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financial.
•
Mr, I
rk
„
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 94
to. ;
Electric Railway Section
State and City Section
Railway Sc Industrial Section
Bankers' Convention Section
SATURDAY, FEBRUARY 10 1912.
Tht Thronicit.
4.
Week ending February 3,
Clearings al,-
PUBLISHED WEEKLY.
NO 2433
1912.
1911.
Inc. or
Dec.
1910.
1919.
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CHICAGO OFFICE-Pliny Bartlett,513 MonadnockBlock;TeLllarrison 4012.
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, Publiohers,
P.0.Box 958. Front, Pine and Depeyster Ste.,
New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all clearing houses of the United States for week ending
Feb. 10 have been $3,242,099,113, against $3,552,642,783 last week and
$3,125,079,468 the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending Feb. 10.
Per
cent.
1912.
1911.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,564,938,847
134,667,791
122,975,452
31,288,650
235,875,345
67,039,871
19,828,498
$1,507,075,595
131,786,105
122,895,011
29,311,166
214,140,922
69,152,646
19,368,547
+3.8
+2.2
+0.07
+6.7
+10.1
-3.1
+2.4
Seven cities, 5 days
Other cities, 5 days
$2,176,609,454
500,072,416
$2,093,749,942
480,104,613
+3.9
+4.1
Total all cities, 5 days
All cities, 1 day
$2,676,681,870
565,917,243
$2,573,854,575
551,224,893
+4.0
+2.6
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Kalamazoo
Springfield, Ill
Youngstown __
Fort Wayne.....
Lexington
Akron
Rockford
Quincy
South Bend
Bloomington...
Decatur
Canton
Springfield, 0_
Jacksonville, IllJackson.
Lima
Mansfield...
Danville
Ann Arbor
Adrian
Owensboro
299.348.490
25,023,650
19,297,175
17,929,872
14.401,521
7,531,321
5,003,200
3,949,109
3,600,000
3,103,944
2,075,831
1,832,969
653,269
1,114,146
1,059,099
1,029,067
1,058,970
1,270,000
731,308
657,850
538,096
755,569
506,352
1,078,439
525,385
350,070
500,450
324,133
350,071
479,657
280,000
31,947
579,113
276.589.495 +8.2
24,088,550 +3.9
18,194,135 +6.1
15,502,373 +15.7
14,677,096 -18.8
8,614,923 -12.6
6,345,400 -21.1
9,011,484 -1.5
3,465,242 +3.9
3,097,651 +1.8
2,033,322 +2.1
2,267,618 -19.2
553,925 +17.9
936,381 +19.0
1,085,031 -2.4
920,997 +11.7
1,375,885 -23.0
810.400 +56.7
646,734 +13.1
791,899 -11.3
509,933 +5.5
587,700 +28.6
916,194 +21.6
855,758 +26.1
528,539 -0.6
281,471 +24.9
315,000 +58.9
399,175 -17.8
352,018 -0.6
432,962 +10.8
206,133 +0.9
28,718 +11.2
650,881 -11.8
273.697.926
25,719,400
17,615,903
15,902,269
13,981 323
9,181,154
5,721,900
3,785,844
3,195,639
2,593,866
1,997,370
2,236,201
783,768
1,133,444
1,105,197
933,416
1,219,446
720,100
545,013
641,953
990,672
611,756
590,670
846,021
438,444
286,625
300,000
393,312
420,929
527,749
187,398
33,969
427,000
288,621,998
27,282.100
19,017,211
13,023.204
11,934,049
7,859,549
5,677,000
3,378,920
2,776,341
2,059,392
1,733,697
1,789,885
584,411
960,145
904,293
796,279
582,153
605,000
477,990
516,840
427,630
487,737
426,498
724,218
397,462
267,611
287,635
255,000
292,808
426,109
193,796
21,647
Tot. Mid. West
416,892,973
391,468,018
+6.5
387,769,177
394,404,602
San Francisco...
Los Angeles
Seattle
Portland
Spokane
Salt Lake City
Tacoma
Oakland
Sacramento
Stockton ...
Pasadena
Fresno
San Jose
North Yakima
Reno ..
..
48,197,990
19,442,485
9,176,897
9,815,849
3,881,036
6,482,504
3,976,013
3,904,110
1,306,607
719,87
938.364
750.000
600,000
328.906
260,000
42,469,132
16,497,940
8,766,167
8,154,544
3,720,174
4.751.395
4,172,584
3,070,363
1,500,153
482,689
756.378
620,199
474,961
467,556
250,956
+13.4
+17.9
+4.7
+20.4
+4.3
+36.4
-4.7
+27.2
-12.9
+49.1
+23.7
+21.0
+26.3
-29.7
+3.6
44,856,032
15,398,091
10,473,316
8,733,666
4,666,403
6.561,644
5,610,078
3,283,058
1,181,599
509,246
800,000
597,188
521,562
450,000
320,254
33,282,104
13,166,736
9,107,482
6,088.406
3,841,414
5,132,012
4,202,030
1,987,492
791,211
440.535
Total Pacific__
109,727,586
96,155,191 +14.1
103,962,137
79,363,392
534,398
470,682
318,890
228,000
Kansas CitY-- -51,889,435
54,18/3,391 -4.2
48,345,580
43,214,857
Minneapolis
18,940,715
18,009,088 +5.2
21,686,704
15,581,551
15,604,926
Total all cities for week
$3.242.099.113 $3.125.079.468
14,177,075 +10.1
15,076,749
12,264,199
+3.7 Omaha
St. Paul
9,882,583
9,262,295 +6.8
9,050,275
8,403,338
9,004,439
8,755,262 +2.8
9,866,696
8,906,250
The full details for the week covered by the above will be given next Sat- Denver
Joseph
7,451,267
6,471,111 +15.1
6,529,184
5,970,185
urday. We cannot furnish them to-day, clearings being made up by the St.
Duluth
2,582,725
2,377,182 +8.6
3,151,799
clearing houses at noon on Saturday, and hence in the above the last day of Des Moines
4,126,061
3,821,185 +8.0
3,781,045
3,136,146
the week has to be in all cases estimated, as we go to press Friday night.
Sioux City
2,231.276
2,371,742 -5.9
2 6.55 508
601.185
We present below detailed figures for the week ending with Saturday. Wichita
3.368.029
3.334.756 +1.0
2,734.984
1,700,000
noon, Feb. 3 for four years.
Lincoln
1,641,027
1,423,500 +15.3
1,593,592
1,508,516
Davenport
1,800,759
1,912,996 -5.9
1,701,404
1,423,955
Topeka
1,600,625
1,386,030 +15.4
1,228,031
Week ending February 3.
1,316,358
Cedar Rapids_
1,045,366
Clearings at
910,910
1,191,800 -3.9
1,512,913
Colorado Sprigs
600,000
640,000 -6.2
720,524
869,796
Inc. or
Fargo
614,394
632,225 -2.8
1912.
569,960
1911.
Dec.
724,437
1910.
1909.
Pueblo
677,099
650,672 +4.1
570,839
597,760
Fremont
358,479
312,409 +14.7
323,379
426,470
8
8
8
$
%
1,200,000
New York
1,051,151 +14.2
2,123,357,984 2,218,149,629 -4.3 2,448,757,914 1,968,479,497 Waterloo
807,170
Philadelphia __
800.000
785,209 +1.9
170,130,649 168,030,218 +1.3 158,535,715 138,842,916 Helena
814,512
870,048
Pittsburgh
240,030
119,079 +101.5
44,491,002
212,000
209,059
50,649,908
48,570,142
12.2
41,515,507 Billings
Baltimore
201,908
43,165,147
181,527 +11.2
120,000
39,364,334 +9.7
34,241,508
30,711,619 Hastings
Buffalo
234,856
9,403,316
362,044 -35.1
285,000
9,714.012 -3.2
9.482.6.31
7,907,307 Aberdeen
Albany
6,021,554
5,897,137 +3.0
5,567,780
9,889,728
Total 0th. Was. 136,095,969 133,416,729 +2.0 132,922,996 110,206.668
Washington
8,398,612
7,984,064 +5.2
7,580,914
6,755,381
Rochester ..
5,279,591
5,147,250 +2.5
5,731,098
4,577,689
75.565.579
Scranton
3,076,879
82,073,241 -7.9
3,350,646 -8.2
70,142.753
2,641,118
67,289.844
2,495,328 St. Louis
New Orleans
Syracuse
21,990.598
2,690,643
21,634,556 +1.6
2,766,583 -2.7
19,249,517
3,076,082
21,332,230
2,295,447 Louisville
Reading
15,645,955
1,552,880
1,514,407 +2.5
15,171,736 +3.1
15,730,766
1,506,543
15,652,907
1,264,551
Wilmington_
20,106,500
1,415,097
13,012,198 +54.5
1,533,071 -7.7
14,716,850
14,363,876
1,626,671
1,305,926 Houston
9,612,500
Wilkes-Barre
1,579,479
1,481,478 +6.6
8,600,500 +11.3
7.234.000
7.669.000
1,544,779
1,370,879 Galveston
Itichmond
Wheeling
10.090.388
1,724,992
8,687,194 +16.1
1,397,853 +23.4
9,672,152
1,776,527
7,610,499
1,589,926
7,237,443
Trenton
1,555,713
7,538,891 -4.0
1,447,413
1,541,205 +0.9
6,317,267
6,790,266
1,465,916 Fort Worth
9,669,995
York
8,760,436 +10.4
905,902
806,255
1,070,715
5,730,094
5,759,358
24.7
765,274 Memphis.
15,176,328
13,501,710 +12.4
Erie
11,710,542
5,964,456
838,632
882,260
823,577 +1.8
618,601 Atlanta
Savannah
6,258,503
+4.5
4,772,787
Chester
5,988,763
5,478,097
698,092
608,907
590,877 +9.7
982,127 Nashville
5,384,716
Binghamton
3,939,329 +36.7
3,674,265
3,258,520
701,500
625,700 +12.1
535,200
501,900
3,545,917
Greensburg
3,324,346 +6.6
2,706,368
650,000
2,660,989
545,330 +19.2
619,045
522,079 Norfolk
2,753,032 +12.6
Altoona
3,100,863
2,374,255
903,386
2,111,680
937,286 -7.8
. 418,273
305,199 Birmingham __
Augusta
_•
Lancaster
2,558,083
•
1,992,089
1,063,747
3,387,531 -24.8
2,014,582
1,081.787
1.7
Jacksonville
2,859,022 +8.4
2,417,221
3,100,000
1,799,831
2,568,921
Total Middle.. 2 428,903,100 2 523 648 996 -3.8 2 736 050 922 2.218.661.797 Little Rock
2,014,324 +27.5
1,566,338
1,711,139
Knoxville
1,555,717
1,616,685 -3.8
1,708,230
1,533,558
2,049,209
1,758,924 +16.5
206.851.558 185.246.577 +11.7 200.261,805 180 064 960 Chattanooga
Boston
1,690,509
1,550,000
Charleston
1,787,142
+12.1
2,003,000
Providence
8,339,500
8.334.400 +0.06
1,700,890
1,484,812
8,507,200
7,857,100
2,752,082 -47.3
1,450,000
Hartford.
4,464,418
4,321,911 +3.3
2,325,597
1,568,496
9,770,056
3,925,726 Oklahoma
1,495,226
2,894,713
1,721,846 -13.1
New Haven
3,444,637
1,722,041
1,420,001
15.9
3,038.227
3,226.005 Mobile
Macon.
4,255,900
3,700,000 +15.0
Springfield
2.380,505
2.066,939 +15.2
1,150,000
813,516
2,200,000
2,165,628
1,500,000
1,341,586 +11.3
2,361,145
Portland
2,139,870 +10.4
759,551
1,115,006
1,934,840
1,889,983 Austin
518,821
489,220 +6.0
Worcester
2,367,394
2,115,911 +11.9
404,143
469,570
2,396,248
1,510,197 Vicksburg
Wilmington,
N.C
700,000
801,131
751,871 -6.9
Fall River
1,308,804 -31.9
411,360
376,695
1,314,169
1,496,435
335,000
800,000 -58.1
863,691
New Bedford __
925,151 -6.7
435,000
425,000
1,267,881
976,666 Jackson
Tulsa
488,356
199,245
-28.5
683,223
Lowell
6.34,291
.
21.3
438,216
956,769
782,090 Not included In total
Holyoke
646,337
582,606 +11.0
599,132
534,683 Muskogee
Total Southern 228,463,518 220,649,388 +3.5 192,870,270 181,868,473
Total NewEng. 232,559,637 211.120.997 +10.2 226.746.322 204.091,590
Total all
3,552,642,783 3,576,459,319 -0.6 3,780 322 59413,188,506,53
Outside N. Y_ 1.429.384.7,4)1 .35s4.300.600 4-5.2 1.3:31.565.680 1 .220.1 17.034
Note.-:?or Canadian clearings see :'Commercial and Miscellaneous News.'!
374
THE CHRONICLE
[VoL. Lxxxxiv.
not only that he should be unable to accomplish all
be would like to accomplish, but in addition would be
THE FINANCIAL SITUATION.
Presivery severely condemned, probably by a considerable
Political developments bearing on this year's
canmajority of the people, for failure to accomplish what
dential election are of such a character that they
would probably be beyond the power of human bewithin
it
ned
not wisely be ignored. In what has happe
ss ing to accomplish." But he is a bold and intrepid
the last ten days there is urgent call to the busine
Hence, with all this to deter him, he is
man to exert his power and influence on the coming warrior.
heless willing to assume the great responsibility
political conventions with a view to averting a situa- nevert
the hardships that would be involved in the unall
g
tion which may involve dangerous possibilities. Amon and
Here is the way he declares himself on
ing.
adertak
the Republican aspirants for the Presidential nomin
at this particular crisis, with the par"If
point:
both
that
tion, Senator La Foil ette has broken down,
ahead of us at this particular time,
ems
probl
r
to
ticula
said
be
may
physically and in other ways, and he
leaves the people feel that I am the one man in sight to do the
have practically retired from the race. This
Roose- job, then I should regard myself as shirking a plain
the field entirely to Mr. Taft and ex-President
Follette ,the duty if I refused to do it."
velt. With the elimination of Mr. La
flocking
Of course he is entirely sincere in thinking that he
so-called "progressive" Republicans are
of
es
chanc
might be "the one man in sight to do the job." The
to the support of Mr. Roosevelt and his
d
Instea
sed.
increa
important point, however, is that the Roosevelt
getting the nomination are greatly
red, shouters are directly encouraged to go ahead and secure
of the radical strength being divided and scatte
it will now the nomination for him and then he will accept, on the
as seemed likely to be the case at one time,
It would be idea that he is "the one man in sight," &c. No one
be concentrated upon Mr. Roosevelt.
of his head- can fail to perceive that this means that an active confolly to attempt to belittle the possibility
waged to deprive President Taft of a reing the ticket or of his achieving victory if he does. test is to be
make Mr. Roosevelt the standardand
He enjoys wide popularity, is an expert politician and nomination
Is the prospect an inviting one?
d.
instea
.
masses
bearer
an adept in making effective appeals to the
not every effort be made to prevent such a reHis "progressive" p olicies have been framed'with Should
During the last four years of Mr. Roosevelt's
a view to gaining the support and favor of the sult?
Administration, blow after blow was directed against
population. His political ambition is boundless.
ss interests of the country and confidence
The question presented for the consideration of all the busine
ty of industrial endeavors was more comthoughtful citizens is whether they should view the in the stabili
y
they
pletel undermined than at any other time in the histhreatened menace with indifference or whether
preof the country. The panic of 1907 was the direct
to
tory
s
should exert themselves actively and betime
adroit- outgrowth of this situation. The whole outlook imvent it. Mr. Roosevelt is displaying his usual
on his mediately brightened when -it appeared, with the cerness in the way he is allowing his campaign
he is not a tainty of Mr.Taft's election, that an end was to be put
behalf to be conducted. He avers that
the nomi- to the Roosevelt regime.
candidate and will make no move to secure
be underBut memories are short and a great many people
nation. At the same time he is allowing it to
"
duty.
of
have
already forgotten this hideous period in the
call
stood that he will not refuse to heed "the
for
y's history. Some leaders in the industrial
ness,
clever
countr
great
In this obviously he is displaying
actually urging that Mr. Roosevelt is to be
if he declared himself an active candidate,opposition world are
Taft. Business circles have so much
against him on the part of those who would regard his preferred to Mr.
me that the facts should be looked
re-election as a national calamity would quickly crys- at stake on the outco
If the Democratic Party could
face.
tallize against him and his nomination be rendered squarely in the
conservative candidate in the
a
put
to
out of the question. By holding off and appearing be relied upon
difference whether Mr.
little
make
would
At
it
field,
unconcerned occasion for opposition is removed.
Roosevelt was the Republican standardthe same time the door is left open for him to accept Taft or Mr.
contingency the Democratic ticket,
the nomination, if tendered, on the plea that it is being bearer. In such a
be successful. Be that as it
thrust upon him and he has no right to refuse it under it is our opinion, would
may, however, the voter would in any event have a
those circumstances.
turn to in the opposition party.
In feigning indifference, Mr. Roosevelt has gone so conservative man to
nce that the Democrats will
assura
far as to enumerate the reasons that would impel him But there is little
le thing. Their capacity
sensib
and
sane
with
,
is
a
do such
not to become a candidate. This, of course
is proverbial. They may give us anthe view to having it appear that he would be making for blundering
if not Bryan himself. In that event, the
a sacrifice to accept the nomination. His position other Bryan,
Convention will name the winning man.
appears to have been defined with absolute clearness Republican
, a nomination will then be equivalent
the past week. Dispatches from Huntington, West In other words
and with Roosevelt the nominee, the
on;
Virginia, in the daily papers on Monday stated to an electi
have ahead of it the certainty of a rethat he had defined his course "in letters to West Vir- country would disturbance in the business world.
ginians." He would never seek the nomination, but newed period of has undoubtedly disappointed exPresident Taft
he would not "tie his hands by a statement which
he
ions. But why? Because, unfortunately,
pectat
him
to
for
serve
ible
imposs
or
would make it difficult
mental
elt
govern
has striven to carry out the Roosev
the public by undertaking the task." With an apastness that
a
steadf
with
this
done
has
He
s.
policie
pearance of disingenuousness, he cites reasons which
ndation
ted
comme
unstin
have commanded
he wants the guileless public to believe would make it should
not
had
been
Taft
Mr.
If
f.
Mr. Roosevelt himsel
more pleasing and convenient for him to decline the from
s in
policie
nes
and
doctri
elt
Roosev
tted to the
nomination—in advance. His motives, he declares, commi
he
if
been
rm,
had
platfo
ican
Republ
the
would in any event be mistrusted, and if, after being advance by
initiative and been free to determine
own
his
to
left
caroffice
"take
would
he
nominated, he should win,
the highest interests of the country
what
f
rying a burden for which he was not responsible and for himsel
we believe he would have given the country
facing conditions such as to make it almost certain, demanded,
FEB. 10 1912.1
THE CHRONICLE
375
one of the best administrations it has ever had in its judges, and denounced judicial decisions that were not
entire history. His efforts to establish reciprocity to his liking? Every one will readily recall the
with our Canadian neighbor and his unremitting en- $29,000,000 fine imposed by Judge Landis on the
deavors to secure the ratification of the new peace treat- Standard Oil Co. and how when that fine was set aside
ies with Great Britain and France are an earnest of by the Circuit Court of Appeals because it had no legal
what might have been expected in that event. But basis to rest upon, Mr. Roosevelt characterized it as
is there in all that any reason for recalling Mr. Roose- a "gross miscarriage of justice." We are sure no one
velt himself to power? Mr. Roosevelt's capacity for needs to be reminded of the deeply disturbing utterharm is infinitely greater than is that of Mr.Taft. The ances of this kind that came with undeviating reguex-President is an agitator pure and simple. Whether larity from the White House during Mr. Roosevelt's
in office or out of office, he is all the time seeking to incumbency. Nor is it necessary to recall what a
create trouble and disbord. He is theatric and sensa- tremor these Roosevelt bellowings invariably sent
tional and delights in the notice he attracts. Mr. Taft through the financial and industrial world.
may be committed to the Roosevelt policies, but he is
Since Mr. Roosevelt has returned to private life
incapable of many of the destructive acts in which his radicalism has become more rather than less proMr. Roosevelt delights and upon which the latter's nounced, though he has made occasional appeals to
nature feeds.
conservative sentiment, such as on the occasion of the
Whatever conservative support Mr. Roosevelt has Steel suit. On the other hand, Mr. Taft has resisted
recently attracted has come from his denunciation of popular clamor in a number of directions. In parthe suit, under the Anti-Trust law, begun by the Taft ticular he has taken a strong stand against the recall
Administration against the United States Steel Cor- of judges. Mr. Roosevelt, on the contrary, has openly
poration. Considering the history and management declared his sympathy with movements of that kind.
of the Steel Corporation, that suit was certainly a griev- In an article in the "Outlook" for Jan. (i 1912 entitled
ous mistake, which will doubtless cause Mr. Taft the "Judges and Progress," after speaking of the "festerloss of many votes. But that is no argument in favor ing wrong and injustice" perpetrated, "because certain
of the Roosevelt policies or of Mr. Roosevelt himself. judges, certain courts are steeped in some outworn
The injury done by Mr. Taft is not a circumstance to political or social philosophy," he actually proposed
the havoc created by Mr. Roosevelt while in office. that when the courts have handed down a decision in
What the country is suffering from is too much inter- certain classes of cases the voters shall be allowed to
ference on the part of Government with economic laws determine whether such decision shall be reversed or
and business affairs. But the Roosevelt policies, be'allowed to stand. Is it not the bounden duty of
carried out in their entirety, would give us more Gov- every self-respecting citizen to make his influence felt
ernment interference, more meddling and everything to the end that such a man shall not be given a new.
would be dependent upon official favoritism. A Gov- opportunity for experimenting with his dangerous
ernment official, or a Government bureau, would decide theories and doctrines? Out of office he is harmless,
whether this or that trade concern should be-allowed but back in power again and acting as the Executive
to exist or not. This official would grant absolution head of the Government,his capacity to create havoc
or demand vicarious sacrifice, as circumstances might and disaster would be almost unlimited.
require. There would be no judicial determination.
of the matter, under rules of equity and justice, for
Wednesday's action of the Democratic caucus of
Mr. Roosevelt maintains that courts are not fitted the House takes most of the wildness out of the proto decide questions of that kind.
posed investigation of the "Money Trust," a thing
In his article last November criticising the Adminis- about as imaginary as the Boojum Snark of the Wontration Mr. Roosevelt argued in favor of a Government der tale. Instead of a special committee, which
Bureau or Commission with wide powers,and intended would have no work except to keep up a drum-beating
"to give the National Government complete power for the galleries, the subject is committed to the sevover the organization and capitalization of all business eral standing committees having jurisdiction of the
concerns engaged in inter-State commerce." He went several topics; and although the work is apparently
so far as to say: "We should enter upon a course made mandatory upon these committees, it is practiof supervision, control and regulation of these great cally left in their discretion. Mr. Underwood has concorporations—a regulation which we should not fear, if ceded something in the language employed, and nonedessary, to bring to the point of control of monopoly body doubts that associated capital, with or without
prices, just as in exceptional cases railway rates are formal organization, may conceivably do some wrong
now regulated." He also characterized the disinte- things, capital being no more surely virtuous than
gration plan of the American Tobacco Co. as "lament- surely vicious. A calm and reasonable inquiry need
able from the standpoint of justice." He did not at not cause uneasiness, unless to those who make capital
all suggest repeal of the Anti-Trust Law. On the of excitements, and may he reassuring to persons who
contrary, he made it clear that he would retain that are still fearful of financial spirits.
law, but would have Government regulation in addiThe language is, however, exceedingly general.
tion.
For example, the first sentence proposes to inquire
Thus Mr. Roosevelt would not give relief to the "whether individuals, firms, national banks and other
business world, but would give it something worse moneyed corporations are engaged in or connected
even than it had under the Taft Administration. And with the management of financial affairs of interconsider how the vast powers asked for would be ad- State railroads," &c. We suppose not even the
ministered under a man such as Mr. Roosevelt. Can cracker-barrel wise man of the rural store doubts that
any one have forgotten the attacks that emanated day "individuals" and "firms," and wealthy ones, at that,
after day from the White House while Mr. Roosevelt are thus connected. If capital and business success
was its occupant, directed against the leaders in the in- were not connected with railway and industrial cordustrial and financial world, or how he kept referring porations, impecuniousness and non-success would
"to malefactors of great wealth," and how he abused , have to be, and it cannot be supposed that any sane
376
THE CHRONICLE
person desires such a connection as that. If association and combination among capitalists are believed to
be a public danger, association and combination by
non-capitalists (such as has been manifesting its nature in Lawrence of late) is quite as serious, a menace
and quite as deeply needs looking into.
The Money Trust is merely the familiar old bogieman which has been scaring grown-up children these
many years. There are as many ogres in Wall Street
as there are painted and plumed Indian riders on
Broadway; but the distant mind (a portion of that)
will have it so, because the demagogue, whom we
always have with us, finds this his most facile subject,
still fresh and lively though all others fail him.
Happily, however, the caucus action followed immediately upon, and directly disregarded, Mr. Bryan's
earnest appeal by telegram to treat otherwise what
he calls a "crisis." For the second time in this session his intervention has been rejected after he had
raised an issue distinctly. What one journal has pictured as his "dead hand" upon the House seems to
have lost grip. This is a fact meet for congratulation,
since there is no greater obstacle than he to forming
and keeping that: sane and genuine Opposition which
is almost indispensable to well-balanced government
in a republic.
Prof. Irving Fisher of Yale University is furthering a
movement for an international commission of inquiry
into the cost of living. Several formal inquiries have
already been started, and it is only candid to say that
we have doubted their practical efficacy, because the
causes contributing to increased prices of necessaries
are certainly complex, so that investigators are not
likely to agree upon them, and, moreover, if the causes
were as surely ascertained as the cause of the procession
of the seasons, there does not seem to be any power
in government, or in an agreement by governments,
to produce the quick remedy which consumers want.
Yet it is clear that the feeling towards an inquiry
among nations is considerable. The Chambers of Commerce in New York and Philadelphia have, we believe,
adopted resolutions approving it. A bill for establishing such a commission is in the hands of the Senate
Finance Committee, and the President has urged it
in one of his latest communications. The editors of
the two leading financial journals of Great Britain,
where the investigating fever has perhaps gone less
towards satiety than here, are quoted as being in favor
of this inquiry, and we find the influential dailies here
showing a disposition to accept it as of probable utility.
Something may be said for an international inquiry
which would not apply to a local one. The former
would be slow in movement and deliberate in treatment. It could hardly be suspected of assistance in
grinding any political axes or of being tagged in advance by any specific theories; it ought to be a body
for discovering truths, not for picking out half-truths
for bolstering up conclusions already adopted. Any
international study must command respect, even
from those who do not accept its findings. It may be
that the proposed work would yield data of permanent
value to students of finance and sociology, though it
failed to discover any workable means of pulling necessaries down to more agreeable prices. Perhaps, also,
international meetings by commissioners on topics of
peace may be in the line of a habit which will make
towards universal peace, agreement and arbitration
being solvents:of_ the war feeling.
[Void. Lxxxxiv.
The news comes by cable from Paris that from now
on no official quotation will be permitted on the
Bourse for any additional foreign securities that have
not first been fully considered by the entire French
Cabinet. Heretofore the Minister of Finance has had
exclusive control in this respect. With this object
in view, the Minister of Finance has appointed a committee which will examine into and report upon all
questions relative to announcements and prospectuses
connected with the "emission, sale, and introduction
of foreign securities into France." The committee
has also been instructed "to study the legislative dispositions with a view to preventing any public statement being made regarding the admission of securities
to quotation on the Bourse." The change in dealing with foreign securities has a double significance.
In the first place, it follows the downfall of the
Caillaux Cabinet, which resulted from charges that
the Premier had been conducting secret financial
negotiations with German interests at the time the
settlement of the Moroccan crisis was in the balance.
To this exte nt the new decision seems to be in line
with Premier Poncare's ambition to provide a thoroughly open and broad-minded administration. But'
the immediate reason for the new rule appears to be a
desire to use the weapon of French gold that has so
repeatedly been effective in the past in settling international controversies. In this specific instance the
action is aimed against Cuba and constitutes a protest
against the delay that has occurred in bringing to a
serious state of negotiation between the two countries
the claims for indemnities for losses that French citizens suffered during the war for Cuban independence.
Cuba has persistently refused to recognize these
claims, although France, Germany and England in a
joint note some time ago urged prompt consideration
and adjustment of the claims that had been made oh
behalf of their respective citizens. The Cuban contention is that nations which never recognized Cuba's
belligerency have no claim on her now. At any rate,
the first act of the French Cabinet after taking the
matter of official listings of foreign securities out of the
exclusive jurisdiction of the Minister of Finance was to
refuse to allow the privilege of quotation to the bonds
of the Credit Foncier Cubain. The shares of the
Credit Foncier Cubain, a territorial bank and an entirely private institution, had already been listed on
the Paris Bourse and had in fact almost exclusively
been sold in the Paris market. It appears, therefore,
that French investors will be among the heaviest
osers in the event that the refusal to permit the listing of bonds of the Cuban institution should be continued. The net result seems to be a Franco-Cuban
deadlock. President Gomez is quoted by a Havana
dispatch as feeling it "to be inconsistent with the dignity of the Cuban Republic to take any further active
steps to expedite a settlement until the removal of
the stigma cast upon Cuban credit."
It will be recalled that the Moroccan settlement between France and Germany was accomplished to some
extent at least under the spur of the withdrawal of
French capital from Germany in such amounts as to
cause a particularly strained financial condition in the
German centre, which indirectly affected all the financial markets of the Old World. Fortunately there was
such an overwhelming supply of unemployed money
on this side that American bankers were able to relieve
the German tension. Had this safety valve not been
available it seems reasonable to assume that the
FEB. 10 10)2
THE CHRONICLE
closing half of 011 would have seen a period of distinct financial upheaval in, the German market. As
an incident of the Franco-Cuban situation created by
the refusal of the French Government to permit official quotations for the Credit Foncier Cubain bonds,
the Cuban Congress has under consideration a bill
applying the maximum tariff to French imports. As
Cuba imports from France five times more than she
exports, it is figured that this retaliation will be effective in securing a removal of the restrictions against
the bonds. Of course, an agreement to compromise
the original cause of the dispute would probably automatically remove the Governmental antagonism to the
bonds of the Cuban institution.
377
"Your Excellency: In reply to your note of the 31st ult.
requesting information as to the attitude of the Government
of the United States with regard to conditions in China, I
have the honor to state that since the beginning of the present
disturbances this Government has from time to time, as
occasion arose, exchanged views with the other interested
Powers, particularly France, Great Britain, Italy, Japan
and Russia, as well as the Imperial German Government, as
to what course was expedient for the protection of the
common interests.
"Even in these exchanges it has been quite cle71,7ifiat
all the Powers concerned were as one as to the wisdom of
maintaining the policy of concerted action in the circumstances.
"This unanimity of view found concrete expression in
the identical note presented by the representatives of France,
Great Britain, Germany, Japan, Russia and the United
States simultaneously to the peace commissioners at Shanghai on Dec. 20, as well as in the co-operative measures taken
for the protection of their common interests throughout
China.
"The advices received by this Government, moreover,show
that the other governments concerned have likewise had
similar exchanges of views and that official statements of
policy to the same effect have appeared in the public press
of various countries.
"It is therefore evident to this Government that all the
Powers have up to the present, by common consent, not
.only refrained from independent action and from intervening
in China's internal affairs, but have acted in full accord, with
their mutual assurances that they would respect its integrity
and sovereignty.
"There happily has thus far been no reason for interference
on the part of the foreign Powers, inasmuch as both Imperialists and Republicans have guaranteed the life and property
of the foreign population, and the latest reports tend to
strengthen the belief that it is improbable that future developments will necessitate such interference. If, however,
contrary to all expectations, any further steps should prove
necessary, this Government is firm in the conviction that the
policy of concerted action after full consultation by the
Powers should and would be maintained in order to exclude
from the beginning all possible misunderstandings.
"Moreover, this Government has felt it to be a corollary
of the policy of strict neutrality, hitherto pursued by common accord with respect to loans to China, to look with
disfavor upon loans by its nationals unless assured that
such loans would be of neutral effect as between the contending factions, as it has also felt that the present was an
occasion where there might be invoked with peculiar appropriateness the principle of lending governments deterring
their nationals from making loans not approved as to their
broad policy by their own governments in consultation with
the other interested Powers.
"Accept, Excellency, the renewed assurances of my
highest consideration.
"P. C. KNOX. 1
"His Excellency Count J. H. von Bernstorff, Imperia
German Ambassador."
The outlook for peace in China has shown distinct
improvement as a result of the week's developments..
Not only does an end of the civil war now appear to be
definitely in sight, but there is also every reason to believe that the integrity of the Empire is to be maintained and the open door to the world's commerce is
to be guaranteed by concert of action among the Powers. In a note to the German Ambassadoi at Washington, made public on Wednesday night, Mr. Knox,
our Secretary of State, gave informal notice to the
other interested Powers that Germany and the United
States were acting together to preserve absolute neutrality of the Powers during the current revolution.
The publication of the note and the fact that copies
have been placed in the hands of Great Britain, France,
Italy, Russia and Japan seem to merit the interpretation that the State Department is committed to a
continuation of former Secretary Hay's policy for preventing the disintegration of the Empire. Secretary
Knox lays special stress upon the fact that it is the
policy of the United States not to aid either the Imperialists or the Revolutionists by means of loans.
On this point he says, in his note to the German Ambassador, that "this Government has felt it to be a
corrollary of the policy of strict neutrality heretofore
pursued by common accord ,with respect to loans to
China to look with disfavor upon loans by its nationals
unless assured that such loans would be of neutral
It is still exceedingly difficult to obtain anything
effect as between the contending factions, as it has also
felt that the present was an occasion where there might like a connected narrative from the week's conflicting
be invoked with peculiar appropriateness the principle dispatches of the progress of the Chinese revolution.
of lending governments deterring their nationals from A complete cessation of hostilities seems to have been
making loans not approved as to their broad policy by'agreed upon, and the Chinese newspapers, according
their own governments in consultation with other in- to cables from Peking, publish the terms of the abditerested Powers." As it is well known that previous cation of the Throne. These include the perpetuation
agreements have been made by the Powers that no of the titles of the entire Court, the retention by the
loans are to be sanctioned at this time, it seems quite Imperial family of the palaces in Peking, the continua-evident that the hostilities in China must soon end be- tion of the Imperial guard at the expense of the Recause of absence of financial assistance. Aside from public and the right of the Court to exact regal homage
this, the fact that the Imperial Government as well as from the nation. The only real check to a settlement,
the Provisional Republic have both given notice that it is stated, is a dispute over hereditary titles. The
each will repudiate any loan made to the other after the nobles insist that these remain hereditary and the.
date of the beginning of hostilities will certainly prove Republicans refuse to agree.
effective, as American and European bankers are not
A cable from Shanghai yesterday quoted Tang Shaoat all likely to risk their money if the principle of Secre- Yi, the representative of Premier Yuan Shi-Kai, as
tary Knox's note disavowing protection to such trans- declaring that he, was confident the abdication of the
actions be accepted by the other Powers. The publi- Throne would be an accomplished fact before Feb. 18.
cation of the note means, of course, that the United The draft of the proposed Magna Charta of the new
States GOvernment has once more come out openly Chinese Republic has been completed by Dr. Wu
as against the possible grabbing of territory by other Ting-Fang, the Minister of Justice in the Republican
Powers. Secretary Knox's letter is plain and lucid, Cabinet, and awaits the approval of the Senate at
both in wleutt it directly says and what may be read Nanking. The document provides for a presidential
between the lines. While the language is in all re- term of five years, but the Senate will probably make
spects diplomatic, its significance is for that reason the first term only one year.
.:1
A
none the less apparent. The full letter is here given:
kiji
378
THE CHRONICLE
Britain this week has been deeply interested in two
phases of its own political affairs. These are, first, the
Government's plans for Home Rule in Ireland, and,
second, the approach of a better understanding with
Germany. Winston Churchill, the First Lord of the
Admiralty, on Thursday made his greatly advertised
speech in Belfast. The occasion was not marked by
the rioting that had generally been expected from the
Ulster Unionists, though Sir Edward Carson, the leader
of the Unionists, in a speech later in the day declared
that the people of Ulster will never accept Home Rule.
"We shall fight rather than that," he declared, "and
tombstones shall mark our way." Mr. Churchill's
speech, on the other hand, was quite temperate.
The Government, he said, was prepared to fight the
Home Rule Bill through Parliament and he asked for
fair play from the Unionists. The Irish Parliament
and Senate, he said, would fairly represent the minority
as well as the majority of the people of Ireland. Mr.
Churchill complained that the 'hostile attitude of
Irishmen in America had on more than one occasion
been responsible for deflecting a policy favorable to
Irish self-government. "At the present time," he
added, "the greatest opposition to American friendship comes from the Irish now resident of the United
States. I am confident that Home Rule will change
this."
It is not possible to record any official development
to confirm the belief that negotiations are in progress
between London and Berlin for the establishment of
a better Anglo-German understanding. The London
market, however, has become noticeably optimistic
on the matter and the arrangement, it seems to be
expected (or hoped) will Involve a mutual restriction
of armament and in turn the reduction of taxation
through a curtailment of national expenditures. On
the other hand, a mutual restriction of armament does
not mean that Britain is prepared to surrender her
naval supremacy. Winston Churchill made this very
plain in a speech at a luncheon given in his honor at
Glasgow yesterday. "Our naval supremacy," he
said, "is an absolute necessity for the preservation of
the empire. We must at all times realize this. It is
necessary, therefore, that our naval program be continued without regard for any other nation. None
other is confronted by the problems we have to meet.
If the continental naval increases continue, Great
Britain will simply increase her ratio. By that means
we will easily out-distance all other Powers to such an
extent that it will be hopeless for them to attempt to
follow."
The arrangement with Germany will allow colonial
expansion that is so necessary to German prosperity
and progress. The London correspondent of the
"Journal of Commerce" cables that the scheme of
German colonial expansion involves the sale of some
Portuguese colonies to Germany and also the cession
of Walfisch Bay to Germany by Britain. It also
covers definite arrangements concerning Italy's relations with Tripoli, French relations with Morocco
and British relations with Zanzibar. The hurried visit
of Viscount Haldane, the British War Secretary, to
Berlin is believed to be connected with these negotiations.
The chief interest in the Italo-Turkish War has this
week centered in Italy's supposed purchase of gold.
This is a subject we discuss in another column. While
there have been rumors cabled of Italian reverses,
nothing of a definite character seems to have passed the
[VoL. Lxxxxiv.
censors of the news dispatches. On Wednesday, according to a Constantinople dispatch, the Turkish
Cabinet decided to put into force an order for the
closing of all Italian institutions in Turkey, including
private banks, insurance companies and the Italian
orphanage at Skutari.
Mexico has again become a source of concern at
Washington. President Madero has only held office
since November, but there are already evidences of
a widespread, or at any rate noisy, revolt. How
serious this revolt really is it is difficult to determine.
The Mexican authorities declare the reports of uprisings to be exaggerations. However, President Taft
has made preparations to repeat his policy of last
spring and send a sufficient body of American troops
to the border line to protect American interests. In
his message on foreign relations in December last he
gave a copy of a letter he had sent during the last
year's crisis to the Chief of Staff setting forth his
plans. That letter has special significance at the
present time. He said: "It seems my duty as
Commander-in-Chief to place troops in sufficient
number where, if Congress shall direct that they
enter Mexico to save American lives and property,
an effective movement may promptly be made. * *
My determined purpose is to be in a position so
that when danger to American lives and property
in Mexico threatens and the existing Government is
rendered helpless by the insurrection, I can promptly
execute Congressional orders to protect them with
effect." The concentration of troops has not yet begun, but preparations have been made and the Administration in Washington is watching the progress of
events with a keen eye. It is evident that a President
to be successful in Mexico must contain the self-reliant
and effective characteristics so well exemplified by
former President Diaz.
The New York Cotton Exchange annual dinner,
held in the Astor Gallery of the Waldorf-Astoria Hotel
on Saturday evening last, was a notable event in that
it brought forth a clear expression from the President
of the organization of its position on the various matters for which it has at times been under more or less
criticism, and elicited from Congressmen present the
opinion that there was little likelihood of any of the
various bills (28 in all, it was stated) aimed at the
Exchange passing the House of Representatives.
Congressmen Sulzer and Calder (both of New York
State) were in attendance at the function, but representative A. S. Burlison of Texas,the author of some
of the measures inimical to the Exchange, sent regrets at the last moment for his inability to be present.
Mr. Sulzer referred to the fact that nowadays but
little criticism of the Cotton Exchange is heard in
Congress, whereas a few years ago attacks were not
unusual. He seemed confident that no legislation hostile to the Exchange would be passed, and doubted
very much whether many of the bills already offered
would even emerge from committee. He furthermore
remarked that he had taken pains to convince Mr.
Burlison that the Exchange did not regulate prices
and was as of much value to the farmer of the South
as to the spinner of'New England. Mr. Calder added
his opinion to that of Mr. Sulzer, that Congress was
not likely to legislate against the Exchange.
Mr. Geo. W. Neville, President of the Exchange,
began the speechmaking of the evening with an extended and comprehensive,but at the same time very
FEB. 10 1912]
THE CHRONICLE
interesting, address,the text of which in part is given
in our Cotton Department. He outlined the services
performed by the Exchange for' cotton producers and
users, explained the method of standardizing of the
staple sold on the New York Cotton Exchange, and
why the Government standard of grades had not been
adopted. He referred to the fact that of two recommendations made at a recent conference of manufacturers and Cotton-Exchange representatives, one had
been adopted and the other is under consideration,
and stated that a request had come from a Tex as
wool-grower that a system of contracts for trading in
"wool futures" be established by the New York Cotton Exchange.
Mr. John R. Abney, a lawyer well versed in cotton
legislation, followed Mr. Neville, and stated that,
whereas at one time he characterized trading as car,
ried on by the New York Cotton Exchange as a gambling transaction, inspection of the books of brokers
and a thorough study of the methods of the Exchange
had convinced him of his error. He then proceeded
to define the difference between speculation, as carried
on on the Exchange, and gambling. Prof. Emery,
formerly of Yale, and now Chairman of the Tariff
Board, discussing gambling vs. speculation from an
academic viewpoint, characterized the former as simply guessing at results, whereas speculation is taking
a chance on matters which the speculator has studied.
He recalled the fact that insurance of life and property,
now a recognized benefit, was in its infancy attacked
by legislators as gambling. He concluded by advising the Exchange to continue to introduce reforms
that would serve to further raise it in popular esteem.
Altogether, the Cotton Exchange dinner was an instructive as well as an enjoyable affair.
The feature of the commercial failures statement for
January 1912 that first attracts attention is the large
number of insolvents. With the exception only of
1908, the number was noticeably greater than in the
corresponding month of any earlier year. While there
were fewer large failures (meaning those for amounts of
$100,000 or more) than in January of either 1911 or
1910, and consequently an aggregate of indebtedness
much below the average, the total liabilities of small
insolvents was greater than ever before for the same
period. It is to be noted, however, that the aggregate
indebtedness represented by all January insolvents,
large and small, is some 43 millions less than in the
month of 1911, about 1214 millions below 1910 and
shows a decrease of 73.1 millions from 1908. But
from that year back to 1896 no aggregate as large as
that of 1912 is encountered.
According to R. G. Dun & Co., the number of commercial disasters of all classes in January 1912 was
1,897, with indebtedness of $19,770,530, against
1,663 for $24,090,649 last year, 1,510 and $32,015,754
in 1910 and 1,471 and $14,008,085 in 1909. The
trading division made the least favorable exhibit in this
latest month,the liabilities having been greater than in
either 1911 or 1910, and, in fact, much in excess of
former years back to 1896, only excluding 1908. In
sharp contrast with this, the showing made by manufacturers was distinctly satisfactory. The liabilities
in that division were only $5,804,352, against $9,243,380 in 1911, and were smaller than in any year since
1906. The exhibit is especially good in woolen carpets
and knit goods, with a decline in indebtedness as contrasted with 1911 froth $1,060,000 to $231,612; in lumber, carpenters and coopers, with a drop from $2,396,
379
549 to $1,093,020, and in machinery and tools, from
$602,839 to $278,362. Debts of brokers, transporters,
&c., were in January also below the average of recent
years, and the total of $2,192,828 for 1912 compares
with nearly 4 millions in 1911 and over 12 millions in
1910, this last named abnormally large total having
been the result principally of the collapse of the Columbus & Hocking Coal & Iron pool.
In Canada the changes from last year are very
slight. The number of insolvents this year was 144,
comparing with 143, and the aggregate of liabilities
$1,208,367, against $1,003,471.
The Bank of Eng?and on Thursday reduced its official minimum discount to 3% from 4%, to which
it had been advanced on Sept. 21, during the financial
strain then existing. There was some expectation
that the Bank of France would also announce a reduction to 3% from 3%, but this did not occur.
A belief prevails, however, in influential banking circles at this centre that both the Bank of France and
the Imperial Bank of Germany will announce reduction's next week. Open market discounts at the foreign
centres do not show a corresponding easing-up in the
monetary situation. This has tended to create an impression abroad that the object of the official reduction
was to aid the markets. Private London discounts,
as reported by cable yesterday, were 331% for 90 day
and 3%% for 60-days' bankers' acceptances for both
spot and to arrive. A week ago the forward rates were
3 1% above.
Y% above these figures and the spot rates/
unchanged
for
the
week
at
3%% for
closed
Paris
all maturities. Berlin was cabled at 3%% for spot
and to arrive for all maturities (against 3%% a
This special firmness reflects
week ago).
preparations for the first installment of the joint
Imperial and Prussian loan due to-day (Saturday).
Brussels at the close is 33%, showing no change for
the week, and Amsterdam also is without alteration
at 3Y1%.
It is conceded that the foreign money situation is dependent upon the political developments of the next
few months. If, as now seems probable, the AngloGerman relations increase in cordiality, it will mean
the release of large sums that are held by the banks
in the large centres as precautionary measures. In
France, particularly, the spirit of caution is plainly
observable, and it is significant that the enormous subscriptions that attended the offerings of bonds by the
Credit Foncier, which must necessarily have brought
out large sums from the hiding places of small investors, have not made themselves evident in other investment departments of the French market. When
it is understood that the subscriptions to the Credit
Foncier loan required in most instances the deposit
of actual funds to the full amount of the subscriptions,
it will be more readily appreciated what an effect on
available money supplies the 500,000,000-franc
loan must have had. In line with this peculiar situation in Paris is the fact that an additional $6,000,000 in
gold bars has been engaged for shipment to that market this week, making $8,000,000 during the current
movement.
We are informed that this gold movement to Paris
has for the present, at least, culminated, and the fact
that sterling exchange during the entire week, if we
except a recovery at the close attributed to covering
by speculators in exchange who had entered short commitments, has steadily moved downward,should leave
380
THE CHRONICLE
[VOL. Lxxxxiv.
slight reason for surprise in this respect. The question tation to avoid renewals until the lower rate became
of the real destination of the gold that has been thus ar- effective. The proportion of the Bank's reserve to
bitrarily engaged has been attracting increasing atten- liabilities is now 52.94%, against 48.01% a week ago,
tion in foreign exchange circles here, in view of the di- 53.22% one year ago, 51.69% two years ago and
rect loss that it is evident has accrued on each shipment. 49.72% in 1909. A 4% discount rate was current
at
The shippers, Lazard Freres, declare that all the $8,- this date last year. Public deposits increased only
000,000 that has gone forward has been on special £240,000, suggesting that the Government is liberally
transactions. They have not felt disposed to satisfy releasing its revenue collections, which are naturally
public curiosity beyond that rather indefinite explana- large at this season of the year. Our special corretion. It is assumed in international banking circles at spondent furnishes the following details of the movethis centre that the gold has been forwarded for the ac- ments into and out of the Bank for the Bank week:
count of either Italy or Turkey, with the former by far Imports, £1,020,000 (of which £8,000 from Australia
the favorite in these calculations. Partial confirmation and £1,012,000 bought in the open market); exports,
is contained in the official announcement that the Ital- £660,000 (of which £410,000 to India and £250,000
ian Government has just placed an issue of 4% treasury to Egypt), and receipts of £198,000 net from the inbonds to the amount of 50,000,000 lire ($10,000,000). terior of Great Britain.'
These bonds were refused in London. Italy has increased the amount of this form of obligation from
The weekly statement of the Bank of France cabled
80,000,000 lire ($16,000,000) before the war to 156,- on Thursday registered an
increase of 1,375,000
000,000 lire ($31,200,000), the amount now out- francs in the gold holdings and of 4,450,000 francs
in
standing.
silver. The gold holdings now amount to 3,185,200It has been conjectured by contemporaries of the 000 francs and compare with
3,247,250,000 francs in
Messrs. Lazard that the gold exported has been for 1911, 3,583,200,000 francs
in 1910 and 3,633,572,445
the purpose of reimbursing the Bank of France for francs in 1909. Notes in
circulation decreased
shipments made to Italy. But the weekly statement during the week 104,225,000
francs, bills discounted
of the Bank, as cabled on Thursday, does not sustain decerea,sed 231,725,000 francs, general
deposits dethis view, the institution's gold holdings showing but creased 9,475,000 francs and treasury
deposits dea slight change for the week, namely an increase of creased 32,025,000 francs. The annual
report of the
1,375,000 francs. During the week preceding a de- Bank of France, which has
just become available
crease of 5,375,000 francs was indicated. Some test by mail, clears up the
question of the increased limit
will, of course, be contained in the Bank of France's for note circulation.
We quote from a translation
statement of next Thursday, before which date some of the report:
of the shipments from New York will have arrived in
Upon several occasions during the year our discount
Paris. Inquiries that have been made in Paris by
leading foreign houses at this centre show, however, operations caused such an increase in our issue of bills
that
that the Bank of France is not concerned as a principal was the legal maximum was almost reached, and there
reason to fear, if not for the immediate present,
in the arbitrary gold movement from New York. at least for the near future, that
the necessity of
That is to say, it has not contributed in the form of respecting this maximum might force us to very vigorthe payment of interest while the gold is en route, and ous measures. The Government thereupon recognized
has not assumed transportation or insurance charges. once more that it had a public duty to perform by
It therefore remains a question of the ultimate con- preventing that result, and, by Article 1 of the Bill
signee paying the losses incurred in the shipment. which became the law of December 29 1911, it proposed to Parliament an increase of 1,000,000,000
Foreign exchange houses estimate that a loss of befrancs (that is, from 5,800,000,000 to 6,800,000,000)
tween M and Yi cent in the pound sterling has been in the legal maximum of our issues.
incurred. If we accept the mean of these figures—
Notwithstanding the decrease of 104,225,000 francs
cent—the loss on a shipment of $8,000,000 (or
£1,600,000) would be $10,000. That the gold is not in note circulation this week,that item still stands at
intended for Germany is indicated by the movement 5,363,358,000 francs and compares with 5,296,488,000
of the foreign exchanges against Berlin, while the fact one year ago and 5,294,649,000 two years ago.
that Italian exchange in Paris is at a discount of
The Imperial Bank of Germany showed a stronger
about VI% is another evidence in favor of the theory
position in its week's report. The gold on hand inthat Italy is taking the metal.
There has been some indication at the extreme close creased 607,000 marks and gold and silver combined
of a lull in the Indian demand for gold, but the Bank of 15,916,000 marks, making the total stock of the two
England has been getting large amounts of South metals 1,164,845,000 marks, comparing with 1,114,African gold. Thursday's statement of the institution 140,000 one year ago and 1,053,760,000 in 1910.
as cabled by our special London correspondent, Notes in circulation decreased 84,747,000 marks during
showed an increase of £558,116 in the bullion hold- the week and there was a contraction of 25,928,000
ings, making the total £38,891,906, while the total marks in loans and of 54,668,000 marks in discounts.
reserve increased £876,000, to £29,402,000. The Loans and discounts combined aggregate 1,096,570,000
gold reserve at this time of the year has only marks and compare with 938,620,000 marks one year
been but once exceeded, namely in 1896, so ago and 835,880,000 marks two years ago. The outthat, under the circumstances, the fact that standing note circulation aggregates 1,636,190,000
the reduction in the official discount rate was only M% marks; a year ago the total was 1,489,260,000 marks
indicates the continuance of a cautious spirit. The and two years ago 1,519,560,000 marks.
market is still borrowing heavily at the Bank. This
statement may seem rather surprising in view of the
The local money situation continues easy. It has
decrease in loans of £4,288,000. But it is readily very slightly reflected the exports of the $8,000,000 in
explained, since the decline in the discount rate had gold that (including the $2,000,000 exported last
been so generally expected that there was strong temp- Saturday) have been withdrawn for Paris and the
FEB. 10 1912.]
THE CHRONICLE
$400,000 for the Argentine and Porto Rico. As is
usual in February, there has been a slackening of
the movement of currency to this centre and the low
rates available have this year furnished additional
incentive to curtail shipments. Interior banks have
been buyers of commercial paper as freely as the
restricted supply would permit. They have also been
investing in short-term obligations. A rather significant indication of the expectation of continued
ease in money at this centre has been the reduction
by some of the trust companies of the interest rates
they pay on deposits to 2% from 23/2%. We learn,
also, that there has been quite an important transfer
of loans secured by American stocks and bonds from
London to New York. ThiS has given a somewhat
exaggerated idea of the recent sales of American
securities on European account. Money for long
maturities as well as for demand is in such active
supply and at such favorable rates that there is
distinct encouragement to carry securiti _s in New
York instead of in London. Day-to-day money in
London is quoted 33@33/2% and in New York VA@
2M%. Demand rates in New York this week have
not fallen below 2% nor risen above 23/2%. On
Monday the extreme figures for call loans were 2
4%, with 2% the renewal figure. On Tuesday
and 23
4@23/2% were
/
Wednesday, Thursday and Friday 21
with 2%
respectively,
figures,
lowest
and
highest
the
the ruling rate on Tuesday and Wednesday, 234% on
0 on Friday.
Thursday and 2317
Time money is still largely nominal, owing to the
poor demand.. Six months' funds have loaned at
3% and 12 months' accommodation is still available
at 3%@4%. Closing quotations are unchanged for
the week at 234% for 60 clays, 29.4% for 90 days,
3% for 4 months and 3@33j% for 5 and 6 months.
There is a good demand for mercantile paper, but the
supply is small for the season, although showing
•a slight increase during the week. Merchants and
manufacturers are evincing little disposition to
operate on anything like a broad scale, political
and tariff uncertainties continuing to restrict merchandising and manufacturing. Quotations have not
been changed from 33/2@4% for 60 and 90 days'
endorsed bills receivable and also for 4 to 6 months'
single-name bills of choice character. Others are
quoted at 43/2%.
381
the value of imports into Great Britain to have been
£67,002,000, or an increase of £4,308,000 from
the corresponding month of 1911. Imports of foodstuffs, raw material and manufactured goods increased £7,000,000, but cotton decreased £3,000,000.
Exports aggregated in value £40,416,000, an increase
of £2,686,000. The excess of imports was £26,586,000, as compared with an excess of £24,063,940 in
January 1911. It is evident, therefore, that while
political affairs in Britain are rather uncertain,
general business is going on without interruption.
The only unfavorable feature seems to be the prospect
of a coal strike. This, however, according to the
cable reports, is to be more of a sectional than a
national affair and is, therefore, not likely to seriously
interfere with trade or industry. It is apparent
that the foreign money situation will be sufficiently
active to discourage any very general further decline
in sterling exchange rates. The indifferent success
in London last week of at Rio Janeiro loan of £2,500,000 is rather significant. It was offered at
923/2, carried 43/2% interest, but the underwriters
themselves accepted about 60% of the offering.
Compared with Friday of last week,sterling exchange
on Saturday was weaker, with demand quoted at
4 8740@4 8750, cable transfers at 4 8795@4 88 and
sixty days at 4 8435@4 8445. On Monday there
was a decline of 10 points at the opening on active
selling against the engagement of gold for shipment
to Paris; later on the market rallied slightly, although
demand and cable transfers closed below Saturday's
figures, at 4 8135@4 8745 and 4 8790@4 8795, resepctively; sixty days closed firmer at 4 8440@4 8450.
On Tuesday the market opened and ruled weak,
demand selling as low as 4 8720 in the morning; the
undertone was a shade firmer in the afternoon, however, and final quotations were 4 8725(0 8730 for
demand, 4 8770@,4 8775 for cable transfers and
4 8430@4 8440 for sixty days. On Wednesday sterling again opened weak and declined several points
on continued selling against gold exports and lower
discounts at London; later the market steadied
slightly and closed at 4 8755@4 8765 for cable translers and 4 8720@,4 8725 for demand; sixty days
ruled unchanged. Demand broke to 4 8705 and
cable transfers to 4 8740 at the opening on Thursday
on the lowering of the Bank of England's official
discount rate from 4 to 3M%, but recovered slightly
later in the day, the final range being 18710(0 8715
for demand, 4 8750@4 8755 for cable transfers and
4 8415(0 8425 for sixty days. On Friday the market ruled firm, due largely, as already noted, to cover j
ing of short commitments. Rates advanced about
20 points, though at the extreme close somewhat of a
reactionary trend was evident. The close was 4 8425
(0 8460 for sixty days, 4 8720(0 8730 for demand
and 4 8755(0 8765 for cables. Commercial on banks
was quoted 4 823/2(0 84 and documents for payment
4 839©4 84. Cotton for payment ranged from
4 83U to 4 84, grain for payment from 4 8431 to
_
_TA
484.
Sterling exchange ruled distinctly weak until Friday,
notwithstanding engagements of $6,000,000 in gold
bars for shipment to Paris and $300,000 in gold coin to
the Argentine and $100,000 in gold coin to Porto Rico.
The closing strength, however, seemed somewhat artificial, since it represented to some degree the covering of
short commitments. We have discussed the Paris movement at some length further above, and we are informed
that the special transactions of which the exportation of
the precious metal were a part have now been completed. It is not unlikely, however, that the movement
to the Argentine will continue rather indefinitely, as
both London and Paris are carrying liberal balances
belonging to the southern republic. The Continental exchanges are still in favor of London and
The followinegives the week's movement of money
the reduction in the official discount rate at that
the
in
of
and from the interior by the New York banks. A
bankers
opinion
not
to
does
international
centre
London
material
any
up
easing
in
the
indicate
here
Nd Interior
Received by
Shipped by
4"I'•t-i— .'md.fl
N. 1. Banks. N. Y. Banks.
Movement.
weekending Feb. 9 1912.
money situation. In the first place, British trade is
$5,835,000 Gain $6,259,000
$12.094,000
so active that it is requiring exceptionally liberal Currency
974,000 Gain 2,123,000
• 3,097,000
Gold
banking accommodation. The British Board of Total gold and legal tenders
$6,809,000 Gain $8,382,000
$15,191,000
- 1 "4-d
i
Trade's figures for January received by cable show
382
THE CHRONICLE
[VoL. Lxxxxiv.
and Lloyd-George has at
With the Sub-Treasury operations, the result is as tween Winston Churchill
times come rather distinctly into public view.
follows.
What part the Home Rule question will play, now
Net Change in
Out of
Into
that it is fairly on the road to definite legislative proBank Holdings.
Banks.
Ban/ca.
Week ending Feb. 9 1912.
to say; but this much is certain,
$6,809,000 Gain $8,382,000 posals, is not so easy
Banks'interior movement as above... $15,191,000
39,500,000 Loss 15,000,000
24,500,000
Sub-Tress. oper. and gold exports__
bitterly
resented by the Ulster conis
plan
the
that
Total gold and legal tenders ___ __ $39,691,000 $46,309,000 Loss $6,618,000
stituencies; that the Protestant communities of Ireland
been making the most indignant agitation against
The following table indicates the amount of bullion have
and that no election, up to the present date,has
bill,
the
in the principal European banks.
ever really tested the attitude of middle-class British
1911.
9
Feb.
Feb. 8 1912.
electors toward Irish political independence. It is
Banks of
Silver.
Total.
Gold.
Total.
Silver.
Gold.
argued, not without plausibility, by many political
X
£
£
£
X
mere fact of the balance of power in
X
37,337,997 critics,that the
38,891,906 37,337,997
England__ 38,891,906
32,951,800 162,842,120
France __ 127,408,160 32,412,840 159,821,00 120,890,320
held by a small group of Irish Nabeing
ent
14,685,950 55,706,800 Parliam
Germany 43,181,45 15,216,200 58,397,650 41,020.850 6,632,000 151,575,000
6,395,000 150,150,000144,943.000
Rusin a.... 143,755,00
itself be irritating to the British
of
must
ts
tionalis
55,234,000 12,462,000 67,696,000
Aus.-Hunb 53,840,00 12,420,000 66,260,00 16.456,000 30,758,000 47,214,000
incidents are more or less beSpain ..... 16,742,000 30,096,000 46,838,000 39,340,000
these
of
All
te.
electora
3,498,000
42,838,000
3,883,000 45,758,000
Italy d___ 41,875,00
13,211,900
ions usually throw
Netherrds 11,091,000 1,173,200 13,164,200 10,819,000 2,392,900
5,706,667 2,853,333 8,560,000 low the surface. The by-elect
Nat.Belg.d 6,662,667 3,331,333 9,994,00
4,463,000
4,463,000
4,719,00
Sweden __ 4,719,00
and in fact the Govfeeling,
6,214,000 some light on the state of
6,214,000
6,548,00
6,548,00
Switzerl'd
1,859,000
1,859,000
2,207,00
Norway __ 2,207,00
in the few pollground
losing
been
ernment has of late
106,233,983599,517,817
Total week 497,821,183 104,927,573 602,748,75 493,283,834 105,876,913 597,490,405
vacancies—the
of
a
result
as
d
occurre
have
ings which
Prey. week • 96,192,707 104,136,523 600,329,230 491,613,492
e, where
instanc
for
han,
Carmat
of
uency
constit
Welsh
balance he d abroad—
•The total of gold a the Bank of Russia includes the
g the
reducin
24,
Jan.
on
held
The
banks.
was
Continental
In
other
election
account
special
a
Oat is, the amount held for Russian
In the above statement, Is about
was
this
But
proportion so held, and consequently duplicated
votes.
951
by
1910
of
y
majorit
Liberal
one-seventh a year ago.
one-eighth of the total this year, against about
Is now issued In Kronen and Heller probably to be expected in any case.
b The Auatro-Hungarian Bank statement
of the former currency to sterling
instead of Gulden and Kreutzer. The reduction
The more definite cabled reports of Mr. Asquith's
the value of 80 cents. As the
have
to
Gulden
Pounds was by considering the
nt
In
Loncorresponde
cable
our
20
cents,
than
value
greater
no
impending retirement from the Premiership are cerKreaen has really
has altered the basis of conversion by
don. In order to reduce Kronen to Pounds.
tainly premature. Asquith is still the link between
dividing the amount of Kronen by 24 instead of 20.
of coin and bullion In
d The division (between gold and silver) given in our table
the conservative and the radical factions in the Liberal
estimates we are able to obthe Banks of Italy and Belgium Is made from the best
weekly
In
their
distinction
no
make
Party. The part which he has performed in holding
banks
the
as
tain: it is not claimed to be accurate,
we
division
the
we
believe
but
silver:
and
gold
total
the
reporting
returns, merely
together these more or less discordant elements could
make Is a close approximation.
hardly at this moment be performed by Lloyd-George,
who is mentioned as his probable successor. At all
events, a re-arrangement of the Ministry, with a-change
FUTURE OF THE BRITISH MINISTRY.
in its titular head, would certainly not be contemplated
The reports of dissensions in the British Ministry, at the present moment, when the Parliamentary calwhich have been heard of late in the cable dispatches endar is so full of important and immediate measand the English reviews, while not particularly con- ures.
vincing as to the imminent state of affairs, at all events
From another point of view, the question of the
chapter
next
the
to
as
ns
questio
hold which the Liberal Ministry is likely to retain on
raise some interesting
of
position
the
That
history.
ial
power is interwoven with the question, what the tenure
in British Minister
year
one
was
it
what
quite
not
is
y
of life by a British Cabinet usually is. The Asquith
the Asquith Ministr
Every
one.
every
by
d
admitte
is
Ministry was returned to power in the election of Deago,
or two years
of
loss
less
or
more
suffers
1910 with a coalition majority of 126, as
cember
tion
combina
ministerial
ion.
Parliamentary and popular support as its tenure of against a majority of 122 at the time of dissolut
h;
strengt
Liberal
in
gain
office draws on; if there were no other reason, the dis- This, however, represented no
from
votes
two
lost
fact,
in
content of Parliamentary supporters, all of whom the Liberals themselves,
or exactly the same as
tation,
represen
s
previou
their
tions,
expecta
original
their
d
could not have obtaine
the gain of two Labor
was
It
lost.
t party
would operate in that direction. This is a familiar the Unionis
which increased
votes
ist
National
Irish
votes and two
influence, even in American politics.
Ministry in
the
while
more,
Further
y.
the
majorit
But in the case of the Asquith Cabinet, there are
votes in
three
of
gain
net
a
made
election
1910
the
more definite reasons for such loss of influence. The
, the
Ireland
in
two
constituency and of
Morocco incident, with the sudden light it threw on the London
s
borough
English
the
in
ion gained three seats
the foreign policy of Sir Edward Grey, was an ad- Opposit
.
mitted blow at ministerial prestige. Not only did and counties
fact of a majority in the last election
the
mere
But
to
it
were,
as
ht
overnig
up,
the British public wake
y for continued tenure of power.
s
no
guarant
provide
the knowledge that it had been directly on the verge
n throw some light on the questraditio
and
nt
Precede
of a possible European war, but uneasy suspicion has
of a given party's control over
life
e
the
probabl
of
tion
gained ground in England, justly or unjustly, that the
British politics. The last Tory Ministry, under Lord
British Foreign Office had been made something of a
Salisbury and Mr. Balfour, held power for an unusually
cat's-paw both by France and by Germany. This
long time;Salisbury was named in June 1895 anclBalfour
impression was far from being removed when the pubin December 1905, so that the Tory governlic learned how very humiliating was the position in resigned
which preceded the chapter of Liberal supremacy
which England had been placed regarding Persia, ment
lasted a little over ten years. But the successive
through its secret treaty with Russia.
es of Gladstone and Rosebery, which
In the City district, the unsettlement of financial Liberal ministri
d the Salisbury regime, held power through
markets, especially for consols, has exerted an adverse precede
the Salisbury Premiership which beinfluence—largely, however, offset by the favorable three years only;
1886 lasted exactly six years; Gladstone, who
condition of general trade. Personal dissension in gan in
six months only;
the Cabinet has not been lacking, if floating reports preceded him, had been in office
held power only
,
tration
adminis
are to be believed; especially the reputed jealousy be- Salisbury, in his first
FEB. 10 1912.j
THE CHRONICLE
eight months. The two alternate periods of Liberal
and Tory supremacy which preceded that, lasted respectively five and six years. So that the record
would certainly seem to indicate something around
five or six years as a party's extreme probable tenure
of office under ordinary circumstances.
Now, the Liberals have been in office since the
Campbell-Bannerman Ministry was formed in December 1905—the Ministry being headed, after that statesman's death, by Asquith. The Liberal Party has
therefore been in power already for more than six
years, and all precedent (except that of the preceding
Tory Ministry), would indicate that it has fairly lived
out its normal term. And, in fact, it is admitted by
all political historians that the ten-year career of the
Salisbury and Balfour ministries, from 1895 to 1905,
was largely made possible by the Boer War of 1899
and the three succeeding years, which had the effect
that almost all wars have, of blocking the plans of the
Opposition.
When one asks, what should operate to reverse
ministerial majorities under the present state of things
in England, the answer must be based on the other
question, what usually does cause such reversal? The
downfall of a British ministry may be caused by blunders in foreign policy; by dissension within the party
on home policies; by hard times and unsatisfactory
finance, which awaken discontent with all the powers
that be; by general and indefinite popular unrest; or
by the mere fact that a given government has outworn
its welcome. As to these various possible causes, it
may be readily perceived that blunders in foreign affairs have been of late rather obviously in evidence.
Quarrels within the party have been veiled, but have
certainly existed, and by all precedent would break
out with greater force if the party's fortunes in a general way were seen to be growing less favorable. Hard
times cannot be said to exist in British trade, which
seems still to be flourishing; but on the great financial
markets there is certainly' an unsatisfactory condition of affairs, such as has emphasized itself in a
steady depreciation of British Government securities.
Popular unrest very clearly exists, and is possibly increasing; but it is doubtful whether this, unless under
very decidedly altered conditions, can operate adversely to the present Government, which has certainly
made its foremost program the deferring to the demands of labor and of the poorer classes generally at
the expense of the well-to-do.
The final consideration, that'a time arrives when any
government long in power will have worn out its welcome with the voting electorate,is a factor whose scope
of operation always depends on the political circumstances of the day. That it normally should operate
against the Liberal Government there can be little
doubt; but the circumstances are peculiar. First,
through lack of a powerful individual leadership
trusted by the country as a whole, and,next,through
continuance of the protectionist platform, on which
the country is radically divided, the Conservative
Party itself is forced to recognize the difficulty of
striking a formidable blow at the present Liberal
ascendency.
How much of all this was due to Mr. Balfour's uncertain leadership in opposition, and how much to the
fact that the Chamberlain plan of tariff reform has
itself been a possible millstone around the party's
neck, is not so easy even for Englishmen to say. But
that these two considerations are the strong points in
av or of the existing political regime is doubted by no
383
one. The natural tendency to loss of political control after so long an official tenure may mean, in the
case of the present Liberal Ministry, merely a growing spirit of revolt within the party; yet even that
should operate as some restraint on ultra-radical plans
and leadership. How far this influence is likely to
exert itself at the present time can be better judged
when the larger policies of the Asquith Ministry are
presently placed before Parliament.
THE PUBLIC SERVICE OF THE RAILROAD.
It is interesting to see the great trunk lines vying
with each other in the attractiveness, timeliness and
reasonableness of their direct talks with the public
through advertisement. Several of these have seemed
worthy of mention as suggestive matter, and so is the
latest by the latest by the Pennsylvania "about
courteous treatment." If (it begins) the passenger is
met at once by a courteous conductor who assigns him
to his place "in a welcoming tone," the trip has a
pleasant beginning. If the conductor takes up his
ticket "as if it were a pleasure instead of a duty," and
the dining and the club cars are pleasantly companionable, the passenger realizes that modern travel
may contain genuine enjoyment. It is the management's constant aim, this little talk proceeds, to set
and keep the standard high. "Its employees are instructed and trained in the school of civility"; it is
their duty, within their power, to make every trip
a pleasure trip.
While this is somewhat hyperbolical and smacks a
little of the overstatement which is venial in advertizing, it epitomizes much that ought to be remembered. Contrasted with the "genuine enjoyment in
the modern means of travel," very few persons recall
the means which existed in the mid-century. Few
remember early railroading, when on such comparatively short lines as between this city and Boston and
this city and Buffalo one must pass over ill-joined
pieces of inferior track, presenting new tickets, rechecking baggage, and with more or less enforced
waiting en route. The jolting cars, the accommodation trains which did not accommodate, the stoves at
the ends, the stops for refreshments—all these are
practically gone. The locomotive of 1850 or 1870
could not draw the train of to-day; the way and track
of 1850 or 1870 would be destroyed by the trail) of
to-day; except in the essentials, the railway lias
been developed into a new thing, a giant replacing a
pigmy.
All this has been too swiftly forgotten, but the forgetfulness has not stopped there. The more the railroad does, the more is demanded of it; the more intimately and vitally it enters into all life and all movement of civilization as a factor, the less is obligation
to it generally recognized. As notable examples, the
Pennsylvania's great expenditures on improvements
in New York met opposition, as if it were seeking
privilege instead of conferring something upon the
city, and to this day it has been unable to secure the
local connections with travel which were morally
promised to it; also the business success and vast public
service of the Interborough is imputed to that company as a sin, the punishment of which must b" included in any scheme of further subway construction.
Less than forty years ago, not only public landgrants but municipal aid was offered to railway construction in new territory, for men so eagerly desired
it that they were willing almost to let it make its
384
THE CHRONICLE
own terms. Gratitude has been defined as a lively
sense of things expected; gratitude and appreciation
both are liable to fade after the things are acquired.
"There is a good deal of heart in a corporation, after
all," says the Pennsylvania's advertisement. Doubtess; for how can an association of human beings miss
any human qualities? Yet it is unnecessary to import
altruism into corporate management, enlightened
selfishness being enough; still, that selfishness on one
side ought not to be opposed by the unenlightened
kind on the other. And when reaction pushes so far
from the old courting of railroads as to denounce them
as public enemies, a popular feeling is stirred up which
imagines them monsters of power as well as of cruelty.
Then people forget that a railroad can get only the
usual hundred cents out of a dollar; also that capital
is never successfully invited with a club. We come
in this way to the situation as seen by Mr. Acworth:
when an irresistible demand for more construction is
opposed by the discouragement which all this warring
has impressed upon private capital. This means
Government ownership, Mr. Acworth fears. It certainly does mean that last state which will be worse
than the first, unless popular feeling gradually clears
and cools.
THE OUTLOOK FOR A CHINESE
REPUBLIC.
Now that the overthrow of the Manchu Dynasty
seems to be effectually accomplished, it remains to
inquire what are the prospects of the new government,
both as to its form and its permanence. We are perfectly aware that in regard to no other nation or people
is prophecy of less value or is present judgment less
likely to be correct. At the same time there are certain facts which recent events have brought into evidence which will have value in determining the future.
These may be classed as matters of history, imported
ideas of democracy, internal social and civic structure
and external pressure. They are of relative importance in their inverse order.
The experience of China in recent times is sharply
contrary to the teachings of the advocates of the modem peace doctrine. No nation has for centuries pursued so consistently the policy of non-intervention in
the affairs of other nations, or has so steadily abstained
from territorial aggression. China has wanted only
to "live and let live." She has had practically no
navy and no army that, by the remotest stretch of
imagination, could be regarded as weapons of offence.
And what has been her experience? Great slices of
her territory have been taken possession of, now by
one nation and now by another. She has lately lost
her long-cherished sovereignty over one dependent
kingdom, and has retained little more than a nominal
title to the vast and fertile areas of Manchuria. She is
threatened with the loss of Mongolia, and she has
endured in recent times no less than three humiliating
foreign attacks, by land or by sea. Whatever may be
the desire of those who control her destinies to*maintain
the ancient policy of non-aggression, her recent experience will compel her, in whatever lines of development she may decide to go forward,to aim at securing,
as an essential of her national life, a sufficiently strong
central government to create an efficient national army
and navy. The existing armies belong to the separate
provinces in which they have been raised, and in which
they have been developed in varying degrees of efficiency. The Imperial force, under the command of
[VoL. Lxxxxxv.
the Manchus at Peking, is practically of no further
account. It will be difficult to secure a central control of these existing military units, but that control
must be secured. And, unless it may be done by the
appearance of a military leader of sufficient force or
genius to take supreme command at once, a central
government of such power and permanence as to be
universally recognized will be necessary. Turkey
was able to create such a government out of her existent army, but that does not seem possible to-day in
China. An army such as is needed is yet to be created
and the pre-eminent military, leader is as yet undeclared.
The internal social and civic structure of China will
have much to do in determining the character of the
new government. That structure is both co-extensive
with the nation and as old as its history. It begins
with the family in the most positive and comprehensive
form in which it is known in the world of to-day, for
it embraces the dead as well as the living. Writers on
China have spoken of the family as the "cell" out of
which has developed the organism of the village,
which is both the social and the civic unit. This corresponds to the Russian mir. It is the home of the
Chinaman in a superlative sense. His life is identified
with it, and wherever he wanders he must return, alive
or dead, to end his career in it. It is governed by a
single magistrate, who exercises the functions of
sheriff, coroner, tax collector, public prosecutor and
practically whatever else may be required. He is
aided by a board of elders, whom he appoints with the
consent of the people, and they perform all the necessary functions of government, according to customs
which are so old that they have the authority of law.
These villages are united for Imperial purposes, in
districts which are overlooked by a prefect, and these
in turn into departments under still higher officers,
and these, again, into provinces under a superior
governor. The duties of these superior officers are
mainly to see that the taxes are collected and forwarded to the central government.
The Government at Peking is controlled largely
through its control of the taxes and through the personal force of the Crown in the final appointment of
all public positions. These positions are accessible
only to those who have passed the supreme literary
examinations, and the Crown selects its highest officers
from the lists that are furnished by the examiners.
Large money considerations are known to be involved,
and, of course, there is always room for personal and
political influence. The revenues that are actually
collected are but a small part of what are nominally
to be gathered, and the residuum which passes through
the hands of many subordinate officers and finally
reaches Peking is but a small percentage of the total
available sum. But the people as a whole have local
autonomy and are, in normal conditions, at peace in
their feelings toward the central government of which
they see little evidence, as the local authorities have
all the authority that is necessary for the exercise
of their duties.
The effect of this ancient civic system cannot fail
to be of prime importance in determining the form of
the new government. Its analogy with the American
State is only in the highest degree superficial. And
it is quite impossible, at this stage of the development,
to tell what will be the form in which these local units
will be connected with a new central government. For
the necessity of a strong central government will be
difficult to co-ordinate with the local autonomy of
FEB. 10 1912.]
THE CHRONICLE
385
the districts and provinces. The Chinese language, the Southern division, which was the Chinese kingalso, while nominally one, is broken up into so many dom, and as a consequence has long been dear to the
forms that the citizens of one province cannot under- Chinese mind as the ancient capital. In the seventh
stand those of another, though there is a written form century the Empire was reunited under the Sung
which passes current and may be the basis of a Dynasty. In the twelfth century Kai-Feng was the
rapid unifying of the speech of to-day. Time, how- capital, until it fell before the Tartars. Then the
ever, will be a very necessary element in its develop- seat of government was moved first to Nanking and
afterward to Hang Chow. Kublai Khan, the Mongol,
ment.
have
which
fixed
his capital at Pekin, where it remained until the
The value of the ideas of democracy
students
Ming
Chinese
Dynasty, which was replaced in 1644 by the
such
by
China
been brought back to
some
have
will
What effect this history will have upon
Manchus.
lands
other
in
educated
as have been
supposed.
be
the
as
may
which are soon to be decided will be
questions
much
as
not
but
doubtless;
effect,
In many cases the grasp upon those ideas by the stu- determined by events which have not yet transpired,
dent is very slight. Many of them have only learned but these are important facts in the determining of
of them from their visits in Japan, so that they come that future.
Taken in connection with those which we have
to China practically at third hand; and those whose
thorough,
and
t,
more
passed in review, it will be seen that the
already
theOcciden
in
education has been
touch
in China is one that may well tax not only
such
situation
limited
had
have
and
number
are so few in
that
expected
is
to
the
not
be
it
type of patriotism, but also of intellectual
highest
that
life
Western
with
their conception of modern democracy will go very far ability and historical and political sense. It is China's
in guiding the thought or meeting the needs of China. great opportunity. It may be that the ranks of the
Analogies between the Chinese political condition and Republican leaders will produce a man to take the
those of the Western world, whether of America or of place in Chinese history of a Napoleon or a Charles
the governments of the European States, will not be XII, or a Frederick the Great, or, possibly, a Washvery valuable, as the inherent conditions are so widely ington. It may be that there will develop a group of
diverse and as the temperament and needs of the East political leaders of sufficient sagacity to guide the
nation in creating a republican form of government
and the West are so fundamentally different.
It is quite beside the mark to argue from the develop- quite as worthy as any that now exists, and yet so
ment of what may be called the New Democracy of the different from it as to meet the conditions of a great
West, either in its more conservative or its socialistic State. But when it is remembered that that State
form, as to what is before China. We are very apt to embraces more than four hundred millions of people
think that as China has everything to learn, we are and has a history of an existent form of government
provided with everything to teach. But our own and of political life reaching back into the third
republics are as yet so relatively untried in the face millenium, the difficulty of the task is indeed imof the great problems of internal adjustment which posing. Should it be successfully performed, as civiare now upon us, and our own conceptions as to what lized people in all the world may well hope, it may be
is to be the line of their development are as yet so regarded as far and away the most momentous event
immature, that we are certainly in no condition to in modern history. Its effect upon not only the trade
speak with anything of authority as to what ought and the civilization, but also the thought of the world,
to be recommended to China, even if we had an oppor- cannot fail to be enormous. If, on the other hand,
tunity to make recommendations.that might be ac-' the attempt should fail, the breaking up of such an
cepted. The late Empress held together the Empire historic race and its national life may easily produce
largely by her personal force and remarkable political a chaos which will be demoralizing in its effect to the
ability. That she was able to do it so long in the face remotest part of the Occident.
of the disturbance of the national life by the various
aggressions of foreign nations, and in the face of the
moving of the masses of her people towards meeting MONTHLY RETURNS OF RAILROAD EARNINGS TO
BE CURTAILED.
new economic conditions, is a remarkable evidence of
Commission has determined
Commerce
of
a
force
the
Inter-State
by
dominant
ed
The
accomplish
be
what may
monthly returns of earnings from
personality. How that force is to be transferred to not to require hereafter
carriers whose annual operating revenue falls short of
the representative of any form of republican govern- $100,000, except where such carriers may be controlled by
ment, or to some small oligarchy, where it shall still one of the larger systems. In accordance with this change
represent four hundred millions of people, is a ques- of policy the Statistician to the Commission, William
tion entirely beyond our power to forecast. That J. Meyers, on Wednesday of this week sent notices to
all the roads concerned. The following is a
imported ideas will have some part to play is highly that effect toMeyers,
letter announcing the action of the
Mr.
of
copy
probable. But it is also likely that that part will not Commission:
be so important as the Western world might anticiFebruary 7 1912.
Dear Sir: The Inter-State Commerce Commission, by its order duly
pate.
entered of record, has directed that
Certain events in Chinese history gain a new sig- "steam
June 30 1911
roads whose operating revenues for the year ended not
controlled
are
less than one hundred thousand dollars, and which
nificance and importance in the present crisis. One were
be reor
otherwise,
owffership
stock
by other common carriers through
revenues and expenses, provided.
of
reports
monthly
of
filing
the
from
lieved
be
location
the
to
will
steam
of
any
a
of the great questions be settled
year
fiscal
during
revenues
operating
that whenever the
thousand dollars, such
amount to or are in excess of one hundred
the
Commission
of
of the new Capital and whether or not there shall be road
Statistics
of
Division
the
with
file
thereafter
shall
carrier
verified monthly statements of revenues and expenses in accordance
more than one, or whether the kingdom is to be in any duly
with the rules of the Commission regarding the filing of monthly reports
revenues and expenses."
way divided. Peking has been the capital of the of In
accordance with this order, your company is relieved of filing monthly
present
Manchus,and "Chinese" Gordon long ago advised China, reports of revenues and expenses for the first six months ofofthe
your comyear. Should it develop that the operating revenues
thousand
when threatened by the Russian advance, to "Move calendar
30
hundred
of
one
June
the
reach
sum
pany for any year ending
dollars, you will be expected to notify this office of such fact as soon as It
your Queen Bee to Nanking." In the third century is
ascertained, 'in order that suitable blank forms may be sent you for
there were three kingdoms and three capitals. Later monthly reports thereafter to be rendered.
Please acknowledge receipt of this communication.
there were two, the Northern and Southern, divided
Very respectfully,
WILLIAM J. MEYERS, Statistician.
by the Yangtsi River. Nanking was the capital of
386
THE CHRONICLE
[VOL. wc.xxxiv.
roads have not yet furnished their figures, while the
RAILROAD GROSS EARNINGS FOR THE
December results are lacking for some of the roads
CALENDAR YEAR.
included in our tabulation, making it necessary in
Railroad gross earnings for the calendar year fursuch instances to give the figures for the eleven
nish testimony to the unfavorable conditions with
months of the two years instead of for the full twelve
which the railroad-carrying industry had to contend
months. Our statements, however, cover practically
during that period of twelve months. The aggregate
the entire railroad mileage of the country-241,432
of the gross revenues of the railroad system of the
miles being represented in 1911 and 238,275 miles in
United States shows a substantial reduction from the
1910-and hence are so nearly complete that there is
aggregate for the twelve months .preceding. When
little likelihood of any very great change in the aggrewe say substantial, we have reference to the amount
gate for the railroad mileage of the country as a
of the loss. In ratio, the falling off is really quite
whole.
slight, since we are dealing with totals of large magniIf the loss is relatively slight, having regard to the
tuck. The small extent of the shrinkage, having refmagnitude of the railroad system, its importance
erence to the percentage of decline, appears all the
as indicating disturbed conditions is not to be undermore noteworthy when it is recalled that in the calenestimated. The normal status in a new and fastdar year preceding (1910) the gross receipts gave little
developing country like the United States is one
or no evidence of the troubles in the railroad world
of growth from year to year-quite fair growth, too,
which were even then heaping up very fast. In other
where not interrupted by extraneous circumstances.
words, there had been in 1910 further very noteworthy
Instead of this normal growth in 1911 we have an
growth in the gross receipts, though this improvement
actual loss to the extent indicated by our figures.
at that time did not extend to the net earnings, owing
It is obvious that the harm sustained is not to be
to the tremendous augmentation in expenses which
measured by the mere amount of loss in earnings
marked the course of railroad operations in that year.
actually recorded, but by this loss plus what the
The traffic and the tonnage of the roads in 1910 were
further addition to the total would have Been had
perhaps the largest, by a good deal, in their entire histhe normal status prevailed. The fact is, 1911
tory. The reason was that business activity was un- belongs
in the same class as the year 1908 (which
der great momentum and, while tone and sentiment followed
the panic of 1907), except that the setback
were completely changed, trade, until well towards
and falling off were much less pronounced. In both
the close of the year, was maintained at nearly full
1910 and 1909 the additions to the revenues of the
volume in execution of orders previously given.
road were very large and these years furnish a sharp
In 1911 all this .was changed. Trade reaction becontrast with the results for 1911. For 1910 the
came steadily more pronounced, mainly because congain reached no less than $239,901,258 and for 1909 it
fidence was deeply disturbed. Men of means, in view
amounted to $282,453,959, using for both periods
of the unfavorable political developments, and especthe footings arrived at by combining the figures in the
ially the severe trials to which the railroads were submonthly summaries of the Inter-State Commerce
jected, were afraid to embark upon new ventures,
Commission. An important distinction, of course,
and thereby the new capital outlays were enormust be made between the improvement in 1909 and
mously curtailed. Business nevertheless remained
that in 1910. One represented merely a recovery
large, inasmuch as the ordinary consumptive requireof what had been lost in 1908 while the gain in 1910
ments of a population of over 90 million people were
represented new growth.
in no material degree interfered with. The railroads
The loss in 1908 in amount was larger even than the
th aselves, however, were under the severest strain, gain
of 1909 or 1910 notwithstanding the magnitude
an(; obliged to restrict not only their new capital outof these latter. According to our final tabulations
lays', but .also their ordinary current expenditures. the
loss in gross revenues for 1908 reached $301,Th...r managers had been counting upon being allowed
749,724. But these figures covered only 199,726
to make slight advances in freight rates,on the basis miles
of road. Careful computations which we made
of the applications pending before the Inter-State Comat the time showed that if we could have had returns
merce Commission when the year opened, but towards
for the whole railroad mileage of the country, the
the close of February the Commission announced its
decrease in gross earnings would probably have been
decisions in these rate cases and refused to give perno less than $345,000,000. Prior to 1908, we need
mission to make any advances whatever of a general
hardly say, we had an uninterrupted series of gains,
nature, either on the Eastern roads or the Western
year by year, back to 1896, as will appear from the
roads. As the year advanced other rulings came from followin
g summary of the yearly totals. The mileage
the Commission adverse to the carrying interest. An- covered
in each year is indicated in the table.
other untoward circumstance the latter part was the
Afileage.
Gross Earnings.
Increase(+)
short yield of the country's cereal; crops and other Jan. 1 to
or
Year
Year InYear
Year
Decrease (-).
agricultural productions, though this was more than Dec. 31. Given.
Preced. cr'se.
Given.
Preceding.
offset in one section of the country by the unpreceYear.
Miles. Miles.
$
156,911 155,950 0.62 1,046,616,407 1,176,821,73
1894
5 -130,205,328 11.07
dented yield of cotton.
157,537 156,110 0.90 1,086,464,608 1,024,461,781 +62,002,827 6.05
1895
162,037 161.340 0.83 1,114.430.883 1,114,696,88
1896
-266,004 0.02
Stated in brief our compilations show a loss in gross 1897
165,253 163,840 1.15 1,185,154,654 1,122.817.577
9 +62,337,075 5.55
1808
-- 164,893 163,075 0.89 1,253,807.714 1,172,777.136 +81,030,578 6.98
164,080 161,295 2.20 1,332,666,853 1,213,686,61 +118,980,243 9.81
earnings for the twelve months in the sum of $31,- 1899
172,358 167,396 2.97 1,459,173.305 1.345,201,0050 +113,072,300 8.46
1900
179,097 176,673 1.25 1,603,911,087 1,464,922,185 +148,988,902 10.24
026,566. This is obviously no mean figure. But, as 1901
181,928 178,929 1.56 1,705,497,253 1 604 633.539 +100,863,714 6.28
1902.
181,138 177,427 2.13 1,918,852,252 1,716,458,891 +202,193,361 11.77
already noted, our totals are of enormous extent(over 1903
196,724 193,257 1.65 1,986,596,578 1,957,831,299 +8,765,279 0.45
1904
195,251 193,385 0.96 2,099,381,086 1,929,382,94 +169,998,137 8.70
1905
23% billion dollars) and consequently the shrinkage, 1906
203,411 199,983 1.71 2,374,196,410 2,132,282,8149 +241,913,596 11.34
205,276 202,953 1.14 2,595,531,672 2,373,888,811 +221,642,861 9.33
after all, is only a little more than one per cent-1.09%. 1907
199,726 197,237 1.26 2,235,164,873 2,536,914.597 -301,749,724 11.90
1908
228,508 225,027 1.54 2,605,003,302 2.322,549,343 +282,453,959 11.50
1909
The aggregate of the earnings for 1911 is $2,822,722,752 1910
211,384 238,080 1.87 2,836,795,091 2,597,783,833 +239,901,258 9.25
241,432 238,275 1.32 2,822.722.752 2,813,740,318 -31,020,560 1.09
and that for 1910 $2,853,749,318. The figures are 1911
not absolutely final, but should furnish a very close
Beginning with February there was a loss in gross
approach to the actual results. A number of minor earnings in each and
every month with the exception of
September and October, and later also December. The
following furnishes the comparisons for each of the
twelve months. It is to be said that the weather was
not a disturbing influence in the early months, as it
sometimes is when the winter is a severe one. On this
occasion it was comparatively mild,though in January
over a limited section in the Sierra Mountains the
heaviest snowstorm and blizzard in fifty years was
reported. The Harriman roads the latter part of the
year had a strike of the shopmen to contend with, this
strike having been inaugurated the last day of September and having continued through the rest of the
year. The Illinois Central. suffered most severely
and the Union Pacific and Southern Pacific likewise
were unfavorably affected, though not to anywhere
near the extent of the Ilinois Central.
1911.
January
February
March
April
May
June
July
August
September
October
November
December
Gross Earnings.
M1.le,.1 of
Road in
Month.
387
THE CHRONICLE
FEB. 10 1912.
1910.
1911.
1910.
Inc.(+)or
Dec.(-).
$
$
$
242,479 238,866 215,057,017 210,808,247 +4,248,770
242 640 238.603 199,035,257 202,492,120 -3,456,863
242,686 238,941 226,997,481 238,336,609 -11 339,128
242,933 239,132 218,177,123 225,700,811 -7,523,683
243,170 239,357 229,642,771 234,339,874 -4,697,103
243,742 240,012 231,697,053 238,156,755 -6,459,702
244,508 240,088 231,688,006 233,169,887 -1,481,881
244,531 240,170 253,043,102 254,886,944 -1,843,842
+507,987
245,494 240,825 257,256,762 256,748,775
236,291 233,199 260,482,221 259,111,859 +1,370,362
234,209 231,563 241,343,763 243,111,388 -1,767,625
219,380 218,109 221,659,737 220,400,002 +1,259,735
%
2.01
1.78
4.76
3.33
2.00
2.71
0.65
0.72
0.19
0.53
0.73
0.57
reversing the experience of the previous year, when ii
the case of every one of these items there was a considerable increase over 1909. Adding rye, aggregate
receipts of the five cereals for the 52 weeks of 1911
were only 612,608,743 bushels, against 702,977,509
bushels in 1910 and 636,375,483 bushels in 1909.
The loss from 1910, it will be seen, was over 90,000,000
bushels. A considerable portion of this falling off
occurred during the first six months, the grain receipts
at the Western primary markets during the first
26 weeks of 1911 having been 229,648,363 bushels,
against 288,194,670 bushels in the first 26 weeks of
1910. In the case of wheat the whole of the loss of the
year was incurred in the first half of the year. This
was owing mainly to the fact that at Duluth and
Minneapolis the receipts the latter part of the year
increased. The spring-wheat yield in Minnesota and
the Dakotas was deficient in both 1911 and 1910, but
apparently in certain sections of that territory the
1911 crop, though still small, was somewhat better
than the 1910 crop had been, with the natural consequence of enlarged deliveries of the grain at the two
chief receiving points, Duluth and Minneapolis. In
the following we show the details of the Wester'
grain movement at the different markets for the
52 weeks of the last two years:
Jan. 1 to
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Dec. 31- (bats.)
A few figures bearing upon traffic movements may Chicago
97,156,700 88,096,500 21,569,000 1,604.700
35,567,702
2
1911___5,472,62
be cited to show the extent to which the railroads
1910...8.006.283 27.537,900 102,565,850 101,859,100 25,721,000 1.153.500
Milwaukee7,459,810 11,070,004 11,160,856 1,851.140
suffered from the reaction in trade. The shipments 1911..__3,142,494 8,217,850 8,097,700
13,319,010 14,588,493 1,431.540
1910___3,144,725 10,313,810
of iron ore by water from the Upper Lake ports aggre- Bt. Louis202,090
1911._ _2,490,605 15,633,175 20,904,231 18,362,500 1,992,552
gated only 32,130,411 tons in 1911, against 42,- 1910..__2,678,045 19,162,310 22,061,082 21,885,120 2,405,865 334.923
Toledo12,000
6.523,000 4,612,000 3,539,000
1911_
620,206 tons in 1910 and 41,683,599 tons in 1909. 1910,110,650
1,000
4,313,600 4,325,100 4,024,150
less
much
so
just
was
there
Detroit
that
course,
of
That means,
1911._ 283,452 2,308,946 3,321,755 2,810,880
1,827,373 3,338,040 2,636,903
1910___ 242,534
for the railroads to distribute after the ore was de- Cleveland
512
39,615
489,591 3,541,460 2,504,285
1911_ 30,974
livered at the Lower Lake ports. The production
7,242
83,732
836,133 5,035,336 5,206,621
1910_ 87,608
tons,
Peoria
against
of pig iron in 1911 was but 23,649,344
243.300
1,983,743
1,239,155 14,865,005 6,649,153
1911_2,139,096
371,192
1,216,264 16,746,293 12,608,567 2,745,229
1910___2.822.294
27,303,567 tons in 1910 and 25,795,471 tons in 1909. Duluth
744,3811
1,498,649 4,522,700 6,118,608
1911._ 665,655 31,144,429
The shipments of Connellsville coke in 1911 footed
463,080
951,363 5,872,499 10,826,622
1910_ 842,545 32,247,331
up 16,334,174 short tons in 1911, against 18,- Minneapolis
89,711,290 6,607,741 10,732,974 20,178,140 2,281.239
1911_
100,168,079 9,927,731 19,436,888 21,653,706 1.890,680
1910_
689,722 tons in 1910 and 17,785,832 tons in 1909. Kansas
City24,092.710 15,441,900 5,911,700
1911....
Anthracite coal shipments were larger than in 1910, 1910_
41,675,450 16,101,650 4,801,800
as the anthracite trade often follows a course of its Total of all1911_14,224,898 214,927,848 175,409,251 152,199,761 63,042,514 7,029,369
1910_17,824.034 239,298,250 188,150,145 191,740,666 78,025,647 5,762.807
own. These anthracite shipments in 1911 were
The falling off in grain atthe West was not duplicated
69,954,299 tons, against 64,905,786 tons in 1910.
doubtless
was
,
however,
Bituminous coal production
in the movement at the seaboard, which doubtless is
year,
perhaps,
though
in
preceding
the
than
smaller
one reason why the earnings of the trunk lines between
the
1910
with
in
so,
since
difficulties
largely
very
not
Chicago and St. Louis and the seaboard are much
miners led to wholesale suspension of mining operations more satisfactory, as a rule, than the comparisons for
over important districts for considerable periods of the Far Western roads. For the 52 weeks of 1911 the
time. In the early months of 1911 the market for deliveries of wheat, corn, oats, barley and rye at
bituminous coal was reported as overstocked, and seaboard points aggregated 219,222,512 bushels,
many of the mines in important sections of the country against 177,292,063 bushels in 1910 and 201,871,110
were reported as working to only a limited portion bushels in 1909. The increase over 1910 was 42
of their capacity. The statement of coal and coke 000,000 bushels, besides which there was also some
carried over the lines of the Pennsyvania Railroad,East gain in the flour deliveries. Of the gain somewhat
of Pittsburgh and Erie, for the calendar year 1911, over one-half was made in the first 26 weeks, when
shows an aggregate of 65,015,701 tons carried, against the deliveries in 1911 were 105,218,525 bushels,
65,916,840 tons in 1910, the decrease being 901,139 against 81,375,347 bushels in 1910.
GRAIN AND FLOUR RECEIPTS AT SEABOARD FOR 52 WEEKS.
tons. The decrease, however, was wholly in the
1907.
1908.
1909.
1910.
1911.
Receipts of19,779,188
18,816,390
the
17,805,785
anthracite
as
of
movement
both
Flour ....__bbla. 19,279.879 18,437,691
coke shipments,
76,029,415 101,316,741 120,018,501 130,795,240
and bituminous coal was larger than it had been in the Wheat_ _ _bush. 97,528,068
47,356,213 44,981,837 88,236,754
68,194,983 45,703,644
Corn
44,650,823 43,450,996 53,486,594
50,466,287
47,296.134
Oats
previous year.
4,853,480
6,804,685
7,406,015
4,130.025
5,161,650
Barley
2,464,411
2,909,411
1,141,318
962,692
1,041,677
Besides the presence of business depression an Rye
adverse influence with most Western roads was the Total graln..219,222.512 177.292.063 201.871.110 218.165.430 279.836.479
Southern roads had the advantage of a larger cotton
lessened grain yield of 1911 as a result of the drought
At the Southern outports the receipts
movement.
and hot weather experienced during the growing period.
year 1911 were 9,591,202 bales,
calendar
the
for
receipts
At the Western primary markets aggregate
in 1910 and 8,623,752 bales in
bales
8,193,077
against
than
1911
year
calendar
were smaller during the
six months of the year some
first
the
in
Even
1909.
leading
the
of
one
every
in
the
of
case
1910
during
the
cereals, namely wheat, corn, oats and barley, thus improvement was established, as compared with
388
THE CHRONICLE
small total of 1910, but still leaving the receipts far
short of the large total of the first six months of 1909.
In 1911 the receipts for the six months were 2,265,913
bales, in 1910 1,964,066 bales and in 1909 3,40S,041
bales. For the full twelve months the comparison is
as follows:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY 1 TO
DECEMBER 31 1906 TO 1911 INCLUSIVE.
Full Year.
Ports.
1911.
1910.
1909.
1908.
1907.
i[VoL. Lxxxxiv.
Note.-Figures in parenthesis after name of road indicate the number
of
lines or companies for which separate returns are given and which
we have
combined so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
b These figures cover merely the operations of the New York Central itself.
Including the various auxiliary and controlled roads, like the Michigan
Central, the Lake Shore, the "Big Four," the "Nickel Plate," &e., the whole
going to form the New York Central System, the result is a gain of $1,308,229
y These figures represent the lines directly operated east and west of Pitts
burgh, Eastern lines showing $2,969,886 decrease and the Western lines
$6,111,731; for all lines owned, leased, operated and
controlled, the result
for the twelve months is a loss of $9,571,545.
EARNINGS OF SOUTHERN GROUP.
Year.
1911.
Ala Gt So_
Cent of Ga
Ches & Oh
C N O&TP
Lou&Nash
Mob& Oh_
N C &St L
Nor & Wes
South Ry_
Yaz & MV
$
4,571,20'
13,422,476
32,709,160
9,234,046
54,372,032
11,494,822
12,418,864
37,048,471
61,592,940
10,452,387
1910.
1
1909.
1908.
1907.
1906.
s
s
$
$
$
4,516,365 3,769,5961 3,359,232 4,050,470
12,525,587 11,467,3271 11,006,893 12,310,456
32,540,622 28,882,5001 24,270,095 28,189,556
9.446,989 8,381,4671 7,363,650 8,625,267
54,428,97347,925,5231 43,508,681 48,608,049
10,988,634 10,013,9951 9,199,535 11,077,29;
11.926,765.. 11,276,3961 10,551,123 12,326,926
36,228,5741 3I,956,442j 26,643,769 33,01.7,720
59,152,935 54,366,7451 49,335,470 57,166,6U)
10,516,298,b10,002,427 al0,074,844 al0,220,241
1906.
3,942,648
Galveston
11,643,275
bales. 3,135,813 2,882,807 3,052,438 3,663,535 3,002,472 3,189,408
25,322,229
Port Arthur, &c
806,305 407,029 343,846 154,891 167,922 151,159
8,615,228
New Orleans
1,495,219 1,579,170 1,609,732 2,134,367 2,045.236 2,103,161
45,856,765
Mobile
290,769 277,087 317,346 364,778 302,483 255,533
10,034,201
Pensacola, &c
243,241 157,166 223,531 202,910 170,802 178,360
Savannah
11.546,033
1,914,008 1,378,979 1,536,742 1,493,264 1,538,156 1,507,892
Brunswick
29,686,565
322,324 209,267 296,747 283,772 196,403 171,431
55,353,297
Charleston
338,288 288,519 249,302 186,601 198,416 150,600
9,412,977
Georgetown
2,140
1,490
1,836
1,955
637
1,509
Wilmington
432,591 377,523 385,410 427,673 440,480 310,715
Total__ 247,316,398 242,271,742,218,042,427 195,313,302 225,672,669 211,414,118
Norfolk
599,158 623,987 579,354 580,353 583,959 555,235
Newport News, &c
27,164
10,053
11,650
7,169
37,792
22,136
a Beginning with July 1907, includes some large items of Income not previously
Total
9,591,202 8,193,077 8,623,752 9,501,268 8,684,758 8,597,139 included in monthly returns.
b No longer includes receipts for hire of equipment, rentals and other items.
The shipments overland did not quite come up to
those of the two years preceding, they aggregating
1,243,162 bales in 1911, 1,317,813 bales in 1910
and 1,324,203 bales in 1909. In the first six months
the shipments overland were 579,703 bales in 191.1,
509,664 bales in 1910 and 710,783 bales in 1909.
Southern roads, as a class, did better than those
of any other group. We have seen that the cotton
movement was larger than that of the preceding year.
In addition,during the first six months the price of the
staple was maintained at very high figures. The
latter part of the year the South sent to market cotton
from the very largest crop ever produced. Aside from
the iron industry, business in the South was apparently
highly prosperous. Certainly trade conditions in that
section were far superior to those in other sections.
The anthracite coal group of roads made larger
earnings, owing to the fact that the shipments of
anthracite to market were on an increased scale.
Bearing all these facts in mind, it is not surprising
that when the returns of the separate companies are
examined, it is found that, notwithstanding earnings
of the railroad system as a whole were smaller than
during 1910, quite a number of separate companies
record larger or smaller increases. As a matter of fact,
it is mainly the roads in the western half of the
country that fared poorly, though some of the trunk
lines, like the Pennsylvania, also suffered heavy decreases.
In the following we show all changes for the separate
roads for amounts in excess of $500,000, whether in
creases or decreases: It will be observed that while
the increases are not nearly so conspicuous as the
decreases, yet they are respectable both in number
and amount. In some cases special causes exist for
the improved results the present year. Thus the
gain of $2,586,346 by the San Pedro Los Angeles &
Salt Lake road is due to the fact that in the previous
year the loss in earnings was as conspicuous as the
present gain, part of the line having been closed by
floods in the early months of 1910.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR TWELVE MONTIIs,
Increases.
Decreases.
N Y Cent ec Hudson Riv3b4,046,385 Pennsylvania (3)
$1/9,081,617
San Ped Los Ang & S L_ 2,586,346 Northern Pacific
8,026,010
Southern Railway
2,440.005 Union Pacific (3)
6,000,434
Lehigh Valley
2,159,651 Southern Pacific (10)__ _ 5,656,165
Atlantic Coast Line
1,736,445 Duluth Missabe & North 5,198,610
Seaboard Air Line
1,765,693 Chicago Burl & Quincy
4,738,512
Chic Milw & Puget Sd
1,497,262 Chicago Milw & St Paul_ 3,658,536
Virginian
1,341,170 Colorado & Southern (3) 2,810,028
Boston Fe Maine
1,194,063 Baltimore ec Ohio
2,798,836
Erie (2)
1,057,549 Chicago do North West
1,991,865
Delaware Se Hudson_ _ _ _ 1,028,245 Rock Island (3)
1,902,348
Central of Georgia
896,889 Pittsburgh ec Lake Erie_ 1,744,137
Norfolk & Western
819,897 Duluth & Iron Range__ _ 1,413,123
N Y N H & Hartford
773,390 Great Northern
1,343,338
Long Island
738,835 Hocking Valley
1,088,133
Spokane Portl'd de Seattle
734,076 Lake Shore ec Mich Sou_ 1,059,214
Chicago & Alton
719,113 Denver & Rio Grande..
991,255
Internat ec Great North_
612,377 Atch Top & San Fe (11)
946,406
Central of New Jersey__ _
609,149 Chicago St P Minn & O.._
928,519
Carolina Clinchf'd & Ohio
566,508 Illinois Central
869,238
Vandalia
558,047 Kansas City Southern__ _
806,661
Del Lack & Western_ __ _
533,631 Wabash
569,270
Maine Central
509,562 Vandalia
558,047
Mobile & Ohio__ _____
506,188
Representing 25 roads
in our compilation....$29,431,276
Representing 50 roads
in
compilation_ $64,18032_
EARNINGS OF SOUTHWESTERN AND PACIFIC GROUP.
Year,
1911.
1910.
1909.
1908.
1907.
1906.
$
s
$
$
89,161,173
$
07,330,121
a
AT & SF c 106,825,573 107,771,979 99,880,253
85,020,061
Col & So.b 14,434,581 17,244,600 15,649,266 14,527,918 14,475,389 12,510,188
Den & R G 22,880,019 23,871,274 22,288,589 19,464,019 22,136,141 20,389,152
Int&Gt No 9,673,310 9,060,933 8,275,589 7,503,807 7,954,182 7,752,107
M K & T_ 28,695,791 28,326,574 25,665,384 23,774,567 26,148,821 23,159,324
Mo Pao_ __ 53,748,531 53,638,138 40,394,524 43,112,487 49,182,037 46,587,556
St L & S F /57,592,526 /57,249,494 50,814,066 45,081,828 51,739,438 44,601,212
St L Sou'w 11,784,603 11,649,984 10,584,303 9,694,050 10,477,404
South Pao 130,552,181 136,208,346 127,692,744 117,657,280 132,428,519 9,736,797
Tex & Pac 16,139,027 16,375,802 14,960,652 13,917,313 16,671,664 113,586,845
14,914,608
Union Pac 86,202,236 92,202,670 83,961,212 75,760,017 80,187,752 70,490,706
Total_._ 538,600,149 553,660,811 509,165,406459,654,468508,731,468 448,748,556
b Includes all affiliated lines except Trinity de Brazos Valley RR., but figures for
Colorado Springs & Cripple Creek Dist. are excluded beginning Nov. 1 in 1911 only.
c Atchison figures include earnings of the Denver Enid & Gulf RR., Pecos Valley
system and Santa Fe Prescott & Phoenix Ry.
/ Includes Chicago & Eastern Illinois in all years and the Evansville & Terre Haute
in 1911 and 1910.
EARNINGS OF TRUNK LINES.
Year.
1911.
1910. I
1909.
1908.
1907.
1906.
-$
8
8
8
$
$
Bait & 0, 88,071,011 90,869,847 82,293,639 69,870,644
83,357,868 80,552,847
CCC& StL 30,431,915 30,423,005 27,657,741 24,621,661 26,447,804 24,594,915
Peo &E. 3,218,283 3,536,067 3,026,856 2,764,463 3,010,347 3,059,280
Erie____ 57,073,104 56,015,555 52,819,783 48,226,102 54,516,254 51,167,847
L S & M S 48,360,097 49,420,211 45,110,997 39,066,941 44,953,474 42,544,378
MICh Cent 30,164,490 29,694,816 27,415,466 24,222,134) 28,547,110
NYC&HR 8103 954 863 99,008,478 93,172,861 c83.927,354 98,369,000 26,275,587
92,089,766
Pa-East
P & Erie. 157,487,413 160,457,299 153,567,090 136,296,871 164,812,826 148,239,890
Wes P&E 88,660,523 94,772,254 84,013,141 70,336,682 88,984,022
Wabash __ 29,257,288 29,826,558 27,439,595 24,956,064 27,434,923 80,522,307
26,467,456
Total_ __ 548,608,87 i 554,054,243 596,516,161 524,288,921 620,433,688 575,514,268
a Includes the Cleveland Lorain & Wheeling Ry. beginning July 1 1908.
C This is on the basis of accounting prescribed by the Inter-State Commerce Commission; on the old basis of accounting earnings for the calendar year 1908 were
688,849,368.
b Boston & Albany, as also the Beech Creek RR., the Walkill
RR., the
New York & Ottawa, the St. Lawrence & Adirondack, the OttawaValley
and New York,
and the Fall Brook System, included for all the years.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
Year.
1911.
1910.
1909.
1908.
1907,
1906.
s
s
$
$
8
$
Buf R & P 9,058,247 9,168,648 8,144,307 6,701,341 8,866,671 7,467,336
Ch Ind &L 6,331,826 6,172,723 5,618,230 5.043,676 5,771,426 5,896,069
Hock Val_ 6,854,322 7,942,455 6,465,433 5,581,218 7,121,718 6,522,027
Illinois C.d60,332,238(161,201,476 c57,277,466655,326,259 b60,563,931 '54,277,180
L E & Wa 5,420,821 5,513,326 5,043,990 4,361,158 5,066,940 5,212,810
5,089,986 3,949,880 4,140,761 4,873,550 4,362,500
Tol & OCe 4,938,64
TolP & W 1,269,886 1.250,112 1,111,051 1,165,834 1,287,586 1,252,545
T St L& W 3,847,591 3,787,928 3,598,274 3,426,320 4.246,597 4,163,868
Wh & L E e7,094,379 6,980,350 6,275,713 4,992,247 8,521,673 5,475,732
-Total... 105,147,956 107,122,004 97,475,353 90,738,814 104,320,095 94,630,067
a Includes the Northern Ohio.
b Beginning with July 1907, figures include some large items of income not previously included in monthly returns.
c No longer includes receipts for hire of equipment, rentals and other items.
d Includes Indianapolis Southern from July 1 in 1911 and 1910.
e December 1911 not yet reported; taken same as last year.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
Year.
1911.
1910.
1909.
1908.
1907.
1906.
s
$
$
IS
$
$
Ch Gt W_ 12,813,556 12,732,006 10,913,359 8,981,659 8,643,517 8,729.748
Ch M&StP 62,798,161 66,456,697 61,302,252 58,101,786 60,283,002 57,979,454
Ch&N W d 73,598,434 75,590,299 69,810,553 62,415,759 69,338,590 66,429,880
CStPM&O 15,264,346 18,192,865 14,177,751 12,790,172 13,694,109 13,417,880
Dul SS&A 3,072,837 '
„52 3,055,222 2,574,725 3,298,866 3,120,299
Gt Nor Sys 63,028,069 a64,372,007 a57,751,425 a50,691,143 50,021,050 54,705,448
Minn&StL 4,685,533 5,059,360 4,559,276 3,935,603 4,083,407 3,685,671
Iowa C. 3,553,518 3,418,312 3,224,02
2,018,482 3,134,467 3,051,067
NISP&SS. 23,419,598 22,923,952 21,118,612 18,878,991 20,711,656 19,515,681
Nor Pao_ 62,906,656 70,932,666 70,887,281 65,297,248 72,175,434 b64,692,454
St.J& GrIsl 1,627,029 1,686,697 1,564,991 1,599,823 1,709,507 1,579,488
-Total_ _ .326.769,242342,082,213318,364,750 288,194,481 316,974,505 296,907,070
a Actual figures are used for comparison beginning with the last six months of 1907.
b Proprietary lines not included after June 1906.
c Beginning with September 1908, includes the Mason City & Fort Dodge and the
Wisconsin Minnesota & Pacific.
d Includes trans-Missouri lines.
e Includes Wisconsin Central for all the years.
389
THE CHRONICLE
FEB. 10 1912.]
EARNINGS OF ANTHRACITE COAL GROUP.
Year.
1911.
1910.
1909.
1908.
Name of Road.
Jan. 1 to Dec. 31.
Cent of NJ 27,781,322 27,172,173 25,873%207 25,455,032 28,086,934 24,838,721
Lehigh Val 38,803,364 36,643,713 34,353,823 33,045,971 37,032,961 33,591,852
NYO&W 9,095,635 9,106,924 8,399,229 8,155,469 8,216,140 7,533,725
N YS &W 3,989,335 3,618,052 3,417,432 3,113,629 3,366,461 2,839,298
Phil & Rd 45,893,053 46,201,852 42,250,396 39,576,781 45,872,065 90,782,938
Total_ _. 125,562,709 122,742,712 114,294,037 109,346,885 122,574,561 109,586,534
d These are the earnings of the railroad company only; the results of coal-mining
operations are not inc uded in any of the years.
We now add our full detailed statement embracing
all roads for which it has been possible to procure or to
make up the figures for the last two calendar years.
•
Gross Earnings.
•
Mileage.
Name of Road.
Jan. 1 to Dec. 31.
1911.
1910.
Inc. (%) or
Dec.(-F).
1911.
1910.
$
4
$
142
-91,970
142
Ala & Vicksburg_c 1,693,308 1,785,278
309
309
+54,835
Ala Great South_c 4,571,200 4,516,365
292
292
+109,064
2,125,523 2,016,459
Ann Arbor_c
354
-41,502
366
1,785,887 1,827,389
Arizona Eastern
892,487
108
108
814,610
-77,877
Ariz & New Mex
-946,406 10,712 10,358
AT & S Fe(11rds)c 108,825,573 107,771,979
3,078,533
2,701,569
661
661
+376,964
Atlan.c
Atl Brim &
v1,143,517 91,029,447
93
93
+114,070
Atlan & West Pt
167
+35,214
167
Atlantic & St Lawr v1,292,575 v1,257,361
+1,736 445 4,523 4,493
Atlan Coast Line_c 32,496,052 30,759,607
2,073,745 1,928,368
167
167
+145,377
Atlantic City
Baltimore & Ohio_ 88,071,011 90,869,847 -2,798,836 4,433 4,434
77
77
1,467,122
-5,567
1,472,689
B & 0 Chic Ter_
628
827
3,344,093 3,073,362
+270,731
Bangor .S0 Aroos
118
118
9524,542
+75,496
9449,046
Beau Sour L & W_
204
+348,536
205
Bessemer & L Erie 7,950,668 7,602,132
21
+159,512
21
Belt By of Chicago v2,347,163 v2,187,651
41
37
Birmingham South
720,545
799,297
-78,752
+1,194,063 2,225 2,243
45,324,831 44,130,768
Boston SS Maine
2,453,038 2,149,001
356
+304,037
356
Buffalo & Susq
573
9,058,247 9,168,648
572
-110,401
Buff Roch & Pc_
46
46
9945,166 v1,102,275
-157,109
Butte Ana() dc Pac_
233
1,224,198
233
+114,734
1,109,464
Can Pac Ry in Me_
236
238
1,975,489
+566,508
1,408,981
Caro Clinchf & O._
277
277
3,326,548 3,097,689
+228,859
Central New Eng_
631
671
+609,149
27,781,322 27,172,173
Central of N J_c
+896,889 1,915 1,915
13,422 476 12 525,587
Central of Ga_c
+240,149
411
411
3,866,962
4,107,111
Central Vermont
341
341
+291,127
Charleston & W Ca 1,999,816 1,708,689
+168,538 2,242 2,224
32,709,160 32,540,622
Ches & Ohlo_c
+719,113 1,026 1,026
Chicago & Alton_c 14,672,943 13,953,830
73,598,434 75.590.299 -1.991.865 7.905 7.744
Chic & Nor West
Chic Burl & Quin_ 85.981,648 90.720,160 -4.738,512 9,074 9,091
60
60
+161,477
9600,894
9762,371
Ch Det&Can Gr Tr
+81,550 1,496 1,489
Chic Great West_c 12,813,556 12,732,006
618
+159,103
615
Chic, Ind & Louls_c 6,331,826 6,172,723
7,511
Chic Milw & St P_ 62,788,161 66,456,697 -3,658,536 7,511
+1,497,262 2,059
1,955
Ch Milw & Pug Sd. 15,426 731 13 929,469
1,691,242
-98,836
255
1,790,078
255
Chic Peoria & St L
-928,519 1,743 1.743
Chic St P M & 0_ _ 15,264,346 16,192,865
1,790.448 2,139,282
351
-348,836
351
Chic T H & S E.._ _
Dayt_
&
9,901,312
9,473,468
+427,844
1,015
1,015
Gin Ham
336
-212,943
338
Gin N 0 & Tax P_c 9,234,046 9,446,989
768,851
786,773
+19,922
197
197
Coal & Coke
Colo & So (3 rds)c. 14,434,581 17,244,809 -2,810,028 1,884 2,031
55
907,023
-78,715
55
828,308
Colorado & Wyom
338
-289,585
338
1,859,687 2,149,272
Colorado Midland_
56
58
-86,867
v505,419
9592,286
Colum & Puget Sd
33
33
-90,006
900,050
990,056
Cumb & Penn
8 9
852
21.357,924 20,329,679
+1,028,245
Delaware & Hud
958
+533,631
930
Del Lack & West_ 36,586,562 36,052,931
-901,255 2,555 2,553
Deny & Rio Gr_c_ 22,880,019 23,871,274
215
215
+31,777
1,055,403
1,087,180
Deny N W & Pao_
79
+107,500
76
9944,502
9837.002
Det & Tol Sh Line
353
360
-29,938
1,197,707 1,227,645
Detroit & Mack_c_
191
191
2,227,279 2,025,021
+202,258
Det Gr Hay & Mil_
441
441
1,819,765
-156,905
1,862,860
Det Tol de Iront_c_
191
200
6,713,222 8,126,345 -4,413,123
Dul & Iron Range_
293
328
Dul Missabe & Nor v7,153,099 12,351,709 -5,198,610
93
93
517,880
+160,011
677,891
Dul Rainy L & W.
608
622
-244,515
3,072,837 3,317,352
Dul So Sh & Atl_c_
808
842
8,941,592
-211,001
Elgin Joliet & East 8,730,591
2,228
57,073,104 56,015,555
+1,057,549 2,264
Erie (2 roads) _c
902
902
7,128,153 7,516,739
-388,586
El Paso & Southw_
55
422,759
517,650
129
+94,891
Florence & Crip Cr
583
583
+407,899
Florida East Coast 94,002,504 v3,594,605
946,984
948,829
86
88
+1,845
Fonda Johns & Gl_
9657,225
v705,253
+48,028
221
221
Ft Smith & West'n
933,388 1,017,705
-84,319
235
196
Ft Worth & Rio Gr
c
3,342,819 3,079,169
+263,650
307
307
Georgia
y543,407
+151,717
9695,124
352
326
Georgia & Florida_
+46,948
395
395
Ga Sou & Fla_ _c. 2,414,561 2.387,813
+413,711
347
347
Grand Trunk West 6,560,592 6,146,881
Great Northern__ _ 63,028,669 64,372,007 -1,343,338 7,345 7,274
+10,180
9586,412
225
225
9596,572
Green Bay West'n
308
-29,828
307
1,990,110 2,019,936
Gulf & Ship Island
350
353
6,854,322 7,942,455 -1,088,133
Hocking Valley_ _ _
789
789
+141,791
Houston de Tex C. 6,172,363 6,030,572
71
71
-134,952
671,271
536,319
Hunt & Broad Top
103
111
-124,632
9870,322
9545,690
Idaho Wash & Nor
-869,238 4,755 4,732
Illinois Central-c.. 60,332,238 61,201,476
9,673,310 9,060,933
+612,377 1,160 1,160
Int & Great Nor_c_
558
558
+135,206
Iowa Central..-..c. 3,553,518 3,418,312
176
3,146,342 3,078,581
176
+67,761
Kanawha & Mich_
740
809
1,778,841
-111,520
1,890,361
Kan Cy Mex & Or.c
9,831,464 10,438,125
-806,681
1,207 1,181
Kan City Sou__ _c_
600,109
23
588,394
23
+11,715
Lacka & Wyo Val_
514,448
527,134
11
11
-12,686
Lake Terminals
1,540,545 1,433,743
97
+106,802
Lehigh & Hud Riv
97
1,432
1,434
+2,159,651
Lehigh Valley__ _ _ 38,803,364 36,643,713
864,029
927,473
170
-63,444 ,170
Lehigh & New Eng
557,665
515,053
94
Lexington & East..
+42,612
98
1,390,721
1,406,712
Louisiana & Ark
255
-15,991
255
1,619,200
351
351
+201,923
Louisiana Ry & N. 1,821,129
-56,941 4,705 4,591
Loulsv & Nashv_c 54,372,032 54,428,973
1,223,546
1,224,815
-1,269
200
200
Lou Hand & St L582,883
486,552
184
184
+96,331
Manistee & N E
+509,562
1,180 1,180
Maine Central..-... 9,940,285 9,430,723
1,446,858
1,331,342
324
375
+115,514
Midland Valley
741,371
767,088
127
-25,717
127
Mineral Range_ _c_
+495,646 3,789 3,525
MStP&SSM(2rds)c 23,419,598 22,923,952
9773,435
9749,872
177
177
+23,563
Minn & Internat'l_
-373,822 1,027 1,027
Minn & St Louls_c 4,685,538 5,059,360
9795,787
9773,184
184
164
-22,583
Miss Central
870,918
766,032
65
85
-104,886
Miss fly & BonneT
895,087
889,001
365
-6,086
365
Mo & North'n Ark
+389,217 3,398 3,369
Mo Hans & Tex_c_ 28,695,791 28,328,574
1/492,173
213
9773,402
247
+281,229
Mo Okla & Gulf
+110,393 7,231 7,236
Mo Pacific (2 rds)c 53,748,531 53,638,138
1,114
Mobile & Ohlo.._c_ 11,494,822 10,988,634
+506,188 1,114
65
1,175,996 1,456,084
65
-280,088
Monongahela
975,974
a
801,363
8
-174,611
Monongahela Conn
507,920
132
465,792
132
-42,128
Mun Marq & S E
+492,099 1,255
Nash Chatt do St L 12,418,864 11,926,765
1.255
722,082
48
786,609
48
+64,617
New Jersey & N Y
1,663,149
1,701,489
282
+38,340
282
New On Gt Nor....
165
1,528,425
165
1.408,535
-119.890
Nevada Northern_
Mileage.
Gross Earnings.
1906.
1907.
1911.
1910.
$
$
521,380
518,301
Newburg & So Sh .
New On & N E_c. 3,646,407 3,633,840
N 0 Mob & Chic.. . y1,697.160 v1,818,686
9969,504
New On Tex&Me L y1,156,090
NY Cent&Hud R ; 103,954,863 99,908,478
Chic Ind & So..; 3,822,612 3,739,668
221,123
197,617
Chic Kal & Sag.
Cinc Northern_ ; 1,248,676 1,294,277
C C C & St L_c. 30,431,915 30,423,005
84,323
100,680
Det & Charley_
315 242
319 843
Dunk All Val& i
7,965
11,128
Fulton Chain....
Indiana HarBel E 2,452,468 2,389,532
84,871
Kankakee & Se l
73,189
684,614
L E All & Wheel1
888,587
5,513,328
Lake Erie & W : 5,420,821
84,230
Litte Falls & D .
92,640
Lake Sh & M S..: 48,360,997 49,420,211
212,607
191,068
Lousy &Jeff Bg :
Michigan Cent_ : 30,184,490 29,694,816
5,891
Mt Gilead Sh L
5,843
N Y Ch & St L_
11,258,008 11,238,877
3,218,283 3,536,067
Peo & Eastern_
Pitts & Lake E_
15,308,561 17,052,698
39,502
Raquette Lake_
37,941
719,531
625,749
St Lawr & Adir_
Tol & Ohio Cen.
4,938,646 5,089,988
Zanesy & West_
435,093
478,2.13
NYNH & Hartf_ 62,751,213 61,977,823
9,095,635 9,106,924
N Y Ont & West_ _
3,989,335 3,618,052
N Y Susq dc West
3,117,601
2,814,839
Norfolk Southern_
Norfolk & Western 37,048,471 36,228,574
584,324
463,663
Northern Alabama
Northern Pacific_ _ 62,906,656 70,932,666
3,469,240 3,306,887
Northwestern Pac _
Pennsylvania-Lin as East of P ittsburghPennsylv RR _c_ 157,487,413 160,457,299
v124,714
1/76,440
Bait & Sparr Pt_
269,321
273,545
BaltChes&Ati.c_
387,593
298,087
Cornwall & Leb _
3,128,258
2,891,331
Cumb Valley_c_
Long Island_c_ _ 10,517,751 9,779,116
129,244
134,231
Md Del & Va_c_
3,326,455 3,466,617
NY Phil&Norf_
Northern Centl_ 12,745,867 12,798,628
Phil Bait & WI.. 18,914,244 19,021,707
12,009
17,363
Rosslyn Connect
1,485,554 1,561,953
Un RR of Balt_
W Jer & Seash_c 6,247,887 5,981,673
Lines West of Pitt sburgh454,643
444,369
Gin Leb & Nor__
3,562,709 3,662,822
Cley Akr & Cin_
5,148,994
Gr Rap & Ind_c 5,031,661
Tol Peo & Wes_c 1,269,886 1,256,112
Penn Company.c 50,110,590 54,170,875
Pitts C C & StL.c 38.549,933 40,801,379
9,970,327 10,528,374
Vandalia_c
143,511
138,765
Waynes & Wash
43,929
53.198
Wheeling Term..
v829,471
9787,942
Peo & Pekin Union
Pere Marquette_c_ 16,584,350 18,244,663
v594,850
v601,830
Perkiomen
511,833
386,258
PlerreRanCy&NW
Pitts Shaw dc Nor_ 91,172,856 y1,200,040
45,893,053 46,201,852
Phila & Read_c
1,213,440 1,260,101
Port Reading
833,870
805.211
Quincy Om & K C
2,463,037 2,405,489
Rich Fred & Pot
606,729
474,282
Rio Grande Sou _c_
Rock Isl (3 rds)..c. 66,105,371 68,007,719
3,416,713 3,339,833
Rutland
1,688,697
1,627,929
St Jos & Grand Isl
St L & S F (6 rds)- 57,592,526 57,249,499
2,153,386 1,810,573
St L Brown & Max
1,845,667
1,545,331
St L Merch B & Te
St L Rocky M&P_c 1,893,004 2,186,538
St LouisSW(2 rds)c 11,784,603 11,649,984
San Ant & Ar Pass 1/3,940,322 v3,827,100
SanPedLA&SL 8,691,974 6,105,628
Seaboard Air L_c_ 22,630,424 20,864,731
849,372
817,483
South Buffalo.......
Southern Ry_c__ _ 61,592,940 59,152,935
1,084,180
South By in Miss.. 1,141,428
Sou Pao (10 rds)_c 130,552,181 138,208,346
Spok Portl dc Seatt 5,017,554 4,283,478
9749,281 y1,040,172
Spokane Internat..
1,070,230
Syrac Bing & N Y., 1,125,190
788,625
783,400
Staten Isl Rap Tr_
9984.638
y1,020,524
Sunset
v580,999
9509,357
Tacoma Eastern_
1,542,371
1,427,084
Tennessee Central_
Term Assn of St L 2,590,368 2,685,218
Texas dc.Pacific_c_ 16,139,027 16,375,802
581,570
646,315
Texas Midland......
818,634
759,670
Tonopah & Goldf_
3,787,928
Tol St L SC West_c 3,847,591
Trinity do Bras Val 2,196,118 2,049,571
1,171,570
1,079,244
Ulster & Delaware
Union Pac(3 rds) _c 86,202,238 92 202 670
Union RR (of Pa) 3,933,964 3,792,476
1,435 563 1,512.998
Vieks Shr & Pac_c
Virginia & S W_c_
1 581 332 1,256,981
Virginian
4,252,998 2,911,828
Wabash ..c
29,257,288 29,826,558
Wab Pitts Term_ _
y583,163
9665,058
Washington South
1,156,843
1,108,821
Wheel & Lake Erie 7,111,681
8,989,353
Western Maryland y6,520,149 y6,866,739
Western By of Ala v1,233,809 91,093,620
9856,001
9652,179
WIch Falls & N W
9683,187
y578,367
Wilkes-Barre & E_
444,654
504,419
Wyoming & N
Yazoo & Miss Val.c 10,452,387 10,516,298
44,627,800 44,707,491
291 minor roads
Inc. (-I-) or
Dec. (-).
1911.
1910.
$
-3,079
+12,567
+78,474
+186,588
+4,046,385
+82,944
-23,506
-45,601
+8,910
+16,357
+4,601
+3,163
+62,936
-11,682
+3,973
-92,505
+8,410
-1,059,214
-21,539
+469,674
-48
+19,131
-317,784
-1,744,137
-1,561
+93,782
-151,340
-43,120
+773,390
-11,289
+371,283
+302,762
+819,897
-120,661
-8,026,010
+162,353
1,804
2
561
351
215
24
85
440
90
2,091
568
152
608
2,005
112
6,019
417
13
195
404
264
3,587
340
45
247
1,982
43
91
2
113
42
88
886
14
1.662
3
1,748
2
561
351
191
24
65
444
90
2,041
544
152
602
1,952
112
6,018
378
-2,969,886
-48,274
+4,224
-89,506
-236,927
+738,635
+4,987
-140,162
-52.761
-107,463
-5,354
-76,399
+265,994
3,981
11
88
26
162
399
84
112
473
714
3
10
356
3,982
11
88
28
162
390
84
112
471
717
3
10
353
13
195
404
264
3,591
359
45
245
2,010
43
91
2
105
42
88
886
14
1,775
a
45
45
+10,274
344
344
-100.113
587
587
-117,333
247
+13,774
247
-4,060,285 1,416 1,416
1,469
-2,051,446 1,488
827
827
-558,047
28
28
-4,746
10
+9,269
10
18
18
-41,529
2,337
+319,687 2,331
38
+6,780
38
165
185
-125,575
240
240
-27,184
-308,799 1,014 1,022
21
21
-46,661
262
-28,659
263
83
83
+57,548
180
180
-132,447
-1,902,348 8,027 8,024
468
468
+76,880
319
-58,768
319
+343,027 6,520 6,484
501
510
+342,813
9
9
-300,336
105
105
-293,534
1,471
+134,819 1.499
724
724
+113,222
+2,586,346 1,115 1,105
+1,765,693 3,053 3,027
35
36
-231,889
+2,440,005 7,089 7,039
281
281
+57,248
-5,656,165 9,941 9,885
433
551
+734,076
141
161
-290,891
81
81
+54,960
11
11
+5,225
57
+35,886
57
92
92
-71,842
294
+115,287,, 294
34
35
-94,850
-236,775 1,885 1,885
125
+64,745
125
110
-58,964
111
451
451
+59,685
463
+146,547
483
-92,326
129
129
-6,000,434 7 219 6 661
31
31
+141,488
171
171
-77,435
188
240
+324,351
474
475
+1,341,170
-569,270 2,515 2,515
63
-81,895
63
38
+49,822
36
457
457
+122,328
543
543
-346,590
133
+140,189
133
194
+203,822
211
+104,820
92
92
-59,765
148
148
-63,911
1,372 1,372
-79,691 13,375 13,002
Gr. Tot.(554 rds) _ 2822722752 2853749318 -31,026,516 241,432 238,275
Net dec. (1.09%)..
c These figures are furnished by the company.
y These figures are for eleven months only in both years.
ITEMS ABOUT BANKS, BANKERS AND TRUST COS.
-The public sales of bank stocks this week aggregate
35 shares and were all sold at the Stock Exchange. Of trust
company stock, one lot of 125 shares was sold at auction.
Shares. BANKS-New York. Low, High,
275
*30 Meehan. & Metals Nat. Bank 270
372
372
*5 Park Bank. National
TRUST COMPANY-New York.
138
138
125 Lincoln Trust Co
• Sold at the Stock Exchange.
Close, Lost previous sale.
Jan. 1912- 270
270
Dec. 1911- 370
372
138
Jan. 1912-
144%
390
THE CHRONICLE
—Although a petition for an extra holiday to-day (Saturday) was circulated by the members of the New York
Stock Exchange, the Governors failed to consider the
proposition. Monday's holiday (Lincoln's Birthday) was
the occasion for the request for an additional day. • The
New York Cotton Exchange voted against suspending business to-day. The Boston Stock Exchange has decided to
close on Monday. The day is not a legal holiday in Massachusetts.
—The nomination of ex-Governor Myron T. Herrick of
Ohio to be'Ambassador to France was sent to the United
States Senate by President Taft on the 7th inst. Mr.
ffe'rick is the w
—
eil:ii—
n6w7:Fresiszi—r—
en of—nie
y or
Savings of Cleveland.— The present,
ambassadorship offered him; he was tendered the embassy to
Italy by both Presidents McKinley and Roosevelt, but declined because of business reasons. As Ambassador to
France Mr. Herrick will succeed Robert Bacon, who resigned
to become a Fellow of Harvard University.
The Democratic rd-embers of the House of Representatives in caucus on Wednesday, by a vote of 115 to 66, adopted
the resolution of Representative Oscar Underwood delegating
to the standing committees of the House a proposed inquiry
into the so-called "money trust." Mr. Underwood's resolution was offered as a substitute for that of Representative
Henry, which proposed tnat/the investigation be undertaken
by a special committee ofthe House.--'
1717le--Mirrire o t e
latter proposition was in effect a defeat for William J. Bryan,
whose views as to the personnel of the committee were represented in the Henry resolution, and who had sought to use
his influence to bring about the adoption of the latter. In its
final form Representative - Underwood's resolution was
amended so as to make it mandatory upon the House committees to investigate the subjects outlined in the Henry
resolution, whereas the original draft had stipulated that
they conduct "whatever"investigations on matters touched
upon in the Henry resolution "may be necessary." The
Underwood resolution, as passed, is as follows:
irg-73:777rs-The=1
•IIMI0•1•••
-• • ,•1111
.
.
Whereas, House Resolution 405 (Henry Resolution) proposes an investigation touching various matters that are within the respective Jurisdictions
of the standing committees on Banking and Currency, Judiciary, Inter-State
and Foreign Commerce, and Elections of President, Vice-President and
Representatives in Congress, and
Whereas, The caucus has the utmost confidence in the Democratic membership of the aforesaid committees, therefore, be it
Resolved. That it is the sense of the caucus that investigations of the
various matters touched upon in said House Resolution 405 shall be made
bi...the standing committees of the House- having—jasdiction of these
matters, and wherever necessary' the House shall Invest such committees
with ample power to procure such information and make such investigations
as may be necessary and useful in
proper disZharge of their duties in
connection with proposed legislation now or hereafter pending.
• • •
The movement to institute a "money trust" probe was
originally proposed in a resolution of Representative Lindbergh; in Representative Henry's resolution the scope of
the inquiry was considerably broadened; the subjects
outlined in the latter for the investigation, which the Underwood resolution authorizes, are as follows, according to
the New York "Sun":
Whether individuals, firms, national banks and other moneyed corporations are engaged in or connected with the management of financial affairs
of inter-State railroads or Industrial corporations, and what potential or
otheripower they have or exercise over such corporations and how and to
whatluses the banking funds of such corporations are applied.
• • •
Whether the marketing of securities by Inter-State railroads and industrial corporations have been by competitive bidding.
Whether changes have been procured in the corporation laws of the States
in the interest of such corporations and by what method the changes were
accomplished.
Whether Individuals, firms, national banks and other moneyed corporations interested in Inter-State corporations are enabled by reason of their
relations to prevent or suppress competition.
• Whether national banks or other moneyed institutions are owned, dominated or controlled by the same persons, Interests, groups of Individuals or
corporations that are also directly or indirectly Interested in other national
banks or moneyed corporations located in the same city.
Whether the same individuals are directly or indirectly interested or
dominated or controlled in any way more than one national bank or
other moneyed corporation.
Whether the funds or credit of national banks and other moneyed corporations are being used other than In making 'durrent loans to merchants
or on commercial paper and to what extent such funds have been eniployed
in the purchase of securities from bankers or others connected with such
moneyed corporations.
The Henry resolution also provides for an investigation into the use of
the funds and credit of banks In the guaranteeing or underwriting of securities in loans on collateral secured by bonds and stock and in other forms of
loans or investments.
It also provides for the investigation of the question of the intercorporate
directors, and furthermore for an investigation into the management and
operation of the New York Stock Exchange and the New York ClearingHouse Association, with a view to ascertaining whether they are directly or
indirectly dominated, controlled or affected by any individuals or groups
of Individuals who control or are influential in directing the use or deposits
of the funds of national banks.
The resolution further provides for the investigation of panics, whether
they may be brought on by Individuals or moneyed interests, and for the
Investigation of contributions by national banks and other moneyed corporations and inter-State carriers.
[VoL. Lxxxxiv.
—The resolution of Representative Slayback, declaring
against a third term for any President of the United States,
failed of consideration in the House on Monday, when an attempt was made to suspend the rules and take the resolution
out of the keeping of the Committee on Elections. The motion was defeated by a vote of 90 noes to 51 ayes. Many
Democrats avoided being recorded, and others voted in the
negative. Mr. Slayden, it is announced, intends to secure
action on the resolution as soon as it is reported from the
Committee on Elections. The purpose of its advocates is to
head off any movement to nominate Col. Roosevelt, but
some Democrats do not think it good policy to have it appear that they are afraid to have Mr. Roosevelt run again.
The resolution is identical with one passed by the House in
1875, when Gen. Grant was proposed for renomination at
the time of the conclusion of his second term. We quote it
herewith:
HOUSE RESOLUTION 394.
Resolved, That in the opinion of this House, the precedent established by
Washington and other Presidents of the United States in retiring from the
Presidential office after their second term has become, by universal concurrence, a part of our republican system' of government, and that any
departure from this time-honored custom would be unwise, unpatriotic
and fraught with peril to our free institutions.
—A bill repealing the existing law providing for the establishment and maintenance of a sinking fund for the reduction of the national debt,and authorizing the Secretary of the
Treasury to apply the surplus moneys in the purchase or
redemption of outstanding obligations, was reported by the
Senate Finance Committee on the 7th inst. A recommendation to this effect was made to Congress by Secretary MacVeagh a year ago. The text of the bill is as follows:
That all provisions of existing law requiring the establishment and maintenance of a sinking fund for the reduction of the debt of the United States
be, and the same arc hereby, repealed, and in lieu thereof the Secretary of
the Treasury is hereby authorized to use at his discretion the surplus
moneys In the Treasury, from time to time, or such portion thereof as he
may deem proper, In the purchase or redemption of the outstanding
interest-bearing obligations of the United States; and the obligations so
purchased or redeemed shall be canceled and retired, and their respective
amounts shall be deducted from the outstanding principal of the public debt.
—The Judiciary Committee of the U. S. Senate is said
to have rejected the provision in the House Bill requiring
the President, before appointing any district, circuit or
Supreme Court judge, to make public all indorsements
made in behalf of any candidate. This provision was one
which was added in the House to the bill passed by that
body on January 24 abolishing a circuit judgeship in Chicago
and creating in its place an additional district judge.
—In a decision handed down on the 2d inst. the Court
of Appeals at Albany held that Edward M. Grout need not
testify as a witness in the investigation into the affairs of the
failed Union Bank of Brooklyn Borough. The Supreme
Court of Brooklyn in September upheld the right of the State
Superintendent of Banks to compel the attendance and testimony of Mr. Grout at the inquiry conducted by the Banking
Department, and its decision was sustained in December by
the Appellate Division of the Supreme Court of Brooklyn.
In a dissenting opinion, however, Justice Woodward of the
Appellate Division insisted that a proper construction of the
banking law gives the Superintendent only power to investigate a going concern. This is the view of the Court of
Appeals, which holds that under Section 19 of the State
Banking Law, the Superintendent, after he has taken
possession of a failed bank, has no power to subpoena witnesses and conduct a judicial investigation. The opinion
of this Court is written by Judge Werner, who said in part:
This construction of section 19 is sustained by the provisions of section 8
of the banking law. The latter section was in force when the former was
enacted.
The directions of section 8 very plainly relate to the periodical examinations which the Superintendent or his examiners are required to make at
least twice in each year.
Every sentence of that part of the section plainly negatives the idea that
the Superintendent of Banks may first take possession of a bank and then
proceed to hold a public) investigation. It is suggested, however, that the
authority for the proceeding which the Superintendent is now conducting
with reference to the Union Bank is to be found in a portion of section 8,
to which we have not yet referred.
This provision was put into the statute obviously for the purpose of enabling the Superintendent to make examinations in addition to those which
are made at regular intervals, and whenever any exigency necessitates
prompt action; but the power is limited to occasions when the condition and
management of a bank is such as to render an examination of its affairs
necessary or expedient and when once the Superintendent has taken possession of a bank by virtue of the authority vested in hitn by section 19 there
is no longer any management except his own, and that proceeds, as we
have seen, upon the theory that. he has previously satisfied himesit of the
necessity for superseding the management and ha,taken official possession.
Judge Haight, while concurring with Judge Werner, wrote
a separate opinion in which he stated that he is not disposed
to construe the statute so strictly as to cut off all rights of
the Superintendent to make examinations after he has taken
FEB. ;0 19)2)
'THE CHRONICLE
possession of a bank. He contends that he may properly
seek information upon certain subjects,through the aid of a
subpoena. The ruling of the Court of Appeals not only
affects the Union Bank inquiry, but will, it is understood,
serve to interfere with the investigation which had been pending into the affairs of the Borough Bank.State Superintendent
of Banks,George C. Van Tuyl Jr., upon learning last Friday's
decision, gave out a statement in which he said:
As the closing of an institution does not necessarily imply its final dissolution—but under the provisions of the banking law it may be reopened
at any time, with the consent of the Superintendent of Banks—if it is placed
in such condition as to management and assets that he deems it safe and
expedient for it to continue business, and as much of the evidence, both
with regard to management and condition, does not become available until
after the Superintendent of Banks is In possession, it would appear that the
power denied by the Court of Appeals is not only desirable but necessary,
and that the statute should be amended accordingly. While this is the
first adverse d (Aston by any court, it is, of course, conclusive, and an appeal to the Legislature is the only remedy, if existing statutes are insufficient.
—As a result of the ruling of the Court of Appeals,a bill
was introduced in the New York Legislature this week
amending the law so as to give the Superintendent of Banks
power to conduct a public examination into the affairs of a
closed State banking institution.
—At the instance of Superintendent Van Tuyl a bill has
also been introduced at Albany requiring the annual examination of savings banks of the State. The law at present
• calls for examinations only once in two years.
—Still another bill, introduced by Assemblyman Horton,
provides that savings banks shall not declare a dividend
of more than 334% until the surplus, reckoned on the
market value of the securities, amounts to 20% of the
deposits.
—The proposed National Reserve Association was both
criticised and commended at the monthly dinner of the
Economic Club of Boston, held on the 2d inst. Expressions
of approval came from Prof. Joseph French Johnson of New
York University, while Leslie M. Shaw, ex-Secretary of the
U. S. Treasury, voiced his disapproval of the plan. Mr.
Shaw said:
My contention Is that when all the national banks of the United States
are required by law, and all other banks permitted by express statute, to
associate, some few men will control the association the same as some few
men control every other association known to man. There never was,
and never will be, an exception.
Much stress Is laid on the fact that the directors are to be geographically
located. This argument will have weight with all those innocent people
who assume that the friends of Wall Street are not also geographically
located. The National Reserve Association—if we have one—will be controlled by the brains which to-day dominate the institutions which are to be
associated, and that is the way it ought to be. If it gets into weak hands
It will not only ruin those in control, but every one else.
This is a very small fraction of my objections. The plan will not, in my
judgment, provide an elastic currency. It will prove inflation of the most
dangerous character. It is unscientific, novel and 'purely experimental,
yet it revolutionizes our entire banking system. It is a gamble and it is the
third bet we have made on an Aldri 11 financial plan. I am in favor of
taking a tip from the other side.
There are a few general principles always well to keep in mind:
First—We have sufficient money and sufficient currency to meet the
demands of business under ordinary conditions.
Second—The annual increase in circulating medium is ample.
Third—All things considered, our circulating medium Is in quality the
best in tile world.
Fourth—Its sole defect is its failure to respond to the extraordinary demands of commerce. Every other medium of commerce is responsive. As
our business multiplies, checks, drafts, bills of lading and promissory notes
multiply and freight cars arc taken from side tracks in multiplied number.
The volume of our circulating medium only is rigid.
Fifth—The relief, which must consist of some form of supplemental currency, should spring into existence when needed, in any volume needed,
remain in use as long as needed, and then automatically retire with equal
promptness.
Lastly, and equally as Important—It must be of a character identical
with what is in daily use, lest its very presence invite suspicion and disaster.
There are many ways by which this can be accomplished, but its accomplishment will, of course, relieve the country from dependence upon Wall
Street, and it will relieve cities of 100,000 or less from dependence upon
cities of 1,000,000 or more. It will be financial emancipation, and for that
reason, if for no other, the big banks of the country have and will oppose.
What the big banks want and what they all support is the Aldrich plan,
which fastens Wall Street control upon the country for 50 years—the life
of the proposed charter.
Prof. Johnson's arguments, on the other hand, went to
show the benefits which would come through the National
Reserve Association; he declared that, through its branches,
with their powers of re-discount, it would equalize the distribution of capital, and stated that, by giving to our banking system unity and solidarity, it would raise the standards
of banking practice and intelligence. He added:
It is a mistake to regard the National Reserve Association as a centralization of banking power. The only bank asset that it is intended to centralize is the cash reserve, and such centralization the banking experience
of all nations has proved to be necessary as a protection against money
panics. The National Reserve Association, since it will create a great
re-discount market, will give to capital in the United States the mobility it
now lacks. Then the United States, like every other civilized country, will
have virtually a uniform rate of interest. Instead of centralizing the money
power in New York City and stimulating speculation, the plan of the monetary commission will have just the opposite result.
391
—Thirty-two indictments were returned on the 6th inst.
against union labor officials and agents by the Federal Grand
Jury at Indianapolis, which has been investigating the dynamite explosions which have occurred throughout the country
during the last six years, and in which the wrecking of the
Los Angeles "Times" Building was an incident. The defendants, it is stated, are held criminally responsible with
J. J. McNamara, J. B. McNamara and Ortie McManigal.
Their names have been withheld pending their arrest.
March 12 has been set as the date for their arraignment before Federal Judge Anderson in Indianapolis. The amount
of the bonds in the individual cases has not been made public, but it is understood that they will reach an aggregate of
$300,000. On. Jan. 29 two indictments were returned by
the county grand jury at Los Angeles against Clarence S.
Darrow, who conducted the defence of the McNamara
brothers. There are four counts in the two bills; two of the
counts, it is stated, charge Darrow with the bribery and attempted corruption of one of the jurors sworn to try J.B.
McNamara, who is now serving a life term in San Quentin
Prison, and the other counts allege the bribery and corruption of George N. Lockwood, a venireman summoned in the
McNamara case.
—The week of Sept. 9 has been fixed as the time for the
present year's convention of the American Bankers' Association. The date was decided upon on Wednesday at a
meeting in Detroit of the associated banks of that city, attended by Fred. A. Farnsworth, General Secretary of the
American Bankers' Association. The Hotel Pontchartrain
will be the headquarters.
—The removal of $282,000,000 of securities from the
vaults of the Equitable Life Assurance Society in the Equitable Building was effected this week, following their opening
on Saturday last for the first time since the fire of January 9.
The securities have been transferred to the new vaults of the
Mercantile Safe Deposit Co. Except for some little damage
by water, suffered in a few instances, and which was not
such as to materially affect the securities, the contents of the
vaults were unharmed.
—The late Edwin Hawley, the railroad magnate, whose
death occurred the 1st inst., died intestate, according to a
statement made on Thursday by John B. Stanchfield,
counsel for the estate. In this announcement, Mr. Stanchfield said:
In April 1903 the late Edwin Hawley made a last will and testament,
which remained in force until the middle or latter part of the year 1909,
when he destroyed it. Thereafter a last will and testament was prepared
by Mr. Stanchficid in accordance with Mr. Hawley's directions, and while it
was modified and corrected by Mr. Hawley in some minor details, it was
never executed.
Mr. Hawley's estate will therefore pass under the law provided for cases
of intestacy. His failure to execute this subsequent will was doubtless
owing to the fact that he had not been apprised that his last Illness would
prove fatal.
The administrators of his estate represent all the interests of Mr. Hawley's
relatives, and they will endeavor, in every legal way so to administer his
affairs as not to interfere with the value of the stocks and securities of the
many enterprises in which he was interested. So far as is possible, the plane
formulated by Mr. Hawley will be carried out by his representatives, and
the persons who have succeeded to his estate have now under advisement
an arrangement which is designed to preserve the estate intact for a considerable period of time in order to afford the fullest protection to the seclinics and to enable the effectuation of Mr. Hawley's plans.
The American Exchange National Bank, of which Mr.
Hawley had been a director since 1903, adopted resolutions
on Monday giving expression to the sense of loss felt in his
death, and on Wednesday the directors of the Chicago &
Alton RR. also adopted testimonial resolutions on the worth
of their late associate. Mr. Hawley was a director, a member
of the Executive Committee and a Vice-President of the
company.
—At a meeting of the directors of the Columbia Trust Co.
on Tuesday, E. H. It. Green, the son of Mrs. Hetty Green,
was elected a director to fill a vacancy. This sets at rest the
reports of some months ago to the effect that the Green interests intended to form a trust company. The Columbia Trust
Co. is known as a conservative institution which is independent of the control of any single interest. It was organized in
Dec. 1905 with a capital and surplus of $2,000,000, and has
grown rapidly since that time. During the panic of 1907
the company, although small at the time, was found to be
strong and liquid and rendered valuable assistance by making
loans to trust companies which were experiencing runs.
It is paying dividends at the rate of 12%, which is a small
proportion of the earnings, the remainder being allowed to
accumulate in the undivided profits, which amounted to
$865,000 at the date of the last report. Its deposits were
reported recently at over $21,000,000. The officers of the
392
THE CHRONICLE
[VoL. Lxxxxiv.
company are as follows: Willard V. King, President; How- of the new concern. The safe-deposit company will have a
ard Bayne, Vice-President; Langley W. Wiggin, Secretary; capital of $100,000. While controlling interest it in will be
Fred. C. Marston, Treasurer, and George E. Warren, Trust held by the trust company itself, part of its capital will be
Officer.
offered for subscription to the shareholders of the Long
—The plans which we reported a week ago as under Island Loan & Trust.
consideration for the consolidation of the business of the
—At a banquet commemorating the tenth anniversary of
Flatbush Trust Co. of Brooklyn Borough with that of the the Union Trust Co. of Albany on the 1st inst., Grange Sard,
Broadway Trust Co. of Manhattan received the endorse- President of the institution, the guest of honor of the occament of the directors of the two institutions on Wednesday sion, was the recipient of a silver loving-cup. The affair was
last. The matter will be submitted to the stockholders given at the Fort Orange Club by the officers and directors
of the Flatbush Trust Co. on March 5 for ratification and of the company, who considered the time opportune for
to those of the Broadway Trust Co. on March 4. These suitably recognizing Mr. Sard's services, and expressing to
proceedings will be merely formal, however, as a majority him the friendship and esteem in which he is held by his
of the stockholders has already given consent to the plan. associates in the management. The cup is an exact replica
The main office of the Flatbush Trust Co. on Flatbush of one designed during the reign of Queen Anne, about 1705.
Avenue will be maintained as well as its New Utrecht Mr. Sard has held the presidency of the company since its
Branch on New Utrecht Avenue.
organization. Its capital has remained at $250,000 through—Stephen K. Reed, Vice-President of Pettit & Reed, out the ten years, but its surplus and profits have increased
has been elected a director of the Fidelity Trust Co. of this from $275,000 to about $518,000. The deposits under the
city, succeeding his father, Charles Reed.
Dec. 21 report were over $4,000,000.
—The new National Bank of Santo Domingo, the organi—A motion to dismiss three indictments against C. J.
zation of which was referred to in these columns Sept. 2, Knapp, formerly President of the failed Binghamton Trust
began business on Jan. 31. The bank has its headquarters in Co. of Binghamton, N. Y., was denied by Supreme Court
the city of Santo Domingo, and it is understood that branches Justice Gladding on the 1st inst. The indictments, it is
will be established in the important cities of the island. stated, charge the defendant with having permitted over-•
Samuel M. Jarvis, Vice-President of the National Bank of drafts in an account with the trust company by the private
Cuba, is Chairman of the Board of Directors of the new bank, banking firm of Knapp Brothers of Deposit, N. Y. In 1910
which has an authorized capital of $2,000,000 (400,000)in Mr. Knapp was acquitted of the charge of having received a
shares of $100. Its bank notes have been prepared by the deposit in the private bank when the institution was known
American Bank Note Co. and sent to the Minister of Finance to be insolvent.
for his approval; the notes are printed in English and
—At the annual meeting of the directors of the Security
Spanish, and are in denominations of $1, $2, $5, $10, $25,
Company of Hartford on the 5th inst., Francis Parsons, who
$50 and $100. Frank J. R. Mitchell is President of the bank,
had been Secretary, was elected to the newly-created office
and John Abbess of Santo Domingo City is Secretary.
of Vice-President and Trust Officer. Charles Edward Prior
Ramon 0. Lovaton, President of the Senate, and attorneyJr., heretofore Assistant Treasurer, was made Secretary,
at-law, is the counsel in Santo Domingo, and W. J. Patterson
while Arthur H. Cooley has become Assistant Treasurer.
is counsel in New York. H. C. Niese & Co. of 60 Broadway
Arthur M. Bunce, Assistant Secretary, and Earle E. Dimon,
were the New York brokers for the sale of the stock.
Assistant Trust Officer; the two last named posts have just
—The Mercantile Safe Deposit Co., which was formerly lo- been created. Atwood Collins was re-elected President of
cated in the Equitable Building, will continue business at the company and Charles Edward Prior was re-elected Vice115 Broadway, having purchased the vaults there formerly President and Treasurer.
owned by the Carnegie Safe Deposit Co. The purchase of the
—The Union Trust Co. of Providence, R. I., began on
Carnegie vaults from the State Banking Department was
Monday
the payment of the final 10% due its depositors
effected last week through the group of bankers mentioned in
our issue of Jan. 27, these interests being also now in control under the reorganization plan through which its re-opening
of the Mercantile Safe Deposit Co., viz.: J. S. Alexander, was effected on May 4 1908. The institution was one of
Louis V. Bright, L. L. Clarke, S. L. Fuller, Francis L. :line, those which closed during the panic of 1907, its suspension
having occurred on Oct. 25 1907. President Rathbone
C. H. Kelsey, W. V. King, Seward Prosser, Charles H.Sabin,
Gardner, in referring last week to the discharge of the obliF. A. Vanderlip and Albert H. Wiggin. The officers of the
Mercantile Safe Deposit Co. are: William Giblin, President; gations of those who were depositors at the time of the comembarrassment, said: "The liquidation
John B. Russell, Vice-President; Lawrence A. Ramage, pany's temporary
of the contingent certificates, beginning on Monday, will pay
Treasurer, and Elmer M. Billings, Secretary. An applicaevery dollar that was owing to the depositors of the company
tion to increase the capital of the company from $100,000 to
when it was forced to suspend business temporarily in Oct.
$450,000 has been approved by the State Banking Depart1907. There now remain only the deferred certificates held
ment.
by former stockholders, but these have no legal hold upon
—Howard M. Jefferson, heretofore Secretary of the the bank, and provision was made for them in the plan
Windsor Trust Co. of this city, has been made Secretary and of reorganization that was accepted by everybody interesTreasurer, and Frank Le Porin has become Assistant ted." As we have before indicated in these columns, the
Treasurer. The executive committee elected last week is resumption plan provided for the immediate payment in
as follows: Stephen N. Bond, James A. Burden, August full of all deposits of $100 or less and 50% of the company's
Heckscher, Robert H. McCurdy, John H. Storer, Arthur trust accounts, the remaining 50% of these accounts being
Turnbull and Cornelius Vanderbilt.
represented by negotiable certificates of deposit. The claims
—Indictments, it is reported, have been returned against of other creditors and depositors were provided as follows:
Joseph E. Blackburn, a director of the Audubon National 10% with resumption, 70% in negotiable certificates of
Bank of this city, which was placed in liquidation last July, deposit, payable in seven installments of 10% each, at interand Charles W. Ridgway, who was counsel for David S. vals of from 6 months to 33/ years, and 20% in contingent
Mills, President of the bank. Both surrendered themselves certificates dependent upon future profits. The final payon the 1st inst. and gave bail of $10,000 each. It is stated ment on the 70% of the deposits was made available in Nov.
that they are charged with conspiring with President Mills to 1909. In May of last year a payment of 50% of the condefraud the bank of $50,000.
tingent certificates (issued to represent 20% of the deposits)
—R. M. Bailey has resigned as an Assistant Cashier of the was made, and this week's distribution covers the other 50%
National Nassau Bank of Manhattan.
of the contingent certificates and accrued interest. The
—Four additional branch post offices in Brooklyn have aggregate made available in the present payment is said to
been designated as postal savings depositories; they are be about $1,750,000:
Station C, at 5316 Fifth Avenue; Station G, 860 Manhattan
—Negotiations under which the Land Title & Trust Co.
Avenue; Station S, at 1262 Broadway, and Station W, at of Philadelphia assumes the agreement entered into by the
South Eighth Street and Broadway.
Philadelphia Stock Exchange with William F. Deakyne for
—The organization of a new safe-deposit company, to be the financing of the new building of the Exchange were conaffiliated with the Long Island Loan & Trust Co. of Brooklyn cluded on the 1st inst. Title to the site was conveyed by
Borough, is under way. Interests identified with the latter Mr. Deakyne to James P. Rothwell, who executed first and
have acquired property at 193 Joralemon Street, adjoining second mortgages with the Land Title Co. for $1,300,000
the Temple Bar Building, on which a two-story and basement covering bond issues for the same amount. Mr. Rothwell
building will be erected, designed exclusively for the purposes later transferred the title to Edgar W. Nicholson, who
FEB. 10 1912.1
THE CHRONICLE
will hold it temporarily pending the chartering of a holding
company to be known as the Philadelphia Stock Exchange
Building Co., which is to have $20,000 capital. William
R. Nicholson, President of the Land Title Co., will be
President of the Building Co.; George D. Widener, George
W. Elkins and Frederick T. Chandler, nominee for President
of the Exchange, directors, and Edgar W. Nicholson, Secretary. Mr. Deakyne, in consideration of his services, receives
$100,000 of the stock of the Building Co. The contract for
the building has been awarded to George F. Payne & Co.
—The Fidelity Trust Co. of Philadelphia has placed its
stock on a 40% basis, this, it is stated, being the highest
dividend rate paid among the financial institutions of that
city, the Girard Trust Co. holding second place with 36%.
In two years the Fidelity has doubled its rate; in May 1910
the payments were increased from 20% to 32% yearly; in
May 1911 the rate was advanced to 36%, while the further
advance to 40% (in the declaration of a quarterly dividend
of 10%, against 9% heretofore) was made this week. The
company has a capital of $2,000,000 and surplus and profits
of over $11,000,000.
—The merger proceedings between the Continental Title
& Trust Co. and the Equitable Trust Co. of Philadelphia
were unanimously ratified by the respective stockholders on
Thursday. The united institution will be known as the
Continental-Equitable Title & Trust Co., as was noted in
our issue of January 27, and the company will have a capital
and surplus of $1,000,000 each. T. M. Daly, President of the
Continental Title & Trust, will be President of the enlarged
organization. The names of the other officials will be
found in our previous reference to the consolidation.
—Reports have been current the present week to the effect
that a large amount of securities which had been deposited in
the vaults of the Merchants' Union Trust Co.of Philadelphia
were missing, but according to the "Press" of that city, the
officers would neither affirm nor deny the rumors. The
same paper states that "Walter S. Shrouds, former Superintendent of the safe deposit vault department of the company, who has been missing for nearly half a year, and who
has been indicted by the grand jury and declared a fugitive
from justice by the Philadelphia courts, is still sought.
The officers admit that he took $30,500 from the surplus
of the bank and say that it was because of this theft that
they issued the warrant for his arrest on which the indictment was found." The only statement which the officers
would give out for publication was the following:
393
This company has been growing satisfactorily, is doing an excellent
business along conservative lines, and the stockholders are entitled to the
reward which will accrue therefrom.
It is only proper, however, in connection with your offer, to call attention
to the fact that the present book value of the common stock is $124 per
share, carrying its assets as is now done at very conservative valuations;
while at fair prices for its assets the value of the common stock wouldlbe
approximately $140 per share.
*I
We give you the above figures not to invite a higher bid, as, Judging from
not
recommend
any
the views expressed by our committee, they would
such proposition as you suggest.
A discussion of this sort may leave a false impression in the pubic mind
that negotiations are being carried on for the sale of this company and that
it may be for sale, which is not the case. We should, therefore, ask that
any further discussion of this matter be dropped, so far as is in your control.
Yours very truly,
L. S. ZIMMERMAN, President.
—Calvary Morris, Chairman of the Board of the Cleveland
Trust Co., died of apoplexy on the 6th inst. He was sixtyone years of age. Mr. Morris had held the Chairmanship of
the directorate of the Cleveland Trust Co. since June 1908;
and had previously been President of the company. He was
also a director of the Bank of Commerce, N. A., of Cleveland. Mr. Morris likewise had important railroad and coal
affiliations; he was one of the members of the syndicate
which built the Lake Erie Alliance & Wheeling RR., which
was subsequently purchased by the Lake Shore interests, and
he was heavily interested in the Chicago Lake Shore & South
Bend syndicate.
—Articles of incorporation for the Aetna Trust & Savings
Co. of Indianapolis were filed on the 30th ult. The authorized capital is fixed at $1,000,000 in $100 shares. It is
stated that the company will take over the insurance business
of John Wocher & Brother, established in 1883. The management of the new institution will consist of Winfield Miller;
President; John Wocher and Lynn B. Milliken, Vice-Presidents; August M. Kuhn, Treasurer; William F. Wocher,
Secretary, and Thomas B. Fulmer, Assistant Secretary.
The company will devote itself to a banking and trust business and will occupy the offices formerly used by the Union
National Bank.
—E. V. Bacharach, who recently became a Vice-President
of the Mid-City Trust & Savings Bank of Chicago, has resigned as Chief Auditor of the Corn Exchange National Bank.
of Chicago.
—The National City Bank of Chicago has created a pension:
fund for the benefit of its salaried officers and employees.
It became operative on the 1st inst. It is stated that it is
not obligatory for present employees to contribute to the
fund but will be with future employees. The payments
by officials and employees are fixed at 3% of the annual
What is stated in a New York paper this morning is an exaggerated and
incorrect version of an old rumor. The parties interested believe it would salary.
be injurious to their Interests to discuss it at the present time In any way,"
—A sixteen-story building is to be erected by the Colonial
especially as the loss is trifling.
Trust & Savings Bank of Chicago on Adams Street, on a
—The proposal to reduce the capital of the Mortgage Trust site adjoining the Corn Exchange National Bank Building.
Company of Philadelphia from $500,000 to $125,000 and to The lot has a frontage of 66 feet with a depth of 188 feet,
change the par value of the shares from $100 to $25 was and was leased for ninety-nine years from the Leopold Mayer
ratified by the stockholders on Wednesday.
Estate by L. C. Rose, President of the bank, at an annual
—An order dismissing the voluntary petition in bank- rental of $25,000 for the first five years and $30,000 for the
ruptcy filed on Jan.26 by the banking and brokerage firm of remainder of the term.
Norman MacLeod & Co. of Philadelphia was filed by Judge
—The directors of the Harris Trust & Savings Bank,
McPherson in the U. S. District Court on the 7th inst.
Chicago, have elected P. A. Fagg Manager of the Municipal
William Penn Shipley is discharged as trustee by order Buying Department of the Bank. Mr. Fagg
has been
of the Court. A settlement providing for the payment of associated with the N. W. Harris organization as an
expert
been
arrived
at
with
the creditors. buyer for
50 cents on the dollar has
more than 18 years and latterly has been Assistant
At the time the bankruptcy proceedings were entered into, the Manager.
liabilities were given as $1,182,173.
—Henry G. Goll, formerly Assistant Cashier of the First
—An offer made by the Maryland Casualty Co. of Balti- National Bank of
Milwaukee, who was sentenced to ten
more for the purchase of the common stock of the Maryland years' imprisonment in May 1906,
following his conviction
Trust Co. was declined this week by the executive committee on charges of misapplying funds of
the bank, was paroled
of the latter. The Maryland Trust has $1,000,000 of com- on the 26th ult.
mon stock and $500,000 of preferred. The price offered by
—Irvine B. Unger, heretofore Assistant to the President
the Casualty Co. was $110 per share. The latter intends to
enter the banking and trust field, and as it would be more of the Old Detroit National Bank of Detroit, has been elected
desirable to secure an established concern with a line of de- a Vice-President of the institution.
—At the special meeting held on the 6th inst., the stockposits than to build up a banking business from the beginning, the tender to the Maryland Trust Co. was made. The holders of the Union Trust Co. of Detroit ratified the propooffer was submitted through Robert Garrett & Sons, to whom sition to increase the capital from $500,000 to $1,000,000.
the following letter announcing the rejection of the proposi- It is reported that the present shareholders have waived
tion, was sent by President Zimmerman of the Maryland their rights to approximately one-half of the new issue; the
stock released will be underwritten by a syndicate which
Trust Co.:
will take it over at 150 and place it at the same price with
February 5 1912.
other purchasers, whose connection with the bank is desired.
Messrs. Robert Garrett cre Sons, 506 Continental Building, Baltimore, Md.:
Dear Sirs: We beg to acknowledge your courteous letter of Feb. 3, sub—The stockholders of the Albion National Bank of Albion;
mitting an offer to purchase, under certain conditions, the common stock
Mich., which closed its doors on Jan. 2, have been ordered to
of this company at $110 per share.
• This matter came before our executive committee to-day for its recom- pay an assessment of $100 per share on the $50,000
capital.
mendation. The committee has instructed me to say that under no conin the bank are placed at about $325,000; it is
ditions could they recommend your offer to either the directors or stock- The total losses
holders.
stated that of this $160,000 went toward financing the Cook
394
Manufacturing Co.; $44,000 represented unearned dividends
to stockholders; $50,000 unearned payments to depositors,
and $75,000 represented unpaid interest on notes carried
for years.
—Frank P. Glazier, formerly President of the failed
Chelsea Savings Bank of Chelsea, Mich., who had been imprisoned under a sentence of from five to ten years imposed in
Feb. 1910, has been freed under a parole signed by Gov.
Osborn of Michigan on the 25th ult. Mr. Glazier was also
formerly Treasurer of the State. The bank failed in Dec.
1907.
—Negotiations, it is stated, have been consummated
through which a unification of the commercial banking interests of the Union Bank & Trust Co. and the Valley Bank of
Phoenix, Ariz., has been effected. The Arizona "Republican" states that the trust and other business of the Union
Bank & Trust will be conducted by it as heretofore, but its
commercial business is taken over by the Valley Bank. It is
und2rstood that there is to be no change in the directorate
or officers of either institution for the present, but an increase in the capital of the Union Bank & Trust Co., it is
said, is contemplated.
—The National Bank of Commerce and the Bank of Indian Territory of Guthrie, Okla., were merged with the
Guthrie National Bank of Guthrie, Okla., on Dec. 27.
Robert Sohlberg, who was at the head of both the Bank of
Indian Territory and the Guthrie National, is President of the
enlarged institution, which operates under the latter name.
The other officers of the consolidated bank are: Frank Dale
and P. A. Norris, Vice-Presidents, and N. Holman, VicePresident and Cashier. The consolidation has served to
give the Guthrie National deposits of over one million dollars,
the amount being reported at $1,200,000 on Jan. 20 1912,
against $577,549 on Sept. 11911.
—The stockholders' annual meeting of the Mississippi
Valley Trust Co., St. Louis, took place at the offices of the
company, Fourth and Pine streets, on the 5th inst. Eight
members of the board of directors whose terms of office had
expired were re-elected to serve three years; they are
Breckinridge Jones, President; William G. Lackey, VicePresident; Nelson W. McLeod, President German Savings
Institution; Robert J. O'Reilly, M.D.; Henry W. Peters,
President Peters Shoe Co.; H. Clay Pierce, Chairman of the
Board of Waters-Pierce Oil Co.; Henry S. Priest, Boyle SE
Priest, and Julius S. Walsh, Chairman of the Board of Directors of the Mississippi Valley Trust Co. Other members of
the board of directors whose terms have not expired are:
Henry Semple Ames, Vice-President; William Bagnell,
President Bagnell Timber Co.; John I. Beggs, President and
General Manager St. Louis Car Co.; Eugene H. Benoist,
James E. Brock, Secretary; Murray Carleton, President
Carleton Dry Goods Co.; Charles Clark; Horatio N. Davis,
President Smith & Davis Mfg. Co.; John D. Davis, VicePresident; David R. Francis, Francis, Bro. & Co.; S. E.
Hoffman, Vice-President; W. J. McBride, Vice-President
Baskell & Barker Car Co. of Michigan City, Ind;. Saunders
Norvell, President Stoves & Hardware Publishing Co.; Wm.
D. Orthwein, President William D. Orthwein Grain Co.;
August Schlafly, August Schlafiy & Sons; R. H. Stockton,
President Majestic Mfg. Co., and Rolla Wells. The board
will meet Feb. 14 for the annual election of officers of the
company.
—Sam P. Jones, who retired from the presidency of the
Commercial Bank & Trust Co. of Louisville, Ky., has been
elected Chairman of the Board of Directors, a newly created
office in the institution.
—The Trust Company of Georgia,at Atlanta,has opened a
stock and bond department under the management of
William E. Bush, who was in the stock and bond business
at Augusta for a number of years, and is well known throughout the South as well as in New York.
—The Central Trust Co. of Macon, Ga., of which J. J.
Cobb is President, began business'bn the 1st inst. The institution was organized in December. It has a capital of
$300,000, and its various branches of business include
savings, trust, collection, stock and bond, real estate and
corporation departments. Mr. Cobb's associates in the administration of its affairs are W. E. Small, Leon S. Dure
and Will Gunn, Vice-Presidents; G. S. Derry, Secretary; J.
M. Massey, Treasurer, and E. P. Mallary, Trust Officer.
—H. 0. Penick has resigned as Cashier of the WhitneyCentral Trust & Savings Bank of New Orleans to become
Vice-President of the Jefferson Manufacturing Co., organized
Lxxxxiv.
THE CHRONICLE
for the purpose of manufacturing denatured alcohol from
Louisiana blackstrap molasses.
—The Dominion Bank of Toronto is one of the Canadian institutions which is developing at an exceptional pace, its
total assets having reached $70,179,553 in the Dec. 30 1911
report, which was presented to the stockholders on Jan. 31.
The amount compares with $62,677,821 on Dec. 31 1910 and
$58,957,039 on Dec.311909. The deposits (interest-bearing
and non-interest-bearing) reach $53,547,865 in the new statement, having risen from $49,302,785 during the year.
Owing to the general expansion of the bank,it was decided during the past summer to raise the paid-in capitalfrom $4,000,000
to $5,000,000. The rights to subscribe to the new issue
expired on Jan. 15, at which date $975,700 of the amount
was subscribed and $807,852 50 was paid up. The reserve
fund amounted to $5,702,799 in the Dec. 30 statement, which
showed profits carried forward of $500,116. The institution
has branches and agencies throughout Canada and the United
States, also a London, England, branch. Edmund B. Oster,
M.P., is President, and Clarence A. Bogert General Manager.
TRADE AND TRAFFIC MOVEMENTS.
COPPER PRODUCTION AND CONSUMPTION.—The
January statement of the Copper Producers' Association,
issued on Thursday, shows a heavy reduction in the stocks of
marketable copper during the month. Deliveries of copper
for domestic consumption and for export amounted to
142,511,805 lbs., while the production was only 119,337,753
lbs., thus reducing stocks on hand from 89,454,695 on Jan. 1
1912 to 66,280,643 lbs. on Feb. 1. In the following we
compare the different items for the two years:
Copper—
Stocks beginning period
Production
Total supply
Deliveries for—
Domestic consumption
Export
Stocks end of period
January
1912.
1911.
lbs. 89,454,695 122,030,195
119,337,753 115,696,591
208,792,448
237,726,786
62,343,901
80,167,904
42,078,557
53,208,739
142,511,805
95.287,296
66,280,643
142,439,490
ANTHRACITE COAL PRODUCTION.—The production
of anthracite coal during the month of January 1912 showed
a decrease of 140,421 tons, compared with the same month
last year. In the following we give the shipments of each
company for January 1912 as compared with the corresponding month in 1911:
Road—
Philadelphia & Reading
Lehigh Valley
Central Railroad of New Jersey
Delaware Lackawanna & Western
Delaware & Hudson
Pennsylvania
0
En
riteario & Western
1912.January
tons_ ,186,534
1,020,447
760,035
791,698
567,279
542,819
682,845
212,039
1,1134
91,1280
1,021,447
772,130
863,371
611,758
591,917
678,531
230,683
5,763,696
5,904,117
iliVorcetargitGommerciaignglislitiLexus
(From our own correspondent.)
London, Saturday, January 27 1912.
This week there has been a more cheerful feeling through out the City, and there has been somewhat more activity
in the stock markets. Mainly the improvement is due to the
belief that international politics are very much better than
they have been recently. So far as the dispute between
France and Italy is concerned, everybody in London is persuaded that it will be settled quickly and in the most amicable spirit. Indeed, it is so manifestly in the interest of both
not to quarrel that it is hardly conceivable they should do so.
The result of the German elections, too, incline people, both
here and in Germany, to think they make for peace. It is
always risky, of course, to judge how events like the surprising strength shown by the Socialists may affect the conduct of a great government. The German Government can
set at defiance the Reichstag for a very considerable time,
and it is quite pc&ible, of course, that it may either order an
early dissolution or take its own course independent of the
wishes of the new members. But the fact that the Socialists
are now the strongest single party in the House, and that
they are likely in most important matters affecting foreign
relations, at all events, to have the support of the Radicals
and the National Liberals, makes people generally believe
that the German Government will be too much occupied
with its internal difficulties for some time to come to engage
in anything that would threaten the peace of Europe.
There are two other reasons why tile prospects of peace
are believed to be much brighter now than they were recently.
The first of these is the hostility that is being shown by the
war party in A.ustria:-Hungary to Italy and the determination of the Emperor Francis Joseph and the governments
both of Austria and Hungary not to allow a breach of the
peace with Italy. The second is the struggle that is going on
FEB. 10 1912 1
at Vienna between Count Aehrenthal and his opponents.
His real opponent is supposed to be the heir to the Throne,
whose strong disapproval has been excited by Count Aehrenthal because of the part the latter played in forcing the resignation of the late Chief of Staff. Over and above all this,
there are rumors that an early peace between Italy and
Turkey may be looked for. The rumors, perhaps, are too
good to be true. At all events, they have been repeated so
often that people have lost all faith in them. Yet it is plain
that Italy has every interest in making peace at the earliest
possible moment.
At home the cotton strike and lockout have been settled,
but, unfortunately, the operatives do not show very great
inclination to comply with the terms of the settlement.
They are boycotting all who do not join the labor unions, and
in some cases they are actually threatening to strike if nonunionists are employed. It is by no means certain, therefore, that the settlement will prove final. If it does not,
business will be again thrown out of gear. On the other
hand,there is such a demand for Lancashire cotton that most
people who are well acquainted with the facts refuse to believe that either employers or employed will injure themselves by unreasonable conduct. In this matter everybody
is agreed the operativer are in the wrong.
Very little progress has yet been made towards a settlement of the dispute in the mining industry. The impression
is general that it will be settled amicably, and there appears
to be no doubt that the majority of both employers and employed are favorable to a settlement. Yet the negotiations
are dragging along slowly. Of course, it is to be recollected
that there is a whole month in whichlto settle, and that,
therefore, there is no real need for hurry. But the existence
of so much doubt has an injurious effect upon business.
Money in the open marketfin London is scarce and dear.
Indeed, the open market is heavily indebted to the Bank of
England. At the same time, next week the Government
will have to pay to the National Telephone Company three
millions sterling, while the Treasury bills falling due amount
to another three millions. Of this total it is understood that
somewhat over half is held in the open market. Consequently,in the course of a week or ten days the supplies in the
open market will be increased by from four to five millions
sterling, which will, no doubt, cause some ease for a time.
On the other hand, the collection of the revenue is on a very
great scale, and is transferring money in immense sums from
the open market to the Bank of England, while India is taking very large amounts of gold. On Wednesday and Thursday of this week it took £630,000. It also took considerable sums from both Australia and Egypt, and Egypt is recouping herself for a portion of what she gave to India by
drawing upon the Bank of England. The Bank, therefore,
though it is exceedingly strong, is not strengthening itself
by the receipts of gold from abroad. Its strength is mainly
due to the rapid return of coin and notes from the internal
circulation since the beginning of the year.
The India Council offered for tender on Wednesday 120
lacs of bills and telegraphic transfers, and the applications
amounted to 1,3873/ lacs at prices ranging from is. 4 3-32d.
to is. 4 5-32d. per rupee. Applicants for bills at is. 4 3-32d.
were allotted 4 per cent, while applicants for transfers at
is. 43id. were allotted 4 per cent, and above in full.
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Week ending Feb. 9.
Sat.
Mon.
Tues.
Fri.
Wed. Thurs.
Silver, per oz
d 263%
26 15-16 27
27 1-16 27 9-16 27 11-16
Consols, 23% per cents
77 9-16 773%
78
78 3-16 78
773%
For account
77 15-16 773%
77 15-16 783%
78 5-16 783%
95.40
French Rentes (in Paris), tr_ 95.55
95.373% 95.323% 05.223% 95.35
623%
62
62%
023%
Amalgamated Copper Co_ _ _ 63
65
713%
71
7.p
4
7u
71
Amer. Smelting & Refln. Co_ 71
7
7
7
b Anaconda Mining Co
7
1063%
107
1063%
Atch. Topeka & Santa Fe_ _106%
1063%
1063%
1063%
100
1063%
106
106
Preferred
106
105
105
1053%
1043%
Baltimore & Ohio
1043%
_1043%
91
91
91
91
Preferred
903%
903%
236
2353%
236%
Canadian Pacific
2353%
235
2363%
723%
Chesapeake & Ohio
713%
713%
713%
713%
713%
18
Chicago Great Western
173%
18
173%
18
18
Chicago. Milw. & St. Paul_c106
1063%
1063%
1063%
1063%
1063%
Denver & Rio Grande
213%
213
%
213%
22
213%
213%
Preferred
43
44
42
45
45
443%
313%
Erie
31%
313%
313%
313%
313%
First preferred
52
52
52
52
513%
513%
Second preferred
42
42
423%
413%
42
413%
Illinois Central
139
139
139
1393%
1393%
1393%
Louisville & Nashville
154
156
1543%
1553%
1543%
1543%
Missouri Kansas & Texas_ _ _ 27
27%
273%
273%
273%
273%
65
65
Pacific
6
40
5%
Missouri
Preferredi
41%
65
41
41
65
41
65
41
71
Rex..
1st
prof....
713%
of
71
71
Nat. RR.
71
71
3
35
34%
Second preferred
34%
343%
343%
34%
1133%
114
1133%
1133%
N. Y. Cent. & Hudson River.113%
1133%
38
N. Y. Ontario dr Western_ _ _ 38
Norfolk & Western
1103%
110%
111
111%
111%
1103%
93%
Preferred
93%
Northern Pacific
119%
11.1i . "
119
13:6:
13i:
633%
13:::i
a Pennsylvania
64
63%
64
633%
633%
Company
Reading
a
81
804
803%
81
81
803%
a First preferred...
463%
47
47
47
463%
463%
50
'
a Second preferred
24%
i,-1 .i
.
4
.'%.
Rock Island
24%
502'I 2 .
1093%
110
Southern Pacific
1093%
110%
1103%
1103%
273%
29
273%
Southern Railway
2911
273%
283%
71
703%
71
74
74
Preferred
73
1653%
1683%
1663%
168
1673%
Union Pacific
1673%
94%
94%
94%
95
953%
Preferred
953%
623%
62
623%
62
623%
U. S. Steel Corporation
623%
ell].
111
111%
111
111%
Preferred
1103%
73%
73%
73%
73%
71.4
7%
Wabash
18
183%
173%
Preferred
1834
19
183%
573%
5756
573%
573%
573%
573%
Extended 4s
a Price per share. b .£ sterling. e Ex-dividend,
395
THE CHRONICLE
gomnitercial and WiscellantonsgewS
Breadstuffs Figures brought from Page 426.-The statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts at-
Flour.
I Barley.
Oats.
Corn.
Wheat.
Rye.
bbls.1961bs. bush. 60 tbs. bush. 56 lbs. bush. 32 lbs.1bush.48lbs. bu.56 lbs.
698,000
79,000
Chicago __ __
168,132
219,500 4,230,600 1,629,000
388,700 117,700
318,600
Milwaukee__
73,200
219,450
300,900
Duluth
66,841
6,068
8,585
16,220
162,250
41,490
321,800
Minneapolis_
392,660
220,290
1,965,000
Toledo
54,000
180,500
72,000
Detroit
97,437
112,231
7,300
30,105
Cleveland _ _
31,555
29,480
580
5,490
St. Louis.._
1,100
3,200
401,200
57,440
292,800 1,390,8
Peoria
42,000
7,700
124,800
49,000
10,000
814,267
Kansas City.
249,200 1,447,200
198,900
Total wk.'12
Same wk.'11
Same wk.'10
371,872
270,740
427,864
8,726,268
5,667,559
6,333,625
3,225,795
3,694,764
4,607,823
255,575
126,760
139,687
3,314,993 1,459,768
3,515,857 1,356,274
4,030,116 2,192,108
Since Aug. 1
1911-12_ 6,314,966 177.009,711 104,384,679 84,275,580 49,705,354 6,077,691
1910-11_
9,054.667 156,706,811 111,250,454 118,946,867 46.493,853 3,703,698
1909-10
12 Og5 BRA 170 477 AAR OR 977 ROA 911 51R A20 51 02:1 R54 &745J123
Total receipts of flour and grain at the seaboard ports for
the week ended Feb. 3 1912 follow:
Flour,
Receipts atbbls.
New York
125,516
Boston
35,347
Portland, Me
8,000
Philadelphia
44,899
Baltimore
26,315
New Orleans *_ _
26,138
Newport News__
4,000
Galveston
Mobile
1,000
Montreal
11,538
Wheat,
Corn,
bush.
bush,
189,600
637,875
88,124
92,014
250,000
189,000
151,027
50,572
43,793 1,503,286
401,100
8,400
45,000
2,000
41,000
6,000
27,488
Total week 1912_ 337,753 1,114,977
Since Jan. 1 1912_1,479,617 5,606,133
Week 1911_
388,561
691,086
Since Jan. 1 1911..1,765,485 3,918.929
Oats, Barley,
bush,
bush.
205.875 220,160
67,067
900
Rye
bush.
1,150
118,636
27,856
36,000
1,000
800
3,699
24,316
8,577
5,649
65,448
8,703
80,647
3,027,302
479,750 230,639
10,124,834 3,181,248 1403,198
3,297,246 1,043,093 116,650
15.740,011 5,454,764 587,246
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Feb. 3 are shown in the annexed statement:
Flour,
bbls.
56,203
8,000
13,607
25,000
21,100
8.071
4,000
6,000
1,000
6,000
Oats,
bush.
27,538
Total week __ _1,772,949 1,572,315 197,981
600,182 3,395,270 187,599
Week 1911
28,538
3,386
Exports fromNew York _
__
Portland, Me__ _
Boston
Philadelphia _
Baltimore..
New Orleans
Newport News_
Galveston
Mobile
Corn,
bush.
320,269
189,000
68,571
43,000
877,475
23,000
45,000
Wheat,
bush.
391,715
250,000
135,681
292,000
287,553
Rye, Barley,
bush.
bush.
Peas,
bush.
3,043
1,000
3,043
1,876
The destination of these exports for the week and since
July 1 1911 is as below:
CornWheat
-Flour.
Since
July 1
Week
1911.
Exports for week and Feb. 3.
bbls.
Since July 1 toUnited Kingdom_ _102,044 2,927,117
16,578 1,250,371
Continent
Sou. & Cent. Amer_ 18,463 631,675
33,679 792,838
West Indies
2,000
35,700
Brit. Nor. Am. Cols
25,217 218,697
Other Countries_
Total _
Total 1910-11
Since
July 1
Week
Feb. 3.
1911.
bush.
bush.
987,506 34,374,597
778,439 22,588,865
420,872
7,004
9,588
23,000
Sines
July 1
Week
1911.
Feb. 3.
bush.
bush.
678,947 8,582,266
844.272 10,505,172
711,452
2,152
45,286 1,190,680
11,878
1,658
23,206
197,981 5,856,398 1,772,949 57,416,922 1,572,315 21,024,654
187,599 5,453,200 600,182 33,881,488 3,395,270 22,955,448
The world's shipments of wheat and corn for the week
ending Feb.3 1912 and since July 1 1911 and 1910 are shown
in the following:
Corn.
Wheal.
Exports.
1910-11.
1911-12.
Week
Feb. 3.
Since
July 1.
Since
July 1.
1911-12.
Week
Feb. 3.
1910-11.
Since
July 1.
Since
July 1.
Bushels. Busdels. Bushels.
Bushels.
Bushels. Bushels.
North Amer. 3,688,000 108,340,000 74,793,000 1,968,000 19,161,000 20,626,000
744,000 55,786,000 141,928,000 1,530,000 26,240,000 7,907,000
Russia
880,000 52,569,000 69,080,000 1,445,000 47,977,000 16,579,000
Danube __
496,000 23,282,000 .12,056,000
60,000 87,973,000
Argentina
Australia _ _ 1,104,000 30,052,000 25,040,000
488,000 27,094,000 28,374,000
India
Oth..countr's 312,000 6,977,000 5,820,000
Total_ _ 7,712,000 305,000,000 377,091,000 4,943,000 93,438,000 133,085,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Corn.
Total.
Bushels.
Bushels. Bushels.
Feb. 3 1912_ 21,821,000 7,120,000 28,944,000
Jan. 27 1912.. 20,120,000 7,832,000 27,952,000
Feb. 4 1911_ 16,464,000 21,496,000 37,960,000
Feb. 5 1910 _ 24,800,000 8,160,000 32,960,000
Feb. 6 1909... 23,760,000 15,040,000 38,800,000
Feb. 8 1908._ 30,800,000 13,440,000 44,240,000
United
Kingdom. Continent.
Bushels.
5,194,000
4,012,000
4,573,000
4,080,000
3,315,000
3,920,000
Total.
Bushels. Bushels.
7,013,000 12,207,000
5,959,000 9,971,000
9,954,000 14,527,000
4,845,000 8,925,000
2,040,000 5,355.000
2,840,000 6,760,000
396
THE CHRONICLE
STOCK OF MONEY IN THE COUNTRY.-The following
table shows the general stock of money in the country as well
as the holdings by the Treasury, and the amount in circulation on the dates given. The statementfor Feb. 1 1911 will be
found in our issue of Feb. 18 1911, page 437.
Name of Company.
[VOL. Lxxxxiv.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Railroads (Steam) Concluded.
Norfolk & Western. ad I. pref.(o uar.)_ _
I
Feb. 19 Holders of ree. Jan.31a
Norlolk de Western, common (guar.)
Mch. 18 Holders of rec. Feb.29a
Oswego dr Syracuse
4% Feb. 21 Holders of rec. Feb.10a
Pennsylvania (quar.)
1M Feb. 23 Holders of rec. Feb. 5a
Phila. Germ. de Norris:men (guar.)
3
Mch, 4 Feb. 21 to Mch. 3
-Stock of Money Feb. 11912- -Money in Circulation- Reading
Co., 1st pref. (quar.)
1
Mch. 14 Holders of rec. Feb.26a
In United
Held in
February 1
February 1
Rome Water. & Ogdensburg. guar. (qu.) 15.i Feb. 15 Holders of rec. Jan.31a
States.
Treasury.d
1912.
1911.
Soul/tern Po,cific (guar.) (No. 22)
13. Apr.
1 MO. 6 to Apr. 3
$
8
2
April 24 Holders of rec. Melt. 30
Gold coin and bullion_ __*1,803,282,321 164,195,516 603,474,436 597,287,884 Southern Railway, preferred
Union Padlic, common (guar.)
21 Apr.
Gold certifIcates_a
1 Holders of rec. Mch. 2a
71.958,840 964,153,529 901,386,352
Preferred
2
Apr.
Standard silver dollars.... 665,222,367
1 Holders of rec. Mch. 2a
7,522,937
73,105,430
74,324,297 Utica Clinton & Binghamton.
2
Feb. 10 Feb. 1 to Feb. 11
Silver certilicates_a
15,934,925 468,659,075 469,310,942
Subsidiary silver
b164,667,449 21,775,660 142,891,789 139,095,209
Street and F.lectrIc Railways.
Treasury notes of 1890 _ _ _ _
3,057,000
11,651
3,045,349
3,415,123 Binghamton (N. Y.)
2e
Feb. 15 Feb. 2 to Feb. 15
United States notes
346,631,016
0,547,034 337,133,982 338,148,703 Boston Elevated Ry Railway
3
Feb. 15 Holders of rec. Feb. 3a
National bank notes
741,661,968 47,855,918 693,806,050 688,581,955 Brooklyn Rapid Transit
(guar.)
1M Apr.
1 Holders of rec. Mch. Oa
Connecticut Ry. & Ltg., comer pf. (qu.) 1
Feb. 15 Feb. 1 to Feb. 16
Total
3,624,572,121 338,302,481 3,286,269,640 3,211,550,465
1.11 March 1 Holders of rec. Feb. 14
Population of continental United States Feb. 1 1912 estimated at 91,958,000; Detroit United Ry. (quar.)
Duluth-Superior Trac., corn. (quar.)
134 Apr.
circulation per capita, 534 61.
1 Holders of rec. Mch. 15
Preferred (guar.)
.
1
Apr. 1 Holders of rec. Mch. 15
* A revised estimate by the Director of the Mint of the stock of gold coin was
Federal Light & Trac., pref. (guar.)
134 Mch. 1 Feb. 16 to Mch. 1
adopted in the statement for Aug. 1 1907. There was a reduction of $135,000,000.
2
Feb. 20 Holders of rec. Feb.10a
b A revised estimate by the Director of the Mint of the stock of subsidiary silver Georgia Ry. & Electric, common (guar.)_ _
coin was adopted in the statement of Sept. 1 1910. There was a reduction of $9,- Havana Elec. Ry.. corn. & pref. (quar.) 1M Feb. 10 Jan. 21 to Feb. 10
Kokomo Marion & West. Trac., common_
1;,5, Feb. 10 Feb. 2 to Feb. 10
700,000.
Pacific Gas zt Elec., pre/. (qu.)(No. 24)_ _
13-' Feb. 15 Holders of rec. Jan.31a
a For redemption of outstanding certificates, an exact equivalent in amount
Mch. 1 Holders of rec. Feb.10a
the appropriate kinds of money is held in the Treasury, and is not included in of Philadelphia Company, preferred.
the Portland (Ore.) Ry.,L.&P. (qu.) (No. 5) 23
1
account of money held as assets of the Government.
March 1 Holders of rec. Feb. 12
Rochester
Ry.
&
Light,
pref.
(guar.)
1M, Mch. 1 Holders of rec. Feb.23a
d This statement of money held in the Treasury as assets of the Government does
2M March 1 Feb. 16 to Feb. 29
not include deposits of public money in national bank depositaries to the credit of Susquehanna By., Light & Power, pref
Tampa Electric Co. (quar.) (No. 29) _ _ 2M Feb. 15 Holders of rec.
the Treasurer of the United States, amounting to $35,714,169 37.
5a
Twin City It. T., Minneap., corn. (quar.) 1M April 1 Holders of rec. Feb.
Mch. 11
Preferred (guar.)
1U April 1 Holders of rec. Arch. 15
Union Street Ry., New Bedford (guar.)_ _
Holders
Feb.
2
of rec. Jan.16a
I
National Banks.-The following information regarding Washington Ry. de Electric, corn.(guar.)
Mch. 1
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
Banks.
Mechanics & Metals National (guar.)._ __
APPLICATIONS TO CONVERT APPROVED.
The State Savings Bank of Benton Harbor, Mich., into "The American
National Bank of Benton Harbor." Capital, $100,000.
The Solano County Bank of Suisun, Cal., into "The First National Bank
of Suisun." Capital, $100,000.
CHARTERS ISSUED TO NATIONAL BANKS JAN. 27.
10,130-The People's National Bank of Perry, Ia. Capital $50,000. John
P. O'Malley, Pres.; J. C. O'Malley, Vice-Pres.; E. D.Carter, Cashier
10,131-The First National Bank of Lincoln, Ala. Capital, $25,000. Mc
Lane Tilton, Pres.; R. B. Burns and T.J. Watson, Vice-Pres.; L.U.
Dickinson, Cashier. (Conversion of the First State Bank ofLincoln)
10,132-The First National Bank of Coal City, Ill. Capital, $25,000. William Campbell, Pres.; Warham B. Short, Vice-Pres.; Lottle R.
Young, Cashier.
CHANGES OF TITLE.
1,935-The National Bank of Greenville, S. C., to "The First National
Bank of Greenville."
10,062-The Jenkins National Bank, Jenkins, Ky., to "The First National
Bank of Jenkins."
VOLUNTARY LIQUIDATION.
•
6,616-The National Bank of Llliington, N. C., Jan. 22 1912. To
be succeeded by a State bank.
Canadian Bank Clearings.-The clearings for the week ending Feb. 3 at Canadian cities, in comparison with the same
week of 1911, shows an increase in the aggregate of 20..7%.
Iireek ending February 3.
Clearings at1912.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa _
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
Total
I
1911.
Inc. or
Dec.
1910.
1909.
42,622 294 40,687,207 +4.8 33 113 867 26,804,015
37,812,191 33,000,000 +14.6 30,767,779 27,591,126
22,906,178 15,980,400 +43.3 14,592,361 10,948,141
10,202,037 8,514,118 +19.8 6,626,054 3,907,760
4,224,936 3,170,941 +33.2 3,780,502 2,978,064
2,467,498 2,191,509 +12.6 2,273,315 1,894,387
1,936,181 1,454,966 +33.1 1,912,902 1,670,234
2,708,044 2,107,559 +23.8 1,735,857 1,527,920
1,513,195 1,409,491
+7.7 1,333,321
1,165,559
4,133,910 2,531,317 +63.3 2,083,588 1,351,173
1,116,040 1,189,818 -6.1 1,191,592 1,191,854
2,807,905 2,096,221 +33.9 1,672,391
901,448
3,193,477 1,332,785 +139.6 1,121,279
729,998
1,650,8.30 1,039,482 +58.8
695,249
500,000
935,717 +14.8
547,661
351,471 +55.8
1,674,868 1,098,595 +52.9
471,520
469,370 +0.5
763,186 Not include d in tot al
500,187 Not include d in tot al
142,988,765 118,061,057 +20.7 102,000,057 82,661,679
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
Cent.
Railroads (Steam).
Alabama Great Southern, preferred-- 8
AWL Top. & S. Fe, corn. (qu.)(No. 27) 1%
Atlantic Coast Line Co., Conn.(quar.)__ _ 3
Baltimore & Ohio, common
3
Preferred
2
Bellefonte Central (annual)
1
Boston de Maine, common (guar.)
1
Preferred
3
Buffalo Rochester & Pittsburgh, common 2M
Preferred
3
Chestnut Hill (guar.)
1M
Chicago Milw. dc St. Paul, common
Preferred
3)
Chic. St. Paul Minn. & Om.,com.& pref. 3M
Cleve. de Pittsb., reg. guar. (guar.)
ij
Special guaranteed (won)
1
Cripple Creek Cent., pref. (qu.) (No. 25) 1
Delaware & Bound Brook, guar. (guar.)._ 2
Delaware de Hudson Co. ((Mar.)
2M
Grand Trunk, third preference
1
Illinois Central (No. 114)
3%
Lehigh Valley, corn. de pref. (extra).,... 10
National Rys. of Mex., 1st pref. (No. 9) 2
N. Y. Chicago dr St. Louis, common.... 3
First and second preferred
When
Payable.
Books Closed.
Days Inclusive.
3
Feb. 13 Holders of rec. Feb. 10
Miscellaneous.
Adams Express (guar.)
$3 Mch. 1 Feb. 15 to Feb. 29
Amalgamated Copper (quar.)
% Feb. 26 Holders of rec. Jan. 27a
American Bank Note. corn. (guar.)
1
Feb. 15 Feb. 2 to Feb. 15
Am. Beet Sugar, corn. (quar.) (No. 2).._
11‘ Feb. 15 Holders of rec. Jan.27a
Amer. Pneumatic Service, first pre:
331 Mch. 30 Holders of rec. Mch. 15
Second preferred
1
Mch. 1 Holders of rec. Feb. 3
American Radiator, common (quar.)_ _ 2
Mch. 30 Melt. 22 to Mch. 30
Common (extra)
2
Mch. 30 Mch. 22 to Mch. 30
Common (payable In common stock) _ _ log
Mch. 30 Mch. 22 to Mch. 30
Preferred (quar.)
1(
15 Feb. 8 to Feb. 15
Amer. Smelt. & Re/g., corn. (spedal)..... 2-3 i Feb.
Mch. 15 Feb. 24 to Mch. 3
Preferred (No. 51)(special) _
1 1-6 I Mch. 1 Feb. 15 to Feb. 22
American Tobacco, pref. (guar.)
1% Aprli 1 Feb. 22 to Mch. 13
Amer. Writing Paper, preferred
$1
April I Holders of rec. Mch. 15
Bond & Mortgage Guarantee (attar.)-- -- 3
Feb. 15 Holders of rec. Feb. 8
Borden's Condensed Milk, corn. (No. 33)
4
Feb. 15 Feb. 6 to Feb. 15
Butterick Co. (guar.) _
Mch. 1 Holders of rec. Feb. 19
Cambria Steel (quar.)
1X Feb. 15 Holders of rec. Jan.31a
Canada Cement.l.td.,pref. (quar.)(No.8) 1X Feb. 16 Feb. 1
to Feb. 10
Casein Co. of Am., pref. (qu.) (No. 47)
2
Feb. 10 Feb. 1 to Feb. 9
Columbus (0.) Gas & Fuel, corn. (guar.) _
Mch. 1 Holders of rec. Feb. 15
Consolidated Gas of New York (guar.)._
Mch. 15 Holders of rec. Feb.14a
Continental 011
50
Feb. 28 Feb. 8 to Feb. 20
Diamond Match (guar.)
Mch. 15 Holders of rec. Feb.29a
Extra
1
Mch. 15 Holders of rec. Feb.29a
Federal Utilities, Inc., pref. (qu.)(No. 3).
Mch. 1 Holders of rec.
General Asphalt, pre,. (guar.)(No. 19)..... 1f Mch. 1 Holders of rec. Feb.15a
Feb.14a
General Chemical, common (quar.)
I% March 1 Holders of rec. Feb.19a
Gorham Manufacturing Co., corn. (quar.) 23-i Feb. 12 Holders of rec. Feb.10a
Greene Cananea Copper(No. 1)
25c. Mch. I Feb. 12 to Mch. 1
Internat. Harvester, pref. (qu.) (No. 20)
Mch. 1 Holders of rec. Feb.10a
International Nickel. corn. (guar.)
5
Moir. 1 Feb. 14 to Mch. 1
Jefferson & Clearfield Coal dr Iron, pref.
23's Feb. 15 Holders of rec. Feb. 8a
Lehigh Coal dr Navigation (quar.)
Si
Feb. 29 Holders of rec. Jan.31a
Ma/zoning Investment
Mch. 1 Holders of rec. Feb.23a
May Department Stores, corn. (guar.)1
Mch. 1 Holders of rec. Feb. 15
Michigan State Telephone, corn. (quar.) 1M Mch. 1 Feb. 16
to Mch. 1
Common
7-12h MO. 30 Mch. 16 to Apr. 10
Preferred (quar.)
lh
Mob. 30 Mch. 16 to Apr. 10
Mobile Electric, preferred (quar.)_
lu Feb. 15 Holders of rec. Jan. 31
Montreal Lt.. H. & Pow.(guar.)(No.
Feb. 15 Holders of rec. Jan.31a
43) 2
National Carbon, pref. (quay.)
1M Feb. 15 Jan. 31 to Feb. 10
National Lead, pref. (quar.)
1M !deb. 15 Feb. 17 to Feb. 22
Nevada-California Power
$21 Feb. 10
Feb. 1
Niles-Bement-Pond, common (guar.)
13-5 Mch. 20 Mch. 13 to Arch. 20
Preferred (guar.)
13 Feb. 15 Feb. 11 to Feb. 15
North American Co.(quar.)
13-j April 1 Holders of rec. Alch.21a
People's Gas Light dr Coke (quar.)
15( Feb. 20 Jan. 21 to Feb. 12
Philadelphia Electric (guar.)
13-i Moll. 15 Holders of rec. Feb.17a
Pittsburgh Steel, preferred (guar.)
1% Mch. 1 Holders of rec. Feb. 16
P. Lorillard, preferred
13-i April 1 Feb. 21 to Mch. 12
Pratt & Whitney, pref, (guar.)
13. Feb. 15 Feb.
Pressed Steel Car, pref. (quar.)(NO. 62). 1M Feb. 21 Feb. 11 to Feb. 15
1 to Feb. 20
Procter & Gamble, common (num.)
3
Feb. 15 Holders of rec. Jan.31a
Pullman Company (quar.) (No. 180)_ 2
Feb.
15
Holders
of rec. Jan.31a
Quaker Oats, common (guar.)
23. April 15 Holders of rec. April 1
Preferred (quar.)
13-i Feb. 29 Holders of'rec. Feb. in
Preferred (guar.)
13. May 31 Holders of rec. May 1
Sears, Roebuck dr Co., common (quar.)
1( Feb. 16 Holders of rec. Jan.31a
Silversmiths Company (guar.)
Feb. 15 Holders of rec. Feb. 8a
13-i
Southern Pipe Line
Mch. 1 Feb. 16 to Mch. 1
$6
Studebaker Corporation, pref. (guar.)
13 Mch. 1 Holders of rec. Feb. 15
Tennessee Copper.
$1.50 Feb. 20 Holders of rec. Jan.31a
United Cigar Mrs., pref. (guar.)
1M Mch. 1 Holders of rec. Feb. 26
U. S. Steel Corp., corn. (qu.) (No. 33)
13-( March 30 Mch. 2 to Mch. 12
Preferred (quar.) (No. 43)
13 Feb. 28 Feb. 6 to Feb. 28
U.S. Printing of N.I., pref.(guar.)
1M Feb. 15 Feb. 5 to Feb. 15
U. S. Telephone, pref. (guar.)
13-i Feb. 15 Holders of rec. Jan. 31
Virginia-Carolina Chemical, common__
13 Feb. 15 Feb. 4 to Feb. 15
X
a Transfer books not closed for this div dend. b Less income tax. d Correction.
e Declared 4%. payable 2% Feb. 15 and 2% Aug. 16. f Payable in scrip. g Payable in common stock. h One month's dividend on common and two months' dividend on preferred incident to change in dividend periods to Q.-M. 30. i Two
months' dividend incident to change of dividend periods to
Q.-M. 15 for
the common stock and Q.-M. 1 for preferred.
Feb. 24 Holders of rec. Feb.
Mch. 1 Holders of rec. Jan.31a
Mch. 9d Feb. 28 to Mch. 8
Auction Sales.-Among Other securities, the following, not
Mch. 1 Holders of rec. Feb. in
Mch. 1 Holders of rec. Feb. la usually dealt in at the Stock
Exchanges, were recently sold at
Feb. 15 Holders of rec. Feb. la
April 1 Holders of rec. Mch. 1 auction in New York, Boston and Philadelphia:
Mch. 1 Holders of rec. Feb. 15
By Messrs. Adrian H. Muller & Sons, New York:
Feb. 15 Holders of rec. Feb. fla
Per cent. Bonds.
Feb. 15 Holders of rec. Feb. 6a Shares.
Per cent.
Mch. 4 Feb. 21 to Mob. 3 5,500 Royal Tinto Alining & Smelt$2,000 City & Suburban Ry. Co.
ing Co., common
$25 lot
Mch. 1 Holders of rec. Feb. 5a
(Portland, Ore.), cons. 4s,8
,
19x
30.& int.
400 The B. F. Goodrich Co., pref_120
J. & D
Mch. 1 Holders of rec. Feb. 5a
10 Lawyers Mortgage Co
Feb. 20 Holders of rec. Feb. 2a
285% $1,000 Ches. & Ohio Grain Elevator
125 Lincoln Trust Co
13
816
Mch. 1 Holders of rec. Feb.10a
2d 4s, 1988
1st
Percent.
$1,000 Traverse City RR. 1st 38,
Mch. 1 Holders of rec. Feb.10a Bonds.
March 1 Holders of rec. Feb. 17 $1,000 West Kentucky Coal Co.
1933, J. &J
60 & int.
5s, 1935, J. & J
76 & int.
Feb. 20 Feb. 10 to Feb. 20
Mch. 20 Holders of rec. Feb.26a
By Messrs. Francis Henshaw & Co., Boston:
Mch. 1 Holders of rec. Feb. la
Feb. 26 Holders of rec. Jan.19a
Feb. 10 Holders of waents No.9
Mch. 1 Holders of rec. Feb. 2a
Mch. 1 Holders of ree Feb. 2a
Shares..
$ per sh. Shares.
$ per sh.
3 Merchants Nat. Bank
2913's 4 Continental Mills
90
32 Cabot Manufacturing Co
.J20
2 Lowell & Andover RR. Co
21331 Bonds.
Per cent.
3 Waltham Watch Co., pref
113
$3,000 Dominion Power dc TransNM
1 Columbian Nat. Life Ins. Co...1183-1
mission Co. 58, 1932
.94%
FEB. 10 1912.,
THE CHRONICLE
DETAILED RETURNS
By Messrs. R. L. Day & Co., Boston:
Shares.
$ Per sh.
4 Merchants Nat. Bank
29134
2 Warren Nat. Bank, Peabody _ _113%
2 Naumkeag Steam Cotton CO._15034
10 Lowell Machine Shop, pref_..107
199
1 Great Falls Mfg. Co
8 Union Cot. Mfg. Co., Fall Illy_ _2039i
5 Hamilton Mfg. Co
85
28431
5 Pepperell Mfg. Co
6 E. & T. Fairbanks & Co., $500
275
each ,,
134
14 Hood Rubber Co., pref
10 Hackettstown, N. J., Wood$134 lot
Working Co
S per sh.
Shares.
5 Seattle Trust Co
$134 lot
25
100 Harper Transp. Co., corn
13 Essex pompany, 850 each__ _ _190
Bonds.
Per cent.
$7,000 Cairo & Norf. RR. Co. 5s,
10 flat
1928, 1911 coupons on
$4,000 Pitts. Bing. & East. RR. Co.
'A flat
5s, 1956, 1908 coupons on
$1,000 Brockton Street Ry. Co. 5s,
101 & int.
1934
$300 Middlesex Mfg. Co. 5s, 1913,
Series E
9534 (SE int.
By Messrs. Barnes & Lofiand, Philadelphia:
Shires.
$ per sh.
49 First Nat. Bank of Phi's _ _230-231%
100
2 Equitable Trust Co
1 Finance Co. of Pa., 2d pre _ _ _ _104
10 Pennsylvania Fire Insur. Co .._ _405
40 Philadelphia City Pass. Ry. C0_15834
1434
4 Alliance Ins. Co., par $10
6 Franklin Nat. Bank
48034
5 GI-ard Nat. Bank
40034
4 Nat. State Bank, Camden, par
$50
105
20 Rights to Nat. State Bank _ _
lot
10 Penn Nat. Bank, par $50
201
14 Philadelphia Nat. Bank _ _ _430-4303(
38 Western Nat. Bank
120
35 Central Tr. & Say. par $50._80-8034
10 Commercial Trust Co
410
6 Commonwealth T. I. & Tr. Co..24034
40 Continental Title & Trust Co
50'%
(825 paid)
100
23 Equitable Trust Co
8 First Mtge. Guar. & Trust Co _100
20 Franklin Trust Co, par $50..583-4-57
996-997
6 Girard Trust Co
1 Phila. Trust & Safe Deposit Co_68034
10 Provident Life & Trust Co_844-8433-4
2 Real Estate Trust Co., pref _ __ 97
35 Delaware Insur. Co., par $10_25-2434
19 20 & 3d Streets Pass Ry_ _ _254-253
115
20 Germantown PRI39 Ry
10 Frankton' & SouthwarkPassRy37534
Shares.
$ Per di.
14 13th & 15th Streets Pass Ry..252
4 Phila. & Gray's Ferry Pas.s.Ry_ 8234
5 West Philadelphia Pass.Ry.Co..20834
3 John B. Stetson Co., pref _ _199-199%
17 John B. Stetson Co., common_445
15 Phila. Warehousing & ColdStor 150
40 Amer. Pipe & Construe. Co... 90
20 Haverford land & Imp. Co.,
50
par, 850
18 Phila. Life Ins. Co., par $10_11A-11
27 U.S.Loan Soc. of Phila.,par,$10 15 •
103 Prudential Loan Soc. of Phila.,
12
par, $10
10
7 William Penn Real Estate Co
5 Internat. Lum. & Dev. Co.,
150
par, 3300
Per cent.
Bonds.
$10,000 Buff. & L. E. Trac. Co. 5s,
6834
1936
$1,000 Georgia Sty. & Elec. Co. 5s,
102%
1932
$1,000 Elmira Water, Lt. & RR.
Co. 5s 1956..
9134
$700 Allentown & Kutztown Trac.
90
Co. 5s 1930
81,000 Bait. Grain Clearing-House
Co. 6s, 1939, coupons Sept. 1911
12
attached
$1,000 Springf. Wet. Co. Si, 1021L.100
$1,000 N.Springf. Wat.Co.5s,1928_100
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh.
20 Continental T. & Tr.($25 pd)_51-5134
6 Green & Coates Sts. Pass. Ry _ _127%
7 Hestony. M. & F.Pass. Ry., pfd. 8434
2 Peoples Nat. Fire Insur. Co.,
par, $25
2534
8 Ridge Ave. Pass. Ry., par, 850 253
1 20 & 3d Sts. Pass. Ry., par, $50 256
5 Union Pass. Ry., par, $50
202
Bonds.
Per cent.
96
$4,000 City of Phila.3s, 1916
$700 City of Phila. 3s, 1919._ _94-9434
$1,000 City of Phila. 9s, 1941
10134
$500 Altoona & Logan Vail. Elec
Ry. 1st
9134
$1,000 No. Springfield Wet. 5s,'28_100
$100 Perkiomen RR. Co. 1st Ser.
Is, 1918
10534
$1,000 Springfield Water 5s, 1926 _ _100
DETAILED RETURNS
OF BANKS.
We omit two ciphers (00) in all cases.
Capital. Surplus.
Loans.
Average.
Specie. Legals. Net Depos- ReAverage. Average. its, Aver. serve.
$
$
8
$s
%.
Bank of N. Y. 2,000,0 3,774,7 22,556,0 4,t03,0
858,0 21,338,0 26.5
Manhattan Co. 2,050,0 4,697,1 36,000,0 9,635,0 1,420,0 42,000,0 26.3
2,000,0 1,970,4 21,232,0 4,395,0 1,369,0 22,117,0 26.6
Merchants' __ _
Mech.& Metals 6,000,0 8,382,4 55,545,0 12,893,0 2,404,0 55,382,0 27.6
1,500,0 6,208,4 29,875,0 6,068,0 2,041,0 31,486,0 25.7
America
25,000,0 26,668,4 185,363,0 57,158,0 7.738.0 197,481,0 32.8
City
3,000,0 6,020.4 29.713,0 4,933,0 1,918,0 27,051,0 25.4
Chemical__ _._
600,0
Merchants' Ex
607,0
7,061,0 1,574,0
188,0
7,214,0 24.4
1,000,0 2.518,0
Gallatin
9,111,0 1,503,0
7,455,0 26.0
436,0
300,0
Butch.& Droy
2,022,0
522,0
147,1
65,0
2,218,0 26.4
500,0
Greenwich _ __
8,649,0 2,303,0
898,4
170.0
9,869,0 25.0
5,000,0 4,474,2 44,489,0 7,480,0 3,737,0 44,374,0 25.2
Amer. Exch._
25,000,0 15,893,4 143,095,0 33,088,0 9,110,0 131,705,0 32.0
Commerce
3,000,0 2,754 4 14 716 0 2.035.0
Mercantile
946,0 11,613,0 25.6
500,0
942,3
4,261,0
491,0
460,0
Pacific
3 880 0 24.5
Chath. & Piton 2 250 0 1 232 1 16 184 0 2 692 0 1 369 0 16 153 0 24.8
200 0
463.6
510,0
1,857,0
146,0
People's — __
2,396.0 27.3
3 000,0 12.952,4 79.680.0 17,993,0 5,828,0 90,950,0 26.1
Hanover
2,550,0 1,014,6' 24,117,0 5,598,0
Citizens' Cent_
623,0 23,845,0 26.0
500.0
Nassau
628.9 10.090,0 2,602,0
924,0 12,482,0 28.2
Market & Fult 1,000,0 1,808 5
9 296 0 1 496 0 1 149 0
9 509 0 27.8
2 000 0 1.645,6 10,590,0 2,521,0
Metropolitan _
231,0 10,603,0 25.9
Com Exchange 3,000,0 . 5,494,2 48,281,0 8,158,0 6,002,0 56,691,0 25.0
Imp.& Traders 1,500,0 7,690,2 27,599,0 4,638,0 1,881,0 25,665,0 25.4
5,000,0 12,990,0 89,292,0 22,533.0 2,026,0 95,143,0 25.8
Park
250,0
East River96,7
1,575.0
418,0
1.921,0 27.1
104,0
5,000,0 5,845,2 36,225,0 6,432.0 3,390,0 38,329,0 25.6
Fourth
1,000,0 2,329,4 13,969,0 3,891,0
Second
126,0 14,451,0 27.7
10,000,0 21,984,4 122.561,0 33,539,0 2,146,0 123,457,0 28.9
First
Irving Each... 2,000,0 1,963,9 25,838,0 4,974,0 2,353,0 28,109,0 26.0
250,0
803,6
Bowery
3,326,0
819,0
3,451,0 25.5
62,0
500,0 1,781,0
N. Y. County_
8,342,0 1,358,0
8,466,0 24.0
679,0
750,0
732,9
German-Amer
4,307,0
898,0
228,0
4,212,0 26.7
5,000.0 8,704,5 95,739.0 27,988,0 6,645,0 115,699,0 29.9
Chase
100,0
2,159,5
Avenue_
Fifth
13,083,0 2,873,0 1,015,0 14,792,0 28.2
200,0
887,9
German Exch.
3,340,0
428,0
3,653,0 25.3
497,0
200,0 1,042,9
5,505,0 1,377,0
Germania __ __
154,0
6,351,0 24.0
1,000,0 1,663,6 14,071,0 2,458,0 1,683,0 14,861,0 27.8
Lincoln
1,000,0 1,252,6
9,227,0 2,263,0
Garfield
443,0
9,774,0 27.6
538,6
250,0
3,551,0
Fifth
371,0
491,0
3,544,0 24.3
1,000,0 2,155,8 12,563,0 2,089,0 1,140,0 12,716 0 25.3
Metropolis _ __
200.0 1,068,3
West Side__ _ _
4,248,0
027,0
251,0
4,806,0 24.5
2,10'3,9
1,000,0
25,383,0 5,315,0 2.515,0 30,095,0 26.0
Seaboard
1,000,0 2,770,6 21,264,0 4,699,0 1,083,0 22,828,0 25.3
Liberty
801,6
1,000,0
8,157.0 2,089,0
N. Y. Prod.Ex
456,0
9,794,0 25.9
1,000,0
970,9 15,479,0 5,074,0
State
364,0 21,174,0 25.6
1,000,0
478,4 10,883,0 2,668,0 1,033 0 14347.0 25.8
Security ___ __
1.000,0
464,0
6,384,0
Iron__
1,106,0
&
Coal
521,0
6,540.0 24.8
998,6 10,044,0 1,174,0 1,422,0 10,370,0 25.0
1,000,0
Union Exch
7,762,0 1,733,0
Nassau, Bklyn 1.000,0 1,065,1
7,939,0 25.1
261,0
Totals, Avge
135,150.0 198,340,6 1413,600,0 334,500,0 82,132,0 1490,299,0 27.9
Actual figures Feb.3_
1425,611,0 334,299,0 80,371,0 1500,907,0 27.6
Circulation.—On the basis of averages, circulation of national banks in the
Clearing House amounted to $50,641,000, and according to actual figures was
$50,749,000.
OF TRUST COMPANIES.
On Dep.
Net
Trust Cos. Surplus. Loans. Specie. Legals. with C.H Deposits. Reserve.
00s omitted.
Average. Average. Average. Banks. Average.
Manhattan _
2,252,1
Brooklyn
2,414,7
Bankers
13,518,4
U.S.Mtg.& Tr_ 4,502,2
Astor
1,139,4
Title Gu. & Tr. 11,714,4
Guaranty _ _ _ 22,888.1
Fidelity
1,283,4
LawyersT.I.&T 6,171,5
Columbia
1,893,6
Standar
1,411,2
People's
...... 1,606,7
New York.. _ 11,572,3
Franklin
1,360,8
Lincoln
550,1
Metropolitan
6,122,3
8
16,180,0 1,829,0
92,0 3,862,0 12,408,0 15.4 +23.7
15,644,0 1,617,0
404,0 5,836,0 11,508,0 17.5+33.4
123,133,0 14,689,0
292,0 15,252,0 99,730.0 15.0+13.2
626,0 7,939,0 26,320,0 15.0+22.9
41,462,0 3,345,0
15,414,0 1,725,0
262,0 1,468,0 11,904,0 17.4+ 8.6
33.197,0 1,388,0 1,371,0 5,267,0 17,645,0 15.6+22.4
165,402,0 14,649,0 1,291,0 18,826,0 101.598.0 15.6+15.6
721,0 5,350,0 15.5+10.2
7,394,0
592,0
240,0
19,497,0 1,384,0
763,0 1,904,0 14.100,0 15.2+11.8
20,627,0 1,933,0
100,0 1,616,0 13,538,0 15.0+10.6
15,516,0 2,023,0
47,0 2,290,0 13,655,0 15.1+14.3
567,0 3,117,0 14,303,0 14.8+17.5
15,902,0 1,553,0
47,297,0 4,964,0
157,0 3,829,0 31,936,0 16.0+10.7
12,019,0 1,257,0
366,0 1,144,0 10,66.3,0 15.2+ 9.2
10,541,0 1,249,0
213,0 1,218,0 9,600,0 15.2+11.2
13,0 3,009,0 17,828,0 15.2+14.4
25,682.0 2,701.0
Totals, Avge _ _ 90,491,2 584,907,0 56,893,0 6,804,0 77,298,0 411,595,0 15.4 +15.8
Actual figures Feb.3 _ _ 582,127,0 55,395,0 6.765,0 76,273,0 405.516,0 15.3+15.8
The capital of the trust companies is as follows: Manhattan, $1,000,000; Brooklyn,
$1,000,000; Bankers, $5,000,000; United States Mortgage & Trust, $2,000,000;
Astor, $1,250,000; Title Guarantee & Trust, $4,375,000; Guaranty, $5,000,000;
Fidelity, $1,000,000; Lawyers' Title Insurance & Trust, $4,000,000; Columbia,
81,000,000; Standard, 51,030,000; People's, $1,000,000; New York, $3,000,000;
Franklin, $1,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; total,
$34,625,000.
SUMMARY COVERING BOTH BANKS AND TRUST
Week
ending
Feb. 3
Capital. Surplus.
Loans.
COMPANIES.
On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits.
Specie.
Averages.
$
$
$
S
S
$
a
Banks
135,150,0108,340,61,413,500.0334,500,O 82,132.0
1 490.299,0
Trust cos_ 34,625,0 90,491,2 584,907,0 56,893 n 6,804,0 77,298,0 411,595,0
Total_ _.169,775,0288,831,8 1,998,407,1391,393,0I1 88,936,0 77,298,0 1,901,894,0
Actual.
Banks. _
1,425,611,0334,299,01 80,371,0
1,500,907,0
Trust cos_
532,127,0 55,395,01 6,765,0 78,273,0 905,516,0
2
1
Total_ _ _
2,007,738,.389.694,01 87,136,0 76,273,0 1,906,423,0
4345
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 Feb. 3. The figures for the separate
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
Banks.
00,3 omitted.
397
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
Week ended Feb.' 3.
Capital as of Sept. 29 _ _ __
Surplus as of Sept. 29 _ _ __
State Banks
State Banks
Trust Cos.
Trust Cos.
in
in
outside of
outside of
Greater N. Y. Greater N. V. Greater N. V. Greater N. Y.
8
$
22,771,000
61,056,000
38,568,700
s
9,417,974
s
9,525,000
179,752,800
11,456,219
11,378,230
Loans and investments__
Change from last week..
289,371,500 1,103,430,600
+2,305,400 +5,912,200
103,613,000
—40,000
158,637,600
—184,500
Specie
Change from last week_
54,289,500
+1,117,400
114,291,400
—802,200
Legal-tenders & bk. notes
Change from last week_
22,013,200
—1,045,800
11,510,400
+327,200
Deposits
Change from last week_
346,295,400 1,260,032,100
+3,963,500 +11,106,400
110,610,500
—296,100
169,535,000
+223,500
137,351,900
+883,000
22,146,500
—170,400
25,930,500
+547,900
Reserve on deposits
Change from last week_
P. C. reserve to deposits_
Percentage last week
99,283,800
+916,900
29.6%
29.6%
17.2%
17.1%
21.3%
21.4%
16.4%
16.1%
+ Increase over last week. — Decrease from last week.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held In trust
for it by any public department.
—Stale Banks—
—Trust Cos.—
Total
Of
Reserve Required for Trust Companies
Total
Of
which
which Reserve
and State Banks.
Reserre
Required. in Cash. Required. in Cash.
Location—
15%
15%
25%
15%
Manhattan Borough
10%
20%
Brooklyn Borough (without branches in Manhat.) 15%
10%
10%
15%
Other Boroughs(without branches in Manhattan) 15%
734%
15%
Brooklyn Borough, with branches in Manhattan _ _15%
20%
20%
15%
Other Boroughs, with branches in Manhattan.. _ _15%
15%
15%
10%
5%
Elsewhere in State
15%
6%
The Banking Department also undertakes to present separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-,
Lxxxxiv.
THE CHRONICLE
398
Boston and Philadelphia Banks.-Below is a summary of
House banks and trust companies. In addition, we have
combined each corresponding item in the two statements, the weekly totals of the Clearing-House banks of Boston
thus affording an aggregate for the whole of the banks and and Philadelphia:
trust companies in the Greater New York.
We omit two ciphers (00) in all these figures.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Feb.
•
Clear.-House Clear.-House State Banks & Total of all
3- Members.
Members. Trust Cos. not Banks &Trust
ActualFigures
in C.-H. Aver. Cos. Average.
Average.
$
Nat. Banks]
CapitalI Dec. 5 and }
State Banks I
Surplus
Dec. 21 _ I
$
3
169,775,000
169,775,000
34,652,000
204,427,000
288,831,800
288,830.800
93.130,300
381,961,100
Loans and investments 2.007,738,000 1.998,407,000
Change from last week +24,145,000 +20,460,000
588,518,100 2.586,925,100
-3,752,100 +16,707,900
Deposits
1,906,423,000 1,901,894,000
Change from last week +17.550,000 +17.384,000
a586,478,800 2,488,372.800
-4,684,700 +12,699,300
Specie
Change from last week
389,694.000
+496,000
391,393,000
+6,837,000
62,787,500
-1,337,000
454,180,500
+5.500,000
Legal-tenders
Change from last week
87,136,000
-3,618.000
88,936,000
-2.453,000
510,985,000
-43,700
99,921,000
-2,496,700
Banks: cash in vault _ _
Ratio to deposits_ _ _
414.670,000
27.62%
416.632.000
27.95%
11,688,100
13.73%
428,320,100
Trust cos.: cash in vault
62,160,000
63,697,000
62,084,400
125,781,400
Aggr'te money holdings
Change from last week
476,830,000
-3,122,000
480,329,000
+4,384,000
73,772,500
-1,380,700
554,101,500
+3,003,300
Money on deposit with
other bks. & trust cos.
Change from last week
78,273,000
+1,987.000
77,298,000
-3,128,000
22,452,600
+1,036,200
99,750,600
-2,091,800
Total reserve
Change from last week
553,103,000
-1,135,000
557,627,000
+1,256,000
96,225,100
-344,500
653,852,100
+911,500
44,057,250
1.957,750
40,775,850
-7,987,200
46,015,000
+317,000
15.47%
15.31%
15.61%
1.76%
31.15%
31.28%
17.37%
....
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Week
Ended.
Deposits.
Specie.
Legals.
Tot. Money Entire Res.
Holdings. on Deposit.
2,510,340,4
2,480,178,0
2,460,317,7
2,473.850.8
2,481,588,2
2.402,990.3
2,531,98:3,6
2,557,285,9
27._ 2,570,217.2
3 __ 2,586,025,1
2_ _
9-1623_
30__
6-13-
2,346,988,2
2,310,182,6
2,291,456,7
2,319,737,2
2.337,100,4
2,371,283,7
2,416.299.8
2,456,409,0
2,475,673,5
2.488,372,8
380,755,8
92,208,3 472,963.8
92,405,5 465,033,3
372,027,8
95,485,4 973,457,9
377.972,5
94,909,7 477,131,5
382,221,8
95,746,3 485,311,8
389,565,5
98,301.6 501,778,6
403,477,0
417.597.3 101,403.7 519,001,0
434,904,4 103,276,0 538,180,4
448,680.5 102,417,7 551.098,2
454,180,5 99,921.0 554.101,5
546,531,7
535,306,4
543,718,6
548,801,5
561,446,3
583,433,9
621,969,4
643,176,8
652.940,6
653.852,1
Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending Feb. 3, based on average daily results:
We omit two ciphers(00)in a 1 these figures.
Banks.
Capital.
Surplus.
On
Legal
Loans,
Tender Deposit
Disc'Li
Net
with
and
Specie. and
InvestBank C.-H. Deposits.
mends.
Notes. Banks.
New York City.
$
Manhattan & Bronx.
317,4 2,275,0
300,0
Aetna National
307,0 1,377,0
Washington Heights_ 100,0
142,0 1,366,0
Battery Park Nat..... 200,0
111,5 1,522,0
250,0
Century
400,0
477,6 5,886.0
Colonial
300,0
817,6 6,801,0
Columbia
200,0
167,4 1,074,0
Fidelity
123,7 1,187,0
200,0
Gotham National _-_
529,5 3,712,0
500,0
Jefferson
345,3 2,422,0
250,0
Mount Morris
400,8 3,341,0
200,0
Mutual
280,0 2,644,0
200,0
New Netherland
100,4 1,799,0
Twenty-Third Ward_ 200,0
100,0
531,9 4,087,0
Yorkville
Brooklyn200,0
545,7 3,095,0
Broadway
670,8 3,545,0
_ 300,0
First National
252,0
892,4 5,459,0
Manufacturers' Nat
898,2 10,303,0
1,000,0
Mechanics'
595,1 3,690,0
300,0
National City
200,0
168,7 1,957,0
North Side
Jersey City.
400,0 1,306,6 4,864,0
First National
250,0
790,5 3,413,0
Hudson County Nat
416,4 2,018,0
200,0
Third National
Hoboken.
616,0 3.846,0
220,0
First National
286,2 3,031,0
125,0
Second National
501,0
137,0
250,0
33,0
721.0
718,0
39,0
377,0
391,0
416,0
22,0
261,0
236,0
48,0
.42,0
61,0
47,0
242,0
457,0
653,0
120,0
6.0
358,0
29,0
655,0
85,0
88,0
724,0
142,0
170,0
135,0
136,0
894,0
828,0
201,0
172,0
550.0
313,0
652,0
525,0
286,0
692,0
2,234,0
1,113,0
1,404,0
1,576,0
6,238,0
7,959,0
1,013,0
1,279,0
4,412,0
2,672.0
3,687.0
2,637,0
1,985,0
4,56.3,0
387,0 126,0
311,0 3,029,0
72,0
334,0
469,0 2,721,0
536,0 126.0
755,0 4,858,0
348,0 1,505,0 1,572,0 12,121,0
120,0
1,034,0 3,700,0
480,0
98,0
185,0
396,0 1,946,0
292,0
230,0
121,0
204,0
160,0
344,0 2,&39,0
711,0
09,0
159,0
703,0
4,043,0
2,076,0
1,728,0
505,0
593,0
1,707,0
1,349,0
36,0
65,0
I Totals Feb. 3..... 6,847,0 11,869.4 84,714,0 7,427,0 6,277,0 15,584.0 82,050,0
Totals Jan. 27..... 6,847,0 11,869,4 84,736,0 7,565,0 6,634,0 16,882,0 82,934,0
6847.O11.869.4 85,273,0 7,730,0 6,780,0 15,142,0 83,810,4
r Totals Jan. 20
7,52:3,0 182,165.1
7,622,0 172,584,1
7,732,0 132,649,7
7.746,0 212,145,8
7,733,0 185,065,3
7,810,0 198,427,5
7,897,0 161,523,9
7,913,0 -06,851,6
319,162,0 15,467,0 151,732,5
318,161.0 15,481,0 158,542,3
321 014,0 15,506,0 140,759,8
376,055,0 15,474,0 179,321,1
383,010,0 15,432,0 152,890,8
388.866.0 15,430,0 162,929,0
417,710,0 15,404,0 149,652,6
924,523,0 15,408,0 170,130,6
71.051.0
71,250,0
73,094.0
88,596.0
91.491,0
93.396,0
104.294,0
106,911,0
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Feb. 3; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK.
1910.
1911.
1912.
1909.
$4,000,328
13,357,107
$3,057,187
10,395,537
$3,252,468
13,986,417
$3,881,438
11,190,26.4
$17,238,885 $13,452,724 $17,357,435 $15,071,702
$16,374,411 $16,051,726 $18,686,095 $18,276,599
74,996.939 62.587,454 73,884,131 57,703,961
980 560
891,371,350 $78,639,180 692,570,2261
I $75"
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Feb. 3 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1909.
1910.
1911.
1912.
For week.
For the week
Previously reported
$16,418,381 $17,643,657 $12,858,931 $11,300,969
73,056,494 59,130,540 50,713,333 52,901,407
Total 5 weeks
$89,474,875 $76,774,197 $63,572,264 664,202,376
The following table shows the exports and imports of
specie at the port of New York for the week ending Feb. 3
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.
Exports.
Gold.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Feb.
Clearings
---a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $3,220,000 on Feb. 3, against $3,207,000 on
Jan. 27.
'rhe totals now include figures for the nand Title & Trust Co., Real Estate
T. I. & T. Co., Girard Trust Co. and West Philadelphia T. & T. Co. The inclusion
of these companies added 120,25.3,200 to capital and surplus; $56,400,000 to loans;
810,611,000 to specie and iegals and $50.112,000 to deposits.
Total 5 weeks
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past:
Loans and
Investments.
60.105,0 268,724,0
60,105,0 266.460,0
60.105,0 266,329,0
80,623.2 321,770,0
80.623.2 337,976.0
80.623,2 339,021.0
80.623.2 37:3,337.0
80,623,2 376.436,0
Total
Since January 1.
Dry goods
General merchandise
-1- 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 8701,344,200, an increase of $2,570,200 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.
Specie. Legais. Deposits. Circulation.
a
41,350,0 223,860.0 26.497,0 4.426.0 272,147,0
41,350.0 219,681.0 26.166,0 4,120.0 264.493,0
41,350,0 218.368,0 25,279,0 4,427,0 260,597,0
41,575.0 218,114,0 26,151,0 4.567,0 274,374,0
41,575.0 214.572.0 28.718,0 4.521,0 273,00:3,0
41.575.0 221.442.0 30,290,0 4,090,0 284,532,0
41.575,0 224,175,0 31,076.0 4,175,0 284.919,0
41,675,0 230,296,0 30,778,0 4,131,0 294,214,0
Dry goods
General merchandise
% of cash reserves of tr (1St COL15.32%
Cash in vattlt
15.83%
Cash on dep. with bks.
Total
Boston.
Dec. 16
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
Jan. 27
Feb. 3
Philadelphia.
Dec. 16
Dec.23
Dec. 30
'Jan. 6
Jan. 13_
Jan. 20
Jan. 27
Feb. 3
For week.
Surplus CASH reserve39,443,250
Banks (above 25%)_
1,332,600
Trust cos.(above15%)
Total
Change from bet week
Capital
and
Loans.
Surplus.
Banks.
Week.
Great Britain
France
Germany
West Indies
Mexico •
South America
All other countries
Week.
Since Jan.1
Since Jan.1
817,256
$15,200
$27,700
250,000
750
1,720,723
750
$265,950 $1,749,173
876,245
109,925
142,676 3,122,576
Total 1912
Total 1911
Total 1910
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
36,840
76,398
59,363
44,119
$186,720 $1,833,495
152,347 1,395,099
412,252
89.963
$683,145 $3,140,436
782,100
350,300
440
3,400
208
200
208
800
$1,034,302 $3,927,034
855,845 4,975,676
558,721 4,285,375
Total 1912
Total 1911
Total 1910
15,085
1,231,762
282,888
286,504
$3,110
530
377,656
120,459
67,905
$2,600
11,612
6,535
785,967
416,819
136,265
$569,660 $1,350,798
713,650
148,624
490,759
80,330
Of the above imports for the week in 1912, $715 were
American gold coin and $4,037 American silver coin.
Manhing and finaudalL
Railroad and Industrial Stocks
Write for our Circular No. 614, entitled "Railroad and Industrial
Stooks," which describes 128 issues listed on the Now York Stock
Exchange, and classified by us as follows: Investment Stocks, SemiInvestment Stocks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE....- NP.W YORK.
Albany, N. Y.
Boston, Mass,
Chicago, Ill.
Members New York Stock Exchange.
White, Weld & Co.
Bonds and lit vestment Securities
3 NASSAU STREET,
NEW YORK
THE ROOKERY
CHICAGO
FEB. 10 1912.1
THE CHRONICLE
399
tiautirrgi Orgtzette.
United States Bonds.-Sales of Government bonds at the
Board include $54,000 Panama 3s at 1015
/i to 1013
%,$5,000
3s r.oupon at 102% and $1,000 3s reg. at 102. The followWall Street, Friday Night, Feb. 9 1912.
The Money Market and Financial Situation.-A sort of ing are the daily closing quotations; for yearly range see
nameless fear that there is to be a Congressional investigation third page following.
of the so-called "Money Trust"-whatever that may beseems to have taken on added force this week as a deterrent
Interest Feb. Feb. Feb. Feb. Feb. Feb.
Periods
3
5
6
7
8
influence in Wall Street and the security markets have
9
2s, 1930
again been dull and almost featureless. How such an in- 2s,
registered Q-Jan *100 *100 *100 *100 *100 1*100
1930
coupon Q-Jan *100 *100 *100 .100 *100 •100
vestigation could in any serious way interfere with business 3s, 1908-18
registered Q-Feb *1016% *1016% 102 *1016% *1016% *1026%
does not readily appear; nevertheless the professional 3s, 1908-18 .........coupon Q-Feb
•1016% *1016% .1016% .10154 .10134
10254
4s, 1925
registered Q-Feb .113 .113 *113 .113 *113 .113
element at the Exchange has not hesitated to declare that 4s, 1925
coupon Q-Feb .113 .113 .113 *113 *113 *113
23, 1936_Panama Canal regis Q-Feh *100
such would be the result.
*100 *100 .100 .100 1.100
Of a different tenor was the statement given out by the 3s, 1 MI_Panama Canal coup Q-Mch 1016% 1016% .10134 .101% 10154010154
I
Copper Producers' Association showing an export move* This Is the price bid at the morning
board; no sale was made.
ment of the metal larger than for a long time past, a smaller
Railroad
and
Miscellan
eous Stocks.-The stock market
supply on hand than has heretofore been reported since has lapsed
these figures have been given out and a decrease of about which has into a dull and irregular state similar to that
characteri
zed
it during much of the time since
23,000,000 tons when compared with last month's report.
Jan. 1. The transactions have averaged only about 350,000
The gold-export movement has assumed somewhat larger shares per
day,
against
over 638,000 shares last week,
proportions. Six millions have been shipped to Paris and fluctuations
have, in most cases, been unusually narrow.
in addition to the $2,000,000 reported last week and small There
has been practically no change in the tone of the maramounts have gone to South America. It is understood ket from day to
day. Net changes in the active list are,
that the movement to Paris which was a special one, has however, generally
to a higher level.
been completed, and is. not likely to be renewed at present.
Among the exceptional features, Central of New Jersey
The local money market has not been appreciably affected has advanced 40
points within the week and 75 points since
by the outward flow of gold.
Jan. 9.
Railway preferred has advanced over
The financial situation abroad is illustrated by a reduction points onSouthern
its increased dividend rate. Union Pacific is ,4
2
of the Bank of England's official discount rate from 4 to points higher,
Wabash preferred, Southern Pacific, Great
3% per cent.
Northern
and
Ches.
&
Ohio
between
1 and 2 points higher.
The open market rate for call loans on the Stock Exchange
Several industrial issues are lower. American Tobacco
during the week on stock and bond collaterals has ranged
(old)
has
declined
17
points,
Distilling Securities 3 and U. S.
from 2 to 23% To-day's rates on call were 23j%.
Commercial paper quoted at 33/2@4% for 60 to 90-day Steel over 2. The copper stocks have been strong and Sears,
Roebuck
&
Co.
is
nearly
5
points
higher than last week.
endorsements and for prime 4 to 6 months' single names.
For daily volume of business see page 407.
and 4%% for good single names.
The
following
sales
have
occurred this week of shares not
The Bank of England weekly statement on Thursday
showed an increase in bullion of £558,116 and the percent- represented in our detailed list on the pages which follow:
age of reserve to liabilities was 52.94, against 48.01 last week.
STOCKS.
Sates
Range for Week.
The rate of discount was reduced on Feb. 8 from 4% as fixed
Range Since Jan. 1.
Week ending Feb. 9.
for
Sept. 21 to 33%. The Bank of France shows an increase
Week.
Lowest.
Highest.
Lowest.
Highest.
of 1,375,000 francs gold and 4,450,000 francs silver.
Am Brake Shoe & Fy, p
1001356% Feb
13554 Feb . 130
^
I
NEW YORK CITY CLEARING-HOUSE BANKS.
(Not including That Companies.)
1912.
Averages' for
week ending
Feb. 3.
Differences
from
previous week.
1911.
Averages for
week ending
Feb. 4.
1910.
Averages for
week ending
Feb 5.
li
$
$
$
Capital
135,150,000
133,350,000 128,350,000
Surplus
198,340,600
196,761,500 181,089,100
Loans and discounts_ _, 1,413,500,030 Inc. 10,642,000 1,308,592,700 1,232,688,600
Circulation _
50,041,000 Dec.
131,000
97,119,10C
50,77(3,800
Net deposits
1,990,299,000 Inc. 14,594,000 1,391,062,200 1,251,720,500
Specie
334,500,000 Inc. 6,386,000 297,575,100 269,705,600
Legal tenders
82,132,000 Dec. 2,551,000
73,315,300
69,947,400
Reserve held
25% of deposits.......
Surplus reserve.....
416,632,000 Inc. 3,835,000
372,574,750 Inc. 3,698,500
44,057,250 Inc.
186,500
370,890,400
335,265,550
339,053,000
312,930,125
35,624,850
26,722,875
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. These
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House, appear on the second
page preceding.
Foreign Exchange.-Exchange rates gradually declined
until Friday, then recovered sharply.
To-day's (Friday's) nominal rates for steling exchange were 4 85
for
60-day and 4 88 for sight. To-day's actual rates for
sterling exchange were
4 84 %@4 84 % for 60 days, 4 8720@4 8730 for cheques
and 4 8755® 4 8765
for cables. Commercial on banks 4 82 ®4 84 and documents
for payment 4 83 54@4 84 Si. Cotton for payment 4 83 31@4 84
and grain for
payment 4 84 @4 8434.
The posted rates for sterling, as quoted by a representative
house, were
not changed from 4 85 for 60 days. Sight continued at 4 88 % on
Saturday
and Monday, but was reduced to 4 88 on Tuesday and remained
at that
figure during the rest of the week.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 20 %
less 1-32@5 20% for long and 5 18 % less 1-32@5 18 % for short.
Germany
bankers' marks were 94 %@94 11-16 for long and 95
1-16
95 1-16 for short. Amsterdam bankers' guilders were 40 5-16 less 1-32 ®
less 3-32@
40 5-16 less 1-16 for short.
Exchange at Paris on London, 25fr. 25540,; week's
range, 25fr. 2654c.
high and 25fr. 24 Ne. low.
Exchange at Berlin on London, 20 ni,, 51 pf.;
week's range, 20 m.
52 34 pt. high and 20 m. 5054 pf. low.
The range for foreign exchange for the week
follows:
Sterling ActualStxty Days.
Cheques.
Cables.
High for the week__ _ 4 84 %
4 8745
4 88
Low for the week__ _ 4 84 %
4 8705
4 8745
Paris Bankers' FrancsHigh for tile week__ _ 5 20 less 1-16
5 176% less 1-16 5 176%
Low for the week__ _ 5 206% less 1-16 5 18 % less 3-64 5
18 Vs plus 1-32
Germany Bankers' MarksHigh for the week__ _
94 %
95 1-16
95 3-16 less 1-32
weekthe
_
94
Low for
95
95 1-16
Amsterdam Bankers' GuildersHigh for the week-- 406%
40 5-16
406% less 1-32
Low for the week...
406% less 1-16 • 40 5-16 lose 3-32
% less 3-32
DOMESTIC EXCHANGE.-The following are the rates for40
domestic exchange on the undermentioned cities at the close of the week: Chicago,
per 11,000 discount; Boston, par; St. Paul, 400. per $1,000 premium;20e.
St.
Louis,.20o. per $1,000 discount; Charleston, buying par and selling
premium; Now Orleans, 25c. per $1.000 discount; San Francisco, sight1-10%
2 %.D.
and telegraphic 50.; Savannah buying, 3-16% discount and selling par.
.State and Railroad Bonds.-Sales of State bonds at the
Board include $5,000 New York 4s, 1961, at 1023
4,$44,000
New York Canal 4s, 1961, at 1023. to 1023
% and $67,000
Virginia 6s deferred trust receipts at 49 to 50.
The market for railway and industrial bonds has been
only fairly active, although the transactions in a few issues
have aggregated a relatively large amount. Except in the
case of the local tractions, railway issues have generally been
steady. Allis-Chalmers 5s recovered part of their recent decline.
American Snuff
290135% Feb
Preferred
1.166108 Feb
Preferred, new
200 99 Feb
Am Teleg & Cable
50 77 Feb
Assets Realization
1001056% Feb
Batopilas Mining
200 $154 Feb
Brunswick Terminal __ __
433 9 Feb
Canada Southern
330 666% Feb
Canadian Pac rights
11,0:: 734 Feb
Comstock Tunnel
5.1 15c Feb
Crex Carpet
Ito 74 Feb
Cuban-Amer Sugar, pre
1.1 96 Feb
General Chemical
11133 Feb
Preferred
2 110 Feb
Green Bay & Western_
100 80 Feb
G W Helme
35160 Feb
Homestake Mining
424 886% Feb
Lackawanna Steel
301 30 Feb
Norfolk Southern
101 4934 Feb
Norfolk & West rights
501 2532Feb
Pacific Tel & Tel, pref._
101 996% Feb
Philadelphia Co (Plush) 300 105 Feb
Quicksilver Mining, pre
11. 4 Feb
St L & 8 F-C & E II
new stk trust certfs_
1. 55 Feb
Sears. Roebuck & Co
9,483146 Feb
Preferred
1.112454 Feb
So Porto Rico Sugar....
. 88 Feb
Preferred
110 Feb
Texas Company (The)._ 8.3.' 8954 Feb
Union Bag & Paper.. _
21i 5 Feb
United Cigar Wm., Pre, 100105 Feb
United Dry Goods, pref.
2.30105 Feb
US Industrial Alcohol
12. 29 Feb
Preferred
100 9854 Feb
Virginia Iron, C .3, C____
111 6754 Feb
Vulcan DetinnIng
461 22 Feb
Preferred
3 I 78 Feb
1356% Feb
61086% Feb
• 9934 Feb
3 77 Feb
7105% Feb
. El% Feb
3 954 Feb
•• 6654 Feb
3 754 Feb
9 16c Feb
5 74 Feb
: 96 Feb
133 Feb
6110 Feb
: 80 Feb
:160 Feb
: 89 Feb
. 3054 Feb
:. 4954 Feb
5 2582 Feb
5 996% Feb
110654 Fen
- 4 Feb
130
1026%
99
3 77
7 1056%
$154
8
65
5 734
5 13c
5 74
96
5 128
61076%
8 80
8 160
9 886%
5 30
8 4954
5
%
5 9954
, 104
5 4
Jo 138
Jan 1446%
Ja 111
Fe. 9954
Ja 78
Feb 108
J . $154
Jan 9%
Jan 6654
Feb 834
Jan 16c
Fe 75
Ja 96
Jan 133
Jan 110
Fe. 89
Jan 170
Fe 90
Ja 306%
Fe 5254
Ja
%
5
Feb 99%
Ja 10654
Jan 434
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
3 56 Feb
315334 Feb
7124% Feb
: 88 Feb
8110 Feb
3 9934 Feb
. 554 Feb
5 105 Feb
5105% Feb
5 29 Feb
7 9854 Feb
r 6754 Feb
3 2454 Feb
C 8154 Feb,
8 53
140
121
81
110
81
454
105
105
26
i 95
C' 65
1 15
-' 70
1
Fe. 56
Jan 15334
Jar 1246%
Jar 88
Jan 110
Ja 9934
Jan 56%
Jan 105
Jan 106
Ja . 3034
Jan 9934
Ja 90
Jan 2454
Ja' 816%
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
7
5
8
1
C
1
Jan
All
Outside Market.-Extensive speculation in British-American Tobacco was the feature among industrials on the "curb"
this week, business elsewhere being small. Price changes
have been without significance. British-Amer. Tobacco,
after weakening from 183/i to 17%, ran up to 214, reacting
finally to 193i. MaeAndrews & Forbes sold down from 170
to 166 and up to 175, reacting to 174 finally. Porto RicanAmer. Tobacco lost about 5 points to 235 and sold at 243
finally. R. J. Reynolds Co. improved from 1923. to
200.
United Cigar Stores was conspicuous for a drop of 13 points
to 182, the close to-day being at 183. Baldwin Locomoti
ve
corn. gained a point to 51 and finished to-day at 503/s.
J. I. Case Threshing Mach. pref. sold up from 1001
4 to 1019
and down to 1003/2. Intercontinental.Rubber corn. weakened from 17% to 16. Lehigh Valley Coal Sales, w.
lost 33/i points to 1913/ and to-day broke to 180, the close
being at 184. M. Rumely Co., after early loss from
993.
4, moved up to 100, the final figure to-day being 99%.
to 983
Bonds continue active and firm. Inspiration Cons. Copper
cony. 6s receded from 105 to 103%, recovering all the
Internat. Harvester 5% notes sold up from 100% to loss.
101.
N. Y. Westchester & Boston Ry.
. 43s advanced from 993
to 993'. Norfolk & Western cony. 4s advanced from
1063
,.
to 1073/
8. Pacific Gas & Elec. 5s improved from
4
923- to 923
and closed to-day at 929-. N. Y. City 434.s advanced
from
1025
% to 102%. Copper shares were weak, but improved
towards the close. Butte Coalition weakened from 22 to
21% and advanced to 223%. Inspiration Cons., w. i., was
a feature, dropping from 193
% to 17% and closing at 183.
Outside quotations will be found on page 407.
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 page.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Feb. 3.
Monday
Feb. 5.
Tuesday
Feb. 6.
Wednesday
Feb. 7.
Thursday
Feb. 8.
P7tlay
Feb. 9.
10378 10418 10358 10418 10353 10173 10.118 10.112 10418 10.111 10113 1013g
*10314 10.112 10'312 10312 10353 10353 10334 101
10373 10373 104 104
135 135 *13412 13531 1353t 13614 *135 136
13512 13634 136(4 13714
10178 10218 102 10238 10212 10314 102(4 10233 10233 10212 10214 10238
*88
90
*88
*88
90
90
*88
*88
90
90
*88
9()
7778 7778 7734 7734 7712 7773 7773 78
7734 7773 7773 7773
22912 230
23034 231
23034 23114 23033 23033 230 23033 22812 22934
*335 350 *335 350
375 375
380 380 *350 380 *350 330
6912 6978 69
69.34 6912 6978 6912 6973 6933 7114 7073 7112
*17
24
*17
*17
21
24
24
*17
*17
24
*17
24
*35
6612 *35
6612 *35
6612 *35
6612 *35
6612 *35
6612
*1712 1814 1712 1712 *1712 18
*1712 1778 1734 18
*1712 18
35
35
35
*35
3512 *35
3512 3512 3514 3514 35
3512
10614 1065F 210312 10441 10113 10412 10373 10414 10373 19414 1041g 10134
*14512 1471f 814212 14512 *14212 14512 145 145
145 145 *114 146
514118 1411s 814034 142
14053 11114 141 14112 14112 14112 1(134 142
*190 200 *190 200 *19(4 200 *190 200 *190 200 *190 200
*13712 140 *13712 142 *13712 145 *13712 143 *13712 133 *13712 142
*148 160 *148 160 9156 156 *150 160 *150 160 *150 160
*118 2
*114 2
*118 2
*113 2
*114 2
*114 2
*424 512 *434 512 4134 614 *434 512
* 5
5
*434 512
58
*57
*50
*5612 58
53
*56
60
*55
60
*52
58
*95 100
*95 100
*95 100
*95 100
*95 100
*95 100
*43
*43
46
*44
47
46
*43
46
*43
45
*43
45
77
*76
77
7512 7512 *7512 77
*76
*70
77
*76
77
75
75
*65
465
*6.5
75
465
75
*65
75
*65
75
170(4 17012 17012 17512 173 173
*169 171
17312 1731,, *17212 174
*550 570 *550 570 *550 570 *550 570 *550 570 *550 570
22
*20
22
*20
*20
22 *20
22
20
2033 *20 21
40
*40
*40
40
*40
*40
46
46
44
*42
4112 4112
*833 10
*833 10
*838 10
*833 10
*833 10
*838 10
*1634 1712 *1634 1712 *1634 1712 *1634 1712 *1614 1712 *1631 1712
3033 3034 3034 3053 3033 3034
308 3012 3038 3012 3033 31
5018 5038 5014 5038 5014 51
5014 5034 5033 5033 5033 507$
40
' 40
9112 *4053 4112 4033 4033
41
40
40
91
*40
12734 12814 12753 128
1277$ 12873 12814 12334 12812 12834 12812 13014
3712 3712 3734 3712 3734 3612 3712 3614 3634 *3612 3734
37
*1112 1212 *1112 1214 *1112 1214 *1112 1212 *1112 1212 11
11
STOCKS
NEW YORK STOCK
EXCHANGE
8a:eg of
the
1Veet
Shares.
10,025
900
2,200
6,070
3,300
6,295
230
11,735
300
590
14,695
690
1,122
Range Since January 1.
On bast.; oh 100-share um
Lowest.
Illghest.
Railroads
A tch Topeka & Santa Fe 10314 Feb 1 107 Jan 25
10138 Jan 2 101 Feb 7
rx Do pref
13318 Jan 10 13814 Jan 20
Atlantic Coast Line RR
Daltimore & Ohio
r10114 Feb 1 10678 Jan 20
I P Do pref
8812 Jan 10 91 Jan 23
Brooklyn Rapid Transit_
7634 Jan 2 7014 Jan 16
t lanadlan Pacific
228 Feb 1 523534 Jan 3
kientral of New Jersey _ 305 Jan 9 380 Feb 7
Chesapeake & Ohio
6814 Feb 1 7413 Jan 2
Chicago ec Alton Ilit
17 Jan 25 18 Jan 18
Do pref
35 Jan 5 35 Jan 15
Chic
DoGotr4
oV
f etsrtostrois
1712 Jan 29 1938 Jan 2
35 Jan 31 3718 Jan 3
ctfs
Chlc
Do
ago
prAolfilw & St Paul. _ x10312 Feb 5 11138 Jan 3
144 Jan 12 146 Jan 2
ChD
ico
ago
pr&
erNorth Western 14038 Jan 18 143 Jan 2
Chic St P Minn tk Omaha 141 Jan 18 144 Jan 30
Do pref
155 Jan 30 9150 Feb 6
Chic tin Trao ctfs stmpd
2 Jan 2
1(2 Jan 24
Do pref ctfs stilled
518 Jan 16
5 Jan 2
100
Clevo
D e CplrnorChic & St L
55 Jan 15 60 Jan 2
96 Jan 31 983 Jan 31
Colorado 5: Southern
45 Feb 2 45 Feb 2
Do 1st preferred
7512 Feb 6 7678 Jan 19
100
Do 2d preferred
70 Jan 31 70 Jan 31
& Hudson
107 Jan 10 17512 Feb 6
2,150
elaware Lack & West_ 540 Jan 16 569 Jan 29
1953 Jan 2 2234 Jan 23
90(1 Denver & Rio Grande
4034Jan 2 4614 Jan 24
Do pref
200
Duluth So Shore 5s Allan
9 Jan 2
938 Jan 9
17 Jan 15 18 Jan 22
Do pref
3014 Jan 15 3213 Jan 2
12,500 V ries
Jan 2
5018 Feb 3
3,300 1-1 Do 1st preferred
5:4312 Jan
oor2tdpo
1,209 GreatDN
40 Feb 3 4
reofe
rrored
13,950
Northern
126 Jan 15 13212 Jan 23
Iron Ore properties_ _ 36 Jan 31 4478 Jan 2
3,100
5 Green Bay & W.deb otf-B 11 Jan 31 12 Jan 13
Havana Electric
110 *____ 110 *____ 110 *--- 110 *-_-- 110
110
Do _preferred
*120 130 *120 130 *120 ---- *120 -- *120
Hocking Valley
____ *120 130
*13534 137
13512 13534 136 130
13514 136
136 136 *135 140
213434 Feb 1 14118 Jan 23
1,000 1 llinois Central
1753 1778 *1758 18
1738 1734 1714 1758 *1738 1734 173$ 1753 3,600 I nterboro-Metrop v t eta 1638 Jan 3 1913 Jan 22
5514 5634 5558 56
5512 513
5434 5514 5514 5558 5512 5612 7,050
Do pref
5333 Jan 3 5914 Jan 22
5112 5353 5334 5312 5312 *53
5414 5434
Do pref vot tr Ors
5412 *5314 6412 1,050
5234 Jan 11 5738 Jan 22
*12
13
*12
*12
13
13
*12
1012 1134 *11
33
1012 Feb 8 15 Jan 4
13
300 Iowa Central
*27
*27
*27
29
29
29
*25
29
Do preferred
*26
29
*25
29
2814 Jan 6 30 Jan 4
fr C Ft S & M tr otfs,pref 7734 Jan 4 7734 Jan 4
*7814 7912 *7814 7912 *7814 7912 *7814 7912 *7814 7912 *78(4 7912
2512 2614 26
*2512 27
26
2514 2514 *2533 261.1 25
25 Feb 9 2834 Jan 2
2612 1,500 -Mamas City Southern
*6112 64
*6114 64
62
*6112 63
Do
(32
preferred
*6178 6312
*6112 61
62 Feb l 65 Jan 5
500
*11
*12
*12
14
14
1412 *12
1112 Jan 26 13 Jan 31
1412 *12
15
Erie
*12
refh
errW
edestern_
1412
, *32
36
*32
*32
36
36
34
*32
*32
34
preferred
*32
34
30 Jan 8 34 Jan 31
15612 15878 15573 157
157 15914 15734 15878 158 159
15814 15878 64,950 Lehigh Valley
15578 Feb 5 18534 Jan 15
50
*44
50
*44
*44
50
44
44
*13
5() *43
50
44 Jan 29 44 Jan 29
100 Long Island
15012 15078 15012 15012 15133 15214 151 152
15112 15214 15112 15375 8,000 Louisville & Nashville
14978 Feb 1 156 Jan 2
*135 13812 *136 13812 *136 13812 4136 13812 *13512 13812 137 137
135 Jan 2 137 Jan 4
100 1/1, anhattan Elevated
*.._ 30
30 *__ 28
2612 2612 *__ 28 *._ 20
1.1linneapolis
&
St
Louis 20 Jan 20 27(2 Jan 23
100
C._ 56
55
Do preferred
55
50 *____ 55 *_ ___ 55
356 Jan 15 157 Jan 15
129 12912 12934 13033 13034 131
131 131
129 Feb 3 135 Jan 3
13114 13178 13112 132
1,680 Minn St P & S S Marie
*147 150 *147 149
Do
14912 14912 149 149 *147 150 *147 150
preferred
14714 Feb 1 151 Jan 10
200
Do leased line ctfs...._ 38712 Jan 12 38873 Jan 17
*8812 8912 *8812 8912 *89
8912 *8812 8912 *8812 8912 *8812 8912
*2634 2712 2634 27
2634 27
2612 2673 *2653 27
2,400 Mo Kansas (Ss Texas
2612 Feb 7 30 Jan 2
*2633 27
Do preferred
63
6414 *62
65
*62
163
*52
6414 *62
*62
65
50
6414
63 Feb 1 65 Jan 25
*3934 4014 40
40
3934 40
4038 90
4012 4033 4113 40
3,600 Missouri Pacific
39 Jan 8 4112 Jan 13
Mash Chatt h St Louis_ 169 Jan 4 109 Jan 4
*157 170 *157 170 *160 • 170 *160 170 *160 170 *160 170
LI at Ftys of Mex 1st pref 6614 Feb 1 71 Jan 4
70
*68
70 *67
*67
70
*68
*68
*65
70
70
68
Do 2d preferred
3312 3334 3314 3378 3314 3334 3314 3312 3313 3312 3333 3334 3,300
3318 Feb 8 3678 Jan 20
11034 11114 11034 11114 18,230 N Y Central h Hudson
11038 11034 11014 11078 1113 11114 11012 111
10614 Jan 9 11238 Jan 30
*5612 57
*5514 58
*5514 57
*5512 57
N Y Chlo 14 St Louis
*5514 57
*5514 67
58 Jan 29 61 Jan 30
*9712 110
*9712 110
*9712 110
*9712 110
Do 1st preferred
*9712 110
*9712 110
Do 2d preferred
*7712 7912 *8212 8912 *8212 8912 *8212 8912 *8212 8912 *8212 8912
87 Jan 27 00 Jan 18
13678 137
*136 138
137 137
137 137 *137 13812 *137 1381 2
550 N Y N 11 & Hartford
136 Feb 1 139 Jan 18
3614 3634 *3618 3634 *3612 3738 3612 3678 2,000 N Y Ontario & Western_ 3614 Feb 1 38i Jan 9
3634 3678 3612 37
108 109
10818 10834 10858 10918 109 109
10778 10818 108 108
Norfolk
&
Western
510734 Feb 1 11078 Jan 8
5,030
*90
92
92
92
*90
*90
*90
92
*90
Do adjustment pref_ 9013 Jan 4 9112 Jan 18
92
*90
92
11618 11612 116 11612 11612 11713 11633 11612 11623 11634 11612 11758 14,675 Northern Pacific
11538 Jan 15 11934 Jan 22
0912 *90
9912 *90
9912 *90
*90
9912 *90
Coast Co
9912 *90
99,2
*85 105
*85 105
*85 105
*85 105
P
*85 105
Do 1st preferred
-1*86 105
*90 105
*90 105
*90 105
*90 105
*90 105
*90 105
Do 2d preferred
12418 12414 212234 12278 12234 123
12253 123
12234 123
12213 Jan 9 12412 Jan 26
12234 123
8,710 Pennsylvania
*10012 10078 10012 10073 101 10112 101 10112 10012 10012 10013 10012 3,100 PRA? Cg
0813 Jan 2 10312 Jan 4
ef
Cerred
hich St L
*105 113 *105 113 *105 113 *105 113 *105 113 *105 113
10812 Jan 2 115 Jan 22
15634 15814 156 15714 15614 15014 15712 15873 15712 15833 15714 15814 488,350
14818 Jan 11 15912 Jan 22
92
*90
9173 9173 9112 9112 9133 9138 *9112 92
*9012 92
rprefeed
preferred
0012 Jan 11 92 Jan 17
300
98
*97
9812 9612 97
2d preferred
*9612 0712 *9653 9712 1,400
9712 9734 97
94 Jan 11 9834 Jan 20
2334 2378 2312 2358 2312 2334 2333 2334 2312 2312 2338 2312 3,100 R
R
ocelc d21a Island Company
2318 Feb 1 2558 Jan 3
4958 4934 4934 50
*49
49
60
4912 4913 4918 49
Do preferred
4918 2,100
48 Jan 3 5218 Jan 9
*2412 27
*2434 27
*25
__ *25
2612 *25
27
t Louis de San Fran __
*24
26
23 Jan 5 2(134 Jan 20
68
*66
*65
6512 1712 *65
68
Do 1st preferred...._ 65 Jan 19 671 Jan 30
68
67
*65
*65
67
100
3934 3812 39
39
3853 3853 3834 3834 *39
Do 2d preferred
90
3912 40
1,260
3312 Feb 5 42 Jan 13
*2912 3112 *2912 32
32
*30
St Louis Southwestern
*2912 31
*2912 31
*2912 31
2934 Jan 22 3012 Jan 22
*6812 69,2 *6812 6938 6834 6078 6912 6912 *69
Do preferred
8813 Jan 17 70 Jan 23
70
*69
70
700
10078 10714 10634 10714 10714 10313 10733 108
10712 10773 10758 10814 13,750 Southern Pacific Co
10512 Feb 1 1125g Jan 2
2634 2678 2678 27
2673 2734 2734 2814 2773 2833 2814 2858 20,275 Southern v tr ctfs stmpd_
2612 Jan 31 2938 Jan 3
6814 6812 6834 6912 69
7112 7112 7214 7112 7234 7233 7318 18,460
Do pref
do
6814 Feb 3 7318 Feb 0
22
*21
22
*21
2134 2134 *22
2212 2112 22
600 Texas & Pacific
*21
2012 Jan 3 2258 Jan 22
2112
*3912 4112 *39
40
*37
40
*37
40
*33
-1- bird Ave tr etts 2 paid. 39 Jan 17 41 Jan 15
40
*39
41
40
1313 94
4614 4333 45
3912 43
4134 4212 42
3912 Feb 7 4934 Jan 0
New (when issued) _
4238 39,535
373 373 *378 4
*334 414
4 Jan 20
*312 4
3 Jan 15
*312 414 *334 414
100 Toledo Railways /4 Lt
13
13
1334 1334 1358 135$ 1358 1353 1353 1353 *13
13 Jan 4 14 Jan 20
1312
500 Toledo St
33
33
31
*30
33
Do
*30
3234 3234
33
3312 3312 *31
3234 Feb 1 3478 Jan 2
575
*10478 106 *10473 106
10512 10534 *105 106
10512 10512 10573 10573
900 Twin City Rapid Transit_ 10112 Jan 5 10578 Feb 9
16134 16214 16112 163
16233 16414 16314 16433 16338 16412 16353 16433 263,400 Union Pacific
161) Feb 1 17414 Jan 2
93
*9173 9212 92
9212 93
92
03
93
93
Do preferred,.
*9214 93
9113 Jan 29 93 Jan 30
2,000
3412 *33
*3312 35
34
3312 3312 31
*33
34
34
35
1,600 Unit Rys 1nv't of San Fr 3034 Jan 5 35 Jan 27
61
62
02
62
61
*61
62
6112 6234 4,000
Do preferred
6034 6034 60
53 Jan 2 6234 Feb 9
*44
*44
*44
46
46
4.5
4712 *4612 4712 46
45
41 Jan 4 4712 Jan 25
600 Virginia fly 14 Power
S.... 8758 *---- 8753
8758
_ *86
87 Jan 26 87 Jan 26
Do preferred
*678 7
733 Feb 8
738 2,700
abash
7
714
6 Jan 4
714 738 *7714
718 -713 *7
1738 1738 1734 1878 18
18
1712 1712 1812 1858 1858 19
1673 Jan 2 1934 Jan 8
Do preferred
4,130
5814 5838 5814 59
*5712 59
5758 58
68
5812 5712 5712 3,150 Western Maryland Ry
5534 Jan 9 6034 Jan 3
8018 78
*78
8013 *77
*77
8013 *78
78
78
*77
8013
Do preferred
300
75 Jan 0 78 Feb 6
5
*412 5
5
5
*412 6
*412 5
5
5
5
518 Jan 23
4 Jan 10
1,000 Wheeling & Lake Erle.....
16
1512 1512 *15
1612 *15
1534 1534 16
1612 *15
16
400
11 Jan 3 1078 Jan 23
Do 1st preferred
4618 7
*612 7
7
7
Do 2d preferred
*612 712 *612 7
0 Jan 19
925
734 Jan 23
7
714
*48
43
48
53
48
49
49
4814 49
49
*48
54
43 Feb 5 54 Jan 5
800 Wisconsin Central
50
Delaware
LDa
akDo
S
w
Range tor Previous
Year 1911
Llicest.
11 tyhest.
997R Sep
10034 Jan
117 Jan
9312 Sep
8512 Aug
72 Sep
19558Jan
260 Aug
6838 Sep
15 Aug
37 Oct
17 Sep
3512 Dec
10534 Oct
141 Sep
Sep
19
31
818 Nov
13018 Apr
147 Nov
158 Sep
434 Sep
4818 Sep
9414 J'ly
43 Sep
x70 Sep
x63 Sep
15912 Sep
505 Sep
1758 Dee
3634 Dec
9 Nov
4
17
51:
8
2714 Ja n
Jan
35 Jan
119 Sep
3334 Dee
Aryg
0
13
11.1 J
11658 J'ne
10512 J'ne
13914 Nov
10034 J'ly
91 Jan
8458 J'ly
247 J'ly
320 Dco
8634 Feb
3118 May
53 Jan
2514 J'ne
41)14 Feb
13312 Feb
15512 Feb
15012 J'ne,
1209 Jan
144 J'ne
1160 Mch
338 Feb
714 Feb
66 Jan
98 Feb
60 Jan
82 J'ne
7512 Mott
17478 J'ne
570 Nov
35 Feb
74 Feb
1558 Mch
3018 Mcii
3838 J'ly
6114 J'17 I
4934 J'ly
140 J'ne
6.334 Feb
1514 Jan
98 Oct
10258 Oct
134 Apr ,
147 317,
2038 Feb ;
5638 J'iy
5512 J'ly
22 Sep ;
42 Sep
80 Dec
3738
6934 J'ne
17 NoV
40 Jan
18678 Dec
63 Jan
16034 Nov
14212 Jan
4212 Sep
6812 Sep
15214 Mc11
160 Mch
9012 Mch
3818 J'ne
70 Oot
63 Feb
160 J'ne
7233 Jan
3838 Feb
11512 Feb
65 Jan
10158 ISIcb
90 Jan
15118 Feb
4078 J'ly
11114 Nov
9114 J'ne
13778 J'ne
102 Jan
9334 Jan
124 Nov
132 Jan
1318 Sep
3934 Sep
39i Sep
15 May
28 Apr
74 Apr
2514 Sep
6112 Sep
10 Sep
25 Sep
151 Sep
45 Nov
13612 Sep
13114 Sep
2112 Apr
35 Mch
r12134 Sep
146 Nov
8712 J'ly
27 Sep
6234 Sep
3314 Sep
14014 Jan
60 Aug
2578 Aug
x9078 Sep
442
Nov
8212 Aug
12678 Sep
3734 Sep
9034 Sep
8534 Apr
11034 Sep
9434 Dec
9934 J'ly
11834 Sep
9018 Sep
10218 Sep
134 Sep
88 Mch
6012 Sep
2234 Sep
4334 Deo
23 Dec
59 Sop
3/ Sep
24 Jan
5934 Jan
10412 Sep
2434 Sep
0114 Jan
1978 Dec
Ts2114 Dec
31 Nov
4 Nov
12 Deo
3478 Dec
104 Sep
15312 Sep
89 Sep
2812 Sep
52 Sep
37 Sep
77 Sep
534 Deo
1414 Dco
4878 Apr
75 Jan
212 Sep
7 Sep
3 Aug
48 Sep
102 Jan
13018 Feb
100 Jan
112 Feb
16178 J'aa
92 fly
101 May
3438 J'ne
6858 J'ne
27 Oct
6014 J'ly
4912 J'ly
34 Feb
72 J'uo
12638 J'ne
3338 J'ly
7514 J'iy
3014 Feb
h2134 Deo
41 Deo
812 Jan
2434 Fob
5378 Jan
111 Feb
19238 J'ly
90 J'ly
49 Feb
7614 Mcb
45 Apr
383 Apr
1833 Feb
4038 Feb
66 .I'ly
8814 J'ly
614 Fob
1758 Feb
8 Feb
7218 May
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
Aetna
America 11.._
Amer Exch
Battery Pk_
Boweryil_
Bronx Borol
i
Bronx Nat
rYant Pk 1
Butch 4 Dr
atury 1_
(Phase
Bid
Ask
18712
605
24212
125
385
300
175
150
130
140
600
1921,
610
2471
130
--_
f8U
155
140
150
____
Banks
Chr.t,stphenix
Chelsea Exl
Chemical __
Citizens' ctl
City
enal & Iron
Colonial 1_
Columala 11Commerce Corn Si 1_
East River_
Fidelity 1
Bid
170
195
445
182
420
15218
425
335
195
300
105
105
Ask
1721
200
455
_
4-2-5
1871
_
3-5-0
1971,
310
115
175
Bank(
Bid
Ask
Banki
Ask I
Bla
Fifth Avell_ 4100 4250 Harriman... 300
*.
Filth
300 325 Imp h Traci 580 5-917
First
995 1010 Irving N Ex 227
235
Fourth ..-- 201
205 Jefferson11.- - -- 135
Ga.liatIn _ _ 330 335 Liberty__ 56-0 530
Garfield _., 275
290 Lincoin___,._ 395 405
Germ-Am 11 140 - lianhattanli 335
.....
Germ'n Egli 420 43-5 ilark't&Ful 255
265
Germania 11. 525
550
Meoh&Mot's 1270 5275
Gotham _ _ 150 155
Mercantile _ 149
151
Greenwich-1 250 260
Merch Exch 16218 1671
Hanover__ 630 640 Merchants'. 130
185
Banks
Bid
Metropolis 11 375
Metropol 'fill 190
it Morris11. 250
Mutual 11.- 290
N
____ 30)
New Neth.¶ 210
NewYork0o 875
New York_ 310
Pacific1.._
270
Park
- 5372
People's 1- 240
Ask
400
200
200
295
-asu _
220
_
318
280
_
260
Banks
Prod Each II
Reserve_
.ieaboard-_
Second _e_ __
Scourity11..iherman._
State 1 ____
230 Warel.
Union Exc.
Wash 11'te 1
West Side 1
Yorkville 1..
Bid
170
90
415
375
..-135
_
1-7-5
165
275
*Bid and asked prices: no sales were made on this day. 5 Ex-rights. 3 Less than 100 shares. 11 State banks, a Ex-divldend and rights. b
New stock,.
I gliJa at Stool; EXChange Or at auction this week. /i First installment paid. a Sold at privets sale at thls price. z Ex-diyidend.
Ait
178
474
146
....,
260
170
401
New York Stock Record-Concluded-Page 2
FEB. 10 1912d
For record of sales during the week of stocks usually inactive. lee second paze preceding,
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Feb 3
Monday
Feb 5
Tuesday
Feb 6
Wednesday
' Feb 7
7'nursday
Feb. 8.
Friday
Feb. 9.
Sales 01
STOCKS
NEW YORK STOCK
the
EXCHANGE
IVeek
Shares.
Range Since January 1.
On basic of 100-stare tots
Lowest
tiignest.
Range for Prevfous
Yeas 1911
Lowest
Highest.
I n du strial& Iliscellaneous
A dams Express
202 Jan 18 202 Jan 18 3198 Nov 5245 Apr
*193 202 *192 202 *192 202 *195 203 *197 203 *196 203
*78 1
118 Dec
*78 1
112 Jan 2
1,000
58 Jan 11
78
78
*34 1
73 1
934 May
1
1
658 Dec
34 Feb
8 Jan 2
Do
*7
8
§7
7
250
pref
618 Jan 20
*6
7
*7
8
7
*6
7
653
4434 Sep
7158 •I'ne
6338 54,003 Amalgamate.' Copper _ _
60 Feb 1 6712 Jan 3
6013 6134 6012 6114 6133 6334 03
6034 8138 6038 61
4434 Sep
6312 Dec
5914 Feb 2 33;313 Jan 2
60
5914 5973 5958 5933 5914 5978 5913 6013 3,800 Amer Agricultural Chem_
5914 5934 60
9912 Oct 105 Deo
Do met
200
101 Jan 13 10234 Feb 9
*102 10212 *10213 10212 10213 10212 910219 10234 *10213 10234 10234 10234
3914 Jan
5934 Oct
5512, 55
5478 Feb 1 •5834 Jan 3
5314 5314 5553 5.513 5512 5512 5558 5512 5513 2,309 American Beet Sugar
*55
1)212 Jan 101 Oct
Do pref
05) *93
99 Jan 18 10078 Jan 10
99
9912 *93
0938 *93
9938 *97
*9814 9933 *93
1212 May
873 Jan
1134 1134 2,300 American Can
1114 Feb 1 1278 Jan 23
112 12
1112 1158 *1112 12
1112 1158 1134 1134
9318 Dec
77 Jan
Do pret
0233 5,715
9053 Feb 1 9514 Jan 2
91
9118 9114 9134 9114 9278 9134 9212 9214 9213 92
5814 J'iy
4233 Sep
*51
52
51
51
49
51
1,000 American Car & Foundry 49 Feb 5 55 2 Jan 2
5014 5114 51
5034 5034 49
Do pref
510
11512 Jan 16 1161z Jan 15 113 Oct 120 May
*11512 11618 *11513 1157,s 11534 11534 511553 11558 11518 11514 11512 11512
4138 Nov 6238 Feb
4913 4913 49
4933 4978 549
99
*4812 49 *1812 49
4918 1,030 American Cotton 011
452 Jan 10 51 Jan 20
92 Nov 10512 Feb
Do
pre(
95 Jan 10 9814 Feb 0
200
9912 *97
9912 *07
9912 *97
*97
9314 *97
9814 9814 9814
200 Feb 2 $21212 Jan 10 201 Sep 3255 Jan
449 American Express
201 201 *203 203 5203 209
210 210
205 205 5206 206
312 Sep
5 J'ne
4 Feb 5
358 Jan 30
700 American Ride Se Leather
4
4
378 378 *378 4
358 334
*312 4
*312 4
2658 J'ne
18 Sep
Do pref
2012 Jan 5 2134 Jan 29
21
*2012 21
200
2038 2038 *2012 2112 *2012 2112 2013 2012 *20
103 Aug 2534 J'iY
18 Jan 2 2073 Jan 27
1934 1934 *1934 2012
475 American Ice Securities_
*2012 2112 2() 20 *1934 2014 320
20
53 Aug
1238 Feb
American Linseed
10 Jan 23 12 Jan 3
*978 11
*973 1078
4978 11
410
11
*10
11
4978 11
3412 Dec
2618 Oct
Do pref
*3() 32
3012 Feb 5 35 Jan 3
150
32 *30
32
3012 3012 53018 3013 *30
32 *30
3218 Oct
4314 May
300 American Locomotive_ _ 3212 Feb 1 3553 Jan 2
33 *32
3314 3314 *3273 34
3313 432
34
3312 3312 33
Do pref
*10318 105 *10318 10114 10;318 10318 10314 10314 101 104
109 Jan 15 104 Feb 8 102 Oct 11034 Mch
450
104 104
3 Sep
538 Jan
*813 013 4,90 American Malt Corp._
434 Jan 10
938 Feb 7
9
9
8
734 778 *712 778
814
812 958
3112 Mch 4358 J'ly
Dopret
42 Jan 6 50 Feb 7
4712 4734 4778 4778 48
4914 4912 4912 4913 2,559
4814 4838 50
J'ly
82
Sep
8918
Amer
Jan
13
Smelters
Jan
3
87
22
Sec
, *87
pret
8613
13
*8614
87
88
88 *86
*87
87
486
86 *86
87
8378 J'ne
5638 Sep
: 69
6914 6373 6914 6873 7014 (3914 6973 6978 7113 7034 7112 20,325 Amer Smelting& Refining 6778 Feb 1 74'2 Jan 2
9834 Sep 10812 J'ne
Do pref.
10238 Jan 2 10412 Jan 24
92.
10312 10312 *103 104 510314 10:314 910313 10412 10353 10358 10414 10414
25 Sep
5212 Feb
200 Amer Steel Found (new) _ 26 Jan 11) 352 Jan 4
: *2813 29 *2812 29 *2812 29 *2534 2814 2812 29 *2813 2914
• ' 11838 11834 11879 11878 11834 11914 11873 11878 11313 11814 11833 11853 2,220 American Sugar Refining 11434 Jan 12 12033 Jan 30 11214 Sep 12212 Feb
Do pref
607
11512 Jan 5 11012 Jan 29 111 Jan 11912 Feb
118 118 111813 11313
*118 120 511973 11978 5118 11819 118 118
C.13913 13912 13938 13958 13958 14014 14013 14013 140 14018 140 14014 5,110 American Teleph (SG Teieg 13738 Jan 2 14213 Jan 13 13112 Aug 15318 J'ne
250 Jan 25 287 Jan 26
260 270
12,360 American Tobacco
200 266
265 270
, 27812 27812 27034 27712 260 272
87 Aug 10514 Deo
prof
102 Jan 9 10334 Jan 19
10512 HA
10512 10534 10553 10533 .1013.1 10534 1,900 Do
* 1- 10012 10612 *10612 107
Do pref certfs of dep.. 102 Jan 10 10814 Jan 18
9212 Sep 105 Dec
*105
106
200
10512
10513
*105
107
.10434 10514
*10612 107 410613 107
10114 Jan 11 10638 Jan 19
. 10434 10434 104 10173 10212 10312 103 10333 103 10312 10313 10333 9,520 Preferred, new
2512 Deo
3612 Mei
2514 Feb 6 30 Jan 11
27
*2513 27
100 American Woolen
2514 2514 *2513 2(312 425
2712 *25
28
, *26
8514 (Jet
Do pref
88
86 Feb 7 8914 Jan 10
9614 J'ne
*8518 37
450
*8534 37
88 *87
8613 8738 86
86
i *87
2412 Sep
3412 Feb
, 27
2913 2,300 Amer Writing Paper, pd. 2518 Jan 25 2912 Feb 9
27 *2513 28
2733 28
*2534 2814 2734 273.4 23
3414 3414 *31
3419 3.533 3433 34
,
3412 3412 3513 353 3578 7,275 aAnacondaCopper Par$25 $34 Feb 1 83834 Jan 3 529 Sep $4118 J'ne
10273 10279 103 103
860 paldwin Locomotive, pf 10234 Feb 2 10334 Jan 2 10314 Dec 107 Dec
*10234 10314 10314 10314 *10234 103
103 103
26 Sep
3818 Aug
ethlehem Steel
3018 Jan 11 3258 Jan 2
*31
32 .93'
32 *31
:3113
700 11,
32
3153 3173 3112 3173 31
Do pret
54 Sep
6634 J'ly
59 Feb 9 62 Jan 2
500
, F*5953 61
*6..., '3 6113 61
61
*5933 6012 5958 6014 59
5958
Brooklyn Union Gas____ 138 Jan 25 14112 Jan 8 2129 Sep 14814 Nov
, *138 13912 .138 13912 *138 13912 *138 13912 *138 13912 *133 13912
28 Feb
31 Melt
2958 Jan 8 3012 Feb
200 B utterlek Co
*2912 3018 *2913 3018 3013 3018 *2934 3012 *2934 3013 3012 3012
1834 Sep
3338 Feb
1734 Jan 8 2112 Jan 2
1834 1873 1813 1834 1812 1.352 1778 1812 1773 1814 18
1933 5,960 Sentra! Leather
Do pref
9118 Dec 105 Feb
83 Jan 8 9214 Jan 2
86
86 *85
1,010
87
83
87
*85
87 *85 8612 *85 87
2573 26
2618 9,500 dChino Copper_ _ __Par $5 $25 Jan 15 $2718 Jan 2 $1612 Sep $2713 Dec
2534 2573 2533 2578 2512 2573 2538 2014 20
25 Sep
3638 Feb
2534 Feb 8 2753 Jan 2
800 Colorado Fuel & Iron
*2534 26
2534 26
*2553 20
26
26
2613 2814 2614 26
13914 13012 2,050 Consolidated Gas (N Y). 13834 Jan 24 14312 Jan 5 12834 Sep 14812 J'ne
13914 13914 13834 13914 139 13938 139 13914 K13914 140
958 Oct
1534 May
10 Jan 16 1118 Jan 17
267 Corn Products Relining_
*1038 11
*1033 1078 *1038 1034 1033 1033 1014 1014
*1038 11
Do pref
73 Sep
85 May
27614 Jan 3 7934 Jan 17
150
*78
79 *78
79
7834
*78
79
578
78
7814 7814 *78
29 Sep
3814 Melt
3114 3112 28
3034 28
2913 2814 2913 2812 2914 2812 2873 8,500 Distillers' Securities Corp 28 Feb 5 3258 Jan 26
13 Dec
36 Feb
100 Federal Mining & Smeit'g 1212 Jan 10 13 Jan 29
15 *11
15
*1234 15
1278 1278 *1014 15 *1014 15 *11
6612 May
Do pre
37 Dec
*38
40 *3314 90
3718 Jan 23 39 Jan 5
f *38
40
40
*3714 40 *373.4 40 *33
155 Jan 2 16078 Jan 24 142 Sep 16838 may
3,540 General Electric
15634 157
15612 157
*15612 157
15634 157
15634 15714 157 157
Gen
35
Nov
Aug
5134
Motors
vat
tc
Feb
9
3214
3214
3514
Jan
19
3214
500
ars35
3333
*_ _ 35 *33
33
*33
3434
35
Do prof vot tr ars
7412 Dec
8658 Aug
7458 Feb 5 7712 Jan 6
200
'144
7612 7453 7433 *74
7612 *7412 7612 *7434 7612 7512 7512
$778 Jan
433 433
438 438 3,900 dGoldfleld Con 1,1 Par $10 5414 Jan 3 $412 Jan 20
8312 Oct
*438 412
433 433 *138 412
433 433
0918 Sep 12933 May ,
900 1 nt Harvester stk tr cfts 10514 Feb 1 10958 Jan 3
10533 10553 10512 10512 10514 10512 *105 10012 *10518 10638 10534 10638
1,100 L Do pref stk tr ctfs_ _ 11612 Jan 26 121 Feb 8 115 Sep 12814 May
*115 122 *115 122 *115 120
121 121 *11014 122
120 120
578 Jan
314 Sep
Her
5
Jan
2
Int
Marine
stk
412
Jan
3
tr
otfs
i *434 5
400
458 453 *412 518 *412 5
*434 5
4434 5
14 Aug
2212 Dec '
Do pref
1958 Feb 1 2318 Jan 12
*1912 211 *1912 2114 2012 2012 *2014 2114 *2014 2114 21
21
700
9 Sep
1338 Jan
101 *10
*10
1012 *10
1013 *10
1013 10
10 *10
938 Jan 17 1034 Jan 26
600 International Paper
1012
4458 May 5638 Jan
5152 5078 51
*60
24578 Jan 3 52 Jan 26
51
5113 5112 5112 5134 5134 *51
Do pref
52
000
23 Oct
44 Feb
3012 *29
*29
301 *29
3012 *29
30
*29
Internet Steam Pump___ 2812 Feb 1 34 Jan 2
30 *29
30
80 Oct
9012 J'ne
*79
*79
80 *79
81
80
57973 7978 *79
Do pref
81
*79
81
79 Feb 1 8334 Jan 0
10
106 1061 10634 10634 *10614 107
107 10718 10714 10714 *100 10714
030 Laclede Gas (St L) corn_ 106 Feb 3 10834 Jan 4 10114 Sep 11412 Jab
170 177 *170 180
i 17812 17812 17812 17812 176 170 *170 186
1,500 Liggett & Myers Tobacco 15678 Jan 15 135 Jan 20
Do preferred
11034 11034 11012 11114 11033 11114 *110 111
10914 11014 10912 10914 1,693
10512 Jan 12 11312 Jan 18
7412 Dec
95 Feb
8112 1,350 Mackay Companies
77 *7512 77
77
78
7812 7812 81
7518 Jan 31 8112 Feb 9
7512 7534 *75
68 Dec
Do pref
77 Mob
70
7012 *70
6812 Jan 11 7078 Jan 23
7038 *08
70
7014 6973 70 *63
70
7014 1,300
70 Apr
87 J'ne
; *71
7212 *7012 7212 *71
*72
74
74
1,500 May Department Stores_ 7118 Jan 29 7412 Feb 7
7212 72
7412 74
Do pref
*100 11012 *109 11012 *109 11012 11012 11112 *109 11112 *109 11012
250
110 Jan 8 112 Jan 11 10734 Sep 11314 J'ne
• 2338 2373 2312 2358 2333 2312 2314 2312 2338 2312 2353 2:373 6,350 dMiaml Copper_par ;5 $2314 Jan 29 $2613 Jan 3 $1658 Sep 52412 Dee
• 14714 14733 148 148
13912 Jan 2 150 Jan 30 11714 Jan 14334 Nov
148 148
146 14778 5148 148
14534 14734 2,430 IV/atonal Biscuit
• *12712 12814 123 128 5128 128 512812 12812 512812 12812 12814 12814
127 Jan 10 12814 Feb 9 124 Jan 130 Fels
388 1-1 Do pref
1212 Dec
22 ny
14
14
100 Nat Enamel'g & Stamp'g 1378 Jan 2 1412 Jan 4
*1314 1414 *1314 14
*1314 14
*1314 14
*1314 14
Do
pref
85 Jan 10034 J'ly
9312 94
300
*02
*92
9412 *92
9.112 *92
9312 Feb 3 9512 Jan 2
0412
033
4
9412
9334
5312 5312 5358 5334 *5314 51
4212 Sep
59 Feb •
5118 Jan 9 5478 Jan 2
5334 5378 54
54
5438 5112 1,350 National Lead
Do pret
625
106 106
10512 Feb 1 108 Feb 9 104 Sep 10934 Aug'
10634 10634 107 107
10773 10779 3108 108
108 108
• 1833 1838 1838 1812 1812 1878 *1838 1834 1873 19
1873 1914 4,200 dNey Cons Copper_Par $5 $1814 Jan 29 $2014 Jan 3 $151s Sep $2114 J'ne
45 Oct
76 Feb
56
• *50
40 New York Air Brake
59 *53
5478 Jan 31 5612 Jan 10
56
554
54 *52
58 *52
58
*50
7634 May
64 Jan
*7612 78 *76
78
78
7778 7773 78
7814 1,000 North American Co (new) 14'2 Jan 3 7978 Jan 27
7814 *7712 78
2318 Apr
3338 Nov
30 Jan 3 3314 Feb 3
3234 3314 3212 3314 3213 3213 3212 3234 3113 3238 3214 3212 5,000 1.3acillc Mail
35 Sep
5458 Jan
*4714 4814 47
4714 47
4712 4713 4713 *4713 4734 4712 4812 2,000 L twine Teiep & Teleg- 47 Feb 5 5133 Jan 4
10612 10612 *106 10612 10012 10613 10614 10614 10612 10612 100 10638 1,900 People's G L & C (Chic) _ 103 Jan 8 107 Feb 2 10112 Aug 109 Jan :
17 Dec
. *17
1812 17
1733 1712 *17
17 Feb 5 1858 Jan 6
17
18
18 *17
250 Pittsburgh Coal Co
*17
2314 J'atl
18
6734 Jan
0078 J.1?
*79
82
80
8012 7912 7912 7834 79
77 Feb 8 8378 Jan 2
77
1,400 Do pref
79 *77
80
*178 181 *176 179 1.176 18012 176 176
169 175
168 Feb 9 189 Jan 26
168 17014 1,850 P. Lorillard Co
11214
11233
11273
11112
11214
112 *11112 11233 1,203
Do preferred
11233 11233 11212 11212
10734 Jan 12 115 Jan 19
25 Sep
3212 3112 3152 32
3758 J'ne
*30
33
*32
3212 *32
33
*32
30 Feb 2 3114 Jan 4
500 Pressed Steel Car
33
91-' Sep 10234 J'ne
10012 10012 10012 10012 10013 10012 *100 101 *100 101
Do pre(
*9912 10012
10012 Feb 3 102 Jan 2
300
107 107 *106 10714
10734 10754 *106 108
10714 10714 107 107
430 Pub Service Corp of N J_ 107 Feb 7 10814 Jan 19 108 Oct 120 Feb
*158 160 *15312 160
15812 Feb 2 161 Jan 23 154 Sep 163 Jan
151) 159
15912 15912 *15812 15912 3160 160
270 Pullman Company
_ 2712 Feb 8 32 Jan 2
26 Oct
39 J'ne
28
2712 2712 *2712 2812
*28
29
2812 2812 2833 2333 28
500
a"ggYpzVel Spring__
92 Jan 103 J'ne
*100 105 *100(2 105 '10113 10118 *101 105 4,10012 105 *10012 105
101 Jan 16 101 Jan 16
15 It
1878 1714 1673 1718 13,700 d Ray ConsCopper Par $10 516 Jan 29 51938 Jan 2 $12 Sep $19 Dec
1634 17
#1613 1673 1634 1678 1673 17
3514 Feb
18 Oct
2273 2273 2214 2278 2134 2234 2034 2134 2114 2112 2113 2112 5,235 Republic Iron & Steei
2034 Feb 7 27 Jan 2
7418 Oct
9938 Feb
• 7914 7912 7812 7812 7612 7914 76
77
Do pret
6,360
7578 Feb 8 853s Jan 3
7734 7578 7673 76
40
Sloss-Sheffield Steel & Ir.. 3914 Jan 30 44 Jan 2
42 *37
31 Sep
*38
40 *39
41
*37
4112 *37
43 *38
5614 Feb
300 !Tennessee Copp_ Par $25 $3412 Feb 1 $3812 Jan 18 53014 Sep $44 J'ne
*3412 3514 *3412 3512 *3173 3514 *3412 3554 3512 3514 30 :36
63 Mch Ill J'ne
*101 103
10113 10113 31,0134 102
860 1 jnierwoo 1 Typewriter_ 101 Jan 3 10358 Feb 0
103 103
10313 10314 10313 10313
*110(2. 11112 11112 *11112 114 *11112 11312 *11134 114 *11173 11312
100
Do pref
11118 Feb 2 11112 Feb 5 103 Mel] 11378 J.1?
11 Sep
19 Feb
13 S Cast I Pipe & Found!' 16 Jan 9 17 Jan 3
*13 -1-6- *13
10 *12
16
16
*12
16
*12
16 *12
Do prof
4012 Sep 261 Feb
5013 5013 *5() 53 *50
328
55 *50
50 Jan 4 51 Jan 26
5234 5014 5014 *5013 53
84 Dec 1105 Jan
80 *81
87
*81
200 United States Express_ _
87
84 Jan 31 87 Feb 6
87
*31
89
87
87
*85
39
6518 Jan
7934 May
6812 63 08
*67
100 (J S Realty & Improvem't 67 Jan 31 6918 Jan 10
*67
69 *67
69
*67
69
*0712 6812
3012 Sep
4812 Deo
46
4553 46
4533 40 *40
4514 Feb 1 49 Jan 3
96
1,310 United States Rubber
4012
104
11512
fly
Do
Jan
11
Sep
1st
prat
30
111
10012 10912 10913 10913 10914 10978 10
109
Jan
*109 110
4°
000
9118
4 10
49
612 *10
49
6 113
66 Sep
70 Melt
*7312 7512 *73t2 7512 *7312 7512 *74
Do 2d prof
75 Jan 23 7618 Jan 8
7512 *7312 7512 *7312 7512
50 Oct
8218 Feb
6012 6173 6013 6138
5858 Feb 1 6973 Jan 3
6014 6034 5978 61
109,548 United States Steel
10733 Feb 9 11112 Jan 2 103 Oct 12078 Feb
Do pref
10734 10333 10
637)778
3 10
11012 11058 210812 10834 10812 109
08
13
4 10154
3 10
67
178 6,305
5434 5114 55
51
5158 55
5434 55
55
50
5513 5613 23,300 dUtall Copper_ _Par $10 $5212 Jan 20 35833 Jan 9 538 Sep 55778 Dec
4318 Sep
5333 5314 5:312 *5213 55
7038 Feb
- Chem_ _ 5238 Jan 9 5714 Jan 26
54
54
*5314 5412 53
5112 5112 1,400 Virginia-Carolina
11913 Jan 19 12178 Jan 25 114 Sep 12812 Nick
100
Do pref
*119 12038 120 120 .119 12034 *119 12034 *119 12034 *119 12033
1142 Feb 7 151 Jan 3 139 Sep 177 may
200 Wells Fargo & Co
*140 145 314212 14212 *140 145 5142 145 *142 147 *143 147
8312 83
8412 May
8338 8'312 8114 8334 8514 11,875
7158 Apr
astern Union Teleg_ _ 79 Jan 2 8614 Jan 18
8212 8212 8212 8213 83
79 May
71
7034 7034 70
5858 Sep
7133 *7014 7134 7034 7034
*6978 71 *70
700 Westingh'seEl &Mfg asten 6614 Jan 3 7414 Jan 24
Do 1st pref
11478 Jan 5 120 Feb 2 11012 kug 123 Jan
*114 120 *11414 120 *114 11973 *11414 11973 *11414 11978 *11414 111)78
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Bid
Banks
Brooklyn
Broadway 1 385
Coney 'Veil'
ifE
First
Hilisido11
-- - Homestead1
Manufao'rs 4-1XMechanics'1' 235
Montauk 11.
Nassau _ _ _ )212-Nat City__ _ 280
Ask
155
285
125
100
43
245
150
225
205
Bank;
/3rocklyn
North Side 1:
People's --Prosp'ctP1e,;
Bid
Ask
150
150
140
170
160
155
N Y City
355
Astor
Bankers' Ir 750
155
B.way Tr
365
Trust Co's
1-6-6"
Trust Co'
N Y City
Central Tr__
Columbia _
Commercial
Empire
Eel ult.ble Tr
Farm Lo &I
Fidelity _
loul ton _
cl um'ty Tr.
Guardian Tr
Bid
1010
345
100
30(3
535
1400
220
290
875
100
Bid Ask
Trust Co's
Trust Co's
N Y Trust_
Hudson _
145
Tr
Standard
Knickerb'kr 28712 2921
1015
Law T I&Tr 235 240. TitleGu& Tr
Tr Co of Am
1-64-- Lincold Tr.
nlo
mntgTz_Tr
__
Us
Manhattan 13
- u
4
100
7
35
3 3
41)
310
Metropol
Unit states_
1425 Mutual AlliWashington
ance
125 130
224
Westchester
Mut.( WestWindsor
150
chester) _ 140
ifi" NY Lite &Tr 1000 1040
Ask
Ask
Trust Co's
Brolklyn
620
35212 Brooklyn Tr
550 Citizens' __
Flatbush __
6. _ Franklin__
60 Hamilton __
1115 1140
Home
390 410
Kings Co _
150
1(0 L Is! L & Tr
190 195 Nassau
Peoples'
Jueens Co_
Bid
615
345
545
375
14
39
00
Bid
465
135
215
270
275
105
520
310
150
290
10)
Ask
145
230
280
285 '
115
320
165
300
110
a Quoted dollars per share.
'Bid and asked prices; no sales on this day. ;Less than 100 s 'arcs. t Ex-rights. b New stock. a Ex-cliv, and rights
tRake at Stock Exehangs or at auction tIP.s week. s Ex stook dividend. %Banks marked with a Paragraph (11) are State banks. z Ex-dividend.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
%an. 1 1909 the archaips meth3d of quotirt,i bonds was changed. and Prices are now all—"and interest"—except for in •pne and defaulted bonds.
N.
BONDS
E
Y. STOCK EXCHANGE
Week Ending Feb. 9.
43
.
Price
Friday
Feb. 9
Week's
Range or
Las; Sale
Bid
Ask Lou'
High No.
100 10012 10014 Nov'11:100 10034 10018 Dec '11
..
10238
-1
102
102
10212 Sale 10212 102k
5
113 11434 11314 Jan
113 114 11334 Jan '12
100
_ 10013 J'ne'll
10134 54
10112 10218 10158
•
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE .q
Week Ending Feb. 9.
g
Price
Friday
Feb. 9
Week's
Range or
Lae; Sall
g75
a:3,4
Range I
Since
Jan. 1.
Bid
Ask Leto
Nigh Chesapeake & Ohlo—
//fg// No. Low High
1 10312 10412
Gen funding & impt 59_1029 J - J 10312 10114 10312 10312
1930 411-N 11112 Sale 11112 11112 26 111 11113
1st consol gold 55
11134 11114 Feb '12
1939 111-N
11114 11114
Registered
162 102 1902 11-S 10178 Sale 10134
19 10114 102
10112 10212
General gold 4 143
102
_
1992 111-5
81314 11314
033 Nov'11
Registered
1930 F- A 93 bale 93
11314 11334
9312 80 -923Convertible 4 Ms
4 -931i
_ 88 Feb '12 ____ 88 88
1044 J -D 8714
Big Sandy 1st 48
t01i2 10134
1945 J-11 85,8 8912 8812J'ne'll
10138 10178
Coal Riv Ry 1st gu 4s
1940 J -J 10110 10413 10234 J'iy '11
Craig Valley 1st g 5s
Foreign (to vernment
1946 J-J 83 - 87 8634 Jan '12
Potts Creek Br 1st 4s_
Argentine—Internal 5s of 1909_•S 0612 9758 9714
0714 20 97 9758
U534 97 90 Jan '12
9613 90
It & A Div 1st con g 48-1089 J -J
Chinese (Ilukuang) Ity 53
9214 J'ne'11
1989 J -J
9378
3 9314 95
20 consol gold 45
_ -D 9378 Sale 9314
Imperial Japanese Government
Warm Spr Val 1st g 5s 1941 n-s 15E1-3 10812 11314 Feb '05
Sterling loan 4 Ms
21
9038 __ 05 Oct '10
1925 F- A 9314 04
9312 9334 25 9212 9334 Greenbrier By 1st gu g 43 1940 M- N 7073
2d Series 4 Ms
i112 7033 Jan '12
1949 A-0
9178 93
9234
1925 J-J / 9288 Sale 9258
-;i637,71
Chic & Alt RR ref g 38
Sterling loan 43
6°34 6,1
633.1
6412 15 0334 6512
1 0_ _..1050 J-J
Railway 1st lien 3 .
1931 J J / 8718 8778 875g Jan '12 ___- 8634 8818
Republic of Cuba Is exten debt.. NI- S 110234 103 10238
993
4 100 9934
10234
2 10212 10338 Chic B & Q Denver Div 48.._1922 F-A
4 91;34 0834
9134
External loan 4 Ms
9818 Dec '11 — 8712 Sale 8712
Illinois Div 334s
1949 J-J
1949 F- A t 9834
8712 12 8712 88
98
12 9718 08
San Paulo (Brazil) trust 53_1919 J -J I 9712 98
liegisteled
_ 88 Sep '10
1940 J-J *8612
U S of Mexico 51 g 5s of_
9934 Sale 0014
Illinois Div 45
14 -6619634 9714 0634
100
1940 J-J
4 1661 4 0614 9714
1899 Q-J
9634
Gold 4s of 1904
Registered
9912 10 9913 9913,
_ _ 904 9913
1949 J J
9034 0034
1954 J-D 9013 0034 904 Jan '12
Thise are p rices °attic sis o ($5 loL.
Iowa Div sink fund 59_1910 A-0 10158 10478 10134 Dec '11
State and City Securities
Sinking fund 4s
4 0914 9914!
9914
1919 A-() 9914 9934 9914
9812
N Y City-4 1.0
9813 26 9812 99
Nebraska Extension 43_1027 t-N 9834 99
1900 M-5 10234 Sale 10213 10234 79 10213 10234
10018 58 9978 10018
4% Corporate Stock _
Registered
i99 111-N 100 Sale 103
1927 111-N 9712-- 9818 Melt'11
10018 50 9978 10018
4% Corporate Stock_
1958 NI-N 100 Sale 100
Southwestern Div 4s__ _1921 NI-S 9912 ---- 9918 Dec '11
45
0 Corporate stock
Joint bonds See Great North.
1957 M-N 100 10018 100 Feb '12 ---- 9934 1001s
10778 14 10713 10778
4 10078 10113,
10113
Nevi 4 Ms
1957
N 10778 Sale 10/58
Debenture Os
1013 M-N 10118 102 10114
10213
10212 Jan '12 ---- 10212 10212
New 434s
70 9634 97141
97
General 4s
1917 NI-N
1058 M-S 9678 Sale 0634
10778 31 10713 10778 Chic & B Ill ret & Imp 4 gs_1955 J-J
8114 20 8014 8113,
8013 Sale .3012
434% Corporate Stock1957 M-N 10778 Sale 10712
124 125 !
1st consol gold 6s
1934 A-0 12334 12.134 125 Jan '12
434% assessment bonds_1917 M-N 10212 10278 10213 Feb '12 ---- 10214 10212
334% Corporate Stock_ _1954 M-N 8078 8712 8/13 Jan '12 ---- 8718 8718
General consol 1st 5s
1937 NI-N 110 11033 11014 Jan '12 _- 10914 11115!
10234
5 10134 10278
Y State-43
5 19014 10914!
1961 M-S 10258 1J278 10234
Registered
10014 10914
1037 NI-N
10014
1023
Canal Improvement 4s 1 961 J -J 10234 Sale 10234
6 10153 10278
1 109 10913,
Chic & Ind C By 1st 5s_1936 3-J
10234 Sale 10212 10234 30 10134 103
Canal Imp'ment (new) 4s1961 J Chic Gt Western 1st 43_ _1959 Nf- S 8278 Sale 18
92
9314
2 18
92
9718
2 126 8212 83
Canal Improvement 4s_ _1960 J - J 10238 10278 10112 Nov'll
4 12734 12912
_ _ Chic Ind & Louisv—Ref 63_1947 J-J 12814 12912 129
129
10312 J'iy '10
So Carolina 434s 20-40._ 1033 J -J
Refunding gold 5s
1947 J-J 10912 110 109 Nov'11
_
98 Oct '11 --_
Tenn new settlement 3s
1913 J - J
0714 9414 963s Apr '11
Refunding 4s Series C
1917 J-J
Virginia fund debt 2-3s
Ind & Loulsv 1st gu 4s_ _1956 J-J
1901 J-J * _ _ - 8812 8612 Dec '11 ---__
11812 Jan '12
-ti);1-2
40
49
Sale
50
67
46 5214 Chic Ind & Sou 50-yr 43_.._1950 J J -665Os deferred Brown Bros ctfs__
8 -631-2 9012Jan '12 ..-- 0012 9012i
Chic L 8 & East 1st 4 Ms_ 1069 J-1)
104 10,1 Dec '11
4 10238 1.0134 Feb '12
4!
Chic Mil & St P terml g 5s 1914 J -J 10131613-4 1613Railroad
8114
8412
Jan
'12
84
A nn Arbor 1st g 4s
7918 8414
1,1995 Q-J
Gen'l gold 48 Series A_ _e1980 J-J [834 9878 9883
9878 42 9888 mg
9934 162 09 0934
rttch Top & Fe gen g 4s..1995 A-0 0968 Sale 9913
Registered
e1989 (3-J
98 Jan '12 ---- 98 08
981.,
2 98 9814
Registered
8011 87 8671 Jan '12 ---- 80 8678
Gen'l gold 334s Series B_el0s9 J-J
1905 A-0 0712 9834 0814
9814
Registered
9114 9238
Adjustment gold 4s___.h1995 Nov 9214 9212 9238 Feb '12
e1981) J-J 85
86 J'ne'll
91 Jan '12
9214 53
9214 Sale 9213
25-year deben 48
9014 01
Registered
51995 Nov
1034 J-J
-624
8 9214
9238 50 9112 9258
Chic & L Sup Div g 5s_.1921 J-J 10618103 Dec '11
Stamped
51995 NI-N -613 -9273J
-J
11438
J
-D
J'ne'll
168.34
Chic & Mo Itiv Div 5s__ _1920
- 103
108
4
Cony 4s issue of 1009_
.
108 - 108317 10E3106
Chic & P %V 1st g 5s
4 165;
10614
Cony gold 98
1921 J -J 10614 Sale 10618
106 10638,
1955 J-D idd 10712 106
93 95
10158 176 10014 10178
CM & Puget Sd 1st gu 4s 1940 J -J
95
Cony 43 (Issue of 1910)1960 J-D 10838 10112 10138
95 9514
22
108
108
10718 109
'158
10-year cony gold 5s
1
Dak & Gt So gold 5s__ _1916 J-J 013
3 A u1g13
03
3518
1917 J -D 108 10814
es 1 1
11r
.
3
4s
i
11
9873 Jan '10
Dubuque Div 1st s f 63_1920 J -J
Debentures 4s Series J
113 11158.
1912 F-A
Far & Sou assum g 6s........1924 J -J 115 ___ 11738 Aug'11
_ 9914 J'iy '11
Series K
1013 F-A
96 Jan '12
East Okla Div 1st g 43.....1928 n-s 96 _
LaCrosse & D 1st 5s
-66- -66 1019 J-J 10334 ____ 10412 Dec '11
93 9378
9312 13 9234 9312
Short Line 1st 45 gold_ 1958
I,Vis & Minn Div g 5s_1921 J-J 10638 ____ 10633 Jan '12
- 93
10638 10633
Fe Pros & Ph 1st g 53_1942•S 10914 110 10834 Nov'11
Wis Vail Div 1st Os
11233 Noy'll
1920 J -J 11212
Chic & St L 1st Os
10038 J'iy '11
1915 51-S 10318
Mil & No 1st cons 6s_
1913 J-1) 10134 ___ 1013.1 Dec '11
Atl Coast L 1st gold 48_ _51952 NI- S 9634 Sae 9612
Extended 4345
1913 J -D 10018
_ 10014 Nov'It
4 -6678
0678 63 -6E1Registered
98 Oct '06
51952 M-S
Chicago & N %Vest cons 78 _1015 (3-F 108 10838 108 Feb '12
10818 Aug'11
Ala Mid 1st gu gold 5s___1928
Extension 43
1886-1920 F-A
9714 Jan '12
9558 _ _ _ 9134 Jan '12
Registered
Bruns & W 1st gu gold 4s 1938 J -J
1886-1920 P-A
-9631-1 -6E3-4
9734 Noy'll
General gold 334s
Charles & Say 1st gold 7s 1936 J -J 135
4 -8612 87 Feb '12
1987 11-N 86187 87
0512 Sale "Els
"13E1'2 --i; -641-1 -6E14
Registered
01952
p1987 Q-F 85 ____ 8634 Nov '11
L & N coil gold 4s
12334 12534 12514 Dec '11
General 45
Say F & W 1st gold 6s___1934 A-0 10914_
1987 '14-N 98 9,314 9778
9814 -1E4; -6734 -11814
11038
May'll
Sinking
fund
1934 A -0
1st gold Is
63____1879-1929 A-0 11118___,. 11134 Noy'll
97 6g14 97 Jan '12
Registered
97 97 Sil Sp Oca & G gu g 4s
1018 J -J
1879-1920 A-0 1101211114 Nov'09
........
9234
9212 93 9212
6 9134 93
Sinking fund 5s
1925 J-J
alt & Ohio Prior 3348
1879-1929 1-0 10718 11.0 10712 Oct '11
9078 Jan '12
Registered
9078 9078
9078 .11-P Registered
111925 Q-J
1879-1929 A-0 10412 ____ 10378 Dec '11
Debenture Is
Gold 4s
51948 A-0 9914 sale 0834
0514 75 9734 9914
1921 A-0 10458 10514 10434
3
10434
16434 1681
97
9818 J'ly '11
Registered
Registered
51948
1021 A-0 103
10612 Feb '10
11218
112
Jan
'12
Sinking fund deb Is
112 112
Pitts Juno 1st gold 6s___1922 -J
1033 n-N 10812 ____ 10812
10812
10812 10813
8818 _ 8814 Jan '12
Registered
PJunc & M Div 1st g 3-34s1925
8814 8814
1933 411-N 107
10734 Aug'11
19 91 92
02
Frem Elk & Mo V 1st 63_1933 A-0 12018 ____ 12713 Noy'll
I' L E & W Va Sys ref 43..1941 NI- N 9178 Sale 9173
---.....
9112 Sale 9114
9112 21 01 9113
Mani G B & N W 1st 3 Ms 1941 J -J
Southw Dly 1st gold 334s 1925 J-J
9012 Sep '09
Milw & S L 1st gu 3 34s 1941 J -J
Cen Ohio It 1st c g 4 34s_ 1930 NI- S 10014 __ 103 Mc11'10
2 11012 1161-3
-- 11012 11012
CI Lor & W con 1st g 5s__1933 A-0 109 11112
Mil L 5 & West 1st g Os...192l 111-S 11314 11514 114 Jali-'1E)
Monon Ely 1st gu g 5s___1919 F-A 10214 10412 10214 Dec '11
Ext & imps I gold 5s.._1929 F-A 10934 11018 110 Jan '12
Ohio River RR 1st g 5s_1936 J -D 109_ 10912 Apr '11
Ashland Div 1st g 63_1925 11-5 11612 ____ 14213 Feb '02
General gold 55
1937 A-0 108 11618 106 J'iy '11
Mich Div 1st gold 65_1924 J -J 11612_
11618 Oct '11
11313 Fen '12 33 11313 11313
Pitts Ciev & Tot 1st g 6s_1922 A-0
Northw Union 1st 7s g _ _1917 NI- S 112 11-17-8 115 J'ly '11
9713 __ 9112 Sep '11
Pitts & West 1st g 45
1917 J-J
Winona & St P 1st ext 7s 1916 J -I) 11113 11478 11334 Aug'11
Stat Isi Ity 1st gu g 4 Ms_1943 J -D 88 611 95 Noy'll
10878
Chicago Rock Is & Pa 6s _1917 J-J 10838 109 10873
t087 10873
11238 Noy'll
1937 NI- S 11134
Buffalo It & P gen g 5s_
109 Aug '11t)
Registered
1917 J-J 10712 _
1957 11-N 10514 i6 -3-4 10118 Aug'11
Consol 434s
9612 41 -65790 6638 06
8 -667;
General gold 45
1988 J-J
97 Feb '11
9614
All & West 1st g 4s gu_ _1998 A -0 9512
1
9614
9534 961,
Registered
95 964
1088 J -J
_ 103 J'ly '08
CI & Mah 1st gu g 5s.._ _ _1043 J -J
" 0014
9034 141 8918 904
Refunding gold 45
1934 A-0 9058 Sale
Roch & Pitts 1st gold 6s_1921 F-A 11228_ _ 11331 Noy'll
Coll trust Series J 45
1912 111-N 9734 ____ 9718 J'iy '10 ---Consol 1st g Os
1922 J -D 11514 116 11673 Mch'll
Series L
1914 111-N :::: : 9
86
7314
2S
Ncopy
72 Mehl()
50
Buff & Susq 1st ref g 4s_ _ _d1951 J-J
M 9s
1915 111-N
---40178 22 10112 Rif];
1013 J -J 16134 10212 10134
So 1st ext Os
N 45
1910 111-N
94 Dec '09 ---- ---- ---3
10038
101
C
10013
1013
53
11-S
10034 101
O 43
•-1 2d
1917 111-N 5s1_4 _6,63_8 9411 May'10
---10034Jan '11
Registered
1913 11-S
P 4s
1918 111-N
9434 J'ne'11 ---8 11378 11334 Jan '12
11334 11334
Central of Ga 1st gold 58_ _p1945 F-A 1123Chic R I & Pac RR 4s__ _2002 111-N 72-78 Sale 7278
7314 188 -fft; -2114
11013 24 109 11012
Consol gold 58
1945 NI- N 11014 Sale 110
Registered
2002
7234Jan '12 -- 7234 7234
10713 Noy'll
Registered
1945 M-N 101
R I Ark & Louis 1st 4548 1934 1119214 93
103 Dec '11
1st pref Income g 53____p1945 Oct
Bur C It & N—Ist g 5s_1934 A-0 19
6
2
117
12
12
113
2 19
13
118
2 _t.
34 19
11078 11112
10612 May'll
Stamped
Registered
12012 Mch'03 -1034 A-0
105 Dec '11
2d pref income g 5s___p1945 Oct
C It I F &N W 1st gu 58 '21 A-0
10514 Sep '11 -96 Noy'll
2d pref income g 5s stamped_ _
M & St L 1st gu g 7s_ 1027 J -D
107 Dec '11
3d pref income g 5s____p1945 Oct
627
011i
Choc Ok & G gen g 58_01910 J -J 10
11(5)8.2,13718
8513 Oct '10
3d pref Income g 53 stamped_ _
Consol gold 53
1032 11-N
Sep
-1165S953 Jan '12
Chatt Div pur 'non g 4s__1951
"66 8 -61'Kook & Des NI 1st 5s
11.123 A-0 19934 101 101 Jan '12 -- 101 Rif
Mac & Nor Div 1st g 5s__1946 J-J 107 ____ 10714 Jan '12
10714 10714 Chic St PM & 0 con Os
12314
2 1231.1 12334
1030 J -D 12333 12378 12314
_ 115 Nov'05
Mid Ga & AU Div 5s__1947 J -J 10518 _
Cons 68 reduced to 3 Ms 1930 J -D 91 _ _
93 Dec '0.1
__Mobile Div 1st g 5s
1946 J -J 10712 ---- 10934 May 11
Ch St P &Minn 1st g 63_1018 11-N
12333 Dec '11 -_-_-_-_ ---Con RR & B of Ga col g 53_1937 411-N 102ss
102 Noy'll
Nor Wisconsin 1st 6s_
1930 J -J 123 ____ 12938 May'09 _Cent of N J gen'i gold 5s
1987 j-J 12212 12234
- 12213 12234 --1
&S
12234
11118
St
P
City
A-0
1st
g
6s1910
Sale
11118
11118
2
f3-4
Registered
51987
122
122 12314 122
3 12112 122
Superior Short L 1st 5s g _1930 NI- S 108
_
Am Dock & Imp gu 53_ _ _1921 -J 10014 _
107 Jan '12
107 107
Chic &West Ind gong Os....q1932 (3-51 10814 1435
_
Le & Ilud R gen gu g 5s_1920 J-J 10158
_
Consol 50-year 45
9134 9214 9134
1952 J -J
--02
10
Wilkes-B
Coal
Leh &
5s__1912 NI-N 100
_ 1.661-3 Au-g-'11
_ 101 10038 Dec '11 --__
---- Cin H & D 2c1 gold 4 34s___..1037 J-J
S 91134
N Y & Long Br gen g 4s_1941
100 Deo '11
1st & refunding 4s
1939 J-J
Cent Vermont 1st gu g 43 e1920
9214 105 -00 9214
92 Sale 9118
1st guaranteed 48
1959 J-J ____ 90781 89 May'll
MISCELLANEOUS BONDS—Continued on Next Page.
U. S. Uovernment.
U 5 2s consol registered.....(14930
U 5 2s consol coupon__ _d1030 Q-J
/1918 (,)-F
S 3s registered
/1918 Q-F
U 5 3s coupon
U 8 48 registered
1025 Q-F
1925 (1-F
U 5 4s coupon
S Pan Canal 10-30-yr 24 /1936(7-N
U S Panama Canal 3s g
1961 Q-5
Low
B
Street Railway
Brooklyn Rap 'Fran g 5s___1945 A-0
1st refund cony gold 4s__2002 J-J
Bk City 1st con 5s 1910-1941 J J
Bk Q Co & S con gu g 53_1941 ,11-N
Bklyn (3 Co & 5 1st 5s___1941 - J
Bklyn Un El 1st g 4-5s__1950 F-A
Stamped guar 4-5s____1950 F-A
Kings Co El 1st g 48
1949 F-A
Stamped guar 4s
1940 P-A
Nassau Elec guar gold 49_1951 J-J
Conn Ry& Llst & ref 5 g 4 Ms_'51 J -J
Stamped guar 4345
1951 J -J
Denver Con Tram cons g 53_1933 A-0
Bet United 1st cons g 4 34s_1932 J -J
Grand Rapids By 1st g 58_1916 J-1)
Havana Elec consol g 5s
1952 F-A
Interboro-Mctrop colt 4„
,
,s_1950 A-0
Interboro Rap 'Fr 55 See A.1952
•No price Friday: latest this week.
Street Railway.
103 10614 103 Jan '12 ___ 103 103
Manhat By (NY) cons g 4s_1900 A-0 971
34
08
08 s9a8 0733
8534 Sale 8558
8578 140 8378 8618
0518 10
Stamped tax-exempt___1990 A-0
Sale 0712
102
102 Sale 102
10 10112 102
22
Met St lty gen coil tr g Is.. A997 F-A •
101
_ 10312 101
06t3 97
97 Noy'll
Guaranty Trust Co certifs_ _ _ _
54
102
.
7
:
7
3(3
:
Sale 10073
Refunding gold 45
'
2111 _ 1_83
2002
59 Deo68
10318 Sale 163.” 1031-4 --ii 10-13-8 iciii;
Farmers Loan & Tr etf__
1_5
103 ____ 102 Jan '12 __ 10112 102
Stamped
18
8
60
17
61
*
8112 215
8518 851 3 8518
8518 ....! 8312 8518
Refunding 48 !when issued) _ _
81 Sale 8073
8514 86 85 Jan '12
Adjustmt Inc 5s (wh issued) _
5778 701
8412 85
5514 Sale 5514
704 8012 81 Jan '12 ___ 78 81
10334 10
Bway & 7th Av lstc g 5s_1943
10334 10414 10334
101t2 __ 10173 Jan '12
_ 101 10178
Col ec 9th Av 1st gu g 5s_1993
10112 10278 10112Jan '12 ___
S
Dec
1017
3
'11
n '2
10134 ____
:1 122
Lex Av & P P 1st gu g 53.1993 H-S 1_0_2_3! 1_0_3
:_ 1808(02)51: an
Third Av RR cons gu 43_2000 J-J
--_-_-- -iti" 'hiJan
Central Trust Co certs
-f6.3-8
'10
J'iy
90
-993
Cent Tr Co cts stamped_
7812 10
-761-2 -78 7712
_ _ _ _ 0034 9934
0034
1 -66 - -663-4
8578 242
1st ref 4s when issued
8573 Sale 8558
8318 456 8012 8411
8233 Sale 8212
7778 1030
Adjust Inc 53 when issued.
7634 Sale 7512
10412
10458
104N
21 10318 105
10413
11012 11014
1
Third Ave By 1st g 5s__ _1937
11014
9614 98
0034 Mg
101 102
97 10314
502 62
5758 62
80 8158
5114 5913
103 10334
10112 10113
180
02 18
00
213
Jan '12 :::: -fo."
0 Due April.
e Due May. 11 Duo July.
k Due Aug. o Duo Oot.
p Duo Nov
76
818
1_2 81:
1
8478 80
10
7938
812 18
10
9114
3
g Duo Dec. s Option WO.
403
New York Bond Record—Continued—Page 2
FEB. 1, 1912.;
.d"8
BONDS
N. Y. STOCK EXCHANGE
Feo.
0.
Week Ending
Price
Friday
Fcb.9
Week's
Range or
Last Salt
31 ,,1
Range
Since
Jan. 1,
Price
Friday
Feb. 9
BONDS
N. Y. STOCK EXCHANGE
z
Week Ending Feb. 9.
Range
Since
Jan, 1.
Week's
Range or
Last Sale
High
Bid
Ask Low
High No. Low High St P M dc M (Continued)—
Bid
Ask Loto
Cm n Ham & Dayton (Continued)
9278 _
9258 Mch'11
Pacific Est guar 4s _ __HMO J-J
7 10312 10414
104
ChiD & I 1st gu g 5s___ _1941 M-N 104 107 101
E Minn Nor Div 1st
g4s1948 A-0 97 9834 9812 Jan '12
E---- -- - - - 88 Meh'll
C Find & Ft W 1st gu 45 g 1923 51-N
8712
Minn Union 1st g 6s__ _1922 J-J 116 11(312 11518 Aug'11
8712 5713
Gin I & W 1st gu g 4s___1953 J -J 8712 ---- 8712
Mont C 1st gu g 6s____1037 J-J 12734 ---- 12714 Nov'II
Day & Mich 1st cons 43s 1931 J J 100 ____
13614 May'06
104 10112
J-J
10112 _ igi16 iRegistered
Ind Dec de W 1st g 5s____1035 J
4 113 11234 Sep '11
Itseg
tg
193
1937 J -J iii1isuta
erreg
dold 5s
10712 Dee '02
1935 J -1
lst v,•uar gold 5s
.
9314
8
J-J
9212
-5i1-6212
0212
93
J
-D
2
45_1093
gen
Cleve Cln C & St L
ll2l2Sep '11
Will dc S F 1st gold 58_1093
1939 J -J 9212 9412 94 Dec '11 —__
37
8 i-i) 113
• Cairo Div 1st gold 4s
9014 9134 9014 Jan '12
-60714 -961-4 Gulf & S I 1st ref & t g 5s_51952 J-J 91 93 95 Jan '12
Cm W & M Div 1st g 4s_ _1991 J -J
_
0312
Registered
9312
9212
J-J
9118
1990
913
4
'12
_
Jan
g
4s
N
St L Div 1st col tr
532
999 J-J 162-1-2 105-3 102/8 10258
Tirock Val 1st cons g 40_19
1900 M-N 89 ____ 91 Oct '07 -Registered
---- 1-L
10012 Sep '08
Registered
1999 J-J
1940
90 ___ 90 Dec '11 -- ---Spr d.c Col Div 1st g 4s
Col & H V 1st ext g 4s
9412 Dec '11
1948 A-0 9512
9114 9418 91 Dec '11
W W Val Div 1st g 4s._1940 J -J
961 Jan '12
Col & Tot 1st ex 4s
1955 F-A 9414
1020 111-N 10558
_ 10534 Dec '11
C I St L & C consol 8s
9912
Hous 13elt do Term 1st 5s
_ 5s734
- 9012
1937 J-J
-43612 97
0612
81935 Q9612 0634 9612
1st gold 45
Ilinois
Central—
itegistered
81036
95 9718 9718 Dec '11
ist gold 4s
1951 J-J 10314 - - 103 Dec '11
10714 Oct '11 -Cin S & Ci con ist g 5s__1928 J -J 107
Registered
1951 J-J 100 101 100 Sep '11 ____
1914 J
10534 1085s 10712 Aug '11
CCC &I consol 7s
1st gold 3 Ms
91 Aug'11
1951 J-J 90
Consol sinking fund 7s_1014 J -D
Registered
89 Apr '11 ____
J-J
General consol gold 6s_1934 J -J
12134 Oct iii---Extended 1st g 3
9312 may.09
15
1t951
1 A-0
Registered
1934 J-J
Registered
1951 A-0
---Ind 111 & W 1st pref 4s
1940 A-0
1st gold 3s sterling
_-_
1195511
9
---- ---0 Ind & W 1st pret 5s_d1938 Q-J
Registered
0113 92
S ----gni Jan '12
Peo & East 1st con 4s
1040 A-0 9112
Coll trust gold 45
1952 A-0 9914
-gg- Dec '11
38 40
Income 4s
1990 Apr
35 3814 38 Jan '12
Registered
6i1-2 9812 Aug'11
1952 A-0
13 4912 5812
50
Col Midland 1st g 48
1947 J-J 50 Sale 50
1st ref 4s
9612 42
1955 M-N 9612 Sale 9612
_ 0912
1929 F-A 9612
Colorado & Sou 1st g 4s
9/14 69 96 9719
Purchased lines 33s_..1952 J-J 8614 8678 86'8 Jan '12
23 9718 9818
98
1935 M-N 08 Sale 0734
Refund & it 44s
L N 0 & Tex gold 4s
0834 14
1953 M- N 9814 9918 9812
2 11118 11218
1921 J -D 11134 11212 11118 11118
Ft W & Den C 1st g 6s
Registered
1953 M-N __ 9812 9434 Jan '11
Conn & Pas Itivs 1st g 43_1943 A-0
Cairo Bridge gold 4s
9712 Feb '11
J-D ig
ioti- ma-y-qti
1052 J -J
Cuba RR 1st 30-yr 5 g
Litchfield Div 1st g 33_150
_ 7518 Sc)) 'II
0
951 J-J 7612
'net Lack & Western—
8814
857
8
Louisv
Div
Feb '12
Fe
85
J-J
Term
g
3
s
1
9
5
3
h
Nov'll
-10618
1914
10634
10712
Morris do Essex 1st 7s
Registered
1953 J-J
8314 Nov'10
10918
8 16:9118
.1_ _ 10918
6 i6-9
1915 -I) 109
1st consol guar 7s
Middle Div reg 5s
123 May'99
F-A
_ 11138 Dec '10 —
1915 J -D 105
Registered
Omaha Div 1st g 3s
192
51 F-A 75
708 J'ne'11
91 Jan '11
2000 J-D 85
1st ref gu g 350
75 77 75123an '11
St Louis Div & term g 3s_1051 J-J
1921 J -J 114 11518 11414 Jan '12 ---- 11414 11414
N Y Lack & W 1st 6s
7312
Registered
J-J
10638 Nov'11 ---1923 F-A 106
Construction 5s
6634 Sale 8634 -g63-4
S
Gold 3 Ms
1951 J-J
Term & Improve 45_ _1923 M-N ____ 99 98 Dec '11 ___
10118 Oct '99
1951 J-J 84
Registered
10218 Feb '03 ..— ---- -Warren 1st ref,gu g 3 Ms_2000 F-A
Spring Div 1st g 3 Ms
100 Nov'00
1951 J-J *85
1917 51-S 11334 11518 11512 Aug'11 __-_ - -- - --Del & Hod 1st Pa Div 7s
_ ---- -Registered
1951 J-J 84
149 Aug '01
1917 M-S
Registered
Western lines 1st g 4s
99 119 9712 -66 1951 F-A 96 ...._ 96 Jan '12
1916 J -D 9834 Sale 9812
10-yr cony deb 4s
Registered
1051 F-A
1922 J -3 10138 10158 101% Jan '12 ---- 10138 10158
1st lien equip g 4 Ms
iff1-2
Believ & Car 1st 6s
1923 J -D
9) 114 9858 99
1st & ref 4s
1943 ,11-N 99 Sale 9834
_ 9514 Oct '10
Carb do Shaw 1st g 4s
1932 hi- S 9434
03 112 9114 93
Alb & Sus cony 3;is_ _1946 A-0 92 9212 02
Chic St L & N 0 g 5s
1951 J -D 11434 lig 116 Jan '12
122
Dec
'11
---Rens & Saratoga 1st 7; 1921 51-N 12134
Registered
1951 J-D 113
114 Feb '11
Denver & Rio GrandeGold 3;is
J -D
8914 8978
---- 90 Oct '09
1936 J-J 89 93 8978 Jan '12
1st consol gold 4s
J-D
Registered
98
08
98 Jan '12
1936 J -J
Consol gold 4 Ms
19
951 J-D -ggMemph Div 1st g 43_1
05
9712 Mch'10
Improvement gold 5s__1928 J -I) ---- 9734 9812 Feb '12 -....,.. 96 9812
1951 J-D
Registered
86 8938
1955 F-A 8858 Sale
1st & refunding 58
95
97
fig
J'ly
St
L
Sou
1st
gu
g
48
_ 1_
19
05
43
1 _1_5
14
2 Mch9
'
5134
Rio Or Juno 1st gu g 513_1039 J -I)
Ind III dc Ia 1st g 4s
J-J 95 96 95 Jan '12
1940 J-J ___ 60 6112 Apr '11 ---Rio Or So 1st gold 4s
108 Jan '12
__ ____ Int do Great Nor 1st g 6s-111999351i M-N 108
85 Mch'08 ..-- -------1040 J-J
Guaranteed
2
8858
2 85 88as Iowa Central 1st gold 53_1938 J -D 10112 ji -2 10212 10212
Rio Or West 1st g 4s___2•1939 J-J -iii- 8834 88
65
10
62 67 63
1951
Refunding gold 45
78 78
Mtge & col trust 45 A 1949 A-0 78 8014/ 78 Jan '12
jamestown Franklin &
97 Jan '02
Utah Cent 1st gu g 4s_a1917 A-0 _
5
1959 J -D 94 9412 9414
9414
1917 M-N 99__ 110 Sep '04 _--- ------ O Clearfield 1st 48
Des Mol Un Sly 1st g 5s
---- -2
74
City Sou 1st gold 3s _1950 A-0 7312 74 74
1995 J-1) 92 -6.5 92 Nov'll
IranRe.
Det & Mack 1st lien g 4s
_ 74 63 Oct '00 _
Istered
- 1950 A-0 *
1095 J -D 9012 92 90 Jan '12
-66" "iiii Gold 4s
10018 -13
Ref & impt 5s
J-J igg 10014 100
3 100 10078
Det Ely Tun Det TerTun 4 '4s'61 M-N 100 10014 10014 10014
9858 10
30 J-J 0812 0858 9838
196
4sp_r_1
Det T & 1-0 S Div 1st g 481941 M •S 72_
---- -- Kansas City Termi 1st A
2
110
T ake Erie & W 1st g 5s___1937 J-J 109 11012 110
69
412j
Daen
c4
Dul Missabe & Nor gen 5s 1941 J-J 1115 log 10
---- ---- -Li
3
2d gold 5s
J-J 10414 10412 10414 10414
1937 A-0 10638 110 106 Nov'll
Dul & Iron Range 1st 5s
------_
North Ohio 1st gu 5s__ 119
94
45
1 A-0 105_ 10712 Oct '11
1937 A-0 10234
10612 Mch'08
_— ____
Registered
heg
Va
islt
I eN
4
0 J-J 10514 lof2714 10514 Jan '12
104 Feb '11
red
Y 1st gu g 40:19
1916 J -J
--- -- Lert
2d 6s
- '- 10738 Dec '11
1940 J-J 10412-- 10412 Oct '11
___ -Dui So Shore do Ati g 5s__I937 J
112 J'ly '11
Mg10
___ —_ Lehigh Vail (Pa) cons g 48_2003 411-N 9714 ____ 9738Oct '11
1-411gin Jot & East 1st g 53_1941
...._. ___ Leh V Ter Fly 1st gu g 5,_ 1941 A-0 11214 11418 11378 Nov'1 1
11814 lig 118 Nov'll
1920
lurie 1st consol gold 7s
Registered
1941 A-0 11158 112 11118 Dec '11
N Y & Erie 1st ext g 4s 1947 M-N 100 -- 10112J'ne'll
108 Nov'09
15-i1-2 id i1-2 Leh V Coal Co 1st gu g 5s_ _ 193431 J -J 10714
10112 Jan '12
1910 51-S 101
2d ext gold 5s
102i2
Registered
10212
10234
3
1933
10212
1023
4
J-J
3d eat gold 4 Ms
1923 M-S
1st lot reduced to 43_ 1193333 J - J
10.514 10514
4th ext gold 55
1920 A-0 105_ 10514 Jan '12
9334 Oct '11
2
Leh & N Y 1st guar g 48_1945 51-S "ggi100 Jan '12
100 100
1928 J-1) 96 161:
5th eat gold 45
Registered
1945 51-S
_ 12034 118 Oct '10
NY LE &W 1st g fd 7s_1920
S
.
1011-2 Feb '10
El C & N 1st pref 6s
1914 A-0
8 -00
3 -88-78938
Erie 1st con g 4s prior...i096 J-J 89 90 8014
Gold guar 58
1914 A-0 10014 _ _ 10114 Sep '09
88
2 88 88
88
Registered
1996 J -J 88
Long Island7878 10 78 79
1st consol gen lien g 48_1996 J -J 7834 787s 7834
11014 112 10934 Jan '12
1st consol gold 5s
88111999333811 Q77 J'ly '11
1996 J -J
Registered
93 -1st consol gold Is
Q89
11 8818 -6-1951 F- A 89 Sale 89
Penn colt tr g 48
General gold 48
J -D 9412 _ 9412 Feb '12
10 8558 87
86
1953 A-0 8512 87 86
50-year cony 48 A
Ferry gold 4;is
1922 51- S 9612 100 100 Auell
7578 119 7514 7634
Series 1L
1053 A-0 7512 Sale 7512
do
Gold 48
193
949
2 J -D 9118 _ _ 9914 Oct '06
4 10834 11012
11012
10,173
110
Buff N Y & Erie 1st 7s 19I6
92 Feb '12
Unified gold 4s
M- S
6 11214 113
Chic & Erie 1st gold 5s_1982 M-N 113 Sale 11258 113
_ 111 Apr '11 --Debenture gold 5s
J -I) 102 10412 10412 Dec '08
Clev & Mahon Val g 5s 1938 J -J 109
9614
9614
8
96
Sale
Guar
ref
11993494
51S
gold
4s
108
1038 Q-J
Registered
05 Jan '11
1949 111-S
Registered_
1035 A-0 12273 126 12518 Nov'11
Long Dock consol g 6s
11014 Nov'06
37
5 A-0 10584
10134 107 10118 Oct '11
NYB&MB1stcong5s 192
Coai & 121i 1st cur gu 8s.1922
N Y & R 13 Ist g 5s
M-S 10378 _ _ -- 105 Apr '07
Dock & Imp 1st cur 6s1913 J-J 10112 ____ 10134 Dec '11
Nor Sh B lst con g gu 53.01932 Q-J 10534 10714 10714 Jan '12
N Y & Green L gu g 5s._1946 151-N 10212 ___ 10212 Sep '11
06 9734 Sep '11
_
1927
Louisiana & Ark 1st g 5s
N Y Sus & W 1st ref 5s_1937 J -J 103 105 10312Jan '12
___ 10014 Dec '08
LOutsville & Nashville—
1937 -A
2d gold 4 ;is
1930 J-D 11612 _ _ _ _ 11618 Jan '12
3812 92 89 Jan '12
General'gold es
1940 F-A 80General gold 5s
_ 11112Jan '12
1937 51-N 112
10912 __ 10812 Dec '11
Gold 5s
Terminal 1st gold 5s 1943
1040 J -J 9058 Sale 9914
9958 139
Unified gold 48
Mid of N J 1st ext 5s_ _ _1940 A -0 11112 11212 11012 Oct '11
9812
- 9734 Nov'10
102
102
1940 J-J
Registered
Wilk & Ea 1st gu g 5s__ _1942 J -D 102
10933111
10912
1093
4
51-J
106
_
110
Aug
'11
6s1926
J
Collateral
N
trust
gold
con
gu
g
5s193I
1st
Ind
Ilv &
13 II & Nash 1st g 6s
1919 J-D 111 11133 11133 Jan '12
- 11178J'ne'51
Evans & T 11 1st cons 6s_1921 J -J 11218 -_-___
105_ 105
1
105
L Cin & Lex gold 4
1942 A-0 102_ _ 10218 Aug'11
1931
1st general gold 5s
.g 121 Sep '11
N 0 6: M 1st gold 6s_
1030 J-J 121 i2
Mt Vernon 1st gold 6s_1923 A-0 10/58 ::__ 108 Nov'1 I
N 0 & M 2d gold 6s
1930 J-J 117 118 11712 Jan '12
Soil Co Branch 1st g 5s_1930 A-0 95 ____ 95 J'ne OS
Paducah & Mem div 45....1946 11-A 95 9612 9534 Nov'11
9838 64
1-,
4 1orida H Coast 1st 4 s_ _1959 J-1) 98 9814 9178
Pensacola Div gold 8s
1920 1M- S 10534 109 10534 Mch'11
90 93 92 Aug'10
ort St U D Co Ist g 4;0_1941 J -J
St Louis Div 1st gold 6s_1921 M-S 11212 11478 113 Oct '11
1928 .1-J 81 8112 81)3 Jan '12
Ft W & Rio Cr 1st g 4s
2d gold 35
1980 111-S 6918 7338 7113 Feb '11
& II of 1882 1st 5s..1913 A-0 9819 ____ 9713 Oct '11
16
93
AU Knox & Cin Div 4s .1955 M-N 9278 Sale 9278
kireat Northern—
Atl Knox & Nor 1st g 5s_1946 J -D 11278 115 112 Oct '11
98 439
9734 Sale 9712
1921 J-J
C 13 Fe 0 coil trust 4s
___ 106 Apr '11
Hender 13dge 1st s f g 65_1031 M-S
Registered _h
21
0/3
1921
9112 __ 9712
9434 95 95
1
95
Kentucky Cent gold as.. _1987 J-J 10510114 lol38 10138 10158 102
1st & refund 4 3s scr A 106 I
L & N & H &:%1 1st g4 3-fs1945 M-S 10512_ _ 103 Dec '10
I2e ristere.!
1 961
—
_
8912Safe 8912
'3
L & N-South H joint 4s_ _1952 8912
1033 J
08
-9918 Dec-'11
St Paul M & Man 4s
95 Feb '05
Registered
Q-J
1933 J-J 12534 ____ 12558 Oct '11 ..__
1st consol gold 6s
.,34 Jan '12
1937
2 F-A ig61-2 11112 10,
11
N Fla & S 1st gu g 5s_ _ ?9
Registered
1933 J -J
132 Apr '09
N & C Bdge gen gu g 4 ;is 1945 J-J 101
Reduced to gold 4 Ms1933 J-J 10E1-2::: 10512 Jan '12
Pens & Atl 1st gu g 6s_ _ _1921 F-A 11012 112 11014 No-v-'1
Registered
1933 J-J
_
10834 J'ne'09
5
S & N Ala con gu g 5s.1936 F-A 11173 112 11113 1111s
Mont ext 1st gold 45_ _1937 J
97 98 9814 Jan '12
9114 Dec '11
L & Jeff Bdge Co gu g 4s_ _1945 M-S 9114
Registered
1937 sl
98 J'ne'11
MISCELLANEOUS BONDS—Continued on Next Page.
Low
- - - - ---____
95
--------
in-s
95
102 10253
- DOts -6613
9912 9912
__—_--__
----
S
m-N
High
9-612 -6812
-6637
8 4612
618 8618
9512 9312
-_
8412 85
4
8634 "i63-
96
96
116 116
108 108
102 10212
63
6612
9414 9412
7314 74
-6678 1664
9812 9854
10812 110
10414 10414
_
_---
--
-
m-N
92
9215
93
961
Mgt;idfla
11571161
11112 11112
99 9953
1091210954
11133 111%
10434 106
11713 11712
•
Street Railway,
Met W S El (Chic) 1st g 48_1938 F-A
93 2 J'ly '06
Milw Elec Ity & Lt cons g 511926 F-A
_- 10412 Dec '11
Refunding & exten 4 ;0_1931 J -J 94 ____ 0314 Dec '11
Minneap St 1st cons g 5s__ _1010 J -J 101
10712 Feb '06
8412 ___ 85
85
New Or) ily & Lt gen 4 ;is_1935 J-J
Portland fly 1st & ref 5E1_1930 M-N 0834 ---- 0812 Dec '11
Portland fly, Light & Pow—
Portland Gen Elec 1st 53_1935 J - J
98 Nov'08
St Jos Ry, L. H & P Istg 5s 1037 M-N
J -J
10514 Jan '12
St Paul City Cab cons g 5s__1937
1937 J -J
Guaranteed 5s gold
58_1923
A-0
98
08
fly dc Lt 1st s f
98 Apr '09
Underground of London 58_1920 1M-N
1938 J-J
9614
96
43.s
1948
76 Jan '12
Income 68
84 Oct '08
Union Blec (Chic) 1st g 58_1945
United Rys Inv 1st lien coil
3514 Jan '12
1926
trust 58 Pitts issue
No price FsidaY; latest bld And wilted tills week.
Street Railways,
United Rys St L 1st g 4s___1934
St Louis Transit gu 5s___1924
United RRs San Fr s f 45_1927
Va Ily Fe Pwr lst&ret 5s___1934
8-112 85
10514 1OI4
10 98
08
9 95 -961-4
7412 8212
8412 8514
a DUO Jan. 5 Duo Feb
J-J
A-0
A-0
J -J
7578 80 7714 Jan '12
_ 85 Jan '12
69 6934 6912 Feb '12
9614 97 97 Feb '12
9233 93
-94-1; 95
8013 8913
i(5634
111 11113
7714
85
69
96
7714
85
70
9712
Has and Electric Light.
Atlanta G L Co 1st g 5s ,.,.1047 J -I) 103 ___
41&111
1 i66110712 1071-2
lilelyn U Gas 1st con g 5s__1945 -N 10712
1947 A-0 GO 63 60 Jan '12
60 60
Buffalo Gas 1st if Os
1932 J-J
Columbus Gas 1st g 5s
idi1923 J -J 11561-2 101 iji - Jan '12
Detroit City Gas g 52
1918 F-A
9558 Sep '08
Oct Gas Co con 1st g 5s
idc38 1014
10134 10184
Det Edison 1st colt tr 5s__ _1933 J -J
106 106
En GLNY 1st con g 5s— _1932 M-S 10614 10634 106 Jan '12
Gas & Elec Berg Co c if 5s 1949 J -D 101 _ _ _ 6112 Oct '01
1915 F-A 9934 101 100 Oct '09
Gr Rap G L Co 1st g 5s
10414 10414
1949 M-N 10458 105 10412 Jan '12
Hudson Co Gas 1st if 58_
9084 Jan '12
9918 99114
Kan City(Mo)Gas 1st g 55....1922 A-0 100
d Due April. is Due July. it Due Aug. o Due Oct. $ Option sale.
404
New York Bond Record-Continued-Page 3
Lxxxxiv.
BONDS,,
;
'6.
Price
,..R
Week's
Range
BOND4
Week'I
Price
Range
tr. Y. STOCK EXCHANGE ;g
Friday
Range or
g
. Y. STOCK EXCHANGE
Since
Friday
Since
Range or
Week Ending Feb. 9.
--.0-.
Feb. 9
Last Sale
Week Ending Feb. 9.
ca
,-,,a,
Jan. 1.
I
Feb. 9
Jan. 1.
Last Sol
t
Bid
Ask Low
High No. Low High
Y Cent & H 13-(Con)
Bid
High No. Low High
Ask Low
MNanila RR-Sou lines 43_1936 11-N
N Y Chic de St L 151 g 4s_1937 A-0 10014 101 10014
2 9978 10014
10014
'.03-exican Cent cons g 4s_ _1911 J-J ---- ----100 Ma-y
'
- -1-1 -_--- - --- ---Registered
1037 A-0 9812__ 9834 Nov'11.
2d cons Inc g 33 trust sects_
------------ 2512 Apr '09 _7:- - - - - - -- Debenture 98
1931 M-N 0012 9114 91 Jan '12
[ Equip & colt g 5s
15F1 A-(
___. __ ____
____ ___: -_--West Shore 1st 93 guar 2361 J-J 10033 10034 10033 10034 11 100 101
___ ___
--2d series g 5s
1919 A-()
Registered
2361 J-J
_______
9.08
18 l
9812 72 9778 9813
Max Internat 1st con g 4s 1977 M-S
NY Cent Lines eq tr 4 Ms 1923 J-J ------ 10012 J'ly '11
77 Meh'10
L Stamped guaranteed_1977 M-S -- -- 80 79 Nov.10 ____ _-_-_ __ __
Y New Haven & Nara31Inn &St L 1st gold 7s_
J-D
1927
130 Aug'11 _____ __ _ _
Non-cony deben 4s
1955 J-J *9212 93 9438 Aug'11
-----I.' pacific Ext 1st gold 6.3
1921 A-0 ---- --- -11018 Aug'11 ____ _
Non-craw 4s
0218 03 93
1956 M-N
9212 93
93
• 1st consol gold 5s
1934 M-N ....... 101318 105 Jan '12
Cony debenture 3 301956 J -J
105 105
90 9312 90
1 90 9255
90
; /at and refund gold 4s__ _1949 M-S 65 6712 671 Jan '12 __ 6712 6978
Cony debenture Os
13218 26 13158 13213
1948 J-J 13218 Sale 132
Des M Fc Ft D 1st gu 4s.._1935 J-J
7914
7014 80
Harlem R-Pt Ches 1st 4s_1954 I11-N 9913 100 99 Oct '11
/914
1 7914 81
M StPecSSM con g 4s int gu.1038 J-J
9712 9734 9734
Cent New Eng 1st gu 48_1961 J-J
9734
7 9'7
9734
9312 9358 9312
9358 36 '33 '3333
,),( SS M &A lstg4s int gu_1926 J-J ____ ____ 9812Jan '10 ____ __ __
Housatonic rt cons g 58_ _ 1937 M-N 11313 ____ 11318 J'ne'11
---Mississippi Central 1st 5s1949 J-J --- -__ - 9812 Mch'll
N H & Derby cons cy 53_1918 M-N 10214 ____ 107 Aug'00
---- ---[Missouri Kansas & TexasNew England cons 5s
1945 J-J 115 ____ ____
____
------1st gold 4s
1990 J D 0634 97 0634
Consol 43
067s 25 0612 07
0913____
1945 J-J
___
' 2d gold 4s
8334 84
21990 F-A
8334
84
Providence Secur deb 48_1957 M-N 82 8518 87 May'll
10 8312 8418
. 1st ext gold 5s
1944 MN 10212 10314 10212 10219
9413 -5(i
Y 0 & W ref 1st g 43„_21992 M-S 06 Sale 9514
1 10114 10212
-;2*
96
1st Se refund 4s
2004 13-5 8053 8113 8012Jan '12 --__ 80 8112
Registered $5,000 only_g1992 M-S 0212. _ 9314 Oct '11
' Gen sinking fund 4 30
8918 Sale 8834
1936 J-J
8914 89 8834 8914
General 4s
1055 J-D ---- 8958 9114 Aug'11
St Louis Div 1st ref g 43_2001 A-0 ___ 84
on & South 1st gold 5s_ 1941 111-N 10314 __ 10212 Jan '12
7834 Nov.11 -___ __ ___
10212 10212
Dal & Wa 1st gu g 5s
4 ____ 10538 Aug'11
art & West gen gold 63;1931 111-N 12318 ___ 12314 Novli
1940 M-N 1053Kan C & Pac 1st g 4s___ _1990 F-A 9012 __ 91 Nov'll
Improvement Fe eat g Os-1934 F-A 12478 12718 121 Sep '11
' Mo K & E 1st gu g 5s
10958
Sale
A-0
1942
New River 1st gold
10958
10978
10913 no -1932 A-0124. 128 12312 Oct '11
, 24,1 K & Ok 1st guar 5s...._1942 M-N 10613 107 10713Jan '12 ____1 10712
N & W Ry 1st cons g6s.__1906
46 -ji 09
A-0 9878 9914 9834
99
4
10712
M K & Tot T 1st gu g 5s_1042 M-S ____ 10312 10312 10312
1 10234 104
Registered
-1996 A-0 9612 ____ 98 Jan '11
10312
Sher
•
Sli & So 1st gu g 55_1043 J -I)
10334 10334 Feb '12 ...... 10334 10334
11 0312 94
Div'l 1st 1 & gen g 4s_1944 J-J
9334 Sale 9334
9334
• Texas & Okla 1st gu g 53 1943 M- S 10334 105 10534 Noy'll ____
_
_
8 10712 11013
10814
10-25-year cony 4s__ 1932 JD 10814 Sale 104
Vissouri Pao 1st cons g 63 1920 M-N 10734 Sale 10712 10734 11 foi ig
20 92 94
Pocah C & C Joint 9s 1941 JD ____ 9412 94
94
Trust gold Is stamped.. a1917 M'S 10C44 Sale 10014
10034 10 9978 10034
CC & I` 1st guar gold 53_1922 J -J 105
10.112 Oct '11
0917 M-S --- _ _-_ - 09 Mch'10 ____
Registered
;
Selo V & N IS 1st gu g 4g_1089 M-N 9712 99 9312 Jan '12
-6g1-2 0812
: 1st collateral gold 5s____1920 F-A 10012 Sale 10012 10012
orthern l'ac prior I e 45109
7
Q-J 10038 Sale 10038 10034 77 9934 10034
1 -6634 i6634
1020 F-A _
Registered
Registered
9914 17 0853 9913
99
0933 100
-1997 Q-J
40-year gold loan 48
1045 M-S 731-2 74 7338
General nen gold 33___ a2047 Q-F 6978 Sale 6978
7378 14 -7058 74
7018 22 69 7018
. ad 7s extended at 4%_1938 MN ___. 95 0613 May'll
Registered
-a3047(3-F 6734 6934 08 Dee '11
1st & ref cony 53
St Paul-Duluth Div g 48 1996 JD ---- 0614 00 Sep '11
1959 MS 89 Sale 89
89
2-E-3
1 Cent Br Ity 1st gu g 48_1919 FA 9158 ____ 9134
0134
____ __ ____
1 9134 (12
Registered
-1996 J-1)
Dul Short L 1st gu Is_ 1916 M-S 99
1948 J -D 78 8412 8312 Dec '11 -__ ____ __
' Cent Br U P 1st g 4s
99 Feb '10
St P & N P gen gold 6s_ t Leroy & C V A L 1st g 58_1926 J-J __.102 110 Mch'05 ____ _
_1023 F-A 11533__. 11538 Nov.11 .52
. Pac It of Mo 1st ext g 48_1938 F-A 9512 9713 9582 Jan .12
Registered certilicates_1923 Q-F 11434 ____ 11538 Aug'11
651;
-9513
104
St
2d extended gold 5s1938 J -J
10914 10813 May'll
Paul & Duluth 1st 53_1931 F-A 109
107 107
_ 107 Jan '12
2d 5s
10638 28 iljg371 1-60-3-8
1 10018
, StL Jr M&S gen con g 58_1931 A-0 10 18
1917 A-0 10214 ___ 10231J'ne'll
Gen con stamp gu g 53_1931 A-0 ------- 111 Sep '09 ___
1st consol gold 4s
9234 -62731968 J-1) 9234 9534 9234 Feb '12
4
Unifled & ref gold 4s 1920 J-J
8314 831. 83
i 7613 833-4 Wash Cent 1st gold 4s__ 1948 Q-M 89 ____ 0118 Apr '11
8313
--Registered
1929 J-J -....
or Pao Term Co 1st g 68.-1933 J -J 11133 __ 11118 Dec '11
_ 78 Jan '12 ___
78 78
;
91/2
4 -gi 8334
0
Illy & G Div 1st g 48_1933 111-N 833•
regon-Wash 1st & ret 43 -1901 J-J
--9
9258 Sale 0213
. 8212 84
925$ 93 02 -527374
: Verdi V I & W 1st g 58_1026 M-S --- ....... 10212Jan '10
ladle
n
rt
Co
rtasItstCroea
5 10312 104
104
l.ises
tg
4i1946 J-1) 10313 104 10178
tg5s
(Mob & Ohio new gold 6s..._1927 J-1) 12038 12034 12014 Jan '12 ---- 12614 Hi1923 11-N 101 10112 102 Jan '12
10114 102
extension
1st
gold
'
6s_h1927 Q-J 1164 11634 11634Jan '12 ___ 11534 11539
Consol gold 59
-1919 M'S 108 110 108 J'ne'll
• General gold 48
1938 M-S 86 88 87 Nov'll _
(02 1037g
Consol gold 4s
1943 11-N 10218 10213 10234 Jan '12
'• Montgom Div 1st g 5s
1947 F-A 11078 11112 11014 Jan '12 ---- 11618 11014
34 9912 100
Convertible gold 310_1913 M- N 100 Sale 100
100
' St L & Cairo coil g 4s___e1930 Q-F 83 85 33 Dec '11 ____
Convertible gold 330_ 1915 J-D 0734 Safe 0/53
9778 166 9634 9778
___ _
9314 9312 9312 Mch'11
Guaranteed gold 4s.. 1931 J-J
Registered
9614 Sep '11
-1915 J -D ___
Consol gold 4s
ashy Chatt & St Louis103 104
1948 111-N 10378 Sale 10373
104
Alieg Val gen guar g 4s 1942 11-S 9953 10014 9078 Apr '11
1st 7s
1013 J-J 10334 10518 10334 Feb '12 -- 1033,1104
D It R R & Bge 1st gu 480.936 F-A 10012
1st consol gold 55
1928 A-0 10913 ____ 10933 Jan '12 ____ 10938 10038
__-__ _
Phila Balt & W 1st g 4s_.1943 M-N 10178 _._ 102 Jan '12
, Jasper Branch 1st g 68_1923 J -J 113 --__ 11578 Nov'10
102 102
Sod Bay & Sou 1st g 5s_ 1924 J -J ---- ____ 102 Jan '03
Molt M W & Al 1st 6s
1017 J-J 10714
10812 Dec '10 ____
Sunbury Se Lewis 1st g 43-1936 J- J
,..._ T &P Branch 1st 6s__ _1917 J-J 10714.
113 J'ly '04
97
--------II
-62
9212
-14
NJ
6212
3
923
Ry3
8
of
Mex
pr
1211.
lien
921
4 3i-3.1057 J-J
Nat
9214
& Can gen 4s_ 1944 81-S 10133 ____ 10112 Jail '12
1011-2 1011-3
mna Co guar 1st g4 3,6s
Guaranteed general 43.__1977 A-0 86 8778 8614 Jan '12 --- 8614 8614
1921 J-J 10314 104 10334
10378 -12 10314 10378
'Nat of Max prlor lien 4,s.1026 J-J ---.102 100 Jan '12 ____ 100 100
Registered
1921 J-J ____
_ 10278 Meh'll
Guar
3
Ms
consol
coil trust reg_ _1037 13-S 88
48
1952 A-0 7058 8034 80
80
i let
2 7912 80
_ 90 Aug'10 _
---- ---__ ____ ____ __
Guar 3 Ms coil trust ser B.1941 F-A 88 _
,NO & NE prior lien g 6s__p1915 A-0 10418 _
8838 J'ly '11
- --Trust Co certfs gu g 3 Ms_1916 M-N 9712
ew Orleans Term 1st 45.._1953 J-J ---- ill; gr Dec '11 ____
9734 Dec '11
Guar 3 Ms trust ON C
21 Y Central & Hud River1942 J-1) 88 00 87 Aug'10 _
Guar 3 Ms trust ctfs D
8814 Sale 8778
8734 -if38838 33 87 8838
- Gold 3 MS
1997 J-J
1944 J-L) 8734 8e38 8734Jan '12
4
Guar 1 5-25 year g 4s
08 98
•
87 Jan '12 --_- 87 87
Registered
8714
98
1997 J-J
1931 A-0 ____ 9834 98
Cln Leh & Nor gu 48 g
• Debenture gold 4s
1934 /11-N 9314 Sale 93
1942 8I-N 9618 0638 9612 Dec '11
9338 41 9214 9338
CI & Mar 1st gu g 4 3.s_1935 M-N 10312 105 110 Jan '05
__
Registered
1934 81-N 9213 __ _ 9234 Sep '11 ___
CI 44P gen gu g 4 Ms ser A 1942 J-J 10618 -_ 10734 Dec '11
Lake Shore coll g 3 30
8334 48 -1i678
1903 F-A 8313 Sale 83
- 85
Series 13
81
Registered
32 79 84
1942 A-0 10618 ___ 10934 J'ly '09
1998 F- A 8058 8234 8014
Int reduced to 31942 A-0 9114 --- ---- -7834 8113 8112
Mich Cent coil gold 3 Ms_1998 F-A
82
2 7834 8212
7912
Series C 3 Ms
2 7912 7912
Registered
1998 F-A 79 8012 7012
1948 M- N 9114 ___ 90 Aug'09
9918 ____ 9818 Dec 10
Series D 3 Ms
Beech Creek 1st gu g 4s 1936 J-J
_ 90 May'08
1950 F-A 9114
---Registered
Erie & Pitts gu g 33.3s B_1940 J-J ----1936 J-J _-_
__ 09 May'll ____ ___ ____
____
0012 Apr '11
---- ---2d guar gold 53
1936 J-J 1061-2:Series C
1940 J -J ---0834 Apr '04
---Registered
Cr It & lex 1st gug 4 40_1991 J-J 10413
105 Deo '11
_ --_
Pitts Ft W & 0 let 73_1912 J- J 101b,__ 10114 Jan '12
4
Beech Cr Ext 1st g 3 30_01951 A-0
1011:
1 0114.
2L1 7s
971-2 Apr '09
1981 J-D 90
10378 Feb '11
Cart & Ad 1st gu g 4s
1912 J- J 10114
---3d 7s
/11912 A-0 10114 ____ 101 Dec '11
Gouv & OSiVe 1st gu g 58_1942 J-D 103 ____ _
---- ---Pitts Y & Ash 1st con 58_1927 M-N 10758 ____ 109 May'lO
_ 69-18 Alc-14-.-11 _______ _ __ _
Mob & Mal 1st gu g 4s... _1991 M-S -___
---Tol WV & 0 gu 4 Ms A__1931 J -J 10110
4 166 105 Oct '02 ___ ____ ___
103 Aug'07
NJ June R guar 1st 4s_ _1986 F-A 1153---- „...
Series B 43s
1930 1,-A
Registered
1933 J-J 10134 ____ 100 J'ly '10
Series C 43
____
-INF; ---5 88,52 -g838
8 ____ 8858
1942 81-5 '35 ____ .___
N Y & Harlem g 3 30_ _2000 81-N 8851061-1 1663P C 0 & St L gu 4 Ms A 1940 A-0 106 1051.'10613 10617
Registered
2000 M-N
4
Series 13 guar
10634 10034
• N Y & Northern 1st g 5s-1927 A-0 --,_ idfi i5i Oct '55 ___
-1942 A-0 10018 10534 10634 Jan '12
Series C guar
____
NY & Pu 1st cons gu g 981993 A-0 97 0812 9778 Aug'11
1942 M-N 10619 10718 106 J'ne '11
Series D 98 guar
-07
.___
_
____ -__
Nor & Mont 1st gu g 5s 1916 A-0
1945 M-N 9834 ____ 97 Jan '12
Series E 3 Ms guar g
.2-61s _
9318 Jan '12
Pine Creek reg guar 6s__ _1932 J-D i
1949 F-A 9312 .31
_ iii13Jan '55
9318 9313
Series F gu 98 g
10714
2 10/14 1073-4
9773 Aug'11
1953 J -D 98
R W Fc 0 con 1st ext 51%7;1922 A-0 10634 16/14 10714
Series G 4s guar
1957 NE-N 9834 9918 93 Oct '11
. Oswe & R 2d gu g 5s__e1915 F-A --- 10512 105 Jan '08
C St L & P 1st con g Is...1032 A-0 11018 ____ 11312 Noy'll
104 J'ne'10 --- ____ ..__ _
R W & 0 T R 1st gu g 53_1918 M-N
_
30 & Pek Un 1st g 6s
95 __ 9838 J'ly '11 ____ ._ ___ _
- Rutland 1st con g 4 Ms 1991 J-J
1921 Q-F ---- ____ 10:1 May'll
2d gold 4 Ms
1)312 Jan '11
6 Feb '12 ____ 86 86
Og&LCham 1st gu 93 g 1948 J -J
84 88
51921 81-N ____ 09
3re Marquette-Ref 4s___1955 J- J ---- ____ 60 Dec '11
------- -32 J'ne'09 ___ ___ ____
Itut-Canad 1st gu g 43_1049 J-J ..
Refunding guar 48
, St Laws & Adlr 1st g 53_1996 J-J 10718 -- 115 J'ne'09
1955 J -J ---- __ 6834 Noy'll
9958
Ch & W M Is
1996 A-0 113
125 Feb '08 _
2d gold 6s_
1931 J-1) 093s._._ 9958
-131>5-s -61
Flint & P M g Os
9978 Noi'll
9934 101
Utica & 131k Ifiv gu g 43_1922 J-J
1920 A-0 11018-..- 11018 Oct '11
1st consol gold 53
Lake Shore gold 3 3-s
1997 J-1) 8812 8958 8834
1939 81-N 9913 _ __ 9958 Dec .11
8834
- --- ---4 883-4 897-3
1997 J-D 88 8914 8834 Jan '12 __ 8714 883.1
Registered
98 Aug'11
Pt Huron Div 1st g 58_1939 A-0 9058 1
---1928 13-5 9414 Sale 91
Debenture gold 4s
Sag Tus & It 1st gu g 46_1931 F-A -----------9414 4/ 9314 9438
8-114 13414
hilippine Ity 1st 30-yr s t 4s_'37 J-J
25-year gold 4s
8458 8734 8'i14 Jan '12
9334 70 93 9378
1931 M-N 9334 Sale 9312
_ 11214 Dee '11
•
1931 M-N 9318 931 9334 May'll _____ .___
Registered
Ms bh & L E 1st g 5s
1990 A-0 113
____
__
._
1st consol gold Os
Ka A ec G It 1st guc 58.1938 J-J 10313
1943 J-J 11012_ 11314 Noy'll
peading Co gen g 9s
1907 J-J
-6g3-4
Mahon C'l RR 1st 5s....1934 J-J 11112,.,,... ill.12 ble-h-qi ____ __ ___
9838 Sale 9813
9834 :34
, 9714 Dec '11
98
Pitts & L Erie 2d g 53__a1928 A-0 10312 __ 100 Dec '09 -... ____ ___. t, Registered
1997 J-J
Jersey Cent coil g 4s
13028 Jan '09
Pitts MeIC & Y 1st gu 63_1932 J-J 121
-671-2 -011-3
1951 A-0 9812 Sale 08
0812
Allan City gu 43 g
123 Oct '11 _
2d guaranteed 6s
1934 J-J 12314 _
1951 J-J
...._
_
_
_
..
t Jo & Gr Isl 1st g 4s
8618 ____ 87 Noy'll
McKees 4c 13 V 1st g 68_1918 J-J 101
1947 J-J
11873 if51-4
t L & San Fran gen g 68_1931 J-J 119 12012 11914 Jan '12
Michigan Central 5s
1931 11-5 11032 115 iii sari-.15 ____ iff in
General gold 5s
10812 31 10712 10812
Registered
1931 Q-M 109 112 119 J'ne'0019:11 J-J 10812 Sale 10314
48
1940 J-J -_-__ 9834 Noy'll ___ __ ____
St L & S F RI1 cons g 48_1996 .1-J
88 Sale 88
3 88 88
88
Gen 15-20 yr Ss
9813 Noy'll ._
Registered
1940 J-J
1927 81-N 8838 Sale 8814
8812 32 8818 8813
Southw Div 1st g 53_1947 A-0 9813
_ 100 Oct '11
J L & S 1st gold 3 33s_1951M-S ____ 8818 00 rne'08 _... __ ____
Refunding g 48
80 8154
1952 11-N 8634 8812 8812 Oct '11 ..
1st gold 3 Ms
1951 J-J
8112Sale 81
8112
9il_vrnar rieshartfrtra A a
1090 A -.CI
01 le Salt/ 013e
9151 60 110 015.
Registered
1951 J- J _ __ _ _ _ _ _ 8034 Mch'll
.n
-gois -of
•
ga, i65-8
,N
MISCELLANEOUS BONDS-Continued on Next Page.
Gas and Electric Light
._
10518
Kings Co El L & P g 5s___1937 A-0 *--- 10518 10518
, Purchase money 6s
1997 A-0 11618 117 11614 Feb '12
11818 Dee '11
: Convertible deb Os
1922 11- S 118
8812 Dec '11
L Ed El Il Bkn 1st con g 43_1939 J-J
Lae Gas L of St L 1st g 53_e1919 Q-F 10212 15-if3 10213 10234
10114
1934 A-0 10013 10112 101
.. Ref and ext 1st g Is
90
1927 m-N 8978 90 90
ilwaukee Gas L let 4s
10478 Dec '11
1948 J-D *10184
ewark Con Gas g 58
10418
YGELH&Pg 53
1948 J-D 10.118 Sale 101
1949 F-A 8834 Sale 8812
; Purchase money g 45
8834
11213Jan '12
Ed El III 1st cons g 53.....1995 J-J 112
Y& Q El L &P 1st cong 58_1930 F-A 101 10278 10013 Dec '11
0212 J'ly '09
Y de Rich Gas 1st g 5s.._1921 M-N
acific G & El Co Cal G 453E
9514
4. Corp unifying 63 ref 5s 1937
0518 Sale 95
Pat & Passaic, GI & E 5s
1949 111-S 10134 ____
,
r__!No price Friday: latest bid and asked.
-
2
-15
2
7
36
20
88
Gas and Electric Light
Peo Gas & C 1st con g 68_1943 A-0
Refunding gold Os
1947 11-S
Registered
1997 MCh G-L & Cke 1st gug 53_1937 J -3
10211027
Con G Co otCh 1st gug Os 1936 J
101 10112 Ind Nat Gas & Oil 30-yr is '36 N
8978 90
Mu Fuel Gas 1st go g 55.._1947 It- N
Registered
1947 St- N
10258 10418 Philadelphia Co cony 53_1919 F- A
8814 80 Syracuse Lighting 1st g 5s_1951 J-1)
11213 11213 Syracuse L & P 53
1954 j-J
Trenton G & E 1st g 5s
1949 St-S
Union Eire L & P 1st g 5s 1932 81-S
Ref & ext 5s
1933 M-N
94 9512 Utica El L & P 1st g 53._ 1950_
J -J
Utica Gas & E ref 35
1957
Westchester Light'g g 5s
1950 11.6
10513 10513
11512 11614
a Due Jan, 0 Due Feb. 6 Due gay.
g Due Juno.
11718
11733.
11712
10214 Sale 10214
10214
- 103 Feb '00
163-14 10.112 103i Tan '12
102
_ 102 Nov'11
00 Meh
lodes 102 10053 Jail '12
14
5
107
107 Sale i5i
101 10112 101 Dec '11
.80 -- SI J'ne'll
109 Feb '01
10212
10013 - 9812 Sep '11
9i3 9712 9613 Nov'11
10212
99_ 11361.71De.O-i1
105 id6'12 10513 Jan '12
25
h Duo July.. p Due Nov. a Option *sale.
FEB. 10 1912.]
New York Bond Record—Concluded—Page 4
405
(--11
V.
BONDS
N. Y. STOCK EXCHANGE 4't
Week Ending Feb. 9.
...,a,
Price
Friday
Feb. 9
Week's
Range or
Last Sala
,1
,-,
eci —
Range
Since
Jan. 1.
ts_.tiq
BONDS
N. Y. STOCK EXCHANGE ...%.t
ga,
Week Ending Feb. 9.
Friday
Feb. 9
Week's
Rae
Rang or
Last Sale
EJ5=.,
14 —
Range
Since
Jan. 1.
Ask Low
High No. Low High
Bid
St L & San Fran (Con)
Bid
Ask Low
High No. Low High
11758
1 117 118
K C Ft S & M con g 6s1928 111-N 11753 Sale 117%
Vendetta cons g 4s Ser A..1955 F-A 94 9658 97 Oct '11 __.
_ ___8014 81 80 8012 v
K C Ft S & NI By ref g 49_1936 A-0 801 Sate 80
Consol 4s Series B____1957 M-N 95 9614 97 Jan '12 ___ 97 97
Registered
1036 A-0 ---- ----79 Scp '10 __ __ ____ Vera Cruz & P 1st go 43.4s..134 J-J
9112 9934 93 Nov'll _
_
_
g C & Id It & 13 1st gu 59_1929 A-0 97 ____ 10014 Dec '09 ____
_ V.Vabash 1st gold Is
10738 li lal2 19V12
1939 111-N 10738 Sale 107
Ozark & Ch C 1st gu Is g_1913 A-0 9078 10018 904 100
ir, 2d gold Is
6 9914 100
0812 80 96 9812
1939 F-A 9812 Sale 9814
St L S W 1st g 4s bd ctfs 1989 M-N 9218
9238
9238
9238
5 91
Debenture Series B
1939 J-J ____ 105 98 A '11 -___ _
_ _
1st lien equip s fd g 5s__ _1921 M-S 99 _ _ 9912 Feb '12 _,.__ 6,
2d g 45 Inc bond ctfs_p1089 J-J 82 Sale 81
82
54 8034 82
512 15.612
Consol gold 48
1932 J-D 81
1st lien 50-yr g term 4s_1954 J-J
8112 81
8175
3114 14 '79
70 85 83 Dec '10 ...,_ _
—
Gray's Pt Ter 1st gu g 58_1947 J-1) 9713_
1st ref and ext g 4s
10118 Apr '07 ___ _
5614 72 5512 581
1956 J-J
50 Sale 56
8712
.7 if. - -gi3-4
Det & Ch Ext 1st g 5s__ _1041 J-J 106 --__ 106 Jan '12 ____ 106 DV
1943 J-J 8718 Sale 87
S A & A Pass 1st gu g 4s
Des Moir) Div 1st g 46_1939 J-J
$ F & NP 1st sink t g 55_1919 J-J
_ 101 Oct '09 ___ ____ __
99
8112 May'll
_ „....
7712
Seaboard Air Line g 4s._1050 A-0 ___ 90 8734 Dec '11
_
Om Div 1st g 3 Hs
1941 A-() 68 ____ 6812 Jan'
683-4
Vol & Ch Div 1st g 49_ _1911 M-S 7'718 ____ 78
1950 A-0 8812 Sale 83
, Gold 48 stamped
- -66
3 -8734
8812
80
7 7234 Q0
Registered
1950 A-0 ---___
Wab
Pitts
Term
__
1st g 4s_1954 J-D _ _
___
39
5 39 39
--39
Adjustment Is
Cent & Old Col Tr Co cents__ ---_ 39 Sale 39
01949 F-A 80 Sale 80
8012 61 80 8414
3912 26 39 4214
Refunding 48
1959 A-0 8212 Sale 8212
Columbia 'jr Co etts
8238 190 81 83
32 3834 4112
39
_-__ 3834 Sale 3834
Atl-Ilirm 30-yr 1st g 48_81033 M-S 8912 0018 90 Feb '12 ___ 88 90
Col 'Pr ctfs for Cent Tr ctfs
____ ---- ____ ------ ......_ ____
al gold 4s
1949 J-J
Car Cent 1st con g 4s
9233 98 9134 Apr '11 ______
112 314 212Dec '11 __—_
1954 J-D
Fla Cen & Pen 1st g 5s_1918 J-J 1011
Trust Co certfs
___
ay'
238 15 238 23g
112 2,38 238
____ ____
.1st land gr ext g 5s
1930 J -J 103 -------------------------- Wash Term' 1st gu 3 35s___1945 F-A 37 ____ S73 Oct '11 ____ ____ ____
Consol gold Is
16,534 Apr .11
1st 40-yr guar 4s
_
1943 J -J 10612 _
_ 89 Dec '11 --____ _ ___
1945 F-A 9718
Ga & Ala By 1st con 58_01945 J-J 10612 10714 10638Jan '12 ___ 10658 103.5s West Maryland 1st g 4s._1952 A-() 88 Sale 88
8818 64 8758 88%
Ga Car & No 1st gu g 59_1929 J-J 10513__
10518 Dec .11 __ ___ ___ West N Y & Pa 1st g 59_1937 J-J ____ 10838 109 Dec'11__.„Seab & Boa 1st 5s
Gen gold 4s
109 May'll
1926 J-J 10534 _
1943 A-0
1
1 8812Jan '12 -- 8812 8812
Southern Pacific Co—.
Income 55
d1943 Nov ---- ---___ 34 Feb '07 ______ ____
Gold 4s (Cent Pac coil) _k1949 J-D 92 9212 92
0238 23 9134 9212 Wheeling & L E 1st g 59_1926 A-0 10411 105 105
1 105 105
105
9112Nev..11 _
_ _
Registered
Wheel Div 1st gold 59_1028 J-J _..... 104 10218 Nov '11 __ _ __ _ ___
k1949 J-D _,.... 91
20-year cony 4s
Exteia & Imp gold 5s_ __1930 F-A ____ 103 102 J'ne'10
9614 21:1 9.1',7g 5i
0929 M-S 96 Sale 0578
1111 1st consol 4s
9638
Cent Pac 1st ref gu g 4s__1949 F-A 965 97
97
83 9612 97
1919 M-S 8414 8518 85
8518 i8 5i igil
20-year equip s t 5s
Registered
1949 F-A 9512 9634 97 Feb '10 —_
_ --9812 ____ 9812 Feb '11 __ ____ ___
1922 J-J
2 64512 9078
0024
- Winston-Salem S B 1st 4s.._1960 J-J
Mort guar gold 3 4s__k1029 J-D 0034 9138 9034
9212 93 95 May'll
Through St L 1st gu 48_1954 A-0 ____ 93 93 Dec '11 .._ __ __ Wis Cent 50-yr 1st gen 4s 1949 J-J
0234 93 9234
93
19 9212 93
Ist 63 refunding 4s
G H & S A M & P 1st 5s_1931 M-N ____ 10712 10712 Dec '11
1959 A-U
Milw de L Winnebago 63_1012 J-J
. Gila V 0 & N 1st go g 59_1924 M-N 10412 10514 103 Dec '11 ___
Sup&Dul div & term 1st is'36 M-N 9214 61, 9
Hous E & W T 1st g 58-1933 /11-N 10414 ---- 1041 Jan '12 ____ 10.1%10118
.214Jan '12 --- 915g 92
_ 10412 Aug'11
1st guar Is red
1933 111-N 10114
H &'l G 1st g 5s Int gu_1937 J-J 110 ____ 10958 Aug'11 ____ ____ ____
Manufacturing and Industrial
Consol g Os Int g-uar_1912 A-0 ____ 11018 10712 Sep '11 ---,.,- Allis-Chalmers
Gen gold 4s int guar 1921 A-0 9514 ____ 0514Jan '12 ____ £1514 -vo14
1st 58
1936 .7-.1
5718 229 52 57%
57 58 54
Waco & N IV div 1st g 6s '30 M-N 11412 118 11914 Mehl() _ ____ ____ Am Ag Chem 1st c 5s
1928 A-0 10214 10258 1023
10212
7 10134 10212
, A & N W 1st go g 5s
1941 .1 -J 10612 ____ 10712 Ian '12 ____ 11)712 10'712 Am Cot Oil ext 43s
1915 Q-F 9814 9)312 9712
9512
5 98 9812
Morgan's La 83 T 1st 7s 1918 A-0 11234 11418 11212 Sep '11 __ ____
Debenture 5s
1931 h1-N ____ 9478 9478
95
6 95 9518
'
1st gold Os
Am Hide & L 1st s t g 6s_1919 M-S 99 9934 9912
1920 J-J 11014 ____ Ill Mch'll
9919
6 9918 100
lsi Y Tex & 3,I gu 4s g
Amer Ice Secur deb g 69_1925 A-0 7312 7512
1912 A-0 ____ ---,--- -75
7 7212 76
75
No ot Cal guar g 5s
Am Smelt Securities s f 6s 1926 F-A 1033
1938 A-0 ____ 1145-8 112 Feb '07 ___
4 Sale 10312 10334 106 1021,104
Oro & Cal 1st guar g 5s 1927 J-J 10112 ____ 102 J'ly '11 ___ _____ Am Spirits Mfg 1st g 6s__1915 Id-S _„ 102 101
101
2 101 101
So Pac of Cal—Os E
1912 A-0 10018 __ 10018 Dec IA ___ _ __ __ __ Am Thread 1st col tr 4s
1919 J-J 927.
I 9238 9314
9234
8 --,- 9234
1st gold 6s F
1912 A-0 10018 ____ 11412 Dec '04 ____ ____ ____ Am Tobacco 40-yr g 6s
1944 A-0 12034 Sate 12034 12114 41 11873 12112
1st con guar g 5s
1937 1M-N 11078 _ .. 116 May'07 _
Registered
121l Jan '12 --__ 118%12188
__ -.
A-1
_
So Pao Coast 1st gu 4s g_1937 J-J
_
Certificates of deposit_
91 ____ 90 Sly '99
---- --- ---- ----_ 12114Feb '12 ____ 11878 12112
• San Fran Terml 1st 48_1050 A-0 0112 Sale 9112
Gold 4s
92
12 91 - a.
1951 10-A 951 'Sale 9518
9578 96 9178 9575
• Tex 63N 0 Sab Div 1st g 69'12 111-S 10012 ____ 10058 Dec '11 ...._ __ ____
Registered
9558
6 9214 9558
151 F-------- 9512
Con gold 58
105 10153 May'll _
Certificates of deposit ------------9518
1943 J-J
0512 373 91% 96
-1955 J-J 9518 Sale 9518
No Pao RR 1st ref 48
9538 113 9478 9538
P Lorillard Co 7s tem'pry bds_
-- 12i38 ale 2238
12338 135 11938 12334
111011thern 1st consol g 5s
bs temporary bonds
10838 89 10'712 10832
1994 J-J 1081 Sale 10818
9578 361 9118 9658
9538 Sale 95%
-Registered
LIgg &Myers Tob Co7s tpy bds ____ 12138 Sale 12138
1994 J-J ----- ---- 105 Sep '11 ...._._
12238 118 11834 123
Develop 83 gen 4s Ser A_1950 A-0 7 14 Sale 7834
5s temporary bonds
95 466 8934 96
9434 Sale 0418
7938 495 7834 7914
Mob & Ohio coil tr g 49_1938 M-S 8678 8718 8634
8678 21 8512 8678 Am Write Paper 1st s f 5s__1919 J-J 89% Sale 8878
8918 28 8814 8908
• Mem Div 1st g 4H-59_1996 3-5 10812 112 10914
lialdw Loco Works 1st 5s__1940 111-N 104 _
111
13 10814 111
10358Jan '12 ...„ 1031,10352
Beth Steel 1st ext 9 1 5s_1926 J-J 95 Sale 9434
it Louis div 1st g 4s
1951 J-J 89 __ 8912 Feb '12
885
9512 39 9312 9512
Ala Can R 1st g 6s
1918 J-J 10712 _ _ 10778 Nov'10 ......
---- -------_ _ ___ Cent Leather 20-year g 59_1925 A-0 9518 Sale 95
9512 94 9134 96
- 9012 Nov'll --__--- Consol Tobacco g 45
1948 J-J 87% i978
tl 63 DanV 1st g 48
3951 F-A 9518 Sale 9518
9538
'7 9134 9558
1948 J-J
Registered
2d 49
8214 8234 8214 J'ly '11
1951 F-A ....„
57 Nov'07 -.... ___ ---Atl & Yad 1st g guar 49_1949 A-0 84 89
__ Corn Prod Ref s f g Is
1931 111-N 9534 6612 9512 Dec '11 —
.
1918
10534
J-J
_
06
i65
.
3
96
63
1st
Greenv
Os
COI
-4 De-C-'11.
1st 25-year 5 f 5s
1934 hl-N 9519
95
i -ii- -fin'
B T Va & Ga Div g 59_1930 J-J 108 110 108 Jan '12 __ 108 108
Cuban-Amer Sugar coil tr 691918 A-0 96 97 9614 Jan '12 -,_ 9614 9712
1950 M-N 11112 11212 11112 11112
Con 1st gold Os
•
8 11078 11158 Distil See Cor cony 1st g 58_1927 A-0 73 Sale 7158
7634 947 7158 7814
III Ten reor lien g 5s
1938 111-S 10534 __ 106 Jan '12 __ 100 1013
E I du Pont Powder 4558_1930 .1-I) 8418 8514 8475
8514 14 8478 8514
Ga Midland 1st 35
_ Gen Electric deb g 3 3.s.,__1942 F-A _„.- ___ 82 Jan '12 --- 82 82
1940 A-0 65 67 07 Deo '11 ___ __
' Ga Pao Ry 1st g Os
1922 J-J v11212 _
11258 Jan '12 __ i12-510-yr g deb 5s
8 lii58
155
-D
Sale 155
1917 J
1 153131581$
155
, Knox 63 Ohio 1st g 6s_1925 J-J 113 .._ 115 Jan '12 ___ 115 115
Gen'l Motors 1st lien Os
1915 A-0 901 Sale 9878
9914 62 0813 9914
__ 105121\10,7.10 ____ __ ____ Ill Steel non-conv deb 59_1913 A-0 ---- ----101 J'ne'09 -- ____ ...._ _
Mob & Bir prior lien g 55_1945 J-J 10418
Mortgage gold 4s
__ Ingersoll-Rand 1st g os_q1935 J-J ---- ----95 J'ne'07 --7678 __ 78 Dec '11 __
1945 J-J
Rich 63 Dan con g Os
_.i Io
n osPntesppoelur
1915 J-J 10412 105 104 Oct '11 _._
y11 fscg
o
f nO5 69_ _ 1918 F-A 10378 1041, 10312 10412
9 10312 10412
Deb Os stamped
Consol cony
_
1927 A-0 10312 107 10412 Dec '11 -----------1035 J-J 8812 9118 90
21 8412 9134
91
' Rich & /deck 1st g 4s
_ 71 Mch'll ____
1st
1929 M-S 93 9314 0314
1948 111-N 72
Os
9314
1 92 9312
_ Lackaw Steel 1st g 5s
SO Car & Ga 1st g 5s
1919 111-N 10334 105 10358 Nov'll ____
1923 A-0 06 9612 9612
9624 23 9612 97
Virginia Mid ser C 6s
1st con 5s Series A
1916 M-S 105 107% 112 Oct '06 ......
_—
1950 111-S 78 80 80 Feb '12 -- 80 82%
Series D 4-69
5-year convertible 5s
1921 111-S 10338_ 10414 J'ne'll ___
-1915 M-S 9212 Sale 91
9234 72 9138 9234
• Series 5 58
1926 M-S 10512 ____ 100 lich'll ____ ______ Nat Enam & Stpg 1st 59
1929 J-D 93 9358 9368Jan '12 __ 9334 9334
Series F Os
•
_ N Y Air Brake 1st cony 6s 1928 St-N 9914 100 9914
1931 hi- S 10538
105 J'ne'10
9958 14 9914 100
General 5s
By Steel Spgs 1st s f 5s
1936 ,11-N 10818 ____ 108 Jan '12 __ 108 - 108
1921 J -J 98 9814 9734
9814 12 9'734 9814
Va & So'w't 1st go 59_2003 J-J 10753__ _ 10812 J'ly '11
_ ____ Repub I & S Istaccol tr 58 1934 A-0 10278 ____ 10978 Aug '11 — _
_ _
97
•
1st cons 50-year 55_1058 A-0 9612 9112 97
10-30-year 55 5 f
1
71
1940 A-0
92 92
02
5 52 533-8
__ 06 Nov•ii ------------Standard
____ __
W 0 63 W 1st cy gu 4s
1924 F-A
Milling 1st 5s
1930 M-N ____ 88 88 Jan '12
88 8834
The Texas Co cony deb els_ _1931 J -J 9812 Sale 9612
West N C 1st con g 03_1014 J-J 103 __ 10134 J'ly '11 ___
99
286 9412 99
okane Internet 1st g 5s_1955 J-J 101 11)412 10212 Apr '11 -----------___ ___ ____ Union Bag &Paper 1st 5s 1930 J-J
94 9412 9414
2 94
9414
9114
r- er A of St L 1st g 4 Hs 1939 A-() 10478 ____ 10578 Nov'll ____ __ __
Stamped
1930 _ _ 9414 971, 0434 J'ne'll -__ _ _ _ _ _
1st con gold 55___1894-1944 F-A 112 __ 112 Aug'11
1J S Leath Cost deb g 6s
1913 1111--N 10112 102 '10112 10112
1 1(1)-12 102
Gen refunds 1 g 4s
1953 J-J
9578
9534 ___ 0534
4 04,12 96
US Realty & I cony deb g 5s_'24 3-3 8812 8978 89
89
2 89 90
St L M Bgc Ter gu g 5s 1930 A-0 106
10812 Fob '11 . _
_ U S Red & Refg 1st g 6s
1931 J-J ___ 58 70 'Apr '11
Tex 63 Pao 1st gold 58
2000 .1-D 110l2__ _ 11012 11012 —5 i661-2 iiC112 U'$ Rubber 10-yr coil tr 69_1918 J-D 1047105
8 105 10434
79 10334 105 1918
j...D
2d gold Inc 5s
q2000 Itch
40 59- 70 Meh'10
--------l031 Jan '10 -„, __-_
Registered
___
• La Div B L 1st g 5s ___1931 J -J 100 ____ 9912 Apr '11
U S Steel Corp—jcoup ___d1963 M-N 12.7- .. er 10278
1031.. 047 1013-41041g
W Min W & NW 1st gu 5s_'30 F-A ___
.710612 Nov'04
-S f 10-80-yr 5slreg ____d1903 51-N --------10338Jan '12 ____ 1015 104
Tom & 0 0 1st g 84
10818Jan '12____ 16118
1935 J-J 10914
- i119-14- Va-Car Chem 1st 15-yr Os_ _1923 J-D 10078 Sale 10012 10078 13 100 10078
_
1935 A-0 10814 10914 112 Sep '09 ____
Western Div 1st g 5s
west Electric 1st 59 Dec 1922 J-J 10234 Sale 10258
10278 14 10218 10275
1935 J -D 103 19112 104 Feb '12
General gold Os
1t4 10.1
Westinghouse 5 & Ms f 59_1931 J -J
9475 27 93 95
9434 Sale 9414
Kan & M 1st gu g 4s
1990 A-0 02 93 0214Jan '12 ..... 0214 9212
10-year coil tr notes 5s 1917 A-0 96 971: 9612
9612
2 9612 9712
1 9812 9918
1927 J-J
9878
9814 9914 9878
2d 20-year 5s
5
Tol P & W 1st gold 48
Jan
'12
____ 9358 93
1917 J-J
9312 _ _ _ 9333
Telegraph & Telephone
8712 8712 Am Teiep de Tel coil tr 4s 1929 J-J
To!St L & W pr lien g 3 5s_1025 ,I -J 85 87 8712 Jan '12
9118 9078
91
9118 76 90 9118
50-year gold 45
6812 5 6'7 (3958 Convertible 48
1950 A-0 67 Sale 07
1936 /11- S 110% Sale 10934 11035 30 10834 112
Coll tr 45 g Ser A
_ _ ___ Chicago Telephone 1st 5s 1923 J-D ____
1917 F-A __ 75 75 Nov'll _
____
____ ____ ____ .._
Tor Ham & Buff 1st g 49_31946 J-D 8918
0012
8912
2 g612 9312 Commercial Cable 1st g 45_2397 Q-J 81
__ 83 Nov'll __ ___ _ ___
TT1ster & Del 1st con g 5s 1928 J -D 1043
10412 Dec '11 ___ ....., _ _
Registered
80 ____ 8312Nov'll
2397 Q-J
‘-) 1st refund g 4s
ICeystono Telephone 1st 59_1935 J-J 82 Sale 82
1952 A-0 -------- 8512 Dec '11
82
1 82 82
Union Pacific—
- Metropol Tel & Tel 1st at Os 1918 /11-N 10212 _ _ 103 Dec '11
RR & land grant gold 48_1947 J-J 10078 Sale 10034
Mich State Teiep 1st 5s
1924 F-A 100 1603-5 10014
10078 126 10038 101
10014
.1 i6(5 - 161
Registered
1047 J-J 10014 Sale 10018
10014 30 9978 10014 N Y & N J Telephone 5s g_1920 111-N 102 __ 10314 May'li ____
_ __
20-year cony 4s
1927 J-J 102 Sale 10134 10218 75 101.12 1035s N Y Telep 1st & gen 514 Hs 1939 M-N 10058 Sale 10014
10035 21 1001 10058
1st 63 ref 4s
02008 M-S 0712 9778 9712
Tel
&
Tel
1st 5s
9778 100 97 9778 Pao
1937 J-J 100 Sale 9934
66 9878 10015
100
Ore By & Nay con g 49_1946 J -I) 9534 96 90
0618 16 9533 9618 West Unt011 col tr cur 5s
1938 J -J 103 10315 10318
10318 10 101 10315
Ore Short Line 1st g O3__1922 F-A 11312 114 113% 11334
7 11318 11334
Fd and real est g 4 Hs-1950 St-N 9934 Sale 9968 100
34 9714 100
1st consol g Os
1946 J-J 11118 111%11114
11114 59 111 112
Cony 4s, series A
105
1936 .11-N 105
5 10153 105
_ 105
Guar refund 4s
1920 J-D 05 9512 95
9514 138 9378 9514
Registered
1936 iti-N ---- ----103 Feb '11 ____ ____ ____
Utah & Nor gold 59_1926 J-.1 10518 _-- 1.08 May'll ...... __ __
Mut Un Tel go ext 55...._1941 M-N 1013 __ 104 J'ne'll ...... ___ _ —
1st extended 48
1933 J-J
92
92l___ 103 J'ly '04
Northwest Tel en 445 r_1934 J -J
------6812
-- --
y
MISCELLANEOUS BONDS—Concluded
Coal & Iron
MIscellaneous
Buff & Susq Iron s f 59____1932 J-D 97 ___ 97 Feb '11 .....L ____ ___ Adams Ex c
1948 111-S
88 89 83
.1tr g 45
8818
2 86 8818
Debenture 5s
a1926 Nt-S
93 91 Nov'll
Armour 83Co 1st real est 4 H1
s9
'3
59
2 A-111
0 9178 Sale 9178
9218 75 9158 9218
Col 1? & I Co gen 51 g 55____1943 F-A 10018 ___ 100 Jan '12 ____ 100 1003 Bush Terml.nal 1st 48
91 9112 91 Feb'12_ 91 92
1919 111-N 10734 .__ _ 10734 Jan '12 .... 10734 10734
Col Fuel gen Os
Consol 5s
93 Sale 98
08 — 4 98 99
001 Indus 1st & coil Os gu_ _1034 F-A
73
Chino Co1/114n• 1st cony 89_1
1 j
J-j
19
95
25
7414
5 7414 '77
J 122
12012 12012 27 116 126
7518 7414
1935 J-D ____ 8412 85 J'ne'll ___ _____ Comstock T'unnel Inc 4s
Cons Ind Coal Me 1st 5s
1919
_
16 J'ne'11
_—
Cons Coal of lid 1st ec ref 55 1950 J-D 94 9512 94 Dec '11 __ ___ ___ Irrigation INTics 63 D of A 4 44s '43 111-N
-921-2 -6E 9318 Nov'll
Or illy Coal eo C 1st g 6s_ _1119111 A-0 94
_ 10238 Apr '06
____ Int Mercan Marine 45s
1922 A-0 6714 Sale 6715
6738 72 -6634
4 -8-i358_1951
at
g
J-J
98 101
Kan & H C & C 1st
99 Oct '11 .... ____ ____ Int NavigatIon 1st s f 53_1929 F-A 80 Sale 80
80
13 80 80
8812 Sale 87
Pocah Con Collier 1st 9 f 59_1957 J-J
8312 20 8112 8812 Nige Bond (.N Y) ser 2-49_1906 A-0
89 Apr '11
19
55
119
J-J
1st
78
P
Mt
&
Rock
Morris
____
60 Co 1st 5 f 4 Hs_.:_1939 J-J 89% 901 9112 Nov'11
St L
8014 8412 J'ne'li .... __
1951 J-J 10318 10378 10314
Tenn Coal gen Is
10314
4 10218 10314 N Y Dock 5.0,yr 1st g 4s
.2
1951 F-A ____ 871 Q512
4 -8518512
1 -843Illrm Div 1st consol 68_1917 J-J ____ 104 101 Jan '12 .... 104 104
Niag Fails 1?ow 1st Is
1932 J -J 10012
102 Apr '11
a1017
A-0
____ 104 103 Jan '12 ____ 103 1813
Tenn Div 1st g Os
Refundini & gen 6s__a1932 A-0
Cah C M Co 1st go g 6s__1922 J-D _.— 110 110 Jan '00 ___ __ ____ Ontario Tot.nsmission 5s
1945 /11-N ---_-_-_ 95
1931111-S__
iltah Fuel 1st g 5s
Pub Serv C()rp N J gen 58_1959 A-0 9278 Sale -6214
-6:118 17 9234 9314
1953 J-J
Victor Fuel 1st s I Os
86
St Jos Stk Y'dsg 440
8714 May'll -----------_
10013 Sep '05 _.
1930 J -J 87
Va Iron Coal & Coke 1st ir 591949 M-S 9712 9814 971,
981, 15 961, 981, Wash Waler Pow 15t 5s_1939 J-J 102 ____ 10212 Mch'11
L:..!!No price Friday; lateat bid and akIptcl.01)11014u (Mina April sDue May oDue Juno /Wu° July kl)usAuft oDua Oct .ppus Nov.glau_e_ Lleg. sOptIpn sake
aily, Weekly and Yearly
CHICAGO STOCX EXCHANGE-Stock Record-D
sm3
Sales
of the
Week
Shares
.
STOCKS-FIIGHEST AND LOWEST SALE PRICES
Friday
Wednesday Thursday
Tuesday
Monday
Saturday
Feb. 9.
Feb. 8.
Feb. 7.
Feb. 6.
Feb. 5.
Feb. 3,
Last Sale 100 Apr'll
*170 190
*170 190 *170 190 *170 190
Jan'12
Last Sale I8
1 *_. 1
1 *-1 *__
*__
Jan'12
Last Sale 1
2
*__
2
*-.2
si_. 2 *___
____ ____ ____
__
____
36
3412 3412 *34
__..-1312
9212
93
*9112
94
*9112
-Last Sale 10438-Jan'12
*98 1-01:
*98 102
*98 102
*95 104
3612 3534 3812 3512 3512 3514 3534 3778 3778
3614 3614 36
1034
1034 *10
*10
1034
*10
4
3
10
11
*1014
*1012
1058
1058
_534 534 -._
534
553 558 *W4 534 *514 534 *5
Last Sale 38 -Deo'll
'12
Jan
Last Sale 20
21
*20
22
*20
22
*20
21
*20
„
5112 5012 5012 ....... .,...
5114 *50
5114 *50
5114 *51)
*50
Feb'12
7
Sale
Last
712
712 *7
712 *7
712 *7
*7
Sale 33 Jan'12
Last
3712
*35
3712
37
*33
*35
3712
*35
•
STOCKS
CHICIAGO STOOK
EXCHANGE
•
•
Railroads
100
Chicago City Ry
Chicago & Oak Park_100
100
prof
Do
10 Chia E'er Elys corn
Do prat
60
Chic Rys part ctt "1"_.
708 Chic Fly's part ott "2"
50 Chic fly's part ctf "3"_
75 Ohio Fly's part ctf "4"
100
Chicago Subway
Kans City Fly & Lt_100
100
pref
Do
25
Streets W Stable 0 L 100
100
Do prof
Range for Previous
Year 1911.
Range for Year 1912,
Lowest.
Highest,
Lowest.
18 Jan 29
18 Jan 29
1 Jan 29
1 Jan 29
33 Jan 4 33 Jan 22
91 Jan 5 9334 Jan 20
9922 Jan 9 10433 Jan 13
3524 Feb 8 38 Jan 9
10l Jan 23 11 Jan 12
578 Jan 13
514 Jan 9
20
50
7
33
Jan
Jan
Jan
Jan
17
4
4
30
2013 Jan
5012 Jan
712 Jan
33 Jan
4
19
20
2
Miscellaneous
100 1122 Jan 2 1278 Jan 23
725 American Can
1134
1112 1112 1134 1134 1134 9214
100 91 Feb 1 95 Jan 2
prof
1138 1134 1134 1153 12
Do
1,320
92
9214
9214
9218
100 325 Feb 1 323 Feb 1
or_
9114 9114 Nis 9218
91
Radiat
91
n
America
Feb'12
325
Last Sale
_
_
_
131 Jan 15 133 Feb 6
*335
100
_
*335
prof
____
Do
5 5014 Jan 16
*12914 133 *12914 133 *12914 133
_ _ *131 1-3-3- 133 1-33- *33525 Amer Shipbuilding.. 100 4812 Jan
4912 4913
50
50 .43
*48
51
100 Feb 6 10418 elan 18
100
prat
-5014 *4912 5014 *49
Do
150
102 102
102
14112 Jan 22
102
11
Jan
101
100
139
103
Teleg
*100
ern
103
60 Amer Telep
140 140
45 Jan 17 48 Jan 17
13914 13914 *13912 14018 *13934 14012
140
19 Booth Fisheries com
4712 *46 1712
4713 *46
18 50 Jan 9
Jan
4712 *96
44
*45
*4512 47
etf
trust
47
Voting
Jan'12
LastI Sale 44
L
84 Jan 18 88 Jan 9
Do pre(
417
87
*85
87
87 - *85
9 49 Feb 0
-8•-1- -8-6 - -gii- 16-1-2 -ii- li" ;ill
25 Cal & Ohio Canal 63 D_100 49 Feb
99
5212 49
5212 *49
5212 *49
5212 *49
&
5212 *51
1.1reveg
Malt'g
Ohio
*51
Last Sale 113 Oct'll
118
*1
118
*1
128
*1
118
*1
Do prof
Last Sale 612 Noy'll
8
*6
8
4658 Jan 2
*6
°'2 Jan 20
8
*6
8
*6
595 Ohio Pneumatic Tool_100 13712
47
4712 4638 4653 47
97
Jan 4 13713 Jan 4
4834 4912 4812 4812 9712 48
Chicago Telephone.. _100
Last Sale 13712 Jan'12
Jan 9
4
19814
Jan
181
...100
20 Ohio Title 63 Trust....
4 14113 Jan 9
190 190 *100 191 *190 191 8 *190 191
190 191
*185 190
302 Commonw'th-Edison_100 13514 Jan
13913
13934 140
15 1118 Jan 22
Jan
8
7
139
1018
13912
13912
corn
Co
13912
Ref
140
Prod
4
25
1393
Corn
13970 103
pref.
do
Do
_
Last Sale 75 -Ja-alii
100 106 Jan 2 11134 Feb 5
714 Diamond Match
iio- ill
Jan 25 10134 Jan 31
iiiiii
11012
1
1113,
10822
fa;
Hi205 Hart Slitttner & Marx pt. 10012
2 101i-2 1-0-14
1-10
1
10112
10112
10114
10114
10113
100 56 Jan 9 5U/ Jan 25
10034 lin *10031 12)124
345 Illinois Brick
*5718 58
*5718 58
-- 10612 Jan 31 10118 Jan 15
co
er
5734 5734 5714 5712 *5713 58
t
Harvest
58
Interna
*57
Jan'12
Last Sale 10612
-------__
Masonic Temple.
---- __-_ -___ -- 50
Last Sale 50 Aug'11
50
*47
Feb 2 4013 Jan 4
*47
50
*47
50
*47
310 11a:ruin-Howell Co_ 100 35
8 383t
3833 3824 3314 35,
8934 Jan 29 92 Jan 6
33
33
37
Do pre
185
3618 3638 3612 37
9) 90
90
90
Jan 15 150 Jan 30
90
14312
*89
100
9012
90
Biseutt
l
90
2 Nationa
1•89
143 *11634 143
100 126 Jan 15 128 Feb
149 119 *148 150 *14634 148 *14034
Do prof
*147 149
5
*127 128 *127 128
100 107 Jan 24 112 Jan 3
Carbon
128 128 *128 129 *127 128 *105 108
onal
Nat1
29
*12712 128
105
105
*105 108
100 11614 Jan 30 120 Jan 2
Do prat
*105 108 *105 108 *105 108
Last Sale 11614 Feb'12
[an 2 107 Feb 2
__ *115 11614 *115 11614 *111 11814
*115
370 People's Gas L &Coke_ 100 103)3
10658 10653 10553 10634 10612 10312
00 140 Jan 5 15313 Feb 43
cot:n..1
oebuck
Sears•R
10622 16358 10612 10512 410614 107
14834 113 15038 18,330
14612
151
12122
Jan 11 12114 Feb 8
8
1475
15318
150
100
151
14/12
Do prat
146 198
390
12312 12312 12.178 12378 12114 12114 124 124
100 9834 Jan 2 101 Feb 7
12312 124
*123 124
784 Swift & Co
10034 101)34 10034 101
101
Jan 15 235 Jan 22
10053
215
3
1007
100
10012
Co
10012
Oats
10012
Quaker
10034
0012
63 The
220 220
223
223 *21
100 10513 Jan 2 110 Jan 15
Do prof
25 225 *225 235 *225 233 *213 10712 --------10712 10712
67
178 Jan 18
114 Jan 10
0712 10822 10712 10712 *107 10712 10712 114
Unit Box lid & P Co_100 583
25
4 Feb 1 6912 Jan 3
114
134 *118 134
134 *113
*1
1,725 United States Steel coin_
8
07
.
8
-6033
8
d13
6038
Feb 7
1473
6078
17
6014
Jan
3
617
61
100 10
61
6014 6012 61)
195 Western Ston1453 1434 1434 1473 1478 ---- -- -- ......14
13
13
1158
91
*334
*131
*4912
*100
*139
46
*1
185 Jan 190 Apr
112 J'ne
112 J'ne
0 AI ch
3 J'ne
32 Deo
21 J'ly
91 Nov
85 J'10
80 Apr 101 Aug
2034 May 3778 Dec
1212 Aug
8 May
712 Aug
412 MO
I t Nov
6 Melt
23 Feb
15 Sep
7212 Feb
39 Sep
1314 Feb
7 Dec
50 Jan
38 Nov
9 Jan
7678 Jan
f.65 Jan
12612 Mel)
48 Nov
10612 Sep
13153 Aug
a5 Apr
38 J'ne
60 Sep
4912 Apr
1 J'ly
312 Itch
3912 Sep
115 Jan
15112 Jan
113 Jan
934 Oct
78 Jan
9212 Feb
100 Sep
4978 Sep
9914 Sep
47 Jan
3312 Nov
00 Oct
11714 Jan
123 Jan
100 Aug
117 Sep
101 Sep
12334 Sep
116 Sep
9734 Sep
105 Mob
10212 Feb
1 Deo
5012 Oct
13 Dec
1212 May
93 Deo
304 Oct,
133 Nov
79 Feb
113 May
15214 J'ne
5914 Nfeli
5734 Men
8838 Dec
52 Feb
114 J'ne
7 Nov
5512 Feb
14114 Nov
180 Deo
13738 J'iy
1538 J'ne
78 Jan
11034 Nov
10334 Deo
70 Jan
129 May
5013 Aug
67 Jan
IRS Feb
14212 Dec
130 Itch
120 Meh
120 Mel'
10353.Jan
19234 Jan
122 Mch
101 J'no
212 Deo
10712 J'ly
7 Jan
8178 Feb
25 Jan
Chicago Banic3 arid Vas% Companies
Chicago Bond Record
BONDS
CHICAGO STOOK
EXCHANGE
WfIk ending Fob. 9.
Highest,
NAME
Outstand,
tag
Sloe)
(()
.Surpar
and
Pro/kr
(11
[Novicki Record
Per- Last Paid,
In
1911 iod
-- ---p.1004
$200,000 8163,738 Org. A pril 3 1011
Au Ian '11, ti
Low
1It1il
Ii
6
1117/Ill American State
Ask Gow
152,216
Ski
100.090
National
Calumet
7
Jul
'le,
-4-J
--10
Jan'll
10012
299,239 10
- A
500,003
Chicago City
Amer Strawb'd 1st 6s.1911
Q-J Jan '12, 213
9158 92
10
Jan'12
92
00 8,805,013
1.4
Armour es Co 4 30_19311 J
Oontilal & Comm Nat- 21,500,0
4
Jatt
'12,
11
10
h'
Q-1
310
18
2
100
5,814,15
J
Booth Fish Co DebG 51'17 J
Corn Exchange Nationai 3,000.000
Beg. b (LI May 31'1 L 1/%92.01538
J
100 11011'11
000,000
1924 J
• Deb g 55
Douglas State
Jan '12, 112
6
8
Apr'll
9312
50,283
00
10.200,0
A
-rev
tr
• Sink Ed Deb 63
Drexel State
10 (4-1 Jan '12, 212
453,39)) 10
600,00
lCalumet es South Chicago
6(3 Q-3 Jan '12, 2
--........ Drovers' Deo Nationa
6
55,111
_ 1927 F - A ;9833 9873 9914 J my'11
By 1st 5s
Englewood State
12 Q-31 Dec30'11,3
...----Oct'OJ
12
10114
17
J
'12
11,618,4
000,000
J
53
L)
l
Nationa
Cass AY & G (St
First
Q-11 Dec30'11.413
_
12
May'))?
10
10J
2
0
000
i57- 98-2196,748
04;0
150
2
Ohio Board or Trade 431927 J - 1)
2 153 - First Nat Englewood
18 ii511103
Priv ato 131 air
A (103 Sale 103
505,226
Chicago City Ely 5s___1927
Foreman Bros 1)'k'; Co_ 1,000.090
(0-1 Jan '13, 2
..Apr'01
---103
8
J
0
611,6)5
J
2,000.00
13s___
l
n Nationa
Ohio Conso) Br & Mit
(I)
Q-J
Apr'4.10
...... --- Fort Dearbor
50
(1)
D
illbarniaa il'It'ir Ass'a _ 1,500,00U 1,225,023 3+2
Ohio Colima( Trao 4 335 1039
J-1 July '11,5
9834 Jan'06
94
10
A (02
129,143
F
29
10+15
lst5319
400,000
ium
Bank
State
Auditor
Ka.spar
Ohio
V.92,p, 1001
22
311
-SW8
367
Apr
99
ts
a
0873
99
Jar.
J
0813
00
4
J
:V0
chloago Elam By 55_191
---- --- Lake View State
9412 Deo'00
284,343 Beg. b as. Ma y'l0 V.00, p.1277
0
300
La Sails St National.-- 1,0
Ohio Jo lilt 1st II g 58_1945 .61 -- 6
D.:031'11,212
Feb'06
10
87
603,782 10
0
Ohio No Shore Elea 63.1912 A
-if- Live Stook Ezell'ge Nat 1,250.000 1,335,228
61Jan'12
8
Cl-') Jan '12, 2
04
94
8
J
;____
J
2,000.00
io_
of
Republ
Bank
Nat
Ohio Pile fool 1st 5s-a1921
10034
'12, 112
3
997
37
Jan
4
3
100
Q-1
6
523,705
1927 • - A ;10034 Sale 10053
10
0:0
00
25
2,0
9613 National City
Ohio Fly Us
9638 11 96
Jan '12. Di
9014
0338 Sale
4
93,517
National Produce
Chic itys 98 __series "A" A - 0
9733
9614
'12, 134
Jan'12
Jan
9633
_-0
75,985
633
200,000
7
Chic Ry 49-series "A" A D 0034 6ale
9118 13 9078 9133 North Avenue State
Jan '12, Ili
9078
6
6
50,000
37,711
Ohio Jays 4s-series "B" J
9112 21 9334 9412 North Side State Say'gs
'12, 113
Jan
5
A
-1
9418
;9313
35,657
•
200,000
"V'
0334 Jan'12
Chic Ltys 4s __series
North West State
100 100
100
933 8.1-J Jan '12, 212
7
-A
137,210
300.000
Chic itys coil 6s-1913
Jan'11
Q-m. Jan '12, 114
....... --- People's Stk Ytis State100
6
A
6
•
67,996
3
6s-191
Fund
Itys
Chic
Prairie State
V.93, p.1235
100 Deo'll
00
1,033 Beg, b us.Nov
00
,0
0.
54013
.2
Chic Itys Tern Ctfs 1st 98
Second Sea only
7734 85
Jan'12
s()
Q-1 Jan '12, 11$
82
431
400,000 3137,853
Chlo fly Pr m It g 4s_c'27 J .J ;8212 8413 56
Security
60
5912 32 48
Q-J Jan '12,2
8
733
Sale
100,000
56
Mayl
:::::::
c1927
43
Inc
.
Chic Ry Ad.'
Q-J Jan '12, Ill
---- ---- South Chicago Savings
6612 Aug'08
6
6
16,597
u
09
00
0
Ohio lt 1 63 8 itta 4s_2002 at - N ----- 6612 July'08
South Side State
Q-J lan '12,3
12
2,093,092 12
-- -Collat,trust g 53-101.3 .61lg.
'jai- State Bank of Chicaso- 1 20
8 Q-21 Doe 3011,2
Feb'12
8
103
198,013
103
I)
110212
1923
,
0
5
Yards SaylagsOhio Telephone 5s
Stock
31-N
joy '11,3
10333
11
103
10338
6
6
130,072
10314
500.00u
Commonw-Edison 33_1943 .11 S ;10314 10313 10078 Nov'10
Jan '12, 11,
---- -- Union Bank of Chicago6
47,814
100.000
Ohio Edison deb 83_1913 J - J
Wastengton Park Nat'l
4-st Uo(3311)3,113
None
-.......
Noue
Feb'll
19,76/
100
A
1920
1st g
Wendell State
_
8
10•1 ON '11, 2
733
10038 Aug'09
43 1,015,405
0°
50
°:00
02.000
Debenture 55.._1920
2 102/s7g aCentral Tr Co of Ill
1611Q-J Jan '12, 112
10234
6
226,637
;10253 10258 10234
1,000.000
Commonw Elect 501943
Chicago Say Bk & 'Fr
8
Q-J Jan '12, 2
Nov'll
733
11
9078
12,031,5
9978
-N
M
;9534
0
63 Frust- 5,000.00
nue
Cudahy Pack 130151_1924
Chicago
25
lidi
Q-1 Jail '12. 212
ior10
6
11018
16,313
;10314 11013 10934
50,000
a Match coo du .31_ 1920
Citizens Trust & Sayia.ts
f-2 Q-J Jan '12, 211
8+2
Deo'08
416,333
80
12,5
-600,000
53....-11
---Illinois Tunnel
Colonial Trust & Saving
5
1,011,31
Kan City Fly & Light
Coat & Oomin Fr a• Say 3,000.000
Jan '12, 213
8153,309
8912 9012 9734 May'1 I.
131:3 11 - N
200,000
Co as
. Drovers' Frust336avinits
Doc30' 11,4
16
100 May'll
3,972,800 12
•---.
Kniek'b'ker Ice 1st Os 1928 A - 0
First Trust & Savings.. r2,500,000
r
V. 92, p. 924
Jan'12
Apr
as.
Beg,
J
8813
6,37/
250,000
Lake St 181-1st 33-1928
Ft.Dearborn TresSay 13k
Jail '12, 21/
233
10 May.05
72,863
1925 Feb
0
1,500,00
Fr
We&
is
So
aum
Income as
Greenb
Jan '12, 3
_
34,028
200,000
Metr W Side El7 8512 8534 Guarantee Trust Is Say- 1,500,000 1,907,070 11+5
Jan '12, 3
8534
12
8534
- A ; 8534 Sale
1938
1st 43
Harris Frust 63 Savings83
V.92,1). 1004
8278 18 82
Q21.2
8273 Sale
59,793 leg. 0 is Apr
J - J
300,000
Extension g
8912 8973 Home Bank & Frust
Jan '12, 4
Feb'12
8073
8978
16+1
8
104-1
18938
9,096,02
J
0
•
1939 .1
,134
Morris & Co. 4 33
Illinois Trust & Savings 3,009,00
Deo30'11
July'll
100
7
71,001 7+121
200,000
Nona West El 1st 43._ 1011
lienwood ['rust & Saw
Jan '12, 113
53,8:33
535
200,000
4
Northwestern Gas Light &
View frustes3avg3
'12,
Jan
Lake
Deo'll
t
9934
15
12
3
00:34-100
1928 Q -51
Coke Co 5s
oat '11, 112
alorotiante Loan &Fr Co 3,000,0‘13 0,391,70
96
93
6
ti
9(3 Sale
212,391
1945 It - N
150,000
Ogden GO4 53
0V91,p.122I
zletro poll tan Fr Is Say
10033 NIoh'00
Oot
us.
Is
---.
Beg.
9312
50,791
J
1016
200,000
Pearsons-Tstt,5s
11V92 p1004
•dleitigan Ave 'Cr Co_...
- 9612 Moh'10
- S 95
56,791 Com. b us. Al)
500,000
4.40s
Dec 30'1112
Mid-Olty Tr & Say Bk.
Feb'10
8
8
N
96 -1,500,0J0 2,612,104
4.603 Series E3
Jan '12, 4
Northern Trust Co
9314 Nov'll
8
6
N
9712
11
115,5:30
250,009
Tr&Say
4.80s Series
estern
1/,92,9, 153T
North-W
Jan'12
J'ne
11312
us
_ 0;
50,332 Beg.
209,030
Poo Gas L & 0 1st 8s_1943 A - U ;___
Jan '12. 2
Old Downy Fr & Say Bank
102
102 Sale 102
166,261 -509,090
Refunding g 55____11147 si '12,2
People's Fr es Say Bk_
Jan
Dso'll
8
10318
8
;103
J
278,450
300,000
Chic Gas L&C 1st 531937 J
Pullman Trust & Saygl_
0 V.89,13.141
Jan'12
103
30,014 Beg. Is LI. J'iy
200,000
Consum Gas 131 5s_1936 J - D
Sept 6 1910
Jan'12
10112 10112 Slterldan Fr e4 SZV Bank
awed
10112
Comm
111/4
;
It
324,378
N
7
0
1s15s194
1,0)9,00
Ifut'l Fuel Gas
3 90
9614 Standard Fr & Savinfs..
96
July '11. 3
0
553
9614 96
r)(i
46,.358
230,00J
South Side Mee 4 333-1901 J - J
10014 10034 Stookinen'a Trust & 6av
Dec 30'11,2
8+2
- 10012 Jan'12
(10038
1,203,033 1,331,7:35 18+2
Swift & Co 1st g 53-1914 J Union ['rust Co
89
89
Jan'12
6
80
Jan '12, 112
43
85
22:3,002
0
1__
A3
1
Union El (Loop) 53_194
r Araitern ft Ss .i..tvto ;•3'1,258,00.
Apr'10
10213.
---8+2
-70
Dec30'11. 4
0
145,128
203,000
United Box Board col 6s26
West Side Tr &Sa.v Bank
9
Oct '11, 2
60 atch'll
734
79,551
.1 - J
200,000
General mtge 63
i3anc
Woollawn Fr633av
Jan'12
fa;
10213
(10212
J
I
Western Elea Co 5s.....1922
ond
prices.
Chleav
all
Note.-Accrued Interest must be addsd-to
(opening of business) for State institutions. j No
business) for national banks and Dec. 6Comm.
• Bid and asked price(; no sales were In as on this day. t Das. 6 (close of d.
Nat. Bank. a Due Dec. 31. b Due June.
Stack all acquired by the Cont. &
pu'alishe
not
s
'I
DivIdead
11011.
of 100% to be declared.
Sept.
Woe Friday; latast price thla week. 4
to Increased to 33,000,000, a stook WY. p. 1235. 8 Dee. 30 1911.
aro Datil (14, wlth extra payments gd?. r Calmat tothe
Bank, V. 93,
Security
Second
new
Due Feb. k Also 20% in stock. q Dividenuis 1911
for
Bane stock, to provide capital
Security
oa
in Dee, 1911, V. 93.
Bank
la
Say.
Datil
et
of
51%
Trust
div.
A
s
1760.
Western
V. 93, p. 1436,
sty. Btu% corml.; V. 681, p. 1703, 1361. Central Trust also absorbed the
si Central Trust and Metropolitan Trust &
d to $2,500,009 on Dee. 15 1911.
increase
Capital
y
323.
p.
4,
1705;V.9
1760,
p.
Interest
Period
Pits,
Friday
Feb. 9.
Week',
Range or
1,435 Salo
11'd'
Sold
Range
for
Year 1912
-fist; 0881-2
In
1919
10 1912.]
THE CHRONICLE
Volume of Business at Stock Exchanges
407
Electric Companies
Bid Ask
Get West Pow 5s 1910 J4 84
85
e Kings Co El L Jr P Co 100 127 128
Narragan (Prov) El Co__ _50 * 91
94
N Y Jr CI El L & Pow Co 100 52
57
Preferred
77
100 73
United Electric of N J
100 85
90
1st g 4s 1049
7914
J-D 79
Western Power oom
313
4
3212
_100
Preferred
100 57
59
Telegraph and Telephone
Amer Teleg & Cable__ _100 75
80
e Central 'Sc tio Amer_ _..100 120 122
Otnnin't Un Tel (N Y)__ _25 108 115
Empire Jr Bay State TelJOG 65
75
Franklin
50
100 40
e Gold & Stock Teleg
100
s Northwestern Teleg____50 10
19
518
PacIdo Jr Atlantic
25 65
75
e P30 Telep & Teleg pret 100 99 10012
Southern 'Sc Atlantic _ _25 90 100
South Bell Telep & Teleg1st g 53 '41 op
9978 10018
Bid Ask
Industrial and Miscel
• Diamond Match(o___100 109 110
duPont(E I) de Nem Po 10(1 160 165
* Preferred
94
100 92
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
e Gold 4345 1930_.._J.[) 8418 8514,
DAILY, WEEKLY AND YEARLY.
Empire Steel
100 10
15
Preferred
43
IOU 30
Stocks.
Railroad,
I General Chemical
100 130 135
ending
e Preferred
Week
&c.,
State
U. S.
100 110 112
I
Shares.
Par value.
Feb. 9 1912.
Bonds.
Gold Hill Copper
1 *316 6te
Bonds.
Bonds.
Greene-Cananest
20 *814 812
193,745
$5,000
518,204,500 $2,017,000
Saturday
$85,000
Guggenheim Explor'n_10U 175 190
288,389 25,322,000
1,000
Monday
s Hackensack Water 0022,500
2,651,000
481,189 39,410,775
1,000
Tuesday
39,500
Ref g 4s '52 op 1912 J-J 8534 sa
2,335,500
Wednesday ...
338,547 28,067,700
8
13
Hall Signal Co corn
45,000
3,681,000
100
48,000
306,883 27,873,300
Thursday
6
112,000
3,107,000
Havana Tobacco Co____100
10
5,000
260,605 22,590,500
Friday15
2,141,000
145,500
Preferred
57
1st g 5s June 1 1922 J1-911
)
) / 52
Total_
lecker-Jones-Jewell Milling
1,859,358 $160,369,675 $15,092,500
$449,500 $60.000
51-S 1011- 103
1st 63 19,
'
)
25
Herring-Hall-Mar new 100 15
Sales at
Week cndl t7 Feb. 9.
Jan. 150 Feb. 0.
Hoboken
&
Imp
Land
New York Stock
let 5s Nov 1930..,,.55-N 103 105
Exchanv.
1011.
1912.
1911.
1912.
Hocking Val Products 100 1112 13
64
Companies
1st g 53 1961
J-J 60
15,378,951 a Ferry
Stocks-No. shares._
2,740,332
1,859,358
14,212,377
N Y 1st tis 1911_ -__J-J
92
98
Houston Oil corn ctrs _100
934 1014
Par value
3160,360,675 3239,856,550 $1,157,233,750 $1,347,076,225 N Y &ER Ferry stk_ _100
5
12
80
New
75
pret
ars
_
..,_100
Bank shares, par$50,000
$226,400
$45,200
$6,700
let 53 1922
M-N 45
I tn.ersoll-Rand com___100 95
Bonds.
N Y & Hob 5s May '46..J-D 98
_
e Preferred
_100 97
Government bonds_
$32,000
$192,000
$60,000 ' 323,000
1st
Hob
Fy
53
1946...51-N
10434
1878
Inspiration
*
183
4
Consol
Cop20
4,813,500
26,256,500 NY&NJ 53
State bonds
3,708,000
499,500
1946
J-J 90
_ Intercontinental Rubber 100 16
1612
15,992,500 15,640,500
97,125,500 10th & 235 Sts
132,024,000
RR.and misc. bonds
35
Ferry., 100 25
Internata Banking Co_100 88
92
let intge 51 1919___J-D 57
65
International
280
265
Nickei
100
3123,414,000 j Union Ferry stock..
$135,924,000
$16,502,000 $20,477,000
Total bonds
__100 21
24
Preferred
100 102 103
e let bs 1920
554-4 95 98
lat g 63 1932
A-0 9912 10012
DAILY TRANSACTIONS AT rile, 1303T.351 AND PHILADELPHIA
2
EXCHANGES.
International Salt
4
104)
Short-Term Notes
let g 55 1951.
so
A-0 46
Amal Cop 53 1913
A-0 10078 10118 International Silver
10(1 85 100
Boston.
Philadelphia.
Halt & Ohio 430 1913_J-D 10012 10034
Preferred
100 115
Week ending
Bethleh Steel 6s 1914_M-N 10138 10134
let 65 1948
J-D 110 ill"
Listed i Unlisted
Unlisted
Bond
Bond
Lilted
Feb. 0 1912.
Chas & Ohio 4123 I914_J-D 908 99/8 taternat Smelt & Itefg. _100 120 130
shares. shares.
shares.
sales.
sales.
shares.
Ohio & Alton 53 1913__M-S 9958 9978 Jones & Laughlin Steel Co
Chits Elev Rye 5s 1914._J-J
let 3 1 g 53 1939
55-N 101 10112
"Saturday
0,247
4,816
$41,000 Cln Ham & 1)4s 1913___J-1
6,732
$48,500
4,948
99
33
14
2 19)9978 Kayser (Julius) & Co..100 63
64
10,228
5,055
Monday...,,
88,200 Erie Us Apr 3
77,200
9,091
9,057
1919___A-0 10138 10178
1st preferred
100 10312 10412
Tuesday
15,472
9,598
8,271
171,100
114,000
13,325
Col Os 1914
10038 e Lackawanna 8teeL_ 100 30
32
Wednesday
15,192
2,809
86,000 eGeneral Motors 03'15 A-0 10018
126,000
8,635
6,865
a 1st con 58 1950____M-S 78
A &O 9918 9912
80
Thursday'
20,425
10,227
8,068
126,200 &Warm Companies
131,000
6,078
e Deb 53 1915
M-S 9214 9234
20,183
18,227
Friday
91,100
104.000
18,058
4,516
63 Feb 1 1913
F-A 9934 100
Lan-stun Monotype
9112
100 91
Os Oct 15 1313- A&015 9934 100
Lawyers' Mtge Co
100 285 285
Total
49,332 3600,700
87,727
81,801
43,143 $603,600 nt (It No bs 1914- :'-'-A 9838
98%8 Leh & Wilkes-B Coat.,,..50 275 300
Internal Harvester 55_1915 10058 101
Madison Sq Garden__ ___100 49
K C Ry & Lt 03 1912_51-3 9614 9714 Manhattan Transit
20 •112 132
Minn & St L g 5$ 1913_ _F-A 96
96
e May Dept Stores-See Stk Ezell lIst
310 Kan & Tex 53 1913 M-N 100 10018 e %Dual Copper-Se. Stock re sch list
9612 9712 Monongahela it Coal
All bond prices are now "and interest" exec./1 where marked "t."
SioPaeltie bs 1914
50 *10
Nat Rya of Mex 430'13J-D 99
9938
Preferred
50 *31
sNYC Lines Eq 53 '12-'22 54.40 4.15 Mortgage Bond Co..... OU 103 112
Bid Ask ,
Bid Ask
Street Railways
Street Railways
434s Jan 1913-1925.-J-3 54.40 4.15 Nat Bank ot Cuba
100 102 100
Pub fiery Corp N J (Con)N Y Cent 430
10358 10078 e National Surety
100 255 265
New York City
Rapid Tran St Ry.. 10() 235 240
St
L
&
F
53
100
931
19
7
8
8
0
y
9
0
e
o
38
1913___M-S
36 NewNew C
n
rt
k
ral
u
o
Co
ck
20
al
20
Bleeok St Si Ful Fy stk_100 22
let is 1921
A-0 102 .....
53 June 1 1913 Opt-J-D
2212
100 20
J-J
let mtge 45 1950
66
70
J 0 Hob & PatersonSouth Ry g 53 1913.___F-A 101)34 101
e
415
Preferred
50
100
106
104
Ave
162
stir
fry & 7th
77
45 g 1919
id-N 76
Tidewater 65, 1913,gu_J-D 10138 10134 N Y Mtge di Security.. 100 210 215
2d mtge 63 1914
J-J 9934 1001
So J Gas El & Trao_ 100 127 -.
Wabash 4343 1913____M-N 04
N Y Transportation
97
20 *3
5
Con Is 101 .-Bee Stock Exo list
On g 5s 1953
M-S 9812 9918 WestIngh'se El & M 83 1913 10112 10134 Niles-Bern-Pond
95
oom_100 90
No Hud Co Ity 63 1014 J-J 102 -Siway Surface 1st lis gu 1924 10112 103
9712 NIpIssIng Mines
eti% notes Oct 1917-A-0 96
5 *712
.._
Doan Crosstown stock,,
is 1928
J-J 103 Onto Copper Co
10 *1
ltj
Est 6s 1924
let mtge Os 1022___M-N / -85- 91
M-N 98 a Ontario Silver
1
138
100
Pat Ity con (I3 1931__J-1) 114 -. Chlo PeorRailroad
20
7
Qea Pk N & E Itly stook 100
Otis Elevator corn
& St 1,7212 7314
1
_A-0 100 102
2d tla opt
Ohristophl & 10th St stk 100 120 130
Prior
lien
94
g 434s '30_M-S 88
Preferred
100 101 102
Light___100 30
31
Republic Ry &1914..091 & 9th Ave Is-See Stook Exo list
Con natge g bs 1930___J-J 1 40
50
Pittsburgh Brewing
60 * 9
914
Preferred
100 79 80
Dry Dock E 13 & BIncome 53, July 1930.... 1.
Preferred
750
* 39
3918
J-D 100 1021 So Side El (Chlo)-See Ch Imago list
lit gold 53 1932
Chicago Subway
sPIttso trga Steel pret__100 10238 10312
100
11-A / 40
60 Syracuse R T 53 1940 __41-8 102 104
Scrip bs 1914
Northern Securities Stubs__ fJO" ioi- Pope Mfg Co corn
100 40
45
iliglith Avenue stock.. 100 300 350
Treat P & II 53 1943.-J-D 95 100
eOregon-Wash RR&Nav See StkE x list
Preferred
100 75
80
liorlp 63 1914
13-A 1 99 1001, United Rya 01St LPitts Bass & L E
Pratt & Whitney pret__100 98 10218
33
50 *30
4241 dr Or St ry stock._ 100 '80 310
vot tr ells
100 ,. 1138
Preferred
Pw
ro
,
rlyuc
ceors
.90
0111co pper -se6
so *60 70 (
10s
0 oo 100
I2d St M Si St N Ave___100 --_ --6.
4214 e Railroad
CoolPreferred
100 41
tk Es list
Securities Co26 income Os
_J-J 1 -6-5 .. (len 43 1934-See Stock En list
ll' stk tr ctLs ser A__ _52 90 95
Realty
Aasoa
115 11718
(Bklyn)._
_100
Inter-Met-See Stock
1915.-Exeh ange listUnit ltys San Fran-See Stk Exa Bat
Seaboard Company-See Ba It Ear list
Royal Bak Powd cont.._ .100 190 195
Lox Av ,Si Pay F 5s-See 61k has list
7212 West Pao 1st 5s
Wash Ity & El Co
100 72
Preferred
1933__M-3 83 90
100 110 112
9238
Preferred
lielfol)01 St Ity-See Stk has list
100 92
Itumely (M.) Co, pref..100 9934 100
Industrial
MIscel
trinth Avenue stock._ 100 150 175
43 1051
J-D 8014 8612 Adams hip gand
45 1047-J-D / 8634 8614 Safety Car Heat & Lt_100 121 122
Second Avenue stock.. 100
8
12
Ahmeek Mining
eSears, itoebuck dr Co 100 147 149
_25 235 250
Consul 53 1948
48
F-A 1 45
Gas Securities
Alliance Realty
100 118 125
ePreferred
100 123 12414
1 Sixth Avenue stock,,. 100 115 125
New York
Amer Bank Note corn- 50 *42
44
Seneca Mining__ _
za 4, 25 60
130u Boulev 5s 1945____J-•J 05
75 Cent Ca Gas 53 1927
___12 10312
J-J lo2
Preferred
5212
*5112
Singer
Mfg
50
Co
IOU 287 290
Per
A-0
1st
5a 1919
8.5
Bo
95 Con Gas (N Y)-See Stock has list
American Book
South Iron & S com....100
100 170 180
2
1
Third Avenue RR-See Stk Exo list
e Mutual Gas
100 172 180
am Brake Sta&Fdy com100 9312 9.512
Preferred
2
100
4
Tarry W P Si M fis 1928._ / 60
Now Amsterdam Gas80
ePreferred
135
137
14
Standard
104.1
Cordage
100
90
Y'kers St RIt 55 1946 A-0 83
1st consol Os
_J-J 10212 10312 American Brass
1st M g 55,31 red__ __ A-0 Y6- 14
100 125 130
NY & E It Gas 1st
38th & 29th Sus 63 '043__A-0 120 25
1943_.
5.s '44 J-J 10412 10512 Anterionn Chicle corn. 100 227 234
Adjust Id 5.3 Apr 1 1931-- / 1
3
Twenty-third St stock 100 230 '250
Consul bs 1945
10212
J-J
10312
Preferred
Standard Coupler corn__ IOU 35
100 105 108
39
Union Ity 1st 53 194•2___F-A 10312 _ N Y & Richmond Gas, 100 37 Clraphoplione com_100
9
Preferred
100 101 111
Westehester 1st 55 '43 J-J 70
80
Nor Un let 53 1927.......61-N 100 102 - Arn
Preferred
100 • 40 -3;- e Standard Milling 00,,..100 16
18
Brook4n.
a Standard Gas corn..._10o 00 ..._
Amer ilerdware_______100 135 138
sPreferred
"100 55
57
Allan Avenue RRe L'referNd
100 05
Am Malting 65 1914____J-D 100 102
del 5s 1930
.5I-N
88
A-0 10112 103
Con bs g 1031
1st 53 1930
M-N 10412 100
Amor Press Assoo'n____100
_ 85
Standard Oil of N J(old) 101.' 720 750
A-0 98 102
a II & W E bs 1933
eAtnerSawl corn(ex-sub)100 1-30 - 140
Standard Oil ex-eubsillar's 350 360
10 163 166
Brooklyn City Stock
Other Cities.
e Preferred
10J 108 10814 Stand trd Oil Saballiarles _ 310 380
Am Gas Jr Elee corn
Con 5s-Sea Stook Exch sage list
50 *75
70
Am St Found new-See S Or Ex list
Studeba!ter
Corp com_1(10 5414 5512
Bklyn Ilgts let 5s 1941 A-0 08 102
Preferred
50 *4512 4612
Os 1935
Preferred
A-0 9912 10034
.10. 10212 103
Amer Light & Tract...100 292 296
Bklyn (41100103 CO & SubDeb 4s 1923
Sulz nerger & So is t;o ni.10i 98 100
65
F-A 02
a 1st g 53 '41 op 1916 _J-J 08 101
Preferred ._
100 105 108
American
260
Surety
270
Swift
&
Co-See
50
Stk Exo list
Boston
op
58'41
con
'16
5I-N
a 1st
9012 071, Amer Power & L.com_100 73
70
American Thread prat_ _5 *412 big
let 53. See Cblea;;0 it% has list
Bklyn Rap Tran-See Stock bxc list
Preferred
100 3412 8612 Amer Tobacco cons-..See S tk Ex list
eTexas Cornoany
95
100
98
°pricy 131 & Bklyn.-...100 50
57
Bay State Gas
50 •7te
12 Amer Typerders cons.. _100 45
48
e Texas & Pacific Coai_luo 98 100
1st cons g 4s 11143__J-J '75
82
Bingit'ton (N Y) Gas Wks
Preferred
efesas PacIdo Land Tr_ iOu 87
109 99 101
93
Con g 41 1955
J-J
75
80
1st g 53 1938
A-0 98 100
Deb g 63 1939
M-N 9912 102
Title Ins Co of N Y__ __100 121 124
Brk 0 & N be 1039
J-3 98 100
Brooklyn Un Gas-See Stk Esc list
Amer Writing Paper
112 2
_100
Tonop tit Min (Nevada).....1 *67, 718
xjags Co El 43-See Stock Exo list
Buffalo City Gas stock_100
3
4
ePreferred
elfge
-See
list
Stock Ex
Trenton Potteries corn 1W
4
hi
Nassau Elea prof
100
1st Os 1947--See Stock Exo list
61st 5 t g 53'19 red 1053-3 8878 8338
Preferred new
100 50
5.5
bs 1944
A-0 101 103
Cities Service Co
92
100 00
AU (lit & W 158 Lines _100
8
('row Directory
9
'100 25
40
1st 41 1951-See Stock has 43t
Preferred.
100
84
83
Preferred
18
_
sUnion Bag & Paper _WU
100
19
N wwg de Flat 1st ex 4 Ms 90 94 Con (las of N J 53 1936 _J-J 90 434 5
Col tr g 5s 1950
6712 6812
J-J
ePreferred
55
100 49
Steinway 1st 6.s 1922.__J-J 100 104
Consumers' L II & PowBarney & Smith Car_100 16
20
Union Typewriter cout-iuu 30
36
Other Cities
53 1938
100
J-D
Preferred
9t)
100 80
1st preferred
IOU 10412 100
Buffalo Street ItyDenver Gas Jr Hie°
104) 220
Bliss Company corn_
50 80
90
25 preferred
99
100 DO
13-A 10434 1043
1st oonsol 53 1931
Gen g 53 1919 op .55-N 0
_ 12 ool
___4
Preferred
50 124 128
10u 52
United Cigar Mfrs
5412
A-0 10312 105
Deb Os 1917
Elizabeth (las Lt Co
100 300
Bond & Mtge Guar
100 270e Preferred
100
104
107
Columbus(0) St Ry......100 80
85 Essex & Hudson Gas__ _100 133 130
Borden's Cond Milk_ 100 129 i5i- Ud
114
100
United Copper
134
106 93 100
Preferred
Gas & El Bergen Co
_100 85
00
Preferred
100 109 111
5
100
Preferred
15
Oolum Ry con 53 1932 J-J 102 1()1
e Or Rap 1st bs 1915
F-A
9934 101
British Col Copper
914 eUnfted Dry Goods
*4
100 97
0812
Crosst'n 1st 53 1933 J-1) 101 102
Hudson Co Gas
100 132 134
Butte Coalition Mining_ 15 *22
ePreferred
100 105 106
2312
77
I Comm Ity & Ltg corn.. 100 76
elst 53 1949
5I-N 10438 105
Casein Co of Am corn _100
214 234 U 03 Casualty
tut, 215
100 8012 32
e Preferred _
Indiana Lighting Co.. 100 41 ...
Preferred
101
53
corn
52
U
10U 72
Stook
Esc ust
lit dc ref 430-See
es 1958 op
F-A 70 72
Casualty Co of Amer
PreEtearvreeldope
100 125 140
101/ 118
Federal Light & Trao_100 4212 44
Indianapolis Gas
50 20
26
Celluloid Co
106 139
U
3
1 142
100 89
135
Preferred
100 30 82
151 g 5s 1952
A-0 73 80
Cent Fireworks coin_ _100
Preferred
100 103 108
Grand Rapids Ry pret_100 82 85 Jackson Gas 53 g 1937_ A-0
1/7
100
Preferred
lat
g
13
53 1919
100 10
J-J 100 IU5
0 Loulsv St 55 1930J-J 105 1051 e Laclede Gas-See StookE xcli ii St
Chesebrough Mfg Co____100 700 725
Con g 53 1923
J-J 95 109 '
Lynn & I3os 1st bs 1024_J-D 10412 100
a Preferred
100 00
City Investing Co
s U S Ind 1st Alcohol -.100 27
58
54
10
29
371 Madison Gas 63 1926_ A-0 104
e New Ori Itys & Lgt___100 34
100
Preferred
e Preferred
104)
4)912
1.00 96
100 8012 821 Newark Gas Os 1944.. (1-3 124
e Preferred
Clallln
(II
126
B)
corn
99
90
100
U
1
S
9
02
1
Steel
Corporation
tk
1935-See
S
(len SI g 4)is
Ex list Newark Consol Gas
100 U0
e let preferred
100 90 93
Col tr 3 t 5s 1951 opt '11
112 11312
Pi Y Westch & Bost RY3 Con 3' 53 1948
J-D 105 100
e 2d preferred
94
100 90
Col tr s t 55 '51 not opt.. 112 11312
1st g 4123
.1. _ __J-J 9914 991, No Hudson L, 11 & PowCoasol Car Reating__1(10 5903
U 8 Tit Gu Sc Indem___100 93 100
Stk 1,:list
194of NJ-Seo
53 1038
sPub Hen,Corp
Coastal Rubber Tire__ _IOU
A-0 100
Westchester & Bronx Title
534 6
Tr ett3 2% to 0% perpet 106 107
Pacific. Gas & E, cont. _100 59 -a
Preferred
100
& Mtge Guar
100 160 160
North Jersey St ity_100 80 .....
Preferred
51;22 3
100 90 93
69
0
Debenture es 1951 A-0 / 3
vVestlarh'se Air Brake__ 50 .157 158
7712
lit 4s 1948
Pat & Pas Gas & Elec-100 93
M-N
e Crucible Steel
95
100 1138 1134
Voolworth (F W) Co off I), 7714 7834
Cow Tract ot N J.-100 75
. e Con g Os 1940
e Preferred
55-8 103 104
100 8218 83
Preferred (w 1)
10834 10914
let 542933
I w.k
_- St Joseph Gas 53 1937-J-J 90
J-I) 104 105
etss
Davis-Daly Copper
34 Worthingt'n Pump pret_104) 105 108
94
flu A. -in
1... i 1117 1104
Inactive and Unlisted Securities
[. '
,
Per !hare.
k Dasti .e_s9us on Stook .Exonanfej blt 1501 very active. / 'flat price.
n Nosnual
s dale pr oe.
View =look.
x Ex-dtv.
yEs-rtga‘nt
BOSTON STOCK EXCHAWIE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Feb. 3.
Monday
Feb. 5.
Tuesday
Feb. 6.
Wednesday
Feb. 7.
Thursday
Feb. 8
Friday
Feb. 9
*10378 10418 10418 10118 *104 1043 *10414 10412 10434 10438 *10414 10412
*10314 10334 *10314 10334 *10312 10334 10414 10414 *10334 104 *10334 104
222 222
*221 22214 222 222
22112 222
22112 22112 22134 222
132 132 *13112 132
132 132
132 132
132 132
132 132
*217 218 *217 218 *217 218
217 217 *_ - 218
99
9914 99
9912 99
9914 99
99
9913 9914 9914 9914
-- _ *293 _ _ *298
*29329914 29914 *298 ____
*13 1
5- *13
15 *29815 *13
*13
15
Last Sale 13
Jan'12
*74__ *74 ____ •*74
Jan'12
_ *74
_
Last Sale 75
a__ 1212
Last Sale 125 Jan'12
1212 *__ 1212 *____ 1212
*____ 58
*5578 58
Last Sale 5573 Feb'12
58
*170 171 *170 171 *170 171 *170 171
Last Sale 170 Jan'12
11112 11112 *111 112 *111 112
111 11114 *111 113 *11112
*272
Last Sale 272 Jan'12
272 _ _ *272 ____ *272 __
12712 1-2-712 *127 128
12714 12714 127 12714 127 12714 *12612 12712
*175 176 *17112 175 *17112 17412 17334 17334 171 172 x168 168
*SG
87
8612 8612 8712 8712 *8612 88
8712 *813
8712 87
Last Sate 135 Sep'11
*143_ *143 _- *143 145 *143 145
20
21 if
2034 2034 2038 203
21
21
2033 2018 2018
9414 *9334 9412 9378 9378
9434 9434 9434 9134 9412 9412 *94
13614 13612 13673 13714 137 13714 137 13714 13714 13753 13712 13712
*143 ___ *143
*143 __ 143 143 *143
__ *143
*212
_
Last Sale 21212 Jan'12
*212
__ *212
*212
*18514 116
18514 18514 *18514 186 *18514 1-80 *18514 186 *18514 186
62
61
62
02
61
63
64
6212 6334 6212 63
- 11212 11212 11212 11212 11212 11212 11212 11212 11212 11212
102 102
*11212--102 102 *102 ____ 102 102 *102 10214 102 102
16312 16418 16312 16312 *16378 16418
*16134 102 *16238 16258 16314 164
*9234 9314 9212 9212 *9212 93
93
9214 *92
*9112 9212 *92
164 164 *164
__ *164
164 164 *164
*164
8714 8712 8712 8712 8714 8714 8714 1712 8734 88
88 18-10214 10212 10212 10212 10112 10212
*10134 104 *10158 -- 102 102
5912 5934 5914 5914 5934 6018
5912 5912 5978 5978 5912 60
10212 10234 10214 10212 10212 10234 10234 103
10214 10212 *10212 103
4
414
413 418
4
4
*4
414
114 414
414 414
16
15
15
*15
16
15
1518 1518
15
15
1512 *15
113 11878 11812 1187s
11812 11912 11812 119
11812 119
11812 119
118 118
118 118
11734 118
11814 119
11814 11814 119 119
13912 13934 13012 13934 13958 14014 140 14014 140 14014 14014 14014
Jan'12
Last Sale 25
*2512
....
26
- *2.512 - -- *25
8614 *86
8712 8712
86
8612 86 1614 86
*25348712 86
8612
7812 7812 7812 '7812 7812
7814 *78
7812 7812 78
7814 78
10034 101 *100 101
101 101
10012 10012 10012 10012
*812 534
8
834 *812 9
8
812 *812 9
- -58 - 853
18
18
51814 1812 1812 19
19
19
*1814 20
18
19
Last Sale 160 Jan'12
*160 16114 *160 16114 *160 16114 *160 16112
1334 1418 1334 14
14
14
14
*1312 14
1434 1434 15
298 298
299 299
298 299
29812 29312 298 299
299 299
15612 157
15634 15714
15712 16712 157 15714 157 15712 157 157
9138 9114 9133 91
9114 9118 9114
91
91
91
*9034 91
9618 9612 97
98
98
96
9712 9734 9712 975
96
96
21912 220
220 220
219 219 *218 221
*215 220
219 219
*312 4
*312 4
Jan'12
*312 4
Last Sale 1
*312 4
104 105 *104 105
*104 105 *104 105
10434 10434 *101 105
10434 105 *104 106 *104 106 *104 106
*105 106 *104 105
16114 16112 160 161
*161 16214
160 160
15912 15912
_
*11616112
*11912 -_
Last Sale 113 Jan'12
_ *74
_ *75 1_6*75 ____ *74
Last Sale 7212 Jan'12
159 1-5-934
- 159 1-5
15834 159
--- 159 159
1591
914 15912
*1312-- ---- ----14
*1314 _ _
14
14
14
14
14
10038 10012 10038 10012 10033 10038 10033 16658 10038 16618 10012 10078
31
31
31
31
31
31
31
31
*3012 31
31
*30
*28
30 *28
30
*23
30
2934 30
*29
30
*28
30
180 180
180 180
180 18031 179 18012 17914 1797 179 180
4914 178 4734 478 4812
1614 4638 16
4618 4614 1834 48
2814 29
2812 2812 2818 2812
2778 28
28
28
2812 28
6114 6014 6078
6014 6034 60
6034 6012 6178 6014 6118 60
409 109
10814 10814 10814 10814 108 10812 108 10814
6
6
6
6
*512 612
614 *6
6
612
614 638
638
*6
*38
39
3812 3812 3812 3812 3812 39
6073 6114 6033 61
6058 6158 6053 6114
25
*2434 25
25
25
25
2434 2434
278 278
3
3
3
3
278 278
_ _ _ .49
•.45 .48 * .45 .43 *___ .49
*614 7
634 634 *612 7
634 7
4
1
4
4
*334 414 *334 115e
22
22
*2178 22
2178 2178
*2134 22
5814 5858 58
5814
5858 58
637s 58
408 410
403 409
407 407 *405 410
*1814 19 *17
18
*1814 19
*1814 19
4. .05 .07 * .03 .00
5034
5012 50
-85- 1614 50
-86" 50
5
5
54 514
518
5
*5
514
1214 1238 1214 1212 1214 1212 1214 1214
1214
1238 1238 1214 1214 1214 1212 12
414 45
412 412
438 412 45-16 412
3412 34
33
34
34
34
3373 34
8
8
8
814
814 814
8
814
32
3212 3212 3212
32
32
32
32
*118 138 *118 114
118
133 *158 138
13
13
13
14
1412 1358 1358 13
8
"Nis 19
- 1834 -1134 -113- -1838 18 1-81*4218 4212 4258 43
43
4312 4312 4312
*80
8612 8633 8658 *8614 8634 8612 8634
2134 2138 2112
2134 2131 2114 2134 21
278 278 *213i. 3
*234 278
273 2'51.6
1
118
114 114
118 118 1 1-16 114
3212 3212 3212 33
33
3314 3314 33
*434 514 *158 514 *434 514 *458 614
_
11(4 -111; -1118 111*1118 1138 -11- If
8
8
8
712 712
712 712
753 734
718 71s
733 712
*718 712
714 714
*2312 24
2334 24
2312 2312 *2314 2312
*212 3
*213 3
*212 3
*212 3
52
51
5134
5134 5134 5112 5134 51
1814 1814 *1814 1812 1814 1858 *1833 1878
312
*3
334 *314 334 *314 334 *3
712 712
712 734
7% 734
712 712
25
2518
2514 26
2512 26
2514 257
*512 6
*534 6
*512 6
*512 6
5
5
5
5
5
5
5
6
6
638
.6
6
d% 638
614 614
1512
*44
45
45
15
4412 1412 *44
106 107 *106 109 *106 107 *106 107
Sala
of the
Week
STOCKS
BOSTON STOOK
EXCHANGE
Lowest.
Range for PreviOW
Year (1911).
Lowest.
Highest.
Railroads
18 Atch Top & Santa Fe_100 x104 Jan 30 10653 Jan 25 10053 Sep 11614 J'ne
100 10112 Jan 12 10414 Feb 7 101 Sep 105 J'ne
Do prel
184 Boston & Albany....100 220 Jan 3 22214 Jan 30 219 Apr 226 Feb
100 13014 Jan 2 13412 Jan 29 12413 Sep 13012 Aug
212 Boston Elevated
100 217 Jan 5 218 Jan 4 207 Feb 218 Sep
5 Boston & Lowell
100 99 Jan 27 10012 Jan 3
360 Boston & Maine
9612 Oct 12233 Feb
20 Boston & Providenoe_100 299 Jan 3 29914 Feb 5 292 Mch 300 Mch
13 Jan 24 13 Jan 24
12 Sep
Boston Suburban El Cos_
16 Mch
75 Jan 25 75 Jan 25
Do prof
70 Oct
7614 J'ne
Boston & Woro Eleo Cos_
12 Jan 6 1212 Jan 6
6 Feb
13 J'iy
Do prat
54 Jan 5 57 Jan 8
3812 Jan
58 J'ly
Chic Juno Ry & USY _100 170 Jan 16 170 Jan 19 156 Apr 171 Dec
10812 Jan 2 11112 Feb 3 107 Mch 11512 J'ly
Do pref
78
Connecticut River_100 271 Jan 3 272 Jan 18 266 Jan 272 J'ne
67 Fitchburg, pref
100 126 Jan 3 128 Jan 25 125 Apr 130 Jan
100 14912 Jan 4 17512 Feb 1 11712 Jan 164 Oct
185 (hi RY & Electric
Ireep
b 29
36
5 s
13512 Ja
100 86 Jan 30 9112 Jan 6 18
'tine
Do pret
115
Alain(' Central
100
16 Apr
24 J'ne
043 Mass Electric Cos___100 20 Feb 8 2318 Jan 8
362
Do _prof
8334 Jan
06 Nov
100 9378 Feb 9 97 Jan 5
986 N Y N H ds Hartford_100 136 Feb 2 139 Jan 10 12714 Sep 1513 Feb
3 Northern N H
100 14218 Jan 19 143 Jan 24 139 Jan 142 Alch
Norwich & Wor pref _100 211 Jan 8 21212 Jan 29 210 Jan 214 Nov
100 18514 Jan 3 187 Jan 31 183 Mch 190 Nov
10 Old Colony
32 Jan
45 Deo
299 Rutland pref
100 41 Jan 2 70 Jan 24
100 109 Jan 10 11212 Jan 31 10512 Apr 114 Dec
314 Seattle Electric
100 10114 Jan 8 10212 Jan 30 x9712 NIch 104 Aug
Do prof
105
280 Union Pacific
100 16012 Feb 1 17312 Jan 2 15312 Sep 19218 J'ly
90 Mch • 9513 May
100 91 Jan 26 9212 Feb 8
Do pret
15
9 Vermont & Mass
100 164 Jan 5 164 Jan 16 156 Mch 16418 Dec
93 Meh
86 Sep
50 8612 Jan 2 88 Feb 8
173 West End St
50 10114 Jan 2 10212 Feb 7 105 Aug 105 Jan
Do prof
19
Miscellaneous
6334 Deo
46 Sep
916 Amer Agricul Chem 100 5914 Feb 8 6312 Jan 2
100 10034 Jan 13 103 Feb 9
99 Jan 10514 Mch
D, prof
726
353 Amer Pneu Service
50
4 Jan 26
513 Jan 15
312 Aug
612 Jan
1218 Aug
1914 Jan
60 x1434 Feb 2 1714 Jan 16
Do prof
193
100 11434 Jan 10 12012 Jan 30 112 Sep 122 Feb
539 Amer Sugar Hefin
100 11512 Jan 4 11912 Jan 30 11134 Jan 12018 May
Do pref
954
3,889 Amor Telep & Teleg_100 13713 Jan 2 14213 Jan 18 1315 Aug 15314 J'ne
2612 Dec
Amerman Woolen
3614 Mch
100 25 Jan 31 28 Jan 8
8512 Oct
9612 J'ne
100 86 Feb 5 8973 Jan 10
Do prof
6 26
7712 Dec
81 Nov
325 Amoskeag Manufacturing 77 Jan 3 7812 Jan 26
99 Dec 10012 Deo
177
Do prof
100 Jan 2 101 Jan 30
11 May
834 Feb 7
7 Jan 4
50 AU Gull & W / SS L_100
78 Dec
1412 Nov
20 Jan
100 16 Jan 4 20 Jan 18
Do prat
• 106
J n 151912
Cumb Telep & Teleg_100 157 Jan 2 160 Jan 20 1474
2
514 Jan
May
1,575 East Boston Land... 10 1034 Jan 2 1614 Jan 27
90 Edison Eleo /flum_100 295 Jan 2 29913 Feb 1 275 Sep 297 Dec
348 General Electric
100 155 Jan 2 16112 Jan 25 142 Sep 16734 May
9634 Aug
8734 Jan
1,216 Massachusetts Gas Cos100 9014 Jan 2 92 Jan 20
9812 Oct
93 Dec
Do prof
100 9312 Jan 6 98 Feb 7
304
94 Mergenthaler Lino
100 218 Feb 1 225 Jan 18 211 Jan 235 Aug
473 Jan
Mexican Telephone... 10
3 Oct
3 Jan 4
4 Jan 20
9 N B Cotton Yarn
100 104 Jan 29 105 Jan 18 103 Oct 119 M011
100 x10312 Jan 15 10512 Jan 31 101 Nov 11612 Mob
Do prof
71
100 152 Jan 2 16112 Jan 27 137 Jan 16512 Dec
141 N E Telephone
06 Jan 105 J'ne
Pacific, Coast Power..100 116 Jan 22 118 Jan 31
6234 J'ly
7334 NoT
Portland (Me) Eleo_100 7212 Jan 17 74 Jan 9
100 158 Feb 1 162 Jan 30 153 Sep 183 Jan
467 Pullman Co
15 May
65 Reece Button-Hole,.. 10 1334 Jan 2 14 Jan 17 x12 Jan
605 Swift & Co
9734 Sep 104 J'ne
100 9812 Jan 2 10073 Feb 9
385 Torrington
36 Jan
29 Sep
25 3014 Feb 2 32 Jan 10
31 Xly
27 Mch
25 28 Jan 5 30 Jan 13
Do prof
15
100 178 Jan 29 187 Jan 6 4178 Dec 19712 Jily
624 United Fruit
7,097 Un Shoe Mach Corp_ 25 4614 Jan 15 4914 Feb 7
5873 Feb
4014 Aug
Do prat
2914 Jan
2612 Sep
25 2753 Jan 10 29 Feb 7
1,430
8213 Feb
50 Oct
100 5834 Feb 1 6934 Jan 3
13,879 U S Steel Corp
Do prof
100 108 Feb 7 11134 Jan 3 10312 Sep 12012 Feb
208
Mining
718 J'nel
25
6 Jan 15
4 Sep
230 Adventure Con
Vs Jan 2
45 Jan 4
695 Algomah Mining
11 J'ne
212 Oct
25
e7 Jan 27
4414 Deo
21 Aug
25 3814 Feb 1 4412 Jan 2
412 Allouez
715 J'ne
4434 Sep
5,402 Amalgamated Copper 100 60 Feb 1 6738 Jan 3
3058 J'ne
1934 Oct
209 Am 'Zinc Lead & Sm_ 25 2434 Feb 1 2634 Jan 8
138 Dec 21116 Dec
2 Jan 2 e412 Feb 0
1,770 Arizona Com'l ctfs dep.
May
Bonanza Dev Co____ 10 .42 Jan 4
12 Jan 19 .30 Oct
71512 May
y
334 Aug .5
614 Feb 1
9 Jan 16
600 Bos&CorbCop&SliMg 6
612 Jan
3 Nov
312 Jan 22
412 Jan 4
50 Butte-Balaklava Cop., 10
2312 Dec
14 Aug
15 2134 Jan 18 2333 Jan 3
2,685 Butte Coalition
6334 Dec
45 Sep
10 5712 Feb 1 63 Jan 2
2,972 Calumet & Arizona
25 405 Feb 1 447 Jan 3 360 Sep 545 Jan
30 Calumet & Hecia
19 Dee
8 Aug
206 Centennial
25 1712 Jan 5 23 Jan 18
Cons Mercur Gold
1 .04 Jan 13 .09 Jan 15 .03 Nov .15 J'ne
6934 Feb
4634 Sep
1,331 Copper Range Con Co 100 50 Jan 31 5612 Jan 2
7 Dec
212 Daly-West
3 Feb
1338 Jan 6
20
5 Jan 19
1,777 East Butte Cop Min_ 10 1214 Jan 15 14 Jan 20
1134 J'ne
878 Aug
14 J'ne
512 Aug
4,303 Franklin
25 1112 Jan 15 1312 Feb 9
35 Sep
813 Feb
2,869 Giroux Consolidated_ 5
414 Feb 7
434 Jan 5
4312 J'ne
580 Granby Consolldated..100 33 Feb 5 3912 Jan 3
26 Aug
858 Deo
1,827 Greene Cananea
591. Oct
20
8 Jan 31
911. Jan 22
3112 Deo
17 Sep
2,990 Hancock Consolidated 25 29 Jan 5 e3512 Jan 17
2 Feb
200 Helvetia. Copper
25
1 Jan 3
112 Jan 15
34 Sep
16 J'ne
514 Oct
26 1138 Jan 16 15 Jan 27
1,262 Indiana Mining
1058 Deo
Inspiration Copper_ _10 10 Jan 16 11 Jan 24
58 Sep
4,310 Inspiration Consol C 20 18 Feb 6 2153 Jan 24
2914 May 44 Dec
460 Island Creek Coal__ 1 4012 Jan 17 4334 Jan 26
91 J'ne
8218 Sep
1 85 Jan 13 8634 Feb 7
Do prat
191
1112 Aug
23 Dec
4,745 Isle Royale Copper.. 25 2034 Jan 15 '2414 Feb 9
778 Jan
253 Oct
3 Jan 2
5
234 Jan 2
630 Kerr Lake
034 J:0
n:
12Nov
43
AugA
134 Jan 10
555 Keweenaw Copper_ 25 .80 Jan 2
22
25 3212 Feb 1 38 Jan 2
1,267 Lake Copper Co
6 Jan
3 Aug
5 Jan 15
La Salle Copper
25
534 Jan 9
4214 Dec
2014 Nov
Live Oak Developm1_10 4038 Jan 15 4312 Jan 18
1178 Deo
612 Apr
5,255 Mason Valley Mines.._5 107 Feb 8 1213 Jan 18
25
712 Feb 5
914 Jan 4
412 Aug el° J'ne
565 MASS Consol
3116 Deo
234 Jan 3 10 Jan 29 .20 Feb
25
2,512 Mayflower
2438 Deo
1678 Sep
5 2333 Jan 29 26 Jan 3
1,125 Miami Copper
2 Jan 2
25
114 Nov
312 Jan 20
55 Michigan
312 Jan
57 Deo
355 Mohawk
36 Apr
25 5012 Jan 30 5812 Jan 9
2114 J'ne
15 Sep
828 Nevada Consolidated_ 5 1814 Jan 29 2018 Jan 2
414 Ant
414 Jan 16
314 Feb 8
2 Aug
525 New Arcadian Copper 25
1138 Feb
534 Jan 3
5
x612 Dec
1,065 NipIssing Mines
734 Jan 30
3614 J'ne
15 2234 Feb 1 2912 Jan 2
20 Sep
5,514 North Butte
934 J'ne
25
514 Jan 30
334 Aug
70 North Lake
714 Jan 2
812 J'ne
35 Dec
412 Jan 5 C634 Jan 11
25
157 Oilbway Mining
318 J'Itt
23
258 Jan 2
733 Jan 26 .50 Jan
3,437 Old Colony
49 J'ne
3414 Set)
215 Old Dominion Co____ 25 44 Jan 31 48 Jan 2
243
4 4 Jan
0
81 Sep 11
25 106 Jan 15 110 Jan 2
450 Osceola
778 See
Parrot Silver & Cop_ 10 1234 Jan 13 1412 Jan 2
76 Deo
55 Sep
25 7312 Jan 29 77 Jan 8
149 ulncy
19 Dec
Sep
1,995 Ray Consol Copper__ 10 1613 Jan 29 1912 Jan 2
1 Jan 31
600 Santa Fe Gold & Cop_ 10
173 Jan 11
12754 14
p
tr
12
134 jI
Feb
10
9 Jan 31 1034 Jan 9
712 Shannon
1
45822
11
.
114
2 J ne
y
12 Deo
300 South Utah 31 & S___ 5 .60 Feb 1 .85 Jan 17
Jan
20 Oct
25 24 Feb 1 3012 Jan 2
721 Superior
Oot
e
218
13
Jan
334 Jan 2
4,752 Superior & Boston 1.11n 10
48
20 Sep
Jan
276 Tamarack
25 26 Jan 31
4518
012 Deo
j.
278 S
7
73
8 Jan 12
25
23
5 Jan 15 36
854 Trinity
3038 OctSep
2
Jan
3612
Smelt
lief
S
&
Jan
31
1.1
Min_
50
34
1,428
4514 AU: 4912 J'no
D , prof
1,014
50 47 Jan 10 43 Jan 3
178 Nov
312J'ne
212 Jan 2 31128 Feb 0
385 Utah-Apex Mining__ • 5
934 Jan
20 J'ne
1712 Jan 2
512 Utah Consolidated_ 5 15 Jan 31
41858 De0
o
57
1,919 Utah Copper Co
10 5212 Jan 29
913 Feb
38
3
134 NSAcuopg
v
0
9
11, 22
8058771834 JanJja3
25
433 Jan 4
1,167 Vlo oria
512 Jan 25
1,925 Winona
25
74 Nov 122 Feb
80 Wolverine
25 9434 Jan 29 10212 Jan 2
3 Feb
234 Jan 10 .30 Nov
134 Jan 5
1,590 Wyaml.ott
95
6
614
6
6
628 612
618 612
3812 3912 3912 40
6138 6312 6318 6353
*2412 25
25
25
234 314
414 412
Last Sale .48 Feb'12
678 678
678 678
*4
414 414
118
22
2212 2238 2234
5818 60
5912 6012
407 410 *410
1834 19
19 -2-6Last Sale .06 Jan'12
112 52
51
---- _ - -515 518
13
1214 1234 13
1212 1234 1234 1312
45
412 412
412
3512
34
3514 35
8
813 87i. x8
3213 3334 3312 3414
*118 112 *1i8
112
1312 11
14
14
Last Sale 1018 Jan'12
18
1858 1834 19
*4312 44
8612 8612
-2312 2412214 24
4
278 3
2151. 3
112 112
1.146 114,3
3412
35
33
34
Jan'12
Last Sale S
Last Sale 1113 Jan'12
1078 1078 1118 13
734 8
78 755
7
712 734
712
*2314 2334 2312 2312
3
*212 3
3
*5212 54
5313 5318
1918
1878 1918 19
314 312
312 4
712 712 *712 753
2512 2612 2638 2634
6
572 578
514 514
*473 5
512 0
578 618
*4412 46
4512 4534
107 108
108 10912
Last Sale 13
Jan'12
ie74- 75
7612
75
76
73
76
-7
74- 74
*74
75
74
1718 17
1714 1673 1714
1634 1678 1634 1634 1634 1678 17
*118 114 *1 3-16 114
114 114 *113 138
113
118
113 118
9
9
9
9
9
915
9
0
914 934
934 934
.70 .70 * ,65 ,75
.65 .65
.65 .75
•.65 .75
.65 .75
25
25
2614 2612 2612
*2414 2512 *2412 2514 2413 2434 25
47-16 412
4144 7-16
4
414 3 1546 4
4
418
4
4
27
27
27
28
27
28
*25
28
27
2712 * 25
29
578 578
514 578
514 514
512 612
534 534
512 6
34
3412 3412 3434 3512
*34
3414 3414 3414 3412 3412 34
4712 4712 4714 4714 4713 4712 4713 4738 4713 4712 4712 4712
*3 31-18
3 31-1
3110 31118 3111,3
3 3 1-16 *278 318 *3
15
15
15
16
16
15
15
15
15
15
15
10
*5434 5478 5133 5
5534 6534 5613
'
112 5434 5434 5434 5434 55
*45
5
458 48
478 5
453 48
412 134
412 434
*512 6
*512 6
*512 6
614 634
*612 0
0
012
9914 99
98
99 *-- - 9912_ 9914 97
97
9912 9312
213 218
2 2 1-16
2
2
.
2
2
211. 214s
214 233
L* Bid and assail pnees a Now swots. 8Asslt paid. 0 ki.'x-stoox div. h Ex-rIgn43. a Ex-div. and rights,
Range since January 1.
On basis of 100-share loll.
409
Boston Bond Record
FEB. 10-1912.1
-*
2
11
BONDS
4
BOSTON STOCK EXCHANGE
.,a.,
Week Ending Feb. 9
Am Agrlcul Chem 1st 5s___1928 A-0
Am Telep & Tel coil tr 4s_1929 J-J
1936 11-S
Convertible 48
Am Writ Paper lets 1 5s g 1919 J-J
1915 M-N
Am Zinc L & S deb Os
Ariz Corn Cop 1st 65 ctfs of dep_ _. _
Atch Top & 8 Fe gee g 4s 1995 A-b
Adjustment g 4s____Juiy 1995 Nov
July 1995 Al.-N
Stamped
1955 J-D
50-year cony 45
1917 J -D
55
cony
10-year
Ati Gulf & WI SS Lines 5s.1959 J -J
1916 J-J
Boston & Lowell 48
1944 .1-.1"
Boston & Malno 4 ,1s
11318 J -J
Bur & Mo Illy cons 65
oedar Rap & Mo It 1st 7s 1916 M-N
Oont Vermt 1st g 4s___May 1920 Q-F
1919 A-0
0 B & Q Iowa Div 1st 5s
1919 A-0
Iowa Div 1st 4s
1913 .11-N
Debenture 5s
1922 F- A
Denver Exten 4s
1927 fiA-N
Nebraska Eaten 45
1921 m-s
B 63S W s f 48
Illinois Div '3l3
1949 J-J
Ohio Jet By & Stk Yds 5s 1915 J J
Coll trust refunding g 48_1940 A-0
Oh Milw & St P Dub D 63_1920 J-J
Oh M & St P Wis V div 6s_1920 J J
Oh ea No Mich 1st gu 5s....„1931 111-N
1921 2-0
Ohio & W Mich gen 5s
oncord 63 Mont cons 4s__.1920 J -D
udahy Pack (The) 1st g s1924 ,n-N
1926 A-0
Current River 1st 5s
1946 A-0
Bet Gr Rap & W 1st 4s
1940 11-N
°minion Coal 1st s f 5s
1915 M-S
Fitchburg 4s
1927 Ai- S
48
1933 AFremt Elk & Mo V 1st Os
1933 AUnstamped let Os
general Motors 1st 5-yr 63_1915 AOlt Nor 0 B 63 Q coil tr 43-1921 J -J
1921 Q - J
Registered 4s
lt)
Week's
Range or
Last Sale
Price
Friday
Feb. 9
Range
Since
Jan. 1.
,-High No Low Big).
Low
5 10114 10212
10214 10212
91
9118 131 9018 9118
11014
11014 10 10834 11114
_ _ ___
-9834 Oct '11 ____
04 Jan '12 -__ 1-04- 105
5412Feb '12 ___ 54 60
9912
2 99 9912
9912
92.8 Jan '12 ____ 9114 9218
9153 Jan '12 ___ 9158 9138
Dec '11 ___ __ ____
--------107
__
__
11033 Mch'11 ..__
6814 33 6612 6814
6814 Sale 68
____ ____ 10014 McW09 _— ---- --__
_
10412(int '08
10234 Dec '11
11138 Sep '11
92 - Sale 9012Feb '12 ___ 1613 -9-0-12
--------1103 Oct '07 __ ___ ___
_ 99 Feb '11 __ --_- -__
____
iiii-'itic 10034 Oct -11
____
9978 Sep '11
9912 May'll ____ _..-. ____
____
9918 Feb '11
5514
..
8712__ 8712 Nov'll
101125ale 10112 10112 34 10-034 1-61-12
91
4 8978 91
90 ___ 91
--------114 Jan '11 ____ ____ ____
_
_ _ 11358Feb '11
99 Jan '12 _
-66 -9-9-_- 100
101
5 101 101
100 101 11)1
9712Scp '11 ____ ____ ---..
-------- 10014 Aucod
7 -9-914 1-03102
100 101 102
___
86 ____ 85120ct '11 __
9914 51 -66 -9914
99 100 99
1031g Apr '05 __ __ ____
......_ --_-------- 96 Apr '03
__
___ 128 J'ly '11 ____ ____
--------140 Anr '05 _
9813 9334 9712ScP '11 ---- -9778 74 1634 -68-12
9778 Sale 9758
9758 82 9658 9768
9712 ___ 9712
Ask
id
- -------9118 Sale
110 111
---------103 __ _
51.....
9913 9978
92 93
t
BONDS
BOSTON STOCK EXCHANGE
Week Ending Feb. 9
Price
Friday
Feb. 9
Illinois Steel deben 5s
1913 A-0
la Falls & Sioux C 1st 78
1917 /1-0
Kan 0 Cite & Spr 1st 5s
1925 A-0
Kan C Ft Scott & Mein 63._1928 11-N
Kan C Af & B gee 4s
1939 M- S
Assented income 5s
1934 11-S
Kan C & Al Sly & Br 1st 53_1929 A-0
Maine Cent cons 1st is
1912 A-0
Cons 1st 4s
1912 A-0
Marq Hough & Oat 1st 63_1925 A-0
Mass Gas 4 ;is
1929 J -J
Mich Telephone 1st 5s
1917 3• J
New Eng Cotton Yarn 5s 1921) F-A
New Eng Tel:ph 5s
1913 A-0
5s
1910 A-0
1945 J - J
Now England cons g 53
Boston Term 1st 4s
1939 A-0
New River (The) cony 53 1934 J-J
N Y N H & H con deb 3 3-is_1956 J -J
Cony deb Os
1948 J -J
Old Colony gold 4s
1924 F-A
Oregon Fly & Nay con g 48_1940 J -D
Oreg Sh Line 1st g Os
1922 F-A
Pere Marquette deb g 63_1912 J-J
itcpub Valley 1st s t 6s
1919 J-J
Savannah Eiec 1st cons 5s_1952 J -J
Seattle Elec 1st g Os
1930 F-A
Shannon-Ariz 1st g Os
1919 51-N
1929 J - J
rerre Haute Elec g 5s
Torrington 1st g 5s
1918 xi-5
Unioa Poo RR & I gr e 4s_1947 J-J
20-year cony 4s
1927 J -J
United Fruit gen s t 4;0_1923 J-J
Debenture 4 30
,
1925 ..1 J
CI S Steel Co 10-00-yr as Apr 1963 NI-N
West End Street Ry 4s
1915 F-A
Gold 4 30
1914 M-S
Gold debenture 43
1916 M-N
Gold 4s
1917 F-A
Western Telenh & Tel 58-1932 J -J
Wisconsin Cent 1st gen 4s 1949 J-J
NOTE.-1311Yor Pays accrued interest in addition to the purchase price lor all Boston Bonds.
Week'a
Range or
Last Salo
,::
9a
'
4-
Range
Since
Jan, 1.
13i4
Ask ,,ow
High No Low High
1003
10034 10034 26 10018 10034
17_
Apr '08 _- ---- --------_.
97 99 97 Jan '12 __ 97 97
11712 Sale 11712 1171,
1 117 11712
9212 ___ 9212 Feb '1 ...._ 92 9212
89
5 88 89
88 89 8813
1021 1021
102 10234 10212 1021
____ ____ 10014 Dec '11_________-_ --_- --10114 Sep '05 __ ___ ___
_
112- ___. 115 J'ne'08
9878 18 -6i -69
9834 Sale 9812
__ ____
_ ____ 9912 May'll
973
'7 -6712 9834
-973-4 Sale 9734
___ ___ 10133 Mehl' __ __ ____
_
__-- --__ 10012 Scp '08 -- __
4 -0-978
__ ____ 9978Jan '12 ____ -993____ __ --- __ ____ -__- ----------- 75 Dec '11 __ ____ ____
-------- 9854 May'll -8 13-212
13178
6 17317_______ 13178
-------01 Apr 119 ____ ___. ------------9878 Sep '03
-------________ 11334
1133
1 11334 11334
95 Jan '12 ____ 95 95
-------- 103 Jan '11 ___ ____ ____
7014 Dec '10 __-- ---- ---_
-------____ 10478 10414Jan '12 ___ 104 10413
85
8812 90 85
4 85 85
____ ____ 97 Apr '07 .._
___ ____ 9934Jan '12 ____ -9-934 -9-9-34
_-_- --__ 10078Oct '11 __ -___ -__'11
10318 Dec
5 -9-558 -9-612
961
8 9012
9612 965961•
1 9534 9514
96 9018 9618
10334 Jan '12 ____ 10138104
____ __ _ 9918 Sep '11 ___ ____ ____
-------- 10018 Dec '11 ___ _ ---- ---___ ____
9812 AWL, ____ ___ ____
__
0S12Nov'11
-.10018 21 V9121-0014
10018 sate 10018
9314 Jan '11 ___ __
-
* Na price Friday; iate -t old and asked.
II Fiat price.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
ACTIVE STOCKS
Sales
ot the
Week (For Bonds and Inactive
Stocks see below)
Share-?
Shire Prices-Not Per Centum Prices
Baturday
Feb. 3
Wednesday
Feb.7
Tuesday
Feb.
Monday
Feb. 5
Thursday
Feb. 8
Friday
Feb. 9.
109 109
10812 109
109 109
*106 -- *10612 -- *107
109 110 *-___ 110
10812 10812
10714 10714 10714 10734 108 103
934 034
938 934
912 931
934 978
912 912
912 912
58
5758 5734 68
58
*5812 59
5712 6712 5712 5734 58
12713 12712 12712 12712 12712 12712 12712 12758 *12712 12812
*24
25
2512
-31/173 251-2 *25 __
*0212 63
63
63
2038 2012 2014 2012
5
6
*5
4538 4538 463
*4234 4314 43
*1178 1218 1178
• 6312 53,2 5312
*3034
. *3014 31
7012 70
*70
712
712 712
28
2712 28
88
$812 89
7818
7812 79
*858
*858 9
*2334
24
24
02 1-18 6218 50114
' 51S8 5178 5112
1778
18
18
2378 2378 *2334
787-16 79 78 1-16
718
• 78-16 7 3-18
5134 5134 5112
*8711
/
41 8778 8712
6:3
20
63
2014
6212 6212
19
1978
6214
62
02
*61
1912 1
.
912 1913 1938
412 *2
5
4
5
4512 4538 4538 4538 4538 45
4278
43
43
43
43
43
1178 1178 1178 *1178 1218 *1178
64
54
54
5312 54
5334
3112 3114 31,4 3138 3134 *3112
7012 7012 *7014
*7014 71
70
712
*27
28
28
*27
*27
28
3312 8812 89
88
88
88
79
7912
793
8
7912
781516
7812
*858
*838 9
*858 9
9
2378 2378 *2373
*2334 24
24
6112 6138 61 9-16 6114 6112 6114
52
6134 6112 52
52
5134
1778
18
1778 1778 1734 18
2378 2378 2378 2378 . *2334
24
7838 78 3-16 7913 787s 7914 7834
718
718 7,8
718 718
718
5134 5112 5178 5134 5134 5112
8758 8712 8712 8712 8712 8712
Baltimore
645 Con Gas El L & Pow_100
prof
100
Do
686
3,181 Houston 011 tr ctfs_.100
Do
pref tr ctfs_100
2,040
50
122 Northern Central
40 Seaboard Company 100
100
1st pret
Do
100
2d pret
Do
375
15,412 United By & Electric_ 50
Philadelphia
212
50
2
508 American Cement
4514 4514 4514
50
505 American Railways
43
43
43
492 Cambria Steel
50
1218 *1178 1218
50 Electric Co of America 10
5418
54
54
848 Elec Storage Battery_100
32
3158 3234
100
718 Gen Asphalt tr ctfs
Do
pref tr ctfs_100
72
57
7114 *71
*714 734
125 Keystone Telephone_ 60
100 Lake Superior Corp 100
‘2I- *27 28
565 Leh C & Nay tr ctfs_ 50
89
8912 8912
50
7912 7938 797te 1,630 Lehigh Valley
912 012
100 Lehigh Valley Transit 50
9
Do pref
2434 2514 1,770
50
50
-61
-1
2 01516 617'6 2,474 Pennsylvania RR
7,791 Philadel Co(Pittsb)
6112 54
50
52
1814 6,239 Philadelphia Elecil_ 25
18
18
50
2433 4,685 Phil R T vot tr ctfs
24
24
50
24,968 Heading
7914 7858 79
1
555 Tonopai9 Mining
718 73to
718
50
5158 51,2 5134 1,492 Union Traction
50
968 Union Gas Impt
87,2 8712 8734
Range Since
January 1
Range for Previous
Year (1911)
Lowe-it
HtqIIwt
64 Jan
89 Jan
7 Mch
45 Feb
121 Jan
21 Jan
80 Jan
4314 Jan
1613 Jan
9512 Dec
101 Sep
10 Aug
79 J'ly
13034 J'ne
2838 J'ne
9978 Dec
65 Nov
1978 J'ly
5 Nov
7 Jan 10
2 Feb 9
42 Jan
45 Feb 2 4512 Feb 1
4078 Sep
4234 Feb 1 4412 Feb 2
1112 Jan
1178 Feb 2 1214 Jan 20
4312 Jan
5234 Jan 10 5512 Jan 23
2812 Aug
3014 Feb 1 3314 Jan 3
68 Aug
70 Jan 30 73 Jan 3
08 Dec
7 Jan 4 8116 Jan 8
2714 Jan 3 29 Jan 10
2112 SeP
88 Feb 5 9014 Jan 3
8312 J'ne
7534 Sep
7818 Feb 5 9278 Jan 16
913 Feb 9
614 Jan
812 Jan 3
1819 Jan
23 Jan 12 2514 Feb 9
5938 Sep
61116 Jan 27 6214 Feb 2
&0i Jan 11 54 Feb 9
4814 Sep
1512 Nov
1673 Jan 2 1834 Jan 25
17 Apr
2318 Jan 2 2438 Jan 25
7414 Jan 11 79916 Jan 22 6131513 Sep
738 Jan 22
634 Jan 11
512 J'1Y
43 Jan
51 Jan 3 5214 Jan 26
8414 Sep
5614 Jan 9 883 Jan 26
1712 Jan
4611 Nov
4834 Feb
1213 Jan
5618 J'ne
3914 Oct
8378 Jan
918 Jan
32 Feb
98 Jan
93716 Dec
978 Oct
2538 Oct
65 Feb
5914 J'ne
18 J'ly
2418 Aug
8034 Feb
838 Jan
5234 Aug
8938 Jan
1141test
Lowest
96 Jan
101 Jan
814 Jan
5334 Jan
12712 Jan
2512 Jan
3 109 Feb 9
2 110 Feb 7
978 Feb 9
3
25 5813 Jan 30
30 12812 Jan 17
27 2513 Jan 27
-62 Feb 8
1814 Jan 2
6412 Jars &
21 Feb 1
NOP
PHILADELPHIA
Inactive Stocks
10
'rerican Milling
50
, n3bria Iron
. ntral Coal & Coke...100
100
i Preferred
100
Qonsol Tree of N J
50
Oermantown Pass
,IluntIngton & B T____50
50
; Preferred
ndiana Union Tr____100
10
urance Co of N A
Inter Sin Pow & Chem_50
terstate Rys, pref_.JO
Kentucky Securities__100
100
', • Preferred
'1(eystone Telep v t o _50
50
. Preferred
eystone Watch Case_100
10
. t Brothers
50
' ttle Schuylkill
, inehill & Schuyl 11_50
Nat Gas Elea Ls & P0 100
100
t Preferred
Feorth Pennsylvania___50
50
. nnsylvania Salt
' ennsylvania Steel__ _100
100
). Preferred
hila Co (FRU) pret___50
?tlll German 63 Norris._50
50
hi's Traction
10
'Railways General
onopati Belmont Dev__1
i nited Cos of N J_pref_ __100
.50
Itnited Trac Pitts
, renla Ily & Pow_100
100
I Preferred
Varvriok Iron 50 Steel__10
tWashIngton-Va By._.100
100
, Preferred
100
eisbach Co
.West Jersey & Sea Sh__50
Westmoreland Coal..._ 50
lkes Gas & E1eo_10
ork Railway
eterred
L'Aittsad taasdi
Bid
Bid
PHILADELPHIA
Bonds
13
Prices are all "and
114
interest"
Alt
tta
L
V
Elec 4 30'33F-A
78
77
7812 7012 Am Gas & Sloe 5s'07_F-A
Am Itys 5s 1917
A-0
7512
1 1813 Ati 0 Elec ref 15s 1938_111-S
Berg&EBrew 1st 133'21 J-J
Bethleh Steel Os 1998 Q-F
Choo & Me 1st Os 1949 _J-J
Oh Olt & G gen 53 1919 J-J
Con Tree of N J 1st 58 '33
Del Co Rys tr ctfs 48.49J-J
Eleo & Peoples Tr tr
Fr Ta(36411 1st Os 1940.J-J
Gen Asphalt Os 1916_M-S
Indianap Ry 4s 1933....J-J
100 Interstate 4s 1943-1°-A
Keystone Tel Os 1935..J4
18
Lake Sup Corp ino 53'24_0
Lehigh Nay 4 0s'14Q4
Gen M 4 lis g 1924_Q-F
Leh V (31st 5s g 1933.44
07 Leh V ext 48 1st 19411.1-D
123
Congo 6s 1923
J-D
Consol 4 4s 1023
J-D
J-D
Annuity 65
45
Gen cons 45 2003..51-N
Leh V Tran con 48 '35 J-D
1st series A 48 1935_M-S
1st series B Os 1935 iki-S
MarketStEl 1st 4s'55 Al-N
NatLH&P ser 9 55 '19 J-J
New Con Gas 5s 1948.J-D
N Y Ph & No 1st 48'39 J-J
Income 45 1939_ -- _M-N
1114 Pa & N Y Can Os '39_A-0
Penn Steel 1st 5s '17_13.1-N
53
70
People's Tr tr ctfs 4s 1943
P Co Istdecoll tr 58'49 id-S
Con do coil tr 5s '51 M-N
Phil Elea gold tr ctfs..A-0
Trust Ws 48 1949 __J-J
P & E gen M 5s g '20-A-0
30
Gen DA 45 g 1920
A-0
sslos os
Ask
-8613
4ar_s_11
.1I-4..v.k4b.4
1
4
.
Ask
-ill;.
i.6._
95 96
---- -___
.._
1153-4 116 -
15S- i5i1-4
10412 ____
-8-a- -§8
.1-9)314 ----____
PHILADELPHIA
Ph & Read 2d 58 1933 A-0
Fix Imp AI 4s 1947 A-0
Termin,1 5s g 1941_Q-F
P W & B col tr 4s'21__J-J
Read Trac 1st 6s '33__J-J
Roch By & Leon 5s'54 J-J
Spanlsir-Am Ir 65 '27__J-J
Stan'd Gas & E 63'25 AL-N
S• tand Sti Wks lst5s'28 J-J
fu Tree Ind gee 5s '19_J-J
Un Rys Tr ctfs 4s'49.-J-J
United Rys Inv 1st coil tr
a f 5s 1920__M-N
Welsbach s t Os 1930__J-D
Wit-B G&E con 5i'55_J-J
York Rya 1st Os 1937_J-D
6
83
1:
1 -6
-1-14
BALTIMORE
8214 821
Inactive Stocks
Ala Cons Coal 63 Iron_100
70 71
Preferred
100
.7 A• tian Coast L (Conn)_100
I633-4 —
Canton Co
100
109 10 14
100
104 ___ Georgia Sou & Fla
1st preferred
100
10
2d preferred
---._
100
_
jiff G-B-..: Brewing
98 9814 Seaboard Air Line.._100
100
Preferred
-5
968
100
-_-_-_-_
-6E2 -93 10234 103
9612 oak!
10312 10334
8112 3134
----
Bonds
Prices are all "and
930....J.
"
ress11
yin31e4
Bait Cit
4s 1954-1955___Vartous
kt-N
t11a&
6 Potom 58A-0
Ana
Oscols9
Ati Coast L(Ct)ctis 5s J-D
Ctfs of indebt 4a____J-J
5-20-yr 49 1925
J-J
B S P & 0 lst 4 ;is'53 FBalt Trac 1st Os
No Balt Div 53 1942 J-D
Car Pow 63 Lt Os 1938 F-A
C• ent Ry cons 53
II 4115 Plid• .4
.
13
paid.
Bid
Ask
BALTIMORE
fly Ext&Imp 5s '32 Al-S
10014 ___ Cha5 City Sly 13 53'23 J-J
11514 11578
- Chas fly G 83 El Os '99 Al-S
9934City & Sub 1st 5s 1922 J-D
fig- City & Sub(Was)lst 5s '40
Coal & C Ry lit 5s'19 A-0
0634
- ___
10112 1013-4 Coal & I Ry lot Ks'20-F-A
Coldc(irnv 1st Os 1916 J-J
Consol Gas 53 1939___J-D
Gen 45s 1954____A-0
9712
77 7712 Cons G E 63 P 4 3is '35 J-J
Fair 63 Cl Tr 1st 58'38 A-0
8434 85 Ga & Ala 1st con 5s'45 J-J
90 ___ Ga Car&N 1st 53 g '29_J-J
Georgia P 1st 6s 1922__J-J
941,96 Ga So & Fla 1st 5s '45_J-J
G-B-S Brew 3-4s '51_M-S
Knoxv Trite 1st 5s '28 A-0
MaconRy&Lt 1st 58'53 J-J
Md Elec Ry 1st bs '31 _A-0
Memphis St let 5s '45_J -J
Mt Ver Cot Duck 1st 53_
264
Npt N do 0 P 1st 58'38M-N
147 150
35 __ Nor &Port Tr 1st 58'36 J-D
North Cent 4 3is 1925_A-0
95
Series A 5s 1926____J-J
75
Series B 5s 1926____J-J
114 2
2484 P:tt Un Trac 56 1997__J4
Poto Val 1st Os 194I__J-J
Say Fla & West bs '34 A-0
Saab Air I. 4s 1950___A-0
Adjust bs 1949____F-A
Scab & Roan 55 1926__J-J
South Bound 1st 5s__A-0
U El L&P 1st 4 34s'29 14-N
Un Ry & El 1st 45 '49 ti&-S
Income 4s 1949__J-D
Funding Os 1936—J-D
Va Mid 3d ser (3s '16_13-S
4th ser 3-4-56 11121_51-S
5th series 5s 1926_ _M-S
98
Va (State) 3s new '32.54
Fund debt 2-3s 1991 .7-3
West N C con 6s 1914_J-4
Wil es Weld Os 1935_ _J-J
Bid
10234
i5f1-4
i561-8
Ask
10584
'if
9718 -971-2
90 9012
10014 10058
107
10512
idit-4.3412 35
106 10614
10112
773 -fti"
971 98
8958
111
ides
95 "ilea
851
6434 65
871 88
1061.
Lxxxxxv.
THE CHRONICLE
410
Anuestment and jgatiroact
Autettigence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEM,' railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year
Latest Gross Earnings.
July 1 to Latest Date.
Current
Year.
Previous
Year.
ROADS.
Week or
Month
Current
Year.
Previous
Year.
July 1 to Latest Date.
current
Year.
Previous
Year.
Ala N 0 do Tex Pac*
4
*
3
3
5
3
61,000 2,021.043 1,082.553 NYNH&
December.. 5.418,045 5,032,911 32,963,002 32,365,222
N 0 do Nor East_ 2d wk Jan
58,000
30,000
926,354 1,014.877 N Y Ont & West_ Decem or.. 69.4422 731,169 4,777,33, 4,977,401
25,000
Ala & Viel:sburg_ 2d wk Jan
24,000
809.931
22,000
Y Susq & West__ Decem,er.. 330,788 337,244 2,002,949 1,890,202
860,735
Vicks Shrev& Pac 2d wk Jan
11,850
81,977
16,673
57,740 Norfolk Southern__ /eoember.. 27 ).252 253,078 1,594,284 1,432,352
Ala Tenn & North_ December..
37.936 1,310.605 1,201,863 Norfolk & Western_ December.. 3,257.244 2,935,533 10,085,571 18,494,622
38,020
Ann krbor
id wk Jan
Atch Topeka & S Fe December 0,198,075 9,602,112 54.936,783 55,676,325 Nortn:rn Pacilio_ December.. 3,.,23,317 5,013,847 34,473,769 36,478,551
53,786 1,840,967 1,584,040 Pacifico Coast Co_-_ December.. 580,969 605,663 4,074,787 4,370,717
68,038
tianta Birm & AU 3d wk Jan
Atlantic Coast Line December _ 3,256,760 3.114.245 15,798,588 14 022,984 ..ennsylvania 1816.. December.. 13746379 13123249 32,161,731 81,008,425
15,010
16,875
g Baltimore & Ohio. December. 7,188,254 6,841.820 160922,354 16,906,377
Bait Ches & Allan December..
168,287
164,746
110,301 115,436
813,390
B & 0 Ca Ter Hi.. December.
Cumberland Vail_ December.. 241,264 251,747 1,500,048 1,633,515
797,979
Bangor &Aroostook December.. 246,052 256,068 1,669,486 1,498,504
December.. 737.548 67.1,831 5,834,355 5,405,112
Long Island
8,001
Boston & Maine_ December 3,763,841 3,528,563 24,039.530 23,529,782
85,257
9,000
Maryi'd Del & Va Decemner..
81,660
3,317
3,336
32,221
Bridgeton & Saco It December
N Y Phhla & Nonf December.. 261,980 265,033 1,728,009 1,774,039
28,185
Buff !loch & Pittsb_ 4th wk Jan 313.731 252,298 5,681,103 5,719,364
Northern Central. Deco bar.. 1,024,812 1,126,906 6,538,064 6,660,358
December.. 211,661 199,185 1.264.788 1,194,988
Buffalo & Susq
Phlia Baltdc Wash December.. .581.1.1 1,552,673 9,104,005 9,959,138
Canadian Northern_ 4th wk Jan 448,200 259.200 11,562,800 8,869,200
W Jersey & Sea.sh December.. 460,5,8 355,170 3,060,280 3,557,176
Canadian Pacific_ 4th wk Jan 2.747,000 1,884,000 69,767,366 01,437,651 Pennsylvania Co... December.. 3,945,120 3,776,571 27,471,180 28,403,033
Central of Georgia... 4th wk Jan 380.700 375,000 8,360,473 7,869,283
Grand Rap & Intl December.. 407,024 405,118 2,086,505 2,725,071
Central of New Jcr_ December.. 3.001,111 2,957,045 15,642,705 15,050,516
Pitts Gin Cu &St L December.. 3,288,972 3,340,08u :0,498,320 20,872,703
December.. 843,966 039,442 5,200,331 5,652.445
Vandalla
322,608 312,744 2,145,251 2,044,572
Central Vermont... December
Total
Chcs & Ohio Lines_ ith wk Jan 1,018,235 970,439 19,725,122 19,793,280
East Pitts & S. December.. 19005102 18314043 119069915 118025144
Chicago & Alton... 4th wk Jan 340,233 323.472 8,936,731 8,939,812
West Pitts & E December.. 8,802,073 8,827,644 58,392,607 59,968,866
Chic Burl & Quincy December.. 3,942,257 7,451,014 45,970,700 18,261,260
11 East& West December.. 27897176 7141088 177462524 178894012
p Chic Great West 4th wk Jan 322,639 264,303 7,612,047 7,543,434
December.. 1,520,680 1,403,323 9,093,727 8,516,185
Chic Ind & Louisv. 4th wk Jan 176,068 147,019 3,823,507 3,651,327 Pero Marquette
78.095 Raleigh & Southport November_
14,718
142.541
23,058
17.325
13,418
Chic Memph dc Gulf December
73,422
65,566
Chic Milw do St Paul December. 5,298,589 5,407,238 33,344,555 35,522,390 Reading CompanyPhila & Reading_ December 4,050.369 4,012,167 23,282,688 23.053,296
Ch Mil So Pug Sd_ December.. 1,370,707 1,220,120 8,423,868 7,513,501
Coal & Iron Co
oChic & North West December.. 6,305,925 6,353,779 40,643,927 41,746,982
December 3,660.219 4,213,084 17,830,395 16,768,173
Total both 003
roChle St Paul M do 0 December. 1,312,574 1,399,788 8,133,657 8,953,431
December 7,710,588 8,225,251 41,113,033 39,819,468
December.. 161,868 171,831
958,208 1,162,615 Rich Fred do Potom December.. 210,213 187,424 1,169,402 1,092,979
Claio T II & S E
Cin Ham do Dayton Dece,nber
780,678 758,752 5,335,918 5,004,886 ttlo Orande June_ _ _ October
99,496
376,618
95,367
382,026
Colorado Midland
November_
953,634 Rio Grande South
927,622
193,625 195,472
361,207
301,546
11,407
4th wk Jan
13.478
b Colorado & South- 4th wk Jan 301,000 422,361 8.828.697 10,459,805 Roc Isiamd
December.. 5,552,312 0,042,38a 34,133,781 36,517,883
Cornwall
Dece Aoer..
80.251 Rutland
264,966 264,272 1,842,884 1,863,490
December.
96,183
16,706
12,856
Cornwall do Lebanon December..
843,166
114,063 141,527
180,087
919,552
22,264
28,306
189,235 St Jos & Grand Isl. December.
Cuba Railroad
December.. 293,685 237,118 1,582,605 1,261,936 St Louis & San Fran December. 3,689,504 3,914,985 22,197,221 22,770,519
f Chic & East Ill_ December. 1,354,079 1,414,046 8,155,206 8,029,019
Delaware & Hudson December.. 1,753.6201,605.840 11.133.907 10.762,060
Total all
_ December. 5,043,583 5,329,032 30,352,427 30,799,539
.eeember.. 1,0 7,925 3,033,375 19,174,3,6 18,534,818
Del Lack & West
913,774 1,119,393
December.
183,268 220,357
Deny & Rio Grande 4th wk Jan 598,500 544,100 14,283,658 14,029,818 St L Rock Mt & P
2.934,172
Western Pacific
St Louis Southwest_ 4th wk Jan 357,000 355,000 7,290,288 7,512,700
December.. 402,155
610.517 San Pod LA & S L. December.. 694,351 763,276 4,382.428 4,113.050
650,658
Deaver N W do Pao_ 3d wk Dec
19,099
24,065
Detroot To. & Iront 4th wk Jan
51,908
41,934 1,057,180 1,185,904 Seaboard Air Line 4th wk Jan 563,914 590,840 12,914,120 12,141,413
51,591
687,956 .,outnern Paolno Co
Detroit & Mackinac 4th wk Jan
702,042
29,609
11200477 11566464 69,06s.365 71,137,723
Dui & Iron Range__ November.. 378.884 419,143 4,330,966 4,936,070 Southern Railway
4th wk Jan 1,705,062 1,001,243 37,133,516 36,021,580
Dui Sou Shore & At' 4th wk Jan
72,488
Mobile & Ohio
87,882 1,871,704 1,970,068
4th wiz Jan 337,686 335,436 6,760,199 6,508,653
Cia N 0 eG Tax P. 4th wk Jan 294,043 274,731 5,621.521 5.596.450
El Paso & S ,u West December.. 668.112 643,304 3,585,225 3.052,957
Erie
December.. 1,525,963 1,546,742 30,019,593 29.596.397
Ala Great South_ 4th wk Jan 162,139 140,746 2,798.736 2,712,264
12,135
Fairchild & N E
December..
12,840
1,851
62,235 1,429,767 1.428.540
2,420
61,252
Georgia Sou & Fla 4th wk Jan
496,798 Tenn Ala & Georgia 2d wk Jams
497.306
Fonda Johns & Glov December
71,703
1,431
68,342
60,431
1,981
50,833
1,643,723
1,776,122
Texas
Georgia Railroad... December.. 307,853 295,385
& Pacific_ _ _ 4th wk Jan 537,831 502,533 10,598.192 10,265,904
Grand Trunk Syst 4th wls Jan 1,167,138 1,061,580 29,289,633 26,457,640 Tidewater & West_ December..
8,559
7.550
50,735
42,433
Grand Trk West- 3d wk Jan 114,995 124,742 3,760.793 3,418,039 Toledo Peon & West 4th wk Jan
43,048
39,997
709,501
787,681
40,810 1,335,722 1,177,706 Toledo St L do West 4th wk Jan
Del Gr Hay & hill 3d wk Jan
35,007
93,621
92,747 2,365,655 3,272.88
35,209 1,195,861 1,060,558 Tombigbee Valley_ December..
36,450
Canada Atlantic_ 3d wk Jan
8,035
8,246
50.487
43,48
Union Pacific Syst_ Decent ben.. 7,175,161 7,347,352 47,044,545 19,825,41
Great Northern Syst January __ 3,897,532 3,285,815 40.415,608 38,109,412
168,258 180.173
Gulf & Ship Island_ December
Vire la ec So West_ Decembe:.. 130,495 124,164
995,897 1,012,576
865.261)
677,371
Hooking Valley
December.. 547.718 583,563 3,886,203 4,204,611 Virginian
December.. 371,781 303,267 2,356,409 1.774,63
Illinois Central.... December.. 5,019,239 5,534,443 30,493,349 32,220,280 Wabash
1st wk Jan 450,544 495,027 15,693,065 16,367,18
Internet & Gt Nor_ 4th wk Jan 348,000 276,000 6.447,401 5,757,472 Western Maryland_ November_ 570,629 567,452 3,095,308 3,222,674
a Interoccanio Mex. 4th wk Jan 295,873 296,094 4.943,451 5,083,990 Wheel do Lake Erie. December.. 538,234 520,032 3,996,774 3,685,80Q
November_
Kanawha do Mich
267,632 261,078 1,430.035 1,443,086
Wri‘litsv & Towline December..
34,051
33,702
101,682
169,303
Kansas City South_ December
803,579 917,209 4,888,875 5,382,993 Yazoo & Miss Valley December 1,076,361 1,202,280 5,260.017 5.631,171
K C Max & Orient.- 3d wk Jan
31.094
33,733
Lehigh Valley
December 3.116,124 3.033,092 19,829.997 18.714,036
Current
Previous
Lexington do East
December_
40,948
Period.
Year.
43,734
254,965
Various b'Iscal Years.
279,782
Year.
Louisiana & Arkan_ November. 134,248 123,123
600.509
504,230
Louisv fiend & St L December
101,576 107.016
642,653
651.507
4th wk Jan 1,564,215 1,455,535 32,762,349 32,453,309 Delaware do Hudson
a Louisv do Nashv
Jan 1 to Dec 31 21,357,924 20,329,679
Macon & 131ron'ham December
14,325
to Dec 31 103954863 99.908,478
15,223
82,029 N Y Central & Hudson River_e_ Jan
85,049
Maine Central
December.. 789,542 743,028 5,590,603 5,178,623
Lake Shore & Michigan South Jan 1 to Deo 31 48,360,907 49,420,211
Maryland & Penna. December
33,734
to Dec 31 5.420,821 5,513,320
Jan
32,202
Lake Erie & Western_n
232,034
235,283
a Mexican Railway- 3d wk Jan 169,100 172,300 4,504,600 4,693,800
to Deo 31 3,822,612 3.739.663
Chicago Indiana do Southern_ Jan
Mineral Range
24,520
4th wk Jan
Jan 1 to Deo 31 30,164,490 29,694,815
26,444
Michigan Central
445,279
436,755
Minn & St Louis--1 3d wk Jan
126,805 295,410 4.550,571 5,073,056
Cleve CM Chicago & St Louis Jan 1 to Dec 31 30,431,915 30,423,005
Iowa Central_ j
Jan 1 to Dec 31 3,218,283 3,538,068
Peoria & Eastern
Minn St P & S S hil 4th wk Jan 553,675 645,210 15,580,777 13,368,607
Jan 1 1c, Deo 31 1,243,678 1,294,279
Cincinnati Northern
Chicago Division)
Jan 1 to Duo 31 15,308.561 17,052,697
Pittsburgh & Lake Erie
Mississippi Central_ November_
70,495
386,515
379,181
78,538
New York Chicago & St Louis Jan
to Deo 31 11.258,008 11.238.877
U Mo Kan & Texas_ 4th wk Jan 887,323 882,695 17,864,007 18,275,014
Jan
to Dec 31
Toledo & Ohio Central
5039.986
Missouri Pacific
4th wk Jan 1,665,000 1,484,000 32,667.753 31,980.864
Jan
.812';873 25
to Dec 31 25
Total all lines
.
6911408
Nashv Chatt & St L December.. 959,195 1,064,643 6,083,110 5.988.110 Pennsylvania Rlitroaa
to Dee 31 157487413 180457299
Jan
a Nat Rys of Mex_f_ 4th wk Jan 2,009.202 1.795.289 37,885.272 37,427.472
273,545
Baltimore Chesap & Atlantic_ Jan 1 to Dee 31
269,331
Nevada-Cal-Oregon. 3d wk Jan
1,587
3,553
200,574
213.413
Cumberland Valley
Jan 1 to Deo 31 2,891,331 3,128,255
Nevada Central.... December..
33,953
9.282
Jan 1 to Des 31 10,517,751 9.779,115
4,737
43,626
Long Island
N 0 Great Northern December.. 131,544 132,866
839,232
836,965
134,231
Maryland Delaw & Virginia.. Jan 1 to Dec 31
129,244
N 0 Mobile & Chico_ Wk Dec 23
I) Deo 31 3.326,455 3,486.617
44,060
922,254
40,875
860,756
N Y Philadelphia & Norfolk_ Jan
eNYC & Bud Riv_ December.. 8,645.587 8.455,540 55,146,199 52,937,879
Jan 1 to Dee 31 12,745,867 12,798.828
Northern Central
Lake Shore & AI S December..4.105,654 4,104.336 25,615,954 25,707,085
to Dec 31 18,014,244 19,021,707
Philadelphia Bait & Wash... Jan
to Lake Erie & W. December.. 457,163 488,291 2,808,652 2.912,443
Jan
to Dec 31 6,247,667 5,981.673
WestJersey do Seashore
Chico Ind & South December.. 379,345 359,806 1.049,785 1,813,910 Pennsylvania Company
to Dec 31 50,110,590 34,170,875
Jan
Michigan Central. December..2.605,982 2,577,490 16,105,075 15,707,411
to Deo 31
Jan
Grand Rapids do Indiana
.031.661 5,148,994
Cleve CC & St L. December.. 2,622,721 2,749,037 16,006,030 16.241,736
to Dec 31 38,549,933 40,601,379
Plttsb Cincin ehlo 33 St Louis Jan
Peoria & Eastern December.. 294 352 334 098 1,654,005 1.944,310
Jima
to De . 31 9070,327 10,528.371
Vandalla
Cincinnati North. December.. 117,569 106,942
707,992
704,310
Total lines-East Pittl ,0 Sri Jan 1 to Deo 31 225093936 22881818
Pitts & Lake Erie December.. 1.208.360 1,092,133 8,371.263 8.769.076
to Dec 01 1083 )0054 11480033
West Pitt; & rle Jan
N Y Chlo & St L. December.. 1.024,311 991,800 5,866,202 5.789.352
to Dee 31 334349980 3436 18511
All lines E & W.Jan
Tol & Ohio Cent_ December.. 408,050 446,892 2,830,373 2,924,300 Rio Grande junotion
Dec 1 to Oct 31
938,74
883,181
Tot all lines above December.. 22017004 21706371 137149513 135481614 Rutland
Jan 1 to Deo 31 3,416.713 3,339.83
Jan 1 to Jan 31 1,379,376 1.322.663
Texas & Pacific)
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Client Year Prev's Year Inc. or Dec.
Monthly Summaries.
Cuent Year Prep's Year Inc. or Dec.
Mileage Curr. Yr. Prey. Yr.
ad week Nov (44 roads).... 15.175,625 15,288,825
242,688 238,041 228,997,481 238,336,609 -11,339.138 4.74
--91.200 0.59
March
4th week Nov (44 roads)._ 19,967,122 19,490,200
A-470,922 1.93
242.933 239,132 218,177.123 225,700,811 --7.023,688 3.33
April
1st week Dec (40 roads).... 15.251,799 14.088,335 A-1,103,464 8.18
243,170 239,357 329,042,771 234,339,874 --4,097.103 1.00
May
Id week Deo (42 roads).... 15,343.409 14.035,136 A-1,308.273 9.32 June
243,732 240,012 231,697,053 238,156,755 --0,459,702 3.71
3i1 week Deo (45 roads)____ 15,366,303 14,880,703
-I-485,000 3.36 July
244,508 240,088 231,688,006 233,160,887 --1,481.881 0.66
4th week Dec (42 roads).... 19,418.818 19,971,884
--555,000 2.80
244,531 240,170 253,043,102 254.880.944 --1,843,842 0.73
August
1st week Jan (42 roads)____ 11,753,095 11,634,037
4-119.058 1.04
September 245,494 240,825 257,256,762 256,748,775
+807.987 0.49
3d week Jan (42 roads)._
11.097,198 11,903,148
--805,950 6.44
October _236,291 233.199 260.482,221 259,111,859 +1,370.382 0.6$
3d week Jan (37 roads)
11.570,415 12,036,782
--400,307 3.89
November. 234,200 231.563 241,343.703 243,111,388 --1,707.025 0.73
4th week Jan (36 roads).... 19,547,003 17,337,388
A-209,015 1.20
December _ 90,576
89,193 71.109.323 69,320,828 4-1,782.495 3_.1.117
a Mexican currency. b Does not include earnings of Colorado Springs al Cripple Creek District By. from NoV 1 1911; in 1910 these returns
are included. a Includes the Boston & Albany, the New York do Ottawa, the St. Lawrence & Adirondack and the Ottawa & N. y, Ry., the latter
of which. being a Canadian road, does not make returns to the Inter-State Commerce Commission. f Includes Evansville al Terre Haute and Evansville 63 Indiana all. g Includes the Cleveland Lorain & Wheeling By. in both years. n Includes the Northern Ohio RB. P Includes earnings of
Mason City as Ft. Dodge and Wisconsin Minnesota & Pacific. a Includes Louisville & Atlantic and the Frankfort a uincinnati. I Includea thip
Mexican 1nternationai from July 4010. u Includes the Texas Central. v Includes not only operatinir revenues. but also all other
re00109*
THE CHRONICLE
FEB. 10 1912
Latest:Gross Earnings by Weeks.-In the table which follows we sum up separately the earnings for the fourth week •
of January. The table covers 36 roads and shows 1.20%lincrease in the aggregate over the same week last year.
Fourth week of January.
Alabama Great Southern
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Central of Georgia
Chesapeake & Ohio
Chicago & Alton '
Chicago Great Western
Chicago Indianapolis & LoulsvCinc New On & Texas PacIllo_ _
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Detroit Toledo & Ironton
Duluth South Shore & Atlantic
Georgia Southern & Florlda
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hay & Milw_
Canada Atlantic
International & Great Northern
Interoceanic of Mexico
Louisville & Nashville
Mineral Range
Minneapolis St Paul & S S M__}
Chicago Division
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
National Rys of Mexico
Rio Grande Southern
St Louis Southwestern
Seaboard Air Line
Southern Railway
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western_
Total (36 roads)
Net increase (1.20%)
1912.
Increase. Decrease.
1911.
162,139
149,746
252,298
313,731
259,200
448,200
2,747,000 1,884,000
375,000
380,700
976,439
1,018,235
323,472
340,233
264,303
322,639
147,019
176,068
274,731
294,043
422,361
361,690
598,500
544,100
31,591
29,609
51,908
41,934
72,488
87,882
61,252
62,235
12,393
61,433
189,000
863,000
5,700
41,796
16,761
58,336
29,049
19,312
1,167,138 1,061,580
•
i
105,558
348,000
276,000
295,873
296,094
1,564,215 1,455,535
24,520
26,444
553,675
456,219
108,680
60,671
54,400
1,982
9,974
15,394
983
72,000
221
1,924
97,456
887,323
882,695
1,665,000 1,464,000
337,686
335,436
2,009,202 1,795,289
13,478
11,407
357,000
355,000
563,914
590,840
1,705,062 1,601,243
537,831
502,533
43,048
39,997
93,621
92,747
4,628
201,000
2,250
213,913
2,071
2,000
19,547,003 17,337,388
315,734
209,615
26,926
103,819
35,298
3,051
874
106,119
For the month of January the returns of 37 roads show
as follows:
Month of January.
Gross earnings (37 roads)
in
1912.
1911.
Increase.
$
50,807,507 49,266,507 1,541,000
3.13
It will be seen that there is a gain on the roads reporting
the amount of $1,541,000, or 3.13%.
Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
and industrial companies reported this week:
411
-Gross Earnings
--Net Earnings
Current
Previous
Current
Previous,
Year.
Year.
Year.
Year.
• $
Rio Grande Southern_b_Dec • p 46,257 • • 47,084 def13,867 • • 19.092
July 1 to Dec 31
• 261,528 • 324,840
16,054
128,735
Rutland_b
Dec 264,966
264,272 k• 77,832 • .• 70,143
Jan 1 to Dec 31
3,416,713 3,339.834
948,597 • 983,578
St Louis & San Fran_b__Dec 3,689,504 3,914,985 1,229,200 1,118,074
July 1 to Dec 31
22,197,221 22,770,519 7,577,921 7,119,408
Chicago & East Ill_b_Dec 1,354,079 1,414,046 • 373,406 • 465,040
July 1 to Dec 31
8,155,206 8,029,019 2.499,221 2,844,774
Total all lincs_b
Dec 5,043,583 5,329,032 1,602,606 1,583,114
July 1 to Dec 31
30,352,427 30,799,539 10,077,142 9,764,182
St L Rky Mtn & Pac_aDcc • ,183,268 (220,357
• ; 58,803 • • 85,792
July 1 to Dec 31
294,162
405,203
- 913,774 1,119,393
Seaboard Air Line_a____Dec 1,992,462 1,914,955 1540,189
603,638
July 1 to Dec 31
11,151,686 10,303,263 2,875,206 2.960.591
Texas & Pacific _b
Dec 1,807,911 1,763,169
652,650
653,113
Jan 1 to Dec 31
16,139,027 16,375,802 3,891,008 4,102,982
Toledo Peor & West_b__Dec • 106,915 L 116,049 ,• .14,638
27,801
•
July 1 to Dec 31
160,463
- 656,077 L679,752
128,649
Tombigbee Valley
Dec •„• 8,935 • • I 8,246 • 3,125
3,412
•
July 1 to Dec 31
_. , 50,487
16,204
43,484 •,,,• 18,313
Yazoo & Miss Valley_a_Dec 1,076,364 1,292,289
640,735
313,749
July 1 to Dec 31
5,266,017 5,631.177 1,122,154 1,616.549
• LLk
INDUSTRIAL COMPANIES. ,;--k.4 • • •
-GrossEarnings- -NetEarnings
Current
Previous
Current
Previous
•
Companies.
Year,
Year.
Year.
Year.
Roads.
Abington & Rockland Elm
Lt & Power Co_b____Dec • '9,266 • • 10,194
2,296
3,045
Jan 1 to Dec 31
104,169 • • 98,284
28,816
5.4
32
1.69
79
1
Blackstone Val G & E _b Dec
110,269 • r 102,370
62,711
Jan 1 to Dec 31
1,127,183 1,039,782 L 590.765
530,647
Ed El Ill (Brockton)_b_Dec • 37,075 • ,• 33,136
17,682
16,664
Jan 1 to Dec 31
353,933 •_, 310,087
153,143
143,736
Fall River Gas Wks_b__Dec
39,659
45,239 • • 16,568
22.060
Jan 1 to Dec 31
435,820
447,299
198,532
181,341
Houghton Co El Lt_bDec • ' 31,541 • • 30,714
20,503
18.683
Jan 1 to Dec 31
- 292,589 • 277,372
170,401
148,289
Lowell Elec Lt Corp_b__Dec
38,352
43,291
• 18,418
19,808
Jan 1 to Dec 31
412,309
430,619
183,805
186,742
Minneap Gen Elec_b___Dec
133,893
127,741 • • 77,848
78,072
Jan 1 to Dec 31
1,459,567 1,276,041
895,770
783,394
Pullman Company_a___Dec 3,007,347 2,854,655
440,326
95,985
July 1 to Dec 31
20.171,810 19.722,806 6,036.788 5,860,343
Sierra Pacific El_b
46,716
Dec
47,294 • • 28,449
33,941
Jan 1 to Dec 31
571,526
558,508 • 368,047
374.591
a Net earnings here given arc after deducting taxes.
b Net earnings here given are before deducting taxes.
f Includes not only operating revenue, but also all other receipts.
Interest Charges and Surplus.
-Int., Rentals, &c.
- -Bal. of Net Earns.
Current
Previous
Current
Previous
Year.
Roads.
Year.
Year.
Year.
$
4
Bangor & Aroostook___Dec
105,641
96,354 zdef9.342
x10,198
•
632,749
July 1 to Dec 31
572,960
x73.844
x54.192
-Gross Earnings- -Net Earnings
Jan • L.
!
- Bellefonte Central
W 244 • ;2..„...1. 250
•
541
def 494
Current
Previous
Current
Previous
Bridgeton & Saco River_Dec
• !iir: 668 • •
840
def 111
def 136
Year.
Year.
Roads.
Ye7
a.
r8
.34
yes6
ar
,.61
1
• • July 1 to Dec 31
•
3,903 • • 3,715
8,219
5,078
8
$
Central of New Jersey__Dec
557,416
545,307 1.038,884
995,921
16,675
Dec
11,850
Ala Tenn & Northern
July 1 to Dec 31
3378,804 3,191.111 4,015,008 3,398,915
81,977
57,740
July 1 to Dec 31
40,583
28,509
Chicago Great Western_ Dec 228,787
215,767
z64,565
x80,745
Bangor & Aroostook___Dec 246,052
256,068
78,976
87,018
• • July 1 to Dec 31
1,358,431 1,258,100 x626,043 x658,315
July 1 to Dec 31
1,669,486 1,498,504
606,734
515,290
'West__Dec
824,205
Chicago
•
•
&
1.
North
851,238
846,406
707,645
Bellefonte Central_b___Jan
5,103
6,066
785
def 244
4,420,936 4,618,464 7,608.115 7.441,177
• • July 1 to Dec 31
Birmingham & Southea_Dec
3,803
4,319
1,353
2,529 Chicago St P M & Orn-- _Dec • 177,580 • t168.613 Ir 228,146
V 253,328
July 1 to Dec 31
21,871
19,498
10,438 •
9,468
1,047,412 1,015,813 1,301.938 1,985,599
July 1 to Dec 31
Boston Revere B & U,
92.294' • 94,584 zdef27.008 xdef5,917
Duluth So Sh & ALI
Dec
197,905
Oct 1 to Dec 31
188,229
16,631
16,410
578.594 •J 577,290 zdef37,002
.., . July 1 to Dec 31
x63,342
506,986
July 1 to Dec 31
499,841
89,213
88,573
Mineral Range
Dec • 10,057 • .• 10,603 • • x8,102 zdef3,038
3,517
Bridgeton & Saco River_Dec
3,336
555
504
•
I
73,146
31
Dec
•
..
1
•
to
July
•
78,502
•
z10,005
zdef64,486
32,221
July 1 to Deo 31
28,185
12,122
8,794
Dec 1,233,120 1,335,141
x266,191zdef246,066
Central of New Jer_b___Dec 3,001,111 2,957,045 1,596,300 1,541,228 Missouri Pacific
8,670,127 7,807,435xdf1435,042zdef731,634
• . July 1 to Dec 31
15,642,705 15,050,516 7,193,862 6,590,026
July 1 to Dec 31
Dec 477,517 .., 572,227 • x806,173 x670,35$
-"-western
Chicago Burl & Quincy b Dec 6,942,257 7,451,014 2,568,355 2,578,187 NOITOlk &
• • July 1_to Dec 31
2,857,587 3,081,510 x4,982.133 x4,403,649
45,970,700 48,261,260 16,744,288 17,108,145
July 1 to Dec 31
Rio Grande Southern___Dec • g 19,147 • • 18,791 zdef32,253
Chicago Great West_b__Dec 1,086,533 1,047,369
• I Fx730
283,054
289,198
• 113,506 • 115,117 zdef92,532
July 1 to Dec 31
July 1 to Dec 31
x18,285
6,779,651 6,592,785 1,916,637 1,862,598
PacDcc
M
•
St
31,567
&
Rky
•
Louis
31,987
•_.;
27,236
Chicago Ind & Loutsv__Deo 488,954 • 470,602
53,805
103,995
114,631
•._
Dec
189,984
..11.
195,079
31
to
July
1
,
•
•
•
Deo
104,198
31
July 1 to
3,374,759 3,218,374 1,093,705 1,056,371
210,124
Chicago Milw & St Paul bDec 5,298,579 5,407,238 1,693,967 1,209,938 TolcdolPeoriai&%West__Dec • 23,971 • L. 24,357 zdef5,593
z7.070
• • 144,160
149,404
'July 1 to Dec 31
x2,895
33,344,555 35,522,390 9,347,419 10,020,180
July 1 to Dec 31
x28,522
Ch Milw & Pug Sd_b_Dec 1,370,707 1,226,120
INDUSTRIAL COMPANIES.
526,901
552,269
8,423,868 7,513,501 3,616,053 3,644,790
July 1 to Dec 31
_ins., Rentals. dec.- -Bat, of Net Earns.
Chicago & Nor West_a__Dec /6,305,925 /6,353,779 1,670,611 1,558,883 alt."
Current
Previous
Current
Previous
/40,643,927_141,746,982 12,089,91 12 059,841
July 1 to Dec 31
Year.
Year.
Companies.
Year.
Year.
$
Chic St P Minn & Om _a_ Dec 11,312,374 11,399,7881--'405,726
1
1
$
421-941
July 1 to Dec 31
/8,133,657 18,953,431 2,349,350 3,001 412 Abingdon & Rockland Elec
528
536 • • 1,768
• LI Light de Power Co_ _Dec
2,509
Delaware & liudson_b__Dec 1,753,029 1,695,840
861,350
686,140
7,209
•
•
Jan
8,585
.
Dec
•
1
31
to
21,617
24,086
Jan 1 to Dec 31
21,357,924 20,329,679 8,645,131, 4, 61
.t29,151
30,382
,
EDec
..r
•
arirstone
•
Val
•
•
G
&
32,329
•
:
•
22,348
Denver es Rio Grande- • • • • '4.711 • .._•,, • . • . • • •.'ii,•
!..1:1301.651 • 355,930 •' 229,114 • F 174,711
28'''
• • Jan 1 to Dec 31
.....
Western Pacific_b_ Dec 402,155
Edison EIT11 (i3Mailarliie • 1,• 4,730 • ,. -, 4,877 77- 12,952
July 1 to Dec 31
• 111,787
2,934,172
720,375
57,704 • _. 52,556
•
Jan 1 to Dec 31
b5.439 • i 191,180
Duluth So Sh & Atl_b__Dec 234,829
249,753
62,635
75,630
Wks____Dec
(4,196
Rii/WGas
I.
• •• I 4,384 V 12,372 .1. 17,876
July 1 to Dec 31
1,658,966 1,734,948
514,841
601,751 ar
48,337 • • [45,050
• • Jan 1 to Dec 31
132,964 • [1 153,482
Great Northern- b
Dec 4,984,306 4,658,246 2,255,675 2,011,558
t.5,829 L. 113,818 •'' • [12,854
July 1 to Dec 31
36,618,076 34,823,597 18,549,604 15,741,517 IraTiroif Co Elec Lt__ _Dec E(6,685
31
I173,796
Dec
,:[
to
1
162,147
Jan
196,605 • te 186,142
Dec
Hocking Valley_b
547,718
583,563
195,348
136,242
July 1 to Dec 31
3,886,203 4,204,611 1,504,675 1.623,642 Lowell Elect Lt Corp_....Dec L. 15,084 • ,-_. t• 4,434 ;• 13,334
115,374
31
Dec
I 57,768
[55.533
Jan 1 to
126,039
•
131,209
Dec 5,019,239 5,534,443
Illinois Central_a
617,503 1,626,549
47,251
32,7681
Elec
31
Dec
Dec
30,597
1.12
Gen
7;
cap
30,493,339 32,229,286 4,512,976 8,058,736 11
July 1 to
143,304
380,522 ,417,612
'78,158
• • Jan 1 to Dec 31
402,872
Lexington & Eastern_b_Dec
40,948
43,734
12,190
14,629
5,159 A v 6,889
23,298 •'• 27,052
Pacific Elec
Dec
July 1 to Dec 31
279,782
254,965
91,874
86,525 Sierra
71,644 [308.029
60,018
Jan 1 to Dec 31
302,947
Dcc
Mineral Range-b
63,690
64,9346,317
/7
July 1 to Dec 31
374,823
379,875
4„(
41(1
3,210
After allowing for other income received. • • '••*
x
Minn St Paul & SS M_a_Dec 1,371,627
997.712
242,402
July 1 to Dec 31
9,184,543 7,159,472 3
2,593,236 ircE0TRIC RAILWAY AND TRACTION COMPANIES.
Chicago Division _a _ _ _Dec 696,556
695,349 1,1
'
88,190
31
Dec
July 1 to
4,786,311 4,692,038
3
1,158,931
Latest Gross Earnings.
Jan. 1 to latest dale.
Dec 4,588,775 4,457,678 1,228,663
Missouri Pacific b
Name of
721,525
28,667.315 27,689,091 6,178,675 6,219,838
July 1 to Dec 31
Week or
Current Previous Current
Road.
Previous
Month.
Year.
Year.
Year.
Nashillc Chatt & St LbDec 959,195 1,064,643
Year.
211,
140
279,437
6,083,110 5,988,110 1,448 56 1,489,421
July 1 to Dec 31
$
$
5
8
Norfolk & Western-b-- _Dec 3,257,244 2,935,533 1,164,141
981,526 American Rya Co....
December.. 409,000 381,935 4,413.185 4,177.972
19,985,571 18,494,622 7,429,823 6,841,126
July 1 to Dec 31
22,840 19,864
Atlantic Shore Ry__ _ December
342,131
349,360
Dec 586,969
Pacific Coast
Ry
December
605,663
143,178 124,874 1,784,162 1,673,226
74,121
87,107 cAur Elgin & Chic
4,074,787 4,370,717
July 1 to Dec 31
768,620
590,114
565,638
911.566 Bangor ity & Elec Co December.. 54,383 47,515
119,476
Baton Rouge Elec Co December.. 12,453 11,003
110.174
Rich Fred & Potomno b_Dec 210,213
187,424
83,824
72,236
Hallway November_
30,706 27.609
Binghamton
1.169,402 1,092,979
July 1 to,Dec 31
410,674
377,012
Al:N.8
gg:.127
THE CHRONICLE
412
Lxxxxiv.
gs
-GrossEarnings- -NetEarnin
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
Name of
5
Previous
Current Previous Current
Week or
Road.
Year.
Year.
Year.
Year.
54,289
Month.
44,376
157,981
147,788
Puget Sound El Ry_ b__ _Dec
9
662,87
4
563,08
1,766,742 1,915,289
$
4
$
Jan 1 to Dec 31
$
17,498
18,951
119,626
119,201
53,515
62,079
7,672
8,040
_Dec
er.
_
_
b_
_
Decemb
Co
Ry_
Elec
ah
St
Savann
Plym
2
&
216,12
Brock
222,577
632,356
696,668
_ 1944.329 1843,006 19,441,996 18,240,202
Jan 1 to Dec 31
Bklyn Rap Tran Syst Octoberer..
326,010
233,041
337,555
31,418 29,520
206.657
2
493,84
7
467,90
Dec
_b
Co
Cape Breton Elec Co_ Decemb
Elect
3
Seattle
321,98
373,698
5,440,955 5,588,188 2,394,102 2,375,400
Carolina Pow do Lt Co December.. 38,695 32,446
Jan 1 to Dec 31
531,885
532,013
55,508
55,591
21,030
34,485
47,254
Cent Park N & E Riv October __
66,390
Dec
831,167 Tampa Elect Co_ b
868,433
73,791
265,000
333,160
Central Penn Trac__ _ December., 75,890 75,659
592,904
691,323
875,078
943,472
Jan 1 to Dec 31
0
Chattanooga By & Lt December.. 83,827 27,037
127,32
5
9
328,23
141,80
4
0
294,15
4
337,07
325,31
Dec
27,403
By G & El (Ill) a
Cleve Painesv & East November_
1.128,622 1,054,089 Union
3,190,110 2,981,711 1,360,459 1,252,654
Jan 1 to Dec 31
Clev Southw & Colum December.. 93,414 85.950
428,154
5
492,32
21,306
40,834
19,050
46,318
39,084
er..
39,233
Columbus (Ga) El Co Decemb
& Lt_b Dec
177,466
114.932 1,206.144 1,288,721 Whatcom Co By
177,751
411,160
388,374
Coney Island &Bklyn October __ 101,406
Jan 1 to Dec 31
1,632,291 1,469,318
Dallas Electric Corp_ December.. 152,926 139,291
1
465,22
5
510,81
5
159,51
170,528
taxes.
deducting
Detroit United By...... 3d wk Jan
507,991
a Net earnings here given are after deducting taSes.
510,928
54,322 51,089
DDEB & Batt(Ptec) October __
b Net earnings here given are before
100,046 95,267 1.135,300 1,091,582
Duluth-Superior Trao December
42
2,364,1
47
2,279,1
202.814
2
East St Louis & Sub.. December.. 202.70
640,658
691,607
December.. 73,494 65,168
Interest Charges and Surplus.
El Paso Electric
611,643
742,294
67,652 54,460
Fairm & Clarks Tr Co December
Earns.27
1,195.6
12
1,334,3
149,553 133,841
-Int., Rentals, &c.- -Bat. of NetPrevious
42dStM&SNAv (Rec) October __ 137.10
86
Current
Previous
3 115,123 1,523,169 1,312,9
Current
December..
Year.
Galv-Hous Elec Co
78
Year.
1,132,5
93
Year.
1,169,3
96,274
9
Year.
108,60
Roads.
$
Grand Rapids By Co_ December.. 47,184 50,476
220,707
$
5
232,576
$
Havana Elec By Co.._ Wk Feb 4 _
3,179
Tran
4,665
1,912
Honolulu Rapid
3
2,035
453,85
500,276
_Dec
Co_
41,162
Elect
Rouge
17,397
December.. 48,129
22,903
23,321
& Land Co
311,475 Baton
24,292
300,963
24,814 25,032
Jan 1 to Dec 31
Houghton Co Trac Co December.. 406,13
def464
288
, 1,575
3 362,793 4,187,100 3,616,087
1,493
Hudson & Manhattan November_ 637,492 620,403 6.902.221 6,106,250 Brockton & Plymouth__Dec
14,804
15,846
20,100
18,292
Jan 1 to Dec 31
Illinois Traction Co.._ December.. 2707,5
9,142
69 2547,654 24,795,600 24.030.857
9,967
r-__
6,193
Octobe
Tran_
Rap
6,263
ro
/nterbo
__Dec
Co
576,081
Elect
567,548
Breton
Cape
81,988
55,397
87,961
51,090
er..
73,835
73,963
Jacksonville Trc Co.... Decemb
Jan 1 to Dec 31
95.828 91,802 1.165.685 1.110.541
Lake Shore Elec By.. November.. 15,334 21,187
180,406
181,348
Tractx8,836
Long Island Electric_ October __ 1210,060 1208,758 11,363,072 11.070,171 Chatauqua
26,131
__
Oct 1 to Dec 31
x26,029
Metropolitan St(Bee) Octoberer..
53,413
466,546 423,524 5,038,691 4,694,392
to Dec 31
1
July
Decemb
Co_
Lt
&
12,191
By
El
Milw
12,504
13,130
90,333 80,894 1,121,205 1,056,750
14,078
us (Ga) Elect Co_Dec
68,112
Milw Lt, Ht & Tr Co_ December..
127,057
160,732
430,939 377,274 4.939,047 4,456,168 Columb
138,550
31
Dec
to
1
Jan
Montreal Street By.... December
63
1,832,4
107,498
123,834
182,672 170,372 1,963,784
100,905
Nashville Ry & Light December..
34 Com'w'Ith P R & L(Mich)Dec 121,530
6,099,2
09
8
959,51
6,380,9
31
1,082,4
er.
44
1,274,282 1,225,5
New Orleans By & Lt Decembr __
190,805
248,720
Jan 1 to Dec 31
29,697 22.751
77,754
67,260
36,269
N Y City Intcrboro__ Octobe __
318,435
56,755
333,023
_ _Dec
35,759
32,516
(Mich)
Pow
5
ers
r
530,97
Consum
Octobe
7
Trac_
642,25
Isl
443,497
947,875
N Y & Long
494,710
105,370 99,152 1,058,247
Jan 1 to Dec 31
39,338
164.965
N Y & Queens County Octoberer__
37,221
172,920
23,743
13,046
29,687
14,012
__Dec
Decemb
Corp__
W
c
&
Electri
Easton
5
m
Dallas
217,31
Northa
209,139
252,174
283,143
309.034
24,124 20.873
331,204
Jan 1 to Dec 31
26
No Caro Pub Serv Co December..
239,374 201,973 2,694,024 2,437,4
x163,040 x118,935
er
166,761
180,138
Dec
07
1,442,8
North Ohio Trao & Lt December..
75
United
1,622,8
Dbtrolt
143,155 127,969
2,123,398 2,030,023 z1,728,507 x1,486,300
104,086
North Texas Elec Co_ Decemb
Jan 1 to Dec 31
114,712
4,250
5.083
59,579
72,068
249,746 East St Louis & Sub_ ___Deo
Ocean Electric (L I) _ October __
44,989
265,296
45,617
26.835 24,296
535,326
3
461,271
273,10
Paducah Trac&Lt Co December..
5
541,212
286,71
547.525
24,307 25,561
Jan 1 to Dec 31
Pensacola Electric Co December..
20,641
6
28,099
1
1838,99
7,505
1964,27
er..
10,143
Decemb
Dec
Elec Co
Phila Rapid Trans Co
172,590
203,580
7 529,969 6,366,703 5,638,896 El Paso
99,011
101,820
Jan 1 to Dec 31
Port(Ore)Ry,L&PCo. December.. 556,39
157,981 1,760,742 1,915,289
20,495
147,788
21,857
er..
Decemb
Co_
25,642
Eiec
26,765
Puget Sound
293,402 Galv-Houston Elec Co_ _Dec
310,846
226,020
27,499 27,223
331,735
290,223
302.311
Richmond Lt do RR.. October __
Jan 1 to Dec 31
4,284
Tram
5,674
Janeiro
de
6,561
Rio
6,624
6 997,007 12,951,050 10,942,047 Houghton Co Tr Co_ ___Dec
68,184
59,817
Light & Power Co.. December 1173,56
77,697
84,404
1 to Dec 31
Jan
•
18,032
St Joseph (Mo) Ry,Lt
56
12,200
9,956
96,048 1,099,285 1,038,0
12,669
101.401
Dec
Tract
151,845
Heat & Power Co.. December.. 363,28
120,250
112,999
9 285,003 3,595,140 2,050.594 Jacksonville
138,121
Sao Paulo Tr, L & P_ December
Jan 1 to Dec 31
632,356
696,668
3,692
53,515
62,079
3,939
4,167
5,500
Dec
Savannah Elec Co...... December.. 467,90
88
55 5,588,1
Serv
Pub
5,440,9
2
Caro
493,84
7
Nor
er..
_
Decemb
43.805
Co__
46,401
Seattle Electric
711,544
16,993
784,087
23,379
83,394 78.565
_
rn Texas Elect.... _Dec
9
Northe
440,96
7
482,62
Second Avenue (Ree) October
7
93.692
235,61
4
105,833
301,26
10,015
10,721
Jan 1 to Dec 31
Southern Boulevard.. October __
4,379
179,356
4,953
196,610
7,844
8,227
December.. 17.775 15,453
& Lt Co_ __Dec
Tr
h
Sou Wisconsin fly Co Octobe
19,341
228,804
Paduca
2
23,379
243.23
19,569
19.746
86,274
r __
95,181
Jan 1 to Dec 31
Staten IsI'd Midland_
592,964
691.323
6,563
er.. 66,390 47,254
3,042
5,119
6,895
Tampa Electric Co.... Decembr
Dec
Pensacola Elect Co
52,965
__ 314,813 291,330 3.058,898 2,857,229
45,816
60,533
Third Avenue (Bee).. Octobe er.
4,377.116
71,344
41
31
Dec
to
4,851,5
1
Jan
Toronto Railway Co_ Decemb er_ 247,038 230,868 2,441,504 2,266,333
z3,391
z617
609,212 Poughk C'y do W Falls
Tr -City By & Lt Co_ Novemb Jan 204,351 195,451
9,208
629,205
9,291
Oct 1 to Dec 31
x17,745
x10,549
Twin City Rap Tran_ 4th wk
18,433
18,735
July 1 to Dec 31
Underground El By
4,224
def7,381
50,065
51,757
Dec
of London£71,935 Puget Sound El By
£75,545
54,801
5 £14,065
608,078 def44,494
607,578
Three tube lines...... Wk Feb 3_ £14,84
£58,909
Jan 1 to Dec 31
£63,252
8 £11,657
£12,53
17
3_
Feb
Wk
252
Dist_
litan
17,481
Metropo
£25,762 Savannah Elect Co
18,699
£26,441
Dec
£4,762 £4,778
1,110
1,156
215,012
United Tramway._ Wk Feb 3.. 206.85
221,421
0 190,313 2,077.759 1,879,495
Jan 1 to Dec 31
October _
8
11
125,58
Union (Bee)
2,981.7
01,250
107,453
4 294,154 3,190,110
Dec 115,407
70
UntonRy,G&EC0(II1) December.. 325,314
336 Seattle Elect Co
1,373,336 1,307,330 1,020,766 1,068,0
1021,04 983,862 11,914,153 11.534. 89
Dec 31
1
to
Jan
United Rys of St L._ December
7,653,4
36
78,86,1
14,787
27,230
701,004 682,356
6,252
7,246
Dec
United RRs of San Fr December
448,414 Tampa Elect Co
510,367
254,315
200,303
48,731 45,557
64,637
78,845
Westchester El (Bee) October __
411,160
388,374
Jan 1 to Dec 31
39,233 39,084
67,667
77,641
59,653
Whatcom Co Ry & Lt December..
64,168
0
565,11
El (III) _Dec
59.063 57,664
&
__
Gas
r
By
551,500
Octobe
2
Union
(Ree)
016,29
RR
4
s
701,15
Yonker
208.626
744,167
234.458
18,965 17.340
Jan 1 to Dec 31
12,604
Younzst & Ohio Ry.. December..
11,534
8,702
7,516
88,026
Whatcom Co By & Lt....Dec
87,538
dated company.
89,440
90,213
C These figures are for consoli
Jan 1 to eDc 31
table gives
d.
x After allowing for other Income receive
ic Railway Net Earnings.-The following
Latest Gross Earnings.
Jan. 1 to latest date.
Electr
y gross and net earnings
the returns of ELECTRIC railwa
week.
this
ed
report
gs
--NetEarnin
-GrossEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
5
$
5
5,091
6,700
11,003
12,453
40,718
Baton Rouge El Co_b__Dec
47,195
4
110,17
119,476
Jan 1 to Dec 31
1,111
1,781
7,672
8,040
34,964
Brockton & Plymouth_b Dec 119,201
34,138
119,626
Jan 1 to Dec 31
15,335
16,230
29,520
31,418
155,823
Cape Breton Elec Co_b_Dec
161,924
326,010
337,555
Jan 1 to Dec 31
-b
Chatauqua Tract
16,703
36,630
Oct 1 to Dee 31
60,537
113,921
July 1 to Dec 31
25,321
26,582
40,834
46,318
228,844
Columbus (Ga) El Co_b_Dec 492.325
285,607
428,154
Jan 1 to Dec 31
3
208,40
4
245,36
3
491,73
550,521
Com'Ith PR &L(Mich) a Dec 5,519.640 5,070,618 2,356,713 2,185,062
Jan 1 to Dec 31
3
114,02
124,021
212,851
239,840
974,472
Consumers Pow (Mich) a Dec 2,365,920 2,040,480 1,136,967
Jan 1 to Dec 31
63,081
66,888
139,291
152,926
518,173
Dallas Elect Corp_b____Dec 1,632,291 1,469,318
614,347
Jan 1 to Dec 31
273,525
5
323,49
3
767,80
9
893,81
Dec
54
Detroit United- b
10,253,134 9,345,219 3,673,092 3,364,1
Jan 1 to Dec 31
104,568
117,685
202,814
202,702
East St Louis & Sub_a_ _Dec 2,279,147 2,364,142 1,008,796 1,076,538
Jan 1 to Dec 31
28,146
38,242
65,168
73,494
Dec
271,601
El Paso Elect Co_b
305,400
640,658
691,607
Jan 1 to Dec 31
46,137
58,822
115,123
137,103
516,243
Galv-Houston El Co_b_ -Dec 1,523,1
634,046
69 1,312,986
Jan 1 to Dec 31
10,845
12,298
25,032
24,814
145,881
Houghton Co Tr Co_b_Dec
144,221
311,475
300,963
Jan 1 to Dec 31
7
2
256,07
280,22
3
620,40
2
Dec 637,49
27
Illinois Traction..a
6,902,221 6,106,250 2,768,580 2,498,2
Jan 1 to Dec 31
27,988
24,869
55,397
51,090
Jacksonville Traction _ b_Dec
264,844
258,371
576,081
567,548
Jan 1 to Dec 31
7,859
9,439
20,873
24,124
Nor Caro Pub Serv_a_ _Dec
69,781
60,798
127.069
143,155
Northern Texas Elec_b_Dec
6
1
676,58
783,89
07
1,622,875 1,442,8
Jan 1 to Dec 31
13,180
12,223
24,296
26,835
Paducah Tr & Lt Co_b__Dec
0
118,56
105,615
249,746
265,296
Jan 1 to Dec 31
9,937
11,682
25,561
24,307
Pensacola Elec Co_b__ __Dec
113,498
117.180
5
273.103
286,71
31
Jan 1 to Dec
Poughk C'y do W Falls_b12.557
9,817
40,317
44,273
Oct 1 to Dec 31
36.106
35,121
88,320
97,978
July 1 to Dec 31
ANNUAL REPORTS°
s of steam
Annual Reports.-An index to annual reportnies
which
compa
s
laneou
miscel
and
ys
railwa
railroads, street
month will be
have been published during the preceding
. This index will
given on the last Saturday of each month
nicle" in which
"Chro
the
of
issue
the
in
s
not include report
in the issue
be
found
will
index
latest
The
it is published.
24.
of
Feb.
that
in
r
appea
will
next
The
of Jan. 27.
Atlanta Birmingham & Atlantic Railroad.
and 1910.)
(Statement for the Years ended Aug. 31 1911
also bond
(see
ing
the
follow
with
ed
favor
We have been
page):
quent
subse
a
on
offering and data
G AUG. 31.
EARNINGS FOR YEARS ENDIN
1910-11. 1909-10.
1909-10.
1910-11.
Interest paid-Gross earns_ .$2,855,242 $2.644,088
BIrm'm
&
Atl.
71
Oper. expenses 2,175.373 2,017,1
$204,500 $204,500
first 5s
95,017 108,628
Equip. trusts
17
Net earnings.. 5679.869 $626,9
cerr's
Receive
89,336
108.064
0 162,500
162,50
Other income_
tificates
Total income_ $787,933 $716,253 Total
$462,017 $475,628
127,265
132,145
Taxes
..$193,771 $113,360
88 Balance, surplus
0 150,000
Net income._ $655,788 $588,9Ala.
Term., $122,250 272,25
•Rentals-Ga.Term.5s, $150,000;
$78,479 $36,640
Deficit (see below)
Co.
al Co. and Alabama Terminal rmed
•The rentals of the Georgia Termin
disaffi
have neither adopted norA.
& A.
B.
the
have not been paid. The receivers
and
ies
compan
n those
the lease contract existing betwee
upon for the use by the receivers.
B. do A.
RR., nor has any rental been agreed
$14,185.000 5% bonds of the A.800
joint
$6,216,
Interest is also in default on some
as part security for
companies. The coupons
RR., of which $5,005,000 are pledged
ction
Constru
and
ng
and
includi
to
collateral 5% notes of the RR.
met
been
notes have
do Birmingham
(due M. & N.) on the collateral
lders of the Atlanta
of the interest on
t
Nov. 1 1911, by the shareho
paymen
the
teed
Construction Co., who in 1910 guaran
will mature. (Com1 1912, when the notes1323.
this issue to and including May88,1p.
503.)-V 93, p.
pare V. 90, p. 1237. 1295; V.
FEB. 10 1912,1
THE CHRONICLE
Denver it Northwestern (Electric) Railway, Denver, Colo.
(Results for Year ending Dec. 311911.)
This company, which controls by stock ownership the
Denver City Tramway Co., reports to the "Chronicle":
Prior to Dec. 14 1910, the Denver City Tramway Co. secured its entire
coal supply of about 300 tons per day, from the Leyden mines, situated 15
miles from Denver on a branch line of its own property. It also secured a
large additional commercial and passenger business from that property.
On that date a destructive fire destroyed the main shaft and workings
of the Leyden mines, which were then producing 1,000 tons per day. This
has resulted in a loss of all the freight business and much passenger business
during all the year of 1911. New fire-proof shafts are approaching completion at these mines, which are expected at this date to be in operation with
largely increased capacity in March 1912.
Earnings of Combined System for Cal. Year (See Explanation Above).
1910.
1909.
1008.
1911.
Gross earnings
$3,421,854 $3,595,158 $3,374,133 *3,152,568
1,859,251
1,678,834
1,515,242
Operating expenses_ _ _ 1,734,701
Net earnings
$1,687,153
Sink.fd. for Pow. Co. bds. *50,000
Fixed charges, incl. taxes
& franchise payments 1,094,943
$1,735,907
$50,000
$1,695,209
$50,000
$1,637,326
$40,086
1,015,834
941,940
900,549
$670,073
$542,210
$703,359
Balance, surplus
$696,691
Prior to July 1909 dividends were at rate of 6% per annum, In July
1909 guar. div. was increased to 2%,and same amount has been paid quar.
since to and incl. Jan. 1912. The usual quarterly dividend of 2% was paid
Jan. 15 1912. Stock is $6,000,000.-V. 90, p. 167.
United Railways Company of St. Louis.
(Report for Fiscal Year ending Dec. 311911.)
Pres. Robt. McCulloch, St. Louis, Dec. 31, said in subst.:
413
Three wooden bridges were replaced with steel bridges. A "Y" was installed at Fremont in connection with the Fostoria & Fremont By. A crossover was installed on West Erie Ave., Lorain. About 3,500 ft. of track in
Lorain was rebuilt with steel ties in advance of paving, and 300 ft. of new
track was laid on West Main St., Norwalk. A breakwater 200 ft. long
was built near Lake Siding to protect right-of-way at that point. Five
miles of stone ballast was distributed. One 100-k.w. turbine exciter set
was installed in the Beach Park power station, one 400-k.w. rotary in
Hayes substation. All cars used in limited service were equipped with
radial M. C. B. couplers, also electrical couplers for use in train service.
Five open cars were purchased for use in Sandusky City and two new cars,
equipped with standard motor trucks and four 100 h.p. motors, for use in
the Cleveland-Lima service.
Sandusky Fremont & Southern Ry.-Iligh-tenslon lines were extended
from the main line at Castalia to the Wagner Stone Co.'s quarry for the
purpose of furnishing power. High-tension lines were also extended at
Castalla to the Kelley Plaster Co.'s plant for the purpose of furnishing power.
Transformers, switches and meters were installed at the plant of the Kelley
Plaster Co. in connection with the furnishing of power to that company.
Lorain Street RE.-Through service was established between Cleveland
and Detroit, a distance of 176 miles, on June 18, on a two-hour limited
schedule. Through service between Cleveland and Lima, 160 miles, was
established Aug. 2. The business so obtained has increased in a atisfactory manner and we anticipate an;increased growth in this long-distance
business, thereby adding materially to our earnings in the future.
COMPARATIVE STATEMENT OF GROSS EARNINGS OF LAKE SHORE
ELECTRIC RY. PROPER.
Gross Earns. Increase.
%
Gross Earns. Increase.
%
1902
3466,051 $107,871 30.01 1907
$898,324 $37,603 9.36
1903
616,484
150,432 32.28 1908
828,321
*70,003 *7.79
1904
659,873
43,388 7.03 1909
878,025
6.11
50,604
1905
788,268 128,395 19.45 1910
952,044
73,119 8.32
1906
72,451
860,720
9.19 1911
1,009,639
57,594
6.05
* Decrease.
LAKE SHORE ELECTRIC RY.-YEAR ENDING DEC. 31.
Operations1911.
1910.
1911
1910
Passengers carried 5,323,348 5,159,057
$
$
Earns, per passenger 16.62c.
16.50e. Oper. exp. and taxes 552,530 503,829
Number car miles_ _ _3,276,608 3,260,073 P.c. oper. to income_ (55.72) (52.92)
Gross inc. p. car mile 30.81c. 29.20e.
Net earns. p. car mile 13.95e.
13.75c.
Net earnings
457,109 448,215
Earnings$
3
Other income
25,000
25,000
Passengers
872,566 842,882
Parlor, &c., car rev_
5,725
5,607
Total income
482,109 473,215
Freight, inel. milk__ 89,122
66.326
Rents, power, &c_ __ 42,344
37,111 Deduct-Interest
319,276 320,360
DIvs.on 1st pf.stk_(8)60,000*(3)30,000
Gross income __ _1,009,639 952,044
Balance,surplus_ 102,833 122,855
* For the sake of aimplicity we have deducted from the 1910 earnings above the
initial quarterly payment of 13,5% on the first pref. stock made in Oct. 1910 and
that of the same amount in Jan. 1911, although the same are not so treated lathe
pamphlet rerorts, having presumably been charged against profit and loss.
BALANCE SHEET DEC. 31.
1911.
1910.
1911.
1910.
Assets3
$
LiabilitiesCost of rd.&equip_13,679,330 13,608,922 Common stock _ __ 4,500,000 4,500,000
Pref. stk. in treas
3,200 1st pref. stock __ _ 1,000,0001 3,000,000
Securities in treas.. 546,433
499.917 2d pref. stock.... 2,000,0001
Sink. fd. T.F.&N.
86,209
59,115 Bonds
6,215,000 6,235,000
Duo from cos. and
Bills payable ____
150,000
125,000
Individuals _ _. 157,930
151,654 Accounts payable_
119,246
133,471
Material & supplies
89,573
59,259 Int. accr. not due_
46,979
46,979
Miscel. accounts__
3,523
38,246 Taxes accr. not due
15,266
9,499
Prepaid insurance_
3,112
3,119 Inj. & dam. fund_
1,181
9,179
Cash
84,548 Miscel. accounts__
2,512
2,425
Surplus account__ 525,105
455,806
Results.-The surplus for the year, amounting to $1,228,515, was used
in payment of new construction, notes payable outstanding Dec. 31 1910
to the extent of $1,005,000, and in reducing other outstanding obligations.
The total number of revenue passengers carried was 238,240,795, of
which 46.29% used transrers, making the total passengers 348,534,023.
Bonds.-On Aug. 1 1911 $1,500,000 5% bonds of the Lindell By. Co.
became due and were extended to Aug. 1 1921 at 4% per annum, reducing the fixed charges $7,500 per annum.
Injuries, &c.-The amount paid out for personal injuries, property
damages and other exp.connected with claim department Inc.$37,203.
Adjustment of Accounts.-As the reserves set aside to provide for injuries
and damages, insurance, depreciation and miscellaneous reserves had accumulated to a sum greater than present needs require, the directors
decided to credit to profit and loss from injuries and damages reserve,
$500,000; from depreciation reserve, $588,143, and from miscellaneous
reserves, $31,895; total, $1,120,037.
On the other hand, profit and loss has been charged with $2,734,959 and
property and plant credited with a like amount, leaving the credit to property and plant $101,000,000 Dec. 31 1911.
Roadway, Track, &c.-The total mileage of track on Dec. 31 1911 was as
follows: City track, 348.33 miles; county track, 112.74 miles; total, 461.07
miles, an increase of 1.56 miles of track. There were rebuilt 28.73 miles
and resurfaced 2.40 miles of track; 19 miles of T rail track on the county
lines were re-tied and re-ballasted.
Aggregate Reconstruction, Renewal and Exten. of Track in City and Co. (miles)
1904. 1905. 1906. 1907. 1908. 1909. 1910. 1911. Tot. 8 Yrs.
8.90 29.18 21.65 32.99 30.93 45.34 32.60
21.56
232.24
The physical condition of the track has thus been constantly improved.
The work of rebuilding the storage battery at Locust St. sub-station was
completed and one new 2,000-k.w. rotary converter installed; one 1,000-k.w.
rotary converter was removed to Delmar sub-station and another to Spring
Ave. sub-station; 128,000 ft. of cable were purchased and installed to give an
additional underground high-tension feeder between the power plants, a
new portable sub-station of 600-k.w. capacity was built.
Total
.14,575,289 14,507,980
Total
_14,575,289 14,507,980
During 1911 the company required and provided a total capacity of
63,000 h.p. for the operation of the road.
LORAIN STREET RR.
Rolling Stock.-In addition to the regular repair and maintenance work, Calendar
Expenses
and
Gross
Net
Interest
'Balance,
the following work was done: 25 new steel fire-proof cars of modern design
YearIncome.
Taxes.
Earnings.
Paid.
Sur. or Def.
Were built; 381 cars were overhauled and partially rebuilt, the platforms of 1911
$173,110
$92,713
380,397
$64,500
sur.$15,897
142 of said cars were equipped for fare boxes; 1 new electric switching 1910
175,232
96,437
78,795
64,500
sur. 14,295
locomotive was built; 2 cars for the new portable sub-station were built;
1,431 cars passed through the repair shops for repairs or painting.
SANDUSKY FREMONT d: SOUTHERN RY,
1911
RESULTS FOR CALENDAR YEAR.
$67,727
$37,784
$29,943
$32,250
def. $2,307
,
1910
53,835
32,267
21,568
32,190
def. 10,622
1911.
1910.
1909.
1908.
Total rev, pass. carried_238,240,795 230,691,532 221,443,845 211,459,570 -V. 92, p. 457.
Transfers and passes _ _110,293,228 104,904,281 104,601,771 99,129,708
$
$
$
$
(E. I.) du Pont de Nemours Powder Co.
Total income_
x11,958,883 x11,580,841 11,111,431 10,593,166
Oper. exp. and taxes*... 7,900,062
7,906,102
7,028,178
6,737,460 (Preliminary Report for Fiscal Year ending Dec. 31 1911.)
COMPARATIVE STATEMENT OF EARNINGS YEAR END. DEC. 31.
Total net income__ _ _ 3,968,821
3,674,739
4,083,253
3,855,706
Deductions1911.
1910.
1009.
Interest on bonds
a2,715,931 a2,726,726
$34,389,560 $33.240,791 $30,805,916
2,738,810
2,743,310 Gross receipts
Miscellaneous interest_ 24,375
67,017
59,372
55,428 Net earns. (after all exp. incident to
operations, incl. ordinary and exDivs, on pref. stock..
• (2 M%)409,580 (5)849,160 (5)849,160
traordinary repairs, maintenance of
Total deductions _ _ _ 2,740,306
plants, accidents, depreciation, &c.) 36,544,709 $6,270,015 $5,984,159
3,203,324
3,647,342
3,647,898
Surplus
91,228,515
471.415
435,911
207,808 Non-operative items resulting from
sale of real estate, securs. and other
* Includes depreciation, $1,191,415 in 1911, 31,153 777 in 1910 $609,761
transactions not due to curr. oper_ Cr.39,421
78,485
251,716
in 1909 and $527,856 in 1908, and also taxes, which in 1911 '
762,553
739,377
aggregated Accrued int. on bonds to date
863,360
$652,702; in 1910, $655,531; in 1909, $773,980, and in 1908, $632,193.
Accrued diva, on pref. stock to date_
775.963
683,318
699,924
a The 1911 and 1910 figures do not include amounts paid on bonds and
Total deductions from net earnings $1,499,095 $1,501,180 $1,815,000
stock held in the treasury.
z This Includes income from securities owned, interest on deposits, &c., Balance for divs, on common stock__ $5,045,614 $4,768,835 $4,169,159
Common stock, as per balance sheet_$29,426,548 $29,426,548 $28,078.365
amounting in 1911 to $44,730, against $43,067 in 1910.
y Surplus used In payment of new construction, $1,005,000 of the notes Percentage earned on common stock_
17.15%
18.21%
14.85%
payable outstanding Dec. 31 1910, and in reducing other outstanding Net earnings equal annual income on
obligations.
gross investment of
7.86%
7.73%
8.00%
-V. 93, p. 1388.
GENERAL BALANCE SHEET DEC. 31.
1911.
1910.
1911. . 1910.
AssetsChicago Pneumatic Tool Co. of New Jersey.
$
Liabilities$
5
$
Property
.x101,000,000 103,624,980 Pref. shares iss. 16,383,200 16,383,200
(Report for Fiscal Year ending Dec. 31 1911.)
Stocks & bonds
Com, shares iss. 24,913,800 24,013,800
at market val.
578,700
640,000 Funded debt (see
Pres. W. 0. Duntley, Chicago, Feb. 11912, wrote:
Material & sup_
387,224
481,700 "St. 1ty. Sec.") 59,210,000 59,366,000
Results.-The financial condition of the company is on a very substantial
Cash
767,361
570,002 Notes payable
1,105,000
100,000
The net earnings for the year 1911, however, were considerably
basis.
Cash for conpons
68,433
64,767 Aud.vouch.,&c_
198,351
350,970
those for 1910, the most prosperous in the history of the company.
162,486 1
Notes receivable
2,649 Int. due & am_ 1,040,016
1,041,490 below
mainly
due to the fact that business conditions generally were most unOpen accounts_f
1 118,596 Deprec. reserve_ . 100,000
338,065 favorable,
and the market for the products of the company unusually reInsurance, &c.,
Inj. & dam.fund
200,000
700,000
prepaid
37,491 Insurance fund..
323,617
261,936 stricted. Particularly noticeable was the falling off in the sales of spare
owing
parts,
to above conditions, which materially affected the earnings.
Miscellaneous _
24,887 Misc. reserves._
96,440
Misc. accounts_
y193,779
213,376 The sales of new tools, however, during the past year almost equaled those
Profit & loss stir. 2301,441
784,704 of 1910, chiefly attributable to the fact that the company secured about
4,000 new customers in 1911. The total net earnings for the last ten years
102,964,204 105,555.072
Total
Total.
102,964,204 105,555,072 amount to 34,254,500. It will, therefore, be seen that the net earnings
for 1911 are close to the average. A total disbursement of $2,010,111 in
x After adding $115,400 for new construction during year and deducting $2,734,- dividends has been made since the organization of the company. At the
present time all the plants are being operated to their capacity.
960 for adjustments during year and $5,421 miscellaneous credits.
Improvements, &c.-The addition to the buildings of the Detroit plant
y Includes taxes, $112,462; sundry credits, $73,532, &c.
z After making adjustments for the year, viz., debits, $2,734,960, and credits, has been completed, and a three-story addition to the main building of
the Cleveland plant is under construction. Other substantial improvements
*1,023,091-see text abeve.-V. 94, p. 353,
have been effected at the various plants and their physical condition has
been kept at its usual high standard.
Lake Shore Electric Ry.
Foreign Business.-The foreign subsidiary companies are expanding their
business steadily, and their earnings have been materially increased over
(Report for Fiscal Year ending Dec. 311911.)
former years.
Railway and Commercial Motor Cars.-Early last year the business of the
President E. W. Moore, Cleveland, 0., says (see map on
"Rockford railway section and inspection gasoline motor cars," which has
page 36 of "Electric Railway Section"):
previously been successfully exploited, was purchased outright, and is beImprovements, etc.-About 2 M miles of feeder was strung between ing handled profitably in connection with the company's railroad departBogart's and Union Corners and track and an overhead system were built ment selling organization. The light motor truck for commercial use (the
from Gibsonburg to the plant of the Nat. Mortar & Supply Co., 2,000 ft. "Little Giant" commercial automobile), referred to in the annual report
High-tension line was extended north of Woodville to the plant of the Wood- for 1910, has been practically developed and Is one of the best of its class.
ville Lime & Cement Co. and transformers, &c., were installed for the pur- It is expected that the earnings from this branch of the business will be
pose of furnishing said company with power.
very remunerative.
414
[In an illustrated circular accompanying the report, President Duntley
says: "Our railway motor cars have been adopted by practically all the
large railway systems in this country, and we have every reason to expect
a large business therein during the current year, displacing the old hand-.
pump car which has been in use so many years. Some of our largest customers are: Ch. Mil. & St. Paul, 445; Ch. Great Western, 140; Ch. St. P. M.
& Omaha, 20; Ch. Burl. & Quincy, 40; Ch. & N. W., 10; Northern Pacific,
20; Union Pacific, 20; C. It. I. & P., 18;•Lake Shore & Mich. Sou., 20; Missouri Pacific, 30; St. L. & San Fran., 25; Transcontinental Ry.(Canada), 20.
Our commercial motor truck, the "Little Giant," is becoming well known
to the trade. We have sold several hundred of them and are now in shape
to manufacture them in quantities to supply the demand.
We are constantly improving our pneumatic tools, rock drills and compressors, and have to-day the finest line of pneumatic equipment manufactured. Our electrical tools have become one of our most profitable lines
and are in a class by themselves.
RESULTS FOR CALENDAR YEARS.
1909.
1908.
1911.
1910.
$558,928
$772,527 $1,054,809
$289,625
Net profits
$116,733
$118,150
$115,000
Deduct-Bond interest_
$119,050
257,951
Dividends, 4%
257,951
50,000
50,000
Sinking fund
50,000
50,000
140,168
193.149
194,788
Depreciation, Ica_ __.
99,062
$617,739
$308,318
$617,834
$268112
$436,975
$250,610
$154,788
$21,513
BALANCE SHEET OF DEC. 31.
1911.
1910.
1910.
1911.
Liabilities9
$
9
9
Capital stk. issued 6,485,800 6,485,800
First M. 5s issued_ 2,500,000 2.500,000
6,978,288 6,922,185 Interest on bondsi
Div. pay. Jan. 251 122,213
122,388
1,121,670 1,121,670 Acc'ts. &c., payable
200,000
196,740
119,717
200,000
37,000 Reserves
9,002
37,000
12,495
241,966 Sinking fund.
682,906
92,385
600,787
Surplus
1,663,937 1,509,149
1,143,211 1,116,893
600,787
682,906
1,405,138 1,109,835
Total deductions
Undivided profits
AssetsReal estate. plant,
pat'ts,good-will,
&c. less reeves.
Stock other so's,
&c. (cost) .....
Treasury bonds_ __
Treasury steak_ __
Cash
Accts. & bills res.,
less reserves.....
Sinking fund
Inventories
VoL. Lxxxxiv.
THE CHRONICLE
11,660,598 11,350,336
Total
- V. 93, p. 798
Total
11,660,598 11,350,336
American Can Co., New York.
(Report for Fiscal Year ending Dec. 31 1911.)
•
President W. T. Graham says in substance:
Results.-Your company did not suffer from the unfavorable conditions
which have been reported by many industrial concerns over the year 1911.
Its products are used in connection with supplies of daily consumption, and
are not so subject to retrIcted demand in years of depression as are articles
•of mere convenience.
For the improvement, as compared with other years, some principal
.causes may be referred to: (a) The lessening prejudice against canned foods,
largely due to the confidence inspired by the Pure Food Commission and
the recognition of theirigood and healthful quality;(5) the low price at which
they are sold, sales of so-called packers cans having materially increased;
(c) The inclusion for the first time of the business of the Sanitary Can Co,
the "sanitary" can having contributed a considerable part of the increase;
(d) The development of high-grade paper and fibre containers, which, while
meeting many requirements, were sold for lower prices than metal containers, and brought quite an amount of new business.
Your management has attempted to hold its proportion of natural in-crease in the lines in which it has been engaged, and by every proper means
to extend its business. It has, therefore, spent and is spending a part of
your earnings in the installation of the most efficient equipment obtainable.
New Plants.-During the year new capacious and modern factories have
been built at Philadelphia and Toledo, replacing old or inadequate ones,
.and substantial additions have been built to a number of those operated at
other points. Among improvements now being considered are two new
factories on the Pacific Coast to manufacture locally the goods that have
been shipped from Eastern factories since the earthquake and fire of 1906;
.one at Chicago to replace a leased property; an additional warehouse at
New Orleans; and re-arrangement of the American Stopper Co., Brooklyn,
branch.
Financial.-Thls construction of new and extension and improvements of
old factories and the increased working capital engaged in their operation
requires the use of a large amount of money. .Although the statement
herewith submitted shows a cash balance in excess of current obligations,
attention is called to the fact that our statements of Dec. 31 disclose conditions between active seasons, when inventories are lowest, accommodations
to customers least needed and the capital in use comparatively small. In
July and August last the company was a borrower from the banks of large
sums of money, as it will be again during active business seasons.
Moreover, the company, In order to hold its moderate proportion of
.business in the great variety of products manufactured, it must have ready
means for the improvement of facilities in occupied and extension in new
„fields Where business justifies. A further consideration is the possibility
,of conditions arising which may make it imperative for your company to
provide, wholly or in part, its own source of supply for its principal material.
In the accompanying statement of assets all items subject to annual or
periodical valuation have been taken at cost when that was below present
value, and at present value when that was below cost. All questionable
accounts have been charged off and contingent liabilities treated as actual
losses, and the statement of earnings made up on this basis.
Outlook.-It is too early at the date of this report to estimate the prospects
for 1912 business. One promising condition, however, is that packers of
-canned foods have generally disposed of their old stocks and are encouraged
to operate in tile coming season as nearly to the capacity of their canneries
as crops of fruits and vegetables may permit.
RESULTS FOR CALENDAR YEARS.
1909.
1911.
1908.
1910.
$5,416,339 $3,456,537 $3,301,677 $3,111,898
Earnings
Deduct$633,564
$545,526
Depreciation
$2,500,000
$405,634
2,061,665
2,061,665
2,061,665
Preferred dividends (5%) 2,061,665
American Writing Paper Co.
(Report for Fiscal Year ending Dec. 31 1911.)
EARNINGS,EXPENSES, CHARGES, &C.
1911.
1910.
1909,
Net earnings
Interest, &c
1,400,096
125,435
1908.
1,540,409
122,645
824,541
140,532
Total net income
1,525,531
1,444,834
1,663,054
Interest on bonds
830,000
850,000
860.000
Expenses,incl. maint'ee.
312,208
289,567
252,213
Sinking fund
100,000
100,000
100.000
(see
(2)249,564
(2)249,910
Dividends
below)._
(1)124,599
965,073
850,000
270,289
100,000
• •' •'
Balance
'
1,511,772
sur13,759
1,317,242
127,592
1,469,477
def24,043
1,326,812
sur336,242
1,220,289
def255,216
• Two diva, of 1% each were declared payable April 1 and Oct. 1 1907,
and, while not paid till June 1908,after a favorable court decision they were
deducted by us from 1907 figures.
BALANCE SHEET JAN. 1.
1912.
1912.
1911,
1911.
AssetsPlant & real est _ _ _16,689,441 16,629,895 Preferred stock...12,500,000 12,600,000
Good-will, &c__ _ _18,010,150 18,010,150 Common stock... 9,500,000 9,500,000
17,000,000 17,000,000
Cash
722,754 1,384,522 5% bonds
1,221
Accts. & notes rec. 1,321,935 1,224,179 Accounts payable
1,163
Company bonds
1,120,152
915,947 Sink. fund reserve 1,504,750 1,318,775
Miscell. stocks.... 254,472
254,472 General reserve _ 1,237,411 1,237,411
781,969
Supp. & materials. 2,901,697 2,587,619 Surplus
768,210
Sinking fund
1,504,750 1,313,775
Total
42,525,351 42,325,559
-V. 92, p.458.
Total
42,525,351 42,325,559
International Paper Co., New York.
(Report for Six Months ending Dec. 31 1911.)
Owing to the change of fiscal year, which now ends Dec. 31
instead of June 30, as formerly, a statement has been issued
covering the six months ending Dec. 31 last, signed by Pres.
and Treas. A. N. Burbank, showing:
EARNINGS, EXPENSES AND CHARGES.
6 Mos. end. ---Years ending June 30.
1910.
1909.
Dec. 31 '11.
1911.
Gross income
$11,237,562 $23,095,746 $19,459,030 $18,238,477
Cost of raw materials,
manufacturins, &c
$9,599,967 $20,208,344 $17,278,255 $16,456,379
1,163,710
1,183,996
Taxes, insur, and int_ _ _
1,216,385
603,554
$1.032,041
$1,671,016
484,760
$1,017,065
$598,102
Balance
$1,032,041
Divs. on pref. stock.... (1)224,067
$1,186,256
(2)448,134
$1,017,065
(2)448,134
$598,102
(2)448,134
$738,122
8,099,982
$568,931
7,531,051
$149,988
7,381,083
Net earnings
Deprec. of mill plants
Surplus for year
Previous surplus
$807,974
8,838,104
$9,646,078 $8,838,104 $8,009,982 $7,531,051
BALANCE SHEET.
AssetsDec. 31 '11. June 30 '11. June 30 '10.
$45,126,408 $45,130,410 $45,741,424
Mill plants and water powers
3,501,856
3,532,814
3,456,690
Woodlands
9,834,511
Securities of sundry corporations_ _ _ _ 9,983,078 10,021,857
3,311
4,180
5,197
Sinking fund
__ _ _ _
5,700
Patents
11,905
12,255
14,626
Furniture and fixtures
708,312
803,792
815,374
Cash
4,330,077
4,899,189
3,110,111
Accounts and notes receivable
5,028,986
5,320,523
Inventories of merchandise on hand_ 6,274,388
60,807
65,810
45,085
Interest and discount adjustments
1,990,853
1,897,605
1,720,544
Due from subsidiary companies
Surplus June 30
$71,946,698 $71,365,071 $70,145,910
Total
Liabilities$17,442,800 $17,442,800 $17.442,800
Common stock
22,406,700 22,406,700 22,406,700
Preferred stock
16,473,000 16,492,000 16,912,000
Bonds
616,721
473,789
717,024
Accounts payable
4,985,000
5.300,000
2,891,200
Notes payable
264,365
299,644
315,743
Accr'd int.,taxes&water rents,not due
1,248,427
Due to subsidiary companies
112,033
112,033
112,033
Dividend payable
8,838,105
9,646,078
8,099,982
Surplus
Total
-V. 93. p. 1262.
$71,946,698 $71,365,071 $70,145,910
The Laclede Gas Light Co., St. Louis, Mo.
(Report for Fiscal Year ending Dec. 311911.)
President W. K. Bixby says in substance:
Revenue.-There was a decrease in gross earnings of 3.5%, due to a,
voluntary reduction in the price charged for gas, partly offset by a considerable increase in electric gross revenue, due to greater sales. The decrease
shown in gross revenue, however, was more than overcome by reduced
operating expenses, distributed over the gas and electric departments.
The reduced gas operating expense was title partly to the operation of
new coal gas and water gas manufacturing apparatus at Station "A," to
lower prices paid for raw materials and increased revenue from the sale
of residuals. Electric operating expense was materially reduced in the last
three months of 1911, due to the operation of the new electric plant.
$694,486
In addition to necessary repairs, the sum of $251,485 (an increase of
$854,674
$761,308
$644,599
Balance, surplus
$34,252)
was deducted from net income and placed to the credit of depreBALANCE SHEET DECEMBER 31.
ciation reserve.
1911.
1910.
1911.
1910.
The
net
earnings for common stock dividends increased $1,439, or 0.2%,
-$
$
Liabilities$
Assets
a
view of the decrease in tile price of gas.
Common stock_ _41,233,300 41,233,300 a gratifying result in company
Plants, real estate,
invested during the year approximately
Construction.-The
Patents, &a__ 71,235,481 73,199,038 Preferred stock_ ..41,233,300 41,233,300
and improvements to its plant, notably (a)
additions
$1,200,000
in
new
7,634,480
Accounts payable_ 1,476,310
949,997
New construction.. 8,907,618
new coal-gas and water-gas plants, enthe
of
"A,"
Completions
at
Station
856,209 Dividends Jan. 1.... 515,416
515,416
Other inv. items__ 337,238
and addition of two 225 h. p. boilers, chain grates,
3,539,000 1,377,417 Contingent funds_ 985,695 1,072,012 largement of steam plant
Cash
capacity in place of No. 6 gas holder, disincreased
holder
of
New
&c.;
(5)
7,675,738 6,789,888
Accts. & bills rec_ 3,315,204 3,622,743 Surplus
mantled; (c) New 5,000.000 cu. ft. gas holder and pumping plant (cost
Mdse. inventory.. 5,785,218 5,084,026
about $350,000), forming part of high-pressure distribution system; (d)
17,65 miles of gas main and 2,544 gas services (increased
Total
Total
93,119,759 91,793,913
93,119,759 91,793,913 Net increase or
number of customers. 6.156); (e) Completion of electric plant during fall
-V. 93, p. 1536.
of 1911.; (1) Construction work on new General Office Building at 11th
and Olive streets, started during tile fall of 1911.
American Sewer Pipe Co.
The price of gas for all purposes having been fixed at 80c. net per 1,000
cu, ft. for the first 10,000 cu. ft. sold in any one month and 60c. net for
(Balance Sheet Dec. 31 1911.)
all in excess thereof sold through the same meter, your directors decided
BALANCE SHEET DECEMBER 31.
on the adoption of a one-meter system; to cOver the cost for the year,
1911,
1911.
1910.
1910.
approximately $250,000 was credited to construction account. It is
Liabilities$
9
planned to complete this work during 1912. The construction account was
Cost prop.,less depr_8,782,483 8,729,750 Capital stock lasued_7,000,000 7,000,000 further credited with the cost of old No. 6 holder, dismantled, and with the
Cash
88,189
93,548 Bonds outstanding.._1,303,600 1,318,000 abandonment of old mains, meters, &c. The cost value of the foregoing
Accts. & bills receivAccts. & bills pay'le_ 473,741 412,789 was charged off to depreciation reserve account.
15,804
able (less reserve). 387,213 371,325 Wages accrued.
30,749
The net increase in the construction account was approximately$900,000,
Materials &supplies_ 696,285 728,139 Int. & taxes accrued 36,082
35,560 and represents the net cost of additions and improvements during the year.
.1,131,513 1,132,107
Def, charges to °per.
6,470
6,443 Surplus
Stock, etc.-In order to retire $1,000,000 certificates of indebtednessdue
Feb. 1 1911, your directors on Jan 23 1911 offered for sale to stockholders
'
Total
0,960,640 9,929,205 10,000 shares of common stock at a price of $110 per share. At the same
..9,960,640 9,929,205
Total
ef During 1911 $52,500 bonds were redeemed by the sinking fund and canceled, time it was announced that $1,200,000 out of the surplus account would be
making a total of $819,000 canceled to Dee. 31 1911. On the date last named there appropriated to the payment of 12,000 shares of new common stock of $100
were held in the treasury or deposited as collateral to bills payable $377,500 bonds. each, and that said shares would be distributed to shareholders of record
Dividends of 3% yearly were paid from July 1904 to July 1907 and M% Oct. 1907 March 27 1911, pro rata, as a stock dividend. (Compare V. 92. p. 265; as
s
• • saj
ka
to sale of bonds, see V. 93, P.
And again Jan. 1908; none since.-V. 92, p. 878.
PAssets-
FEB. 10 1912.
THE CHRONICLE
415
New General Office Building.-The site for the new building is located in
the central business portion of the city and is most desirable. The lot
fronts 98 ft. on Olive St. by a depth of 107 ft. to an alley on 11th St. The
old buildings on the site have been removed and the erection of a modern
10-story fireproof office-building commenced. The company contemplates
the occupancy of live floors and the basement of the building. The other
five floors will be let to tenants.
INCOME ACCOUNT FOR YEAR ENDING DEC. 31.
1911.
1910.
1909.
Gross earnings
$4,342,036 $4,501,124 $4,142,340
Oper. exp., incl. *mint. and taxes_
2,125,033
2,308,863
2,276,243
Depreciation
251,485
217,234
124,598
Brick on Hand.-The stock of brick on hand Dec. 31 1910 was 63,000,000;
on Dec. 31 1911 It was 109,000,000. This large
increase will enable us to
effect larger sales at tile opening of the season,
or, if the condition of the
weather shall require it, to delay the actual operation
of making brick
until favorable weather sets in.
Dividends (%) Paid Since January 1905.
----1908
1910
1911---1905. 1906. 1907. Jan. Oct. Jan. Apr. July. Oct.
Jan. Apr.
5
4
4
1
1
1%
2
2
2
2
2
RESULTS FOR CALENDAR YEARS.
Calendar
Net
Dividends
Depreciatten
Balance,
YearsProfits.
Paid.
Reserve.
Surplus.
1911 __..
$460,735
$317,837
(2%) $88,000
554,898
Net earnings
$1,965,518 $1,975,027 $1,741,507 1910
574,794
(8%) 346.200
181,099
47,495
1909
Deduct174,116
(1 5.5.) 60,000
114,116
Interest
$987,477
$998,427 $1,004,093
BALANCE SHEET OF DECEMBER :A.
Preferred dividends, 5%
125,000
125,000
125,000.
1911.
1010.
1911.
Common dividends •
1910.
•(7%)710,500•6 M)552,500 .(6)510,000
Assetss
$
Real estate
1,156,817 1,040,325 Capital stock
5,000,000 5,000,000
Total deductions
$1,822,977 $1,675,927 $1,639,093 Bldgs. & machinery_3,9
72,962 3,740,356 Pay-rolls and current
Balance, surplus
$142,541
$102,415 Unissued stock
$299,100
600,000 600,000
accounts not due._ 126,152 125,586
Cash
48,920 Bills payable
552,500 465,000
• Supplied by "Chronicle," being the amounts paid during the calendar Accounts receivable_ 33,509
311,5751 304,079 Dividend Jan. 15_
88,000
years named but not shown in the pamphlet report. This includes in 1911 Bills receivable
Depreciation reserve. 498,936 181,099
four quarterly dividends of 1 %% each, paid on the $8,500,000 stock out- Bricks and supplies_ 48,9261
376,900 298,707 Reserve for taxes,&e. 28,000
standing during the 'entire year and three quarterly dividends at the same Stock subscription
10,000
10,000 Surplus
rate on the $3,200,000 additional stock subscribed for and paid as stock
*304,601 272,703
dividend early in 1911.
Total
6.510,189 6,132,388
Total
6,510,189
6,132,388
CONDENSED BALANCE SHEET DECEMBER 31.
* After transferring $23,000 to reserve for taxes,
1011.
1910.
1511.
1910.
properly
chargeable
operations
to
of 1911.-V. 93, p. 108.
Assets$
Liabilities (Con.)- S
18
$
Plant,stores, &._33,730,426 32,352,180 Ref. & ext. M. 58_10,000,000 9,182,000
Cash
66,512
125,775 Certifs. of indebt.
Atlantic Gulf & West Indies SS. Lines,'New York City.
1,000,000
Bills & accts.rea
1,100,227 1,378,515 Bills & accts. pay_ 641,453
604,902
(Report for Fiscal Year ending Dec. 31 1911.)
Liabilities accrued 252,423
261,470
Total assets__ _ _34,957,165 33,860,470 Reserves _..... _ 539,156
475.187
The report contains no text, comprising merely:
LiabilitiesRes.com.stk.cliv.fd: 142,540
Common stook_ .10,700,000 8,500,000 Surplus
181,592 1,342,911
BALANCE SHEET OF PARENT HOLDING COMPANY.
Preferred stock_ _ 2,500,000 2,500,000
Assets1911.
First mortgage 58_10,000,000 10,000,000
Total liabilities.34,957,165 33,866,470 Invest,
1010.
1909
in stks. of sub. cos. & other
-V. 94, p. 212.
securs. acquired in exch. for stks. &
bonds of this co. (Incl. securs. not
Diamond Match Co.
pledged under the mtge., valued at
$656,300 in 1911. against 5525.040
(Report for Fiscal Year ending .Dec. 311911.)
in 1910 and $538.166 in 1909)____542,988,987 $42,988,987
542,988.988
Below we give comparative income accounts and balance Marine equipment
1.250,000
1,250,000
in bds., stks. & 0th. secure.
sheets for four years. Further data to be made public at Invest.
subsequently acquired, net pledged
-at cost (val. at $761,870 in 1911.
the meeting on Feb. 15 will be given another week.
against $704,221 in 1910 and $550,INCOME ACCOUNT.
367 in 1909) _ _
727,341
742,937
476,153
1911.
1910.
Notes and accounts receivable
1909.
1908.
500,276
481,461
883,380
Net profits after deductUnexpired insurance
3,079
7,944
ing reserve for doubt
Cash deposited to meet coupons fall$2,406,444 $2,221,668 $2.196,877 $2,279,911
fUl accounts, &c
ing due on Jan. 1
345,275
316,825
325,000
Depreciation, repairs and
Cash in banks
47,693
13,539
215,029
replacements
382,431
371,183
477,095
385,187
Total
$45,862,651 $45,801,693 544,888,550
Balance of profits_ _ _ _ $2,024,013 $1,850,482 $1,719,782 $1,894,724
LiabilitiesProfit from sale of Bryant
Common stock
$14,997,000 $14,998,200 $14,998,200
& May pref. stock__ _
47,865
Preferred stock
14,996,400 14,996,400 14.996,400
Fifty-year 5% coll, trust gold bonds_ 12,997,000 12,997,000
12,997,120
Total net earnings.... $2,024,013 $1,850,482 $1,767,647 $1,894,724 Bonds guaranteed
1,138,000
1,200,000
Reconstruction chgd. off
$59,848 Notes payable
-1277.666
Approp. for gen. reservel $150,000
5150,0001
$150,000
20,000 Accrued interest on bonded debt... _
345,275
316;$25
325,000
Depreciation reserve__
Reserve for depreciation
150,000
62,500
Dividends
%mom() (6)960,000 8)1,280,000(10)1600,000 Surplus
1,326,476
1,293,258
744,830
Simplus
$914,013
Total
$740,482
$214,876
$187,647
$45,862,651 $45,801,693
Previous surplus
606,069
Note.-There was also a contingent liability of $250,000 on a$44,888,550
865,587
677,940
463,064
note of the Carolina Terminal Co. of Charleston, S. C., whichguaranteed
has since
Total
$1,520,082 $1,606,069
$865,587
$677,940 been paid.
Patents, rights, tradeINCOME ACCOUNT YEAR ENDING DEC. 31.
marks, &c.,-vritten off 1,000,000
1,000,000
1911.
1910.
1911.
1910.
Dlys.from stib.cos. $887,807 51,122,300 Marine instrance_ 542,10931
Surplus Dec. 41
$520,082
$606,069
25
8:3
407
$865,587
1
$677,940 Int. on invest.,&e.
167,277
175,989 Sundry exp., &c__
2,883
BALANCE SHEET DEC. 31.
Deprec. on marine
Assets1911.
1910.
Total
1909.
1908.
31,055,084 51,297,794
equipment
62,500
Plants & other invest's_ $5,618,396 $5,530,183 $5,407,526 $5,653.416
DeductDeprec. on investPine lands and stumpage 4,229,420
4.331,327
4,412,293
4,407.647 Int. on bonds._
$650.000 $650,000 a meats
200,000
Patents,trade-marks,&c. 3,000,000
4,000,000
5,000,000
5,000.000 Interest on bonds
Def, charges to operation
139,796
114,433
assumed & guar.
129,421
58,450
Matches867,179
1,097,158 Int.on coll.tr.notes
954,182
45,120
Total deduc'ns_51,021,876 $749,355
LuMber and logs
1 4,869,509[ 2,528,653
2,421,239
2,278,585 Other int. & taxes
5,934
33,477
Surp. for year
533,208 $548,939
Misc.mdse. and supplies
987,020
975,278
1,069,481
The foregoing income account does not take into consideration the undivided
Notes receivable
sur317,757
195,45/
6,337
96,509 plus earnings of the subsidiary companies. The total
free and unpledged assets at
Abets. reedy. less res've 1,617,546
2,869,171
1,929,947
1,648,450 market value, after payment of all bond and
other int. accrued to Jan. 1 1912,
Cash for coupons
12,481
amourtt
$1,969,217.
to
A
consolidated
bal.
sheet
of
the
subsid.
Cash
cos., also income
1,453,145
735,464
551,520
540,520 acct., will be mail,d is all stockholders of record as soon
as the accounts for the year
Total
$21,258,050 522,158,887 521,877,743 521,782,766 can be closed. ghla will probably be about May 1 next.-V.93, p. 1536.
LiabiltliesCaPital stock
$16,000,000 $16,000,000 $16,000,000 $16,000,000
10-year 6% cony. debs_ 2,000,000
404,100
Notes payable
1,900,000
1,800,000
2,000,000
Sierra purchase
•1,077,097
1,378,556
1,524,356
1,949,964
Int. coups. not presented
12,481
RAILROADS, INCLUDING ELECTRIC ROADS.
Accounts payable
340,300
735,032
818,721
Int.&pay-rolls(pd.Jan.).
94,315
146,545
159,699
907,012
Algoma
Central & Hudson Bay Ry.-Bonds.--The LonTaxes accrued (est.)...60,113
65,110
51,845
ReServes
1,153,662
923,476
657,535
247,850 don Stock Exchange has listed the additional L'334,200 1st M.
Surplus and profits
520,082
606,069
865,587
677,940 5s, making the total listed £1,608,800.-V.
GENERAL INVESTMENT NEWS,
Total
$21,258,050 $22,158,887 $21,877,743 $21,782,766
• Deferred payments due 1911 to 1921 to Bryant & May, Ltd., on California purchase. As to extra dividend of 1%, see a subsequnt page.V. 93, p. 1728.
Millais Brick Co., Chicago.
(Report for Fiscal Year ending Dec. 31 1911.)
Pres. William Schlake, Chicago, Feb. 5, wrote in brief:
Dividends -AS examination of the financial statement appended
to
this report shows that the earnings for 1911 were in excess of 10% of the
outstanding capital and a dividend of 6% or even 8% could have
been
paid
and Still something transferred to the surplus account, without making any provision for depreciation of buildings and machinery. It was
deemed wise, however, last June to pass the dividend and to adopt a policy
of not again resuming payments until such time as we feel certain that
dividends can be maintained with regularity. Owing to the fact that our
earnings must always be made during the summer and later months of each
year, it is the conCensus of opinion of the present directors that when the.
payment of dividends is resumed distributions should be made semiannually instead of quarterly.
Profits -'rime percentage of profits on the business done equaled that
of the previous year, but the total of profits was considerably less. The
curtailment may be charged to the general labor difficulties, which had a
marked effect on general building operations and indirectly, of course, upon
the output of brick. I refer to the jurisdictional fight between the plumbers
and steam-litters, which prevented ithe completion of a large number of
buildings and had a discouraging effect upon persons contemplating new
work. In addition to that we had our own troubles with the brlekmakers,
which resulted in the complete tying-up of our plants for the month of May
and one-half of Juno, and later we had trouble with our engineers, which reduced our output for several weeks more. These difficulties are now, however, happily settled for some time to come.
Alaintenande and repairs, aggregating $100,215, was, as customarily,
charged to expense, and therefore does not appear in the statement herewith submitted.
Plants.-The building and machinery acconnt shows an increase over
previous years, due to the purchase of additional brick-making properties
and considerable now construction work.
94, p. 205.
Atlanta Birmingham & Atlantic RR.-Offering of Underlying First Mtge. 5s,a First Lien at 812,238 Per Mile.-Clark,
Dodge & Co., New York, offered this week at 101 and int.
Atlantic & Birmingham fly. Co. 1st M.5% gold bonds dated
Jan. 1 1904 and due Jan. 1 1934, but callable at 110% and
int. on any interest date. Int. J. & J. at Old Colony Trust
Co., Boston, trustee. Par $1,000 (c*). Authorized and
outstanding, $4,090,000. The bankers say:
A closed first mortgage lien (a) at $12,238 per mile on 334.20 miles
of
main track, including the lines from Brunswick to Montezuma,
194.3 miles,
Which is part of the main line to Birmingham and Atlanta; Waycross
Sessons, 26 miles; Thomasville to Fitzgerald, 80.5 miles, and Bushnell to
to
Alapaha River, 33.4 miles. (5) On the extensive terminals at
Brunswick.
Ga., including passenger station, freight depot, belt line, switching
yards
and a large tract of land available for future development. (c) Steamship
terminals at Brunswick with one-half mile of water frontage on Ogiethorge
Bay, 89 acres of land, two piers of reinforced concrete piling,
by
creosoted piling, each 140 ft. wide, with double track throughprotected
the centre,
one 768 ft. long and the other:560 ft.; four warehouses, each 58x400
with
an aggregate of 92,800 sq. ft. of floor space; electric power plant; ft.,
dredged
slip 1,600 ft. long and a coaling pier 215 ft. long. The U. S.
has spent large sums in harbor improvements at Brunswick. Government
Although the company has been in the hands of receivers since
1000, the interest on these bonds has always been earned arrd January
promptly
paid. All receiver's certificates have been made subject
of these bonds. The properties mortgaged have cost over to the prior lien
$10,000,000.
Digest of Statement by Receiver H. M. Atkinson, Atlanta, Ga., June
29'11.
[Made to Clark, Dodge & Co. and White, Weld & Co. on purchase
by
them of $3,250,000 5% joint receiver's certificates of indebtedness
, extended for one year from July 1 1911, but subject to call in discretion
of
the Court at par and int. on or after Jan. 11912. V. 93, p.43; V.89
p.2231
The A. B. & A. RR. extends from Atlanta and from
to
Brunswick, Ga., on the Atlantic seaboard, with branches toBirmingham
Ashland, Ala.,
Thomasville and Waycross, Ga., with 661.9 miles of main track
and with
additional second track and sidings, amounting to 162.33 miles,
or a total
of 824.23 miles. The company purchased the old Atlantic & Birmingham
Ity. from Brunswick to Montezuma, with branches to Waycross and Thom.
416
THE CHRONICLE
asville (total mileage 334.2), and extended the same to Atlanta and Birmingham according to the highest modern standards. Laid with 80-lb. steel
rails, with maximum curvature of 6 degrees and maximum grade of 1%.
The modern equipment, purchased In the past few years, has cost over
$4,500,000. Also has valuable terminal properties In Atlanta and Brunswick,
Ga., and Birmingham, Ala. Brunswick has one of the best land-locked
harbors on the Atlantic seaboard, and the railroad is in a strong position
for handling business there through the ownership of a belt railroad and
terminal properties and a water terminal embracing over one-half mile of
deep-water frontage and about 100 acres of land. The Georgia Terminal
Co. owns about 200 acres of land in Atlanta that cost $1,611,001 and improvements thereon over $1,000.000. The property of the Alabama Terminal RR. Co. In and about Birmingham consists of about 250 acres, costing
$972,712, and improvements thereon over $1,600,000, including 28 miles
of terminal railroad from the A. B. & A. RR. Co. at Reeder's Gap to Birmingham, and to the coal anti iron properties at AftfIga.
These coal and Iron properties, owned by closely allied interests, consist
of over 40,000 acres of the most valuable coal lands and 12,000 acres of
iron ore lands. The coal mine at Muiga has modern equipment capable of
handling 2,500 tons per day, and the coal output is now more than 1,000
tons per day. This connection is valuable in that it makes the road Independent as regards its coal supply, and as furnishing a large amount of
commercial coal tonnage. [The Atlanta Birmingham & Atlantic Construction Co., which owns the stock of the Brunswick Coal & Iron Co., the owner
of these coal and iron properties, is understood to have given an option on
the same to the Woodward Iron Co., and the title may be transferred to
that company at any time. See V. 94, p. 71. --Ed.]
These certificates are, therefore: (a) An absolute first lien on (1) 327.7
miles of main track at $9,918 per mile; (2) the property of the Georgia
Terminal Co. In Atlanta and of the Alabama Terminal RR. Co. In and about
Birmingham, costing up to June 1 1911 over $5,183,000; and (b) a lien, subject to $4,00,000 Atlantic & Birmingham By. Co. 1st M. 5% bonds, on
(1) 334.2 miles of track and (2) the terminal properties in Brunswick.
The mortgages to which these certificates are made a prior lien are: $14,443,000 B. & A. 1st 5s; $3,000,000 Ga. Term. Co.lst 53;$2,445,000 Ala.
Term. RR. Co. 1st 5s. The receiver's certificates are a lien, subject to the
equipment bonds, on equipment costing over $4,500,000 (on Feb. 1 1912
there were outstanding only $1,500,000 equipment bonds—Ed.). The tot al
amount expended In cash up to July 1 1911 on the property under these
certificates was over $26,000,000, not including the cost of the 334 miles
formerly belonging to the At!. & Birm. By. Co.
Earnings.—See "Annual Reports" above.—V.93, p.1323.
Atlantic Coast Line RR.—Extension.—The company bas
arranged to build the proposed lines between Monticello and
Perry, Fla., about 35 miles, and also from Oldtown, on the
Suwanee River, to Dunnellen, Fla., about 50 miles, to make
a short route from the west to Tampa, Fla.—V. 93, p. 1455,
1460, 1470.
Brooklyn Rapid Transit Co.—New Director.—Henry
Evans, Pres. of the Continental Insurance Co. of N. Y., has
been elected a director of the company and also of the Brooklyn Heights RR. Co., to succeed Gov. Eugene N. Foss, of
Massachusetts, who resigned.—V. 94, p. 346.
Bucks County (Pa.) Electric Co.—Alliance.—See New Jersey & Pennsylvania Traction Co. below.—V. 86, p. 51.
Central Arkansas & Eastern RR.—Offering of Bonds Guaranteed by St. Louis Southwestern Ry.—The Guaranty Trust
Co. New York and London, and lthoades & Co., New York
and Hartford, are offering at 98 and int., paying about
5.12% income the unsold portion of an additional $350,000
1st M. 5% gold bonds, guaranteed prin. and int., by endorsement by the St. Louis Southwestern Ry. Co.
Total auth., $3,000000; now out, Including the $350,000, $1,085,000.
A first
on the cut-off, Stuttgart to Little Rock, also on line Rice Junction to Hazen, Ark., total, 45 miles. For further data sec V.93, p. 104,228.
Chicago & Alton RR.—New Officers.—Frank H. Davis,
partner of the late Edwin Hawley, has been elected VicePresident, to succeed him in that position. James Steuart
MacKie succeeds Mr. Hawley as a director.—V. 93, p. 1527.
Chicago City & Connecting Railways.—Syndicate Dissolves.—The "Chicago Tribune" states (Feb. 3) that the
syndicate which in 1910 underwrote $22,000,000 5% bonds
was dissolved Feb. 1, the unsold portion, about $19,360,000,
being distributed pro rata among the syndicate subscribers.
—V. 94, p. 349.
Chicago & North Western Ry.—Bonds All Sold.—Kuhn,
Loeb & Co. have placed privately the issue of $15,000,000
Milwaukee Sparta & North Western Ry. Co. 1st M. 4s, due
March 1 1947, which was purchased last week and offered
at 943' and interest. For record, the advertisement describing this loan (closed mortgage) is given on another page.
Digest of Statement by Pres. W. A. Gardner, Dated N. Y., Feb. 8 1912.
These bonds are to be guaranteed as to both principal and Interest by
endorsement by the Chicago & North Western By. Co. which company will
further promptly acquire the property of the Milwatikee Sparta & North
Western By. Co. and assume the payment of the principal and interest of
said first mortgage bonds, thus making them the direct obligation of the
Chic. & N. W. By. Co., as well as a first mortgage on about 179 miles of
standard-gauge railroad and valuable terminal yards and buildings on the
outskirts of Milwaukee. The M. S. & N. W. Ry. Co. forms a belt line
around the outskirts of Milwaukee. Wis., connecting all of the lines of the
Chicago & North Western centering at Milwaukee, and extends to Sparta.
Wis., where it connects with the Minnesota and South Dakota main lines of
the company. At Wyeville it connects with the main line of the Chicago
St. Paul Minneapolis & Omaha By. Co., and thereby forms a direct route
to St. Paul, Minneapolis, Duluth and the West,from VVisconsin and Illinois.
The bonds will be dated March 1 1912 and will mature March 1 1947.
Interest payable M. & S. Par $1,000 (o• Foe). Principal and interest
payable in gold, without deduction for any taxes which the company may
be required.to. pay or to retain.—V. 94, p. 350,206.
VI Dallas (Tex.) Electric Corporation.—Notes Sold.—Stonel&
Webster, Boston, N. Y. and Chicago, and the Old Colony
Trust Co., Boston, recently offered at 95U and int., yielding
6%, $1,000,000 5-year,5% gold coupon notes and the issue
has been seven times'oversubscribed. Dated Feb. 1 1912;
due Feb. 1 1917, but callable as a whole at 100 and, accrued
int. on any int. date upon 30 days' notice. Par 4500 and
$1,000 (c*). Int. F. & A. at Amer. Tr. Co., Boston, trustee.
• Proceeds from the sale of these notes will provide funds for an extension
to the power station and the installation of 5,000 k. w. additional capacity;
additional rolling stock; underground and overhead transmission lines; an
extension to the car barn, and other additions and improvements made
necessary by an increasing business.
• Owns the securities of local companies which do an electric railway and
an electric lighting and power business in Dallas, Tex., serving a population
of approximately 95,000. Principal franchises expire In 1922. Operates,
under Stone & Webster management, 19.7 miles of single and 19.1 miles of
double track, also 4 miles of sidings; total, 61.9 miles of single track; 87
closed, 55 open, 14 semi-convertible and 8 misc, cars; total, 164 cars:
[VoL. Lxxxxiv.
central station capacity 5,800 k. w., Including two 1,500 k. w. turbo-generators. Light and power system has over 13,700 connected customers.
Capitalization—
Authorized. Issued.
First mtge. coll. trust, 5%, due 1922 (incl. $50,000
held in treasury and $346,000 in sinking fund).._ _$4,000,000 $4,000,000
Coupon notes, dated Feb. 1 1912 (this issue)
3,500,000 1,000,000
Stock ($2,000,000 1st pref. 6% cum.; $2,000,000 2d
pref. 5% non-cum.; $3,000,000 common)
7,000,000 7,000,000
The company covenants that, should It place any further lien or encumbrance upon its property, it will secure these notes equally with the other
obligations to be secured thereby.
Gross Earnings for Calendar Years.
1904... $755,31711903...$1,023,136 J 1908...$1,169,96711910...$1,469,318
1905... 934,70711907... 1,125,67311909... 1 ,320,12211911... 1,632,291
For Twelve Months ending Dec. 31 1911 and 1910.
1911.
1910.
1911.
1910.
Gross carns__$1,632,291 $1,450,318 Int. & taxes
$295,126 $272,182
Net earnings.. 611,347
518,173 Sinking fund..
36,077
36,852
Balance (agst. $50,000 interest on these notes)
283,143
209,139
Dividends are being paid at 6% per annum on the 1st pref. stock and at
5% per annum on the 2d pref. stock.
Population of Dallas: In 1880 was 10,358; 1800 was 38,067; 1900 was
42,638; 1910 was 92,104. Estimated population within a radius of 100
miles, nearly 2,000,000. Assessed valuation of city: $23,031,000 in 1900
$74,728,800 in 1910. Wholesale business: $130,000,000 in 1910; $67,350,000 in 1904; gain, 93% In six years.—V. 93, p. 871.
Denver & Rio Grande RR.—New Officers.
F. J. Shepard, formerly with the Northern Pacific and Atch. Top. So
Santa Fe Ry., has been appointed assistant to Pres. B. F. Bush. E. L.
Brown, lately elected Vice-Pres., has been chosen a director to succeed
Howard Gould, who resigned.—V. 94, P. 67.
Detroit United Ry.—Report.—For year ending Dec. 31:
Gross.
Year—
Net.
Oth.Inc, Charges. Divs.(5%). Bal., Sur
1911___$10,253,134 $3,673,092 $178,812 $2,123,398 $625,000 $1,103,506
1910___ 9,345,219 3,364,154 152,763 2,030,622
1,486,300
1909_ __ 8,047,554 3,004,830 144,834 1,880,129
1,269,535
1908_ 7,114,760 2,555,637
64,957 1.618.665
1,001,929
—V. 94, p. 278, 207.
Geneva & Auburn Ry.—Receivership.—Justice Sutherland
at Rochester, N. Y., on Feb. 5 appointed Pres. R. R. Quay
of Pitts. and Manager A. B. Atwood of Seneca Falls as
receivers for the property on aplication by the West End
Trust Co. of Philadelphia,as trustee under mortgage of 1909,
interest due Oct. 1911 being in default. The "Rochester
Democrat" Feb. 6 said:
It was explained that a judgment of $155,000 stands against the road in
the Federal Court but a protective committee of stockhol erg owns the
greater part of the notes on which it Is based. The men who originally
financed the road cannot see their way clear to continue it without a receivership. Formerly known as Geneva Waterloo Seneca Falls &
Cayuga Lake Traction Co.—V. 89, p. 721.
Geneva Waterloo Seneca Falls & Cayuga Lake Traction
Co.—See Geneva & Auburn Ry. above.—V. 89, p. 721.
Grand Trunk Ry. of Canada.—Third Preference Dividend.
Increased.—The directors have declared a dividend of 1/6%
1
on the third pref. stock, payable from the earnings of 1911,
comparing with IA of 1% from the earnings of 1910.
The latter was the first dividend declared on the issue since the 3% paid
April 1908 for the year 1907, previous distributions being 3% for 1906, 2%
for 1905, 2% for 1903 and 1% for 1902.
Tenders for Controlled Road.—See Southern New England
Ry. below.—V. 94, p. 207.
Indianapolis Crawfordsville & Western Traction Co.—De,
cree of Sale.—The U. S. District Court at Indianapolis on
Jan. 30 entered an order providing for the sale of the property by Edward Daniels, Special Master, at Crawfordsville,
Ind., at a time to be fixed later. Upset price, $1,000,000.
Amount due, $1,752,908.—V. 90, p. 372.
International & Great Northern RR.—Temporary Agreement.—The new company; exercising the option as to old
contracts conferred upon it by the foreclosure decree, elected
to cancel on Feb. 1 the agreement under which the M. K. &
T. has been using the 31 miles of track between San Marcos
and Austin. A new 30-day agreement was, however, executed Jan. 26. If a new contract is not agreed to witliin
that time, the right of the M. K. & T. to use the track in
question will finally terminate on Sept. 30.—V. 94, p. 350.
Kansas City Viaduct & Terminal Ry. Co.—Receiver Discharged.—Ira G. Hedrick was discharged as receiver of this
company on Jan. 24 and the property turned back to the
proper officers. Howard Ross is Secretary, Kansas City.
Mr. Hedrick was appointed temporary receiver on Dee. 4 1911 by Judge
Powell in the Circuit Court of Kansas on petition by A. W. Farney, a
stockholder, and an inter-plea by Kansas City. The case came up before
the same Judge at Independence. Mo., on Jan. 14. The attorneys of the
company then presented the plea that it had been the victim of a "snap
judgment" and that no good reason existed for appointing a receiver. See
V. 93, p. 1599.
Lancaster Oxford & Southern RR.—Sale Adjourned.—The
receiver's sale, it is stated, has been postponed till March 16,
the only bid being for $49,600.—V. 93, p. 1668.
Lehigh & Hudson River Ry.—Merger.—The necessary
steps are being taken for the merger with this company of
its subsidiaries, the South Easton & Phillipsburg RR. of
Pennsylvania and New Jersey, also the Mine Hill RR., together owning 3.46 miles of road.—V. 93, p. 1781.
Mahoning & Shenango Valley Ry. & Light Co.-365,000,000 Mortgage.—The shareholders will vote March 29 on
increasing the bonded debt from $10,000,000 to $65,000,000,
but for what purpose could not be learned in New York City
yesterday.—V. 93, p. 45.
Milwaukee Sparta & North Western Ry.—Sale of Bonds.—
Guaranteed and Shortly to be Assumed.—See advertisement
on another page and Chicago & North Western above.
—V. 94, p. 207.
Missouri Kansas & Texas Ry.—New Chairman.—Frank
Trumbull has been elected Chairman of the board to succeed
Edwin Hawley. No successor to the latter as director has
yet been chosen.
FEB. 10 192 j
THE CHRONICLE
Mr. Trumbull is also Chairman of the board of the Chesapeake & Ohio
By and of the Hocking Valley fly., a director of the Colorado ec Southern
By., Minneapolis & St. Louis fly., Kanawha & Michigan fly, and Pittsburgh & Shawmut RR. Mr. Trumbull was a close personal friend and
adviser in railway matters to the late Elwin Hawley and is personally a
large holder of the company's securities. It was only at the earnest solicitation of the directors and of bankers interested in the property that he
reluctantly consented to assume the additional new office.-V.93, p. 1600.
417
benefit of the increased January business will not, however, be largely reflected in the January statement, due to the fact that the earnings are
based upon the daily meter readings, which for the early part of the month
reflect the gas sales for December rather than those in January. The
stockholders, however, may confidently look forward to a considerable
increase in the showing for January and to very large increases In February
and March, the comparison for these months being with exceptionally
warm weather and depressed industrial conditions in 1911. The company
should end its fiscal year, therefore, with only a moderate decrease in net
earnings compared with the preceding year.
It is understood that Important financial plans have nearly reached conclusion which will enable the company to reorganize its railway situation
and place these properties on a sound basis, under the co-operation of
the City Council, vt ith a view to adjusting all differences which have hitherto
existed between tne city of Pittsburgh and the railway companies, thus
removing conditions which have been a source of great loss to the railway
Interests of the Philadelphia Company.
In view of the improved conditions the stockholders may look forward
with confidence to a continuance of the 7% dividend on the common
stock.-V. 93. p. 1280.
Montreal Tramways & Power Co.-Amalgamation.While no public call for deposits has been made,it is generally
understood that the holders of the 82,000,000 capital stock
of the Montreal Tramways Co.(V. 93, p. 1463) and the $6,000,000 stock of the Canadian Light & Power Co. (V. 91,
p. 591) are exchanging their shares for the stock of this
English holding company on substantially the basis already
reported, namely 8150 in the holding company shares for
each $100 of stock deposited. A complete exchange would
Portland Eugene & Eastern (Electric) Ry.-Mortgage.thus necessitate the issuing of, say, three-fifths ($12,000,000) The company has made a mortgage to the Trust Co. of Amercorrectly,
more
or,
of the authorized stock of $20,000,000,
ica, as trustee, to secure an authorized issue of 810,000,000
£4,110,000-divided into 200,020 shares of 20 10s. 11d. 1st consol. 25-year 5% $1,000 gold bonds.
1768.
1711,
p.
V.
91,
each and one of £422 8s. 4d. See
The bonds are dated July 1 1911 and mature July 1 1936, but are subject to call on any interest day (Jan. 1 or July 1) at 105 and int. Of the
-V. 94, p. 207.
and to pay off
bonds $1,200,000 are issuable at once for extensions,
&c.,fly., due 1eb.18
$49,500 7% bonds issued by the Corvallis & Aisea River
New Jersey & Pennsylvania Traction Co.-Sold.-The the
1918 (Security Savings & Trust Co., trustee), the remaining $8,800,000
announced
5
Feb.
on
Cleveland
in
committee
bondholders'
being reserved for acquisitions and extensions (at the rate of $30,000 per
that the control of this property had been purchased by mile), improvements, betterments, &c.
The company was incorporated In Oregon on Oct. 7 1907, its line when
already
[who
and
York
Philadelphia
New
Battles & Co. of
completed to connect Portland, Salem, Albany and Eugene, of which 18
Corvallis & Aiwa River By.,
controlled the Bucks County Electric fly. of Newtown, Pa.], miles were at last accounts in operation. The
a steam road extending from Corvallis to Gienbrook, Ore., 21 miles, and
acting, it is reported, in connection with W. Frederick Sny- from
Alsea Jet. to Monroe,2 miles, and Bailey Jct, to end of track, 3 m., was
der, President of the Northern Trust Co. of Philadelphia, recently acquired. President. J. 0. Story; Sec. and Treas.. E. W. Hall.
and Sydney L. Wright of Philadelphia.
St. Louis Southwestern Ry.-Guaranteed Bonds Offered.At auction in N. Y. City on Jan. 31 the following securities belonging,
See
Central Arkansas & Eastern RR. above.
It Is understood, to the estate of the late Tom L. Johnson of Cleveland,were
.
bid in for $401,687, preparatory, It is supposed, to the aforesaid sale:
Earnings.-For half year ending Dec. 31:
$1,465,000 1st M. 4s of 1932 and $873,800 (of the $1,000,000) cap. stock of
the New Jersey & Pennsylvania Traction Co. and $149,000 stock of the
Johnson Co.-V. 88, p. 101.
New Orleans Ry. & Light Co.-Earnings.-Bertron,
Griscom & Jenks have favored us with the following statement for the year ending Dec. 31.
Interest on
Net (after Misc.
Gross
Cal.
Year. Earnings. Taxes,&c.). Deduc. OldBds. Gen.4K,s. Ref. 5.T.
1911.. $6,380,910 $2,402,655 $66,585 $619,993 $789,480 $154,001
1910_ 6,099,234 2,239,507 59,523 625,476 789,480 129,136
-V. 93, p. 1788.
Balance,
Surplus.
$771,696
635,892
Norfolk & Western Ry.-Option to Subscribefor Convertible
Bonds.-The amounts of common and preferred stocks outstanding, respectively, at the close of business on Jan. 31,
were $83,409,000 and $22,991,700, an aggregate of $106,400,700. Stockholders of record on that date were therefore
entitled to subscribe, under the recent allotment of 12M%,
for $13,300,000 of the new issue of 4% convertible bonds.
Compare V. 94, p. 208.
Northern Ohio Traction & Light Co.-New Stock.-The
company ha§ applied to the Ohio Public Service Commission
for permission to issue $2,000,000 additional stock.
The greater part of the proceeds are to he used for double-tracking, new
oars, a new freight and passenger terminal at Akron and the completion of
the new power station at Cuyahoga Falls. A hearing has been set for
Feb. 19.-V. 94, p. 345, 124.
Half
Gross
YearEarnings.
1911
$6,353.269
1910
6,456,701
-V. 94, p. 69.
Balance,
Charges,
Other
Net
after Taxes. Income. Rentals, ctc. Surplus.
$1,320,435
$1,182,602
$399,205
$2,103,832
897,249
1,116,410
196,758
1,816,901
Southern New England Ry.-Tenders Asked for Construetion.-The company is asking for bids for the construction of
the road to bring the Grand Trunk from Palmer, Mass., to
Providence, R. I. The contracts call for completion by
Dec. 311913.-V. 94, p. 209.
Southern Pacific Co.-Destruction of Dividend Order
Mailing Lists.-The statement below under caption of
"Union Pacific" regarding the destruction of the company's
dividend order mailing list applies also to the stockholders
of this company.
Merger of Subsidiaries.-See Oregon Eastern fly. above.• 1:•,11:-M • El
V. 94, p. 124, 128, 69.
Southern Ry.-Dividend Increased.-A semi-annual dividend of 2% has been declared on the $60,000,000 5% noncumulative pref. stock, payable April 24 to holders of record
March 30, comparing with 1% each in Oct. and Apr. 1911,
when dividends were resumed, and 1M% in Oct. 1907, the
next previous distribution, which was paid from accumulated
surplus, making 4% for the fiscal year ending June 30 1907:
Dividends on Preferred Stock (Per Cent).
Oregon Eastern Ry.-Merger of Southern Pacific SubYear- '97. '98. '99. '00. '01. '02 to Apr.'07. Oet'07.'08-'10. '11. 1912.
2 Apr.,3
0
sidiaries.-A deed was filed at Yreka, Cal., on Jan. 29 trans- Per cent_ 1 1 2 3 4 5 y'ly A & 0 1
ferring the California Northeastern fly., operating from -V. 94, p. 124.
Oregon
the
Weed, Cal., to Klamath Falls, Ore., 89 miles, to
Syracuse Lake Shore & Northern (Electric) RR.-EarnEastern fly. Co., the consideration named being 85,200,000. ings.-For six months ending Dec. 311911:
The Oregon Eastern By. has under construction a line from Natron, Ore.,
to Klamath Fails, 192 miles, on which 52 M miles of track had been laid
in Dee. 1911 and grading had been completed or was in progress on an
additional 18 miles. Compare Southern Pacific report, V. 94, p. 138.
The company, it is reported, is also to build a line across the State of Oregon
from the east to the west to connect with the Deschutes River and Klamath
lines, and also with that running to Lakeview, Alturas and Susanville,
which will in turn connect with a line from Fernley, Nev., to Vina, Cal.
Ottawa ((Jan.) Electric Ry.-Increased Dividend.-In addition to the usual quarterly payment of 2% and the 2%
bonus disbursed yearly in Jan., an additional bonus of 3%
was also paid on the $1,247,700 stock, making thetotal dividends from the earnings of the year 1911 15%, against
12% in several years past.
Report.-For calendar year:
Interest, Canting.
Gross
Net
Cal.
Dividends,
Year. Earnings. Earnings, Taxes.&c. Accoun.
1911_ _3840,681 $354,691 $59,139 $78,000 (15%)$187,155
41,000 (12%) 149,724
56,546
1910__ 748,709 • 277,229
-V. 92, p. 1179.
Balance,
Surplus.
$30,397
29,959
$49,717
$292,326 f All Interest charges
Receipts, all sources
471.666
$121,383 Net Income
Net (after taxes)
See map, p. 122, of "El. By. Sec." C. D. Beebe is Pres.-V. 93, p. 590.
Third Avenue RR., New York.-New Mortgages Approved.
-The P. S. Commission has approved the new mortgages to
be issued under the amended plan of reorganization (V. 93,
p. 1535), which had been already approved by them, viz.:
First refunding mtge. to the Central Trust Co. for the authorized amount of $40,000,000 dated Dec. 20 .1911 (present
issue,' $15,790,000), and the adjustment income mtge. to
U. S. Mortgage & Trust Co. for $22,536,000.
to establish a fund
k.,The Commission made an order directing the company
property and the securi-
to amortize the difference between the value of the
ties .issued against It and also to set aside another fund for maintenance,
depreciation and renewals. The amortization fund shall be made up by
setting aside out of income $180,000 a year plus 4% on previous deductions,
to make up the difference between the value of the property mortgaged and
the face value of the bonds authorized by the Commission. The provision
for maintenance, depreciation and renewals is to be paid yearly, and is to
be a sum equal to 20% of the gross operating revenue for that year.
President Whitridge has notified the Commission that the company will not
obey the order on the ground that it is illegal and unwarranted.-V. 94.
p. 280. 209.
Pasadena (Cal.) Transit Co.-New Bonds.-None of the
$3,000,000 bond issue having been sold, the company has
decided to make a new issue for a smaller amount, namely
•
Toledo St. Louis & Western RR.-New Officers.
$2,000,000, running for a shorter period, making the bonds
Frank H. Davis has been elected a director to succeed the late Edwin
Hawley.
Mr.
of
place
in
MacKle,
Steuart
James
Vice-Pres.,
and
more salable. James J. Rammage is Sec. See V.91,p. 717. Hawley,
V. 93. p. 1669.
Philadelphia Company of Pittsburgh.-Earnings-FinanRailway.-Report.-Calendar years:
Toronto
cial Plan.-Substantially the following statement is made Calendar Gross
Balance,
Dividends
Total
Net
Surplus.
in
Paid.
decrease
properties
Deductions.
of
earnings
the
the
combined
Earnings.
Year- Earnings.
regardin&
$506,232
$671,159
$1,020,787
$2,198,178
1911____$4,851,541
in
Dec.
ended
months
8138,275
31
1911,
namely
for the nine
560,000
651,160
928,768
2,139,928
1910_ _ 4,377,116
earnings, as. shown in the earn- -v. 65, p. 1325.
"Chronicle'
gross and $815,410 in net
the
of
274);
'
for
(p.
27
Jan.
department
ings
Twenty-eighth & 29th Streets Crosstown RR., New York.
the net earnings reported being equivalent to 9% on the -Sale.--Title to the property passed on Jan. 22 to the reoryear
ago:
a
11%
stock as against
ganization committee, J. W. Hamer, Chairman, by whom
The decrease in the net earnings was principally due to /he increased
in at foreclosure for 850,000.-V. 94, p. 69.
maintenance charges made necessary by the large amount of re-paving it was bid
undertaken by the city of PittsbUrgh which compelled the railway
Electric Railways of London, Ltd.-ComUnderground
of
amount
track.
large
companies to re-lay a
During the nine months of 19101 moreover, business conditions in Pitts- bined Earnings.-At the shareholders' meeting in London
burgh were exceptionally active and in November and December the weather on Jan. 26, Chairman Sir Edgar Speyer said:i
1:;11
whereas during the same months of 1911, especially in
was unusually cold,
December, tho warmest weather in 30 years was experienced. After October 1911 industrial conditions began to improve, due to revival In the steel
business, and this improvement was very marked in the months of December and January.
In January 1912 the company had the largest business in its history, as it
has not only had the benefit of reasonably active Industrial conditions but
also exceptionally cold weather, which has increased Its gas sales. The
The combined earnings of the London General Company and the Underground Company, based as regards the former on the net revenue of the
year ending Sept. 30 1911, after allowing £195,000 for depreciation, and
as regards the latter on the amount earned in the half-year ending Dec. 31
last, show 6% per annum earned on, say, £1,300,000 income debenture
stock, and about 4%, free of income tax, on £6,188,000 income bonds,
which is tantamount ;to nearly 11%lon the London General:Omnibusstock.
418
THE CHRONICLE
There is little reason to doubt, according to indications existing, that both
companies will show increased earnings in the current year. See plan
V. 94, p. 352.
Union Pacific RR.-Usual Dividends Declared-Notice to
Shareholders-Mailing Orders Destroyed by Fire.-The company, in connection with the announcement of the usual
dividends (a semi-annual of 2% on the pref. stock and a
quarterly of 2%on the common),calls attention to the fact
that while the.stock transfer books were saved, all orders for
mailing dividend checks were destroyed in the Equitable
fire. Stockholders are therefore requested to apply to the
Treasurer for blank order forms, which should be properly
filled in and returned as promptly as possible, as checks for
these dividends will not be mailed without proper written
instructions. The new offices are located at 165 Broadway.
See advertisement on another page.-V. 94, p. 69.
United Power & Transportation Co.-Report.Calendar
Divs., &c, Expenses
Interest
Balance
YearReceived.
& Taxes.
Payments.
for Dies
1911
$604,842
$47,226
$356,678
$200,939
1910
446,530
44,137
356,676
Total surplus Dec. 311911, after deducting dividends of $1 10 per45,717
share
($158,125) paid July 1 1911 and $1 40 ($201,250) paid Jan.
30 1912, was
31,138,192.-V. 92, p. 1702.
Lxxxxiv.
American Steel Foundries.-New President.-First VicePresident Robert P. Lamont has been elected President, to
succeed Wm. V. Kelley, who resigned and. becomes Chairman of the board.-V.94, p. 70.
American Thread Co.-Decision.-The Appeal Court at
London on Feb. 8 affirmed the decision of Justice Hamilton
in the King's Bench Division of the High Court of Justice,
rendered on Feb. 15 1911, which dismissed the appeal of the
company against the action of the Inland Revenue Commissioners at Manchester in making an income-tax assessment of £180,007 in respect to all the profits of the company.
Compare V. 92, p. 464.-V. 93, p. 104.
American Tobacco Co.-No Action on Common Dividend.
-The pref. dividend was declared as usual Feb. 7, but no
action was taken as to resuming the dividends on common
stock, which were suspended last fall, owing to the disintegration plan. Vice-President Percival S. Hill is quoted as
saying:
I think it is a little early yet to discuss disbursement of common dividends
to American Tobacco shareholders. I cannot say now when the matter
will be taken up.
United Railways & Electric Co., Baltimore.-Not PurNew President.-James B. Duke, it is announced, will soon
chasing.-See Consol. Gas El. Lt. & Power Co. under retire as President,
being succeeded by Vice-Pres. Percival
"Industrials" below.-V. 93, p. 1601.
S. Hill.-V..94, p. 280, 210.
United Railways of St. Louis.-See "Annual Reports."
American Writing Paper Co.-See "Annual Reports."
Decision.-Judge Fisher in the State Circuit Court on Feb.5
New Officers.-The following changes have been made:
decided in favor of the city the suit brought to recover $51,J. W. Ogden of N. Y. has been elected a director to succeed Henry S.
438, with $5,529 interest, under the one-mill-per-passenger Dickinson,
who resigned. Alfred Leeds,formerly Asst. Gen. Mgr.,succeeds
W. N. Caldwell as Gen. Mgr., Mr. Caldwell retaining the presidency.
tax ordinance, for the first quarter of 1910.
-V.
Similar suits arc pending In the courts,and the litigation, which was begun
In 1905, Is stated by St. Louis papers to involve more than $2,000,000.
Henry S. Priest, Chief Counsel for the company, says that he regards the
ruling as a radical one and that he expects that other judges will look upon
the suits in a different light. Compare V. 90, p. 504, 367; V. 88, p. 744;
V. 88, p. 1287.-V. 94, p. 353.
92, p. 458.
Automatic Electric Co.,Chicago-Dividends.-A quarterly
dividend of 1% was paid on Feb. Ion the $4,579,200 capital
stock, being the first distribution since Feb. 1908, when the
quarterly payment was reduced from 2% to 130
0. ComVirginian Ry.-Coal.--"Coal Trade Journal" (N. Y.) for pare.V. 87, p. 349.
Jan. 31 reports shipments originating on the road as follows:
Report.-For year ending Dec. 31:
December
Six Months
- Calendar
Gross
Net
Deprec'n, Replac't
Bond
Balance,
1911.
1910.
1911.
1910.
Year.
Income. Earnings.
cfcc. & Reserve Interest
Surplus.
236,565
183,400 1,479,749 1,017,696 1911
5911,436 $656,750
$60,000 358,500 $538,250
288
10,002 1910
(?)
549,187 $14,440
60,000
58,368 416, 379
14,948
22,304
121,340
84,328
From the surplus as above in 1911 there was transferred to patent deTotal
258,869
198,680 1,601,519 1,112,110 preciation reserve $200,000, leaving $338,250.-V. 88, p. 1502.
For the full calendar year the coal tonnage dumped over the Sewall's
Brier Hill Steel Co., Youngstown, 0.-Officers.Point pier aggregated 2,001,483 tons in 1911, 1,147,077 tons In 1910 and
President. William A. Thomas; Vice-Presidents, John Tod, Joseph G.
241,644 tons in 1909 (9 months). See two articles in aforesaid paper.Butler Jr. and R. C. Steese; Treas., John Stambaugh. Directors: H. H.
V. 94, p. 353, 209.
Stambaugh, Chairman; W. A. Thomas, David Tod, John Tod, E. L. Ford,
Washington Railway & Electric Co.-Dividend Increased. John Stambaugh,
R. C. Steese, J. G. Butler Jr. and C. C. Thomas. iNo
to a request for official data has been received.-Ed.1 See
-A quarterly div. of 1% has been declared on the $6,500,000 response
V. 94, p. 281.
Bituminous
Coke
Company coal
common stock, payable March 1 to holders of record Feb. 17,
comparing with semi-annual distributions of 1% from Dec.
1909 to Dec. 1911, both inclusive. This increases the div.
rate from 2 to 4% yearly.-V. 94, p. 280.
Wisconsin & Michigan Ry.-Receivership.-The "Milwaukee Sentinel" on Feb. 2 said: "S. N. Harrison, Superintendent of the road, has been appointed receiver of the property by Judge A. L. Sanborn, in the U. S. Court at Madison,
on a creditor's bill filed by W. T. Abbott.
&"Judgment was entered on Thursday in the case of W. T. Abbott against
the company on two notes given the Commercial National Bank of Iron
Mountain, Mich., aggregating $5,056.54. At the time of the sale of the
Walsh assets, the road passed into the possession of John Marsch, a railroad contractor of Milwaukee, being bought In by him on a claim. Mr
Marsch is at present Secretary of the road, but is understood to be virtually
the controlling interest. Compare V. 94, p. 209."
INDUSTRIAL, GAS AND MISCELLANEOUS.
• Alabama Consolidated Coal & Iron Co.-Syndicate.Harvey Fisk & Sons have consented to act as managers of
a syndicate which has been formed to underwrite the bonds
to be issued under the plan for merging the company and the
Southern Iron & Steel Co.(V. 93, p. 1023, 1602).-V. 93, p.
1727.
Amalgamated Copper Co.-Anaconda's Smelter Output.The output of the Washoe and Great Falls smelters in Jan.
1912 was 26,350,000 lbs., against 21,600,000 lbs. in Jan.
1911.-V. 93, p. 1261.
American Cement Co., Philadelphia.-Receivership.-At
Philadelphia on Feb. 6 Judge McPherson in the U. S. District Court,on application by Frank G.Thomson and Joseph
S. Lovering of Phila., holders both of stock and bonds of
the company, appointed Sidney W. Keith, Robert W. Lesley and John Scott Jr. as receivers for the property.
The company's embarrassment was brought about by the extraordinary
conditions existing for the past two years in the cement trade,and the unexpectedly heavy cost of the new plant at Norfolk; and it was precipitated by
the inability to meet $35,000 notes due on or about Feb. 3. The Indebtedness is stated as $925,000, viz.: Bonds, $550,000; floating debt, $375,000.
Securities held in subsidiary cos. amount to $1,850,000.
The subsidiary, the Norfolk (Va.) Portland Cement Corporation, has also
flied a petition Involuntary bankruptcy,showing liabilities of $723,547,
Bonds, $483,000; unsecured claims, $199,913; notes, $39,150; taxes, viz.:
&o.,
$1,484. See also report for 1911 in V. 94, p. 278.
American District Telegraph Co. of New York.-Report.
Calendar Years1911
1910
-V.92, p. 1023.
Gross.
5607,753
574,628
Net.
$110,569
105,444
Div.(2%).
*76,888
76,888
Bal., Sur.
$33,681
28,556
American Smelting & Refining Co.-Dividends for Two
Months.-The dates for payment of the quarterly dividends
on the pref. and common stocks having been changed to
March, June, Sept. and Dec. 1st and 15th, respectively, the
company has declared dividends for the months of Nov. and
Dec. of 1 1-16% on pref., payable March 1 to holders of
record Feb. 14 and 2-3 of 1% on common, payable March 15
to holders of record Feb. 23.-V. 93, p. 668.
Central Iron & Steel Co., Harrisburg, Pa.-Receivership.Judge George Kunkel of the Dauphin County Court, at
Harrisburg on Feb. 6, on petition of creditors, appointed
Charles L. Bailey Jr., an attorney, and James M. Cameron,
of Harrisburg, and J. V. W. Reynders, of Steelton, Pa., VicePres. of the Pennsylvania Steel Co., receivers for the company. The interest due Feb. 1 1912 on the $1,239,000 1st M.
5% bonds was paid at maturity, but the sinking fund installment was defaulted.
A bondholders' committee, consisting of Charles J. Rhoads, Vice-Pres. of
Girard Trust Co., Chairman; Robert C. Drayton, Vice-Pres. of Penn Mutual
Life Ins. Co., Charlton Yarnall. W. Barklie Henry and Hon. Vance McCormick, requests holders to deposit their bonds with the Girard Trust Co.,
Phila., as depository, or the Dauphin Deposit Tr. Co., Harrisb., as itfragent.
'rho "Phila. News Bureau" Feb.8 said: "It is understood that the cause
of the receivership was misapplication of a largo amount of funds, which
Involved default on the sinking fund, and other unfortunate eons -quencem";
also, later: "The troubles of the Lucknow Iron Sc Steel Co., of which James
T. Bailey. General Manager of the Central Iron & Steel Co., was President,
are understood to have been one of the causes of the difficulty into which
Central has gotten. Lucknow was placed in bankruptcy a few days ago."
See also V. 81, p. 509; V. 82, p. 102.
Central Maine Power Co.-Stock.--A certificate was filed
Feb. 7 increasing the authorized capital stock from $3,250,000 to $3,500,000 by making the preferred issue $1,000,000
instead of $750,000. See V. 93, p. 708.
Consolidated Gas, Electric Light & Power Co. of Baltimore.-Listed in London.-A press report from Baltimore
announces that the pref. and common stock have, like the
gen. mtge. bonds, been listed on the London Stock Exchange.
Denial.-Pres. J. E. Aldred says:
Statements have repeatedly been made to the effect that I was interested
In the purchases in the market of shares of the United Rys. & Elec. Co. for
the purpose of controlling that company. There is no truth whatever in
such report. Neither myself nor my associates are interested in any movement looking to the acquirement of control, and there is no arrangement
nor has there been any discussion of an arrangement looking to my participating in the management of that company.-V. 93, p. 1791.
Coshocton Light & Heating Co.-Sold.-The control of
this company has been sold by W. A. Himebaugh to Brooks
& Co., bankers, of Scranton, Pa. The new officers and
directors are:
Pres., W. A. Himebaugh of Coshocton; Vice-Pres. & Gen. Mgr., L. H.
Conklin of Scranton; Sec. & Treas., George G. Brooks of Scranton; C. J.
Bowen of Coshocton; Philip Bonnard, New Philadelphia; Thos. R. .rooks,
Scranton; II, H. Picking, Jersey City.--See V. 89, p. 45.
Detroit-Edison Co.Director.-James Campbell has been elected a director to
succeed G. F. Canfield, who resigned.-V. 94, p. 282, 210.
Diamond Match Co.-Report.-See "Annual Reports."
Extra Dividend.-The regular quarterly dividend of 1%%,
also an extra distribution of 1%, has been declared on the
$16,000,000 capital stock, payable March 15 to holders of
record Feb. 29.
Previous Dividend Record (Per Cent.)
DIVIDENDS.J '93. '94. 1805. '96-'98. '09. '10. '11.
1912.
%1 20 10 211-9 10(2 Mq) 8
Since 1892
(1 1 )-'(l% ext.)
6
Compare V. 03, r. 1723.
FEB. 10 19121
TUE CHRONICLE
Dominion Natural Gas Co.-Report.ExNet
Cal.
Gas
Gross
InDivs.
Bal.,
penses.
Earns.
Perch.
Year. Earns.
forest.
(12%)
Surp.
1911____$474,352 $107,320 $206,102 $160,930 *13,405 $130,680 *16,755
38,084 201,806 194,402 10,646 130,680 53,076
1910____ 434,292
Total surplus Dec. 31 1911, $486,456.-V. 90, p. 449.
Esperanza Consolidated Oil Co., San Francisco.-New
Name Proposed.-E. J. de Sabla Jr., John Barneson, Louis
Sloss, Frank W. Griffin, J. C. Cebrian and Charles W. Slack
(a majority of the directors) have applied to the Superior
Court of Cal. for a change of the company's name to "General
Petroleum Company.' See V. 94, p. 211.
Fairmount Coal & Coke Co., Phila.-Overdue Coupon.Treasurer H. P. Conner, Phila., Feb. 1 announced that
coupon No. 34, due Dec. 1 1906, from the ($550,000) 1st M.
would be paid on presentation at Farmers' L.&T. Co., N. Y.
The company has been operating its property (located in Armstrong
County, Pa.) in a small way for some years past, and since 1900 has been
behind in its interest payments, coupons being paid at irregular intervals.
The character of the coal, it Is understood, proved less satisfactory than
expected, leading to the withdrawal of some or all of the Pennsylvania men
Originally interested. Sec V. 79, p. 2590.
General Petroleum Co., San Francisco.-New Name.-See
Esperanza Consolidated Oil Co. above and its proposed new
securities in V. 94, p. 211.
Goldfield (Nev.) Consolidated Mines Co.-Dividend.Earnings.-An official circular dated Jan. 31 announces
dividend No. 14, at 50 cents per share, being the regular
quarterly dividend disbursement of 30 cents per share,
together with an extra dividend of 20 cents per share.
Production (Tons Treated & Shipped) & Earns.for 4th Quar.(Dec. Approx..)
Month- DruTons. Gross Val. Oper.Cost. Consten. Total Costs. Net Profit
October _ _30,626
*819,781 *189,701 $13,938 *203,639
*616,142
November 28,628
723,815
199,004
14,214
213,218
510,597
December 29,127
700,000
198,000
42,000
240,000
460,000
.
419
Mahoning Investment Co.-Dividends Resumed.-This
company has declared a dividend of 1M%,payable March 1
to holders of record Feb. 23.
The company owns control of the Rochester & Pittsburgh Coal & Iron
Co. and its *4,126,200 stook was distributed In Dec. 1906 as a 2570 dividend to shareholders of the Buffalo Rochester & Pittsburgh Ry. Co. The
previous cash distributions were 2% each In Feb. and Aug. 1908 and Aug.
1907.-V. 93, p. 729.
Morris Canal & Banking Co.-Sale of Stock Held by Protective Committee.-The protective committee organized by
Dick Bros. & Co. has arranged to sell to the Lehigh Valley
RR., under the terms offered by it, viz., $170 and accrued
dividends for the pref. and $70 and accrued dividends for
the common, all of the stock deposited by it, as instructed
by the depositing stockholders.
This disposes of greater part of the outstanding stock and removes the
chief obstacle to carrying out the plan for the abandonment of the canal.
A bill authorizing abandonment is pending before the New Jersey Legislature, which is now in session, and Its passage is expected. Compare
V. 93, p. 1195, 1108.
Narragansett Electric Lighting Co.-Report.-For year:
Net
Charges eo
Divs.
Balance,
Calendar
Gross
Year.
Earnings.
1911
*1,292,900
1910
1,215,745
-V. 93, p. 109.
Earnings.
$572,568
526,886
Deprec'n.
*218,233
198,604
-8%-.
*340,000
320,000
Surplus.
*14,335
8,281
Nassau Light & Power Co.-New Bonds.-Hayden, Stone
& Co. have purchased a block of $151,000 1st M. 5% gold
bonds of 1907 and are offering the same at 102 and int.,
making the total outstanding $770,000.-V. 94, p. 283.
National Salt CO.-Notice to Shareholders.-The creditors
have been paid and satisfied, and a small balance remains for
the stock. The receivers say:
Shareholders are requested to forward to Frank P. McDermott, one of the
receivers, 75 Montgomery St., Jersey City, a statement of their holdings, to
the end that a full statement may be presented to the Court and distribution
made. The fund in hand is not sufficient to pay anything beyond a small
dividend to the pref. stockholders, assuming they are entitled to priority.
Total __88,381 $2,243,596 $586,705 *70,152 *656,857 *1,586,739 [Signed
by Nathan S. Beardslce and Frank P. McDermott, receivers.]
Year ending
Total
Net
Dividends
Ralance, V. 83, p. 1039.
Oct. 31Earnings.
Profits.
(20%).
Surplus.
North
American
Telephone
&
Telegraph
1910-11
Corporation.
$9,890,029
$7,379,651
*7,118,296
*261,355
1909-10
9,949,986
7,158,056
7,118,271
39,785 Reorganized Co. Incorporated.-Governor Tener on Feb. 1
There was produced during the year ending Oct. 31 1911 330,549 tons,
approved the application to incorporate the company with
against 266,867 tons in 1909-10.-V. 93, p. 1262.
Herring-Hall-Marvin Safe Co.-Pref. Stock Authorized.The stockholders on Feb. 8 authorized the proposition to increase the capital stock from $700,000 to $1,400,000, by the
issuance of $700,000 7% cum. pref. stock. Compare V. 94;
p. 354, 282.
•
Independent Telephone Co.of Omaha.-Meeting.-This reorganization committee has called a meeting of the bondholders for Feb.'12 in Omaha to determine upon the plan
which shall be pursued with reference to the property, viz.:
Frank H. Woods, Chairman; Lysle I. Abbott, Secretary; Edson
Frank B. Johnson, Frederic W. Stearns, John Kiernan. The Title Rich,
&
Tr. Co. of Los Angeles Is mortgage trustee. Compare V. 90, p. 630,Ins.
1242.
$5,000 capital stock (to be increased later) as a reorganization of the American Union Telephone Co. and other companies per plan V. 93, p. 1466.
Northern California Power Co., Consolidated, San Fran.Purchase.-This company has purchased the property or the
control of the Sacramento Valley Power Co., an aggressive
competitor for the light and power business of the northern
counties. (See V. 93, p. 153s.)-V.93, p. 1784.
Old Dominion Co. of Maine.-Report.-For cal. year:
Calendar
Divs.
Int. on
Total
Exp. &
Divs.
Year. Received. Spec. L'ns. Income.
Taxes.
(6%)
$465,735
1911
$27,476 *493,211
*7,222 *430,867
465,735
1910
25,648
491,383
6,875
439,867
Total surplus Dec. 31 1911, $162,069.-V. 92, p. 465.
Balance,
Surplus.
*46,121
44,641
Intercontinental Rubber Co.-New Director.-Felix Rosen,
Pacific Telephone & Telegraph Co.-Report.of Hayden, Stone & Co. has been elected a director to sucTotal
Total Net
Dividends. Balance.
ceed Herman B. Baruch', of Baruch Bros., who resigned.- Calendar
YearEarnings.
Revenue.
Interest.
Surplus.
(6%)
V. 93, p. 1389.
1911
$16,070.112 $3,462,274 $2,186,147 *1,090,100 $185,627
1910
14,667,112
2,875,413
1,678,208
1,080,000
119,205
International Shoe Co., St. Louis.-Listed.-The St. Louis -V. 93, p. 1327.
Stock Exchange has listed $12,750,000 common and $8,250,Pennsylvania Sugar Co., Philadelphia.-Officers.--The
000 in preferred stock.-V.94, p. 70.
permanent directors (and officers) are:
Directors: President M. R. Spelman; Vice-Presidents, S. F. Houston and
Kansas City (Mo.) Breweries Co.-Report.L. J. Kolb; Secretary, John A. McCarthy; Treasurer, Louis J. Kolb; George
Cal.
Earnings
Net
DepreBond
Sink Pf.Divs. Bal.,
Year. all sources. earns.
cia'n. Interest. Fund. (6%) Surp.
1911 _ _$2,613,449 $426,976 *84,581 $198,480 $25,000 *87,960 *30,955
1910__ _ 2,547,712 438,303 82,274 198,593 25,000 87,960 42,476
During the year 1911 there were sold 338,332 bbls., against 329,096 bbls.
In 1910.-V. 94, p. 355.
H. Earle Jr., Richard Y. Cook, John Gribbe', Frank C. Roberts, Thomas
W.Synnot, A. F. Huston, H.Edgar Barnes. See plan V.94, p. 213,356.
Porto Rican-American Tobacco Co., New York.-Sale of
Notes.-The Guaranty Trust Co. of N. Y. has placed an issue
of $1,000,000 5% serial gold notes, due in 1913, 1914 and
Kansas Natural Gas 0o.-Suits Settled.-The suits to pre- 1915, which it offered at 1003%, 100 and 993A,respectively.
vent an increase in the price of natural gas and to prosecute Abstract of Letter from 2d Vice-Pres. F. L. Kenney, N. V.. Feb. 5 1912.
the company for alleged- violations of the Kansas Anti-Trust
Notes dated Feb. 1 1912; par, *1,000 or £205 15s. 2d.; due $300,000
Feb. 1913; $300,000 Feb. 1914, and *400,000 Feb. 1915. Int. payable
Law have, it is stated, been settled.
F. & A. Prin. and int. payable in N. Y. and London without deduction
The attorney for the Utilities Commission, who brought the injunction
suit to prevent the increase in gis rates, and the Attorney-General, who
brought the ouster and penalty sifts, and the attorneys for the company
have agreed on the detailed settlement and the amounts to be paid in
penalties, which It Is reported will aggregate about *25,000 and be distributed in 8 counties of the State, agahat more than *500.000 originally asked
for. The price of natural gas will always remain at 25 cents per 1,000 Cu. ft.
for domestic use. The company also agrees to make new contracts with
the distributing companies, so that the anti-trust laws will not be violated.
Compare V. 94, p. 211.
for any tax. Secured by an agreement to Guaranty Trust Co., trustee, as
a first charge upon all assets, earnings and net income. Company has no
other funded or mortgage debt and there are no encumbrances on the
properties of its subsidiaries.
Under said agreement no mortgage or specific charge can be created upon
the property, assets or earnings without expressly recognizing the priority
of this issue; nor will the company incur any other debt except to secure
additional capital, nor become endorser or surety except for some company
at least half of whose capital stock It owns, and in neither event for a period
longer than one year. These notes are issued to retire the *825,000 'bills
shown in balance sheet, and to supply additional working capital.
Lake Superior Iron & Chemical Co., Detroit.-New Trees- payable,"
A N.J. corporation, organized Sept. 1899. Anti'. cap. stock. *2,000,000;
urer.-Frank W. Hutchins of Detroit has been elected outstanding. $1,999,400. About 66% of this stock, formerly owned by
American Tobacco Co., has recently been distributed to the common stockTreasurer to succeed A. Van Oss, resigned.-V.93, p. 1108. holders
of that company (V. 93, p. 1670).
The company owns and operates two factories for the manufacture of
Lawyers' Mortgage Co., New York.-Stock.-The share- cigars
and cigarettes and one box factory in San Juan, Porto Rico, and one
holders will vote Feb. 26 on increasing the capital stock from cigar factory in Bayamon, Porto Rico. Also owns (a) practically all the
capital stock of the Industrial Co. of Porto Rico, which owns factories In
$4,000,000 to $6,000,000.
Ponce, Porto Rico, having a capacity of over 25,000,000 cigars and 100,Stockholders of record March 1 will be permitted to subscribe for
000,000 cigarettes annually; and (b) one-half the capital stock of the Porto
the
$2,000,000 new stock at par, *100 a share, from March 3 to March 21, both Rican Leaf Tobacco Co.
inclusive, to the extent of one share of new stock for every two shares held
Balance Sheet Nov. 30 1911.
by them, respectively, full payment to be made at the office, 59 Liberty St.,
Assets ($4,791,851)Liabilities ($4,791,854)N. Y. City, on or before April 2 1912. See advertisement on another page Good-will, patents, &c___ $128,000 Capital stock '
$1,999,400
and annual report for 1911, in V. 94, p. 121, 212.
Stock in other cotnpanles_
271,655 Bills payable ($825.000)&c 961,045
Real estate and buildings_
838,035 Reserved for adv. to subs_
522.241
Lehigh Coal & Navigation Co.-Report.-For fiscal years: Machinery,
&c
159,401 Depreciation
79,056
Net
Calendar
Interest, Sink. Fund eo
1,031,362 Other book-keeping Habil_
DietBalance, Supplies, &c.. at cost..
114,230
Revenue.
YearTaxes, ac. Depreciation.
Accounts
2,209,004
receivable
Provision for 4% dividend
deeds.
Surplus.
79.976
$4,534,793
1911
*1,440,423 $385,000 (8%)$2,028,190 $681,174 Cash
154,397 Surplus
1,035,905
4,144,521
1910
1,417,409
483,068 (8%)1,931,744
312,300
Net Earnings for the Past Eight Years.
3,654,543
1909
1,314,321
452,685 (9%)1,813,976
73,560
1901.
1907.
1906.
1905.
1908.
1909.
1910.
'11(11zao)
-V. 93, p. 1671,
$161,291 5232,283 $238,467 $213,473 *78,1305379,779 $638,521 $717,502
Divs. of 16% were paid upon the capital stock during 1911. Sales for
Long Island Lighting 0o.-Officers.
year 1005 In U. S., 40,000,000 cigars; in 1911, over 117,000,000; also
E. L. Phillips has been elected President to succeed George W. Olmstead manufactured and sold almost entirely in
Porto Rico about 500,000.000
nd as a director in place of Lee J. Pennock. Mr. Olmstead succeeds C. R. cigarettes yearly, or about 95% of the island's
consumption. On Dec. 31
Dean as Vicc-President.-V. 92, p. 1639.
1911 had unfilled orders amounting to over 13.000,000 cigars, and the
constantly
demand
increasing.
Is
-First
Lorillard
P.
Co.
Dividend.-A quarterly dividend
Officers: Luis Toro, Pres.; John Frese, 1st V.-P.; F.
Kenney, 2d
1% has been declared on the $11,307,600 7% cum. pref. V.-P.; A. H. Noble. Sec.& Treas, Office, 17 Madison Ave, L.
New York.
stock, payable April 1 to holders of record Feb. 20.-V. 94,
Ray Consolidated Copper Co.-Purchase.-The sharep. 283, 126.
holders will meet in Feb. 28 for the following purposes:
420
THE CHRONICLE
(1) To vote on increasing the auth. capital stock from $14,000,000 to
$16,000,000. (2) To act upon the disposition
of said stock, including the
consideration of a proposition to acquire convertible
bonds of the Ray Central Copper Mining Co., a corporation of Delaware, and
also of a proposition
to offer to exchange a part of said increased stock
Central Copper Mining Co. upon the ba,4 or ratio for stock of said Ray
of one share of such increased stock for eight shares of the stock
of said Ray Central Copper
Mining Co.-V. 93, p. 1460.
[VoL. Lxxxxiv.
-The Smith-Tevis-Hanford Co., 60 Broadway, New
York, and Smith-Tevis-Hanford, Inc., San Francisco
are offering on another page at 993 and interest $2,150,-,
000 guaranteed collateral trust 6% three-year coupon
notes
of the United Light & Power Co. (of New Jersey), California
.
The
notes
are
dated
Dec. 1 1911 and are due Dec. 1 1914,
Rtunely Co. La Porte, Ind.-Directors.-The following
are
but
redeemabl
e,
all
or any part,on any interest date at
have been elected
' directors:
102 and interest. Bankers Trust Co. of N.
Alonzo Porter and Max Hawitz, N Y.; James
Y. is trustee.
A. Patten and Herman Authorized amount
Gifford, Chicago; A. J. Rumely, Joseph
is
$3,000,000, of which has been issued
J. Humely and John Wolf, La
Porte, Ind.; C. A. Lefer, Battle Creek, Mich.;
$2,150,00
0.
The
S.
S.
Stratton
Jr..
Richnotes
are
unconditionally guaranteed as to
mond, Ind., and E. K. Warren, Three Oaks,
Mich.-V. 94, p. 213, 71. J; principal and interest
by the United Properties Co. of Cali• San Mateo (Cal.) Water Co.-Offer to Sell to City.-See fornia, which 'owns the
entire capital stock of
United
"San Mateo" in "State and City" department.
Light & Power Co. and also controls the Oaklandthe
Railways
Seattle (Wash.) Construction & Docks Co.-Bonds Offered. Co., the San Francisco Oakland & San Jose
Con. Ry.(Key
-Bertron, Griscom & Jenks are placing at par and interest Route) and other companies. For full particular
s as earn$1,000,000 "first and general mortgage" 10-year 6% gold ings, capitalization, &c., see last week's issue, V. 94,to
p. 357.
bonds dated Jan. 1 1912, covering, subject to $1,500,000 1st Also V. 94, p. 127, and V. 94, p. 123.
M.4-432% bonds, the plant formerly belonging to the Moran
-The Liverpool &
& Globe Insurance Co., Ltd.,
Company and proposed improvements and additions, in- a stock company, hasLondon
issued
64th annual statement of
cluding a 10,000-ton floating dry dock. Naval Constructor its United States branch for the
Holden A. Evans recently resigned from the U. S. Navy in shows total assets of $13,784,5 the calendar year 1911. It
order to become Vice-President of the company. • • • • tate amounting to $1,574,516 20 57, which includes real es12, United States Government
Southern New England Telephone Co.-Report.--For year: 1% bonds, $228,260; State and city bonds and railroad stocks
and bonds, $5,112,480; bonds and mortgage loans, $3,337,Calendar YearGross.
Net.
Div. (6%). Bal. Sur.
1911
$2,975,368
$565,995
$461,622
$104,373 278; bank balances and all other assets, $3,531,986 45. The
1910
2,706,012
557,345
461,622
95,723
company reports unearned premiums and all other liabilities,
1909
2,473,346
546,402
461,622
84,780
-V.92, p. 1029.
$9,302,531 97, leaving a surplus of $4,481,988 60. The
Southern Pipe Line Co., Oil City, Pa.-Dividend.-This New York directors are: Charles H. Marshall, Chairman
former subsidiary of the Standard Oil Co. of N. J.(V. 85, p. Walter C. Hubbard, John A. Stewart, Edmund D. Randolph;
216; V. 88, p. 372) has declared a dividend of $6 per share and Thatcher M. Brown. Henry W. Eaton
Manager;
on its $10,000,000 stock, par $100, payable March 1 to George W. Hoyt, Deputy Manager; J. B. KremerisJr., Assistholders of record Feb. 15.
ant Deputy Manager, and T. A. Weed, Agency Supt.
• The company's business is wholly done In Pennsylvania. Dividends
-Another new Chicago bond house is being organized by
have been paid Irregularly in the past, and this is the first dividend
since well-known graduates from the excellent
the:dissolution of the Standard 011 Co.-V.85, p. 226. • • • •
school of the Harris
. ...
Standard Oil Co. (of Indiana).---Stock Increase.-Secretary Trust & Savings Bank. Paul W. Chapman and A. Lawrence
Mills
Jr.,
the
one
a
bond
buyer
of
George W. Stahl by circular dated at Chicago Feb. 1 1912
experience and the other
announces that at the annual meeting, which will be held an expert salesman, have concluded to set up in business for
themselve
s,
under
the
firm
name
of
office,
Chapman, Mills & Co.,
the
at
Whiting, Lake County, Ind., on March 7 1912
the shareholders will vote on increasing the capital stock and will open their offices about March 1-the exact location
from $1,000,000 to $30,000,000, or to such other amount as is not yet definitely decided. Both the gentlemen entered
the stockholders may determine, the favorable vote of four- the N. W. Harris bond house in 1899. The firm will not
act as brokers, but will buy and sell bonds on its own account,
fifths of all the shares outstanding being necessary to a vote.
The new stock, we understand, will be issued as a stock specializing in Government, municipal, railroad and public
corporation issues.
dividend.
-Readers of our advertising columns would do well to
Of the $1,000,000 stock, $999,000 was recently distributed to
shareholders of the Standard Oil Co. (of N. J.), per plan in V.
p. 1390. The note the attractive bond offerings, &c., which will be advercompany's profits In 1906 were reported as $10,516,082, 93,
aginst $8,750,410 tised regularly hereafter in our "Current Bond
and the dividends paid Standard 011 Co. (of N J.) as $4,495,500,
Inquiries Deagainst partment
$8,491,500. See V. 75, p. 790.
" by the leading Baltimore banking firms. In
• • • • • • • • • • • •
• • • • .
to-day's issue of the "Chronicle," Nelson, Cook & Co.; MaUnion Oil Co. of California, Los Angeles.-Report.cubin, Goodrich & Co., and Whelan, Duer & Lanahan insert
Cal.
Gross
Deprec. All Other
Net
Dividends
Balance,
Year. Earnings. Chgd.Off.Expenses. Earnings.
Paid.
Surplus. their cards for the first time, advertising their Baltimore bond
markets, and in next week's issue Riggs & McLane of the
1911_ 15,974,259 805,658 11,803,689 3,364,911
1910_ 12,828,679 619,253 8,946,863 3,262,563 (7.2%)2,181,048 1,183,863 same city will begin their offerings.
In addition to these new
,617 1,558,946
-V. 93, p. 168.114 • • • • • • . • . . . . (6.2%)1,703
. . . . . . . . . . . . advertisers, the
weekly advertised offerings of Baker, Watts
• United States Express Co.-New Directors-Harriman & Co. and Sutton, Strother & Co. give the Baltimori,
market
Interests in Control.increased importance as an active trading centre in securities
C. C. Tegethoff, for many years confidential secretary to
of
this
class.
the
late
E. H.
Harriman; Joseph W. Harriman, Pres. of the Harriman
Nat. Bank, N. Y.;
A. G. Hackstaff, Vice-Pres. of the Illinois Central RR.; and
-Bioren & Co., Phila., are offering at par ($100), yieldWm.J. Averill,
Vice-Pres. of the Baltimore & Ohio RR. have been elected
directors
to ing 7% income, a limited amount of stock of the American
succeed Chauncey H. Crosby, George H. dung* and Albert B. Boardman,
and to fill a vacancy. They represent the Harriman estate, giving it four Gas Co., a company that has for the past twenty
years
out of the seven directors.
It is rumored that the United States Express Co. will be merged with successfully operated gas properties in a large number of
cities
Wells, Fargo & Co., in which the Harriman estate is said to have a largo
and towns throughout the East and Middle West, and
nterest.-V. 93, p. 1385.
has uninterruptedly paid dividends for the past 17 years,
United States Motor Co., New York.-Pref. Dividend Not for the first 15 at 6% per annum and the last 2 years at 7%
Declared.-On account of the heavy outlay required at this per annum. Morris W. Stroud is President and the direcseason for labor and materials the directors decided on tors include, with others, John S.Bioren, Horatio G.Lloyd
Feb. 7 not to pay at this time'
the quarterly dividend due (of Drexel & Co.), Lewis A. Riley and Edward B.Smith.
Feb. 10 on the $10,094,500 cumulative pref. stock. From
-A. E. Fitkin & Co., bond dealers, at 25 Broad St., this
May 1910 to Nov. 1910, both inclusive,1% was paid every city, have just issued a convenient 33-page
booklet which is
three months. President Briscoe is quoted as saying:
descriptive of the firm's current offerings of bonds yielding
• • The automobile business Is getting to be more and more one of seasons. 4% to 6%. Copies of this booklet can be obtained
from
The outlay for manufacturing Is very heavy and the return small until the
buying season begins on March 1, lasting through March, April, May and the New York office or the concern's branch offices at 27
June. Our business for this year is heavier than it has ever been.
Boston;
State
St.,
437
Chestnut
St.,
We
Philadelp
hia; 206
have planned a production for this year of 24,000 machines, all of
have already been ordered. We have shipped 8,000 of them, or which So. La Salle St., Chicago, or 36 Pearl St., Hartford.
about
one-third of the total production for the year, but we have
expended
Young,
-The
for
G.
firm of C.
engineering-construction, 60
labor and materials more than one-half of the entire production of the
Sixty per cent of the entire business is done In March, April, May and year. Wall St., New York, has been engaged to make an examiJune.
Our profits for the last four months were $610,000, which is larger than
proposed
nation
and
report for a
for
electric railway system in
the same period last year. The company Is in good condition and we fully
Central America, due to Mr. Young's extended experience
expect the dividend to be resumed very shortly.
[In circular issued Feb. 9.1 "For the first five months of th3 fiscal
railway
the
field
in
not only in this country, but in
electric
year
the company and its manufacturing departments have made a substantial
Central and South America and many other foreign countries.
profit, and it is worthy of note that, though this period is conceded
to be the
leanest in the entire automobile season, the profits are greater than
engineers
One
of the firm's
has sailed to make a study of the
made heretofore during any like period. The accounts payable for those
mer- local conditions.
chandise are almost $1,500,000 less than they were six months ago.
number of cars sold during the first five months of the fiscal year was The
-Millett, Roe & Hagen, members New York Stock Ex6,512
as against 4,483 cars sold during the corresponding perlo1 of the previous
change, recommend and offer for investment, by advertiseyear. • This Is an increase of 45%." (About 65% of the pref. stock
is
held by some ten individuals.] • • • • • • A
ment to-day, $300,000 Hudson Co. convertible 6% secured
Report.-For year ending July 31
notes due Oct. 15 1913. Price 100 and int. Detailed inforFiscal
Net after.
Interest
Preferred
Balance mation upon request to the firm's offices at 33 Wall St.,
YearDeprecirtti&n.
on Loans.
Dividends.
Surplus. New York, or 15 Congress St., Boston.
1910-11
$1,569,266
(7%)$738,411
$718.756
$112,099
1909-10
2.641.059
(3.) 258,729
-H. H. Copeland &'Son, 111 Broadway, N. Y., announce
2,382,330
The profit and loss surplus July 31 1911, after deducting
for
inventory adjustments, and bringing forward the surplus of$1,086,670
July 31 1910 that their annual publication, "Comparative Analysis Railas adjusted, $1,428,320 (after deducting $954,010 In accordance with
the road Reports," for the fiscal year ended June 30 1911, is now
report of Price, Waterhouse & Co.), was $453,749.-.V 93, p. 669.
for delivery, comprising analyses of 150 railroads, in
Iron & Steel Co., Philadelphia.-Results.--For ready
ten morocco-bound booklets. The work covers an independcalendar year 1911:
ent field and is of value to any financial library.
1911.
1910,
1908.
1909.
1907.
1906.
Net earnings_ __$125,564 $274,060 $214,956 $148,632 $432,528
-J. W. Bowen & Co., 53 State St., Boston, have issued
$293,243
Per cent on stock
8.3
18.2
10.1
14.4
29.0
19.7 their annual compilation, dated January
Tons pig prod__ 197,058 254,182 281,137
1912, on the
(1)
219,781
A 4% dividend was paid on May 15 and also 4% on Nov.256,750
15 1911, amount- finances of the American Telephone & Telegraph Co. and its
ing to a total of $119,972. See lease, V. 94,'!P. 213.
*.
subsidiaries, in whose securities they make a specialty.]
KO
r'Warwick
COTTON.
Tomnurnal W,intes.
COMMERCIAL EPITOME.
Friday Night, February 9th 1912.
Trade has improved, though it is remarked that there is
no disposition to go to extremes, or in other words, overdiscount the future. The unusual severity of the winter
militates to some extent against business in certain directions,
though favoring it in others. Bank exchanges, while
showing no great change compared with last year, still
exhibit a noteworthy loss as compared with two years ago.
Very heavy trading in cotton has caused a sharp advance in
that commodity in the face of a record-breaking crop. The
textile industries also show some tendency towards improvement.
GENERAL STOCKS OF MERCHANDISE.
Feb. 1
1912.
Coffee, Brazil
Coffee, Java
Coffee, other
Sugar
Hides
Cotton
Manila hemp
Sisal hemp
Flour
421
THE CHRONICLE
FEB. 10 1912]
Jan. 1
1912,
Feb. 1
1911
bags 2,020,435 1,881,395 2,189,215
mats
48,520
40,444
57,482
bags 250,059 239,299 270;229
hhds.
73,645
22,465
85,039
No.
3,244
3,100
4,100
bales 186,264 139,092 311.702
-1,408
bales
1,373
7,312
bales
150
988
220
71,100
bbis.
65.450
84,500
Friday Night, Feb. 9 1912.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
364,644 bales, against 318,215 bales last week and 319,526
bales the previous week, making the total receipts since
Sept. 1 1911 8,970,504 bales, against 7,300,753 bales for
the same period of 1910-11, showing an increase since
Sept. 1 1911 of 1,669,751 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
10,563 12,781 20,672 13,494 13,898 12,273 83,681
1,999
2,221 18.312
3,002
4,109
3,460 3,521
423
423
9,886 9,973 58,030
10,894
4,17'7 10,904i 12,192
4,487 4,487
1,292
"858 .",5
12-,065 1,772 10,265
Pensacola
25,967
_
6,280 10,550
------------9,137
facksonville, &c.
804
1,989
157
_
551
228
249
iavannah
9,858 11,515 19,034 12,169
7,676 8,703 68,955
3runswick
10,500
10,000 19,720 40,220
Tharleston
3,4.42
1,'708
3,226
2,5.46
2,875 2,126 15,923
3eorgetown
Niimington
1,693
2,877
1,593
1,671
1,994
1,262 11,090
corfolk
2,289
3,340
5,332
1,616
3,997 3,327 19,901
q'port News, doc.
_ __ _
_ ___
_ __ _
__ _ _
__
877
877
qew York
ii
51
3oston
49
-75
104
109
25
401
39
3altimore
-------_
-___
-___
4,022
4,4)22
'hiladelphla_ __ _
____
50
3alveston
rexas City
Port Arthur. &c_
slew Orleans
ri'lu
olifIlc
ort
otals this week_
60.0091 52.565 66.515 49.855 54.54R 811 nn :IAA ASS
LARD on the spot quiet and steady; prime Western 9.35c.;
The following shows the week's total receipts, the total
Middle Western 9.25c. Refined lard in moderate demand
and steady; Continent 9.60c.; South America 10.30c.; since Sept. 1 1911, and the stocks to-night, compared with
Brazil in kegs 11.30c. Lard futures here have ruled nominal. last year:
At the West the speculation has been moderately active
with the tendency of prices downward much of the time
1911-12.
1910-11.
Stock.
Receipts to
on liberal receipts of live hogs, liquidation and selling by
This Since Sep This Since Sep
Feb. 9.
packers.
week.
1 1911. week.
1 1910.
1912.
1911,
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs,
Fri.
May delivery
9.47
9.47
9.40
9.40
9.40 9.40
9.53
9.53
July delivery
9.55
9.55
9.55 9.55
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sal.
Mon.
Tues.
Wed. Thurs.
Frt.
9.40
9.35
9.35
9.30
May delivery
9.35 9.32
' 9.5234 9.50
July delivery
9.4734 9.45
9.50 9.45
Galveston
Texas City
Port Arthur, &c_
New Orleans_ _ _ _
Gulfport
Mobile
Pensacola
Jacksonville, &c_
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
83,681 2,845,865
18,312 526,915
423 160,110
58,030 1,170,226
45,178
4,487
10,265 303,413
25,967 156,051
1,989
45,527
68,955 1,915,586
40,220 324,198
15,923 346,213
480
11,090 434,220
19,901 559,537
877
13,444
51
3,969
401
41,262
4,022
78,260
50
50
50,261 2,422,568
7,488 266,767
37 188,280
38,033 1,252,272
3,156
28,882
4,148 223,934
15,600 103,312
22,094
499
26,541 1,290,262
4,175 213,426
2,878 264,436
931
4,172 379,454
10,504 508,243
I
3,848
630
6,272
2,533
31,850
3,014. 93,607
I
315
349 508
36,411
173 624
_ __ _
300,149
8,500
76,588
168,302
14,064
31,619
244,059
124,785
20,782
13,652
PORK on the spot quiet and steady; mess $17 25@$17 75,
40,964
33,267
clear $17 50@$17 75; family $20@$21. Beef in moderate
12,360
9,536
demand and steady; mess $12; packet $13; family $14 50;
54,514
23,055
extra India mess $21 50@$22. Tallow dull and easy at 6c.
193,637 298,724
for City. Stearines dull and easy; oleo 93'3c.; lard MX@
9,012
4,133
10 Mc. Butter lower; creamery extras 323.c. Cheese
11,039
6,974
3,020
steady; white, average fancy, 17c. Eggs lower; Western
4,866
firsts 33c.
3A4544 R.970.504 173 669 7.300.753-1.360.543 non_Rni
Total
DIL.-Linseed dull and steady; City, raw, American seed,
In order that comparison may be made with other years,
75®76c.; boiled 76@77c.; Calcutta, raw, i5c. Cottonseed
oil stronger. winter 5.75 ®6.50c.; summer 5.65@6.50c.; we give below the totals at leading ports for six seasons:
crude)
64' 06,4.74c. Cocoanut dull; , Cochin 10c.; Ceylon
1909.
1908. 1 1907.
1910.
1911.
9 Wi ®91 2c. China wood quiet at 11 ®14c. Corn lower at Receipts at- 1912.
5.55 ®5.60c. Lard dull; prime 75@85c. Cod quiet; do- Galveston _ _ _ 83,861 50,261 38,718 76,449 73,615 102,561
TexasCity,&c
18,735
7,525
6,684
4,591
2,487,
7,390
mestic 52@53c.
New Orleans_
58,030
38,033
14,106
58,377
49,682
43,711
Mobile
10,265
4,148
2,998
6,947
6,342
3,217
COFFEE on the spot has been quiet and steady. Rio Savannah
68,555
26,541
9,029
18,662
16,637,
20,660
No. 7, 14 Vic. The market for futures has been fairly active. Brunswick__ __ __ 40,220
4,175
1,606
10,545
1,483
2,548
2,878
341
3,275
1,038
1,808
Prices have displayed irregularity but the trend much of the Charleston,&c 15,923
11,090
Wilmington_ _
4,172
1,690
7,417
7,0571
2,551
time has been downward. The action of the European Norfolk
19,901
10,504
3,123
6,698
13,7251
10,787
877
649
947
194:
2,896
markets has been disappointing and foreign houses have sold N'port N., doc
2,382
7,683
7,832
10,019
freely at times. Uncertainty as to the outcome of the next All others_ _ _ _ 36,967 25,432
valorization sale has also caused some selling, while the fears Total this wk_ 364,644 173,669 81,326 201,591 180,092 208,148
of tenders of Robusta coffee on March contracts has dis- Since Sept. 1_ 8,970,504 7,300,753 5,777,958 7,770,026 6,571,304 7,733,988
couraged buying. Closing prices were as follows:
13.070. June
13 13e. October
February
The exports for the week ending this evening reach a total
13.18c.
13.110. July
13.16e. November
March
13 15c. of 388,399 bales, of which 149,224 were to Great Britain,
13.110. August
13.180. December
April
13.120.
13.11c. September
May
13.220. January
13.120. 29,111 to France and 210,064 to the rest of the Continent.
SUGAR.-Raw has been more active and firmer. Cen- Below are the exports for the week and since Sept. 1 1911:
trifugal, 96-degrees test, 4.483'c.; muscovado, 89-degrees
Week ending Feb. 9 1912. From Sept. 1 1911 to Feb. 9 1912.
test, 3.98 Mc.• molasses, 89-degrees test, 3.73Mc. Refined
Exported toExported tofirmer at 5.50c.
' Marketing in Cuba continues backward as
Exports
from-Great
ContiGaol
Contithe production to Jan. 31 was only 262,000 tons. The visible
Britain. Fence. nest. Total. Britain. France. neat.
Total.
supply is now 2,950,000 tons, against 3,820,000 tons a year
Galveston
63,074 9,999 53,223 126,296 1,078.347222,488 922,2362,223,071
ago. Hops quiet and firm.
Texas City__
22,958 8,962
31,420 353,878 79,335
57,146 490,359
PETROLEUM.-Refined has been active and firm; bar- PortArthur,&c.,
13,636 47,215
56,394 117,245
rels 8.100.; bulk 4.60c.; cases 9.90c. Gasoline firm and New Orleans _ _1 6,80
12,202 19,002 460,859 108,947 311,014 880,820
Mobile
' 3,800
3,800
57,505 37,713
82,268 177,486
active; 86 degrees in 100-gallon drums 20Mc.; drums $7 50 Pensacola
_
8,800
... 16,287 25,087
70,488 156,351
95,226 40,037
extra. Naphtha active and firm; 73@76 degrees in 100- Gulfport
21,232
15,446 36,678
400
400
13,139
__ 65,041 78,180 346,623 151,440 770,5871,268,650
gallon drums 18c.; drums $7 50 extra. Spirits of turpentine Savannah
Brunswick
15,650 __ -.9,9081 25,558 138,422 _ _. __ 147,2301 285,652
quiet at 503c. Strained rosin quiet at $6 75.
29,186 _____ 176,108 205,294
Charleston
11,129 11,129
Wilmington_
10,100 9,395 19,495 101,120 105,545 190,736 397,401
TOBACCO.-Manufacturers continue to purchase leaf Norfolk
12,888
7,200
1,159
14,047
7,200
in a sparing manner and the market displays no snap. Yet Newport News
1
New York _
50 9,2701 9,320 156,98 61,083 183,686 401,755
the tone continues firm, packers being averse to;shading Boston
400, 8,443: 106,520
4,922 111,992
prices with a view of stimulating the demand. Besides, Baltimore _ _ • 8,043
100I
360, 15,343 4,839
260
_
77,570
97,772
1,042 1,042
Philadelphia
39.65
12,469 52,128
supplies of Connecticut and Wisconsin leaf of last year's Portland,
Me _
2,500:
2,800
- -I
growth are apparently about cleaned up. Sumatra and San Francisco
7
7,456
7,:156
_
137,097 137,097
1
Seattle
76,980
76,980
Havana are quiet and steady.
14,211 1-4,211'
38,952
38,952
COPPER quiet on the spot; lake 14 Yt ®14%c. electrc- Tacoma
Portland, Ore.
lytic 14.10 ®14.20c. The monthly statement of'
the Cop- Pembina
4,818
I4,818
per Producers' Association showed a decrease in surplus Detroit
stocks during January of 23,174,052 lbs. Tin firmer on the
Total
149,22429,111210,069388,399,2,963,835880,4743,332,4887,176,798
spot at 44c. Spelter quiet at 6.35c. Lead dull and easy at Total 1910-11 74.856 33.815 114.377 223,048 2,778,320 760,192 2,236,804 5.775,316
4.05c. Iron steady; No. 1 Northern $15@$15 50 in No. 2
In addition to above exports, our telegrams to-night also
Southern $14 75@$15 25. Total pig iron production in the
United States last month was 2,057,911 tons against 2,043,- give us the following amounts of cotton on shipboard, not
270 in the previous month and 1,759,326 '
tons in January cleared, at the ports named. We add similar figures for
last year. Structural steel has been more active.
New York.
•...••
p
THE CHRONICLE
On Shipboard, Not Cleared forTotal.
Total 1912
Total 19l1
Total 1910_ _
Sat.
10.00
Mon. Tues. Wed. Thurs. Fri.
9.90
9.90
10.15
10.30
10.50
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations on middling upland at New York on
Feb. 9 for each of the past 32 years have been as follows:
10.5)
14.35
15.20
10.00
11,70
11.10
11.25
7.80
1912_c
1911
1910
1909
1908
1907
1906
1905
1901_c
1903
1902
1901
1900
1899
1898
1897
14.25
9.35
8.62
9.75
8.56
6.44
6.25
7.25
1896_c
1895
1894
1893
1892
1891
1890
1889
8.25
5.62
7.94
9.25
7.19
9.25
11.00
10.12
1888_e
1887
1886
1885
1881
1883
1889
1881
10.62
9.50
9.06
11.12
10.75
10.25
11.75
11.56
MARKET AND SALES AT NEW YORK.
Spot Market
Closed,
Saturday.._ _
Monday.._ _ _
Tuesday _ _ _
Wednesday_
Thursday _ _
Friday
Futures
Market
Closed.
Quiet
Firm
Quiet, 10 pts. deo_ _ _1Steady
Quiet
ISteady
Quiet, 25 pts. adv__ ,Steady
Quiet, 15 pts. adv_..ISteady
Quiet, 15 pts. adv..'Very steady.. -.
Total.
SALES.
Spot. Contrct, Total.
500
100
1,000
1,600
o
o
0) 1
0)1
co
.n
ler
000
,119,i
40;
r.Z
1-
10
1.
O.
*
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09
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•L '03
'fivpsaupa&L
Cotton for future delivery has been active at prices which,
though declining early in the week, later on took a decided
upward course under the spur of enormous buying by spot
houses and others. Also the activity and strength in spot
cotton reported from parts of the South contributed largely
to the rise. In fact,it is insisted that the advance is not so
much due to speculation, as it has been in a sense in defiance
of speculation. It is claimed that the elevation of values
is to be attributed almost exclusively to an almost insatiable
demand for the actual cotton, particularly from Europe.
Exports to Europe and the Orient have been large. The
aRregate exports this season make a handsome exhibit.
Spinners' takings are large enough to excite comment.
Many Southern mills are said to be buying on a larger scale
than eariler in the season and even New England mills appear
to be buying more freely. The spot sales at Liverpool have
been lail,,' 3,---of late 14,000 to 15,000 bales a day. Manchester reports are to the effect that trade is active at firm
quotations. Silver continues to rise. It has reached in London the highest price since 1907. This naturally increases
the purchasing capacity in the Far East. . Liverpool sends
glowing reports of the condition of trade with the Far East.
At the South there is said to be a brisk demand even for the
low grades, to say nothing of the better descriptions.
It is said, too, that an effort will be made to bring about
some reduction in the acreage in the Atlantic
States. The speculation here has reached proportions
not seen for a long period. New Orleans, Memphis
and 'New York shorts have covered on a large scale
and Wall Street and other commission houses have bought
for long account freely. Some of the dry goods reports
have been more encouraging telling both of better trade
and better prices. On the other hand, the receipts have
increased and large quantities of cotton are believed to be
held back at the South,measuring the difference between
the total ginned and the total brought into sight. This
cotton, it is argued, is likely to be marketed freely on any
further advance. Besides, it seems to many of the trade
a foregone conclusion that with prices on their present
profitable plane, to say nothing of any higher level, there is
no likelihood whatever that the acreage, especially in
the Southwest, will be at all reduced. And the soil of the
South after abundant winter rains and even more or less
snow is said to be in the finest condition known for years
past. So that, other things being equal, the "season" in
the ground would of itself point to the raising of another
large crop for a year, the needs of which it is believed have
already been partly provided for in the large takings of
actual cotton and purchases of futures. To-day, however,
prices again advanced on a broadening of speculation for
a rise, to say nothing of large and persistent buying by
prominent people. Liverpool continued active and rising,
though it is said that the crops of India and Egypt turn
out to have been under-estimated. Heavy covering of
shorts, buying by Wall Street and the West and also buying
by large spot houses caused a rise of 12 to 26 points, the
next-crop months showing less strength than those of this
crop. The week-end statistics were considered, if anything,
rather bearish, but had no effect. Spot cotton ended at
10.50c. for middling uplands, an advance of Mc. for the
week.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 3 to Feb. 9Middling uplands
8 1 vc7; 1 '41 21 21 41 '41 21 21 21 4: 1 41
232,651
235,641
213,159
37,964
40,401
34,814
186,137
74,124
76,138 27,322 91,394 84,304 26,494 305,652 1,054,891
67,720 15,021 45,224 41,026 18,953 188,444 718,157
30,544 10,517 46,330 21,838 21,568 130,797 572.672
[VoL. Lxxxxrv.
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
Thursday,
Feb. 8.
Feb. 9 at-
522 67,498
New Orleans.._ 32;369 6,340 7,028 21,239
Galveston _ _ _ _ 21,869 10,279 34,982 43,165 3,572 113,867
13,000 17,900
30,900
Savannah _ _ _
3,000
3,000
Charleston_ _ _ _
5,700 8,203 19,584
2,700 36,187
Mobile
19,700 19,700
Norfolk
7,500
New York_ __ _ . 2,200 2,500 1,800 1,000
15,000 1,000
27,000
Other ports.._ _ 11,000
Leaving
Stock.
Tuesday,
Feb. 6.
GerOther CoastGreat ,
Britain.1 France many. Foreign wise.
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THE VISIBLE SUPPLY OF COTTON to-night, as made
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, are this week's returns, and
consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
February 9Stock at Liverpool
Stock at London
Stock at Manchester
1912,
1911.
1910.
1909.
bales.1,027,000 1.286,000 1,017,000 1,346,000
2,000
9,000
3,000
10,000
80,000
107,000
67,000
72,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
• Stock at Havre_
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1,109,000 1,402,000 1,087,000 1,428,000
8,000
4,000
9,000
11,000
42 1,000 271,000 262,000 447,000
318,000 267,000 452,000 318,000
2,000
3,000
3,000
4,000
17,000
8,000
17,000
42,000
68,000
44,000
30,000
61,000
2,000
2,000
1 ,000
4,000
807,000
624,000
806,000
867,000
Total European stocks
1,916,000 2,026,000 1,893,000 2,285,000
60,000
India cotton afloat for Europe__ _
171,000 289,000
130,000
Amer. cotton afloat for Europe 1,095,328
675,748
694,928
317,847
Egypt,Brazil,&c.,afit.for Europe.. 92,000
56,000
45,000
56,000
271,000 202,000 304,000
275,000
Stock in Alexandria, Egypt
584,000 441,000
500,000 440,000
Stock in Bombay, India
703.469 899,569
1,360,543 906,601
Stock in U. S. ports
804,369
708,751
768,794 625,509
Stock in U. S. interior towns
11,696
31,615
53,352
15,243
U. S. exports to-day
6,121,017 5,222,653 4,754,763 5,620,929
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales. 915,000 1,151,000
Liverpool stock
984,000 1,239,000
52,000
89,000
60,000
Manchester stock
52,000
778,000
578,000 744,000 832,000
Continental stock
1,095,328 694,928 317,847
675,748
American afloat for Europe
1.360,543 906,601
U. S. port stocks
703,469 899,569
804,369
768,794
U. S. interior stocks
625,509
708,751
15,243
53,352
U. S. exports to-day
31,615
11.696
Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, dec., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, ece
Total American
5,023,017 4,076,053 3,481,763 4,525,929
112,000
2,000
28.000
29,000
60,000
92,000
275,000
500,000
135,000
9,000
18,000
46,000
171,000
56,000
271,000
440,000
73,000
3,000
15,000
62,000
289,000
45,000
202,000
584,000
107,000
10,000
12,000
35,000
130,000
56,000
304,000
441,000
1,098,000 1,146,000 1,273,000 1,005,000
5,023,017 4,076,653 3,481,763 4,525,929
Total visible suppcy
6,121,017 5,222,653 4,754,763 5,620,929
8.15d.
7.77d.
Middling Upland, Liverpool
5.11d.
5.90d.
15.15c.
14.35c.
Middling Upland, New York_ _ _ _ 10.57c.
9.85c.
8 yid.
Egypt, Good Brown, Liverpool__
10d. 10 11-16d. 15 1-16d.
11.30d.
10d.
9d.
Peruvian, Bough Good, Liverpool
7.75d.
7 4d. 7 9-16d.
511-16d.
Broach, Fine. Liverpool
56.
7
id.
7y
3-16d. 4 15-16d.
Tinnevelly, Good, Liverpool_ _ _ _
5'Ad•
500
Continental imports for the past week have been 234,000
-16 bales.
The above figures for 1912 show an increase over last week
1,000 of 102,933 bales, a gain of 898,364 hales over 1911, an excess of 1,366,251 bales over 1910 and a gain of 500,088 bales
1,000 from 1909.
THE CHRONICLE
Ftm.101912
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the prevous year-is set
out in detail below.
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Closing Quotations for Middling Cotton onWeek ending
February 9
Galveston
110%
New Orleans_ _ _110
Mobile
I 9 15-16
Savannah
OH
Charleston
110
Wilmington_ _ _ _1 9%
Norfolk
110
Baltimore
110 4
Philadelphia
10.25
Augusta
1004
Memphis
104
St. Louis
10
Houston
10 5-16
Little Rock..
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Movement to February 10 1911.
CO
1004
10
9 15-16
9%
9%
904
9%
10
10.15
1004
1004
1004
10 5-16
9%
10 7-16
10 1-16
9 15-16
9 15-16
10 1-16
904
10
904
10.40
10%
1004
1034
1004
904
1004
10 3-16
10
1004
1004
10
1004
10
10.55
1004
1004
1004
1004
03's
1004
10 7-16
10%
10 3-18
10
10
10%
1004
10.75
1034
103-4
1004
10 •4
9 15-16
Sarday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Feb. 3. Feb. 5. Feb. 6. Feb. 7. Feb. 8. Feb. 9.
Movement to February 9 1912.
0,0
0
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CO
WV
10%
10
9 15-16
9%
10
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1004
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Sa,t'day. Monday. Tuesday. Warday. Thursd'yd Friday.1
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
9"
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423
FebruaryRange
Closing
MarchRange
Closing
AprilRange
Closing
MayRange
Closing
JuneRange
Closing
JulyRange
Closing
AugustRange
Closing
SeptemberRange
Closing
OctoberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
ToneSpot
Options
- @ -- @ -- @ -10.16 -10.24 -- @ 10.17 - 9.99 -10.04 -10.24 -10.42 -10.58 .59
10.15-.25 10.04-.18 9.99-.10 10.20-.35 10.31-.510. .72
10.23-.24 10.05-.06 10.09-.10 10.31-.32 10.47-.48 10.65-.66
_ ® ____ ___ ® ___. _ (3, _ ___ ® _ ___ ® _ ___ ® ___
10.26-.28 10.08-.10 10.13-.15 10.33 -10.48 - 10.66 10.19-.30 10.10-.23 10.00-.16 10.24-.39 10.33-.53 10.40-.70
10.28-.29 10.11-.12 10.15-.16 10.34-.35 10.49-.50 10.64-.65
- @ -- @ -- ® -- @ -- @ -1;2.65 10.32-.34 10.15-.17 10.18-.20 10.37-.39 10.54-.54 eu.68-.70
10.29-.40 10.19-.33 10.10-.25 10.34-.45 10.41-.61 10.48-.77
10.38-.39 10.20-.21 10.24-.25 10.42-.43 10.57-.58 10.72-.73
- @ -- @ -- ® -- @ -- ® -10.41 .72
10.33 -10.13 -10.17 -10.34 -10.49 -10.62 ® -10.06 -- 9.98 -10.21 -- ® -- @ -10.26 -10.04-.06 10.08-.10 10.25-.27 10.30-.41-10.52-.54
10.14-.26 10.05-.19 9.95-.12 10.20-.30 10.25-.39 10.27-.50
10.24-.25 10.05-.06 10.12-.13 10.27-.28 10.36-.37 10.42-.48
10.20-.30 10.12-.19- @ -10.29-.30 10.30-.40 10.44-.52
10.29-.30 10.11-.12 10.18-.19 10.32 -10.41 -10.43 .45
- 10.35- ® --- @ -- @ -- @ -10.50 ----10.34 -10.15-.17 10.22-.23 10.37 -10.47 -10.53 Firm.
Firm.
Firm.
Easier. Steady. Firm.
Steady. Steady. Steady. Steady. Very sty. Steady.
NEW YORK COTTON EXCHANGE.-Mr. Geo. W.
Neville's Address at the Annnal Dinner.-The address of
00,
Mr. Geo. W. Neville, President of the New York Cotton
19A.poJac00..04.0.0030"00;..0NOMwW00.1000.44.00
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Exchange at the annual dinner given last Saturday evening,
The above totals show that the interior stocks have de- and to which brief reference is made in our editorial columns,
creased during the week 37,535 bales and are to-night 143,185 was in part as follows:
The New York Cotton Exchange since our last dinner has continued to
bales more, than at the same time last year. The receipts
its economic functions in distributing the cotton crop from the
at all towns have been 90,837 bales more than the same perform
producers to the manufacturers, and in discharging this obligation has
served the cotton interests in every country where cotton is manufactured
week last year.
into finished goods ready for the wearer's use from New York around the
OVERLAND MOVEMENT FOR THE WEEK AND world to Japan. • • •
was a source of great satisfaction to me as your President that when
SINCE SEPT. 1.-We give below a statement showing the atIt
a conference between committees of the American Cotton Mas.ufacturers
overland movement for the week and since Sept. 1, as made Association (embracing the Southern cotton mills) and the National
of Cotton Manufacturers (embracing the New England cotton
up from telegraphic reports Friday night. The results for Association
mills), the New Orleans and the New York Exchanges, the committees
the week and since Sept.1 in the last two years are as follows from these two spinning associations lodged certain complaints against
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our methods, it was found on discussion that these complaints were due
to a lack of understanding of our by-laws and rules. This conference,
however, did make two recommendations to our Exchange, one of which
has been adopted, and the other is under consideration by the warehouse
and delivery committee.
Your present board of managers has been requested by a wool grower
of Fort McKavett, Tex. (Menard County), in a letter addressed to your
Superintendent,to establish a system of contracts for the future delivery
of wool. In view of the legislation sought to be enacted in Washington.
the reasons set forth by this wool raiser for asking us to establish a system
of trading in wool for furtuere delivery are very timely. Mr. Kavett's
40,983 948,966 letter is omitted here.
35,878
950,799
Total gross overland
This, gentlemen, seems to me to make a very strong presentation of the
Deduct Shipments123,541
6,177
132,044 advantages of.the Cotton Exchange to the cotton producers. The cotton
Overland to N. Y , Boston, ea _ _ _ 4,524
894,
22,130 exchanges do perform a service to the cotton producers by providing
37,670
1,243
Between interior towns
524
29,196 at all times a market for their merchantable and spinnable cotton, and,
23,553
518
Inland, &c., frOm South
on the other hand, the constantly increasing use of the cotton exchanges
183,370 by the spinners is emphatic of their opinion. One of the largest of our
184,764
7,595
6,265
Total to be deducted
cotton manufacturers stated in my presence recently that he would not
33,388
765,596 buy a large line of cotton from any merchants for future shipment, howLeaving total net overland._ _ _29,593 766,035
ever strong he was financially, unless he believed that merchant protected
himself by buying B-M contracts for the future delivery of cotton on
* Including movement by rail to Canada.
some cotton exchange.
The New York Cotton Exchange is still using, as the means of determinThe foregoing shows the week's net overland movement
ing the classification of cotton which is delivered in fulfillment of contracts
has been 29,593 bales, against 33,388 bales for the week last for
the future delivery of cotton, the standard American classification as
year, and that for the season to date the aggregate net over- adopted by the committee of experts appointed at a meeting of the National
Exchange held in Augusta, Ga., in June 1874. A New Orleans
Cotton
land exhibits an increase over a year ago of 439 bales.
cotton merchant was appointed chairman of this committee and its pre-1911-12-- -1910-11-- sonnel comprised fourteen members from the cotton-producing States
Since and four members from other cotton exchanges not In the cotton belt.
In Sight and Spinners'
Since
Takings.
Week.
Sept. 1.
Week.
Sept. 1.
The New York Cotton Exchange has been threatened and efforts have
364,644 8,970,504 173,669 7,300,753 been and are being made to force us to adopt at once the United States
Receipts at norts to Feb. 9
765,596 Government standards of these grades of cotton. The management of the
29,593
33,388
766,035
Net overland to Feb. 9
51,000 1,068,000 Exchange has refused to be forced into the adoption of these standards
South'n consumption to Feb. 9_ _ 54,000 1,122,000
in the shape in which they are now for two reasons: First, because these
448,237 10,858,539 258,057 9,184,349 Government standards were made of cotton only from Memphis, New
Total marketed
*37,535
574,731 Orleans and Texas, and no standard has been made for upland or Atlantic
668,357 *42,638
Interior stocks In excess
States cotton, which is the basis of all spot quotations the world over
Caine into sight during week..,..A10,702
215,419
wherever cotton is quoted and wherever cotton is traded in for delivery
11,526,896
Total in sight Feb. 9
,700,080 against contracts for the future delivery of cotton on the basis of middling.
The committee was told at the time the standards were made that three
47,251 1,563,956 sets of standards should be made, viz.: Uplands, Orleans-Gulf and Texas.
North. spinners' takings to Feb. 9 44,740 1,385,487
Circumstances at that time were such that this could not be done.
• Decrease during week.
The conference between spinners and cotton exchange committees,
referred
to, after a long discussion, adopted unanimously the following
sight
in
previous
years:
Movement into
resolution:
Bales.
Since Sept. 1Bales.
Week"Moved. That we request the Department of Agriculture to prepare a
139,434 1909-10-Feb. 11
8,254,062 standard set of samples representing upland cotton to conform to the
1910-Feb. 11
275,931 1908-09-Feb. 12
10,539,543 present standard, but made of upland cotton."
1909-Feb. 12
257,637 1907-08-Feb. 14
8,696,563
1908-Feb. 14
This resolution has been laid before the Secretary of Agriculture.
280,237 1906-07-Feb. 15
10,313,723
1907-Feb. 15
The other reason why the Government standards have not been adopted
by the New York Cotton Exchange is that in making the standards the
QUOTATIONS FOR MIDDLING COTTON AT OTHER committee
of experts, in order to produce as close a correspondence as
in type,
MARKETS.-Below are the closing quotations of middling possible between domestic and export grades, not In name but changing
and thus to prevent any confusion throughout the cotton belt by
cotton at Southern and other principal cotton markets for the
grades, raised the basis grade middling slightly above the present
each day of the week.
New York middling, and,in working down for each half grade until good
February- 9
ShippedVia St. Louts
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &o
-1911-12
Since
Week. Sept. I.
16,345 377,906
1,309
37,734
493
2,619
5,880
95,984
4,580
66,835
4,621
121,852
247,869
2,650
-1910-11
Since
Week. Sept. 1.
16,017 377,918
7,063
157,777
25,426
1,593
4,012
95,513
51,645
2,922
3,107
118,120
6,269
122,567
424
ordinary was reached, eliminated the present good ordinary American
standard classification as used by the New York Cotton Exchange,thereby
leaving without any standardization a grade of cotton readily spinnable
and having a distinctive value as compared to middling. The committee making the standard had no option in this, as the phraseology of the
law stated that the grades should be good ordinary to strict good middling.
The non-standardization of the present grade of good ordinary does, in
the opinion of the management of the Cotton Exchange, work, in some
cotton crops, a great hardship on the cotton producers, and would occasion
them a serious monetary loss. There could be but one result of the refusal
to recognize and accept this grade, viz., that this spinnable and merchantable cotton would be marooned and left without a market, until it reached
a price so low that it would be treated without regard to its commercial
value, that is, put on the bargain counter and sold for a song, as the wool
growers allege their wool is being treated.
Then again, there are seasons when the yield of the best grades the New
York and New Orleans Cotton Exchanges use, called middling fair and
fair cotton, the highest grades produced by the farmers of the South, are
plentiful, and are worth from $2 50 to $4 50 per bale, respectively, more
than strict good middling-the highest grade standardized by the Government standards. To refuse to recognize the value which these grades
have, above that of the highest Government type, is to deprive the producers of cotton of what legitimately belongs to them. • • • • • • • • •
PROPOSE THAT A NEW GRADE BE STANDARDIZED.' •
The New York Cotton Exchange, in fairness to the cotton producers
of the entire South, asks that a new grade be standardized, to be called
"strict ordinary," to take the place of the present New York good ordinary,
and that the middling fair and fair cotton also be standardized; in other
words, amend the present law so as to read: "Strict ordinary to fair",
instead of "good ordinary to strict good middling", as it is to-day. Then
cotton exchanges can better perform their services to the entire cotton
trade; for a cotton exchange, to perform its true service to the cotton
trade, must have rules and by-laws such as will provide a constant market
for the farmer's crop, not only in high-grade crop years, but also when
(through no fault of the farmer) his product happens to be of low and
medium grades, instead of high grades.
When this is done, the management of the New York Cotton Exchange
will put the adoption of the Government standard types to the members,
and, as your President, I would strongly recommend their adoption. We
have always stood for uniformity in grade, but Just for uniformity's sake
I cannot recommend to you the adoption of any standard classification
that would maroon and leave without a market good sipnnabie cotton,
and also fall to give the cotton produced In North Carolina, South Carolina,
Georgia and portions of other_ States a standard to fix values in times of
stress.
In conclusion, I wish to state a few facts to our guests and members of
Congress from the cotton States regarding the standard American classification as used by the New York Cotton Exchange. The grades of cotton
deliverable on contract for the future delivery of cotton run from good
ordinary to fair, good color and staple, low middling tinged to strict good
middling tinged and middling stained.
WEATHER REPORTS.,13Y TELEGRAPH. Advice to
us by telegraph from the South this evening denote that
there has been little or no rain during the week, but lower
temperatures are stated to have interfered with farm work
in some localities. Tile crop movement continues liberal.
Galveston, Tex.-It has been dry all the week. Maximum
thermometer 58, minimum 27, average 43.
Abilene, Tex.-We have had no rain the past week.
Minimum thermometer 14.
Palestine, Tex.-It has been dry all the week. Lowest
thermometer 20.
San Antonio, Tex.-We have had no rain the past week.
Minimum temperature 20.
Taylor, Tex.-There has been no rain during the week.•
Lowest temperature 18.
New Orleans, La.-There has been no rain during the week.
The thermometer has averaged 44.
Shreveport, La.-There has been no rain the past week.
The thermometer has ranged from 14 to 67.
Vicksburg, Miss.-Rain has fallen on one day during the
week, to the extent of four hundredths of an inch. The thermometer has averaged 40, highest being 66 and lowest 16.
Little Rock, Ark.-Rainfall of one-hundredth of an inch
on one day during the week. Average thermometer, 30,
highest 54, lowest 6.
Helena, Ark.-Too cold for much farming work. There
has been rain on one day during the week, the rainfall being
thirty-seven hundredths of an inch. The thermometer has
ranged from 6 to 55, averaging 32.
Memphis Tenn.-Dry all the week. The thermometer
has ranged'
from 4 to 49, averaging 29.
Mobile, Ala.-It has rained on one day during the week,
to an inappreciable extent. The thermometer has ranged
from 25 to 63, averaging 42.
Montgomery, Ala.-Dry all the week. The thermometer
has averaged 36, the highest being 64 and the lowest 20.
Selma, Ala.-We have had a trace of rain on one day the
past week. The thermometer has averaged 32, ranging from
17 to 59.
Savannah, Ga.-There has been no rain during tile week.
The thermometer has averaged 42, ranging from 25 to 58.
Charleston, S. C.-There has been no rain during the week.
The thermometer has ranged from 26 to 52, averaging 39.
Charlotte, N. C.-There has been rain on one day during
the week, to the extent of one hundredth of an inch. The
thermometer has averaged 32, ranging from 15 to 48.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
Feb. 7.
Receipts (cantars)This week
Since Sept, 1'
Exports (bales)To Liverpool
To Manchester
To Continent and India
To America
•
1911-12.
1910-11.
1909-10.
240,000
5,972,810
155,000
6,722,737
50,000
4,657,637
This Since
Week. Sept. 1.
This Since
This Since
Week. Sept. 1. Week. Sept. 1.
6,000 124,728 4,500 157,539 4,000 107,581
8,250 151,008 8,750 154,980
__
90,237
20,250 213,158 15,750 248,604 14,500 206,169
6,500 45,222 2,000 79,437 1,250 49,798
Total exports
41.000 534.116 31.000 640,560 19.750 453.785
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week were
240,000 cantars and the foreign shipments 41,000 bales.
[VoL. Lxxxxiv.
THE CHRONICLE
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1911-12
Cotton Takings.
Week and Season.
Week.
1910-11
Season,
Week.
Season.
6,018,084
Visible supply Feb. 2
5,279,997
Visible supply Sept. 1
1,603,418
1,495,514
American in sight to Feb. 9_ __ _ 410,702 11,526,896 215,419 9,709,080
Bombay receipts to Feb. 8
117,000 1,024,000
63,000 1,117,000
Other India shipls to Feb. 8_._
200
71,100
25,100
133,305
Alexandria receipts to Feb. 7... _
32,000
796,000
20,000
896,000
Other supply to Feb. 7'
2,000
159,000
7,000
174,000
6,570,986 15,180,414 5,610,516 13,524,899
Total supply
DeductVisible supply Feb.9
6,121,017 6,121,017 5,222,653 5,222,653
Total takings to Feb. 9
458,969 9,059,397 387,863 8,302,246
Of which American
375,769 7,356,297 265,763 6,425,941
83,200 1,703,100 122,100 1,876,305
_Of which other
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &o.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1910-11.
1911-12.
Feb. 8.
Receipts at-
Since
Week. Sept. 1.
Bombay
1909-10.
Since
Sept. 1.
Week.
Since
Week. 1Sept. 1.
117,000 1,024,000 63,000 1,117,000 107,000 1,627,000
For the Week.
Exports
from-
Bombay191142._
191041
1909-b..
Calcutta1911-12
1910-11__
1909-10
Madras1911-12
1910-11_
1009-10
All others1911-12_
1910-11._
1909-10
Total all1911-12__
1910-11 __
1901-10__
Since September 1.
Great Conti- Japan I
Great
Britain. nent. &China Total. Britain.
1,000 8,000 47,000 56,000
14,000
14,000
4,000 59,000 34,000 97,000
ContiJapan
neat. & China. Total.
2,000 87,000 299,000 388,000
17,000 398,000 245,000 660,000
37,000 435,000 383,000 855,000
200
200
2,000 6,000 8,00
1,000 12,000 13,00
2,000
2,000
2,000
6,000
8,000
15,000
900
6,000
14,000
8,900
16,000
31,000
2,000
1,000
2,000
1,000
2,000
8,000
4,000
5,000
15,000
8,000
700
5
1,000
7,700
23,005
13,000
2,000 13,000
8.000
100 15,100
8,00
4,000
22,000
16,000
44,000
71,000
49,000
6,500
1,300
1,000
54,500
94,300
66,000
-----
1,000 8,000 47,200 56,200
2,000 31,000 6,100 39,100
4,000 69,000 46,000i119,000
10,000 142,000 307,100 459,100
49,000 402,000 252,305 793,305
59,000 507,01)0 309,000 965,000
MANCHESTER MARKET.-Our report received by cable
to-night from Manchester states that the market is dull but
steady for yarns and firm for shirtings. Manufacturers are
generally well under contract. We give the prices for to-day
below and leave those for previous weeks of this and last year
for comparison.
1911-12.
32s Cop
Twist.
1910-11.
sy, lbs. Shirt-
Cot'n
tags, common M
to finest.
Upi's
i.
d. a.
Dec
22 SA
0 91i 5
29 831 0 93 5
Jan
5 8% 0 OH 5
12 8H, 0 9H 5
19 8H
0 OH 5
26 8% 0 OU 5
Feb.
2 811-160
914 5
9 8%
0913-16 5
d.
32s Cop
Twist.
s. d. d. d.
834 lbs. Shirt- Corn
tugs, common Mid.
to finest.
Upl's
d. s. d.
s. d. d.
4H010 3
4 @103
5.05 11' 0 12% 5 9 43113
5.01 11H 0 1234 5 9 @113
4%010 4
5 431011
4;4010 6
5 010 734
5.22 11H
5.37 11H
5.40 1131
5.50 11%
9 011 3
1234 5 9 011 3
1234 5 9 011 3
12 5 9 011 3
8.08
8.07
8.05
8.02
534010 8
6;i011 0
5.77 11
43 12% 5 9 011 3
5.90 10% 0 11% 5 8 011 1
7.88
7.77
43
43
o"
1234 5
8.16
8.07
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 388,399 bales. Tile shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
50
NEW YORK-To Havre-Feb. 3-Rochambeau, 50
1,766
To Bremen-Feb 5-Prinz Friedrich Wilhelm, 1,766
1,075
To Hamburg_ _Feb. 6-Bayern, 1,075
700
To Antwerp-Feb. 3-Manhattan, 650__ _Feb. 6-Finland, 50
50
To Barcelona-Feb. 5--Storfond, 50
To Naples-Feb. 1-Teresa, 300
300
To Venice-Feb. 2-Auguste, 1,127
1,127
To Trieste-Feb, 1-Teresa, 650__ _Feb. 2-Auguste, 3,002.. 4,252
GALVESTON-To Liverpool-Feb. 5-Rowanmore, 23,013...
Feb. 6-Pancras, 11,233__ _ Feb. 8-Ikbal, 14,474
' 48,720
To Manchester-Feb. 5-Teodoro de Larrinaga, 10,666
10,066
To Belfast-Feb. 3-Hoi,vth Head, 3,688
3,688
To Havre-Feb. 7-City of Cardiff, 9,999
9,999
To Bremen-Feb.2-Germanicus,7,768_ _ _Feb. 5-Cayo Soto,
6,387; St. George, 10,130_ _Feb. 8-Emerald Wings, 5,604_ 29,889
To Hamburg-Feb. 3-Westmoor, 5,075
5,075
1,000
To Malaga-Feb. 7-Miguel M. Pinillos, 1,000
To Barcelona-Feb. 3-Georgia, 7,036.._ _Feb. 7-Miguel M.
8,772
Pinillos, 1,736
4,036
To Venice-Feb. 3-Georgia, 4,036
4,451
To Trieste-Feb. 3-Georgia, 4,451
TEXAS CITY-To Liverpool-Feb. 2-Inkum, 14,962; Dictator,
22,458
7,466
8,062
To Havre-Feb. 7-Foston, 8,962
5,000
NEW ORLEANS To Liverpool Feb. 7-Colonial, 5,000
1,800
To Belfast-Feb. 8-Howth Head, 1,800
To Hamburg-Feb. 5-Monomoy, 5,196
5,196
7,000
To Genoa-Feb. 3-Soperga, 7,000
To Mexico-Feb. 5-Haakon VII, 6
MOBILE-To Liverpool-Feb. 8-Castano, 3,800
3,800
GULFPORT To liotterdam Feb. 7-3farselisborg, 400
400
PENSACOLA-To Liverpool-Feb.9-E,0,Saltmarsh, 8,800____ 8,800
To Bremen-Feb. 2-Argyle, 5,400......Feb. 3-August Belmont, 10,887
16,287
SAVANNAH-To Liverpool-Feb. 3-Manchester Engineer, 212
__ _Feb. 7-Zafree, 7,332
7,544
To Manchester-Feb. 3-Manchester Engineer, 5,595
5,595
To Bremen-Feb. 2-Altair, 11,964; Cragside, 10,418; Hamp10,881__
_Feb.
3-Shira,
5,059...
shire,
Feb,
7-Agnello
Ciampa, 6,341
_____________________ _ 45 563
To Hamburg-Feb, 2-Hohenfcide, 928__ _Feb.7-Iona,3,800 4,728
2-Zaandyk,
3,237
To Rotterdam-Feb,
3,237
To Barcelona-Feb. 3-Columbia, 7,754
7,754
To Trieste-Feb. 3-Columbia, 3,246
3,246
To India-Feb.7-Zafra, 513
513
BRUNSWICK-To Liverpool-Feb. 3-Kingstonlan, 15,650
15,650
i To Bremen-Feb. 7-Gafsa, 9,908
9,908
425
THE CHRONICLE
FEB. 10 1912.]
than some others would make it appear. The world's
stock of wheat is put at 198,812,000 bushels, as against
184,186,000 bushels a year ago and 137,902,000
at this time in 1910. In other words, the world's supply
does not sensibly diminish. It has stood practically stationary for some months and is confessedly the largestfor some
years past. The decrease in the American visible supply,
though it reached 1,065,000 bushels against 979,000 in the
same week last year, was not so great as had been expected,
and there was even some selling because of this fact. Although there are said to be 32,000,000 bushels of damp
"tough" wheat in Western Canada that may turn out to be
almost a total loss if not shipped soon, officials of the CanaLIVERPOOL.-The week's sales, stocks, Sm.:
Feb. 0. dian Pacific RR. Co. are quoted as saying that there is really
Feb. 2.
Jan. 26.
Jan. 19.
82,000 no danger of so dire a catastrophe. If the Argentina labor
75,000
73,000
bales_ 57,000
Sales of the week
3,000
4,000
8,000
Of which speculators took_ _ _ 6,000
1,000 troubles are really settled, it looks as though shipments to
5,000
6,000
3,000
Of which exporters took
72,000 Europe from that country must shortly increase. To-day
67,000
66,000
51,000
Sales, American
6,000
15,000
14,000
24,000
Actual export
84,000 prices at first advanced. Argentina shipments were re118,000
89,000
78,000
Forwarded
962,000 1,014,000 1,027,000 ported light, and it is said that the strike continues, despite
927,000
Total stock-Estimated
915,000
907,000
848,000
812,000
Of which American
statements to the contrary. Prices were higher at
102,000 official
185,000
138,000
141,000
Total imports of the week
92,000 Buenos Ayres and Liverpool, though lower in the continen164,000
113,000
114,000
Of which American
486,000
409,000
492,000
493,000
Amount afloat
tal markets. East Indian and Australian shipments for the
415,000
355,000
450.000
450,000
Of which American
week were noticeably small as compared with those for the
The tone of the Liverpool market for spots and futures same week last year.
each day of the past week and the daily closing prices of DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
spot cotton have been as follows:
Sat. Mon. Tues. Wed. Thurs. Fri.
Total Bales.
11,129
CHARLESTON-To Bremen-Feb. 8-Glencliffe, 11,129
10,100
WILMINGTON-To Havre-Feb. 7-Valette, 10,100
9,395
To Bremen-Feb. 8-Wilster, 9.395
NORFOLK-To Liverpool-Feb. 5-Montauk Point, 500 _ _ _Feb. 6
7,200
-Carisbrook, 6,700
BOSTON-To Liverpool-Jan. 31-Columbian, 868._ _Feb. 3- 7,043
Ultonia, 6,175
1,000
To Manchester-Jan. 29-Caledonian, 1,000
400
To Genoa-Feb. 3-Canopic, 400
260
260
30-Pomarbn,
BALTIMORE-To Leith-Jan.
100
To Bremen-Feb. 7-Main, 100
PHILADELPHIA-To Rotterdam-Feb. 2-Maartensdyk, 1,042_ 1,042
7,456
SAN FRANCISCO-To Japan-Feb. 6-Tenyo Maru, 7,456
TACOMA-To Japan-Feb. 3-Chicago Maru, 5,068._ _Feb. 8- 14,211
Cape Breton, 9,143
388,399
Total
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market, 1
12:15
P.M. 1
Steady.
Good
demand.
Fair
business
doing.
Mid. Uped
5.77
5.77
Friday.
Hardening. Hardening.
Good
demand.
5,90
5,85
5,73
5,67
105
No. 2 red
105
10534 10534 106
1053,4
108A 107% 108A 107A 10734 1075(
May delivery in elevator
103 A 102% 103
July delivery in elevator
102 A 102% 102%
DAILY CLOSING PRICES OF WHEAT FUTURES IN
• Sat. Mon. Tues. Wed. Thurs, Fri.
May delivery in elevator
1043-4 10334 10374 103% 10334 10354
July delivery In elevator
97
97% 97 A 97
97 34 97
September delivery In elevator_ __ _ 95 A 94 % 95
94 A 94 3.j 94 5i
CHICAGO.
Indian corn weakened in value for a time under the weight
of very large receipts at Western _centres. At the same time
the cash demand has fallen off. Texas dealers have been
Quiet at Barely sty Steady at Steady at Steady at
Quiet at
Futures.
2®4 pts.
Market I 4 points 1®2 points at4;406A 6®63,4 pts. 7 points
canceling purchases made at Kansas City. The rush of corn
pts. dec. advance. advance. advance.
decline.
decline.
opened
to market to take advantage of the recent advance in prices
Easy at Barely st'y Steady at Steady at
atl Easy at
points
Market, 1 Steady
is said to be only limited by the supply of cars. Yet, after
2;405%
10®11
at
9()DA
4@s%
5(36%
2,03
4
all, the general tendency of prices has been upward. The
pts. dec. pts. adv. pts. adv. pts. adv.
P.M. 1 advance. pts. dec.
visible supply increased for the week something less than
day
are
each
given
for
Liverpool
at
futures
for
prices
The
during the same time last year, i. e. 1,715,000 bushels,
ordinary
good
upland,
of
basis
the
on
are
Prices
below.
'is also indisputable
against 2,095,000 last year, and the fact
clause, unless otherwise stated.
that the available supply in this country is considerably
smaller than at this time for several years past. That is to
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Feb. 3
say, the total reaches only 9,412,000 bushels, against
to
4
4 12 A 4 l231i 4 1231
16,669,000 a year ago and 16,643,000 at this time in 1910.
Feb. 9. 1231, 125 1231l 4 12
p.m.
p.m.
p.m.
p.m.
P.m.
P.m.
P.m.
P.m.
P.m.1 P.m.
At times, therefore, corn has shown a certain degree of
--4934 52 613.4 6034 66 66
strength. Stocks are not increasing as rapidly as was exFebruary ___15 56 34 53 A 1 50 43 41
50 53 493,4 43 4034 49 513.4 51 160 6534 653,4
Feb.-Mch.
66;4 683,4 pected. This is due in part, it is believed, to the exception_ '5 58 55 513,4 45 423,4 5034 53 6234 61
Mch.-Apr.
Apr.-May ____15 59;4 56% 53 A 46% 44 52 5434 64 62 67 673,4 ally severe winter, which has caused, it is believed, an un68 683,4
65%
56
53%
48
,55
58
633-4
61
5
453,4
____
May-June
consumption. To-day prices advanced.
5634 66 164 68 683-4 usually large
_ '5 61l. 5834 5534 483-4 46 54
June-July
57;4 54 A 48 45% 533.4 56 65 163 66;4 67
Liverpool quotations were higher. Chicago's cash trade has
July-Aug - - 5 61
53
61
58
61
51
43
45;4
55
6134
,5214
5 583
Aug.-Seplatterly increased. Big operators at the West, short of the
5 543 61 149;4 43 403,4 483,4 50 A 58 ,5534 58 58
_
Sep.-Oct -4834 55;1 53 55 5534 market, have been covering in the last forty-eight hours.
Oct.-Nov. ____ 5 52 483447 4034
543.4
152
55
55
48
45
40
46%
48
A
373.4
51
5
Nov.-Deo.
and big receipts are losing their effect.
5 51 A 47 3-4 4634 40 373-4 45 473.4 55 ,52 54 54 A Corn is wanted
Dec
Sales
Spec.&exp.
15,000
1,500
12,000
500
10,000
1,000
-Jan--------___ 5 51 34 47% 46%140
Jan.-Feb_
5 5234 48 A 47 A Ii
Feb.-Mch.
15,000
2,000
37 ;5145
883-4 46
15,000
1,000
4734 55
48 A 56
152
53
141000
1,500
54
55
54 A
553,4
BREADSTUFFS.
Friday Night, Feb. 9 1912. •
Flour has continued to meet as a rule with only a moderate
demand, but it is quite as apparent that priecs have, on the
whole, been firm or higher, in sympathy with something of
a rise in wheat. At the Northwest things have remained in
much the same position as heretofore. That is to say, business in the main has been rather slow, varied by occasional
spurts which have proved illusive if they were taken as a
sign of a genuine revival of trade. The truth is that for one
cause or another buyers continue to purchase on a hand-tomouth basis, awaiting, it appears, a definite trend of the
wheat market.
Wheat has been irregular within somewhat narrow limits,
ending higher. Advances in prices have met with heavy
profit-taking sales which have caused reactions. Yet most
of the foreign markets have undoubtedly shown a noteworthy degree of strength. At times, it is true, Paris quotations have exhibited conspicuous weakness, and both
Liverpool and Buenos Aires markets have wavered now
and then. But, taking them as a whole, foreign quotations
have given evidences of a nervous strength which has naturally suggested a certain degree of fear that the prospects
of easily securing adequate supplies in the near future
were none of the best. For one thing, Argentina's shipments
have been disappointingly small and slow. The labor troubles at Argentina's ports seem to have been settled, though
this is also denied, but its exports have fallen below expectations to an extent that has excited comment. The
world's supply of wheat increased last week only 566,000
bushels, against 1,631,000 in the same week last year. The
demand for the actual wheat at home and abroad has at
times been the principal factor. In fact it may be regarded
•as the chief argument of those who look for higher prices.
In the middle of the week a good export demand was reported at both New York and Montreal, and a good cash
trade with millers at Minneapolis. St. Louis, too, has done
s very fair cash business. The Northwestern receipts show
a tendency to decrease. The quality of an important
percentage of the crop of Argentina, it is asserted, is
•only poor to fair. On the other hand, some reports
Insist that the quality of the crop of Argentina is better
NEW YORK.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN
Sat. Mon. Tues. Wed. Thurs. Fri.
Nom. Nom. 73
73
73
73 A
Cash corn
Nom. Nom. Nom. Nom. Nom. Nom.
May delivery in elevator
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Frt.
•
69
68 5i 68%
683-4 68 A 68
May delivery in elevator
68 A 67 A 87 A 6734 673,4 68 A
July delivery in elevator
68 A 68
6774 6734 68 A 68 A
September delivery in elevator_
CHICAGO.
A
Oats have much of the time shown more strength than
other grain. There is a sharp demand for cash oats at the
West. Large operators, including, it is said, Mr. James
Patten, are arrayed on the bull side with holdings of a size
to suggest very pronounced views as to the future of prices.
Covering of nervous shorts has helped to sustain prices quite
as much at times as buying for 'long" account. Nor has
the fact that the stock of contract oats at Chicago has fallen
almost to the vanishing point, i. e., 141,000 bushels, against
6,061,000 bushels a year ago, been forgotten in estimating
future course of prices. Profit-taking has wised setbacks
and conservative people are not absolutely ignoring the fact
that prices are already relatively high. To-day prices, however, again advanced and then reacted on profit-taking.
YORK.
NEW
Wed.
DAILY CLOSING PRICES OF OATS IN
Sat. Mon. Tues.
6034 60 A
60
Standards
6034 6034 603-4
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues.
52 A 52 34 52
May delivery in elevator
4834 4734 4734
July delivery In elevator
4234 417-4 4134
September delivery in elevator..
A
Thurs. Fri.
60 A 60 A 60
6034 603.4 6054
IN
Wed. Thurs. Fri.
51 A 52 % 52
4734 4774 48 A
4174 4134 4174
A
CHICAGO.
A
The following are closing quotations:
FLOUR
Winter, low grades....$3 50®$3 75 Kansasstralghts, sacks $4 90@$5 10
5 00® 5 15 Kansas clears, sacks__ 4 40@ 4 60
Winter patents
6 30@ 6 60
4 45® 4 60 City patents
Winter straights
4 60® 5 20
4 10I 4 35 Rye flour
Winter clears
4 3551 4 60
5 35® 5 60 Graham flour
Spring patents
0
75
38
53 2
65
37
4 90® 5 10 Corn meal, kiln dried_ _ _ 2
Spring straights
4 10® 4 75 Buckwheat. cwt
Spring clears
GRAIN.
Cents.
Corn, per bushelWheat, per bushel-f. o. b.
733,4
f.o.b.
No. 2
$1 22 A
N. Spring, No. 1
r
7234
v
____eelleevaattoor
Steamer
A
20
1
2
No.
N. Spring,
73
No. 3
1 0531
Red winter, No. 2
Rye, per bushel1 14
Hard winter, No. 2
97
Western
2
No.
Cents
newOats, per bushel,
60 A
State & Pennsylvania Nominal
Standards
$1 22@$1 35
6034 Barley-Malting
No. 2 white
60
No. 3 white
The visible-supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports_Feb._3_1912, was as_follows: .L:.,
THE CHRONICLE
-Ha
Total Feb. 3 1912 _ _60,425 1,696
Total Jan. 27 1912._61,210 2,060
Total Feb. 4 1911 43,251
_
CANADIAN
Canadian Bonded
Wheat. Wheat.
In Thousands,
bush. bush.
Montreal
189
Fort William
7,877
" afloat
4,424
Port Arthur
5,202
Other Canadian.
4,933
6,900 14,335
440
5,522 15,021
409
9,146 16,415
__ __
GRAIN STOCKS.
Canadian Bonded
Corn. Oats. Oats.
bush. bush. bush.
4
353
_
_ 1,697
__ _ _
1,099 2,716
1,106 2,830
300 1,544
50
362
Canadian Bonded
Rye. Barley. Barley.
bush. bush. bush.
108
_
306
,
1,379
Total Feb. 3 1912_22,625
Total Jars. 27 1912 _ _21,932
Total Feb. 4 1911_10,105
In Thousands.
American
Canadian
4..4,825
108
3,000 4;Ai5
__110
10
952
82
SUMMARY.
Bonded
Bonded
Bonded
Wheal. Wheat. Corn. Oats. Oats. Rye, Barley. Barley
bush. bush. bush. bush. bush. bush. bush. bush.
60,425 1,696 6,900 14,335
440 1,099 2,716
50
22,625
____
_
4 4,825
108
____
Total Feb. 3 1012 83,050 1,696 6,904 19,160
440 1,099 2,824
50
Total Jan. 27 1912 __83,142 2,060 5,525 19,856
409 1,106 2,990
302
Total Feb. 4 1911 _ _53,356
___ 9,156 17,367
__
390 1,626
__
Note.-In the grain stocks of the United States It will be noticed that the stocks
In bonded warehouses are now given as separate items. They will be reported regularly hereafter by the New York Produce Exchange.
THE DRY GOODS TRADE.
New York, Friday Night, Feb. 9 1912.
Markets for dry goods have been active and firm throughout the week, with prices in many instances advanced. The
sudden rise in cotton took manufacturers by surprise, as they
had been figuring on covering their requirements during the
current month at lower prices. The advance has, however,
caused better inquiries from buyers and an increase in the
volume of orders placed. Buyers are realizing, as many
had predicted, that the finished goods market, instead of
easing under lack of orders, has, owing to the extremely low
condition of stocks, been immediately strengthened by an
advance in the cost of raw material. Price advances are, if
anything, expected to become more general, extending to
lines heretofore untouched. Buyers in many instances are
endeavoring to place orders against future delivery at current
levels, but agents are unwilling to accept same except on the
basis of "at value." This would seem to indicate that they
do not expect cotton to be much cheaper and that the size
of the crop has been fully discounted at present levels. As
mills are bare of stocks and are repeatedly forced into the
market for raw material in the face of advancing prices,
agents can see nothing but firmer prices for finished goods in
the future. Jobbers are more inclined to cover their future
requirements and there is a good volume of mail order business on lines which are needed immediately. As a result of
the improvement in both export and domestic demand, mills
find themselves pretty comfortably situated on most lines of
staple cottons. While the higher values for brown and
bleached goods have temporarily restricted export demand,
until buyers can adjust themselves to the new prices, the
consensus of opinion seems to be that the advances are permanent and will have to be met. Print cloths are being held
at slightly higher levels with a fair volume of business passing.
Owing to the uncertainty as to the future course of prices
for the staple,agents and manufacturers are not overwilltng to
take chances against the future at current values. Cotton
yarns are decidedly firmer than a week ago, and manufacturers of finished goods are contemplating corresponding
advances in prices to adjust their profits. Despite an advance of from 5 to 7% on all descriptions of linens, importers
are still warning buyers of firmer prices. The increased
demand of manufacturers of finished goods for raw material
has caused sharp advances in the yarn and flax markets,
which leaves no alternative but to advance the price of
finished goods correspondingly. The week has been an active
one in burlaps,r,with a steady demand for spot and near-by
arrivals. Buyers are willingly accepting the full asking
price on the deliveries they want. In dress goods very substantial orders are being placed on all fall lines. The opening
prices, while practically unchanged from last season, are regarded by buyers as being very satisfactory in view of the
increase in the cost of wool and yarns. Cloakings and suitings are moving steadily with the demand running chiefly
to rough finished effects.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Feb. 3 were 5,128
packages, valued at $328,836, their destination being to the
points specified in the table below: •
•
New York to Feb. 3.
Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
Since
Week. Jan. 1.
147
406
65
151
75
6,108
330
1,7.16
200
2,460
476
1,290
1,187
6,314
82
352
320
1,950
2,133
7,923
113
3,942
Since
Week. Jan. 1.
19
76
14
86
_
4,603
456
779
2,708
4,260
34
409
1,048
4,053
11
171
387
2,167
1,623
6,558
71369,798
5,128
7,062
32,651
27,910
The value of these New York exports since Jan. 1 has
been $2,447,804 in 1912, against $2,250,647 in 1911.
Demand for domestic cottons broadened considerably during the past week, with sellers firm in their views, and many
announcements of advances in prices have been made. A
number of varieties of Southern brown sheetings were quoted
Mc. higher and fruit-of-the-loom 4-4 goods were placed "at
value." The strength in the market appears to be extending to all departments. Brown cottons are decidedly firmer
and are in much better demand. Prints, gingliams and wash
fabrics are more active as retailers are finding it necessary to
make purchases more frequently, owing to the smallness of
their supplies. Good progress has been made in the marketing of such fall merchandise as cotton blankets and napped
goods. It is stated that the larger agencies handling this
class of goods have made sales equal to expectations. In
regard to denims,coverts,tickings ancj shirt materials, business is good and many mills are said to be well sold ahead.
General improvement is noted in the export demand for
coarse cloths from Red Sea, China and miscellaneous ports.
Print cloths and convertibles are more active and firm.
Sales of gray goods, 38M-inch 64-64s, have taken place at
4:Nc., this being an advance of 3'3c. over previous quotations.
Although wide cloths display the most strength, the demand
for narrow goods has improved. Gray goods, 38M-inch
standard, are quoted firm at 4%c.
WOOLEN GOODS.-Business in dress goods and men's
wear is quite active, and many lines of men's wear, suitings
and overcoatings have been sold up. Prices on a number of
lines have been advanced, as mills have booked all the orders
they care to at the low opening quotations. Sellers have also
been influenced by the strength of the wool and yarn markets,
and the high prices ruling on raw material. There continues
to be considerable talk of delayed deliveries in consequence
of the Lawrence strike.
FOREIGN DRY GOODS.-Linens are very firm and,
owing to the high cost of raw material, mills are declining to
accept orders at old prices. Demand for spring goods continues to increase, while business in fall lines is also encouraging. Burlap markets have been excited and strong. Business has been of fair volume and while the demand has been
good, stocks continue light. Lightweights are 25c. higher at
ac., and 10M-ounce 25c. higher at 6c.
Importations and Warehouse Withdrawals of Dry Goods.
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Total marketed
New York
" afloat
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
" afloat.
Chicago
" afloat
Milwaukee
Duluth
" afloat
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
UNITED STATES GRAIN STOCKS.
Amer.Banded
Amer.13onded
Amer. Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush. bush. bush. bush. bush. bush. bush.
1,598
401
547
366
151
170
610
17
58
_
1
336
--iO
3
13
_
38
518
149
46
1,216
110 1,349
126
176
32 .
442
156
154
2
2,390
-'261
34
-466
-"8 -539 --dd
3,145
.
354
106
493
1,400
22
.1
214
2
393
145
161
23
126
-- --__- -_- 2,23
13,&38
.13 2-,ifili
-104
- - -871
4,336
-- --- ---87'
106
108
7,501
955"idO
2
969
-iJi
103
277
244
___
189
18,196
--ji 1,756
____
-idi
638
3,002
397
____
214
9
___.
25
4,145
__
382
119
__
26
____
255
677
___
7
640
____ '.246
28
__
700
273 1,361
"-JO 120
MARKET.
In Thousands.
[VOL. Lxxxxiv.
0
t 0
43
001-3=00
g c) 57.4
15s
"g
E.
W
Total Imports
426
THE CHRONICLE
FEB. 10 1912.1
STATI; 1111:1) C'TY
IMPATITIVII-1\11".
MUNICIPAL BOND SALES IN JANUARY.
In the first month of the new year there were $24,465,031
municipal bonds disposed of. In addition to this amount,
which represents only new issues of long-term bonds, temporary loans were negotiated totaling 838,257,270. Municipalities in. the Dominion of Canada put out debentures
aggregating $2,466,639.
In the following we furnish a comparison of all the various
forms of obligations put out in January of the last five years.
1908.
1909.
1912.
1911.
1910.
3
Permanent loans(U. S.) 24,465.031 *78,510,275 16,319,478 29,318,403 10,942,968
Temporary loans(U. S.) 38,257,270 28,886,060 15,453,687 32,204,946 26,228,500
1,325,575 21,940,149 34,104,536 1,169,700
Canadian loans (perm't) 2,466,639
Total
65,188,940 108,721,910 53,713,314 9.5,627.885 38,341,168
* Includes $60,000,000 Issue of corporate stock by New York City.
The larger and more important sales included in our January list of permanent issues in the United States the present
year are as follows: State of Massachusetts, $1,315,000 3 4s;
State of Maryland, $250,000 4s and $1,000,000 3Ms; Seattle,
Wash., $2,150,000 434s and $1,130,000 5s; Boston, Mass.,
2s; Lynchburg,
8500,000 4s; Kansas City, Mo., $415,000 43/
Va., $550,000 43s; Salt Lake City School District, Utah,
$325,000 4s; San Benito County, Cal., $300,000 5s, and
Sioux Falls, So. Dak., $300,000 5s.
The number of municipalities emitting permanent bonds
and the number of separate issues made during January 1912
were 283 and 387 respectively. This contrasts with 325 and
429 for December 1911 and with 307 and 435 for Jan. 1911.
For comparative purposes we add the following table,
showing the aggregates of long-term bonds for January for
a series of years.
1912
1911
1910
1909
1908
1907
1906
$24,465,031 1905
78.510,275 1904
16,319,478 1003
29,318,403 1902
10,942,968 1901
10,160,1.131900
8,337,582 1899
58,436.253
23,843,801
15,941,796
10,915,845
9,240,864
20,374,320
6,075,957
1898
1897.
1896
1895
1894
1893
1832
$8,147,893
10,405,776
6,507,721
10,332,101
7,072,267
5,438,577
0,352,000
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
News Items.
Bismarck, No. Dak.—Recall Election.—An election will be
held Feb. 29 to vote on the question of recalling E. G. Patterson and H. G. Tatley, members of the City Commission. It
is said that the method of handling assessments on property
owned by the two officials was the basis for the recall
petition.
Columbia, Houston County, Ala.—Court Orders Payment
of Bridge Bonds.—A decree was rendered at Montgomery on
Feb. 3 by Federal Judge Thos. G. Jones ordering the sale of
a steel toll bridge over the Chattahoochee River in order to
pay $20,000 bonds issued by the town to build the same. It
was claimed that the Act incorporating the town, and which
also authorized the bond issue, was void; but the Court ruled
otherwise. The bonds are held by the Chicago Title & Tr. Co.
Greeley-Poudre Irrigation District, Weld County, Colo.—
Appeal Dismissed.—The parties who appealed to the Supreme
Court from the decree of Judge Garrigeues of the District
Court rendered July 26 1910, confirming the issuance of the
$5,100,000 6% bonds purchased by Farson, Son & Co. of
Chicago (V. 91, p. 540), recently asked for and were granted
the dismissal of the appeal. Records of the dismissal were
filed in the District Court on Feb. 1. Concerning this matter
the Denver "Republican" says:
Matters are shaping In a satisfactory manner towards re-financing the
irrigation pro cot and the $1,250,000 to be furnished when all details are
completed will be used In finishing the work for the district at an early date.
Now that all suits pending, contesting the validity of the bonds of the
district, have been dismissed and desert entrymen given three additional
years to prove up on their land, prospects arc bright for the Greeley-Poudre
district, work on which will be renewed with an increased force in the
spring. About two-thirds of the work is completed.
Honduras.—Loan Proposition Withdrawn.—The syndicate
of New York bankers, of which J. P. Morgan & Co. and
Kuhn, Loeb & Co. were the leading members, has announced
that the time stipulated in the contract with the Honduras
Government providing for a loan of $10,000,000, to refund
the public debt of the republic having expired, it is no longer
binding upon them. Acting upon this advice, the Committee
on Foreign Relations of the United States Senate shelved the
proposed treaty under which this country was to guarantee
the loan. See V. 92, p. 477.
Later reports state that it is understood that the Whitney
Central Bank & Trust Co. has expressed its willingness to
continue the loan negotiations.
Idaho.—Special Session of Legislature Ends.--The Legislature, which convened in special session on Jan. 15, adjourned Feb. 1. What is considered the most important
legislation enacted at this session is House Bill No. 35, relating to the assessment, levy and collection of taxes. One
of the provisions of this measure is that all taxable property
must be valued at its full cash value and assessed at 40%
427
of such full cash value, and such assessed value shall be taken
and considered as the taxable valuation of such property
and the valuation at which it shall be listed and upon which
the levies shall be made and extended; lands and improvements thereon must be assessed separately. The law previously ,provided for the assessment of property at its
"actual" or fair cash value. The Governor in calling the
extra session urged that this basis be retained, but directed
attention to the violation of the law by the county assessors
and urged the creation of a Tax Commission to obtain ft
uniform rate of assessment. It was claimed by those violating the law that in applying even the minimum rate of
tax to the actual value of the property, unnecessary revenue
was produced and considerable hardship worked upon the
taxpayers. The bill just passed and which has been approved by Governor Hawley contains a provision appropriating $5,000 to be expended by the State Board of Equalization in securing data upon which to base its equalization of
property values.
Marshfield, Coos County, Ore.—Voters Defeat Proposed
Charter Amendment to Change Name of City.—At the regular
municipal election held Dec. 5 1911 the voters defeated two
charter amendments by which it was proposed to change
the name of the city. The vote was as follows: An amendment changing the name of the city from "City of Marshfield" to "City of Coos Bay," 160 "for" and 563 "against."
An amendment changing the name of the city from "City of
Marshfield" to "City of Millicoma," 25 'for" and 607
"against."
New London, Wis.—Election on - Commission Form of
Government.—An election will be held Feb. 20 to vote on the
question of establishing a commission form of government.
San Mateo, Cal.—Water Co. Offers to Sell to City.—The
San Mateo Water Co. has offered to sell its plant to the city
for $340,000, and we are advised that the matter is now
being considered by the city authorities.
Taylor County (P. 0. Campbellsville), Ky.—Suits to Recover on County Bonds Must be Filed in County Issuing Same.
—Judge William Field of the Jefferson Circuit Court, in a
decision rendered Feb.3,held that suits to recover on bonds
of Taylor County must be instituted in that county. This
opinion was concurred in by Judge Walter P. Lincoln, one
case in question being in Judge Field's Court and the other
in Judge Lincoln's Court.
In the case assigned to Judge Field's division the Board of Extension of
the Methodist Church alleged that the county of Taylor, in accordance with
an Act of the Legislature passed March 18 1878. issued bonds in the sum
of $125,000 to pay off an Indebtedness of the county. Of this issue the
plaintiff bought five $500 and three $100 bonds, which were made payable
at the Bank of Kentucky in Louisville. The other suit was brought by
James A. Leech, who purchased three $50 bonds of this issue, also made
payable at the Bank of Kentucky In Louisville. It was charged that the
bonds were past-due and judgment against the county was asked. It was
claimed that Taylor County is a municipal corporation and could be sued
wherever it has an agent or an office. The attorney in the suits contended
that the Bank of Kentucky was the agent of the defendant in that the
bonds were made payable at this institution.
According to the Louisville "Courier-Journal," Judge Field holds that
a county cannot be classed with corporations and companies formed by
individuals; that counties are part of the government machinery and are
created for public purposes, and those residing in the county may have
duties imposed upon them without request from them. As to whether
these stilts may be instituted and maintained In Jefferson County, the
Court says:
"It is stated in 11 Cyo.. 611. and 7 Am. and Eng. Ency. Law, 965, as the
general rule, that when counties are by statute, expressly or by necessary
implication, made liable to suit, actions so authorized must be brought in
the courts of the defendant county, unless the Legislature has conferred
jurisdiction upon other courts.
"The history of the county from Anglo-Saxon times, its place and function in the system of government, its exemption from liability, tend to
support the idea that it is not a corporation unless distinctly made such by
the legislature.
'For the reasons given. I do not believe Taylor County is a 'corporation'
within the meaning of Section 72, Code. There being, therefore, no
statute conferring jurisdiction upon other courts, the common law rule that
a county must be sued in its own courts is left unimpaired.
"The possible objection that a county sued in its own courts might have
an undue advantage over its adversary is met by tile fact that that adversary would have he right, upon proper showing, to remove the case to an
adjacent county."
Bond Calls and Redemptions.
Tacoma, Wash.—Bond Call.—The following bonds are
called for payment:
District—
Local Improvement District No, 627
Local Improvement District No. 530
Local Improvement District No. 337
Local Improvement District No. 418
Local Improvement District No. 769
Local Improvement District No. 711
Local Improvement District No. 704
Local Improvement District No. 410
Local Improvement District No. 405
No. of Bonds. Interest Ceases.
10 to 13. Incl. Jan. 30 1912
7 to 9, incl. Jan. 30 1912
972 to 331, Incl. Jan. 30 1912
4 to 14, incl. Jan. 31 1912
1 to 3, incl. Jan. 31#1912
Feb. 4.1912
9 and 10
34 to 77, incl. Feb. 4 1912
119 to 243, incl. Feb. 411912
25 to 35, incl. Feb. 5,1912
Bond Proposals and Negotiations this week
have been as follows:
ADK1N SCHOOL DISTRICT. McDowell County, W. Va.—Bond Offering.—Proposals will be received until 2 p. m. Mar. 1 by C.G. Seaton, Secy.
lid. of Ed. (P. 0. Gary), for $40,000 5% coup. school bonds. Dcnom.
$1,000. Date Mar. 1 1912. Int. M. & S.. beginning Sept. 1 1912, payable at Gary Nat. Bank, Gary. Cert. check for $100, payable to Bd. of
Ed., reaulred.
AKRON. Ohio.—Interest Rate Reduced.—On Jan. 29 the City Council
passed an ordinance, It is stated, decreasing the interest rate on the $815,000 water-works plant purchase bonds to be sold to-day (Feb. 10),(V. 94,
p. 366), from 4 ;6% to 4%. An ordinance decreasing to 4% the rate of
Interest on the $300,000 40-yr. water-works bonds offered but not:sold on
Jan. 25 (V.94, p. 294), was introduced, but not passed.
ALLEGHENY COUNTY (P. 0. Pittsburgh). Pa.—Bond Offering.—Pro
posals will be received until 11 a. m. Feb. 13 by It. J. Cunningham4County
Comptroller, for $1,800,000 4% 30-yr. coupon tax-free bridge bonds, Series
No. 3. Denom. $1,000. Date Feb. 1 1912. Int. F. & A. at the Comptroller's office. Cert. cheek for $18,000. payable to the Commissioners,is
required. ,
428
THE CHRONICLE
[VOL. Lxxxxiv.
ALLISON INDEPENDENT SCHOOL DISTRICT (P. 0. Allison), Butler $100,000 5% gold bldg. bonds mentioned in V. 94, p. 150. These securiCounty, Iowa.-Bonds Voted.-The proposition to issue $15,000 bldg. ties are part of the $200,000 bonds voted Aug. 25 1911, $100,000 of which
bonds carried by a vote of 151 to 41 at the election held Jan. 29 (V. 93, p. were sold. on Oct. 23 1911 at 103. (V. 93, p. 1275.)
294). Int. 4 M or 5%. Due 20 years.
CHAMPAIGN SCHOOL DISTRICT (P. 0. Champaign), Champaign
ALMENA. Norton County. Kan.-Bond Sale.-On Jan. 15 the $6,000 County 111.-Bond Election Proposed.-Reports state that petitions are
734 yr. (ay.) coup. light bonds voted Oct. 2 1911 (V. 93, p. 1211) were being circulated calling for an election to vote on a proposition to issue
$25,000 bldg. bonds. Denom. $500. Int. (not to exceed. 4%) semi-ann.
awarded to the State School Fund Commission at par for 5 Ms.
1 1927 and $7,000 May 11928, 1929 and 1930.
AUSTIN, Travis County. Tex.-Bonds Proposed.-We are advised that Due $4,000 May
CINCINNATI, Ohio.-Bonds Authorized.-An ordinance was passed
the City Council has under consideration a proposition to issue about
$500,000 or possibly $600,000 bonds for streets, sewers,school and cemetery Jan. 23 providing for the issuance of $10,000 4% coup. hospital bonds,
being part of an issue of $350,000 voted Nov. 7 1911. Denom. $500 or
purposes.
Feb. 1 1912. Int. F. & A. at the American Exchange
AUSTIN COUNTY (P.0. Beliville), Texas.-Bonds Not Sold.-No award multiples. Date
Feb. 1 1952.
has yet been made of the $100,000 Road Dist. No. 1, $50,000 Road Dist. Nat, Bank, New York. Due
CLAREMONT SCHOOL DISTRICT (P. 0. Claremont), Sumter County.
No. 2 and $25,000 Road Dist. No. 3 5% 5-40-yr. opt. bonds offered on
So. Dak.-Bond Election.-It is stated that an election will be held Feb. 17
Dec. 2 1911.(V. 93, p. 1338.)
proposition to issue $10,000 bldg. bonds.
BAKER CITY, Baker County, Ore.-Bond Offering.-Proposals will be to vote on a
CLARK COUNTY (P.0.Jeffersonville). Ind.-Bond Sale.- The Fletcher
received, it is stated, until 5 p. m. Feb. 12 by A. 13. Sterns, Cit.. Clerk, for
Bank and Payne, Bush & Co. of Indianapolis were awarded
Nat.
American
$79,387 64 6% improvement bonds.
in January at par and int. $46,500 434% road bonds. Denom. $1,000 and
BARBERTON SCHOOL DISTRICT (P. 0. Barberton), Summit County. $500.
& N. Due from 1 to 10 years.
M.
Int.
Ohio.-Bond Offering.-Proposals will be received until Feb. 19 for $48,000
CLEAR LAKE INDEPENDENT SCHOOL DISTRICT (P.O. Clear Lake),
4 34% bonds. Authority vote of 300 to 71 at election held Jan. 30 1912.
Iowa.-Band Election.-The election to vote on the
County,
Gordo
Cerro
Due 1939.
question of issuing the $60,000 building bonds will be held, we are advised,
BARBOURSVILLE SCHOOL DISTRICT NO. 1 (P. 0. Barboursville), Feb. 21, not Feb. 6, as at first reported (V. 94, p. 367).
propoKy.-Bonds Voted.-The election held Feb. 2 resulted in favor of a
CLEVELAND, Ohio.-Bonds Authorized.-Ordinances were passed on
sition to issue $16,000 5% building bonds. The vote was 183 to 70.
Feb. 5 providing for the issuance of the following 4% coup. bonds: $45,000
BATESVILLE, Panola County, Miss.-Bonds Not Sold.-No award has
yet been made of the $2,000 (the unsold portion of $6,000) 6% 20-year con- fire-department, $75,000 house of correction, $30,000 police department,
$350,000 park, $25,000 city farm school, $725,000 infirmary and hospital
crete walk bonds (V. 93, p. 1803).
and $450,000 street-impt. (city's portion). Denom. $1,000. Date April 1
BIWABIK SCHOOL DISTRICT NO. 24 (P. 0. Biwabik). Saint Louis 1912. Int. A. & 0.from April 1 1912, payable at the American Exchange
County, Minn.-Bond Election Proposed.-We are advised that this district Nat. Bank in New York. Due April 1 1942, except the street issue, which
Is considering holding an election to vote on the question of issuing $125,000 matures April 1 1937.
bonds.
COLUMBUS, Platte County, Neb.-Bond Election Proposed.-Reports
BLOOMFIELD IRRIGATION DISTRICT (P. 0. Bloomfield), San Juan state there is talk of calling an election to vote on a proposition to issue
County, N. Mex.-Bonds Voted.-An election held Jan. 21 resulted in favor bonds to build a city hall and fire dept. headqqarters.
of the proposition to issue $250,000 bonds, it is stated.
COLUMBUS,Ohlo.-Bands Authorized.-Ordinances were passed Jan. 29
BLUE EARTH SCHOOL DISTRICT (P. 0. Blue Earth), Faribault providing for the issuance of the following coup. bonds:
County, Minn.-Bonds Defeated.-The question of issuing bonds for a new $40,000 4% fire-house bonds. Denom. $1,000. Date not later than Sept.
school house was defeated at an election held recently, it Is reported.
1 1912. Due Sept. 1 1942.
BOISE CITY. Ada County, Idaho.-Bond Offering.-Proposals will be 125,000 4 M% lmpt. assess. bonds. Denom. $1,000. Date not later than
June 1 1912. Due Sept. 11914, opt. Sept. 1 1913.
received until 12 m. Feb. 20 by Emily L. Savidge, City Clerk,for $1,600 7%
Int. M. & S. at the City Treasurer's office.
Dist. No. 16 paving bonds. Auth. See. 48, City Charter. Int. A. & 0. at
City Treas. office. Due one-tenth on April 1 from 1913 to 1922 incl. Cert.
COOS
SCHOOL DISTRICT NO. 49 (P. 0. Eastside).0re.-COUNTY
cheek on a bank In Boise for 5% of bonds bid for, payable to "Boise City," Bond Sale.-On Jan. 25 the Union Trust & Savings Bank of Spokane was
required. Bids received subject to approval as to legality of issue.
awarded $9,500 at par for 5 Ms, the district to allow $100 for attorney's fees,
BOONE SCHOOL DISTRICT (P. 0. Boone), Boone County, lowa.-No blank bonds, &c.
Action Yet Taken.-No action has yet been taken looking towards the issuDALLAS, Tex.-Bond Offering.-Proposals will be received until 12 m.
ance of the $100,000 bldg. bonds voted on Dec. 18 1911 (V.93, p. 1803). It Feb. 26 for $100,000 4 M% gold coup. hospital-bldg. bonds voted April 5
Is thought likely, though, that the matter will come up within the next 30
1910. Denom. $1,000. Date Jan. 1 1912. Int. semi-annual at the Chase
days.
BOWLING GREEN, Wood County. Ohio.-Bids Rejected.-All bids re- National Bank in New York. Due on Jan. 1 as follows: $2,000 every odd
ceived on Jan. 27 for the $13,500 4 M% 10-yr. park bonds dated Sept. 1 year and $3,000 every even year, from 1913 to 1952 incl. Cert. check for
1911 (V.94, p. 224) were rejected, according to reports.
2% of bonds bid for, payable to W.T. Henderson, Commissioner of Finance
BOX ELDER COUNTY SCHOOL DISTRICT (P. 0. Brigham City), and Revenue, required. Bonds will be certified as to their genuineness
Utah.-Bond Sale.-On Jan. 31 the $200,000 43.% 20-yr. bldg. bonds by the United States Mortgage & Trust Co. in New York, and their legality
(V. 94, p. 224) were awarded to the Harris Trust & Say. Bank of Chic, at approved by Dillon,
Thomson & Clay, whose opinion will be furnished to
99 and interest-a basis of about 4.576%.
purchaser. Official circular states that there has never been any
BREWSTER, Okanogan County. Wash.-Bonds to Be Re-voted.-We are the
which
the
in
bonds,
default
$12,000
school-building
issue
to
payment
of principal or interest on the city's bonds.
proposition
advised that the
carried at the election held Dec. 16 1911 (V.94, p. 149), will be re-submitted
The official notice of this bond offering will be found among the advertiseto the voters early in the spring, the first election having been declared ments elsewhere in this Department.
illegal.
DAWSON COUNTY SCHOOL DISTRICT NO. 65. Neb.-Bond Sale.BRIDGEPORT, Lawrence County, 111.-Bond Sale.-Reports state that During December 1911 the State of
Nebraska was awarded at par $400 5%
the Little & Hayes Investment Co. of St. Louis has been awarded $13,000 chool-house bonds. Date Sept. 14 1911. Due $100 yearly March 1 1916
water-works-site bonds voted recently.
to 1919 incl.
BRITTON SCHOOL DISTRICT (P. 0. Britton), Marshall County,
DICKSON, Dickson County, Tenn.-Band Offering.-Proposals will be
So. Dak.-Bonds Voted.-By a vote of 221 to 83, the proposition to issue received until 12 m.
1 (sale deferred from Feb. 1) for the $15,000
the $10,000 building bonds (V. 93, p. 1737) carried at the election held school bonds (V. 93, March
p. 895). Cert. check for $500, payable to the "City
Feb. 3, according to reports.
of Dickson," is required. J. M. Smith is Mayor.
BROAD BAY TOWNSHIP. Forsyth County, No. Caro.-Bond Election.
DUNDEE (P. 0. Omaha), Neb.-Bond Sale.-We are advised that
According to reports, an election will be held March 11 to vote on a propo- $90,000
paving bonds have been sold. Denom. $500. Dates
sition to issue $30.000 bonds to aid the Randolph & Cumberland fly., the Sept. 1, 5%
Oct. 1 and Nov. 1 1911. Int. semi-ann. Due in 15 yrs., opt.
amount to be paid upon the completion of the road to Winston-Salem.
5
after
The
years.
bonds were turned over to the contractor, the National
BROCKTON, Plymouth County, Mass.-Temporary Loan.-A loan of Roofing Co. In payment for the work and later re-sold by this company to
$200,000, due Oct. 18 1912, has been negotiated with R. L. Day & Co. of Sptizor, Rorick & Co. of Toledo.
ills
premium,
stated.
cents
35
and
Boston at 2.79% discount
EAST BATON ROUGE PARISH SCHOOL DISTRICT NO. 1, La.-Bond
BROOK PARK SCHOOL DISTRICT (P. 0. Brook Park), Pine County, Sale.-On Jan. 30 the $75,000 5% school bonds (V. 94, p. 225) were awarded
Minn.-Bonds Voted.-An election held Jan. 26 resulted in favor of the to Hayden, Miller & Co. of Cleveland at 100.30 and interest.
question of issuing $7,000 bldg. bonds. The vote, It is stated, was 60 to 35.
EAST PALESTINE VILLAGE SCHOOL DISTRICT (P. 0. East PalesBUFFALO, N. Y.-Bids.-The other bids received on Feb. 2 for the four tine), Columbiana County, Ohio.-Band Sale.-On Feb. 2 the $50,000 5%
issues of 4 si% reg. tax-free bonds, aggregating $545,000, awarded to N. W. site-purchase and bldg. bonds (V. 94, p. 295) were awarded to the Provident
as
were
follows:
102.403
366),
94.
(V.
P.
Halsey & Co. of New York, at
Bank & Trust Co. of One. at 110.07 and int. Other bids follow:
$95,000 Say.
$150,000 $100,000 $200,000
Well, Roth & Co., Cincin_ _$54,525 Seasongood & Mayer, Ctn.._ _$54,315
issue.
issue.
issue.
issue.
First Nat. Bank, Cincinnati.. 54,500 First Nat. Bank, Cleveland.. 53,968
102.36
102.36
102.36
w York
Estabrook & Co.,NeNew
New First National Bank,
Nat. Say. Bank, Mansfield__ 53,910
Watson & Pressplich,New York_ _ _ _102.219 102.219 102.219 102.219
Columbus
54,340 Hayden, Miller & Co., Clev__ 53,200
102.20
102.20
102.20
102.20
Blake Bros & Co., New York
-Bond Sale.-We are advised that
EAST
III.
PEORIA,
County,
Peoria
102.191
102.191 102.191 102.191
R. L. Day & Co., New YOrk
the $4,000 bridge bonds voted Oct. 21 1911 (V. 93, p. 1212), were awarded
102.035 102.035 102.035 102.035
Livingston & Co., New York
Peoria.
East
15
Nov.
on
of
to
1911
Stiers
L.
F.
102.03
102.03
102.03
York
Bank of America, New
102.01
102.01
102.01
102.01
ELKIN TOWNSHIP (P. 0. Elkin), Sorry County, No. Caro.-Bonds
O'Connor & Kahler, New York
101.91
101.91
101.91
Not Sold.-No award has yet been made of the $20,000 5% bonds which
Dominick & Dominick, New York.. _101.91
101.839 101.839 101.839 101.839
this place has been offering for sale (V. 93, p. 1804).
E. H. Rollins & Sons, Boston
101.782 101.782 101.782 101.782
Bond & Goodwin, New York
EL PASO COUNTY (P. 0. El Paso), Tex.-Band Election.-An election
101.7831 101.7831 101.7831
101.7831
York
New
Parkinson & Burr,
will be held Feb. 12, it is stated, to submit to the taxpayers the proposition
101.779 101.770 101.779 101.779
A. B. Leach & Co.. New York
to issue the $200,000 roadway and levee erection bonds (V. 94, p. 225).
Spitzer, Rorick & Co., New York.... _101.765 101.765 101.765 101.765
101.73
101.73
101.73
EMPORIA. Lyon County, Kans.-Bond Sale.-On Jan. 23 $45,511 50
Marine National Bank, Buffalo_ __ _101.73
5% paving bonds were awarded to local investors at par and Int. Int.
101.697 101.697 101.697 101.697
Sutro Bros. & Co., New York
& N. Due one-tenth yearly.
M.
101.628
101.628
101.628
101.628
York
New
Co.,
&
Grant
M.
R.
101.453 101.453 101.453 101.453
W. N. Coler & Co., New York
ESSEX COUNTY. Mass.-Loan Offering.-Proposals will be received
101.1753 101.1753 101.1753 101.1753 until 11 a. m. Feb. 12 by the County Commissioners, it is stated, for a
C. H. Venner & Co., New York
101.141 101.141 101.141 101.635
Ferris & White, New York
temporary loan of $400,000, dated Fob. 13 and duo 3100,000 Nov. 15
101.11
101.11
101.11
101.11
J. C. Dann & Co., Buffalo
$100,000 Nov. 25, $100,000 Dec. 15 and $100,000 Dec. 25.
Central National Bank, Buffalo.. _ _ _100.096 100.096 100.096 100.096
ESTHERVILLE SCHOOL DISTRICT (P. 0. Estherville), Emmet
Columbia National Bank, Buffalo_100.008 100.008 100.008 100.008
County, Iowa.-Bond Offering.-Proposals will be received at any time for
100.672
Erie County Savings Bank, Buffalo_
1
(tor $100.000 of 1st 3 issues) $65,000 4% 20-year building bonds. Authority, vote of 468 to 103 at an
National Savings Bank, Albany....102.17
101.83 (for $100,000 of 1st 3 issues). election held Feb. 2. Denotn. $1,000.
5 (for $
67
0 1..3
0 ()off first issul
000
00
5:
626
e.
EUCLID TOWNSHIP (P. 0. Euclid), Cuyahoga County, Ohio.-Bond
American Savings Bank, Buffalo__ 100
first
Offering.-Proposals will be received until 2 p. m. March 0 by the Board of
$455,276 for first three issues).
Trustees, L. Harms, Clerk, for $4,000 434% coup, highway-impt. bonds.
0. E. Denison & Co., Cleveland
Auth. Sec. 3295, Gen. Code. Denom. $500. Date March 9 1912. Int.
•
Bids received at 3:20 p. m. too late for sale102.321 102.321 102.321 102.321 A. & 0. at Treasurer's office. Duo $500 yearly on Oct. 1 from 1914 to
Harris, Forbes di Co., New York
1921 incl. Cert. cheek on some bank other than the one making the bid,
102.28
102.28
102.28
102.28
Blodget & Co., Boston
be de101.272 101.272 101.272 101.272 for 10% of bonds bid for, payable to Treasurer, required. Bonds toto
Kountze Bros., New York
pay
livered and paid for within 10 days after time of award. Purchaser
BURR OAK, Jewell County, Kans.-Bond Sale.-Sutherlln & Co. of accrued interest.
Kansas City, Mo., have been awarded $25,000 534% 20-year water-works
an
that
state
-Reports
EUGENE. Lane County, Ore.-Bond Election.
bonds at 102.50 and interest.
election will be held March 4 to vote on a proposition to issue $75,000
Bow County. paving bonds.
V. BUTTE SCHOOL DISTRICT NO. 1 (P. 0. Butte) Silver
Mont.-Bona Offering.-Proposals will be received until 4 p. in. Feb. 27
EVANSVILLE, Vanderburg County, Ind.-Bonds Proposed.-Reports
by T. Richards, Clerk, for the $50,000 gold coup. bldg. bonds voted Dec. 16 state that an ordinance
has been prepared for the City Council providing
1911 (V.03, p. 1803). Denom. $1,000. Date March 1 1912. Int. (rate for the issuance of 3950,000 bonds to refund bonds becoming due July 1.,
Due
1
March
City.
opt.
1932,
York
New
at
S.
&
not to exceed 5%) M.
FAIRFIELD SCHOOL DISTRICT (P. 0. Fairfield), Sumter County,
after March 1 1922. Cert. check (or equivalent) for $1,000, payable to
C. R. Hopkins, Chairman Board of Trustees, required, said check to be Iowa.-Bond Election Proposed.-Reports state that an election will be
forfeited if bonds are not accepted in 60 days. Purchaser to furnish blank held to vote on the question of issuing $60,000 bldg. bonds.
bonds.
FAIRMONT SCHOOL DISTRICT (P. 0. Fairmont). Marion County,
CAIRO. Alexander County. 111.-Band Election.-According to local W. Va.-Bonds Voted.-Local papers state that a proposition to issue
papers, propositions to issue $75,000 city-hall and $15,000 library-impt. $140,000 school-impt. bonds carried by a vote 01 1,011 to 152 at an election
held recently.
bonds will be voted on at the April elections.
FARGO, Cass County, No: Dak.-Bond Sale.-On Feb. 6 the Wells &
ECANAJOHARIE, Montgomery County, N. Y.-Bond Sale.-According
basis of about 4.68%
to reports, 8,500 434% road bonds have been awarded, $2,000 at 101 to a Dickey Co. of Minneapolis was awarded at 103.45-a
-the $10,000 5% coupon electric-light-plant bonds offered on Jan. 29
local investor and $6,500 to the Canajoharie Nat. Bank at par.
mature in 15 years.
Bonds
bidders.
other
There
150).
14
were
p.
94,
F. CHAFFEE UNION HIGH SCHOOL DISTRICT, San Bernardino County, (V.
FLINT UNION SCHOOL DISTRICT (P. 0. Flint), Genesee County,
cal.-Bond Offering.-Proposals will be received, it is stated, until 11
no action has yet
that
advised
a.m. Feb. 12 by the County Supervisors (P. 0. San Bernardino) for the Mich.-No Action Yet Taken.-We are
FEM. 1.0 1912 1
THE CHRONICLE
I
S
429
been taken looking toward the issuance of the $60,000 bldg. bonds voted
JEFFERSON COUNTY (P. 0. Steubenville). Ohio.-Bids.-The other
last year (V. 93, p. 1213).
bids received on Feb. 1 for the $30,000 4 Yi% coup. road bonds awarded to
the
Miners' & Mechanics' Exchange Bank of Smithfield at 101.66 (V. 94,
FORNEY, Kaufman County. Tex.-Bond Sale.-The $12,000 5% p. 368)
20-40-yr. (opt.) sewerage bonds registered on Jan. 18 by the State Comp- Otis & were as follows.
Hough, Cleveland___$30,4551Nat. Exch. Bk., Steubenv_$30,100
reports
state,
awarded,
to
the
National
City
troller (V.94, p. 295) have been
New First Nat. Bk., Col_.._ _ 30,1191Hoehler & Cummings, Tot__ 30,035
Bank of Forney at par. • • • • • • • • •
"
• • • •"
"• •
KANSAS.
Purchased by State.-The following bonds, aggregating
FRANKFORT SCHOOL DISTRICT (P. 0. Frankfort), Ross County, $285,117 15,-Bonds
were purchased by the State during January at par.
Ohio.-Bond Offering.-Proposals will be received until 12 m. Feb. 20 by
Place.ose. Int.
Date.
F. H. Henson, Clerk Bd. of Ed., for the $25,000 4% school-bldg. bonds Amount.
Due.
$700 00 _ _Allen Co.S.D. No.73 __school
voted Oct. 10 1911 (V. 93. p. 1134). Auth. Sec. 7625, 7626, 7627 and
6 Jan. 1 1912 July 1 1913-17
2,000 00„Anthony S D
refunding
5 Apr. 6 1908 Jan. 1 1928
7628, Gen. Code. Denom. $500. Date Feb. 20 1912. Int. semi-ann.
light
5 Jan. 1 1912 Jan. 1 1915-24
Due $500 each 6 months from Mch. 1,1917 to Sept. 1 1941, incl. • • • • •J 10,000 00Centralla
20,000 00 __Fowler City
water & light 5 Nov. 1 1911 Nov. 1 1931
• FRANKLIN COUNTY (P. 0. Columbus), Ohio.-Bond Offering.-Pro- 11,000 00 Haddam
city-hall
5 Jan. 1 1912 Jan. 1 1922-30
Feb.
12
until
m.
23
received
by
the
Bd.of Co.Comm.John 30,000 00*_Hill City
posals will be
water & light 5 Sept. 15 1911 Sept. 15 1931
0 ditch bonds. Denom. (8) $700 and (1) $760. 12,500 00 Kinsley
Scott, Clerk, for $6,360 57
water
5 Sept. 10 1910 Sept. 10 1930
Date March 11912. Int. M. do S. at the Co. Treas. Due March 1 as fol1,500 00 Kiowa Co.S.D. No. 13.school
5 Jan. 1 1912 July 1 1913-26
lows: $2,100 in 1913 and 1914 and $2,160 in 1915. Bonds to be delivered
2,200 00 _ _Kiowa Co.S.D. No.33.school
5 Sept. 15 1911 July 1 1913-25
and paid for within 5 days after they are ready for delivery. Cert. check
700 00_ _Lane Co. S. D. No.48_school
6 Jan. 1 1912 Jan. 1 1915-17
on a national bank or trust company in Franklin County for 27. of bonds
7,000 00__Lenora Twp.,Norton Co.refunding
5 Jan. 1 1912 Jan. 1 1922
bid for, payable to F. M. Sayre, Auditor, required. • • • • • • • • •
1,500 00 _ _Lincoln Co.S.D. No 87_school
5 Jan. 16 1912 Jan. 1 1913-19
5,910 00 Marquette
refunding
5 June 1 1908 Jan. 1 1928
FRANKSTON INDEPENDENT SCHOOL DISTRICT (P. 0. Frankston),
8,500 00.•_Biontgomery Co. S. D.1
Anderson County, Tex.-Bond Sale.-Reports state that the $8,000 bldg.
No. 113
5 Oct. 1 1911 Jan. 1 1916-21
bonds voted July 15 1911 (V. 93, p. 182) have been sold. • • • • • • • •
5,000 00 __Mound City
f8welthreri
5 July 1 1911 July 1 1941
• GALLIPOLIS, Gallia County, Ohio.-Bond Offering.-Proposals will be 34,750 00Olathe
refunding
5 Apr. 6 1908 Jan. 1 1928
received until 12 m. Feb. 25 by 0. 0. Ingels, City Aud.,for $18,000 4% re- 18,000 00 _ _Parsons
refunding
5 Sept. 1 1107 Sept. 1 1927
funding bonds. Denom. (24) $500 and (60) $100. Date Feb. 25 1912. 10,000 00 __Republic Co. S. D.\
No. III
Int. F. & A. Due Feb. 25 1922. Cert. check for 5% of bonds bid for,
5 July 1 1911 July 1 1916-25
9,000
00
__Rice
aaccruentes
Co.
s satertmeoaAr
abT to 'ireas. reuic
a.ureasertop
S.
paid
Bondst
t...
d
D. No. 9..f_ssechhool
for within 5
o be delivered
d
5 Jan. 1 1909 Jan. 1 1913-18
5,578 23__Rosedale
improvement 6 Sept. 1 1911 Sept. 1 1912-21
2,278 92__Rosedale
improvement 6 Sept. 1 1911 Sept. 1 1912-16
• GALVESTON COUNTY DRAINAGE DISTRICT NO. 1 (P. 0. Galves7,000 00__Sauth Haven
light
5 Jan. 1 1912 Jan. 1 1932
ton), Texas.-Bond Sale.-Local papers report that the $45,000 5% drain- 20,000 00_Sylvan Grove
water & light 6 Aug. 1 1911 Aug. 1 1941
age bonds registered on Jan. 17 by the State Comptroller (V. 94, p. 295). 60,000 00•_Wichita S. Dschool
5 Jan. 1 1912 Jan. 1 1913-22
have been sold to J. C. Kelso at par and int. • • • • • • . . . . . . .
"The sale of these issues was previously reported in the "Chronicle."
f•-0ARDNER. Grundy County, III.-Bonds Defeated.-We are advised that
The above bonds are subject to call at any int.-paying period.
the question of Issuing the $7, 00 water-works construe- bonds was defeated
KLICKITAT COUNTY SCHOOL DISTRICT NO. 2. Wash.-Bonds Not
at the election held Oct. 4 1911. It was first reported that these bonds had
Sold.-No award was made on Jan. 4 ,we are advised,
carried (V. 93, p. 1213). • • • • • • • • • • • • • • • • • • • • • •
of an issue of $1,500
bonds offered on that day.1 • •; •i • • •
U
• GIRARD.Crawford County, Kan.-Bond Sale.-An issue of $5,400 funding bonds was awarded, it is stated, to the Girard National Bank. • •
• LAKELAND, Polk County, Fla.-Bond Offerino.-Proposals will be reGLEN RIDGE, Essex County, N. J.-Bonds Voted.-An election held ceived until April 15 by C. G. Memtninger, Chairman Board Bond Trustees,
Feb. 5 resulted In favor of a proposition to issue $35,000 grammar-school- for the $150•000 5% sewerage, street-paving and public-building bonds
voted Dec. 30 1911 (V. 94. p. 151). Denom. $1,000. Date March 1 1912.
bldg. bonds, according to reports. The vote was 63 to 1.
Int. M. & S. Due $10,000 yearly March 1 from 1942 to
1955, Incl. Cert.
GOLD HILL, Jackson County, Ore.-Bond Sale.-On Jan. 22 the
$25,000 6% 25-year water-plant-construction bonds voted recently (V. 93, check for $1,000, payable to the Board of Bond Trustees, required.
0. 1680) were awarded to Bolger, Messer & Willaman of Chicago at • LAWRENCE. Douglas County, Kan.-Bond
Sale.
-On
Jan. 20 $67,000
101.004-a basis of about 5.90%. • • • • • • • • •1 •
5% 1-10-yr. (ser.) street-paving bonds were awarded to local investors
'• GRANGER, Yakima County, Wash.-Bond Sale.-On Jan. 23 the $15,- Date Jan. 11912. Int. J. ec J. The $13,000 bonds, the sale of which was
100 6% 20-yr. water-works bonds (V. 94, p. 150) were awarded, it Is stated, p6ported in last week's "Chronicle" (V. 94. p. 368) are part of this issue.
tolAllen & Wells of Spokane for $15,175-making the price 100.496. • • •
LENOX SCHOOL DISTRICr (P. 0. Lenox), Taylor County, Iowa."rolgisitS-V I LCE-SCI100CDISTRICr(P.O.(lrantsville), Tooele County,
w tye
b. Bond Sale.-The $25,000 5% bonds voted on Sept. 25 1911 (V. 43, p. 1214)
Utah.-Bond Election Proposed.-Reports state that an election
have been awarded to Geo. M. Bechtel & Co. of Davenport.
held to vote on a proposition to issue $25,000 bldg. bonds.
• • • • • •
• LEWISTOWN SCHOOL DISTRICT (P. 0. Lewistown), Pa.-Bond
• GRANVILLE, Washington County. N. Y.-Bond Sale.-On Feb. 5 the Sale.-During December 1911
issue of $6,500 4% bonds was sold, we
bonds
$15,000 water-works
(V. 94, p. 295) were awarded to Isaac W. are advised, at 100.50. • • • an
• • • • • • • • • ........ • •
Sherrill of Poughkeepsie at 100.42 for 4 yis. • • • • • • • • • • • • • •
LIBBY.
•
Lincoln
County,
Mont.-Bond Election Proposed.-Reports
GRAYSON COUNTY (P. 0. Sherman). Tex.-Description of Bonds.-We
are advised that the $400,000 Sherman District road bonds voted Dec. 9 state that an election will probably be held the latter part of this month to
1911 (V. 93, p. 1738) will bear 5% int. and mature in 40 years, opt. after vote on a proposition to issue $15,000 sewer const. bonds.
10 yrs. The bonds were authorized by a vote of 934 to 415. • • • • • •
• LOUISVILLE. Jefferson County, Ky.-Bond Offer(ng.-Proposals will
• GREEN BAY, Brown County, Wis.-Bond Sale.-On Feb. 6 the $50,000 be received. It Is stated, until 12 m. March 14 by the Hospital Commission
4% coupon school-butiding bonds (V. 94, p. 3871 were awarded to the for $500,000 hospital bonds. These are a part of the $1,000,000 4%
Kellogg Nat. Bank of Green Bay for $51,244 80 (102.489) and interest. bonds $500,000 of which were sold on March 16 1911 to J. W. & D. S. Green
of Louisville at 107.188. • V. 92. p. 751. • 1 •,.1 •.•1 • • • • • • • .,iZ.A.4
Other bids follow:
•$51,105 50 Wm. R. Compton Bond
Wisconsin Trust Co
• LOWELL. Kent County. Mich.-Bond Offrrtno.-Proposals will be re"51,056 00
Well, Roth & Co., Chic
do Mtge. Co., Chicago_•$50,790 00
ceived
wail 5 p. m. Feb. 19 for $13,0004 q% paving bonds. Authority
51,010 00 Harris Tr. & 8.13k., Chic. •50,785 00
S. A. Kean ec Co., Chia
Yard, Otis &Taylor,_ _
Cont. & Comm. Trust &
•50,755 00 vote of 246 to 22 at election held Jan. 22. Due 20 years, opt. after 10 years.
Say, Bank, Chicago... •51,005 00 E.H.Rollins Sons,Chic_ •50,690 00
• LUBBOCK INDEPENIMNT-SCHOOL
---VIS-1
- InC-17=i7 Lubbock),
-Devitt,Tremble&Co.,ChIc '51,005 00 Emery, Peck do Rock
Lubbock County,Texas.-Bond Sale.-We are advised that the $10,000 5%
wood, Chicago
A. B. Leach & Co., Chic_ •.10,955 00
•50,640 00 10-20-yr. (opt.) bonds registered on Oct. 19 1911
(V.
93, p. 1214) have been
50,875
Chicago__
00 II.C.SpeerdoSonsCo.,Chic. •50,600 00 sold at par. • •
_
0. H. Coffin,
•
•
•
•
•
•
•
•
• • • 1 el ••4 • • •.• •.• • • • • • • r• L•J
N. W. Halsey & Co.,Chlc. •50,845 00 3olger, Mosser & Willaman, Chicago
• McALESTER. Pittsburgh County. Okla.-Bonds-to be Offered Shortly.•50,560 00
Citizens N. Bk.,GreenBay •50,450 00 We are advised that the $50,000 water-works-impt. bonds voted
16
1911 (V. 93, p. 1805) will shortly be offered for sale. • • • • • . •Dec.
• •%.,1
• And accrued interest.
• MANCHESTER INDEPENDENT SCHOOL DISTRICT (P. 0.
ManGUTTENBERG. Hudson County. N. J.-Bond Offering.-Proposals will chester), Delaware County. lowa.-Bond Sale.-On Feb. 5 the $24,000
be received until 8 p. m. Feb. 19, It Is stated, by W. J. Eypper, Town 44% 10-year high-school-building bonds (V. 94, p. 358) were awarded to
Treasurer, for $143,000 5% 30-year funding bonds. Interest semi-annual. the Continental & Commercial Trust do Savings Bank of Chicago at 100.75
and int.-a basis of about 4.40%. Other bids follow:
Certified check for $2,500 required.
HADDONFIELD. Camden County. N. J.-Bonds Authorized.-We are John Nuveen & Co., Chic...•$24,456 1 Delaw. Co. State Bk., Manch.$23.650
Harris Trust & Sav.3k.,Chtc. 24,040 S. A. Kean & Co., Chicago__ 23:5
59
24
2
advised that a resolution has been passed providing for the issuance of Geo.
M. Bechtel & Co., Dav_ 24.000 C. H. Coffin, Chicago
.
• • • • • •
•J •
*150.000 street-improvement bonds. • • •
H. T. Holtz & Co.. Chicago__ 23,711 • • •
• • • • • • • • • • • •
f• HAILEYVILLE, Pittsburgh County, Okla.-Bond Sale.-On Oct. 31
1911 the $60,000 6% 25-yr. water-works bonds not sold on Oct. 23 1911
• Bid for 5s.
(V. 93, p. 1213) were awarded to the Onell Engineering Co. of Dallas. The
MANHATTAN, Gallatin County, Mont.-Bond Sale.-On Jan. 29 the
bonds were taken at par in payment for the construction of the water sys$25,000 6% 10-20-yr. (opt.) coup. water bonds(V. 94, p.80) wereawarded
to Bolger, Messer & Willaman of Chicago at 101.74, int, and blank bonds.
1" HARDIN COUNTY (P. 0. Kenton) Ohio.-Bond Sale.-On Feb. 5 Other bids were received from Farson,
Son $30 Co., S. A. Kean & Co. of
$20,000 bridge bonds were awarded, it is stated, to Seasongood & Mayer Chicago and the Union Bank &
Trust Co. of Helena.
.
,
.
• • . .....
of Cincinnati at 101.46.
MAR_KHAM
DRAINAGE
DISTRICT
NO. 2 (P. 0. Markham), MataHENDERSON COUNTY (P. 0. Athens), Tex.-Bonds Voted.-It Is gorda
Texas.-Bond Election.-According to reports,the proposistated ,that the election held recently resulted in favor of the question of tion toCounty,
issue $234,990 13 Impt. bonds carried at an election held recently.
roads
good
for
bonds
In
Athens precinct.
Issuing
• MARTINSVILLE VILLAGE SCHOOL DISTRICT (P. 0. Martinsville),
'• HF.NDERSONVILLE. Henderson County, No. Car.-Description of Clinton County, Ohio.-Bond Offering.-Proposals will
be received until
Bonds.-The $21,000 6%•strect-impt. bonds awarded to C. A. Webb & Co. 12 in. March 1 by the Board of Education, 0. J. Townsend,
Clerk, for
of Asheville on Jan. 17 at 102, Int and blank bonds(V. 94, p. 367), are In $35,000 41.4% coup. bldg. bonds. Auth. Sec. 7625. 7626 and 7627,
Rev.
&nom.
of $1,000 each and dated Feb. 1 1912. • Int. F. & A. Due Stat., also vote of 117 to 16 at an election held Jan.
the
2. ,Denom. $500.
,.
serially beginning Feb. 11918. • • • • • j • . • • .1 .1. . . .
Date March 11912. Int. M. & S. Due ;500 each 6 months from March 1
• HERKIMER. Herkimer County, N. Y.-Bond Offering.-Proposals will 1913 to Sept. 1 1927 and $1,000 each 6 months from March 1 1928 to
be received until 10 a. in. Feb. 12 by Fred. W. Sauer, Town Supervisor, Sept. 11937, Deposit of 5% of bonds bid for required. •4 • • • , •
for $20,731 86 highway bonds, It is stated. i• • • • •1••• • •i•i .4. .1
• MAXWELL SCHOOL DISTRICT NO. 7 '(P. 0. Maxwell), Lincoln
• HOLDENVILLE. Hughes County Okla.-Price Paid for Bonds.-We County, Neb.-Bond Sale.-On Feb. 2 the $20,000 5% coup. tax-free
are advised that the price paid for the $10,887 6% 25-yr. refunding bonds bldg. bonds (V. 94, p. 227) were awarded to Allen Bros. of Omaha at par
awarded to W.A. Brooks of Oklahoma City on Dec. 20 1911 (V. 94, p. 367) and int. A bid was also received from the Fidelity Trust Co. • . . .
was par. Denom.(1) $387 and (20) $500. Date Nov. 20 1911. Int. F. &A. • MICHIGAN. Nelson County, No. Dak.-Bonds Withdrawn from
the
f• HOLLISTER, Taney County, Mo.-Bond Sale.-The $15,000 6% 1-20- Market.-We are advised that the 6% 10-yr. city-hall and opera-house
year (opt.) street and highway impt. bonds voted Oct. 16 1911 (V.93, p. bonds offered by this place (V. 93, p. 1214) have been withdrawn from the
market. • • • . . . . .
. • .1 .1. t .1 .1 .1
.
1213) have been sold to Gessier Kransnick of St. Louis.
.. .
• MIDDLETOWN,'IMiddiesex County, Conn.-Temporary Loan.-On
• HOLYOKE. Hampden County, Mass.-Bonds Authorized.-Reports
state that the Board of Aldermen on Feb. 6 voted to issue $140,000 gas and Feb. 8 a loan of $25,000, due Nov. 12, was negotiated with Bstabrook &
Co. of Boston at 3.41% discount. The other bidders were:
electric impt. bonds. • • • •
Bond
Goodwin of Boston at 3.45% discount.
(P. 0. Big Springs). Tex.-Bonds to be Re-Voted.- Blake do
r. HOWARD COUNTY
Bros. of Boston at 3.68% discount.
Reports state that an election will be held to vote on the proposition to Old Colony Trust
of Boston at 3.98% discount.
issue *100,000 5% 20-40-yr. (opt.) Road Dist. No. 1 bonds. These bonds Middletown TrustCo.
Co. of Middletown at 4% discount and $1 premium.
were previously awarded lat!t, as stated in V. 94, p. 295, the sale was not
• MINNESOTA.-Bonds Purchased by'State.-During the month of
consummated.
the State of Minnesota purchased at par the following 15 Issues of
HUBBARD, Trumbull County. Ohio.-Bonds Not Sold.-No award has January
bonds aggregating $125,780.
been made of the $30,000 4 ye,% coup. water-works bonds offered on Nov. 11 4%
Bondsissuing
Place
Amount. Purpose.
Date.
1911. (V. 93, p. 1213.)
Belgrade (V.) Stearns Co
$5,000 municipal Jan. 24 1912
• HUTCHINSON, Reno County, Kan.-Bond Sale.-On Jan. 29 the $20,- Beitrami Co. S. D. No. 4
3,150 school
Jan. 12 1912
000 4 %% 20-yr. public-building bonds (V. 93, p. 1339) were awarded to Beltrami Co. S. D. No. 41
1,500 school
Jan. 12 1912
the First Nat. Bank of Hutchinsonon a basis of 4.i%. Denom. $1,000. Beitrami Co. S. D. No. 92
1,500 school
Jan. 12 1912
ate Feb. 1 1912. Int. F. dc A. • • • • • • • • • • • • • . . . . . Carlton Co. S. D. No.8
Jan. 12 1912
9,000 school
No.
Chippewa
S.
D.
Co.
8
1,500 school
Jan. 12 1912
• JAMESTOWN, Chautauqua County. N. Y.-Bond Offering.-Proposals
45,000 municipal Ian. 24 1912
will be received, it is stated, until 2 p. m. Feb. 17 by A. G. Lofgren, Chair- Cook County
5,000 municipal Jan. 12 1912
man Bd. of Assessors, for $36,656 1-10-year (scr.) paving and $30,340 Hinckley (Vii.)
No.
Itasca
D.
10
S.
1,000 school
Jan. 13 1912
10-year paving bonds. • Interest rate to be named in bid.
• • •
Maynard (V11.)
4,500 municipal Jan. 12 1912
• JASPER COUNTY (P. 0. Rennselaer). Ind.-Description of Bonds.- Milielacs County
8,230 municipal
The three issues of 5% drainage bonds aggregating $23,538.47 awarded Mountain Lake(VII.)8,000 municipal Jan. 12 1912
Jan. 24 19121
on Jan. 29 to Breed & Harrison of Cincinnati (V.94,p. 368) become due St. Louis Co. S. D. No.40
30,000 school
Jan. 6 1912
part yearly on Dec. 1 from 1913 to 1921,inclusive. Date Dec. 1 1911. St. Louis Co. S. D. No. 58
1,500 school
Jan. 13 1912
• .
Int.1. & D. at the County Treas. office. • • • • • • • • • •
Yellow Medicine Co. S. D. No. 104
900 school
Ian. 12 1912
u
r•
430
THE CHRONICLE
MODESTO HIGH SCHOOL DISTRICT (P. 0. Modesto), Stanislaus
County, Cal.-Bonds Defeated.-An election held Fob. 3 resulted in the
defeat of the proposition to issue the $110,000 5% high-school-building
bonds (V.94, p. 227). The vote, It is stated, was 304 "for" to 714 "against."
MMOLINE. Rock Island County, III.-Bond ,Offering.-ProposalswIll be
be received until Feb. 22, it is stated, for $100,000 city-hall bonds. M. R.
Carlson Is Mayor.
MONCLOVA TOWNSHIP SCHOOL DISTRICT (P.O. Monclova), LticAs
County. Ohio.-Bond Offering.-Proposals will be received until 6 p. tn.
Mar. 1 by E. M. Coder, Clerk Board of Education. for $10,000 5% bldg.
bonds. Auth. Sec. 7626 Gen. Code. Denom. $500. Date Mar. 11 1912.
Int. M. & S. at the office of the Board of Education. Due $1,000 each six
months from Mar. 11 1913 to Sept. 11 1917 inclusive. Cash or certified
check for $200 on a bank in Toledo required. Bonds to be delivered
Mar. 11 at the Dime Savings Bank, Toledo. j
PIMONTGOMERY, Montgomery County, Ala.-Description of Bonds.The $60,000 5% gold coup. paving bonds awarded on Jan. 30 to R. M. Grant
& Co. of N. Y. at 101.27 (V. 94, p. 369) are dated .fan. 1 1012 and mature
in 10 years. Denom. $1,000. Int. J. & J. at the Old Colony Trust Co. In
Boston. Bonds are exempt from State tax.
MT. VERNON, Westchester County, N. Y.-Bond Salc.-On Feb. 1 the
following bids were received for the $135,000 4% 3-yr. tax-relief bonds.
(V. 94, p. 206.)
First Nat.Bk.,Mt Vern_xS136,192 05 R. L. Day & Co., N. Y_$138,797 85
Parkinson & Burr, N. Y. 136,033 16 Harris, Forbes & Co.,N.Y. 135,565 65
R. M. Grant & Co., N. Y. 135,878 15 A. B. Leach & Co., N.Y_ 135,526 50
S. H. Rollins & Sons,N.Y. 135,877 60 Estabrook & Co., N. Y. 135,495 45
Ferris ec White, N. Y.._ 135,851 85 Bond & Goodwin, N.Y_ 135,297 00
Adams & Co., N. Y
135,823 50 W. N. Coler & Co., N. Y_ *90 387 00
ElIzThls bid, it is stated, was successful. 'Bid for $90.00(,.
ONEWBURYPORT. Essex County, Mass.-Temporary Loan.-Estabrook
lc Co. of Boston were awarded on Feb. 5 a loan of $150,000 duo $100,000
Oct. 2 1912 and $50,000 Oct. 10 1912 at 2.81% discount and 65 cents
premium. Other bids follow: Oid Colony Trust Co., Boston, 2.97% discount: Bond & Good-win, I3oston, 3.02% discount.
NEWPORT. Newport County. R. I.-Temporary Loan.-A loan of
$50,000 due Sept. 5 was negotiated on Fob. 6 with Estabrook & Co. of
Boston, it is stated, at 3.18% discount.
NEWTON, Harvey County. Kans.-Bond Election Proposed.-There is
talk of submitting a proposition to issue $40,000 auditorium bonds at the
regular city election.
NEW YORK CITY.-Temporary Loans.-The following revenne bonds,
bills and notes (temporary securities) were issued by this city during January:
Interest.
Amount.
Revenue bonds, current expenses
4 34
$265,000
Revenue bonds, current expenses
4
985,000
Revenue bonds, current expenses
3 15-16
1,200,000
Revenue bonds, current expenses
3 3i
300,000
Revenue bonds, current expenses
3 Si
4,410,000
Revenue bonds, current expenses
2,850,000
334
Revenue bonds, current expenses
3 3-5
1,000,000
Revenue bonds, current expenses
3 Si
500,000
Revenue bonds, current expenses
3N
3,000,000
Revenue bonds, current expenses
' 3X
90,000
Revenue bills, current expenses
2,889,092
'43-1
Revenue bills, current expenses
•4
2,354,037
•33,‘
Revenue bills, current expenses
968,870
Revenue bills, current expenses
•3.35
1,233,760
Revenue bills, current expenses
•3.32
2,703,049
•3 yi,
Revenue bills, current expenses
a1,149,712
Revenue bills, current expenses
x710,549
'33%
Revenue bonds, special
4 Si
2,000
Revenue bonds, special
3X
50,000
Revenue bonds, special
3 13-16
100,000
Revenue bonds, special
3
700,000
Corporate stock notes(various municipal purposes). 334
3,000,000
Corporate stock notes (various municipal purposes) 24
500,000
Corporate stock notes (for water)
3,000,000
331
Corporate stock notes (for rapid transit)
33-1
1,000,000
Corporate stock notes (for rapid transit)
24
500,000
Total
$35,461,969
• Rate of discount: figures In "Amount" column represent proceeds'of
loan, after ;deducting discount. a Payable inAfrancs. x Payable int.£
=itzikniva.
EDWOOD1(P.'0. Anglesea),°CapelMay-County. N. J.-Bond
I•VIOR
Offering.-Proposals will be received. until 8 p. m. March 5 by G.A. Redding,
City Clerk, for $60,000 5% street-impt. bonds. Denom. $1,000. Date
April 11912. Int. A. & 0. at Marine Nat. Bank, WIldwood. Due April 1
1932, optional after April 11917. Bonds are tax-exempt. Cert. check for
$1,000, payable to L. B. Shivers, Treasurer, required.
MOGDEN. Weber County, Utah.-Bond Sale.-We are advised that $50,400 refunding bonds have been sold.1
OKLAHOMA CITY, Okla.-Bond Election.-An electionNwill be held
Feb. 12 to vote on the question of issuing $250,000 park and $100,000
water-system-improvement bonds.
r.‘0MAHA, Neb.-Bond Offering.-Proposals will be recelvediuntil 8 P.!.
.ni•
Feb. 20 by the City Council for the following 434% coup. bonds:
550,000 20-yr. park bonds. Denom. $1,000. Int. semi-annual.
100,000 20-yr. sewer bonds. Denom. $1,000. Int. semi-annual.
100,000 20-yr. intersection bonds. Denom. $1,000. Int. semi-annual.
288,500 serial improvement bonds. Denom. $500. Int. annual.
Date March 1 1912. Int. payable at the fiscal agency in New York.
Certified check on a national bank for $1.000, payable to the "City of
Omaha", required. Bids subject to the bonds having been legally and
regularly issued. Purchaser to pay accrued int. Official advertisement
states that there is no litigation threatened or pending affecting the legality
of the bonds and that the city has never made default in payment of
princial or interest of any bonds issued. Bids must be made for "all or
noise." F. H. Cosgrovells Comptroller. •"• •I oir•Ir•r•S11"1*VrtIn•121
ORANGE, Orange County. Cal.-Description of Bonds.-Thel$50,000
water and $5,000 fire-dept. 5% 1-40-yr.(ser.) bonds awarded on Dec. 11 1911
at 103.181 to J. II. Adams & Co. of Los Angeles (V. 04, p. 298) are in the
denoms. of $625 and $500. 1Date Dec.1 1911.Y1Int.V.lecip •
*7:111,11.04
COUNTY (P. 0. Orange), Texas.-No Action Yet Taken.-No
action has yet been taken looking to the issuance of the $200,000 5% 10-40year (opt.) road bonds voted Dec. 20 1911. (V. 94, p.1152.1
VIPAXTON, Ford L,ounty. III.-No Bonds to be Issued.-ConcernInz the
$17,000 5% coup. elect-light and power bonds voted on Sept. 12 1911
(V. 93, p. 746),the City Clerk writes "this bond Issue has been practically
abandoned.",ii '1')
PAYETTE, Canyon County, Idaho.-Price 'Paid "for Bonds.-The`prtee
paid for the $15,000 6% 1-10-yr. (ser.) gold coup'.tax-free sewer-impt.
Dist. No. 2 bonds awarded to W. E. Sweet & Co. of Denver (V. 94, p.i369)
was par, less a commission of 5% for expenses. •
PEND OREILLE COUNTY (P. 0. Newport), Wash.-Bond Offering.Proposals will be received until 10 a. m. March 5 by the Board of County
Commissioners, H. H. Murray, Clerk, at the County Treasurer's office,
for the $72,000 gold coup. bonds to fund outstanding warrants (V.
94, P.
297). Authority Chap. 16, Remington & Ballinger's Code: also Art. 8,
Sec. 6 State Constitution. Denom. $1.000. Date May 11912. Int. (rate
not to exceed 434%) M. & N. at the County Treas. office or at the State
Treas. office at Olympia, or at the fiscal agency of the State in New York.
Due May 1 1932, opt. after May 1 1922. Bids must be for entire amount
offered ($72,000). Cert, check for $1,500, payable to the Treasurer,
required. with all bids except that of the State of Washington. No bonded
debt at present. Outstanding warrants Jan. 16 1912 $108,023 70. Asses.
val. 1911 $4,802,703, real val. (est.) $12,000,000. Official circular
states
that there Is no litigation pending or threatened concerning the validity
of these bonds.
The offtetal notice of this bond offering will be found among the advertise
monis elevators in this Department.
ItramiE
[VoL. Lxxxxiv.
PINEVILLE. Bell County, Ky.-Bond Sale.-Ileports state that the
$30,000 5% 20-yr. coup. high-school bldg. bonds (V. 94, p. 81) have beea
disposed of.
PITTSBURG SCHOOL DISTRICT (P. 0. Pittsburg), Crawford County,
Kans.-Bonds Voted.-We learn that the election held January 31
(V. 94, p. 228) resulted in favor of the proposition to issue ;20,000 budding
bonds
The vote was 897 "for" to 7il9 "against."
PITTSFIELD, Berkshire County, Mass.-Temporary Lean.-A loan of
$125,000 due Oct. 8 1.02 has been negotiated with Curtis & Sanger of
Boston at 2.84% discount and $2.85 premium.
PORTLAND, Multnomah County, Ore.-Bond Offering.-Proposals will
be received, it is stated, until 11 am. Feb. 13, by A. L. Barbour, City Auditor, for $500,000 water bonds.
PORTSMOUTH. Scioto County, Ohio.-Bond Offering.-proposals will
be received until 12 m. March 5 by W. N. Gableman, City Auditor, for
$48,500 4% coupon street-impt. assessment bonds. Denom. 1500. Date
March 1 1912. Int. M. & S. at the City Treasurer's office. Due $3,500
March 1 1913 and $5,000 yearly March 1 1914 to 1922, inel. Cert. cheek for
2% of bonds bid for, payable to the City Auditor, is required.
POUGHKEEPSIE. Dutchess County, N. Y.-Bond Offeringt.-Proposals will be received, dispatches state, until 12 in. Feb. 15 by J. K.
Sagua, Mayor, for $120,000 4 4% 10-year school bonds. Int. semiannual. Ce7ti11ed check for 2% required.
PRINCETON. Mercer County, W. Va.-Bonds Defeated -Local papers
state that a proposition to issue city hall and jail bonds was defeated at an
election held recently.
QUINCY, Norfolk County, Mass.-Loan Offering.-Proposale will be
received until 12 in. Feb. 12 for a loan of ;175,000 due Feb. 14 1913, it is
stated. Denom. (3) $25,000, (4) $15,000 and (4) ;10,000.
ROCHESTER. N. Y.-Bond Offertng.-Proposals will be received until
3 p. in. Feb. 15 by E. S. Osborne, City Comptroller, for $740,000 4%
coup. or registered water-works-impt. bonds. Denom. $5,000. Date
Jan. 1 1912. Int. J. & J. at the Union Trust Co. in New York. Due
Jan. 11942. opt. after Jan. 11922. Bids must be made on blanks furnished
by the city. Cert. check for 2% of bonds bid for, payable to the City
Comptroller, required. Bonds will be certified by the Knickerbocker Trust
Co. of New Yrok.
Note Sale.-On Feb. 5 the $312,000 4-months revenue note (V. 94, p. 369)
were awarded to Bonbright & Hibbard of Rochester at 3 1-16% Int. Other
bids follow:
Bond & Goodwin, N. Y
at 834% and $11 prem
Bankers Trust Co., N. Y
at 3
and $32 prem.
H. Lee Anstcy, N. Y
at 35i% and $1 prem.
Ford, Enos, Wolcott & Ransom, Rochester
at 334% and $1 prem.
Bank for Savings, N Y
at 334%
Mann, Bill & Ware, N Y
at 334% and $10 prem.
100,000 at 3.625% & $17.65 prere
Goldman,•Sachs & Co., N. Y ---------100,000 at 3.75% and $15 prem.
112,000 at 3.85% & $12 50 prem.
First Trust & Say. Bank, Chicago
at 3.75% and $25 prem.
Luther Robbins, Rochester
at 4%
and $20 prem.
Si'. PAUL,Minn.-Bond Offering.-Proposals will be received until 12m.
Feb. 29 by W. II. Farnham. City Comptroller, for 4100,000 water-worksext. and $150,000 sewer-construction 4% bonds. Dated March 1 1912.
Int. semi-annually In New York City. Cert. check for 2% of bid required
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
SALAMANCA, Cattaraugus County, N. Y.-Bond .!ale.-On Feb. 5
$2,639.84 paving bonds were awarded to the Farmers' 'Wank In
at par for 4.70s. Date Aug. 1 1912. Due Aug. 1 1911. A bid Springville
of 100.171
for 5s was also received from John J. Hart of Albany.
SAN FRANCISCO, Cal.-Bond Sale.-On Feb. 5 the three issues of 5%
bonds, aggregating $1,170,000 (V. 94. p. 297) were awarded te Watson is
Pressprich and Adams & Co. of N. Y. at their joint bid.
Bond Sales in 1911.-During the calendar year ending Dec. 31 1911 this
city disposed of bonds aggregating $2,551,000. It appears that of the
$1,125,000 434% water bonds , $977,000 were sold over the counter at various dates (see item below). During the year there were also sold $672,001
4 Si% Geary St. By. bonds.
Sale of Water Bonds.-We are now advised that the $1,125,000 434%
water bonds offered at public sale last April, but without success, have
all been disposed of. As stated above $977,000 of the bonds were sold at
various dates in 1911. The balance ($148,000) were sold last month.
The bonds were allotted as follows; the city receiving par and $19,880 66
accrued interest:
A. M. Hunt
$15,000 F. A. Ernst
$2,000
Joseph H. Weldin
2,000 Grace Graves
2,000
Sonoma County & Nat. Bank, 10,000 A. L. Scoofy
50,009
West. Metrop. Nat. Bank.... 18,000 Annie Finn
4,000
Marine Trust & Savings Bank 20,000 Hugh Dwyer
2,000
Sonoma Co. & Nat. Bank
40,000 Nora Finn
4,000
West. Metrop. Nat. Bank__ _ 14,000 L. J. Scoofy
50,000
Dairymen Bank of Val. Ford. 10,000 L. J. Scoofy
47,009
C. B. Younger, Santa Cruz_ _ 3,000 E. W. Bennett
*1,000
Mrs. T. Hampe
3,000 H. H. Knox
•1,000
Michael Martin
10,000 A. G. Unger
•1 006
Golden Gate Camp No. 601
M. Martin
•10,000
W.0 W
1 5,000 First Nat Bank, San Fran *10,000
R. A. Lares
1,000 L. Diamond
'5,000
Daniel W. hart
5,000 Z L. Adams
'10,009
E. A. Parker
1,000 Mission Bank
'20,000
II. J. Schons
1,000 Mission Savings Bank
'30,009
G. L. Anthony
1,000 Public School Teacher's
H. J. Schons
2,000
Annuity and Retirement}•17,009
Yosemite Tribe No. 105,1
Association of San Fran..)
Imp' i 0. R. Al
1 1,000 L. J. Scoofy
'43,000
H. J. Schons
1,000 Tuolumne Water Supply C0_652,090
F. A. Ernst
1,000
'Disposed of in January.
All the above bonds are dated July 1 1910. Delon'. $1,000. Int.
J. & J. at City Treasurer's office or,at option of holder, at fiscal agency in
New York City. Due $25,000 yearly from 1920 to 1964 incl. Bonds are
exempt from all taxation. Legality approved by Dillon & Hubbard of
New York.
Bond Election.-Local papers state that an election will be held March 23
to submit to the people the question of issuing $8,800,000 city-hall and
civic-centre bonds.
SHELBY COUNTY (P. 0. Memphis), Tenn.-Bond Offering -Proposals
will be received until 12 in. Feb. 22 by J. P. Young, Chairman of County
Court, for $100,000 4 Si% 25-yr. bonds in aid of the State Normal School
for West. Tennessee. Auth. Chap. 88, Acts of 1911. Denom.$1,000.
Date Jan. 1 1912. Int. semi-ann. Cert. check on a solvent bank la
Memphis for $1,000, payable to "Shelby County" is required. For further
Information address R. L. Bartels, attorney, Memphis Tr. Bldg., McmPhls•
SIDNEY CITY SCHOOL DISTRICT (P. 0. Sidney), Shelby County,
Ohio.-Bond Offering.-Proposals will be received until 12 in. March 1 by
M. F. Hussey, Clerk Board of Education, for $100,000 4% coupon tax-free
high-school-building bonds. Denom. $500 and $1,000. Date March 1
1912. Int. M. & S. at Sidney. Cert, check for $100, payable to the School
Board Treas. required. Bonded debt at present, $150,000. Assessed
valuation, $8,000,000.
'
SOMERVILLE. Middlesex County, Mass.-Loan Offence -Proposals
will be received until 10 a. in. Feb. 13, it is stated, for a temporary loan In
anticipation of taxes of $300,000, due $100,000 Oct. 25 and $200,000 Nov. 4,
SOUTH ZANESVILLE SCHOOL DISTRICT (P. 0. South Zanesville),
Muskingum County, Ohio.-Bond Sale.-On Feb. 1 the $20,000 434%
20-yr. coup. bldg. bonds (V. 94, p. 297) were awarded to the State Security
Bank of Zanesville at 104.25-a basis of about 4.19%. Other bids follow:
Old Citizens' National Bank, Zanesville
$20,684
Scasongood & Mayer, Cincinnati
20,610
SPENCER SCHOOL DISTRICT (P. 0. Spencer). Clay County. Iowa.Bond Election Proposed.-It is reported that an election will be held to vote
on a proposition to issue high-school building bonds.
STILWELL HEIGHTS (P. 0. Port Arthur) Jefferson County, Tex.
Bonds Voted.-According to reports an election held recently resulted In
favor of a proposition to issue $19,000 sidewalk-Impt. bowie. Tito vote
was 49 to 2.
FEB. 10 1912,
STINE SPECIAL SCHOOL DISTRICT, Clay Township, Montgomery
County, Ohio.-Bond Sale.-We have just been advised that the $4,000
0% coup. bldg. bonds offered on Oct. 1 1911 (V. 93, p. 827) were sold the
next day. (Oct. 2).
reSULLIVAN COUNTY, Tenn.--Bond Offering.-Proposals will be
Lyon.
ceived until 4 p. in. Mar.4 by the Pike Road Commissioners, W. D.
Chairman (P. 0. Bluff City), for $100,000 4 A% road bonds of the $300,000
Date Feb. 1
issue voted Jan. 1 1912. (V. 94, p. 82). Denom.$1,000.
1912. Int. F. 64 A. In New York or Chicago, as desired by purchaser. Due
$60,000 Feb. 1 1932 and $50,000 Feb. 11942. Cert. check for 5% of bid,
payable to First Nat. Bank, Bristol, required.
Offering.-ProposSUMMERS COUNTY (P. 0. Hinton), W. Va.-Bond
W. P. Bowling, Clerk of County
als will be received until 2 p. m. Feb. 19 by$55,000
Talcott
District road and
and
District
Greenbrier
$50,000
for
Court,
check
bridge bonds. Authority, Sec. 25a, Chap. 38, Laws of 1911. IsCert.
no controthere
for 5% of bid is required. Official circular states that
either
validity
of
the
concerning
pending
or
threatened
litigation
versy or
Issue, the corporate existence or boundaries of the districts or the title of
the present officials to their respective offices. Similar issues of bonds
were sold on Oct. 23 1911 (Y. 93, p. 1492).
TACOMA. Wash.-Bonds Sold During January.-The following 7%
s ecial-irnpt. assess. bonds. aggregating ;32,385 95, were sold during
January:
Due.
Date.
Purpose
Amount.
Jan. 21 1917
Jan. 21 1912
Grading
$4,939 45
1912
Jan.
3 1917
3
Jan.
Sidewalk
1,635 60
Jan. 3 1917
Jan. 3 1912
133 60
Sidewalk
Jan. 10 1922
Jan. 10 1912
12,190 60
Paving
Jan. 10 1922
Jan. 10 1912
Paving
3,582 00
Jan. 10 1917
Jan. 10 1912
803 30
Walk
24
1912
Jan. 24 1917
Jan.
Want
and
Grade
9.11140
The above bonds are all subject to call part each year.
Mo.-Bonds
Defeated.
-The
question of
TAR K10. Atchison County,
was defeated at an election held
Issuing 427,000 water and light bonds
"against."
80
"for"
to
17
being
vote
Jan. 30, the
TARRANT COUNTY (P. 0. Fort Worth), Texas.-Bond Offering.Proposals will be received until 11 a. m. March 11 by C. J. McKenna, County
Auditor, for the $1,000,000 road and $600.000 bridge 5% bonds voted
Dec. 12 1911 (V. 93, p. 1740) Denom. $1,000. Int.annually in N.Y. or
Fort Worth. Cert. check for $32,000, payable to the Commissioners' Court.
required. Bids must be for entire issue ($1,600,000),two propositions to be
considered, one for the delivery of $1,600,000 April 10 1912 and one for
deliveries as follows: $550,000 April 10 1912, $500,000 July 10 1912 and
$550,000 Oct. 10 1912.
The official notice of this band offering will be found among the advertisements elsewhere in this Department.
TAZEWELL CO U N ry (P. 0. Tazewell), Va.-Bonds Awarded in Part.On Jan.6 $200,000 of the $500,000 road bonds (V. 93, p. 685) were awarded
to Harris, Forbes & Co. of N. Y. at private sale as 5s. Denom. $1,000.
Int. J. & J.
TETON COUNTY SCHOOL DISTRICT NO. 17 (P. 0. Sweet Grass).
the
Mont.-Bond Sale.-The State of Montana was awarded at 5
$7,500 10-15-yr. (opt.) coup. bldg. bonds offered on Oct. 2 1911 (V. 93,
P.897.)
NEW LOANS
Union Irrigation District
NOTICE OF SALE OF BONDS AND TO CONTRACTORS FOR BIDS FOR PRELIMINARY ENGINEERING, SUR VEYINO,ETC..
FOR IRRIGATION SYSTEM.
NOTICE IS HEREBY GIVEN to all persons
that sealed bids will be received at the office of
the Board of Directors of the "UNION IRRIGATION DISTRICT," at the Town of Raymondville, Texas, until the hour of 2:30 o'clock
P M. of
..'Tuesday, the Fifth Day of March. A.D. 1912,
for the Preliminary Engineering, Surveying. ece.,
forahe Irrigation System of the "Union Irrigation District." This work includes no actual
construction, but includes ALL WORK of surveying, engineering, making of estimates, specifications, &c., necessary to the commencement
of actual construction of the largest Irrigation
System thus far attempted In Texas.
Maps, plans, specifications and all necessary
data are now on file, and may be seen in the office
of Directors of the "Union Irrigation
,
of the Board
District,' at Raymondville, Texas, and any desired information may be had by applying to
V L. Conrad, District Engineer for said District.
Raymondville, Texas.
All bids received will be opened at 2:30 o'clock
P. M. of Tuesday, March 5th, A. D. 1912. at and
in the office of the "Union Irrigation District"
• The successful bidder for all of the above work
will be required immediately upon the acceptance
of his bid to buy from the Board of Directors of
the "Union Irrigation District," and pay for in
cash, the entire issue of irrigation District bonds
nowAissued, amounting in the aggregate to one
hundred thousand dollars ($100,000 00), voted
by said District oft December 30th, 1911, at not
less than the par value thereof: and such successful
bidder will be required to furnish a certified check
in the amount of $5,000 00, payable to A. T.
Woodhouse, President of the Board of Directors
of the "Union Irrigation District," as a guarantee
that such successful bidder will faithfully perform
his obligations to said District."
The Board of Directors of the"Union Irrigation
District"(as required by law) reserve the right to
reject any and all bids.
• Witness the signature of A. T. Woodhouse,
President of the Board of Directors of the "Union
Irrigation District," and this notice duly attested
by Frank S. Miller, Secretary of said Board, this,
the 2nd day of January, A. D. 1912.
A. T. WOODHOUSE,
President of the Board of Directors
•
•
of the "Union Irrigation District."
Attest:
FRANK S. MILLER,
Secretary of the Board of Directors of
Ilk.the "Union,Irrigation District."
F. WM. KRAFT
LAWYER
Specializing in Examination of
Municipal and Corporation Bonds
MI FIRST NATIONAL BANK BLD0.1
OHIC41010, ILL.
431
THE CHRONICLE
THOMASVILLE SCHOOL DISTRICT (P. 0. Thomasville) Thomas
County, Ga.-Bonds Defeated.-It is stated that a proposition to isms
$50,000 impt. bonds was defeated at an election held recently. It Is ex-.
•
pected that the question will be re-submitted in the near future.
TIFFIN SCHOOL DISTRICT (P. 0. Tiffin), Seneca County, Ohio.
Bonds Voted.-An election held Feb. 6 resulted In favor of a proposition to
Issue $40,000 school-building bonds, it is stated.
TOLEDO, Ohio.-Bond Offering.-Proposals will be received until 7:30
p. m. Mar. 6 by J. J. Lynch, City Auditor, for the $135,000 4 10-yr. coup.
bridge bonds (V. 94, p. 370). Denom. $1,000. Date Feb. 1 1912. Int.
F. & A. at the U. S. Mtge. & Trust Co., N. Y. Cert. check on a national
bank In Toledo for 5% of bonds, payable to the Auditor, required. Bonds
to be delivered at Toledo at the expense of the bidder. Purch. to pay accrued interest.
Bonds Authorized.-Ordinances were passed Jan. 29 providing for the
issuance of the following 5% coup. street-impt. assess. bonds:
• •
$9,891 64 St. Clair St. No. 5 bonds. Denom. (1) $891 64 and (9) $1,000.
Date Nov. 30 1911. Due $891 64 Mar. 30 1913 and $1,000 each
6 months from Sept. 30 1913 to Sept. 30 1917, inclusive. ;
•4
12,521 74 East Broadway No. 4 bonds. Denom. (1) $1,181 74 and (9)
$1,260. Date Dec. 7 1911. Due $1,181 74 Mar. 7 1913 and
$1,260 each 6 months from Sept. 7 1913 to Sept. 7 1917 inclu.
Int. semi-annual at the Second Nat. Bank in Toledo.
• • • •
•,
TULSA COUNTY (P. 0. Tulsa). Okla.-Bonds Not Refused.-We are
advised that the reports in Tulsa newspapers to the effect that Spitzer,
Rorick & Co. of Toledo had refused to accept the $500,000 5% 20-yr.
Road Dist. No. 1 bonds awarded to them are incorrect, that firm's contract being still in force. V. 94. p. 297.
UTICA. Oneida County, N. Y.-Bonds Authorized.-Resolutions hays
been passed providing for the issuance of $210,000 grade-crossing elimination bonds due $165,000 April 15 1912, $35,000 Apr. 21 1912 and $10,000
April 8 1912, it is stated.
Bond Sale.-On Feb. 8 the three issues of 4
registered paving bonds,
aggregating $22,629 89 (V. 94, p. 370) were awarded to W. N. Coler &Co.
_
of New York at 100.09 and interest.
VIENNA, Clark County, So. Dak.-Bond Offering.-Proposals will be
received until 10 a. in. March 1 for $8,000 5% funding bonds. Authority
vote of 58 to 3 at an election held Jan. 17, Due $2,000 in 5, 10, 15 and 211
years. W. A. Sarse is Town Clerk.
WASHINGTON C. H.. Fayette County, Ohio.-Bond Sale.-On Feb.
the $1,200 4 %% 3-5-year (serial) street-extension and $1,500 4% 1-5-year
(serial) street-impt. bonds (city's portion) were awarded to the Commercial
Bank of Washington for $2,708 62 (100.32) and int. V. 94, p. 229. •
WATERTOWN, Codington County, So. Dak.-Bond
Offering.Proposals will be received until 8 p. m. Feb. 26 by W. N. Schoenberger,
City Clerk, for the $11,000 5% sewer bonds voted Nov. 14 1911 (V. 9$,
13. 1807). Auth. Sub-div. 32, Sec. 8, City Charter. Denom. $350. Data
April 1 1912. Int. A. & 0. at Treasurer's office. Due $550 yriy. on
April 1 from 1913 to 1932 Incl. Cert. check for 3% of bonds bid for, payable to Clerk or Treasurer. required. Official circular states there Is no
litigation pending or threatened on this Issue or against the existence or
territory of the city, or the tilte of the present officials. Bonded
Including this issue, $42,400. Assessed value as equalized for 1911debt,
$3,436,720.
WEST CALDWELL (P. 0. Caldwell) Essex County, N. J.-No Aeltenz
Yet Taken -No action has yet been taken looking toward the issuance of
the $3,500 water-system bonds voted Dec. 5 1911 (V. 94, p. 1684).
-
NEW LOANS.
$100.000
CITY OF DALLAS, TEXAS
43% GOLD CITY HOSPITAL BUILDING BONDS
To be sold Monday, February 26th, 1912.
The bonds are issued by the City of Dallas,
Dallas County, Texas, under authority of the City
Charter and General Laws of Texas, and by
special authority of a vote of the people at a
General Election held April 5, 1910.
Bonds are dated January 1, i912, and are in
denominations of $1,000 00 each, with coupons
attached, and mature serially beginning January 1, 1913-$2,000 00 and $3,000 00 each alternate year until 1952-average time 20% years,
both principal and semi-annual interest payable in
gold coin at the Chase National Bank In the City
of New York.
The bonds arc engraved under the supervision
of, and certified as to their genuineness by, The
United States Mortgage & Trust Company of
New York, and their legality has been approved
by the Attorney-General of the State of Texas,
and by Messrs. Dillon, Thomson & Clay, ef New
York, whose original written opinion as to legality
will be furnished to the purchaser of the bonds.
Direct tax levies have been made sufficient in
amount to provide interest and the required
sinking fund to retire the bonds as they mature.
The City of Dallas has been incorporated by
Special Charter for a period of snore than
years, and at no time in its history has therethirty
been
any default in the payment of any interest or
principal on its bonded debt or otherwise.
Sealed bids will be received for the above
described bonds until 12 o'clock noon,
Monday.
February 26th. A certified check, payable to
the undersigned, for 2% of the face value of the
bonds bid for, must accompany each bid. Money
to be paid and bonds to be delivered at Dallas.
The City of Dallas reserves the right to reject
any or all bids.
W. G. HENDERSON,
Commissioner of Finance and Revenue,
Dallas, Texas
$1,600,000
$250,000
TARRANT COUNTY, TEXAS CITY OF
ST. PAUL MINNESOTA,
ROAD AND BRIDGE BONDS
Sealed bids will be received by the undersigned up to 11 a. in. MARCH 11TH, 1912, for
the purchase of $1,600,000 road and bridge bonds,
issued by Tarrant County, Texas. These bonds
are in the denomination of $1,000 each and bear
interest at the rate of 5% per annum, payable
annually in either New York or Fort Worth,
Texas.
Each bid must be for the entire issue, $1,600,000.
Two propositions will be considered, one for
delivery of the entire issue ($1,600,000) April 10,
1912, and one for three deliveries, as follows:
;550,000 April 10th, 1912, $500,000 July 10th,
1912, and $550,000 October 10th, 1912.
Certified check in favor of The Commissioners'
Court, Tarrant County, Texas, in the sum of
$32,000 (2% of the amount to be purchased)
must accompany each bid.
Bids will be opened and considered by the
Commissioners' Court at 2 P. M., March 11th,
1912.
The Commissioners' Court reserves the right to
reject any or all bids.
Descriptive circular giving all data, information
&c., touching and relative to Tarrant County, its
condition, resources, assets, liabilities, &c.,
together will all procedure In connection with this
bond issue, may be had o application.
C. J. MoKENNA, County Auditor,
Fort Worth. Texas.
4% BONDS
Feb. 6, 1912.
Sealed bids will be received at the office of the
City Comptroller in the Court House & City Hall
Building in the City of St. Paul, Minnesota, up to
12 o'clock noon, FEBRUARY 29, 1912, for the
purchase of $100.000 bonds of the City of St. Paul,
Issued for the purpose of extending, enlarging
and improving the Public Water Plant and Water
Works System, and also $150,000 of bonds issued
for the purpose of aiding in defraying the expense
of constructing main sewers in the City of St. Paul.
Said bonds to be dated March 1, 1912, bearing
4% interest, payable semi-annually, both principal and Interest in the City of New York. Bids
must be accompanied by a oertitied cheek for at
least two (2%) per cent of the amount of the bid.
The right is reserved to reject any or all bids.
• • • W. H. FARNHAM,City 00n1P1r011er• •
432
THE CHRONICLE
WHITE PLAINS, Westchester County. N. Y.-Bond Offering.-Proposals will be received until 8 p. m. Feb. 13 by the Board of Trustees
for $38,000 fire-department bonds voted Nov. 21. Denom. $1,000.
Date
Dec. 1 1911. Int. (rate not to exceed 5%) J. & D. Due $2,000 yearly
Dec. 1 from 1916 to 1934 incl. Cert. check on a State or national
bank or
trust company for 10% of bid required. G. K. Cox is Village
Clerk.
These bonds were awarded on Jan. 8 to Estabrook & Co. of N.
Y.(V 94,
p. 229), but subsequently refused by them.
Lxxxxiv.
CALGARY. Ont.-Debentures Voted.-An election held Jan. 28 resulted
In favor of the proposition to issue $300,000 debentures for the electric-light
extensions and. power-plant-impt. The vote, it 13 stated, was 95 "for"
to 8 "against".
CROZIER TOWNSHIP(P.O. Fort Frances), Ont.-Debenture Offering,Proposals will be received, it is stated, for $700 5% debentures. J. Bone
,s Secretary and Treasurer.
WILKES-BARRE. Luzerne County, Pa.-Bond Sale.-On Jan. 30
$44,700 43,6% Park Ave. paving bonds were awarded,
reports state, to
local investors.
MACKLIN SCHOOL DISTRICT NO,2.420, Sask.-Debenture Offering.Proposals will be received until Feb. 20 at the Union Bank of Canada,
Macklin, for $10,000 6% 20-yr. debentures. Bids to include making of
debentures and accrued interest from date of acceptance.
WILKES.3ARRE CITY SCHOOL DISTRICT (P. 0. %Vilkes-Barre),
MEDICINE HAT, Alta.-Doenture Sale.-On Jan. 2 the $45,000 5%
Luzerne County, Pa.-Bond Offering.-Proposals will be received until water-works debentures due Dec. 1 1951
(V. 93, p. 1741) were awarded to
12 m. March 4 by A. W. Moss, Secretary Board of Education, for $225,000 W. A. MacKenzie & Co. of Toronto at par and interest.
434% coup. bonds. Date March 1 1912. Cert. check for $5,000, payable
NORTH WEST SCHOOL DISTRICTS, Canada.-Debenture Sale.-G. A.
Stimson & Co. of Toronto were awarded 5 h;'[, 10 installment debentures
to the Sec'y Bd. of Ed., required.
The official notice of this bond offering will be found among the advertise- in January, awzrel'atinrr $10,000.
H. O'Hara & Co. of Toronto were also awarded in January $10,000 6%
ments elsewhere in this Department.
ten-Instalimcnt building debentures.
O'CONNOR
TOWNSHIP, Ont.-Debenture Sale.-C. H. Burgess & Co.
WOODLAND HIGH SCHOOL DISTRICT, Yolo
Cal.-Bond
Toronto were awarded In January $500 0% 10-yr. debentures.
Offering.-Proposals will be received until 2 p. m. Feb.County,
19 by H. R. Saund- of
ers, Clerk Bd. of Supervisors (P. 0. Woodland), for the $90,000
PORT ARTHUR. Ont.-Debenture Election.-An election will be held
soup. site-purchase and bldg. bonds voted Dec. 18 1911. (V. 93, 57 gold Feb. 20 to vote on the proposition to issue
the $13,000 Current River dam
p.1807.)
Denom. $1,000. Date Jan. 2 1912. Int. ann. at the County Treasurer's
$23,700 storm-sewer, $30,000 bond guaranty, $11,000 railway, $5,000
office. Due $2,000 yearly Jan. 2 1913 to 1942 incl. and $3,000
fair-ground siding constr. and $6,500 railway ex. debentures, according
yearly
Jan. 2 1943 to 1932 incl. Cert. check for 1% of bid, Is required.
to reports.
RICHMOND. B. C.-Debentures to be Offered Shortly.-We are advise
WORCESTER, Worcester County, Mass.-Temporary
-This that
$150,000 debentures will shortly be Issued.
city, it is state'.), awarded a loan of $150,000, dated Feb. 7 and Loan.
to the Merchants' Nat. Bank of Worcester at 2.79% discount. due Oct. 16,
ST. BONIFACE, Man.-Debenture, Voted.-Reports state that a proposition
to issue $128,000 school bldg.debentures carried at an election
XENIA. Greene County, Ohio.--Bond OfferIng.-Proposals will be
held Jan. 30. The vote was 231 "for" to 14 "against."
received until 12 m. March 8 by C. F. Logan, City Auditor, for
$12,200
STEELTON, Ont.-Price Paid for Debentures.-The price paid for the
43% refunding bonds. Denom. (24) $500 (1) $200. Date Oct. 1 1911.
Int. A. & 0. at the Xenia Nat. Bank. Due Oct. 1 1921. Cert. check for two issues of 5% debentures, aggregating $114,000, awarded to Amelius
Jarvis & Co. of Toronto on Jan. 10 (V. 94, p. 372) was 95.00 and int.
5% of bonds bid for, payable to Treasurer, required. Bonds to be delivered and paid for within 10 days after time of award. Purchaser to pay
STORNOWAY, Sask.-Price Paid for Debentures.-Wc are advised that
accrued Interest.
the price paid for the $1,500 6% 15-year street-la-mt. debentures awarded
to Nay & James on Dec. 20 1911 (V. 94 p. 153) was $1,363 (90.866).
SURREY CENTRE. B. C.-Debenture Offering.-Proposals will be receive until March 1 for $135,000 5% 40-yr. Surrey Dyking debentures.
ACTON, Ont.-Debenture Election-An election will be held Feb. 10, it Is Int. A. & 0. II. Bose is Cleric of Dyking Commission,
stated, to vote on the question of issuing $8,500 electric-power-plant dubs.
TILBURY NORTH TOWNSHIP, Ont.-Debenture Sale.-C. H. BurALEXANDER. Man.-Loan Voted.-A by-law providing for a loan of gess & Co. of Toronto were awarded In January $3,708 4 A% 10-installment
$20,000 for a new school-house was voted, it is reported, at a recent election • debentures.
WAINWRIGHT, Alta.-Debenture Salo.-It is stated that $43,300
BARRIE, Ont.-Debenture Offering.-Proposals will be received until debentures were awarded to the National
Finance Co., Ltd., of Toronto.
12 in. March 1 by E. Donnell, Town Treas., for *1,000 10-install. hospital,
WASECA. Sask.-Debenture Sale.-On Jan.
$3,230 5-install.steam-roller, $21,100 30-install.sewer and outfall-works
$800 of the $1,500 7%
and 10-installment debentures (V. 93, p. 1742) were 1sold
to Greenwood Brier$10,600 10-Install. sewer 5% debentures.
cline of Richland, Man., at par. Date Jan. 1 1912. Int. annual.
BATHHURST SCHOOL DISTRICT NO. 2, N. B.-Debenture Sale.WEYBURN. Sask.-Debentures Voted.-An election held Jan. 29 reDuring January the $5,500 5% 40-yr. debentures offcred on Oct. 301911 sulted
In favor of the question of issuing $35,000 5% 35-yr. debentures.
(V. 93, p. 1138) were awarded to J. M. Robinson & Sons of St. John.
The vote was 197 to 28.
BROWNLEE SCHOOL DISTRICT NO. 2019, Sask.-Debenture Sale.- . WOODVILLE SCHOOL DISTRICT NO. 2158 (P. 0. (1ilpin). Alta.Nay & James of itegina was awarded an issue of $10,000 5% 20-yr. Debenture Sate.-Nay & James of Regina have been awarded
*800 0%
debentures, It is reported.
bldg. debentures for $803 90. making the price 100.487.
Canada, its Provinces and Municipalities.
NEW LOANS.
NEW LOANS.
BOND CALL.
$72,000
$324,000
TOWN OF KEARNY,
Pontchartrain Levee District, La.
Hudson County, New Jersey,
•I
New Orleans, La., January 25, 1912.
The Board of Commissioners for the Pontchartrain Levee District is prepared to purchase
$20.000 00 of its 20-year bonus, Series C, maturing
November 1, 1912. Sealed oilers to sell this
amount, or any part thereof, will be received at
the °Lice of the President up to 12 o'clock noon,
FRIDAY. MARCH 1ST, 1912. Accrued interest
will be added to selling price in accordance with
the rules of the New Orleans Stock Exchange.
Address all proposals to Hunter C. Leake, President, Pontchartrain Levee Board, Room 3, Union
Station, New Orleans, La. The right Is reserved
to reject any or all offers.
HUNTER C. LEA KE,
President.
Pend Oreille County, Wash.
FUNDING BONDS
Seventy-two thousand dollars of Pend Oreille
County funding bonds. County of the nineteenth class. First bond issue.
Pursuant to a resolution of the qualified and
acting Board of County Commissioners of Pend
Oreille County, State of Washington, regularly
passed at an adjourned regular meeting of said
board, held at Newport, the county seat, on the
10th day of January, 1912, notice Is hereby
given that sealed proposals will be received by
said Board of County Commissioners at the
office of the Treasurer of said county, in the said
town of Newport, up to 10 o'clock a. m, of the
FIFTH DAY OF MARCH. 1912. for the purchase
of all of a seventy-two thousand dollar ($72,000)
issue of Pend Oreille County funding bonds.
No bids will be received for a portion of such
bond Issue.
Said bonds are styled Pend Oreille County
Funding Bonds and are to be issued by said
county for the purpose of funding indebtedness evidenced by outstanding county warrants
drawn on its current expense fund.
Said bonds are in denomination of one thousand dollars ($1,000) each; bear date of May 1st,
1912; are payable twenty years after date, but
are payable at the option of said county at
any time after ten years from date; they bear
interest at the rate not to exceed four and onehalf (44%) per centum per annum, payable
semi-annually; both principal and Interest are
payable either at the office of the Treasurer of
Pend Oreille County, at Newport, Washington,
or at the office of the State Treasurer, at Olympia, Washington, or at the fiscal agency of the
State of Washington in the city of New York,
place of payment to be fixed In the bonds. No
bids can be accepted for less than the par value
of the said bonds and accrued interest. All
bids, except the State of Washington, must be
accompanied by a certified check for fifteen
hundred dollars, payable to the order of the
Treasurer of Pend Oreille County. The said
Board of County Commissioners reserves the
right to reject any and all bids.
•• Dated this 22nd day of January, 1912.
H. H. MURRAY.
County Auditor and Clerk of the Board of County
Commissioners of Pend Oreille County.
4% BONDS
Sealed proposals will be received by the Town
Council of the Town of Kearny, Hudson County,
New Jersey, at the Town Hall, Wednesday, February 28th, 1912, at 8 p. m., for the purchase of
the following bonds:
$65,000 10-year 44% Kearny Avenue Paving
Bonds
80,000 Serial 1 to 10-years. $8 000 due each
year, 4.% Street Improvement Bonds.
108,000 25-year 45i% School Bonds.
71.000 50-year 43,i% Passaic Valley Sewerage
Bonds.
Bids may be made for all or part of the above
issue.
Each Bid must be accompanied by a certified
check for 5% of the amount of the Bid.
The Town Council reserves the right to reject
any or all Bids.
For financial statement of the Town or any
other information desired, address
BURTON E. CANFIELD,
Town Treasurer.
NOTICE TO BONDHOLDERS.
Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds
ELYND FOX Liza,
19
South La Salle St.,
CHICAGO
BLO DGET & CO.
BONDS
00 STATE STREET, BOSTON
HODENPYL, HARDY &CO.
80 PINE STREET, NEW YORK
STATE, CITY & RAILROAD BONDB
7 Wall St
New York
Railroad, Street Ry., Gas & Elec.
Light
SECURITI ES
Charles M. Smith & Co.
$223,000
CORPORATION AND
MUNICIPAL BONDS
MUNICIPAL AND RAILROAD
BONDS
Wilkes-Barre, Pa., City School Dist.,
TIRST NATIONAL BANK BUILDING
CHICAGO
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
4% BONDS
The Wilkes-Barre (Pa.) City School District
will accept sealed bids at not less than par and
accrued interest for an issue of $225,000 4 3i70
coupon bonds to be dated March 1. 1912. Bids
are to be accompanied by a certified check for
$5,000 and must be In the hands of the Secretary
of the Board by noon of March 4, 1912. The
Board reserves the right to reject any and all bids.
Further4information given by
A. W. MOSS.'Secretary.
MST ON APPLICATION
ESTABLISHED 1885
H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
SISIUNTY AND MUNICIPAL BONDS
Sutherlin & Company
MUNICIPAL BONDS
Commerce Building,
KANSAS CITY
MISSOURI
@FedFRASER