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The,
:1111]lw"i319
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 96
financial
hroturte-
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, FEBRUARY 1 1913
Tixt Thraniclit•
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
NO. 2484
Week ending Jan. 25.
Clearings at
1913.
1912.
$
$
314,686,409 274,330,852
28,976,850
25,328,700
25,459,761
19,831,335
25,172,816
18,837,995
15,238,029
12,805,503
8,756,913
7,384,111
6,232,200
8,548,900
6,281,328
4,810,677
3,540,014
3,387,380
3,481,077
2,694,218
2,467,922
2,071,100
2,065,561
1,984,076
838,876
683,212
1,015,204
1,030,341
1,644,071
1,236,065
1,285,606
1,001,325
1,509,699
1,066,178
2,371,000
1,586,100
996,352
784,781
1,355,289
433,167
1,311,449
1,204,270
687,724
627,188
797,548
562,899
547,996
550,515
492,347
361,390
485,502
475,189
544,376
500,000
239,237
250,611
481,886
410,421
470,962
402,202
536,476
380,095
550,000
602,398
157,046
125,846
30,161
_ 49,124
460,726,650 396,319,201
Inc. or
Dec.
1911.
1910.
$
%
$
+14.7 262,400,104 268,754,833
+14.4
25,496,300
24,754,800
+28.4
16,803,215
19,269,433
+33.6
15,714,857
15,968,163
+19.0
13,593,495
12,265,236
+18.6
8,265,625
9,123,989
-27.1
6,256,900
6,275,900
+30.5
4,591,504
3,693,243
+3.4
2,828,685
3,039,840
+29.2
2,575,881
2,672,717
+19.1
1,949,007
2,005,222
+4.1
2,071,164
1,834,359
+22.7
630,226
649,061
-1.5
780,644
965,000
+33.0
904,853
1,153,558
+28.4
1,129,954
1,073,177
+41.5
1,425,743
1,140,856
+49.5
1,136,850
849,200
+27.0
785,368
748,076
+21.3
445,943
412,630
+8.9
872,009
963,636
+9.5
580,000
511,355
+41.7
517,356
420,602
-0.5
648,492
541,909
+36.3
376,782
322,153
+2.1
486,884
438,907
420,000
+8.9
403,660
-4.5
250,529
207,198
+17.5
387,776
452,193
+14.6
312,650
250,390
+41.1
298,366
259,209
-8.7
560,971
550,000
+24.9
151,049
162,881
+63.3
40,971
20,364
+16.3 375,690,153 374,153,952
Chicago
Cincinnati __
Cleveland
Detroit
Milwaukee
Indianapolis _ _
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Kalamazoo
Springtield, Ill_ _
Terms of Advertisind-Per Inch Space
Youngstown _ _ _ _
Transient matter per inch space(14 agate lines)
$4 20 Fort Wayae _ _
Two Months
(S times)
22 00 Lexington
'
Three
Months
(13 times)
29 00 Akron
Standing Business Cards
Six Months
(26 times)
50 00 Rockford
Twelve Months(52 times)
87 00 South Bend
Clucmio OFFICH-Geo. M.Shepherd,513 Monadnock Block;Tel.Harrisost 4012. Canton
LOND0N OFMK-Edwards & Smith,1 Drapers' Gardens, E. C.
Quincy
Springfield, 0__ _
WILLIAM B. DANA COMPANY, Publishers,
Bloomington_ _
P.0. Box 958. Front. Pine and Depeyster Sts.,
Mansfield
New York.
Decatur
Publlshod every Saturday morning by WILLIAM B. DANA COMPANY. Jackson
Jacob Seibert Jr.. President and Treas.; George S. Dana and Arnold G. Dana. Jacksonville, Ili_
Vice-Presidents; Arnold G. Dana. Sec. Addresses of all, Office of the Company. Danville
Jima
Lansing
Owensboro
CLEARING-HOUSE RETURNS.
Ann Arbor
The following table, made up by telegraph, &c., indicates that the Adrian
total bank clearings of all clearing houses of the United States for the week
Tot.Mid.West•
ending Feb. I have been $3,489,450,953, against $3,465,502,387 last
week and $3,555,863,911 the corresponding week last year.
San Francisco_ _ _
48,205,366
45,607,495 +5.7
40,587,949
43,059,508
Los Angeles
24,464,185
19,671,676 +24.4
15,807,273
14,394,998
Seattle
10,359,279
9,495,235 +0.1
9,407,393
10,643,660
Clearings-Returns by Telegraph.
Portland
10,294,072
Per
8,153,564 +26.3
8,013,724
7,582,425
Week ending Feb. 1.
Spokane
1913.
1912.
3,627,907
Cent.
3,642,737 -0.4
3,633,050
3,974,241
Salt Lake City6,419,590
7,867,627 -18.4
6,011,173
5,485,161
New York
$1,591,207,272 $1,771,123,759 -10.2 Tacoma
2,462,121
4,056,575 -39.3
3,963,071
5,480,380
Boston
•
129,304,251
173,927,824 -25.7 Oakland
3,535,912
3,757,697 -5.9
3,232,228
1,906,719
Philadelphia
146,197,297
1,665,521
134,502,409
+8.7 Sacramento ___ _
1,185,961 +40.4
1,275,878
950,497
Baltimore
33,590,022
3,011,533
35,748,943
-6.0 San Diego
2,000,000 +50.6
1,265,233
1,150,000
Chicago
Stockton
249,431,165
'
872,228
252,820,921
656,618 +32.8
-1.3
561,886
460,129
St. Louis
72,517,301
63,364,164 +14.4 Fresno
998,157
829,848 +20.4
670,893
714,203
New Orleans
16,938,985
1,041,335
18,180,158
1,065,624 -2.3
-6.8 Pasadena
794,761
800,000
San Jose
650,000
638,426 +1.8
397,645
397,728
Seven cities, 5 days
$2,239,187,193 $2,449,668,178
345,044
-8.6 North Yakima
314,897
+9.6
343,386
400,000
Other cities, five days
585,014,273
225,339
513,276,947 +14.0 Reno
254,488 -11.5
240,000
275,000
Total Pacific
118,177,589 109,198,558 +8.2
Total all cities, five days
96,467,543
97,949,649
$2,824,201,466 $2,962,945,125
-4.7
All cities, one day
665,249,487
592,918,786 +12.2 Kansas City .... _ _
58,541,191
52,001,988 +12.6
53,328,387
47,363,485
Minneapolis
__
24,635,493
17,957,502 +37.2
Total all cities for week
19,059,932
21,382,750
$3,469,450,953 1 $3,555,863,911
-1.9 Omaha
17,685,139
15,710,447 +12.6
14,099,383
14,302,268
St. Paul
9,001,293
10,155,614 -11.4
9,260,126
10,360,266
The full details for the week covered by the above wit be given
9,527,268
9,666,094 -1.4
next Denver
9,090,816
8,522,028
Saturday. We cannot furnish them to-day, clearings being made
7,985,859
8,315,722 -4.0
up by the St. Joseph
6,899,400
7,291,576
the week has to be In all cases estimated, as we go to press Friday night.
Duluth
4,391,014
2,734,079 +6.1
2,978,559
3,567,444
We present below detailed figures for the week ending with Saturday Des Moines
A 495 nva
A 015 190 _Lin9517
.2 .2n2 onn
noon, Jan. 25, for four years.
Sioux City
2,844,167
2,463,087
2,270,600
2,443,268
Wichita
3,460,896
3,179,136 +8.8
3,334,498
2,734,948
Lincoln
1,582,662
1,407,403 +12.4
1,350,287
1,490,372
Week ending Jan. 25.
Davenport
1,540,419
1,598,185
-3.6
1,404,809
1,123,878
Clearings atTopeka
1,643,980
1,599,394 +2.7
1,319,244
1,153,740
Inc. or
Cedar Rapids__ _
1,486,915
1,119,038 +32.8
1,084,716
1,370,1.37
1913.
1912.
Dec. I
1911.
Colorado Springs
1910.
576,187
546,294 +5.5
531,740
695,852
Pueblo
745,653
638,410 +16.8
556,923
633,309
Fargo
5f
, 1
383,455
317,009 +20.9
310,746
424,749
New York
1,972,294,716 1,912,075,581
+3.2 1,917,695,897 2,439,753,081 Fremont
293,874
267,423 +9.7
334,784
Philadelphia _ _ _ _ 160,091,619 149,616,613 +7.0' 137,475,484 147,455,920 Waterloo
386,270
1,458,211
1,156,390 +26.1
962,253
797,767
59,032,806
Pittsburgh
50,853,202 +16.1
49,687,288
53,807,477 Helena
798,695
805,031
-0.8
983,372
724,819
Baltimore
41,595,918
37,899,697 +9.8
35,485,011
31,502,874 Billings
496,271
219,461 +126.5
102,900
Buffalo
159,278
12,023,627
12,804,740 -6.1
9,269,409
9,439,555 Hastings
196,147
171,952 +14.1
183,626
Albany
165,000
6,116,381
6,322,893 -3.3
5,706,348
5,481,497 Aberdeen
313,962
306,362 +2.5
257,663
Washington
_
7,543,251
420,000
6,899,146 +9.3
6,706,671
7,054,788
Tot. oth.West. 154,012,765 136,349,150 +13.0 132,936,301
Rochester
4,807,200
3,827,011 +25.6
130,905,040
2,240,893
3,340,897
Scranton
:3,221,368
2,708,728 +18.6
2,711,323
2,496,092 St. Louis
85,013,910
Syracuse
2,442,971
71,895,021 +18.2
2,210,959 +10.5
75,189,029
66,413,105
1,708,847
2,003,484 New Orleans__ -Reading
23,122,251
1,602,305
21,777,186
1,502,102 +6.7
+6.2
21,586,083
20,722,790
1,345,861
1,627,829 Louisville
Wilmington
16,344,239
1,681,357
14,085,623 i-16.0
1,445,327 +16.3
15,237,641
15,134,560
1,385,552
1,485.660
Houston
Wilkes-Barre
22,039,555
_
1,597,548
19,723.764 i-11.7
1,486,991
13,016,978
+7.5
13,897,397
1,604,419
1,400,431 Galveston
Wheeling
9,994,500
2,122,140
9,035,000
1,834,339 +15.7
+10.6
8,608,000
7,130,000
1,697,693
1,672,257
Richmond
8,351,634
Trenton
1,569,999
9,048,000 --7.7
1,499,303 +4.7
7,382,879
8,052,757
1,586,960
1,244,334 Memphis
9,709,711
878,502
York
8,207,809 i-18.3
900,014 -2.4
7,995,953
5,406,449
831,187
830,063 Fort Worth
8,404,905
1,034,323
Erie
6,826,672 i-23.1
825,427 +25.3
7,260,738
6,275,864
800,494
774,749 Atlanta
14,413,557
654,540
16,372,925 --12.0
Chester
525,384 +24.6
14,798,311
11,838,749
516,355
553,258 Savannah
5,074,/83
649,400
Binghamton _ _
6,330,439 ---19.8
581,600 +11.7
7,281,573
3,856,231
425,320
466,100
Nashville
7,612,632
612,050
4,905,398 +55.2
Greensburg
692,148 -11.6
3,675,428
3,404,338
487,423
401,500 Norfolk
3,962,212
608,070
3,414,750 +16.0
438,269 +38.8
Altoona
3,520,026
3,373,377
417,029
333,288 Birmingham ___ _
4,595,795
2,894,759
1,026,886 +44.1
Lancaster
1-58.8
1,479,756
2,643,796
2,670,745
1,028,626
Augusta
2,364,902
2,806,638 --15.7
Montclair
392,902 Not Included in total
3,064,165
2,178,654
Little Rock
2,255,353
2,201,293
A-2.3
1,782,711
1,661,280
Jacksonville
3,238,984
_
3,294,628
--1.7
Total Middle _ 2,283,658,847 2,197,976,420 +3.4 2,181,854,870 2,713,174,404
3,032,852
2,481,253
Knoxville
1,581,376
1,789,917 --11.6
1,741,056
1,638,308
Boston
174,419,754 161,523,937 +8.0 158,011,667 183,243,249 Mobile
1,529,383
1,683,186
1,563,529
1,545,397
Providence
8,460,500 +10.0
9,307,000
7,958,700
7,990,400 Chattanooga_
2,609,564
2,259,922 i-15.5
1,847,286
1,700,067
Hartford
4,020,765 +17.6
4,727,778
3,741,192
4,271,141 Charleston
2,025,966
1,931,217
A-4.9
2,400,094
1,977,889
New haven
2,599,517 +20.2
3,123,646
2,676,485
Oklahoma
2,323,600
1,836,119
1,600,000
i-14.7
2,300,000
2,057,253
Springfield
2,344,060 +32.3
3,102,860
1,998,108
3,524,402
2,250,000 Macon
3,773,764 --43.6
4,438,241
1,178,703
Portland
1,803,693
2,178,210 -17.2
1.814,600
1,841,679 Austin
3,230,611
1,792,405 +80.2
1,005,1..00
1,012,072
Worcester
2,563,291
2,319,165 +10.5
2,271,389
355,382
1,969,323 Vicksburg
412,251
.--13.8
432,797
338,632
Fall River
1,127,061
947,422 +19.0
1,126,635
WilmIngton,N
800,000
1,266,083
.C.
850,
--5.9
827,271
531,050
1,008,304
New Bedford
835,281 +20.7
1,016,363
382,993
1,117,266 Jackson
357,962 +7.0
1,200,000
500,000
Holyoke
704,387
563,148 +25.0
550,825
855,417
515,858 Tulsa
599,789
+42.6
567,935
Lowell
492,070
498,984 --1.4
447,855
777,813
454,075 Muskogee
660,254 i-17.8
Bangor
538,643
507,595 +6.1
312,473
Total Southern 246,008,149 220,530,472 +11.6 214,990,022 187 030,920
Total New Eng. 202,918,3871 186,798,5841 +8.6 181,926,292 207,242,674
Total all
3,465,502,387 3,247,172,385 +6.7 3,183,865,181 3,711,151,639
For Canadian clearings see "Commercial and Miacellaneoue News."
Outside N. Y.. 1,493,207,6711,335,096,804' +11.8 1,266,169,284 1,271,098,558
For One Year
$10 0.0
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months (including postage)
7 50
Annual Subscription in London (including pestage)
22 148.
Six Months Subscription in London (including postage)
£1 118.
Canadian Subscription (including postage)
$11 50
Subscription includes following SupplementsBANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
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308
THE. CHRONICLE
[VOL. xcvi.
the power lodges *anywhere, it rests in the State
THE FINANCIAL SITUATION.
Government. This brief contains over 20,000 words,
One cannot help thinking that the New York Stock so it was thought best also to prepare a synopsis
Exchange, in dealing with the trying situation that of it in greatly condensed form. This synopsis comconfronts it at the present moment, might take prises approximately 5,000 words, and there would
counsel from the wise and careful action of certain be no occasion for calling attention to it except.for
members of the banking community who have been the glowing way in which it is pictured. Note the
obliged to deal with similar unjust assaults. The following self-laudatory opening paragraph:
statement which J. P. Morgan & Co., through
"The long expected reply of the Stock Exchange to
H. P. Davison, submitted last week to the Pujo the prevalent discussion of its affairs has finally
"Money Trust"Committee,disproving the assertions appeared in the shape of a brief, which has been subthat there is a concentration of money power which mitted to the Pujo Committee at Washington. As
a contribution to popular knowledge of the theory
enables a few individuals to control assets aggregat- and functions of the Stock Exchange this document
ing 25 billion dollars, is one of the most forceful pre- will rank with the report of the Royal Commission
sentations on this subject which have come to public of 1877, in London, and the report of the Hughes
notice for a long time. The figures and the logic Commission in New York in 1909. Apparently no
is no departure
alike are unassailable, and the statistical structure so subject has been omitted. There
and
candor, nor is
frankness
entire
of
spirit
a
from
has
laboriously set up before the Pujo Committee
the brief of any desire to avoid
in
evidence
there
judgbeen completely demolished. The excellent
meeting each issue squarely and patiently on its
ment shown by the author of the statement excites merits. In so far as it may be compressed within
the sixty-one printed pages constituting this brief,
universal admiration.
it
embodies the final word on a subject on which
said
be
The Stock Exchange, however, can hardly
public has long been without adequate knowlthe
been
to have been equally fortunate. Here there has
edge."
a lack of good judgment. Governor Sulzer on
It is customary to furnish digests of lengthy docuMonday night of this week sent his expected message
for the use of the press, and there is really
ments
to the State Legislature, dealing with the subject
be said in favor of the practice, since there
to
much
of the regulation of the Exchange and the matter
to error where the work of condensaliability
less
is
in
of removing evils and abuses that have grown up
some one on the inside rather than
by
done
is
tion
Exchange.
connection with the business on the
But the Stock Exchange authorities
an
outsider.
by
page,
another
We discuss the message in an article on
worldly wise when they imagine
are
not
certainly
the
with
fault
and there is little occasion for finding
of the metropolitan press
editors
the
of
any
that
Sulzer's
Mr.
and
tone
document. It is temperate in
opinions as the above.
ready-made
such
would
accept
judicious.
and
judicial
both
treatment of the subject is
by John G. Milburn
prepared
been
The
has
brief
his
discusthrough
All
dogmatic.
He is far from
a
genuinely able and
is
and
Taylor,
and
F.
Walter
both
to
present
attempt
studious
a
sions he makes
of this fact will
Recognition
document.
meritorious
take
broad
to
and
points
controverted
sides of
aids.
of
the
use
to
adventitious
resort
come
without
has
the
that
Governor
plain
perfectly
views. It is
course
the
as
inasmuch
importance,
of
is
matter
The
to
profit
enough
had
sense
has
and
had good advice
of the Exchange authorities on this occasion appears
by it.
be typical of their habitual attitude. They look
to
the
of
Stock
action
Exchange
the
makes
This
their judgment, grounded as it is on a thorough
upon
the
all
message
the
respecting
more
authorities
g of the situation and the facts, as conunderstandin
weeks
for
meekly
having
borne
After
remarkable.
they cannot understand why it should
and
clusive,
of
Mr.
assaults
Untermyer,
savage
and
the taunts
at large. In
the cross-examiner for the Pujo Committee, they not be accepted as final by the world
dictum,
should
their
say-so,
promptly issued a challenge to Gov. Sulzer. They brief, they think their
and
distribution
preparation
The
sent a communication to Albany requesting that he be sufficient.
brief really marks a distinct step in
elaborate
their
of
of
the
views
the
present
to
receive a committee
policy of secretiveness and exExchange authorities and declaring that "the Gov- advance from the old
work should now be carried
good
ernor's characterization of the government of the Ex- clusiveness. The
agitation public opinpolitical
Through
change is unjustified by the facts" and they "earnestly further.
inflamed
against the Exbecome
have
protested against it." It was well enough to ask ion seems to
have
to be applied.
will
correctives
for a hearing and Mr. Sulzer showed that he possessed change and
in
up
connection
grown
with the
have
an open mind by promptly granting the request. Certain abuses
the
and
latter
will
Exchange,
have to
Had they been well advised, that is as far as they business of the
eradicating
these
It
abuses.
towards
would have gone, for the Governor said nothing in do its part
and
zeal
It
with
earnestness.
too,
the message to merit rebuke. As a matter of fact, mu,st be done,
the
of
memory
obliterate
the
to
time
considering how unfairly the Exchange has been will take a long
Coal & Iron episode. A
treated in other quarters, the Exchange authorities Columbus & Hocking
property was on that occaof
piece
would have been justified in thanking him for pre- wholly worthless
manipulation, boosted up
-faced
bare
fully.
sion, through
senting the arguments pro and con so
when the pool itself
collapse
to
only
share,
2
There has been a lack of good judgment, too, in to 923/ a
Pujo
Committee. collapsed.
the manner of issuing its reply to the
It is true that there was on that occasion really a
Last Saturday the Exchange authorities filed a
of
defense
the misuse of the facilities of the Exchange by unscruplengthy brief with the Committee in
and
intended to ulous persons. It is none the less true, however,
Stock Exchange and its methods,
'demonstrate that the Federal Government has no that these persons were engaged in criminal transpower to regulate Stock Exchange affairs—that if actions—were engaged in fleecing the public. Is there
FEB. 11913.)
THE CHRONICLE
309
SALES OF AMERICAN CAN COMMON.
no way in which such persons can be punished—be
Shares.
Shares.
Shares.
5,600
Sunday Tan. 22
Jan.
2
2,700 Jan. 12
convicted and sent to prison? Certain it is that no - 3-...----- 3,400
48,700
6,000 " 23
" 13
28.100
12.000 " 24
1,400 " 14
2,810
7,030 " 25
one was convicted, that those who indulged in these
Sunday " 15
5
Sunday
3,200 " 26
" 6
2,700 " 16
15,725
4,200 " 27
7
775 " 17
nefarious practices went scot-free--the chief culprit, "
104,000
1,900 " 28'
700 " 18
" 8
88,400
Sunday " 29
9
5,300 " 19
indeed, continued to bask in public favor. It may "
136,200
1,900 " .30
" 10
300 " 20
106,000
"
31
1,400
"
11.
21
"
300
be that our criminal laws are defective. If that is
Thus up to the 23d the transactions averaged only
the case, that is where the remedy must be applied.
few
a
hundred shares a day, but now the sales reach
But if so, the Stock Exchange is not doing its full
a
over
hundred thousand shares a day. In the eight
duty so long as it fails to point out such defects.'
from
days
the 23d to the 31st, inclusive, the aggreWe have heard of no meetings of the Govgate
sales
been 529,935 shares, which is more
have
erning Committee at which the inability
than the whole 412,333 shares of stock outstanding.
to bring to justice in the criminal courts those
Obviously, this sudden recrudescence of activity is
violating the moral law on the Exchange has been
not real. It is manufactured. If there had been
deplored.
buying simply for investment, on advance knowledge
Why would it not be a good idea, when the Stock of the action contemplated by the board of directors,
Exchange authorities unearth rascalities, to submit the buying would have been conducted quietly and
the facts and the evidence to the District Attorney, the volume of sales would have increased only
with the view to bringing criminal proceedings which slightly. But that was not the purpose. Those
shall secure proper punishment of the offenders? Is engineering the scheme wanted to bring about a
it beyond the power of the Legislature to compel the quick rise, and accordingly they proceeded to give
Stock Exchange authorities in such cases to apprise orders on a huge scale and to send the price spinning.
the prosecuting officials of what is going on and aid In the brief filed with the Pujo Committee the
in the conviction of the offenders? May not opinion is expressed that "more dependence is to be
that be all that is required and may it not be placed on the Exchange itself working out a solution
really all that it is competent for the Legislature than upon any statute that can be drawn." We
to do?
are in entire accord with this view. But the authoriIn the meantime the Stock Exchange can not ties must bestir themselves and show that such deafford to countenance the continuance of improper pendence is real, not imaginary. It is a time for
or objectionable practices—practices that are inimi- action, not words. The whole financial community
cal to the best interests of the Exchange and detri- will experience a sense of relief now that the Stock
mental to the public welfare. The impression that Exchange authorities have informed Governor Sulzer
such things can be done with impunity and that the (as they did in their talk with him yesterday) that
authorities will not intervene to stop them until the movement is under investigation.
they become so flagrant that public sentiment is
Arrangements are again declared to have been
aroused, is responsible for much of the criticism of
of $125,000,000
the Exchange. The authorities by vigorous action successfully completed for the loan
must show that there is no foundation for this im- that is to be furnished to China by the so-called
pression. And the time to begin is right now. At Six Nation syndicate of bankers. France has once
this very moment the character of certain transac- more been the stumbling block, the French Minister
of
tions on the Exchange is being called in question. at Peking having objected to the appointment
Chinese
the
of
Practically all the newspapers have been directing J. F. Oiessen, a Dane, as co-inspector
attention to the transparent manipulation of the salt gabelle, which is to be the main guaranty of the
ought
shares of the American Can Co. common and loan. The French position is that the post
obThis
Frenchman.
preferred, and Governor Sulzer himself made in- to have been given to a
will
and
incident,
quiry yesterday regarding the dealings when con- jection, however, is merely an
versing with the committee of Stock Exchange men be promptly overcome in the opinion of the bankers
to whom he accorded an audience for the presenta- at this centre who are interested in the transaction.
As we stated last week, arrangements have been made
tion of their views.
All through last year an active speculation in these for the cancellation of the second half of the Crisp
shares was carried on and the common stock whirled Syndicate loan whose entire amount was $50,000,000,
up from 113 to 47%. In December all support was the Chinese Government in order to have a free hand
withdrawn and the price allowed to drop to 26. in negotiating with other bankers for a larger amount
The present week the same stocks have again been having agreed to pay the Crisp Syndicate a substantaken hold of and yesterday the price was boosted tial indemnity. The new loan, we are advised, will
7 once more. The property appears to be be a 53/2% one and there will be no public offering
up to 464
well managed, and we do not pretend to say that the at present,owing to the active demands on the world's
shares are not worth what they are now selling for, money markets that are so clearly in sight in other
offeror even more. The report yesterday was that back directions. This decision to delay the public
objection
to
the
response
in
taken
dividends on the preferred would be paid through an ing was definitely
issue of bonds,bringing the common in line for divi- by France on the ground that as Paris was such an
dends. That may be the basis for the present rise, important market for Chinese securities, the final
but that does not alter the fact that there has been effect would be a gradual movement to that centre
transparent manipulation of the shares and that the of Chinese bonds subscribed in other countries, with
price is being worked up and down at the will of possibly the exceptions of Britain and the United
those engaged in the attempt. Evidence of manipu- States. Signatures are expected to attached to the
lation is furnished by the following record of the daily new loan contract within a few days. There has
been considerable misconception as to the matter
transactions in the shares:
310
THE CHRONICLE
of foreign auditors that have been insisted upon by
the Syndicate. At no time in either the present or
the previous loan negotiations has the Syndicate
insisted upon the appointment of auditors selected
by themselves. The selections have been left to
the Chinese Government, which has even yet not
announced the names, with the exception of Mr.
Giessen, who has been referred to above. Of course
the auditors will have to be satisfactory to the
Syndicate. No further trouble however, is anticipated in this respect.
[VOL. xcvi.
grave than is to be gathered from the short dispatches
allowed by the censor to be forwarded. Close
observers of the events in Turkey expect that similar
revolts will occur in the Turkish Asiatic provinces,
where the elements opposing the Young Turks are
stronger than is the case in European Turkey.
Particular significance seems to attach to a speech
by the German Ambassador to Turkey at the Teutonia Club in Constantinople on Wednesday last.
"Hands off the Turkish possession in Asia Minor",
was the pointed notification to every one concerned.
"The future of Turkey lies in Asia Minor," the
German Ambassador said, and he continued "the
German interests in Asia Minor are very great and
are bound up with those of Turkey. The recent
note of the European Powers promised after peace
had been declared that Turkey would be aided in
her future development. Germany will lend powerful assistance in the same cause. In any case, however, to the Turkish possessions in Asia, Germany
will attach the label, 'touch me not'."
At seven o'clock on Thursday evening the Balkan
Allies formally denounced the armistice with Turkey.
Under its terms hostilities may now be resumed at
seven o'clock on Monday evening. Should they be
resumed, it is. understood to be the plan of the
Allies to immediately bombard Adrianople. Fortunately there does not seem to be any immediate
need of apprehension that there is to be a renewal
of the war. All the belligerents are handicapped
with empty treasuries and cannot afford to ignore
the restraining influence of the Powers. Meanwhile,
Sir Edward Holden, chairman of the London City
the so-called revolution in Turkey seems to have and Midland Bank,in addressing the general meeting
been greatly exaggerated. It, at any rate, has not of the stockholders, agreed with the remarks ot Sir
produced a demand that is wholly uncontrollable Felix Schuster, to which we referred last week, as
for a renewal of a useless war. The Young Turk to the necessity for stronger bank reserves. Sir
Government on Thursday, a few hours before the Edward argued that a continuance of high money
denunciation of the armistice, submitted its reply might easily interfere with the British trade boom.
to the joint note that on January 17 was presented Europe was trading with a greatly increased credit
by the Powers. This joint note, it will be recalled, that could readily become dangerous owing to the
advised Turkey to consent to the cession of Adrian- absence of a corresponding increase in gold reserves.
ople and to leave to the Powers thefate of the Aegean This did not apply to England alone, as the condiIslands. The Young •Turks who seized the govern- tion was quite general, especially on the Continent.
ment with such shouts of defiance last week have, In the instance of some German banks their cash
we are told by press dispatches, undergone a marvel- reserves are only between 2% and 5% of their liaous transformation. Instead of • drawing up in bilities. Even the Reichsbank's ratio, which was
battle line at the suggestion of surrendering Adrian- 31% at the end of 1911, had been reduced to 28%
ople, they offer a compromise which comes so near at the close of 1912,and was far too low. Sir Edward
meeting the Bulgarian demands, that a settlement pointed out that Austria during the coming year
should not be impossible, and they leave the Aegean must make strenuous efforts to retain her small
Islands as suggested to the disposition of the Powers. gold holdings, especially in view of the increased
The difference between what Constantinople is ready demand which could hardly fail to arise because of
to give and what Bulgaria is ready to accept has her excess of imports. American banks, the speaker
been reduced to such small proportions that even said, were making a particularly poor showing, as
some of the Balkan delegates believe a compromise the increase in gold holdings in 1912 was equal
may yet be found. Constantinople now asks simply to only 7% of the increase in liabilities. England's
the retention of that section of Adrianople where the proportion in the same item, however, fell 33/2%.
holy shrines are situated. Bulgaria, press dispatches India's absorption of gold was the world's great
state, always meant to leave the mosques and shrines danger. Of last year's output of £100,000,000,
to Turkey, and even to confer the right of extra- 30% went to India, another 30% was consumed in
territoriality, thus giving them something of the the arts and manufactures, 20% was produced and
status of the Vatican in Rome. The vital differences retained in the United States, leaving only 20% to
between the two nations amount merely to Turkey's finance the rest of the world's increased credit. In
demanding the shrines and the sections surrounding Canada conditions were much the same as in other
them. The Thracean frontier line, therefore, with countries, liabilities increasing while there was but
the exception of the town of Adrianople, has been little increase in gold. During the last two and
practically agreed to, as Turkey is ready to leave three-quarter years India had, the speaker said,
to the Powers the disposition of the land on the absorbed £67,000,000 in gold. Very little of that
right bank of the Maritza River, which conditions, had been returned, and the popularity of gold in
as is known, the Allies are satisfied to accept. India was increasing rapidly. London cable disBut while there appears encouragement to believe that patches mention the rumor that the Government will
the war is in a fair way towards settlement, a new appoint a special commission to investigate India's gold
and serious development has arisen however. This problems and that Arthur Balfour will be chairman.
is the possibility of a civil war in Turkey. There
is reason to believe that the revolt among the TurkOn Thursday evening, after four days' debate, the
ish troops on the Chatalja lines was much more British House of Lords met general expectations and
FEB. 1
3
TIIE CHRONICLE
rejected the Irish Home Rule Bill by 329 votes to
69. It the Asquith Government continues in office
the bill will, under the Parliament Act passed last
year, become law on May 9 1914 regardless of the
continued opposition of the Upper House. The
Lords will receive the bill again at the next session
of Parliament and will undoubtedly again reject it.
The division on Thursday night was on party lines,
practically the entire Episcopal bench voting against
the measure. The speeches closing the debate
aroused slight interest because, as the Earl of Halsbury observed, the position of the House of Lords
had become that of an ordinary debating club—the
peers could express their views and reject the bill,
but they could not prevent it from becoming law.
Mr. Gladstone's Home Rule measure in 1893 was
beaten by the Lords by a vote of 419 to 41.
England is just now face to face with the uncomfortable hysteria of the so-called militant suffragettes.
Depredations in the form of window-smashing and
the destruction of mails and other property is proceeding and the London police are finding great
difficulty in dealing with the delicate situation.
Two thousand policemen were necessary to disperse
huge crowds around the Parliament buildings on
Monday last, trades people have been systematically
boarding up their show windows, and excited women
are inciting to riot in various sections of the city.
The immediate incentive for this new wave of insanity is the belief that is entertained by the leaders
that the politicians have played a carefully studied
trick upon them. In the House of Commons on
Monday the Speaker, in response to an inquiry by
the Prime Minister, announced that if any of the
amendments to the franchise bill giving women the
vote were adopted, he would be obliged to rule that
they made it substantially a new bill, which would
compel its withdrawal. Mr. Asquith thereupon
announced that the Cabinet decided under those
circumstances that it would be useless to proceed.
Secretary Nagel of the Department of Commerce
and Labor, on Thursday formally denied admission
as a visitor to the United States of former President Castro of Venezuela. The official and formal
reason for this action of the Secretary is that Castro
while President of Venezuela,and in full possession
of the authority of that State, directed the killing
of General Paredez without trial or hearing of any
kind, Paredez at that time having been made a
prisoner while engaged in a revolt against Castro.
The information that Castro ordered the killing of
the General under these circumstances is declared
by Secretary Nagel to be specific and confirmed by
authenticated copies of original telegrams. Castro
has consistently refused to answer the question,
whether,while President of his country he was a party
to the killing of General Paredez. Counsel for Castro
on Thursday night secured a writ of habeas corpus
which will again delay his deportation.
311
The preface admits that the most accurate figures
are those of the present century and that less certainty exists as to those for 1884-1897, while as to
the earlier period of 1827-1883 it is impossible to say
how far they are correct, the statistical system not
having been organized until 1897. The first introductory statement is that "the history of fire insurance in Russia begins with an unsuccessful attempt
to organize State insurance at the end of the 18th
century," and a concise sketch follows of chronological development of forms and of classes of companies.
The total premiums 1827-1910 are given as about
1,6513 millions of roubles; the fire losses as about
1,1453 millions; the expenses as about 377 millions,
the two combined being roughly 92%. For 1910,
premiums were 733/ millions and losses and expenses
613/ millions, roughly 83%. On farm business,
1884-1910, total premiums were 171 million roubles, against 146 millions of losses paid and expenses,
which bring the total to about 189 millions, producing a loss and expense ratio of over 110% and a direct
loss of 173/2 million roubles. In only nine of the 27
years did the premiums equal losses and expenses,
and the latest of the nine was 1902; yet the rate of
premium on these risks has shown an almost unbroken average decline. The volume contains many
elaborate maps and charts and there is certainly no
lack now of minutia in detail.
The foreign markets for securities have been adversely affected by the renewed uncertainty over the
prospects of peace between Turkey and the Balkan
Allies. In Paris and also in Berlin, according to
cable accounts from those centres, there has been a
strong tendency to hoard gold and in other ways to
make preparations for the large loans that it is conceded will be necessary to restore the waste of war.
Both these markets,it appears from London advices,
have been selling securities at the British centre in
pursuance of this general policy of preparation for
the new State loans. The London settlement which
was concluded on Thursday showed that speculative
business for the new account in all directions was particularly light, and that trading had almost reached
the point of complete extinction. There is, evidently, only a very nominal market for securities
of the Balkan States, the changes in quotations,
notwithstanding renewed uncertainty, not having
been particularly important in any of the issues.
Bulgarian 6s closed without change for the week at
102, Russian 4s advanced 1 point to 913/2, Turkish
4s are one point lower at 86, Greek monopoly 4s
are 1 point lower at 53, Servian unified 4s closed 1
point higher at 81 and German Imperial 3s are without change for the week at 77. Meanwhile, British
7 a week
Consols closed at 75, comparing with 744
ago and French Rentes finished at 88.95 francs,
comparing with 89 francs on Friday of last week.
Day-to-day money in London closed at4Y2 et.4%%,
which is an advance from 33/2@4% last week.
In Berlin the closing rate was 53'%,which compares
with 4% last week.
An English edition of a quarto volume of 150 pages
on "Company Fire Insurance in Russia, 1827-1910,"
Private foreign discounts still reflect the strain
has been issued by the tariff committee of Russian
companies, the translation being made by the Sec- that is current in the leading European centres.
retary of the British Consulate in St. Petersburg. In no instance has the official Bank rate been changed
312
THE CHRONICLE
[VOL.
Rates for spot bills in Lombard Street are quoted at I what is virtually a premium for American gold.
44% for thirty-day bankers' acceptances and three Whether this gold to Argentine is being shipped for
months' bills finished at 4%%. Bills to arrive account of the Bank of France is, however, not
are 454% for both long and short maturities.
. known. So far as note circulation is concerned,
Last week the spot rates were 4% for short that item stands well ahead of recent years, amountbills and 44@v4 11-16 for long, and bills to ar- ing to 5,884,062,000 francs, which compares with
rive were quoted at 44@4 11-16 for short and 5,467,591,815 francs in 1912 and 5,411,141,985
44% for long. The private bank discount rate in francs in 1911.
Paris, as cabled last evening,continued at 4% for all
maturities. In Berlin the closing open market rate
The weekly statement of the Imperial Bank of
was4%for spot and 44% for bills to arrive. The Germany was published on Saturday last and indispot figure represents a reduction of IA% for the cated a general strengthening of the institution's
week and the to-arrive rate a reduction of 4%. position. The gold on hand increased 33,891,000
Amsterdam is 1-16 higher for the week at 3 8%, marks and gold and silver combined showed an
Brussels remains unchanged at 44% and Vienna augmentation of 62,051,000 marks. Meanwhile
is .14% firmer at 54%. The official Bank rates notes in circulation 'decreased 130,462,000 marks,
at the leading foreign centres are: London, 5%; loans decreased 25,423,000 marks and discounts were
Paris, 4%; Berlin, 6%; Vienna, 6%; Brussels, 5%; reduced 156,198,000 marks. The Bank's cash holdAmsterdam, 4%; Bombay, 7%, and Bengal, 7%.
ings now amount to 1,206,777,000 marks, comparing
The Bank of England's weekly return was not with 1,208,980,000 marks in 1912 and 1,136,009,000
quite as strong as that of the preceding week. The marks in 1911. The circulation is .1,853,066,000
gold holdings gained £625,993 and total reserve in- marks, as against 1,628,780,000 marks in 1912 and
creased £513,000, though the proportion of reserve 1,513,560,000 marks in 1911, while the loans and
to liabilities declined to 47.43, as against 49.83% discounts aggregate 1,356,963,000 marks, as against
last week and 48.01% at this date last year. Reve- 1,184,640,000 marks in 1912 and 968,100,000 marks
nue collections were responsible for an increase of in 1911. It is evident from these returns that the
£2,550,000 in the item of public deposits, but the Reichsbank is in a much more extended condition
Bank's chief change was an increase of £3,293,000 in than in the earlier years named, and that the efforts
the loans, as indicated by "other, securities." The for a general strengthening of the German banking
total of the market's borrowings is now £35,044,000, position has not yet been measurably successful.
which compares with £33,615,335 at this date in
At a meeting of the Central Committee of the Im1912 and £28,807,937 in 1911. Meanwhile the perial Bank of Germany yesterday President Havenbullion holdings are nearly £2,000,000 below those stein explained that under the present circumstances
of last year, amounting to £36,401,865, as against it was impossible to reduce the official rate of dis£38,333,790 in 1912 and £36,467,105 in 1911. The count. Although tension has become less during
total reserve is also below that of a year ago. It the month of January, the improvement has not been
amounts to £27,074,000 and compares with £28,- entirely satisfactory. This is mainly due to the
526,295 in 1912 and £27,216,075 in 1911. Our presentation of large amounts of long-term bills
special correspondent furnishes the following details before the end of last year. For the first time the
of the gold movement into and out of the Bank for bank in the month of January had not escaped the
the Bank week: Imports, £412,000, wholly bought taxation limit in regard to its notes. The situation
in the open market; exports, £450,000 (of which in this respect, he said, was much worse than a year.
£420,000 to South America and £30,000 to the Con- ago.
tinent), and receipts of £664,000 net from the interior
of Great Britain.
While there has been a perceptible disposition in
banking circles here to speak of firmer money condiThe return of the Bank of France this week clearly tions, quotations for call and time loans certainly do
reflects the arrival of American gold, for it regis- not indicate such a condition. In some instances
ters an increase of 15,578,000 francs in its gold hold- fixed maturities closed even fractionally below last
ings. The Bank is exercising its legal privilege of week's figures. On the other hand, 23/2% has
paying its notes in silver, which item this week again represented the lowest figure for call loans, comdeclined-11,327,000 francs—and the total of the paring with 2% last week, while the lowest renewal,
metal now on hand is 636,550,000 francs, which com- basis this week has been 29%, comparing with
pares with 805,875,000 francs in 1912 and 818,500,- 23/2%. Additional shipments aggregating $2,250,000 francs in 1911. The gold holdings stand at 000 in gold have been arranged for the Argentine and
3,214,808,000 francs and compare with 3,183,825,- yesterday $1,000,000 of the precious metal was en000 francs one year ago and 3,241,300,000 francs in gaged for Paris, making the total gold exported dur1911. Thus it is evident that the Bank is in a rela- ing the current outward movement .$17,500,000.
tively strong position compared with last year so Foreign exchange experts at this centre are now
far as its actual gold supply is concerned. It is of estimating that fully $30,000,000 in the precious
interest to mention here, however, that the recent metal will go out before the present movement
exports of gold from New York to the Argentine have culminates, and some figure as high as $40,000,000,
been almost exclusively on Paris account, and as owing to the continued strain that is so clearly iii
the rates of exchange do not justify the shipments of sight at the European financial centres. As we state
gold at the present time across the Atlantic as a elsewhere, the shipments of gold to the Argenpurely foreign exchange transaction,it is evident that tine have been almost exclusively for Paris acParis is paying in the form of a loss on exchange count and are for the purpose of settling European,
FEB. 1 1913.]
THE CHRONICLE
balances. This continued exportation can hardly
fail in the long run to have its effect upon our
banking reserves, since they are actual cash, and thus
count under the 25% reserve rule for four times
their value in credit. Last week's gold shipments
were primarily responsible for counteracting in the
bank statement the large inflow of currency to New
York from the interior. The return of the Clearing
House—the actual and not the average totals—
showed an increase of only $3,507,000, notwithstanding the much larger inward movement of
currency indicated by the returns from the banks.
Owing to an increase in deposits, the cash requirements were raised by $3,145,900, so that the addition
•to cash surplus reserve was only $361,100, the total
of this item being $21,465,400, which compares with
$48,763,050 one year ago. This total, in each instance, represents the aggregate surplus of all the
banks and trust companies in the New York Clearing
House. Mercantile paper has been in quite active
demand by out-of-town banks and other out-of-town
buyers. New York banks, however, are not buying,
and several of the largest of these institutions inform
us that they have not yet bought any commercial
paper below 5%, and, in view of the money outlook,
they do not see any encouragement to do so.
In recording call money rates in detail, it may be
stated that on Monday 23/2@3% was the range, with
renewals on Stock Exchange business at 2%%;
Tuesday's highest was 3% and lowest and renewal
rate 23
4%; on Wednesday the highest rate, 3%, was
also the renewal basis, while 2%70 was the lowest
figure; Thursday's highest was 2%%, lowest 23/2%
and renewal basis 3%; Friday 3% was the maximum, 23/ the minimum and 2%% the ruling rate.
Closing quotations for time money were 33'@3M%
for sixty-day, 3%@4% for ninety days, 4% for four
months and 4% for five months and 43% for six
months. Mercantile paper, as already noted, is in demand, chiefly by out-of-town institutions. The supply, however, is quite limited, which still suggests a
continuance of caution on the part of merchants.
Closing quotations are 43@4% for sixty and
ninety-day endorsed bills receivable and also for
four to six months' single names of choice character;
others are quoted 4% to 53%.
An easier tendency has been shown in sterling
•exchange, owing to the pressure of bills. Money
rates abroad, however, are still maintained and thus
far there is no practical indication of a rise in rental
rates for funds on this side, so that the natural movement of sterling should be against this country.
However, we are continuing to export merchandise
,on a large scale in excess of our importations. As
we state elsewhere, foreign exchange experts are
figuring that the gold movement, that thus far
this shipping season has reached $17,500,000, is
.expected to be increased to between $30,000,000
and $40,000,000 before it culminates. This expectation has for its basis the fact that no encouragement is furnished by replies to cabled inquiries by
New York bankers as to the probability of the
European bankers participating in any of the large
local financing that is in prospect. These foreign
markets have already been sounded quite freely in
this respect, a recent instance being the tentative
313
arrangement for the marketing of the forthcoming
issue of Interborough bonds that are to be offered
in connection with the new subway financing.
Bonds of this character are usually in active demand
in London,and particularly in Paris, but the response
to cables this week asking definite offers of participation have been met with the uniform code phrase,
"we are not interested." To this extent, therefore,
it is evident that New York is to be called upon to
furnish gold to Europe rather than securities. This
of course has a double bearing upon the local financial situation,since it means not only the weakening
of New York banking reserves through gold exportations, but it also means that there is for the present
at least to be very little foreign aid in marketing
new American securities.
The New Year started off with active offerings
of new issues, and it is a fact well known in banking
circles that, if the earlier tests of the market had
been sufficiently encouraging, they would have
been promptly followed by a large number of other
important offerings. It is significant that these
further offerings have not yet materialized, so the
inference follows that the tests of the investment
demand were not as satisfactory as could have been
desired. Europe, and especially Paris, is at the
moment completely absorbed in preparations for
the forthcoming Balkan loans. These, when peace
is declared, will probably, to quote the head of the
leading foreign houses here "come in a bunch."
These loans will not be exceptionally attractive,
it is understood, in the matter of their interest rate
upon their face value; but they will necessarily
be offered at such important discounts as to appear
particularly attractive. For this reason there is
only a limited demand abroad for other new issues;
This condition applies to London quite as freely as
to the Continent. Cable advices from the British
centre state that new capital issues are being very
indifferently subscribed there, underwriters themselves being compelled to take most of the offerings.
The engagements of gold for export this week include $2,250,000 for Argentina on Paris account
and $1,000,000 direct to Paris. The latter, it is
understood, is connected with Italy's recent loan,
which was taken exclusively by Italian banks.
Sterling Exchange in Paris closed at 25.223
francs, which compares with 25.213. francs a week
ago, while the London check rate in Berlin as
cabled yesterday was 20.493 marks,against 20.483.
marks last week, both changes showing a further
movement of the Continental exchanges in favor
of London. Berlin exchange on Paris closed at
123.06 francs as against 123.05 francs last week.
Compared with Friday of last week, sterling exchange on Saturday was weaker and declined to
4 8760@4 8770 for demand,4 825@4 8835 for cable
transfers and 4 8350@4 8360 for sixty days. Rates
declined still further on Monday, due for the most
part to selling for speculative account; demand was
quoted at 4 8745@4 8755, cable transfers at 4 8805@
4 8815 and sixty days to 4 8330@4 8340. The
market was firmer on Tuesday with an advance of
about 10 points to 4 8755@4 8765 for demand and
4 8810@4 8820 for cable transfers; sixty days remained unchanged. Selling by a prominent operator
caused some weakness on Wednesday, although later
THE CHRONICLE
314
there was a partial rally; demand declined to 4 8750@
4 8760, cable transfers to 4 88@4 8810 and sixty
days to 4 8325@4 8335. On Thursday the 'tone
cont.nued weak and demand receded 10 points to
4 8740@4 8750; cable transfers and sixty day bills
were relatively firmer and closed unchanged at
4 88@4 8810 and 4 8325@4 8335 respectively. On
Friday distinct weakness developed, and, with the
gold engagements, rates declined 20@30 points.
Closing quotations were 4 83@4 8310 for sixty-day
bills, 4 8720@4 8730 for demand and 4 8770@4 8780
for cable transfers. Commercial on banks closed at
4 81@4 82% and documents for payment at 4 823/
%
@4 833. Cotton for payment ranged from 4 823
to. 4 83; grain for payment 4 83@4 833.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $15,089,000 net in cash as a result of the
currency movements for the week ending Jan. 31.
Their receipts from the interior have aggregated
$20,166,000, while the shipments have reached
$5,077,000. Adding the Sub-Treasury operations,
and gold exports, which together occasioned a loss of
$8,750,000, 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 $6,339,000,asfollows:
Week ending Jan. 31 1913.
Into
Banks.
Banks' interior movement
Sub-Treas. oper. and gold exports_
Total
Out of
Banks.
Net Change in
Bank Holdings.
$20,166,000
25,300,000
$5,077,000 Gain $15,089,000
34,050,000 Loss 8,750,000
$45,466,000
$39,127,000 Gain $6,339,000
The following table indicates the amount of bullion
in the principal European banks.
Jan. 30 1913.
Feb. 1 1912.
Banks of
Gold.
England_ _ 36,401,865
France _ _ _ 128,592,320
Germany.. 45,596,850
Russia _ _ 155,537,000
Aus.-Hun. 50,489,000
Spain _ _ _ _ 17,577,000
Italy _ _ _ _ 42,919,000
Netherrds 13,260,000
Nat.13el_ _ 7,616,000
Sweden _ _ 5,560,000
6,824,000
Switzerl'd
2,193,000
Norway
Silver.
I
Total.
Gold,
• £
1
£
36,401,8651 38,333,790
25,461,840 154,054,160 127,353,400
14,500,006 60,096,850, 43,181,500
6,770,000 162,307,000 143,287,000
10,228,000 60,717,000 53,846,000
29,778,000 47,355,000, 16,739,000
3,521,000 46,440,000 41,375,000
785,300 14,025,300' 11,976,000
3,808,000 11,424,0001 6,684,667
5,560,000, 4,719,000
6,824,000 6,466,000
2,193,006 2,232,000
Silver.
Total.
38,333,790
32,234,720159,588,120
16,080,300 59,261,800
6,149,000149,436,000
12,345,000 66,191,000
30,284,00 47,023,000
3,623,000 44,998,000
941,600 12,917,600
3,342,333 10,027,000
4,719,000
6,466,000
2,232,000
Tot. week.512,566,035 94,832,140607,398,175406,193,357 104,999.953601,193,310
Prey, week 509,298,372 94,096,580603,394,952497,634,947 104,578,290602,213,237
GOVERNOR SULZER AND THE STOCK
EXCHANGE.
The present week has witnessed a highly interesting turn in the controversy over public reform of the
Stock Exchange, and it is not improbable that the
recovery on the stock market itself has had something
to do with the feeling of reassurance created by the
temperate attitude of the State authorities in this
regard. As everyone is aware, the demand for public regulation or reform of the Stock Exchange is
not new. The agitation reached a pitch of considerable violence during 1909—partly as a result of
the sore feeling engendered by the panic of 1907,
partly as a natural consequence of the extravagant
and unwarranted manipulation of stocks during the
two or three preceding years. The outside demand
of 1909 for immediate legislation on the subject was
headed off by Governor Hughes' appointment of a
commission of eminent citizens to investigate the
question. But the outside agitation has subsequently revived, with increasing acrimony.
It played a prominent part in last year's earlier
inquiries by the Pujo committee. Although, as
[VoL. xcvi.
counsel for the Stock Exchange have pointed out
in their brief to that Congressional committee, the
committee itself was instructed by the House to
inquire merely as to what extent the New York
Stock Exchange was dominated by the large moneyed
interests of the country, nevertheless the actual inquiry was made to bear in an extremely hostile way
on all the practices of the Stock Exchange itself.
It has been generally expected that a demand for
Federal incorporation of the Exchange would be
submitted in the forthcoming Pujo committee's report. When the time arrived for the assembling of
the new State Legislature at Albany, at the opening
of January, the attack on the Stock Exchange was
renewed in another form. Newspaper agitation
of the matter blazed fairly, to white heat. In particular, it was urged, in the not altogether lucid arguments of the period, that the Stock Exchange is nowadays "the only place where gambling is legalized";
that it is "the only place where usury is practiced
under the shield of the law"; that it is a place where
a man is allowed to sell what he does not possess—
the conclusion from all this being that such nefarious
practices should be stamped out instantly by the
legislative authorities, and that the Exchange itself
should be at once incorporated, so that the publie
authorities may impose on its membership the discipline which its own authorities were declared to have
refused to inflict.
We have paraphrased, as nearly as possible in
their own language, these recent attacks on the organization and practice of the Stock Exchange. It
was in this form that the vehement argument for immediate, sweeping and revolutionary reform of the
Stock Exchange was presented to Governor Sulzer,
even before his inauguration on Jan. 1. During thefirst three weeks of his incumbency, rumors were in
constant circulation as to radical and drastic recommendations to be submitted in a special message. It
was declared, on the asserted basis of information
from the Governor himself, that compulsory incorporation, abolition of short selling, prohibition of
the payment of more than 6% on call loans, and public regulation of Stock Exchange affairs generally,
would be made a part of his recommendations to the
Legislature. The Governor, however, was apparently too shrewd to jump at hasty conclusions on
the basis of biased information. The inquiries which
he made showed him very promptly that there weretwo sides to every one of these recommendations.
His attention having been very naturally directed
to the Hughes committee report of 1909, he found the
recommendation of that committee as to incorporation to be that "a majority of us advise against it,
upon the ground that the advantages to be gained by
incorporation may be accomplished by rules of the
Exchange and by statutes aimed directly at the evils.
which need correction"; with the further statement
that, under its existing form of organization, the
Exchange "has almost unlimited power over the conduct of its members, and can subject them to discipline for wrong-doing which it could not exercise
in a summary manner if it were an incorporated
body." In the matter of short selling, he found that
the Hughes committee produced evidence of the entire lawfulness of the practice, and of the useful
place which it serves in a necessarily speculative
FEB. 11913.]
THE CHRONICLE
market, their conclusion being that "restrictions
upon short sales * * * seem to us undesirable,"
largely because "no other means of restraining unwarranted marking up and down of prices has been
suggested to us." And finally, as regarded the accusation of usurious practice in the matter of rates
allowed for demand loans on Stock Ecxhange collateral, this same committee pointed out that the
1882 amendment, exempting call loans from the 6%
limitation of the usury law, affected many other industries than that of the Stock Exchange, and that
the removal of that exemption would, moreover,
in its very nature, be ineffectual—as, indeed, the
prohibition had been before the formal exemption
of call loans.
As a result of his examination of the facts, brought
out in this report and in other quarters, Governor
Sulzer's recommendations in his message of last Monday evening to the Legislature were of a very different character from what had originally been apprehended. He affirmed that abuses existed on the
Stock Exchange. "Manipulations of prices of securities by means of which the public is deceived and
mulcted," the Governor declared, "are not only
possible under the present regulations of these exchanges, but they actually occur." He criticized
the absence of effective restraint on much of this
manipulation, concluding that, since the Exchange
itself had "failed or refused to exercise the power
to prevent such clearly vicious abuses, the authority
of the State must be invoked to exercise that
power."
But isolated expressions like these, while calculated
to arouse latent sensibilities, hardly convey an accurate idea of the general tone and temper of the
message, and the spirit of resentment displayed
in the response of the Stock Exchange authorities
hardly seems justified. It is not entirely unfair
to say that the Governor's criticisms caused a very
different feeling through the community at large.
There has been general criticism—not always because
of unwillingness on the part of the Exchange to correct objectionable practices, but because of its alleged
inability to do so on account of the surrounding
circumstances. When the Governor proceeded to
distinct recommendations, he advised, first, that a
law "should be promptly enacted that will clearly
distinguish proper transactions of purchase and sale
on the one hand from those on the other hand that
are the result of combinations to raise artificially or
to depress the price of securities without regard to
their true value," and, second, that "transactions
that are fraudulent in their nature and amount to
fraudulent schemes or devices should be rigorously
prohibited."
But, on the other hand, in considering prohibition
or restriction of "short sales," the Governor was
constrained to point out that selling of that which
the seller does not at the moment possess is common
to all industries and is not in itself either wrongful
or reprehensible. If abused, however, the practice
should be surrounded with safeguards—which the
Governor does not definitely indicate. As to the
usury law, Mr. Sulzer merely advises the Legislature
to consider the subject carefully and makes no
recommendations whatever on that point. Of considerably more importance, the matter of incorporat-
315
ing the Stock Exchange is fairly argued in the
message, the Governor concluding with the frank
declaration that, through such incorporation, the
"power of discipline possessed by the governing
bodies of these exchanges over the conduct of their
members * * * would be curtailed and frustrated
by delays and technical obstacles, * * * to the
ultimate detriment of the investing public." In
concluding the message, he remarks:
"Let us go slow and not act hastily. Ill-considered
legislation in regard to the purchase and sale of stocks
and bonds might result in serious harm to the financial supremacy of the State, have a tendency to
drive capital away from New York and might disorganize the large operations of legitimate business
now centred in this State, to the detriment of its
citizens and the commonwealth generally."
We presume that such serious effort at legislation
as is now to be looked for at Albany will follow the
prudent lines laid down by the Governor, and not
the random and haphazard suggestions embodied
in bills introduced by some individual legislators.
Our own opinion on the matter is, first, that if laws
regarding the Stock Exchange are to be passed at
all they should be enacted not by Federal but by
State authority. Further than this, we believe that
there are certain reforms in the practice of the Stock
Exchange which may be helped and promoted
through legislative action. For instance, the Stock
Exchange authorities themselves have repeatedly
set forth, regarding practices clearly in violation
of the interests of the Exchange and of its clients,
that the really guilty party in such instances—the
man who gives out the orders—was not a member of
the Stock Exchange, and, hence, was not, amenable
to its discipline. But if this be so, then surely the
statement amounts to admission that only through
invoking to some extent the powers of the State itself
can the interests of the public in this matter be
protected. For all such purposes, however, incorporation of the Stock Exchange is not only unnecessary, but would probably be hurtful to the very
purposes it is imagined to promote. Further than
this, we suspect that the Legislature will find that
many difficulties in the way of distinguishing the
legitimate from the illegitimate, which have perplexed and harassed the Governing Committee, will
be no simple problem for the public authorities.
But it is possible to try legislation prohibiting practices which the Stock Exchange authorities themselves cannot reach. This matter of outside offenders operating through orders to brokers on the
Exchange "is one of the subjects," as the Governing
Committee's counsel frankly admitted at yesterday's
Albany hearing, "on which there might be legislation."
To Wall Street, as we have said, the chief effect
of Governor Sulzer's message has been a sentiment
of profound relief at its unexpectedly conservative
character. It was a case in which proposals to build
something up came into sight at a moment when
nothing but proposals for tearing down had been
anticipated. We hope that when the forthcoming
Pujo committee's report shall have passed along to
the serious consideration of the House of Representatives, there will be a somewhat similar story to tell
regarding the attitude of that body.
316
THE CHRONICLE
[VOL. xcvi.
too much of the lawyer, with his lack of perspective
INDUSTRIAL UNREST AND THE REVOLUTION and of understanding of new conditions, and with his
IT SEEMS TO PORTEND.
training to win technical and often petty victories.
The result is to leave the workingman,as the result of
London
of
Mail"
A few months ago the "Daily
his controversies, beaten and dissatisfied. The men
of
cause
the
into
to
inquiry
an
opened its columns
whom he looks for justice and for assistance have
to
has
years
recent
within
the unrest of labor, which
often proved narrow in their views, socially retoo
national
in
phenomenon
become the most prominent
and incapable of appreciating the situation;
mote,
wide
commands
who
writer
life. Mr. H. G. Wells, a
those
whom he has himself put forward as his
while
articles.
powerful
six
of
influence, led off with a series
in the Government have been caught
in
representatives
participated
scope,
A discussion arose of national
glamour of wealth and power, and
by
the
easily
too
Earl
Grey,
as
such
by men of all classes—statesmen
to their trust. The Governhave
unfaithful
proved
Marlborough,
of
Duke
the
great land-owners like
the name of "Represenbearing
when
even
John
Mr.
ment,
and
Harrison
Frederick
thinkers like Mr.
is
found to be too often
"Republican,"
or
tative"
leaders
and
men
business
prominent
Galsworthy,
openly partisan. The
frequently
too
or
ineffective
discusThe
themselves.
workingmen
the
among
with being one under
charged
is
itself
been
system
has
it
social
that
importance
such
of
sion was deemed
and
oppression have
inequality
injustice,
the
which
widest
it
give
to
order
in
book*
a
gathered into
this
charge comes
and
place;
permanent
a
acquired
exposition
an
As
and
influence.
circulation
possible
of the situation as it stands to-day and of the views not from the side of the workingman, but is made by
with regard to it of men most worthy to be heard, such men as the head master of Rugby and Canon
it is unique. We give our readers a rapid outline Bannister of Hereford, who regards the unrest as a
moral issue of the first magnitude, for which the
of its contents.
Mr. Wells points out, what other writers confirm, Church is, to a certain extent, responsible.
Mr. Hyndman, the Socialist leader, holds the unthat the trouble, which is deep and dangerous and increasing, is largely psychological. It is a matter of rest due to the increasing pressure of life, to anxiety
mind, and must be dealt with assuch. Imaginary evil, for the future, to the decrease in the purchasing power
like imaginary disease, is one thing, but a distorted or of wages, to the failure of the Labor Party effectively
diseased imagination is entirely another. The one to champion labor's cause- and to the propaganda of
may be treated lightly, but the other requires intel- Socialism. He thinks that the disaffection is too
ligent and serious consideration and treatment if it deep-seated and the distrust has gone too far to
to be remedied. Social discontent, even in the form permit of cure. In the same line, Mr. Geoffrey
of strikes and disturbance of labor, is by no means Drage, a leading authority on the industrial question
new. The significant fact to-day is not the existence in England, says the unrest is largely due to the
of discontent, but its form, which is new. It is no modern socialistic legislation, such as the Unemploylonger a question simply of wages or shortened ment, the Trades Disputes, the Old Age'Pensions
hours. The present generation is striking against and the Insurance Acts, which have had a demoralfundamental conditions, or even with no clearly de- izing effect. Workingmen themselves write, chargfined end. The workingman is full of rooted dis- ing the unrest to the feeling' of hopelessness which
trust,and in many instances has settled into a sullen, pervades the minds of working people because of the
hostile and often hopeless state of mind. The masses way in which they have lost the results of their reare senSitive, critical and irritable, as never before. cent struggles. Various writers point out that the
Furthermore, as a result of the wide diffusion of edu- change in the character of labor, in which individcation, they are, as a whole, far better educated than uality is sacrificed, has created on the part of the
in the past. So that the discontent is diffusive and workingman a dislike of his work, and that this growtakes a firmer hold upon the mind. The imagination ing indifference, which has taken the joy out of his
is caught by theories, often wild and wholly specu- life, coupled with an inevitable dissatisfaction with
lative, but strong enough to 'dominate the judgment his pay, is a chief ground of the discontent for which
and carry away the passions. The characteristic even such thoughtful writers as Mr. Sidney Low see
of the situation to-day is also that the unrest is more no remedy.
Others call attention to the influence of urban life.
extended than in the past, drawing into common expression and community of feeling not only men in The transfer from the country to the town, with its
widely different occupations, but impressing all na- entire change of conditions, the development of the
tionalities and spreading into many countries, espe- modern workshop, with its complicated machinery,
cially those which are most intelligent and where in- and the herding of the working people, coupled with
dustry is most highly develpoed. It is, in short, a early marriages, which do so much to make the
condition of unrest most manifest where minds are chance of advancement hopeless, are also to be taken
alert, where movement, both intellectual and physi- into account.
Mr. John Galsworthy, in a couple of powerful letcal, is freest, and where government is most representative and democratic. This is what to-day chal- ters, emphasizes the effect of the fiduciary system
lenges attention and makes the situation seri- which is now so universal, substituting the representative of the owner as agent, or trustee, or officer of
ous
the
causes of a corporation, in the conduct of affairs. This sysWhen we pass on to the discussion of
the present condition, we find both quickened interest tem has now become so universal that it is, in his
and wide diversity of views. Mr. Wells thinks there judgment, the most important of all the causes of
has been in public affairs and in the Government the prevailing disturbance. It represents a state of
professional altruism which is legitimated by law
* "What the Worker Wants." The "Daily Mall" Enquiry. London:
by the responsibilities which are placed upon the
and
ilotld,r & Stoughton.
FEB. 1 1913.]
THE CHRONICLE
agent, allowing no room for generous feeling, even
where that feeling exists. It is a relation in which a
man can have no wide view of the needs of the laborer or of the duties of capital with regard to labor.
There is only a cold-blooded, faithful, purblind service to the employer. This insensibly and universally tends to create the state of mind which is now
recognized as so significant. As it is in a measure
essential to the modern formation of industrial life,
it constitutes a disturbing cause which will require
remedies equally powerful and permanent.
The increased cost of living, of course, comes in for
frequent discussion. Professor Ashley of the Faculty
of Commerce of the University of Birmingham,
deems the recent rise of prices the chief cause of
trouble. He shows how in England from 1896 to
1910 the rise in the cost of food has been 19%, and
that this represents pretty accurately the actual increase in the cost of living, while the advance in
wages has been approximately only 11%. He regards this as the underlying cause of the unrest,
because it is felt everywhere and is chiefly emphasized
in the life of the home. It is to be coupled with the
agitation which is now widely carried on by the class
of young disputative leaders who seize upon certain obvious facts and press them upon the thought
of the people.
When we come to the question of remedy for the
existing situation, the interest at once deepens.
Naturally, the suggestions are numerous and diverse. Mr. Wells calls for a new spirit in society
and an intelligent and thorough recasting of the situation and the terms of labor. This, he says, has never
been done. He makes a novel and interesting suggestion. He says it is well known that there is
such a thing as a period of maximum efficiency with
every man, no matter what his profession or occupation. Each ascends gradually to that with his
experience and advance in age, until he reaches the
period in which he does his best work in the shortest
time and with the most interest. This stage is varied
in length with different men, but has its definite
boundaries. At that point the man reaches a time
when he begins to fall off, both in effectiveness and
in his interest in his work. The wheels move more
slowly and his productive power begins to diminish.
Exceptional cases should not divert attention from the
general truth, as this statement applies to most kinds
of work and should be recognized as practically universal with labor. It should bring about a modification of our whole system with a definite plan of
preparation for those years of inefficiency, with occupation and payment based upon the period
of highest efficiency, to be followed with an
early time of pension. Carefully studied and wisely
administered, such a system would not only bring
contentment, but would certainly increase the output of each man's life.
The whole subject requires scientific dealing, instead of the system of patch and experiment which has
hitherto maintained. To bring it about, we must
have a more genuinely representative and up-to-date
dealing with the whole subject, with more generous
thinking on all hands as to what is the real difficulty of the present situation. The suggestion is so
new, and opens up a realm of inquiry of which as
yet comparatively so little is known, that it should
receive wide attention.
317
Naturally, many of the writers, both on the side
of labor and on the side of great employers, call attention to the need of a better industrial organization, involving co-operation and possible political
action. Naturally, the Socialists, like Mr. Snowden, the Member of Parliament, look to Socialism
and "disciplined democracy" to take control as
the only way out of the present distress, though we
do not find this suggestion as coming from workingmen themselves. These emphasize the need of both
a better understanding and a closer contact of the
employer with his workmen, and in some instances
they urge the re-introduction of apprenticeship and
of trade guilds. All classes seem to feel that some
modification of the social machinery is needful,
though just what that modification shall be, or
how it shall be brought about, they do not clearly
indicate beyond the fact that the change must lie
chiefly in a change of mental mood and a growth
of mutual appreciation, which is very obvious
wherever parties that are sharply divided hope to
come together.
Mr. Galsi,vorthy holds the public schools of England, which are the schools of the higher classes,
argely responsible for the present alienation. He
believes that much can be done by changing the tone
of education in those great schools and in the universities. If they would aim more definitely to
spread the spirit of democracy it would, he thinks,
create a temper in the whole community that would
quickly bring light and lead to peace.
The most important suggestion of all, however,
is that which comes from Mr. Norman Angell, the
philosophic historian,. who has written that powerful
book, "The Great Illusion." His letters are worthy
of careful consideration. He points out that envy of
the rich and challenge of the social system are by no
means new, any more than is the revolutionary appeal. What is new, and what should be clearly
recognized, is the failure of what we know as parliamentary government—that is, representative government in its present form. This goes far deeper
than all other considerations. For more than a
thousand years in England, and for varying periods
elsewhere, the effort has been to develop government by a mandate of the people, or, in Mr. Lincoln's phrase, "of the people, by the people and for
the people." This tlieory of government, he says,
is now proved to be ineffective, and this is the biggest fact in the whole situation to-day. He goes on
to show, and this is his novel claim, that it is failing,
not because of any inherent difficulty but most
probably because it has already played its role in
human affairs. It arose out of a need that has passed;
the need of delivering men from the oppressive use of
political power by a privileged class; the barons to
resist the force of the court, the burgers and the small
gentry to resist the force of the baron, the bourgeoisie and the workmen to resist the landowner and
the employer. Every extension of the franchise has
been prompted by this need of the many to find a
means of resistance to the privileged few. It was a
device for ensuring a balance of political power within
the State. On the whole, it has performed well a
function which was the most necessary one in the
relatively simple form of society in which it had
birth and growth. Those countries which have tried
318
THE CHRONICLE
xcvi.
it and have tried it most, England and France and clares, it is Everyman who must be the Savior of the
America, are discovering that it is no longer effective.. State. The centre of the trouble is within men
This probably marks a turning point in the political rather than without. Primarily it is moral rather
than material; and, as Mr. Frederick Harrison says,
structure of modern society.
To-day the pivotal fact is the question of wages, the necessary reorganization of society is far too
and it has come to be recognized that it is not in the wide and deep and complex to be brought about by
power of any privileged class to keep wages down. any panacea or any one revolution.
Rise in wages is due to the operation of forces which
As a whole, the discussion, while it brings out with
no political power can control. Social and economic great force the reality of the grievances which now
progress has been just as great in countries which exist, is most suggestive and hopeful. The world
have not had political revolutions as in those where is awake. Men are eager to know the truth. New
there has been most manifestation of the power of forces are appearing as truly in the social organizathe mass. The Chartists, for example, in England, tion as in the realm of material science. While these
in the 'middle of the nineteenth century, found their forces may be as old as humanity or as nature itself,
possible Utopia in a series of demands in which they they are coming into new recognition, and are cerwere entirely defeated, but the men of that day have tainly to be regarded as new instruments of human
lived to see every essential • point of their Charter progress. Though at the outset they appear merely
embodied in legislation, while England is as far from disturbing, they make life larger and richer. Openthe solution of her labor troubles as ever. The par- mindedness, broad sympathies, a cheerful patience,
liamentary system was effective for a society largely willingness to face facts, above all a generous altrurural, where the problems were chiefly of land tenure, ism and a steadfast faith in God and humanity, have
of crime and of public order, with which the lay voter lost none of their effectiveness.
was in daily contact and the country squire perfectly
able to deal in Parliament. But the immensely in- LESSENING THE DIFFICULTIES OF GIVING.
The recent passage through the House of Repretricate division of labor in the world of to-day, involving many processes, intricate machinery, trans- sentatives, by a vote of 152 to 65 (considerably more
portation, credit, insurance, foreign competition and than two to one), of the Peters bill, granting incora host of technical problems, has created an organ- poration to the 100-million Rockefeller Foundation,
ism far more complex than that which gave rise to not only indicates that the difficulties raised before
this particular measure have probably been sucparliamentary government.
The effect is that the voter to-day is incompetent. cessfully smoothed away, but calls to mind the diffiHe is not fitted to grasp and to deal with the situa- culties, more serious than the public has observed,
tion in all its complexity as it now exists. As a re- which beset those wealthy persons who try to do good
sult, political revolution does not help. "The more to mankind with their wealth. The chief objection
it changes, the more it is'the same thing," is the raised to this Foundation related to its perpetuity.
French verdict upon the government as drawn from The charge was made that Federal incorporation was
Conservatives or from the Radicals. He sees relief sought as a means of perpetuating a consolidated
coming in the future democratic society, in which the great fortune, the secret motive being selfish and not
voter will act through the guild or the organization altruistic; it was suggested that thus there might
in which workers of each kind shall be grouped. come into being a "vested right" which would claim
This organization, extending from chambers of com- to be not responsible to the Government and might
merce and professional societies to labor unions and be used for sinister purposes. The fact that the plan
guilds, will act in some sort of co-operation, and so was designed for all future time and for applications
form the pivot of the country's government. Each which could not be foreseen, and that,therefore, pergroup will select their own representative, who will petuity was indispensable, seemed to be overlooked;
be familiar with the problems of his own class and however, the changes now proposed put election of
worthy to speak for them. These will in turn meet new members of the Foundation under approval of
and choose again their representatives. These will the President and the Chief Justice of the Supreme
not be revolutionary and will obviate the necessity Court (together with the heads of several universiof revolution. It will be representative government ties), and give more definite control to Congress,
that will be truly representative.
besides making the philanthropic intent more disJust what modification will have to be made in tinctly expressed.
our present democratic forms he does not venture to
An article in the "Times" not very long ago is
say, but they will be developed as the result of such recalled to mind by this incident, and also by the
experiment as every community will be led to make marriage, on Wednesday of last week, with benisons
when it comes to see clearly what is the exact point at from all sides, of a woman who has:signally illustrated
which representative government has broken down the personal responsibilities and the beneficent op•and what are the exact forms of the new need which portunities of wealth. Miss Helen Gould's good
has arisen.
works could not be kept unknown, but her troubles
The appeal to violence is futile and the general
course of them have been kept to herself. The
in
strike is an excellent weapon with which to commit
just referred to, however, discloses some of the
article
suicide. Upon this fact labor and capital alike seem
which have been made to another woman of
appeals
to agree. All confiscatory schemes involve the stopMrs. Harriman, the object of the disclosure
fortune,
page of some vital function and lead to the destructo
present a plan which has been evolved out
being
tion of the whole body, of which even the Socialists
with them.
experience
of
are now beginning to be aware.
Begging
letters
have beset Mrs. Harriman, their
and
disintegration
social
simply
Syndicalism is
1910
in
and
number
1911 reaching 6,000. They came
deWells
Mr.
as
short,
In
selfishness.
organized
FEB. 11913]
THE CHRONICLE
from the whole world, but a map is supplied which locates most of the first 3,000 in this State. The personal appeal was always that she would never miss
the small amount sought; these amounts totaled over
150 millions, and with the 213 millions asked for in
professedly public interests, they would have consumed her fortune several times over.
The details are interesting as exhibiting human nature, but are aside from the present purpose. Instead of dropping these letters in the basket, Mrs.
Harriman turned them over to the Bureau of Municipal research, where a scientific classification was applied to them. The giver of public bequests "has
never had a square deal," says Dr.Allen, the head of
that Bureau, "because there has never been any
source of information for would-be givers." He
cites a visit to himself by a wealthy man who was
thinking of some large gifts and mentioned a number
of charities which were already well supported; he had
actually scheduled for $65,000 one benevolent
agency which had a $40,000 surplus in its accounts
the year before. "He didn't know any better, and
there wasn't any place for him to find out."
The result of this classifying and study is that
the private investigation which wealthy men cause
to be made by agents of their own might be supplemented or displaced by a "national clearing house."
Whatever else than giving a millionaire wants to do,
says Dr. Allen, he has definite means of knowledge
open before him, but if he wants to give away money
and get a proper return in benefits and happiness,"he
has no road map; three hundred millions were given
away in this country last year—what other business
would be handled so casually?" The right to give
is recognized; the right to give intelligently and usefully deserves recognition. "To make experience
available for all (says Dr. Allen's preface), there is
need of a local clearing house in each State and each
large city, as well as of a national clearing house,
which shall welcome appeals from individuals and
organized agencies, study them, and make educational use of them among givers, appealers, newspaper writers and students of social forces."
The advisability of adding another large organization, especially a "national" one, May perhaps be
open to question; yet this plan, to which Mrs. Harriman assents, is clearly suggestive, not only as cumulative evidence of growing altruism among the rich,
but of their desire to give wisely and of the utility
of applying business methods to beneficence.
BUILDING OPERATIONS IN 1912.
Taking the country as a whole, and making due
allowance for conditions that prevailed in some earlier years but were practically absent in 1912, the
latter year made a new high record in building construction activity. In 1909 the work planned covered a slightly greater total, but it was then that the
condition referred to—anticipatory or speculative
building—left its greater impress on the aggregate
outlay. The year 1908, it will be remembered, reflecting the depression in our commercial and industrial affairs then existing, was an interval of comparative dulness in the building industry, but with the
return of better times in the following year construction work was planned, particularly in Greater
New York, far beyond what there could be any de-
319
mand for in the very near future. From a total of
174% million dollars in 1908, the building outlined
to be done in the five boroughs jumped to 273 millions in 1909, each division sharing in the augmentation. The effect of the over-building this latter
total indicates is still felt and more in the Borough
of Brooklyn than elsewhere.
In our compilation of building-construction returns given below, every effort has been made to secure information from every city in a position to furnish it. Many municipalities are yet without ordinances requiring official sanction for work of this
character and consequently can furnish no reliable
data. Others are gradually taking action in the
matter, and from some of these we have returns for
1912 which are not included in our table because of
lack of comparison. The comprehensive nature of
our compilation will be recognized when we state
that only three States—Vermont, North Dakota and
New Mexico—fail of representation in it, and that
altogether 209 cities located in the various sections
of the country are included. The contemplated outlay under the permits issued in 1912 in the 209 cities
aggregates $1,011,522,290, which compares with
$946,271,968 in 1911, or a gain of 6.9%; contrasted
with 1910 the increase is 4.2%, that year's total having reached $970,571,417; but there is a nominal
decrease of 0.22% from the aggregate of 1909.
We have adhered to the plan of former years of
grouping our returns in such a manner as to give
prominence to leading cities of each State or section,
with Greater New York heading the table on account
of the preponderating magnitude of its operations.
For the five boroughs of this city the construction
work arranged for in 1912 covered an estimated expenditure of $228,601,308 and showed an excess of
14.1% over the previous year. Manhattan's operations exhibit a gain of 14.5%, the Bronx 47.7%,
Brooklyn 7.5% and Richmond 9%, Queens alone
recording a loss (10.9%). Contrasted with 1910, the
general result is a gain of 6.9%.
Outside of Greater New York our tabulation for
the Middle States embraces 48. cities, of which 27
showed greater activity in 1912 than in 1911.
The New England section did very well collectively, although activity was not general. The aggregate for the 37 municipalities included was nearly
100 million dollars, the greatest on record for the
period and 12.1% larger than for 1911.
The Middle West makes, on the whole, a poorer
exhibit than any other section, due to the large falling
off at Chicago, ascribable to the extensive projects
put forward toward the close of 1911 to take advantage of the old building laws, which were less restrictive than the new ones that went into effect
Sept. 1. Aside from Chicago, losses of more or less
importance were recorded at Cincinnati, Grand
Rapids, Evansville and South Bend, but much activity was noted at Toledo, Cleveland, Akron, Indianapolis, Fort Wayne, Detroit, Milwaukee and
Louisville. For the 40 cities reporting to us, the
combined outlay falls below that of 1911 by only
3.2%, notwithstanding the large decrease at Chicago,
and exceeds all earlier years.
On the Pacific Slope operations reached an aggregate in excess of any earlier year, an outcome due in
greatest measure to activity in construction work at
320
THE CHRONICLE'[VOL.xcvi.
Los Angeles and San Diego, although more was done
than in 1911 at San Francisco, Oakland, Seattle
and Tacoma and some less prominent cities. Portland and Spokane are among the municipalities
showing a shrinkage in building outlay. The
combined returns from California, Washington and
Oregon (16 in all) give a total 13.6% greater than in
1911. The "Other Western" group made up of
States west of the Mississippi River to the Pacific
Slope, but exclusive of Louisiana, Texas, Arkansas
and Oklahoma, which we include in the Southern
division, makes an exhibit a little more favorable
than in the preceding year,but less satisfactory than
in either 1910 or 1909. The last-named year was
a very active period almost everywhere in this section,
and very noticeably so at such points as St. Paul,
Omaha, Salt Lake City and various smaller cities in
Kansas and Iowa. Less was done in most localities
in 1910 but extensive operations at Duluth by the
U. S. Steel Corporation more than offset the declines
elsewhere. In 1911 losses were quite the rule and
even in 1912 they are to be found at Kansas City,
St. Paul, Omaha, Topeka, Ogden and Denver.
On the other hand fair to large gains are revealed at
St. Louis, Minneapolis, Duluth, Salt Lake City,
Des Moines, Lincoln, Waterloo, Pueblo and Butte.
In all, 33. cities have reported the total for which reveals an increase of 4% over 1911.
The South stands out better than any other section
in the 1912 compilation. Thirty -four cities have reported and of those much the greater number show
augmented outlay arranged for in 1912. The total
for the group exceeds that of 1911 by 19.1% sand is
a high-record.
For the United States outside of Greater New
York, the late year's total overreaches any preceding
similar period, the latest aggregate of 783 million
dollars for 208 cities, comparing with 746 millions
a year ago and 756N millions in 1910.
A table, covering the last four years, for some of
the leading cities in each section of the country,
together with totals for the remaining cities in each
State, and the aggregate of all, is appended.
UNITED STATES BUILDING OPERATIONS.
1909.
1912.
1911. Inc.orDec. 1910.
$
3
New York City127,469,492 111,290,408 +14.5 108,643,095 144,332,212
Manhattan
101,131,816 89,034,880 +13.6 105,205,562 128,775,818
Other boroughs
228,601,308 200,325,288
Total
1,163,395
1,303,032
Maine-Portland
1,486,781
New Hamp.-M'nehester 2,720,541
Massachusetts-Boston 21,166,349 19,287,500
44,844,272 40,804,732
Other, 23 cities
5,896,244
Connecticut-Hartford.. 7,379,525
4,762,341
5,868,519
New Haven
7,651,825
Other, 6 cities
7,651,843
Rhode Island-3 cities.. 9,912,463 6,578,500
New York-Rochester- 12,035,466
9,389,775
12,992,000 10,364,000
Buffalo
24,897,415 23,857,585
Other, 10 cities
New Jersey-Newark.._ 11,616,358 10,975,344
25,571,478 26,789,548
Other, 13 cities
37,173,635 40,030,985
Pennsylvania--Phila
11,145,043 11,678,544
Pittsburgh
16,233,413 14,197,424
Other, 13 cities
2,155,948
1,643,803
Delaware-Wilmington
Maryland-Baltimore
10,385,892 9,704,648
1,028,534
1,194,879
Other, 2 cities
D.C.-Washington_ _ _ _ 14,939,370 16,562,106
1,834,062
2,324,297
W.Va.-2 cities
18,180,078 16,994,677
Ohio-Cleveland
9,031,381 12,688,540
Cincinnati
4,644,235
4,675,303
Columbus
16,943,990 13,549,356
Other,8 cities
9,150,4078 349 477
Indiana-Indianapolis_
7,244,072
7,470,169
Other, 8 cities
Illinois-Chicago
88,198,500 105,269,700
8,462,593
6,297,231
Other,8 cities
25,588,470 19,015,819
Michigan-Detroit
3,500,074
Other,4 cities
3,878,513
Wisconsin-Milwaukee.. 15,730,860 12,336,098
Other, 2 cities
2.084,535
1,609,680
Missouri-St.Louis_ __ _ 20,675,803 18,607,555
Kansas City
12,396,328 13,310,871
Other, 2 cities
1,346,427
1,359,690
Kentucky-Louisville
6,552,730 6,575,657
Other, 2 cities
1,367,920
1,014,486
Minnesota-Minneapolis 14,229,475 13,725,285
St. Paul
8,051,417 8,915,009
Other, 1 city
2,680,543
2,563,338
Nebraska-Omaha
4,546,761
5,426,863
cities
Other, 2
1,695,135
1,234,517
1,986,795
2,080,766
Kansaa-3 °Wes
+14.1 213,848,657
1,438,595
-10.7
1,321,980
+83.0
+9.7 16,061,365
+9.9 46,200,546
+25.2 4,541,979
-18.8 4,388,065
-0.0 7,354,548
+50.7 6,260,035
+28.2 10,082,528
9,222,000
+25.4
+4.4 23,125,461
+5.8 13,394,812
-4.6 27,385,377
-7.1 37,866,565
-4.6 13,656,213
+14.3 14,062,398
2,024,092
-14.5
+7.0 9,384,740
+16.1
771,277
-9.8 13,731,756
+26.7
1,728,998
+7.0 13,948,413
-28.8 8,652,475
+0.7 5,133,591
+25.0 11,107,797
+9.6 8,194,311
6,019,844
+3.1
-16.2 96,932,700
8,960,180
+25.6
+34.6 17,624,540
+10.8 3,146,111
+27.5 9,797,580
1,563,797
-22.8
+11.1 19,600,063
-6.9 13,783,196
1,440,721
-1.0
3,811,838
-0.4
768,800
+34.8
+3.6 14,363,830
9.7 10,053,006
+4.6 13,311,264
-16.2 6,250,988
1,738,015
+37.3
2,757,243
273,108,030
3,000,000
1,797,518
14,078,646
44,087,846
3,440,925
4,226,322
10,241,520
8,838,850
9,272,132
9,895,365
20,470,378
14,177,159
29,674,981
42,881,370
16,549,526
17,142,682
1,968,257
7,913,296
1,284,785
15,887,478
1,298,871
13,028,294
7,806,369
3,598,601
8,767,064
7,156,560
4,680,478
00,559,580
8,122,938
14,301,450
3,854,654
11,587,551
1,535,899
23,783,272
13,368,738
2,256,920
3,096,876
535,145
13,092,410
12,089,451
3,680,227
7,204,140
1,971,156
3,108,958
Iowa-8 cities
Colorado-Denver
Other, 2 cities
South Dakota-2 cities..
Nevada-Reno
Utah-Salt Lake City.._
Ogden
Montana-Butte
Idaho-Boise
Wyoming-Cheyenne
Arizona-Phoenix
California-San Fran
Los Angeles
Oakland
Other,8 cities
Oregon-Portland
Washington-Seattle__ _
Spokane
Other, 2 cities
Virginia-Norfolk
Richmond
No. Carolina-I cities
So. Carolina-2 cities
Georgia-Atlanta
Other, 3 cities
Florida-2 cities
Alabama-3 cities
Mississippi-2 cities.
Louisiana-New Orleans
Shreveport
Texas-Dallas
Other, 5 cities
Arkansas-2 cities
Oklahoma-Okla. City_
Tennessee-Memphis...
Other, 3 cities
1912.
$
12,900,772
5,332,675
1,607,731
1,427,898
350,000
5,262,398
670,819
735,450
638,422
172,820
e62,723
23,873,367
31,367,995
8,821,950
20,994,049
14,652,071
8,415.325
2,563,627
2,298,237
3,127,423
6,255,711
2,653,752
1,114,395
9,987,444
4,168,190
4,584,470
5,154,298
676,000
3,309,620
1,511,804
5,005,438
14,268,442
2,300,542
885,246
7,162,214
3,772,187
1911.
Inc.orDec.
11,573,448
6,086,260
956,674
1,345,718
305,128
3,159,600
719,729
238,260
591,500
467,578
914,661
20,915,474
23,001,185
7,132,566
15,838,534
19,152,370
7,491,150
3,314,780
2,616,839
2,084,062
6,018,669
2,705,345
1,055,684
6,215,900
2,674,455
4,087,683
4,350,627
650,000
3,155,150
1,264,012
5,523,373
10,081,758
2,247,533
2,825,256
5,849,146
2,934,700
Total, 209 cities.... 1,011,522,290 946,271,968
782,920,982 745,946,680
Outside New York
1910.
13,221,593
11,319,955
1,469,239
1,827,711
362,598
4,461,600
1,140,937
303,413
1,353,525
603,076
634,462
22,016,756
21,684,100
6,913,643
13,195,554
20,886,202
17,163,078
5,883,484
3,781,243
1,631,309
4,012,822
2,445,881
1,240,399
7,405,950
2,234,692
3,721,915
4,275,909
745,108
+4.9
4,483,730
+19.5
1,250,000
-9.4 4,199,040
+41.5 10,648,618
+2.4
1,814,920
-68.7 5,493,203
+22.2 6,282,553
+28.6
3,643,866
+11.5
-12.4
+68.1
+6.1
+14.7
+66.6
-6,8
+208.8
+7.9
-63.1
-27.5
+14 1
+35.3
+23.7
+32.5
-23.5
+12.3
-22.7
-12.2
+50.0
+3.9
-1.9
+5.6
+60.7
+55.8
+12.2
+18.5
1909.
11,634,300
11,553,983
1,341,485
1,787,406
258,590
8,077,820
752,100
416,150
700,000
387,407
559,850
29,692,168
13,260,703
5,318,512
11,413,045
13,481,380
19,044,335
8,786,226
6,390.974
2,456,953
3,574,812
2,156,951
745,140
5,551,951
1,990,972
2,523,950
3,188,777
649,450
5,165,512
1,000,000
3,393,683
11,289,968
2,327,797
5,903,270
4,324,377
4,302,795
+6.9 970,571,4171013,785,972
+4.9 756,722,760 740,677,942
Canadian building-construction returns furnish, as
in 1911 and 1910, evidence of phenomenal progress in
the Dominion. This is especially true of Western
sections of the country, although in the East, too,
marked activity is indicated in many localities.
Canada is the Mecca towards which immigrants who
are willing to work and make homes for themselves
are turning in constantly increasing numbers, and
the homestead and other laws of the country are
such as to encourage the movement. This is indicated by the fact that the influx is not made up alone
of those coming from abroad, but in considerable
degree represents an efflux across the border from
the United States. The large annual additions to
populations are sufficient explanation for much of
the building activity, but important expansion, commercially and industrially, has been no small operating cause.
Altogether our Canadian compilation comprises 54
cities, and in only two instances is there any falling
off recorded. A glance at the table subjoined indicates that for the 54 cities the outlay arranged for in
1912 aggregated $202,542,573, against only $144,652,425 in 1911, or an augmentation of 40%; and
there is a gain of 83.5% over 1910 and of 161.5% as
compared with 1909. Segregating the cities by sections, we observe that in the Eastern Provinces the
29 municipalities exhibit an increase of 24.5% and
since 1908 the amount of building has more than
doubled. In the West the operations at 25 cities in
1912 show an expansion of 52.7%, as contrasted with
1911, over 128% as compared with 1910 and exceed
1909 by fully 280%. We present a compilation of
results for the last four years.
CANADIAN BUILDING OPERATIONS.
1911. Inc.orDec. 1910.
1912.
19,641,955 14,561,481
Quebec-Montreal
5,066,952
6,092,197
Other, 3 cities
27,401,761 24,374,539
Ontario-Toronto
5,491,800 4,255,730
Hamilton
3,821,950
2,997,610
Ottawa
16,662,384 12,050,165
Other, 18 cities
1,248,813
Nova Scotia, 3 cities..._ 1,517,121
647,200
572,700
New Br.-St. John...... _
Total East,29 cities
Manitoba-Winnipeg
Other, 3 cities
Alberta-Calgary
Edmonton
Lethbridge
Other, 3 cities
Saskatchewan-Regina_
Saskatoon
Moose Jaw
Other, 2 cities
Brit. Col.-Vancouver
Victoria
Other, 8 cities
+34.9
+20.3
+12.4
+29.1
+20.8
+38.3
+21.5
+13.0
1909.
$
•
7,785,621
15,815,859
4,940,020 *3,800,000
18,154,057
21,127,783
1,623,100
2,540,280
4,527,590
3,040,350
*8,283,696 *7,901,673
*886,944
*1,018,694
362,500
375,000
81,070,368 65,127,990 +24.5 57,135,182 45,053,985
20,475,350 17,716,750 +15.6 15,106,450 9,226,825
1,802,255 *1,050,120
2,552,651
2,223,519 +14.8
5,589,594
2,420,452
20,394,220 .12,909,478 +58.0
2,159,106
2,128,116
3,672,2(30 +293.4
14,446,819
1,210,810
1,288,615
1,033,380 +31.4
1,358,250
*644,208
*369,000
1,096,952 +214.2
3,444,379
2,351,288
744,479
5,099,340 +57.8
8,047,309
2,817,771
1,002,905
5,004,320 +52.7
7,640,630
1,035,290
1,107,500
2,475,730 +113.1
5,275,797
842,475
1,101,675 +149.9
*241,810
2,903,895
7,258,505
19,428,432 17,652,642 +10.1 13,150,365
1,673,420
4,026,315 +103.0
2,196,095
8,208,155
5,452,062 +33.7 4,230,895 *3,300,000
7,290,418
Total West, 25 cities_121,466,205 79,524,435
Total all, 54 cities._ _202,542,573 144,652,425
* Partly estimated.
+52.7 53,136,692 31,791,747
+40.0 110,271,874 76,845,732
FEB. 1 1913]
THE CHRONICLE
GOLD AND SILVER PRODUCTION AND
MOVEMENT IN 1912.
The history of gold production in 1912 differs in
no essential way from that of the preceding year.
From the one field that is looked to for increasing
supplies an appreciably augmented yield occurred,
and in Australasia the retrograde movement that
began in 1906 was still in evidence. The net result
for the year, as our investigation discloses, is a moderate gain in production of the precious metal. A
notable feature has been the fact that the greater
part of the year's output of the world's mines has
found lodgment outside of what may be termed the
active channels of commerce. In other words, notwithstanding the fact that production reached
22,808,781 fine ounces, valued at $471,498,559, the
stock of gold in the United States increased only
81 million dollars and the principal banks of Europe
added collectively but 95 millions to their holdings.
It is true, of course, that in addition to these amounts
a very large quantity was used in the arts; yet, after
allowing for that, we find a considerable remainder
that was absorbed by the treasuries or banks of
countries not included in our periodic reports. It
thus becomes apparent that no matter what magnitude the world's output of gold may reach there is
little danger of demand being satiated.
Foremost among the producers of gold stands
Africa, a position it has held without question since
1904, its pre-eminence increasing year by year until
now close to half of the world's annual yield comes
from that country and largely from a rather limited
territory. As is known, the development of goldmining in the dark continent, or, more particularly,
in the Rand,the last twenty years has been marvelous.
It was not until 1887 that any mentionable amount
of gold was produced in that country, but from the
small beginning of 28,754 fine ounces in that year the
product rapidly increased until in 1892 over a million
ounces were secured. Six years later (1898) the
yield had risen to 3,904,721 fine ounces, and in 1899
the output was almost as large, despite the hindrance
to operations the Boer War entailed in the closing
months. After the cessation of hostilities it took
some time to get things working smoothly again,
but toward the close of 1903 normal conditions had
been restored, and since that time there has only
been a short period—from October 1909 to March
1910, inclusive—when the monthly output of the
Transvaal mines has not exceeded that of the corresponding months of the previous year, with the gain
especially marked in 1912. Moreover, the aggregate
yield of the Transvaal for 1912 shows a gain of no
less than 886.576 fine ounces over 1911, the comparison being between 9,124,299 fine ounces and
8,237,723 fine ounces. Outside the Transvaal 1912
witnessed no notable development in gold mining,
though in West Africa and one or two other fields
additions to the 1911 yield were reported.
The United States, according to the early estimate
issued by Mr. George B. Roberts, the Director of
the Mint, did not do as well in 1912 as in 1911,
mainly as a result of a decrease in Nevada due to
poorer grades of ore mined in leading districts.
Russia, also, the advices thus far received lead us to
infer, contributed a smaller quantity than in the
321
preceding year to the world's new supply, and a
falling off in Mexico is indicated by the early returns.
From the Colar field of India slightly greater supplies were obtained than in 1911. Canada showed
a quite material gain over 1911, development in the
Porcupine district largely assisting.
To state that Australasia's production of gold
continues to decrease is merely to repeat an ofttold tale. From 1890 to 1899, inclusive, the yield
of the mines of that country steadily increased, so
that the output reached 4,105,526 fine ounces in the
last-named year, putting Australasia in the front rank
as a producer, a position it practically maintained
until displaced by Africa in 1905. In 1906 poorer
ores began to be encountered in the lower levels of
many of the mines, and in consequence the product
commenced to fall off; for 1912 the yield was only
2,579,319 fine ounces, as against 4,317,923 in 1903.
As summarized below, the gold production of the
world in 1912 was approximately 22,808,781 fine
ounces, valued at $471,498,559, or an increase of
456,686 fine ounces, or $9,440,522, over the output
of 1911, and a gain of 785,379 fine ounces, or $16,235,198, over 1910. In the last ten years the annual
yield has advanced from 14,437,669 fine ounces to
22,808,781 fine ounces. It is a noteworthy fact
that the product of Africa alone during the decade
has risen from 1,998,811 to 10,294,654 fine ounces.
In attempting to trace to its lodgment the large
volume of gold produced annually from the mines of
the world, one is struck by the considerable amounts
absorbed year by year by India, Egypt and South
America. This was particularly true in 1912. To
India the net exports of go d from Great Britain
alone were approximately 44 million dollars, to
Egypt 41 millions and to Brazil and Argentina 28
millions, or 113 millions in all, and a greater or less
absorption has been going on for some years past.
Part of thq gold originally shipped to Egypt finds its
way ultimately to India (after having served the
immediate purpose for which it was sent to Egypt),
and much Australian gold also goes to India. Altogether, the net importations of gold into India during the calendar year 1912 appear to have been in
the neighborhood of $145,000,000, though exact figures are not yet available. As regards the gold that
South America has received from time to time, there
is no mystery, as it has gone into use as money or
has gone into the conversions funds of Argentina and
Brazil, thus giving stability to the paper currencies
of those countries. With India, however, according
to Mr. George B. Roberts, the Director of the Mint
of the United States, the situation is radically different. Mr. Roberts recently said with reference to
India that "a large part of the gold (and silver) that
goes there sinks out of sight, and, whether it is made
into ornaments or buried in the ground, is withdrawn, at least in large part, from the monetary
stock of the world. Some of it may be brought out
in periods of emergency, such as times of famine,
and re-converted into money, but in the past a steady
stream of the precious metals has moved into India
and disappeared as a factor in the commercial world.
Mr. Roberts describes the situation in Egypt as
somewhat similar to that in India. The country,
he says, "has for over thirty years7been steadily
taking gold in the settlement of its trade balances,
but there is some mystery about the way it disappears
from view. It does not enter into bank stocks, and
it is difficult to understand how a country of its
size and population and in which the masses of the
people are so poor can absorb so much gold coin."
Some light on the situation, however, was shed by
Lord Cromer in 1907, when he spoke of large sums
being buried in cellars and gardens by the possessors.
Aside from these exports of gold to India, Egypt
and South America, in 1912, there were netshipments from Great Britain to Turkey and miscellaneous countries of 18 million dollars, and the United
States sent some 6 millions net to South America.
Leading European banks, except England and Austria-Hungary increased their gold holdings during
the year, Russia most largely, the combined stock
being some 95 million dollars greater at the close of
1912 than at the beginning. The visible stock of
gold in the United States, as compiled by the Treasury Department, shows an augmentation of 81 millions during the year. Finally, there is the use of
the metal in the arts to be considered. That, of
course, is an exceedingly difficult' matter to determine, but it would seem to be safe for our purpose to
accept the Mint estimate of 112 millions as so used
in 1910 in the world, outside of Asia and Africa, as
a fair measure for 1912. In these various ways
the whole of the year's production can be accounted for.
The following detailed compilation of the gold
product will enable the reader to trace the growth of
the contribution from the various sources of supply
since 1880. Corresponding information from 1871 to
1881 will be found in Vol. 70 of the "Chronicle," page
256, and from 1851 to 1871 in Vol. 54, p. 141, or in
1887 issue of the Financial Review.
VALUES.
COLD.-PRODUCTION IN THE WORLD-OUNCES AND
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Official Details from Gold-Producing Countries.
From the returns we:have obtained from the mines,
mint bureaus and other official and semi-official
sources respecting gold-mining in 1912, we are able
to deduce the following:
United States.-A decline in output of gold from the mines
of this country in 1912 is indicated by the preliminary estimate issued jointly by the Bureau of the Mint and the
Geological Survey, the yield having been 251,784 fine ounces
less than in the preceding year. The decrease is largely in
one State-Nevada-where there was a falling off of about
230,000 fine ounces, the greater part of which was in the
Goldfield district and wholly ascribable to the poorer grade
of ore mined. In fact, it is officially stated that more ore
was mined in that district in 1912 than in 1911, but the
average grade treated was considerably lower. The yield
of Colorado, Montana, Arizona, Utah, Idaho, New Mexico
and Washington also fell off to a greater or lesser extent. In
Alaska, on the other hand, there was an augmentation in
production of 35,495 fine ounces, and in South Dakota of
17,714 fine ounces, while California zipparently made a small
gain, as did the Southern States collectively. The Philippine Islands report a relatively large increase, the 1912
product at 19,362 fine ounces more than doubling that of
1911. But the net result of gold mining in the United States
in the late year was a loss of 251,784 fine ounces, valued at
$5,204,853. The ounces and values, as estimated for each
State in 1912, compare as _follows with the final figures for
1911 and 1910:
Gold
Production.
Colorado ____
California ___
Alaska
South Dakota
Montana
Arizona
Utah
Nevada
Idaho
Oregon
New Mexico_
Washington
South. States
Other States_
GOLD PRODUCTION IN UNITED STATES.
1011
1910
1912
Value.
Value.
Fine ozs.
Fine ozs.
Value.
Fine ozs.
909,049 $18,791,710 925,839 $19,138,800 902,967 $20,526,500
966,943 19,988,486 964,041 19,928,500 988,854 20,441,400
841,674 17,398,946 806,179 16,665,200 787,148 16,271,800
5,380,200
7,429,500 260,266
377,116
7,795,680 359,402
3,720,400
3,649,700 179,974
156,507
3,235,287 176,554
3,413,200
165,113
3,521,400
170,348
3,303,504
159,807
4,486,200 208,627 4,312,700
211,736
4,376,971 217,020
644,920 13,331,680 875,438 18,096,900 913,015 18,873,800
50,113
1,035,900
1,357,000
65,688
1,303,917
63,077
32,960
681,400
634,200
30,679
630,801
30,515
23,084
477,200
761,700
36,847
604,961
29,265
806,000
38,992
840,000
40,635
285,044
13,789
163,300
7,901
161,300
7,803
214,718
10,387
8,003
169,300
218,700
10,580
423,442
20,484
Totals _4.435,269 $91,685,147 4,687,053 $96,890,000 4,657,017 $96,269,100
PRODUCT OF GOLD
New ,So.
Wales.
468,665
281,209
216.884
254,432
258.488
269,817
274.263
253.987
247,363
224,788
204,709
189,214
177,418
165,283
Yrs. Victoria.
1899...793,418
1900---726,666
1901---711,046
1902-728,380
1903---767,351
1904-771,298
1905.-810.050
1906...786,054
1007...710,269
1908..._676.001
1909-654.222
1910...578.860
1911_502,914
1912___486,020
124 AUSTRALASIAN COLONES-FINE'OUNCES.
Somdh Tama- Mal A usNew
Queens- Western
tralasia.
land. Australia. Zealand. Australia. mda.
871 816 1,512.366 358,418 30.351 70.492 4,105,526
855,959 1,438,650 335,300 26,458 65.710 3,729,961
733,975 1.616,933 412,868 29.668 70,990 3,792,364
653.362 1.769,176 459,408 23,662 60.974 3,949,394
686,469 2,064,798 479.738 24.401 36.678 4,317,923
624.917 1,985.230 467,647 17.913 60.000 4.196,822
577,559 1,955,316 520.040 20,547 74,316 4,232.091
493.120 1,794.542 532,922 14,078 50.888 3.925,591
457.596 1,698,553 477,303 11,870 65,354 3,668,308
452.451 1,648.505 474,415 14,500 60,453 3,551,113
455.577 1,595,269 472,464 20,052 44.777 3.447.070
40.434
440.784 1,470,632 450,433 7.108 52,4183,177,465
2.011.410
359,999 1,371,848 426,813 20,000
273,700 1,282,654 316,662 *15,000 *40,000 2,579,319
*Estimated.
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*F?ingure'llorn
The ounces In the foregoing table for any 01 the countries given may be turned
Into dollars by multiplying by 20.6718. The value In pounds sterling may also be
ascertained by multiplying the ounces by 4.2478. Thus, according to the above,
the product in Africa in 1912, stated in dollars, is $212,809,028, and in sterling,
29
£43,7,020.
Australasia.-As regards this country, little is to be said
eXcept that the declining tendency in production noted in
1911 and earlier years since 1905 continued in 1912, every
important district reporting a further reduction in yield.
;1-1. In the aggregate the outputof theAustralasian mines was only
about 2% million fine ounces, a falling off of 39.1% from
1905. The subjoined table indicates the product of each
m colony and the total of all annually for a series of years.
.
N C.
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•
[VOL. xclu.
THE CHRONICLE
322
India.-The Cedar field, the principal gold-mining district
of India, according to the returns-at hand, made a slight gain
in production in 1912, but the output failed to roudi that of
the years 1903 to 1905, inclusive. We append the details
of yield for the last seven years.
EAST INDIA-GOLD PRODUCTION PRINCIPAL MINES.
1007.
1008.
1909.
1910.
1911.
1912.
Ounces. Ounces. Ounces. Ounces. Ounces. Ounces.
128,671
120,533
118,351
113,877
123,195
132,338
Champion Reef
92,177 94,034 93,767 92,063 86,252 73,562
Ooregum
231,687 230,135 228,727 228,249 216,488 209,441
Mysore
86,995 90,173 89,229 86,606 80,889 74,964
Nundydroog
17,379 17,027 15,997 21,203 28,039 33,574
Balaghat
2,176
9,319
159
2,009
5,282
7,271
North Anantapur_a
2,298
16,991 13.723
Hutti *
Totals
1906.
Ounces.
158,642
68,881
205,918
72,439
46,432
g:giu
584,838 573,569 540,230 544,007 534,377 531,829 563,478
*'Coromandel mines for 1906 and 1907.
!
a Mysore West & WynaadIfor 1906_to 1910,T,Inclusive.
Russia.-As regards this country little early information
is ever obtainable, but/such as is at hand would seemIto
denote a further falling off inthe production of goldlinithe
year lately closed. This is rather contrary to expectations,
FEB. 1 19)3]
THE CHRONICLE
as considerable development was looked forward to in Siberia, but labor troubles and lack of water in leading districts are reported to have interfered therewith. It is a
matter of quite general belief that an extensive placer field
awaits development in Northern Siberia, and that when work
is actively prosecuted Russia's output will show a marked
augmentation. From such data as is in our possession we
are led to estimate the 1912 yield of the Russian mines at
$29,000,000, or 1,402,877 fine ounces, pending the receipt
of definite information, which, of course, is not due for some
time yet. Details for the last thirteen years are subjoined:
Russia's production in 1900
1901
..
1902
..
1903
,.
1904
..
1905
1906
,.
..
1907
1908
1909
1910
1911
„
..
1912
Value.
$20,145,500
23,464,562
22,739,013
24,632,200
24,803,200
22,291,600
19,494,700
26,684,000
28,052,200
32,381,300
35.579,600
32,151,600
29,000,000
Ounces.
974,537
1,135,100
1,100,000
1,191,582
1,199,857
1,078,356
943,056
1,290,840
1,357,027
1,566,448
I.:575251:3133
1,402,877
Africa.-As already stated, an appreciable addition to the
volume of gold produced is to be noted of Africa in 1912.
The Rand, with the labor situation satisfactory, did particularly well, advancing its results month by month to new high
record figures for the period covered, and furnishing a total
for the year better by 856,766 fine ounces, or an increase of
10.8% over 1911. Districts of the Transvaal outside the
Rand made a better showing than in the previous year, as do
Rhodesia, West Africa, Madagascar, &c. For the whole of
Africa, needless to say, the yield was far and away a new
record. In fact, the making of new yearly records in the
Transvaal has been practically continuous since gold was
first discovered there, except during the Boer War and the
period of re-construction that followed, and in the last eight
years the yield has much more than doubled. The results
for the Rand for the last seven years are appended.
WITWATERSRAND DISTRICT-FINE OUNCES.
1907.
1908.
1900.
1910
1911.
1912.
520,089 540,202 591,976 579,743 625,826 709,280
475.785 520,969 550,645 550,422 585,863 674,60
520,163 553,440 592,415 581,899 649,247 796,755
518,243 543,361 587,626 594,339 638,421 706,763
506,100 558.243 603,411 666,724 658,196 746,948
487,956 550,240 596,216 598,339 657,023 722,588
513,655 561,988 599,078 610,664 679,881 735,941
534,598 565,545 590,924 623,129 682,405 732,197
517,746 565,439 585,736 621,311 669,773 716,495
532,993 594.054 581,132 627,445 677,923 738,082
530,215 591,204 576.768 617,905 691,462 727,699
562,684 637,853 583,209 616,668 680,782 745,860
Totals..5,559,534 0,220,227 8,782,538 7,039,136 7,228,588 7,896,802 8,753,568
Ounces.
January...
February_
March ___
April ___
May ---June
July ____
August _
September
October__
November
December
1906.
411,256
389,283
424,773
420,467
441,936
456,014
473,385
489,787
486,522
521,397
515,193
529,521
Other sections of Africa, embracing the outside districts
of the Transvaal and Rhodesia, West Africa, Madagascar,
Mozambique, &c., give, as already stated, a larger yield
than in 1911. The subjoined compilation, which covers the
progress in gold-mining in all districts of Africa since 1886,
requires no further explanatory comment.
Canada's production in 1898
1899
16
1900
.6
1901
66
16
1902
6
66
1903
••
66
1904
61
1905
66
1906
16
1907
66
1908
66
1909
66
66
1910
66
If
1911
66
1912
323
Value.
$13,838,700
21,324,300
27,916,752
24,462,222
20,741,245
18,834,500
16,400,000
14,486,800
12,023,932
8,382,780
9,842,100
9,790,000
10,205,835
9,781,077
13.320,000
Ounces.
669,445
1,031,563
1,350,475
1,183,362
1,003,359
911.118
793,350
700,800
581,660
405,553
476,112
473,592
493,708
473,159
644.356
Other Countries.-Only brief reference is necessary to the
remaining gold-producing countries. Mexico, owing to the
disturbed conditions still prevailing, showed a further dedine in yield in 1912. Definite information is yet lacking
but that at hand seems to warrant us in estimating the output at about 1,080,000 fine ounces, against 1,203,573 fine
ounces in 1911. In South America, however, some impetus
seems to have been given to mining in 1912 by the infusion
of capital and energy from the United States and Great
Britain, resulting in a very fair gain in production. Increased production is also indicated in Japan, Central
America and some of the European countries. In the aggregate, therefore, "other countries," excluding Mexico, which
is separately stated in our general compilation, apparently
augmented their production to a moderate extent in 1912.
Silver Production of the World:
In reviewing silver production data of 1912 we can merely
reiterate our remark of former years that very little early
information is obtainable. For the United States we have as
usual the estimate of Mr. Roberts, Director of the Mint,
and it points to an increase in yield of some 2 million ounces.
Australasian returns also indicate an enlargement of product,
but only to a slight extent. In Canada, on the other hand,
according to Mr. McLeish,a small decline in output occurred,
a falling off in the Cobalt region being responsible therefor.
Mexico's product fell off for the same reason that gold production diminished, but miscellaneous smaller producers
apparently gave collectively a greater yield than in 1911.
The price of silver in London made a substantial advance
during the year, being 29d. at the close, against 253gd. at
the opening. The highest price was 29 11-16d., the lowest
253'd. and the average 28 1-32d. In 1911 the average was
24 9-16d., or 3 15-32d. lower, and the averages in earlier
years were 24%d. in 1910 andi23 11-16d. in 1909-the lowest on record; 24%d. in 1908 and 30 3-16d. in 1907.
We now present a statement of silver production covering
each year since 1890. See "Chronicle" of Feb. 11 1899,
page 258, for results back to 1871.
SILVER.-WORLD'S PRODUCTION IN OUNCES AND STERLING.
United
All Other
Total.
Pine
States.
Australia. Producers.
Total
Values.
Ounces.
Ounces.
Ounces.
Ounces.
Ounces.
Ounces.
£a
1891-- 58,330.000 35,719.237 10,000.000 33.916,175 137.965,412
1892..--- 63,500.000 39,504.800 13.439.011 36.496,175 152.939,986 25.900.270
25,370.513
1893-- 60.000,000 44,370.717 20.501.497 41.228.063 166,100.277 24.655.510
1894_.... 49,500,000 47.038,381 18,073,440 53.140.696 167,752,517 20.226.410
1895-- 55,726,945 46.962,738 12,507.335 53.983.231 169.180,249 21,059.410
AFRICA'S GOLD PRODUCTION-FINE OUNCES.
Total
'91-95_287.056,945 213.595.873 74,521,283 218,764,340 793.938.441 117,212.123
--Witwatersrand--Other
-Total------- 1896-- 58 834.800
45.718.982 12,238,700 40,268,888 157,061.370
Year.
Ounces.
Ounces.
£
£
Ounces.
S
1897-- 53,860.000 53.903.180 11.878 000 44,431,992 164,073.172 19,959,882
1887(part yr)
122,140
28,754
18.885,500
28,754
122,140 1898.-- 54,438,000
56.738.000 10.491,100 51,560.764 173,227.864 19.488.135
1888
190,266
808,210
50,000
212,390
240,266
1,020,600 1899-- 54,764,500
1889
316.023 1,342,404
50,000
212,390
366,023 1,554,794 1900.... 57,647.000 55,612,090 12.686,653 44,161,000 167,224,243 19.161.112
57,437,808
13.340,263
44,413,802
1890
172.838,873 20.344,575
407,750 1,732,041
303,939
71,552
479,302 2.035,980 Total
1891
600,860 2,552,333 127,052
539,691
727,912 3.092.024
'96-00_279.544.300
60,634.716 224,836,446 834,425,522 97.839.204
1892
1,001,818 4,255,524 148,701
631.652 1,150,519
4,887,176 1901-- 55,214,000 269.410.060
57.656.549
10,230,046 49,910,688 173,011,283 19,598.934
1893
1,221,151 5.187.206 159.977
679,550 1,381,128 5.866,756
1894
1,637,773 6,956.934 227,765
967,500 1.865,538 7,924,434 1902-- 55.500.000 60.176.604 8.026.037 39.060.842 162.763.483 16.318,731
1895
1,845,138 7,837,779 270,000 1,146,006 2.115,138 8,984,685 1903.-- 54.300,000 70,499.942 9.682,856 33,206.394 167.689,192 17,292,944
1904....
57,682.800
60.808.978 14.558.892 31,144,596 164.195,266 18.044.172
1896
1,857,071
7.888.465 293,035 1.244.755 2,150,106 9,133,220
1897
2.491,552 10.583.616 326,941 1.388,780 2,818,493 11,972,396 1905.... 56.101.600 65.040.865 12.561.600 35.884.774 169.588.839 19.652.878
1898
3,562,813 15.134.115 341.908 1.452,357 3,904,721 16,586,472 Total
'01-05_278.798
.400
314.182.938
55.059,431 189,207,294 837,248.063
1899
3,360,091 14,273.018 305,784 1,298.009 3,665.875 15,571,927 1906__
56,517,900 55.225.268 14.237,246 39,660,226 165,640.640 90,908,654
1900
395,385
1,679,518 166.922
21,308.978
709,051
562,307 2,388.569 1907___ 56,514,700 61,147,203 19,083,031
1901
238,995
185,014,623 23,271,622
1.015,203 235.701 1.001,211
474.696 2,016,414 1908___ 52.440.800 73,664,027 17,175,099 48,269,689
1902
1,691.525
7,185.260 307,286 1,305,299 1,998.811
8.490.559 1909___ 54,721,500 73,949,432 16,359.284 59,906.444 203,186.370 20.636.118
1903
2,859.479 12.146,494 458,183 1,946,290 3,317.662 14,092,784
66.185,417:211.215.633 20,346.543
1904
3,653,704 15,520.329 509,747 2.165.303 4,163.541 17.685.632 1910_ 57,137,900 71,372,974 21,545,828 72,822,660 222,879,362 22,926,393
4,706.433 19,991,658 788,040 3.347,436 5,494,473 23,339,094 Total
1905
'06-10_277.332.810 335.358.904 88.400,488 286,844,436 987,936,628
1906
5,559,534 23,5135,400 1.042.151 4.480.849 6,601.685 28.072.249
108.989,852
6,220,227 27,403,738 1,200,847 5,100,958 7,421,074 32,504,696 1911_ 60,399,400 79,032,440 16,578,421 69,362,583 225,372,844 23,094,847
1907
6,782,538 28,810.393 1,397,147 5.934,845 8,179,685 34,745,238 1912(est) 62,369,974 76,000,000 18,000,000 73,000,000 229,369,974 26,789,695
1908
7,039,136 29,900,359 1.295,468 5.502,889 8,334.604 35,403,248
1909
a Values of sliver In this table are commercial
and are computed on the
7.228.588 30,705.089 1,263,200 5.365.823 8.491.788 36.070.912 average price each year of silver as given by Messrs.values
1910
Pixley & Abell. London. Value
7,806,802 33.544.036 1,469.199 6.240,863 9,366.001 39.784.800 of£ in this table 04.8665.
1011
8,753,568 37,182,795 1,541,086 6,546,225 10,294,654 43,729,020
1912
Canada.-An important increase in the volume of gold
secured from the mines of the Dominion of Canada in 1912
is indicated by the preliminary approximation furnished to
us by Mr. John McLeish, Chief of the Division of Mineral
Resources and Statistics, Department of Mines of Canada.
He makes the aggregate yield 644,356 fine ounces, the
heaviest since 1905, and showing an excess of 171,197 fine
ounces over 1911. The better exhibit this year is due in
large part to results obtained in the Porcupine District, but
other sections of the Dominion shared quite generally in the
increase recorded. The showing for the last fifteen years
is as follows:
GOVERNOR SULZER'S MESSAGE REGARDING THE
STOCK EXCHANGE.
Below we print the text of the message sent by Governor
William Sulzer to the New York Legislature on Monday of
this week, Jan. 27th, in which he urges upon that body
consideration of legislation affecting Stock-Exchange operations with a view to correcting alleged abuses:
To the Legislature:
A matter concerning the general welfare of our State, to which I desire
to call tho attention of your honorable bodies, is the subject of remedial
legislation regarding stock exchanges.
These stock exchanges, as is well known, are places where the purchase
and sale of stocks, bonds and other securities, as distinguished from commodities, are carried on and transacted.
324
THE CHRONICLE
[VOL. xcw.
realize a resulting speculative profit.
Illegitimate stock speculations result from improper, unnecessary and participating in the movement to
by a combination of men
Zraudulent manipulations through matched orders, wash sales, pooling Such movements in the main seem to be produced
or depressing, the price of a
agreements, &c., which are no more nor less than fictitious transactions uniting together for the purpose of raising,
institute a movement.
and affect the public by assuming to create values where none exist or security in which they have decided to
A law should be properly enacted that will clearly distinguish proper
values not according to the intrinsic worth of the securities.
on the one hand,from those, on the other
The people have a vital interest in seeing to it that transactions upon transactions of purchase and sale,
of combinations designed to raise artificially, or to
stock exchanges are conducted honestly and with due regard to the pro- hand, that are the result
to their true value, or to
tection of the investing public. These transactions involve such great depress, the price of securities without regard
demand and supply.
amounts, affect such a large number of the investing public, and are so the real state of legitimate
THE POWER OF THE STATE.
bound up with the success of our business enterprises, that the subject is
The power of the State to enact remedial legislation to cure existing evils
one requiring careful consideration by the members of the Legislature of
and
place it under the regulative administration of one or
business,
such
in
the greatest commercial State in the Union.
is undoubted. This authority of the State is
Complaints of flagrant abuses led Governor Hughes in December 1908 more of its departments
power, called the "police power."
to refer the subject for investigation to an unofficial committee of eminent embraced within the State's sovereign
An able characterization of the police power of a State was made by
citizens of conspicuous ability, who submitted a comprehensive report
Mr. Justice Harlan in the well-known case of House vs. Mayes, 219 U. S.
thereon the following June.
In dealing with the subject this committee recognized the fact that these 270, at 282, where he states:
That the Government created by the Federal Constitution is one of
stock exchanges are the most important markets in the world; that their
of its agencies exercise an authority
Influence upon the welfare of the people of the United States cannot be enumerated powers, and cannot by any
in express words or by necessary
over-estimated, because they are the places where prices are made and a not granted by that instrument, either
be implied when necessary to give effect to
ready market provided for the billions of dollars of corporate securities, Implication; that a power may
while the Constitution of the United States
constituting the investments of perhaps a million individuals and thousands a power expressly granted; that
and the laws enacted in pursuance thereof, together with any treaties made
of banks, savings institutions and insurance companies.
States, constitutes the supreme law
The report shows that the committee was convinced that serious abuses under the authority of the United
Union may exercise all such governmental auexisted. It declared that a substantial part of the transactions in these of the land, a State of the
with its own constitution and not in conflict with
stock exchanges were virtually gambling operations; and the statements thority as is consistent
that such a power in the State, generally referred
were conclusive that often prices of securities were grossly manipulated by the Federal Constitution;
is not granted by or derived from the Federal Constimulators, causing material losses to the public and moral detriment to the to as its police power,
stitution, but exists independent of it by reason of its never having been
people.
to the General Government; that among the
While most conservative in its recommendations, this committee of dis- surrendered by the State
not surrendered—which power, therefore, remains with
tinguished citizens did not hesitate to condemn these evils specifically and powers of the State
to so regulate the relative rights and duties of
to admonish the governors of the exchanges to take the necessary corrective the State—is the power
so as to guard the public.morals, the public safety
measures, which with their experience and the plenary powers conferred all within its jurisdiction
health, as well as to promote the public convenience and
•upon them by their rules and constitution they could devise more effectively, and the public
and that it is with the State to devise the means to be
without injury to legitimate business, than any other body of men; pointing the common good;
employed to such ends, taking care always that the means devised do not
out that unless they did so the State would be compelled to intervene.
beyond the necessities of the case, have some real or substantial relation
These stock exchanges aro an inevitable necessity. They cannot be de- go
to the objects to be accomplished, and are not inconsistent with its own
stroyed without doing irreparable injury to business. When properly
or the Constitution of the United States.
conducted they constitute an efficient agency for promoting industrial and constitution
In speaking of the police power, Mr. Justice Holmes, in the case of Noble
commercial prosperity. As at present constituted, however, they are beState Bank vs. Haskell, 219 U. S. 104, at 111, used the following language:
yond the regulative powers of any administrative department of the State.
It may be said in a general way that the police power extends to all the
That evils requiring immediate remedy exist is beyond dispute. These
(Canfield vs. United States, 167 U. S. 518,) It may
evils are easily discovered and readily stated, but the remedies to be applied great public needs.
is sanctioned by usage or held by the prevailing
require deliberate consideration and the most delicate adjustment to meet be put forth in aid of what
and preponderant opinion to be greatly and immediately
the situation so as to benefit the public at large and at the same time not morality or strong
necessary to tho public welfare.
disturb economic and industrial conditions.
CONCERTED MOVEMENTS TO DECEIVE.
Recently a committee of the House of Representatives has taken cogniIt is my judgment also that where, by a combination or concerted
and
country,
the
whole
zance of the conditions as matters which concerned
a body of men seek to give to a stock an appearance of activity
has placed on record the testimony ofsome of the governors of the exchanges movement, in fact belong to it, for example, by selling backward and fordoes not
and of other persons, which leaves no doubt in the minds of men of Judgment that
among themselves blocks of a particular stock, or by selling it out
that the exchanges have been either incapable or unwilling to devise ward
through one broker and at the same time buying it back through another,
measures that will effectively eradicate the evils.
there is danger that this operation may mislead or deceive outside investors,
In view of these circumstances it is now the obvious duty of the State, it'
the practice should be prohibited.
seems to me, to devise the remedies. If the State neglects to do its plain
If operations of this character do mislead or deceive, and do induce
duty the State should find no fault if the Federal Government acts in the
outside investors to purchase stock under a false impression as to the
premises.
extent of the demand for it and the nature of the market for it, a statute
A critical examination of the testimony adduced in the Congress investiof so- should be placed on the books forbidding such operations.
gation shows that the grossest of the evils—manipulations of prices
So long as transactions are not calculated or intended to mislead or
curities, by means of which the public is deceived and muicted—are not
and do not infringe upon the rights of others, they should not be
deceive,
that
but
exchanges
these
of
regulations
present
the
only possible under
interfered with; but transactions that are fraudulent in their nature and
occur.
actually
they
aro aware of those amount to fraudulent schemes or devices should be rigorously prohibited.
It is demonstrated that the members of the exchanges
I urge upon you the prompt enactment of laws to end these It fly
to the
occurrences, but ignore them, manifesting a surprising indifference
which is often schemes, and to forbid these clever combinations to catch the unwary and
pnblic interest and to the reputation of the exchanges,
to mislead the public.
besmirched by these vicious operations.
.
gambling taint is
SHORT SALES.
It is now conceded by some of the officials that a
confirms the general
The subject of so-called "short sales" is one requiring your serious conpresent in some of the transactions—a concession that
which a man does not own at the
opinion.
transactions in sideration. A contract to sell property
It has been established as a fact by the testimony that
time, but with which he can provide himself in time for the performance of
are
possible,
manipulations
make
their nature essentially fictitious, which
throughout the various branches of
they his contract, is a general transaction
carried on without serious attempts at restraint, on the pretense that
business, and is not limited or peculiar to stocks or securities sold on exthe
with
regulations.
compliance
in
form
very much discussed by writers
has
been
in
are
changes. It is a subject which
Abuses of the mechanisms and violations of just and equitable principles on financial topics, and one that has also been the subject matter of legiscondemned
vigorously
of trading are treated leniently instead of being
lation in this and other countries. As with other business transactions
and followed by condign punishment.
as to work an injury to the public. The best views
been it may be perverted so
have
members
in
where
cases
that
shows
further
testimony
The
seem to be that short selling in and of itself is not a wrongful or repreclearly
punished for extreme violations of the rules it also indicates quite
hensible thing, but it is the abuse of this practice that works injury to the
that there are habitual evasions, undisclosed because not investigated.
public.
members
of
books
the
not
until
be to draw
are
disclosed
practices
Many of the evil
Your efforts in the enactment of legislation should, therefore,
thei
exercise
to
not
led
the
governors
has
perversion of a legitithis
but
examined;
aro
fall
who
that distinction so that what will be condemned is the
Combinations of men through
power of examination prior to failures.
mate form of business to improper ends.
The men who have been entrusted with the power to regulate the oper- short selling to depress a stock artificially for the purpose of buying it in
in
laxity
inexcusable
displayed
sometimes
y low price, and thereby
have
unwarrantedl
Mins of these exchanges
to complete their short sales at an
their duties to the public, frequently surprising incapacity to conduct the realize a profit which is not the result of natural prices, but of a condition
and
of the matter which is to
institutions properly, and again an unwillingness to enforce the just
fictitiously created by themselves, is the feature
equitable principles of trade which they profess. Since they have failed be condemned.
abuses,
such
clearly
vicious
prevent
S.
to
SECURITIE
power
the
or refused to exercise
HYPOTHECATION OF
the authority of the State must be invoked to exercise that power.
is one that is governed by the
customer
his
to
a
broker
of
relation
The
transactions on stock
Certain of the methods of business and of the operations conducted upon
general law of the land and is the same whether
these exchanges have been the subject of many complaints and grave exchanges are involved or not. Their respective rights in securities
the
merit
practices
severest
and
methods
those
to which securities
criticisms. Some of
which are bought or sold for the customer, the extent
may be pledged by
condemnation and others do not appear, upon careful examination of the
that have been bought for the customer partly on credit
and generally the
them
facts, to be well founded.
on
owing
amount
the
of
the
security
for
broker
the
of
machinery
these
necessary
the
principal are matters
As a matter of fact, it seems to me
reciprocal rights and obligations of the broker and his
to
through
members
or
by
impunity
with
employed
respecting which
exchanges is often
which had been much considered by the courts and
commit depredations upon the public.
formulated.
opinion demands rules of law have been and are constantly being
case of failures,
These things must be stopped. An enlightened public
the
in
that
complaint
But it has been the subject of just
It. An exchange in which they occur ceases to be a legitimate market and
part securities
customers of the failing brokers have lost in whole or in
instrument.
mulcting
becomes a powerful
from a violation
which had been purchased for them. Such losses result
Suffice it for me now to call to your attention certain suggestions that
This entire
principal.
of the law governing the relations of broker and
have been made looking toward immediate remedial legislation, and to
consideration at your hands, and all
immediate
should
receive
subject
essential
legislato
view
a
with
subjects
submit for your consideration other
necessary modification of existing law for the protection of the investing
tive acts.
public should be promptly made and all acts productive of such losses,
MANIPULATION.
which are now merely a matter of civil liability, should be brought under
Of the many subjects of complaint none exceeds in importance the the condemnation of the Penal Law.
grievances that arise from the subject of so-called stock manipulation.
TRADING AGAINST CUSTOMERS' ORDERS.
This manipulation is one of the matters about which there has been much
Legislation should be devised which will require of brokers the execution
public discussion. It may not be easy to define manipulation, or to lay
purchases or sales, they shall be
down rules that will clearly distinguish between justifiable and unjustifiable of orders given them, so that, whether
and so that in no case shall
transactions in securities. The bringing of a stock into notice so that It purchases from or sales to independent persons,
be the seller on his own account,
niay be a marketable security at its real value resulting from sales and a broker employed to buy for his customer
or as broker of some other principal of his own without disclosure of the
purchases is not open to valid criticism.
of the peculiarity of the stock
What is a subject of just criticism, however, is a concerted movement fact. If there are cases in which, because
be made excepting through acartificially to raise, or depress, the price of a stock liz order to enable those and the dealings in it, a purchase cannot
PI:B. 1 1913
THE CHRONICLE
quiring the stock of another principal of the broker, those exceptional cases
should be defined with precision.
It has been charged that there has been a practice on the part of some
brokers of selling for their own account the same stocks that they have
been ordered to buy for their customers contemporaneously with the execution of the orders on behalf of their customers. Such transactions, of
course, amount to a virtual bucketing by brokers of the orders of their customers. They come within the same principles that lead to the condemnation of bucket shops. They are obviously unjustifiable, and should be
stringently forbidden by a clear and explicit statute on the subject.
PROHIBITING BROKERS FROM DOING BUSINESS AFTER
THEIR KNOWN INSOLVENCY.
One of the most widespread causes of complaint and one of the most
morally reprehensible practices consists in a broker doing business after
he has become actually insolvent, or knows or has reason to believe himself
to be insolvent. Cases of great hardship upon the innocent investing public
are due chelfly to the fact that the broker has received his customer's
money when he knew he was insolvent. Banks are forbidden by law to receive deposits after their known insolvency. Brokers should besubjected
to a like restriction.
I therefore recommend an amendment to the law, with appropriate
penalties for its violation, forbidding a broker to receive securities, or cash,
from his customers,excepting in liquidation of, or as security for, an existing
account,or to make fresh purchases or sales for his own account, after he has
become insolvent. The law should also contain a clear definition of insolvency within the meaning of the Act, either analogous to the insolvency
provisions of the national bankruptcy Act or otherwise clearly defining such
insolvency.
Under the law of New York as it is at present it is necessary to establish
that both parties to an ostensible trade in securities intended that it should
be settled by the mere payment of differences and not by the actual delivery
of property. It follows from this state of the law that the keeper of a bucket
shop may escape the penalties now imposed by the law merely by proving
that his customer was an innocent victim and not a consenting party to the
illegal transaction. I believe the Penal Code should be amended so that
it shall be necessary only to show that the bucket-shop keeper intended
that there should be no actual delivery of property.
FALSE STATEMENTS.
One of the most widespread of public grievances in connection with the
purchase of stocks arises from false or fraudulent prospectuses, statements
or advertisements regarding corporate securities. Under our law as it now
exists it is difficult to bring to justice persons, who, by means of false and
fraudulent statements, advertisements and promises, deceive and wrong the
investing public. Those deceiving practices have been attacked under the
Federal laws forbidding the use of the mails for fraudulent purposes.
I recommend amending the law of this State so as to make it a criminal
offense to issue any statement, or publish any advertisement, as to the value
of any stock or other security, or as to the financial condition of any corporation or company,issuing or about to issue stock or securities, where any
promise or prediction contained in such statement or advertisement, is
known to be false or to be not fairly justified by existing conditions.
USURY.
Tho repealing of the exemption contained in the law of New York regardor over,secured by collateral, has been
$5,000
loans
of
call
upon
ing interest
the subject of much discussion. It has been charged that this exemption
in the law regarding the rate of interest had facilitated overspeculation and
stock gambling operations.
But whether persons who borrow, or need to borrow, sums of money in
amounts over $5,000, secured by collateral, for the purpose of speculation
or otherwise, should be forbidden to pay more than 6% interest on their
call loans, thus secured, is a serious question which I commend to your
careful consideration, and after all the facts have been presented to you
and the subject fully considered, should be dealt with by such remedial
legislation as shall be deemed wise and in the best interests of the public
welfare.
RELATIONS BETWEEN EXCHANGES.
Complaint has been made that the restrictions placed by certain exchanges
on the right of their members to act for the members of certain other exchanges, or to belong to such exchanges, result in unfair discrimination and
injustice.
The existing rules and practices in this regard should be carefully considered, and if these rules, in fact, or in their actual operation, result in
injustice, or in the curtailment of honest business, or in harm to the general
investing public, then I recommend such remedial legislation as the facts
require.
INCORPORATION OF EXCHANGES.
It has been urged that the law be amended so as to require the incorporation of these stock exchanges, to the end that the authority of the State
over tho transactions upon these exchanges and the acts of their governing
bodies may be directly invoked. On the other hand,it has been argued with
great cogency that the power of discipline possessed by the governing bodies
of these exchanges over the conduct of their members, which can now be
exercised in a summary manner, would be curtailed and frustrated by dolays and technical obstacles which would greatly impair their just disciplinary powers, and lead to a lowering of their standards of business
morality, to the ultimate detriment of the investing public. Whether, if
appropriate legislation shall be framed and enacted into law dealing with
the specific subjects above enumerated, the public will be adequately protected without the incorporation of these exchanges, is a question which I
submit for your serious consideration.
Some of these reasons were clearly stated in the report of the Hughes
committee, but no definite action was taken! and no effective legislation
was suggested, the committee stating substantially:
"This committee in refraining from advising the incorporation of exchanges does so in the expectation that they will in the future take full advantage of the powers conferred by voluntary organization, and will be
active in preventing wrongdoing such as has occurred in the past. Then
we believe there will be no serious criticism of the fact that they are not
incorporated."
The members of these exchanges must realize that many of the customs
and rules now controlling them are antiquated and unfitted for present day
purposes and they should be desirous in their own interest of expeditiously
adopting corrective measures that when put into operation will place the
exchanges in harmony with the progressive spirit of the times. Every stock
transaction should be above board. Corporations whose securities aro
bought and sold on these exchanges should be compelled to make regular
audited reports. Publicity should be the watchword. The trouble with
the exchanges so far as tho investing public is concerned is lack of confidence.
It can only be restored by doing business straight and on the square and
in the open.
Let us go slow and not act hastily. Ill-considered legislation in regard to
the purchase and sale of stocks and bonds might result in serious harm to
the financial supremacy of the State, have a tendency to drive capital away
325
from New York and might disorganize tho large operations'of legitimate
business now centred in this State to the detriment of its citizens and the
Commonwealth generally.
Great care should be taken, therefore, in the consideration and enactment of just laws, which, if wisely drawn, will protect the investing public,
promote publicity, safeguard the rights of the people, restore confidence
and facilitate our business propserity. but which, if inconsiderately enacted.
may result in a serious disorganization of general business.
WILLIAM SULZER,
State of New York, Executive Chamber, Jan. 27 1913.
A protest against Gov. Sulzer's criticism of the Stock Exchange was embodied in the following communication sent
to him by its President, James B. Mabon, on Tuesday:
New York, January 28 1913.
To His Excellency, the Governor, Albany, N. Y.
I beg to communicate to you the following statement of the Governing
Committee:
At a meeting of the Governing Conunittee of the New York Stock Exchange held this day the following statement was adopted:
"The message of Gov. Sulzer has been considered by the committee.
"The Governing Committee has always endeavored to surround the dealings in securities on the Exchange with the restrictions and limitations
that experience has suggested, which have been deemed from time to time
to be practicable and enforcible.
"They have continuously sought and are now seeking for any and all
measures that will enforce just and equitable principles of trade and protect the public.
"They feel very strongly that the Governor's characterization of the
government of the Exchange is unjustified by the facts, and, with all due
respect, earnestly protest against it.
"They respectfully request that the Governor receive a committee of the
Exchange at an early day, to present the views of the Exchange and to
convey to him the assurance of their desire to co-operate in the consideration of legislation that will still further promote the highest standards of
trade and correct dealing."
Will you not kindly designate the time when you will receive our comRespectfully,
mittee?
JAMES B. MABON, President.
In answer to the request made by Mr. Mabon that a committee of the Exchange be given a hearing before the Governor, the latter signified his willingness to meet its representatives, and delegates were named on Thursday, who held
a conference with him at Albany yesterday. The committee
was made up of President Mabon,Frank K.Sturgis, Rudolph
Keppler, H. K. Pomroy, Bernard M. Baruch, C. Ledyard
Blair, H. G. S. Noble, D. G. Geddes, Eugene Meyer Jr.
and M. B. Fuller. John G. Milburn, Counsel for the Exchange, who was also in attendance, urged the Governor
not to do anything ill-advised. He stated that the Governors of the Exchange had for years sought to perfect its rules
and that committees were at present engaged in working out
reforms. At the hearing yesterday Gov. Sulzer made
sharp inquiry as to this week's enormous transactions in
American Can Co. shares.
A bill is understood to have been introduced at Albany
on the 28th by Assemblyman Cuvillier providing for
the incorporation of stock exchanges and placing them under
the control and supervision of the State Banking Department.
THE STOCK EXCHANGE ON ITSELF.
An elaborate defense of the New York Stock Exchange,
prepared by John G. Milburn and Walter F. Taylor, Counsel
for the Exchange, was filed with the "Money Trust" investigating committee at Washington on Jan. 25. The document, a lengthy one of over sixty pages, is in the form of a
brief and deals with criticisms which have been directed
against the Exchange. It presents evidence intended to
show that its operations are not within the sphere of Federal
jurisdiction. The broad declaration that no regulation
whatsoever of the Exchange is within the power of Congress
IS made in the brief; that the State may legislate with respect
to transactions, such as improper manipulation, is unquestionable, the brief concedes; but it adds, "how effectively
it can legislate as to such matters is another question." A
number of cases are cited in substantiation of the defense
offered by the Exchange; lack of space prohibits the publication of these, but the conclusions drawn from these
citations are set out as follows:
It follows from these cases that Congress has no power with respect to
the matters affecting directly or remotely the Exchange concerning which
testimony was elicited; for instance, as to whether such a body as the
Exchange should be incorporated, the number of its members, the minimum rate of commission, the rules governing the members and their transactions on the Exchange, tile exercise of its disciplinary powers over members, the listing of securities and the striking of securities from the list.
marginal purchases, manipulation and short sales. All these are clearly
beyond the province and jurisdiction of Congress.
The brief also says:
The agreement between the Exchange and the Western Union Telegraph
Co., under which the telegraph company may not deliver quotations to
members of the Exchange at their offices south of Chambers Street, het
may deliver such quotations to members in the City of New York north of
Chambers Street, and to any non-members of the Exchange in the City
of Now York if approved by the Exchange, and to persons outside the City
of Now York provided they are not engaged in conducting bucket shops,
is not an arrangement that restrains inter-State commerce or any othe
326
THE CHRONICLE
sort of commerce. The Exchange, as the owner of quotations, prescribes
the persons to whom the public service corporation transmitting the quotations may deliver them. The right exercised by the Exchange is similar
to the right exercised by every one who sends a telegraph message.
The brief maintains that the organization and constitu-.
tion of the Exchange are admirably adapted to facilitate the
convenient transaction of the business of its members, to
prevent wrong,and to maintain high standards of commercial
honor and integrity. Numerous instances are cited in the
brief in support of this contention, each of them tending to
show the steps that have been taken by the Governors to
regulate the affairs of its members in accordance with the
highest standards of business morality. The rules of the
Exchange, the brief states,"are a growth,and reflect the best
efforts of the Governors to accomplish the objects of the Exchange as expressed in its constitution with due regard to
changing conditions. They regulate a business of vast
dimensions and great complexity, and that they should not
obstruct it in any of its legitimate phases is the essential
thing. . They may not prevent some sporadic transactions
and operations that cannot be justified; but no system of
rules can be devised that will do so. The most that can be
expected is that they go as far in that direction as is consistent with the free and unobstructed transaction of legitimate business."
Special attention is called to the fact that the Exchange
goes much farther than the statute law in enforcing amongst
its members a high standard of business integrity. Whether
any particular act of a member violates those higher principles of business probity is determined, under existing conditions, not by an outside body of laymen like a jury and by
the application of technical rules of evidence, "but by a
select body of members of the Exchange, chosen to uphold
just and fair dealings, who ascertain the facts with
businesslike directness, and who are empowered to expel, which
is
the ruin of a man's career as a broker, or to suspend,
which
is a deep humiliation. These rules are an
illustration of
the disciplinary efficiency of the Exchange."
Some further extracts are taken from the brief as follows:
The rules requiring the completion of any
sale and purchase on the
Exchange by actual delivery and payment on the day
after the transaction,
and prohibiting fictitious transactions, "matched"
orders and "wash"
sales, are illustrations of the provisions made to
assure that every purchase
and sale shall be a real and general transaction.
Many think that that is as
far as rules can go in fixing the regularity of purchases
and sales. The region
beyond is the region of the motives of men, and how far
regulation can
extend into that region, if at all, without obstructing
legitimate business,
Is one of the most difficult of problems. But the efficacy
of existing rules
-7
pt5.
-1rid1ng iteiery—transaction shall be a real and
genuine purchase and
sale—
, in aesuring the iegitimial of the great bulk of the
business transacted
on the Exchange, is unquestionable.
*
Without further argument or illustration we feel that we are
thoroughly
justified in asserting that the constitution, government
and administration
of the Exchange are sound and efficient.
They are not perfect; no human
things are. They may be criticized, which
is also the fate of all things
human. That they should be denounced is intolerably
unfair and unjust.
We can only assume that there is room for
improvement; but that is a
work to be undertaken calmly and deliberately and
with a full appreciation
of the fact that great interests are at stake which
will not bear rough or
arbitrary treatment, and of the fact that capable,
experienced and highminded men have been long at work on what problems
there are,seeking
to solve them wisely and sanely. Any other
process of change and improvement is fraught with grave dangers. It is too
often the case with
legislative remedies, originating in excitement and
agitation, that they
produce just the opposite effect to what was
expected and make things
worse than they were. The history of
legislation more than bears out the
truth of this statement.
Public regulation and control of the Exchange
when analyzed is without
substance. It is something without any useful
purpose, practicability
or meaning. As a cure for any evils that
exist it is without efficiency
or merit. The demand for it, however
honest, has no real foundation,
and serves only to mislead and create prejudice
and distrust. The last
thing thought of is to define it as a specific measure
that can be put in
operation to accomplish specific results; and until that is
done it is not
entitled to serious consideration. So far it has not been
done, and the
blind faith in it is part and parcel of the current belief that
whatever there
is of wrong or evil in business is curable somehow or other by
the intervention of the State.
Incorporation has in it seeds of demoralization. We firmly believe
that
Its probable consequence will be the debasement of the
Exchange instead
of the reform of evils, which,if they exist at all in any real sense,
are grossly
exaggerated.
The comprehensive objection to incorporation is that it
converts a
self-governing body into one subject to external control in all the ramifications of its functions and operations. Responsibility is weakened
by the
commingling of internal and external authority, and responsibility is
essential to integrity and efficiency. It is not the case of a trust
relation
involving money or property, like a bank or insurance company, with
respect to which regulation has a distinct function and use. State control
of a body like the Exchange inevitably impairs its own responsibility
for
the conditions which exist at any time. Divided between two
regulative
powers or authorities, it is bound to be weak and inefficient.
Moreover, with incorporation the element of permanence will disappear.
Every year there will be efforts to amend the charter inspired by every
sort of motive, good and bad. The Exchange is peculiarly a target for
such attacks. It is sure to be continually embroiled with proposed legislation and distracted by legislation that has been enacted. Members as
well as non-members with grievances, however imaginary or the result
[VOL. xcvi.
of their own negligence or imprudence, will rush to the legislature with
amendments to still more enfeeble its government. These are the conditions which will prevail beyond any sort of doubt; and they will surely
weaken its government and eliminate from it many of the strong and able
men who devote their time and energy to it out of a spirit of true devotion
to its best interests. The office of Governor will cease to be the honor that
it is; the membership of the Governing Committee will be less constant;
and the administration of the affairs of the.Exchange, assailed and harassed
by outside interference, must sink to lower levels.
There is not the excuse for State control that the business done on the
Exchange is a monopoly.
There is no monopoly if securities are marketable,though not listed on
the Exchange. That they are appears quite clearly from the testimony of
Mr. Mabon (pages 372-3, 405-6) and Mr. Pomroy (pages 489, 492, 494,
496), which is confirmed by the fact that the number of corporations in
the United States is upwards of 272,000; that the aggregate amount of the
stock of these corporations is $58,000,000,000; that their bond issues
aggregate $30,000,000,000; and that there are listed on the Exchange
550 issues of stock, having an aggregate par value of $13,000,000,000, and
1,028 issues of bonds having an aggregate par value of $13,000,000,000.
Thus it is evident that stocks and bonds can be and are sold to an enormous
extent elsewhere than upon the Exchange.
To coerce the Stock Exchange to accept incorporation would be unjust.
It has "asked and obtained nothing from the State except that protection
which the law affords to every citizen" (Wilson vs. Smith, 18 N. Y. State
Rep., 78). As a voluntary association for the transaction of business by its
members under its rules, it was formed more than three-quarters of a
century ago, and has since grown and developed, without contravening
any law of the State or any principle of public policy. Membership has
come to have a large pecuniary value and represents a considerable investment by every member. For many years the consideration for a seat
has ranged between fifty and ninety thousand dollars. Every member
has made this investment in the Exchange as a self-governing voluntary .
association, and in the expectation that it would continue to control and
manage its own affairs. The State cannot by a direct enactment incorporate the Exchange without the consent of its members, because any such
enactment would be unconstitutional. To accomplish that result indirectly
through coercion and in disregard of the wishes of its members, if that can
be done as it seems to be assumed it can be, would be a radical interference
with their rights and privileges existing under the sanction of the law, the
pecuniary consequences of which they will have to bear. The conversion
of membership in this voluntary association based on a contract, which
the State cannot alter or impair, into membership in a corporation under
a charter subject in every detail to the plenary legislative power of the
State, would be followed by an enormous shrinkage in its pecuniary value.
Is that just? To ask this question is to answer it. It is confiscation, pure
and simple.
We assert that no regulation whatsoever is within the power of Congress.
But we are far from asserting that the State is without any power of regulation. That the State may legislate with respect to transactions, such
as improper manipulation, is unquestionable. How effectively it can legislate as to such matters is another question. Hopes and expectations in
that direction are apt to be in the inverse ratio of accurate knowledge and
experience. It is a regulation interfering with and diminishing the
responsible self-government of the Exchange that we argue against, as
detrimental in an incalculable degree as well to the interests of the public
as to those of the Exchange. There is no justification for the assertion that
the Government is or has been blind, sordid or unintelligent. The history
of the Exchange as a whole is conclusive evidence to the contrary. It
would not stand at the head of the exchanges of the world if those had
been its characteristics. It is in the nature of things that there should have
been sporadic evils; but an institution is to be judged by its normal conditions and not by abnormal incidents. Due allowance is to be made,
so far as the abnormal is concerned, for the patent difficulty of framing
regulations that avoid, on the one hfmd, being too oppressive, and, on the
other hand, defy evasion and circumvention; and the better course is to
trust to measures being finally worked out to prevent them from within
rather than to arbitrarily and impetuously impose them from without.
The wise men will find more hope in what the Governing Committee can
accompish than in drastic emergency legislation.
We do not propose to discuss the general subject of speculation at length
or in detail. . . . Like all other activities on a large scale, it has its
good and its bad side, and all that is attainable is the correction of the
latter in so far as it can be accomplished without impairing its necessary,
useful and beneficent function. That is the object of many of the rules
of the Exchange to which we have referred, and the only practical question
is whether it is blamable for not having gone far enough in that direction,
and if it is, whether the most effective cure is not to be found in action
by the Exchange.
.*
The tendency of the free play of speculation is to provide a broad, open,
active market and to keep the price of a security somewhere around its
true value; at least somewhere around the average value put upon it by
the judgment of those who are interested in it and have a knowledge of
the facts relating to it. A security is, of course, subject to constant fluctuations above and below the true value; but the dealings of the speculators,
who are disposed to purchase whenever it falls below the true value and
to sell whenever it goes above, have a strong tendency to bring it back to
and keep it around its true value under existing conditions.
The elimination of speculation by law, if that were possible, would
result in periods of extraordinary inflation of pricesfollowed by their rapid
fall and disastrous panics.
It is said that there is much speculation by people who know nothing
of inherent values and market conditions, and who do not apportion their
commitments to their resources. That will be true as long as human
beings are free agents. There may be safeguards against it, but there
cannot be absolute prevention unless all speculation is sought to be prevented, which, as we have seen, is undesirable even if it were attainable.
Existing rules and practices of the Exchange in restraint
of manipulation are cited in the brief, which says on this
poin::
These rules are rigidly enforced, and experience has demonstrated them
to be an effective restraint on improper manipulation, though not to the
point of absolute prevention. They accomplish so much that they cannot
be ignored and should not be belittled. They have eliminated improper
manipulation on any scale as a common practice. The problem now is to
prevent even occasional operations of the kind. In our judgment, more
dependence is to be placed on the Exchange itself working out a solution
than upon any statute that can be drawn. The Governing Committee
has been for some time past, and is now, considering the whole subject
of manipulation to determine whether further prohibitory rules and provisions with respect to it can be effectively framed.
FEB. 1 1913]
327
THE CHRONICLE
Legislation to limit the short selling of securities is undesirable and it
would be ineffective. Whenever the prices of securities reach a point
where men believe that they can make a profit by selling them, they will
make such sales, and no legislation can prevent them from so doing.
Such legislation might drive the business away; but the markets of Paris,
Montreal, and above all the London market, would be open to it. As
between the markets where short selling is permitted and markets where it is
prohibited, the former will be the predominant markets and draw to
themselves from the latter much of their business and of the capital employed in it. This was the experience of Germany in her attempts to
prohibit short selling; and the same results would follow from any similar
attempt made here.
It has been made a subject of criticism that the Exchange has no rule
regulating the use by its members of the securities carried by them for
their customers. . . . The notion that the Exchange has been remiss
with respect to the dealings of its members with the securities of their
customers in pledging them to raise the money with which to carry them for
their customers is based upon a misconception of the relations of the
Exchange to those dealings. The transactions of purchase and sale take
place on the Exchange and are governed by its rules. When they are
completed and the stocks bought are delivered, they are held by the broker
for his customer. What he may then do with them is not a matter which
the Exchange can determine, because it depends upon the terms of any
arrangement he may have with the customer, or, in the absence of any such
arrangement, upon his legal rights. The Exchange has no .knowledge
of those arrangements and no authority over the legal rights of the broker.
. . . If any member of the Exchange, in dealing with the securities
of his customer, is guilty of improper conduct, he is, upon its discovery,
subject to the penalty of expulsion under the rules which have already been
cited. The Exchange cannot act until the fact has been made known by
a default or other disclosure, unless it employed a numerous body of
examiners to continuously scrutinize the transactions of all of its active
members, including their books and the securities pledged for their loans;
and in addition ascertained in some way or other what were the arrangements between the members and their customers. It is obviously impracticable for the Exchange to exercise such a function; and there is absolutely
no occasion for it, as is demonstrated by the fact that the losses from any
misuse of securities, compared with the total volume of the transactions,
are infinitesimal. The criticism of the Exchange on this ground is without
any reasonable basis.
first instance, without any associates, is also presented, this
representing an aggreagte of $530,862,000. The total
amount of purchases from inter-State corporations made
jointly by the firm since Jan. 1 1906 is set out as follows:
With Blair & Co
$33,973.708
2,500.000
With Blair & Co. and Central Trust Co
10,000,000
With Brown Bros. & Co., Philadelphia
26,816,000
With Central Trust Co
44,704,000
With First National Bank, New York
With Harvey Fisk & Sons, Hallgarten & Co. and William
15,200,000
Salomon & Co
11,000,000
With Guaranty Trust Co
13,000,000
With J. P. Morgan & Co
8,500.000
With J. P. Morgan & Co. and Blair & Co
With J. P. Morgan & Co., Kidder, Peabody & Co. and foreign
175,000,000
bankers
43,204,000
With J. P. Morgan & Co. and National City Bank
With National City Bank, New York
189,019,000
With National City Bank and United States Trust Co..
34,893,500
With Speyer & Co
116,334,000
With Speyer & Co. and Alexander Brown & Sons
20,600,000
The participations of the firm in the above purchases are
included in the aggregate of $938,192,141 already referred to.
During the period above mentioned the firm has taken a to.
tal of $43,794,617 in syndicate participations of securities
in inter-State corporations from such corporations as follows:
August Belmont & Co
$230,000
Blair & Co
2,113,000
Blair & Co. and First Trust & Savings Bank
350,000
Blair & Co. and Hallgarten & Co
100,000
Blair & Co., Ladenburg, Thalmann & Co. and Middendorf,
Williams & Co
500.000
350,000
Brown Brothers & Co
100,000
Central Trust Company
Co
&
2,525,000
Drexel & Co. and White, Weld
1,250,000
First National Bank
500,000
Guaranty Trust Company
3,150,000
Hallgarten & Co
385,000
Hallgarten & Co. and William Salomon & Co
The powers of the Exchange have never been used for the promotion
75,000
Kean, Van Cortlandt & Co
of any private interest or for the special advantage of any particular indi- Kidder, Peabody & Co. and Baring Bros. & Co., Ltd
5.000,000
vidual or group of individuals. These powers have been exercised solely Ladenburg, Thalmann & Co
2,787,500
with a view to the interest and welfare of the Exchange and the promotion
300,000
Lee, Higginson & Co
of the purposes set forth in its constitution.
3,074,166
Lee, Higginson & Co.and J. & W.Seligman & Co
The Exchange has no special relations to the persons and groups referred Lehman Brothers and Goldman, Sachs & Co
3,106,250
to in the resolution of Congress or to their financial transactions; and its Maitland, Coppell & Co
100,000
only relation to the financial and commercial system of the country is Eugene Meyer Jr. & Co
250,000
that it is the place where a great proportion of the trading in securities is J. P. Morgan & Co
5,300,000
carried on.
1,250,000
Redmond & Co
Because the Exchange is a great market for active securities, the first William Salomon & Co
6,314,451
symptoms of business distrust and disturbance become apparent upon its William Salomon & Co. and G. H. Walker & Co
1,950,000
floor. Though it is a fact that a large volume of securities is carried on Speyer & Co
1,775,000
call loans obtained from the banks, and that the first symptom of a strin- Spencer Trask & Co
209,250
gency in the money market is the rise in the rate of call money,the responsi- United.States Mortgage & Trust Co
750,000
bility for the conditions that bring about a recurrent stringency in the
money market does not rest upon the traders in securities or the Exchange.
$43,794,617
Total
They are due to the non-elasticity of our currency system and the fact
The report states that neither the firm nor any of its memthat its volume continues substantially the same, irrespective of the
demands of business.
bers "have organized or participated in organizing any inter-
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
—The public sales of bank stocks this week aggregate 22
shares, of which 11 shares were sold at the Stock Exchange
and 11 shares at auction. The transactions in trust company
stocks reach a total of only 10 shares. The first public sale
since November 1907 of Bank of the Metropolis stock was
made this week at 355—an increase in price of 50 points.
Nine shares of stock of the Brooklyn Trust Co. were sold at
502, an advance since August 1911, when the last previous
sale was made, of 51 points.
Low. High. Close.
Shares. BANKS—New York.
196
195
*11 Commerce, Nat Bank of. __ 195
355 355 355
11 Metropolis Bank of the
TRUST COMPANY—New York.
1296 1296 1296
1 Union Trust Co
TRUST COMPANY—Brooklyn.
502 502 502
9 Brooklyn Trust Co
Last previous sale.
Jan. 1913— 197
Nov.1907— 305
Oct. 1912-1303
Aug. 1911— 451
*Sold at the Stock Exchange.
—A New York Stock Exchange membership was posted
for transfer this week, the consideration being $48,000. This
is a drop of $2,000 from the last previous sale.
—Following the conclusion on Friday, Jan. 24, of the public hearings in the investigation conducted by the Pujo
Committee at Washington, there were made public on Saturday details of an elaborate exhibit submitted to the committee by the banking firm of Kuhn, Loeb & Co. The report
deals with the undertakings with which the firm has been
identified during the last half-dozen years—its purchases
from inter-State corporations, its interest in joint syndicates, its sales to insurance companies, its holdings of bank
and trust company stocks since 1905, its deposits from interState corporations since 1907, &c. The total amount of
securities purchased by the firm, alone or jointly, from some
thirty odd inter-State corporations from Jan. 1 1907 to the
present time is shown by the statement to have been $938,192,142. This does not include participations received from
others, but only joint purchases or purchases made alone.
A list of purchases by the firm from inter-State corporations
where the purchases were made by Kuhn, Loeb & Co. in the
State corporations from 1907 to the present time." It furthermore says that the firm has had no fiscal agency contracts
with inter-State corporations during the last six years:
The following average deposits from inter-State corporations
is shown for the six years, aggregating $104,084,500, or an
average of $17,347,500:
1907
1908
1909
$26.070,500
33,825,000
17,015,000
$12,410,00011910
5,190,00011911
9,574,00011912
With regard to these deposits the report says:
These deposits have as a rule arisen from special transactions, such as
the temporary leaving with us of the purchase price of securities or the
arrangement for a special deposit on time or call. It is impossible to trace
the disposition of these particular funds, except that by order and for account of one of the companies there was paid in nine instances between
May 4 1908 and June 2 1908 $13,000,000 to certain of their bank and trust
company depositaries in this city, and, in another case, in disposing of the
proceeds of a large issue of securities purchased from a company,the deposit
of $42,525.000 of such proceeds with twenty-six different banks and trust
companies in New York, Philadelphia, Boston and Pittsburgh.
In answer to the committee's request for information concerning the number of shares held by the firm and the individual members of the firm, or that are held for the benefit of thefirm or any of its members in banks and trust companies as of Jan. 1 1912 and as of Nov. 1 1912, the following
data is submitted:
American Trust Co., Boston
Bankers Trust Co
Corn Exchange Bank
Central Trust Co., New York
Central Trust Co. of Illinois
Columbia-Knickerbocker Trust Co
Columbia Bank
Equitable Trust Co
First National Bank,Chicago
First National Bank. Morristown
Fidelity Bank. New York
Fourth Street National Bank, Philadelphia
Franklin National Bank, Philadelphia
Fidelity Trust Co., Philadelphia
Fourth National Bank
Industrial Co.. Providence
Lawyers' Title Insurance & Trust Co
Manhattan Company (Bank)
Morristown Trust Co.. Morristown
—Shares
Jan.1'12.Nov. 1 '12.
100
100
100
100
250
250
250
250
6683i
200
200
4,660
4.660
1,000
1,000
100
100
120
120
800
800
250
250
100
100
3,254
2,927
400
400
340
340
1,000
1.000
100
100
io5
328
THE CHRONICLE
[VOL. xcvi.
Shares
Jan. 1 '12. Nov. 1'12.
Merchants' National Bank, New York
3,315
3,365
National City Bank
500
500
National Bank of Commerce
4,700
4,700
National Park Bank
1,000
1,000
Old Colony Trust Co., Boston
200
240
Oyster Bay Bank
50
State Bank
700
700
Standard Trust Co
250
11
Security Bank, New York
300
300
Transatlantic Trust Co
250
Title Guarantee & Trust Co
200
229
United States Mortgage & Trust Co
3,940
3,940
Union Exchange National Bank
1,147
1,147
Windsor Trust Co
100
100
Wells-Fargo, Nevada National Bank, San Francisco__ 500 '500"
adopted on Aug, 26 1912) so as to include the expenditures
made during the recent campaign.
—The United States Senate on Jan. 13 passed a bill which
requires that in the taking of testimony for use in any suit
biought under the anti-trust law, the proceedings shall be
open to the public as are trials in opeh court. The bill, it is
stated, results from the recent decision of the Judges of the
United States Court to hear privately the Government ease
against the United Shoe Machinery Co.
—Cable dispatches from London to the daily papers on
January 17 reported the sale of the 931,000 bags of coffee
which had been the basis of the U. S. Government's suit,
The sale of bonds by the firm to life insurance companies under the Sherman anti-trust law, against the so-called
for the six years from Jan. 1 1907 to Jan. 1 1913aggregated, "coffee trust". The announcement reports that the following statement was approved in London on the 16th ult. at
according to the report, $56,179,000.
—On Jan. 23 the United States Senate passed the Culber- a meeting of the Valorization Committee representing the
son Bill prohibiting national banks and other Federal cor- Brazilian Government.
First, 931,000 bags Rio and Santos coffee have been sold in the United
porations from making contributions in connection with States,
and all United States stocks of Government coffee have now been
political nominations and elections and limiting the amount sold, and are either distributed or are in course of distribution among 78
of such contributions by individuals or persons. The bill buyers in 20 States, who have purchased the coffee at uniform prices and
conditions.
provides:
Second, 300,000
follows: About
Section 1. That it shall be unlawful for any national bank or other
corporation organized by authority of a law of the United States to !contribute any money or other thing of value in connection with any convention, primary or other election for the nomination or election of any person
to any political office. It shall also be unlawful for any corporation whatever to contribute any money or other thing of value in connection with the
nomination of Electors for President or Vice-President or the nomination
of President and Vice-President, Senator or Representative in Congress,
or In connection with the election of any of said officers. Every corporation which shall make any contribution in violation of this section shall be
subject to a fine not to exceed $5,000, and every officer, director or agent
who shall consent to any contribution by the corporation in violation of
the provisions of this section shall, upon conviction thereof, be punished
by imprisonment for a term of not more than one year.
Section 2. That it shall be unlawful for any individual or person to contribute money or other thing of value exceeding in value $5,000 in connection with the nomination of Electors for President and Vice-President or
the nomination of President or Vice-President, Senator, or Representative
in Congress, or In connection with the election of any of said officers; Provided, That this section shall not apply to individuals or persons who at such
convention, primary or election, are cond(datesfor President, Vice-President,
Representative or Senator.— Every individuarorpTirsiirrvil===y
contribution in violation of the provisions of this section shall, upon conviction thereof, be punished by a fine not to exceed $10,000, or by imprisonment for a term not more than two years, or by both such fine and imprisonment, in the discretion of the Court.
Section 3. That all laws or parts of laws in conflict herewith are hereby
repealed.
—A bill providing for the establishment and maintenance
of immigration stations by the Federal Government at such
Interior places as may be necessary was passed by the United
States Senate on Jan. 18. It had .previously passed the
House, but, as agreed to in the Senate, has been amended,
and it now reads:
Be it enacted, &c. That for the purpose of making effective the power of
establishing rules and regulations for protecting the United States and
aliens migrating thereto from fraud and loss, conferred upon the Commissioner General of Immigration, subject to the direction and with the approval of the Secretary of Commerce and Labor, by Sec. 22 of an Act entitled "An Act to regulate the immigration of aliens into the United States,"
approved Feb. 20 1907, the Secretary of Commerce and Labor shall establish and maintain immigrant stations at such interior places as may be necassary, and, in the discretion of the said Secretary, aliens in transit from
ports of landing to such interior stations shall be accompanied by immigrant
inspectors; Provided, That nothing in this Act shall be construed as authorizing the Commissioner General of Immigration to pay the cost of transportation of any arriving aliens.
Section 2. That for the establishment and maintenance of such a station in the City of Chicago for the fiscal year ending June 30 1914, there is
hereby authorized, from the moneys in the Treasury not otherwise appropriated, the sum of $75,000, which shall be expended in such manner consistent with the purpose hereof as the Secretary of Commerce and Labor
may direct.
—The Legislative, Executive and Judicial Supply Bill was
sent to conference on Jan. 27, the Senate (which passed the
bill on Jan. 16) insisting upon the amendment which provides
for the continuance of the United States Commerce Court
from March 5 to June 30. The bill as passed by the House
of Representatives on Dec. 9 1912 failed to provide for the
Court beyond the date fixed in the legislative bill of the last
session, viz.: March 4 1913. On Jan. 23 the House refused
to concur in the amendment carried in the bill as it left the
Senate on Jan. 16.
—The provisions of the eight-hour law applicable to employees of the United States and of the District of Columbia
were extended in an amendment passed by the Senate on
Jan. 20 so as to include those employed in river and harbor
improvements. The change was made, it is stated, because
of the ruling of the Supreme Court that laborers on river and
harbor improvements do not come within the scope of the
existing law.
—On Wednesday, the 29th ult., the United States Senate
agreed to a resolution extending the scope of the investigation into campaign funds (as provided for under a resolution
bags will be sold in Europe by tender as
100.000 bags in Havre and Marseilles, 120,000 in Hamburg and Bremen,
30,000 in Rotterdam, 40,000 in Antwerp and 10,000. in Trieste.
Third,no further sales of Government coffee will be made in the year 1913.
The announcement also says that the committee has received an offer of 87 francs, good average Havre type, in
force until Feb. 3, for all of the above 300,000 bags, which
offer the committee is at liberty to accept in part or as a
whole.
While it is intimated in the "Times" that the sale has been
brought about in consequence of an international agreement
by which Brazil abandons the valorization principle as far
as the "United States is concerned, and that the withdrawa
of this coffee from storage in New York, will operate to terminate the Government's suit, the officials at Washington
have declined to discuss the reported sale or the probable
effect of its disposal.
—The Norris Bill amending the existing anti-trust law
so as to extend its operation to international trade, which was
passed by the House of Representatives on June 17 1912,
was ordered to be favorably reported by the Senate Judiciary
Committee on Jan. 27. The bill is supposed to be aimed at
the alleged "coffee trust."
—The conference report on the Burnett-Dillingham Immigration Bill was passed by the House of Representatives on
Jan. 25 by a vote of 167 to 72, shorn of a provision which was
adopted in conference and would have excluded "citizens or
subjects of any country that issues penal certificates or certificates of character who do not produce to the immigration
officers such a certificate." Previously, on the 17th, the
House had adopted the conference report containing that provision, but the Senate rejected it on Jan. 20 and returned it
to conference, where it was eliminated. Some other changes
were made in the bill at the same time, and, although approved by the House on the 25th, the Senate refused to concur in the report, and after still another conference the bill
was again presented to the House, where it was adopted on
Thursday, Jan. 30. • The literacy test carried in the Burnett
Bill, requiring that applicants for admission be able to read
one language or dialect, is incorporated in the conference
report.
—The Peters Bill, incorporating the Rockefeller Foundation, for the administration of a philanthropic fund of.
$100,000,000, to be donated by John D. Rockefeller, was
passed by the House of Representatives on January 20 by
a vote of 152 to 65. The purpose of the bill is "to promote
the well-being and to advance the civilization of the people
of the United States and its territories and possessions and
of foreign lands in the acquisition and dissemination of
knowledge, in the prevention and relief of suffering, and in
the promotion by eleemosynary and philanthropic means of
any and all of the elements of human progress." The incorporators are John D. Rockefeller, John D. Rockefeller Jr.,
Frederick T. Gates, Starr J. Murphy, Harry Pratt Judson,
Simon Flexner, Edwin A. Alderman, Wickliffe Rose and
Charles 0. Heydt. The bill has been before Congress for
a considerable period of time, but opposition to some of its
features operated to prevent its enactment. In order to
meet the charge that the self-perpetuating clause in the bill
was intended as a means to perpetuate a great fortune, a
provision has been adopted in the bill whereby the election
of new members is to be subject to the approval of the
President of the United States, the Chief Justice of the
FEB. 1 1913.]
THE CHRONICLE
Supreme Court, the President of the Senate, the Speaker
of the House and the Presidents of Harvard, Yale, Columbia,
Johns Hopkins and Chicago universities. The bill also
contains a provision limiting the value of the foundation to
$100,000,000, exclusive of increases in value of property
subsequent to its receipt.
—Five of Governor Wilson's anti-trust bills introduced
last week in the New Jersey Legislature were transferred on
the 27th ult. from Senator Johnson's Committee on Corporations to majority leader Davis's Committee on Judiciary.
This puts all the seven anti-trust bills in the same committee
instead of separating them. We print below the text of two
of the bills—the first defining trusts and imposing the penalty
for violation of its provisions and the second prohibiting
discrimination in prices as between different localities:
329
impressed upon Superintendent Van Tuyl, and "what he has
to say along these lines forms an important part of the report, and we accordingly reprint herewith the part dealing
therewith:
As a result of the manner in which it was compiled and amended, the
Banking Law of the State to-day is full of incongruities and ambiguities.
In fact, the language used is in many instances both crude and prolix. So
many of its provisions are capable of different interpretations that in order
to know what the law with reference to any particular subject is,it is necessary to have a comprehensive knowledge of the opinions of the AttorneyGeneral interpreting it rather than to be familiar with the law itself.
In view of the great development that has obtained in the business of
banking in recent years and the changed conditions under which that business is transacted, it must, moreover, be evident, even to a casual observer
of such conditions who is only occasionally engaged in the study of banking
problems that laws that were adapted to conditions existing twenty, thirty
or forty years ago are at the present time practically obsolete. While the
Superintendent of Banks will submit certain special recommendations
which he believes should have your immediate attention, he thinks the most
important
recommendation that he can make. and the one deserving of
SENATE BILL NO. 43.
An Act to define trusts and to provide for criminal penalties and punish- your most serious consideration, is that the entire banking law be rewritten
ment of corporations, firms and persons and to promote free competition by a commission to be appointed by the Governor, consisting of experts
in commerce and all classes of business, both intra-State business and inter- who shall not only have a technical knowledge of banking law but shall,
State business, engaged in and carried on, by or through any corporation. also have practical knowledge of present banking methods and conditions.
He believes that the results of such a revision would well repay the expenses
firm or persons."
Be it enacted by the Senate and General Assembly of the State of New involved.
•
Jersey:
—A change in the method of choosing the Nominating
One—A trust is a combination or agreement between corporations, firms
or persons, any two or more of them, for the following purposes, and such Committee of the New York Stock Exchange is provided for
trust is hereby declared to be illegal and indictable :
in an amendment to the Constitution of that organization
(1) To create or carry out restrictions in trade or to acquire a monopoly, adopted by the Governing
Committee on January 8. and
either in intra-State or inter-State business or commerce.
(2) To limit or reduce the production or increase the price of merchan- which became operative on the 16th ult. The election of the
dise of any.commodity.
Nominating Committee, beginning in 1914,is to take place on
(3) To prevent competition in manufacturing, making, transporting,
the second Monday in January instead of, as heretofore, on
selling and purchasing of merchandise, produce any commodity.
(4) To fix at any standard or figure, ,-..ereby its price to the public the second Monday in May, at which latter date the annual
or consumer shall in any manner be co. .rolled, any article or commodity election of officers is held. The contemplated change provides
of merchandise, produce or commerce
ior sale, use or consumptiom
that in addition to the five nominees for the Committee
in this State or elsewhere.
(5) To make any agreement
which they directly or indirectly pre- selected by the retiring Nominating Committee,the members
clude a free and unrestricted co npetition among themselves or any pur- of the Exchange at large may
propose nominees for members
chasers or consumers, in the sale or transportation of any article or commodity, either by pooling, withholding from the market or selling at a of the Nominating Committee by petition; a nominee thus
nominated must be endorsed by not less than forty members
fixed price, or in any other manner by which the price might be affected.
(6) To make any secret oral agreement or arrive at an understanding of the Exchange, and no member
shall endorse more than one
without express agreement by which they directly or indirectly preclude
free and unrestricted competition among themselves, or any purchasers nominee. These names are to be arranged alphabetically
or consumers, in the sale or transportation of any article or commodity, with those of the five nominees of the Nominating Committee,
either by pooling, withholding from the market, or selling at a fixed price,
and the five in this combined list receiving the highest
or in any other manner by which the price might be affected.
Two—Any person or corporation guilty of violating any of the provisions number of votes will constitute the new Nominating Commitof this act shall be adjudged guilty of a misdeamenor and punished accord- tee. We print herewith the Stock Exchange circular setting
ingly on conviction.
Three—Whenever an incorporated company shall be guilty of the out the resolution and amendment embodying the change:
NEW YORK STOCK EXCHANGE.
violation of any of the provisions of this act, the offense shall be deemed to
January 8 1913.
be also that of the individual directors of such corporation ordering or doing
The following resolution and amendment to the Constitution were adopted
any of such prohibited acts and on conviction thereof they shall be punished
by the Governing Committee on Jan. 8 1913 and are submitted to the
accordingly.
Four—In addition to the punishment which may be imposed for the Exchange in accordance with the provisions of Article XXXVIII of the
misdemeanor the charter of the offending corporation may be revoked in constitution, and will become the law on Jan. 16 1913, if not disapproved
prior to that date by a majority vote of the entire membership:
appropriate proceedings by the Attorney-General of this State.
Five—If any part or parts of this Act shall be held to be invalid or unResolution.
constitutional, the validity of the other parts hereof shall not thereby be
"That the election of the Nominating Committee hereafter be held
annually
on
the
second
or
impaired.
Monday in January, commencing in the year 1914,
affected
Violations of the above are punishable by imprisonment, instead of on the second Monday in May when the annual election of officers
is held. That the term of service of the present Nominating Committee be
not exceeding three years and a fine not exceeding $1,000, extended from the second Monday in May 1913 to the second Monday in
January 1914."
or both.
Amendment.
SENATE 44.
"That Article IX of the Constitution be amended by striking out Section 2
A further supplement to the Act entitled "an Act for the punishment of
crimes (Revision of 1898). Be it enacted by the Senate and General of said Article, which reads as follows:
Article IX.
Assembly of the State of Now Jersey.
"Section 2. At said election there shall also be chosen a Nominating
It shall be unlawful for any person, firm, corporation or association,
five
not officers of the Exchange. It
Committee
consist
members,
of
to
or
distribution
manufacture,
sale of any conengaged in the production,
modity of general use, or rendering any service to the public, to discriminate shall prepare and report to the Exchange, on or before the second Monday
between different persons, firms, associations or corporations, or different of April, in the following year, nominations for all the offices or positions
sections, communities or cities of the State, by selling such commodity which are to be filled at the ensuing annual election. They shall hold office
or rendering such service at a lower rate in one section, community or city for one year, and any vacancy in the Committee shall be promptly filled
than another, or at the same rate or price at a point away from that of by the remaining members."
production or manufacture as at the place of production or manufacture, and inserting in lieu thereof the following:
after making due allowance for the difference, if any, in the grade, quality,
Article IX.
or quantity, and in the actual cost of transportation from the point of
Section 2. An annual election-of the Exchange shall also be held on the
production or manufacture, if the effect or intent thereof is to establish second Monday in January, at which time there shall
be elected by ballot
or maintain a virtual monopoly, hindering competition or restriction of a Nominating Committee to consist of five members (not officers of the
trade.
Exchange) who shall serve for a period of one year. Any vacancy during
There is a further clause making a violation of this Act said term shall be filled by the remaining members. The Nominating
Committee shall hold at least three meetings in the month of March, due
a misdemeanor.
notice of which shall be posted on the bulletin board, and sent to each
—The week of October 6 was fixed as the date for the member of the Exchange, inviting members of the Exchange to attend saia
present year's annual session of the American Bankers' meetings for the purpose of suggesting nominees for the offices and positions
which are to be filled at the annual election on the second Monday in May
Association at a meeting of the Administrative Committee following.
-Said Committee shall report to the Exchange on the second
held on January 7 in the offices of the President of the Monday in April, nominees for such offices and positions.
The Nominating Committee shallalso hold at least three meetings in the
Association, C. H. Huttig, of the Third National Bank of
month of November, due notice of which shall be posted on the
St. Louis. The 1913 convention of the Association will take board and sent to each member of the Exchange, inviting membersbulletin
of the
place in Boston and the Copley-Plaza Hotel has been chosen Exchange to attend said meetings for the purpose of suggesting nominees for
Nominating
year.
ensuing
Said
the
Committee
for
the
Committee
shal
The
there.
Administrative Committee
as the headquarters
report to the Secretary of the Exchange at or before two o'clock p. m. on
has ordered a revision of the cipher code, and the work the third Monday in December, nominations for a Nominating Committee
will be undertaken by a special committee to be named by to be balloted for at said annual election on the second Monday in January
following.
President Huttig.
In addition to the above method, members of the Exchange at large
—The annual report of George C. Van Tuyl Jr., New may propose nominees for members of the Nominating Committee by
a nominee thus nominated must be endorsed by net leas than forty
petition;
York State Superintendent of Banks, was presented to the
members of the Exchange and no member shall endorse more than one
Legislature on Dec. 31. Some of the features of the report nominee. Such petitions shall be filed with the Secretary
of the Exchange
were indicated in preliminary extracts quoted in our issues in sealed envelopes at or before two o'clock p. m. on the third Monday in
Nominating Committee and the Secretary of the Exchange
The
December.
of Dec. 7 and Dec. 28. The necessity for a complete and shall open said envelopes on said day and
the names of the nominees therein
thorough revision of the Banking Law of this State has been proposed shall be arranged alphabetically with those of the five nominees
330
THE CHRONICLE
of the Nominating Committee and reported to:the Exchange on the following
day. The five nominees in this combined list receiving the highest number
of votes at the annual election on the second Monday in January shall constitute the Nominating Committee for the ensuing year. In case of a tie
the names of the members involved shall be referred to the retiring Nominating Committee who shall make selection by lot."
Respectfully,
GEORGE W. ELY, Secretory.
—The right of the State uperintendent of Banks of Alabama to take over the assets of insolvent banks and institute
suits in conducting their liquidation is upheld under a decree
of Chancellor L. D. Gardner, of the Southeastern Chancery
at Montgomery. The Chancellor's ruling, we learn from
the Montgomery"Advertiser" was given in the suit of A. E.
Walker, the State Superintendent, against the Montgomery
Bank & Trust Company, which involved the assets of the
Bank of Geneva. Its result is to uphold the effectiveness
of the State Banking law. The advertiser recites the facts
in the case as follows:
[VoL. xcvi.
house were included, all settlements being made in gold, gold
certificates and fractional silver. In connection with this
affidavit, and as showing the growth of Spokane, it is an interesting fact that between 1902 and 1912 the clearings of
the banks increased five fold, expanding from 443 millions
to 225 millions,and between 1907 and 1912 the gain was about
50%.
—The executive committee of the New York State Savings
Bank Association at a meeting in this city on Tuesday
endorsed the several bills affecting savings banks recently introduced at Albany. One of these bills establishes a reserve
for the savings banks; another permits the consolidation of a
weak savings bank with a stronger one in the same locality,
and there is also a bill which would enable savings banks,
under certain conditions, to operate branches. J. Harsen
Rhoades of New York and State Superintendent of Banks
Van Tuyl appeared on Wednesday before the banks committees of the Senate and Assembly in support of the proposed.
measures, and it was decided to have a final hearing on the'
same on Feb. 11, after the members of the State Savings.
Bank Association have taken action on them. The bill
governing the "Reserve" of savings banks provides:
The demurrers of the Montgomery Bank & Trust Company to Superintendent Walker's original suit set forth that the Bank Regulation Act of
1911 was unconstitutional, and that the Superintendent of Banks had no
right to enter suit or to take over the assets of insolvent banks. Chancellor
Gardiner overruled the demurrers, and upheld the act.
It was urged in the demurrers that if the act authorizes the Superintendent to take charge of the assets of insolvent banks as ascertained by the
Banking Board, it is unconstitutional for two reasons, the firstithat such
Before every declaration of dividends the trustees of every such corprovisions as found in section 10 of the act, are not included within the poration shall ascertain and determine the net earnings of such corporation
title of the act; second, that if so, it is the taking of property without due during the period for which such dividend is to be declared. If the reserve
process of law.
fund of such corporation determined by taking its assets at the market
Chancellor Gardiner held that the title of the act sets forth the authority value thereof, as fixed at the last examination of said corporation by the
of the Superintendent to enter such suit he declared that the provision for Superintendent of Banks, was less than 5% of the amount due the deposia hearing before the Banking Board, and the right of a subsequent appeal tors of such corporation at the date of such examination, the trustees
relieves the act of the accusation that one operates under it without due shall, before the declaration of a dividend, reserve and carry to its reserve
process of law. As to the right to bring such suit the ruling further was: fund 15% of the net earnings for such period, and if the reserve fund, as
"The Superintendent of Banks is an officer of the State charged with so determined, was more than 5% and less than 10% of the amount due
Certain duties with regard to insolvent banks. He holds assets in liquida- the depositors with such corporation at the date of such examination, the
tion. Without the power/to reduce to possession for the purpose of ad- trustees shall reserve and carry to its reserve fund 10% of the net earnings
ministration the assets of the bank, he would be a 'man of straw.'"
of the period.
—That the present bank-deposit-guaranty law of Oklahoma places a burden not only on its banks but the State
as a whole, was the contention of W. B. Harrison, Secretary of the Oklahoma Bankers' Association, in an address
delivered before the Kay County Bankers' Association at
Ponca City on Dec. 19. In appealing for a change in the
law, Mr.Harrison is quoted by the "Oklahoman" as saying:
The forthcoming session of the Oklahoma Legislature has no more import,
ant duty to perform than the amendment of the bank guaranty law,so that
the 625 State banks in Oklahoma can exist and pay a reasonable dividend
on the capital invested. I believe there are at least 200 State banks in
Oklahoma that have not paid an earned dividend in three years. Our
people and our legislators must awaken to the fact that these stories about'
the big earnings of Oklahoma banks are untrue and unfair. Money invested in a bank's capital must be allowed to earn a fair dividend or the investment will be closed out. What would the farmer say if a law were
passed which made it impossible for him to earn a dollar on his farm no
matter how hard he worked? That is the psoition hundreds of our State
banks are in under the present guaranty law.
I speak as a friend of the guaranty law. The man who opposes any
changes in the Oklahoma law is the worst enemy the law has because if it
is not amended it will force a situation on Oklahoma which one hesitates
to contemplate. During the past year the larger State banks have been
getting out from under it as fast as possible, and, as they have withdrawnthe load has become heavier on the smaller banks that remain. The number of State banks in Oklahoma that have liquidated or converted to national
banks in a little over a year is about 70. An assessment of 1% to-day
yields the guaranty fund less than two-thirds what it did eighteen months
ago. It doesn't take a man with much intelligence to see where we are
drifting. Many of the banks that gave up their State chatters did so very
reluctantly and would like to operate under the guaranty system that was
fair and would not consume all their profits.
The present Banking Board has done nobly in protecting the banks as fa
as possible from loss. But the law itself is wrong. In Texas, Kansas and
Nebraska the guaranty principle is working out well and the bankers are
not suffering from its operations. In Oklahoma the whole State is suffering
because the law has made the business of the State banker so hard that he
clnnot do what he would like to do for the community. A large amount
of capital heretofore invested in State banks in Oklahoma has been withdrawn from the State.
While agreeing that the proposition advocated by Governor
Cruce and Bank Commissioner Lankford to limit the assessment to 1-5 of 1% a year would improve the situation, Mr.
Harrison maintains that the law ought to make the guaranty
feature voluntary. Then, he argues, the depoistor could
choose a guaranteed bank if he wanted it, and the banker
could operate under the guaranty if he so desired.
—It is reported that in a discussion of proposed changes in
the Oklahoma7guaranty law at a meeting of the State bankers
o? Muskogee County on Dec. 19, the sentiment seemed
to be in favor of a uniform system of assessment based on a
yearly average in lieu of the present method of making a
heavy call on the bankers at irregular periods.
—The Spokane, Wash., Clearing-House Association has
adopted a unique and convincing way of indicating the
method pursued by that body in making up its figures of
bank clearings. In an affidavit made on Dec. 31 last, and
properly attested, W. D. Vincent, the Secretary-Manager,
sets forth that the clearings for the year 1912 were $225,436,618, against $219,937,389 in 1911, that in arriving at
the totals only such amounts as are brought to the clearing-
If this measure is passed, the word "interest" will be
superseded by the word "dividend."
—Announcement early the present week of an offer for the
purchase of the stock of the Windsor Trust Co. of this city
by the Empire Trust Co. has been followed by reports that
negotiations are pending for the acquisition of a second institution by the Empire, and that there is a possibility that a
third company may be taken over by it. Negotiations have
been entered into with the stockholders of the Guardian Trust
Co. with a view to the absorption of its business by the,
Empire, and the Mutual Alliance Trust Co. is also said to
have been approached with that end in view. In the case
of the Windsor Trust Co. the purchase is sought of from
66 2-3% to 100% of its capital, the following options being
submitted to the shareholders:
First Option.—$200 per share in cash; or
Second Option —A pro rata share of the net value of the assets of the
Windsor Trust Co., as and when the net value thereof shall be ascertained
upon the liquidation thereof by the Empire Trust Co., a New York corporation, plus a pro rata part of 33,
5% upon the net deposits of Windsor
Trust Co. which shall remain in the Empire Trust Co. at the end of s1x.
months after the date when this offer shall become effective, exclusive of
deposits of public moneys and reciprocal deposits between Windsor Trust
Co. and other financial institutions; or
Third Option.—$180 per share in cash, plus a pro rata share of the net
value of the assets of Windsor Trust Co. upon the following basis: Upon the
completion of the liquidation provided for in subdivision second, the net
value of the assets of Windsor Trust Co. shall be ascertained, to which net
value there shall be added 3M% upon the net deposits of Windsor Trust
Co. which shall remain in the Empire Trust Co. at the end of six months
after the date when this offer shall become effective, exclusive of deposits
of public moneys and reciprocal deposits between Windsor Trust Co. and
other financial institutions, and the sum thus produced shall be divided
into as many portions as there are shares of the capital stock of the WindsorTrust Co. There shall then be paid to the owners of shares of stock accepting payment under this clause a sum equal to one-half the excess, if any,
of the share value, as above calculated, over and above the sum of $180
so paid and interest thereon.
The purchase will be effected as soon as 6,667 shares are
deposited, provided they are so deposited within ten days
from Jan.28; and the purchase by one or more of the methods
above of all the remaining shares which may be deposited
within sixty days from Jan. 28 is provided for in the proposition. The Windsor Trust Co., which is under the presidency
of Clark Williams, has a capital of $1,000,000, surplus and
profits of over $1,000,000, and deposits of about $7,500,000.
The Empire Trust Co. has a capital of $1,500,000, surplus
and profits of $1,200,000 and deposits of over $20,000,000.
The Guardian's capital is $500,000, while its deposits
amount to $2,800,000; and the Mutual Alliance Trust Co.
has $1,000,000 capital and $9,388,000 deposits.
—The Second National Bank of this city, W.A. Simonson,
President, has purchased the property at 252 Fifth Ave.
adjoining its new bank building on the northwest corner of
Fifth Ave. and 29th St. The bank will build a five-story
extension to its present building, giving a frontage of 51 feet
on Fifth Ave. The addition in space has been necessitated
by its increased business.
FEB. 1 1913.1
THE CHRONICLE
331
—The old foreign exchange banking firm of Muller,
—The board of directors of the Citizens' Central National
Scholl & Co. will move in April from 44 Wall St. to now Bank elected Garrard J. Comly a Vice-President at their
offices at 45-49 William St., between Wall and Pine streets. meeting yesterday. Mr. Comly was Vice-President of the
These quarters, which were occupied by the Liverpool & Eliot National Bank of Boston for a number of years until
London & Globe Insurance Co., are being completely re- its recent consolidation with the National Shawmut Bank,
modeled to bring Muller, Scholl & Co.'s business under one and his election to office in the Citizens' Central will be welroof. At present the firm occupies the second floor at 44 comed by his many New York friends.
Wall St. and another floor at 90 Wall St., in addition to
—The new statement of the Brooklyn Trust Co. under
other scattered space for its merchandise export and import date of Jan.15 1913
(at which time it took over the business
department. Over forty years ago Muller, Schell & Co. were of the Long Island
Loan & Trust Co.) shows deposits of
located at the southwest corner of Pine and William streets $25,334,728 and
aggregate resources of $32,764,109. The
and since then in the Bank of America Building, 44 Wall St. company has a
capital of $1,500,000 and undivided profits
The firm membership includes: Frederick Muller, William of nearly four million
dollars, the exact figures being $3,Schall Jr., Carl Muller and E. Pavenstedt.
969,712.
—The Bowery Bank of this city has declared the regular
—Charles L. Feltman has been elected Vice-President of
quarterly dividend of 3% and an extra dividend of 4%, both the Bank of Coney Island,
Brooklyn Borough, to succeed
payable Feb. 1 to holders of record Jan. 28.
William J. Ward, who some months ago advanced to the
—The private banking business of Henry Bischoff & Co. presidency. W. A. Norwood and James P. Kent are new
of this city, established in 1846, has been incorporated under directors in the institution.
the name of Bischoff's Banking House with $200,000 capital.
—Two new members of the board of the Homestead Bank
—Stephen S. Palmer, President of the New Jersey Zinc of Brooklyn Borough are J. G. Buehler, President of the
Co., and a director of a number of industrial, railroad and Columbia Machine & Iron Works, and Oscar W. Swift, a
other organizations, including the National City Bank and lawyer.
the Farmers' Loan & Trust Co., died on the 28th ult. at
—George H. Southard, formerly prominent in financial
Redlands, Cal. He was born in New York in 1853.
circles in Brooklyn, died on January 12 at New Bedford,
—On the sixteenth anniversary of the Corn Exchange Bank Mass. Mr. Southard was engaged in the lumber business
of this city, on Wednesday, $30,000 was distributed among in Boston for many years. In 1874 he became a partner in
the employees, each employee receiving a check for $60. the firm of Southard & Co., but retired in 1887. He was
A similar distribution was made ten years ago, on the fif- made Secretary of the Franklin Trust Co. of Brooklyn when
tieth anniversary of the bank, each employee having then that institution was organized in 1888 and the next year Mil
received $50.
Southard was chosen a Vice-President. He became Presi—F.J. Leary and G. S. Bridges have been elected assist- dent in 1902, but retired from that post in 1908. Mr.
ant cashiers of the National Reserve Bank of New York. Southard was identified with several other companies in New
Mr. Leary has been Secretary of the Mutual Alliance Trust York and Brooklyn. He was in his seventy-second year.
Co., while Mr. Bridges has been manager of the bank's
—William D. Chase, a founder and the first President
transit department.
of the North Side Bank of Brooklyn Borough, died!of
—The Birkbeck Investment, Savings & Loan Co. of apoplexy on January 6. Mr. Chase was also Vice-President
America, with its principal office in New York, was taken of the Kings County Savings Intitution. He was eighty
over by State Superintendent Van Tuyl on Dec. 27. James years of age.
J. Kennedy, a State bank examiner, has been designated
—Henry Doscher has been elected a Vice-President of the
special deputy to liquidate the affairs of the company. North Side Bank of Brooklyn Borough.
Charles S. Fairchild, former Secretary of the Treasury, has
—David A. Sullivan, former President of the failed
been President of the company for several years, and under Mechanics' & Traders' Bank of Brooklyn Borough, who was
his direction it has been in process of liquidation with a view found guilty on Jan. 8 of misappropriating a note for $20,to protecting the shareholders against any possible loss. 000, representing collateral for a loan given by the bank,
Mr. Kennedy's appointment, it is stated, was designed to was sentenced on Jan. 20 to not less than two years nor
wind up the affairs of the institution in a legal manner. The more than four years and three months' imprisonment.
company was formed in 1892. Its assets on Jan. 1 1912 are The charges date back to 1907; the indictment was handed
reported to have been $164,692.
down in September 1911.
—At a meeting of the creditors of Rudolph Kleybolte &
—Broc R. Shears, who was President of the failed Borough
Co. of this city, held on Dec. 30 at the office of W.H. Willis,
of Brooklyn Borough after its opening in 1908 until
Bank
referee in bankruptcy, L. Harding Rogers, the receiver, was
1910, when it suspended for a second time, was convicted
elected trustee. Schedules in bankruptcy of Rudolph Kleyon January 18 of misusing a check for $3,334 issued by the
bolte, filed recently, showed individual liabilities of $3,- Borough Bank in liquidation to the
Hollis Park Co., of which
175,483 and nominal assets of $123,693.
he was a trustee. He was sentenced to three months in the
Converse,
—E. C.
President of the Bankers Trust 'Co., penitentiary on the 20th ult., but was immediately adthis city, recently presented to the Bankers Club a certificate mitted to $5,000 bail on a certificate of reasonable doubt.
of deposit for a considerable amount—the gift of the members
—William C. Damron, formerly President of the Home
of the executive committee of the trust company to the club.
The club was organized last November to promote the social Bank of Brooklyn Borough (which was merged with the
welfare of the employees of the company. To Henry P. People's Trust Co. of Brooklyn Borough in 1910) was found
Davison belongs the distinction of being elected the first guilty of larceny in the first degree on January 25. He was
honorary member of the club. At a recent meeting all sentenced on Thursday of this week to one year in the
the directors were elected honorary members. The officers penitentiary. The conviction rested on an indictment
are associate members. The active and associate member- handed down last June charging the alleged misappropriaship is 160. E. B. Wilson, publicity manager of the Trust tion of a check for $2,500 on October 23 1907.
Company, is President of the Bankers Club.
—Louis Bossert, who was President of the Broadway
—James C. O'Connor, head of the banking firm of O'Con- Bank of Brooklyn Borough at the time of its merger with the
nor & Kahler,49 Wall Street, this city, died in Paris, France, Citizens' Trust Co. last June, died on Wednesday night on
last Thursday at the age of 67 years. Mr. O'Connor board the SS.Cleveland,when it wasabout two days out from
founded the firm of O'Connor & Kahler over fifteen years San Francisco. Mr. Bossert was the founder of the lumber
ago, but for the last seven years, during his residence in firm of Louis Bossert & Son and the owner of the Hotel BosParis, he has not been an active member of that firm. Mr. sert in Brooklyn.
O'Connor was born in Ft. Wayne, Indiana. At an early age
—Walter S. Rose was elected President of the Citizens'
he went to Texas and started in the contracting business National Bank of Patchogue at Patchogue, N. Y., at the
and was one of the builders of the Houston & Texas Central annual meeting of the stockholders on the 14th ult. Mr.
RR. His noted work was the construction of the famous Rose is one of the best known citizens of the town. He is
Galveston jetties. After retiring from business he again Secretary of the Union Savings Bank of Patchogue (a position
took up banking in Dallas, Texas and soon became President he has held since its organization in 1897) and served as
of the City National Bank of that city. He increased his Village President for three years, declining to accept another
banking interests throughout the state of Texas and was the term last year. He was also for three years Assistant
owner of the Dallas Gas Co. Mr. O'Connor was considered Postmaster. Before his elevation to the presidency of the
one of the wealthiest men in Texas.
Citizens' National Bank he was First Vice-President of the
332
TIIE CHRONICLE
institution. He succeeds as President Milton G. Wiggins,
who had been President of the bank since it was started in
1903, and who retires because of ill health. Daniel Chichester has been chosen to take Mr. Rose's place as First
Vice-President; Dr. W. S. Bennett has been re-elected
Second Vice-President and Sidney N. Gerard has been reelected Cashier.
—On the 9th ult. the Bank of Northport of Northport,
L. I., was succeeded by the Northport Trust Co. The company has a capital of $100,000. Henry S. Mott, VicePresident of the American Law Book Co., and who was
President of the bank, is President of the new organization.
—The subject of mutualizing the Prudential Life Insurance Co. of America was referred to a committee of four
at the annual meeting held in Newark on Monday, the 13th
ult. The committee was empowered to prepare and submit
i3 the Legislature one or more bills under which, with the
concurrence of both the stockholders and policyholders,
such mutualization might be effected, and a bill to that end
was presented to the Legislature this week. The Committee
charged with the work consisted of Forrest F. Dryden,
President of the company; Justice Bennet Van Syckel,
former Chancellor William J. Magie and Richard V. Lindabury. A statement given out on the 20th ult. by President
Dryden with regard to the movement says:
The officers of the company have had this matter under consideration
for some time and have been in conference upon the subject with the Insurance Department of the State and with leading insurance experts in other
States.
• A tentative bill has already been prepared by the legal department and
will be laid before the committee. It is proposed that the whole procedure
shall be under the direction of the Chancellor; that appralsbrs shall heappointed by the Chancellor to determine the value of the stock; that their
findings shall be open to review; that stockholders and policyholders shall
be entitled to be heard as well before the appraisers as before the Chancellor; that when the value of the stock is fixed in this way the stockholders and
POlicyholders shall vote separately on the proposition to purchase the stock
at the prices so fixed; that if both classes vote in favor of the proposition,
the directors shall have authority to purchase the stock at the price fixed
and pay for it out of the surplus of the company; that it shall be optional with
any stockholder to sell his stock or not, but that the stock purchased shall
be trusteed for the benefit of the policyholders and thereafter voted as the
policyholders shall direct, so that as soon as a majority of the stock is acquired the control of the company will pass to the policyholders.
This is the outline of the plan, but of course it may be modified by the
committee, the Insurance Department or the Legislature.
—The State Trust Co. of Plainfield, N. J., in its statement
for December 31 1912 reports deposits of $572,851, this
amount comparing with $417,116 on December 31 1911 and
$206,116 on December 31 1910. The institution began
business on September 16 1910. Its total resources at the
close of 1912 were $723,260.
—Amzi Dodd, formerly President of the Mutual Benefit
Life Insurance Co. of Newark, N. J., an ex-jurist and dean
of the New Jersey bar, died at his home in Bloomfield on
the 23rd ult. of pneumonia, after a short illness. Mr Dodd,
who had previously acted as mathematician for the insurance
company, assumed the presidency of that organization in
1882, and continued as its head until 1902, when he retired
from the chief office, but continued with the company as a
director and as General Counsel. Mr. Dodd was admitted
to the New Jersey bar in 1848, and had been Vice-Chancellor
of the State on two separate occasions, besides having served
as a member of the State Legislature. Mr. Dodd would
have been 90 years of age on March 2 next.
-The High Bridge National Bank of Highbridgo, N. J.,
was temporarily closed on January 23 at the instance of the
directors, after Cashier Abram L. Beavers had confessed to
having defaulted to the extent of nearly $100,000. Percival
Chrystie, President of the bank is in California on account
of his health. In announcing the temporary suspension
of business Vice-President J. Henry Rose stated that none
of the depositors would suffer any loss, the double liability
of the stockholders and the earned surplus being sufficient
to make good the amount of the defalcation. The institution,
which was organized in 1900, has a capital of $30,000 and its
last statement is stated to have shown a surplus of $40,000,
undivided profits of $12,976 and deposits of $313,327.
The cashier is said to have turned over to the bank all his
property, real and personal, amounting to about $25,000.
An additional $10,000, which will help to reduce the shortage,
is represented in the bond which the cashier was under.
The losses, it is stated, have been brought about through
unfortunate speculation. With reference to reports that
the defaulting cashier had hypothecated $150,000 of the
bank's securities and the claim that the institution might
recover from any firm he may have had dealings with on the
basis of the New York Stock Exchange rule regarding the
[VOL. xcvi.
acceptance of business from an employee of a bank, Messrs.
C. I. Hudson & Co. have issued the following statement:
A. L. Beavers opened an accbtmt with our firm several years ago prior
to the organization of the First National Bank of High Bridge. He was
one of the most highly respected men in Glen Gardner, N. J., and the
vicinity. Ho was one of the movers in establishing the tuberculosis sanitarium, a man prominent in church work and of irreproachable habits.
We purchased on his order various bonds in the months of October and
November on the New York Stock Exchange, on which we received the
customary margin. No bonds were received from him, so no money could
have been advanced on any bonds except on the actual purchases made.
We have violated no law of the New York Stock Exchange. The law
in question does not permit dealings for clerks of banks or for employees
of fellow members. Mr. Beavers was an officer of a bank and dealings
are permitted for officers of institutions.
All transactions and checks received were personal. We received no
bank checks or Cashier's checks, and at no time did Mr. Beavers act for
other than his personal account. Neither did he ever submit any Cashier's
checks or other checks than his own as additional margin for his account.
Beavers surrendered on the 28th and was arraigned on the
specific charge of. embezzling $23,000 of the bank's funds.
He was relesaed under $10,000 bail.
—Emmett S. Hamilton, Vice-President of the City Bank
of Bayonne, N. J., was elected President of the institution
on the 21st ult. to succeed Jam G. Hocke, who resigned
because of the pressure of other business interests. The
office of Chairman of the Board has been created, and Mr.
Hocke was chosen to fill that position. Mr. Hamilton has
been identified with the bank since its organization in 1908,
and was its first Cashier. Ho was made a Vice-President
the following year. George B. Gifford, General Manager
of the Bayonne plant of the Standard Oil Co., was elected
Vice-President of the bank to replace Mr. Hamilton.
—At the annual meeting this week of the directors of the
Old Colony Trust Co. of Boston three additional VicePresidents were elected, namely • Cashier George W. Grant,
F. M. Lamson and Stuart W. Webb. Assistant Cashier
L. D. Seaver was chosed to succeed Mr. Grant in the cashiership. Frederick Appel, Vice-President and director of the
New England Mutual Life Insurance Co., has been elected
a director of the trust company.
—Edward S. Clark, senior Vice-President of the Rhode
Island Hospital Trust Co. of Providence, died on Jan. 23.
He had been in ill-health for the past few years, and at a
recent directors' meeting he was voted four months' leave
of absence. Mr. Clark's services with the institution extended over a period of nearly thirty years, during all of
which time he was an officer of the company. At the age of
nineteen, in 1874, he entered the employ of the Merchants'
National, where he continued until 1883, when, through the
instrumentality of H.J. Wells, now President, but then Secretary, of the Rhode Island Hospital Trust Co., he became
Assistant Secretary of the latter. Mr. Clark later advanced
to the post of Secretary, and since 1905 had been a VicePresident. He was born in 1855. He was a member of the
corporation of the Rhode Island Hospital and the Butler
Hospital and President of the Workingmen's Loan Association.
—The first of a series of interesting brochures to be
published each month by the First National Bank of Boston
made its appearance in January. The initial number treats
of "The United States Treasury." All of the booklets will
deal with subjects closely allied to financial matters, and all
have been prepared with the idea of furnishing useful and
interesting information to the modern business man.
—Philip L. Saltonstall and Rodman P. Snelling have been
elected directors of the Bay State Trust Co. of Boston, to
succeed C. W. Amory and Walter Hunnewell.
—James P. Hamilton, President of the Worcester National
Bank of Worcester, Mass., died suddenly of heart disease
on the 31st ult. He was in his sixty-ninth year. He had
been identified with the bank since 1864, serving originally as
Assistant Cashier and advancing by successive steps to the
presidency six years ago.
—Horace E. Smith has been elected to succeed the late
Clement A. Griscom on the board of the Bank of North
America at Philadelphia.
—Linford E. Nice has replaced the late August W. Woebken as a director of the Northwestern National Bank of
Philadelphia. Otto C. Wolf was recently elected to take
Mr. Woebken's place as Vice-President.
—At a special meeting on the 16th ult., the stockholders
of the Fidelity & Deposit Co. of Maryland, at Baltimore,
endorsed plans to increase the capital from $2,000,000 to
$3,000,000. Of the increase,$750,000 is issued in exchange
for an equal amount of stock of the American Bonding Co.
in accordance with the arrangements recently entered into
for the absorption of that organization by the Fidelity &
FEB. 1 191 3]
THE CHRONICLE
333
Deposit Co., on the basis of one share of Fidelity stock hofer Jr., a member of the firm of Duttenhofer Sons Co.
(par $50) for two shares of stock of the American Bonding shoe manufacturers; Judge Charles F. Malsbary, formerly
Co. (par $25). An underwriting syndicate was formed to Probate Judge of Hamilton County; William A. Phol, Presipurchase at $90 cash such stock in the American Bonding Co. dent of the Walkover Shoe Co., and Secretary of the Hudeas did not wish to participate in the merger, and those desir- pohl Brewing Co.; and Leo F. Westheimer, of Ferdinand
ing to avail of the cash offer must deposit their stock on or Westheimer Sons Co., distillers. At the time of the reorbefore Jan. 28. The unexpected declaration on the 14th ganization of the institution in July last, it was provided
inst. of an extra dividend of 8%,or $4 a share, by the direc- that the directorate be increased from eight to fifteen memtors of the Fidelity & Deposit Co., payable to stockholders bers. The five above named bring the number up to fourof record that date, and the immediate closing of the books, teen.
caused some confusion on the Baltimore Stock Exchange.
—Four new directors were added to the board of the Fourth
According to the Baltimore "Sun," the Governing Committee National Bank of
Cincinnati at its annual meeting, namely
of the Exchange decided on the 16th ult. that the buyers R. A. Holden of the D.
A. White Co.; R. K. Le Blond of the
of the stock on the 14th are entitled to the extra dividend, R. K. Le Blond Machine
Tool Co.; Samuel F. Pogue of the
notwithstanding the fact that the books of the company were H.& S. Pogue Co., and Joseph K. Pollock of Rogers, Brown
closed against them the day of its declaration. • If, it adds, Co.
the holder of record on the 14th declines to give up the
—Glen Brown, in charge of the real estate department of
dividend, then the buyer of that day will have the right to the
Provident Savings Bank & Trust Co. of Cincinnati has
demand and receive it from the broker who represented the resigned that
office to become Secretary of the Bankers'
seller in the transaction. If such an emergency should
Guarantee & Trust Co. of Akron, 0. Paul D. Miller, who
arise, the Stock Exchange will uphold the demand and com- has been
assistant to Mr. Brown in the Provident, has sucpel the seller's broker to pay the dividend. In a statement ceeded him in
the management of the real estate department
issued by President Warfield of the Fidelity & Deposit Co. of that institution.
anent the action of his directors with regard to the dividend,
—Several changes took place in the management of the
he said that since the agreement (based on the assets of the
respective companies as of Dec. 31 1912) with the American Citizens' Savings & Trust Co. of Cleveland at its annual
Bonding Co. had been entered into, the latter authorized a meeting on the 13th ult. J. R. Nutt, Secretary and E. V.
distribution to its stockholders of 8%, or $60,000 in assets. Hale, Treasurer, were both elected Vice-Presidents, there
To equalize the assets and place them in the same ratio as now being five; the others bearing that title are: William G.
on Dec. 31, the special dividend of $4 a share was declared Mather, D. Leuty and Horace B. Corner. George Lomon the stock of the Fidelity, and this was made payable to nitz and Wilbur M. Baldwin, both Assistant Treasurers,
stockholders of record Jan. 14, as that was the day the were elected respectively Secretary and Treasurer. F. D.
directors of the Bonding Co. had acted. The dividend on Williams, Assistant Secretary and Van R. Purdy were made
the American Bonding Co. stock was payable Jan. 22. Mr. Assistant Treasurers. The institution has still another
Warfield was elected President of the consolidated organiza- Assistant Treasurer in W. H. Fowler. W. H. Kinsey was
tion on the 17th inst., while George Cator, President of the promoted to the post of Assistant Secretary. The remaining
Bonding Co., was elected Vice-President and Chairman of the Assistant Secretaries are: 0. C. Nelson and H. S. Newberry.
Board of the enlarged company. Charles A. Webb, Vice- D. Z. Norton continues as President of the institution and
President of the Bonding Co., becomes Fifth Vice-President J. H. Wade as Chairman of the Board. J. H. Wade Jr.,
of the Fidelity. Mr. Webb, Henry Clark and Lawrason Kenyon V. Painter and R. C. Norton were elected directors.
to fill vacancies.
Riggs have been added to the Executive Committee.
—A. E. Adams, Vice-President of the First National Bank
—J. Denniston Lyon, who has become President of the
Safe Deposit & Trust Co. of Pittsburgh, as announced in last of Youngstown, 0., has been elected President of the instiweek's "Chronicle," has resigned as Vice-President of the tution to succeed Henry M. Garlick, who is retiring from
active bueiness. Mr. Adams is also President of the Dollar
Union National Bank of that city.
Savings & Trust Co. of that city.
—The National Bank of Western Pennsylvania at Pitts—J.H. Meier has been elected Cashier of the Merchants'
burgh will, it is stated, change its name to the Western
& Manufacturers'State Bank of Minneapolis to succeed C. L.
National Bank of Pittsburgh.
Strom resigned.
—At a meeting of the directors of the First National Bank
—Henryl. Nunnemacher has been elected to succeed his
of Scranton, Pa., on the 20th ult., Charles S. Weston was father, the late Robert
Nunnemacher, as a director of the
elected President of the institution to succeed James A.
First National Bank of Milwaukee.
Linen, who declined re-election and was made Chairman of
—The Merchants' & Manufacturers' Bank of Milwaukee
the Board. George L. Dickson and J. Benjamin Dimmick
have been elected Vice-Presidents. Isaac Post has been has taken action toward increasing its capital from $250,000
to $400,000.
re-elected Cashier.
—Amos S. Musselman has been elected a Vice-President
—A new institution, organized by interests which had
of
the Peoples' Savings Bank of Grand Rapids, succeeding
been identified with the Commercial National Bank of
Washington, D. C., began operations in that city on the 20th the late Samuel M.Lemon.
—Charles H. Bender has become a Vice-President of the
ult. under the name of the Federal National Bank. The
formation of the latter and its opening was accomplished in City Trust & Savings Bank of Grand Rapids,the institution,
less than a week's time, the undertaking having followed the with his election, now having three such officers.
annual meeting of the stockholders of the Commercial Na—Lavant Z. Caukin, Cashier of the Fourth Nat'onal Bank
tional on the 14th ult., when some of those associated with of Grand Rapids, which he has served for twenty years, has
the Commercial withdrew. Ashton G. Clapham continues been made a director of the institution.
as President of the Commercial, while Eldridge E. Jordan,
—The First National Bank of Detroit has started a pension
Tucker K. Sands and Arthur Lee have been eleted Vicefund for its officers and employees with a contribution of
Presidents and Frank E. Ghiselli has been made Assistant
$25,000 out of the past year's earnings. The announcement
Cashier.
of the plan was made at a dinner given at the Hotel Cadillac
The Federal National is under the presidency of John
on Dec. 30, attended by practically the entire force of the.inPoole, who had been Cashier of the Commercial. The new
stitution. Under the system adopted by the bank, every
institution has been formed with a capital of $500,000, oneofficer and employee who has been in its service for fifteen
half of which has already been paid in, the other half being years, and who has attained the age of sixty years, or
who
18.
Feb.
payable
has become ncapacitated for work,is entitled to a pension.
—At a meeting of the directors of the First National Bank This pension is 2% of the annual salary at the date of retireof Cincinnati on the 15th ult., Thomas J. Davis, Cashier ment, multiplied by the number of years of service, subject
of the institution, was elected a Vice—President. Robert to the limitation that no excess above $4,000 in salary is to
Mavilley was promoted from an assistant cashiership to be taken into account. Where the service has extended over
be Cashier, and paying teller A. R. Luthy was made an twenty-five years, the pension is to continue for life; otherAssistant Cashier.
wise, it will cover a period equal to the time of service. If an
—At the annual meeting of the Second National Bank of employee dies or becomes incapacitated before he has been
Cincinnati on the 14th ult. five new directors were added to fifteen years in service, the payment of a pension is within the
the board, as follows: Thomas J. Caie, President of the discretion of the trustees charged with the care of the fund.
Thomas J. Caie Co.,publishers and book agents; Val Dutten- The widow of an employee is entitled to one-half the pouf°
334
THE CHRONICLE
which her husband would have received, and in the case of
her death,it will be continued to the children until they reach
the age of eighteen years. After fifteen years of service
the employee is entitled to retire and take his pension on
attaining sixty years of age; at sixty-five years of age he is
obliged to retire,lidless, with the consent of the bank,he wishes
to remain in its service. The fund is to be maintained by
contributions by the bank and the emp oyees; in the case
ofithe present officers and employees, the matter of joining in
the plan is optional,but all new employees will be required
to participate in it. Each officer and employee is to pay into
the fund 3% of his annual salary, which is to be deducted
from his pay in monthly installments. If an employee
resigns or is discharged, he will be repaid the amount of his
contribution with 3% interest. In cases where a pension is
not granted to an employee or his family by reason of shortness of service, the amount contributed will be repaid with
4% interest. The First National Bank is said to be the first
institution in Detroit to inaugurate the pension system. Its
officers and employees number more than 160 persons.
—The stockholders of the American National Bank of
St. Paul endorsed the recommendation of the directors to
increase the capital from $200,000 to $400,000. The new
capital is payable May 5.
—Joseph A. Thatcher, President of the Denver National
Bank of Denver,Colo.,for twenty-two years, has retired from
that office, but will continue with the bank in the capacity
of Chairman of the Board. John C. Mitchell, heretofore
Cashier of the institution, has been elected to succeed Mr.
Thatcher as President. Mr. Mitchell's place as Cashier is
taken by Edward S. Irish, lately Assistant Cashier, while
George 0. Dostal becomes an Assistant Cashier.
—Frank J. Coad has been elected President of the Packers'
National Bank of South Omaha, Neb., to succeed the late
A. W.Trumble. H. C. Nicholson, formerly a national bank
examiner, has been elected Cashier to succeed W. A. C.
Johnson, resigned.
—Maynard Dibble has been elected Vice-President of
the Citizens' State Bank of Topeka, Kan., to succeed his
father, the late D. W. Dibble. He has also been elected
a director of the bank.
—Announcement has been made of the appointment of
John T. Mitchell, President of the Bank of Centralia,
Centralia, Mo., as State Bank Commissioner of Missouri,
for four years. Mr. Mitchell will assume his new duties
about February 15; he will succeed John E. Swanger, who,
as we reported last week, will enter the Mercantile Trust
Co. of St. Louis. Mr. Mitchell has been at the head of the
Bank of Centralia for 33 years.
—Festus J. Wade, President of the Mercantile Trust Co.
and the Mercantile National Bank of St. Louis, has been
elected President of the St. Louis Clearing House Assooiation. A.C.Meyer,Vice-President of the South Side Bank,
is the new Vice-President of the Clearing House; William H.
Hoxton has been re-elected manager.
—J. D. Dana, who has been Treasurer of the Commonwealth Trust Co. of St. Louis, was elected a director and First
Vice-President at the annual meeting last week. The use
of the finger-print system for the identification of depositors
has lately been availed of by the company. It is the first
institution in St. Louis, as well as the first in the State, to
adopt the system.
—The stockholders of the Richmond (Va.) Bank & Trust
Co. on the 14th ult. voted in favor of increasing the capital
from $300,000 to $500,000. The institution began business
on Jan.2 1912.
—The Mississippi Valley Bank & Trust Co. of Memphis,
Tenn., had its initial opening on the 20th ult. in temporary
quarters in the Goodwyn Institute. It was the original intention to start the institution with a capital of $250,000,
but the amount was subsequently fixed at $300,000 with a
surplus of $60,000. J. C. Ottinger, who until recently was
Vice-President of the Central State Bank & Trust Co. of
Memphis, is President of the new institution, the other
officials of which are L. M. Stratton, Vice-President, and
W. L. Huntley Jr., Assistant Cashier. A building for the
exclusive use of the newly organized company is being erected
on the site of the old Masonic Temple.
—C. T. Whitman was elected President of the National
City Bank of Memphis to succeed Jno. T. Willingham, and
[VOL. xcvi.
R. E. Bodine was made Vice-President, replacing Wesley
Halliburton, at the annual election.
*—C. F. Farnsworth has been made Vice-President of the
First National Bank of Memphis to succeed the late S. H.
Brooks.
—The Mercantile Bank of Memphis moved into its new
home at 109 Madison•Avenue on the 23d ult. The structure, occupied exclusively by the bank, is three stories in
height, but instead of being divided into three separate
floors, it is all combined in one, with two mezzanine floors.
The building is of Tennessee marble, while Botticino marble
is used in the interior construction. The bank has a capital
of $200,000 and is under the management of C. H. Raine,
President; J. M.Fowlkes and L. E. Wright, Vice-Presidents,
and Claude Anderson, Cashier.
—At the annual election of the officials of the Bank of
Commerce & Trust Co., Memphis, Tenn., on the 1st inst.,
A. C. Burchett was elected Auditor of the institution, succeeding G. A. Bone.
—0. C. Bullock, Vice-President of the Merchants' &
Mechanics' Bank of Columbus, Ga., has been elected
President of the institution to succeed the late Thomas W.
Bates.
—J. N. Goddard has been elected a Vice-President of the
Third National Bank of Atlanta. Mr. Goddard is an additional member of the Third National 's staff, the two other
Vice-Presidents, Joseph A. McCord and John W. Grant
continuing in that capacity.
—The Fourth National Bank of Atlanta has elected three
new Assistant Cashiers, as follows: Stewart McGinty, F. M.
Berry and H. B. Rogers.
—Announcement has been made of the election of Jesse B.
Hart to the presidency of the Macon National Bank of Macon,
Ga. Mr. Hart, who has heretofore been a Vice-President
of the institution, is successor to Richard F. Lawton. The
latter retires from the presidency on account of the demands
of personal interests. He will continue in the management
as a Vice-President. The bank is the newest institution in
the city, having commenced business on Oct. 3 last.
—Because of impaired health, Edward 0. Tenison retired
as President of the City National Bank of Dallas, Tex., at
the late annual meeting. Mr. Tenison's association with
the institution and its predecessor, the City Bank, has covered a period of thirty-five years, during which time he has
filled every position from that of office boy to President, the
last-named post having been held by him for the past decade.
Mr. Tenison will retain his holdings in the bank and will continue to be identified with the management as active VicePresident. In withdrawing from the presidency on the 14th
ult., he placed R. H. Stewart in nomination, and Mr.
Stewart was accordingly installed in the office. Recognition
of Mr. Tenison's able and successful work in behalf of the
bank and its stockholders was recorded in resolutions adopted
at the meeting, and a further expression of the esteem in
which he is held by his associates was given in the presentation to him of a set of silver place plates and a pair of diamond cuff buttons. In addition to the re-election Of the
board as heretofore constituted, six now members were
placed on the directorate, namely, M. J. Orleans, President
of the Dallas Oil & Refining Co.; John J. Simmons, Wiley
Blair of Wichita Falls, R. W. Higginbotham, J. S. Kendall
and J. Fred. Schoellkopf. Mr. Stewart, the new President,
had been associated with the Trinity National Bank of Dallas, which was consolidated about a year after its organization in 1909 with the City National, since which time he had
been a Vice-President of the latter. J.B.Wilson is Chairman
of the board of the City National.
—The stockholders of the American Exchange National
Bank of Dallas at their annual meeting on Jan. 14 endorsed
the proposition to increase the capital from $1,000,000 to
$1,500,000. One new director was elected to the board,
namely, Edgar L. Flippen, President of the Armstrong Packing Company.
—Oscar Wells has resigned as a Vice-President of the Union
National Bank of Houston, Tex., with his election as a Vice..
President of the First National Bank of that city, to succeed
H. R. Eldridge, who recently became a Vice-President of
the National City Bank of New York. W. S. Cochrane,
Cashier of the First National, has been promoted to a vicepresidency, and Assistant Cashier F. E. Russell takes Mr.
Cochran's place as Cashier.
FEB. 1 1913]
fJfl CHRONIC
LE
335
-In the Union National, no successor was chosen to Mr.
Wells, P. G. Maercky, who was made Assistant Cashier and
Gold.
Months.
Auditor of that institution, being the only new official named
Coin.
Bullion.
Total.
Coin.
Bullion.
Total.
at the annual meeting.
1912.
I
27,948
-The stockholders of the Lumberman's National Bank January
107,001
134,949
10,860
113,876
124,736
February
18,747
203,849
222,596
3,200
57,558
60,758
of Houston, Tex., at the annual meeting on the 14th ult., March
213,098
213,098
21
75,350
75,371
April
290,587
142,866
433,453
15,472
86,403
101,875
took action toward increasing the bank's capital from $400,- May
313,659
313,659
[124,733
124,733
250,000
149,064
399,064
000 to $600,000. The directors were given authority to dis- June
32,392
225,000
257,392
July
195,341
195,341
5,254
39,807
45,061
I
pose of the new stock at $175 a share (par $100). The pres- August
500
223,255
223,755
53,717
53,717
178,565
178,565
30,600
30,600
ent surplus and undivided profits is $250,000. The new capi- September_
259,294
October
253,993
513,287
352,200
91,100
443,300
November
11,084
51,639
62,723
16,995
16,995
tal is to be paid in on Feb. 1. S. F. Carter is President and December - I
290,187
290,187
6,900
37,709
44,609
Lynn P. Talley, Cashier.
Total year I 858,160 2,322,517 3,180,677
618,907
760,240 1,379,147
-Stockholders of the Merchants' National Bank of San Year 1011____ 4,999,557 2,595,495
7,595,052
737,545
764,983 1,502,528
Francisco, headed by Alfred L. Meyerstein, President; John
EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
H. Spring and C. A. Hawkins, Vice-Presidents, it is understood, have arranged to purchase the stock of the People's
Gold.
Silver.
Bank of Santa Cruz, held by the Cashier, A. A. Morey. It
Months.
Coin.
Bullion.
Total.
Coin.
Bullion.
Total.
is stated that C. C. Campbell will succeed Mr. Morey in
1912.
the cashiership.
$
5,130
January
5,130
1,147,400 1,1474,00
543, 29
543;429
-A useful publication on "Foreign Moneys" has been February
March
945
945
1,145,300 1,145,300
1,145
April
1,145
814,632
compiled by John Clausen, manager of the foreign depart- May
814,632
3,999,168 3,999,168
1,371,514 1,371,514
6,270 1,019,395 1,025,665
ment of the Crocker National Bank of San Francisco. The June
661,663
661,663
July
840,487
840,487
book sets out the equivalent in United States currency of August
7,150
400,631
407,781
1,000
1,000
508,997
508,997
foreign moneys, and is intended to provide ready information September
1,500
October
1,500
1,154,572 1,154,572
November -__
440
103,350
103,790
1,122,662 1,122 662
on the subject, serving especially the want of banks and December
500
____
500
1,001,089 1,001,089
bankers dealing in such commodities. The book is of a
16,930 5,121,913 5,138,843
Total year__
7,150 10,712,276 10,719,426
convenient size, 6x43i and is neatly bound in black mo7,890 2,063,707, 2,671,597
Year 1911____
219,086 8,646,756 8,885,242
rocco, with gilt lettering.
-A paper read by Oscar Thompson, National Bank
Examiner at Los Angeles, at a meeting in Oakland on July 5 Wouttarg3, o mantraaigitglaslineurs
1912 has been printed in pamphlet form. The subject(From our own correspondent.]
matter is "Where Present Bank Examinations Are Weak
and How the Law Should Be Changed to Make Them More
London, Saturday, January 18 1913.
Effective." The meeting at which the address was delivered
Over a million sterling gold was withdrawn from the Bank
was that of the National Bank Examiners of the Eleventh of England on Thursday for South America. Much the
District, the California State Banking Department and the greater part of it-£670,000-was taken for Argentina,
Clearing-House Examiners of San Francisco and Los Angeles. £496,000 for Brazil and £20,000 for Uruguay. Argentina
-We have been favored by P. C. Kauffman, Secretary of has been slow in its withdrawals this year. Both the wheat
the Washington Bankers' Association, and Second Vice- and the maize crops of last year were very satisfactory:
President of the Fidelity Trust Co. of Tacoma, with a copy The maize crop, in fact, was one of the largest ever garnered,
of the annual report of the Washington Bankers' Association. and it was anticipated that the gold withdrawals would, in
The serious illness of Mr.Kauffman served to delay somewhat consequence, begin towards the end of the summer and
would be unusually large. They proved to be surprisingly
the issuance of the publication, but the able Secretary has
small, the explanation apparently being that the railways
seen to it that the work is issued in its usual complete form,
had not sufficient rolling stock to carry the produce dom n
so that the record may be in keeping with that of former
to the ports rapidly and conveniently, and that the ports
years. The convention, which was held at Tacoma-Olympia
themselves were hopelessly congested. During the autumn
on June 27, 28 and 29 1912, was an especially important and
interesting one. Five addresses on the pending educational the Argentine demands have continued exceptionally small;
"Back to the Farm" movement were a feature of the meeting, therefore the large withdrawal on Thursday surprised the
the speakers having been George P. Wiley, Cashier of the City. The withdrawal for Brazil was not in itself very large,
Waterville Savings Bank; Hon. H. B. Dewey,Superintend- but as it has come after two or three large withdrawals,it is
ent of Public Instruction; Warren 0. Dow, Secretary of the felt to be very inconvenient.
In the open market the tendency has been to take a much
Wenatchee Commercial Club; E. F. Nalder, Director of
Education of the State Reformatory, and E. A. Bryan, more favorable view of the international position and,
President of the Pullman State College. John W. Perrin therefore, to put down rates. That tendency has been
and F. W. Ellsworth of New York were likewise speakers at checked by this large withdrawal, for it was inevitable that
the meeting. The text of the 1911 proposed new bank there would be a strong demand for sovereigns for India all
bill of the State of Washington and that of the so-called through the year. The report of the Comptroller General
and Head Commissioner of Paper Currency for 1911-12
Kansas "blue sky" law are also incorporated in the volume.
has just reached London, and it shows that the Indian
-The following advices from the head office of the Hong demand was enormous-over 18 millions
sterling, in fact,
Kong & Shanghai Banking Corporation were recently received in gold coin was taken.
And the coin now is being freely
by its local agent, Wade Gard'ner, of 36 Wall St.:
used in most of the great provinces, especially in the Punjab.
Subject to audit the bank dividend for the half-year ended Dec. 31
1912 will probably bo 40s. per share; bank bonus of 5s. per share in addi- If, therefore, there should be a strong demand for India in
tion to dividend; added to silver reserve fund, $200,000, Hong Kong cur- addition to the South American demand it
is possible that
rency; written off bank premises account, $200,000, Hong Kong currency;
rates may be advanced unless peace becomes assured and
carried forward to next half-year, $2,000,000, Hong Kong currency.
confidence therefore revives. Everything possible, of course,
Including the above, the capital and reserve funds in will
be done to avoid raising the rate of the Bank of England,
Hong Kong currency are now as follows: Paid-up capital, for
a rise in the Bank of England rate would almost in$15,000,000; reserve funds, sterling, $15,000,000; silver, evitably
be followed by a rise in the rates of the great Con$17,200,000; carried forward to next half-year, $2,000,000;
tinental banks; and that, it is greatly to be feared, would
total, $49,200,000. In addition there is a reserve liability induce the Continental
public to believe that war was
of proprietors amounting to $15,000,000.
imminent and nobody could foresee what might then happen.
Happily, the gold production of South Africa continues very
large. At the present moment, in fact, there are about
IMPORTS AND EXPORTS OF GOLD AND SILVER AT two millions sterling on the way to London. And if the
Bank of England gets the larger part of this,it can afford to
SAN FRANCISCO.
meet the demands coming upon it. At present the prospect
The Collector of Customs at San Francisco has furnished is
that there will be little competition for the South African
us this week with the details of the imports and exports of gold, for, happily, New York now is able to part with
the
gold and silver through that port for the month of December, metal; and France, therefore, is receiving considerable sums
That
may
York.
from
prevent
New
a
French
and we give them below in conjunction with the figures for
drain from
preceding months,thus completing the results for the calendar London being added to all the others. A drain for either
Austria-Hungary appears to be out of the
Germany
or
year 1912.
question.
/4)
IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.
336
THE CHRONICLE
[VOL. xcw.
In the early part of the week it was generally understood
English Financial Markets-Per Cable.
that the Balkan delegates were about to terminate the peace
The daily closing quotations for securities, 86e., at London,
negotiations. The relations, however, between Russia and as reported by cable, have been as follows the past week:
Austria-Hungary are decidedly improved, and the general
London.
Week ending Jan. 31.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
impression is that Austria-Hungary has practically come to Sliver,
per oz
d. 28 9-16 28 9-16 28 5-16 28 15-16 28%
28%
an agreement with Servia and that Bulgaria and Roumania el Consols, 2% per cents.... 74% 74 11-16 74 1-16 74
13-16 74 15-16 75
d For account
743
74%
74%
75
743.
75
will make up their difficulties. Consequently, the pessim- d French
Rentes (in Paris), fr 89.00
88.85
88.85
88.9716
89.00
88.95
ism that reigned at the beginning of the week has passed Amalgamated
'74%
76
Copper Co
74%
76%
75
75
away, and a more hopeful feeling now exists. But nobody Amer. Smelt. & Refin. Co... 73H 73% 73K 75
74A
76
S Anaconda Mining Co
7%
7%
7%
7g
7%
7%
is yet prepared to incur new risks. At the same time there Atch Topeka & Santa Fe__ 107K
107%
107%
108
106% 106%
Preferred
104%
104H
10416
104%
is an exceptionally large investment business being done.
104%
104%
& Ohio
108
107%
108
105
10814
104K
One of the largest purely investment brokers in the London Baltimore
Preferred
89
89
89A
8916
86%
86A
Stock Exchange informed the present writer that the business Canadian Pacific
248%
247%
248
247%
247%
247%
& Ohio
79
80
793.
80
80A
803j
done by his firm in the week immediately following New Chesapeake
Chicago Great Western
16%
16%
16%
17H
17K
173j
Years Day was the largest in any week in the life of the firm. Chicago Milw. dr St. Paul__ _115
115A
115A
115A
116A
116f.
& Rio Grande
22
21%
213(
22
22
21K
The India Council offered for tender on Wednesday 100 Denver
Preferred
39
39
39
393
40
3916
lacs, and the applications exceeded 1,1653/ lacs at prices Erie
31%
32A
31%
31%
32
313.
First preferred
49
49
49
49%
49%
50
ranging from is. 4 1-16d. to is. 4%d. per rupee. Applicants
Second preferred
41
41
42
41
41
40
for bills at is. 4 1-16d. and for telegraphic transfers at is. Great
Northern, preferred._ _131
131
131
132
132
131%
128
128
128%
4 3-32d. per rupee were allotted 7-per cent, and above in full. Illinois Central
128
126% 0127%
& Nashville
142%
141%
142
142%
142%
14216
The following return shows the position of the Bank of Louisville
Missouri Kansas & Texas... 27A
27%
27%
28%
27%
27%
England, the Bank rate of discount, the price of consols, Preferred
6316
63%
63%
63%
63%
63%
Missouri Pacific
42
42
43
43
43
42%
&c., compared with the last four years:
Nat. RR.of Mex., 1st pref.. 64
64
84
64
64
64
1913.
Jan. 15.
£
Circulation
28,078,715
Public deposits
10,688,542
41,484,817
Other deposits
Gov't securities.- 13,035,483
Other securitle*
31,577,071
Reserve,notes&coin 25,644,895
Coin&bull.,both dep 35,273,610
Prop. reserve to lia49
bilities
p. o.
5
Bank rate, p. c____
75 1-16
Consols, 2% p. c___
29 1-16d.
Sliver
Clear.-house returns288,383,000
1912.
Jan. 17.
£
28,044,040
16,983,685
39,607,897
15,270,184
31,635,009
27,712,507
37,306,547
1911.
Jan. 18.
£
27,415,775
10,057,069
40,033,410
14,955,493
27,524,597
25,695,489
34,661,264
1910.
Jan. 19.
£
28,003,850
11,392,392
41,589,836
14,707,945
29,376,890
28,911,426
36,465,276
1909.
Jan. 20.
£
29,086,080
7,647,713
41,120,895
14,801,155
29,518,552
22,442,985
33,048,065
48 15-16
51 3-16
48
50 13-16
4,3. ..6
4
4%
3
77 7-16
80H
82 9-16
83 9-16
25 11-16d.
244d. 24 31-6d. 23 15-16d.
344,306,000 319,250,000 309,529,000 275,323,000
* January 20 1910.
The rates for money have been as follows:
Jan. 17.
5
Jan. 10.
5
4 9-16
4 7-16
4Y5®4 3-16
5
5
4 7-16
4 5-16
4 1-16
5
3%
Jan. 3.
5
Dec. 27.
5
4 9-16
4 7-16
4%
5110g516
511@5%
4% ©4 13-16
416©416
511@516
534 @516
315
Second preferred
249(
25%
24%
25
25
25
110%
112%
N. Y. Cent. & Hud. River 110
112
110
110
N.Y. Ontario Sc Western.... 32
33
33.
32%
32%
33
115%
115%
114%
Norfolk & Western
115
114%
115
91
91
91
Preferred
90
90
122
lini
122%
122%
Northern Pacific
121H
12116
63
63
62%
62%
a Pennsylvania
62%
62K
84
84K
a Reading Company
85%
85
84%
84%
46%
46%
46%
a First preferred
46%
46%
46%
a Second preferred
4747
47
47
47
Rock Island
23
iii%
23%
22%
23%
23H
111%
Southern Pacific
107%
109
1124 111A
107%
Southern Railway
27A
27A
27A
27%
27A
28
Preferred
81
81A
81A
82
82A
82A
Union Pacific
162A
164A
162%
163A
164A
164A
Preferred
92%
92
92%
93
93
93
U.S. Steel Corporation
64%
65
66%
66%
65%
66%
Preferred
112%
112%
113
113
c111% 111%
Wabash
3g
4
4
4
4
3%
Preferred
12%
13
12%
12%
13
13%
Extended 4s
65
65
65
64
6516
65
a Price per share. b £ sterling. c Ex-dividend. d Quotations here given are
flat prices.
Commercial avtltIliscellanealasnews
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO CONVERT APPROVED.
The American Bank & Trust Co. of Knoxville, Tenn., into "The American National Bank of Knoxville.' Capital, $100,000.
CHARTERS ISSUED TO NATIONAL BANKS.
January 16 to January 22.
-The First National Bank of Petersburg, Pa. Capital, $25,000
J. M.Blair, President; A.S. Little, Cashier. (Succeeds the Shavers Creek Bank of Petersburg.)
10,314-The First National Bank of Sasakwa, Okla. Capital, $25,000.
U. G. Forman, President; I. S. White, Cashier.
-The National State Bank of Columbia, S. 0. Capital, $100,000.
William Barnweil, President; J. T. Melton, Cashier. (Conversion of the State Bank of Columbia.)
10,316-Federal National Bank of Washington, D.0. Capital, $500,000.
John Poole, President;
, Cashier.
-The First Nationat Bank of Snyder, Okla. Capital, $25,000.
C. H. Fawks, President' H. J. Brown, Cashier,
-The Farmers' National bank of Allendale, Ill. Capital, $25,000.
C. F. Adams, President; George R. Capoot, Cashier.
10,313
10,315
10,317
10,318
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Merchandise Movement to New York,
Month.
Imports.
Customs Receipts
at New York.
Exports.
1912.
1911.
1912.1911.
1912.
1911. I
$
January__ 87,174,822
February.. 80,426,111
March ___ 94,289,891
April ____ 95,298,037
May -___ 88,860,861
June ____ 74,937,441
85,764,897
July
August-. 86,569,092
September 84,440,226
October __ 109,821.079
November 85,700,274
December 94,190,034
$
1
74,513,315
66,677,9121
84,752,890
71,065,446
73,970,513
69,527,171
69,247,136
74,673,583
73,303,594
77,295,842
75,572,105
81,713,427
$
60,475,205
69,345,534
72,192,950
70,515,688
77,217,457
61,039,548
66,670,270
72,500,822
73,330,565
76,908,550
82.031,311
78,460,992
$
01,365,707
61,749,8861
71,039,369
73,279,672
66,054,021
65,127,728
58,702,124
62,055,957
70,231,541
65,514,865
67.751,913
77,965,832
$
17,425,585
17,291,791
18,961,616
16,539,318
16,332,16t
15,257,2991
l8,i8O,492j
18,322,7361
17.936.1751
19,983,599
10,430.391
16,406,794k
$
10,808,957
16,334,953
19,487,785
14,903,015
16,013,192
14,917,580
16,481,668
18,023,013
15,834,097
16,968,975
15,969,854
15,249,900
Total __ 1067472763894,312,934866,694,892800,740,616209,067,956196,982,994
Nineteen weeksImports of wheat
Barley
Oats
Peas
Beans
Indian corn
Flour
IMPORTS.
1911-12.
1912-13.
1910-11.
1909-10.
cwt_43,515,400 36,188,400 38,278,800 38,160,840
12,162,500 14,733,000 9,496,200 11,736,900
6,621,700 6,720,300 4,988,800 7,310,600
2,031,046
1,751,148
844,921
806,467
624,720
838,700
348,047
1.512,600
20,862,500 8,972,500 17,148,800 13,868,900
4,114,400 4,313,300
4,285,000
5,334,400
The imports and exports of gold and silver for the twelve
months have been as follows:
Total
Average price wheat, week
Average price, season
1911-12.
1910-11.
1909-10.
1912-13.
cwt..43,515,400 36,188,400 38,278,800 38,160,840
4,114,400 4,313,300 5,334,400
4,285,000
8,178,554 12,463,556 10,283.148 11,110,700
55,978,954 52,766,356 52,875,248 54,605,940
305. 8d.
33s. Id.
335. 6d.
30s. 3d.
30s. 5d.
33s. Od.
32s. 9d.
32s. Od.
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
Wheat
Flour, equal to
Maize
This week. Last week.
qrs. 1,580,000
1,585,000
qrs. 185.000
110,000
qrs.. 910,000
940.000
1911-12.
2,325,000
120,000
295,000
1910-11.
2,080,000
130,000
775,000
Imports.
1912.
Supplies available for consumption (exclusive of stock on
September 1):
Wheat,imported
Imports of flour
Sales of home-grown
Silver-New York.
Gold Movement at New York.
fonth.
January-February.
March ___
April ____
May ____
June ____
July ____
August___
September
October_.
November
December
Total
$
1,894,791
1,441,106
2,464,940
1,665,013
1,802,253
3,024,221
1,838,482
2,376,892
1,481,485
8,799,437
1,291,578
6,748,644
1911.
$
1,325,148.
632,423
1,158,724
470,074
2,850,931
2,319,28
519,0681
1,873,94
1,661,591j
2,045,192
1,547,826j
1,764,9011
Exports.
1912.
31
1,751,573
10,507,395
7,332,800
1,616,931
4,376,740
6,025,618
858,180
38,800
404,852
186,990
192,833
347,970
34,828,842 18,169,097 33,640,686
1911.
Imports.
Exports,
1912.
1912.
$
1,458,551
1,232,507
1,164
6178:1752
5
1,577,763
4,583,186
8
4:2
00
5 80
31:
4
80
2
28
64
9:4
500
8
799,683
8
59
832
5:38
32
5
4,320,367
5:
068
94
470
2
07
6:
179,027
2,816,299
2,305,278
078,172
613,718
1,383,46
1,038,301
1,920,363
5,410,412
4,909,601
4,546,030
6,505,294
$
871,445
351.125
430,292
591,794
34905:61700
7
4:5:137:8401
45
9,029,117 13,297,590 60.300,001
FEB. 11913.1
THE CHRONICLE
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, preferred
3
Feb. 24 Holders of rec. Feb. la
Atch. Topeka & Santa Fe,corn.(quar.)
134 Mch. 1 Holders of rec. Jan.31a
Preferred(No.29)
234 Feb. 1 Holders of rec. Dec.31a
Baltimore & Ohio, common
3
Mar. 1 Holders of rec. Jan.240
Preferred
2
Mar. 1 Holders of rec. Jan.240
Bellefonte Central (annual)
50c. Feb. 15 Feb. 2 to Feb. 16
Buffalo Roch. & Pittsb., corn. & pref
3
Feb. 15 Holders of rec. Feb. 7a
Canada Southern
1% Feb. 1 Holders of rec. Dec.27a
Central RR. of New Jersey (guar.)
2
Feb. 1 Holders of rec. Jan. 23a
Chicago Milwaukee & St. Paul, common_ _
234 Mch. 3 Holders of rec. Feb. 6
Preferred
3% Mch. 3 Holders of rec. Feb. 6
Chic. St. Paul Minn.& Om., corn. & pref _
334 Feb. 20 Holders of rec. Feb. 3a
Cleveland & Pittsburgh, reg., guar. (qu.)
134 Mch. 1 Holders of rec. Feb. 10
Special guaranteed (guar.)
Mch. 1 Holders of rec. Feb. 10
'1
Cornwall & Lebanon
Feb. 1 Jan. 23 to Jan. 31
5
Cripple Creek Central, corn.(qu.)(No. 13) 1
Mch. 1 Holders of rec. Feb.17a
Preferred (guar.) (No. 29)
Mch. 1 Holders of rec. Feb.17a
1
Cuba RR., preferred
Feb. 1 Holders of rec. Dec.31a
3
Genesee & Wyoming (guar.)
1% Feb. 1
Great Northern (guar.)
131 Feb. 1 Jan. 11 to Feb. 2
Green Bay & Western
Feb. 3 Holders of rec. Feb. 1
5
Illinois Central (No. 116)
334 Mch. 1 Holders of rec. Feb. 10
L.S.& M.S. gu. stk., M.Sou.& Nor. Ind. 6
Feb. 1 Holders of rec. Dec.27a
Louisville & Nashville
334 Feb. 10 Jan. 21 to Feb. 9
Mahcning Coal RR., common
55 Feb. 1,Holders of rec. Jan. 10a
Mexican Southern
234 Feb. 1'Jan. 18 to Jan. 31
3% Feb. 3 Jan. 25 to Feb. 3
Nashville Chattanooga & St. Louis
Feb. 10 Holders of warr't No.11
National Rys. of Mexico. 1st pref.(No. 11) 2
Mott 1 Holders of rec. Jan.31a
N. Y. Chicago & St. L., common (annual) 4
First and second preferred
234 Mch. 1 Holders of rec. Jan.31a
1)4 Mch. 19 Holders of rec. Feb.28a
Norfolk & Western, common (guar.)
1
Feb. 19 Holders of rec. Jan.310
Preferred (guar.)
131 Feb. 1 Holders of rec. Jan. fra
Northern Pacific (guar.)
4)4 Feb. 20 Holders of rec. Feu.10a
Oswego cfc Syracuse, guaranteed
$2.50 Feb. 1 Holders of rec. Jan.24a
Pittsburgh At Lake Erie
2
Reading Company, common (guar.)
Feb. 13 Holders of rec. Jan.27a
1
Reading Company, 1st pref. (guar.)
Mott. 13 Holders of roe. Feb.25a
Rome Watertown & Ogdensburg, guar. (qu.) 131 Feb. 15 Holders of rec. Jan.31a
1
Feb. 1 Holders of rec. Jan.17a
St. Louis & San Fran., 1st pref. (quar.)._ _
2
Utica Clinton & Binghamton
Feb. 10 Feb. 1 to Feb. 9
Street and Electric Railways.
141 Feb. 15/11 Merit of rec. Jan.310
American Railways, preferred (gnarl- '
2
oh
Bay State Street By., 1st pref
!eters of rec. Jan. 18
a
r en. 15 He ders of rec. Feb. 1
Binghamton Ry
3
Boston Elevated RI/
Feb. 15 Hi dera of rec. Feb. la
Brazilian Tray., Light & Pow., Ltd. (cat.)_
134 Feb. 20 Feb. 1 to Feb. 4
Chicago Rya. participation certfs., Ser. 1_ 36
Feb. 1 Holders of rec. Feb. la
Columbus (0.) Ry., preferred (quar.)_ _
134 Feb. 1 Holders of rec. Jan.15a
Commonwealth Pow., Ry.&L.,com.(No.1) 1
May 1 Holders of rec. Apr.10a
Preferred (guar.)
1% Feb. 1 Holders of rec. Jan.14a
Connecticut By. & Lt.,com.&pf.(guar.)._
1
Feb. 1 5Feb. 1 to Fcb .16
Connecticut Valley Street Ry., common
34 Feb. 1 Holders of rec. Jan.17a
East St. Louis & Sub., pref. (qtr.) (No. 27) 134 Feb. 1 Holders of rec. Jan.15a
Grand Rapids By., Pref. (guar.)(No.60). 134 Feb. 1 Holders of rec. Jan. 15
Harrisburg Traction
3
Feb. 1 Jan. 1 to Jan. 31
International Traction (Buffalo), pref_
2
Feb. 1 Jan. 22 to Jan. 31
Preferred (on acct. of accumulated diva.) 40 Feb. 1 Jan. 22 to Jan. 31
Jacksonville Traction, corn. (qu.)(No. 8). 131 Feb. 1 Holders of rec. Jan.18a
1% Feb. 1 Holders of rec. Jan.18a
Preferred (guar.) (No. 8)
LewLston Augusta & Waterville, pf. (qu.).. 1% Feb. 1 Holders of rec. Jan. 15
134 Feb. 1 Jan. 22 to Jan. 31
Lincoln Traction, pref. (guar.)
Massachusetts Northern Rys., pref. (quar.)_
134 Feb. 1 Holders of rec. Jan.24a
Mexico Tramways (guar.)
134 Feb. 1 Jan. 13 to Jan. 31
234 Feb. 1 Jan. 28 to Feb. 2
Monongahela Valley Traction, preferred_
Ohio Traction, pref. (quar.)
131 Feb. 1 Holders of rec. Jan.27a
Pacific Gas & El., pref. (qu.)(No. 28)
lm Feb. 15 Holders of rec. Jan.31a
Philadelphia Co., corn. (qu.) (No. 125).. 134 Feb. 1 Holders of rec. Jan 2a
PhiladelphiaCompany. preferred
234 Mob. 1 Holders of rec. Feb.10a
Portland (Ore.) Jig., L. & P.(quar.)(No. 9) 131 Mch. 1 Holders of rec. Feb.12a
Public Service Investment cont.(No. 7)_. $2
Feb. 1 Holders of rec. Jan.18a
Preferred (guar.) (No. 15)
$1.50 Feb. 1 Holders of rec. Jan.18a
Railways Company General (guar.)
Feb. 1 Jan. 22 to Jan. 31
1
Railway & Light Securities, corn.(No. 7).. 3
Feb. 1 Holders of rec. Jan.15a
Preferred (No. 16)
3
Feb. 1 Holders of rec. Jan.15a
Rio de Janeiro Tram., I.. & Pow.(guar.). 131 Feb. 1 Holders of rec. Jan. 10
St. Joseph Ry., L., H.& Power, corn __p 33 1 30 Feb. I Holders of rec. Jan. 15a
Sao Paulo Tram., Lt. & Power (No. 44).._
234 Feb. 1 Holders of rec. Jan. 10
Sierra Pacific Elec. Co., pf. (qu.)(No. 14) 134 Feb. 1 Holders of rec. Jan.22a
Tampa Electric Co. (guar.) (No. 33).
234 Feb. 15 Holders of rec. Feb. la
Tol. Bowling Green & Sou. Tr., pref. (qu.) 131 Feb. 1 Jan. 21 to Jan. 31
Union Ry., Gas dc Elec., corn.(No. 1)._
1
April 1 Holders of rec. Meh.1la
Union Street Ry., New Bedford (guar.)
2
Feb. 1 Holders of rec. Jan.16a
West Penn Rys., pref. (guar.)
131 Feb. 1 Jan. 25. to Feb. 20
Banks.
3
Bowery (guar.)
Feb.
Jan. 29 to Jan. 31
4
Extra
Feb.
Jan. 29 to Jan. 31
4
Feb.
Corn Exchange (guar.)
Holders of rec. Jan.31a
3
Feb.
Holders of ree Jan. 27
German-American
234 Feb.
Lincoln National (guar.)
Holders of rec. Jan.23a
2
Feb.
Jan. 15 to Jan. 31
Pacific (guar.)
3
Holders of rec. Jan.28a
Feb.
Security (No. 47)
3
Jan. 26 to Jan. 31
Twenty-third Ward
Feb.
Trust Companies.
Astor (guar.)
Holders of rec. Jan.28a
2
Feb.
Broadway (guar.)
Jan. 21 to Jan. 31
1% Feb.
Farmers' Loan & Trust (quar
Jan. 25 to Jan. 31
12% Feb.
Hamilton, Brooklyn (guar.)
Holders of rec. Jan.25a
3
Feb.
Kings County, Brooklyn (guar.)
4
Jan. 26 to Jan. 31
Feb.
Nassau, Brooklyn (guar.)
Jan. 29 to Feb. 1
2
Feb.
..
Fire Insurance.
Westchester
Jan. 15 to Jan. 31
20
Feb.
Miscellaneous.
Amalgamated Copper (guar.)
1% Feb. 24 Holders of rec. Jan.25a
Amer. Bank Note, common (quar.)
134 Feb. 15 Feb. 2 to Feb. 16
American Cigar, common (guar.)
1)4 Feb. 1 Holders of rec. Jan.15a
Amer. Gas & Elec., pref. (guar.) (No. 24) 134 Feb. 1 Jan. 16 to Feb. 2
American Glue, preferred
4
Feb. 1 Jan. 23 to Feb. 2
Amer. Graphophone, pref. (qu.)(No. 59). 134 Feb. 15 Holders of rec. Feb. 1
Amer. Light & Traction, corn. (quar.)___
2% Feb. 1 Jan. 10 to Jan. 31
Common (payable in common stock)
234n Feb. 1 Jan. 16 to Jan. 31
2
Preferred (guar.)
Feb. 1 Jan. 16 to Jan. 31
4
Feb. 1 Holders of rec. Jan. 15
Amer. Pipe ex Construe. Securities, pref.._
Mch. 1 Holders of rec. Feb.15a
Blackstone Val. G.&E., cam. (fu.) (No. 2). $2
334 Feb. 15 Holders of rec. Feb. 8
Bond de Mortgage Guarantee (guar.)
Feb. 15 Feb. 6 to Feb. 16
Borden's Condensed Milk, corn.(No. 35).. 4
111 Feb. 1 Jan. 26 to Jan. 31
Brill(J. G.) Co., preferred (guar.)
Brown Shoe Co., Inc., preferred (quar.)_. 134 Feb. 1 Holders of rec. Jan. 25
$5
Mch. 1 Holders of rec.
Buckeye Pipe Line
21
si Feb. 15 Holders of rec. Feb.
Cambria Steel (guar.)
Jan.31a
Canada Cement, Ltd., pref. (q11.)(No. 12)
Feb. 16 Feb. 1 to Feb. 10
Feb. 15 Holders of•rec. Jan 31
Canadian Converters, Ltd. (guar.)
5-12 Feb. 1 Holders of rec. Jan.15a
Cities Service, common (monthly)
Preferred (monthly)
34 Feb. 1 Holders of rec. Jan.15a
Ciaflin (II. B.) Co., 1st pref. (guar.)
131 Feb. 1 Holders of rec. Jan.24a
Second preferred (guar.)
1% Feb. 1 Holders of rec. Jan.24a
Columbus (0.) Gas & Fuel, corn.(quar.)._
31 Mob. 1 Holders of rec. Feb. 15
Commonwealth Edison (guar.)
13,
4 Feb. 1 Holders of rec. Jan.15a
Consolidated Gas (guar.)
1% Mch. 15 Holders of rec. Feb. 13
Cons'd Gas El. Lt. & Pow.. Ball., corn.(qu.).. 1% Apr. 1 Holders of reel Mch.20
Preferred
Apr. 1 Holders of rec. Melt. 31
3
Dominion Canners, Ltd., common
Feb. 1 Jan. 15 to Jan. 31
6
Dominion Coal, Ltd., pref. (No. 40)
334 Feb. 1 Holders of rec. Jan. 18
Eastern Pennsylvania Power, pref.(guar.)._
134 Feb. 1 Holders of rec. Jan.29a
337
Per
When.
Cent. Payable.
Name of Company.
Miscellaneous (Concluded).
Eastman Kodak, corn. (quar.)
Common extra)
Preferred (guar.)
Edison Elec. Ill. of Boston (qu.) (No.95),
Electrical Securities Corp., pref. (guar.)._
Electric Bond de Share, pref.(qu.)(No. 31)
Emerson-Brantingham, preferred (guar.)Eureka Pipe Line (guar.)
Fall River Gas Works (guar.) (No. 73)-Ft. Worth Pow.& Lt., pref.(qu.)(No.6).
General Chemical, common (quay.)
General Chemical, common (extra)
General Fireproofing, cont. (guar.)
Goodrich (B. F.), common (quar.)
Gorham Manufacturing, cont. (guar.)
Granby Cense!. Min.,Smelt.& Pow., Ltd.
Greene-Cananea Copper (guar.)
Guanajuato Pow.& El., pf.(qu.)(No. 18)
IIarrison Bros. & Co., Inc., pref.(guar.)
Houston 011, pref. stock trust etfs
Illinois Northern Utilities, pref. (quar.)
Ilium. & Power Secur. Corp., pref. (qu.).
Indiana Pipe Line
International Harvester, pref. (qu.) (No.24)
International Nickel, common (quar.).__ Preferred (guar.)
Internat. Steam Pump, pf. (qu.)(No. 55)
Island Creek Coal, common (guar.)
Jefferson & Clearfield Coal & Iron, pref
Kansas City Stock Yards (guar.)
Kayser (Julius) & Co., 1st & 2d pref.(qu.)
Kellogg Switchboard & Supply (guar.)--Lehigh Coal & Navigation (qu.) (No. 137).
Loose-Wiles Biscuit, 2d pref.(quara(No.3)
Lowell Electric Light (guar.)(No.67)_
Massachusetts Gas Cos., common (guar.)
Mexican Petroleum. corn. (guar.)
Mexican Petroleum, preferred (quar.).._
Miami Copper (guar.) (No. 4)
Mobile Electric Co., preferred (guar.)
Montreal Lt., Heat az Pow.(qu.)(N0.47)
National Carbon, pref. (quar.)
National Lead, preferred (guar.)
Nevada-California Power
North American Co. (guar.)
Omaha Electric Light & Power, preferred_
Pacific Coast Co., common (guar.)
First preferred (guar.)
Second preferred (guar.)
Pacific Power & Light, pref.(qu.)(No. 10)
Penmans, Limited, common (guar.)
Prelerred (guar.)
People's Gas Light & Coke (guar.)
Pittsburgh Steel, pref. (guar.)
Portland (Ore.) Gas & C., pf.(qu.)(No.12)
Prairie 011 & Gas (guar.)
Pressed Steel Car, pref. (guar.)(No.50_
Procter & Gamble, common (guar.)
Public Serv. Co. of Nor. ill., cont.(qu.)
Preferred (guar.)
Pullman Company (guar.)(No. 184)
Pure Oil, common (guar.)
Quaker Oats, pref. (guar.)
Republic Iron & Steel, pref.(qu.)(No.42)._
Sears, Roebuck & Co., corn.(guar.)
Siegel Stores Corporation, pref. (quar.)._
Silversmiths Company (guar.)
Southern Cal. Edison, corn. (qu.) (No. 12)
Standard Oil (Indiana) (guar.)
Extra
Standard 011 of Kansas (guar.)
Extra
Standard Sanitary Mfg., common
Preferred
Tennessee Eastern Elec. Co., pref. (quar.)_
Texas Power & Light, pref. (qu.)(No. 3).
Torrington Company, common
Unfon-American Cigar preferred
United Cigar Mfrs ocom. (guar.)
Unit. Cigar Stores of Am.,com.(qu.)(No.1)
Extra
United Dry Goods Cos., corn. (quar.)
U. S. Bobbin & Shuttle, preferred (guar.).
U.S. Realty & Improvement
U. S. Steel Corporation, corn. (guar.)
Preferred (guar.)
Virginia-Carolina Chemical, COMM
Washington Oil
White (J. G.) & Co., pref. (qu.)(No. 39)
Willys-Overland, common (No. 1)
Woolworth (F. W.) Co., corn.(No.3)
Books Closed.
Days Inclusive.
234 April 1 Holders of rec. Feb.28a
10
Feb. 15 Holders of rec. Jan.310
134 April 1 Holders of rec. Feb.28a
3
Feb. 1 Holders of rec. Jan. 15
134 Feb. 1 Holders of rec. Jan.280
134 Feb. 1 Jan. 28 to Feb. 2
134 Feb. 1 Jan. 17 to Jan. 31
10
Feb. 1 Holders of rec. Jan.15a
3
Feb. 1 Holders of rec. Jan.24a
13.4 Feb. 1 Holders of rec. Jan.200
134 Mch. 1 Holders of rec. Feb. 21
5h Feb. 1 Holders of rec. Dee. 31
134 April 1 Holders of rec. Mch.20
1
Feb. 15 Holders of rec. Feb. 54
234 Feb. 12 Holders of rec. Feb.10a
1% Mch. 1 Feb. 12 to Feb. 25
25e. Mch. 1 Holders of rec. Feb.10a
134 Feb. 1 Jan. 18 to Feb. 1
Feb. 1 Jan. 28 to Jan. 31
1
3
Feb. 1 dJan.25 to Jan. 31
134 Feb. 1 Holders of rec. Jan.21a
154 Feb. 15 Holders of rec. Jan.31a
84 Feb. 15 Holders of rec. Jan. 25
13.4 Mch. 1 Holders of rec. Feb. 8a
234 Melt. 1 Feb. 11 to Mch. 2
134 Feb. 1 Jan. 14 to Feb. 2
134 Feb. 1 Holders of rec. Jan.20a
50c. Feb. 1 Holders of roe. Jan. 25
234 Feb. 15 Holders of rec. Feb. 7
134 Feb. 1 Holders of rec. Jan. 16
134 Feb. 1 Holders of tee. Jan. 204
3
Feb. 3 Holders of rec. Jan. 31
$1
Feb. 28 Holders of rec. Jan. 31
131 Feb. 1 Jan. 16 to Feb. 2
2
Feb. 1 Holders of rec. Jan.24a
$1 Feb. 1 Holders of rec. Jan.18a
Mch. 1 Holders of rec. Feb. 10
$1
2
April 20 Holders of rec. Mch3la
50c. Feb. 15 Holders of rec. Feb. la
134 Feb. 15 Holders of rec. Jan. 31
234 Feb. 15 Holders of rec. Jan.31a
134 Feb. 15 Jan. 28 to Feb. 17
134 Mch. 15 Feb. 22 to dFeb. 25
$2r
Feb. 10 Jan. 26 to Feb. 1
134 Apr. 1 Holders of rec. Mch.200
234 Feb. 1 Holders of rec. Jan.200
134 Feb. 1 Jan. 18 to Feb. 2
134 Feb. 1 Jan. 18 to Feb. 2
134 Feb. 1 Jan. 18 to Feb. 2
134 Feb. 1 Jan. 24 to Jan. 31
1
Feb. 15 Holders of rec. Feb. 5
13.4 Feb. 1 Holders of rec. Jan. 21
134 Feb. 25 Jan. 21 to Feb. 10
131 Mch. 1 Holders of rec. Feb. 14
134 Feb. 1 Jan. 24 to Jan. 31
6
Feb. 28 Holders of rec. Jan.31a
134 Feb. 19 Jan. 30 to Feb. 18
4
Feb. 15 Holders of rec. Jan.310
1
Feb. 1 Holders of rec. Jan 21a
dl 34 Feb. 1 Holders of rec. Jan.21a
2
Feb. 15 Holders of rec. Jan.31a
3
Mch. 1 Feb. 2 to Feb. 28
154 Feb. 28 Holders of rec. Feb. la
134 Apr. 1 Holders of rec. Mch. 15
131 Feb. 15 Holders of rec. Jan. 31a
134 Feb. 1 Holders of ree.Jan.d15a
134 Feb. 15 Holders of rec. Feb. 10
131 Feb. 15 Holders of rec. Jan. 31
3
Feb. 28 Feb. 11 to Feb. 28
4
Feb. 28 Feb. 11 to Feb. 28
3
Feb. 28 Holders of rec. Feb. 8
4
Feb. 28 Holders of rec. Feb. 8
134
Holders of rec. Jan. 24
Holders of rec. Jan. 24
134
134 Mch. 1 Holders of rec. Feb. la
131 Feb. 1 Jan. 23 to Jan. 31
4
Feb. 1 Jan. 19 to Jan. 31
334 Feb. 15 Holders of rec. Jan. 31
1
Feb. 1 Jan. 25 to Feb. 6
134 Feb. 15 Holders of rec. Jan.31a
34 Feb. 15 Holders of rec. Jan.31a
2
Feb. 1 Holders of rec. Jan.24a
131 Feb. 1
to Jan. 31
131 Feb. 1 Holders of rec. Jan.210
134 Mch.29 Mch. 2 to Mch. 9
134 Feb. 27 Feb. 4 to Feb. 23
134 Feb. 15 Feb. 2 to Feb. 16
$4 Feb. 20 Jan. 21 to Feb. 19
134 Feb. 1 Holders of rec. Jan. 22
134 Feb. 1 Holders of rec. Jan. 20
1
Mar. 1 Holders of rec. Feb.10a
a Transfer books not closed for this dividend. b Less income tax. d Correction.
h Payable in common stock at par. n Payable in common stock. o On account
of accumulated dividends. p Two months' dividend. r Payable in scrip.
Canadian Bank Clearings.-The clearings for the week
ending Jan. 25 at Canadian cities, in comparison with the
same week of 1912, shows an increase in the aggregate of
22.9%.
Week ending Jan. 25 1913.
Clearings at1913.
CanadaMontreal
Toronto
Winnipeg
Vavcottver
Ottawa
Calgary
Edmonton
Quebec
Hamilton
Victoria
Regina
Saskatoon
Halifax
St. John
London
Moose Jaw
Lethbridge
Fort William
Brandon
Brantford
New Westminster
Total Canada
1912.
Inc. or
Dec.
1911.
1910.
$
a
a
%
a
57,843,157 43,090,468 +34.2 39,969,194 41,180,444
42,324,562 37,477,833 +12.9 30,679,842 27,223,541
29,373,999 22,354.186 +31.4 15.583,701 13,577,677
12,107,447 10,718,625 +12.9 9,570,778 6,843.063
4,021,879 5.061,971 -20.6 3,791,346 3,571,959
4,782,551 4,000,653 +19.5 3,944,433 2,126,989
3,981,441 3,365,692 +18.3 1,375,588
894,749
3,158,393 2,545,291 +24.1 2,132,322 2,095,548
3,527,043 2,474,988 +42.6 2,226,414 1,584,979
3,409,030 2,648,868 +28.7 2,064,948 1,859,469
2,202,978 1,874,969 +17.5
852,297
614,163
1,766,141 1,530,881 +15.4
759,271
1,765,802 1,622,179 +8.8 1,461,676 1,924,201
2,069,108 1,587,596 +30.4 1,450,617 1,386,381
1.729,440 1,410,603 +22.6 1,316,119 1,124,074
952.571 +28.5
1,223,225
615,978 -0.2
614,557
466,836
562,351 +53.5
863,244
595,733
457,866 +30.2
362,273
678,062
497,671 +36.4
498,243
574,712 Not incl. in total.
178,037.792 144,852,240 +22.9 118,505,198 106,008.521.
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently soldat
auction in New York,Boston and Philadelphia:
[VOL. xcvi.
THE CHRONICLE
338
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Per cent. Shares.
Shares.
443 Fuller's Exp. Co__ __W. 20 per sh. $2,000 United Realty & Mtge. Co.
63, 1919. Jan. 1913 coup. at1296
1 Union Trust Co
$160 lot_ _
tached
14 Guatemalan Finance Co_ _.$25 lot.
145 White's Restaurant Co_ _5250 lot. $15,000 H. & H. Reiners Co. 6s, $8,600
1918. M.& N
lot.
335
11 Bank of Metropolis
154 H.& H. Reiners Co. cora.
50 Progressive Realty & Imp.
$7101ot $8,000 Town of Geneva, Ala., 5s,
Co
25 & int.
1930. A. & 0
3,000 Boston & Osage Oil Co., $5
$1,500 Green Mountain Marble Co.
10c. per sh
each
63
502
$100 lot.
9 Brooklyn Trust Co
Per cent. $2,000 Ga. Coast & Piedmont RR.
Bonds.
1st s. C. 5s, 1962. A.& 0_ _ _60 & int.
$3,000 United Realty & Mtge. Co.
$150 lot_
6s, 1918
By Messrs. Francis Henshaw & Co., Boston:
$ per sh. Shares.
5,per sh.
Shares.
35
13 Plymouth Cordage Co_ _ _230H-231%
4 Ludlow Mfg. Assoc. rights
30634 10 U. S. Envelope Co. rights.. _25c.-27c.
10 Pepperell Mfg. Co., ex-div
5
4 Union St. Ry.. New Bedford__ _197% 20 Grueby Pottery Co
10e. 50 Pacific Mills full pd. rcts_ _120-120%
10 Quincy Mkt. R. E. Trust rts_
By Messrs. R. L. Day & Co., Boston:
$ per sh•
$ per sh.I Shares.
Shares.
3434
238
10 Ludlow Mfg. Assoc. rights
1 Nat. Shawmut Bank
1 Webster & Atlas Nat. Bank__ _ _19034
cent.
Per
Mills,
new
full
pd.
rcts_
Pacific
Bonds.
50
_12034
3 Con. &*Montreal RR., Class 1..13534 $2,000 Omaha St. Ry.Co.55, 1914_ 9934
45,000 Gunnell Mg. Co. cony.
115
10 Washburn Wire Co., pref
$15,000
63, 1920
3 Plymouth Cordage Co
23034
4,500 Shares Gunnell Mg.Co..J lot.
20 Navin & Kelly Co., pref_ _ _ _57 per sh.
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
On Dep.
Net
Surplus. Loans. Specie. Legals. withC.H. Deposits.
Average. Average. Average. Banks. Average.
$
‘7,
$
756,0 3,185,0 18,599,0 16.2+14.5
Brooklyn _ _ _ _ 3,934,2 24,122,0 2,270,0
38,0 10,661,0 95,613,0 15.0+10.0
Bankers
16,256,9 122,664,0 14,384,0
426,0 3,950,0 26,474,0 15.0+12.7
U.S.Mtg.& Tr_ 4,554,6 35,849,0 3,546,0
57,0 1,598,0 15,129,0 15.4+ 9.1
Astor
_ _ 1,325,5 21,198,0 2,281,0
Title Guar.&Tr 11,797,7 32,814,0 1,845.0 1,388,0 2,396,0 20,872,0 15.4+10.2
997,0 16,813,0 115,944,0 15.0+12.6
Guaranty• _ _ _ _ 24,350,2 164,832,0 16,510,0
239,0
773,0 5,753,0 15.4+10.4
648,0
1,326,1 7,341,0
Fidelity
413,0 1,455,0 11,809,0 15.7+10.9
Lawyers T I&T 6,177,9 17,034,0 1,450,0
810,0 4,765,0 38,850,0 15.0+10.9
Col.-Knicker_ _ 7,289,8 47,763,0 5,016,0
398,0 1,957,0 14,727,0 15.0+ 11.5
1,680,6 16,140,0 1,818,0
Peoples
211,0 3,549,0 31,873,0 15.3+10.0
New York_ _ _ _ 11,804,6 45,273,0 4,683,0
926,0 8,818,0 15.2+ 9.4
1,244,9 9,507,0 1,123,0
221,0
Franklin
203,0 1,047,0 8,975,0 15.1+10.4
558,8 10,335,0 1,154,0
Lincoln
9,0 2,124,0 13,801,0 14.8+13.3
Metropolitan _ 6,234,8 22,819,0 2,044,0
326,0 1,064,0 8,923,0 15.0+10.4
597,5 9,003,0 1,011,0
Broadway....
Totals, Avge_ 99,134,1 586,694,0 59,783,0 6,492,0 56,263,0 436,160,0 15.1+11.4
Actual figures Jan. 25_ 587,815,0 58,569,0 6,316,0 62,304,0 432,524,0 15.0+12.5
The capital of the trust compan es is as follows: Brooklyn, $1,000,000; Bankers
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000;
Lawyers'Title Insurance Sr Trust,$4,000,000; Columbia-Knickerbocker,$2,000,000;
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,250,000.
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
$ per sh. Shares.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
28 Northern National Bank_ _ _ _206
5 Second & Third Sts. Pass. Ry 250
Pass.
Southwark
Frank.
&
Crucible
5
Steel Casting Co.,
160
367%
Ry
50
par $50
Week
On Dep.
12334
10 Continental Pass Ry.
230
6 First Nat. Bank,Phila
Net
ending
Legal with C.H.
Capital. Surplus. Loans.
Specie.
50 Amer.Pipe & Constr. Co_ __ _ 90
21 Philadelphia Nat. Bank
475
Banks. Deposits.
Tenders.
Jan.
25.
25 United Gas & Elec. Corp.,
18 Reliance Ins. Co., par $30
87
preferred
83
(vet. tr. ctfs.)
Averages.
$
5 Bergner & Engel Brew. Co.,
10 United Firemen's Ins. Co.,
1,402,523,0
Banks _ _ _ 133,650,0202,480,1 1,373,552,0294,203,0 78,637,0
46
common
15
par $10
Trust cos_ 45,750,0 99,134,1 586,694,0 59,783,0 6,492,0 56,263,0 436,160,0
49 Phila. Life Ins. Co., par $10_ 1034
20 Lumbermen's Ins. Co., par
98% 2,000 Chesterfield Copper Co_ _ -11%c.
• $25
Total __ 179,400,0301,614,2 1,960,246,0353,986,0 85,129,0 56,263,0 1,838,683,0
21
1 Library Co. of Phila
275
5 Girard F.ft M.Ins. Co.
Actual.
3 Phila. Bourse pref., par $25 _ 1534
1,414,304,0
1,382,302,0,295,826,0 79,209,0
Banks
Per cent.
Bonds.
5,000 The Montezuma Mg. Co.,
587,815,0 58,569,0 6,316,0 62,304,0 432,524,0
Trust cos_
101
$5 lot. $4,000 City of Phila. 4s, 1938
par $1
Philadelphia
$10,000
Bourse
5s,
1 Farmers' & Mech. Nat. Bk_ _140
1,970,117,01354;395,0 85,525,0 62,304,0 1,846,828,0
Total _
1913
100
418
2 Girard National Bank
$3,000 New Jersey Gas 5s, 1940_
86
090
1 Girard Trust Co
$1,000 Real Est. T. I. & T. Co.,
2 Fire Assoc. of Phila., par $50,
The State Banking Department also furnishes weekly
Series Q 4s, 1919
350%-349
9334
$1,000 Fred. H. West 6s, estate
20 Franklin Fire Ins. Co., par
bond, 1914
46
9734 returns of the State banks and trust compnies under its
$25
3 Continental Equitable Trust 10034
135-13534
20 Logan Trust Co
charge. These returns cover all the institutions of this class
By Messrs. Samuel T. Freeman & Co.,
in the whole State, but the figures are compiled so as to
8 per sh. Shares.
$ per sh.
Philadep:Srs.
2 Northern Trust Co
457
11,000 Capuzaya Mng. Co., par S1 $.05
distinguish between the results for New York City (Greater
2,452 Gilbert Studios, Inc., par $10 .05
Bonds.
Percent. New York) and those for the rest of the State, as per the
3 Mexican Plantation, par
55
$100 Springfield Water cons. 5s,
$300
90
1926
05% following:
10 Am.Pipe & Constr.
Statement of New York City Clearing-House Banks
and Trust Companies.-The detailed statement below
shows the condition of the New York City Clearing-House
members for the week ending Jan. 25. The figures for the
separate banks are the averages of the daily results. In
the case of the totals, actual figures at the end of .the week
are also given.
For definitions and rules under which the various items are
" V. 85, p. 836, in the case of the
made up, see "Chronicle,
banks, and V.92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
003 omitted.
Capital. Surplus.
Loans.
Average.
Specie. Legals. Net Depos- ReAverage. Average. its, Aver. serve.
$
$
$
5
$
792,0
Bank of N. Y. 2,000,0 4,257,4 21,800,0 4,295,0
ManhattanCo. 2,050.0 4,764,1 30;350,0 7,454,0 1,571,0
947,0
2,000,0 2,084,4 20,744,0 4,450,0
Merchants'._ _
Mech.&Metals 6,000,0 8,663,0 54,626,0 9,936,0 3,815,0
1,500,0 6,488,6 26,487,0 4,763,0 1,904,0
America
25,000,0 29,142,3 176,232,0 45,539,0 5,132,0
City
3,000,0 7,231,2 30,220,0 4,794,0 1,848,0
Chemical
185,0
6,659,0 1,539,0
534,7
600,0
Merch. Exch_
68,0
520,0
2,019,0
128,9
300,0
Dutch.& Drov.
215,0
9,311,0 2,500,0
987,3
500,0
Greenwich
2,045,0
8,531,0
43,428,0
4,510,1
5,000,0
Amer. Exch...
25,000,0 16,316,8 139,277,0 21,930,0 7,976,0
Commerce
597,0
452,0
4,542,0
970,0
500,0
Pacific
2,250,0 1.301,1 18,792,0 2,980,0 1,770,0
Chat. & Phen_
491,0
149,0
1,893,0
481,0
200,0
People's
3,000,0 13,740,9 78,529,0 16,432,0 6,122,0
Hanover
615,0
Citizens' Cent. 2,550,0 2,201,4 23,736,0 5,319,0
460,2 10,473,0 1,733,0 1,833,0
1,000,0
Nassau
964,0
9,440,0 1,840,0
Market & Fult 1,000,0 1,897,5
268,0
Metropolitan. 2,000,0 1,783,9 12,931,0 3,408,0
CornExchange 3,000,0 5,840,7 49,375,0 8,745,0 6,150,0
Imp.& Traders 1,500,0 7,795,0 26,222,0 3,888,0 2,190,0
5,000,0 13,552,0 89,158,0 22,178,0 1,753,0
Park
1,630,0
433,0
112,0
70,0
250,0
East River
5,000,0 5,874,1 32,259,0 6,540,0 1,900,0
Fourth
165,0
1,000,0 2,526,4 13,870,0 3,234,0
Second
10,000,0 21,940,2 111,441,0 27,967,0 4,731,0
First
4,000,0 3,225,8 38,558,0 6,938,0 3,118,0
Irving
3,490,0
840,0
786,0
93,0
250,0
Bowery
9,065,0 1,511,0
500,0 2,006,2
755,0
N.Y.County_
4,169,0
747,1
841,0
750,0
240,0
German-Amer.
5,000,0 9,672,3 97,771,0 22,973,0 6,801,0
Chase
100,0 2,195,3 13,748,0 2,594,0 1,310,0
Fifth Avenue_
3,194,0
671,0
817,4
316,0
200,0
German Exch.
5,214,0 1,193,0
254,0
200,0 1,053,0
Germania......
800,0
1,000,0 1,656,2 14,353,0 2,410,0
Lincoln
385,0
9,076,0 2,414,0
1,000,0 1,275,2
Garfield
3,424,0
485,0
511,0
525,6
250,0
Fifth
1,000,0 2,250,8 12,727,0 1,407,0 1,682,0
Metropolis
875,0
303,0
4,131,0
200,0 1,013,0
West Side
1,000,0 2,277,7 25,215,0 5,504,0 2,388,0
Seaboard
1,000,0 2,790,2 22,177,0 5,723,0 1,121,0
Liberty
297,0
8,784,0 2,384,0
883,0
N.Y.Prod. Ex 1,000,0
386,0
676,7 17,574,0 5,403,0
1,000,0
State
450,1 11,772,0 2,347,0 1,161,0
Security
1,000,0
351,0
6,578,0 1,319,0
Coal & Iron
534,1
1,000,0
350,0
9,714,0 2,167,0
Union Exch
1,000,0 1,006,1
198,0
7,374,0 1,413,0
Nassau, Bklyn 1,000,0 1,100,7
$
19,466,0
34,150,0
21,095,0
53,875,0
26,399,0
175,343,0
26,970,0
6,811,0
2,248,0
10,670,0
42,079,0
117,343,0
4,193,0
19,043,0
2,364,0
87,616,0
22,867,0
12,506,0
9,717,0
13,677,0
58,160,0
23,765,0
93,526,0
1,973,0
32,948,0
13,214,0
107,954,0
39,641,0
3,675,0
9,180,0
4,099,0
111,919,0
15,532,0
3,504,0
5,954,0
14,048,0
9,712.0
3,903,0
12,576,0
4,670,0
29,770,0
24,763,0
10,260,0
22,637,0
14,009,0
6,642,0
9,927,0
6,130,0
%
26.1
26.4
25.5
25.5
25.2
29.4
24.6
25.3
26.1
25.4
25.1
25.4
25.0
25.0
27.0
25.7
25.9
28.5
28.8
26.8
25.6
25.5
25.5
27.6
25.6
25.7
30.2
25 3
25.3
24.6
26.3
26.6
25.1
25.2
24.3
22.8
28.8
25.5
24.5
25.2
26.5
27.6
26.1
25.5
25.0
25.1
25.3
26.2
•For
definitions and rules under which the various items
are made up, see"Chronicle,
"V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
Week ended January 25.
Capital as of Dec. 26_ _ _ _
Surplus as of Dec. 26_ _ _
Loans and investments_
Change from last week_
Trust Cos.
Stale Banks
Trust Cos.
State Banks
outside of
in
outside of
in
Greater N. F. Greater N. F. Greater N. F. Greater N. Y
$
22,300,000
$
67,900,000
$
*9,458,000
$
*9,950,000
39,042,900
172,713,300
*12,471,974
*12,508,781
294,369,500 1,068,645,500
-390,600 +3,277,200
115,180,300
-107,800
174,328,300
+197,700
340,076,700 1,147,295,000
-931,300 +16,246,500
120,340,000
-423,700
181,708,700
+150,300
Specie
Change from last week_
54,482,700
-220,100
112,427,400
+834,200
Legal tender & bk. notes_
Change from last week_
21,081,900
-548,200
10,038,800
-39,700
Deposits
Change from last week_
Reserve on deposits
Change from last week_
92,435,600
+13,500
129,795,000
+878,800
22,229,500
-278,300
23,494,500
+123,800
P. C. reserve to deposits_
Percentage last week
28.0%
27.9%
16.3%
16.1%
18.7%
18.9%
14.0%
14.0%
+ Increase over last week. -Decrease from last week. * As of Sept.9 1912.
Note.-"Surplus" Includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks, not only Cash items but amountsdue
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty dyes
represented by certificates, and also exclusive of deposits secured by bonds o
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust gor it by any publicdepartment.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it • by any public department.
-Trust Cos.- -State BanksOf
Total
Reserve Required for Trust Companies
Of
Total
and State Banks.
Reserve which Reserve which
LocationRequired. in Cash. Required. in Cash.
15%
Manhattan Borough
25%
16%
15%
10%
20%
Brooklyn Borough (without branches in Manhat.)16%
10%
Other Boroughs(without branches in Manhattan)15%
734%
10%
15%
20%
20%
Brooklyn Borough, with branches in Manhattan_15%
15%
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
3%
10%
18-;
Elsewhere in State
6%
-The Banking Department also undertakes to present sepa-
and
the Clearing
in the table below, as are
average) for the Clearing
Totals, Avge., 133,650,0 202,480,1 1373,552,0 294,203,0 78,637,0 1402,523,0 26.5
rate figures indicating the totals for the State Banks
1382,302,0 295,826,0 79,209,0,1414,304,0 26.5
I
I
Circulation.-On the basis of averages, circulation of national banks in the Clearing
House amounted to $46,663,000, and according to actual figures was $46,442,000.
trust companies in Greater New York
Actual figures Jan. 25_
House. These figures are shown
also the re-ults (both actual and
not
in
FEB. 1 19)3]
TIIE CHRONICLE
339
House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.-Below is a summary
combined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
thus af ording an aggregate for the whole of the banks and and Philadelphia:
We omit two ciphers (00) in all these figures.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House State Banks & Total of all
Members.
Week ended Jan. 25Members. 7'rusr Cos. Not Banks&Trust
ActualFigures
Average. in C.-H. Aver. Cos. Average
$
Capital
Surplus
Nat. Banks
Nov. 26 and
State Banks
Dee. 26_ _
$
it
179,400,000
179,400,000
301,614,200
301,614,200
Capital
and
Surplus.
Banks.
$
29,025,000
208,425,001
80,906,900
382,521,101
Loans and investment.s 1,970,117,000 1,960,246,000
Change from last wee . +13,334,000 +20,230,000
55'7,147,400 2,517,393,401
+813,600 +21,073,601
Deposits
1,846,828,000 1,838,683,000
Change from last wee . +6,436,000 +17,956,000
a557,804,800 2,396,487,800
+2,407,800 +20,363,800
Specie
Change from last wee
354,395,000
+3,359,000
353,986,000
+7,541.000
60,855,600
+400,200
414,84100
+7,941,201
Legal tenders
Change from last wee
85,525,000
+148,000
85,129,000
--1,635,000
b7,713,800
-110,200
92,842,800
-1,745,200
Banks: cash in vault_ _
Ratio to deposits_ _
375,035,000
26.51%
372,840,000
26.58%
12,382,000
14.32%
385,222,000
Boston,
Dec. 7
1)ec, 14
Dec. 21
Dec. 28
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Philadelphia
Dee
7
Dec. 14
Dec. 21
Dec. 28
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Loans.
Specie. Legals. Deposits.
a
$
60.735,4 224,283,0 21,132,0 3,939,0
60,735,4 220,514,023,595,0 4,225,0
60,735,4 216,489,0 22,983,0 4,246,0
60,735,4 215,239,0 22,095,0 4,453,0
60,735,4 216,381,025,403,0 4,745,0
60,735,4214,090,O'28,705,0 4,700,0
60,735,4 216,575,0 30,627,0 4,867,0
60,735,4,218,950,0 28,715,0 4,495,0
103,684,31374,982,0
103,684,3370,888,0
103,684,3 365,311,0
103,684,3 364,365,0
103,684,3 365,900,0
103,684,3 367,729,0
103,684,3 371,293,0
103,684,3374.700,0
1
84,770,0
82,104,0
83,713,0
87,205,0
94,188,0
96,854,0
97,724,0
98,257,0
260,770,0
259,458,0
256,041,0
250,013,0,
259,274,01
261.109,01
277,489,0
273,556,0
Circu- Clearings.
lation.
$
7,228,0 197,938,3
7,207,0 165,675,6
7,209,0 170,140,6
7,222,0 131,772,1
7,223,0 180,567,1
7,457,0 180,038,7
7,613,0 204,208,9
7,955,0,174,419,8
*411,884,0 15,115,0193,583,1
*404,416,0 15,117,0170,649,2
*402,683,0115,129,O!175,075,7
'403,546,015,134,0 149,158,7
'418,425,0.15,133,0'178,824,6
*415,135,0 15,142,0175,796,4
*424,774,0 15,001,0;185,702,0
*421,932,0 14,975,0,160,091,6
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $868,000 on January 25, against $904,000 on
January 18.
*"Deposits" now include the item of "Exchanges for Clearing House," which
were reported on January 25 as $14,170,000.
Trust cos.: cash in vaul
64,885,000
66,275,000
56,187,400
122,462,400
A ggr'te money holding
Change from last wee
439,020,000
+3,507,000
439,115,000
+5,900,000
68,569,400
+290,000
507,684,400
+6,196,000
Money on deposit with
62,304,000
other bks.& trust cos_
Change from last wee +15,272,000
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Jan. 25, also
totals since the beginning of the first week in January:
56,263,000
+5,917,000
16,571,300
+242,100
72,834,300
+6,159,100
FOREIGN IMPORTS AT NEW YORK.
_
502,224,000
Total reserve
Change from last week +18,779,000
495,378,000
+11,823,000
85,140,700
+532,100
580,518,700
+12,355,100
Surplus CASH reserve 21,459,000
Banks (above 25%)6,400
Trustcos.(above 15%)
22,209,250
851,000
21,465,400
+361,100
23,060,250
+1,470,000
%ofcashreservesof trus t cos15.00%
Cash in vault
12.59%
Cash on dep. with bks.
15.19%
11.42%
15.30%
1.20%
27.59k
26.61%
16.50%
Total
Change from last week
Total
For Week.
Dry Goods
General Merchandire
Total
Since Jan. 1.
Dry Goods
General Merchandise
Total 4 weeks
1913.
1912.
33,193.915
16,966,804
83,131,488
19,493,672
I
1911.
1910.
$3,197,119
15,883,993
$3,528,889
17,063,248
$20,160,719 $22,625,160 $19,081,112 $20,592,137
I
$13,629,884 $13,121,943 $12,994,539 $14,685,767
61,514,574 61,010,522, 52,191,917 60,527,024
$75,144,458 $74,132,465, $65,186,456 $75,212,791
I
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Jan. 25 and from Jan. 1 to date:
+ Increase over last week. - Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $627,058,600, an increase of $7,815,200 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
EXPORTS FROM NEW YORK.
1912.
1913.
For the week
Previously reported
1911.
1910.
$19,799,126 $19,910,7611 514,817,929 $11,888,601
61,543,730 53,145,7331 44,312,611 38,824,732
The averages of the New York City Clearing-House banks
Total 4 weeks
$81,342,856 $73,056,4941 $59,130,540 $50,713,333
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
Clearing House, compare as follows for a series of weeks past: specie at the port of New York for the week ending Jan. 25
and since Jan. 11913, and for the corresponding periods in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
1912 and 1911:
GREATER NEW YORK.
We omit two ciphers in all these figures.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Loans and
Week Ended- Investments Deposits.
Nov. 23
Nov. 30
Dec. 7
Dee. 14
Dec. 21
Dec. 28
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Specie.
$
$
1
2,480,706,3 2,290,470,8 372,417,8,
2,476,317,0 2,275,323,6 362,459,9.
2,442,755,0 2,234,183,1 360,720,8'
2,415,385,3 2,207,395,4 355,442,1;
2,405,324,8 2,203,004,3 359,060,9,
2,412,078,6 2,221,988,0 360,990,4
2,422,034,5 2,254,436,0 370,460,9
2,451,667,0 2,304,529,5 385,497,7
2,496,319,8 2,376,124,0 406,900,4
2,517,393,4 2,396,487,8 414,841,6
$
8
I
$
90,306,0 462,723,8 524,960,0
89,878,4 452,338,3 512,730,2
89,886,6 450,607,4 510,675,8
90,376,0 445,818,1 505,578,6
88,711,3 447,772,2 507,490,9
88,348,1 449,338,5 509,088,0
91,310,9 461,771,8 526,344,7
94,048,8 479,546,5 516,728,7
94,588,0 501,488,4.568,163,6
92,842,8 507,684,4 580,518.7
Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing non-member
banks for week ending Jan.25, based on average daily results.
•
ciphers (00)4n all these figures.
We omit two
Banks.
awltat.
Surplus.
Legal
On
Loans,
Tender Deposit
Disc'ts
with
Specie. and
Net
and
Bank
C.-II. Deposits,
InvestNotes. Banks.
nmtul.
-
New York City.
Manhattan and Bronx.
$
$
$
$
$
$
500,0
543,2 2,949,0 608,0
59,0
Aetna National
234,0
Washington Heights_ 100,0
344,2 1,564,0 157,0
78,0
156,0
200,0
Battery Park
119,5 1,503,0 316,0
63,0
134,0
500,0
Century
511,6 5,616,0 650,0 380,0
598,0
400,0
592,2 6,353,0 864,0 322,0
Colonial
842,0
300,0
815,1 6,664,0 642,0 579,0
Columbia
915,0
200,0
172,5 1,127,0
74,0 118,0
113,0
Fidelity
310,7 2,476,0 401,0
250,0
44,0
275,0
Mount Morris
445,6 4,829,0 525,0 342,0
200,0
596,0
Mutual
288,3 3,066,0 342,0 113,0
200,0
289,0
New Netherland
106,6 1,819,0 241,0 101,0
200,0
256,0
Twenty-third Ward
543,9 4,403,0 593,0 219,0
100,0
682,0
Yorkville
Brooklyn.
689,6 3,873,0 304,0
96,0
300,0
461,0
First National
012,8 6,023,0 530,0 368,0
Manufacturets' Nat.._ 252,0
667,0
710,1 10,572,0 1,428,0 477,0 1,704,0
1,000,0
Mechanics'
5(6,6 4,290,0 543,0 100,0
National City
300,0
723,0
177,0 2,216,0 205,0
85,0
North Side
200,0
241,0
Jersey City.
400,0 1,355,3 4,670,0 345,0 384,0 3,045,0
First National
52,0
Hudson County Nat_ 250,0
813,6 2,984,0 171,0
816,0
90,0 156,0
200,0
420,8 2,585,0
Third National
558,0
Hoboken.
.•.,
33,0
220,0
665,0 4,606,0 282,0
First National
365,0
125,0
68,0
297,7 3,303,0 175,0
3econd National
385,0
,, PM
6,597,0 11,461,9 87,491,0 9,486,0 4,237,0 14,035,0
TotaiffiJan. 25
6,597,0 11,461,9 87,473,0 9,625,0 4,325,0 12,970,0
TotaleJan. 18
6,597,0 11,461,9 88,201,0 9,571,0 4,432,0 12,237,0
Totaispan. 11
$
2,607,0
1,307,0
1,586,0
6,635.0
6,533,0
7,754,0
1,090,0
2,724,0
4,862,0
2,951,0
1,997,0
4,666,0
3,009,0
5,631,0
12,651,0
4,287,0
2,217,0
Imports.
Gold.
TotMoneylEntireRes
Legais. Holdings.'onDeposit
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jan.1
Week.
Since Jan.1
$43,562
$43,562
106,906
3,124
1,839,375
42,165
248,225
33,346
63,157
65,050
804,006
146,880
133,319
$3,805,167 811,094,792
160,200 1,483,2231
150,200
766,320
430,455
499,910
311,757
1,192,817
1,646,775
1,242,752
$735,731 $2,770,846
179,363
500,570
88,064
38,064
2,420
1,372
200
76
8,238
1,410
30,704
60,196
431,720
110,748
69,669
$915,619 $3,272,988
786,998 2,892,732
419,831
1,000,858
$48,492
92,858
121,127
$682,817
790,138
565,026
32,031,352 59,145,387
1,500
1,772,315
Total 1913
Total 1912
Total 1911
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
525
Total 1913
Total 1912
Total 1911
Of the above imports for the week in 1913, $4,457 were
American gold coin and $330 American silver coin.
Vaitlting and financial.
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled "Railroad and Industrial
Stocks," which describes 124 issues listed on the New York Stock
Exchange, and classified by us as follows: Investment Stocks, SemiInvestment Stocks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK.
Chicago. III. Boston, Mass, Albany, N. Y.
dembers New York Stock Exchange.
3,669,0
1,379,0
1,343,0
White, Weld & Co.
1,979,0
1,485,0
82,362,0
83,292,0
83,455,0
Bonds and Investment Securities.
14 WALL STREET
NEW YORK
THE ROOKERY
CHICAGO
111 DEVONSHIRE STREET
BOSTON
[VOL. xcvi.
THE CHRONICLE
340
0LBSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER NOV. 26, 1912.
Ar.
&gat
Gold
Silver
and
Capital.
69
56
50
166
57
21
80
1no
is51 Hampshire
Loans
and
Discounts.
353,134
450,261
156,164
757,279
953,366
335,905
520,232
8
37,368,569
20,123115
19,166, 56
137,452, 78
199,745,658
33,516,952
69,003,392
rt
nt
Massachusetts
Boston
Rhode island
Connecticut
New England States____
459
New York
Albany
Brooklyn
New York City
New Jersey
Pennsylvania
Philadelphia
Pittsburgh
Delaware
Maryland
13altimore
Diatrict ot Columbia
Washington
426
3
6
37
199
779
32
24
26
91
17
1
10
1,651
Eastern States
133
112
74
47
114
2
48
85
31
27
5
483
4
8
2
6
7
5
49
137
8
103
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Savannah
Florida
Alabama
Mississippi
Lotilslana
New Orleans
Texas
Dallas
Fort Worth
Galveston
Houston
San Antonio
Waco
Arkansas
Kentucky
Louisville
Tennessee
1,490
Southern States
356
8
7
8
249
5
441
9
96
3
123
5
261
6
6
323
3
4
Ohio
Cincinnati
Cleveland
Columbus
Indiana
Indianapolis
Illinois
Chicago
Michigan
Dettoit
Wisconsin
Milwaukee
Minnesota
Minneapolis
St. Paul
Iowa
Cedar Rapids
Des Moines
Dubuqu,
Sioux City
Missouri
Kansas City
St. Joseph
St. Louts
3
5
110
11
4
8
2,054
Middle Western States
145
104
229
4
7
3
204
2
2
North Dakota
MU' Dakota
Nebraska
Lincoln
Omaha
ti Omaha
Sas
Kansas City
Dinka
Wichita
Montana
Er
3
R8
118
1g1141s4
Denver
Pueblo
8
40
295
Ukth=e°
Muskogee
Oklahoma City
5
6
Western States
45,712,804
21,203,091
19,413,630
137,607,291
182,807,601
32,412,593
88,627,228
507,844,238 3,528,341
47,620,100 33,719,300
2,100,000 2,200.000
2,252,000 2,600,000
120.200,000 128,855,000
22,257,000 22,419,640
67,246,890 70.918,101
22,0.50,000 39,520,000
28,700,000 25,414,000
1,723,975 1,557,600
5,317,000 3,759,023
12,200,710 7,720,010
252,000
252,000
5,850,000 4,640,513
359,188,870
16,617,909
20,093,404
742,932,490
192,790,726
459,402,971
187,221,206
126,557,931
8,651,540
40,017,100
46,140,295
934,485
25,216,351
i
4i06
440,814,139 8,533,871
85,443,400 38,805,922
459,131,856 9,169,180
01
17
City
11
13
2
VtelvaahlaLale
Nd
ona
Alaska a
a Ono report /or Elept
,
radii° States
498
4
4,125,000
4,200,000
3,400,000
500,000
4,811.000
4.000,000
20,465,490
6,100,000
28,500,000
3,140.000
1,555,000
210,000
1,742,000
1,055,000
100,000
254,426
610,000
1,
1,992.739
400,598,044 15,811,575 13,446,080 3,368,599
200,638
4.313
1/£2
23,407,042 3,407,810
162,78i
26,325,203
.658,137
218,13
32,140
moll
16,581,975
52,83
t.397,211
03,0
201,889
22;i998,:16416830
2,303,2
164.'715
/ :82
5011,031 4,230,128i
978,122
1,080,900
103.313.711 7,756,30
3i
34,715
23,560
49,801,227 7,411,7
120,008,754 10,20 ,798 2,55.6t0
Tres
16.926,321 1,13 .4
0,930
,882,34
4 7,
7,583
tlri6,13
1,i0,659
,372,41
8,452
.394,03
100,070
481I,t3/
480,871
13,359
235,583
336,241
327,332
433,351,488 44,067,867 8,4411,740 8,617,551
32:g18
11
•
•
Totals for
Reserve Cities, &c.
In Millions.
4
8
Totals
28
prof. 33
4r
Carp.italtin.
,jlu
8
Circulation
84
iene
i:a
1M
1Meblllei 2
ieCitars
I
Totals
A
7,781,073
112,797
54,338214,740
50,149
49,485
37,221
14,912
8,273
36,725
57,273
11,230
14,980
424,577
192,819
503,291
ras
,589
146,01
,421
75,69
4.727
29,306
162,61
8,41
41,099
50.04
6.000
12,98
8,1n
092,624
1,873,929
238
150
68,800
339
5
a
ks:
1
55
14
•
3.4
•
45,
4 55
!)A
Si'
3 $5
3 3
30
17131 3f3 34
29 38 36 18 2 16
4 2
16
7
4 6 a 4
2
28
1? 6
4 1
1
13
1
3
3 1 1
2 1
a
11
22
15
13
74
9
15 2?
8 18 14 7
1
-5 --5
-5 42 a -11
-5 3 2
1
1
-5 1
1 2 -i -i
1
2
18
2 2
-5 3
27
A
8
Is32
a.
o1
44
15
ol
g 8
1
42 4 7 37 11 48 .1 120 13 2,932 3,162
4
3 288
6
5 1 1 6 2
93 1,2 /
2 444
4
1 10 2
2
113 162
1
1
2
6
781 701 1,4
3
19 6 14 615 51
40 2 13 2
30
44
1
1
13 148
520
12 2 37
1 74
1;
-5
105
51
106
1
1
1
120 57
177
-5
1
1
200 61
360
-5-i --g
3
4 -5
236 26 5,4765,490 10,068
89
53 70 68 33 47 103 103 33)58 333 60 73 100 57 32 20 122 19 213 10 72 8 14 83 22
6 28 2 442 603 1,045
7 4 2
4 2 8
1
14 9 81 8 43 S
6 6
1
22 1 462.30., 0
120 2 2 22 29 12
27
4
1
4 8 S 1
1
II 4 32
9
4 44 30 10
172
1 4 1 5 35 22 2 24.7 470 7
3
17
2 6 15 2 4 2 2 2 1 4
7
4
3
1 16 17
48
1:4
72 7 2
9)
%73,5
2 5 2,104
15
21
4
22
16
35
14
16
9
16
3
228
95
8
Ills
86
11 21 23
580 38 5 140 83 32 a
6
56 23 9 92 14
34
7 48
7 67 4 32
20124 213 34 43 48 29 12 7
745 17 21 188 127 47 27 2 24 32 29 1I 21 4 44
1
5
1 2 1 _
1
1 3
2
3 ii 3 2
6_
1
2
11
10.908
230
5,49
26
5,47
304188
22
83
14
8
72
10
213
19
122
32
57
100
73
ao
3388
60
103
533
33
103
47
53 70 66
1,682 02 33 419 288 114 50
3
23
875 24 18 218 141
8
54 2 2 17 19
44
179 8 a
18 3
32
93 21 3 87 35 20
1
2
164 3 -5 2a 14
1
1 7 4
43
51 2 1 4 a
-5
19 8
17 189 1
339 1,682 82 33 419 288 114 50
2
oana. disc..&c. 200
8. bonds- - 9
- 20
tOcks. bds..&c.
Real estate, dm. 8
58
1
1
14
- Ott,i!"Cd-tsv-e:9
1,190
601,722
1,548,856
520,874
3,447,986
30,489,076 125,183,709 176,778,016
7,420 1,045,092,580 701,999,833 5,944,581,070 61.935,937 6,058,982.029 239,771.167 256,876,170
United States
14gWitt:
rer_
s
503,033
457,396
416,899
3,688,10
5,018,540
439,567
1,539,738
13:741t:331 1:2A•382
PR,18
6;
7/
4
218
435,654
283,368
171,095
1,345,296
8,604,168
419,634
1,078,887
1L
662,321
29,800,033
464331 1,981,143
206,755
1 ,145.881
463,048
070,467
343.511
28,830,064
1,434,930
21.295.438
989,305
128,505.858
455.272
40,383,740
91.300.220 1.0061
457,8
19,528.529
00,33
8.739,042
304.895
13,589,626
138,067
6,172.801
200,862
3,355,185
291,686
1,149,568
4;t.11and
California
os Angeles
San Francisco
Hallo
138,245
125,715
120,272
630,269
357,424
105,675
380,251
992,640 1,318,031 3,487,585
35,364,100 18,153,242 194,739.373 1,385,908 178,285,612 4,163,750 4,001,970
123,100 1.537,955 1,129,0634
58,628,828
709,555 3,576,770
41,421,696 1,630,523
13,900,000 0,350,000
637,137 2,102,37T
108,446
457,323,051 2,285,683 3,561,050
42,648,530
312,084
0,350,000 4,550,000
241,968
621,336
198,903
610,820
17,109,824 1,003,077
19,574,277
350.509
3,000,000 1,607,000
733.898 1,029,248 1,897,611
21,208,000 9,341,263 121,087,134 1,571,070 107,770,769 3,163,908 2,497,800
238,638 1,223,115
187,603
30,765,529 1,033,907 1,457,170
23,642,181
458,156
6,400,000 2,745,000
3.418,107
32,143,835 17,502,837 205,834,103 4,096,623 179,759,966 4,520,678 4,739,060 1,235,071 1,597,261 23,106,089
665,471 14,767,385
42,000,000 25,850,000 212,451,301 1,089,642 312,601,825 17,140,560 24.887,470
505,574 1,757,697
3$5,848
72,218,232 2,308,715 1,519,580
825,202
89,704,838
10,260,000 5,377,300
131,099
100,717 1.707.36
897,090
34,396,524 1.939,100
744,770
33,666.685
4,700,000 1,750,000
471,233 1,084,70
376,254
68,036,295 1.915,690 1,952,220
647,461
89,163,816
11,280,000 4,616,650
137,674 1,059,665 1,035.13
42,772,620 1,005,230 1,906,420
909,590
42,352.814
6,300,000 3,160.000
964,58I
549,766
532,028
92,204,504 3,020,168 1,721,120
521,370
11,961,000 6,80,663 106,788.844
45,540 1,807,043
180,316
9,487,887 3,316,526 2,448,700
331,165
47,964,224
7,000.000 6.010,00
376,466 1,111,471)
121,893
630,820
2,004,658
9,929,15
1,326,762
28,150,033
3.500,00
4,100,000
605,630 1,501,572
676,786
,121.6 8 2,531,145 2,252,830
301,604
18,345,000 7.390,757 100,841,952
254,535
17,975
40,754
550,000
7.319,3 9
94,625
30,150
2.918,757
08,000
400,000
324,585
67,678
89,389
638,030
427,216
12,799,031
6,450.181
238,690
25,000
2,000.000
144,487
40,216
20,200
80,000
143,437
2 591 418
2,223,072
48,799
130,000
600.000
397,865
42,086
63,390
844,910
199,988
9,161,895
6,674,287
141,670
450,000
950,000
604,315
199,218
275,957
412,660
786,438
29,204,978
30,408,823
156,646
0,665,000 2,677,023
254,921 1,468,397 1,048,656
68,024,210 2,005,268 2,964,71
43,607,740 • 836,621
8,050,000 3,247,000
240,350
200,842
67,204
055,51
10,945,420
387,395
138,909
7,132,018
675,000
1,100,000
250,826 5,741,005 5,909,599
110,952,331
3,179,605
13,320,49
66,149,508
627,390
8,940,000
20,400,000
32,869,551 57,088,544
278,126,935 141,242,735 1,572,096,277 18,850,327 1,697,527,305 59.842,222 78,527,690 7,003,073
523,802
240,081
227,041
30,570,532
823,201
706,240
304,173
33,777,776
5.213,000 1,890,949
375,015
196,400
212,798
27,028,3611
831,900
502,764
765,876
29,166,077
4,210,000 1,273,700
487,157
275,925
357,293
50,234,694 1,564,971 1,176,190
152,034
53,267,803
10,465,000 4,313,72$
201,833
36,621
94,993
6,097.228
307,683
65,510
88,653
4,717,345
330,000
' 1,000,000
788,080 1,174,904
220184
33,903,305 1,178,785 1,16,860
28,752,002 1,172,955
3,700,000 2,815,000
217,741
105,307
147, 36
7.423,867
361,370
72,490
11,729
6,701,654
380,000
1,100,000
783,862
504, 74
410,338
53,607,069 1,735,383 1.168,840
58,072,700
819.424
10,867,500 4,691,639
35,990
44,423
11,687
3,981,647
149,01i
358,100
98,234
2,061,836
300,000
500,000
65,010
33,179
19,377
4,021,302
107,31
207,80Q
286,545
2,818,004
160,000
300,000
60,500
46,347
3,873
22
288
:
3
4,655,682
1
28,106
12
363,950
4,188,870
505,000
00.000
40.5,151
19,092
147,277
1,622,838 1,029,360
37,035,798 1,141,366
5,085,00 2,726,750
97,204
69,515
0,901
11,710,096
335,970
317,121
31911104,099362
14,118,074
,760,000 1.06,500
225,578
254,695
020,886
778,980
525,684
41,304,500
,715,000 3,068,755
07,794 1,679,413
137,671
1,782,040
39,341,211 1,398,693
,600,000 3,922,000
77,695
31,207
37,322
466,190
7,537,273
22,923
4,98.2,035
432,410
650,000
172,308
114.049
79,707
14,606,847
440,530
5.079
12,030,530
2,165.000
690,974
8.598
574,689
51,653,250
9,262
42,877,194
8
8,74 1,21640
85
340
11,410.000 2,066,344
97,275
2,1)
38,022
21 .931)
4,329,101
112,242
4,194, 82
122,022
251,000
850,000
114,200
1' 7,850
111,882
40 .180
180,31
35
6.463,255
0,992.335
248,954
271,500
1,550,000
2,027,709
1,370,000
15,000
$ 0,000
2,1 2,374
1,827,000
8,187,111
2,826,000
14,0671
1 417,54
'445,68
00,000
475.1
680,0
60,0
5
803,500
259,020
, 309,280
1,639,210
8,655,580
596,820
919,270
:
Tender
Notes.
1,807,738
200,222
562,674
2,326,386
992,472
1,341,790
776,744
874,927
53,596
118,839
659,487
30,700
1,301,896
71,640,500 32,241,735
ington
cattle
Spokane
Tacoma
$
1,233,007
486,519
388,031
2,281,943
5,600,271
430,248
1,730,219
Treasury
Certificates
516,377,920 12,254,238 13,183,180 1,007,851 12,838.102 12,264,178
31,333
289,946,540 5,735,142 6,968,20Q 1.213,713 4,100,550 6,2128,730 1,898,035
44,290
23,957.621
489,480 1,985,820
839,529'
138,020 1,030,257
493,012 1,090,140
17,558,400
874,016,720 511,771,907 105,281,390 1,329,866 41,285,065 51,022,243 •
883,921 2,80,628 4,114,225
152.697,700 1,923,635 3,361,800
357,890,451 9,479,853 8,795,940 1,475,060 4,263,641 8,103,059
761,15 0,066,407 4,224,628
218,249,T 10,355,315 12,982,890
680,0 5 3,596,435 5,158,730
140,829,6 9 5,533,503 8,320,960
182,349
102,291
61,9 2
107,100
120,936
7,646,6 6
598,782
412,911
144,183
752,840
30,529,133
507.800
471,430 .
185,520 2,026,645
63,116,998
474,866 2,535,660
25,340
25,461
3,260
35,200
841,966
8,127
416,948
672,859
77,001
93,745 1,506,350
23,086,717
:
83,284,631
337,864,675 343,825,877 2,225,665,278 11,047,471 2,200,967,866 93,998,318 153,724.380 7,399,250 67.205,070
784,877 1,888,516
441,543
00,329,822 1,538,134 104,783,187 1,606,636 1,778,840
17.621,000 10,964,134
840,045
247,294
496,834
889,870
49,527,041 1,223,244
51,815,600
476,234
0,7604180 5,721,960
386,310
225,943
2i3:81:3
433,450
41,243,553
483,865
34,566,493
589,673
8,660,000 2,654,273
182,554
209,993
180,870
26,132,315
208,167
19,673,137
223,016
5,785,000 2,168,250
987,563
598,291
579,964
537,340
511,635
61,620,442
46,324,906
749,293
14,045,090 8,008,445
7,900
41,110
41,583
6,500
2
12
8
3,803,572
881
1,496,011
175,341
700,000
900,000
680,215,
343,893
291,864
596,920
573, 28
34,943,780
32,035,316
516,376
7,245,000 2.919,300
39,637
393,051
404.162
1,418,330
40,686,059
705,
41,601,123
344,236
9,725,000 5,591,725
173,169
02,78
133,074
400,390
12,703,929
150,300
13,968,915
184,660
3,255,000 1,077,771
154,742
111,150
175,851
492,530
18,731,516
211,211
10,585,688
18,992
3,120,000 2,335.866
332,899
565,745
49,345
28,005,456
656,006 1,817,060
23,601,419
294,299
5,200,000 2,980,000
2,312,417
1,235,632
1,563,959
33,023,300 16,701,399 146,296,984 1.281,713 136,541,727 2,399,09 3,427,010
406,539
492,799
226,895
286,020 1,296,260
21,813,376
200,524
19,435,071
2.650,000 2,300,000
641,335
84,201
60,0811
202,450
15,433,473
640.780
12,442,912
29,358
3,175,000 1,715,000
128,980
59,526
637,810
106,842
5,079,174
216,445
64,950
3,968,158
250,000
600,000
816,654
483,990
232,366
1,864,750
29,444,474
876.493
25,135,431
86,371
5,100,000 1,190,000
280,555
290,095
152,21
901,560
10,480,865
346,423
10,113,236
353,281
2,350,000 1,109,500
136,500
78,940
175,66
262,000
6,818,988
146,887
38,402
0,033,644
383,300
1,750.000
429,735
223,486
202,45
22,006,629
481,030
204,581
144,922
18,785,149
5,035,000 2,001070
559,330
321,977
270,910
45,808,135
764,040 1,176,460
41,754,585
849,820
12,070,900 4,83 ,391
601,725
288,749
88,877
25,287,029
301,225 1,382,000
20,187,998 1,206,391
5,495 0 2,64 ,000
539,189 1,510,057
342,767
66,157,850 1,134.949 1,315,880
60,864,395
898,817
5,179,631
12,580,
14,485,511
8,129,238
8,224,540
21,549,310
808,610,570
13,195,527
10,294,873
737,016,543
169,045,370 83,989,865
102,361,700 61,749,273
1,264
Wr
Hawaii
Surplus,
7.740,000 3,733,950
5,235,000 3,088,800
5,160,000 2,064,981
30,042,500 17,639,390
28,200,000 19,380,500
6,620,000 4,260,328
19,364,200 11,581,324
Gold
Gold Org•li Treasury
Certificates Certificates
Other.
Deposits.
NO. 01
!tanks
Nov. 28 1912.
-
3
2
-a
-a
-1
g8 11 111
18
1 3
5
--a
18
1
Yi
27
23
FED. 1 1913.1
THE CHRONICLE
=kers' Gazeitt.
Wall Street, Friday Night, Jan. 31 1913.
The Money Market and Financial Situation.-Except
for a sensational movement in American Can Company
issues, the stock market would this week have been dull,
narrow and almost featureless. We say sensational because
no reason was generally known until just at the close to-day
why the common stock of this company should have sold
at 46% as against 323% at the close last week and 1l3 a
year ago. There is, perhaps, a logical reason for an advance
in the preferred shares found in the prospect of a liquidation
of accumulated dividends thereon, but the advance from
118 on Monday to 1293% on Tuesday may also be classed
as "sensational." Moreover the way in which this matter
has been conducted on the floor of the Stock Exchange has
elicited considerable adverse criticism.
• There seems to exist a feeling that the Union PacificSouthern. Pacific matter is approaching a settlement. This
is reflected in an advance • of over 4 points in the latter and
of 3 points in Union Pacific stock within the week. The
settlement, when effected, will remove one of the muchtalked-of reasons for a dearth of interest in the security
markets for some time past.
Of greater moment, because so much more widely felt, is
the delay in arriving at satisfactory terms of peace at the
conference in London. At this distance from the storm
centre it is not easy to understand why the money markets
of Europe should be so affected by the possible results of
the war in Turkey as to create the current rather insistent
demand for gold in this market. Shipments of gold this week
amount to $3,250,000, and it now seems likely that they
will continue. There is, however, no unfavorable effect
upon the money market here.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2@,3%. To-day's rates on call were 2@f2 %•
Commercial paper quoted 43@432% for 60 to 90-day endorsements and for prime 4 to 6 months' single names and
4%@5%% for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £625,993 and the percentage of reserve to liabilities was 47.43, against 49.83 last week.
The rate of discount remains unchanged at 5% as fixed
Oct. 17. The Bank of France shows an increase of'
15,578,000
francs gold and a decrease of 11,327,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1913.
Averages for
week ending
Jan. 25.
Differences
from
previous week.
1912.
Averages for
week ending
Jan. 27.
1911.
Averages for
week ending
Jan. 28.
8
135,150,000 133,350,000
Capital
133,650,000
198,340,600 196,761,500
Surplus
202,480,100
Loans and discounta..._ 1,373,552,000 Inc. 13,471,000 1,402,858,000 1,273,974,700
47,231,100
50,772,000
Circulation
36,000
46,663,000 Dec.
Net deposits
1,402,523,000 Inc. 17,426,000 1,475,705,000 1,300,821,500
Specie
294,203,000'Inc. 6,677,000 328,114,000 287,911,300
Legal tenders
76,659,500
84,683,000
78,637,000iDec. 1,724,000
Reserve held
25% of deposits
Surplus reserve
372,840,000 Inc. 4,953,000
350,630,750 Inc. 4,356,500
22,209,2501Ine.
596,500
412,797,000
368,926,250
364,570,800
325,205,375
43,870,750
39,365,425
Note -The Clearing House now issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House, appear on the second
page preceding.
Foreign Exchange.-The market for sterling exchange
ruled easier this week, due largely to speculative selling.
An engagement of $1,000,000 was made in gold for Paris,
and the week's arrangements for gold to the Argentine
amounted to $2,250,000.
311
There has been a little increase in the volume of business
in railway and industrial bonds but the investment demand is
practically nil. A large part of the transactions at the
Exchange have been in low-priced issues, in which the local
traction bonds were prominent, and the demand for which
has carried them to a higher level.
United States Bonds.
-Sales of Government bonds at
the Board include $53,000 Panama 3s coup. at 1023 to
102k,$2,500 4s coup. at 1133/i and $7,000 2s coup. at 101 Yt•
For to-day's prices of all the different issues and for yearly
range see third page following.
Railroad and Miscellaneous Stocks.-Owing largely,
no doubt, to the movement of American Can issues referred
to above,the stock market has been strong,especially during
the latter part of the week, and the active list has in almost
every case advanced. A few stocks, evidently for other
reasons than that mentioned, have been strong, including
New York Central, Illinois Central, Union Pacific, Southern
Pacific and the copper issues.
In the case of Illinois Central the advance was simply
a recovery of a part of last week's decline, on the assurance
that a reduction of the dividend rate has not been officially
considered. Southern Pacific has advanced 33 points,
New York Central 23
%, Union Pacific 23% and a few other
railway issues from 1 to 2 points. Canadian Pacific is the
only active railway stock which has declined. It closes
points lower than last week.
Of the industrial list, American Petroleum has advanced
35A,U.S. Steel 1%,Amalgamated 2and Smelting 23% points.
For daily volume of business see page 349.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending Jan. 31. for
Week.
Range since Jan. 1.
Range for Week.
Lowest.
Adams Express
100 150
AilLs-Chal rct,s, 3d pd..300 35%
Am Brake Shoe & Fdy
100 945%
Preferred
200 133%
13 1605%
American Express
100 665%
Amer Teleg & Cable_-_
100 425%
Associated Oil
34,900 7-32
Bait & Ohio rights
Batopilas Mining
100 815%
100 116
Buff Roch & Pitts
100 625%
Canada Southern
18,966, 165%
Canadian Pac rights_
Chic MU & St P rights.... 3,709 15-64
100 151
Col Fuel & Iron, pref_
200 31
Colorado & Southern_
100 995%
Deere & Co, pref
570 795%
Detroit United
Gt Northern pref rights_ 2,000 25%
197 16
Green Bay & W deb B
Helm (G W)
200 175
Homestake Mining
78 118
Int Agricul Chem v t c_ _
100 33
Preferred v t c
2130 82
100 105%
Iowa Central
150 21
Preferred
K C Ft S & Mem, pref _
1001 745%
100, 67
Mackay Companies, ptd
10204
National Surety
300 62
N Y Chic & St L
Pabst Brewing, pref_ _ _ _
1201075%
90, 11
Peoria & Eastern
1001 275%
Pettibone-Mulliken _ _ _
100, 96
First preerred
200! 99
Philadelphia Company_
240 45%
Quicksilver Mining, pref
St L & S F-C & E Ill new
10 50
stock trust ctfs
Sears, Roebuck & Co, VI 1001245%
300 475%
United Cigar Mfrs
United Dry Goods
400 99
Preferred
111 1055%
25 52
U 5 Express
200 525%
Virginia Iron Coal & C
300 110
Wells, Fargo & Co
300 635%
West Maryland, prefWeyman-Bruton
200300
Highest.
29 150
25 434
30 945%
29 134
Jan
Jan
Jan
Jan
Lowest.
Highest.
29 140
28 35%
30 935%
29 130
Jan 150
43
Ja
Ja 965%
Ja 1365%
2716034 Jan 27 16034 Ja 165
30 6634 Jan 3 665% Ja 6634
30 425% Jan 3 425% Jan 425%
25 5-16 Jan 25 7-32 Ja 7-16
Jan 31 3134 Jan 31 $I
Jo 515%
Jan 30 116 Jan 30 116
Jan 116
Jan 29 625% Jan 29 625% Jan 625%
Jan 29 175% Jan 25 165% Jan 19%
% Jan 30 15-64 Ja
%
Jan 30
Jan 29 150
Jan 151
Jan 29 151
Jail 33
Jan 31 31
Jan 31 31
Jan 28 995% Jan 28 995% Ja 1005%
Jan 31 80 Jan 3 785% Ja 80
Jan 3
234 Jan 30 2 3-16 Ja 1234
7%
Jan 27 175% Jan 281 155% Ja
Jan 180
Jan 28 1795% Jan 29 175
Ja 117
Jan 271185% Jan 29 110
Ja 39
Jan 27 23 Jan 27 33
Ja 90
Jan 25 82 Jan 25 82
105%
Jan 30 105% Jan 30 105% J
Jan 31 21
Jan 23
Jan 31 21
Jab 30 745% Jan 30 743 Jo 78
Jan 27 67 Jan 271 665% J
tissi
J1204
Jan 28 204 Jan 28;204
Ja 633.4
Jan 25 62 Jan 271 58
Jan 107%
Jan 29,107% Jan 29 106
Jan 25 115% Jan, 12
Jan 2V 11
Jan 28
Jan 28 275% Jan 28t 27
96
Jan 98
Jan 31 96 Jan
29 99
Jan 995%
Jan 29 9934 Jan 31L
Jan 25 45% Jan 25 45% Jan 45%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 30 50 Jan 30 47
Jan 28 1244 Jan 281; 1245%
Jan-27 4934 Jan 28,x46%
Jan 29 99 Jan 29 99
Jan 29 1055% Jan 29; 1045%
Jan 30, 52
Jan 30 52
Jan 27 54 Jan 28 52
Jan 271114 Jan 25 110
Jan 311 65 Jan 2711 57
Jan 30300% Jan 30 300
Jan 54%
Jan 125%
Jab 50
Jan 101
Jan 105%
Jan 66
JanI 54
Jan 123
Jan 67%
Jan 1005%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Outside Market.-Business was more active on the
"curb" this week and prices showed a firmer tendency.
Considerable interest centered in United Cigar Stores cony.,
which improved over 23% points to 1105A, but reacted tO
1073%,ex-dividend. The close to-day was at 1083%. British
sterling
exchange
rates
for
were
nominal
4
84
for
To-day's (Friday's)
Amer. Tobacco sold up from 24 to 25 and ended the week
60 days and 4 88 for sight. To-day's actual rates for sterling exchange
1 2,
were 4 8304 8310 for 60 days, 4 872004 8730 for cheques and 4 87700 at 243%. Tobacco Products pref. rose from 95 to 97/
82%
and
documents
for reacted to
4 8780 for cables. Commercial on banks 4 8104
953% and moved upward again, resting finally at
payment 4 82_5% 04 835%. Cotton for payment 4 825% @4 83 and grain for
963%. A gain of 13/9 points to 713% was recorded by Cluettpayment 4 8304 835%.
The posted rates for sterling as quoted by a representative house, were Peabody & Co. cony. Emerson-Brantingham corn, adnot changed during the week from 4 84 for 60 days and 4 88 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 205% less vanced from 65 to 663/9 and eased off to 66. The preferred
1-1605 205% for long and 5 175%05 175% plus 1-32 for short. Germany was traded in up from 975% to 983% and down to 97%, with
bankers' marks were 94 7-16(394% for long and 95%095% plus 1-32 for
short. Amsterdam bankers' guilders were 40 5-16 loss 1-16040 5-16 less the close to-day at 98. Standard Oil of N.J. gained 5 points
1-32 for short.
to 437 and dropped to 430, the final figure to-day being 432.
Exchange at Paris on London, 25f. 225%c.; week's range, 25f. 225%c.
713%, sank to
high and 25f. 19c5%. low. Exchange at Berlin on London, 20m. 495%pf.; Willys-Overland corn. opened the week at
week's range, 20m 495%pf. high and 20m. 475%pf. low.
703% and recovered finally to 71. The preferred moved up
The range for foreign exchange for the week follows:
from 983% to 983%, down to 983% and back subsequently to
Sixty Days.
Cheques.
Cables.
Sterling, Actual4 8770
4 8835
983%. With the transfer of the St. Paul new cony. 43%s to
High for the week__ A 8360
4
8720
83
___4
4
8770
Low for the week
the Exchange business in bonds was further contracted.
Paris Bankers' Francs5 165%
Initial transactions were recorded late in the week in the
5 16%
High for the week___5 20
1-16
5
less
175%
1-32 5 16%
Low for the week_ _5 205% less
Norf. & West. new cony. 43%s down from 108 to 1063% the
• Germany Bankers' vlarks5
close being at 1073%. Bklyn. Rap. Tran. 5% notes ranged
955%
955%
High for the week_ 94%
955% less 1-64
Low for the week_ __ 94 7-16
955%
between 96 13-16 and 97, closing to-day at 963%. Canada
Amsterdam Bankers' GuildersSouthern 5s advanced from 1073% to 107% and sold back to
40 5-16
403
nigh for the week_ __ 405%
%
40 5-16 less 1-16 405% less 1-16
Low for the week___ 405% less 1-16
1073%. Western Pacific 5s gained a point to 873%. N. Y.
Domestic Exchange.-Chicago, par bid. Boston, par. St. Louis, Sc. City 43%s of 1960 weakened from 100 to 99 11-16, the 'Wig
discount. San Francisco, 50c. per $1,000 premium. St. Paul, 55c. per
$1,000 premium. Montreal, par. Minneapolis, 55e. per $1,000 premium. of 1962 selling at 993%. Copper shares were without feature.
Cincinnati, par.
Braden Copper moved up from 93% to 93% and down to 93%
Stan and Railroad Bonds.
-Sales of State bonds at with the close to-day back to 932. Giroux ranged between
the Board include $1,000 New York Canal 45, 1960, at 3 and 3 7-16 and rested filially at 3 1-16. Greene Cananea
101%, $1,000 ditto, 1961,at 1013% and $86,000 Virginia 6s improved from 83% to 93% but reacted to 83%.
Outside quotations will be found on page 349.
deferred trust receipts at 513 to 5332.
342
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding nage.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Jan. 25
Tuesday
Jan. 28
lionday
Jan. 27
Wednesday
Jan. 29
Thursday
Jan 30
Friday
Jan 31
Sales of
the
;Veek
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range. Since Jan. 1.
On bans ol Ple-sliare tots
Lowest.
Highest.
Railroads
105 10514 10434 10514 105 10534 10518 10512 10538 10534 z10378 10414 12,800 A tell Topeka & Santa Fe 210378 Jan 31 10633 Jan 6
*10134 10214 10134 10134 102 102
10214 10214 102 102 *10134 10214
1004 Jan 3 10214 Jan 29
760 Ls- Do pref
12934 13018 13038 13012 13014 13012 *130 131
130 130
128 Jan 17 13338 Jan 9
131 131
1,900 Atlantic Coast Line RR
102 10214 10178 10214 10178 10214 10178 10218 102 10212 10238 10258 6,300 1 laltimore & Ohio
a10178 Jan 27 1064 Jan 22
*84
8434 *84
8434 *8313 8434 *8312 8412 8312 8414 8418 844
a83i2Jan 30 88 Jan 10
414 1L, Do prat
8934 0034 90 9012 9034 9134 9058 9114 9114 9134 91
9158 14,725 Brooklyn Rapid Transit_ 8812 Jan 23 924 Jan 9
24214 24278 24138 24218 24058 24214 23878 24114 24018 242
123878 Jan 29 26034 Jan 9
24038 24134 28,751 / ,anadian Pacific
*353 360 *353 360 *353 300 *353 360 *353 . 360 0353 360
k;entral of New Jersey _ 360 Jan 17 362 Jan 13
7758 78
'77
78
30(
1 e
7814 7834 7734 7812 7772 78:52 78% 7834 5,9
Dh
iles
ies.Gpteaw
ke
esr&
7534 Jan 14 80 Jan 2
*16
1614 1614 1814 1614 17
1612 17
*1618 164 1658 1858
trOuhsitoctfs_ _ 16 Jan 18 1778 Jan 9
*3118 34
31
31
3214 33
Do pref trust ctfs
3258 3212 3212 3218 3218 1,300
32
31 Jan 14 35 Jan 9
113 113
11214 11312 113 11312 11234 11314 11314 114
10,500 Chicago Milw & St Paul._ 11138 Jan 14 11014 Jan 9
11312 114
0141 145 *141 145 *142 145 *142 145
Do prof
150
145 145 *142 159
140 Jan 3 145 Jan 30
*13514 137 *13512 13612 13613 137 *13612 13712 137 13714 137 13738 1,835 Chicago & North Western 135 Jan 15 138 Jan 11
*181 190 *181 189 .181 189 *181 189 *181 100 *181 189
Do pref
§189 Jan 6 3189 Jan 6
*53
65 *53
53 *53
5314 5314 5314 53
5512 *53
5614 1,600 Cleve Cin Chic & St L
53 Jan 14 54 Jan 21
*90 95 *90 94
*90 94 *90 95
Do pref
*92
*90
94
95
9434 Jan 16 9434 Jan 16
*164 1613 *163 106
16513 16534 *16412 106 *164 163 1166 166
235 I)e
clia
awar
rroreater
e plifullson_
164 Jan 22 167 Jan 8
*425 437 *425 445 *425 445
445 *420 445 *420 442
435 Jan 23 445 Jan 13
West.420
*2012 22 *2034 22
*2078 22
22
*2034 2212 *21
Denver & Rio Grande__ 2034 Jan 14 2318 Jan 9
*2034 2212
97 40 *37
40
40
40 *37
38
*38
38
3812 3812
Do prat
300
37 Jan 17 41 Jan 10
*8
8
*8
8
*0
*6
*6
8
8
8
*0
Duluth So Shore al Atlan
8
8 Jan 3
812 Jan 2
*1312 1612 *1312 1612 *1312 1612 *13
1613 *13
1612 *13
1612
Do prof
154 Jan 4 1614 Jan 2
3034 3118 3078 3114 3118 3188 31
3238 3134 32
22,300
3138 31
.30 Jan 14 3212 Jan 6
*4712 4812 *4713 484 4814 4814 48
4912 4812 4813 1,300"
E°Do 1st preferred_ _ _ 46l Jan 17 4912 Jan 30
4812 43
*3913 4012 4018 4018 *39
*397
.8 41
*3912 4034
4018 41
40
Do Zd preferred
300
38 Jan 17 41 Jan 30
12758 128
12734 12814 123 129
128 12834 12814 129
12838 12878 9,300 Great Northern prat
12534 Jan 17 13258 Jan 0
3934 4014 3934 4012 0,010
38
38
40 40
3712 3878 13834 49
Iron Oro properties
3714 Jan 17 4114 Jan 3
124 12478 12414 12514 12512 12614 126 127
12838 12838 12818 12812 2,320 Illinois Central
121 Jan 24 12812 Jan 31
19
1858 19
1958 1834 1938 21,650 nterboro-Metrop v t ctfs 17 Jan 21 1958 Jan 30
1734 1858 1814 183s 1838 19
8012 6212 017s 8214 624 84
63 0378 64
6538 6334 8438 26,000
Do prof
69 Jan 21 6538Jan 30
*25
21314 2614 2614 2614 205s 2834 *2614 2834
2634 2578 26
25 Jan 14 2714 Jan 0
900 Vansas City Southern
*60
*60
62
62
01
680
591 Jan 14 6112 Jan 7
80 *6014 02
01
060 62
ko
o Erp
y aD
150 Iv
iereierf
v ee
dstero
*1112 14
*11
14 *11
*11
14
14 *11
14 *11
14
*30
*30
_Li
*30
35
35 *30
Do preferred
35 *30
35
35 *30
324 Jan 17 35 Jan 6
35
*113012 16114 161 18178 162 16314 16012 18214 16112 1634 10114 10338 30,088 Lehigh Valley
15858 Jan 17 16838 Jan 2
13834 139
13812 139
13918 13912 13834 139
13914 13912 13912 14018 3,60 Louisville & Nashville 213612 Jan 20 14214 Jan 10
0130 133 *130 133 *130 133 *13112 133 *131 133 *131 133
anhattan Elevated
12978 Jan 4 132 Jan 23
72
,112 2113 2134 2134 200 ILLInneapolts & St Louis 2022 Jan 17 2314 Jan 2
Do preferred
150
47 Jan 29 47 Jan 29
„
*33913
Pe
*Mira 141
14212 13913 1161; 14034 14034 14013 1-41-1Marie.__ 13712 Jan 15 14214 Jan 9
4 14018 1-401-8 1,026 Elan Stpr
'143 150 *143 150 *143 150 *144 152 *144 152 *144 152
preferred
rr8
§150 Jan 22 3150 Jan 22
*2612 2712 2714 2714 *27
600 Mo Kansas d4 Texas
28 *2612 2738 2713 2758 *2634 2734
2578 Jan 14 2918 Jan 7
Do preferred
*01
*8012 62
*6014 63
63 *81
*61
63
63 *01
63
5934 Jan 14 6314 Jan 7
4114 4114 4118 4114 4158 4214 4118 42
at ysuRrlPoitt
4113 4218 4118 4214 8,700 Misso
40 Jan 14 4358 Jan 0
*60
*130
65
*60 64
05
*60 65
65
Maxfl
1c 1st prof
06013 05 .00
*2312 2412 *2312 2434 2434 25 *24
25 *234 2412
25
25
Do 2d preferred___ 2412 Jan 23 2712 Jan 2
000
10714 10712 10718 10718 10778 10812 10812 109
10914 10934 10918 10938 5,400 N Y Central h Hudson__ 10612 Jan 17 10934 Jan 30
0127 130
12712 128
12912 12912 1,300 N Y N H & Hartford__
128 123
12834 12878 *12812 130
12712 Jan 27 12978 Jan 10
*3118 3134 *3113 32
32
3178 3178 32
32
3238 3134 3134
t00 N Y Ontario & Western_ 31 Jan 3 3378 Jan 11
• _ 87 *____ 87 *____ 87
*8812 87
*8612 87
8612 8613
00 N Y State Rallways___
8612 Jan 31 8712 Jan 8
*11112 11212 11238 11212 11258 113
11212 11278 111 11314 110 111
9,600 Norfolk .de Western
110 Jan 31 11312 Jan 3
*83 02 *83
02
Do adjustment prat
*83
91
*7513
Nor Ohio Trao & Light._
8612 Jan 31 7534 Jan 15
11834 11934 • 119r4 12018 11914 120
11838 118
- 3-4 iigis 11834 119 120
10,580 Northern Pacific
11714 Jan 15 12258 Jan 6
12218 1324 12258 12258 12278 12318 123 12318 123 12318 12278 123
12158 Jan 14 12334 Jan 7
7,010 Pennsylvania
*10012 102 *10012 102 .10012 102 *10012 102 *10012 102 *10012 102
Pittsb Cin Chic & St L__ _ 100 Jan 15 104 Jan 11
*105 115 *105 115 *105 115 0105 120 *105 120 *105 120
Do preferred
16412 16518 16214 16318 1634 16478 16314 10458 113334 16614 16478 16612 273,226
1604 Jan 17 16878 Jan 2
dn
0012 9112 .0012 92 49013 02
*9012 92
-1.1 ai
2
1
1st
*9012 92 *9012 92
t preferredp referred
300 Dc
00 Jan 3 0112 Jan 27
*9012 93 *9012 93 *9012 92 *9012 92
92
92
92 02
200
91 Jan 14 03 Jan 2
2238 2258 2238 2258 2214 2234 2213 2234 224 2314 2234 2414 12,550 Rook Island Company
204 Jan 20 244 Jan 9
4012 4112 41
*40
*40
41
41
41
40 42
4012 4313 6,700 .Do preferred
37 Jan 20 4434 Jan 2
16
1638 164 1612 1634 17
O1512 1634
1658 1658 17
800 Qt Louis & San Fran _ _
17
1534 Jan 20 1934 Jan 11
*55
60 *55 00 *56
58 *55
LI Do 1st preferred.____ 5512 Jan 22 68 Jan 13
60 .53 60 *56
62
2614 2638 27
2714 2713 28
27
Do 2d preferred
2734 2713 2712 2714 274 1,700
2514 Jan 17 29 Jan 11
*33
3612
*33
033
381
364 *33
St Louis Southwestern__ 3513 Jan 13 35'2 Jan 13
3613 *33
3612 *33
3612
*7312 77 *7313 77 *7312 77 .7312 75 .7334 75
*7312 75
Do preferred
7312 Jan 14 75 Jan 9
*1914 1934 *1914 20
1934 2012 204 2012 2038 2058 *1934 2012 1,850 Seaboard Air Line
1814 Jan 22 2058 Jan 30
48
48
*4714 48
4814 4838 4838 4814 4814 4714 4734 1,300
48
Do preferred
45 Jan 3 4838 Jan 20
10518 10538 105 10534 10558 10712 107 10938 10858 110 10778 109 132,700 Southern Pacific Co
10414 Jan 16 110 Jan 30,
2718 2718 27
Southern
v tr ctfs stmpd _ 2638 Jan 17 2858 Jan 2
2718 27
2778 2713 2758 5,600
27
274 2678 27
7912 7912 .7912 80
Do pref
80 80
8014 8038 8014 8034 *8012 81
1,100
do
7834 Jan 18 81 Jan 11
*2014 2012 2012 2013 *2012 2112 *2014 2112 2012 2053 2012 2012 8,100 Texas & Pacific
20 Jan 20 2258 Jan 8
3814 3938 39
39
39
361 Jan 14 4012 Jan 2
3914 3878 384 3918 40
39
3958 8,000 L hird Ave New
*214 413 *214 412 *214 4
Toledo Railways de Lt__ _
*214 413 *214 412 *214 412
3 Jan 14
3 Jan 14
12 *10
1212 1112 1234 *1013 13
010
1238 .10
12
600 Toledo St L & Western.. 11 Jan 21 13 Jan 0
13
*27
*25
*25
O2513 29
29
29
29
*25
Do prelerred
*25
29
284
27 Jan 8 2934 Jan 0
108 10814 108 10818 10712 1071 *100 1081 *10514 107 100 106
1,135 Twin City Rapid
r'
ed
Fransit. 101 Jan 3 10814 Jan 23
15812 1594 15838 15938 15918 16058 15878 16014 15912 16112 15978 16134 120,800 UnionDo
1554 Jan 14 16234 Jan 6
9058 9018 001
00 00
90 90
8912 8912 9012 9012
850
preferred
8914 Jan 14 9313 Jan 6
*32
34 .32
31 '32
34 .
34 .32
32
Unit Rys Inv't of San Fr 32 Jan 16 3522 Jan 3
*32
*32
34
*60
6112 *60 62
01
*59
62
81
Do preferred
*60
*60
6112
100
g3
1
5912 Jan 17 6312 Jan 2
*313 4
100 IV abash
334 334 *334 4
*334 4
*312 414
*334 4
33 Jan 14
378 Jan 11
*1214 1234 *124 1231 *1214 1234 1234 1234 1314 1314 *1214 13
200 V
12 Jan 15 134 Jan 14
•
44
44
4314 4312 4312 4378 *43 4334 1,000 Western Maryland Ry
4314 4312 *434 45
3738
Jan
46
7
Jan 2
*714
734 *7
8
07
8
712 74
300 Wheeling de Lake Erie*714 734 *714 734
7i Jan 20
8 Jan 3
*25
28 *25
28
28
28 *25
2614 27
O25
27
27
400
no 1st preferred
2614 Jan 30 2818 Jan 13
*1013
*1013
*1012
15
14
*1012 14
*12
14 *12
14
Do 24 preferred
14
12 Jan 14 14 Jan 3
*48
*50
65
55 050 55
55 *49
*49
*49
65
55
Wisconsin Central
46 Jan 15 50 Jan 11
industrialdc5liscellaneous
7158 7218 7138 72
7178 734 7134 73
724 7418 73
7418 98,800 A malgamated Copper.. 7058 Jan 20 8038 Jan 2
*al
5278 5278 5334 5334 5338 5312 5334 6334 *53
54
54
500 la merAgricultural Chem
4,114 Jan 17 67 Jan 3
*97
9913 *9712 9812 *96
9912 *97
9912 *9714 9812 *97
Do pref
9812
9778 Jan 15 09 Jan 2
*364 3712 3034 3634 37
38
3714 3734 3734 3814 3713 38
4,000 American Beet Sugar
35 Jan 7 5012 Jan 2
*8312 85 .8312 85
85
84
*8312 90 *84 90
1834 8312
350
Do pre
84 Jan 28 85 Jan 28
3258 3214 34
32
39
3414 38
4034 42
4634 43 464 463,136 American Can
251 Jan 14 4678 Jan 31
11712 11818 118 120
121 12918 10 120
126 12012 12412 129 105,600
Do pref
11312 Jan 14 129(2 Jan 30
*5213 53
53
53 53 *62
54
63
5312 5334 '5334 64
900 American Car & Foundry 5112 Jan 17 5038 Jan 2
0115 11712 *115 11712 *115 11713 *115 11678 *110 11678 *115 117
Do prat
11613 Jan 15 11634 Jan 21
474 4712 *4712 60 *4712 4912 4712 4712 .4713 4-8
O4814 60
500 American Cities
4712 Jan 14 4834 Jan 0
*7713 7814 *---- 7814 *____ 7812'P.- 7713 *____ 77
§77
77
66
Do preferred
77 Jan 22 78's Jan 2
*4834 51
*49
51
3012 5178 5034 5034 *50 52
52
52
1,600 American Cotton Oil
4838 Jan 22 574 Jan 2
*9513 100 *9512 100 *9513 100 *9512 100 .0512 100 *0512 100
Do prat
0658
Jan 7 9634 Jan 10
*413 5
.44 5
458 458 *414 5
*414 5
434 434
200 Amerloan Hide di Leather
4 Jan 14
518 Jan 8
025
§2512 2512 *25
27
*26
*25
28
28
27
27
27
160
Do prof
2412 Jan 17 28 Jan 7
2414 2414 227s 2334 2313 2378 2334 24
24
2388 2312 24
2,600 American Ice Securities_ 20 Jan 2 2434 Jan 20
0104 1012 .1018 1013 104 1012 *1013 12
1114 1112 1112
11
700 American Linseed
10 Jan 14 1112 Jan 31
030
32
3112 31
31
*31
32
*30
31
31
3112 3112
500
Do prat
30 Jan 14 3112 Jan 31
*39
40
4014 4034 40 41334 4034 41
39
89
4138 2,700 American Locomotive... 3834 Jan 18 4412 Jan 0
41
0103 10578 *104 106 *105 106
10578 10578 *104 10512 *10412 10512
100
Do prof
105 Jan 15 10334 Jan 2
011
13 *11
12
1234 12
12
12
12
12
*11
1178
800 American Malt Corp
12 Jan 14 13 Jan 3
57
57
*56
59
68
577 5778 574 5812 §58
574 58
835
Do pref.
67 Jan 24 6112 Jan 3
88 '85
80
*8838 8812 *84
*8512
*853
4 8814
*3514 80
Amer Smelters See pref B 80 Jan 9 86 Jan 0
88
7134 7218 7134 72
7414 7312 7214 7314 7314 7434 7314 7438 22,100 Amer Smelting& Relining 6838 Jan 14 7434 Jan 30
*10514 1013
§10,4 10614
10512 10512 *10512 106 *10514 106
10578
370
Do pref..
1054 Jan 16 10338 Jan 8
Range tor Previous
Year 1012.
Lowest.
Highest,
10314 Feb
10138 Jan
013034 Dec
410114 Feb
8613 Aug
7634 Jan
22512 Mob
305 Jan
6814 Feb
1558 Dec
3012 Dec
9938 J'ly
13914 Dec
13418 Dec
188 Nov
4514 Dec
95 Deo
162 Dec
530 Aug
1812 J'ly
3414 J'ne
43 Sep
Di Dec
30 Deo
4712 Dec
38 Deo
126 Jan
36 Jan
1204 May
1814 Dec
5338 Jan
2212 May
56 May
1112 Jan
30 Jau
16578 Feb
138 Dec
12878 Dec
1812 ny
§40 Feb
129 Feb
146 Deo
2512 Dec
574 May
35 J'ly
6218 Oct
264 Oct
10643 Dec
126 Dec
2:178 J'ne
8313 Oct
110754 Feb
83 J'ne
56 Itch
11533 Jan
11978 Dec
9812 Jun
10812 Jan
14818 Jan
8712.Pne
92 Dec
2238 Deo
4214 Dec
1712 Dec
5812 Deo
2612 Deo
2934 Jan
6812 Jan
18 Deo
4434 Dec
10313 Deo
2613 Jan
6814 Feb
2012 Jan
3312 Dec
213 Deo
1013 Dec
28 J'ne
103 Dec
15034 Dec
81.1 Oct
28 J'iy
57 J'ly
334 J'ne
124 J'ne
45 Dec
4 Jan
11 Jan
6 Jan
48 Feb
11134 Oct
10414 Feb
14812 Aug
11178 Apt'
91 Jan
9413 J'ly
283 Aug
305 Apr
8514 Oct
2034 Oct
3912 Apr
11758 Nov
140 Jun
145 Apr
198 Mch
6212 Apr
10112 Apr
17612 Feb
597 Deo
24 Meli
4014 Jan
1134 May
23 May
3918 Apr
57% Apr
48 Apr
14334 Aug
53 Sep
14118 Jan
22 J'ly
6738 Oct
3114 Sep
654 Itch
18 Apr
40 May
18534 Jan
170 Aug
13834 Mch
2712 Jan
§57 Jan
15112 Aug
158 Aug
3158 Meh
60 Apr
4734 Mch
71 Jan
3078 Jan
12112 Apr
14214 Apr
4138 Apr
11334 Apr
11014 Aug
92 Feb
7012 Nov
10112 Aug
12614 May
11112 Sep
117 Feb
17014 Apr
931,1 Apr
10112 Apr
3012 Apr
594 Apr
2013 Mch
3 '2 Jan
4334 Apr
4038 Oct
8058 Oct
2712 Apr
5012 J'ne
11512 Apr
32 Sep
8678 Oct
2612 Nov
4934 Jan
1058 Apr
164 Mch
30 Apr
11118 Sep
17634 Sep
9613 Deo
3978 Dec
6918 Deo
034 May
2278 Apr
8414 Melt
1134 Oct
3612 Oct
1712 Oct
6212 Aug
60 Feb
5418 Deo
98 J'ly
4613 Deo
90 Nov
1114 Feb
9058 Feb
49 Feb
115 Feb
3014 Oct
7514 Aug
4512 Jan
05 Jan
3 Feb
21) Feb
18 Jan
0 Mch
30 Feb
3134 Feb
103 Jan
434 Jan
42 Jan
84 Dec
604 Deo
10238 Jan
9234 Oct
6358 Itch
10414 Mch
71 Sep
10114 J'ne
474 Oct
12614 Sep
(334 Sep
120 May
604 Deo
8334 Dec
0014 Nov
994 Feb
714 Sep
34 Sep
3034 May
1778 Apr
43 Apr
4713 Nov
11012 Aug
1918 Aug
6914 Aug
8913 J'ne
91 Sep
10938
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Bid
Banks
ina
New
Aetna ----200
America-1C_ 610
Amer Exeh- 228
Battery Pk_ 130
Boweryt._ 425
Bronxorol,
B
300
Onx Nat_ 180
ant Plc'11 150
Pdtteh 65 Or 130
OentUry 11
220
°base
700
Ask
210
620
233
140
___
__
1-9-5
_ __
14-0
230
750
Banks
ChathPhentx
Chelsea Ball
Chemical __
Citizens' Ctl
City
Coal & Iron
Colonial 11
Columbia 11
Commerce Corn Ex 11East River.
Fidelity 1_
Bid
Ask
180 185
150 153
440 450
197 203
405 412
1130 105
_ _
425
330 34.0
1195 1196
325
321
.
75
165
iia
Banks
Fifth Ave..il ,
Filth
Flrst
Fourth
Garfield
Germ-Am ii
Germ'n Ex1
Germania 11Gotham _
Greenwich-11
lianOver-
111.1 Ask
Banks
1300
__ . Harrlmaa _
300 325 imp di Trad
995 1010 frying
198 202 Liberty-_
280 205 Lincoln__
____ tiantiattanli
140
.I
400
_ __ tiark't&Ful
.. 530 \Inch diMet's
175
__ \Lerch Each
250
-- __ Vierehants'.
700 /1-0
Bid
290
550
198
Ask
300
560
203
Bit
Banks
Metropolis 1 1355
Nietropol WI 190
Mt Morris¶_ 200
_ Mutual ii___ 290
640--360
_._ Nassau _ _
__
345 31;0 New Neth-_, 2i0
250 257
NewYorkCe 860
255 262
New York_ 390
153 160 Pachle....
t... 255
197 205 Park
305
People's 11-. 240
Banks
Sid
Ask.
_ Prod Each $ 167
Reserve __ 9312
iiii seaboard450
____
_ . >econd ,-.. 375
- - 133
215
-- Security1
_ _ Sherman__ 135
8i6.
- State 11 -...... 240
405 13d Warc111. 176
205 Onion Exc. 110
Wash 11't$ 1, 275
370
250 %Vest Side ¶575
Yorkville 11_ 590
Ask,
172
_...
7„.
400
140
,
i285
170
-025
010
Bid and asked prices.: no sales were made on this day. 2Ex-rlghts. f Less than 100 saares. 1) State banks, a Ex-dividend and rilhts. b New stock.
Salo at Stook Exchange or at auction this
First Installment paid. n Sold at private sale at this. prise. x Ex-dividend.
Full paid,
_week.
_
FEB. 1 1913.1
New York Stock Record-Concluded-Page 2
343
For record ot sales during the week of stocks usually inactive see second lagc. ,receding.
STOCKS-HIGHEST AND LOWEST SALE l'R10ES.
Saturday
Jan 25
Monday
Jan 27
Wednesday
Jan 29
Tuesday
Jan 28
Thursday
Jan 30
Friday
Jan 31
Soles of
the
1Veek
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On bast, of 100-share lots.
Lowest
Range tor Previous
Year 1912.
Lowest
11ighest.
123 Mch
99 Feb
26 Jan
11312 Dcc
11513 Jan
13722 Jan
24113 Feb
10114 Jan
18 Nov
79 Dec
2518 Jan
534 Feb
10512 Feb
49 Dec
10234 Feb
2734 Fob
51112 Feb
13712 \fell
28 Nov
4914 Dec
84 Dec
9978 Dec
1612 Feb
80 Feb
$25 Jan
2311 Feb
13534 Dec
10 Jan
75 Dec
,eee
b
20
1114 I
D
20314 Deo
105 Aug
4433 Oct
13312 May
121 Sep
14913 Mali
32412 J'ly
10633 Jan
31 May
0412 Melt
4138 May
$48 Oct
12712 Oct
6034 Aug
10818 J'ne
5133 Oct
80 Sep
149 Aug
4013 Apr
7212 Oct
9512 Oct
10112 Dec
331.,3 Sep
1(11)17 Oct
$501/8 Nov
4334 Sep
14912 Aug
2218 Oct
8313 ()et
3614 Aug
2134 Sep
5231 Sep
11812 J'ly
4273 Sep
8234 Sep
$5 Mch
81 Sep
10912 Sep
r56238 J'no
$2113 Oct
12673 Sep
12134 Apr
773 Mali
26 Meh
1(i1 May
6273 Ma$
34 Jan
8158 Apr
9534 Oct
103 Oct
8912 Oct
10512 Oct
5512 Sep
10834 Jan
225 Oct
118 Aug
471.. J'ly
10533 Nov
0234 Oct
88 Oct
112 Jan
90!2 Oct
8:1014 Sep
161 Apr
131 J'ne
26 Oct
0512 Jan
6814 Oct
11078 Nov
$2413 Sep
85 Nov
8713 Aug
38 Sep
553s Apr
12213 Oct
2711 Aug
19034 Aug
21512 Oct
118 Aug
4073 Sep
10334 Aug
12078 Aug
175 Aug
4034 Sep
105 Aug
$2413 Sep
35 Oct
9333 Oct
101 Nov
10312 Oct
221 Nov
5934 Sep
36 Deo
66 Oct
4912 Aug
9818 Aug
$4711 May
13053 Sep
11534 J'ne
11412 Sep
1773 May
6734 May
2212 May
6433 Oct
5714 Sep
8612 J'ly
6773 May
116 May
8512 May
8034 Sep
117 Sep
$6712 Sep
5714 Jan
122 Mch
8614 Jan
8912 Aug
126 Aug
11773 Oct
1163.1 J'ly
Highest
Industrial arid Misc.(Con)
191 191 *185 193 *188 193 *188 193 *185 193
163 American Snuff
*188 191
18778 Jan 14 193 Jan 22
Do pref. new
103 105 *103 105 *103 105 *103 105
*103 105 *103 105'
101 Jan 6 105 Jan 21
200 Amer Steel Found (new)_
3612 *35
3612 *35
3612 *35
3612 35
36
36
35
*35
3334 Jan 14 36 Jan 7
1,600 American Sugar Refining 11312 Jan 15 118 Jan 31
*11514 11612 116 116
116 11678 *11512 113
1171g 11758 11773 118
700
11512 11512 116 11658 *114 11612 11633 11633 11612 11612
Do prat
*115 116
115 Jan 15 11658 Jan 28
133 13313 13314 13314 13318 13338 13313 13338 133 13314 (13153 13258 5,900 American Teleph & Teleg 813553 Jan 31 140 Jan 3
284 28712 288 28912 287 28718 28773 28834 285 28612 3,300 American Tobacco
'286 289
276 Jan 14 29434 Jan 10
700
Preferred, new
103 106 *105 106 *10512 106
10514 10512 10613 10613 106 106
103 Jan 3 10618 Jan 27
500 American Woolen
*1734 1834 *1712 1812 18
18
*1712 1812
--8
18
1712 Jan 14 1834 Jan 11
400
Do pret
8013 8013 80
81
7913 7912 8013 8018 *79
80
Jan
Amer
1,000
Writing Paper, prt. 7
*3014 3112 *3014 32
31
31
31
31
3138 *3013 32
31
Jan
n 8
32
114 j
812Jan
2
18
14
5 8
30
3713 3712 3713 3714 3713 3734 3714 3734 3753 3858 38
383s 6,400 aAnacondaCopper Par$25 3614 Jan 15 4112 Jan 2
500 Assets Realization
11512 1151
11612 11612 11613 116/
/
4 115 115
116 116
115 Jan 30 120 Jan 7
1
4 *115 117
1,700 1.4alchN In Locomotive
5112 49
41:12 49
*4834 51
4834 49
*40
49
49
49
4812 Jan 29 5312Jan 8
257 5 • Do pret
16
*10313 10114 *10312 10414 10414 10414 **
03
6118
.1 10
69
438
14 10118 10418 1110414 10114
10334 Jan 2 10414 Jan 28
3,000 Bethlehem Steel
*36
38
3812 3734 3914 3814 3838 3812 3934 38
38
3512 Jan 15 4112 Jan 9
39
Do pret
*6612 (3t1
613
6953 70
6834 6834 6834 6912
6812 1,600
6534 Jan 15 71 Jan 9
100 Brooklyn Union Gas
13778 13778 *13712 140 *137 140 *13712 140 *13713 140
'137 140
137 Jan 17 13773 Jan 27
Butted.* Co
2914 Jan 10 2953 Jan 6
*29
2934
2934 «2114 2934 *2333 2934 *2812 2934 *2833 2934 *23
14,500(lalifor Petrol vot tr etf8 5033 Jan 6 5534 Jan 30
5313 54
5234 53
5334 5434 5412 5534 5412 55
5212 53
100 k 1 Do pref
86
*134
86
8312 Jan 15 86 Jan 30
8713 *8412 87 •85
87
*8512 8712
205 Case(JI)ThreshMpt tr ctts 9912 Jan 16 10014 Jan 14
*9912 105 *100 105
ia" 100 *9314 10014 10014 10014
2612 Jan 14 2912 Jan 22
29
8
5688 2873 29
2812 2834 1,200 Central Leather
*2773 29 *2712 29 2814 2873 ***823,874512: 1308
0433 9433 911
Do pret
200
*9414 9512 *9314 9512 *9413 9512
9313 Jan 2 9514 Jan 22
/
4 9414
4214 43
/
4 4213 4313 4233 4234 11,900 dChIno Copper_ ..__Par $5 41 Jan 13 47% Jan 2
4212 43
4278 4314 4134 431
3512 37
10,900 Colorado Fuel & Iron
3434 35
*3418 35
36
31 Jan 14 3.8 Jan 31
3518 3614
38
13734 13853 13733 13712 133 13812 13734 13838 2,300 Consolidate(' Gas (N Y)_ 13612 Jan 14 14238 Jan 9
*13712 13812 *13712 139
1334 1378 16
113
13
113
716312 Jan 2
13
13
14
13
13
1718 51,115 Corn Products Refining
17
4 7
16
7114
8 Jan
J n3
31
1
Do prat
7612 7812 7812 7914 1,700
Jan
7518 7518 *75
76
77
'75
19
1812 1812
600 Distillers' Securities Corp
1873 1873 78
17 Jan 22 2134 Jan 2
19
1834 7
18
834 *18
1833 1812 *18
.12
18
12
18
100 Federal Mining & Smeit'g 1314 Jan 13 18 Jan 22
*14
12
18 .
*12
18
18 .
18
18
41
*39
*39
41
Do pret
3938 Jan 17 44 Jan 2
.39
41
41
*39
41
*39
41
*39
z13412 Jan 24 187 Jan 2
142 14213 §14112 14112 14134 14214 14134 14214 14214 14213 14214 14234 1,879 General Electrlo
34
3412 3412 3412
34
500 Gen Motors vot ta: ctts
3412 *3312
*33
33 Jan 15 3412 Jan 7
34
*33
3412 34
*7714 78
78
500
*75
78 Jan 14 79 Jan 7
Do pret vot tr cgs
78
*75
73
*75
2
213 7714
218 *2
7734
2
2
.1
78
2
750 dGoldfield Con M Par *10
2 Ja,. 3
2
78
212
213 218
214 Jan 6
1
4 6313 6318 63
6312 6234 63/
6214 Jan 20 68 Jan 2
6313 2,125 Goodrich (B F)
6273 6312 6333 63% 63
10378 10373 *10334 105 *10334 104
10373 Jan 29 10514 Jan 7
Do pref
275
*104 10434 *104 105 §104 104
50
4834
4913
4934
493
5014
4
diauggenh
4812
Jan
4834
14
3,700
4834
50
481.1
253L8
0 Ja
Jan 9
Expo.Par 825 4734
5014
3
1612 1634 1612 1612 1,400
Jan
nsp'n Con Cop Par 520 16 Jan 14
•1678 1712 *Iv, 1712 1713 1718
314
2 11
7513 11413 11553 11414 11538 13,706 dl nternational Harvester 10612Jan 17 11553Jan 30
109 112
10834 109
*10634 110
11412
116
11412
116
11412
11514
*11338
11514
115 11513 1,490
11413 Jan 16 116 Jan 28
Do pret
*11312 11412
412 *4
*4
412
413 413
412 412
300 lot Ater Marine stir tr ctfs
*413 412
453 Jan 2
413 Jan 14
1812 1812 1814 1814 1914 1912 *1913 1034
1812 1812
600
18 Jan 15 1912 Jan 7
Do pref
12
1114
1214
11
113
1253
4
11
;i5r2
1212 1238 5,650 International Paper
*1014 1034
912 Jan 21 1253Jan 30
47
46
4713 4812 *47
4714 47
46
*45
46
*45
42 Jan 21 4812 Jan 30
2,350
48
Do pret
.1512 17
/
4 1613 1573 1578
1353 Jan 14 1812 Jan 9
15% 1573 1512 1512 1512 1512 161
665 Internat Steam Pump
67
6913 67
*66
69
6912 *66
*6514 69
*135
68
GO Jan 2 70 Jan 9
'65
100
Do prof
92
88
92 .
9212 9212 93
91
98 .88
*88
89
8514 Jan 18 93 Jan 31
89
600 Kayser & Co (Julius)107 110 *107 110
10734 Jan 22 110 Jan 2
Do 1st pref
*107 109 *107 111 *107 110 *107 110 .
7912 *76
7912 79
7812 7834 7834 *76
77
7534 Jan 24 7912 Jan 7
7912
80
*75
664 Kresge Co (S S)
101 102 '3101 102
100 Jan 14 102 Jan 4
*100 10112 *100 10112 *10012 10111 *10012 10112.
pref
Do
4612 4612 4634 47
4512 46
4412 4412 4412 45
43 Jan 21 4813 Jan 2
46
4612 1,535 Lackawanna Steel
*103 10412 *10213 104 *103 104 *10312 10412 *103 10412 *10312 10112
Laclede Gas (St L) coin _ _ 10258 Jan 15 10412 Jan 8
222 22312 223 225
219 22212 22234 223
223 225
.217 218
5,225 Liggett & Myers Tobacco 213 Jan 2 225 Jan 30
115 115
11638 11688 *115 117 *115 117
116 116 *114 115
11412 Jan 20 11612 Jan 23
Do preferred
400
38% 38% 3834 3814 3812 3813 3812 3858 3853
3853 *38
*38
300 Loose-Wiles Bls tr co cas 38 Jan 20 3973 Jan 6
10414 10413
*104 105 *104 105 *104 10412 *104 10412 104 101
104 Jan 8 105 Jan 9
Do 1st prof
300
0413
9112
*93
*93
*93
*93
9413
9412 *93
9412
*92
9112
92 Jan 6 95 Jan 8
Do 2d prat
75
75
74
7314 7314 74
17518 7513 7378 74
*7212 75
72 Jan 20 7673 Jan 2
415 Slay Department Stores_
0102 105 *102 105 *102 105 *10014 104 *102 105 *102 105
103 Jan 16 10512 Jan 2
1)o pref
72
7314
717
71
7212
3
7234
7434 7378 71
7012
7,530 Mexican Petroleum
7012 71
6713 Jan 6 7514 Jan 2
24
24
2413 2412 22333 2334 2,000 dNilitinl Copper__ _Par $3 23 Jan 14 28l Jan 4
2373 24
24
2434 2434 24
122 122 *11912 124
*120 122 *11814 122 *11913 122 *12134 122
100 \I atlonal IPscult
11814 Jan 15 12812 Jan 3
121 121
*121 124 *121 124 *121 12412 *121 12412 *121 124
100 LI
Do prof
121 Jan 31 12473 Jan 8
*1614 1712 •1614 1712 1733 1712 1712 1712 1712 1014 1834 1873 2,300 Nat Enamerg & Stamp'g 1558Jan 17 1914 Jan 30
9214 9211 *89
93
02
200
92
*88
Do pref
92
92
92
*88
*88
88 Jan 13 9214 Jan 30
53
1,200 National Lead
*4958 5112 *4913 5112 5114 5114 5278 5434 53
*4913 51
481
/
4 Jan 21 5614 Jan 2
100
Do prat
105 Jan 21 10758 Jan 27
10753 10753 *106 109 *106 109 *106 109 *1013 10114
*10414 109
1912 191
/
4 1813 1818 1813 1814 1814 1833 1814 1812 1813 1814 6,950 dNev Cons Copper_Par $5 177 Jan 20 20 Jan 2
80
200 New York Air Brake__
*75
80
80
*75
7514 Jan 14 8212 Jan 8
80 •75
*75
78
78
80 '76
1,600 North American Co (new) 80 Jan 2 8112 Jan 14
8138 807s 8078 8012 81
*7914 8014 *7914 8014 8014 81
*80
*29
31
400 pacific Mall
28
30
301
3112
30
30 .
30
3012 '330
2812 Jan 14 3112 Jan 22
30
3912 3912 3912 .3812 3978 39
3973
3934 *38
600 L aciflo Telep & Teleg_
*38
39
39
37 Jan 17 46 Jan 4
11412 115
114 114
115 115
*11312 115
1,700 l'eople's G L & 0 (Chic). 11314 Jan 20 116 Jan 8
116 116
11514 116
:2.1
2338 22
2214 2214 2212 23
22
227.3 2358 23
2334 9,200 Pittsburgh Coal Co
2112 Jan 15 2433 Jan 2
9,1
0138 90
8933 90
90
91
9234 9238 9212 3,800
90
*87
87 Jan 17 95 Jan 9
Do pret
196 200 §194 194
198 198
19712 200 *193 199
197 197
190 Jan 15 200 Jan 28
1,250 P. Lorillard Co
*11414
/
4
11514
11512
11514
11512
*114
*11312 11512 11514 1151
13116 117
11514 Jan 27 11612 Jan 22
200
Do preferred
3234 33
*3234 3314 *3213 33
3314 3314 *3234 3313 *3314 3334
9
39
212 Jan
300 Pressed Steel Car
J n2
10
4 36 Jan 7
*9912 10012 10014 10014 *100 10014
'101 102 *101 102 *101 102
Du pre(
200
10113 Jan 7
11912
•11612 11912 *11612 11912 *11612
*11612 119 *11612 11912
Pub Service Corp of N J _ 117 Jan 15 118 Jan 21
•163 16414 163 163 §163 163 *Ma" 164 *163 16412 z162 162
z162 Jan 31 165 Jan 2
225 Pullman Company
*3112 33
*32
33
*3113 3214 *3112 33
*32
33
3234 3234
125 I)allway Steel Spring
3112 Jan 16 35 Jan 9
9834 9834 *9812 100
*9812 100
'9812 100
*9812 100
200 I %, Do pref
9978 9978
9853 Jan 16 100 Jan 13
1912 1912 •1914 1912 1914 1912 1933 1953 1912 1934 1912 1953 7,700 ditay ConsCopper Par 510 1873 Jan 14 22 Jan 2
*24
2438 2138 2412 26
25
25
*24
24
1124
2512 2838 7,860 Republic Iron & Steel _ _
2333 Jan 20 2833 Jan 31
*8413 8912 *8412 89
85
86
8413 841s §85
8714 8778 89
2,110
Do prof
8213 Jan 14 89 Jan 31
8712 8712 83
88
87
88
89
*88
89
89
89
89
800 Rumcly (M) Co
87 Jan 29 9214 Jan 7
9812
93
09
*9713
98
08
0812
98
98
98
*9712 9812
430
98 Jan 23 9934 Jan 4
Do pref
20512 20312 2207 20712 1,800 -;ears, Roebuck & Co
204 20413 *205 20512 *204 207
205 205
201 Jan 14 21312 Jan 2
46
4512 4512 *44
45
4512 *14
45
*44
4513
44
44
500 Sloss-Sheffield Steel & Ir_
44 Jan 25 4512 Jan 28
3973
3918
3912
3813
40
3813
4012 4012 1,520 Standard Alining.
40
37
3734 *36
3514 Jan 15 40112Jan 31
6634
*65
6612 *65
6612 6553 6558 *6512 6633 6638 6638 *66
575
6512
Do
Jan 2 6612 Jan 22
prof
35
3112 .33
35
34
3512 34
*35
35
3512 35
*35
600 Stud
Doebap
icreerf Corp (The)- 3212 Jan 14 35 Jan 2
*92
93 .92
94
94
*92
94
'92
*92
94
92 Jan 2 9314 Jan 13
34
3413 34
34
3373
34
*33
2,100 dTennessee Copp_Par *25 321
3214 3312 33
/
4 Jan 27 1912 Jan 4
9
3
12
892
3 12
300
418 11934 12112 12012 12034 6,300 Texas Company (The)
118 1183 :
*11512 11912 *116 120
112 Jan 2 12234 Jan 10
07
97
*97 10012
*96 101
650 ful ndp
9578 07
9514 9514 *9534 08
erowp
9514 Jan 25 991k Jan 3
orocilt Typewriter_
7 *110 11312 *110 113
012 113
*110 113 *110 11312 *110 11312 *116
113 Jan 21 113 Jan 21
612 713 1634 7
1,457 Union Bag & Paper
612 612
*612 7
634 634
6 Jan 14
734 Jan 3
*3512 40 .3513 40
3573 36
*34
3514 3514 3514 36
1,090
37
Do prat
3514 Jan 29 4134 Jan 3
16
1634 1614 1614
*14
15
17
17
•14
17
'14
600 U S Cast I Pipe & Founar
15
14 Jan 20 1634 Jan 30
.
*55
57
55
§5613
5634 5834
6014
6014
*55
6014
130
6014 .55
Do pref
55 Jan 15 504 Jan 31
45
41 .
32
*35
*32
44
*30
41
100 U S Industrial Alcohol
38 Jan 29 44 Jan 6
1
4 *7
7312 73/
74
*72
78
334 *7213 7334 ;7
38
212 8
7213 -53-4
75
•70
140 (.1 S Realty & Improv't_
73 Jan 20 77 Jan 9
66%
66
6612 6573 6633 6578 6612 6534 6534 12,600 United States Rubber
0512 6512 65
6212 Jan 3 6S5 Jan 10
/
4 107 10712 10714 10714 10714 10712 2,425
107 10714 10718 1071
010612 107
10512 Jan 15 109 Jan 8
Do 1st prat
*7013 8112 *80
*7014 80
8034 *7934 8034 *80
8034 '
8114
380
7633 Jan 3 8112 Jan 0
Do 2(1 prof
/
4 651
/
4 6314 6434 6334 66
6314 6378 6313 6378 641
6453 66 341,450 United States Steel
6118 Jan 17 6913 Jan 2
110 11038 110 11014 11014 11034 11012 11034 3,953
10938 10912 10033 110
Do pret
109 Jan 13 11034 Jan 30
5438 5433 5414 5514 5418 5473 5434 5553 5412 55
13473 55
7,500 dUtah Copper_ _Par *10 5312 Jan 15 6053Jan 2
3714 1,800 VIrginia-Carolina
3713 3778 38
38
38
1
4 33
.37
*3712 38/
3834 z37
35 Jan 17 4313 Jan 3
- Chem
10938 10938 *108 10933 *108 110
*10912 110
109 110
110 110
1,100
Do pret
109 Jan 21 114 Jan 3
.7213 7312 7212 7212 72
7212 7173 7213 *711
73
•72
/
4 73
70 Jan 16 7513 Jan 9
800 W estern Union Teleg
74
73
73
7434 7412 7412 74
7212 73
75
7212 74113 9,250 TV estingirseEl&Alfg ass 7212 Jan 25 7914 Jan 2
*116 11934 *116 11934 *116 1193.1 *116 11934 *1113 11934 .116 11934
11914 Jan 21 11934 Jan 17
Do 1st prof
10214 10334 10314 10434 5,125 Woolworth (F W)
10034 10134 10153 10173 10012 101
99 101
99 Jan 25 112 Jan 2
11334 11334 11334 11334 11334 11334 .11313 115
114 114
11434 115
1,260 Do
11334 Jan 28 11512 Jan 8
met
111
371
/
4 Jan
155 Jan
30 Feb
701i May
5138 Dec
6014 Dec
105 Dec
$47 Dec
51658 Dec
10514 Feb
11313 Nov
Moll
15'14 J'iy
1133 Jan
z4578 Jan
12 Dec
63 Dec
00 Dec
107 Dec
71 Sep
100 Oct
29 Steil
10218 Dec
150/8 Jan
10512 Jan
3613 Dec
101:12 Oct
90 J'ly
69 Apr
105 Dec
6234 Apr
$23/
1
4 Feb
114 Dec
122 Dec
1214 Feb
88 Feb
5118 Jan
10512 Feb
$1314 Jan
51) Feb
7413 Jan
2834 Dec
45 Dec
103 Jan
1634 Mch
77 Feb
167 Slab
10734 Jan
2834 Feb
96 Feb
10634 Feb
15812 Feb
2712 Feb
9814 Dec
$10 Jan
1534 Feb
11412 Feb
8914 Dec
9912 Dec
140 Jan
3914 Jan
1614 Jan
53 Jan
30 J'ly
9012 J'ne
$3413 Feb
81 Jan
96 Dec
110 J'ne
453 Jan
3518 Dec
13 Feb
50 Jan
26 Jan
67 Jan
4514 Feb
1055g J'ly
75 Jan
5814 Feb
10714 Dec
$5212 Jan
4034 Dec
11473 Dec
7134 Dec
6614 Jan
11478 Jan
11212 J'ly
9:314fly
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
B14
Banks
Brooklyn
Coney
_
First IsI'd%280
- Flatbush
150
LITeenpoinL... ____
Ask
155
300
165
190
125
llomesteadl -8-5-- 100
Manufae'rs 405 430
Mechanics'% 195
230
Montauk 11.160
Nsau
_T.__ 21)1- 220
as
Banks
Brooklyn
Nat City.
North Side
c'eople's
Bia
Ask
275
175
145
295
200
155
615.
Trust Co's
N Y GUY
395
Astor
13ankers"Yr 500
il'way Tr- 165
Trust Co', Bid
Ask
N Y City
Central Tr_. 1015 1030
ColumblaKnickerb 545
555
Commercial
93 100
Empire _ 300
Ea ult'bie Ti 500
Farm Lo &'1 1230 1310
Fidelity .._
211
Ful ton
300
ifi
Guar'ty Tr_ 600 610
405
510
175
Trust Co's
N Y City
Guardian 1'r
Hudson _
Law T I &Tr
Lincoln Tr.
Metro pol
Mutual Alli
anco
Mut.( Westchester)...
Bid
Ask
85
1E- 145
203
212
135
440 ild"
135
145
140
150
Trus: Co'I Bid
N Y City
NY Liteatfr 1040
N Y Trust_ 630
'iltleGu& Tr 493
Union Tr__
I6
25
US Mtg& Tr t4
96
Unit States 1100
Washington 375
Westchester 150
Windsor -. 185
Trust CV s
Ask
Brooklyn
Brooklyn Ti
1065
Citizens' ___
610
4y..3._
t4 r
a
a
rn
n
475
1115
395
160
t
il
o
nn
Home
Kings Co
L 1sT L & Tr
Nassau
Peoples'
jueens Co_
Bid
Ask
1502
150
1-55
2_7_0_ 250
118
620
360
130
295
100
2_8_5
.:
_
165
idi"
110 1
• Bid and asked prices no sales on this day'. § Less than 100 shares. I Ex-rights. a Ex-div and rights. S New stock. d Quoted dollars per share. ."
Sale at Stook Exchange or at auction this week. s Ex stock dividend. 11 Banks marked with a paragraph (11) are State banks. z Ex-dlyidend.
344'
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 ties Exchange method of quoting bonds was changed, and "rices are now all—"and interest"--except for incow and ",:,faultei bonds.
)11.
:
.0.
—
BONDS
Y. STOOK EXCHANGE N„
Week Ending Jan 31.
41 a.
Price
Friday
Jan 31
Week's
Range or
Last Sale
N
,
i ci,
Range
Since
Jan. 1
N.
1 -4.,.. I
BONDS
i i',' to
Y. STOCK EXCITANGF
,..,
Week Ending Jan 31.
j
3f-",..
•
Jan 31
I
Veers
.
,,nge or
Last Sale
,...I'l
:
,.4'
Range
Since
Jan. 1
Bid
Ask tow
High No, Low High
Bid
Ask Low
High No. Low High Chesapeake & Ohio—
102
1 102 103
Gen funding ec impt 5s__1929 J -J ,_ _ 10:1 102
101 10138 10118Jan .13 ___ 10118 10118
1091
19 10834 110
1939 31-N 10918 10912 109
1st consol gold 55
101 10112 10114
10114
7 10114 10114
____
_
Registered
1939 11-N ___ _. 10938 Nov'12 .
10212 10314 10278Jan '13
10278 10378
10012 24 0978 1-0-07General gold 4545
3
1902 31-S 1003-8 Sale 100
10212 10314 103 Jan '13
103 103
Registered
1992 11-S ____ 9912 9938 Nov 11
11312 11413 11312 Jan '13
11312 11312
30 -02 -9212
923
92 9212 92
Convertible 4 Iis
1930 F- A
11378
2 11378 11378
11312 11418 11378
___
____
____
8618
Nov
12
Big Sandy 1st 4s
1944 J -I) 8612 8734
10078 10114 10012 J'ne '11 ___
Coal Itly Ity 1st gu 4s
1945 J -D 84 ___ . 8812 Oct 12
10234 53 103 1024
10234 Sale 102
__ ____ _Craig Valley 1st g 5s
1040 J -J 101 ____ 10134 May 12 ----------Potts Creek Br 1st 4s
____ 8454Jan '13 ___ 8434 -8434
1946 J -J
Foreign Government
It 6: A Div 1st con g 43_1989 J J -„9134 94 93 Jan '13 ____ 9234 9312
1 9734 9913
9918
Argentine—Internal 5s of 1909 11-S 1 Ms Sale 991
____ ___
20 conso! gold 4s
93
92
83 ____ 9012 Aug '12 __
Mime (Hultuang) Ry 58 £____ J -D I 9018 01
1089 J -J
6 90 92
Greenbrier ity 1st g u g 4s 1940 31-N 87% __
_
95 Oct '10 ____
Imperial Japanese Government
68
2 6734 -08
• Sterling loan 4 lis
0014
9014
6 90 9038 nte & Alt RR ref g 31
1949 A-1) 67 70 6734
1923 F-A 1 9014 91
6334 10 6278 6312
Banway 1st lien 3 43.___ _1950 J -j 60 64 63
2d Serles 4 Iis
89
15 8838 8914
1025 J -J 1 8858 89 8838
9934 9934
Ate II & Q Denver Div 43_1922 F-A 9912 100 9(334 Jan '13 •_ _
Sterling loan 4s_..___ _1931 J J I 83 8414 33 Jan 13 ____ 83 83
8558 63 85 8558
Illinois Div 3 54s
10212 16 10158 10212
1949 J - j 851 Sale 8514
Republic of Cuba Is exten- debt_ 1I-S #10218 10234 102
Registeted
1949 J -J ----- ----8614 Aug'12 ___ __
External loan 4 5s
9714 15 9512 971 1
1949 P-A 1 9512 sale 9512
9814
'7 9758 -9834
Illinois Div 43
8 9858 9712
00
1940 J - j -- _ - 98 9758
San Paulo (Brazil) trust 59_1910 .1 -J I 9653 97 9638
Registered
8912 88 88 891:
1049 J J ---------97 Sep '12 ___ ____ ____
okyo ,Ity loan of 1912, 5s____ 11-S 887 Sale 887
_
Iowa Div sink fund 5g_ 19111 A-0 10314 10512 105 Dec '12
Sot Mexico s t g 5s of
1899 Q-J 1 9512 98 95 Jan '13 _._ _ 95 95%
8.114 Jan '13 ____ 841. 8412
99
3 99 -0012
Sinking fund 48
1910 A-0 985 99 09
Gold 43 ot 1904
1954 J -D ,-- - 89
1 96'2 97
0612
Nebraska Extension 43_1927 31-N 961 963 0612
t These are p rices on the b asis of $5 to £
Registered
1927 11-N --- - ---- 965_ 8 Sep '12 __. ____ ___
State and City Securities
9814---9834
Nov'12
___
M-S
Southwestern
53
10018
10038
8
Sale
Div
4s
1921
10018
1003
N Y City-4 34's
1003
4
11-S
1960
Joint bonds See Great North
9712 53 9618 9712
4% Corporate Stock_1950 M-N 9712 Sale 9714
1913 31-N 100 „_... 9934Jan '13 ___ 9034 100
Debenture 5s
4% Corporate Stock
0 0614 0731
9734
_718 9712 9718
1958 11-N 0
961
80 947 9618
General 43
1958 31-S 9534 Sale 9534
9638
973,
9
4% Corporate stock
973
4
97%
1957 11-N 10718 9712
70
3 7712 80
7714 7914 7712
10518 4,1 10438 10512 .3hic & 12111 ret 6c imp 4 gs_1955 J --J
New 4 Iis
1957 11 N 1047 Sale 10478
1st consol gold 63
1017 11_N 10114 102 101 Dec '12 ____ _
1934 A-0 11812 135 119 Jan '13 ____ 119 119
New 4 3-63
4
Sale
8
100 108
1063
1063
4
10634
General
11-N
consol
1937
19
105
10514
105
Sale
1st
5s
10414
43-4% Corporate Stock .1957 31-N
10512
Registered
1937 11-N -------- 10612 Jan '13 ___. 10612 10612
43-% assessment bonds_1917 31-N 10112 10112 10138Jan '13 .„, 10034 10112
98
8 98 98
Pur money 1st coal 5s_1942 F-A 98 Sal 1)8
86
3 8412 86
• 8__Is% Corporate Stock 1954 31-N 85 8512 857
---- ____ ____ ____
......- ____ ___
Registered
1961 Ai_s 101 10134 101 Jan '13 __-: 101 101
Y State-4s
. 10614 Nov'12
Chlc & Ind C fly 1st 59_1936 T-7 104%
10112
I 10118 10134
Canal Improvement 4319131 J-J 10114 ____ 10112
11 76 -7131
77
..31,1.3 (It Western 1st 4s_ _1959 M-5 78 77 7634
Canal Imp'ment (new) 43 1961 J J 10114 - — 101P8 Oct '12 ___
6i_1947 j-j 124 125 125 Jan '13____ 126 135
1 10184 f61171 2131c 2nd & Loulsv—Re/ 10134
Canal Improvement 49_1960 J J 10118 ____ 10134
98 __ 10312,1'1y '10 _
Refunding gold 5s
1947 J-J ._ 10818 10934 Aug 12 ____ __-- -_—
1933 J -J
I
0 Carolina 4 54'3 20-40
_
Refunding 4s Series ()_1917 J -j -_—___ 9558 Apr 11 __
9814 ____ 975 Deo'12__-enn new settlement 3s
1913 J-J
_
Ind & Loulsv let gu 4s 1956 J -1 ....... 84 86 J'ly '12
irginia fund debt 2-3s_ _1991 J-J ------81.113 Dee '11
1312 66 5i- -E- :We Ind & Sou 50-yr 4s_1956 J j ____ __ 0014 Aug '12 ..... __-134 Sale 5134
69 deterred Brown Bro-s-etts_____
---Jhic L S ect East 1st 4;0
1969 j-I) ___ 103 104 Dee '11
..:1110 1111 & St P terml g 5s 1914 J -J 10014 _-_. 10014 Jun '13 ..., 100% 1-0034
Railroad
75 Sale 76
Gen'i gold 43 Series A__91989 J-J
9812 Sale 9812
77
6 75 797
99
nn Arbor 1st g 45
24 975s 09
h1995 Q-J
Registered
97 9712 97 . 07
2 — -, _
973
4
Sale
97
98
189
98
08
91989 Q-J
4_1995
Top
&
S
A-0
Fe gen g
tek
8414 10 8334 -85
Gent gold 3 Ifs Series B..91989 J-J
8334 8438 8414
Rersterecl
1995 A-0 96% 98 0512 Jan '13 --, 95% 98
i
8712
4 8732 8814
Registered
91989 J -J *8112 _ 88 J'ne'll ___ __
Ad ustment gold 4s__81995 Nov 8712 88 8713
28-year deben 413
9012 923-4 9114
9154 4:-.3 9118 -01-78
1934 .i-J
legistered
81995 Nov -,-- 8712 86 Nov'12
105 221 10358 10638
•,.,(rivertible 4. 55s
• Stamped
1032 J-D 10434 Sale 10414
88
/11995 11-N 8713 8734 8734
28 8712 88
10458
5 10412 104%
Chic & L Sup Div g 53_11)21 J -J 104)3 ..,.._ 10458
Cony 49 Issue of 1909..__1955 J -D -------10818 Sep '12
_
_
Chic & Mo Itly Div 5s1926 J -J 10614 108 10614 Nov • lo ._
onv gold 43
1955 j-D 104 105 104
10418 52 10234 1-05.3-4
.i. 10438 fthii,
1043
1027 456 10158 10358
Wile & P W 1st g 5s
1921 J -J 10412 10478 10434
Cony 4s (Issue of 1910)_1960 J -D 10258 Sale 10238
6 9318 9354
93 9338 9318
10458 48 10378 10532
933
CM a, Puget Sd 1st gu 4s 1940 J -J
10-year cony gold 5s, _1917 J -D 104% Sale 104%
__
Dale & (It So gold 5s
19111 J-J 101 ___ 10214 Oct 12 __ ____
Debentures 4s Series K- 1913 F-A 99 ---- 9914 J'iy '11 _.__
1 11038 11038
-Dubuque Div 1st s t 69_1920 J -J 11014 1113-8 I1038 11038
East Okla Div 1st g 49...„1928 ,11-S 9512 --_ 94 Oct 12
Far & Sou assum g 6s
1924 J -J 11338 ---- 11738 Aug '11 __ _ __
Short Line 1st 43 gold
1958 j..j 9178 92 9112 Jan '13 -- tiir4 -9-2LaCresse & D 1st 5s
---.. -1919 J-J 103 ____ 10134.1'ne'12
Cal-Ariz 1st & ref 4 Iis_ _ 1962 ,11-S 10018 10034 10038Jan '13 ___ 10038 100%
Wls & Minn Div g 5s
1921 J -J 1043810614 105 Nov'12 _ ____ ____
_
• S Fe Pres & Ph 1st g 5s 1942 M-S 10634 --- 1084 Oct '12
---—
_
'11
18
Wis
Val,
101338.1'1y
____
Div
J -j 10914 11234 10934 Dec '12
1st
63
1930
103
• Chic & St L 1st 6s
191531-S
Jan
'13
i_ 100 1-00
Mil & No 1st cons 8s__1913 J -D 100____ 100
95
46 9434 9514
Ati Coast I. 1st gold 49_0952 11-S 93 Sale 9434
_ _
10018 Aug'12 _
Extended 454s
1913 J -D ,--Registered
81952 M-S -------- 98 Oct '06
95 95
.:hicago & N West cons 7s _1915 (,)-F 105 1055-4 1051', Jan '13____ 105 1-0514
105
Ala Mid 1st gu gold 55___1928 11-N 193% __ 105 Jan '13..„
_
_
Sep
'12
0612
__
Extension 48
1888-1926 F-A 98
runs & W 1st gu gold 43 1938 J -J
90
_ ---. 95 Aug'12
98 -08
Registered
1888-1920 F-A ------96 Jan '13
haries & Say 1st gold 78 1936 j-J 12
'
18 -.-::--_,-- -105— ---'13
_
._
Jan
84
85
-56i.
iiii
58
907
8
u118
883
4
8
904
General
gold
354s
843
9138
1987 31-N 84
& N colt gold 45
o1952 31-N
'
,Jan '13
84 8434
Registered
p1987 Q-F *83% --,.. 943
Say F & W 1st gold 69_1934 A-0 11814 12314 12318 J'ne'12 __ _ _ ___
09 9713 98
General 45
98
1987 M-N 98 Sale 9712
let gold 59
•
1934 A-0 10els 11212 11058 May'll _
1113
4 Noy'll __ ____ __
____
97
Oct
Sinking
fund
100
A-()
10912
I)?
6s____1879-1929
Sli Sp Oca & Glgu g 4s
1918 J-1
Registered
1879-1929 A-() 103 ___ 10034 Aug'12 _
91 Sale 9114
9i54
---9112 ii -oi
alt & Ohio Prior 3 yis
1925 J-J
S314)ging fund 5s
1879-1929 A-0 10412 105 10,513 Dec '12 ____ __ __
90% 15 go 001;
81925 C)-; 9_413 Sale 901k
Registered
_
.4egistered
1879-1921) A-0 104 _ _ 10453 Oct 'L. ___ ___
977
69 97 97i4
h1948 A-0 ON aale 971
. Gold 45
2 103 1-03
103
1.).e09.1,
:ere bs
1921 A-0 103 S
103
Registered
81948 Q-Zi "e`t v - 2614 Dec '12
__
___
___.
Dee
'12
Is.egketered
___
101
3
1921
96381219
A-0
------963
96
8
-•Ale
3
,
t'1
13
.
1,4
20-yr cony 4 Iis(wh Iss) _ _ 1933 _
Singing fund deb 5s
1933 31-N 105 10712 10814 Nov'12 ___ ___ __
itts June 1st gold Ss
1922 J---i 109:8 ..... 112 Jan '12
Registered
10734 Aug'11
1933 ;$1,-N —
_ 87% -89-:
1June & 11 Div 1st g 35431925 M-N 8712 8912 971k Jan '13
'trem
Elk
&
Mo
V
6s.,1933
91
1st
A-0 1211-4 -____ 124 ()et '12 .--- ---- -8918
89
89%
803
8
89
9
L le & W Va Sys ref 4s_1941 M-N
Mani CI B & NW 1st 3 As 1941 j-J __
01 Se '09
9014 22 89% 9014
9018 ---- 90
outhw Div let gold A Iis 1925 J -J
/01.1w & S L 1st gu 3 I-59_1941 J -J ---------------------------_
,
en Ohio It 1st c g 4;0_1930 51-S 100 101 101 Jan '13 ____ 101 101
3111 L S & West 1st g 65_1921 ,11-S 111 114 11212 11212 —1 114 ifili
Cl Lor & W con 1st g 5s__1933 A-0 10612 10912 107 J'110'12 ---- ---- ---___
Eat & imp s f gold 53.._1929 F-A 10714 ____ 107 Dec '12 _ _ ___ ____
Monon Rly 1st gu g 5s___1919 F-A 10212 -___ 10214 J'ne'13 __ ____
Ashland Div let g 69_1925 31-S 11413 ____ 14212 Feb '02
__
_
Ohio River RR 1st g 5s__1936 J -D 103 -- __ 10834 Nov'12 ___ ____ ___
Mich Div let gold 69_
J -J 11415
_ 11634 Nl1924 aY'l ......-----------General gold 58
1937 A-0 101 ___. 10512 Apr '12 ____ __ ___
Mil Spar &N W 1st gu 49_1947 ,11- S 9334 913-8 9312
21 9312 -94
935
Pitts Clev & Tol 1st g 69_1922 A-0 --------11112 Feb '12 __ ____ ____
Northw Union 1st 7s g 1917 II-S 109 _• 115 J'ly '11
1917 J -j 97 ____ 9612 Oct '12 -_-___
• Pitts & West 1st g 4s
Winona & St P 1st ext 7s 1916 J -I) 10834 111% 109 Sep '12 -____
/.. Stat 1st fly 1st gu g 4 345_19 13 J -D 91 ____ 91 J'ne'12 .. _
:5 106%10013'
Chicago Rock Is 64 Pa 6s_1917 J -J 106% Sale 10638
10638
1097
jail iicsi
-_Sunk. R & P gen g 5s
1937 M-S 10534 ....... 10934
_
__
____
1917 J -J 103 ___ _ 109 Aug '10 _---1967 M_N 104%105 10414 Dec '12 ._
Registered
.. Consol 4 I55
927
(14
.
18
i
9312
03%
9312 9414
General gold 43
1988 J -J
All & West 1st g 43 gu_1998 A-0 9575 - --- 97 Feb 'll ---- ---- ---1088 j-j 91 94 91 Dec '12 ___ ___ ___
Registered
CI & Mah 1st gu g 59._ _1943 j-j 103 ___ 103 J'ly 'Os
4.
5 8714 -89
83
Refunding gold 4s
1934 A-0 88 Sale 875
i 11012 11012
11012
Roch 63 Pitts 1st gold 69_1921 F-A 11014,- - _ 11012
2 89 90
89
20-year debenture 5s
1932 J- J 8812 892 89
Consol 1st g 6s
1922 J -I) 111211312112 Aug'12 _
'11
Sep
9734
____
46
Coll
trust
94
____
Series
L
45
1914
31-N
38
16
.
4514
i
40
1st
ref
g
-J
Susq
4s___d1951
J
t
t1 11 de
0-134 J'ne'll
P 4s
___ 100 Dec '12
1918 ,11-N 9118 9.5
1913 j-.I
an So 1st ext 62
6412 109 6938 -603-4
1913 31_s 100 Iowa 100
100
Chic 12 I & Pac RR 4s......2002 M-N 6418 Sate 6314
1 100 10114
2d 58
'13 __ 633s 6438
63%Jan
____
'11
____
10034
Jan
Registered
11-N
2002
9918
M-S
Registered
1913
2
88 86 Jan '13 ____ 80 86
R I Ark & Louis 1st 4 Iis 1934 31-S
91Intral of Ga 1st gold 5s_p1945 F-A 109.2 _ ._ _ 110 Jan '13 ___ 110 110
10812 109% toss', Jan '13 ____ 10834 10834
109
Bur 0 R. & N—Ist g 55_1934 A-0 -20 10738 109
1945 M-N 10734 10813 10738
'. Consol gold 5s
Registered
1934 A-0 *10814 _—_ 12010Mch 04 ____
_.107 107 Aug'12
Registered
1945 11I-N
C II I F & NW 1st gu 5s '21 A-0 10318 106 1051i Son '11 ---- ---- ---lit pret income g 5s____p1945 Oct ---. -.- - 103 Dec '11
10 & St L 1st gu g 7s
- _ _-_—__1927 ;,D
- --- ---- ---d pref Income g 5s____ p194ct
-------- 109 Dec '11
5O
---.
---Choc Ok & G ge
..
---- 98 Nov'll
'. ,, ---- ---- ---1919 J -i 10012 ....- 103 Sop '12
_
d pret income g 58 stamped__
100 foi
106 Jan '13
Consol gold 5s
1952 ,11-N 10534
, d prof income g 55_ ___p1945 Oct ---- ---- 1°1 Dec
---- ---- —
_. 9938 Dec '12 ____
Keok & Des M 1st
_ 1923 A-(4 9812 10034
10
_ --a. ---- 8518 Oct'
d pret Income g 5s stamped __ _
St Pau16: K CSh L5s:lst4 )53.41 F-A -89 9018 90 Dec '12
hatt Div pur moo g 4s 1951 .1-D 90 ---- 9012 Nov'12 ____ ____ __-— Chic St P AI 60 0 con 6s
1930 J -D 12012 122 120 Jan '13____ 120 120
Mac & Nor Div 1st 55_1946 -J 10518 ____ 10714Jan '12
_
Cons 69 reduced to 3 34s_ _1930 j-D 8978 ___. 8914 Dec '12
-_
)4Id Ga & Atl Div s
1947 -.I 10518 --- - 115 Nov'05 ___ ____ ....„—
10234
6 10213 1-03.7Debenture 5s
1930 31-S 10234 Sale 10234
. Mobile Div 1st g 5s
- 10931 May 11
8
1946 -J 105
Ch St P & Minn 1st g 69 1918 31-N 119 ____ 120 Dec '12 __ ____ ____
9011 fill & B of Oa col g 55_1937 M-N 100 10138 10112 Nov'12
1930 J -J 119
__ 12953 May 09
Nor Wisconsin 1st 0s
QOM of N J gen'l gold 55_1987 J-J 11858 11014 11858 11858 20 11814 ifo—
St P & S City 1st g 8s_ _1919 A-0 10818 109 10914Jan '13 .___ 10914 /70011 11734 11812
11734
4
,Registered
81987 Q-J 11712 1181 11734
___
____ ____
- _1930 31-S 10958 ____ ____
Superior Short L 1st 5s-g
•,
tm Dock & Imp gu 58___1921 J -J 103 10534 105 Jan '13 ____ 105 105
-Chic 6c West Ind gen g 63_41932 1.)-M 10618 ____ 10712Oct 1:.
& litui It gen gu g 59_1920 J-4 10038 --- 10112 May'13
1952 J-J
8812 Sale 8812
8912
Consol 50-year 43
0 -8838 -8913
Y & Long 13r gen g 4s_1941 M-S 98 .. .10012 Jan '13_
10012 1-001-2
Ilant verniont. 1 at all cr de ft1 07n ci-F'
em. on
on
---1
di sm.
U. S. Government.
S 2s consol regIstered__d1930 Q-J
S 25 consol coupon _d1930 Q-J
S 3s registered
81918 Q-F
S 35 coupon
81918 Q-F
S 45 registered
1925 Q-F
S 45 coupon
1925 Q-F
S Pan Canal 10-30-yr 23 81936 Q-N
S Panama Canal 3s g_ _1001 Q-S
V
N
A
•
J3
14
!MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
"rOklyn Rap Tran g 5s___1945 A-0
let refund cony gold 4s__2003 J-J
k City 1st con 55 1910-1941 J J
33k Q Co & S con gu g 53..1941 litBklyn Q Co &S 1st 5s,__1941
Bklyn Un El 1st g 4-58_1950
AStamped gum.* 4-55____1950
Kings Co El 1st g 45
1949 F-A
Stamped guar 4s
1949 F-A
Nassau Elea guar gold 49_1951 1-J
Donn Hy& List & ret 5 g 4 Iis_'51 J-J
1951 -J
l' Stamped guar 4543
J -J
g1::ISP6 31- S
cYro
arnfa4
Atnnitles
,rand Iltplds fly 1st g 59_1910 J-D
avana lec consol g 59-1952 F-A
terboro-Metrop coil 4;69_1956 A-0
12 No price Friday: latest this week
3
103
10212 10278 10358
9138 323
91 Sale 89
10/ 103 102 Jan '13 .___
96 99 98 Jan '13
_ _. 10.37s 9812 Dec '12
5
10112
50112 Ssle 101%
lull', Jan '13
15012 _ _
8312 Deo '13
-3512 86 Jan '13
12
78
7784 78 78
102 10178 J'ne'13
8
;697-8 ._ 9972
99%
75 Sale 75
75
--_ 95 93 Apr '12
---- 100 Seri '12
_ _ 98 98 Nov'12
-81 Sale 79%
8114 21
Street Railway.
10258 10311 Interboro Rap Tr 53 Ser A_1952 11- N
8834 925 Sianhat Ry (NY) cons g 43_1990 A-0
Stamped tax-exempt____1990 A-0
102 10212
Metropolitan Street fly—
98 98
Refunding gold 4s
2002 A-0
Farmers' Loan & 'rr ett____
11-1(1:i4 101-1-2
Stamped
10154 10134
Bway & 7th Av lstc g 58.1943 •J--1)
Col & 9th Ay let gu g 59_1993 11- S
Lox Ay & P F let gug 59_1993 51- S
7712 78
Third Ay RR cons gu 43_2000 J -J
Central Trust Co certs
- is -007-8
Cent Tr Co cts stamped
7418 7514
Third Ave fly 1st g 59___1937
---- Met W S El (Chic) let g 49_1938 F- A
Milw Bice fly & Lt cons g 591926 F-A
Refunding & exten 4 iis-1931 J -J
1fOr
2 8.14
-7
Minneap St 1st cons g 59___1919 J -J
—ger
d Due ADril. e Due May. 8 Duo July.
lc Duo Aug. 0 Due Oat.
10412
10414 Sale 10414
9412 03 9413Jan '13
94% 95 9512 Jan '13
92 10334 10434
9412 95
94 9512
64 May'l 2
6212 Jan '13
5934 Itch '12
10312
10318
i0312
98 10212 10112 Dec 12
101
101 Sale 101
74 J'ly '12
7412 J'iy '1:
74 Nov'12
Rid% 10714 10612Jan '13
__._ 8418 9312J'iy '06
- - 10414 10412 Dec '11
94 9414 9412 Oct '12
102 Nov'12
101
6212 02%
---
p Duo Nov.
50
103 EA
10 100", 101
1(5(11-2 16/4
o Due Dec. s Option sale /
FEB. 1 1913.1
New York Bond Record—Continued—Page 2
4._
,?. :5'
BOND,
:
N. Y. STOCK EXCHANGE
Week Ending Jan 31
:.', a_.
Price
Friday
Jan 31
Feel's'
Range or '
i..!.:1
Last Sale
,:t53
Range
Since
Jan. 1
N.
liONDS
Y. STOCK EXCHANGE
..V.
Week Ending Jan 31
e
345
Price
Friday
Jan 31
Veek's.",g
5:.T.
Range or
Last Sale
4.5,c`q'
Range
Since
Jan, 1
Bid
Ask Low
High No. Low High St P 11 & If (Continued)—
Bid
Ask Low
High No. Low High1
Clin H & D 2d gold 4 4s____1937 J -J ___ 10114 10034 Oct '12 _ __ __ ___ _
Morn ext 1st gold 4s__1937 J -D 95 ___ 96
96
5 9534 95
1st & refunding 4s
9112 _
1953 J -J
I tegistered
1937 j -I) ___ 954 98 J'ne'll __ ____ ____
1st guaranteed 4s
1959 J -J _. 91
8614 J'ne'12 __
.. - ---Pacifle Ext guar 4s
1940
J
-J
__
.
____
Nich'11
9255
Cin 1) & I lst gu g 5s__I941 M-N 9934
__ 101 Nov 12
E Niinn Nor Div 1st i4s1048 A-0 9412 97 97 Sep '11 ____ ____ _____
_ _--C Find & Ft W 1st go 45 g 1923 M-N
.. ___ 88 Men ii __-... --_- -Nlinn Union 1st g 6s
1922 J -J 11035 ___ 11414 Sep 12 .__ ____ ___
Cln T & W 1st gu g 4s___ _1053 J -J
863'4 88 8634Jan '13 ___-_ -8634 -8631
Mont C 1st gu g 6s_
1937 J -J 124 __ 124 Jan '13 ____ 122112 12'112
Day & Mich 1st cons 4 4s 1931 J J
99
_
_ ___
Registered
1937 J -J 12112 __ 13614 May'06 ____ ____ ____
Ind Dec & W 1st g 5s
A935 j-3 102 i68 ioi- De-C.
'h TT.:- ---.. --1st guar gold 5s_
1937 J -J 10912 111 109 Dec '12 ___ ____ ____
.
1st guar gold 58
1935 J -3 10314 105 10712 Dec '02
- - -- -Registered
1937 J-J 109 111 ___
Cleve Cin C 44 St L gen 4s....1993 J -D
9112 Sale 9112
9134 13 9112 9238
Will & S F 1st gold 5s_1938 J -D 109 __ _ 11212
- Seioii
---- ---____ ---20-yr deb 4 Ils_1031 J-J
9178 9214 0154 Jan
9134 9238 Gulf & S I 1st ref & t g 55_ _61932 J -J
924 94
9334
9334
I 92 9512
Cairo Div 1st gold 4s
1939 J J
91 92 9318 Sep '13--Registered
'12 ____ ---- ---01952 J -J
Cin W & M Div 1st g 4s 1991 J -J
88 90 90 J'ly '12 ___-- ---- Irjock Val 1st cons g 434s_1999 J -J 10134
- Sale 10134
10134
6 10035 1013
St L Div 1st col tr g 4s
IL
1990 31-N 90 92 91 Jan '13____ 91 91
Registered
1999 J-J ____ 100 10012Sep '08 ____ ______ __4
Registered
1990 hi-N .........._ 91 Oct '07 ....--- ---Col & H V 1st ext g 4s
1948 A-0 921s.
92 Nov 12 ___ _
____
Spr & Col Div 1st g 4s
1940 NI-S 87 —__ 90 Dec 11 ____ ___- ---Col & Tol 1St ex 4s
1955 F-A 92 ___ 92 Dec '12 ___ ____ _ ___
W W Val Div 1st g 45_1940 J -J
87 .._-_ 91 Apr '12
-------- ilous Belt & Term 1st 55_1937 J -J
9955 .... 10014 Dec '12 .___
0 1 St L & C consol 6s
1920 31-N 10514
Iilinois Central 1st gold 4s_1951 J -J 10234 Sale 10234
10534 Dec '11 -----------_
10234
1 10234 1023-4
1st gold 45
11036 Q-F 93
__— I Registered
0712 Nov 12
1951 J -J ___ 100 Sep '11 ___ ___ ____
Registered
11936 Q-F 93
1st gold 334s
96 J'ly '12
1951
J-J
____
9012
'12
Oct
9212
Oin S & Ci con 1st fc 5s___1928 J-3 105 ___ 10715 J'ly'12.
___ -------Registered
1951
J
-J
__
89
Aug'12
89
__ ____ ___
C C 0 & I consol 7s
1014 J-D 102 105 105 J'ne'12
Extended 1st g 348
--1951 A-0 -__ ___ . 9312 Ilay'09 ___ __ ---Consol sinking fund 79_1914 j-D
Registered
1051 A-0 .. __ 894 — ___ ---General consol gold 69_1934 J -3 12614 iii 12-3
1st gold 3s sterling
.- Clei-ii -----------.. ---1951 ill-S _:__ ___ iii - J•fir-'bi) 7-- ____ _--122
1034 j-J
- ---Registered
-Registrd
1951 31-S
___
____
Ind ill & W 1st prof 4s
1940 A-0 90 ___. 94 J'ly '08
Coll trust gold 43
---- --1952 A-0 95
9512Jan '13 __ 9512 9515
• 0 Ind & W 1st prof 5s_81938 Q-3
Registered
11152 A-0
-zz- -:
,,
7___ 9534 9514 Sep '12 ____ __
:Z.- -.
.Z..;—
__• Pe° & East 1st con 4s__ _1940 A-0 -,,,,,,
1st ref 45
(5112 au
ae14Jan '13 -.654
19. M-N -9512 9534 9512
98
7 -902 -96
Income 48
4414 46 4314
1990 Apr
4314
Purchased lines 34s_1952 J-J
2 4314 4712
83 84 8614 Feb '12
Col Midland 1st g 4s
3575 37 3512
L N 0 & Tex gold 4_,1953 M-N 9412 9712 954
1947 .1 -.I
3112 12 35 36
9512 -2 -95 964
Colorado & Sou 1st g 4s__1929 F-A 9355 Sale 9355
0412 15 9312 944
Registered
195$ M-N ____ 9512 9434 Jan 'II
_ ___ ---Refund & ext 4 14s
Cairo Bridge gold 43
9414 60 91 9412
1935 111-N 9414 Sale 94
1950 J -D
_ 9478 Ply '12
-Ft W & Den C 1st g 6s
Litchfield Div 1st g 3s_1951 J-J ------1921 .1 -I) 10712 108 10712 10734
3 10712 108
_
.7518 Nov'12 ...... ____---Conn & Pas Rlvs 1st g 4s 1943 A-0 ---- ---- --,Loulsv
Div & Terme 334s1953 J-J ____ 8434 85 Oct '12 ____ ___
---_ __-_ ---- ------1952 j_ j __ ____ 100 - May'10
Cuba RR 1st 50-yr 5 Cr
Registered
----1953 J -J ___ 85 83 Aug'12 _— ____ -net Lack & WesternMiddle Div reg 3s
1921 F-A 102 ___ 123 May'09 ____ ____ ---1,
- Morris & Essex 1st 7s....11114 M-N 103 Sale 103
103
Omaha Div 1st g 38
1 10234 10318
1951 F-A ___
754 Aug 12 ___ ____ ___1st consol guar 7s
1915 J -D 10512 Sale 10512
St Louis Div & term g 35_1951 J-J ___ 77
10512
'7 10514 10512
7512 Mch'12 ____ ____ __—
- Registered
1915 j-D ---------11133
.
Dec '10
_ __Registered
1951 J-J
73 75
2000 J -D 802
1st ref gu g 3 4s
90 hich'12
Gold 3 4s
1951 J-J •____ 8414 -g5-1-20ei'
-1 _
_ -1921 j-3 11075 111 111 Jan '13 ____ Ill 1113-8
N Y Lack & W 1st 6s
Registered
1951 J-J
1014
'99 _-_-_-_ :--- -Construction 5s
1923 F-A 103 10558 10412
Spring Div 1st g 345_1951 J -J -------- 100 Oct
10434
3 10412 10618
Nov'00
Term & Improve 4s
1023 11-N 9558 ---- 964
964
1 9615 0618
Registered
1951 J-J
Warren 1st ref gu g 3 45_2000 11.-A ,,,,- ---- 1021 Feb 03 __--- ---Western lines 1st g 45
1951 F-A 9214 05 9212Oct '12 ____ ____ -Del & Ilud 1st Pa Div 7s1917 M-S 11912 ---_ 11512 Aug '11 ___ ____ ____
Registered
1951 F-A
8912 ____ __
____
____
Registered
149 Aug '01
1917 'I-S -_,Bellev & Car Ist as
__.
1923 J -D
1
171-2 Nta-i'l s ___ __
4 98 9734
10-yr cony deb 4s
1916 J -D 973Carb & Shaw 1st g 4s
98
19 9714 98
1932 M-S ---------9413
— . --_J'ly '12 ---- let lien equip g 4 49
1922 J -31 1014 10112 10115
10118
Chic
St
6 9934 1014
L & N 0 g 5s
1951 J-D 11012 113 11314 Nov'12 ______ ---1st & ref 48
1993 81-N 9834 99 9814
Registered
9834 12 9818 9918
• 1951 J-D 110 11112 114 Feb '11 —.. —__ ---Alb & Sus cony 3 45
1946 A-0 8814 8812 8814
Gold 3 43
8812
5 8814 8834
1051 J-1) 80 ____ 9() Oct '09 ____ _— ---' Rens & Saratoga 1st 75_1921 11-N 11714 -- -- 12112 May'12.__ _ _ _
Registered
1951 J -D __
-___ ..._ --- -......
8913 sale 89
Deny& R Cr 1st con g 45_1936 J -J
Efemph Div 1st g 48_1951 J-1) 89 -___ -Ili1894 io ills 014
2 Aug'12 ____ ___ -Consol gold 4 4s
19313 J-J
93 9734 97 Nov'12
Registered
1951 J-D _
_
_
Improvement gold 5s__1928 j -I) 9814 9914 99 Jan '13 __
9712 99
St L Sou 1st gu g 4s
1931 st-S 66 65lz W.J'ly '08 7.7 - ___ ---1st & refunding 55
1955 P-A 8312 Sale 8312
84
la 827s 844 Ind III & la 1st g 4s
1930 J -J
91
9434 94 Aug'12 — :__
.— 109 Dec '12 ____ ---- -- Int 44 Great Nor 1st g 63__ 1919 111-N 10638 107 10612
Rio Cr June 1st gu g 5s_1939 .1 -I) 8112 _,
3 10838 10651
Rio Cr So 1st gold 4s1940 J -J ---- 1712 8112 Apr 11 _--- —__ Iowa Central 1st gold 5s -1938 J -I) 9712 Sale 9712 10612
9814
8 974 9931
Guaranteed
1990 .1 -J -,„ 70 85 Mch'08 ___
liefundln; gold 4s
:1951 111-S 60 62. 6212 Jan '13 ____ go 6414
Rio Cr West 1st g 45
1939 J -J
844 854 8412
8412
1 -8418 8514 1 amestoxvn Franklin-412Mtge 44 col trust 4s A_ _1949 A-0 80 82 81 Jan '13__ 80 81
e, Clearfield
1059 j-D 93 -__ 93 Jan '13 .___ 93 94
4s
Utah Cent 1st gu g 4s _a1917 A-0 82 -___ 97 Jan '08 _. ---- ---- Iran City Sou1st
1st gold 33_1950 A-0 7112 Sale 7112
714
2 7112 7112
Des Mo! Un Ry Ist g 8s,,.,,1017 NI-N 98 ---- 110 Sep '04 _------ IA- Registered
1950 A-0 _o
93
558 Oct 00 ._i5 _iii._ -ii
34 _9_5_3_4 6
.
.i..
Det 44 Mack 1st lien g 49_1595 J -D 89 ---. 92 Nov'll ____ _ ___
Ref & !mut 5s
Apr
1095 j-0 87 „
z _ 87 Dec '12
Gold 45
_
Kansas City Term' 1st
950 3'11
9434 9614 Dec '13 ____ 9614 9614
1196
Det Riv Tun Dot Per Tun 4 %s'61 11-N 9712 99 2 99
99
4 093-8 r site Erie & W lit g 53_:1937 J -J 10475
"7 li8-3- 10712 105 Jan '13 __ 105 10612
Det T & 1-0 S Div 1st g 4E41941 31-S ---- 624 75 Feb '12
I---I 2d gold 5s
1941 J -J 100 10034 10014
10014
6 10C1 1004
„,„- 105 105 Sep '12 .___ _______
Dui Missabe & Nor gen 59_1941 J-JNorth Ohio let go g !Ss
1945 A-0
105 10414 J'ne 12 __. __ ,..„..,
Dul & Iron Range 1st 5s1937 A-0 193 103%10312 Nov'12
Len Vail N Y 1st gu g 4 4(9:1940 J -J itji:18 10414 10414 Jan '13
_
—
10414 10114
Registered
1937 A-0 ,-_-_- ---- 10612 NiCh'08
Registered
1940 J-J
___ 104 1044 May'12
---• 2d (is
1918 J -J 1008 -- -- 104 Feb '11 ___ ____ ____ Lehigh Vail (Pa) cons g 45_2003 /11-N -__ 9714 9614
9614
1 964 9712
Oct
103
--'12
10312
Leh
Dol So Shore & Ati g 5s
V
Ter Ry 1st gu g 55_ 1941 A-0 1103- 1111 11234 Oct 12 ___ ___ --_.
1937 J -3
Registered
5s...
:
1V1
(
)
1 1
,.
- fg 1(
"1941 A-0 --- 11:3
4 -i- Dec '11 _
_ ---- 1_
__—
HZ iii- Leh V Coal Co 1st gu g 5s_ 1933 j-3 10512 __-_ 10612Oct '12 ._ _ _ ___ ___
aunq
‘
i & 110
412:I
N Y & Erie 1st ext g 4k_1947 11-N 99 „__ 10112J'ne'll -----------Registered
1933 J -J
2d ext gold 5s
1919 M-S 1024 104 1044 Nich'12 ____ ____ -___
1st hit reduced to 95___ 1933 J-3 9214 --- 3d ext gold 4 1-is
Leh & N Y 1st guar g 44
1923 111-S 1004 ---. 9034 Oct '11 _
1945 31-S 9112 --- 93 J ne 12
•
4th ext gold bs
1920 A-0 193 _ 10315 Jan '13
- 10315 1034
Registered
.
1945 Ni-S
- ----5th ext gold 45
......._ --1928 J -I) 9255 101 100 Jan '12
El 0 & N 1st pref Os
____ ____
1914 A-0
___ 16112 Fel)'11)
N Y LB & W 1st g td 7s_1920 \I- S 1134 11614 11534 J'ne'12 .._ _
_ __
Gold guar 5s
Men 12 ___
1914 A-0 ---- - -103_
Erie 1st con g 45 prior_1996 I-3 864 Sale 8613
8614 16 _8534 -8'7
Long Isid 1st cons gold5s_h1931 1-J 108 112 108 Jan '13 ____ 108 108
Registered
1996 .1- J --z_ 854 85 Sep '12
__
__
1st consol gold Is
81931 -J
93 ___. 9814 Nieh'12
1st consol gen lien g 43_1996 J -J
763s 76 7534
76
21 7518 76
General gold 45
1938 -D 92
_ 94 Jan '13 ____ 91 94
1921 Ni_s _ _ _ _ 109
Registered
•
1996 J -J
„.
75 77 Apr '12
_
Perry gold 4 %s
9614 Nov'12 __---- - - -, Penn coil tr g 4s
1951 F- A
3913 92 894
Gold 45
894
1 8914 90
1932 J -D
_ 97 994 Oct '06 ___ ____ -1953 A-0 31 Sale 81
. 50-year cony 43 A
8214 10 81
1049 81-5 "ails 91
Unified gold 43
821 1
91 1)eo '12 __ -___ ---Series B
do
.
1953 A-0 78 Sale 7514
78
54 7514 774
Debenture goal 55
1934 J -D _.__ 101 10412 Dec 'OS ____ _-__ ---Buff N Y & Erie 1st 75_1916 J -D 105 10934 110 Apr '12 _ _
Guar ref gold 4s
1949 Ms -___ 9.118 9412 Dec '12 ______ _ __
Chic & Erie 1st gold 5s 1982 M-N 110 112 111
1115 ii64 ill Registered
1949 31-S --_ --_ 95 Jan '11 ______ ---Olev & Mahon Val g 5s1938 J-3 105 -- 109 May'12 _
N Y B & M B 1st con g 5s 1935 A-0 103 ___ 11014 Nov'06 ____
--..Long Dock consol g 68_1935 A-0 12212 -„ - 124 Nov'12 ---1927 NI-S 10312 10534
N Y 44 R B 1st g 53
- 103 Jan '13 ____ 103 103
106
89.1922
Dec
----10714
31-N
___
cur
'12
1st
gu
RR
Coal &
Nor Sti B 1st con g gu 5s.a1932 Q-J 104 ___. 10414 Dec '12
10012
Dock & Imp 1st cur 68_1913 J -J
8 idol; i661; Louisiana & Ark 1st g 5s
1027 51-5 93 9312 9312Jan '13 __ -93
.
1
2 -Er2
__
N Y & Green L go g 5s 1946 11-N 104 109 10312 Aug 12
Louisville 44 Nashville—
9912 10012 10034 Jan '13 ....-__ 10014
N Y Sus & W 1st ref 513_1937 J -J
1930 JD 11312 S
General gold 13s
11312
i51
114
-111452
11312
1
3
2d gold 4 149
1937 F-A 8255 90 10014 Dec '06 _ _ ____
Gold 5s
1937 11-N 11012 ---- 11011 11012
1 11012 111
General gold 58
1940 F-A 80 87 863g Jan '13 ...-___ 8634 8631
Unified gold 4s
1940 3-3 987 Sale 9834
99
981
9918
'
108
Jan '13
Terminal 1st gold 5s 1943 111-N 10758 10812
108 108
Registered
__
1940 J-J ------9612 Sep '12 -----------.
/ Mid of N J 1st ext 5s
1940 A-0 - - ---- 11112 May'12__ ____
Collateral trust gold 5s 1931 M-N 10512 1419 10738 Dec '12 -----------99 - 2 99 -09
'• Wilk & Ea 1st gu g 5s....1942 J -D ali Sale 99
13 H & Nash 1st g 6s
1919 J-D 11012 _-_ 11012 Dec '12 ____ _........
RV & Ind 1st con gu g (is
1926 j-J log 10934 106 May'12
L Cin & Lex gold 4 %s__ 1931 3.6-14 100 ... 10434 May'12...
---.
110
Ilivans & T If 1st cons 6s
5 166 116
N 0 & If 1st gold 6s1930 J-J 118 12014 12038 Aug'12 __
1921 J -J 10834 111 109
____ ---102
J'ne'12
100
984
general
gold 5s
1st
N 0 & NI 2d gold 6s..„ 1930 j-J 11415 11712 11712Jan '12 .._
1942 A-0
.
',. Mt Vernon 1st gold 6s
Paducah & Mem div 4s 1946 F.A —
1923 A-0 -----108 Nov'll
_ 94 Oct '12 .___ __-_ ---.
• Suit Co Branch 1st g 5(3_1930 A-0 Lts ---- 95 J'ne'12 ____
Pensacola Div gold 8s
1020 M-S 10534 ___ . 10534 Itch '11
Sale
Coast
9614
Ulorlda 4
1st 434s_,.1950 J -D 9635
9635
St Louis Div 1st gold 6s_1921 M-S 109 11212 11212 J'Iy '12 ____ —__ ---.
8 94 905-4
X ort St U D Co 1st g 4 ,0_1941
1
2d gold as
92 Aug'10
J-J -,..., ,_,1980 31-S
_ _ 7012 6955 Sep -1' ...... ____ ---.
754 Bale 7612
Fs,w & Rio Grist g 4s
1928 3.31
7612 ____ -754 7611
AM Knox & Cln Div 45._1955 M-N 9212 9258 021g Jan .13 .. 91 92%
let
55_1913 A-0 994 -- 9912 Aug 12 ___
rani H & H 01 1882
Ati Knox & Nor 1st g 59_1946 J-1) 108 __ 111
111
2 11() 111
•areat NorthernHender Bdge 1st s f g 88_1931 hi-S 105 ____ 106 Apr '11 ......
-_,,,._.
192l J -j 9534 Sale 9555
96 237 953s 961 1
0 B& Q coil trust 45
Kentucky Cent gold 4s 1987 J-J
92 ___ 0214 Jan '13 ____ 9134 92
,
4
1921 Q.J ___ 9512 9535
Registered_ It
953s
3 9535 96
L & N & If & El 1st g 4 491945 M-S 102 10312103 Jan '13 ___ 103 10304
1st & refund 4 143 ser A 1961 J J 10012 Sale 10012 10055 16 10014 10051
L & N-South M joint 48_ _1832 J-J
8/34 8812 8812Jan '13 __-- 8813 90
.10012
Registered
1961
Q-J
Registered
_
1i1952
95 Feb '05
____ ---.
1933 J -J
St Paul M & Man 45
08 -,„ _ 9818Jan '13 ____ Mg 9814
N Fla 44 S 1st gu g 5s____1937 F-A ioi legit 10911 Oct '12
1933 3-J 12214 123 124 Jan '13 ___ 12114 124
1st consol gold 6s
N & C Bdge gen gu g 4 4s 1945 J-J 10012._ 10112 Jan '13 ____ 10112 10131
Registered
•
1933 J -J ____ 124 122 Sep '12
Pens & Atl 1st gu g Os__ 1921 F-A 110 .—. 11014 Oct '12 ___ ___--.
•
Reduced to gold 43-4s1933 J-J 1024 10414 10413 Jan '13 ____ 10312 10411
S & N Ala con gu g 5s___1936 F-A 103 - — 10915 J'ly '12
____ .:-..;
D.7,1 atpred
111511 .7.I 1028. -_ - _ 10113/ .I'net WI
r. x .TP ft 'Moe (In on o 4g
194181-8 8514 ____ 9114 Mcia'12 ....
MISCELLANEOUS BONDS—Continued on Next Page.
Elfelni.JVcot.E.?sgtolksitls
-
•
---
ieio NI loot,
G
Street Railway
Ry & Lt gen 4 48..1935 J -J
N Y Ryi 1st 11 E & rf 45 tempJ -J
30-year adj Inc 5s-- ----1042 A-0
_1930 Nf-N
Ry 1st & ret Portland Ry Lt& Pow5s.15t&
ref cony s t 84
1942 F.A
• Portland Gen Elec 1st 55_1935 J J
St Jos Ry.L. H & P 1st g bs 1937 M-N
St Paul City Cab cons g 58 1937 J-J
Third Ave 1st ref 4s
1960 J- J
Adj inc 59
a1960 \-0
Tr -City Ry & Lt let 5 f 5s_1923 A-0
Underground of London4 Ms
1933 J -J
income es
1948 _ _
Union Bloc (Chic) 1st g 5s 1945'co
United Rys Inv 1st lien coil
, trust 65 Pitts issue
1926 M-N
Frew On
rortland
83 871e 85 Oct '12 ____ _
7855 100 1T754 79
7812 Sale 78
604 Sale 584
6038 1328 !7 601,g
1014 ____ 101
101
1 11 1. 101
9512 98
-__- ---. _ _ ____
10312 ____
8238 Sale
/534 Sale
99 Sale
95
96
5
-,---,t ---98 Nov'08 ._ __
105 Nov ,12
8212 86
8235
7435
7634 87
9834
0914 17
15
_
96
1-34 8958
' 355 7678
' 834 9912
9512
4 ' 5 95*4
9512 9814 9512
9312
9312 Sale 93
'7
_ 84 Oct '08 ____ _ 114 93,2
____
Street Railways.
United Rys St L 1st g 4s___1934
St Louis Transit gu 5s___1924
United RR8 San Fr s t 43_ _1927
Va Ety & Pwr lstecref 59._1931
Gas and Electric Light
Atlanta G L Co 1st g 5s____1947 j-D
Bklyn 1.1 Gas 1st con g 59_1945 ,11-N
11953472 A-0
Buffalo Gas 1st g 55
J -J
Columbus Gas 1st g 51
1923 J -J
Detroit City Gas g 53
1918 F-A
Det Gas Co con 1st g 5s
1933 j-J
Dot Edison 1st coil tr 5s
1932 81- S
Eq (I L N Y 1st con g 5s
Gas & Elec Berg Co c g 59_1949 J -D
1915 F- A
Cr Rap G L Co 1st g 5s
1949 M-N
Hudson Co Gas 1st g 5s
Ran CIty(Ifo)Gas 1st g 5s1922 A-0
82
6 2 83
8112 82 82
No price Friday: laest bid and asked this week. a Due Jan. I) Due Pell. d Due April. 8 Duo July.
J-J
A-0
A-0
J -J
7314
7334
74
____ 87 83 Nov'12
6612
6534 Sale 604
94 06 05 Jan '13
3 734 7334
26
6534
94
102
10638 10658 10612
10612
54 62 54 Oct 12
100 ioi
1614
____ 107
100 _
_
_ __ 101
103%
_
Due Aug.
0
id() Jan '13
9553 -Sep 08
10134
10134
10612 Oct 12
103 Sep '12
100 Oct '09
10355 Deo '12
9812 Sep '12
Due Oct.
S
Option sale.
67
95
[VOL. xcvi.
New York Bond Record—Continued—Page 3
346
Price
Friday
Jan 31
BONDS
M. Y. STOOK EXCHANGE
Week Ending Jan 31
!Peek's
Range or
Last Sale
Range
Since
Jan. 1
BONDSt
.
"
o
N. Y. STOCK EXCHANGE
t
Week Ending Jan 31
• ...is;
Price
Friday
Jan 31
Week's
Range or
Last Sale
,i1
0
co,2
Range
Since
Jan. 1
Bid
High No. Low High NYC&H R—(Con)—
Ask Low
Bid
Ask Low
High No. Low High
West Shore 1st 45 guar__2361 J-J
9818 Sale 98
tlkiranlia RR—Son lines 43_1936 111-N
9818
4 98 0814
1 00
9612 19 06 9'713
Registered
6
2361 J-J
'•LV-Lealoan Cent Inc g Is tr roots_
_
_ -2512 Apr '00
10013
j-.1
___
-------J'ly '11 ____ __
NY Cent Lines eq tr 4 Ms 1923
___
Equip & coil g 5s
1917 A-0
---if N Y New haven & Haat—
Max Internat 1st con g 4s 1977•S ----1955 J-J ____ 89
79 Nov'10
8912 Jan '13 ____ 8912 8912
Non-cony deben 45
Stamped guaranteed___ _1977 M-S
/2412
___
____
Oct '12
Non-conv 4s
1956 M-N __ _ 8834 90 Sep '12 ___
Minn & St L 1st gold 73__1927 J -D
11018 Aug '11
8612 41 86 87
86 Sale 86
Cony debenture 3 9is
1956 J -J
• Pacific Ext 1st gold 63.__1921 A-0 100 Jan '13
12512 53 12412
Cony debenture es
1948 J -J 125 1251 125
1934 M-N
1st consol gold 5s
98 100
Nov '12 .__ ____ _
6212
Harlem R-Pt Ches 1st 4s_1954 111-N --------9914
_
0 60 6278
. 1st and refund gold 43_1049 M- S 80 6212 6212
126-___
9912 J'ne '12 ___ ........
B de N Y Air Line 1st 45 1955 F-A ____ ___
78 79 7934 Dec '12
• Des M & Ft D 1st gu 4s_1935 J-J
9578 97 9513 Jan '13
9014
Cent New Eng let gu 43 1961 J-J --9233 0014
2 9014 -9014
11 StPdeSS31 con g 43 lot gu.1938 J-J
"El;"El;
_
9714 J'ne'12
Housatonic R cons g 5s 1937 3.1-N 110 ____ 115 Aug '12 __ ___
1941 31-N 95
1st Chic Terml s f 4s
9818 18 9738 -jg14
9614 _ 9614 May'12
N YW'ches&Blst ser I 4 ;is '46 J -J
9818 Sale 9778
31SSM&A 1st g 4sintgu 1928 J-J
N H & Derby cons cy 5s_1018 M-N 100 ____ 107 Aug '09 ____ ___ ___
Mississippi Central 1st 5s 1949 J-J -___ 156 9812 Meh'll
9414 13 04 -E1New England cons 5s
1045 J-J
)do Kan & Texaslst gold 431990 JD 94 95 94
---- ---- ---- __4
- ---_
01990 F- A 8012 Sale 8038
81
Cons°, 45
MO'12
2d gold 4s
1945 J-J --------9913
5 80 8131
99
98 100 9812
817; 8214
1044 31-N
Providence Secur deb 45_1957 ill-N ---- 83 8214 Jan '13 _
6 98 99
138 ext gold bs
9212
9212
2004 31-S -___ 78 78 Dec '12
• 1st de refund 4s
0213 9212
---- -- N Y 0 & W ref 1st g 4s_ _gl 092 31-S
8513 87 8034 Jan '13
Registered 35,000 onli_g1902 H-S --------9212 J'ne'12 ___ ____ __
Gen sinking fund 4 10_1936 J-J
8614 87
:85 8812 895 Feb '12
General 4s
1955
- 7713 77 Deo '12
I St Louis Div let ref g 4s_2001 A-0
10478 Sep '12
9878
6 981-4 -1587
Norfolk Sou 1st & ref A 5s 1961 13- A 9812 Sale 9813
Dal de Wa let gu g 5s__1940 11-N
;
_ 88 Sep '12
None ec South 1st gold 53_1941 111,-N 10218 __ 10234 Apr •12 ____ ___
1990 F-A 8778
Kan 0 & Pao 1st g 4s
107
Nort de West gen gold (33_1931 M-N 11958 ____ 120 Jan '13 ___ 11912 120
Mo K da E 1st gu g 5s_1942 A-0 107 108 107
107 108
123
2 123 123
Improvement & eat g 03_1934 F-A 123 Sale 123
M K & Ok 1st guar 5s
1043 M-N 1031210412 104 Jan '13
104 10412
_
_
New River 1st gold 63_1932 A-0 120 122 12418 May'12 _
MIC&TofTlstgug5s_1942 31-S 9912 10018 10114 Jan '13
10012 10114
99
in 66'34 tigis
N & Ti By 1st cons g 4s 1096 A-0 99 Sale 98
, Sher Eh & So 1st gu g 5s-1043 J-I) 9912 102 103 Jan '13
103 103
1993 A-0 *9714 98 98 Jan '11 ___ ____ __
Registered
' Texas & Okla 1st go g 5s 1943•S 10138 10212 101 Nov'12
4
106
9212 10 92 92392 Sale 92
Dtv'l 1st I & gen g 43_1944 J-J
Missouri Pao 1st cons g Os._1920 31-N 106 Sale 106
108 156-1-2
112
14 111 11278
9978
1932 J-D 109 110 112
10-25-year cony 4s
3 99 9978
Trust gold 5s stamped__a1917•S 9934 9978 9978
07 May'12
10-20-year cony 43 _ _1932 11-S *--_ 112 11112 Jan '13 ____ 11112 11112
a1917•S
•
Registered
9114
9131 44 9114 92
Pocah C & C joint 4s 1941 J-D _-__ 1)2
9918
1st collateral gold 5s____1020 F-A -9/11; -9638 9918
-6A -663; C C
& '1' 1st guar gold 53 1022 J-J 103 100 10534 Jan '13 __ 10534 10534
•
1920 F-A
Registered
-i(51-8 30 -fO" "703-4 Selo V & N E 1st gu g 4s_1981 51-N 04 ____ 95
95
1 94 9638
40-year gold loan 45
1945 M-S -We, Yale 70
____ 9612 0613 May'll
Northern Pao prior I e 4s_1097 Q-J • 9814 Sale 98
9838 145 08 9858
3d 7s extended at 4%_1938
1 0738 9738
9738
8712 49 -i639738
1959 M-S 87 Sale 8034
Registered
1st ds ref cony 5s
1997 (J-J --.
4 88
9213 Dec '12
28 6734 6814
68
General lien gold 3s____a2047 Q-1
, Cent Dr By 1st gu g 4s_1919 F-A 9218 _
, 03 Sale 6778
6 68 08
81 Dec '12
68
68
(12047 Q-F --__
• Cent Br U P 1st g 4s
Registered
1948 J -D 77 81
St Paul-Duluth Div g 48_1996 .7-i) 92 9513 0214 Jan '13____ 9214 9214
_ 110 Hell'05
Leroy & 0 V A L 1st g 59_1926 J 03
03
Dui Short L 1st gu 53.___1910 11/-S 10012 __ 10112 Oct '12 .._ _ ___
Pao R of Mo 1st ext g 4s_1938 F- A 93
-9-iSt P & N P gen gold 63_11)23 F-A 11314 ___ 113 Dee '12 _ __ ____
2d extended gold 6s......1938 J -J 103.10314 Dec '12
Registered certlflcates_1923 Q-F 11218 ____ 11538 Aug '11 ____ ___ ____
10572 18 jail; 104 StL Ir 318.5 gen con g 53_1931 A-0 10534 166. 10538
St Paul de Duluth 1st 5s_1931 F-A 109 ____ 107 Jan 12 ____ ____
101 Oct '12
Gen con stamp gu g 5s_1931 A-0
10238 10 10218 iiii3;
8258 38 "ifs; 825
28 Is,,,
1917 A-0 10233 Sale 10238
8238 Sale 8178
•
Unified & ref gold 43_1929 J-J
1968 j-D 9234 _ 94 Joe 12 ____ ____ ____
1st consol gold 4s
8078 Oct '12
Registered
1929 J -J
Apr
'11
8312
9118
Wash
9518
-8312
Cent
gg_
.
8312
1st
gold
43
1948
Q-M
M-N
12 83 8312
Rlv & CI Div 1st g 43_1933
Nor Pao Term Co 1st g 631933 J-J 11078
- 11138 1103.1 Jan '13 ___ 110396 Jan '13
4 f-54
DO
06
Verdi V I & W 1st g 5s 1926 M- S
11034
1.16
4
14 90 9114
9018
Oregon-WashOregon-Wash
.34
I
1163
9013
Sale
1st
0013
&
J-J
-D
,j961
J
ref
45
63_1927
11633
1163
4
Ohio
new
gold
&
Mob
10038
_ 11234 Jan '13
6 10033 1011,1
11234 11234 pacific Coast Co 1st g 5s 1940 J-1) 10038 10112 10038
1st extension gold 08_131927 Q-J 11258
1938•S 8512 8712 8578 Jan '13
General gold 4s
8534 8578 L ennsylvanla RR1st realest g 4s
1923 111-N 10114 _ ._ 10114 Jan '13 .... _ 10114 10114
Montgom Div let g 53_1947 F- A 10712 109 107 Dec '12
88 ._ 8578 Dec '12
Consol gold 53
1910 31-S ___ 108 - 110 Mch'12
St L de Cairo coll g 4s_e1930
91 6234 92 Nov'12
Consol gold 43
Guaranteed gold 4s
1931
1943 11- N 10112 ._ _ 10214 Nov'12
101
4 -9
.7i-2
Convertible gold 3 s_c‘1915 J -D 1/733 Sale 9718
9738 95 -963Mashy Ch & St L 1st 7s 1913 J -J 10034 10114 101
3 fof foc _
10814
97 J'iy '12 ___• ____
Registered
Al 1st consol gold 5s
1028 A-0 10814 10914 10814
2 10712 10814
_o1015 J-D ____
11114_ 111 Jan '13
-.12
Consol gold 4s
10212 11 10112 j.6.2
, Jasper Branch 1st g 6s 1923
1948 111-N 10212 Sale 10134
111 111
10513 io'614 1051k Jan '13
Alleg Val gen guar g 4s 1942 11-S 98 10018 10018 Aug '12 ...... ____
,'
W & Al 1st 1351_1017
10512 10512
1045e __ 113 J'ly '04
_
D R R R de Bge 1st gu 4sg1936 F-A 95 _._ too Sep '12
T & P Branch 1st 63_ _1917
Phila. Bait & W 1st g 4s 1943 31-N 10034 ____ 100 Jan '13 ___ WO - Rio
. LL12 87
8712 -9 -if 8812
Nat Rye of Hex pr lien 4 38.1057
_
__
'03
Sod Bay & Sou 1st g 53_1924 J-J ___
77
12
4 76,4 78
Guaranteed general 4s
1977 A-0 78 7712 7014
9/ 99 09 Mch'12
Sunbury & Lewis 1st g 431938 J -J
1- ---------------------Nat of Alex prior lien 4 3is_1026
87 NJ RR & Can gen 4s 1044 11-S -------- 10112 Ma-'2 -_-_-_-_ -___-_ -_-_-_-_
-)
(j 76 7712 7612 Jan '13
1st consol 43
1951 17612 7612
80 Sale 86
Pennsylvania Co—
8012
N 0 Mob &Chic let ref 53 1960 J -J
86 87
101
7 104 104
Guar 1st g4 3.6s
1921 J-J 10338 101 194
NO &NE prior lien g 63p1015 A-0 10312 104
10234Jan '13 .___ 10214 10234
8612.,88 "ijf- Jan -'15
Registered
1921 J -J
New Orleans Term 1st 43_1958 J-J
87 8712
8634 Sale 86
8/14 39 86 87
Guar 3;is coil trust leg.. _1937 31-S ___ __ 89 Sep 12
N Y Central & 11 It g 3;is_1997 J-J
8512 Jan '13.___ 8512 8-El3
853; 86
8634 Sale 8034
Guar 3 s coil trust ser 13.1941 F-A
Registered
8034 25 8418 804
1097 J-J
9034 49 9012 9112
Trust Co certfs go g 3;63_1916 It-N 97 __ _ _ 9738 Dee '12 ____ __ __
Debenture gold 4s
1934 ,11-N 9012 Sale 9012
_ 88 Aleh'12 ._.. _
93 May'12
Guar 3;is trust ctfs C
1942 J -D 8538
Registered
1934 ,M-N
7814 20
7812 7818
Guar 3 ;is trust etfs D,, 1044 J-11) 8538 8838 8754 Jan '12 ._____ _
, Lake Shore coil g 3 he,.....1998 P-A
-79"
77
---- 7734 77
Guar 15-25 year g 4s_1931 A-0 91318 ____ 96 Jan '13 ___ 96 66
,•
Registered
1998 F11 77 77
_ _..
Cln Leb de Nor gu 4s g __ _1942 31-N 9218 9312 9612 Dec '11
Mich Cent colt gold 3 3is_1998 F-A ..___ 7818 7813 Jan '13
7818 7812
_110 Jan '05 ____ ____
7712 78 Sep '12
CI St Mar let gu g 453_ 1935 111-N 101
k
Registered
1998 F-A 985
4
Dec
'12
10734
Deo
11
_
_
_
10212
___:
J
-J
CI
&
P
gen
gu
g
4 3-is ser A 1942 J-J
Beech Creek 1st gu g 48_1936
---tas
Series B
1942 A-0 10212 ____ 10934 J'iy '01
'
1938 J -J
Registered
Series___8
_ ____
Int reduced to 3;48_1942 A-0 ____ ____ 9114 Feb '12 -------1930 J-J i661. 2d guar gold 53
---- ---J-J
0
3;is
1948 itl-N .._ ____ 0018 Oct '12 ._ ____ _1936
•
Registered
-__—__ 00 Slay 08 ___ ___ _ Series D 3;is
1950
F-A
Beech Cr Ext 1st g 3 3is-b1951 A-0
---- ---Erie & Pitts gu g 3;is B..1940 J-J — — __ 0113 May'12 _.-- --- --88 ---- 88 Oct '12
Cart & Ad 1st gu g 4s..._1981
---_ _
108 -_-Series 0
1940 J -J ---- ____ 9918 J'iy '12
Gouv & Oswe 1st gu g 53_1942
8Ja112-15
-683Or R 8.1 ex 1st gu g 4 30_1941 J -J 10112 10212 10112 Dec '12 _____ __• Moh 63 Hal 1st gu g 4s
1991
9838 -i83-8
'02
Oct
195
Pitts
Y
—
_
105
____
WU
&
11-N
96
Ash
53_1927
____
_May
10
____
1st
con
NJ Juno R guar 1st 43_1086 F-A
---Tol WV 8.0 gu 4;is A 1931 J -J 10112 ____ 1.0213 J'ne'12
_ ____ ___Registered
1986 F-A
---2 DeC'U
-871_ 10238 Nov'12 ..... ____
Series B 4;is
1933 J-J 10112_
•N Y & Harlem g 8 0_2000 111-N 8658
Series C 4s
oi 95,8 Oct '12
1942 13I-S 94
1. Registered
2000 111-N
--15
3 1031
10312
P C C 63 St L gu 4;is A 1940 A-() 10312 105 10312
_-3 11331-2
) N Y 8. Northern 1st g 53_1927 A-0 ....... 107 106 Jan'
10512 10612
Series B guar
1942 A-0 1031 1051 10434 J'iy '12
N Y & Pu 1st cons gu g 431993 A-0 ___ 96 977s Aug'11
Series C guar
1942 31-N ---- ----_ 100 Joe 11
' Nor & Mont 1st gu g 53_1918 A-0
1.1111-2Jan-'5.9
____ ____ ____
8
Series D 43 guar
1945 31-N 9514 98 97 Dec '12 ----------Pine Creek reg guar 6s
1932 J-D 1151310618
__
- 10618
Series E 3;is guar g
1949 F-A 90 _ _ _ _ 9514 Sep '12 ____ ____
108 1.661-4
Ift W & 0 con 1st ext 5s_h1922 A-0 10613 Sale
10513 101 Mch'12
Series F gu 43 g
1953 J -D 9514 ...... 9514 Jail '13 ____ 9514 9514
I Oswe & R 2d gu g 58_....e1915 F-A
1 9712 0712
9712
1957 3.1-N 9514 ___ 9712
104 J'ne'10
Series G 43 guar
iRW&OTR1stgug55_1918 M-N 1011
05 if38 96 Oct '12
0 St L & P 1st con g 5s 1932 A-0 10713 __ . 11312 Nov li __--__ ____
Rutland 1st con g 4 3-is_1941 J-J
____ ____
8315 8454 84
84
1921 Q-F 106 __-_ 109 blay'11
Peo & Pek Un 1st g 6s
OgdeLCham 1st gu 4s g 1948 J -J
2 84 84
0313 Jan '11 __
51921 51-N __ flg
92 J ne 09
2d gold 4 ;is
'1 Rut-Canad let gu g 48_1949 J-J
54 8-4:
____
Jan
'13
'12
54
---55
4s___1955
J
-J
Sep
109
___.
Marquette—Ref
108
Pere
/St Lawr & Atilt* 1st g 5s_1996 J-J
___
1055 J -J --__ 5478 5612 Nov 12
11912 Mch'12
Refunding guar 48
1 2d gold (is
1996 A-0 114 08 Oct '12 ____ __
.__
1921 J -I)
95- 9978 Nov '11
Ch de W AI 5s
Utica & 131k Riv gu g 43_1922
1920 A-0 16312 10612 104 Oct '12
___
Flint da P 111 g 6s
31 88 g14 88 Jan '13
,
1 Lake Shore gold 3 3-is..-1997 .
8734 88
1930 M-N 06 98 9512 Jan '13 ____ 95 -9612
88 Jan '13
1st consol gold 55
1997 J -D
g Registered
8734 88
9238 101 0214 9231
Pt Huron Div 1st g 59_1930 A-0 9612 98 97 Nov'12
4 - Debenture gold 43...._1928 M- S 9238 Sale 9288
___ ____ ____ ____
9213 13 92 9212
Sag Tus & II 1st gu g 43_1931 F-A ---- ____ ____
,• 25-year gold 45
1931 111-N 9238 9238 9213
- 80 86 Ma-y'12
•
93 Oct '12
Philippine Ely 1st 30-yr s f 48.'37 J -J
1931 M-N
Registered
1940 A-0 Mrs ____ 113 J'iy '12 ___ _
Pitts Sh de L E 1st g 5s
;- Ka A 53 G It 1st gu o 53.1938 J-J
11314 Nov'll
1943 J-J
let come' gold 55
• Mahon C't RR 1st 5s 1934 J-J 108 ___ ii11-2
9714 Sale 9714
1997 J - J
0713 Lo 0634 (W12
105 Apr '12
eading Co gen g 45
Pitts & L Erie 2d g 5s__a1928 A-0 10512
9612
0034
9614
9014
1 96 0614
-J
117
J
Jan
1997
J-J
13018
'09
Registered
'Pitts ItleK & Y 1st gu 6s_1932
_ 12314 Mch'12
1051 A-0 9614 9078 0014 Jan '13 ____ 0614 9614
Jersey Cent coil g 4s
• 2d guaranteed Os
1934 J-J 117
---84__ __
1951 J -J -„-,_____—
Atlan City gu 45 g
McKees & B V 1st g 03_1918 J-J 105 ____
---84 Sale 84
111 Jan '12
-5 -84 - -84
1947 J -J
....', t Jo & Gr Ist 1st g 4s
1031 M-S 10638.
Michigan Central 5s
ot Louis & San Francisco—
1931 0-111 104 --.... 119 J'ne'06
•
Registered
1931 J-J 11318 12034 11414 Jan '13
98 Apr '12
11414 11414
General gold 6s
4s
1940 i-J
9812 Nov'll
1931 .1' - J 10434 _. 10434
General gold 5s
2 10434 10434
•
10134
1940 J-J
Registered
90 J'ne'08
8312 ..._ 85(2 Dec '12 __ - —
__
St L &S F RR cons g 4s_1900 J-J
J L &S 1st gold 3 3,63_1951•S
8112 22 814 8214
1927 ill-N 8138 sale 8138
80 8612
Gen 15-20 yr Its
1st gold 3 ;is
1952 411-N 851 -8614 801 Jan '13
8834 10 884 8812
Southw Div 1st g 55_1947 A-0 9938 __ _ 100 Jan '13 ____ 100 100
20-year debenture 4s_ _1929 A-0 8834 90 8814
99
1951 J - J
1/
5 9812 9912
70
7612 32 '7434 7034
Refunding g 43
Y Chic &St L 1st g 4s,.1037 A-0 99 9914 09
971 Jan '13
1051 J-J -------- 8034 Mch'll ___ -----9712 9712
Registered
1937 A-0
Registered_
8834 89
Debenture 4s
1931 M-N ____ 8834 8834 Jan '13
.7-1)
H-S
-
R
MISCELLANEOUS BONDS—Continued on Next Page.
Gas and Electric Light
Kings Co El L & P g 5s---1937 A-0
Purchase money 6s
1997 A-0
i Convertible deb 6s
1922 M-S
' Ed Hill Bkn 1st con g 48-1939 J -J
raw Gas L of St L 1st g 53.._01919 Q-F
Ref and ext let g 5s
1034 A-0
llwaukee Gas L let 4s
1927 m-N
1948 J-D
Newark Con Gas g 5s
1948 J -I)
Y G E L H & P g 5s
Purchase money g 4s_1949 F-A
Ed El III 1st cons g 55,_1905 J-J
NY & Q El L&P 1st con g 53_1930 F-A
1921 M-N
N Y 5: Rich Gas let g 5s
Pacific G 8. El Co Cal G & E
Corp unifying & ref 58_1937 11-N
Pao Pow & Lt 1st & ref 20-yr
1930 F -A
Si Internet Series
Pat a Paasalo GI & 8 Is.,.....1940 M-3
Gas and Electric Light
____ __ Peo Gas & C let con g Os___1943 A-0
113 113
1947 31-S
Refunding gold Ss
___
Registered
Ch G-L cfc Cite let gu g 5s_1
193
47 NJI-.1
S
10138 10214
Con G Co of Ch 1st gu g 5s 1936 J-I)
10112 102
Ind Nat Gas de Oil 30-yr 5s '36 M-N
8912 90
Mu Fuel Gas 1st gu g 5s 1947 3.1-N
____ ____ Philadelphia Co cony 5s
1919 F-A
10134 10312
_1922 M-N
Cony dcben g 53
8512 8612 Stan Gas& Elea cony sf 68 —1926 J-I)
___ __ Syracuse Lighting 1st g 53_1951 J-1)
1954 J-J
--------Syracuse L & P 5s
1040 in- s
Trenton G & PI 1st g 5s
Union Elec L & P 1st g 5s...1932 31.-S
9538
95
1033 111-N
59 9434 96
Ref & ext 5s
1950 J -J
Utica El L & P 1st g 5s
95 Oct '12 ....... 100%1003s Utica Gas 63 E ref 5s
1957 J-J
10238 J'iy '12 ___
Westchester Light'g g 53_1950 J-D
10312 10413 101 Dec '12 ____
11318 116 113 Jan '13 ____
12212 Dec '12 ____
12112 _
_
8812 __-_ 8814 Nov'12
5
102
102 Sale 102
2
102
10112 102 102
8914 8934 8913
8934 14
10353 __. 10614 Apr '12 ____
10312 21
10338 Sale 10338
8634 8678 8834
8578 1/
10812 __ _ 11318 Nich'12 ____
100 10118 9912 Dec '12 ____
---- ---- 9212 J'iy '09 ---.
pp, 95
_ 95
100 103
No prism Friday: latest bid and asked, a Duo Jon.
11513 117 116 Jan '13 ...„ 11513 116
10178 10214 10178 Jan '13 ____ 10134 1011s
Feb
b02
038
0 ---i i0258 led S-a-le. 11003258
162-5-8 ____ 10234 10314()et •12 ____ ____ __
80 93 Mch'12 ___ ___ ____
-------10114 Aug;2 ---- .........
____ 101 100 Nov'12
98
10 08 98
98 Salo 08
100 10014 100 Jan '13 ___ 100 1001s
____ 101 101 Dec '11 ___ ___ ___
--- 8512 J'ne'i2 ____ ____, ____
192 ____ 109 Feb '01
09 __ . 102 Jan '13 ____ 102 102
95 98 9'7 Dee '12 ____ -.
___
101 __ ___
98 ....._ 10014 Dec '11 -------------10412 10478 10478
105
1 10112 104
b Duo Fob. i Duo May, g Duo Juno. Is Duauly. o Duo Oot.
p Duo Nov. a Option sale...
FEB. 1 1913.]
It
BONDS
:,.''',,,
.
Y. STOCK EXCHANGE '—
t
Week Ending Jan 31.
,-, a.
New York Bond Record—Concluded—Page 4
Price
Friday
Jan 31
iVcek'sRange
Range or
-in
Since
Last Sale
Jan. 1
tqr)3
N
11
BONDS
Y. STOCKEXCHANGE 11S
t
Week Ending Jan 31.
,,a,
347
Price
Friday
Jan 31
•
;Week's
Range or
Last Sale
4
_eZ
ei
Range
Since
Jan. 1
St L & San Fran (Con)
Bid
Ask Low
High No. Low High
Bid
Ask Low
High No. Low High
K 0 Ft 9 & M con g 65_1028 11-N 11258 Sale 11212 11278
9 11134 11314
abash 1st gold 53
1939 '11-N 10578 Salt 10534 100
28 10512 10612
KG Ft 9 es M By ref g 45_1930 A-() 773 Sae 7734
3 2d gold 55
78
27 7612 78
1939
9914
9914 Sale 9914
F-A
2 9834 90,2
• Registered.
11)36 A-() ---- ----7713fly '12 ___ ____ __
Debenture Series B_ _1939 J-J --- --- 90 J'ne'12
43M
__
It & B 1st gu 59_1929 A-() 95
10312 J'ly '12
K0
1st lien equips fd g 58
.„-- 9018 Dec '12
1921
AlS
Ozark es Oh 0 1st Nu 55 g_1912 A-0 10018 Sale 097
10018
6 -66r, 16618- 1st lien 50-yr g term 4s....1954 J-J 80 ..____ 83 Dec '10 ----------StL 9 W 1st g 48 b ctfs _1989 M-N 8978 Sale 8912
8978 28 8938 00
1st ref and ext g 4s
156 J-J
6114 Sale 6114
64 237 59 647;
2d g 48 Ine bond ctfs____p1989 J -J
78 __ _ 80 Jan '13 -___ 80 80
Cent '1 rust Co ctfs
2 __ _-- ---6 42
7 01
----------- 634
Consol gold 48
1932 J-1) 8012 805-8 8058
8034
1)o Stamped
20
81
63
---- ---- ---Gray's Pt Ter let gu g 5s_1947 J -I) 9918 __ 10118 Apr '07 ___ _._
Equit Trust Co ctfs
_
-__--__ 64 Nov'12 ___
S A & A Pass 1st go g 48.__1943 J-J 8514 8513 85
86
Do St.mped
3 8()8514 -8534
59 Sale 59
56 6134
0034 75 _____SF&NP 1st sink I g 5s..19111 J -J 95 ____ 104 Oct '09 ..
Det es Ch Ext 1st g 53_1941 J-J 107 ..___ 107
107
1 107 107
Seaboard Air Llne g 4s
195(' A-0 85 Sale 85
Des Mobil Div 1st g 4s___1939 J-J 77
j 85 85
85
79 80 Aug'12 ____
Gold 4s stamped
1050 A-0 80 Sale 8512
Om Div 1st g 3 3-43
8512
7 8512 86
- _—
1941 A-0 --,- —_ 69 Dec -12
• Registered
1950 A-0 -,
Tol & Ch DIv 1st g 4s
_ ..,_-.. _ _ --_ 80 Jan '13 --. 80 80
80
M-S
1941
7434
• Adjustment 52
Sale 743-4
o1949 F-A
145-4 sale
7714 50 7424 7714 Web Pitts Term let g 4s
---'13
----2012Jan
____
2612 2613
1954
J-D
Refunding 45
1959 A-0 79 Sale 78
Cent & Old Col Tr Co certfs_ ____ 2612 Sale 2612
70
2 78 79
27
21 25 2712
At1-131rm 30-yr 1st g 4s.e1033 M-S 84 --__ 87 Jan '13 ____ 87 87
Columbia Tr Co ctfs
_
25
27
__ 27
1 26 28
• Car Cent 1st con g 4s
2d gold 48
1 9154 9178
1949 J-J 9178 —... 9178
9178
114 _-2
2 Jan '13 __-_
1954 J-D
2
2
Fla Gen & Pen 1st g 55
Trust Co certfs
1918 J -j 10214 __ 10314 Jan '13 ____ 10314 10314
2
214 134
2
.
26
134 214
1st land gr ext g 5s
Wash Tenni 1st gu 3 iiiiiiii rA 8334 ____ 8738 Oct '11
104 Nov'12
1930 J -J 10314
Congo' gold 5s
1st 40-yr guar 4s
--_ -_1943 J -J --------107 J'ne'12
1945 -A 9714 ____ 100 Sep '12 ________
Ga & Ala Sty 1st con 5s_o1945 J -J 105 10514 105 Jan '13___- 105 - 105" West Maryland 1st g 45_ _1952
A-0 8312 Sale 8314
8312 26 823-4 837s
Ga Car & No 1st gu g 5s_1920 J-3 10434 _ _. 10134 Sep '12 _ - -West N Y & Pa 1st g 5s: 1937 J-J 107 _ ___ 10638 Jan '13 ____ 10638
10638
---Scab & Boa 1st 5s
Gen gold 4s
1926 J -j 102 10512 105 May'12
1943 A-0 ---- 80 86 Oct '12
Southern Pacific Co—
Income 5s
d1943 Nov -------- --34 Feb '07 __-_ ____ __
Gold 48 (Cent Pao coil) _k1940 J-D 95 Sale 04
Wheeling & L E 1st g 5s___1926 A-0
95
55 0212 96
12 .._ _ 0112 Oct '12
9
Wheel Div 1st gold 68___1928 J-J 100 1023-4 100 Dec '12
Registered
_
k1949 J-D -------- 2 Dec '12 ___
,
1929 51-S 9312 ale 927
• 20-year cony 4s
Eaten & Imp gold 68___I 930 F-A 99 10434 10112 Jan '13 ....— 10113 10113
0334 192 -fiii, 033-4
RR 1st consol 4s
Cent Pee 1st ref gu g 4s__1049 F-A 90 Sale 9584
9612 49 9434 9612
8038
4 8012 8058
1949 M-S 8058 8112 8058
_ _
•
20-year equip s f 5s
Registered
1949 F-A --------9413.1'1y '12 ____
1922 J-J 9814 ____ 9812 Feb 'II____ _____
9012
Mort guar gold 3 34s __k1929 JD -- -- 91 9012
0 -6612 6612 Winston-Salem S 13 1st 4s_1900 J-J 891 9012 9034 Jan '13 __-- 903-4 91
•
Wls Cent 50-yr 1st gen 4s 1949 J-J
Through St L lat gu 43 _1954 A-0 87 89 91 Nov'12 . _
0114
9114 Sale 9078
6 9012 9138
Sup &Dui div & term 1st 48 '36 11-N 9058 Sale 90
0 H & S A M & P 1st 5s_1931 111-N 10412 105 10484 Dec
9012 15 90 9013
-----------Gila V G & N 1st gu g 58_1924 11-N „-- 10314 10218 J'ly '12 .--....-____
Hous E & W T 1st g 5s 1033 M-N 103 ...,.... 10 Dec '12 ____ __
Manufacturing and Industrial
Allis-Chalmers 1st Ss
1st guar 5s red
1033 51-N 103 105 10414 May'12 -- ...........1930 j-j 60 65 57 Dec '12 -----------Trust Co ctfs
11 ee T C 1st g 55 lot 0.1_1937 J-J 10912 110 10914 Sep '12 __ __ ___ _
42 6934 63
62 Sale 6112
02
Am Ag Chem 1stdeposit
Gen gold 45 int guar_ _1921 A-0 9218 9414 9434 Dec '12
c 53
/
4 1017
15 101 1017
A-0 10134 Sale 1011
1928
Am Cot 011 ext 4 3is
Waco & N W div 1st g 8s'30 111-N 114 118 11014 bich'10
11 9634 9714
97
Q-F 97 9714 97
1915
Debenture 5s
A & N W 1st gu g 58_ _ 1941 J-.1 100 10578 100 Jan '13 ---- idi 1-563-8
91
94
Jan
9312
'13
__-1931
94 95
M-N
Am Hide & L 1st s f g Os
Morgan's La & T 1st 73._1918 A-0 100 11112 11134 Aug'12 __
1019 M-S 10212 Sale 10138 10212 28 101 19218
107
1020 J-j 10673 110 107
1st gold 6s
1 loi 115j Amer Ice Secur deb g 08_1925 A-0 7414 76 76
14 7412 764
76
Am
Smelt Securities s f Os 1926 F-A 10434 10512 10478 105
1938 A-() 109 -- 112 Feb '07
No of Cal guar g 58
16 10334 105
101 Oct '12 ___ Am Spirits Mfg 1st g 6s
Ore & Cal 1st guar g 5s_1927 J-j 102
1915 M-S -- 9912 9912Jan '13 ...— 9912 9912
Am Thread 1st col tr 48__1919
110 May'07
So Pac of Cal—Go g 5s _1937 51-N 105
9334Jan '13 __-- 9312 935
94
---J-J
Am Tobacco 40-yr g 63
9112 Sep '12
• So Pac Coast 1st gu 48 g_1937 J -J
91
1944 A-0 121 1211 12014 Jan '13 ____ 120 12012
San Fran Terml ist 43_1950 A-0 88 8812 8914 Jan '13 ____ 8614 66- Registered
Nov - 12 __
1944 A-0 -------- 120Tex & NO con gold 5s _1943 J-J 1001s 101 10158 May'l1 _ _.
Gold 45
1951 F-A 97 98 9612 Jan '13 ____ 9612 971s
0334 109 -Es4
9334 Sale 927
4 -633So Pee RR 1st ref 43
1955 J-J
Registered
J'ne -12 ____ ____ ____
1951 F-A -----53
98
_
Am WrItg Paper let at 53 1919 J-J 897
Southern;Sale 8912
897
8 89 9035
1st consol g. tis
1004 J -J 10612 Sale 10613 10858 10 10614 10718 Baldw Loco Works 1st 5s 1940 51-N 103 -___ 103 Sep '12 __
_ _ _ _
, 10434 10434 Beth Steel let ext $ f 5s
Registered
105 Sep '11
1994 J-j -.„,,l -J 964 Sa e 96
10261.1
9612 ii 9514 0
.612
78 111 7758 7812
1 t & ref 5s guar A __ _1942 M-N 8614 8012 8(312
Develop & gen 48 Ser A_1056 A-0 id Sale 773
s 8512 8634
8612 17
Mob & Ohio colt tr g 43_1938 M-s 8534 8718 86
Cent
86
27 8654 8012
Leather 20-year g 5s:_1925 A-0 9678 Sale 9612
42 9438 97
97
_
• Mem 131v 1st g 4 34-5s
Conn,' Tobacco g 4s
/
4 -_-_ 10718 Dec '12
1996 J-J 1071
1951 F-A _„_ 98 0814 Jan '13 _. 9014 97
• St Louts dIv 1st g 4s,__,1951 J-J 87 88 8812 Jan '13 .___ IN- i81-2 Corn Prod Ref s t g 5s
1931 11-N 96 9634 96 Jan '13 ___ 9584 96
• Ala ()en R 1st g Os
10514 Sep '12
1918 J-J 1057
1st 25-years 1 53
9212
4 9134 9313
A1-N 9212 Sale 92
1934
. Atl & Deny 1st g 4s
1048 J-j 8714 —__ 8714 Jan '13
9512
4 9434 96
8612 8714 Cuban-Amer Sugar coil tr 6s 1918 A-0 9484 96 95
. 2d 45
8214 Feb '12 _
Distil Sec Cor cony 1st g 55_1927 A-0 66 67 6578
1048 J-3 82
6614 27 64 70
Atl ed Yad 1st g guar 48_1940 A-0 8313
El du Pont Powder 450_1936 J-D 8912 Sale 891
/
4
8912 20 88 90
• Col & Grecnv 1st 6s
1916 J -J 103 - - - - 1053-4 Dee-'11 -_-_-- - - — -- — Gen Electric deb g 3;48....._1942 F-A 76 7712 79 Jan '13 ____ 78 79
B T Va es Ga Div g 53._1930 J-3 10512 ___ 10013 Oct '12 - - ---- ---10-yr g deb 5s
130 150 141 Jan '13 ___. 141 141
J-D
1917
_ Con 1st gold 5s
1956 NI-N 10912 Sale 10912 10912
Debenture 5s (reels) _ _1952 111-S 10412 Sale 10412 1047
16 1037s 10512
6 folii-4 1665-8 Gen'i
• B Ten reor Ben g 53
1938 M-s 103 -,-. 10518 J'iy '12
Motors 1st lien 6s
18 9834 100
100
1015 A-0 100 Sale 997
Ill Steel deb 4 ;Is
• Oa MIdiand 1st 38
1946 A-0 6312 65 61 Dec '12
89 Sale 88
89
17 88 891s
A-O
1940
110
Oa Pac Ry 1st g Os
Indian,. Steel 1st 53
1922 J-J 109%11038 110
56 10058 10114
i 10978 110
1952 51-N 101 Sale 10034 101
Int Paper Co 1st con g 63_1918
'Knox & Ohio 1st g Os__ _1925 J-J 112 115 114 J'ne'12 ____
18 102 105
F-A 1047a Sale 10378 105
--Consol cony s f g 5s
'Mob & Bir prior lien g 53_1945 J -J 105 ____ 10512 Nov'12
1935 j-J 8718 9012 91 Jan '13 ___ 8712 9134
1946 j_ j
. ____ 7712 Dec '12
_
Int St Pump Islet 5s
, Mortgage gold 45
1929 NI-S 87 90 871k Jan '13 ___ 8712 8834
813
- _-__ 102 Oct '12 ____
---_ Lackaw Steel 1st g bs
1915 J -J "16
• Rich & Dan con g 63
9614 37 95 Ms
1923 A-0 9615 Salo 9618
10313 Jan '13
let con Ss Series A
1-.6311927 A-0 10314
' • Deb 53 stamped
2 10313
1050 ,11- S -,- - 7834 79 Jan '13._
79 804
5-year convertible 53__ _1015
1948 M-N 72 ..___ 73 Sep '12
RIch ec Meek 1st g 4s
9538 23 94 9513
51-S 9512 Sale 9512
10238
102
100
Nov
LIgg
4
3
11-N
1910
So Car & Ga 1st g 5s
MyersTobCo7stpy-bds__ --__ 121% Sale 12138 12138
8 12138
1197
8
104
'06
Oct
.._ __ 112
55 temporary bonds
Virginia Mid ser 0 65
1916 I11-S
9912 Sale 09
0958 49 96,2 0938
1921 11-s 10312 ___ 1033i Nov'12
Mexican Petrol Ltd coy 63A '21 A-0 9938 100 9958 100
Series D 4-5s
16 99 100
1926 Ai_ s 104 ..... 10434 Jan '13
Nat Enam & Stpg 1st 53_1920 3-D 94 9412 94 Jan '13 ___ 94 95
• Series E 58
Nat Starch 20-yr deb 5s___1030 .1 -J ___8812 8934 Sep '12 ___
Series F' 53
1931 51-S 1045s ___ 105 J'ne'll)
_ .
_
General Ss
National Tube 1st 58
1936 111-N 10814 _ _ _ 10814 Jan '13 :
9834 6612
99
55 -1952 /11-N 987.5 Sale 0834
ii5F4 N
Va & So'w't 1st gu 5s_2003 .1-J 10858 Sale 10858 1081
L
Y0A
riliriaBrd
158 1s0a3le 102
22
102
rac
ko
1 102 103
e 7188ttecmonypr(Sys_b_d1s9_ 2_8_ 11_1_-_N_ 10
1083810838
1st cons 50-year 5s_.1958 A-0 9514 06 9534Jan '1 __ 964 9678 P
12112 12134 44 12118 12134
. 9312 Sep '12 __
•W 0 & W ist cy gu 4s
5s temporary bonds__
93
9912 23 9714 9913
1924 F-A
_ __ . 9912 Sale 994
_ 102 Nov'12 _.. __-- ---- Fly Steel Spgs 1st s f 53_ -_-_ -_1921 J -j
' West N 0 1st con g 6s...._1914 J-J 101
9714 984 9714 Jan '13 -9712 984
okane Internet 1st g 5s 1955 J-J --__ JOY 10212 Apr '11 _...
-- ---- Repub I & S lstescol tr 5s__1934 A-0 103 _._ 10278 Jan '13 ____ 10278 1024
rTler A of St L 1st g 4 jis 1930 A-0 10214 104 10311 Jan '13 ---10312 fWit
10-30-year 5s s 1
9178 Sale 9158
9178 12 9118 9218
A-0
1940
_ _
let con gold 53__1894-1944 P-A -- 112 111 Aug'12
Standard Milling 1st 5s
8858
2 88 89
1930 M-N 89 9014 8858
__
Gen refund at g 4s
1963 j_j ___ 0258 9458 Oct '12
The Texas Co cony deb Gs 1031 3-J 99 10014 0912 100 126 9912 1001
— — Union Bag & Paper 1st 58_1930
St L M lige Ter gu g 5s 1930 A-0 10512 10012 1008 Sep '12 _
J-J 90 92 92 Jan '13 ____ 9018 92
10634 - I.9 iodie 1671rex & Pac 1st gold 53
2000 J -D 1002 107 106%
_ 90 92 0114 Jan '13 ____ 8912 911
/
4
4 U Stamped
1030
2d gold Inc 58
S Leath Co at deb g 63
Q2000 itch 45 ____ 51 Nov'12
2 10018 1004
1913 111--/%1 10018 10114 10018 10018
US Realty & I cony deb g 52..'24 J-J
La Div 13 L lstg Ss
1931 J -J 95 ____ 9912 Apr '11.
8712 Sale 8712
5 8712 89
88
-- --- U s Red & Rag let g 6s
• W Mtn W & NW 1st gu 5s_'30 F-A ,-- ___ 10612Nov'04 ___
25 3212 25 Jan '13 ____ 25 25
1931 J-J
---- U S Rubber 10-yr coil tr 6s_1918
1935 J-J 10014 10714 10612 Deo '12 -_
Tol & 0 C 1st g 5s
10314 16 10234 1034
--_ -J-D 10314 Sale 103
- --Western Div let g 55
1935 A-0 10618 ____ 107 4 J'ne'12
Registered
____ 10318Jan '10 ____
1918 J-1)
General gold 15s
1935 J -I) ---_ 103 103 Nov'12
U S Steel Corp—Jeoup ___d1963 51-N 1013
_-- Sale 10158 102 172 10114 102
1990 A-0 -„-- 9112 0112 Dec '12 __-_-_ ---- ---S f 10-60-yr 5sireg _ _41963 M-N --- - ----10151 10218
Kan & M let gu g 4s
1 10118 102
1927 J-J 083s._ _ _ 9812Jan '13___
Va-Car Chem 1st 15-yr -65_1923 J-D 9712 9778 974
2d 20-year 5s
9734 14 9612 98
1917 J....) U018 92 0113 Jan '13 ____
Tot P & W 1st gold 45
10214
6 10158 10214
112 9112 West Electric 1st 5s Dec 1922 J-J 10214 Sale 102
_9
___
'12
Dec
34
-___
83
-J
Hs..1925
J
lien
g
pr
3
W
Tol St L &
19 9338 94
Westinghouse B & M s f 551_1931 j-J 94 Sale 9334
94
1950 A-0 5512 5612 57 Jan'
13 -____
10-year coil tr notes 5s 1917 A-O 9658 97 9658Jan 13 ____ 964 9672
50-year gold 45
1017 F-A ...„-- 65 68 Dee '12
Coll tr 48 g Ser A
Telegraph & Telephone
Tor Ham & Buff 1st g 49.._61946 J-1) 8014 ---- 89
8918 58 8878 90
-i -0- -0" Am Telep es Tel coil tr 4s 1929 J-j 89 Sale 8878
89
ister & Del let con g 58._1028 J -D 10212 _ .10358Jan '13
22 10514 1107s
Convertible 45
103 10412
1936 11-S 106 Sale 10514 106
1st refund g 4s
1952 A-0 ___ 81 8512 J'ne'12"
20-yr
1037 330 103 10378
_ 1034 S
03
cony4 5e(wh iss) 1933
---- ---- ---Union PacificChicago Telephone let 53..1923 _J---11 10034 ------------------- -.,_
1st R11 & land grantg 49.1947 J-J
9914 Sale 9878
0914
88 9834 0932 Commercial Cable 1st g 4s..2397 Q-J
76 8512 8212 Dm '12 ---- --- -1947 j_ j 9858 __ _. 0812
9813
• Registered
6 984 9812
2397 Q-j
__ ____ 8312 Nov'll ___ --- ---Registered
20-year cony 4s
1927 J -J 0612 Sale 06
9634 161 95 07
Cumb'd T &T 1st &gen 5s_1037 J - J i00 Sale 997
4 9975 10014
100
1st 10 ref 4s
02008 M-S 95 00 96
0512 22 05
Keystone Telephone 1st 5s_1935 J -.I 87 ____ 85 Aug - 12 ____ ---- --Ore fly & Nay con g 4s...1040 J -I) 9315 9334 9318
0614
4 9318 9334 Afetropol Tel h Tel 181 s f 5s 1918 51-N 101 102 101 Jan '13 ____ 101 101
Ore Short Line 1st g 63_1922 F-A 11118 Sale 11118
11112 10 11118 19
12
5:82 Mich State Telep 1st 5s._1924 F-A 10114 Sale 100
10114 10 99 1004
-_ 10814 10812 10811
• 1st consol g 5$
1946 J-J _N Y & N J Telephone 5s-g_1920 111-N 100 ___ 10314 May'll __ ---- .......
10838 109
Guar refund 4s
1929 J -I) 914 Sale 01
014 71 91 934 N Y Telep 1st & gene f 4 3-is 1939 M-N 93 Sale 977
89 973 98
98
____
May'll
108
104
__
Utah & Nor gold 5s
1926 J-j
Pac Tel & Tel let 5s
10038 63 9914 101
1937 J -J 10012 Sale 1005
1933 J-J
9314 90 --._
let extended 45
-- -- ---- ---- South Bell Tel 44T 1sts f 5s_19 11 J -J 10078 Sale 10014 101
63 99 101
andalla cons g 48 Ser A_1055 F-A --__ ___ 04 Dec 12
West Union col tr cur 5s......1938 J -J 10178 10318 101 Jan '13 ____ 101 101
V Consol 4s Series 13
1957 M-N 9113 04 0438 Nov'12 __
Fd and real est g 4 34s
1950 M-N 9512 90 9512
9512
5 951
/
4 964
Vera Cruz & P let gu 4;45_1934 J-J - — 93 04 Oct '12 -- ---- ---Mut Un Tel gu ext 58
1941 .11-N __ 103 104 J'ne'll ____ ---- —.
Northwest Te. an 4 14, a 1024 .1- J
91
93 Jan '13 ____ 03 93
W
--------
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Miscellaneous
IDIOT & Susq Iron s f 55__1932 j-D 97
97 J'ly '22
82
Adams Ex coil tr g 48
1948 m-s 81 8212 81
a1920 Ni,S 85 ___ 91 Nov'll
.
,Debenture 5s
9134
Armour & Co let real eat 4 ms'39 J-D 9134 Sale 9113
F5s____1943
A
:Vol F & I Co gen s f g
99 101 98 Jan '13
08 98
flush Terminal let 48
1952 A-0 89 00 89 Jan '13
1919 11-N 10713
Col Fuel gen 6s
10714 J'ne'12
1955 J-J
Consol 5s
96 9612 96 Jan '13
il,Ool Indus let h coll 55 gu,,_ 1934 F-A $4 Sale 8312
84
6 8312 84
Iildgs 5s guar tax ex _1960 A-() ____ 97 97 Nov'12
•Cons Did Coal Me let 55_1935 j-1)
85 J'ne'11
Chino Copper 1st cony Gs_.1921 J -J 170 174 170 Jan '13
---'Coils Coal ot MO let & ref 55 1050 J-I)
94 93 Oct '12
10353 Sale 10312
105
---- ---- InspIr Cons Cop 1st 65 trects,
, r Riv Coal & 0 1st g 68_7;1919 A-0 94 100 l0258 Apr '06
6512 66 65%
65%
---- let Mercan Marine 4 30_1922
an es H 0 100 let s f g 55_1951 J-J
98 Jan '13
Navigation 1st s f 5s
1929 F-A 79 7934 795 Jan '13
Int
(18
98
0eah COn Collier 1st $ f 58.1957 J-3 -. 7.1.1 -id - 8784 Jan '13
1966 A-0 ---- -8734 877a Mge Bond (N Y) 45 ser 2
t L Rock Mt Is P 1st 5s 1955 J-J 7713 Sale 7712
10-20 yr 5s series 3
1932 J -J
6 7713 80
7713
9912 -- 9912 Dec 'i2
elm Coal gen 53
102 103 103
1951 J Morris & Co let s f 4 54s
1939 J-J
103
2 10218 103
8812 894 8954 Aug'12
, Biri11 Div let consol 8s 1917 3-J 10238 10278 103 Jan '13
N Y Dock 50-yr 1st g 4(1_1951 F-A 83 85 84
103 103
34
e. Tetla Dlv ist g 68
a1917 A-0 10112 10334 10134 Dec '12
Nlag Falls Pow 1st 53
1932
102
J-J
10214 102 Jan '13
i., 40411F0
flisitsgu g 68 _1:g? J-D
110 Jan '00
Ontario Transmission 56_1945 111-N
92 Dec '12
Fuel 1st
11-9
Pub Serv Corp N J gen 53 1959 A-0 9213 Sale 9238
9234
h;hal let a 1 52
"
o
1953 J-J
Ray Cons Copper lstconv 031921 J -J 11034 116 115 Jan '13
854 Oct '12
t
• 1161rOn IVO& A 010ke lat g 581949 M9734 Sale 9734
6 901* 9738 Wash Water Pow let 5s
9734
1939 .1-J 102 __ 102 Dec '12
,
i44,1642a
.
hld and asked 4Due Jan dDue April °DUO
ODue.June hDue July XDue Aug oDue0ot dDtte Nov QDue Deo
1
2 8012
26 9112
89
95
8274
92
8911
96
168 190
55 1034 10819
36 6412 ON
794 7932
-31 84
102 102 ,
...-
!
....
-41238 98
11874 121
20P1i0n Wel
CHICAGO STOCK EXCHANGE-Stock Record.
348
Sates
of the
IVeek
Shares.
STOCKS-!1 WU EST AN D LOW ES'P SALM PRICES
Saturday
Jan 25
•30
*90
*94
35
91
05
Vonday
Jan 27
.30
35
.90
94
9412 05
Tuesday
Jan 28
*30
35
*9112 93
*94
95
IVednesday
Jan 29
35
.30
.9112 93
96
95
25
*712 812
*312 412
1814
.16
40(2
*33
*9
914
55
*43
2434
.2413 2134 2434 2434 2413 2434
*712 812
74 712
712 712
*312 412 .34 412 .312 412
•16
1811 *16
1811 *16
1814
4012 .33
.33
4012 *38
4012
94
.9
012
912 94 *9
*48
55
*43
55 .48
55
Thursday
Jan 30
Friday
Jan 31
Last Sale 30 Jan'13
Jan'13
Last Sale 91
97
9814 ---25
25
2434 -2-434
.712 812 .712 812
Last Sale 312 Jan'13
Last Sale 113 Noy'12
Last Sale 41 Noy'12
.9
914
9
914
Last Sale 50 Dee'12
__
394 4014 4212 4512 4314 4812
324 3212 3214 34
3518 38
12614 12812 127 12914 125 129
118 118
118 120
123 129
___ ____
485 435
*465 490 *465 490
48512 48512 *155 490
'131 13458 *134 13458 .131 13458 *134 1315s
Las/ Sale 134 Jan'13
5012 5312 5312 *5212 55
*0
5312 *53
5312 53
54
51
.101 10212 .101 10212 10312 10312 11)2 102 *101 10212 *101 10212
133 133 *133 134 *133 134 .133 131 *133 134 *133 131
*6412 66
6512 6512
*8412 66
6518 6518 .
*6412 65
8112 66
87
87
87
87
8812 8812 8858 8858 8812 8334 8814 8814
*53
55
55
*53
*5012 55 .5012 55
55
55
'
05012 53
5012 51
5014 5012 50
5012 5012 *5014 51
.
3 51
Last Sale 142 Ma-y'12
iiiii i(iii- iiii" icTi- iiio- iiiii- iiia- idir 207 207
143 iiS
*14112 14212 142 14212 142 14212 1421s 14212.14212 143
1612 1612
1334 1334 1314 16
'13
14 .13
14
*13
11
fes ,1:7
107 0g711•22
iFiiis 10734 1075
iis
8niii; iiiiT2 'WI; 107's 16i1-2 *Jasilg(7'
9712
0712 9712 9712
9812
98
98
98
98
97
08 .08
73
74
7412 7512
.71
7134 73 7 12 7212 7212 7212 73
--- -- 110(2 11212 11112 115
---- ---Last Sale 7638 Aug'12
Hi' fir' *Ho" Ili" *Hsi" fii" iii- 1-2-1-- *119 122 *119 122
Last Sale 121 Jan'13
*122 124 *122 124 .122 124 *122 . 124
119 120
11834 11834 ---•115 120
119 119 *115 120
118 118 *11534 119 *11534 119 .11534 119 *11534 119 *11534 fib
63 .62
63 .82
63
63
63
*6214 63 .62
*6214
__
Last Sale .60 May'12
*9113
.
2 ---: ;5i; ---: ;oirz --.. *6112
;511
.2 ---_-_ iiii
116 116
114 1-1-412 11414 114-12 11438 1-1-5- 115 1151-2
83 .81
83
80 .32
81
.31
83 .81
8212 8212 *82
09 .9812 99 .9812 99 .9312 09
0912 0912 99
.9812 100
Last Bole 9412 Dec'12
90
.88
90 .88
90
*88
90 .83
Last Sale 100 Dee'12
08 100 .98 100
*98 100 .98 100
20412 20412 204 205
205 29532 20158 20.512 20512 20812 206 20714
.124 125 .124 125 .124 125 *124 125
Last Sale 12378 Jan'13
85
35
34
34
Last Sale 92 -Dec'ii
10538 10i55; MK, Ii054 105r2 1051
105 10614 10814
110
3 1055 100
245 213 .235 250 .235 250
*240 250
245 250
251 251
10614
108 108
.10714 108
10712 10778 .10714 103
10738 10734 -202 202
200 200
199 199 *199 202
199 202
199 201____ ____
Last Sale 412 May'12
Last Sale 114 Jan'13
*1
114 *1
114 .1
114 *1
114
6512
8358 6358 6331 6412 65
6334 6412 6334 6534 05
63
13
*1112 13 .1112 13
*1112 13
*1112 13
13
.1112 13
003z 101
1007A 10114 1013, 10131 1001A 10031 1021i 104
10431 10431
11512 11534
Interest
-period
Price
Friday
.1.-en 31
1Veek's
Range or
Last Sale
Range for
Law531.
Railroads
Chicago Eley Ely's corn 100 30 Jan 3
Do pre
100 90 Jan 6
88 Jan 14
240 Chic Rys part ctf "1"___
22 Jan 8
399 Chic Rya part ca "2"___
20 Ohio Rys part ctf "3"___
012 Jan 6
Chic Rys part ett "4"___
3's Jan 7
Kansas City By do Lt_100
Do pref
100
9 Jan 8
150 Streets W Stable 0 L.100
Do pref
100
AiisceI'aneous
100 26 Jan 14
3,695 American Can
Do pref
100 11312 Jan 14
2,905
23 American Radiator_100 470 Jan 3
Do prat
100 13318 Jan 21
330 Amer Shipbuilding.,.. 100 50 Jan 22
Do pre/
100 • 102 Jan 18
25
23 Amer Tglep & Teleg_ _100 13278 Jan 16
45 Booth Fisheries com_100 64 Jan 22
Do 1st pref
100 83 Jan 22
897
300 Cal & Chic Canal & D..100 55 Jan 29
837 Chia Pneumatic Tool_100 50 Jan 14
Chicago Telephone_ 100
112 :hioago Title do Trust.100 20512 Jan 21
843 Commonw'th-Edison_100 14112 Jan 24
375 Corn Prod Ref Co com,100 1331 Jan 7
Do
do
prat 100
100 10738 Jan 25
109 Diamond Match
282 Hart Shalt do Marx p1_100 97 Jan 28
100 68 Jan 13
1,729 Illinois Brick
525 Internet Harvester Co 100 10678 Jan 14
Knickerbocker Ice prf 100
100 11834 Jan 30
105 National Biscuit
100 121 Jan 24
Do prof
100 119 Jan 6
32 National Carbon
Do preI,......100 11714 Jan 17
1
100 Paciflo Gas & El Co 100 61 Jan 18
rights
Do
Do
preferred _100
808 People's Gas L&Colie_100 11314 Jan 21
15 Pub Serv of No III com 100 82 Jan 22
Do preferred __100 99 Jan 3
25
ittunely Common_ _100
Do preferred
100
1,720 Sears-ktoobuok corn. 100 1994 Jan 15
Do pref.._
100 12378 Jan 7
100 Studebaker Corp atm 100 3312 Jan 7
100
Do preferred
100 1054 Jan 18
623 iwift & Co
101 The Quaker Oats Co...100 235 Jan 22
100 10812 Jan 7
Do pref
121
320 Union Carbido Co.._.100 199 Jan 28
Do
rights
1 Jan 17
Unit Box Bd & P Co_100
100 81'2 Jan 20
1,300 U. S. Steel corn
100 12 Jan 14
100 Western Stone
100 9934 Jan 25
450 Woolworth, com
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Jan 31
STOCKS
CHICAGO STOCK
EXCHANGE
Year
Range for Previous
Year 1912.
1913
Highest,
30 Jan
91 Jan
9814 Jan
264 Jan
812 Jan
414 Jan
Lowev,
3
20
30
13
2
16
0i Jan 3
4812 Jan
12914 Jan
48512 Jan
13458 Jan
55 Jan
10312 Jan
13934 Jan
71 Jan
8078 Jan
55 Jan
52 Jan
31
30
28
6
13
2
3
3
6
29
10
212 Jan 7
145 Jan 5
1612 Jan 31
108 Jan
9312 Jan
7612 Jan
115 Jan
6
14
31
29
12812 Jan
123 Jan
120 Jan
118 Jan
63 Jan
3
14
6
26
27
25 Nov
90 May
83 Dec
1934 Nov
6 J'ne
3 Oct
1414 Aug
40 (let
6 Mch
35 Jan
Ili91,est.
40 Apr
933., Jan
10438 Jan
38 Jan
11 Jan
57,g Jan
25 Sep
5012 Jan
1178 Apr
52 J'ne
1112 Jan
47 Oct
91 Feb 126 Sep
325 Feb 405 J'1Y
131 Jan 135 Apr
(11 Oct
45 Aug
100 Feb 10638 Oct
138 Dee 19378 Meh
70 Dec
39 Mch
95 J'ne
77 Niels
6558 May'
40 Feb
44 "%dell
5512 Oct
13712 Jan 145 Melt
184 Jan 222 J'ne
13514 Jan 150 Melt
10 Feb
2112 Oct
87 Oct
87 Oct
103 ,Ply 1113,1 Feb
97 Dec 10212 Melt
56 Jan
7312 Sep
10512 Dec 12678 Sep
57 NMI
7638 Aug
114 Dec 16112 Apr
12214 Oct 13034 May
103 Meh 135 Sep
115 Feb 120 Jan
z 61 J'ly z 67 Apr
.60 May z .05 Apr
118 Jan 9 10312 Jan
8212 Jan 26 z 80 Dec
10158 Jan 13 z 98 Dec
9412 Dec
z 0912 Apr
21434 Jan 2 140 Jan
124 Jan 15 12112 Jan
3078 Fly
3312 Jan 7
02 Dec
10634 Jan 3
9834 Jun
251 Jan 31 215 Jan
108 Jan 13 10512 Jan
20612 Jan 10 213534 May
314 May
114 .fan 15
kt May
5858 Feb
6834 Jan 2
9 Sep
1412 Jan 2
112 Jan 3
12238 Oct
z 9412 Apr
210712 Apr
9378 Nov
210312 Oct
22112 NOV
12534 J'no
49 Aug
0712 Aug
10914 Apr
397 Nov
110 Jan
234 Nov
6 May
178 Jan
8012 Sop
15 Nov
Chicago Banks and Trust Companies
Fris
Sold
Range
for
Year 1913
NAME.
OuistandIng
Stock.t
Dividend Record.
Surplus
and
i In
In ITer-1 Last Paid,
iod.
1012.
Profits.t 1911.
251 ____ Jan '13, 134
$200,000 5188,060
_
American State
None An Jan '13, 6
100,000
69,084
Calumet National
250,000
14,166 Beg. b us. Oct 7'12 V. 95.p, 944 '
Central Mfg District Ilk_
10
Q-J Jan '13, 214
Continental 4r Comm Nat 21,500,000 9,459,060 10
16
Q-J Jan '13, 4
Corn Exchange National_ 3,000,000 6,133,773 16
200,000
85,085
0
ca-.1 Jan '13, 1;4
Drexel State
600,000 10
v600,000
10
Drovers' Dep National
Jan '13, 2;4
200,000
61,431
Englewood State
6M
8
Q-J Jan '13, 2
10,000,000 11,815,233 12
First National
17 Q-M Dec31'12, 45i
150,000
209,125 12
First Nat Englewood
12tDec31'12,5
Foerman Bros Bank'g Co. 1,000,000
575,690 Priv ate
750,800
8
Fort Dearborn National_ 2,000,000
Jan '13, 2
200,000
Halsted St State Bank_
22,210 Org N ov
1%32
Hibernian Banking Awn_ 1,500,000 1,513,768 Not Du blIshed -se e note (II)
Hyde Park Estate
200,000
33,091 Beg. b us Aug '12. V. 95, p. 273.
Ka-spar State Bank
400,000
177,687 10
10
J-3 Jan '13, 5
Lake View State
200,000
4,002 Beg. b us.Apr 8'11 V.92, p. 1001
Lawndale State
200,000
49,150 Org. D co. 16 1911
Live Stock Exchange Nat 1,250,000
603,477 10 10&2e Q-M Jan'13, 4;1
200,000
Mech & Traders State__
52.853 Beg. b us.Aug 26'1 2 V 95, p 593
Nat Bank of Republic__ 2,000,000 1,433,581
8
8
Q-J 1)ec31'12, 2
2,000,000
662,380
National City
6
6
Q-3 Jan '13, 1M
250,000
106,457
National Produce
6
Q-2 Dec31'12, 1)1
200,000
90,109
7
7
Q-2 Jan '13, 1M
North Avenue State
6
50,982
s50,000
36
Q-2 Oct '12. 134
North Side State Sayings
5
45,566
200,000
6
Q-J Jan '13, 1)
North West State
Q-2 Jan '13, 254g
500,000
112,877
911 10
People's Stk Yards State_
200,000
6,024 Beg. b us Nov 1'11 V.03, p. 1235
Second Security
6 (3-3 Jan '13, 134
160,729
13
400,000
Security
114,000
8
8
Q-J Jan '13, 4
200,000
South Chicago Savings
6
6
Q-J Jan '13, 15
18,545
200,000
South Side State
12
Q-J Jan '13, 3
State Bank of Chicago.- 1,500,000 2,393,161 12
53,608 Beg. b us.Aug 13'i 2 V.95, p.523
200,000
State Bank of Italy
10 Q-M Dec3r 12, 3
8
245,422
250,000
Stock Yards Sayings
NI-N Noy'12, 3
6
155,823
500,000
Union Bank of Chicago
614 Q-J Jan '13, 234
6
11,872
100,000
Washington Park Nat
8
Q-J Jan '13, 2
8
Central Tr Co of Illinois_ 4,500,000 1,072,735
10&2c J-J Jan '13, 7
356,967 10
500,000
Chicago City Bk & Tr Co
Q-J Jan'13, 134
6
285,129
1,000,000
Chicago Say Bank & Tr
8
Q-J Jan '13, 2
8
Chicago Title & Trust... 5,600,000 12,263,235
476,369 8&22 8&2e Q-J Jan '13, 234
Colonial Trust dc Savings_
800,000
Cont & Comm Tr & Say- 3,000,000 1,652,358
Q J Jan '13, 214
10
Drovers Trust & Savings. y200,000
851
187,641
None Q-M Dec30'11,4
First Trust & Sayings
5,000,000 2,367,152 18
Ft Dearborn Tr dr Say Bk
16,539 Beg. b us.Apr
250,000
sc Franklin Tr dc Say Bk
200,000
to63,673 Beg. b us.Apr
Q-2 Jan '13, 254
Greenebaum Sons Bk&Tr 1,500,000
223,431
251 10
J-J Jan '13, 3
6
Guarantee Trust dr Say
200,000
u43,000 _Q-J Jan '13, 8
12
Harris Trust dr Sayings_ 1,500,000 2,235,542 12
4
)04
.V
n.7ip
,.1(
Home Bank & Trust
300,000
73,853 Beg. b uNegre 10;1 Iya
Mina,Trust & Savings_ 5,000,000 110035,103 16&4c
7&2e Q-J Deo.31'12,13-(
Kenwood Trust & Sayings
80,526
7
200,000
e11 Dec31.12, lm
(lta y,30
Lake View Trust dr Sayr74,355
6 m.A
200,000
La Salle St Tr dr Say 13k.... 1,000,000
265,511 Beg. b
V.94, p. 434
h'12
us.J'iy
!kg.
b
Mercantile Trust ctr Say
41,522
250,000
4
2--Jj Ja n
16
Merchants' Loan & Tr Co 3,000,000 6,714,212 15
1 54
_Michigan Ave Trust Co200,000
10'!
u;:Xp
I.V.92,p.1004
m.b
Mid-City Tr & Say Bank
70,134Co94,009
506,690
Q-J Dee3112, 2
8
8
Northern Trust Co
1,500,000 2,804,056
2-3 Jan '13, 4
8
8
/29,670
North-Western Tr & Say_
250,000
Olcl Colony Tr & Say Bk_
62,026 Beg. b us.J'ne i'11 V.92, p. 1537
200,000
Q-J Jan '13, 4
8
208,354 _People's Tr & Say Bank
500,000
8
11-3 Jan '13, 2
Pullman Trust & Savings8
300,000 1260,229
3 (32 Jan '13, 134
Sheridan Tr & Say Bank_
144,782
200,000
Standard Trust et• Savings 1,000,000
389,813 Comtn enced bus. Sept. 6 1910
6
J-J Jan '13, 3
n50,000
6
Stockmen's Trust & Say_
200,001
Q 51 Jan 333
Union Trust Co
1,200,000 1,5131,63:8 3ds2e
121,1260.3.28 8A4 Q-51 tn 3:1
West Side l'r & Say Bank
13"
400,000
b, adthel t 0 all ChIeaon hnn el nrices.
Note-Accrued Interest m ust
CF3 Jan '13, 251
Woodlawn Tr & Say Bank
83,840
951 10
200,000
•Bid and asked prices; no sales were made on this day. t Noy. 26 (close of business) for national banks and Nov. 27 (opening of business) for State institutions.
No price Friday; latest price this week § Sept. 1 1911. 11 Dividends not publishee ; stock all acquired by the Continental & Commercial Nat.Bank. a Due Dec. 31.
Duo June. c Due Feb. d Due Jan. 1. e Extra dividend. s Sales reported beginning April 18, a Jan. 16 1913. g DIvIdends are paid Q.-J. with extra payment4
',P. r Jan. 2 11113. s Capital Inc. to $200,000, a stock div. 01 100% being declared; V.96, p. 250. t Dec. 311012. u Jan. 3 1913. o Capital Inc. to $750,000, a stook
v. of 25% being declared; V.98, p. 250. so Douglas State Bank absorbed by Franklin Trust & Say. Bank, capital of latter being Inc. to 5300,000; V.95, p. 1511; V.90.
p. 250; figures here given aro as of Dec.2 1912 and are for consol. Institution. y Capital inc. to 5250,000, a stock div. of 25% being declared; V. 06, p. 259.
w
li.
As
High No. Low
High
Am Tel dr Tel coil 48......_1929 J - J ------------91 April'12 __ .._ _
Armour & Co 434s
1939 J -D 5 0112 92
9 9112 -917-8
9158
9178
Auto Elec 1st M as
1928
8214 April'12
964 May'12
Cal Gas dr El unit & ref 5s 1937 NI-N
Chicago City By 5s
0 10078 10134
10134
1927 F - A 10138 Sale 10158
87
89
87 Jan '13 __
88
Ma City dr Con Rys 5s_d1927 A -0 5 85
Chicago Elev. Ry Sa
1914 J - J 5 9338 0558 9814 Jan '139'712 0814
__
05 Dec '12
95
Cblo Pneu Tool 1st 56„a1921 J - J 5 93
10011 23 09381
--0014
1927 F - A 10018 Sale 100
Icago Rys 5s
9458 9434
series •"A" A -0 t 9434 0518 9458 Jan '13 ____
Chic Rys 58
9632Jan '12
series "A" A -0
Chic Rys 48
2 8478 8834
8612
8612
series "B" J -D 5 8612 Sale
Chic Rys 48
93
series "C' F - A 5 9112 9412 93 Jan '13 _ _ 93
Chic Rys 45
100 Jan '12
1013 F -A
Chic Rys coil 6s
7314
7314
74
3 7212 75
Chic Ry Pr m M g 4s_c1997 J - J 5 73
51
5612 54
1 60
58
Chic Ry Ad) Inc 4s___c1927 Mayl 1 52
10134 22 101 10134
Chicago Telephone 58_1923 J -D 10134 Sale 10158
_ .. _ 0618 Deo '12
J - J -- -1932
Cicero Gas Co ref CI m_
103
10318 22 1024 1031a
NI- S 10318 Sale
..
Commonw-Edison 5s.....1943
Commons, Eleo 59_81943 M- S 510178 10238 10178 Jan 13 _-_ 10112 1017i
Cudahy Pack 1st NI 58_1924 NI- N 510012 10114 9934 Dec '12
5 108 10814
108
:108 Sale 103
1020
Die Match Con deb 6s
9934 April'12
Gen Mot 6% 1st L notes_1915 A -0 ---._
10114 May'12
1952 NI-N
Ind Steel 1st g 5s
Do
1st g 8s
1928---- _............
10058 May'12
Int Har 3-yr 5% g notes..1915 F - A
-------- 10518 April'12
Inland Steel let NI g 6s 1928
It City Ry & Light Co
1913 31-N
90 Oct '12
1928 J - J 5 85
87 Jan '13 ____
88
87
Lae St El-lst 5s
87
8112
4 8112 82
8112
Meet W Side El lest 4s
1938 F - A 8112 Sale
81
8012
1938 J - J t 8012 Sale
Extension g 4s
7 774 81
-- 10478 Aprll'12
MB El Ry do Lt 1st g 5s 1926 F - A
April'12 ____ __-__ _....
_do
ref & ext 4 Me_1931 J - J --------95
do
gen & ref 5s..
1051 J -D ---- ---- ---9018 May'12
_.
1927 SI-N
Milw Gas Lt 1st g 4s
Morris & Co 4Ms
1939 J - J t 8834 -891
88
13 ---- 88
; 88 Jan'
10034 May'12
Nat Tube 1st g 53
1952 11-N
_
10314 April'12 __. _
Nor Shore El 1st g 5s____1922 A -0 510278 __
8 100 Jan '13 ._ _ 1043
.-1-99
do
1st & ref g 6s-1940 A -0 510038 170079512 Sept '12
Nor Sh Gas of 111 1st 5s 1937 F - A
north West El 1st 4s____1911 NI- S --------_ 10014 2111Y '11
9972 9974
9978 Jan '13
V17 CI L & Coke Co 58_1928 Q-M 5
1945 NI-N 5 997813 .-- - 08
Ogden Gas 5s
9534 9614 9834 Jan'
2634
92 May'12
Pa's Gas & El ref g 5s
1942 J - J ____ __
100 May'12
Pac T & T 1st coil tr 58_ _1937 J - J
10038 Mch '09
1916 J - D 5 9712
Pearsona-Taft 5s
964 Mch '10
4.403
NI- S 5 91
4.60s Series E
97 Feb '10
M-N t 05
4.80s Series F
9814 Nov '11
NI-N t 9614
Peop Gas TA, C 1st 6s1943 A - 0 t114 117
11512 Sept '12 ____
10212
2 101581021s1
Refunding gold 5s
1947 M- S 10218 Sale 10218
Chic, Gas L & C 1st 5s..1937 J - J 510234 103
1 102511 103
10234
10234
Consum Gas 1st 5s_ _1936 .J -D __
10114 Sept 12
Mutual Fuel Gas 1st 5*1947 NI-N 5100 fof
10014 Jan '13 ____ 10014 1001e
Pub Serv Co lit rel g 58_1956
9730
97
9738 16 97
t 9714 Sale
Bon Bell T ek T 1st s I 58_1941 J - J
___
_
1001s May'12
South Side Eley 411s....1924 J - J 5-9214 -94 - 9314 Jan '13 __ _ _
92
9314
Rivitt dc Co 1st g 5s
1914 J - J t10018 __ 10018 Jan '13
100 1001/
111-City Ry & let con
trbst lien s f 59
1923 A -0 ___
9814 April'12 ___ ..... _____
Union Elee (Loop) 5s
1945 A -0 5-7534 -90 - 85 April'12
U S Gypsum 1st g 5s_ _1922 NI- S ___ ____ 100 May'12
II /II Steel 10-60-yr s f ii5s___ _ ..
10212 April'12
5s
- J 510114 10211 10078 Oct '12
Western Elea Co
1022 J.
i
FEB. 1 1913.1
THE CHRONICLE
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY
Stocks
Week ending
Jan. 31 1913.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Shares
79,960
147,305
450,423
374,050
673,567
455,148
Par value.
97,143,500
13,604,000
41,898,300
35,047,500
62,122,950
42,679,800
Railroad,
Bonds.
$1,250,500
1,411,500
2,558,000
1,771,000
2.050,500
2.431,500
Slate
Bonds.
$32,500
87,500
74,000
U S.
Bonds
telegraph and Felephone
e Amer Teleg & Cabie....10U
C Central & South Amer.100
Comml Un Tel(N
Empire & Bay State Tel_ 10(1
Franklin
.10u
6 Gold & Stock Teleg_100
e Mackay ens corn
100
e Preferred
100
e Northwestern Teleg____50
Pacific & Atlantis
25
e Pee Telep & Tele{ pref.100
southern & Atlantic
25
349
Indust ana Mis‘eil-(t on.), 1111 Ask
Am Steel Fdy Gs 11)35__A-0 99 101
3
Bob 4s 1923
71
4 75
F-A .
202 207
American Surety
American Thread pre....6
...
('
Amer I ypelounders com.100 49
51
Preferred
Deb g Ss 1939
M-8
U2
812 11
92
114
Amer Wrl dna Paper.....:1
119
)1'"
103
Barney & Smith Car com10.,
"id" 85
Preferred
Bliss (E W) Co corn
82
28
2 130
Preferred
17
:, 298 303
Bond & Mtge Guar.
( )'L
11.(5)
.
Borden's Cond Milk com.10, 119 12012
Preferred
10, 106 10712
British Cu) Copper Co._ _
*414 412
Brown
56
rwerfie8
rre'e
1)9
d co m
87
!)
1
Casein Cool Amer coin ...11). -...: 2
40
Preferred
ocCeasitlyluualiointidyveCscotoinogt
lid 120
Rld Ask
80 68
110 115
100 110
75
65
50
40
115
81 -gti6612 6812
117 120
74
60
98 10112
85 100
$2,000
Short-Term Notes
1:22 Amal Copper Ls 1913__A-0 100 10014
3,000 [Salt & Ohio 4)45 1913.J-D 100 10014
Bklyn Rao rr 5s 1918 ___J-J 0
674 00
7,5
90
Total
2,180,453 $203,096,050 $12,133,000
$444,500 $62,500 Ches & Ohio 430 1914 _J-D
Chic & Alton 52 1913_M-s 9934 10014
Chic Eiev Rye 55 1914...14 9632 9334
Sales W
Week ending Jan 31.
Jan. 1 to Jan. 31.
GM Data & B 4s 1913_2-.1 9912 100
New York Stock
Erie Os April 8 1914...A-0,
0072
1 10034 100
Exchange.
1912.
1913.
1912.
1912
Coll 58 Oct 1 1914.., A-0 0014
10..
Co
-----its
April
Coll
1
1915_
_A-0
99
9932
Preferred
i Stocks, no. shares
12,353,019
2,180,453
8,748,973
3,846,478
61
1
4338 190
01 118
Parvalue
$996,864,075 Gen'l Motors 63'15-S86N Y StkE). mu. s CianIn (hi B) Co com 111((9::i
9203.096,050 6339,541,150
$309,787,850
Hudson Companiese
let
92
preferred
Bank shares. par
$38,500
$1,100
$4,000
$14,900
68
15 1913...A&015 9812 9912
e 2d preferred
0 92
7
g8
,1):1 6
19
Bon*.
Ill
Cent
430
1914___J&J 9934 100
Auett Peab.rny &Co eon 101:
72
Government bonds
3132,000
$02,500
$121,500
Preferred
04
3
0020 12
110 12
State bonds
3,258.500 tat & Gt Nor Sc 1914__F-A 9834 9914
444,500
$447,500
2,255,500
i
RR.and misc. bonds.,. 12,133,000 18,446,000
116.031,500 Inter Harvester 5s '15_F&A 10014 10034 Consoi Car Heating
52,526,500
IC C By & Lt Os 1912._ M. ,t_Como Rubber Tire._ id.
22
1001411x
Preferred
, 70
SO
5119,422,000 Minn dr St L g Ss 1914 __F-A
Total bonds
912,640.0001 $18,893,500
044.903,600
Ito Kan & Tex 65 1913.M-N 166
Debenture Is 1951.. A-4, % 8212 66
Missouri Pacific 5s 1914.JD 9738 9734 Continental Can oom
81
10) 59
DAILY TRANSACTIONS AT MEC BOSTON AND PHILADELPHIA
Nat Rye of Mex 434,
9814 99
Preferred101
EXCHANGES
ofe YC Lines Eq Si 1913-21: b 4.80 4.60 • unworn stern corp....12),U, 11634 17
434s Jan 1914-1925___J-J 54341 4.55
log 9412 96
6 Preterrea
430 Jan 1314-1921. ..J-J 5434% 4.55 Davis-Daly Copper Co_lii *134 2
Boston.
Philadelphia.
I
N Y Cent 4343 1914 ___M-S 9934 100 duPont( I) de Nem Pow 100 185 190
Week ending
NY N H&Hartford 53'13J-D 1004 10012
e Preferred98
Bond
Bond
Listed Unfted
Lis‘ed
Unlisted
Jan. 31 1913
St L & 13 F Si 1913 opt J-1) 91)34 10014 .rnterson-Israntiagnam .10
07
sales,
shares.
sales
shares shares
shares.
6(iu --85
Us Sept 1 1914 opt.,.81-s 9914 100
Preferred
Em
ep
reirferSrteee
d.
3,757
712 99
I Sc Don corn 19
5,510
13
10
$23,000 Wabash 434s 1913._ ...M-N
$14,000
0t1 9
Saturday
1,892
3,903
4,694
5,870
45
41,000 West Maryland 5s 1915,J-J 'id - -d58;
24,000
Monday
1,338
11,770
I
11(
6
) 205
77,500 Weatingh'se El & hi us 1913 10012 101 e General Chemical com._00
10,440
9,671
43,000
'Tuesday
8,703
17,883
notesOet'17-See NY ,tx .._. ... lilt
e Preferred
10,034
10712 110
7,794
110,200
Wednesday
8,194
22,500
11.877
k Hackensack Water Co--19
11,361
12,269
05,300
27,000
Thursday
17,556
15,654
Railroad
Ref g 4s '62 op 1912
10,465
15.544
39,200
Friday
5,437
28,500
9,685
J-J 85 --_-18
• Chia dz Alton com___100 15
Havana Tobacco Co____10tr
4
i
40
e Preferred
101. 28
Preferred
62,835
54,580 $159,
1.0.
8
Total
15
43,120 $350,200
70,678
20
5 13
160
5
• Chic St PM Sc Om__ IOU 15
1st g 53 June 1 1922_3-1) /63 664
e Preferred
Decker-Jones-Jewett Mime,
100
3112
let 6s 1922
Colo & South corn.. 100 31
00
212
10
11014 12
12
e 1st preferred
100 68
derring-liaii-Marvin __1
6107)
All bond prices are now "and interest" except where marked "I"
70
Hoboken Land & Improve/
e 28 preferred
lUu 63
1
st 53 Nov 1930.
e N Y Chic Sc St L corn
hi-N 104
1101 Ask
street Kali ways-(L'and
67
1 .6_9 _ Hocking Val Products 10u
e 1st preferred
100 ;9
51
812
Street Railways
Bid Ask United Lt & Rya coin...100 85
8712
1st g 5s 1901
c 2d preferred
J-J
101.
51
54
First preferred
82
100 80
1Ingersoll-Rand
g
e
18
00
514 19
Northern Securities Stubs.. 5
eorn_lou
105
.
-New York City
Second preferred
76
100 73
33
e Preferred
Pitts Bess & Lake Erie._50 *30
28 United Rys of St LBleeck St & Ful Fy stk_100 20
70 Intercontin Rub corn_lt 92
Preferred
8 --6150 .82
2
70
J-J
76
• let mtge 45 1950
Com trot tr ars
12
100
internat Banking Co. 10. 100 115
Railroad
Securities
Co
182
170
Ave
IOU
&
stk
7th
e Preferred
WY
3934
100
84 international Nickel____10u 145 146
LB C stk tr ctfs Ser A.... 79
2d mtge 5s 1914
J&J 09 100 Wash Ry & El Co
100 88 87
8712
Preferred
West Pac let Sc 1933_,M-S 8/
10., 10512 10612
Broadway Surface BRPreferred
9014
100 90
International Salt
4s 1951
IM 68 1924
J&J 101 103
8412
J-D 84
Standard Oil Stocks
1st g 58 1951
10 West Penn Tr& Wat Pow 109 35% 3512
Pent Crosstown stock _100
Anglo-American
E1 *1912 2014 International Sliver pref10
19uU
0'12
2 131
5
Preferred
1st mtge Os 1922
M-N
100 7834 794 Atlantic Henning011
J.c 110
let Os 1948.
100 690 698
2
7
Con Pk N & E RP/ stock..100
Borne-Serymser Co
IOU 233 240 Internat Smelt & Raz
.7.1,0 122 HiCluistopher&lOth St stk 100 125 135 Electric, (Ins & Power Cos
Buckeye Pipe Line Co_ _50 .174 178
Lanston hionotype
New York City
Dry Dock E B & BChesebrough Mfg Cons 200 845 860
Lawyers' Mtge Co
J-D 1.04 1014 Cent Un Gas 53 11.127.-J-J 10214 10334 Colonial 011
lot gold 5s 1932
1011 130 135 Lehigh Val Coal sales_11
9810
4 23
8189
0
(0)10)
U 22
.5
40 e Kings Co El L &P(Jo 100 123 124
F-A l.10
Scrip 5s 1914
Continental Oil
100 1725 1/50 Manhattan Shirt
70
lut, 55
Eighth Avenue stock. _J00 300 325 New Amsterdam Gas.68
Crescent Pipe Line Co .6i)
68
Preferred
102 10212
101 102
Scrip Os 1914
F-A / U9 101
lit consol 55
.1
Cumberland Pipe Line_ 100 90 95
Manhattan Transit
114
428 & Cr St Fy stock.,,J00 260 286 N Y & 81 It Gas 1st 55'44 J-J 104 108
Eureka Pipe Line Co_ „100 380 385
mortgage Bond Co
1190'
'
0
428 St M. & St X Ave. _100
Consol as 1946
J-J 101 103
Catena-Signal 011 com_100 295 299 J Nat!oaaI Surety
2
100
93 2
10
95
6
let 03 1910
199"
N Y Mutual Gas L... IOU z105
136
138
e
New
Preferred
York
100
Dock com_180
2uu 15
20
Ninth Avenue stook....100 160 180 NY &Q El L & Pow Co 100 52
68
e Preierred
Indiana Pipe Line Co......50 *145 148
100
32
42
Second Avenue stock...10U
1
3
85
Preferred
IOU 78
53
N Y Mtge & Security. _ 10,, 198 205
National Transit Co
25 62
Consol 55 1948 etfs_F-A /30 381 N Y Sc Richmond Gas
05
101) 51
New York Transit Co_ ..100 344 348 N Y Title Ins Co
115 119
u .
6
10
20
s Sixth Avenue stock. 100 115 124 North'n Un lot 5s 1927 hi-N 100 102
122
N Y Transportation
118
Northern
Co_100
Line
Pipe
Sou Bouiev 58 1945.
J-J 88 93 Standard(I L 1st 1331930 ttl-N 100 106
Niles-Bern-Pond corn...100 83
Ohio Oil Co
25 *132 134
87
So Fer 1st 5s 1919
A-0 98 100
Prairie Oil & Gas
100 328 331 Ohio Copper Co
10
*78 1
Tarry WP dc 51 Ss '28...M&s 175 80
Other Cities.
Solar Refining
101) 685 11 0 e Ontario Silver
8
28 & 29th Sts 53 '90 ctfsAA) /16
25 Am Gas 4; Elee corn
84
50 *82
Southern Pipe Line Co _100 270 275 0ths Elevator corn
), 80
213 a
Twenty-third St stock _100 211) 285
*45
41
Preferred
6
905 215
South Penn 011
Preferred
100
10
1
w
,
9
01
8
14
1
05
00
Union lty 1st 5s 1942,_1.A 104
Am Lt & 'rrac corn
IOU 400 410
sou West Pa Pipe Linee 100 108 172 ePlbone
m
-MullEren Co100 2611 28
Westchester 1st 59 '43.J-J 05 100
Preferred
100 10812 11012 Standard Oil of Calif. _IOU 190 192
e 1st preferred
Yonkers St RR 58 1910.A-0 88 95 Amer Power & Lt com 10
05 68
Stand Oil of Indiana,,.,100 350 355 Pittsburgh Brewing
50 *7711 8
Brooklyn
Preferred
100 8312 85
Standard Oil of liansa2.100 475 485
Preferred
5o
38
638
Atian Ave RR con 58'3IA-0 101 103 13ity State Gas
12 Stand Oil of Kentucky 100 390 395 e Pittsburgh Steel pref...10r; *3512
5
99 100
13 11 & %V E 53 11)33 _A-0 97 101 riuffaJo City Gas stook _100
512 Stand Oil of Nebraska 10U 305 315 Pope
4
36
Mfg Co corn
100 34
Brooklyn City lat._ AU 160 103 Cities Service Co corn...100 119 122
1200
1180
Stand
Oil
of
NJ
(old)_
__100
Preferred
10t) 79
81
Bklyn ligts 1st 5s 1941:A-0 101 103
Preferred
• 100 287% 8814 Stand Oil of N J
100 431 433 Pratt & Whitney pref„ 10u 101 103
Coney 131 & Bklyn
100 08 101 .;olumbla Gas & Elea__ _103 15
Standard 011 subsidiaries_ __ 750 770 Producers Oli
130
1st cons g 443 1948
7312 713
1st 5s 1927
J-2 80 85
J-J
1365
675
Standard
011
ltealty Assoc (Bklyn) 19
of N I___100
0u
U 110 i15.
Con g 4s 1955
J-J 78 83 Con Gas of N J 53 1936...J4 98 100
Royal Bak Pond corn
Standard ()II of Ohio_ __100 235 290
10u 200 210
Brk C & N 58 1939
J-J 09 101 Consumers L 11 & PowSwan dr. Finch
..100 230 240
Preferred .
loi. 105 108
Nassau Elea 1st Si 1944.A-0 1024 1031
53 1038
J-D 100
e
71
75
Union
Tank LineCo.....10U
'tamely (M) Co carn-See AK I ;N list
Consumers Power (Minn )N Winsburg & Flatbush106 116 117
103 171 180 Safety Car Heat & Lt
8512 8712 Vacuum Oil.
1st&ret 59 1929op'14_ hi-N
lit 430 July 1941..F&A 92 05
36
Washington 011
Sea.r3,Itoebuck&Co-SeeN 1' Sta L s. list
10 *33
93
116
Steinway 151 Os 1922.-J-J 100 103 Denver G & El 58 1049.M-N
Waters-Plerce Oil
ePreferred-See Chic 510 .x Os
100 1400 1500
Elizabeth Gas Lt Co.. 100 325
Singer Mfg
34
10
0
Other Cilia:
Essex 4 Hudson Gas. 100 133 137
Tobacco Stocks
Standard Coupler
Co9
corn 10U
u 32
Stiff St Ity lat con 63'31F-A 10312 1051 lias & El Bergen Co
100 83 90
(See also Stock ExchanyeLtst)
Preferred
.
IUU
108
112
8534
8714
'Deb as 1917
104
100
A-0
Get %Vest Pow 53 1940....1-.1
Amer Cigar corn
100 142 143
Stern Bros pref
100 75
79
com*wIth Pow thy & L 100 68
70 Hudson County Gas
100 130 132
Preferred
95 :Sulzberger & Sons Co 1)1_100 9712 99
100 88
45
Preferred
92 Indiana Lighting Co.. 1O0 41
100 89
Amer Idscalae St Fdy.
_ _100 65
65
coxes
Pacific)
Coal
Sc
100
T.
95
100
0 Conn lty dc Ltg corn _100 73
68
70
75
F-A
4s 1953 opt
BrItLsh-ArnerIcan Tobac_1:1 *2434 2475 e Texas Pacific Land r_1(.10 93 105
e Preferred
42
10;
76
80 Indianapolis Gas
50 85
Conley Foil
100 290 300
ronopah hiln(Nev)-SeePhila id: E t list
81
•Detroit United thy _100 79
let g 5s 1952
e Helms ((ieo W) com_101 180 188
A-0 86 90
rrenton Potteries com..100
4
7
Federal Light & Trao___100 30 32 Jackson Gas Sag 1937_4-0
100
97
e Preferred
110 125
100
Preferred new
•rreferredIOU 80
83 eLaciede Gas Preferred _100 99
Johnson
Tin
Foil
100
&Metal
180
190
rrow
Directory
0 Havana Ehie lty L &P 100 136
90 Madison Gas Us 1928
109
103
MacAndrews & For bes _100 190 200
A-0
Union Typewriter coin __1110
2599 -(
09u
U9 34
i
5.
5
1
o Preferred
100 03 99 Narragan (Prov) El Co _50 * 91
9312 Porto-Rican-Amer Tob_10u
1st preferred
0(1 106
1(10o
i0)0 103
Loulsv St 53 1930
.1-.1 10514 1041 Newark Gas Os Apr'44.0-.1 125
Reynolds(It)) TObaceo_10u
2d preferred
0 New On Rya & Lt corn 100 34 _--- Newark Consul GAS,.,.,100 9712
Tobactio Prodtatte corn 100 22
16
5
20
35 2216
4
705
0
United Copper
e Preferred
10 z 74 ...- No Hud L11 &Pits 1939 A-0 100
Preferred
100 95 91
19
12
1i
Preferred
PO dery Corp of N J -See Stk E x list Pacific) Gas & corn.. l00 62
6212 e United Cigar Mfrs corn WU 43 50
3 Untied Dry Goods ____10:1) 1.
9
,
41124 Inms
Tr etts 2% to 8% perpet 103 - Preferred
92
9212
100
1024
104
Preferred
e
100
e
Preferred
North Jersey St Ry 100 79
95
Pat & Pas Gas 4; Elea_ 100 00
UnItedelgarStOreaotArn corn
3 Casualty co m
M-N
7012
1st 45 1948
St Joseph Gas 53 1937
94
J-J 89
Preferred
Envelope
COO Tract of N J....100 74 78 Standard Gas Sc Eiec(Del).50 4.2112 22
718
5
56 3
e
100 110 11413
1502
10
5 8 Purifer
Woman BrUt012 Co_..100 z2819
Ez
re
pd
res8
J-D 103 104
1st 6s 1933
.4934 6014
Preferred
,50
5
100
u _50_ r
4 Preferred,
10(,
100 108 United Electric of
New'k Pass Ry 55
95
J__100 90
Young
(J
a)
Oo
100
230
240
._100
Rapid 'Iran St thy..
1st g 45 1040
83
J-D 82
U
100
---vSrefiniersreOhing
95
A.0 102 --.- Western Power coru
1st 55 1921_,
28
1.01 20
lit g 68 1919
J..,) ....
. 99
Industrial and Miscellaneous
JC Hob &Pat 48 1949-21-N 7912
Preferred
......_IOU 47 60
C Adams Express
Pon g irs 1929
100 145 155
J-.1
97
10 125 fir Western States Gas&EloOSo J Gas El & Trao
I
nil
81
Cot
tr
g
48
Indus Alcoh-SeeN Y S Lirx ilst
U
S
1947
J-D
lat & ref g 63 1941 op.J-D 92 93
Cu g Si 1053
M-S 99 100
s Preferred
Alliance Realty
100 11.5 117
100 ....... ---No Hud Oo fly Oa 1914 J-J 10012Alxter Dank Note corn...50 *5114 5214 U S Steel CorporationCon M Si 1928
J-J 102 -Ferzy Companies
Prefe'rt•ed
Col 3 f Apr 53 1951 op 1911 114
60 *5312 54
_
B&N
Ext 6s 1924. __M-N 98
1st 63 1911_ J-J 88
92
American Book
Col s:Apr 53 1951 not opt 114 ..*.
100 1.70 175
112
By
con (is 1-981-J-11
rat
NI&ER Ferry stoci.:100
Brass
American
100
.
15
_
U
S
Tit Ou & Indem__100 ___. 874
28 Os 1914 opt_ __A-0 100 'di
13t 5.3 1922..... „At-N
58 80
205 e Virginia Iron C Sc C
American Chicle corn..3U0
100 62 55
251 N Y 4c Hob La May '4
Republic) ay dx LIght-___100 24
.
6 J-D 99 100
Preferred
1.00 99 101
3 Wells Fargo & Co____ 100 1101z 115
Preferred
79
Hob Fy 1st 531948_51-N 104 -- eAmerIcan Exprese____100 1
100 7!
193
645
01s:
38135
Westchester & Bronx TitL
Tennessee By L&P com 100 22
234 N Y & N 5a 1940....J.J 98
a350
0
x7
43
101)
Graphophone
corn
Am
& Mtge Guar
170
' fro:erred
78 loth & 238 Sts Ferry.
100 77
26 -ii10
Preferred
eWestingh'se Air Brake 111 "1
16
32
812 140
•Trent P &
dis 1943___J-D 00
1st mtge 5s 1919
American hardware...100 133 137
8
,5
_
.
5
5
Willys-Overland corn __ 100 7012
i.lnion Hy(ins &MI cont 100 624 -di, Union Forry stock__ J-D .
101
102
100 11,
Amer Malting Os 1914 J-13
15
__
1
9812 99
Preferred
rreterred
89
1st 5s 1920
100 88
Amer Press Aasoc'n__10
92
65
65 eWoolworth (F WI-See NY Stk E Bat
4.8
Worthington(Hit)Co Pt _100 104 107
• $ Per share a And accrued divi lend. .6 Basis. It Listed on
Stock Exchange but usuaily inactive. f Flat price. is Nominal. s Sale price. t New stock. z Ex-d17.%,
v Islx-rights s includes all new 0took
dfvfdendeand
Exchange put kafrequeotlY dealt In; reco;d of fates. II any, wilt be found oft
. 64130oriPt40130, 0 Listed
.
. on 13took
1109..C94 Pageg,882
122,000
Inactive and Unlisted Securities
•
1,6 1
1 984 u
ILx.' II 'f°
71
BOSTON STOCK EXCHANGE-Stock Record.
350
SHARE PRICES-NOT PER CEN7'UM PRICES
Saturday
Jan 25
Monday
Jan 27
Tuesday
Jan 28
Wednesday
Jan 29
Thursday
Jan. 30.
Friday
Jan. 31.
105 105
105 105
105 105 *10514 10538 10518 10518 *10334 10418
•10173 10214 *10134 102 *102 10214 *102 10212
Last Sale 10218Dee12
21212 21212 21212 21213 213 21313 212 213
213 213 *212 213
113 11314 11338 11334 11314 11334 11313 114
114 11414 3111 11138
203 203 205 205
203 203
205 *____ 205 *___ _ 205
98
96
96
96
96
96
95
95
96
96
9518 9518
•_ 290 *..
290 •
290
290
Last Sale 290 Jan'13
;7377
*712
*713
*713 ____
Last Sale 10 Dec'12
*65 -6-F2 *65
6813 *65
70
Last Sale 70 Dec'12
*65
70
7
*
_
7 *
Last Sale 7
Dec'12
;16
45 ;i
5
45
*40
45
Last Sale 45 Jan'13
*40
45
Last Sale 167 Dec'12
jars 10514 *105"
*105" :::: 10514 10512 10514 10514
•
260
260 *__. 260
Last Sale 260 Jan'13
260HO
120
121 121
121 121
121 121 *121
____ *121
• *123 12512 *124 12514 *124 125 *125 __..
Last Sale 12434 Jan'13
*82
*82
83
83 *____ 83
8412 33
*82
83
83
83
102 102 *103
*103 ____ 103 103
10312 10312 *103
*17
*17 -1-8
18
*1713 19
*174 18
1878 19
184 1812
76
75
7513 7614 76
764 76
7612 7613 7734 7712 7712
1274 128
12778 128
128 12814 128 129
129 129
129 12934
• -___
Last Sale 128 Jan'13
Last Bale 200 Dec'12
*Fr
*iii"
176 176
*42
*42
49
49
*42
49
Last Sale 49 Dec'12
15938 15938 *15834 159 *15934 160 *15913 15934 *15978 16018 16114 16114
*90
9012 *8913 90
*9014 9034 *9014 9034
Last Sale 90 Jan'13
•150
*150
*150 -_
Last &Pe 150 Dec'12
_
8012 -8012 8034 -80381 *150-81 -81
4 81
80
81
8013 8013
*9613 98
*9612 98
*9612 98
*9612 98
96
96
*9012 98
Fir fir
-77:
Sales
s/ the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100's/late lots
Laziest
Miscellaneous
*524 5414 5213 5212 *5213 54
5213 5213 *5213 --- *53
5412
30 Amer Agricul Chom_100 4714 Jan 17
98
9838 98
9814 9734 08
9734 98
98
98
pref
D
100 96 Jan 17
98
98
493
414
*4
4
414 *414 413 *414 413
418 414 *4
4 Jan 21
414
124 Amer Pncu Service_ 50
*22
*22
23
23
23
23
2134 2213 22
Do pret
22
*2112 23
50 2184 Jan 29
250
11512 116
11534 116
11638 11638 116 117
11612 118
117 11734
501 Amer Sugar Refin......100 11414 Jan 15
115 11512 115 11512 11512 116
116 11613 116 116
Do prof
100 115 Jan 20
117 117
185
133 13314 133 13314 133 13312 133 13338 133 13314 13134 13212 5,011 Amor Tel,,p & Teleg_100 13134 Jan 31
*17
19
*17
19
American Woolen_ _100 18 Jan 14
*17
19
*17
19
Last Sale 18
Jan'13
80
7934
8014
Do pref
8043
7912 80
8014 80
80
7934 7934 80
100 79'a Jan 15
351
•____ 74
72
_ 74 *____ 74 *___ _ 74 *____ 74
7314
. 10 Amoskeag Manufacturing 72 Jan 27
.9913 100
100 100
Do pref
100 100 .9812 100
*9912 100
*99 100
44
98 Jan 10
*57
3
6
578 578
573 573
6
573 578 *5
*5
6
221 Atl Gulf & W I SS L..100
5 Jan 10
1034 1034 1012 104 *1013 ____ 1012 1034 *1213 -___ *1212
162 Do prof
100 10 Jan 7
*1113 12
*11
*1112 12
12
13
*1113 12
12
Oast
*1112 1212
Boston Land
50
10 11 Jan 14
281 281
28012 281
28013 281
280 280 *280 281
281 281
199 Edison Eleo Illum_100 280 Jan 20
14134 14234 14134 14214 14134 142
142 14213 1424 143
14213 143
1,253 General Electric
100 a14013 Jan 20
9258 9234 9214 9214 92
9212 9213 92
92
93
9173 9178 1,123 Massachusetts Gas Cos101.1 903i Jan 17
93
9314 9312 93
93
93
93
93
9234 93
9112 92
Do p_ef
366
100 9113 Jan 31
217 217
4217 218
219 219 *21613 218 *21614 21812 *217 218
70 Mergenthaler Lino_ __100 316 Jan 3
*313 4
*313 4
*313 4
*312 4
Last Sale 3
Mexican Telephone
Jan'13
10
3 Jan 16
*___
•___ 75 • _ 75
75 .____ 75
Last Sale 93 Dec'12
N E Cotton Yarn__100
8818 8818 £818 8818 8712 8712 *8713 8813 *8713 8818 *8713 8818
Do pref
100 8713 Jitri i;
81
15712 157 157 *155 157
15613 158
15712 159
15813 159
145 N E Telephone
100 155 Jan 6
Last Sale 90 Meh'12
Portland (Me) Elea _100
16512 1-133-1-2 1631
163
1-6.3-34 163 16313 3161 161
472 Pullman Co
100 x161 Jan 31
*15
_
15
15
*15
1534 1514 1514 1514 1512 *15
210 Reece Button-Hole
10 15 Jan 20
1534
10514 10512 10518 10534 10514 105;18 10533 106
10513 105
10578 106
237 Swift & Co
100 105 Jan 18
2712 2712 *2714 2734 2714 2714 2734 2734 *2713 2734 2753 27513 •
Torrington
28
25 2714 Jan 28
•27
*27
28
*27
28
28
28
28
*2713 28
Do prof
*27
28
20
25 2734 Jan 8
*178 2
*134 2
*134 2
*134 2
Last Sale 134 Jan'13
Union Copper L & M 25
134 Jan 15
17734 17814 178 178
177 1774 177 17712 177 1774 17612 17712
400 tluited Fruit
100 176 Jan 16
49
49
4878 4878 49
49
49
49
49
49
4914 50
1,183 Un Shoo Mach Corp.,.. 25 4818 Jan 14
2713 2712 2778 2778 274 2712 2713 2712 2734 28
28
Do pref
28
916
27 Jan 20
6314 6334 6314 6328 6414 6518 6338 6412 64
6534 6453 66
14,692 U S Steel Corp
100 6113 Jan 17
10912 10912 10912 10912 110 110
110 11038 11014 111 *10813 10834
Do pref
285
_100 10918 Jan 14
fa"
164- 163
lily/lest
Railroads
56 Atoh Top & Santa Fe_100 10414 Jan 15 10614 Jan 2
Do pre(
•
100
184 Boston & Albany___100 212 Jan 29 215 Jan 2
100 3111 Jan 31 11414 Jan 30
1,328 doston Elevated
100 203 Jan 3 205 Jan 27
26 Boston & Lowell
10) 95 Jan 29 97 Jan 3
204 Boston & Maine
Boston Ss Providence_10C 290 Jan 3 290 Jan 3
Boston Suburban El Cos..
Do pref
Boston & Wore Elea Cos_
pre?
Do
45 Jan 24 45 Jan 24
Chic Juno By & CSY.100
Do pret
36
104 Jan 13 10513 Jan 55
Connecticut RIver_100 260 Jan 13 260 Jan 13
100 11912 Jan 7 121 Jan 29
117 Fitchburg. pref
By & Eleo stmpd_100 123 Jan 14 125 Jan 23
Do pref
32
100 83 Jan 30 84 Jan 4
100 102 Jan 25 10312 Jan 30
13 'lain° Central
455 Mass Electric Cos...,_ _100 161,Jan 9 19 Jan 30
Do p_ref Stamped_100 75I Jan 18 7734 Jan 30
1,454
& Hartford_100 12712 Jan 2 130 Jan 9
497 N Y N
Northern N H
.100 128 Jan 22 128i Jan 8
Norwich & Wor pref _100
100 17414 Jan 7 176 Jail 22
87 Old Colony
Rutland pref
100
100 15634 Jan 14 -014 Janti
78 Union Pacific
Do prei
100 90 Jan 21
9
Vexmont & Mass_ _100
West
81
Eud St
Jiiri i;
50 80 Jan 30
193
Do pref
50 96 Jan 30 100 Jan 1
9012Jan
Lowest
Ii tyllest.
1037$ Feb
10114 Nov
21112 Sep
112 Dec
202 Nov
94 Dec
290 Dec
10 Dec
70 Dec
7 Dec
50 Aug
165 May
10712 Oct
260 J'iy
119 Deo
124 J'ne
83 Dec
125 Dec
16 Dec
7238 Dec
126 Dec
12813 Oct
200 Oct
el.74 J'ne
41 Jan
152 Dec
8918 Sep
110 Dec
80 Oct
96 Nov
11114 Oct
10414 Feb
22213 Apr
13434 Mcli
218 Jan
10012 Jan
300 Apr
May
80 J'ne
1212 Jan
57 Jan
170 Jan
112 J'ne
272 Jan
128 Jan
8179 Apr
0112 Jan
14738 May
2318 Jan
83 Feb
14238 Apr
143 Jar.!
21212 Jan
187 Jan
70 Jan
1761,1 Sep
9378 Dec
1(14 Jan
8818 Feb
10313 Mch
57 Jan 11
54 Dec
9914 Jan 2
08 Dec
„I Aug
412 Jan :3
14 Mch
2334 Jan 11
11812 Jan 3 11334 Dec
117 Jan 2 11414 Dec
1-1013 Jan 3 13712 Jan
22 Nov
18 Jan 14
7914 Nov
8112 Jan 7
75 Jan 14
75 Nov
100 Jan 23 39014 J'ne
578 Jan 23
5 Aug
1012 Aug
12 Jan 3
1314 Jan 10
1034 Jall
28813 Jan 10 27212 Sep
18634 Jan 2 155 Jan
93l Jan 22 313818 J'iy
05,4 Jan 10
93 Dec
219 Jan 2 21412 Dec
3 Jan 16
212 Mch
CO Dec
90 Dec
9112 Jan 11
160 Jan 11 11814 Oot
7212 Jan
165133a-11 -5 158 Feb
1534 Jan 2
1334 Jan
9812 Jan
10634 Jan 6
27 May
2853 Jan 15
28 Jan
2814 Jan 20
2 Jan 4 .85 Jan
182 Jan 3 /1174 Sep
4614 Jan
6014 Jan 10
2713 Dec
23 Jan 23
5838 Feb
69 Jan 2
111 Jan 30 10718 Feb
Mining
412 413 *413 5
*412 5
*412
413 413 *414 5
25
105 Adventure Con
413 Jan 30
6 Jan 4
•153 2
*134 2
14 113 *158 2
*128 2
*184 214
50 Algomah Mining*
25
113 Jan 28
24 Jan 3
*38
*38
40
40
394 8978 3978 3978 40
4012 *39
40
80 A.11ouez
25 36 Jan 14 424 Jon 3
7218 7113 7173 72
72
73
7178 7213 73
7438 7312 74
4,594 Amalgamated Copper 100 7023Jan 20 8014 Jan 2
2914 3018 2934 30
3078 3014 3078 3033 3114 81
30
32
21,307 .133 Zinc Lead & 3m.. 25 2634 Jan 15 32 Jan 31
*34 312 *34 312
312 334
34 312 . *34 312
312 34
750 Arizona Com'l ctts dop_
418 Jan 2
3 Jan 22
•.33 .40 * .33 .35
.32 .33 •.31 .40 '.31
.35 *.31
.35
200 Bonanza Dev
_ 10 .31 Jan 18 .33 Jan 28
638
6
612
6
534 534 *513 13
612 64
995 BosecCorbeop &S1141g
Co...,64 612
658Jan 30
5
5 Jan 15
314 314 *3
313 *3
812
313 318 *3
312 *3
225 Buttc-13alaklava Cop.. 10
312
4 Jan 4
3 Jan 18
3314 3412 3378 34
3312 3413 85
34
3412 34
3473 34
7,205 Butte & Sup Cop(Ltd) 10 8213 Jan 20 45 Jan 2
66
66
66
6634 6613 6034 66
6634 6612 6718 6814 664
398 Calumet & Arizona_ 10 6414 Jan 20 7213 Jan 2
490 490 495 495
500 500
500 600 *495 500 500 500
38 Calumet & Hecht
25 490 Jan 13 555 Jan 2
•1613 17
1534 164 *16
*16
*16
*1613 17
17
17
17
ue
nn
in
tennc
60 O
ninal
pper
25 16 Jan 15 18 Jan 6
4233 4238 4212 4213
•
*42
4214 4258 434 4213 4213
435
Ii 41 Jan 13 4713 Jan 2
•.02 .04
* .02 .04
Last Sale .01 Nov'12
Cons Moruur
1
484 "ii" iiii 4813 4813 iii" "iii" 484 4834 48
43
43
739 Copper !tango Con Co 100 4612 An 14 53 Jan 2
.
313 4
4
4
4
4
4
4
*313 4
185 Daly-West
*313 4
20
4 Jan 27
312 Jan 13
1312 14
*134 14
14
14
1334 1438 14
1438 14
14
1.070 East Butte Cop Wu_ 10 1234 Jan 14 1518 Jan 2
734 734
733 74
8
712 712
*713 8
7128
521 Franklin
25
Jan 2
712Jan 28
*338 313
3% 3741
3ifs 3s
3% 338
333 312
3% 3% 2,320 Giroux Consolidated.. 5 8% Jan 31 3%Jan 2
6813 69
69
691, 69
6978 53
69
6334 6912 69
60
1,375 Granby Consolidated _100 63 Jan 13 7312 Jan 2
834 9
8% 8%
873 9
834 9
913 Jan 2
834 8%
834 834
20
932 Greene Cananca
838Jan 16
*2114 2113 .2113 22
*2113 22
2113 2112 21
2112 *21
2112
140 Hancock Consolidated 25 1812 Jan 13 25 Jan 2
34
34 --34 Jan 3
34
Helvetia Cop)er
Last Sale 34
34
Jan'13
25
34 Jan 3
1413 1413 1413 1412 1423 15
14
1434 15
15
*1413 15
25 1313 Jan 14 17 Jan 2
298 Indiana Mining
*1612 1734 *1512 164 16
16
*1614 17
*1814 17
*1614 17
Inspiration Consol C_ 20 16 Jan 23 1813 Jan 8
*55
*55
57
*55
57
57
55
55
*55
5513 5512
1 54 Jan 15 59 Jan 4
15 Island Creek Coal
•85
86
*844 86
*84
86 .84
85
84 -85 - *3413 86
Do pref
1 84 Jan 23 8712 Jan 10
86
2813 2813 2313 29
2912 29
29
29
29
29
Isle Royale Copper_ 25 27 Jan 15 3378 Jan 2
2824 29
880
' 3
3
34 3%
313 3%
313 318
34 VA
313 34
949 Kerr Lake
25s Jan 14 3%Jan 27
5
*214 234 *214 234 *2;4 234 *213 234
213 212
213 213(_
190 Keweenaw Copper__ 25
112Jan 7 2% Jan 31
20
20
2014 2014 21
21
1913 20
20
20
[Ake Copper Co
20
20
25
895
Jan 20 2613 Jan 3
1914
434 434
434 434 *413 5
*413 3
54 Jan 3
434 434
25
120 La Salle Copper
453 Jan 14
"
*814 -___
8713 878
813 834
858 858
813 834 -Ws -8112
Mason Valley Allnes _..5
300
Jan 15 1O2 Jan 2
4
73
*458 5
5
5
*458 5
*44 5
54 Jan 2
*453 5
Mass Consol
413 Jan 21
434 434
25
26
1213 1212 1213 1213 1213 1212 *1214 1234 1213 1212
_
25 11 Jan 20 1514 Jan 2
405 Mayflower
*24
2413 2413 2418 24
*234 24
24
2413 2412 W.i314 -ii34
5 2313 Jan 14 2812 Jan 3
150 Miami Copper
*112 2
*113 2
*14 2
*113 2
Last Sale 134 Jan'13
Michigan
134 Jan 2
25
134 Jan 2
5334 5334 5313 54
5334 5478 59
5472 *54
5412 64
54
a17yk
N1evhaa
0 No
232
25 63 Jan 20 65 Jan 7
•18
1814 *18
1814 1813 1818 1814 1814 1814 1812 184 1818
Consolidated.. 5 18 Jan 20 1934 Jan 4
*214 213
214 214
214 214 *214 213 *214 212
213 212
75 New Areadlan Copper 25
2i2 Jan 2
2 Jan 14
*878 9
9
*378 9
9
878 873
873 9
9
9
9 Jan 18
845 Nipissing Mines
5
834 Jan 20
804 3013 3013 3034 30713 314 8013 31
8114 3114 31
8114 1,745 North Butte
15 2934 Jan 13 3412Jan 2
213 .213
2
2
2
3
2
2
2
113 2
2
596 North Lake
234 Jan 2
25
112 Jan 30
*213 3
234 234
234 234
234 234
253 253 *253 3
220 Ojibway Mining
213 Jan 18
25
314 Jan 4
714 714
7
7
7
7
613 634
613 7
613 611
475 Old Colony
838 Jan 2
25
634
15
Jan
49
4914 49
50
*4813 49
4912 49
4813 49
49
494
984 Old Dominion Co........ 25 4713 Jan 21 66 Jan 2
97
*95
97
98
97
07
98
97
96
90
98
96
95 Osceola
....... 25 114 Jan 20 107 Jan 2
25
25
25
25
2512 2573 2534 2573 25114 2578 2512 2534 1,595 Pond Creek Coal
10 241k Jan 14 2814 Jan 2
*73
74
*73
74
74
74
75
74
74
*74
7412 *73
15 Quincy
25 72 Jan 14 80 Jan 3
1914 1914 1914 1914 *1914 194 *1914 1912 41938 1934 1933 1913
483623056 thaanaynt Consol Copper
19 Jan 20 22 Jan 3
10
*2
212
233 2%, *238 213
238 238 *214 238 *214 233
Santa Fed•
ne Gold
3 Jan 2
Cop 10
2 Jan 20
12
12
1213 1212 1233 1238 12
1213 121^ *12
12
Shannon
124
10 11 Jan 15 134 Jan 2
26
26
2618 264 26
2614 28
26
26
2534 2578 26
310 Shattuck-Arizona ___ 10 2512 Jan 20 2813 Jan 3
•.31 .40 '.25 .30 '.25 .30 * .25 .80
Last Sale .82 Jan'13
South Utah M do S.._ b .20 Jan 8 ,35 Jan 18
31
31
3012 3012 31
3113 31
3114 814 8112 8134 324 1,220 Superior
25 301 Jan 27 4012 Jan 2
2% 2%
234 • 3
234 273
258 234
24 234
234 312 4,859 Superior& Boston Llin 10
1%Jan 2 834 Jan 31
81
3113 *30
82
*31
32
3313
31
81
565 Tamarack
314 8112 83
25 31 Jan 20 38 Jan 8
5
5
5
5
5
5
*453
518
850 Trinity
458 458
412 412
6 Jan 9
25
412Jan 14
*3% 338 *34 338
312 312
312 84 .3% 34 53
8
755 Tuolumne Copper ___ 1
312 Jan 28
278 Jan 13
42
42
42
43
4134 4134 4134 42
4134- 4134 4113 4134
842 138 Smelt Re/ 63 Mo 50 4012 Jan 14 431 Jan 2
4914 4914 49
49
49
4914 4914 4914 4914 4914 49
738
D • prof
4912
Jan 6
50
50
21
Jan
44)
2
2
*2
218 *2
214
3
2
*2
75 Utah-Apex Mining_ 5
213 *2
233Jan 3
24
178 Jan 16
1014 1014 1014 1014 1012 1013 1033 1033 1012 1012 104 1013
815 Utah Consolidated_
1114 Jan 2
17
Jan
97
8
*5434 55
*5412 55
*5434 55
*6414 5413 604 15p •3413 5434
62 Utah Copper Co
10 51 Jan 20 60 Jan 2
*153 173 •153 173 *14 154 *Ds 134
1% 1
14 112
150 Victoria
2 Jan 2
25
11 Jan 31
*3
334 *3
4
*34 4
*312 4
*313
3
50 Winona
833
25
412 Jan 2
3 Jan 31
•67
6734
68
6713 68
*67
68
*6713 684 *68
69
30 Wolverine
Jan 3
25
76
20
Jan
65
*118 113 *114 113 *114 14 *114 113 *114 112
114 114
50 Wyanclott
113Jan 9
25
114 Jan 2
131d and asked Prices. a New stock. 0 Asst't pald. 8 Ex-stook div. is Ex-dente. a ISz-div. and rights, X UnsioraPed.
Range sor Precious
Year 1012.
5 Dec
2 Deo
35 Dec
60 Feb
2412 Feb
2 Jan
.25 Nov
413 Dec
2"40 J'ly
1913 Feb
6712 Feb
405 Feb
1513 Dec
2514 Feb
01 Nov
484Deo
312 Oct
1214 Jan
678 Sep
3 Dec
33 Feb
713 Feb
22 Oct
.70 Dec
1118 Sep
1638 Dec
4012 Jan
85 Jan
2034 Jan
2 Apr
.80 Jan
2234 Dec
41. Feb
Dec
5 Dec
234 Jan
2333 Jan
153 Deo
-5012 Jan
1814 Jan
2 Dec
634 Jan
2234 Feb
218 Dec
14 Dec
258 Jan
44 Jan
100 Dec
15 Mch
7212 Doe
1618 Jan
1 Jan
9 Jan
17 Feb
14 Dec
24 Feb
1 Dec
26 Jan
4 Dec
213 Dec
34 Jan
47 Jan
1 Nov
912 J'IY
5212 Jan
114 Deo
318 Dec
65 Dec
1 Dec
6334 Mch
105 Aida
514 J'ne
2413 Nov
13358 May
12334 Aug
144) Mch
30 Mch
9414 Mch
84 May
105 Mch
9 Feb
20 Jan
1714 May
300 Mal
180 Dec
95 Oct
0878 Feb
229 Aug
413 J'ne
105 Jan
107 Mob
164 MCII
90 Mch
184 Aug
1738 Apr
1094 Sep
32 Jan
31 Apr
334 Apr
20812 J'ne
5713 Aug
2934 Sep
8028 Sep
11638 Oct
1114 Apr
814 May
5018 J'ne
0258 Oct
35 Oct
678 Apr
.55 Apr
914 J'ne
534 Apr
6134 J'ne
8312 Aug
615 Sep
2713 Apr
5014 Nov
.09 Jan
6612 Apr
712 Mch
1634 Sep
1614 Apr
61148Apr
7734 Nov
1118 Oct
37 J'ne
2 May
23 Apr
2158 Jan
0534 J'ne
9114 Aug
3714 Noy.
318 Feb
3 May
49 Apr
8 Apr
1413 J'ne
914 Jan
1812 Apr
3038 Sep
612 ,Apr
73 0'119
2438 SeP
614 Apr
94 Dee
3938 Oct
834 Apr
4634 Jan
1314 May
64 Oct
13013 J'ne
29 Nov
9,3 J'ne
2418 Sep
478 May
1778 Aug
3413 Nov
114 Apr
4878 J'ly
478 Jan
51 Apr
012 Apr,
qui,met;
35063 Sep
5234 Sep'
31!44 Feb
2038 Apt
13738 Sep.
578 Jan;
734 Moll
117 Ap
334
FEB. 1 1913.]
Boston Bond Record
BONDS
E"
BOSTON STOOK EXCHANGE a
t
Week Ending Jan 31.
-,a.,
Price
Friday
Jan 31
Week's
Range or
Last Sale
.2.
Range
Since
Jan. 1.
gn
as
351 ,
P.
BONDS
BOSTON STOCK EXCHANGE i
Week Ending Jan 31.
...,s.
Price
Friday
Jan 31
Week's
Range or
Last Sale
,i
Range -;
since i
Jan. 1.
•,1
g
atIcZ
Low
High No. Low High
Ask Low
Bid
High No. Low
Am Arricul Chem 1s1 553_1928 A-() ---------_ 10114 10134 10 101 101$4 General Motors 1st 5-yr 63_1915 A-0 091210014 9912Jan '13 ____ 9912 Higl
9912
Am Telep & Tel coil tr 4s__1029 J-J 89 Sale 89
8918 44 89 8934 Ot Nor C B & Q coil tr 4s__1921 J-J 9578 Sale 9558
9578 35 9512 9614
Convertible 45
1930 M-S 103 109 11238Nov '1',
Registered 4s
1921 Q-J 9538 ___ _ 0512
9512
4 9512 957,
Am Writ Paper 1st 3 15e g 1919 J - J ---_ ___ 89i8J'ne'12 ___ ___ --__ Illinois Steel debea 5s
1913 A-0 0941 __ 100 Jan '13 ____ 9934100
1915 NI-N _--_ _ 131 J'ne'12 __ ___ ___ Ia Fails 63 Sioux C 1st 78_191'7 A-0
Am Zino L & S deb 63
_ 117 Apr '08 ____ _____
Aids Corn Cop 1st Os otts of dep_ _ _ __ ____ 82 J'ly '12
Kan C Cita 66 Spr 1st 5s_
1925 A-0 --------97 Mch '12
Atoll Top 63S Fe gon g 48_1995 A-b _ ___ __ __ 9734Jan '13 ____ 9734 973-4 Kan 0 Ft Scott & Mere 6s 1928 11-N 11214113 11234 Jan '13 --- 111 113
Adjustment g 4s____Juiy 1095 Nov ____ ___ 8758 Nov'12 __ __ ____ Kan CM & 13 gen 4s
1934 11-S ____ 92 9212Sep '12 ___ ____ ___
Stamped
July 1093 1I-N
8912Jay '12 _
Assented income 53
1934 11-S ____ 82 8333 Nov'12 ___. ___ ___
50-year cony 45
1955 J -I) __
_ _ 10134 Sep '12 __ _Kan
. 0 .954 By & Br 1st 53_1929 A.() 01 1013 101 Dec '12 ____ ___ _ _
10-year cony 5s
1917 J • D
:- -_-___ 1105s Metall
__ Marq Hough lic Ont 1st 63_1025 A-0 -------- 115 .1'ne'OS
All Gulf & W 158 Lines 53_1051/ J-.1 0112 Sale 6112
6158
2 -0112 6258 Mass Gas 4).4s
1929 J -J
0612 Sale 9814
:3 9534 9612
0612
Boston Eley 30-yr g 4s
1935 :M-N ____
9518Feb '12 ___ ___ ____ Allen Telephone 1st 5s
10018 Apr '12 _ ..- ___ _
1917 J • J _
Boston & Lowell 4s
1916 J -J
10014 Meh'09 ___
__ ___ New Eng Cotton Yarn 53_1929 F-A 927-8 Sale 9214
927
8
12
90 93 .
Boston & Maine 4 As
1944 J -J
Now Eng Tel ;ph Os
104120ot 'Os
- -1915 A-0 ____ __ 10138 Meli'li ______ ___.
Improvement 4s
103 e F-A _______
58
. ___ ___ ___
1910 A-0
_ 10012Sep '08
5-8
Plain 4s
ii
_
1042 F-A
New England cons g 55_ _1945 J -J -----------Feb
Bur as Mo Illy cons Os
1018 J-J
Boston Term 1st 48
102 Jan '13 .
jai 102
1939 A-0
_ _ _ _.._ ---- ---- ---.
Cedar Rap & Mo It 1st 73_11116 ,11-N
111:S Sep'ir__ New River (The) cony 53_1934 J-J --------75 Dec 'II __ ___ ____
Cent Vermt 1st g 4s.._ _May 1920 Q-F :--8934 13 893-8 8934 N Y N II & H con deb 3 A3_11156 J -J
_ _ _ -9012 8912
9214 Meh'12
0 B & Q Iowa Dly 1st 58_1910 A-0
Cony deb Os
103 Oct '07 ___ ____ ____
1948 J -J 12512 Sale I2512 12512
1 12514 12512
Iowa Div 1st 4s
1911) A-0 ---------99
()id Colony gold 43
Aug 12
1924 F-A ____ ____ 101 Apr 'Us -- _--- ---- ___
Debenture 53
Oregon fly & Nay eon g 43_1946 J-1) __ ____ 9878 Sep '01) _. ____ ____
1913 ,11-N
00 Jan '13-_ 100 100
Denver Eaten 48
Oreg Sh Line 1st 3r 8s
1922 II-A ---------9978Feb '12 _
1922 F-A
11138Oct 'ls ___ ___ __
Nebraska Exton 4s
0812.11ch12 ___ __ ____ Pere Marquette deb g 63_1912 J-J
1027 al-N
95 Jan '12 ..._ ___ _ __
• B&SWer 48
9812 Dec '12 .._
1921 m-s
1919 J-J ---- ---- 103 Jan '11 ____ __ ___
---- Repub Valley 1st 8 I 63
Illinois Div 3 As
Savannah
Elec
1949 J -J .
Jan '13 _
1st
5s1952
cons
8518 851s
J -J ---------7014 Deo '10 __-_ ____ -__
Ohio Jet By & Stk Yds 5s 1915 J J 10038 Sale 10038 10038
0 09781(1038 Seattle Elec 1st g 5s
1930 F-A ____ 10358 10312Jay '12
Coil trust refunding g 48_1940 A-0
8634 8734 No.•'12 _ _--__ Shannon-Ariz_Ist g 6s
1919 11-N 94 96 05
95
2 95 95
__ 114 Jan •11 __
__ ____ _ _ _ ['erre Haute Elec g 5s
Oh Milw & St P Dub))68_1920 J -J
1929 J -J ____ -__ 97 Apr 'Oi __ ___ -.
Oh M & SIP WI, V div 6s 1920 J J ---- ----11358Feb '11 ____ __ __ Torrington 1st g 5s
1918 11-S ____ __ 101 Sep '12 ___ __ ___.
Oh & No Mich 1st gu 5s
Union Pao RR (Ss I gr g 4s 1947 J -J
1931 M-N 90 .._ __ 91 May12
10018 J'ly '12 ___ ____ __
20-year cony 4s
Ohio 63 W Mich gen 5s
1921 J -D 9413 9812 98 Jan '13.
93 93
1927 J -J -------- 10178 Mayi2
_
Concord eo Mont cons 45_1920 J -D ____ ____ u712Sep '11 ___-_-__ United Fruit gen s f 4 As
1023 J-J
957-8 9638 96 Jan '13 ____ 9514 96
Debenture 4 As
Oudahy Pack (The) 1st g 5s 1924 ;11-N
10014 Aug'12 __. -_ ____
Steel
Co
U
1926 A-0
S
100 100 Aug'12.
Current River 1st Os
10-60-yr
53 Apr 190
-25
3 1.
‘11.N
- j 951' 95% 10
91531 19
05
13143
2
1 10
95
1410
38 95
11
3
__-_- West End Street fly 4s
pet Or Hap63 W lit 43.....,_1946 A-0 80 84 8014 Sep '11:
1915 F-A _______ 99 May'12 ____.
1940 :11-N 09 __ 9912
Gold 4 As
Dominion oat 1st s 1 53
1914 m-s ____ __._ 9918 Oct '12 ____ ____ ___.
9912
1 09 9912
Gold
M-S
debenture 4s
1915
____ ___ 10313 Apr '05 ____ __ ____
Fitchburg 45
1916 11-N
9878 Apr '12 ___ __ _1927 fl-S
Gold 48
95 Oct '12 ___ __ ...._
45
1017 F-A -------- 9812Nov'll
__
__
___
---- 1271211(311'12 ___ ____ -_ Western Teieph & Tel bs
Frentt Elk & Ito v 1st es__ _1933 A-0 ---1932 J -J 10012 Sale 10012 10058 20 993; 100N
1033 A-0
Unstamped 13t tis
127 Meh '12
_
-- _ Wisconsin Cent 1st gen 4s_1949 .1-J
0358 Feb '12 ____ ____
NOTE.--fluyer pays accrued interest in addition to the purchase price for all Boston Bends. '
'
1 No price Friday: atest bid and asked. 1] Flat price
-------8513
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, 7eekly, Yearly
_
Saturday
Jan. 25.
Share Prices-Not Per Conturn Prices
lfonday
Jan. 27.
Tuesday
Jan. 28,
37ednesday
Jan, 29.
• _ 118
i1514 11914
1912 1978
65
65
_
1912 19-12
_...
'
1'23- 133
;
11712 11712 *11713 11812 11734
11014 11914 *11914 11912 11014
1934 1934 1934 20
1958
*6412 6512 6413 6478 *____
122
12214 12214 122 122
1912 1934 20 2012 *___
___ __. __-_ --2314 2314 *2318 2312 *2318
,
212
*2
*40 4012
5138 5138
*12
*5234 -5312
40 40
*75
7512
*1114 1134
*3013 3114
02
92
*8038 8034
10
10
3334 3334
O1i4616X,
4912 4913
2358 2312
2714 2712
825
,4821X,
578 6
5078 5078
• 8912 8954
212
212 *2
*2
4013 4012 4038 Cr,
5113 5113 5113 512s
*12
__
_ _ *12
5234 -53- *5254 -5312
4014 41
*3934 40
*75
7512 75
76
*1114 1134 1138 1134
30
3014 *30
31
*9113 9214 02
93
8034 81
815/.815/(6
1014 1014 1612 1658
3334 3334 3378 34
6114 61 74'. 6138 6158
*4914 4934 49
49
2312 24
24
2414
2738 2738 2713 2758
38113 8112 8214 82%
573 578
6
6
5034 51
5078 5078
8934 8978 90 90
PHILADELPHIA
111.1
11834
11938
20
05
12214
21
____
---
Philadelphia
American Cement_
*2
50
213
*40
39 American Railways__ 50
4012
251
50
5158 2,177 Cambria Steel
83 Electric Co of America 10
1212
*12
350 Elec Storage Battery_100
*5312 54
4114 4138 2,055 Gen Asphalt tr ctts
100
550
Do
pret tr ctfs_100
7614
76
5,173 Keystone Telephone_ 50
12
12
19 Lake Superior, Corp 100
*301s 31
574 Leh C & Nay tr etts_ 50
29114 9114
150 Lehigh Valley
50
8138 8138
0,389 Lehigh Valley Transit 50
1738 18
Do prof
3418 3412 2,230
50
6112 6158 2,223 Pennsylvania RR
50
461 Philadel Co(PIttsb)
4918 4912
50
2418 2414 21,267 Philadelphia Elea
25
2714 2758 2,036 Phil It T vot tr Ws
50
8212 83.4 4,128 Reading
50
718 Tonopah Mining
5% 5%
1
1,724 Unlon Traction
51
51
50
0014 0038 5,530 United Gas Impt
So
PHILADELPHIA
Bonds
Inactive Stocks
Prkes ars all -and
2
10
214
American Milling
Interest'
10334
Amer figs receipts
Alt
&
L
V
45
Eleo 4 1.ls'3310-A
4414
Oanabrla Iron
50
Central Coal & Coke__100 02 93 Am Gas 4c Mee 52'07_F-A
Preferred _________100 8112 8212 Arn Rya Si 1917
A-0
Consol Trac of N J__100 7414_ Atl C Gas 1st s f Is '60_J-J
Berg&EBrew 1st 6121 J-J
Germantown Pass_ 50
Bethleh Steel Os 1998_Q-F
Harwood Electrle____100
Huntington & B T____50 _
Olt Ok & (1 gen 58 1919 J-J
Preferred
50
Con Trac of N J 1st 58 '33
Insurance Co of N A
it) 2112 2134 Del Co Rye tr ctfs 45.40J-J
Inter Sm Pow & Chem_5u - -_-- Edison Elea Is 1940..A-0
Interstate Itys, pret
lu
Elea & Peoples Tr tr
Kentucky Securities__100
Fr Tac&II 1st 53 1040_J-J
Preferred
100
Gen Asphalt 5s 1916_M-S
Keystone Telep, pret_50 421-4 -423-4 Harw Elea 1st 6s 1942_11-S
Keystone Watch Case_100
_i61_2 Interstate 4s 1943...F-A
Lit Brothers
10 1712
Keystone Tel 53 1935_J-J
Little Schuylkill
50
Lake Sup Corp Inc 5s'24.0
Mlnehill & Schuyl 11_50
__-_ Lehigh Nay 4 As '14..-Q-J
Nat Gas Elea Lt & P0_100 " "
Gen M 4 As g 1924.Q-10
Preferred
100 g
Lela V 0 1st 5s g 1933 _J-J
North Pennsylvanla___50
Leh V ext 4s 1st 1948_J-I)
Pennsylvania Salt
50 1061-2 107
Cons& Os 1023
J-1)
Pennsylvania Steel.._100
Consol 4 As 1923.__J-D
100
-di
Preferred
Annuity 63
J-D
Gen cons
Phila Co (Pitts) pret___50 4312 4412
2003_11-N
_
Leh V Tran con 4s '33 J-1)
Phil German & Norris...50
1st series A 4s 1935_M-S
50 83 8314
Traction
10
1st series B Os 1035 11-S
_
Railways General
8
MarketStEl 1st 4s'55 1.1-N
Tonopah Belmont DeV-1
NatLII&P ser 13 53'19
United Cos of N
New Con Gas 53 1948_J-D
Malted Trac Pitts pret_50
Virginia Sty & Pow....100
N Y Ph & No 1st 4s'30 J-J
Preferred
Income 45 1939_ _M-N
100
Warwick Iron & Steel_10 1012 11 Pa 63 N Y Can 53 '39_A-0
Washington-Va Ity_104
Penn Steel 1st 5s '17-54-N
Preferred
-8-- People's Tr tr ctts 9s 1943
100 --- -7
Welsbach Co
P Co let&coa tr 53'49 11-S
100
_
West Jersey & Sea Sh_50 5112 -51Con & con tr 5s '51 11-N
Westmoreland Coal
_50 76 78 Phil Elec gold tr ctfs..A-0
Wilkes Gas & Elec
Trust cas 4s 1949 __J-J
100 York Railway
Sc
.1-2 P e• E gen 11 53 g '20-A-0
13 -1-3
Preferred
Gen M 45 g 1920
50 37 38
A-0
1d and asked; n0 salami on t_hla day. 11 Ex-dly. 63 rights. 1
Saks
ACTIVE STOCKS
o/ the
Week (For Bonds and inactive
Stocks see below)
Shares.
Baltimore
119 119
840 Con Gas El L & Pow_100
119 119
11934 12012 12012 12034 1,180
prof
Do
100
20
2014 20
1,605 Houston 011 tr etfs_100
20
6112 0412 *03
64
Do
prat tr etts.,100
683
*12113
_ *12112 122
50
03 Northern Central
21 -2-1380 Seaboard Air Line
___ __ __
100
*48
49
_
preZ
Do
......
100
2312 2312 .234 2112
520 United fly 63 Electric_ 50
213 *2
*2
212
4012 4014 4038
.40
*5113 5158 5112 5134
1178 1178 *12
- 5312 5312 5314 -53-12
4014 4058 4012 4112
76
7512 70
76
1112 1218 12
1214
31
*30
31
*30
9234 93
9278 93
8012 8012 *8114 8112
1058 1678 1641 1758
3334 31
3412
34
613-(61% 6112 0158
49
49
49
4912
2418 2438 2413 2414
2712 2712 2712 2758
8178 8178 8218 821X.
6
614
534 0
*5034 51
6078 51
90
9012 9014 9012
Ask
Friday
Jan. 31.
Thursday
Jan, 30.
Bid
Ask
PHILADELPHIA
Ph & Read 2d 5s 1933 A-0
Ex Imp 54 4s 1947_A-()
TertnInsl 53 g 194l_Q-F
_
P W & B col tr 4? '21__J-J
"86-861-4 Read Trac let 85 '33__J-J
96 ___ Hoch fly & L con 53'54 J-J
Spanish-Am Zr 8s '27__J-J
Stan'd Gas & E 6s'26_J-D
Stand SU Wks lst5s'28 J-J
10214 U Trite Ind gen 53 '19 _J-J
ioS
Un flys Tr ars 4s'49 .J-,J
United Itys Inv 1st coil tr
s t 5s 192054-N
85 -gg1-3 Weisbach s t 5s 1930__J-D
Wil-B (1&E con 51'55_J-J
-64-- -95- York Flys 1st 5s 1937_J-D
60
9% 199
9
01
8934 90
74 75
100
___
10312 10334
10038 ____
--- 104
-661-2
0612 97
---
_
102 10258
96 0614
103 10312
8258 83
10413 10512
99 991
440 paid.
BALTIMORE
macfive Stocks
Atlan Coast L (Conn)_100
Canton Co
100
Consolidation Coal.._ _100
Georgia Sou & Fla
10U
100
list preferred
2d preferred
100
0-B-S Brewing
100
Bonds
Prices are all "and
Interest"
Bait City 33.5s 1930
J-J
48 1954-1955__Varlous
55 1916
11-N
Anacestia & Potom 53A-0
AtCoast L cony deb 4sM-N
Atl Coast L(0t)etts 5s J-D
J-.1
5-20-yr 4s 1925
BSP&C Ist 4 As'53 F-A
Bait Trac 1st 5s
No Salt Div 55 1942 J-D
Cent By cons 5s '32_11-N
Ext 63 Imp 5s 1932.54-S
Chas City fly 1st 53'23 J-J
()has Ity G 63 El 55'99 11-8
City 63 Sub 1st 55 1932 J-D
City & Sub(Was)1st 5s '48
0 13 A
paid.
Range Since Jan. 1.
Lowest
Rana lor Previous
Year (1912).
Highest
Lowest
Highest
--- ---- ----
105 Jan 13 120 Jan 16 00 Jan 117 May
110 Jan 13 12034 Jan 31 101 Jan 116 Apr
814 Jan
1734 Jan 2 2014 Jan 30
2518 Nov
6412Jan 28 68 Jan 0 5;13 Jan7212 J'ly
120 Jan 2 12212 Jan 13 121 Dec 140 Apr
1834 Jan 8 21 Jan 30 18 Dec
2714 May
4612 Jaa 22 4734 Jan 24 4512 Mch
5534 J'ne
23 Jail 6 2414 Jan 2 1814 Jan
2658 Sep
1 J'ne
7 Jan
40 Jan 13 41 Jan 2 4012 Oct
47 Sep
BO Jan 14 538 Jan 9 4112 Mch
5518 Oct
1178 Jan 29 1218 Jan 9 1112 J'ly
1212 J'iy
52'z Jan 17 5414 Jan 9 523.i Jan
5838 Aug
3714 Jan 17 4212 Jan 7 18 Apr
3012 Dec
731 Jan 2 7714 Jan 9 5914 Apr
7313 Deo
1118 Jan 14 1214 Jan 30
6 Apr
13 Sep
30 Jan 2 3112 Jan 9 27 Feb
3514 Sep
39114 Jan 31 93'2 Jan 3 8778 Itch 100 Sep
791k Jan 17 84 Jan 3 7818 Feb
9278 Jan
812 Jan
1534 Jan 4 18 Jan 31
1678 Sep
32 Jan 13 341 Jan 30 23 Jan
3312 Dec
60% Jan 20 01% Jan 9 60 Dec 034 Apr
40 Jan 28 50 Jan 8 4934 Dec
5614 Feb
2258Jan 7 243s Jan 29 11678 Jan
2434 Sep
27 Jan 14 2812 Jan 3 2218 May 29 Sep
8038 Jan 17 845/.Jan 2 7414 Jan
8914 Apr
53 Jan 30
612 Jan 13
0 Dec
814 Apr
591k Jan 14 5112 Jan 0 4834 Feb
53 Sep
891s Jan 2 90'z Jan 29 8614 Jan
9238 Aug
Bid
Ask
-_.
_
11414
99 9934
16134- 102
10014
10238
_
---- 7514
8114 8112
93 9318
-91-
-fig
257
133
10234
30
92
78
3
91
9612
10218
9834
9878 99
101
91
9513
106
107
106
106
10314
9714 98
10414
103
417 IS paid.
BALTIMORE
Coal & C lly 1st 5s 19 A-0
Coal 6: I Hy 1st 5s '20_F-A
Col&Grny lit Os 1916 J-J
Consol Gas 53 1939___J-1)
Gen 4',5s 1954___A-0
Cons G E & P 4
'35 J-J
Consol Coal 5s 1950_ _J-D
Fair & CI 're 1st 53'38 A-0
Ga & Ala 1st con 5s'45 J-J
Ga Car&N lot Os g '29_J-J
Georgia P 1st 6s 1922__J-J
Ga So & Fla 1st Is '45_J-J
(1-B-S Brew 3-42 '51.54-a
Houston Oil div ctts _F-A
Knoxv Trac lot Os '28 A-0
Macoully &Lt 1st 5s'53 J-J
Md Elm fly 1st as '31 _A-0
Memphis St 1st 5s
J
Monon V Trao 53'42..J-D
Mt Ver Cot Duck 1st 5s__
Npt N .90 P 1st 5s'38/1-N
N 63 A Terml 5s '29_ 11-8
Nor&Port Tr 1st 5s'38 J-D
Norf fly & L 55'49M-N
North Cent 43.5s 1925-A-0
Series A 53 1926.___J-J
Series B 5s 1926____J-J
P;tt Un Trac 155 1997__J-J
Poto Val 1st Os 1941__J-J
Say Fla & West 5s '34 A-0
Scab Air L 45 1950__A-0
Scab & Roan 53 1926__J-J
South Bound 1st 5s __A-C)
U 151 L&P 1st 4 3.5s'29 M-N
Un Ry & El 1st 43 49 M-S
Income 45 1949___J-D
Funding 5s 1930___J-D
Cony notes 5s 1914_ J-J
Va Mid 3d ser Os '16__M-S
4th ser 3-4-54 1921.11-S
Va5th series Si 1928__M-S
(State) 3s new '32_J-J
Fund debt 2-3s 1991 J-J
West N 0 con 6s 1.914_J-J
Wil & Weld Os 1935_ _J-.J
Ask
Bid
9412 9511
100 ____
104___
10714 i0714
9412 95
6312 90
9234 9314
101
105
105
110 lied;
10538 1001$
48 50
84 85
10412
1.18 99
9712 9784
98
7714 7784
98
9314
91 -6134
9978
103
107 107
100
104
109
_
idi
idS
108
93 _ _
8434 13478
6214
87
100 ioi
_
_
86 87
8612 87
10112,103
109
THE CHRONICLE
352
[VOL.
Xnuestment and it. ail:ram:1 Intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every SfEA.V1 railroad from which regular weekly or monthly returns
can be obta'ned. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
p -at..ment to show the fiscal year totals of those roads whose fival year does not begin wit4 July, but covers some other
erild. The returns of the electric railways are brought together separately on a subse7uent pav.
• Latest Gross Earnings.
ROADS.
Week or
Jonth.
Current
Year.
Previous
Year.
July Ito Latest Date.
Current
Year.
Previous
Year
Latest Gross Earnings.
ROADS.
Week or
Month.
Current !Previous
Year.
Year.
July 1.0 Latest Dale.
Curren;
Year.
Previou.:
Year.
)4
$
EilaN 0& Tex Pace
S
$
$
$
3
e
N 0 & Nor Bast_ December
316.063 387200 1,918,809 1,896,043 NY N 11 & Hartf__ December 5,581,601 5,418,045 35,880,176 32,963,001
Ala & Vicksburg_ December
873.354 NY Ont & West_
967,566
173,881 153,.776
November
715,145 601,772 4,341,120 4.086,912
Vicks Shrev &Pac December
160,857 144,717
889,483
761.751 N Y Seeq & West__ December
322,890 334,788 1.859.811 2,002,949
Ann Arbor
38403 1,304,8166 1,315,111 Norfolk eouthere__ 3d wk Jan
3d wk Jan
37,471
1,932,018 1,746,580
57,202.
Atch Topeka & 8 Fe December 10420242 9,108,975 61,228,359 54,930,784 Norfolk & Western.. November 3,550,5 3 3,258,598 18,572,426 16,728,327
Atlanta -Birm & At: November 294.272 17.014 1,375.097 1.379,098 Northern Pacific___ December , .3,7 6 5,253,317 39,721,737 34,479,770
Atlantic Coast Line. November 3,071,228 2,8 7,644 13,466,077 12,553,231 Pacific Ccast Co__ _November
710,202 574,864 3,664.433 3,487,819
67.841
761,131
818,718 Penneylvanla RR__ Deceinber 14993 391 13746 379 92,577,482 82,161,731
170,227
Chariest & W Car November
06,260
534,995
Louisv Hen& St I. November
Bait Ches & At!.. December
849,930
10125
16,543
189,834
108,290
16,875
Baltimore & Ohio_ December 8,30 ,Q97 7,188,254 52,449,338 46,922,384
278,602 241,265 1,757,056 1,500.047
Cumberland Vail December
43.0
807,657
B & 0 Ch Ter RR November
703,698
'December
Leng Island
160,854
793,221 737,548 6,268,589 5,834,356
246052
Maryl'd Del & Va December
angor & Aroostook December
1,590.751 1,669,486
269,101
8,361
9,000
92,035
85,256
,
N 17 Phila & Norf December
essem & Lake Erie December
448 03i 425403 5,030,864 4,826,382
.261.980 1,870,045 1,728,009
irm ngham south_ November
67,856
103:917
Northern Central December 1,130,280 1,024,812 6,834.114 0,538,16
478,592
345,405
20,275,600
Phil Bait & Wash December 1,664,945 1,58 .121 10.777,415 9,794,0 6
Roston & Maine
November 1,012,087 3,362,030 21,752.384
302,581 460,539 3,704,419 3,660,2 1
W Jersey & Seash December
Buff Bach & Pitts 3d wk Jan 17,1 2 183,57 6,306,017 5,480,164
,
December 5,300.813 4,256024 35.460,703 29,409,793
Buffalo & 8usei
1.041,809 1.053,127 Pehnsylvania Co
November
2 9.' 6
458.464 407,024 2,939,552 2,686,504
Grand Rap & lnd December
249.300 13,241.600 11,114,600
Canadian Northern 3d wk Jan 3 1,8
Pitts 0 C & St L. December 3,882,447 3,288,972 23,345,701 20,498,319
Canadian Pacific 3d wk Jan 2,177,000 1.503.000 79.727,913 66,933,493
Vandalia
984.540 843,960 5,929,000 5,200,331
December
Central of Georgia_ 3d wk Jan 259,860 244.400 8,064,272 7,985,173
Total Lines.._
Cent or New Jersey November 2,584,591 2,513,860 14,021,459 12,641. 95
1,920,421 1,718,773
East Pitts & E..._.. December 20628 265 19006 253 132587 913 110083 182
Cent New England_ December '03,050 292,
West Vasilq,-.. December 10753979 8,907,603 66,420,959 58,476,526
Central Vermont November
39,636 335,4
1.862,017 1,322,642
wk Jan
Pere Maraestiette es
_ t October.___ 1,1gillg
tl1
8gatO
&hi
l
)
1toinn°9..
Chic Burl & Quincy November 8,617,535 7,503,299 42,585,271 39,028,443 Reading CompanyPhila & Reading_ December 4,405,830 4,050,368 26,405,411 23,282,687
Chic Great West.. 3d wk Jan 290.308 225.259 8.057.681 7,388,627
Coal & Iron Co December „ „ 23,096,306 17,830,396
,
3,987,2573,665,442
Chic Ind & Louisv_ 3d wk Jan 112.617
Total both cos
December 8,543.982 7.710,589 49,501,717 41,113,083
Chic Milw & St P November 6,724,271 5,402,186 32642,792 28045,976
• Chic MU & Pug A November 1,946,021 1,406,043 9,546,072 7,053,162 Rice Fred & Potom December
250.924 210.213 1,350,573 1,169;402
October _ 142,183
376,618
99,496
454,268
pChic & North West December 7.194.247 6,332,200 45,664,315 40,807,233 1110 Grande Junc
2131,661
Chic St Paul M&O December 1,443,232 1.312.574 9,275,102 8,133,657 Rio Grande South_ 3d wk Jan
9,624
375,660
11,286
1$0,219 188,9'6
Chicago T H & 8 E_ November
796,338 Rock Island Lines.... November 6,333,893 5,630,280 32,107,304 28,083,169
844.685
860,399 71,678 5,579,335 5,335,918 Rutland
In Ham & Dayton December
November
313.746 293,485 1,695.757 1.577,918
177,181 19 .625
Colorado Midland.. November
120,460 119,739
927,622 St Jos & Gr Island_ November
741,066 .729,103
901,776
Colorado & South ad wk Jan 283,461 26 ,357 8,835.407 8,510,355 St L Rocky Mt & P December
203.926 183,268 1,069,541
913,773
December
Cornwall
865,615
19e,e61 188,013
20.897
16,706
96.183 St L Rocky Mt & P November
121,764
10,505
Cornwall & T.eban_ November
31,947 ' ,3
138,422 St Louis & San Fran December 4,133,489 3,689,60 24,199,713 22,1 7,221
173,991
December
412,403 293.68 1,948,951 1,582,065 f Chic & East Ill December 1,358,521 , , e
Cuba Railroad
8,1 5,207
,
December 5,472,010 5,043,584 32.03:793 30,352,427
Total all lines
Delaware & Hudson November 1.928.507 1.789.45 10,313,773 9.380,288
claw Lack & West December
er 3.438.977 3.021.92 21.216.299 19.174,16 St Louis Southwest_ 3d wk Jan 274,000 214,000 7,793 338 6,940,748
Oen & Rio Grande 3d wk Jan 411.100 38_1.000 14,6 4.007 13,643.6` 1 San Pad LA & St L November
893,139 708,652 4,291,530
8
3,63 ,076
Western Pacific December
485.000 404.155 3,3 5,375 2,934,1 2 Seaboard Air Line 3d wk Jan 486,388 416,036 12,98e,333 12,383,511
580,218 Southern Pacific Co December 12151501 11293477 75,648,104 69,069,360
r3,898
93,152
Denver N W & Pac November
89,533
778,877 Southern Railway..., 3d wk Jan 1,282,126 1,035,910 38,871,239 35,474,676
66,580
Detroit Tol & front November
155.043 153,380
86,984
05,120
Mobile& Ohio.. 3d wk Jan 232,100 207,175 6,744,152 0,424,940
17,007
19,378
etroit & Mackinac 3d, wk Jan
ul & Iron Range November
Oin N 0& Tex P- 3d wk Jan 191.606 169,569 5,702,399 5,327,479
372.064 378,884 4.422,038 4.330.966
Ala Great South.. ld wk Jan
45,001 1,906,308 1.816,628
85,828
75.174 2,875,470 2,636.597
92,397
ul Sou Shore & Atl 3d wk Jan
Georgia Sou & Fla 3d wk Jan
44.540 1.410,839 1,370,781
47,421
elgin Joliet & East_ November 1,137,645 839,749 5,535.866 4,131,692
776.951 068.112 4,220,916 8.585.225 8pok Port & Seattle November
451,400 430,538 2,362,703 2,212,756
1 Paso & So West_ December
1,511
2,447
61,222
73,975
ber 4.951,8'41 4,525,963 32,745,969 30.019,593 Tenn Ala & Georgia 3d wk Jan
Erie
713,381
146,793 125,171
2,339
675,204
2,420
airchild & N E.. _ Dpeecceemm
12,841 Tennessee Central_ November
14,351
367,992 294,493 1.476.687 1.221,294 Texas & Paoiric_ _ 3 wk Jan 313177 322,168 10,719,297 10,144,435
lorida East Cost_ November
7,105
7, 33
44,251
42,197
onda Johns & Glov November
425,693 Tidewater & West.. November
441.811
72.705
• 73.693
24,275
734,546
20, 19
e77,496 307,853 1,550,61 1.16,122 Toledo Peer & West d wk Jan
726,454
eorgia Railroad December
78,391 2,374,794 2,267,910
97,053
rand Trunk syst_ 3d wk Jan ; ;4,424 760,875 31,330,65 28.1 2,496 Toledo St L & West 3d wk Jan
Grand Trk West_ 1st wk Jan 128,096 10,095 3.874.56 3,5 9,778 l'Inion Pacific Syst_ December 7,843,148 7,175.161 51,580,209 17,044,545
890,636
137,276 136,495
865,260
Del Or H & Milw 1st wk Jan
44.400
8.299 1,372,574 1,268,725 Virginia & 8o West_ December
December
466,196 371.781 2,677,106 2,356,409
36,338
Canada Atlantic_ 1st wk Jan
2,348 1,302,151 1.127,463 Virginian
December 2,684,502 2,420,263 16,891.833 15,282,521
Great North System December 6,338.662 4,964.306 43.900,925 36,618,076 AN Wealth
$21,935 Western Maryland_ November
640,128 570,629 3,197.468 3,095,308
840,562
ulf & Ship Island_ November
171.40. 1754149
606,081 538,2133 4,361,730 3,996,774
ocking Valley
November
888.796 664,775 3.576.870 3,338,485 Wheel & Lake Erie_ December
34,395
27,836
190,398
161,321
Illinois Central
December 5.700.980 5.019,23 33.413,641 30,493,338 Wrightsv & Tonnille December
7.019,845 6.167,895 Yazoo & Miss Vail_ December 1,146,456 1,076,365 5,6!.:L366 5,266,017
Internet & Grt Nor 3d wk Jan 184.000 180.
03,247 100,664 4.760,573 4,666,193
LInteroceantc Mex_ 3d wk Jan
70,405 267,632 1,466,721 1,480,035
November
Current
Prev.ous
Kanawha & Mich
Various Fiscal Years.
916.967 787,722 5,510.720 4,821.271
Period.
Year.
Year.
Kansas City South_ December
December 3.461,354 3,116,124 22,542,679 19,829,997
'eehigh Valley
238,833
44,109
59.107
305,011
:AxIngton & East November
$
$
664,230 Delaware & Hudson
135,027 134,248
664.760
Jan 1 to Nov 30 20,422,783 19,604,296
ouLsiana & Arkan_ November
3,224 NY Central & Hudson River_e_ Jan 1 to Dec 31 109900015 103954862
loulsv & Nashville 3d wk Jan 1,187.24. 1,014,950 33,282,519
S
Ehro
7.857
iree&
84,8'74
&\M
10 71
13,55
ves
ich
teirgea_nnSouth Jan 1 to Dec 31 54,283,616 48,360,997
ec
Ifaeon & Birneham December
Lake
Jan 1 to Dec 31 5,839,630 5,420,821
5.6
8439.490 790,143 6,913,817 31,10.604
December
Maine Central
235,283 • Chicago Indiana & Southern_ Jan 1 to Dec 31 4,235,814 3,822,611
264.051
35
aryland & Penna.. December
38.645
Jan 1 to Dec 31 32,911,753 30,164,490
Michigan Central
x Mexican Railway_ 2d wk Jan 171,000 172,700 4,557,700 4.375.800
Jan 1 to Dec 31 32.714,238 30,41,915
Cleve Cin Chic & St Louis
410.50 I
475,958
3d wk Jan
13,744
16,551
Mineral Range
Jan 1 to Dec 31 3,429,867 3,21 ,284
rile & Eastern
Minn & St Louls_l 3d wk Jan 213,888 126.624 5,708,986 4,463,175
Jan 1 to Dec 31 1,418,645 1,24 ,676
Cincinnati Northern
Iowa Central__
Jan 1 to Dec 31 18,162,118 15,308,560
ittsburgh & Lake Erie
Minn St P & 8 8 M_ November 2,186,505 1,836,431 9,848,602 7,812,916 1
New York Chicago & St Louis Jan 1 to Dec 31 12,226,237 11,258,007
949,091 775,142 4,640,350 4,089,755
Chicago Division November
Jan 1 to Dec 31 5,363,018 4,938,646
Toledo & Ohio Central
379,181
83.187
70,495
421,283
Mississippi Central.. November
Jan 1 to Dec 31 280484956 258127870
Total all lines
4 Mo Kan & Texas.. 3d wk Jan 573,557 437,151 18,943,354 16,970,541 I
Jan 1 to Dec 31 174607598 157487412
;Missouri Pacific_ 3d wk Jan 1,112,000 886,000 35,786,929 31,036,966 Pennsylvania Railroad
273,545
302,506
31
Kashv Chatt & St f., November 1,131,0e0 1,041,475 5,522,901 5,123.915 j Baltimore Chesap & Atlantic_ Jan 1 to Dec
Jan 1 to Dec 31 3,291,30 2,891,331
Cumberland Valley
i
Nat Rye of Mex _1 3d wk Jan 1,010.573 1,276,725 35,45617 35,958,102
Long Island
Jan 1 to Dec 31 11,186,656 10,517,751
4,718
3,553
200,673
evada-Cal-Oregon 3d wk Jan
254,9 5
141,525
134,232
131,203 137,018
Maryland Delaw & Virginia.... Jan 1 to Dec 31
708,183
0 Great Northern November
693,8 3
NY Philadelphia & Norfolk Jan 1 to Dec 31 3,566,191 3,326,455
241,300 173,571 1.280,776
962,426
0 Mobile & Chic_ December
Northern Central
Jan 1 to Dec 31 12,844,716 12,745,867
Y0 & Bud Riv_ December 9,584,102 8,645,587 59,337.619 55146,200
31 20,280,042 18,914,244
Philadelph Bait & Wash_ _Decia Jan 1 to D
December 5.019,375 4.165,654 2 .237,096 25, 15,953
'Lake Shore & NI S Decemb
West Jersey & Seashore
Jan 1 to Dec 31 6,395,256 6,247,667
530,439 407,163 ,180,068 2, 96,662
i ri Lake Erie & W_ December
Jan 1 to Dec 31 62,950,425 53,673,302
, Chic Ind & South December
394,958 379,345 ,210,027 1,949,765 Pennsylvania Company
Jan 1 to Doc 31 5,435,270 5,231,661
Grand Rapids & Indiana
, Michigan Central December 3,080,834 2,695,982 17.674,360 16,105,076
Pitts Cincin Chic & St Louis_ Jan 1 to Dec 31 43,804,082 38.540.933
, Cleve 0 0 & St L December 3,038,365 2,622,721 18,019,422 16,006.029
Vandalia
Jan 1 to Dec 31 10,748,709 ,97032
345,622 294,352 1,923.418 1,654,007
, Peoria & Eastern December
Total lines-East Pitts & Erie Jan 1 to Dec 31 247253811 225999486
707,993
801,890
Cincinnati North December
139,080 117,569
-West Pitts& Erie Jan 1 to Dec 31 124186309 108543723
tts & Lake Erie December 1.570.936 1,208,360 10,091,682 3.871,204
-All lines E & W...1an 1 to Dec 31 3714401213 334543208
Y Chic & St L.. December 1,085,032 1,024.311 6,498.964 5.866,202
883,182
960,299
Dec 1 to Oct1
ol & Ohio Cent.. December
441,663 406,050 2.943,963 2,830,374 Rio Granie Junction
Jan 1 to Nov 30 3,313,043 3,151,747
Tot all lines above December 25206466 22017094 161925112 137149513 Rutland
E
33
nu gg9 221.1f1.E3,1767./12,71073
'MN Mti 1 18:11M 11:7528:75578
0.
F
AGGREGATE 3 OF GROSS EARNINGS-Weekly and Monthly.
1--.•••
Weekly Summaries.
Current
Year,
Previous
Year.
Increase or
Decrease.
tdonthly Summarie..
Current
Year.
Previous
Year.
_Increase or
Decrease.
%
$
'
- `71:21g:1757 .."170
s
?neap. Cur. Yr. Prey. Yr.
5
$
March
d week Nov (37 real__
14.075,01 +1,546,397 10.98
238,218 3 .692 237,51,332 224,088,654
+1,787,379 13.26
April
U week Nov (35 roads __
236,722 3 ,007 220,67 ,465 216,140,214
13,482.11
+2,105,090 11.36
May
th week Nov (39 roads ___
2' 5,410 231197 232,22 .3r 226.184,666 +6,044,693 2.67
18,527,24
June
+790,856 5.52
2 5,380 239. 94 243,226,4 8 228,647,383 +14,579,115 6.38
let week Dec 139 roads).14,334.170
July
14,197,936
2 0,712 227, 94 245,895,5 2 222,587,67? +23,007,660 10.34
241 week Dec 37 roads),.__..
+871,048 6.13
August
d week Dec 39 roadsl____
14,175,52
2 9,230 21404 276, 27.416 251,087,033 +25,860,384 10.30
+1.410.3 0 9.99
+3
19
1:8J1:0
13
72
1 13
7..8
07
8
4th week Dec 39 roadsj..___
18,309,556 +2,550,34 13.93
September_237,591 23 .140 272,21029 252.318,597 +
it week Jan (39 roads)____
October _437,217 23' ,645 293,73 ,091 253,473,408 +35,2 it,683 13.64
11.142,109 +1,328.069 11.92
244,401,845
4 week Jan (40 roads)____
,016
10,981,1 5 +1.650,648 15.03
Noveraber-237,376 233,305 270,43
3e1 week Jan (40 roads)____ 1:1_572.942 11.616.381 +1.956.591 16,84
December
87,174
84.846 76.694.747 0,003,277 +7,691,470
_ .15
a Mexican currency. b Does not Include earnings of Colorado Springst Cripple Creek District Railway from Nov. 1 1911. e Includes the Boston & Albany, the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa &New York Railway, the latter of which, being a Canadian
road,eoes not make returns to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and levaneville & IndianaRR.p En..
I
8
15,621,495
15,269,400
20.632,339
15,124,726
16,068,984
15,592,404
20,860,397
12,470,178
12,631,763
itlailleli ctlitind
ati3t\T
atoiretgetn&ONIouelltniLt11
sgtiaLd rIllancific7h
t
egntg grglea
:
elitiguig.Louisville
i
li
.3 Itnegt:31:saftileag
el oietInaslunteligtnit,. 1?4°ICIngcluadnel
n i tiers
0 Texas Central in both years and the Wichita Fella Lines in 1912. Ppginaing Nov. 1. o Includes 1101 only operating revenue, but also all Oahe
.
_ _
• •
.„ e
•
•
feelpts. z Includes St. L01.11$ ir9u Notgitatp, & Seutherh.
- •• - '
FEB. 11913.]
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of January. The table covers 40 roads and shows 16.84%
increase in the aggregate over the same week last year.
Roads.
353
----Gross Earnings---Net EarningsPrevious
Current
Previous
Current
Year.
Year.
Year.
Year.
N Y Cent & Hud Riv (Con.)Tol & Ohio Central_b_Dec 441,663
406,050
105,777
85,185
Jan 1 to Dec 31
5,363,018 4,938,646 1,476,433 1,291.724
Total all lines_b
I 1913.
Third Week of January.
Dec25,206,466 22.017.094 7,504,327 6,436,349
1912.
Increase. Decrease.
Jan 1 to Dec 31
280,484,956258,127.870 83,032,892 75.187,210
Alabama Great Southern
92,397
75,174
17,223
NY N H & Hartford_b_Dec 5,581,601 5,418,045 1,428,534 1,962.823
Ann Arbor
37,471
38,203
732
July 1 to Dec 31
35,880,176 32.963,001 13,239,709 12,219,680
Buffalo Rochester & Pittsburgh
207,112
183,576
23,536
N Y Susq & Western_a_Dec 322,890
112,769
95,888
339,788
Canadian Northern
301,500
249,300
52,200
July 1 to Dec 31
1,859,841 2,002,949
438,344
665,327
Canadian Pacific
2,177,000 1,503,000 674,000
Northern
Central of Georgia
Pacific_b
Dec 6,355,776 5,253,317 2,862,599 2,250,304
259,800
244,400
15.400
Chesapeake & Ohio
July 1 to Dec 31
684,874
556,227 128,647
39,721,737 34.479.770 17,261,724 15,107,886
Chicago & Alton
268,108
244,121
23,987
Pennsylvania RR _a_ __ _Dec 14.993,391 13,746,379 2,551,253 2,914,784
Chicago Great Western
290,668
225,259
65,409
to Dec 31
Jan
1
174,607,598157,487,412
40,807,773 37,432,950
Chicago Ind & Louisville
112,617
13,041
Bait Ches & Atl_a___Dec
16,543
Cinc New On & Texas Pacific_ _
def5,606
16,875
10,100
19 .606
22,037
169,569
to
Dec
31
1
Jan
Colorado & Southern
302,506
273,545 . 46,626
64,329
283,461
14,104
269,357
Denver & Rio Grande
Cumberland Valley a Dec 278,602
411,100
30,100
381,000
60,073
241,265
53.235
Detroit & Mackinac
Jan 1 to Dec 31
19,378
1,771
17,607
3,291,360 2,891,331
994,946
821,876
Duluth South Shore & Atl
55,828
10,227
45,601
Long Island_a
Dec 793,221
46,499
737,548
76,469
Georgia Southern & Florida___
2,881
44,540
47,421
Jan 1 to Dec 31
11,186,656 10,517,751 2,369,537 2,006,855
Grand Trunk of Canada
Maryland Del & Va a Dec
Grand Trunk Western
8,361
9,000
def4,917
25
760,575 123,849
884,424
Jan 1 to Dec 31
Detroit Or Haven & Milw__
141,525
134,232 def17,355
def5,031
Canada Atlantic
N Y Phila & Norf a__Dec 288.236
261,980
51,747
61,588
International & Great Northern
180,000
184,000
Jan 1 to Dec 31
4,000
3,566,191 3,326,455
732,881
866,867
Interoceanic of Mexico
160,664
163,247
2,583
Northern Central aDec 1,139,280 1,024.812
116,847
254,909
Louisville& Nashville
1,187,245 1,014,950 172,295
Jan
1 to Dec 31
12,844,716 12,745,867 1,436,061 1,600,959
Mineral Range
13,744
2,807
16,551
Phila Balto & Wash a Dec 1,664,945 1,581,121
Minneapolis & St Louis
126,624
194,254
236,944
' 213,888
87,264
Jan 1 to Dec 31
Iowa Central
20,280,042 18,914.244 3.564.345 3,915,832
Missouri Kansas & Texas
487,151
573,557
86,406
W Jersey & Seash_a__Dec 362,581
460,539
22.625
4,163
1,112,000
Missouri Pacific
886,000 226,000
Jan 1 to Dec 31
6,395,256 6,247,667 1,234,118 1,100,440
Mobile & Ohio
,
• 24,925
.
Company_
Pennsylv
a___Dec
5,300,813
4,255,024
783,894
896,821
1,010,573
266,152
1,276,725
National Railways of Mexico__
Jan 1 to Dec 31
62,950,425 53,673,302 15,568,993 14,285,009
4,718
Nevada-California-Oregon
3,553
1,165
Grand Rapids & Ind.a.Dec 458.464
57,202
Norfolk Southern
40 ,
50,766
6.436
90,031
73,691
11,286
Jan 1 to Dec 31
9,624
5,435,270 5,031.661
Rio Grande Southern
1,662
919,360
900,165
274,000
214,000
St Louis Southwestern
60,000
Pitts Cin Ch & St L.a.Dec 3,882,447 3,288,972
768,744
725,283
486,388
Seaboard Air Line
416,035
70,353
Jan 1 to Dec 31
43,604,082 38,549,933 10,316,898 9,478,647
1,282,126 1,035,910 246,216
Southern Railway
Vandalia_a
Dec 984,540
843,966
267,914
2,447
172,251
Tennessee Alabama & Georgia_
1,511
936
Jan 1 to Dec 31
10,748.709 9,970,327 2,274,200 1,838,364
313,577
Texas & Pacific
8,591
322,168
26,219
Toledo Peoria & Western
24,275
1,944
Tot lines E of P &E_a_Dec20,628,265 19,005,253 3,277.705 3,460,964
Toledo St Louis & Western
97,053
78,391
18,662
Jan 1 to Dec 31
247,253,811 225999,486 52,851,477 48,769,401
Tot lines W of P&E_a_Dec10.753,979 8,907,603 2,051,958 1,769,271
Total (40 roads)
13,572,94211,616,351 2,232,066 275,475
Jan 1 to Dec 31
124,186,309 108543,723 29,416,949 26,808,118
Net increase (16.84%)
1,956,591
Total all lines_ a
Dec31,382.244 27,912,855 5,329,663 5,230,235
Jan 1 to Dec 31
371,440,120 334543,208 82,268.426 75,577,519
Net Earnings Monthly to Latest Dates.-The table Reading CompanyPhila & Reading_b___Dec 4,405,830 4,050,368 1,830,848 1,612,526
following shows the gross and net earnings of STEAM railJuly 1 to Dec 31
26,405,411 23,282,687 10,810,738 8,377,037
roads and industrial companies reported this week:
Coal & Iron Cob._ Dec 4,138,152 3,660,219
676,918
251,808
--Gross Earnings- -NetEarnings-July 1 to Dec 31
23,096,306
17,830,396 2,921,139
318,334
Current
Previous
Current
Previous
Total
both
cos_
b
Dec
8,543,982
7,710,589
2.507,767
1,864,336
Year.
Roads.
Year.
Year.
Year.
July 1 to Dec 31
49.501,717 41,113,083 13,731,878 8.695,372
S
$
$t
$
Reading Company___Dec
Atch Top & Santa Fe_b_Dec10,420,242 9,198,975 /3,443,220 32,995,969
171,347
167,326
July 1 to Dec 31
July 1 to Dec 31
61,228,359 54,936,784 n1,347,683318,574,607
1,003,428
994,816
companies_
Total
all
_
_Dec
739,148
233,027
Buffalo Roch & Pitts_b_Dec 816,563
12,679.114 2,031.662
248,333
July 1 to Dec 31
July 1 to Dec 31
4.735,306 9.690,188
5,655,598 4,861,085 1,737,034 1,595,658
210,213
107,016
Canadian Pacifica
Dec12,219,279 10,654,871 4,395,720 4,105,730 Richmond Fred & Pot__Dec 250,924
83,824
• July 1 to Dec 31
1.350,573 1,169,402
July 1 to Dec 31
484.013
73,526,191 62,566,364 27,131,152 24,470,247
410,674
203,926
183,268
54,556
Central of Georgia_ ly_ _ _Dec 1,246,296 1,275,863 .c391,138 c417,925 St L Rocky Mt& Pac_a Dec
58,803
July 1 to Dec 31
1,069,541
913,773
282,698
July 1 to Dec 31
7,325,372 7,278,473 c2,188,532 c2,347,588
294,161
Chicago & Alton_a
Dec 1,261,566 1,175,881
330.131 s201,909 St Louis & San Fran_b__Dec 4,113,489 3,689,504 1,517,816 1,229,200
1
to
July
Dec 31
24,199,713 22,197,221 8,398.025 7,577,921
July 1 to Dec 31
8,204,885 7,875,734 31,704,224 31,902,206
Chic & East Illinbis_b_Dec 1,358,521 1,354,080
Chicago Great West_b_ _Dec 1.192,315 1,086,533
304,274
373.406
346,633
283,054
July 1 to Dec 31
8,404,080 8,155,207 2,177,083 2,499,22
July 1 to Dec 31
7,280,789 6,779,651 2,175,915 1,916,637
Total all lines_b
Chic Ind & Louisv_a___Dec 592,912
Dec 5,472,010 5,043,584 1,822,091 1,602,606
174,201
488,955
103,995
July 1 to Dec 31
July 1 to Dec 31
32,603,793 30,352,427 10,575,108 10,077,142
3,666,189 3,374,759 1.170,782 1,093,706
Chic & North West_a_ __Decf7,194,247 16,332,290 2,244,060 1,696,976 Southern Pacifica
Dec12,151,501 11,296,477 3.451,222 3,006,716
July 1 to Dec 31
July
1
to
Dec
75,648,104
31
69,069,365 26,689,664 23,234,816
145,664.315140,807,233 14,592,190 12,252,357
Chic St P Minn & Om_ a_ Decf1,443,232 11,312,574
__Dec 6,223,385 5,607,472 2,110,643 2,007,024
416,969
405,726 Southern
July 1 to Dec 31
July
Railway_b_1
to Dec 31
35,250,019 32.347.237 11,515,115 10,967,280
19,275,102 18,133,657 2,679,233 2,349,350
Cin Ham & Dayton_ b_ _Dec 860,399
Mobile & Ohio_b
Dec 1.031,046
979,226
280,410
780,678
289,394
178,190
190,245
July 1 to Dec 31
July 1 to Dec 31
6,136,091 4,864,095 1,699,924 1,700,955
5,579,335 5,335,918 1,601,937 1,568,266
Colorado & Southern_b_Dec 1,412,901 1,271,572
Cin N 0 & Tex Pa,c_b_Dec 956,181
808.996
344.840
264,113
498,643
450,365
July 1 to Dec 31
July 1 to Dec 31
5,179,959 4,838.756 1,796.807 1,773,224
8,023,968 7,734,661 2,811,384 2,843,190
Cornwall- b
Dec
Ala Great Southern_ b_Dec 470,792
443.532
20,897
16,706
144,442
12,375
147,690
7,968
July 1 to Dec 31
Dec
July
2,621,388 2,411,399
31
1
to
121,764
96,183
814.370
71,594
772,319
50,020
Cuba Railroad_,
Dec 412,408
336.757 p142,685
293,685
212,018
p85,980
137,953 Toledo St L & Western_Dec 378,697
July 1 to Dec 31
2,112,696 2,061,080 p591,911 p502,164
1,948,951 1,582,665
July 1 to Dec 31
823,103
684,312
Del Lack & Western_b_Dec 3,438,977 3,027,925 1,383,342 1,256,848 Union Pacifica
Dec 7,843,148 7,175,161 2,632.156 2,205,225
July 1 to Dec 31
July 1 to Dec 31
21,246,299 19,174,316 8,510,224 7,590.602
51,580,269 47,044,545 21,86,1,572 19,362.418
Detroit & Mackinac_a_Dec
96,726
96,007
136,495
19,755
36,162
30,818
13,607 Virginia & Southwest_b_Dec 137.276
July 1 to Dec 31
July 1 to Dec 31
634,086
618,023
147,211
890,536
865,260
268.527
134,941
305,978
668,112
345,542
El Paso Southwestern b Dec 776,951
27,836
9,582
34,395
282,232 Wrightsv & Tennille_b__Dec
14,675
July 1 to Dec 31
4,220.916 3,585,225 1,920,520 1,412,208
July 1 to Dec 31
161.324
190,398
38,629
66,093
Dec 4,951,821 4,525,963 1,062,240 1,083,622 Yazoo & MISS Valley_a_Dec 1.146.456 1,076,365
Erie_a
340.818
313,749
July 1 to Dec 31
July 1 to Dec 31
32,745,969 30,019,593 8,038,551 8,523.895
5,692,366 5,266,017 1,208.080 1,122,154
Fairchild & Nor East_b_Dec
2,339
2,420
923
614
INDUSTRIAL COMPANIES.
July 1 to Dec 31
12,841 def.7,953
1,826 American Public Utilities14,351
Georgia b
Dec 277,495
307,853
104,199
57,297
Oct 1 to Dec 31
640,840
668,496
328,352
301,22
July 1 to Dec 31
1,555,686 1,776,122
549,361
167,346
July 1 to Dec 31
1,059.082
936,127
508,541
454,53
Illinois Central_a
Dec 5,700,980 5,019,239 1,325,727
617,503 Atlantic City Elect
Dec
38,121
32,473
19,819
19,263
July 1 to Dec 31
33,413,641 30,493,338 6,000,252 4,512,976
Jan 1 to Dec 31
451,634
418,796
264,044
235,253
g Interoceanic of Mexico Dec 766,760
717,036
321,508
269,790 Atlantic Gulf & W I SS LinesJuly 1 to Dec 31
4,384,441 4,187,948 1,435,549 1,402,298
Nov 1,594,461 1.351,182
(Subsidiary Cos)
266.268
182,889
Kansas City & Memphis Dec
16,512,893 15,203,777 2,278,982 2.238,389
5,685
Jan 1 to Nov 30
4,321
2,118
927
July 1 to Dec 31
37.510
27,208
17,948
7,298 Canton Electric
Dec
35,070
31,938
18,172
14.905
Maine Central_b
Dec 869.499
Jan 1 to Dec 31
347,249
305,716
790.543
175,201
245,417
156.158
198,602
July 1 to Dec 31
5,918.817 5,600,604 1,806,458 1,690,878 Muncie Elect Light
Dec
41,209
33,968
17,430
16,385
Minneap & St Louisa Dec 840,281
Jan 1 to Dec 31
686,043 5219,942 5121,199
389,170
312,427
166,080
130,646
July 1 to Dec 31
5,151,027 4,213,934 51,489,728 5925,579 Rockford Electric
Dec 43,1914
24,074
40,389
21,153
g NationalRys of Mex__Dec 5,737,194 5,384,568 2,750,952 2,492,366
Jan 1 to Dec 31
417,319
386,053
202,827
175.506
July 1 to Dec 31
32.616.734 32.251,878 13,447,587 14.797,311 Scranton Electric
74,994
Dec
79,892
50,998
46,089
N Y Cent & Hud Riv b_Dec 9,584,162 8,645,587 2,548,861 2,179,033
729,453
Jan 1 to Dec 31
802,192
448,911
417,044
109,900,015 103,954,862 28,688,862 28,254,660
Jan 1 to Dec 31
46,716
54,705
Sierra Pacific Elect_ b_ _ _ Dec
34,916
25,514
Lake Sh & M Sou_b__Dec 5,019,375 4,165,654 1,737,311 1,595,787
634,897
571,526
Jan 1 to Dec 31
398,294
344,722
54,283,616 48,360,997 18,748,972 15,917,122
Jan 1 to Dec 31
a Net earnings here given are after deducting taxes.
457,163
Lake Erie & West_b__Dec 530,439
112,212
108,033
b Net earnings here given are before deducting taxes.
5,839,630 5,420,821 1,380,264 1,125,201
Jan 1 to Dec 31
After allowing for outside operations and taxes, operating income for
c
379,345
Chicago Ind & Sob._Dec 394.958
109,634
81,158 Dec. 1912 was $350,115. against $359,686; from July 1 to Dec. 31 was
4,235,819 3,822,611
Jan 1 to Dec 31
886,505
545,282 $1,926,850 in 1912, against $2,087,437 last year.
Michigan Central_b__Dec 3,050,834 2,695,982
f Includes not only operating revenue, but also all other receipts.
880,807
702,354
Jan 1 to Dec 31
32,911,753 30,164,490 9,902,997 8,818,735
g These results are in Mexican currency.
S After allowing for miscellaneous charges and credits to income for the
Cle Cin Chic & St L b_Dec 3,038,365 2.622,721
657,074
696,107 month of December 1912. total net earnings were
$209,644, against $115,Jan 1 to Dec 31
32,714,238 30,431,915 8,354,494 7,746,208
469 last year, and for period from July 1 to Dec. 31 were $1.471,125 this
Peoria & Eastern_b__Dec 345,622
295,352
112,695
against $933,700.
year,
115,091
Jan 1 to Dec 31
3,429,867 3,218,284
935,344
716,868
The company now includes the earnings of the Atch. Topeka & Santa Fe
& Santa Fe Ry., Pecos & Northern Texas Ry., Pecos
Cin Northern_b
117,569
Dec 139,080
42,922
20.132 Ry., Gulf Colorado
Jan 1 to Dec 31
RR.,Southern Kansas Ry. of Texas, Texas & Gulf Ry.. G.& I. Ry.
River
1,418,645 1,248,676
225,733
181,874
of Texas, C. S. S. & L. V. RR. and It. G. & E. P. RR. in both years.
Pitts & Lake Erie_b_ _Dec 1,576,936 1,208,360
819,078
488,767
For Dec. taxes amounted to $409,095, against $313,369 in 1911; after deJan 1 to Dec 31
18,162,118 15,308,560 9.006,159 7,351,726 ducting
which, net for Dec. 1912 was $3,034,125, against $2,682,600 last
N Y Chic & St L_b__Dec 1,085,032 1,024,311
377,956
364,702 Year. From July 1 to Dec. 31 taxes were $2,336,139 in 1912, against
Jan 1 to Dec 31
12,226,237 11,258,007 3,527,129 3,237,810 -$2,103,823 last year.
[VOL. xcw.
THE CHRONICLE
354
- p After allowing for miscellaneous charges to income for the month of
Dec. 1912, total net earnings were $142.865, against $80,601 last year, and
for period from July 1 to Dec. 31 were $538,192 this year, against $412,814
s
last
year. allowing for miscellaneous charges to income for the month of
After
Dec. 1912, total net earnings were, deficit $27,345, against $147.035 last
year, and for period from July 1 to Dec. 31 were $1,355,637 this year,
against $1,501,076 last year.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
14,952 10,721
125,241
Southern Boulevard_ October __
105,833
20,176 17,775
198,669
226,493
Sou Wisconsin Ry Co December
243,232
251,658
Staten IsI'd Midland.. October __ 21,675 19,746
66,797 66,390
691,323
753,835
Tampa Electric Co__ December
Interest Charges and Surplus.
October _- 332,420 314,813 3,190,817 3,058,898
Third. Avenue
-Bat. of Net Earns.- Tr -City By & Lt Co.. October __ 283,102 250,610 2,573,174 2,342,038
-Int., Rentals,
424,854
461,612
Twin City Rap Tran_ 3d wk Jan 157,181 145,853
Previous
Current
Previous
Current
Underground Elec By
Year.
Year.
Year.
Roads.
Year.
of London$
$
£60,190
160,700
Three tube lines Wk Jan 25 £14,775 £15,115
Buffalo Roch & Pitts_ __Dec 180,557
171,128 x147,084 z145,557
£53,506
£50,764
Metropolitan Dist_ Wk Jan 25 E13,331 £12,661
July 1 to Dec 31
1,074,588 1,033,339 x1,102,334 x903,723
£21,980
£21,679
United Tramways_ Wk Jan 25 £5,222 £5,153
x64,565
228,787 x136,354
London Gen'l Bus.. Wk Jan 25 /52,657 £36,366 £218,733 £151,850
Chicago Great Western_Dec 217,142
July 1 to Dec 31
1,338,353 1,358,431 x885,960 x626,043 Union Ry Co of NYC October __ 218,310 206,850 2,130,953 2,077,749
815,614 UnionRyG&ECo(I11). December 438,168 325,314 3,992,134 3,190,111
881,362 1,356,422
Chicago & Northwestern Dec 887,638
December 1049,835 1021,044 12,251,091 11,914,153
5,180,186 4,491,718 9,412,004 7,760,639 United Rys of St L October_.....
July 1 to Dec 31
756,153 700,271 6,987,233 6,511,043
United RRs of San Fr
228,145 Westchester
225,797
177,581
Chic St Paul Minn & 0_ Dec 191,172
495,551
510,367
Electric_ October __ 46,632 48,730
1,154,081 1,047,412 1,525,152 1,301,938 Yonkers Railroad
July 1 to Dec 31
565,110
613,450
October: __ 65,533 59,063
234,459
239,527
215,495 Youngst & Ohio Riv_ December
248,562
272,606
20,068 18,965
Colorado & Southern.._ _Dec 282,884
134,594
152,851
13,543 11,757
1,696,467 1,652,683 1,389,151 1,405,543 Youngstown & South November
July 1 to Dec 31
77,828
145,227
60,125
Dec
66,792
Cuba RR
323,563
422,631
These figures are for consolidated company.
360,750
400,472
July 1 to Dec 31
x51,405
z9,424
65,536
Dec
61.039
Georgia
376,525xdef148,143 x231,296
Electric Railway Net Earnings.-The following table
373,758
. July 1 to Dec 31
839,916 1,827,114 1,191,746 gives the returns of ELECTRIC railway gross and net earnDec 852,000
Reading Company
5,112,000 5,039,496 9,623,306 4,650,692 ings reported this week:
July 1 to Dec 31
27,236
22,497
31,567
32,059
St L Rocky Mtn & Pac_Dec
-Gross Earnings--Net Earnings
104,198
87,773
189,963
194,925
July 1 to Dec 31
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
INDUSTRIAL COMPANIES.
$
American Public Utilities Co402,632
July 1 to Dec 31
8.582
8,769
Dec
Atlantic City Elect
92,776
103,960
Jan 1 to Dec 31
Atlantic Gulf & W I SS Lines126,587
Nov 131,824
(Subsidiary Cos)
1,448,112 1,409,671
Jan 1 to Nov 30
4,757
4,699
Dec
Electric
Canton
54,988
56,784
Jan 1 to Dec 31
6,142
9,245
Muncie Electric Light_ _Dec
69,013
81,325
Jan 1 to Dec 31
7,767
7,951
Dec
Rockford Electric
89,922
94,427
Jan 1 to Dec 31
12,032
13,501
Dec
Scranton Electric
136,143
150,948
Jan 1 to Dec 31
2,216
5,762
Sierra Pacific Electric_ __Dec
36,693
65,990
Jan 1 to Dec 31
x129,909
11,050
160,084
10,681
142,477
134,444
830,816
13,473
118,417
8,185
84,755
16,123
108,400
37,497
297,963
29,154
332,304
56,302
828,718
10,148
191,170
10,243
61,633
13,386
85,584
34,057
280,901
23,298
308,029
z After allowing for other income received.
EXPRESS COMPANIES.
July 1 to Oct. 31October
1911.
1912.
1911.
1912.
$
5
$
Co.$
Adams Express
Gross receipts from oper____ 3,441,156 3,066,473 12,018,797 10,997,240
1.773,184 1,553,701 6,099,594 5,567,382
Express privileges-Dr
Total operating revenues_ 1,667.971 1,512,772 5,919,202 5,429,857
Total operating expenses__ _ - 1,433,401 1,290,351 5,323,681 4,896,856
533,000
595,521
222,421
Net operating revenue_ _ _ _ 234,570
78,662
67,359
19,182
16,753
One-twelfth of annual taxes_
217,816
Operating income
203,238
528,161
454,338
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
American Rys Co..__ November 402,878 376,195
342,129
360,551
23,407 22,840
Atlantic Shore Ry___ December
cAur Elgin & Chic By December 155,453 143,178 1,913,027 1,784,162
541,731
649,695
50,234
61,681
November
Co
Bangor Ry & Elec
132,997
107,022
12,494 10,707
Baton Rouge Elec Co November
425,028
386,631
37,094 .33,785
Binghamton Railway December
Brazilian Tr,L & P__ November 1773,623
112,159
111,160
8,116
8,051
Brock & Plym St Ry_ November
Bklyn Rap Tran Syst October __ 2103,071 1944,329 20,371,208 19,441,996
306,139
325,789
34,563 30,991
Cape Breton'Elec Ry November
532,013
540,355
Cent Park N & E Riv October __ 55,604 55,591
868,433
918,931
82,004 75,890
Central Penn Trac__ December
859,645
969,220
91,293 78,711
Chattanooga Ry & Lt November
366,144
386,967
30,397 28,174
Cleve Painesv & East December
97,177 93,414 1,182,156 1,128,622
Clev Southw &Colum December
446,003
492,186
47,937 44,957
Columbus(Ga) El Co November
Commonw P,Ry & Lt December 650,441 550,521 6,389,918 5,519,640
Coney Isl'd & Bklyn_ October __ 120,053 101,406 1,368,738 1,206,144
Dallas Electric Corp_ December 174,420 152,926 1,821,562 1,632,291
332,868
410,004
Detroit United Ry__ 2d wk Jan 205,056 167,928
510,928
512,510
D DEB& Batt(Rec) October __ 52,818 54,322
980,113 1.035.254
91,687 93,217
Duluth-Superior Trac November
East St Louis & Sub. November 224.023 107,966 2,224,246 2,076,445
691,607
793,320
81,228 73,494
El Paso Electric Cos_ December
42d St M & St N Ave_ October __ 172,704 . 149,553 1,503,533 1,334,312
Galv-Hous Elec Co__ December 183,391 137,104 2,027,656 1,523,169
Grand Rapids Ry Co November 100,776 94,323 1,126,610 1,060,784
185,392
207,237
Havana Electric Ry_ Wk Jan 26 51,019 45,621
Honolulu Rapid Tran
452,147
512,387
48,420 42,420
November
& Land Co
276,148
281,084
24,110 22,001
Houghton Co Trac Co November
Hudson & Manhattan October _- 320,571 269,598 2,976,716 2,458.416
6,225.329
6,677,847
601,523
666,898
November
Traction
Illinois
Interboro Rap Tran_ December 2962,828 2845,096 32,132,692 30,331,583
516,456
513,913
17,214 45,703
Jacksonville Trac Co. November
Lake shore Elec Ry December 113,069 109,791 1,326,883 1,275,476
181,348
190,027
16,814 15,334
Long Island Electric_ October _ _
Milw El Ry & Lt Co.. November 481,094 449,687 5,050,017 4,572,145
96,397 87,200 1,139,350 1,030,872
Milw Lt, Ht & Tr Co November
742,294
847,896
71,731 67,652
MonongahelaValTrac December
248,720
376,696
N Y City Interboro October _ _ 46,098 29,697
333,023
333,523
N Y & Long Isl Trac_ October _ _ 34,131 32,516
N Y & Queens Co.._ _ October _ _ 114,430 105,370 1,122,205 1,058,247
New York Railways_ November 1154,418 1144,966 12,590,755 12,508,038
154,765
168,840
14.809 13,075
Northam Easton & W November
North Ohio Trac & Lt December 259,881 239,373 2,996,037 2,694,024
North Texas Elec Co. December 170,933 143,155 1,790,762 1,622,875
115,732
131,748
5,083
5,727
Ocean Electric (L I)_ October _ _
238,460
258,657
25,550 23,455
Paducah Trac&Lt Co November
262,409
261,591
24,560 25.602
Pensacola Electric Co November
Phila Rapid Trans Co December 2065,830 1964,271 23,282,304 22,141,338
Port(Ore)Ry,L&PCo. November 570,863 541,934 6.055.452 5,780,306
7,588,206
Puget Sd Trac, L & P November 710,308
310,846
323,623
Richmond Lt & RR_ October _ 30,406 27,499
StJoseph (Mo) Ry,Lt
997,884
Heat & Power Co.. November 100,787 94,577 1,068,965
356,916
404,227
36,937 32,512
Santiago El Lt & Tr_ December
696,668
747,058
68,447 62,079
Savannah Electric Co December
824.511 784.087
Second Avenue (Rec) October __ 86.747 83.394
Aurora Elgin & Chic_ a_ _Dec 155,453
1,050,486
July 1 to Dec 31
Bay State Street Ry2,178,723
Oct 1 to Dec 31
5,000,330
July 1 to Dec 31
97,177
Cleveland S W & Col_b_Dec
1,182,156
Jan 1 to Dec 31
Dallas Elec Corp_b____Dec 174,240
1,821,562
Jan 1 to Dec 31
81,228
El Paso Elect Corp_b___Dec
793,320
Jan 1 to Dec 31
Galveston-Houst El_bDec 183,391
Jan 1 to Dec 31
2,027,656
Kingston Consol Ry_1334,571
Oct 1 to Dec 31
83,645
July 1 to Dec 31
156,115
Jan 1 to Dec 31
Lake Shore Elect Ry_a_Dec 113,069
1,326,883
Jan 1 to Dec 31
Mass Electric Cos.,
2,178,723
Oct 1 to Dec 31
5,000,330
July 1 to Dec 31
71,731
Monongahela Val Trac b Dec
847,896
Jan 1 to Dec 31
Nor Ohio Trac & Lt_ a- _ Dec 259,881
2,996,037
Jan 1 to Dec 31
Northern Texas Elec_b_Dec 170,933
1,790,762
Jan 1 to Dec 31
68,447
Savannah Electric Co_ b_ Dec
747,058
Jan 1 to Dec 31
Dec
66,797
Tampa Electric Cob.
753,835
Jan 1 to Dec 31
Union Ry G & E (I11)_a_Dec 438,168
3,992,134
Jan 1 to Dec 31
143,178
982,945
58,105
455,840
48,037
431,014
2,093,350
544,382
620,494
4,865,641 1,912,310 1,772,121
37,613
39,606
, 93,144
487,441
488,627
1,128,622
56,878
74,866
152,926
528,842
728,768
1,632,291
35,098
40,847
73,494
284,805
363,103
691,607
51,935
75,191
137,104
562,578
844,975
1,523,169
36,271
87,737
160,700
109,791
1,275,476
18,803
48,670
46,469
49,485
572,062
19,025
48,098
46,788
48,969
692,448
544,382
620,494
2,093,350
4,865,641 1,912,310 1,772,121
42,203
67,651
46,539
477,073
516,370
742,294
106,409
109,103
239,373
2,694,024 1,293,271 1,201,498
66,727
81,174
143,155
732,882
849,073
1,622,875
15,843
19,001
62,079
185,634
196,007
696,668
31,790
32,436
66,390
359,205
313,556
691,323
206,316
325,314
141,809
3,190,111 1,790,078 1,360,459
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
-lid., Rentals, &c.- -Bat. of Net Earns.Roads.
Current
Year.
$
32,071
Aurora Elgin & Chicago_Dec
102,466
July 1 to Dec 31
Bay State St Ry455,161
Oct 1 to Dec 31
950,921
July 1 to Dec 31
32,066
Cleveland S W .g.c Col_ __Dec
373,113
Jan 1 to Dec 31
Dec
24,035
Dallas Elect Corp
290,257
Jan 1 to Dec 31
3,920
Dec
El Paso Elect Co
69,662
Jan 1 to Dec 31
33,722
_Dec
Galveston-Houston EL
405,656
Jan 1 to Dec 31
Kingston Consol Ry13,523
Oct I to Dec 31
25,274
July 1 to Dec 31
50,990
Jan 1 to Dec 31
34,873
Lake Shore Elect Ry___ _Dec
419,450
Jan 1 to Dec 31
Mass Electric Cos455,161
Oct I to Dec 31
950,923
July 1 to Dec 31
24,454
Monongahela Vail Trac_Dec
260,777
Jan 1 to Dec 31
52,331
Nor Ohio Tract & Lt_ __Dec
572,997
Jan 1 to Dec 31
24,661
Northern Texas Elect.. _ _Dec
266,073
Jan 1 to Dec 31
17,349
_Dec
Co__
Electric
Savannah
194.795
Jan 1 to Dec 31
4,792
Dec
Tampa Electric Co
53,756
Jan 1 to Dec 31
Union Ry,Gas & El(Ill) Dec 104,820
1,089,993
Jan 1 to Dec 31
Previous
Year.
$
Current
Year.
$
Previous
Year.
$
31,940
189,156
26,034
263,373
16,097
241,858
468,640
937,314
33,660
363,623
19,657
245,699
6,999
80,225
20,078
230,843
165,333
961,389
x5.641
x116,689
50,231
438,511
36,927
293,441
41,469
439,319
75,742
834,807
x6,552
x131,658
37,221
283,143
28,099
203,580
31,857
331,735
11,651
22,791
48,208
34,372
416,025
5,280
23,396
def4,521
14,618
152,612
7,374
25,307
del'1,420
14,595
176,423
468,640
937,316
17,950
199,098
43,912
531,032
20,326
250,254
15,501
184,478
4,551
59,241
63,168
744,167
165,333
961,387
22,085
255,593
56,772
720,274
56,513
583,000
1,652
1,212
27,644
305,449
101,406
700,085
75,742
834,805
24,343
277,975
62,497
670,466
46,401
482,628
252
1,166
27.239
254,315
77.641
616,292
z After allowing for other income received.
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 th9 "Chronicle" in which
it is published. The latest index will be found in the issue
of Jan. 25. The next will appear in that of Feb. 22.
THE CHRONICLE
FEB. 1 1913.
Lehigh Valley Transit Co.
(Report for Fiscal Year ending Nov. 30 1912.)
Pres. R.P.Stevens writes in substance (compare map,&c.,
on pages 7 and 8 of "Electric Railway Section"):
Results.-Gross passenger receipts increased $100,869, or 8.8%; while car
mileage increased only 3.6%. Operating expenses were 52% of gross
receipts, the same as in 1911. Net operating earnings increased $43,248,
or 8%. The surplus revenue from all sources before discount, dividend or
depreciation deductions was $374,422, or an increase of 27%. From this
revenue surplus, bond discount of $12,678, a depreciation reserve of $117,360,a 2% dividend of $99,566 on the pref.stock and improvement charges
of $6,587 were deducted, leaving a final surplus of $138,251 for the year.
Property.-Owns or controls 158 miles of railway, Allentown to Philadelphia (Chestnut Hill), Norristown, Macungie, Slatington, Egypt, Siegfried, Nazareth,the Bethiehern.s, etc. [Map, p. 8 of "Electric Ry." Sect.]
Rolling stock, 41 open cars, 108 closed cars and 36 miscell.; total, 185.
Main power house at Allentown, maximum capacity about 23,600 h• P.
(modern steam turbines, etc.); 10 sub-stations. Although the total kilowatt output has increased, the cost of production was less than in 1911.
Improvements.-Numerous improvements have been made and should
show results in the coming year. Combination passenger-freight and express stations have been erected at every important town on the Philadelphia division and many cut-offs have been completed, putting more
of the track on private right-of-way, with good ballast and drainage
and permitting the shortening of time schedules. Four "pay-within" city
cars, six modern interurban cars and three repair cars have been acquired.
Norristown Extension.-In Jan. 1912 the Montgomery Traction Co. was
merged into your company, and the revision of the Norristown division
completed Dec. 1.
In April 1912 your company bought one-half of the.capital stock of the
Norristown Transit Co., which gives your line a permanent entrance into
Norristown and a connection with the Philadelphia & Western By., thus
giving your cars, by virtue of a traffic arrangement, the use of the Phila. &
West. tracks between Norristown and Philadelphia and an entrance into
the subway-elevated terminal station at 69th and Market Sts., Phila.
Through service to said station was inaugurated Dec. 12, and the increased
business resulting has been very gratifying. This line from Allentown to
69th St. is almost 5 miles shorter than the steam road to its terminal, the
average timo only 5 minutes more, and the round trip fare $1 less; the fare
3ic. per mile(V.95, p. 1746).
averaging 1,
New Limited Cars.-The new high-speed limited cars are 500 h. p., 56 ft.
in length and equipped with smoking, toilet and baggage compartments.
Freight Service.-The freight service operating from Phila. via Chestnut
Hill to all Lehigh Valley Transit Co. points yielded gross receipts for the
year of over $40,000, net profit about $14,000. The business is steadily,
growing; the receipts having increased 44% over 1911, and with the Lansdale-Norristown territory has a very promising outlook.
Express.-The Adams Express Co. is now operating over the lines of the
Lehigh Valley Transit Co. and the Phila. & West. By., serving a territory
heretofore monopolized by the U. S. Express Co.
Allentown Bridge Co.-The above company [entire stock owned by your
company]is erecting a toll bridge connecting two wards of the city of Allentown, one thickly settled, the other a developing district. It is anticipated
that the tolls alone will pay the interest on the cost of the bridge. Your
company has the exclusive and perpetual right to operate its cars over the
bridge. This will be the largest reinforced concrete bridge of its kind in
this country, being 2,600 ft. long and 150 ft. high.(V. 95, p. 750)•
Light and Power Business.-Tho light and power business of your subsidiary companies has been a source of substantial and increasing profit.
Through conmpanies which your company controls, either through stock
ownership or long-term leases, you control the light and power business in
practically the entire Lehigh Valley. Your companies have no competition and your franchises are either without time limit or for 999 years.
[See offerings of "ref. and impt." bonds, being part of the $4,112,000
outstanding Dec. 31 1912,Th V. 95, p. 750, 1746 V. 94, p. 982.1
RESULTS FOR YEARS ENDING NOV. 30.
1908-09.
1909-10.
1910-11.
1911-12.
$956,888
$1,242,007 $1,141,138 $1,042,969
Passenger receipts
548,171
562,344
592,458
650,079
Operating expenses_ _ _ _
Net earns, from operMisc. and sale of power_
$591,928
269,713
$548,680
190,343
$480,625
159,851
$408,717
114,574
Gross income
Int., rents, taxes, &c
$861,641
497,844
8739,023
453,645
$640,476
436,872
$523,291
416,646
$363,797
$285,378
(2%)99,566 (1%)49,783
939
3,533
$203,604
$106,645
Net income
Preferred dividends_
Miscell. deductions.. _
Balance
Other income
$260,698
14,178
$234,656
10,237
261
4,956
$203,343
6,857
$101,689
355
The sub-station buildings at Kent, Northfield and Kenmore have been
completed and the machinery is being installed.
The new modern car barns and shops at South Akron will shortly be ready
for use. A private right of way, has been purchased from the centre of
Akron for three miles north via Akron Heights to connect with our present
line at the Gorge.
In the light department 32,322 duct ft. of conduit has been laid in various
parts of Akron, eliminating dangerous overhead wires.
Contract.-On Oct. 2 1912 negotiations were completed for lighting the
city of Akron for a period of 5 years with a minimum of 400 arc lights,
2,000 Mazda lamps and all the magnetite whiteway arc lights necessary in
the business sections. A further agreement for the regulation of our rates
for commercial and domestic lighting for a period of 10 years was entered into.
Dividends.-The directors on Nov. 24 1911 declared a dividend for the
year 1912 at the rate of 4% per annum, payable quarterly March 15,
June 15, Sept. 15 and Dec. 15.
On Nov. 29 1912 an extra dividend of 3 of 1% was declared payable
Dec. 15 1912 and also the dividend for the year 1913 on a basis of 5% Per
annum, payable quarterly at the regular dividend periods.
Pref. Stock.-On account of the new steam and hydraulic stations, car
barns, shops, double track, &c., the company asked the P. S. Commission
for permission to issue an additional $2.000,000 of 6% cum. pref. stock,
and was granted authority to dispose of $1,640,000 of said stock at not less
than par. This amount was then offered to the shareholders pro rata
at par and about 50% was subscribed, the balance being taken by Borten &
Borton of Cleveland. (V. 95, p. 48.)
Bonds Redeemed.-On July 1 the company redeemed $2,000 Lake View
Land & Improvement Co. bonds and on Nov. 1 $100,000 col. tr. ser. bonds.
Stockholders of Record.-Present number, 1,435; increase 292 for year.
Results per Mile (Average Miles Operated about 216).
1912.
1911.
1910.
1909.
Gross earnings
$12,378.05 $11,244.06 $10,376.36
$9,405.38
Net earnings
5,153.02
4,183.02
4,517.87
4,888.07
Ratio of exp. to earns
56.83%
55.40%
55.34%
54.65%
RESULTS FOR CALENDAR YEAR OF COMBINED PROPERTIES.
1912.
1911.
1909.
1910.
Average miles operated_
216.47
215.76
214.88
215.20
EarningsPassengers
$2,502,937 $2,267,986 $2,080,136 $1,875,334
Freight, &c
80,723
73,394
67,422
58,596
Light and power
316,559
268,005
204,434
156,614
Parks
74,555
67,819
70,309
69.746
Miscellaneous income
21,263
16,820
17,351
15,125
Total earnings
$2,996,037 $2,694,024
Operating ExpensesMaint. of way & strue
$233,696
$191,808
Maint. of equipment_ _ _
243,431
222,913
Operation-power plants
375,307
337,635
Conducting transport'n_
473,222
429,066
General and taxes
377,109
311,104
$2,437,426 $2,177,642
$174,326
212,238
291,590
399,231
271,578
$140,180
173,222
267,342
365,718
243,595
Total oper. expenses__ $1,702,766 $1,492,526 $1,348,963 $1.190,057
Net earnings
$1,293,271 $1,201,498 $1,088,463
$987.585
Deduct-Int. on bds.,&c
523,068
531,032
521,069
524,066
Pref. div. (see note)._ __(3%) 49,930
See below
Dividends on corn.stk.(4 Yi)382,500(3Ys)292,500(234)225,000(1 U)157,500
Balance, surplus
$337,774
$377,966
$342,394
$306.019
Note.-The dividends on the preferred stock as above for 1912 ($49,930)
include 2 quarterly payments of 1%% each, paid in Oct. 1912 and Jan.
1913, the two previous payments for the year of 1%% each in July and
Apr. 1912 and the 3 payments for the preceding year, viz., 13 % each in
July and Oct. 1911 and Jan. 1912, having been charged to capital account
on account of new power house and car barns while under construction.
CONDENSED BALANCE SHEET DECEMBER 31.
1912.
1911.
1912.
1911.
Assets$
Liabilities$
$
$
Cost of road tic eq_23,435,958 21,921,939 Common stock__ _ 9,000,000 9,000,000
Stocks other cos__
22,130 Preferred stock___ 1,943,960 1,000,000
23,380
Newburg to Bedf'd
Bonds
10,635,000 10,737,000
right of way_ _ _
49,854
43,424 Accounts payable_ 224,901
158,711
North Hill cut-off 159,324
Int.accr., not due_
52,521
51,521
Municipal bonds_
338,472 Taxes accr.,not due 72,012
83,249
Cash on hand and
Customers'deposits
1,295
1,859
31,924
in transit '
32,672 Notes payable__ _ _ 292,869
23,820
Notes receivable__
2,622 Sundry accounts__
3,175
13,991
23,305
Due from individUncollectible light
285,246
dept. accounts_
uals and cos_ _... 301,431
109
435
Materialdr supplies 162,359
104,991 Inj. tic damage fd_
34,616
Prepaid and unexDepreciation
500,000
500,000
16,272
pired accounts_ _
5,643 Income account_*1,405,036 *1,157,912
Canton State Bank
1,836
1,836
24,185,513 22,758.976
Total
Total
24,185,513 22,758,976
$274,876
$101,689
$244,893
*After deducting $90,649 in 1912 for depreciation, reconstruction, dis$210,200
count on bonds, pref. stock, &c., against $294,866 in 1911.-V.95,p.1542.
CONSOLIDATED BALANCE SHEET.
Dec. 1 '12. Dec. 31 '11.
Dec. 1 '12. Dec. 31 '11.
York (Pa.) Railways Company.
Assets$
$
Liabilities$
$
Plant., franch.,&c.15,312,924 15,311,944 Preferred stock-. 4.979,687 4,979,687
(Report for Fiscal Year ending Nov. 30 1912.)
Invest, real estate
28,144
27,702 Common stock_ __ 2,997,350 2,997,350
579,585 Funded debt
MLscell. purchases a494,217
9,423,000 8,936,000
Pres. Gordon Campbell, York, Pa., Jan. 13 1913, wrote:
241,700 Real est. mtges_ _ _
Stocks, bonds, &c. 257,550
20,300
16,300
The following statement covers the affairs of your company and of the
288,616 Property sales__ _
c16,412
Cash Sc cur. assets 586,262
7,111 companies owned and controlled by, it for the year ended Nov. 30 1912.
329,000 Current liabilities_ 263,469
Treasury bonds__ 233,000
208,958 namely York Railways Co.. Edison Electric Light Co., York Steam Heat247,925 Acced liabilities
99,953
178,212 ing Co., York Suburban Land Co.
Deferred acc'ts___ 327,386
Deprec'n reserve_
43,891
Constr. & equip't
Although general conditions have somewhat affected the gross earn2,490 Profit and loss__ 213,146
74,896 ings, there is nevertheless a substantial increase, and with a relatively small
accounts
Rittersville Hotel
increase in operating expense a gain is effected in net income amounting
52,289
63,620
construc'n_
Co.
to $13,936. This improvement is largely due to the advantage gained
Constr. & equip.
from the installation in the previous year of steam reserve power. Pro317,263
expenditures __ b754,106
viding,as this plant does,against interruptions, it has resulted in greatly
mproved relations with both the public and the York Haven Water & Power
Total
18,057,209 17,398,514 Co. Some increase in the expenditure for maintenance has been made,
18,057,209 17,398,514
Total
the
a Miscellaneous purchases include in 1912: Macungie extension purchase, aim being to maintain the property in excellent condition.
Since 1907 the West College Ave. line has been closed on account of the
$54,216; Montgomery Traction Co. purchase, $241,906, and Quakertown
Traction Co. lokond purchase, $198,095. b Under refunding and im_pt. condition of the County Bridge. In 1911 the county reconstructed the
mtge. bond certifications. c Includes in 1912: Slatington Power Co. sales, bridge, but continued to contest the company's right to cross. This con$3,497; Quakertown Traction Co. sales, $3,574,• Bethlehem & Nazareth troversy has been brought to a happy conclusion by a decision of the
Pass. By. Co. sales, $2,851, and Montgomery Traction Co. sales, $6,490. Court sustaining the company's position. 'The track on the bridge was re-V. 95, p. 1746, 1684.
laid and service opened Dec. 1, showing satisfactory returns.
A franchise was obtained by the York Steam Heating Co. for extending
The Northern Ohio Traction & Light Co.
its mains on South George St. from Mason Alley to College Ave. and extensions of the steam mains were laid on South George St.from Mason Alley
(Report for Fiscal Year ending Dec. 31 1912.)
to Princess St. and on North George St.from Clark Alley to Philadelphia St.
expenditures charged to cost of property during the year amount
Pres. H.A.Everett, Cleveland,Jan. 25, wrote in substance toThe
$62,361, viz.: (a) York Railways Co.-Completion of re-location of
(compare map, &c., on pages 5 and 6 of "Elec. Ry. Sec."): Dallastown line, $7,209; double-tracking with 90-lb. girder rails, paving
Earnings.-The gross revenue shows an increase of $302,012, or 11.2%. and reconstructing tracks in city of York,$15,858; new rolling stock, $13Mileage.-The mileage has been increased 71-100 mile by now double 289; new lot at car barn,$3,000; misc., $5,634; total, $45,081. (b) EdisonEl. Lt. Co.-Extensions, arc lamps, meters and transformers, completion
track and sidings; total at the close of 1912, 216.47 miles.
Additions, Renewals, &c.-Total expenditure for additions and improve- of new steam power station, &c., total, $20,313. (c) York SteamHeating
Co.-Extensions, $4,586. Total, $69,980, less York Suburban Land Co.
follows:
as
31,535,522,
ments,
credit from sale of lots, $7,619; balance, $62,361.
$317,179 Cars and equipment
Track, roadway, &c
$157,036 net
Notes.-In view of the unsatisfactory bond market at this time, the issue
Power houses, car barns,&c_ 994,667 I Light department
66,640 of $350,000 one-two-year 6% collateral trust
notes which matured on
been
has
renewed
track
with 80-1b. 7-in."T" rail,
A total of 16,400 ft. of
laid on concrete foundations and repaved with brick; 50,700 ties and several Jan. 1 1913 was renewed for one year.
INCOME ACCOUNT YEARS ENDING NOV. 30.
miles of rail have been renewed.
1912.
On the A. B. C. Division from the present terminus of the double track
1911.
1910.
1909.
$710,471
north to what is known as Fells Station a double-track line for a distance Gross earnings
$681,185
$639,300
8584,777
of 7 miles is being constructed on private right of way and will be placed Operating expenses
366,520
$346,059
3360,594
$356,412
in operation in the early spring.
Allowances for deprec'n15,590
14,638
13,761
12,678
The Gorge bridge, spanning the Cuyahoga River, has been made steel
throughout; 250 ft. of wooden trestle has been replaced by deck girder.
Net earnings
$328,361
$305,953
$279,480
$215,687
Fifteen additional passenger cars, one 60 ft. baggage car and one wrecking Miscellaneous income
4,230
4,449
4,093
2,620
car with 25-ton crane have been added to the equipment, and a further 35
cars are now being received.
Total income
$332,591
$310,402
$283,573
$218,307
In the Beech St. power house in Akron there has been installed one 600 Fixed charges and taxes_
252,328
244.074
227,660
209,588
h.p. B. & W. boiler and three 200 k.w. 3-phase transformers.
At the Gorge power station the 60-ft. dam was completed and the reserNet income
$80,264
$66,328
$55,913
$8,719
voir filled on Dec. 1; the first turbo-generator was placed in service on Dividends
(4%)64,000 (1%)16,000
Dec. 5 and all of the electrical machinery is now ready for service. The
balance of the boilers is being erected.
Surplus
$16,264
$8;719
$50,328
$65,918
Surplus
.--_-_--_-_-_-_-_-_-_-_-_-_-CONSOLIDATED BALANCE SHEET NOV. 30.
1011.
1912.
1911.
1012.
$
Assets1,600,000
stock
1,600,000
Preferred
8,174,841
&c.8,237,202
plants,
Real est.,
2,500,000 2,500,000
21,740 Common stock
Investments, &c_ _ _ _ 24,240
77,831 Bonds and notes_ _ _ _4,075,000 '4,062,000
Materials & supplies 74,847
89,147
17,605
21,387 Bills & accts. pay'le_ 97,400
Cash
26,639
29,916 Accr'd int., taxes,&c. 143,794
Bills & accts. recelv.. 26,097
15,802
19,942
1,732
2,239 Reserves
Prepaid accounts_
6,463
Miscellaneous
Cash for bond, &c.,
44,625
60,889
Profit and loss
102,350
Interest
10,259
Deferred charges ___ 19,414
Total
[VOL. xcvi.
THE CHRONICLE
356
8,503,487 8,338,213
Total
8,503,487 8,338,213
* Net of reserve for doubtful accounts.-V. 96, p. 287.
United States Steel Corporation.
(Earnings for the Quarter and Year ending Dec. 31 1912.)
The following financial statement of the corporation and
its subsidiaries for the quarter ending Dec. 31 was given out
on Tuesday after the regular monthly meeting of the &rectors. The "net earnings" as here shown were arrived at
after deducting each month the cost of "ordinary repairs
after maintenance of plants and interest on bonds and fixed
charges of subsidiary companies." We append the results
for the years ending Dec. 31 in 1909 to 1912, inclusive.
For unfilled orders on hand see "Trade and Traffic Movements," Jan. 11 1913 (page 113).
Hart, Schaffner & Marr.'
(Report for Fiscal Year ending Dec. 31 1912.)
President Harry Hart Jan. 27 1913 says:
The affairs of the company are in excellent condition. The assets are
liquid and there is no indebtedness except for current bills. Profitsfor
the year show an increase over the previous period, and the outlook for
the coming year is encouraging, orders now in hand for future delivery
being larger than a year ago.
INCOME ACCOUNT YEARS ENDING DEC. 31.
Cal. Year Nov. 26 '10
Cal. Year Nov. 26 '10
1912. to Dec. 31 '11.
1912. to Dee. 31 '11.
Gross sales._ __ _513,625,797 $15,012,848 Pref. divs_ _ _(7%)$345,027 55209,361
$17,521
$29,307
$12,180,688 $13,334,550 Special expenses
Net sales
a50,643
Interest paid_ _ _
Cost of goods
a15,000
sold,op.exp.,&c.11,655,892 a12,881,691 Depreciation __
Organization exp.
55,744
$452,859 written off_ _ _
Net profits ___ $524,796
896
on stk.pur.
Prem.
6,728
_
_
52,007
Other income
$164,279
$459,587 Bal., surplus.. _ $148,612
Total profits__ $576,803
* Gross sales as above compare with $15,234,508 in 1909-10, $14,073,327
in 1908-09, 511,152.746 in 1907-08 and $10,722,485 in 1906-07.
a Interest and depreciation are included in operating expenses in period
b For 7ki months at 7% rate.
ending Dec. 31 1911.
BALANCE SHEET YEARS ENDING DEC. 31.
1911.
1912.
1911.
1912.
$
LiabilitiesAssets$,
Preferred stock..__ 4,900,000 4,050,000
Good-will, trade
15,000,000 15,000,000 Common stock_ _15,000,000 15,000,000
names, &c
337,797
324,948 Accts. payable_ _ - 408,323
Mach.,furn.& fix. 345,344
100,811
2,809,102 2,828.058 Salaries & wages__ 106,393
Inventories
46,000
52,900
_
taxes_
Accrued
1,811,151
1,707,055
Accts.& bills rec
61,810
133,443
673,808 Miscellaneous __
891,798
Cash
164,279
95,366 Profit and loss_ _ _ 313,408
89,535
Def. debit items_ _
INCOME ACCOUNT FOR THREE MONTHS ENDING DEC. 31.
1910.
1911.
1912.
a$35,185,557 $23,155,018 $25,901,731
Net earnings
Deduct20,842,834 20,733,330
3,246,466 I 410,430
20,842,834 20,733,330 Total
Total
Sink, funds on bonds of subsid. cos_ _}a7,786,216
15,185,819 -V. 96, p. 205.
Depreciation and reserve funds
5,751,680 5,816,640
5,677.547
Interest on U. S. Steel Corp. bonds
1,495,322
1,560,283
Sinking funds on U. S. Steel Corp__ _ 1,634,415
Loose-Wiles Biscuit Co. (of New York).
83,123
Cr.81,780
17.698
Adjust ts in sundry accts. charged off
(Report for Period May 7 to bec. 31 1912.)
$15,115,876 $10,476,649 $12,991,334
320.069,681 512.678,369 $12,910,397
L. Loose, Jan. 25 1913, wrote in substance:
J.
Pres.
Balance
$6,304,919
Dividend on preferred stock (1 %)- $6,304,920 $6,304,919
The company was formed May 7 1912 and has, therefore, been in exist6,353,781
6,353,781
6,353,782
0)7
(1
)4
stock
common
on
Dividend
ence only 34 weeks. The net earnings for this period were $503,847.
$251,697 After providing for three quar.divs.upon the first and second pref. stocks,
$19,669
a$7,410,979
Surplus for the quarter
including those payable Jan. 1 1913 and Feb. 1 1913, respectively, there
EXTRAORDINARY EXPENDITURES ORDERED FOR THE FOURTH remained for surplus account $175,041. Therefore, the estimatedyearnings
of $700.000 for the first year's business have been proportionatel realized
QUARTER.
during the period covered by the statement. The volume of business
1910.
1911.
1912.
the 8 mos. from May 1 to Dec. 31 1912 shows an increase of more
during
$251,697
$19,669
a$7,410,979
Surplus for December quarter
23% compared with the same period of 1911.
Surplus from previous 9 months.._ _def.3,800,850 4,645,824 16,520,687 than
The company has arranged for the purchase of real estate and the ereca building in Greater New York for use under a 30-year lease from
$3,610,129 $4,665,495 $16,772,384 tion of
Total
date of completion, with the option to us of purchasing the property at
On account of expenditures made and
after the first five years. We estimate that the real estate,
time
any
to be made for additional property,
building and improvements will cost approxitnately $2,000,000. The
new plants, construction and diswill
be 200x430 ft., practically 10 stories high, of reinforced conbuilding
5,000,000
charge of capital obligations
1,000,000 crete and steel construction, with sprinkler system.
Reserve to cover adv. mining royalties
The per capita consumption of biscuits in the U. S. is as yet only a small
$3,610,129 $4,665,495 $10,772,383 proportion of that in European countries.
Balance. surplus
CONSOLIDATED BALANCE SHEET(INCL. SUB. COS.)DEC.31 '12.
a This amount may be slightly changed on completion of audit of accounts
Assetsfor the year. The complete annual report will be submitted at the atumal Real estate, buildings, plant, machinery and equipment, inmeeting in April 1913 or earlier.
$11,186,833
cluding trade names, trade marks, &c
of raw materials, supplies and finished stock on
NET EARNINGS FROM OPERATIONS FOR YEAR ENDING DEC. 31. Inventoriescost
1,453,108
hand,at
1909.
1910.
1911.
1912.
1,496,741
receivable (less reserve for doubtful accounts)
*35,243,406 $5,869,416 $11,316,014 $7,262,606 Accounts
117,713
January
investments
Miscellaneous
7,669,336
*5,427,320 7,180,928 11,616,861
730,740
February
and in banks
7,989,327 Cash on hand
*7,156,247 10,468,859 14,684,001
1,250,000
March •
Cash loans in New York on approved collateral
229,342
Deferred charges
$17,826,973 $23,519,203 $37,616,876 $22,921,269
First quarter
*7,509,207 $9,412,573 513.414,956 $8,163,244
$16,464,477
April
9,590.444 13,229,289 9,661,228
*8,846,821
May
Liabilities9,105,503 13,526.716 11,516,019 Capital
*8.746,237
June
stock-Authorized and issued$5,000,000
First preferred 7% cumulative
$25.102,265 $28,108,520 $40,170,961 $29,340.491
2,000,000
Second quarter
Second preferred 7% cumulative
$12,530,770
$12,132,188
58,750.467
*59,322,142
8,000.000
July
Common
12,437,754
13,132,755
*10,583,377 10,710,145
135,000
August
Real
estate
mortgage
*10,157,993 10,062,113 12,100,244 13,278,383 Accounts payable
1,031,935
September
175,042
Surplus
$38,246,907
$37,365,187
$30,063,512 $29,522,725
Third quarter
*512,485,412 $9,159,338 $10,512,131 $14,048,205
October
$16,464,477
13,711,765
8,228,857
.
6,946,717
*11,120,749
November
7,048,962 7,160,742 13,222,776 -V. 96, p. 65.
*z11,579,396
December
435,185,557 $23,155,018 $25,901,730 $40,982,746
$108,178,307$104,305,466$141,054,754$131,491,414
bonds outstanding,
• *After deducting interest on subsidiary companies'$847,120,
5844,975,
$723,657, $722,439, $721,371. $807,038, $847,294, in the respective
12
$838,182
and
3844,256, $852,814, $853,614, $848,969
months. z See foot-note to quarterly figures above.
INCOME ACCOUNT FOR CALENDAR YEARS.
1909.
1910.
'1911.
1912.
$
$
$
$
Total net earns, for year
131,491,414
141,054,754
104,305,466
78,307
remarks)108,1
introduc.
(see
Deduct31,098,207 25,980,026 f 8,057,130 7,354,817
Sinking funds
122,140,555 21,994,054
Deprec. & reserve nulsj
22,817,472 23,106,925 23,366,762 23,617,294
Interest
25,000,000 15,000,000
Add'l prop., constr., &c.
Reserve to cover adv.
3,200,000
1,000,000
mining royalties
83,123 Cr.548,445
Cr.81,780
17,698
Charged off for adjust'ts
Fourth quarter
Total for the year
Cudahy Packing Co., Chicago.
(Revised Income Account for Fiscal Year ending Nov. 2 1912.)
The annual report was shown in our issue of Jan. 11 (page
134), but the income account is repeated below. The item
of repairs and improvements, $522,221, was charged by the
company against gross profits, and the surplus after dividends
is $609,465, instead of $87,244, as previously shown.
INCOME ACCOUNT YEAR ENDED NOV.2 1912.
1908-09
1909-10.
1910-11.
1911-12.
$830,334 $1,464,952 $2,699,556
Profits before repairs,&c. $1,651,686
252,337
250,264
Ordinary repairs
Extraord. rep'rs (imps.
451,027
522,221
& Govt. inspection
193,498
187,823
requirements)
$2,261,469
$1,019,117
$379,307
$1,129,465
for
year..
Net profits
DeductTotal deductions.__ _ 53,933,377 49,005,171 79,647,571 70,617,720
$120,000
$120,000
$120,000
54,244,937 55,300,295 61,407,183 60,873,694 Preferred di v.(6%).....$120,000
Balance
(7%)700,000(7%)700,000
•
Common dividends_ __(4%)400,000
Dividends on Stocks300,000
25,219,676 25,219,676 25,219,676 25,219,676 Extra corn. div.(3%) _
Preferred (7%)
(5)25.415,124(5)25,415,124(5)25,415,124(4)20,332100
Common
$1,141,469
$259,307
$199,117
$609,465
Balance,surplus
50,634,800 50,634,800 50,634,800 45,551,776 -V.96, p. 134, 64.
Total dividends
3,610,129 4,665,495 10,772,383 15,321,918
Undiv. earns, for year
-V. 96, p. 291, 207.
Chicago.
1
American Brass Co.
(Report for Fiscal Year ending Dec. 31 1912.)
1
Sears-Roebuck 1.2,6 Co.,
(Report for Fiscal Year ending Dec. 31 1912.)
INCOME ACCOUNT.
EARNINGS FOR CALENDAR YEAR 1912.
1909.
1910.
1911.
1912.
$1,274,738
$2,274,738'Surplus for year
Net'earnings
less returns, allow1,050,000'Total surplus Jan. 1 1913_37,181,599 Sales,
$51,011,536
Dividends 7%
ances, discounts, &c__$77.116,859 $64,112,194 $61,329,792
67,961,160 56,948,625 54,360,516 44,391,681
BALANCE SHEET JAN. 1.
Purchases, all exp
Assets ($24,570,164)$9,155,699 $7,163,569 $6,969,276 $6,619,855
permaprofits
Gross
for
expended
Real estate, mach'y & tools, $11,322,162;
310,842
123,969
250,046
196,834
Other income
nent improve'ts, $760,926, less charged off for depreciation,
$11,533,088
balance
$7,474,411 57,219,322 56,743,824
$9.352,533
income
receivable,
Total
bills
Cash,$839,936; accounts receivable,$4,231,365;
$325,358
$489.444
$409,446
$5,201,413 Repairs,renewals & depr $654,922
$130,112; total
226,106
50,000
375,000
Woodlands,$121,296; rndse, raw,in process,&c..$6,254,239;tot. $6,375,535 Other reserves
301350000
2,100,000(4
*(7)2624428(7)
(7)2,799,659
_
_
total....
$1,460,129
dividend__
Common
$1,000;
Stocks owned in other cos., $1,459,129; patents,
669,375
617,750
599,200
585,958
Preferred dividend (7%)
Liabilities ($24,570,164)Capital stock, $15,000,000; current accts. and bills payable,
$4,936,994 $3.701,339 $4,042,126 34,172,985
$16,388,565
Surplus for year
$1,388,565; total
Reserve for conting.,$1,000,000; profit & loss,$7,181,599; total_ $8,181,599
*Also 33 1-3% ($10,000,000) stock dividend paid April 1 1911.
-V. 94. p. 348.
FEB. 1 1913.]
THE CHRONICLE
BALANCE SHEET DECEMBER 31.
1909.
1910.
1911.
1912.
AssetsReal est., bldgs. plant,
mach., good-will, patents, invest'ts in other
companies, &c
$39,502,625 $40,308,511 $39,443,965 839,242,311
z201,653
z864,546
z134,256
Additions during year
8,362,780
9,309,338
9,381,021
11,332,224
Supplies and mdse
Outside enterprises wholly
396,031
5,718,934
2,189,674
2,803,951
owned
Adv. & inv., br. houses_ 1,475,091
1,288,472
Advances to manufact'rs 4,524,140
2,638,457
1,862,124
494,555
211,857
509,670
479,323
Sundry persons
358,002
Due from customers__ _ _ 1,308,051
160,932 '103.450
69,843
87,644
DuefromRRsclaims,&c.
76,552
95,957
29,962
Insur. & int. in advance
62,696
34,013
59,268
1,674,593
Cash
1,660,569
1,123,233
2,381,851
Bonds owned
z2,173,012 z2,187,004 z1,393,523
Total
$65,883,832 $60,768,949 $57,805,712 $53,257,173
LiabilitiesCommon stock
$40,000,000 $40,000,000 $30,000,000 $30,000,000
Prof. stock, 7% cum__ _ 8,000,000
9,000,000
8,500,000 8,800,000
Bills payable
1,000,000
4,530,197
Mdse.& 0th. open accts. 5,684.662
4.307,021
4,876.439
157,500
Divs. on pref. stock_ _ _ _
154,000
139,884
148,750
9,560,476
Surplus
7,243,769 13,544,691
212,059,286
Total
$65,883,832 $60.768,949 $57,805,712 $53,257,173
z After deducting depreciation. y After deducting $621,469 paid for
retiring $500,000 pref. stock and adding said pref. stock so returned.
Municipal and railroad bonds, market value.-V. 96, P. 65.
American Real Estate Co., New York.
(Balance Sheet Dec. 31 1912.)
The company's annual statement, given last week in our
advertising department, compares as follows:
BALANCE SHEET OF DECEMBER 31.
1911.
1912.
1911.
1912.
Liabilities$
Assets
Bonds & certifs.,
Real estate & imwith int. acced _13,2135,748 11,808,343
provements __ _.24.922,080 22,310,507
970,095 Real estate mtges.,
Mtges. receivable_ 1,384,628
incl. Int, to date.11,570,922 10,179,833
522,405
414,560
Cash
10,696
18,521 Accounts payable_
25,071
19,422
Due from agents
102,000 Adv. pay'ts, rent91,950
Inv. in other cos
21,697
88,805
als,contracts,&e.
Bills & accts. rec.._ 223,881
37,084
27,150 Reserves & miscel. 152,277
25,250
Supplies & equip't
100,000
Capital stock
100,000
Payments on
3,377 Surplus
121,044j
act.of
real est. contr.}
2,088,806 1,976,587
91,380
Miscell. assets_ _ _ _J
27,202,824 24,134,240
Total
Total
27,202,824 24,134,240
* Real estate and improvements Include properties in process of development
Borough of the Bronx,81,396,538; developed properties ready for building improvements (Borough of the Bronx,$6,504,920; city of Yonkers,$2,428,036, 88,932,956;
buildings in course of construction and land therefor. 8249,268; rental propertiesland and buildings (Borough of Manhattan, $10,711,000; Borough of the Bronx,
$3,469,500; city of Yonkers, 895,000-314,275,500; houses ready for sale, $67.817;
total, 824,022,080.-V. 94, p. 347.
Pennsylvania Water & Power Co., Now York.
President J. E. Aldred writes in substance:
Enlargement of Plant.-An additional unit of 16,000 h.p. was completed
and put into service Nov. 1 1912, increasing our installed electrical capacity to 73,000 h.p.
Owing to the increased demand for power by reason of the Lancaster
contract below mentioned and also the continued growth of demand in
Baltimore (which was beyond our capacity when the now unit was put
in service on Nov. 1), your directors have authorized the installation of
still an additional unit of water-wheel and generating capacity at Holtwood, thereby increasing the electrical output of the station by 16.000 h.p.
and making a total installed capacity of 89,000 h.p. by the end of 1913.
Measures are also being taken to increase the amount of water storage
available above our dam at Holtwood.
The second year of operation of the plant has resulted in increased efficiency, the operating costs having been reduced over 3%.
Results.-The substantial increase in revenue for 1912 over 1911 reflects
the results obtained by the full operation of the contracts for the delivery
of power to the Consolidated Gas, Electric Light & Power Co. and the
United Railways & Electric Co. of Baltimore.
New Contract.-A contract has been made with the Edison Electric Co.
of Lancaster, Pa., effective on or about May 1 1913, providing for the
delivery of power to that company from our power station at Holtwood,
Pa., the Edison Company to build the 20-mile transmission line between
Lancaster and Holtwood. The Edison Co. controls the entire electriclight, power and railways business of Lancaster,Pa.,and vicinity, and this
contract covers practically its entire requirements.
This extension of our service is the first step of the kind since the initial
installation of the transmission system to Baltimore. As we become more
familiar with our power facilities, it is proposed still further to extend the
zone of operation; but the problem is one of supply rather than demand.
Bonds.-During the year there have been issued $575,000 of bonds for
construction work; $200,000 have been sold and the remainder are being
held in the treasury, snaking a total of $625,000 so held available for extensions of plant during the year 1913.
Extraordinary Profits.-In addition to the receipts shown in the income
account, the sum or $226,612 was realized from the sale of certain assets,
being a profit of $106,562 above the amount at which they were carried
on our books. Your directors consider this profit not as revenue, but as
an extraordinary item.
Susquehanna Power Co.-Among said assets were certain bonds and shares
of the Susquehanna Power Co. (V. 96, P. 291) and the Susquehanna
Properties Co., companies chartered to install a power development below
Holtwood. These securities, taken in exchange for certain lands acquired
previous to the final location of our dam, have now been disposed of to a
syndicate, which proposes to carry out a power development at Conowing°, Md., on the Susquehanna River, some 14 miles below Holtwood.
The carrying out of this project will in no way affect the scope of your
company's operation, and we purpose to a.ssist the enterprise in every way
in the belief that further power developments will make easier the carrying
out of comprehensive plans looking to the creation of such storage works as
will ultimately make possible the utilization of the maximum capacity of
the Susquehanna River.
INCOME ACCOUNT FOR YEAR ENDING DEC. 31.
1911.
1912.
1912.
1911.
$
619,908 447.326
Gross inc.,all sources 721,883 516,285 Net earnings
384,139 381,125
Oper. exp. & taxes_ _101,975 68,959 Int. on bonds
619,908 447,326
Net earnings
Transferred to contingent fund
Balance, surplus_235,769 66,201
50,000 30,000
185.769 36,201
Balance at credit of profit and loss
BALANCE SHEET DEC. 31.
1012.
1911.
1911.
1012.
Liabilities.4suss5
$
Property account_15,500,140 14,685,926 Capital stock ____ 8,495,000 8,495,000
Scour,of other cos.r1,166,620 1,228,120 1st M.bonds
y7,880,000. 7,680,000
395,000
18,550 Bills payable..
Treasury stock_
56,005 Accounts payable_
49,968
Loose pl't & equip. 122,029
43,628
Accts. receivable_ 293,661
264,754 Unclaimed coupons
4,150
Cash
31,529 Contingent fund_ - 186,562
30,000
138,403
loss....
and
221,970
Prepaid charges.36,201
4,005 Profit
7,642
Total
17,228,500 16,288,979
Total
17,228,500 16,288,979
z Includes $1,092,600 bonds of transmission cos. owned and operated.
y Bonds in treasury (S625.000 in 1912) were deducted before showing
amount outssn.ndier, rs above, they being in process of sale to take care
of bills payable.-V.95. p. 1334.
357
Consolidated Gas Company of New York.
(Abstract of Report Submitted at Annual Meeting Jan. 27 1913.)
Results.-The total earnings from the company's gas business for the year
1912 were $2,629,188, being equivalent to 3.32% on the total value
($79,143,950) of tangible and intangible property employed in the manufacture and distribution of the gas sold [contrasting with 3.97% in 1911,
4.10% in 1910 and 3.73% in 19091. The dividends and interest received
(see V. 95, R. 113) amounted to $5,375,936, while the interest paid amounted to $479,435. Dividends at the rate of 6% per annum were maintained,
leaving a surplus for the year of $1,536,699, as against a surplus for 1911 of
$1,562,887 and for 1910 of $2,924,848.
The net amount reserved for renewals and contingencies during the year
was (a) by the Consol. Gas Co.(incl. Astoria Lt., H.& P. Co.), $1,325,362,
or about 88-100 of 1% of the book value of the company's total assets, as
shown in the balance sheet below; (b) by the said company and its affiliated
gas and electric companies was $4,151,227, or 1.18% of the combined assets
($353,053,244), as shown by their books.
The undistributed surplus earnings for the year of all the companies
combined, including the Consolidated Gas Co., were invested in plant and
property. They amounted to $4,728,760, or 1.34% of combined assets.
Notwithstanding the fact that there was an increase in the sales of gas in
1912 over 1911 of 2.88%, the net earnings of the company for 1912 show a,
decrease, owing to the following exceptional circumstances: (1) Extraordinarily cold weather in Jan. and Feb. 1912, which caused a vast amount
of additional work in clearing frozen services and house pipes (there having
been 122,675 cases of this character, as against 26,278 cases in 1911); (25
Extensive re-pavement of city streets with new and expensive pavement,
which involved the overhauling of 541,722 ft. of gas mains(of which 277,089
belonged to the Consolidated Co.), or more than were overhauled during
the preceding four years.
The earnings were also affected by a general increase in the price of
materials used during the past year, in twenty cases of which there was an
average increase of 12%,some of the principal items being cast-iron fittings
16%,sheet steel 10%,copper 30%, bolts 10%,solder 7% and belting 15%•
The increase in the cost of gas distribution due to the foregoing causes
amounted to approximately $339,000.
During the year the gas companies installed 89,389 gas appliances, including 2,445 lineal feet of hotel gas ranges.
Effect in 1913 of Increased Cost of Gas Oil.-By reason of the shortage in
the supply of petroleum products, a general increase has taken place in the
price of gas oil, of which from 4 to 5 gals. are used for each 1,000 Cu. ft.
of water gas manufactured. Since an increase of lc. per gal. affects the
cost of gas nearly Sc. per 1,000 Cu. ft., and the increase already made to
some companies has varied from lc. to 2%c. per gal., the serious effect
of such an increase upon the revenues of gas companies will be realized.
Fortunately, our 3-year contract for gas oil will not expire until the end of
the current year, and therefore this company will not begin to feel the effect
of the increase in its price until 1913.
New Rates Cause Loss.-The modified electric rate schedules which were
put into operation July 1 1911 by The N. Y. Edison and The United Elec.
Light & Power companies resulted in a reduction in the gross electric
revenue during the year ending July 1 1912 of $1,258,774 (V. 94, p. 275)•
Loan.-The $5,000,000 12-mos. coll. trust loan which matured Aug. 10
1912 was renewed for a corresponding period (V. 95, p. 178).
Proposed Purchase.-The application of the company to the P.S.Commis-.
sion for permission to purchase the pref. and corn. stocks of the N. Y. &
Queens Elec. Light & Power Co. and the stock of the N. Y. & Queens Gas
Co. is still pending before that Commission (see V. 94, p. 275).
Condemnation.-The preliminary report of the commissioners appointed
to appraise the property of the Consolidated Gas Co. in the blocks bounded
by 16th and 18th streets between 10th Ave. and North River (including the
water-front) condemned by the city in 1902, and to appraise the damages
to the remaining property in these blocks belonging to the company, was
filed on June 1 1912. The hearing thereon adjourned June 26 owing to
the death of the Chairman of the Commission, is now in progress.
Tunnel -The tunnel between Astoria and the Bronx has boon extended
2,464 ft. during the past year. More rapid progress was prevented by
reason of the soft and treacherous rock which was encountered at a distance
of about 800 ft. from the Bronx shaft and also by the Astoria heading at a
point about 200 ft. distant from the Bronx heading. The tunnel reached
a point about 175 ft. from the Bronx end toward the close of Dec. 1912.
Since that time progress has been very slow. The 72-inch pipes to be laid
in the tunnel are now being delivered.
New Mains.-The system of transit-mains connecting the various
boroughs was further advanced during the year by the laying of six miles
of 48-inch main from the Bronx end of the Astoria tunnel to the Central
Union Works at the foot of East 138th St. and from the Central Union
Works to the new holder at Fordham Road and Harlem River Terrace.
With the new Astoria tunnel in use, there will have been completed comprehensive plans for an uninterrupted supply of gas in the three boroughs.
New Plant at Astoria.-The new water-gas plant at Astoria was put in
operation May 3 1912, embracing various improvements that are proving
more economical than the former practice (V. 95, p. 483).
Residuals.-The market for residuals has shown an improvement. Better
prices were obtained for coke, owing to the higher prevailing prices for
anthracite coal and to the fact that a large quantity was used in the generators in the new Astoria Water gas plant, thus enabling the company to
maintain a higher price for the coke which was sold. The prices obtained
for sulphate of ammonia also showed an improvement. Cyanogen press
cake has been in better demand.
New Holder.-The new gas holder at Fordham Road and Harlem River
Terrace, Kingsbridge,capacity of 10,000,000cub.ft., was putin commission.
New Shops.-There is now under erection at 110th and 111th street ands
First Ave. a 10-story building 200 ft. by 107 ft. for the repair of stoves and
meters. It is estimated that 210,000 meters and 25,000 stoves will be repaired here each year, requiring the employment of about 600 men.
New Officers.-In Dec. 1910 the company commenced the erection of the
first section of a 12-story office building on its property on the southeast
corner of Irving Place and 15th St. It soon became evident, however, that
the requirements of the several departments of this company and of its
affiliated companies would exceed the provision then planned, and in 1912
an adjoining plot 142 ft. by 84 ft. was purchased, making the total plot
297.5 ft. by 84 ft.; and a design was accepted for an 18-story building to
cover the entire area. This change required the raising of our present
building six additional stories. The building construction will ho of the
most modern fireproof type, fitted with all the modern conveniences required for the company's use.
Contract with Third Avenue Ry.-During 1912 a 21-year agreement was
made with the Third Ave. Ry. Co., under which The N. Y. Edison Co.
undertakes the operation of the Kingsbricige power-house and the supply
of current to meet the entire requirements of the Third Ave. Ry. system.
This service involves a station capacity of 30,000 k. w., or an annual consumption of over 100,000,000 k. w. hours.
Arms York Edison Co. Additions.-During 1912 there were added to the
generating stations of The N. Y. Edison Co. 56 automatic smokeless
stokers, 20 superheaters, centrifugal boiler feed pumps and new feed water
heaters; and the installation of three 20,000 K. w. steam turbines was
completed. Rotary converter capacity of 20,000 k. w., together with 8,650
k. w. in storage batteries, was added in sub-stations on the direct-current
system. On the alternating current system 4,000 k. w. were added to the
sub-station transformers and 12,000 k. w. in transformers.
Hearing as to Electric Rates.-At the hearings in the matter of complaints
against the N. Y. Edison Co.'s rates, filed by consumers at the instance of
certain persons interested in the installation of private plants, the company
submitted testimony showing that 36,783 of its customers contributed an
average revenue per customer of only $1 28 per month, or $15 36 per year,
and that 84,436 customers, or nearly 80% of its customers of all classes,
contributed an average revenue of only $5 per month.
New Generating Station.-Early in the year The United Elec. Light &
Power Co. purchased a plot of land located on the Harlem River at the
junction of Sherman Creek and West 201st St. (the dimensions being about
201.19 ft. x 550.81 ft. x 348.36 ft. x 242.17 ft.), and contracted for the construction of a generating station. On Dec. 31 the steel construction was
about half completed. Contracts for the building and equipment have so
far been lot to the extent of $2,982,619, including three 19,000 KVA turbogenerator units. The completion of the building and equipment to its
ultimate capacity, it is estimated, will mean a total approximate cost for
this generating station, complete, of $,6,200,000. It is expected that the
station will be operating two of the three units by the early fall of 1913.
The new 187th St. sub-station of The United Elec. Lt. & Power Co. will
probably be ready for the permanent equipment within 30 days. A part
of the premises has been set apart for the transformation of current to be
delivered under the agreement heretofore mentioned from the Edison Co.'s
Waterside Station for account of Third Ave. Ry. Co. This sub-station will
xcm
THE CHRONICLE
358
have an ultimate capacity of 15.000 k. w., and should meet the growing
demand in the upper northwesterly section of the city for 10 or 12 ,years.
A new fireproof 7-story building has been erected on the south side of
West 147th St. by the United Co. for purposes of store-room, meter shop,
central station laboratory, general repair shop, &c.
Municipal Street Lamps.-On the lines of the company and its affiliated
gas and electric companies there were, on Dec. 311912, 24,758 incandescent
gas lamps, 122 open-flame lamps, 10,419 electric arc lamps and 11,431
electric incandescent lamps, a total of 46,730 street lamps.
•
Combined Sales.-The combined sales of gas of the various companies
during the year were 28,938,236,256 cu. ft., an increase of 3.86%. The
sales of electric current during the year amounted to 407,966,066 k. w.
hours, an increase of 22.37%.
Taxes.-The taxes charged against the earnings of the companies during
the year amounted to $3,533,530.
Cost of Additions.-There was expended during the year for additions to
and betterments of the producing and distributing plants of the various gas
and electric companies the sum of $12,547,963.
Repairs.-At a cost of $4,408,061 for repairs and $2,700,884 for renewals,
total, $7,108,945, these properties have been maintained at the highest
possible point of operating efficiency. [As to Long Acre project, see V. 95,
P. 821, 893, 1042, 1211, 1276, 1406; V. 96, P. 65.1
During the last few years, since the company has resumed payment of
dividends on the pref. stock, it has seemed wise to set aside out of the earns
ings of each year a sum applicable to dividends on the pref. stock, to be die
tributed in quarterly dividends during the succeeding year. It now appears.
however, that the earnings have been established on so substantial a basithat the company is justified in reverting to the usual method of declaring
dividends for each quarter out of the current earnings of that quarter.
The directors have accordingly declared a quarterly dividend of 1% upon
the pref. stock, payable Feb. 1 1913 out of the earnings of the current quarter and also a special extra dividend of 1% upon the pref. stock, payable
Dec. 20 1912.
STATEMENT OF PROFIT AND LOSS FOR YEARS ENDING OCT. 31.
1910-11.
1911-12.
1909-10.
1(108-09.
Profit for the year
$385,004
$341,356
$326,116
$289,861
Depreciation
110,000
106,839
100,000
100,000
$226,116
$275,004
$234,517
$189,861
Int. on 1st M. bonds__ _
$65,000
$65,000
$65,000
$65,000
Preferred dividend& __ (4%)see text)(4%)60,000 (5%)75,000 (4%)60,000
Patent rights, good-will,
&c., charged off
180,000
100,146
Approp. for new constr_
75,000
INCOME ACCOUNT FOR YEAR.
1911.
1912.
1910.
Surplus for the year....
$30,004
$9,371
$11,116
$64.861
Gas meters in use Dec. 31
848,266
875,017
826,916
Electric meters in use Dec. 31
189,691
221,361
159,405
BALANCE
SHEET
OCTOBER
31.
Gas appliances installed
89,861
103,067
89,389
Combined sales of gas (1,000 Cu. ft.)_ _28,938,236 27,861,658 27,217,105
1911.
1912.
1912.
1911.
Sales of electric current(1,000 k. w.)
333,376
407,966
291,174
Assets$
,
5
Liabilities$
$
Net earnings from gas business (after
Real est., plant, &c..2,410,706 2,381,918 Preferred stock
1,500,000 1,500,000
deducting the reserve for renewals
Patent rights, tradeCommon stock
1,000,000 1,000,000
and contingencies)
$1,609,583 $2,013,446 $2,151,422
marks, &e
250,000 430,000 First mtge. bonds_ _ _1,300,000 1,300,000
Add for the purpose of determining the
Stk. in oth. cos, &c_ 287,005 214,908 Accounts payable..- _ 88,586
56,149
earnings applicable to the value,
Inventory
593,876 516,225 Accrued wages
15,051
14,145
based upon the decision of the U. S.
Bills & fleets receiv_ 423,637 406,692 Accrued bond int..
32,500
32,500
Supreme Court, of the tangible and
89,473 110,725 Bal. of deprec. fund
Cash
intangible property employed in its
appro.
for
con
„Am.}
Value of unexpired
8,0001 17,036
gas business, viz.: $79,143,950 in
4,710 Dividend account__
4,792
insur., taxes, &o _ _
60,000
1912, against $76,179,986 in 1911
Surplus
115,352
85,348
and $74,355,846 in 1910, the surplus
earnings of Astoria L., H.& P. Co
344,501
292,861
261,044
Total
4,059,489 4,065,178
Total
4,059,489 4,065,178
And the interest received on the in-V. 95, p. 1686.
633,983
vestment in that company
613,552
675,105
Total earnings from gas business for
*$2,629,188 *$2,919,859 *$3,046,449
the year
Divs. and int. rec'd on stocks & bonds
owned and on advances made to
affiliated gas and electric cos. (excl.
int. on the investment in Astoria
5,375,936
5,096,422 4,804,998
Light, Heat & Power Co.)
$8,005,124 $8,016,281 $7,851,447
Total net income
Dividends paid on stock
(6%)$5,988,990(6%)5988990(4 )4491633
Interest on funded and other debt_ __
464,404
479,435
434,967
Balance, surplus
$1,536,699 $1,562,887 $2,924,847
* Equivalent to about 3.32% in 1912, 3.83% in 1911 and 4.10% in 1910
on the value of the tangible and intangible property employed in the
manufacture and distribution of the gas sold by the company.
BALANCE SHEET DECEMBER 31.
1911.
1912.
1911.
1912.
AssetsLiabilitiesS
Plant & property 53,262,669 52,206,033 Capital stock_ _ _ 99,816,500 99,816,500
Bonds and notes 8,738,100 8,745,100
Stocks & bonds1
of other cos__ J92,670,159 71,679,336 Accts. payable &
15,289,422
Adv.tooth. cos.J
accr'd charges 5,588,335 5,046,188
Bonds & mtges_
200,000
205,000 Stock and bond
Cash
1,272,748 3,593,732
premiums_
13,951,397 13,951,397
Aects receivable. 2,373,145 3,717,652 Renewal and reMaterial & supp.
850,257 1,037,722
serve funds.. _ 9,920,088 8,666,859
• Profit and loss_ _ 12,614,559 11,502,853
Total
150,628,979 147,728,897
-V. 95, p. 483, 819.
Total
150,628,979 147,728,897
U. S. Industrial Alcohol Co., New York.
(Report for Fiscal Year ending Dec. 311912.)
President Frederick M. Harrison, Dec. 31 1912, wrote:
Increased earnings reflect the improvement anticipated in our report for
the preceding fiscal year and under favorable trade conditions the expansion of the businessshould continue. We have adhered to the policy of maintaining our plants at their highest efficiency and of making substantial
rtvenormia,e)%icena
for repairs,
appropriation
the accounts and bills
depcostand
rciaton.ul
receivable are indicated at their net worth.
INCOME ACCOUNT YEAR ENDING DEC. 31.
1912.
1911.
Profits from all sources
$1.437,522 $1,308,399
Repairs, maintenance and deprec'n_
166,221
99,933
Insurance and taxes
96,757
99,585
Administration and other expenses..152,793
206,136
Preferred dividends (7%)
420,000
420,000
Balance, surplus
$601,751
$482,745
BALANCE SHEET DEC. 31.
1912.
1911.
1012.
AssetsLiabilitiesProperties owned _16,408,032 16,293,616 Common stock _ 12,000,000
Cash
674,111
815,795 Preferred stock__ 6,000,000
Accts.& bills rec. _ 3,998,247 3,711,231 Accts. & bills pay.. 282,740
Mdse., material,
Republic Distilling
&c. (cost) .._ _ 593,404
419,313 7% s. f. bonds_ _ 1,400,000
Unexpired ins.,&c.
2,009,608
18,554
19,250 Surplus
Total
21,692,348 21,259,255
Total
Cockshutt Plow Co., Ltd., Brantford., Canada.
(Report for Fiscal Year ending June 30 1912.)
Pres. H. Cockshutt, Sept. 4 1912, wrote in substance:
The year just closed, like that before it, has been an active one, both
years showing a very gratifying percentage of increase in the business done,
with a resulting increase in the total net profits.
We have acquired during the year a large interest in the Adams Wagon
Co., Ltd., and in the Brantford Carriage Co., Ltd., both of Brantford, Ont.
and have taken over their sales departments and incorporated them with
our sales department, with excellent results.
The large increase in the item "accounts and bills receivable" is a direct
result of the increased business done by the company in Western Canada,
as it is the custom in that territory for agricultural machinery to be paid
for on the installment plan, the company retaining a lien on the machinery
until fully paid for.
In view of the advisability of building up a reserve as soon as possible,
the directors do not recommend the payment of a dividend on the common
stock.
The directors suggest that in future the fiscal year should end on Dec. 31.
•
PROFIT AND LOSS ACCOUNT YEARS ENDING JUNE 30TH.
1911-12. 1910-11.
1911-12. 1910-11.
Net profit_*
$848,274 $812,615 DIV? on pref. sharesa$401,525
400,000 300,000
Capital reserve
44,564
Other income
Contingent reserve
77,313
23,217
$892,838 $812,615 Nferchandise reserve..
200,000
Total income
DeductTotal deductions.. _5892,838 $812,615
Bonus to employees.. $4,000
Empl. welfare fund.. 10,000
Interest
$289,397 Balance
None.
None.
*After providing for depreciation. aDividends on preference shares at
rate of 7% per annum from May 25th 1911 to Tune 30th 1912.
BALANCE SHEET JUNE 30.
1912.
1911.
1912.
1911.
AssetsLiabilities*Plant, prop'y,&e. 7,769,543 7,919,543 Preferred shares... 5,465,000 5,000,000
Add'ns during year 183,366
Common shares.... 5,000,000 5,000,000
Cash
16,726
8,544 Bank loans & accts. 4,571,778 2,754,511
Accts. & bills rec. 5,785,183 3,827,174 Div. pay. July 25..
95,637
Inventories less
Employees welfare
merch. reserved 1,531,967 1,259,509 fund
10,000
Shares in capital
Capital reserve...... 700,000
300,000
of other cos_ _ _ _ 643,088
51,701 Contingent reserve 100,530
23,217
Insur. dr advances
11,258
13,072
Total
1910.
$863,599
49,188
71,993
78,341
420,000
$244,077
1911.
12,000,000
6,000,000
*351,399
1,500,000
1,107,856
21,692,348 21,259,255
* The company deducts the accounts and bills payable ($282,740 and
3.1399, respectively, in 1912 and 1911) from the total of current assets
set
!
$5,284,316 and $4,965,639, respectively), showing the same as a net asset
($5,001,575) in 1912, and omitting the item from the other side of the account as a liability.-V. 96, p. 291.
Harrison Bros. & Co., Inc., Philadelphia.
(Report for Fiscal Year ending Oct. 31 1912.)
Pres. and Gen. Man. Robert S. Perry, Phila., Dec. 17,
wrote in substance:
15,942,945 13,077,729
Total
15,942,945 13,077,729
*Less depreciation provided.-V. 95, P. 819.
Lake of the Woods Milling Co.
(Report for Fiscal Year ending Aug. 311912.)
INCOME ACCOUNT.
1910-11.
1911-12.
$412,154
$457,012
1909-10.
1908-09.
Profit for year
$475,226
$723,380
DeductInt. on bonds due 1923_
$55,141
$60000
$60,000
$60,000
Int. on Keewatin Flour
Mills bonds
45,000
45,000
45,000
45,000
Bonus on corn. stk., 5%
105,000
Pref. dividends (7%)_..
105,000
105.000
105,000
105,000
Common dividen _ - _(8%)168,000 (8)168,000(6)136,500 (6)121,500
Total deductions_ _ _ _ $373,141
$331,500
$378,000
$451,500
Balance, surplus
$391,880
$83,871
$34,154
$23,726
BALANCE SHEET AUG. 31.
1911.
1912.
1911.
1912.
Assets$
$
Liabilities2,100,000 2,100,000
Real est., bldgs.,&c_3,114,833 3,100,355 Common stock
1,500,000 1,500,000
Stable & warehouse
Preferred stock
equipment, &c__
62,631
61,453 Bonds,6%,due 1923 900,000 1,000,000
15,000
Keewatin Flour Mills
Int. on bds., 3 mos._ 13,500
500,000
stock ($750,000) at
Bills payable
cost
200,000 200,000 Accounts payable_ _ .. 298,116 142,650
*817,458 857,457
Advances to KeewaProfit and loss
tin Flour Mills Co. 189,462 189.461
Good-w.,tr.-mks.,&c. 800,000 900,000
Materials & supplies 1,163,402. 699,134
Accts. & bills ree'le_ 556,224 433,914
Cash
42,521
30,700
After making a liberal charge-off for depreciation, the net earnings were
$275,004, as against $234,516 during 1910-11. The amount charged off for
depreciation, $110,000, is equivalent to 3% on bock value of buildings and
10% on the book value of machinery and apparatus. Of this fund, $93,541
Total
6,129,074 5,615,107 Total
6,129,074 5,615,107
has been used for improvement and betterment and $16,459 in reduction of
general book value of plant. On the other hand, a total of $45,247 has been
* After deducting remuneration to directors and bonus to employees
expended on additions to plant, making a net increase in the value of the voted at 1911 annual meeting and audit fee $14,500; good-will, trade-marks,
plant account of $2,381,918, to $2,410,705. "Other investments" have &c., written off, $100,000, and premium paid on bonds redeemed,$9,370.
increased during the year from $214,908 to $287,05. The income from
Note.-The company also guarantees the principal and interest of $750,these investments has increased from $32,201 for 1910-11 to $41,939. 000 Keewatin Flour Mills Co.6% bonds, due 1916, which are not shown
in
We have charged off $180,000 from book value of "patent rights, good-will, the above balance sheet, but interest on which is deducted in the income
&c.," reducing this item to $250,000.
account.-V.95, p. 970.
FEB. 1 1933.]
THE CHRONICLE
GENERAL INVESTMENT NEWS.
Alberta & Great Waterways Ry.—Decision.—
According to press advices, the Privy Council at London has decided in
favor of the Royal Bank against the Alberta Government in the suit involving the right of the Province to receive from the banks in which the
same was deposited the $7,400,000 proceeds of the sale of the company's
bonds (guaranteed by the Province). No further details of the decision
are as yet available.—V. 95, p. 168i.
359
Co. of Dallas as trustee, securing an issue of $2,000,000 1st
M. 5% bonds dated Dec. 1 1912 and due Dec. 1 1942,
interest J. & D., par $500 and $1,000, immediate issue, $1.
300,000. "Dallas News", Jan. 5, said:
The line will extend from Dallas(at a point on the line of the Texas Traction Co's. interurban line) via Garland, Rockwall,Rate,Royse City,Josephine and Caddo Mills to Greenville, 54 miles.
The forms are in place for the 114-ft. steel reinforced concrete viaduct
over Duck Creek in the western edge of Garland and the Dallas-Garland
section should be in operation by April 15, the Garland-Greenville division
Boston & Lowell RR.—Bonds Offered.—Merrill, Old- by Sept. 1. The latter section will be delayed by the work of constructing
2,200-foot viaduct over Elm Fork of the Trinity River between Garland
ham & Co. offered on Jan. 27 at 102.66, yielding about the
and Rockwall. There are in use on the Dallas-Garland section two cars
4.30%, $1,000,000 (refunding) 432% bonds due Feb.11933. for passenger
and express service. Preliminary lines have been surveyed
Total direct bonded debt, $6,528,000; capital stock, $7,679,400, quoted for the line between Greenville and Bonham, about 34 miles. The right
at about $200 per share, or over $15,000,000. Dividends, 8% per annum, of way,it is said, is assured by citizens interested. F.E. White is President
are guaranteed under lease till 1986. The $1,000,000 4%s were awarded and I. A. Miller, Secretary.
to the firm named on Jan. 27 at 101.719, the other bids ranging from
[Incorp. in Texas on March 6 1912 with $2,000.000 of auth. capital stock,
99.23 by Paine, Webber & Co. and Edmunds Bros. to 101.576 by Blake In $100 shares, $1,000,000 being then subscribed. Of the auth. issue,
Bros. & Co. and Edgerly & Crocker.
$1,600,000 was to be common and $400,000 pref. In November last
The $1,000,000 bonds falling due Feb. 1 1913 will be paid at the Mer- $1,300,000 bonds were reported to have been sold and the proceeds rechants' National Bank, 197 Washington St., Boston.—V. 96, p. 284, 61.
ceived. Officers—Forest E. White of Galveston, Pres.; J. W. Crotty,
Dallas, 1st V.-Pres. & Gen. Man.; W. A. Williams, 2d Vice-Pres.; Joseph
Boston & Maine RR.—Sale of Notes.—The company has F.
Nichols, 3d Vice-Prest.; L. E. Birdsong, Treas.; all of Greenville; T. A.
sold to a syndicate consisting of J. P. Morgan & Co., Lee, Miller Sec., Dallas.
Higginson & Co. and F.S. Moseley & Co., who have disposed
of the same at par, an issue of $10,000,000 one-year 5%
notes dated Feb. 3.
Of the proceeds about $5,000,000 will be used to take up the company's
proportion of the $10,000,000 Maine Central stock recently authorized and
the remainder to retire small note issues maturing prior to the $12,000,000
4% notes on June 10 next.—V. 95, p. 1606.
Brooklyn Rapid Transit Co.—Guaranty of Bonds.—
See New York Consolidated RR. below.—V. 96, p. 200, 134.
Bruce Mines & Algoma Ry.—Change of Name, &c.—
The company will apply at the next session of the Ontario Legislature
for authority to change its name to Lake Huron & Northern Ontario Ry.,
and to increase the auth. stock from $300,000 to $12,000,000.—V.93, p.43.
California Shasta & Eastern Ry.—Application.—The
company has applied to the California RR. Commissioners
for authority to issue $797,000 bonds and $1,075,000 capital
stock, to acquire the railroad from Anderson to Bella Vista,
16 miles, and for its repair and reconstruction, and the construction and equipment of 13 miles from Bella Vista to Ingot.
The line to Ingot will serve the Afterthought Copper Co.,the J. E. Terry
Lumber Co. and other industries, in addition to an agricultural section.
Central Illinois Traction Co.—Control.—
See Central Illinois Public Service Co. under "Industrials" below.
—V.85, p. 653.
Chicago Burlington & Quincy RR.—Bonds Called.—
One hundred and seven bonds of $1,000 each and 22 of $100 each, issued
under the Denver extension mtge. dated Dec. 1 1881, for payment on
Feb. 1 at par at the New England Trust Co., Boston.—V. 96, p. 134.
Empire United Railways, Rochester, &c., N. Y.—
In the proposed consolidation referred to last week, Syracuse Lake Shore
& Northern common stock would be exchanged for 100% (or $2,500,000)
In new common, while holders of the Auburn & Nor. El. RR. common
would receive 123- % in new 1st pref. (not 12% in new common). With
these changes the table published last week accounts for the full amounts
of the new stock issues as proposed by the merger plan. Compare V. 96,
p. 284.
Evansville (Ind.) Public Utilities Co.—New Bonds.—
This company, formed last June under the laws of Indiana by consolidation of the Evansville Public Service Co., Evansville Gas & Electric Light
Co. and Evansville & Southern Indiana Traction
has filed a mortgage
to the Commercial Trust Co.of Phila. and CharlesCo.,
P.Lineaweaver, as trustees, securing an auth. issue of $10,000,000 "first lien and refunding" 5%
due
July
and
1 1942, but callable on any int. date
bonds dated July 1 1912
at 107ii and hit. Par $1,000. Int. payable J. & J. at office of Hodenpyl
Hardy & Co., 14 Wall St.. N.Y. Of these bonds, $942,000 were issued in
payment for property acquired.
The remainder of the issue is reserved for: (a)Immediate improvements,
$500,000; (b) For 80% of the cash cost of future improvements and acquisitions, $4,200,000; (c) To refund, when due, all underlying bonds, $4,358,000. The underlying bonds are:
Evansville Elec. Rys. Co. 1st M.45 of 1901, due May 1
-$1,200,000
April 1
Evansville & Princeton Trac. Co. 1st M.5s of 1903, due1921-1923 (call 110, V. 80, p. 2620)
350,000
Evansville & Sou. Indiana Trac. Co. 1st cons. M.5s of 1907, due
Jan. 1 1937 (V. 84, p. 339)
1,208,000
Evansville Gas & Elec. Lt. Co. 1st & ref. M. 5s of 1902, due
June 1 1932 (call in and about 1913 at 105, V. 75, p 188)_„ 1,250,000
Evansville Pub. fiery. Co. 1st M. 6s of 1910, due June 1 1930
(V. 91. p. 339)
Capital stock: Corn., auth., $3,000,000; outstanding, $3,000,000; pref.
ef.
(5% cum. July 1913 to 1915, thereafter 6%), auth., $3,000,000; issued.
$2,200,000. Par of shares, $100.
See Union By.. Gas & Elec. Co., p. 123 of "Elec. Ry. Sec." The
Evansville Rys.Co.is an independent enterprise. Seep.48 of 'El. Ry.Sec.'
Chicago & North Western Ry.—Bonds
and six per cent sinking fund bonds of 1879 to the amount
Fitchburg RR.—Bonds Sold.—The 8400,000 20-year
of $107,000 drawn for redemption Feb. 1 are being paid at
the Farmers' Loan & Trust Co., New York, at 105 and ac- 43% bonds were awarded on Jan. 22 to Blodget & Co. and
W. Harris & Co., who bid jointly 100.42.
crued interest to Feb. 11913. The numbers will be found in N.
The other bids ranged from 99.69 by H. C. Wainwright down to 97.31
our advertising columns.—V. 95, p. 1745.
by Blake Bros. & Co. and Adams & Co. jointly.—V. 96, p. 202.
Chicago Elevated Railways.—Injunction.—
Gary Cohnecting Railways.—Consolidation.—
Judge Baldwin in the Circuit Court on Jan. 24 made permanent the temporary injunction granted by him last July restraining the enforcement of
the ordinance passed in May 1912 compelling the elevated roads to exchange
transfers. An appeal will be taken to the Supreme Court (V. 95, p. 1448).
Judge Baldwin does not sustain the contention of the roads that they
are separate corporations, but finds that the financial merger of the companies is in effect an actual merger, and that the companies are one to all
practical intents and purposes. He bases his decision on the fact that the
State Legislature has never delegated powers to cities to regulate the rates
of steam roads operating within their cirporate limits, and that elevated
roads come under the same classification.
The ordinance was passed on the theory that the same law applies to
them as to the surface lines, which were compelled to issue transfers on all
lines owned or leased by the same company. The attorneys for the elevated
roads contended that to enforce the ordinance would be a violation of the
contract ordinances under which the lines operate, and which give them the
right to charge a 5-cent fare on each separate line. Judge Baldwin held
that this contention is not justified by the situation, as the ordinances are
not grants to charge a specific anount of fare, but rather, if anything, a
limitation of that right.—V, 95, p. 1683.
Clarksburg Northern RR.—New Control.—
The sale of control in October last, it is learned, was to Bird M. Robinson
of New York and associates. The following officers have been elected:
Pres., Bird M. Robinson, New York; V.-Pres., I. M. Underwood, Middlebourne, W. Va.; Gen. Mgr., T. F. Whittlesey, New Martinsville, W. Va.
—V. 95, p. 1039.
Cleveland Painesville & Eastern RR.—Earnings.—
See Gary & Interurban RR. below.—V. 93, p. 1386, 469.
Gary & Interurban RR.—Merger.—The company has
been incorporated with $1,000,000 authorized preferred and
$4,000,000 common stock as a merger, it is reported, of the
Gary & Interurban Ry., Gary Connecting Rys., Valparaiso
& Northern Ry. and Goshen South Bend & Chicago RR.
The officers are: President, Frank N. Gavit of Whiting, Ill.; Vice-Pres.,
A. C. Miller of Chicago, and Secretary, C. W. Chase of Chicago. These
and P. H. Wood, Oak Park, Ill., and Frank Kemp and E. R. Rice of Gary
are the directors. The offices of the company have been moved from
Chicago to Gary. Authority is given to increase the stock to $7,500,000
as required.
Gary & Interurban Ry.—Consolidation.—
See Gary & Interurban RR.—V. 95, p. 1472, 1331.
Georgia & Florida RR.—New President.11. Lancaster Williams, of Middendorf, Williams &
as been elected
President to succeed his brother, John Skelton Williams
Co.,Of Richmond, who
desires to give his time to the new Richmond Trust & Savings Co. organized by him.—V. 95, p. 1472.
Green Bay & Western RE.—Distribution on Class B Debentures Increased.—The directors have declared a distribution of 1%7
0 on the $7,000,000 class "B" debentures (comparing with M of 1% paid in Feb. 1912 and 1911),payable,
out of the net earnings for the year 1912, at 40 Wall St.
Feb. 3 1913 to holders of record Feb. 1 1913.
Balance,
Calendar
Gross
Operating
Net
Year—
Earnings. Expenses. Earnings. Interest. Taxes. Surplus.
1912
$58,175
$386,967 $190,005 $196,962 ----$138,787
1911
366,143
63,903
189,195
176,948 $100,357 $12,688
1910
355.469
73,682 Div.Record. '99. '00.'01. '02. '03. '04.'05-07. '08. '09. '10. '11.'12. '13
10,033
96,585
175,169
180,300
"A" debs.% 2% 2% 3 4 4 4 5 yriy. 5 5 5 5 5 5
—V.94, p. 692, 630.
I% 2% 3 4 4 4 5 yrly. 5 5 5 5 5 5
Stock
Colorado & Southern Ry.—Appeal.-"B" debs
_
_ _ _
The company, it is stated, has decided to appeal to the U. S. Supreme
-500,000- stock and $600400 "A" debentures
The usual 5% on the $2,
Court from the decision of the State Supreme Court, handed down on was also declared.—V. 95, p. 1217.
Dec. 9 last, ordering the company to reopen for operation its ilne between
Como and Breckenridge, 22 miles, over the Boreas Pass, on what is known
Hampden RR. Corporation.—Application.—
as the South Park branch, on the ground that by doing so it is compelled
The Mass. RR. Commission on Jan. 24 took under advisement the applito operate the line despite heavy and oppressive losses, which is virtually cation of the company for permission to issue $2,500,000 30-year 5% bonds.
taking away property and revenue without due process of law, in viola- The road is expected to be completed by May 1.—V. 95, p. 1684.
tion of the Federal Constitution. Compare V. 96, p. 62.
Interborough Rapid Transit Co.—New Bonds—Statement by J. P. Morgan & Co.—J. P. Morgan & Co. on Jan. 28
sent to the P. S. Commission the following statement as to
their arrangements for refunding the company's obligations
and financing its portion of the city's proposed new subway
Duluth South Shore & Atlantic Ry.—Guar. Equipment and elevated system (see V. 95, p.135; V.94,p.1507, 1565):
5s—How Secured—Sinking Fund—CallPrice 110.
Trusts.—The company has sold to Wm.A. Read & Co. V10,- $170,000,000 New First M.
Over two years ago, at the request of the Interborough Company, with
000 432% equipment gold notes, series 12, dated Dec. 11912, which
we had no official connection, we undertook to assist in plans by
which the Interborough Company could secure funds to be used in the
and due $31,000 semi-annually beginning June 11917.
construction, equipment and operation
Columbus (0.) Ry.& Light Co.—Earnings.—Cal. years:
Gross
Calendar
Earnings.
Ycar—
$2,944,052
1912
2,824,489
1911
—V. 95, p. 419, 297.
Net
Earnings.
$1,347,837
1,321,432
Charges and
Depreciation.
$1,272,823
1,233,012
Balance,
Surplus.
$75,014
88,420
These certificates represent part cost (total $391,750, remainder paid in
cash) of 400 steel ore cars of 50 tons capacity, to be delivered by Am. Car
& Foundry Co. in April next. Par $1,000 (c). Prin. and int. (J. & D.) at
offices of Wm. A. Read & Co. in N. Y. and London (E205 Ils. to $1,000.
Trustee Central Trust Co. Guaranty endorsed on each note: "For value
received the Canadian Pacific Ry. Co. hereby guarantees the due and punctual payment by the D. S.S.& A. Ry. Co. of the prin. and int. of the within
note in accordance with the terms thereof and in default of such due and
punctual payment agrees to pay the same." [Signed by Can. Pac. Ry. Co.]
—v. 95, n. 112 •
Eastern Texas Traction Co. 9—Bonds.--This company,
which is building the Dallas-Greenville Interurban line,
has filed a mortgage to the Guaranty State Bank & Trust
of new subways. Under the general
terms finally arranged between the city and the Interborough Company,
we were informed that the company would require the sumof approximately $160,000,000, of which about $50,000,000 for refunding purposes.
This meant that new bonds would have to be issued to an approximate
amount of $170,000,000. Inasmuch as these bonds were to be secured
by a mortgage—not upon the subway itself, which was to be the property
of the city—but upon an operating lease, equipment and other property
of the company, it was necessary, as is the practice with bonds of similar
character, to provide a sinking fund to retire the bonds at or before the
expiration of the lease. To provide for sinking fund requirements the
bonds were to be callable at 110, provided the company should not be able
to purchase them in the market at a lower price. This provision would
in no way force the company to pay the price of 110, but would prevent
holders of bonds from exacting a higher premium from the company.
THE CHRONICLE
360
To provide for bond interest and for this sinking fund, the Interborough
Company relied upon a preferential claim to earnings from the operation
of the existing subway and elevated systems and of the new subways,
this claim being amply sufficient, in our judgment, for these purposes,
although the city in no way guaranteed this result, nor could it constitutionally do so.
•
Price to Firm 93M (5Y% Basis)—To Syndicate 96.
To determine the question of price to be paid to the Interborough Company for its bonds, it was obviously necessary to have regard to the ruling
prices of other bonds of like grade and to the fact that the money for this
issue of $170,000,000 (the largest single corporate transaction that we can
recall) must be furnished from year to year in amounts specified, the immediate commitment being final and definite irrespective of conditions,
financial or otherwise, which might obtain during the life of the contract.
Unless the likelihood of a reasonable and substantial profit were held out,
no group could have been found to undertake a contract of this size.
Accordingly we notified the Interborough Company that we and our
immediate associates would buy the issue at 93H, being on a basis to net
to us 54% per annum. Further, that we should plan to form a syndicate
to take the !ponds at 96, reserving to ourselves and associates a compensation of 2A % in return for our original undertaking to purchase the bonds,
for our work in forming and managing tho syndicate and for the general
services rendered in a transaction of such magnitude and complexity.
Syndicate Includes 280 Participants—Co. to Receive
Any Price Above Par.
Despite the fact that, at the time, there were other large demands in
this market for rapid transit purposes, we promptly formed a syndicate
(in which we participate) for the full amount, with about 280 participants,
domestic and foreign. This syndicate, for which we shall exercise our best
judgment, with profit to the extent that the price (less expenses) at which
the bonds are sold exceeds the syndicate's cost. And it is to be noted that
the Interborough Company is to receive one-half of any price obtained
for the bonds above par.
There can be no question that the entire financing is for account of the
Interborough Company, and comes out of its fixed five cents fare.
In this transaction, in which our aid has been sought, our idea has been
to serve the Interborough Company upon the best terms at which it could
reasonably expect to secure its funds hero or elsewhere, and at the same
time to safeguard the terms of the bond issue in such a way that, for the
investors, no question can properly arise as to the soundness of this security.—Y. 96, p. 135, 62.
H
[VOL. xcvi.
Secured by deposit of $6,000,000 ref. and extension M.5% gold bonds,
due Feb. 11962. out of$10,126,000, being 60% of the bonds issued. These
bonds are a consolidated mortgage on all the property and a first lien on
230 miles Of railroad and on over $1,000,000 worth of equipment. Surplus
earnings for six months ended Dec. 31 1912 (Dec. partly estimated) after
payment of all fixed charges were $429.045. The company operates more
than 1,500 miles of railroad, and has paid all fixed charges promptly since
its organization in 1894. Originally there were $5,000,000 of notes outstanding, but this amount was reduced Feb. 1 1911 to $4,000,000 and now
to $3,000,000 by two cash payments of $),000,000 each. See also V. 96,
ro• 63, 136.
Bonds Sold.—The company has sold to bankers $1,000,000
4% bonds to retire $1,000,000 of the 5% notes which
matured Feb. 1.
The bonds sold include a block of the refunding and extension 4s; also
a block of earlier issue. Compare V. 96, p. 136, 63.
See Hocking Coal Co. under "Industrials" below.—V.96, P. 136,63.
New Orleans Ry. & Light Co.—Earnings.—Bertron,
Griscom & Co. have favored us with the following statement for the year ending Dec. 31:
Balance,
Interest on
Gross
Cal.
Net (after Misc.
Ref. 5s. Surplus.
Year. Earnings. Taxes, c*.c.). Deduc. Old Bds. Gen. 4
1912 $6,652,936 $2,666,589 $101,583 $602,276 $789.4S0 $178,217 $995,033
1911 6,362,834 2,402.655 66.585 619,993 789,480 154,901 771,696
—V. 96, p. 203.
New York Central & Hudson River RR.—Opening of
New Grand Central Terminal.—The main section of the new
Grand Central Terminal in this city will be thrown open
at midnight Feb. 1.
The first train to be dispatched from the new express train room adjoining the concourse will go out 25 minutes later. The lower level, which is
used for suburban purposes, has been in operation for some weeks. The
concourse is 301 ft. long, 125 wide and 125 ft. high, comprising a floor
space of 37,625 square ft. The vaulted ceilings contain 2,500 "stars."
Miles Bronson, Superintendent of the electric division, has been appointed
General Manager of the terminal, succeeding General Manager Whaley,
Lake Shore Electric Ry.—Earnings.—
who recently went to the New York New Haven & Hartford RR.—V. 95,
Balance, p. 1603.
Pref.Divs.
Net
Interest
Cross
Calendar
Surplus.
Year—
(6%).
Earnings.
Earnings.
Paid.
$92,612
New York Consolidated RR.—To Authorize Guaranty,
$60.000
1912
$419,450
$1,326,883
$572,062
116,423 &c.—The shareholders of this company, which owns the
60.000
416,025
1911
1,275,476
592,448
T. H. Hoggsett has been elected a director to succeed Jay Cooke, who
elevated and certain other lines of the Brooklyn Rapid Tranresigned. Henry Everett has been elected a Vice-Pres.—V. 95, p. 297.
Lehigh Valley RR.—Suit Dismissed.—
sit Co. (compare V. 95, p. 1206; V. 94, p. 1694; V. 96, p.
The amended bill filed July 6 1911 in the suit brought by the Government 200, 134) will vote Feb. 1 on—
under the commodities clause of the Hepburn Act, prohibiting carriers
(a) "Authorizing the company to guarantee and assume and agree to
from transporting in Inter-State commerce coal mined, produced or owned pay both principal and interest" of not exceeding $100,000,000 1st M.5%
by them, was dismissed on Jan. 27 by consent of both parties by, the U. S. sinking fund gold bonds of New York Municipal By. Corporation, to be
District Court at Philadelphia. The case was begun in June 1908. The or- issued from time to time under the first mortgage dated July 1 1912 (Cender is made without prejudice to the right to begin a now action if desired. tral Trust Co. of N. Y., trustee); also to agree to meet the sinking fund
It is rumored that the dismissal is part of the plan of the Government to payments and to endorse upon said bonds, when authenticated by the
bring now actions against the several coal-carrying roads as permitted under trustee, substantially the following guaranty,
:
the recent decision of the Supreme Court, which held that the point as to
"For value received New York Consolidated RR.Co. has unconditionally
the alleged illegal relations between the coal roads and the coal companies guaranteed and assumed, and hereby agrbes to pay, the within bond, both
be
courts,
the
by
upon
presented
in separate suits principal and interest, in accordance with its terms and the terms of the
must, to be passed
brought for the purpose. (See Reading Co., V. 95, p. 1684, 1652.)— mortgage and deed of trust therein referred to, and has unconditionally
V.96, p. 63.
agreed and does hereby agree to pay or to cause to ho paid promptly when
whenever due the payments required by said mortgage and deed of
Lehigh Valley Transit Co., Allentown, Pa.—Wages.— and
trust as a sinking fund for the redemption of the bonds thereby secured.
The company has granted wage increases, effective Mch. 1, to motormen To secure its obligations aforesaid New York Consolidated RR. Co. has
divisions.
in
Men
the
all
on
adare
first
and conductors
year's service
made, executed and delivered to Central Trust Co. of N. Y. its mortgage
vanced from 21 to 22c. per hour; 2d year men from 22 to 23c.•, 3d year and
, to all the benefits of which the owner
deed of trust, dated
men from 23 to 24c.; fourth year from 24 to 25c.: while a now rate of 26c. of the
within bond is entitled. Signed: New York Consolidated RR. Co.,
for
the fifth and subsequent years of' service, the present by
is established
(or-Vice-Pres.). Attest:
, Sec. or Asst. Sec.
Pres.
,
•
advancing scale stopping with the fourth year.—V. 95, p. 1746.
[Brooklyn Rapid Transit will also guar. the bonds. V. 91, p. 1694.1
(b) Authorizing a mortgage covering all its property now owned or hereLittle Miami RR.—Bonds.—L. von Hoffman & Co. of after acquired, to secure said guaranty.
(c) Ratifying an agreement whereby the N. Y. Municipal Railway CorN. Y. have purchased from the.Pennsylvania Co. a block of
poration agrees to equip, operate and maintain the lines of rapid transit
$1,026,000 Little Miami 4% bonds issued to refund the railroad
of the company.
(d) Ratifying an agreement for the assignment or lease by N. Y. Munich
5s which matured last November.
An offering of the bonds will probably be made shortly. Dated Nov. 1 pal Railway Corporation to this company, subject to the lien of the 1st M.
the rights and
1912 and due Nov. 11962. Int. M. &.N. Par $1,000.—V. 93, p. 1331. 5% sinking fund gold bonds of that corporation, of all
obligations of the latter under its contract respecting new rapid transit
lines: (1) with the City of New York for equipment, maintenance and
Manhattan & Queens Traction Corp.—Operation.—
Operation over the first section of the new double-track line from the operation; (2) with the New York Consolidated RR. for construction,
Queensboro Bridge, Manhattan, to the Long Island RR. crossing at Win- equipment, maintenance and operation; also all its rights and obligations
field. L. I., 2 miles, was begun on Jan. 29, the fare charged being 5 cents. under agreement c above, &c.
[The directors include John H. Hallock, B. Gallagher, George W.
It is expected to have the entire line in operation from the bridge to Jamaica,
Chauncey, Charles A. Boody, H. C. DuVal, George D. Yeomans, C. D.
a distance of 8 miles, all double-tracked, by spring.—V. 95, p. 1274.
Meneely, W. S. Menden, J. F. Calderwood and T. S. Williams.1—V. 95,
Manila Ry. (1906), Ltd.—Debenture Stock Offered in p. 1207, 1274, 1608.
London.—Speyer Brothers are offering in London for public
subscription £750,000 5% deb. stock at 95.—V. 95, p. 298.
Manistee & Grand Rapids RR.—Receivership.—Judge
Sessions in the U. S. District Court at Grand Rapids on
Jan. 24, oil application of Portland (Me.) stockholders, appointed Charles H. Morey of Manistee, Mich., receiver.—
V. 90, p. 1296.
Mexican Union Ry.—Readjustment—Prior Lien Bonds,
&c.—The holders of the 1st M. debentures were to vote
Jan. 22 on authorizing the company:
(1) To accept a guaranty of Interest as from Aug. 11012 at 3 %per annum
upon the 1st M.debentures until the railway to Ures shall have been opened
for traffic, the holders of theist M.debentures to accept interest at the rate
so guaranteed in discharge of the interest payable during this period, and
thereafter tho interest at 6% per annum in any year to be payable only out
of the net profits for that year;
(2) To create in respect of any branches orany extension of the main line
beyond Ures 1st M.debentures ranking pani passu with the existing 1st M.
debentures to an aggregate calculated at the rate of £3.000 per kilometre of
any such extension; and
(3 To create prior lien debentures carrying interest at a rate not exceeding 6%,charged as a first charge in priority to the 1st M. debentures upon
the concessions and the railway constructed, and other assets to an aggregateamount calculated at the rate of £1,500 per kilometre of line constructed
or about to be constructed, in order to provide sufficient funds for the completion of the line to Ures and for any other extension, and to meet obligations to the guarantors. Compare V. 91, p. 39, 215.
Middle West Utilities Co.—Acquisition.—
The company, it is reported, recently acquired the properties of the
Constantine Hydraulic Co. of Three Rivers, Mich., and that of the Milling
& Power Co.of Cassopolls, Mich. The company,it is stated, now owns and
operates more than 100 plants in Illinois, Indiana and Kentucky. A large
steam auxiliary plant, it is said, will be located at some point along the
lines the company has acquired in Michigan, probably at Three Rivers.
H. C. Sterling of Three Rivers will continuo to manage the plant in that
city.—V. 95, p. 1746.
Mill Valley & Mt. Tamalpais Scenic Ry.—New Director.
W. D. Fenimore has been elected a director to succeed W. D. B. de
Fremery, who resigned. A dividend of $1 25 was declared, payable
Feb. 10.—V. 95. p. 544.
Minneapolis & St. Louis RR.—Notes.—F. J. Lisman &
Co. are recommending the purchase of the new 6% secured
gold notes at 983/i and int., yielding 73'%. Dated Feb. 1
1913 and due Feb. 1 1914, but red. at 100 and int. at company's option on 60 days' notice. Auth. and outstanding,
$3,000,000. Par $1,000 (c). Trustee, Central Trust Co.,
New York City. A circular says:
New York Municipal Corp. Ry.—Guaranty of Bonds.
See New York Consolidated RR. above.—V. 95, p. 818.
New York New Haven & Hartford RR.—New Indictments.—The Federal Grand Jury on Jan. 30 returned a
new indictment against President Mellen and President Edson J. Chamberlin and Alfred W.Smithers, Chairman of the
Grand Trunk Ry., charging violation of Sherman law.
The alleged agreement between the two roads was submitted to an
entirely now grand jury, which returned the indictment, as stated, on several
counts, being the same in substance as the former one handed down on
Dec. 23 last (V. 95, P. 1746) by another Grand Jury which considered the
matter. The earlier indictment was set aside because one of the jurors,
It was claimed, did not live in this jurisdiction, making the validity of the
same doubtful.—V. 96, p. 203, 63.
New York Railways Co.—Wage Increase.—Pres. Shonts
on Jan. 23 announced an increase in wages of conductors and
motormen, effective Feb. 2, amounting to approximately
$150,000 a year, or about 10%.—V.95, p. 1608.
Norfolk & Western Ry.—Right to Subscribe for $19,000,000 Convertible Bonds to Provide for Double-Tracking, Coal
Branches, &c.—Warrants will be issued Feb. 28 to enable all
shareholders of record Feb. 17 to subscribe at 1023/ on or
before March 25 at the company's office, Arcade Bldg.,
Phila., or the Guaranty Trust Co.,28 Nassau St., N. Y.,for
about $19,000,000 new 432% convertible 10-25-year debenture bonds, dated Sept. 1 1913, in amounts equal to 15% of
their respective holdings. Subscriptions will be payable at
the places above mentioned, either in full on or before
Mch. 25, or 523/2% Mch. 25 and 50% between Sept. 2 and
Sept. 5 incl. See adv. on another page.
Abstract of Statement by Sec. & Asst. Treas. E. 11. Alden, Jan. 30'13.
The rapidly increasing demands upon your company's facilities, due to
the more than normal growth of its coal and general merchandise business,
have made it imperative to complete the double-tracking of the lino from
tidewater at Norfolk. Va., to the Ohio River, necessitating the construction of 147 miles of second track in Virginia and West Virginia, the remainder of the line to Columbus being already double-tracked. This work,
together with the construction of branch lines to now coal developments in
Virginia and West Virginia, the replacement of light by heavier bridges
and the extension and improvement of facilities and service south of the
Ohio River, including the electrification of about 24 miles of road in West
Virginia, where traffic is dense and operating conditions difficult and
costly, should be completed as rapidly as practicable. Your board of directors deems it advisable, in order to meet the more urgent of these requirements, other than equipment, to provide an amount approximating
FEE. 1 1913]
THE CHRONICLE
361
$19,000,000,and, pursuant to authority given by the stockholders Oct. 13 receiver's certificates, the interest accrued thereon and the costs and ex1910, hereby offers to the holders of common stock and adjustment pref. penses of the receivership will be paid out of the proceeds of sale.-V. 93,
stock this privilege of subscribing for convertible 4M % gold bonds.
p. 1387.
The bonds will be issued under a trust indenture to be executed to the
Quebec Central Ry.-Exchange of Securities.Guaranty Trust Co. of N. Y. as trustee. They will be payable Sept. 1
Holders of 7% income bonds and of 3% 2d debenture stock are informed
1938 and will bear interest from Sept. 1 1913, payable semi-annually.
Both p. & I. will be payable in U. S. gold coin without deduction for any that the company has created £338,000 2d M.debenture stock and £338,000
taxes which the company may be required to pay or retain under any pres- sterling 5% 3d M. bonds. Interest in both cases is payable in London on
ent or future law. Par, c* $1,000; r* $1,000 or $5,000 or any multiple of Jan. 15 and July 15 and the principal redeemable at the expiration of 50
$5,000 that may be auihorized by the board. • The bonds will be converti- years, the issues constituting a second or third charge respectively on the
ble at option of holder,at any time after Sept. 1 1913 and before Sept. 1 undertaking next after the 4% 1st M.debenture stock, secured by the rental
1923, into paid-un shares of the same par value of the common stock. payable by the Canadian Pacific Ry. Co. and principal and interest guaranSo long as the dividends on common stock are paid quarterly, a bond- teed by that company. Holders of existing 3% 2d debenture stuck or 7%
holder converting his bonds during the last half of an interest period will incomes are rewired to surrender them on or before Feb. 17 for exchange.
The basis of exchange is as follows: The old 4% debenture stock remains
be paid in lieu of the accrued interest a sum equal to the dividend paid on
a like amount of common stock for the first half of such interest period. undisturbed, but certificates must be presented for exchange into new cerThe bonds may be called by the company for redemption on any interest tificates setting forth the terms of guaranty of principal and interest by
Canadian Pacific Ry. Co. Interest dates as before. The old 3% 2d deday after Sent. 1 1923 at 105%.
All subscription receipts will be dated March 25 1913 and will bear int- benture stock is replaced (£ for E) by new 33% 2d M. debenture
stock,
erest from that date to Sept. 1 1913 (when the new bonds will be deliverI. guaranteed by Canadian Pacific Ry. Co. Interest dates as before.
able) at 4%7
0 per ann. on the par amount of bonds named therein if the re- The old 7% income bonds are replaced (£ for £) by 5% 3d M. bonds,
p.
I.
ceipt is for full payment or on one-half that amount if the receipt is for the guar. by Canadian Pacific Ry. Co. Coupons payable Jan. 15 and July&
15.
first installment only. Fractional warrants will not entitle the holder
to Bonus of £10 cash per £100 paid to holders on making the exchange. The
subscribe, but will be exchangeable in amounts aggregating at least $100 on
old capital stock is converted into stock transferable in sums of £1 and mulor before March 25 for subscription warrants.
tiples thereof, with a dividend (payable Jan. 15 and July 15) of 4% per
Shares of common stock of $100 each, carrying dividends declared after annum until July 15 1916, and 57 thereafter,
guar. by the Canadian Pacific
Sept. 1 1913, will be deliverable within ten days after surrender of sub- Ry. Certificates must be exchanged for new
stock certificates. (CoMscription receipts for any excess amount of full-paid subscriptions over the pare V. 93, P. 667; V. 94, p. 1628.)-V. 95, p. 1123.
amount of bonds so deliverable or for subscriptions aggregating less than
$1,000. At the time of delivery of the bonds or stock there will also be
Quebec & Lake St. John Ry.-Listed in London.-The
deliverable a check in adjustment of interest on the subscription receipts. London
Stock Exchange has listed £755,837 4% 1st M.
Stockholders residing in Great Britain or on the Continent of Europe
may file their subscriptions and make payments on aforesaid dates at the debenture stock.-V. 95, p. 1746.
London office of the Guaranty Trust Co. of N. Y., 33 Lombard St., E. C.
St. Joseph (Mo.) Ry., L., H. & P. Co.-Plan Operative.in sterling at current rates of exchange.-V. 95, p. 1473.
E. W. Clark & Co. of Phila. announced last week that more than
85%
Pennsylvania & Southwestern Ry.-New Bonds.-This of the $3,500,000 corn. stock had
been deposited under the offer of $60 a
made for the stock by Henry L. Doherty & Co., and that
company, incorp. in Penn. on July 22 1912, has made a share
the sale to
the latter firm has been declared operative.-V. 96, P•
136.
mortgage to the Chemung Canal Trust Co. of Elmira, N. Y.,
P. &
as trustee, to secure an issue of $4,000,000 1st gold 5s dated
Dec. 11912. Int. J. & D. at said trust co. Par $500 and
$1,000. Callable 'n and after 1927 at 105. Sinking fund
15% of net income from 1918.
Directors (and officers): F. A. Sawyer (Pres.). D. 0. Clark (V.-P.),
Cortez H. Jennings (Treas.), W. W.Jennings, E. F. Kizer and G. R. Hill,
all of Towanda; John A. Innes, and T. S. Hickok (Sec.), Canton, Pa.;
Eliot Norton ((ien. Counsel), N.Y. Office, Towanda,Pa.-V.95,p. 1208.
Pennsylvania RR.-Equipment and Improvements.-The
company, it is announced, has arranged to purchase equipment costing about $16,000,000,and will proceed to greatly
enlarge the Philadelphia passenger terminals, eliminating
grade crossings in the city,and electrify the suburban lines.
The last-mentioned work, ft is estimated, will take a number of years,
San Joaquin & Eastern RR.-Status-Control.-
See Pacific Lt. & Power Corporation under "Industrials" below.
Sharon (Mass.) Canton & Norwood Street Ry.-Sale.
The electric road extending from Sharon Heights to the Canton line at
East Sharon and from the Norwood and Canton town lines
to Bay St.,
Norwood Centre, together with 150 acres in Sharon, including
a picnic
grove and tract at Lake Massapoag, was sold on Jan.3 to M.A. Cavanagh
of Boston, Joseph B. Murphy, Thomas F. Cavanagh, James T. Dunn and
Colonel P. Corr of Taunton. The new owners propose to extend the tracks
at Sharon Heights to Taunton and to develop the land along the shore of
the lake. M. A. Cavanagh of Boston is President of the new company:
Joseph B. Murphy of Taunton is Treasurer. D. G.Trayers, President
of
the company before the sale, will remain as Superintendent.
Toledo Rys. & Light Co.-Notes Callable at 101.-
The reorganization committee,by consent of the stockholders,has modified the provision in the reorganization plan (V. 95, p. 1040) in regard to
the 5-year 6% collateral trust notes, by making the notes subject to call at
101 and interest instead of par and interest, as stated in the plan. This is
done preparatory to sale of the present issue of $6,000,000 of the notes,
negotiations for which are pending. It is expected that Henry L. Doherty
& Co. will assume the management by about Feb. 15.-V. On, p. 286, 63.
but the expenditures to be made during the year 1913 for various purposes,
Including the payment of the $9,786,000 4 % collateral trust loan maturing
June 1 1913, &c., are referred to in the Philadelphia papers as aggregating
possibly $50,000,000, or about the same scale as in recent years.
The company, an official statement says, in order to provide for the
normal increase to be expected on the Penn. RR. system, has arranged to
Toronto Hamilton & Buffalo Ry.-Equipment Notes.place orders for 12,300 new freight cars, of which 10,000 will be additions Wm.
A. Read & Co. have sold at prices to yield 43
4%.
to the system's equipment, while 2,300 will represent replacements. The
the
replacements and additions will represent a net increase in the carrying
entire new issue of $1,500,000 4
equipment serial
capacity of 546,000 tons.
gold
notes, series "A," dated Feb. 1 1913 and maturing
The lines east of Pittsburgh will utilize 5,000 of the steel gondola cars,
1,300 wooden-side gondola cars and 1,000 refrigerator cars. The Western in 20 semi-annual payments of $75,000 each, Aug. 1 1913 to
lines will use 3,000 steel gondola, 1,000 wooden side gondola. 500 refrigerator Feb. 1 1923. Principal and interest payable in N. Y. City.
and 500 box cars. In 1912 about $20,000,000 worth of freight cars were
purchased, comprising 9,875 additions to equipment and 8,000 replace- Int. F. & A. Par $1,000 each. Trustee, Central Trust Co.
ments. During the 4 years 1909 to ,1912, inclusive, the company added of New York. A circular says in substance:
to its freight equipment a net increase in carrying capacity of 1,389,370
The entire $3,500,000 capital stock of the company is owned by four
tons. With the cars now to be added, the Pennsylvania System will have important
Cos.(N.Y. Central & Hudson River RR. Co., Michigan Central
provided for the use of the shipping public about 275,000 freight cars.
RR.
Co., Canada Southern Ry. Co. and Canadian Pacific Ry. Co.),
-V. 96, p. 286.
these notes are its direct obligations issued for not exceeding 90% of and
the
Philadelphia Company.-Exchange of Pref. Shares to cash contract cost of new locomotives, steel and steel underframe box, coal
flat cars, &c., all new and of large capacity.
Begin Feb. 1.-The engraved certificates for the new 6% and
The railway was built in 1895 under terms of contracts between the
cumulative pref. stock will be ready for delivery in exchange New York Central Lines
named above and the Canadian Pacific Ry, Co.
They agree, among other things, to provide through train service between
for the [$6,000,000] outstanding pref. 5% stock on Feb. 1. Toronto
and Buffalo over the Toronto Hamilton & Buffalo Ry, and to
1913, and the N. Y. and Phila. stock exchanges have auth- forward over its lines all traffic between these points which they control.
orized the listing thereof on official notification of such exResults for Cal. Years (Dec. 1912 est.)- 1912.
1911.
1910.
Operating revenues
$1,695,000 $1.256,012 31,145,769
changes. Holders of the pref. 5% stock, upon payment of Net
operating revenues
823,000
529,236
514,484
$2 50 per share, are entitled to exchange the same, share for Gross corporate income
873,000
569,557
552,653
share, for the new 6% cumulative pref. stock. For the pur- Interest and equipment hire
321,000
269,449
292,297
pose of effecting this exchange, the company has arranged
that Ladenburg, Thalmann & Co., 25 Broad St., N. Y., and
Blair & Co., 24 Broad St., N. Y. and their agent, Guarantee
Trust & Safe Deposit Co. of Philadelphia, Pa., shall receive
deposits of the 5% pref. stock from and after Feb. 1 1913
and to and including Feb. 28 1913.
Surplus over charges
$552,000 $300,108 $260,356
Of the present outstanding and authorized capital stock, $1,000,000 was
subscribed at par in cash by the proprietary companies in November last.
The company also has outstanding .34,280,000 1st and 2d M. 4% bonds.
-V. 95, p. 1011.
Twin City Rapid Transit Co.-Earnings.-
Calendar
Interest Pref.Divs.Com. Divs.
Total
Net
Balance,
Year. Receipts. Revenue. & Taxes. (7%).
Surplus.
(69).
Digest of Statement by Pres. J. H. Reed,dated at Pittsburgh, Jan.24.
The certificates for the 6% cumulative pref. stock issued on such ex- 1912.....$8,2o,987 $4,010,966 $1,529,231 $210,000 $1,206,000 $1,065,735
change will be dated Nov. 1 1912, dividends payable M. & N., and the 1911-...._ 7,811,193 3.904,477 1,486,129 210,000 1,206.000 1,002,348
From the surplus as above in 1912, $1,065,735, there was deducted $775,dividends accrued thereon and on the pref. 5% stock so deposited for exchange will be adjusted as of the date of deposit. Pref. 5% stock deposited 000 for renewals, against $750,000 in 1911, leaving $290,735 in 1912, against
after Feb. 10 1913 (being the date as of which the holders of record of the 2252,348.
E. W. Decker has been elected a director to succeed W. J. /field. who
pref. 5% stock will be entitled to dividend payable March 11913) must
be accompanied' by the enclosed assignment of the dividend payable resigned. The board has been reduced from 12 to 11. The vacancy
caused by the death of the late M. B. Koom will not be filled.-V.94,p.352.
March 1 1913, duly executed and witnessed.
The present pref. 5% stock is only entitled to non-cumulative dividends
Underground Electric Rys. of London.-Increased Inat not exceeding 5% per annum, whereas the now 6% pref. stock is entitled
to cumulative dividends at rate of 6% per an.,and is preferred over the ores- terest on Incomes.-The directors have declared semi-annual
ent pref.5% stock and the common stock to the par value thereof and ac- int. on the income bonds for the half-year ended
Dec. 31
crued and cumulated dividends out of assets, in case of dissolution, liquidation or insolvency. Tho new 6% cum.pref.stock has no general voting 1912, at rate of 6% per ann., contrasting as follows:
power except in case of default of dividends thereon. but there can be no in- Sept. 1910. Mch. 1911. Sept. 1911. Mali. 1912. Sept. 1912. Mch.
1913.
crease or reduction in the authorized amount of such pref. stock, nor can
of 1%
yi of 1%
1%
2%
3%
Yi of 1%
any stock having any preference or priority thereover be authorized or
The shareholders of the Metropolitan Ry. were to vote at London on
issued nor any increase be made of the mortgage or secured indebtedness Jan. 29 on approving
company
in
to
the
vest
bill
(1)
the
a
undertaking
of
requiring consent of the stockholders, without the consent of the owners of the Great Northern & City Ry. Co., to empower the company to
construct
record of two-thirds in amount of said pref. stock.
new railways and works, to acquire additional lands and to raise additional
Of the authorized issue of $25,000,000 par value thereof, $6,000,000 is capital,and for other purposes; and (2), so far as relates to the acquisition
to be used for effecting said exchange of the present pref. 5% stock, $10,- by the Metropolitan District and Metropolitan Ry.
of lands for
000,000 for the conversion at par of the convertible 5% gold debentures of the enlargement of their Aldgate East station, acompanies
bill to authorize the
1912, and the balance, $9,000,000, together with any amount not used Metropolitan District Ry. Co. to widen part of their
Fulham Extension
as aforesaid, for general purposes, as the directors may deem advisable. Ry., to confer further powers on the Wimbledon
& Sutton Ry. Co. and for
(See also V. 94, p. 488, 1250; V. 95, p. 891, 1473.-V. 95, p. 1746.
other purposes.-V. 96, p. 286.
Pittsburgh & Shawmut RR.---Equipment Trusts.Rhoades & Co. and the Guaranty Trust Co. have purchased
an issue of $200,000 5% equipment trust notes dated Nov. 1.
1912, maturing in 20 semi-annual installments. The proceeds will be used to pay for 250 50-ton steel hopper coal
cars.-V. 93, p. 45.
Pittsb. McKeesp. & Westmoreland Ry.-Receiver's Sale.
Union Pacific RR.-Reports as to Dissolution Plan.Judge Lovett is quoted as saying, when asked on Wednesday
with regard to the report that an agreement had been practically reached in regard to the plan for separating the
Union Pacific and Southern Pacific companies:
"The most I can say is that we have not disagreed. We have not come to
a final agreement in the matter, however. Other than this I have nothing
to say on the subject."
Receiver James B. Secrist will, by order of the Court of Common Pleas
Current newspaper reports are to the effect that the directors of the
of Allegheny County, offer the property at public sale at the Court House, Southern and Union Pacific companies have practically come to an agreePittsburgh, on Feb. 25; upset price, $60,000. The purchaser will take the ment, so far at least as the essential details of the financial arrangements
property subject to the lien of the mortgage of the Pittsburgh & Westmore- are concerned, and that only a few minor matters, which are mostly of an
land Ry. to the Union Trust Co. of Pittsburgh, dated Aug. 11904, and also operating nature, remain to be worked out before a public announcement
that of the Pittsburgh McKeesport & Westmoreland Ry. to the Harrisburg is made. There will probably be, it Is stated, no further conferences with
(Pa.) Trust Co., assigned to the Columbia Trust Co. of N. Y., dated Dec. 1 the Attorney-General except to submit to him for approval the plan in
1908, under which there are $437,000 bonds outstanding. The $50,500 final form.
362
THE CHRONICLE
The Central Pacific By. main line,it is said, is to be taken over by Union
Pacific. It is also reported that, under the plan as now contemplated,
there will be no pro rata distribution of the Southern Pacific stock held in
the treasury of the Union Pacific which is not required to pay for the Central
Pacific to the stockholders of the Union and Southern Pacific companies,
but that the basis of exchange of Southern Pacific steck now held in the
Union Pacific treasury for that of the Central Pacific Co. now owned by
the Southern Pacific Co. has not been learned, nor has it been announced
whether a syndicate will underwrite the remainder of the Southern Pacific
Co. stock.-V. 96, p. 136.
[VOL. xcvi.
Guaranteed Dividend Omitted.See Bullock Electric Mfg. Co. below.-V.95, p. 1543.
American Can Co., New York.-Rumors.-
It was rumored this week that the directors would meet yesterday to
consider the authorization of an issue of $15,000,000 debentures to pay off
the accumulated dividends (about 34X %)on the 341,233,300 7% cum. prof.
stock. Compare V. p5, p. 1543.-V.96, p.64.
American Chain Co., Inc.-Guar. Pref. Stock.-Hineks
Bros. & Co., Bridgeport, Hartford and New Britain, Conn.,
are placing at par ($100) and div. 7% cum. pref. stock,
Wabash-Pittsburgh Terminal Ry.-Receiver's Certifi- dividends (Q.-J.) guaranteed for 10 years by Weed Chain
York,
the
New
of
Co.
cates Offered.-The Guaranty Trust
Tire Grip Co. by endoresment on each certificate. Auth.
Bankers Trust Co. and Sutro Brothers & Co., N. Y. City, and issued $250,000. A circular shows:
of
Callable until Jan. 1 1918 at 110 and div. upon any int. day on 30 days'
$973,000
issue
new
entire
are placing at par and int. the
notice. N. Y. transfer agent, Bankers Trust Co.; N. Y. registrar, Astor
6% receiver's certificates, dated Feb. 1 1913 and due Feb. 1 Trust
Co. Organized in June 1912 to take over the chain mfg. business
1914, but callable at 100 and int. on Aug. 1 1913 on 15 days' long conducted by the Oneida Community, Ltd., at Sherrill, near Utica,
Y.
N.
Corn. stock is $500,000. No bonds or mtge. About 75% of the
and
$1,000
multiples(c).
Par
Y.
N.
notice to Guar. Tr. Co. of
business consists in manufacturing a largo variety of chains for commercial
Interest F. & A. at Guaranty Tr. Co. N. Y. Issued under use and about 25% is the special wire chain required by the Weed Chain Tire
Grip Co. for its automobile "grips." Sinking fund, half of not earnings in
authority of U. S. Dist. Court for Western Dist. of Penn- excess
of 10% divs. on corn. stock. For 6X mos. ending Dec. 15 1912:
sylvania. We understand that the entire issue has been sold. Gross sales, $202,746; net from divs., $57,435; 6X M03. pref. div., $9,479:
Valparaiso & Northern Ry.-Consolidation.--
See Gary & Interurban RR. above.
Digest of Statement by Receiver H. F. Baker, Pittsburgh, Jan.25 1913
Properties.-(a) Railway, 60 miles in length, from heart of city of Pittsburgh to Wheeling & Lake Erie RR.in Ohio. (b) Terminals of groat value
In First Ward of Pittsburgh, inch large depot and office building, with
electric light and power plant, train-shed and freight house, occupying four
city blocks (145,886 sq. ft.). The building affords offices and a passenger
and freight terminal for the railway, and a portion of the upper part is
rented for general office purposes. (c) On south side of city, freight terminal, 6.54 acres, contiguous to terminals of Pittsb. & Lake Erie RR. (d)
Machine shops, roundhouse and car-repair equipment at Rook Yard, in
suburbs of Pittsburgh. (e) 12 heavy consolidation freight engines, 5 other
engines and 1,500 fifty-ton steel-hopper coal cars.
Total track owned about 106 miles (main line is laid with 904b. rails and
oak ties); 17 tunnels, aggregating 20,532 ft. in length, all concrete-lined,
and 92 bridges, including large, heavy steel cantilever bridges, over
Moiongahela River in Pittsburgh and Ohio River at Mingo, fit for heavy
ipemnotives. Bridges, tunnels and gradings are all completed for 2d track.
Cash cost of property on the books when receivership began in May 1908,
$26,321,796; since expended $2,358,940; total cost to date, $28,680,737.
The land in city of Pittsburgh is well worth $4,600,000; the buildings cost
$2,700,000;total,$7,300,000;less prior mortgages,$795,000; total net valuation of real estate in city, $6,505,000.
Security for These Certificates.-Secured by order of the Court upon all
property, assets and franchises of the railway prior in lien to the bonds
of the company equally and ratably with $1,403,098 other receiver's certificates now outstanding, except that the 1,500 coal cars are subject to
the first liens of said $1,403,098 certificates. Hence a first lien, except
as stated, upon the properties above described.
Stock Holdings.-Also owns the stock of the Pittsburgh Terminal RR.
& Coal Co., which company owns 21,300 out of 21,600 shares of stock of
West Side Belt RR.,a road connecting with the Pittsb. Va. & Charleston
RR.(Penn. System), B.& 0. RR., Pittsb. & Lake Erie RR., and, through
the "Thompson's Run branch" of the Wabash-Pittsburgh, with the Union
RR. that serves the plants of the Steel Corporation in and about Pittsburgh. The Wabash-Pittsburgh system, therefore, affords a connection
between most of the large industries in Pittsburgh and all the important
lines of railway entering the city, the largest freight-producing centre in the
United States. On the West Side Belt RR. are seven coal mines owned by
the Pittsburgh Terminal RR. & Coal Co., four of which are in operation
and producing considerable amounts of coal. This coal is a considerable
source of revenue to the Wabash-Pittsburgh.
Also owns control of the stock of Wheeling & Lake Erie RR., a system
of about 508 miles.-V.96, p. 287, 64.
Wabash RR.-Master Appointed.-Judge Sanborn in the
U. S. District Court at St. Louis on Jan. 30, on application
of Pierce & Greer of New York, representing the Equitable
Trust Co. of New York, trustee under the 'first refunding
and extensions' mortgage," appointed a master to hear evidence and determine methods for foreclosure of the mortgage in the pending proceedings preparatory to the ordering of the sale thereunder.
Extension of Notes Applied for.-The receivers on Jan. 30
applied to the Court in St. Louis for permission to extend for
6 mos. the company's obligation in respect to the Wheeling
& Lako Erie defaulted notes due Feb. 1, amounting June 30
1912 to 89,807,958.-V. 95, p. 1747.
Western Maryland Ry.-Improvements Authorized.-
bal., surp., $47,956. Pres.. Walter B. Lashar, Bridgeport, Conn.
American Strawboard Co.-Sale of Stock.-
See United Box Board Co. below.-V. 95, p. 112.
American Sugar Refining Co., N. Y. City.-Option to
Subscribe for $5,000,000 National Sugar Refining Co. Stock.All shareholders of record Feb. 3 are offered the privilege
of subscribing at par, $100 a share, on the company's warrants, at Farmers' Loan & Tr. Co. N.Y.(in N.Y. or Boston
funds)on or before Feb.28,when full payment must be made
for $5,000,000 of the $5,128,200 stock now owned in the
National Sugar Refining Co. of N. J., to the extent of one for
every 18 shares of their respective holdings.
Condensed Statement from Treas. Chas. H. Allen, N.Y., Jan. 29 1913.
The financial statement of the Nat. Sugar Refin. Co. for the calendar
year 1912 will be forwarded to you with the warrant shortly after Feb. 3.
Said company was organized in May 1900 with $10,000,000 pref. and
$10,000,000 corn. stock. Divs. of 6% have been paid on the pref. stock
annually since organization, and in 1903 and 1904 divs. were paid on the
corn. stock. Last year, as the result of litigation, the $10,000,000 cont. was
canceled on the ground that it was issued without any consideration. This
left only one class of stock outstanding, $10,000,000 pref., which has now
been exchanged, $ for $, into $10,000,000 new corn. stock, the sole issue of
that company. (V. 95, p. 115. 424, 1276, 1406; V. 93, p. 535.)
In this exchange the Amer. Sugar Refin. Co. received for its 51,282 shares
of National pref. stock the equivalent in now corn. stock. From this holding there is now offered for sale to our stockholders 50,000 shares.
U. S. Supreme Court Affirms Conviction of Former Official.
The U. S. Supreme Court on Jan. 27 affirmed the conviction by the lower
Court of Charles R. Heike,formerly Secretary of the company,on the charge
of conspiracy to defraud the Government in connection with the weighing
at the customs docks in Brooklyn (V. 93, p. 1023). The defendant claimed
immunity on the ground of having furnished evidence before the grand jury
In an investigation under the Sherman anti-trust law. This, it was held,
had no relation to the case in which ho was convicted.-V.95, p. 1609.
American (Bell) Telephone & Telegraph Co.-Option
to Subscribe-Conversion Feature.-A circular dated Jan. 3()
offers to stockholders of record on that day the right to subscribe at either the New York or Boston office on or before
Feb. 17 for the new convertible 432% gold bonds in amounts
equal to 20% of their respective holdings of stock, payment
to be made as fully stated in V. 96, p. 204.
Conversion and Call Features of New Bonds.
The bonds may, at the option of tho holder or registered owner, at any
time after March 1 1915 and up to March 11925, except when the transfer
books aro closed, be converted at their par value into common stock at
$120 per share, interest and dividends to be adjusted. In this case, if the
aggregate par value of bonds presented at any time for conversion is not
a multiple of the conversion price of stock, the company will pay to the
holder or s•egistereed owner thereof, in cash, the difference between such
aggregate par value and the highest multiple of the conversion price contained therein. Instead of the foregoing method of conversion, the bonds
presented may, during the period aforesaid, at the option of the holder
or registered owner, be converted into as many shares of the common stock
of the company as the par value of the bonds presented is a multiple of
The directors on Jan. 27 authorized the extension of the present passing $100 upon payment of $20 for each such share, with a cash adjustment
tracks on the line between Hagerstown and Cumberland, 80 miles, to 4,000 of current or accrued interest and dividends.
ft. clear length, and the construction of 5 additional passing tracks of the
Such bonds as may not have been converted are redeemable, at the
same clear length. This will provide passing track facilities for 100-car option of the company, at par and int. on Sept. 1 1925 and on any March 1
trains moving over that district.-V.96, p. 287, 204.
or Sept. 1 thereafter. Par $100,$500 and $1,000 (c5); $100 bonds in blocks
of 5 and 10 may be exchanged for $500 and $1,000 bonds, respectively.
Worcester (Mass.) Consolidated St. Ry.-Bonds Auth. [The
bonds were duly authorized on Thursday by a vote of 2,295,860 shares,
The Mass. RR. Commissioners have approved an issue of $500,000 20- with only 850 shares opposed. It is reported that the bankers will receive
% bends, to be dated Aug. 11010, the proceeds of $150,000 to be an underwriting commission of 2% .1
year
used to acquire the power house and property of the Electric Mfg. Co.
and $50,000 for the purchase of the Quinsigamund Park property. The
Investiqation.-The Inter-State Comm. Commission on
company is authorized to establish a sinking fund by annual payment of'
Jan. 28, in accordance with the request of Attorney-General
$1,949 till maturity of bands.-V. 95, p. 1124.
Youngstown & Ohio River RR.-Earnings.Calendar
Gross
Net.
Preferred
Taxes & Bond
Balance.
Eqrns. Earns. Rentals. Interest. _Dividends.
Year$239,527 $111,757 $17,763 $50,000 (4X %)$45,000 def.$1,011
1912
234,459 112.325 16.230 50,000 (3X %)35,000 sur.11,094
1911
-V. 95, p. 299.
•
INDUSTRIAL, GAS AND MISCELLANEOUS.
Agricultural Credit Co.-Notes Sold.-
It is announced that the $6,000,000 5% coll, trust gold notes offered by
William Salomon & Co. and Haligarten & Co., subscription books for which
closed at 3 p. m. on Monday, have all been sold, the issue having been
largely overentbscribed.-V. 96, p. 287.
Allis-Chalmers Co.-Deposits 86 to 95%-Further Deposits of Stock and Bonds Prior to Noon, Feb. 3(Date of Sale)Voting Trust.-The reorganization committee, pursuant to
plan of March 18 1912 (V. 94, p. 913), gives notice, by adv.
on another page, that until noon, Feb. 3,(the time fixed for)
the foreclosure sale) they will, without penalty, accept
additional deposits at Central Trust Co. both of 1st M. 5s
and, on payment of the accrued assessments, of pref. and
common stock.
Deposits to Date under the Plan of Reorganization.
Common Stock.
Preferred Stock.
Bonds.
Deposits
810,600,000(95%) 814,148,000(88%) 817,216,600(86.8%)
19,820,000
Total issue out 11,148.000
16,050,050
Under the 5-year voting trust of the new preferred and common stock
the following, ills announced, have been appointed voting trustees by the
reorganization committee, subject to change in its discretion: James N.
Wallace, Charles G. Dawes, Alexander J. Hemphill. W. Emlen Roosevelt
and H?nry F. Whitcomb.-V.95, p. 969, 1209, 1513.
Wickersham, referred to last week (page 287), made an order
directing that a proceeding of inquiry and investigation be
instituted of telephone and telegraph companies.
This, in pursuance of complaints lodged with the Commission, will cover
"the history, the financial operations, tho rates, rules, regulations and practices of telephone and telegraph companies subject to the Act to regulate
commerce with a view to the making of a comprehensive report and to the
issuance of, such order or orders as may be necessary to correct such discriminations and make applicable reasonable rates and practices."-V.96,
p. 287, 204.
American Typewriter Telegraph Co.-Indictment.-
The Federal Grand Jury in this city on Dec. 11 indicted Dr. George A.
Cardwell of Flatbush, inventor of the typewriter-telegraph, and E. J.
Beach and A. B. Benesch, forming the firm of Beach & Co.(who marketed
most of the stock about two years ago at $5 to $7 per $10 share), for fraudulent use of the nails. Over $200,000 of the stock, it is alleged, was sold by
them through a prospectus containing false statements as to sales of the
machines and prospective profits. George H. McAlpin. a member of the
Stock Exchange, who with his friends had invested in the enterprise,
succeeded as President when the company's affairs became entangled, and
William F. Holwill, former General Passenger Agent of the Delaware Lackawanna & Western RR., became Treasurer. No complaint, it is understood, has been made of their management.
American Wringer Co., Providence.-Earnings.-
Corn. Div. Deprec.
Prof. Div.
Net.
Gross.
Year$336.695 $204,453 (7%)$59,500 (6%)$54,000 $20,953 $70,000
1912
(67)
59,500
54,000 22,945 50,000
(7%)
186,445
316,690
1911
-V. 95, p. 43.
Blackstone Valley (R. I.) Gas & Electric Co.-Preferred
Stock Offered.-Estabrook & Co.,Boston and New York,and
Brown, Lisle & Marshall of Providence some weeks ago offered at 110 and div. this company's 6% cumulative pref.
stock. Dividends J. & D. A circular shows:
FEB. 1 1913')
THE CHRONICLE
Earnings for the Twelve Months eliding Oct. 31 1912.
tSross earnings, $1,212,768; oper. expenses, $588,122; net earns_
Sub-company int., taxes and sink. fd.•, also surplus earnings not
applicable to Blackstone Valley Gas & Electric
883
Blackstone Valley G. & E. Co. interest and taxes,
Co325
$97,833; sink-4.
ing fund, $16,733
114,566
Balance
$255,197
Dividend on $1,009,800 6% pref. stock requires
The pref. stock is followed by $1,875,000 common stock, fully Spaid in
cash, which, at current market quotations, represents an equity in excess
of $2,800,000, or mcre than 23 times the authorized pref. stock.
Outstanding Capitalization (Stock Auth. by Charter, $8,000,000; Par, $100)•
Pref. (p. & d.) stock, 6% cum. (auth. by stockholders, $1,100,000). Dividends J. & D. Redeemable at 115
$1,009,800
Common stock (auth. by stockholders, $2,000,000), paying
dividends at rate of 8% per ann.(Quay. div. No. 2(2%) has
been declared, payable March 1 1913 on stock of recordFeb.15] 1,849,200
"First & gen. M. 5% gold bonds, due Jan. 1 1939 (auth., 165,000,000-See V. 95, p. 1747)
1,641,000
Bonds assumed or outstanding on properties controlled thorugh
stock ownership:
Woonsocket Electric Machine & Power Co. 1st M. 4%s, due
Jan. 11931. $160,000; consol. M.43s, 1943, $226,000_ _ _
386,000
Pawtucket Electric Co. 1st M.5s, due June 1 1916, $474,000;
consol. M.5s, due Jan. 11938,$176,000
1,46050:000000
Pawtucket Gas Co. coll. trust 1st M.4s, due May 1 1932_
°
Earnings Years ending Melt. 31 1906 and 1907-Cal. Yrs. 1908 to 1911.
1905-06. 1906-07. 1908.
1909.
1910.
Gross
$699,757 $786,077 $871,461 $985,773 $1,039,782 $1,112
°171j83
Net
$377,997 $388,034 $399,417 $482,661 $530,641 $590,765
Organization.-Organized in R.I. and has acquired the physical property
of Woonsocket Gas Co., Pawtucket Electric Co. and Woonsocket El.
Machine & Power Co.; also all the common stock ($1,000,000) and $10,000
out of $1,000,000 par value of the pref. stock of the Pawtucket Gas Co. of
N.J.(which company owns all capital stock of Pawtucket Gas Co. of R.I.),
&c. Furnishes gas and electricity for municipalities located in or near the
Blackstone Valley, Rhode Island, including the entire gas and central station electric lighting and power business in the thriving cities of Pawtucket
and Woonsocket; also Central Falls, Lincoln, Cumberland and North
Smithfield, R. I., and other adjacent towns. Populatim served, based on
1910 Census, about 150,000, an increase of 30% since 1900.
Plants.-(a) In Pawtucket,three power stations,combined rated capacity
9,940 k. w. (13,300 h. p.). located on Blackstone River, viz.•. (1) three
turbo-generator units, combined capacity 7.500 k. w. (10,050 h. p.); (2)
combined steam and water-power plant, and (3) water power from valuable rights on this river. Also supplies steam for heating purposes. (b) In
Woonsocket, one water-power plant and one combined water and steampower station on Blackstone River, total generating capacity 3,900 k. w.
(5,240 h. p.), and a gas plant; sub-station and transmission lines to Pawtucket stations provide 3,020 h. p. additional. A small amount of power
Is purchased outside. A dam across the river is owned and operated,
together with valuable water rights. (c) In Woonsocket, gas works on
Blackstone River, 2% acres of land, two Lowe water-gas sets, total daily
capacity 450,000 cu. ft., total holder capacity 839,000 cu. ft. (one of 507,000 cu. ft. capacity put in use In May 1'911)•
The Pawtucket Gas Co. does the gas business in Pawtucket. Its plant
Is on the Blackstone River,with excellent wharfage facilities, and It owns water-gas and coal-gas apparatus; combined daily capacity 2,750,000 cu. ft.:
storage capacity 1,937,000 Cu. ft. A high-pressure gas system has been
built between Pawtucket and Woonsocket, from which the supply of gas
in Woonsocket can be provided, as well as from its own gas works.
Franchises cQuAain no embarrassing restrictions, in most cases without
fixed
Company is under management of Stone & Webster.
-V.95,
p. 1747.1544.
terminatIbil.
Bullock Electric Mfg. Co.-Protective Committee.-
Charles L. Harrison, R. C. Shinkle and George D. Eustis, all of Cincinnati, have been selected as a committee to protest the interests of the 6%
preferred stock, of which $1,170,000 is outstanding.
The guaranteed dividends were paid on the stock by the Allis-Chalmers
Co. from 1906 and for a time were continued by the receiver. Notice,
however, has been given recently that the payments would be discontinued. The suspension of the guaranteed dividend by order of the
Allis-Chalmers reorganization committee has raised the question as to what
position will be taken toward the Bullock preferred by the successor of the
Allis-Chalmers Co., whose property is to be sold at foreclosure sale shortly.
-V. 82, p. 1441.
Burns Bros. (Wholesale and Retail Coal Dealers)
N. Y. City.-Consolidation-Pref. Sock Offered.-Ladan
burg, Thalmann & Co. and Spencer Trask & Co.in this coun
try, and, on their behalf, Robarts, Lubbock & Co. in Lon
don, are offering for public subscription the unsold portion
of the $2,000,000 the 7% cum. pref. (p. & d.) stock of
this recent consolidation at 100 and dividend.
Par $100.
Dividend dates to be Q.-F. beginning May 1 1913. Red.,
all or part at any time after Feb. 1 1916 or in liquidation at $120 and div.
Registrarbankers Trust Co. Transfer agent, New York Trust Co.
Digest of Letter from Pres. M. F. Burns, New York, Jan. 23 1913
A N. J. corporation, engaged in the wholesale and retail coal business in
Greater New York, handling anthracite purchased from mines in Pa.
Formed Jan. 8 1913 by consolidation of former Burns Bros. and Curt iBlaisdell Co., and has acquired all their properties and assets. Bur g
Bros. began as a partnership in 1881, was incorp. in 1905. Its sales of
coal increased from 50,000 tons in 1885 to 1,950,000 tons in 1912, having
averaged for the past five years 1,800,000 tons per annum. Curtis-Bla sdeli have averaged for past five years about 900,000 tons per ann. and priovide a number of important distributing stations and additional equipment, &c. The combined sales it is expected will average over 3,000,000
tons per annum.
Capitalization (no bonded debt)Authorized and Issued.
Pref. stock, 7% cum. (all expected to be retired in 16 years) $2,000,000
Common stock
5,500,000
Operates 21 yards and piers in New York. Brooklyn and Jersey
Of these, eight are leased from railroad companies and the remainder City.
from
individuals or from the city. Of its total tonnage of coal about 50%
is
handled from yards on which the leases run at least 16 years, and those,
together with the remaining leases, are all open to renewal. The value
of the coal pockets and machinery has been appraised at $1,029.100, but
in the balance sheet below $760,100 of this amount is included in good-will,
leases and contracts.
Earnings.-Price, Waterhouse & Co. report for five years ending Mch. 31
1912 annual net earnings for the former Burns Bros. alone averaging
3491,288 per ann., after liberal allowance for depreciation, or equivalent
to 3% times the present pref. dividend. For the calendar year 1912 there
was a substantial increase in earnings.
Tonnage and Gross Sales of Former Burns Bros. Years ended March 31.
1907-08.
1908-09.
1909-10.
1910-11.
1911-12.
1,656,319 1,586,094 1,661,006 1,721,113 1,909,259
Tons sold
Gross sales coal_36,681,422 $6,422,751 $6,766,710 $7,018,968 $8,020,783
The former Burns Bros. in the course of its existence redeemed $500,000
of a total of $1,000,000 5% bonds and distributed $1,605,000 in dividends
on its $1,500,000 common stock. The Curtis-Blaisdell Co. has been in
a formative stage and consequently has shown comparatively small net
earnings, but I am confident that the not earnings from the increased
tonnage will add substantially to future net earnings.
Combined Balance Sheet Sept. 30 1912 (Total Each Side $8,821.429).
Coal pockets and equipment (appraised at $1,029,100; see above)
Coal barges, wagons, trucks and horses, &c., as appraised_ _ _ _ $269,000
675,934
Good-will, leases and contracts
Miscellaneous investments and advances to other companies 5,012,691
($132,234), unexpired insurance, &c. ($20,576)
Cash, $511,667; coal, &c. (cost), 477,412; accts. and bills re- 152,816
ceivable, less reserve, $1,721,915
2,710,993
Offsets-Capital stock: Pref., $2,000,000; common, $5,500,000_37,5
00,000
Bills payable,$460,000; accts. pay. and accr. taxes, &c.,$805,
747; est. liability on bills discounted, $55,682
1,321,429
pitReserve Funds.-Fund No. 1 is to receive $225,000 annually from
surplus
or net profits, in quarterly installments, applicable solely (a) to pref. dividends and (b) to the rede mption or purchase of the pref. stock. Fund
363
No. 2 is applicable at discretion of board to making good any deficiency
In surplus and net profits for payment of pref.
dividend and is to receive
from surplus or not profits during the first
three
$200,000 at rate of
$18,750 quarterly for two years and $12,500 in thirdyears
year. No dividend can
be paid on the common stock while there is any deficiency
in the amounts
payable to these reserve funds.
Voting Power.-The pref. stock has no voting power except as follows:
(a) On default in the payment of 3%% dividends on the
pref. stock, exclusive voting power shall be vested in said pref. stock until
all accrued
pref. dividends have been paid; (b) the pref.
cannot be increased nor
any debenture or mortgage bonds be Issuedstock
without
consent
of 75% of
each class of stock, nor can the company issue or guarantee any
notes,
bonds,&c., having a longer maturity than one year, without similar consent.
Management.-The management will remain unchanged. The officers
are largo holders of both classes of stock and the board includes representatives or the bankers offering the pref. stock.
Canadian General.Electric Co., Ltd.-New Officers.-
Frederic Nicholls, formerly a V.-Pres. and Gen. Mgr., has been elected
President to succeed W. R. Brock, who now becomes Honorary President
and Chairman of the board of directors.
W. D. Mathews has been elected Vice-President in place of the late
H. P. Dwight.
Negotiations have been practically, concluded for the consolidation of
the Allis-Chalmers-Bullock, Ltd., of Canada, and the Canada Foundry
Co., whose stock is all owned by the Canadian General Electric Co.
V. 95, p. 1544.
Central Iron & Steel Co.,Harrisburg,"Pa.-Coupons.-
The receivers have deposited with the
Trust Co. funds to pay the
coupons due to-day on the $1,239,000 Girard
outstanding 1st M. 5% bonds.
Checks will be mailed by the bondholders' protective
committee for coupons
on all bonds deposited with the trust company under
the protective agreemont.-V. 95, p. 299.
Citizens' Gas Co. of Indianapolis.-Sale of
The $200,000 stock which was offered at auction on Jan.Stock.
27 was sold to
Gavin & Co., the highest bidder, at 337 75
a share (pa'$25), plus interest
from Jan. 1 1913, making a total of 337 8625
a sham Compare V. 96,
p. 288, 64.
Cleveland (0.) Hardware Co.-New Stock.
This company recently increased its capital stock from
$1,000,000. all
common, to $2,500.000 by the addition of $1,000,000
common and
new
$500,000 preferred, $500,000 now common being distributed
a 50%
dividend and $300,000 new pref. being offered to stockholdersas
par in
amounts equal to 20% of their total holdings of old and new at
common.
There thus remains in the treasury $500,000 common and $200,000
przferred. The company is completing a new $150,000 buildisg.
Constantine (Mich.) Hydraulic Co.-Sale.Consolidated Gas, Electric Light & Power Co., Baltimore.-Common on 6% Basis.-A quarterly dividend of
1 % has been declared on the outstanding $6,360,054 corn.
stock, along with the usual semi-annual dividend of 3% on the
pref. stock, both payable April 1, the former to holders of
record March 20 and the latter to those of record March 31.
This compares with IN% quarterly from April 1911 to Jan.
1913. both incl. and increases the rate from 5 to 6% yearly.
See Middle West Utilities Co. under "Railroads" above.-V.82. p. 1271.
1910.
4
Dividend Record of Common Stock (Per Cent).
1914
4 .
1912.
5
1913.
Jan., 1%; April, 1%
Sale of Bonds.-The company has sold to Lee, Higginson &
Co. a block of $2,311,000 Consol. Gas Co. gen. M. 43's.
From the proc4eds there have been called for payment at the Continental
Trust Co., Baltimore, on March 1 at par and int. (viz.: at 100.833)
000 of the outstanding $3,000,000 3-year 5% notes dated July 31,430.leaving 31,570,000 of the notes outstanding which will mature July11 1910,
1913,
and be retired from the sale of $2,300,000'
4%% bonds.
The remaining $1,000,000 of the $4,000,000 notes originally issued were
called for payment on April 1 1912, releasing from the deposited collateral
$1,250,000 of the Consolidated Gas Co. gen. M. bonds, of which 31.000,000
was sold and 3250.000 held in the company's treasury (V. 94, p. 633, 701).
Stock.-Holders of the pref. stock desiring to exchange the
same for new common stock, share for share, must deposit
the stock not later than March 1 with the Continental Trust
Co.'of Baltimore, or Kitcat & Atkin of London. The increase in common stock has been voted by the shareholders
and approved by the P. S. Commission. See V. 96, p. 288.
Consolidated Water Co. of Utica, N. Y.-Bonds Offered.
-Redmond & Co., N. Y. and Boston, are offering at 923
and int., yielding 5.70% (see adv. on another page), debenture mortgage 5% gold bonds of 1906, due Jan. 1 1930, but
callable at 105 and mt. on 60 days' notice. Par $1,000 (c*).
Int. J. & J. Auth., $1,500,000; outstanding, $1,041,000.
Property.-Controls practically
all the available sources of water supply
for Utica, N. Y., and operates under franchises unlimited as to time
entire water system of that city and seven adjacent towns. Operationthe
is
by gravity, making 'Dumping stations unnecessary. Owns 136 miles of
mains and 10 reservoirs: total capacity 700,000.000 cu. ft.
Security.-A direct mortgage on the entire property, subject to closed
issue of $2,500,000 1st M. 5s. Followed by 31,000,0005% pref. stock and
by $1,500,000 common stock, the latter receiving dividends at rate of 2%.
Earnings for Calendar Years.
1903.
1905.
1907.
1909.
1911.
1912.
$
$
Gross earnings
182,067 209,693 249,599 305,776 349,464 363,132
Net, after taxes
135,594 149,202 184,344 209,254 276,821 291,567
1st M. int. & rentals_ _105,000 105,000 125.000 125,000 135,000
Int. on deb. M. 5s, &c_ 8,867 11,202 31,923 39,333 44,570 135,000
46,939
Balance, surplus_ _ 21,727 33.000 27,421 44,921 97,251 109,628
Utica is a thriving manufacturingcity of 75,000 population and steadily
growing.-V. 92, p. 1568.
Consolidation Coal Co.-Sale of Bonds.-The company
has completed arrangements to sell to the National City Bank
and Kuhn, Loeb & Co. of New York about $6,000,000 10year 6% notes.-V.95, p. 621.
Continental Can
nc., Syracuse, N. Y.-All Subscribed.-Lehman Bros.,
Co.,N. Y. C., Goldman, Sachs & Co.,
N. Y. City, Chicago and Boston,and Kleinwort, Sons & Co.,
London, announced on Jan. 28 (see adv. on another page)
that all of the 7% cum. preferred (p. & d.) stock
acquired by them in this new company had been applied for
in advance of a public offering, and that their prospectus was
issued as a matter of record only. Redeemable, all or any
part, on 90 days' notice at $125 per share and dividends.
Dividends Q.-J. Par $100. The Lawyers' Title Ins. &
Trust Co. and the Columbia-Knickerbocker Trust Co. .of
N. Y. are, respectively, transfer agent and registrar.
Digest of Statement by Pres. Thos. G.Cranwell,Jan.28 1913.
Incorporated in N. Y. State Jan. 17 1913 and
has acquired all the interests of the Continental Can Co.(or N. J.), the Export & Domestic Can Co.
(or N. Y.) and the Standard Tin Plate Co. (of Penna.). whose employees
together now number about 4,000, and all of whose products enjoy the highest reputation for quality and command the maximum market prices.
364
THE CHRONICLE
Authorized. Outstanding.
Capitalization (No Mort. or Funded Debt)*7.500,000 35.600,000
7% cumulative pref. stock
8,000,000
10.000,000
Common stock
The Continental Can Co.(of N. J.) and the Export & Domestic Can Co.
have atwere established in 1904 and 1905, respectively, and since thenSyracuse,
tained large proportions, now operating plants at New York City,
Baltimore, Canonsburg, Pa., and two plants at Chicago. Their production and sales have increased from about 48,000,000 cans in 1905 to about
420,000.000 cans in 1912, this increase having been attained without thus
territory.
far entering many important branches of the business and new
takThe sales in 1912 were so heavy that the Continental Can Co. ceased
is now
and
cans,
"open-top"
or
ing business in April 1912 on "sanitary"
erecting large additions to the plants at Syracuse and Baltimore to take care
of its rapidly increasing business in the so-called "sanitary or open-top" can.
Boxes.)
Consumption of Tin Plate by the Continental Can Co. (of N. J.) (Base1912.
1911.
1910.
1909.
1908.
1907.
1906.
1905.
1,200,000
175,900 376,000 523,000 598,000 646,000 733,000 1,002,000
In addition to its increasing output of fruit and vegetable cans, the Conand
tinental Can Co. has general-line factories in New York and Chicago,
also owns and operthis business alsa is increasing very rapidly. Company
Plato Co., at Canonsates its own tin plate mill, known as the Standard Tin
tin plate mills in America,
burg, Pa., considered one of the best equippedmachinery
and an extensive
and owns very valuable patents in can-makingmachinery
is made.
special
its
all
where
Syracuse
in
shop
machine
stock is repref.
e
Stock.-(a)Th
Sundry Provisions Affecting Preferred
notice, and also
deemable at any time, all or part (pro rata), on 90 days'
unless
authorlien
or
mortgage
No
(b)
divs.
and
upon dissolution, at 125
common, but this shall not
ized by 75% of each class, both preferred and
of property subject to
peevent purchase-money mortgages or the acquiring business.
(c) Sinking
mtges., nor the making of collateral loans in current
profits, if sufficient, after all
fund, beginning Jan. 31 1915 out of surplus
amount sufficient to reaccumulated dividends (if any) have been met, an
of said pref. stock at any
tire at least 3% annually of the largest amount
any year to be made up in subone time outstanding, any deficit therefor inincreased
nor prior stock issued
be
not
shall
stock
Pref.
(d)
sequent years.
stock of each class, given sepunless authorized by 75% of the outstanding
election of directors unless four
arately. (e) The pref. has no part in the
until such
quarterly dividends thereon shall be in default, but thereafter,
be vested exdefaults have been made good. the election of directors will
stock while the
clusively in the pref. stock. (f) No dividends on common
pref. stock dividend is in arrears.
Exchange.
Application will be made to list the shares on N. Y.Stock
Can Co., Inc. (of N. Y.)
Consolidated Balance Sheet, Continental
Assets $14,473,882).
and Subsidiary Companies (Total
capital and taking over of assets,
in[As at Dec. 2 1912, after the issue of its
Dom.Can. Co.and Stand. Tin Plate Co.]
8cc., Con.Can.Co., N.J.,Exp.&mach'y,
patents, &c_$10,482,724
Assets-Real est., bldgs.. plant, prepaidgood-will,
43,060
insur., &c., &c
Invest, in other cos. ($32,500), and finished
1,709,981
products
Materials, supplies, goods in process
bills re($454,756),
receivable
accounts
($1,716,710).
Cash
2,238,117
• ceivable ($66,652)
$5,500.000)$13,500,000
Offsets-Capital stock issued (corn. $8,000.000, pref.
973,882
882)_
Bills payable ($400,000), acc'ts pay. & sundries ($573,
[There are $6,000 1st M. bonds of the Standard Tin Plate Co. outstanding, but cash has been deposited to redeem same in Nov. 1913.
Cap.
Combined Net Profits Earned after Giving Effect to Additional Working
Year ended Dec. 31 1911_ _ _$7'75,386110 mos. to Oct. 31 1912._ _$922,8'76
-V.96, p. 205.
Davis Sewing Machine Co. Dayton, 0.-Bonds.-' ago and Indianapolis,
Breed, Elliott & Harrison, Cinc.,Chic
Dayton, 0., are placthe Dayton Savings & Trust Co.,and
ing at par and in $600,000 1st M. 6% gold bonds, dated
1924,
Jan. 1 1913 and due $60,000 each Juno 1 from 1915 to
both incl., but callable in the reverse order of these matuiities at any interest date at 102 and int. Par $500 and
Co.
$1,000. Int. J. & D. Trustee, Dayton Say. & Trust
1912.
[VOL. xcvi.
par and int. the $5,C00,000 1st M. 5% bonds of 1909 due
July 1939, which were recently authorized by the Ohio Public
Utilities Commission. The bonds are part of the $25,000,000
issue, of which $20,000,000 have been issued ($1,000,000
thereof being in the sinking fund), and the remaining
$5,000,000 cannot be issued until the company increases its
capital stock, the amount of bonds being limited to the
amount of the capital stock. Compare V. 95, p. 1334.
Equitable Illuminating Gas Light Co. of Phila.The ordinance providing for 80-cent gas for the five years beginning
Jan. 1 1913 was passed on Jan. 30 by both branches of the City Council
and is expected to be passed by Mayor Blankenburg.-V. 95, p. 1544.
General Gas & Electric Co. (of Maine).-Alfred Mestre
& Co., N. Y. City, are offering 6%-7% cum. pref. stock at
97 and div., with 40% bonus of common stock. Dividends Q.-J., rate 6% up to Jan. 11915, thereafter 7%.
Callable at $125 per share. Participates equally with common stock in any dividends after 7% on both.
Data Furnished by W.S. Barstow 8: Co., N. Y., Managers, Dec. 18'12.
Owns the entire capital stock and bonds of the Western Vermont Power
57
& Light Co. and the Northwestern Ohio Ry. & Power Co. (trackagethe
miles), and controls, through ownership of 98% of the capital stock,
Rutland Ry., Lt. & Power Co. (trackage 31 miles). Intends to acquire
other attractive utilities companies as favorable opportunities are presented.
&
The Rutland Ry., Lt. & Power Co. and the Western Vermont Power
waterLight Co., which are now operated practically as one property, own
capacity of 3,300
power properties with a total present nominal operatingThe
total capacity
h. p.; maximum capacity, with overload, 4,950 h. p.
they are acof their properties and sites is 7,000 k. w., or 9,333 h. p., and
dewater-power
additional
three
covering
rights
water
and
land
quiring
k. w. The
8,000
to
w.
k.
5,000
of
velopments, with a possible development
the capacity of
Northwestern Ohio Ry. & Power Co. has just.increasedp.,
3,300k. w.
its modern steam power plant from 1,600k. w.,or 2,100 h. into
Clinton.
or 4,400 h. p., and has purchased the electric lighting plantPortPort
Clinton will
doing all the lighting and power business in that place.
date.
early
an
at
line
transmission
our
be connected with
Auth.rized.
Capitalization Gen. Gas & El. Co. Nov. 30 1912- Issued.
Bonds (up to $1,700,000 convert, into pref. stock
$1,693,000 $20.0)0,000
at par after July 1 1915-V. 95, p. 1210)
10,000,000
1,350,000
Preferred stock
10,000,000
2,600,000
Common stock
to Gen.
Estimated not earnings year ending July 31 1913, applicableoNer
$1,Gas & Elec. Co. securities, $235,000. Deduct interest on (not
pref.
700,000) Gen. Gas & El. Co. 5s, $85,000, and 6% on its $1,350,000
$69,000.
stock,
common
$2,600,000
for
surplus,
bal.,
stock, $81,000;
12 illonOrs.
Calendar Years
1911. Oct. 31 '12.
1910.
1909.
Gross Earnings
289,947
$228,514
$196,377
$179,060
Ohio properties
o2,620
307,945
281,287
252,687
Vermont properties
the
Besides the natural growth in earnings, as shown in the foregoing,
of a transcompany's earnings will be increased: (1) By the construction
serve
to
lines
branch
necessary
the
and
long
miles
21
about
mission line
of expert manage
74 slate quarries in Vermont. (2) By the introduction
ment into the N. W. Ohio Ry.& Pow. Co. Compare V. 95, p. 1210, 1042
July 31
Report of Certified Public Accountants for Year ending
expenses, $1,930,178;
Sales and sundry credits, $2,113,565; oper.
money)$183,387
profit (without deducting deprecia'n or int. on borrowed
36,000
Interest on these $600,000 1st M.6s
$147,387
Balance, surplus
Giving Effect to the Issue and Sale
Assets and Liabilities Jray 31 1912, after
of 8600,000 First Mortgage Bonds.
$46,194
Patent rights, good-will, &c., as per books bldgs., $720,304; maProperty accounts as appraised (land and&c.,
1,353,312
$26,321)
dwellings,
chinery and tools, $606,687;
reCurrent assets (inventories at cost, $613,297; bills and acc'ts
1,186,472
ceivable, good, $515,871; cash, $57,304)
$2,585,977
Total assets
191,025
Offsets-Current liabilities (bills & acc'ts pay., accr. taxes, &c.)
600,000
First mortgage 6% bonds
1,200,000
Capital stock-Preferred, $600,000; common, $600,000
$594,953
Balance, surplus
Huffman, Dayton,0., Dec. 19 1912.
Degist of Statement by Pres. E. T.N.
In
1868.
in
Y., and incorporated
Originally located in Watertown,
under laws of Ohio.
1889 moved to Dayton and in 1896 was reincorporateduntil
are
we
to-day
The manufacture of sewing machines has increased commenced to manumanufacturing over 100,000 per annum. In 1895 we have manufactured
facture bicycles in a small way. For several years we to
turn out considover 95,000 bicycles per annum and this year expect manufacture
screw
erably more than 100,000 bicycles. In 1907 we began to spindle automatic
multiple
the
finest
machinery, and now have one of
screw machines there is on the market.
This year we are adding the manufacture of motor cycles, and while this is
our first year, we already have our entire capacity sold for 1913, which will
amount to between 3,000 and 4,000 motor cycles.
pref. stock was
The original capital stock was $600,000. The $600,000 dividend
on the
always paid 6%
a dividend taken from surplus. We haveon
the common stock. The earnpref. stock, but have never paid regularly
gone
largely
have
over
$1,800,000,
to
amounting
ings for the past 10 years,
to the development of the plant,
capital and to complete im• These bonds, issued for additional working
propprovements, are a first and only lien on all real estate and personal
all times must
erty now owned or hereafter acquired, and the quick assets at
outstanding.
all
bonds
exceed 150% of
y 25
The plant is located in East Dayton and comprises approximatel
sewing machines,
acres and 11 dwelling houses. Our capacity isa175,000
for
screw
capacity
large
besides
cycles,
125,000 bicycles, 5,000 motor
bicycle and motor cycle
machinery. We also manufacture coaster brakes,
old buildings are of brick and
pedals and small articles of that kind. The
steel. Our plant is
and
concrete
stone, the new buildings of reinforced
thoroughly sprinkled. Present insurance, $1,096.925.
II. Gorman,ViceG.
Man.;
Gen.
and
Pres.
Huffman,
T.
F.
Directors:
E. J. Barney, S. H.
Pres.; J. B. Parmelee, S3c., J. M. Huffman, Treas.;
B. Brown.
Carr, J. W. Stoddard, Theodore Kundtz, Judge 0. our
output has averThe prospects never looked better. For some years
we
aged over $2,000,000, and it has been as high as $2,125,000. In 1913
anticipate a business of between $2,500,000 and $2,750,000
Great Western Power Co.-Earnings.Balance,
Fixed
Net
Oper. Exp,
Gross
Calendar
Charges. Surplus.
Earnings.
& Taxes.
Earnings.
Year$455,576
$891,081
$1,346,657
$2,349,618 $1,002,961
1912
345,291
842,267
1,187,558
733,629
1,921,187
1911
-V. 96. p. 289.
Griffin Wheel Co. of Massachusetts, Boston, Chicago,
&c.-Pref. Stock Offered.-Curtis & Sanger, Estabrook &
Co. and William Salomon & Co., all of New York, Boston
and Chicago, have sold at 1023/i and dividend, yielding
5.85%, free of tax in Mass., the available portion ($3,000,000) of the present issue of $6,000,000 6% cumulative pref.
(p. & d.) stock, par $100. Dividends F. & A. (first div. for
7 mos. ending Aug. 11913). Redeemable on any dividend
date on 60 dais' notice as a whole at 115 and div. or in
part at 120 an div. The entire stock, it is announce& has
been sold, but for record the adv. appears on another page.
• Average annual not earnings from 1908 to Oct. 31 1912, as reported by
chartered accountants, after deducting depreciation, were $946,882, or
23i times present preferred dividend.
Digest of Statement by Pres. T. A. Griffin, Dec. 23 1912.in the
Organization.-The Griffin family has been continuously engaged
new Griffin Wheel Co. will be
manufacture of car wheels since 1842. The
assets, properties, good(has been) incorporated in Mass. to take over theof
tho Griffin Wheel Co.
liabilities,
the
all
will and franchises, and assume
Co. and
of Illinois, org. in 1894 as outgrowth of Griffin & Wells Foundry
Co.
Foundry
&
Wheel
Griffin
to Iss.
Now
Notes)or
Debt
Funded
Capitalization of New Company (No
$6,000,000
6% cumulative pref. stock, authorized, $9,000,000
about 9,300,000
$12,000,000
authorized,
Common stock,
have already taken $3,000.
Officers,managers and present stockholders
all of the common stock. The
000 of the new pref. stock and practically
now in progress, will
present financing, besides providing for extensions
company will be under prefurnish $450,000 new treasury cash. The new
the Illinois Co.
to
success
brought
cisely the same management as has
capacity of 5,500 wheels,
Plants.-The company owns plants with a daily
the
at
important
following
located
and
extending across the continent
railroad centres: Boston, Detroit, Pullman, Chicago proper, Chicago
Stock Yards, St. Paul, Kansas City, Denver and Tacoma. Tho plants
cover an aggregate of 17836 acres and all, with one minor,exception, are
operated by electricity (5,075 h.p.). Has a total of 337 buildings (118 of
space.
brick, concrete or steel construction), with 1,728,154sq.ft. of floor
imAfter 27 years of constant growth the company ranks as the mostpast
portant manufacturer of chilled iron wheels in the world. During the
mileage
total
a
with
different
railroads,
219
to
sold
year Griffin wheels were
United
of 166,054 miles, or over 67% of the total railroad mileage of themiles,
or
States, and to 262 electric railways, with a total mileage of 15,799
States;
United
the
of
railway
mileage
electric
over one-third of the total
miscellaneous
to 37 car builders, 18 street railway truck builders and 329
quarry machincustomers, the latter including wheels for logging, mining,
and sold
ery and other industries. From 1906 to 1911, incl., manufactured
Also exports wheels to
approximately 3,500,000 lbs. of brass castings. Cent.
Hawaii.
and
Am
America,
So.
Cuba,
Rico,
China, Japan, Porto
freight cars and from
Car wheels have a life of from 6 to 12 years under street
cars. Replaceto 3 years under engine tenders, passenger cars and
1
Detroit Edison Co.-Earnings.- Interest
Balance for ments, which are not directly affected by business prosperity, are the most
Net (after
Calendar
Gross
Dividends. substantial part of our business, and I estimate that the average annual
Charges.
Reserve Fds.
Year.
Earnings.
annual dividend
$1,085,509
$712,926
earnings from such sales alone are practically twice the affect
$1,798,435
1912
$4,385,615
us.
'
6 3,
• requirements on the pref. stock. Tariff changes will not
1,476,904
1911
3,598,094
1000. 190110 1912.
the transfer of
of Business. 188710 1890. 189110 1895. 189610
Growth
President Dow says that the profits were reduced byplant
160%
100%
equipand
of
125%
depreciation
60
_
_
_
increase_
• Approx.
$460,000 made last year to the reserve for
that were •
Various Provisions as to Pref. Stock.-The company shall not, without the
We have thrown out all the turbines
ment. Mr. Dow says:
of the plant in affirmative vote of two-thirds of the outstanding prof. stock: (1) Create
installed in 1904 and have re-equipped the first section any
plant there any mortgage or lien upon its real or personal property, guarantee any
addition to the extensions and improvements made. In
having More than one year
is an accumulated depreciation for which allowance must be made, if the • obligations, or issue any evidence of indebtedness
• to run; (2) change the terms of preference of the prof. stock; (3) sell or disbusiness is to continue successfully."
RR.
pref. stock or create any
Michigan
authorized
the
tho
pose of the property; (4) increase
The Eastern Michigan Edison Co. has applied to
prof. stock;(5) issue additional
Commission for authcrity to issue $600,00() additional bonds.-V. 96, stock prior to or on a parity with the presentexcept
for 66 2-3% of the cost
issue
authorized
the
of
stock
pref.
present
p. 289. 205.
, extensions or additions to the property, or working capiof
East Ohio Gas Co.-Bonds Offered.-A syndicate headed tal,improvements
and then only when the net quick assets (above all debts) is one-half
& Co. have purchased and are offering at of the par value of the pref. stock outstanding and then proposed to be
by A. B. Leach
FEB. 1 1913.]
THE CHRONICLE
31;5
are twice the new corporation,instead of cash, will receive the same aggregate amount
issued; nor after Dec. 31 1914, unless the annual net earnings
to of dividends, at the same dates, as if no change had been made.
the annual dividend requirements on the pref., including that proposed
The two corporations, the present and the new, will together own all the
extensions
or
be issued; (6) apply surplus profits for any year to additions
for. properties now held by the present company, and have the same aggregate
until the full accrued divs. on the pref. stock shall have been provided
ofshares ofstock of the same par value and of the same classes, pref.
number
assets
net
the
stock
when
common
the
upon
paid
be
No dividends can
and de- and corn., as the present company now has; and each stockholder taking
would be impaired thereby, except that a dividend already earned
the
new
than
stock will hold the same number of shares and kind of stock issued
more
of
rate
a
at
nor
such
of
impairment;
spite
in
paid
be
may
clared
two equal parts by the two corporations instead of all being issued by the
7% unless the remaining net quick assets would be one-half and the net in
present company. The number of shares, par value, and class of stock of
tangible assets 1 Y, times the par value of the pref. stock outstanding. of each
stockholder will be unaffected.
50%
When the net tangible assets are 150% and the net quick assets
To avoid confusion as to names, it is proposed to add "of New Jersey" to
exceeding
not
pref. stock, dividends on the common may be increased to
the pref. the name of the present company.
50% of the surplus earnings above the amount necessary to pay
stock books will close Feb. 8 1913. and the usual quarterly dividend
dividend and 77,, per annum on the common stock, and when the net tan- of Our
14% will be paid on March 11013 upon all of the existing pref. stock to
gible assets are 200%, and the net quick assets 50%, of the pref. stock, holders
of record Feb. 8 1913. If the decrease in capital stock outlined
such dividends may be paid on common as the directors deem prudent.
pref. above is adopted Feb. 10. the stock books will remain closed and holders of
The pref. stock has full voting rights and in case of default upon three
on
record
Feb. 8 1913 will be called upon to surrender their outstanding
dividends to the extent of $6 or more per share, the holders may elect
out of seven directors; and on default to the extent of $12 or more per share, certificates for cancellation and exchange as above stated.
may elect a majority of the board.
Further Statement by President Cyrus H. McCormick.
•
The new corporation has been formed to take over the business and
Excess of Combined Assets over All Liabilities, Exclusive of Good-will, Patents properties
of the International Harvester Co. in foreign countries, including
and Trade-Marks, as of Oct. 31 1912, After Adding the New Cash.
the manufacturing plants in Canada, France, Sweden. Germany and Russia
Real estate, plants and equipment as appraised, less deprec'n_ .44,774,029 (compare
V.
96. p. 139). In view of the pending Government suit, which
1,943,105
_
Cash ($874,395) and accts. and bills receivable ($1,068,710)_
2,722,883 may not be ended for a considerable time, as the case may go to the U. S.
Material (raw, wrought and in process)
for final settlement, this action has been deemed necessary
Court
Supreme
790,252
_
_
etc_
$779,537,
Duo on stock sold to employees (stock trust),
for the protection of our foreign trade and credit. In order to maintain
$10,230,269 this credit unimpaired in the new corporation, it was decided to transfer
Total
to the new corporation, in addition to the foreign properties, the following
Less current liabilities and reserves, $516,144, and profit to 1,694,302 plants in the
United States (see list above).
Oct. 31 1912, $1,178,158
No harvesting machinery or binder twine is made at these plants. All the
plants
manufacturing
harvester machinery or any products made by the
against
patents),
Total not assets (excluding good-will and
$8.535,967 company at the date of its organization in 1902 will continue to be owned
$6,000,000 preferred stock
and
by
the
company.
present
operated
Total
(b)
Earnings (a) Average Last 17, 12 and 8 Years, Respectively;
This action, while in the direction of the demands made by the Govern
Certified by Accountants, for 10 Months ending Oct. 31 1912.
ment, is not a solution of any of the questions at issue, and is not expected
1912.
Mos.
10
1905-1912.
1901-1912.
1896-1912.
to have any effect upon the pending suit; nor has it been influenced in any
$1,178.158
Net for divs...._ _avg. $517,733 avg. $854.713 avg• $974,380
proposed amendments to the corporation laws of New
earnings way by the recently
Regardless of the railroad retrenchment from 1908 to 1912, the
Jersey. The board of directors authorized the formation of the new corsuffithan
more
been
years
have
eight
than
for each separate year for the past
six
more
poration
months ago.—V. 96, p. 139.
twice
cient to pay the dividends on this $6,000,000 pref. stock more than has
International Harvester Corporation.—New Company
over, and there has not been a single year in 12 years when said dividend
busiThe
not been earned at least 1% times, with a substantial margin. this will be to Take Over Half of Assets of Present International Harvester
MOSS for the first 11 months of the present year indicates thatto
make exncluding Foreign Business.—This company was incorp.
the largest year in our history. It has already been necessary
tensive extensions and additions to two of the plants, and extensions to a in
Co.,k. J. on Jan. 27 with $70,000,000 cap. stock (30 mil. 7%
138.
under
p.
96,
consideration.—V.
now
are
plant
third
pref.) in accordance with the plan outlined above.
Hocking Coal Co.—Bonds Guaranteed by Minn. dc St.
Louis RR.—C. E. Mitchell & Co., 37 Wall St., have purhased,and will shortly offer, $200,000 1st M.s.fd. gold 6%
bonds, dated July 1 1912 and due July 11932. Principal,
interest and sinking fund unconditionally guaranteed by endorsement by Minneapolis & St. Louis RR. Interest J. & J.
Empire Trust Co., New York, trustee. Auth., $600,000;
•
issued, $200,000.
Callable as a whole or for sinking fund yearly, the sinking fund being
guaranteed at an amount not less than sufficient to retire each year a proportionate amount of outstanding bonds at 105 and int. Par $1,000 c*.
Digest of Letter from Newman F.rb, Pres. Minn. & St. L. RR.. Jan. 2 4
The entire capital stock of the Hocking Coal Co. was purchased by the
Minn.& St. L. RR.4 years ago at a cash cost of $550,000, since which time
there has been expended in improvements and extensions over $350,000.
'The coal properties embrace about 4,500 acres, with two modern shafts
in operation, 317 dwelling houses, store building, &c. Located on Minn.
engine service all
& St. L. RR. in Monroe Co., Ia., which road uses for its
85% of the total output
of the lump coal produced, being between 80 and
the Coal Co.
coal
this
For
railroad.
the
by
used
coal
the
all
and 52% of
receives about 25 cis. per ton less than prevailing prices. Nevertheless,
the net revenue for the half-year ending Dec. 31 1912, over and above interest, taxes and deprec., was $50,600.
IlliThe coal is of excellent quality and for our purpose superior to most
the coal
nois coals. E. D. Wickes, a coal-mining engineer, reports that
rate
said
at
while
years,
20
least
at
mining,
of
should last, at the present rate
the bond issue should be fully paid from the sinking fund within 15 years.
These bonds are unconditionally guaranteed as to principal and interest
by the railroad, which during the half-year ending Dec. 31 1912 earned, over
and above all charges, incl. interest and taxes, an amount equivalent to5%
on its pref. stock and 1% on its common stock.
Hocking Valley Products Co.—Demurrer Overruled.—
Justice Newburger in the Supreme Court in this city on Jan. 29 overruled the demurrers brought by certain stockholders in Juno 1912 to set
aside the lease of oil lands in the new Straitsville field to the Chartiers
Oil Co. Compare V. 91, p. 1568.
International Harvester Co. of N. J., Chicago.—To
Turn Over Half of Assets to New Corporation and Then to
Reduce Capitalization 50%.—The shareholders will vote
Feb. 10, as stated in official circular upon (1) changing
the corporate name to "International Harvester Co. of New
Jersey"; (2) decreasing the capital stock from $140,000,000
($80,000,000 corn. stock and $60,000,000 7% cum. pref.) to
$70,000,000, consisting of $40,000,000 corn. stock and
$30,000,000 7% cum. pref.
cum.
Milliken Brothers (Inc.), N. Y. City.—Default--Notice
to Bondholders.—The company having failed to carry through
the plan of Feb. 1912 for strengthening the security of the
bondholders, and having advised the bondholders' committee that default will occur to-day in the payment of the
Feb. 1 1913 interest upon the 1st M. bonds, said committee
gives notice, by adv. on another page, that a majority of the
bonds has been deposited and that until Feb. 15 further deposits may be made with Guaranty Trust Co., Standard
branch, 25 Broad St. The advertisement further says:
In view of the importance to the bondholders of promptly effecting some
arrangement for continuing the business, preferably without a receivership,
it is imperative that this committee should be in a position to act for the
bondholders at the earliest possible date.
The committee has made arrangements whereby the depository, for ac
count of the committee, will advance the amount of the Feb. 1 1913 coupon (1) to depositing bondholders at time of deposit (2) to bondholders who
have already deposited, upon presentation of their certificates for notation
of such payment thereon.
Committee: William Salomon. Chairman; Jules S. Bache, Christopher
D. Smithers and Eben 0. McNair, with Clarence McK. Lewis, Secretary,
25 Broad St.—V. 89. p. 1486.
Nassau Light & Power Co., Hempstead, &c., N. Y.—
Earnings.—N. W. Halsey & Co. report:
Territory served, about 140 sq. miles, and includes 16 principal municipalities or towns, among which are Hempstead. Oyster Bay, Glen Cove.
Mineola and' Jericho. Permanent population et this territory, about
60,000, and increasing rapidly. Modern central power plant, venerating
capacity 7,800 h. p.. 250 miles of transmission lines and 5.251 meters]
Bonded debt, 1st M. 5s, due 1927 (auth. $1,000,000), outst., $771.000.
Annual Gross Earnings Since 1906 Showing Increase of over 85%.
1911-12.
1911.
1910.
1909.
1908.
1906.1907.
$189,191 $199,459 $225.713 $270.418 $303,950 $322,736 $350.780
Earnings 12 Months Ending S.W. 30 1912 on Output of 6,061,800 k. is'. h
$35,828
8350,780 Bond interest
Gross earnings
458
427
6,2
Balance for dividends,&c__ 13
Net, after taxes
(Compare V. 86, p. 1162.)—V. 91, p. 419.
National Packing Co., Chicago.—Stock Reduced.—
A certificate of decrease of capital stock has been filed from $15,000,000
to $1000,000. The National Car Line Co.,an affiliated concern,has filed
a similar cerftificate decreasing its capital stock from $2,000,000 to $10,000.
Counsel for leading packers are quoted as saying that,in pursuance of the
purpose to dissolve, the stock will be again reduced, probably to $100.000
and ultimately wiped out or reduced to a nominal amount as claims, &c.,
are gradually dispcsed of. Compare V. 95, p. 547, 300.
National Refining Co., Cleveland.—Dividend Increased.
A dividend of 2% has been declared on the $2,000,000 common stock,
29 1913.
payable Feb. 15, comparing with 1 Yi(7c quarterly from Feb. to Nov. 1912,
Digest of Official Circular Dated at Chicago, Jan.which
may be both inclusive, and 1% theretofore from Juno 1910, when disbursements
In view of the suit of the U. S. against the company,
the advantageous were resumed. Compare V. 90, p. 1681.
pending for a considerable time, it is deemed necessary for
the so-called "new
C. D. Ells has been elected a director to succeed John H. Clarke.—
carrying on of the business in foreign countries and incarried
on separately V. 90, p. 1681.
lines" in the U. S., that tho same should be owned and
from the domestic business in the harvester lines. Accordingly, this comNational Sugar Refin. Co. N. Y.—Sale of 50% of Stock.
pany has caused to be organized in New Jersey the International Harvester
6.
See American Sugar Refining Co. above.—V. 95, p. 1406, 127.
Corporation, and has transferred to it the following assets:
(a) All of the foreign plants and all of the foreign business, including the
S.
.
Bushnell,
Transit
Co.—Directors.—D
New
York
the
with
connection
in
organized
stock of all foreign subsidiary companies
foreign business, including the International Harvester Co. of Canada, Ltd. George H. Cobb, W.A. Harris, George Chesebro, J. R. Fast,
(b) The following plants in the U. S. which are devoted to the manufac- A. J. McClatchey and H. R. Rowe have been elected directure of the so-called 'new lines" (which include gas engines, tractors, autowagons, cream-separators, wagons, manure-spreaders, and tillage and tors.—V. 94, p. 770.
planting implements added since the organization of this company):
Old Dominion Co. of Maine.—Earnings.--For cal. year:
Plano Works. West Pullman, Ill.
Akron Works, Akron, Ohio.
Exp. c*. Dividends. Balance,
Total
Int. on
Dirs.
Calendar
Milwaukee Works, Milwaukee, Wis, Tractor Works, Chicago, Ill.
(6%). Surplus.
Taxes.
Received. Spec. L'ns. Income.
Ill.
Chicago,
Year.
Works,
Weber
Wks.,
NewarkVal.,N.Y.
Vol.
Newark
$1.159,243 $28,103 $1,187.346 $7,112 $1,173,223 8,,011
(c) All manufactured products, work in progress and materials appur- 1912
439,867 46,121
7,222
493,211
27,476
465,735
1911
tenant to the foreign business or the "new lines.'
Total surplus Dec. 311912. $169,080.—V. 05, p. 622.
(d) The new corporation is also to acquire such portion of the quick
assets (including materials, accounts and bills receivable and cash) and to
d.
Co.,
Hawaii.—Suspende
Paauhau Sugar Plantation
assume such portion of the debt of the present company as shall result in the
Pres, Wm.G. Irwin in a circular says: "During the last year large sums
net assets and surplus of the two corporations being substantially equal.
which
will
machinery,
insure
increased
mill
necessary
have been spent for
Total Capital of New Corporation Issued to Present Company for Said Assets extraction, in building new camps and more comfortable housing for laborProf. stock (7% cum.) with substantially same rights, &c., as
ers, and other improvements, aggregating about $100,000. This, with the
company
present
$30,000,000 low price of sugar caused by uncertainty as regards tariff legislation, and
the preferred stock of the
40,000,000 also the large increase in the world's sugar crop for the current year (some
Common stock
Thus the now c-eiporail-On Was orie:tialt as much pref. and com. stock as 2,000,000 tons over the year preceding) has determined the directors to
the present company. It has approximately one-half in value of the present suspend dividends for the immediate present and until such time as it can
company's assets and an earning capacity also estimated to be about one-- better be determined what the 1913 crop will net at the market rates. The
plantation itself is in excellent phsical condition and the action is taken
half that of the present company.
It is proposed to reduce each class of capital stock of the present com- only as a precautionary measure."—V. 95, p. 821.
pany by ono-half, so that, after the reduction, it will have outstanding the
Pacific Light & Power Corporation, Los Angeles.—
same amount of pref. and corn. stock as the new corporation, and so that
the present holdings of each stockholder in the present company will be re- Progress of the Big Creek Initial Development.—William Saloduced one-half. Upon such reduction being made, each stockholder will
Co.,N.Y. and Chic. (see V.94, p.634. 356), are sendbe paid $100 in cash for each share of stock, prof. or corn., canceled by such mon &
reduction; or at his option he will receive, in lieu of such cash payment, ing to their friends a handsomely illustrated pamphlet reclass,
the
of
and
same
par
value
corporation
of
new
the
stock
shares of
garding the main features of the initial development on Big
pref. or corn., as his canceled shares of stock.
It is expected that the new corporation will at once begin to pay divi- Creek, situated in Fresno County, Cal., about 250 miles
the
in
as
same
dates
rates
and
the
dends upon its stock, pref. and corn. at
northeast of Los Angeles, to -which the power will go.
case of the present company, so that stockholders electing to take stock of
366
THE CHRONICLE
[VOL. xcvi.
The work, which involves the building of four concrete dams,two tunnels,
two power-houses (together aggregating 50 000 k. w. capacity), two 240mile transmission lines, sub-station, 56-mile railroad, is being done by.
Stone & Webster Construction Co., Boston. The railroad is the San Joaquin & Eastern RR. Co., controlled by interests friendly to the Pacific
Light & Power Corporation;it is a 56-mile standard-gauge line, completed
July 10 1912, and extending from a junction with the Southern Pacific, 22
miles northeast of Fresno, to the site of Power-House No. 1.
The construction schedule for the entire initial development calls for
putting power-station No. 1 and one transmission line in operation on
July 1 1913 and power-station No. 2 and the second transmission line on
Oct. 1 1913. Contracts for all the hydraulic and electrical machinery have
been placed for deliveries which conform to these dates, and the progress
on the dams and tunnels, it is stated, gives assurance that the completion
of the development will be in accordance with this schedule (see V. 94, p.
356 .—V. 95, p. 545.
company) and II. C. Hanna have been elected directors to succeed Charles
G. Gates, Oakleigh Thorne (former President of the Trust Co. of America)
and Harry Bronner of Hallgarten & Co. These holdings, it is stated, have
been acquired by associates of Chairman John A. Topping. W.T. Graham
succeeds John F. Harris as a member of the executive committee, which
now includes: John A. Topping, Grant B. Schley, James Campbell, Leonard
C. Hanna, William T. Graham and Earl W. Ogiebay.—V. 95, p. 1126.
Packard Motor Car Co., Detroit.—Notes.—Wm. A,
Read & Co. have purchased from the company and immediately re-sold to clients $1,000,000 5% debenture gold notes.
dated Dec. 1 1911 and due Dec. 1 1916, being the balance
of the total issue of $3,000,000.
See Penn. Water & Power Co. under 'Reports" above.—V. 96, p. 291.
Prin. and in (J. & D.) payable in U. S. gold coin in N. Y. City and in
sterling in London. Redeemable at 101 and int. on any int. date, as a
whole er in part, but not less than $200,000 at any one time. No bonded
or funded debt while any of these notes remain unpaid; quick assets, also
including cash, collectible current accounts and bills receivable and inventory account, must at all times amount to twice the amount of these notes
outstanding and any other loans, which are restricted to $1,500,000. No
cash dividends can be paid on the common stock unless at least $600,000
shall be appropriated for the retirement of the notes or other corporate
purposes, after providing for expenses, dividends, interest, depreciation
and other charges. Compare annual report.—V. 96, p. 282.
Peerless Motor Car Co., leveland.-7% Cum. Pref.
Stock Offered.—Roland T. Meacham, Cleveland, is placing
at par ($100 a share) and div. $500,000 7% cum. pref.
(p. & d.) stock; dividends Q.-J. Red. all or any part at 120
on any div. date on 60 days' notice.
Incorp. in Ohio. Began business in 1902 with $96,000 assets and has
made a substantial profit every year, the major portion having been put
back into the business. Owns in Cleveland 21 acres of land and large
plant, modern and recently constructed; also fine building and land at
1760 Broadway, N. Y. City, and other branches in Boston, Phila., Chic.
and Cleve. Manufactures automobiles of highest class and is doing an
increasing business in automobile trucks, the large users including Standard
Oil Co. and Amer. Express Co.
Capitalization—
Authorized. Issued.
6% bonds (duo $50,000 Apr. 11913,$50,000 Apr. 1
1914, thereafter ant:cow yly.; V.94,p. 1701)___$1,100,000 $1,100,000
Preferred stock, 7% cumulative
5,000,000
2,100,000
Common stock
5,000,000
2,100,000
Transfer agent and registrar for preferred shares, respectively Superior
Savings & Trust Co. and Citizens' Savings & Trust Co., both of Cleveland.
Balance Sheet Nov. 30 1912 (Total Each Side 36,769,723)•
[After adjust. to include conversion of stock into pref. and common.]
Assets.—Cash, $447,671; acc'ts receivable, $245,130; notes receivable, $53,739; prepaid int. and insurance, $35,476
$782,016
Plant acc't, $2,244,051; branch house invest., $l.420,221... _ 3,664,273
Inventory, $2,293,435; stock option contracts with employees,
$30,000
2,323,435
Offsets—Acc'ts payable,$189,436; accr'd int.. taxes,&c.,$129,220 318.656
Capital stock: Prof., $2,100,000; common, $2,100,000
4,200,000
Bonds
1,100,000
Surplus, $1,024,561, and contingent reserve fund, $126,506.. _ _ 1,151,067
It will be noted that the net assets are virtually 2% times the outstanding
pref. stock, and that in its statement the company carries nothing for goodwill, patents or the "Peerless" name.
Earnings from Dec. 1 1907 to Dec. 1 1912, a Period of Five Years.
5 Years.
Av.perAn.
5 Years. Av. perAn.
Total sales_ _$22,817,295 $4,563.459(Depreciation
$637,328 $127,466
Net earnings $4,070,026 $814,005 Other deduc'n.s 271,211
54,242
Riker & Hegeman
New York.—Acquisition.--
The company, which owns over
Co.,80 drug stores in Now York, Boston and
other Eastern cities, has, it is reported, purchased from the Dake Drug
Co. of Rochester, N. Y.. its 2 Main St. stores.—V. 94, p. 634.
Spring Valley Water Co., San Fran.—Offer Declined.—
See "San Francisco" in "State & City" Dept.—V. 95, p. 1407.
Susquehanna Power Co.—Syndicate Interested.—
(L.A.) Thompson Scenic Ry.(of N.J.)—Stock—Purchase.
The shareholders voted on Nov. 19 to reduce the auth. capital stock from
$1,000,000 to $100,000, and the par value of the shares from $100 each to
$10 each; also to sell to the L. A. Thompson Scenic Ry. Co. of N. Y. the
two plants at Woodside Park, Philadelphia, and the plant at Milwaukee
Wis.. for $70,000, payable in debenture bonds. See V. 80, p. 2400
Tobacco Products Corporation, New York.—Official
Announcement.—This company, incorporated in Va. in
September 1912, reports:
Stock Outstanding on Dec. 311912.
Common stock (total authorized, $30,000,000)
$16,000,000
Pref. stock, 7% cum. pref. (p. & d.) stock, issued for cash and
entitled to dividends from Jan. 1 1913, (payable for such
periods and on such days as the directors may determine
(total authorized, $20,000,000)
10,000,000
The company has purchased (1) Entire interest in M. Melachrino & Co.,
Inc. [of N.Y. City, V. 95, p. 10431; the Surbrug Co.[of N. Y.] and Booker
Tobacco Co., Inc. [of Lynchburg]. (2) One-half interest in Stephan°
Brothers, Inc. [of Va., successor of Stephan° Bros., Phila., manufacturers of Rameses, &c., cigarettes, V. 96,. p.1401. These companies
manufacture the following and other well-known brands:(a) Cigarettes:
Melachrino, Rameses, Milo, Arabs, Non Plus Ultra, Duke of York, Oxfords, Harem, Afros, Egyptian Mercury and Sweet Briar;.(b) Little cigars
fords, Harem, Afros, Egyptian Mercury and Sweet Briar;(b) Little cigars:
Burley Cubs and Intermission; (c) Smoking tobacco: Golden Sceptre,
Arcadia Mixture and Blue & Scarlet cut plug.
The first quarter will end April 1. Substantial economies in management, purchasing, advertising, Svc., have been effected, and the sales have
shown a satisfactory increase.
[The following also is confirmed: The plan is to cover not only the American field, but also to do business throughout the civilized world, plants
having already been established in South Africa and Australia, to be followed by factories in Canada, England and other British possessions.]
William H. Butler has resigned as a Vice-President but will remain a
director.—V. 96, p. 140.
United States Rubber Co., N. Y.—Official Statement.—
President Samuel P. Colt says in substance:
Several matters in the recent application to list additional stock seem
to have been misunderstood. As stated in the application (duly granted),
the $6,000,000 additional common stock is to be exchanged for the entire
common stock of the Rubber Regenerating Co.
The entire earnings of the United States Rubber Co. for this fiscal year
promise to be largely in excess of dividend requirements. The earnings
of the Rubber Regenerating Co. are now double the dividends on the
amount of our common stock issued in exchange for the stock of that company. Furthermore, the U. S. Rubber Co. should indirectly benefit to a
large extent by this acquisition.
As to the total surplus shown in the statement for the six months ended
Sept. 30, it has apparently been overlooked that since March 1912 the company has paid a stock dividend of $5,000,000 to its common shareholders.
Obviously the surplus was reduced by that amount.
To my mind the important point in this whole matter is that the earnings
of the U. S. Rubber Co. promise to be largely in excess of all dividend requirements. Compare V. 96, p. 291.
United States Steel Corporation.—Earnings, &c.—
See Annual Reports" on a preceding page.
Net profits
$3,161,486 $632,297
No Dissolution Plan.—Official Statement Jan. 24.—
Present maximum sink. fd. & int. charge (decreasing yearly)_ _ $166,000
No negotiations whatever have taken place between the Steel Corporation
'Preferred stock dividend charges
147,000
Directors (and officers): Pres., L. H. Kittredge; V.-Presidents, J. B. and the Department of Justice looking to the dissolution or disintegration
Crouse and E. H. Parkhurst; Treas., H. A. Tremaine; F. S. Terry, L. H. of the corporation. The corporation in all its operations has scrupulously
Treadway, B. G.Tremaine, A. B. McNairy and Corliss E. Sullivan. Geo. observed the law and recognized the just rights of its competitors and the
B. Siddall is Sec. Recently men closely identified with National Electric consumers of its products. So far as its directors are aware, no complaint
has ever been made against it by either of these interests.
Lamp Co. have acquired a large interst.—V. 96, p. 291.
The directors
advised by counsel that its existence is not in violation
Philadelphia Equipment Securities Co.—To Issue Car of the Sherman are
Act as interpreted in the recent decisions of the Supreme
Court. In view of this record and this advice, the directors feel that they
Trusts on Electric Railway Cars, &c.—Strong financial in- should
set at rest all rumors to the effect that they are contemplating any
terests have organized this company, to issue car trust voluntary
dissolution or disintegration by legal action. We believe that
bonds secured by equipment trust certificates created by the organization is legal, that its management is proper, that its properties
of immense intrinsic value and that the corporation is of benefit to the
electric railways in connection with their purchases of equip. are
public interest. (Signed
J. Pierpont Morgan and Elbert II. Gary,
By this method it is believed that the street railway equipment issues committee of the board ofby
directors,)—V. 96, p. 291, 207.
heretofore lacking somewhat in attractiveness to investment brokers,
owing to smallness of size, will be made the basis for readily marketable
Vicksburg (Miss.) Water Works Co.—Favorable Decision
securities partaking of the desirable features for which the equipment
See Vicksburg" in the State & City" department.—V. 95, p. 1626.
Issues of steam railroads have been noted.
Willys-Overland Co.—Earnings, &c.
Directors: Arthur E. Newbold and Horatio G. Lloyd, of Drexel & Co.;
The combined earnings for the 6 mos. ending Dec. 311912, it is stated,
George H. Frazier, of Brown Bros. & Co.; Edward B. Smith and Thomas
Newhall, of Edward B. Smith & Co. Officers: Arthur E. Newbold, were over 6% times the full year's pref. dividend requirements on the
Pres.; Thomas Newhall, V.-Pres.; Gerald Holsman, Treas.•, J. Clifford $5,000,000 7% cum. pref.
Pres. John N. Willys a short time ago
Rosengarten,Sec. Penn.corp. Stock $250,000, to be increased as needed. estimated that the net profits
stock*
for the present fiscal year ending Juno 30 1913
The Securities company will agree with electric railway companies that would be in excess of $5,000,000, or 100% on the pref. stock with a surplus
can furnish satisfactory statements of earnings and resources to create car- after payment of regular 7% preferred dividends equal to over 23% on
trust certificates on such cars, trucks, motors and complete equipment as the $20,000,000 corn. stock. The earnings for the 6 mos. ended Dec. 31
they may require, of suitable design, &c., for general use but only to (which has always been the poorer half of the year) were over 46% on the
amount equal, say, to 75% of the cost of the cars and equipment. The pref. stock. The company reports that all the plants are in full operation
railway will pay of the cost, say, 25% in cash at once and the balance in and that the outlook was never better. [The first quarterly dividend of
20 equal semi-annual installments, thus covering the full requirement for 1X % was paid on the pref. stock on Jan. 1 and that of 1%% on the
principal and half-yearly dividends on the certificates. The railway will $20,000,000 corn. on Feb. 1.1
be required to guarantee the certificates and the Philadelphia Equipment
The company announces that it will invest an additional $800,000 in
Securities Co. will deposit them when so guaranteed with a trust company the common stock of the Garford Co. making its total investment in that
as security for its own 5% serial gold bonds, maturing one-tenth annually. company over $2,000,000. The capticity of the Garford Co. is to be inDuring 1912 orders were placed for about $3,000,000 worth of electric cars, creased from 6 to 15 cars a day.—V. 96, p. 210, 140.
being 50% above 1911.
—The 63d annual statement of the Aetna Life Insurance
Reeves Timber Co., Helena, Ark.—Bonds.—Yard, Otis &
Taylor, Chicago, recently offered at par and int. $200,000 Co. of Hartford, Conn., Morgan G. Bulkley, President, is
(closed) 1st M.6% sink,fund gold bonds. Prin. and int. un- published in our advertising columns to-day. The company
has made growth in all departments of its life, accident,
conditionally guar. by W. D. Reeves. A circular shows:
Dated Aug. 1 1012, due $10,000 seml-an. Aug. 1 1913 to Feb. 1 1923 incl. health and liability insurance business. The gains during
Par $1,000 and $500 (0). Interest F. & A. at Chicago. Callable on any 1912 may be summarized, viz.: Increase
in premium ininterest period at 102 and int. Union Tr. Co., Chic., and Frederick A.
Yard, trustees. A closed first mortgage on (a) 13.976 acres of land and come, $978,815; increase in total income, $1,955,663; assets
some 01,310,000 ft. of standing timber (33% red and white oak, 16% ash, increased, $5,768,240, and life insurance in force increased
hickory, cypress and cottonwood, 37% gum) in Lee, Monroe and Phillips
counties, Ark. owned in fee simple; (b) saw mill, capacity 50,000 It. per $16,321,722. The net life insurance issued in 1912 was
day, logging '
equipment, &e. Total estimated value back of this issue, $53,204,479, while the life insurance in force Jan. 1 1913
$943,345, of which timber $653,585; land, when cut over (good for agricul- reached
$334,926,353. The company has paid policytural purposes), $239,760; saw mills, &e., $50,000. Sinking fund, $3 per
1,000 ft. on all timber cut, to retire the bonds before maturity. Bonds holders since its organization in 1850 over $233,131,600.
unconditionaaly guaranteed by W. D. Reeves, who reports his net worth The company's total
resources on Jan. 1 1913 were $110,at $153,000 over all liabilities, without including his interest in the Reeves
Timber Co. or Ms $250,000 in the W. D. Reeves Lumber Co. The Reeves 523,775, of which
6,942,660 included reserve on life enTimber Co.takes over the timber holdings of the W.D. Reeves Lumber Co., dowment and term policies, besides an additional reserve
of
which latter company has been doing business in Helena, Ark.,for 30 years.
W. D. Reeves Lumber Co., which Mr. Reeves owns entirley, will operate $760,106, $3,523,238 surplus reserve for special class of
the saw mill and pay the Reeves Timber Co. for logsasdelivered. V.-Pres., policies and dividends to policyholders and $11,922,732
E. C. Horner of Helena; Sec.-Treas., J. W.Thale.
surplus to policyholders. The income for the year totaled
Republic Iron & Steel Co.—New Directors.—
$23,950,360. The amortized value of the bonds as provided
As a result, it is understood, of the liquidation of the holdings of the estate
of the late John W. Gates and other interests, W.T. Graham,former Presi- by the law of New York shows a value greater than the
dent of the American Can Co.; H. L. Rownd (Vice-Pres. and Treas. of the market value given in the Aetna's statement by $1,400,685.
FEB. 1 I: 131
THE CHRONICLE
-Mackubin, Goodrich & Co., 110 E. German St., Baltimore, and members of the Baltimore Stock Exchange,
Baltimore,Md.,have issued their annual"Financial Review.,
which includes the high and low prices and last quotations
of all bonds and stocks traded on the New York and Baltimore stock exchanges for 1911 and 1912. The city. of
Baltimore's financial statement,its taxable basis, population,
and other information covering a period of years, is another
feature. This booklet shows the present g oss and net
debt of Baltimore and it is pointed out that,after deducting
its sinking fund and income-producing rroperty, the city's
net debt is 3.38%. The booklet also contains the "Rule"
formulated by the judges of the Supreme Bench governing
the investments of all trust funds coming under the jurisdiction of the Equity Courts of Baltimore City. We believe the firm will furnish a complimentary copy to investors,
banking institutions and others seriously interested in these
matters upon application.
-Another member has been added to the firm of Wells,
Humphrey, Nicol & Ford in the person of Harry E. Simons,
who has been identified with the bond business for the past
ten years. Mr. Simons at one time was Michigan representative of A. B. Leach & Co. and more recently was
Detroit representative for Charles S. Kidder & Co. of Chicago. He has built up a large clientele of friends in Detroit
and Michigan, and his association with Wells, Humphrey,
Nicol & Ford should prove a considerable asset to the new
firm.
-Having sold privately the greater portion of $2,000,000
Burns Bros. 7% cumulative preferred stock, Ladenburg,
Thalmann & Co. and Spencer Trask & Co. of this city are
to-day jointly offering the remainder, subject to sale, at 100
and dividend, yielding 7%. An offering of this preferred
stock is being made in London on behalf of the American
bankers by Robarts, Lubbock & Co. See to-day's advertisement for the features of this investment and our "General
Investment News" department for other information.
-Arthur N. Peck, William T. Rasmus and Calvin Truesdale have formed a co-partnership under the firm name of
Peck, Rasmus & Truesdale for the transaction of a general
business in investment securities, commencing on February 1st. The office will be located at 40 Wall Street. Mr.
William Rasmus, former senior member of the old firm of
Rasmus & Co., will have his office at 40 Wall St.
The Tommercial
367
Times,
COMMERCJAL EPITOME.
Friday Night, January 311913.
Trade continues good but not so active as it was recently„
partly owing to unseasonably warm weather and in some
degree also to labor troubles. Railroads are buying large
quantities of car rails and other supplies. Iron and steel
mills are running to their full capacity. Copper, however,
is quiet. Money is easy. Retail trade is adversely affected
by the open winter. The same thing, however, stimulates
building, and the lumber trade is active. The textile trades
are in a prosperous condition. The winter-wheat belt needs
snow,something which has tended to advance prices. Taken
as a whole, American trade is still hopeful though more
conservative on the eve of tariff changes.
LARD has been firmer with an improved demand. Prime
Western 10.60c. Refined Continent 10.85c.; South American 11.40c.; Brazil 12.40c. Speculation in lard futures has
been more active at some advance, owing to a growing belief
that the bullish factors in the situation are bound to tell.
The number of swine on farms on Jan. 1, according to a
Government report, was 93.5% of the preceding year; of
sheep 98.3%; of milch cows 99%, and of other cattle 96.7%
of last year. The above shortage has caused free buying.
To-day lard was easier on scattered liquidation; Packers,
however, bought.
DAILY CLOSING PRICES OF LARD FUTURES IN
CHICAGO.'
Sat.
Mon. Tues.
Wed. Thurs.
Fti.
January delivery_ _ _cts.10.20
10.27% 10.273-i 10.30
10.25
10.02%
May delivery
10.273 10.35
10.30
10.27% 10.25
10.17%
July delivery
10.273 10.37% 10.32% 10.30
10.25
10.17%
PORK steady; mess $19 25@$19 75; clear $21 ©$22 75;
family $22©$23 50. Beef strong; mess $20©$21; packet
$22@$23; family $24@$26; extra India mess $39©$40.
Cut meats firmer; pickled hams, 10 to 20 lbs., 13%@14c
.;
bellies, clear f.o.b., New York, 6 ta 12 lbs., 13 ©13Xic.
Butter, creamery extras, 35%©36c. Cheese, State,
whole
milk, colored specials, 17 M ©18c. Eggs, fresh gathered,
extras, 26@27c.
OILS.-Lipseed firm; city, raw, American seed, 49 ©50c.;
boiled 50@51c.; Calcutta 70c. Cottonseed oil stronger;
winter 6.40 ©6.800.; summer white 6.30@6.80c. Cocoanut
oil firmer; Cochin 103/©11c.; Ceylon 10©10/0.
1
China.
wood continues in good demand at 73'@8c. Corn steady
at 5.55@5.60c. Cod steady at 42@43c.
COFFEE has remained dull, with No. 7 Rio 133/2c. Mild
grades have also been quiet, with fair to good Cucuta 154@
7
16%c. Coffee futures have shown more or less depressio
n,
with Brazilian quotations inclined to recede, as a natural
consequence of the big valorization sales and the necessity
of these being absorbed before buyers will seek Brazilian markets. Leading bulls have given support from time to time,
but efforts to stimulate speculation have not been successful
Leading roasters have reduced prices. To-day coffee was.
quiet and irregular, closing barely steady. Closing prices were:
-Miller & Co., members of the N. Y. Stock Exchange,
have issued a pamphlet showing a comparison of seven railroad bonds, contrasting their prices, yield and earnings in
1906 and 1912. Free copy upon application to the firm's
bond department at 29 Broadway, this city, or 55 Congress
St., Boston, or The Rookery, Chicago.
-Hornblower & Weeks of New York, Boston, Chicago,
Detroit, Providence, Hartford and Newport, announce the
retirement of United States Senator-elect John W. Weeks
from the firm on Feb. 1st. Ralph Hornblower, son of the February ..12.95@13.1O June.........13.52@13.53 October___
13.67013.68
March____13.22 13.23 July
senior member, will become a partner. The firm name will April
13.58(13.60 November 13.63013.64
13.33@13.35 August __.13.65(13.66 December_13.58013.59
remain unchanged.
May
13.46 13.47 September.13.73 13.74
SUGAR.-Raw quiet and unchanged. The visible sup-Sanderson & Porter, engineers and contractors, 52
William St., this city, announce that Richard S. Buck has ply of sugar in the world is estimated at 4,050,000 tons, as
retired from the firm and that Seton Porter has been admitted contrasted with 2,880,000 last year, showing an increase
as a member of the firm. Mr. Buck has become Chief of 1,170,000 tons for the year: Centrifugal, 96-degrees
test, 3.48c.; muscovado, 89-degrees test, 2.98c.; molasses,
Engineer of the Dominion Bridge Company of Canada.
89-degrees test, 2.73c. Refined has been quiet and weaker;
-Frank F. Fowle announces that he has severed
d 4.30c.
con- granulate
nection with the McGraw Publishing Co. as onehis
PETROLEUM.-Refined continues steady; barrels 8.50
of
the
editors of the "Electrical World," and will resume his elec- ©9.50c., bulk 4.80 ©5.80c. and cases 10.80@11.80c.
trical engineering practice with offices at 68 Maiden Lane, Naphtha firm; 73 to 76 degrees, in 100-gallon drums, 25c.;
drums
suite 1702, New York City. Telephone 5097 John.
50 extra. Gasoline, 86-degrees, 293-ic.; 74 to 76
degrees,
68 to 70 degrees, 223c., and stove 21c.
-Tracy A. Johnson, manager of the bond department of Spirits of253c.;
turpentine
2 ©45c. Common to good strained
Parkinson & Burr, 7 Wall St., this city, will succeed to the rosin, $5 80@$5 90. 443/
partnership in Rhoades & Co., 45 Wall St., to-day, which
TOBACCO.-Trade continues quiet as a rule, though binwas left vacant by the election of Edward R. Tinker to a der meets with a good demand,
and of some grades of binder
vice-presidency in the Chase National Bank.
the supply is small. The buying of most descriptio
ns of
tobaccojust now is on a hand-to-mouth scale, and possibly
-Joseph F. Costello, for nine years on the staff of the it
may continue so, as far as circumstances will permit, until
Boston News Bureau, specializing in railroads and statistics,
has resigned to form the firm of Costello & Co., which will tariff revision is disposed of. For Sumatra, of which the
available supplies are none too inviting, there is but a small
have offices in the Monks Building, Boston, and
make a demand. In Cuban leaf there is the usual trade
specialty of investment securities.
at this time
of the year.
COPPER has been dull and more or less depressed
-Sanderson & Porter announce that Richard S.
Buck at home and abroad. Lake
has retired from the firm and has become Chief Engineer
16%©163'c.; electrolytic
16
Xi ©16%c. Lead here 4.30c. and quiet. Spotter
of the Dominion Bridge Co., Canada, and that Seton Porter
dull
and lower in sympathy with a break in St. Louis. Here
has been admitted as a member of the firm.
6.80c. Tin shorts in London have been squeezed; spot
-Ross H. McMillan, formerly Assistant Cashier of the there suddenly advanced £5 on Wednesday. The Banca
Mercantile National Bank of St. Louis, has become assoauction, too, was equal to fully 50 cents in New York,
ciated with Smith, Moore & Co. in the investment bond 2500 tons being sold at an advance of half a cent fromsome
the
business at 509 Olive Street, St. Louis.
previous sale. Here spot 50.80c. Pig iron is lower at $17@for East No. 2 foundry at furnace. Offerings are
-Edward B. Smith & Co., of Philadelphia and New York, $17.50
larger at $13.50, Birmingham No. 2 for the first quarter and
announce the appointment of F. 0. March, formerly
first
half
delivery. Finished steel has been strong with some
J. S. & W. S. Kahn, Inc., as sales manager of their with decrease in new business
and.deliveries are more prompt in
Philadelphia office.
some quarters. American railroads it is said want 60,000
and
50,000
cars
tons
of rails. The Argentine Government
-The 25th annual statement of the American'*
Real wants 150,000 tons of rails and American mills are
Estate Co. of 527 Fifth Avenue, this city, is
expected
published
order
get
to
the
as
the
rails must be furnished in 1913 and
among aur advertisements in this issue.
European mills cannot furnish them.
[VOL.
THE CHRONICLE
368
On Shipboard, Not Cleared for-
COTTON.
Friday Night, Jan. 31 1613.
THE MOVEMENT OF THE CROP,as indicated by out
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
160,209 bales, against 159,990 bales last week and 154,340
bales the previous week, making the total receipts since
Sept. 1 1912 7,704,643 bales, against 8,605,860 bales for the
same period of 1911-12, showing a decrease since Sept. 1
1912 of 901,217 bales.
Mon. I Tues. I Wed. 1 Thurs.
xcvi.
Fri.
Other CoastGerGreat
Jan. 31 at- Britain. France. I niany. Foreign wise.
New Orleans__ 6,897
Galveston ____ 11,733
Savannah ____
Charleston
Mobile
2.573
Norfolk
4,0566
New York
Other ports_ _ _ 10,000
5,957 2,713 9,4751
8.522 36.157 38,2311
- 2,850
348
-466
553
8,500
_ 12,000
I
Leaving
Stock.
Total.
55! 25,097
4,7971 99,440
300' 3.150
1:466 6,074
__ 14.100 22,600
1,000
____ 6,100
22,000
121,907
172,936
113,070
22,083
21,019
36,168
133,650
55,034
Total 1913._I 35,2.03 15,227 60,623 51,5561 20,852183,461 675,867
Total 1912-- 114.446 20,840 120,169 66,319 27,112 348,886 1.048,589
Total 191l. 80.175 16,772 65.768 50.965 18.156 231.836 745,509
Total.
Speculation in cotton for future delivery has been less active. Also the market has been more or less unsettled.
It has alternately advanced and receded, partly, at least,
it would appear, under the influence of manipulation. Large
interests are identified with the bull side. Some large spot
concerns are understood to think favorably of the market
and to be looking for higher prices sooner or later. Large
Wall Street interests, as well as some of the spot houses,
have bought. So have Memphis, New Orleans and Liverpool interests, as well as some of the Waldorf-Astoria group.
Much of the time, too, the spot quotations at the South have
been reported firm. In the Eastern belt, particularly in
Alabama, quite a good demand has been reported
The weather at the South has been
at times.
and east of the Mississippi rainy. Some
cold
reports are to the effect that crop preparations have
been somewhat retarded, although it is admittedly a little
to talk about this subject. Of late the spot sales at
• The following shows the week s total receipts, the total early
have increased to about 10,000 bales a day. The
since Sept. 1 1912, and the stocks to-night, compared with Liverpool
weekly statistics, according to all appearance, seemed likely
last year:
to be bullish, and this fact has been dwelt upon to some exCertainly the receipts both at the ports and interior
tent.
Stock.
1911-12.
1912-13.
towns have latterly fallen off very noticeably. Some reports
Receipts to
This Since Sep This Since Sep
are to the effect that the Egyptian crop is not likely to be so
January 31.
1912.
1913.
Week. 1 1912. Week. 11911.
large as was at one time expected. Trade in cotton goods in
68,630 3,170,062 107,097 2.762,184 272,376 403,899 England and parts of the Continent is reported excellent.
Galveston
49.489
30,096
10.805 609,414 17,339 503.603
Texas City
On the other hand, the spot markets at the South as a rule
4,225 101,0381 2,052 159,687
. Port Arthur
779
f
69,459
986
&c_
have
been quiet. Latterly, it is said, some of them have
Aransas Pass,
1,112,194 147,004 264,302
New Orleans_ _ _ _ 25,470 1,064.850 48,181
1,157
4.632 weakened, expecially in Texas and Mississippi. The stock
40,691
Gulfport
71,481 here at New York is steadily increasing (52,000 bales in.
26.093
1,783 165,735 11,134 293.148
Mobile
130,084
98,696
11.526
Pensacola
January) despite the talk to the effect that the Southern pri43,538
13,753 1.627
1,755
100
Jacksonville, &c_
15,956 1,049,390 69,302 1,846,631 116,220 265,495 ces are so high as to preclude the possibility of shipping cotSavannah
6,613
6,343
3,500 208,100 8,600 283.978
Brunswick
While there is talk here to the effect that
41,691 ton to New York.
897 263.022 11,197 330,290
22,083
Charleston
the short interest is large, it is the belief in some quarters
480
Georgetown
20,770 that the so-called short interest really consists of hedges
423,130
1,15 303,999 12-,816
16,181
Wilmington
57,824
58,768
5,895 400,376 22,878 539,636
Norfolk
against actual cotton at the South. At times the tendency
78,197
_
12.567
Newp't News,&c. 3,811
1,556
3,718 139,750 186,264 of near months has been towards smaller premiums over the
13,958
New York
8,664
600
1,735
36,509
10,628
40.861
Boston
13.776 distant months. The Continent has been selling in Liver9.177
2,154
56,102 4,185
74,438
Baltimore
2,575 pool quite steadily, and it would appear that American buy2,075
45
1.983
Philadelphia
there was necessary to offset this fact. Both the New
160.2097,704,643 318,215 8,605.860 859.328 13.97,475 ing
Total
York and Liverpool markets, according to the opinion of
In order that comparison may be made with other years, many, have been under the influence of manipulation.
Late in the week Liverpool showed depression, owing to
we give below the totals at leading ports for six seasons:
free offerings of actual cotton from the South at lower prices.
The fact, too, that the Balkan peace negotiations in London
1908.
1909.
1910.
1913. I 1912. I 1911.
Receipts athave been broken off has militated against efforts to put up
98,739
27,9341
58,552
107,097
107,097
_
_
68,630I
Galveston _
1,5841 11,073 prices. January "notices" amounted to 10,000 bales. To14,414
19,441
19,441
16,0161
TexasCity,&c.
64,706 day prices opened higher but closed lower. Southern spot
16,660
40,239
48,181
48,181
25,470
New Orleans_
7,869
4,007
6,734
11,134
1,783
11,134
Mobile
23,713 markets were said to show less strength. Spot cotton closed
4,913
29,713
69,302
15,956
Savannah __ _
69.302
5,980 at 13.05c. for middling uplands, being unchanged for the
4,987
3,723
8,600
8,600
Brunswick_ _ _
3,500
3,699
586
3,904
11,197
897
11,197
Charleston,&c
6,420 week. .
622
5,636
12,816
12.816
1,135
Wilmington_ _
The rates on and off middling, as established Nov. 20 1912
11,942
2,059
7,635
22,878
22.878
5,895
Norfolk
1,628
849
3,811
Committee, at which grades other than
N'port N.,&c.
11,994 by the Revision
5,081
7.569
14.325
7,569
17,116
All others_ _
middling may be delivered on contract, are as follows:
Receipts at-
Sat.
Galveston
13,095 11,670 15,980: 7,348 8,007 12.530 68,630
3.078 10,805
Texas City
1.856 1,100 3,4,45' 1.326
4,225
--- _
Port Arthur_ _ _ _
4,225
986
-§g4
_
Aransas Pass,&c.
New Orleans_ __ _ 3-,'7815 3-.13£1 5-0U-S 3-,6136 .2-,W76 6.422 25,470
Gulfport
-481 1-,ff35
--46
401
150,
46'7
265
Mobile
11,526
_I 10,352 1,174
Pensacola
100
_I
-i(iii
Jacksonville,&c_
2E,855 37,485 37,863 1-,918 2.6155 2.201 15,956
Savannah
3.500 3,500
Brunswick
-86 --58 273 897
-228
-iod
--452
Charleston
Georgetown _ _
I:13.8
-HO -564 -The -Foi -1e5 5,895
-Hi
Wilmington _ _ _ _
851
996
289
904 1,350
1,505
Norfolk
____ 3.811 3.811
N'port News,&c.
172 1,556
-Fii -521 -484 -4New York
238 1,735
--2dg
411
224
126
468
Boston
2.154 2,154
Baltimore
45
45
Philadelphia__ _ _
Totals this week_ 23,936 26,106 31,331 26,120 15.7111 37,005 160,209
Total this wk.
160,209
318,215
318,215
184,875
69,2821 247,763
Since Sept. 1- 7.704,643 8,605.860 8,605,860 7,127,084 5,696,6327,568.435
Fair
c 1.50 on
Strict mid. fair___ _1.30 on
1.1000
Middling fair
Strict good mid- _0.68 on
Good middling_ _..0.46 on
Strict middling_ _ _ _0.24 on
c Basis
Midd'Ing
0.35 off
Strict low mid
0.80 ott
Low middling
Strict good ord_ __ _1.40 off
Good ordinary_ _ _ _2.15 oft
Strict g'd mid. ting.0.35 on
Good mid. tinged_c _Even
Strict mid. tinged_0.15 of
Middling tinged_ _ _0.30 of
Strict low mid.ting_0.85 of
Low mid. tinged_ _2.00 of
Middling stained_ _0.90 of
The exports for the week ending this evening reach a total
of 199,350 bales, of which 77,407 were to Great Britain,
The official quotation for middling upland cotton in the
304 to France and 121,639 to the rest of the Continent.
New York market each day for the past week has been:
Below are the exports for the week and since Sept. 1 1912:
Mon. Tues. Wed. Thurs.
Week ending Jan. 31 1913.
Exported to-
From Sept. 1 1912 to Jan. 311913.
Exported to-
Exports
from-
Great I
COWLContiGreat
neat.
Total.
Britain.France. nent. Total. Belt tin. France.
23,113 56,534 1,094,316,1 353,1931,030,7352,478,244
Galveston__ 33,421
1,156 10,842 366,889' 141,469 58,634 566,983
Texas City_ 9,686
5,064 6,289 30,753 24,892 45,393 101,038
Port Arthur 4,225
5,191 34,160
16,018
12,921
Ar.Pass.,&e.
17,101 32,501 524,068 115,859 243,396 883,323
NewOrleans 15,2.166
2,738 2,738 41,947 25,562 26,604 94,113
Mobile_
11,526 11,526 20,228 34,791 43,677 98,696
Pensacola _ _
28,489 25,489 117,853 62,869 454,335 635,557
_
84,267 182,392
98,125
Savannah..
Brunswick _
5,000 125,859 191,151
2,200 5,088 60,292
2,888
Charleston
87,554 59,673 129,137 276,361
Wilmington
500 43,005 58,100
14,685
Norfolk
- i8T5
-300 IA;
291
291
Newp.News
New York_201 -5641 2,623 3,128 170,335 37,376 96,328 304,089
5,667 118,976
9,721 113,309
Boston _ _ _ _ 9,'721
1,850 26,360 32,204
Baltimore_
3,994
4,792 32,852
____
249 1,359 28,069
Philadelp'a
127,030 127,080
26,614 26,614
San Fran_
53,363 53,363
___ _1 3,466 3,464
Pt. Towns'(
Total_ _
77,407
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
Sat.
13.05
13.05
13.15
13.15
13.15
13.05
NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Jan. 31 for each of the past 32 years have been as follows:
1913-c
1912
1911
1910
1909
1908
1907
1906
13.05
9.70
14.95
14.60
9.85
11.65
11.00
11.35
1905_c
1904
1903
1902
1901
1900
1899
1898
7.25
16.75
9.05
8.25
11.00
8.00
6.44
5.94
1897-c
1896
1895
1894
1893
1892
1891
1890
7.31
8.25
5.62
8.06
9.44
7.50
9.31
10.94
1889_c
1888
1887
1886
1885
1884
1883
1882
9.88
10.69
9.44
9.19
11.12
10.75
10.19
12.00
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each gay during the
week at New York are indicated in the following statement.
For the convenience of the reauer we also add columns which
show at a glance how the market for spot and futures closed
on same days.
304'121,639 199,3502,785,670 879,0732,604,323 6,259,066
Total '11-12 70,442 42,3781 80,455 193,275 2,808,898 850,702 3,126,5836,786.183
Note.-N.Y. exports since Sept. 1 include 17,172 bales Peru, &c., to Liverpool.
Jan. 25 to Jan. 31Middling uplands
Futures
Market
Closed.
Spot Market
Closed.
Steady
Saturday_- Steady
Easy
Monday __- Steady
Tuesday _ _ _ Steady, 10 pts. adv. Steady
Steady
Wednesday_ Steady
Thursday _ _ SteadyBarely Steady_
Quiet 10 pts dec-__ Easy_ __ _- ---Friday
Total_ - _
I
SALES.
Spot. Contr'ct Total.
2-,866 27A0
500
500
1,000 1,000
3,700 3,700
18 21,700 21,716
16 29,700 29,716
THE CHRONICLE
FEB. 1 1913]
369
AT THE INTERIOR TOWNS the movement-that
FUTURES.-The highest, lowest and closing prices at
the receipts for the Week and since Sept. 1, the shipments
New York the past week have been as follows:
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year-is set
Z,'
out in detail below.
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* Last year's figures are for Louisville. Ky.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
from telegraphic reports Friday night. The results for
THE VISIBLE SUPPLY OF COTTON to-night, as made up
last two years are as follows:
up by cable and telegraph, is as follows. Foreign stocks, the week and since Sept. 1 in the
-1912-13-1911-12-as well as the afloat, are this wbek's returns, and conse- Shipped Jan. 31.
Week. Sept. 1.
Week. Sept. 1.
Via St. Louis
16.208 373,080
23,640 361,561
quently all foreign figures are brought down to Thursday
Via Cairo
4,975 177,816
a3,464 a185 240
evening. But to make the total the complete figures for
Rock
Via
Island
1,756
13,768
276
2,126
Via Louisville
1,393
56,566
9.135
to-night (Friday), we add the item of exports from the
90,104
5,519 101,955
Via Cincinnati
5.553
62,255
United States, including in it the exports of Friday only.
Via Virginia points
2,349 100,753
5,284 117,231
ik il ik LT Ii74 lizi l',7: FA 11 lit l'4 lk
January 31Stock at Liverpool
Stock at London
Stock at Manchester
1910.
1911.
1913.
1912.
bales.1,445,000 1,014,000 1,174,000 1,062,000
3,000
8,000
5,000
2,000
70,000
95,000
115,000
73,000
Total Great Britain stock _ _ _ _1,565,000 1,089,000 1,277,000 1,135,000
9,000
Stock at Hamburg
10,000
8,000
4,000
549,000 392,000 237,000 297,000
Stock at Bremen
Stock at Havre
486,000 306,000 251,000 464,000
2,000
3,000
Stock at Marseilles
3,000
2,000
8,000
28,000
17,000
15,000
Stock at Barcelona
49,000
30,000
47,000
68,000
Stock at Genoa
1,000
3,000
2,000
Stock at Trieste
Total Continental stocks
1,124,000
759,000
558,000
850,000
2,689,000 1,848,000 1,835,000 1,985,000
Total European stocks
49,000 207,000 274,000
92,000
India cotton afloat for Europe
551,974 1,081,278 765,893 302,176
Amer. cotton afloat for Europe
64,000
45,000
64,000
Egypt,Brazil,&c.,aflt.for Europe- 61,000
328,000 288,000 281,000 213,000
Stock in Alexandria, Egypt
6'2,000 465,000 424,000 582,000
Stock in Bombay, India
859,328 1,397,475 977,345 700,589
Stock in U. S. ports
Stock in U. S. interior towns
776,217 806,329 668,147 720,743
29,892
57,612
39,002
U. S. exports to-day
71,899
Total visible supply
6,041,418 6,018,084 5,279,997 4,80,400
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales.1,273,000 907,000 1,057,000 981,000
78,000
56,000
Manchester stock
49,000
76,000
Continental stock
1,096,000 728,000 523,000 794,000
American afloat for Europe
551,974 1,061.278 765,893 302,176
U. S. port stocks
859,328 1,397,475 977,345 700,589
U. S. interior stocks
776,217 806,329 668,147 720,743
U. S. exports to-day
29,892
57,612
39,002
71,899
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, Scc
Total American
4,704,418 4,988,084 4,126,997 3,584,400
172,000
5,000
39,000
28,000
92.000
61,000
328,000
612,000
107,000
2,000
24,000
31,000
49,000
64,000
288,000
465,000
117,000
8,000
17,000
35,000
207,000
64,000
281,000
424,000
81,000
3,000
14,000
56.000
274,000
45,000
213,000
582,000
Continental imports for the past week have been 163,000
bales.
The above figures for 1912 show a decrease from last week
of 121,368 bales, a gain of 23,334 bales over 1912, an excess
of 761,421 bales over1911 and a gain of 1,189,018 bales over
1910.
22,798
232,614
54,998 1,056,552
Total gross overland
Deduct ShipmentsOverland to N. Y., Boston, &c__ 5,490 108,552
72,009
3.042
Between interior towns
56,694
3,355
Inland, &c., from South
Total to be deducted
Leaving total net overland*
13,946
245,219
61,298 1,063.736
'4,785
5,163
1,244
119,017
36,427
23,035
11,887
237,255
11,192
178,479
43,111
819,297
50,106
885.257
* Including movement by rail to Canada.
a Revised.
The foregoing shows the week's net overland movement
has been 43,111 bales,against 50,106 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 65,960 bales.
1912-13- -1911 12
Since
In Sight and Spinners'
Since
Sept. 1
Week.
Week.
Takings.
Sept. 1.
Receipts at ports to Jan. 31_bales160,209 7,704,643 318,215 8,605,860
819,297 50.106
Net overland to Jan. 31
43.111
885,257
Southern consumption to Jan. 31.. 56,000 1,224,000 54,000 1,068,000
Total marketed
Interior stocks in excess
259,320 9,747,940 422,321 10,559,117
*22,724
679,181 *23,247
705,892
Came into sight during week_ _236,596___ 399,074
Total in sight Jan. 31
16,127-321
11,265,009
Northern spinn's takings to Jan.31 60.201 1.688,951
66.174 1,489,562
* Decrease during week.
Movement into sight in previous years.
Bales.
Since Sept. 1224,142 1910-11-Feb. 3
130,507 1909-10--Feb. 4
316.681 1908-09-Feb. 5
Week1911-Feb. 3
1910-Feb.4
1909-Feb.5
Bales.
9,493,661
8,114,628
10,263,612
QUOTATIONS FOR MIDDLING COTTON AT
OT ER MARKETS.-Below are the closing quotations
of middling cotton at Southern and other principal cotton
markets for each day of the week.
1,337,000 1,030,000 1,153,000 1,268,000
4,704,418 4,988,084 4,126,997 3,584,400
6,041,418 6,018,084 5,279,997 4,852,400
Total visible supply
5.77d.
6.84d.
7.88d
Middling Upland, Liverpool
7.91d
10.00c.
14.65c.
14.90c.
Middlihg Upland, New York... 13.05c.
1030d. 9 15-16d. 10 15-16d. 14 9-16d.
Egypt, Good Brown, Liverpool
9.00d. 11 1-15d.
Peruvian, Rough Good,Liverpool 1025d,
10d.
6%d. 5 11-16d. 7 13-16d. 7 7-16d.
Broach, Fine, Liverpool
5%d. 7 1116d. 7 3-16d.
6%d.
Tinnevelly, Good, Liverpool
Via other routes, &c
Closing Quotations for Middling Cotton onWeek ending
January 31.
Galveston
New Orleans_
Mobile
Savannah
Charleston _
WilmIngton.._ _ _
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock..
Sat'clay. Monday. Tuesday. Wed'day. Thursd'y. Friday.
12%
12%
12%
12%
12%
125,
12 7-16
12%
12%
128%
12%
12 7-16
12%
12%
12%
12%
12 7-16
12%
12%
12%
12%
12 7-16
12 5-16
12%
12%
12%
12 7-16
12 3-16
12%
12%
13
13.30
12
12
12%
12%
123
12
13
13.30
12%
12%
12%
12%
12%
13
13.40
12%
12%
12%
12%
12%
13
.
13.40
12%
12%
12%
12%
12 9-16
13
13.40
12 13-16
12%
12%
12%
12 9-16
i§TsA
13
13.30
12 13-16
12%
12%
12%
12%
370
THE CHRONICLE
[VoL. xcvi.
NEW ORLEANS OPTION MARKET.-The highest,
Menphis, Tenn.-The river is 40.1 feet on the gauge, or
lowest and closing quotations for leading options in the New 5.1 feet above the flood stage, and rising. There has been
market
cotton
for the past week have been as follows: rain on three days during the week, the precipitation reachOrleans
ing twenty-six hundredths of an inch. Average thermometer
35, highest 60, lowest 45.
Sri:Way, Monday. Tuesday. 1Ved'day. Thursd'y. Friday,
Jan. 25. Jan. 27. Jan. 28. Jan. 29. Jan. 30. Jan.31.
Mobile, Ala:-We have had rain on three days during the
week, the precipitation reaching two inches and four hunJanuaryRange
12.42-.52 12.42-.53 12.47-.52 12.50-.56 12.35 -- 10 - dredths. The thermometer has ranged from 36 to 74, aver12.46-.47 12.38-.42 12.52-.54 12.52 -- © -- 0 - aging 57.
Closing
February_ © _ ..._ © _..._ _ a -12.39 -- ® -- 0 ......
Madison, Fla.-The week's rainfall has been seventy-five
Range
Closing
12.36-.38 12.24-.26 12.3'0--.41 12.39-.42 12.31-.33 12.22-.25 hundredths of an inch, on one day. The thermometer
has
'archRange
12.23-.38 12.23-.43 12.27-.41 12.33-.44 12.26-.37 12.26-.44 averaged 56, ranging from 39 to 75.
Closing
12.36-.37 12.24-.25 12.39-.40 12.39-.40 12.32-.23 12.27-.28
Savannah, Ga.-There has been rain on two days of the
fayRange
12.24-.37 12.23-.41 12.25-.39 12.30-.42 12.24-.35 12.24-.41 week, the precipitation reaching thirty-two hundredths of
Closing
12.34-.35 12.23-.24 12.37-.38 12.37-.38 12.30-.31 12.24-.25 an inch. The thermometer has averaged 58, the highest
Julybeing 76 and the lowest 41.
Range
12.24-.41 12.28-.46 12.30-.41 12.37-.48 12.31-.41 12.30-.48
Charleston, S. C.-It has rained on three days of the week.
Closing
12.38-.39 12.28-.29 12.42-.43 12.44-.45 12.37-.38 12.31-.32
Augustthe precipitation being seven hundredths of an inch. AverRange
12.03
11.98-.05 12.05-.14
age
thermometer 60, highest 77,lowest 42.
Closing
12.03-.05 11.88-.90 12.02-.05 12.04-.06 12.03-.05 12.03-.04
OctoberCharlotte, N. C.-We have had rain during the week, the
Range
11.47-.54 11.54-.59 11.51-.60 11.56-.63 11.51-.57 11.51-.60
Closing
11.53-.54 11.47-.48 11.61-.62 11.60-.62 11.54-.55 11.51-.52 precipitation reaching one inch and ninety-four hundredths.
DecemberThe thermometer has averaged 50, the highest being 66 and
8
1g:
%
1
11.42 -- ® -- @ -- © -11.51 -11.5111.55-.58 11.49-.51 11.63-.65 11.62-.64 11.56-.58 11.51-.52 the lowest 34.
Ig
ToneSelma, Ala.-It has rained on four days of the week, the
Steady. Steady. Steady. Firm. Steady. Steady. precipitation reaching four inches
pot
and twenty-five huncif...a., Qtaathr V'ir lat'Ir gltstativ_ Sthadv
dredths. The thermometer has averaged 49.5, ranging from
RECEIPTS FROM THE PLANTATIONS.-The follow- 30 to 76.
ing table indicates the actual movement each week from the
The following statement we have also received
teleplantations. The figures do not include overland receipts graph, showing the height of the rivers at the pointsby
named
nor Southern consumption; they are simply a statement of at 8 a. m. of the dates given:
the weekly movement from the plantations of that part of the
Jan. 31 1913. Feb. 2 1912.
Feet.
Feet.
'crop which finally reaches the market through the outports.
New Orleans
Above zero of gauge..
14.8
11.3
SUPACI V
Receipts at Ports.
Stock at Interior Towns. Receiptsfrom Plantations.
Week
ending. 1912-13 1911-12 1910-11 1912-13 1911-12 1910-11 1912-13 1911-12 1910-11
Dec. 13 380,202 435,157 417,201 804,204 958,913 831,361 410,138 481,888 443,570
" 20 335,203 471,233 361,069 834,999 970,000 857,255 365 998 482,320 386,963
" 27 262,724 323,704 298,664 872.772 982,065 863,440 300,497 335,769 304,849
Jan. 3 262,348 354,935 275,103 873.938 965,226 835,211 263,514 338,096 246,884
" 10 179,000 334,417 239,335 858,849 908,927 795,345 163,911 278,118 199,459
" 17 154,340 285,431 223,121 822,134 861,570 756,825 117,625 238,074 184,601
" 24 159,990 319,526 207,800 798,841 829,576 707,535 136,797 287,532 158,510
46
31 160,209 318,215 184,875
668,147 137,485 294,968 145,487
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge..
Above zero of gauge..
Above zero of gauge..
Above zero of gauge..
40.1
25.8
9.3
44.3'
24.4
26.4
*1.1
29.4
*Below.
WORLD'S SUPPLY AND TAKINGS OF COTTON.The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and since
Sept. 1 for the last two seasons, from all sources from which
statistics are obtainable; also the takings, or amounts gone
The above statement shows: 1.-That the total receipts out of sight, for the like period.
from the plantations since Sept. 1 1912 are 8,383,824 bales
In 19t1-12 were 9,311,752 bales; in 1910-11 were 7,744,453
Cotton Takings.
1912-13.
1911-12.
bales.
Week and Season.
2.-That although the receipts at the outports the past
Week.
Season.
Week.
Season.
week were 160,209 bales, the actual movement from planta- Visible supply Jan. 24
6,162,786
5,884,686
tions was 137,485 bales, the balance being taken from stocks Visible
supply Sept. 1
2,135,485
1,603.418
in sight to Jan. 31...._ 236,596 10,427,121 399,074 11,265,009
at interior towns. Last year receipts from the plantations Americanreceipts
to Jan. 30..-._.
83.000
943,000 118,000
907,000
for the week were 294,968 bales, and for 1911 they were Bombay
Other India ship'ts to Jan. 30__
3,690
82,100
1,600
70,900
Alexandria receipts to Jan. 29_
908,000
145,487 bales.
45,400
23,000
764,000
Other supply to Jan. 29*
WEATHER REPORTS BY TELEGRAPH.-Our telegraphic reports from the South this evening indicate that
rain has fallen at most points during the week, but that
outside of a.few points in the Gulf States and Texas the precipitation, as a rule, has been light. Temperature has been
high for the season. The Mississippi River continues to
rise, being 40.1 feet on the gauge at Memphis, or 5.1 feet
above the flood stage.
Galveston, Tex.-Generally cool weather in Texas, with
heavy precipitation in the coast country fore part of the week.
Thelmovement of cotton continues steady, considering the
rush in the beginning of the season. It has rained heavily
on one day during the week, the rainfall being two inches and
twenty-four hundredths. The thermometer has averaged
55, ranging from 44 to 66.
Abilene, Tex.-We have had rain on one day during the
week. Lowest thermometer 28.
Palestine, Tex.-Rain has fallen on one day of the week,
to the extent of ninety-four hundredths of an inch. Minimum
thermometer 28.
San Antonio, Tex.-There has been rain on one day during
the week, to the extent of twenty-eight hundredths of an
inch. Minimum thermometer 40.
Taylor, Tex.-We have had good rain on one day of the
past week, the precipitation being one inch and two hundredths. Minimum thermometer 34.
New Orleans, La.-There has been rain on four days
during the week, to the extent of two inches and three
hundredths. The thermometer has averaged 60.
I Shreveport, La.-We have had rain on three days of the
week the rainfall reaching ninety-eight hundredths of an inch.
The thermometer has ranged from 36 to 69.
Vicksburg, Miss.-We have had rain on three days during the week,the precipitation reaching two inches and thirtyone hundredths. The thermometer has ranged from 35 to
65, averaging 51.
Helena, Ark.-Too much rain. The river is high but will
do no damage back of the levee. There has been rain on two
days of the past week, the rainfall reaching one inch and
thirty-eight hundredths. The thermometer has averaged
41, the highest being 60, lowest 31.
)Little Rock.-It has rained on one day during the week,
the precipitation reacning ninety-four hundredths of an
inch. The thermometer has ranged from 32 to 62, averaging
47.
15,000
Total supply
Deduct-
147,000
8,000
157,000
6,542,072 14,642,706 6,456,760 14,767,327
Visible supply Jan. 31
6,041,418 6,041,418 6,018,084 6,018,084
Total takings to Jan. 31a
Of which American
Of which other
482,654 8,601,288
357,964 7,088,188
124,690 1,513,100
438,676 8,749,243
353,676 7,129,343
85,000 1,619,000
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total includes the estimated consumption by Souther=
1,224,000 bales in 1912-13 and 1,068,000 bales in 1911-12-takings notills.
being available-and the aggregate amounts taken by Northern and foreign
spinners, 7,377,288 bales in 1912-13 and 7,681,243 bales in 1911-12, of
which 5,864,188 bales and 6,061,343 bales American.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Sept. 1 for three years have been as follows:
1912-13.
January 30
Receipts alWeek.
Bombay
83,000
Since
Sept. 1.
1911-12.
Week.
043,000 118,000
Bombay1912-13__
1911-12_
1910-11__
Calcutta
1912-13_
1911-12_
1910-11__
Madras1912-13_
1911-12__
1910-11_.
All others1912-13._
1911-12__
1910-11_
2000
-,
1,066,
Total all1912-13._
1911-12__
_
2,000 16,000 58,690 76,690
1,000 12 000 10,600 23,600
3,000 78,000 25,000106,000
I
I
I
2,000 13,000 58,000 73,000
____I 12,000 10,000 22,000
1,000 68,000 25,000 94,000
I
390
390
I
100 1,100
2,000
1,000
2,000
300
500
Week.
Since
Sept. 1.
907,000 67,000 1,054,000
Great I Conti- Japan t
Great I ContiBritain.1 nent. 4Cflina Total.1 Britain.
nent.
1,000
1910-11.
Since September 1.
For the Week.
Exports
from-
Since
Sept. 1.
1,300
500
12,000
Japan I
China.1 Total.
13,000 126,000 240,000 379,000
1,000
79,000 252,000 332,000
17,000' 384,000 245,000 646,000
I
9,400
400
2,000
7,000
8,700
700
2,000
6,000
8,000
6,000
2,000
4,000
2,000
8,000
11,000
5,000
13,000
700
5
15,000
7,700
21,005
7,000
4,000
20,000
49,000
44,000
58,000
1,700
6,500
1,200
57,700
54,500
79,200
26,0001 193,000 242,100 461,100
9,000 134,000 259,900 402,900
47,000 461,000 246,205 754,205
According to the foregoing, Bombay appears to show a decrease compared with last year in the week's receipts of 35,000
bales. Exports from all India ports record a gain of 53,090
bales during the week and since Sept. 1 show an increase
of 58,200 bales.
FEB,,1 1913.]
THE CHRONICLE
371
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
Cotton freights at New York the past week have been as
.COTTON.-Through arrangements made with Messrs. follows, quotations being in cents per 100 lbs.:
Sat.
Mon.
Tues. Wed.
Choremi, Benachi & Co., of Boston and Alexandria, we Liverpool
Thurs. Fri.
40
40
40
30
30
30
Mnachester
now receive a weekly cable of the movement of cotton at Havre
40
40
40
40
40
40
40(045 40(045 404045 404045 40045 40045
Alexandria, Egypt. The following are the receipts and Bremen
50
50
50
50
50
50
Hamburg
60
60
60
60
60
60
shipments for the past week and for the corresponding Antwerp
40055 40(055 40(050 40(050 40050 40(450
Ghent, via Antwerp 46061 464061 46056 46056 464056
46(456
week of the two previous years:
Revel
50
50
50
50
50
Alexandria, Egypt,
January 29.
Receipts (cantars)Thls week
Since Sept. 1
1912-13.
1911-12.
1910-11.
175,000
6,812,224
340,000
5,729,708
170,000
6,570,214
This
Since
This Since
This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
Exports (bales)-
To Liverpool
600 141,852 2,250 118,858
To Manchester
7,500 156,164 9,500 142,672
To Continent and India_ 5,500 203,564 6,750
192,907
To America
5,500 78,152, 2,500 38,602
Total exports
19.100 579.732.I 21.000 492.769
Note.-A c,antar is 99 lbs. Egyptian bales weigh about
5,000 153,036
____ 146,407
11,250 232,776
3,000 77.529
19.250 609.748
750 lbs.
Barcelona
Genoa
Trieste
Japan
Bombay
50(056 50065
50
50
60
60
75
75
70
70
65
50
60
70
70
65
50
60
70
70
65
50 .
60
70
70
5
65
50
60
70
70
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that
port:
Jan. 10.
Jan. 17.
Jan. 24.
Jan. 31.
Sales of the week
bales- 68,000
68,000
45,000
47,000
Of which speculators took__
3,000
3,000
2,000
6,000
Of which exporters took___
1,000
2,000
1,000
1,000
Sales, American
57,000
45,000
40,000
42,000
Actual export
20,000
13,000
10,000
14,000
Forwarded
108,000
102,000
114,000
99,000
Total stock-Estimated
1.430,000 1,388,000 1.462,000 1.445,000
Of which American
1,243,000 1,216,000 1,288,000 1,273,000
Total imports of the week
122.000
73,000
198,000
96,000
Of which American
90,000
46,000
166,000
76,000
Amount afloat
354,000
395,000
317,000
318.000
Of which American
297.000
341.000
260,000
266.000
- The statement shows that the receipts for the week were
175,000 cantars and the foreign shipments 19,100 bales.
The tone of the Liverpool market for spots and futures
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market con- each day of the past week and the daily closing prices of
tinues quiet for both yarns and shirtings. Manufacturers spot cotton have been as follows:
are generally well under contract. We give the prices for toSpot.
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
day below and leave those for previous weeks of this and
last year for comparison.
Market, I
Fair
Fair
1912.-13.
323 Cop
Twist.
d.
Dec.
13 10%
20 10%
27 10%
Jan.
3 10%)
10 1094
17 1034
24 10
31 10
sg lbs. Shirt-
Corn
Mos, common Mid.
to finest.
Uprs
d. s. d.
a. d. d. ;d.
d. s. cl.
7.06 8%
7,11834
7.18 8%
11% 6
@ 1194 6
11 6
(4 10% 6
Oil
10% 6
7.19 8% @
7.02 8% @
6.80834
6.69 8% @
6.84 8 11-1651
@II
011
o 11
@II
V, 11
7%
7
6
6
6
sq lbs. Shirt- Coin
legs, common Slid.
to finest.
Upi's
323 Cop
Twist.
11% 6 3 011 6
(4 11% 6 3 (411 6
0 11% 6 3 @11 6
4
4
3
3
3
12:15
P. M.
1911-12.
(4
14
s. d.
9% 5 4 @103
9% 5 4%010 3
9% 5 4 @103
5.02
5 05
5.01
93-4 5
9% 5
9% 5
5
9% 5
5.22
5.37
5.40
5.50
5.77
434(410 4
5 (4105
4%o 10 6
5 (410734
5%0)10 8
Dull.
Moderate
demand,
Quiet,
business
doing,
business
doing.
Fair
business
doing.
Mid.Upi'ds
6.81
6.81
6.84
6.92
6.83
684
Sales
Spec.drexp.
4,000
300
8.000
700
7,000
500
10,000
1,200
10,000
1,500
10,000
1,000
Futures.
Steady,
Steady,
Quiet,
Steady,
Quiet,
Steady
Market 1 834011 234(43 pts. 4(45 pts. 13405 pts. 2@4
pta. unch. to 1
opened
J pts. adv. advance, decline,
advance,
decline.
pt. adv.
Market, I Steady, Very sty., Very sty., Barely sty. Barely sty. Barely
st'y
4
6©734 pts.7(4934 pta. 134 pta.dee. unch. to 2
pta. 30454 pta.
P. M. I advance, advance. to 1 pt.adv. rots. adv. 15405
decline.
Advance.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
SHIPPING NEWS.-As shown on a previous page, the clause, unless otherwise stated.
exports of cotton from the United States the past week have
Thr prices are given in pence and 100ths. Thus, 6 57 means 6 57-100d.
reached 199,350 bales. The shipments in detail, as made
Jan.
25
Sat.
Mon.
Tues.
Wed.
up from mail and telegraphic returns, are as follows:
Thurs.
Fri.
t
1
Total Bales.
Jai?31. 1251 1234 1231 4 123-4 4 1231, 4 123j 4
NEW YORK-To Hull-Jan. 24--,Galileo, 201
1231 4
201
Pan. PM. PM.Pan. PM.DAM Pan. PM.PM.Pan. A.M.
To Havre-Jan. 28-Caroline, 83
P.m.
83
To Marseilles-Jan. 25-Venezia. 221
221
d.
d.
d.
d.
d.
I
d.
d.
I
d.
d. d, d.
To Bremen-Jan.28-Seydlitz, 1.054......Jan. 29-Prinz Friedd.
January-____
6 57 59 64 62 65 69W, 67 61 62 62
rich Wilhelm. 969
2,023 Tan.-Feb_
6 5334 56 61 5834 61 6534 6234 59 60
To Naples-Jan. 27-Calabria, 200_ - _Jan. 29-Caronia, 4006134 64
600
Feb.-Mch.
____
6
53
5534
58
GALVESTON-To Liverpool-Jan. 25-Indore, 11,924__ _Jan.
6034
6034 65 162 58 5934 61 63%
VIch.-Apr. ____ 6 5234 55 6034
5734 60 64346134 5834 5934 61 63%
30-Riojano, 7,355
19,279
pr.-May _ _ _ _ 6 5734 54 5934 5634
59 6334 6034 5754 5854 5934 6234
To Manchester-Jan. 29-Niceto de Larrinaga, 14,142
14,142 Nlay-June ____ 6 50
53
59 56 58 6234 59545634 5734 59 62
To Bremen-Jan. 28-Cheltonlan, 7,542.._..Jan. 29-St.
rune-July ____ 6 4834 1 57% 54
56
Ursula, 10,437
17,979 July-Aug_ ____ 6 45 48 54% 51 53 6054573454% 56 57% 60
57% 5434 5134 53 54% 57
To Barcelona-Jan. 25-Balmes, 5,134
5,134 kug.-Sep_ ____ 6 35%
45 42 43% 47% 45 42 43%
TEXAS CITY-To Liverpool-Jan.29-Senator,9,686
4734
9,686 3ep.-Oct - __-- 6 21 38%
24 2934 2834 28 31 2834 26 2634 45
To Mexico-Jan. 24-City of Mexico. 1,156
2734 2934
1,156 )ct.-Nov. ---- 6 13 16 2134 1834 20 2234 20
PORT ARTHUR-To Liverpool-Jan.27-Albanian,4,225
1734
18
19
21
4,225
Nov.
-Dec.
6
11 14 19 16 17% 20 1734 15 15% 1634
To Bremen-Jan. 24-Rosebank, 5,064
1834
6 10 13 18 15 16 19 16
NEW ORLEANS-To Liverpool-Jan. 30-Colonial, 6,000; Mon- 5,064 Dec.
14 14% 1554 17)i
Jan.-Jan--------Feb6 09 12 17 14
arch,9,000
153418
153413 1334 143 16%
15,000
To London-Jan. 31-Oxonian, 400
400
To Bremen-Jan. 29-Nessian, 9,000
9,000
To Hamburg-Jan. 30-Vogesen, 1.386
To Antwerp-Jan. 29-Gibraltar, 715_ _ _Jan. 31-Oxonian, 1,386
1,000
BREADSTUFFS.
1,715
To Genoa-Jan. 31-Dora Baltea, 5,000
5,000
MOBILE--To Hamburg-Jan. 23-Nessian, 2,738
Friday Night, Jan. 31 1913.
2,738
PENSACOLA-To Bremen-Jan. 29-August Belmont, 11,526SAVANNAH-To Bremen-Jan. 25-Portonia, 7,455- _Jan. 27- 11,826
Flour has been quiet. Buyers still cling to their old
Antigua, 4,750
12,205 policy of purchasing only as their immediate
To Hamburg-Jan. 25-Ekkehard, 3,648
necessities re-.
2,648
To Rotterdam-Jan. 27-Goetz, 2,765
2,765 quire. Stocks here are said to be very large. But on the
Barcelona-Jan.
To
25-Burma,5,521
5,521
To Triests-Jan. 25-Burma, 1,350
1,350 other hand there is apparently no great pressure to sell.
CHARLESTON-To Liverpool-Louisianian, 2,888
2,888
To Barcelona-Jan. 30-Teresa, 700
700 Still it is true, as already stated, that the trade here is
To Triests-Jan.30-Teresa, 1,500
1,500 light. Moreover
NORFOLK-To Liverpool-Jan. 31-Eagle Point, 755
the Northwestern mills generally reported
755
To Rotterdam-Jan. 29-Craigard, 300
300 a very small business at first though
BOSTON-To Liverpool-Jan. 23-Ivernia, 4,129......Jan. 24later the sales increased.
Michigan, 2,507__ _Jan. 28-Devonian, 1,731; Victorian,
Of late some depression in wheat has militated more or less
1_,354
9,721
PHILADELPHIA-To Manchester-Jan. 23-Manchester Enagainst business. Prices have shown anything but real
gineer, 1,110
1,110
To Genoa-Jan. 23-America, 249
strength
here. The production at Northwestern points249
PORT TOWNSEND-To Japan-Jan. 21-Lord Derby, 1,000- -Jan. 28-Tambo Maru, 2,466
Minneapolis, Duluth and Milwaukee-last week was 392,015
3,466
SAN FRANCISCO-To Japan-Jan. 30-Manchuria, 13,538;
Terrier, 13,076
26,614 barrels, against 395,060 in the previous week and 352,2.
00
in the same week last year.
Total
199,350
The particulars of the foregoing shipments for the
Wheat early in the week advanced and latterly reacted.
arranged in our usual form, are as follows:
week,
The factors which contributed to a rise were the breaking
up of the Balkan peace conference, the firmness of corn and
covering of shorts. European advices, too, are to the effect that the European crop must have been overestimated.
That of the United Kingdom is said to have been officially
overestimated fully 8,000,000 bushels. It is added that much
of the crop was of poor quality, unfit for miffing, and is
therefore used for cattle feeding. Of the native crop, only
about 60% is fit for milling. It is maintained that the
United Kingdom this year will require 232,000,000 bushels
Total
77,407
304 65,569 4,780 20,054 1,156 30,080 199,350 of wheat, as against 213,596,000 bushels in 1911, 220,783,The exports to Japan since Sept. 1 have been 180,344 bales 000 in 1910 and 194,436,000 in 1909. Grain authorities
from Pacific ports.
in Europe maintain that conditions on the Continent are
Great French Ger- -Oth.Europe- Tex..
Britain. ports. many. North. Sout
c apa
Total
New York
201
304 2,023 ____
600-------- 3,128
Galveston
33,421
'
5
-----1
.____
56,534
190:288492
Texas City
9,688 ------------------1,156
Port Arthur.... 4,225 ____ 5,064
New Orleans_ -15,400 ____ 10,386 :
17
.!! 5-,oiiii
::: 32,501
Mobile
- 2,738
____
2,738
-----.. 11,526
Pensacola
11,526
Savannah
5,853 iN8 6-,Wii:
::: 25,489
Charleston
2,888 --------- ----2,200
5,088
--Norfolk
755 ---- ----300
___
1,055
Boston
9,721 --- ---- ---- --___ --si,7
32
51
9
Philadelphia
1,110 ---- ---27
15
San Francisco
____
____
__ _26,614 26,614
---- ---Port Townsend_
____
-_- :3,466
---- ---3,466
372
[VOL. xcvi.
THE CHRONICLE
very similar to those which exist in England. That is to
say, in Western and Southern Europe the requirements will
be large. While the crops may have been abundant enough
they were of poor quality. This seems to be the case not
only in England, but in Germany and France. So far as
present indications give any light on the subject, Russia
and Roumania will not be able to increase their shipments
materially before spring.
Flour sales havelatterly increased somewhatat Minneapolis.
There has also been after all a fair export trade. The weather
in the West has been more or less unfavorable. In the winterwheat belt it has been unusually warm. It is feared that
this may result in premature growth. Yet, after all, the
markets seem to hesitate. Possibly it might be called a,
trifle tired. Liverpool prices have latterly been less encouraging. The indications point to large Argentine shipments. The world's shipments for the week amounted to
11,840,000 bushels, against 11,520,000 in the previous week
and 7,376,000 for the same week last year. It would seem
that the weekly shipments are now about up to European
requirements, or at any rate not very far from them. Some,
however, remain bullish on the idea that Europe has got
to import a great deal of wheat from America, and that
ultimately prices must advance materially. Late in the week
large Northwestern interests bought half a million bushels
at Minneapolis, which is saidito represent business in flour.
There were predictions of cold weather over the wheat belt,
which is said to be entirely unprotected by snow. To-day,
prices advanced. It was 18 below zero in Iowa. European
politics seemed to wheat traders threatening.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
110
110
110
110
112
cts.111
No.2 red, to arrive
994
993
98% 99
98A 983
May delivery in elevator
97%
97A
97A
97
96%
July delivery in elevator
CHICAGO.
IN
OF
FUTURES
WHEAT
PRICES
DAILY CLOSING
Fri.
Thurs.
Wed.
Sat. Mon. Tues.
93A
93
cts. 923
% 92% 92% 93
May delivery in elevator
A
91
90
909'
90
90X
903g
July delivery in elevator
89%
September delivery in elevator..,..88M 88,1, 883. 89X 89
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Oats.
Corn.
Wheat.
Flour.
Barley.
Rye.
bbls.1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.4Slbs. bu. 56 lbs.
914,000
68,000
946,000 5,500,000 2,446,000
219,000
Chicago ___
78,000
146,000
517,000
378,000
160,000
22,000
Milwaukee _
4,000
47,000
71,000
10,000 1,012,000
Duluth
96,000
349,000
873,000
301,000
2,706,000
Minneapolis.
115,000
139,000
56,000
Toledo
72.000
109,000
9,000
8,000
Detroit
3,000
106,000
82,000
10,000
Cleveland_ 16,000
46,000
2,000
556,000
610,000
888,000
65,000
St. Louis_ _ _
30,000
80,000
328,000
747,000
45,000
50,000
Peoria
213,000
470,000
741,000
Kansas City.
292,000
876,000
344,000
Omaha
Tot. wk. '13
Same wk.'12
Same wk.'11
390,000
310,732
280,878
6,917,000
3,793,728
4,319,892
9,212,000
6,757,055
6,954,470
4,670,000 2,504,000
2,749,798 1,208,512
3,223,312 1,501,405
278,000
157,377
132,660
Since Aug. 1
1912-13..., 9,534,520 250,944,966 111,051,228 143,403,688 63,513,330 12066642
5,822,116
1911-12... 5,943,094 173,783,916 95,658,411 80,960,587 48,245,586
R 7585 097 159 13I9 n47 1n5 5582 58(15 115.431.01045 137 570R 5758(1258
lomil
Total receipts of flour and grain at the seaboard ports for
the w ,ek ended Jan. 25 1913 follow:
Receipts atNew York
Boston
Portland, Me_ _ _ _
Philadelphia
Baltimore
New Orleans,_ _
Newport News..
Norfolk
Galveston
Mobile
Montreal
St. John
Corn,
Vheat,
Flour,
bush,
bbls.
bush,
353,000
566,000
181,000
164,000
60,000
50,000
69,000
295,000
16,000
204,000
682,000
64,000
255,000 1,724,000
45,000
407,000
59,000 • 174,000
275,000
8,000
1,000
8,000
172,000
20,000
17,000
52,000
4,000
542,000
39,000
Otas, Barley,
bush.
bush,
374,000 134,000
4,000
80,000
235,000
20,000
188,000
198,000
70,000
471,000 317,000
9,000
11,000
31,000
Total week 1913_ 484,000 2,798,000 3,224,000 1,432,000
Since Jan, 1 1913_ 1,762,000 15,500,400 9,070,000 5,334,000
557,460
993,136 2,529,601
Week 1912
291,991
Since Jan. 1 1912. 1,141,864 4,491,156 7,097,532 2,701,598
Rye.
bush.
17,000
1,000
1,000
42,000
36,000
746,000 61,000
2199,000 285,000
11,485
438,690
59,799
1172,559
Indian corn has fluctuated within comparatively narrow
limits. Early in the week it was quite weak. The weather
Receipts do not Include grain passing through New Orleans for foreign ports
in the corn belt was generally favorable for moving the crop. on*through
bills of lading.
The receipts have been increasing. It is an interesting fact
The exports from the several seaboard ports for the week
that at Peoria, for example, the inspection department
worked all day last Sunday in an effort to catch up with ending Jan. 25 are shown in the annexed statement:
the heavy receipts. Receiving houses have been offering
Rye, Barley. Pcas.
Oats,
Corn, Flour,
Wheat,
bush.
bush.
bush,
bush,
bbls,
bush.
bush,
Exports frommore freely at the West. A striking circumstance was that
3,558.
65,523
17,173
29,165
100,309
383,970
Minn939,870
New York
235,000
on Thursday 40 cars of corn arrived at Chicago from
69,000 16,000
295,000
_
_
_
Me_
Portland,
Argentine
130
421,537 111,701 36,467
apolis, which is something unprecedented.
Boston
51,986
29,976
77,143 37,408
____ 760,812
drought reports have been a factor to some extent but it Philadelphia
25,714
1,027,046 15,955
489,053
Baltimore
country
that
in
1,100
6,000
is maintained that the drought and heat
New Orleans
144,000 276,000
317,000
8,000 471,000
275,000
Newport News
came too late to do much, if any, harm. Early in the week, Galveston
21,000 6,000
724,000
9,000 _
it is true, prices at Buenos Aires advanced in one day 2 cents. Mobile
20,000 17,000
35,691
31,299
39,188
541,804
But in spite of all this, the American markets have rather St. John
3,558
705,200
42,887
571,670
responded to heavy domestic receipts than to anything in
283,327
2,260,860
Total week _4,316,076
3,083
56,125
1,527,474 2,358,095 143,401
the foreign news. It is estimated that at Chicago from Week 1912
are
held
to
and
since
week
6,000 to 12,000 cars, according various estimates,
the
for
exports
The destination of these
on the track. To-day prices advanced on covering. Argenfollows:
tine shipments decreased. It was clear that Chicago July 1 1912 is as
Corn
Wheat
Flour
shipped out 1,135,000 bushels. Export clearances to-day
Since
Since
Since
July 1
1Veek
July 1
1Veek
were 1,154,000 bushels, or a total for the week of 3,273,000
July 1
Week
25.
1912.
Jan.
1912.
25.
for
past.
week
Jan.
years
two
single
1912.
bushels, the largest for a
Exports for week and Jan.25.
bush.
bush.
bush.
bush.
bbls.
bbls.
since July 1 to-Last year they were 2,671,682 and the year before, 1,964,060 United
Kingdom...-123,674 2,892,369 2,200,328 49,042,905 772,479 2,842,271
66,804 1,246,656 2,002,819 51,075,914 1,429,346 4,870,811
bushels.
Continent
382,653
14,250
608,174
37,401 722,118
50,396 1,170,810 •
4,835
64,177
'217 164,514
15,684
250
98,485
96,995
1,948,015
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
cts.Nom. Nom. Nom. Nom. Nom. Nom
Cash corn
CORN FUTURES IN CHICAGO. •
OF
PRICES
CLOSING
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
51A 51% 52%
cts. 51A 51% 51
May delivery in elevator
528,4 523's 533'
52M 52% 525
July delivery in elevator
54M
5334 53
53
533
533
September delivery in elevator_ __ _ 533
Sou. & Cent. Amer_
West Indies
Brit. Nor. Am.Cols.
Other Countries_ _
IN NEW YORK.
DAILY CLOSING PRICES OF OATS Tues.
Wed. Thurs. Fri.
Sat. Mon.
3834 3834 3834 3834
39
cts. 39
Standards
4134 4134 4134 4134 4134 Nom.
No. 2 white
IN CHICAGO.
DAILY CLOSING PRICES OF OATS FUTURES Wed.
Thurs. Fri.
Sat. Mon. Tues.
4
8
,
3334 3334 3434
333
33
33A
cts.
May delivery in elevator _
3434
333.4 3334 3334 34 M 34
July delivery in elevator
3334 34
September delivery in elevator___._ 334 3334 3334 33,4
Danube __ _ _
60,000
Argentina _ _ 2,464,000 38,538,000 22,786,000 3,247,000 160,482,000
1,112,000 14,168,000 28,948,000
Australia_
27,500,000
41,192,000
664,000
India
96,000 5,038,000 6,665,000
0th.countr's
361,404,000 297,288,000 5,843,000 185,381,000 88,495,000
11840000
Total ____
Total
Total 1912
43,700
• 773
312
1,030,577
43,691
38,647
283,327 6,260,644 4,316,076 102773,493 2,260,860 9,208,050
143,401 5,658,417 1,527,474 55,643,973 2,358,095 19,452,339
The world's shipments of wheat and corn for the week
Oats prices have also kept within comparatively narrow ending Jan. 25 1913 and since July 1 1912 and 1911 are shown
bounds. The cash demand has latterly been slow. The
following:
contract stock at Chicago is 335,000 bushels, against 302,000 in the
a year ago. Speculation has been on a very moderate scale,
Corn.
Wheat.
and in such circumstances the interest in the market has not
Exports.
1911-12,
1912-13.
1911-12.
1912-13.
been widespread or deep. Still, some of the professional
operators at Chicago have favored the buying side, and some
Since
Since
Week.
Since.
Since.
Week.
July 1.
July 1.
Jan. 25.
July 1.
July 1.
well-known interests have made an attempt to put up prices.
Jan. 25.
It must be confessed, however, that they met with no great
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
success. To-day prices advanced with corn and covering North Amer. 5,840,000 152,818,000 104,652,000 2,502,000 8,803,000 17,193,000
51,000 6,177,000 24,710,000
1,096,000 70,747,000 55,042,000
Russia
of shorts.
43,000 9,919,000 46,532,000
568,000 38,903,000 51,689,000
Closing prices were as follows:
FLOUR
straights,sacks34 30$4 50
Winter, low grades____$3 60©$3 95 Kansas
g 00
6 00 Kansas clears, sacks--- g
5 50
Winter patents
20
patents
Winter 50
4 80 City
4 60
straights
3 65
4 00
4 30 Rye flour
4 25
Winter clears
75
4
00
4
flour
Graham
80
4
4 60c
Spring patents
2 35
4 60 Buckwheat,cwt
4 40
Spring straights
4 OO@ 4 20
Spring clears
GRAIN.
Corn, per bushelWheat, per bushel-f. o. b.
elevator Nominal
No. 2
N. Spring. No. 1, new____$1 0134
55
elevator
Steamer
nom.
N. Spring, No. 2, new,.
c.i.f. Nominal
3
No.
10
1
new....
No.
2,
Red winter,
Rye, per bushel1 03
Hard winter, No.2
67@68
No. 2
Cents.
Oats, per bushel, newState & Pennsylvania_ __ Nominal
3834
Standards
60®70
nom. Barley-Malting
No. 2, white
38
No. 3
The quantity of wheat and corn afloat for Europe on dates
mentioned were as follows:
Corn.
Wheat.
United
Kingdom. Continent.
I
Total.
Bushels.
Bushels. I Bushels.
Jan, 25 1913.... 16,000,000 16,832,000 32,832,000
Jan. 18 1913._ 15,152,000 14,144,000 29,296,000
Jan, 27 1912_ 20,120,000 7,832,000 27,952,000
Jan. 28 1911- 14,976,000 21,304,000 36,280,000
Untied
Kingdom. Continent.
Total.
Bushels.
Bushels.
Bushels.
8,160,000 17,723,000 25,883,000
8,169,000 17,238,000 25,407,000
4,012,000 5,959,000 9,971,000
5,228,000 10,455,000 15,683,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 25 1913, was as follows:
THE CHRONICLE
FEB. 1 1913.]
UNITED STATES GRAIN STOCKS.
• Amer.Boneled. Amer. Amer.Bonded. Amer. Amer.Bonded.
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush. bush. bush. bush. bush, bush. bush.
In Thousands1,587 1,128
New Yotk
813 1,372
17
82
144
20
Boston
47
667
57
154
41
3
60
Philadelphia
304
832
156
97
Baltimore
617
798 1,678
786
10 ---162
1,101
New Orleans
497
168
Galveston
____
371
49
Buffalo
2,180
47
453 -353
--A5 384
afloat
6,456
280
265
455
347
Toledo
1,269 ____
-ii5 410
2
Detroit
429
35
186
45
67
afloat
141
Chicago
7,629 _-___ iiiti 2-,W7
211
' 107
Milwaukee
236522
64
140
306
Duluth
29
10,450 -ioi ____
139
104
164
857
"
afloat
3,010
70
268
Minneapolis
20,003 ____
428
858
1,030
-iii
St. Louis
2,983 ____
2
166
125
23
Kansas City
4,677
____
94
398
Peoria
4 ____
182
20
333
Indianapolis
245 ____
450
230
Omaha
1,300 ___26
610
842
92
Total Jan. 25 1913_65,019 4,195 9,290 9,815
46
227 1,535 3,141
Total Jan. 18 1913_ _66,824 5,339 7,652 9,315
134
222 1,619 3,286
Total Jan. 27 191261,210 2,060 5,522 15,021
362
409 1,106 2,880
CANADIAN GRAIN STOCKS.
Bonded
Bonded
Canadian Bonded
Canadian
Canadian
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
In Thousandsbush. bush. bush. bush. bush. bush. bush. bush.
25 1,428
Montreal
410 - - - ____
45 ---Ft. William & Pt. Arth_11,830
3,850 _--____
____
440
"
5,012
afloat
Other Canadian
2,818
4,854 ---Total Jan. 25 1913__22,106
Total Jan. 18 1913_21,817
Total Jan. 27 1912._21,932
In ThousandsAmerican
Canadian
---25 8,536
____
45 ------22 8,601
---- 3,000 4,833 ____
110 ---SUMMARY.
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
bush, bush, bush, bush, bush, bush, bush. bush.
65,019 4,195 9,290 9,815
46
227 1,535 3,141
22,106
____
25 8,536
____
45 ----
Total Jan. 25 191387,125 4,195 9,315 18,351
Total Jan. 18 1913_88,641 5,339 7,674 17,916
Total Jan. 27 1912_83,142 2,060 5,525 19.856
227 1,535 3,186
222 1,619 3,346
409 1,106 2,990
46
134
362
THE DRY GOODS TRADE.
373
Domestic cottons continue to display a very firm undertone, with a moderately active trade, despite the outlook for
a reduction in the tariff, which is prompting more or less
conservatism. While many of the largest buyers of fall
goods have left for home,a number still remain in the market
and quite liberal sales are being made. Demand for goods
for prompt shipment, however, continues active. Napped
goods and ginghams have attracted a great deal of attention
and sellers of these goods have been unusually busy. A
number of new lines of fancy ginghams have been opened,
and prices named, and other lines are expected to be placed
on the market within the near future. The naming of a price
of %c. a yard advance on Toile du Nord dress ginghams for
fall delivery confirms recent statements that values for these
descriptions were tending upward. Plain and fancy blankets
are meeting with a good demand,and many of the mills have
their output sold and have withdrawn their lines from the
market.. Wash fabrics are selling well with an improvement
noted in the demand from out-of-town sources. It is reported that men who have gone out on the road are sending in
larger orders for quick shipment. Bleached cottons, while
11.
steady demand, have been quieter, sales for the most part
being confined to small lots. Brown sheetings and drills
are moving in a moderate way, but sales for future delivery
are unimportant. Print cloths have developed both firmness and activity during the past week, liberal sales having
been made at advanced prices. The higher levels, however,
have served to make buyers more conservative. Gray goods,
383/
2-inch standard, are quoted at 5IA ©5%c.
WOOLEN GOODS.-Conditions in the markets for men's
wear and dress goods have continued about unchanged during
the past week. Business as a rule has been quiet, and there
is little likelihood that much activity will be witnessed until
the strike among the garment workers is settled. According
to late reports, it is expected that the labor difficulties will
soon be adjusted and that preparations are being made for
the delivery of goods which have been held back. A number
of prominent clothiers are credited with stating that the
season would have been a banner one had the present disturbance not occurred. Mills are well booked, however,
and an active trade is looked forward to.
FOREIGN DRY GOODS.-The tariff question does not
appear to be causing anxiety among the linen trade, as orders
placed continue of substantial volume. Advance bookings
on housekeeping lines are said to have been particularly good.
Dress linens have also been in active request, and, as some
mills are sold up, they are obliged to decline additional
orders. Advices from the retail trade'note a good business
passing and are accompanied with requests for the prompt
shipment of goods ordered. The feature in the market for
burlaps has been the demand from the fertilizer trades for
heavyweights, but business has been restricted by the absence
of stocks. Prices generally rule firm, lightweights being
quoted at 6.50c. and heavyweights at 9c.
New York, Friday Night, Jan. 31 1913.
From the standpoint of new business dry goods markets
are quieter, as tariff uncertainties, combined with the strike
of garment workers, are making for greater conservatism.
Tariff fears are most acute in the dress goods division of the
market, where buyers are exacting a guaranty of prices
before placing business against next fall. While some factors steadfastly refuse to guarantee their prices throught the
fall season, others have complied in order to encourage new
business. Buyers are refusing to accept further shipments
of spring and summer goods until the situation adjusts itself,
and such of these goods as manufacturers are moving are
entirely for out-of-town delivery. So far few, if any, cancellations of spring business have been reported, but whether
any will occur or not depends upon the duration of the strike.
In the primary markets for cotton goods a steady volume of
business is moving, with some further stiffening of prices on
staple lines. A fair amount of new business has been placed Importations & Warehouse Withdrawals of Dry Goods.
4
4
4
on brown and bleached goods, while there has been much
Liq rm.ceog
r.1.0 ts°
complaint about deliveries on those, which in many cases
4°
2E707.9.00
0 g8e.
are long overdue. A more active demand has developed for
&E W m gS.27
r
10
Is a
ginghams and print cloths, with a consequent stiffening in
8
values. Jobbers report that they are well satisfied with the
4
business put through on ginghams and prints so far this year,
0
but deplore the unseasonable weather, which prevents retailers from moving out their winter supplies. Buyers are
4
actively covering their requirements on prominent lines of
flannels recently opened, and business is reported to be ahead
of last season, despite the advance in prices. Dealers con0
tinue to undersell spinners in the market for yarns, but as
.
4>
M W
W
01
0300
00 03 Cs
ob3w00
03
CA
Cab,
0 0.0
Cr.
yet have had little response from buyers. Spinners are steadMO=WM
M&MCDO
CD C0 Ca 000
fast in their former quotations and are encouraged in their
to
03
firm stand by the firmness in the price of the staple. In
.. to
.
48
wwowo
export circles business is quiet, further unsettlement in the
ow
-4
0503 5005
financial situation in China having a tendency to restrict us kb, Zio
SQ io *
-4 Ca
.w
business from that quarter. India has taken standard drills
1
c1 4 V48.7T6
1
coo
in a moderate way for May and June, paying an advance of
4 W to
4,.
he. a yard. Advices from that market, however, are en- -4 ,
M. cow
w.
03-3 ON
W.
couraging exporters to expect a steady demand for drills.
'Co C.0 403.4 "W*0
'wt./ 030005-03
-4-4 01050 Oto
-4-4 w.o-4m
Some inquiries have been received from Red Sea ports, but
04
, '0
1-0000
0-4 o -4000
the offers are below the prices prevailing here, and no busi1.3
h.
.11,3
03 .to
ness has been reported. The inquiries are looked upon as
.88 to b
0
is3 O0 BO 7-,.4
being merely to keep in touch with the market. Buyers for
.
gt oco-4ww
.s;c1
;70 WO owoww
WM
9:40?"'3
export account are closely following the course of raw ma58 003
's-vo
ntRIS
terial in the belief that any decline in the price of cotton will
-150
0
result in a reduction in prices for finished material.
1-•
0
otO.W
DOMESTIC COTTON GOODS.-The exports of cotton CD NW to
b, i.110!..40
to
io 4
,5o ot.
goods from this port for the week ending Jan. 25 were 5,727 to
oo OW WwWWM
C7) m
NI 50 01
Vertstn
Cn
WW
packages, valued at $685,699.
1ml
Ehh.
iE
Total
2
4
686
10
684
1,084
61
126
693
2,377
5,727
Since
Jan. 1.
--1912
Week.
Since
Jan. 1.
183
63
259
62
15
86
5,267
3,136
6,033
1,445
73
1,416
1,5912,260
1,729
.
84
823
4,048
921
5,127
310
15
270
1,211
485
1,630
4,352
1,118
5,790
6.353
973
3,829
26
.
.551
6,853
27,523
The value of these New York exports since Jan. 1 has been
$2,247,894 in 1913, against $2,118,968 in 1912.
03
to
03
5803
50 to
to
Czi
WWOW4
,
t8 co
;-.02L4 80
en
D,
CS
a, 0301
aCn
cpw
VA
°
w.
,
;1
R
is20
-4
VCDWOO
to
58
01
to
8
e
E3g
it190503
ti'
ZS 1 tO.
.
W
" 1 iiT-9ids.
M
0.00-410
!Op
03
58-4
0500
.850
*4
4
tg
O0
to
11,
EE
us
tb
us
0358 03
0503.8030
.
.1
1 1:1tk1O
M
010 00
ga.moitcw
130 "ca 7p. io
882.T8
-urn
"Z16I (INVMI 1
Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Week.
£176-1ZI'ET
1913
New York to Jan. 25-
L6WE00 II
1,
886Z9`EI
.0..
6IVOEVZ 899'£1
rilv20410,
a owlp.
a
THE CHRONICLE
374
SIMI: MID CITY
thtliziliTVPENT,
News Items.
Arizona.—Special Session of Legislature.—Governor Hunt
has issued a call for a special session of the Legislature to
convene Feb. 3. Seventy-five propositions are set forth in
the proclamation for action by the Legislature.
California.—Assembly Approves Direct Election of United
States Senators.—A joint resolution relative to electing U. S.
Senators by popular vote was adopted Jan. 21 in the State
Assembly by unanimous vote.
Champaign, Champaign County, Ill.—Commission
Form of Government Defeated.—The question of establishing
the commission form of government failed to carry at the election held Jan. 21. Local papers state that the vote was 773
,"for" and 877 "against."
Colorado.—Legislature Favors Direct Election of U. S.
Senators.—The resolution adopted by the State Senate on
Jan. 17 ratifying the proposed amendment to the U. S. Constitution for the direct election of U. S. Senators by the people (V. 96, p. 299) was unanimously adopted by the House
on Jan. 29.
Columbus, Ohio.—Bonds Declared Valid.—On Jan. 27
Judge Kinkead in the Common Pleas Court, in deciding a
test suit brought by Charles L. Link, declared valid the
$700,000 grade-crossing elimination and $265,000 lightextension bonds voted on May 21 1912. The legality of
these issues was questioned for- the rea on that Mayor Karb,
in his proc'amation calling for the election, specified that the
polls should be kept open until 6 p. m. while the election
board in its notices fixed the time at 5:30. The Court held
that it could not take into consideration the mistake of the
election board against the expressed will of the people.
Idaho.—Direct Election of United States Senators Ratified
by Lower Branch of Legislature.—The House of Representatives of the State Legislature on Jan. 23 passed unanimously
a resolution ratifying the proposed amendment to the Constitution of the United States providing for the direct election of United States Senators by the people.
Iowa.—House Approves Direct Election of United States
Senators.—Members of the House of Representatives of the
State Legislature on Jan. 29 expressed themselves unanimously in favor of the proposed Federal Amendment providing for the direct election of U. S. Senators by the people.
Michigan.—Direct Election of United States Senators
Approved by Legislature.—Without a dissenting vote the lower
branch of the Legislature on Jan. 28 concurred in the resolution passed by the State Senate on Jan. 21 approving the
proposed Amendment to the Federal Constitution providing
for the direct election of U. S. Senators by the people.
V. 96, p. 299.
Minnesota.—Senate Defeats Women's Suffrage.—The Senate on Jan. 28 rejected a bill proposing a constitutional
amendment giving women the right to vote.
Montana.—Legislature Adopts Women Suffrage Amendment.—The House on Jan. 23 concurred in a bill passed
previously by the Senate proposing an amendment to the
constitution granting the right of suffrage to women. The
amendment having been passed by a former Legislature, is
now ready for submission to the voters.
Nevada —Legislature Adopts Equal Suffrage Amendment.Press dispatches state that both branches of the Legislaturehave approved a proposed amendment to the State Constitution granting the right of suffrage to women. The amendment is now ready for submission to the voters.
New Jersey.—Lower Branch of Legislature Ratifies Federal
Income Tax.—By a vote of 50 to 8 the Assembly on Jan. 27
adopted a resolution ratifying the proposed income tax
amendment to the Federal Constitution. The measure will
be sent to the Senate. A similar resolution was rejected by
the Senate on March 20 1911, the vote being 8 to 12. On
March 29 1911 the Assembly gave the amendment its unanimous approval.
New York City.—Supreme Court Ruling on Amount of
Dock Bonds to be Excluded in Determining Borrowing Capacity.—The Appellate Division of the Supreme Court yesterday
(Jan. 31) granted the application of the City for the exclusion,in ascertaining the debt limit,of $70,000,000 bonds
issued prior to Jan.1 1910 for docks,whichare self-sustaining.
By this decision, which is in accordance with the enabling
Act,passed by the Legislature on May 31910 (V.90, p. 1252),
the borrowing capacity of the city is increased to about $155,000,000.
New York State.—Legislature Passes Equal Suffrage
Amendment.—With but five opposing votes, the Assembly
on Jan. 27 concurred in the Senate resolution proposing an
amendment to the State constitution granting the right of
suffrage to women. See V. 96. p. 299.
North Carolina.—Legislature Ratifies Amendment for
Direct Election of U. S. Senators.—The House of the State
Legislature on Jan. 24 adopted without opposition the resolution passed by the Senate on Jan. 14 ratifying the proposed
Seventeenth Amendment providing for the election of U. S.
Senators by direct vote of the people. V. 96, p. 299.
[VoL. xcvr.
Pennsylvania.—Changes in Tax Laws Recommended.—
The ion.it committee created by an Act of the 1909 Legislature
to consider.a revision of the corporation and tax laws of the
State submitted its report ,to the Legislature on Jan. 28. The
principal recommendations made by the committee are
enumerated below:
Modification of the Kansas "blue sky" law, putting under the supervision of the Banking Commissioner all corporations which offer their securities to investors.
Repeal of the law exempting savings institutions from the four-millstax on investments.
Passage of $50,000,000 bond issue for good roads.
Increased appropriation of $5,000,000 for schools.
Reformatory for girls, to cost $500,000.
Return of all personal taxes collected by the State to local communities,
instead of three-fourths.
Continuance of mercantile tax, with one-half of revenue from this source
divided between State and county.
Taxing gas companies, water power companies and baggage and express
companies eight mills on their gross receipts.
Continuance of the policy exempting manufacturing corporations from
tax on capital stock.
Amendment of the constitution to permit graded inheritance taxes.
Increase of license fees on automobile trucks, so as to raise sufficient
money to take care of the sinking fund and interest on road bonds.
Tax of four mills on bonds of corporations.
Exemption of tax on municipal and school bonds.
Tax of 254% on anthracite coal prepared for the market, or five cents a
ton, one-half of this tax to be returned to communities.
Opposition to passage of income tax amendment to Federal Constitution.
Continuance of the commission to prepare amendment to constitution
on graded taxes.
Bills to carry out some of the suggested reforms have been
introduced in the Legislature', and it is expected that others
will be offered from time to time. The members of the committee are: Senator McNichol, Chairman; Senator William
V. Sproul, ex-Senator William H. Keyser, Speaker Alter,
ex-Representative Milton W. Shreve of Erie and ex-Representative James F. Woodward of Allegheny County.
Port of Bay City, Tillamook County, Ore.—Incorporation Declared Valid.—The State Supreme Court on Jan. 21
affirmed the decision of Judge Kelly of the Circuit Court.of
Tillamook County holding legal and valid the incorporation
of the Port of Bay City.
San Francisco, Cal.—Spring Valley Water Co. Rejects
City's Latest Offer to Purchase.—Negotiations for the acquisiCo.
tion by the city of the plant of the Spring Valley:Water
were brought to a halt on Jan. 22 when the committee representing the company rejected the city's offer of $37,000,000
for the property. After several conferences with the representatives of the water company the city's advisory committee on Jan. 22 offered, subject to the approval of the
Board of Supervisors and the people, $37,000,000, an equal
division of the impounded money, and to allow the company
to retain 1,850 acres at Lake Merced (the city acquiring
1,000 acres there, including the lakes), the Searsyille lands
and the Market St. lots. To this offer the Spring Valley
no
committee replied: "The ultimatum of the city leaves usour
•
other course but to decline the offer, and to ko back to
board of directors, report, and request to be discharged as a
committee." At a meeting of the directors of the Water
Co. on Jan. 24, the report was accepted and the committee .
discharged.
Seattle, Wash.—Suit to Compel Assessment of Property
at Full Value.—Suit has been brought in the Superior Court
by Paul K. Mohr and Sedora Mohr against A. E. Parish, as
County Assessor, and the Board of Equalization of King
County to compel an assessment of all property in the city
and county at full value instead of about 45% of the full
value, as is now the rule.
Shelby County (P. 0. Shelbyville), Ky.—Bonds Declared
Valid.—The Court of Appeals on Jan. 22 affirmed the riling
of the Shelby County Circuit Court sustaining the validity
of the $75,000 court-house bonds voted Nov. 5. V. 95,1p.
1426.
South Dakota.—Equal Suffrage Amendment Adopted.—
It is reported that the Legislature of this State has finally
passed a resolution providing for the submission to the voters
of a constitutional amendment granting equal suffrage to
women.
Vicksburg, Miss.—Erection of Municipil .WaterlPlant
Enjoined.—Judge II. C. Niles in the U. S. District Court for
the Western Division of the SouthernDivision of Mississippi
has continued the temporary restraining order grantedi,the
Vicksburg Water-Works Co. some weeks ago and enjoined
the erection of a municipal water. plant by the city.'- The
company referred to was granted its franchise in 1886,for a
period of 30 years, and Judge Niles holds that the city cannot
begin the erection of a municipal plant until 1916, when.the
franchise expires. An appeal will be taken to the,U.,S.
Court of Appeals at New Orleans.
West Virginia.—State Senate Approves Federal Income
Tax.—By unanimous vote the State Senate on Jan.!291 ratifled the proposed income tax Amendment to theffederal
Constitution.
Bond Calls and Redemptions.
Spokane, Wash.—Bond Call.—The following/special improvement bonds are called for payment on Feb. 15 at the
City Treasurer's office:
Sewer.
Grade.
Name—
Dist. No. of Bds.
Name—
2-7, incl. Alley
884
Crown
479 29-32, incl. Fifth
Louisiana
Thirteenth
9
529
Providence
2-16, incl.
Seventeenth Ave_ _905
Third
Walk.
Washington
378 14-15
Eighth
Dist. No..
-4* Bds.
6
522
5-7
539
337
6
Paving.
515 41-54, incl.
897
2-15, incl.
FEB. 1
1 91 3]
THE CHRONICLE
375
water-works and sewerage-system construction bonds will be held Feb. 21.
A similar issue of bonds was voted in June 1912 and later sold to the New
First National Bank of Columbus, Ohio (V. 95, p. 999), but the first
election was declared illegal, it is stated, owing to certain irregularities.
AFTON, Union County, Iowa.-BONDS VOTED.-We are advised
CAIRO, Alexandria County, Ill.-DESCRIPTION OF BONDS.$4,000
issuing
of
question
on
recently
the
cast
vote
was
that a favorable
The $100,000 4%% levee-impt, bonds to be voted upon on Feb. 25 (V. 96.
electric-light-plant bonds.
p. 300) are in the denom. of $1,000 each, it is stated. Int. semi-annual.
AKRON, Ohio.-BONDS AUTHORIZED.-On Jan. 13 an ordinance lDue part yearly for 20 years.
was passed providing for the Issuance of $1,240 4% coupon Dodge Ave.
CALIFORNIA.-BOND SALES IN 1912.-During the year 1912 the
impt.-assess. bonds. Denom. $620. Date Feb. 1 1913. Int. F. & A.
State of California sold at par 81,600,000 4% highway bonds dated July 3
Due Feb. 1 1914.
1911
and $1,000,000 4% harbor bonds dated July 2 1911. The bonds were
-On
SALE.
ALBANY COUNTY (P. 0. Albany), N. Y.-BOND
disposed of in ten separate lots on various dates, and reference was made in,
% 1 2-3-year (average) reg. highway-construction
Jan. 27 the $55,000
the "Chronicle" at the time the sales were negotiated. The totals are
bonds (V. 96, p. 221) were awarded to the New York State National Bank given here merely as a matter of record.
of Albany at par. A bid of par less 1% commission was also received
from Farson, on & Co., N. Y.
CAMBRIDGE, Middlesex County, Mass.-BOND OFFERING.-Profor $11,050 misALBUQUERQUE SCHOOL DISTRICT (P. 0. Albuquerque), posals will be received until 12 m. Feb. 4, it is stated,
Bernalillo County, N. Mex.-BOND OFFERING.-Proposals will be cellaneous bonds.
of
Board
received until 8 p. m. Feb. 20 by Emily W. Tennent, Clerk of
CAMP COUNTY COMMON SCHOOL DISTRICT NO. 1, Tex.
Education, for $100,000 high-school-building bonds (V. 96, p. 300). Int. BOND SALE.-On Jan. 10 31,750 5% 10-20-year (opt.) bonds dated Aug.15.
semi-annual. Due April 11943, opt. after April 1 1933. Certified check 1912 were awarded at par and int. to the State Permanent School Fund,
or cash deposit of $5,000 required.
CAMP COUNTY COMMON SCHOOL DISTRICT NO. 10, Tex.
ALLEN COUNTY (P. 0. Lima), Ohio.-BOND ELECTION PROSALE.-On Jan. 10 $1,800 5% 10-20-year (opt.) bonds dated
POSED.-Local papers state that the proposition to is.sue $250,000 court- BOND
the State Permanent School
by
int.
and
par
Aug.
15
at
1912
were
purchased
date.
early
an
at
voters
house-impt. bonds will be submitted to the
BOND SALE.-On Jan. 29 the $14,454 6% 1%-yr. (ay.) ditch-constr. Fund.
CAMPBELL INDEPENDENT SCHOOL DISTRICT (P. 0. Campbonds (V. 96, p. 221) were awarded, it is stated, to the National Bank of
bell), Hunt County, Tex.-BONDS AWARDED IN PART.-Of the
Lima for $14,729, making the price 101.902.
5% bonds dated Aug. 20 1912(V.95, p. 1761) the State Permanent
$12,000
Butte
Box
0.
Alliance),
(P.
ALLIANCE SCHOOL DISTRICT
School Fund purchased on Jan. 10 $3,000 at par and interest.
County, Neb.-BOND ELECTION.-A vote will be taken on Feb. 18 on
CANTON, Stark County, Ohio.-BONDS AUTHORIZED.-An•
the question of issuing $22,000 bonds.
23 the ordinance was passed Jan. 13 providing for the issuance of the following
AMBRIDGE, Beaver County, Pa.-BOND SALE.-On Jan.
96, P. 221) were 434% coupon street-impt. (city's portion) bonds:
$125.000 4%% coupon tax-free water-works bonds (V.
bid of $8,600 South Cleveland Ave. bonds. Denom.(8) $1,000,(1) $600. Due
A
int.
and
awarded to Ed. V. Kane & Co. of Phila. at 101.15
8 years.
Investment Co.
$125,630 33 was also received from the Western Reserve
9,800 South McKinley Ave. bonds. Denom.(9) $1,000,(1) $800. Due
Savings
Ambridge
the
at
J.
&
J.
Int.
1911.
1
July
Denom.$1,000. Date
8 years.
& Trust Co. Due $5,000 yearly July 1 1915 to 1939, inclusive.
400 Walter Ave. bond. Due 5 years.
Clerk
ANTHONY, Harper County, Kan.-BOND SALE.-The CitystreetDate
March 1 1913. Int. M.& S.
advises us that on Dec. 10 the $5.000 5% 5%-year (average) coupon
CHAMPAIGN, Champaign County, Ill.-BONDS DEFEATED.
impt. bonds (V. 95, p. 1633) were awarded to Mrs. H. Brown at 100.50. The election held Jan. 21 resulted in defeat of the proposition to issue the
Date Dec. 1 1912.
to
"for"
779
was
vote
The
- 817,000 5% fire-dept. bonds (V. 96, p. 150).
ASBURY PARK, Monmouth County, N. J.-BOND OFFERING.
Clerk, 831 "against.'
Proposals will be received until 8 p. m. Feb. 3 by S. H. Calvert, City bonds.
CHANEYVILLE INDEPENDENT SCHOOL DISTRICT, Tex.
privilege of registration) school
0 coupon (with pvilege
for $175,000 4%7
BOND SALE.-The State Permanent School Fund was awarded on Jan. 10
Denom. $1,000. Date Jan. 1 1913. Int. J. & J. at City Treasurer's
by at par and int. the remaining S1.050 of the $7,000 5% 20-40-year (opt.)
office. Due Jan. 1 1943. Bonds will be certified as to genuinenessint.
July 1 1912 (V. 95, p. 1761)•
the U. S. Mtge. & Trust Co. of N. Y. Purchaser to pay accrued were bonds dated
CHARLOTTE,Eaton County, Mich.-BOND OFFERING.-Proposals
Bids to be made on blank forms furnished by the city. These bonds
offered on Jan. 20, but the bids received on that day were rejected (V. 96. will be received until Feb. 10 (bids to be opened at 7:30 p. m.) for $6,000
p. 300).
5% public-impt. bonds. Denom. $500. Date Feb. 1 1913. Int. F. & A.
is City
ASHEVILLE, Buncombe County, No. Caro.-BOND OFFERING.- Due $2,000 yearly on Aug. 1 1916 to 1918, incl. E. R. Laverty
Clerk.
for
Proposals will be received until 12 m. Feb. 10 by J. B. Erwin, Treas.,
CHATHAM, Columbia County, N. Y.-BOND OFFERING.-Pro$170,000 5% funding bonds. Auth. House Bill No. 32, Senate Bill No. 43,
ratified Jan.211913. Denom.$1,000. Date Feb.1 1913. Int.F& A in N.Y. posals will be received until 8:30 p. m. Feb. 17 by R. H. Smith, VII. Clerk.
City. Due Feb.11943. Cert. check for $2,000 required. These bonds are for $90,000 bonds to purchase the plant of the Chatham Water Works Co.
part of an issue of $200,000, the balance of $30,000 to be turned into Sink- Date Jan. 11913. Int.(not to exceed 5%)J.& J. at State Bank,Chatham.
ing Fund to liquidate loans to General Fund. Official circular states that Due $3,000 yearly on Jan. 1 1914 to 1943 incl. Cert. check for 5% of
int. on all previously issued bonds has always been paid promptly; neither bonds bid for, payable to the village of Chatham, required. Bonds to.
this nor any previous issue of Asheville bonds has been contested; no liti- be delivered and paid for within 10 days from time of award. Purchaser
gation pending or threatened affecting corporate existence of Asheville, to pay accrued int. The successful bidder will be furnished an opinion
N.C.,or title of present officials to their offices or the validity of these bonds. by Caldwell, Masslich & Reed of N. Y. City as to the legality of the bonds.
furnished by the city. No bonded debt at
ASHLAND, Hanover County, Va.-BONDS DEFEATED.-The elec- Bids to be made on blank forms
tion held Jan. 28 resulted in the defeat of the question of issuing the $50,000 present. Assess. val. 1912, $1,426,900.
was
vote
The
CHELAN COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
5% 10-50-yr. (opt.) water and sewer bonds (V. 96, p. 300).
105, Wash.-BOND SALE.-Reports state that $40,000 bonds have been
54 "for" and 60 "against."
the
ATHENS, Athens County, Ohio.-BOND SALE.-On Jan. 27 p. sold to the State of Washington for 5s.
(V. 95,
CIMARRON, Gray County, Kan.-BONDS VOTED.-An election
two issues of 5% coupon assessment bonds, aggregating $7,760
$15,000
1761), were awarded to M. S. Pond of Somerset for $7,958 78 (102.56) and held Jan. 25 resulted, it is stated, in favor of the question of issuingCo.
and
bonds to purchase the plant from the Cimarron Electric Light
interest. Other bids follow:
50
was
bonds
_
&
_
of
Co.,
_$7,799
Cin_
Roth
issue
A
Weil,
similar
I
system.
water-works
the
Cincinnati_37,842
Co.,
for
improving
&
Fox
E.
W.
Seasongood & Mayer, Cin_ _ __ 7,8021 Hayden,Miller&Co.,Cleve_ 7,772 00 reported sold recently to J. R. Sutherlin & Co. of Kansas City (V. 96. P.
OFFER222).
N.
-BOND
J.
County,
Monmouth
SEA,
AVON-BY-THECLALLAM COUNTY (P.O. Port Angeles), Wash.-BONDS AWARING.-Proposals will be received until Feb.6 by G.D.Goodrich,City Clerk.
t is stated, for the $22,000 5% school-bldg. impt. bonds offered without DED IN PART.-We are advised by E. H. Rollins & Sons of Chicago that
success as 4%s on Nov. 21 1912 (V. 95, p. 1634).
they have purchased in joint account with A. B. Leach & Co. of Chicago
-20-year (opt.) road bonds offered on Jan. 6
BEAVERHEAD COUNTY (P. 0. Dillon), Mont.-BOND OFFERING, $150.000 of the $300,000 10
int. as 5s.
-Proposals will be received until 10 a. m. March 5 by John S. Baker (V. 95, p. 1423) at 100.58 and
AUTHORIZED.-Ordinances were
-BONDS
Free High-School bonds. Denom.
Ohio.
County Clerk, for $30.000 5% County
CLEVELAND,
check
passed on Jan. 14 providing for the issuance of the following 5% coupon
$500. Date Jan.2 1913. Int.annually. Due 20 years. Certified
for 5% of bonds, payable to County Treasurer, required.
street-impt. assessment bonds:
bonds. Due $15,000 Nov. 1 1913 and $30,000 yearly
BELLE PLAINE, Sumner County, Kan.-BOND SALE.-The $135,000 sewer
Nov. 1 from 1914 to 1917, inclusive.
Valley State Bank of Belle Plaine was awarded at par and int. the $35,000
bonds. Due $126,000 Nov. 1 1913 and $252,000 yearly
paving
1,134,000
$1,000.
Denom.
5% water and light bonds mentioned in V. 95, p. 1147.
Nov. 1 from 1914 to 1917, inclusive.
Date Jan. 1 1913. Int. J. & J. Due $5,000 in 10 years, $6,000 in 15
Denom. $1,000. Date May 1 1913. Int. M. & N. at the American
years, $7,000 in 20 years, $8,000 in 25 years and $9,000 in 30 years.
Exchange National Bank, New York.
BEVERLY, Essex County, Mass.-BOND OFFERING.-Proposals
COKE COUNTY COMMON SCHOOL DISTRICT NO. 18,Tex.will be received until 10 a. m. Feb. 5 by C. F. Lee, City Treas., for the
BONDS AWARDED IN PART.-Of the $5,000 5% bonds dated Aug. 12
following 4% coupon tax-free bonds:
(V. 95, p. 1696), $1,000 were awarded on Jan. 10 to the State Per1
1912
Dec.
Date
Loan
St.
1912.
of
Cabot
Reconstruction
Beverly
$35,000
manent School Fund at par and interest.
1912. Due $5,000 yearly on Dec. 1 1913 to 1919, inclusive.
COLLINGDALE, Pa.-BOND SALE.-On Jan. 10 the $40,000 434%
95,000 Beverly Ward 1 School-House Loan of 1912. Date Nov. 11912.
Due $5,000 yearly on Nov. 1 1913 to 1927 and $4,000 yearly on 10-30-year (opt.) street and sewer bonds (V. 95, p. 1696) were awarded, it
Nov. 1 1928 to 1932, inclusive.
is stated, to a New York firm at 101.75.
10,000 Beverly Ward 1 School-House Supplementary Loan of 1912. Date
COLLINGSWORTH COUNTY COMMON SCHOOL DISTRICT
Nov. 11912. Due $1,000 yearly from Nov. 1 1913 to 1922. incl. NO. 14, Tex.-BOND SALE.-Of the $2,000 5% 20-year bonds dated
Denom. $1,000. Int. semi-annually at Old Colony Trust Co., Boston. Sept. 1 1912 (V. 95, p. 1762), the remaining $1,000 were awarded on
These bonds will be certified as to genuineness by the Old Colony Trust Co.,
10 to the State Permanent School Fund at par and interest.
and their legality approved by Ropes, Gray & Gorham, whose opinion will Jan.
Jan. 1
COLLINS, Covington County, Miss.-BOND SALE.-On
be ddlivered to the purchaser.
par. De6 7 school bonds were awarded to the Bank of Collins at
Jan. 1
BIG RAPIDS, Mecosta County, Mich.-BOND SALE.-H. W. Noble $2,500
yrly.
$500
Due
Jan.
in
ann.
Int.
11913.
nom. $100. Date Jan.
& Co. of Detroit was awarded at 100.90 $35,000 44% water-works bonds. from
1918 to 1922 incl.
Denom. $500. Date Dec. 11912. Int. J. & D. Due from Dec. 1 1926
65,
NO.
DISTRICT
SCHOOL
COMANCHE COUNTY COMMON
to 1042, incl. These securities are part of the $50,000 bonds mentioned in
Tex.-BOND SALE.-The State Permanent School Fund on Jan. 10
V. 95, p. 1761.
$10.000 5%
the
of
$1,000
remaining
the
interest
par
and
at
purchased
BLUE MOUND, Linn County, Kan.-BONDS VOTED.-The elecdated April 10 1912 (V. 95. p. 1762)•
tion held Jan. 20 resulted in favor of the question of issuing the $6,000 5% bonds
COOS COUNTY SCHOOL DISTRICT NO. 40, Ore.-NO ACTION
electric-light bonds (V. 96, p. 150). The vote was 184 to 38.
-The County Treasurer advises us under date of Jan. 23
TAKEN.
YET
AUTHORIZED.
BOISE CITY, Ada County, Idaho.-BONDS
no action had yet been taken looking toward the issuance of $10,000
Ordinances were passed Jan. 21 providing for the issuance of the following that
bldg. bonds. These bonds were voted in Dec. 1912. See "Marshfield.
7% gold coupon assessment bonds:
V. 95, p. 1636.
$5,528 50 Improvement Dist. No. 18 grading and surface-drainage bonds. Ore.,"
CORRECTION VILLE SCHOOL DISTRICT (P. 0. Correctionville),
Denom.(10) $52 85,(10) $500. Due one-tenth yearly beginning
County, Iowa.-BOND ELECTION.-An election will be
Woodbury
11914.
Feb.
district shall issue $18,000
18,033 60 sewerage-improvement Dist. No. 2 bonds. Denom. (10) held Feb. 24 to determine whether or not this
5% high-school-bldg. bonds.
$303 36, (30) $500. Due Feb. 1 1923.
$41,
(10)
Dist.
-improvement
No.
Denom.
111
bonds.
35,410 00 sewerage
CORSICANA Navarro County, Tex.-BONDS AUTHORIZED.(70) $500. Due Feb. 11923.
The City Council has passed an ordinance providing, it is stated, for the
the
at
at
or
A.
the
&
office
F.
City
Int.
Treasurer's
11913.
Date Feb.
of $20,000 paving bonds recently voted.
Chase National Bank, New York.
CRAGHILL SCHOOL DISTRICT, Kings County, Cal.-BONDS
ELEC0.
(P.
Neb.-BOND
Alliance),
BOX BUTTE COUNTY
AUTHORIZED.-Reports state that the Supervisors have authorized the
TION.-An election will be held Feb. 18 to vote on the question of issuing Issuance of $3,000 building bonds.
bonds
take
the
the
These
$75,000
of
place
bonds.
$65,000 court-house
CITY, Del Norte County, Cal.-BONDS DEFEATED.
voted Nov. 5, the issuance of which was permanently enjoined (V. 95, p. AnCRESCENT
election held Jan. 14 resulted in defeat of the proposition .to Issue
1669).
bonds.
sewer
$45,000
BRECKSVILLE TOWNSHIP(P. 0. Brecksville), Cuyahoga County,
CROWLEY SIXTH WARD DRAINAGE DISTRICT (P. 0. Crowley),
Ohio.-BOND SALE.-On Jan. 25 the $14,000 434% 3 1-6-year (average)
$60,000 5% 1-31-yr.(ser.) drainage-system bonds.
coupon highway-impt. bonds(V. 95, p. 1695) were awarded to the Superior La.-BOND SALE.-The
without success on Sept. 28 1912 (V. 95, p. 995) have been awarded
offered
Savings & Trust Co. for $14,255 (101.822) and int. A bid of par was also
J.
received from both Sidney Spitzer & Co. of Toledo and Ilayden, Miller & to Duke M. Farson of Chicago at par. Denom. $500. Int. J. &
Co. of Cleveland.
CULLMAN COUNTY (P. 0. Cullman), Ala.-BOND ELECTION
PROPOSED.-According to reports, the proposition to issue road-construcBRIDGEPORT, Conn.-BOND SALE.-On Jan. 27 $100,000 (of an tion bonds will be submitted to the voters in the near future.
Issue of $400,000)
% 1-50-year (serial) high-school bonds were awarded
follow:
bids
Other
&
100.07.
at
Bros.
Hincks
Co.
of
Bridgeport
to
DAYTON, Campbell County, Ky.-BOND OFFERING.-Further
Merrill, Oldham & Co., Dos_ _99.649 Harris, Forbes & Co., N. Y--98.683 details are at hand relative to the offering on March 17 of the $20,000 4%
Boston_ _ _ _99.189 IC. II. Venner & Co.. N. Y_-.98.635 coupon street-impt. bonds. Proposals will be received until 8 p. m. on
R. L. Day &
11913.
Co.. Date Jan. 1 1913. Int. J. & J.
Denom. $1,000.
that day by W. C. Martin, City Clerk. Denom. $500. Date July
$1.000 yearly from,
- Int. J. & J. at the Bank of Dayton, Dayton. Due
BRIDGEWATER, Rockingham County, Va.-BOND ELECTION.
inclusive
1933.
According to reports, an election to vote on the question of issuing $25,000 July 1 1914 to
Bond Proposals and Negotiations this week
have been as follows:
376
THE CHRONICLE
[VOL.
xcvz.
DENTON COUNTY COMMON SCHOOL DISTRICT NO. 66, Tex.Anderson, Co. And., for $200,000 4% court-house bonds. Authority,
BONDS AWARDED IN PART.-Of the $5.000 5% 40-year bonds dated H.
vote of 2,257 to 1,694 at an election held Nov. 5 1912. Denom. $1,000.
Oct. 14 1912 (V. 95, p. 1762) $2,000 were purchased on Jan. 10 at par and Int.
annually on May 1. Due May 1 1933.
interest by the State Permanent School Fund.
Idaho County, Idaho.-BOND SALE.-According
DEPORT INDEPENDENT SCHOOL DISTRICT (P. 0. Deport) to GRANGEVILLE,
reports,
an issue of $12,000 water-system-purchase bonds has been
Lamar County, Tex.-BOND SALE.-The State Permanent School-Fund
awarded to C. H. Coffin of Chicago.
purchased at par and int. on Jan. 10 the remaining $6,000 of the
GRANT'S PASS, Josephine County, Ore.-BOND OFFERING.
10-40-year (opt.) bonds dated July 1 1912 (V. 95, p. 1762)• 318,0005%
Proposals will be received by the City Auditor, it is stated,for the $200,000
DES MOINES SCHOOL DISTRICT (P. 0. Des Moines), Iowa.
5%
15-30-year (opt.) gold coupon municipal bonds(V.96, p. 151). Denom,
BOND ELECTION.-Reports state that an election to vote on the question $1.000.
Interest J. & J.
of issuing $550,000 bonds will be held Feb. 5.
SCHOOL DISTRICT (P. 0. Grayson), Gwinnett CounDETROIT, MICH.-BONDS AWARDED IN PART.-On Jan. 28 ty,GRAYSON
Ga.-BOND
SALE.-On Jan. 21 36,0006% 30-year gold tax-free build3392,000 of the three issues of4% 30-year, coup. or reg. bonds,
ing bonds were awarded to Cooke, Holtz & Co. of Chicago for $6,187
$536,000, were awarded, $250,000 to the Detroit Trust Co. inaggregating
Detroit at (103.116) and int. Denom.$500. Date Jan. 11913. Int. J. &J. at the
par and $142,000 to local investors at prices ranging from par to
100.30. Hanover National Bank in New York.
We are advised that the remaining $144,000 will be offered over the counter
GREENE COUNTY (P. 0. Leakesville), Miss.-BOND OFFERING.
at par and int. Denom., $1,000. Date, Feb.
1 1913. Int. semi-ann. at Proposals
the City Treas. office or in N. Y. Bonds are tax-exempt
will be received until 2 p. m. Feb. 3 by the Board of Supervisors
in Michigan.
for $10,000 6% Agricultural High-School bonds. Auth. Chap. 150, Laws
DICKENS COUNTY (P. 0. Dickens), Tex.-BOND ELECTION.
- 1912. Denom. as purchaser may desire. Date Feb. 3 1913. Int. annualThe proposition to issue $100,000 road bonds will be submitted to a vote,
ly at place designated by purchaser. Bonds are exempt from taxation.
reports state, on Feb. 8.
Due 5 to 10 years. Cert. check for $100, payable to Greene County. reDILLON SCHOOL DISTRICT (P. 0. Dillon), Beaverhead County, quired. Bonded debt, incl. this issue, $35,000. Assess. value 1912,
Mont.-BOND ELECTION.-An election will be held to-day (Feb. 1) to $3,052,416.
vote on the question of issuing $44,000 20-year building bonds at not
GREENE COUNTY (P. 0. Springfield), Mo.-BOND SALE.-The
exceeding 5% interest.
McDaniel Nat. Bank of Springfield was awarded the $18,000 6% 10-yr.
DULUTH, St. Louis County, Minn.-BOND OFFERING.-Proposals Brookline-Springfield Special Road Dist. bonds (V. 95, p. 769).
will be received until 7:30 p. m. March 3 by the Common Council for
GRIMES COUNTY COMMON SCHOOL DISTRICT NO. 5, Tex.
3100,000 43,6% gold coupon water and light plant extension bonds. Auth.
SALE.-The remaining $1,000 of the $3,000 5% 5-20-year (opt.)
Sec. 286 of City Charter. Denom. $1,000, $500, $100 and $50. excepting BOND
bonds dated Aug. 20 1912 (V. 95, p. 1427) were awarded to the State
that, where not inconsistent with bids made, denom. shall be $1,000. Permanent
School Fund on San. 10 at par and interest.
Date April 1 1911. Int. semi-annually at American Exchange Nat.
GRIMES COUNTY COMMON SCHOOL DISTRICT NO. 8, Tex.In N. Y. City. Maturity April 11941. Bonds to be delivered andBank
paid
for witkin 10 days after notice, and delivery will be called for March. 21 BOND SALE.-The remaining $1,500 of the $4,000 5% 5-20-year (opt.)
Certified check on or a certificate of deposit of a national bank for I% of bonds dated Aug. 20 1912 (V. 95, p. 1427) were purchased by the State
bonds bid for, payable to the "City of Duluth," is required. Official cir- Permanent school Fund on Tan. 10 at par and interest.
cular states that there has never been a default in the payment of bonds or
GRIMES COUNTY COMMON SCHOOL DISTRICT NO. 9. Tex.
int, and that there is no controversy pending or threatened affecting the BOND SALE.-The remaining $3,500 of the $7,500 5% 5-40-year
(opt.)
corporate existence or boundaries of the city. C. S. Palmer is City Clerk. bonds dated Aug. 20 1912 (V. 95. p. 1427) were awarded on Jan. 10 to the
These bonds are the remaining portion of the $300,000 issue voted Feb. 7 State Permanent School Fund at par and interest.
1911, $200,000 having been already disposed of (V. 92, p. 1582).
HALL COUNTY COMMON SCHOOL DISTRICT NO. 5, Tex.
DUNCANVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. BOND SALE.-The remaining $1,000 of the $5,000 5% bonds dated Sept.9
Duncanville), Dallas County, Tex.-BOND SALE.-On Jan. 10 the 1912 (V. 95, p. 1697) were purchased by the State Permanent School Fund
State Permanent School Fund purchased at par and int. $5,775 5% 5-40- at par and interest on Jan. 10.
year (opt.) bonds dated July 10 1912.
HANFORD, Kings County, Cal.-BOND SALE.-On Jan. 20 the
DURANT, Bryan County, Okla.-BOND ELECTION.-Reports state $80.000 sewer-const. and $25,000 fire-dept. 5% 20M-year (ay.) gold coup.
that the question of issuing $85,000 sewer and water-system-extension bonds (V. 95, p. 1763) were awarded, it Is stated, to W. R. Staats Co. of
bonds will be submitted to the voters on March 18.
Los Angeles at 101.072 & int.
EAST LANSDOWNE (P. 0. Lansdowne), Delaware County, Pa.
HART COUNTY (P. 0. Munfordville), Ky.-BOND
BOND OFFERING.-Proposals will be received until 8 p. m. Feb. 7 by The proposition to issue the $200,000 road-construction ELECTION.
bonds (V. 96,
Theo. D. Strickler, Borough Secretary, for $20,000 4 % coupon bonds. p. 151) will be submitted to a _vote on March 4.
Denom. $500. Int. semi-annual. Due 30 years, opt. at any interestHOCKING COUNTY (P. 0. Logan), Ohio.-BOND OFFERING.
paying period after 3 years.
Further details are at hand relative to the offering on Feb. 14 of the $13,000
EDGEWOOD INDEPENDENT SCHOOL DISTRICT (P. 0. Edge. county-fair-site-purchase and $7,000 site-impt. 5%0 bonds
(V. 96, p. 301).
wood, Van Zandt County, Tex.-BOND SALE.-On Jan.
the State Proposals for these bonds will be received until 2 p. m. on that day by
Permanent School Fund was awarded the remaining $1,000 of10
the $12,000 W.D. Brandt, Co. Aud. Auth. Secs. 9902 and 9903, Gen. Code. also elec5% 15-40-year (opt.) bonds dated May 6 1912(V. 95, p. 1696)
at par & int. tion held Nov. 5 1912. Denom. $500. Date Feb. 15 1913. Int. F. & A.
EDWARDS COUNTY COMMON SCHOOL DISTRICT NO.2, Tex.
- Due $1,000 each six months from April 1 1914 to Oct. 1 1023 incl. Cert.
BONDS AWARDED IN PART.-On Jan. 10 the State Permanent
School check for 5% of bonds bid for, payable to the County Treasurer, required.
Fund purchased $1,575 of the $4,500 5% 10-40-year (opt.) bonds dated Purchaser to pay accrued interest.
April 10 1912 (V. 95, p. 1696) at par and interest.
HOMER SCHOOL DISTRICT NO. 13 (P. 0. Homer), Claiborne
ELLIOTT INDEPENDENT SCHOOL DISTRICT (P. 0. Elliott), Parish, La.-BOND ELECTION.-Reports state that the election to vote
Montgomery County, Iowa.-BOND OFFERING.-Proposals will be on the question of issuing the $40,000 high-school-building bonds (V. 95,
received until Feb. 10 for the $20,000 5% coupon school-building bonds IL 1071) will be held Feb. 18.
voted Dec. 9(V. 95, p. 1696). Denom. $1,000. Date May 11913. Int.
HONEY GROVE, Fannin County, Tex.-BOND SALE.-The reM. & N. Due $1,000 yearly May 1 1918 to 1922, incl., and $15,000
maining $3,000 of the $14,000 5% 20-40-year (opt.) bonds dated Aug. 1
May 1 1923.
1912 (V. 95 p. 1697) were purchased by the State Permanent School Fund
ELMIRA, Chemung County, N. Y.-BOND OFFERING.-Proposals at par and interest on Jan. 10.
will be received until 12 m. Feb. 28 by Asher J. Jacoby, Sec. Board of
HOPKINS COUNTY COMMON SCHOOL DISTRICT NO. 15, Tex.Education,for $25,000
% reg. school-building bonds. Auth. Chap.370, BOND SALE.-On Jan. 10 $1,800 5% 10-20-year (opt.) bonds dated June 10
Laws 1895. Date March 11013. Int. M.& S. Due $5,000 March
1912 were awarded to the State Permanent School Fund at par and interest.
1
1929
and $5,000 yearly on March 1, 1931 to 1934, incl. Cert. guarantee deposit
ILION SCHOOL DISTRICT (P. 0. Ilion), Herkimer County, N. Y.
for 1% of bid required. Purchaser to pay accrued interest.
-BOND SALE.-Adams & Co. of N. Y. were awarded at 100.25 the
EL PASO, El Paso County, Tex.-BONDS REGISTERED.-On $95,000 4% 34-year school bonds voted May 10 1912 (V. 94, p. 1399).
Jan. 21 the $200,000 water-works-extension, $150,000 sewer-impt. and Denom. $1.000. Date Jan. 1 1913. Interest annually in January.
$50,000 street-impt. 5% 20-40-year (opt.) bonds advertised to be sold
JACKSONVILLE, Fla.-VOTE.-The vote cast at the election held
Feb. 12 (V. 96, p. 222), were registered by the State Comptroller.
Jan. 21, which resulted in favor of the issuance of the $1,500,000 43i%
EL SEGUNDO SCHOOL DISTRICT (P. 0. El Segundo), Los 30-year gold coupon dock and terminal bonds (V. 96. p. 301) was 4,280
Angeles County, Cal.-BOND ELECTION.-An election will be held "for" to 42 "against.Feb. 17, it is reported, to vote on the question of issuing building bonds.
JUNIATA, Blair County, Pa.-BOND SALE.-On Jan. 27 the $10,000
ESSEX COUNTY, Mass.-TEMPORARY LOAN.-On Jan. 27 $150,000 5% 15-30-year (opt.) coup. water-impt. bonds(V.96, p. 223) were awarded
of the $400,000 loan (V. 96, p. 301) was negotiated with the Central Nat' to Heyl & Co. of Phila. at 104.26 and int. Other
bids follow:
Bank of Lynn at 3,80% discount. The bids follow:
E. V.Kane & Co., Phila_ _310,426 00 Henry & West,Philo
$10,105 00
Central National Bank, Lynn
$150,000 at 3.80% disc. and $250,000 Newberger, Henderson &
C. II. Venner & Co., New
Loeb, Philadelphia_ _ _ _ 10,379 00
at 3.90% discount.
York
10,033 00
Manufacturers' Nat. Bank, Lynn_ _$100,000 at 3.87% disc. and $20 prem. Mellon Nat. Bk., Pittsb__ 10,340 32 S. A. Kean & Co., Chic
10,000 00
Curtis & Sanger, Boston
400,000 at 3.86 disc. and $5 prem.
KANSAS
CITY,
Mo.-BOND
OFFERING.
will
-Proposals
be
received
Estabrook & Co., Boston
400,000 at 3.86 dist. & $2 25 prem.
until 10 a. in. Feb. 13 by M. A. Flynn, City Comp., for $200,000 4%
Merrimack Nat. Bank, Haverhill
100,000 at 3.90 discount.
Cape Ann Nat. Bank, Gloucester,- 400,000 at 3.57% disc. & $5 25 prem. water-works-impt. and $200,000 43‘i % sewer coupon bonds. Denom.
EUGENE, Lane County, Ore.-BOND OFFERING.-Proposals will $1,000. Date Sept. 11910. Int. M.& S. at City Treasurer's office or at
be received until 7:30 p. m. Fell. 10 by the City Recorder, it is stated, for Chase National Bank in New York, at the option of holder. Due Sept. 1
$32,850 improvement bonds at not exceeding 6% interest.
1930. Certified check on a Kansas City national bank for 2% of bonds
FLOYD COUNTY (P. 0. Rome), Ga.-BOND ELECTION PRO- bid for, payable to the City Comp., required. Legality of bonds will be
POSED.-Reports state that this county proposes to hold an election
to
approved
by Dillon, Thomson & Clay of New York, whose opinion will be
vote on the proposition to issue bridge-construction bonds.
FORT LARAMIE, Shelby County, Ohio.-BOND ELECTION.-An delivered to the purchaser. Bonds to be delivered Feb. 27. Bids must
election will be held Mch. 3 to vote on the question of issuing $10,000 be made on blank forms to be furnished by the city (V. 05, p. 1763).
public-hall bldg. and site-purchase bonds.
The official notice of this bond *offering will be found among the advertiseFRAZERSBURG SCHOOL DISTRICT (P. 0. Frazersburg), Mus- ments elsewhere in this Department.
kingum County, Ohio.-BOND SALE.-The People's
KERN COUNTY (P. 0. Bakersfield), Cal.-NO ACTION YET
Co. of
Frazersburg was awarded the $30,000 building bonds (V. 95,Bank
TAKEN.-No action has yet been taken looking towards the issuance of
p. 1346)•
FREEPORT, Nassau County, N. Y.-BOND ELECTION.-An elec- the $3,000,000 road bonds (V. 95, P • 1636)•
tion will be held Feb. 21, it is stated, to vote on the question of
LAMAR COUNTY COMMON SCHOOL DISTRICT NO. 88, Tex.$12,000 site-purchase and $125,000 high-school-building bonds. issuing BOND SALE.-On Jan. 10 this district awarded $1,000 5% 10-20-year
FREEWATER, Umatilla County, Ore.-BOND SALE.-On Jan. 6 (opt.) bonds dated June 1 1912 to the State Permanent School Fund at
par and interest.
the $12,000 6% 10-20-yr. (opt.) water-works-ext. bonds (V. 96, p• 80)
were
awarded to Causey, Foster & Co. of Denver at par. Denom. $500.
LAWRENCE, Van Buren County, Mich.-BOND OFFERING.
Date
Jan. 1 1913. Int. J. & J.
Proposals will be received until Feb. 17 by Floyd Lockwood, Village Clerk.
FRENCHMAN VALLEY IRRIGATION DISTRICT, Hitchcock for $7,000 5% electric-light and water-works bonds. Int. annually. Due.
County, Neb.-BOND OFFERING.-Further details are at hand relative 1925 to 1931. Total debt $18,000. Assessed valuation $284,000.
to the offering on Feb. 4 of the $150,000 6% coup. irrigation bonds (V. 96,
LAWRENCE COUNTY(P.O.Ironton), Ohio.-BOND OFFERING.
p. 301). Proposals will be received until 10 a. m. on that day by H. Leh- Further details are at hand relative to the offering on Feb. 6 of the $10,000
man, Sec. (P. 0. Culbertson). Denom. $500. Date Oct. 1 1912. Int. 4% bridge bonds (V. 96, p. 302). Proposals will be received until 12 m.
J. & J. at the Co. Treas. office. Due part yearly from 1923 to 1932. No on that day by the County Commissioners. S. A. Bowman is County
other debt. A.ssessed val. $713.810.
Auditor. Denom. $1,000. Date March 1 1913. Int. semi-ann. at the
FULLERTON, Orange County, Cal.-BOND SALE.-The State has County Treasurer's office. Due March 1 1923. Certified check for 2%
of bonds bid for, payable to the Treasurer, is required.
purchased at par and int. $50,000 impt. bonds, according to reports.
LAWRENCE COUNTY (P. 0. Monticello), Miss.-BONDS PROFULLERTON-CAGE SCHOOL DISTRICT (P. 0. Houston), Tex.
BONDS AUTHORIZED.-The issuance of $10,000 5% 20-40-yr. (opt.) POSED.-Petitions are being circulated, reports state, asking the Board
bonds has been authorized. We are advised that these securities will of Supervisors to issue road-construction bonds in Beat No. 1.
probably be issued to the State.
LEX NGTON, Fayette County, Ky.-BID REJECTED.
-On Jan. 27
GALVESTON COUNTY COMMON SCHOOL DISTRICT NO. 21, the bid received from Mayer, Deppo & Walter of Cincinnati for the $200,000
Tex.-BOND SALE.-On Jan. 10 $3,500 57
0 10-20-year (opt.) bonds dated sewer and $25,000 park 4% 40-year bonds (V. 96, p. :302) was rejected.
Aug. 15 1912 were purchased by the State Permanent School Fund at par
LUDINGTON, Mason County, Mich.-BOND OFFERING.-Proposals will be received until 4 p. in. Fob. 3 by Dean Thompson, City Clerk,
and interest.
GARRISON INDEPENDENT SCHOOL DISTRICT(P.O. Garrison), for $50,000 45i7 city-impt. bonds (V. 96, p• 302). Denom. $1,000.
Nacogdoches County, Tex.-BOND SALE.-Of the $4,500 5% 1-40-year Date March 1 1913. Int. M. & S. at City Treas. office. Bonds are
(opt.) bonds dated Juno 1 1912 (V. 95, p. 1696), the State Permanent exempt from all taxation. Certified check for 5% of bonds bid for, payable
to City Treasurer, required. Bids shall include the furnishing of all legal
School Fund was awarded on Jan. 10 the remaining $1,500 at par and int.
notices required and also include printing and furnishing bonds free.
GLOUCESTER, Essex County, Mass.-BOND SALE.-E. H. Rollins
McCOLL, Marlboro County, So. Caro.-BOND ELECTION PRO& Sons of Boston have been awarded $24,000 4% bonds, it is stated at POSED.
100.433. Date Dec. 1 1912. Due $3,000 yriy.from 1913 to 1916 incl. and tion to -A petition is being circulated, it is reported, calling for an elecvote on the question of issuing water-works bonds.
$2,000from 1917 to 1922 incl.
MACON, Ga.-BOND SALE.-On Jan. 27 the $15,000
% waterGRAND FORKS COUNTY (P. 0. Grand Forks), No. Dak.- works
bonds
on Jan. 20 (V. 96, p. 223) were awarded to the City
POND OFFERING.-Proposals will be received until 10 a. m. Feb. 18 by of Macon, it offered
is stated, at 100.68.
FEB. 1 1913]
THE CHRONICLE
377
MANHATTAN SCHOOL DISTRICT (P. 0. Manhattan), Riley
Water Board, Ported_$200,000_103.50 John Holm
County, Kan.-BOND ELECTION.-Local
$4,500__103.30
papers state that an election U. S. National Bank,f 30,000__10
will be held Feb. 4 to vote on the question of issuing
3.50 Security Savings dcf 5,000_ _103.05
$90,000 (not $100,000
Portland
I 31,000_ 103
as first reported) high-school-bldg. bonds (V. 96, p. 81).
Trust Co
1227,05393 101.55.
J. W. Gruthers
10,000__103.37 S. F. Slierd
2,500_ _103
MASON COUNTY SCHOOL DISTRICT NO.
10, Wash.-BOND Ludwig Hirsch
10,000._103.35 I. B. of Elec. Workers 1,000__103
SALE.-On Dec. 11 $2,000 53 % school-bld
g. bonds were awarded to
10,000__103.25 C. Ecke
1,000_ _103
the State of Washington at par. Denom. $250.
Int. ann. in Feb. Duo
10,000__103.20 Frank Keller
600__103
1933, opt. at any int.-paying period.
20,000__103.15 John Murphy
500__103
MASSACHUSETTS.-BOND SALE.-On Jan. 27 the
10,000__103.11 Lumbermen's Nat. f 50,000_102.77
issues
eight
of
4% gold reg. bonds, aggregating $5,497,500 (V.
20,000__103.03
Bank, Portland
96, p. 1223) were awarded
1 50,000_ _102.70
to Adams & Co., Blake Bros. &
20,000__102.93 C Kade
Perry, Coffin & Burr, Lee, Higginson R. lasing
1,000102.80
& Co. and A. B. Leach & Co. of Co.,
20,000__102.871 Henry Teal, Portland.. 50,000_ _102.52
Boston at their joint bid of 101.02. Other
bids follow:
10,000__102.821 Geo. L. Layman
5,000_ _102.50
Name10,000__102
.761 K. D. Reed
Amount.
Bid.
10,000__102
R. L. Day & Co., Estabrook & Co. Bonds10,000102.711 Citizens' Bank
22,000_ _100.01
and N. W. Harris & Co., Inc., Bos Entire issue.
10,000102.631
$5,497,500 101.849
Blodget & Co., Merrill, Oldham &
RACINE, Racine County, Wis.-BOND ELECTION.
Co. and W.A. Read & Co., Bos__ Port of Boston.
-On March 18
an election will be held, local papers state,
3,000,000 101.69
submit to the voters the
W. L. Raymond & Co., Boston_ _ _ _ f Armory.
question of issuing 3185,000 sewer-system andto
56,000 100.57
$50,000 street-impt. bonds.
1Metropolitan Parks. 15,000 100.51
RAVALLI COUNTY (P. 0. Hamilton), Mont.-BOND
MATAGORDA COUNTY (P.O. Bay City),
ELECTION
Tex.-BOND ELECTION. PROPOSED.-Local papers state that an election will probably
-The proposition to iSSUO $300,000
bonds in Precinct No. 1 will be to vote on the question of issuing $150,000 5% road-impt. bonds.be called
submitted to a vote, it is reported, on road
Mch. 1.
READING, Hamilton County, Ohio.-BOND
-On Jan. 27
MATAGORDA COUNTY
SCHOOL DISTRICT NO. 17, the $6,062 5% coup. Main St. impt. assess. bonds SALE.
Texas.-BOND SALE.-The COMMON
(V. 96, p. 82) were
Permanent School Fund on Jan. 10 awarded to M. S. Pond of Somerset for $6,206 27 (102.37)
was awarded at par and int. theState
and int. Other
bids
follow:
remaining
$4,000
of
the
$12,000
5% 20-40yr. (opt.) bonds dated Mch. 15 1912
Weil, Roth & Co., Cincinnati_36,138 First
(V. 95, p. 1698).
Nat. Bank, Lockl'd_$6,122 68
Seasongood & Mayer, Cincin_ 63
MEDINA COUNTY COMMON SCHOOL DISTRIC
6:1
12
34 W. E. Fox & Co.. Cin____ 6,117 00
T NO. 16, Texas. Reading Bank,
-BOND SALE.-The State Permanen
Reading
t
School
Fund
purchased
$8,000
5% 5-40-yr. (opt.) bonds dated Sept. 17 1912 on
RICHARDS INDEPENDENT SCHOOL
Jan. 10 at par and int.
Grimes County, Tex.-BOND SALE.-TheDISTRICT(P.O. Richards),
MELLETTE COUNTY (P. 0. White River), So. Dak.-BO
$2,000 of the $6,000
ND SALE.
10-40-yr. (opt.) bonds dated Mch. 1912remaining
-On Jan. 7 the 325,000 6% 10-20-yr.
(opt.) funding bonds(V. 95, p. 1698) 5%
(V. 95, p. 1699) were awarded
on Jan. 10 at par and int. to the State 1Permanen
were awarded to Bolger, Mosser & Willaman of Chicago.
t School Fund.
RICHMOND, Contra Costa County, Cal.
MERIDIAN INDEPENDENT SCHOOL DISTRIC
-BOND OFFERING.-Pro0. Meridian), posals will be received
Bosque County, Texas.-BOND SALE.-The StateT (P.
until 8 p. m. Feb. 10 by I. R. Vaughn,
Permanent School for $300,000
City Clerk,
5%
Fund purchased on Jan. 10 at par and int. the remaining
municipal-impt. bonds,
$4,000 of the Due $30,000 yrly. coup.
Denom. $1,000.
Jan. 1 from 1914 to 1923 incl. 1912.
$21,000 5% 40-yr. bonds dated Apr.6 1912 (V. 95, p. 1698)•
Bonds
will
be
Mch.
1
1913.
check or cash for 2% of bid, payable to the delivered
MILTONVILLE, Cloud County, Kan.-BONDS VOTED.-An elec- required. BidsCert.
City Clerk,
to be made on blank
tion held Jan. 20 resulted, it is stated, in favor of the propositio
furnished by the city. The
legality of the bonds will be approvedforms
n
to
issue
by Goodfellow, Eells & Orrich of
$35,000 electric-light and water-works-plant bonds.
San Franciseo, a copy of whose opinion will
be furnished to the purchaser.
MONROEVILLE, Huron County, Ohio.-BOND SALE.-On Jan.
17 Accrued int. to be paid by purchaser.
31,200 5% street-impt. bonds were awarded to M. S. Pond of Somerset
ROBERTSON COUNTY (P. 0. Franklin), Tex.
for $1,226 26, making the price 102.183. Denom.
-BONDS VOTED.
$120. Date Dec. 15 By a vote of 272 to 93 the question of issuing
the $150.000 road bonds
1912. Int. J. & D. Due from 1917 to 1921.
(V. 96, p. 224) carried, it is reported, at the election
held in Hearne PreMONTPELIER, Williams County, Ohio.-DESCRIPTION
cinct Jan. 21.
OF
BONDS.-The $3,000 5% refunding bonds awarded
the Farmers' Nat.
ROCHESTER, N. Y.-NOTE OFFERING.-Proposal
Bank of Bryan (V. 96, p. 152) are in the denom. of to
s will be received
$500 each and dated until 2 p. m Feb. 5 by E. S. Osborne, City
Sept. 11912. Int. M.& S. Due $500 yrly. Sept. 1 1914
for $385,000 revenue
notes, payable 4 months from Feb. 11 1913.Comp.,
to 1919 incl.
Int. payable at the Union
MOUNT IRON, St. Louis County, Minn.-BOND SALE.
Trust
Co.,
Y.
N.
Rate
of
int.
and
denominat
-On
Jan.
ion desired must be desig28
the $50,0005% 1-5-yr. (ser.) water-works bonds(V.96, p. 81) were
awarded nated in bid.
to the American Exchange Bank in Virginia at par and
ROCKDALE, Milam County, Tex.-BOND ELECTIO
int. Other bids
follow:
N.-Reports
state that an election will be held Feb. 25 to determine
S. A. Kean & Co., Chicago_ _350,000 I W. M.
whether or not this
Duluth
$48,000 city shall issue $30,000 water-works-system constr. bonds.
Security State Bk., Hibbing_ 48,900 Spitzer,Prindle,
Rorick & Co., Toledo 46,000
ROCKY MOUNT, Franklin County, Va.-BON
MOUNT VERNON, N. Y.-PRICE PAID FOR BONDS.
PROPOSED. Re-We are ad- ports state that this city is contemplating the issuanceDS
vised that the price paid for the $90,000 tax-relief
of $200,000 bonds for
and $55,000 school-tax- street-pavement, sewerage and lights, sidewalks
relief 4 % bonds awarded on Jan. 21 to Adams &
and floating indebtedness.
Co. of N. Y. (V. 96,
p. 302) was 100.585. Denom. $1,000. Date Jan. 11913.
ROLISI INDEPENDENT SCHOOL DISTRICT, Tex.-BONDS
Int. J. & J. REGISTERED.-An
Due Jan. 1 1916.
issue of $1.500 5% 10-20-yr. (opt.) bonds was regisBOND OFFERINGS.-Proposals will be
until 8 p. m. Feb. 4 tered by the State Comptroller.
by Peter Collins, it is stated, for $15,000 43received
ROSEBU
%
20-year
D
COUNTY
highway-r
(P. 0. Forsyth), Mont.-BOND OFFERING.
epaving
bonds. Int. semi-ann. Cert. check for 1% required.
Proposals will be received until 10 a. m. March 4 by
J. Cole, County
Proposals will also be received, it is reported, until 8 p. m.
Clerk, reports state, for $123,000 5% coupon bonds.R.
Feb.
11
by
Int. semi-annual.
the City Clerk for $25,000 4%% 39-year highway-impt.
Certified
check
for
$3,000
bonds.
required.
Int.
semi-annual. Certified chock for $1,000 required.
RUSHVILLE, Rush County, Ohio.-BOND OFFERING
.-Proposals
MUSKOGEE, Muskogee County, Okla.-BONDS TO BE OFFERED will be received until
10 a. m. Feb. 15 by Thos. S. Conley, City
Clerk. for
SHORTLY -Reports state that the $150,000 park bonds
$12,000 4%% 5-16-year (serial) refunding
voted
Dec.
17
bonds. Denom. $500. Date
1912 (V. 95, p. 1764) will probably be offered for sale by the City Council Jan. 22 1913. Interest annual.
on Feb. 11.
ST. BERNARD (P. 0. Cincinnati), Hamilton
County, Ohio.NECHES INDEPENDENT SCHOOL DISTRICT (P. 0. Neches), BOND OFFERING.-Proposal
s will be received until 12 m., Feb.
28 by
Anderson County,,Texas.-BOND SALE.-The remaining $1,500
Geo. Schroeder, City Aud., for $6,000 4% "Police
of
and Fire Dept. impt.
the $5,000 5% 5-40-yr. (opt.) bonds dated Aug. 15 1912 (V. 95, p.
bonds" (V. 96, p. 153), auth. Sec. 3939 Ohio Municipal
1698)
Code. Denom.
were purchased on Jan. 10 at par and int. by the State Permanent School $500. Date, Feb. 1 1913. Int.
F. & A. Due, 20 years. Purchaser
Fund.
to pay accrued int.
NESHOBA COUNTY (P. 0. Philadelphia), Miss.-BOND OFFERST. JOSEPH,.Berrien County, Mich.-BONDS VOTED.-By a
vote
ING.-Proposals will be received until 12 in.
Feb. 5 by R. G. Moore, of 902 to 44 the question of issuing $50,000 industrial bonds carried, it
Clerk Chancery Court, it is stated, for the $100,000
is
6% 25-yr. Dist. No. 1 stated, at an election held Jan. 15.
road bonds voted Jan. 3(V. 96, p. 152).
Int. semi-ann.
SAN AUGUSTINE INDEPENDENT SCHOOL DISTRICT (P.O. San
NEWAYGO COUNTY (P. 0. Newaygo), Mich.-BOND
ELECTION. Augustine), San Augustine County, Texas.-BONDS AWARDED IN
-The election to vote on the question of issuing
the $50,000 bldg. bonds PART.-On Jan. 10 the State Permanent School Fund was awarded at
(V. 96. p. 302) will be held Apr. 7.
par
and int. $3,000 of the $10,000 5% 20-40-yr. (opt.) bonds dated
Apt. 15
NEW BOSTON, Ohio.-BOND OFFERING.-Proposal
s will be received 1912 (V. 95, p. 1765).
until 12 M., Feb. 25 by Roy H. Coburn, Village
SANGER UNION HIGH SCHOOL DISTRICT, Fresno
Clerk, reports state, for
$13,000 43%, 73 yr. (ay.) street impt. bonds.
County,
Cert. check for 5% Cal.-BONDS VOTED.-An election held Jan. 18 resulted in favor of the
required.
proposition to issue $50,000 5% 20-year building bonds.
The
vote
was
NEWBURYPORT, Essex County, Mass.
OFFERING.-Pro- 124 'for" to 11 "aganist.'
poslas will be received until 3 p. m. Feb. 3, it is-LOAN
stated,
SAN PATRICIO COUNTY COMMON SCHOOL DISTRICT NO.
of $140,000, in anticipation of taxes, due April 3 1913.for a temporary loan Tex.-BOND SALE.
6,
-The State Permanent School Fund was awarded
NEWPORT, R. I.-BOND SALES.-On Jan. 30 the
at par and int. on Jan. 10 the remaining $1,000 of the $10,000
5%
40-yr.
$25,000
4%
4%-year (ay.) Easton Beach impt. bonds (V. 96, p. 302) were
awarded to bonds dated June 15 1912 (V. 95, p. 1765)•
W. L. Raymond & Co. of Boston, according to reports.
SAN PATRICIO COUNTY COMMON SCHOOL DISTRIC
Tex.-BONDS AWARDED IN PART.-Of the 315,000 57 T NO. 7,
NEW WILMINGTON, Lawrence County, Pa.-BOND SALE.
10-40-yr.
First Nat. Bank of Sharon was awarded at par and int. in December -The (opt.) bonds dated June 15 1912 (V. 95, p. 1699), the State
Permanent
39,000
School Fund was awarded on Jan. 10 $2,000 at par and int.
43i% electric-light and sewer-impt. bonds. Date Jan. 11913. Int. J.&
J.
SANTA CRUZ COUNTY (P. 0. Santa Cruz), Cal.-BONDS PRO.
OKANOGAN COUNTY (P. 0. Conconully), Wash.-BOND OFFERPOSED.-This county is contemplating the issuance of road
ING.-Proposals will be received until 2 p. m., Feb. 18, by P. A.Grainger,
-construction
bonds, we are advised.
Co. Treas., for $15,000 1-10-year (opt.) local impt. bonds.
SAUSALITO, Mann County, Cal.-BOND ELECTION PROPOSED.
OKLAHOMA COUNTY DRAINAGE DISTRICT NO. 6, Okla.According
to
BONDS PROPOSED.-This district is contemplating the issuance of
reports, an election will be held to vote on the question of
ap
issuing $100,000 street paving bonds.
proximately $80,000 bonds.
SEA
ISLE CITY, Cape May County, N. J.-BOND OFFERING
PATTERSON SCHOOL DISTRIC (P. 0. Patterson) Stanislau
.
Proposals will be received until 8:30 p. m., Feb.
County, Cal.-BONDS VOTED.-By T
10 for $48,000 5% "Refunda vote of 130 to 25 Hie question of ing
Bonds.' Denom., $500. Date, Feb. 1 1913.
issuing $35,000 5% bldg. bonds was carried
Int.
F.
&
at an election held Jan. 17.'
A.
Due,
30 years. Deposit of 2% required. Purchaser to pay accrued
PECOS, Reeves County, Texas.-BONDS
int.
VOTED.-The election held
SHERMAN COUNTY COMMON SCHOOL DISTRICT NO.
Jan. 21 resulted in favor of the
7, Texas.
of issuing the $35,000 5% 20-40- -BOND SALE.
yr. (opt.) sewer bonds (V. 96, p.question
-The remaining $6,000 of the $11,500 5% 30-yr.
152). The vote was 104 to 8.
bonds
dated July 25 1912(V. 95, p. 1765) were purchased on Jan. 10
PERRY SCHOOL DISTRICT (P. 0. Perry),
by
the State
Permanen
Dallas
County, Iowa.
t School Fund at par and int.
BOND ELECTION.-The election to vote
on the question of issuing the
SMITH COUNTY COMMON SCHOOL DISTRICT NO. 5, Texas.$70,000 building bonds(V. 96, p. 303)
will be held Feb. 17, reports state.
BOND SALE.-Of the $1,200 5% 5-20-yr. (opt.) bonds dated
PHILMONT, Columbia County, N. Y.
1 1912
-NO ACTION YET TAKEN. (V. 95, p. 1699), the State Permanent School Fund purchasedOct.
on Jan. 10
-We are advised by the Village Clerk under
date of Jan. 25 that the sale the remaining $600 at par and int.
of the $5,000 electric-light bonds (V. 95, P. 1149)
is being held in abeyance
SMITH COUNTY COMMON SCHOOL DISTRICT NO. 60,
by court injunction.
BONDS AWARDED IN PART.-Of the 86.0005% 10-40-yr. (opt.)Tex.
PIKETON VILLAGE SCHOOL DISTRICT
bonds
dated
(P.
Sept. 1 1912(V. 95, p. 1699), $1,000 were purchased on Jan. 10 by the
0.
Piketon),
Pike
County, Ohio.-BOND OFFERING.-Proposals will
Permanen
State
School
t
Fund
received
be
at
par
and
int.
until
9 p. m. Feb. 20 by H. C. Dieterick, Clerk Bd. of
for $5,000 6% coup.
SMITH COUNTY COMMON SCHOOL DISTRICT NO. 63, Texas.school-impt. bonds. Auth., Chap. 7626, Ohio Ed.,
School Laws. Denom. BOND SALE.-Of the $1,200 5% 5-20-yr. (opt.) bonds
dated
$1,000. Date Feb. 20 1913. Int. F. & A. at Village District
1 1912
(V. 95, p. 1765), the remaining $600 were purchased on Jan.Oct.
Due part yearly from 1 to 5 years. Cert. check for $100, payableTreasury.
10 by the.
to Clerk, State Permanent School Fund at par and int.
required. Bonded debt $2,000. No floating debt. Assess. val.
1913,
SPUR, Dickens County, Tex.-BOND ELECTION.-A vote will
$593.000.
be
taken on Feb. 17, it is reported, on the question of issuing $25,000
PIONEER DRAINAGE DISTRICT,San Bernardino County,
waterCal.- works bonds.
BOND OFFERING.-Proposals will be received
until 2 p. m.Feb.7 by J. W.
STANLEY COUNTY (P. 0. Fort Pierce), So. Dak.-BIDS
McAllister, District Secretary (P. 0. Chino), it is stated,
REfor the $12,500 JECTED.-All bids received on Jan. 18 for
5% drainage bonds voted Jan. 3 (V. 96, P. 303).
the 3150,000 10-20-yr. (opt.).
warrant-funding bonds (V. 96,
82) were rejected.
POLK SCHOOL DISTRICT, Madeira County, Cal.
-BOND
SALE.
-The
BOND
SALE.
above
p.
3150.000
N. L. Borden was awarded at 100.50 the $1,000
10-20-yr. (opt.) bonds were purbonds offered on Sept. 7 1912 (V. 95, P. 500).7 Vo 1-5-yr. school-bldg. chased at auction on Jan. 20 by M. C. Sherwood of Midland for $150,350
Denom. $200. Date (100.233) and int. as 5s.
Sept. 7 1912. Int. M. & S.
STEUBENVILLE, Jefferson County, Ohio.-DESCRI
PORTERSVILLE SCHOOL DISTRICT (P. 0. Portersvil
PTION OP
le), Tulare BONDS.-The $200,000 4%% coup. water-works bonds authorized
County, Cal.-BOND ELECTION PROPOSED.-Reports
Jan. 7'
state that an (V. 96, p. 304) are in the denom. of $1,000 each. Int.
election will be held to vote on the proposition to issue
$19,000 bldg. bonds. ing Fund Trustees' office. Due $10,000 yearly Sept. M.& S. at the Sink-,
1 1916 to 1935 incl.
PORTLAND, Ore.-BIDS.-The bids received on
Jan. 6 for the
STILLMAN VALLEY SCHOOL DISTRICT (P. 0. Belton),
$227,053 93 impt. bonds, the sale of which was reported in
Bell
V. 96, p. 224, 1 County, Texas.-NO ACTION YET TAKEN.-No
were as follows:
action has yet been
taken in the matter of issuing bonds for building purposes (V.95,
p. 1637)„id
1
THE CHRONICLE
378
STRUTHERS VILLAGE SCHOOL DISTRICT (P. 0. Struthers),
Mahoning County, Ohio.-BOND OFF ERING.-Proposals will be received until Feb. 20 (to be opened at 1 p. m.) by the Board of Education,
S. J. McNabb, Clerk, for $35,000 4%% coup. Sexton St. school bonds.
Auth. Secs. 7625-7627, incl., Gen. Code of Ohio. Denom. $1,000. Date
Feb. 20 1913. Int. A.& 0. at Struthers Say. & Banking Co. Due $1,000
yriy. from Oct. 11928 to 1937 incl., $3,000 yrly. from Oct. 1 1938 to 1944
incl. and $2,000 on Oct. 11945. Cert. check for $1,000 on some bank in
Mahoning County, payable to Board of Ed., required. Cert. transcript
of proceedings will be furnished on application. Bids to be unconditional.
TACOMA, Wash.-BOND SALE.-On Jan. 25 the two issues of bonds,
aggregating $160,000(V. 96, p. 82) were awarded to the Western Securities
Co. of Des Moines for $160,173 (100.108) for 4%s. R. M. Grant & Co.
of N. Y. bid 3165,143 75 for 5s.
TAYLOR COUNTY COMMON SCHOOL DISTRICTS, Tex.-BONDS
REGISTERED.-The State Comptroller registered the following 5% bonds
on Jan. 24: $800 10-20-yr. (opt.) bonds of DLst. No. 36 and $6,000 20-40yr. (opt.) bonds of Dist. No. 9.
TAYLORVILLE, Christian County, Ill.-BOND SALE.-On Jan. 27
the $30,000 43% coup, park bonds dated Dec. 31 1912 (V. 96. p. 304)
were awarded to Hoehler & Cummings of Toledo at par less $73 for expenses.
Other bids follow (bidders all of Chicago):
$30,037 50 and interest.
Chapman, Mills & Co
29,910 00 & int. for bonds dated Jan. 20 1913
Harris Tr. & Say. Bank
30,017 00 & int.for bonds dated Jan. 27 1913
&
Co
John Nuveen
28,550 00 & int. for bonds dated Jan. 1 1913
Bolger, Mosser & Willaman
29,476 00.
Fort Dearborn Nat. Bank..
-An
TEMPLE, Belt County, Tex.-BOND ELECTION PROPOSED.
$75.000
election will be held, it is stated, to vote on the issuance of the1637).
p.
(V.
95,
bonds
portion)
sewer and $75,000 street-paving (city's
TESCOTT SCHOOL DISTRICT (P. 0. Tescott), Ottawa County,
Kan.-BONDS VOTED.-An election held Jan. 23 resulted, it is stated,
in favor of the question of issuing $15,000 bldg. bonds.
Traverse City),
TRAVERSE CITY SCHOOL DISTRICT (P. 0.
-A proposition to
Grand Traverse County, Mich.-BOND ELECTION.
will
be
submitted to the
bonds
bldg.
-schoolhigh
issue not less than $100,000
voters, it is stated, at the spring election.
-During
QUARTER.
FOURTH
FOR
SALES
TOLEDO, Ohio.-BOND
08,
the quarter ending Dec. 31 the following 5% bonds, aggregating $23,134
int.:
and
par
at
Fund
Sinking
the
by
were purchased
Date
$40.
73
and
(3)
(1)
$39
Denom.
$159 73 Sewer No. 1125 bonds.
Aug. 111912. Due $39 73 Mch. 11 1913 and $40 Sept. 11 1913
and Mch. 11 and Sept. 11 in 1914.
944 47 Sewer No. 1126 bonds. Denom. (1) $44 47 and (3) $300.25 Date
1913
Aug. 25 1912. Due $44 47 Mch. 25 1913 and $300 Sept.
and Mch. 25 and Sept. 25 in 1914.
and (3) $400. Date
1,304 86 Sewer No. 1129 bonds. Denom.(1) $104 86
Oct. 4 1912. Due $104 86 Mch. 4 1913 and $4400 Sept. 4 1913
and Mch.4 and Sept.4 in 1914.
$184 67 and (3) $200.
784 67 Sewer No. 1127 bonds. Denom. (1)13
1913 and $200 Sept. 13
Date Oct. 13 1912. Due $184 67 Mch.
1914.
13
in
Sept.
and
1913 and Mch. 13
(3) $160. Date
576 89 Sewer No. 1130 bonds. Denom. (1) $96 89 and
Oct. 26 1912. Due $96 89 Mch. 26 1913 and $160 Sept. 26 1913
1914.
in
and Mch.26 and Sept. 26
18 and (9) $160.
1,524 18 Eleventh St. No. 4 bonds. Denom. (1) $84and
$160 each six
Date Oct. 8 1912. Due $84 18 Mch. 8 1914
months from Sept. 8 1914 to Sept. 8 1918 incl.
and (3) $60. Date
$205 84 Sewer No. 1133 bonds. Denom. (1) $25 84
Nov. 13 1912. Due $25 84 Mch. 13 1914 and $60 Sept. 13 1914
and Mch. 13 and Sept. 13 in 1915.
$116 04 and (9) $190.
1,826 04 Michigan St. No. 13 bonds. Denom. (1)
six
Date Oct. 4 1912. Due $116 04 Mch. 4 1914 and $190 each
months from Sept. 4 1914 to Sept. 4 1918 incl. (3)$220. Date
and
88
$114
(1)
Denom.
bonds.
774 88 Sewer No. 1137
Dec. 3 1912. Due $114 88 Mch. 3 1914 and $220 Sept. 3 1914
and Mch.3 and Sept. 3 in 1915.
(3) $300. Date
1,142 19 Sewer No. 1136 bonds. Denom.(1) $242 19 and
Nov. 27 1912. Dub $242 19 Mch. 27 1914 and $300 Sept. 27
in
27
1915.
Sept.
and
27
Mch.
and
1914
(1) $115 89 and (9) $180.
1,735 89 Central St. No. 3 bonds. Denom.
Date Nov. 181912. Due 3115 89 Mch. 18 1914 and $180 Sept. 18
in
1915.
18
Sept.
and
18
Mch.
1914 and
42 and (9) $590.
5,584 42 Heston St. No. 1 bonds. Denom. (1) $274
Date Nov. 10 1912. Due $274 42 Mch. 10 1914 and $590 each
incl.
1918
10
Sept.
to
1914
10
Sept.
from
six months
02 and (9) $700. Date
6,570 02 Utah St. No.3 bonds. Denom. (1) $2701914
and $700 each six
Oct. 29 1912. Due $270 02 Mch. 29
months from Sept. 29 1914 to Sept. 29 1918 incl.
$1,222,366 98,
With the above issues the total sales for the year aggregate
consisting of$990,500 generalimpt.and $231,566 98 special assess. bonds.
-Carstens &
TOPPENISH, Yakima County, Wash.-BOND SALE.
bonds. Denom.
Earles, Inc., of Seattle have purchased $11,500 7% sewer1922,
opt. at any
16
Dec.
Due
ann.
Int.
1912.
16
Dec.
$100. Date
int.-paying period.
Raleigh
TOWN DISTRICT SCHOOL DISTRICT (P. 0. Beckley),
be received until
County, W. Va.-BOND OFFERING.-Proposals will
5%
for
$50,000
Sec.,
Dunn,
0.
10 a. m. Feb. 5 by the Bd. of Ed.. C.
Cert.
10-30-yr. high-school bonds. Denom. $1,000. Date Jan. 1 1913.
required.
bid
of
10%
for
check on a local bank
28 the $190,000 school and
TRENTON, N.-J.-BOND SALE.-On Jan.
(V. 96, p. 225) were awarded to
$150,000 water 45 % 30-year reg. bonds
follow:
bids
Other
104.08.
at
Y.
N.
of
J. R. Magoffin
103.284
N. Y
&
Watson & Pres.sprich, N.Y_ _103.878 Blodget
103.221
Co.,N. Y
Adams & Co.,
Potter, Choate & Prentice,
Co.,
Trust
County
Kings
103.87
New York
103.13
Brooklyn
103.621
Rhoades & Co., N Y
C. H. Venner & Co., N. Y..102.613
.
Kissell, Kinnicutt & Co. and
_102.56325
Y_
N.
Burr,
&
Parkinson
N.Y..
R.M.Grant & Co.,
_103.37 Estabrook & Co., N. Y..__102.5333
joint bid
Y....102.413
Harris. Forbes & Co., N. Y_103.313 W.N. Coler & Co., N.
S DEFEATED.-The
TRIGG COUNTY (P. 0. Cadiz), Ky.-BOND
1428) was dep.
95,
(V.
bonds
road
pike
$150,000
the
proposition to issue
feated, it is stated, at an election held Jan. 25.
Anahuac),
0.
(P.
DISTRICT
TRINITY RIVER IRRIGATION
-Proposals will be reChambers County, Tex.-BOND OFFERING.
Broussard,
E.
J.
Directors,
of
Board
the
by
15
ceived until 10 a. m. Feb.
payable
Pres., for $,25,000 bonds. Denom. $250. Cert. check for $500,
to the President, required.
be received until
TROY, N. Y.-BOND OFFERING.-Proposals will
Compt.. for $100,000 5% tax10 a. m. Feb. 7 by W. H. Dennin, City
Date
Feb. 7 1913.
bonds.
revenue
exempt certificates of indebtedness or
for 1% of bonds, payable
Denom.$25,000. Due Oct.7 1913. Cert. check
Official
int.
accrued
pay
to
Purchaser
required.
to the "City of Troy,"
circular states that the city has never defaulted in any of its obligations.
NEW LOANS.
$250,000
CITY OF AUGUSTA, GEORGIA,
Flood Protection Bonds of 1912
NOTICE OF SALE
The City Council of Augusta,
Sealed proposals will be received by the Finance Committee ofGeorgia.
until 12 o'clock noon,
Georgia, to be filed with the Clerk of Council at his office, Augusta,
for the purchase for cash of all or any
City or Eastern time, on the 6TH DAY OF FEBRUARY, 1913,
of bonds of the City
amount
principal
($250,000)
Dollars
Thousand
Fifty
and
hundred
Two
part of
Flood Protection Bonds of 1912." The amount thus
Council of Augusta, known as "City of Augusta as
Augusta Flood Protection Bonds of 1912,"
to be sold is a portion of a series of bonds known "City of
($1,000,000). Each of said bonds is for the
for the aggregate principal amount of One Million Dollars
bears date November 1, 1912, matures thirty
principal amount of Onr Thousand Dollars ($1.000),and
one-half(4%) per cent per annum,payable
years after date, and bears interest at the rate of four by coupons.
Tlae above
of such issue
on May and November first of each year, represented 7 of the ordinance of Theamount
City Council of Auof bonds is offered for sale in accordance with Section
follows:
as
issue,
such
for
gusta, providing
or blocks not exceeding in
"Such bonds shall be sold by the Finance Committee in lots
Thousand Dollars ($250,000),
any one sale the principal amount of Two Hundred and Fifty
and no bond shall have any
but all of such bonds whenever sold shall have the same dignity
sales shall be by competitive
priority or preference over any other bond ofsuch issue. Suchshall
be advertised in at least
bid to the highest bidder for cash. Each sale of said bonds
Boston, Chicago and
one newspaper in each of the cities of Augusta, Atlanta, Baltimore,
be made so as to include
shall
sale
No
sale.
the
before
two
for
weeks
week
a
once
York
New
before delivery
detached
be
shall
therein any past-due coupons, but all past-due coupons
shall be made and the
of the bonds to which they belong. The time when sales of said bonds
shall be
herein
prescribed,
amount
maximum
to
the
time,
any
subject
at
sold
be
to
amount
of the work to be done
fixed by the City Council of Augusta, according to the requirementsnotice
or details in confor the purpose of protection against floods. All the requirements,
nection with any of such sales shall be left to the discretion and power of the Finance Committee."
have been fixed
The time of the sale of the bonds now offered for sale, and the amount to be sold,
amount herein expressed.
by The City Council of Augusta, for the date herein set out and for the of
against floods,
protection
for
the
purpose
be
done
to
work
the
of
according to the requirements
bonds have been validated
by a resolution adopted by it on the 21st day of January, 1913. These
been made for the levy of sufin accordance with the laws of the State of Georgia, and provisionofhas
the principal at maturity. Such
amount
ficient taxes each year to pay the interest and the entire
sale are a part, are secured by a mortgage or deed
entire issue of bonds, of which those now offered for
& Trust Company, covering
States
Mortgage
United
the
to
Augusta
of
Council
the
City
from
trust
of
and municipal waterworks of such City;
and creating a lien upon both the power producing canal
properties.
said mortgage being the first and only lien upon the said
by William Lyon Martin. Clerk of
All bids must be made out on blanks that will be furnisheddertified
check, payable to the order
Council, Augusta, Georgia, and must be accompanied by a duly
principal amount of the bonds bid for,
of "The City Council of Augusta," for two per cent of the
as payment of liquiof
Augusta,"
Council
City
"The
said
of
property
the
to
become
which check is
ten (10) days after written notice
dated damages should the bidder fail to comply with his bid within
bid and certified check must be enclosed
of the acceptance of his bid shall have been given him. TheProtection
Bonds of 1912," and addressed
in a sealed envelope marked "Bid for City of Augusta FloodGeorgia." It
is suggested, though not into "Finance Committee of The City Council of Augusta,
and addressed to "William
sisted upon, that this sealed envelope be enclosed in another envelope
can be had by adinformation
additional
Any
Georgia."
Lyon Martin, Clerk of Council, Augusta,
dressing said Clerk of Council.
Messrs. Storey, Thorndike, Palmer &
There will be furnished to the purchaser an opinion by
bonds. Such bonds will
Dodge, Attorneys-at-Law, Boston, Mass., favorable to the legality of such
be certified by the Clerk of the Superior Court of Richmond County as to their validation; will be
& Trust Company;
States
Mortgage
United
the
of
supervision
the
by
and
under
executed
engraved
and each bond will bear the certificate of that Company as to its genuineness.
The right is reserved to reject any or all bids.
FINANCE COMMITTEE OF THE CITY COUNCIL OF AUGUSTA,
JAS. P. DOUGHTY. Chairman.
LINWOOD 0. BAYNE, Mayor.
[VOL. xcvi.
NEW LOANS.
$10,000
City of South Amboy, N. J.,
SEWER BONDS
Sealed proposals will be received by the Common Council of the City of South Amboy, New
Jersey, at 8 P. M.on TUESDAY.THE FOURTH
HUNDAY OF FEBRUARY, NINETEEN
, at the Council ChamDRED AND THIRTEEN
Amboy,
of
City
South
the
in
Hall
ber in the City
New Jersey, for the purchase of any or all of
an issue of bonds in the City of South Amboy for
the payment of the construction of a part of the
sanitary sewer system of said City of South Amboy to the amount of Ten Thousand ($10,000 00)
dollars of the denomination of One Thousand
($1.000 00) dollars each.
The first bond will be redeemed ten years from
the date thereof and thereafter seriatim at the
rate of one bond per year and will bear interest
at the rate of Five (5%) per cent per annum.
The bonds may be registered as to principal and
principal and interest. The principal and interFirst
est of these bonds will be payable at the
National Bank of South Amboy, or the check for
holders.
registered
to
mailed
be
can
Interest
on the
The bids or proposals will be opened
aforesaid.
date aforesaid and time and placewriting
the
in
state
to
requested
is
bidder
Each
number of bonds which he will purchase. Each
certified check
bid must be accompanied by acent
of the face
per
of not less than Two (2%)
the Common
amount of the bonds bid for, andany
or all bids.
Council reserves the right to reject
No bonds will be sold for less than par. Each
proposal, together with certified check, should
be enclosed in a sealed envelope and endorsed
"Sanitary Sewerage Bonds of the City of South
Amboy," and should be addressed to the City
the delivery
Clerk of the City of South Amboy;
soon after the acceptance
of bonds to be made asInterest
from date of the
of bids as possible. of delivery
will be charged
acceptance to the date
to the purchaser.
FINANCE COMMITTEE OF THE
COMMON COUNCIL OF THE
CITY OF SOUTH AMBOY, N. J.
RICHARD M. MACK,City Clerk.
$24,100
Ballard County, Kentucky,
Land Drainage Bonds
First lien on 5,159 acres of land in Ballard
County, Kentucky, present value per acre $35 00.
Bonds begin to mature 2 years from date of issue,
one-tenth annually thereafter; bear 6 per cent,
payable annually; will issue in denominations to
suit purchaser. Sealed bids will be received by
the undersigned until Feb. 15th, 1913. The right
to reserve any and all bids.
R. D. NELSON.
Board Drainage Commissioners,
Ballard County,
Wickliffe, Ky.
FEB. 1 1913.]
THE CHRONICLE
TULARE, Tulare County, Cal.-BOND ELECTION.-A vote will be
taken on Feb. 6, reports state, on the question of issuing $44,000 water-plant-purchase bonds.
UNION, Hudson County, N. J.-BOND OFFERING.-Proposals wil
be received until 8 p. in. Feb. 4 by A. P. Morris, Chairman Finance Committee, for $47,500 4j % 15-30-year school bonds, according to reports.
UTICA, N. Y.-BONDS AUTHORIZED.-Local papers state that on
Jan. 24 the Common Council authorized the issuance of $16,000 landpurchase bonds.
VENICE CITY SCHOOL DISTRICT, Los Angeles County, Cal.BOND SALE.-The $92,000 5% site-purchase and bldg. bonds offered without success on Dec. 16 1912(V. 95, p. 1765) have been awarded, it is stated,
to G. G. Blymyer & Co. of San Francisco at par.
WADSWORTH SCHOOL DISTRICT (P. 0. Wadsworth), Medina
County Ohio.-BONDS DEFEATED.-The question of issuing building
bonds failed to carry it is reported, at an election held Jan. 23, the vote
being 133 "for" and'
185 "against."
WALLA WALLA, Walla Walla County, Wash.-BOND SALE.
Reports state that Causey, Foster & Co. of Denver have been awarded an
issue of $12,000 bonds.
WALTON, Delaware County, N. Y.-BONDS VOTED.-An election
held Jan. 28 resulted in favor of the proposition to issue $30,000 village-hall
bonds. The vote was 269 to 121. Date Aug. 11913.
WASHINGTON.-NO ACTION YET TAKEN.-No action has yet
been taken looking towards the issuance of the $920,000 4% coup. bonds
(V. 95, p. 1228).
WATERFORD, Racine County, Wis.-BOND SALE.-On Jan. 8
the 1115,000 5% water-works-system bonds (V. 96, p. 82) were awarded to
the State Bank of Waterford at 102.60. Denom. (4) $750 and (15) $800.
Date Feb. 11913. Int. F.& A. Due part yearly from Feb. 1 1915 to 1933.
WATERVLIET, Albany County, N. Y.-BONDS TO BE RE•OFFERED.-According to reports, the Board of Aldermen on Jan. 28
adopted a resolution directing the Clerk to re-advertise the $40,350 paving
bends refused by Adams & Co. of N. Y.(V. 96, p. 82).
WICHITA FALLS INDEPENDENT SCHOOL DISTRICT (P. 0.
Wichita Falls), Wichita County, Tex.-BOND ELECTION PROPOSED.
-Local papers state that an election will probably be called to vote on the
question of issuing $30,000 building bonds.
WILDWOOD, Cape May County, N. J.-BOND OFFERING.-Proposals will be received until 2 p. In. Feb. 11 by the City Clerk for $12,000
5% fire-house bonds. Denom. $1,000. Date Jan. 15 1913. Int. J. &
Due 30 yrs. Cert. check for $500, payable to "City of Wildwood,' required. Successful bidder must pay for bonds Feb. 25, unless bid is extended by Board of Comm.
379
•
WOONSOCKET, R. I.-TEMPORARY LOAN.-A loan of $250,000.
due $200,000 June 10 and $50,000 July 10, was negotiated with Bond &
Goodwin of Boston at 4.44% discount, it is stated.
Canada, its Provinces and Municipalities.
ALDBOROUGH AND DUNWICH SCHOOL SECTION NO. 1, Ont.
-DEBENTURE ELECTION PROPOSED.-A by-law providing for the
issuance of $3,500 school debentures will probably be submitted to the
voters at an early date, it is reported.
ARCOLA, Sask.-DEBENTURES DEFEATED.-The question of issuing the $25,000 sewer and sidewalk debentures (V. 95, p. 1429) failed
to carry at a recent election.
ATHENS, Ont.-DEBENTURES VOTED.-According to reports, the
question of issuing $6,000 high-school-impt. debentures was recently voted.
BELLEVILLE, Ont.-DEBENTURE ELECTION PROPOSED.
election may be called in the near future, reports state, to vote on the-An
proposition to issue $50,000 school debentures.
BURNABY (P. 0. Edmonds), B. C.-DEBENTURE OFFERING.
Proposals will be received at any time by A. C. Moore, Municipal Clerk,
for the following 4;4% coup. debentures voted Jan. 18 (V. 96, p. 226):
$300,000 road-impt. debentures.
1$84,000 School Bd. Loan No. 1 debs.
100,000 water-wks.-ext. debentures. 1 28,000 School Bd. Loan No. 2 debs.
Interest on all the above debentures is payable J. & D.at the office of the
Bank of Montreal in London, Eng., or Toronto, Montreal or Vancouver,
Canada, or in New Yoek, at holders' option. Due Dec. 31 1952.
CALGARY, Alta.-DEBENTURE ELECTION PROPOSED.-An election will probably be called in the near future, reoprts state, to submit to
the ratepayers the question of issuing $1.000,000 water-works-system-impt
debentures.
CARLETON COUNTY (P. 0. Ottawa), Ont.-BIDS.-The following
bids were received on Dec.23for the $10,000 5% debentures(V.95, p.1638):
C. H. Burgess & Co., Toronto $9,892 Brent, Noxon & Co., Toronto_$9,811
Wood, Gundy & Co., Toronto 9,867 Ont. Secur. Co., Ltd., Tor _ _ _ 9,677
W.A. MacKenzie & Co., Tor.. 9,853 Dom. Secur. Corp., Ltd., Tor.. 9,457
CHATHAM, Ont.-LOAN ELECTION.-A vote will be taken on Feb.6,
it is stated, on a by-law providing for a loan of $2,000 as a bonus to a local
factory.
COQUITLAM, B. C.-LOAN AUTHORIZED.-Reports state that the
Council has passed a by-law providing for a temporary loan of $80,000 for
the year's expenditures.
DIAMOND CITY SCHOOL DISTRICT NO. 1861, Alta.-DEBENWISE COUNTY (P. 0. Wise), Va.-BOND OFFERING.-Further details are at hand relative to the offering on Feb. 11 of the $130,000 Rich- TURE SALE.-On Dec. 16 the $2,600 20-installment debentures (V. 95,
mond Magisterial Dist. and $130,000 Gladeville Magisterial Dist. 20-30-yr p. 1638), were awarded to the Alberta School Supply Co. of Edmonton
(opt.) coup. road bonds (V. 96, p. 226). Proposals will be received until as 6%s at par.
GODERICH, Ont.-LOANS AUTHORIZED.-The Council recently
12 m. on that day by W. B. Hamilton, Clerk. Denom. $500 or $1,000.
Int. (rate to be named in bid) at rate not exceeding 5%, payable semi-ann. passed two by-laws, it is stated, providing for the issuance of loans of $25,at Co. Treas. office. Cert. check or cash for 1% of bid is required. Offi- 000 to pay current expenses and $7,500 to pay defaulted interest on the
cial circular states that the principal and int. of all bonds have been bonds of the Ontario West Shore RR.
promptly paid and no previous issues have been contested, and there is no
HAMILTON, Ont.-DEBENTURE ELECTION PROPOSED.-It s
litigation pending or threatened concerning the issue of bonds, the boun- reported that the question of issuing $25,000
police-station debentures will
-daries of the district or the titles of the officials to their respective offices.
probably be submitted to the ratepayers at an early date.
NEW LOANS.
BOND REDEMPTION
NEW LOANS
$250,300
CITY OF MINNEAPOLIS
City of Galveston,Texas
$400,000
KANSAS CITY, MISSOURI,
Notice of Redemption
Notice to redeem "Galveston forty-year limited debt bonds of 1881" of the City of Galveston.
IMPROVEMENT BONDS,
Issued
by it in the year 1883, running from NumSealed bids will be received by the Committee
Maturing September 1, 1930
on Ways and Means of the City Council of ber 1004 to 1023 inclusive. And notice to reMinneapolis, Minnesota, at the office of the deem "Galveston water-works, street improveSealed proposals will be received by the underundersigned, THURSDAY, FEBRUARY 6TH. ment and City Hall bonds"of the City of Galves1913, at 2:00 o'clock p. m., for the whole or any ton, issued by it in the year 1888, running from signed, the Mayor and the City Comptroller
part of $100,000 00 High-School Bonds, dated Number 9 to 11, inclusive, and from 13 to 23, of Kansas City, Missouri, until
FEBRUARY 13, 1913, AT 10 o'clock A. M.,
October 1, 1912, payable October 1, 1942, at inclusive, and from 25 to 30, inclusive.
Notice is hereby given to the holders of the for the purchase of all or any partof thefollowing4 per cent per annum, payable semi-annually,
and $150,300 00 Grade-School Bonds, dated bonds of the City of Galveston known as the named bonds of the City of Kansas City, MisJanuary 1, 1913, payable January 1, 1943, at Galveston forty-year limited debt bonds of 1881, souri, in the following-named amounts:
Water Works Improvement
4 per cent per annum, payable semi-annually, issued by said City in the year 1881. and numbered
Bonds, Second Issue
$200,000 00
and no bid or proposal will be entertained for a 1004, 1005, 1006, 1007, 1008. 1009, 1010, 1011,
Kansas City Sewer Bonds
sum less than 95% of the par value of said bonds 1012, 1013, 1014, 1015, 1016, 1017, 1018, 1019.
200,000 00
The water-works improvement bonds bear
and accrued interest on same to date of delivery. 1020, 1021, 1022 and 1023, each of said bonds
being
for
the sum of $1,000.00, and each dated interest at the rate of four per cent per annum,
The above bonds are tax-exempt in the State
on the 1st day of January, 1883, and notice is and the Kansas City sewer bonds bear interest
of Minnesota.
The right to reject any or all bids is hereby hereby given to the holders of the bonds of the at the rate of four and one-half per cent per anCity of Galveston known as the "Galveston num. All of these bonds are of the denomination
reserved.
A certified check for two (2%) per cent of the water works, street improvement and City Hall of $1,000 00 each, dated September 1, 1910, to
par value of the bonds bid for, made to C. A. bonds," issued by said City in the year of 1888, mature September 1, 1930. Interest payable
Bloomquist, City Treasurer, must accompany and numbered 9, 10, 11, 13, 14, 15, 16. 17, 18, at the office of the City Treasurer of Kansas City.
19, 20, 21, 22, 23, 25, 26, 27, 28, 29, and 30, each Missouri, or at the Chase National Bank in the
each bid.
Circular containing full particulars will be of said bonds being for the sum of $1,000.00. and City and State of New York, at the option of the
each dated on the 1st day of January, 1888, holder. The March and September, 1911, and
mailed upon application.
By order of the Committee on Ways and that the City of Galveston will redeem at par each March and September, 1912, coupons, will be
of the hereinbefore named and numbered bonds detached from said bonds before delivery and will
Means at a meeting held January 10th, 1913.
upon their presentation at the office of the City not be sold.
DAN C. BROWN,
Treasurer of said City at Galveston on the 21st
No bid will be received which is in whole or in
City Comptroller.
day of February, 1913, and any of the bonds part less than par.
herein described and designated which are not
The legality of the bonds will be approved by
presented for redemption as aforesaid on the 21st Messrs. Dillon, Thomson & Clay of New York,
day of February, 1913, shall cease to bear interest whose opinion as to the legality, or duplicate
after said date. The bonds hereby designated thereof, will be delivered to the purchaser or
for redemption being those bearing the earliest purchasers of said bonds.
date, of their respective series, which are now outEach bid must be made on a blank form furstanding. This notice is given in pursuance of nished by the City, and must be accompanied by
Legal for Savings Banks,
Section Two of each of the ordinances of said City a duly certified check on a National Bank doing
by virtue of which said ordinances the bonds business In Kansas City, Missouri, payable to the
Postal Savings and Trust Funds.
hereinbefore named and designated were issued.
order of the City Comptroller of Kansas City.
Missouri, for 2 per cent of the par value of the
SEND FOR LIST.
H. 0. STEIN,
bonds bid for. The right is reserved to reject
Treasurer of the City of Galveston.
432 South La Salle St.,
any and all bids.
CHICAGO
Delivery on the bonds will be made February 27.
1913, at 10 o'clock a. m. at the office of the City
Comptroller of Kansas City, Missouri. Bids will
be received at the office of the Mayor of Kansas
City, Missouri, in the City Hall in said City, but
no bid will be entitled to consideration unless received by or before the hour above set for reBONDS
ceiving bids.
14 Wall St., New York
Printed circulars containing more definite and
60 STATE STREET, BOSTON
detailed information with reference to said bonds.
and blank forms for bids, can be had on applica30 PINE STREET, NEW YORK
Railway, Street Ry., Gas & Elec. Light
tion to the City Comptroller of Kansas City.
Missouri, or to Messrs. Dillon, Thomson & Clay
STATE, CITY & RAILROAD BONDS of New York.
HENRY L. JOST,
Mayor of Kansas City. Missouri.
M. A. FLYNN,
Comptroller of Kansas City, Missouri.
BONDS
Bolger, Mosser & Willaman
MUNICIPAL BONDS
HODENPYL, HARDY & CO,
BLODGET & CO.
SECURITIES
TERRITORY OF HAWAII
4% PUBLIC IMPROVEMENT BONDS
Due sept. 3, 11142-32 0 102.75 and interest.
Tax Free Throughout United States
Accepted at par for Govt. and Postal Deposits
STACY
Toledo, 0
&
BRAUN
Cincinnati, 0.
F. WM. KRAFT
,
•••••••1•1=Ills.•
ESTABLISHED 1885.
LAWYER.
Specializing in Examination of
Municipal and Corporation Bond,
1037-9 FIRST NATIONAL BANK BLDG.
CHICAGO, ILL.
24.
C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
°MINTY AND MUNICIPAL BONDS
380
THE CHRONICLE
LE PAS, Man.-DEBENTURES VOTED.-An election held recently
resulted, it is reported, in favor of the question of issuing $12,000 waterworks debentures.
LETHBRIDGE, Alta.-DEBENTURE -ELECTION.-The question of
Issuing $100,000 debentures to make up shortage of current account, due
to discounts on debentures, will be submitted to the ratepayers on Feb.5,
according to eeports.
MINIOTA, Man.-DEBENTURE ELECTION.-An election will be held
Feb. 8, it is stated, to vote on the question of issuing $2,000 school debentures.
NORTH BAY, Ont.-DEBENTURES PROPOSED.-This town, according to reports, is contemplating the issuance of $76,115 sidewalk and
$43,221 sewer debentures.
NORTH VANCOUVER, B. C.-NO DEBENTURE ELECTION.-Concerning the reports in the newspapers saying that an election would be held
. Jan. 6 to vote on the issuance of debentures aggregating $1,632,000 (V. 96,
p. 84), we are advised that no such by-laws are being placed before the
electors.
OTTHON, Sask.-DEBENTURE SALE.-Nay & James of Regina have
been awarded the $2,000 6% 15-yr. improvement debentures (V. 96, p.
155), it is stated.
PENITANGUISHENE, Ont.-LOAN ELECTION.-The ratepayers
will vote on Feb. 10 on a by-law providing, reports state, for a loan of $25,000 as a bonus to the Dominion Stove & Foundry Co., Ltd.
PENTICTON, B. C.-TENDERS REJECTED.-All bids received on
Jan. 17 for the 330,000 40-yr. school and $20,000 30-yr. street-impt. 5%
debentures (V. 95, p. 1767), were rejected.
PRAIRIEDALE, Rural Mun. No. 321, Sask.-DEBENTURE SALE.The $15,000 5% 20-yr. road debentures offered by this district (V. 96. P.
155) have been awarded, it is stated, to the Flood Land Co. of Regina.
QUEBEC, Que.-DEBENTURE SALE.-This city has sold through
the Bank of Montreal in London an issue of £400,600 4 % coup. debentures
closed
The issue was advertised to be sold at par up to Jan. 20. The lists
prior to that date, the loan having been oversubscribed. The debentures
1 1913. Due Jan.
are for £100 each. Int. J. & J., first coup. payable JulyLondon,
or at hold1 1963. Prin. & int. payable at the Bank of Montreal,
debentures are
ers' option in Quebec or Montreal, at par of exchange. Thestreet-lighting,
issued to provide funds for water service, roads, bridges,
fire-protection, exhibition grounds, hospital and similar works.
NO. 22
ST. AGNES ROMAN CATHOLIC SCHOOL DISTRICT
-No award
(P. 0. Moose Jaw), Sask.-DEBENTURES NOT SOLD.
was made on Jan. 25 of the $50,000 5% 40-ann.-install. school-site-purch.
and constr. debentures offered on that day (V. 96. P. 155)•
SASKATOON, Sask.-DEBENTURE ELECTION.-The election to
vote on the issuance of the $100.000 land-purchase, $150,000 electric-light,
[VOL. xcvi.
$20,000 pumping-station, $100,000 street-railway-extension, $70,000 incinerator, $50,000 fire-dept., $20,000 storehouse and $20,000 aid debentures(V. 96, p. 155) will be held Feb. 11, according to reports.
SCOTT, Sask.-DEBENTURE ELECTION.-An election will be held
Feb. 3, it is stated, to vote on by-laws providing for the issuance of $6,04(P
sidewalk-constr., $14,000 electric-system and $20,000 water-works debs.
STRATFORD, Ont.-DEBENTURE OFFERING.-Proposals will be
received until 3 ip. m. Feb.7 by W.Lawrence, City Treas.,for the following
454 % coupon debentures aggregating $78,200:
$5,500 public-school debentures. Due Jan. 1 1942.
23,000 water-works debentures. Due Jan. 1 1927.
5,000 collegiate institute debentures. Due Jan. 1 1931.
26,000 public-school debentures. Due Jan. 1 1942.
13,000 market-shelter debentures. Due Jan. 1 1932.
5,700 Macdonald County purchase debentures. Due Jan. 1 1932.
Interest annually in January. Debenture debt, including these issues,
$1,387,035 60. Assessed valuation, $8,051,505.
SURREY CENTRE, B. C.-DEBENTURE SALE.-The $135,000 5%
40-year Surrey Dyking debentures offered March 1 1912 (V. 94, p. 432)
have been sold to the British Columbia Railway Co. at 93.
TORONTO, ONT.-NEW LOAN.-Lloyds Bank, London, is underwriting an issue of £1,189,000 4% debentures at 9234, according to newspaper reports.
VANCOUVER, B. C.-DEBENTURES VOTED.-According to reports, by-laws providing foe the issuance of the following debentures were
recently passed: $325,000 for General Hospital; $1,000,000 for sewerage;
$165,000 re road impts.; $220,000 re grading streets; $800,000 for waterworks; $82,000 for park impts.; $353,000 for new parks; $165,000 Vancouver Exhibition; $683,000 school purposes; $170,000 school extensions;
$275,000 re roads; $12,000 for markets; $148,500 re viaducts; $16,500 improvement of cemetery; $16,000 police station; $70,000 police headquarters;
$76,000 re various; $55,000 sanitary purposes, $50,000 re home for aged,
and $47,300 for ferry subway.
VEGREVILLE, Alta.-DEBENTURE SALE.-Reports state that this
city has disposed of $180,000 water and sewer debentures.
VICTORIA, B. C.-DEBENTURES VOTED.-The election held recently resulted, it is stated, in favor of the question of issuing the $700,000
sewer, $290,000 school, $50,000 water-works and $125,000 Stadacona
Park debentures (V. 96, p. 155)•
WEST VANCOUVER, B: C.-DEBENTURE OFFERING.-Proposals
will be received at any time for the $100,000 5% road-constr. debentures.
Auth. vote of 274 to 25 at an election held Jan. 6. Due Feb. 1 1953.
WINGHAM, Ont.-DEBENTURES AUTHORIZED.-A by-law providing for the issuance of $30,000 debentures to meet current expenses was
recently passed, it is reported, by the Council.
MISCELLANEOUS.
INVESTMENTS.
OFFICE OF THE
MUNICIPAL AND RAILROAD
ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 22d, 1913.
The Trustees, in conformity with the Charter of the Company, submit the folkneing statement of its affairs on the
3131 of December 1912.
The Company's business has been confined to marine and inland transportation insurance.
$4,069,457 66
Premiums on such risks from the 1st January, 1912, to the 31st December. 1912
753,427 33
Premiums on Policies not marked oft 1st January, 1912
34,822,884 99
Total Premiums
Premiums marked off from January 1st, 1912, to Deceniber 31st, 1912
8 79
Interest on the investments of the Company received during the year---$302,08
42,787 34
Interest on Deposits in Banks and Trust Companies, etc
130,987 28
Rent received less Taxes and Expenses
Losses paid during the year
Less Salvages
Re-insurances
Discount
$4,055,834 05
475,863 41
$2,104,257 48
$197,204 74
544,016 02
195.79 741,416 55
$1,362,840 93
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery, advertisements,etc
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
F LEST NATIONAL BANE BUILDING
CHICAGO
$91,649 80
563,285 21
on the outstanding certificates of profits will be paid to the holders
A dividend of interest of Six per centand
after Tuesday the fourth of February next.
thereof, or their legal representatives, on
or their
The outstanding certificates of the issue of 1907 will be redeemed and paid to the holders thereof,
Tuesday the fourth of February next, from which date all interest thereon
legal representatives, on and after produced
at
will cease. The certificates to be is declared onthe time of payment and canceled.
31st
ending
the earned premiums of the Company for the year
A dividend of Forty per cent
December, 1912, which are entitled to participate in dividend, for which, upon application, certificates will be
May
of
sixth
next.
the
Tuesday
issued on and after
0. STANTON FLOYD-JONES, SecretarY.
By order of the Board,
TRUSTEES.
HERBERT L. GRIGGS,
CHARLES M. PRATT.
JOHN N. BEACH,
DALLAS B. PRATT
ANSON W. HARD,
ERNEST C. BLISS,
GEORGE W. QUINTARD,
THOMAS H. HUBBARD,
VERNON H. BROWN,_
LEDYARD,
ANTON A. RAVEN,
CABS
LEWIS
WALDRON P. BROWN;
JOHN J. RIKER,
CHARLES D. LEVERICH,
JOHN CLAFLIN
DOUGLAS ROBINSON.
GEORGE H. MACY, _
GEORGE C. CLARK,
WILLIAM J. SCHIEFFELIN.
NICHOLAS F. PALMER.
CLEVELAND H. DODGE;
WILLIAM SLOANE.
HENRY PARISH,
CORNELIUS ELDERT,
LOUIS STERN,
ADOLF PAVENSTEDT,
RICHARD H. EWART,
WILLIAM A. STREET,_
JAMES H.POST,
PHILIP A. S. FRANKLIN:
GEORGE E. TURNURE,
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President.
JOHN H. JONES STEWART. 41h Vice-President.
AMERICAN MFG. CO.
MANILA, SISAL AND JUTE
CORDAGE
Sales Office:
Noble & West Sts., Brooklyn N. Y.
ACCOUNTANTS.
PARK, POTTER & CO.
BALANCE SHEET.
LIABILITIES.
ASSETS.
CERTIFIED PUBLIC ACCOUNTANTS.
Estimated Losses and Losses Unsettled $2,174,058 00
United States and State of New York
in process of Adjustment
1670.000 00
Bonds
94
767,050
York, Chicago, Cincinnati and
New
on
Risks
Trust
Unterminated
New
Premiums
York
New York City and
1,777,900 00 Certificates of Profits and Interest Un- • 262,924 05
Companies and Bank Stocks
London, England.
paid
2,716.537 00
Stocks and Bonds of Railroads
104.322 76
282,520 00 Return Premiums Unpaid
Other Securities
AUDITORS
FOR --FINANCIAL INSTITU19
110,025
for
Taxes
Reserve
Trust
and
Special Deposits in Banks
TIONS, INDUSTRIAL AND
203,735 55
900,000 00 Re-insurance Premiums
Companies
MINING COMPANIES.
Claims not Settled, including CompenReal Estate cor. Wall and William Streets
82,698 09
sation, etc
and Exchange Place, containing offices 4,299,426 04 Certificates
Investigations, Financial Statements,
of Profits Ordered Redeemed
Real Estate on Staten Island (heldofunder
22,556 09
Periodical Audits and Accounting
75,000 00
Withheld for Unpaid Premiums
provisions of Chapter 481,Laws 1887) 592.766
00
7,293,220
69 Certificates of Profits Outstanding
Premium Notes
16
615,303
Receivable
Bills
to
Cash in hands of European Bankers in
pay losses under policies payable
298,641 20
NOW READY
foreign countries
994,882 29
Cash in Bank
Temporary Investments (payable Janu00
400,875
ary 1913)
311,020,590 67
192 Pages
$13,623,851 38
Thus leaving a balance of----------------------------------------------------------------$2,603,260 71
Income-Prices
-Dividends
$40,804 99
Accrued Interest on Bonds on the 31st day of December, 1912, amounted to
26,696 99
Rents due and accrued on the 31st day of December, 1912, amounted to
a
for
of years
series
December,
of
day
31st
Re-insurance due or accrued, in companies authorized in New York. on the
257,330 00
1912, amounted to
to Jan. 1
1912, amounted to
47,650 39
Unexpired re-Insurance premiums on the 31st day of December, the
Real Estate corner Wall and
Note: The Insurance Department has estimated the value of
Price
$100
450,573 96
William Streets and Exchange Place in excess of the Book Value given above, at
63,700 00
And the property at Staten Island in excess of the Book Value, at
To Chronicle Subscribers
75
The Market Value of Stocks. Bonds and other Securities on the 31st day of December, 1912, ex1,695,027 24
ceeded the Company's valuation by
HAND BOOK OF SECURITIES
On the basis of these increased valuations the balance would be
$5,185,044 28
Commercial & Financial Chronicle,
138 Front St., New York.
@FedFRASER