mont.-Bond Sale.-This district has disposed CT
E,
Wash.
-Bonds
Not
Sold.-No sale was made of the seven
of an issue of $18,000 6% Issues of 434%
bonds, we are advised.
gold coupon bonds, aggregating $3,280,0
00, offered on
Dee. 18 (V. 93, p. 1492). The only bid
received, we are advised, was one
NAVARRE, Stark County, Ohio.-Bonds to be Offered Shortly.
of $487,000 for the $500,000 water-extension
bonds, submItted by G. H.
$25,000 4
water-works bonds voted on Nov. 7 (V. 93, p. 1416) -The Tilden & Co., of Seattle.
will be
offered for sale, we are advised, in January
Bond Offering.-The City Comptroller
.
above bonds at private sale until 12 m. will now entertain bids for the
NEWPORT BEACH, Orange County, Cal.-No Bond Election
20 1912. The bonds will be
at Present. certified as to genuineness by the ColumbiJan.
-We are advised that no action will be taken
a Trust Co. of New York, and the
election to vote on the issuance of the $36,000 in the matter of calling an purchaser will be furnished with favorable opinion as to legality
by Messrs.
electric and gas-plant bonds Caldwell, Masslich & Reed. Descript
(V. 93, p. 1340) for about six months.
ive circular may bo obtained at the
office of the Columbia Trust Co.
NEW SHARON SCHOOL DISTRICT (P. 0. New Sharon), lowa.-B
ond
SEBRING, Mahoning County, Ohio.-Bond Offering.
Sale.-On Nov. 1 Geo. M. Bechtel & Co.
-Proposals
of Davenport were awarded $36,000 received until 12 m. Jan.
4% bonds.
22 1912 by H. Jenkins, City Clerk, for the will be
following bonds:
$6,500 5% Quaker Hill sewer bonds.
NORWALK, Fairfield County, Conn.-Bond Offering.-Propos
Due $1,300 yearly Jan. 1 1913 to
als will
1917 inclusive.
be received until 8 p. m. Jan. 12 1912 by the Bridge Construc
tion Commit5,000 434% Ohio Ave. paving bonds.
Due ;500 yearly Jan. 1 1913 to
tee for $250,000 4 Y,%•Impt. bonds. Denom. $1,000.
1922 inclusive.
Date Jan. 1 1912.
Int. J. do J. at the Empire Trust Co. in New York.
3,300 434% Fifteenth St. paving bonds.
Due Jan. 1 1942.
Due $330 yearly from Jan. 1
Cert. check for 1% of bonds bid for required. T.
1913
to
1922
Inclusive
.
I. Raymond is Chairman
2,400 434% Sixteenth St, paving bonds.
of the Sub-Committee on Bond Issue.
Due $240 yearly Jan. 1 1913
to 1922 inclusive.
The official notice of this bond offering will be
7,800 43% Maryland Ave. paving bonds.
found among the advertiseDue $780 yearly Jan. 1 1913
m(mts elsewhere in this Department.
to 1922 inclusive.
Date Jan, 1 1912. Int. semi-ann. at the Treas.
office.
NOWATA, Nowata County, Okla.-Bond Sale.-On
will be
delivered not latpr
Feb. 1 1912. Cert. check on a nat.Bonds
bank for 2%
53% 20-year city-hall bonds voted on Nov. 7 (V. Dec. 4 the $20,000 of amount of each than
issue bid for is required. Bids must
93, p. 1491) were
awarded to John Nuveen & Co. of Chicago at
be
made
on
each
101.28 and Interest. Other Issue separately.
bids follow:
SEDGWICK COUNTY (P. 0. Wichita)
L. D. Laning, Ii*ansas City
, Kan.-Bond Sale.-On Dec. 9
$20,025 and interest
529.248 68 5% 1-10-year (serial) drainage
Spitzer, Rorick & Co., Toledo
were awarded to L. F
20,000 less $399 for expenses
Naftzger at par. Denom. $1,000, except bonds
John J. Hart, Albany
one bond of $248 68. Date
19,534 and interest
Dec. 1 1911. Interest J. F0 D.
Hoehler & Cummings, Toledo
20,000
less
$500
for
expenses
R. J. Edwards, Oklahoma City
20,000 less
SHACKLEFORD COUNTY
900 for expenses
Speer & Dow, Fort Smith
N SCHOOL DISTRICT NO. 15.
20,000 less 1,100 for expenses Tex.-Bonds Registered.-The COMMO
$4.000 5% 15-year bonds registere
d on
Denom. $1,000. Date Dec. 1 1911. Interest
Oct.
31 by the State Comptroller (V. 93, p. 1341)
semi-annual.
have been sold.
ORANGE COUNTY (P. 0. Orange), Tex.-Bands
SMITH COUNTY COMMON SCHOOL DISTRICT
Voted.
-The
NO.
election
18,
-Bond
Tex.
held Dec. 20 resulted in favor of the proposition to
Offering.-Proposals will be received on or about
issue the $200,000 road Odom,
Jan. 10 1912 by J. F.
bonds (V. 93, p. 1622), it is reported.
County Judge (P. 0. Tyler) for $8,000
In April in Tyler, Austin or N. Y., at option of5% bldg. bonds. Int. ann.
holder. Assessed valuation
PACIFIC. Franklin County, Mo.-Bond Sale.-On Dec.
1911, $246,165.
20
the
$15,000
5% 20-year water-works bonds dated Jan. 1 1912 (V.
93, p. 1622) were
awarded to L. D. Lantng for $15,176 (101.173) and
SOUTH ORANGE, Essex County, N. J.-Bond Offering.-Prop
int. Other bids follow:
osals will
John Nickerson, St. Louis _ _ _$15,150 Pacific Bk.,
Pac.
(for
$5,000) $5,000 be received until 8 p. m. Jan. 15 1912 by E. S. Allen, 0. Schoenherr and
C. H. Coffin, Chicago
15,015 Citizens' Bank of Pacific (for
K. R. Kingsbury, Committee on Finance,for $9,000
S,A. Kean & Co.. Chicago
436
, % 20-yr. water bds.
15,000
53.000)
3,015
The official notice of this bond offering will be
found among the advertisePAYETTE, Canyon County, Idaho.-Bond Offering.
-Proposals will be ments elsewhere in this Department.
received until 12 m. Jan. 8 1912 by M.
0. Luther, City Clerk, for approximately $15,000 6% gold coupon tax-free
SPOKANE, Wash.-Bond Sale.-On Dee. 23 the
impt. District No. 2 bonds.
two issues of gold
Denom. $500 and $1,000. Int. J. & J. sewer
Due one-tenth yearly. Certified coupon bonds, aggregating $925,000, and dated Jan. 1 1912(V.93, p.
check for 5% of bid, payable to tile
1551),
were awarded as follows:
Clerk, Is required.
$875,000 50-year park bonds jointly to E. H. Rollins &
PITTSBURGH, Pa.-Bonds Authorized.-The City
Sons
and
Kissel.
Council
passed an
Kinnicutt & Co. at 101.598 and int. for 4 3.4s-a
ordinance on pee. 27 providing for the Issuanec
basis of about
of $2,315,000 public4.42%. Denomination $1,000.
improvement bonds.
50,000 20-year general Improvement bonds to Wm. A. Read
F0 Co. at
PORTLAND. Ore.-Bond Sales.-On Dec. 20 the $200,000
100.26
for
4343.
Denomin
ation
$500.
4% 30-year
gold bonds (V. 93, p. 1492) were awarded
The bids follow:
$40,000 to J. H. Peterson of
Portland at roar and int. and $160,000
5875,000 $501
at 94.549 and int. Other bids follow: to Merrill, Oldham & Co. of Boston
Issue.
Issue
E. H. Rollins & Sons, Chicago
Estabrook & CoSeasongood
i
•101.598
&
Mayer,
Kissel, Kinnicutt & Co., N. Y____ J
Cin_ __ _93.58
R. L. Day & Co
9
194.3 Harris Trust & Savings Bank,
Biodget & Co., N. Y
Filodget & Co
Chicago
93.508 Lee, lligginson & Co., Chicago_
Aetna Life Insurance Co
1_ _(for all or none)_ _101.579 100.449
94.01 Wm. A. Read do Co
93.416 Parkinson & Burr, N. Y
On Dec. 13 tile $58,000 5% crematory bonds,
offered
but
not
sold on Wm. A. Read & Co. Chicago
Aug. 21 (V. 03, p. 897), were awarded
101.23
100.26
Traders'
at
par
National
City's Sinking Fund, according to local papers.to Mayor Rushlight for the Merrill, Oldham Bank, Spokane
& Co., Boston_
100.649
Harris
Trust
Savings
&
Bank,
Chicago_
_ _}
PULASKI COUNTY (P. 0.
, Va.-Bond Sale.-Well,
Estabrook & Co.. Chicago_ _ i(for both issues,
Co. of Cin. were awarded at parPulaski)
all or none)_100.44
the $70,000 534% coup. road-imptRoth do R. L. Day & Co., N. Yf
bonds
offered but not sold on April 16 1910
(V.
90,
p.
1195).
Halsey
W.
Denom.
N.
Co.,
&
Chicago
$1,000.
Date Feb. 1 1910. Due $15,000 In 10
for park bonds-$150,000 to be
-1
years,
;10,000
in 15 years and A. B. Leach & Co. Chicago__
$15,000 in 20. 25 and 30 years.
delivered at once; balance on 7
First Trust & Say.'Bank, Chic__
months' option.
QUINCY. Norfolk County, Mass.-Band Sale.
H. C.Speer & Sons, Co., Chicago
100.50
-On
Dec.
27
the
$20,000 Provident Savings Bank & Trust Co.,
4% 1-10-year (serial) coupon water bonds
Cincinnati(for 5s)104.26
E. M. Farnsworth F0 Co., of Boston at (V. 93, p. 1740) were awarded to
101.47-a basis of about 3.70%.
The other bids are reported as follows:
• And Interest.
Blake Bros. & Co
101.46 Biodget & Co
101.323
F. S. Moseley & Co
SPRINGFIELD. Clark County, Ohio.-Bonds Authorized.-An
101.345 Estabrook & Co
ordinance
101.31
Curtis 63 Sanger
was passed Dec. 12 providing for the
101.33 Adams & Co
of $6,025 4 34% coup,storm101.171 water-sewer const. bonds. Denom. issuance
Merrill, Oldham & Co
$500
$525. Date Sept. 1 1911.
101.329 R L. Day F0 Co
101.099 Int. M. & S. at the City Treasurer's office.and
The above bidders are all of Boston.
Due Sept.
.
Bond Sale.-According to reports, the three issues of1 1033.
5% 2
(ay.)
impt. assess. bonds
RECOVERY (P. 0. Fort Recovery Mercer
93, p. 1683) aggregating $8,153 90,4-yr.
have
County. Ohio.-Bond Offer- taken by the Sinking(V.
been
ing.-Proposals will be received until ),
Fund.
m. Jan. 23 1912 by J. H. Hall, VIII.
Clerk pro tem., for $7,000 5% Wiggs12St.
impt. assess. bonds. Authority
STRIKE AXE TOWNSHIP (P. 0. Pawhuska), Osage
See. 3914, Gen. Code. Denom. $500. Date
County, Okla.
Sept. 1 1911. Int. annual. Bond Sale.-G. W. and J. E. Piersol of tile
Due from 1 to 10 years. Certified check for $300,
Oklahoma State Bank in
payable to the Treasurer, Oklahoma City were awarded on Dee. 18 at 101.142,
required. Purchaser to pay accrued interest.
int. and blank bonds,
$50,000 6% reg. bonds offered on Dec. 9. Authorit
y See. 47, Chap, 32
Laws of 1909. Denom. $500 or
RICE COMMON SCHOOL DISTRICT (P. 0. Rice),
Date Nov. 4 1911. Int. semi
Navarro County. ann. at the fiscal agency. Due 25 $1,000.
Tex.-Bond Sale.-The American National
yrs., opt. after 10 yrs. No other bonded
Bank of Austin has
been debt. Floating debt $24,000. Assessed val. $4,000,0
awarded at par the $16,000 5% 20-40-year (opt.)
00.
bonds (V. 93, p. 1058).
STROUDSBURG SCHOOL DISTRI
ROBERTSON COUNTY (P. 0. Franklin), Tex.-Bond
CT (P. 0. Stroudsburg), Monroe
Election Proposed. County, Pa.-Bond Sale.
-Papers state that the County Commissioners
-We
are
advised
that
$41,500
4% bonds have
ordered an election
been awarded to local banks and people at par.
Jan. 20 1912 to vote on a proposition to issue have
$25,000 bridge bonds. for
•
TIPPECANOE COUNTY (P. 0. La Fayette)
ROCHESTER. N. Y.-:Vote pale.-On'Deo
Ind.
,
-Bond
Sale.-On
f28'!the',$200,00018-months Dec. 8 the following two issues
sewage-disPosaljnotes (V. 93, p. 1740) were awarded
of 434% road-impt. bonds were awarded
to Bond & Goodwin, to the Meyer-Kiser Bank
in Indianapolis at par and int.:
DEC. 80 1911.]
44,600 Martin Road
4,200 Erwin Road
Date Nov. 15 1911.
months from May 15
exempt in Indiana.
.
1807
THE CHRONICLE
bonds. Denomination $230.
bonds. Denomination $210.
Int. M. & N. Due one bond of each issue each six
1912 to Nov. 15 1921 inclusive. Bonds are tax-
WHARTON COUNTY (P.0. Wharton), Texas.-Bond Election Proposed.
-Reports state that the Commissioners' Court passed an order on Dec. 15
calling for an election to vote on the question of issuing the $300,000 5%
40-year Precinct No. 1 road bonds (V. 93, p. 974).
WOODBURY COUNT14(P. 0. Sioux City). Iowa-Bond Sale.-We are
advised that an Issue of $32,000 refunding bonds has been awarded to local
banks.
•
TONAWANDA, Erie County, N. Y.-Bond Sale.-On Dec. 6 the $150,000 1-30-yr. (ser.) water-refunding bonds offered as 5s (V. 93, p. 1552)
WOODLAND SCHOOL DISTRICT (P. 0. Woodland), Yolo County, Cal.
were awarded to E. H. Rollins & Sons of N. Y. at 100.16 for 4 Us. De- -Bonds Voted.-The election held Dec. 18 resulted in favor of the proposinom. $1,000. Date Jan. 1 1912. Int. J. & J. at the Chase Nat. Bank, tion to issue $90,000 sch.-bldg. bonds. V. 93, p. 1624. The vote was
New York.
814 to 157.
0. Troy), Bell County, Tex.-Bond ElecWORCESTER. Worcester County, Mass.-Bond Sale.-On Dec. 21
TROY SCHOOL DISTRICT (P.
re$100,000 4% 10-year water bonds were awarded to R. L. Day & Co. of
tion Proposed.-Local papers state that a petition is being circulated
$20,000
at 103.699-a basis of about 3.55%. Other bids follow:
vote
a
issue
on
to
Boston
proposition
to
held
be
to
election
an
questing
103.572 Blake Bros. & Co., Boston103.33
Blodgct & Co., Boston
building bonds.
Kuhp, Fisher & Co., Boston..103.571 N.W.Harris & Co.,Ino.,Bost_103.301
_103.53
Bost_
Parkinson & Burr, Boston_ _103.289'
Burr,
&
-No
Coffin
Taken.
Action
Yet
-No
Perry,
Pa.
County,
Allegheny
CREEK,
TURTLE
103.271
action has yet been taken looking towards the issuance of the $145,000 Merrill, Oldham & Co., Bost_103.479 Adams & Co., Boston
Hayden, Stone & Co.. Bost_ _103.465 Livingston, DavisecCo.,Bost_103.26
4% street-impt. bonds voted on Nov. 7 (V. 93, p. 1416).
Estabrook & Co., Boston__ _103.36 Jackson & Curtis, Boston_ _103.25
TWISP, Okanogan County, Wash.-Bond Offering.-Proposals will Hornblower & Weeks, Bost_103.35 Lee, Higginson & Co., Bost _103.15
be received until 6 p. m. Feb. 15 1912 by F. E. Seiner, Town Clerk, for Curtis & Sanger, Bost n_ __ _103.339 E. H. Rollins & Sons, Bost_102.67
Denomination to suit purchaser. Date Oct. 11911. Interest A. & 0.
$9,500 5% coup. water bonds. Denom. $100. Int. semi-ann. at the
Town Treas. office. Due 20 years.
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.-Bond Offering.VOLUNTOWN, New London County, Conn.-Bond Sale.-On Dec. 22 Proposals will be received until 2 p. m. Jan. 23 1912 by the Board of County
$10,000 43.5% coup. funding bonds were awarded to Spitzer, Rorick & Co., Commrs. at the County Clerk's office for $170,000 bridge bonds. A deof N. Y., at 101.37-a basis of about 4.40%. Denom. $500. Date Jan. 1
as to
1912. Int. J. & J. at the Old Colony Trust Co. of Boston. Due Jan. 1 posit of $5,000 required. The opinion of Wood & Oakley of Chicago
the legality of bonds will be furnished. F. M. Holcomb is County Clerk.
1932. Town has no other debt.
The official notice of this bond offering will be found among the advertiseWALKER COUNTY (P. 0. Jasper), Ala.-Bond Election.-An election ments elsewhere in this Department.
will be held March 12 1912, reports state, to decide whether or not this
county shall issue $300,000 road impt. bonds.
YOUNGSTOWN, Ohio.-Bond Offering.-Proposals will be received
W.I. Davies, City Auditor, for the following
Sale.-On Dec. 20 the until 2 p. m. Jan. 15 1912 by
WASHINGTON, Wilkes County, Oa.-Bond bonds
bonds:
5%
(V. 93, p. 1624)
$30,000 5% 30-year electric-light-plant-constr.
Oct. 1 1913.
were awarded to F. H. Flokien of Washington for $30,730 (102.433) and $1,300 fire-department bonds. Due
1,500 Market St. viaduct-repair bonds. Due Oct. 1 1913.
interest. Denom. $1,000. Date Jan. 1 1911. Int. J. & J.
900 Darrow St. widening bonds. Due Oct. 1 1913.
910 Milton Ave.sewer bds. Due $182 yly. Oct. 1 from 1913 to 1917,Incl.
WATERTOWN,Codington County, So. Dak.-Bonds to be Offered Shortly.
1,115 Essex St. grading bds. Due $223 yly. Oct. 1 from 1913 to 1917, incl.
-We are advised that the $11,000 5% sewer bonds voted on Nov. 14(V.93,
4,565 Carroll St. paving bds. Due $913 yly. Oct. 1 from 1913 to 1917,inol.
p. 1417) will probably be offered about Feb. 1 1912.
685 Bernard St. sewer bds. Due $137 yly. Oct. 1 from 1913 to 1917,incl.
5,275 Central Ave. paving bds. Due $1,055 yly. Oct. 1 from '13 to '17, incl.
WAYNE, Wayne County, Neb.-Bond Sale.-Wm. Prepenstock, of
325 Davis St. grading bds. Due $65 yly. Oct. 1 from 1912 to 1916, incl.
Wayne, was awarded at par and int. about Sept. 1 $4,000 5% 10-20-year
6,210 Glenaven St. paving bds. Due $1,242 yly. Oct.1 from '13 to'17,incl.
(opt.) city-hall construction bonds. Denom. $1,000. Date Aug. 1 1911.
8,435 Garland Ave. paving bds. Due $1,687 yly. Oct. 1 from '13 to '17,Inol.
Interest annual. These bonds are part of an issue of *9,000, of which
2,935 Burke St. grading and paving bonds. Due $587 yearly Oct. 1 from
$5,000 were sold to the State (V. 93, p. 1057).
1913 to 1917, incl.
Voted.-The propositions
3,445 Cleveland St. et al sidewalk bonds. Due $689 yearly Oct. 1 from.
WAYZATA, Hennepin County, Minn -Bonds
carried
bonds
to 1917, incl.
water-system
1913
$20,000
and
t
electric-light-plan
to issue $15,000
81 to 11 and 72 to 20, respec3,155 Wirt St. et al sidewalk bonds. Due $631 yearly Oct. 1 from 191a
at an election held Dec. 19. The vote waswill
be offered for sale about
to 1917, incl.
tively. Reports state that these bonds
3,600 Erie St. grading bonds. Due $720 yip. Oct. 1 from 1913 to 1917,incl.
Feb. 1 1912.
Date Jan. 22 1912. Int. J. & J. at the City Treas. office. Separate bids
NO. 155 (P. 0. Hammond),
INIIWEST HAMMOND SCHOOL DISTRICT
bonds. Cert. check for 2% of bonds bid for,
Nov. 27 the $35,000 5% bldg. bonds to be made for each block of
Lake County, Ind.-Bond Sale.-On
to the City Aud., required. Purchaser must be prepared to take
payable
of
Co.
do
Nuveen
John
to
awarded
were
voted on Nov. 4 (V. 93, p. 1417)
the bonds not later than Jan. 22 1912.
Chicago.
NEW LOANS.
NEW LOANS.
$170,000
$38,000
Wyandotte County, Kansas,
VILLAGE OF WHITE PLAINS, N. Y.,
FIRE DEPARTMENT BONDS
BRIDGE BONDS
Sealed bids will be received by the Board of
County Commissioners of Wyandotte County,
Kansas, at the office of the undersigned County
Clerk in Kansas City, Kansas, until 2 o'clock p.m.
upon TUESDAY, JANUARY 23D, 1912, at
which time said bids will be opened,to purchase
$170,000 00 of County Bridge Bonds.
Wood & Oakley's opinion as to the legality of
bonds will be furnished.
Each bidder will be required to deposit $5,000 00
as evidence of good faith.
Witness my hand and official seal of the county
this 26th day of December A. D. 1911.
FRANK M. HOLCOMB„
County Clerk.
[Seal.]
$9,000
Village of South Orange, N.J.
20-YEAR WATER BONDS
Sealed proposals for $9,000 (nine thousand
dollars) four and a halt per cent twenty-year
water bonds of the Village of S nith Orange, N. J.,
will be received by the Finance Committee of the
Board of Trustees of said Village until eight
o'clock p. m. MONDAY, JANUARY 15,1912, at
the Village Hall, South Orange, N. J.
Further information can be obtained on application to Prank Fenner, Treasurer of the Village
of South Orange, Village Hall, South Orange, N.J.
EDWIN S. ALLEN,
OSCAR SCHOENHERR,
KENNETH R. KINGSBURY,
Committee on Finance,
South Orange, N. J.
Dec. 30, 1911.
Thomas J. Bolger Co
MUNICIPAL BONDS
Legal tor Savings Banks,
Postal Savings and Trust Funds
CORPORATION NOTICE.
Two of said bonds on January 1, 1924.
Two of said bonds on January 1, 1925.
Two of said bonds on January 1, 1926.
Two of said bonds on January 1, 1927.
Two of said bonds on January 1, 1928.
Two of said bonds on January 1, 1929.
Two of said bonds on January 1, 1930.
Two of said bonds on January 1, 1931.
Two of said bonds on January 1, 1932.
Two of said bonds on January 1, 1933.
Two of said bonds on January 1, 1934.
Two of said bonds on January 1, 1935.
Said bonds shall bear interest at a rate not to
exceed five per centum per annum, payable semiannually on the first days of January and July
thereafter, and shall be issued and sold at not less
than their par value, and in accordance with the
statute in such case made and provided, and there
shall be raised annually by tax, and included In
each annual tax levy of said village, after the sale
and issuing of said bonds, in addition to the sums
authorized to be raised, a sum sufficient to pay
the interest and principal of said bonds as the
same shall become due, according to law. and In
accordance with the provisions herein contained. •
All bids must be accompanied by a certified
check upon a State or National Bank or Trust
Company for five per cent of such proposal.
Checks of unsuccessful bidders will be returned
to them.
The Board of Trustees reserves the right to
reject any or all bids.
By order of the Board of Trustees.
Dated, December 19. 1911.
JOHN J. BROWN.
President
EARLE P. HITE,
Clerk.
HODENPYL, HARDY & CO.
$100,000
Whereas, by a vote of the duly qualified voters
of this village at an annual election held on
November 21, 1911, the Board of Trustees of
this village was authorized to borrow upon the
bonds of this village the sum of Thirty-eight
thousand dollars for the purchase of land in this
village on the easterly side of Mamaroneck Avenue, about 150 feet south of the southeast corner
of Railroad Avenue and Mamaroneck Avenue,
being about 47 feet front and rear and 99.17 feet
deep, with the building thereon, and such building
remodeled for the use of the Fire Department of
this Village, and more especially for the use of
the Union Hook & Ladder Company, therefore
Resolved, That sealed proposals be received by
the Board of Trustees on the 8TH DAY OF
on
JANUARY, 1912, at the Corporation Rooms.
Grand Street, in the Village of White Plains,
N. Y., at 8 p. m., for the sale of bonds to be
known as "Fire Department Bends of the•Village
of White Plains," amounting to Thirty-eight
thousand ($38,000 00) dollars, at not less than
their par value, to the person or persons who will
take them at the lowest rate of interest, such
rate not to exceed five per centum per annum.
Resolved, That said bonds shall be of the denomination of one thousand dollars each, shall be
dated January 2, 1912, and shall become payable
at the office of the Treasurer of the Village as
follows:
Two of said bonds on January 1, 1917.
Two of said bonds on January 1, 1918.
Two of said bonds on January 1, 1919. •
Two of said bonds on January 1, 1920.
Two of said bonds on January 1, 1921.
Two of said bonds on January 1, 1922.
Two of said bonds on January 1, 1923.
7 Wall St
New York
ilailroad, Street Ey., Gas
tt Elec. Light
San Joaquin County, Cal.,
HIGHWAY BONDS
Sealed proposals will be received by the Board
of Supervisors of San Joaquin County, California,
until TUESDAY, THE 2ND DAY OF JANUBIND FOR LIST
ARY. 1912, at 10 o'clock a. m., for the purchase
of all or any part of $100,000 of HighwayiBonds
19 South La Salle St.,
OrEIOAGO
of a $1,890,000 issue of five per cent Highway
Bonds of said County, principal and interest
MUNICIPAL BONDS
payable at Kountze Brothers. New York City, or
at
County Treasury, at option of holder. LegalCommerce Building,
ity of Bonds will be approved by Messrs. Dillon,
MISSOURI
KANSAS CITY
Thomson Itc Clay, successors to Messrs. Dillon &
Hubbard, of New York. Bids must be made WI
LAWYER
blank forms furnished by County. Printed circulars containing full information and blank forms
of bids can be had on application to Eugene D.
Specializing in Examination of
Tribune Building, NEW YORK. N. Y.
Graham, County Clerk, Stockton. California, or
Good Reference. to
Municipal and Corporation Bond, Tel. 4218 Beekman.
Messrs. Dillon, Thomson & Clay, of New York,
Negotiations,Investigations,Settlements successors to Messrs. Dillon & Hubbard, New
1512 FIRST NATIONAL BANK BLDG.;
York.
Purchases of Property, Information
EUGENE D. GRAHAM,
In New York City or anywhere.
County Clerk of San Joaquin County, Cal.
SECURITIES
Sutherlin & Company
F. WM. KRAFT
GEO. B. EDWARDS
CHICAGO, ILL.
1808
THE CHRONICLE
[VOL. Lxxxxm.
CREELMAN, Sask.-Debenture Sale.-Reports state that W. L. blo
KInnon & Co., of Toronto were awarded $3,000 6% 15-yr. debentures.
ORILLIA, Ont.-Debenture Sale.-On Dec. 10 the $80,000 4 ;•6% 30-yr
coup. power debentures (V. 93, p. 1625) were awarded
to Brent, Noxon
& Co. of Toronto, according to reports.
PARR SCHOOL DISTRICT NO. 2429 (P. 0. Parr), Alta.-Debenture
Sale.-The Western School Supply Co. was awarded $1,500
6% debentures
at 101.40.
•
.
PORT DOVER, Ont.-Debenture Election,-According to reports, the
proposition to issue $22,500 school debentures will be voted upon on
Jan. 1 1912. See V. 93, p. 749.
RENFREW, Ont.-Loan Election.-The question of raising $60,000 for
power purposes will be decided by the voters
on Jan. 1 1912, it is stated.
RURAL MUNICIPALITY OF ARCHIE, Man.-Loan Defeated.-On
Dec. 19 the by-law providing for a loan of $1,500 for a municipal building
1685)
93,.p.
was defeated by a vote of 78 "for" to 70 "against."
(V.
RVLEV SCHOOL DISTRICT NO. 1866 (P. 0. Ryley), Alta.-Debenture
Sale.-The Manufacturers Insurance
Co. has been awarded $2,500 6%
20-yr. debentures at 101.84. Int. ann. In January.
ST. CATHERINE'S, Ont.-Loan Election.-Papers state that on Jann
1912 the rate-payers will vote on a by-law to provide $30,000 for hospiCa
purposes.
CZAHAR SOHOOL DISTRICT NO. 2322
Whitford), Alta.-Debenture Sale.-Worth & Holden of Vegivville(P.O.
were awarded on June 1 $800
6% 10-Installment bldg. debentures at par. Int. annual in June.
DAUPHIN Man.-Debentures Voted.-Propositions to issue $7,000
school, $3,000 town-hall and $2,000 bridge debentures carried Dec. 19 by
votes of 145 to 10, 139 to 16 and 146 to 9, respectively. V. 93, p. 1625.
' EDMONTON SCHOOL DISTRICT NO. 7, Alta.-Debenture Sale.-On
Juno 21 $173,000 4 A% bldg. debentures were awarded to the Imperial Bank
of Canada at 98.65. Date May 22 1911. Int. ann. Due from 1912 to 1952.
GUELPH, Ont.-Debenture Sale.-Reports state that $72,810 4 yi%
debentures have been awarded to the Ontario Securities Co. of Toronto.
IMPERIAL. Sask.-Debenture Offering.-Proposals will be received, it is
stated, for $2,500 permanent Impt. debentures. J. G. Hobman is Sec.Treas.
JARROW SCHOOL DISTRICT NO. 2450 (P. 0. Jarrow), Alta.-Debenture Sale.-On Dec. 18 $1,600 6% 10-yr. bonds were awarded to the Alberta
School Supply Co. of Edmonton at 101. Date Nov. 1 1911. Int. ann In
November. •
KILLARNEY, Man.-Debentures Defeated.-The election held Dec. 19
resulted in the defeat of the proposition to issue $14,000 light-plant-purchase
debentures. V. 93, p. 1625.
KINISTINO. Sask.-Debenture Sale.-On Dec. 15 the $2,700 6% 15Installment skating-rink debentures (V. 93, p. 1625) were awarded
to
W. L. McKinnon & Co. of Toronto at 95. Other bids follow:
•
Brent, Noxon & Co., Toronto.$2,4841Nay & James, Regina
$2,457
LUCAN. Ont.-Loan Electton -On Jan. 1 1912 an election will. be held,
reports state, to vote on a loan of $2,500 to aid the North Midland Ry. Co.
NEEBING (P. 0. Fort William), Ont.-Loan Election.-The question of
raising $11,200 for road purposes will be submitted to the voters, it is
stated, on Jan. 1 1912.
NORMANBY TOWNSHIP (P. 0. Ayton), Ont.-Debenture Sale.-The
$6.000 0•4% 20-installment school debentures ()tiered on Dec.9 (V. 93,
p. 1418) have been sold to the Ontario Securities Co. of Toronto for $5,807
(96.78).
ST. MARYS, Ont.-Loan Election.-In addition to the loan of $5,000 as
a bonus to the North Midland Electric Ity. Co. to be
upon on Jan. 1
1912 (V. 93, p. 1685), a by-law providing for a loan ofvoted
$40,000 for a central
public school will also be submitted to the people, reports
state,on that date.
ST. THOMAS. Ont.-Loan Election.-On Jan. 1 1912 the ratepayers will
vote on a by-law providing for a loan of $10,000 to erect
a hospital, according
to reports.
•
SELKIRK, Man.-Debentures Voted.-By a vote of 279 to 9, the proposition to issue $20,000 or $25,000 5% 20-Installment electric-light and
power debentures carried at the election held Dec. 19. These
debentures
will possibly be offered for sale, we are advised, at the end of January
1912.
SETTla SCHOOL DISTRICT, Alberta.-Debenture Sale.-Reports state
that G. A. Stlmson & Co. of Toronto have purchased $1,600 6% 10-Installment debentures.
SHEFFIELD TOWNSHIP (P. 0. Tamworth), Ont.-Debenture Sale.On Dec. 15 the $3,500 5% 20-Installment public-school debentures (V.
03,
p. 1625) were awarded to Brent, Noxon & Co. of Toronto for $3,511
(100.314) and interest. Other bids follow:
Geo. A. Stimson ec Co., Tor__$3,502 Ontario Sec. Co., Ltd., Tor_ _$3,410
C. H. Burgess & Co., Tor_ ___ 3,477 1w. A. Mackenzie lc Co., Tor__ 3,403
W. L. McKinnon & Co., Tor__ 3,451 Nat. Finance Co., Ltd., Regina 3,378
Sterling Bank of Canada
3,437
SOURIS, Man.-Debentures Voted.-An election held Dec. 19 resulted
in 45 votes "for" to 10 "against" the issuance of $28,000 5% 30-year sewer
debentures. They will be offered, we are informed, in March.
STEELTON, Ont.-Debenture Offering.-Proposals will be received until
8 p. m. Jan. 16 1912 for $82,000 30-year sewer and $32,000 20-year cementwalk debentures. J. Robinson is Town Clerk.
STRATFORD, Ont.-Loan Election.-It is stated that the rate-payers
will be asked Jan. 1 1912 to authorize a loan of $5,500 for a school site.
WOODSTOCK, Ont.-Loan Etection.-We have previously mentioned
that the people would be asked to vote Jan. 1 1912 on a by-law providing
for a loan of $10,000 to improve the hydro-electric-power-system. It is
now reported that a by-law to grant a loan of $3,500 to aid in establishing
the Woodstock Automobile Co. will be voted upon at the same time. V.93,
p. 1685.
Canada,. its Provinces and Municipalities.
ANTONIO SCHOOL DISTRICT NO.2460(P.0;Purple Springs), Alta.
Debenture Sale.-The Alberta School Supply Co.,of Edmonton, was awarded
during September•an Issue of $1,900 6% building debentures at 101.447.
Due serially in March, from 1013 101922.
. •.
-BERLIN, Ont.-Debenture Election.L.-An election will be held In January,
It is reported, to vote on the question of issuing the following debentures:
$100,000 for water-works extension, $12400 for an auto fire truck and
alarm system, $12,400 for drainage purposes and $7,400 for street railway
trackage.
' CHILLIWACK. B. C.-Debenture Sale.-The Ontario Securities Co. of
Toronto Is reported as the purchaser of $86,000 5% 40-year debentures.
CORNWALL TOWNSHIP, Ont.-Debenture Sale.-The Ontario Securities Corporation, Ltd. of Toronto, has been awarded,it Is reported,an issue
Of $11,979 5% 20-Initallment debentures.
NEW LOANS.
$250,000
TOWN OF NORWALK,
FAIRFIELD COUNTY, CONN.
IMPROVEMENT BON DS
Sealed proposals will be received by the Bridge
Construction Committee of the Town of Norwalk,
at the Town Court Room, in the Town Hall,
on the 12TH DAY OF JANUARY. 1912. at
8 o'clock p. m., for the purchase of the whole or
any part of two hundred and fifty (250) $1,000
four and one-quarter per cent bonds, to be issued
under date of January 1st, 1912, and due and
payable January 1st, 1942, at the Empire Trust
Company, in the City of New York, with interest
payable January and July at said Trust Company.
These bonds are issued under the authority of
an Act of the General Assembly of the State of
Connecticut. Each bid must be accompanied
by a certified check for one per cent of the par
value of the bonds bid for.
The Committee reserves the right to reject any
or all bids or parts of any bid or bids.
Norwalk, Conn., December 27th, 1911.
THOMAS I. RAYMOND,
Chairman Sub-committee on Bond Issue.
Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS
MIST NATIONAL BANS BUILDING
CHICAGO
ESTABLISHED 1885
BOND CALL.
Powell County,Montana
NOTICE OF REDEMPTION OF BONDS.
The Board of Commissioners of Powell County,
Montana, to all whom this notice may concern, greeting:
Notice is hereby given that the Treasurer of
Powell County, Montana, will upon February 1st,
1912, redeem all bonds numbered from thirtythree (33) to thirty-nine (39), inclusive, of the
bond issue of said county of July 1st, 1901. All
holders or owners of any of the aforesaid bonds
are required to present the same to the said Treasurer of said county upon February 1st, 1912, at
his office at Deer Lodge in said county for payment. Upon presentation of said bonds to the
said County Treasurer upon said day, the same
will be redeemed and paid in full with interest
due thereon up to that date; but such bonds shall
not draw interest on or after that date, and all
holders or owners of said bonds, or any thereof
are hereby notified that interest upon the same
will cease upon the date aforesaid.
Dated Dec. 30, 1911.
ALBERT BIEN,
County Treasurer, Powell County, Montana.
Bond Call
CITY OF MANCHESTER,VA.
CITY AUDITOR'S OFFICE,
Richmond, Va., December 1st, 1911.
Holders of City of MANCHESTER, VA., five
per cent (5%) BONDS, payment of which has
been assumed by the CITY OF RICHMOND, are
hereby notified to present them at this office for
REDEMPTION on or after the 1st day of January. 1912, as they will cease to bear interest from
that date.
EDWARD J WARREN.,
Audit
H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS
MISCELLANEOUS.
Adrian H. Muller & Son,
AUCTIONEERS.
Regular Weekly Sales
OF
STOCKS and BONDS
EVERY WEDNESDAY
Office. No. 55 WILLIAM STREET
Corner Pine Street.
NATIONAL LIGHT,
HEAT 6.POWER COMPANY
GUARANTEED
BONDS
All Issues
A. H. Bickmore & Co.,
BANKERS
Now York
30 Pine Sroot.
THE AMERICAN MFG. CO.
BLODGET & CO.
MANILA SISAL AND JUTE
BONDS
CORDAGE
CO STATE STREET, BOSTON
ght Gollernment A.c.countatal
P. 0. BOX 27. MAIN OFFICE.
WASHINOTON. D. C.
OFFICIAL ORGAN OF THE ASSOCIATION OP
AMERICAN GOVERNMENT ACCOUNTANTS
•MONTHLY MAGAZINE OF INTEREST TO
ACCOUNTING AND FINANCIAL OFFWERS
Or MUNICIPALITIES. BANKS, RAILWAYS
AND OTHER PUBLIC SERVICE CORPORA.
?IONS.
TO BE FOUND IN ALL LEADING CERTIFIBV
PUBLIC ACCOUNTANTS' OFFICES.
Sample Copy 15 cents. Per Annum $1 56
80 PINE STREET, NEW YORK
65 Wall Street
-
New York
STATE CITY & RAILROAD BONDS
MUNICIPAL AND RAILROAD
WANTED.
BONDS
CHRONICLE ISSUE
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
Jan. 29 1910
Will pay 20 cents a copy.
COM'L & FINANCIAL CHRONICLE
@FedFRASER