Full text of Commercial and Financial Chronicle : December 7, 1912, Vol. 95, no. 2476

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d'tirtantial

The

Itjamirtv

ollinurctal
VOL.95

DECEMBER 7 1912

NO.2476

Published every Saturday morning by WILLIAM B. DANA COMPANY
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana
Vice-Presidents; Arnold G. Dana,Sec. Addresses of all, Office of the Company

CLEARINGS
-FOB NOVEMBER,SINCE JANUARY 1, AND FOR WEEK ENDING NOV.30
November
.

Week ending November 30.

Eleven Months.

Clearings at
Inc. or
Dec.

Inc. or
1912
Dec.
1909.
1910.
1911.
1911.
1911.
1912.
'
$3
$
$
3
T9.1 1,804,236,030 1,858,851,182
New York
8,819,837,427 8,073,875,713 T'9.2 91,935,245,245 84,261,001,667
1,992,630,017 2,320,888,914
641,781,701 +14.5 7,421,663,858 6,991,557,623 +6.2
734,813,206
Philadelphia
144,283,509 163,966,659 -12.0 166,807,325 175,906,145
207,560,347 +13.0 2,558,178,659 2,306,236,051 +10.9
234,587,931
49,745,365
51,960,010
43,285,471 +14.9
Pittsburgh
52,509,126
169,929,887 +1.8 1,777,925,920 1,622,103,591
172,962,076
+9.5
34,077,650
35,243,280
35;486,762 -4.0
35,259,702
Baltimore
52,432,867
43,742,682 +20.6
527,130,617
472,985,088 +11.5
9,962,724
7,961,113 +25.1
11,781,408
10,874,288
Buffalo
27,194087
27,534,447 -1.2
286,454,497
286,901,921 -0.2
4,706,800
8,214,220
5,711,750 -17.6
6,126,600
Albany
33,056,322
30,920,794
358,566,472
+6.9
, 334,871,400 +7.1
6,586,259
6,919,154 -4.8
8,327,267
8,486,529
Washington
22,262,269
19,025,381 +17.0
226,818,384
202,521,687 +12.0
3,909,884
4,915,588 -20.5
Rochester
5,296,744
4,407,032
12,891,983
11,400,735 +13.1
129,491,835 +3.7
134,286,826
2,291,231
Scranton
'2,967,177
2,711,655 -15.5
2,925,615
10,418,901 +23.1
12,830.153
115,083,129 +10.2
126,867,083
2,091,022
Syracuse
2,181,228 -4.1
2,610,170
2,785,204
7,855,669
6,856,754 +14.6
Reading
73,130,537 +12.9
1,620,063
82,543,345
1,846,227 -12.2
1,748,835
1,602,263
6,684,268
Wilmington
6,425,836 +4.0 . 76,042,750
71,508,014 +6.3
1,375,859
1,579,596
1,517,314
1,628,981
6,402,256
Wilkes-Barre
6,048,217 +5.9
1,266,398
69,893,128
1,597,217
65,279,319 +7.1
1,623,833
1,195,099 +5.9
9,020,928 • 8,130,209 +18.3
Wheeling
2,085,944
82,655,762 +15.5
2,013,801
95,498,011
2,053,387
1,848,999 +8.9
7,070,799 +20.3
8,507,562
Trenton
2,335,411
2,266,521
74,714,349 +10.8
2,227,650
82,794,983
1,562,248 +42.6
6,113,698
Harrisburg
5,342,322 +14.4
61,692,875 +3.3
63,757,289
4,110,304
4,014,683 +2.4
York
44,424,406 +4.4
996,261
46,379,059
818,046
1,081,786
807,857 +1.3
4,404,015
3,680,095 +19.7
40,305,230 +14.7
Erie
46,234,952
894,473
855,332
938,054
826,516 +13.5
2,832,594
Greensburg
2,274,367 +24.5
28,709,422
26,925,199 +6.6
712,932
600,000
557,601
457,192 +31.3
2,861,204 • 2,307,576 t24.0
Chester
25,836,472 +11.4
28,779,976
498,801
576,226
628,833
477,978 +10.7
2,676,700
Binghamton
21.0
29,124,700
24,841,000 +17,2
2,213,000
511,400
431,900
534,100
426,100 +19.9
2,441,217
Altoona
22,314,202 +10.2
2,182,259
24,597,830
519,220
11.9
409,6191 +26.9
410,394
410,394
Franklin
1,090,726
999,253 +9.1
11,621,766
11,018,126 +5.5
Frederick
1,215,813
1,186,766 +2.4
13,654,533
13,161,270 +3.8
Beaver County, Pa
2,283,336
23,218,249 +3.4
1,979,630 +15.4
23,996,600
Lancaster
73,282,443
6,155,384
3,942,078 +56.2
51,750,207 +41.6
865,313
1,185,838
827,569 +43.3
Norristown
1,816,144 +8.8
1,976,183
21,512,985 +1.1
21,742,938
Montclair
4,690,396 Not included in total
1,680,189 Not Included in total
340,585 Not Included In total
M-200,100178 9,3027590 476 +9.6 1067171,791,286 Total Middle
97,157,042,19
-4 --I• 3- 2,0737495,636 2,144- 93,290 -3.2 2,298,564,337 2,633,511,149
7.
-3
X
+8.5
769,256,328 -1.8 8,252,621,109 7,608,584,074
Boston
754,219,729
140,897,731 153,505,275 -8.8 168,544,415 182,368,470
39,743,600
370,596,000 +8.4
35,057,400 +13.4
401,658,100
Providence
9,479,100
9,680,600
8,167,100
7,729,000 +5.7
225,652,247
20,759,944
205,332,420 +9.9
18,606,483 +11.0
Hartford
3,739,812 +21.0
4,321,745
4,522,196
3,962,027
12,466,663 -0.08
New Haven
141,073,278
12,457,042
138,146,857 +2.1
2,890.472
2,672,436
2,676,155 -11.7
2,365,908
Springfield
11,871,702 -7.1
123,406,849
11,027,521
2,024,927
2,245,612 -9.8
105,012,837 +17.3
2,350,000
2,369,047
Portland
8,881,016 +7.4
107,432,960
9,536,915
93,468,470 +14.9
1,749,831
2,015,798
1,965,815 -11.0
2,342,638
Worcester
123,400,050
10,654,018 , 10,306,332 +3.4
2,340,522 -15.0
111,375,295 +10.8
1,988,650
2,130,837
2,480,571
55,224,110
Fall River
5,429,535 +15.2
6,255,715
51,825,853 +6.6
1,265,028
1,131,507 +11.8
1,281,973
1,127,305
4,754,418 +7.3
5,101,250
46,430,130 +4.0
New Bedford
48,291,702
977,968 -10.0
879,667
1,396,561
1,341,876
2,790,218 -12.1
2,452,951
26,887,123
26,413,042 +1.8
Lowell
417,341
470,733 -11.3
540,199
471,055
2,707,955 +10.0
2,977,363
31,749,084
28,171,084 +12.7
Holyoke
651,140
582,532 +11.8
622,516
649,933
2,164,904 +28.4
2,778,283
23,816,604
Bangor
21,298,692 +11.8
• 481,903
419,228 +14.8
4,156,800 Not included in total
Waterbury
34,372,700 Not Included in total
677,964,322 884:382,954 -0.7 - 0
756c21a72f6 Total New England 8,806,66S,754 +8:6 -1657410,422 178,784,159 -7.5 -196,160,763 --20g,968,800
1,313,851,484 1,170,616,706 +12.2 14,020,381,804 12,684,940,037 +10.5
Chicago
264,542,036 253,558,073 +4.3 293,206,548 295,196,090
Cincinnati
111,277,750
105,159,150 +5.8 1,247,942,300 1,764,641,050 +7.1
25,237,850
22,399,800
20,872,700 +7.3
27,108,700
85,737,998 +16.6 1,042,552,952
99,944,623
Cleveland
923,169,658 +12.9
21,617,553
19,966,972
20,132,147
16,431,487 +21.5
97,183,038
83,811,373 +16.1 1,026,920,062
Detroit
880,755,136 +16.6
18,501,172
18,683,387
16,703,163 +11.9
16,670,113
60,662,925 +4.7
Milwaukee
659,239,838
63,538,750
636,615,596
+3.6
13,569,253
12,299,012
+6.1
13,546,117
11,590,931
Indianapolis
394,970,757
35,938,370
404,040,508 -2.3
37,359,187 -3.8
7,160,245 -4.7
8,970,234
6,825,776
10,463,916
267,133,200 +9.9
Columbus
293,577,700
27,212,500
23,831,300 +14.2
5,653,200
5,649,300
5,111,300 +10.5
7,427,700
Toledo
228,502,234
22,142,209
220,139,763 +3.8
17,786,397 +24.5
2,719,729 +48.4
4,485,248
4,036,345
4,085,369
15,859,422 +2.9
Peoria
161,711,599
146,339,928 +10.5
16,351,374
+4.3
3,322,114
3,464,459
3,644,146
3,906,593
12,716,249 +30.1
Grand Rapids
125,865,395 +21.6
153,050,308
16,540,257
2,434,435 +10.4
2,686,068
2,706,527
2,664,919
Dayton
8,389,920 +11.4
103,664,862
9,350,980
102,081,530 +1.5
1,530,761 +11.5
1,706,326
2,158,002
2,000,353
Evansville
10,352,380
113,835,562 -4.2
11,306,858 -8.4
109,088,949
2,012,228
1,970,055
2,340,681
2,123,871
3,354,255
Kalamazoo
3,145,550 +6.6
32,321,935 +8.3
34,989,999
617,884
935,260.
569,909 +8.4
715,895
Springfield, Ill
4,712,722
4,043,151 +16.5
57,518,395
49,208,767 +16.5
903,948
884,733 +32.0
1,013,738
1,005,268
4,985,192
Fort Wayne
53,719,344
4,296,989 +16.0
49,309,700 +8.9
919,243
980,183
1,037,989
878,389 +4.7
Akron
39.9
7,905,000
5,653,000
84,235,200
54,776,140 +53.8
1,380,000
1,087,000 +27.0
951,350
1,012,000
Lexington
4,000,742
15.9
3,450,419
45,007,130 +2.6
46,177,687
876,435
878,591 -0.2
1,118,501
1,285,981
Youngstown
35.4
6,486,578
4,774,719
70,475,823
56,582,541 +24.5
1,298,437
954,599 +36.0
1,203,626
980,894
Rockford
16.5
3,788,845
3,250,481
40,988,884
37,152,216 +10.3
955,743
743,698 +28.5
687,607
605,528
5,506,014
Canton
50,169,928 +20.1
4,759,659 t15.7
60,258,087
1,062,950
972,338 +9.3
690,000
1,102,501
22.6
2,765,890
3,389,988
Quincy
31,946,578 +8.4
34,639,531
696,596
592,874 +17.5
636,894
710,082
+7.0
30.3
Springfield, 0
2,116,621
2,757,677
27,699,943
26,080,772
576,085
454,004 +26.9
432,318
486,364
2,309,861 +195.8
South Bend
6,831,845
41,297,065
25,934,901 +62.6
1,237,086
445,357 +177.7
561,592
548,407
2,521,379 +4.3
Bloomington
2,629,420
33,601,043
31,206,725 +7.7
505,668
511,061
544,397 -7.1
575,055
+9.6
Mansfield
1,667,734
1,827,892
20,926,631
19,514,823 +7.2
329,158
290,955 113.4
437,561
369,917
Decatur
1,622,005 +27.6
2,070,418
20,706,849 +16.2
24,166,555
433,959
336,202
28.9
488,891
382,790
Jackson
1,936,169 +21.8
2,358,527
25,619,539
21,206,114 +20.8
384,834
19.3
460,000
375,000
321,708
Danville
+5.1
1,711,964 +11.2
1„,902,871
21,023,736
19,994,211
409,554
23.5
331,743
436,013
500,000'
1,529,328 +22.6
1,875,608 .
Lima
19,744,226
17,934,160 t10.1
345,104 -0.3
344,193
424,375
358,839
1,798,470 +16.7
2,098,217
Lansing
24.4
21,729,333
17,461,573
276,113 +29.3
357,842
380,000
1,085,028 +4.8
1,137,585
Jacksonville, Ill
14,185,865
14,226,344 292,603
0.3
259,687 -33.5
262,116
172,297
764,046 +10.6
845,763
9,044,369
Ann Arbor
8,460,318 +6.9
166,422
187,282 -11.2
247,100
332,496
122,302 +32.5
162,025
1,038,814
Adrian
1,824,853 +6.2
30,477
36,502
38,772 +16.1
45,000
1,837,061 -5.0
1,745,016
20,823,155
Owensboro
20,286,303 +2.6
378,369
452,464 -16.8
472,958
400,000
1,913,218
1,550,276 +23.4
19,307,652
Flints
16,340,283
507,241
530,505 -4.4
5,647,023
Lorian *
4,688,737
943,203 +51.7
13,533,079
1.431,879
9,856,019 +37.3
Gary
12T2 20,2201507668 18;3a0,3 6,363 - 11373
-1-- Total Middle West. 1,897,488,413 17591,3Tr4 +
6355,156,211
378:354,405 415,479,181 418392,805
Details of Pacific and Other Western on page 1513.
Total Pacific
544,927,241
595,737,828
+9.3 5,990,127,660 5,324,508,038 +12.5
115,616,309 110,014,376 +5.1 114,399,405 111,321,382
Total other yVest
658,878,455 +15.0 6,976,233,767 6,447,385,146 +8.2
758,007,066
149,121,331 125,787,122 +18.5 151,642,344 151,238,462
357,253,462
St. Louis
331,047,571
+7.9 3,659,990,467 3,513,441,403 +4.2
67,023,007 +7.7
72,196,903
79,236,224
76,479,379
108,503,306
94,941,044 +14.3
New Orleans
906,450,097 +5.2
953,506,270
24,738,314
23,977,588 +2.8
22,511,074
25,677,358
51,299,265 +9.2
55,982,709
Louisville
614,075,658 +7.4
650,674,206
10,705,852 +2.6
10,979,497
15,638,828
14,259,963
92,068,857
80,459,410 +14.4
Houston
850,606,317
629,679,749 -35
21,418,051
17,123,450 +34.3
.1
15,425,288
14,525,388
50,172,500
50,907,000 -1.4
Galveston
406,884,500 -14.3
465,058,000
9,700,000
10,212,000 -5.0
10,092,500
7,639,000
46,906,344 +17.4
55,036%781
Memphis
373,974,637
319,535,415 -17.0
10,817,693
9,075,826 +19.2
11,674,254
8,430,865
48,706,691
35,468,432 +37.3
Fort Worth
286,702,580 -21.1
347,150,187
8,673,127
7,094,523 +22.3
9,665,153
8,287,296
35,096,559 +3.2
Richmond
36,214,982
392,624,765
7,184,260
7,361,668 -2.4
7,775,044
355,150,359 +10 5
9,138,994
.
Atlanta
72,599,149 -0.1
72,522,413
13,128,149
620,785,745
570,073,005 +7.2
13,130,501 -0.02
15,576,723
12,301,699
Savannah
31,994,460 +7.3
34,339,495
263,651,346
6,801,422
258,978,435 +1.8
6,244,441 +10.3
9,613,810
5,839,392
Nashville
21,777,051 +42.3
30,980,117
132.7
273,762,234
5,815,532
206,300,586
4,460,702 +30.4
4,408,387
3,887,147
Norfolk
16,237,919 +22.4
19,934,453
12.3
151,586,472
170,304,383
4,145,338
3,060,093 +35.5
4,113,615
3,828,240
Birmingham
12,024,554 +19.2
16.1
14,334,073
136,509,670
117,609,166
2,796,424
2,713,250
2,716,128
Augusta
. 13,095,138 +6.0
12,302,125
115,584,584 -11.2
102,593,802
2,336,313
2,454,770 -ti:1
3,243,682
Jacksonville
12,626,421
13,755,181
+8.9
153,362,952 . 132,131,329 +16.0
2,500,000
2,400,000 +4.2
2,194,546
2,701,493
Knoxville
7,478,584 +10.9
8,292,140
81,994,218 +12.1
1,625,721
91,882,156
1,605,140 +1.2
1,748,298
1,891,919
Little Rock
10,569,491 +27.5
13,476,811
87,470,243 +12.8
2,442,473
98,710,405
2,018,336 +21.0
1,943,772
2,653,712
Chattanooga
9,130,053 +21.4
11,080,416
00,021,507 +22.6
111,447,325
2,100,740
1,688,965 +24.4
1,863,096
2,098,679
Charleston
11,306,456
9,877,377 +14.5
82,662,283 +12.8
2,417,108
93,263,894
1,619,476 +49.3
1,777,522
2,800,000
Mobile
6,323,859 +7.6
6,793,990
67,416,816 -3.0
65,409,017
1,407,701
1,250,009 +12.6
1,842,724
1,562,471
Oklahoma
8,798,441
9,339,715 -3.9
96,951,972 -20.3
77,258,886
1,675,000
1,616,182 +3.7
2,657,345
2,427,693
21,059,509
20,389,324 +3.3
Macon
161,519,919 +7.9
174,296,817
3,519,288
3,921,184 -10.1
1,550,000
1,200,000
6,021,868
4,732,022 +27.3
Columbia
41,648,732 1-12.1
46,688,816
11,441,676
10,392,515 +10.1
Austin
107,438,263 - '107,297,660 +0.1
2,027,239
1,790,327 +13.2
1,455,976
917,488
3,195,000
3,016,624
Beaumont
+5.9
27,447,274 +2.2
28,059,048
4,367,185
4,171,912
Wilmington, N. C.._
+4.8
35,912,326 +3.9
37,331,904
811,937
789,712 +2.8
886,199
540,784
2,874,870
Columbus, Ga
2,285,582 +25.8
20,029,101 +14.2
22,870,405
2,039,233
Vicksburg
1,798,557 +13,4
+4.0
14,626,565
14,070,698
434,407
376,418 +15.4
455,907
434,235
900,000
Guthrie
1,104,203 -18.5
7,076,474
9,894,473 -28.5
2,365,608
2,404,200 -1.8
Jackson
22,452,380 -4.3
21,495,190
410,314
320,000 +28.2
825,000
470,000
Meridian
1,826,414 -6.7
1,704,091
15,129,867 +9.0
16,492,672 '
Muskogee *
4,346,319
3,640,000 +19.4
37,452,668
32,793,573
918,942:
656,437 +40.0
2,714,686 +32.2
3,588,705
Tulsa
28,919,292 +17.8
34,057,919
545,352 +37.6
750,0001
5,162,032 +54.1
El Paso
7,954,717
66,838,265
53,392,691 +25.2
Total Southern.....
29,552,902 -17019,188,358 +10.8 10,539,327:902 4-9.3
67638,316110 223,761,7931 205,235,206 +8..1 3, 31 W
4 414
2 212,590,536
Total all
15,458,870,709 14,101,120,898
+9.6,159,458,844,399,146,004,281,605 +9.2 3,107,759,896 3,118,986,789
:14473 3,736,223,143
_
Outside New York- 6.639.033.282 67027,245,185 - -1011-67-52375- 9,1541+
.
0
+9.4 1,303,523,866,1,260,135,607 +3.4 1,418,516,456 1,415,334,229
617743,279,938
.
_ __-fEZ Table
,
-Clearings hi, Telegraph and Canadian Clearings on page 15137* Not included In total for month and eleven months; comparison incomplete.
.




1912.

I
i

Inc or
Dec

1:11g3.,F8?

1494

THE CHRON I CLE

[VOL. Lxxxxv.

stockholder will get $53 of Southern Pacific stock,
THE FINANCIAL SITUATION.
for every $100 of Union Pacific held. On the other
A great deal of nonsensical talk is being indulged in hand, if Union Pacific preferred is also to participate
regarding the probabilities connected with the dis- in the distribution, then the pro rata of Southern
posal of the Union Pacific's holdings of Southern Pacific stock to be received will be only $37 for every
Pacific shares in compliance with this week's order $100 of Union Pacific common or preferred held.
of the United States Supreme Court declaring the After the distribution, there is to be the same happy
acquisition of these shares a violation of the Anti- ending there was after the dissolution of the Standard
Trust Law and directing the Union Pacific to divest Oil combination and the Tobacco combination. The
itself of its ownership of the same. We discuss the aggregate of the separate parts is expected to prodecision itself at length in a subsequent article and duce a greater sum than the present value of the whole,
show that it is a re-affirmation of the doctrine and accordingly everyone will be actually better off
announce in the Northern Securities Co. case, to than before.
The course of the stock market the last two days,
the effect that the mere power to restrain competition is sufficient to make an act or a combination however, indicates disbelief in the beauties and virillegal, but with the scope of the doctrine widened tues of the proposal, and a moment's reflection will
and expanded under last year's judgment in the show that there are some serious flaws in it—that,
Tobacco and Oil cases, by which the "rule of rea- in fact, there is no analogy whatever between the
son" must be employed in determining the validity Union Pacific case and the Standard Oil and Tobacco
of an assailed transaction. This latest decision, and dissolutions. In these latter instances there had to
Justice Day's carefully prepared opinion by which it be a total distribution of assets, and each shareholder
is supported, make it evident that railroad and indus- received as a matter of right his proportionate part
trial combinations alike will find it difficult to pass of these assets, and he received nothing more. In the
muster before the country's highest judicial tribunal. Union Pacific case there is only one particular asset,
The Court holds to its early-formed views, as a single stockholding, that offends against the law
already stated, that the mere power to do a forbidden and must be got rid of. It does not follow that in
thing, whether or not the power. be actually exercised parting with these Southern Pacific shares the disor whether or not it be contemplated to exercise it, is tribution will come to the Union Pacific stockholders
all that must be established in order to prove in- as a bonus or gratuity. Can there be a reduction
validity. By adhering, at the same time, to the of assets such as would result from the distribution
principle of the "rule of reason," the Court brings of $126,650,000 of Southern Pacific stock without
within the scope of its vision considerations which some reduction of capitalization to represent the diminustrict legal requirements would otherwise bar out. tion of assets? New capital obligations were inPerhaps it is not permissible to think that our highest curred in acquiring the Southern Pacific shares.
court is influenced in any way by popular clamor, For instance, $40,000,000 of convertible bonds were
but as one sees the Government prosecutions sus- issued to acquire the original $75,000,000 block of
tained, one after another, and reads Justice Day's Southern Pacific. Can these capital obligations be
opinion in the Union Pacific merger case, the convic- allowed to remain outstanding while the property
tion becomes very strong that the Court is imbued which was acquired from the proceeds of the same
with a desire to respond to public sentiment to the is distributed as a gift? If so, the operation would be
extent, at least, of giving the Anti-Trust Law the equivalent to selling $50,000,000 to $100,000,000 of
widest possible sweep. It is a legal principle that bonds and using the proceeds to pay a twenty-five
an accused person must be considered innocent until or fifty per cent dividend on the stock. Would
found guilty. But if the mere power to do a for- the Court approve a plan that proposed anything
bidden thing is to be sufficient to secure condemna- of that sort? Would it receive countenance
tion, and other and equally controlling considera- from the Government at a time when the Intertions are to be disregarded and the right use of the State. Commerce Commission and others are urging
power is not to count in favor of the accused, he . a physical valuation of the railroads for the purpose
of squeezing out any supposed fictitious values that
might as well be declared guilty in advance.
We have no intention of enlarging upon this may be contained in the existing railroad capitalipoint here. Our present purpose is to show the pre- zation of the country? Would public opinion sancposterous nature of the methodssuggested for dispos- tion the scheme even if the Government could be
ing of Union Pacific's interest in the Southern Pacific. won over? The answer to these questions is selfAs the acquisition of the Southern Pacific shares is evident, and is found in the action this week by the
held illegal, it seems to be thought that a perfect and House of Representatives in passing without a disan easy solution might be found by the simple act of senting vote a bill providing for the physical valuadistributing these shares among the Union Pacific tions referred to.
There can be no free and easy distribution of Southstockholders pro rata. Apparently the only doubt
that has arisen in the minds of any one with reference ern Pacific shares to Union Pacific stockholders.
to this proposition is as to whether Union Pacific Under the Harriman management very large profits
preferred .shares must be taken into account, or accrued from Union Pacific's investments in the
whether the entire benefits can be appropriated by shares of other properties. Possibly the Southern
Union Pacific common stock alone. Such an ar- Pacific shares could be offered for sale to Union
rangement would offer a very pleasing prospect, and Pacific stockholders and these profits credited as
the net effect of the destruction of the union of the part payment on the same. Possibly also some of the
two properties would be that Union Pacific stockhold- Union Pacific's accumulated surplus could be creders would get a big-sized plum. Those to whom the ited in the same way. Almost certainly, however,
proposition appeals have already worked out all very severe public criticism would be invited in that
the details with the greatest care. If Union Pacific event and would probably be found overwhelmingly
common stock alone is to participate, then each against the proposal. Only last week the Arbitra-




DEC. 7 1912 I

THE CHRONICLE

tion Board which passed upon the demands of the
locomotive engineers went out of its way to say that
"in the future the public utilities of the country
should not be permitted to 'cut melons' from surplus." The remark was entirely irrelevant and yet
serves as an illustration of public sentiment on the
question.
The only really feasible proposition would seem
to be for the Union Pacific Co. to offer the Southern
Pacific shares (after first making sure that the Union
Pacific does not lose its hold on the Central Pacific)
to Union Pacific stockholders at the precise cost of
such shares to the company. Some of this Southern
Pacific stock was purchased at figures very much
lower than the present ruling prices in the market.
The original $75,000,000 of Southern Pacific stock,
as already stated, was bought out of the proceeds of
an issue of $40,000,000 of convertible bonds, making
the price about $55 a share. For the additional
$15,000,000 Southern Pacific stock acquired in 19021903, the price was probably no higher. In 1904-05
$18,000,000 of Southern Pacific preferred stock was
subscribed for and in 1906-07 $16,200,000 more of
preferred stock was taken over from the company,
par being paid for both issues. This preferred stock
was subsequently exchanged. for Southern Pacific
common. In 1909-10 $2,450,000 additional stock
was acquired. Altogether, the $126,650,000 of
Southern Pacific's stock held must stand on the books
of the Union Pacific Co., we should judge, as having
•cost say $85,000,000, making the average price paid
about $70 a share. If the Union Pacific offered
Union Pacific stockholders these shares at $70, it
would be getting back the money paid out for the
same, while the Union Pacific stockholders would
get valuable rights, inasmuch as Southern Pacific
shares are receiving 6% dividends and sell well above
par in the market. Such a scheme would be free
from objections, would reimburse the Union Pacific
Co. and would give Union Pacific shareholders all
they can really and fairly ask for. Of course, Union
Pacific's income from investments would be considerably diminished after it had parted with its holdings
of Southern Pacific stock.
The Union Pacific Co. is to have only three months
in which to comply with the mandate of the Supreme
Court, while the Tobacco Company was allowed six
months, but the reorganization in the latter case
was necessarily complicated and intricate. Perhaps
also the Court was moved by a desire to have the
•Southern Pacific operation completed during the
life of the present Administration, so that the new
Administration will not have to take up the matter
at the very inception of its work. The Taft Government has just about three months more to serve.

1495

in stock speculation, particularly at New York,
where financial transactions are a rather important
element in bank exchanges. Of the 150 cities included in our compilation of clearings on the first
page of this issue, very many report figures higher
than ever before for the period and only a score
show losses from November 1911, with the declines in
all but one or two instances nominal.
Clearings at New York for November record an
increase over the month of 1911 of 9.2%; for the
eleven months of the year the gain is 9.1%; and
contrasted with 1909, when stock operations were
distinctly more active than now, the losses are
only 2.7% and 1.9%, respectively. Outside of New
York such leading cities as Philadelphia, Pittsburgh,
Chicago, St. Louis, Buffalo, Cleveland, Rochester,
Toledo, Syracuse, Trenton, Providence, Detroit,
Los Angeles, Minneapolis, Seattle, Omaha, St.
Paul, New Orleans, Houston and Memphis exhibit
very substantial gains and many of the smaller
municipalities show exceedingly large percentages
of augmentation. Combining the figures for all the
outside cities, we have an aggregate greater by 10.1%
than for November 1911 and by 9.4% than the eleven
months, with the gains compared with earlier years
much heavier. Finally the result for the whole
country for November 1912 at $15,458,870,709 and
the eleven months' total at $159,458,844,399, exceed 1911 by 9.6% and 9.2%, respectively, set new
records.
Stock transactions at New York for the month
reached only 8,725,317 shares, the smallest for
November since 1897 and comparing with 14,919,486
shares in 1911. The sales for the eleven months of
this year, moreover, at 118,496,639 shares, while
nominally greater than for the period last year,
were, with that exception, below any year since
1898, making an exceptionally poor comparison with
the 197 million shares of 1909, the 263 millions of
1906 and the, 249 millions of 1910. Bond dealings
for the month were also less than in either of the
previous fourteen years and the 1912 eleven months'
aggregate, at 631 million dollars, par value,compares
with 79932 millions in 1911, over 1,200 millions in
1909 and 916 millions in 1908. Operations in
both stocks and bonds on the Boston and Philadelphia Stock Exchanges were likewise of very
restricted volume, in November this year as in fact
is true of all centres of speculation.
Canadian returns of clearings for November
present no features differing from earlier months of
the year that call for special comment. The exhibit is, of course, a very favorable one. The
nineteen cities, with one exception, report increases,
Edmonton, Regina, Saskatoon and Victoria showing
very large gains. The total of all records an exAs the year 1912 draws towards its close, there is pansion of 11.5% over 1911 for the month and an
no apparent let-up in the activity in commercial and augmentation of 23.6% for the eleven months.
industrial affairs. Our foreign trade has reached
new high records from period to period, railroad
Mercantile failures constitute an anomalous feaearnings (the gross figures at least) indicate an ture of the situation. For November 1912 not only do
unprecedented movement of commodities, building they exceed in number those for the corresponding
operations have been of a magnitude never before period of 1911, but were, with the exception of 1907,
equaled and, lastly, bank clearings, the unfailing the greatest for any similar interval in very many
business barometer, show important gains in most years; the volume of liabilities, moreover, was
localities. In fact, the clearings returns for Novem- heavier than in all but two years since 1894-1903
ber 1912, in the aggregate show not only a very and 1907. The distinctive characteristic of this
satisfactory gain, as compared with the corresponding November statement is the overwhelming preponperiod a year ago, but a new record for the month derance of small insolvencies, all but 22 of the 1,175
•covered, notwithstanding the dulness that prevailed defaults reported having been for amounts less than




1496

THE CHRONICLE

$100,000, with the total of the 1,153 almost 10
million dollars, as against 594 millions liabilities
contributed by the 22 larger failures. Such a showing is, of course, not in consonance with the existing
condition of prosperity in the country, and is therefore not readily explained. Obviously, many enter
into business with limited capital and still more
limited capabilities.
As compiled by Messrs. R. G. Dun & Co., the
number of failures in November 1912 was 1,175,
with liabilities of $15,646,105, contrasting with 1,105
and $15,266,337 last year and 1,003 and $11,324,016
in 1910. Disasters among manufacturers covered
$7,230,614 of this year's total indebtedness, against
$6,867,347 and $4,598,639, respectively, in the two
previous years. In some of the branches grouped
under this head liabilities were relatively heavy and
very much greater than in November 1911. On the
other hand, however, notable declines in the volume
of debts were reported in woolens, carpets and knit
goods, cottons, laces and hosiery, and hats, gloves
and furs, those having been lines that were most
adversely affected last year. In the trading division
the month's liabilities were the heaviest since 1903,
reaching $6,751,891, against $6,541,789 in 1911 and
$5,471,332 in 1910. Here we find eight of the fifteen branches showing increased liabilities, as compared with last year, but in no case is the augmentation strikingly large.
The eleven months'failures of 1912 number 14,141,
with liabilities of $184,952,802, as against 12,215
and $173,402,063 last year and 11,524 and $184,719,016 in 1910. Manufacturing insolvencies account for $79,233,756 of the 1912 total, this comparing with $77,646,664 last year and $81,823,518
two years ago. Trading liabilities also were large,
exceeding those for any year since 1908, the current
year's aggregate of $82,638,552 contrasting with
$76,636,210 a year ago and $68,364,533 in 1910.
The showing among brokers, &c.,is not as good as in
1911, indebtedness of $23,080,494 comparing with
$19,019,189, but there is a decided improvement over
1910 or 1909, in each of which years the liabilities
exceeded 30 million dollars.
The Fall River wage situation has cleared up this
week, and the expectations of those familiar with
conditions at the country's leading cotton-manufacturing centre have been fully verified. There
will be no advance in wages at this time. That was
the decision reached at a conference between the
Executive Committee of the Cotton Manufacturers'
Association and the Fall River Textile Council, and
announcement of the result of the meeting was made
on Wednesday by the representatives of the operatives. It is evident, therefore, that the owners
were able to present most convincing reasons why
an increase should not be granted. The situation
in the cotton-manufacturing industry is now, in fact,
much less favorable as regards margin of profit than
when the wage agitation was started. At that time,
in the early fall, with cotton on a much lower basis
than now,and goods advancing, the margin considerably increased. But latterly the raw material has
appreciated considerably in value and goods have
remained almost stationary, seriously reducing the
margin. In other ways, too, the Fall River mills
, have been handicapped for some time past. Not
only has there been a shortage of operatives, but many




[VOL. Lxxxxv.

of those at work are indifferent workmen. The
conference happily was productive of good results.
The first installment of President Taft's annual
message sent to Congress on Tuesday once more
furnished an available text for a broad survey of
foreign conditions in which our financial and business
interests are interested. The President refers particularly to the consistent policy of the Administration in encouraging the use of American capital in
foreign countries. On this subject he says: "In
China the policy of encouraging financial investment
to enable that country to help itself has had the result of giving new life and practical application to the
open-door policy. The consistent purpose of the
present Administration has been to encourage the
use of American capital in the development of China
by the promotion of those essential reforms to which
China is pledged by treaties with the United States
and other Powers. The hypothecation to foreign
bankers in connection with certain industrial enterprises, such as the Hukuang railways, of the national
revenues, upon which these reforms depended, led
the Department of State early in the Administration
to demand for American citizens participation in such
enterprises, in order that the United States might
have equal rights and an equal voice in all questions
pertaining to the disposition of the public revenues
concerned." In order to bring information regarding the proposed Chinese loan by the Six-Power
group up to date, it may be stated on the authority
of Washington press dispatches that Wendell Jackson, the daring American promoter, who began the
negotiations with China that finally resulted in the
$50,000,000 Crisp loan, has severed his connection
with the project. This is interpreted as a clear sugestion that the Crisp syndicate may be invited to
participate in the larger loan that eventually must
be made if China is to receive sufficient financial
assistance to place the new republic on an enduring
base. The consolidation of the Crisp with the SixPower loan would necessarily simplify matters.
Only $25,000,000 of the $50,000,000 Crisp loan has
as yet been offered for public subscription in London,
the financial strain due to the outbreak of the Balkan
war having rendered necessary a postponement of
the public offering of the second half of the loan.
The President, referring especially to the unrest
in the Caribbean and Central American republics,
states that the Administration has enforced the socalled neutrality statutes with a new vigor, and thosestatutes "were greatly strengthened in restricting
the exportation of arms and ammunitions by the
joint resolution of last March. It is still a regrettable fact," he adds, "that certain American ports
are made the rendezvous of professional revolutionists and others engaged in intrigue against the
peace of those republics." Mr. Taft goes on to
show that for two years revolutions and counterrevolutions have distraught our neighboring republic.
of Mexico. Brigandage has involved a great deal
of depredation upon foreign interests. There have
constantly occurred questions of extreme delicacy.
On several occasions, he shows, very difficult situations have arisen on our frontier. Throughout
this trying period the policy of the United States has
been one of patient non-intervention, steadfast
recognition of constituted authority in the neighboring nations and the exertion of every effort to
care for American interests.

DEO. 7 1912.j

THE CHRONICLE

1497

There have been no important military engage- either in London or Paris, to settle the questions in
ments reported in press advices this week in Mexico, which the Powers themselves are interested.
and the trend of affairs seems in the direction of an
A straw significant of the political wind was the
early peace, even from brigandage,to which the Presi- statement by the French Premier, M. Poincare, on
dent refers. News dispatches report that Ernesto Thursday to the Committee on Foreign Affairs of
Madero, Mexican Minister of Finance, contemplates the Chamber of Deputies. The Premier declared
going to London for the purpose of floating a 20,- bluntly:"We stand by our allies and our friendships."
000,000-peso loan authorized by the Mexican M. Poincare said: "France's program is: First, conCongress, the flotation of which by means of tinuity in our foreign policies, and consequently the
agents has failed. This report adds that Madero practical and persevering operation of our alliances
will probably resign from his position in the and friendships; second, sincere and continued efforts
Cabinet.
to maintain the peace of Europe; third,above all,the
President Taft in his message urged the enforce- firm and calm resolution to maintain respect for our
ment of the Monroe Doctrine in connection with rights and keep our national dignity freefrom all possiCentral American countries, and said it was obvious ble attack." M.Poincare's address had not only been
that it is vital in the neighborhood of the Panama carefully prepared, but had been submitted previousCanal. This country, he said, has been "glad to ly to a special session of the Cabinet,asit was realized
encourage and support American bankers who were that a speech similar to the speeches delivered by the
willing to lend a helping hand to the financial re- British Premier, Mr. Asquith, and the German Imhabilitation of such countries." The President out- perial Chancellor, Dr. Von Bethmann-Hollweg, was
lined how American diplomacy and effort had placed awaited with anxiety in every capital of Europe.
the Dominican Republic once more on a stable France, the Premier said, always consulted England
foundation and had also prevented a lawless up- and Russia in advance before acting and always acted
rising in Cuba which threatened much valuable with them, and he added: "We shall continue to act
property. Efforts of the United States, with the with them in close accord and with confidence."
request of Great Britain, to protect the interests of Referring to the future, M. Poincare said: "All the
British holders of the foreign bonded debt of Guate- evidence goes to show that a general settlement of
mala were referred to also. Speaking of this, the the pending difficulties will be effected sooner or
President said: "Through a renewal of negotiations later. Up to now the Powers have been in accord,
between the Government of Guatemala and Ameri- recognizing that military operations do not constitute
can bankers, the aim of which is a loan for the re- accomplished facts, and that no Power has adopted
habilitation of Guatemalan finances, a way appears any irreparable initiative. This result, which is
to be open by which the Government of Guatemala the best guaranty of European peace, is especially
could promptly satisfy any equitable and just British due to the fact that the chancelleries of Europe have
claims and at the same time so improve its whole been in constant communication in the last few
financial position as to contribute greatly to the in- weeks."
creased prosperity of the republic and to redound to
The sensational feature of the week in the European
the benefit of foreign investments and foreign trade political situation has been the evidence of acute
with that country."
friction between Austria and Russia. This was
In referring to foreign trade, the President spoke brought into distinct notice on Monday when the
of the continued steady advance, the total domestic Imperial Chancellor of Germany,Dr. Von Bethmannexports having a valuation approximately of $2,- Hollweg, made in the German Reichstag a declara200,000,000, as compared with a fraction over $2,- tion which was taken to mean a warning to Russia,
000,000,000 the previous year. He added that it although Russia was not named. The Imperial
was significant that, whereas manufactures and Chancellor, after summarizing the efforts of the great
partly manufactured commodities formed the bulk Powers to prevent and later to limit the Balkan war,
of the exports, our abundant agricultural products, said: "When our allies, Austria-Hungary and Italy,
through the demands of the people for them, were in maintaining their interests are attacked—although
kept at home generally. Mr. Taft insisted that this this is not the present prospect—by a third party,
Government should use its utmost endeavors to and thereby threatened in their existence, then we,
obtain impartial treatment for American products faithful to our compacts, will take their part, firmly
in all markets.
and decisively. Then we shall fight side by side
with our allies for the maintenance of our own posiAn armistice between Turkey on the one hand and tion in Europe and for the defense of our security
Bulgaria, Montenegro and Servia on the other was and the future of our own Fatherland." It is ev signed on Tuesday, Dec. 3, which there is excellent dent, therefore, that the statement of the French
reason to believe virtually brings to a close the Balkan Premier, that France would stand by Great Britain
war. Greece, for reasons of its own, did not at first and Russia, was an answer to the German Chancellor.
sign the agreement for the cessation of hostilities, Meanwhile Servia is showing a disposition to allow
but on Friday yielded and joined in the general its interests to be adjusted at a conference of the
agreement. While it is announced that the armis- Powers. Russia has been using every effort to curb
tice is for fourteen days, it is also agreed that either the impetuosity of the Serbs, but in the event of
side can abrogate it with due notice within forty- actual hostilities will, it is believed, support Servia.
eight hours. Greece will participate in a conference According to a dispatch to the Vienna "Reichspost,"
to be held in London next Friday for the purpose of Russia has concentrated 50,000 troops behind the
drawing up a treaty of peace based on the terms that girdle of the Polish fortresses. As to the terms of
have just been agreed to. Delegates from Turkey, the armistice, no official statement is available,
Bulgaria, Servia and Montenegro will, of course, also but press dispatches suggest that they include
be present. At the same time the ambassadors of (1) the suspension of hostilities until peace negotiathe great Powers of Europe .will hold a conference, tions are concluded,(2) the right to revictual Adrian.
!
..



1498

THE CHRONICLE

ople, Scutari, Yanini and all the Turkish detachments which have been cut off by the allies, (3) the
removal of the naval blockades in the Aegean and
the Adriatic.
The Canadian Premier, Robert L. •Borden, in a
carefully prepared address in the Canadian Parliament on Thursday announced that Canada purpoSed
adding three of the most powerful battleships afloat,
at a cost of $35,000,000, to the naval defense of the
British Empire. These vessels are to be built in
Great Britain and are to form part of the British
fleet. But they can be recalled to form part of a
Canadian navy, should such a step be necessary.
Mr. Borden also stated that he had been assured by
His Majesty's Government that it would welcome
the presence in London of a Canadian Minister, and
that such Minister would be regularly summoned to
all meetings of the Committee of Imperial Defense
and would be regarded as one of its permanent
members. No important step in foreign policy, he
said, would be undertaken without consultation with
Canada's representatives. The Ptemier declared
that upon the information which he had disclosed,
namel a long memorandum prepared for the
Canadian Government by the British Admiralty,
the situation was, in his opinion, "sufficiently grave
to demand immed ate action." The debate on the
proposals was, on motion, set to begin next Tuesday. The Premier announced that,with the new order
of things, Canada would have a voice in foreign affairs, and added that "when Great Britain no longer
assumed sole responsibility for defense upon the high
seas, she can no longer undertake to assume sole
responsibility for the sole control of foreign policy."

[VoL Lxxxxv

capital of Morocco,is provided for in the supplementary articles of the Franco-Spanish treaty in reference
to Morocco, the text of which has recently been
published. The new railroad, with its branches
extending to other parts of Morocco, will mean the
opening up of the heart of the Moroccan 'Empire
to communication with the outside world, as well as
giving great opportunities for the extension of commerce and industry. According to the treaty, the
limits of the French and Spanish zones in Morocco
are defined. Spain cedes to France the vast tegion
believed to be rich in minerals between the Rivers
Draa and Sus. France thereby obtains another
outlet to the Atlantic Ocean from her Saharan territory. Spain, in return, obtains the important coast
district known as Ifni. In the north France obtains
the fertile valley of the River Wergha.
The security markets in London have ruled relatively firmer than the Continental bourses. There
has, however, been slight,if any,increase in activity,
owing to a disposition to await definite developments
in connection with the settlement of the war, which,
fortunately, seems so clearly in prospect. British
consols closed fractionally higher at 75%, comparing
with 75 5-16 a week ago, while French rentes (in
Paris) are also firmer, closing at 90.323/2 francs,
against 89.70 francs last week. London cable
advices state that some large underwritings that
have been held in abeyance because of the unfavorable investment conditions will be offered for public
subscription as soon as conditions show signs of even
moderate improvement. This will be necessary and
desirable in order to release funds that have been tied
up for a protracted period. London bankers are expecting a general demand for State loans by Italy
and by the countries concerned in the Balkan war.
Italy is already sounding both the London and Paris
markets for terms for a large loan and Austria also
will, it is understood, be an applicant for funds as
soon as the political atmosphere in Europe has
definitely cleared. As regards the Paris market,
press advices from that centre suggest that home
commitments of a financial character may be considered to have been "shelved" until the spring.
Quite a number of State loans are expected there at
high rates of interest in the near future, and these, it
is argued, will have such a stimulating effect on rates.
that domestic committments will be discouraged.
So far as State funds—old issues—are concerned,
these have ruled steady on the London Stock Exchange this week. Russian fours closed last evening
which compares with 90 a week ago; German
at
imperial threes finished at 77, against 76; Turkish
fours are 853', against 84; Bulgarian sixes 1013-i,
against 102; Greek monopoly fours 54, against 52,
and Servian unified fours 81, against 80. British
home railroads have advanced moderately, though
London & Northwestern closed at 1333., which is
without change for the week. Southeastern preferred
shares closed at679/,against663. Money in London,
s
closed at 33/2@3% and in Berlin at 5%.

Official announcement was made in St. Petersburg
on Wednesday that the Russian Government will
publish on Jan. 1, the day of the expiration of the
Russo-American Treaty of Commerce and Navigation, a statement outlining its future commercial
policy towards the United States, and also a provisional tariff which will not contain any great increase over the existing tariff. The policy of the
Russian Government will be directed solely to the protection of the Russian markets and assuring the
Russian consumer the most favorable conditions of
supply of the staple imports hitherto coming direct
from the United States, namely cotton, farm machinery and implements. The St. Petersburg dispatch announcing this action adds that "should the
United States contemplate discriminating measures
against Russian produce or shipping, it is argued in
St. Petersburg that it would be well for America to
remember that Russia is able to seek cotton in Egypt
and India and machinery in England and Australia."
Washington advices state that the Administration
will issue a statement simultaneously with that to
appear in St. Petersburg, or even before, conveying
to American business circles information as to the
basis upon which trade may be conducted between
America and Russia following the expiration of the
existing trade treaty. This statement, it is believed,
will make it clear that in the absence of any disThere were no changes in discount rates of official
crimination by Russia against the American export European banks during the week. Open market
trade, the existing rates of tariff dues will continue rates closed, if anything, slightly easier. In Lombard Street sixty-day bankers' acceptances, as reto be exacted upon the imports from Russia.
ported by cable last evening, were 4%% for spot
According to despatches from Pani ,the immed ate bills and 4%©4%% for bills to arrive. For long
construction of a railroad from Tangier to Fez, the bills the closing spot rate was 432%, with bills to




DEC, 7 1912.]

THE CHRONICLE

1499

arrive at 44%. A week ago short bills Were year, a loss of 39,000,000 marks is indicated in the
4%@4 15-16% and long bills 4 11-16@4%% for bank's stock of cash (gold and silver). Loans,
3
both spot and to arrive. In Paris the open market discounts and note circulation again register large
rate remains unchanged at ni% for all maturities. increases in a year's comparison. The loans and
In Berlin sixty-day bills closed at 5%% and ninety- discounts are now 279,078,000 marks ahead of last
day bills 6%. These rates are for both spot year and note circulation is 255,000,000 marks
and to arrive committments and represent fractional higher. The aggregate of loans and discounts is
4
advances for the week. Brussels closed at 47 %, 1,559,418,000 marks, compared with 1,280,340,000
/
comparing with a range of 4%@47 3% a week ago. marks in 1911. The outstanding circulation is
4% and Vienna is 4
Amsterdam still remains at 37
1 3% 2,009,987,000 marks, comparing with 1,754,520,000
higher at
The official bank rates at the lead- marks a year ago and 1,513,500,000 marks in 1910.
ing foreign centres are: London, 5%; Paris, 4%
The local money situation has failed to show the
Berlin, 6%; Vienna, 6%; Brussels, 5%; Amsterdam,
full reaction towards an easier situation that many
4%; Bombay, 6%, and Bank of Bengal, 7%.
A decrease in gold and bullion holdings of £1,371,- bankers were last week inclined to expect. The
468 was the feature of the weekly statement of the Comptroller of the Currency on Tuesday issued
Bank of England on Thursday. A further loss of his long-awaited call for a statement of national bank
£1,663,000 in the reserve brought the proportion conditions as of Nov. 26, thus going back to an
to liability down to 50.08%, comparing with 50.81% earlier date than usual. This is the fifth and last
a week ago and 52.45% a year ago. The market call of the year. Comparisons will be made with
paid off loans at the Bank to the amount of £876,000, the previous call of Sept.4 and with the corresponding
while £1,304,000 in public deposits were released. call of Dec. 5 1911. The Comptroller's action was
Ordinary deposits decreased £1,213,000. The loans somewhat of a surprise, and it is evident that some
(other securities) now aggregate £30,884,000 and of the shipments of currency to the interior that were
compare with £27,489,077 one year ago and L27,- made late last week arrived too late to permit them
404,148 two years ago. The bullion holdings are to count in the statements of the interior banks.
£36,414,802, comparing with £37,106,384 a year Last Saturday's bank statement showed clearly the
ago and £35,637,626 in 1910. Our special corre- effect of the active withdrawals of funds by the inspondent furnished the following details of the gold terior. The preceding week's surplus of $6,765,100
movement into and out of the Bank for the Bank was completely eliminated and a deficit established
week: Imports, £655,000 (of which £200,000 from of $5,057,950. This showing compares with a surGermany and £455,000 bought in the open market); plus held by the banks and trust companies one year
exports, £1,070,000 (of which £420,000 to Brazil, ago of $1,308,900 and with a surplus held by the
£400,000 to Egypt and £250,000 to India), and ship- banks alone two years ago of $5,048,500, the trust
ments of £956,000 net to the interior of Great companies not at that time being members of the
Britain.
Association. Preparations will soon necessarily be
begun for the New-Year dividend and interest disThe Bank of France report issued on Thursday bursements as well as for the remittances that are
was disappointing in most of its principal items. necessary before the twentieth of the month for the
A decrease of 10,091,000 francs in gold holdings purpose of January payments on American securities
was shown and of 8,032,000 francs in the silver abroad that are specifically payable in sterling, francs
holdings. Discounts were reduced 5,084,000 francs, and marks. The call money rate of 20% which was
while there was an increase of 1,389,000 francs in current for a short time on Friday of last week was
the Bank's advances. Note circulation expanded not repeated this week. The highest point of the
6,847,000 francs, but both treasury deposits and week just ending was 16% and was reached on
general deposits showed a decrease, the former of Monday, but on each succeeding day of the week
3,084,000 francs and the latter of 6,380,000 francs. the rate ruled at times above 7% until Friday, when
Comparing with the figures of last year the gold item 63/2% was the highest. Toward the close some inof 3,210,233,000 francs showed a decrease of.967,000 dication of relaxation was shown, and it was evident
francs. Silver registers a reduction from 807,150,000 that the December disbursements were returning to
francs in 1911 to 733,308,000 francs in the report of circulation. A better supply of out-of-town money
Thursday. Note circulation has increased to 5,- was the feature on Friday.
453,835,000 francs from 5,294,251,720 francs a
Referring to rates for call money in detail, it may
year ago and discounts to 1,581,834,000 francs from be stated that the week's range has been 3@16%
1,265,060,091 francs. General deposits show a and the renewal rates have been between 6 and 12%.
large advance over last year and the year before, On Monday the week's highest figure of 16% was
being 802,587,000 francs, as compared with 546,- touched, while 6% was the lowest and 12% the
028,362 francs in 1911 and 645,740,094 francs in ruling quotation; on Tuesday the range was 6@
1910.
934%, with 9% the renewal basis; Wednesday's •
maximum was 83/2%, minimum 5% and renewal rate
The weekly statement of the Imperial Bank of 8%; on Thursday 6@7% were the extreme figures,
Germany, issued on Tuesday, was a particularly with 6% the renewal quotation; Friday's highest
poor one. The gold stock registered a decrease of and lowest were 73/2% and 3%, respectively, with
66,350,000 marks and gold and silver combined renewals at 63/2%. Time money has ruled largely
showed the large reduction of 104,836,000 marks. nominal during the week for the early maturities,
Meanwhile there was a remarkable increase of 213,- for which the supply of funds was light, while a:dis956,000 marks in note circulation. Loans and dis- position on the part of borrowers was shown to await
counts also showed a heavy expansion, the former a reaction from the high figures that marked the
of 66,210,000 marks and the latter of 127,893,000 culmination of the December demand. Closing
marks. Comparing the returns with totals for last quotations were 6% for sixty days, 6@63/2%Ifor

5%.




1500

ninety days, 6% for four months and 5% for five
months and for six months. These quotations
I
are about W% higher for the week. Mercantile
paper remains on a 6% basis for sixty and ninetyday endorsed bills receivable and also for choice
four to six months' single names. Names not so
well known are still quoted at 63/2%. There is,
however, neither a large supply of paper nor an active
demand for it.
The market for sterling exchange has ruled nervous
and irregular. According to cable advices from
London, $4,250,000 of the $5,000,000 gold offered
at the weekly auction of South African gold in London on Monday was engaged for New York account
3
at a premium of 4@9'd. per ounce above the
British Mint price of 77s. 9d. In addition, commissions were necessarily incurred, so that the precious
metal proved rather costly. The remainder of the
offering was taken for Indian account. It is rather
difficult to reconcile the London reports with the
announcements of engagements as reported in New
York. So far as can be definitely traced here, the
engagements this week have been $2,300,000, making
the total since the inward gold movement was
resumed on Nov. 21 of $4,500,000. There is a
good supply of exchange in the market, though
almost exclusively of grain, cotton and general merchandise bills. Very few finance bills are available,
as there is slight inducement to draw, with exchange
2
at, say,.4 843/ for demand and English discounts at
about 4%%,which is paying a high rate for money,
2
and leaves the drawer short of exchange at 4 843/ in
February, when, ordinarily, a reaction is usually
well under way from the low year-end figures. London bankers are advising their correspondents here
that they are looking for somewhat easier, though by
no means cheap, money. There will be large offerings of securities for public subscription as soon as
the current strain moderates to a reasonable degree,
as London underwriters have their funds tied up to
an unusual extent,and in addition there is in sight a
particularly active demand for new capital in the
London market. There will, for instance, undoubtedly be keen competition on the part of the belligerent
States for loans. Meanwhile, as an offset to a
demand for gold by New York, we are at the threshold of the active season for the remittances of NewYear payments on American securities that are held
abroad. It will be necessary to remit some large
sums during the next fortnight to make payment of
dividends and interest on securities that are specifically payable in sterling, francs and marks; and after
the turn of the year the usual remittances on dividend and interest account on securities owned abroad,
but payable on this si 1 , will be necessary. London
has been quite an active purchaser of securities in
New York this week in the arbitrage dealings.
Compared with Friday of last week, sterling exchange on Saturday was unchanged for cable transfers and sixty-day bills, which were still quoted at
4 8515@4 8525 and 4 8045@4 8055, respectively;
demand WELJ firmer at 4 8460@4 8470. Continued
high rates for call money,together with large accumulations of cotton and grain bills and heavy selling
by a prominent financial concern, caused another
sharp bi eak in rates on Monday; demand declined
to 4 8440@4 8450, cable transfers to 4 8490@4 85
and sixty days to 4 8025@4 8035. On Tuesday
sterling advanced about 15 points on the decided




[VOL. Lxxxxv.

THE CHRONICLE

easing up in call money and a smaller supply of
bills; the range was 4 8455@4 8465 for demand
4 8505@4 8515 for cable transfers and 4 8035%
4 8045 for sixty days. Easier discounts at London
and active selling for speculative account here
checked the advance on Wednesday and sterling
rates again receded; demand declined to 4 8440@
4 8450 and cable transfers to 4 8490@4 85; sixty
days, however, was firm and moved up to 4 8050@
4 8060. On Thursday the market was firmer with
an advance of 10 points; this was brought about
partly by covering of shorts and a stiffening in English discounts; final figures were 4 8450@4 8460 for
demand and 4 85@4 8510 for cable transfers, though
sixty days declined to 4 8430@4 8440. On Friday
the market continued irregular and closed without
important net change for the day. Final quotations
were 4 8030@4 8040 for sixty days, 4 8450@48460
for demand and 4 85@4 8510 for cable transfers.
1
Commercial on banks closed at 4 784@4 803/2 and
3
documents for payment at 4 79/@4 80%. Cotton
for payment ranged from 4 7932@4 79%; grain for
payment from 4 803@4 803/2•
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $6,987,000 net in cash as a result of the currency movements for the week ending Dec. 6.
Their receipts from the interior have aggregated
$13,719,000, while the shipments have reached
$6,732,000. Adding the Sub-Treasury operations
and the gold imports, which together occasioned a
loss of $4,849,000, the combined result of the flow
of money into and out of the New York banks for
the week appears_to have been a gain of $2,138,000
as follows:
Week ending Dec. 6 1012.

Out of
Banks.

Into
Banks.

Net Change in
Bank Holdings.

Total

& $13,719,000
23,479,000

$6,732,000 Gain $6,087,000
28,328,000 Loss 4,849,000

$37,198,000

Banks' interior movement
Bub-Treas. oper. & gold imports

335,060,0001Galn $2,138,000

The following table indicates the amount of bullion
in the principal European banks.
Dec. 7 1911.

Dec. 5 1912.
Banks of
Gold.
England_ _ 36,414,802
France — 128,408,920
Germany.. 38,481,600
Russia _ 158,374,000
Aus.-IIun 51,343,000
Spain _ _ 17,408,000
42,636,000
Italy d _
Netherl'ds 13,705,000
7,481,333
Nat.13elg
Sweden _ 5,583,000
SwItzeri'd. 7,164,000
Norway — 2,281,000

Silver.

Total.

Gold.

I

£ I
36,414,802 37,106,3841
29.331,800157,740,720 128,447,400
15,200,000 53,681,00 40,493,850
6,338,000164,712,000 142,072,000
3,500,000
10,609,000i 61,952,000 53,725,000
29,748,000 47,156,000 16,711,000
46,136,00 40,701,000
592,900 14,297,00 11,539,000
6,525,333
3,740,667 11,222,00
5,583,000 4,733,000
7,164,000 6,445,000
2,281,000 2,174,000

Silver.

Total.

37,106,384
32,285,360 160,732,760
14,813,450 55,307,300
6,044,000 148,116,000
11,738,000 65,463,000
30,329,000 47,040,000
3,550,000 44,251,000
1,159,800 12,698,800
3,262,667 9,788,000
4,733,000
6,445,000
2,174,000

Tot. week.509,280,055 09,060,367608,340,422490,672,967 103,182,277593,855,244
Prev.week.514,144,830 99,017,320614,062,150 493,173,150 103,305,523 596,478,673

THE TREASURY REPORT.
The annual reports of the head of the Tresury
Department are always interesting in three ways:
first, as showing the condition and tendency of the
public finances; next, as illustrating, through the
movement oftax receipts and public revenue,the state
of national prosperity or adversity; third, as throwing light on the practical working of the fiscal and
currency laws which are administered by the Treasury. As regards the first of these considerations,
Secretary MacVeagh points out that the excess of
receipts over expenditures for the fiscal year ending
with June 1912 (Panama Canal accounts being excluded) was $37,224,501. This compares with the
Secretary's estimate for the period's surpl s reve-

DEC. 7 19121

THE CHRONICLE

nue, in his report a yeariago, of $10,225,000. Here
is a distinct improvement, altogether effected, it
would seem, during the first six months of the present calendar year. The increase over the estimate
in the year's surplus revenue is found, on examination
of the Secretary's figures, to be due to $15,000,000
increase in the fiscal year's customs revenue and an
increase of $6,000,000 in the internal revenue. Disbursements turned out to be a trifle less than had
been expected.
For the fiscal year 1913 the Secretary estimates a
surplus revenue on ordinary account of $40,200,000.
This expected increase over the yield of the past
fiscal year is based on an estimated revenue some
$19,000,000 larger than in the fiscal year 1912,
offset by an expected increase of $16,000,000 in the
ordinary public expenditure. As for the fiscal year
1914, the first full year under the Wilson Administration, this, the report shows, will be greatly
affected by larger appropriations which existing
plans appear to indicate. The year's expenditure under such appropriations is estimated by
the Treasury at $732,556,023, an increase of $78,000,000 over expenditures in the fiscal year 1912
and of $62,000,000 over anticipated expenditures
for the fiscal year 1913. Receipts for the fiscal year
1914, on the other hand, are not expected to exceed
$710,000,000, which would be $19,000,000 over the
actual revenue of 1912, but, as will be seen, would
fail by a large margin to keep pace with the increase in
appropriations.
The estimate thus indicates a deficit on ordinary
account for the fiscal year 1914 of $22,556,023,
as against the expected forty millions surplus for
the present fiscal year. The result for 1914 will
necessarily, however, be affected widely by the legislation of the next twelve months, to. which Secretary
MacVeagh makes no particular reference. The
tariff revision program, for instance, which will
probably affect the duties during part of that fiscal
year, will necessarily create some difficult problems
regarding the customs revenue. It does not by any
means follow that reduction in the tariff schedules
will cause decreased re'venue. Precisely the contrary may be the result; but experience teaches that
it is very easy to make mistakes in matters of this
sort, even when, as in 1894, reliance is made on the
revenue from some other source of taxation. Only
through the most thorough and careful study of the
problem by experienced legislators have awkward
results from such changes been avoided in the past,
and this bears strongly on the question as to how
much tariff legislation shall be undertaken in the
coming extra session, when the administrative officers
and the Congressional committees will be virtually
new to their task.
Regarding the condition of the country, as illustrated in the Treasury's results, Mr. MacVeagh says
little. We have • already shown, however, the remarkable increase in the Treasury's revenues from
both customs and the internal schedules even before
the middle of the present calendar year. Such an
increase, running as it did far beyond the estimates
of the Treasury itself, undoubtedly illustrates the
improvement in trade and industry, which has become much more emphatic since the close of the
fiscal year 1912. The figures already cited show,
however, that this great expansion in public revenue
was necessary -to keep pace with the increased appropriations made by Congress. The estimates show,




1501

also, that expenditure is increasing more rapidly
than the revenue, even under the present comfortable
condition of things. Such a situation is not altogether agreeable when one recalls the well-known fac t
that a public revenue is subject to many alterations
and accidents, even withour changes in the laws,
whereas appropriations for public expenditure are
not easily reduced.
On the question of currency and banking reform
Secretary MacVeagh speaks with great emphasis
and with strong feeling, as is his wont. He has long
been an ardent advocate of currency reform, mainly
along the lines of the Aldrich plan,and he outlines the
essentials of reform in the following interesting
paragraph:
"The general features of a new system—if that
system shall be at all adequate to the emergency—
must include, among its necessary features, provisions for never-failing reserves and never-failing
currency, and for the perfect elasticity and flexibility
of both; for the permanent organization and organized co-operation of the banks, which are now suffering and causing the nation to suffer by reason of their
unorganized state; for a central agency to represent
and act for the organized and co-operative banks—
this agency to be securely free from political or trust
control, but with the Government having adequate
and intimate supervision of it; for independent banking units—so independent that no one bank can be
owned, controlled or shared in in any degree, directly
or indirectly, by any other bank; for the equality
of all banks, national or State, both as to standards
and as to functions—so that every requirement
made of a national bank must be complied with
equally by a State bank, and every function or privilege enjoyed by a State bank shall be enjoyed by a
national bank; for the utilization and the fluidity
of bank assets; for the scientific development of
exchanges—domestic and foreign; for foreign banking as an adjunct of our foreign commerce; and for
taking the Treasury Department out of the banking
business."
We cannot help wishing that the Secretary had
pointed out more in detail the obstacles and difficulties imposed on our interior exchanges by the
present system of bank note issues, and by the relations of banks to the Treasury and to one another.
Mr. MacVeagh chiefly confines his criticism to denunciation of the present system in principle. He
puts the case thus:
"The system under which we are living not only
will not prevent a panic, but after a certain point
in the generation of panic conditions is reached,
will make it inevitable. So that, as long as the financial system created by our Federal laws remains
unchanged and unreformed, the Government will
be exclusively responsible for the commercial, industrial and social disasters which flow from panics."
And again:
"A panic is as unnecessary and as avoidable as an
epidemic of smallpox. You can have an epidemic
of smallpox if you disregard all that science has provided as a preventive. You cannot possibly have
an epidemic of smallpox if you will apply the simple
means that science has provided."
There is doubtless much truth in these allegations,
but they seem a trifle exaggerated in statement,
and they certainly ignore other causes for financial
panics—even in countries with a central bank and
a flexible currency—which economists have always
recognized.
The Secretary speaks more definitely of the awkward practice of hoarding surplus cash in the Treasury; a practice whose results have been the torment

1502

THE CHRONICLE

[VoL. loopcxv.

ious and wholly consistent with one another, and,
to our mind, he succeeds in proving this.
Nevertheless, the law is now applied to an entirely
new set of facts, and it is the circumstance that it
can be so applied that gives the present decision its
tremendous importance. In the Northern Securities
case the act condemned was the restraint of trade
occasioned by the organization of a holding company
in which was lodged the outstanding stock of two
powerful transcontinental railroad systems competing in substantially the same territory and under
substantially the same conditions. In the present
case the Court decides that where the facts and circumstances point to actual or possible restraint of
inter-State commerce, a direct holding of stock by
one company in a second company with which it
competes is equally a violation of the law. Another
rule laid down on this occasion is that a mere technical question as to whether a clear majority of the
outstanding stock of the company acquired is held
is of no consequence as affecting the main issue
before the Court. Actually the Union Pacific holds
only 46% of the outstanding stock of the Southern
Pacific. The Court finds that this was sufficient
to enable the Union Pacific to dominate Southern
Pacific affairs, and the holding of any lesser proportion would also be illegal if the effect were the same—
that is, if thereby the controlling corporation was
enabled to exercise dominion over the acquired
company.
This last means, of course, that the law (and the
Court in construing it) looks at the substance of the
transaction, not its form. Most important of all,
Justice Day's opinion makes it plain that the decisions in the Tobacco and Oil cases, instead of
having weakened the Anti-Trust statute, have
strengthened it. It will be recalled that in those
cases the Supreme Court announced that in determining whether any given act or transaction,or set
of transactions,is in conflict with the provisions of
the law, "the rule of reason" must be applied.
Justice Harlan filed a pungent dissenting opinion,
and certain Congressmen and politicians concluded
that the Court had altered the essential character
of the law, and accordingly denounced the decisions
in language more forceful than respectful. But
there was no warrant whatever for such a conclusion.
ON UNION PACIFIC'S When the Court said that any assailed act must be
THE SUPREME COURT
examined in the "light of reason" or "by the rule
CONTROL OF THE SOUTHERN PACIFIC.
The decision handed down on Monday of this week of reason," it meant.simply that reason and comby the U. S. Supreme Court, holding illegal under mon sense must be used in determining whether the
the Anti-Trust law of 1890 the acquisition' by the act contravened the statute. Judge Lacombe had
Union Pacific Co. of a large block of stock in the. intimated, it will be remembered, that if an expressSouthern Pacific Co., will probably take rank as man on one side of a State border entered into
among the most notable of the numerous decisions partnership with an expressman on the other side
by that tribunal interpreting and applying the Anti- of the State line, the act would be a violation of the
Trust Act. It contains no new expression of views. 1890 law, inasmuch as the necessary effect of such
On the contrary, Justice Day, who writes the opinion, a union must be to restrain the competition previously
takes pains to indicate that in the present instance existing between the two individuals. Chief Justice
the Court is simply applying the principles and doc- White therefore was obliged to assert that "the
trines laid down in previous decisions and opinions, statute does not forbid or restrain the power to make
and that the only point really determined by the normal and usual contracts to further trade by. reCourt is that the circumstances under which the sorting to all normal methods, whether by agreement
Union Pacific has for the last eleven years domi- or otherwise, to accomplish such purposes." But
nated, Southern Pacific affairs are such as to bring Chief Justice White went further, and in the Tobacco
the merger under the condemnation of the 1890 law. case demonstrated that application of the, "rule of
He also undertakes to show, as did Chief Justice reason" meant more than this—that it brought
White in the, Standard Oil case and the American within the provisions of the statute many transTobacco case, that previous decisions construing actions which might fall outside of it if the Court
the Anti-Trust statute have been entirely harmon- adhered merely to the strict letter of the law. For

of nearly all his predecessors, and have forced them
repeatedly to take arbitrary action in the money
market which their own best instincts very possibly
disapproved. Of the present situation, Mr. MacVeagh has this rather interesting remark to make:
"We have had before us this autumn another
object lesson of the urgency. of the need of banking
and currency relief. * * * Fortunately the
banks have been able, unaided, to carry on this autumn the financial operations necessary to the movement of our vast crops; and at the same time finance
the operations of a general business expansion—even
in the face of a European disturbance. This, however, has called out nearly all the resources that
were available under our constricting system. And
it was at no time certain that the Treasury Department might not be fairly called upon to use its facilities to assist these ordinary business transactions.
"I should have been sorry to feel it necessary for
the Treasury Department to intervene at such a
normal period as this. But, of course, it would have
assisted if i5 had become necessary; for the use of the
siirplus in the Treasury belongs of right to the business operations of the country whenever a real need
for it arises.
"In view, however, of the impotent condition of
our bank reserves whenever reserves are seriously
needed, it has seemed that the present moderate
accumulations in the Treasury might well be held
intact for a greater need. The Treasury reserve
is the only trustworthy one we have; and until
Congress furnishes the nation with another and
better reserve,it is well to make that of the Treasury
as useful and responsive as possible."
The conclusion as to the maintenance of a large
idle fund of cash in the Treasury may be sound
philosophy, if applied to a period of financial disorder and money crisis such as 1906 and the early
Yet it seems somewhat anomalous
months of 1907..
in its relation to the existing position of affairs, and
in any case can hardly be taken as a legitimate
part of our governmental system. Otherwise, if the
Secretary, were supposed arbitrarily to accumulate
such a fund against the necessities of some future
formidable crisis, what limit could be assigned to the
piling up of idle cash in the vaults of the Treasury
which he might suppose to be requisite? Fortunately, Treasury accumulations on the present occasion have been very moderate.




DEC. 7 1912

THE CHRONICLE

ourselves we accordingly claimed that the effect
of the Tobacco and Oil decisions was to widen the
scope of the Anti-Trust law and to extend its application. This view appears to be justified by Justice
Day's opinion in the present Union Pacific case;
and it is this fact—the fact that the law applies to
cases which might otherwise be considered immune
from prosecution--that gives the latest decision
(which is concurred in by all the judges save Justice
Van Devanter, who did not sit in the case because
he bad passed upon it as a Circuit Judge) its tremendous significance, both in its bearing on railroad
combinations and on industrial consolidations.
The Court holds that "the consolidation of two
great competing systems of railroads engaged in
inter-State commerce by a transfer to one of a dominating stock interest in the other creates a combination which restrains inter-State commerce within
the meaning of the statute, because in destroying
or greatly abridging the free operation of competition theretofore existing, it tends to higher rates."
"Nor does it make any difference," says Justice Day,
"that rates for the time being may not be raised
and much money be spent in improvements after
the combination is effected. It is the scope of such
combinations and their power to suppress or stifle
competition or create monopoly which determines
the applicability of the Act." Note that the Court
says that "the power to suppress or stifle competition" is sufficient to condemn a combination.
What is this but the doctrine enunciated in the
Northern Securities case, and which it had been supposed the Oil and Tobacco decisions had modified
in an important degree by promulgating "the rule
of reason"? The power to do a forbidden thing is
still the controlling element in determining illegality,
as it was in the Northern Securities case, and, in
addition, the law is given, under the later decisions,
a wider scope.
We are among those to whom this latest decision
is a surprise—not in the circumstance that the AntiTrust Law is held to apply to such a union of interests as that of the Union Pacific and the Southern
Pacific, for previous decisions had left no room for
doubt on that point, but in the fact that the Court
should find the facts themselves such as to constitute a violation of the law. There were distinct
and special circumstances relating to this merger
of interests which appeared to make the union
natural and legitimate and on the whole free from
objections, the controlling purpose having been, not
to stifle or suppress competition, but to secure an
outlet to the Pacific Coast for the Union Pacific,
without the possession of which its successful existence seemed likely to be jeopardized. As was
pointed out by us when reviewing the decision of the
Circuit Court upholding the merger of the two
properties, which decision is now reversed, the
Southern Pacific embraces within itself the Central.
Pacific, which latter is simply an extension of the
Union Pacific itself, carrying it to the Pacific coast.
The Union Pacific extends from Omaha and Kansas
City to Ogden, Utah, while the Central Pacific runs
from Ogden to San Francisco. Moreover, the two
together constitute what was the first transcontinental line across the continent. Both lines were
chartered by Acts of Congress and it was the undoubted intention of. Congress that they, should
always be worked harmoniously together. More
than that, both the Act of 1862 and the Act of 1864




1503

granted authority for their actual consolidation.
Hence, so far from there having been anything actually meretricious in the transaction,the act was really
one of self-preservation. It was in evidence,too,that
Mr. Harriman had first tried to purchase from the
Southern Pacific Co. the old Central Pacific line
running between Ogden and San Francisco,and that,
failing in this, he entered into negotiations with C.P.
Huntington in the latter's lifetime for the purchase
of a large block of Southern Pacific stock owned by
Mr. Huntington. Having been unsuccessful in this,
he renewed his efforts to secure that stock from the
heirs after Mr. Huntington's death in 1900.
It was also brought out in the trial of the case that
Mr. Harriman had a competitor in George Gould,
acting for the Gould interests. In view of these
facts the Circuit Court Judges Adams, Sanborn and
Van Devanter (the latter now on the Supreme Court
Bench, but having taken no part, as already stated,
in the hearing before the Supreme Court on appeal),
with Judge Hook alone dissenting, reached the conclusion that from the proof the immediate and actuating intent and purpose of the Union Pacific Co.
in acquiring the Huntington stock, and thereby the
control of the operation of the Southern Pacific line,
was to secure a permanent working and reliable connection at Ogden over an existing road for its
through traffic.
The Supreme Court now rejects this conclusion,
and, by going behind and beyond the facts already
set out, reaches a wholly different opinion as to the
character of the transaction. Justice Day says: "This
case is not to be decided upon the theory that only
so much of the Southern Pacific system as operates
between Ogden and San Francisco has been acquired."
What was in fact done, he asserts, "was the purchase
of the controlling interest in the entire Southern
Pacific system, consisting of ocean and river lines
with a mileage of about 3,500 miles and railroad lines
aggregating over 8,000 miles, together forming a
transportation system from New York and other Atlantic ports to San Francisco and Portland and other
Pacific Coast points, with various branches and:
connections, besides a steamship line from San Francisco and Portland and other Pacific Coast points,
with various branches and connections, and a steamship line from San Francisco to Panama and from San
Francisco to the Orient, and a half interest in another
line between the latter two points."
He says that in determining the validity of such
a combination the Court has a right to look also to
the intent and purpose of those who conducted the
transactions from which it arose and to the objects
had in view. He goes back and finds that at the
time the Union Pacific was about to raise means to
effect the Southern Pacific stock purchase, it authorized the issuance of $100,000,000 of bonds "for
the purpose of meeting present and future financial
requirements of the company," provision being made
for the use of the proceeds from $40,000,000 of this
amount in the purchase of the Southern Pacific
stock with no designation whatever as to the purpose to which the remainder ($60,000,000) should be
applied. It was said, he states, that the remaining
$60,000,000 was intended to be used in the acquisition of a part interest in the railroad system of
the Chicago Burlington & Quincy Railway Co. in
view of the imminent probability of the purchase of
that system by the Northern Pacific Railway Co.
As a matter of fact, he declares, the Northern Pa-

1504

THE CHRONICLE

cific and Great Northern having each secured a half
interest in the Burlington, the Union Pacific did
acquire a large amount of the Northern Pacific stock
with this $60,000,000.
He then adverts to the formation of the Northern
Securities Co. on the failure of the Union Pacific
to secure control of the Northern Pacific by acquiring a majority of its common stock and to the litigation that resulted with the decision of the Supreme
Court adverse to the Securities Co. Justice Day
goes a step further and shows that when the Securities combination was declared illegal the Union Pacific interests undertook to compel the return of the
Northern Pacific stock which it had turned over to
the Securities Co. and opposed a distribution among
the stockholders of the latter company of the stock
of the Northern Pacific Co. and the Great Northern
Co. which had been put into the combination. The
Supreme Court, as will be remembered, denied the
petition on that occasion, saying that,if granted,the
Union Pacific would get control of the Northern
Pacific, and the effect, hence, would be to smother
competition between the Northern Pacific and the
Union Pacific. From this Justice Day is led to
conclude that "the evident purpose of issuing the
$100,000,000 of bonds was to acquire a fund to be
used for the acquisition of the stock of the Southern
Pacific, a great competitive system, and also of
the stocks of other competing roads." It is likewise
pointed out that Mr. Harriman became President
and Chairman of the Executive Committee of .
the
Southern Pacific with the same ample power which
he had in like positions in the Union Pacific. Justice
Day says that these facts cannot be lost sight of in
determining the object and scope of the transaction
which resulted in the unified control of the two properties and which has "in its power the suppression
of competition."
It will be observed that it was consideration of
these various outside matters in their bearing on
the general purpose and scope of the transaction
that mainly influenced the Court in rendering a
judgment adverse to the combination. Nor is Justice
Day willing to grant that the Union Pacific would
have been in a state of helplessness if it had not
acquired control of the Southern Pacific. He points
out that it would have been detrimental to the
Southern Pacific to decline an interchange of traffic
with the Union Pacific at Ogden. He also shows
that under the Pacific Railroad Acts, to which. we
have already referred, the Central Pacific and the
Union Pacific are required to be "operated and used
for all purposes of communication, travel and transportation, so far as the public and Government are
concerned, as one connected, continuous line,"and
in such operation and use "to afford and secure to
each equal advantages and facilities as to rates,
time and transportation without any discrimination
of any kind in favor of the road or business of any
or either of said companies, or adverse to the road
or business of any or either of the others." Under
the Acts referred to and under other Acts, if discrimination had been indulged in, it could have been
restrained. Justice Day also adverts to the fact
that the Union Pacific has an outlet to the Pacific
coast at Portland by way of the Oregon Short Line
and the Oregon Railroad & Navigation Co. and that
from Portland it has steamboat connection with
San Francisco.
1




[Vol, Lxxxxv.

As regards the law applicable in the case, it is held
"that a combination which places railroads engaged
in inter-State commerce in such relation as to create
a single dominating control in one corporation,
whereby natural and existing competition in interState commerce is unduly restricted or suppressed,
is within the condemnation of the Act." Justice
Day argues that, while the law may not be able to
enforce competition, it can reach combinations which
render competition impracticable. Nor does it
make any difference that, instead of resorting to a
holding company, as was done in the Northern Securities Co. case, the controlling interest in the stock
of one corporation is transferred to the other. On
that point he says: "The domination and control,
and the power to suppress competition, are acquired
in the one case no less than in the other, and the resulting mischief, at which the statute was aimed,
is equally effective whichever form is adopted. The
statute in its terms embraces every contract or combination, in form of trust or otherwise, or conspiracy
in restraint of trade or commerce. This Court has
repeatedly held that this general phraseology embraces all forms of combination, old or new." He
then expresses the opinion that "a more effectual
form of combination to secure the control of a competing railroad, than for one road to acquire a dominating stock interest in the other, could hardly he
conceived." That the purchase was legal in the
State where made, and within corporate powers
conferred by State authority, constitutes, it is held,
no defense if it contravenes the provisions of the
Anti-Trust Act enacted by Congress in the exercise
of supreme authority over inter-State commerce.
Justice Day urges that the record of the testimony
in the case is voluminous and was given by railroad
men of wide experience, business men and shippers,
who, with practical unanimity, expressed the view
that prior to the stock purchase the Union Pacific
and Southern Pacific systems were in competition,
sharp, well-defined and vigorous, for inter-State
trade.
To preserve from undue restraint the free action of
competition in inter-State commerce was the purpose
which controlled Congress in enacting the statute,
and the courts should construe the law, it is declared,
with a view to effecting the objects of the enactment.
Competition between two such systems, it is said,
with much force, consists not only in making rates,
which the proof showed were by agreement fixed
at the same figure whichever route was used, but
includes the character of the service rendered, the
accommodation of the shipper in handling and caring
for freight, and the prompt recognition and adjustment of the shipper's claims. The consolidation of
the two competing systems resulted, it is held, in
greatly abridging competition previously existing
of this character. After the stock transfer the two
companies chose common officials and the rival
soliciting agencies were for the most part abandoned.
As to the contention that the Union Pacific at no
time acquired an absolute majority of the stock of
the Southern Pacific, this is held of no consequence.
In any event, the stock acquired did prove sufficient
to obtain the control of the Southern Pacific. It
may be true, says the opinion, that in small corporations the holding of less than the majority of the
stock would not amount to control, but the testimony
in the present case amply showed that, distributed
as is the stock among many stockholders, a compact

•

Dm. 7 1912.]7,

THE CHRONICLE

united ownership of 46% is ample to control the
operations of the corporation.
The union of the two properties being held illegal
because it restrains competition previously existing
between them, the Union Pacific must dispose of
its holdings of Southern Pacific stock and is given
three months in which to do this. The judgment of
the Court, however, is not to be construed to forbid
the Union Pacific from retaining the Central Pacific
connection from Ogden to San Francisco and to get
control of the line for that purpose, provided a plan for
accomplishing this end can be devised satisfactory
to the Court and to the Government. The Union
Pacific is enjoined from voting its Southern Pacific
stock and forbidden to make any transfer or disposition of the stock that would continue its control.
Payment of dividends upon the stock is enjoined,
"except to a receiver to be appointed by the Court,
who shall collect and hold such dividends until disposed of by the decree of the Court." The Government had also sought to prohibit the Union Pacific
from continuing to retain its holdings of stock in the
Atchison Topeka & Santa Fe arid of a small amount
of Northern Pacific shares and a certain interest in
the San Pedro Los Angeles & Salt Lake RR. But
as to these matters the Supreme Court refuses to
disturb the decree of the lower Court, which saw
nothing illegal in those transactions.
Altogether the decision is a notable one and certain to have far-reaching consequences. In our article on the "Financial Situation" on a preceding page,
we comment on the suggestion made in current discussions for complying with the mandate of the
Supreme Court and disposing of the holdings of
Southern Pacific stock.
THE INSURANCE BUSINESS AND
GOVERNMENT REGULATION.
An address by Superintendent Emmet of this
State to the convention of associated life insurance
presidents this week is notable in its statement of
the present "attitude" ,of supervision towards the
vast insurance interest, and, incidentally, in its view
of the trend towards expansion of collective undertakings. The old idea that government is intrinsically undesirable and should, therefore, be kept
at its absolute minimum, has changed to a popular
belief that it is "a potential source of every blessing." The old distrust of government dated from a
time when its functions were largely controlled by
privileged classes, and now, "with the downfall of
the privileged classes as the real sovereign," the
common man is eager for governmental regulation of
everything, and it is now organized wealth that is
saying the activities of Government should be greatly
abated and curtailed.
Mr. Emmet finds that some activities of insurance
supervision have come without any statutory warrant but in obedience to a sort of tacit recognition
of their necessity. Influencing legislation he names
as one and intervening to settle disputes between
companies and their policy-holders and stockholders
is another. A striking development of the latter
which he does not mention has lately occurred.
Companies claim the right, when loaning a mortgage, to have the fire insurance on the mortgaged
property placed by a broker of their own selection,
reasonably saying that only thus can they be sure
that the insurances are placed and the renewals looked
after in such a manner as to get the best protection




1505

on the loans. But certain brokers, who, naturally,
want business, have actually gone to Mr. Emmet
with a complaint that they are thereby deprived of
their fair share in commissions. Extend this plea
to its full logical absurdity, and it would mean that
trust funds must not be loaned with sole reference
to the best net return consistent with safety, according to the trustees' best judgment, but that loans
must be made and disbursements must be apportioned so as to give every trader his equal "share."
The most striking part of Mr. Emmet's address,
and that which suggests these remarks, is his forecast
as to State insurance. He is sure that only very
strict supervision will satisfy henceforth, and he urges
that insurance interests ought to give unqualified
support to such supervision, because companies may
otherwise soon have to bear the burden of duplicated
official examinations. Further, in this time "of in
tellectual and political upheaval," he sees in the.
background "the larger problem of governmental or
State insurance." The people in their organized
capacity feel surer of themselves than. ever before.
The growing demand for State insurance is based on
the fundamental proposition that insurance is a nenessity, and all the labor the companies have expended to impress that view "are now bearing their
inevitable fruit in the growing tendency to regard
the business of insurance as a proper adjunct to
government." Mr. Emmet even presents a dilemma
to the companies, which he thinks are facing a critical condition:
"If, in addition to opposing State insurance, they
seek to avoid strict and efficient supervision, they
are entirely lost, because there is nothing plainer to
me than that for the moment strict supervision is the
one thing which stands in the way of State insurance.
On the other hand, if conservative insurance men
should now co-:operate strongly in the creation of a
system of strict State supervision (hoping that this
will quiet the demand for State insurance), they are
apt to find that the structure of supervision which
they have helped to build up will, by reason of its
very efficiency, serve, perhaps, as the final strong
argument for the taking over of the business of insurance by the State."
The dilemma suggested is, therefore, that if the
private companies remain obstinate or even impassive as to strict supervision, they will fall victims to
their own presumed comparative deficiencies; and if
they purify themselves and help create an ideally
strict supervision, they wilijallvictims to its perfections.
The drift towards State intervention is unmistakable, and it is possible that some State may •
presently attempt a real insurance scheme, going the
final step beyond the pretended one which Wiscor sin
now offers to her citizens. Mr. Emme 's forecast is
not without warrant, yet he verlooks two important
propositions: the first is that the companies are not
surely "lost" when that step is taken because it will
have to be justified first by its results. The other
consideration is that such experiments have in them
the fertile seeds of failure. Under any form of State
or collective insurance, policy-holders and claimants
will expect the liberality which private companies are
accused of denying; employees will expect short
hours and delightful wage rates; all vendors of any
merchandise will expect generous treatment; and
thus an unpleasant situation for tax-payers will be
created. A machine can move simultaneously in
opposite directions only by flying into pieces.

1506

Underwriters need not indulge in any evil forebodings as to governmental insurance, in their capacity as underwriters. As citizens, however, they
may well unite with all other thoughtful persons in
noting the tendenc'es of the times and in deciding
that the best time to abandon fatally bad experiments
is before they are actually undertaken.
HIGHER WAGES AND THE COST OF LIVING.
The Bureau of Railway Economics has made a
comparative study of conditions in respect to the
costs of living in this country and in some of the
principal countries of Europe. Rents and food cost
more here but wages are higher here. In three
principal trades, according to Board of Trade figures,
the American workman pays 38% more for his food
and 107% more for his house accommodation than
does his English brother; but his hours of labor are
4% shorter and his pay is 130% more; a larger margin
over the outlay for rent and food is therefore available here than in England and Wales. As to railway workers particularly, these figures show that
the average daily earnings in the United Kingdom
have remained almost stationary in a decade, being
$1.045 in 1910, against $1.017 in 1900, while in this
country the $1.84 of 1900 became $2.23 in 1910, an
increase of 21%.
Such statistics may not be broadly new, and even
if they were, they would be only cumulative evidence
of what is already known. The pressure of increase
in the costs of subsistence is a tax which bears with
varying degrees of severity, like all other forms of
tax, yet reaches every self-supporting person without
hope of escape. It is cited as proof of the hardships
of transportation employees, but it is not an interesting grievance to the listener, since he also has his
share of the same. In the presentation of the engineers' side of the recent rather abortive hearing
before a board of referees, it divided attention with
enlargement on the peculiar stresses and privations
of sitting at the throttle; yet it was all of it absolutely
aside from the issue raised. Grant that the engineer's life has its hardships, so have other callings;
he feels sure he gets less than he needs and earns,
but many others have a like feeling; he has been
gradually educated by benevolent intervention to be
indifferent to consequences if he can only get what
he wants, just as the teasing child overlooks the
grudging consent if he can get the thing clamored for.
The perversity of treatment of this particular
matter appears even plainer, after further demands
which have received encouragement by it gather into
concrete form. The singularity is that not only did
the ostensible arbitrators accept at its face the plaint
of one party in the case but dismissed, on the plea of
incompetency in themselves to consider it, the entire
case of the carriers, that case consisting simply of a
specific showing of figures, not merely uncontroverted but not examined, to the effect that granting
the wage increase demanded is arithmetically impossible. Really, this putting aside of the crux of
the matter and the only issue which was referred to
the board, becomes more strange the more it is contrasted with ordinary practice in controversies. Imagine a bench of judges dismissing the defendant's
case without even examining it, merely remarkiss
that they are incompetent to pass on it, and then
giving judgment for the plaintiff. If the excellent
gentlemen composing this referee board really deemed
themselves unequal to arriving at a conclusion as to




[VoL. Lxxxxv.

THE CHRONICLE

the ability of the roads to pay more wages, why did
they not realize their incompetency earlier and not
undertake to pass upon this, inasmuch as it was the
only question in dispute and therefore the only one
they were asked to decide?
There is another view which has not passed without
mention, yet has received scarcely any thought at
all: it is that advancing wages inevitably and quickly
give another upward push to the prices of commodities, whose rise in dollar-expression makes wageearners call for more. When one set of men clutch
at larger quantities of some commodities other sets
retort by clutching at still other commodities, and
the march proceeds up and about that "spiral staircase" whose top must end in confusion as did the
tower of Babel. The more wages are pushed up,
the more they seemingly need to be. And when
a set of men who are clothed with practically
irresponsible power by harshness tindertake to
say that one vast interest which underlies the
whole industrial fabric shall have prices raised
against it, yet shall be denied the right to pass the
burden along, we are brought to face confusion
as the end of it..
Ahl but the remedy? We have no panacea to
offer. In this, the "Chronicle" may plead non
possumus in its turn; we have not professed ability
to solve offhand the problem of the cost of living, nor
has it been referred to us. We can only advise
that the adjustment is a matter of patience, rather
than of haste and greedy impulses; that all should
be willing to bear their own share and to carefully
study causes and await working out of remedies;
that the largest—or, at least, the most natural and
most easily-applied remedy—is increase in production. Instead of fiercely contending for what means
of subsistence we now have, we should earnestly
strive to make the volume larger.
LEVELING THE INEQUALITIES
[Communicated.]

There is a sort of unanimity of opinion just now
among social workers that the unequal conditions
existing in human society are going to be leveled up;
that equality of opportunity and the distribution
of the necessities of life more equitably are to be
accomplished by a system of "passing it on." In
this way the social burden, instead of resting, where
it does now, on the lowest stratum of the population
will be placed on broader shoulders, more able, if
not more willing, to bear the load.
On a deeper study it will probably be found that
something more is necessary than a mere shifting
about of responsibilities or the incidence of social
burdens; that there will have to be a vast amount
of education of both the upper and lower classes of
society, and the placing of a great number of questions on a moral instead of an economic basis, before
any great improvement can be brought about in
social conditions.
Take all such solutions as employers' liability,
workmen's compensation, the minimum wage, reduced hours of employment and better occupational
conditions: do not they all mean increased costs
in the production and distribution of the necessaries
of life, whose increasing costs are now one of the
vital problems of the hour?
There seems to be a feeling abroad, of which many
are possessed, that there is somewhere a great fund
of wealth, of capital, on hand, the accumulation

DEC. 7 1912]

THE CHRONICLE

1507

probably of the avaricious and the exploiter, which too much attention already, and now that the capionly needs equitable distribution to allow all now talist "class" (mostly made up of men formerly poor)
engaged in industry to live in comfort with only a has shown the way to the accumulation of wealth,
moderate amount of exertion.
it is simply necessary for "society," or "the workers,"
This is the result probably of seeing large rows of to do the same thing themselves and pocket the refigures stated as the wealth existing in various places sults. But how this is to be done has not.yet been
—infinancial institutions or in the possession of indi- shown.
viduals. It is the fact, of course, that these figures
It will probably be found that we have to go on
refer mostly to pieces of paper, either evidences of with our present system for a while until the altrudebt or titles to ownership of lands, factories or other istic spirit has so developed in captains of industry
tools of trade, not one of which is in the slightest that they will work without "the recompense of
degree available for furnishing the necessities of life the reward." With the world as we find it, human
without human labor applied at the right time and nature as we know it and not waiting for millenial
place under competent direction.
dawn, how shall we fit the new social conscience to
No doubt it is the fact that there is produced, the present social system? How shall we get the
by direction, foresight and toil in any given year employer to place his business on a basis of fair
hardly more of any stated necessity of life than the treatment for his working force without the fear
current needs of the people—that a climatic or of insolvency or loss staring him in the face when
other irregularity producing one or two crop failures the books are balanced for the year?
in our great staples may cause tremendous price . One of the most hopeful solutions was promised in
changes and actual hardship, if not famine. In this the new "efficiency" discoveries, which seemed
to
great country this has happened in two years—in indicate that a larger output by the worker
could
1910 to the cotton and in 1911 to the potato bring about a greater share or reward for himself,
crop.
without increased exertion, and with a corresponding
And it is probably true, also, that it is the thrift increase of profit for the employer. Here
is one
of the few, the foresight of the so-called capitalist, direction in which the answer may be found.
But
the enterprise of the manufacturer, builder or rail- so far the attitude of "labor" seems to be opposed
road man, the wise ventures of the merchant and to anything like an increase either of efficiency or
trader, that keep up the standard of wages and living production. Reduction of hours, or minimum of
to the point that we are accustomed to, low though output, seems to be rather favored, with the idea
it may be in comparison with our wishes or ideals. that more "work" is thereby created, although the
That it is highly desirable that the employer of labor amount of the very necessities of life which their
should be more generous in his treatment of his labor produces, and of which they are most in need,
working force cannot be gainsaid. How he is to do is thereby curtailed. Their whole idea is that they
this and yet succeed in his enterprise is another do not get their share of the "wealth" they already
question. It is an undoubted fact that a large produge, that a great mass of it—constantly increasnumber of those engaged in business enterprises ing—is kept somewhere out of their reach, and their
fail to succeed at all; and the profit of the more wish is to seize upon some part of it, not by earning
successful, while seeming large in a stated amount, a larger share of it, by work or by thrift, but by takaverages a very small percentage through good and ing it from the present owners or receivers of it.
bad years, and is easily turned into a loss by dull
Here, then, we have an apparent deadlock, which
times, trade changes or careless management.
is not to be done away with by argument or social
To quote Ray Stannard Baker (not writing in war. It must be done by an appeal to the moral
behalf of the mill owner) in his article on the Law- sense—an education of the moral responsibility of
rence strike: "If one were to divide all the surplus both sides.
of profit in the textile mills to-day—figure it out
On the one hand, the object must be to bring to
for yourself—it would increase their wages and im- pass that the director of enterprise, capitalist—call
prove their living conditions almost inappreciably."* him what you may—whose brains are the creating
If one were to take the amount invested in the power of the world's wealth, shall be fitted with an
mills in Fall River, for instance, and they have never altruistic spirit, which indeed he often now possesses,
been classed as "watered," it would be found that, if he dared to show it, that he may share and increase
through a series of years, they have hardly returned all benefits and comforts with his manual helpers.
an average on the whole amount as great as if the And, on the other hand, that the worker,under his
sum had been invested in Government bonds. To direction, may in loyal energy do all in his power
to
make another comparison, the properties represent support and carry on the wealth-producing enterno more values than ten years ago, while the values prise, each emulating the other with noble example
of farm lands have doubled.
and worthy sacrifice.
So it is evident that if employment is to continue
Here should come in the twin forces of education
and a larger share is to be given to those who perform and religion, for enlightenment will be of no
avail
the manual labor, while at the same time the condi- without a moral basis. The fundamental
s of the
tions under which they labor are to be improved, Ten Commandments and the Golden Rule, the
some means must be devised whereby the present brotherhood of man as children of one Father—thes
e
margin of profit shall be increased, or those who plan must have a place in our great educational system,
and carry on these industrial undertakings will be that will teach men that there is a higher element
discouraged.
in life than the facts of science and material things.
In other words, the proposition will have to be
For this new social adjustment, if it is to come
made "attractive to capital." Of course there is peaceably and not through anarchy and its accoma general impression abroad, especially among social panying distress,we mustfind new and able leadership.
workers, that capital, or business enterprise, has had Not with the loudest protestations of devotion,to
-TP:ihe Revolutionary Strike". American Magazine, May 1012.
one class or denunciation of another; not with vague



1508

THE CHRONICLE

cries for "social justice" or illusory schemes for levelling inequalities that are imbedded in human nature
itself. What is needed is a leadership founded on a
love for mankind wide as the race, broad-minded,
hopeful, strong and sane, to help the new generation
forward in progress, that shall also be peace.

[VOL. LXXXXV.

fund n
country the sum of $50,000,000 out of the balance in the general
the Treasury of the United States."

JOSEPH D. HOLMES.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
—The public sales of bank stocks this week aggregate 155
shares, and were all made at the Stock Exchange. The
reach
transactions in trust company stocks, all auction sales,
Trust
a total of 615 shares. Six hundred shares of Guardian
previous
Co. stock were sold in one lot at 100. The last
in September 1911 at 101.
public sale of the stock was made
ons, deExtensive tables reporting the bid and asked quotati
, &c., of banks and trust companies in all imposits, surplus
monthly in
portant cities in the United States are published
issue of
the "Bank and Quotation Section," the December
to-day's "Chronicle." Bid and asked
which accompanies
company
quotations for all New York City bank and trust
also published weekly in another department of
stocks are
1522 and 1523.
the paper, and will be found to-day on pages

The House Committee on Banking and Currency yesterday referred the resolution to a sub-committee consisting
of Representatives Glass, Korbly, Neeley, Vreeland and
McMorren.
—Preparatory to the resumption of its oral hearings on
Monday next, the sub-committee of Congress delegated to
inquire into the so-called "money trust" has solicited from
the New York banking institutions information bearing on
loans made on Stock Exchange collateral. The request is
made through Samuel Untermyer counsel for the Committee, who asks for the data in the following communication:

Dear Sir.—The Committee on Banking and Currency of the House of
the
Representatives, appointed under House Resolution 405 to conduct
so-called "Money Trust inquiry," requires data showing approximately
the amount that is loaned out by the banks at stated intervals of their
own funds and of the funds of their correspondents on demand and time
ly
loans on Stock Exchange collateral, including in said data and separate
as
stated the amounts loaned through brokers on the Exchange, as well
the loans to Stock Exchange houses and others.
s
This information does not call for the disclosure of the names of customer
ee wants, in
or persons to whom the loans were made, but the committ
for the loans,
connection with this data, a statement of the collateral so held
each class
which need, however, be stated only in the aggregate as to
of collateral.
and November 1 of
This information is desired as of January 1, July 1
s of the
each of the past five years. The purpose is to inform Congres
Stock
Low. High. Close. Last previous sale.
approximate amounts loaned by the leading banking institutions on
Shares. BANKS—New York.
Nov. 1912— 200
200
200
Exchange collateral and the character of such collateral.
*145 Commerce, Nat. Bank of__ 200
own banks which
Nov. 1912— 255%
260 260
The committee desires also a list of the names of out-of-t
*10 Market & Fulton Nat. Bank 260
with
were on Jan. 1 1912 depositors in or customers of your bank, together
TRUST COMPANIES—New York.
banks
Dec. 1911— 1401
& Tr. Co_ _1341 1341 1341
the amounts of their balances and the sums owing by them to your
5 Farmers' Loan
also a
101
Sept. 1911—
100
100
100
on April 1. June 1 and November 1 for each of the past five years;
800 Guardian Trust Co
137h 1373i 1373( June 1912— 14031 statement with respect to the same banks and as of the same dates of money
10 Hudson Trust Co
and
loaned by you for the banks in question at their direction on demand
* Sold at the Stock Exchange.
Stock Exchange collateral and the character of such
y time loans upon
Monda
collateral.
—The Sixty-Second Congress re-convened on
of the
If there is objection to giving the names of the banks, the purposes
Senate nor House
for its third and last session. Neither the
well served by a statement showing the number
after the formal committee will be equally they are located and the amount of their capital,
of banks,the cities in which
of Representatives remained long in session
of respect to surplus and undivided profits. One of the objects of this table is to estabopening, both adjourning until Tuesday, out
concentration of
since August 26. lish generally by formal proof facts bearing upon the
times of the year and their withdrawal at other
the members who had died during the recess
York
Senators funds in Newneededat given respective localities.
in their
times when
Besides Vice-President Sherman, the deaths of two
ton on December 9,
interval,
The committee resumes the oral hearings at Washing
and three Representatives had occurred during the
of testimony until its work in
Representatives and hopes to be able to continue the taking
d.
viz.: Senators Heyburn and Rayner and
d that direction is completelittle time for gathering this data, but ills hoped
I realize that this allows
Anderson, Utter and Connell. The Senate was preside
before that in view of the urgency of the situation you will accommodate the
over by Senator Bacon of Georgia, who was chosen
hands as soon before the
President committee by having the required data in my
as possible.
the adjournment of the recent session, to serve as
date of the commencement of the hearings
edge the receipt of this
Perhaps you will be good enough also to acknowl
pro tern until December 16.
to what
convened as a high court of im- letter and to advise the committee through me how soon and
On Tuesday the Senate
this
Archbald, of extent you will be able to comply withVery request.
truly yours,
peachment for the trial of Judge Robert W.
SAMUEL UNTERMYER.
which grows out of
the United States Commerce Court,
like also to have a list of the board of
P. S.—The committee would
ed last July by
ee of your bank for each of the
the thirteen articles of impeachment present
nted directors constituting the loan committ
S. U.
of Representatives. The latter will be represe
past five years.
the House

as prosecuduring the proceedings by seven managers acting
ves Henry D.
tors during the trial. They are Representati
Carolina; John
Clayton of Alabama; E. Y. Webb of North
W. Davis of West Virginia;
C. Floyd of Arkansas; John
George
John A.Sterling of Illinois; Paul Howland of Ohio,and
Nebraska.
W. Norris of
House
Under the report of the Judiciary Committee of the
d
ted to in these columns July 31),to which was referre
(adver
ng into his official conduct,it was found
the matter of inquiri
that Judge Archbald
es

in coal dumps and coal properti
"by his conduct in carrying on traffic
railroads, and in using his influence to
owned directly or indirectly by
which were owned and controlled by
securesuch contractsfrom coal companies
using his influence with high officials
railroad companies, as aforesaid, and in
or direct the said coal companiest
of said railroads to induce them to permit
associates, which resulted in financia
to enter into contracts with him or his
with him, grossly abused the proprofit to himself and those associated
was guilty of misbehavior and of a
prieties of his said office of judge,
misdemeanor in office."

the Treasury
—A resolution directing the Secretary of
the stringency in the money market by the deposit
to relieve
the country
ofi$50,000,000 in the national banks throughout
ves on the 3rd
was introduced in the House of Representati
resolution
inst. by Representative Levy of New York. The
reads as follows:
g the

been absorbin
"Whereas, the Treasury of the United States has
,798 91 during
money of the people by taxation to the extent of $298,962
during the last fiscal year
the present fiscal year, as against a collection
receipts of $20,641,of $275,867,340 93, an excess of disbursements over
157 01; and
States is
"Whereas, The surplus cash in the Treasury of the United
d out of the
$149,946,419,82, and the amount of disbursements expende
Canal, which is equivalent to
general fund of the Treasury for the Panama
in the Treasury
cash, is $154,915,011 56, equal to a surplus cash balance
of $304.861,431 38; and
enormous crops,
the
"Whereas, The wonderful prosperity of our country,
out the country, and our large
She activity in all branches of trade through
caused a sharp and active demand for
and expanding export trade, has
money throughout the country; therefore,
tatives of the United States
gBe It Resolved by the House of Represen
is hereby directed to use the
ofiAmerica that the Secretary of the Treasury
continued stringency in
authority invested in him by law to relieve the
ng in the national banks throughout the
the money market by depositi




matter
It is understood that the banks approached in the
request than
are in general more willing to accede to this
although it is
to the earlier demands of the Committee,
instances the advice of counsel has
intimated that in some
for above
been sought as to whether or not the data asked
supplied.
should be
up
An indication of what the committee proposes to take
its further inquiry is furnished in the announcement that
in
Co.,
it has subpoenaed Perley Morse, of Perley Morse &
transcertified public accountants, whose report covering
figured in
actions in the Columbus & Hocking pool of 1910
e of the pool. In part the
suits growing out of the collaps
"Times" as
wording of the subpoena is furnished by the
follows:
to Irving
* * * Required to bring a certain report made by you 26 1010,
Fiske & Co., dated Feb.

L. Ernst, receiver in bankruptcy of J. M.
of the Columbus & Hocking Coal &
relating to transactions in the stock
together with any and all
Iron Co. between Oct. 1 1909 and March 1 1910,
was based, and all statements
documents and figures on which such report
the stock of the company
from brokers or firms of brokers that had dealt in
All agreements or duplithat were used by you in compiling this report.
1 1909 between James R.
cates thereof bearing date on or about March
Co., Roberts, Hall & Criss,
Keene and the firms of Lathrop, Haskins &
Wagner, Dickinson & Co.,
J. M. Fiske & Co., Bishop, Laimbeer & Co.,
Atwood, Violett & Co..
Tucker, Anthony & Co., Van Schaick & Co.,
relating to the organior between the said Keene and any of the said firms,
the purchase and
zation and operations of a syndicate or joint venture for
& Iron.
sale of stock of Columbus & Hocking Coal

served
It is also reported that subpoenas have likewise been
ry,
B. Mabon,President, and George W.Ely, Secreta
upon J.
and John Aspegren,
of the New York Stock Exchange,
RepresentaPresident of the New York Produce Exchange.
an of the committee conducting the intive Pujo, Chairm
ent on
vestigation, was reported to have given out a statem
ay in which he expressed the opinion that the stock
Thursd
acies
exchanges and most of the clearing houses were conspir
restraint of trade. He is quoted as saying:
in
of the produce ex-

the Stock and some
I believe it is clearly shown that
houses, are conspiracies in restraint
changes, as well as most of the clearing
State business should be barred from the
of trade. As such all their inter-

DEO. 7 1912+;

THE CHRONICLE

mails. The committee, I feel certain, will recommend such action by the
Executive branch of the Government. In listing securities, in limiting the
size of their membership and by various other restrictions the stock exchanges and clearing-house associations have become, in effect, gigantic
trusts, monopolies of commerce. I think their business can be denied
transmission in the mails under the postal laws. The New York Stock
Exchange is a striking example of this business domination.
The postal laws will be invoked to exclude the exchanges, associations or
bankers and brokers from use of the mails in inter-State commerce. Unless
completely reorganized they will be treated exactly as the Louisiana
lottery was treated. I do not believe Federal incorporation of stock exchanges will be attempted, but Federal supervision will be demanded.
Clearing houses, composed of voluntary associations of banks as a vehicle of exchange, must and will be reorganized. As a result of the investigation thus far of the "money trust" by our committee, I understand
that several clearing houses are voluntarily removing restrictions upon
membership and business methods. Some, I hear, have agreed that their
members may give exchange without charge to their customers, if they so
desire.
But the clearing houses must change their methods radically or face
prosecution under the Sherman Anti-Trust Law as conspiracies in rerestraint of trade. As now organized and conducted, clearing houses
force banks to join or refuse to 'clear' their exchanges. In most cases this
compels a bank either to join the association or go out of business; being
denied the clearances and support of other banks, institutions which refuse
to join the associations are business Pariahs. To my mind this condition
of affairs has become intolerable, unendurable.
It is the purpose of our investigation to present these conditions to
Congress and to the country with demand for legislation and action which
will enforce the most revolutionary and beneficial reforms in the credit
system of the nation.
Prosecution, both civil and criminal, may result from our investigation.
We will show the facts, call attention to the reforms we believe are needed
and urge new laws to cope with the situation.

Representative Lindbergh, the author of the original
resolution calling for the investigation into banking and
monetary conditions, submitted another resolution with
the opening of Congress on Monday, in which the Committee is urged to proceed with its task:without delay. The
resolution states that in the many months since the investigation was authorized, "the Committee seems not to have
considered the investigation from the standpoint of securing
facts to aid in early future work in framing remedial financial
legislation, but seems rather to have been planning an investigation as if for indictment, and in such purpose is
blocked by those who have offended against honest and
impartial rules of business, and by Government officials
who deem the personal privileges of banks so sacred that
their business shall not be inquired into, even for the benefit
of the public welfare." The resolution argues that, while
the Committee may not have the power to obtain certain
information, it should proceed "without delay, to secure all
the practical information and data that may reasonably
be had in relation to the influence exercised by the money
trust in the control of the banks and of the money and credits
as the same enter into commerce, business and speculation,
and with reasonable promptness report to the House from
time to time."
—The Adamson bill, providing for the physical valuation
of railroads by the Inter-State Commerce Commission, was
passed by the House of Representatives on Thursday without a dissenting vote. The bill had been unanimously
reported to the House on March 29 last. The measure provides for a far-reaching inquiry, with a view to having
railroad rates fixed on the basis of income on actual investment. It authorizes the employment of engineers, experts
and such other assistants as may be necessary, with power to
examine witnesses and take testimony, to make an inventory
listing in detail the property of every common carrier. The
investigators are directed to ascertain the original cost for
railway purposes of each piece of property owned by the
carriers, the cost and value to the present owner, and what
increase in value is due to the cost of improvement. All
questions relating to existing stock and bond issues are also
to be inquired into and reported on under the provisions of
the bill. An amendment offered by Representative Mann,
and adopted, provides that the proposed investigation by
the Commission's experts shall "also cover, so far as is practicable, questions pertaining to the issuance of stocks and
bonds by common carrier corporations, subject to the provisions of this Act, and the power of Congress to regulate or
affect the same, and particularly methods to prevent the issuance of stocks and bonds by such corporations without full
value being received therefor." Another motion of Representative Mann, calling for the Federal regulation of railroad securities, failed to carry.
—The Legislative, Executive and Judicial Supply Bill,
carrying appropriations for the fiscal year beginning July 1,
1913, was reported to the House of Representatives on the
4th inst. The bill carries no provision for the United States
Commerce Court, the maintenance of which was provided for
until March 4 1913 under the last Legislative bill. A proposal of Representative Burleson,incorporated in the pending




1509

bill by the sub-committee, making former Presidents of the
United States life members-at-large of the House of Representatives, with an annual salary of $17,500, was stricken
out on Wednesday by the full Committee on Appropriations.
—The New York Chamber of Commerce,by an overwhelming vote on Thursday, tabled the report of its committee of
seven which had acted adversely on the resolution of Lewis
Nixon (introduced on Oct. 3), under which approval was expressed of President Taft's statement "that there is no provision in the treaty that forbids the United States from
regulating its commerce by remitting tolls on American ships
using the [Panama] Canal." Action on the report was postponed for a month at the meeting of the Chamber on Nov. 7.
Jacob H. Schiff, who at this week's meeting moved that the
resolution and report be laid on the table, stated in his argument that opinion in the Chamber was much divided, and
pointed out that if the adverse report of the committee were
sustained, the Government might be placed in an embarrassing position, since it would mean that the most important
commercial body in the United States had gone on record
as declaring indirectly that the legislation on the subject
enacted by Congress is wrong.
—Four of the defendants on trial at Indianapolis in the
dynamite cases were discharged on the 2d inst. on motion of
U. S. District-Attorney Miller, who decided that the evidence against them was insufficient. These four are Spurgeon P. Meadows of Indianapolis, business agent of the
Carpenters' Union; William K. Benson of East Galway,
N. Y., former President of the Detroit Federation of Labor;
Moulton H. Davis of West Chester, Pa., member of the
Executive Board of the Iron Workers in 1906, and John
R. Carroll of Syracuse, N. Y., former business agent of the
Iron Workers; their discharge reduces the number actually
on trial to 41.
—Hermann Sielcken, of Crossman & Sielcken, a defendant
in the action brought by the Government last May under the
Sherman Anti-Trust Act for the dissolution of the so-called
"coffee trust,"denied this week the reports that negotiations
for the withdrawal of the suit were pending between the
United States and Brazil. Mr. Sielcken's statement also
followed an announcement in the New York "Sun" on
Monday to the effect that a "tremendous amount of coffee
might be sold in the New York market, and that the coffee
referred to was in all probability the 950,000 bags attached
by the Government in the suit." The following is the statement made by him:
"Regarding the truth of an article which appeared in a morning newspaper
yesterday, I beg to say that I am authorized by the Brazilian Ambassador
to state that at no time has he ever had under way negotiations with the
Attorney-General looking towards the withdrawal of the suit, nor is he
authorized to do so. While the suit is nominally pending, the demurrer
interposed by my attorneys, Joseph H. Choate and John A. Garver, has
not been argued by the United States Government's attorneys. On
Nov. 14, the date set for the argument, my attorneys received word from
the Government's attorneys that no argument would take place, as there
were diplomatic negotiations pending in the Department of State.
"The Brazilian Ambassador distinctly and positively states that he has
never been authorized to make any negotiations whatsoever concerning the
property of the Sao Paulo Government. The United States Government
has nothing whatever to do with the sale of the coffee, the owners of the
property or their agents being the only ones in a position to dispose of it,
and any intimations of any compromise are absolutely untrue and pure
nvention."

—The .enactment of adequate regulation governing the
maintenance of reserve funds by savings banks in New
York State will be urged upon the incoming Legislature by
George C. Van Tuyl, State Superintendent of Banking. In
a statement bearing on the matter, issued this week, Mr.
Van Tuyl says:
The savings banks of this State have been so conservatively managed and
have had so enviable a record that until a comparatively recent period
adequate attention has not been paid to certain problems which it may be
necessary for them to meet. While it is, of course, generally known that our
savings banks are strictly mutual corporations, many do not realize that
there is no capital from which losses can be paid, that the so-called interest
paid by a savings bank is only a dividend declared by the trustees from its
earnings for the dividend period, and that all that stands between the depositor with such an institution and loss in case the savings bank should
be unable to realize upon its investments is such surplus or reserve fund
as it may have accumulated from earnings. It will be seen at once that
the payment to depositors of all the earnings of a savings bank, except such
as are necessary to pay expenses, will prevent the accumulation of a surplus
or reserve fund from which possible losses may be met.
While the securities in which the trustees of savings banks are authorized to invest deposits are very strictly limited by law, human ingenuity has
as yet been unable to devise any plan by which losses upon investments may
be entirely avoided. The dangers of the situation were forcibly brought
home to the thinking men connected with the savings bank system of this
State by the great depreciation in savings bank securities which took place
during the panic of 1907. There has been much popular misinformation
upon this subject. It has been charged in the public prints, and quite generally believed, that some of the savings banks of the State have accumulated
large surpluses at the expense of depositors and in derogation of their
rights.

1510

THE CHRONICLE

As a matter of fact, while there is no law which compels a savings bank
to accumulate any surplus or reserve fund whatever, a limitation is placed
by statute upon the total surplus which any savings bank may accumulate,
and some of the savings banks of the State had paid to depositors in dividends so large a proportion of their earnings that their position was seriously endangered during panic days. The investments of savings banks are
of so conservative a character that the income from savings bank investments is comparatively small, and there has been so great a competition for
deposits not only between different savings banks but between savings
banks and other institutions having a large paid-in capital and an accumulated surplus as well, that trustees of well-managed institutions have hesitated to reduce dividends even for so necessary a purpose as the accumulation of an adequate reserve fund for the protection of depositors. While
the enactment of a law compelling savings banks to accumulate a surplus
or reserve fund for this purpose has been urged for a number of years by
this Department, and the question has been having the serious consideration of the Savings Bank Association of the State, all attempts to
enact such a requirement into law have thus far been fruitless as a result
of the jealousy existing between the larger and smaller savings banks and
the lack of a general understanding of the subject.
It is hoped that a proper solution of this question may be reached during
the coming session of the Legislature. This Department stands ready to
render any assistance possible. It is needless to say that some sacrifices
and compromises will be necessary in order to procure the passage of a
law that will at the same time meet the situation and be generally satisfactory.
Among the most important recommendations affecting savings banks to
be submitted to the Legislature by the Superintendent at this time is that for
a law to empower him to authorize branches of savings banks. The authorization of such branch institutions would encourage thrift in districts not
now served by existing savings banks. The Banking Department favors
legislation which would enable it to create, upon application, branch offices
to be maintained by the larger savings banks. Such branch offices would be
assured management by competent officials and able boards of trustees, and
would have the backing of large surpluses, which would afford the protection so much to be desired for savings bank depositors.
Another proposed amendment to the banking law which would be valuable in this connection, in the opinion of the Department, would be a provision to permit savings banks to consolidate; or, in other words, to make it
possible for one institution to take over another on terms satisfactory to the
Superintendent of Banks. In this manner certain struggling institutions
that can now only obtain deposits by paying excessive rates of interest
could be absorbed by stronger institutions without danger to their depositors or to the savings bank system of the State. While the law now covers
the consolidation of other institutions under supervision, there is no provision making possible the merger of savings banks. Recommendation is
renewed by the Superintendent for the passage of a law advocated a year
ago to provide a method for the removal of trustees of savings banks, and
requiring them to take an annual oath of office.

—The recommendation contained in the report of the
Committee on Inland Exchange of the New York ClearingHouse Association that the rules of the latter governing
charges for the collection of out-of-town checks be amended
so as to embrace in the discretionary class all checks emanating in five neighborhood States, was ratified at a meeting of
the Association on Wednesday by a vote:of 53to 3. The essential features of the report were set out in our issue of last
Saturday. In its findings the Committee recommended
that "all banks and trust companies in the States of Massachusetts, Rhode Island, Connecticut, New Jersey and New
York, which will engage themselves in writing to the Manager
of the New York Clearing House, over the signature of the
President, Cashier or Treasurer, to remit to the members
of the Now York Clearing-House Association, at par, in
New York funds, on the day of receipt, the charge shall in
all cases be discretionary with the collecting bank." It is
expected that the new rule will go into effect in about sixty
days.
—James May Duane, a partner in the firm of Brown Bros.
& Co., died on the 2d inst.in hissixty-second year. Following
his graduation from Brown University in 1872, Mr. Duane
became connected with the American office of the London
Assurance Corporation, and continued in its service until
1887, when he went with Brown Bros. & Co. He became a
partner in the firm in Jan. 1896. Mr. Duane was a member
of the Board of Managers of the Lehigh Coal &Navigation
Co., a director of the Lehigh & New England By. Co.,the
Lehigh & Hudson By. Co. and the New York Railways Co.
He was on the Board of Trustees of Brown University and
St. Luke's Hospital; also various charitable societies. His
funeral on Thursday at Zion & St. Timothy's Church was
very largely attended and evidenced the high esteem in
which he was held in this city.
—Vincent Astor, who, on his twenty-first birthday last
month, came into full possession of the vast estate of his
father, the late Col. John Jacob Astor, has been elected
to the latter's place on the board of directors of the Astor
Trust Co. of this city.
—A New York Stock Exchange membership was reported
transferred this week, the consideration being $58,000. The
last previous sale was for $65,000.
—Attorney-General Carmody of the State of New York
has denied the petition of Marcus Braun that action be
begun to dissolve the Transatlantic Trust Co. of 67-69 William St., this city. The petitioner last June alleged that
the Transatlantic Trust Co. is an organization subsidized




[VOL. LXXXXT

by the Hungarian Government, whose object, under the
guise of social, philanthropic and altruistic purposes, is to
return Hungarian emigrants to the land of their birth for
military purposes. Five hearings were held from Sept. 18
to Nov. 11, and the Attorney-General now decides that the
charges have not been sustained by a scintilla of evidence
and have no basis in fact or in law.
—Gen. Brayton Ives, who recently retired as President
of the Metropolitan Trust Co. of this city, has resigned as a
director of the National Bank of Commerce in New York.
—John B. Lunger, who was elected Vice-President of the
Equitable Life Assurance Society in March, was this week
elected to the board to succeed the late Edgar J. Levey.
—William A. Nash has been elected to succeed the late
Gustav H. Schwab as Vice-President of the New York
Produce Exchange Safe Deposit & Storage Co. Gustav
Schwab Jr. has been elected to succeed his father as a
trustee of the company.
—Charles H. Hyde, formerly City Chamberlain, was convicted of bribery on the 29th ult. by a jury in the Criminal
Branch of the Supreme Court. The indictment returned
against him on May 2 1911 resulted from the investigation
into the affairs of the failed Carnegie Trust Co. of this city.
The charge in the indictment was that on, Aug. 22 1910,
Hyde, then City Chamberlain, agreed with Joseph G. Robin,
Chairman of the Executive Committee and owner of a
majority of the stock of the Northern Bank, that if the latter
would lend the Carnegie Trust Co. $130,000, he (Hyde)
would immediately increase the city funds on deposit with
the Northern Bank; according to the indictment, the loan
was made and the deposit subsequently increased. On
Wednesday of this week, when sentence was to have been
pronounced, Justice Goff reserved decision on the motion
of Hyde's counsel, John B. Stanchfield, for an arrest of
judgment, and remanded the prisoner to the Tombs until the
11th inst. Justice Goff denied the motion for a new trial
and also refused to admit Hyde to bail. The action of Justice
Goff in consenting to postpone until next Wednesday his
decision on the motion for arrest of judgment followed Mr.
Stanchfield's argument in which he questioned whether the
act of which his client was convicted constituted bribery.
—A report that Joseph G. Robin, who has been indicted
on charges growing out of the suspension of the Washington
Savings Bank, would receive a suspended sentence because
of his testimony in the case against Charles H. Hyde and
William J. Cummins, has drawn forth from State Superintendent Van Tuyl a letter to District Attorney Whitman in
which he cites facts which, in the estimation of the Banking
Department, afford grounds for meting out punishment in
Robin's case. The letter, as published in the "Times",
is as follows:
New York, City Nov. 29 1912.
The Hon. Charles S. Whitman, District Attorney, County of New York,
Criminal Court Building:
Sir—In an article which appeared in The New York "Times" of Nov. 20
1912, I find the following statement:
Yesterday it was learned that Robin will get a suspended sentence
for his work in building up the case against Cummins and Hyde.
The matter of sentencing Robin now rests entirely with Justice Seabury in the Supreme.Court, before whom Robin pleaded.
An article substantially to the same effect appeared also in the New
York "Times" of Nov. 211912. I notice, however, that in Robin's testimony yesterday in the Hyde trial he denied that he had any such understanding with your office.
I am informed that the indictment to which Mr. Robin pleaded guilty
was founded on violations of law based upon Robin's misappropriation
of $27,000, the property of the 'Washington Savings Bank, of which he
was President; also, that in addition to the indictment to which Robin
has pleaded guilty, the Grand Jury of New York County has returned
seven other indictments against him, which are still pending, said indictments charging a total grand larceny from the Washington Savings Bat*
on the part of Robin of $207,000.
I am advised that when a defendant, who has served as a witness for
the State in the prosecution of an important case against some principal
offender, is brought before the bar for sentence, the District Attorney
sometimes, in consideration of all the circumstances, recommends mercy
or a suspended sentence, and that the court frequently accepts and acts
upon such recommendation of the District Attorney.
In view of this practice, I deem it my duty, as Superintendent of Banks
of the State of New York, to bring the following facts officially to your
attention, so that you may be definitely advised of the attitude of the
Banking Department of this State toward any recommendation which you
may make from which the court may infer that the ends of justice would
be subserved by anything other than a prison sentence for Robin.
In connection with the liquidation of the Northern Bank, this Department finds that Mr. Robin, through misuse of his position as Chairman
of its Executive Committee and by the control which he exercised over its
Board of Directors, took from the assets of the latter institution, through
various subterfuges, an amount in excess of $1,000,000, which was the
direct cause of the insolvency of this institution; that this malfeasance of
Robin has depleted the assets available for distribution among depositors
and creditors of this institution by approximately that sum.
An examination of these various transactions of Mr. Robin, which resulted in the wrecking of the Northern Bank, clearly indicates that many

DEC. 7 1912.]

TIIE CHRONICLE

of the methods which he pursued contravene the provisions of the penal law.
Throughout these various transactions Robin's plan to shift responsibility
upon those mentally less acute is always evident. There is proof, however, that the ultimate disposition of the proceeds of these irregular transactions was to the personal profit of Robin.
In passing, I beg to call your attention to the fact that Mr. Robin,
during his Presidency of the Washington Savings Bank, and in violation
of Section 297 of the penal law and Section 142 of the Banking Law, borrowed $45,000 from that institution, giving as security his residence at
Wading River through the agency of a corporation called the Wading
River Realty Company, which he controlled. Recently this property was
sold under foreclosure proceedings at public auction and was bid in by this
department for $42,000, netting to the creditors a deficiency of more than
$10,000.
Under the circumstances above set forth, I consider that my duty compels me,as the liquidator of the banking institutions which have so severely
suffered from the unlawful practices of Mr. Robin, to advise you that
unless such reckless conduct on the part of banking officials is adequately
punished, the proper administration of my duties as Superintendent of
Banks will be seriously hampered and the efforts of this department for
the safeguarding of depositors will be made ineffectual.
May I ask that this communication be brought to the attention of the
court before which Robin may at any time in the future be arraigned?
Very respectfully yours,
GEORGE C. VAN TUYL, JR.,
Superintendent of Banks.

In answer District Attorney Whitman has written as
follows to Superintendent Van Tuyl:
Answering yours of November 20, in re Joseph G. Robin, I have no intention of recommending the suspension of sentence in the case, and no
one has ever been authorized by me to convey any suggestion of any such
promise to Robin.
I sincerely thank you for your communication and the information therein
contained, and will see to it that it is presented to Mr. Justice Seabury.

—Dr. John D. McGill, President of the Hudson County
National Bank of Jersey City, died on the 28th inst. He was
sixty-five years of age. Following his graduation from
Princeton College in 1867, he entered the medical department
of the University of Pennsylvania, graduating from there in
1870. Dr. McGill was instrumental in creating the Academy
of Medicine in New Jersey, of which he had for years been
President, and he also helped to bring about the organization
of the Military Order of Surgeons in New Jersey. Dr.
McGill was also identified with politics, and had served as a
member of the Board of Education and the Board of Finance
and Taxation, besides having been President of the Jersey
City Police Commission under Mayor Hoos.
—The Elizabeth Trust Co. of Elizabeth, N. J., incorporated last April, began business on November 18. The
company is located in its own building at Elizabeth Avenue
and High Street. George Schmidt is President of the institution, which has a capital of $100,000.
—Barker Gummere Jr., President of the Trenton Trust
& Safe Deposit Co. of Trenton, and William S. Hancock
are said to have purchased the interest in the company held
by the estate of the late President Hugh H. Hamill. The
price paid for the stock is understood to be in the neighborhood of $300 per share. It is reported that Messrs. Gummere and Hancock, together with Charles Howell Cook, are
now in absolute control of the trust company.
—J. Francis Day, Vice-President and Secretary of the
Utica Trust & Deposit Co. of Utica,N.Y.,was unanimously
chosen President, on November 18, to succeed the late
James S.Sherman. Mr.Day had served as Secretary of the
company since its formation in 1899 and in 1910 was given
the additional office of Vice-President. His elevation to the
presidency is a telling tribute to the services which he has
rendered the company and a fitting expression of the regard
in which he is held by the directors. Richard U.Sherman
and Frank A. Bosworth have been elected directors of the
institution to fill the vacancies created by the death of the
late President Sherman and Charles A. Butler.
—The Eliot National Bank of Boston was placed in voluntary liquidation by its stockholders on November 29, when
the consolidation of the institution with the National Shawmut Bank was also formally ratified. The merger was
effected October 25.
—Under plans announced this week, the Fidelity Trust Co.
of Philadelphia, whose stock has a market value of $1,100
a share, will increase its capital from $2,000,000 to $4,000,000,
issuing the new capital at par ($100) to the present shareholders. Rudulph Ellis, President of the institution, is
quoted as stating that the increase in capital is desirable
on account of the large surplus of the company and by reason
of the large amount of trust funds held by it. The institution pays annual dividends of 40% on its $2,000,000 capital,
and the Philadelphia"Press" points out that,notwithstanding
its liberal dividend policy, the company has accumulated
out of earnings the large surplus of $10,000,000, besides
which it has undivided profits of $1,825,783. By doubling
the capital and reducing the dividend to,say,25%,it is argued




1511

the capital and surplus would be put upon a more
equitable footing. The "Press" adds:
The present dividend of 40% on $2,000,000 calls for a distribution of
$800,000 per annum. A dividend of 25% upon $4,000,000 would call for
a distribution of $1,000,000 per annum. If the market value were reduced to $600 per share instead of $1,100 and the dividend were made 25%.
the return upon $600 would still be around 4% and that is about the basis
upon which the stocks of the older trust companies are selling.

—Since the alterations to the foundation of the Frick
Building in Pittsburgh have been completed, the Union
Savings Bank has moved its quarters from what was previously the first floor to the premises below, so that it
now has a street entrance direct from Fifth Avenue, whereas
access to the quarters of the bank was formerly had through
the corridors of the Frick Building. Under the changes
made, what had before been the basement of the building
is now the first floor.
—It is planned to increase the capital of the Western
German Bank of Cincinnati from $250,000 to $375,000 and
to offer the additional stock to the existing stockholders at
$300 per $100 share. The stockholders will pass upon the
proposition at the annual meeting on January 8. On its
new capital the bank will pay 18% instead of 24%, which
it has been paying on the $250,000 capital, the present rate
being represented in quarterly dividends of 4%, with two
extra semi-annual payments of 4% each.
—The formation of the Commerce Trust Co. of Toledo,
Ohio, with a capital and surplus of 8200,000 each, has been
authorized by the State authorities at Columbus. The
company's organization has been undertaken by interests
in the National Bank of Commerce of Toledo, and the
stockholders of the latter are privileged to subscribe to the
capital of the projected institution to the extent of one-fifth
their holdings in the bank, the capital of which is $1,000,000.
The company, it is stated, will have temporary quarters in
the St. Clair Building adjoining the bank, but the erection
of a large building on the site occupied by the bank is contemplated—the proposed structure to accommodate both
the National Bank of Commerce and the Commerce Trust
Company.
—A dividend of 20% was paid on the 2nd inst. to the
creditors of the Mechanics' Savings Bank of Toledo, which
closed its door§ on May 9. The present dividend represents
the second'disbursement, the first dividend of 70% having
been paid in September, making an aggregate of 90%.
—Negotiations for the absorption of the Douglas State
Bank of Chicago by the Franklin Trust & Savings Bank were
concluded on November 30. In carrying out the merger
agreement,the Franklin Trust & Savings Bank will increase
its capital from $200,000 t o $300,000 and its surplus from
$50,000 to 7,500, the stoc kholders of the Douglas State
Bank (capital $200,000) being permitted to subscribe to the
new stock of the Franklin at 1373/2,on the basis of one share
of stock in the Franklin for every two shares of stock of the
Douglas State Bank. The latter, located at 31st Street and
Michigan Avenue, began business on May 31 1911. The
Franklin Trust & Savings Bank was formed this year and
opened on April 8; it is located at 35th Street and Michigan
Boulevard. The consolidation gives it deposits of $1,231,573, whereas at Nov. 26 the amount was but $639,352.
Simon W. Straus of the bond house of S. W. Straus of Chicago and New York is President of the Franklin.
—The stockholders of the North Side State Savings Bank
of Chicago will act on the question of increasing the capital
from $50,000 to $200,000 at a meeting to be held on the
30th inst. The price at which the new stock will be offered
and other details of its issuance will be decided at the
forthcoming meeting.
—An increase of 8150,000 in the capital of the Drovers'
Deposit National Bank of Chicago, raising it from $600,000
to $750,000, has been recommended by the directors. The
stockholders will vote in the matter at their annual meeting
next month. The new stock will be issued at par to the
present shareholders.
—Henry Ford, President of the Ford Motor Co., and
Roy D. Chapin, President of the Hudson Motor Car Co.,
have been elected to the directorate of the Old Detroit
National Bank of Detroit, to fill vacancies.
—John S. Gillespie has been elected President of the Stock
Yards Bank of Commerce at Kansas City, Mo., succeeding
James D. Winters, and Charles W. Bartlett has been elected Vice-President. It is reported that the capital of the intitution is to be increased from $25,000 to $50,000.

1512

THE CHRONICLE

-E. L. Hendrey, H. C. Wynne, Abner Davis and J. H.
Brooks, all associated with the All Night & Day Bank of
Memphis, as announced in our issue of Oct. 26, were each
sentenced by Judge McCall in the Federal Court at Memphis
on the 23d ult. to:five years in the Federal prison and to pay
a fine of $2,000. The defendants were found guilty in
October of the unlawful use of the mails and conspiracy to
defraud. C. A. Bonds, who was convicted with them, is
said to be missing.
•
-The proposed Richmond trust company, which we reported in our issue of Nov. 2 would be organized under the
presidency of W. M. Habliston, Chairman of the Board of
Directors of the First National Bank of Richmond, is to be
styled the Old Dominion Trust Co. A charter for the new
organization was issued on Nov.30. As was indicated in our
previous reference to the matter, the company is to have a
capital and surplus of $1,000,000 each. One-fifth of the
capital, it is stated, has been placed among influential
banking interests in New York City; three-fifths, largely
over-subscribed, has been allotted to Richmond, while a part
of the remainder has been placed in the South, and $100,000
has been reserved for other interests, preferably outside of
Richmond, whose connection with the institution would prove
advantageous to it. In the management of the company
Mr. Habliston will have the assistance of M. C. Branch as
Vice-President, E. A. Saunders Jr. as Treasurer and Jonathan Bryan as Secretary. The directorate of the new institution will be made up as follows:
A. Caperton Braxton, of the law firm of Braxton & Eggleston, and
General Counsel for the Richmond Fredericksburg & Potomac RR. and the
Washington-Southern RR.
Jonathan Bryan, director of the Bank of Commerce and Trusts, director
of the Richmond "Times
-Dispatch" Co.
M.C. Branch, of Thomas Branch & Co., and director of the Merchants'
National Bank.
W. Meade Addison, Cashier of the First National Bank, director of the
Virginia State Insurance Co. and the Chamber of Commerce.
John Garland Pollard, attorney-at-law.
Colonel John B. Purcell, President of the First National Bank.
W. S. Rhoads, Vice-President Miller & Rhoads, Inc., and the largest
department store in the South.
William T. Reed, Vice-President Chamber of Commerce, President The
Larus & Bro. Co., tobacco manufacturers.
John G. Walker, President of the Life Insurance Co. of Virginia, VicePresident of the Broad Street Bank.
William H. White, President Richmond Fredericksburg & Potomac RR.
and director of the Merchants' National Bank.
Frank D. Williams, of F. D. Williams & Co., tobacco manufacturers.
E. A. Saunders Jr., capitalist, President E. A. Saunders Sons Co.
Henry R. Carse, Vice-President of the Hanover National Bank, New
York.
F. B. Adams, member of firm of Potter, Choate & Prentice, bankers and
brokers, of New York.
Richard L. Morris, member of firm of Kean, Taylor & Co., bankers
and brokers, New York.
Henry L. Schmeitz, President Schmeltz Bros., bankers, Newport News,
Va.
E. T. Lamb, director of the Norfolk National Bank, Manager for the
receivers of the Atlanta Birmingham & Atlantic RR., Atlanta.
James H. Dooley, capitalist, director Chesapeake & Ohio Railway Co.
W. M. Habliston, Chairman of the Board of the First National Bank.
Fergus Reid, capitalist, cotton broker, director of the Atlantic Life
Insurance Co., Seaboard Air Line Railway Co., Virginia Railway & Power
Co.

-William Bell, an eighteen-year-old clerk in the First
National Bank of Pensacola, pleaded guilty on the 29th ult.
to the theft of $55,000 from the institution on Sept. 18, and
was sentenced to two years in the Federal reform school at
Washington. Young Bell is said to have succeeded in exchanging a bogus package for one containing $55,000 which
had been prepared for shipment. He secreted the package
at his home, but about a week after the robbery became
conscience-stricken and placed it at the rear door of the
bank, where it was discovered by the janitor.
-The Union Bank & Trust Co. of Meridian, Miss.,
closed its doors on the 21st ult. J. A. McCain, Cashier
of the Merchants' & Farmers'Bank of Meridian, and W.C.
Moore, have been named as receivers. The decision to
place the Union Bank & Trust Co.in the hands of receivers
was reached by the directors on the 16th ult., the action,
it is stated, having been taken after an examination of the
books, in which they were assisted by President W. H.
Barnes, who about a week before the suspension tendered
his resignation. The institution has a capital of $300,000;
its deposits are said to amount to $600,000, while its assets
are reported as $1,017,000. An effort to reorganize the institution is being made.

[VoL. Lxxxxv.

-A charter has been filed for the Lake Charles Trust &
Savings Bank of Lake Charles, La., which is to have a capital of $200,000 and is to succeed the Lake Charles National
Bank on Jan. 1. The creation of the company, it is said, is
in furtherance of the plans for consolidating the interests of
the Lake Charles National Bank and the First National Bank
of Lake Charles. The latter will continue as a national bank,,
while the Lake Charles National will be placed in voluntary
liquidation, the new company, which succeeds the Lake
Charles National, being affiliated with the First National.
-The proceedings of the 95th annual meeting on Monday
of the Bank of Montreal, which we print at length on another
page in connection with the annual statement, furnishes
a lucid account of the financial condition of this important
institution, as well as the very satisfactory commercial conditions existing in Canada. Net profits of $2,518,408 for
the twelve months ending Oct. 31 1912 compare with
$2,276,518 last year. Two bonuses, each of 1%,in addition
to the regular dividends of 10%, were paid, making the
distribution to the shareholders for the year 12%,and calling
for $1,894,101. This left $624,307 of the year's profits,
which, with $834,322 premium on new stock and the balance
of $1,855,185 brought forward from the preceding year, the
directors had $3,313,815 to appropriate., They added
$1,000,000 to the reserve, bringing it up to $16,000,000, the
figure of the capital. Then they credited $1,000,000 to
contingent account, and with $511,000 expended on bank
premises, they had $802,814 to carry forward. Deposits
aggregate in the new statement $187,308,965, comparing
with $181,725,815 last year. The gross assets of the bank
are $236,927,519. Three new members were elected to the
board at this week's meeting, one to replace Sir Edward
Clouston, deceased, and two in accordance with the action
taken to increase the number of directors to fourteen. The
new directors are D. Forbes Angus, Huntly R. Drummond
and C. B. Gordon.
-F. Howard Wilson and J. J. Dawes have been elected
directors of the Merchants' Bank of Canada (head office,
Montreal), to succeed the late Charles M.Hays and Jonathan
Hodgson, retired. Mr. Wilson is President of the J. 0.
Wilson Paper Co. and President of the Canadian Light &
Power Co. Mr. Dawes is President of the National Breweries, Ltd.
DEBT STATEMENT OF NOV. 30 1912.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Nov. 30 1912. For statement of Oct. 31 1912,
see issue of Nov. 23 1912, page 1374; that of Nov. 30 1911, see
issue of Dec. 9 1911, page 1573.
INTEREST-BEARING DEBT NOV. 30 1912.
Amount
Amount Outstanding
Interest Issued.
Registered. Coupon.
Total.
Title of LoanPayable
$
$
2s, Consols of 1930
Q.
-J. 646,250,150 642,431,150 3,819,000 646,250,150
38, Loan of 1908-18
-F. 198,792,660 44,409,880 19,535,580 63,945,460
Q.
4s, Loan of 1925
Q.
-F. 162,315,400 100,404,900 18,085,000 118,489,900
28, Pan. Canal Loan 1906_Q.
-F. 54,631,980 54,608,380
23,000 54,631,980
2s, Pan. Canal Loan 1908.Q.
-F. 30,000,000 29,664,220
335,780 30,000,000
3s, Pan. Canal Loan 1911_Q.
-S.
50,000,000 35,178,400 14,821,600 50,000,000
234s, Post.Sav.bonds 1911 J.
-J.
41,900
41,990
37,080
4,820
234s,Post.Sav.bonds 1912 J.
-J.
417,380
417,330
320,420
96,960
854,860
2s,Post.Sav.bonds 1912 J.
-J.
854,860
136,580
718,280
Aggregate int.-bearing debt1,143,304,330 907,772,710 56,858,920 964,631,630
DEBT BEARING NO INTEREST.
November 30.
October 31.
$346,681,016 00 $346,681,016 00
United States notes
53,282 50
53,282 50
Old demand notes
21,670,441 00
22,179,493 50
National bank notes redemption account
Fractional currency. less $8,375,934 estimated as
6,855,409 00
6,855,829 90
lost or destroyed
Aggregate debt bearing no interest
$375,769,621 00 $375,260,149 40
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
October 31.
November 30.
Funded loan of 1891,continued at 2%, called May 18
$5,000 00
1900, interest ceased Aug. 18 1900
$5,000 00
23,650 00
Funded loan 011891, matured Sept. 2 1891
23,650 00
13,250 00
Loan of 1904, matured Feb. 2 1904
13,250 00
746,950 00
Funded loan of 1907, matured July 2 1007
735,600 00
Refunding certificates, matured July 1 1907
13,970 00
13,960 00
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
subsequent to Jan. 1 1861
904,050 20
903,990 26
Aggregate debt on which iter
cased since
maturity
$1,700,870 28 $1,695,450 20
RECAPITULATION.
ClassificationIncrease (-I-) or
Oct. 311912.
Nov. 30 1912.
Decrease (-)•
Interest-bearing debt
$964,631,630 00 $964,631,630 00
-$11,420 00
Debt interest ceased
1,695,450 26
1,706,870 26
--509,472 50
Debt bearing no interest
375,260,149 40
375,769,621 90
Total gross debt
$1,341,587,229 66 $1,342,108,122 10
298,724,218 89
Cash balance in Treasury *- 299,946,419 82

-$520,892 50
+1,222,200 93

Total net debt
$1,041,640,809 84 $1,043,383,903 27 -$1,743,093 43
-The North Texas Trust Co. has been organized in Fort
Worth under the management of Sam Davidson, President;
* Includes $150,000,000 reserve fund.
TREASURY CASH AND DEMAND LIABILITIES.
T. W. Clack and W.E. Connell, Vice-Presidents, and J. W.
Scheuber, Secretary and Treasurer. It is reported that the The cash holdings of the Government as the items stood
company will start with $250,000 capital.
Nov. 30 are set out in the following:




DEC. 7 1912

THE CHRONICLE

LIABILITIES.
ASSETS.
Trust Fund Holdings
Gold coin
Trust Fund Liabilities
1,068,346,169 00
Sliver dollars
1,088,346,160 00
489,578,000 00 Gold certificates
480,578,000 00
Silver dollars of 1890_ _
2,813,000 00 Silver certificates
Treasury notes of 1890_
2,813,000 00
Total trust fund
1,560,737,169 00
Total trust liabilities_1,560,737,169 00
General Fund Holdings
Gen.Fund Liabilities
Certified checks on banks
860,796 51
Gold coin and bullion
27,795,
979 53 National Bank 5% fund 28,280,044 80
126,588,360 00 Outstanding checks and
Gold certificates
9,542,337 00
drafts
12,857,671 00
- Silver certificates
1,696,226 00 Disbursing officers' balSilver dollars
1,949,152 12
ances
79,772,208 58
Silver bullion
5,824,179 00 Post Office Department
United States notes_ _ _
8,440 00
account
Treasury notes of 1890_
3,857,753 98
27,800,402 94 Miscellaneous items_ _ _ _
National bank notes_
1,523,981 73
19,300,083 59
Fractional silver coinFractional currency- --474 92 Total general liabilities.. 126,291,660 99
1,203,922 40
Minor coin
20,348 80
Bonds and interest paid_
Tot. in Sub-Treasuries 222,590,702 81
In Nat. Bank Depositaries
Credit Treasurer of U.S. 33,527,157 00
Credit U. S. dLs. officers 13,270,901 20
46,798,058 20
Total in banks
In Treas. of Philippine Islands
2,385,855 10
Cash balance and reserve
Credit Treasurer of U.S.
4,483,464 70 Total cash and reserve.. 299,946,419 82
Credit U. S. dls. officers
Made up of
6,849,319 80 Available _ _149,946,419 82
Total in Philippines__
and
Reserve FundReserve Fund Holdings
Gold coin and bullion__ 150,000,000 00 Gold&bull.150,000,000 00
1,986,975,249 81

Grand total

Grand total

1,986,975,249 81

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 Sept., Oct., Nov. and Dec. 1912.

TRESAURY NET HOLDINGS.
Sept. 11912. Oct. 11912. Nov. 11912. Dec. 11912.
Holdings in Sub-TreasuriesS
$
s$
Net gold coin and bullion
271,733,772 285,229,839 302,675,520 304,384,340
Net silver coin and bullion
24,503,578 16,523,291 12,680,976 13,187,715
8,454
8,740
Net United States Treasury notes
10,113
8,440
Net legal-tender notes
8,067,352
5,295,057 4,137,102
5,824,179
Net national bank notes
40,879,280 36,770,328 27.700,595 27,800,403
Net fractional silver
25,308,819 23,100,165 20,498,062 19,300,084
Minor coin, &c
2,795,920
2,695,254
2,677,205
2,085,542
Total cash in Sub-Treasuries _ _373,297,214 369,623,572 370,379,5731372,590,703
LC33 gold reserve fund
150,000,000 150,000,000 150,000,000 150,000,000
Cash balance in Sub-Treasuries._223,297,214 219,623,572 220,379,573 222,590,703
Cash in national banks
47,417,809 47,136,906 46,787,010 46,708,058
Cash in Philippine Islands
6,020,499
6,506,882
6,739,170 6,840,320
Net Cash in banks, Sub-Treas.276,735,522 273,267,360 273,905,753 276,238,081
Deduct current liabilitles_a_ _ _122,093,738 123,420,745 125,181,534 126,291,661
Available cash balance

1513

Pacific and Other Western Clearings brought forward
from first page.
November.

Clearings at
1912.

I

Eleven Months.
Inc. or
Dec.

1911.

$
,
$
San Francisco. 239,939,968.228,464,938
Los Angeles.._ _ 09,170,108, 84,945,878
Seattle
54,447,8211 47,676,580
Portland
53,658,619, 50,487,952
Spokane
20;626,4671 18,949,841
Salt Lake City 32,491,6871 34,861,233
Tacoma
17,593,8071 18,802,607
Oakland
15,958,870! 15,431,275
Sacramento__ _ 9,557,330! 8,088,288,
San Diego11,521,3571 8,684,4'
00
Fresno
6,093,513, 5,255,674
Stockton
4,351,9101 4,681,993
Pasadena
4,954,7191 3,501,795
San Jose
3,860,636. 4,157,182
North Yakima 2,218,0471 2,090,218
Boise
3,500,000 3,426,101
Ogden
4,488,253 4,032,483
Reno
1,324,626 1,388,803
Total Pacific 595,757,828544,927,241

I

Canadian Bank Clearings.
-The clearings of the Canadian banks for the month of November 1912 show an increase over the same month of 1911 of 11.5 %,and for the
eleven months the gain reaches 23.6%.
November,

%
+10.7
+23.7
+9.3
+6.7
+1.8
+13.4
+0.6
+12.8
+17.0
+52.9
+27.9
+11.5
+13.7
+15.4
-7.6
-0.3
+17.8
+5.0

+9.35.990,127,6605,324,508,03

+12.5

249,611,473229,971,205 +8.52,463,407,1212,355,294,424
143,101,211 119,091,659 +20.2 1,047,990,364 954,007,89
73,221,561 61,811,451 +18.4 786,153,410 690,850,305
62,401,299 52,414,504 +15.2 531,039,915 489,327,048
45,580,619 43,562,934 +4.6 442,902,425 417,936,255
42,318,911 27,463,114 +54.1 204,099,012 163,456,02
28,792,777 28,481,87
+1.1 352,092,679 325,353,004
19,579,825 17,911,235 +9.3 216,487,384 192,997,322
12,719,258 10,160,542 +25.2 143,911,656 116,550,428
15,323,845 14,054,705 +9. 161,243,763 151,204,034
6,619,180 6,435,625 +2.
71,301,198
72,666,854
7,430,322 6,824,731 +8.9 81,816,243
74,164,575
7,186,270 6,324,327 4-13.6
77,159,592
71,397,056
6,898,973 5,003,127 +37.9
68,507,965
61,283,836
2,432,731 4,010,336 +39.3
26,655,671
36,818,18
3,125,35
2207282 +41.6
28,118,590
38,236,742
,,1
2,936,06-- ------.
32,306,283
30,518,330
4,062,825 3,297,785 +23.2
31,879,417
30,321,416
1,297,642 1,139,434 +13.9
15,573,326
15,007,584
763,008 +10.1
840,006
9,324,777
8,672,620
2,125,415 1,762,239 +20.6
17,256,023
16,353,026
9,470,832 4,319,825 +119.2 69,432,492
54,733,678
5,396,012 4,457,6961 +21.1
46,412,436
44,141,076
16,567,474
2,183,476 1,825,8211 +19.
9,099,196
°
3,346.1921 2,925,3461 +14.4I 34,614,551
28,994,238
1
1
Tot. 0th. Wes.758,007,006/658,878,455, +15.08,976,233,7876,447,385,146

1911.

Canada$
$
ontreal __ 254,323,774 252,280,040
Tcnonto ___ 195,007,245 185,204,936
innipeg_ _ 195,963,013 159,586,897
VImcouver_ 60,815,185 54,031,618
01
;tawa ____ 17,499,902 20,730,753
Q1rebec
15,225,792 13,324,063
If Wax
0,805,264 8,852,691
Cs
ilgary
27,200,145 23,456,992
HI
smilton_ 16,741,431 12,758.264
St
8,392,864 7,083,960
Victoria
18,119,381 12,869,885
7,767,292 6,632,363
LcIndon ..
1monton_ 24,276,711 14,179,630
13,094,192 8,608,769
mina
4,269,532 3,876,476
Br
•andon
Lc
!thbridge. 3,497,466 3,225,540
saskatoon _ 13,338,718 9,059,092
oose Jaw * 7,814,744 6,245,488
Br•antford
2,915,038 2,544,767
Ft,. William* 4,081,101 2,758,051

+4.6
+9.8
+13.3
+8.6
+6.0
+24.9
+8.2
+12.2
+23.5
+6.6
-1.9
+10.3
+8.1
+11.8
-27.6
-26.5
+5.9
+5.1
+3.7
+7.5
+5.5
+26.9
+5.1
+82.1
+28.2
+8.2

Week ending November 30.
Clearings a/
1912.

inc. or
Dec.

1911.

San Francisco_ __
Los Angeles
Seattle
Portland
Spokane____ ._
Salt Lake City
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
Pasadena
San Jose
North Yakima_
Reno

$
46,698,264
23,475,251
10,889,566
9,195,072
3,860,566
5,807,076
3,466,708
3,325,731
2,046,505
2,254,995
1,153,977
• 914,663
1,080,713
690,625
464,022
292,581

$
46,762,259
18,849,957
10,466,725
9,467,490
3,490,451
6,719,680
3,593,251
3,363,434
1,605,258
1,800,000
797,331
937,149
760,020
750,000
396,271
255,000

115,616,309

Kansas City
Minneapolis
Omaha
St. Paul
Denver
Duluth
St. Joseph
Des Moines
Sioux City
Wichita
Topeka
Lincoln
Davenport
Cedar Rapids_ _ ..
Fargo
Colorado Springs
Pueblo
Fremont
Hastings
Aberdeen
Waterloo
Helena
Billings

50,151,310
27.500,000
15,469,444
12,843,351
8,931,106
8,912,806
5,616,613
3,553,550
2,400,000
2,981,485
1,342,143
1,412,301
1,585,035
1,401,230
442,123
612,705
671.407
225,003
162,740
325,000
1,066,654
982,521
532,804

1910.

1909.

%
-0.1
+24.5
+4.0
-2.9
+10.6
-13.6
-3.5
-1.1
+27.5
+25.2
+44.7
-2.4
+42.2
-7.9
+17.2
+14.

$
47,597,227
18,827,304
11,096,450
9,493,383
4,900,000
7,715,635
4,229,438
3,566,439
1,685,163
1,335,754
957,938
868,677
785,973
540,611
497,272
302,131

$
46,426,538
15,059,944
13,210,427
8,730,357
5,109,806
8,467,578
6,062,465
2,012,690
1,578,766
1,047,388
900,733
813,379
550,000
650,000
431,766
269,545

110,014,376

+5.1

114,399,405

111,321,382

43,478,712
22,000,000
12,168,041
11,530,862
8,404,683
4,840,952
5,655,427
3,162,112
1,975,905
2,578,161
1,129,536
1,463,473
1,500,000
984,453
654,202
600,000
523,542
233,163
181,169
311,565
825,321
1,101,574
483,569

+15.3
+25.0
+27.1
+11.4
+6.3
+84.1
-0.7
+12.4
+21.5
+16.1
+18.9
-3.5
+5.7
+42.4
-32.4
+2.1
+28.3
-3.4
-10.2
+4.3
+29.2
-10.8
+10.1

53,341,407
26,687,172
14,660,144
13,927,238
9,800,032
5,790,107
6,277,358
3,031,944
2,620,094
3,515,759
1,463,262
1,584,543
2,213,825
1,432,107
889,149
679,000
678,422
290,784
235,349
515,447
1,011,941
1,208,733
199,527

51,317,886
28,752,885
14,722,518
12,325,665
10,129,031
7,906,848
6,443,823
3,688,706
2,544,470
3,040,110
1,494,418
1,475,842
1,759,161
1,219,665
1,051,431
621,889
580,375
285,592

125,787,122 +1.58

151,642,344

151,238,462

Eleven Months.

learings at
1912.

Inc. or
Dec.

$
%
$
+5.02,446,848,647,2,210,866,485,
+28.51,060,246,842 857,477,093.
+14.2 549,405,6481 502,627,974:
+6.3 546,453,927j 512,062,537!
+8.9 204,583,3571 200,874,842
-6.8 336,570,593 296,865,915
-6.4 201,323,461 200,120,9871
+3.4 177,150,478 157,100,799
+18.2 82,914,98
78,168,790
70,835,9111
+32.7 119,535,47
+15.9 45,873,874
35,871,155
-7.0 40,874,416
36,608,152
+41.5 42,993,783
37,831,152
-7.1
32,791,713 28,425,429
+6.1
19,830,709
21,450,002
+2.2 36,557,071
36,682,012
32,689,832
+11.3
27,745,329
13,532,859
-4.6
12,893,474

Total Pacific

The foregoing figures show a gross debt on Nov. 30 of
81,341,587,229 66 and a net debt (gross debt less net cash
in the Treasury) of $1,041,640,809 84.

1
1

1911.

Kansas City_ _
Minneapolis
Omaha
St. Paul
Denver
Duluth
St. Joseph_ _ _
Des Moines
Sioux City_
Wichita
Topeka
Lincoln
Davenport _
Cedar Rapids_
Fargo
Sioux Falls_ _ _
Colorado Spgs_
Pueblo
Fremont
Hastings
Aberdeen
Waterloo
_
Helena
Billings
Joplin

154,641,784 149,846,615 148,724,210 149,046,420

a Chiefly "disbursing officers' balances." f Includes $1,949,152 12 silver bullion
and $2,085,542 63 minor coin, &c., not included in statement "Stock of money."

1912.

Inc. or
Dec.

1912.

Inc. or
Dec.

1911.

3
$
%
+0.8 2,598,576,945 2,163,707,430
+5.3 1,975,335,475 1,679,421,685
+22.8 1,370,391,110 1,042,645,008
+12.6 589,684,062 493,808,692
-15.6 226,633,907 193,048,009
+14.3 143,313,024 120,491,733
+10.8
91,567,084
70,510,187
+15.5 249,710,444 196,544,442
+31.2 151,145,142 112,398,728
+18.5
80,248,218
70,309,942
+40.8 166,513,923 123,176,473
+17.1
76,088,330
64,612,954
+71.2 109,078,409 107,309,499
+60.9 103,915,836
64,534,325
+10.1
29,019,837
26,046,282
+8.4
30,489,503
25,926,776
+46.1 103,757,384
55,404,475
+25.1
57,421,718
35,031,863
+14.6
27,638,456
25,273,193
+48.0
36,330,599
5,145,935

%
+20.1
+17.6
+31.4
+19.9
+17.4
+18.9
+15.2
+27.1
+34.5
+14.1
+35.2
+17.7
+85.5
+61.0
+11.4
+17.6
+87.3
+9.4

it. Canada 889,067,945 798,492,736 +11.58,213,116,079 8,644,169,833 +23.6

Tot. oth. West

149,121,331

400,000
1,085,959
382,187

* Not included in total; comparison incomplete.

The clearings for the week ending Nov. 30 make quite a
Clearings by Telegraph-Sales of Stocks, Bonds,&c.The subjoined table, covering clearings for the current week,
satisfactory comparison with the same week of 1911.
usually appears on the first page of each issue, but on account
Week ending Nov. 30.
of the length of the other tables is crowded out once a month.
Clearings at-.
The figures are received by telegraph from other leading cities
Inc. or
1012.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Calgary
Hamilton
StaJohn
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William

ItTotal Canada




1911.

51,121,071
41,052,822
42,096,170
14,022,672
3,692, 16
3,500,373
1,807,717
5,594,050
3,600,000
1,973,315
3,808,576
1,581,649
4,931,910
2,997,832
811,711
708,547
2,958,443
1,799,531
656,754
966,986

$
41,811,654
38,781,967
34,369,787
12,059,164
4,162,680
2,769,068
1,872,538
5,082,544
2,795,535
1,525,306
2,465,261
1,555,231
3,023,638
2,093,082
756,950
663,531
1,916,357
1,726,977
536,120
553,002

Dec.

1910.

1909.

+22.3 38,924,310 46,067,788
+5.9 35,000,000 32,196,113
+22.5 28,263,015 27,845,410
+16.3 9,236,265 7,416,159
-11.3 2,982,057 3,655,851
+26.4 2,413,252 2,474,712
-3.5 1,378,286 2,268,340
+10.5 3,655,443 2,763,620
+28.8 2,419,093 2,042,871
+29.6 1,408,788 1,436,934
+54.5 2,367,499 1,244,673
+1.7 1,228,357 1,182,269
+63.1 1,797,940 1,194,710
+43.2 1,385,811
1,132,766
+7.3
612,811
+6.8
675,595
+54.4 1,037,870
+4.2
+22.4
+74.7

189,682,145 160,500.388 +18.2 134,794,892 132.822.216

Clearings-Returns by Telegraph.
Week ending Dec. 7.

Per
Cent.

1912.

1911.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,884,793,958
166,521,845
166,581,508
38,274,772
288,330,647
75,044,514
25,861,924

$1,536,887,002
140,039,845
138,260,102
32,967,410
521,389,895
68,772,411
23,795,728

+22.6
+18.9
+20.5
+16.1
+14.7
+9.1
+8.8

Seven cities, 5 days
Other cities, 5 days

$2,645,409,168
622,418,904

$2,192,112,393
575,247,618

+20.7
+8.2

Total all cities, 5 days
All cities, 1 day

$3,267,828,072
645,172,463

$2,767,360,011
562,926,901

+18.1
+14.4

$3,913,000,535

$3,330,286,912

+17.5

Total all cities for week

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the eleven months of 1912 and 1911 are given below:

THE CHRONICLE

97.7,811462,780,45 I 810980,294,400 95.8

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 1912
and 1911 is indicated in the following:
SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
1911

•

1912
M.th.
Number
of
Shares.

Number
of
Shares.

Values.
Par.

Actual.

Values.
Actual.

Par.

$
11
$
$
Jan.10,906,138 970,876,425 958,417,286 10,461,526 907,563,875 872,467,419
Feb.. 7,086,544 621,704,400 602,463,418 10,194,217 902,448,900 879,948,718
Mch.14,552,052 1,334,837,2251,312,748,973 6,823,868 619,067,575 6 0,479,480
lstqr 32,544,7342,927,418,0502,873,629,677 27,434,611 2,429,080,3502,352,895,617
April 15,959,338 1,452,962,7001,438,401,408 5,369,35* 471.409,9001 456,396,404
May.13,662,747 1,233,734,9501,210,479,868 11,115,578 984,924,050 971,047,984
June 7,219,721 645,234,975 622,417,928,10,508,4H 951,730,45t 940,178,916
2d qr 36,841,8063,331.931,7253,271,299,204 26,993,3282,407,004,4002,367,613,304
6 m's69,386,5406,259,349,7756,144,928,881 54,427,9394,838,144,7504,720,518,921
July. 7,158,324 654,771,350 620,416,209 5,476,559 503,137,2001 486,492,746
Aug_ 8,952,358 811,491,750 790,416,208 14,994,533 1,371,606,25 1,308,437,416
Sept.10,107,204 911,341,200 887,463,294 17,395,957 1,594,873,875 1,401,457,498
ad q 28,217,8862,378,004,3002,298,295,711 37,867,0493,469,617,4253,106,387660
9 m'•95,604,426 8.637,354,0758,443,224,592,92,294,988l9.305.762,1757,916.906.581
14,919,486,1,352,048,1501
Oct .. 14,166,896 1,267,956,2501,234,014,20110,936,90111,003,848,325 942,988,876
1,349,488,064
Nov. 8,725,317 786,689,400 769,948,928

MONTHLY CLEARINGS.

1912.

1911.

%

1912.

27,756,670

Dividends 191i. Dividends 1911. inc. (-I-)
or
% Amount. %
Amount. Dec.

(-).

$
dividend
1,500
dividend
dividend
dividend
10,000
15,000
12,000
3,775
8,000
18,750
7,500
11,600
dividend
dividend
22,500
9,000
10,500
5,250
7,500
12,000
4,000
11,250
dividend
12,000
15,000
24,000
6,000
5,500
10,000
10,500
11,250
6,000
18,000
7,500
7,500
303,375

$
dividend
1,500
dividend
dividend
dividend
10,000
15,000
18,000
2,517
8,000
18,750
7,500
11,600
15,000
12,000
22,500
6,000
10,500
5,250
7,500
dividend
6,000
11,250
12,000
18,000
15,000
18,000
dividend
dividend
dividend
10, 00
11,250

$

-6,000
+1,258

-15,000
-12,000
+3,000

+12,000
-2,000
-12,000
-6,000
+6,000
+6,000
+5,500
+10,000

6,too
18,000
dividend
dividend
1.07

+7,500
+7,500

297,817

+5,758

• On $100,000 preferred stock.

Clearings Outside New York.

Clearings, Total All.

Capital.

$
800,000
American Linen Co
300,000
Ancona Mills
450,000
Arkwright Mills
495,000
Barnard Mfg. Co
350,000
Barnaby Mfg. Co
1,000,000
Border City Mfg. Co
1,000,000
Bourne Mills
1,200,000
Chace Mills
251,670
Conanlcut Mills
400,000
Cornell Mills
Davis Mills
1,250,000
Davol Mills
500,000
Flint Mills
1,160,000
Granite Mills
1,000,000
Hargraves Mills
800,000
King Philip Mills
1,500,000
Laurel Lake Mills
600,000
Lincoln Mfg. Co
700,000
Luther Mfg. Co
350,000
Mechanics' Mills
750,000
Merchants' Mfg. Co
1,200,000
400,000
Narragansett Mills
750,000
Osborn Mills
800,000
Parker Mills
1,200,000
Pocasset Mfg. Co
1,000,000
Richard Borden Mfg. Co1,200,000
Sagamore Mfg. Co
600,000
Seaconnet Mills
550,000
Shove Mills
1,000,000
Stafford Mills
700,000
Stevens Mfg. Co
750,000
Tecumseh Mills
300,000
Troy Cot. & W. Mfg. Co_ _
Union Cotton Mfg. Co- - 1,200,000
750,000
Wampanoag Mills
500,000
Weetamoe Mills
Total

Clearings by months since Jan. 1:
Month.

Fourth Quarter.
1912 and 1911.

XX 000X°

Total_ _ _ .J811323,725,62 $11057,412,46
1

X
XX 000XXXXXX 0 XX XXX XX

I
118,151,37
StockfSh.s.1 118.496,639
1Val- 810691,999.72 810447,187,727 97.7$10661,658,651 310209,384,421 95.7
674,636,316 95.4
583,565,714 96.4! 706,992,701
605,333,00
RR. bond
3,301,501
3,414,418 103.4
1,158,327 103.0
1,125,001
Gov't bds.I
89,302,40
88,908,574 99.5
23,753,761 96.8
24,536,50
State bondi
1,525,21:
1,746,931 238.8;
3,950,671 259.0
731,401
Bank etas_

Seven mills passed their dividends. In 1911 the amount
paid by twenty-six mills was $297,617, or an average of
1.07%. The distribution of dividends for the fourth quarter
of earlier years was 1.63% in 1910, 1.82% in 1909, 1.48% in
1908, 3.71% in 1907, 1.77% in 1906, 1.09% in 1905, 0.50%
in 1904, 1.39% in 1903, 1.49% in 1902 and 1.24% in 1901.
The details for the fourth quarter were as follows:

000X 0

Aver.
Price.

XXXX00 XX X X

Actual
Value.

Par Value.
or Quantity.

Actual.
Value.

0X

Aver]

Par Value.
.
Price or Quantity.

X

Eleven Months, 1911.

Eleven Months, 1912.
Descriplion.

[VOL. Lxxxxv.

idX X XX

1514

1

1911.

%

$
s
8
$
Jan _ 15,175,151,478 14,494,695,194 +4.7 6,339,569,93911 5,963,447,224 +8.3
Feb _ _ 12,968,617,648 12,269,918,159 +5.7 5,655,969,284 4,974,752,712 +13.7
Mch_ _ 14,520,179,200 13,470,154,904 +7.8 6,103,224,978 5,848,553,299 +4.3

Combining the foregoing results with those for the first
nine months, we have the following exhibit for the year. It
will be observed that on a capitalization of $27,756,670 the
mills have paid out in dividends $1,129,625 in the present
year, or an average of 4.07%, against $1,392,109, or 5.01%,
in the like period of 1911.

1st qr. 42,663,948,326 40,234,768,257 +6.0 18,098,764,201116,786,753,335 +7.8
April _ 15,043,870,590 12,403,607,069 +21.3 6,213,715,0721 5,433,794,576 +14.3
May _ 14,883,783,164 13,524,593,344 +10.0 6,104,005,6761 5,565,969,344 +9.7
J.ne_ _ 13,690,863,132 13,834,186,185 -1.0 5,729,871,661 5,618,651,318 +2.1

1912.Dividend,s 1911.Dividends Inc. (-I-)
Capital.

Years 1912 and 1911.

Or

%

Amount.

%

Amount. Dec.

(-).

45
$S
$
$
18,000 -10,000
800,000 1
8,000 214
American Linen Co
2d qr. 43,618,516,886 39,762,386,598 +9.8 18,057,592,419 16,618,415,228 +8.6 Ancona Mills
6,000
300,000 *6
6,000 *6
No dividend
450,000 No dividend
Arkwright Mills
6 mos_ 86,282,585,212 79,997,154,855 +7.9 36,146,356,620 33,405.168,563 +8.2 Barnard Mfg Co
495,000 No dividend
7,425 -7,425
134
350,000 No dividend
10,500 -10,500
3
Barnaby Mfg. Co
Ju-y_ _ 14,015,610,065 13,069,255,474 +7.2 6,094,527,836 5,553,439,080 +9.7 Border City Mfg. Co
1,000,000 4
40,000 5•
50,000 -10,009
Aug __ 13,283,948,548 12,662,586,630 +4.9 5,797,664,988 5,378,444,426 +9.8 Bourne Mills
1,000,000 6
60,000 6
60,000
Sept__ 13,168,450,986 12,606,056,411 +4.5 5,735,615,164 5,421,079,267 +5.8 Chace Mills
48,000 634
78,000 -30,000
1,200,000 4
251,670 434
12,584 -1,259
11,325 5
Conanicut Mills
ad qr. 40,468,009,599 38,337,898,525 +5.6 17,627,807,988 16,252,962,753 +8.5 Cornell Mills
32,000
400,000 8
32,000 8
75,000
1,250,000 6
75,000 6
Davis Mills
9 mos 126750,575,811 118335,053,380 +7.1 53,774,164,608 49,658,131,316 +8.3 Davol Mills
30,000
30,000 6
500,000 6
40,600 -5,800
34,800 334
1 1,160,000 3
Flint Mills
Oct
17,249,398,879 13,568,107,327 +27.1 7,110,401,264 6,057,903,437 +17.4 Granite Mills
65,000 -35,000
30,000 634
1,000,000 3
Nov _ 15,458,870,709 14,101,120,989 +9.6 6,639,033,282 6,027,245,185 +10.1 Hargraves Mills
56,000 -56,000
7
800,000 No dividend
90,000
1,500,000 6
90,000 6
King Philip Mills
36,000 -6,000
600,000 5
30,000 6
The course of bank clearings at leading cities of the country Laurel Lake Mills
42,000
42,000 6
700,000 6
Lincoln Mfg. Co
350,000 6
21,000 6
21,000
for the month of November and since Jan. 1 in each of the Luther Mfg.Co
30,000 434
750,000 4
33,750 -3,755
Mechanics' Mills
last four years is shown in the subjoined statement:
1,200,000 3
36,000 234
30,000 +6,000
Merchants' Mfg. Co
400,000 4
16,000 634
26,000 -10,000
Narragansett Mills
BANK CLEARINGS AT LEADING CITIES.
750,000 6
45,000 6
Osborn Mills
45,000
Jan. 1 to Nov. 31
November
800,000 No dividend
Parker Mills
7
56,000 -56,000
1909.
1910.
1911.
1909. 1912.
(000,000s
1912. 1911. 1910.
1,200,000 3
Pocasset Mfg. Co
36,000 6
72,000 -36,000
$
3
omitted.)
$
$
3
3
Richard Borden Mfg. Co
1,000,000 6
60,000 7
70,000 -10,000
New York
8,820 8,074 7,814 9,064 91,935 84,261 89,250 93,682 Sagamore Mfg. Co
1,200,000 634
84,000 -6,000
78,000 7
12,738 12,557
Chicago
1,314 1,171 1,145 1,162 14,020 12,685
+6,000
600,000 1
Seaconnet Mills
6,000 No dividend
736
763 8,253
7,668 Shove Mills
769
7.688
Boston
754
7,600
22,000 -5,500
550,000 3
16,500 4
6,275
7,024
7,422 6,992
627
643
642
735
Philadelphia
15,000 +5,000
1,000,000 2
20,000 154
Stafford Mills
3,119
3,390
3,660 3,513
318
330
331
357
St. Louts
42,000
42,000 6
700,000 6
2,366 2,127 Stevens Mfg. Co
2,306
2,558
215
205
208
235
Pittsburgh
45,000
45,000 6
750,000 6
2,447 2,211
1,786 Tecumseh Mills Mfg.
2,211
188
104
228
240
San Francisco
25,500 -1,500
24,000 934
Co.._
300,000 8
Troy Cot. dc W.
1,622
1,324
1,778
1,473
411
150
170
173
Baltimore
72,000
72,000 6
1,200,000 6
1,225 Union Cotton Mfg. Co
1,138
1,165
1,248
113
106
105
111
Cincinnati
11,250 +11,250
22,500 134
750,000 3
Wampanoag Mills
2,172
2,463
2,402
226
2,355
228
230
250
Kansas City
12,500 +10,000
22,500 234
500,000 434
Weetamoe Mills
794
1,043
82
923
916
84
86
Cleveland
100
906
797
954
879
100
109
New Orleans
100
95
27,756,670 4.07 1,129,625 5.01 1,392,109 -262,484
Total
127
110
923
1,048
1,053
954
119
143
Minneapolis
614
586
660
615
56
56
57
51
Louisville
•On 8100,000 preferred stock.
697
848
71
881
78
84
1,027
97
Detroit
548
597
637
58
659
61
57
64
Milwaukee
The foregoing indicates that, of the thirty-six mills,
606
737
857
1,060
62
73
85
109
Los Angeles
359 eighteen have paid out less than a year ago. To furnish
402
378
371
42
41
35
46
Providence
674
767
691
786
63
66
62
73
Omaha
the dividend
425 a more comprehensive comparison, we append
461
473
527
43
43
43
52
Buffalo
489
470 record back to 1888.
531
524
59
54
52
62
St.Paul
404
380
395
427
Dividends
38
38
----37
36
Indianapolis
Companies
Amount.
451
418
425 Years443
45
43
P. C,
44
46
Number.
Capital.
Denver
324 1912
342
255
81,129,625
392
34
30
36
4.07
35
38
$27,756,670
Richmond
255 1911
293
1,392,184
320
374
34
5.01
36
49
47
55
27,756,670
Memphis
531 1910
539
503
549
58
1,827 050
48
48
54
27,105,000
0.74
Seattle
35
166 1909
198
205
226
16
26,725,000
17
19
31
Hartford
1,970,000
7.40
35
304 1908
295
297
337
33
25,125,000
6.90
Salt Lake City__ _ _
31
35
32
1,733,067
34
11.00
24,275,000
33
2,691,625
1907
6.83
21,825,000
Total
14,174 12,966 12,581 13,837 147,198 135,017 139,810 141,199 1906
32
1,491,100
3.34
8,771 1905
949 12,261 10,987 10,324
20,625,000
Other cities
1,285 1,135 1,052
32
688,550
3.56
21,505,000
764,950
32
1904
5.66
Total all
21,505,000
15,459 14,101 13,633 14,786 159,459 146,004 150,134 149,970 1903
1,217,275
32
6.47
1,368,400
Outside New York_ 6,639 6,027 5,819 5,722 67,524 61,743 60,884 56,288 1902
35
21,411,000
5.53
1,164,095
35
21,061,000
1901
1,855,450
8.85
35
20,958,500
1900
1,201,327
5.99
34
20,058,500
1899
FALL RIVER MILL DIVIDENDS IN 1912.
467,700
2.41
19,408,000
34
1898
772,700
3.39
22,793,000
37
Twenty-nine cotton-manufacturing corporations located in 1897
1,385,675
6.12
22,628,000
37
1896
Fall River which furnish reports of operations have declared 1895
1,772,925
8.12
21,828,000
36
1,128,000
21,478,000
5.25
dividends during the fourth quarter of the year. The total 1894----------------------35
1,706,310
8.02
21,278,000
35
1893
for the correspond- 1892
amounts paid out is slightly greater than
1,492,260
19,858,000
7.52
34
914,850
4.93
18,558,000
33
ing period of 1911, but smaller than in any earlier year 1891
1,420,870
18,658,000
7.62
33
1890
amount distributed 1889
back to 1905. The aggregate of the
18,558,000
1,850,700
9.97
33
17,608,000
9.63
1,696,040
33
has been $303,375, or an average of 1.09% on the capital. 1888




1

DEC. 7 1912.]

THE CHRONICLE

As showing the relation this year's dividendslin the case
of individual mills bear to those for a series of years, we have
prepared the following, which embraces seventeen of the
leading corporations.
Av. 10
Years,
1912 1911 1910 1909 1908 1907 1006 1905 1904 1903 1902 '02-'11
211 6
6 6
11
6.12
6
Amer. Linen Co-- 1
3
514 734 8
BorderCityMfg.Co. 4
6
5
6
5% 2314 914 334 3% 6
7.45
6
4
615 8 8(3 6
6.25
Chace Mills
3
Granite Mills
615 8
8 8
10
8%
6
8 8
7.55
6
6
King Philip Mills 6
6 6
7.00
6
6
6
6 16
6
6
8
Laurel Lake Mills 5
8 13 11 11
8.15
53-4 534 714 6
Mechanics' Mills
4
415 0
414 4.65
6
4
4
3
1
634 7
Merchants' Mfg.Co. 3
4.37
4
4
2
2
234 6 6 6
63 4
Narragansett Mills_ 4
7.10
6
6
8
8 1114 8
4
5
634 8
Osborn Mills
4.65
4
4
3
2
514 4
6
6
6
6
6
R.Borden Mfg. Co. 6
8.75
7 10
6
8 13 20
615 534 53 0
Sagamore Mfg. Co_ 614 7
8 8
414 714 10.55
12 30 20
414 4
Stafford Mills
114 6 6
2
3.80
6
515 4
4
1 __
4
Tecumseh Mills
7.15
6
6 6
6
915 1434 6
6
6
53,4 6
Troy C.& W.M.Co. 8
19.90
914 12 13 21 67 20
814 10 16 22
Un. Cot. Mfg. Co 6 6
12.40
6
414 6
6 2934 6 3534 183-4 6
Wampanoag Mills _ 3
3.15
4
2
2
4
3
4
5
134 6

44

1515

The bank rates of discount and open market rates
-chief Continental cities have been as follows:
Rates of
Interest atParis
Berlin
Hamburg
Frankfort
Amsterdam
Brussels
Vienna
St. Petersburg
Madrid
Copenhagen

at the

Nov. 23.
Nov. 16.
Nov. 9.
Nov. 2.
Bank Open
Bank Open
Bank Open
Bank Open
Rate. Market. Rate. Market. Rate. Market. Rate. Markel.
4
311
4
331
4
39-4
331
4
6
534
6
531
431
5
49-6
5
6
514
6
5
5
531
4%
49-1
6
5%
6
5
5
4%
431
531
4
4
4
4
4
4
4
4
5
431
411
5
5
415
5
43-4
6 5 11-16
6
1/
515
534
53-4
53-a'
534 nom.
534 nom.
514 nom.
53-4 nom.
414
434
434
434
434
414
434
43.4
534
514
5
53.4
5
5
5
5

Messrs. Pixley & Abell write as follows under date of
Nov. 21:

GOLD.
-The arrivals this week amounted to about £800,000, of which India
takes £153,000 in small bars, America has bought about £150,000 and the balance
goes to the Bank of England. Since our last the Bank has received £482,000 in bar
gold. Ecuador has sent £18,000 in sovereigns and India £1,876,000, but of this last
amount £1,600,000 has been set aside on account of the Indian paper currency.
and £250,000 on account of the gold standard reserve. Egypt has taken £500,000
in sovereigns. Next week we expect £969,000 from South Africa. Arrivals
South Africa, £697,500; Brazil, £14,000; India, £67,500: China, £4,000; Australia.
Oro
£37,000; total, £820,000. Shipments
-Bombay,£150,000.
SILVER.
-The market during the past week has been quiet, with business on a
moderate scale. To-day's quotations, after small fluctuations, are 1-16d. higher
than those of last week, at 29 1-16d. for cash and 29 3-16d. for forward. The demand for China has continued more or less throughout the week, but,as other buy[From our own correspondent.]
ing has been limited, the effect on prices has been small. The Indian bazars during
the earlier part of the week sent good selling orders, but yesterday and to-day beLondon, Saturday, November 23 1912.
came small buyers. According to the Indian currency return of to-day, the stocks
of rupees in
Again this week markets both hero at home and upon the crores and the ordinary reserve and gold standard reserve are unaltered at 1231
434 crores, respectively. Silver under coinage is 1 crore higher at 331
Continent were depressed during the first two or three days; crores, but silver in transit is only X crore as against 1 crore on Nov. 11. The
Bombay quotation is Its 7334 per 100 tolahs for the December settlement. Arrivals
but in the middle of the week there was a marked recovery. -New York, £305,000. Shipments
-Port Said, £1,000; Bombay, £20,000; Colombo, £2,000; Hong Kong, 15,500 (Mexican dots.); Shanghai, £56,500 (Mexican
The better feeling created by this happy ending of an un- dots.); total, £95,000.
fortunate incident was strengthened by the acceptance by
The quotations for bullion are reported as follows:

MonetargWommercialgueitsit

ttlit$

the Allied Balkan States of the Turkish proposal for an
armistice.
From a statement made by Sir Edward Grey in the House
of Commons this week, we learn that all the Powers are
determined to maintain neutrality and that nothing will be

GOLD.
London Standard.
Bar gold, fine, oz

Nov. 21. Nov.14.
SILVER.
Nor. 21. Nov. 14.
s. d.
s. d.
London Standard.
d.
d.
77 9
77 9
Bar silver, fine, oz__ _29 1-16
29
" 2 me. delivery, oz _29 3-16
2954
Cake silver, oz
31 5-16
313-4

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
done to raise questions prematurely.
Of course there are with previous seasons:
alarmist rumors circulating in abundance. But in political
IMPORTS.
Eleven weeks1912-13.
1911-12.
1910-11.
1909-10.
.
circles they are dismissed as utterly groundless, and it looks, Wheat
ewt_26,176,800 21,240,800 23,339,200 22,879,900
indeed, as if there was in Vienna just now a regular manu- Barley
7,197,900 9,089,300 5,696,800
7,479,800
Oats
4,240,100 4,244,100 2,853,500
4,512,700
factory of sensational canards. Whether Germany and Italy Peas
932,202
800,471
577,925
375,170
are supporting the pretensions of Austria as strongly as we Beans
479,930
474,530
241,010
1,060,280
12,196,600
4,907,800 10,352,600 9,403,000
are assured they are from Vienna is very much doubted, Indian corn
Flour
2,127,900
2,755,600
2,894,800
2,378,700
while nobody believes that the sympathy of Russia for the
Supplies available for consumption (exclusive of stock on
victorious allies has in the least cooled. As far as can be
September 1):
judged from all the information that is allowed to leak out,
1912-13.
1911-12.
1910-11.
1909-10.
Wheat imported
it does not look as if fighting will last much longer.
cart_26,176,800 21,240,800 23,339,200 22,879,900
2,127,900
2,755,600
2,378,700 2,894,800
Business of every kind while the war is going on is more or Imports of flour
Sales of home-grown
5,408,028 8,210,852 6,264,717 5,785,468
less held in check. Trade proper, indeed, continues wonderTotal
33,712,728 32,207,252 31,982,617 31,560,168
fully good, as the London Clearing-House returns clearly
Average price of wheat, week
32 s. 10d.
33s. 48.
29s. 8d. 32s. 5d.
prove. But everything at all speculative is held in sus- Average price, season
32s. 9d.
32s. 9d.
30s. 4d.
32s. lid.
pense. Money is fairly plentiful here, and no fear is enterThe following shows the quantities of wheat, flour and tained that the Bank of England will have to raise its rate maize afloat
to the United Kingdom:
of discount unless, indeed, the purchase of £150,000 of bar
This week. Last week.
1909-10.
1910-11.
gold in the open market this week indicates that it will be Wheat
qrs_ 2,490,000
2,315,000
2,605,000
1,805,000
qrs. 175,000
220,000
180,000
220,000
followed by large withdrawals from the Bank of England. Flour, equal to
Maize
qrs. 1,655,000
1,830,000
230,000
430,000
If it does not, the 5% rate will prove quite sufficient. Upon
the Continent bankers everywhere are disinclined to give
much accommodation to their customers, as they are intent
English Financial Markets-Per Cable.
upon keeping large balances always under their control,
and
The daily closing quotations for securities, &c., at London,
the general public is, likewise, afraid to incur new risks.
as reported by cable, have been as follows the past week:
Our own Stock Exchange is, perhaps, the most active
of any
London.
•
European market, but it complains that the public is holdWeek ending Dec. 6.
Sal.
Mon.
Tues.
Wed.
Thurs.
Fri.
Sliver, per oz
d 2934
29 9-16 29 11-16 29 7-16 2931
29 9-16
ing aloof and that the business done is confined to members
dConsoLs, 215 per cents
75 7-16 c75
75 5-16 7534
7534
753.4
of the House and to professional operators.
dFor account
c7531
753-4
759-4
753-4
75 9-16 7534
90.10
90.30 90.0714 90.2754 90.3254
The India Council offered for tender on Wednesday 80 dFrench Rentes (in Paris).fr_ 90.05
Amalgamated Copper Co__ _ 8734
87
88
8615
8514
8334
lacs of its bills and telegraphic transfers and the applica- Am. Smelt. & Refining Co
82
81
81
813-4
7754
7434
834
834
83-4
814
tions exceeded 9683'2 lacs at prices ranging from is. 4 1-32d. bAnaconda Mining Co
831
834
Atch. Topeka & Santa Fe_ __mg
11131 11031 nog 110
10934
to is. 4 1-16d. per rupee. Applicants for bills at is. 4 1-32d.
Preferred
105
105
105
105
105
105
110
10811
per rupee were allotted only 2%, and above in full; while Baltimore & Ohio
10931
10931
10931
10834
Preferred
90
90
90
8994
893.4
8931
applicants for telegraphic transfers at is. 4 1-16d. per rupee Canadian Pacific
c273
27431
274
27331
27234
27331
Chesapeake de Ohio
were only allotted 2%.
82
8431
8434
84
8534
8334
Chicago
18
18
1711
18
1834
1754
The following returns show the position of the Bank of Chicago Great Western
Milw.& St. Paul__ _118
119
118
117
11831
11931
England, the Bank rate of discount, the price of consols, Denver & Rio Grande
2211
2215
2231
22
22
223.4
Preferred
41
41
41
4014
4015
4014
&c., compared with the last four years:
Erie
3514
3514
3534
3411
3411
3434
First Preferred
53
5331
5214
5135
51
5331
1912.
1911.
1910.
Second Preferred
1908.
1909.
44
4415
4434
4434
44
423.4
Nov. 20.
Nov. 22.
Nov. 23.
Nov. 24.
Nov. 25/ Great Northern, preferred_ _142%
14214
1413.4
14234
1393-(
14154
Illinois Central
132
132
13115
131
131
13134
Circulation
28,277,095 28,501,405 28,152,970 28,494,065 28,526,350 Louisville & Nashville
15054
151
150
14914
148
15054
Public deposit& _ _ _ 13,883,639 12,818,407 11,261,366
6,024,432
9,275,713 Missouri Kansas & Texas__ _ 2931
29
2951
2931
2834
2834
Other deposits
40,635,313 39,687,004 38,999,841
Preferred
64
64
64
64
64
64
Governm't securities 13,034,576 14,438,210 14,643,568 40,430,234 42,792,875 Missouri Pacific
14,412,788 14,730,533
4415
4434
45
44
45
4331
Other securities_.
31,670,772 28,979,562 27,510,260 24,184,418 29,593,091 Nat. RR.of Mex., 1st pref... 65
66
66
65
66
65
Reserve,notes&coin 27,638,059 26,817,810 25,888,054
Second Preferred
2911
2834
2931
293,4
2931
293.4
Coin&bull.,bothdep. 37,465,154 36,869,215 35,591,024 26,502,090 25,501,364
36,546,155 35,577,714 N.Y.Central & Hudson Itiv.117%
118
11754
117
11731
116
Prop. reserve to liaN. Y. Ontario & Western_ _ _ 35
35
35
3431
3554
3431
p. c. 50 11-16
bilities
51
5134
55 15-16
48 15-16 Norfolk & Western
118
118
1173-4
11854
116
1173.4
Bank rate
p.c.
5
4
5
Preferred
5
23-4
93
Consols, 214 p. c___
75 5-16
783.4
78 15-16
8215
129-12734
843-4 Northern Pacific
fitii
127- 4
125-127-1
29d.
Silver
26d.
259468.
2315(1.
22118. aPennsylvania
6354
6314
6311
6331
633-4
6331
Clear -house returns348,099,000 241,229,000 241,514,000 224,904,000 211,736,000 aReading Company
8815
8831
883-4
889-1
883-4
883-1
aFirst Preferred
4614
4631
4614
46
4634
463-4
The rates for money have been as follows:
aSecond Preferred
4854
Rock Island
2631
iiii;
.
iE31
2854 ii%
Nov. 22.
Nov. 15.
Nov. 8.
Southern Pacific
Nov. 1.
c11331
11414
111
11254
112
1113.4
5
Bank of England rate
5
5
5
Southern Railway
3015
3014
3031
3054
2954
2931
Open market rate
Preferred
84
84
84
84
84
83
4 11-16
Bank bills
4 13-16
-3 months___ 4 15-16@)5
434
Union Pacific
c17614
177
1763.4
17434
17534
17331
415
-4 months_ __431
4 13-10 415 ®4 15-16
Preferred
93
93
97
9614
96
9554
4 11-16
-6 months- - 4%@4 5-16
4 11-160t451 U. S. Steel Corporation_ _ _ _c76%
43-4
7634
7531
7415
73
7114
Trade bills
-3 months.--- 51105%
511@514
5116514
515
Preferred
115
11514
11511
113
11454
11331
-4 months_ _ -- 531 @535
5%0.45%
5%00%
514
Wabash _
414
434
411
434
454
434
Interest allowed for deposits
Preferred
14
14
143-4
1431
1431
1454
By Joint-stock banks
3%
315
3%
Extended 4s
315
6914
6914
0954
69
6714
By discount houses
67
At call
3%
315
314
a Price per share. b sterling. c Ex-dividend. d Quotations here given are
7 to 14 days
331
flat prices.
331




264

1516

THE CHRONICLE

gommerciaiand trastelliantonsgeW

Name of Company.

I. XXXV
When
Per
Cent. Payable.

Books Closed
Days Inclusive

Miscellaneous (Concluded).
6
Dec. 21 Dec. 3 to Dec. 22
Chesebrough Manufacturing (guar.)
4
Dec. 21 Dec. 3 to Dec. 22
Extra
DIVIDENDS.
2
Dec. 31 Holders of rec. Dec.28a
Chicago Telephone (guar.)
234 Dec. 10 Dec. 5 to Dec. 10
Childs Co., common (guar.)
The following shows all the dividends announced for the Preferred (guar.)
134 Dec. 10 Dec. 5 to Dec. 10
1-3 Jan. 1 Holders of rec. Deo.15a
Cities Service, common (monthly)
future by large or important corporations:
M Jan. 1 Holders of rec. Dec.15a
Preferred (monthly)
Dec. 4 Holders of rec. Dec. 1
2
Homes
City & Suburban
Dividends announced this week are printed in italics.
Dec. 15 Hold. rec. Nov.30 1907
Cleveland & Sandusky Brewing, common.. 1
134 Dec. 15 Hold. rec. Nov.30 1907
Preferred
Columbus (0.) Gas & Fuel, preferred (guar.) 134 Jan. 2 Holders of rec. Dec. 16
Books Closed.
When
Per
1M Dec. 16 Holders of rec. Nov.14a
Consolidated Gas (guar.)
Days Inclusive.
Cent. Payable.
Name of Company.
Consol. Gas, El. L. & P., Bali., cons. (qu.).. 134 Jan. 2 Holders of rec. Dec. 20
$134 Dec. 16 Nov. 21 to Dec. 16
Crescent Pipe Line (guar.)
Railroads (Steam).
3
Dec. 15 Holders of rec. Nov.30a
23 Dec. 23 Holders of rec. Nov.30a Crex Carpet
Alabama Great Southern, ordinary
194 Dec. 24 Holders of rec. Dec.13a
Feb. 24 Holders of rec. Feb. la Crucible Steel, pref. (qu.)(No. 37)
3
Preferred
13-4 Jan. 2 Holders of rec. Dec.16a
434 Jan. 2 Holders of rec. Dec. 14 Cuban-American Sugar, pref. (quar.)---guaranteed
Albany & Susquehanna,
Dec. 16 Holders of rec. Nov.30a
6
23. Feb. 1 Holders of rec. Dec.31a Cumberland Pipe Line
Atchison Topeka& Santa Fe, preferred
134 Dec. 16 Holders of rec. Nov.30a
Dec. 10 Nov. 30 to Dec. 9 Diamond Match (guar.)
3
Atlantic Coast Line Company (quar.)_
33.4 Jan. 10 Dec. 20 to Jan. 10 du Pont Internat. Powder, pref. (quar.)- 134 Jan. 2 Holders of rec. Dec. 20
common
Atlantic Coast Line RR.,
Dec. 14 Dec. 5 to Dec. 15
2M Dec. 31 Holders of ree. Nov.30a duPont(E.I.) de Nem. Powd., corn.(qu.). 2
Boston & Albany (guar.)
Dec. 14 Dec. 5 to Dec. 15
1
Common (extra)
Jan. 2 Nov. 25 to Nov. 30
4
Boston dr Lowell
134 Jan, 25 Jan. 16 to Jan. 26
Preferred (guar.)
1
Jan. 1 Holders of rec. Nov.30a
Boston & Maine, common (guar.)
2M Jan. 2 Holders of rec. Nov.30a
(guar.)
2M Jan. 2 Holders of rec. Dec. 2a Eastman Kodak, common
Canadian Pacific, common (guar.)
1M Jan. 2 Holders of recs. Nov.30a
2
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 23a
Central RR. of New Jersey (guar.)
Dec. 16 Holders of rec. Dec. 7
3
2
Dec. 18 Holders of rec. Dec.10a Equitable Blum. Gas Lt., Phila., preferred.. _
Special
1M Dec. 15 Holders of rec. Nov.23a
13( Dec. 31 Holders of rec. Dee. 6a Federal Mining & Smelt., pref. (quar.)-Chesapeake dr Ohio (guar.)
4
Dec. 31 Holders of rec. Nov.30a
2
Dec. 26 Holders of rec. Dec.19a Galena-Signal Oil, common (guar.)
Chicago Burlington & Quincy (guar.)
2
Dec. 31 Holders of rec. Nov.300
Preferred (guar.)
1)4 Jan. 2 Holders of rec. 1)ee.17a
Chicago 8e Eastern Illinois, pref. (quar.)-_
5h Feb. 1 Holders of rec. Dec. 31
Chicago & Northwestern, corn. (guar.).- 1M Jan. 2 Holders of rec. Dec, 2a General Chemical, common (extra)
134 Jan. 2 Holders of rec. Dec.19a
Preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 2a
Preferred (guar.)
194 Jan, 2 Holders of rec.Deo. 19a
Chicago Rock Island & Pacific Ry. (quar.) 1)4 Dec. 31 Holders of rec Dec.20a Gen. Chem. of California, let pref. (qu.)
Jan, 15 Holders of rec. Nov.30a
2
3
Dec. 13 Holders of rec. Nov.30a General Electric (quar.)
Cin. N.0. de Texas Pacific, common
30k Jan. 18 Holders of rec. Dec.31a
2M Dec. 13 Holders of rec. Nov.30a General Electric (payable in stock)
Common (extra)
40).. 2M Jan. 2 Dec. 14 to Dec. 18
2M Dec. 20 Holders of rec. Nov. 27 Guggenheim Exploration (quar.)(No.
Delaware & Hudson Co. (guar.)
194 Dec. 31 Holders of rec. Dec. 20
Dec. 20 Holders of rec. Dec. 9a Start, Schaffner & Marx, pref. (quar.)_
Delaware Lackawanna & Western (extra) 10
234 Jan. 2 Dec. 14 to Dec. 18
3 Heime ((leo. W.), common (quar.)
234 Jan. 2 Dec. 15 to Jan
Detroit & Mackinac, cora, and pref
134 Jan. 2 Holders of rec. Dec. 14
Preferred (guar.)
13i Dec 10 Holders of rec. Nov.30a
Erie & Pittsburgh (guar.)
3
Jan. 1 Holders of rec. Dec.14a
preferred
Fonda Johnstown & Gloversville, pref. (guar.) 1M Dec. 16 Holders of rec. Dec. 5a Ingersoll-Rand, Rubber, pref. (guar.)
134 Dec. 31 Dec. 22 to Jan. 1
Intercontinental
50c. Dec. 27 Dec. 19 to Dec. 29
Great Northern Ore
134 Jan. 15 Holders of rec. Dec. 24
Dec. 19 Holders of rec. Dec.14a Internal. Harvester, corn. (qu.) (No. 12)__
3
Greene Railroad
154 Jan. 2 Dec. 18 to Jan. 2
3M Jan. 10 Holders of rec. Dec.20a International Silver, preferred (guar.)
Harrier. Portsm. Mt. Joy Se Lancaster
_
-If
3 Jan. 2 Dec. 18 to Jan. 2
Preferred (account accum. dividends)
1M Dec. 31 Holders of roe. Dec. Oa
Hocking Valley (guar.)
M Jan. 2 Holders of rec. Dec.20a
2
Jan. 2 Dec. 12 to Jan. 5 Internat.SmokelessPow.&Chem., pf. (qu.)
Illinois Central, Leased Lines, guar
M Jan. 31 Jan. 16 to Jan. 31
2M Jan. 2 Holders of rec. Dec.24a .La Belle Iron Works, corn. (guar.)
Interborough Rapid Transit (guar.)
Dec. 23 Holders of rec. Dec.10a
2
Preferred (guar.)
Not closed.
Jan. 2
4
International & Great Northern, pref_
134 Dec. 16 Dec. 1 to Dec. 15
Jan. 1 Holders of rec. Dec. 7a Laclede Gas Light, common (guar.)
1
RR. of New Jersey (guar _ _ _
Lackawanna
2M Deo, 16 Dec. 1 to Dec. 15
Preferred
Manhattan Ry., guaranteed (guar.)(No.115) 1M Jan. 2 Holders of rec. Dec.16a
134 Dec. 30 Holders of rec. Dec. 23
3M Jan. 1 Holders of rec. Dec. 9a Lanston Monotype Machine (guar.)
Morris & Essex, guaranteed
$3.25 Dec. 11 Holders of rec. Dec. 6a
5
Jan. 2 Holders of rec. Dec.13a Lehigh & Wilkes-Barre Coal
New York & Harlem, cOm, and pref
pref.(quar.)__ _
194 Jan. 2 Holders of rec. Dec. 14
134 Jan. 1 Holders of rec. Dee.11a Liggett & Myers Tobacco,
N. Y. Lackawanna & Western (guar.)
23-4 Jan. 2 Holders of rec. Dec. 16
2
Dec. 31 Holders of rec. Dec.10a Lorillard (P.), common (guar.)
N. Y. N. H.& Hartford (guar.)
234 Jan. 2 Holders of rec. Dec. 10
Common (extra)
M Jan. 1 Holders of rec. Dec.14a
Norfolk Southern (guar.)
134 Jan. 2 Holders of rec. Dec. 16
Preferred (guar.)
1M Dec. 19 Holders of rec. Nov.30a
Norfolk & Western, common (guar.)
Holders of rec. Dec.1la
2M Jan, 10 Jan. 1 to Jan. 10 Mackay Companies. corn. (qu.)(No. 30). 134 Jan. 2 Holders of rec. Dec.11a
Philadelphia & Trenton (guar.)
Jan. 2
1
(guar.) (No. 36)
Preferred
1
Dec. 12 Holders of rec. Nov.26a
Reading Co., first preferred (guar.)
31 Holders of rec. Dec.16a
13-1 Dec.
Jan. 9 Holders of rec. Dec.24a Manhattan Shirt, pref. (quar.) (No. 2)
Reading Company second preferred (qu.). 1
194 Jan. 1 Holders of rec. Dec. 16
1M Dec. 31 Holders of rec. Dec. 10 May Department Stores, pref. (guar.)
St. Louis Rocky Mt. & Pacific Co., pref__
2M Dec. 31 Holders of rec. Dec. 7a
Mergenthaler Linotype (guar.)
St. Louts de San Francisco
3M Deo. 31 Holders of rec. Dec. 7a
2
Extra
Jan. 2 Dec. 18 to Jan
5
Chic. & E. Ill., corn. tr. certfs
Dec. 15 Holders of rec. Dec. 5
13•4 Jan. 2 Dec. 13 to Jan. 2 Montreal Cottons, Ltd., common (guar.)... 1
Peeferred stock tr. cents. (quar.)_ _ _
194 Deo. 15 Holders of rec. Dec. 5
Cottons, Ltd., pref. (quar.)_ _ _ _
Jan. 2 Dec. 18 to Jan. 2 Montreal
1
K.C. Ft. S.& Mem., pf. tr. at.(qu.)__
194 Deo. 16 Holders of rec. Nov.30a
1M Jan. 2 Holders of rec. Dec. 2a Muskogee Gas & Elec., pref. (guar.)
Southern Pacific (guar.)(No. 25)
194 Jan. 15 Holders of rec. Dee.28a
2M Jan. 2 Holders of rec. Dec. 2a National Biscuit, common (guar.)
Union Pacific, common (guar.)
134 Jan. 1 Dec. 27 to Jan. 1
P., pref. (quar.)_ _
United N. J. RR. & Canal Cos., guar. (qu.) 2M Jan. 10 Dec. 21 to Jan. 1 Nat. Gas, Elec. L. Sr
M Dec. 31 Dec. 14 to Dec. 17
2;4 Jan. 1 Holders of rec. Dec.21a National Lead, common (guar.)
Valley RR.(N. Y.), guaranteed
13-4 Deo. 10 Nov. 23 to Nov.28
(guar.)
6a
4
Preferred
Dec. 16 Holders of rec. Dec.
Vandalia
13-4 Jan. 2 Holders of rec. Dec. 13
1
National Sugar Refining, preferred (guar.).
Jan. 15
White Pass & Yukon
Jan. 2 Dec. 21 to Jan. 1
3
National Surety (guar.)
Street and Electric Railways.
75c. Dec. 16 Holders of rec. Nov.30a
134 Dec. 16 Holders of rec. Nov.29a National Transit (guar.)
American Railways (guar.)
373-io. Dec. 31 Dec. 7 to Dec. 11
(guar.)
Arkansas Valley Ry., L. & P., pref. (qu.) 134 Dec. 16 Holders of rec. Nov. 30 Nevada Consolidated Copper
50c. Deo. 31 Dec. 7 to Dec. 11
Extra
134 Jan. 1 Holders of rec. Dec. to
Brooklyn Rapid Transit (guar.)
& Teleg. (quar.)___
19( Dec. 31 Holders of rec. Dec.16a
1M Jan. 2 Dec. 1 to Jan. 1 New England Teleph.
Cleveland Ry.(guar.)
1M Dec. 16 Holders of rec. Dec. 2a
$3 Dec. 30 Holders of rec. Nov30a New York Air Brake
Passenger Ry., Philadelphia _ _ _ _
Continental
Jan. 15 Holders of rec. Dec. 23
10
$3 Jan. 1 Holders of rec. Dec.18a New York Transit (guar.)
Eastern Texas Electric Co., pref. (No. 2)__ _
Jan, 15 Holders of rec. Dec.31a
2
Power (guar.)
Frank/0rd & Southwark Pass., Phila.(quar.) $4.50 Jan. 2 Holders of rec. Dec.14a Niagara Falls
134 Deo. 21 Dec. 13 to Dec. 22
Jan. 1 Dec. 24 to Jan. 1 Ntles-Bement-Pond, common (quar.)_-_
3
Street Ry
Indianapolis
134 Jan. 2 Holders of rec. Dec.16a
1M Dec. 31 Holders of rec. Dec.18a North American Co. (guar.) (No. 35).___
Manila Elec. RR. & Lig. Corp. (guar.)._ _ _
Dec' 31 Dec. 17 to Dec. 31
$6
1
Dec. 31 Holders of rec. Dec.18a North. Ontario Lt. & Pow., Ltd., pref.. _
Extra
(1) Dec. 31 Dec. 17 to Dec. 31
Preferred (issued in Sept. 1912)
Jan. 1 Holders of rec. Dec. 5
2
Massachusetts Elec. Cos., pref
Jan. 2 Holders of rec. Dec. 16
5
Pipe Line
1M Jan, 2 Holders of rec. Dec. 24 Northern
Mohawk Valley Co. (guar.) •
$1 25 Dec. 20 Nov.27 to Dec. 11
154 Jan. 2 Holders of rec. Dec. 18 Ohio Oil (guar.)
New York State Railways, common (quar.)_ _
4
19- Dec. 15 Dec. 7 to Dec. 15
134 Jan. 2 Holders of rec. Dec. 18 Pabst Brewing, pref. (guar.)
16
Preferred (guar.)
(guar.)
134 Dec. 16 Dec. 7 to Dec.
3
Dec. 10 Holders of rec. Nov.30a Packard Motor Car, preferred
Norfolk Ry. & Light
2614o Dec. 14 Holders of ree.Nov.21a
Trac. & Lt., corn. (guar.). 134 Dec. 15 Holders of rec. Dec. 1 Philadelphia Electric (guar.)
Northern Ohio
234 Jan. 15 Holders of rec. Jan. 2a
Oats, common (guar.)
SI. Joseph Ry., h.,H. & P., pf.(qu.)(No41) lg Jan. 2 Holders of rec. Dec.14a Quaker
1M Feb. 28 Holders of rec. Feb. 10
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 2a
Second & Third Sta. Pass., Phila. (quar.).. $3
$1 50 Dec. 23 Holders of rec. Nov.27a
Twin City Rapid Tran., Minn.,corn. (guar.) 1% Jan. 2 Holders of rec. Dec. 16 Quincy Mining (guar.)pref. (guar.)
134 Dec. 20 Dec. 8 to Dec. 20
Steel-Spring,
134 Jan. 2 Holders of rec. Dec. 16 Railway
Preferred (guar.)
Jan. 15 Holders of rec. Jan. 6
3
$1.50 Jan. 1 Holders of rec. Dec.10a Realty Associates(No.20)
Union Traction, Philadelphla
Holders of rec. Dec.14a
1M Dec. 31 Dec. 22 to Jan. 1 Republic Iron & Steel, pref.(qu.)(No.41) 194 Jan. 1 Holders of rec. Dec. 10
United Light & Rys.,first pref. (guar J.. ___
1
Dec. 14
common (guar.)
M Dec. 31 Dec. 22 to Jan. 1 Rubber Goods Mfg.,
Second preferred (guar.)
194 Dec. 14 Holders of rec. Dec. 10
Preferred (guar.)
2
Dec. 2 Dec. 1 to Dec.. 2
United Rys. & Electric, Baltimore, pref. _
Deo, 23 Holders of rec. Deo.130
134 Jan. 2 Dec. 11 to Dec. 15 Safety Car Heating 8e Lighting (guar.)._ _ 2
United Trac. & Elec., Providence (quar.).. _ _
1
Dec. 23 Holders of rec. Deo.13a
Extra
2M Jan. 10 Holders of reo. Dec.14a
Virginia Ry. & Power, preferred
194 Jan. 1 Holders of rec. Deo.14a
Jan. 2 Holders of rec. Dec.16a Sears, Roebuck & Co.. pref. (guar.)
Water Power, Spokane (guar.). 2
Washington
1% Jan. 20 Holders of rec. Jan. 7
1 Shawinigan Water & Power (guar.)
West End Street, Boston, preferred (quar.)__ 82 Jan. 1 Dec. 24 to Jan.
20
Dec. 20 Nov. 20 to Dec. 20
TV. Penn Trac.& Water P., pf.(gu.) (No. 3) 1M Dec. 16 Dec. 10 to Dec. 16 Solar Refining Co
10
Dec. 14 Nov. 24 to Dos. 15
South Penn Oil (guar.)
Trust Companies.
Jan. 2 Holders of rec. Dec.14a
Sugar, common (guar.). 1
Dec. 31 Holders of rec. Dec.27a South Porto Rico
6
Guaranty (guar.)
Jan. 2 Holders of rec. Dec.14a
2
Common (extra)
Dec. 31 Holders of rec. Dec.27a
2
Extra
Jan. 2 Holders of rec. Dec.14a
2
Preferred (guar.)
Miscellaneous.
Dec. 31 Holders of rec. Dec. 16
Pipe Lines (guar.) 5
134 Jan. 2 Holders of rec. Dec. 15 South West Pennsylvania
American Bank Note, pref. (guar.)
Dec. 16 Holders of rec. Nov.30a
2
1M Jan. 2 Holders of rec. Dec.14a Standard Gas & Elec., pref. (guar.)
American Beet Sugar, pref. (qu.)(No. 54)_ _
234 Dec. 16 Holders of rec. Dec. 2
Jan. 1 Holders of rec. Dec.19a Standard Oil of California (quar.)
134
American Can, preferred (quar.)
Dec. 14
Dec. 14 Nov. 16 to
3
M Jan. 1 Holders of rec. Dec.19a Standard 011 of Kansas
Preferred (extra)
Dec. 14
Dec. 14 Nov. 16 to
2
;4 Jan. 1 Holders of rec. Dec.10a
Extra
Amer. Car & Fdy., corn. (quar.)(No. 41)....
Deo. 20 Holders of rec. Nov. 20
10
1 Holders of rec. Deo.10a Standard Oil of Nebraska
134 Jan.
Preferred(guar.) (No. 55)
Dec. 10 Holders of rev. Nov.20a
5
1M Jan. 2 Holders of rec. Dec.14a Standard Oil of New Jersey (guar.)
American Cigar, preferred (guar.)
5
Dec. 16 Holders of rec. Nov. 13
American Coal Products, corn. (quar.).... 194 Dec. 31 Dec. 24 to Dec. 30 Standard Oil of Ohio
134 Jan. 2 Holders of rec. Dec.24a
Jan. 2 Holders of rev. Nov.30a Subway Realty (guar.)
$3
American Express (quar.)
134 Jan. 2 Dec. 15 to Jan. 1
134 Jan. 1 Holders of rec. Dec.16a Sulzberger & Sons Co., preferred (guar.)-.. 194 Jan. 6 Dec. 11 to Jan. 1
American Manufacturing (quar.) (No. 63)_
Jan. 1 Holders of rec. Dec. 14 Swift & Co. (guar.) (No. 105)
2
American Pipe & Construction (guar.)
13-4 Dec. 31 Holders of rec. Dec. 13
Dec. 31 Dec. 22 to Dec. 30 Texas Company (guar.)
2
American Radiator, common (guar.)
Jan. 1 Holders of rec. Dec.20a
1
Dec. 16 Nov.28 to Dec. 5 Underwood Typewriter, common (cluar.)Ref., corn.(guar.)(No.37).. 1
Am.Smelt. &
194 Jan. 1 Holders of rec. Dec.200
Preferred (guar.)
2 Dec. 21 to Dec. 29
Am. Smelters Sec., pref. A (guar.) (No. 32) 134 Jan.
(No.1) 194 Dec. 16 Dec. 3 to Dec. 16
1M Jan. 2 Dec. 21 to Dec. 29 United Cigar Stores of Am.,pf.(qu.)
Preferred B (guar.) (No. 31)
134 Dec. 30 Deo. 3 to Dec. 8
Jan. 1 Holders of rec. Dec.14a U.S. Steel Corp.,common (guar.)(No.36) $1
3
American Snuff, common (guar.)
Dec. 17 Nov. 24 to Dec. 1
Jan. 1 Holders of rec. Dec.14a Utah Consolidated Mining
3
Common (extra)
75c. Deo. 31 Dec. 7 to Dec. 11
1)4 Jan. 1 Holders of rec. Dec.14a Utah Copper (guar.) (No. 18)
Preferred (guar.)
23-4 Jan. 2 Holders of rec. Dec. 14
Jan. 2 Holders of rev. Dec. 2a IVeyman-Bruton, common, (guar.)
194
Amer. Sugar Refining, corn. & pref. (qu.)_
134 Jan. 2 Holders of rec. Dec. 14
Preferred (guar.)
Dec. 31 Dec. 8 to Jan. 7
3
American Surety (guar.)(No.94)
2M Dec. 16 Holders of rec. Dec. 2a
Dec. 31 Dec. 8 to Jan. 7 Woman's Hotel (No. 11)
3
Extra
1
Dec. 20 Holders of rec. Nov.30a
Jan. 2 Holders of rec. Dec. 12 Woolworth (F. W.), common (No. 2)---134
American Tobacco, preferred (guar.)
13-4 Jan. 1 Holders of rec. Deo.100
Preferred (guar.) (No. 4)
Amer. Water Works & Guar., pref. (quar.). 1M • Jan. 1 Holders of rec. Dec.16a
73-4c. Dec 31 Dec 14 to Dec 17
Jan. 1 Holders of rec. Dec.14a Yukon Gold Co. (guar.) (No. 14)
1
Locomotive Works, common__ _
Baldwin
334 Jan. 1 Holders of rev. Dec.14a
tax. d Correction.
dividend. b Less
Preferred
a Transfer books not closed for this Dec. 27 1012 willIncome
234 Jan. 2 Holders of rec. Dec. 29
be in time for payment of
Baltimore Electric, preferred
to
134 Jan. 2 Holders of rec. Dec. 21 e Transfers received in London up
in common stock at
Booth Fisheries, first preferred (guar.)
dividend. I On account of accumulated dividends. h Payable
Borden's Cond. Milk, pref. (qu.)(No. 44) 134 Dec. 14 Dec. 6 to Dec. 15 par. k Payable in stock. 1 At rate of 6% per annum for period from Sept. 1 to
20
Dec. 20 Nov. 28 to Dec. 20
Borne, Scrymser Company
Dec. 311012.
6
Jan. 7 See note e
British-American Tobacco, Ltd
134 Jan. 2 Dec. 15 to Jan. 1
Brooklyn Union Gas (guar.) (No. 47)
1
Jan. 2 Dec. 15 to Jan. 1
-The following information regarding
Extra
National Banks.
Dec. 16 Holders of rec. Nov. 25
$5
Buckeye Pipe Line (quar.)
office of the Comptroller of the
$12 Dee. 20 Holders of rev. Nov. 22 national banks is from the
Calumet dr Hecla Mining (guar.)
Canadian General Elec., Ltd., corn. (qu.). 194 Jan. 2 Dec. 16 to Dec. 31 Currency, Treasury Department:
2 Dec. 16 to Dec. 31
Jan.
1
Common (bonus)
CHARTERS ISSUED TO NATIONAL DANK NOV. 26.
1M Dec. 31 Holders of rec. Dec.14a
Celluloid Comoany (guar.)
Dec. 31 Holders of rec. Dec.14a 10,290
2
-The Peoples' State National Bank of Anderson, Ind. Capital.
Extra
of rec. Deo.10a
$100,000. Stephan Markt, President; J. I. Schuhmacher,
194 Jan. 2 Holders
Central Leather, pref. (guar.)
Cashier. Conversion of the Peoples' State Bank.
Central States Elec. Corp., pf. (qu.) (No. 2) 134 Jan. 2 Holders of rec. Dec. 10




DEO. 7 1912.]

THE CHRONICLE

VOLUNTARY LIQUIDATIONS.
1,028—The State National Bank of Boston, Mass., November 9 1912.
Absorbed by the Merchants' National Bank of Boston. Liquidating agents, Alfred L. Ripley and George B. Warren, Boston
Mass.
7,821—Farmers' National Bank of York, Nebr., November 19 1912.
Consolidated with the First National Bank of York. Liquidating agent, C. A. McCloud, York, Nebr.

1517

DETAILED RETURNS OF TRUST COMPANIES.
Trust Co..
00s omitted.

On Dep.
Net
Surplus. Loans. Specie. Legals. withC.H. Deposits.
Average. Average. Average, Banks. Average.

Reserve.

$ per sh.
75
112

$
$
$
$
$
$
%
Brooklyn ____ 2,440,3 16,318,0 1,379,0
459,0 1,214,0 12,296,0 15.0+ 8.7
Bankers
16,412,4 123,225,0 14,290,0
101,0 10,675,0 95,839,0 15.0+10.0
U.S.Mtg.& Tr_ 4,569,4 40,533,0 3,783,0
481,0 3,416,0 28,435,0 15.0+10.6
Astor
1,368,6 19,251,0 2,116,0
21,0 1,284,0 14,111,0
Title Gu.dr Tr. 11,335,3 33,752,0 1,872,0 1,292,0 2,262,0 21,465,0 15.1+ 8.1
14.7+ 9.4
Guaranty
23,324,0 172,459,0 14,174,0 1,161,0 11,114,0 102,374,0 15.0+ 9.7
Fidelity
1,303,2 8,016,0
744,0
245,0
734,0 6,381,0 15.4+10.2
LawyersT.L&T 6,394,9 17,611,0 1,400,0
530,0 1,425,0 12,377,0 15.5+10.3
Colum-Knick _ 7,192,6 48,629,0 5,219,0
840,0 4,130,0 40,691,0 14.8+ 9.2
People's
1,690,5 16,812,0 1,957,0
403,0 1,851,0 15,539,0 15.1+10.4
New York
11,713,5 41,910,0 3,791,0
442,0 3,078,0 27,841,0 15.2+10.0
Franklin
1,281,4 8,948,0 1,021,0
942,0 8,107,0 15.0+10.3
200,0
Lincoln
557,2 10,509,0 1,202,0
968,0 9,539,0 15.0+ 9.2
233,0
Metropolitan _ 6,103,4 22,867,0 2,068,0
9,0 1,908,0 13,857,0 15.0+12.1
Broadway
565,3 8,661,0
967,0
901,0 8,525,0 15.0+ 9.4
320,0
Totals, Avge 96,252,0 589,501,0 55,983,0 6,737,0 45,902,0 417,377,0 15.0+
9.9
Actual figures Nov. 30 586,970,0 56,332,0 6,560,0 46,895,0 418,343,0 15.0+10.7

Shares.
$ per sh. Shares.
$ per sh.
4 Columbian Nat. Life Ins. Co__ ..1213j
11 Ludlow Mfg. Associates rights__ 34
-La France Fire Eng.Co.,pf.21
1 Dwight Mfg. Co.($500 par)_ _ _1175
1 Amer.
4 Williams Market
4 Massachusetts Cotton Mills_ _ _ A20
110
10 Charlestown Gas & Elec. Co.,
205-207
7 Lowell Elec. Light Corp
1 Fall River Elec. Light Co
$50 each
128
205

The capital of the trust companIes is as follows: Brooklyn, $1,000,000
-Bankers
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity,
$1,000,000;
Lawyers' Title Insurance & Trust, $4,000,000; Columbia-Knickerbocker,
$2,000.000:
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln,
000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,250,000. $1.-

Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per Cent.
Shares.
10 B'way & 7th Ave. fly. Co_ _ _ _170%
2 Clinton Hall Association_ _ _ _49-49%
600 Guardian Trust Co
100
600 City Investing Co., corn
50
10 Cin.IIam.& Day.RR.Co., pf. 26%
5 Farmers' Loan & Trust Co_ ....1341

Shares.
Per Cent.
5 Queens County Mtge. Co
104%
10 Hudson Trust Co. of N. Y.,. _ _137g
240 Hudson Navigation Co
18
Bonds.
Per Cent.
$3,000 New Amsterdam Gas Co.58,
1948; J. & J
1003

By Messrs. Francis Henshaw & Co.. Boston:
Shares.
25 Nat. Shawmut Bank
100 Renfrew Mfg. Co

$ per sh. Shares.
5 Shaw Stocking Co
244
2 Arlington Mills
654

By Messrs. R. L. Day & Co., Boston:

By Messrs. Barnes & Lofland, Philadelphia:

SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.

Shares
$ per sh.
$ per sh. Shares
5 People's Nat. Fire Ins. Co.,
12 13th&15th Sts. Pass. Ry___..249%
par $25
25
68 Amer.Pipe & Construe Co.._ 91
500 The Shawnee & Iron Pt. Coal
5 EnterpriseMfg.Co.(vot.tr.etf)100
& Iron Co.,
'lot $4
18 H. K. Mulford Co., par $50.. 60
2 First Nat. Bank, Camden,NJ170
100 Standard Roller Bearing Co.
6 Central Nat. Bank
440-440g
common, par $50
5X
10 Fourth Street Nat. Bank_ _320%
61 Mt. Vernon Cemetery Co...._ 14
5 Chelten Trust Co., Par 350-- 75
1,000 The Sinaloa Explor.Co.,par$1 lot$4
20 Continental-Equit. Tr. Co.,
1,000 No.Star Mining Co. of Wonpar $50
der, par $1
1003j
lot $27
2 Fidelity Trust Co
1305
2 Franklin Trust Co., par $50.. 55
Bonds.
Per Cent.
Penn. Co. for Ins., &c
8
650
$1,000 West Phila. Pass. My. Co.
10 People's Trust Co., par $50A8-50
2d 58, 1926
103%
1 Provident Life & tr. Co
875% $1,000 Cumberland Water Co. 1st
13 Fire Asso. of Phil., par $50_350-351
5s, 1925; coupons from Dec. 1905
20 Jefferson Fire Ins.:Co., par $5090
attached
lot $16
35 People's Nat. Fire Ins. Co.,
$3,000 Phila. Bourse 1st 5s, 1913_ _100
21
par $25
$1,000 Lehigh & N. Y.RR. Co. 1st
10 Independence Fire Ins. Secur.
4s, 1945
93%
Co., par $25
20
$1,000 Standard Steel Works 5s_ _ _101 g
5 Germantown Pass. fly. Co_ _113X $1,000 No.Spring. Vat. Co. 5s,'28 96

Week
ending
Capital. Surplus.
Nov. 30.

Loans.

Specie.

On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits.

Averages.
$
$
$
Banks _ _ _ 133,650,0 199,887,6 1,305,054,0244,819,0, 74,746,0 $
1,278,782,0
Trust cos_ 45,250,01 96,252,01 589,501,0 55,983,0' 6,737,0 45,902,0 417,377,0
Total _ _ 178,900,6296,139,6 1,894,555,0300,802,0 81,483,0 45,902,011,696,159,0
'
Actual.
Banks
1,302,138,0236,489,0 75,144,0
11,267,326,0
Trust cos_
586,970,0 56,332,0 6,560,0 46,895,0 418,343,0
Total _

1,889,108,0 292,821,0 81,704,0 46,895,01.688,869,0

The State Banking Department also furnishes weekly
returns of the State banks and trust compnies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh. Bonds.
Per Cent. distinguish between the results for New York City (Greater
6-7 interest in Criss-Cross Mch., now
$1,000 City of Phila. 4s, 1941
101( New York) and those for the rest
of the State, as per the
located at Woodside Pk., Phila _lot $10
$25,000 Crias-Cross Amusement Co.
following:
stook
lot$10
For definitions and rules under which the various items
Statement of New York City Clearing-House Banks
and Trust Companies.—The detailed statement below are made up, see "Chronicle," V. 86, p. 316.
shows the condition of the New York City Clearing-House
STATE BANKS AND TRUST COMPANIES.
members for the week ending Nov. 30. The figures for the
separate banks are the averages of the daily results. In
Trust Cos.
Banks
State Banks
Trust Co..
the case of the totals, actual figures at the end of the week Week ended November 30. Statein
in
outside of
outside of
Greater N. Y. Greater N. F. Greaser N. F. Greater N. ri
are also given.
For definitions and rules under which the various items are
$
made up, see "Chronicle," V. 85, p. 836, in the case of the Capital as of Sept. 9.. _ _ 22,325,000 62,775,000 9,548,000 9,950,000
banks, and V.92, p. 1607, in the case of the trust companies. Surplus as of Sept. 9_ _ _ 38,321,500 172,033,200 12,471,974 12,508,781
DETAILED RETURNS OF BANKS.
We omitleco ciphers (00) in all cases.

Banks.
00s omitted.
Bank of N. Y_
Manhattan Co
Merchants._ _ _
Mech.&Metals
America
City
Chemical _ _ _
Merch. Exch..
Butch. Sc Drov
Greenwich Amer. Exeh- _
Commerce
Pacific
Chat. dc Phen_
People's
Hanover
Citizens' Cent.
Nassau
Market dc Fult
Metropolitan _
Corn Exch__ _
Imp.& Traders
Park
East River_ _ _
Fourth
Second
First
Irving
Bowery
N.Y.County..
German-Amer.
Chase
Fifth Avenue..
German Exch..
Germania _ _ _ _
Lincoln
Garfield
Fifth
Metropolis _
West Side....._
Seaboard
Liberty
N. Y.Prod.Ex
State
Security
Coal & Iron_ _
Union Exch._
Nassau, Bklyn

Capital. Surplus.

2,000,0
2,050,0
2,000,0
0,000,0
1,500,0
25,000,0
3,000,0
600,0
300,0
500,0
5,000,0
25,000,0
500,0
2,250,0
200,0
3,000,0
2,550,0
1,000,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0

3,842,0
4,835,2
1,990,9
8,640,5
6,260,2
29,540,7
7,134,2
515,9
127,1
049,4
4,766,2
16,157,5
958,6
1,243,0
472,8
13,471,3
2,139,1
485,0
1,871,3
1,725,7
5,753,6
7,661,1
13,313,0
68,1
5,821,2
2,469,0
21,582,3
3,131,7
799,2
1,836,9
711,6
9,359,0
2,119,4
830,9
1,064,3
1,773,9
1,270,8
524,5
2,182,4
1,023,0
2,226,2
2,725,2
895,2
607,9
416,1
607,3
967,3
1,119,9

Loans.
Average.

Loans and investments__
Change from last week_
Specie
Change from last week..

53,770,100
+273,200

$
19,019,0 26.0
35,350,0 26.1
16,843,0 25.0
47,811,0 23.1
21,867,0 27.3
159,457,0 24.4
24,904,0 25.0
6,424,0 24.8
2,224,0 26.3
10,221,0 25.1
35,984,0 25.1
102,149,0 23.2
4,267,0 24.8
18,211,0 23.5
2,392,0 26.2
77,820,0 26.5
20,666,0 25.7
12,029,0 26.3
9,001,0 28.1
15,940,0 26.1
55,077,0 25.9
21,731,0 24.8
82,203,0 24.3
1,818,0 27.0
28,841,0 25.2
13,679,0 25.2
97,017,0 24.6
34,249,0 26.1
3,765,0 24.2
8,927,0 22.0
3,836,0 25.2
91,101,0 25.4
15,049,0 25.1
3,732,0 25.3
6,305,0 25.6
15,257,0 24.5
9,087,0 26.1
3,709,0 25.1
12,794,0 25.2
5,112,0 24.2
29,411,0 24.0
21,852,0 24.8
10,900,0 25.8
23,117,0 25.0
15,122,0 25.2
6,033,0 25.1
0,846,0 25.7
6,033,0 24.0

Legal-tender & bk. notes_
Change from last week..

21,887,500
--89,600

177,888,000
—273,300

109,500,900
—1,023,600
10,661,700
+26,000

21,578,0 4,079,0
873,0
31,450,0 7,710,0 1,521,0
17,725,0 3,311,0
891,0
52,392,0 8,688,0 2,372,0
22,661,0 3,871,0 2,106,0
172,460,0 32,415,0 6,584,0
28,496,0 4,255,0 1,977,0
6,461,0 1,398,0
196,0
2,311,0
517,0
67,0
9,008,0 2,367,0
200,0
38,855,0 7,789,0 1,268,0
129,912,0 17,959,0 6,275,0
4,624,0
357,0
701,0
18,503,0 2,516,0 1,767,0
2,198,0
484,0
152,0
70,327,0 14,657,0 5,974,0
22,218,0 4,702,0
627,0
10,385,0 1,863,0 1,307,0
8,963,0 1,528,0 1,005,0
14,711,0 3,886,0
277,0
47,427,0 8,532,0 5,734,0
25,032,0 3,429,0 1,974,0
81,884,0 18,389,0 1,586,0
1,531,0
367,0
124,0
29,435,0 4,874,0 2,400,0
14,194,0 3,277,0
173,0
109,148,0 18,673,0 5,212,0
34,312,0 5,796,0 3,173,0
3,612,0
824,0
90,0
9,156,0 1,312,0
656,0
4,084,0
723,0
245,0
83,506,0 18,212,0 4,947,0
13,437,0 2,411,0 1,376,0
3,568,0
570,0
376,0
5,401,0 1,361,0
254,0
14,996,0 2,758,0
994,0
8,899,0 1,800,0
578,0
3,539,0
463,0
470,0
12,819,0 1,394,0 1,834,0
4,518,0
946,0
296,0
25,645,0 4,911,0 2,168,0
20,740,0 4,765,0
652,0
9,307,0 2,388,0
430,0
18,014,0 5,396,0
388,0
11,704,0 2,413,0 1,407,0
6,688,0 1,221,0
445,0
9,774,0 2,076,0
360,0
7,446,0 1,187,0
264,0

Totals, Avge 133,650,0 199,887,6 1305,054,0 244,819,0
74,746,0 1278,782,0 24.9
Actual figures Nov. 30_
1302,138,0 236,489,0 75,144,0 1267,326,0 24.5
Circulatton.—On the basis of averages, circu ation of
national banks in the Clearing House amounted to $46,859,000, and according to actual
figures was $46,714,000,




296,935,100 1,092,395,300, 116,290,900
+630,900 —3,391,8001
+49,900

Specie. 1 Legals. Net Depos ReAverage. Average. its, Aver. serve.

Deposits
Change from last week _
Reserve on deposits
Change from last week..
P. C. reserve to deposits..
Precentage last week....

338,782,700 1,123,723,200
—669,000 ---2,642,400
89,308,300
—361,700
27.2%
27.3%

126,989,800
—955,500
16.1%
16.2%

122,584,000
---1,332,400

181,095,600
—515,400

22,892,700
—1,009,200

20,133,900
—324,800

19.9%
20.6%

12.2%
12.4%

+ Increase over last week. — Decrease from last week.
Note.—"Surplus" includes all undivided profits. "Reserve
for both trust companies and State banks, not only cash on deposits" includes
from reserve agents. Trust companies in New York State items but amountsdue
are required by law to
keep a reserve proportionate to their deposits, the ratio varying
according
cation as shown below. The percentage of reserve required is computed to loaggregate of deposits, exclusive of moneys held In trust and not payable on the
within
thirty days, and also exclusive of time deposits not payable within thirty dyes
represented by certificates, and also exclusive of deposits secured by
obligations of the State or City of New York, and exclusive of an amount bonds o
the market value (not exceeding par) of bonds or obligations of the Stateequal to
or City
of New York owned by the bank or held in trust gor it by any
publicdepartment.
The State banks are likewise required to keep a reserve varying according to locabeing computed on the whole amount of deposits exclusive of
tion, the reserve
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
clusive of an amount equal to the market value (not exceeding par) of bondsexor
obligations of the State or City of New York owned by the company or held
in trust
for it by any public department.
—Trust COS.— —Slate Banks—
Reserve Required for Trust Companies
Total
Of
Total
Of.
and State Banks.
Reserve which Reserve which
Location—
Required. in Cash. Required. in Cash.
Manhattan Borough
15%
15%
25%
15%
Brooklyn Borough (without branches in Manhat.)15%
10%
20%
10%
Other Boroughs (without branches in Manhattan)15%
10%
15%
734%
Brooklyn Borough, with branches in Manhattan_15%
15%
20%
20%
Other Boroughs, with branches in Manhattan.._ _15%
15%
15%
15%
Cities of the first and second class
5%
10%
Cities of the third class and villaget
10%
3%
Elsewhere in State
____

The Banking Department also undertakes to present separate figures indicating the totals for the State Banks and
trust companies in Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the re ults (both actual and average) for the Clearing

v,L. Lxxxxv.

THE CHRONICLE

1518

-Below is a summary
Boston and Philadelphia Banks.
House banks and trust companies. In addition, we have
the weekly totals of the Clearing-House banks of Boston
combined each corresponding item in the two statements, of Philadelphia:
and
thus af:ording an aggregate for the whole of the banks and
We omit two ciphers (00) in all these figures.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
-House State Banks & Total of all
-House Clear.
Clear.
Members. Trusr Cos. Not Banks&Trust
- Members.
Week ended Nov. 30
-H. Aver. Cos. Average
Average. In C.
ActualFigures

178,900,000

173,900,000

296,139,600

296,139,600

$

$

3

$
{Nat. banks
Capital Sept. 4 and
State banks
Surplus Sept.9

29,025,000

207,925,000

80,906,900

377,046,500

Loans and investments 1,889,108,000 1,894,555,000
Change from last week -4,860,000 -1,965,000

581,762,000 2,476,317.000
-2,424,300 -4,389,300

1,685,669,000 1,696,159,000
Deposits
Change from last week -19,245,000 -11,725,000

a579,164,600 2,275,323,600
-3,422,200 -15,147,200

292,821,000 300,802,000
Specie
Change from last week -16,599,000 -10,155,000

61,657,900
+197,100

362,459,900
-9,957.900

Legal-tenders
Change from last week

81,704,000
+37,000

81,483,000
+374,000

88,395,400
-53,600

89,878.400
-427,600

Banks: cash in vault_ _
Ratio to deposits_ _ _ _

311,633,000
24.58%

319,565,000
24.98%

12,618,900
14.22%

332,183,900

TrustCos.:cash in vault

62,892,000

57,434,400

120,154,400

62,720,000

382,285,000
Aggr'te money holdings 374,525,000
Change from last week -16,562,000 -10,529,000

70,053,300 452,338,300
+143,500 -10,385,500

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

14,489,900
-629,300

46,895,000
+1,527,000

45,902,000
-1,215,000

Surplus CASH reserveBanks (above 25%) _ del.5,198,500
Trust cos.(above15%) sur.140,550

def.130,500
sur.113,450

der .5,057,950
Total
Change from last week -11,823,050

def.17,050
-7,572,450

% of cash reserves of tr ust cos.
15.00%
Cash in vault
10.07%
Cash on dep. with bks

15.02%
9.90%

15.187
1.05%

25.07%

24.92%

16.23%

Total

Boston.
Oct. 11
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Philadelphia.
Oct. 11
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30

Loans.

Circu- Clearings,
lotion.

Specie. Legals. Deposits.
a
$
275,689,0
286,030,0
269,514,0
272,366,0
268,579,0
278,186,0
270,343,0
262,616,0

60,735,4 235,741,0 23,470,0 5,028,0
60,735,4 232,772,0 24,753,0 5,245,0
60,735,4 225,292,0 24,972,0 4,465,0
60,735,4 226,518,0 23,777,0 4,162,0
60,735,4 228,451,0 23,209,0 4,253,0
60,735,4 226,297,0 24,442,0 4,270,0
60,735,4 225,952,0 24,846,0 4,090,0
60,735,4 226,935,0 22.911,0 4,065,0

7,090,0 144,244,8
7,050,0 231,211,9
6,973,0 194,857,1
6,970,0 182,975,5
7,001,0 172,823,0
7,163,0 198,716,5
7,197,0 163,952,1
7,219,0 140,897,7

433,541,0 15,096,0 142,057,6
*435,092,0 15,110,0 197,262,5
*426,934,0 15,113,0 169,265,0
*426,799,0 15,125,0 173,550,3
*423,799,0 15,126,0 157,540,2
*423,754,0 15,135,0 179,674,7
*418,387,0 15,140,0 182,119,3
414,722,0 15,164,0 144,283,5

92,265,0
93,351,0
92,303,0
89,430,0
86,477,0
88,961,0
89,562,0
87,917,0

103,684,3 388,815.0
103,684,3 387,500,0
103,684,3 385,334,0
103,684,3 386,035,0
103,684,3 385,576,0
103,684,3 381,498,0
103,684,3 375,884,0
103,684,3374,148,0

a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $5902,000 on November 30, against $924,000 on
November 23.
which
* "Deposits" now include the item of "Exchanges for Clearing House,"
were reported on November 30 as $16,639,000.

-The following are
Imports and Exports for the Week.
the imports at New York for the week ending Nov. 30; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.

60,391,900
-1,844,300

84,543,200 512,730,200
-485,800 -12,229,800

421,420,000 428,187,000
Total reserve
Change from last week -15,035,000 -11.744,000

Capital
and
Surplus.

Banks.

I

For Week.

1909.

I

1010.

1911.

1912.

33,248,0341 $3,750,651
12,666,086 13 656,147
'
1
$18,277,526 $10,269,225 $15,914,1201 $17,400,798
$2,903,851
15,373,675

Dry goods
General merchandise
Total
Since January 1.
Dry goods •
General merchandise

$2,406,721
13,862,504

1;140,230,188 $129,656,397 $145,802,160 $156,023,869
1 800,871,092 680,853,323 694,455,947 652,306,496
13941,110,280 $810,509,720 $840,258,107 $808,330.305

Total 48 weeks

•

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Nov. 30 and from Jan. 1 to date:

+ Increase over last week. -Decrease from last week.
deposia These are the deposits after eliminating the item "Due from reserveitem intories and other banks and trust companies in New York City"; with this week.
a decrease of $2,668,300 from last
cluded, deposits amounted to $626,723,900,
In the case of the Clearing-House members, the deposits are "legal net deposits"
b Includes bank notes.
both for the average and the actual figures.

EXPORTS FROM NEW YORK.
1009.

1010.

1911.

1912.

$14,037,222 $12,690,830 $15,954,435 1514,534,168
753,950,723 707,089,033 622,070,973 663,827,142

For the week
Previously reported

$767,987,945 $719,779,863 $638,025,408 $578,361,310
Total 48 weeks
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
The following table shows the exports and imports of
and trust companies in Greater New York outside of the specie at the port of New York for the week ending Nov. 30
Clearing House,compare as follows for a series of weeks past: and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in alt these figures.

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

Week EndedSept.28
Oct. 5
Oct. 11
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
7tTe•v, 'In
•

Specie.

$
$
$
2,572,002,4 2,420,349,5 393,528,7
2,546,392,9 2,395,942,4 388,472,0
2,535,672,1 2,378,856,4 386,925,5
2,530,437,1 2,371,614,1 390,217,5
2,534,880,0 2,372,940,0 385,208,1
2,515,054,6 2,335,724,8 378,728,8
2,496,735,7 2,308,801,0 375,777,2
2,493,836,1 2,303,144,9 374,309,5
2,480,706,3 2,290,470,8 372,417,8
9 570 917

n

9 970 999 II 909 .1A0 0

1:10 Ale A 507 7752 1 019 *799 9

-The followReports of Clearing Non-Member Banks.
ing is the statement of condition of the clearing non-member
banks for week ending Nov.30,based on average daily results:
We omit two ciphers (00) In all these figures.

I
Banks.

Capitat.

Surplus.

On
Legal
Loans,
Tender Deposit
Disc'ts
with
Net
Specie, and
and
-H. Deposits.
C.
Bank
InvestNotes. Banks.
merits.

New York City.
8
$
$
$
Manhattan and Bronx.
544,9 3,145,0 592,0
500,0
Aetna National
336,0 1,577,0 155,0
Washington Heights_ 100.0
115,1 1,624,0 353,0
Battery Park Nat_ _ _ _ 200,0
515,5 6,573,0 631,0
500,0
Century
549,4 6,573,0 883,0
400,0
Colonial
787,4 6,730,0 638,0
300,0
Columbia
71,0
168,9 1,163,0
200,0
Fidelity
337,4 2,496,0 403,0
250,0
Mount Morris
411,0 5,015,0 531,0
200,0
Mutual
281,4 2,981,0 329,0
200,0
New Netherland
96,0 2,073,0 252,0
200,0
Twenty-third Ward
515,8 4,453,0 613,0
100,0
Yorkville
Brooklyn.
672,3 3,915,0 303,0
300,0
First National
010,2 6,008,0 560,0
Manufacturers Nat.._ 252,0
765,7 11,058,0 1,383,0
1,000,0
Mechanics'
578,5 4,333,0 483,0
300,0
National City
174,5 2,453,0 193,0
200,0
North Side
Jersey City.
400,0 1,335,0 5,233,0 299,0
First National
798,4 3,591,0 211,0
Hudson County Nat_ 250,0
82,0
417,9 2,405,0
200,0
Third National
Hoboken.
649,0 4,217,0 191,0
220,0
First National
125,0
275,7 3,256,0 198,0
Second National

$
82,0
69,0
55,0
433,0
433,0
543,0
120,0
45,0
339,0
109,0
115,0
215,0

$
5
42,0 2,803,0
173,0 1,330,0
72,0 1,681,0
747,0 7.600,0
803,0 6,860,0
678,0 7,508,0
118,0 1,126,0
308,0 2,764,0
459,0 5,110,0
119,0 2,752,0
241,0 2,272,0
467,0 4,912,0

442,0 3,033,0
107,0
292,0
543,0 5,607,0
599,0 1,418,0 13,092,0
131,0
676,0 4,231,0
100,0
225,0 2,444,0
283,0 1,255,0
320,0
81,0
147,0
470,0
37,0
41,0

333,0
271,0

4.179,0
1,988,0
1,518,0
1,611,0
1,452,0

Totals Nov. 30_ _ 6,597,0 11,236,0 90,932,0 9,354,0 4,376,0 10,186,0 85,873,0
Totals Nov. 23._ _ _ 6,597,0 11,236,0 90,728,0 0,398,0 4,553,0 11,800,0 85,932,0
Totals Nov. 16_ _ _ _ 6,597,0 11,236,0 90,634,0 9,480,0 4,631,0 11,430,0 85,602,0




Week,

TotMoney EntireRes.
Legals. Holdings. onDeposit
$
$
$
91,815,1 485,343,8 554,697.3
90,687,6 479,159,6 549,168,6
89,606,9 476,532,4542,235,0
90,192,1 480,409,6551,499,5
90,701,4 475,909,5 543,007,5
91,511,3 470,240,1 536,079,5
87,858,7 463,635,9 528,052,6
89,412,7 463,722,2 526,523,9
90,306,0 462,723,8 524,960,0

Imports.

Exports.
Gold.

Loans and
Investments Deposits.

Great Britain
France
Germany
West Indies
Mexico_
South America
All other countries

Week.

Since Jan.l.
$20,146,222
15
2,883,262

$44,423
193,555
82,259
31,226

$41,225 10,194,104
53,483

Since Jan.l.
$6,804,476
2,036,283
2,569
563,943
12,980,474
3,517,606
1,690,974

$41,225 $33,277,176
150,000 9,765,945
75,400 45,218,138

Silver.
•
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

$351,463 $27,596,325
453,628 14,595,162
164,411 21,662,972

$1,030,798 845,046,940
129,875 0,941,928

Total 1912
Total 1911
Total 1910

$118,649
6,914
21,007
47,125
4,675,392
2,833,801
1,433,568

$370
230,290
28,207
47

92,356
25,349
708,990
$1,160,673 $52,815,563
940,040 46,176,606
666,913 39,501,037

Total 1912
Total 1911
Total 1910

$258,914 $9,136,45()
46,098 6,493,239
88,044 4,511,937

Of the above imports for the week in 1912, $5,773 were
American gold coin and $322 American silver coin.

*fitting mut ginaucialc
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled "Railroad and Industrial
Stocks," which describes 124 issues listed on the New York Stock
Exchange, and chmsified by us as follows: Investment Stocks, SemiInvestment Stocks, Speculative Stocks.

Spencer Trask & Co.
-NEW YORK.
43 EXCHANGE PLACE
Chicago, Ill. Boston, Mass. Albany, N. Y.
?embers New York Stock Exchenge.

White, Weld & Co.
Bonds and Investment Securities.
141WALL STREET
NEW YORK

THE ROOKERY

111 DEVONSHIRE STREET

CHICAGO

BOSTON

DEC. 7 191Y, I ,
3

THE CHRONICLE

milting' awl financial.

1519

Contingent Liabilities.
Acceptances under Commercial Letters of Credit
against Merchandise
10s.
Acceptances under Bankers' Credits against Securities E278,885 19s. 4d.
E872,090
2d,
Acceptances Current other than the above
£1,717,519 8s. 54,
H. V. MEREDITH, General Manager.
PRESIDENT'S ADDRESS.
The President, Mr. R.B.Angus,then addressed the meeting as follows:
PROCEEDINGS AT THE NINETY-FIFTH ANNUAL
At the shareholders' meeting in June last you sanctioned a
by-law
permitting the extension of the Bank's capital in case it should appear
MEETING OF SHAREHOLDERS,
to
be required; this has since been approved by the Treasury Board.
HELD DEC. 2 1912.
The
recent issue of stock was also readily taken up, and your
stands at $25,000,000 authorized and $16,000,000 fully paid, capital now
with a Rest
of like amount. This increase of capital did not come
(From the Montreal "Gazette," Dec. 3 1912.)
as at certain seasons the circulation has exceeded before it was wanted,
are liable to the Government for interest on the the legal limit and we
excess.
The well-established business and the good earning power of the Bank,
The 95th annual general meeting of the Shareholders of the Bank of together with comparative immunity from bad
Montreal was held at noon yesterday in the board room at the Bank's ment to present a statement of results for the debts, enable the manageyear's operations which, I
headquarters.
presume, will be considered satisfactory. The Directors were gratified to
Amongst those present were:—Messrs. R. B. Angus, Sir. Thos. Shaugh- lioe able to add a bonus of one per cent
addition
nessy, Sir W. Macdonald, Senator R. Mackay, Major G. Hooper, D. usual dividend. The Directors have on each half-year inof Head to the
audited the
Office,
Morrice, Alfred Piddington, W. A. Murray, 0. J. Fleet, D. F. Angus, the cash and securities have been verified, ample books
provision has been made
W. F. Angus, Edward Fiske, A. Baumgarten, G. F. C. Smith, W. B. for bad and doubtful debts, and the amount expended
on Bank premises
Blackader W. Stanway, Wm. H. Evans, H. V. Meredith, J. .1. Reid, has been transferred to Profit and Loss Account.
W. R. Miller, C. R. Hosmer, Bartlett McLennan, E. B. Greenshields,
We have again to report a year of universal and almost unbroken
prosDr. W. B. Yates. Henry Joseph, J. B. Learmont, Henry Mudge.
perity throughout the length and breadth
On motion of Mr. W. R. Miller, the President, Mr. R. B. Angus was conditions which retarded the harvesting of the land. The unfavorable
operations and which it was
requested to take the chair.
feared would prove calamitous, passed without much injury in the western
It was also moved by Mr. C.J. Fleet, K.C.,seconded by Mr. A.Pidding- prairies, where the yield of wheat
grains
ton, that Messrs. G. F. C. Smith and Bartlett McLennan beappointed to both as to quality and quantity.and otherEast, hasproved satisfactory,
In the
where the damage was,
act as scrutineers, and that Mr.James Aird be the Secretary of the meeting. perhaps, greater, some compensation has been
derived
This was carried unanimously.
other directions. While the prices of wheat are much from good results in
lower this year, the
The President then called upon Mr. H. V. Meredith, General Manager, proportion of the higher, or contract, grades in the prairie
to present the Annual Report of the Directors to the Shareholders at their much larger. The better condition of the grain renders it provinces is very
easier to
95th Annual General Meeting, held Monday, 2nd December, 1912.
and to market, and the returns to the producer are quicker and handle
safer.
The estimated yield in the North-West may be set down as
THE ANNUAL REPORT.
Wheat, 188.000,000 bushels, against 177.000,000 last year.
The Directors have pleasure in presenting the Report showing the result
220,000,000 bushels, against 190,000,000 last year.
Oats,
of the Bank's business for the year ended 31st October, 1912:—
Barley, 31,000,000 bushels, against 33,000,000 last year.
Flax, 13,000,000 bushels, against 8,000,000 last year.
Balance of Profit and Loss Account, 31st October, 1911__ _ _$1,855,185 36
A conservative estimate of the value of the crop of the three provinces is
Profits for the year ended 31st October, 1912, after deducting
given at $207,000,000 for the grain alone.
charges of management, and making full provision for all
Partly owing to the good condition of the grain, already mentioned, but
bad and doubtful debts
2,518,408 76 chiefly because of the excellent arrangements of the
Premiums on New Stock
834.322 50 been moved with unparalleled celerity; there has railways, the crop has
been no car famine and
little talk of congestion, although there has been more
$5,207,916 62 the close of this season's navigation there appears to grain handled. At
Dividend 2li% paid 1st March 1912
have been a serious
$385,798 70
blockade of grain on its way to market, caused by insufficient facilities for
Dividend 2J
paid 1st June 1912
400,000 00
taking delivery from the railway cars, and it may be that a greater number
Bonus
1
paid 1st June 1912
160,00000
of vessels for grain-carrying across the Lakes and larger elevator capacity
Dividend 2% paid 1st Sept. 1912
388,302,98
for temporary storage must be provided for future wants. Storage for
Dividend 25% payable 1st Dec. 1912
400,00000
grain has been much neglected in the prairie provinces; it would be advisBonus
1% payable 1st Dec. 1912
160,000 00
able that granaries of moderate capacity to store at least a portion of the
crop should be a feature on every well-equipped farming establishment, so
$1,894,101 68
that there would be no occasion to rush produce to a market at inconvenient
Amount credited to Rest Account
$1,000,000 00
seasons.
Amount credited to Contingent Account
1,000,000 00
Irrigation, by which vast areas of arid land are being converted into
Amount expended on bank premises during year 511,000 00
most productive farms, is being prosecuted
4,405,101 68 established by the Government and the with vigor, and the model farms
Canadian Pacific Railway are
moro and more resorted to and much valued by the settlers.
Balance of Profit and Loss carried forward
$802,814 94
The raising of
which had
Since the last Annual Meeting Branches have been opened at points in a groat impetus live-stock, high pricesbeen allowed to decline, will receive
from the
obtainable for cattle, and by the
the following Provinces, viz.:—
greater safety with which the business is conducted.
In Ontario—Windsor.
Immigration for the twelve months ended September
Fe Quebec—Thetford Mines, Granby, Lachine, Magog, St. Lawrence (Mon- the total of 385 955 souls, or 37,322 over the previous 30th has reached
Many are
treal), Maisonneuve (Montreal).
farmers, possessing both experience and capital. These year. a welcome
form
--Plum Coulee, Man.; Swift Current, Sask.; Red Deer, addition to the population, where labor is so scarce and
North-West
land so productive.
Alta.; Ogden Shops (Calgary. Alta.); East End (Calgary, Alta.).
Loans to farmers, if sometimes slow, are well paid. Wages are high, as
British Columbia—Port Alberni, Princeton, North Vancouver, Sapper- is the cost of living; but that condition may be
greatly
ton, Invermere.
farmer, if only he will give his attention in some measure mitigated by the
The Branches at Marysville, N. B., Rosenfeld, Man., and Oakville, instead of relying upon importations of vegetables, meatto mixed farming
Man., have been closed.
such like from the East or from the older settlements in and butter, and
At a Special Meeting of the Shareholders held on 18th June, 1912, an In the most important province of Ontario the harvest the United States.
increase of $9,000,000 to the Capital Stock of the Bank was authorized, has not been bountiful, but rather under the average, of wheat and corn
in consequence of
making the total Authorized Capital $25,000,000.
the wet and cold season, and yet we are assured
With deep regret the Directors have to record the death of their esteemed well, as few depend solely on the raising of that the farmers have done
Vice-President, Sir Edward S. Clouston, Bart., who had been a member resource being scientific and mixed farming; grain for a livelihood, their
while dairying produce and
of the Board and Vice-President for seven years, and who had held the fruit have been more remunerative. As an indication of
the diversity of
position of General Manager for upwards of twenty-one years.
farming in this progressiveprovinc Ontario is said to own 6,000,000 head
All the Offices of the Bank, including the Head Office, have been inspec- of live-stock, horses, cattle, sheepe,
and pigs.
ted during the year.
The mining industry of Ontario is important; the Province ranks high
(Signed) R. B. ANGUS, President. with other countries in the production of silver and nickel, and her total outBank of Montreal,
put for last year, on the Bureau of Mines estimate, was $41,000,000.
2nd December 1912.
The same general remarks as regards agriculture and the season's results
will apply to Quebec.
THE GENERAL STATEMENT.
Lumber and pulpwood have had a good year, last winter's cut being large
The General Statement of the position of the Bank on October 31 1912 and prices high. The increase in British prices, however, has been
fully
was read as follows:—
set off by material advance in ocean freights, with the result that the
United States has been our best market.
Capital Stock
The Maritime Provinces have had a fair year. Hay, which is an impor$16,000,000 00
Rest
$16,000,000 00
tant crop, has been at least up to the average, and in many cases considerBalance of Profits carried forward
802,814 94
ably above. Potato and other root crops, with a few exceptions, are reported good. The apple crop, although not equal to the abnormal yield
$16,802,814 94
of last year, is a good average; the fruit is much appreciated
Unclaimed Dividends
good prices in England and many orchards are being planted. and brings
1,503 01
Quarterly Dividend, payable
British Columbia has in recent times been a highly favored Province.
1st December 1912
$400,000 00
General trade has been large and profitable; its lumbering operations, after
Bonus of 1%, payable 1st De
languishing for some years, have suddenly revived, owing to the improved
160,000 00
cember 1912
demand from the prairies, and to the better condition of commercial affairs
among our neighbors, who, instead of being keen competitors, have become,
560,000 00
17,364,317 95 good customers for our products. There is a shipbuilding industry, although still in its infancy. The great fleet of vessels employed in
$33,364,317 95 wise traffic and the larger steamships trading to the Orient give the coastgreat imNotes of Bank in circulation
$16,131,862 00
portance to the port of Vancouver. Speculation is rife as to the advanDeposits not bearing interest
45,338,954 54
tages likely to accrue to that port and the Western country generally on
Deposits bearing interest
141,970,011 01
the opening of the Panama Canal.
Balances duo to other Banks in Canada..
122,373 87
Commercial activity has doubtless been stimulated by the impulse of
203,563.,201 42 active railway construction, which cannot be expected to continue on the
same gigantic scale for many more years; but there will remain a more solid
$236,927,519 37 and enduring source of wealth in the vast forests of virgin timber which
now cover the hillsides of mainland and islands.
Assets.
Speaking of the Dominion as a whole, the trade and commerce of the
Gold and Silver coin current
$8,051,668 74
country have been and promise to continue both sound and good.
Government demand notes
11,259,417 75
The lumber business, on the Atlantic as on the Pacific side, shows much
Deposit with Dominion Government reimprovement, apart from the pulp and paper industry, which is specially
14, quired by Act of Parliament for security
adapted to this country, and has been very prosperous for some time past,
of general bank note circulation
750,000 00
but, owing to the number of new concerns in operation, there is a tendency
Duo by agencies of this Bank
to over-production, with slackening demand and lower prices.
Fr and other banks in Great
The coal and iron production has )3een on a scale never before equaled in
Pr Britain
$6,934,890 28
Canada, although the latter, owing to delays in installing or completing the
Due by agencies of this Bank
necessary plants, has fallen far short of supplying demands, esjoecially in
Maud other banks in foreign
the matter of steel rails. The car builders have also been notably behind
r countries
7,198,713 45
in their orders.
Call and short loans in Great
Agricultural machinery of the best and most modern type has been in
Britain and United States_55,158,633 00
great request and the fastories which supply every kind of electrical equip69,292,236 73
ment have been unusually busy.
Dominion and Provincial Government seThe revival of trade in the United States has had a marked effect on
Securities
587,109 16
several of our manufacturing industries, relieving them from the competing
Railway and other Bonds, Debentures and
shipments of surplus goods from that market.
VirStocks
14,472,573 30
The woolen mills aredoing better, while an unusually good year has been
Notes and Cheques of other Banks
experienced in cottons.
9,238,110 30
113,651,121 04
Old establishments have been fully occupied and a great variety of manuBank Premises at Montreal and Branches
4,000.000 00 facturers are finding a home in Canada, even in the middle and far west.
Current Loans and Discounts in Canada
The wholesale distributing trades have everywhere enjoyed a good year.
'and elsewhere (rebate interest reserved)
Groceries, dry goods, clothing, boots and shoes had an unusually large
c' and other assets
$118,869,751 36
turn-over, with good results. Accounts have been fairly well paid, and bad
Debts secured by mortgage or otherwise
188,041 73
debts have been comparatively small.
Overdue debts not specially secured (loss
Transportation by sea and land, with its accompanying mechanical
provided for)
218,605 24
worlo, is instrumental in making large accessions of population to the cities.
119,276,398 33
Railway earnings have been phenomenal, but are far surpassed by the
extraordinary outlays in building of new lines, in improving the old, in
$236,927,519 37 double-tracking, terminals and equipment,to providefor the ever-increasing
traffic.

BANK OF MONTREAL.




1520

THE CHRONICLE

By the judicious expenditure of the Dominion Government, the facilities
for shipping are being much improved by dredging, and the supply of elevators and docks at the several important harbors on the Pacific and
Atlantic coasts as well as on the Great Lakes.
The principal cities of the North-West and British Columbia exhibit a
marvelous increase in size in population and business activities. A phenomenal advance in these respects has also been made by some of the
Eastern cities, notably Montreal and Toronto. Some of the smaller towns
in the West have, perhaps, been too ambitious in providing public utilities,
and in rushing work that might better have extended over a greater length
of time, but, after all, they are only anticipating future necessities. The
municipal expenditures have, consequently, been large, and hence the
unusual amount of borrowing both at home and abroad. The comparative
cheapness of money and the ease with which municipal securities could be
placed in England had misled some borrowers, who refused to accept the
prices offered earlier in the season, but it is feared they may have to submit
to higher rates of interest on future transactions.
Industrial loans and investments are quite out of our sphere, but I take
this opportunity of saying that it is much to be regretted that some of these
offered on the London market were of a distinctly questionable character,
unsound or highly speculative, and calculated to reflect injuriously on Canadian credit, while others, and doubtless the great bulk of them, are both
safe and promising, and offer to the investor an opportunity of participating
in the prosperity of the country. I fear it is useless to ask certain promoters
to be more careful as to the class of security they offer, butintending investors may be more discriminating.
With the rapidly developing countryiand the Government pledged by
guarantees or otherwise to liberal expenditures, the building of railways,
the improvement of harbors and other works of a national character,
Canada must necessarily be a large borrower for some time. But with
nearly 8,000.000 of people, vigorous, intelligent and resourceful, with immense treasures in virgin forests, mines, fisheries, and, above all, with a
large area of unoccupied fertile land, Canada can better afford than most
countries to mortgage her future to a moderate extent, and her credit in
the money markets of the world must always stand high.
Canada is well prepared to absorb and utilize the immigrants that every
season seek her shores or cross her boundaries. The laborer and the
artisan are most welcome, and the farmer, with or without capital, will find
opportunities at his hand. We have excellent and prosperous banks,
well adapted to the requirements of the country, which offer facilities to
farmer and tradesman in every town and village, and I may remark in
passing, as convincing proof of the country's progress, that their deposits
in ten years have mounted up from 350 millions to over 1,000 million dollars.
We possess a system of transportation that is almost complete, although
being daily added to--a large mercantile fleet of steamers on river, lake
and sea, and railways that not only link the various provinces together,
but also give a service to the newly opened country better than is to be found
in any other country similarly circumstanced.
As to investment in lands—the price for farming properties is still moderate and low, but speculation in suburban lots is surely overdone. For
the real estate movement in the cities there may be more justification,
prices being advanced by the pressure of increasing population and by keen
competition in acquiring choice properties for commercial or domestic
purposes.
In New York and other points in the United States where the Bank is
represented, business may be described as in a normal and sound condition.
In Mexico politics have been a very disturbing element, but there are
indications of an improvement which will allow business to resume its usual
course.
The ample revenues of both Provincial and Dominion Governments indicate a season of great prosperity for the country at large.
The exports for the twelve months ended 30th September 1912 amount
to $351,952,292, an increase of $49,601,798 over the corresponding period
of last year.
Imports for the same period amounted to $616,842,090, an increase of
$120,004,619, giving a revenue from customs dutiesiof $102,695,974, or an
'increase of $23,903,849.
I have in a cursory manner touched on these various topics, reviewing
the condition of the country and indicating the great range of interests the
Bank has to consider in the course of its business, and on whose fortunes
the prosperity or otherwise of the Institution in a great measure depends.
LATE VICE-PRESIDENT.
In view of the recent and much regretted demise of Sir Edward Clouston,
I cannot refrain from alluding to the circumstance that at the last Annual
Meeting he announced his retirement from active participation in the management of the Bank. He had entered the service as a boy, had passed
up through various grades, and during the last twenty-one years had occupied the position of Chief Executive Officer. His death is much deplored
by the Directors and Staff of the Bank.
THE GENERAL MANAGER.
The General Manager, Mr. II. V. Meredith, spoke as follows:
"The President has covered the ground so fully in the address he has
presented to you to-day that little is left for me but to explain the changes
which have taken place in the balance sheet during the year, and to add a
few remarks in connection with financial matters affecting the Bank which
have not been touched upon.
Since our last Annual Meeting the Treasury Board of the Dominion
Government has sanctioned an increase in the authorized capital of the
Bank from $16,000,000 to $25,000,000, thus permitting of a further issue
of stock from time to time as circumstances may, in the opinion of your
Directors, render desirable.
Turning to the general statement, of which you have a col you will
notice the Paid-up Capital has increased during the year from 14,887,570
to $16,000,000, and the Rest from $15,000,000 to $16,000, 00. From
the net earnings transfers have been made of $1,000,000 to Rost Account
and Contingent Account, respectively, and a balance of $802,000 is carried
forward at credit of Profit and Loss Account as compared with $1,855,000
a year ago. A bonus of 1 per cent was paid shareholders on June 1st and
,
December 1st over and above the quarterly dividends of 23i per cent.
Deposits not bearing interest show a small decrease, occasioned by tho
withdrawal of a large deposit of a temporary nature which appeared in
the statement of a year ago. Were it not for this fact, we would show a gain
-bearing deposits show an increase
in these deposits of $2,000,000. Interest
of $6,400,000. Part of this increase is of a temporary character, but it is
gratifying to find that the ordinary savings deposits have grown in a highly
satisfactory manner, notwithstanding the withdrawals that have., taken
place for investment and otherwise.
Turning to our assets, you will notice that "Current Loans and Discounts in Canada and elsewhere and Other Assets" are $2,200,000 less.
This decrease does not represent a curtailment of our current loans in
Canada, which are in reality $1,600.000 larger than a year ago, but a reduction in our current loans elsewhere. Investments in railway and other
bonds are $1,600,000 less, affected by realizations, and balances due by
agencies of this Bank and other banks show a net reduction of $3,800,000.
The increase in our call loans in Great Britain and the United States is
accounted for by the various changes mentioned above.
I think you will agree with me that the statement is a strong one, but it is
well that the Bank of Montreal should always be able, not only to meet
all the legitimate demands of its clients, but at the same time to provide
for any exceptional calls that may be made upon it to promote the general
welfare of the country.
You will observe that, following the practice of the British and Colonial
banks, we have shown, in the form of a footnote, the contingent liabilities
of the Bank and the securities held against them. This item has not
heretofore appeared in our Annual Statement.
Business generally has been exceedingly active in Canada during the
past year. Good crops, notwithstanding a wet season, have been reaped,
and all manufacturing industries have been kept fully employed. Wageearners are in receipt of good wages, and labor, in many sections, is difficult, if not impossible, to obtain. With an increasing immigration, a
soil producing a large surplus of food products without serious failure over
a comparatively long term of years, the assurance of a vastly increased
production as the area of unoccupied arable land is brought under cultivation, and other great natural resources awaiting development, one cannot
but be an optimist in regard to the future of our country.
Owing to this ever-increasing and rapid development, we must, for many
years, be borrowers from the British Islands as well as foreign countries.
Just now there is undoubtedly a feeling in some quarters abroad that Canadians are spending too lavishly and over- borrowing to an extent which may
later on prove burdensome to us. In this connection our adverse balance
of trade, our so-called real estate boom, etc., are cited. While I do not
share these pessimistic views, there can be no doubt that if we are to
maintain the preference which Canadian securities have so long enjoyed,
caution at the present time is more essential than it has been for a long




[VoL. Lxxxxv.

time past, and it is clear any ill-advised move on our part, any undue speculation, or the flotation of doubtful schemes which may have the effect of
causing distrust abroad and so prevent the free flow of capital into Canada,
cannot but have a serious effect on business generally and bring about a
check to our prosperity. It must not be forgotten that there are countries
other than our own seeking capital, and offering possibly quite as attractive
terms, and that once a stream is turned in another direction, a long time
may elapse before it returns to its former channels.
Money has been in strong demand in Canada during the year, while in
London and Now York, in which outside markets we are chiefly interested,
the rates continued low until September, since when more stringent conditions and higher rates have prevailed. With buoyant trade practically
the world over, and with, as far as we can judge, a probable continuance for
some time of such conditions, money is not so readily obtained. Those
seeking capital should have regard to existing conditions and also to the
fact that borrowers cannot hope to name their own terms.
The increased cost of living and the reasons therefor form a subject
much discussed the world over, and commissions of inquiry are now engaged
in seeking the cause. I mention the subject because of its effect on the
Bank's net earnings, owing to the necessity of our having to increase our
axed charges from time to time as a result of bringing up the salaries of the
staff to a point which may be considered a fair and reasonable one for the
services rendered. The cause for the enhanced value of all commodities is
difficult to determine. There are, no doubt, a number of reasons for it;
among them, the largely increased output of gold, resulting, to a great
extent, from the more scientific treatment of ore bodies. The higher
standard of living by all classes is also a factor; but I am of the opinion
that the root of the matter may be found in the fact that the percentage
of population engaged in production of foodstuffs is not increasing in the
same ratio as is that of our manufacturing wage-earners anti salaried
officials. This view is supported by figures showing conditions in the
United States, where the number of farm families indicates an increase of
only 11% between 1900 and 1910 while the artisan and clerical classes
have increased practically 30% in the same period. A similar condition
of affairs obtains in Canada as regards the five Eastern Provinces, and
while, in the Northwest, the rural population is relatively large and grows
apace, mixed farming has not yet been generally resorted to. In this
connection it may be interesting to note that the exports of dairy products
from older Canada to the newer Western Canada were this year not less
than $3,000,000, while New Zealand and the United States supplied these
commodities to the extent of an additional $1,000,000.
I have noticed at different times, in certain newspapers, paragraphs
calculated to give the impression that the banks in this country are not
affording the farmers the financial assistance to which they are entitled.
Such statements are erroneous. There are in Canada some 2,500 bank
branches, the great majority of which are located in towns and villages
supported by the surrounding agricultural population, and no unimportant
part of the business of the banks is derived from this class. As for this
l3ank,. I may say that our loans to farmers and small traders amount to
many millions.
I have alluded to the adverse balance of trade. In the fiscal year ending
March 31st 1912 the imports for consumption in Canada were of the value
of $521,000,000 and the exports of domestic products were $290,000,000,
showing a balance against the country of $231,000.000—undoubtedly a very
large sum. In the five months ending August 31st last the excess of imports over domestic exports was $130,700,000, showing an even greater
ratio than in the preceding year. The gap between imports and exports
is not likely to be soon closed; not, indeed, until our manufacturing industries have expanded to a point when the home market can be supplied
fairly well within the country, nor until the large demand for foreign goods,
arising out of the construction of permanent works, railways, etc., is
satisfied from domestic mills. Meanwhile the gap is bridged by foreign
loans, by investments of capital in Canada from Great Britain and by
money brought in by immigrants. It is, therefore, all the more important
to guard against unpropitious circumstances tending to lessen the confidence
of British and foreign lenders in Canadian securities.
The delayed revision of the Banking Act will shortly be submitted to
Parliament. The present Act has been developed with the growth of the
country. It has served its purpose well, and I feel confident that under
the direction of the able and experienced financier who now occupies the
position of Finance Minister, no radical changes will be entered upon
lightly.
No one can feel more strongly than I do the necessity of conserving the
profits of the Bank, so that when lean years come, as come they must,
there may be no question of dividend curtailment. At the same time, in
periods of prosperity, I feel that shareholders should enjoy a measure of
that prosperity. The policy of your Directors, therefore, in my opinion,
should be to maintain the dividends at 10 per cent, and to make distributions in prosperous years by way of bonuses as the Bank's earnings warrant;
in lean years, should they unfortunately come, to withhold the bonus and
to tell the shareholders frankly the reasons for so doing. The writing down
of assets to meet a shrinkage in values under all conditions is, I am convinced, more in your interests than to make a display of abnormal profits.
Stability of business and continuity of earnings should be our aim.
I cannot close without referring to the loss the Bank has sustained in the
sudden and untimely death of Sir Edward Clouston, the Vice-President.
His whole life was spent in its service. Entering the Bank as a youth,
nearly half a century ago, and manifesting from the first great ability, he
steadily rose to the highest position in the service. Under his guidance,
for many years as General Manager, until ill-health necessitated his retirement, the Bank continued to maintain its commanding position and enjoyed great prosperity. On more than one occasion, his experience and
knowledge of banking were availed of not only by his confreres in other
institutions, but by those who had the direction of legislation governing
the banks. To myself his death is a personal loss, for I was associated
with him many years, during which I came to recognize not only his talent
but the great graciousness of his personality.
The President's invitation for general remarks being passed over
The President moved and Mr. E. B. Greenshields seconded—That the
report of the Directors, now read, be adopted and printed for distribution
among the Shareholders. This was carried unanimously.
The President, Mr. R. B. Angus,then moved,and Mr. E. B. Greenshields
seconded—That the Shareholders' By-Law No. 3 be amended as follows:
By replacing the word "twelve" in the third line of the By-Law, as printed,
by the word "fourteen."
The President explained that this was done with a view of adding two
more men to the board of the Bank. It was, he said, considered advisable
in some respects that they should have more men connected with the business of the city and also some younger men to aid in the administration.
The President—This is a motion that must be ratified by a ballot. If
it is your pleasure, I shall deposit this ballot which accounts for sixty thousand shares. Carried.
The President further moved, and Mr. E. B. Greenshields seconded—
That the Shareholders' By-law No. 9 be amended as follows—By replacing
the word "thirty-five" in the second line of the By-law, as printed, by the
word "forty-five."
This, Mr. Angus explained, would increase the remuneration of the board
from thirty-five to forty-five thousand dollars, which was desirable on
account of increase of duties. This also needed to be ratified by a ballot,
and if it was the pleasure of the meeting he would deposit ballots in the
box. This was carried.
While ballots for the election of officers were being cast, Sir Thomas
Shaughnessy,referring to the decision to add two new directors to the board,
and also in replacing the late Sir Edward Clouston, said the board had
inaugurated the policy of introducing younger blood and younger men.
Mr. C. B. Gordon, Mr. Huntly Drummond and Mr. Forbes Angus, he said,
represent important commercial and financial interests here; but I desire
more particularly to say that against the earnest protest of the President,
the board insisted on nominating Mr. Forbes Angus, because they felt
that shareholders in the Bank would be delighted to have the assurance
that for a time we will have two members of that family and that the name
will be perpetuated in the affairs of the Bank. (Hear, hear.)
ELECTION OF DIRECTORS.
The result of the ballot for the election of Directors was declared by:the
President as follows—Messrs. R. B. Angus, A. Baumgarten, E. B. Greenshields, C. R. Hosmer, Sir William Macdonald, Hon. Robert MackaY,
II. V. Meredith, D. Morrice, James Ross, Sir Thomas Shaughnessy,
Rt. Hon. Lord Strathcona and Mount Royal, D. Forbes Angus, Huntly
R. Drummond, C. B. Gordon.
The meeting then terminated.
OFFICERS ELECTED.
At a subsequent meeting of the Directors, the following officer:3T were
elected—Hon. President, Right Hon. Lord Strathcona and MountRo yal
President. Mr. R. B. Angus; Vice-President, Mr. H.IVAMeredith.

DEC. 7 1912.1

.

THE CHRONICLE

maitre Gauttg

^

Wall Street Friday Night, Dec. 6 1912.
-The
The Money Market and Financial Situation,
United States Supreme Court decision in the Union PacificSouthern Pacific case has overshadowed all other considerations in its influence upon the security markets, and indeed
upon all Wall Street operations, throughout the week.
Not only the securities directly affected, but those of other
companies, railway and industrial, against which similar
action may in the future be taken, have been heavily liquidated, and the aggregate decline of values is enormous.
Every other influence, if we except possibly those of a
political character, has been favorable to the establishment
of confidence and the stability of values. Next in importance to the above is the financial situation. Notwithstanding the fact that Saturday's statement showed a deficit
in the reserve held by the associated banks, call-loan rates
have been substantially lower than last week. A part of
the gold offered in the London market on Monday was secured for shipment to this country. Moreover, it is reported that the purchases of stocks and bonds in this market
for foreign account have been considerably larger than sales,
and that the bills thus created have, in addition to the regular commercial supply, been sufficient to keep exchange rates
down and make further gold imports possible,if not probable.
In addition to the above, as factors which make for easier
money market conditions, is the fact that interior and nearby banks have considerably increased their offerings here
since it is no longer necessary for them to hold large reserves
in anticipation of a call from the Comptroller for a statement.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 3@16%. To-day's rates on call were 3©7M %.
Commercial paper quoted 6% for 60 to 90-day endorsements and for prime 4 to 6 months' single names
and 632% for good single names.
/
The Bank of England weekly statement on Thursday'
showed a decrease in bullion of £1,371,468 and the percentage of reserve to liabilities was 50.08, against 50.81 last week.
The rate of discount remains unchanged at 5%, as fixed
Oct. 17. The Bank of France shows a decrease of 10,091,000
francs gold and 8,032,000 francs silver.

Convertible issues have been notably weak in sympathy
with shares. Union Pacifies are down fully 3 points, Brooklyn R T nearl 3 and Southern Pac and Erie somewhat less
United States Bonds.-Ssles of Government bonds at
the Board include $8,000 4s coup. at 1133' to 1143g, $1,000
,
3s coup. at 1023/2, $5,000 3s reg. at 101 %,$10,000 Panama
3s coup. at 101% and $27,000 2s reg. at 101N. For to-day's
prices of all the different issues and for yearly range see third
page following.
Railroad and Miscellaneous Stocks.
-On a steadily
increasing volume of business, stock market prices also
steadily moved towards a lower level until near the close
on Thursday. At that time practically every active stock
on the list showed a loss of from 23/2 to 5 points. The mild
reaction that followed was due largely, if not wholly, to
purchasing by traders who had sold at higher figures. Today's market opened weak and prices declined to the lowest
figures recorded during this movement, but there was a
partial recovery during the last hour. United States Steel
was under pressure, selling at 673/2, a decline of 7 points since
Monday. American Can has been notably weak, closing
93 points lower than on Monday. American Snuff was
unique in an advance of over 8 points,about half of which it
retains. Bethlehem Steel has lost 53 points. Changes in
the railway list average from 2 to 3 points.
For daily volume of business see page 1529.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Week

STOCKS.
Sales
ending Dec. 6. for
Week.

Adams Express
Allis-Chal roots 2d paid_
Preferred rects 2d paid
Am Brake Shoe & FdryPreferred
Rights
Am Water-Works, pref.
Batopilas Mining
Brunswick Terminal_ _ _ _
Canadian Pacific rights..
Chicago & Alton
Colorado & Southern
Chic Un Trac recta stpd
Crex Carpet
Detroit United
E 1 du Pont Powd., pref_
General Chemical, prof
Green Bay dr W deb B.._
NEW YORK CLEARING-HOUSE BANKS.
G W Heime
(Not Including Trust companies.)
Havana Elee Ry,L & P..
Homestake Mining
1912.
.
1911.
1910.
Int Agric Corp v t c
Averages for
Differences
Averages for Averages for
Preferred v t c
, week endthg
from
week ending week ending
Iowa Central
•
Nov. 30.
previous week.
Dec. 2.
Dec. 3.
Lake Shore Sc Mich Sou_
Louisv & Nashv rights
$
$
$
Mackay Cos, pref
$
,
Capital
133,650,000
135,150,000 133,350,000 Mexican Petroleum, prof
Surplus
199,887,600
196,020,300 196,577,100 Norfolk Southern
Loans and discounts__ 1,305,054,000 Dec. 1,358,000 1,336,231,000 1,229,080,500 Ontario Silver /kilning_
Circulation
46,859,000 Inc.
93,000
50,758,000
48,449,000 Pacific Tel & Tel, pref._
Net deposits
1,278,782,000 Dec. 11,978,000 1,330,404,000 1,199,337,800 Peoria & Ea.9tern
Specie
244,819,000 Dec. 8,944,000 260,708,000 243,588,700 Philadelphia Co (Pitts)_
Legal tenders
74,746,000 Dec.
401,000
74,363,000
68,122,800 Pitts Ft Wayne & Chic_
Quicksilver Mining
Reserve held
319,565,000 Dec. 9,345,000 335,071,000 311,711,500 St L & S F
-C & E Ill
25% of deposits
319,695,500 Dec. 2,994,500 332,601,000 299,834,450
new stock trust eerti
Sloss-Sheffield S & I, pf_
Surplus reserve
def.130,500 Dee. 0,350,500
2,470,000
11,877,050 So Porto Rico Bug, pref_
Twin City R T, pref
Note.
-The Clearing House now issues a statement weekly, show ng the actual United Cigar Mfrs
condition of the banks on Saturday morning, as well as the above averages. The United Dry Goods
Preferred
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 U S Reduc & Refining
Preferred
banks and trust companies not reporting to the Clearing House, appear on the second
Virginia Iron, Coal & C..
page preceding.
Virginia Ry & Pow, pref
Foreign Exchange.
-The market for sterling exchange Vulcan Detinning
Preferred
has ruled nervous during the week. Engagements of $2,- Wells, Fargo & Co
300,000 in gold were reported by consignees on this side as Western Maryland, pre
Weyman-Bruton, pref._
having been made in London.
To-day's (Friday's) nominal rates for sterling exchange were 4 813% for
60-day and 4 8534 for sight. To-day's actual rates for sterling exchange
were 4 8030@4 8040 for 60 days, 4 843% @4 8460 for cheques and 4 850
4 8510 for cables. Commercial on banks 4 783%04 803% and documents
for payment 4 79%104 80%. Cotton for payment 4 793%@4 79%. and
grain for payment 4 8034 ®4 803%.
The posted rates for sterling, as quoted by a representative house, were
not changed during the week from 4 8134 for 60 days and 4 8534 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 23%
less 1-3205 23% for long and 5 20% leas 1-3205 20% for short. Germany
bankers' marks were 93 13-16 ®93% for long and 94%(0)94% plus 1-32
for short. Amsterdam bankers' guilders were 40 10 ®40 12 for short.
Exchange at Paris on London, 25 fr. 23%c.; week's range 25 fr. 2431c.
high and 25 fr. 2134c. low.
Exchange at Berlin on London, 20 m. 45U pf.; week's range, 20 m.
47N pf. high and 20 m. 45 pf. low.
no range for foreign exchange for the week follows
Sterling ActualCheques.
Sixty Days.
Cables.
High for the week__ _ 4 8060
4 8470
4 8525
Low for the week__ 4 8025
4 8440
4 8490
Paris Bankers' Francs
High for the week.... _ 5 233% less 1-16 5 20 less 1-16
5 19% less 1-16
Low for the week....
5 2334 less 1-32 5 203% less 5-64 5 20 less 1-16
Germany Bankers' Afarks.
High for tho week......
93%
9434
94%
Low for the week...._
9494
933
9434
Amsterdam Bankers' Guilders
High for the week___39 13-16 plus 1-16 4034
40 3-16
Low for the week...._39 13-16
403% less 1-16 403-16 less 1-16
Domestic Exchange.
-Chicago, par. Boston, par. St. Louis, 15c.
per $1,000 discount bid and 10c. asked. San Francisco, 15c. per $1,000
premium. Savannah, buying, 3-16% discount, and selling, par. St. Paul,
20c. per $1,000 premium. Montreal, 6234c. premium. Charleston,
buying, par; selling, 1-10% premium. Cincinnati, par.

State and Railroad Bonds.
-Sales of State bonds at
the Board are limited to $12,000 New York 4s 1962,at 1013
and $12,000 Virginia 6s deferred trust receipts at 53 to 55.
A more or less urgent liquidation, including a good many
issues, has caused the market for railway and industrial bonds
to be a good deal more active than of late and, as in the case
of shares, prices are generally lower. In a few cases the
decline amounts to between 2 and 3 points.




1521

Range fcr Week.
Lowest.

!

Range since Jan. 1.

Highest.

Lowest. ! Highest.

i3i60 Nov 30160 Nov 30 160
620 294 Dec 6 294 Dec .5 23%
20O 734 Dee 6! 734 Dec E 73%
200 98 Dec 5! 9834 Dec 5 913%
200 137 Dec 5 1373% Dec 2 130
700 194 Dec 61 194 Dec 3 194
1,200 9794 Dec 41 9894 Dec 2 9794
100 $15 Dec 2! 3134 Dec 2 334
500 8 Dec 21 8 Dec 5 8
2,841 203% Dec Si 2034 Dec 2 193%
600 18 Dec 6' 19 Dec 2, 17
470 35 Dec 6 38 Dec 31 35
100 134 Dec 3' 134 Dec 3' 134
100 80 Nov 30' 80 Nov 30: 72
100 743% Dec 3 7434 Dec 3. 6334
200 99 Dec 3 99 Dec 5: 9094
100112% Dec 611234 Dec 6. 106%
1 1434 Dec 5 1434 Dec 5.1 1034
4 188 Dec 4 192 Dec 31155
25 87 Dec 6: 87 Dec 6, 8534
285 10094 Dec 2 102 Dec 3 8634
36 Nov 30 40 Dec 3' 38
2
450 92 Dec 5, 93 Dec 3 92
iO 123% Dec 5' 1294 Dec 5 1094
19 461 Dec 3461 Dec 3 450
3,000 834 Dec 3! 894 Dec 3 834
700 673% Dec 6; 68 Dec 2 67%
3 101 Dec 6 102 Dec 3 101
i54 45 Dec 5 45 Dec 5 45
1,700 3 Dec 2; 3 Dec 4 1
100 100 Dec 6 100 Dec 6 9834
100 133% Dec 6; 1394 Dec 6 1394
665 100 Dec 6.10094 Nov 30 100
39 166 Dec 3 166 Dec 3 166
10
434 Dec 51 434 Dec SI 3

Nov21734 Apr
Oct 33% Oct
Oct 103% Nov
Jan 10734 Nov
Jan 160
Sept
Dec
294 Nov
Nov 983% Nov
Mch 3294 Apr
Jan! 1134 May
Novi 21
Nov
Jani 2494 Apr
Dec' 45
Feb
Feb, .3% Apr
Mch, 86 June
Jan! 7434 July
Jan'100
Nov
Mch'115
Sept
Feb! 18
Oct
May119734 July
Nov, 89
Aug
MchI102
Dec
Nov1 5394 July
Dec 99 June
Feb1 15
Jan
Jan1495
Apr
Nov, 994 Oct
Dec: 7034 Jan
Dec 104
Nov
Dec 55
May
Feb' 33% May
JulyI10134 Sept
Oct 1834 Oct
Dec 1113% Feb
Dee 170 June
Jan' 834 Apr

141 4794 Dec
1001 97 Dec
10 110 Dec
20 145 Dec
1,200 52 Dec
1,000 100% Dec
4001033% Dec
300 134 Dec
100 4 Dec
6001 60 Dec
100 92 Dec
50 20 Dec
150 8754 Dec
100 129 Dec
600 72 Dec
133 11634 Dec

Dec. 57
Feb 105
Aug 110
Mch 145
Nor 64%
Feb 1023%
Feb 10834
Mch 33%
Aug, 1094
Mch! 90
Jan' 92
Jan 2794
Jan 873%
Nov 151
Dec 81
Mch 11694

1

21 4894 Dec
2, 97 Dec
6.110 Dec
2 145 Dec
5. 5434 Dec
6 101 Dec
6 1043% Dec
3 134 Dec
41 4 Dee
a! 62 Dec
51 92 Dec
6 20 Dec
3 8734 Dec
3.129 Dee
5' 74 Dec
4 1163% Dec

6 4794
2, 90
6:109
2 14194
!
2' 52
2: 97
a 10334
2 194
41 4
41 54
5' 87
6 15
3 70
3 115
5 72
4 112

Feb
Apr
Jan
Jan
May
July
July
May
Apr
Jan
Dec
Feb
Dec
Jan
Apr
Dec

Outside Market.
-Prices on the "curb," while fairly firm
most of the week, turned easier towards the close. Tobacco
issues, as usual, were most prominent. British-American
Tobacco, from 243 reached 259-i, fell to 24% and ends the
week at 253-i. Tobacco Products pref. rose from 100% to
102, dropped to 993/i and closed to-day at 93%. United
Cigar Stores corn, advanced from 1143. to 11 %, reacted
to 114%, the final figure to-day being 1163. Deere & Co.
pref. went up from 1013 to 102 and down to 101. Emerson%
Brantingham corn. improved from 743% to 75, then weakened
to 73, with sales of odd lots at 71%. Houston Oil corn. lost
over 3 points to 20%. Lehigh Valley Coal Sales appeared
in the trading up from 235 to 236 and down to 230. Manhattan Shirt corn. was off from 723/i to 70, the preferred
receding from 104 to 1035 and closing to-day at 103%.
4
Standard Oil of New Jersey dropped from 390 to 382.
The following newly listed issues were dealt in
for the first time. Brown Shoe pref. at 1023'. Cluett,
Peabo iy & Co. sold up from 68% to 69%, down to 68 and
rested finally at 68%; Willys-Overland corn. moved down
from 703% to 693% and up to 71%, tran actions being reported to-day at 70, with 68% for odd lots. The pref.
gained about 13% points to 101M, but declined finally to
1003. Among bonds Braden Copper issues were active,
the 6s moving up from 185 to 205 and down finally to 192.
The 7s also rose 20 points to 205 and closed to-day at 190.
In the mining division Braden Copper was very heavily
dealt in, the price advancing from 9 to 103/8, a new high
record. It closed to-day at 9%. Giroux lost over a point
to 33% and ends the week at 33%. Greene Cananea receded
from 93% to 9.
iLtati
Outside quotations will be found on page 1529.

1522
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
04.34,1UPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS
-HIGHEST AND LOWEST SALE PRICES.
Saturday
Nov 30

Monday
Dec 2

Tuesday
Dec 3

Wednesday
Dec 4

Thursday
Dec 5

Friday
Dec 6

Sa.cs of
me
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

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

Nat

Lowest.

Highest.

111% Oct 4
10414 Feb 10
14812 Aug 12
11178 Ara 30
91 Jan 23
9412.11y 2
283 Aug 15
395 Apr 29
8514 Oct 3
20) Oct 26
3912 Apr 8
11758 Nov 7
146 Jan 2
145 Apr 26
193 Mch26
6212 Apr 23
10113 Apr 17
17513 Feb 6
569 Jan 29
24 tick 27
4614 Jan 24
1134 May16
23 May15
3918 Apr 11
577 Apr 11
3
48 Apr 11
14334 Aug 10
63 Sep 26
14118 Jan 23
22 J'ly 2
6738 Oct 15
3114 Sep 30
0558 3%1325
18 Apr 24
40 May21
18534 Jan 16
170 Aug 14
4
1383 Mch 13
2712 Jan 23
167 Jan 16
15412 Aug12
153 Aug 19
3158 bich29
06 Apr 17
473 Mch 27
4
71, Jan 4
364 Jan 20
12113 Apr 25
142 Apr 1
14
413 Apr 12
8
0334 Apr 26
11914 Aug 12
02 Feb 17
7912 Nov30
13112 Aug 14
12614 May 2
11112 Sep 23
117. Feb 20
17914 Apr 29
0314 Apr 29
10112 Apr 29
3012 Apr 8
695 Apr 9
2012 Mob 26
6912Jan 23
433 Apr 11
4038 Oct 4
80 8 Oct 4
5
2712 Apr 4
5612 J'ne 7
11512 Apr 8
32 Sep 30
167 Oct 2
8
2612 Nov 7
4934 Jan • 9
10% Apr 16
163 Mch27
8
36 Apr 8
11118 Sep 17
1763 Sep 30
4
1)612 Deo 2
2978 Dec 4
6918 Dec 4
034 Mayll
2278 Apr 9
6914 MO 25
1134 Oct 10
3613 Oct 9
1713 Oct 9
6213 Aug 12

8
997 Sep
1033 Jan
4
117 Jan
3312 Sop
8512 Aug
72 Ser.
19558 Jan
260 Aug
688 Sep
17 Sop
3512 Dec
1063 Oct
4
141 Sep
1384 Seri
191 Nov
4818 Sep
9414 fly
15912 Sep
505 Sep
1758 Dec
3034 Deo
9 Nov
174 Deo
2714 Jan
4653 Jan
35 Jan
119 Sep
3334 Deo
132 Jan
134 Sep
3934 Sep
2514 Sep
0112 Sep
10 Sep
26 Sop
151 Sep
1364 Sep
13114 Sep
2113 Apr
35 Mch
3124 4 Sap
3
140 Nov
27 Sop
6234 Sep
3314 Sep
60_ Aug
264 Aug
3997 Sep
3
1207 Sep
8
8734 Sep
_
0934 Sep
8634 Apr
3912 Jan
11034 Sep
11838 Sep
0018 Sep
10213 Sop
134 Sep
88 Mob
9013 Sep
2234 Sep
4334 Doo
28 Dec
69 Sep
37 Sep
24 Jan
6934 Jan

116% J'ne
10512 J'ne
13914 Nov
10914 J.13?
91 Jan
808 ny
247 J'1Y
320 Dec
863 Feb
4
2514 J'ne.
4914 Feb
13312 Feb
15512 Feb
15012 J'ne
5209 Jan
06 Jan
98 Feb
174% J113
670 Nov
35 Feb
74 Feb
1518 Mch
8018 M ch
3828 J'ly
6114 J'ly
4934 J'IY
140 J'no
633 Feb
4

10412 Sep
2434 Sep
6114 Jan
104 Dec
31 Nov
4 Nov
12 Dec
3473 Dec
104 Sep
1534 Sep
89 Sep
2813 Sep
62 Sep
534 Deo
1414 Dec
487 Apr
8
313 Sop
7 Sep
3 Alit
43 Sep

12638 J'ne
3338 J'ly
7514 J'ly
3014 Feb
41 Deo
814 Jan
243 Feb
4
6378 Jail
111 Feb
19238 J'ly
06 J'ly
40 Feb
7614 Men
1838 Feb
4038 Feb
66 J'ly'
614 Fob
17% Fob
8 Feb
7218 May

9234 Oct 4
63 8 35ch22
5
10414 Mch20
77 Sep 19
10114 J'ne 19
47% Oct 11
12614 Sep 19
6358 Sep 25
120 May24
6018 Dec 3
8334 Dec 4
6014 Nov18
0914 Feb 13
714 Sop 25
31 Sep 24
3034 May20
8
177 Apr 23
43 Apr 23
4713 Nov18
11012 Aug 14
1318 Aug 5
6014 Aug 14
8912 J'ne 10
91 Sep 26
10933 Sep 26

4434 S41)
4434 Sep
9912 Oct
3914 Jan
0212 Jan
87 Jan
8
77 Jan
423 Sep
8
113 0.31

7158 J'nes
0313 Dec
105 Deo
6934 Oct
101 Oct
1212 May
934 Dec
6814 J'ly
120 May

4158 No•
92 No812 Set
13 Sal
1512 Au
3 Au
2618 Oct
3218 Oct
102 Oct
3 Sol
3112 M0
82 Sej
6653 Se!
9834 Se]

2
b23 Feb
10312 Feb
J'ne
2052 J03.
2534 rly
12% Feb
844 Deo
4914 May
11034 Mob
53 Jan
3
4353 J'ly
81418 XIV
8378 J1111
10512 J'n•

Highest.

Railroads
17,490 A tch Topeka & Santa Fe 10314 Feb 1
10714 10712 107 10712 1065 10714 10614 101
8
10512 1063 10512 108
10138 Jan 2
600 xi- Do prat
102 102
8
10178 102 *1017 102
102 102 *1017 10212
102 102
8
141 1413 141 14114 140 1403 13914 13914 13814 13014 138 13912 4,100 Atlantic Coast Line R14_ 1334 Jan 10
4
310114 Fob 1
114612 10612 103 107
10558 1064 10514 10534 10478 10512 1048 10518 11,500 13aitimore do Ohio
5.3 Do prof
*3612 8712 *86
8618 Aug 13
88
8712 *8612 8714 .8612 8712 *8613 8712 .87
4
8912 9114 8912 0038 17,040 Brooklyn Rapid Transit_ 763 Jan 2
8213 9278 9178 93
917
9112 0218 91
22612 Mch 4
26678 26734 726513 26678 265 26614 26414 2653 26418 26538 20312 26458 17,635 3 lanadlan Paola°_
4
560 kientral of New Jersey _ 305 Jan 9
.365 370
365 305
368 370 .365 372 .360 370 *360 370
8
6814 Feb 1
8018 8114 278143 795 25,600 Chesapeake Sc Ohio
4
8034 818 817 827
803 811
8
8114 823
1718 2,500 Ohio (It West trust Mts._
1638 J'ly 12
1738 17
17
17
*174 1812 174 173. 1714 1714 17
3034 3114 2,800
32
Do pref trust etfs
3212 31
4Dec 6
303
32
334 3312 3212 33
34
34
4
4
8
8
11412 11513 114 1157 11414 11538 1144 1153 1113 11412 11212 1133 41,400 Chicago Milw 4 St Paul _ 993 J'ly 13
175
Do pref
140 J'ly 15
*141 143 *141 14312 14214 14214 *141 143.4 .141 14312 .140 14212
13714 1378 13618 13714 135 13612 2,998 Chicago Sc North Western 13412 J'ly 12
13012 13912 x13712 13812 138 138
Do pref
___ .180 190 .181 190
--_
188 Nov 9
*181 190
.181 190
5112 52 *____ 55 .41
*5112 55
45
55
*52 *5142 55
200 Cleve Cln Ohio & St L...5112 Dec 4
98 .95
9834 90
983
100
4
Do pref
- 1954 Feb 24
9834 .96
9834 *96
.96
9834 *96
165 165
520 Delaware Sc Hudson
166 166 116514 16514 165 165
.163 168 .16514 170
165 Deo 5
555 555
549% 550
550 651
873 Ifielawaro Lack & Wess_ 530 Aug 23
550 550
*535 651 .535 551
22
2112 2112
200 Denver 4 Rio Grande- 1812 J'ly 12
.21
2212 2178 2178 *2112 2212 .2112 2212 *20
40
4012 *33
394 40
4014 .30
400
Do pre!
*3913 4012 .3812 4012 39
3414 J'ne 10
8
914
8
914 .8
8
914 *3
8
*3
300 Duluth So Shore Sc Atlan
*8
0
8 Sep li
15
16
1514 *14
1612
1734 16
400
Do pref
1734 *16
15 Dec 5
.10
1734 *16
3334 323 3312 3234 331 26,800 Erie
4
3014 Jan 15
3114 3414 3414 3452 3312 3414 33
4813 60
494 493
4 9,900 La Do let preferred_ _4813 Dec 8
5114 493 507
3
4
3138 5138 5114 5112 51
44
4114 4238 .40
*42
42
300
44
Do 20 preferred.: 40 Feb 3
4312 432 *4213 44 .42
13418 137
1338 13512 27,900 Great Northern prat
13734 13814 13712 13312 137 13734 13612 138
- 123 Jan 15
45
4034 448 41
4618 45
4212 13,400
452 46
Iron Ore properties._
4514
45
36 Jan 31
45
12612 12012 127
12012 127
127 1,200 Illinois Central
- 1208 May u
*127 12343 12714 12714 .127 128
4
1914 1912 181s 1914 173 1858 1738 1838 24,400 nterboro-Metrop v t °Hs 163 Jan 8
1012 1938 1914 20
8
6414 6212 633
63
633 Jan 8
4 623 033 27,250
8
8
8
Do prof
8
641 6514 6434 6538 637 6538
273 2734 2718 2758 2714 2712 1,600 Kansas City Southern... 2212 May29
4
28
2838 28
*28
23
28
61 .60
6212 .61
6213 61
6212 .01
6212
300
Do
66 May29
preferred
*0112 0213 .61
*1213 15
*1213 15
1258 1238
.1212 15
*1212 15
1112 Jan 26
200 Lake Erie & Western_
*1234 15
38 .35
*35
38
35
35
33
35
35
80 Jan 8
200
Do Preferred
38 .35
*35
4
8
1567 Feb 6
17434 175
3
1733 17518 1733 1743 17212 17412 17114 17314 17114 17218 44,100 Lehigh alloy
4
145 14518 .14413 145
iti n h littan zle h vtlld
.ous
144 14434 1,333 l hivlae h Na3va le o2 14313 Nov 26
14634 14634 14512 14612 .145 147
__
1314 13118 13114 13114
*131 133
-.*131 133 *131 133
13118 Dec 5
250
26
2613 26
2038 2613 2312 - 12 .26
254 2512 2514 253
25
940 minneapolls Sc St Louis 1813 J'ly 24
8
49
49
50
*47
*47
50 *--- 4912 *4634 4812
50 .47
140 Feb 26
Du preferred
100
14114 14134 142 142
142 142 *14214 143
142 14314 14034 14218 8,740 Mina St P Sc S S Marie__
129 Feb 3
*148 155 .146 155 *146 155 .147 155
146 146 .146 155
200
Do preferred
- 146 Dec 5
2858 2814 283 .273 2834 2738 2738 2734 2814 27
*28
4
4
2558 J'1y 13
273
8 1,700 310 Kansas Sc Texas
6314 62
.61
678 May29
6314 3 8 633 *02
6314 *62
617
6178 62
62
4
300
Do preferred
4314 4312 4312 4414 43
438 4212 434 411 4234 4114 4238 15,800 Missouri Paoino
35 J'17 12
*62
6434 .6212 67
86 .62
66 .6214 66 .62
*62
66
Rye of Me: lit prof 6218 Oct 7
2712 28
2812 2834 2812 2834 28
28
28
8
283 .2814 29
2,000
Do Ed preferred_
26% Oct 18
*114 11458 11438 11438 11312 114
11314 1133 112 1133 11113 11238 6,600 N Y Central Sc 1iudson
8
4
10614 Jan 0
13358 13358 13313 1333 13312 13312 13318 13312 133 13314 131 13314 1,775 DI 1f N II & Hartford
131 Dec 6
4
321
3314 32
34
334 3334 33212 3414 33
1,600 N /Ontario Sc Western_ 2J/8 J'ne 29
*334 3412 34
8034 .88
8034
894 ..88
88
8018 8918 .88
200 N
893
4 8914 8914 3
8:112 Oct 23
State Railways__
112 113
•114i2 11434 114, 11412 11314 11414 113 11378 112 113
6,980 Norfolk 4 Western
4
-- 11073 Feb 1
93
*87
89
*8513 884
Do adjustment pret__ 88 J'ne 12
. --- 4
--- -- .85
93
.137
78 *-- 79
78 79
79 7912 791
79
*78
*75
--300 Nor Ohio Trao Sc Light__
50 Itch 11
1203 12338 12014 121% 32,120 Northern Pacific
4
12334 12434 12414 12518 12313 1241 123 124
1153 Jan 15
123 12314 123 12338 123 12318 12212 12314 1224 1223 12114 12212 15,126 Pennsylvania
4
12114 Dec 6
*10618 107
10612 10612 106 106 .103 107 *104 105 *104 10512
200 Plttsb Cln Ohio Sc St L
9813
2
*110 120 .110 120 *110 120 .110 120 *110 120 *110 120
Do preferred
- 10813 Jan 2
8
4
4
169 1713 512,250 I)eliding
1713 17218 17034 17238 17114 17318 1705 17214 1083 172
8
14818 Jan 11
90
*89
9012
89
89
8914 8914 1,320 AA 1st preferred
893 893
4 8912 8912 89
4
,
8712 J'ne 27
9612 93 93
9412 95 .94
*02
9334 937
97
94
0413 4,000
Ed preferred
143 Dec 5
243
4 23
2414 2314 2418 23,500 Rook Island Company- 2212 May31
2412 2538 24
2514 253
2518 26
4612 444 4512 437 45
46
4812 4614 4718
47
48
48
14,200
43% Deo RES
Do preferred__ _
1838 183 *1834 194 1912 1912
4
19
*1812 1912 1834 1834 19
1838 Nov29
815 Qt Louis Sc San Fran..
6034 604 6012 .60
6034 .60
6012 *60
6314
*60
3
60
100 13.3 Do let preferred
-. 6014 Nov 27
$
307
30
3138 307 314 30
31
3112 2,105
33 .31
*31
33
2913 Nov 20
Do Ed preferred
4 354 36
4
*3512 3914
000 St Louis Southwestern_
*35
3838 373 373
38
2934 Jan 22
*383 393
8
4 38
77
77
*764 77
77 .764 78
6813 Jan 17
300
77
7712 7712 .7618 78
Do preferred
3
4
197
700 Seaboard Air Line
197 1078 *20
8
1853 Oct 23
203
4 2014 2014 *193 20 4 *1913 2012 19
4814 4873 4812 4812 4713 4814 3,049
4914 4914 483.1 4914 4812 49
Do preferred
4712 Oct 23
8
8
11138 112 71033 11114 10612 10978 1073 1093 10712 10912 108 10912 108,200 Southern Pacific Co
4
10512 Feb 1
4 284 2812 7,500 Southern v tr otts stmpd_
2914 2913 2918 298
294 2914 2812 2918 2814 283
2812 Jan 31
8118 8018 813
8 7978 804 3,300
8112 8113 8112 8112 8112 81
.81
6814 Feb 4
Do prof
do
23
2212 2234 2238 23
2334 2334 23
*2313 25
*234 25
1,000 Texas Sc Paolflo
2012 Jan 3
354 3814 343 357
8812 3712 8712 3678 3712 8612 37
*38
4
8 5,590 I. bird Ave New
4
343 Dec 0
3
314 3%
8
34
314 33
4
23
234 Dec 6
4 33
4 318 3,740 Toledo Railways 44 Lt._
33
38 4
13
12
1234 12
1312 13
12
*12
1312 *12
1313 *12
400 Toledo St L Sc Western.: 12 Sep 11
30
30
*25
31
30
3312 31
120
32 .31
32
29
320
28 J'ne 7
Do prelerred
105 105
103 105 *104 10512
*105 ___ *105 108 *105 103
200 Twin City Rapid Transit_ 104 Oct 14
8
173 17312 3169 1717 1687 17112 169 17034 167 16934 10653 16814 317,600 1 lnion Pacifto
8
160 Feb l
9314 924 93
9538 93
9034 9612 93
9212 9314 24,260 k.J
.90
91
8814 Oct 31
Do preferred
*37
38
38
3813 3813 394 39
4
373 3814 3,925 Unit Rye Inv't of San Fr 23 J'ly 11
39
397
3 39
6134 653
694 68
4 6512 6612 67
68
68
57 J'ly 18
69
663 0712 9,509
4
Do preferred
412 *413 438 *4
44 44 *4
413
414
4
334 J'ne 19
4
400 IX/ abash
*1334 1434 *1334 143
1312 1312 1312 14
1338 1358 1312 1312 1,000 33
1238 J'ne 27
Do preferred
4
523 53
4
5212 503 5112 50 4 5112 52
527 527
8
3
3 52
3,600 Western Maryland ity_ 503 Deo 4
52
4
*812 9
*812 914 *812 914 *8
914 *7
4 Jan 10
*
8
9
9
Wheeling Sc Lake Erie
2812 30
*2913 31
*30
31
30
29
28
23
11 Jan 3
29
29
2,490
Do let preferred
1434 15
15
*13
151 .13
15
1514 .14
15
*10
15
800
Do 20 preferred
0 Jan 19
52
.5214 55
62
5214 524 52
*5214 65
52
5018 5014
000 Wisconsin Central
48 Feb 5
Industrial&Miscellaneolis
847 8514 835 8514 834 8434 817 833
3
804 8234 7012 813 206,800 a ma.gamateci Copper_ 60 Feb 1
8
8
8
87
58
*56
67
55 .55
57
56
.5658 58
5638 .55
800 ilmerAgricultural Chem
55 Deo 6
.95 100
*95 100 .97 100 .09 100
*09
08 J'ly 17
0034 .0914 100
Do pref
6513 557
8 558 57
56
5414 5512 5412 55
57
553 11,150 American Beet Sugar
54
4
524 Nov12
4
.____ 91
90
9113 .90..._ *88
8912 9078 908 .90
93
400
Do pref
10 Nov 20
4034 4138 3938 4138 3634 40
33
377
3318 341
3014 34 174,150 American Can
1114 Feb 1
124 12414 12312 12412 122 12312 11912 12278 117 12012 117 11914 12,470
Do pref
9068 Feb 1
*5958 593
4 5912 598 59
59
583 5914 553 6814 5513 56s 5,500 American Car Sc Foundry 90 Feb 5
8
8
*118 119
119 119 .1183 110 *11812 1187 11814 11814 11734 11734
8
8
310
1:524 Feb 14
Do pref
5 A g
4914 5014 5214 5612 57
5812 53
53
6018 56
51
51
4,620 American Cities
30% Oct 8
83
83
' 823 8318 83
844 848 844 83
833
4
4 834 8312 3,200
6
Do preferred
5734 5734 5818 5914 5814 59
55
5678 69
573
4 5513 57
18,600 American Cotton Oil__
4512Jan 19
.94 100 .96 . __ .98 _ __ .98 100 .96 100
*96 100
Do pref
- 1/5 Jan 19
5
513
64 *5
512 *5
512 *5
512 612
518 54
300 American Hide Sc Leather
3 Feb 19
2814 2814 . .28
30
29 .20
*27
28
28
28
2814 28
400
Do pref
20 Feb 20
01834 1978 183 19
.1
1838 1812 1812 19
1838 183
8 18
1813 2,700 American Ice Securities_
18 Jan 2
1231 1234 *1212 1312 *124 1313 1212 1212 12
1134 12
12
1,200 American Linseed
9 Meta 6
*3414 35
3412 35
34
3112 32
33
34
3312 3312 32
2,000
Do pre
30 Feb 20
4638 4612 4614 4612 4514 464 4412 454 42
4414 4218 43
10,000 American Locomotive
3134 Feb 27
*107 108
10718 10718 107 107 .106 10713 *106 10712 .106 10713
200
Do pref
103 Ian 15
.1418 15
15
*14
14
1418 1378 14 .1314 1412 14
14
000 American Malt Corp....
3
-44 Jan 10
.61
62 .61
62
6118 6118 6012 6118 59
6012 59
5912 1,931
Do pref.
42 Jan 6
.53
8812 *8512 88 .853 86
4
8512
600 Amer Smelters Sec pref B 85 Nov15
8512 853 .8412 8512 85
4
7834 794 7812 798 773 7834 7412 78
71
7114 7234 58,150 Amer Smelting& 'leaning
75
6778 Feb 1
*106 107
10612 10658 *10612 107 *106 107
10534 10614 105 1053
850
Do pref
4
10238 Jan 2

Range far Prodoue
Year 1911.

147 J'iy
3o38 Feb
56% J'IY
3738 J'ne
0034 J'no
17 Nov
40 Jan
180% Deo
1603 Nov
4
14212 Jan
4212 Sep
0812 Sep
15214 Mob
180 Mob
8818 J'ne
70 Oct
63 Feb
8
723 Jan
383 Feb
8
11513 Feb
15118 Feb
4673 J'1Y
11114 NO/
9114 Jue
5534 Nov
1377 J'ile
3
13018 Feb
100 Jan
112 Feb
1617 J'ius
8
92 J'ly
101 May
31% J'1141
6858 rue
27 Oct
6914 J'ly
4913 J'ly
34 Feb
72 rue

BANKS AND TRUST COMPANIES-BROKER,S' QUOTATIONS.
Banks
:3313 York
,etna
tn
,erIca II
,,ner Exch..
lattery Pk,
sowery11-3
lronxBorel
43:01x Nat_
ryant Pk 11
1 Inch Sc Dr
entury I_
ruse

2)13

Ast

Banks
Bid
Chat&Phen13 182
^03
210 Chelsea Ex,, 140
625 Chemical .... 445
6
236 Citizens' Ctl 190
230
125
110 City
425
425
___ Coal Sc /rou 160
300
_ Colonial 0_ 425
1333 colt:1344 13 0. 335
180
)
155
_ Commerce - 1200
1324 f46 Corn Ex 1-. 321
230
233
East River. 90
760 790 Fidelity 1.... 165

Ask
188
165
450
105
435
165

Banks
But Ask
Banks
Bid
Fifth Avail- 1300
_ Harriman _ 290
Filth
300 325 Imp Sc Trad 557
- -First
1005 1020 Erving
203
Fourth __199 202 Liberty...-. 625
Garfield -. 280 295 Lincoln_
3
370
Germ-Am 11 140
Manhattatl 350
_ jerm'n Exit 400 , - Mark't&Fu 3260
f50
311 Germania 0 325 640
Mech&Met's 267
3- Gotham 3-, 175
_ :deren Exch 166
327 Greenwich '11 250
--_-_-__ Merchants'. 200
Hanover__ 705
100
720
175

Ask
310
530
204
660
385
355
__
271 163
210

Banks
Metropolis 1
Metropol'n
MI 0103
r1311Mutual 11-Nassau ..,...New Neth A
31owYork0o
New York_
Pacing-Park
People's 1.-

1111
350
19212
299
285
220
220
875
393
255
368
240

Alk
Banks
Ind
Ash
375 Prod Each 1 16712 17212
19712 Reservo -- 934 ....... _- 460
„ _ 3eaboard ....
_.
26
5 Second ..3 _ 375
225 Secnirity1 ------145
3
____ 3herman__ 13
_ State 11 -33- 240 illi
.
465 230 Ward1, 175
333 4
.
265
Un'on Exo.. 165
175
Wash lila 4 275
373
_33
4
250
West Side 1 575 025
Yorkville 11.

40
6

• Rid aryl asked prices no sales were made on thin day. :Ex-rights. f Less than 100 share,. 11State banks.
a Ex-div dead and rights.
I Sale at Stook Exchange or at auction this week. 8 First installment paid. n sold at private sale at this price, Z Ex-'dividend. 4 Full0 New $1411:111
p414.
•-




New York Stock Record-Concluded-Page 2

DEC. 7 1912. j

For record of sales

STOCI:S-IllatiEST AND LOWEST SALE PRICES.
Saturday
/
Nov 30

.1fonday
Dec 2

Tuesday
Dec 3

Wednesday
Dec 4

1523

uring (11e week of stocks usually inactive see second page preceding.

Thursday
Dec 5

Friday
Dec 6

Sales of
1;16
1Veek
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Range since January 1.
-share lots.
Ott basis of 100
Highest

Lowest

Range for Pretlata
Year 1911.
Lowest.

Highest.

Industrial and !disc.(Con)
19614 20112 19814 20314 198 200
19614 19912 12,400 American Snuff
195 198
•191 106
123 Mch 6 20314 Dec 4 225 Sep 325 May
8
1045 10458 *101 105 *104 105 *104 103
120
Do
*104 105 1105 105
pref, new
99 Feb 9 105 Aug 13
43613 33
*3712 3812 36
38
30
3712 35
35
1,400 Amor Steel Found (new)_
34
35
25 Sep
26 Jon 19 443 Oct 8
8
522 Feb
11814 11814 117 11814 11718 1173
*11812 11912 119 119
2,215 American Sugar Refining 11434 Jan 12 13312 May 13 11214 Sep 12212 Feb
4
1207 121
8
•119 122 *11614 120 *11714 12112 *11714 122 *115 120 *11714 121
Do prof
11512 Jan 6 124 Sep 27 111 Jan 11912 Feb
14018 1413 13858 14013 6,575 American Teleph & Teieg 1374 Jan 2 14918 Mel'25 13112 Aug 15318 J'ne
4
14214 14235 14214 14212 142 1423.1 142 142
2634 268
4,700 American Tobacco
260 265
266 26614 267 27204+265 269 *203 209
24113 Feb 29 32412 J'ly 1
105 105
10112 10413 101 10412 1,000
10412 10112 10434 10434 10434 105
Preferred. new
10114 Jan 11 10638 Jan 19
*22
24
2214 2214 2213 23
20
*2112 24
2134 •19
600 -American Woolen
23
2512 Deo
13 Nov19 31 May17
3612 Mch
8112 8114 8114 80
8
8138 80
81
8114 8118 813 *80
Do jsref
1,410
80
8514 Oct
7912 Nov 10 9412 Mch 12
8614 J'ne
3214 31
*32
3234 3214 3214 31
31
30
30
2,300 Amer Writing Paper. prt. 2518 Jan 25 4138 May
30
31
2412 Sep
3413 Feb
4338 4212 4318 4113 4212 404 4178 4014 41
4318 4338 43
20,400 :3AnacondaCopper Par$25 $34 Feb 1 $18 Oct 2 $29 Sep 24118 J'ne
•12018 12011 *12018 121 *12012 124 *12012 124 *12012 124
200 Assets Realization
120 120
10512 Feb 7 12712 Oct 3 10612 Dec 108 Deo
5512 5514 5512 *____ 5512 *____ 55 •____ 5458 5412 5412 1,300 paldwin Locomotive
55
5358 J'ne 18 6034 Aug 30
*10612 10714 107 107 *1067 10714 *107 10714 10613 107
8
10658 1063
700' Do pref
4
10234 Feb 2 10818 J'ne 17 10314 Dee 107 Dec
4018 4078 40
4114
3814 4038 378 383
4 353 3712 35
4
3612 13,000 Bethlehem Steel
2734 Feb 27 514 Oct 2
3613 Aug
:.6 Sep
703 7014 71
4
71
68
69
68
6812 6718 6712 66
Do pret
5612 Feb 27 80 Sep 23
67
5,000
0634 J'ly
54 Seo
•143 146 *143 146 *143 146 *143 146 *142 14.6 *140 145
Brooklyn Union Gas____ 13712 Ideh21 149 Aug 12 3129 Sep 11814 Nov
*28
29
*28
29
*28
29
*2818 29
SuiterIcic Co
*2814 29
*2818 29
28 Nov26 4018 Apr 30
28 Feb
31 Mob
6234 6318 6214 6338 62
200 c 1alifor Petrol vot tr ctfs
63
623 65
4
6313 6534 64
6512 57.
5934 Nov12 7212 Oct 5
01
91
.90
01
903 904 *90
01
4
9013 9012 90 90
500 4._) Do pref vot tr ells
8934 Nov18 9513 Oct 5
*10012 10138 1013 10112 10112 10112 10012 10012 1003 10112 101 101
8
4
1,125 0ase(J1)ThresliMpf tr ctfs 100 Oct 28 10112 Dec 2
3013 3011
2334 3014 2914 2934 2834 2914
28
29
2713 2834 6,230 Gee tral Leather
1513 Feb 27
33: Sep 21
58
1814 Sop
334 Feb
*96
08
*90
08
9514 1013 *9514 9714 *95
Do pref
95
95 95
80 Feb 27 10017 Oct 17
1,040
9118 Dec 105 Feb
47
4718 463 4738 46
4714
4434 463
4
8 4313 4512 4118 4413 57.200 dChino Copper___ _Par $5 $25 Jan 15 $5038 Nov 8 $1612 Sep 52712 Dec
3534 3534 36
36
35
3512 338 3512 3212 34
2313 Feb 28 4334 Sep 26
3118 3214 6,000 Colorado Fuel Os Iron
25 Sep
3638 Feb
14214 14212 14214 14234 14214 14214 141 142
139 141
13914 14012 5,400 Consolidated Gas (N Y)_ 13814 Feb 17 14913 Aug 12 12834 Sep 14813 J'ne
1512 157
1612 1612 1612 1612 1512 1638
143 1538
10 Jan 16 224 Oct 19
1412 15
14,640 Corn Products Refining
1534 May
938 Oct
79
7914
79
79
8018 8018 *79
81
7612 79
37614Jan 3 8912 Oct 18
Do prof
77
2,100
77/
73 Sep
85 MaY
2558 26
2534 2614 253 2558 2512 2512 243 2514 2434 25
3
4
2434 Dec 5 3614 Aug 21
29 Sep
5 495 Distillers' Securities Corp
3814 Mch
1478 1534 *13
18
.12
18
*14
18 .14
18
1114 Feb 28 213 Sep 23
*14
200 Federal Mining & Smelt'g
4
13 Deo
18
30 Feb
4514 4(3
.43
4613 *41
•42
46
46
4218 4218 *40
300
3718 Jan 23 5234 Sep 26
Do prof
37 Dec
46
6613 May
18614 18612 185 187
1834 185
1847 185
18214 1833 18234 13313 5,100 General Electric
3
4
155 Jan 2 18812 J'ly 25 142 Sep 16538 May
*36. 3814
3818 384 .36
3814 *30
3712 35
3712 *33
300 Gen Motors vot tr ctfs- 30 Feb 26 4278 Sep 3
35 Nov
3812
6134 Aug
79 79
7913 7918 7812 7812 7813 783
701 t May 3
4 777 7814 *76
8
800
Do pref vot tr atm _
8234 Sep 3
7413 Deo
86 Aug
7812
52
134
124
178
178
173 2
178 2
133
178
$138 Dee 5 $5 Mch18
113
5313 Oct
158 23,700 d(ioldfleld Coo Id Par *IC
$773 Jan
*6834 70
(4934 7()
6913 6934 6914 6953 6712 69
6714 88
4,000 Goodrich (B F)
674 Dec 6 81 Sep 9
*1043 107 *10512 10634 *10512 10634 10612 10012 *100 107 *10534 10634
Do prof
106 Sep 26 10912 Sep 16
100
0514 5514
5518 5512 533 5514 53
4
54
515 525
8 51
5212 2,6041 dGnirgenh Explo_Par 6,21 $51 Dec 6 46213 J'ne 14
1978 20
1014 194 19
1913 20
1978 2038
1914 1858 19
10,300 dinsp'n Coneop Par $2( $1814 J'ne 3 $2113 Oct 10
*119 12034 120 120 *11918 12034 116 11912 112 117
112 113
8
nternational Harvestel 10514 Feb 1 1267 Sep 10
5,200
0313 Sep 129)8 May
*11434 11634 1145 115 *11413 118
115 115
11413 11412 *113 11412
8
800
DO prof
11312 Nov26 1213 Apr 4 115 Sep 12814 May
4
44,5
544
4.5
514 *5
*5
514
514
5
5
478 47
8
4300 frit Met Marine stk Sr at:
4 Men 7
314 Sep
74 Alch29
578 Jan
*19
2013 20
1958 195
8 19
20
20
20
1913 19
19
Do prof
800
1534 Ply 30 26 Mch29
2213 Dec
14 Aug
1258 13
1234 13
12
13
1258 13
1113 1214 114 1178 5,400 International Paper
933 Jan 17 1034 May23
9 Sep
3
133 Jan
5073 51
51
5112 50 4 5118 4834 5034 49
3
50
1)0 prof
4918 407
34578 Jan 3 6273 May23
8 4,900
4453 May
564 Jan
*23
2614 24
•24
24
2613 2313 24
20
23
1914 1978 2,100 Internal Steam Pump
1914 Deo 6 34 Jan 2
23 Oct
44 Feb
.73
7013 •78
7013 •78
7912 •78
7912 76
7814 *72
78
Do pre
300
76 Dec 6 8458 Apr 8
80 Oct
0012 J'ne
*91
03
9234 93
091
94
*91
04
03
93
•91
03
400 Kayser & Co (Julius) ___ _
9114 Nov10 9534 Oct 24
*107 109 *107 109 *107 100 .107 100
108 108 *107 109
Do 1st prof
108 Nov 4 103 Oct 21
100
178
73
*78
82
182
82
82
*78
78 78
7613 7012
71 Sep 25 8912 Oct 2
225 Kresge Co (S 8)
•1033 10312 *102 10313 *102 10312 *102 10312 101 102 *10014 102
prof
Do
200
100 Oct 30 10512 Oct 2
50
50
50
4913 403
50
4 49 49 12 *4812 4912
*4912 50
29 Meh 21 5512 Sep 30
700 Lackawanna Steel
30 Sep
48 Apr
10312 101
10333 10338 --------400 Laclede Gas (St L) emu_ 1038 Dec 5 10834 Jan 4 10114 Sep 11412 Jan
•
111 10412 *10312 10412 *10313 10412
8
213 213 *211 215
212 212
214 214 *212 213
212 212
400 Liggett & Myers Tobacco 150;8 Jan 15 225 Oct 18
11612 11612 .111 117 *112 117 *112 117
116 110 *111 117
14)513 Jan 12 118 Aug20
200
Do _preferred
4118 4178 4113 4112 4034 4118 4012 4012 303 41
4
3912 40
2,225 Loose-Wiles Bls tr co an
3913 Dec 6 4715 J'ly 26
*10114 10514 *10414 10512 *10414 10514 *10414 10514 10414 10414 *104 10412
100
Do 1st pref
10312 Oct 7 10538 Nov16
*3013 0113 691
91
*9013 9134 *9012 913
4 9012 0012 *90
Do 2d prof
9134
140
90 J'ly 22 9234 Oct 14
*79
82
8
8118 814 803 81
803 8012 7934 8014 7713 7912 2,600 May Department Stores_
4
69 Apr 11 8.3 Oct 7
70 Apr
03/ J'ne
*106 10713 *100 10712 *106 10712 *106 108 *100 1074 *106 103
Do prof
10534 J'ne 24 112 Jan 11 10734 Sep 11314 J'n•
01.14 8414 8338 843
8314 8512 8258 8434 21,700 Mexican Petroleum
8412 8418 8634
4 83
(123 Apr 20 1013 Oct 17
4
2312 2834
2712 2858 2718 2712 2612 2714 26
2814 283.1
2612 13,500((Miami Copper___Pur 5Z $2313 Feb 14 $3014 Sep 25 61658 Sep 52412 Dec
•130 13234 12978 12078 *130 132
130 130
129 129
12512 12814
200 Vational Biscuit
12512 Dec 6" 161 Apr 30 11714 Jan
14334 Nov
*122 125 *122 125 *12214 12478 *122 125 *122 124 *122 12412
11
Do pref
123 Oct 4 131 J'ne 10 124 Jan 130 Feb
*1013 203 *1912 203
4
193 193
4
195 20
4
8
4 1753 1912 1714 1734 2,015 Nat Enamefg & StalnP•2
1214 Feb 29 26 Oct 15
1212 Dec
22 J'ly
*01
0312 .01
9312 .9112 9313 *9112 9312 9112 9112 *90
03
Do prof
110
83 Feb 27 0512 Jan 2
85 Jan
10034 J'iy
*604 6112 *60
6114 6014 6012 57
60
5534 671.1
5534 56
0,200 National Lead
5118 Jan 0 6814 Oct 7
4212 Sep
59 Feb
*11.314 109
1083 1083 10313 10812 *108 109
4
4
108 108
108 108
Do pref
400
10512 Feb 1 11078 Nov20 101 Sep 10934
2278 23
2234 23
2212 2234 2238 2258 2113 2212 21914 2014 19,600 (iNev Cons Copper Per 53 51814 Jan 29 $2413 Sep 31 $1513 Sep $2114 Aug
J'ne
82
82
380
8014 80 80
79
7912 7818 7818 783 793
New York Air 13rake_ _ _ _
,
4
8
50 Feb 17 85 Nov18
45 Oct
76 Feb
*S278 83
8218 83
83 83
8214 8213 8134 8213 8212 8212 1.300 North /American Co (new) 7412 Jan 3 8773 Aug 21
04 Jan
7,334 May
3412 3412 348 35
35
3514 34
34
3213 334 3213 3234 3,500 Pacille Mall
30 Jan 3 38 Sep 30
2318 Apr
3338 Nov
*4812 4913 *4812 4913 4812 49
4812 4834 48
4812 4713 473
4 2,500 -1 nettle Telep & Teleg
47 Feb 5 65 3 Apr 25
35 Sep
3
5458 Jan
11512 11538 11514 116
115 11514 11412 11512 114 11412 11413 11413 3,100 People's 0 L & 0 (Chic)
. 103 Jan 8 12212 Oct 0 10112 Aug 109 Jan
*2338 2373 2312 234 22
2212 2034 2212 2113 2214 4,000 Pittsburgh Coal Co
2312 22
163 Itch 1 2714 Aug 14
4
17 Dec
2314 J'ne
93
03
*9212 9312 00
02
893 91
4
87
90
865 89
Do pref
9,350
8
77 Feb 8 10034 Aug 14
6734 Jan
904 J'17
205 200
20614 20658 203 20612 206 203
208 209
206 206
2,100 P. Lorillard Co
167 /dell 11 21512 Oct 18
•11612 11678 *116 11678 §11678 1167 11614 11614 *11612 11712 *110 11714
Do preferred
125
10734 Jan 12 118 Aug 20
'27
38
.37
38
3634 35
3634 37
36
35
3413 35
1,300 Pressed Steel Car
2834 Feb 27 4078 Sep 30
25 Sep
3758 J'ne
*101 10112 10112 10112 *101 10112 101 101 *101 10112 *10013 10112
Do pre(
200
96 Feb 28 10334 Aug 16
91 Sep 10234 J'ne
•11558 118 *115 119 *115 118 *115 118 *115 118 *115 118
Pub Service Coil) of N J. 10634 Feb 17 1204 Aug 13 108 Oct 120 Feb
*16313 165
165 165 *164 165
164 164
163 163
16218 1(13
15313 Feb 2 175 Aug 21 154 Sep 163 Jan
7(10 Pullman Company
*3314 38
*3012 38
3612 3612 *3614 33
3(3
364 35
3512
1,200 0allway Steel Spring
2713 Feb 8 4034 Sep 25
26 Oct
39 Inc
*103 102 *NO 102
101 101 *100 10212 1013 1013 _--- -_-3
8
100 Meh 12 105 Aug 28
250 1• Do Prof
1
92 Jan
103 J'ne
22
22
22
2214 22
4
2238 2178 22,, 203 2178
2018 21
53,900 allay ConsCopper Par 31( $143 Jan 29 5214 Sep 23 $12 Sep 819 Deo
23
28
28
2513 2658 25
2613 27
2853 2714 28
26
6,060 Republic Iron Zic Steel
1534 Feb 26 35 Oct 4
18 Oct
13514 Feb
*89
8034 893 00
4
8834 89
8918 8613 8714 8634 8712 5,150
87
Do pref
6412 Feb 27 1338 Oct 25
7413 Oct
093 Feb
3
17
17
0413 0512 94
0711 973
4 9614 97
9134 9412 9413 3,300 Humely (M) Co
94 Deo 5 101 Nov14
102 102 *102 103
10213 10213 *10112 10212 102 10214 *101 102
600
Do prof
100 J'ne 20 10:313 Oct 25
216 210
21513 218
2144 215
21212 21514 203 213
205 208
4,717 .'ears, Roebuck & Co
140 Jan 15 221 Nov 8 12512 Sep 192 Feb
49 49
*49
55
*48
49
*4S12 50
48
4.812 •46
30() siess-Sheffleld Steel & Ir.
494
3014 Jan 30 5934 Sep 20
34 Sep
6614 Feb
31
3113 3112 32
3218 3218 4,32
34
31
31
3178 317
3 1,100 Standard Milling.
1014 Jan 10 3312 J'ne27
15 Aug
1718 J'ne
*64
65
*64
6512 *6312 6412 64
64
*6313 65
103
*6313 05
Do pre
53 Jan 8 60 Oct 2
50 J'ly
33 Dec
42
42
*41
43
*4112 43
4143 413
4 4014 41
000 Studebaker Corp (The) _
3912 3913
30 J'ly 10 4912 Aug
*9312 96
9213 9212 *9212 05
03 03
*03
*93
96
96
250
Do prof
9012 J'ne 26 0813 Aug 13
4112 4153 4113 413
4112 4014 4034 3978 4044 3014 40
4 41
4,700 ((Tennessee Copp_ Par *23 $3413 Feb 1 $4714 May21 13014 Sep $44
J'ne
*11834 1204 *11914 12014 119 11911 11812 119
113 118
1,800 Texas Company (The)
114 11514
81 Jan 15 13058 Sep 7
7413 Nov 13612 Feb
103 10318 10213 10458 102 10212 1,900 Underwood
*10212 105 *103 105
10318 104
Typewriter.
0834 Apr 3 11534 J'ne 28
63 Meh 111 J'ne
•113 116 *113 115 *113 115 *113 115 *113 115 *113 115
Do pref
110 J'ne 14 11412 Sep 17 103 Meh 11378 3
813 818
8
814
734 8
6
73
8
512 6
at
53s
0,300 Union Bag & Paper_
4 8 Jan 25
,
1778 May15
434 Deo
9 Feb
4512 47
3978 46
4512 4512 4612 47
3612 387
8 3513 3612 4,000
Do prof
3513 Dec 6 6734 May15
6018 Nov
5912 Jan
*1813 20
*1813 21
.17
20
*17
20
•17
*17
24)
21
U S Cast / Plpe & Founw
13 Feb Hi 2213 May16
11 Sep
19 Feb
5034 693
4 695 603
8
1 60 60
5912 5912 6918 5012 *50
Do pref
800
09
50 Jan 4 6138 Oct 18
4012 Sep 361 Feb
•____ 65 •____ 55 •____ 53 *_
53 *_
53 e____ 53
U S Industrial Aleoho3_
6276 JanJa n 38 8711 j ia y21
5 1 Se p 21,1
6 m. y 8
1
24 Aug
*7914 8212 *7914 82
30 May
•7914 ____ *7914
7313 7014
-7113 733
1,800 U S Realty & Improv't_
4
6513 Jan
7934 May
6513 60
€614 6778 6534 6714 6334 6612 62
6412 6134 63
46,400 United States Rubber__
4514 Feb 1 6778
3012 Sep
*10812 10912 1(037 1087 101333 1083
4812 Dec
8
8
44'107 109
107 103
10612 1065
8 1,045
Do 1st pref
10508 J'ly 25 116 May20 101 Sep 11513 J'ly
*7512 8041 4
,7814 8014 *78
80 .78
80
*80
75
8014 75
300
Do 20 pref
75 Jan 23 8512 May21
(41 Sep
79 Mch
7541 7512 x7318 7413 7214 735,3 707 73
8
6813 7118 6712 6914 651,160 United States Steel___
8.814 Feb 13 8034 Sep 30
60 Oct
8218 Feb
1114 112
11113 11178 11014 11112 110 1107 10914 11018 10812 109
8
12,850
Do prof
10758521
26 81712 sSeepp 3030 103 Oct 12078 Feb
13 167
63
6338 6314 6378 6234 6319 6214 634 60
8
6212 3585 6014 34,050 4(Jtah Coppor___ Par $1(
Jan 26
$38 Sep $5773 Dec
4(112 4613 4634 463
4
455
8 4634
3 453
4
453
45
453
4 43
45
3,300 Virginia-Carolina Chem_
43 Dec 6 5714 Jan 26
4318 Sep
704 Feb
*11513 11031 *115 117 *115 1163 *115 117 *115 1163 *115 1163
4
4
4
200
Do pref
11514 Nose 11 122 Mch27 114 Sop 12812 Meh
783 784 783 787
4
4
7712 784 75
78
8 78
7714 75
7614 3,000 Western Union Teleg_,
75 Dec 5 8614 Jan 18
83
1, 82
714 Apr
8412 May
83
81
8 79
8114 8034 813
8034 79
8018 7.100 • •
estingh'seEl&Mfg as:
6614 Jan 3 8912 Aug 9
6858 Sep
*122 1:34 *122 130 *122 134) *122 130 *122 130 *122 130
79 May
Do 1st prof
11.17 Jan 5 126 Aug 0 11012 Aug 123 Jan
8
•11212 113
11312 114
11214 11313 11112 11214 104 1114 100 10012 13,200 Woolworth (I AV)
'
,
021.4J'ly 25 1174 Oct 2
.11512 117 *11512 116 *115 110 6116 116
11412 11514 11452 115
650
Do ,ref
111101'1y 29 116.4 .Fly 2

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
prook1V/1
Coney lift!!
First --- --Clreenpomt _
_
Homesteacil
Manutan'rs
Mechanics'1
Montauk
Ness an
_
. at City__

1314

Ask

155
1.4" 295
160
125
115
4- -- .- 425
03
230
240
153
3-13
225
275
295

1.133

Ask

175
115
150

200
135
165

N Y City
Astor
398
Bankers' T1 650
(3' way Sr..,, 170

403
500
175

Banks
Brooklyn
North Side 1.
-'copie's
Prosp'et
Trust Co's

1:331
N y City
Central fr__
ColumbiaKnielcerb
Commercial
Empire _
Equit'ble T.
Farm Lo& 1
Fidelity
Fulton
Gnarly Tr

/Pia

Ask

1.035

1045

Trust 00's
fad
N Y City
Guardian Ti t100
Hudson
t13714
Law T 1&'1'i 217
555
665
Lincoln Tr. 125
9712
4.1etro1101T44 410
300
305
635
515
Mutual Atli
t1311 1350
mice
145
214
\Int.( West315
5i5 chester)
140
033
640

Ask
142
222
130
450
132
150

trus:
N Y City
NY Lif86;1'4
N Y Trust
TitleGudc Ti
Union Tr __
US Mtg&'14
Unit States,
Washington
Westchestel
Windsor --

Eta

Ask

1060
630
495
1290
473
1125
375
150

1080
615
.505
1310
490
395
160
185

Trust Co's
I3rook Ipa
Brooklyn Ti
Citizens' ___
Franklin ___
Hamilton __
Home
Kings Co
L Isl L & Tr
Nassau
Peoples
)ueens Co-

Ea::

Ask

475
15.3
240
270
118
520
300
130
295
100

490
255
285
310

dg
11.0

!
Bid and asked prices; no sales on tills daj. 4 I C93 Visa 10) shares. t Lc-rights.
t Salo at Stock Exchange or at auction this week. s ida stook dividend. 11 Banks a E'x-div. and ghts. S New stock. d Quoted dollars per share.
marked with 3 paragraph (11) are State banks. z Ex-dividend.




1524
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1900 the Exchange method of quoting bonds was changed, and prices are now all—"and interest' --excep for incoms and defaulted bonds.
Price
Friday
Dec 6

BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec 6.

Week's
Range or
Las: Sale

Range
Since
Jan. 1.

ci
BONDS
N. Y. STOCK EXCHANGE
,3..
Week Ending Dec 6.

Price
Friday
Dec 6

Range
Since,
Jan, 1,

Week'1
Range or
Las: Sale

' Bid
Ask Low
Bid
MA No Low High
High No, Low High Chesapeake Fa Ohio-Ask Low
5 19938 10412
00
0
3
100
Gen funding & impt 5s__1929 J -J -- 101 100
10113 Sale 10118 10118 27 10034 10118
1st consol gold 5s
1939 ,11-N 109 110 109
1093
4 14 109 11134
10078 10138 01 Oct '12
10034 1013
4
Registered
1939 11-N 107
10933 Nov'12 .,7 1093311114
10213 103 10212 J'ly '12
102 10234
General gold 4 Ms
1992 in-s 9958 Sale 9912
9978
10213 W3 10213
10212
1 10113 10314
Registered
11334 1141.! 11418 Nov 12
11314 11458
1992 51-S 98-_-- - 9938 Nov'11
Convertible 4 Ms
1930 F-A 9258 Sale 9212
93
11418
11334 Sale 11334
8 11314 1143
4
Big Sandy 1st 4s
1944 J -D 8518 83 8618 Nov'12
10078 10114 10012 J'ne'11
Coal Riv By 1st gu 4s
1945 J-D 83 _ _ 8813 Oct '12
10134 10214 10178
10178 10 ia3 10213
8
Craig Valley 1st g 5s__ _1940 J -J *Iu212 __ 10134 May'12
1063
88133
88914
Potts Creek Br 1st 4s.._:_1946 J-J
8314 ,..... 84 May'12
Foreign Government
92 Sale 92
-91;-066i R & A Div 1st con g 48_1989 J -J
92
6 314
i
0512100
Argentine—Internal 5s of 1909- M-S .1 9634 98 9612 Nov'12
2d cons(); gold 4s
883 ____ 9012 Aug'12 .....-- 9012 9012
4
1989 J -J
91 Oct '12
Chinese (Hukuang) By 5s £___ - J-D
— 91
91 9512
Greenbrier Icy 1st gu g 4s 1940 31-N 8712 ___ 95 Oct '10
Imperial Japanese Government
1 :-0 12
5 18 :
- - f Chic Fe Alt RR ref g 33
2
1949 A-0 __._ 68 6313
6812 --5 -600114 16513
Sterling loan 4 Ms
91
8
4
15 9012 94
1925 F- A I 905 913 9012
•Railway 1st lien 3 Lis
6514
_1950 J-J __- - 65 05
2d Series 4 Ms
895 Sale 8912
8
895
8
1925 J -J
5 89 93
8258 8818 Chic B & Q Denver Div 4s1922 F-A 994 100 100 Nov'12
Sterling loan 4s
J I 8312 8414 8313 Nov'12
1931 J
.- 2::
Illinois Div 34s
8
8513
1949 J -J
8514 87 853
10112 105
Republic of Cuba 5s eaten debt_
S :10158 102 102 Nov'12
5512 8614
Registered
1949 J-J
83 ___ 8614 Aug'12
External loan 4 Ms
99 9914
98 99 Aug'12_
1949 F- A 8 2 08
--i5 63 4 ,
Illinois Div 45
9712 Sale 9713
04
1949 J-J
9814 7 . 97: 1891 .
97 9712 93 Oct '12
San Paulo (Brazil) trust 5s_1919 J -J
9718 9834
Registered
1040 J J
96 ___ 97 Sep '12
9178 95
8
Tokyo City loan of 1012, 5s__ -•S *- 933 917 Sep '12
4
1037, 105
Iowa Div sink fund 5s_1919 A-0 10334.... _ 10418 Oct '12
9412 957 9513 Nov'12
8
9512 9714
U S of Mexico s f g 5s of
1899
Sinking fund 4s
1910 A-0 9858 9912 9812
0812 --6
90 90 Nov 12
Gold 48 of 1904
88 91
1954
9
0612
1 911 994
1 9 1
;
Nebraska Extension 45_1927 11-N
9613 99 9613
ThesJ are p rices on :5453 sts / $5 to
Registered
1927 11-N 06 _. __ 9658 Sep '12 ---- 965 065
3
8
State and City Securities
4
1921 31-S
98'2,,,,_ 983 Nov'12 _ _-- 9834 9912
1001r 59 100 103
Southwestern Div 4s_
100 Sale 100
N Y City-43.s
1960 85-S
Joint bonds See Great North
1950 81-N 964 Sale 96
964 35 98 10018
4% Corporate Stock
4.
1011 10575
941
8
9978 10018 10018 Nov '12 i..i. 190!29 114
Debenture 5s
1913 :11-N
4% Corporate Stock__1958 N1-N 96 Sale 98
9612 38 96 10018
General 45
9412
1058 .11-S 9414 Sale 9418
4_7 Corporate stock
0
1957 M-N 9618 Sale 96
9614 22 98 10014
7814 7812 774 Nov'12
New 4 Ms
1043
8 38 10418 10778 Chic & I& Ill ref od imp 4 gs_1955 J-J
1957 Id N 104 10438 10414
1st consol gold 6s
1934 11.-0 118 125 119L2 Oct '12
101 10158 Aug'12
New 4 Ms
1917
N
1015 10234
8
General consol 1st 55
1937 Id-N 105 107 107 Nov'12
10414
9 104 10778
43% Corporate Stock_ _1957 41-N 104 Sale 104
0671 081 911;4
079
Registered
1937 '.I-N ____ 10612 10914 Feb '12 i -.: 10714: 195 82
101
2 101 10278
45% assessment bonds_1917 M-N -- 10178 101
Pur money 1st coal 5s_1942 F-A --_ 98 98 Oct '12
8412
8418 Sale 844
8 8418 88
34% Corporate Stock_ _1954
Registerad
N Y State
101 101 Nov'12
-4s
10038 10278
1961 31-s
10614
i661411)012
Chic & Ind C By 1st 5s_1936 --- 10512 _ _ _ . 10614
J -,f
Canal Improvement 4s 1961 J-J 10012 10112 10114 Nov 12
10038 10278
83
76 7634 7613
77
Chic Gt Western 1st 4s_ ___1959 M-S
1003 103
8
. Canal Imp'ment (new) 481961 j•j 10018 10013 too ts Oct '12
5 1241 12012
1 1248
7
Ohio Ind & Loulsv—Itet 68_1947 3-J 12434 1281.2 1243
3
4
1243
4
Oct '12
10012 102
Canal Improvement 45_1960 J J 10012 _ _ 10058
1004 11034
Refunding gold 5s
4
194.7 J-J .... _ 109 1093 Aug 12
10312.1'1y '10
98
So Carolina 45is 20-40
1933 J -J
Refunding 43 Series C_1917 J-J ___ ___ 9558 Apr '11
4
9758
_ 973 Apr '12
Tenn new settlement 3s
1913 3-9-i3-4 9734
Ind & Loulsv 1st gu 4s_1956 J -J __ _ 84 86 J'ly '1:
2
-id- -661413 87 8612 Dec '11
Virginia fund debt 2-3s
8
1991
0014 9158
9014 Aug'12
1956 J J
53 Sale 53
55
12 -id - -66- Chic Ind & Sou 50-yr 4s_
Gs deferred Brown Bros ars_
Chic L S & East 1st 4 Ms
1969 J -D --------104 Deo '11
Railroad
10012 -2 1001- 16118
2
4
A nn Arbor 1st g 4s
51095(,-3 77 7714 77 Nov'12
71312 8414 Chic MIL & St P term! g 5s 1914 J-J 10018 1003 10013
Gen'l gold 4s Series A__81989 J-J
4 84 9612 100
9758 Sale 9758
963
9814
Mtch Top & S Fe gen g 4s1995 A-0 9613 Sale 0613
13 9712 9 7
_
0
81g
9
Registered
95 _
4
51989 Q-J
9712 Apr '12 _ 1 8358 888
Registered
98 963 Oct '12
1995 A-0
9618 9913
Gee'! gold 3 Ms Series B_51989 J-J
8358
8358 Sale 8358
8778 11 874 9238
Adjustment gold 4s____51995 Nov 8713 89 8712
Registered
e1989 J -J 82 ____ 86 rne'll
Registered
51995 Nov 86
86 Nov'12
86 91
25
-year deben 45
91
91
9012 91
1934 J-J
8712
88
Stamped
M-N 8712 873
4
39 8712 92 8
5
10512 Sale 10512 10614 362 10 4 0
Cony 4 Ms (full pd recta)
Cony 4s issue of 1909 _51955 J -D
10818 Sep '12 _ 10614 1073
_190
4
Chic & L Sup Div g 5s___1921 J-J 1043 — _ 105 Sep '12 ---- 105 108
8
10718 46 1053 111
Cony gold 4s
1955 J-D
106
4
106"1- ;10613
6 4
6
• Chio & Mo Riv Div 5s___1926 J -J 106 ____ 1064 Nov'10
8
4
10313 Sale 10212 1041 556 10014 111
Cony 4s (Issue of 1910)_1980 J -D
10414
2 10414 10658
1921 J -J 10438 10412 10414
Chic & P W 1st g 5s
10
-year cony gold 5s_..1917 J -D 106 Sale 10512 10712 77 105 10714
7 9312 0514
8
9314 9334 935
CM & Puget Sd 1st gu 4s 1949 J -J
933
4
9878 _ _ _ _ 0914 J'ly 11
Debentures 45 Series K 1913 F-A
102i4 Oct '12 102 103
Dak & (It So gold 53
1916 J-J 10118
East Okla Div 1st g 4s_... 1928 M-S 9412 96 94 Oct '12
94 -9634
Dubuque Div 1st s 1 6s 1920 J -J 111 11113 111 Nov'12 --- 111 11358
3
Short Line 1st 43 gold_ 1958 J-J
907 0114 9118 Nov'12
9014 94
Far &Sou assumg 6s
1924 J -J 115 ___ 11738 Aug'11
1001
100 1004 10018
-Ariz 1st & ref 4 ms_1962 MCal
9934 10012
LaCrosse as D 1st 5s
1043 J'ne'12
4
1919 J-J 103
S Fe Pres & Ph 1st g 53 1042 If-S *10712 ____ 10814 Oct '12
10814 11012
0532 i063
1 1 1 f6 -3
1 : 1s
4
Wis Fa Minn Div g
4i
4
_1921 J-J 10312 10,114 105 Nov'12
10638 J'ly '11
Chic & St L 1st Gs
1915 in-s 105 _
Wis Val/ Div 1st (5s 5s__- 1920 J -J 11018 11234 11134 Sep '12
.7053
4
A.t1 Coast L 1st gold 45_51952 NI- S 9513 Sale 9512
9
- -41; -915 8
MU & No 1st cons 6s
1 10032 10114
10038
1913 J -D 10038 _ _ 10038
Registered
M-S 93 __
98 Oct '06
*10612 _
Extended 4 Ms
1913 J -D 9913 __ _. 1004 Aug'12 ---- 10018 10013
2
108 Oct '12
Ala Mid 1st gu gold 5s !1 9 8
1952
108 108
93 8 ii 8 96 Aug'12
3
5Bruns & W 1st gu gold 45 1938 J -J
95 9534 Chicago Fa N West cons 7s _1915 Q-F 10478 10514 10514 Nov'12 ---- 10434 108
93032 970
89818 898
Extension 48
1886-1926 F-A ___ 9711 9612 Sep '12
Charles & Say 1st gold 73 1936 J -J *128
Registered
96 Oct '12
4
-2
1886-1926 F-A 95
31-N 913 9212 9134 -1521- 52 till; -66 4
L & N coil gold 48
'
1
42
General gold 3 Ms
84
1987 NI- N 8313 -843 84
4
° 32
Say F & W 1st gold 6s___ 1954 A-0 ____ 12314 12318 J'ne'12
12313 1231,3
Registered
4
p1987 Q-F 8212 87 8434 J'ly '12 --__ 8412 8634
1934 A -0 1063 11212 11058 May'll
1st gold 5s
General 45
97 100 97 Oct '12
1987 31-N 9714 Sale 9714
973
8 33 05 9834
1918 J -J
Sil Sp Oca & G gu g 4s
97 97
Sinking fund 63____1879-1029 A-0 110 --- _ 11134 Nov'11
91 Sale 90 4
1925 J-J
32 9013 93
& Ohlo Prior 3 Ms
nalt
3
9113
1879-1929 A-0 109 ...... 10934 Aug'12
Registered
1003- 1-11939014 Nov'12
4
51925 Q-J 89
9014 9158
Registered
4
Sinking fund 55
1879-1929 A-0 10514 -___ 106 Oct '12
105 1067
9714 69 9512 9914
8
51948 A-0 9714 Sale 97
Gold 4s
Registered
1879-1929 A-0 10514 ___ 1045 Oct '12
8
95
6 ::
;0; l6 4
4 i 58
0
9612 Nov'12
96 9818
Registered
51948 Q-J
Debenture 5s
1921 A-0 12 1
10312 Oct '12 ---- 10234 10513
*10912
Jan '12
112
112 112
Pitts Juno 1st gold 5s...__1922 J -J
Registered
1921 A-0 --------101312Feb '10
8718 90
P June & MDLV lst g 3 As1925 M-N 8612 _ _ 8718 Nov'12
Sinking fund deb 5s
1933 51-N ___ - 10814 10814 Nov'12
9 8838 92
89
PLE & WVa Sys ref 4s..1941 M- N 8838 Sale 8838
10734 Aug'11
Registered
1933 M-N
895 Sale 8914_ 893
8
4 so 884 9112
Southw Div 1st gold a Ms 1925 J-J
Frem Elk & Mo V 1st 63_1933 A-0 1221-2 125 124 Oct '12
124 127i
101 _ _ _. 101158 Nov'12
99 10158
Cen Ohlo R 1st c g 4 Ms_ _1930
Mani GB Fe NW 1st 334s 1941 J -J ___ ___
901 Sep '09 -------- _
11112
& W con 1st g 53_1933 A-0 106 108 107 J'no'12
107
CI Lor
Milw & S L 1st gu 3 Ms_1941 J -J *___- 863 ----4 -- 10214 J'ne'12
4
10214 10412
Monon Riv 1st gu g 5s___1919 F-A 1013
1111211513
Mil L S & West 1st g 6s_1921 hl-S 111 11214 11134 Sep '12
_ 10834 Nov'12
Ohio River RR 1st g 5s_1936 J -D 107
1083 1003
4
8
0 3 l10
Ext & imp a f gold 5s 1929 F-A 10114 1073 10712 Nov'12
i8 .4
64
4
General gold 5s
1937 A-0 101 10614 10512 Apr '12
105 10512
Ashland Div 1st g 6s.._1925 51-S 11434 ____ 14212 Feb '02
_ 11313 Feb '12
Pitts Clev & Tol 1st g 6s_1922 A-0 11214
11313 11313
1634
Mich Div 1st gold 6s 1924 J-J 1154 .11634 May'12
9634 _ _ 0613001 '12
9612 9712
Pitts & West 1st g 4s__1917 J-J
9314 56 1063 10 8
MI1 Spar &N W 1st gu 48_1947 M-S 9318 9312 03
9214 9;
2
Stet Isl By 1st gu g 4 ms_1943 J -D 91 ___ _ 91 J'ne'12
91 91
Northw Union 1st 7s g 1917 M-S 110 __ 115 J'ly '11
Buffalo R & P gen g 55
4
1937 NI- S 1093 10978 10934 Nov'12
10934 11212
Winona & St P 1st ext 7s 1916 3-1) 109 11158 109 Sep '12
.4
lid Hi”
1957 ,11-N 1033 10458 101
Consol 45's
10412 12 104 10714
Chicago Rock Is & Pa 6s_1917 J-J 10618 ___ 10634 Sep '12
97 Feb '11
1998 A -0 95 4
3
All & West 1st g 45 gu
Registered
1917 J-J 10(5
_ 109 Aug'10
1943 J -J *10812 _--- 103 Ply '08
CI & Mah 1st gu g 5s
General gold 43
1988 J -J
92 93 9312
111
9312
1133 Noy'll
4
Roch & Pitts 1st gold 6s..1921
1988 J..„/ _ __ 94 9312 Oct '12
Registered
-6•
112 Aug'12
1922 J-D 11213
112 11533
Consol 1st g 6s
87
Refunding gold 43
ii
1934 A-0 612 Sale 8013
91 ?611-2 -90
40 _ _ 72 Mehl
2 63
1
Butt & Susq 1st ref g 4s.._d1951 J-J
20-year debenture 5s__.._1932 J- J 8912 893 90
9
4
9614
8
9014 15 8974 045
ext 6s
1913 J-J 100 10014 100
1004 48 iad- idi
Can So 1st
10018 68 9912 101
1914 ,11-N 96 _
0734 Sep '11
Coll trust Series L 45
1913 in-s 100 Sale 100
2d 5s
P 4s
0434 J'ne'll
1918 111-N — 95
10034Jan '11
Registered
1913
S 99
604
65
2002 NI- N 651 S
Chic R I & Pac RR 4s
Central of Ga 1st gold 6s_ _p1045 F-A 110
1 111 11334
111
111
-5 87 7211 ,
: :1: :3.
.
:
__
2002 M-N ---- ----- 6712 Nov'12 . :88 3 .1i
Registered
1071
• Consol gold 5s
1945 M-N 10718 Sale 10718
48 10634 11118
R / Ark & Louis 1st 4 Ms 1934 M-S 86 00 8712 Nov'12
Registered
1945 31-N 108
107 107
107 Aug'12
10812
1 .71 .13 ..
- 10!..3
8_81_ 19.
.. 1
1
Bur 0 R 63 N—lst g 5s 1934 A-0........ 110 1084
pref income g 5s____p1945 Oct
Dec '11
• 1st
103
1934 A-0 ____ ----12012 Meh'03
Registered
2d pref Income g 5s____p1945 Oct
105 Dee '11
0 R I F & NW 1st gu 5'21 A-0 1Ci2 106 10514 Sep '11
2d pref Income g 53 stamped.._
96 Noy'll
___ ___
11 & St L 1st gu g 75_1927 J -D
3d pre income g Ss___.p3945 bct
--107 Dec '31
_
10988 - 100i151 (18111
4
Choc Ok & G gen g 5s_o1919 J-J 1003- ____ 102 Sep '12
8518 Oct '1
3c1 pref 1ncome g Ss stamped.._
-.
4
4
Consol gold 5s
1952 111-N 10512 ....... 106 Oct '12 :7.13
Chatt Div pur mon g 4s....1951
-071- 9013 Nov'12
2
- - 9112
05
8
9958
1923 A-() 99 Sale 98
Keok & Des 31 1st 5s,
Div 1st g 5s 1948 „II -.7 104 10912 10714 Jan '12
Mac & Nor
10714 10714
St Paul& K CSh L lst4 40'41 F-A 89 9012 01 Nov'12
Mid Ga & Atl Div 5s
1947 J-J 10534 ____ 115 Nov'05
_
1 2
- 9 94
120 - 18 12113
0
1930 J-D 120 Salo 120
Chic St PM & 0 con 6s
Mobile Div 1st g 5s
1946 J -J *105
100-34 May 11
Cons 6s reduced to 340_1930 J-D 8914 _-__ 93 Dec '06
10112 Nov'12
iof 103
Cen RR & B of Ga col g 5s_1937 111-N 10013 _
10213 16
Debenture 55
1930 111-S 10214 Sale 102
1987 J-J 118 119 11813 11812
118 1223
Cent of N J gen'l gold 5s
4
120
121- i23
168
11:
Ch St P & Minn 1st g 6s.._1918 51-N 120 Sale 120
_ _ 11812 11814 Oct '12
11713 12214
Registered
51987
Nor Wisconsin 1st 6s__1930 J -J 120 ____ 12958 May'09
10512 25 105 107
Am Dock de Imp gu 5s__1921 -J 1054 108 10512
10914
St P & S City 1st g 65_ _1919 A-0 10914 110 10914
10212 10212
-J 102 ____ 10212 May'12
Le & Hod R gen gu g 5s_1920 j
.,
Superior Short L 1st 5s
-i_1930 M-S --------------100 100
Leh & Wilkes
-B Coal 55__1912 M-N
100 J'ly '12
t '12
10712
WI;Mit;
Chic &West Ind gen g 6s_q1932 Q-M 10(112
100 100
_ 100 Sep '12
N Y & Long Br gen g 43..1941 M-S 98
4
89 903- 90 Nov'12
Consol 50-year 4s
1952 J-J
8812 9218
891
17 894 9214
Cent Vermont 1st gu g 48_e1920 Q-F 89 Sale 89
U. S. Government,
U S 2s consol registered_d1930 Q-J
U 5 28 consol coupon_ ._..d1930 Q-J
U s 3s registered
k1918 Q-F
U S 3s coupon
k1918 Q-F
U S 4s registered
1925 Q-F
U S 43 coupon
1925 Q-F
U S Pan Canal 10-30-yr 23 k1936 Q-N
U S Panama Canal 3s g _
Q-S

--e:
-..:::::. 18846
2513,

J

i
i

1

MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Brooklyn Rap Tran g 53_1945 A-0
1st refund cony gold 4s__2002 J-J
Bk City 1st con 55 1918-1941 J J
Bk Q Co & S con gu g 55_1941 M-N
Bklyn Q Co & 3 1st 55_1941 J-J
Bklyn Un El 1st g 4-55_1950 F-A
Stamped guar 4-5s__1950 F- A
1949 F-A
Kings Co El 1st g 4s
1949 F-A
Stamped guar 45
Nassau Mee guar gold 48_1951 J-J
ConnRyFe List &ref 5g 4 Ms...51 J-J
1951 J -J
Stamped guar 4 Ms
Det United 1st cons g 4 5-s_1932 J -J
FtSmith Lt & Trac 1st g 55..1935 111- S
Grand Rapids By 1st g 5s_1916 J-D
Havana Bless consol g 5s
1952 F-A
Inter boro-Metrop eon 4 Ms _1956 A-0

a No price Friday; latest this week.




Street Railway.
8 1033
-N 10358 Sale 1035
4 27 10318 105
5
103 10312 103
10312 34 103 105 8 Interboro Rap Tr 55 Ser A_1952 NI
3
8972 Sale 8914
9218 249 8378 94 4 Manhat By (NY) cons g 45_1990 A-0 _ 94 9312 Nov'12 _ -_ 9312 9813
9334 10 9312 98
Stamped tax-exempt__1990 A-0 di 94 9312
102 .._ _ 102
102
1 101 10212
99 9834 J'ly '12
3
98 4 98 4 Metropolitan Street By—
3
6812 64
58 64 May'12
Refunding gold 4s
2002 A -0
6712 6214
6114 J'ly '12
101 10112 101
Farmers' Loan & Tr ctf__-4
10114
4 101 i6i1_ 6753 62
503 Mch'12
4
101 102 101
Stamped
101
3 101 10212
2 103 10413,
10312
10312
___. 841 8412
841
3 8313 87
Bway & 7th Av lsto g 58..1943
10113 1031$
102% 10134 Oct '12
-_— 864 854 Nov'12
Col 63 9th Ay 1st gu g 53_1993 M-S
8414 8612
102 103
10134 102 J'ne'12
78 791 7914 Nov'12
Lex Av & P F 1st go g 55_1993 31- S
7712 81
74 J'ly '12
74 80
____ 102 10178 J'ne'12
Third Av RR cans gu 43_2000 J-J
101 10172
- - 7415 J'ly '12
1015 1052 Sep '12
73 8111
Central Trust Co certs
10112 10214
74 Nov'12
---- -id
___
7214 811474 7514 754
7534 16 74 7932
Cent 'Tr Co cts stamped__ 107
107
1 107 11013
03
93 95
Third Ave By 1st g 5s1937 -11
. 4
1g% 9313 J'ly '06
99 10014 Met W S El (Chic) 1st g 4s.1938 F- A
E12 _9_12_
10414 10412 Dec '11
09 98 Nov'12
98 9934 Mitw Elec Ry & Lt cons g 531926
9412 Oct '12
4
94
80 273 7934 8412
Refunding & exten 434s1931 J -J
-80 - Sale 793
-a12
idi 102 Nov'12
10113 19211
Minneap St 1st cons g 5s___1919 J -J

gl

a Due Apr11, a Due May. is Duo July, Is Duo Aug. 0 Due Oot, p Due NOV.

q Due Dee, $ Option .
8515

New York Bond Record—Continued—Pau 2

DEC. 7 1912.1

'a

BONDS
N. I. STOCK EXCHANGE ,
.., a.
Week Ending Dee 6

Price
Friday
Dec 6

Week's
Range or
Last Sale

4,
0,.,
4cz

Range'
Since
Jan. 1.

Bid
Ask Low
High No. Low High
4
Oln H & D 2d gold 4 As_ _1937 J -J _.... 10114 1003 Oct '12 ......_ 10038 101
1959 J -J
lit & refunding 4s
9112 1959 J. J ____ 91
8614 J'ne'12 ____ 86 87
1st guaranteed 4s
_1941 .11-N 00 .
01 Nov'12 ___ 101 10414
Cln D & I 1st gu g
5s__Mch'l I
0 Find & Ft W 1st gu 4sg 1923 11-N ---- ----88_
1953 J -J
863 ____ 863 Nov'12 .___ 866 88
4
4
Cln 1 & W 1st gu g 4s
4
_
Day ec Mich 1st cons 434s 1931 J -5
1935 5-5 i6S
1st g 5s
HS oci 'ii ____ ii5i iciii2
id
Ind Dec & W
1035 J -J
10712 Dec '02
1st guar gold Is
9114
Cleve Cin C & St L gen 4s_1993 J -D 9114 0234 9114
2 90 9314
90 9218 9218
1931 .1-J
9218
20-yr deb 4 As
4 91
9334
Calro Div 1st gold 4s___ _193U J J ____ 9412 0318 Sep '12 ___ 9318 9414
,
7
CM V1 A.; M Div 1st g 45_ _1901 J -J ____ 89 90 J'ly '12 ____ 90 93
1090 11-N 0018 91
90 Nov'12 ___. 897 0312
St L Div 1st col tr g 4s
8
ItecrisWed
1990 11-N 83 ___ 91 Oct '07
Spr .!tc CO Div 1st g 4s
1940 II-S * 88 ___ 90 Dec '11
1940 J -J * 88 ___ 91 Apr '12
W W Val Div 1st g 4s
if - "iii (3' I St I. & C consol 6s_1920 11-N 10514 ____ 10534 Dec '11
1st gold 4s
(5-4'9712Nov 12
k1936
90 9712
— 06 J'iy '12
itugistered
k1036 (,)-F -,-96 96
Cin 8 & Cl con 1st g 5s.,_1928 J -J 10512 ___ 10718 J'ly '12 __ 10718 10718
C C C& I consol 7s
1914 J -I) —_ 103 105 J'ne'12 _.. 105 15.512
Censel sinking fund 7s..1914 J -D
General consol gold 6s_1934 J -J ____ 124 123 - 0.2iii -___ iig - 120
-12
1934 J -J
Registered
Ind 131 dc W 1st pref 4s
1040 A-0 90____
J'y 'OS ____ ____ _ __ _
_ _
_
0 Ind & IV 1st pref 5s__d1938 Q-J -----------_
Pro & East 1st con 43_1940 A-0 8814 80
ii3 3
- 4Nov' i -----8612 6i
f
1990 Apr
45 4612 45
Income 4s
48
7 35 50
1947 J -J
38 Salt 38
Col 111d land 1st g 9s
40
7 30 5812
1929 1z-A 9314 Sale 9314
Colorado de Sou 1st g 45
04
51 9314 973
8
1935 11-N
9314 933 9338
Refund & ext 4 As
4
0312 10 9338 0818
1921 J -I) 107 Sale 107
Ft W & Den C 1st g 6s
107
1 107 11212
___ _
___ ___
Conn & Pas Itivs 1st g 4s_1943 A-0 ___. ____
1952 J -J
Cuba RR 1st 50-yr 5 g
---- i65- Mai'IO -______ _
f'5ei Lack & Western11-/ Morris & Essex 1st 7s_1914 11-N 10312 ____ 10634 Sep '12 ....... 1013 10634
3
1st consol guar 7s1915 J-1) 106 107 10618 Nov'12 __ 10013 10918
Registered
1915 J-1)
11138 Dec '10
2000 J -D
1st ref gu g 33-s
90 Mch'12 _
90 90
N Y Lack ec W 1st 6s__1021 J -J 11112 112 11118 Nov,12 ____ 11118 11414
Construction Is
1923 FA 104 10718 10512 Nov'12 ____ 10512 1073
4
Tern) ec Improve 45......1923 11-N *954 -___ 9612 Nov'12 ____ 9512 98
Warren 1st ref gu g 3 34s_2000 F-A _,
102l Feb '03
1017 51-S 1107- ____ 11512 Aug '11
s
Del & Mid 1st Pa Div 7s
Registered
1917 11-S140 Aug '01 _
10-yr cony deb 48
1916 5-1) 07 Sale 07
9712 69 97 99
1007
8
1 10078 10134
1922 J -J -___ 101 1007
1st lien equip g 4 ;-6s
8
1st & ref 4s
9818 35 9714 993
1943 M-N 973 Sale 9714
8
4'
3 80 93 ,
Alb & Sus cony 3 As
89
1946 A-0 88 89 89
liens & Saratoga 1st 73_1921 .11-N 118 ____ 12114 May'12 ___ 12114 12112
Deny& It Gr lit con g 4s..1936 J -J 87 89 863
1 84 01
863
4
4
.. 9612 0812'
Consol gold 4 As
97 98 07 Nov'12
1936 J -J
Improvement gold 5s_1928 J -I) 9312 96 0312
9312
9 9312 9912
6 81
90
1st & refunding Is
8312
1955 F-A 8314 Sale 8314
Rio Cr June 1st gu g 5s_1939 J -I) 101 ___ 10112 Aug '12 .___ 10112 10112
Itlo Gr So 1st gold 4s
'1 6112 Apr '11
1940 J -J
Guaranteed
1940 J -J -------- 85 Mch'08 __ --------- 1
__
Rio Gr West 1st g 4s_ _1939 J -J
8212 833- 823
4
4
827
8
6 82
58
Mtge ec col trust 4s A 1049 A-0 -„.- 79 80 J'ne'12 ____ 78 81
Utah Cent 1st gu g 4s_al017 A-0 82
07 Jan '08 ____ .__ __ _
____ ____
Des Mo! 1ln fly 1st g 5s__1017 M-N ,' 99
110 Sep '04 ____
Dot & Mack 1st lien g 4s
8
1095 J -D 89 917 02 Nov '11
1095 J -D 87 ____ 9014 Oct '12 ____ 90 9212,
Gold 4s
8
Dot Illy Tun Da Ter Tun 4 33s'61 M-N ---- 977 98 Nov'12 .___ 98 10078!
Det 'I' & 1-0 8 Div 1st g 4s1941 M•8 ---- 6212 75 Feb '12 ..... 75 75
Dui Missabe & Nor gen 5s 1941 J -J ____ 105 105 Sep '12 .___ 105 100
Dul & Iron Range 1st Os__ _1937 A-0 10012 10312 10312 N ov'12____ 10312 10'7
10612 Meli'08 _
Registered
1937 A-0 103
1916 J -J *101
• 2d Os
101 Fel)'11
Dub So Shore & Atl g 5s
1037 J -.1 10334
__ 103 ()et '12 ___ 103 108
IgIn Jot & East 1st g 5s 1941 11-N *110
110 Aug'12 __ 110 11212
rie 1st consul gold 7s
1920 1I-S 11438 115 115 Nov'12 __ 115 11868
N Y do Erie 1st ext g 4s_1947 ,11-N 90 ____ 10112 J'ne'll
2d eat gold 55
1010 11-S 10213,_ 10414 1101'12 ____ 10434 10412
3d ext gold 4 As
1923 11-8 100 _. 0934 Oct '12 __ 093 1023
4
4
4th ext gold os
1021 A-0 103
103
103
12 105 10514
5th ext gold 45
9212 101 100 Jan '12
1928
100 100
N Y L E & W 1st g Id 7s..1020 111-S 11318 11614 11534 J'ne'12 .___ 1153 11612
4
8612 19 8534 90
Erie 1st con g 4s prior
853 Sale 853
4
1906 J -J
4
8434 8512 85 Sep '12 .___ 85 8812
Registered
1996 J -J
75 Sale 75
7614 82 75 793
1st consul gen Ilen g 48_1996 J -J
4
77 77
Registered
1096 J -J
7712 77 Apr '12
8
1 8818 91
Penn coil tr g 4s
1951 12-A 8868 8878 8878
887
50
-year cony 4s A
84
9 8212 911s
1953 A-0 8212 8312 8212
do
Series B
76
1953 A-0 75 76
7712 49 7514 807
8
13(10 N Y & Erie 1st 7s 1910 .1-D _ _ _ 1093 110 Apr '12 _ _. 10834 1103
4
4
Chic & Ede 1st gold 5s 1082 11-N 110 Sale 110
11018
6 110 114
Ciev & Mahon Val g 5s 1938 J -J
_ ....„ 109 May'12 .___ 109 109
Long Dock consol g 6s_1035 A-0 12214 124 124 Nov'12._ 1233 12412
4
Coal & RR 1st cur gu 0_1922 11-N 106 10718 106
10612
2 100 10738
Dock & Imp 1st cur 6s 1913 J -J
9912 101 10014 Oct '12 ___ 10014 1013
4
N Y & Green L gu g 53_1946 11-N 104 109 10312 Aug 12 __ 10312 105
N Y Sus & IV 1st ref 5s_1937 J -J 10212 103 103 Oct '12____ 103 105
2(1 gold 4 As
1037 F-A
8212 90 10014 Dec '06.
1940 F-A
General gold 5s
8634 8712 Nov 12 _
87 00
Terminal 1st gold 5s...1943 11-N 10'712 10812 10812 Nov,12 ..... 108 110
11112 May12
11112 11112
Mid of N J 1st ext Is__ 1940 A -0
1942 J -D 9712 99 9834
99
4
3 983 10212
• Wilk & Ea 1st gu g 5s
Ev & Ind 1st con gu g 63_1926 J -J ____ 110 106 May'12 ___ 106 100
1921 J -J 110 ____ 110
110
1 110 11238
Evans & T fi 1st cons Os
8
1942 A-0 ____ 100 102 J'ne'12....— 1017 102s8
1st general gold Is
1923 A-0 10714 ..— 108 Nov'll ...... --- . Mt Vernon 1st gold 6s
Sun Co Branch 1st g 5s 1930 A-0 * 05 ____ 05 J'ne'12 ___ 95 95
riorlda E Coast 1st 4;0_1959 J -D
3 0634 Oct '12 ____ 96 9938I
3
3-' ort St U D Co 1st g 4 As-1941 J -J ---- ---- 92 Aug'10
._ __I
_ __
Ft W & Rio Cr 1st g 4s_1928 J -J ____ 7712 7712 Nov,12 ___ 76 8112
flat 11 & II 01 1882 1st 5s_1913 A-0 0812 __ 0912 Aug12 ____ 9912 100
%-xreat Northern—
C 13 & Q coil trust 45
1921 J-J
95 Sale 95
9512 156 95 0858
Registered _h
1921 Q-J
9434 Sale 943
8
4
4
9518 19 943 983
1st & refund 4 As ser A1961 J- J
100
9078 100 0934
17 904 1015
Registered
1961
_
St Paul M & Man 4s
1933 J -J
98 9912 98
98
2 075 093
8
4
1st consol gold Os
1933 J-J 12218 ____ 12534 Sep '12 ___ 12434 12554
Registered
1933 J-J___ -- 122 Sep '12 ...... 122 122
Reduced to gold 4 401933 J-J 104 —._ 104 Nov'12 ___ 10358 10512
Registered
1933 J-J 10334 ____ 10834 J'ne'09
__

E

J

-I)

1525

BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec 6

Price
PrWay
Dec 6

Range
Since
Jan, 1.

Week'3
Range or
Lad Sale

St P M & 3.1 (Continued)—
Low High
Bizi
Ask 1,010
11151. N
Mont ext 1st gold 4s__1937 -D 9512 953 9512
4 9512 9814
4
96
Registered
1937 J -I) 95 _ _ 98 J'ne '11
Pacific Ext guar 4s £
1940 J -J
9212 ____ 9268 Mch'll
E Minn Nor Div 1st - 4s1048 A-0 02 97 97 Sep '12
g
"MI;-6812
Minn Union 1st g Os_ _1922 J -J *111
11414 Sep '12
114 116
Mont C 1st gu g Gs_1037
12438
12458 Nov'12
12458 12714
1037 J -3 12112 - - 13614 May'06
Registered
1st guar gold 5s
1037 10934 11168 11018 Nov'12
11018 1111
1937
Registered
Will & 8 F 1st gold 5s_l 938 J -D
11212 Sep '11
Gulf & 8' I 1st ref & t g 5s_01952 J -J
02
_ 92
92
2 "9"f11 95
51952 J -J
Registered
truck Val 1st cons g 4 As_1999 J -J 100 10214
idi - ii 99.34 103
1999 J -J
11 Registered
10914 19012$ep 'OS
92 92
Cu! & II V 1st ext g 4s_1048 A-(4 9218 94 92 Nov 12
1950 F-A 02 Sale 92
92 9618
92
Col & Tol 1st ex 4s
flous Belt & Term 1st 5s__ _1937 J -J ____ 100 10014 Sep 12
9938 10914
10034 104
f'lino's Central 1st gold 4s_1951 J -J 10114
101 Nov'12
I- Registered
1951 J -J
100 Sep '11
90 9212
1st gold 3;is
9212 Oct '12
1951 J -J
89 8912
81) Aura
1951 J -J
Registered
Extended 1st g 3 As
1951
9312 May'09
Registered
1051 A-0
1st gold 33 sterling
1951 11-S
gd xii•o§
Registered
1951 11-S
Coll trust gold 4s
itid"
1952 A-0 98 -9
.
6 9318 Nov'12
931, 9514
Registered
1952 A-0
9534 9514 Sep '12
1st ref 4s
1955 11-N 937 Sale 937
8
4
8
0512 31 93 963
Purchased lines 3 Rs,,,
8013 8614
,j952 J-J
_
8614 Feb '12
95 9912
L N 0 A; Tex gold 4s
1953 51-N 95 96 9568 Nov'12
Registered
1953 11-N -_-_ 95 944 Jan '11
Cairo 13ridge gold Is
1050 J -D
-J47, 6E948 J'ly '12
Litchfield Div 1st g 3s_ _1051 J -J
7518 7518 Nov 12
7312 751.1
Loulsv Div & Term g 3 A'si953 J-J
81 85 85 Oct '12
8412 8718
Registered
1953 J -J
80 85 83 Aug'12
83 83
1921 P-A *10212 ____ 123 May'99
Middle Div reg 5s
1951 F-A
Omaha Div 1st g 3s
"ig" "Vgi;
7518 Aug 12
St Louis Div & term g 3s_ 1951 J -J
__ 77 7512 Mch'12
7512 7513
1051 J -J
Registered
73 7518
Gold 3;is
1951 J-J
4
81 ___ 8512 Oct '12
"Et;"863
1051 J-J
Registered
83 — _ 10118 Oct '99
Spring Div 1st g 33s
1951 J -J
- 100 Nov'00
Registered
83 ___ .
1951 J-J
Western lines 1st g 4s_ _ _ 1951 F-A
0112 9314 -9 1- Oct
9212 9914
. 2
i
Reglstered
1951 F-A 91 ____
Bellev & Car 1st 6s
1923 j-D 112
17f2 maYr
ib
Carb & Shaw 1st g 4s_ _ _ _1932 /I- - -- 9412 J'ly '12
Chic St L & N 0 g Is
1051 -I) 11214 -- — 11314 Nov'12
Registered
-1951 J-D *111
114 Feb '11
Gold 3 As
1931 J-1) *82
90 Oct '09
1951 J -D
Registered
Memph Div 1st g 4s...._ 1951 J-1) 9108
-012 Aug'U
-1951 J-D
Registered
St L Sou 1st gu g 4s
1931 51-S -__ 9512 98 J'Iy 08
Ind Ill & Ia 1st g 48
91 9212 94 Aug'12 __-_ "fiiis 91
1950 J-J
Int & Great Nor 1st g 6s_ 1919 51-N ___ 107 107
107
4 1063 1081S
3
Iowa Central 1st gold 5s
1938 J -D 99 100 9912 Nov'12 ____ 9512 105
Refunding gold 4s _ _
61
5 6012 664
1951 11- S 607 62 61
8
lamestown Franklin - (1
e
0 Clearfield 1st 4s
_- 94 May'12
1959 -D
94 9411
A-0 72 7268 7214 Nov'12
gold 3s 11)g84
713 74
4
9
A-0
63 Oct '00
ilf)(51i
Ref & impt Is
98 Sale 98
Apr 1950 J-J
08
Kansas City Terml 1st 4s_ 1960
J
9718 Sale 97
9718 20 9614 983
4
T aim Erie & W 1st g 5s....:1 7 J -J *10612_ 10612
3 10612 110
10012
93
-Li 2d gold Is
-53
1941 J -J 100 1 -12 104 Sep '12
104 10414
North Ohio 1st gu g 5s__ 1945 A-0
_ 105 10414 J'ne'12
10414 10512
Leh Vail NY 1st gu g 43351940 J-J 16
10378 106
-12
_ 10414 Nov'12
Registered
10412 10412
1940 J-J
10418 Slay'i2
Lehigh Vali (Pa) cons g 43_2003 11-N
9512 9814
9618 Oct '12
Leh V Ter fly 1st gu g 5s_ 1941 A-0
10912 114
1123 Oct '12
4
Itegistered
-1941 A-0 109 ___ 11118 Dec '11
ja61- 108
2
Leh V Coal Co 1st gu g 5,,,,1933 J -J *105
10612 Oct '12
Registered
1933 J-J - - - - ---1st int reduced to 4s
1933 J -J ---Leh & N Y 1st guar g 45__1945 51-S 01 ____ 03 J'ne'12
ii" 9413
-1945 51-S
Registered'
1914 A-0
El 0 do N 1st pref 6s
Fer)'10
103 Mch '12 _
1914 A-0
Gold guar Is
16614 1083 Nov'12
Long Isld 1st cons gold 5s./11931
J 4
1083 HA
4
1st consol gold Is
h1931 2-- J * 93 _ _ 9614 Mch'12
0614 9
814
General gold 4s
9168 9412
1938 J-D 13 114 93 Nov'12
Ferry gold 4 As
9614 100 9614 Nov'12
9614 98
1022 '.1-S
Gold 4s
97 9914 Oct '06
1932 J -D _ _
Unified gold 4s
1949 11- S 89 93 91
91
6 -60 -6E4
Debenture gold Is
1934 J -D
10412 Dec '08
Guar ref gold 4s
1949 '.5-S 9412 95 9414 Nov'12
93 9738
Registered
1949 11- S
95 Jan '11
N Y 13 & DI B 1st con g 58 1935 A-0
11014 Nov '06
_ 103 103 Oct '12
N Y & It 13 1st g 5s
1927 51_S
io-S"104
-14
Nor Sh B 1st con g gu 5s.o1932 Q-J id4 __ 105 Aug'12
105 10714
9112 oi 9318 Nov'12
Louisiana & Ark 1st g 5s_1927 11-S
93 96
LoulsvIlle & Nashville—
1930 J -D 1121,
114 Nov'12
11212 11712
General gold 6s
11034 11218
Gold 5s
1937 11-N 11012 11214 11118 Oct '12
07 Sale 9634
1940 J-J
Unified gold 45
07
34 9634 9968
9612 9838
9612 Sep '12
1940 J-J
Registered
10558 11012
Collateral trust gold 5s 1931 11-N jai 101) 110 Aug'12
11018 11138
5 II & Nash 1st g 6s
1919 J -D 11018 11118 11018 Nov'12
10418 105
L Cin et Lox gold 4 As
1031 Ni-N *101 _ _ _ 10434 May 12
1.2014 121
N 0 & M 1st gold 6s
1930 J -J 11914 12014 12038 Aug'12
N 0 & AI 2d gold 6s__1930 J-J 114
11712 11712
11712Jan '12
Paducah & Mem div 4s_1946 17-A
94 Oct '12
9314 90
1055 Meh '11
4
Pensacola Div gold 6s
15E3
4
1920 M-S . St Louis Div 1st gold 63_1921 M-S . _ 11213 11212 J'iy '12
frit; Hi"
2d gold 35
6918 6934
1980 It- S
7012 6938 Sep '12
AB Knox & Cin Div 4s 1955 11-N -9178 9218 9178
9212
4 9111 93
Atl Knox & Nor 1st g 5s_1946 J-D 109
11212 11212
11212 May'12
Render i3dge 1st s f g 6s_1931 11-S
_ 106 Apr '11
Kentucky Cent gold 4s 1987 J-J 105-92 '- 9112
9118
9112
5 -61C295
L & N &Al & M 1st g 4 301945 M-S 10312
1034 Oct '12
10)12 10 8
43
L & N-South M joint 4s_ _1052 J-J
8
9012 Oct '12
887 9012
Registered
h1952 Q-J
95 Feb '05
_1937 F- A
idgi", 1564
N Fla & S 1st gu g 5s
10912 Oct '12
N & C 13dge gen gu g 4 As 1945 J-J 10112 ____ 10012 Sep '12
10912 10012
11014 11.2
11014 (let '12
Pens & Atl 1st gu g 8s___1921 F-A 110
10918 1111g
S & N Ala con gu g 5s___1936 F-A 1083 1164 10918 J'ly '12
4
9114 9114
L & Jell Bdge Co au g 4s__1945 M-S ____ 91 6114 Men'12
.......-

--------

-

Ka.A iserej
tTSou 1st

-

-

MISCELLANEOUS BONDS—Continued on Next Page,
Street Railway
New Orl By h Lt gen 4%9_1935 J -J
83 8712 86 Oct '12 .___
N Y flys 1st It 5 h ref 4s temp J -J
76 7612 7612
77
60
30-year adj Inc 5s_1942 A-0 537 Sale 5214
5444 453
8
Portland fly 1st & ref 5s_ _1930 11-N 101 __ 10078 Oct '12 ____
-&
Portland fly Lt& Pow 1st
1942 13 .A. __ 06 06
ref cony s f 55
96
1
Portland Gen Elec 1st 58_1935 J- J *____ 10212
__ ___
St Jos Ily, L, H & P lstg 551937 11-N * 9812 _— -98- Nov'08
St Paul City Cab conS g 5s 1937 J -J .
1043- 105 Nov,12 ____
4
1960 J- J 80 Sale 80
Third Ave lst ref 48
8112 349
al960 A-0 7312 Sale 7312
Adj Inc) 5s
7468 174
Tr -City Ry & Lt let s f 53_1923 A-0 97 9712 9714
0712 10
Underground of London
4 He
1933 J-J _ __ 95
9512 Nov'12 .__
1948
Income 6s
873 90 8714
4
89
22
Union Eieo (Chic) 1st g 5s 1945 A-d e_ ., 75 84 Oct '08 ----i olted Rya Inv lit lien coU
1' trust Os Pitts Issue
1926 M-N ___ 8512 8234
8
8234

'
k 11149 Wes Fridays latest bid sad asked
,
.....

,1 ,




•

Street Railways,
8412 8912 United Rya St L 1st g 4s___1934
St Louis Transit gu 5s___1924
7612 8158
5112 59 4 United Rlis San Fr s f 4s__1927
3
99 1007 Va By & Pwr 1st& ref 5s___ 1934
8

J -J
A-0
A-0 67 69
J-J --- 9512

Gas and Electric Light
96 96
_-- --- Atlanta G L Co lit g 5s____1947 J -D
Bklyn U Gas 1st con g 5s_1945 11-N
1947 A-13
105 - 106 - Buffalo Gas 1st g 5s
1932 J-J
80 86
Columbus Gas 1st g 55
70 8014 Detroit City Gas g 5s
1923 J -J
Det Gas Co con lit g 5s
9714 09
1918 F-A
Det Edison 18t colt tr 53_1933 J -J
94 9614 Eq GLNY 1st con g 5s
1932 .11-S
'7412 90
Gas & Elec Berg Co c g 53_1949 J -D
--..— Gr Rap G L Co lit g 5s
1915 F-A
Hudson Co Gas lit g 5s
1949 M-N
8212 8812 Kan City(Mo)Gas let g 5s 1922 A-0

101

10612107

•

•.

_

2 74
83
55 6412
95 4
3

80
85
70
9713

10612 iod12
54 Oct 12

1 1053
4
51 6568

iao
9538 Sep 08
10114
10138
10612 Oct 12
. 103 Sep '12
100 Oct '09
,„
19312 10374 10378
10378
983 9812 Sep '12
4

100" foul
3 10512
66

50

65

iod 101
10112
i.6
161

We week. a Duo Jut. 0 Duo Fob. 4 Duo April. II Due Juin II Due Aug,
. .,

74
74
83 Nov'12
68
69
953 Nov'12
4

-

9 Pug 94?!* 11_

4 10613
103 103
13 foil;1064
9812 99%

014104 51
. gal

44

New York Bond Record-Continued-Page 3

1526

VOL. LXXXXV
.

C
BONDS
N. Y. STOOK EXCHANGE
Week Ending Deo 6

Prtee
Friday
Dec 0

Week's

Range or
Last Salt

-

Range
Since
Jan. 1.

Sid
Ask Low
High No. Low High
lticanila RR-Son lines 43_1036 M-N _. 88
.0-.oilcan Cent Inn g 33 tr rects.
11
Apr- ::::
- 'bo
1917 A-0
Equip & coil g 55
Mex Internet 1st eon g 4s 1077
-ii" miii
-,16:::: ::::::::
Stamped guaranteed.._ _1977 m-s
79 Nov
'10„Minn & St L lit gold 7s
1927 J-D
- 12413 Oct '12 ____ 12412 1. 9 Z
Paeillo Ext lit gold 0_1921 A-0 --------11018 Aug'11
1934 31-N
1st cense' gold 58
102 9978
0978 -- -1 -66" 165 1st and refund gold 43_1949 M-S 62 Sale 62
6314
5 5973 6973
Des M & Ft D 1st gu 4s.._1035 J - J -,- 76 76 Nov'12 ____ 76 81
StP&SSM con g 43 Int gu.1938 J-J
957 _. 96
8
96
1 95 9734
1st Chia Terml s t 4s...._1941 51-N 95
. 9714 J'ne'12 __
9714 9714
MSSM&A list g 43int gu 1926 J-J
08
9614 May'12 __ 9614 9614
Mississippi Central let 53_1940
9812 Mch'11
9413 --o '625- 'di 8
Mo Kan & Tesaslst gold 451990 j-D -ii4:- Sale95 94
J J
2d gold 42
01990 F.
801s
4 7978 8418
797 Sale 797
s
8
1st ext gold 59
1044 M-N __-- 9914 993 Oct '12
4
9913 10212
1st & refund 43
77 14
1 7714 8112
2004 111-S ..„.. 7314 7714
Gen sinking fund 4;is_ _1936 J- J
8614 20 8514 8914
8614 Sale 86
St Louis Div 1st ref g 48_2001 A-0
1 76 78
''1 7714
7712
-N -------- 1047 Sep '12 ____ 10173 10533
___
1040 5I
Dal as Wa lit gu g 5s
8
88 91
8613
88 Sep '12
Kan 0 h Pao 1st g 4s_ _ _1990 F-A
Mo K & E 1st gu g 53_1942 A-0 106 16834 108 Nov'12 __ 10618 110
_10334 10712
K 60 Ok let guar 53_1042 31-N __ _ 105 10334 Nov'12
i 9912 104
& Tot T 1st gu g 5s_1042 51- S 100 10012 10013 10012
8
Sher Sh & So 1st gu g 53.1043 J-I) 0913 104 1037 Feb '12 ____ 1033 1037
4
s
4
Texas & Okla 1st go g Is 1943 M-S 101 1043 101
1u012 10514
106
Missouri Pao 1st cons g 63 1920 51-N 10512 Sale 10513 Nov'12-20 1017 10818
8
100
1 0853 10034
Trust gold Is stamped_ _a1917 Xi- S 093 IN 100
8
May'12
Registered
al017 M-S
---2 963t 1075
lit collateral gold 5s____1920 F-A -9 1- Yale- 007718
27 00 4
-8
i
1920 F-A
Registered
40-year gold loan 45
1945 51-S -if- .iiii«:. Ws -fili i -"id" ""i6I-4
_ 9518 9613 May'll __ _
1938 5I-N _
8d 7s extended at 4%
1st 64 ref cony 55
1951 51-S id 87 8614
8634 43 gi891
8
Cent Br fly 1st go g 43_1910 F- A 4.92
_ _
02 923
4
Cent Br U P 1st g 4s.......1048 J-D 80 'Sale 76
80 ..._. 75 81
4
_ _ _ 110 Mch'05
Leroy as OVAL 1st g 5s_1928 J - J
93 Nov'12
4
Pao It of Mo 1st ext g 43_1938 F-A 933 _
-62:4 ;
1031,
(1 71
2d extended gold 8s......1938 J-J 10312 1(.41-4 10314 Oct '12 _ _ -_-_ :2 -1: f '
10438 12
193 %
0
6
5th Ir M&S gen con g 58_1031 A-0 10438 _ . __ 10438
104 Oct '12
101 104
Gen con stamp gu g 53_1931 A-0
8114
8114 -26 7753 823
4
9234Nov'1aij
Untried & ref gold 4s...1929 J-J -81171 -8078 Oct '12
78 807
1025. J- J
8
Registered
3 8212 84
8312
Ely & G Div 1st g 43_1033 31-N __ -84- 8312
100 Oct '12
100 100
Verdi V I & W 1st g 53_1921 M-S
-8 Hob & Ohio new gold 6s.....1927 J -I) 1105 ii8 11718 Nov'12 ____ 11718 121
4
_ 1153 Feb '12 _ 11534 1153
1st extension gold 85_30927 Q-J 11234 _
4
8
General gold 4s
1038 51- S 8518 8612 857 Nov'12 ____
10512 187334
8,
Montgom Div 1st g 5s_1947 F-A 10713 10812 10712 Nov'12
10 1
,
_
7
857 - -..5 82 8573
8
St L & Cairo coil g 43_01030 Q-1 *85852
• Guaranteed gold 48_1031
9112 92
J
101'8
lkl lt811V Ch & St L 1st 78_1013 :1 --- j 1011 1(5f5- 1011k
.
9111 -- --8 11s 10118 - 2 10118 104
10912 Nov'12____ 10938 1C1978
1928 A-0 _
1st consol gold Is
8
Jasper Branch 1st g 68_1923 J-J 4111-1- - 1157 Nov'10
2:
1917 J-J 10514 lag - 1073 Mob '12 :::: 10734 16/34
4
MoM M W & Al 1st 8s
113 J'ly '04
1917 J-si *105_
T & P Branch 1st 63
8814 ---5 i- -821.
Nat Rye of Ilex pr lien 4 10.1957 J-J
771- 68 3
6
. Ai- 86
13
2
Guaranteed general 4s_ 1977 A-0 ii 8014 7012 Nov'12
Nat of Ilex prior lien 4 3.0_1926 :la I : 0112 97 Mch'12 --- - 90 100
___
9
.__ 17
8 7
1st oonsol 45
5 77 80
777
8
1981
N 0 Mob &Chlo 1st ref Ss 1960 J -J • gi 88
NO &NE prior lien g 63__p1915 A-0 104 - - 8-7-7-- 8812
-871- Sep87 : --- _ .8718 -0-5-4
-: _
'12
Now Orleans Term 1st 45_1953
gd 8618 86
8612 54 85 8812
N Y Central & II It g 3;is1997 J- J
85
1 8414 8714
Registered
1997 3-i 8413 65 85
1934 31-N 9158 92 913
4
92
Debenture gold 4s
104 0134 9614
1934 111-N 01
_ 93 May'12 _ _ _ _ 03 93
Registered
1098 FA 783 - - --e 783
4
79
Lake Shore coil g 3 3is
30 7814 85
4 a1
1998 F- A
77 77i4 7734
773
4
Registered
5 763 81
4
Mich Cent coil gold 3 10_1998 FA 78 ;7818 7814 Nov'12
78 8212
1998 F-A _
_ 77 78 Sep '12 :::- 7734 7912
Registered
J-J
6-13'4
0914 9914 i 9834 9914
Beech Creek 1st gu g 4s 1936
97 _ __ 09 May'li
1936 J-J
Registered
_
2fl guar gold es
1036 J-J 107 _:__
-__ ___ _ _...Registered
1936 A3 --0.1
--------------Beech Cr Ext 1st g 3 I4s2o1951
li
'
-.
3
§
8
Cart 54 Ad 1st gu g 43_ _1081 1-D gii :::: -1- Gouv & Oswe 1st gu g 59_1942 J-D 108
-Mob & Mal 1st gu g 4s
1091 DA_ s 95 _ -gig Mch ii
105 Oct '02
NJ June R guar let 4g_1986 F-A
Registered
1986 F-A
0
N Y 54 Harlem g 3
_2002 11-N -gifg :::: - - Mal'h
Registered
2000 11-N
N Y & Northern 1st g 5s_1927 A-0 10512 foi 103 Oct '09
8
N Y 54 Pu 1st cons gu g 481993 A-0 ____ 06 077 Aug'11
Nor 64 Mont 1st gu g 5s_ _1916 A-0
(
Pine Creek reg guar 6s
2 :
1932 J-0 ii61::- Lift; jail-y 55
R W & 0 con 1st ext 58_111922 A-0 106 10j38 1063 Nov'12
8
1O6 10
10734
-'134
.10112 101 Aletel2
Oswe & B 2d gu g 58_431915 F-A
101 101
RW &OTR 1st gu g 53_1918 111-N 1.132 ___104 J'ne'10
.
96 973; 06 Oct '12
4
Rutland let con g 4 ;is_ _1941 J-J
'66'"981Og&LCham 1st gu 48 g 1948 J-J 83 __ 85 Nov'12 ___ 84 8(1
92 J ne*O9
Rut-Canad 1st gu g 43_1949 J- J
103 108
St Lawr & Adir 1st g 53 1996 J-J 10733 ___ 108 Sep '12
11912 Meh'12
11912 11912
1996 A-0 115
2d gold 13s
8
Utica & 1311( Riv gu g 4s.1922 3-i *95 _ _ 997 Nov'11
8
-if" -E7
Lake Shore gold 3;is__....1907 J-I) 87 8 -14 87 Nov'12
9
873 8734 Nov'12 - - -- 8714 883
4
Registered
1997 J-D
4
933
4
5 9184 9412
Debenture gold 4s
1928 M-S 0234 9313 93
8
03
90 9113 937
25
-year gold 43
1931 111-N 0253 93 9213
Registered
1931 111-N 92 ___. 93 Oct '12 ___ 92 9312
Ka A 60 G It let gu c 53.1033 J- J 10912
Mahon 0'1 RR let 5s 1934 J-J 110 ____ iiiiimcii
-ii ---- ---- ---Pitts & L Erie 2d g Is_ a1028 A-0 10513
105 Apr '12 __ 105 - 105
Pitts Hell & Y 1st gu 68_1932 J-J *119 _
13018Jan '00
123-14 123 4
28 guaranteed es
1934 J-J *119 __ 12314 Meh'12
- . -1McKees & B V lstg 63_1918 J- J
1931 101-5 iiidi 7:: iii Jart- -H --- Hi- illMichigan Central Is
- -'
a
1931 -M 106 __ 119 J'ne'06
Registered
4s
1940 -J ------ 98 Apr '12 __ -di- 'dd 9812 Nov'll
1940 J- J
Registered
J
& S 1st gold 3 0_1951 111-S -------- 00 J'ne'08
8
1st gold 3 s
1052 111-N 851; -865 861211014'12 .....
20-year debenture 4s 1029 A-0 ____ 8012 8812 Aug'12 ____
NY Chlo & St L 1st g 48_1937 A-0 99 9912
,
8)
-988671311:22 1005
99%
0334
Registered..
_ 1937 A-0 ___ _ . 99 Nov'12 12
89g29334
88
Dehentero 4s
5 8712 91
1031 111-N 8712 89 88

j

Irlirl
Weer:
Rano ,
Range or
Prtda9
Sines .':
Price
Last Sale
c..1
Dec 6
Jan
..2.JJ ,
.4;
Nigh No, I Low Ilta
Bid
Ask Low
NYO&H R(COO
9814 _ _ 98
0814 14- 98 101 1
,,,West Shore 1st 45 guar_2361
2361
9714 Sale 97
9714
9 013 9812'
Registered
;,•IN Y Cent Lines eq tr 4 Hs 1923
10012 J'ly '11 ____ _.-..:
N Y New Haven & Hartf1955
8912 __ _ 8912
8912
3 8912 92
Non-cony deben 43
1956 H-N 88 do
90 Sep '12 _--- 00 9318
Non-oonv 4s
„,-- 9114 90 Nov'12 __, 90 9458
Cony debenture 3 Us.,,,.,101C
40 12412 13213
1948 j-J 12412 Sale 12413
126
Cony debenture Gs
Harlem R-Pt Ches 1st 4s_1954 111-N
0914 Nov'12 ..._. 00 9913
B & N Y Air Line let 4s1055 I"- A
9912 .1"tic '12 ___ _ 9912 0912
Cent New Eng 1st gu 45 1961 J-J iii .. 19212 Nug :12 .__ 901,. 935s
- . 12 15 A ov 2
02
Housatonic R cons g 53_ _1937
7:
N YIV'ehes &B 1st ser I 4 ;is '40 .1 -J . 3_ Sale 9713
083 - 46 1°41 10514
8
17 10
N it & Derby cons cy 53_1915 11-N ---- ____ 107 Aug'09 -_ __ ___ _,
2New England cons 5s
1945 J-J
J-J :___. _ r4 _ 591 mel"."1 T::_ 5761 i56Consol 43
1945
2
8
Providence Secur deb 4s..1957 31-N
81
81
5 81
84
1
1-S 1).3 Sale 03
N Y 0 & W ref let g 4e_,,1992 :
93
3 92 96
SE- s
9212 J'ne'12 ____ 9212 9212
Registered $5,000 only_g1992
General 4s
8938 Feb '12 ____ 8053 8053
1055 i-1) _ __ 89
Norfolk Sou 1st & ref A 531961 - A _ _ 03 99 Oct '12 ____ 00 10018
Norf & South 1st gold 153_1941 111-N 101 _ _ _ _ 10234 Apr '12 ____ 10212 10234
Norf & West gen gold 6s 1931 11-N 12114.
12518 J'iy '12 __ 12338 12518
Improvement & ext g 63_1934 F- A 12214 __ 12412 May'12 ____ 124 1213
8
New River 1st gold (33_1932 A-0 12014
124 May'12 ____ 124 124
N & W By let cons g 4s...1996 A-(4 96 ___- 07
9678
A-0
__.2 t;614 9978
11
Registered
1093
08 Jan07
9218 Sale 9218
Div'l let I & gen g 48_1944 J-J
9214
8
2 -g67 lir.
10-25-year cony 4s
1932 J -D 11213 113 11314
11313 13 10712 118
10-20-year cony 4s _ _1932 51- S 1823L Sale 1 1234
1 1. o014
,
3
111
14 108 117 ,
Pocah C & C joint 4s....1941 J-D
9014 22 8)78 94
90
0 0 60 I` 1st guar gold 5s_1922 J -J 10534 _ _ 10638 Mch'12 .... 10638 10638
Selo V &NE 1st gu g 4,.1081 M-N 9353 ____ 95 Oct '12 ____ 95 9852
Northern Pao prior 1 g 43_1997 Q-J
083
3 81 9733 10034
0813 Sale 08
Registered
1997 0-.1 _a_g _ ,ii , 9.712 Nov'12 . _ __ 97 5912
6814 14 68 7018
68
General lien gold 3s____a2047
68 Nov'12 ____ 68 68
a2047
Registered
St Paul-Duluth Div g 48_1096 -I) -641. -0512 051? Oct '12 ____ 9512 5612
.3
.
_. .
l f
Dui Short L let gu 5s_ _1916 51-S 1002 --- 1011 2 Oct '12 ..._ __ ._ l00 i511e
. 0.
1
St P & N P gen gold 63_1923 F-A 1(3
_ 113
113
1 113 11512
Registered eertilicates_1923 0-F 11112 __ 11538 Aug '11 __
St Paul & Duluth 1st 5s_1031 F-A
.._ 107
2d 5s
24
1917 A-0 001 :::-. 11)238 Sep '12'1 2...- 10233 10233
10
7
12
let cense! gold 48
1968 J-1) 9238
01 J'ne'12 ____ 9284 94
Wash Cent 1st gold 4s
1948 09-111
Nor Pac Term Co 1st g 6s....1933 J-J 181537 19 114 Oct 4 1 1918 -7. 11 8 AT 12 Oregon-Wash 1st & ref 4s _1981 J-J _- _ di 01
i O2 0138 41 iL1: 1ff34
Coast Co let g 53_1946 J-D 100 102 104 Oct '12 ____ 10312 104
acific
ennsylvania RR
1st real est g 4s
102
1 100 102
1023 111-N 10112 __ 102
Consol gold 5s
08 110
1919 51- S __ 110 110 Melva ____ 1991210915
Consol gold 43
1943 111-N 1011;102 10214 N ov'12 ____ 101 104
991 Oct '12
7
Convertible gold 3;0_1912 j Io
M N
:
0653 101 95$8 9778
Convertible gold 3 3s _o1915
-1563-13141J 0612
97 J'ly '12 ____ 97 9712
o1915 J-D
Registered
1023
4
7 101 10418
1948 M-N 1621"4 10218 10214
Consol gold 4s
Alleg Val gen guar g 4s_ _1942 /11- S
- 10018 lutil8 Aug'12 _. 9038 10018
D it R B &.Bge 1st gu 4sg1936 F-A ioli
Phila Ball & NV 1st g 43_1943 51-N 98 ____ i(ia' Oci"'i :":: "66"01i
Sod Bay & Sou 1st g 5s_ _1024 '1-i
102 Jan '03 _:__
Sunbury & Lewis 1st g 48 1938 J-J -dr ::"U NJ RR & Can gen 4s.._1944
:
1: - - --1
S
idi1; tia:i'U :::: -d17 -- 16 1":
Pennsylvania Co
Guar 1st g4 Us
1921 J-J 103 _ 10234 Nov'12 s 2 10214 104
.
Registered
1921 J-J 10218 ___ 101.%) Oct '12 ____ 10158 103
Guar 3;is coil trust leg_ _1937
S
89 Sep 12 ____ 8812 8914
Guar 3;is coil trust ser B.1941 F- A --- 8512 86 Nov'12 __ 8512 89
Trust Co certfs gu g 3 348_1916
89 Sep '12 ..... 9712 0814
.._
Guar 3;is trust Otis 0_1942 J-1) *- ---- -8658 887834 111c1 2 ............ 8734 8834
8 14
7
88
Guar 3 IV; trust ctfs D
1944 J-D ig614. _ _
Jan
Guar 15-25 year g 4s
1 08 9812
0618
1931 A-0 053 ___ 0618
4
Cln Lob & Nor gu 4s g,.,_1942 M-N 90 _
_ 9612Deo '11 ____ ___ .....
Cl & Mar let gu g 4 10_1935 M-N 10134 ..._:_ 110 Jan '05 ____ _............
Cl & P geagu g 4;is ser-A 1942 J-J *10214 __ 10734 Dec '11 __ ___ --Series B
1942 A-0 ,
10214 __ 10934 J'ly '09
'Emit reduced to 3 342_1942 A-() 90 __ 9114 Feb '12
-911- 61714
4
Series C 3 Us
1948 M-N 9014 ____ 0018 Oct '12____ 0018 9114
Series D 3 Iis
1950 F-A 2 1...1:7: 90 May'08 __
.
.
0
Erie de Pitts gu g 33 B_1940 3-.1
9113 May'12
-is
sifi
" a "Hi
Series C
9018 J'iy '12 2:: 9018 9013
1940 J-J
Grit 5: I ex 1st gu g 4 ;01_1041 J-J
.
104 104 Aug '12 ...._ 104 103
Pitts Y & Ash 1st con 58_1927 11I-N *1
-58" ___ 109 May'10 _
34
Tol W V & 0 gu 4 As A1931 J-J 101 ___ 10218 J'ne'12 ____ i6f- Mil;
Series B 43
-is
3_
1933 J-J 10t1 ___ 10233 Nov',2 ___ 10238 10233
Series 0 4s
S 04 08 9533 Oct '12 ____ 9553 1158
1942
P 0 C 60 St L gu 4;is A 1940 A-0 103 10578 10414 J'iy '12 ____ 10114 1063
4
Series II guar
1942 A-0 *103 __ 10134.1'1y '12 ____ 10184 1C.'7
Series C guar
1942 51-N _15i _ot.106 J'no '11
.... .i7
.4
.
Series D 48 guar
Nov'12 ____ -ii(i - -f) 1945 M-N
-9
06
Series E 3 14s guar g
1940 F-A 90 9312 905614
_
9318 9358
Series F gu 4s g
1953 J-D 0514 _.. 90 Nov':2 ____ 93 97
Series G 45 guar
1957
N 9514 0713 97 J'ly '12 ____ 07 99
C St L & P 1st con g 53_1932 A-0 1109 _ _. 11312 Nov'11 ____ ___ -.
Peo & Pek Un 1st g 6s
1921
F 10613._ 109 May'll __ ____ --2d gold 4;is
93l Jan '11
,
1
b1921 5 -N -Pere Marquette
.
4
2
-Ref 4s_1955 J-J _ _ 5912 5813 Nov'12__ -g§1- -661
______
Refunding guar 4s
5253 5953
1955 J-J --- 60 5612 Nov'12
Ch
W
5s
98 9958
1921 -I)
- 9712 93 (lot '12
Flint de P M g 6s
1920 A-0 idi 1063.1 101 Oct '12 :::: 101 10853
9718 9812
1st consol gold Is
1939 M-N .--- 96 98 Sep '12 ____ 90 100
Pt Huron Div 1st g 5s 1939 A-0
97 Nov'12 ____ 97 0713
Sag Tus h H 1st gu g 48_1931 F-A
.
::
4
Philippine Ry 1st 30-yr s t 46.'37 J-J
-8 2 -iiii" Niai'li: : "84i" "ieT"
-61113 J'iy '12 ____ 113 11314
Pitts Sh & L E 1st g 59____1940 A-()
'i
o 11
108 4 N o v 531 _iii . -.
1:112
1
56 5831
1st consol gold Is
1943 J-J
661; Yale
Deeding Co gen g 45
1997 J-J "
05 __ 95 Nov'12 ____ 05 0814
-" Registered
1907 J-J
1951 A-0 Nis ___ 013
Jersey Cent coil g 4s
06,
4 11 9112 9812
03
Atlan City gu 4s g
1951 J-J
-gii" -"" "lie""iiii
88 ._ _ _ -8 .-g
Qt Jo & Gr 1st 1st g 4s
1947 J-J
v-.)t Louis & San Francisco
1
7,
.
1'
12
_ 13 158
512 0
8
General gold 63
1931 J-J 1101 34 0203si 1812 Sep04 ___1 1808 18061:
104
General gold Is
1031 J-J
8
e 83
2 38
St L & S F I311 cons g 48_1996 J-J
8833
Nov'1212 39 83 8812
Gen 15-20 yr Is
Sale
1927 111-N
9
'1
1
4
7 1
75 44 813
Southw Div 1st g 53_1947 A-0 100 _ _ _ _ 953 Sep7812 38 093 09
Refunding g 4s
1051 J-J -. 7614
8034 Melt'11
Re ;
,
1stered
1051 J -J
_ _ ---BONDS
N. Y. STOCK EXCHANGE
Week. Ending Dec 0

13,

40

P

MISCELLANEOUS BONDS
-Continued on Next Page.
Gas and Electric Light
Kings Co El L & P g 5s____1937 A-0
Purchase money es
1097 A-0
Convertible deb 63
1922 101-S
Ed El II Bkn 1st con g 48-1939 J-J
Lao Gas Lot St List g 5se1919 Q-F
1934 A-0
Ref and ext 1st g 55
Milwaukee Gas L 1st 4s
1927 11-N
1948 J-D
Newark Con Gas g 53
N Y G E L H & P g 5s
1948 J-D
Purchase money g 49.- --1940 F-A
Ed El Ill 1st cons g 5s
1991 J-J
NY & Q El L&P 1st con g 58_1930 F-A
NY & Rich Gas 1st g 5s- _1921 .11-N
Pacific, G & El Co Cal G hE
Corp unifying & ref 53_1037 1I-N
Pao Pow & Lt 1st & ref 20-yr
tis Internet Series
1030 F -A
Pat & Passaic G & E 5s___ _1940 M-S
!! No

4
9518 9514 943
95
102 103

prIce Friday: latest bid and asked.




•
Gas and Electric Light
PeO Gas & C 1st con g 63_1043 A-0 _- -- 116 1157
3 11578
5'11578 117
Refunding gold Is
1947 51-5.... 10114 10034
10034
1 1003 102
Registered
1947 St- S ___ _ _ _. 103 Feb '09 ----------Ch G-L & are 1st gu g 5s_1937 .7-.1 101 10212 10212 Oct '12 ___ 102(4 10458
Con G Co otCh 1st gu g 5s 1930 J-I) _ _ 102 10314 out '12 _ _ 10113 103 4
Ind Nat Gas & 011 30-yr Is '36 NI
-N 82 89 93 Meh'12 -- 93 93
Mu Fuel Gas 1st gu g 5s 1947 NE-N ____ 101 10114 Aug'12 ____ 100 101 4
58
Registered
1947 51-N
Philadelphia Co cony 53_1919 F-A ____ 101 - 1(30 - Nov'12 .--. 100 109
.
-Stan Gas& Eiec cony r f 63_1926 J-1) 113014 1003 10038
8
1003
8
4 IT) 1131
Syracuse Lighting. 1st g 53_1951 J -I)
ot Dec '11 --- -,-- --.
Syracuse L 64 P 5s
1954 J-J ---------8513 J'ne'11 -__ 8512 86
-- - ......
Trenton G & E 1st g 5s
._
1949 M-S 102 109 Feb 'ot
•
Union Elec L h P Ist g 53_1932 111-S 99 :_... 10012 Aug 'I. ---- 100121 61
.
13 04 9633
Ref & eat 5s
... 90 Nov'12 ...... 96
OS12
1933 M-N __
Utica El L do P let g 5s
1950 J -.I 103 - :- _ _ ---- ---- ---- --__ 93 95
Utica Gas & E ref 5s
1957 J-J
99 _-_-__ 1(i(i14 Dec '11
_ 1023.110258 Westchester L(ght'g fr. 5n__1950 J-I) 10478 108 1047
10478
2 1644 iiii
8

_ _ 1017 1017 Oct '12 ___
8
8
113 11534 114 Nov'12
__
12312_. 124 Nov'12
3814 Nov'12 ____
881s
10158 ____ 102
10218 10
10113 Sale 10112
10112
3
0018 9058 003 Nov'12 ____
8
102
.... 10614 Apr '12
10213 Sale 10214
10238 23
---- 8712 8634
87
29
10913
11318 Mch'12 __
____ 993 100 Sep '12 __
4
-__-__ 9212 Ply '09
9514

95 Oct '12
10238 J'iy '12

10414 10512
114 117
123 124
88 8814
10112 103
10034 102
8978 9058
10614 10614
10178 10414
8614 8912
11213 11313
WO 10212
_

a Due Jan. 5 Duo Feb. 0 Duo May. g Due June. 7) Due July. s DUO Oct. p Duo Nov. 8 Option sale.

New York Bond Record—Concluded—Plge 4

DEC. 7 19121

g

BONDS
LI
N. Y. STOCK EXCHANGE .... a.,
Week Ending Deo 6.

Price
Irridal
Deo

Week's
Range or
Last Sets

4,
gl
te _

Range ,
Since . N.
Jan. 1

68
BONDS
Y. STOCK EXCHANGE
Week Ending Dec 6.

1527
Price
Friday
Dec 6

Range 1
Since ,
Jan. 1. i

Week'
Range or
Last Sale

Llifl
Ask Low
S1 L & San Fran (Con)
High No. Low High
Bid
Ask Loto
Hiqh No. Low High
KG Ft S &M con g 6s.._1928 11-N -„- 11114 1127 Nov'12
8
1012
abash 1st gold Si
17778 188
12
1939 /11-N 10518 1053 105
9 10412 107 2'
10518
7
4
K C Ft S & II fly ref g 43_1930 A-0 77 Sale 77
77
2d gold 58
1939 F-A __ 9818 9818
9834 42 96 1004
1936 A-0
Registered
7712.1'1y '12 --- 7712 771:
Debenture Series B
_ 90 J'ne'12
9814 11000
0
1939 J-J
:
0 09 2:--- 0
KG & M It & B 1st go 55_1929 A- 0 ;5'il- side 19312 J'iy '12 ___ 10312 1031
1st lien equip s Id g 58_1921 M-S 99% - - 9918 Nov'12
. 9
Ozark & Ch C 1st gu 55 g_1912
let lien 50-yr g term 48_1954 J-J 80 _ _ _ 83 Dec '10
99
7 09 100
4
StL 5 W 1st g 45 bd ctts_1989 M-N 893 Sale 8934
29 893 9212
1st ref wad ext g 4s
90
1958 J-J 6318 Sale 62
663 228 5512 7234
4
2d g 48 Inc bond ctts____p1989 J-J 80 ,.,,.. 80 Nov 12 ___ 80 83
Cent '1 rust Co Ws
67 6378 Oct '12
63-8 71
1932 J-D 8014 Sale 8014
Con-sot gold 48
Do Stamped
_ 63 6312 Oct '12
803
4 25 7812 841:
_ (13 6934
Gray's Pt Ter let gu g 53_1947 J -D 1003 .._ _10118 Apr '01
8
Equit Trust Co ctfs
*63 6718 84 Nov'12 - _ 5914 70
3 A & A Pass 1st gu g 48_1943 J-J 847 8512 85
12 -ig3 "i_f34
86
8
Do Stz.mped
5912 Sale 5912
6312 95 5912 0934
9 F & N P 1st sink f g 53_1019 J-J 94
104 Oct '09 _ __ _
Det & Ch Ext 1st g 58_1941 J-J 107
107 Oct '12
186 10714,
0) 80
(
Seaboard Air Line g 4s
1951 A-0 8512 _ _ _ 8618 Oct '12 —_ -8618 87
Des Moin Div 1st g 45_1939 J-J
8- -38
80 Aug'12
Gold 45 stamped
1950 A-0 86 Sale 86
86
Om Dlv 1st g 3 Ms
3 8512 90
1941 A-0 67 69 70 Oct '12
Registered
1950
Tol & Ch Div 1st g 43__1941 31-S 80 82 80
80
Adjustment 55
01949 F-A 7412 75 "ir
-*is; in "fi- 841- Wab Pitts Term 1st g 4s
4
30
30
1954 J-D *30
Refunding 48
1959 A-0 77 Sale 77
775 7634 83
Cent & Old Col Tr Co certfs—
2612 Sale 2512
5 378 443
298 ---8 228)3112 :
4 119 763' 42 49115114
Atl-Birm 30-yr 1st g 45_e1933 m-s 85 86 88 rly '12 —_ 87 90
Columbia Tr Co etre
2534 Sale 2534
258
4 10 2534 414
Car Cent 1st con g 4s
-j *90 ___ 9312 Apr '1.2 ___ 9234 1)312
2d gold 4s
1949 j
112 3
238 Nov'12
1
1954 J-D
Fla Cen & Pen 1st g 5s
-j 10314
103 May'li —_
1918 j
Trust Co certfs
24 3
238
17 3
238
112
1st land gr eat g 5s
1030 J - J *10312 __ 104 Nov'12 ...... idi - iiii - Wash Term! 1st gu 3;43_1945 F-A 8312
8738 Oct '11
j_j 19514 .107 J'ne'12 ___ 107 107
Consol gold Os
1st 40-yr guar 4s
1043
1945 F-A 974 _ _ _ _ 100 Sep '12
Ga & Ala By 1st con 58_01945 J-J 10412 108 10478 Nov'12 --- 10978 10714 West Maryland 1st c 4s
85 9i;
5
85 Sale 85
8514 43 -61(8 168
1952
Oa Car & No 1st gu g 59_1929 j_j 10418 105 10134 Sep '12 ____ 10434 10534 West N Y & Pa 1st g 55_1937 A-0 106 10618 106
2 106 10834
106
J-J
-j ____ 10(1 105 May'12 --- 105 1061E
Scab & Boa 1st 5s
Gen gold 48
1928 j
86 8812
1943 A-0
803 86 Oct '12
4
Southern Pacific) Co—
Income Os
34 Feb '07
d1943 Nov
96 458 88 96
Gold 45 (Cent Pao coil).k1049 J-D 923 9312 89
4
Wheeling & L E 1st g 53_1926 A-0
10112 Oct '12
jai
22 91 92
92
Wheel Div 1st gold 53—_1928 J-3 994 10112 10218 Nov'll
1
k1949 J-D '.„ 8814 90
Registered
8
9312, 328 917 97
8
20
Eaten & Imp gold 58____1930 F-A 9918 101 102 J'ne'10
-year cony 4s
002.9 M-S 917- Sale 9178
RR 1st consol 4s
15 94 97
95
Cent Pac 1st ref gu g 4s__1949 F-A 94 8 9518 9478
"if1; 8513
1949 M-S 8114 83 8118
8134
9412.ply '12 ..--, 9412 941:.
20
-year equip s f 5s
1949 F-A 93
Registered
9812 Feb '11
1922 J-J *97
3 04 9034
2 9012 9112 Winston-Salem S B 1st 45_1960 J-J 8912 91 9034 Nov'12
003
4
Mort guar gold 3 14s__k1929 J -D 90 4 Through St L 1st gu 43.1954 A-0 - -.. 02 91 Nov'12 ____ 89 9278 Wis Cent 50-yr 1st gen 48_1949 J-J 911k Sale 91
913 9 i
3
913
4 11 -ti 3-4 -5 112
GHdaSAM&P 1st 58_1931 31-N ---- 10512 105 Nov'12 ---- 105 107
Sup&Dul div & term 1st 4s'36 M-N
893
4 28 898 9212
89% 8984
Gila V G & N 1st gu g 58_1924 11-N .,,,-- 10312 10218 J'ly '12 ___ 10218 10434
Hous E & W T 1st g 58_1933 11-N 1U3 - - — WI Aug'12 --- 104 105
Manufacturing and Industrial
1st guar tis red
1933 11-N 103 105 10414 May'12 __-. 10414 10414 Allis-Chalmers 1st 5s
1936 J-J ;—. 6212 61
2 2
0
7
6214 1 5713 6414
-j 10014 .._ _. 10914 Sep '12 ..... _ 10914 110
Trust Co ctts deposit
H & T C lgt g 58 Int gu 1937 j
60 60% 60%
6018
Gen gold 45 int guar.. 1021 A-0 ,•,- — 9412 9318
9 9318 9512 Am Ag Chem 1st c Os
9434
1928 A-0 10112 Sale 10114 101% 27 1007 1028
8
Am Cot 011 ext 4 Ms
Waco & N W div 1st g Gs'30 51-N 114 - -- - 11914 Mehl° ---- .,...• ..- 7=
1915 Q-F 96% Sale 9614
54 9614 9813
97
A & N W 1st gu g 53
Debenture Os
1931 11-N 93 Sale 93
1941 j.J 105 ._. 105 Nov'12 ---- 105 - 10112
93% 38 9214 951s
Morgan's La & T 1st 7s.._1918 A-0 111 - — 1113 Aug'12 ---- 11134 11134 Am Hide & L 1st st g 68_1919 M-S 10012 101 100% 1003
4
4
Amer Ice Secur deb g Os_ _1925 A-0 73 Sale 73
1st gold 6s
. :-....... 111 Mch'll --!!
1920 j_j !O
33 981 :82
1 72 9112
73
9 11:2 0
9
Am Smelt Securities 5 f 6s_ _1928 F-A 1o312 Sale 10312 10412 11 10212 106
112 Feb '07 _—
No of Cal guar g Os
1938
Ore & Cal 1st guar g 58_1927 IJ1--7 101% ___ 101 Oct '12 —__ —"""--- Am Spirits Mfg 1st g 6s
__ 101 100 Oct '12
1915 M-S
118 May'07 ____ — "-- - Am Thread 1st col tr 4s__1919 J-J -93,2 -- - - 9313 Nov'12
So Pao of Cal—Gu g Os ..1937 Nf-N '108
-j 91 _ _ 9112 Sep '12 .... -6171- -ail; Am Tobacco 40-yr g 6s
So Pao Coast 1st gu 45 g_1937 j
1625 195
2
18 2112
4
1944 A-0 119 121 11912 Nov'12
San Fran Tarsal 1st 48_1950 A-085 89 Nov'12 ____ 8812 92
Registered
1944 A-0
-- 120 Nov'12
2 %
18 4 97
1917 12114
-j ioci 101 10158 May'll ____ 101 101
Tex & NO con gold Os 1943 j
Certificates of deposit
11912 Sep '12
1274 2112
8
19 18 19554
-j 9314 sale 9314
933
4 91 9314 953
So Pao RR 1st ref 45
8
Gold 48
1955 j
1951 F-A 96 Sale 96
90
Southern
Registered
1951 F-A
_
9534 rile'12
1st consol g 5s
10614 20 1051 1083z Am Writg Paper 1st s f 55_1919 J-J
1994 J-J 10613 Sale 108
89 8813
89
3 8814 913
3
Registered
1994 J-JIns Sep '11
Baldw Loco Works 1st 53_1940 /11-N
103 Sep '12
Develop & gen 45 Ser A.1958 A-0 -ii - Yale 78
.
38
1928 J-J 96 Sale 98
5s
7814 127 -775 -79'4 Beth Steel 1st ext
7
06 .-53 10311 I04
928
4 2
i4 558 15 4
8512 17 85 8712
Mob & Ohio coil tr g 45_1938 m_e 8518 8812 8512
1st lien 58 guar A
8718
1942 11-N 8534 Sale 85%
Mesa Div 1st g 4 11-53_1996 J-J 108)4,.,- - 10818 10818
1 10732 111
Cent Leather 20
.
9514 72 9134 0614
-year g 55 1925 A-0 9434 95 94%
St Louis div 1st g 44
88
105l 3- J
83 Sale 88
1 8714 0014 Consol Tobacco g 4s
1951 F-A 96 9818 98 No v.12 -__ 0134 11I
Ala Cen R 1st g 65
1918 J-J 1063 - - 10514 Sep '12 ____ E0514 1051,
4
Registered
1951 F-A
- - 77 Nov'o7
Fe v:1 1 .......... _luta - 4 Corn Prod Bets!g 5s
N ob 12
J-J
Atl & Danv 1st g 48
1948
_ 01_
1931 M-N 953 9612 9614
96 4
,
4
61
:
2d 48
1st 25
1948 J-j 8112 ___ 1;21
-year s f 58
1934 M-N 94 9414 0414 Nov'12
Ati & Yad 1st g guar 45.._1949 A-0 84 —.._ _
_
Cuban-Amer Sugar coil tr (18 1918 A-0 ____ 07 9634 Nov'12
--j 103 ___ 10534 Dec 11 .....
-.
Gel & Greenv 1st 6s
Distil Sec Cor cony 1st g 58_1927 A-0 70 Sale 693
1918 j
: 611- 6996 122
: 969 4 ;
2
71 ::2 -498 :8 -1
4
2
II T Va & Gs Div g 55_1930 .1-.1 10614 10812 10812 Oct '12 ____ Wien; 10814 E I du Pont Powder 434s_1936 j
17
8
-D 8812 Sale 8812
8914 _. 847 9212
Con 1st gold 53
1956 m-N 10912 1101k 10912 10913
3 10918 11134 Gen Electric deb g 3148
1942 F-A
79 80 Nov 12
11 Ten reor lien g 58
10-yr g deb 58
10518 J'ly '12
1938 11-S 1045 _
8
10518 106
1917 JI-D
181)2 Oct '12
Ga Midland 1st as
Debenture 5s (recta)
1946 A-0 0312 _ _. 84 Aug'12 ---- 84 841,
1952 M-S 104 Sale 10213 10418
10018 __ - Ill J'iy '12.— III 1127- (Ian'! Motors 1st nen 158
Ga Pac Sly 1st g 65
1922
8
1915 A-0 9914 99% 99%
9938 —21 1192313 1184427
8 3 980i
78 085012 1 0:
*112 _-_ 114 J'ne'12 ___ 114 115 In Steel deb 4 148
Knox & Ohio 1st g 6s...._1925
1940 A-0 90 Sale 90
90
28 8912 9234
Mob & 131r prior lien g 55_1945 J -.1 10512 — _ 10512 Nov'12 _ _ -- 10512 10513 Indians. Steel 1st 58
.
1952 M-N 10014 Sale 10014 10078 80 100 10134
Mortgage gold 45
Int Paper Co 1st con g 68_1918 F-A 103 10378 1033
1945 J-j 7712 _ _ 78 Dec '11 ___
8 103% 15 103 10434
Rich & Dan con g 83__1915 J -J Hi_ 10312 102 Oct '12 ....... ied" iiii3:1
Congo' cony st g 5s
1935 J-J ____ 88 89 Nov'12
Deb 58 stamped
10434 Apr'12 ___ 104 10434 Int St Pump 1st s f 5s
1927 A-0
1929 111-S __ 8918 89
11
8912 : 18997:1937?
98304
! 57 2 929,8327,1
503748 14
: 891442 :
Rich & Meek 1st g 45
1948 Id-N 7112 ...... ._ Sep '__ ____ 73 73
Lackaw Steel 1st g 58
7a ___ 12
1923 A-0 ___ 9578 96 Nov'12
So Car & Ga 1st g 53
1919 Al1st con 5s Series A
_ 102% Nov'12 ___ 10214 109
103
1950 M-S 77 79 79
79
Virginia Mid ser 10 65_1916 M-5 10334 7 .112 Oct '06 .....
5
-year convertible 55
1915 M-S 9414 9412 9412
943
4
Series D 4-55
1921 31-13 1033 16.1, 10334 Nov'12 ..._ 1,6334 Mil; Ligg &Myers Tob Co73 tpy bds4
8 12018
11978 Sale 1197
Series E 55
1028 51.s 10415__. 10534.1'1y '12
5s temporary bonds
1053 1053
4
4
96% Sale 9613
9718
Series F 5s
1931 11-S 10453_*
106 J'ne'10 ....... ---- -- Mexican Petrol Ltd cnv 8sA '21 A-0 102 Sale 102
10314 : 993 4 10314
0
88 9899 08915143
63 5
:
8
General 5s
1936 M-N 1065 10814 10812 Nov'12 ___ 10612 10814 Nat Enam & Stpg 1st 55..._1929 J-D 9313 95 95 Oct '12
8
Va & So'w't 1st gu 55_2003 j
-j 108 109 109
109
Nat Starch 20-yr deb Os.
6 109 109
.,1930 J -J ____ 8812 8934 Sep '12
1st cons 50-year 5s....1958 A-0 953 96 953
National Tube 1st 58
4
4
96
7 95 973
1952 /11-N 9918 Sale 99%
99%
4
W 0 & W 1st cy gu 48_1924 F-A 9312 -- -- 934 Sep '12 ____ go 931, N Y Air Brake 1st cony 6s 1928
102% Sale 10218 10312
West N C 1st con g 8s,_ _1914 j-j 10185___*_ 102 Nov'12 ...„ 10234 10312 P Lorillard Co 7s tem'pry bds..-- /11-N 121 Sale 121
12
.
121
32 197 193434
19% 23
Spokane Internet 1st g 5s_ _1955 J-J .._ 103 10212 Apr '11 _____
158 temporary bonds
9678 Sale 96%
4 32
9714
9703 999 %
7 9118 9811
r A of St L 1st g 4 14s_ _1939 A-0 __ 10412 1033.1 Oct '12 __ jag3- idi- Fly Steel Spy; 1st s t 55____1921 J-j 9714 9814 97%
4
9814
1st con gold M....1894-1944 F-A 111$12 10912 111 Aug'12 ....... 110
1
Repub I & S lst&col tr 53_1934 A-0 10338
_ 10334 Nov'12 _ 13 10278 104
3 , 94:41
_ _ 980 ,0
• Gen refunds t g 45
93 9485 Oct '12
10-30
-year Os s t
1053 J-J
04 98
1940 A-0 91 Sale 91
919
4
• St L M Bee Ter go g 53_1930 A-0
106 10618 Sep '14 ____ 1064 117122 Standard Milling 1st 55
7 618 001
1930 1K-N 8812 Sale 8814
8914
Tex & Pac 1st gold 55
The Texas Co cony deb as1931 J-J 9912 Sale 994 10014 58 9412 10212
___4
2000 J -D 1063 Sale 10634 107
2d gold Inc Os
Union Bag & Paper 1st 58_1930 j
5112 _. Si Nov'12._ 4978 51
g2000 Itch
-j 92 Sale 90
92
La Div II L 1st g 5s
_ 99% Apr '1 1
F A 09
Stamped
1931 J -.1 .
1930
_ 90 92 92 Nov 12 9412
212
W Min W & N W 1st gu 58.'30
__
US Leath Cost deb g 68._ _1913 M-N 10(;18 Sale 100
--------10612 Nov'04
10018 16 103 191
__1 8712 02
Tol & 00 lat g 5s
J -j 10512 107 106 Nov'12 ____ 1O'351091- US Realty & I cony deb g 53_'24 j
2
1935
-j 88 89 88%
88%
Western Div 1st g 5s
1935 A-0
4
1073 J'ne'12 ---- 10734 1073 US Red & Refg 1st g 63_1931 J-J
25 3212 30 Oct '12
4
General gold 58
103 10314
1935 J-D 105%-„.- 103 Nov'12 ....... 103 104
U S Rubber 10-yr coil tr 68_1918 J-D 10312 Sale 10314 10312 —25 103 105
9 59
-- 3
Kan & 111 1st gu g 45
1990 A-0 9112 9212 9114 Oct '12 ___ 9114 93
Registered
1918 J-D
1031$ Jan '10
-year 5s
' • 2d 20
•
1927 J-J 973 983 98
4
4
0812
4 0714 9912 U S Steel Corp—/coup _d1963 111-N fog §it1J 100
10138 486 100"
s
Tol P & W 1st gold 9s
1917 J-J 90 Sale 90
S 1 10-60-yr 5s1reg ___d1963 111-N
91
5 90 947
8
10114
10112 21 10112 104
Tol St L & W pr lien g 3 10_1025 J-J 84 ___ 8412 Oct '12 __
Va-Car Chem 1st 15-yr 5s 1923 J-D 97i Sale 974
Os
4
86 973 101
1950 A-0 56 57 58
50-year gold 4s
58
17 5
5
6 69571 West Electric 1st 5s Dec 1922 J-J 10078 Sale 1003
4 5;
17 10012 1031$
4 101
1917 F-A 65 75 68
Coll tr 45 g Ser A
Westinghouse E & M s f 58_1931 J-J 9278 Sale 92%
69
2 68 7312
48 92% 96
93
-D 89 ..,... 89
45._h1946 j
Tor Ham & Buff 1st g
10
-year coil tr notes 58_1917 A-0 96 97 97 Nov'12
89
1
_ 9812 93
ister & Del 1st con g 58 1928 J-D 103%10414 101 Nov'12 ___ 104 106
Telegraph & Telephone
1952 A-0 -- -- 86 8512 J'ne'12 —_ 8 12 80112 Am Telep & Tel coil tr 45_1920 J-J 89% Sale 88%
1st refund g 4s
85 9 3
9
0
:
8914
8838 111
10874 1965
Union Pacific
Convertible 48
1938 31- S 11012 11112 111% 11112 4
10
0
-J 99 Sale 9878
1st RR & land grant g 48,1047 j
9912 128 0878 10214 Chicago Telephone 1st 5s 1923 J-D *___ 10078
Registered
1947 j- J 9712 _ _;. 988 Nov'12
0812 10178 Commercial Cable 1st g 43_2397 Q-J 80 8511 -01;Man
-a;
20-year cony 43
1927 j-J 99 Sale 99
Registered
10218 657 99 104
8312 Nov'11
2397 9-.1 _
1st & ref 48
6,2008 M-S 0514 06 9512
9614 15 9538 9778 Keystone Telephone 1st 58_1935 J-J 84 _ _ 85 Aug'12
"41" WOre By & Nay con g 48._1946 J-D 925 Sale 9285
s
9112 9814 Metropol Tel & Tel 1st s f 53 1918 31-N 10112 10212 10112 Nov 12 ---_ 10112 103
9318 22
Ore Short Line 1st g 65_1922 F-A 1114 111, 1111s 11114 15 111 11334 Mich State Telep 1st _ _1924 F-A 99 10014 10214 Nov'12
4
99% 101
• 1st consol g 58
1940 J-J 108 109 108% 1088 847 10812 112
NY &NJ Telephone 58g_1920 M-N
1
55_ 10314 May'll
• Guar refund 45
1029 J-D 9114 Sale 9114
9114 9534 N Y Telep 1st & gcn f 4;is 1939 14-N 9714 Sale 97%
94 2
,
9734
Utah & Nor gold 58_1926 j
-J 104 . _ 108 May'll _
___ -__ Pao Tel & Tel 1st Os
1937 J-J 9914 Sale 99
6:
11
!
.
993 .0 -6- 10674
8 52 9 i001
6
• 1st extended 43
1933
South Bell Tel SC T 1st f 53_1941 j-J 9838 Sale 98%
98% 18 98% 100
Vandalla cons g 4s Scr A..1055 j-j 04 Si5 - .di" -ii" --ao -64 665- West Union col tr cur 5s
F A 91 In 1(
- 8
1938 J-J 10014 1003 1003
4 101
10 10014 10313
4
v
Consol 4s Series B
1057 m.4,1 9385 04 9438 Nov'12 ___ 92% 9712
Fd and real est g 4 145
1950 M-N 94% 9512 95
95
Vera Cruz & P 1st gu 4 34s.1934 j
-j ____ 06 94 Oct '12 __. 913 94
_1941 /11-N
Mut Un Tel gu ext
4
104 J'ne'll
58_Northwest Tel gu 4 343 g_1934 J-J • 91
9614 J'ne'12
"ig" "al;
MISCELLANEOUS BONDS—Concluded.

T

iog 108 ,

11

53:9

U

:

Coal & Iron
Buff & Susq Iron s t 55____1932 i-i)
97 rly '22 ____ 07 08
Debenture 5s
0926 Id-S 85
91 Nov.11
Col F & I Co gen s t g 58.......1943 F-A
Col Fuel gen Os
1919 11-N 10712
97
- 10714 J'ne 7
97
9 12
'
-67. i0P:s
1071; l61 3
4
Col Indus 1st h coil 5s gu 1934 P-A ___ 84 8234
8234 22 7212 5'4
Cons Ind Coal Me 1st 5s__ _1935 i-1)
84 85 J'ne'll
Cons Coal of Md 1st h ref 5s 1950 J-I)
94 93 Oct '12
i
Or lily Coal & C 1st g 0s-- 11919 A-0
_„. 10234 Apr '06
,
Kan & II & 01st s f g 5s-1951 J-J ___
98
08
1 -11i34
Pocali Con Collier 1st 5 f 5s _1957 J-J 87 88 88
5 8112 891.
88
St L Rock Mt & P 1st 5s
1955 J-J 7912 8212 81 Nov'12
704 841:
,
Tenn Coal gen Os
1951 J
101% 102 1017 Nov'12
10118 1037;
firm Div 1st consol Gs_ 1917 J-J 102 10334 10218 Nov'12
10218 11M,
Tenn Div 1st g 6s
a1917 A-0 102 10213 10214 Oct'1210214 104
Call C M Co 1st gu g 6s_ _ 1922 J-1/ 10312 110 110 Jan '00 .......
Utah Fuel 1st g 5s
1931 11-S
Victor Fuel 1st s f 53
1953 J-J . _ 83 -853; Oct .15 2:: s5.
4
Va Iron Coal & Coke 1st g 531949 31-S 967 Sale 9678
4
9618
2 9112 0812

Miscellaneous
1948 M-S 8312 8418 8312
Adams Ex coil tr g 45
8312
I 81 881w
Armour & Co 1st real eat 4 145'39 J-D 91 Sale 01
9114 23 90 924
1952 A-0
Bush Terminal 1st 4s
90 Oct'12.. 8834 92
...
1955 J-J .... 96 9612 Nov'12
Consol 53
96 99
1960 A-0 ---- 07 97 Nov'12 ....... 9612 974
Bldgs Os guar tax ex
12
___Chino Copper 1st cony 68_1921 J-J 172 182 181
9 110 200
188
Inspir Cons Cop 1st 63 lreCtsi -10912 32 [041211034
10812 11018 109
Marine 45s
Int Mercan
1022 17-76 65 6512 6514
3
.
_.
6818 .9 63 70
Int Navigation 1st s f 5s
1929 F-A 78 79 '79
7912 13 773 8214
4
11166 A-0.__ 90
Mire Bond (N Y) 45 ser 2
10-20 yr 53 series 3
1932 J -J 9912 _ _ _ - i6963" OAci'''Ili ___ 100 100
Morris & Co 1st s t 410_1939 J-J
90 8 4 u g 2 ____. 8912 897
_
8
N Y Dock 50-yr 1st g 45
1951 F-A 76 80 76 Nov'12
76 8512
Niag Falls Pow 1st 5s
4
1932 J-J 1003.i 1021 1024 10218
9214
1043
Ontario Transmission 5s__ _1945 111-N 92 ____ 9514 Nov'12 .. i 10012
92 2
Pub Serv Corp N J gen 58_1959 A-0 9238 Sale 02
9212 i6
Ray Cons Copper 1st cony Gs 1921 3-i 120 Sale 120
4
12 94
12212 30 192 130
Wash Water Pow 1st 58_1939 J-J 102 __ 101 May'12 ____ 102%104
, ?No price Friday: latest bid and asked aD110 Jan (Mao April eDue May gDuc June hDue July kl)ue Aug oDue Oct dDue Nov qDue Dec sOption saki i




-

CHICAGO STOCK EXCHANGE-Stock Record.

1528

STOCKS-HIGHEST AND LOWEST SALE PRICES,
Saturday
Nov. 30.

Monday
Dec. 2.

Tuesday
Dec. 3.

Wednesday
Dec. 4.

Thursday
Dec. 5.

Friday
Dec. 8.

Sates
of the
Week
Sh2res.

STOCKS
CHICAGO STOCK
EXCHANGE

Range lcr• Year 1912
Lowest.

Highest.

Railroads
30
Last Sale 25 Nov'12
Chicago Elev Rys com___
*20
_0 Apr 24
30
25 Nov23 1
*20
30
*20
30
•20
Do pre
91
90 May27 0334 Jan 20
91
*89
0112 *89
10
*39
91
,
9112 91
•89
9112 *89
Chic Rys part ctt "1"
Last Sale 90
85 J'ly 15 10138 Jan 18
Oct'12
95
*88
95
*88
95
*88
95
*88
1934 No 726 38 Jan 0
22
2212 2134 22
848 Ohio Rys part ctt "2"
,
2212 22
213 22
4
2134 2134 2158 22
112 Chic Rys part ctt "3"
6 J'ne 13 11 Jan 12
*7
7
812 *7
813 *7
7
7
7
*7
812
812
57 Jan 13
3 Oct 1
070 Ohio Rys part ctt "4"..
312
312 •
3
312 *3
3 2 3 2 *3
,
,
*3
32
,
33
8 312
Kansas City Fly & Lt_100 1414 Aug 8 25 Sep 27
20
Last Sale 18 Nov'12
20
*18
20
*18
*18
20
*18
Do pret
100 40 Oct 10 5013 Jan 19
Last Sale 41 Nov'12
*41
43
43
*41
43
*41
43
*41
6 Mch 28 1178 Apr 10
110 Streets W Stable C L_100
4
012 912 *9
10
*9
83
4 83
10
*9
10
•
9
10
Do pre!
200 35 Jan 30 52 J'ne 20
Last Sale 50 Nov'12
55
*50
*50
55
*50
*50 .55
55
Miscel!aneous
100 1112 Jan 2 47 Oct 11
5,640 American Can
4034 41
40
4138 37
3318 3758 3314 3412 3012 34
40
Do pref
100 91 Feb 1 126 Sep 19
124 124
124 124
11912 1227 11812 12033 118 11914 1,350
123 123
American Radiator_ 100 325 Feb I 405 .J'ly 2
Last Sale 405 July'12
*450 480 *450 480 *450 480 *450 480
Do pref
100 131 Jan 15 135 Apr 30
Last Sale 13414N-ov'12
*130 136 *130 130 *130 130 *130 136
___
57
_
57
59
10 i.mer Shipbuilding100 45 Aug 7 61 Oct 1
*57
59
*57
*57
59
*57
59
Do pref
20
100 100 Feb 6 10633 Oct 28
*10412 10512 104 105 *10412 10512 *10412 10512 *10412 10512 *10412 10512
8
225 Amer Telep & Teleg
130 Jan 11 198, Alch 17
*14214 1423 *14214 14284 1423 1423 *14112 14212 14014 14112 13912 1491
4
4
4
65 65 :19 bitch 14 6834 Dec 3
67
765 Booth Fisheries corn
_
6712 6834 67
65
6812 *65
70
Last Sale 47 -Apr'12
Voting trust elf
4312 Feb 23 bU Jan 9
4 897 897
1,304 Do 1st prof
8
77 Mch 14 95 J'ne 5
-91.- - - 9212 6--------------90 903
Last Sale 55 Nov'12
58
Cal & Chic Canal & D_100 49 Feb 9 655 May13
8
*55
58
*55
*55
58
*55
58
297 Chlo Pneumatic Tool_100 44 bleb 15 5512 Oct 15
5212
52
*5212 53
*5212 53
53
53
523 53
4
53
53
Last Sale 142 May'12
____....
Chicago Telephone_100 13712 Jan 4 145 hich 9
Chicago Title & Trust.100 184 Jan 4 222 J'ne20
Last Sale 212 Nov'12
.215- ifi- *iiii- 213 - *216- 113 *210 213
143 14358 143 14312 143 143
646 Commonw'th-Edison_100 13514 Jan 4 150 Mch 7
14318 14312 14312 14312 14312 144
10 Feb 1:.; 2112 Oct 21
325 Corn Prod Ref Co com__ _
1638 1638 157 157
143 1514 147 157
4
*1612 17
*1612 17
Do
do
prof
Last Sale 87
Oct'12
87 Oct 17 87 Oct 17
52 ___ ___ ___ ____ ____. ____
.
*i... i6
. e612 .
100 103 J'ly 5 11134 Feb 5
120 Diatnond Match
10612 10712 10612 10612 -___
10612 10712 107 107
*98
24 Hart Shallner & Marx pt. 98 Oct 2 10212 Mch 8
98
9812 *98 -98
9
813
98
*9814 9812 *9814 93I2 93
100 56 Jan 2 7312 Sep 23
887 Illinois Brick
12 71 *13912 7012 6812 6914 6812 6812
*69
6912 70
701
675 Internet Harvester Co_ _ _ 106 Feb 14 12673 Sep 10
112 113
- -- --- -__ 118 119
-112 115
___
1638 Aug 6
Knickerbocker Ice pref_
67 May 1
Last Sale 7638 Aug'12
200 National Biscuit
100 12512 Dec 6 10113 Apr 30
12512 127
-1
i.152- 13 -- *1:
-4
i1- Ili- *iii- fie 455- 132 *130 132
Do prof
100 114 Oct 25 13034 May28
Last Sale 124 Nov'12
*124 126 *124 126 *124 126 *122 124
100 103 hich 5 135 Sep 24
280 National Carbon
*120 12412 *120 12412 *120 12412 *120 12412 122 123
100 115 Feb 11 120 Jan 2
50 Do pref
*11712 11812 11714 11712 *117 11812 *117 11812 *117 11812 *117 11812
x 61 J'ly 2 x 67 Apr 22
130 Pac1110 Gas & El Co
653 *65
4
6534 *65
6534 *65
0554
65% 6514 6513 6534 *65
Do
rights
z.60 May 3 x.65 Apr 23
Last Sale .60 May'12
____
____ ____ ____
_
preferred
Do
-- *1
__ *9112
__ *9112
__ *9112
---__ *9112
;61.12
115 11514 114 11412 -----------609 People's Gas L&Coke_100 10312 Jan 2 12213 Oct 9
-11512 11512 11512 11618 115 115
-Pub Serv of No Ill cons .c 84 May29 z 9412 Apr 24
Last Sale 8614 Nov'12
8612 *8512 8612
.86
8612 *36
8612 .86
x 98 Dec 6 z107% Apr 24
De preferred
98
99 99
82
99
99
9934 99
99
*98
9934 *98
-50 ilumely Common
9412 Dec 5 9878 Nov22
*99 100
0412 9412 ---- *91) 100
---*99 100
*99 100
Last Sale 100 Nov'12
z 9J% Apr 27 £10313 Oct 25
Do preferred
•102 104 *102 104 *102 104 *102 101
207 21312 20412 203
21212 215
9,760 Sears-Hoebuoic com__100 140 Jan 5 22113 Nov 8
216 21714 215 21814 21412 216
100 12113 Jan 11 12534 J'ne 8
90
Do pref
12412 12412 12412 12412 *124 12412 12412 12412 *124 12412 *124 12412
*41
43
43
4014 4014 n----*41
50 Studebaker Corp coin-. 307 Ply 18 49 Aug 9
43
43 .41
*41
96
Last Sale 9712 *94
Aug'12
90
*94
9413 J'ly 18 9712 Aug 7
96
Do preferred
*94
96
*94
8
002 Swift & Co
100 983 Jan 2 10914 Apr 4
4
10712 1073 10758 10734 10712 10758 1067 10712 106 10718 106 10614
4
Last Sale 260 Nov'12
The Quaker Oats Co100 215 Jan 15 397 Nov23
*250 260 *250 260 *240 255 *240 255
20
Do prof
100 10512 Jan 2 110 Jan 15
*108 10912 .108 10912 10914 10914 109 109 0109 10914 *109 10914
1,149 Union Carbide Co
207 21618 210 212
4
£1353 May 8 231 Nov 4
220 222 *220 221
221 224
221 222
Do
rights
Last Sale 412 May'12
4 314.May 8 x 9 May22
____
...._ ____
I% Jan 18
Unit Box 13d & P Co_100
112
33 May 2
Last Sale 138 Oct'12
112 .1
*1
112 *1
112 .1
2,920 United States Steel corn_ 5853 Feb 13 8012 Sep 30
6734 69
4
4 683 71
721 7312 7113 723
7518 75% 7312 741
9 Sep 30 15 Nov26
Western Stone
100
Last Sale 13 Nov'12
*11
13
13
13
*11
15
*12
•13

zki

Interest
period

Price
Friday.
D.c 6.

Week's
Range or
Last Sale.

Lotecsi
21 J'ly
85 J'iy
80 Apr
2074 May
8 May
412 Mch
15 Sep
39 Sep
7 Dec
38 Nov

11i 7/16SI.
32 Dco
04 Nov
101 Aug
371 Dec
8
1213 Aug
712 Aug
23 Feb
7212 Feb
1314 Feb
50 Jan

1212 May
9 Jan
7678 Jan
93 Deo
265 Jan 304 Oct
12613 Mch 133 Nov
48 Nov
79 Feb
10612 Sep 113 May
1315 Aug 15214 J'ne
8
35 Apr
5914 Mel'
38 J'ne
5734 Mch
60 Sep
8838 Dec
4912 Apr
52 Feb
5512 Feb
3912 Sep
115 Jan 14114 Nov
15113 Jan 180 Den
113 Jan 13733 J'ly
13:3 J'ne
934 Oct
78 Jan
78 Jan
0212 Feb 11034 NOV
100 Sep 10334 Deo
70 Jan
4978 Sep
9014 Sep 129 May
11714 Jan
123 Jan
100 Aug
117 Sep

14212 Dec
130 Mch
120 hich
120 Mch
. .
.
---- .......--..Sep

10858ja-

12334 Sep
110 Sep

19234 Jan
122 Meh

101

9734 Sep 101 J'no
165 Moll 212 Dec
10213 Feb 10712 J'ly
1 Dec
5013 Oct
13 Dec

7 Jan
817 Feb
25 Jan

Chicago Banks and Trust Companies

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Dec. 6.

Range. jor Prancus
Year 1911

Sold

Range
for
Year 1912

High No. Low. High
Ask. Low,
91 Apr'12
r91
91
Am Tel & Tel coil 4s,._1929 J -J
9114
8 90% 9214
-D 9114 Sale 9114
Armour & Co 4 3.53_1939
8214 Apr'12
38214 8214
Auto Elec 1st M 6s„..1928
9618 May'12
a0618 9618
-N
Cal Gas & El unit &ret 8437
10138 15 10114 103
0
Chicago City By 5s__ _1927 .1 - A 10138 Sale 10114
87
86
9258
86
Oct'12
ChicCity &ConRys 5541927 A 97 • 99
07
97
Chicago Elev Ry 5s_1014 J - J t 97 Sale
6 90
95
9434
05
Chic Pee Tool 1st 5s.a1921 • -J 95 Sale
52 9838 10114
99
8
985
4
1927
-A 983 Sale
Chicago Rys 55
9458 Oct'12 _ _ _
9458 97
95
Chic Rys 58_series "A" A 0614 9738
9638 Jan'12 ____
Chic Rys 43_ _series "A" A 81
26 8212 9158
83
Chic Rys 4s_serles "B" J -D 83 Sale
93 Nov'12 ____ 03
9518
Chia Rys 4s_ _series "C" F - A 9114 95
Jan'12
100 100
100
Chic Rys colt 63_1913 -A
71
10 70
85
4
Fly Pr m Mg 4s_c'07 .1 - J t 703 W - 71
Chic
60
5 45
45
45
50
Chic Fly Ad)Inc 4s.c1927 Slay!
4 1007
8 16 10034 10314
Chicago Telephone 5s_1923 J -D 41007 Sale 1003
8
8
9738 993
9712 Oct'12
Cicero Gas Co ref G M_1932 J -J
8 35 10134 1033
4
4 1017
Sale 1013
Commonw-Edison 53_1943 M - S
4
4
4
4 11 1003 1033
Commonw Elec 5s.b 1943 St - S 10034 Sale 1003 '1013
10014 Nov'12
. 9938 10158
Cudahy Pack 1st Al 5s.1924
- N 49934
16 107 11014
1087 Sale 10878 109
We,Match Con db 6s_ _1920
8
9934 Apr'12
4
Gen Mot6% lst L notes'15 A s9938 993
10114 May'12
510114 10112
Ind Steel 1st g 53
1952
-N
-_-_-_-__
Do
1928
1st g 6s
0
9
c10012 10038
Int liar 3-yr 5% g notes'15
4 9038 -- -5; 100 May'12
10518 Apr'12
r10518 10518
WO. St'l is. 51 g 63 1928 .....
Kan City Fly & Light
00
Oct'12
1913
Co 53
89
-N
9414
2
J 4161- 88 - 88 SeD.12
8714 90
Lake 8; 51-1st 5s__ _1928 J
8012 8534
Metr W Side El 1st 4s_1938 F - A t 8034_ 81% Nov'12
J t
1938 J
Extension g 4s
79
2 78
79
83
-9
iMil El Fly & Lt lit g 581926 F - A --- - ---- 10478 Apr'12
210478 104/
8
do ref & ext 4 34s-1931
- J ---95 Apr'12
295
95
1951 J do gee & ref 5s..
May'12
Milw Gas Lt 1st g 43_1927
-N
;8584 1618
873 9014
Morris & Co 4 3.11939 J - J t 18 Sale
4
873
4
873
4
10034 May'12
210034 10114
Nat Tube 1st g 5s
1952 31 - N
10314 Apr'12
210314 10311
Nor Shore El 1st g 5s_1922 A 4102:3
x10038 10033
do 1st & ref g 5s_ _1940 A - 0 :10J381031. 10038 Apr'12
9512 Sep'12
29512 9718
Nor Sh Gas o. Ill 1st 53 '37 F - A
10014 July'12
10014 10014
North West El 1st 4s_1911 • - S
9034 10012
995 Oct'12
8
NW(IL& Coke Co 5s 1928 Q -M
_
9612
9612
9534 99
Ogden Gas 5s
1945 M - N 5 9612 side
92 May'12
x0178 0218
Pas Gas & El ret g 53_1942 J -J
£100 10018
101) May'12
Pao T&T lit coil tr 5s..1937 J -J
10038 Mch'09
Pearsons-Taft 5s
1916 J 9712
9612 Meh'10
4.403
if - S 04
4.60s Series E
97 Feb'10
- N 95
4.803 Series F
9814 Nov'll
Si - N 9W4
Peep Gas L &C 1st 68..1943 A - 4.11
2
7 11512 Sep'12
11512 118-1Refunding gold 5s__1947 M - S 4101 Sale 101
101
10034 1023
4
Chic Gas LecC 1st 55 1037 J -J 210213
102181 10218
102 10334
Consum Gas lst 5s.1936• - 11)
10114 103
16212 10114 Sep'12
Mut'l Fuel Gas 1st5s1947 SI - N 10) loo
191
Oct'12 io 100 10112
Pub Scrv Co 1st re! g 5s '56
4
2963 100
4
I 903 9712 9734 Oct'12
Sou Bell 'I' & T 1st st 58 '41 J - J
10014 May'12
x100 10014
South Side Elev 4 Hs..1924
-6if2 iii- 9112 Nov'12
9112 9614
Swift & Co 1st g 53_1914 J - J t1.0018 10014 097
3 100
2 997 1003
3
4
Tr -City By & LI coil
1923 A 0614 Apr'12
trust lien f 53
298
9814
85 Apr'12
Union Eke (Loop) 5s_1945 A 89
85
100 May'12
U S Gypsum Is; g 5s_ _1922
S
29078 100
U ii Steel 10-60-yr it g 5s....
10212 Apr'12
210212 10238
1007g Oct'12
Western Sloe Co 5s_ _1922 .
.
10034 103
=
Note-Accrued interest must
o all Chicago bon d prices.

NAME

Outstanding
Stock.
(1)

Su,"nta
94.4
P14110.
(4)

Dividend Record,
111
1910.

In Per- Last Paid,
1911. 404.

Oct '12, 1%
$200,000 23179,779
American State
0
An Ian '11, 6
100,000
y61,879
Calumet National
10
Q-J Jan '13,23
Cont'tal & Comm Nat .11,500,000 9,450,060
Q-J Jan '13,4
16
Corn Exchange National 3,000,009 6,133,773 16
200,000
Q-J -et '12,1%
8
85,085
6
Drexel State
600,08i,
600.000 10
Drovers' Dep National_
10
Q-J Jet '12,2%
e5,533
200,004
Eng:ewood State
65 Q-J Oct '12, 2
10,008,00. 11,815,233 12
First National
12
Oct '12 4H
150,00',
12 Q-M Scp30'12
209,125 10
First Nat Englewood__ _
1,000,009
575,690 Priv ate Da nk
Foreman Bros 13'k'g Co
Q-J act '12,2
8
8
750,800
Fort Dearborn National 2,000,009
Q-J
Hibernian Banking Assn 1,503,01)0 1,A3,768 8+2
(11)
33,091 Beg. b us Aug '12. V. 05, n.273
Hyde Park State
21/0,00u
J-J July '12,
Kasper State Bank
400.000 21.31,766 10+15 10
4,902 Beg. us Apr 8'l1 V.92,0. 1004
Lake View State
200,000
231,614 Org D ee. 16 1011
Lawndale State
200,009
10 Q-Al. Jan '13,4%
603,477 10
Live Stock Exch'ge Nat 1,250,001
92,853 Beg. b us.Aug 26'1 2.V 95,0593
Mech. & Traders State_
200,000
8
8
Q-J Sept 39'12,2
Nat Bank of Republic._ 2,000,000 1,433,581
6
662,389
National City
Q-J Oct '12,1%
2,000,001)
4
National Produce
250,001, 4/10.3,078
Q-1 Oct '12,1H
634
90,199
200,00)
North Avenue State
Q-J Jan '13,1
7
0
80,982
50,000
North Side State Say'gs
Q-J Oct '12, 1
241,7o1
North West State
4
200,000
5 Q-J Oct '12, I
2)4,848
People's Stk Yds State..
7
500,000
95 Q-J Oct '12,2
Second Security
27,193 Beg. b us Nov 1 '11 V.93,p. 1235
200,000
Security
45
400,000 2160,022
Q-J Oct '12, 134
735
South Chicago Sayings_
114,000
8
Q-J Oct '12,2
200,000
Oct '12, 134
South Side State
11
6
18,545
200,000
12
State Bank of Chicago.... 1,500,000 2,393,161 12
Q-J Oct '12, 3
8 (3-51 Sep30 '12, 8
Stock Yards Savings
8
245,422
250,000
6 M-N Nov'12,3
0
500,000 :159,318
Union Bank of Chicago..
100,000
6
Q-J Oct '12, 2
11,872
Washington Park Nat....
221,434 None None .3-1s1 Dec31'08,134
50,000
Wendell State
8
Q-J Oct '12,2
4,500,000 1,972,738
735
Central Tr Co of Ill
J-J July '12,5
10
500,000 2322,860 10
Chic City Bk & Tr Co
6
Q-1 Oct '12, 134
285,129
Chicago Say Bank & Tr 1,000,000
8
Q-J Oct '12,2
Chicago Title & Trust,... 5,600,000 12,271,355
7%
Q.) oct '12, 3
10
6
s16,510
50,000
CitizensTrust & Savings
600,000
476,369 8+2 8+2 Q-1 Jan '132%
Colonial Trust & Savings
Cont & Comm Tr & Say 3,000,000 1,652,358 ..234
Jet
8
181,641
Drovers Trust & Say_ _ _
85
200,000
10 Q-Al Dec30'11,4
First Trust & Savings
5,000,000 2,361,162 12
,
Ft Dearborn Tr &SayBk
16,539 Beg. b us Apr 3'11 V. 92 P. 929
250,000
to Franklin Tr & Say Bk
63,673 Beg. as Apr .3'12 V.91, P 1030
200,000
GreenebaumSonsBk &Tr 1,500,000
25 Q-J Oct '12, 234
223,431 -J- J July'12, 3
Guarantee Trust & Say_
248,391
200,000
12
Harris Trust & Savings_ 1,500,000 2,235,542 11+5
Q-J Oct '12,3
Home Bank & Trust
2/2,43.3 deg 9 as Apr lt)'1 IV.92,p1004
300,000
Illinois Trust & Savings 5,000,000 9,668,090 16+4 16+1
Nov20 12, 1
.
7
Kenwood Trust & Say_
2/7,463 7+15
Q-J Sep30'12,134
200,000
534
281,714
6
Q-J Sep30'12,113
Lake View Trust & Say_
200,000
us. Ma y'10 See note (u)
265,511 Beg
u La Salle St Tr & Say B 1,000,000
41,522 Beg,
Mercantile Tr. & Say...
1 '12 . V.94.p.464
250,000
15
Merchants' Loan &Tr Co 3,000,000 6,714,212 12
Q-J Oct '12,4
70,134
Michigan Ave Trust Co..
Q-J Jan '13 114
200,000
Mid-City Tr & Say Bank
500,000
,
1 75.843 Corn Ii 41 Apr 10'1 IN .92,p1004
Northern Trust Co
8
8
Q-J Sep 30'! 2,2
1,500,000 2,804056
6
North-Western Tr& Say
250,000 2127,511
8
J-J Ins 29'12,4
52,026 Beg. I. us J'ne 1'11 V.02,o. 1537
Old Colony Tr & Sav Bk
200,000
People's 'Fr & Say Bank
208,354 ___
500,000
Q-J Jan '13,4
8
Pullman Trust & Say
300,000 s473,541
8 Q-J uct '12,2
Q-J Oct '12, 134
241,038
Sheridan Tr & Say Bank
200,000
389,813 Comm soced MIS, Sept 8 1910
Standard Tr & Savings_ 1,000,000
J-J July'12,3
210,209
6
535
Stockmen's Trust & Say
200,000
Union Trust Co
1,200,000 1,501,6:33 18+2 8+2 Q-11.1 :tent 30'12. 2
8+2 Q-m Jan '13,4
(3
121,126
West Side Tr &Say Bk _
400,00
94 Q-S Oct '12, 234
80,840
NVoodlawn Tr & Say' Bk
74
200.006

• Bid and asked prices; no sales were made on this day. t Sept. 4 (oiose of business) for national banks and Sept. 5 (opening of business) for State
Institutions. 4 No price Friday; latest price this week. 4Sept. 1 1911, 11 Dividends not published. Stock all acquired by the Cont. & Comm. Nat.
-J. with extra payments Q-F.
dDue Jan. 1.
c Due Feb.
q Dividends are paid Q.
DIulk. a Due Deo. 31. b Due June.
k Also 20% in stock.
I Aug.3111812. x Sales reported beginning April 18. u Formerly La Salle Street Nat. Bank. See V.95,p.1094. so Douglas State Dank absorbed by
the Franklin Tr. & Say. 13k. Figures here given are as of Dec. 2 1912 and are for consolidated Institution. y Sept. 4 1912. 2 Sept. 5 1912.




THE CHRONICLE

DEC. 71912.]

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY
Stocks
Week ending
Dec. (I 1912.

Railroad,

Par value.
------$9,710,400
33,333,900
51,638,100
58,366,600
87,646,300
66,426,250

100,069
360,234
576,970
636,241
955,650
721,239

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
•

Shares.

$23,500
43,000
48,500
46,000
45,000
47,000

$077,500
2,455,500
2,467,500
1,823,500
1,944,500
1,945,000

Sales at
New York Stock
Exchange,

Week end ng Dec. 6,
1912.

1911.

$8,000
1,000
32,000

$258,0001 $41,000

3,356,415 3307,121,5501 $11,613,5001

Total

U S.
Bonds.

State
Bonds.

Bonds.

Jan. 1 to Dec. 6.
1912.

1911.

I

120,373,575
Stocks
-No. shares___
3,350,415
1,940,636
121,740,985
Par value
$307,121,550 $178,072,600 $10,989,449,875 $10,863,073,200
$1,514,700
Bank shares, par
$2,100
$738,900
$14,500
Bonds.
$3,366,500
$40,000
$1,166,000
$41,000
Government bonds
90,223,400
808,000
24,766,000
258,000
State bonds
734,442,700
615,969,000
11,613,500 23,868,500
RR. and misc. bonds_
Total bonds

$11,912,500 $24,716,500

$641,901,0001

$828,032,600

DAILY TRANSACTIONS AT 'THE BOSTON AND PHILADELPHIA
EXCHANGES
Boston.
Week ending
Dec. 0 1912.

Unlis:ea
shares.

Lfs(eet
shares

Philadelphia.
Bond
sales,

Listed
shares,

Unlisted
shares.

Bond
sales.

4,595
11,672
15,708
22,392
29,759
29,967

Total

5,013
13,719
12,906
11,498
21,263
23,340

$10,000
16,000
56,000
34,000
50,000
24,000

4,249
11,000
19,203
18,057
11,135
14,818

1,323
6,503
10,349
14,089
24,129
17,127

$25,200
89,200
47,600
130,400
64,700
81,600

114,003

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

87,850

13190,000

79,002

74,120

$438,700

Inactive and Unlisted Securities
All bond prices are now "and Interest" except where marired
Street Rail ways

Bid
Ask
Street Rail ways-Won.)
Union Ity Gas & El corn. 100 5614 57
90
100 83
Preferred
81
United Lt Sc Rys coin...100 76
85
100 83
First preferred
20
20
100
73
75
82
Second preferred
72
172 180 United Rye of St LCom vot tr ctfs
103
1114
(4
9914 100
3714
e Preferred
101 37
8
100 857 90
10214 1K3 Wash Ity Sc Ei Co
4
00
10
100 88
Preferred
J.1) 8314 837
45 1951
8
30
32
3 -10 - West Penn Tr& Wat Pow 100
81
Preferred
100 80
130 140
Bid

Ask

New York City
Blank St & Ful icy stk.10()
1st mtge 4s 1950.
J-J
13'y & 7th Ave stk.
100
26 intgo 68 1914
J&J
Broadway Surface URlat Is 1924
J&J
Cent Crosatown stock 10()
M-N
1st intge Os 1922
Cen Pk N & E ltiv stock J00
Chrlstopher&lOth St elk 100
Dry Dock 19 B & B
J-D 10014 1011:
let gold is 1932
45
14-A 130
Scrip Is 1914
Eighth Avenue stoe.c...,100 310 120
99 101
14-A
Scrip es 1914
42d & Or St key stock_ _100 260 285
42d St M & St N Ave„ 100
111) Lif1st Os 1910
lad Inc Os Jan 1 1915.... t 78
Ninth Avenue stock.. 100 160 180
Second Avenue stock, 100
1 3
Consol Is 1948 etfs_F-A 135
40
Sixth Avenue stock., _10(1 115 126
J-J
88
Sou Boulev Is 1945.
03
A-0 90
So For let Is 1919
03
80
Tarry WP & Itt Is'28..M&S 175
28
23 Sc 29th tits Is '00 ctfsA-0 1 20
Twenty-third St stock _10() 250 275
Union Ity 1st Is 19.12 F-A 104 105
Westchester let Is '43.J-J
90 100
Yonkers St RR 53 1946.A-0 88
95
Brooklyn
Allan Ave RR con be '31A-O 102 104
B WS. W E ba
07 101
Brooklyn City RR__10 162 164
Bklyn llgts let 53 1941_A-0 100 10.i
Coney lel Sc liklyn
101 100 103
let cons g 4s 1948....J-J (0)
55
J-J
Con g 48 1955
78
83
99 lot
& N 53 1939_ J.J
13rk
Nassau Eiec let Is 1944.A-0 102 /0314
N Wmeburg Sc latbush95
02
1st 461 July 1911__F&A
J-J 100 103
Steinway let 6s 1922
Other (.I118.1
Burt St lty 1st conbs'31F-A 10312 1051
112
1)eb Oa 1917
1
A-0 101 100
eChicatto Union Tract corn..
ePreferred
3
9
67
Cout'(v'ith Pow Ity & L.100 66
90
Preferred
100 89
79
e Conn Ry & Ltg com..118, 76
Preferred
.
100 80
a Detroit United lty _100
70
73
Federal Light de Trao_luu
37
34
84
Preferred
10). 82
Havana Elec fly L
100 863 87
4
'
e,
referred
10U
4
8
063 963
Loulsv St 53 1930
.
J-J 10412 10514
o New On Rye & Lt corn Wu 36
e Preferred
lou
7514 -Pub Serv Corp of N J -See Otis 1. t list
Tv ctfs 2% to 6% perpet 10712 1081
North Jersey St Ity 100 80
let 4s 1948
M-N
Cons Tract of LI J....100
let 6s 1933_
10583 1033
772114 -7: 11: 64
New'k Pass Ity Is '30...1-.1 107 10/1
Rapid Tran St fly....101, 235
A
103 109"
let Is 1921
7812 ;9
JO Hob &Pat 451919 31-N
125 128
So J Gas El de
M-5 0) 991
Clu g 5s 1953
No Hod Co Ity (is 1914 J-J
°2112
Con Al Is 1928
3-3 103 2
10(1 . _
Ext be 11124._
Pat Ity con 611931..3-D 114
2d oe 1914 opt____A-0 100 103
27
100 25
Re011b1113 RV & Light
81
Preferred
80
Tennessee Ity L&P com 10() 2314 24
1°1
771
Preferred
100 70
Trent 1' Sc 11 be 1943 __J-1i
91 .....-

Electric, Gas & Power Cos
New York City
Cent Un Gas Is 1927._
O Kings Co El L & P Co. 100
New Amsterdam (ias1st consol Is 1948___J-J
N Y & E It Gas 1st 53'44 J-J
Con-sot 53 1945
J-J
100
N Y Mutual Gas L
N Y & Q El L & Pow Co 10t)
Preferred
100
N Y & Richmond
. .10()
North'n Un 1st 53 1027 M-N
GasStandardUL 1st 581030 M-L,
Other Cities.
Am Gas Sc Rice corn
bt,
Preferred
50
Ant Lt & Traa corn.
IOU
Preferred
100
Amer Power & Lt com_100
10(1
Preferred
50
Bay State GAS
Buffalo City Gas stock _100
Cities Service Co corn...100
Preferred
100
Columbia Gas &
let is 1927
J-J
Con Gas of NJ 5s 1936..J-J
Consumers L H & Pow
Es 1038
J-D
Consumers Power (34Inn.)1st&ref is 11129op'14_M-N
Denver CI dr El 53 1949../11-N
Elizabeth Gas Lt Co ..100
Essex & Hudson Gas_ 100
Gas & El Bergen Co
100
Clet West Pow 55 1946..J-J
Hudson County Gas
101)
Indiana Lighting
4s 1953 opt
F-A
Inrlst a Ii llsGa3
i ianapo 1052
50
A-t)
Jackson Gas Is g 1037 A-0
eLaciede Gas preferred l0(
Madison Gas 65 1926. A-0
Narragan (Prov) El Co .50
Newark Gas Os Ape44.Q-J
Newark Consol (lae
100
No Hod L II Sc P 58 1938 A-0
Pacific Gas Sc 19 coin
JOU
100
ec
Patred'r&efrermGas
l
100
Sc E1
St Joseph Gas Is 1937 _J-J
Standard Gas Sc Elec(Del).50
Preferredi,s t,r4010 of N
4
l
1?
)
United lElectric
J-1)
Western Power com
10,
10()
Neste etrretates Gas& MeePreir i Sd
1st &ref g Is 1941 op_J-1)

102
127

103
129

10012
104
101
167
el)
77
53
10)
101

10112
10312
103
_58
85
62
102
100

83
89
*46
48
423 433
108 111
66
60
8514 8614
"
12
53
512 014
110 113
87
8812
1534 10
7612 7714
99 10)
100
80
06
325
139
87
8634
133
42
69
35
80
18
97
103
126
96

-_
83
97
140
8'J
8712
135
45
71
42
89
1(12
9812
110
98
_
98

100- 4
6478 6519114 913
4
92
94
00
91
*21
2112
*50
5034
88 _
_
8114 8214
26
28
53
55
93

95

Fer.'y Companies
B AN Y let tie lull_ .3-.1
00
97
Y Sc Fl It Ferry stock.,100
8
15
1st Is 1922
50
60
N Y Sc Hob Is May '46 J-1) 903
4
Hob Py 1st 531946...81-1N 10112 f( )71;
N Y &NJ 5s 1946......J-.1
98 10012
10th Sc 236 Sts Ferry....10G
23
35
lot mtge 59 1919
J-1) 55
65
Union Ferry stook
15
%
17
14 1
let 53 1929
92
95

Telegraph and Telephone
C Amer Teleg Sc Cable___100
e Central Sc South Amer.100
Comm. Un Tel(N Y)___25
!
Empire Sc Bay State Tel_100
Franklin
100
e Gold Sc Stock Teleg_ _100
e Mac'ray Cos corn
100
e Preferred
100
e Northwestern Teleg. _50
Pacific Sc Atlantic
25
s Pac Telep Sc Teleg pref.100
Southern Sc Atlantic
25

1529
Bid Ask
69
67
112 115
117 115
65
75
40
50
118 ____
8212 85
68
67
118 124
66
74
100 10112
92
97

Short
-Term Notes
Amal Copper Is 1913._A-0 9912 100
Bait Sc Ohio 4%3 1913.3-1) 9938 9958
Bklyn Rap Tr 53 1913 ___J-J
9612 9634
Ches Sc Ohio 4$.0 1914...)-D
9314 9812
Chic Sc Alton Is 1913 ___M-S 9834 9914
9714 9712
Chic Elev Nys Is 1014 __J-J
On Ham Sc 1) 4s 1913 ___J-J
9914
99
Erie (is Aprtl 8 1914...A-03 9934 10014
Coil Is Oct 1 l914.__ A-0 9834 9914
(oil Is April 1 1915__A-0
11734 9814
Goal Motors 63'15-See N Y 3tk19). list.
Iludeon Companies
Os Feb 1 1913
F-A
9852 9912
6s Oct 15 1913....A&015 9812 9912
III Cent 430 1914
J&J
9914 9912
9712 98
lot Sc Gt Nor be 1914__F-A
9914 ..99.
.3
.
4
Inter Harvester Is '15.F&A
K C Ity & Lt 63 1912.. M-S
9612 9712
Minn Sc St L g 55 1913. F-A
9918 0912
Mo Itan Sc Tex Is 1913.M-N
Missouri Pacific Is 1914.3-1) 9614 9634
9712 u.-12
Nat Rye of Mex 4%s'13.3-D
eN Y(1 Lines Eq Is 1913-22 b 4.80 4 60
4$0 Jan 1913-1925___J-J b 4.70 412%
4
Jan 1913-1927. ..J-J It 4.70 412%
99
9912
N Y Cent 4%1 1914_
N Y N 11 &Hartford 53
'13J-D 9938 9958
9834 9914
St L &SF Is 1013 opt J-D
Gs Sept 1 1914 opt___M-S 9812 9914
9934 luU
South Ry g Is 1913
F-A
Wabash 43s 1913
-- _
West Maryland 53 1915_ J-J 98 -9912
Westingh'se El Sc M Os 1913 100 10012
5% notesOct'17-See NY Stk L x list
Railroad
e Chia & Alton corn., 100
18
19
40
Preferred
100 25
a Chic St P
& Om__100 125 130
e Preferred
101 150 160
s Colo Sc South corn.. l0() 35
37
a let preferred
/3
100 71
2d preferred
100 6612 70
6i)
a N Y Chic & St L corn -100 51
e 1st preferred.
100 10214 103
e 26 preferred
100 8212 90
Northern Securities Stubs_ 103 110
35
Pitts Bess Sc Lake Erie...50 '30
70
Preferred
10 *60
a Railroad Securities Co_ 85
ln C stk tr etre Ser A_
West Pao let Is 1933...131-S 8334 84
Standard Oil Stocks
Anglo-American 011
El •1712 1812
Atlantic Refining
100 565 575
Borne-Scryinser Co
100 195 205
Buckeye Pipe Line Co...60 .172 175
Chesebrough Mfg Cons. 100 670 700
Colonial 011
100 140 150
Continental 09
100 1375 1425
67
Crescent Pipe Line Co.. _50 '84
75
Cumberland Pipe Line...100 65
Eureka Pipe Line Co_ 100 385 395
(lalena-Signal 011 com 10, 270 280
Preferred
IOU 133 138
Indiana Pipe Line Co.
..&''147 152
45
National Transit Co
25 '44
New York Transit Co _100 345 350
Northern Plpe Line Co..100 115 120
21 •117 121
Ohio Oil Co
Prairie 011 Sc Gas
100 309 312
575 590
Solar Refining
Southern Pipe lAae Co _10% 265 275
1
South Penn Oil
100 770 730
Sou West Pa Pipe Lines_100 170 175
Standard Oil of Calif. .100 165 167
Stand 011 of Indiana.. _100 317 323
Standard 011 of Kansas.100 280 290
Stand Oil of Kentucky_100 365 375
Stand 011 of Nebraska 100 295 300
Stand 011 of NJ
1040 1080
Stand Oil of N J.
.
10u 380 335
Standard 011 subsidiaries_ 660 690
Standard Oil of N Y
100 565 570
Standard Oil of Ohlo_100 260 270
IOU 200 210
Swan Sc Finch.
74
100 70
Union Tank LineCo
100
Vacuum Oil
178
8°
10 •17 124
Wa.shIngton 011
Waters-Pierce 011
100 1400 1500
tobacco Stocks
(See also Stock ExchangeList)
70
Amer Machine Sc Fdy .100 45
2518
13ritieh-American Tobac.£1 *25
Conley Foil
IOU 290 300
Menne ((leo W) cam-100 186 190
C Preferred
100 113 119
Johnson Tin Foil &Metal 100 180 2O
MacAndrews Sc Forbes 100 195 202
Porto-Rican-Amer Tob 10.1 240 255
Reynolds (It J) Tobacco 100 250 26J
Tobacco Products corn (w
130 130
Preferred (w 1)
9934 100
e United Cigar Mfrs corn 100 52
55
e Preferred
100 101 109
UnitedClgarStoresofAm coal 1153 11614
4
Preferred
11634 117
a Woman.Bruton Co_ ..100 230 300
6 Preferred
100 116 117
101) 170 180
Young (J 8) Co
Industrial and Miscellaneous
100 160 168
C Adams Express
8212
J-D / 80
Col tr g 4s 1047
IOU 116 118
Alliance Realty
55
Amer Bank Note com .150 .53
5412
50 '53
Preferred
American Book
100 165 175
American Brass
100 141 143
10, 214 218
American Chicle corn
Preferred
100 101 103
eAmerican Express____100 e172 180
56
Am Graphophone com 100 53
100 7712 35
Preferred
._10)) 13812 140
American Hardware..
Amer Malting Os 1914__J-D 101 102
70
Amer Press Aseoen____100 60
Am Steel Fdy Os 1935 A-0 9912 101
71
73
F-A
Deb 44 1923
50 400 412
American Surety

Indust and Miscell-(Con.) BM
Ask I
American Thread pref-105
514
_0
.
Amer'I'ypefounders com.100 49
51
Preferred
104 2 105
4'2
:2
Deb g 63 1939
M-N 100 102
Amer Writing Paper___100
212 312
All Gulf&WISS LinesSeeBm tStkE x list
Barney Sc Smith Car com1(0 , ..
11)0 86
.- 14
Preferred.
89
Bliss (E W) Co corn
85
51 80
Preferred
310022 130
Bond Sc Mtge Guar.
105(01
310
Borden's Cond Milk com.100 113 114
107
Preferred
British Col Copper Co....10
-.11 '414 412
.
Casein Co of Amer cola __IOC,
2 ,
_
40
Preferred
00
Casualty CO ot America_1(J0 1151' 120
10) 141 143
Celluloid Co
47 ,
City Inveetiug Co
101 100 101
42
Preferred
90
IO
: -1:5
a Ciallin (H B) Co cotn_lU
95
100 88
a 1st preferred.
92
e 2d preferred
75
70
.I% 87
Consol Car Heating..
Consol Rubber Tire..,_10t
1112 15
60
Preferred
60
°
5
Debenture 95 1051
A
1t / 5
e C(cible Steel corn...JO() 16
1614
a Preferred
IOU 953 96
4
Davis-Daly Copper Co .11
*17
8 2
eliltunond maten-,see Chic StIcL1 list.
duPont(I) do Fern Pow 100 197 200
6 Preferred
100 98 10014
Emerson-Brantingham JOU
7114 7214
Preferred
101 983 9912
4
Empire Steel & Iron corn lllt) 10
13
45
Preferred
e General Chemical com_100 18
°
101 49 210
e Preferred
100 109 115
aoodrich (13 F) Co-See N Y stk L t list
Greene-Cananea-See Boa St It Ex list.
k Hackensack Water Co
Ref g 4s '52 op 1912_ __J-J
87
86
Havana Tobacco Co_ _100
4
7
Preferred
15
1st g Is June 1 192i...1-D / 60
64
0
8
10
Hecker-Jones-Jewell Millin.
1st 6s 1922
1010 103
112
20
Herring-Hail-Marvin ...1100
5-s
Hoboken Land Sc Improve't
1st 53 Nov 1930
Hocking Val Products...l- N 1°4'2 7
4
A OO
1st g 55 1961
58
Houston 011-See Balt Sta x f4
ls
e Ingersoll-Rand corn_ _.100 120
e Preferred
Intercontln Rub corn..,100 i l
l
12
°
Internal Banking Co_ __10() 110 120
International Nickel,,,_100 1 145 14612
Preferred
512
10 102 10612
00
0
International salt
5
let g be 1951
5212
A-U 1 50
International Silver pref IOU 134 138
13t 63 1948
J-D 110 11114
Internal Smelt & Rag_ NA) 125 128
Lanston Blonotype
9114
Lawyers' Mtge Co
220
Lehigh Val Coal Sales... 0 '971 235
1 8 225
5
0
Madison Sq Garden Stubs,. •1
3
Manhattan Shirt
70
l'referred
0
1
1 10812 104
62
Manhattan Trans1t
20 *15
8 178
Monongahelalt Con C&C 50 *1212
S......
Preferred
Mortgage Bond Co
.100 104 108
227
c National Surety
e New York Dock com_li
a 2E
6 Preferred
N Y Mtge Sc Security-1 ° 205 208
2
°
100 3
N Y Transportation
6
20 *5
87
Niles-Dem-Pond corn..,100 83
Nipissing Mines-Sea Bost S tk Ex list.
Ohio Copper Co
132
10 *114
e Ontario Silver
100
234 3
Otis Elevator corn
78
IOU
80
Preferred
103
0
9
Pettibone -Mulliken Co 1°4 .3 32/2
0 132142
5
, 0
0
1st preferred
100 99 103
Pittsburgh Brewing
97a
50 • 39
Preferred
3912
e Pittsburgh Steel pref...100 ___ _ 100
30
Pope Mfg Co corn
100 27
73
Preferred
IOU
70
Pratt Sc Whitney pref. _,10i) 98 103
Producers Oil
IOU 130
Realty Assoc (Bklyn) 100 115 lid'
Royal Bak Powd con3_100 214 218
108
Preferred
e Rumely (5.1) Co corn-See st0 , ilst
5
°° 1kE
Safety Car Heat & Lt....100 11452 11512
Sear3,Roebuck&Co-SeeNY Sta 1 s. list
ePreferred-See Chic Stk Ex Ii. t.
Singer Mfg Co
100 289 291
South Iron Sc S cora...JOU ___ _
2
Preferred
IOU
1
3
Standard Coupler cora 100 30
-20
Preferred
100 108 112
82
Stern Bros pref
IOU
78
Sulzberger Sc Sons Co 0.100 9812 100
Texas .3: Pacific Coal. 100 97 102
e Texas Pacific Land Tr_ 100 95 IOU
101) 115 120
Title Ins Co of N Y
Tonopah Min(Nev)-SeePhila Stk E x list
7
4
Trenton Potteries com 100
0
100 50 55
00 2
Preferred new.
Trow Directory
_
41
Union Typewriter com 100 39
let preferred
100 106 10812
2(1 preferred
IAR) 103 10412
United Copper
100
1
15
Preferred
100
3
e United Dry Goods ____100 100 10014
e Preferred
IOU 10318 10312
U 8 Casualty
IOU 190 200
U S Envelope corn
100 102
Preferred
100 114 11712
72
e U 8 Express
ha. 66
75
U S Finishing
100 60
00
_ 103
Preferred
00 105 ,
1st g 54 1919
5
.1
.1 1
95 103
Con g 55 1929
U S Indus Alcoh-See N Y S tk Ex list. 100 98 10$
a Preferred
U 13 Steel Corporation
Col s f Apr 5s1961 op 1911 114
Col if Apr 65 1951 not opt 114
100 90
95
U 8 Tit Go Sc Indera
g virgin% Iron C Sc C-100
60
65
e Wells Fargo Sc Co-_ 100 126 131
Westchester Sc Bronx Title
Sc Mtge Guar
100 - 165
oWestIngh'se Air Brake _50 *143 1434
oWoolworth (F WI-See NY 501 16 x list
WorthIngton(HR)Co p1j00 105 110

• Per share a And accrued dividend, It 1Iah, t Listed on Stock Exchange but usually inactive. I Flat price. n Nominal. a Sale price. S New stock, z ba-dfz
1
y Ex-rights a Includes all new stook divide3 1( 1! , iscriptioas. a Listed on Stock Exchange but infrequently dealt in; recorl of sales, II any, wIll be found one
precediag page.




BOSTON STOCK EXCHANGE-Stock Record.

1530

SHAW; PlauES-NO7' PER CEN7'UM PRICES
Saturday
Nov. 30.

Monday
Dec. 2.

Tuesday
Dec. 3.

IVednesday
Dec. 4.

Thursday
Dec. 5.

Friday
Dee. 6.

100 100
10712 10753 1074 *10634 107
10678 1067 .10534 106
8
10218 1014 10134 .10112 102 *10134 102 .102 10213 .10134 102
21312 21312 21334 214
21314 .21312
214 214
21312 214
121 121
122
122 122
121 121
120 120
120 120
.202
- .202 ____ *202__ 202 203 .202
9712 9712 97 - - 96 3 97
97
"9"/
90
90
06 W,
295 .200 295 .290 295 .290 295
200 200
290 210
15
15 .___ 15 .____ 15
Last Site 14 June'12
75
Last Sale 72 Nov'12
75 .____ 75 .____ 75 ...
;g
2 9
;313 9
.813 9
Last Sale 812 Nov'12
.812 9
Oet'12
Last Site 50
•____ 50 +___ 50 .____ 50 .__ 50
_ 170
170
Last Site 168 Nov'12
*
_ 170 s___ 170
10813 10812 108 108
103 103 .108 109 'io; 109
'la 109
Last Sale 260 Aug'12
.250 -+ii5"
1203 12031
4
1161, *ii5"
.121
Last Sale 125 Nov'12
.12312 125 .12312 125 .12313 125 .12312 125
84 .8312 8412 .8312 8412 8414 8414
84 .83
.83
123
Last Sale 125 Nov'12
•
123 +____ 128 .____ 128 ._
-MT?, 1812 17
18
163 16 4
4
1812 1812 1812 19
,
i".1.1.2 19
7718 7678 77
77
77
77
7478 7478
77
7718 7718 77
13014 133
1333 13414 13312 13418 133 13312 133 133
4
1333 134
4
Last Sale 130 Nov'12
.131 ---- •131 -- .131 -- .131 -_-_
.200 -- .200 __-- .200
200 200
-- .200
176 170
.17514 ---- .17514
17512 17512
.20017518 1754 .175
*45
55
55
*45
Last Sale 50 Nov'12
.
45
5712 *____ 55
.170 17033 +16918 16013 16734 16853 16714 163
17314 17314 17118 17118
9214 .9212 9234 .93
933 .
4 92
8
8
9014 937 037 *93
9312
.10
_
Last Sale 152 Nov'12
.152
- - +152 -- .152 -- .152
81 4
82
8114 8112 8112 8112 8112 - -3- 82
8214
8212 82
82 98 100 .99 10012
9912 9912 .99 100 .
0912 100
•10714
*102
21314
•120
*202
97
.290
*____

Sales
Sr tae
Week
Shares.

STOCKS
BOSTON STOCK
EXCHANGE

Railroads
250 Atch Top & Santa Fe_100
100
Do pre:
120
100
99 Boston & Albany
100
59 ostoa Elevated
100
14 Boston 82 Lowell
100
152 Boston & Maine
81 Boston & Provitlence_100
Loston Suburban El Cos_
Do pref
Boston & Wore Bice Cos_
Do pre!
alio Juno By & USY.100
Do pref
16
Connecticut
ver __100
100
41 Fitchburg, pref
Ca By & Eleo stmpd_100
Do pref
100
50
laine Central
100
100
606 3ass Electric Cos_
Do pref Stamped_100
399
1,573 N YNH& Harttord_100
100
Northern N H
13 Norwich & Wor pref _100
100
20 013 Colony
Rutland prof
100
100
300 Union Pacific'
100
6 Do pre:
Vermont 64 Mass_.100
50
357 ',Vest E6.6d St
Do pref
60
35

Range since .iasiii1r4 i 11
On basis or 100-s3are loss
Lowest

-zar4
.334




Linoesi

H19/1631.

10373 Feb 10 11114 Oct 2 t0053 Sep 11114 J'ne
10114 Nov
10414 Feb 7 101 Sep 105 J'ne
21113 Sep 17 2221., Apr ;5 119 Apr 226 Feb
120 Aug 7 13-154 Men 25 12412 Sep 13013 Aug
202 Nov25 218 Jail
207 Feb 218 Sep
9413 Sep 20 10013 Jan ;,
0612 Oct 12233 Feb
290 Dec 5 300 Apr 27 292 Men 300 hich
13 Jan 24 1_ May-3
16 Mch
12 Sep
7412 Oct 1)5 10 J'ne
7614 J'ne
70 Oct
84 Nov21 1213 Jan 6
13 J'1Y
6 Feb
50 Aug 30 57 Jan
3812 Jan
58 J'ly
165 May 6 170 Jan lu 156 Apr 171 Dec
10712 Oct 3 112 J'ne 1: 107 bleb 11513 J'iy
260 J'ly 24 272 Jan is 1.65 Jan 272 J'ne
120 Oct 9 128 Jan 26 125 Apr 130 Jan
124 J'ne 12 3179 Apr 1 211712 Jan 2169 Oct
80 Feb
8314 Nor 26 9112 Jaa 6
9312 J'ne
135 Sep 215 Jan
125 Dec 6 14738 May3
16 Apr
24 J'ne
1634 Dec 6 2318 Jan 8
7478 Deo 6 83 Feb 28
13014 Dec 6 14233 Apr 2 1274 Sep 15133 Feb
12812 Oct 3 143 Jan 14 135 Jan 142 bich
200 Oct 24 21212 Jan 25) 211) Jan 214 Nov
r174 J'ue 14 187 Jan 31 183 Melt 191/ Nov
32 Jan
45 Dee
41 Jan 1. 70 Jan 2.6
15313 Sep 19213 J'ly
16012 Feb 1 17614 Sep 35
6518 May
9(1 Men
8913 Sep 23 9378 Dec 2
152 Sep 30 104 Jai. 16 150 Man 16413 Dec
93 Men
b5 Set)
80 Oct 10 884 Feb
10.) Aug 105 Jan
00 Nov 4 10312 Mch 1.

Miscellaneous
5613 57
57
57
423 1mer Azricul Chem 100 5512 Dec 5
57
57
57
5512 56
5512 56
57
100 9914 Dec 6
0934 100
323 0. pref
9934 100
9934 100
4
9034 997
8 9914 903
1C.) 100
Amer Pneu Service._ 50
3 Aug
4
4 18
4
2,735
4
414
4
4
413
418 414
41 4 412
,
Do 6ref
2212 2212 22
2212 21
50 14 bleb 23
224 23
22
1,611
24
2314 2314 23
588 Amer Sugar 1tcnn__100 11434 Jan 10
119 1193 11834 11912 11714 11812 11712 118
4
11914 11914
119 120
Do prof
100 11512 Jan 4
11814 11812 113 11812 11612 117
252
*11814 11914 11812 11914 11812 120
139 14018 4,387 Amer Tel.p & aeleg_100 13713 Jan 2
4
14214 14212 14214 14258 142 1423 14134 14214 140 142
Amer.can WO0IC1S
*21
23
100 22 Nov18
Last Sale 22 Nov'12
22
.20
Do pref
100 7914 Nov 18
765
1;158
8012 81
8114 8014 81
8112 8112 81 - - 8118 8114 80
75
78 .75
54 Amoskeag Manufacturing 75 Nov27
75
75
75 •
75
78
75
75
75
75
Do pre!
11)014
100 100
100 100
100 100
100 100
252
100 100
10) 100
AU Gulf 22 W I SS L_100
5 Aug 20
7
Last Sale 7
.____
7 .--Nov'12
4
6.7
100 1012 Aug21
.1214
1214 +12
50 Do pref
•1214 ---- 1214 1214 1214 1214 12
10 1034 Jan 2
13
1312 13
1334 •
13
13
14
.
13
13
575 &est Boston Land
1314 1214 1234
284 284
28112 28412 28412 28412 284 284
280 283
231 282
235 gkilson Eleo Illum_100 27212 Sep 28
100 155 Jan 2
18912 18612 18534 187
182 1833 1823 18312
574 General Electric)
1843 1853 18358 185
4
4
4
4
9214 9112 92
539 Massachusetts Gas Cos100 x8818 J'ly 15
.9212 927
91
91
4
8 923 923
4 9212 9212 92
100 0312 Jan 5
95
95
95
193 130 p.ef
0178 9478 95
95
95
9514
95
9534 95
34 Mergenthaler Lino.._100 217 J'ne 21
225 226 .224 22513 .217 225 .2174 ---224 224
.223 220
213 Mch 14
Itlexlcan Telephone
10
.334 4
Last Sale 33 Nov'12
+334 4
4
.33
4 4
*33
4 4
S 11 Cotton Yarn
100 904 Nov19
Last Sale 9914 Nov'12
•____ 99 .___ 99 .____ 98 .____ 98
Do pref
100 98 J'ne 28
Last Sale 9958 Nov'12
.____ 100 •___ 100 .____ 100 *___ 100
100 14814 Oct 25
154 154
135 N E Telephone
4
15478 1547 1547 1547 15412 1543 15434 15434 154 154
8
8
8
Portland (Me) Elec_11.10 7212 Jan 17
Last Sale 90 Meh'12
100 158 Feb 1
.
4
16414 1645- 16313 16334 162 162
-- 4
75 Pullman Co
'1554 16434 1641 165
ia" 165
16
25 Reece Button-Hole.. 10 1334 Jan 2
•15
1512 153 .143 16
4
+15
16
4
100 9812 Jan 2
453 Swift & Co
4
103 108
10712 1077 1O71 018 107 1073 10673 10714 106 10613
8
25 2/ May b
410 Torrington
2712 2758
4
2734 28
2714 28 .2713 273 .2714 28
28
23 .
25 28 Jan 6
29
28
27 Do pre
2812 2812 .
28
+23 29
28
28
28
.28
29
2
2%,
50 Union Copper L & M 25 .85 Jan 6
218 212 *214 212 .214 213
2
2
*214 212 .
United Fruit
100 /1174 Sep 16
1793 181
4
1,074
177 18012 17714 178
181 18214
180 181
18078 182
51
5134 495 503
8
5178 52
4 3,092 Un Shoe Much Corp_ 25 4614 Jan 15
5112 5214 5112 52
4 4912 493
Do prof
25 276335111 10
2814 2812 2812 2812 28
28
2812 1,256
2814 2814 23
2814 28
3,
100 583 6 e0 13
8
6753 6913 24,992 U S Steel Corp
7378 74
7314 7412 7212 73% 7118 7234 685 71
Do pref
..100 10713 Feb 13
10958 110
1094 10918
260
111 11158 11114 11138 111 11118 111 111
63
4 *6
634
6
6 .____
54
*57
8 63
4 *5
412 913
23
4 3
34 312
312 312 *3
312
312 *3
41
41
384 39
41
4212 42
42
39
.42
9212 42
3
85
8378 8518 8314 8414 817 8353 804 8218 7978 81
85
2834 29
8 29
30
.
3012 31
.3012 3114 3038 3012 304 303
4
358 3 4
37 4 34
X
4
3
+3% 413
334 3 8
7
3 4 33
3
4
.30 .40
.40
.25 +.30
.40 ..30
.30 .30 .
.25
.45 '
0.30
5
514
5
912 412
514 *44 513
.514 6
412 412
4
4
313 4
312 3%
34 312 *35
35
8 34
8 33
,
4
4632 44
46
463
4514 4112 4378
4 4634 4712 4534 4634 45
79
77
17312 7512
7914 80
7914 7934 79
77
7833 75
545 555
557 560
533 551
537 545
558 565
560 560
18
+18
13
20
18
1914 1912 .1834 19
133 183
4
4 18
4614 433 4514 4214 44
4
4718 4718 4634 4714 4613 4713 45
Last Sale .01 Nov'12
•.01
.03
543 65
4
5312 543 15213 53
4
5634 5514 56
56
*312 4
4 4
3
4
33t 3 4 *33
312 33
4
3
53 33
4
1512 1434 1478 1412 1942 1334 1412 1378 14
1512 15
15
83
4 83
4
83
4 83
4
94 94
94 94
9
9
.918 912
3
3%
4
93
8 412
4 4
418 412 37
VA 34
314 312
4 7012 72
677 703
8
4 67
683
4
7412 7213 733
73
733
4 73
9
918 918
938
97 4 912
X
93 9%
8
93
8 94
912 94
2534 233 2334
4
2614 2614 2613 2814 2612 2612 2614 2614 25
.70
.95 .70
.75
.70 .70
.95 ..70
3
4
3 41.70
4
16
.
1612 17
17
1613 1612 16
164 15
17
1712 17
19
1912 19
1934 1934 .1934 2014 .1912 20
194 1913 19
5312 55
5312 5312
57
57
54
56
58
57 57
8714 8714 8634 87
73- r3 88 .87
88
86
88 .87
7
86
34
3514 3414 3412 34
354 3512 35
3234 3312 323 3314
4
258 258
258 258 .212 234
29 4 29
/ 4
24 2
252 2%
22 4
.14'
1
.
2
213
2
2
2
2
2
2
2
2934 293
2914 2813 294 28
2813 27
4 29
28
2612 2718
512 512
53
4 53
4 6
53
4 53
4 *53
4 6
4 *53
53
4 53
4
12
12
12
12
12
12
1214 12
1134 12
1112 1112
.6
612 *6
573 54 *54 512
633 *6
613 *53
4 614
1714 1714 1678 1738 1613 1678 153 1614 1513 16
1473 1612
4
2814 2834 .2712 28
.2813 29 .
2613 2612
273 273
4
4 2612 27
2
214 .2
.13
4 212
238 .13
2
2
214
2
4 23 .
8
.6413 65 .64
65
64
64
63
64
63
61
62
61
2278 23
2258 2258 2214 2212 22
23
23
22
/1958 1958
•278 3
.258 3
3' 3
23
4 23
4 *258 3
212 212
813 812
858 858
813 853
858 8%
88%
8%S%
3638 3414 3512 34
3412
3614 367
4 354 3614 35
4
8 353 363
312 312
312 312 *3
311 314
3
3
312 *3
313
.
234 3
234 278
3
3 *___
34
3
*234 34
3
934 978
814 813
858 9
9
94
94 93
4
93 10
4
58
594 5913 59
58
5712 5512 50
5814 5878 58
59
110 110
105 107
100 105
110 111
10812 10913 108 109
2714 28
2714 28
2658 2712 2653 2714 2558 2658 2514 26,
8
84
.83
84
83
84
81
80 80
79
7934
3 *83
2178 22
214 2218 22
2218 2178 22
22
21
21
21
333 313
.338 358
312 312
312 312
314 33
34 33
8
8
1414 1438 144 1414 1378 1414 1334 14
.
1358 134 13
1312
32
3173 3214 3134 314 31
32
3034 29
3018
313
4 30
0.25
.40 ..30
.40 +.32
.40 +.30
.40
Last Sale .35 Nov'12
93 .42
43 .41
.
42
43 .40
42
40
40
38
39
113 2
112 158
112 112
2
214
13
8 112
8
92
43
.91
42
41
41
40
41
.38
3312 38
3814
413 4%
5
5
434 5
5
5
412 412
412 412
3 .23
.258 2%
278 27
*23.1 3
*213 3
4 27
8 .258 278
45
4
45
4412 443
4 433 4412 42
4312 42
4412 45
4258
504 5038 4978 50
5018 5038 5034 5034 50
51
50
50
2
218
2
2
2
2%,
2
2% 2%,
4
2
218
2
12
12 .
11
1112 11
1113 12
115 1158 1113 12
8
11
624 603 62
.
63
633 *6314 6312 .6231 63 .62
3
4
15914 5914
212 212 ./ 231 .27( 234
21*
6
27 4
'A 2 X .2
2
2
2
,4
434 43
*4
5
5
4 *4
414
5
414
.414 5
*7412 75
7012 7012 71
*7412 7512 74
71
71
7213 70
•11, 112 .131 113
112 112
14 138 *14
112
11,
B161 and asked prices. a New stock. a Asst't pain. 0 Ex-stock

li tones,

E:Inge lot Previous
year 1911

6334 Meh 23
46 Sep
09 Jan
105 N1C11 22
514 J'ne.19
312 Au4
1218 Aug
2412 Nov I i
3
1335 May13 112 Sep
4
12334 Aug 30 1113 Jan
149 Men..., 13153 Aug
2613 Dec
30 Mch :-2
8512 Oct
0414 Mch 23
7712 Dec
84 May b
WI Dec
105 bleb 26
74 Dec
0 Feb 11
1413 Nov
20 Jan 18
714 Jan
1714 May27
300 Mcfll. 275 Sep
1874 J'ly 25 142 Sep
8734 Jan
95 Oct 11
984 Feb Is
63 Dec
22) Aug 26 211 Jan
3 Oct
412 J'ne 26
105 Jan lb 103 Oct
107 Mch 2o 101 Nov
164 1110214 13/ Jan
6234 J'iy
Mch 211
184 Aug 21 153 Sep
1738 April /12 Jan
9734 Sep
1004 Sep 23
29 Sep
32 Jan 10
27 Mch
31 Apr 17
3 May
4
4
33 Apr 8
20812 J'ne 19 8178 Dec
4014 Aug
5712 Aug 2t,
2612 Sep
2934 Sep 13
50 Oct
8053 Sep 36
1163 Oct 1 10312 Sep
8

Mining
514 Mch 28 1114 Apr 26
25
100 Adventure Con
234 Deo 6
25
814 May
431 Algomah Mining
Aliouez
25 3814 Feb 1 5018 J'ne 21
595
10,404 Amalgamated Copper 100 60 Feb 1 9258 Oct 4
Zino Lead & Sm. 25 2413 Feb 15 35 Oct 3
3,370
678 Apr 2
2 Jan 2
1,300 Arizona Corn'i ctfs dep10 .25 Nov30 .55 Apr 11
120 Bonanza Dev Co
914 J'no 6
412 Dec 5
695 Bos&Corbeop SISIBIg 5
7
1 An 2
;
.
11
"2F
1,549 ilutte-Balaklava Cop_ 10 2198 J'ly 25 65.1 jyr 12
J'ne
Feb
15,878 Butte & Sup Cop(LW) 10
Calumet & Arizona
10 5713 Feb 1 8312 Aug 'lb
4,708
25 405 Feb 1 615 Sep 2,
250 Calumet & Hecht
25 1712Jan 5 2712 Apr
280 Centennial
5 2514 Feb 28 5014 Nov 8
2,025 Chino Copper
Cons blereur Gold
1 .01 Nov14 .09 Jan ls
1,271 Copper Range Con Co 100 50 Jan 31 6613 Apr 11
-West
312 Oct 11
712 Nich 27
20
245 Daly
3,174 East Butte Cop Min_ 10 1214 Jan 15 1634 Sep 26
673 Sep 27 1614 Apr 1
25
420 Franklin
3 Dec 4 6,114Apr 6
13,032 Giroux Consonuated... 5
5,957 Granby Consolidated_100 33 Feb 5 7734 Nov11
712 Feb 29 1118 Oct 4
20
3,934 Greene Cananea
1,480 Hancock Consolidated 25 22 Oct 30 37 J'ne 14
2 May s
25 .70 Dec 4
350 Helvetia Copper
25 1118 Sep 26 23 Apr 2i
985 Indiana Mining
285 Inspiration Comet C 20 18 Feb 6 2132 Jan 24
1 4013 Jan 17 6534 J'ne 10
282 Island Creek Coal
Do prat
1 85 Jan 13 9114 Aug 1
100
2,370 Isle Royale Copper_ 25 2034 Jan 15 3714 Nov21
313 Feb 13
2 Apr 9
5
260 Kerr Lake
3 May 8
625 Keweenaw Copper__ 25 .80 Jail 2
25 2612 Dec 6 40 Apr 10
3,630 Lake Copper Co
8 Apr 17
Feb
25
245 La Salle Copper
5
01
;
645 Mason Valley Mines....5 147 Feb 18 1.112 J'ne 27
914 Jan 4
573 Oct 29
25
120 Mass Consol
:
13 A pnp 2220
5031 :e r 7,
234 Jan 3 37818 3SA pro 23
23
6,325 Mayflower
)ot 1 1
1 3 Jan 29
5 2334 (.
230 Ifiami Copper
25
610 Michigan
25
477 Mohawk
a
1 3 Ja 29 2433 Sep 30
5 5894 j n 3
1,485 Nevada Consolidated
614 Apr 10
212 Oct 30
195 New Arcadian Copper 25
834 Sep 26
534 Jan 3
5
575 Nipissing Mines
3933 Oct 8
2234 Feb 1
15
7,067 North Butte
834 Apr 22
24 Sep 26
25
375 North Lake_
3634 Jan 11
234 Oct 24
25
260 Ojibway Mining
258 Jan 3 1214 May 1
25
4,400 Old Colony
1,167 Old Dominion Co____ 25 94 Jan 31 64 Oct
355 Osceola
25 100 Deo 6 13012 J'ne 22
10,762 Pond Creek Coal
10 15 Mc1427 29 NoV29
166 Quincy
25 7312 Jan 29 93 J'n022
1,639 Ray Consol Copper_ 10 16t8 Jan 29 2418 Sep 25
94 MaY23
1 Jan 31
855 Santa Fe Gold & Cop_ 10
1,652 Shannon
10
1 118 A oy 3
7 Feb 21 3772 Nug 18
2,670 Shattuck-Arizona _ 10 19 Jan31
114 Apr 3
South Utah M 43 S.__ 5 .35 Nov20
484 J'ly 27
25 24 Feb 1
1,210 Superior
473 Jan 13
154 MaY24
6,034 Superior& Boston Min 10
51 Apr 18
230 Tamarack
25 20 Jan 31
413 Oct 21
912 Apr 9
773 Trinity
25
258 J'ilr 27 4144 Mch 26
10 Tuolumne Copper _ 1
8,255 U S Smelt Ref & Min_ 50 34 Jan 31 x5058 Sep 30
4
Di pref
50 47 Jan 10 523 Sep 28
2,260
0 2114 pr 2
0112 J'lyD it 28 310.38 e b 9
1,750 Utah-Apex Mining___ 5
5
753 Utah Consolidated
10 5212 Jan 20 674 Sep 24
115 Utah Copper Co
57 Jan 20
3
2 Dec 6
171 Victoria
25
734 Men 1
4 Sep 13
200 Winona
25
145 Wolverine
23 70 Deo 5 117 Apr 17
335 Mch 4
25
155 Wvanttott
114 Dec 6
31v.
Ex-rights. a Ex-div, and rights. X Unstaraped.

4 Sep
212 Oct
21 Aug
443 Sep
4
1934 Oct
133 Dec
.30 Oct
33 Aug
4
8 Nov

6334 Deo
1951 1 bich
• Jan
Jan
122 Feb
12013 May
15314 J'ne
3614 bich
9912 J'ne
81 Nov
10012 Deo
11 May
20 Jan
12 May
297 Deo
4
1673 May
963 Aug
4
9812 Oct
235 Aug
.4 Jan
119 MO
11612 Melt
16512 Deo
7334 Nov
163 Jan
15 May
104 J'ne
313 Jan
31 J ly
111. Mch
19712 J'ly
5873 Feb
2914 Jan
8218 Feb
12012 Feb
718 J'ne
11 J'ne,
4414 Dec
7158 J'ne
3058 J'ne
2148 Deo
.75 MeV
1513 Stay
012 Jan

6334 beet
15 Sep
860 Sep 695 Jan
19 Deo
8 Aug
2712 Dee
1033 Sep
03 Nov .15 J'ne
4634 Sep
6934 Feb
3 Feb
7 Deo
878 Aug
4
143 J'ne
14 J'ne
512 Aug
23,2 Set)
812 Feb
20 Aug
4312 J'ne
832 Deo
PIG Oct
3112 Deo
17 Sep
2 Feb
3 Sep
4
514 Oct
16 rue
2914 May
8213 Sap
1112 Aug
232 Oct
Nov
22 Aug
3 Aug
013 Apr
412 Aug
.20 Feb
167 Sep
2
114 Nov
30 Apr
15 Sep
2 Aug
x012 Dec
20 Sep
4
33 Aug
33 Dec
2
.50 Jan
3414 Sep
81 Sep

44 De;
91 J'ne
23 Dec
773 Jan
334 J'ne
40 J'ne
0 Jan
1172 Deo
410 J'ne
/
1
4
3 e Dec
2433 Dec
352 Jan
57 Dec
2114 J'ne
414 Aor
1132 Feb
8814 rue
934 J'ne
812 J'ne
312 J'ly
49 J'ne
124 Jan

55 Sep
76 Dec
12 Sep
19 Dec
34 Apr
134 J'ne
1214 Feb
7 Oct
24 4on
1412 Sep
1114 may
12 Dec
4215 Jan
20 Oct
e213 Ocv
814 rne
62 Jan
20 Sep
'24 Oct
512 Deo
134 Sep
478 May
3032 Sop
4012 J'ne
4514 Aug
4912 J'ne
173 Nov
3
12J'ne
934 Jan
20 rRe
33 Sep
6752 Dec
1 Aug
Os Dee
tut Feb
4
33 Nov
74 Nov 122 Feb
2 Feb
.20 Nov

DEC.

7 1912.1

Boston Bond Record

BONDS
BOSTON STOCK EXCHANGE
Week Ending Dec 6.

•:1
t

Price
FrsJay
Dec 6

Weal
Range or
Last Sate

qO

1?ange
Since
Jan. 1.

1531

BONDS
BOSTON STOCK EXCHANGE
Week Ending 12ec 6.

t-, c

Pries
Frisay
Dec 6

Wee;,
.;'
Range or
Last Sala
--Isla
Ask Low
111,78 No
0933 10018 6914 Feb '12
05% Sale 95
951,
9434 Sale 0434
9434 10
____ .9934
19734 A pr 04 _ _ __
19
993
8
2
97 Midi 12
lid"
113 Nov '12
_
'3212 Sep 12
333 Nov 12 ___ .
_ 86
16( 34
_
_ _ 102 Nov 12 _
115 .1'ne'08
97
97
10018 Apr ;2
-- -9512
96
9
11 _
1003;Sep '08 _
9973Jan 12
- --------------- is Dec it
9214 Mch'12
____
12814(let '12
101 Apr
987s Sep '0.111% Oct '1:

Lange
since
.'an,

itid
Ask Low
11:oh No Low 11:g,.
Low High
,
Am AgrIcul Chem 1s4 5s___1921 A-()
10112
4 General Motors 1st 5-yr 6s_1915 A-0
7 10118 102.3
1013
4
1:914 9914
Am Telep & Tel coil tr 4s_1921) J -J
81)18 Sale 8878
8918 66 883 9114 Gt Nor C B & Q coil tr 4s_1921 J -J
95 9312
Convertible 4s
1936 .11- S
11233 Nov 12
10834 1153
Registered 4s
.1
1921 09434 9733
Am Writ Paper 131 s f 53 C 1911
89,4
Illinois Steel deben Is
8973 90
1913 A-0
98 31()034
,
1913
Am Zinc L & S deb Os
131 ';isice:112
la Falls 6c Sioux C 1st 73_1917 A-0
J
j
103 131
2
Arlz Corn Cop 1st es cus of dep_
Kan C Olin & Sir 1st 5s__1925 A-0
82 J'ly '12
54 88
9b12 97
Atch Top & S Fe xan g 4s_1925 - -A-(i
9934 Kan C Ft Scott & Mein es 1928 11-N
06%
9638
06%
113 11712
Adjustment g 43____July 1995 Nov
8753 Nov 12
8753 9213 Kan C M & 13 gen 4s
1934 fl-S
92 9212
Stamped
July 1993 \i-N
891. 015.
S912J'ly '12
Assented income 5s
1934
S
8338 89
1955 J -D
50-year cony 45
ii ant) & M By G., Br 1st 53_1929 .1110134 Scp '12
1013
41081;
A-0
102 1023
4
10-year cony 5s
1917 J -D
11038 Meh'll
Marq Hough & Ont 1st Gs 1925 A-0
All Gulf & W 1 SS Lines 53_1259 J -J
62 - .- - Mass Gas 4 4s
6 1,4
61 Sale 64
8
64
1025 J -J
---- . - 2
97
1191.
Boston Elev 30-yr g ‘s
1935 11-N
Feb '15
9518
05 9516 Mich Telephone lot Is
1917 J -J
1001810013
Boston & Lowell 48
1216 J -J
10014 Mch'ih
New Eng Cotton Yarn 5s_11121 F - A
9512 99
13oston & Maine 4).s
11)44 J -J
10412 Oct '05
New Eng Tel -ph Is
1915 A-0
Improvement 4s
11)3) F-A
53
1216 A-0
Plain 4s
1942 F-A
-53" VelPH
-- -- --- - New England cons g 5s
95 95
- 4 --1245 J -J
953 997;
Bur & Mo Itly cons es
11118 J -J
103 J'ne '12
103 1031
Boston Term 1st 4s
;
1239 A-0
Cedar Rap & Mo It 1st 73_1916 M-N
11158 Sep '11
New River (The) cony 53_1234 J-J
Cent Verint let g 4s___May 1920 Q-F
8912
81) ---4 NY Nit & It con deb 3;is_1055 J -J
8
-567 89
9216211 9232
0 13 & Q Iowa Div 1st 5s
1919 A-0
1103 Oct '07
Cony deb Gs
1248 J - J
12S14 13212
Iowa Div 1st 4s
19111 A-0
991, Old Colony gold 43
92 Aug '1•_
99
1924 F-A
Debenture 68
1913 ,11-N
10053J'iy '12
100% 10112 Oregon fly & Nay con g 4s_1246 J -I)
-Denver Extcn 4s
997
3Feb '12
1922 F-A
99; 100
3
Oreg Sh Line 1st g es
1222 F- A
112 113%
Nebraska Est= 4s
1927 ,11-N
0812 Mch'12
9812 1183 Pere Marquette deb ir Oz
;
1012 J-J
9512 95
• 13 & S W s L 4s
9918 Feb '11
1921 11-S
ltepub Valley 1st s f 6s
1019 J-J
93 ja n
0
3 jy
105,2J la :11
Illinois Div 3345
1040 J -J
8512 Nov'12
851; 873 Savannah Elec 1st cons 53.._1052 J - J
4
7014 Dec '10
Chic Jet fly & Stk Ytis 5s 1915 J J 100 ____ 100
10018 41 100 1013 Seattle Elec 1st g Is
4
1030 F- A
163,---4
- 10511Coll trust refunding g 48_1940 A-0
8712 87:4 No: 12
Shannon-Ariz 1st g es
87 91
1919 If-N
04 07
94
04
2 832100
Ch Miler 64 St P Dub 1.) es 1920 J-J
114 Jan '11
Terre Haute Elec g 5s
1029 J -J
97 Apr :
ChM & St P Wis V div es 1320 J J
11313Feb '11
eorrIngton 1st g Is
_
1918 M-S
'01,
-6.9.1-21
Ch & No filch 1st gu1 1 .11-,
)
121 -i/
91 May'12
Union Pac RR & 1 gr g 4s_1947 J -J
01 - 99
Se y 4::
'
J lP 12
WO% 10()%
Chic 6:. W Mich gen Is
0614 Nov '12
9641 101
20-year cony 4s
1927 J-J
10178 May'12
LA% 1173
Concord & Mont cons 43_1920 J -D
1,712Sep '11
United Fruit gen s f 4 35s_,. 1923 J-J
9611 Nov 12
9512 67%.
Cudahy Pack (The) let g Is 1924 M-N
Debenture 4 Ms
_ 10014 Aug'11
16 -.
614
1925 J_J
9414 0.518 9473
9518
8 94% 6613'
Current Itiver 1st Is
1926 A-0 95 100 100 Aug'12
9914 103
U S Steel Co 10-60-yr 58 Apr 1903
101% Nov'12
101%104
Dot Cr Rap & W 1st 4s
1946 A-0
100 8014 Sep 'lL
80 8614 West End Street By 4s
1915 F-A
9) May'12
99 19%
Dominion Coal 1st a t Is_ _.1940 .11-N
99 Oct '12
Gold 4 As
9834 9914
1014
95.39 10014
S -- - - - - 998 Oct '12
Fitchburg 4s
1915 11-S
_ 10313 Apr '03
Gold debenture 4s
1916 11-N
9878 Apr
-- 49
1927 II-S
95 Oct '12
Gold 4s
7?; .
1917 F-A
9812Nov'll
Fremt Elk & Mo V 1st es_1933 A-0
1271,127i, Western Teleph & Tel Is_ _1032 J -J -5L)7 Sale 9934
12712 Mch'12
-8
10018 "i'L 1;6 101
Unstamped 1st 63
1933 A-0
127 Nich'12
127 1271, Wisconsin Cent 1st gen 4s_ _1910 J -J
9358 Feb 12
9 153 93
NOTE.—Buyer pays accrued intcre.;t in addition to tile I urchase price for all Boston Bonds. • No
price I riday: atest biu and aslica. 1; Flat price
,seatiawmataweimiecaria.
----

----

-----

Philadelphia and Baltimore stock Exchanges—Stock Record, Daily, Veekly, Yearly
--Saturday
Nov. 10.

Shari, Prizai —Not Per Ceatuni Prices
Monday
Dec. 2.

*11012 ____ 112
___ *111
*110
24 24
2212
6812
69
6914
123
-- —
253- - 'Lis
4
214
214
*4.04 4114
4912 4912
*12
5412 ___5412
3014 3112
69
7014
•10
11
*3012 3114
925 927
*8714 8712
*15
1512
*3114 3113
615 61%
5014 5014
233 2312
2814 2814
86
86
CA (13',
5213 5214
9018 0014

Tuesday
Dec. 3.

Wednesday
Dec. 4.

-

Thursday
Dec. 5.

11214 __-__ *____ 116 *110
_
11312 114
-112 113
11112
2212 2114 2112 2118
-- 233
4 21
69
68
6812 *6712 69
68
123
123 123
124 124
124

Friday
Dec. 6.

__ *112
171 R1.111%
217
8 21
6812 6712
124
124

_
112t.,
21
6734
124

- . /; -2iiE8 "257 "2'I. 7 214 "25T2 .26 8 7275r2 "2E3
2
8
}8
- -58

Sai)
ACT!Vii STOCKS
cl the
W eck (For Bonds and 10051:03
Stocks sea Mow)
Shares.
Baltimore
2 Con Gas Et L & Pow_100
Do
pre:
379
100
6,190 Houston 011 tr etfs_10)
Do
1,057
pre: tr cUs_100
Northern Central
50
184
Seaboard Air LIne___100
Do
pre:
100
United By & Electric- 50

Lange S.nce
January 1
Lowt-st

Iligl.est

96 Jan 3 117 May 6
101 Jan 2 116 Apr 3
814 Jan 3 2513 Nov22
53% Jan 25 7212 Jily 18
123 Dec 2 130 Apr 8
19 Oct 19 2714 May24
45121410114 55 4 J'ne 10
3
1814 Jan 2 2053 Sep 0

Lange lor 1 tet'fous
l'ear (1911)
Lowest

Highest

64 Jan
89 Jan
7 Meh
45 Feb
121 Jan
20 Jan
33 Jan
1612 Jan

0512 Dec
101 Sep
10 Aug
79 fly
130: J'ne
4
27 J'ne
60 Nov
11/72 J'ly

Philadelphia
212 212
212 212
212 212 *214
212
23
306 American Cement
s 212
50
1 J'ne 14
7 Jan 10
5 Nov
Jan
*4013 4112 *4034 4112 *1034 4112 *4034 4112 *41
411,
American itailways__ 50
4012 Oct 39 47 Sep 25
42 Jan
49
4014 49
19
4812 49
4753 48
4734 49
3,023 Cambria Steel
50
4112 Mch 2 55% Oct 10
4078 Sep
441867311422
n
b
v
*12
__ *12
__
1213 12% *12
1214 *12
1212
39 Electric Co of America, 10
1112 J'iy 31
1212 Jily b
111k Jan
1212 Jan
5412 5412 *5414 -543
4 54
5478
5312 51
537 5414
8
1,530 Elec Storage 1)attery_1()0
5234 Jan 16 5833 Aug 12
4312 Jan
5618 J'ne
31
3312 3312 3618 3512 3738 34
3612 3413 361 30,810 Gen Asphalt tr etfs
100
18 Apr 2 3733 Dec 4
2812 Aug
3914 Oct
7014 72
72
73
7114 73
7013 7112 7012 71
5,063
Do
pre( tr ctfs_100
5914 Apr 2 73 Jan 3
(IS Aug
837 Jan
3
105 105
103 103
4
4
4
103 1034
4
103 1034
1014 105
770 Keystone Telephone_ 50
8
6 Apr 4
13 Sep 16
6% Dec
013 Jan
3012 31
31
3114
3012 3118 *3014 31
30% 3018
979 Lake Superior Corp 100
27 Feb 20 3514 Sep 7
2112 Sep
32 Feb
*92
03
92
0214 92
92
91
92
91
01
630 Leh C & Nay tr Ws_ 50
877 Mch20 100 Sep 25
8
8312 J'ne
1./8 Jan
*87
8718 87
8714 *863 865 8658a 867 6 853 857
3
8
/
/
4
515 Lehigh Valley
7813 Feb 5 9273 Jan 16
50
73:4 Sep 93113 Dec
1518 1514
1514 1514
15
15
15
15
1434 1434
535 Lehigh Valley Transit 10
513 Jan 3 1673 Sep 16
614 Jan
978 Oct
3114 3112 3112 3112 .31
3112 31
3114
31
31
355
Do pre
50
23 Jan 12 3313 Sep 16
181; Jan
253s Oct
61 9fs 6134 6112 61% 6114 61% GM 6112 603 6114 3,120 Pennsylvania 1114
/
4
50
6034 Dec 6 6313 Apr 26
59% Sep
65 Feb
5014 503
4 5014 5014 5014 5014 50 503 4 50
,
50
705 Philadel Co(Pittsl»
50
5)) Oct 14
5614 Feb 1G
4814 Sep
5014 J'ne
2314 2338 23
2314 23
2318
2234 23
2234 2313 10,142 Philadelphia Elec/
25 11167 Jan 2 2434 Sep 6
3
1512 Nov
13 J'iy
2814 283
8 2814 2814 2818 2814
2773 28
275 28
3,390 Phil It T vot tr ctfs_ 50
2213 May G 29 Sep 13
17 Apr
2418 Aug
66% 863
A 85 4 8612 8512 86i 6 85° s 85% 84% 8512 4,760 Reading
3
X
A
50
7414 Jan 11 1914 Apr 30 06"13 Set)
8034 Feb
VA 64‘,
6;fs 612
VA 6%
6% 612
612 653 1,120 Tonopah Mining
1
6348 J'ly 19
814 Apr 15
512 213,
b% Jan
5218 5218
5218 5214
5212 5212 5214 523
513 5214
4
2,178 Unlori Traction
5()
42% Feb 25 53 Sep 9
43 Jan
52% Aug
9018 9014
895 90
90
90
DO
00
8834 89
2,457 United Gas lmpt
51.,
1614 Jan L
92:8 Aug
8414 Sep
825; Jan

PHILADELPHIA

./11:4 A31
PHILADELPHIA
Inactive Stocks
Bonds
American 511111111)
11
10
2
Prices ant al; "and
Amer Itys receipts
10212 1027
interest"
8
Cambria Iron
50 4-1
4414 Alt & L V Elec 430'33F-A
Central Coal & Coke ,100 90 91
Am Gas & Elec 53'07_F-A
Preferred
100 80 81
Ain Itys Is 1917
A-0
4
Consol 'frac of N J_._,100 753
All C Gas ists f Is '60_J-J
Germantown Pass___ 10
Berg&EBrew lot 6s'21 J-J
Harwood Electrie____ lut) - _ _ _ 2812 liethleh Steel es 1998 _Q-F
Huntington & B T___50
Ch Olt & G gen 5s 1919 J-J
_
Preferred
Con 'Frac of 21 J lot Is '33
50
Insurance Co of N A
221; Del Co Itys tr ctfs 45'49J-J
10 22
Inter Sin Pow & Chcin_50
EdLson Elea Is 10413_A-0
Interstate fly;, pref__ _10
Elec & l'eoples Tr tr
Kentucky Securities,_100
— Fr Tac&H 1st Is 1940.J -J
Preferred
100 7212 74 (len Asphalt Is 1916_M-S
Keystone Telep, pref_5()
Harw Mee let Gs 1042_M-S
41
Keystone Watch Case-100
Interstate 4s 1943___F-A
Lit Brothers
.10 1712 1812 Keystone Tel Is 1935_2 )
,
Little Schuylkill
50 Le12
_ Lake Sup Corp Inc 5524_0
Mtnetsill & Schuyl 11
50
LehIgh Nav 434s '14 _Q-J
Nat Gas Elec Lt & Po_ 100 Si
__
(lea M 4 Ma g 1924_Q-1
,
Preferred
100 50
_ Leh V (3 1st 53 g 1033.J-J
North Pennsylvania_ __50 94
Leh V ext 4s 1st 1948_J-D
Pennsylvania Salt
so
Cons.) Gs 1923
,
J-D
Pennsylvania Steci___100 1041.210512
Consol 4 jis 1923_J-1)
____ 6,
Preferred
100
Annuity Gs
95
J-D
Phi's Co (Pitts) pref__5) 4134 45
Gen cons ts 2003.._M-N
Phe German & Norris._ 51
Leh V Trail con 48 '35 J-D
Phlla Traction
50 -8154 82
1st series A 48 1935_M-8
Railways Genera.
10
1st serles II Is
Teoopah Belmont Dev_1 —812 833 MarketStEl 1st 1935 M-S
4s'55 1,1-N
United Cos of N J__100 238 240
NatLII&P ser ii 5s '19 J-J
United Trac Pitts pref _50 _ _
_35
.
._ New Con Gas Is 1948_J-D
Virelnla fly & Pow......100
N V Ph & No 1st 4s'39 J-J
100
Preferred
_
Income 48 1939_ _ _M-N
Warwick Iron & Steel_10 1014 1032 Pa & N Y Can 5s '39_A-0
Washington-Va
4712 49
l'enn Steel 1st 5s '17_M-N
Preferred
103 77
79
People's Tr tr ctfs 41 1943
Weisbach Co
100
P Co ist&coll tr Gs'49 M-S
West Jersey & Sea S11_50 -_-. 52
Con & coll tr Is '51 M-N
Westmoreland Coat ____50 78 80 PhIl Elec gold tr ctfs_A-0
Wilkes Gas &
-_
Trust ctfs 43 1049 __J-J
York hallway
5'
1112 P & E gen M 5s g '20_A-u
Preferred
50 36
37
Gen XL 4s g 1920_ __A-0
!
Bid and asked; no sale- on
1114 clay. 11
& r gists. U




Bid

As

PHILADELPHIA

Bid

Ph & Read 26 Is 1933 A-0
Ex Imp M 45 1947_A-0
Termin..1 Is g 1941 _Q-F
P W & B col tr 4,'21 __J-J
Read 'frac 1st es '33__J-J
Hoch By 6a Leon 58'54 J-J
Spanish-Am Ir 63 '27.....I-J
Stan'd Gas & E es'20_J-D
Stand St1 Wks lst5s'28 J-J
IT 'Frac Ind gen Is '19_J-J
Un Itys Tr ctfs 4s'49__J-J
United Itys Inv 1st coil tr
St Is 1926_______M-N
Weisbach s f Is 1930 __J-D
‘V11-13 G&11) con 53'55_J-J
York Itys 1st 53 1937-J-D

113

Ask

BALTIMORE

Bid

Ask

Coal & C fly 1st 5s'10 A-0 95
Coal & I fly lit Is '20_ F-A 10'J
iii - iii- col&Grav 1st Gs 1916 .2-3 103%
99
9912 C013401 (Jas Si 1930___J-D 19,14
. ___ 8014
Gen 430 1951____A-0 9414 95
933 ____
4
lot:- :::- Cons G E & P 4 %i3 '35 J-J
8734
____ 88
10212 1027; Consol Coal 5s 1950_ _J-D
9212
100% 1005 Fair & Cl 're 1st 5s38 A-0 9914 lad"
lid - 1.1-63.-4
(la & Ala 1st con Is '45 J-J 104:2
(3a Car&N 1st Is g '29_J-J 11)113
103 __-_
7412 ____ Georgia P lit es 11122__J-J 111 3 iii"
10
Ga So 61 Fla 1st Is '45.2-3 105 10514
8334 84
G-B-S Brew 3-45 '51_M-S 49% 5012
gr;1:1
93 ____ Houston 011 div ars _F-A 83
85
10314 ._ Kati's Tress 1st 53 '28 A-0 1 ;412
,
-of" -6 2
-ii
Maconity&Lt 1st 56'53 J-J
9812
993 1085012
4
- - - - tid Mee Ity let Is '31_A-0 9712 98
BALTIMORE
Memphis St 1st 51 '45_J J
97
09
80% 8
66 (111;
;
6
Inactive Stocks
Monon V Trao 5s'42_J-D
75_ _ __ Atlan Coast L (Conn) _100 265 260
Mt Ver Cot Duck 1st 5s__
.f12 7514
Canton Co
100
Npt N & 0 P 1st 58'3826-N
9712 9912
Consolidation Coal__ _100 1i0012
N & A 'fermi 5s '29_ 311-S 92
113
i061- ____ Georgia Sou & Fla___ _109 30
2
Nor &Port Tr 1st 5s'36 J-D 903 02
4
lot preferred
100 92
Norf Sty & L Is '49__M-N
9912
114 11412
2d preferred
100 75
North Cent 4343 1925-A-0 101
101
G-B-S 13rewing
3
4
106
Series A Is 1e26____J-J 10712
Hi - --_ _
Bonds
Series B Is 1926____J-... 10712
9614 9612
Prices ar3 all "and
P:tt Un Trac Is 1997__J-J
Interest"
Poto Val let 54 1941__J-) 101
13alt City 3 Ms 1230
J-J
Say Fla & West 5s '34 A-0 109
45 1954-19___Various
-_-- -. 1021;
.55
Scab Air L 43 1950___A-u
Is 1916
6634 _ _ _
NI-N 102 10212 Scab & Roan Is 192.6__J-J
l,
Anacostia & Potom Is A-0 9834 9914 South Bound 1st 55__A-U jai'
106
-_-_-_-_ ---- AtCoast L cony deb 4s11-N 10114 96
02
95
'
'
U El L&P lit 414320 M-5 11•= 1s -6i1"
2
9812 AU Coast L(COctfs Is J-D 102
Un Ry & El 1st 4s '49 M-L. 84, _ _5-20-yr 49 1925
- - -J-J
9112
Income 45 1949___J-1) 6378 64
(131, 13 S P & C 1st 4
9512
'53 F-A
Funding Is 1936___J-D 873
4
—__ Ball Trac 1st Ss '29__M-N 100
Cony notes 5s 1914_ J-J 1
100411142
.061; ___No Bait Div Is 1942 J-D 10612
Va Mid 3d sec es '16__M-s
4
102 1023 Cent fly cons 53'32__M-N 106
4th ser 3-4-55 1921 _XI-S
Ext & Imp 5s 1932 _M-S 103
9533
5th series Is 1926__M-s
Chas City fly 1st 5823 J-J 103
10312104
Va (State) 3s new '32.1
..-.1
8334
8168 52 Chas Ity G & El 55 '92 M-S 9034
Fund debt 2-33 1991 1--J
8312
City & Sub 1st 58 1022 J-D iC)d_ iGi3 West N C con Gs 1914_J -J
105 103
4
City & Sub(Was)1st Si '48
WII & Weld Is 1935___J-J 10912
315 paid. U 13 ;4 paid. t $1734 saIL
114

[VoL. Lxxxxv.

TIIE CHRONICLE

1532

inuestmetxt anti gailroad intelligence.
RAILROAD GROSS EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be cbta'ned. The first two columns of figures give the gross earnings for the latest week or month, and the last two
col, mns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
other
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some
period. The returns of the electric railways are brought together separately on a subsequent page.
.
ROADS.

Latest Gross Earnings.
Week or
fonth.

Current
Year.

Previous
Year.

Latest Gross Earnings.

July 1 to Latest Date. i
Current
Year.

Previous
Year

j

$
$
$
$
&la N 0& Tex Pac9
0 1.335.18 1.282.530
66.00
67,000
N 0 & Nor East_ 1st wk Nov
586,874
652,499
33,000
30,000
Ala & Vicksburg_ 1st wk Nov
501,900
601,782
33,000
35,000
Vicks Slue & Pac 1st wk Nov
92.;,522
950,897
46,086
45,125
knn Arbor
3d wk Nov
ktch Topeka & 8 Fe October __ 11363860 9,945,875 39,079,230 35,789,388
ktlanta Birm & Atl October __ 313,898 309,478 1,080,825 1,092,084
ktiantic Coast Line October _ 3,033,457 2,784,565 10,394,850 9,695,386
650,877
590,911
Chariest & W Car October __ 190,750 197,015
328,329
306,474
110,346 115,903
Louisv Hen&St L September
r Baltimore &Ohio _ October..__ 9,408,363 8,259,823 35,106.890 32.150,795
560,644
646,803
B & 0 Ch Ter RR October __ 174,484 153,824
Bangor & Aroostook October __ 315.459 303,322 1,040,683 1,145,214
Bessemer & Lake E October-- 961,443 908,653 3,902,980 3,826,505
206,189
273,036
77,180
94,267
Birmingham South.. September
Boston & Maine_._ October -_ 4,516,478 4,115.342 17.740,296 16.413,609
Buff Roch & Pitts 4th wk Nov 308,639 245,999 4,914,532 4,188,830
626,328
604,452
203,348 211,211
September
Buffalo & Susq
ern
Canadian North- 4th wkNov 748,400 568,500 10,107,900 8,503,300
4th wkNov 3,587,0003,194,000 61,069,245 51,739,799
Canadian Pacific
5,617,369
Dentral of Georgia.. 3d wk Nov 290,600 279,300 5,730,664 10,127,744
Dent of New Jersey October __ 2,881,994 2,646,423 11,436,868
Dent New England_ October __ 329,691 317,868 1,305,629 1.111,647
380,673 377.379 1,132.497 1.110,690
Central Vermont September
Mies & Ohio Lines.. 4th wkNov 954,703 878,350 14,950,128 14,248,634
6,593,966 6,411,440
Chicago & Alton.. 3d wk Nov 343,625 334,483 33,907,735 31,465,144
Chic Burl & Quincy October __ 9,575,618 8,320,216
'Chic Great West.. 3d wk Nov 317,358 292,435 5,795,378 5,456,964
Chic Ind & Louisv_ 4th wk Nov 170,781 149,806 3,064,602 2,885,804
Chic Milw & St P_ October.... 7,244,754 6,141,525 25.918,521 22,643,790
Chic Mil & Pug 5 October _ 2,165,324 1,582,690 7,600,651 5,647,119
vehic & North West October __ 8,431,908 7,485,604 31,134,964 28,049,874
vChic St Paul M&O October __ 1,807,9881,499,608 6,242,120 6,421,717
458,938
475,864
175.825 156.369
Chicago T H & S E_ September
Din Ham 8c Dayton October __ 987,436 921,092 2,773.182 3,717,737
733,998
784,615
Colorado Midland_ October __ 220,486 203,353
5 Colorado & South 4th wkNov 456,375 431,914 6,544,330 6,463.089
63,668
81,530
15.914
19,778
__
October
Cornwall
117,118
142,044
25.053
32,927
Cornwall &Lebanon October _
October __ 289,813 257,682 1,257,574 1,037,957
Cuba Railroad
Delaware & Hudson October __ 2,021,740 1,955,818 8,385,266 7.599,833
Delaware Lack & W October __ 3,860,824 3,301,710 14,142,017 12,897,462
Deny & Rio Grande 4th wkNov 702,500 611.800 11,446,840 10,725,148
Western Pacific October_ 632,031 530,233 2,290,000 1,990,080
376.592
371.620
120.787 122,867
Deny N W & Pac_ September
625,497
611.537
Detroit To! & Ironi October_ 173,457 173,797
483,857
494,805
20,984
21,131
& Mackinac 3d wk Nov
Detroit
53,089 1,409,910 1,403,178
57,138
Dui Sou Shore & Atl 3d wk Nov
Dul & Iron Range_ October __ 952,324 938,074 4,049.974 3,952,082
Elgin Joliet SG East.. October __ 1,149,904 891,848 4,398,222 3,291,943
Paso & So West_ October __ 757,683 620,637 2,739,932 2,251,704
ElOctober .._ 5,780,078 6,205,847 22,347,031 20,587,866
Erie
7,551
8,862
2,194
2,395
Fairchild & N E..._ October
926,800
_Florida East Coast... October .._ 326,788 270,626 1,107.696
352,988
368,118
77,486
80,576
Fonda Johns & Glov October __
987,694 1.151,023
345,323
Georgia Railroad.... October __ 222,088 1,233,062 23,892,027 21,719,578
Grand Trunk Syst- 4th wkNov 1,442,409 117,944 2,710,879 2,510,338
Trk West- 2d wk Nov 137,395
Grand
903,500
967,692
63,755
58,398
Det Gr H & Milw 2d wk Nov
840,316
953,230
41,900
51,146
Canada Atlantic.. 2d wk Nov
Great North System November 7,757,643 6,224,730 37,398,088 31,633,770
646,446
669,160
Gulf & Ship Island.. October __ 177.045 159,476
October __ 734,800 656,758 2,888,074 2,673,710
Flocking Valley
Illinois Central...... October __ 5,932,491 4,639,641 22,172,704 20,541,794
Internet & Gt Nor. 4th wkNov 363,000 385,000 5,416.075 4,615,024
237,450 183,404 3,594.653 3,470,912
2 Interoceanic Mex_ 4th wkNov
895.965
903,162
285.831 294,593
September
Knanwha ec Mich
953,987 848,741 3,634.434 3,172,306
Kansas City South.. October.._
October....: 3,947,469 3,465,306 15,337.039 13,393.641
Lehigh Valley
160,526
171.940
59,376
47,267
Lexington & East September
429,982
529.732
Louisiana & Arkan- October __ 128,133 109,671
22,218,719
ILoulsv & Nashville 3d wk Nov 1,207,890 1,144,180 23,292.126
57,808
57,973
18,158
17,254
Macon & Birm'ham
October
October....- 1,032.032 983,623 4,103,879 3,911,327
Maine Central
166,818
184,884
43,170
50,336
& Penna.. October __
Maryland
z Mexican Railway_ 2d wk Nov 165,100 154,200 3,094,600 2,939,900
290,082
332,295
13,301
15,068
3d wk Nov
Mineral Range
Minn & St Louis_ _1 4th wkNov 204,797 157,048 4,305,683 3,434,643
Iowa Central..... I
Minn St P & S S1V/_ October __ 2,588,926 1,788,700 7,662,187 6,277.485
Chicago Division. October _ 1,006,167 827,791 3,691,259 3,314,613
308,686
338,096
77,758
83,535
Mississippi Central.. October __
12,986,018
a Mo Kan & Texas_ 4th wkNov 1,030,941 843,203 14,520,167 24,078,772
c Missouri Pacific.... 4th wkNov 1,564,000 1,430,000 27,298,501
Nashv Chatt & St L October -_ 1.170,229 1,057,483 4,391,820 4,082,439
zNat Rys of Mex_t_ 3d wk Nov 1,287,652 1,127,238 24,915,853 25,201,951
159,818
205,347
6,553
9,303
Nevada-Cal-Oregon 3d wk Nov
430,414
429,217
128.748 149,269
N 0 Great Northern September
610,002
786,105
ST 0 Mobile & Chic- October __ 224,901 170,804
IN Y 0& Hud Ely_ October _ 10492479 9,553,552 40,027,152 37,618,922
Lake Shore & M S October -- 5,172,316 4.351,609 19,495,168 17,516,306
nLake Erie SG W- October -_ 562,333 488,256 2,150,096 1,994,586
Chic Ind & South October __ 423,040 368,328 1,434,878 1,256,939
, Michigan Central October __ 3,204,940 2,866,021 11,725.046 10,822,377
&
Clev 0 0 St L. October __ 3,188,640 2,697,279 11,985,689 10,851,005
Peoria & Eastern October .._ 330,935 280,715 1,263,887 1,109,239
480,981
530,651
Cincinnati North October -- 155,324 122,688 6,892,247 5,810,611
Lake Erie October __ 1,836,554 1.442,323
Pitts &
1,001,351 4,235,707 3,858,943
N Y Chic & St L. October __ 1,253,014
Tol & Ohio Cent_ October __ 514,872 500,940 1,998,443 1,970,248
Tot all lines above October __ 27134445 23673061 101738968 93290.154

ROADS.

Week or
ionth.

Previous
Year.

Current
Year.

July 1 to Latest Date.
Current
Year.

Previous
Year.

$
:5
$
$
NY NH & Hartf__ October __ 6,314,027 5,735,126 24,463,217 22,180,321
N Y Ont & West...._ October __ 801,424 720,399 3,625,975 3,394,140
N Y Susq & West.... October __ 325,035 345,061 1,225,090 1,338,430
773,625
864,850
279,037 258,041
Norfolk Southern__ September
Norfolk & Western_ October __ 3,888,376 3,445,793 15,021,923 13,469,728
Northern Pacific_ __ October __ 7,667,044 6,604,918 26,229,714 23,369,817
712,808 706,338 2.207,438 2,150,9611
Pacific Coast Co..... September
Pennsylvania RR__ October __ 10374615 14353719 42,116,989 54,591,091
133,949
161,688
20,217
25,482
Bait Ches & Atl_ October __
Cumberland Vail October ..._ 320,185 268,425 1,182,585 1,007,852
October __ 958,400 876,744 4,605,998 4,315,989
Long Island
07,975
73,423
11,263
14,991
Maryi'd Del & Va October _
N Y Phila & Norf October -_ 299.023 289,717 1,295,019 1,188,142
Northern Central October __ 1,223,916 1,201,495 4,561.636 4,358.236
Phil Bait & Wash October __ 1;831,994 1,667,127 7,349,082 6,623,444
W Jersey & Seash October _ 460,270 446,619 2,941,339 2,813,736
October __ 6,134,793 5,221,338 24,156,318 20,430,318
Pennsylvania Co_
Grand Rap & Ind October __ 483,604 463,119 2,025,823 1,882,294
Pitts 00 & St L_ October _ 4,181,897 3,533,145 15,600,676 13,880,993
Vandalia
October __ 1,083,154 . 919.761 3,965,931 3,499,669
Total Lines...
October _ 22971359 20451144 00,370,351 80,603,869
East Pitts & E
West Pitts & E October __ 12023004 10246140 46,252,253 40,155,546
All East &West October - 34994363 30697284 136622605 120759403
Pere Marquette... October ._ 1,625,536 1,609,287 6,134,285 6,045,183
Reading Company
Phila & Reading_ October -_ 4,789,607 4,116,724 17,520,275 15.109,777
Coal & Iron Co October -_ 4,784,547 3,748,332 14,592,386 9,932,499
Total both cos.. October -_ 9,574,154 7,865,056 32,112,661 25,042,277
766,963
871,068
Rich Fred & Potom October
211,981 197,611
277,122
312,085
-- 129,465 110,241
September
Rio Grande June
210,818
282,183
12,716
16.172
Rio Grande South 4th wkNov
Rock Island Lines October __ 7,103,127 0,188,324 25,773,411 22,953,189
October __ 351.916 320,819 1,384,011 1,284,433
Rutland
609,314
620,597
168,854 163,834
St Jos & Gr Island.. October -_
St L Iron Mt & Sou October -- 3,100,462 2,830,765 11,504,783 10,115,928
542,492
660,664
St L Rocky Mt & P October __ 196,226 149,200
St Louis & San Fran October -- 4,370.010 4,122,871 15,830,361 14,558,118
1 Chic & East Ill_ October -- 1,480,539 1,471,325 5,612,912 5,429,806
Total all lines...... October __ 6,850,549 5,594,196 21,449,272 19,987,024
St Louis Southwest.. 4th wkNov 379,000 377,000 5,810,403 5,177,553
San Ped LA & St L October __ 908,053 751,511 3,398,391 2,979,425
Seaboard Air Line 3d wk Nov 487,306 466,551 8,762,898 8,618,116
Southern Pacific Co October _- 13915714 11925129 50,846,185 45.815,975
Southern Railway.... 4th wkNov 1,776,590 1.541,438 28,894,459 26,739,765
Mobile & Ohio...-. 3d wk Nov 234,996 238,867 4,701,630 4,570,244
Cin N 0& Tex P_ 3d wk Nov 196,035 184,490 3,903,765 3,774,338
89,986 1,982.451 1,802.978
98,594
Ala Great South.. 3d wk Nov
948,854
955,702
47,782
48,455
Georgia Sou& Fla 3d wk Nov
457,145 428,798 1.398,428 1,306,310
Spok Port SG Seattle September
45,336
53,221
1,813
2,642
Tenn Ala & Georgia 3d wk Nov
550,032
666,589
Tennessee Central.. Otcober -_ 152,684 134,261
4th wkNov 662,622 625,717 8,086,422 7,397,763
Texas & Pacific
26,411
28,548
8,562
8.718
Tidewater & West.. September
549,164
593,490
Toledo Peor & West 4th wkNov
39,061
38,170
Toledo St L & West 3d wk Nov
92,879 100,560 1,616,131 1,649,418
Union pacific syst_ October -_ 9,687,669 8,714,435 35,006,002 32,191,461
583,139
598,400
Virginia & So West_ October _- 157,460 152,818
October -- 486,837 418,963 1,764,229 1,580,778
Virginian
October -- 3,053,912 2,691,293 11,503,767 10,421,951
Wabash
681,634 667,823 1,926,863 1,893,604
Western Maryland_ September
Wheel & Lake Erie_ September- 735,612 732,388 2,238,199 2,113,181
122,128
105,038
40,725
36,407
Wrightsv & Tennille October _Yazoo 8c Miss Vail_ October -- 1,043,480 784,921 3,376,990 3,108,361
Various Fiscal Years.

Period.

Jan 1
Delaware & Hudson
NY Central & Hudson River_e- Jan 1
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & Western_n
Chicago Indiana & Southern_ Jan 1
Jan 1
Michigan Central
Jan 1
Clev Cmn Chic SG St Louis
Jan 1
Peoria & Eastern
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
Baltimore Chesap & Atlantic_ Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Delaware & Va... Jan 1
Maryland
N Y Philadelphia & Norfolk_ Jan 1
Jan 1
Northern Central
Jan 1
Philadelphia Bali & Wash
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids & Indiana
Pitts Chic Chicago & St L
Jan 1
Jan 1
Vendetta
-East Pitts & Erie Jan 1
Total lines
West Pitts & Er Jan 1
All lines E & W Jan 1
Dec 1
Rio Grande Junction
Jan 1
Rutland

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Current
Year.

Previous
Year.

$
S
Oct 3118.494,276 17,823,841
Oct 31 90,589,548 86,427,585
Oct 31 44,541,088 40,261,349
Oct 31 4,803,657 4,518,755
Oct 31 3,460,670 3,129,786
Oct 31 26,962,438 24,881,790
Oct 31 26,680,505 25,276.891
Oct 31 2,770,336 2,673,516
Oct 31 1,147,406 1,021,663
Oct 31 14,962,683 12,747,907
Oct 31 9,962,980 9,250,749
Oct 31 4,417,499 4,078,52/
Oct 31 230298810 214268511
Oct 31 144147105 129916773
264,360
'139,205
Oct 31
Oct 31 2,716,889 2,399,136
Oct 31 9,524,065 8,099,383
122,312
116,950
Oct 31
Oct 31 2,991,164 2,786,588
Oct 31 10,572,138 10,566,038
Oct 3116.851,679 15,742,782
Oct 31 5,632,176 5,401,122
Oct 3 61,656,040 44,693,827
Oct 31 4,521,541 4,227,451
Oct 31 35.858,957 31,932,607
Oct 31 8,785,640 8,269,664
Oct 31 205036248 187020164
Oct 31 102018503 90,222,743
Oct 31 307054751 277742908
Sept 30
783,686
818,116
Oct 31 2,999,297 2,858.262

-Weekly and Monthly.
AGGREGATES OF GROSS EARNINGS
Weekly Summaries.

Curren;
Year.

Previous
Year.

Increase or
Decrease.

%

lonthly Summariec.

Current
Year.

•
Previous
Year.

Increase or
Decrease.

%

$
3
ylileage. Cur. Yr. Pro. Yr.
$
$
S
January -.237.888 234,402 210,704,771 213,145,078 -2,440,307 1.14
+943,633 6.63
3d week Sept 39 roads).... 15,182,364 14,328,726
February -237,082 233,191 218,031,094 197,278,939 +20.752.155 10.52
+729,369 3.88
4th week Sept 36 roads)..... 19,503,157 18,773,788
March
238,218 234,62 237,564,332 224.608,654 +12,956,678 5.77
+598,665 4.17
1st week Oct 38 roads)..... 14,964,702 14,366,037
April
238.722 233.057 220,678,465 216,140,214 +4,638,251 2.10
+985,991 6.56
241 week Oct 39 roads).- 16,003,026 15,017,035
May
235,410 231,597 232,229,364 226,184,666 +6,044,698 2.87
Oct 39 roads)....-- 16,343,506 15.054,025 +1,289,481 8.57
3d week
June
235.385 230,894 243,226,498 228,647,383 +14,579,115 6.31
12.64
4th week Oct 39 roadsL.... 24,173,996 21,461,606 +2,712,390
July
230,712 227.194 245,595.532 222,587,872 +23,007,660 10.3
+921.847 6.70
1st week Nov 36 roads)..... 14,696,080 13,774,233
August
239,230 '-, 4 276,927,416 251,067,032 +25,860,384 10.3
roads)._ 16,621,495 14,075,098 +1,546,397 10.98
241 week Nov r7
September_237,591 235,140 272,209,629 252,318,597 +19,891,032 7.8
3d week Nov 35 roads)..... 15,269,490 13,482,111 +1,787,379 13,26
October
85,457 85,141,427 75,813,471 +9,327,956 12.3
86,131
4th week Nov 23 roads)____ 16.439.922 14,573,376 +1,806.546 12.04
the Bosi
1911. 6
Colorado Springs& Cripple Creek District
a Mexican currency. bDoes not include earnings of& Adirondack and the Ottawa & New YorkRailway from Nov. 1of which, IncludesCanadian
being a
Railway, the latter
ton & Albany. the New York 8c Ottawa, the St. Lawrence
Evansville & Terre Haute and Evansville & IndianaRR.g In..
road,does not make returns to the Inter-State Commerce Commission. I Includes Ohio RR. p Includes earnings of Mason City & Ft. Dodge and
chides the Clebeland Lorain & Wheeling By. in both years. n Includes the Northern Cincinnati. t
Includes the Mexican International. u Include
Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort &
also all otho•
the Texas Central in both years and the Wichita Falls Linos in 1912. beginning Nov. 1. o Includes not only operating revenues, but
z Includes St. Louis Iron Mountain & Southern.
receipts.




-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth
week of November. The table covers 23 roads and shows
12.04% increase in the-aggregate over the same week last year.
Fourth Week of November.
Buffalo Rochester & Pittsb_ _ _ _
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Ind & Louisville
Colorado & Southern
Denver & Rio Grande
Grand Trunk of Canada
Grand Trunk Western
Detroit Or Hay & Milw_ ___
Canada Atlantic
Internat & Great Northern_ _ _ _
Interoceanic of Mexico
Minneapolis & St Louis
1
Iowa Central
Missouri Kansas & Texas
Missouri Pacific
National Railways of Mexico__
Rio Grande Southern
St. Lotus Southwestern
Southern Railway
Texas & Pacific
Toledo Peoria & Western
Total(23 roads)
Net increase (12.04%)

1912.

1911.

Increase. Decrease.

$
$
308,639
245,999
568,500
748,400
3,587,000 3,194,000
954,703
878,350
149,806
170,781
456,375
431,914
702,500
611,800

$
62,640
179,900
393,000
76,353
20,975
24,461
90,700

1,442,409 1,233,062

209,347

385,000
183,404
157,048

54,046
47,749

843,203
1,030,941
1,564,000 1,430,000
1,796,373 1,665,358
12,716
16,172
377,000
379.000
1,776,590 1,541,438
625,717
662,622
39,061
38,170

187,738
134,000
131,015
3,456
2,000
235,162
36,905

$

363,000
237,450
204,797

22,000

16,439,922 14.573,376 1,889,437
1,866,546

891
22,891

For the month of November the returns of 22 roads shows
as follows:
Month of November.
Gross earnings (22 roads)

1912.

1911.

Increase.

54,976,024 48,062,141 6,913,883

14.38

It will be seen that there is a gain on the roads reporting
n the amount of $6,913,883, or 14.38%.
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings of STEAM railroads and industrial companies reported this week:
Roads.

-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.

Ala Tenn & Nor, including
14,617
35,404
Tombigbee Valley_ b..Sept
43,430
103,016
July 1 to Sept 30
878,471
870,191
Atlantic Coast Linea_ ..Oct 3,033,457 2,784,565
10,394,850 9,695,386 2,120,839 2,497,113
July 1 to Oct 31
£93,915
Oct £232,133 £206,174 £109,800
Brazil Railway
£2,110,733 £1,885,802 £946,335 £803,646
Jan 1 to Oct 31
Central of New Jersey_ b_Oct 2,881,994 2,646,423 1,363,128 1,205,497
11,436,868 10,127,744 5,271,509 4,512,149
July 1 to Oct 31
941,180
Chesapeake ,Sz Ohio_ b___Oct 3,107,620 2,909,738 1,066,342
12,056,323.11,596.817 4,155,127 4,146,481
July 1 to Oct 31
Oct 1,595,116 1,397,978 3475,958 s339,248
Chicago & Alton_a
5,582,134 5,454,062 81,483,836 31,499.129
July 1 to Oct 31
Chic Burl & Quincy_b__Oct 9,575,518 8,320,216 4,009,948 3,306,986
33,967,735 31,465,144 13,336,472 11,415,912
July I to Oct 31
Chic Milw & St Paul_b__Oct 7,244,754 6,141,525 2,778,461 1,951,510
July 1 to Oct 31
25,918,521 22,643,790 9,496,679 6,123,749
796,976
Chic Milw & Pug S_b_Oct 2,165,324 1,582,690 1,175,626
7,600.651 5,647,119 3,693,548 2,534,477
July 1 to Oct 31
8,365
11,804
15,914
Oct
19,778
Cornwall_ b
34,096
63,668
47,173
81,530
July I to Oct 31
823,738
802,677
Delaware & Hudson_ bOct 2,021,740 1,955,818
18,494,276 17,823,841 6,948,382 7,099,444
Jan 1 to Oct 31
Delaw Lack & West_b__Oct 3,860,824 3,301,710 1,598,336 1,311,761
1 to Oct 31
July
14,142,017 12.897,462 5,661,605 5,019,345
Denver & Rio Grande
114,346
250,206
Western Pacific_b__ __Oct 632,031
530,233
537,697
765,009
July 1 to Oct 31
2,290,090 1,990,089
620,637
392,925
El Paso & Southwest_ b_Oct 757,683
257,155
841,052
July 1 to Oct 31
2,739,932 2,251,704 1,259,152
Oct 5,780,078 5,205,847 1,571,529 1,535,218
Erio_a
July 1 to Oct 31
22,347,031 20,587,865 6,478,735 6,066,929
Oct 222,088
345,323
def7,876
113,456
Georgia RR_b
987,694 1,151,023
337,405
66,868
July 1 to Oct 31
Oct 8,737.612 7,112,815 4,673,262 3,967,051
Great Northern_b
29,640,545 25,409,040 14,283,005 12,934,286
July 1 to Oct 31
Oct 734,800
656,758
228,725
287,742
Hocking Valloy-b
2,888,074 2,673.710 1,157,328 1,044,708
July 1 to Oct 31
668,252
192,689
138,487
gInteroceanic of Mexico_Oct 678,815
2,894,128 2,834,316
930,750
847,753
July 1 to Oct 31
Louisville & Nashville_ b_Oct 5,390,953 5,182,825 1,632,746 1,944,192
19,717,899 18,813,314 5,649,301 6,215,748
July 1 to Oct 31
831,099
Minn St Paul & 58 M_a_Oct 2,588,926 1,788,700 1,359,786
7,662,187 6,277,485 3,325,720 2,744,882
July 1 to Oct 31
827,791
213,256
Chicago Division_a_ __Oct 1,006,167
356,717
3,691,259 3,314,613 1,213,449
982,778
July I to Oct 31
77,758
83,535
Mississippi Central_ b_ __Oct
27,499
36,614
308,686
July 1 to Oct 31
129,844
338,096
151,979
Mo Kan & Texas_b
Oct 3,440,888 3,064,257 c1,539,804 c1,180,912
July 1 to Oct 31
11,359,571 10,294,249 c4,003,325 c2,852,814
Missouri Pacific_b
Oct 5,838,337 6,268,363 1,600,825 1,183,678
July 1 to Oct 31
21,968,618 19,218,266 5,944,623 3,761.660
Nashv Chatt & St L_b__Oct 1,170,229 1,057,483
305,973
268,001
July 1 to Oct 31
998,237
4,391,820 4,082,439 1,035,599
gNat Rys of Mexico_ ___Oct 5,531,241 5,494,060 2,397,581 2,666,829
July I to Oct 31
21,397,444 21,756,055 8,108,731 9,832,674
N Y N H & Hartford_b-Oct 6,314,027 5,735,126 2,416,679 2,089,655
July 1 to Oct 31
24,463,217 22,180,321 9.928,863 8,362,272
N y Susq & Western _a_Oct 325,035 345.061
75,931
124,664
July 1 to Oct 31
1,225,090 1,338,430
262,652
438,724
QN Y Cent & Hud Riv.b.Oct10,492,479 9,553,552 3,056,835 2,777,722
Jan 1 to Oct 31
90,589,548 86,427,585 23,115,754 23,677,376
Lake Shore & M S_b__Oct 5,172,316 4,351,609 2,119,440 1,822,388
Jan 1 to Oct 31
44,541,088 40,261,349 15,314,799 12,914,840
488,256
eLake Erie & West_b-Oct 562,333
169,580
106,985
Jan 1 to Oct 31
4,803,657 4,518,755 1.106,949
931,606
368,328
77,773
Chic Ind & South_ b_ _Oct 423,040
136,493
435,558
Jan 1 to Oct 31
3,460,670 3,129,786
661,895
Michigan Central_b__Oct 3,204,940 2,866,021 1,186,799 1,006,770
Jan 1 to Oct 31
26,962,438 24,881,790 8,141.654 7,245,662
Oct 3,188,640 2,697,279 1,051,580
0 0 0 & St Lb
771,838
26.680.505 25.276.891 6,769,175 6,452.583
Jan 1 to Oct 31




1533

THE CHRONICLE

DEC. 7 1912]

_-Gross Earnings- -Net Earning
Pr‘vious
Current
Previous
"Vurrent
Year.
Year.
Year.
Year.
$
$
N Y Cent & Hud Riv RR-(Conc989,337
280,715
102,472
Peoria & Eastern_b_ _ _Oct 330,935
542.077
731,258
Jan 1 to Oct 31
2,770,336 2,673,516
24,374
47,866
122,688
Cincinnati North_ b_ _ _Oct 155,324
140,599
139.053
Jan 1 to Oct 31
1,147,406 1,021,663
666,867
Pittsb & Lake Erie_ b_Oct 1,836,554 1,442,323 1,019,782
Jan 1 to Oct 31
14,962,683 12,747,907 7,370,736 6,269,390
461,440
315.917
N Y Chic & St L_b_ Oct 1,253,014 1,001,351
Jan 1 to Oct 31
9,962,980 9,250,749 2,693,117 2,519,712
183,733
152,587
500,940
Toledo & Ohio Cen_b_Oct 514,872
Jan 1 to Oct 31
4,417,499 4,078,521 1,166,294 1,080,721
Total all lines_ b
Oct27,134.445 23,673,061 9,536,020 7,812,558
Jan 1 to Oct 31
230,298,810 214268,511 67,210,684 62,210,124
Pennsylvania Railroad_ a_Oct16,374,615 14,353,719 4,364,166 4,070,751
Jan 1 to Oct 31
144,147,105 129916,773 34,767,677 31,361.843
2,608
6,776
Bait Ches & Atlan_a__Oct
20,217
25,482
52,309
48,676
Jan 1 to Oct 31
239,205
264,360
87.625
119,619
268,425
Cumberland Valley_a_Oct 320,185
679,777
857,244
Jan 1 to Oct 31
2,716,889 2,399,136
191,964
93,461
876,744
Long Island-a
Oct 958,400
Jan 1 to Oct 31
9,524,065 8,999,383 2,164,879 1,872,476
def.666
2,128
Maryland Del & Va_a_Oct
11,263
14,991
Jan 1 to Oct 31
122,312
116,950 def.9,553 def.2,644
75,922
63,239
289,717
N Y Phila & Norf_a_ _Oct 299,023
623,348
742,107
Jan 1 to Oct 31
2,991,164 2,786,588
173,446
Northern Central_a__Oct 1,223,916 1,201,495
197,855
Jan 1 to Oct 31
10,572,138 10,566,038 1,022,744 1,228,671
429,969
394,100
Phila Bait & Wash_a_Oct 1,831,994 1.667,127
16,851.679 15,742,782 3,042,390 3,386.959
Jan 1 to Oct 31
58,347 def.25,111
446,619
West Jer & Seashore.a.Oct 460,270
5,632,176 5,401,122 1,224,207 1,186,030
Jan 1 to Oct 31
Pennsylvania Company.a.Oct 6,134,793 5,221,338 1,905,989 1,572,629
51,656,040 44,693,827 13,365,870 12,302,368
Oct 31
Jan 1 to
453,119
104,975
102,217
Grand Rapids & Ind.a.Oct 483,604
781,18
4,521,541 4,227,451
746,533
Jan 1 to Oct 31
945,783
3,533,145 1,127,372
Pitts C C & St L_a_Oct 4,181,897
35,858,957 31,932,607 8,724.681 7,942,371
Jan 1 to Oct 31
337,950
218,765
919,761
Oct 1,083,154
Vandalia_a
8,785,640 8,269,664 1,777,875 1,497,932
Jan 1 to Oct 31
Total East of P & E_a_Oct22,971,359 20,451,144 5,616,690 5,087,403
Jan 1 to Oct 31
205,036.248 187520,164 45,210,428 41.445,032
Total West of P & E.a.Oct12,023,004 10,246,140 3,516.357 2,867,993
Jan 1 to Oct 31
102,018.503 90,222,743 24,900,411 22,801,084
Total all lines_a
Oct34.994,363 30,697,284 9,133,048 7,955,397
J9n 1 to Oct 31
307,054,751 277742,908 70,110,839 64,246,116
Oct 1,625,536 1,609,287
408.740
380,259
Pere Marquette-a
6,134,285 6,045,183 1,470,069 1,458,288
July 1 to Oct 31
197,611
65,074
73.816
Rich Fred & Potomac_ b_Oct 211,981
766,963
303,075
263,260
871,068
July 1 to Oct 31
106,677
320,819
100,164
Oct 351,916
Rutland_b
756,909
692,087
2,999,297 2,858,262
Jan 1 to Oct 31
Rock Island Lines_b__Oct 7,103,127 6,188,324 2,351,982 2,063,411
25,773,411 22,953,189 7,889,597 6,540,007
July 1 to Oct 31
913,238
St L Iron Mt & Sou_ b__Oct 3,100,462 2,830,765 1,015,563
July 1 to Oct 31
11,594,783 10,115,928 3,556,948 2,834,403
50,107
47,105
149,200
St L Rocky Mt & Pac_a_Oct 196,226
174,472
July 1 to Oct 31
542,492
170.674
666,664
St Louis & San Fran_ bOct 4,370,010 4,122,871 1,661,619 1,573.209
July 1 to Oct 31
15,836,361 14,558,118 5,388,431 4,976,533
Chic & East Ill_ b_ ___Oct 1,480,539 1,471,325
415,529
474,817
July 1 to Oct 31
5,612,912 5,429,806 1,480,714 1.750,109
all lines_b
Total
Oct 5,850,549 5,594.196 2,077,148 2,048,026
July 1 to Oct 31
21,449,272 19,987,924 6,869,145 6,726,642
444,346
450,413
St Louis Southwestern.a.Oct 1,286,668 1,195,159
July 1 to Oct 31
4.565,403 3,957,553 1,473,467 1,246.945
668,036
563,692
Seaboard Air Line_ a _ _ _ _Oct 2,149,519 2,024,275
7,408,292 7,175,587 1,820,842 1,807,374
July 1 to Oct 31
Southern Railway
218,091
42,057
64,858
Georgia Sou & Fla_b__Oct 219,076
805,511
150,640
197,515
802,978
July 1 to Oct 31
p89,125
352,150
p72,020
Tol St L & Western_a___Oct 357,516
July 1 to Oct 31
1,362.755 1,389,123 p338,313 p348,025
Ulster & Delaware_b161,396
July 1 to Sept 30
147,655
389,984
394,050
Jan 1 to Sept 30
221,651
221,998
821,862
836,036
GROSS EAR NINGS.
-Latest ionth- -July 1 to Latest Date
1912.
1911.
1911.
1912.
•

Roads.

14,306
12,038
Cent Mass Lt & Pow___Sept
40,247
33,695
14,091
Commonwealth G & El_Sept
11,118
39,665
32,275
Dedham & Hyde Park Gas &
Oct
6,160
5,396
23,153
20,822
Electric
52,212
59,150
209,564
193,898
Dayton (0) Pow & Lt_Oct
1,892
8,128
5,426
2,227
Gardner(Mass)Fuel&Lt_Sept
8,742
9,812
24,240
22,475
Marlboro (Mass) Elec Sept
80,211
292,160
88,475
Mass Lighting Cos
324,940
Oct
35.567
153,743
Mass Northern Rys
163,837
Oct
39,893
17,942
6,145
23,338
8,026
Weymouth Lt & Pow_ __Sept
Jan. 1 to Latest Date-Latest fonth
1912.
1911.
1911.
1912.
473,624
Columbia (S C) G & El_Sept
418,789
51,839
48,320
Marion (Ind) Lt & Htg_Sept
14,132
145,851
15,873
129,656
White River (Vt) RR
Jan 1 to Sept 16
32,835
28,962
-Latest Month-- -Oct. 1 to Latest Date
1912.
•
1911.
1912.
1911
$
Realty Tr_Sept
13,588
13,508
16,635
Lynn (Mass)
156,796
429,557
Carolina Power & Lt___Sept
356,154
38,405
38,631
433,348
Union (Dubuque,Ia) El.Sept
407,958
INDUSTRIAL COMPANIES•
-Gross Earnings
-Net
Current
Earn
tlgzegvsiOtTT
Previous
Companies.
Year.
Year.
.
Year.
Year
Abington & Rockland Electric Light & Power_b_Oct
11,372
Jan 1 to Oct 31
93,396
35,321
Edison El (Brockton)_b_Oct
315,175
Jan 1 to Oct 31
45.389
Fall River Gas Works_b_Oct
378,640
Jan 1 to Oct 31
26,370
Houghton Co Elec Lt_b_Oct
236,396
• Jan 1 to Oct 31
37,517
Lowell Elec Lt Corp_b__Oct
340.823
Jan 1 to Oct 31
Oct 125,774
Sao Joaquin Lt & Pa
1.097.132
Jan 1 to Oct 31

9,866
83,834
30,338
283,270
40,888
356,408
26,200
229,432
32,332
338,668
93,061
877,431

2,462
14,181
12,491
113,952
15,854
111,427
14,000
110,828
12,250
118,878
81,558
658.335

2,250
18,162
10,808
88,740
16,037
112,635
13,533
111,697
11,488
115,605
51,544
483,395

1534

[VOL. Lxxxxv.

THE CHRONICLE

-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Sierra Pacific Elec_ b_ __ _Oct
55,651
28,564
35,387
49,538
Jan 1 to Oct 31
523,182
475,171
323,933
290,290
a'Net earnings 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
Oct. 1912 was $1,434,303, against $1,094,184; from July 1 to Oct. 31 was
$3,570,139 in 1912, against $2,507,606 last year.
e Includes Northern Ohio RR.
g These results are in Mexican currency.
For Oct. 1912 miscellaneous charges to income were $10,616, against
819,783 in 1911, and for period from July 1 to Oct. 31 were 850,969 in 1912,
against $66,987 last year.
q Includes the Boston & Albany, the N.Y.& Ottawa, the St. Lawrence &
Adirondack and the Ottawa & N. Y. By., the latter of which, being a Canadian road, does not make returns to the Inter-State Commerce Commission.
s After allowing for miscellaneous charges to income for the month of
October 1912, total net earnings were $414,140, against $259,640 last year,
and for the period from July 1 to Oct. 31 were $1,260,556 this year, against
$1,224,987.
Companies.

Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat, of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
•
$
$
514,319
Central of New Jersey_ __Oct 481,936
881,192
691,178
2,221,175 2,070,629 3,050,334 2,441,520
July 1 to Oct 31
60,894
Oct
Georgia RR
62,898 zdef57,870 x 59,999
247,188
July 1 to Oct 31
243,508zdef144,312 x129,228
Oct 1,492,581 1,423,356 x314,234 zdef85,297
Missouri Pacific
July 1 to Oct 31
6,066,015 5,942,137 x596,645 zdf1497545
St L Rocky Mt & Pac_ _ _Oct
32,105
18,002
30,611
16,494
July 1 to Oct 31
130,693
39,981
122,926
51,546
St L Iron Mt & South_ __Oct 706,685
697,328 z351,426 z261,438
July 1 to Oct 31
2,933,321 2,851,384 x718,145 x141,603
St Louis Southwestern.._Oct 227,002
195,782 x298,502 x329,911
July 1 to Oct 31
774,970 z857,778 x726,704
903,479
Ulster & Delaware
July 1 to Sept 30
68,838
x85,234 z100,523
66,343
Jan 1 to Sept 30
182,582
179,651
x50,727
z51,243
Roads.

INDUSTRIAL COMPANIES.
-Int., Rentals, &c.- -Bat, of Net Earns.
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
Abington & Rockland Electric Light & Power_ __ _Oct
207
188
2,255
2,062
Jan 1 to Oct 31
1,894
1,876
12,287
16,286
Edison Elec (Brockton)_Oct
2,167
1,925
8,883
10,324
Jan 1 to Oct 31
19,611
94.341
18,103
70,637
Fall River Gas Works.._ _Oct
793
15.061
586
15,451
Jan 1 to Oct 31
107,247
104,684
5,388
6,743
Houghton Co Elec Lt.._ _Oct
9,534
4,456
9,077
4,466
Jan 1 to Oct 31
67,809
42,600
43,019
69,097
Lowell Elec Light Corp_Oct
1,510
1,120
11,130
9,978
Jan 1 to Oct 31
15,350
103,528
15,476
100,129
San:Joaquin Lt & Pow_ _Oct
39,227
37,840
42,331
13,704
Jan 1 to Oct 31
370,829
290,487
287,506
192,908
Sierra Pacific Electric_ _ _Oct
5,595
2,303
29,792
26,261
Jan 1 to Oct 31
32,247
54,437
269,493
258,143
x After allowing for other income received.
EXPRESS COMPANIES.
-Month of July
1912.
1911.
$
$
3,863,799 3,286,447
1,817,884 1.538,350

American Express CompanyGross receipts from operation
-Dr
Express privileges
Total operating revenues
Total operating expenses

2,045,915 1,748,096
1,874,670 1,635,039
171,244
31,07

Net operating revenue
One-twelfth of annual taxes

113,056
30,000

Operating income

140,174
83,056
-Month of September- -July 1 to Sept. 301912.
1911.
1912.
1911.
$
Canadian Northern Exp.$
$
$
85,793
Gross receipts from oper_ _ _
42,747
242,537
131,836
-Dr
Express privileges
33,611
17,092
94,981
51,591
Total operating revenues..
52,182.
25,655
147,555
80,245
Total operating expenses...... _
28,742
15,067
84,580
46,517
Net operating revenue..___
23,440
10,587
33,727
62,975
One-twelfth of annual taxes_
128
443
1,329
385
Operating income
22,997
10,459
61,646
33,342
-Month of August- -July 1 to Aug. 311912.
1912.
1911.
1911.
The Globe Express Co.
8
8
91,883
172,928
Gross receipts from oper_ _ _ _
78,209
153,461
45,256
85,717
Express privileges
38,853
-Dr
76,726

-Month of August- -July 1 to Aug. 311912.
1911,
1911.
1912.
Adams Express Co.$
$
$
$
Gross receiptsfrom operation'2,869,243 2,586,048 5,648,528 5,033,952
--Dr
Express privileges
1,434.111 1,288,731 2,805,836 2,577,428
Total operating revenues_ 1,435,131 1,297,316 2,842,692 2,456,524
Total operating expenses_ - _ _ 1,285,952 1,204,533 2,551,637 2,393,966
Net operating revenue.. _ _ _
149,178
291,054
92,783
62,557
One-twelfth of annual taxes_
16,633
19,645
39,423
33,267
Operating income
132,545
257,786
23,134
73,138

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.

Week or
Month.

Current Previous
Year.
Year.

uan. 1 to latest date.
Current
Year.

Previous
Year.

Atlantic Shore Ry___ October __
29,274 23,369
314,388
297.926
cAur Elgin & Chic By October _ _ 166,069 156,742 .1,602,361 1.500,934
Bangor ity & Elec Co October _ _ 62,964 53,129
588,014
491,497
Baton Rouge Elec Co October
13,315 10,693
120,503
96,315
Binghamton Railway September
38,570 36,418
321,425
292,100
Brazilian Tr, Lt & P.. October __ 1770,187
Brock & Plym St By.. October _ _
9,594
9,336
104,108
103,044
Bklyn Rap Tran Syst July
2299,420 2238,045 13,972,036 13,351,092
Cape Breton Elec By October _ _
31,133 31.650
291,226
275,148
Carolina Pow & Lt Co July
36,267 26,980
240,597
200,229
Cent Park N & E Riv July
59,548 58,589
365,066
374,483
Central Penn Trac__ October
74,249 69,494
723,895
763,006
Chattanooga By& Lt October
95,581 83.698
780,934
877.927
Cleve Painesv & East October
32,692 30,974
310,567
327,028
Clev Southw &Colum October _ _ 106,915 99,404
984,626
945,618
Columbus(Ga) El Co October _ _ 48,766 44,452
444,249
401,046
Commonw P. Ry &Lt October _ 573,053 482,351 5,154,963 4,462,809
Coney Isl'd & Bklyn July
200,357 197,842
907,820
920,245
Dallas Elec Corp....... Octobber_ _ 202,728 182,459 1,483,568 1,333,351
Detroit United Ry__ 2d wk Nov 427.649 366.657 10,119,349 8,878,391
DDEB& Batt(Rec) July
51,828 53,313
352,137
358.544
Duluth-Superior Trac October _ _ 73,835 96.704
888,426
942.037
East St Louis & Sub.. October _ _ 227,088 200,629 2,000,223 1,878,479
El Paso Electric Cos_ October _ _ 71,029 62,011
637,081
555,430
42dStM&SNAv(Rec) July
153,840 145,285 1,018,029
898,073
Galv-Hous Elec Co.._ October _ _ 175,449 132,645 1,663,190 1,254,062
Grand Rapids By Co October
101,569 93,587 1,025,834
966,461
Havana Electric fly... Wk Dec 1 47,608 44,692 2,344,442 2,198,391
Honolulu Rapid Tran
& Land Co
September
49,372 41,626
414,474
367,145
Houghton Co TracCo October _ _ 24,853 24,250
254,147
256.974
Hudson & Manhattan July
263,948 216,375 2.106,060 1,724,069
Illinois Traction ____ October
676,158 640,510 6.010,948 5,623,806
Interboro Rap Tran_ October
2919,938 2707,569 26,358,342 24,795,601
Jacksonville Trac Co August
48,856 44,565
399,124
377,688
Lake Shore Elec By.. October
110,505 107,620 1,109.025 1,069,857
Long Island Electric_ July
28,206 28,797
124,439
120,944
Milw El By & Lt Co_ October
482,309 448,150 4,568.923 4,122,458
Milw Lt, Ht & Tr Co October
101,426 92,932 1,042.953
943,672
MonongahelaValTrac October
77,837 67,970
705.450
611,639
N Y City Interboro__ July
37,708 27,070
251,224
164,880
N Y & Long Isl Trac_ July
39,347 42,766
219,585
219,945
N Y & Queens Co__ July
128,599 131,146
760,263
718,743
New York Railways.. September 1169,395 1183,291 10181,134 10153,012
Northam Easton & W September
16,000 17,567
138,174
127,034
249,148 220,342 2,497,014 2,240,088
North Ohio Trac & Lt October
North Texas Elm Co October
201,567 168,512 1,450.679 1,346,516
Ocean Electric (L I).. July
32,878 31,646
68,415
78,814
Paducah Trac& Lt Co October _ 24,643 21,775
215,005
233,107
Pensacola Electric Co October _ _ 24.759 24,415
236.807
237,031
Phila Rapid Trans Co October_ _ _ 2093.814 1947,003 19,208,074 18,295,092
(Ore)Ry,L &PCo October
Port
565,839 540,764 5,484,589 5,238,372
Puget Sd Trac. L & P September 684,221
6,162,520
Richmond Lt & RR_ July
47,139 48,932
208,680
214,507
StJoseph (NIo) Ry,Lt
Power Co.. October
Heat &
103,953 91,442
903,306
968,178
Santiago El Lt& Trac October..
35,036 34,380
334,801
292,466
Savannah Electric Co October _ _ 63,885 59,843
615,170
571,257
Second Avenue (Rec) July
93,893 95,384
556,110
520,052
Southern Boulevard.. July
15,148 13,431
80,354
70,696
Sou Wisconsin By Co October
20,278 16,736
187,050
163,579
Staten fed Midland_ July
40,523 42.698
163,863
160,126
65,610 59,328
624,892
Tampa Electric Co.... October
564,616
Third Avenue (Rae). July
332,091 337,434 2,215,674 2,116,403
Tr -City By & Lt Co.. October - 283,102 250,610 2,573,174 2,342,038
Twin City Rap Tran_ 3d wk Nov 165,743 147,940 7,264,783 6,940,249
Underground Elec By
of London
Three tube lines.... _ Wk Nov 30 £14,985 £14,380 £653,790 £653,535
Metropolitan Dist.. Wk Nov 30 £13,767 £12,326 £602,162 £570,271
United Tramways.. Wk Nov 30 £5,290 £5,210 £298,866 £312,244
London Gen'i Bus.. Wk Nov 30 £54,147 £37,210 £2,464,930 £1,806,191
245,880 252.033 1,453,867 1,423,398
July
Union (Bee)
UnionRy G&ECo(111) October _- 394,657 299,154 3,167,194 2,574,556
United itys of St L__ September 1031,600 1001,720 9,075,065 8,859,50$
United RRs of San Fr October_ - - 756,153 700,271 6,987,233 6,511,043
Westchester El (Bee) July
64,572 70,677
345,547
337,294
Yonkers RR (Bee) __ July
64,549 61,998
389,042
420,705
196,126
199,419
Youngst & Ohio Riv_ October
23,266 20,726
These figures are for consolidated company.

-The following table
Electric Railway Net Earnings.
gtves the returns of ELECTRIC railway gross and net
earnings reported this week:

--Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$$
$
53,129
16,191
Bangor By & Elec_ a _ _ _ -Oct
62,964
28,457
226,848
153,308
263,856
July 1 to Oct 31
7,572
21,882
128,408
Net operating revenue
14,343
12,960
One-twelfth of annual taxes..
1,600
800
1,600 Baton Rouge Elect_ b_ __Oct
3ms1
800
;
)4,p
4
10,593
13,315
96,315
120,503
Jan 1 to Oct 31_
Operating income
20,282
6,772
12,743 Brockton Plymouth b_Oct
12,160
9,336
9,594
&
103,014
104,108
2.1
Jan 1 to Oct 31
i3OY
July 1 to Aug. 31.August
211,IPS
1911.
1912.
1912.
1911.
31,650
31,133
Cape Breton Elect_ b_ _ _Oct
14,794
15,881
$
Great Northern Express Co.
$
275,148
291,226
8
Jan 1 to Oct 31
128,279
124,384
Gross receipts from operation 349,202
499,650 Chattanooga By & Lt a Oct
66!,021
255,358
83,698
95,581
38,974
34,451
Express privileges
300,099
-Dr
153,367
209,644
397,189
780,934
877,927
Jan 1 to Oct 31
355,758
324,932
30,974
32,692
15,526
;g Total operating revenues.._ 139,558
12,275
199,551 Cleve Painesv & East_a_Oct
265,832
101,991
327,028
310,567
Jan 1 to Oct 31
Total operating expenses_ _ _ _
148,982
140,741
148,008
87,088
171,032
74.993
09,404
Cleve Southw & Col_ b_Oct 106,915
45,376
42,875
984,626
945,618
Jan 1 to Oct 31
51,542
52,469
PF Net operating revenue.. _ _ _
26,998
94,799
412,382
410,278
One-twelfth of annual taxes..
5,045
7,044 Columbus (Ga) Elect_ b_Oct
3,640
9,759
48,766
44,452
21,982
26,332
444,249
401,046
Jan 1 to Oct 31
200,772
218,834
Operating income
47.423
23,357
44,497 Commonwealth Pow RR & L
85,040
482,351
-Month of August -July 1 to Aug. 31236,064
206,374
Oct 573,053
(Mich) a
5,154,963 4,462,809 2,140,058 1,882,450
Jan 1 to Oct 31
1912.
1911.
1912.
1911.
$
8
Southern Express Co.
212,321
121,045
Consumers Pow (Mich)a Oct 253,688
100,119
995,099 2,20,088 2,008,804
Gross receipts from oper____ 1,070,960
2,226,537 1,895,202 1,010,577
Jan 1 to Oct 31
895,494
470,174 1,110,255
531,391
Express privileges
-Dr
956,351 Cumberland Co (Me)
165,742
78,612
-a-Oct 176,976
73,330
787,461
816,769
July 1 to Oct 31
397,551
346,943
524,924 1,129,833 1,052,452
Total operating revenues_
539,569
182,459
Dallas Elect Corp_ b__ _Oct 202,728
98,938
472,713 1,023,485
71,680
Total operating expenses.. _ _ _
511,746
946,616
1,483.568 1,333,351
Jan 1 to Oct 31
581,368
422,260
52,211
Net operating revenue... _ _
27,822
884,243
106,347
316,488
305,581
105,835 Detroit United Ry_ b_ _ _Oct 1,030,490
of annual taxes..
14,814
9,691,700 8,511,734 3,294,449 3,045,829
26,799
One-twelfth
13,481
Jan 1 to Oct 31
29,584
73,835
96,704
Duluth-Superior Tr co b Oct
48,20
23,546
Operating income
14,341
79,548
37,396
76,251
888,426
942,037
Jan 1 to Oct 31
370,310
4
Total operating revenues..
Total operating expenses.. _ _ _




46,626
33,666

39,355
31,783

87,211
65,329

76,735
62,391

Roads.

DEC. 7 1912.]

THE CIIRONICLE

-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
200,629
East St Louis & Sub-a_ _Oct 227,088
104,187
85,283
2,000,223 1,878,479
804,002
Jan 1 to Oct 31
876,345
62,011
71,029
30,300
El Paso Elect _b
26,322
Oct
555,430
637,081
285,935
Jan 1 to Oct 31
221,599
132,645
71,035
49,233
Galveston-Houston El b Oct 175,449
1,663,190 1,254,062
463,733
693,494
Jan 1 to Oct 31
93,587
42,857
Grand Rapids Rya_.. Oct 101,569
39,405
966,461
1,025,834
419,494
450,096
Jan 1 to Oct 31
24,853
24,250
Houghton Co Trac_ b_ _ _Oct
9,652
11,650
254,147
256,974
112,566
105,188
Jan 1 to Oct 31
640,510
Oct 676,158
Illinois Traction _ a
317,162
293,159
6,010,948 5,623,806 2,477,325 2,253,365
Jan 1 to Oct 31
Interboro Rap Tran_ a _ _Oct 2,919,938 2.707,569 1,609,015 1,477,992
July 1 to Oct 31
9,962,819 9,314,938 5,001,900 4,505,703
Key West Elec_b
13,328
12,596
Oct
4,739
6,516
107,620
Lake Shore Elec Ry_a Oct 110,505
46,728
48,744
Jan 1 to Oct 31
1,109,025 1,069,857
478,655
504,753
Lewiston Augusta & Water51,249
ville St Ry_a
51,599
Oct
19,913
19,309
249,860
253,050
July 1 to Oct 31
115,918
116,209
13,362
14,741
Northwestern(Pa)Ry _ _ _Oct
4,216
3,138
160,654
145,392
Jan 1 to Oct 31
57,554
47,914
220,342
Northern Ohio Tr & Lt a Oct 249,148
100,056
96,488
2,497,014 2,240,088 1,090,351 1,005,730
Jan 1 to Oct 31
Northern Texas Elect_ b_Oct 201,567
168,512
111,857
85,962
1,450,679 1,346,516
Jan 1 to Oct 31
683,811
606,299
24,643
Paducah Trac & Lt_ b_ __Oct
21,775
8,253
7,992
233,107
215,005
Jan 1 to Oct 31
74,000
83,448
24,759
Oct
24,415
Pensacola Elect_ b
9,006
8,901
237,031
236,807
Jan 1 to Oct 31
87,752
88,975
79,415
Portland (Me)RR _ a_ _ _ _Oct
74,807
25,132
27,662
397,151
July 1 to Oct 31
398,547
151,280
162,906
Oct
64,013
Porto Rico Rys
69,613
29,726
31,800
Jan 1 to Oct 31
685,159 '616,413
267,337
312,239
Portland(Ore)Ry,Lt&Pa Oct 565,839
540,764
282,811
276,150
July 1 to Oct 31
5,484,589 5,238,372 2,723,294 2,675,342
St Joseph Ry,LtHt&P a Oct 103,953
91,442
47,388
36,696
Jan 1 to Oct 31
903,306
.411,023
968,178
338,268
Savannah Elect_ b
Oct
63.885
59,843
16,336
15,370
615,170
Jan 1 to Oct 31
571,257
153,885
161,356
Oct
Tampa Elect_ b
65,640
59,328
26,082
31,858
624,892
Jan 1 to Oct 31
564,616
297,228
252,101
Union Ry, Gas & El(III)aOct 394,657
299,154
176,725
138,133
Jan 1 to Oct 31
3,167,194 2,574,556 1,303,892 1,090,843
Roads.

a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.

Interest Charges and Surplus.
-Int., Rentals, &c.- -Bal. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Bangor Ry & Elec
Oct
17,033
12,756
19,158
15,701
July 1 to Oct 31
66,869
51,991
86,439
76,417
Baton Rouge Electric_ __Oct
1,730
1,730
3,947
1,969
Jan 1 to Oct 31
17.304
17,229
30,271
15,744
Brockton & Plymouth_ __Oct
1,029
1,025
543
493
10,444
Jan 1 to Oct 31
10,854
17,543
15.622
5,620
Cape Breton Electric..__Oct
5,653
9,174
10,228
Jan 1 to Oct 31
56,743
56,525
71,536
67,859
Chattanooga Ry & LIght.Oct
22,600
20,198
16,374
14,253
Jan 1 to Oct 31
219,389
198,132
136,369
126,800
Cleve Painesv & Eastern_Oct
9,963
8,691
5,562
3,584
Jan 1 to Oct 31
99,228
83,066
49,754
57,675
Cleve Southw & Col_ __ _Oct
31,892
30,070
x14,335
z13,411
Jan 1 to Oct 31
309,301
300,862 x102,360 2118,047
Columbus (Ga) Elec Co_Oct
12,804
13,451
13,528
8,531
Jan 1 to Oct 31
133,845
99,433
84,987
101,339
CommonwP.R&L(Mich).Oct 128.510
106,599
108,454
99,775
Jan 1 to Oct 31
1,245,750 1,046,369
894,308
836,081
Consumers Pow(Mich)_ _Oct
69,160
58,352
51,885
41,767
Jan 1 to Oct 31
511,999
499,295
396,199
498,578
Cumberl'd Co(Me)P &L.Oct
56,510
21,250
52,080
22,102
July 1 to Oct 31
219,881
195,229
151,714
177,670
Dallas Electric Corp____Oct
24,642
19,616
52,064
74,296
Jan 1 to Oct 31
240.987
206,230
340,381
216,030
Detroit United Ry
Oct 175,307
177,438 x160.833 x141,796
Jan 1 to Oct 31
1,769,890 1,766,127 x1,695,970 x1,424,167
Duluth-Superior Trac_ _ _Oct
23,238
22,901
308
25,397
Jan 1 to Oct 31
229,204
223,191
141,106
204,027
East St Louis & Subur_ _Oct
48,176
45,717
56,011
39,566
Jan 1 to Oct 31
481,854
455,852
394,491
348,150
Oct
4,746
El Paso Electric
6,850
25,554
19,472
60,934
Jan 1 to Oct 31
67,241
154,358
225.001
33,725
18,863
Galveston-Houston Elec_ Oct
30,370
37,310
337,947
191,849
Jan 1 to Oct 31
271,884
355,547
14,817
Grand Rapids Ry
Oct
14,980
24,425
28,040
146,612
150,341
Jan 1 to Oct 31
269,153
303,484
5,677
IIoughton Co Trac
5,226
Oct
5,973
4,426
Jan 1 to Oct 31
55,818
52,283
56,748
52,905
Interboro Rapid Tran_ __Oct 918,545
919,112 z726,396 z595,946
July 1 to Oct 31
3,777,210 3,623,937 z1,450,386 x1,004,623
Key West Electric Co_ __Oct
3,253
2,786
3,263
1,953
Lake Shore Electric Ry_ _Oct
35,083
34,624
11,644
14,119
Jan 1 to Oct 31
349,500
347,025
129,155
157,727
Lewiston Augusta & Waterville Street Ry
14,429
14,400
Oct
5,513
4,880
July 1 to Oct 31
57,829
57,600
58,318
58,380
Nor Ohio Trac & Light_ _Oct
44,321
52.717
47,339
52,167
Jan 1 to Oct 31
443,390
468,057
622,294
562,340
Northern Texas Electric_Oct
20,977
24,940
86,917
64,985
Jan 1 to Oct 31
208,246
216,750
467,061
398,053
Paducah Trac & Light....Oct
7,399
7,437
816
593
Jan 1 to Oct 31
63,064
67,429
6,571
20,384
Pensacola Electric Co.. _ _Oct
5,014
6,378
2,523
3,992
Jan 1 to Oct 31
50,327
63,775
25,200
37,425
Portland (Me)RR
Oct
9,635
10,254
14,878
18,027
July 1 to Oct 31
38,139
41,429
121,477
113,141
Portl (Ore) By, L & P_ _Oct 149,291
127,179
133,520
148,971
Jan 1 to Oct 31
1,457,824 1,246,723 1,265,470 1,428,619
St Joseph Ry, L, II & P_Oct
19,043
19,631
27,757
17,653
Jan 1 to Oct 31
192,519
196,640
214,383
145,749
Oct
Savannah Electric
15,365
16,335
1
5
Nu Jan 1 to Oct 31160,750
153,491
606
394
Oct ' 4,475
Tampa Electric
4,482
27,383
21,600
Jan 1 to Oct 31
44,499
50,207
252,729
201,894
Union Ry, Gas & El(III)_Oct
92,261
63.477
84,464
74,656
, Jan 1 to Oct 31
779,235
616,248
524,657
474,595
z After allowing for other income received.
Roads.




1535
ANNUAL REPORTS„

Annual Reports.
-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Nov. 30. The next will appear in that of Dec. 28.
Western Maryland Railway.
(Report for Fiscal Year ending June 30 1912.)
The report, dated at Baltimore, Oct. 15, and signed by
Pres. Alexander Robertson (who has resigned, effective
Jan. 1 1913, and will then be succeeded by J. M.Fitzgerald,
now Vice-Pres.) shows in substance:
Results.
-On the Western Maryland Ry. only, operating revenues increased $42,124, but on the other hand, 118 operating expenses also
$443,052, with an increase in net revenue from outside operations increased
of $2,855
and an increase in taxes of $12,000, the net operating income decreased
from $2,521,282 to $2,111,209, or $410,073.
Other income, moreover, fell off $203,415, due chiefly to decreases
in
net income from George's Creek & Cumberland RR. Co.
$25,406, and from coal companies and miscellaneous from $72,715 to
properties
$175,321 to $14,934, after provision by the coal company in 1912 of from
$105,000 for depreciation and exhaustion of minerals not heretofore provided
for,
"Deductions from corporate income" increased $122,479,
interest accrued on funded debt decreased $37,254, there were for while
introduced,
along with other changes, two new items, namely "interest on
equipment of new lines temporarily used by Western Marylandcost of
$115,894, and "amortization of discount on funded debt," $12,515. fly.,"
The balance of income thereafter remaining was
$735,968), to which has been added "interest on capital$24,368 (decrease
advanced
subsidiary companies for construction of new lines,' $622,902, making to total
a
of $647,270, There were then deducted dividends on pref.stock,$400,000,
and appropriations for additions and betterments, $42,867, leaving a surplus for the year of $204,403 (decrease $15,010).
Operating Revenues.
-The coal and coke freights showed an increase of
$192,418, reflecting a normal growth in the production of coal on
your
company's lines, somewhat stimulated by new development of coal properties and augmented tonnages of this commodity offered by connecting
lines. A falling off of $129.731 occurred in earnings derived from miscellaneous freight, leaving an increase in total freight revenue of $62,687.
In analyzing the decrease in miscellaneous freight revenue, embracing
all other commodities, it is ascertained that though larger tonnages were
carried, the increase was in traffic carrying low rates and involving the
shorter hauls. This is noticeable to an appreciable extent in the rapid
development of local cement trade and the handling of material for highway
Improvements. Another factor entering into this comparison is the absence during the past year of earnings derived from transportation of track
material which during the preceding year moved for Connellsville Extension.
Revenues from passenger traffic show a falling off of $21,075, attributable
almost entirely to the fact that during the previous year large State and
national encampments were held at Gettysburg. the business enjoyed
therefrom being considerably in excess of the decrease above noted. Aside
from this the general passenger traffic changed little as compared with the
previous year, there occurring no unusual developments to stimulate travel.
Operating Expenses.-ExpendItures for maintenance of way were increased
$136,662. Liberal appropriations were made for application of new 90-1b.
rail, the average weight of steel on the main and second tracks comprising
a mileage of 584.81, being 81.49 lbs. per yard on June 30 1912, as compared
with 80.96 lbs. per yard as of June 30 1911. 424.65 miles are laid with
stone ballast, 125.81 miles with cinders and slag and the incompletely
ballasted track reduced to 34.32 miles. The roadway in general was well
maintained, affording necessary physical resistance to meet the
traffic demands. Maintenance of equipment increased $69,441. heavier
The increase of $205,848 in transportation expenses is disproportionate
to the growth in gross revenue, but is attributable largely to unusually
severe weather conditions during the past winter, rendering it necessary
greatly to reduce train tonnage. Certain adjustments were made in wages •
of road and yard engineers, while compliance with full-crew bills in effect
in Pennsylvania'and Maryland added to transportation casts without
corresponding return in revenues.
The ratio of operating expenses to operating revenues was 67.42%, an
increase of 5.75% over the preceding year.
Preliminary Operation of New Through Line Aug. 1 1912
-Traffic Alliance
with N. Y. Central.
-The year under review marked a period of diligent
prosecution of the construction of the extension from Cumberland, Md., to
a connection with the lines of the Pittsburgh & Lake Erie RR. at Connellsville, Pa., this new and important link having been so far advanced towards
completion as to enable the line to be opened for preliminary operation on
Aug. 1 1912, thus cementing the traffic alliance with the New York Central
Lines, predicated upon which the construction of the extension by your
company was undertaken. (See map on p. 139 of "Ry. & Indus." Section
and compare V. 95, p. 237.)
Gold Notes-Provision for New Situation.
-In order to provide for the
revision of the Western Maryland Ry. and of its terminals, enlargement of
its equipment and improvement of its facilities to meet the requirements of
the entirely new situation to be brought into existence by the completion of
the Connelsville Extension and the through traffic line thus established,
the company made an indenture dated Jan. 1 1912 securing $10,000,000 of
5% gold notes maturing July 1 1915. The funds realized from the sale of
those notes are to be applied to carry out an adopted program covering
the essentials above referred to, and which includes the acquisition of
property, strengthening of terminal facilities at Baltimore and Cumberland,
the reconstruction of bridges on the main and Gettysburg lines east of
Hagerstown, to admit the use of heavier power than heretofore available
on these lines, provision of divisional terminal and engine facilities a
Hagerstown, and Cumberland, the adoption of a revised double-tract
roadway through the latter city, the construction of passing sidings, sta
tion buildings and other betterment and extension work,including the build
Ing of a short branch to develop limestone deposits near Charlton, W. Va
This work is well under way and a part of the equipment has been received
and placed in service. (V. 95, p. 969; V. 93, p. 1790; V. 94, p. 1697.)
CLASSIFICATION OF TONNAGE FOR YEARS ENDING JUNE 30
Products of- Apricul. Animals. *Mines.
Forests. Mane's. Mdse.
240,760 121,100 7,410,406 1,349,592 996,055 529,928
1911-12
227,240 107,272 6.525,550 1,327,934 754,880 520,584
1910-11
* Includes 6,286,641 tons of bituminous coal in 1911-12, against 5,556,745 in 1910-11.
TRAFFIC STATISTICS YEARS ENDING JUNE 30.
1911-12. ' 1910-11.
1909-10,
1908-09.
543
543
Miles operated
543
543
2,271.985
Passengers carried
2,302,785
2,118,060
1,940,019
Passengers carried 1 mile 53,235,842 54,665,061 51,414,048 45,663,802
1.771 cts.
1.763 cts.
1.791 cts.
1.699 cts.
Av. rects. p. pass. p. m9,463,460 9,147,565
Tons rev. freight carried 10,647,841
7,251,871
6,195,013 6.105,108 4,599,581
Of which coal and coke 6,904,538
Tons carried one mile 1,006,731,817 949,828,091 966,576,728 784,922,532
Av. recta. p. ton p. mile_ 0.596 cts. 0.625 cts. 0.612 cts. 0.620 cts.
$13,042
$13,339
$13.261
Oper. revenue per mile_
$10,963
INCOME ACCOUNT YEARS ENDING JUNE 30.
Oper. Revenue1911-12. . 1910-11.
a1909-10. 61908-09.
/6,001,113 55,938,426 $5,912,642 $4,863.176
Freight
963,628
Passenger
942,553
873,588
817.923
299,392
298,880
Mail, express, &c
295,627
271,698
Total oper. revenue_ -' $7,243,0581 $7,200,934 $7,081,857 $5.952,696

THE CHRONICLE

1536

[VoL. Lxxxxv.

1908-09.
1909-10.
1910-11.
Operating Expenses- 1911-12.
$298,872
$540,530
$363,925
Malta. of way & struct_ $274.732
176,348
280,465
208,132
243,113
Maint. of equipment_ _ _
65,784
59.708
76,937
77,910
Traffic expenses
540,928
691,661
732,726
680,837
Transportation
45,407
77,518
77,104
63,159
General expenses
Total operating exil__ $1,383,670 $1,494,219 $1,570,568 $1,127,339
5,040
5,032
5,532
4,286
$4,883,280 $4,440,228 $4,102,521 $3,705,728 Outside operations
Total expenses
Net operating revenue
$2,359,777 $2,760,706 $2,979,336 $2,246,968
8
Total expenses
def.4,454 P.c. of oper. exp. to rev. $1,3 -7,956 $1,499,251 $1,576,100 $1,132,379
925
576
3,432
Outside oper.(net)
(96.27)
(72.11)
(89.47)
(87.436)
$438,001
$61,085
$210,585
$163,435
Net earnings
Total net revenue_ _ _ _ $2,363,209 $2,761,282 $2,980,261 $2,242,514 Other income
31,099
47,412
*41,278
*40,757
198,000
216,000
240,000
252,000
Taxes accrued
$469,100
$108,497
Total income
$251,863
$204,192
Deduct
$2,521,282 $2,764,261 $2,044,514
Operating income_ _ _ _ $2,111,209
$51,933
$66,140
Taxes
$70,458
$80,858
a Includes operations of old company for 6 months ending Dec. 31 1909. Int. on equipment notes
2,333
b Report of the old company.
160,000
160,000
160,000
Int. on 1st M.4% bonds
160,000
69,562
69,791
62,917
79,128
Rents for joint facilities.
OTHER INCOME AND_DEDUCTIONS.
•
38,148
72,838
77,655
91,662
1911-12. 1910-11. Hire of equip. balance
1911-12. 1910-11.
$321,976
$368,769
$371,030
$411,649
Total deductions____
$
Other Incomedef$207.457 def$119,167 def$260,272 sur$147,124
13,600 Balance for year
Sink, fund payments 10,000
6,959
5,064
Rent joint facilities_
9,097 Amort. of bond disc't 12,515
3,810
*Other income includes $39,009 rents received fron joint facilities in
Miscellaneous rents_
2,184 1911-12 and in 1910-11 $37,798; also interest on lonas $1,748 in 1911-12,
33,328
72,715 Miscellaneous
Net inc.G.C.&C.RR. 25,406
Net inc. coal cos.,&c. a14,934 175,321
against $3,479.
13,333 Total deductions_2,389,366 2,266,886
BALANCE SHEET JUNE 30.
Int. On securities_ _ _ 20,000
24,368 760,336
Int. on loans & accts. 233,311 228,515
1911.
1912.
1911.
1912.
Add$
Liabilities
$
Assets$
Total other income 302,525 505,940 Int. adv. to:sub. cos_ 622,902
Stock outst'g (see
Cost of road,equip3,027,222
Gross corp. Inc...2,413,734
18,435,605 18,545,937 Ry.&Ind.Sec.)_13,599,400 13,598,500
ment, &c
647,271 760,336 Cash
Deduct
124.285 Bonds outstanding 4,000,000 4,000,000'
125,568
Deduct17,806
Hire of equipment_ _ 20,910
188,969
30,990 Audited vouchers_ 157,113
29,367
from agts,&c_
69,161 Pref. divs. (4%).. _ _ _ 400,000 400,000 Due from individuRent joint facilities_ 69,811
62,529
55,029
Pay-rolls
Due
40,923
Accrued int. on bds_2,057,944 2,095,198 Add'ns & betterm'ts 42,867
58,085
94,014
86,008 Due to other cos
100,667
als & companies
Int.on cost of equip.of
70,693
3,020 Notes payable....
3,456
442,867 540,923 Due from U.S.P.O. 279,519
81,070
new lines temp.used 115,894
81,970
298,051 Interest on bonds_
Materials & supp_
68,937 Balance, surplus__ 204,404 219,414 Bills receivable...
32,532
Dividends on stocks- 68,864
36,636
24,640 Accrued taxes... _ _
24,640 .
12,377
a After provision by the Coal. Co. In 1912 of $105,000 for depreciation Unadjusted accts.
13,325
34,197 Miscellaneous _11,373
and exhaustion of minerals.
1,168 Profit & loss, sum. 903,208 1,114,234
1,193
Miscellaneous CONDENSED BALANCE SHEET JUNE 30.
19,011,388 19,148,296
Total
19,011,388 19,148,296
Total
1911.
1912.
1911.
1912.
-V. 95, p. 1474, 1123.
•
Liabilities
$
Assets$
Common stock___49,429,230 49,429,230
Cost of properties,
Central Vermont Railway Company.
incl. coal, &c_.100,354,789 91,815,423 Preferred stock_ _ _10,000,000 10,000,000
540,150
Stocks diva. guar_ 540,150
Securities pledged 400,000
(Report for Fiscal Year ending June 30 1912.)
Cash on hand,&c. 2,369,191 7,264,347 0th.stocks, leased,
34,500
34,500
Pres. E. H. Fitzhugh says in brief:
400,948 &c., cos
500
Marketable secur_
50,992,300 50,777,300
Funded debt
1,000
Securities in treas..
The number of tons carried one mile was 309,505,019, an increase of
378,000
12,579 Equipment certfs_ 378,000
170
Loans & bills rec.
8,812,904; the earnings per freight train mile were $1 88, a decrease of8 cts.
395,338 Coll, trust notes 4,000,000
Traffic, &c., bals. 444,635
0.01 ct. The numthe
88,882 Vouch. & wages 1,527,801 1,500,879 and of earnings per ton per mile 0.93 cts., a decrease of increase of 1,231,Agents & conduc_ 208,258
passengers carried one mile, 50.554,832, shows an
95,478 ber
105,812
550,301 Traffic balances
Misc. accounts... _ 684,348
passenger train mile, $1 11, a decrease of 9 cts., and
31,099
124,827 737; the earnings per
996,833 Misc. accounts....
Material & supp__ 996,164
0.02 et.
150,083 the earnings per passenger mile, 2.38 cts., a decrease of and 10.60 miles of
Disc. on cap. stk_ 12,734,835 12,734,835 Matured int., &c_ 153,598
-lb. steel rail
There were laid 6.10 miles of new 80
575,607
Accr. Int., div.,&c. 610,391
Disc,on fund. debt 604,585
been
190,891 released 72 and 75-1b. rail. New sidings, aggregating 7,212 ft., have
51,673 Taxes accrued.... 215,819
4,808
income..
Accrued
Grades at three highway
83,179 constructed for the accommodation of industries. bridges were erected, total
86,156
19,649 Def. credit items_
28,645
Taxes paid in adv.
have been separated. Three new steel
140,923 crossings
347,025 Add'ns to property 183,790
366,182
Sinking fund
143,714 length, 214 ft.
162,871
174,338 Sinking fund
94,765
Oth.def.deb. items
Four new Pacific type passenger engines and three switch engines, one
687,411
Profit and loss_ _ _ _ a841,359
dining car, two parlor cars, six coaches and two baggage cars, and 1,000
-ton capacity steel coal cars have been
-ton capacity box cars and 200 50
119,292,876 114,852172 30
Total
119,292,876 114,852171
Total
purchased and placed in service.
a After deducting $288,442 for miscellaneous adjustments for prior
to the extent of $1,136,466 have been made during the
Improvements
period, less credits, $237,986.
year, of which $1,113,896 has been charged to capital and $22,569 40 to
operating expenses. Included in the amount charged to capital account
GEORGE'S CREEK & CUMB.RR.INCOME ACCT. YEAR END.JUNE 30. is $1,090,840, which was expended for the new equipment. To provide
DiviOther
for part of that sum,equipment trust 5% notes to the amount of $980,000,
Net (after
Operating
Fiscal
Balance. dated Feb. 11912, were issued. These are to be retired $98,000 each year.
dends.
Income.
Taxes).
Revenue.
YearNone [y. 94, p. 350. As to $1,000,000 guaranteed steamship bonds of Central
25,406
$93,398
def.$67,992
1911-12 ....$99,933
None
$72,715
117,629
def. 44,913
Vermont Transportation Co., see V. 94, p. 910, 1249, 1695.1
1910-11 ____ 67,263
-V. 95, p. 1274, 1124.
Rolling StockRails (Miles)
Freight
Pass.
LocoSt. Joseph & Grand Island Railway.
56-1b.
72-16.
75-lb.
80-16.
Cars.
Cars.
J'ne 30. motives.
175.7
53.0
121.3
192.6
3,661
115
Year ending June 30 1912.)
101
1912
(Report for Fiscal
180.6
53.8
117.9
190.3
2,524
105
94
1911
OPERATING STATISTICS.
Pres. Graham G. Lacy, St. Joseph, Oct. 7, wrote in subst.:
1908-09.
1909-10.
1910-11.
1911-12.
-The income account for the year shows a decrease in gross Passengers carried
Results.
1,788,853
1,875,805
1,874,707
2,003,452
transportation revenues of $158,445 and in net revenue of $47,150; taxes
one mile
50,554,828 49,323,091 49,316,196 47,221,835
and other charges increased $39,407 and miscellaneous income decreased Pass. carried
2.34 cts.
2.29 cts.
2.40 cts.
2.38 cts.
Earns, per pass. per mile
$1,731, producing a total deficit of $207,457, beingan increase"of $88,289. Tons carried
3,252,245
3,678,366
4,033,639 3,949,973
The expense for maintenance of way and structures decreased $89,192; Tons carried one mile_ _309.505,019 300,692,115 291,575,128 290,161,873
this was due to decreases of about $16,000 in tie renewals and $72,000 in
0.84 cts.
0.91 cts.
0.94 cts.
0.93 cts.
track work due to work postponed on account of the decrease in Earns, per ton per mile_
$1.84
$1.94
$1.96
$1.88
Earns per ft.-train mile_
earnings. Maintenance of equipment increased $39,386, due to a charge Earns. p. pass. train mile
$1.09
$1.16
$1.20
$1.11
of $79,000 for equipment condemned and destroyed in order to eliminate
which had accumulated for several years.
INCOME ACCOUNT.
obsolete equipment
the improvements mentioned
-There was expended for
Improvements.
1908-09.
1909-10.
1910-11.
1911-12.
in former annual reports $23,359, of which $12,585 was chargeable to op$
$
$
$
Operating Revenueerating expenses and $10,774 to additions and betterments.
2,818,477 2,642,118 2,426.997
2,870,311
of the necessary im- Freight
There remains $735,214 to be expended for account
1,079,806
1,154,914
1,185,077
1,203,394
provements of roadbed, bridges, &c., referred to in former reports, viz.: Passenger
288,529
291,379
334,090
362,127
Mall. express, &c
Line from Carden, Kan., to Hastings, Neb. (118 miles) viz.: Bal3,795,332
4,337,644 4,088,411
Total operating rev_ _ 4,435,832
lasting, $261,443; rectifying grades, $61,440; passing tracks
Operating expenses$410,283
and other improvements $87,400
494,843
474,903
497,823
455,843
51,325 Maint. of way & struc's_
-lb. with 75-lb. rail, Oneida to Axtell
Replacing 17 miles 60
461,454
725,628
663,911
631,138
Maint. equipment__ _
Adjustment of grade and additional tracks, Carden to Marysville 27,104 Traffic of
98,372
110,854
99,546
94,680
expenses
Passing track facilities, station buildings and new water tanks_ _ _ 35,902 Transportation expenses 2,062,028
1,724,268
1,656,782
1,896,710
20,100
Modern coal and water station at Hanover, Kan
94,352
94,824
112,704
115,715
General expenses
For 13 locomotives included in previous reports, but not purchased 190,500 Taxes
119,478
133,125
146,763
150,000
Upon completion of these improvements there will have been relakilwith
2,972,827
3,216,056
3,379,818
3,547,043
Total
75-1b. steel rail all but 58 miles of the 257.85 miles of railway owned and all Operating income
822,505
872,355
957,826
888,789
but 96 miles will have been ballasted.
33,720
22,980
43,720
53,720
-During the fiscal year 199 freight cars which have been in Income from securities..
Rolling Stock.
9,069
9,128
6,611
5,373
operations
service over 25 years and had been condemned were destroyed. In addition Outside
915,144
854,613
1,008,167
947,882
freight cars were destroyed by accident, making a total reduction in
Total
10
leaves only 778 serviceable
Deduct
freight-train cars for the year of 210 cars. This
523,186
503,951
488,474
512,731
Interest on bonds, &c....
freight cars, and will explain the large payment for hire of equipment.
216,553
216,552
224,552
216,553
-In the last annual report (V. 03, p. 763) reference was made to Leased line rentals
Suit.
85,085
169,478
96,707
stockholders to restrain Hire of equipment
177,495
threatened legal proceedings on behalf of minority
2,915
4,719
11,488
5,881
the improvements and expenditures contemplated by the board of directors. Miscellaneous rents, &c..
62,631
23,206
30,275
22,269
instituted and is now pending, and testimony is Improvements, &c
Since then suit has been
917,906
890,370
851,496
being taken. Our counsel advise us that the controversy will shortly be
934,929
Total deductions_ _ _ _
90,251
24,774
submitted on final hearing to the United States Court, and that every effort Balance,surplus
3,117
12,953
will be made to obtain a speedy decision in the company's favor. of adopBALANCE SHEET JUNE 30.
[A proposition to authorize a new $15,000,000 bond issue failed
1912,
tion at the.meeting on Oct. 15 1912, owing to the aforesaid suit,V.95,p.1123.]
1911.
1911.
1912.
LiabilUies$
Assets
OPERATIONS, EARNINGS, EXPENSES, &c.
15,319,460 Capital stock_ _
3,000,000 3,000,000
Road & equip't__a16,357,754
1908-09.
1009-10.
1910-11.
M.4% bonds_11,500,000 11,500,000
1911-12.
651,000 1st
319 lids. iss'd, pledged 626,000
319
319
319
117,000 Equip. trust.certs_ 1,380,000
515,000
Miles-operated June 30_
Securities in trees_ 142,000
Operations35,000 Equip..&o.,of leased
35,000
$4,897 Marketable securs.
$5,115
$5,343
companies _
$4,846
Oper.revenue per mile__
b224,323 b224,323
Stocks of affiliated
657,436
669,341
733,062
Loans & bills pay_ 2,000,000
726,293
450,000
Freight (tons) carried__
&c., cos., un836,193
117,915 Vouchers & wages 865,590
Fr't (tons) carried 1 mile 85,667,522 97,153,809 94,324,000 97,470,782
117,915
pledged
1.09 cts.
1.16 cts.
1.14 Os.
1.16 cts.
333,661 Traffic, &c., bals_
93,615
Av.rate per ton per mile
92,828
Adv. to other cos_ 1,112,953
222
182
199
189
140,410
Aver. train-load (tons)_
40,000 Miscell. accounts_
68,315
40,000
Misc,secs. pledged
84,687
Aver, earnings per mile
133,425 Accrued int., &c._ 135,895
207,680
$2.43 Cash
$2.11
8532.27
64,291
of each freight train..
269,105 Accrued taxes...60,931
644,069 Materials & supp. 285,206
732,494
7,384
786,27.271
Passengers carried
2,573
151,457 Insur. accrued..,.
Agents & conduo's 192,611
Pass. carried 1 mile _ _ ... 19,764,772 21,922,158 19,745,531 18,068,474 Traffic, &c.,
34,861
36,479
79,555 Def. credit items_
70,754
2.09 cts.
2.10 cts.
2.08 cts.
2.05 cts.
Rate per pass. per mile_
453,614
190,170 Appropriated sump. 455,661
Miscell. accounts_ 278,201
91,830
51,070 Profit and loss_ _ __ 104,544
Def. debit items... 467,065
INCOME ACCOUNT.
1910-11.
1908-09.
1909-10.
1911-12.
Operating Revenue$996,848 $1,109,259 $1,093,529 $1,064,214
Freight
Total
19,933,139 17,488,824
19,933,139 17.488,824
Total
455,800
415,015
377,113
405,478
Passenger
a After deducting reserve for accrued depreciation, $244,253.
139,256
123,194
120,786
143,499
Mail express, &c.
b Equipment and personal property of leased companies Is included in
Total oper. revenue__ $1,545,825 $1,704,315 $1,631,739 $1,562,113 road and equipment, per contra.
-The company also guarantees principal and interest on $200,000
Note.
5,521
5,446
8,267
5,566
Outside operations
Montreal & Province Line Ry. 1st M. 4% bonds and 31,225.000 Central
-V. 95. p. 1039, 749.
$1,551,391 $1,709,836 $1,637,185 $1,570.380 Vermont Transportation Co.15% bonds.
Total revenues

1911-12.
Oper. ExpensesMaint. of way & struc_ _ $994,543
925,479
Maint. of equipment_ _ _
125,568
Traffic expenses
Transportation expenses 2,662,848
174,842
General expenses

L.




1910-11.
$857,880
856,038
109,702
2,457,000
159,607

1909-10.
$759,774
874,203
106,232
2,205,959
156,353

1908-09.
$689,865
856,946
86,279
1,925,332
147,306

DEC. 7 1912]

THE CHRONICLE

Massachusetts Electric Companies, Boston.
(Annual Report for Fiscal Year ending Sept. 30 1912.)
With statement of Bay State St. Ry. for June 30 year:
President Gordon Abbott, Boston, Dec. 2, wrote in subst.:

1537

230,200, and warrants for pref. shares, $902,578. Compare V. 93,
p. 1464
V. 94, p. 68.
Note.
-Notes of the Bay State St. By. amounting to $3,320,000 were
paid between June 30 and Sept. 30 1912 with the
of common stock and $2,000,000 coupon notes proceeds of 14,699 shares
of Bay State St. By.
V. 94, p. 1403, 1123.

New Pref. Stock at Par in Discharge of Arrears of Pref. Dividends.
-In
their last annual report (V. 93, p. 1597, 1462) your trustees recommended
the issue of further ($3,647,000) pref. shares for use in paying off the arrears American Water Works & Guarantee Co. (of N. J.),
of pref. dividends. An offer (in circular form) was sent to each pref. sharePittsburgh, Pa.
holder of record on Dec. 30 1911, and up to Nov. 26 1912 194,299 shares,
out of a total issue of 205,574, had been deposited. This offer was with- (Digest of Official Statement of Oct. 18 1912
-Controlled Cos.)
drawn on Dec. 5 1912, the trustees reserving, however, the right to deal
On subsequent pages there will be found the facts regardwith individual cases under terms of said circular of Dec. 30.
-In January last the entire capital stock of the Hyde Park ing the organization, share capital, dividend
Sale-Purchase.
s, balance sheet,
Electric Light Co. was sold to the Edison Electric Illum. Co. of Boston.
In March the Bay State Street By. Co. (the consolidation in July 1911 of &c., as furnished to the New York Stock Exchange under
the Boston & Northern and Old Colony Street By. companies) purchased date of Oct. 18 1912, in connection with the listing
of the
from the Edison company the power station, land,railway power machinery, company'
s $10,000,000 6% cumulative participating pre&c., formerly belonging to the Hyde Park company. Thus the station still
serves the Bay State company's lines as a power house, but the electric- ferred capital stock. Below we give in much
condensed
lighting business, machinery, &c., have passed to the Edison company.
tabulated form the information furnished to the Exchange
Security Holdings.
-As a result, the only securities in which you are now
regarding the companies controlled through stock ownerinterested are those of the Bay State Street By. Co.and its leased lines
the Newport & Fall River and Nashua Street railway companies.
ship. (References to "Chronicle" inserted by Editor.)
Results.
-The business of these companies, excluding the earnings
Hyde Park company from both years' figures, shows an increase inof the COMPANIES CONTROLLED BY STOCK
gross
OWNERSHIP
-TOTAL CAPITAL
during the fiscal year of $354,356.
STOCK AND AMOUNTS OWNED BY AMERICAN
Bonds, Notes, &c.
-In Jan. 1912 the Bay State Street By. Co.
WORKS & GUARANTEE CO. AUGUST 1 1912. WATER
$1,235,000 bonds,issued under mortgage of Boston & Northern Street sold Co.,
By.
-Owned by
and $1,315,000 bonds, issued under mortgage of Old Colony Street By. Co.,
Date -Capital Stock- A. W. W. U. W.&
the proceeds being used to retire maturing underlying bonds.(V.93,p.1785).
Incorp. Par. Issued. & G. Co. L. Co.
In August 1912 14,699 common shares of the Bay State Street Ry. Co.
Name of Company$
$
$
were issued and all except one were purchased at par by your trustees.
Arkansaw Water Co., Little Rock _1880Ark. $25
500,000
500,000
In September an issue of $2,000,000 5% serial coupon notes was sold to Belleville (I11.) Water Supply Co_ _1910111.
100 . 750.000
750,000
the public. The proceeds were partly used in payment of Bay State notes Blrmingham(Ala.)Water Wks. Co.1885Ala. 100 1,500,000
1,500,000
held in the Mass. Electric treasury, the net result being a large decrease City of New Castle(Pa.) Wat. Co_1881Pa. 100
600,000
600,000
in the floating debt of the Bay State St. By. Co.(V. 95, P. 618)•
City Water Co.
-There has been expended during the year on new plant,
• Additions, &c.
of Chattanooga, Tenn
1869Tenn 100 1,500,000 1,500,000
made necessary by increased business and on reconstruction, the sum of
of East St. Louis & Granite City 1892111.
100 4,000,000 4,000,000
$1,379,788, as follows:
of Marinette, Wisconsin
1887Wis. 100
200,000
200,000
Track construction
of Merrill, Wisconsin
$85,793 Power stations
1887Wis. 100
$395,122
125,000
125,000
Track reconstruction
Clinton (Ia.) Water Works Co____1906Dela. 100
564,904 Land and buildings
108,275
125,000
125,000
Cars and electrical equip_ __ 123,466 Miscellaneous
1883Pa.
102,228 Connellsville (Pa.) Water Co
50
250,000
250,000
Overhead lines and feeders., 92,064
Great Shoshone & Twin Falls WaDuring the year 2.262 miles of new track have been constructed, 28.729
ter Power Co
1907Dela. 100
765,000
miles of track reconstructed and work on 1.106 miles of track construction Guyandotte(W.Va.) W.Wks. Co.1888W.Va.100 1,500,000
50,000
50,600
and 5.213 miles of reconstruction was in progress at the close of the year. Huntington(W. Va.) Water Co_ _ _1886W.Va.100
100,000
95,000
56.25 miles of overhead and 2.49 miles of underground feeder and trans- Joplin (Mo.) Water Wks. Co
1893Mo.
162,500 637,500
mission cable have been constructed and also 12.56 miles of underground Kokomo (Ind.) Water Wks. Co_ _ _1887Ind. 100 z800,000
50
125,000
125,000
conduit. Eight 12-bench and twelve 14-bench open cars were equipped yKeokuk (Ia.) Water Works Co_ __1911Dela. 100
600,000
600,000
and put into service. Thirty 28-ft. semi-convertible cars were purchased, Louisiana (Mo.) Water Co
1887Mo.
150,000
150,000
but were not put into service until after the close of the fiscal year; 200 new Mt. Vernon (Ind.) W.Wks. Co_ _ _1886Ind. 100
50
60,000
59,950
motors were purchased and put into service.
Mt. Vernon (Ind.) El. L.& P. Co_1904Ind.
5,000
5,000
Additions to power station equipment have been:(a) 1,200 k.w. generat- Muncie (Ind.) Water Works Co_ _ _1885Ind. 100
50
100,000
94,500
ing unit installed in East Woburn station, with boilers, &c.; (b) six addi- Monongahela Valley Water Co_ _ _1897Pa. 100
250,000
223,000
tional boilers of 400 h.p. each installed in Lynn, Chelsea and Salem stations; Portsm'th Berki'y & Suffolk W.Co1902Va. 100
z500,000
500,000
(c) 1,500 k.w. rotary converter installed at Brockton sub-station and a Racine (Wis.) Water Co
1886Wis. 100
400,000
400,000
750 k.w. rotary converter removed to Fall River sub-station;(d) 1,000 k.w. St. Joseph (Mo.) Water Co
1879Mo. 100
turbine alternating current generating unit installed at Newport station; Shreveport(La.) Water Wks.Co_ _1892La. 100 4,000,000 4,000,000
250,000
122,500 127,500
(e) concrete water storage tank and electric storage battery at Quincy South Pitts!). (Pa.) W.Co., corn_ _1904Pa.
50 2,750,000 1,803,850
Point station;(0 500 k.w. generating unit removed to Hyde Park station.
Preferred
50
250,000
26,300
[As to arrangement with Boston El. By. Co. for handling express matter. Twin Falls Salmon River Land &
see V. 95, p. 1123.1
Water Co
1908Dela. 100
500,000
255,000
Twin Falls Oakley IA.
INCOME ACCOUNT OF BAY STATE STREET RY. COMPARED
250,000
127,500
WITH United Water & Light& W.Co_ _ _1909Dela. 100
• CONSOLIDATED INCOME ACCOUNT OF OPERATING STREET
Co
1907Dela. 100
500,000
500,000
WellsvIlle(N.Y.)El.L.H.&Pow.Co 1893N.Y. 100
RAILWAY AND ELECTRIC LIGHT COMPANIES
20,000
20,000
Wellsville(N. Y.) Water Co
1883N.Y 100
IN FORMER YEARS.
50,000
33,000
z Wichita (Kan.) Water Co
1911Dela. 100 2,000,000
980,000 1,020,000
-Years end. June 30- -Years end. Sept. 30West Penn Rys. Co. preferred_ _ _1904Pa. 100 2,750,000
.
1911-12.
1910-11.
1909-10.
102,850
1908-09.
Earnings
$9,116,203 $8,881,521 $8,560,949 $8,052,356 West Penn Traction Co., preferred 1910Pa. 100 1,625,000
178,900
West Penn. Traction &fPreferred_1911W.Va.100 x6
Expenses
5,806,410
5,557,304
5,360,295
3,667,300
5,148,397
Water Power Co..._ ICommon.
100x20,497,400 3,687,300
Net earnings
1910Dela. 100 10,000,000 5,700,000
$3,309,793 $3,324,217 $3,200,654 $2,903,959 California-Idaho Company
United Coal Co
Interest, rental, taxes
1902Pa. 100 4,000,000 2,040,000
1,840,329
1,838,579
1,792,937
1,778,129 Idaho Southern RR. Co
1908Dela. 100 3,000,000
750,000
Divisible income
$1,469,464 81,485,638 81,407,717 $1,125,830
Total
Common dividends_
73,129,800 35,406,500 3,152,950
$952,365 81,043,7741 $1,130,561 $1,000,464
Preferred dividends_ _ _ _
125,316
125,316!
z Total authorizdd issue: Joplin W. W. Co., $1,250,000;
Suffolk W. Co., $1,000,000; West Penn Tr. & Water PowerPortsmouth Berkley &
Balance
$391,783
$316,548
Co., pref., $6,500,000;
$277,156
$125,366 corn., $20,500,000. In all other cases the entire
authorized
Note.
-The surplus brought forward June 30 1911 was $208,943, making
y Acquired all property of Keokuk W. W. Co. of Iowa. amount is outstanding.
with the surplus for the year ending June 30 1912, $391,783,
z Succeeded March 1 1912 Wichita Water Co. of Kansas.
and adjustment of accounts, $2,748, a total of $603,474, from which were made
Note.
the
following deductions, aggregating $390,613, viz.: Reconstruction, $362,361; trolled -In addition to the aforesaid $3,152,950 capital stock in the concompanies, the proprietary holding organization, the
premium on bonds redeemed, $1,597; preliminary engineering, $7.289;
net & Light Co., owns 39,654.000 of the bonds, which (bearingUnited Water
losses by fire, &c.,$19,365, leaving a surplus as of June 30 1912 of $212,861. of the Amer. W. W.&
the guaranty
Guarantee Co.) it has deposited as collateral for
BALANCE SHEET OF BAY STATE STREET RY. COMPARED
WITH its bond and note issues. These $9,654,000 bonds are included in the table
CONSOLIDATED BALANCE SHEET OF ALL STREET RY.
next below in the outstanding amounts of the several issues
of bonds, but
AND ELECTRIC LIGHT COS. CONTROLLED BY THE
are excluded from our total ($47,778,100) of the bonds
of these controlled
companies in the hands of the (outside) public, since
MASS. ELEC. COS. IN PREVIOUS YEAR.
to include them would
cause a duplication.
J'ne 30'12. J'ne 30'11.
J'ne 30'12. J'ne 30'11*
Assets$
Liabilities$
$
$
Property
43,187,320 42,754,391 Common stock...19,047,300 19,334,800 FUNDED DEBT OF CONTROLLED COS. HELD BY PUBLIC MAY 1912.
Cash
Total, $47,778,100, of which $37,589,000 Guaranteed by Amer.
422,599
724,879 Preferred stock __ 2,088,600 2,088,600
.
Newport & F. It.
Works & Guarantee Co., (Embracing Bands of Issues Marked Water
Funded debt
"x").
20,581,034 20,673,000
bonds in tress.,
50,000 Notes with Mass.
[Also $9,654,000 owned and pledged by United L. 80 W.
Co.)
Acc'ts receivable_ 173,166
128,281
Electric Cos_
3,570,000 3,115,000
Coupon deposits__ 301,927
Outstanding. See Chron.
275,757 0.C.Ry.bds.bored
22,320
Arkansaw Water Co.(as of July 31 1912)
Sinking & redempNotes payable_
400,000
1st M 6s, due March 4 1917
tion funds
63,583
62,080 Vouchers, acc'ts,
Consol. M. s. fd. gold bonds, due Feb. 1 1914 $50,000
Acc'ts in suspense 121,782
117,680
salaries, &c_ _ _ _ 382,040
257,773
(call, at par), 5%,$800,000;6%,$400,000_ _ _ _z1,200,000
Prepaid taxes, inCoup's outstand'g 301,927
V.89,p.1350
276,758
Gold M. duo Feb. 1 1950, red. at par after Feb.
surance, &e
55,497 Int., rentals&taxes 342,859
135,763
402,448
11920; auth., $4,000,000; issued,($800,000 6s,
Lease accounts_ _ _
15,915 Accident,&c.,funds 393,536
39,540
292,702
$48,000 5s)
Mat'ls & supplies.. 947,742
859,932 Depr.fd.H.P.EI.L.
x848,000
5,522 Belleville Water Supply Co. 1st M. gold 5s,
Discount on bonds 1,004,867
798,733 Prem. on pref. stk. 258,480
258,480
June 1 1950, red. at 103 prior to June 1 due
Reconstruction.. 1,202,608 1,088,660 Surplus
212,861
227,722
thereafter at par, also any time on sale of 1920,
plant
to city; auth., $750,000
Total
47,600,957 46,931,805
Total
x531,000
47,600,957 40,931,805 Birmingham W. NI, ks. Co.2d M.6s,
due Feb. 1 '21_
* Funded debt in 1912 includes 'funded debt,"
40-year 5% gold bonds, due Aug. 1 1939, red, at 239,000
$20,090,000, and receipts for delivery of Old Colony
bonds (par $550,000).
par after Aug. 1 1909
By.
MASSACHUSETTS ELECTRIC COMPANIES
40-yr. 5% gold 'bonds, due Feb. 1 1945, red. priorz2,260,000 V.79,p.502
-INCOME ACCOUNT
to Feb. 1 1915 at 105, thereafter at par; auth.,
YEARS ENDING SEPT. 30.
$5,000,000
Income1910-11.
1909-10.
1908-09.
City of New Castle Water Co. sk. fd. gold 5s, duox1,784,000
Divs. on stocks owned__ 1911-12.
$962,485
$481,244 $1,040,029
June 11932, red. at par after June 1 1927
$967,630
Int. on notes, &c
2
.
161,668
162,084
172,830
5% 40-yr. gold bonds, due Dec. 2 1941, call, at 470,000
127,169
par; auth., $1,000,000
Total income
z490,000
$1,124,153
$643,328 $1,212,859 $1,094,799 City Water Co., Chattanooga, 1st ref.
Expenses
M. gold 6s,
Salaries
due Jan. 1 1931, red. prior to Jan. 1 1916 at
-Gen. officers_
$12,500
$12,875
$13,917
102;from 1916 to 1921 at 101; after Jan. 1 1921x1.800,000
$13,250
Legal and miscellaneous
11,337
7,292
10,726
6,145
at par
Interest
166,500
166,500
181,537
157,500
40-yr. 5% gold M. bonds, due May 1 1951, red.
Divs, on pref. stocks_
(4)822,296 (4)822,296(3 t)770,903(2)513,935
prior to May 1 1921 at 103, thereafter (and
also on sale of plant to city at any time) at par;
Total
$1,012,633 $1,008,963 • $977,083
authorized, $4000,000
$690,830
Balance
z529,000 V.93,p.1024
sur$111,520 def$365,635 sur$235,776 sur$403,969 City Water Co. of East St. Louis
and Granite City
MASSACHUSETTS ELECTRIC COS.-GEN
City Water Co. of East St. Louis consol. s. fd. M.
. BAL. SHEET SEPT. 30.
1912.
gold bonds, due Jan. 1 1914, call, at par;
1911.
1912.
1911.
Assets
$1,261,000; 6%,882,000
Liabilities5%,z1,343,000
$
$
Sundry stks ,&c.,
Granite City Madison & Venice Water Co. 30-yr.
Preferred shares.'23,810,478 20,657,400
in treasury...., 39,210,179 38,027,879 Common shares...14,
gold 5s due Mch. 1 1931, call, at par
293,100 14,293,100
Stock dep. to sec.
City Water Co. of East St. Louis & Granite City z507,000 V.78,p. 231
Coupon notes_ _ _ 3,700,000 3,700,000
.
coupon notes.,.)
5% 40-yr. gold M. bonds, due Jan. 2 1945,
Vouchers payable_
103
120
Cash
1,893,859
red. prior to Jan. 1 1915 at 105, thereafter at
99,656
Notes rec. oper. cos 250,000 3,115,000 Accrued interest on
par; also, on sale of plant to city at par at any
coupon notes...
41,625
41,625
Cash for coup.,&e.
time; auth., $4,000,000
4,570 Div.&coup.uncnn.
3,812
z1,398,000 V.81,p.1612
3,812
4,570
Arrears of divs.pur. 3,253,078
Profit & loss, surp. 2,761,810 2,650,290 City Water Co. of Marinette (as of June 30 1912)
gold M.5s,due Mch. 11950,red. at 103 prior to
Total
Mch. 11920, thereafter at par; also, on sale of
44,610,928 41,247,105
Total
44,610,928 41,247,105
plant to city, at par at any time;auth., $500,000 z364,000
*Preferred shares include those on which arrears
of
adjusted, $20,677,700, and those on which dividends dividends have been City 'Water Co. of Merrill (as of June 30 1912) 30are unadjusted, $2,yr. gold 54, call, at par; auth., $250,000
z199,000




.497,400

1538

THE CHRONICLE

[VOL. LXXXXV.

Outstanding. See Chron.
Outstanding. See Chron.
Idaho Southern RR.Co.(as of June 30 1912) 1st M.
Clinton (Ia.) Water Works Co. 1st M.gold 5s, due
gold 5s, due May 1 1959, red. at 110 at any int.
4465,000 V.69 p. 179
Aug. 11939, call. at par
period; auth., $3,000,000; "issued," $750,000
Gold M.5s, due Aug. 11951,red, prior to Aug. 1
($250,000 being in•treasury and $500,000 coll.
1931 at 105, thereafter at par. On sale of
None V.89,p. 919
to notes)
plant to city may be called at par at any time.
6% bond-secured coupon notes, due May 1 1913
x163,000y
Authorized. $1,000,000
and May 1 1914, red. at 1023 at any int.
Connellsville (Pa.) Water Co. 40-yr. gold 5s, due
4400,000 V.89,p. 778
period; auth., $1,000,000 ($100,000 retired)
x484,000 V.87.p. 42
Oct. 2 1939, call, at par
-When in the foregoing there is an outstanding consolidated mtge.,
Note.
5% gold M. bonds, due Apr. 11951. red. at 103
the underlying mortgages are closed.
until Apr. 11921, thereafter at par, or on sale
of plant to city, at par at any time; auth.,
z Of the foregoing bonds, the American Water Works & Guarantee Co.
x25.000
$750,000
has guaranteed principal and interest on bonds of the par value of $37,Great Shoshone & Twin Falls Water Power Co.(as
589,000, as follows: Various water companies, $28,547,000; less owned by
of Aug. 31 1912) 1st M. gold 5s, due May 1
United Water & Light Co.,$9,654,000; balance, $18,893,000; United Water
1950, red. at 105 at any int. period; auth.,
x5,000 V.91,p. 339 & Light Co. notes, $6,972,000, and bonds, $939,000; Twin Falls Salmon
$10.000.000 ($1,555,000 coll, to notes)
River Land & Water C9. bonds, $1,884,000; Twin Falls Oakley Land &
6% coll. tr. gold notes, dile Aug. 11913, call. at
x826,000 V.91,1). 339 Water Co. bonds, $1,425,000; California-Idaho Co. bonds, $5,828,000;
102; auth., $1,200,000 (*374,000 retired)
Idaho-Southern RR. Co. notes, $400,000 (and $750,000 bonds, 3250,000
maturing $16,000 Nov.
6% coll. trust gold notes,
in tr. asury and $500,000 pledged to secure notes); Great Shoshone & Twin
1 1914, $175,000 Nov. 1 1920 and $226,000
Fallb. Water Power Co. bonds (*1,660,000, less collateral on notes, $1,Nov. 1 1925, red. at any int. period at 102%;
458,000V.95.p.2388,621 555,000), 35,000, and notes, $1,243,000; total, $37,589,000.
auth., $4,000,000 ("Issued" $417,000)
y Including $100,000 issued'or issuable in payment of Lyons W. W. 6s
Guyandotte Water Works Co. 1st M. gold 5s, due
-Ed.
May 2 1912.
Aug. 1 1937, red. at 105 prior to Aug. 1 1917,
z Including $191,000 issued or issuable on payment of 6% consols
thereafter at par; also, on sale of plant to city,
-Ed.
July 1 1912.
z25,000
at any time at par; auth., $50.000
[As to guaranteed bonds of Sacramento Valley Irrigation Co., controlled
Huntington(W. Va.) Water Co. 40-yr. gold 5s, due
were
x500,000 V.85,p. 603 by California-Idaho Co., see V. 90, p. 171; V. 92, p. 530; $580,000Total
Nov. 1 1940,call. at par
paid Dec. 1 1912 and $350,000, making $1,030,000 paid to date.
1 1949, call, prior to
0
57 :gold M. bonds, due May
--Ed.}
outstanding Jan. 1 1912 $7,526.000
May 1 1919 at 103; thereafter at par; also, on
Of the bonds shown outstanding in the hands of the public of the various
purchase of plant by city, at any time at par;
companies, the United Water & Light Co. owns $9,654,000, which are
x125,000
authorized,*1,000,000
placed as collateral to its bond and note issues.
Joplin Water Works Co. 1st M.s. fd. gold 6s, due
350,000
July 1 1919
EARNINGS OF CONTROLLED CO VIPANIES-YEAR END. APR. 30 '12.
z450,000
40-yr. gold 5s, due April 2 1940, call, at par
5$, due Oct. 1 1948, red. at 103 prior to
Gold M.
Gross Net Rev. Coupon Balance,
of
Oct. 1 1918, thereafter at par; aLso, on sale
Surplus.
Revenue.(aft. Taxes) DU.
plant to city, at par at any time; auth.,$1,250,Arkansaw Water Co., Little Rock,
x163,000
000
$207,228 $122,262 $111,551 $10,711
&c., Arkansas
66,489 34,147
25,295
8;852
Keokuk Water Works Co. consol. M.s. fd. 6s, due
Belleville (Ill.) Water S. Co
z350,000
July 1 1912 (paid July 1 1912)
Birmingham (Ala.) Water Wks. Co.. 563,241 348,251 214,882 133,369
7,293
City of New Castle (Pa.) Water Co.. 102,637 53,665 46.372
Kokomo Water Works Co. (as of July 2 1912) 30City Water Co. of
yr. gold M.5s, due Aug. 1 1932, call, at par.... _ x159,000
28,715
267,583 157,341 128.626
Chattanooga, Tenn
Gold M. 5s, due July 1 1950, red. at 103 till
East St. L.& Granite City, Ill__ -- 390,685 247,108 155,069• 92,039
July 1 1920, thereafter at par; also, on sale of
2,944
18,200
21,144
47,447
Marinette, Wisc
lant
oo to city, at par at any time; auth., $600,9,950 def.3,863
6,087
24,393
x229,0002
Merrill, Wise
7,773
30,186
37,959
61,610
Clinton (Ia.) Water Works Co
Co. consol. M. s. fd. gold 6s, due
Louisiana Water
13,052
24,523
37,575
57,267
Counellsville (Pa.) Water Co
x110,000
Jan 15 1914, call at par; auth., $150,000
Great Shoshone & Twin Falls Water
Monongahela Valley Water Co. 30-yr. gold 5s, duo
180,932 112,503 a81,132 31,371
Power Co.(Dela.)
364,009 V.85,p. 603
Aug. 1 1931, call. at par; auth., $600,000
693
1,250
1,943
3,516
Guyandotte (.W. Va.Water W.Co_
Mt. Vernon Water Wks. Co. 30-yr. gold M. 5s,
39,972
28,194
Huntington (W. Va. Water Co.._ _ _ 102,749 68,166
due Sept. 2 1931, call. at par; auth., 3250,000_ x182,000
19,617
49.832
105,629 69,449
(Mo.)Water Works Co
Joplin
21,000 def.6,156
Mt. Vernon El. Lt. & Pow. Co. 20-yr. gold M. 5$,
14,844
42,585
Keokuk (Ia.) Water Works Co
12,610
due Sept. 1 1924, call. at 103 prior'to Sept. 1
Kokomo (Ind.) Water Works Co_ _ _ 51,515 33,455 20,845
43,000
6,600 def.4,079
2,521
1914, thereafter at par; auth., $43,000
16,214
Louisiana (Mo.) Water Co
5$, due
10,575
20,750
Monongahela Valley (Pa.) Water Co. 48,719 31,325
Muncie (Ind:) Water Wks. Co. 40-yr. gold
z600,000
6,931
2,150
9,081
Mt.Vernon (Ind.) El. L.& Pow.Co. 20,754
Oct. 2-1939, call. at par
580
9,023
9.603
Mt. Vernon (Ind.) Water W.Co.._ _ _ 21,668
5% gold M. bonds, due Oct. 1 1948, red. at 103
16,545
34,612
51,157
Muncie (Ind.) Water Works Co_ ...... 80,036
until October 1 1918 thereafter at par; also,
Portsmouth Berkley & Suffolk (Va.)
on sale of plant to city, at par at any time;
98,573
62,548
x129,000
224,023 161,121
Water Co
auth. $1.000,000
35,165
134,725 84.425 49,260
Racine (Wisc.) Water Co
Portsmouth Berkley & Suffolk Wgter Co.(V.74, p.683)
11,305
277,805 173,288, 161,983
St. Joseph (Mo.) Water Co
Co. 1st M.gold 6s,
Portsmouth & Suffolk Water
Shreveport (La.) Water Works Co 142,142 85,300 61,072 24,228
9,500
due Jan. 1 1918
South Pittsburgh (Pa.) Water Co_ _ _ 331,628 216,705 138,960 77,745
Nansemond Water Co. 1st M.gold Os due May 1
1,678
4,903 1,3,225
65,000
Wellsville (N.Y.) El. L., H.& P.Co., 10,825
1919, call. at 110 at any time
3,145
3,750
6,895
17,283
Wellsville (N. Y.) Water Co
Berkley & South Norfolk Water & El. Lt. Co.
153,826 93,080 60,878 32,202
150,000
Wichita Water Co.(Dela.)
due Dec. 1 1918
1st M.6s,
Portsmouth & Suffolk Water Co. consol. 1st M.
2,260,287 1,148,006 0165,776 482,230
West Penn Trac. Co. (Pa.)
2,411
gold 6.s. due June 301927, call. at 110 any time 232,000
699,820 d401,355 e398,944
United Coal Co
28,060def.34,435
Portsmouth Berkley & Suffolk Water Co.5% 4028,677 def.6,375
Idaho Southern RR. Co
at 105
yr. gold M.bonds,due Nov. 11944;red. auth.,
prior to Nov. 1 1914, thereafter at par;
a Includes "other charges." b "Interest on floating debt." c "Fixed
x1,201,000 V.89,p. 476 charges." d Net is here shown after deducting "dereciation of coal lands"
32.500,000
$153.447 and "replacement of equipment $145,018.' e "Interest on bonds."
Racine Water Co. (as of June 30 1912) 30-yr. gold
5s, due Nov. 1 1931, call. at par; auth., $1,x1,006,000 V.79,p. 503
200,000
STATISTICS FOR CONTROLLED COMPANIES.
St. Joseph Water Co. 40-yr. gold 5$, due Apr. 1x2,500,000 V.85,p. 606
1941, call. at par
Daily capacity is shown in gallons for pumps and filters. Wells are driven wells.]
prior to Oct. 1
Gold M.5s, due Oct. 11949, red.
Arkansato Belleville Birm'harn City New -City Water Cos. of
1919 at 103, thereafter at par; auth.,$4.000,000 2863,000 V.90,P. 855
Water Co. Water S. Water W.Castle W.Co.Chaltan'ga. East St.L.
Shreveport Water Wks. Co. 1st M. gold 5$. due x600,000 V.82,p.1045
Miss,
Tenn.
River Shenango
Source of J Ark, Riv, Miss. Riv.
Sept 11939, call: at par
River,
River.
River.
of supply..l Jr wells, and wells, and creek.
Consol. M. 40-yr. gold 5s, due June 1 1943, red.
24 mill.
47 mill.
14 mill.
4 mill. 3834 mill.
Pumps, gals_ 17 mill.
prior to June 1 1913 at 103, thereafter at par; x650,000
7.2 mill.
14 mill.
6 inill.
20 mill.
7 mill.
Filters, gals__
authorized, $1,250.000
4
Reservoirs
South Pittsburgh Water Co. 1st M. 50-yr. gold 5s,
2,129 mu.
Capac.,gal_
due Aug. 1 1955, red. prior to Aug. 1 1915 at
189
184
75
311
64
125
105, thereafter at par; also, at any time at par
Pipe, miles...
27 abt. 120
1,609,000 V.82,p.1045 Land, acres__
abt. 63
*5,327
187
180
on sale of plant to city; auth., $5,000,000
80,000
36,000
90,000
132,685
21,000
65,000
St. Clair Water Co. 1st M. 6s, due July 1 1924 500,000 V.87,p. 420 Pop. served_
12,431
12,559
7,166
18,282
7,488
2,312
Consumers __
Chartiers Valley Water Co.6s, due Feb. 1 1027 500,000
722
343
344
328
757
550
Fire hydrants
Twin Falls Salmon River Land & Water Co. (as of
July 31 1912) 1st M. gold Os, due serially June
* Includes 440 acres of coal land, company operating its own milne. Also owns
to June 1920; auth., $4,000,000 ($290,1 1913
21,883,600 V.88,p.1135 10 city lots and 2-story brick building.
000 retired)
Twin Falls Oakley Land & Water Co.(as of July 31
Clinton Connellsv. Guyandotte Huntingrn
M. gold 6s, due serially Apr. 1 1913
1912) 1st
-City Water Cos. of
Merrill. Water W. Water Co. Water W. Water Co.
to April 1 1920; auth., $2,500,000 ($112,000
Marinette.
Ohio
x1,425,000 V.89,p.1000 Source ofLake
Driven Yough. It. IIunt'ton
Prairie
retired)
River.
wells. & springs. Water Co.
River.
United Water & Lt. Co. 1st M.and coll. tr. gold 5s,
supply _ _ _{ Michigan.
,
736 mill.
10 mill. 534 mill.
duo May 1 1947, red. at 105 at any time;
7 mill. 436 mill.
Pumps. gals_
4 min.
z939,000 V.84,p.1556 Filters, gals__
.9 mill. 2.2 mill.
auth., $3,000,000
3 mill. 134 mill.
2
coll. tr. gold notes, due $200,000 yearly
6
Reservoirs __
3
42
49
65
20
Oct. 1) 1912 to Oct. 1 1918 ($200,000 paid
34
Pipe, miles_
19
x1,400,000 V.87,p.1092 Land, acres_ _ abt. 1%
abt. 2
x634
abt. 10
Oct. 11912); auth., $2,000,000
12,845
1,700
25,577
34,000
*8,689
14,610
6% coll. tr. gold notes, due serially on Apr. 1.
Pop. served_ _
324
2,954
2,314
4,764
1,024
1913 to 1925 (1913, $1,000,000; 1914. $64,000;
2,755
Consumers _ _
18
121
385
343
181
1915, $1,293,000; 1920, S694,500; 1025. $770,242
Fire hydrants
$4,000,000x3,822,000
500), red. at 103 at any time: auth..Apr. 1 1912
6% coll. tr. gold notes due serially on
* In 1910. z 134 acres of this In the city
to 1926 (1913, $250,000; 1914, $61,000; 1915,
Kokomo Louisiana Mon. Val. Aff. Vernon
$421,000; 1920,3448,000; 1925,$570,000). red.
Keokuk
Joplin
at 103 at any int. period; auth., 34,000,000_ _ _x1,750,000 V.91,p. 158
W. W. Co. W. W. Co. W.W.Co. Water Co. Water Co. W. W.Co.
Miss.
Drilled
Monon.
Ohio
Wellsville Water Co. 1st M. gold 5s, duo May 1
Miss.
Shoal
Source of f
River.
River.
1938, red. at 105 prior to May 1 1918, thereRiver.
River.
Creek.
supply _1
8 mill. 2.7 mill. 534 mill.
4 mill,
after at par; also, at par at any time on sale z75,000
Pumps,gals._ 15 mill. 734 mill.
1.3 mill.
2 mill.
2 mill.
of plant to city; auth., $175,000
6 mill.
3 mill.
Filters, gals__
West Penn Traction Co. 1st M.gold 5s, due June 1 2,351,000 V.92,p. 597 Reservoirs
*2
2 mIll.
• 1960; auth.,$25,000,000;"issued," $2,738,500
Capac.,gal_
gold
42
10
15
Wichita Water Co (as of July 311912) 30-yr.
36
28
56
x600,000 V.79,p. 275 Pipe, miles_ _
3
15
5s, due Mch. 1 1931, red. at par
abt. 434
r46
Land, acres_
17,000
Consol. M.40-yr. gold 5$, due Nov. 2 1943, red.
4,860
20,000
5,563
32,000
Pop. served_ _
z600,000
IP at 105 prior to Nov. 2 1913, thereafter at par
3,367
1,134
781
2,552
2 277
5,122 .
Consumers _ _
40-yr. gold M. 5$, due Jan. 1 1952, red. at 103
367
100
66
134
- 151
325
Fire hydrants
prior to July 1 1922, thereafter at par; also
at any time at par on sale of plant to city;
* Also standpipe, capacity 500,000 gallons.
x 17 acres in city.
x223,000 V. 95, P. 56
auth., 32,000,000
Racine St. Joseph Shreveport So. Pills.
California-Idaho Co.(as of Aug. 1 1912) 1st M.and
Muncie Port„Berk.
• coll. tr. sk. fd. 5$, due Oct. 11925, red. at 105
IV. W. Co: ctS,IV.Co. Water Co. Water co. IV. W. Co. WalerCo.
x5,828,000 V.92,p. 528
$6,500,000
Red
Lake Missouri
Monon.
at any int.;
Lake
White
Source of f
gold M.5s, due Feb.
auth.'
River.
Itiver.
Mich.
River.
United Coal Co. 50-yr. sk. fd.
River. Kilby, &c.
of supply 1
20 mill. 0% mill.
15 mill.
1955, red. at 105 at any time; auth., $7,000,- 4,205,000 V.82,p.1326 Pumps. gal.- 10 mill. 48% n3111. 1434 mill.
mill. 534 mill.
0
,
14 mill,
Pr 000 ("Issued $6,616,500)
mill.
Filters, gals__ 53j mill.
$150,000
141
44
70
282
6% bond-secured coupon notes, due
132
57
Pipe, miles_
, 120
Jan, 1 1913 to 1919; auth., $1,500,000 (re. 1,050.000 V.88,p. 298 Land, acres.._
a41
abt. 10
z294
18
l tired $450,000)
41,000
30,000
Pop. served__
12,070
7,429
13,798
l
3,529
67 bond-secured notes, due Jan. 1 1913 to 1925
0,913
3,669
Consumers __
617
1,062
426
I. 1913, $270.000; 1914, $83,000; 1915, $75,000;
638
357
333
Fire hydrants
916,
r 1925, $10,000; 1917. 37,000; 1919, 3425,000;
$8,000); auth., 31,500,000 (retired,
z Does not include city lots. a 2 acres in city, 39 adfacont to city.
. 878,000 V.92.p.1706
3100,000)

g

IN1




THE CHRONICLE

DEC. 7 1912.]
Wellsville
Wichita
Water Co. Water Co.
Driven
Wells
wells, near river.
20 mill.
3 mill.
Pumps, gallons_ __
121
Pipe, miles
Source of supply_{

Land, acres
Popula. served.._ _
Consumers
Fire hydrants_ _

Wellsville
Water (10.
abt.6
4,965
878
77

Wichita
Water•Co.
*92
54,545
6,931
629

* Includes an island of 90 acres and 2 acres in city.

BALANCE SHEETS OF CONTROLLED COMPANIES.
Arkansan' Belleville Birm'ham
Water Co. TV. S. Co. W. W.Co.
AssetsProperty ____$2,680,795 $1,279,778 $0,037,256
38,728
91,989
Acc'rs reedy_
237,577
39,000
100
2,897
Bonds & stk5_
1,544
Supplies
894
3,906
9,183
2,157
Cash
11,849
11,301
To be amort_
Miscellaneous
660
175
1,525
Liabilities
Capital stock_ $500,000 $750,000 $1,500,000
Funded debt_ 2,098,000
531,000 4,283,000
Int.,&o.,acc'd
6,504
11,459
69,366
Bills,&c
156,794
70,905
197,783
Deposits
2,235
311
4,206
For exten
3,990
24,748
Profit & loss_
13,688
11,417
215,908

City New -City Water Cos. ofCastle W. Chattan. E. St. L.
$1,562,958 63,679,000 $7,270,213
10,082
215,033
219,865
3,000
600
9,000
1,509
1,051
6,376
4,684
2,122
5,222
18,334
97,000
100
1,300
887
$600,000 $1,500,000 $4,000,000
963,000 2,329,000 3,257,000
52,550
42,182
23,838
189,442
166,939
33,537
3,624
5,173
6,559
18,712
def.19,907 def.66,312
2,802

1539

United States Bobbin ez Shuttle Co.
(Balance Sheet of July 31 1912.)
Assets
Real estate
Machinery
Stable equipment.._ _
Material & supplies_
Furniture & fixtures..
Cash & debits receiv_
Insurance fund
Patent rights
Good-will
Total
-V.95, p. 1044.

1912.
1911.
5
868,336 054,978
1389,660
4,312
345,243 385,426
9,603
159,348
93,697
116,840 116,770
661,447 f
756
1659,800

2,165,129 2,001,087

1912.
191 p
Liabilities
Capital stock
1,651,000 1,651, 00
Accounts payable- _ _ 115,000
3,004
Reserve for insurance 116,840 116,770
Surplus
282,289 230,313

Total

2,165,129 2,001,087

Realty Associates, Brooklyn, N. Y.
(Report for Fiscal Year ending Oct. 31 1912.)
The directors on Nov. 25 reported in substance:
Results.
-The net earnings, after deducting all fixed charges, amount to
$320,928 [contrasting with $352,282 for 1910-111. A dividend of 3% out

of earnings was paid in July this year. The executive committee has voted
to recommend a declaration of the regular semi-annual dividend of 3%,

payable in January next.
The company has purchased or taken in trade during the year 51 dwell-

-City Water Cos. of- Clinton
Connellso. Gt. Shosho. Guyandotte ings,8 flat properties,9 store and flat properties, 1 stable and 5 vacant plOts
Assets-Marinate. Merrill. W. W. Co. Water Co. W. P. Co. W. W. Co, at an aggregate cost of $684,338. It has expended about $80,000 in the
construction of 12 dwellings and 3 flats. The total addition to real estate
Property --__ $599,530 $368,966 $766,148 $752,894 $3,238,231
$75,006 assets was $764,338.
Acc'ts, &c_ _ _
60,032
9,323
127,897
160
1,854
5,025
The sales and properties given in exchange during the year comprised
Bonds & stk_
a2,026,689
64
dwellings, 4 flat properties, 3 store and flat properties, 2 business buildings.
1,408
1,139
1,481
57,053
Supplies, &c..
1,013
1 stable and 2 vacant plots at a total sales price of $819,222.
2,735
509
755
Cash
484
21,100
The company has invested during the year $122,493 in mortgages.
6,916
9,333
To be amort_
36,036
There is one foreclosure pending, a mortgage of $17,000; and
Liabilities
there is interest in arrears on mortgages amounting to $3,597, in addition
Capital stock $200,000 $125,000 $125,000 $250,000 $1,500,000
$50,000 of principal
installments
in arrears amounting at 61,883.
364,000
199,000
628,000
Funded debt_
509,000 b2,803,000
25,000
In 1907
5,641
10,056
11,445
Int., &c
3,993
384 and sellingthe company discontinued the policy of buying large mortgages
19,876
them guaranteed, covering properties which would be desirable
45,560
Bills, &c
100,364
136,563
521 c1,043,391
9,496 investments for
Profit & loss_ def.4,230 def.50,278 dot.2,761
597
72,874 def.9,714 the outstanding the Realty Associates if ever acquired by it. At that time

guaranteed mortgage obligations amounted to $1,675,000:
The amount has been gradually reduced and is now $87,000. The business
was profitable and no losses were sustained, but it was deemed best not to
carry on too many kinds of business.
The improved property is 94% rented.
Many of our properties are still assessed at more than their market value,
notwithstanding determined efforts made to induce the Tax Commissioners
to reduce these valuations. At the present time we have proceedings
pending asking for court relief in the matter of 193 different parcels.
Hunt'pl'n
Joplin
Kokomo Louisiana Mon. Val,
Keokuk
The large and unjustifiable increase- in assessments in Brooklyn has
AssetsWater Co. W. TV. Co. TV. TV. Co. TV. W. Co. Water Co. Water Co. resulted
in constant offerings of property much under their assessed valuaProperty ____ $728,300 $1,781,470 $1,012,372 $519,033 $299,486 6596,421 tions, and we-are inclined to believe that the large increase in the annual
Acc'ts receiv35,320
7,102
33,026
4,123
1,876
59,760 burden for taxes, caused by the over-assessment, has depreciated real estate
Subscribed_
450,000 (for $450,000 new,cap.stk. of the $1,250,000.) to an extent that the valuations of the city must be correspondingly still
Cash
4,059
1,150
1,133
497
1,157
254 further reduced in many sections and that the final result will be less income
To be amort_
642
5,400
to the city. The favorite argument of the rent
-payer that the landlord
Miscellaneous
4,381
1,750
1,444
3,579
263
5,840 merely shifts the increased taxes to the tenant is correct only in books, for
LiabUUtesduring the three years of increase in taxes the rents received from the
Capital stock $100,000 61,250,000 $600,000 $125,000 $150,000 $250,000 average piece of real estate in this borough have nor increased.
350,000
963,000
Funded debt_
390,000
625,000
110,000
369,000
STATEMENT FOR YEARS ENDING OCT. 31.
10,432
10,281
Int.,&c.,ace'd
9,212
1,604
295
7,177
50,238
110,648
16,055
(tc
6,033
1911-12.
1910-11.
1909-10.
64,345
1908-09
7,394
302 def.51,552
Receipts from rents
26,466
Profit and
2,122 def.23,784
$634,559
$639,763
$596,059
$524,399
28,705
Int. on bonds & mtges_ _ 87,214
97,280
70,710
69,588
Profits on sales of real est
132,960
185,385
154,361
Mt.Vernon Mt.Vernon Muncie Port.,Berk. Racine
217,605
St.Joseph
77,007
41,327
67,661
El. L. &P. IV. W. Co. IV.1V Co. deS.IV.Co. Water Co. Water Co. Divs., commissions, &c_
Assets76,563
.
Property ____ $00,958 $235,417 $786,884 $1,936,834 31,446,333 $7,408.711
Total receipts
$931,741
$963,755
$888,791
$888,155
5,184
22,061
Acc'ts receiv_
55,130
86,638
31,003
Deduct
84,884
a Includes $1,550,000 1st M.5s deposited to secure coll. trust 6% notes on hand;
also capital stock and bonds of Shoshone Falls Power Co., Ltd., $362,689; and capital stock of Jerome Water Works Co., Ltd., $50,000.
S Includes 61,243,000 coll, trust notes, also $1,560,000 1st M.5s, of which 61,550,000 deposited for the notes.
c Includes "accounts payable less accounts receivable (associated cos), $746,202,."

Bonds, &c_
Cash
To be amort..
Miscellaneous
Liabilities
Capital stock
Funded debt_
Int., &c
Bills, &c
Profit and loss

125

57

2,907

*310,054
3,188

148

297

1,058

1,224

65,000
43,000
452
42,958
5,006

660,000
182,000
1,767
11,776
2,290

$100,000
729,000
5,587
3,574
7,818

$500,000
1,662,500
8,580
93,045
73,813

Real est. exp., less charged
755
58,500
2,045

5,273

11,433
2,525

$400,000 64,000,000
1,006,000 3,383,000
15,152
18,147
99,338
110,113
18,145
21,567

* In treasury, $5,000; and bonds of Portsmouth Suburban Water Co.. $250,000.
Shreveport S. NILO.
W. W.Co. Water Co.
AssetsProperty ---$1,635,693 64,666,141
Acc'ts, &c...._
29,410
149,126
Contracts rec.
Bonds held__
37,000
Stocks
Cash
2,178
9,085
Miscellaneous
1,053
3,497
Liabilities
Capital stock $250,000a$3,000,000
Funded debt.. 1,250,000 1,646,000
Int.,&c.,ace'd
21,135
60,379
144,078
Bills, &c
68,397
Assoc. cos.(Am. W.W.&G.Co.,&c.)
150
23,915
For exten..
Water sales_
76,159
3,571
Profit and loss

Twin Falls Twin Falls United W. Wellsville
0. L.&IV S.R.L.&W. de L. Co. E.L.H.&P.
.
61,917,294 $4,504,495
$88,753
189,797
38,935
5,896
1,854,903 2,614,617
400 9,654,000
887,600
15,237
13,502
1,573
6250,000 6500,000 $500,000
1,425,000 1,884,000 7,911,000
28,500
18,840
c196,663
8,359 1,581,062
134,711 1,839,413

620,000
7,150
69,278

1,942,358 2,921,395

549,538
def. 208
a Includes preferred, $250,000. c Includes water contracts payable, $61,957.

Wellsville
Wichita West Penn. United
Water Co. Water Co. Tree. Co, Coal Co.

Idaho So.

California

RR. Co. Idaho CO.
Assets
-(seenote.) (see note.)
Property .. _ $162,010 63,417,860 510185,010 58,910,037 $4,397,047
514073,104
Acc'ts, &c_ _ _
6,804
637,194 c307,647
74,906
159,519
Bds. in tress
387,500
13,000
14,800
250,000 z672,000
do pledged_
a789,000 3,811,500
500,000
Cash
749
2,285
208,658
62,885
13,140
362,775
To be amort_
96,055
Miscellaneous
371
23,791 n1,559,896
Liabilities
Capital stock
50,000 2,000,000 58,125,000 4,000,000 3,000,000 10,000,000
Funded debt..
75,000 1,423,000 2,738,500 8,713,393 k1,150,000 z0,500,000
Int.,&c.,ace'd
26,106
83,368
11,410
9,526
97,133
Bills, &c
37,485
55,702
106,998 h243,000
7,149
2,621
Bond sect
cos., not due until bonds are available
750,000
Bills and acc'ts payable-affiliated companies
net 314,842
157,068
Miscel aneous
7,383
19
164,280
70,472
Profit and loss
7,077
3,595 1,157,228
59,726 def.47,538
Second M. bonds of W. Penn. Rya. Co. deposited under mtge.
a
b $1,625,000
Is pref.stock: c' Aceets and bills receivable, coal on docks,supplies,&c.,
and bills payable." h "Notes for bonds borrowed, payable in bonds." less acc'ts
k
besides $400,000 notes outstanding, the $500,000 1st M. bonds pledged Includes
to secure
same and $250,000 treasury bonds. n Includes land and water rights,
$1,087,693;
land contracts, $64,847; coupon interest, 5334,740, and
development work,
$72,615, x Includes bonds not yet Issued, $672,000.
Note.
-Property account of United Coal Co. Includes "capital stocks
(at par,
$3,166,000), coal and surface land, equipment, &c."
Property account of West Penn Traction includes: "Combined
properties (with
the improvements made thereon), consisting of all the capital stock
town Radial St. Ry. Co., $16,000; Masontown-Morgantown St. Ry.of the UnionCo., $10,000;
West Penn Rys. Co. common, $3,250,000; Washington El. L. dr
Canonsburg El. L. & P Co., $12,000: Waynesburg El. L. & P. P. Co., $293,950;
Co., $15,000; Citizens El. L. & P. Co., 523,450; McDonald El. L. Co., $10,000;
InterCo., 3308,100 out of 6400,000; Pittsburgh & Allegheny Valley TractionBorough El,
Co., $347,160 out of 5350,900; Kittanning & Leechburg RYS. Co.. $500,000,
and the improvements of these properties."
-V.05 p. 1333. 237;




to capital for betterments$300,482
$283,304
$261,150
$219,891
Int. on bonds & mtges__
224,403
233,222
196,930
162,226
General expenses
75,524
75,505
71,802
60,902
Dividends
(6%)239,994 (6)239,994 (7)279,993 (6)239,994
Atnt. res. for profit-sharers 10,404
19,442
17,357
37,603
Total deductions
$850,807
$851,467
$827,232
$720,616
Balance,surplus,for year
380.934
3112.288
$61.559
$167,539
BALANCE SHEET OCT. 31.
1912.
1911.
1912.
1911.

Assets
Cash
71,735
58,664 Capital stock
4,000,000 4,000,000
Real estate
8,800,740 8,501,176 Mortgages payable 5,018,183 4,881,158
Unfinished bidgs
61,168
107,994 Notes
500,000
505,000
Mortgages
1,583,791 1,796,300 Accrued exp.(est.)
80,890
81,120
Stocks, bonds, &c_
786,171
707,987 Sundry account& _
20,710
10,854
Real est. contracts 136,737
165,306 Reserved for profit
Due from tenants..
3,161
5,610
sharers
10,404
19,441
Int. duo & accrued
46,113
38,094 Res. on mortgage
Taxes, &c., paid in
Owned
94,293
208,638
advance
22,061
23,943 Undivided profits_
810,713
729,779
Sundry accounts
23,514
30,916 Surplus
1,000,000 1.000,000

11,535,192 11,435,990
Total
-V. 95, p. 1477, 822.

Total

11,535,192 11,435,990

Intercontinental Rubber Co. (of N. J.)
(Report for Fiscal Year ending July 31 1912.)
Secretary Walter Dutton, Oct. 7, wrote in substance:
The year has been marked by a series of interruptions to operations caused
by revolutionary disturbances, which conditions, we regret to state, still
exist, offering serious difficulty to the free transaction of business in Mexico.
The net operating profits for the year amounted to $1,108,959.
accounts representing investments in certain subsidiary companies,Sundry
as well
as expenses of guayule culture and world-wide explorations to the amount
of $644,768, have been charged off, as same are not considered of tangible
value at the present time. Notwithstanding these charges and regular
dividends on the preferred stock, tho surplus account has been increased
over the previous year by the amount of $376,691.
The competition for guayule shrub has been unusually active and prices
have ruled correspondingly high. This has been due in part to revolutions,
but to greater extent to the decreased supply. It has been definitely determined that this shrub reproduces itself naturally, but not as rapidly as it
has been harvested since the inception of the guayule rubber industry.
It will therefore be necessary to regulate the consumption to the rate of regrowth in order to maintain the business on a permanent basis. Experiments are being conducted looking toward the artificial cultivation of
guayule, but these have not progressed far enough to warrant a definite
prediction as to the ultimate outcome.
While the earnings show a considerable decrease over last year, they
were still largely in excess of requirements for interest on the preferred stock,
The directors feel, however, that consideration of dividends on the common
stock should be deferred until the situation in Mexico and the future supply
of raw material becomes more assured. Meanwhile the company remains
in a strong financial condition, having cash and quick assets in excess of
quick liabilities ofnearly double the amount of outstanding preferred stock.
INCO VIE ACCOUNT YEARS ENDING JULY 31.
1910-11.
1911-12,
1909-10.
Gross profits

Administration and general expenses_
Net profits
Common dividends (4%)
Preferred dividends (7%)
Balance, surplus

1,190,095
81.136

2,714.255
73,736

2,309,795
101,011

1,108,959

2,640,51.9
1,161,240
138,250

2,268.184

87,500
1,021,459

1.341,029

1,355,743

z Includes payment of accumulated pref. dividends.

z912,441

BALANCE SHEET JULY 31.
1912.
1912.
1911.
$
Liabilities$
$
Assets-30,288,897 30,193,524 Common stock__ _29,031,000
Investments
Preferred stock .._ _ 1,250,000
15,142
Patents
Miscellaneous __ _ 224,247
Accts. & notes rec.
adv. to sub.cos_ 1,310,215 1,787,799 Div. payable
2,675 Gen. res. acct_ ___ 1,212,091
13,469
Sundry
*2,110,940
Surplus
2,500
Treasury stock__ _
2,198,054 1,393,145
Cash

1911.
29,031,000
1,250,000
21,584
290,310
1,050,000
1,734,249

due 1962 (but callable all or part at 105 and int.), par £100
and .£500 (0). Principal and interest unconditionally guaranteed by the Lake Superior Corporation by endorsement
on each bond. An advertisement shows:

33,828,277 33,377,143
Total
33,828,277 33,377,143
cost of
*After deducting $644,769 for accounts charged off, viz.: Balance of and excapital stock of the Cia. Explotadora de Hule, S. A., $220,400; payments guayuie
penses re-purchase of the Cia. Ganadera y Text!'de Cedros, S. A.,$138,561;
culture expense, 1907-08, $39,649; reduction in capital stock of the Rubber Exploration Co., representing expenses of exploration, $145,000; capital stock of the Cia.
Guayulera Mexicana de America, $100,000; miscel.. $1,158.-V. 95, p. 239, 960.
Total

International Textbook Co., Scranton, Pa.
(Balance Sheet of May 31 1912.)
No income account is furnished. Report says in substance
Under the terms of the mortgage (of the Colliery Engineer Co.) $4,166 66
entire
Is paid every month to a sinking fund for the bonds. TheOf this amount
trustee.
of $0O,000 has now been deposited with the to the redemptionamount
of 340
applied since May 31 1904
$340,000 has been
bonds, leaving $160,000 still in the hands of the trustee for redemption.
The accounts payable, $616,386, as below, cover the salaries, commissions, &c., for the month of May 1912, payable the following month.year
[The surplus, it will be observed, increased $743,425 during the
-Ed.]
1911-12, contrasting with a decrease of $43,529 in 1910-11.
The deductions made from "plates of textbooks and publications," to
provide for depreciation, amounted up to May 31 1912 to $353,308. From
"furniture and machinery" the deductions for depreciation aggregated to
-Ed.).
May 311912, $265,061 (in 1911-12, $41,666.
BALANCE SHEET MAY 31.
1911.
1912.
1911.
1912.
Liabilities
Assets
est. & bidgs_ _1,137,545 1,101,913 Capital stk. (auth..
Real
Plates of publica'ns_1,736,647 1,589,373 $10,000,000-V. 6,000,000 0,000,000
Furniture & mach__ 320,100 336,815 84, p. 628)
Textbook,supp., &c. 380,566 375,175 1st M.bds.of Coll'ry
Engineer Co.
Agcy. establishm'ts_ 607.020 669,132 79, p. 2799 -V. 160,000 162,000
Ace'ta receivable_ _ _4,605,223 4,424,103
cos_*2,490,244 1,801,500 Accounts payable__ _ 616,386 434,464
Stocks of other
164,722 162,000 Surp. (excess. of asSinking fund
612,076 670,789 sets over liabli's) _5,277,762 4,534,337
Cash items
12,054,14811,130,801

Total

[VoL. Lxxxxv.

THE CHRONICLE

1540

Total

12,054,14811,130,801

* This includes stock of the Technical Supply Co., for which the company
paid $300,000; stock of the International Correspondence Schools, par
value $100,000; stock of the International Educational Publishing Co.
20,863 shares of pref. and 70,562 shares of common-par value $4,571,250
and also the stock of smaller corporations.-V.93, p. 1460.

Victor-American Fuel Co., Denver, Col.
(Report for Fiscal Year ending June 30 1912.)
Vice-Pres. W.J. Murray says in substance:

reAfter providing for fixed charges and depreciation reserves, there
divimained a balance of $358,463 [against $510,688 in 1910-111. Two
After making
dends on the capitaistock, aggregating $258,500, were paid. account, as of
all adjustments, the credit balance in the profit and loss
June 30 1912, is $268,868 [as compared with $201,689 on Juno 30 19111.
The loss in earnings for the year was largely at the New Mexico mines,
and due to a falling off in the tonnage of coal sold in Southern California
and to increased cost from various temporary causes which have already
been or will be removed. There is also a considerable loss as compared
with the previous year in the falling off in the tonnage of coke sold. The
Colorado mines, notwithstanding the halt in general business activity
throughout the year produced practically the same tonnage as the preceding
year, with a slight increase In profits.
has been
On Nov. 6 1911 G. W. Bowen resigned as President. No one
elected in his stead.
RESULTS FOR YEARS ENDING JUNE 30.
Tons (2,000 lbs.)Coal produced
do sold
Coke produced
do sold
Coal purchased and sold
Gross earnings
Operating expenses
Net earnings
Total net income
Deduct
Taxes
Insurance
Miscellaneous
-A. F. bonds
Int. on V.
Int. on V. F. bonds
Depreciation
Dividends
Total deductions
Balance, surplus

Mort. trustee, U. S. Mtge. & Trust Co., New York. Int. F. & A. at
Canadian Agency, Ltd.,London and Montreal,at 54 86 2-3 to £. Authorized issue limited in first Instance to $5,000,000 or its equivalent in other
currencies, with specific first mortgage upon the property, terminals and
docks of the company, and upon $900.000 5% 1st M. bonds and $99,300
fully paid stock of Algoma Eastern Terminals, Ltd. (V. 95, p. 1206),being
the whole outstanding bonds and stock except ($700) directors' qualifying
shares. Cumulative sinking fund, 1% from July 1 1918, for purchase or
redemption by drawings (at 105). Entire issue also redeemable at 105 on
any interest date on 3 months' notice. Bonds in excess of $5,000,000 may
only be issued in respect of the cost of additional assets required or work
done or contracted for by or on behalf of the company on properties then
forming part of the security for the bonds. T. J. Drummond is President.
Data Taken from information Furnished by Vice-President and
General Manager W. C. Franz. Sault Ste. Marie.
-The company (V. 95 p. 1206) will own the following properProperties.
ties: (a) At Sault Ste. Marie, station buildings, valuable water frontage,
Proposed docks for handling coal, stone and gravel; commercial docks for
passenger traffic, general merchandise, &c. (b) At Michipicoten Harbor,
ore docks and commercial docks now in operation, with track facilities
right of way and other lands (about 1,000 acres) suitable for additional terminals, including the entire water front at Michipicoten Harbor; proposed
now pocket ore docks, capacity for handling over 1,000,000 tons of ore per
year; also commercial docks, coal docks, and coal-storage facilities with a
capacity of 250,000 tons of coal per year. Net earnings of existing terminals: 1910; £19,459; 1911, £21,983; 1912, £23,511. (c) Bonds and stock
of Algoma Eastern Terminals, Ltd., with docks and terminal facilitie
under construction at Little Current.
The proceeds of the bonds now issued will be applied in the acquisition
of said properties (taken over at a valuation of £266,288) and for extension
of the docks and terminal facilities at Sault Ste. Marie and Michipicoten,
and the construction of docks and terminals at Little Current.
-The company has leased all its property at Sault Ste. Marie
Lease.
and Michipicoten for 999 years to the Algoma Central & Hudson Bay Ry.,
which owns the entire $100,000 capital stock (except directors' shares), and
agrees to pay as rental all expenses of maintenance and operation, the
interest on the bonds and a sinking fund sufficient to redeem them at maturity. The properties at Little Current belonging to Algoma Eastern
Terminals, Ltd., have been leased on the same terms to the Algoma Eastern
By., whose 85 miles of railway have just been completed.
Independently of the Algoma Central By., the company will have earning power of its own, through interchange of freight with the Canadian
Pacific Ry., the Minneapolis St. Paul & Sault Ste. Marie By. and the Duluth South Shore & Atlantic Ry., and through dockage, which alone will
be sufficient to pay the full interest on the present issue of bonds.
-The main lino is now completed
Algoma Central ct Hudson Bay Ry. Co.
from the Lake ports of Sault Ste. Marie and Michipicoten Harbor, respectively, to a junction with the Canadian Pacific Ry., 221 miles. The connection with the Canadian Northern By. will be effected this year, and it Is
expected that the whole line to the National Transcontinental By. will be
completed by Sept. 1913. When completed, the length of the railway will
be 330 miles. It owns and operates on the Great Lakes a freight steamship line with a tonnage of 15,000 tons. [The first through train ran from
the Sault to Franz on the Canadian Pacific By. on Dec. 1 1912.1
The line already completed has opened up extensive timber areas, which
are already being exploited by the Lake Superior Paper Co., and its connection with the developed iron mines of the Algoma Steel Corporation,
now equipped for an output of 450,000 tons per annum,is establishing an increasing and profitable freight traffic. The extension to the National
Transcontinental By. will serve the North Ontario clay belt, estimated to
consist of 16,000.000 acres of excellent agricultural lands, and the railway
and terminals will give an outlet from this grain couhtry to the Great Lakes
at a lower cost than from Manitoba via Fort William.
Estimated Earns.for First Full Yr. of Operation of the 330 Miles & Terminals.
[95 miles, steamships and term. earned £54,627 net in year 1911-12.]
Estimated net earnings for first full year of operation of the 330 m. £196,000
Deduct int. on Algoma Central Term. bonds, payable as part
25,000
of rental, present amount
And on $10,080,000 Algoma Central By. bonds, $504,000;
109,620
$735,000 6% equip. trust bonds, $44,100

1909-10.
1910-11.
1911-12.
2,358,909
2,256,041
2,228,448
2,063,085
2,033,699
2,069,361
108,409
84,943
54,600
108,693
85,213
52,625
206,833
103,353
6,459
$3,457,062 $3,592,344 $3,669,070
2,832,720
2,788,625
2,805,471
$651,591
$739,980

$836,350
$923,250

$803,719
$879,610

$20,152
$21,597
$20,339
9,312
10,041
10,008
9,277
10,131
28,256
152,500
126,000
127,325
95,000
93,550
92,350
116,580
107,603
103,238
(3 )305,000
(23 %)258,500 (5)470,000
$707,821
$838,922
$640,016
$215,429
$40,688
$99,963

YL

BALANCE SHEET JUNE 30,
1911.
1912.
1911.
1912.
$
LiabilitiesS
$
Assets
9,400,000 9,400,000
9,882,939 Capital stock
9,850,844
Real estate
2,691,530 2,620,147 1st Sc ref. M. 6s_ _ 2,153,000 2,100,000
Equipment
210,000 VictorFuel Co.bds. 1,847,000 1,871,000
West.StoresCo stk. 210,000
99,534
100,000 Interest accrued.. _ 100,900
Col.& S.E.RR.stk. 100,000
2,000
107,900
300,000 Bills payable
Col.& S.E.Ry.bds. 300,000
168,211
15,000 Vouch.& pay-rolls. 161,163
15,000
Mtn. Tel. Co.stk_
10,600
10,350
21,251 Taxes accr. unpaid
71,067
Bond redem. accts.
505
950
187,905 Unpaid coupons
199,485
Development
43,671 Net liability to sub
42,928
Advance royalty_
cos. on current
112,869
100,561
Supplies
104,439
50,875
account
124,151
Cash in banks__ _ 131,977
21,044
356,030 Res.for bond redem. 70,781
390,900
Accts.& bilis rec
Disc. on V. F. Co.
Treasury honds(V.7,439
10,445
bonds redeemed.
53,000
A. F Co.
44
5,849 Acc'n for bond red.
14,314
Coal&coke on band
201,689
5268,869
7,094 Profit and loss
10,227
Miscellaneous -14.181,833 13,986,908
14,181,833 13,986,906 Total
deducting losses of $33,743 through Weaver mine fire and $1,519
x After
miscellaneous and adding misc, credits of $2,478.-V. 93, P. 1458, 1328.
Total

GENERAL INVESTMENT NEWS.
Algoma Central& Hudson Bay Ry.-Lease, &c.
-Guar. Bonds Offered.
Algoma Central Terminals, Ltd.
-The Canadian Agency, Ltd., offered in London at 95%
from Nov. 23 to 27 £500,000 1st M.5% 50-yr. gold bonds,
-V.95, p. 1206,748.
See Algoma Central Terminals below.




£61,380
Balance, surplus
No account is hero taken of any profit from the railway company's lands.
through the sale of ores, timber and the lands themselves.
Earnings of Lake Superior Corporation and Its Subsidiaries Before Providing
for Interest Charges-Years Ending June 30.
1907-08. 1908-09. 1909-10. 1910-11. 1011-12.
£118,130 £137,998 £176,509 £232,085 £320 489
Net earnings
24,723
63,292
81,342
Government bounties 98,566
£216,696 £219,340
Total
(See also V. 95, p. 748. 752.)

£239,801

£256,808

£320,489

-Earnings.
American Cities Co.

Operating Company.
Balance,
Other
Net
Total
Operating
Oct. 31.
Surplus.
Income. Deductions,
Earnings.
Income.
Year$32,069 $3,146,852 $2,483,997
1911-12_ _ _$13,706,645 $6,637,613
2,283,765
35,469
2,985,568
1910-11__ - 13,097.753 6,220,151
American Cities Co. (Holding Company).
Surplus
Bond
Net (App. Preferred
Earns.
Oct. 31. Prop'n
for Corn.
to Stocks). Dividends.
Interest.
Year- Over. Cos.
$509,038
$500,000 $1,742,248 $1,233,210
1911-12_ $2,242,248
314,657
1,233,210
500.000
1,547,867
1910-11_ __ 2,047,867
Surplus earned for common stock of Amer. Cities Co. as above, $509,038
in 1911-12, against $314,657 in 1910-11, equal to 3.13% in 1911-12, against
1.93%. The proportion of earnings of operating companies accruing to
American Cities Co. ES above ($2,242,248 in 1911-12, against $2,047,867
In 1910-11) is that of amounts applicable to dividends and reserves of the
-V. 95, p. 1471.
operating companies.

-Newman Erb, who
-New President.
Ann Arbor RR.
resigned as Chairman of the board, has been elected President
to succeed Joseph Ramsey Jr., who has been President since
1902 and whose term of office has expired.

The position of Chairman has been abolished: Eventually, it is stated,
when developments in progress materialize, the presidency will be taken
will
by a younger man. H. II. Harrison, now vice-President, in have charge
charge of opof operation until a Vice-President and General Manager
-V. 95, P. 1117, 967.
eration is elected. Mr. Ramsay remans director.

California Railway & Power Co. (of Dela.).-New
Holding Co.-Pref. Stock Offered.-Ladenburg, Thalmann &
Co., Bonbright & Co. and other banking houses throughn
out the country have purchased $3,000,000 prior preferece
7% cum. stock of this new holding company (whose entire
$40,000,000 common and $6,874,400 pref. are to be owned
by the United Rys. Investment Co.), and, it is understood,
are placing the same at 923'. A prospectus dated Nov. 25
1912 shows:

-Dividends cumulative from date
Sinking Fund Prior Preference 7% Stock.
Par 5100.
and payable Q-J. Red. in whole at par on any dividend date. at or below
The company will from its profits retire this stock by purchase $100,000
call at par, as follows: On or before Jan. 1 1914 to 1917,
par or by
yearly; on or before Jan. 1 1018 to 1927, $260,000 yearly; total. $3,000,000.
These sinking fund charges will be cumulative. acquire all the outstand-Will be organized in Delaware to
Organization.
ing capital stocks in the following companies:
Coast Vail.
Sierra &
United RRs. San Fran.
Of San Fr. Elec. Ry. S. F. Pow. Gas & Elec.
$5,000,000
7% _
Preferred stock
$2,000,000
20,000,000
Preferred stock
17,948,600 $10,000,000 $20,000,000 3,000,000
Common stock
2,000,000
2-yr. 6% notes

DEO. 7 1912.1

THE

CHRONICLE

The ownership of $2.750,000 of United RR. 7% pref. stock will be subject to the Hen of $1,900,000 serial notes of United Rys. Investment Co.
As these notes mature and are paid off, the stock will be delivered to California By.& Power Co. without further payment on account thereof.
The companies owned will have no floating debt except current accounts
payable and the notes of United Railroads of San Francisco held by the
California By. & Power Co., which company will also be without debts of
any kind. The funded debts of the several companies as of June 30 1912
amounted to $59,074,593 14.
Issued.
Authorized.
Capital of California Ry. & Power Co.—
$50,000,000 $40,000,000
Common stock
10,000,000
6,874,400
Preferred stock 7 cumulative
3,000,000
5,000,000
Prior preference 7% stock cumulative
All of the issue common and preferred stock will be owned by United
Railways Investment Co., which also owns a majority of the issued capital
stock of the Philadelphia Company, controlling the gas, electric and street
railway business of Pittsburgh and vicinity. No mortgage debt will be
created without providing for the retirement and cancellation of all the
prior preference stock outstanding at the time of the execution of such
mortgage.
Any additional prior preference stock which may be authorized will only
beissued to providefunds for the extension, betterment and improvement of
the properties owned or hereafter acquired, or for the acquisition of securities of the owned companies ranking prior to the stocks now owned or for
the acquisition of securities of other public utility companies. Such additional prior pref. stock may be made subject to redemption and have specific sinking fund provisions; but all such sinking fund payments must come
after the last sinking fund payment on account of this $3,000,000 of stock
so long as any of it remains outstanding.
Earns, of the 4 Properties as Certified by Haskins (k., Sells for Yr. end. J'ne 30.
[Coast Valleys Gas & Electric Co.for period March 20 to Juno 30'12 only]
$9,102,150 I1et after taxes
Gross earnings
$4,345,652
277,154 All fixed chgs.,In,&c___ 2,729,342
Other income
Sinking funds
595,816
$9,379,304
Total income
Bal. surp., available for distribution to Cal. By. & P. Co__ _$1,020,494
Surplus earnings as above are almost five times the annualdividend requirements for the $3,000,000 prior preference stock now being issued
and nearly 2% times the greatest annual payment for both dividends and
sinking fund.
[See also pages 118 and 119 of "El. By. Section."]

Canada Southern Ry.—Option to Holders of $20,000,000
1st and 2d M. Bonds Maturing in 1913 to Exchange same for
New 50-Year 53 (Guaranteed by Mich. Cent. RR.), on Basis to
Yield 4.70% on Investment.—There have been sold, subject
to the option below mentioned, $22,500,000 of the new "consolidated guaranteed 50-yr.5% gold bonds, series "A," guaranteed principal and interest by the Michigan Central RR.
J. P. Morgan & Co. accordingly are offering, by adv. on another page, to the holders of the bonds maturing next Jan.
and March, the option of exchanging the same on the following basis, equivalent to 1053 for the new bonds, at which
price they will, if held to maturity, yield about 4.70% on
the investment:
Holdersfor each $1,000 of—
let M.Os due Jan. 1 1913
2d M.Si due Mch. 1 1913

Amount.
Will pay cash—
And receive—
$14,000,000 $70 13 by Dee. 20 $1,000 new 5% bd.
6,000,000 78 33 by Jan. 9 yield 4.70% p. a.

Holders desiring to accept this offer must make the cash
payment and deposit the bonds (retaining, however, maturing coupons), by date named at office of J. P. Morgan & Co.
The new bonds are dated Oct. 1 1912 and, while secured by
a "first and refunding mortgage," will, upon payment, early
in 1913, of the first and second mortgage bonds above mentioned, and now outstanding, become a direct first mortgage
lien upon all of the property of the company (including 380
miles of railway lines, of which 226 miles are double track),
except for the first mortgage of $130,000 upon the Leamington Branch, about 14 miles in length.
The total authorized amount of the new bonds is $40,000,000, embracing the $22,500,000 now issued on account of the
aforesaid refunding, and improvements and additions made
and to be made;and $17,500,000 which are reserved and can
be issued only to refund the $130,000 divisional bonds, and,
at the rate of $3,000,000 yearly, to provide for future extensions, improvements, &c.
Holders not desirous of availing themselves of the foregoing
offer of exchange will receive payment for their bonds, upon
the respective due dates, at the office of the Canada Southern
Ry. Co., Grand Central Terminal, New York City.—V. 94,
p. 1565, 1316.
Chicago & North Western Ry.—Payment of Bonds.—
The $1,120,000 St. Paul Eastern Grand Trunk Ry. 1st M.
6% bonds maturing Jan. 1 will be paid at maturity on presentation at the office of the company, 111 Bway., N. Y.—
V. 95, p. 1402, 1039.
Cleveland Cincinnati Chicago & St. Louis Ry.—The
Ohio Public Utilities Commission on Dec. 3 authorized the
company to sell $1,578,000 additional bonds at 90.
The price fixed in the order of Aug. 20(V.95, p. 480), which the company
found it impossible to realize, was 92.—V. 95, p. 1472, 1206.

Cuba RR.—Bonds Listed in London.—

The London Stock Exchange has listed the $4,000,000 impt. and equip.
5% bonds. See V. 95, p. 175, 615.

Dallas (Tex.) Electric Corporation.—Injunction.—

Judge Foree in the Fourteenth District Court, on Nov. 23, granted a
temporary restraining order to the Dallas Consol.Elec. St. By. enjoining
the enforcement of the initiative ordinance reducing fares, which was
passed at the special election on April 2. A final hearing on the merits
will be had at the next term of court. Compare V. 95, p. 1472, 113.

Denver Laramie & Northwestern Ry.—Proposed Receivers' Certificates.—President Green announced on Nov. 28
that the bondholders had consented to the issuance of $375,000 receivers certificates to extend the road from Greeley to
Severance, Colo., and that application would be made to
the District Court within a few days to issue the same.
road is

If the
extended to Severance, Eastern financiers, it is reported,
have promised to supply additional funds to extend the road to the Carbon
County (Wyo.) coal fields. The stockholders were expected to offer no
opposition to the plan. A voluntary assessement of 15% upon the stock,
to wipe out the floating debt, amounting to about $600,000, was proposed.
—V. 95, p. 1273, 643.
•

Denver Northwestern & Pacific Ry.—Extension Let.—
A contract was let on Dec. 3 for the grade work on the extension from Steamboat Springs to Craig, Colo., and for
about a mile beyond the latter point, the total distance being
between 42 and 43 miles.




1511

The work will be prosecuted at once, as it calls mostly for blast work,
which can be done satisfactorily at this season of the year.—V. 95, p. 1403.

Denver & Rio Grande RR.—Acquisition.—The company
on Nov. 23 purchased dot auction, at 55,the $737,150 Rio
Grande Junction Ry. stock, forming part of the collateral
for Colorado Midland Ry. notes (V. 95, p. 1402).

The Denver & Rio Grande RR.,as shown by the annual report on June 30
1912, owned $1,121,150 of the $2,000,000 outstanding stock. No decision
has been rendered by the Court on the application of the Colorado & Southern Rv. to sell its half interest in the Colorado Midland Ry., the other half
of which is owned by the Denver & Rio Grande RR. (V. 94, p. 278).—
V. 95, p. 1472, 1402.

Dominion Power & Transmission Co., Ltd., Hamilton, Ont.—Earnings.—
Nesbitt, Thomson & Co., Ltd., Montreal, in a circular offering 7% cum.
pref. stock (total out $3,673,100), report:
During 1911 and this year to date, besides paying its regular dividend of
7% per annum on this stock, the company has paid up thereon 6% of the
back dividends of 1909 and 1910, leaving 63 % still to be paid, which will
in all probability be paid within .a year.
Net Earnings and Charges for Eight Months ending August 31 1912.
1912.
Inc.
Inc.
1911.
1912.
1911.
Net earns_$594,116 $748,087 25.9%1Pref. div $171,408 $171,408
Surplus__ 198,970 345,794 73.7%
Bond int_ 223,738 230,885
—V.95, p. 238.

Georgia Ry. & Power Co.—Further Facts.—Referring
to the item published last week (page 1472), the following is
from an authoritative source:

After the commencement of water-power development work on the
Tallulah River,an agitation was commenced by the Tallulah Falls Preservation Association headed by the widow of the late General Longstreet
to prevent what it was claimed would deface the beauty of Tallulah Falls,
a claim being brought forward at the same time that the company's title
to the falls was defective, and that the same was still vested in the State
of Georgia. In this connection the matter was twice brought to the attention of different governors of the State with the idea that the State should
bring suit to recover the land. The case was referred by these governors
to their respective attorney-generals, who in each case, after investigation,
advised that there was no foundation for the suit or claim on behalf of the
State, and in consequence no action was then taken. Recently, however,
the matter was taken up in the Legislature and made a sort of political
Issue, and the Legislature passed a resolution directing the Governor or
Attorney-General to institute a suit. It is only because of this resolution
that the present action has been brought. The company has, in addition,
the opinion of eminent counsel of its own to the effect that the State of
Georgia has no title to any part of the property at Tallulah Falls.—V. 95,
p. 1472.

Great Northern Ry.—New Stock.—The directors have
authorized, subject to ratification by not less than 75% of
existing stock, $21,000,000 additional stock, which will be
offered for subscription at par until Jan. 27 1913 to the
holders of record Dec. 21 1912 of present $210,000,000
stock in amounts equal to 10% of their respective holdings.
Subscription warrants will be mailed to stockholders Dec. 2 11912.
Subscriptions will be payable Feb. 10 1913, 40%; June 10 1913, 20%;
Oct. 10 1913, 20%; Feb. 10 1914, 20%. Interest will be allowed on the
first three payments from the date upon which they fall due to Feb. 2 1914
at the rate of 6% per annum, and this interest will be payable to the registered holders of subscription receipts Feb. 16 1914.
A circular giving further facts will be issued shortly. According to St.
Paul advices, the issue is made chiefly to acquire "the stocks, bonds and.
other securities of any other road, the acquisition of which may be authorized by the board of directors." One purpose is to provide for the construction of the road of the subsidiary Montana Eastern Ry., which has
just been incorporated in Montana by officers of the Great Northern.
The new line will run from a point on the New Rockford-Williston line
of the Great Northern in North Dakota, through North Dakota into Montana, and thence west to Lewiston, Mont. From Lewiston to Benchland,
In Central Montana, a line is already in operation. From Benchland
north to Shelby, Mont.
,the Great Northern has a line in operation, and at
the latter place connection is made with the existing main line across Montana. When completed, the new route will be somewhat in the shape of a
loop and will give the Great Northern an alternate trans-continental road,
and obviate the necessity of double-tracking the main line through Montana.
Grading on the new route between the Yellowstone and Missouri rivers
in North Dakota was completed this season.—V. 95, p. 1036, 1046, 968.

Gulf Florida & Alabama Ry. (Deepwater Route).—
Bonds Offered.—Megargel & Co., New York, are placing at
90 and int. $1,500,000 1st M.5% gold bonds, dated 1911
and due July 1 1961, but callable at 105 on • any interest
period on 60 days' notice. Par $1,000 c*. Int. J. & J. in
N. Y. Trustee, Columbia-Knickerbocker Tr. Co. of N. Y.
Condensed Extracts from Letter of G. A. Berry, V.
-P. Sc Gen. Mgr.,
Nov. 30 1912.
The company is engaged in constructing a short-line railroad from the
port of Pensacola, Fla., to the mineral district of Alabama. There are in
operation 72 miles of main line from Pensacola to Local, Ala., also a onemile connection with the L.& N. RR. at Cantonment, Fla., and an 11-mile
branch from Muscogee, Fla., to Gateswood, Ala. The proceeds of the sale
of the bonds recently purchased by you will enable us to complete the line
from Local, Ala., to the Southern Ry. at Pine Hill, Ala., 78 miles, part
of which is now under construction. When this section is completed there
will be outstanding less than $20,000 per mile, par value of bonds, on a
completed road of 170 miles, including branches and sidings. The road
also owns in fee, with few exceptions, a continuous right of way. 100 ft.
wide, from Pensacola to the coal and mineral fields at Tuscaloosa, Ala..
236 miles.
In Pensacola the road owns the major portion of two city blocks, for a
passenger terminal, and has acquired by deed from the city a grant of waterfront approximately 1,500 ft. in length, comprising nearly 100 acres,
.
available for use as a marine terminal (adjacent to the piers of the Louisv. &
Nashv.); also the right, in perpetuity, to operate a double-track railroad
to the passenger terminals and along the water front to its marine terminals
and to a connection with the L. & N. We thus control some two miles of
improved harbor front, to the practical exclusion of every other road. The
plans for the marine terminal include five piers, 1.225 ft. in length, 100 ft.
in width, with 30 ft. of water at low tide. Pier No.3 is now complete and
the modern coaling dock will be ready for service by the time the connection
Is made with the Southern Railway.
The road now in operation has two valuable contracts for the transportation of logs, which alone are yielding $40,000 net per annum: while the
transportation of naval stores alone now shows net earnings of $20,000 per
annum. The net annual revenue from cotton and cotton products, now
$8,000, will be increased many times when the extension to Pine Hill is
completed, the presant territory being mostly timber, whereas the extension
is through a well-populated farming community. The net annual revenue
from general merchandise on the present basis approximates $24,000; from
passenger, mail and express, $18,000. The net earnings for the first
year's operation will total not less than $150,000, and this amount should
be materially exceeded, as business on the present line is rapidly growing,
on account of the increase in population, new industries, &c. The connection with the Southern By. at Pine Hill will afford us a greatly increased
haul and will enable us to handle bunker and export coal over our docks
at Pensacola, while the opening of the Panama Canal will be of still greater
importance. See also V. 94, p. 419. 1122; V. 93, 13. 163.

Hoosac Tunnel & Wilmington RR.—Standard-Gauging.
The standard-gauging of this 24-mile line from Wilmington, Vt., to
Hoosac Tunnel, Mass., is now In progress and will probably be completed
before Jan. 1.---V. 79. p. 903.

Idaho Southern RR.—Status—Bonds—Earnings.—
See Am.Water.W & Gu. Co. under "Ann. Reports" above.—V.89.1).919.

1542

THE CHRONICLE

[VOL. Lxxxxv.

The actual earnings in September and October show our engineers' estiIllinois Traction Co.
-Increase of Sub. Co. Stocks.
I" Notices of stock increases have been filed by companies belonging to mate to be conservative.
The Midland Construction Co. is incorporated in South
the system as follows: Urbana & Champaign Ry. Gas & Electric Co., from subscribed capital stock on Aug. 1 of $787,500 (abt. $675,000 Dakota with
paid in
$500,000 to $750,000; Urbana Light Heat & Power Co., from $100,000 to and has received valuable grants of land in Edgely, Jamestown and cash)
elsePeoria where along the line; prior to
$150,000; Decatur Ry. & Light Co., from $1,300,000 to $1,375,000;
this issue it had no outstanding funded debt.
By., from $1,000,000 to $1,010,000; Madison County Light & Power Co.,
[H. E. Riggs of Ann Arbor has made a favorable report, estimating the
from $100,000 to $135,000.-V. 95, p. 172.
replacement value of the 70 miles, when completed and equipped, at $1,-First Mtge. Bonds Called. 175,042, and the gross earnings for first year at $3,880 per mile, for second
Jacksonville Ry. & Light Co.
Four 1st M. bonds (Nos. 136, 156, 179 and 201) of $1,000 each and two year at $4,250, for third year at $4,500 per mile.
(Nos. 62 and 67) of $500 each, issued by the Jacksonville Gas Light & Coke
New York New Haven & Hartford RR.
-New Gen. Mgr.
Co., for payment at 103 and Int. on Jan. 1 1913 at Merchants Loan &
B. R. Pollock, formerly General Superintendent of the system, has been
Trust Co., Chicago.
-V. 82, p. 49.
appointed General Manager to succeed Samuel Higgins, who retired about
-Ninety-one a year ago on account of ill-health.-V.95, p. 1403, 1207.
-Bonds Called.
Louisville & Nashville RR.

($91,000) Pensacola & Atlantic RR. 6% mortgage bonds
due Aug. 1 1921 have been drawn for payment at 110 and
interest on Feb. 1 1913 at the company's office, 71 Broadway,
New York. See numbers of bonds drawn in advertisement
on another page.
-Litigation.
Contract with Western Union Telegraph Co.

Northern Ohio Traction & Light Co.
-Rumors.
"Cincinnati Enquirer" on Dec. 5 said 'From an authoritative source
it was learned last night that a New York syndicate had made a bid of 90
for the common stock, but that the board of directors refused the offer.
but said that they might entertain an offer of par. [Henry L. Doherty &
Co. deny the report that they are negotiating, or at any time have nego-Ed."Chronicle."1-V. 95, p. 1473.
tiated, for the control of the property.

-Bonds Authorized.
Norwood & St. Lawrence RR.
-The
The following facts were given out after the annual meeting as to the
termination of the contract which had existed since 1884 between the New York P. S. Commission has authorized the company to
company and the South & North Alabama RR. and the Western Union sell at 90 $200,000 additional 1st M.5% bonds to reimburse
Telegraph Co.:
-V. 74, p. 1090.
The Western Union Telegraph Co. on Aug. 11 1911 gave notice to the the treasury for capital expenditures.
L. & N. that the contract between the two companies would be terminated
Pittsburgh & Lake Erie RR.-Denial.-Prosident Brown
one year from the date of the receipt(f the said notice, viz., on Aug. 17
1912. The Louisville & Nashville thereupon prepared to erect its own denies the newspaper reports in regard to extensive contelegraph and telephone lines on its right of way in the several States struction plans which, it was stated, would cost about
through which it passes.
Shortly after the notice was served, the Western Union Company began $6,000,000.
proceedings in several courts in Alabama and other States to condemn
The statements were that the company proposed, under the name of the
a right of way for its telegraph lines over the right of way of the L. & N. Mingo Valley & Monongahela RR., to build from a point on the Monongaand South & North Alabama railroad companies. The railroad companies, hela River near Monongahela City, Pa., via Hills Station, east of Canonscontending that the telegraph company had no legal right to do so, and that, burg, Pa., and through Venice and. McDonald northward to the Ohio River,
since it was necessary for them to operate their own telegraph and telephone and also a bridge across the Monongahela River near Clairton, Pa.
lines on their right of way, an independent telegraph line could not be V. 94, p. 1049.
maintained thereon without seriously interfering with the railroad companPortland (Ore.) Ry., Lt. & Power Co.
-Denied.
ies, resisted the condemnation proceedings. In every case that has been
Judge Bean in the U. S. District Court on Nov. 25 denied the application
tried in Alabama so far, the railroad companies, it is stated, have won in
the lower courts, the case from Jefferson County being now before the for an injunction to set aside the city ordinance fixing the minimum rates
for gas and electricity, on the ground that the Federal Court has no jurisAlabama Supreme Court on appeal by the telegraph company.
The railroad companies, being ready to install their telegraph and tele- diction. Both the corporation and the municipality belong to the same
phone lines by Dec. 11912, notified the telegraph company that it must re- State, it is stated, and there is no diversity of citizenship. Jurisdiction
move its wires and equipment from the railroad right of way by that date. Is sought to be invoked, it is said, solely because the provisions of the ordiThe telegraph company filed bills in the Federal courts at Louisville, Ky., nance deprive the company of property without due process of law and imand Birmingham, Ala., to prevent the L. & N. and So. & No. Ala. from in- pair the obligations of unexpired contraxts existing at the time of the adopterfering with its wires and equipment, and to maintain the status quo tion of the ordinance; but the averments of the complainant do not support
pending the determination of the condemnation proceedings. Temporary that contention.
If the city acted without legislative authority, the ordinance is not an act
restraining orders have been granted until the motion for a preliminary inof the State within the meaning of the 14th Amendment. If, on the other
junction can be heard.
--V. 9.5, p. 1123, 968.
hand,it had authority to pass such an ordinance, the rate fixed is presumed
Manila Electric Railroad & Lighting Corp.
-Extra Div. to be fair and just, the burden being on the complainant to show that the
A regular quarterly divideml of 13j% and an extradividend of 1% have rate would be confiscatory. There is not even a general allegation in the
been declared on the $5,000,000 common stock, payable Dec. 31 to holders complaint to that effect. The averment that the rate fixed will conflict
of record Dec. 18.
with unexpired contracts with customers outstanding when the ordinance
Previous Dividend Record (Per Cent).
was adopted states no cause of suit. The complainant could, it is stated,
1909.
1910.
1911.
1912. not take away the city's power to fix rates, if it had the power, by making
1908.
1907.
1906.
7
4
4
3
3
55.1.
4
such contracts. Any outstanding contracts were necessarily made by it
-V. 94, p. 1384.
subject to whatever power the city had to modify or change the rates to
-V. 95, p. 1473, 1332.
-Receivership &c. be charged.
Mansfield (0.) Ry., Light & Pow. Co.
Rio Grande Junction Ry.-Denver cc.: Rio Gr.Controls.Judge Edwin Mansfield of the Common Pleas Court at Mansfield on
Nov. 25 ordered the dissolution of the company, the appointment of a reSee Denver & Rio Grande RR. above.
-V. 78, p. 2387.
ceiver (who has not yet been named) and the sale of the property. The
St. Joseph (Mo.) Railway Light Heat & Power Co.
company is controlled by the Cleveland Southwestern & Columbus By.,
which, it is stated, had negotiations under way for the purchase of addi- Sale of Control-Offer to Remaining Common Shareholders.
tional common stock ($650,000 outstanding). The application for the receivership was made several months ago by Rush Taggart of New York, E. W. Clark & Co. of Philadelphia have agreed to sell to
Cincinnati and other holders of preferred stock, who H. L. Doherty & Co. a majority of the 83,500,000 common
Rudolph Kleybolte of
objected to the further purchase of common stock,and who alleged that no stock at $60 per share.
dividend had been paid on the preferred stock ($350,000) since 1908 and
E. W.Clark & Co., in a circular dated Dec. 2, offer the remaining stockthat the property has been handled in the interest of the Cleveland South- holders the privilege of selling at the
same price, less a slight deduction for
western & Columbus Ry.-V. 85, p. 284.
expenses and commission, not to exceed $1 a share. The payments, in addition to
be as
Feb. 1 1913,
- $250,000;$100,000 cash already paid, are to 1914, follows OnAug. 1 1914,
-Collateral Notes Offered
Midland Continental RR.
Aug. 1 1913, $525,000; Feb. 1
$525,000;
-Spitzer, $700,000.
45 Miles Completed-25
-Mile Extension Building.
say: "The regular dividend
The
Rorick & Co., successors to Spitzer & Co., Chicago, New rate of bankers annum, will be paid on Feb.on the common stock, at the
1, amounting to 33 1-3 cents
2% per
York and Toledo, are placing, on a 5%% basis, $400,000 per share, and a payment will be made to the stockholders on Feb. 1 on
The purchasers have the right
(closed issue) collateral trust'6% gold notes (secured or to account of the purchase. bear interest at the rate of 5% to anticipate the
p:34 annum from
which
be secured by $1,850,000 1st M. 5s and the same amount deferred payments,not antitipated by Feb. 11914, at 6% from that time."
Feb. 1 1913, and if
each of pref. and common stock).

Dated Oct. 15 1912 and due $134,000 Oct. 15 1913, $133,000 Oct. 15
1914 and $133,000 Oct. 15 1915. Int. A. & 0. 15. Par (c). Second $1,000
and third maturities subject to redemption as a whole on any interest date
on and after one year from their date upon 60 days' notice at 103 and int.
Trustee, Spitzer, Rorick Trust & Savings Bank of Toledo.
Data from Chmn. Frank K. Bull, Otis •Bldg.. Chicago, Oct. 25 1912.
Incorp. In North Dakota with auth. capital stock of $6,000,000 ($3,000,000 of which is pref.) and has an authorized issue of $6,000,000 5% 1st M.
bonds, with Continental & Commercial Trust & Savings Bank of°
Chicago
as trustee.
The first section, from Edgely to Jamestown, N. D. about 45 miles in
length. including sidings and Ys, is now in operation. '
Construction work
Is being pushed from Jamestown northeast to Wimbledon, but this 25 miles
of track will probably not be opened beforo next spring. Surveys have
been made from Wimbledon to Pembina on the Canadian border and the
company has acquired or has under contract the right-of-way for the
entire distance. Also projected to extend through South Dakota, Nebraska, Kansas, Oklahoma and Texas to tidewater at Galveston; total
projected length 1,800 miles.
Of the 1st M. bonds, $1,250,000 have been issued on the line completed
and equipped from Edgely to Jamestown and $250,000 additional are
-mile section from Jamestown to Wimbleissuable on completion of each 10
don and on north to Pembina. The total of $1,850,000 bonds issuable
on the line between Edgely and Wimbledon, when and as completed, together with all other 1st M. bonds issued prior to the payment of said note
issue, are pledged to secure these notes. The Midland Construction Co.
has also pledged as additional security $1,250,000 pref. stock and $1,250,000
common stock of the railroad, being all the stock heretofore issued, and all
other stock hereafter issued prior to payment of the entire note issue.
To secure said $400,000 of notes, the Construction Co. has executed its
collateral trust deed, in which the Midland Centinental RR.joins, pledging
all of said bonds and stock, whether now issued or hereafter issued, to the
trustee, and the Construction Co. has already deposited with said trustee
$1,250,000 of 1st M. 5% bonds, $1,250,000 pref. stock and $1,250,000
common stock.
• The entire proceeds of the $400,000 of notes will be used for completing
and equipping the line to Wimbledon, and will be turned over to the trustee,
to be paid out by It so as to ensure the completion and equipping of this
extension, while $50,000 thereof will be held until the entire 70 miles is
equipped and in operation. In effect, therefore, these notes will be a first
lien upon 70 miles of standard-gauge railroad at less than $6,000 per mile.
Rails 65-1b., Douglas fir ties about 2,800 to mile, maximum grade .6 of 1%.1
The country through which the Midland rums has been termed, because
of its great productivity of wheat and other breadstuffs, "the Bread Basket
of the World." With the completion of new grain elevators at the various
new towns located on this line the shipments of grain will be large,
as such shipments since the completion of the line between Edgely and
Jamestown have averaged about 12 cars per day, while other shipments
exceed all previous estimates of our engineers. Edgely and Wimbledon are
prosperous villages of 1,000 to 1,500 population, respectively, and have
numerous large grain elevators. Jamestown is a well-built city of about
7,000 people, containing Jamestown College; two miles south is the State
Asylum for the Insane, with 600 patients, for which we expect to handle
over 700 cars of freight annually.
We estimate the net earnings of the 70 miles between Edgely and Wimbledon for the first year after full operation at $96,354 (allowing 65% for
operating expense). or four times the interest charges on this note issue.




Earnings.
-For year ending Oct. 31:

Year
Int. & Tax. Bal.,
Net.
Gross.
$288,905
$254,984
surp.
1911-12
$513,889
$1,164,156
284,020
191,935
1910-11
1,086,999
475,956
The earnings for the common stock for the year ended Oct. 31 1912,
after payment of dividends on $1,560,000 5% pref., were $176,984, or more
than 5% on the outstanding $3,500,000 of common stock.
-V.94, p. 1187.

St. Louis Springfield & Peoria RR.
-Listed in London.

The London Stock Exchange has listed $880,000 "1st & ref." M. 5%
gold bonds of $1,000 each, Nos. 2,501 to 3,380.-V. 95, p. 237, 177.

San Pedro Los A. & Salt Lake Ry.-Ownership Permitted

-V. 94, p. 490.
See Union Pacific RR. below.

-U.S. Supreme Court Orders Segre- •
Southern Pacific Co.
-See that company below.
gation from Union Pacific.
-In view of the Supreme Court
Stockholders' Committee.
decision above referred to,a committee has been formed "to
protect the interests of the stock of the Southern Pacific Co.
in the hands of the public," consisting of

James N. Wallace (Pres. Central Trust Co., N. Y.), Chairman; Henry
Evans (Pres. Continental Insurance Co.), J. Horace Harding (of Charles
D. Barney & Co.), Frederick Strauss (of J. & W. Seligman & Co:) and
Albert H. Wiggin (Pres. Chase Nat. Bank, N. Y.). The committee, it
Is stated, will'make further public announcement" to the stockholders.

One of the members of the committee is quoted:

The Union Pacific owns practically 47% of all the outstanding Southern
Pacific stock, which it is now enjoined from voting by the Court's mandate.
For self-preservation, the Union Pacific must buy the Central Pacific from
the Southern, unless it can effect a satisfactory traffic agreement which will
insure its retention of a connection between its Western terminus at Ogden
and San Francisco. The remaining 53% of Southern Pacific stock is widely
scattered, and it is absolutely necessary to get the holders together to act in
concert in any negotiations looking to the sale of the valuable Central
Pacific line.
-V. 95, p. 681, 619.

-Majority Deposited.
Toledo Railways & Light Co.
It was announced on Wednesday that considerably more than
a majority of the stock and bonds had already been deposited
with the reorganization committee, The time to deposit
expires to-day.
-V. 95, p. 1333, 1040.
-First M. Called Bonds.
Tonopah & Goldfield RR.
Seventy-seven ($77,000) 1st 51.6% bonds of 1906, for payment at 102%
on Jan. 1 at Land Title & Trust Co., Phila.-V. 95, p. 1199, 968.

-Plan.
Underground Electric Rys. of London.

The agreement referred to in the "Chronicle" of Nov. 23 (p. 1404) provides that, subject to ratification by the shareholders, the holders of the
Central London Ry. /1,707,586 ordinary stock, recently receiving 3% per
annum, and the E646,207 deferred ordinary stock which in Feb. 1912 recdved 2% for the year 1911, shall be' given a 4% guaranty,by the Underground company, and shall share to the extent of 40% in the excess of any

DEC. 71912]

THE CHRONICLE

dividends paid by the Central London above 4% whenever the average
annual dividend paid by that company for the previous three consecutive
years is in excess of 4%.
The Central London also has outstanding £646,207 4% pref. ordinary,
£480,000 4).4% preference stock and £926,000 4% debenture stock (total
auth. issue, £1,086,000), which will continue to receive their full interest
payments as always in the past.
The holders of the £1,480,000 consolidated ordinary stock of City &
South London By. (the last three semi-annual dividends on which• have
been at the rate of 1 Yt %, 1 % and 1%,respectively), 10111 be offered
for each £100 of stock 40% in London Electric By. 4% preference stock
and 25% in London Electric Ry. ordinary shares. The City & South
London Ry. 5% pref. stocks, aggregating £1,130,000, are not disturbed,
but their position is safeguarded, as the Underground company will, as
holder of about 75% of the ordinary stock, be interested in seeing that the
plant and revenue are improved to the utmost. The City & South London agrees to apply to Parliament for a'uthority to widen its tunnels and
for the necessary capital powers for this work and for the new rolling stock
and electrical equipment. There is now outstanding £681,829 of the authorized £768,000 4% perpetual debenture stock.
Extracts from Statement by Chairman Sir Edgar Speyer.
A glance at the map will show how important and far-reaching these
acquisitions are in further consolidating and co-ordinating services which
should never have been apart.
The proposed amalgamation of the London United Tramways with the
Metropolitan Electric Tramways and the M. E. T. Omnibus Co. provides
that the two tramway companies shall be under one managing director,
and shall be worked in close co-operation with the underground system of
railways and omnibuses. The M. E. T. Omnibus service will be maintained by the London General Omnibus Co., and these services will complement, instead of competing with, each other.
The acquisition of the City & South London By. and the bill in Parliament for the widening of that railway's tunnels to allow the London Electric railway's carriages to pass through and establish a physical connection
between this and the London Electric By., should be welcome news, as
by this means a new through route from the Highgate, Goiders Green,
Hendon and Edgware district to the Bank will be established.
(The London Electric By. has issued to date £9,327,940 ordinary shares
and £3,150,000 4% pref. stock (all of the former and £1,174,137 of the
latter being owned by the Underground Co.); also 14,191,106 4% perpet.
debenture stock.)—V. 95, p. 1404.

Union Pacific RR.—Supreme Court Orders Sale of Southern Pacific Stock—Minor Stock Holdings Permitted.—The
United States Supreme Court on Monday,in a unanimous
decision by eight of the justices, reversing that of the U. S.
Circuit Court for the Eighth Circuit (District of Utah) rendered on June 24 1911(V,93, p. 46), held that the ownership
by the company of about 46% of the stock of the Southern
Pacific Co. was in violation of the Sherman Anti-Trust law,
and ordered the sale of the same so as to restore competition
between the two roads as, the Court states, it existed prior
to the purchase of the Southern Pacific stock. The Court,
however, permits the Union Pacific to acquire the line of
the Central Pacific, so as to give it a through line via Ogden,
Utah, to the coast (this having been one of the main purposes
of the Southern Pacific purchase). The ruling of the lower
Court allowing the retention of minor stock holdings in other
companies (Northern Pacific, San Pedro Los Angeles & Salt
Lake, &c.) is not disturbed. Justice Day wrote the opinion.
Justice Van Devanter, having then been a member of the
lower Court,did not participate in the decision. The Circuit
Court is to retain its jurisdiction to see that the decree of
the Supreme Court to be entered is made effectual. An
editorial reviewing the facts and also the Court's further
interpretation of the Anti-Trust law as given in the opinion
will be found on previous pages in to-day's issue.
The provisions to be embodied in the decree are stated
substantially as follows:
An injunction against the right to vote the Southern Pacific stock while
owned or controlled by the Union Pacific RR., or any corporation owned
by it, or while held by a New York corporation or person for the Union
Pacific,and also against any tran.sfer or disposition thereof in such wise as
to continue its control, and the payment of dividends upon such stock while
thus held except to a receiver to be appointed by the Court, who shall
collect and hold such dividends until disposed of by the decree of the Court.
Any plan for the disposition of the stock must be such as to effectually dissolve the unlawful combination created. The Court shall proceed, upon
the presentation of any plan, to hear the Government and defendants and
may bring In any additional parties whose presence may be necessary to a
final disposition of the stock.
The Attorney-General suggested at the oral argument in response to a
query from the Court that the decree, while destroying the unlawful combination in so far as the Union Pacific secured control of the competing line
of road extending from New Orleans and Galveston to San Francisco and
Portland, might permit the Union Pacific to retain the Central Pacific
connection from Ogden to San Francisco and thereby control that line to
the coast, thus effecting such a continuity of the Union Pacific and Central
Pacific from the Missouri River to San Francisco as was contemplated by
the Acts of Congress under which they were constructed. Nothing shall
be considered as preventing the Government or any party in interest, if so
desiring, from presenting to the Court a plan for accomplishing this result,
or as preventing the Court from adopting and giving effect to any such
plan so presented. Any plan or plans shall be presented within 3 months
from the receipt of the mandate of the Supreme Court, failing which, or
upon tho rejection by the Court of plans submitted within such time, the
Court hal£
proceed by receivership and sale, If necessary, to dispose of
such stock in such wise as to dissolve such unlawful combination.
The Government has appealed from the decree, which is a general one
dismissing the bill. "So far as concerns the attempt to acquire the Northern Pacific stock and the stock of the Atchison Topeka & Santa Fe By. Co.,
afterward abandoned, and a certain interest in the San Pedro Los Angeles
& Salt Lake RR., and other features of the case which were dealt with and
disposed of by the Court below, it is sufficient, without going into these
matters in detail, to say that as to them we find no reason to disturb the
action of the Court below.' —V.95, P. 1474, 751.

of certificates of deposit for stock must pay, on or before Jan. 15 1913, to
the Central Trust Co. of N. Y., as depositary, the following amounts, viz.:
(1) On each share of pref. stock,$6 per share; (2) On each share of common
stock, $3 per share (making the total paid and called $12 on pref. and $6
on corn. out of the total assessment of $20 and $10, respectively).
The committee will accept additional deposits of bonds at the Central
Trust Co. prior to Feb. 3 1913.
Deposits to Date under the Plan of Reorganization.
Bonds.
Preferred Stock.
Common Stock.
Deposits
310,458,000(93%) 314,146.500(88%) 317,215,600(86%)
Total issue out__ 11,148,000
16,050,000
19,820,000
Compare V. 95: p. 969. 1209.

American Can Co., New York.
-13(% on Pref. Stock,
also 3 of 1% on Account Accumulations.—A quarterly dividend of 13 % has been declared on the $41,233,300 7%
4
cumulative pref. stock, placing the issue on the full 7%
basis, comparing with the 5% rate in effect since Sept. 1903,
when payments were begun; also a disbursement of x of 1%
t
on account of the accumulated dividends (approximately
343/2%) on the stock, leaving 34 Yi%still due. Both dividends
are payable Jan. 1 to holders of record Dec. 19.—V. 95,
p. 1474.
Daniel G. Reid. a director, is quoted as saying that in the first ten months
of this year the company earned about $7,000,000 net, that the outlook is
favorable and that extra disbursements on account of accumulations will
be made as business warrants.—V. 95, p. 1474.

American Cement Co. (of N. J.), Philadelphia.—Plan
Operative—Time for Deposits to End Dec. 16.—

The reorganization committee gives notice, by adv. on another page.
that the plan dated Oct. 18 1912 for the reorganization of the company
and its subsidiaries has been declared operative, it having received the
approval of the holders of a large majority in value of all classes of securities.
The committee has fixed Monday, Dec. 16, at 3 p. m., as the limit of time
within which the holders of undeposited securities may deposit the same
with the Girard Trust Co., the depositary. See V. 95, p. 1124.

American Public Utilities Co., Grand Rapids.—Stock
Offered.—Kelsey, Brewer & Co. of Grand Rapids are offering as syndicate managers, by adv. on another page, a new
issue of $2,200,000 6% cumulative pref. (p. & d.) stock and
$770,000 common stock in "blocks' of $1,000 of pref. and
$350 of common stock for $1,000, or fractional parts thereof
on same basis. The stock so offered is issued for the acquisition of certain securities of new properties and to provide
additional capital. The new properties referred to are the
Merchants' Public Utilities Co. of Indianapolis, which controls the Merchants' Heat & Light Co. (See V. 95, p. 1042,
893) and the People's Light, Heat Co. of Indianapolis &
and the La Crosse (Wis.) Gas & Electric Co. (see these
companies below). The syndicate managers report:
The American Public Utilities Co., through stock ownership, will control
the following properties:
Merch. Pub. Utilities Co., Ind'polis. Winona (Minn.) Gas Lt. & Coke Co.
People's Lt. & lit. Co., Ind'polis.
Minnesota-Wisconsin Power Corp.
Elkhart (Ind.) Gas & Fuel Co.
La Crosse (Wis.) Gas & Elec. Co.
Valparaiso (Ind.) Lighting Co.
Albion (Mich.) Gas Light Co.
Utah Gas & Coke Co., Salt L. City. Holland (Mich.) City Gas Co.
Boise (Idaho) Gas Lt. & Coke Co. Jackson (Miss.) Lt. &. Trac. Co.
TheS. Census for 1910 shows a total population in the cities served
of 471.451. against 332,920 for 1900, an increase of 41%.
Capitalization—
Outstanding.
Authorized.
Bonds,30-yr.5% coll. tr.(V.94,P.1766;V.95,p.50)$839,000
820,000.000
Preferred stock, 6% cumulative
3,914,000
20,000,000
Common sock (V.95, p. 681)
2,995,000
20,000,000
Estimated Earnings of All Properties for Ensuing Year (see V. 95, p. 1471).
Gross earnings
$2,192,453 Net to Am.Pub. Util. Co.. $523,902
Op.exp., incl. taxes&insur 1,140,076 From working capital_ _ _ _
48,000
Int. on underlying securs_
528,475
Gross earnings American Public Ut lities Co
$571,902
Deduct interest ($41,950) on $839,000 coll, trust bonds and 6%
($234,840) preferred dividends
276,790
Earns. (10.1%) on corn. stock less $75,000 thereof held by
trustee for future corporate purposes
$295,112
The preferred stock is cumulative, will pay 6% dividend [Q.
-.I.] from date
of issue, and will be preferred as to earnings and assets. This stock may
be redeemed on any dividend date at 105 plus accrued dividends. The
common stock will pay 2_% per annum in quarterly installments from date
of issue [V. 95, p. 6811. It is believed the company will be able to increase
the dividend on the common stock 1% each year thereafter until at least
6% per annum is paid. In addition, stockholders will participate in any
efits from the acquisition of new properties,and such profits may,in the
udgment of the board of directors, be in the form of stock dividends.
e securities of the company enjoy a very wide market, being listed on the
stock exchanges of Columbus,Cleveland, Louisville and Detroit. They also
have a ready trading market in New York, Boston, Chicago, Grand Rapids,
Providence and St. Paul.
The company is under the active management of Kelsey, Brewer & Co..
engineers and operators of public utility properties, Grand Rapids, Mich.
See also V. 94, p. 1766; V. 95, p. 50, 237, 681, 1471.

rh

American Shipbuilding Co., Cleveland.—Judgment.—

The final decree entered in the suit brought by the Commonwealth Trust
Co. by Judge Day, in the U. S. District Court, on Nov. 27. awards that
company the sum of $829,243, the net cost of the three vessels built by it
Interest, &c., brings the amount up to 31,182,247. The only deduction
from the original award of $1,380,000, made by Judge Day last summer,
was for the net earnings of the boats and the par value of the principal of
bonds on the 3 vessels, amounting, it is said, to $353,000. The company
is ordered to pay off the $38,000 bonds which matured Jan. 11912, and the
remainder as they mature on the first of each year until 1918. An appeal.
it is stated, will be taken. Compare V.94, p. 1765.—V.95, p. 1400,969.

American Snuff Co., Memphis Tenn.
-3% Extra Div.

United Railways of St. Louis.—Appeal.—

The company has appealed to the Missouri Supreme Court from
judgments recently awarded by Judge Shields in the Circuit Court in the
the
mill-tax cases, aggregating $1,546,000. Compare V. 95, p.
1124.—V. 95,
p. 1404, 1124.

West Penn Traction & Water Power Co.—Control.--

See Amer. W.W.& Gu.Co.under"Reports" above.—V.95,p .1333,

1543

1275

An extra dividend of 3% has been declared on the $11,000,000 common
stock along with the regular quarterly dividend of 3%, both payable Jan. 1
to holders of record Dec. 14. In Oct. last the extra disbursement (In addition to 3% regular) was 1%, while in July 1912 only a regular payment of
was made and in April 1912 (the first dividend since the sale of part
2)4
of the assets), 2%. Compare V. 95, p. 620.

Arkansaw Water Co., Little Rock.—Status—Bonds—Earns.

See Amer. Water W.& Gu. Co. under "Reports" above.—V. 91, p. 339.

Atlantic& Gulf Portland Cement Co., Ragland (near
INDUSTRIAL, GAS AND MISCELLANEOUS.
Anniston), Ala.—Status, etc.—The committee mentioned
Allis-Chalmers Co.—Deposits 861093%—Sale on Feb.3— Nov. 9 (p. 1275) issued on May 1 a circular showing:
Third Installment of Asessment (6% on Pref., 3% on Corn.) Balance Sheet of Present Company April 1
1912 (Total Each Side $4,128,139).
Payable Jan. 15—Further Deposits of Bonds Prior to Feb. 3.— Property account
$2,056,134 First M. 20-year bonds_ _31,500,000
The reorganization committee, James N. Wallace, Chairman,
mach'y & equipm't 1,048,741 Common stock
1,600.000
Co's securities
pursuant to plan of March 18 1912 (V. 94, p. 913) give sub- Supplies, &c owned..___ z869,685 Preferred stock
750,090
54,722 Accounts payable
53,185
stantially the following notice, dated Dec. 4, by adv. on Cash
1,588 Notes payable
180.181
Sinking fund_,.
834 Sinking fund
another page:
833
Accounts receivable,

The U. S. District Court of Milwaukee, having this day entered a final
decree of foreclosure and sale in the pending suit to foreclose the 1st M.
dated July 2 1906, and having provided that the sale be had sixty days after
the entry of the decree, viz., Feb.3 1913, notice is hereby given that holders




&c__
Loss by operation Aug. 1
1910 to Mch. 1 1912___

7,983 Guaranty fund

44,000

88,452

z Company's pref. stock, $416,865; bonds,—$276,000; stock, $177.00

THE CHRONICLE

1544

. In lieu of the present $1,500,000 6% 1st M.67 bonds of 1907, it is pro0
posed to issue in exchange an equal amount of adjustment mtge.6% bonds,
-interest payable only if earned, this mortgage, however, to be deferred to
an issue of $400,000 first mtge. 6% gold bonds, which shall be sold at par
and the proceeds thereof used to retire the present floating debt and provide about $100,000 free working capital. Upon the completion of this
plan, without the necessity of a foreclosure proceeding, there would be no
turned to the treasury about $350,000 pref. stock, $177,000 common stock
and approximately $276,000 of the present 1st M. 6V bonds, which are
nowheld as collateral under loans. No other plan shall be adopted unless
approved by 66 2-3% in interest of the depositing bondholders. [The company was organized about Jan. 1 1909 to own 6,140 acres of land, with *tn.
limestone, shale and coal thereon,in Calhoun and St. Clair counties, A-re.,
•and to build a cement plant at Ragland, Ala., with an immediate capacity
of 1,000 bbls. of cement or more a day. Nazareth, Pa., parties were interested. Compare V. 95, p. 1275.

[VoL. Lxxxxv.

redemption at 105 and in
Int. M. & S. in Portland, Me.
Union Safe Dep. & Tr. Co., Portland, Me., trustee.

Capitalization.-Com. stock, auth. and issued, $250,000. Bonds: United
Gas & Electric Co., 1st Is (due Mch. 1 1917-V. 79, p. 2647), $250,000;
Dover Gas Light cons. M. 5s, $145,000. The last-named bonds are a
direct obligation covering the entire property (subject only to $250,000)
1st M. 55 of the United Gas & Elec. Co. and is limited to $500,000, of
which $250,000 are reserved to refund said 1st M. 5s, $30,000 have been
canceled by the sinking fund, and the balance, $75,000, can be issued only
for improvements and extensions. Sinking fund must purchase and cancel
$5,000 bonds annually until Sept. 1 1915 and thereafter $10,000 bonds a yr.
Property.
-Gas works and electric power plant and distribution system
In Dover, N. H., and electric-light and power lines and distribution apparatus in Rochester and Somersworth, N. 11., and in Berwick, North Berwick,
South Berwick, and Lebanon, Me., comprising approximately 18 miles of
gas mains and 105 miles of pole lines. Incorp. In 1850 by legislatures of
-Status-Bonds-Earnings. Maine and New Hampshire, and acquired In 1905 the property and franBelleville Water Supply Co.
See Amer. Water Works & Guar. Co. under "Annual Reports" above.
chises of United Gas & Electric Co. (V. 80, p. 874). Serves a combined
38,445
1910). Franchises unlimited
Birmingham (Ala.) Water Works Co.-Status--Bonds- population of division(Census of management of Twin State Gasas to time.
Operates as a
and under
& Electric
-V.79, p. 502. Co. (V. 90, p. 981).
See Amer. Water W.& Gu. Co. under "Reports" above.
1907.
Earns.
-Cal. Years1908.
1909.
1910.
1911.
-Bonds Called.
- Gross earnings
Blackstone Valley Gas & Electric Co.
$134,716 $141,699 $150,252 $160,146 $162,353
Fifty-nine consol. M. 5% 30-year bonds of the Pawtucket Electric Co., Net earnings (after taxes) _ $55,733 $62,070 $72,648 $79,998 $78,907
"issued under mortgage dated Jan. 1 1908, for payment at 105 and int. on Total bond interest
21,250
21,250
20,912
19,750
20,000
-V.95, p. 1475, 1333.
Jan. 1 1913 at Old Colony Trust Co., Boston.
$34,483 $40,820 $51,736 $59,998 $59,157
Surplus
-Interim Dividend 6%. -V.83, p. 495; V. 80, p. 873.
British-American Tobacco Co.
An interim dividend of 6% has been declared for the year 1912-13 on
the £6,244,613 ordinary stock, payable Jan.7 1913. As soon as the balance
-Time Extended.
(E. I.) du Pont de Nemours Powder Co.
sheet for year ending Sept. 30 1912 has been audited, notices for the annual
meeting, to be held about the end of December, will be issued, at which -Owing to delay in securing approval of the trust agreement
the directors will recommend payment of a final dividend for the year covering the new 6% bonds to be issued by the Hercules and
ending Sept. 30 1912, to be also paid on Jan. 7 1913. A dividend of 10%
Atlas Powder companies, the time for deposit with the Guarwas paid in June 1912 and in Mch. 1912 24%.-V. 95, p. 1041, 483.

California-Idaho Co.,Pittsburgh,Pa.-Status-Bonds
See Amer. Water W.& Gu. Co. under "Reports" above.
-V.93, p. 530.

Calumet & Arizona Mining Co.
-Dividend Increased.
A quarterly dividend of 123 % ($1 25 a share, par $10) on the $5,989,580
-capital stock, payable Dec. 23 to holders of record Dec. 6, comparing with
10% ($1 00) quarterly since 1907. The authorized stock was increased in
Feb. 1911 from $2,000,000 to $6,500,000,to providefor the purchase of the
Superior & Pittsburgh Copper Co. Compare V. 92, p. 190.
Annual Dividend Record (Company Organized in Mch. 1901).
Calendar year__1903. 1904. 1905. 1906. 1907. 190810 1911. 1912.
'Total per cent__ 20
40 yearly. 42%
65
85
130
165
-V. 92, p. 190.
Canadian Cottons, Ltd.
-More Bonds Listed.
The Montreal Stock Exchange has listed $1,050,200 additional bonds,
making the total listed $5,000,000.-V. 95, p. 1209, 41.
Canadian General Electric 00.-1% Bonus Declared.
A bonus of 1%, in addition to the regular quarterly dividend of 1/4%
-(the rate in effect since April 1908) has been declared on the $7,540,00C
common stock, both payable Jan. 2 to holders of record Dec. 15. Compare
V. 86, p. 670.-V. 95. D. 681. 41.
,
Central Colorado Power Co.,N.Y.
-Default-Committee.
In view of the default by the Central Colorado Power Co. in the payment
of coupons due Dec. 1 1912 on its 1st M. bonds and the default in the payment of the sinking fund for the Leadville Light & Power Co. 1st M.6%
bonds, the holders of the above bonds and also of Central Col. $1,303,050
2d M. bonds are urged to deposit the same before Dec. 31 1912 with the
Columbia-Knickerbocker Trust Co., N. Y. or the Commonwealth Trust
Co., Boston, as depositaries for a committee consisting of Frederic C. Wal'
cott, Chairman; George C. Lee and Sidney Z. Mitchell, with H. H. Harrison, Secretary, 60 Broadway, N.Y. [Leadville Lt. & Pow. bonds, V. 93,
P. 1593.] See also V. 89, p. 921,996; V. 83, p. 1592; V.85, p. 1144.
Plan.
-The committee above named has prepared a plan
'of reorganization dated Nov. 25 1912 that provides for
the organization of a new company, with the following:

anty Trust Co. of the kVA% bonds of 1906 for exchange of
not over $10,000,000 thereof for $9,000,000 of the new companies (per plan V. 95, p. 969) has been extended from.
Dec. 1 to Jan. 1.-V. 95, p. 1210, 969.
Eastern Michigan Edison Co.--Guaranteed-Bonds, &c.-

The Security Trust Co., Detroit, has placed at par and int. $50,000 1st M
5s of 1906, due Nov. 1 1931 (but red, on or after Nov. 1 1916 at par and
nt.), unconditionally guaranteed p. & 1. by the Detroit Edison Co. Auth.
$10,000,000, outstanding $2,821,000. Par $1,000 (0). Int. M. & N. in
N. Y. and Detroit. Tax-exempt ii'. Michigan.
The bonds, it is stated, cover all property now owned or hereafter acquired, including the five undeveloped power sites (est. capacity 14,000
h.p.), the five existing power plants aggregating 4,755 h.p. (Incl. 3,000
steam), the Barton hydio-electrie plant of 2,355 h.p. now building at Ann
Arbor, the further 3,300 h.p. development then to be begun, &c. Now
takes 3,300 h.p. from the Detroit Edison Co. (which owns the entire
$500,000 stock).
Earnings Year
Eastern Michigan Edison Co. -'-Detroit Edison Co.
end. Aug. 31- 1911-12, 1910-11. 1909-10.
1910-11.
1911-12.
Gross income_ __ _$397,682 $326,904 $226,382 $3,789,377 $3,166,139
Net income
$167,644 $136,642 $106,761 $1,540,727 $1,285,216
577,936
609,562
Interest charges
122,433
102,838
88,170
707,280
931,165
18,591
Surplus
45,211
33,804
The Barton plant, to be completed early In 1918, will, it is estimated
ncrease the net income of the East. Mich.about 25% per an.-V.90,p.1616
Equitable Ilium. Gas Light Co. of Phila.-Bonds Called.

-Two hundred and twenty-five ($225,000) 1st M. bonds
dated Feb. 1 1898, for payment at 105 and int. on Jan. 2
1913 at New York Trust Co., 26 Broad St. The numbers
-V.93, p. 1604.
will be found in our advertising columns.
Fort Dodge (Ia.) Light Co.
-First M. Bonds Called.
-

All of the outstanding 1st M. 5% bonds ($271,000) of the Fort Dodge
Light & Power Co. under the mortgage dated Feb. 11903, have been called
for payment at 105 and int. on Jan. 1 at Chicago Title & Trust Co., Chicago.
-V. 94, p. 1452.
Authorized.
Now Issued.
Capitalization of New CompanyGeneral Rubber Co.
-To Double Stock.
-The directors
First mortgage 5% 30
-year gold bonds
$10,000,000 $3,369,250 50
325,762 50 on Dec. 5 voted to increase the authorized capital stock from
Pref.(p. & d.) stock 7% cum.from Jan. 1 '13
4,000,000
Common stock
15,000,000
8,814,037 50 $5,000,000 to $10,000,000, to provide additional funds for
Terms of Exchange.
investments in the Far East.
-V.93, p. 1791.
Outstand'g. New Bonds.
New Pref.
New Common.
Existing-Dividend Omitted.
Goldfield Consolidated Mines.
75%47,836,750 00
1st M.5% bds.$10,449,000 25%-$2,612,250
75%-977,287 50 The directors on Dec. 5 decided to omit the disbursement of
25%-$325,762 50
2d M.5% bds_ 1,303,050
Leadville Lt. &
a quarterly dividend on the $35,591,480 stock on Jan. 31
P.6s
757,000 100%- 757,000

Total
-V.89, p. 996, 921.

53,369,250

$325,762 50

$8,814,037 50

Central Lumber Co., So. Dak.-One-Price Law Valid.
The U.S.Supreme Court on Dec.2,affirming the judgment of the South
Dakota Supreme Court,held constitutional the statute of that State making.
it a criminal offense for persons or corporations engaged in production,
manufacture or distribution of commodities of general use, "intentionally
for the purpose of destroying the competition of any regular established
dealer in such commodity,or to prevent the competition of any person who
in good faith intends and attempts to become such dealer, to discriminate
between different 3ecticr_::, communities or States by selling such commodity
at a lower rate in one section than another." Allowance is made in the
statute for the equalization of prices by considering the difference in cost
of transportation and other necessary expenses for production or distribution. The case was argued in the U. S. Supreme Court on Nov. 14. Justice Holmes wrote the opinion. Attorney-General Wickersham, in a statement printed in the "New York Sun" of Nov. 16, states that provisions
enforcing the same principles were inserted in the final decrees in the duPont
Powder, General Electric and Aluminum Co. of America cases, and maintains that proposed Federal one-price legislation pending in Congress in
the form of the Lenroot-La Follette bills would add nothing to the Sherman
anti-trust law, but would tend to weaken it.

1913. From Apr. 1909 to Oct. 1912 30 cents per share
(par $10) was paid, and from Jan. 1910 to Apr. 1912 20 cents
extra.
Secretary Howe in a statement says:

To date the company's dividend disbursements have equaled $23,839,067. Dividends at 30c. per share require quarterly net earnings of $1,067,744. The earnings at present and for the past two calendar quarters have
been less than the above amount but prior earnings have been largely in
excess of dividend needs.
The management was committed to the maintenance of a large cash reserve until the enlargement and perfection of the plant made a continuance
of that policy no longer necessary. At each dividend disbursement prior
to Oct. 31 1912, cash on hand, together with earnings in process of realization, equaled $1,000,000. The last dividend disbursement involved a
reduction of resources below this point. The directors believe it is undesirable at the present time to further reduce the company's resources.
In the future the net earnings in excess of a reasonable cash reserve will
be distributed to stockholders wherever they accrue in an amount to justify
a dividend declaration.
[The estimated results of operations for November were: Tons treated,
27,614; gross value realized, $429,000; expenses, $185,000; net, $244,000,
compared with $242,000 net in October. The results for the 9 months ending Sept. 30 were given in V. 95, p. 1275.-Edd-V. 95, p. 1275, 422.

-Status-Bonds-Earns.
City of New Castle Water Co.

-Dividend 50
Great Northern Iron Ore Properties.
trustees have declared a dividend of 50 cents
-Status-Bonds. a share on the $1,495,720.certificates, payable Dec. 27 to
City Water Co. of Chattanooga, Tenn.
-V.93, p. 1467.
See Amer. Water W.& Gu.Co. under "Reports" above.
holders of record Dec. 18.
This is the eighth distribution, the last previous payment having been 50
City Wat. Co. of E. St. L. & Granite City, Ill.-Status.

See Amer. Water W.& Gu. Co. under "Reports" above.
-V.85, p. 603.

Cents.
-The

See Amer. Water. W.& Gu.Co. under "Reports" above.
-V.85, p. 603.

cents in March 1911, the same amounts having been also disbursed in
March, Sept. and Dec. 1910, but the previous disbursements were $1 each
in Sept. 1909, Mch. 1908 and Sept. 1907.-V. 95, p. 682.

City Water Co. of Marinette, Wis.-Status-Bds.-Earns.
See Amer. Water W.& Guar. Co. under "Annual Reports" above.

City Water W. Co. of Merrill, Wis.-Status-Bds.-Earns.
See Amer. Water W. & Guar. Co. under "Annual Reports" above.

Clinton (Ia.) Water Works Co.
-Status-Bonds-Earns.

See Amer. Water W.& Gu. Co. under "Reports" above.
-V.69, P. 179.

Great Shoshone & Twin Falls Wat. Pow. Co.-Status.

See Amer. Wat..W.& Gu.Co. under "Reports" above. V.95,p.621, 238.

-Status-Bonds-Earns.
Guyandotte Water Works Co.

See Amer. Water Works & Guar. ea. under "Annual Reports" above.

Harbison-Walker Refractories Co.-Earnings.
-

Connellsville (Pa.) Water Co.
Pref. Divs. Corn. Dies.
Balance,
-Status-Bonds-Earns. Sept. 30.
Int. on
Net
Bonds.
Surplus.
(6%).
See Amer. Water W.& Guar. Co. under "Reports" above.
YearProfits.
(2%).
-V.87, p.42.
$576,000
$325,127
1911-12- ___51,321,690
860,563
$360,000
Dominion Textile Co., Montreal.
-On 6% Basis.
576,000
1910-11_ - 1.443,201
430,201
77,000
360,000
A quarterly dividend of 1%% has been declared on the $5,000,000 com. -V.93,P. 1459, 411.
•
stock, payable Jan. 2 to holders of record Dec. 14, comparing with 1 3 %
from July 1907 to Oct. 1912, inclusive, and increasing the yearly rate from
Huntington (W.Va.) Water Co.-Status-Bds.-Earns.
5 to 6%. The company is said to be a large holder of Montreal Cottons,
See Amer. Water W.& Gu. Co. under "Reports" above.
-V.85, p. 603.
Ltd., stock, which has just declared an initial quarterly dividend of 1% on
its $3,000,000 common stock (V. 95, p. 1476).-V. 95, p. 179, 42.
-New Stock.
International Shoe Co., St. Louis.
the stockholders
The company
• Dover (N. H.) Gas Light Co.
-Bonds-Earnings, &c.
- $500,000 of the recently offered stock retained inthe right to subscribe for
the treasury at the time
$4,000,000 pref.
Hayden, Stone & Co. some time ago placed at 101 and of its organization to complete the purchase of the Friedman-Shelby Shoe
Co. A circular dated Oct. 25 states that the company is capitalized at
interest, yielding 4.90%, $145,000 consol. mtge. 5% bonds, $1,500,000, the purchase price being $1,125,000. Interim certifica tes wil
dated Aug. 1905 and due Sept. 1925, but subject to prior be exchanged for stock certificates about Jan. 2 and thus be availablefor




DEC. 7 1912.]

THE CHRONICLE

the dividend of Feb. 11913. Pref. stock authorized $12,250,000. Compare V. 95, p. 1476.

1545

and Charleston, Ill.; also the electric railway line in Paris, Ill. It is contemplated later to continue the interurban road from Charleston to Paris,
thereby utilizing the interurban franchises owned in Paris, Kansas and
Ashmore, and
See Amer. Water W.& Gu. Co. under "Reports" above.—V. 89, p. 532. between Paris connecting at Paris with an interurban line now operating
and Indianapolis, via Terre Haute, Ind., thereby giving
through service from Mattoon, Ill., to all interurban points in Inollana.
Kansas City Stock Yards.—Deposits-87% In.—
Ohio and Kentucky (V. 95, p. 618).
Kidder, Peabody & Co. have extended the time for deposits of the stock
to the close of business Dec. 31. About 87% of the issue has assented. Earnings of Properties Now Operated by Central Illinois Public Service Co.
See plan, V. 95, P. 1275.
[As recently determined by accountantsfor the year preceding date of audit.
earnings
$1,249,982[Int. on underlying bonds_ ....$55,798
Keokuk Water Works Co.—Status—Bonds—Earnings.— Grossafter taxes
Net,
391,687 Int. on "1st & _ref ".5s
150,000
See Amer. Water Works & Guar. Co. under "Annual Reports" above.
Kokomo Water Works Co.—Status—Bonds—Earnings.— Balance, surplus
Indiana Operating Co.—A company will shortly be organized in$185,889
Indiana
See Amor. Water Works & Guar. Co. under "Annual Reports" above.
to take over the [Indiana] properties that are owned by the subsidiary
(S. S.) Kresge Co. (5 and 10-Cent Stores.)—Tenders of companies, as well as others under option. The properties owned on the
Indiana side of the Ohio River opposite Louisville, Ky., practically control
Preferred Stock Asked.—
entrance of interurban electric cars into Louisville from all northern
The company offers to purchase on Jan. 2, at the lowest price, from the the
points and have exclusive operating contracts for electric cars over both the
proceeds of the sinking fund, not to exceed 500 shares ($50,000) of the pref. Big Four and the Kentucky &
Indiana Terminal
stock, exclusive of the 1
dividend of Jan. 1 next, through the Central Indiana to the Kentucky shore of the Ohio. TheyRR. bridges from the
also own and operate
Trust Co., N. Y. Tenders received not later than Dec. 24.—V. 95, p. of the interurban line out of
Louisville to Indianapolis about 16 miles on the
1276, 969.
south end [Louisville Northern Ry. & Ltg. Co., V. 94, IP. 1626], while on
La Belle Iron Works, Wheeling, W. Va.—Pres. Resigns. the north end the Interstate Public Service Co.[incorp. in Sept. 1912 with
Isaac M. Scott has resigned as President to give his entire time to the $1,000,000 pref. and $2,000,000 corn, stock, V. 95, p. 680], a subsidiary
affairs of the Wheeling Sheet & Tin Plate Co., of which he is a director and of the Middle West Utilities Co., controls under an exceptionally favorable
large stockholder, and, it is stated, may become President. No successor and long-term lease 61 miles more from Seymour, Ind., to and including
has been chosen and the office may remain vacant for several months.—' the entrance from the south into Indianapolis. This 61 miles of road
[Indianapolis Columbus & Southern Trac. Co., V. 95, p. 680], earning as it
V. 95, p. 1476. 1406.
does in excess of over $7,000 per mile of
La Crosse (Wis.) Gas & Electric Co.—New Control.— best interurban property in Indiana, aroad per annum, is known as the
State in which the interurban
This company, now controlled by the American Public Utilities Co. business has reached its greatest development. The utilities of the towns
(which see above),had outstanding at last accounts $450,000 corn. stock along these interurban lines are owned by subsidiaries of the Middle West
and $200,000 of an authorized issue of $450,000 5% cum. pref. stock and Utilities Co. and will shortly all be connected with a central generating
$1,100,000 of an auth. $3,000,000 1st & ref. (now 1st) mortgage 5%% 20- station supplying them and the interurban road with its electrical energy.
year gold bonds of $1,000 each (c5), due Dec. 11931, but callable at 105 Its subsidiaries also own the utilities in other towns in the State, and are
and int. (int. J. & D.) at Merchants' Loan & Trust Co., Chicago, trustee. now negotiating for either existing plants or original franchises in the cornMiles of mains, over 43. Annual sales, between 80 and 90 million cu. ft. muhitiss surrounding them. [The controlled properties include the LouisEarnings for year ending June 30 1911, gross, $328,330; net, $105,723. ville & Southern Indiana Trac. Co.and the United Gas & Elec. Co. of Southi
ern Indiana, described in p. 67 of "Elec. Ry. Sec."; also New Albany
(Compare V. 74, p. 155.
Water Co. See V. 94, p. 1040.—Ed.]
See American Public Unties Co. above.—V. 93, P. 534.
The gross business for the past year of the properties at present
Lake Superior Corporation.—Guaranteed Bonds.—
in Indiana amounts to $1,559,447. and the increase in business ofowned
these,
See Algoma Central Terminals Ltd., under "RR." above —V. 95, with the acquisition of others now being negotiated for, will, without doubt,
.
s
p. 748, 752, 893.
shortly enlarge this gross business to approximately $2,000,000 per annum.
[See Merchants Public Utilities Co. of Indianapolis and Merchants Heat &
Leadville (Col.) Light & Power Co.—S. Pd. Default.— Light Co. In V. 95, p. 893, 1042.]
See Central Colorado Power Co. above.—V. 83, P. 1593.
Kentucky Utilities Co.—This subsidiary owns certain Kentucky properties, mostly located in the Blue Grass section, which is noted for the remark(P.) Lorillard Tobacco Co.
-23/ Extra Dividend.—
2%
able fertility of its soil and its extensive stock and farm interests. The
A quarterly dividend of 23 %,together with an extra dividend of 2%
%, company controls the utilities in Shelbyville (V. 95. p. 485), only 23 miles
has been declared on the $15,155,600 common stock, both payable
to holders of record Dec. 16. In July and Oct. reguair payments ofJan. 1 from Louisville, and in the South It owns all the utilities in the city of
2%% Somerset (V. 92, p. 323). The Kentucky Utilities Co. is also acquiring
were also made, but no extras.
those in
This makes a total of 10% declared on the common stock out of the earn- other utilities, especially Kentucky contiguous communities.
While the business in
is small compared with that in other
ings of the year 1912. Checks will be mailed,
States, the gross business done during the past year by the properties
The company is said to be in a particularly fortunate position in having forming the Kentucky Utilities Co.
amounted to
about four years' supply of Turkish tobacco on hand, a condition that none connection with that belonging to other properties$195,907, and which in
shortly to be acquired,
of the other large cigarette concerns can approach. In the event of the will, during the coming year, undoubtedly
exceed $250,000.
foreign situation not clearing up shortly, it is said to be probable that the
New England Subsidiary.—This company operates in New York, Verprice of Turkish cigarettes will be generally advanced.—V. 94, p. 1569.
mont, New Hampshire and Maine, and last year had a gross income of
$325,816. The New York and Vermont divisions are connected by transLouisiana Water Co.—Status—Bonds--Earnings.—
mission lines, insuring continuous service from either one of the generating
See Amer. Water Works & Guar. Co. under "Annual Reports" above.
plants. Both of these divisions are supplied by hydro-electric plants, each
Merchants' Heat & Light Co., Indianapolis.—Control. having an auxiliary steam plant capable of taking care of the load in case
of scarcity of water. The generating plant of the New Hampshire division
See American Public Utilities Co. above.—V. 05, p. 1042.
is a modern steam turbo plant, located on tide-water, serving not only the
Merchants' Public Utilities Co., Indianap.—Control.— communities in its surrounding territory, but by high-tension transmission
lines distributing the electrical energy necessary for supplying a large terriSee American Public Utilities Co. above.—V. 95, p. 893.
tory across the border in Maine. In addition to its
Mesta Machine Co., Pittsburgh, Pa.—Description of Plant, business, also owns and operates gas and street electric-light and power
railway properties.
It will be the policy to considerably enlarge
&c.—An illustrated booklet has been issued on the company's and plans now being actively developed will,the operations of this company
should they mature
pated, result in a gross business of over $650,000 per annum. as anticiplant and its leading products. We cite:
Financial Plan.—The entire capitalization of Middle West Utilities Co. is
The plant is located in West Homestead, Pa., on the Monongahela River,
about 6 miles from the business centre of Pittsburgh. It covers about 20 represented by pref, and com. stock. Its subsidiaries are independently
acres and has about 500,000 sq. ft. of floor space under roof and over financed by selling a reasonable amount of bonds on the properties they
400,000 si. ft. covered by electric traveling cranes. The buildings arc of respectively operate, thus returning to the treasury of the Middle West
fireproof construction, being built of steel, brick and concrete, are equipped Utilities Co.a part of the capital it originally invested in them. The junior
securities of these companies are retained by the Middle West Utilities Co.
with the most modern machinery and appliances.
The only limit as to size and weight of the machinery we build is that and represent its permanent equity in them. The Middle West Utilities
which the railroads can handle. Castings weighing over 100 tons have been Co. will also receive incotne from participating in underwriting the securimade in the foundries and finished in the machine shops. The principal ties of other public utility companies, also from financing, engineering and
product is machinery for steel works, blast furnaces and power plants, supervising its subsidiary companies. Irrespective of the profits to be
consisting of gas and steam engines, barometric condensers, air compressors, obtained in this manner, the earnings from the operations of its subsidiaries,
steam-hydraulic quick-acting forging and bending presses, roiling-mill based respectively on expert audits are as follows:
machinery, iron and steel rolls and pinions, machine-molded
Earnings of Subsidiaries for Year Preceding Audit—Est. Cal. Year 1913.
made of iron or steel. The machinery can be seen in most and cut gears
Actual.
Est. 1913,
Actual. Est. 1911
and steel works, and in many of the power plants in theof the large iron Gross earns_ _$3,894,812 $4,501,735 Sub.co.fixed
chges$817,326 $912,336
We have also shipped machinery to Canada, Japan and other United States. Netfrom oper. 1,297,302 1,730,804
foreign places.
Divs. stock not
The company has a contract with Haniel & Lucg, of Dusseldorf,
110,605 119,055
which gives us the exclusive right of building their patented steam Germany, Surplus applicable to dividends on stock owned
of subsidiary
hydraulic
quick-acting forging and bending presses for the U. S. and Canada. These
companies held by Middle West Utilities Co
presses are used in the Krupp works in Germany and in most of the other Proportion offixed charges on bonds held by M.W.U. $369,371 $699,413
C. 71,180 121,180
large forging plants in Europe, and arc rapidly replacing the steam
Int. & divs. on securities of other than sub. cos. held
24,460
24,460
in this country, not only reducing the labor and power cost, but hammer
also producing forgings that are much superior in quality. We build these presses
Total earns.on securs. held by MiddleWest Utilities Co.$465,011 $845,053
in the single-frame type from 100 to 450 tons and in the four-column type
Directors.—Pres. Samuel Insull, Vice-Presidents Martin J. Insull, John
from 400 to 15,000 tons. See also V. 87, p. 291.
F. Gilchrist and Frank J. Baker, Edward J. Doyle, Louis A. Ferguson,
William A. Fox, John H. Gulick, Frank T. Hulswit, William J. Maloney.
Middle West Utilities Co. Chicago.—Status.—Russell, Charles A. Munroe, F. S. Peabody, Edward P. Russell, Marshall E. Sam
Frederick Sargent.
Brewster & Co., Chicago and New York, in a circular dated sell and A large majority of The Treasurer is R. W. Waite; Sec., E. J.
'
Doyle.
the directors have been the personal assistants
Nov. 20 give substantially the following information:
of President Samuel Instill in the development of the business of generating
and distributing electrical energy in and around Chicago by the Chicago
Capitalization—
Authorized.
Issued.
Edison Co., The North Shore Electric Co., The Economy Light & Power
Preferred stock
$12,000,000 $5,000,000 Co., and more
recently their successors, the Commonwealth Edison Co.and
Common stock
12,000,000
7,000,000
Organized in Delaware in May 1912 and, through its subsidiaries, has the Public Service Co. of Northern Illinois, thus insuring this company
purchased, and as favorable opportunities present themselves will purchase, the maximum of efficiency.
See also V. 94, p. 1189, 1253, 1627; V.95, p. 481, 1040,1406.
the public utilities of a large number of mallum-sized communities in several
States. At present this plan of opieration has been particularly developed
Moore Filter Co., New York.—Favorable Decision.—
in Illinois, and more or less developed in Indiana, Ientucky, Oklahoma,
See Tonopah-Belmont Development Co. below.
Missouri and some of the New Emgland States.
Motion Picture Patents Co.—Film Decision.—
Communities Served and Properties Controlled in.Various States, Not Including
The District of Columbia Court of Appeals on Dec. 2, reversing the decia Number of Properties under Options.
sion of the District Supreme Court last year, dLsmissed the suit against the
Ind.
Ky.
Mo. Okla. N.Eng. Total. Chicago Film Exchange. The Court holds that
No. of communities
Edison is not the inventor.
of films described in claim 2 of re-issue patent 12,192, which
served
97
16
7
2
2
16
140 to its present state of perfection by Eastman. Edison, it is was brought
Elec. light & power
97
16
7
2
2
16
140 upon it and provided it with perforations along the edges at stated, seized
Gas
regular inter4
8
1
2
4
19 vals. Perforations had been regularly made in photographic films for
Heating
10
13 feeding purposes. Edison's true claim to invention is in the particular
Ice
10
1
4
-1
-16 arrangement of the pictures, which are the result of the operation of the
Interurban railways
__
__
_ _
improved camera apparatus. His invention, the Chief Justice says, was
Street railways____
6
3
-1
11 exhausted in the
Water
of the camera which enables photographs
9
4
316 of moving objects construction upon the Eastman
to be taken
Population served_250,000 120,000 30,000 15,066 40,0156
film in the uniform and
In each of the above-mentioned States there will be, as80,066 535,000 satisfactory manner justly claimed for them, the pictures being the result
heretofore ex- of the mechanism of the camera with the Eastman
plained, a separate operating subsidiary company. [The properties include,
film mechanically
it is understood, with others named below, the Tulsa Corp, The Freeport adapted and applied therein.—V. 95, p. 1125, 484.
& Lt. Co. and the Illinois Utilities Co. (V. 95, p. 1406.)
Monongahela Valley (Pa.) Water Co.—Status—Bonds.
Central Illinois Public Service Co.—This was the first subsidiary to take
See Amer. Water W.& Gu. Co. under "Reports" above.—V.85. P. 603.
over the utilities in 87 communities in Central,
and Western
Illinois, Formerly 49 separate generating plants Southern the territory.
Mt. Vernon Elec. Light & Power Co.—Status—Bonds.—
supplied
These plants are gradually being shut down, and the whole territory will
See Amer. Water Works & Guar. Co. under "Annual Reports" above.
shortly be served from not to exceed 8 plants, and ultimately, in all
probability, only 4 or 5. There is now being built for the company at
Mt. Vernon Water Works Co.—Status—Bonds—Earns.
Ill., at one of the largest coal mines in the State, a largo power Kincaid,
See Amer. Water Works & Guar. Co. under "Annual Reports" above.
station of
modern designs and superior location, both as to fuel and water.
The
Muncie(Ind.) Water Works Co.—Status—Bonds--Earns.
properties owned servo their respective communities without
competition
and are located in one of the best agricultural and industrial sections,
See Amer. Water W.& Guar. Co. under "Reports" above.—V.75, p. 909.
not
only of the State of Illinois, but of the entire Middle West (see V.95,
p.618).
New Jersey Consolidated Gas Co. (Holding Company),
The Central Illinois Traction Co., whose stock and bonds are
deposited
with the trustee under the mortgage of the Central Illinois Public
Service Phila.—New Stock—Acquisitions.—Treas. \V. 1-1. Lawton,
Co., owns and operates an interurban electric railway between Mattoon
Sept. 4 1912, reported:

Joplin (Mo.) Water Works Co.—Status—Bonds----Earns.




1546

THE CHRONICLE

A holding company incorporated in N.J. In Feb. 1906 as the Consolidated
Gas &Electric Co. On June 30 1910 name changed to New Jersey Consolidated Gas Co., with capital stock of $1,000,000, of wh'ch .$900,000 issued.
On Aug. 7 1912 the auth. capital stock was increased to $10,000,000, of
which $3,000,000 outstanding, having been issued at par for cash and on account of the acquisition of the capital stock of the following companies, all
Of which, except the one last named, are controlled by majority ownership:
New Jersey Gas Co. (see bond offering, V. 92, p. 1314; V. 95, p. 300);
'Haddonfield Water Co., United Water
Schuylkill County Light & Fuel Co.,
Co., Hammonton & Egg Harbor City Gas Co. (Several months ago
II. Kirkpatrick, Phila., offered at 95) and int, the remainder of a
Samuel
block of $150,000 New Jersey Gas Co. 5% gold bonds, due July 1 1940.
Total authorized, $2,500,000. Compare V. 92, p. 1314.]
Dividends paid: Jan. 16 1911, 1%; Oct. 31 1911, 1%.
Has no outstanding funded or floating debt.
Officers: Frederick H. Treat, Pres.; Clarence P. King, Ch. of Bd.; B. L.
-P.; J. C. Lightfoot Jr., Sec.; W.H. Lawton, Treas.
Van Schaiok, V.
Office, 1307 Real Estate Trust Bldg., Phila. (Should not be confounded
with Consol. Gas Co. of New Jersey.]

[VOL. Lxxxxv.

tion of an old company of the same name and the Home Heat & Light Co.
(V. 79, p. 154). At last advices there were outstanding $300,000 of the
auth. $1,000,000 stock (par $100) and $300,000 old 1st M. 20-year 5s, due
'F. Wild & Co.,Ind.
Jan. 1 1926. but callable at 102,int. J.& J. at office of J.

-The pro-Copper Production.
Phelps, Dodge & Co.
duction of copper by the Copper Queen, Detroit and Moctezuma mines, owned by Phelps, Dodge & Co., for the eleven
months ended Nov. 30 1912, was 125,767,958 lbs., as compared with 111,026,845 lbs. in 1911, as follows:

New York & Kentucky Co., Rochester.-Directors.

"To broaden and strengthen the company," the following new directors
have been elected: Philip D. Tracey of Albany, son of the late Gen.
Charles Tracey, a founder of the company. George H. Clune, Treasurer
of the Rochester & Pittsburgh Coal & Iron Co.; Harry Yates of Buffalo;
Thomas J. Swanton, President of the Nat. Bank of Commerce of Rochester,
'Gordon, C. F. Riordan of Boston and Herman A.
Jacob Gerling, George 0.
Curiel who has been connected with the company since its inception.
William F. Balkam was elected Chairman of the board, Harry Yates succeeding him as Vice-Pres.
Executive Committee: William F. Balkam, Walter J. Duffy, Benjamin
E. Chase, George II. Clune, George L. Eaton, Louis Grieseheimer, Henry
-V.95, p. 234.
M. Naylon, Frank S. Upton, Harry Yates.

1911.
1912.
1912.
1911.
Pounds.
Pounds.
9,809,251
11,875,618
10,892,391 9,789,639 July
January
12,275,593 10,861,189
February _ __10,230,280 8,857,962 August
9,919,160
March
10,928,169 10,197,516 September 10,764,580
April
11,312,759 9,793,817 October ____12,238,241 11,060,473
11,134,545 9,832,300November __12,032,743 10,128,418
May
June
12,083,089 9,777,120
125,767,958 111,026,845
• Total (pounds) for eleven months
Custom ores business added a further amount for the eleven months of
8,925,700 lbs. in 1912, against 9.858.887 lbs. In 1911.-V. 95. p. 1276, 1043.

Pneumatic Scale Corporation, Ltd., Boston.-Stock.Wiggin & Elwell, Boston, some time ago offered at $10.50
per share (par $10) the issue of $150,000 7% cum. vot-J.) Callable
ing pref. (p.&d.) stock. (Dividend period Q.
at $11 a share on or after Nov. 11914. Total auth., $300,000; common stock auth. and issued, $1,200,000.

Data Furnished by A. L. Robinson. Tress., and Wm. H. Doble, Gen. Mgr.
Organized (in Maine) In 1904. Manufactures automatic weighing, gluing,
lining, distributing and stamping machines used in putting up package
goods such as breakfast foods, sugar, flour, Voce, starch, coffee, cocoa,
baking powder, salt, soap and other similar articles. Over 700 of its
machines are now in daily use; about one-third sold outright, remainder
leased at monthly rentals under leases running for various terms of years.
A set of three machines sells for $5,500, and rents for $900 per year.
Owns at Norfolk Downs, six miles south of Boston, a new factory of
sufficient capacity to handle a moderate increase over the present volume
Incorporated under Nova Scotia Companies' Act. Capital stock, auth. of business. Among its customers arc: American Sugar Ref. Co., Corn
and Issued, $1,000,000 each of common and pref.; issued, $500,000 of Products'Ref. Co., Pacific Coast Borax Co., Celluloid Starch Co., Globe
each class. Acquires as a going concern the Halifax Cold Storage Co., Ltd. Soap Co., Wadsworth Salt Co., Stickney & Poor Spice Co., Lowney Choco(established In 1906), which has been buying fresh fish from the Atlantic late Co.. Pillsbury Flour Mills, Procter & Gamble Co., Colgate & Co.,
Fisheries during the summer and keeping it in cold storage until other sea- Walter Baker & Co., Ltd., Hecker-Jones-Jewell Milling Co., Kellogg Corn
sons when it can be marketed to greater advantage.
Flakes Co., Cream of Wheat Co., Swift & Co., Washburn, Crosby Co„
Properties: Two wharves at Halifax, with warehouses, cold storage plant Postum Cereal Co. One of the above pays us $15,000 per year in rentals.
boiler house and engine room and a modern cold storage and fish-curing Tangible Assets March 30 1912, after adding Proceeds of so much of this
plant at Port Hawkesbury. The plants have a capacity for handling 20,Preferred Stock as had not then been received.
000,000 lbs. of fish per annum, which has been totally outgrown. It is Assets
-Real estate and machinery, $100,850; stock In process,
Intended ultimately to double the capacity of the plants; work upon the ex$91,856; leased machines, $667,752; cash and bills receivable,
tensions at Halifax will begin at once. A canning factory is now being in$1,014,026
$153,568; total,
stalled at Port Hawkesbury,and the enlargement of the cold-storage buildLiabilities-Funded debt (remainder of $350,000 7% bond Issue
ings, &c., will be completed this year.
of 1907 due 1917, int. M. & S. at Old Colony Tr. Co., Boston.
The fish of the Halifax Cold Storage Co. is sold as far West as Seattle,
Sink. fd. $25,000 yly. beginning in Sept. 1910) *299,000;
Vancouver and Victoria. The Sales west of New Brunswick for years
344,689
notes and accounts payable, $45,689; total
ending April 30 were: 1906-07, $22,977; 1907-08, $49,427; 1908-09, $74,Earnings for Years ending Jan. 31 1910, 1911 and 1912.
$120,987; 1910-11,1.174,060; 1911-12, $219,525. The earn431; 1909-10,
1909-10. '1910-11. 1911-12.
$24,ings of tile Halifax Cold Storage Co. have been: 1910, $20,395; 1911,
$115,343 $121,266 $139,740
465; 1912, $35,155, or, adding interest on borrowed capital, $21,845, $26.- Rentals
91,290
67,491
50,213
039 and $39,605, respectively. Over $225,000 additional working capital Sales
will be added.
$165,556 $188,757 $231,039
Total earnings
Directors: Arthur BoutIller (Pres. and Gen. Mgr.), H. N. Wallace,
$93,369
$80,308
0. E. Smith, R. A. Corbett, Dr. C. F. Fraser, Thomas Notting and F. B. Net earnings (after op. exp., all int. & depr.) $65,408
25,000
25,003
Sinking fund
McCurdy, all of Halifax.

-Stock Of• North Atlantic Fisheries, Ltd., Halifax, N. S.
-F. B. McCurdy & Co., Halifax, N. S., recently refered.
ceived subscriptions for $200,000 pref. 7% cum. stock (pref.
p. & d. and redeemable at 110%; divs. Q-F.) on the following terms: $100 7% pref. stock and $40 common stock for
$100 and accrued pref. dividend. A prospectus showed:

Northern California Power Co., Consolidated.

Int. on
Balance,
Other
Net (after
Gross
Oct. 31
Surplus.
Bonds, eic.
Taxes, dec.). Income.
Earnings.
Year$282,788
$132,668
$20,629
$394.827
1911-12 _ _$706,933
256,403
167,023
15,196
408,230
639.702
1910-11
Total surplus Oct. 31 1912 was $428,375, after deducting $25,490 for
damage judgment entered previously but now finally affirmed and $2,720
-V. 95, p. 548, 424.
doubtful accounts written off.

-Increase of Stock from
Pacific Mills, Lawrence Mass.
$3,000,000 to $12,000,000 bY 200% Stock Dividend and Sale
of $3,000,000 at Par to Shareholders-Reduction of Par Value
-The shareholders will vote Dec. 20 on
from $1,000 to $100.
the following propositions:

(1) That the par value of shares be changed from $1,000 to $100 by issuing to each shareholder ten shares of stock for each outstanding share.
(2) That $6,000,000 of the surplus assets be converted into permanent
capital by increasing the capital stock from $3,000,000 to $9,000,000, such
additional stock to be distributed to the stockholders by issuing 20 shares
of new stock of the par value of $100 each to each holder of one share of
the old stock of the par value of $1,000.
(3) That the capital stock be further increased from $9,000,000 to $12,000,000 by the issue for cash at par of $3,000,000 new capital stock to be
offered for subscription to the.shareholders proportionately, to be paid for
on or before Mch.11913,int. at rate of 5% to be allowed on prepayments.
Digest of statement by Treasurer Edwin Farnham Greene.
Incorporated in 1850 with a capital of $1,000.000, which was increased
from time to time up to $2,500,000 in 1858 and in 1900 to $3,000,000.
During the past five years there have been extensive additions to the
properties and plants. The plant, merchandise and all other assets of
the Cocheco Mfg. Co. have been purchased, its debts assumed, and the
property, since the purchase, greatly improved. We have also constructed the new print works In South Lawrence replacing the old Pacific
and Cocheco plants, which is just starting up with 48 printing machines
and adequate facilities in other departments. The company has temporarily financed the above and other substantial improvements and additions to its plants, and now plans to, in part, capitalize such expenditures.
During the past five years our sales have increased 50%, continuously
requiring additional working capital. In 1860 Pacific Mills employed
about 2,000 hands, whereas we now employ upwards of 8,000.
The directors find a general desire on the part of the shareholders that
the par value be changed from $1,000 to $100, and that enough additional
shares be issued to more nearly represent at par the value of the company's
assets.
110
1 +To provide additional working capital for the increased volume of business, the directors deem it advisable that $3,000,000 additional capital
be obtained by the issue for cash of 30,000 shares of new stock of the
par value of $100 each.
If the recommendations are adopted, each holder of one share of the
present stock of the par value of $1,000 will receive 30 shares of the par
value of $100 per share, and will be entitled to subscribe for cash at par to
10 shares of the new stock of the par value of $100 per share.
.
Further Data-Balance Sheets as of Dec. 31.
1910.
Laabilities1911.
1910.
Assets1911.
Real estate_ _ _$2,326,500 $2,326,500 Capital stock_$3,000,000 $3,000,000
673,500 Floating debt_ 3,759,000 3,590,000
673,500
Machinery __
6,141,817 6,248,279
Material ____ 5,629,852 5,237,011 Surplus
Cash&d'ts rec. 4,270,965 4.601,268
-Per Cent.
for Last Six Years
Dividends
1012.
1900. 1901-04. 1905. 1906. 1907. 1908. 1909. 1910. 1911.
12 See below
12
16
32
12
12
30 10 y'ly.
20
In 1912 changed dividend period, paying 2% (for 2 months) Feb. 1 and
6% Aug. 1.-V. 89, p. 415.

$68,369
$55,308
$65,408
Balance for dividends
Until .Dec. 1909 surplus earningstvent to increase the working capital,
Since Dec. 1909 4% has been regularly paid each year on the common stock.
requiring $48,000 annually. Prof. dividends require $10,500. Old Colony
Trust Co. is transfer agent; First Nat. Bank of Boston, registrar. Directors:
Joel F. Sheppard, Pres., East Braintree, Mass.; Arthur L. Robinson, Treas.,
Boston; Wm. H. Doble. Gen. Mgr., Norfolk Downs; Chester B. Humphrey
-V. 03, p. 1607.
and Jerome C. Smith, Boston.

-Status.
Portsmouth, Berkley & Suffolk (Va.)Water Co.

-V.91, p. 876.
See Amer. Water W.& Gu. Co. under "Reports' above.

-Status-Bonds-Earnings.
Racine (Wis.) Water Co.

-Y. 94, p. 1190.
Soo Amer. Water W.& Gu. Co. under "Reports" above.

Rubber Goods Manufacturing Co., N. Y.-9%for Year.

o
A dividend of loy , payable Dec. 14 to holders of record Dec. 10,-has been
declared on the $6,941,700 common stock (all of which, except about
$200,000. is owned by the U. S. Rubber Co.). The same amount was distributed in Sept. and June last, but in March last 6% was paid.
Previous Dividend Record of Common Stock (Per Cent).
1900. 1901. 1902 to 1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912.
9
8
1
1
1
4
1
None
3
2

-See United States Rubber Co. below.
Offer of Exchange.
-V. 94, p. 981.
-Status-Bonds-Earnings.
St, Joseph Water Co.

-V.90, P. 855.
See Amer. Water W.& Gu. Co. under "Reports" above.

San Diego (Cal.) Consolidated Gas & Electric Co.
-The shareholders will vote Dec.23 on authorNew Securities.
izing an issue of not exceeding $3,000,000 debentures, payable not later than Dec. 1922 and bearing not over 6% interest, in order to discharge floating debt incurred for improvements and additions.
-Harris, Forbes & Co., N. Y., Harris Tr. & Say.
Bonds.
Bk., Chic., and N.W.Harris & Co., Bost. recently offered,
at 98% and int.,$250,000 1st M.5% gold bonds, dated 1909,
due Mch. 1 1939;opt. at 105 and int. on or after Mch. 11914.

Digest of Statement by H. M.Ityllesby & Co., Managers, Chicago, Sept. 17.
Operates without competition in San Diego, Coronado Beach, National
City, Chula Vista, La Jolla, Lemon Grove, Coronado Island, Pacific Beach,
El Cajon, Lakeside, Santee, La Mesa Springs and Mission Township, including City heights and Normal Heights, serving a population In excess
of 64,000 with gas and electricity for lighting, heating, fuel and power.
Owns thoroughly modern gas and electric generating plants and comprehensive distributing systems.
Services July 311905. 1907. 1908. 1909. 1910. 1911. 1912
2,168 5,254 6,116 7,249 8,834 11,615 15,890
Gas meters
1,257 2,640 3,413 4,361 5,815 8,160 11,960
Electric meters
469
311
367
423
279
261
221
City arcs
Inoand.(16 c.p. equiv.) 17,834 41,653 56,010 70,347 96,213 182,255 243,299
Outstand'g.
uthortud.
Capitalization$3,000,000 *52,715,000
Common stock
3,425,000
6,000,000
First mtge. 5s (par $1,0300: Interest M. & S.)
'There is also $10,900 pref. stock, the remnant of a $500,000 issue called
for payment at 110 and accrued dividends.
in escrow and can be issued for
Of the authorized
-New Stock.- not over 75% of the bonds, $2,575,000 are extensions and additions, but
0.
Peerless Motor Car Co. Cleveland,
cash cost of permanent
The shareholders will vote Dec. 20 on increasing the capital stock from only when the annual net earnings, after oper. expenses and taxes, are
'
$3,000.000 to $10,000.000, divided equally into common and pref. 50,000 twice the annual interest charge, including bonds applied for.
shares of each. Sec. G. B. Liddall writes: "No portion of the Proposed Earns.for Yrs. end. July 31 (Net for 1911-12 over 2 Yi times present int. clip.)
increase is to be offered for subscription at the present time.' See V. 95,
1910-11. 1911-12.
1910-11. 1911-12.
p. 1477, 622.
*171,250
Gross earnings__ _$676,940 $891,023 Int. on bds.now out
$285,084
People's Light &!Heat Co.,1Indianapolis.-New Control. Net (after taxes)-$348,156 $456,331 Balance, surplus..
1907-08 gross, $350.920; 1908-09, $308,620; 1909-10, $492,581.
• For
This company. which has recently passed under the control of the Am.
• The company is required to pay annually amounts equal to 3% of the
Public Utilities Co. (which see above), was incorp. in 1908 as a consolida-




DEc. 7 1812 J

THE CHRONICLE -

outstanding bonds from 1910 to 1914 incl. and 5% from 1915 to 1938 incl.,
-to a trust fund for special replacements and renewals which cannot be made
the basis for the issuance of bonds. Three payments, amounting to $177,750, have been made to this fund, and tile entire amount has been expended
for replacements and renewals. See also V. 88, p. 1135.
[The company on Sept. 1 1911 (not 1912) adopted a new schedule reducing its lighting rates from 10.8c. to 9c. net perk. w. hour, or about 16%.
with corresponding reduction in motor rates varying from 11% to 27%.
Prior to 1902 the lighting rate was 25c. per k. w. hour, at which time it was
reduced to 20c. The preserft management, which assumed control April,
1905, has with the present reduction, lowered the rates approximately
55% within a period of six years.-Ed.I.-V. 93, p. 1325.

-Total Sales Nov. 30.Sears, Roebuck & Co.

1912-ivoverribcr-1911. ine.(%)I 1912-11 Months--1911. Inc.(%)
$8,132,179
38,949,929
10.6 I $72,763,031
$60,510,472
20.25
-V.95, p. 1276, 893.

Shawinigan Water & Power Co.
-A
-On 6% Basis.
quarterly dividend of 13/2% has been declared on the stock,
payable Jan. 20 to holders of record Jan. 7, comparing with
13.i% quarterly from April 1911 to Oct. 1912 and 1% quarterly from Sept. 1907 to Jan. 1911.-V. 95, p. 1276.
Shreveport(La.) Water Works Co.
-Status-Bonds-Earns.
See Amer. Water W.& Gu. Co. under "Reports" above.
-V.95, p. 754.

Smart Bag Co.
-Merger Approved.
-

1547

(2) To offer the holders of the Rubber Goods Mfg. Co. 7% pref. stock
not yet acquired ($2,413,900) the privilege of exchange for 8% first pref.
stock of the United States company, share for share.

Increase of Subsidiary Stock.
-See General Rubber Co.
above.
-V. 95, p. 970, 485.
United Water & Light Co., Pittsb.-Status-Bonds.-

See Amer. Water W.& Gu. Co. under "Reports" above.
-V.91, p. 158.

Willys-Overland Co., Toledo, O.-Pref. Stock Offered.
William Salomon & Co., New York and Chicago, are offering, for subscription, at par ($100 a share) and accrued
dividend to date of delivery, the unsold portion of the new
issue of $5,000,000 7% cumulative pref. (p. & d.) stock,
dividends Q.
-J. Red., all or part, at option of company at
110 and divs. on 60 days' notice. Sinking fund will purchase
or call. Capitalization, authorized and issued: Pref. stock
(present issue), $5,000,000; common stock, $20,000,000.
Application will be made to list the pref. stock on the New
York Stock Exchange. The plants of the company and its
subsidiaries are located in Toledo, 0., Elyria, 0., Lima, 0.,
Elmira, N. Y., and Indianapolis, Ind.

Digest of Statement by Pres. John N. Willys, Toledo,0., Nov.19 1912'
Organization.
-Incorporated in Ohio [Nov. 12 1919 and will acquire the
properties and business of the Willys-Overiand Co. of Toledo, 0. (old co.)
South Pittsburgh Water Co.
-Status-Bonds-Earns.
- including all the issued and outstanding capital stocks of the Kinsey Mfg.
See Amer. Water W.& Gu. Co. under "Reports" above.
-V.91,p.1714. Co. of Toledo, 0., the Morrow Mfg. Co. of Elmira, N. Y., the
Garford
Co.
(V. 93. p. 49), the
Southwestern (Bell) Telegraph & Telephone Co. and of Elyria,0.Motor Works of Gramm Motor Truck Co. of Lima,0.,
the Federal
Indianapolis, Ind., except that there reA certificate WM filed at Albany, N. Y., on Dec. 3, increasing the capital main outstanding
$500,000 7% pref. stock of the Garford Co. and $451.800
stock from $20,000,000 to $40,000,000, making the corporate existence pref. and $230,000 (being
about 30%) of the common stock of the Gramm
perpetual and increasing the directors from 7 to 15.-V.93, p. 801.
Motor Truck Co. and $20,700 common stock of the Morrow Mfg. Co.
Neither the
its subsidiaries have any funded debt other than
Spanish-American Iron Co.
-First Mtge. Bonds Called. a mortgage company nor of the
for $127,500
Gramm Motor Truck Co.
One hundred and fifty-six ($156,000) 1st M. 20-year sinking fund 6%
The old management will control through the ownership of a majority
gold bonds, dated July -1 1907,for payment on Jan. 1 1913 at par and int, at
the Girard Trust Co., Philadelphia. Notice is also given that three bonds of the common stock and will continue active in directing the affairs of the
(Nos. 3,166, 4,634 and 4,642), which were called for payment on Jan. 1 business. Capitalization, auth. and issued, 7% cum. pref. stock, $5,000,000; common stock. $20,000.000.
1912, remain unpaid.
-V. 94, p. 1570.
Business.
-One of the three largest manufacturers of automobiles in the
United States. Its entire output for
Standard Sanitary Mfg. Co., Pittsburgh.
-Opinion.
- Indicating a gross business of about the present fiscal year has been sold,
The opinion of Justice McKenna of the U. S. Supreme Court in the suit
$40,000,000 for the year. The combrought by the Government, which was handed down on Nov. 18, is given pany holds the unique position of manufacturing practically every part of
at some length in the "Electrical" World of New York of Nov. 30. Com- its cars from the raw materials, purchasing merely a few parts, such as
wheels, tires and patented articles. The business grew from an initial
pare V. 95, p. 1407, 1126.
Investment of $11,000 which I made in the spring of 1907. A total of about
Swift & Co. (Packers), Chicago.
-Charter Extension
- $33,000 in cash was put into the business and during the five years since
that
Purchase of Certain Assets of National Packing Co.
-The share- &c.) time the total net assets (exclusive of good-will, patents, trade-marks,
have increased to over $10,800,000.
holders will vote Jan. 2 on
Co. (old Co.)
(1) Extending the term of the company's corporate existence from March Sales of Willys-Overland -Contracts for Five Years ending June 30 1908 to
for Year 1912-13.
1912
31 1915 to Jan. 1 1984.
1910-11.
1911-12.
1912-13.
1909-10.
1908-09. 1907-08
(2) Approving the action of the directors in purchasing for the company
22,548
38,300
15,384
13,508
certain of the assets, property and business of the National Packing Co., the Cars,No.
3,081
323
latter company (in which certain of the directors of Swift & Co. were in- Value_ _$40,000,000 323570,825 318429,570 316368,550 34464,350 $412,750
During the first four months (ending Oct. 31 1912 of the present fiscal
terested) having, in order to avoid the objections og the Government to
year the company produced and shipped over three times as many cars as
Its form of organization, decided to liquidate the company and dispose of its
In the same period last year and at present is behind on orders for over
assets (see plants to be acquired, V.95, p. 547).
It is common impression that the aforesaid purchase will be financed by 2,500 cars. Present output over 120 cars per day, which will shortly be
increased to about 150 cars per day.
an Lssuo of bonds.
-V. 96, p. 548.
Square Feet of Floor Space in the Buildings.
Taylor Iron & Steel Co., High Bridge, N.J.-Bds.Called. 1909.
1910.
1911.
1912.
Now BI
Two hundred and thirty-six ($236,000) 1st M. 5% bonds issued under 400,000
550,000
802,000
175,
mortgage dated July 11909. for payment at par and int. on Jan. 2 1913 at
Will shortly have a total of 2.003.000 sq.ft.of fioor 40 0 in its factories,
l,70 ap0
0 ce
Commercial Trust Co., Jersey City.
-V. 95, p. 822.
producing between 35,000 and 40,000 cars per annum, with a gross business
of between $35,000,000 and $40,000,000, with about 7,500 employees,
Tobacco Products Corporation, N. Y.
-New Stock.
:
The New York Curb Listing Committee has listed $2,000,000 additional and represented by 2 500 to 3,000 dealers throughout the world.
Preferred Stock Provisions.
-(a) Cumulative pref. dividends 7% per ann.,
7% cum. pref. stock, increasing the amount of pref. listed to $10,000,000.
payable quarterly from Oct. 1 1912; (b) entitled to prior payment of prin-V.95, p. 1043, 1212, 1335.
cipal at 110 in any voluntary winding up (at par on involuntary liquidation)
Tonopah Belmont Development Co., Phila.-Decision. or when called at co's option in whole or in part by lot or pro rata, with
The U. S. Circuit Court of Appeals at Philadelphia
accrued dividends on 60 days' notice. (c) Will have exclusive voting power
reversing the lower court (Judge Rellstab), held that theearly last month, in case the company shall fall for four quarterly periods to pay the regular
so-called Butters pref. dividend,
filter, owned by the company, infringed the process patent
and thereafter so long as any pref. dividends are in arrears.
of the Moore
Filter Co. (No. 764,486, granted July 5 1904 to George
other times
Moore). The (d) Atoutstanding has no voting power except that, without consent of 75%
decision sustains the broadly claimed process of slime
pref.stock,the company cannot (1) sell or dispose of the
of.the
in the opinion (by Buffington, J.). saying: "After a filtration, the Court, property and business of the company or any controlled co. or any stock
careful study of Mr. of any
Moore's patent, we have reached the conclusion that his process
controlled company;(2) dispose of any plant which would materially
is a radical
departure from the whole prior art and was an original and
pioneer step in reduce the earning capacity unless the proceeds are used to increase the
metal recovery by filtration. Like all important inventions,
physical assets
its merit is its co. to create or to retire the pref. stock;(3) create or permit any affiliated
simplicity, and its novelty consists in his utilizing the
any mortgage or other lien or any additional bonds or any
processes of nature. These processes he has, of course, simple elemental of stock having priority over or on a parity with the authorized pref. share
stock
neither discovered or increase
nor invented, but he has utilired them in combination in a
the authorized pref. stock; (4) create, issue or guarantee or
manner never permit any affiliated
before used and has thereby secured a new result."
co. to create, issue or guarantee any bonds, notes or
Counsel for the Butters Patent Vacuum Filter Co. claims
other evidences of indebtedness maturing later than one year from date
that
errors of fact are contained in the opinion, and that the decision serious of issue. (e) No dividends on the common stock unless the consolidated
will be net quick assets thereafter
reversed by the U. S. Supreme Court; also the decision
shall equal the amount of pref. stock outstanding,
apparatus patent is not infringed remains in force. The that Moore's and no dividend in excess of 6% per ann. unless the consolidated net quick
other pending assets after such div.
suit upon the Butters patents against the Moore Filter Co. is, he states,
shall 1)3 equal to 120% of tho prof. stock outstanding.
not
affected by the present decision, but as the Moore Filter
Cumulative Sinking Fund to Retire Pref. Stock.
-Out of surplus profits
admit its own responsibility for the use of the Butters Co. has refused to from the business after full dividends upon the pref. stock, $250,000 on
acid wash and
reduced vacuum while the filter is exposed to the air, he advises that suit of July 31191'! and in each year thereafter, and also on July 31 1916 and yearly
be thereafter, any amount by which 10% of the net
brought against the infringing users themselves -V.83, P. 1360.
income for the fiscal year
then last ended shall exceed $250,030.
Twin Falls Oakley Land & Water Co.
-Status-Bonds. Appraised Net Tangible Assets, $10.828,393, Sept. 30 1912 (exclusive of
See Amer. Water W.& Gu.Co. under "Reports" above.
-V.89, p. 1000.
Good-Will, Patents or Trade-Marks), New Co. and Subsidiary Cos.
Twin Falls Salmon River Land & Water Co.
[After giving effect
-Status.
- Real estate, buildings to application of new cash reducing current Halal.
See Amer. Water W.& Gu.Co. under "Reports" above -V.92, p. 1570.
and equipment
$4,293,830
Investment in the Garford Co. and the Gramm Motor Truck Co.
Union Bag & Paper Co.,New York.
-Pref Div. Omitted.
.
- Net current assets-Inventories, $5,331,466; accounts and notes 1,303,829
receivable, 31,839,832; cash, $1,102,674; total, $8,273,973;
The directors have decided to omit the usual dividend on
less current liabilities, $3.045.325; net
trade-marks5.a22e8d,6d11
the $11,000,000 7% cumulative preferred stock.
The above makes no allowance for the good-will,
A disbursement of 1% quarterly was made from Oct. 1906 to
signs, which represent
,
inclusive. President Barrett says: "For the past five months Oct. 1912, company having spentlarge sitilli of mono) and are of great value, the old
the selling
about $400.000 last year for advertising.
price of bags has been lower than ever known in the bag business, and on
Earnings.
-From report of Price, Waterhouse & Co., with President's
account of the fact that no tendency towards improvement in prices
estimate for 1912-13:
parent as yet, the directors were convinced that a conservative policyis apas to Consolidated Net Earnings Applicable to Dividends-Year ending June 30 1912
dividends was advisable, and accordingly decided to pass the
usual quar-Annual Averagefor 3 1-6 Years to Sept. 30 1912-Est. Yr. end. June30'13
terly -dividend at this time.
Dividend Record of Preferred Stock (Per Cent).
'11-12. (2)Average.(3)Est. 1912-13
1899.
Net for dividends, after adequat(enalY-e"
1900 to 1905.19
60x6.
1907 to 1912.
3
lowance for depreciation
7 yearly.
$3,335,822 $2.492,228over $5, 50 0000
30 :0 0
0
4 yearly.
-V. 94, P. 1190.
Amount required ta pay dividends on
the preferred stock
Union Stock Yard Co. of Baltimore.
-Bonds Called.
- The figures (1) and (2) above take no account of the substantial saving
Nineteen 1st M..5% gold bonds,
issued under mortgage
1898, for Payment at par and int. on Jan. 1 1913 at Westerndated Dec. 15 which should result from the provision through the present financing of
Nat. Bank of some $2.682,500 new cash capital which, at 6%, would amount to over
Baltimore.
-V. 94. P. 1570,
.
60y esti ma year
$1m ,000 per te of
over $5.000.000 a•s the net earnings for the year ending
United Coal Co., Pittsburgh.
-Status
upon
. See Amer. Water W.& Gu. Co. under "Reports" -Bonds-Earn.- Juno 30 1913 is basedsale ofcontracts already made and supported by cash
above.
-V.95,p.1407. deposits covering the
over 38,000 cars, representing a gross business
United Fruit Co.
of about $40,000.000 this year, which compares with the sale of over 22,000
-Earnings.
-Year ending Sept. 30:
cars, a gross business of about $25,000,000 and net profits of 33,335.822
Net
Fisial
Other
Bond
Cash Divs. •
Balance, last year. The net earnings for the three months
YearEarnings.
ended Sept. 30 1912 were
Income.
Interest. (8%).
nearly three times the amount earned in the same period last year.
1911-12
$4,495,616 $836.496 $424,584
$2,395,788 $2, ur,41
8 1 1 1us
5 17 .
Outlook.
-The manufacture of automobiles has
1910-11
4,277,623
an
761,117
327,771
2,164,712
2,546,257 industry, with large possibilities for the increased become the established
-V.95, p. 822, 685.
sale of
low-priced
car in both the urban and rural districts. It is estimated that about 65%
of the Overland cars
United States Rubber Co.
districts, where
-Offer of Exchange of First horses, especially forare being sold in the ruralfarmer and his they replace
the transportation
family. The
Pref.for Second Pref. Stock.---Offer to Rubber Goods Mfg. Pref. demand for low-priced American cars isof theconstantly increasing
both in
Shareholders.
-The directors on Thursday authorized the England and on the Continent, and the also
company expects to export about
4,000 cars this year. The recently-acquired Gramm Motor Truck Co.
officers
and the Garford Co., with their well-established reputations as manufacture
(1) To retire the 2d pref. stock ($10,000,000
commercial vehicles, introduces great possibilities for future growth in
and exchange on the basis of 3 shares of 8% firstoutstanding) by purchase of branch of the business.
this
pref.
2d prof. stock, as authorized by the stockholders stock for 4 shares of
%
June 17 last (V. 94,
p. 1703).
For other Investment News see page 1549.
The shareholders at the meeting on lDec. 2 voted unanimously to amalgamate with the Woods, Ltd. (as of Jan. 1 1913).-V. 95, P. 1408.




THE CHRONICLE

1648

[voL. Lxxxxv.

pports and Doicuments.
AMERICAN WATER WORKS AND GUARANTEE COMPANY.
(A HOLDING AND AN OPERATING COMPANY,INCORPORATED UNDER THE LAWS OF NEW JERSEY.)

OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF THE 6% CUMULATIVE PARTICIPATING PREFERRED STOCK.
quarterly dates as the By-Laws of the Company may hereafter provide. Said dividends on the Preferred Stock shall
be cumulative and shall be payable before any dividends on
the Common Stock shall be paid or set apart, so that if in
any year dividends amounting to Six per Centum (6%)shall
not have been paid thereon, the deficiency shall be payable
before any dividends shall be paid upon or set apart for the
Common Stock.
Whenever all cumulative dividends on the Preferred Stock
for all previous years shall have been declared and shall have
become payable, and the accrued quarterly installments for
the current year shall have been declared, and the Company
shall have paid such cumulative dividends for previous years
and such accrued quarterly installments, or shall have set
aside from its surplus or net profits a sum sufficient for the
payment thereof, the Board of Directors, in itg discretion,
may declare dividends on the Common Stock, payable then
or thereafter, out of any remaining surplus or net profits,
which dividends on the Common Stock shall nQt exceed the
sum of Six per Centum (6%) per annum, except as hereinafter provided; and any deficiency in the payment of or failure to pay dividends on the Common Stock to the amount of
Six per Centum (6%) in any year may be made up in any
subsequent year out of any surplus or net profits then existing, and, except as hereinafter otherwise provided, the same
shall be paid before the holders of the Preferred Stock shall
be entitled to further participation in the surplus or net profits of the Company as hereinafter mentioned; but no dividend shall be declared or paid on the Common Stock unless
all arrears of dividends on the Preferred Stock shall have been
duly paid or declared, and a sum sufficient for the payment
thereof shall have been set aside for that purpose.
The Company may declare additional dividends from its
remaining undivided profits or from any surplus from time
to time existing in excess of Two Million ($2,000,000) Dollars, as the Board of Directors, in its discretion, may determine; but such additional dividends shall be payable to
the holders of Preferred and Common Stock equally and without priority or discrimination; provided that all dividends
for previous years, both upon the Preferred and Common
Stock, at not less than Six per Centum (6%) per annum,
shall have been paid or declared, and a sum sufficient for
the payment thereof shall have been set aside for that purpose.
Surplus
Cash
In event of the liquidation, or dissolution, or winding up
after
Common dividends
or by the expiration of
Capital during payment of (whether voluntary or involuntary,
dividends.
year.
its period of corporate existence), of the Company,the holdStock.
$257,581 42 ers of the Preferred Stock shall be entitled to be paid in
$1,000,000 13%
Feb. 1 1892
.264,057 62
1,000,000 6%
Feb. 1 1893
319,740 57 in full all dividends theretofore accrued and unpaid, and the
1,000,000 6%
Feb. 1 1894
357,567 75 par value of such Preferred Stock; and after such payment
1.000,000 6%
Feb. 1 1895
371,111 14
1,000,000 69
Feb. 1 1896
401,350 78 shall have been made the Common Stock, to the extent
1,000,000 109
May 1 1897
444,607 72 of its par value, plus all dividends, if any, to the extent of
1,000,000 89
7
May 1 1898
1,627,880 16
1,000,000 14%
May 1 1890
1,300,637 46 Six per Centum per annum, which the Company theretofore
2,000,000 5%
May 1 1900
1,421,473 73 may have failed to declare and pay, shall be paid in full from
2,000,000 9%
May 1 1901
1,525,009 19
2,000,000 6
May 1 1902
1,596,373 09 such assets as remain; and any surplus then remaining to
2,000,000 6%
May 1 1903
1,600,000 00 the amount of Two Million ($2,000,000) Dollars shall be
2,000,000 697
May 1 1904
1,600,000 00 distributed among the holders of the Common Stock; and
2,000,000 69
May 1 1905
1,600,000 00
69'
2,000,000
May 1 1906
1,600,000 00 all surplus, if any, thereafter remaining, in excess of said
2,000,000 69
May 1 1907
2,000,000 00 amount, shall be distributed among the holders of the Pre2,000,000 6%
May 1 1908
2,500,000 00
2,000,000 6%
May 1 1909
4,500,000 00 ferred and Common Stock, share and share alike.
2,000,000 6%
May 1 1910
8,122,316 61
2,000,000 6%
From time to time the Corporation shall have the right to
May 1 1911
3 quarterly dividends of
increase the amount of its Capital Stock, or make any other
5,000,000
1% each paid on
3,103,464 62 change, amendment or alteration in its Certificate of InMay 1 1912 1 quarterly dividend of Yi of
10,000,009
1% paid on
corporation, in the manner then authorized by law, with the
Capital Stock dividends have been declared out of the consent of two-thirds in interest of each class of the stocksurplus earnings as follows:
holders, to-wit: Common and Preferred; but the Preferred
1899—$1,000,000.—Increasing Capital Stock from $1,000,000 to $2,000,000 Stock shall not be increased beyond the sum of Ten Million
1911— 3,000,000.—Increasing Capital Stock from 2,000,000 to 5,000,000 ($10,000,000) Dollars, as authorized by this amendment,
1912— 5,000.000.—Increasing Capital Stock from 5,000.000 to 10.000,000
without the consent of the holders of at least three-fourths
(Title changed to Common Capital Stock February, 1912.)
The $10,000,000 Preferred Stock applied for, authorized in interest of the then outstanding Preferred Stock. The
in February, 1912, was sold for cash to provide additional Common Stock, at the discretion of the Company, may be
working capital to handle profitably the operation of its issued in exchange for Preferred Stock with the consent of
rapidly growing subsidiary companies, to enable the Com- the holders of any of the Preferrrd Stock, and all such Prepany to economically finance extensions and improvements ferred Stock so received by the Company shall be canceled
to the properties of the subsidiary companies, and for the and shall not thereafter be reissued, and either the Preferred
or the Common Stock may also be issued in payment for
corporate uses of the Company.
Quarterly cash dividends on the Preferred Stock, at the such property as the Company has authority to purchase or
rate of Six per Cent per annum were paid July 1 1912 and for such other purpose or purposes as the Board of Directors of the Company may lawfully authorize.
October 11912.
The Company has no bonded indebtedness, but is conThe Certificate of Incorporation provides as to the relatingently liable, as hereinafter set forth, in respect of its
tive rights of the Preferred and Common Stock as follows:
"The holders of the Preferred Stock shall be entitled to guarantees of principal and interest of bonds(amounting
receive, when and as declared, from the surplus or net pro- to 837,589,000) of some of the Companies controlled by it
fits of the Company, dividends at the rate of Six per Centum through stock ownership, each of which issues of bonds so
.
(6%) per annum, but no more, except as hereinafter other- guaranteed is secured by mortgage assets in excess of the
wise provided, payable quarterly on the first days of Janu- bonded debt. The liability under such guarantees is little
ary, April, July and October in each year, or at such other more than nominal, inasmuch since the inception of the bust-

Pittsburgh, Pa., October 18 1912.
The American Water Works & Guarantee Company hereby
makes application to have placed upon the regular list of
the New York Stock Exchange $10,000,000 of its Six Per
Cent Cumulative Participating Preferred Capital Stock,
issued and outstanding, consisting of 100,000 shares of the
par value of $100 each, being the total authorized issue.
. The American Water Works & Guarantee Company was
incorporated under the laws of the State of New Jersey
January 27 1891. The duration of the Company is for fifty
years from January 2 1912.
its
.
The Company has the right, among others, under .
Certificate of Incorporation, and is engaged in and carrying
on the business, of constructing, equipping, improving, extending and, enlarging for others, water works, gas, electric light, heat and power plants, sewerage systems, irrigation works, canals, drainage systems, steam railroads and
street railway systems, and the purchasing and acquiring
for the purpose of supplying, selling, and furnishing all materials or property necessary for the carrying on of such business,and the acquiring,selling or pledging shares of the capital stocks,.bonds and securities of corporations or jointstock associations, and the guaranteeing or assuming payment of, or agreeing to pay, the principal and interest of
any bonds, obligations, notes or other evidences of indebtedness owned by the Conpany, or which shall be created by
any sub-company or subsidiary company.
The total authorized Capital Stock is $20,000,000, consisting of $10,000,000 of Six per Cent Cumulative Participating Preferred Capital Stock and $10,000,000 of Common
Capital Stock, shares of the par value of $100 each. All
of the Preferred and Common Stock is fully paid and
non-assessable. No personal liability attaches to the ownership of the stock. The Preferred Stock cannot be increased
beyond the sum of $10,000,000 without the consent of the
holders of at least three-fourths in interest of the then outstanding Preferred Stock, and the corporation shall not have
the right to increase the amount of its Capital Stock or make
any other change, amendment or alteration in its Certificate
of Incorporation in the manner then authorized by law without the consent of two-thirds in interest of each class of
Stockholders.
The capital of the Company was increased and dividends
have been paid as follows:




THE CHRONICLE

DEC. 7 1912.]

ness the total amount of the claims under such guarantees
represent less than one-third of One per cent of the amount
guaranteed. The Company is not permitted by its Certificate of Incorporation to create any bonded indebtedness or
issue any bonds or debentures executed by it without the
consent of at least three-fourths in interest of each class of
the stock of the Company then outstanding given separately.
*
*
*
*
*
*
*
The holders of the Preferred Stock have equal voting powers with the holders of the Common Stock, except as otherwise provided by the Certificate of Incorporation, and are
entitled to representation on the Board of Directors.
*
*
*
*
*
*
*
INCOME ACCOUNT FOR YEAR ENDING APRIL 30 1912.
$3,682,985 33
Gross earnings of all water-works companies owned
454,757 65
Dividends from subsidiary companies, &c
$4,137,742 98
1,442,326 83

Operating expenses of all water-works companies

$2,695,416 15
Net earnings
1,604,354 79
Coupon interest on all obligations of water-works companies
Net income
*

*

*

*

*

*

$1,091,061 36
*

1549

Wagner Electric Mfg. Co., St. Louis.—New Stock.—
The shareholders, it is stated, will vote Jan. 13 on increasing the capital
stock from $1,500,000 (all common) to $1,800,000, the new stock to be
allotted at par pro rata to stockholders of record.—V. 94, p. 357.

Watertown (S. D.) Water Co.—Bonds Called.—
Bonds Nos. 71, 105, 111, 171, 223, 238, 293, 306 and 332, for payment
on Jan. 1 1913 at Empire Trust Co., New York City.—V.91, p. 1778.

Wellsville (N.Y.) Elec. Lt., Heat & Pow. C.—Status.—
See Amer. Water Works & Guar. Co. under "Annual Reports" above.

Wellsville (N. Y.) Water Co.—Status—Bonds—Earnings.
See Amer. Water Works & Guar. Co. under "Annual Reports" above.

Western Union Telegraph Co.—Termination of Litiga'n.
See Louisville & Nashville RR. under "Railroads" above.
The Supreme Court of Oklahoma on Oct. 29 sustained the valuation of
$1,000,000 placed upon the company's property by the State Board of
Equalization. The company's return was $400,000, it contending that
the State had no right to tax its property in Oklahoma at more than its
intrinsic value. The Court, however, held that not only is the physical
value of property in the State subject to taxation, but that the property
is also subject to taxation for the increased value given it by other property
owned in other States. Press dispatches state that under the decision
the company is ordered to pay $220,000 in taxes, penalties and costs of the
suit. The case is regarded as a test case for inter-State corporations
operating in Oklahoma.
--V. 95, P. 1045, 986, 983, 967.

Western United Gas & Electric Co.
--Bonds Called.—

All of the outstanding ($68,600) 1st M.57 bonds of the La Grange Gas
BALANCE SHEET AMERICAN WATER WORKS & GUARANTEE
Co. issued under mortgage dated Feb. 2 1903 have been called for payment
.
COMPANY. AUG. 1 1912.
at 103 and int. on Feb. 1 1913 at Continental & Commercial National
ASSETS.
Bank, Chicago. Any holders desiring to secure payment prior to Feb. 1
$8,719,588 77 are referred to N. W. Halsey & Co., Chicago.—V. 94, p. 1631.
Securities owned (par value, $35,406,500)
Common Stock of American Water Works & GuarFull paid
Westinghouse Electric& Manufacturing Co.—Decision.
30,000 74
antee Company purchased and for sale
The U. S. Circuit Court of Appeals, First Circuit, reversing the decision
512,500 00
Bonds and Stocks of subsidiary companies for sale
of the U. S. District Court for Massachusetts in the suit brought by the
Cost of Bonds and Stocks of other than subsidiary companies
for sale
1,178,225 00 company against the Condit Electrical Mfg. Co. for alleged infringement
Cash in banks and on hand
1,878,938 61 of the Wurts patent for a circuit-interrupting device, recently decided
City warrants
33,067 55 favorably to the latter. The appeal related to claims 3 and 4 of th3 Wurt3
Notes and accounts receivable
10,973,844 65 patent (No. 570,416, issued Oct. 27 1896). The complainant's claims are
Office furniture, &c
3,522 24 rejected on two grounds: (1) That they are not for true combinations but
a mere multiplication of similar and independent devices—for aggregations
$23,329,687 56 and not for combinations; (2) that the features of each system, even if
novel, do not involve patentable invention; in other words, that no inLIABILITIES.
vention is involved either in the single device or in a pair of such devices.
Capital Stock, common
$10,000,000
The suit is said to be one of a number of related cases, two filed by the WestCapital Stock, preferred
10,000,000 $20,000,000 00 inghouse and two by the General Electric Co. on the same date, all having
been, so far as they have been carried, decided in favor of the Condit comAccounts payable, including accounts payable of all subsidpany except the one involving the first Wright and Aalborg patent.—
82,967 82 V. 95, p. 754, 56.
iary companies
2,232,294 37
Operating and maintenance reserve
1,014,425 37
Surplus after payment July 1 1912 dividend
Wichita (Kan.) Water Co.—Status—Bonds—Earnings.—
See Amer. Water W.& Gu. Co. under "Reports" above.—V.95, p. 56.
$23,329,687 56

The American Water Works & Guarantee Company agrees
with the New York Stock Exchange:
That it will not dispose of its interest in any constituent
company, or allow any of said companies to dispose of its
interest in other companies, except on direct authorization
of stockholders of the American Water Works & Guarantee
Company,except as to property of Land and Irrigation Companies, which is changing constantly;
To publish at least once in each year and submit to the
Stockholders, at least fifteen days in advance of the annual
meeting of the corporation, a balance sheet showing assets
and liabilities at the end of the year, also a detailed statement
of its physical and financial condition, an income account
covering the previous fiscal year, and annually an income account and balance sheet of all its subsidiary companies;
To maintain a transfer office or agency in the Borough of
Manhattan, City of New York, where all securities shall be
directly transferable, and the principal of all securities with
interest or dividends thereon shall be payable;
To give at least ten days' notice in advance of the closing
of the books or the taking of a record of Stockholders for
any purpose;
To notify the Stock Exchange in the event of the issuance of
any rights or subscriptions to or allotments of its securities,
and afford the holders of listed securities a proper period within which to record their interests, and that all such rights,
subscriptions or allotments shall be transferable, payable
and deliverable in the Borough of Manhattan, City of New
York.
Certificates of Stock are interchangeable between New
York and Pittsburgh.
The Registrars of the Stock are The Farmers Loan & Trust
Company, in the City of New York, and The Colonial Trust
Company, in the City of Pittsburgh. The Transfer Agents
are The Equitable Trust Company of New York, in the City
of New York, and W. F. Craig, in the City of Pittsburgh.
The principal office of the American Water Works &
• Guarantee Company is at No. 164 Market Street, Newark,
New Jersey. The office of the American Water Works &
Guarantee Company in the City of Pittsburgh is located at
No. 345 Fourth Avenue, Pittsburgh, Pa.
The fiscal year of the corporation ends on the 30th day of
April. The annual meeting of the Stockholders is held on
the third Thursday in June at the office of the Company in
the City of Newark, New Jersey.
Directors: H. C. Miller, James S. Kuhn, W. S. Kuhn,
J. B. Van Wagener, Pittsburgh, Pa_,. term expires 1915;
Byron Trimble, W.K. Dunbar, T. B. Davis, W.B. McCain,
Pittsburgh, Pa., term expires 1914; H. L. Burrage, Boston,
Mass., Jerome Hill, Pittsburgh, Pa. E. L. Dunbar, Pittsburgh, Pa., Adrian Riker, Newark, N. J., term expires 1913.
Officers: James S. Kuhn,President; W.S.Kuhn,First VicePresident; W. K. Dunbar, Second Vice-President; T. B.
Davis, Third Vice-President; J. B. Van Wagener, Treasurer
and Auditor; W.B. McCain, Secretary.
AMERICAN WATER WORKS & GUARANTEE CO.,
By J. B. VAN WAGENER, Treasurer.




—Clark L. Poole and Edward C. Cronwall, heretofore
composing the co-partnership of Clark L. Poole & Co. of
Chicago, Ill., announce that they have incorporated under
the name of Clark L. Poole & Co., to perpetuate their business in the interests of their clients and to strengthen their
organization by the admission to their firm, as officers and
directors, of the following: A. Merrill Coit, for several years
identified with the firm; Kenneth D. Steere, formerly a
member of the firm of Adams, Candee, Steere & Hawley,
attorneys, of Chicago, Ill.. Frank R. Barns, formerly of
'
the Grayson-McLeod Lumber Co. and Frost-Johnson Lumber Co., of St. Louis, Mo.; H. C. Barron, in charge of the
San Francisco office; Horace S.Poole and Harry 0. Cronwall,
both bf whom have been for several years been identified
with the firm. They have also admitted as stockholders
Daniel H.Bitner, Horace J. Elliott and Robert H. Coit, who
for several years have been identified with the firm. The
mamagement of the corporation will be under the control of
Clark L. Poole and Edward C. Cronwall, whose financial
interest in the business is not affected by this change in the
form of their business organization.
—J. G. White & Co., Inc., 43 Exchange Place, this city,
have just received telegraphic advices of the award to their
London associates, J. G. White & Co., Ltd. of railroad contoo
struction work in the Argentine amounting' about $4,000,000,from clients for whom they have carried out several
previous contracts; this new contract, like the others, being
on their usual basis of cost plus a fee. The railroad to be
constructed constitutes a connecting link in the through system between Brazil and the Argentine Republic, with termini at Buenos Ayres and Rio de Janeiro.
—Harris, Forbes & Co. of this city, N. W. Harris & Co.,
Inc., of Boston, and the bond department of the Harris
Trust & Savings Bank of Chicago are jointly offering by
advertisement in to-day's issue $1,000,000 Montreal Tramways Co. 1st and ref. mtge. 5% bonds, due 1941. Price
9932 and interest. Complete circular upon request. See
advertisement for general particulars.
—The new firm of Harper & Turner, investment bond
dealers, began business last Monday in the Land Title Bldg.,
Philadelphia. Albert E. Turner was formerly identified
with the Philadelphia office of Edward B. Smith & Co. and
Clarence L. Harper recently resigned the vice-presidency of
the Merchants' Union Trust Co. of Philadelphia to form the
partnership with Mr. Turner.
—The Chas. W. Scranton Co., New Haven, Conn., has
issued a circular regarding the new issue of $500,000 stock
of the New Haven Gas Light Co. and is prepared to buy
and sell the subscription rights and to trade in them actively.
'
Present dividend rate, 8%. (See V. 95, p. 1046.)
—Walter E. Smart, with offices at 20 Orkney St., Portland, Me., has become the representative in Maine for C. E.
Denison & Co. of Boston and Cleveland. Mr. Smart was
formerly connected with the Portland Trust Co. before its
consolidation with the Fidelity Trust Co.

[VOL. Lxxxxv.

THE CHRONICLE

1550

Tixt Tonanterctal

Times,

COMMERCIAL EPITOME.
Friday Night, Dec. 6 1912.
Trade is still active, an armistice has been signed in the
Balkan war, a railroad strike has been averted and ba;nk exchanges are larger than for the same week in the two preceding
years. Gold has been imported, money is high, as usual
at this time of the year, and the iron and steel trade, despite
some slackening of the demand, is still on a liberal scale.
General trade was not affected by a sharp decline in securities
at the Stock Exchange. Speculation as a rule is quiet.
Trade, though large and frequently calling for deliveries far
ahead, is being conducted on a conservative scale.
The following shows the general stocks of merchandise here:

COTTON.
Friday Night, Dec. 6 1912.
THE MOVEMENT OF THE CROP,as indicted by ou r
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
437,010 bales, against 454,342 bales last week and 508,800
bales the previous week, making the total receipts since
Sept. 1 1912 5,810,627 bales, against 5,763,242 bales for the
same period of 1911, showing an increase since Sept. 1 1912
of 47,385 bales.
Receipts at
-

. Sat. I Mon.

Galveston
29,292
Texas City
11,194
Port Arthur_ __ _
Dec. 1 '12. Nov. 1 '12. Dec. 1 '11, Aran. Pass, &c_
-65i 1
Coffee, Brazil
bags_1,847,726 1,664,949 1,810,388 New Orleans__ _ _ 2
Coffee, Java
bags.. 44,393
54,108
51,286 Mobile
TER
Coffee, other
bags_ 216,666
264,113
212,536 Pensacola
Sugar
barrels.,
nil
nil
12,540 Jacksonville, &c. 7,886Hides
No.
8,058
8,000 Savannah
7,100
11,54
Cotton
bales. 65,790
60.717 Brunswick
76,366
Manila hemp
bales..
6,967
3,019
1,823 Charleston
27,aiii
Sisal hemp
bales_
500
261 Wilmington _
121
2,664
Flour
barrels_
46,400
21,000
44,550 Norfolk
4,232
LARD has declined with a moderate trade. Prime West- Newport News.._ 1,064
New York
206
ern $11 50;refined Continent $11 80; South American $12 35; Boston
424
Brazilian in kegs $13 45. Speculation in lard has been fairly Baltimore _ _ _ 1,183
Philadelphia..
161
active at lower prices, mainly owing to a decline in the hog
market coincident with large receipta of hogs. The monthly Totals this week 02_11A

statistics were on the whole bullish, but had only a momentary effect. A steady decline in hogs has been the feature.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Fri.
Wed. Thurs.
December delivery cts_10.90
11.00
10.870 10.87% 10.92% 10.90
January delivery
10.62% 10.65
10.57
10.57% 10.60
10.573
May delivery
10.17% 10.25
10.17 2 10.17% 10.20
10.22%

Tues,

Wed.

Thurs.1 Fri..

Total.

21,767 52,054 21,167 17,872 21,923 164076
6,32'7 11,98'7 8,110 7,214 1,340 46,172
---------------- 1,423 MI

gg TIgi 'fa 12
IN 11
5?
7
____

7,1,86

27,8H

2762
3,388

i_

88:18S
7,112

or,e5 87,HO 0§6 7,14 47
0
.
1:4 1-5 ,io5 1:644 1:962 10:683

3,706
4,089

3.411
6,277

____

685

360

---____

„
---100

__,
---49

52470 104.250 55-.R4R1

2,268 18,197
2,269 24,654
1,243 2,307
169
245 1,665
505 3,850
---- 2,070 3,253
___
310
NA_StAn• A7 AAR 427 win
3,296
4,399

The following shows the week-s total receipts, the total
since Sept. 11912, and the stocks to-night, compared with
last year:

1912.
1911.
Stock.
PORK steady; mess $19@$19 50; clear $22@$24 50;
Receipts to
family $23@$24. Beef strong; mess $18@$19; packet
This Since Sep This 1Since Sep
December 6.
Week. 11912. Week. 11911.
1912.
1911.
$19©$20; family $22@$22 50; extra India mess $37@$38.
Cut meats firm; pickled hams, 10©20-lbs., 12 ©13Mc.; Galveston
164,075 2,393,663 136,411 1,886,072 488,356 422,796
,
46,172 435,248 37,709 343,197
51,318
83,383
bellies clear f.o.b. New York, 6 to 12 lbs., 133
,@15c. Texas City
38c. Cheese, State, whole milk, Port Arthur &c_ 9,000 62,996 1 5,147 84,357 1 3,925
Butter, creamery extras
52,212
3,454
Aransas Pass,
colored specials, 173 ©18c. Eggs, fresh gathered extkas New Orleans.. _ _ _ 80,606 743,665 77,977 644,298 271,041 230,988
%
7,418
15,993
Gulfport
11,413
39@4
2c.
Mobile
9,406 135,154 18,197 181,083
53,210
77,589
64,923 7,032
7,886
72,615
OILS.
-Linseed easier; City, raw American seed, 46© Pensacola
442
11,025 3,578
26,097
1,409
47c.; boiled 47@48c; Calcutta 70c. Cottonseed oil weaker; Jacksonville, &c_ 49,150 851,840 79,249 1,339,939 181,600 266,633.
Savannah
19,071
winter 6.4097c.; summer white 6.40 ©7c. Cocoanut oil Brunswick
1,900 175,800 13,318 182,263
1,039
10,683 231,411 12,7761 252,327
58,609
63,852
easier; Cochin 10 M©103 0., Ceylon 9M Q9%e. China- Charleston
/
Georgetown
368
wood firm at 8M Q8%c. Corn fairly active at 5.55@5.60c. Wilmington
18,197 258,288 18,689; 297,889
32,787
34,236.
Norfolk
64,185.
73,600
24,654 315,218 30,485! 363,049
Cod steady at 40©42e.
N'port News,
7821
5,405
COFFEE has been quiet on the spot and rather depressed. New York &c.. 2,307 26,503
1011
1,665
2,952
2,251 109,579 120,36$
6,723
4,063.
3,850
13,270 4,438
23,784
No. 7 Rio, 14%c. Mild has been in only moderate demand, Boston
Baltimore
3,253
35,553 5,3871 41,535
10,040
3,851
with fair to good Cucuta 16@163%c. In futures there has Philadelphia
310
906
7,893.
2,145
been a moderate business at declining prices. The depression
Total
437,010 5,810,627 458,694 5,763,242 1,363,413 1,392,289.
has been noticeable not only in New York, but at Rio and
Santos, as well as Havre and Hamburg, and may be traced
In order that comparison may be made with other years,
partly, if not mainly, to persistent rumors that a considerable
quantity of valorization coffee is likely to be sold in the not we give below the totals at leading ports for six seasons:
very distant future. One rumor is to the effect that it is
likely to occur in January. The quantity mentioned in
1911.
1910.
1909.
1908.
1907.
these rumors is from 1,000,000 to 1,500,000 bags, including Receipts at- 1912.
950,000 bags here. It is true that the world's stock increased Galveston _ _ 164,075 136,411 121,418 84,492 160,095 88,255
42,856
17,192
58,626
15,482
13,015
869
during November less than had been expected. The increase TexasCity,&c. 80,606 77,977 84,025 21,272 84,302 103,334
New Orleans..
18,197
17,325
9,406
7,455
20,664
18,600
was only 181,409 bags, against an increase in the same week Mobile
79,249
67,628
49,150
25,610
59,367
64,063
last year of 245,389 bags. Visible supply is 12,820,498 bags, Savannah
13,318
17,800
7,489
Brunswick.... ! 1,900
948
11,575
12,776
6,993
against 13,474,030 on Dec. 11911. Closing prices were:
Charleston,c
16,136
10,683
4,934
6.434
Dec
13.00013.05
Jan
13.100)13.12
Feb
13.20013.25
March _13.44613.45

April
May
June
July

13.55 13.57
13.65 13.67
13.68@13.70
13.75@13.76

August _ _ _13.79013.80
Sept
13.85013.86
Oct
13.85013.86
Nov
13.85013.86

Wilmington
Norfolk
,&c.
N'port N.
All others_ _ _ _

18,197
24,654
2,307
17,406

18,689
30,485
782
27,954

10,416
36,013
289
12,751

6,954
18,162
680
4,916

11,967
30,136
8,711

28,903
30,570
278
4,807

SUGAR.
-Raw was quiet but firm. The receipts at Total this wk. 437,010 458,694 400,593 190,910 406,266 354,161
Atlantic ports for the week were 9,208 tons. From abroad 4,11......Q.,,.. 1 C Qin A9'7 CIA9 959A Olg ARA A ARM AAa A 222 205 4.021.277
come reports of late that there is no pressure to sell, despite
- ---------prospects for a large crop. Centrifugal, 96-degrees test,
The exports for the week ending this evening reach a total
4.05c.; muscovado, 89-degrees test, 3.55c.; molasses, 89
degrees test, 3.30e. Refined unchanged; granulated 4.900. of 313,176 bales, of which 111,280 were to Great Britain,
PETROLEUM.
-Refined firm; barrels 8.50c.; bulk 4.80c., 86,935 to France and 114,961 to the rest of the Continent.
and cases 10.40c. Naphtha stronger; 73 to 76-degrees in Below are the exports for the week and since Sept. 1 1912:
100-gallon drums, 23c.• drums $8 50 extra. Gasoline 86degrees 27c., 74 to 76 degrees 24c. 68 to 70 degrees 21c.
'
Week ending Dec. 6 1912.
'From Sept. 1 1912 to Dec. 6 1912.
Exported toand stove 193 e. Spirits of turpentine 38M ©39c. Com4
Exported to
Exports
mon to good strained rosin $6 10.
Contifrom
Great
Great
ContiTOBACCO.
-There has been only an ordinary business
Total.
Britain.France nest. Total. Britain. France. sent.
in most descriptions. The trade in binder has been of fair
Galveston _ 61,177 25,363 33,5161 120,056 800,172 251,3351 646,260 1,697,767
9,00
0
proportions and as supplies are anything but liberal, they Texas City_ 7,903 22,969
30,87p1 239,701 108,616 32,064 380,381
_
9,000 19,439 16,407 27,150 62,996.
are held firmly. Rather more inquiry has been noticeable Pt. Arthur_
Aransas
for filler and it looks to many as though it might see higher
11,959 13,213
200 25,372
Pass, dce15;i5i 55,204 278,779 74,941 123,691 477,411
prices. Sumatra is slow of sale for the reason that the NewOrleans
31,213 13,331
Mobile _ _ _ _
10,772 55,316.
assortment is, as a rule, far from attractive. The usual Pensacola _
1,666 1,656 15,105 25,421 24,397 64,923
trade in Cuban tobacco at this time of the year is in progress. Savannah_
20,689 33,418 100,801 56,575 311,873 469,240
78,729 143,654
Brunswick _
13,464 13,464 64,925
COPPER has been weaker at 17M ©17%c. for Lake and Charleston
5,01t 89,159 140,705
46,546
17.30Q17.40c.for electrolytic. European markets have also Wilmington
ii.671 62,259 48,821 105,656 216,736
so' 31,967 42,552
Norfolk _ _ _
10,085
been easier. Tin 49.30c. and quiet at the decline. Lead New York..
16.078 127,622 27,829 75,422 230,373
4.35c. Spelter 7.30e. Pig iron has been rather less active. Boston _ _ __
2,523 68,482
1,250 65,959
900 25,379 30,273
901
3,904
No. 2 Foundry East at furnace $17 50@$18. Steel, though Baltimore...
4,30
23,041
1,701 18,741
PhiladelP's
still in good demand, is not 'quite so active as recently. A San Fran_ _
61,856 61,856
11,206 11,206
17,890 17,890
1,35
1,35
new high record for average daily production of coke and PL.Towns'd.
anthracite pig iron was made in November, i. e., 87,827
Total __ _ 111,280 86,935 114,061 313,1761,897,300 642,8891,669,288 4,209,477
tons at blast furnaces. Some shortage in certain forms of
Total 1911_ 141,4932878733 116,012 286.38811.832,355 508,625 1.745.8664,086,846
• steel has resulted from the strike of trainmen at the Edgar
Note.
-New York exports since Sept. 1 include 15,513 bales Peru, &o..to Liverpool.
Thompson and Homestead works of the Carnegie Steel Co.




ate

DEC. 7

THE CHRONICLE

1912

1551

FUTURES.
-The highest, lowest and closing prices at
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not New. York the past week have been as follows:
cleared, at the ports named. We add similar figures for
Fa
R ,
New York.
52now'ggr.52101.0 400.1.25412,e41 52w,On Shipboard, Not Cleared for
Dec. 6 at-

Other CoastGreat:
Ge
Brztain. France.j many. Foreign wise.

Leaving
Stock.
Total.

512k 40.818
New Orleans__ 12,890 6,010 7139 13,667
Galveston ____ 41,466 18,165 76,377 36,231 7,210 179,449
2,300
800
Savannah ____
3,100
Charleston ___ 2,500
6,500
4,999 13..449 8,382
2;666 28,830
Mobile
Norfolk
9,500
15,000 24,500
New. York
800 1;666
500
1,500
3,800
Other ports
18,000 2,000 20,000
40,000

4:666

230.223
308,907
178.500
52,109
24,380
49,100
105,779
87,418

Total 1912._ 82,155 40,124 126,798 53,198 24,722.326,997 1,036,416
Total 1911__ 121,792 31,366 109,928 52,167 33,074 348,327 1,043,962
Total 1910-- 67,108 34,8881 77,538 30,905 20.817231,256 833,085

Speculation in cotton for future delivery has been less
active of late and prices have'declined. Chief among the
factors which have had a depressing influence are the tendency to increase the size of crop estimates, the high-record
visible supply, the continued large receipts, and, finally,
much liquidation. Liverpool sold here quite freely. So
have Memphis and New Orleans. So also have Weill Street,
the Waldorf-Astoria party and some large operators not
identified with either. The market had become overbought and acted tired. Some reports have stated that the
cotton goods trade was in some respects rather less active.
The Egyptian crop has been officially estimated at 7,750,000
cantars, a noteworthy increase over that of last year. The
movement of the Texas crop is so large that many insist that
the crop in that State cannot be much, if any, less than 5,000,000 bushels. Liquidation has been very heavy at times,
partly on stop orders. Bearish rumors about the ginning
report of the National Ginners' Association have had a more
or less depressing effect. They have varied from 11,800,000
to 11,964,000 bales as the total up to Dec. 1, with estimates on the commercial crop of 14,600,000 to 14,800,000 bales. Memphis' sales, supposedly for short account,
have at times been a noticeable feature. Liverpool has reported increased offerings of American cotton and considerable selling by the Continent. One of the rumors current was
that a bear pool was in existence and was headed or represented by a well-known operator who formerly figured largely
in the trading in futures. On the other hand, spot markets
have been stubborn; many have ignored rather than followed
the decline in futures. There has evidently been no great
pressure to sell anywhere. An exporting house in Georgia
failed, it is stated, last Saturday, with liabilities of $250,000.
The unsold stock here is said to be only about 20,000 bales.
New York discounts under spot markets at the South have
been increased by the recent decline, as spot markets have
in many cases stood almost still. Therefore the bringing of
cotton to New York from the South is regarded as more than
ever out of the question. Under the circumstances, there
has been no general disposition to sell either December or
January short. The straddles between New York and Liverpool and between New York and New Orleans do not seem
to have turned out favorably this year, though last season
they were very remunerative. This year the differences have
narrowed instead of widening, as they did last year.
Liverpool has been undoing some of these straddles by buying
here and selling there. The exports have been liberal. Recent spinners' takings have been large. Many believe that,
though prices will have occasional setbacks, they are destined ultimately to reach a higher level. They believe that
the crop is not much over 14,000,000 bales, and that the exports can hardly be less than 9,500,000 bales, and that the
American consumption will reach 5,250,000 to 5,500,000
bales. Reports of an approaching exhaustion of supplies
are coming from many parts of the South. Manchester's
trade is good, and is favored by the recent rise in silver. The
sales of most cotton goods on this side of the water have contirlued large at strong and rising prices. To-day, however,
prices declined sharply, owing to the estimate putting the
crop at 14,275,000 bales, exclusive of linters. It was taken
as meaning a commercial crop of 14,775,000 bales. General
selling ensued. It practically endorsed some other recent
estimates. Spot cotton closed at 12.75c. for middling uplands, showing a decline for the week of 35 points.
The rates 911 and off middling, as established Nov. 20 1912
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
c 1.50 on
Fair
Strict mid. fair- _1.30 on
1.10 on
Middling fair
Strict good mid_ _ -0.68 on
Good middling_ _ _ _0.46 on
Strict middling_ __ _0.24 on

Middling
c Basis
Strict low tnid_ ___ 0.35 off
Low middling
0.80 Off
Strict good ord___.1.40 off
Good ordinary__ _.2.15 off
Strict g'd mid. ting.0.35 on

Good mid. tinged_c_ Even
Strict mid. tinged-0.15 off
Middling tinged__ _0.30 of
Strict low mid.ting.0.85 off
Low mid. tinged_.200 off
Middling stained.
.0.90 off

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:01 1;1 it fty!

. t3
10 I@ I@ IO
to
Z
to

It

It, IV) 18 Il

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday.
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
December 6Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks

1912.
bales.1,035,000
6,000
50,000

1911.
638,000
4,000
52,000

1909.
1910.
706,000 1,000.000
4,000
9.000
56,000
65,000

1,091,000
4,000
407,000
291,000
2.000
16,000
26,000

694,000
10,000
287,000
156,000
2.000
12,000
22,000
2.000

766,000 1,074,000
3,000
4,000
147,000 247,000
148.000 418.000
2,000
2,000
9,000
8,000
34,000
45.000
1,000

746,000

491,000

343,000

725,000

Total European stocks
1,837,000 1,185,000 1,109,000 1,799,000
India cotton afloat for Europe
21,000 121,000 113,000
31,000
Amer. cotton afloat for Europe 1,022,296 900,989 903,009 643,079
EgYpt,Brazil,&c..aflt.for Europe_ 114,000
94,000
66,000
70,000
Stock in Alexandria, Egypt
283,000 193,000 263,000 217,000
Stock in Bombay, India
327,000 222,000 230,000 353,000
Stock in U. S. ports
1,363,413 1,392,289 1,064,341 770,946
Stock in U. S. interior towns
774.268 912,182 804,992 759,261
U. S. exports to-day
50,717
43.824
62,098
24,698
Total visible supply
5,814,075 4,940,284 4,612,059 4,773,984
Of the above, totals of American and other descriptions aro as follows:
American
-

Liverpool stock
bales. 911,000 544,000 603,000 910.000
Manchester stock
30,000
41,000
45,000
52.000
Continental stock
725,000 460,000 323,000 702.000
American afloat for Europe
1,022,296 900,988 903,009 643,079
U. S. port stocks
1,363,413 1,392,289 1,064.341 770,946
U. S. interior stocks
774,268 912,182 804,992 759,261
U. S. exports to-day
62,098
43,824
24,698
50,717
Total American
4,888,075 4,294,284 3,794,059 3,861,948
East Indian, Brazil &c.
Liverpool stock
94,000 103,000
90,000
124,000
London stock
4,000
6,000
4,000
9,000
11,000
Manchester stock
11,000
20.000
12,000
Continental stock
31,000
21.000
20,000
23,000
31,000
21,000 121,000 113,000
India afloat for Europe
114,000
Egypt Brazil, &c., afloat
70,000
66,000
94,000
283,000 193.000 263,000 217,000
Stock in Alexandria, Egypt
Stock in Bombay, India
327,000 222.000 230,000 353,000
Total East India, &c
926,000 646.000 818,000 912,000.
Total American
4,888,075 4,294,284 3,794,059 3,861,984
Total visible supply
5,814,075 4,940,284 4,612,059 4,773,984
Middling Upland, Liverpool
6.99d.
5.04d.
7.95d.
7.94d.
Middling Upland, New York
12.75c.
9.20c.
15.10c.
15.20c.
Egypt, Good Brown, Liverpool
10.50d.
10d.
1130.
12%d.
Peruvian, Rough Good, Liverpool 10.25d.
9.306.
9.25d
10.90d
Broach, Pine, Liverpool
6 %d. 5 5-16d. 7 11-16d. 7 5-16d.
Tinnevelly, Good, Liverpool
5Kd.
6 9-16d.
7d.
754d.

Continental imports for the past week have been 241,000
bales.
The above figures for 1912 show an increase over last week
The official quotation for middling upland cotton in the
of 163,765 bales, a gain of 873,791 bales over 1911, an excess
Now York market each day for the past week has been:
of 1,202,016 bales over 1910 and a gain of 1,040,091 bales.
Nov. 30 to Dec. 6Sat. Mon. Tues. Wed. Thurs. Fri.
Middling uplands
13.10 12.85 12.85 12.75 12.75 12.75 over 1909.




OMMOOOVMWN.CVhTMhCIMMCVOOMONChOOCO N
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1912.

1911. 1910.

1912.

1911.

1910.

1912. 1911.

1910.

Oct. 18 500,942 473,532 451,192 445,118 503,157 390,627 595,711 547,550 551,865
" 25 512,935 487,092 390,831 485,258 583,506 471,775 553,075 567,441 471,979
Nov. 1 529,516 487,955 381,530 554,786 664,364 542,929 599,044 568,813 452,684
" 8,502,894 449,418 375,734 594,397 740,866 608,000 543,505 525,920 440,825
" 15154 ,658 438,861 413,466 6 8 70 782,156 659,243 58','71 480,151 464,709
" 22508,800 483,606 393,380 685,834 827,931 711,879 566,264 529,381 446.016
" 291454,342 458,293 432,629 734,723 866,581 777,378 503,231 496,943 498,128
Dec. 6 437,010 458,694 400,593 774.268 912,182 804,992 476,555 504,295 428,207

The above statement shows: 1.
-That the total receipts
from the plantations since Sept. 1 1912 are 6,487,859 bales
in 1911 were 6,574,987 bales; in 1910 were 5,670,848 bales.
'C..' 014mr500 a
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-That although the receipts at the outports the past
2.
. M
week were 437,010 bales, the actual movement from planta=54613MITS01CZ:gz.
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tions was 476,555 bales, the balance going to increase stocks
6MMCOM.CAVMNMh00aNOC..M 6Clitti. CO
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at interior towns. Last year receipts from the plantations
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for the week were 504,295 bales, and for 1910 they were
NhCOMOVCM0c9OLOMhONNWVCOV.CACChNOM.
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Receipts.

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Week. I Season.

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Ship- Stocks
»tents. Dec.
Week. I Season. Week.
6.

Receipts.

Stock at Interior Towns. Receiptsfrom Plantations.

Receipts at Ports.
Week
ending.

a

C00 c,..Tc;o6c.imMaccS0rciroOeci ..4 4.m,iuicocc

0
,
1

Movement to December 6 1912. II

Movement to December 8 1911.

AT THE INTERIOR TOWNS the improvement-that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year-is set
out in detail below.
Ole
te

[VoL. Lxxxxv.

THE CHRONICLE

1552

NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Dec.6 for each of the past 32 years have been as follows:
1912_c
1911
1910
1909
1908
1907
1906
1905

12.75
9.35
15.00
14.85
9.35
12.05
11.00
12.60

8.00
12.65
8.50
8.31
10.19
7.69
5.31
5.88

1904_c
1903
1902
1901
1900
1899
1898
1897

1896_c
1895
1894
1893
1892
1891
1890
1889

7.56
8.38
5.75
7.94
9.38
8.06
9.44
10.25

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:
------1012

N
'8CC

2
do
514°3,c4411,10.14:844at4E0• 0g414
' 14)0 gEit EVAN .
14
9
;',Wo'cioce goti
.

CC

RINIIII1111115MliT1111' I
▪ 2 •
ZOOcriE-.•
1

d0.

9.88
10.50
9.31
9.44
10.88
10.56
10.38
12.06

1888_c
1887
1886
1885
1884
1883
1882
1881

December 6ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c

Week.
14,511
12,228
990
3,880
8,402
5,893
20,941

Since
Sept. 1.
161,756
98,191
4,336
33,624
50,954
64,247
117,641

Total gross overland
66,845 530,749
Deduct shipments
Overland to N. Y., Boston, &c
9,078
52,681
Between interior towns
12,402
31,220
Inland, &c., from South
8,745
31,634

-----1911
Since
Week.
Sept. 1.
27,450 183,859
a14,796 a121,467
150
1,388
7,698
51,430
7,280
31,467
7,984
65,726
12,274
92,568
77,632

547,905

9,926
1,348
339

67,570
16617
14,600

Total to be deducted
*Last year's figures are for Louisville, Ky.

30,225

115,535

11,613

98,787

Leaving total net overland *

36,620

415,214

66,019

449,118

* Including movement by rail to Canada. a Revised.
The above totals show that the interior stocks have inThe foregoing shows the week's net overland movement
creased during the week 39,545 bales and are to-night 137,914
bales less than at the same time last year. The receipts has been 36,620 bales,against 66,019 bales for the week last
at all towns have been 2,617 bales more than the same year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 33,904
•week last year.
hales.
1912
1911
-The highest,
NEW ORLEANS OPTION MARKET.
In Sight and Spinners'
Since
Since
Takings.
Week.
Sept. 1.
1Veek.
Sept. 1.
lowest and closing quotations for leading options in the New Receipts at ports to Dec 6
437,010 5,810,627 458,694 5,763,242
36,620
415,214
Orleans cotton market for the past week have been as Net overland to Dec. 6
66,019
449,118
Southern consumption to Dec. 6_ 56,000
776,000 54,000
636,000
follows:
Total marketed
Interior stocks in excess

Sat'day, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Nov.30. Dec. 2. Dec. 3. Dec. 4. Dec. 5. Dec. 6.
Dec.
Range
Closing
January
Range
Closing
February
Range
Closing
March
Range
Closing
May
Range
Closing
July
Range
Cloting
October
Range
Closing
Tone
Spot
Options

12.71-.76 12.37-.69 12.50-.65 12.55-.74 12.40-.47 12.46-.55
12.74-.76 12.42-.43 12.61-.63 12.50-.52 12.62-.64 12.43-.44
12.70-.82 12.38-.73 12.47-.66 12.62-.74 12.36-.67 12.41-.58
12.78-.79 12.39-.40 12.62-.63 12.54-.55 12.66-.67 12.46-.47
12.81-.83 12.4t.44 12.65-.67 12.0-.59 12.6t.70 12.2-.50
12.76-.88 12.45-.78 12.53-.71 12.57-.85 12.40-.72 12.47-.64
12.85-.86 12.46-.47 12.68-.69 12.60-.61 12.71-.72 12.50-.51
12.88-.97 12.53-.88 12.63-.80 12.65-.93 12.46-.79 12.54-.71
12.94-.95 12.55-.56 12.77-.78 12.67-.68 12.78-.79 12.56-.57
12.97-.05 12.63-.94 12.69-.87 12.72-.02 12.56-.88 12.63-.75
13.03-.04 12.63 -12.84-.85 12.76 - 12.87-.89 12.66-.67

-

-

-©----@-- 11.65-.88 11.69-.80
11.88 -11.68-.71

Steady. Steady. Steady. Steady. • Quiet. Steady.
.
Steady. Steady. Steady. Steady. Steady. Bal.st'dy

RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.




529,630 7,001,841 678,713 6,848,360
677,232
39,545
45,601
811,745

Came into sight during week_ _569,175
624,314
Total in sight Dec. 6
7,879,073
7,860,105
North. spinners' takings to Dec.6.109,826

963,062

79,383

944,482

Movement into sight in previous years.
Week1910
-Dee. 9
-Dec. 10
1909
-Dec. 12
1908

Bales.
Since Sept. 1524,313 1910
-Dec. 9
302,388 1909
-Dec. 10
531,477 1908
-Dec. 12

Bales.
6,728,042
6,295,282
7,188,887

QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
of middling cotton at Southern and other principal cotton
markets for each day of the week.
-Week ending
Dec. 6.

Closing Quotations for Middling Cotton on
,
1 Sarday, zaonaug, luesuag, vreu wig, Tnumvy, Prittay,

Galveston
112Vi
1 12U
New Orleans
Mobile
1124
Savannah
112%
Charleston __ _'12%
Wilmington_ - 1 12Y
1 124
Norfolk
Baltimore
1234
Philadelphia
,13.35
'13
Augusta
Memphis
11334
11334
St. Louis
Houston
112h
13
Little Rock

1234

12%

1234

12:4

a
1234

%
5
a P a
120
lp

HA4a6
M

1254

nH
13.10
12.10
13
13
1334
1334
13%
1334

12g
13.00
13 1-16
1334

12
12%4
13.00
1234
13

1§iI 4
12%
13.00
127
%
13

Li 9-16

9.

12M

091

lij

1553

THE CHRONICLE

DEC. 7 1912.]

COTTON CONSUMPTION AND OVERLAND MOVE- mometer has ranged from 33 to 77, averaging 59. Novem-Below we present a synopsis of the ber rainfall, 1.18 inches.
MENT TO DEC. 1.
crop movement for the month of November and the three
-We have had rain on one day of the
Charleston, N. C.
months ended Nov. 30 for three years:
week, the precipitation reaching twenty-nine hundredths of
an inch. Average thermometer 59, highest 75, lowest 44.
1910.
1912.
1911.
Month's rainfall, 1.30 inches.
305,504
285,408
301,484
Gross overland for November
-There has been rain on one day the past
Charlotte, N. C.
474,971
467,423
483,500
Gross overland for 3 months
263,096 week, the rainfall being thirty-two hundredths of an inch.
237,112
246,762
Net overland for November
387,707
381,736
392,925
Net overland for 3 months
2,190,957 1,989,584 1,706,053 Average thermometer 50, highest 67, lowest 32.
Port receipts in November
Port receipts in 3 months
Exports in November
Exports in 3 months
Port stocks on Nov. 30
Northern spinners' takings to Dec. 1_ _ _ Southern consumption to Dec. 1
Overland to Canada for 3 months (included in net overland)
Burnt North and South in 3 months
Stock at North. interior markets Dec. 1_
Came in sight during November
Amount of crop in sight Dec. 1
Came in sight balance of season
Total crop
Average gross weight of bales
Average net weight of bales

5,465,733
1,710,789
3,948,979
1,351,690
854,544
729,000

5,261,453 4,380,103
1,386,946 1,140,510
3,771,950 3,075,521
973,986
1,254,466
924,847
830,554
540,000
574,000

39,487
35,782
28,869
143
7,936
13,118
9,950
2,862,719 2,690,696 2,451,149
7,221,658 9,981,189 6,022,810
9,062,127 6,109,522
16,043,316 12,132,332
517.63
515.05
520.55
492.63
490.05
495.55

The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg

Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Below zero of gauge_
Above zero of gauge_

Dec. 6 1912.
Feet.
4.2
7.0
14.9
3.9
6.8

Dec. 8 1911.
Feet.
6.0
13.5
8.6
3.9
17.6

WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
will at a glance the world's supply of
-On page 1514
FALL RIVER MILL DIVIDENDS.
cotton for the week and since
be found the statement of Fall River mill dividends for the Sept. 1 for the last two seasons, from all
sources from which
fourth quarter and full year of 1912.
statistics are obtainable; also the takings, or amounts gone
-Our tele- out of sight, for the like period:
WEATHER REPORTS BY TELEGRAPH.
graphic advices from the South this evening indicate that
1912.
1911.
Cotton Takings.
rain has fallen in most localities during the week and rather
Week and Season.
Season.
Week.
Season.
Week.
heavily at a few points. On the whole, however, the gathering and marketing of the crop has not been interfered with Visible supply Nov. 29
4,706,034 _..... 18
i. - _
663 4_
5,650,310
Visible supply Sept. 1
2,135,485
to any appreciable extent.
American in sight to Dec. 6____ 569,175 7,679,073 624,314 7,660,105
58,000
206,000
43.000
255,000
__
Galveston, Tex.
-We have had good rain on two days of the Bombay receipts to Dec. 5_ _ _ _
Other India ship'ts to Dec. 5_
1,000
59,000
2,000
59,000
Alexandria receipts to Dec.
and sixty-six hun- Other supply to Dec. 4 * 4._ 57,000 574,000 44.100 406,200
past week, the rainfall being two inches
7,000
87,000
6,000
100,000
dredths. The thermometer has averaged 64, the highest
Total supply
6,342,485 10,740,558 5,425,448 10,083,723
Deduct
being 72 and the lowest 55.
Visible supply Dec. 5
5,814,075 5,814,075 4,940,284 4,940,284
-We have had rain on one day of the past Total takings to Dec 5
Abilene, Tex.
528,410 4,926,483 485,164 5,143.439
hundredths of an inch. The
Of which American
425,410 4,156,483 395,064 4,218,239
week, the rainfall being twenty
Of which other
103,000
770,000
90,100
925,200
thermometer has averaged 44, ranging from 32 to 56
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
November rainfall, 0.33 inch.
-It has rained on two days of the week, the
Palestine, Tex.
MARKET AND SALES AT NEW YORK.
rainfall reaching one inch and four hundredths. The therThe total sales of cotton on the spot each day during the
mometer has averaged 49,the highest being 58 and the lowest
week at New York are indicated in the following statement.
40.
-There has been light rain on two days For the convenience of the reader we also add columns which
San Antonio, Tex.
the past week, the rainfall reaching six hundredths of an inch. show at a glance how the market for spot and futures closed
on same days.
The thermometer has averaged 50, ranging from 42 to 58.
Taylor, Tex.
-There has been rain on three days of the
Futures
SALES.
week, to the extent of one inch and fifty-nine hundredths.
Market
Spot Market
Closed.
Spot. Contr'ct Total.
Closed.
The thermometer has averaged 46, ranging from 38 to 54.
Quiet
New Orleans, La.
-Rain has fallen on six days during the Saturday_ _ _ Steady 25 pts dec__ - Steady
Monday ___
Weak
377 8,000 8,377
Steady
Steady
week, the precipitation reaching four inches and twenty-six Tuesday ___ Steady 10 pts dec.. _ _ Steady
Wednesday_
Thursday
Firm
1,200 1,200
hundredths. The thermometer has averaged 65, Month's Friday __ Steady
Quiet
Steady
2,300 2.300
rainfall 2.50 inches.
Total
377 11,500 11,877
Shreveport, La.
-There has been rain on three days during
the week, the rainfall being fifty-one hundredths of an inch.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Average thermometer 56, highest 68, lowest 44.
The receipts of India cotton at Bombay and the shipments
Vicksburg, Miss.
-There has been rain on five days of from all India ports for the week and for the season from
the week, to the extent of five inches and seven hundredths. Sept. 1 for three years have been as follows:
The thermometer has averaged 59, the highest being 68
1912.
1911.
1010.
and the lowest 34.
December 5
-November rainfall, 0.63 inch.
Little Rock, Ark.
Since
Receipts at
Since
Since
Week. Sept. 1. Week.Week. Sept. 1. Wee/c. Sept. 1.
-Picking and marketing are progressing
Memphis, Tenn.
58.000 206,000 43,000 255,000 84,000 377,000
well. Rain has fallen on four days during the week, the Bombay
rainfall being eighty-nine hundredths of an inch. The therFor the Week.
Since September 1.
Exports
mometer has ranged from 34 to 67, averaging 52. NovemConti- Japan I
Great
Conti- I Japan
Irons
neat. :&China; Total. Britain. neat. IR; China. Total.
ber rainfall 1.02 inches.
-We have had rain on three days of the past Bombay
Helena, Ark.
6,000 22,000 28,000 11,000 62,000, 40,000 113,000
1912
1
week, the precipitation being one inch and twelve hun9,000 36,000 45,000
33,000' 83,000 116,000
1911
34,000 17,000 52,000
6,0
186,000' 79,000 271,000
1910
dredths. Average thermometer 51, highest 67, lowest 34. Calcutta
2,
5,000
1912
7,000
November rainfall, 1.01 inches.
1,
6,000
1911
7,000
2,000
5,000'
1910
7,000
Mobile, Ala.
-It has rained on four days of the week, Madras
4,000
4,000
the rainfall being one inch and eighty-four hundredths. The
1912
8,000
2,000
1911
5,000
7,000
thermometer has averaged 60, the highest being 70 and the
4;666 3,000 9,000
1910
12,000
All othe
lowest 37. November rainfall, 3.91 inches.
1,000
1912
1,000
6,000 37,000
1,000 44,000
2,000
1911
2,000
4,000 40,000
1,000 45,000
Selma, Ala.
-We have had rain on five days during the
1;666 2,000 11,000 28,000 1,000 40,000
1910 _--- 1;666
week, the rainfall being two inches and sixty-eight hun- Total all
1912
___ 7,000 22,000 29,000
23,000 108 ,000, 41,000 172,000
dredths. Average thermometer 56.5, highest 74, lowest 26.
1911
4,_ 11, 00 36,000 47,000
7,000 84,000
84,000 175,000
-We have had rain on one day of the week,
0 00 36,000 18,000 58,000 22,000 228,000. 80,000 330,000
1910
Madison, Fla.
the precipitation reaching thirty hundredths of an inch. The
According to the foregoing,Bombay appears to show an inthermometer has averaged 65, the highest being 76 and the
crease compared with last year in the week's receipts of 15,000
lowest 47.
bales. Exports from all India ports record a loss of 18,000
Savannah, Ga.-Rain on two days of the week, to the bales during the week and since Sept. 1 show a decrease
extent of seventy-nine hundredths of an inch. The ther- of 3,000 bales.




1554

[VOL. Lxxxxv.

THE CHRONICLE

!

ALEXANDRIA RECEIPTS AND SHIPMENTS OF
The exports to Japan since Sept. 1 have been 79,196 bales
COTTON.
-Through arrangements made with Messrs. from Pacific ports.
Choremi, Benachi & Co., of Boston and Alexandria, we
Cotton freights at New York the past week have been as
now receive a weekly cable of the movement of cotton at follows, quotations -being in cents per 100 lbs.:
Alexandria, Egypt. The following are the receipts and
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
shipments for the past week and for the corresponding Liverpool
40045 40045 401445 401445 40045 40045
Manchester
week of the two previous years:
Havre
48
45
2
i8
;i8
:1.
iL
8
Bremen
55
55
55
55
55
55
Alexandria, Egypt,
1912
1911.
Hamburg
1910.
45
45
45
45
45
45
December 4.
Antwerp
45050 45050 45050 45050 45050 45050
Ghent, via Antwerp 51056 511456 51056 51056 511456 51056
Receipts (cantars)Revel
45
45
45
45
45
45
This week
430,000
320,000
Barcelona
420,000
Since Sept. 1
4,306,640
3,046,486
Genoa
50 © 55 50655 50- 55 50- 55 50- 55 50- 55
4,339,031
6
6
6
6
Trieste
65
65
65
65
65
65
Japan
55
55
55
55
55
55
This I Since
This I Since
This Since
Bombay
60
60
60
60
60
60 .
Exports (bales) Week.
Sept. 1. Week. Sept. 1. Week. Sept. 1.
LIVERPOOL.
-By cable from Liverpool we have the folTo Liverpool
17,250 93,300 5,000 63,289 5,500 103,551
Manchester
TO
9,250 88,551 8,750 74,837 8,750 91,329 lowing statement of the week's sales, stocks, &c., at that
To Continent and India_ 17,750 99,911 16,250 93,708 19,000 119,986
To America
6,250 31,868 1,250 7,939 9,250 39,798 port:
Nov. 15. Nov. 22. Nov. 29. Dec. 6.
Total exports
bales_ 41,000
41,000
38,000
50,500 313,630 31,250 239.773 42.500 354,664 Sales of the week
58,000
Of which speculators took
3,000
2,000
5,000
4,000
Note.
-A canter is 99 lbs. Egyptian bales weigh aboui
-750 lbs.
Of which exporters took
3,000
2,000
2,000
2,000
The statement shows that the receipts for the week were Sales, American
29,000
30,000
31,000
50,000
Actual export
8,000
7,000
16,000
14,000
430,000 cantars and the foreign shipments 59,000 bales.
Forwarded
105,000 107,000 117,000 112,000
stock
741,000 821,000 927,0001,035,000
MANCHESTER MARKET.
-Our report received by Totalwhich-Estimated
Of
American
608,000 685,000 784.000 911,000
cable to-night from Manchester states that the market is Total imports of the week
218,000 194,000 238.000 241,000
Of which American
197,000 169,000 198,000 216,000
active for yarns and steady for shirtings.
Spinners are conAmount afloat
645,000 686,000 604,000 519,000
sidered to be well under contract. We give the prices for
Of which American
559,000 531,000 523,000 422.000
to-dayibelow and leave those for previous weeks of this and
LIVERPOOL STOCK TAKING.
last year for comparison.
Decrease: Egyptian, 1,186; Peruvian, 2,957; African, 668; East Indian,
5,031; total decrease, 9,842. Increase: Brazilian, 2,065; West Indian,
1
1911.
1912.
200; Total increase, 2,265; net decrease, 7,577.
•
32s Cop
Twist.
d.
Oct.
18 9% 0
25 9 7-16
Nov
1 cigi
8 9% ®
15 9% @
22 10 ,
29 log ®
Dec.
6 10 3-16 ®

814 tbs. Shirt- C'oi'n
jogs, common Mid.
to finest.
UPI's
d. s. d.

s. d.

328 Cop
Twist.

d. d.

6.09 8% 0
10% 6 0 011 1
10% 6 0 011 1% 6.168 11-160
10% 6
10% 6
10% 6
114 6
1114 6

1 @II 2%
1%011 3
1%011 3
2 @114
3 011 6

1114 6 3 011 6

6.63834
6.79834
6.78834
6.91 8%
7.09814
6.99 8 9-16

0
0
0
0
0

sy, lbs. Shirt- Coin
ings, common Mid.
The tone of the Liverpool market for spots and futures
to finest.
Upl's each day of the past week and the daily closing
prices of
spot cotton have been as follows:
d. s. d.
s. d. d.
•
A
93 5 6 010 6
5.29
914 5 534010 434 5.17
Spot.
Saturday, Monday. Tuesday. Wednesday Thursday. Friday.
9345
9345
934:5
9945
93415

5 @104
43414104
434(4104
434010 4
434010 4

5.17
5.25
5.19
5.22
5.08

Market, I
12:15
P. M.
Mid.Upl's_

7.06

7.01

6.90

7.02

6.97

6.99

9 7-16 5 434(4104

5.04

Sales
Spec.drexp.

4,000
500

8,000
500

10,000
1,000

9,000
800

10,000
1,500

8,000
1,000

Dull.

Fair
business
doing,

Good
demand,

Fair
business
doing,

Good
demand.

A fair
business
doing.

-As shown on a previous page, the
SHIPPING NEWS.
Steady
Futures. B'ly steady Quiet
Steady
Steady
Steady
exports of cotton from the United States the past week have Market 1 1@2 pts.
9 points
102 pts. 6 points 506 pts.
1 point
opened J decline,
decline.
decline,
advance,
decline.
advance.
reached 313,176 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Market, { Quiet
Steady Very ste'dy Feverish
Easy
Easy
Total bales.
4
2@3 pts. 306 pts. 2 pts. dec. 3340634 701034 pts 206 pts.
-Dec.4
-To Liverpool
NEW YORK
-Celtic, 5,068
P.M_
drelinp
dponne tn2ntsaftdv ilta ndv
dnelinn
dnellnn_
5.068
-St. Laurent, 2,849 upland. 277 Sea
-Nov. 30
To Havre
-Niagara, 2,000__ _Dec. 3
Island; Tabor, 935_ _ _Dec. 2
Louisiana, 1,800
7,861
The prices of futures at Liverpool for each day are given
-George Washington, 525
-Nov. 29
To Bremen
525
below. Prices are on the basis of upland, good ordinary
-Nov. 29
-Adriatic, 1,874_ _ _Dec. 4
-Principe di
To Genoa
'50
Piemonte, 300; Taormina,
2,224 clause, unless otherwise stated.
-Nov. 29
-Adriatic, 100
To Naples
100
-Calabria, 300
The prices are given in pence and
To Leghorn-Nov. 29
.100ths. _Thus, 6 90 means 6 90-100d..
300
-Wayfarer, 16,633_ _ _
GALVESTON-To Liverpool
-Nov. 29
-Indian, 18,172
46,683
Dec. 4-Knutsford, 11,878_ _Dec. 5
Nov. 30.
Sat.
Mon. I Tues. I Wed. 1 Thurs.
Fri.
-Gloria de Larrinaga, 14,494
14,494
To Manchester-Dec. 4
to
-Pen-Nov. 29-Springburn, 13,732_ __Nov. 30
To Havre
Dec. 6. 1214 1234 1214 4 11234 4 1121.4i 4112;.4 4 1214 4
25,363
lee, 11,631
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
To Bremen-Nov.7
-Earl of Carrick, 8,308
8,308
To Hamburg-Nov. 29-Normannia, 3,266
3,266
d.
d.
d. d.
d.
d. I d. d. 1 d. d.
d. d.
To Rotterdam-Nov. 29-Brodvale, 4,712
4,712 Nov ____
6 90
-Meridian, 3.264_ _ _Dec. 3
-Nov. 29
-MiddleTo Antwerp
Nov.
-Dec.
6 78 74.- 72 6334'M'j 'iii-- 11-17 61- .8- 68j4
3.
h7,6 6634 74;4 64
) ji
ham Castle, 4,142
7,406
6 76 7234 70 161% 7134 7534177 .6034
-Dec. 3-Middleham Castle, 549
To Ghent
549 Jan.-Feb .
Dec.-Jan. ...6 74 7034 6834 60 70 ,7434.7534 6834 65 7234 62
-Nov. 30-Soperga, 9,275
To Genoa
9,275 Feb.-Mch.
6 73 6934 6734.59 69 7354 7454 6734 64 7134 61q
-Dec. 3
-Dictator, 7,903
TEXAS CITY
-To Liverpool
7,903 Mch.-Apr.
6 7134 68 66 158 6734 73 74 67 6334 7034 59
To Havre--Nov.30-Kilidale,10.195. _Dec.3-Beachy, 12,754 22.969 Apr.-May
6 71 6734 6534 57 67 .72 73 66 6234 69 58
PORT ARTHUR-To Bremen-Dec. 6-11azIewood, 9,000
9,000 May-June
6 71 6734 6534 57 67 )72 73 66 623-4 6834 58
4
-Mercian, 14,400
-Dec.
-To Liverpool
NEW ORLEANS
14,400 June-July.
6 70 6634 6434 5634 66 171 72 65 6134 6734 57
To Manchester-Dec. 2-Nitonlan, 11,050
11,050 July-Aug_
6 68 6434 6234 54% 64 '69% 70 63 5934 65 5434
To Belfast
-Dec. 2-Rathlin Head, 4,114
4.114 Aug.
-Sep_ -_-- 6 59 55% 53% 46 55% 59 160% 54 50 155% 45
To Havre
-Nov. 29-Caldergrove, 10,109
.
10,109 Sep.
6 43 4234 40 32 3834 41 142 38 35 139 29
-Oct
-Saxon
To Bremen-Nov. 30-Therapia, 4,729_ _ _Dec. 4
-Nov. ____ 6 38 37 35 27 33 36 37 33 30 34 24
Oct.
Prince, 5,717
10,446
-Nov. 29-Apolo. 1,101
To Antwerp
1,101
To Gothenburg-Dec. 5-1•Toruega, 100
100
To Christiania-Dec. 5-Noruega, 100
100
-Dec. 5-Ilimalaia. 2,498
To Barcelona
2,498
To Venice-Dec. 5-111. alaia, 500
-n
500
To Trieste-Dec. 5-Himalaia, 786
786
8READSTUVFS.
-Gothic, 7,000
PENSACOLA-To Bremen
7,000
-Nov. 30
-Nov. 30-Frederike, 4,667
SAVANNAH-To Manchester
4,667
To Havre
-Nov. 30
-Inca, 8,062
Friday Night, December 6 1912.
8,062
To Bremen
-Dec. 4-Kirkdale, 14,790
14,790
To Hamburg-Dec. 2-Ettrickdale, 5,899
5,899
Flour has met with a moderate demand at generally steady
BRUNSWICK-To Bremen-Dec. 3-Yarrowdale, 13,464
13,464
-Nov. 29-Overdale, 11,671
WILMINGTON-To Havre
11,671 prices. For the most part buyers adhere to the policy of
-Nov. 29-Ivernia, 799_ _ _Dec. 4
BOSTON-To Liverpool
-Sagamore, 451
1,250 purchasing from hand to mouth. Most of the Northwestern
-Nov. 28
-Columbian, 900
BALTIMORE-To Havre
900
-Neckar, 1
To Bremen-Nov. 30
1 mills, on the other hand, have had a better business. This
-Manchester MariPHILADELPHIA-To Manchester-Nov. 30
inferior mills. The
1,651 applies both to Minneapolis and the
ner, 1,651
50 production last week at Minneapolis, Duluth and MilTo Hamburg-Dec. 2
-Prinz Oskar, 50
SAN FRANCISCO-To Japan-Nov. 30
-Mongolia, 11,206
11,206
PORT TOWNSEND-To Japan-Dec. 3-Sado Maru, 1,355_ _ _ _ 1,355 waukee was 493,340 barrels, against 473,180 in the previous
313,176 week and 340,710 last year. The ,export business at the
Total
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- -Oth.Europe- Mex.,
Britain. ports. many. North. South. &c. Japan. Total.
New York
16,078
5,068 7,861
525
____ 2,624
Galveston
61,177 25,363 11,5'74 12,66'7 9,2'75 ------ 120,056
___
___
Texas City
30,872
'7,903 22,969
-,
Port Arthur_
9,000
9,000
-,
_
New Orleans.._ -29.564 10,109 10,446 1,301 3,'784
55,204
Pensacola
7,000
7,000
Savannah
4,66'7 8,062 20,689
33,418
Brunswick
____
13,464
13,464
Wilmington_
11,671
11,671
____
Boston
1.§8(5
_
1,250
Baltimore
i
901
666
Philadelphia
1,651
_
1,701
-___
50
____
____
____
- -_ _ _11,66 11,206
San Francisco
___ 1.355
Port Townsend_
1,355
Total

111,280 86,935 72,749 13,968 15,683




___12.561 313 176

Northwest has been noticeably better, especially in patents.
Wheat has shown a steadiness which has plainly disconNot that the foreign markets have furnished much encouragement, though occasionally they also
have exhibited strength. But the tendency has been towards

certed the shorts.

a decreased crop movement in the Southwest. Southwestern prices have shown a tendency to rise. Kansas City is
said to have made large sales for export via the Gulf of Mexico. The Southwestern situation, in a word, has made
shorts uneasy and has encouraged buying.for long account.
Omaha has reported a good export demand. Even in the
Northwest prices have been firmer; December at Minneapolis

DEC. 7 1912.]

THE CHRONICLE

has reduced its discount under May. Though the Northwestern receipts have continued large, they have shown a
slight tendency to decrease. Duluth's stocks within a week
have fallen off 5,103,000 bushels, and the increase on the
Lakes was not so great as had been expected. The clearances
have been large. On Dec. 2 they were 1,171,000 bushels.
That was certainly encouraging for a single day. Then the
increase in the visible supply was smaller than expected.
East of the Rockies it was 688,000 bushels, against 968,000
last year. The world's shipments have been smaller, though
still comparatively liberal. France is importing foreign
wheat freely for home consumption. Parts of India still
need rain, despite recent rains in some sections. Italy is
still actively importing wheat. There is some decrease in
the acreage of Roumania. The quality of the German wheat
is still rather poor. There is a large absorption of Amerian
wheat by our interior mills. The Eastern mills are good buyers. It is said in• some quarters that the yield
of spring wheat in the Red River Valley has
been somewhat overestimated. In the middle of the
week the foreign markets were stronger. European stocks
are not increasing materially. The consumption treads
closely on the heels of production and importation. English
authorities on the grain trade state that the Continental demand has been large enough and promises to continue sufficient to absorb shipments, and therefore much apprehension
is felt regarding future supplies, as winter stocks have, so
far, shown no accumulation. It is added that while Germany
is not buying to any extent at present, France has purchased
more liberally than expected, while Mediterranean countries
have also been good purchasers, largely of Danubian wheat.
Belgium has been forced to become a buyer of North American wheat. The Australian crop is estimated at 79,500,000
bushels, against 100,000,000 in 1911 and 102,197,000 in
1910. On the other hand, an early peace seems assured in
the Balkans. Russia's crop outlook is favorable. In most
of India crop conditions are normal. The world's stock decreased last week 1,795,000 bushels, against 3,926,000 in the
same week last year. The total world's stock is 199,450,000
bushels, against a stock last year of 198,930,000 bushels,
and the year before 194,014,000, whereas some months ago
the stock this year was much smaller than at the same time
in 1911. The deliveries on December contracts at Chicago
were stated at 1,500,000 bushels. The stock of contract
wheat there is only 4,823,000 bushels, against 9,958,000 a
year ago. To-day prices ended slightly higher.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_ 106
106
106
106
107
107
December delivery in elevator ____ 90% 89% 00
91
91% 91 X
May delivery in elevator
96g 96
969-'è 96% 96% 96%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator as_ 84% 84
84% 81% 84% 814
May delivery in elevator
90q 90
904 90% 90% 90%
July delivery in elevator
88% 873
87% 879. 87% 87%

1.555

GRAIN.
Wheat, per bushel
-f. o. b.
Corn, per bushel
Cents.
N. Spring, No. 1, new__ _ _30 95j
_elevator Nominal
No. 2 __
N. Spring, No. 2, new. ___ .hoin.
elevator
Steamer
5654
Red winter. No. 2, new _ _ 1 07
No. 3
c.i.f. Nominal
Hard winter, No. 2
9534 Rye, per bushel
Oats, per bushel, newCents.
No. 2.
64@65
Standards
3834
State & Pennsylvania.
now
No. 2, white
nom. Barley-Maittng
56 @68
No.3
38

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 receipt at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-

Flour.

Wheat.

Corn.

Barley.

Oats.

Rye.

bbis.196lbs. bush. 60 lbs. bush. 56 lbs.lbush. 32 Msibush.481bs. tru. 56 lbs.
Chicago ___
170,125
438,000 1,991,550, 1,986,200
742,000
81,000
Milwaukee _
66,600
138,000
161,6601
160,200, 495,300
96,000
Duluth
20,390 3,688,960
137,3061 516,417
65,989
1
Minneapolis.
4,587,280
106,050:
322,000, 268,330 180,280
Toledo
412,000
150,100
28,500
Detroit _
4,400
8,000
50,400;
37,560
Cleveland.__
6,000
32,000
40,000,
3,000
123,000
St. Louis
64,150
511,060
406,470.
357,000
112,000
7,700
Peoria
48,300
37,000
291,5671
161,500
88,600
9,100
Kansas City.
765,600
177,600
154.700
Omaha
240,000
131,8311
204,350
Tot. wk.'12.
379,965 10,857,900 3,507,028 3,672,316 2,225,647 440,049
Same wk.'11
336,664 5,272,480 4,628,704 2,505,802 2,081,152 235,168
Same wk.'10
301,461 4,050,792 3,939,735 2,716,556 1,935,871 108,219
Since Aug. 1
.
1912
6,629,520 188,858,966 54,609,328 106,044,688 42,765,336 9,379,642
3,766,596 114,183,868 57,880,9661 61,910 281 39,796,661 4,710 554
1911
1910
6,689,543'123,613,470_62,460,216 85,665,867 32,320,7702.688,882

Total receipts of flour and grain at the seaboard ports for
the week ended Nov. 30 1912 follow:
Flour,
Wheat,
bush.
184,397 1,444,000
41,170
340,914
73,476
605,182
45,369
666,245
24,920
619,900
325,000
7,196
517,190
124,000
238,000

Receipts at
New York
Boston
Philadelphia
Baltimore
New Orleans *
Galveston_
Montreal
St. John
Port Arthur

Corn,
bush.
46,250
2,875
22,521
91,532
76,100
30,000
1,000

Oats, Barley.
bush.
bush.
747,575 358,275
72,459
15,315
152,386
38,691
803,720 133,348
87,500
349,482

Total week 1912_
376,527 4,880,431
270,278 2,213,122
Since Jan. 1 1912_16,685,02438,591,083 31,568,295 72,178,034
Week 1911
361,709 3,366,440
571,385
641,523
Since Jan. 1 1911_17,733,111 87,955,698 61,814,972 44,249,810

Rye,
bush.
39,100
24,481

16,609

558,238
63,581
6788,046 938,183
265,745
18,127
4558,109 979,774

a 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 Nov. 30 are shown in the annexed statement:
Wheat,
Exportsfrombush.
New York
825,890
Boston
244,446
Philadelphia
484,000
Baltimore
433,952
New Orleans
488,000
Galveston
866,000
Montreal
1,301,000
Port Arthur
238,000
St. John, N.B...... 124,000

Corn, Flour,
Oats,
Rye, Barley,
bush.
bbls.
bush,
bush.
bush.
3,250 61,005 670,847 17,640 115,049
252 18,756
65,000
50,000
41.856 1,110,435
40,500 20,000
3,000
7,000
51,000 100,000 32,000 217,000

Other Countries_

115,869

Peas,
bush.
2,435

Indian corn has been stronger, owing to wet weather at
the West,light receipts-receipts indeed much smaller than
expected-thesmallnesi of the available supply and, finally,
rather vigorous buying. December has shown conspicuous
Total week___ _5,005,288
44,002 264,617 1,934,282 49,640 332,019
2,435
strength, owing to the light arrivals and the smallness of Week 1911
3,571,433 179,214 209,955
74,310
2,657
the country offerings. The small receipts of themselves
The destination of these exports for the week and since
have caused buying. Shorts have bought freely. So have
some large elevator interests. Professional traders at Chi- July 1 1912 is as below:
cago have taken the long side. There has been some demand
Flour
Wheat
Since
Since
Since
for export, January shipment. There are those who look
Week
July 1
Week
July 1
IVeek
July 1
for a good export demand this season. December has sold Exportsfor week and Nov.30.
1912. Nov. 30.
1912. Nos. 30.
1912.
since
bbls.
Obis,
bush,
bush,
bush.
bush.
at a noteworthy premium over May, sonething which has United July 1 to-- _130,082 2,038,110 2,469,625
Kingdom__
35,068,312
26,000
293,776
excited much interest. The December deliveries were only Continent
104,457 811,929 2,365,663 33,535,603
14,000
11,940
398,425
15,000 bushels. To-day prices declined, owing to better Sou. At Cent. Amer_ 16,838 516,378
750
316,186
West Indies
720,579
52,235
17,000
641,864
weather.
Brit. Nor. Am. Cols. 1,300
44,785
252
38,794
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts.Nom. Nom. Nom. Nom. Nom. Now.
Cash corn
December delivery in elevator_ _ _ _Nom. Nom. Nom. Nom. Nom. Now.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
December delivery in elevator as- 47% 483I 483
49% 49% 49
May delivery in elevator
48% 484 484 483
48% 48%
July delivery in elevator
49% 49% 49%

Oats have been firm under the stimulus of light receipts
and small stocks, the firmness of corn and buying by influential interests at Chicago. The deliveries on December
contracts there were 240,000 bushels. The stock of contract
oats at Chicago is only 280,000 bushels, against 2,042,000
a year ago. On the other hand, the country seems more
disposed to sell at the recent advance. The crop of Argentina, too, is the largest on record. There was large selling
of May in Chicago at one time at 33c. Yet both cash and
December oats have been noticeably strong. To-day oats
closed steady.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
Standards
cts- 37
37
37@3734 37r3734 3734®373-4 38%
No. 2 white
38
38
8%
38
nom
3834
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator cts_ 3034 3134 31% 315
4 32.11 3234
May delivery in elevator
3234 3234 33
3234 33
33
July delivery in elevator
32% 3234 3334 3334 3334 3334
FLOUR.
Winter, low grades_ --$3 60@$3 95 Kansas straights, sacks.$4 20®$4 35
Winter patents
5 40 Kansas clears, sacks_ _. 4 00
5 25
4 25
Winter straights
4 O0uss 4 70 City patents
6 209 6 50
Winter clears
4 25
4 30 Rye flour
3 5So 4 05
Spring patents
4 50ti 4 70 Graham flour
4 00
4 70
Spring straights
4 50 Buckwheat,owt
4 30
Nominal
Spring clears
4 200) 4 30




170,000

1,216,923

20,492

264,617 4,247,650 5,005,288 70,271,498
209,055 4,373,519 3,571,433 41,855,409

Total
Total 1911

44,002 1,325,112
179,214 10,513,273

The world's shipments of wheat and corn for the week
ending Nov.30 1912 and since July 1 1912 and 1911 are shown
in the following:
Wheal.
Exports.

I

Nov. 30.

_

1911.

Since.
July 1.

Bushels.
Bushels.
North Amer. 6,888,000 106,410,000
Russia
2,752,009 62,083,000
Danube
1,360,000 31,183,000
Argentina
872,000 30,058.000
Australia
304,000 10,008,000
India
464,000 35,112,000
0th. countr.s
80,000 3,566,000
Total

Corn.

1912.

Since.
July 1.

1912.
Wee*.
Nov. 30.(

Since
July 1.

1911.
Sims
July 1.

Bushels.
Bushels. I Bushels.
Bushels.
78,012,000
80,000
495,000 8,782,000
45,546,000
43,0001 5,631,000 19,768,000
39,017,000
94,0901 8,752,000 29,999,000
21,000,000 3,545,000129,828,000
i
60,000
20,160,000
20,642,000
4,591,000

12720000 278,420,000 228.968,000 3,762,

444,706,000 58,609,000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.

Corn.
Total.

United
Kingdom. Continent.

Total.

Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Nov.301912.... 20,528,000 18,120,000 38,648,000 12,283,000 18,105,000 30,388,000
Nov.23 1912.. 21,120,000 18,856,000 39,976,000 12,640,000 21,233,000 33,873,000
Dec. 219l1__ 22,112,000 10,968,000 33,080,000 2,882,000 2,992,000 5,874,000
Dec. 3 1910._ 16,240,000 22,528,000 38,768,000 6,588,000 13,676,000 20,254,000

[VOL. Lxxxxv.

THE CHRONICLE

1556

129,656,397

The value of these New York exports since Jan. 1 has been
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and $23,755,080 in 1912, against $22,645,919 in 1911.
While markets for domestic cottons continue to display
seaboard ports Nov. 30 1912, was as follows:
steadiness, there appears to be an increasing disposition
UNITED STATES GRAIN STOCKS.
Amer.Banded. Amer. Amer.Bonded. Amer. Atner.Bonded among merchants to operate along more conservative lines
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
due to the tighter
bush, bush, bush. bush, bush, bush, bush. bush. than heretofore. This caution is no doubt
In Thousands421
95 money rates, as with steadily advancing prices merchants
20
65
337
64 1,741
2,442
New York
40
"
afloat
to secure suf27
25 are beginning to wonder how they are'going
3
90 -482 --ii -125
Boston
3
186
190
573
ficient funds to finance the expanding prosperity for the
Philadelphia
795
92 1,914
-lie:, --85
759
Baltimore
long pull. During the week one of the leading lines of
1,290 ____
112
165
---- ---New Orleans
shirtings as well as a line of bleached cottons were marked
74013
Galveston
-255 -855 -igi up Mc. a yard. Mail orders received confirm the fact that
1,124 -LW)
3,805 1,Lia
Buffalo
2 --440
1,603 ___
26
Toledo
there is a steady demand for goods in all the various sections
178
afloat
"
--54
-151 --ia
418 ____
Detroit
of the country and that stocks in dealers' hands are light.
136
iif8
576 2,413
9,332 ____
Chicago
Fresh orders are coming forward for additional supplies of
91
233
304
197-197'32
Milwaukee
-i65 goods which will be needed during the early months of next
860
98
75
_ 263
29
3,459
Duluth
887
561
634
6
11,818 ____ Minneapolis
year, both bleached and brown goods selling well. Manu4
20
244
59
3,707 ____
St. Louis
62
5,40827
Kansas City
facturers, however, in many instances, as a result of their
--H)
284
13
7 ____
Peoria
sold-up condition, are unable to meet the deliveries asked
___ _
367
210
298 ____
IndianapolLs
78
--io
797
for, and it is reported that a number of houses are refusing
1,287
Omaha
724
174
250
8,832 ---- ---On Lakes
to book further business, particularly on such goods as
405 ducks,, heavy sheetings and tickings. Many dealers are
95 1,888 4,131
Total Nov. 30 1912_55,800 3,962 2,525 10,774
138
72 1,649 4,174
Total Nov. 23 1912_55,369 1,442 1,535 12,001
badly in need of supplies and,notwithstanding the fact that
1,348 4,210
2,054 20,315
Total Dec. 2 1911_ _69,948
they are willing to pay full market values, are unable to
507 1,849
Total Dec. 3 1910__42,990 ____ 1,545 15,758
obtain enough to meet their requirements. Print cloths
CANADIAN GRAIN STOCKS.
Bonded
Canadian
Bonded
Canadian
Canadian Bonded
been less active during the week as buyers have supRye. Barley. Barley have
Corn. Oats. Oats.
Wheat. Wheat.
bush, bush, bush, bush. bush. bush, bush. bush. plied many of their wants for the time being. Prices remain
In Thousands_
24
10 1,310
688____
Montreal
steady, with gray goods, 383/-inch standard, quoted at
2
_-____ 2,385 ____
Ft.William & Pt. Arthur 6,875 ____
5% to 5%c.
2,075 ____
____
7,652
Other Canadian
____
24
10 5,770
Total Nov.30 1912_ _15,215
-A seasonable demand is noted for
WOOLEN GOODS.
165 _ _
16 5,228
Total Nov.23 1912_ _18,936
men's wear and dress goods,orders coming in nicely from all
102 __ _ _
27 4,931
Total Dec. 2 1911_ 9,287
____ sections. Spot demand for dress goods is active, but busi88
20 1,453
Total Dec. 3 1910_10,219 ____
SUMMARY.
scarcity of supplies of'the mostBonded ness is hampered by the
Bonded
Bonded
Rye. Barley. Barley. wanted fabrics. Considerable inquiry is reported regarding
Wheat. Wheat. Corn. Oats. Oats.
bush. bush prices on men's wear for the fall of 1913, when the new lines
bush, bush, bush, bush. bush. bush,
In Thousands405
95 1,888 4,131
55,800 3,962 2,525 10,774
American
24 ---- are formally opened, but so far only tentative figures have
10 5,770 ____
____
15,215
Canadian
been named.
405
95 1,888 4,155
Total Nov.30 1912_71,015 3,962 2,535 18,544
138
72 1,649 4,339
Total Nov.23 1912_ _74,305 1,442 1,551 17,229
-Linen markets continue firm
FOREIGN DRY GOODS.
348 4,312 --__
2,081 25,246 -_
Total Dec. 2 1911._79,235
507 1,937
1,565 17,211 ---Total Dec. 3 1910_53,209
and active influenced by news from abroad. According
to reliable advices, leading manufacturers on the other side
are booked to their full capacity with business for the next
THE DRY GOODS TRADE.
three or four months. Dress linens are in good demand for
New York, Friday Night, Dec. 6 1912.
while housekeepings are also selling well.
with prices firm. spring delivery,
Dry goods markets continue active,
not developed any new feature during the
which is being Burlaps have continuing fair and goods in light supply.
Despite the unseasonably mild weather
week, business
experienced, retail trade is active and a very satisfactory Lightweights are quoted at 6.750. and heavyweights at
a pronounced short- 8.80c.
holiday business is expected. There is
age on all the most desirable fabrics which keeps prices
on the upward trend, and mills are sufficiemtly well booked Importations and Warehouse Withdrawals of DryGoods
to insure their full operation well into the coming year.
The importations and warehouse withdrawals of dry goods
Consequently, it is quite unlikely that there will be any
shading of values in the near future, even if there should at this port for the week ending Nov. 30_ 1912 and since
be a slump in raw material or a temporary lull in the demand. Jan. 1 1912, and for the corresponding periods of last year,
Buyers of cotton goods are closely following the raw material
follows:
situation and in some cases are showing greater hesitancy, were as .10IN.000,
.ONNO
0
CO
.
W0 . G0
.
.WW0
•
....0 .400.0 t-- In CO
1,,,,,...0
owing to the easier tendency in the price of the staple. ,... 72 • 0.0000M.
,
't
cc2 cl.. ccil0
'
0c: 1 0
c"?. .'.cl.
co
exceedingly low in all hands and manufacturers.ower.nmoo
-. CO
Stocks are
0
C4 CD 0 CO
NCON.100
VE-E.E
cannot meet the deliveries which buyers A ., otir-or:Occ
ttva
g2222
claim that they
r.> ci° °.°.`r"°
C6
CO ,.., C.5 M.06
co O ri ui vi cc;ri
are demanding. Jobbers who have covered their require•-•
NO
,,,,,,-.
.
the first two months of the new year are now
ments through
.41.0.4.0W
CM
...0i ..„, CD
cs,, ,
0
.-.
becoming anxious about receiving the supplies propmptly 0 4
.... 8 . CO
IL) CO 2
.
4
0:HZ-At:I'
as the goods which are arriving now are in most instances.
csi
CO
; 06
. 010 r:C4 w4
cii.I 0.I;., ..44 CO
4r:oci cid CO
NN
CO
2
MN0WM.1.
a month or so overdue. The scarcity of yarn supplies and . Ull:... . ,. .t. E-; M
CO
PrI
steady upward tendency in prices is causing. manuthe
Ou0
W oociocl Wu, CO
ci
oNm.14
t
facturers to figure on even higher values for cotton goods
CO
.
C. • r422t-. g °M.N.:7)W cO co
the first quarter of the new year. Weavers have been fLl a • g estisat.
during
.
8
.1 01.0 t 6 LON oo
' 4
,c1
1 001
,
caught badly short of yarn supplies and find it extremely c..,N
sziq
ci
ci
difficult to induce spinners to accept business for delivery
P..1
Ill mokocoN oul uo
into the future at present levels. Dealers are likewise mAt , •
(1)) .;
E-1
2`cl oo
ggW42
cleaned up and spot supplies are very scarce. Dress goods ::1 0111° 23°28,%
Ai:7822A 22
ci cc; co
Z
oo
.
markets are active, with buyers very short of goods, and
0
badly in need of additional supplies with which to complete
1 ,-. CO.-'
,-,6 ,, t,
0 E, ..0
,
s
their fall and winter lines. Retail stocks are exhausted and
R§Ela
bq . . cn O
jobbers and cutters-up cannot get sufficient goods from mills
06,-4inci-cci
,
eqR3'421 .to meet requirements. The latter are so heavily booked
st-:-. ..0.
4..c.i c;:::1
that it is quite impossible for them to catch up on deliveries,
2. A . , .
04 ,
ccI N:g
4
being so severely handicapped for want of labor. In men's r1 d
CO
OM..40148
wear, interest centers in the fall season of 1913. ChinWNM.W
c11 i'1
'
171:ZIER. 24
-.
,
"..tM
D
"‘ 40
chillas are receiving the most attention and these goods are ía
,..," c.1 °°,1a L,r
ra
CO .'8A
expected to be as popular next fall, if not more so, than this
season. Several lines of fancy overcoatings and suitings
.1
i
g,
2,e,s,itzr.2 Lg Zg oo
already opened show advances of from 10 to 15 per cent
WWW
. N
r
gt
. .
Ar-0o cy co mi rwhile the new lines of chinchillas are expected to show a
oi
1-:co i r- nol
14 g;z1 d to) °o;
.00
greater iifcrease
cocl
";
cv ci
-The exports of cotton
GOODS.
DOMESTIC COTTON
fil
cr)
goods from this port for the week ending Nov. 30 were 4,658
i
:s
.„0 4,0 eo
OCOMOM
b4 7-7oo cl a0 - c.1
:
M.M.WooD
GO
their destination being to the
packages, valued at $367,356,
'
ci6
01.N
g 414
the table below:
points specified in
0
0
01
-----1911
: '
-----1912

_.

,.....,m

New York to No,.,. 30.
Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total




Week.
60
77
724
77
787
114
497
2,067
255
4.658

Since
Since
Week. Jan. 1.
Jan. 1.
1,009
10
3,759
1,392
54
1,842
99,259
56,875
25,63222,287
520
21,264
46,415
282
26,215
12,499
993
40,599
41,786
50
2,304
3,255
193
18,948
18,538
54,130
1,080
66,989
67,872
401
40,316

359,588

3,383

313,597

. ci
,.2

04

-4

E.

1
4
o

E.

At
0
g8

t . ....

8

E.

c m4.
'ciliC.3.

E-1
fr1

140,239.188

9,007 2.289,764 483,741 111,910,581

139,079.994

6.225 1,827,545

14

THE CHRONICLE

DEC. 7 1912.]

mT AND

CITY DEPAIITIVIENT,

Wite Thranictel
PUBLISHED WEEKLY.

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Ra glin,::;

MUNICIPAL BOND SALES IN NOVEMBER.
There was quite a falling off last month in the supply of
new issues of municipal bonds in this country, the total
sales aggregating only $9,402,519, which is the smallest
monthly output since November 1907. Only a few offerings of large issues took place. Our records also show that
practically all of the bonds put on the market were readily
absorbed.
In this we are referring to new bond issues of a permanent character put out in the United States. The total
of all loans of every character and description put out
in November is $37,646,467, consisting of $9,402,519 permanent bond issues, already referred to, $15,439,164
temporary loans, $5,000,000 general fund bonds of New
York City, $300,000 general fund bonds of Baltimore, Md.
and $7,504,784 debentures issued by places in the Dominion
of Canada. In the following we furnish a comparison of all
the various forms of obligations put out in November during the last five years:
1910.
1909.
1908.
1911.
1912.
$
I
$
$
$
Permanent loans (U. S.). 9,402,519 19,738,613 24,456,351 18,906,555 28,427,304
Temporary loans (U. S.).15,439,164 19,002,937 20,039,720 13,958,096 20,749,150
Canadian loans (perm't). 7,504,784 3,352,740 2,451,655 3,777,796 3,777,429
3,000,000
Gen.fund bonds(N.Y.C.) 5,000,000
General fund bonds (Bal300,000
timore. Md.)
37,646,467 42,094,290 46,047,726 39,642,447 52,953,883

Total

The number of municipalities emitting bonds and the number of separate issues made during November 1912 were 209
and 266, respectively. This contrasts with 384 and 517 for
October 1912 and with 291 and 371 for November 1911.
For comparative purposes we add the following table,
showing the aggregate for November and the eleven months
for a series of years:
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902

For the
Month
November. Eleven Mos.
$9,402,519 $352,805,040
19,738,613 360,830,804
24,456,351 283,414,600
18,006,555 307,673,842
28,427,304 285,747,250
4,408,381 213,924,703
12,511,550 180,483,172
25,888,207 174,825,430
32,507,509240,819,161
14,846,375 138,789,253
13,728,493 136,895,772

1901
1900
1899
1898
1897
1896
1895
1894
1893
1892

For the
Month
November. Eleven Mos.
$6,989,144 $116,092,342
9,956,685 123,572,311
8,790,489 113,131,780
95,778,450
7,721,284
6,868,775 120,128,531
95,831,773
34,913,894
6,524,901 105,475,829
4,549,580 103,689,851
60,114,709
7,300,770
80,526,266
5,176,012

In the following table we give a list of November loans to
the amount of $9,402,519 issued by 209 municipalities. In
the ease of each loan reference is made to the page in the
"Chronicle" where an account of the sale is given.
NOVEMBER BOND SALES.
Rate. Maturity.
Page.
Name.
1421_ _Aberdeen, Wash
1288_ _Albuquerque S. D., N. Mex.._ 5 d1932-1942
1942
4
1421_ _Allegheny County, Pa
5
1345_ _Allen County, Ohio
,
436 1914-1917
1288_ _Ashtabula County, Ohio
1288_ _Ashtabula County. Ohio
4
1914-1918
1559_ _Augusta, Ga
1942
4
1942
1559__Augusta, Ga
4
1559_ _Augusta, Ga
1942
4J
1345-.Avalon, N. J
1927
5
6
1421_ _Avilla, Ind
1920-1927
1345- _Babylon, N. Y
4.80 1913-1922
1559_ _Ballston Spa, N. Y
4M
6
1422_ _Barkdalo, WM
1917
.Bedford, mdn
1422.
4Ji
a1934
1486_ _Belleville Sch. Dist., N. J
4
1913-1926
1486_.Beverly, Mass.(2 issues)
6 d1920-1922
1422-Big Fork Sch. Dist., Mont_
1486_ _Bishop, Cal. (5 issues)
Twp., Ohio
5
1486_B1oom
al919
1345....3owerston, Ohio
43
19134922
4
1486__Buffalo, N. Y
1913-1932
4
1486_ _Buffalo, N.Y
1913-1932
1937
1486_ _Buffalo, N Y
4
1937
1559__Buffalo, N Y
1941
1559_ _Burlingame Sch. Dist., Cal.__ 5
5
1422__Burton, Ohio
4
1422_ _California
4
1952
1422_ -Canton Sch. Dist., Ohio
5 1917,'22&'27
1487-_Cedar Falls, Iowa
4
19224931
1289-Celina, Ohio
1289--Champaign .County, Ohio__ -- 4




Amount. Price.
$90,000
60,000 y100.916
840,000 100
6,030 100.55
4,000 100.53
2,500 100.49
250,000 100.20
150,000 98.625
100,000 100.20
29,000 100
3,900 105,765
5.000 9100.10
3,000 100.66
5,000 100
25,000 100.20
80,000 100.72
47,000 100.31
1,500 100
32,000
4,800 105.05
1,110 100
75,000 100.015
75,000 100.015
112,500 100.071
5,000 100
50,000 103,556
12,500 104.13
250,000 100
110,000 100.309
15,000 102.153
10,000 100.18
22.000 100.138

1557

Amount. Prim.
Page.
Rate. Maturity.
Name.
15,636 101.84
1913-1916
1559__Chattanooga, Tenn.(2 issues)_ 6
19,000 100.09
a1916
4
1346__Chicopee, Maas
120,500 102.38
1932
4
1423_ _Cincinnati, Ohio
160,000 103.18
1942
1423_ _Cincinnati, Ohio
4
75.000 101.003
1952
4
1423_ _Cincinnati. Ohio
60,000
1942
1559_ _Clayton, No. Caro.(2 Issues). 5X
1559_ _Clifton Forge, Va
5 d1927-1942 190,000 100
80,000
1487__Conrad, Mont
6
3,000 101.583
1487_ _Cuyahoga County, Ohio
4% 1913-1922
9.995 102.036
1487_ _Cuyahoga County,Ohio
4_1914-1923
47.000
1560_ _Dade County, Mo.(2 issues) 5%
6,000 102.50
1346_ Darby Township, Pa
1942
4%
18,000 100.005
1289_ Daviess County, Ind
4
1,500 100
1932
1487_ Deer Park, Ohio
4%
500,000
1423_ Detroit, Mich
4
12,000 101.50
5;4 d1927-1942
1487_ Doerun, Ga
10,000 100
1560_ Dover Sch Dist., Ohio
4
65,000
1487_ Dunmore Sch. Dist., Pa
1913-1932
43
11.000
.Durant Olda.(2 issues)
1423.
25,000 100
1423_ _Enid, Okla
5
22,526 101.309
1487_ _Euclid, Ohio (6 issues)
4%
7,500
1289_ _Evanston, Ill
4%
18,000 100.55
1487_ _Everett, Mass
1913-1930
4
30,000 100.45
1346_ _Franklin, Mass
1913-1927
4
4,500
1346_ _Fredericksburg, Iowa
12,000
1487_ _Fredericktown, Mo
5 d1917-1932
10.000 102.265
1346_ _Fremont, Ohio
a1916
43
80,000 100
1346_ _Fullerton, Cal
69,000 100.30
1560_ _Gloucester Co., N. J. (4 iss.)_ 43.
22,000 100.34
1560_ _Grand Island, Neb
7
1,000 100
1424__Grant Co. S. D. No. 12, Wash 6 d1915-1922
36,000 100.60
1424_ _Hanford Sch. Dist., Cal
1913-1930
6
15,000
1346_ _Harrison County, Miss
6
5
1289-_Haverhill, Mass
1913-1922 101,000 100.449
60,000 100.449
5
1289_ _Haverhill, Mass
1913-1932
50,000 9100
1424__Herrin Co. H. S. D., Ill
43
18,000 - 1927
1560 __Highland Pk. Sch. Dist., Mich 4%
40,000 102.50
5 d19324952
1487_ _Hillsboro, Texas
20,000 100.605
1289__Hiram Twp. Sch. Dist., Ohio_ 4
24,000 102.578
4
1424_ _Holyoke, Mass
3,000 105.40
7
1913-1927
1424_ _Honey Lake Sch. Dist., Cal
10,000 106
1932
6
1424_ _Hope, No. Dak
3,000 102.55
5
1913-1918
1560_ _Hudson, Ohio
12,852 100
4% 1913-1922
1424_ _Jamestown, N. Y
8,869 100
1913-1922
43
1424_ _Jamestown, N. Y
1917-1927 100,635 9101.25
1561_Johnson Co. Dr.D. No.1, Neb. 6
18,000
5
1424_ _Kenton, Ohio
12,000 100.20
1913-1924
5
1346__Kirkland, N Y
2,500 9100.20
5
1917-1921
1488_ _Lake Placid, N Y
79,715
5
1488_ _Lakewood, Ohio (11 issues)
21,710
1914-1922
1561_ _Leavenworth, Kan.(2 issues)_ 5
15,000 100.233
6 d1922-1932
1561_ _Libby, Mont
100,000
5
1561_ _Lima, Ohio
42,200 100.011
Neb.(4 issues)
1488_ _Lincoln,
1,420 100
1424.._Lincoln Co. S.D. No.5, Wash- 5X
15,000
1424_ _Lineville,Iowa
10,000 100.159
1913-1932
4
1561_ _Littleton, Mass
26,250 100.689
1920-1926
4
1347_ _Lowell, Mass
5,000 100
1347_ _L on Co. S. D. No.9, Nev.._ 6
25,000 100.622
4%
1290_.Macon, Ga
12,500 100
1927
4
1290_ _Madison, Ind
12,000
1916
5
1347_ _Mansfield, Ohio
14.591 100.393
a1922
4
1488_ _Marion, Ohio
27,500
5
1290_ _Marion County, Ohio
11,000
5
1290__Marion County Ohio
30,000
1914-1928
5
1425_ _Marshalltown,Iowa
100,000
43
1561_ _Maryville, Mo
700 100
d1913-1932
1488_ _Mason Co. S. D. No.55,Wash. 6
5,000 103.80
5
a1918
1290__Medina, Ohio
10,000 102.26
434
1561_ _Medina County, Ohio
4,000 100.625
6
1347_ _Meloland Sch. Dist., Cal
95,000
1922
1425_ _Meridian, Miss. (2 issues) _ _ _ _ 6
25,0001 100.42
6
1425_ _Meridian, Miss
1942
4%
10,000J
1425_ _Meridian Miss
5,000 100
5 d1917-1922
I
1488._Merrill, Iowa
100,000 95.619
1942
4
_Minneapolis, Minn
1425_
5,000 y100.62
6 d1922-1937
1561__Monmouth,Ore
1,000 101.06
1561_ _Montgomery County, Ohio_ _ _ 44 1912-1917
18,573
4%
1290....Morrow Cdunty, Ohio (3 iss.)_
121,309 100
6
1425_ _Moscow, Idaho
50,000
4
1347_ _Mount Clements. Mich
55,500 103.14
44
1290_ _Mount Vernon, N Y
14,000
1918-1924
5
1347_ _Muskegon Heights, Mich
12,000
1942
5
1488_ _Nashville, Ga
80,000
a1955
4
1488_.New Castle County, Del
125,000 100
1425__New Haven, Conn.(2 issues)_ 4 .
500,000 x100
3
1922
1561_ _New York City
32,500 100.034
a1918
1347_.No. Tonawanda, N. Y.(3 iss.) 43i
3,000
1932
4
1347_ _Norwood, Ohio
11,250 108.90
4
issues)
1952
1347__Oakley, Ohio
13,274
1913-1922
5
1347__Oakley, Ohio 2 issues
3,000 100
5
1347_ _Ontario, Cal. 2 issues
30,000 100
4%
1932
Minn
1426_ Owaton._
6,000 100
4%
1426_ _Palmyra, Mo
10,000 104.137
1918
..Pease Twp. Sch. Dist., Ohio_ 5
1488.
1347__Pelham (Town) U. F. S. D.
40,000 100.321
4% 1918-1957
No. 1, N Y
7,500 102.76
5
1347_ _Pemberville, Ohio
15.000 102.51
45
1290_ _Peru Township, Ohio
26,000 100.065
4%
1348Pleasantville, N Y
8,000 101.43
1917-1932
5
1489_ _Port Austin, Mich
213,095f 100 to
1922
6
1489__Portland, Ore
1 103.51
315,000 93.09
1942
4
1489_ Portland, Ore
130,000 101.006
4
1426_Portsmouth, Ohio
20,061 100.08
1913-1922
4
1426_ uincy, Mass
10,000
4% 1917-1942
1290_ _ andolph, N Y
40,000 101.40
1489_ _Rensselaer County, N. Y---- 4% 1913-1932
10,000 100
a1938
1489_ _Rensselaer County, N. Y____ 4
f 50,000 99
1942
4%
1562__Roanoke, Vs
1180,000 98.25
6,000 107.80
1920-1931
5
1562_ _Rockford, Ohio
1.000
1348_ _Sabine Co. Corn. 5.D.17. Tex_ 5 d1922-1932
6,338 100
1915
Paul Minn
1290-St.
20,000 103.27
1932
5
1489._Salem Ore
65,000 100
4%
1489_ _San Diego, Cal
28,000 100.75
1917-1927
5
.Sanger Sch Dist., Cal
1489.
3,000 100.85
5
1426_ _Saratoga Sch Dist., Cal
7,000 100.94
1913-1919
1489_ _Saybrook Twp. S. D., Ohio_ _ _ 5
200,000 103.293
,
436
County, N. Y
1349_ _Schenectady
33,000 101.383
1942
..South Orange Twp., N. J____ 43
1426.
1489_ _Springfield, all., Pleasure Drive
23,600
5
1914-1917
& Park Dist
19,000 106.605
44
1349_ _Springfield, Ohio (3 issues)
170,000
43-i
_Springfield, Ohio
1562_
11,300
1426_ _Steubenville, Ohio (2 issues) 43
5
30,000 100.016
1489__Sulphur Springs, Texas
4,000 101.025
1917-1924
1349_ _Sunnyside Sch. Dist., Cal..._ 6
200,000 100
4%
1562__Tacoma S. D. No.81, Wash
6
25,000 101.60
1489_ Tallahatchie County, Miss
89,370 100
Various
5
1427_ _Texas (48 issues)
14,000 101.519
6
1489_ Tehachapi, Cal
25,656
1349_ Topeka, Kan
4,000 102
a1915
1490_ _Townsend Twp. S. D., Ohio__ 5
18,599 100
1562_Utica, N. Y. (3 issues)
14,295 J4.40% 1
N. Y
4
1562__Utica,
1 basis
33,600 100
1922
4H
1490_ _Vanderburg County, Ind
3,000 101
1932
5
J
1490__Ventnor City, N
6,000 100
1913-1916
4
1429_ Vinton County, Ohio
20,000 101.38
a1969
4
1429_ Warren, Ohio
12,000 100
1918-1920
4
1490_ Warsaw, Ind
100.000 100.659
4%
1429_ Washington County,Pa
13,500
4% d1917-1932
1350_ Webster rity, Iowa
15,000 104
5
1350_ Wellington, Ohio

1558

THE CHRONICLE

Page.
Name.
Rate. Maturity.
Amount. Price.
1563....White County, Ind.(4 issues). 4%
30,600 100
1490_ _Whitman Co. S. D. 45, Wash_ 5% d1913-1922
8,000 100
_Wichita, Kans
1490_
5
1913-1922
63.660 101.25
1291....Wilkes-Barre, Pa
5
1917
10,500
1490_ _Wilmot, Ohio
6
1915-1919
1.500 103.806
1291_ _Wood County. Ohio
5
50.000 101.92
1429_ _Yakima Co. S. D. 98, Wash.._ 53 d1913-1932
1,500 100
1429_ _Yakima Co. S. D. 99, Wash.._ 5% d1913-1932
3,000 100
1429....Yonkers, N. Y.(2 issues)
43
1913-1932 120,0001
1429_ _Yonkers, N. Y.(2 issues)
1913-1922 130,000 100.573
43
1429_ _Yonkers, N Y
436 1913-1926
1429_ _Yonkers, N Y
4% 1913-1924
14,0002,000
1
1350_ _Yuma Co. H. S. D., Ariz.... _ _ 5
a1927
60.000 100.668
Total bond sales for November 1912(209 municipal'
ties, covering 268 separate issues)
149,402,519
a Average date of maturity. d Subject to call in and after the earlier
year and mature in the later year. k Not including 115,439,164 of temporary loans reported, and which do not belong in the list. z Taken by
sinking fund as an investment. y And other considerations.
REVISED TOTALS FOR PREVIOUS MONTHS.

The following items included in our totals for previous
months should be eliminated from the same. We give the
page number of the issue of our paper in which the reasons
for these eliminations may be found.
Page.
Name of Municipality.
1421_ _Ashley, Ohio (September list)
1560...Dade County, Mo.(July list)
1423__Glen County High Sch. Dist., Cal. (September list)
1346_ _Gold Hill, Ore. (January list)
1561_ _Long Beach School Dist., Cal. (June list)
1561_ _Lowell, Mass. (October list)
1562_ _North Dassville S. D., N. Y (Sept. list)
1426.. _Owatonna, Minn. (August list)

Amount.
18.954
47,000
50.000
25,000
100,000
21,825
32,000
20,000

We have also learned of the following additional sales for
previous months:
Page.
Name.
Rate.
1346...Canton, Ohio (Sept.)(4 issues) 4%
1422_ _Canyon City, Ore
6
1422....Chautauqua County, N. Y.._ _ 4%
1560.. _Elizabeth, N J
4
1346...Flemington Sch. Dist., W. Va.. 6
1346.._Fort Lauderdale, Fla.(3 issues) 6
1346...Guymon. Okla
1347....Hancock County. Ohio (6 iss.) 5
1346_ _HigginsviIle, Mo
5
1424....Indiana (19 Issues)
Var.
1561...Kansas (6 issues)
5
1347_ _Little Rock, Ark
5%
1561_ _Menno, So. flak
5
1488_ _Middlebury. Ind
5
1347__Miliburn Twp. S. D., N. J...._ 43
1347 _ _Mills County, Texas
5
1425....Minnesota (46 issues)
4
1425_ _Montague County, Texas_ .._ _ 6
1562_ _North Dakota (8 issues)
4
1426_ _Pemiscott Co. Dr.D.No.8, Mo. 6
1426_ _Portage Township. Mich
5
1348- _Redfield, So. Dak
5
1349....San Benito Dr. Dist., Texas
5
1562...Seattle, Wash. (3 issues)
6
1349.. _South Haven Twp., Mich.__ 5
1562_ _Spokane, Wash
6
1427 _ _Tacoma, Wash. (5 issues)
7
1490__Tillamook S. D., Ore. (April). 6
1349_ _Titus County Com.Sch. Dists.,
Texas (2 issues)
5
1350_ _Valley Co. S. D. No. 71, Neb.. 5
1350....Warren County, Miss
5
1429_ _Zanesville. Ohio
4

Maturity.

Amount. Price.
137,700 101.87
6,000
90
30,000 100.62
1922
20,000 100
4,500 108.88
1932
40,000 100.3375
8,000
31,500 103.76
1914-1933
12,000
Various
194,925 Various
9,000 100
1913-1918
21,000
1917& 1922
5,000 100.10
2.000 100.50
1946'
7,500 100
d1922-1952
55,000 y100.50
245,025 100
1913-1922
83,557
1922 & 1932 66,200 100
1915-1932 330,000
1932
25,000
1932
9,000 100
450,000
19,989
1914-1933
25,000
1917-1922
506,440
20,360
d1922-1932
35,000 103.87
d1917-1922

d1922-1932

2,800
500
50,000
3.000

100
100
101.112

[VoL. Lxxxxv

700,000 yearly in taxes and the City Comptroller states
that as a result the offering of the $1,750,000 bonds voted
at the recent election will be indefinitely postponed.
Cleveland, Ohio.-Election on Commission to Frame New
Charter.
-An ordinance was passed by the City Council on
Nov. 25 providing for the submission to the voters on Feb. 4
1913 of the question of choosing a commission to frame a
new city charter.
Detroit, Mich.
-Revision of City Charter Proposed.
-The
City Council on Dec. 3 voted to nominate candidates for
a commission to revise the city charter on the regular primary
day, March 5.1913, and to elect them on the regular election day, April -1 1913. This action was taken, it is said,
because it was doubtful whether the proper state legislation
could be secured in time for the submission of piecemeal
amendments to the charter at the spring election.
Duluth, Minn.
-Commission Plan of Government Adopted.
-It is reported that at a recent election this city adopted
the commission form of government, to become effective
April 14 1913. The new charter also provides, it is said,
for the initiative, referendum and recall.
Idaho.
-Constitutional Amendments Adopted.
-Newspaper
reports state that all of the proposed amendments to the
State constitution referred to the voters on Nov. 5 (V. 95,
p. 842) were adopted.
Lakeland, Polk County, Fla.
-Bonds Declared Valid.
The State Supreme Court has, it is said, affirmed the ruling
of the Circuit Court upholding the validity of an issue of
$150,000 paving and sewerage bonds. See V. 95, p. 436.
Los Angeles, Cal.
-Commission Plan of Government Rejected.
-Newspaper dispatches from Los Angeles state that
early returns from an election held in that city on Dec. 3
indicate the defeat of the proposed new charter which provided for a commission form of government.
Nacogdoches, Tex.
-City Wins Light Suit.
-The Court
of Civil Appeals at Galveston has sustained the action of
the lower Court in dissolving the temporary injunction
granted the Nacogdoches Light & Power Co. restraining
the sale of bonds by the city for a new light plant, sewerage
and street improvements.
Nebraska. onstitutional Amendments Ado pted
-C
.-We
give below the vote on the five proposed constitutional
amendments adopted on Nov. 5:
"For." "Against"
Amendment establishing initiative and referendum
189,205
15,315
Amendment concerning salary of legislators
173,225
26,355
Amendment creating Board of Commissioners of State
Institutions
174,939
25,439
Amendment relating to time of electing and terms of
Supreme Court judges
174,151
25,048
Amendment allowing cities of over 5,000 inhabitants to
frame their own charters
164,579
32,041

For details of amendments see "Chronicle" of Sept. 14,
page 699.
All the above sales (except as indicated) are for October.
Oklahoma.
-Vote on Capital Removal.
-It is reported that
These additional October issues will make the total sales (not the official vote cast Nov.5 on the question of removing the
including temporary loans) for that month $26,789,199.
capital from Oklahoma City to Guthrie was 86,509 "for"
to 103,106 "against." See V. 95, p. 1345.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
NOVEMBER.
South Carolina.
-Constitutional Amendments Adopted.
Page.
Name.
Rate. Maturity.
Amount. Price. The three proposed constitutional amendments
submitted
1563....Alberta
4
1922
5,000,000
to the voters on Nov. 5 (V. 95, p. 700) were all adopted.
1491_ _Camrose, Alta
1932
20,000 100
1663.. _Canora, Sask.(3 issues)
5%
29,100
The vote follows:
1491__Chinguscousy Twp., Ont
1913-1922
5
12,000
d1917-1932
1922

97.55
1563....Haileyburg, One
5
1913-1932
10,000
1430_ _Lethbridge, Alta
4%
632,000
1491_ _Mea.ford, Ont
5
1913-1932
40,000
1564.. _Melville, Sask.(3 issues)
5
104,300
1491_ _Mount Forest, Ont
5
1913-1923
14,000
1564....New Westminster, B.0
434 1932&1962 1,281,500
1564.. _Niagara Falls, Ont
5
25,684
1351_ _North Toronto, Ont.(2 issues) 4% 1913-1942 140,000
1351_ _Penetanguishene, Ont
5
1913-1932
15,000 100
1430....Snipe Lake (R. M.259), Sask- 5% 1913-1932
5,000
1491.. _Verneczanka Sch. Dist., Sask. 6
1922
1.200
1430.. _West Vancouver, B. C
5
100,000
1430....Wilkie Sch. Dist., Sask
5
1913-1942
75,000
Total debentures sold in November
17,504,784

ADDITIONAL BALMS OF DEBENTURES FOR PREVIOUS MONTHS.
Page.
Name.
Rate. Maturity.
Amount. Price.
1563__0hester Rur. Mun. 125, Sask. 53
4 1913-1932
15,000
1491.. _ l'omlnion of Canada (18 iss.)_6 & 7 1913-1922
26,700 Various
1430....Melfort Sch. Dist., Sask
6
1913-1942
25,000

All the above sales of debentures took place in October.
These additional October issues will make the total sales of
debentures for that month $1,158,629.

News Items.
Baltimore County (P. 0. Towson), Md.-Road Case
Decision.
-The Baltimore "Sun" of Dec. 4 says that Chief
Judge N. Charles Burke filed an opinion Dec. 3 in the Circuit Court at Towson, in which he overruled the demurrer
of the State Roads Commission to the bill of complaint of
John Leo Mueller and others to restrain the Commission
from 'expending any portion of the $300,000 bond issue
provided in an Act of the Legislature of 1912, anywhere except in Baltimore County,and also from spending any portion
of the money for the purpose of paying for any work done
previous to the passage of the Act. See V. 95, p. 560.
Chicago,
Tax Law Held Invalid.
-The Illinois
Supreme Court on Dec.4, in deciding the case of Wm. L.
O'Connell, Treasurer of Cook County, against the Chic. &
Western Ind. RR. Co., reaffirmed a former opinion handed
down in June holding the Juul Tax Law invalid. The decision means, it is said, that the city will lose about $3,-




"For" "Agst."
Amendment to Sec. 7, Art. VIII., relating to municipal
bonded indebtedness by adding a proviso thereto as to
the town of Bishopville
11,856
8,659
Amendment to Art. X., by adding Sec. 14a, empowering
the cities of Charleston and Beaufort to assess abutting
property for permanent improvement
11,618
7,871
Amendment to Art. X., by adding Sec. 15, empowering the
towns of Gaffney and Woodruff and the cities of Chester
and Georgetown to assess abutting property for permanent improvement
10,495
7,435

Tokyo, Japan.
-Bonds Listed.
-On Dec. 5 £5,175,000 5% coupon loan of 1912 bonds were admitted to
the list of the New York Stock Exchange. Nos. 1 to 18,750
incl. for £20 each, Nos. 18,751 to 36,750 incl. for £100 each
and Nos. 36,751 to 51,750 incl. for £200 each. These
bonds are part of an authorized issue of £9,175,000, the
remaining £4,000,000 having been converted into francs
(100,880,000) and issued in Paris. Int. M.& S.in London in
sterling at the office of the Yokahotna Specie Bank, Ltd.,
also (at the current rates of exchange on London) in New
York at the agency of the same bank and in Switzerland, in
francs, at the offices of the Swiss Bankverein. The loan is
for the purpose of acquiring the electric tramways and
electric lighting undertakings from the Tokyo Railway Co.,
Ltd., and the extension of the same. The loan is to be
entirely repaid by Sept. 1 1952 by means of a cumulative
sinking fund of 1% per annum, beginning in 1916, which
will be applied annually to the purchase of the bonds when the
price is under par and to the repayment at par by drawimgs
when the price is at or above par. The City of .Tokyo,
however, reserves to itself the right to accelerate redemption
at any time by purchase, and also at any time after February 22 1922, on six months' notice, to repay, at par, amount
outstanding or any portion, such partial redemption to be
effected by drawings in the usual manner at the office of
the Yokohama Specie Bank, Ltd., London, and the numbers
of the bonds drawn will be duly announced by advertisement
three months before the date fixed for the repayment of such
bonds.
United States.
-Proposed Initiative and Recall Amendments to Federal Constitution.
-Resolutions proposing amend-

DEC. 71912.]

THE CHRONICLE

ments to the Federal Constitution were presented in the U.S.
Senate on Dec.4 by Senator Bristow of Kansas. One of the
proposed amendments would, it is said, permit the President
to submit to popular vote at a Congressional election any
measure he has recommended to Congress and upon which no
action has been taken for six months. The other amendment
provides that if the Supreme Court shall decide a law enacted by Congress is in violation of the provisions of the Constitution of the United States, the Congress, at a regular session, held after such decision, may submit the Act to the
electors at a regular Congressional election.
Under each amendment it is proposed that the questions
submitted to the people must have a majority of the popular
vote in a majority of the States, as well as in a majority of
the Congressional districts of the nation. The resolutions
were referred to the Judiciary Committee.
Vicksburg, Warren County, Miss.
-Commission Form
of Government Approved.
-According to reports, the question
of establishing the commission form of government was
adopted at a recent election.
West Virginia.
-Special Session of Legislature.
-Governor
Glasscock has announced that he will convene the Legislature in extra session at noon Jan. 2 1913. It is planned to
give the lawmakers plenty of time to organize, appoint committees and prepare for the work of the regular session,
which begins Jan. 8.
Wisconsin.-Result of Vote on State Questions.
-The canvass of the vote cast Nov. 5. on the three constitutional
amendments and the equal suffrage bill has been completed
and the result, we are advised, is as follows:
The amendment to the constitution, extending from 20 to 50 years the
time within which debts incurred in the acquisition of lands by cities or
by counties having a population of 150,000 or more shall be paid, was
carried, the vote being 46,369 for it and 34,975 against it. This amendment was given in full in V. 93, p. 1620.
The amendment authorizing the State and cities to acquire lands for
public and municipal purposes, or for permanent improvements, passed,
the vote being 48,424 for it and 33,931 against it. (V. 93, p. 1620.)
The amendment providing for a change in the times of payment of the
salaries of Supreme and Circuit Court judges passed, the vote being 44,855
for it and 34,865 against it. (V. 93, p. 1620.)
The referendum vote on the law conferring the right of suffrage on women
resulted in defeat for the bill by a vote of 227,024 to 135,545.

Bond Calls and Redemptions.
Bolivia (Republic of).
-Bonds Drawn for Payment.
-The
following coupon bonds of the .£500,000 external 6% loan
were drawn July 2 at the office of J. P. Morgan & Co., Now
York, for payment Jan. 1 1913 at that office or at the office
of Morgan, Grenfell & Co. in London, England:
Nos. 14, 15, 42, 173, 201. 202, 206, 274, 336, 444. 501, 539, 540, 712,
882, 919, 1157, 1262, 1321, 1500, 1527, 1528, 1738, 1780, 1849, 1861,
1928, 1976, 2367.

South Carolina.
-Bond Call.
-Payment will be made Jan.
1 1913 at the State Treasurer's office in Columbia of Brown
Redemption bonds, Nos. 3781 to 4319 incl., of $1,000 each.
The official notice of this bond call will be found among the advertisements
elsewhere in this Department.

Spokane, Wash.
-Bond Call.
--The following special improvement bonds are called for payment on Dec. 15 at the
City Treasurer's office:
Paring Bonds.
Dist.
317
2
Grade Bonds.
Alice
297
Augusta
733
Dean
505
Eighteenth
206
Eleventh
472
Morton
289
So. Bryant
488
Twenty-fourth
358
Tacoma
315
NameMonroe
Riverside

Walk Bonds.
Nos.ofBds.
NameDist. Nos.ofBds.
69-93 incl. Alice.
298
8-9
Laura
9-10
312
7
Spofford
268
6
Sewer Bonds.
13-14
Alley
3
467
8-9
Fourteenth
8-9
8-10 incl.
485
21-22
Tacoma
8-9
489
6
Second Ward
3 22-40 incl.
5-6
Tenth
781
2
5
9-10
10

Bond Proposals and Negotiations this week

have been as follows:

ABERNATHY SCHOOL DISTRICT, Hale County, Texas.
-BONDS
VOTED.
-An election held recently resulted, it is stated, in favor of the
proposition to issue $15,000 building bonds.
ADA, Hardin County, Ohio.
-BOND OFFERING.
-Proposals will be
received until 12 m. Dec. 20 by M. C. Felker, WI. Clerk, for the following
4,4% bonds
$,000 Union St. paving bonds. Denom. $500. Due $1,000 yrly. on
Dec. 31 from 1913 to 1916 incl. and $500 yrly. on Dec. 31 from 1917
to 1922 incl.
6,750 William St. paving bonds. Denom. (1) $750, (12) $500. Due
$750 Dec. 31 1913, $1,000 on Dec. 31 1914, 1915 and 1916, and
$500 yrly. on Dec. 31 from 1917 to 1922 incl.
Date Dec. 31 1912. Int. J. & D. Cert, check for 5% of bonds bid for,
payable to the Vil. Clerk, required. Bonds to be
n•om time of award. Purchaser to Pay accrued delivered within 10 days
interest.
ADA SCHOOL DISTRICT (P. 0. Ada), Huron County, Ohio.
BOND OFFERING.
-Proposals will be received until 12
Agnew Welsh, Clerk Bd. of Ed., for the $15,000 431% in. Dec. 20 by
heating-system
bondsj‘r. 95, p. 1146). Auth. Sec. 7626, Statutes of Ohio.
Date Dec. 1 1912. Int. semi-annual at Dist. Treas. office.Denom. $500.
Duo Dec. 1
1920. Cert. check for $200 required.
ARCANUM, Darke County, Ohio.
-BOND OFFERING.
-Proposals
will be received until 12 in. Dec. 27 by C. C. Taylor, Village Clerk, for
$19,008 434% street-leapt. and sewerage-constr. (assess, and village's
portion) bonds. Denom.(1) $721,(10) $378.70,(29) $500. Date Dec. 27
1912. Int. annual. Due $2,099 70 Sept. 1 1913 and $1,878 70 yrly. on
Sept. 1 from 1914 to 1922 incl. Cert. check for 5% of bonds bid for, payable to the VII. Treas., required. Bonds to be delivered within 10 days from
time of award. Purchaser to pay accrued int.
ATLANTIC CITY, N. J.
-BONDS TO BE OFFERED
We are advised that the $100,000 water and $180,000 SHORTLY.
(V. 95, p. 1069),together with some other issues, will be drainage bonds
offered for sale
about the first of next year.
AO'BURNDALE, Polk County, Fla.
-CERTIFICATE OFFERING.
This place is offering for sale approximately $5,000 8% certificates of indebtedness, due from 1 to 5 years. hit. ann. J. W. Jones is Town Clerk.
AUGLAIZE COUNTY (P. 0. Wapakoneta), Ohio.
-BOND OFFER-Proposals will be received until 12 m. Dec. 30 by A. E. Behar
ING.




1559

Co. Aud., for $20,000 5% coupon bridge bonds. Denom. $1,000. Date
Jan. 1 1913. Tat. semi-ann. at Co. Treas. office. Due.$1,000 each six
months from March 1 1914 to Sept. 1 1923 incl. Cert. check on some solvent bank for 2% of bonds bid for, payable to the Co. Treas., required.
Bonds to be delivered within 10 days from time of award.
AUGUSTA, Ga.-BOND SALE.
-On Nov. 30 the three issues of 434%
30-yr. coup. bonds, aggregating $500,000 (V. 95, p. 1345), were awarded as
follows, it is stated:
$250,000 flood-protection bonds to the N. Y. Life Ins. Co. at 100.20.
150,000 hospital bonds to Strother, Brogden & Co. of Baltimore at 98.625.
100,000 water-works bonds to N. Y. Life Ins. Co. at 100.20.
BALLSTON SPA, Saratoga County, N. Y.
-BOND SALE.
-On
Nov. 30 $3,000 434% refunding water bonds were awarded to Andrew S.
Booth of Ballston Spa for $3,020
-making the price 100.66.
BELLE CENTER, Logan County, Ohio.
-BOND OFFERING.
-Proposals will be received until 7 p. m. Dec. 17 by H. A. Sickles, Vii. Clerk.
for $2,500 5% coup, refund, tax-free bonds. Auth. Secs. 3916, 3917 and
3918, Gen. Code. Denom. $250. Date Dec. 24 1912. Int. annual at
Belle Center Bank. Due $250 yrly. on Dec. 24 from 1913 to 1922 incl.
Purchaser to pay accrued interest. No deposit is required. Bonded debt,
$10,561. Floating debt, $950. Assessed val. 1913, $489,860.
BELMONT COUNTY (P. 0. St. Clairsville), Ohio.
-NO BONDS TO
BE ISSUED.
-We are advised that the reports stating that this county
will issue bridge bonds (V. 95, p. 767) are erroneous.
BEREA VILLAGE SCHOOL DISTRICT (P. 0. Berea), Cuyahoga
County Ohio.-BOND SALE.
-On Dec. 2 the $60,000 4% coup. bldg.
tax-freebonds (V. 95, p. 1486) were awarded to the Bank of Berea County
and the Comm'l & Say. Bank in Berea at par and int.
BERNARDS TOWNSHIP (P. 0. Bernardsville), Somerset County,
N. J.
-BONDS OFFERED BY BANKERS.
-Curtis & Sanger of New York
have purchased the $30,000 57 coupon tax-free school bonds offered for
0
sale Dec. 2 (V. 95, p. 1486). Denom. $1,000. Date July 1 1912. Due
$5,000 yrly July 1 from 1928 to 1933 incl.
BEXLEY (P. 0. Columbus), Ohio.
-Proposals
-BOND OFFERING.
will be received until 12 m. Dec.28 by Geo.E.Fry, Village Clerk.for $90.000
% water and sewer-system bonds. Authority vote of 134 to 45 at
election held Nov. 5 (V. 95, p. 312). Int. semi-ann. Due Aug. 1 1942.
Cert. check for 5% required.
BLOOMINGDALE, Essex County, N. Y.
-BOND OFFERING.
-Proposals will be received until 12 m. Dec. 9 by O. W.Winch,Vii.Clerk, for
$6,000 coup. or reg. water bonds at not exceeding 5% int. Auth. vote of
13 to 1 at an election held Oct. 22. Denom. $500. Date Dec. 1 1912.
Int. J. & D. at Saranac Lake Nat. Bank in N. Y. exchange. Due $500
yrly. on Dec. 1 from 1930 to 1941 incl. Cert. check on a national bank for
5% of bid, payable to Vii. Pres.. required. Bids must be taken up and
paid for by Jan. 1 1913. Official circular states that there has never been
any default in the payment of any obligation and that there is no litigation
pending or threatened regarding the issuance of these bonds. Bonded debt,
$15,000. No floating debt. Assess. val. 1912, $174,066.
BLOOMINGTON SCHOOL DISTRICT (P. 0. Bloomington, McLean County, Ill.
-BOND ELECTION.
-An election will be held Dec. 23,
reports state, to decide whether or not this district shall issue $250,000 sitepurchase and high-school-bldg. bonds at not exceeding 5% int. Denom.
not less than $100 nor more than $1,000. Due in not more than 20 years.
BOX BUTTE COUNTY (P. 0. Alliance), Neb.-BOND SALE DEFERRED.
-We are advised that the sale of $75,000 5% coupon court-house
bonds which was to take place Dec. 14 has been deferred until the latter
part of Jan. 1913, a restraining order having been filed in the Box Butte
County District Court. Authority, vote of 660 to 644 at the election held
Nov. 5 (V. 95, p. 1070). Denom. $1,000. Int. semi-annually in New
York. Due in 20 years.
-NOTE SALE.
BRISTOL COUNTY, Mass.
-On Dec. 3 the $10,000
4% note due Dec. 4 1914 (V. 95, p. 1422) was awarded to Estabrook & Co.
of Boston at par, it is stated.
BROWN'S CREEK SCHOOL DISTRICT (P. 0. Welch), McDowell
County, W. Va.-BOND OFFERING.
-Proposals will be received until
12 m. Dec. 14 by F. C. Cook, Sec. Bd. of Ed., for $150,000 5% coup. taxfree school-constr. bonds. Auth. Sec. 39, Chap. 45. Code of School Laws.
Denom.$1,000. Date Jan. 1 1913. Int. J.& J. at McDowell County Nat.
Bank in Welch. Due Jan. 1 1943, subject to call beginning Jan. 1 1933.
Cert. check for $500, payable to lid, of Ed., required. Bonded debt,
$3,500. No floating debt. Assess. val. 1912, $12,701,913.
BUFFALO, N. Y.
-BONDS AWARDED IN PART.
-On Dec. 3
$157,740 of the $944,740
20-50-yr. (opt.) reg. park tax-free bonds
(V.95, p. 1486), were awarded as follows:
Fidelity Trust Co., Buffalo
$100.000 at 100.20
Security Trust Co., Rochester
50,000 at 100.69
Commonwealth Trust Co.. Buffalo
7,740 at 100
-The following 4% bonds, aggregating $51.626 82, were
BOND SALES.
disposed of at par during November to the Comptroller for the city's
various sinking funds:
Date.
Amount.
PurposeDue.
Nov. 1 1912 July 1 1913
$15,000 00 Certificates of indebtedness
Nov. 1 1912 Nov. 1 1937
5,000 00 Water refunding
5,000 00 Certificates of indebtedness
Nov. 1 1912 July 1 1913
10,000 00 Certificates of indebtedness
Nov. 1 1912 July 1 1913
16,626 82 Monthly local work
Nov. 15 1912 Nov. 15 1913
BURLINGAME SCHOOL DISTRICT, Sart Mateo County, Cal.DESCRIPTION OF BONDS.
-The $50,000 5% bonds awarded to the
First Nat. Bank of San Mateo at 103.556 (V. 95, p. 1486) are in the denom.
of $1,000 each and dated Dec. 11912. Int. J. & D. Due in 1941.
CAMDEN, Kershaw County, So. Car.
-BOND SALE.
-On Dec. 2 the
$100,000 5% 20-40-yr. (opt.) coup, water-works and electric-light-plantconstr. bonds dated Jan. 2 1913 (V. 95, p. 1147), were awarded to Harris.
Forbes & Co. of N. Y. at 101.691 and int. Other bids follow:
N.Y. Life Ins. Co, N. Y_ _ _$101,526 I Woodin, McNear & Moore,
R. M. Grant & Co., N. Y__ 101,360
Chicago
$100,320
First Nat. Bank, Camden__ 101,230 R. M. Marshall & Bro.,
Charleston
Palmetto Nat. Bk., Colum_ 101,210
*100,000
Spitzer, Rorick & Co., Tot.. 100,571 Mayer, Deppe & Walter, Cin.98,137
H.C. Speer & Sons Co., Chic. 97,000
* Less 1% commission.

4g%

CAMILLA, Mitchell County, Ga.-BOND SALE.
-On Dec. 2 the
four issues
-year gold bonds, aggregating $27.500 (V. 95, p.
30
1345), were awarded to R. M.Grant & Co. of Chicago for $28,375 (103.181)
and interest. Other bids follow:
F. L. Fuller & Co., Cleve_$28,357 50 Spitzer, Rorick&Co.,Chic.$27.920 75
Well. Roth & Co., Cinc__ 28,222 00 A lerton,Green&King,Chi. 27,843 75
J. H. Hilsman & Co., AtRobinson, umphrey,WardH
lanta
28,133 25
law Co., Atlanta
27,781 00
Ulen & Co., Chicago
27,987 50 Hanchett Bond Co., Chic_ 27,557 50
CHATTANOOGA, Tenn.
-BOND SALE.
-On Nov. 29 two issues of
6% bonds, aggregating $15,636 44, were awarded to the First Nat. Bank of
Cleveland for $15,925 34 (101.84) and int. Denom. $500. Date Oct. 12
1912. Due part yearly from 1 to 4 years.
CLARK COUNTY (P. 0. Springfield), Ohio.
-BOND OFFERING.Proposals (sealed or verbal) will be received until 2 p. m. Dec. 30 by J. M.
Pierce, Co. Aud., for the $250,000 4% coupon tax-free memorial-buildingerection bonds voted Nov. 5 (V. 95, p. 1289). Auth. Secs. 3059 to 3069
incl. Denom.(200) $500,[150) $1,000. Date Dec. 30 1912. Int. J.& D.
at the Co. Treas. office. Due $5,000 each six months from Dec. 30 1914
to June 30 1939 incl. Cert. check on a local bank for $1,000, payable to
the Co. Treas., required. Bonds to be delivered and paid for within 15
days from day of sale. Bidders will be required to satisfy themselves
as to the legality of the issue.
CLAYTON, Johnson County, No. Caro.
-BONDS OFFERED BY
BANKERS.-Ulen & Co. of Chicago are offering to investors the $45,000
water-works and sewerage and $15,000 electric-light 53 % 30-year bonds
(V. 95, p. 994).
CLERMONT COUNTY (P. 0. Batavia), Ohio.
-BOND OFFERING.
Proposals will be received until 12 in. Dec. 16 by J. L. Larkin. Co. Aud.,
for $10,000 434% bridge-constr. and impt. bonds. Auth. Secs. 5643 and
5644, Gen. Code. Denom. $500. Date Jan. 1 1913. Int. J. & J. at
the Co. Treas. office. Due part yearly beginning Jan 1 1915. Cert.
check for $200, payable to the Co. Treas., required. Purchaser to furnish
bonds and pay accrued interest.
CLIFTON FORGE, Allegheny County, Va.-BOND SALE.
-On
Nov. 1 the Equitable Life Assurance Society of N. Y. was awarded at par

a 5g%

1560

THE CHRONICLE

[VoL. txxxxv.

and int. the $190,000 5% 15-30-yr. (opt.) water-works bonds offered on 1933, subject to call beginning Feb. 1 1923. Cert, check for 5% of bid,
payable to H. L. Oliver, Co. Treas., required.
June 1 (V. 94, p. 1338). Denom. $1,000.
-BOND OFFERING.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND OFFERpi CLINTON COUNTY (P. 0. Wilmington), Ohio.
-Proposals will be received until 11 a. m. Dec. 16 by J. M. Fisher, -John Scott, Clerk Bd. of Co. Commrs., will offer at public sale at 10 a. m.
ING.
Dec. 26 $27,400 4% tuberculosis-hospital bonds. Auth. Secs. 3,140 and
Clerk. for the following 6% bonds:
Co. Aud. dt
$3,000 G. M. Cole road-impt. bonds. Denom. (3) $400 (6) $300. Due 3,141 Gen. Code. Denom. (27), $1,000 (1) $400. Date Dec. 1 1912.
$300 each six months from Dec. 20 1913 to June 20 1916 incl.; Int. J. & D. at the Co. Treas. office. Due $5,000 yrly. Dec. 1 from 1921
to 1925 incl. and $2,400 Dec. 1 1926. Bonds to be delivered and paid for
$400 Dec. 20 1916 and $800 June 20 1917.
6,200 Frank Saville road-impt. bonds. Denom. (1) $300 (6) $400 (7) within 4 days after Dec. 26 1912. Cert. check on a Franklin Co.national
$500. Due $1,400 June 20 1914 and 1915; $1,600 June 20 1916 bank or trust company for 2% of bonds bid for, payable to the Co. Aud.,
required. Purchaser to pay accrued int. Said bonds will be offered at
and $1,800 June 20 1917.
Date Dec. 20 1912. Int. semi-annual. Bidders must satisfy themselves public sale in five (5) lots of the par value of $5,000 each and one (1) lot
of $2,400 (each year's maturity of bonds to be offered separately) and then
as to the legality of bonds.
offered as a whole,and will be sold to the highest bidder or bidders for not
COOK COUNTY (P. 0. Chicago), Ill.
-The vote cast at the less than par value with accrued interest from December 1st 1912 to date
-VOTE.
election held Nov.5 resulted as follows, and not as reported in V.95, p.1289: of delivery thereof.
Bonds Voted.
FULLERTON UNION HIGH SCHOOL DISTRICT, Orange County,
$500,000 detention-hospital-constr. bonds, by a vote of 175,931 to 145,411.
-Proposals will be received until 11 a. m,
-BOND OFFERING.
Cal.
Due $50,000 yrly. June 1 1914 to 1923 incl.
132,064. Due $50,000 Dec. 17 by the Bd. of Co. Super's. at Santa Ana for the $50,000 5% bldg.1,000,000 hospital bonds by a vote of 178,264 to
constr. bonds voted Nov. 4(V. 95, p. 1346). Due $2,000 yrly. for 25 yrs.
yrly. June 1 1914 to 1933 incl.
Bonds Defeated.
-BOND OFFERING.
-Proposals
GALION, Crawford County, Ohio.
$500,000 court-house bonds by a vote of 126,633 "for" to 177,542"against" will be received until 12 m. Dec. 30 by J. F. Hogan, City Aud.,for $15,000
Due $50,000 yrly. June 1 1914 to 1923 incl.
4 % coup. elec.-light-plant-impt. bonds. Auth. Sec. 3939, Gen. Code.
Date June 1 1913. Int. at 4%, payable semi-ann. in gold.
Denom.$500. Int. M.& S. at office of City Treas. Due $1,500 each six
-On months from Sept. 1 1914 to Mch. 111919. Cert. check for $500, payable
-BOND SALE.
CUSTER COUNTY (P. 0. Miles City), Mont.
Dec.2 the State of Mont. was awarded at par and int. for 4%s the $170,000 to the City Treas., required. Bonds to be delivered within 10 days from
20
-year bridge bonds and Edwin White & Co. of St. Paul was awarded at time of award. Purchaser to pay accrued interest.
-20-year (opt. refunding bonds(V. 95, p.1289).
102.50 for 5s the $50,000 10
-BOND OFFERING.
-Proposals
GENEVA, Ontario County, N. Y.
-BOND OFFERING. will be received until Dec. 12 for the following 434% bonds:
CUYAHOGA COUNTY(P.O. Cleveland), Ohio.
-Proposals will be received until 11 a. m. Dec. 28 by the Bd. of Co. Commissioners, J. F. Goldenbogen, Clerk, for $200,000 4(7 coup. bonds. Auth. $40,000 coupon special appropriation bonds. Due $8,000 yearly from
°
1925 to 1929, inclusive.
Secs. 2434, 2435 and 2438, Gen. Code, also election held Nov. 5. Denom.
$1,000. Date Dec. 1 1912, Int. A. & 0. beginning Apr. 11913, payable
4,500 coupon public impt. bonds. Due $500 yearly from 1925 to 1931,
at the Co. Treas. office. Due $10,000 yrly. Oct. 1 from 1914 to 1933 incl.
inclusive, and $1,000 in 1932.
Each bid must be accompanied by a bond signed by not less than two
1,200 registered public impt. bonds. Due $400 each in 1915, 1919 and
disinterested persons, residents of and owning real estate in the county,
or unconditional certified check on some bank other than the one making
1922.
the bid, for 1% of bonds bid for, payable to the Co. Treas. Bids must be
W. Marvin Rogers is City Treasurer.
unconditional. A complete transcript of all proceedings, together with
The official notice of this bond offering will be found among the advertisethe form of bond to be used and the form of bid for said bonds, can be had
upon application to the board.
ments elsewhere in this Department.
•
CI:MAMA SCHOOL DISTRICT, San Luis Obispo County, Cal.
GIRARD, Crawford County, Kans.-BONDS AUTHORIZED.
-The election held Nov. 25 resulted in favor of the ques- Ordinances were passed Nov. 26 providing for the issuance of the following
BONDS VOTED.
tion of issuing the $3,000 bonds (V. 95, p. 1346).
554% coupon bonds:
-Reports $3,145 83 street-impt. bonds. Denomination 1 $645 83 (5) $500. Due
DADE COUNTY (P. 0. Greenfield), Mo.-BOND SALE.
$645 83 Dec. 1 1914; and $500 yearly on Dec. 1 from 1916 to
state that $30,000 Center Twp.and $17,000 Washington Twp. road bonds
1918 incl. and yrly. on Dec. 1 from 1920 to 1922 incl.
Sutherlin & Co. of Kansas City as 534s. These
have been awarded to
1,712 29 West Buffalo St.-impt. bonds. . Denom. (1) $712 99 (2) $500.
bonds take the place of the $47,000 issue purchased by the same firm some
Due $712 99. Dec. 1 1916 and $500 Dec. 1 1919 and 1922.
time in July as 6s (V. 95, p. 127). This sale, reports state, was not conDate Dec. 11912. Int. J. & D. at the State Treas. office. at Topeka.
summated, as certain defects were discovered in the abstract of proceedings.
-BOND SALE.
GLOUCESTER COUNTY (P. 0. Woodbury , N. J.
-Proposals will be received
Ohio.
DAYTON,
-BOND OFFERING.
until 12 m. Dec. 23 by G. W.Dish, City Aud.,for $12,000 5% 8-yr. (aver.) We are advised that the four issues of 4 Yi% reg. tax-free bonds, aggregating
sewer bonds, according to reports. Int. semi-ann. Cert. check for $600 $69,000, bids for which were received on Nov. 19 (V. 95, p. 1424), have
been awarded to A. B. Leach & Co. of New York at 100.30.
required
-On Nov. 20
GRAND ISLAND, Hall County, Neb.-BOND SALE.
-BONDS AUTHORIZED.
DELAWARE, Delaware County, Ohio.
o
An ordinance was passed Nov. 22 providing for the issuance of $8,000 approximately $22,000 77 Paving Dist. No. 8 paving bonds wore awarded
coup. refund. bonds. Denom. $500. Date Dec. 1 1912. Int. to the First Nat. Bank of Grand Island for $22,075, making the price 100.34
4J%
Denom. $500. Date Dec. 1 1912. Int. ann. in Dec. at the City TreasJ. & D. at Sinking Fund Cdepositary. Due $1,000 yrly. on Dec. 1 fro
urer's office. Due in 10 years, subject to call at any time.
1916 to 1923 incl.
-BOND ELECTION PROGRANT'S PASS, Josephine County, Ore.
-BONDS AUTHORIZED.-AccordIng to reports,
DETROIT, Mich.
POSED.-Thls city, it is stated, will hold an election to vote $200,000
the issuance of $120,000 public-library-site bonds has been authorized.
bonds toward financing a railway from Grant's Pass, Ore., to Crescent
-Reports
DONIPHAN, Hall County, Neb.-BONDS REGISTERED.
state that $16,000 water and $2,000 light bonds were recently registered City, Cal.
-BOND ELECTION.GREAT FALLS, Cascade County, Mont.
by the State Auditor.
Local papers state that the question of issuing $70,000 fire-hall and policeDOVER CITY SCHOOL DISTRICT (P. 0. Canal Dover), Tus- station-erection bonds will be submitted to a vote at the general municipal
-On Nov. 29 the $10,000 4%
-BOND SALE.
carawas County, Ohio.
next spring.
school-bldg. and site-purch. bonds (V. 95, p. 1423) were awarded to the election
-Pro-BOND OFFERINGS.
HAMILTON, Butler County, Ohio.
State Say. Bank of Canal Dover at par and int., reports state.
posals will be received until 12 m. Dec. 23 by H. A. Grimmer, City Aud.,
-BOND ORDINANCE DEDUNKIRK, Hardin County, Ohio.
0
for the $12.000 4'7 coup. Black St. bridge-impt. bonds (V. 95, P. 845).
FEATED.
-Reports state that the ordinance providing for the issuance of
$500. Date Oct. 1 1912. Int. semi-ann. Due Oct. 1 1927.
the $15,000 town-hall-constr. bonds voted Nov. 11 (V. 95, p. 1346) failed Denom.
Cert. check for 591 of bid, payable to the City Treas., required. Bonds
to pass at a recent meeting of the Council.
to be delivered within 10 days from time of award.
-The
-BONDS VOTED.
EDGEFIELD, Edgefield County, So. Car.
Proposals will also be received until 12 m. Dec. 27 by the City Aud.
election held Nov. 27 resulted unanimously in favor of the proposition to for the $200,000 4% coup. city-hall-constr. bonds(V. 95, p. 1487). Denom.
issue the $5,000 electric-light bonds(V.95, p. 1289). The vote was 25 to 0. $500. Date Nov. 1 1912. Int. M. & N. at City Treas. office. Due
1942.
EL CENTRO UNION HIGH SCHOOL DISTRICT,Imperial County, $25,000 Nov. 1 1922 and 1927 and $50,000 Nov. 1 1932, 1937 andBonds
-An election will be held Dec. 20, reports Cert. check for 59' of bid, payable to the City Treas., required.
Cal.
-BOND ELECTION.
10 days from time of award.
to be delivered within
state, to vote on the question of issuing $50,000 bonds.
-BONDS PROHAMILTON COUNTY (P. 0. Webster City, Iowa.
-BOND SALE.
-On Oct. 30
ELIZABETH, Union County, N. J.
-According to local papers, this county Is considering the issuance
$20,000 4% 10-yr. park bonds were awarded to the estate of John Kean, POSED.
of $1,000,000 road bonds.
par.
of Elizabeth, at
-DESCRIPTION OF BONDS.
-The
HANFORD, Kings County, Cal.
ELLIOTT INDEPENDENT SCHOOL DISTRICT (P. 0. Elliott),
-An election will be details of the two issues of 5% gold coup. bonds voted Oct. 7 (V. 95, p.
-BOND ELECTION.
Montgomery County, Iowa.
held Dec. 9 to vote on the question of issuing not more than $20,000 bldg. 1071) are as follows:
$80.000 sewer-constr. bonds. Denom. $1,000. Due $2,000 yearly on
bonds.
Nov. 15 from 1913 to 1952 incl.
-Reports state
-BONDS VOTED.
ELMORE, Ottawa County, Ohio.
25,000 fire-dept.-impt. bonds. Denom. $625. Duo $625 yearly on
the Elmore water
that the question of issuing $20,000 bonds to purchase
Nov. 15 from 1913 to 1952 incl.
Co.'s plant carried at a recent election.
Date Nov. 15 1912. Int. M.& N. at office of City Treasurer.
-BOND ELECTION.
EL PASO COUNTY (P. 0. El Paso), Tex.
-BOND ELECTION
HENDERSON COUNTY (P. 0. Athens), Tex.
Local papers state that a vote will be taken on Dec. 27 on the proposition PROPOSED.
-There is talk of calling an election In Athens Precinct, it
to issue $390,000 road-construction bonds.
is reported, to vote on the issuance of road-constr. bonds.
-BOND SALE.
-On Dec. 3
ENGLEWOOD, Bergen County, N. J.
HIGHLAND PARK SCHOOL DISTRICT (P. 0. Highland Park),
-year coup. or reg. school bonds (V. 95, p. 1487) were Wayne County, Mich.
the $43.000 4Si% 30
-We are advised- that Geo. D.
-BOND SALE.
awarded to Ladenburg, Thalmann & Co. of N. Y. at 102.315 and int. Cowley of Detroit recently 'Purchased an issue of $18,000 4j. % schoolOther bids follow:
bldg.-site purchase bonds. Date Nov. 1 1912. Duo Nov. 1 1927.
C.H.Venner & Co., N.Y_$43,538 70II Palisades Trust & Guar-BOND OFFERHILL COUNTY SCHOOL DISTRICT NO. 4, Mon.
anty Co., Englewood $43,150 00
A. B. Leach & Co. N. Y.. 43,400 00
-Proposals will be received until 10 a. m. Dec. 9 by Mrs. Murray
'
Outwator & Wells, Jet% C. 43,201 50 Harris.Forbes& Co., N.Y. 43,13$ 46 ING.
Johnson, Clerk of School Board (P. 0. Whitlash), for $1,000 gold coup.
SCHOOL DISTRICT NO. 4(P. 0. Eugene), Lane County! site and school-bldg. tax-free bonds at not exceeding 6% int. Auth.an eiceEUGENE
-BOND OFFERING.
-Proposals will be received until 7:30 p. m. tion held Nov. 2 1912. Denom. $100. Date Dec.10 1912. Int. annual
Ore.
Dec. 18 by Frank Reisner,hDistrict Clerk, for the $20,000 5% 10-20-yr. at the Co. Treasurer's office in Havre, Due Dec. 10 1022, subject to call
high-school-site-purchase
95, p. 1346). Auth. vote of beginning Dec. 10 1920. An unconditional certified check for $50, payable
l
el etgu
li:ldagov 2 1s (V.
0
b° 1
'spbri)o
to the County Trans., required.
-BONDS NOT TO BE REEVERETT, Snohomish County, Wash.
-BOND ELECTION PROHOMESTEAD Allegheny County, Pa.
-year gold coup. dock
-We are advised that the $65,000 20
OFFERED.
-According to reports, this borough is contemplating holding
not be POSED.
bonds, bids for which were rejected on Sept. 17 (V. 95, p. 918) will
an election to vote on the question of issuing $86,000 water-system-impt.
re-offered for sale.
bonds.
FAR HILLS SCHOOL DISTRICT (P. 0. Far Hills), Somerset
HOUSTON COUNTY COMMON SCHOOL DISTRICT NO. 23, Tex.
-On Dec. 2 the $30,000 5% bldg. bonds
-BOND SALE.
County, N. J.
-The State Comptroller on Nov. 26 registered
it is stated, to Curtiss & -BONDS REGISTERED.
voted June 5 (V. 94, p. 1641) were awarded,
$1,200 5% 20-yr. bonds.
Sanger of Now York at 104.75.
-BOND SALE.
-On Nov. 26 the
Summit County, Ohio.
HUDSON,
FARMERS'IRRIGATION DISTRICT, Scotts Bluff County, Neb.-Proposals will be received until 1:30 p. m. Dec. 23 by $3,000 5% 1-6-year (ser.) electric-light-system-const. and ext. bonds
BOND OFFERING.
$2,550,000 6% bonds. Auth. (V. 95, p. 1289) were awarded to the Citizens' Nat. Bank of Wooster at
H. G. Leavitt, Sec. (P. O. Scottsbluff , for
Session Laws of 1895 Chap. 70. A proceeding for the judicial confirma- 102.55 and interest. Other bids follow
00 Spitzer, Rorick
'
tion of these bonds is now pending in the Scotts Bluff County Dist. Court. Hayden, Miller &Co.,Clev_$3,034 00 National Bank & Co., Tol_$3,020 10
of Hudson_ 3,00000
3,031
& Co., Cleveland
FITCHVILLE TOWNSHIP (P. 0. Fitchville), Huron County, Ohio. Otis
-On
-BOND SALE.
HUDSON COUNTY (P. 0. Jersey City), N. J.
will be received until 12 m. Dec. 31 by
-Proposals
-BOND OFFERING.
the $40,000 50-yr. Newark Plank Road impt. and $128,000 40-yr.
L. B. Stone, Twp. Clerk, for $40,000 4Y % coupon road bonds. Denom. Dec. 5
2
reg.) bonds (V. 95, p. 1487) were
%
$500. Date Dec. 15 1912. Int. J. & D. at the Savings & Loan Co. in court-house C.11. coup. (with priv. ofY. at
102.184 and int. Other bids
Venner Sr Co. of N.
New London. Due $1,000 each six months from June 15 1914 to Dec. 15 awarded to
1922, incl.; $1.500 on June 15 and $1,000 Dec. 15 yearly from 1923 to 1930, follow
for $40,000
incl., and $1,000 June 15 and Dec. 15 in 1931. Cert. check for 5% of bid, Hangs,Forbes & Co., N.Y__101.3191J. S. Rippol, f 101.699 for 128,000
R. M.Grant & Co., N. Y___101.14 1 Newark ___1101.131
payable to the Twp. Clerk, is required. Purchaser to pay accrued int.
HUNTINGTON PARK SCHOOL DISTRICT (P. 0. Huntington
-BONDS VOTED.
FORREST COUNTY (P. 0. Hattiesburg), Miss.
-The proposition to issue
-BONDS VOTED.
An election held Nov. 29 resulted in favor of the proposition to issue the Park), Los Angeles, Cal.
$100,000 road bonds (V. 95, p. 995). According to reports, the vote was $75,000 high-school-bldg. bonds carried by a vote ot 410 to 179 at the
election held Nov. 23.
365 to 165.
-BOND OFFERING.
IDAHO FALLS, Bonneville County, Idaho.
-BONDS VOTED.-Bya'vote of
.
FRANKFORT, Ross County, Ohio.
142 to 15 the proposition to issue water-works bonds, carried at an election Proposals will be received until 8 p. m. Jan. 3 1913 by W. P. Dawe, City
Clerk, for $35,000 10-20-yr. (opt.) coup. water-works bonds. Auth. vote
held December 3,
Int. (to be named in bid). Cert.
FRANKLIN COUNTY (P. 0. Apalachicola), Fla.
-BOND OFFERING of 138 to 16 at an election held Nov. 19.
-Proposals will be received up to and incl. Dec. 31 by R. II. Porter, Clerk check.for 5% of bonds required.
SCHOOL DISTRICT (P. 0. No. Jackson),
JACKSON TOWNSHIP
Bd. of Co. Commrs., for $20.000 454% road and highway constr. bonds.
-Proposals will bare-BOND OFFERING.
Denom. to be named in bid. Date Feb. 11913. Int. F.& A. Due Feb. 1 Mahoning County, Ohio.




DEC. 7 1912.]

THE CHRONICLE

ceived until 1 p. m. Dec. 19 by J. Ford Gault, Clerk Bd. of Ed.,for $10,000
5% school-constr. bonds. Denom. $1,000. Date Dec. 26 1912. Int.
semi-ann. at Dist. Treas. office. Due $1,000 yrly. on April 1 from 1915
to 1924 incl. Cert. check on a solvent bank for 2% of bonds, payable
to the Dist. Clerk, required. Bids must be made for entire block of bonds.
JEFFERSON AND PLAQUEMINES PARISHES DRAINAGE DIS-Reports state that a resolution
-BONDS AUTHORIZED.
TRICT, La.
has been passed providing for the issuance of $358,500 drainage-systemimpt. bonds. Due from Aug. 1 1917 to 1952 incl.
-BOND OFFERING.
JOHNSON CITY, Washington County, Tenn.
-Further details are at hand relative to the offering on Dec. 19 of the
$50,000 5% 20-yr. coup. high-school bonds (V. 95, p. 1488). Proposals
will be received until 7 p. m, on that day by W.R.Pouder, City Treas.
Denom. $500. Int. semi-ann. Cert. check on a national bank for 23 %
of bid required. Bids may be made contingent upon city arranging to
furnish the opinion of Hawkins, Delafield & Longfellow of N. Y. or other
reputable attorneys, establishing validity of issue, and to have the bonds
certified as to genuineness by the U. S. Mortgage & Trust Co. of N. Y.,
also to provide for the payment of principal and interest at the Hanover
National Bank in New York. Date of bonds approximatly Dec.31 1912.
JOHNSON COUNTY DRAINAGE DISTRICT NO. 1, Neb.-BOND
SALE. On Nov. 26 the $100,635 14 6% 5
-15-year (ser.) drainage bonds
V. 95, P. 1424) were awarded to the Hanchett Bond Co. of Chic, for
01,893 14 (101.25) and accrued int. Bonds to be taken in blocks of
25,000. Bids were also received from Parson, Son & Co., Ulen & Co. and
. C. Speer & Sons of Chic.; Hoehler & Cummings and the Security Say.
Bank & Trust Co. of Toledo and the Western Security Corp. of Des Moines.
JOPLIN, Jasper County, Mo.-BOND ELECTION.
-An election will
be held Jan. 14, reports state, to vote on the question of issuing $50,000
bridge bonds.
-NO BOND ELECTION.
KANE COUNTY (P. 0. Geneva), Ill.
-We
are now advised that the election held Nov. 5 was not on the issuance of
$25,000 soldiers' monument bonds, reported in V. 95, p. 769, but on the
appropriating this sum.
question of
-BONDS PURCHASED BY STATE.
-The following 5%
KANSAS.
bonds, aggregating $9,000, were purchased by the State of Kansas at par
during October:
Amount. Place.
Purpose.
Date.
Due.
$1,200 Crawford Co. S. D. No. 73_ _ School Aug. 26 1912 Jan. 1 1913-18
1,200 Graham Co. S. D. No. 1_ _ _ _ Refund Jan. 111012 Jan. 1 1914-24
Co. S. D. No.26
1,500 Kiowa
School Oct. 14 1912 July 1 1914-27
1,500 Kiowa Co. S. D. No.34
do
Oct. 15 1912 July 1 1914-18
3,000 Jewell Co. S. D. No. 159
do Sept. 24 1912 Jan. 1 1914-19
600 Phillips Co. S. D. No. 38_ _ _ _
do
Oct. 10 1912 Jan. 1 1914-16
The above bonds are subject to call at any interst-paying period.
KANSAS CITY, Wyandotte County, Kans.-BONDS A IITHORIZED.-Ordinances have been passed providing for the issuance of the
following 5% coup. bonds:
$11,791 34 park-impt. bonds, Series "A." Denom.(23) $500,(1) $291 34.
Int. J. & D. Due on Dec. 1 as follows: $1,291 34 in 1913,
$1,000 in 1914 and 1915, $1,500 in 1916, $1,000 in 1917 and
1918,$1,500 in 1919,$1,000 in 1920 and 1921 and $1,500 in 1922.
41,230 00 internal-impt. bonds, Series "G." Denom. (82) $500,(1) $230.
Int. F. & A. Due on Dec. 1 as follows: $4,230 in 1913, $4,000
in 1914, 1915 and 1916; $4,500 in 1917; $4,000 yearly from
1918 to 1921 incl. and $4,500 in 1922.
Date Dec. 11912. Int. payable at the office of the State Treasurer in
Topeka.
KANSAS CITY, Mo.-BOND OFFERING.
-Proposals will be received
until 10 a. m. Dec. 19 by M. A. Flynn, City Comp., for $200,000 4%
water-works-impt. and $200,000 4%% sewer coupon bonds. Denom.
31,000. Date Sept. 11910. int. M.& S. at City Treasurer's office or at
Chase Nat. Bank in N. Y., at the option of holder. Due Sept. 1 1930.
Cert.check on a Kansas City national bank for 2% of bonds bid for, payable
to the City Comp.,required. Legality of bonds will be approved by Dillon,
Thomson & Clay of N. Y., whose opinion will be delivered to the purchaser.
Bonds to be delivered Dec. 31. Bids must be made on blank forms to be
furnished by the city.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
KILLEEN, Bell County, Tex.
-BOND ELECTION.
-An election will
be held Dec. 21. it is stated, to vote on the question of issuing $15,000
water-works bonds.
KING COUNTY (P. 0. Seattle), Wash.
-BOND OFFERING.
-Proposals will be received until Jan. 15 1913 by the Co. Commrs., it is stated,
for the $950,000 court-house bonds voted Nov.5(V.95, p. 1424). Denom.
$1,000. Int. rate not to exceed 5%. Due serially for 20 years.
LA SALLE TOWNSHIP HIGH SCHOOL DISTRICT, La Salle
County, Ill.
-BOND ELECTION.
-An electiom will be held to-day
(Dec. 7) to vote on the question of issuing $25,000 bonds, according to
reports.
LAWRENCE COUNTY (P. 0. Deadwood), So. Dak.-BOND OFFER-Further details are at hand relative to the offering on Dec. 17 of
ING.
the $150,000 5% reg. fund, tax-free bonds (V. 95, p. 1488). Proposals
for these bonds will be received until 10:30 a. m. on that day by N. C. Hall,
Co. Treas. Auth. Chap. 59, Session Laws of 1905. Denom. as bidder
may desire. Date Jan. 1 1913. Int. at First Nat. Bank in N. Y. or at
Co. Treas. office. Due Jan. 11033, subject to call beginning Jan. 11923.
Cert. check for 2%%, payable to the County Treasurer, required.
LAWRENCE COUNTY (P. 0. Ironton), Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. Dec. 18 by S. A. Bowman,Co. Aud.,
for $10,000 4% coup. tax-free bridge bonds. Denom. $1,000. Date
Mch. 1 1913. Int. M. & S. at the County Treas. office. Due Mch. 1
1923. Cert. check for 2% of bid, payable to the Treas., is required.
LEAVENWORTH, Leavenworth County, Kan.
-DESCRIPTION
OF BONDS.
-The two issues of 5% bonds sold on Nov. 19 to local investors
(V. 95, p. 1488) answer the following description
$13,720 83 special impt. bonds. Denom. (27) $500 and (1) $220 83.
Due $1,220 83 Aug. 1 1913, $1,000 on Aug. Tin 1914 and 1915
and $1,500 yrly. Aug. 11918 to 1922 incl.
7,989 54 general impt. bonds. Denom. (15) $500 and (1) $489 54.
Due $489 54 Aug. 11913,$500 Aug. 11914, 1915 and 1916 and
$1,000 yrly. Aug. 11017 to 1922 incl.
Date Nov. 1 1912. Interest February and August.
LIBBY, Lincoln County, Mont.
-BOND SALE.
-On Nov. 23 the
$15,000 6% 10-20-yr. (opt.) sewer bonds (V. 95, p. 1227), were awarded
at public auction to Rose & Raynand for $15,035 (100.233) and int.
00
LIMA, Allen County, Ohio -BOND SALE.
-Local papers state that
the 3100,0005% coup. water-'works-impt. and ext. bonds, Series "E,"
(V. 95, P. 1227) will be purchased by the Board of Sinking Fund Trustees,
LITTLETON, Middlesex County, Mass.
-BOND SALE.
-On
$10,000 4% coup, water bonds were awarded to R. L. Day &Nov. 29
Co. of
Boston, it is stated, at 100.159. Denom. $500. Date April 11912. Int.
at the Old Colony Trust Co. of Boston. Due $500 yearly April
A. & 0.
1
from 1913 to 1932 inclusive.
LOCKPORT, Will County, 111.
-BOND ELECTION PROPOSED.
At the city election in April it is expected that the question of issuing not
exceeding $4,000 bonds to pay outstanding judgments will be voted upon.
LONG BEACH CITY SCHOOL DISTRICT (P. 0. Long Beach),
Los Angeles County, Cal.
-BOND ELECTION PROPOSED.
-Local
papers state that an election will probably be held to vote on the question
of issuing approximately $150.000 site-purchase and building bonds. These
bonds, if authorized, are to take the place of the $100,000
to the State of California (V. 94, P. 1718) but subsequently issue awarded
refused by it,
owing to technicalities found in the proceedings
.
LOS BANOS, Merced County, Cal.
-BONDS DEFEATED.
-The
proposition to issue the $27,000 5
water-works bonds (V. 95, P. 1227)
failed to carry at the election held ov. 25.
LOWELL, Middlesex County, Mass.
-BONDS NOT SOLD.
-No bids
were received on Dec. 2, it is stated, for the $5,100 4% road bonds offered
on that day. Date Dec. 11012. Due $510 yrly. from 1913 to 1022, incl.
BOND OFFERING.
-Proposals will be received, according to reports,
until 11 a. m. Dec. 9 by the City Treas. for $21,825 4% 8-11-yr.
(see.)
municipal bonds. Int. semi-ann. A similar issue of bonds was reported
sold to Merrill, Oldham & Co. of Boston on Oct. 28 (V. 95, P. 1227)•
ali

i1




1561

LYNN, Essex County, Mass.
-Proposals will be
-BOND OFFERING.
received until 9 a. m. Dec. 10, it is stated, for the following 4% bonds:
$4,000 fire and police bonds. Date Nov. 1 1912. Due serially from 1913
to 1917 incl.
82,500 miscellaneous bonds. Date Nov. 1 1912. Due serially from 1913
to 1922 incl.
13,000 school and municipal bonds. Date Nov. 1 1912. Due serially
from 1913 to 1932 incl.
75,000 municipal -stable bonds. Due serially from 1913 to 1932 incl.
McARTHUR SCHOOL DISTRICT (P. 0. McArthur), Vinton
County, Ohlo.-BOND OFFERING.
-Proposals will be received until
7 p. m. Dec. 16 by L. A Edwards, Clerk Bd. of Ed.,for $25.000 4% bldg.constr. bonds. kuth. Sec. 7629, Gen. Code. Denom. $500. Int. semiannual. Due $500 yrly. from 2 to 11 yrs. after date incl.•, $1,000 yrly.
in from 12 to 19 yrs from date incl.; $1,500 yrly. in from 20 to 23 yrs. from
date incl., and $2,000 in 24, 25 and 26 yrs. after date. Cert. check for
$500, payable to the Dist. Clerk, required. Bonds to be delivered within
10 days from time of award. Purchaser to pay accrued interest.
McBRE SCHOOL DISTRICT (P. 0. McBee), Chesterfield County,
-Proposals will be received until 2 p. m.
-BOND OFFERING.
So. Caro.
Dec. 23 for $7,000 6% 20-yr. coup. bonds. Denom. $1,000. Cert. check
for $200 required. J. C. Hungerpiller is Clerk of Bd. of Trustees.
-The
-BOND ELECTION.
MANSFIELD, De Soto Parish, La.
question of issuing $45,000 sewerage bonds will be submitted to the voters.
it is stated, on December 27.
-BOND OFFERING.
MARGATE CITY (P. 0. Atlantic City), N. J.
Proposals will be received until 4 p. m. Dec.9 by A. B. Repetto, City Clerk.
for 339,000 paving and $10,000 beach-impt. 5% 30-yr. bonds, it is stated.
Cert. check for 2% required. These securities were previously offered on
Nov. 25.
MARYLAND.
-BOND OFFERING.
-Proposals will be received until
12 m. Jan. 2 1913 by Murray Vandiver, State Treasurer, at Annapolis
for $200,000 consolidated loan of 1913, series "A"; $400,000 hospital loan,
series "A"; $300.000 Maryland State normal school loan, series "A," and
$250,000 public-highway loan of 1910, series "C"4% coup. (with privilege
of registration as to principal) tax-free bonds. Denom. $1,000. Date
Jan. 1 1913. Int. J. & J. Due Jan. 1 1928, subject to call beginning
Jan. 1 1923. Cert. check on some responsible banking institution for 5%
of bid required. Bonds to be delivered Jan. 13 1913.
MARYVILLE, Nodaway County, Mo.-BOND SALE.
-Reports state
that an issue of $100,000 43 % water bonds has been purchased by a local
trust company.
MEDINA COUNTY (P. 0. Mallet Creek), Ohio.
-BOND SALE.
On Nov. 30 the $10,000 4%%
Road Dist. No. 1 bonds (V. 95.
p. 1425) were awarded to Seasongood & Mayer of Cin. at 102.26 and hit.
coup.
A bid of $10,205 was also received from the Old Phoenix Nat. Bank in Medina.
MEMPHIS, Tenn.
-BOND OFFERING.
-Proposals will be received
until 2:30 p. m. Dec. 17 by E. M. Douglas, City Clerk, for $360,000 6%
coupon street-impt. (city's portion) bonds. Int. J. & D. in Memphis or
New York, as purchaser may desire. Due $72.000 yearly in from 1 to 5
years after date. Cert. check on a Memphis bank for 1% of bonds, payable
to the "City," required. Legality of bonds has been approved by Dillon,
Thompson & Clay, of N. Y., whose opinion will be furnished to the successful bidder.
-On Nov.22
MENNO, Hutchinson County, So. Dak.-BOND SALE.
the 35,000 5% coup. refunding bonds voted Nov. 2 (V. 95, p. 1290) were
H. Coffin of Chic. at 100.10. Denom. $100 and $500.
awarded to
Date Nov. 22 1912. Int. at the Hanover Nat. Bank in N. Y. Due
C.
in 5 and 10 years.
MERCER COUNTY (P. 0. Trenton), N. J.
-BOND OFFERING.
Proposals will be received until 2:30 p. m. Dec. 20 by the Finance Committee, M. D. Raub, Chairman, for the $207,000 4%% 20-yr. coup.
funding bonds previously offered on Oct. 29 as 4s (V. 95, p. 1072). Denom.
$1.000. Int. J. & J. Cert. check on a reputable bank for 2% of bonds
bid for, payable to J. H. Black, Co. Collector, is required. Blank forms
for bids will be furnished by the Co. Collector.
The official notice of this bond offering will be found among the adveritsements elsewhere in this Department.
MIAMI COUNTY (P. 0. Troy), Ohio.
-BOND SALE.
-On Dec. 2
the 16 issues of 5% bonds, aggregating $32,900 (V. 95, p. 1425), were
awarded to the Piqua Nat. Bank in Piqua for $33,345 (101.35) and int.
A bid of $33,090 was also received from Hayden, Miller & Co. of Cleveland.
MIDDLETOWN, Middlesex County, Conn.
-TEMPORARY LOAN.
On Dec. 2 the loan of $50,000 duo June 4 1913 (V. 95, p. 1488) was negotiated with the Middletown Nat. Bank in Middletown at 5% discount.
-On Nov. 26
MONMOUTH, Polk County, Ore.
-BOND SALE.
-25
$5,000 6% 10 -year (opt.) water-works bonds were awarded to Morris
Bros. of Portland at 100.62, int. and blank bonds. Denom. $500. Date
Sept. 11911. Int. M. & S.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND SALE.
On Nov. 28 the $1,000 4%% 1-5-yr. (ser.) coup. Baker Ditch impt. bonds
(V. 95, p. 1347) were awarded to the Citizens' Nat. Bank, Wooster, at
101.06 and int. A bid of 100.10 was also received from the Dayton Say.
& Trust Co. of Dayton.
MOUNDSVILLE, Marshall County, W. Va.-BOND SALE.
-On
Dec.4 the $26,900 5% sewer-construction bonds(V.95, p. 1425) were awarded to the Mutual Savings Bank of Wheeling for $27,000 (100.371) and
were also received from the National Exchange Bank of Wheelingint. Bids
and Seasongood & Mayer of Cincinnati.
MT. VERNON, Westchester County, N. Y.
-BOND SALE.
-On
Dec. 3 the following bids were received for the $15,000 39-yr. highway.impt. and $50,000 20-yr. water 4%% bonds (V. 95, p. 1488):
$50,000 issue. $15,000 issue
Rhoades & Co., New York
*$51,097 50
Hayden, Stone & Co.. New York
50,582 00 p15,340 95
0. II. Venner & Co., New York
15,330 7550,762 50
James R. Magoffin, New York
50,625 00
15,304 00
Harris, Forbes & Co., New York
15,237 45
50,591 50
Parkinson & Burr, New York
15,247 53
50,573 77
Spitzer, Rorick & Co., New York
15,145 50
50,335 50
Kountze Bros., New York
15,103 80
50,236 00
Estabrook & Co., New York
for all or none at 101.93
*Successful bids.
NEW WATERFORD, Columbiana County, Ohio.
-BOND SALE.
On Dec. 2 the five issues of 5% bonds aggregating $16,321 19 (V. 95.
p. 1227) were awarded to the Tillotson & Wolcott Co. of Cleve. for $16.939 19 (103.78) and int. Other bids follow:
Otis & Co., Cleveland_ _ _$16,836 19 Spitzer.Rorick&Co., Tol_ $16,684 40
Hayden, Miller & Co., Cle 16,702 691Secur.Say.Bk.&Tr,Co..To1.6,673
-During the month of November
NEW YORK CITY.
-BOND SALE.
the Sinking Fund of this city purchased at par $500.000 3% bonds for
various municipal purposes, maturing in 1922. and $5,000,000 3% general
;As
fund bonds maturing in 1930.
The following revenue bonds, bills and corporate stock notes (temporary
securities) were also issued by this city during November
Amount.
Revenue Bats. Int.
Revenue Bonds. Int.
Amount.
Current expenses53 $2,500,000 00 Current expenses_*4% $194,951 37
%
Current expenses_51
750,000 00 Current expenses_*4% 485,905 40
A
Current expenses_5 1-6 1,000,000 00 Current expenses_*5Y x591,467 17
1
Current expenses_4%
334,075 57 Current expenses_*5 x1,180,467 19
Current expenses_4% 1,000,000 00 Current expenses_*4%x2,588.763 12
4
Current expenses_45
770,603 20
Corporate Stock Notes
Special
5W.
250,000 00 Var. munic. pur_ _ _3
50,000 00
Special
5,000 00 Var. munic. pur__*51
4 x705,187 98
45%
Special
190,000 00 For water
3
100,00000
Special
3
400,000 00
Total
$13,086,421 00
*Rate of discount; figures in "Amount" column represent proceeds of
loan after deducting discount. x Payable in E sterling.
NORTH CAROLINA.
-BOND OFFERING.
-Proposals will be received until 12 m. Dec. 17 by B. R. Lacy, State Treasurer (P.0. Raleigh).
for $550,000 4% refunding bonds (V. 95, p. 1347). Date Jan. 1 1913
Int. J. & J. at the Nat. Park Bank in N. Y. Due Jan. 1 1953. Bonds are
tax-exempt in No. Caro. Bids must be made on blank forms furnished:by

1562

THE CHRONICLE

the State or by Caldwell, MassItch & Reed of N. Y., whose favorable opinion will be furnished to the purchaser.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
NORTH DAKOTA.
-BONDSPURCHASED BYSTATE
.-Thefollowing
4% bonds aggregating $66,200 were purchased at par by the State during
October
NameAmount. Purpose.
Due.
Date.
Dickinson
$20,000 Funding
Sept. 16 1912 Sept.16 1932
Ellisville S. D. No.65_ _. 1,500 Funding
Sept. 16 1912 Sept. 16 1922
Heart River S. D. No.75 1,500 Building
July 1 1912 July 1 1932
New Home S. D. No.31_ 1,200 Building
Sept. 16 1912 Sept. 16 1922
Pembina County
30,000 Court-house June 1 1912 June 1 1932
Prospect S. D.No.30
1,500 Building
Aug. 10 1912 Aug. 10 1932
Scranton
5,500 Funding
July 1 1912 July 1 1932
Weiler S. D.No. 56
Sept. 16 1912 Sept. 16 1932
5,000 Building
NORTH DANSVILLE SCHOOL DISTRICT (P. 0. Dansville),
Livingston County, N. Y.
-Proposals will be re-BOND OFFERING.
ceived until 8 p. m. Dec. 16 by S. F. Adams, Clerk Bd. of Ed.,for $32,000
5% 1-16-yr. (ser.) school bonds, it is stated. Int. semi-ann. Cert. check
for 5% is required. A similar issue of securities was awarded on Sept. 23
to Douglas Fenwick & Co. of N. Y.
NORWALK CITY SCHOOL DISTRICT (P. 0. Norwalk), Huron
-BOND OFFERING.
-Proposals will be received until
County, Ohio.
12 m. Dec. 16 by J. A. Strutton, Dist. Clerk, for $25,000 5% buildingconstr. and equip. bonds. Auth. Sec. 7626. Gen. Code. Denom. $500.
Date Dec. 1 1912. Int. J. & D. Due $1,000 each six months from
Dec. 1 1914 to Dec. 1 1926 incl. Purchaser to pay accrued interest.
NORWOOD CITY SCHOOL DISTRICT (P.O. Norwood), Hamilton
County, Ohio.
-BOND OFFERING.
-Proposals will be received until
12 m. Dec. 16 (changed from Dec. 9) by G. W. Swormstedt, Clerk Bd. of
Ed. for the $55,000 4% Marion St. school-bldg.
-addition bonds (V. 95,
p,'
1426). Auth. Secs. 7,625, 7626, 7627 and 7628 Gen. Code. Denom.
$500. Date Dec. 16 1912. Int. semi-ann. at First Nat. Bank in Norwood. Due $1,000 Dec. 16 1922 and $2,000 yrly. on Dec. 16 from 1923 to
1949 incl. Cert. check for $500, payable to the Clerk Bd. of Ed.,required.
Bonds to be delivered within 10 days from time of award. Purchaser to
pay accrued interest.
-An elec-BOND ELECTION.
OLEAN, Cattaraugus County, N. Y.
tion will be held Dec. 9, it is stated, to decide whether or not this city shall
-purchase and city-lockup-erection bonds.
issue $22,000 site
-BONDS AUTHORIZED.
PAINESVILLE, Lake County, Ohio.
An ordinance was recently passed providing for the issuance of $5,000 5%
coup. elec.-light-equip.-purch. bonds. Auth. Sec. 3939, Gen. Code. De
nom. $500. Date Oct. 1 1912. Int. A. & 0. Due $1,000 yrly. on Oct. 1
from 1919 to 1923 incl.
PARADISE TOWNSHIP, Grand Traverse County, Mich.
-BONDS
VOTED.
-At a recent election the propostition to issue $30,000 road bonds
carried, it is stated.
PIQUA, Miami County, Ohio.
-BOND OFFERING.
-Proposals will
be received until 12 m. Dec. 26 by G. F. Cron,' City Aud.,for the following
4% bonds:
$39,095 So. Main St. impt. bonds. Denom. (1) $1,033, (1) $1,062, (37)
$1,000. Due: one bond for $1,033 and one for $1,062 Dec. 20
1913; $6,000 Dec. 20 1914: $5,000 Dec. 20 1915, 1916 and 1917;
$4,000 Dec. 20 1918 and $3,000 yearly on Dec. 20 from 1919 to
1922, inclusive.
7,478 Decker Sanitary Sewer construction bonds. Denom. (1) $478,
(14) $500.
Date Dec. 20 1912. Int. J. Sc D. at City Treas. office. Cert. check for
5% of bonds bid for, payable to the City Auditor, required.
-Local papers state that
PITTSBURGH,Pa.
-BONDS AUTHORIZED.
on Nov. 30 the Board of Education authorized the issuance of $3,000,000
43.1, % coup. or reg. non-taxable school-bldg. bonds. Denom. $1,000.
Date Nov. 30 1912. Due one-third in 10 years, one-sixth in 15, 20, 25
and 30 years.
-BOND OFFERING.
PLAIN CITY, Madison County, Ohio.
-Proposals will be received until 12 m. Dec. 23 by Guy Wells, Vii. Clerk, for
$3,500 43 % water-and-light-plant-repair bonds. Auth. Sec. 3939 and
3949, Gen. Code. Denom. $500. Date Dec. 1 1912. Int. semi-ann.
Due $500 yearly on Sept. 1 from 1924 to 1930 incl. Cert. check for 5%
of bonds bid for, payable to the Vii. Treas., required. Bonds to be delivered within 10 days from time of award. Purchaser to pay accrued int.
POLK TOWNSHIP, Nodaway County, Mo.-BOND ELECTION
PROPOSED.
-Reports state that petitions are being circulated calling for
an election in Feb. 1913 to submit to the voters the question of issuing
$50,000 5% 15-year bridge and road-construction and improvement bonds.
PORTLAND, Ore.
-BIDS.
-The other bids received on Nov. 26 for
the $315,000 4% 30-yr. gold bridge bonds awarded to Merrill, Oldham Sr
Co., R. L. Day & Co. and Estabrook & Co. at their joint bid of 93.09
and int. (V. 95, p. 1489) were as follows
92.76 1Wm. A Read & Co
Morris Bros., Portland
92.033
Potter, Choate & Prentice_ _ _92.511 E. H. Rollins & Sons
92.01
Harris Tr. & Say. Bk., Chic_ _92.184
-BOND OFFERING.
PORT OF SEATTLE (P. 0. Seattle), Wash.
Proposals will be received until 2 p. m. Dec. 19, it is stated, by the Port
for the six issues of harbor-impt. bonds,
Commission, R. Bridges,
Sec.,
aggregating $2,350,000, offered without success on Nov. 14(V.95, p. 1426).
-BOND ELECTION.
REDONDO BEACH, Los Angeles County, Cal.
-Tho proposition to issue $30,000 park-site-purchase and impt. bonds will
be submitted to a vote, it is stated, on Dec. 18.
RENTZ SCHOOL DISTRICT (P. 0. Rents), Laurens County, Ga.-An election will probably be held about
BOND ELECTION PROPOSED.
Jan. 1 or earlier, it is stated, to vote on the issuance of $8,000 bldg. bonds.
RICHMOND, Fort Bend County, Tex.
-BONDS REGISTERED.The $8,000 57 10-40-yr. (opt.) street-impt. bonds voted Sept. 11 (V. 95,
p. 771) were registered on Nov. 29 by the State Comptroller.
RIPLEY TOWNSHIP (P. 0. Greenwich), Huron County, Ohio.
-Proposals will be received until 12 m. Dec. 21 by
BOND OFFERING.
F. D. Donaldson, Twp. Clerk, for $25,000 4 % coup. tax-free road-impt.
bonds. Denom. $500. Date Dec. 1 1912. Int. A.& 0. at the First Nat.
Bank in Greenwich. Due $1,000 each six months from April 1 1914 to
April 1 1926 incl. Cert. check for 5% of bid, payable to the Twp.
Trustees, is required. Purchaser to pay accrued int.
RIVERSIDE, Riverside County, Cal.
-BOND ELECTION POSTPONED.
-The election which was to be held Dec. 17 to vote on the issuance of the $1,160,000
% 1-40-yr. (ser.) water-works bonds (V. 95, p.
1489) has been posptoned.
-The $230,000
ROANOKE, Roanoke County, Va.-BOND SALE.
4%% 30-yr. coup. public-bldg. bonds advertised to be sold Nov. 22(V. 95,
p. 1348), were awarded, it is stated, on Nov. 25 as follows: $50,000 to the
Nat. Exchange Bank of Roanoke at 99 and $180,000 to Baker, Watts &
Co. of Baltimore at 98.25.
ROCHESTER, N. Y.
-NOTE SALE.
-On Dec. 3 the $100,000 waterworks and $100,000 local-impt. 6-mos. notes(V. 95, p. 1489) were awarded,
$2,000 to Bonbright & Hibbard of Rochester at 5.35% int. and the remaining $198,000 to W. Trimble of N. Y.for $198,010 at 5;i% int. Other bids:
Alliance Bank, Rochester
$50,000 local-impt. notes for 5.60s.
Bond & Goodwin, New York
200,026 for 5.75s
Brown Bros. & Co., New York
200,005 for 5.75s.
H. Lee Anstey, New York
200,200 for 6s.
Luther Robbins, Rochester
200,020 for 6s.
NOTE OFFERING.
-Proposals will be received until 2 p. m. Dec. 10
by E. S. Osborne, City Comptroller, for $300,000 sewage-disposal notes
due four months from Dec. 16 1912. They will be drawn with interest and
made payable at the Union Trust Co. in N. Y. Bidder to designate rate
of int. and denomination of notes.
-BOND SALE.
-On Nov. 15
ROCKFORD, Mercer County, Ohio.
$6,000 5% refunding bonds were awarded to Seasongood & Mayer of Cincinnati at 107.80. Denom. $500. Date Oct. 1 1912. Due $500 yrly.
Oct. 1 from 1920 to 1931, incl.
SACRAMENTO, Cal.
-BOND ELECTION PROPOSED.
-Reports
state that petitions are being circulated calling for an election to voteon
the question of issuing $700,000 state-building-constr. bonds.
SALEM RCIT:TOrIT. nurrnICT (P. 0. Salem), Columbiana CountY,
Ohio.-BONDS DEFEATED.
-The question of issuing the $100,003




[VoL. Lxxxxv.

building bonds (V. 95, p. 1426) was defeated on Nov. 25, there being 557
votes "for" and 592 "against."
-Proposals will be received
SAN DIEGO, Cal.
-BOND OFFERING.
until 10 a. m. Dec. 30 (date changed from Dec. 2) by Allen H. Wright,
City Clerk, for the $2,500,000
% coupon bonds authorized by a vote
of 6,948 to 1,405 at the election held Aug. 15 to purchase the system of the
Southern California Mountain Water Co. (V. 95, p. 1228). Denom.
Date Jan. 1 1913. Int. J. & J. at the
(2,480) $1,000 and (40) $500.
City Treasury. Due $62,500 yrly. Jan. 1 from 1914 to 1953 incl. Cert.
check on a responsible bank in San Diego for $25,000, payable to the City
Treasurer, required.
-BONDS
SANKERTOWN (P. 0. Cresson), Cambria County, Pa.
PROPOSED.
-We are advised by the Secretary that this borough will
issue $5,000 water bonds.
SCOTTS BLUFF SCHOOL DISTRICT (P. 0. Scotts Bluff), Scotts
Bluff County, Neb.-BONDS PROPOSED.
-Local papers report that
$35,000 bonds will be issued in the near future to pay off outstanding debt
and complete the new high-school building.
-During October
SEATTLE, Wash.
-BOND SALES IN OCTOBER.
this city issued the following 6% spedal improvement assessment bonds
aggregating $19,989 82
Amount.
Date.
Due.
•
Purpose.
Oct. 9 1922
Oct. 9 1912
$6,977 39
Paving
Oct. 15 1922
Oct. 15 1912
7,355 52
do
Oct. 26 1922
Oct. 26 1912
5,656 91
do
All the above bonds are optional after one year.
-Proposals
-BOND OFFERING.
SIDNEY, Shelby County, Ohio.
will be received until 12 Dec. 30 by J. L. Van Riper, City Auditor, for
$45,000 4% coup. (city's portion) street-impt. bonds. Denom. $500.
Date Oct. 1 1912. Int. semi-ann. Due $2,500 each six months from Apr.1
1915 to Oct.1 1923 incl. Cert.check on a local bank for 5% of bonds bid
for, payable to the City Treas., is required. Purchaser to pay accrued int.
SOUTH SAN JOAQUIN IRRIGATION DISTRICT, San Joaquin
County, Cal.
-BOND ELECTION PROPOSED.-Thls district is considering holding an election to vote on the issuance of $1,170,000 distribution
and $790,000 reservoir bonds, reports state.
SPENCERVILLE SCHOOL DISTRICT (P. 0. Spencerville), Allen
-Proposals will be received until
County, Ohio.
-BOND OFFERING.
12 m. Dec. 16 by T. M. Berry, Clerk Bd. of Ed., for $6,500 6% coup.
school-repair and addition bonds. Auth. Sec. 7625, Gen. Code; also an
election held Nov. 5. Denom. $500. Date Dec. 1 1912. Int. A. & 0.
at Dist. Treas. office. Due $500 each six months from Oct. 1 1915 to
Oct. 1 1921 incl. Cert. check on a local bank for $100, payable to the Treas.
Bd. of Ed., required. Purchaser to pay aCcrued int. Bids must be
unconditional.
SPOKANE, Wash.
-BOND SALE.
-The following 6% special-impt.
bonds aggregating $506,440 and dated Oct. 1 1912 were disposed of by
this city during October.
Due.
Amount.
Purpose.
Oct. 1 1922
$11,770_ _Hatch grade
Oct. 1 1922
7,980_ _Nevada St. grade
Oct. 1 1917
486,690_ _Fifth Ward sewer
SPOTSYLVANIA COUNTY (P. 0. Spotsylvania), Va.-BOND
-Reports state that an election will be held Feb. 4 1913 to
ELECTION.
-$40,000 in
vote on the question of issuing $73,000 road-constr. bonds
Livingston District and 833,000 in Berkeley District.
-Local papers
-BOND SALE.
Ohio.
SPRINGFIELD, Clark County,
tato that on Nov. 22 the Sinking Fund Trustees purchased the $170,000
% coup. water-works-constr. bonds (V. 95, p. 1073).
-BONDS
STAMFORD SCHOOL DISTRICT, Jones County, Texas.
-On Nov. 26 the State Comptroller registered the $25,000
REGISTERED.
•
5% 40-year bonds recently sold (V. 95, P. 920)•
-At a recent elec-BONDS VOTED.
SUISUN, Bolan° County, Cal.
tion the question of issuing $10,000 water bonds received a favorable
vote, according to reports.
-PRICE PAID FOR
TACOMA SCHOOL DISTRICT NO. 81, Wash.
-The price paid for the $200,000 site-purchase and bldg. bonds
BONDS.
awarded on Nov. 8 to the State of Washington (V. 95, p. 1427) was par
for 4;4s. Denom. $1,000. Date Jan. 1 1913. Int. ann.in Jan. Due
Jan. 1 1933, subject to call at any interest-paying date.
-Further deTAMPA, Hillsboro County, Fla.
-BOND OFFERING.
tails are at hand relative to the offering on Dec. 11 of the $500,000 57,,,
gold improvement bonds (V. 95, p. 1480). Proposals for these bonds will
be received until 2 p. m. on that day by the Board of Comm'rs of Public
Works, A. Thomas, Clerk. Denom. $1,000. Date Dec. 1 1912. mat.
J. & D. Due Dec. 11962. subject to call beginning Dec. 1 1932. Certified check for 1% of bonds bid for required. Bonds will be certified as to
genuineness by the U. S. Mortgage & Trust Co. of N. Y. and their legality
will be approved by Caldwell, Masslich & Reed of N. Y., whose opinion
will be furnished to the purchaser. Bonds to be delivered Dec. 16. Bids
must be unconditional and made on blank forms to be furnished by the
city and U. S. Mortgage & Trust Co. Purchaser to pay accrued interest.
-BOND OFFERING.
TERRACE PARK, Hamilton County, Ohio.
Proposals will be received until 12 m. Dec. 24 by Wm. E. Williamson,
Vii. Clerk, for the $2,500 4;i% deficiency bonds (V. 95, p 1150). Auth.
.
Sec. 3931, Gen. Code. Denom. $250. Date Dec. 15 1912. Int. J. & D.
Due $500 yearly on Dec. 15 from 1917 to 1921 incl. Cert. check for 4% of
bonds bid for, payable to the Vii. Treas., required. Bonds to be delivered
within 10 days from time of award. Purchaser to pay accrued interest.
-Pro-BOND OFFERING.
TEXARKANA, Bowie County, Texas.
posals will be received until Dec. 10 by II. W. Runnels, Mayor, for the
$50,000 5% 15 -year (opt.) school-bldg. bonds voted Nov. 12 (V. 95, p.
-40
1427). Denom. $1,000. Date Jan. 1 1913. Int. semi-annual at Texarkana Nat. Bank in Texarkana or Seaboard Nat.Bank in N.Y. No deposit is
required. Official circular states thst there has never been a default in
the payment of obligations and that there is no controversy or litigation
pending or threatened affecting the corporate existence or the boundaries'
or the titles of its present officials to their respective offices or the validity
of these bonds.
-BIDS REJECTED.THOMASVILLE, Davidson County, No. Car.
All bids received on Dec.2 for the $15,000 5% 30-yr. water-works and sewer
were rejected.
bonds (V. 95, p. 1349)
-BOND SALE.
TOPEKA SCHOOL DISTRICT (P. 0. Topeka), Kan.
-year tax-free refunding bonds (V. 95,
-On Dec. 1 the $40,000 41.1 % 25
Lt. .1. sc were disposed of locally. Denom. $500. Date Jan. 1 1913.
0)
p. 149
-On Dec. 2 the three
-BOND SALE.
TULARE, Tulare County, Cal.
issues of 5% gold coup. bonds, aggregating $110,000 (V. 95, p. 1350) were
awarded to Torrance, Marshall & Co. of Los Angeles for $110,366 (100.33)
and interest.
-BOND ELECTION.
-The question
TURON, Reno County, Kan.
of issuing $20,000 bonds to establish a municipal water and light plant will
be submitted to the voters, it is stated, on Dec. 10.
-The
-BONDS VOTED.
TWIN FALLS, Twin Falls County, Idaho.
election held Nov. 26 resulted in favor a the proposition to issue the $150,000 10-20-yr. (opt.) water bonds(V. 95, p. 1228). The vote was 358 to 48.
-BIDS.
-On Dec. 3
UHRICHSVILLE, Tuscarawas County, Ohio.
the following bids were received for the $22,000 4% coupon Trenton Ave.
paving bonds (V. 95, p. 1228)
Par and interest, less $225
Otis & Co., Cleveland
Par and interest, less $330
Well, Roth & Co., Cincinnati
Par and interest, less $375
Spitzer, Rorick & Co., Toledo
-On
-BOND SALE.
UNION COUNTY (P. 0. Marysville), Ohio.
Dec. 2 the $4,100 4;67 2N,-yr. (aver.) coup. Post Road impt. bonds (V.
95, p. 1490) were awarded to the Commercial Say. Bank in Marysville for
$4,126 45, making the price 100.645. A bid was also received from the
Union Banking Co.
-BOND OFFERING.
URBANA, Champaign County, Ohio.
-Proposals will be received until 12 m. Dec. 28 by ii. M. Crow, City Aud., for
$80.0005% sewer-constr,asst. bonds. Auth.Secs.3881 and 3914.Gen. Code
Denom. $1,000. Date Dec. 20 1912. Int. J. & D. Due $8,000 yearly
on Dec. 20 from 1913 to 1922 incl. Cert. check for 5% of bonds bid for,
payable to the City Treas., required. Bonds to be delivered within 10
days from time of award. Purchaser to pay accrued interest.
UTICA, N. Y.
-On Nov. 29 the three issues of 4X%
-BOND SALE.
reg. bonds aggregating $18,599 (V. 95. p. 1428) were disposed of at par
while the 1114.295 13 4) % reg, paving bonds were sold on a 4.40% basis.
i
,

DEC. 7 1912.]

THE CHRONICLE

VENICE CITY SCHOOL DISTRICT, Los Angeles County, Cal.
BOND OFFERING.
-Proposals will be received until Dec. 16, it is stated,
for $92,000 5% bonds. Those securities were reported sold on Nov. 11
V. 95, p. 1490).
VIENNA, Clark County, So. Dak.-BONDS VOTED.
-An election
held recently, it is stated, resulted in favor of the question of issuing bonds
to refund outstanding debts.
WASHINGTON TOWNSHIP, Belmont County, Ohio.
-BOND
SALE.
-On Dec. 2 the $20,000 5% 103./-yr. (ay.) road-impt. bonds (V. 95,
p. 1228) were awarded to Tillotson & Wolcott Co. of Cleveland at 106.18
and int. Other bids follow
Seasongood & Mayer, Cin$21,220 Spitzer, Rorick & Co. Tol_ _$21,001
Dollar Say. Bk., St ClairsvCo.,__ 21,122 Well. Roth & Co. Cincinnati 20,825
Stacy & Braun, Toledo
21,016 Hayden, Miller &Co.,Cleve. 20,420
Otis & Co., Cleveland
21,005
WATTS, Los Angeles County, Cal.
-BOND ELECTION PROPOSED.
-The City Clerk advises us that this city is considering calling an election
to vote on the question of issuing $50,000 municipal-water-plant bonds.
WESTWOOD, Borgen County, N. J.
-BOND OFFERING.
-Proposals will be received until 9 p. m. Dec. 23 by J. E. Ackermann, Clerk,
for $29,000 5% 18-yr. (aver.) school bonds, reports state. Int. semi-ann.
Cert. check for 5% required.
WHITE COUNTY (P. 0. Monticello), Ind.
-BOND SALE.
-On
Nov. 15 the four issues of 43. % coupon bonds aggregating $30,600 (V. 95,
p. 1074), were awarded to E. H. O'Gara at par.
WILKINSON COUNTY (P. 0. Woodville), Miss.
-BONDS AUTHORIZED.
-On Dec. 2 the Bd. of Co. Supervisors authorized the issuance of
$25,000 bonds to erect the dormitory and academy buildings for the County
Agricultural High School, according to reports.
WILLIAMS COUNTY (P. 0. Bryan), Ohio.
-BOND OFFERING.
Proposals will be received until 12 m. Dec. 16 by G.0. Beaucler, Co. Aud.
for $25,000 5% fund. 'bonds. Auth., Sec. 5656 and 5658, Gen. Code.
Denom. $500. Date Dec. 16 1912. Int. semi-ann. Due $500 March 10
1913, $1,500 each six months from Sept. 10 1913 to Sept. 10 1920 incl.
and 32,000 March 10 1921. Cert. check for 5% of bonds bid for, payable
to the County Treas., required. Bonds to be delivered within 10 days
from time of award. Purchaser to pay accrued interest.
WOODSFIELD, Monroe County, Ohio.
-BOND SALE.
-On Dec. 2
the $3,800 5% 53-yr. (aver.) coupon street -impt. bonds (V. 95, p. 1350)
were awarded to the First Nat. Bank of Woodsfield for $3,875 (101.973)
and int. Other bids follow
Sec Say. Bk.& Tr. Co., Tol.$3,881 50 I Weil, Roth & Co. Cin_ ___53,843 70
Spitzer, Rorick & Co., Tol. 3.850 54 I Hayden, Miller & Co., Clev.3,805 50
'
WORCESTER, Worcester County, Mass.
-BOND SALE.
-On Dec. 2
the $40,000 sewer and $15,000 school-bldg. 4% 10
-year bonds (V. 95, p.
1491) were awarded to N. W. Harris & Co., Inc., of Boston, at 102.
Denom. to suit purchaser. Int. A. & 0.
WYOMING, Hamilton County, Ohio.
-BOND OFFERING.
-Proposals will be received until 9 a. m. Dec. 31 by G. H. Eversham, Village
for the $16,000 4% water-works ext. and impt. bonds. Denom.Clerk,
$500.
Date Sept. 1 1912. Int. M. & S. Due Sept. 1 1962. Certified check
for 10% of bonds bid for, payable to the Village Treasurer, required.
Bonds to be delivered and paid for within 30 days from time of award.
Purchaser to pay accrued interest. A similar issue of bonds was sold on
Nov. 9. See V. 95, p. 1350.

NEW LOANS.

KANSAS CITY, MISSOURI

1563

Canada, its Provinces
-and Municipalities.
ALBERTA.
-NEW LOAN.
-Lloyds Bank, Ltd. of London,
branches, receives subscriptions until Nov. 23 at 97 for £1,000,000 and
'
coupon debentures. Advices state that 75% of the loan was left with 4%
underwriters. Denom. £100. Int. M. & N. at Lloyds Bank, Ltd.,the
or
Imperial Bank of Canada, Toronto, Montreal or Edmonton. Due Nov. 1
1922.
ASSINIBOIA (Rural Municipality), Man.
-DEBENTURE ELECTION.
-On Dec. 17 the ratepayers will have submitted to them by-laws
providing for the issuance of $50,000 20
-installment Assinibola River bridge
and $17,000 10-installment Portage Road impt. 5% debentures.
BRANDON, Man.
-DEBENTURE ELECTION.
-Reports state that
the ratepayers will have submitted to them
for the issuance of $125,000 school, $50,000 on Dec. 17 by-laws providing
Assn. guarantee, $12,000 city-hall repairs andWestern Agricultural & Arts
$17,000 land-purchase debs.
CANNINGTON, Ont.-DEBENTURES VOTED.
-On Nov. 20 the
ratepayers voted, it is stated, in favor of a by-law providing for the Issuance
of the hydro-elec. debentures (V. 95, p. 1292)•
CANORA, Sask.-DEBENTURE SALE.
-We are advised that the
three issues of 5%% debentures aggregating
success on Oct. 2(V. 95, p. 999), have been sold $29,100, offered without
to C. H. Hargess & Co.
of Toronto for $27,000, less $500.
CHESTER, Rural Municipality No. 125, Sask.-DEBENTURE SALE
-The $5,000 5N % 20
-installment
Oct. 10 (V. 95, p. 849) were awarded road-impt. debentures offered on
to the Flood Land Co. of Regina,
it is stated.
COBDEN, Ont.-LOAN ELECTION.
-A by-law to raise $7,000 for
fire protection will be passed upon by the ratepayers, reports
state, on
Jan. 6 1913.
CREEMORE, Ont.-DEBENTURES PROPOSED.
-It is
on Jan.6 1913 the burgesses will vote on a by-law pr yiding reported that
for the issuance
of $12,000 town-hall-construction debentures.
DENHOLM, Sask.-DEBENTURE OFFERING.
-According to reports, proposals will be received for $2,100
tures. A. J. Greensill (P. 0. Denhoim). sidewalk and fire-hall debenDENZIL, Sask.-DEBENTURE OFFERING.
-Proposals will be received, it is stated, for $2,000 sidewalk debentures. B. P.
Elverum,
Secretary-Treasurer.
EDMONTON, Alberta.
-NO DEBENTURES TO BE ISSUED AT
PRESENT.
-The City Clerk advises us under date of Nov. 29
issues of debentures, aggregating $313,506 67, authorized that the five
(V. 95, p. 999) will not be offered for sale for some time. on Sept. 20
GALT, Ont.-DEBENTURES VOTED.
-The by-law providing for
issuance of $75,000 street-impt. debentures (V. 95, p. 1229) carried, the
it is
stated, at the election held Nov. 21.
GOVAN, Sask.-DEBENTURE OFFERING.-ProposaLs will be
received until Jan. 15 1913 for $15.000 6% 20-ann.-installment town-hallbldg. debentures. Auth. vote of 50 to 0 at an election held Nov.
22.
HAILEYBURG, Ont.-DEBENTURE SALE.
-G. A. Stimson &
of Toronto have been awarded $10,000 5% 20-instaliment water-worksCo.
debentures, reports state.
HOLDFAST, Sask.-DEBENTURE OFFERING.
-Proposals will be
received for $3,000 road and sidewalk debentures, reports state. H.
Birkenstock is Secretary-Treasurer.

NEW LOANS
$207,000

NEW LOANS
AMENDED NOTICE

$550,000

$200,000 WATER BONDS
$200,000 SEWER BONDS

COUNTY OF MERCER, N. J. State of North Carolina

Sealed proposals will be received by the undersigned, the Mayor and the City Comptroller, of
Kansas City, Missouri, until DECEMBER 19.
1912, at 10 o'clock A. M., for the purchase of
all or any part of the following-named bonds of
the city of Kansas City,MLssourl,in the followingnamed amounts:
Water-Works-Improvement
Bonds, Second Issue
$200,000 00
Kansas City Sewer Bonds_ _$200,000 00
The water-works-improvement bonds bear
interest at the rate of four per cent per annum
and the Kansas City sewer bonds bear interest
at the rate of four and one-half per cent per
annum. All of these bonds are of the denomination of $1,000 each,dated September 1st, 1910, to
mature September 1, 1930. Interest payable at
the office of the City Treasurer of Kansas City,
Missouri, or at the Chase National Bank in the
City and State of New York, at the option of
the holder. The March and September, 1911,
and March and Septenmer, 1912. coupons will
be detached from said bonds before delivery and
will not be sold.
No bid will be received which is in whole or in
part less than par.
The legality of the bonds will be approved by
Messrs. Dillon, Thomson & Clay of New York,
whose opinion as to the legality, or duplicate
thereof, will be delivered to the purchaser or
purchasers of said bonds.
Each bid must be made on a blank form furnished by the city, and must be accompanied
by a duly certified check on a national bank doing
business in Kansas City, Missouri, payable to
the order of the City Comptroller of Kansas
City, Missouri, for 2 per cent of the par value
of the bonds bid for. The right is reserved to
reject any and all bids.
Delivery of the bonds will be made on Decem13, 31, 1912, at 10 o'clock A. M., at the office
v
of the City Comptroller of Kansas City, Missouri.
Bids will be received at the office of the Mayor
of Kansas City, Missouri, in the City Hall in
said City, but no bid will be entitled, to consideration unless received by or before the hour
above set for receiving bids.
Printed circulars containing more definite and
detailed information with reference to said bonds,
and blank forms for bids, can be had on applIcationtto the City Comptroller of Kansas City,
Missouri, or to Messrs. Dillon, Thomson & Clay
of New York.
HENRY L. JOST,
Mayor of Kansas City, Missouri.
M. A. FLYNN,
Comptroller of Kansas City, Missouri.

Dated January 1st, 1913, payable January 1st,
Until 2:30 P. M., DECEMBER 20, 1912, the 1953, without prior option. Interest four per
Finance Committee of the Board of Chosen Free- centum per annum, payable semi-annually
holders of the County of Mercer, New Jersey, January 1st and July lat. Both principal and
will receive sealed bids for all or any part of the interest pauable at the National Park Bank, New
issue of Two Hundred and Seven Thousand York City. The undersigned State Treasurer
($207,000) Dollars, Twenty (20) -Year Coupon will receive sealed bids at his office in Raleigh,
North Carolina.for said bonds until 12 O'CLOCK
Bonds of the County of Mercer, New Jersey.
Said bonds are in the denomination of One M. TUESDAY, DECEMBER 17TH. 1912,upon
Thousand ($1,000) Dollars each, interest payable, blank forms which will be furnished, together
semi-annually on the First days of January and with full information, by the undersigned, or
July of each year, and to bear interest at the rate Caldwell, Masslich & Reed, Attorneys, 100
of Four and One-Half per centum per annum. Broadway, New York, whose approving opinion
Said bonds are issued by the County of Mercer will be furnished to purchaser without charge.
under an Act entitled, "An Act to authorize These bonds are tax-exempt In North Carolina
the issuing of bonds to fund the floating debt of and must be deducted in appraising shares in
banks for taxation to the extent that the surplus
Counties, approved April 1, 1912."
All proposals must be enclosed in a sealed of the bank is invested therein.
Dated December 2nd, 1912.
envelope, and must be accompanied by a certified
B. R. LACY,
check on some reputable bank for Two per Cent
of the amount of the bonds bid for, payable
State Treasurer.
to the order of Joseph H. Black, Collector of the
County of Mercer.
Bids will be opened by the said Finance Committee on December 20, 1012, at 2:30 P. M.
The right is reserved to reject any or all bids,
if deemed in tho interest of the county to do so.
BONDS
For further information and blank
address Joseph H. Black, County proposals,
co STATE STREET, BOSTON
Collector,
Court House, Trenton, New Jersey.
MAURICE D. RAUB
SO PINE STREET, NEW YORK
Chairman Finance Committee.

20-Year Coupon Funding Bonds

REFUNDING BONDS

BLODGET & CO.

6TATE, CITY

CITY OF LA GRANGE, GEORGIA
$40,000 GAS BONDS
$15,000 SCHOOL BONDS
Sealed proposals will be received by T. J.
Harwell, City Clerk of La Grange, Ga., until
DECEMBER 17TH, 1912, noon. for $40.000
Gas Bonds, dated January 1st, 1913, interest
at 43 per cent. payable January and July of
each year. Matures $5,000 yearly, 1928-35.
Also $15,000 School Bonds, same date and interest, maturing 1936-38. All of the above bonds
of the denomination of $1,000 and validated in
accordance with the laws of the State of Georgia.
Certified check of $100 00 required with bid.

MUNICIPAL AND RAILROAD

F. WM. KRAFT

BONDS

RAILROAD BONDS

Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
FIRBT NATIONAL BANK BUILDING
CHICAGO

NATIONAL LIGHT,
HEAT & POWER COMPANY
GUARANTEED

LAWYER.

LIST ON APPLICATION

Specializing

in Examination of

SEASONGOOD & MAYER Municipal and Corporation Bonds
1037-9 FIRST NATIONAL BANK BLD0.,
Ingalls Building
CINCINNATI




CHICAGO, ILL.

BONDS

All issues

A. H. Bickmore & Co.,
BANKERS
30 Pine Street,

New York

THE CHRONICLE

1564

-The election will be
-DEBENTURE ELECTION.
KILDONAN, Man.
held Dec. 17 to vote on the proposition to issue the $100,000 West School
.
Dist. No. 8 and $26,000 East School Dist. No. 14 debentures (V. 95, 170
1351). Due in 20 annual installments.
state that
-Reports
KINGSTON, Ont.-DEBENTURE ELECTION.
a vote will be taken Jan. 1 1913 on the question of issuing $7,850 debentures
for fire department purposes.
-An election will
LONDON, Ont.-LOAN ELECTION PROPOSED.
be held, it is reported, to sanction the raising of $25,000 as a loan to the
Finlay Electric Porcelain Co.
-An election
MADOC, Ont.-DEBENTURE ELECTION PROPOSED.
will be held in the near future, it is said, to vote on a proposition to issue
$5,000 school debentures.
-On Dec. 27,
-DEBENTURE ELECTION.
MEDICINE HAT, Alta.
proit is reported, the ratepayers will have submitted to them six by-laws
aggregating $168,000.
viding for the issuance of debentures
-On Nov. 11 the three issues
MELVILLE, Sask.-DEBENTURE SALE.
were awarded to
of 5% debentures aggregating $104,300 (V. 95, p. 1152)
Toronto.
R. C. Matthews & Co. of
-It is reported
MONTMARTRE, Sask.-DEBENTURE OFFERING.
debentures. A. J.
that proposals will be received for $3,000 curling-rink
Treasurer.
Boyer is SecretaryTURE OFFERMOORE TOWNSHIP (P. 0. Brigden), Ont.-DEBEN 14 by C. C.
Dec.
-Proposals will be received up to and including(V 95,
ING.
to
debentures
Watson, Twp, Clerk, for the $32,000 5% Telepohne Systems. p. 194)
purchase the St. Clair amd Brigden Rural
MOUNTAIN VALLEY (Rural Mun. No. 250), Sask.-DEBENTURES
-On Dec. 9, it is reported, the burgesses will vote on a by-law
PROPOSED.
providing for the issuance of $18,000 debentures.
-Subscriptions were re-NEW LOAN.
NEW WESTMINSTER, B. C.
Ltd.,
ceived until Nov. 22 in London by the London City & Midland Bank,of the
coup. debens. at 97. It is stated that about 40%
for £256,300 434%
Montreal
loan was subscribed for. Denom. £100. Int. J. & J. at Bank of in 1962.
in London. Redeemable at par as to £8,100 in 1932 and £248,200
-Wood, Gundy &
NIAGARA FALLS, Ont.-DEBENTURE SALE.
debentures.
Co. of Toronto have been awarded, it is stated, $25,684 5%
-This
-DEBENTURES PROPOSED.
VANCOUVER, B. C.
NORTH
of $26,000 terminal impt.,
city, it is reported, is contemplating the issuance
$128,000 refunding
$130,000 new ferry and a sufficient sum to purchase
debentures.
-The City Counci
OTTAWA, Ont.-DEBENTURES AUTHORIZED.
issuance of $5,952 31
recently passed by-laws, it is stated, providing for the $19,648 90 York St.
Leonard Ave. impt., $21,864 63 Wellington St. impt., walk-construction,
13
impt.,$3,563 92 sewerage,$93,560 88 paving,$4,027 (city's portion) debs.
$2,884 39 sidewalk impt., and $142,159 89 local impt.
-The issuance of
Sask.-DEBENTURES AUTHORIZED.
PERDUE,
authorized, reports state.
$3,500 debentures for a skating-rink has been
-This place
-DEBENTURES PROPOSED.
PRINCE RUPERT, B. C.
sewerage-system-construction
is considering the issuance of $1,400,000
debentures, reports state.
PROPOSED.
RAINY RIVER, Ont.-DEBENTURE ELECTION voters to issue
to the
According to reports,it is proposed to submit a by-law
$1,500 water-works debentures.

-Reports state that
RAYMORE, Lask.-DEBENTURE OFFERING.
this village has been authorized to issue $3,000 fire-hall,siebentures.,,C. E.
Secretary-Treasurer.
Drake is
REGINA, Sask.-NO STREET RAILWAY DEBENTURES AUTHOR-Concerning the newspaper reports that this city had authorized
IZED.
-railway debentures (V. 95, p. 1000), we
the issuance of $750,000 street
further
are advised that no definite action has been taken in this matterfor next
than the general approval of a scheme of street railway extensions
will cost in the neighborhood of $800,000. We are further adyear, which
vised that a number of debenture by-laws covering this and other expenditures will be prepared some time in the near future, but should the
state of the money market not improve, it is questionable whether these
debentures will be placed on the market for some considerable time.
ROSSER (Rural Municipality), Man.
-DEBENTURE ELECTION.
On Dec. 17 the ratepayers will have submitted to them a by-law providing
-installment road-impt. debentures,
for the issuance of $110,000 4 % 30
it is reported.
-The rate-payers will
ST. MARY'S, Ont.-DEBENTURE ELECTION.
have submitted to them on Jan. 1 1913 a by-law providing for the issuance
debentures, according to reports.
of $17,000 overdraft
-It is understood, according to
SASKATOON, Sask.-NEW LOAN.
cable advices from London, that an issue is about to be made there of $2,
000,000 5% consolidated stock of the city of Saskatoon.
-Reports state that
TANTALLON, Sask.-DEBENTURE OFFERING.
this place has been authorized to issue $1,000 sidewalk, road-impt, and
water-works inst. debentures.
-This place is
-DEBENTURES PROPOSED.
TRANSCONA, Man.
considering by-laws providing for the issuance of $85,000 water-workssystem and $25,000 municipal-building debentures, reports state.
-Ac-DEBENTURE ELECTION PROPOSED.
VANCOUVER, B. C.
cording to reports this city is considering the submission to the ratepayers
in Jan. 1913 of $420,000 park and about $750,000 water-works debentures.
-Reports
-DEBENTURE ELECTION PROPOSED.
VICTORIA, B. C.
state that this place will probably vote on Dec. 16 on a by-law providing
for the issuance of $225,000 Jubilee Hospital bldg. debentures.
-Proposals will be reWAWATA, Sask.-DEBENTURE OFFERING.
ceived for $800 fire-hall debentures, it is reported. W. B. Thompson is
Secretary-Treasurer.
-It is
WEYBURN, Sask.-DEBENTURE ELECTION PROPOSED.
stated that this place intends to submit to the rate-payers in the near future
by-laws providing for the issuance of $80,000 collegiate and $35,000 cityrower-plant-extension debentures.
WHYTEWOLD BEACH SCHOOL DISTRICT NO. 1386 (P. 0.
-A by-law providing
-DEBENTURE ELECTION.
Clandebove), Man.
-year debentures will be submitted to the ratefor the issuance of $1,000 10
payers, according to reports, on Dec. 17.
-It is
WINDSOR, Ont.-DEBENTURE ELECTION PROPOSED.
thought that an election may be held to raise $20,000 for the purchase of
additional machinery for the electric plant.
-T. JohnZURICH TOWNSHIP, Ont.-DEBENTURE OFFERING.
son, Treas. (P. 0. Zurich), will receive bids Cor $2,220 5% telephone debentures, according to reports.

BOND CALL.

NEW LOANS.

NEW LOANS.

$10,000
$250,000.00
JACKSONVILLE, FLORIDA, City of Fort Pierce, Florida
IMPROVEMENT BONDS

PUBLIC UTILITY BONDS

Sealed proposals will be received by the Board
of Bond Trustees of Jacksonville. Florida, until
at 3 o'clock
Thursday. December 19th, 1912, part of
$250,p. m. for the purhcase of all or any Improvement
000.00 four and a half per cent Florida. The
of Jacksonville,
Bonds of the City
approved by
legality of these bonds has been of New York.
Messrs. Dillon, Thompson & Clay definite incontaining more
Printed circulars
bonds, and blank
formation with reference to saidapplication to the
forms for bids, can be bad on
of Bond Trustees, JackSecretary of the Board
sonville, Florida, or to Messrs. Dillon, Thompson
New York.
& Clay, 195 Broadway, BOSTWICK JR.,
W. M.
Chairman Board of Bond Trustees.

Notice is hereby given that the City Council
of the City of Fort Pierce, Florida, will receive
bids for the purchase of 810,000, par value, of
City of Fort Pierce Public Utility Bonds at Fort
Pierce,. Florida, at the City Hall, at 8 o'clock
p. m., on WEDNESDAY. JANUARY 15, 1913.
Said bonds are dated January 1st, 1912, payable
thirty years after date, in denominations of
8500 00 each, and bear interest at the rate of six
per cent per annum, payable semi-annually on
July 1st and January 1st of each year. All
bidders shall accompany their bids with a certified check for $200 00 as security for compliance
with bid. The right is reserved to reject any
and all bids.
Address all bids to
F. M. TYLER, City Clerk,
Fort Pierce, Florida.

$45,700
CITY OF GENEVA, N.Y.

TERRITORY OF HAWAII

4% PUBLIC IMPROVEMENT BONDS
Due Sept. 3, 1942-32 @ 102.75 and Interest.
Tax Free Throughout United States
Accepted at par for Govt. and Postal Deposits
Proposals will be received until DECEMBER 12
,
for the following 45i per cent Geneva City bonds:
$40,000 special appropriation, coupon, maturing
$8,000 annually from 1925 to 1929; $4,500 public
Cincinnati, 0.
Toledo, 0.
Improvement, coupon, maturing $500 annually
from 1925 to 1931 and $1,000 in 1932; $1,200
public improvement, registered, maturing $400
each in 1915, 1919 and 1922.
W. MARVIN ROGERS,
City Treasurer.

4% BONDS

STACY & BRAUN

HODENPYL, HARDY & CO.
14 Wall St., Now York

AMERICAN MFG. CO. Etallroad, Street Ry., Gas & Elec. Light
SECURITIES

MANILA, SISAL AND JUTE

CORDAGE

[voL. Lxxxxv.

Bolger, Mosser & Willamar

NOTICE TO HOLDERS OF

BROWN REDEMPTION BONDS
Issued by the State of South Carolina
Under the Act of 1892.
Pursuant to the Act of the General Assembly
of the State of South Carolina passed at the
session of 1912, entitled, "An Act to Provide for
the exercise by the State of its option to call in
and pay the whole or any part of the Brown
Bonds and Stocks issued under an Act entitled.
"An Act to Provide for the redemption of that
portion of the State debt known as the Brown
Consol Bonds and Stocks by the issue of other
bonds and stocks", approved December 22nd,
A. D. 1892, 27th Statutes, page 738. Notice
Is hereby given to all the holders of Brown
Redemption Bonds issued under said Act of 1892,
and numbered from No. 3,781 to No. 4,319,
both inclusive, being of the par value of One
Thousand ($1,000) Dollars each; to present the
said bonds for payment and redemption to the
State Treasurer of the State of South Carolina
as Treasurer of the Sinking Fund Commission,
at the office of the State Treasurer in the City
of Columbia, South Carolina, on January 1st,
1913. And notice is hereby given that coupons
for the interest on any of the bonds hereby called
In, maturing after January 1st, 1913, will not
be paid.
By order of the Sinking Fund Commission of
South Carolina,
Columbia, S. C., Dec. 2, 1912.
R. 11. JENNINGS,
State Treasurer & Secretary & Treasurer
of the Sinking Fund Commission of
The State of South Carolina.

ACCOUNTANTS.

LYBRAND,
ROSS BROS &
MONTGOMERY
CfartIlled Public Accountants
(Pennsylvania)
•A mv YORK,55 Liberty St.
PHILADELPH/A. Morris Bldg.
PITTSBURGH, Union Bank Bldg.
CHICAGO. First Nat. Bank Bldg.
SAN FRANCISCO, Kohl Bide.
SEATTLE, Central Bldg.
LONDON, 58 Coleman St

Sales Office:

MUNICIPAL. BONDS

Noble & West Sts., Brooklyn N. Y.

Legal for Savings Banks,
Postal Savings and Trust Funds.

PARK, POTTER & CO.

SEND FOR LIST.

CERTIFIED PUBLIC ACCOUNTANTS

ESTABLISHED 1555.

'41,9

South La Salle St.,

CHICAGO

H. C. SPEER & SONS CO.
First Nat. Bank Bidg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS




R. T. Wilson & Co.,
33 WALL STREET
.
NEV YORK

New York, Chicago, Cincinnati and
London, England.
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