The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
l¥
ontmerriH
IN C L U D IN G
Bank & Quotation Section
Railway & Industrial Section
Electric Railway Section
Railway Earnings Section
Bankers’ Convention Section
State and City Section
SATURDAY, FEBRUARY
V O L . 96
Week ending February 8.
Clearings at—
1912.
PUBLISHED WEEKLY.
Terms of Subscription— Payable in Advance
F o r O n o Y e a r ........................................................................................................... $10 00
F o r S ix M o n th s ............................................................................................... .......... 0 00
Europoan Subscription (including postage)......................................... id ou
E u rop ea n S u b s cr ip tio n s ix m on th s (in c lu d in g p o s ta g e )..........................
7
Annual Subscription in London (Including n< sta g e)........................ 14 s.
oo
S ix M on th s S u b s cr ip tio n in L o n d o n (in c lu d in g p o s ta g e )........................ L 1 118.
Canadian Subscription (including postage).........................................
Subscription includes follow ing Supplements—
B \NK AND Q u o t a t io n (m on th ly) I R a il w a y a n d I n d u st iiia l (3 tim e s ye a rly )
R a il w a y e a r n in g s (m on th ly )
E l e c tr ic R a il w a y (3 tim es yearly)
S t a t e a n d C it y (sem i-an n u a lly) |B a n k e r s ’ C o n v e n t io n (y e a r ly )
T e rm s o f A d v e r tis in g — P e r I n c h S p a c e
T ra n sie n t m atter p er in ch sp a ce (1 4 a gate lin e s ).......................................... $ 4 20
T w o M o n th s
(Stim e s )............................... 22 00
) T h re e M on th s
(13 t im e s )............................... 29 00
S tan d in g B u sin ess Cards
s i x M ontll3
(\>6 t im e s )............................... 50 00
(
( Twelvo Months (62 times)........................... 87 00
C h ic a g o O ffic e —G eo. M . S h ep h erd , 513 M o n a d n o ck B lo c k ; T e l. H a r r Ison 4012.
L o n d o n O f fic e —E d w ards & S m ith , 1 D ra p e rs’ G a rd on s, E. C.
W IL L IA M
P , O. B ox 9 5 8 .
IS. D A N A C O M P A N Y , P u b l i s h e r s ,
F r o n t , P in e a n d H e p e y s t e r S t s .,
N ew Y o rk .
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Trcas.; 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 the week
ending Feb. 15 have been $3,240,522,444, against $3,618,253,592 last
week and 32,998,507,480 the corresponding week last year.
Per
Cent.
Clearings— Returns by Telegraph.
Week ending Feb. 15.
1913.
1912.
New Orleans............................ ..........
SI,449,838,882
135,803,785
120,524,573
32,820,477
242,838,091
68,546,088
16,298,001
81,381,391,390
145,627,533
108,907,277
30,085,935
229,680,813
64,705,278
19,813,825
-f 6.5
—0.7
+ 10.7
+ 7.0
+ *>•/
+ 6.0
—17.7
Seven cities, 6 days...........................
Other cities, 5 days.........................—
S2,080,675,897
586,204,381
$1,960,797,951
531,462,947
+ 5.4
+ 10.3
Total all cities, 5 days. ..................
All cltte.s, 1 day.
--
$2,652,880,258
587,642,186
82,492,200,898
506,246,582
4-6.4
+ 16.1
83,240,522.444 82,998,507,480
+ 8.1
Total all cities for week..
. .
Tho full details for the week covered by the above will be given next
Saturday
We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above tho last day of
the week has to bo in all cases estimated, as we go to press Friday night.
Wo present below detailed figures for tho week ending with Saturday
noon, Feb. 8, for four years.
Week cn>lln'j February 8.
Clearings at—
'
1913.
1912.
Inc. or
P ee.
Of
N O . 2486
15 1913
1911.
i
1910.
Inc. or
Dee.
1911.
$
1,507 + 17.5 253,900,966
24.720,200
! ,950 + 25.5
17,972,763
>,458 + 26.4
15,509,560
5,660 + 26.9
14,638,905
!,974 + 5.9
7,960,146
!,909 + 7.7
5,599,700
>,500 —0.00
4,120,783
>,804 + 7.9
3,301,919
1,355 + 13.4
2,449,319
>,457 + 19.0
2,190,590
>,956 + 9.0
2,342,645
1,011 + 9.0
704,728
1,290 + 11.5
1,023.569
>,729 — 10.9
995,466
8,934 — 4.9
812,000
>,000 + 34.9
1,246,739
),512 + 21.8
1,228,874
>,177 + 17.1
717,242
8,162 + 7.4
620,016
>,405 + 45.1
455,910
f,f>88 + 4.5
930,358
1,091 + 55.6
725,000
1,279 + 47.0
677,537
4,650 + 15.4
475,744
+212.0
339.690
+ 2.2
242,795
8,658 — 17.2
275,000
3,278 + 10.0
435,571
8,333 —8.9
378,918
3,937 + 18.3
286,888
3,126 + 10.0
611,145
3,143 + 30.2
163,873
3,392 + 18.1
28,736
3,600 + 29.5
2,901 + 17.9 368,143,281
%
1910.
8
215,942,206
24,375,950
17,686,583.
13,154,003
13,380,469
7,203,391
6,0-19,200
4,548,688
2,456,465
2,192,894
2,137,107
2,093,826
681,3S7
1,053,598
834,370
855,800
742,807
1,004,005
743,879
453,067
501,326
889,967
575,542
589,403
409,770
355,045
305,992
250,000
348,210
Chicago .............
Cincinnati ____
Cleveland ...........
D e t r o i t ________
M ilw a u k e e_____
Indianapolis____
C o lu m b u s______
Toledo ...............
P e o r ia .................
Grand R a p id s..
D a y t o n ________
Evansville .........
K ala m a zo o.........
Springfield, 111
Foi t W ayne . .
A k r o n ..................
L exin gton ...........
Youngstown .
Rockford ...........
Springfield, Ohio
Decatur ...........
C a n t o n _______
Q uincy________
Bloom ington—
South Bend_____
M an sfie ld __
Jacksonville, III Jack son _____
D a n v ille ____
Lansing_____
L i m a _______
Owensboro . .
Ann Arbor__
Adrian _____
T o t. M id .West
323,071,892
28,702,450
24,279,671
22,406,083
16,062,097
8,273,748
7,092,200
4,795,235
3,723,191
3.058.106
2,338,606
2,200,000
823,686
1,110,34.8
1.076.107
1,618,000
1,644,613
1,563,503
797,314
676,721
530,608
1.416,626
913,629
697,960
1,460,277
336,730
305,381
505.000
472,862
457,233
417.000
729,505
208,838
35,848
464,401,074
San F ran cisco...
Los Angeles------Seattle . . . -----Portland ............
Salt Lake C ity.
S p ok ane............
Tacom a ______
Oakland.
Sacramento —
San Diego
..
F resn o________
S to c k to n _______
P a sa d e n a -------San J o s e ...
-
North Yakim a .
R e n o --------------Total Pacific.
53,517,236
28,916,050
10,788,432
10,380,826
5,979,554
4,433,140
2,595,615
4,400,808
1,704,400
3.108,01
1,027,028
902,481
1,142,481
700.000
397,499
309,219
130,307,781
—8.5
+ 39.0
+ 4.3
—5.6
— 19.0
+ 11.2
— 10.0
+ 10.6
+ 7.8
+ 15.2
+ 28.4
+ 3.5
+ 44.2
— 1.4
+ 3.9
— 1.8
128,397,805 + 1.5
42,595,775
16,310,891
9,173,2S4
9,505,362
5,519,375
3,960,443
4,403,774
3,360,095
1,345,633
1.562,041
783,373
458,022
728,110
450,591
436,625
257,838
100,918,835
35,035,554
12,283,641
9,662,674
10,438,120
5,190,709
3,720,933
4,030,945
2,649,576
1,087,433
900.000
010,821
485,424
800,000
425,165
400,000
220,140
87,946,435
Kansas C i t y . ..
Minneapolis —
' m edia. --------St. Paul_______
Denver _______
St. J o se p h .........
Dos M oines_____
D uluth. _______
Sioux C ity ______
W ichita _______
Lincoln . . _____
D a v e n p o r t------T o p e k a _____
Cedar Rapids.
W aterloo -----Helena -----Fargo --------Colorado Spring
Pueblo ......... - Fremont ............
B illin g s.............
H astin gs...........
Aberdeen...........
T o t. oth. West
55,424,962
21,737,346
16,878,501
19,200,000
8,397,585
7,601,928
4,686,214
3,133,208,
3,091,406
3,590,182
2,077,565
1,815,000
1,944,962
1,767,743
1,254,378
862,2561
478,24(3!
540,462
719,732
440,107
369,345
223,645
315,000;
147,549,776;
53,200,182
18,920,246
16,473,196
>0,561,951
8,417.640
7,818,196
4,095,312
2,362,945
2,422,193
3,614,127
1,851,965
1.578,484
1,953,466
1,166,725
1,089,413
891,322
841,389
009,126
649,834
35,3026
273,039
178,07 4
292,741
129,720,643
+ 4.2
+ 14.9
+ 2.5
—3.5
—0.2
—2.8
+ 14.4
+ 32.0
+ 22.6
—0.7
+ 12.0
+ 15.0
—0.4
+ 51.5
+ 15.1
—3.3
— 13.1
— 11.3
+ 10.8
+ 24.0
+ 35.2
+ 25.3
+ 7.5
+ 5.6
54,035,935
18,723,474
13,219,275
8.870,081
8,172,445
7,713,485
4,010,263
2/231,025
2,185.323
3,518,916
1 450,660
1 339,517
1,611,261
1,010,690
1,311,089
804,609
728,010
632,291
560,558
331,712
75,813
165,270
362,044
133,235,77C
50,257,435
17,052,658
16,156,929
8,506,816
7,331,975
6,350,000
3,187,466
2,769,669
2,963,755
2,930,126
1,375,OSS
1,043,432
1,252,179
1,126,820
1,393,033
702,002
773,512
626,646
638,022
358,835
123,298
135,000
411,772
127,467,068
266,616
425,000
159,537
34,276
322,760,377
S
$
1
+ 11.9 1,858,422,189 1,833,887,960
Now York.........
+ 18.8 147,133,013 119,848,598
Philadelphia _ .
38,373,009
43,335,181
+ 32.-1
Pittsburgh. . . . . .
27,576,807
34,744,602
+ 15.1
Baltimore_____
8,821,219
8,077,150
(•11.1
Buffalo............
4,448,391
+ 37.7
5,362,135
Albany------------7,224,505
6,958,651
Washington .....
—3.2
3,512,347
3,697,447
+ 5.3
Rochester------2,700,103
2,294,330
Scranton........ + 12.0
1,968,472
1,408,415
68,846,264
+ 26.3
Syracuso--------80,671,909
+ 5.1
SO,798,472
I.ouls----------1,122,291 St.
1,395,079
+ 13.8
18,630,858
Reading------ 22,948,145
— 18.9
19,494,219,
1,380,62 1 New Orleans
1,305,054
+ 33.2
Wilmington-.
16,633,787
12,207,817
+ 11.1
17,359,099,
Louisville
1,473,709
1,362,158 Houston . . . —2.0
12,351,114
13,877,770
Wilkcs-Harrc ...
+
55.1
27,548,000;
1,3(12,100
1,572,258
+ 50.3
8,008,00!)
6,970,000
Wheeling .........
+ 12.3
9,92.8,500,
.—21.3
1,476,130
1,314,296 Galveston
7,570,139
7,827,951
Trenton .......
—5.4
8,538,808
ond . .
893,160
+ 23.3
651,432 Richm
7,849,342
6,756,691
—2.5
Y ork ................
9,033,749
673,858
+ 38.3
761,090 Memphis —
7,460,799
6,557,521
+ 17.1
Eric____ ____
8,204,476
Fort
W
orth------492,703
4-10 6
478,806
13,639,072
12.086,108
—6.1
Grcensburg ---14,462,464'
tla n ta .............
+ 25.3
535,861
454,245 A
— 19.2
4,590,132
5,007,698
Chester--------5,064,657|
Savannah ----4-25.6
524,500
•175,400
4,219,22c
3,999,804,
+ 34.7
Binghamton ..
7,435,523
Nashville— —
+ 2.0
364,207
322,417 N
+
5.2
3,371,832
3,134,089
Altoona...........
4,223,216!
orfolk . - .........
+ 58.4
1,282,597
1,146,740
+ 17.5
2,3SS,-14;
Lancaster----Birmingham
.
.
.
3,846,4891
In total
2,084,175
— 12.t
2,691,871
Montclair ------2,257,3321
Augusta.........
1,403,475
1,486,418
—
7.5
1,460,000
Mobile .............
1,418,442
-11!
1,747,906
Total Middle 2,409,884,707 2,132,806,245 + 13.0 2,124,428,011 2,057,643,587 K n o x v ille ------1,008,069|
2,375,455
2,812,79'
- 1:
3,675,092'
...
190,646,586 166.816,591 + 14.3 157,232,429 163,855,312 Jacksonville
1,729,157
1,972,54’
Boston .............
2,489,887 1 +4.5
2,602,850
Little R o c k -----—5.1
8,035,800
9,039,000
8,390,300
8,574,900
1,850,817
Providence . ...
2,236,055
2,342,601!| —4.‘
2,717,645.
4,354,310
3,761,552 Chattanooga----4,338,904 + 73.8
7,536,480
1,706,000
Hartford . - .......
1,850,081
—8.7
1,941,378
..
2,733,334
2,442,399 Charleston
2,777,081 4" 16.5
2,351,706
3,235,723
2,741,228
New Haven.---, —7.'
1,982,4811
2,100,000 Oklahoma _ .
1,845,270
2,594,947 + 7.6
2,791,163
Sprlnglield _
3.850.00C
1,085,000
3,624,538
4,467,273 ' —lS.t
acon . . ...
1,773,471
1,731,893 M
3,880,498 —47.2
1,738,690
2,019,087
3.104,421
Portland-----:
+i
i
.
f
3,239,631!
2,090,217
2,155,203 Austin . . . .
2,244,331 + 46.9
3,296,665
361,744
Worcester------—23.6
406,897
344,975
Vicksburg
.
1,387,451
1,119,593 Jackson .........
1,254,319
1,340,13!! —0.1
412,000
Fall River.......
—27.6
040,00C
533,975!
1,122,072
984,346
1,065,916
882,118 + 20.8
......... ..
New Bedford .
....... 993,964!
904,371 I +9.9
Muskogee
.
.
.
587,561
519,434
534,314
+
4.2
513,019
______
+ 36.0;
648,59
Lowell..............
906,323
T
u
ls
a
.............
581,555
520,759
702,255
626,477 + 12.1
Holyoke___ - + 4.91 218,000,75; 189,619,451
243,966,435
Total Southern
326,600
455,811
464,115 — 17.9
Bangor____ ...
...........
3,618,253.592 3,223.033,7231 +12. >3,126,811,74 2,972,907,769
Total all —
Tot. New Eng. 222.148.81! ' 195.515.301 ‘ 4-1 6' 182.0-0 nog 1*7.470 70\
1.139.019.749
Outside N . Y 1,510.352 -no 1.305.771 *17 + 12.8 1.768,389,55
For Canadian Clearings see ’.’Commercial and Miscellaneous News,
s
8
2,077,900.673 1,857,266,860
173,755,190 146,303,753
45,145,690
59,789,854
37,795,914
43,521,687
10,016,002
11,159,199
5,352,697
7,368,798
7,908,380
.8,173,279
0,370,035
4,170,139
3,061,628
2,732,906
3,004,461
2,378,037
1,697,577
1,475,491
1,920,745
1,441,430
1,740,970
1,705,713
1,602,728
2,499,500
2,187,025
1,721,983
802,350
989,4 43
879,801
1,216,660
521,804
624,023
608,337
762,633
657,80!)
823,609
380,720
388,178
1,081,300
1,712,747
407,281 Not Included
438
THE CHRONICLE
OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day the February
number of our “ Railway Earnings” Section. In this
publication we give the figures of earnings and ex
penses for the latest month of every operating steam
railroad in the United States required to file monthly
returns with the Inter-State Commerce Commission
at Washington.
This Earnings Supplement also contains the com
panies own statements where these differ from the
Commerce returns or give fixed charges in addition
to earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New
York Central Lines, the Pennsylvania R R . and others.
^
THE FINANCIAL SITUATION.
[ V o l . X C V I.
The employees never fail to vote in favor of a strike.
The percentage of those favoring the strike is always
high in the nineties. In the present instance it
varied on the different lines from 92.07 to 100.
The men could do nothing else but declare in favor
of a strike, as the vote is meant to strengthen the
hands of the labor leaders. It is not really a strike
vote at all. If it were a case where all negotiations
had been definitely and finally concluded, and there
was no likelihood of their again being resumed, and
the question presented for the consideration of the
men was, whether to go on strike and run the risk
of losing their jobs, or abandoning their demands
altogether, the outcome, we imagine, would be quite
different. There would then be no ninety per cent,
registered in favor of quitting work. As it is, these
strike votes possess no significance whatever as an
indication of the feeling of the men on a strike
per se. After the vote the labor leaders are expected
to take up the matter again with the railroads, but
with the additional advantage of being able to say
that there will surely be a strike in the event that no
basis of agreement can be arrived at. In other words,
ihe strike vote is simply an added club to force con
cessions from the railroads.
1
I he railroads in the territory between Chicago and
the seaboard, north of the Ohio River, and with them
the entire business world, are again confronted with
the possibility of a great strike, crippling the roads
in their daily operations, and incidentally paralyzing
the country’s industrial activities to a larger or
smaller extent. These threats of a strike, by one
class of railroad employees after another, are getting
to be such a common occurrence and ar proving
In the present instance, both sides have been will
so disturbing to the whole community, that the time
ing to submit the questions at issue to arbitration,
seems to have arrived for determining whether some
but the firemen have insisted on a small arbitration
effective remedy is not available for dealing with the
board, composed of only three men, while the rail
matter so as to avoid constantly recurring troubles
roads have demanded a board of the size of that which
of that kind. Last year it was the locomotive en
decided the wage controversy for the locomotive
gineers that held up the railroads with a demand for engineers. With a board of three only, the deciding
increased pay. The present year it is the locomotive vote is in the hands of the one man selected by the
iremen and enginemen that are demanding increased other two, and the railroad managers claim there is
pay and threatening, as the only alternative, the too much at stake to let the issue be determined by
usual dire consequences— a strike on the whole fifty- a single individual. On the other hand, the vote of
four railroads involved in the controversy.
the larger board in the case of the^locomotive engi
After the firemen shall have succeeded in bringing neers was not entirely satisfactory to the latter
the railroads to terms and shall have obtained a (though they got a minimum wage and a number of
portion of their demands (for these labor organiza
other things, even if not a general increase in wages),
tions never count upon getting all they ask for and
and the firemen are not willing to risk a repetition of
purposely make their demands inordinately high so
this experience. At this week’s conference with the
as to create the impression that in settling they are
representatives of the railroads, Chairman Carter
making important concessions), other classes of em
said some bitter and baseless things, indicating, ap
ployees may be expected to turn to their advantage
parently, that he was losing his head. He said if
the same convenient weapon. Unfortunately, too,
the railroad managers compelled the men to strike
there is no limit to the lengths to which these moves they must have one of three objects in view: (1) To
may be carried. Any given body of employees can teach the American people that the time had come
repeat the operation any number of times; and, as a when the railroads must have a higher freight rate
matter of fact, there is already talk of the likelihood and that it required a strike to get it. (2) A deter
that the locomotive engineers on May 1, when the mination to secure a compulsory arbitration under the
year covered by the arbitrators’ award shall have ex guise of a wage commission, this commission to have
pired, will make a new demand for increased compen the right to raise wages ten cents while the freight
sation, not feeling satisfied with what they got under rate is pushed up twenty cents. (3) “ Amoveonthe
the award. And this new demand will, we may be part of the people that own the railroads to put fear
sure, be backed up by another threat of a strike, with into Woodrow Wilson’s heart.”
the possibility of completely tying up the daily
Everyone seems to be afraid of a strike and the ar
service of the roads.
bitration board in the case of the locomotive engi
The controversy regarding the wages of the loco neers painted in lurid words the dreadful things that
motive firemen has now reached the strike stage. must follow in the event of such a calamity. They
For nearly a year conferences have been going on suggested the creation of a permanent wage commis
between the managers of the railroads and represen sion for determining all points at issue, the employees
tatives of the firemen’s organization (the Brother to be deprived of all authority to strike. But rail
hood of Locomotive Firemen and Enginemen), and
road employees do not take kindly to such a solution,
these conferences having failed to result in an agree
and Samuel Gompers, the President of the American
ment, the usual farcical proceeding of polling the
Federation of Labor, went on record recently as say
employees themselves, with a view to determining
ing that the men would never surrender their inde
if they will sanction a strike, was carried out. We
pendence in that fashion.
call this proceeding of polling the employees a farce
It seems to us there is still another alternative to
because the| result is necessarily predetermined.
these recurring general strike dangers, and it is rather
Feb . 15 1913*]
THE CHRONICLE
439
surprising it has not been suggested by any one.
The alternative we have in mind is for the Depart
ment of Justice to proceed against labor combinations
just as it has been legally proceeding against other
combinations. We hardly expect the suggestion
to be acted upon, because of the influential character
of the labor vote at political elections; but labor com
binations in preventing competition in the price of
labor are as truly a violation of the Anti-Trust Law,
as construed by the U. S. Supreme Court, as any of
the combinations that have been legally condemned
by that judicial tribunal. It is quite possible that
some day we will have a fearless Attorney-General,
indifferent as to the political consequences of his
acts, who will enforce the Anti-Trust Law as against
railway labor organizations that seek to hold the
railroads, the whole community and the trade and
commerce of the entire continent in subjection to
are doing what is forbidden by law and what our
highest Court has over and over again, particularly
during the last two years, condemned. We believe
that railway managers in dealing with such violators
of the law are themselves transgressing the law and
we also believe that the presiding Judge of the Com
merce Court and the Commissioner of Labor are
winking at a violation of the law when they help
the labor organizations to attain their purpose
through such illegal means.
The Anti-Trust
Law in the economic policy that it enforces has
become such an established feature, it is time every
one were made acquainted with its binding character.
And if it were enforced as against labor unions it
is possible that the country might achieve real indus
trial freedom of the kind President-elect Wilson
delights so much in talking about.
their will.
We are well aware that there are certain advan
tages to the carriers in having a common organization
of labor employees to deal with, but the policy of the
law is against combinations of all kinds and employees
are as surely amenable to the provisions of the law
as any other class of citizens. Woodrow Wilson was
expressly elected President on a platform of princi
ples declaring in favor of the restoration of competi
tion and of freedom in commerce and trade. We
wonder whether President W . S. Carter of the
Brotherhood of Locomotive Firemen and Engineers,
when he spoke of a “ move on the part of the people
that own the railroads to put fear into Woodrow
Wilson’s heart,” had in mind this vulnerable position
of labor organizations as offenders against the Anti
Trust Law, and the possibility that the new AttorneyGeneral may not yield to the dictates of labor lead
ers, but take action against labor combinations with
the view to breaking them up.
As already stated, the policy of the law is against
combinations and against price agreements of every
kind. Whether we like it or not, this is a law that
every one must obey. In the enforcement of this law
the Supreme Court has insisted that offending com
binations must be resolved into units. Suppose this
policy and this rule were applied in the case of railway
labor organizations? Would not the result be highly
beneficial, and would not the public be an immense
gainer? In such an event each railroad would have
only its own employees to deal with. The labor units
would be the separate bodies of employees of the
different roads. With the labor organizations re
solved into units in that way, and each railroad
obliged to consider only the situation on its own
particular road, each road would decide the question
in accordance with its own circumstances. Some
might deem it possible to make wage advances and
others not. There could then be no general strike
and no paralysis of the whole transportation activities
of an entire section of the country.
For ourselves we cannot see why each particular
road should not decide the question according to its
own circumstances, entirely irrespective of what
its neighbors or rivals may do. But at all events,
that is the policy and the theory of the law to which
we must all conform. The labor leaders when they
get into a high dudgeon because they cannot have
their own way, should remember that in undertaking
to fix a common price for labor and seeking to force
that price upon the employers of labor, they are
interfering with competition in the price of labor,
While the most troublous orator of the times was
repeating, on the anniversary of the birth of Lincoln,
his misrepresentation of Lincoln as having been the
pioneer advocate of the recall of judicial decisions,
President Taft was using the memories of the day
in a loftier and juster manner which we may well
pause a moment to join. With some touch of sadness,
Mr. Taft said he had himself had, of late, somewhat
of Lincoln’s own feeling in the White House, for he
also has had his “ dark days,” and his successor will
will surely have some, a foreboding to which the
present outlook upon our Southwestern borders gives
emphasis. We have had a licking, said M r. Taft,
but sometimes a licking does us good, for the per
manence of the Republican Party depends upon a
democratic, representative government.
Here he spoke as a party man and a party leader,
although in present defeat, but then he rose above
that to say what ought to be remembered:
“ We are a great, strong people, and we can stand
a great deal and the lesson may have a healthy
effect. It may be that those who left us will come
back to the sound Constitutional principles of gov
ernment and the sound view of economic policies.
“ We ought to make a declaration with reference
to the basic principles that we cannot surrender, and
I refer to those Constitutional principles, the institu
tions of liberty regulated by law, the Constitutional
self-restraints imposed by a great intelligent people
upon themselves, in order that government shall not
yield and be overcome by the momentary passion of
the mob. These principles we cannot depart from,
and those who insist on tearing down the Constitu
tion and destroying these institutions that represent
self-restraint are permanently out of the Republican
Party.”
Mr. Taft passes from office becomingly and with
an unimpaired title to the respect of his countrymen.
But more than any one man, and immeasurably
larger than the personal ambitions for power by any
one man, are the Constitutional principles which
represent and embody self-restraint. The restless
ness which easily is led to assume that inequalities
in worldly position are due to injustices in practice
has been adroitly played upon by clever adventurers
with the lust for power until “ the passion of the
mob” is the loudest and therefore, temporarily, the
dominant force. It is not an organized mob, gath
ered visibly in one place with torch and shout; but
its clamor is not less unreasoning and unreflecting,
its fury against existing institutions is not the less,
and its desire to do something quickly and to tear
440
THE CHRONICLE
[ V o l . X C V I.
things down is not the less. It is fanned by inflam is an anomalous situation, interfering materially with
matory appeals, it is ready to condemn unheard, the obtaining of good results by the mills and render
and to execute summarily.
ing difficult a fair return on the capital invested.
Nobody imagines the Constitution as founded is The wage question is not heard of now. In Novem
superhumanly perfect. It may be susceptible of ber a movement for a general advance was started
wise change, but sweeping changes cannot be wise. by the unions, but the Textile Council recognized
Changes in the fundamental law such as Ohio and the justice of the Manufacturers’ Association’s decla
several other States have rushed to make— changes ration that conditions did not warrant it, and the
radical, and all applied without waiting to see how subject was dropped.
they will work in practice— are like seizing bottles
Our compilation of dividends declared by the Fall
from the druggist’s shelf and swallowing them in one River mills for the first quarter of 1913 indicates
heterogeneous mixture. It is unthinkable that what that of the 37 corporations included, 6 make no
has stood long and has served the country well can be distribution, 9 that passed in 1912 resume payments
so completely wrong that it should be all thrown away 4 increase the rate and 18 adhere to the same per
forthwith, in a passion of resentment against the centages as a year ago. The aggregate amount to
prosperity of others or in the notion that change may be distributed in the period in 1913 is -1336,425 on a
improve matters and cannot make them worse.
capital of 828,806,670, or an average of 1.17% . Last
Has there been a time in the country’s existence year only 8231,017 was paid out, or an average of
when so much action was undertaken or proposed 0 .8 3 % , but in the period of 1911 stockholders re
with so little reflection and such an absence of hesi ceived no less than 8443,850, or 1.60% on their in
tating care as now?
vestment and in 1910 an even greater amount—
The Transvaal starts the year 1913 with a monthly
record of gold production for January well above
that for the same period of 1912 and second only to
the output of March last, when, as has been hereto
fore explained, the aggregate was considerably
swelled by the inclusion of 52,533 fine ounces with
drawn from the reserves held by the mines.
The
yield for January 1913, as cabled, is 789,390 fine
ounces, a daily average of 25,464 fine ounces and an
increase of 419 fine ounces over the per diem output
of December 1912. A year ago (in January 1912)
the daily average was 23,776 fine ounces, in 1911
it was 21,001 fine ounces and in 1910 but 19,399 fine
ounces. There is nothing to be said about this
latest return of gold production in the Transvaal
except that it marks a continuance of the progressive
expansion in the yield of the mines that has so long
been a feature of the monthly reports. The gain of a
little more than 7 % recorded by January 1913 over
1912, if maintained during the succeeding months,
would give for the full year a production close to
10 million fine ounces from this, the premier gold field
of the world. Latest advices indicate a favorable
labor situation in the mines, holding out promise of
even further development.
The cotton-manufacturing establishments at Fall
River, judging of conditions by the dividends de
clared since the opening of the new year, have of late
done better for the shareholders, notwithstanding
the hampering effect of a somewhat serious shortage
of operatives and the inefficiency or lack of energy of
many of those at work. At the same time the situ
ation is, all in all, less satisfactory than in most
recent periods. For upwards of a year now curtail
ment of production, to a greater or lesser extent
from week to week, has been forced by the inability
to secure an adequate labor force and the problem of
fully manning the machinery of the mills is still un
solved. Moreover, many skilled operatives in the
mill^fail to turn out as much work as they might.
They are satisfied with the money they can make
without much exertion and are reluctant to work
hard. I hey are without fear of discharge for loafing,
as their places would be hard to fill. This, of course,
8508,400, or 1.90% . During each of the three years,
1907 to 1909 inclusive, the first quarter’s distribution
was in excess of 2 % , but in 1905 it was only 0.32%
and in 1898 was 0 .26 % .
The commercial failures exhibit for the month of
January 1913, while a little more favorable than
that for the corresponding period a year ago so far as
number of insolvents is concerned, covers a notice
ably larger volume of liabilities than then. This
seemingly anomalous situation is explained, however,
by the exceptional size of some of the disasters,
twenty-eight failures, or a very small percentage of
the total, comprising in the aggregate liabilities of
over iy 2 million dollars, or almost one-third of the
whole amount. Consequently the defaults for less
than 8100,000 were not only smaller in number than
last year but showed a slight reduction in combined
liabilities. Compared with either 1911 or 1910 this
year’s January indebtedness exhibits a more or less
pronounced falling off. Of the large failures referred
to no less than 18 for 85,322,634 were in the manu
facturing division and 8 for 81,398,391 among
traders.
Messrs. It. G. Dun & Co.’s compilation of com
mercial disasters for the month of January 1913,
which is the basis for our remarks, shows that during
the period mentioned there were 1,814 failures in
all, with indebtedness of 822,972,969, against 1,897
for 819,770,530 in 1912 and 1,663 for 824,090,649
in 1911. The manufacturing division made the least
satisfactory record in this latest month. Both num
ber and liabilities were much in excess of 1912, the
comparison being between 395 for 88,762,357 and
374 for 85,804,353. Furthermore, the January in
debtedness was the heaviest for very many years,
excepting only 1911 and 1908. The poor showing of
the month did not extend to all the various branches
of which this division is made, but liabilities in ma
chinery and tools jumped about a quarter of a mil
lion dollars last year to over Vyi millions this year,
miscellaneous lines, classed as “ all other,” more than
doubled their debts and printing and engraving
made a somewhat similar exhibit. In the trading
group seven of the 15 various branches had debts
greater than last year, but generally not much in
441
THE CHRONICLE
Fe b . 15 1513.]
e x c e s s , a n d in s u c h lin e s a s h o t e ls a n d r e s t a u r a n t s ,
p r e p a r a t io n s h a v e a ls o b e e n m a d e f o r p r o m p t a c t io n
d ry
s h o u ld t h e n e c e s s it y b e c o n s id e r e d s u ffic ie n t ly a c u t e
goods
and
ca rp ets,
je w e lr y
and
c lo c k s
and
m is c e lla n e o u s th e s h o w in g w a s d is t in c t ly b e t t e r t h a n
to
fo r
t h e r e fo r e , n o w m a in t a in in g a w a it in g a t t it u d e .
1912 or
1911.
T h is J a n u a r y ’ s a g g r e g a te lia b ili
tie s w e r e $ 1 0 ,8 8 9 ,1 1 2
A g en ts
and
and
brok ers
$ 1 1 ,7 7 8 ,3 4 9
show ed
a
a year
g re a te r
ago.
num ber
of
ju s t ify
it .
P r e s id e n t T a ft
and
h is a d v is e r s
are,
T hey
h o ld t h a t a ll h a s b e e n d o n e u p t o t h is t i m e t h a t c i r
cu m sta n ce s
ju s t ify .
E ven
if
c o n d itio n s
s h o u ld
be
fa ilu r e s d u r in g t h e m o n t h t h a n f o r t h e s a m e p e r io d
c o m e w o r s e , th e G o v e r n m e n t ’s a c tio n , a c c o r d in g t o
o f a n y y e a r s in c e
W a s h in g t o n a d v ic e s , w ill b e d ir e c t e d t o w a r d s s e n d in g
1 9 0 8 , b u t th e t o ta l in d e b te d n e s s ,
a lt h o u g h m u c h la r g e r t h a n la s t y e a r , w a s b e lo w t h a t
a d d it io n a l w a r s h ip s t o M e x ic a n p o r t s o r d is p a t c h in g
of
a s t r o n g fo r c e o f m a r in e s a n d b lu e ja c k e t s t o M e x ic o
1911
and
c o r r e s p o n d in g ly
le s s t h a n
in
1910.
C ity ,
I t w ill b e r e c a lle d t h a t in a s p e e c h in t h e M e x ic a n
S e n a te
on
M onday
fo r m e r ly
a
of
M e x ic a n
la s t
w eek,
M anuel
A m bassador
to
th e
C a le r o ,
o ffic ia ls
U n ite d
is
S t a t e s , c r e a t e d a s e n s a t io n b y h is s t a t e m e n t t h a t h e
had
“ lie d
to
m on th s”
tru th
th e
A m e r ic a n
r e g a r d in g
th e
G overn m en t
M e x ic a n
p e ra te .
m en ts
th is
F ederal
C ity
w eek
of
th is
troop s
been
of
y ie ld in g
th e
th e
to
w ean
th e
s u g g e s tio n
p r e s e r v in g
A d m in is tr a tio n
John
th e
ta k e s
B a rre tt,
U n io n ,
fo r
A m e r ic a n s
co u n try .
th a t
sta tu s
P r e s id e n t
quo
u n til
D ir e c to r -G e n e r a l
of
has
th e
fo r w a r d e d
to
th e
a p la n o f m e d ia t io n t h a t h e p r e p a r e d , h e s t a t e s , a fte r
c o n s u ltin g p r o m in e n t S e n a to r s a n d R e p r e s e n ta tiv e s ,
th e
p la n
M e x ic o
r e g im e ,
aw ay
who
th e
c lim a x
of
of
th e
had
lo n g
arm y
th is
fr o m
Pan
P r e s id e n t
th e
of
new
ch arge.
d e m o n stra te d
a rg u m en ts
T a ft
th e
S a tu rd a y
la s t
and
A d m in is tr a tio n
is c o n t a i n e d
in a m e m o r a n d u m , in w h ic h
The
M r.
B a r r e t t s a y s t h a t lie h a s s t o o d a n d s t i l l s t a n d s “ e m
p h a t ic a lly a n d c o n s c ie n t io u s ly a g a in s t in t e r v e n t io n .”
H is p r o p o s a l, h e e x p la in s , c o n t e m p la t e s
“ m e d ia tio n
ra th e r th a n in t e r v e n tio n , in te r n a tio n a l A m e r ic a n
co
p lo ttin g
o p e r a tio n ra th e r th a n in d iv id u a l U n ite d S ta te s a c t io n ,
c a m e a s a s u r p r is e e v e n t o t h e p o p u la c e , a s t h e le a d e r s
a n d a p r a c t ic a l a p p lic a t io n o f t h e P a n -A m e r ic a n r a th e r
h a d n o t fu lly fo r m u la t e d th e ir p la n s b u t w e r e fo r c e d
th a n
to
act
fo llo w s :
of
th e ir
becau se
The
resen t
m e r e ly
con d u ct
th e
a s w e ll a s M e x ic a n a n d o t h e r L a t in A m e r ic a n s .
g a r r is o n
th e
D ia z
M ad ero.
On
to
o ld
e n d e a v o r in g
P r e s id e n t
c e r ta in ly
c o m p o s in g
r e v o lt e d ,
a d h eren ts
has
sta te m e n t.
of
A m e r ic a n
w as des
s a fe
out
ten
T h e r a p id s u c c e s s io n o f im p o r t a n t d e v e lo p
v e r a c it y
p r o v id e
The
fo r
r e v o lu tio n .
w a s , h e d e c la r e d , th a t th e s itu a tio n
to
fo r e ig n e r s
th e G o v e rn m e n t h a d
d is lo y a lty
and
becom e
a rra n g em en ts
a w a re
w ere
know n
t o b e u n d e r w a y fo r m a n y n o t e w o r th y a rre sts.
m ilit a r y
m et
le a d e r s
on
c h ie fly
S a tu rd a y
con cern ed
n ig h t
in
th e
in
th e
su bu rbs
The
u p r is in g
under
th e
le a d e r s h ip o f G e n e r a l M o n d r a g o n , w h o h a d b e e n o n e
of
th e
M on roe
D o c t r in e .”
He
c o n tin u e s
as
“ I n a w o r d , t h e s u g g e s t i o n is t h a t , t h r o u g h t h e i n i t i
a tiv e
of
th e
n a tio n a l
U n it e d
S ta te s
c o m m is s io n
s h a ll
G ov ern m en t,
be
an
im m e d ia te ly
in t e r "
nam ed,
c o n s is t in g o f o n e o f t h e m o s t a v a ila b le s t a t e s m e n o f
t h e U n it e d S ta te s , s u c h as E lih u R o o t o r W illia m
J.
con d u ct
B ryan ;
som e
e m in e n t
L a tin -A m e r ic a n
d ip lo m a t
now
in W a s h i n g t o n , r e p r e s e n t in g a G o v e r n m e n t
s u ffic ie n t ly r e m o t e fr o m t h e U n it e d S ta te s a n d M e x
ic o t o h a v e n o p r e ju d ic e s , a n d y e t b e k in d ly d is
t h e m o v e m e n t s o f t h e fo r c e s w h ic h
w ere to
engage
p o s e d t o w a r d b o t h , a n d a t th e s a m e tim e a ro u s e n o
in
nephew
of
m ilit a r y
ca d e ts
o f th e m o st tru ste d c o m m a n d e rs u n d er G en era l D ia z .
H e in s is te d t h a t t h e b l o w b e s t r u c k a t o n c e , a n d r e
lia b le
m en
th e
fo r m e r
fr o m
w ere
cou p.
sen t
to
C o lo n e l
P re s id e n t,
p r is o n w h e n
v a r io u s
F e lix
w as
p la c e s
D ia z ,
r e le a s e d
by
to
th e
t h e s ig n a l f o r t h e u p r is in g c a m e ,
a n d a t o n c e a s s u m e d c o m m a n d o f th e r e v o lu tio n a r y
fo r c e s .
A t th e sa m e tim e G e n e ra l B a r n a r d o R e y e s ,
a fo r m e r id o l o f t h e M e x ic a n a r m y , w a s a ls o r e le a s e d .
H e w a s k ille d in a n a t t a c k m a d e u p o n t h e N a t i o n a l
P a la c e , w h e re P r e s id e n t M a d e r o a n d th e lo y a l fo r c e s
w ere e n sco n ce d .
a w a itin g
C o lo n e l D ia z h a d b e e n im p r is o n e d
p u n is h m e n t
becau se
of
h is
b r e a k a t V e r a C r u z la s t a u t u m n .
a b o r tiv e
ou t
T h e n e t r e s u lt o f
a f u l l w e e k o f c o n f l i c t a p p e a r s t o b e t h a t M a d e r o s t ill
h o ld s t h e P a la c e , b u t D ia z h a s g r a d u a lly s t r e n g th e n e d
h is p o s i t i o n
b y p la c in g r a p id -fir in g g u n s a t s tr a te g ic
p o in t s a n d a c r is is c a n h a r d ly fa il, it w o u ld s e e m , t o
b e r e a c h e d in t h e c o u r s e o f t h e n e x t f e w d a y s .
o f th e fir s t a c t s o f t h e r e v o lu t io n a r y
s e iz e
and
th e
a r s e n a l, a n d
a m m u n itio n
lo y a l
troop s
s till
a
la r g e
th u s
fe ll
h o ld
th e
troop s
q u a n tity o f
in to
t h e ir
fo rtre s s
of
One
w as to
a r t ille r y
h an d s.
je a lo u s ie s a m o n g t h e o t h e r L a t i n - A m e r i c a n c o u n t r ie s ,
lik e -S e n o r D o n I g n a c io C a l d e r o n , M in is t e r f r o m
liv ia ,
or
D r.
U ru gu ay;
C a r lo s
and
som e
c o r r e s p o n d in g ly
d is tin g u is h e d
a n d in flu e n t ia l M e x ic a n , lik e S e n o r D o n F r a n c is c o
d e la B a r r a , la t e P r o v is io n a l P r e s id e n t o f M e x ic o a n d
fo r m e r A m b a s s a d o r
D on
J o a q u in
D .
to
th e
U n it e d
C a s u s , fo r m e r
S ta te s, o r
a t io n in M e x i c o , o n t h e g r o u n d a n d e n d e a v o r t o c o m
p o s e it a n d m a k e r e c o m m e n d a t io n s t o M e x ic o w h ic h
s h a ll
r e a d ju s t
th e
s itu a tio n
in
fa v o r
of
p erm a n en t
p e a c e a n d s t a b ilit y ; t h a t t h e P r e s id e n t o f t h e U n it e d
S t a t e s s h a ll i m m e d ia t e ly in s t r u c t t h e U n it e d
S ta te s
A m bassador
to
in
M e x ic o
to
p r e s e n t th is
p la n
th e
a c tio n
and
report
o f th e
c o m m is s io n ; a n d
th a t
it s h a ll b e m a d e k n o w n t o t h e M e x ic a n G o v e r n m e n t
a n d t h e p e o p le t h a t t h e y w ill b e e x p e c t e d , w it h t h is
m o r a l s u p p o r t a n d in t e r e s t o f a ll A m e r i c a , t o
ca rry
o u t t h e c o n c lu s io n s o f s u c h in t e r n a t io n a l c o m m is s io n .’
The
C h a p u lte p e c .
The
T u r k is h
G overn m en t
p o s s e s s io n
G rey
on
to
T h u rsd ay
in v ite th e
fo r m a lly
P o w e r s t o in t e r v e n e t o s t o p th e B a lk a n W a r .
ta k e
th e
M e x ic a n G o v e r n m e n t a n d t h e r e v o lu t io n a r y le a d e r s ,
a n d u r g e c o m p le t e c e s s a tio n o f h o s tilitie s , p e n d in g
by
to
th e
U n it e d S t a t e s , w h o s h a ll in v e s t ig a t e t h e w h o le s it u
r e q u e s t e d S ir E d w a r d
a tte m p te d
Senor
A m b assa dor to
T h e y b o m b a r d e d o n W e d n e s d a y th e C ita d e l, o c c u p ie d
G en era l D ia z , a n d
B o
M a r ia d e P e n a , M in is te r fr o m
E u rop ean
T h is
b y s t o r m ; b u t t h e m a c h in e g u n s in v i e w o f t h e n a r r o w
r e q u e s t w a s p r o m p t ly r e fu s e d .
a v e n u e s o f a p p r o a c h p r o v e d t o o d e s tr u c tiv e a n d th e
is a l s o r e p o r t e d t o h a v e r e f u s e d T u r k e y ’ s a p p l i c a t i o n
a tte m p t
fo r
w as
P r e s id e n t
d is c o n tin u e d .
T a ft
in te r v e n tio n .
v a r io u s
w h ere
A m e r ic a n s
c o n tin u e d
W a r s h ip s
s e c tio n s
p r o te c tin g
has
have
th ey
and
h is
p o lic y
been
can
non
d is p a tc h e d
p rove
fo r e ig n e r s ,
of
e ffe c tiv e
and
a
$ 2 ,5 0 0 ,0 0 0
lo a n .
A d v ic e s
r e g a r d in g
th e
p ro g r e s s o f th e w a r a re m o r e t h a n u s u a lly c o n flic t in g .
to
D is p a tc h e s
in
Y oung
m ilit a r y
w ar
T h e O tto m a n B a n k
la n d in g
T u rk
fr o m
C o n s ta n tin o p le
le a d e r ,
E nver
B ey,
at C h erk ou i u n d er th e
assert
m ade
cover
th a t
th e
a s u cce ssfu l
o f th e
fir e
of
442
THE CHRONICLE
T u r k is h w a r s h ip s , w it h t h e in t e n t io n
R hodeope
in
th e
M o u n ta in s
rear o f
and
K a v a t.
o f c r o s s in g t h e
a t t a c k in g th e B u lg a r ia n s
I t is a ls o r e p o r t e d
th a t th e
L ondon
o f an
c a b le d
th e lim ita tio n
le n t.
m an hands.
o f M a r in e
O n th e o th e r h a n d a n o ffic ia l a n n o u n c e
b y th e B u lg a r ia n
G overn
a d v ic e s
A n g lo -G e r m a n
e n t i r e c o a s t o f t h e S e a o f M a r m o r a is a g a i n i n O t t o
m e n t h a s b e e n p u b lis h e d
[Vol. XCVI.
An
assert th a t
o f n a v a l c o n s tr u c tio n
an n ou n cem en t
o b je c tio n
in
th e
to
by
R e ic h s ta g
th e
th e
a g r e e m e n t w h ic h
r a tio
th e
p ro sp e cts
s h a ll in c lu d e
are n o w
G erm an
t h a t h e w o u ld
o f s h ip b u ild in g
r a is e n o
su gg ested
m e n t w h ic h s t a t e s t h a t , w it h t h e “ v ie w o f d e s t r o y in g
W in s t o n C h u r c h ill la s t s p r in g a s n e c e s s a r y fo r
th e fa b le s th a t h a v e b e e n c o n c o c te d a t C o n s ta n tin o p le
B r ita in
p r o c la im in g g r e a t T u r k is h
v i c t o r i e s ’ ', i t is d e s i r a b l e
an n ou n cem en t
to
T u r k is h
sta te
been
th a t
la n d in g s
a tte m p te d
C h a r k o u i.
of
an yw here
B o th
at
o f th ese a tte m p ts ,
s a y s , w e r e r e p u ls e d .
have
th e
fir s t
w as
r e c e iv e d
w ith
m ade
F r id a y
on
s u r p r is e .
of
by
G reat
T h is
la s t
w eek.
not
T h e r e h a s s in c e , h o w e v e r , b e e n a p e r c e p tib le c h a n g e
and
in t h e a t t it u d e t o w a r d t h e C h u r c h ill a g r e e m e n t, w h ic h
sta tem en t
it w ill b e r e c a lle d p r o v id e d f o r b u ild in g s ix t e e n B r it is h
P o d im a
T h ere has been n o
e n g a g e m e n t a t C h a ta lja .
1 5 ,0 0 0
troop s
except
w as
e x c e l
M in is te r
im p o r ta n t
T h e fa ct th a t m ore th an
b a ttle s h ip s to te n fo r th e G e r m a n .
on
th e
G erm an
M in is te r ’s
T u r k s w e r e k ille d o r w o u n d e d in t h e fig h t in g G e r m a n y , a c c o r d in g
to
In
c o m m e n tin g
sta te m e n t, th e
c a b le
a d v ic e s
p ress
fr o m
of
B e r lin ,
a t B u la ir , o n t h e G a llip o li P e n in s u la , t h e s t a t e m e n t
a g r e e t h a t w h ile it d e s e r v e s t o
avers,
f a c t i o n a s a s ig n o f b e t t e r r e la t io n s w it h E n g la n d , it
sh ow s
su ccesses
c lu d e s :
on
how
r id ic u lo u s
is t h e
th e
p e n in s u la .
ta lk
The
of
T u r k is h
sta tem en t
con
“ T h e T u r k s c a n in v e n t im a g in a r y v ic to r ie s ,
be n oted
w ith s a tis
d o e s n o t a f f o r d a n y b a s is f o r fa r - r e a c h in g in flu e n c e s .
R e g a r d in g
th e
o p in io n
expressed
in
som e
q u a rte rs
b u t t h a t w ill n o t c h a n g e t h e ir p o s it io n in t h e w a r .”
t h a t t h e s t a t e m e n t d e n o t e d th e im m in e n c e o f a n a v a l
The
T u r k is h
agreem en t
H ill
by
“ C o lo g n e G a z e t t e ” s a y s it w a s r e m o t e fr o m t h e m in d s
d o m in a te s
M in is te r o f M a r in e t o a n n o u n c e a “ n a v a l a g r e e m e n t”
t h e E a s t e r n s id e a n d t h e M o n t e n e g r in s
a n d t h a t it w a s u t t e r ly fa ls e t o c o n s t r u e h is r e m a r k s
M o n te n e g r in
fo rtre s s
a s s a u lt
of
on
arm y
S cu ta ri
M onday
S cu ta ri fr o m
b e s ie g in g
c a r r ie d
th e
th e
B a r d a n jo li
m o r n in g .
The
H ill
w ith
G reat
a r e m o u n t in g s ie g e g u n s o n t h e h e ig h ts t o b o m b a r d
as in d ic a t in g
th e c ity .
in G e r m a n n a v a l p o lic y .
B r ita in ,
th e
e ith e r a n y th in g n e w
s e m i-o ffic ia l
or an y
is a t t h e m o m e n t a t t r a c t i n g t h e a c t i v e
A d v ic e s fr o m
b e in g
q u o te d
is s u e d .”
th is
P a r i s s t a t e t h a t t h e C h i n e s e l o a n is
on
th e
C o u lis s e
a t a p r e m iu m
“ w hen
T h e r e h a v e b e e n n o d e fin it e s te p s r e p o r t e d
w eek
tow ard s
s e ttlin g
th e
d is p u te d
p o in ts .
a ll
th e
G reat
P ow ers.
in s ta n c e , s ta te
th a t
A d v ic e s
th e
F r e n c h p re ss ju s t n o w .
i n P a r i s is s u s p i c i o n o f G e r m a n y .
a r is in g
fr o m
th e
th e
d e la y
in t e r n a t io n a l
of
th e
is b e c o m in g e x t r e m e ly c o m p le x .
s itu a tio n
S ix -P o w e r
lo a n
n a tu ra l
th e
q u e s tio n
w h ic h
w as based.
a p p o in tm e n t
of
t o b e lie v e th a t h e
th e
fo r e ig n a d v is e r s ,
th e a c tio n o f F r a n c e a n d
R u s s ia
T h e C h in e s e s a y fu r t h e r t h a t t h e B r itis h
A t a m e e tin g
s h a ll
be
s u b s titu te d
t h e D a n e , B e lg ia n a n d I t a lia n in t h e
fo r
a d m in is t r a tio n
o f t h e s a lt g a b e lle .
o f th e
R oyal
C a p t.
m em ber
a p p o in te d
o f th e
by
th e
p erm a n en t
L.
and
tr ip ,
B r itis h
C ou rt
G overn m en t
o f A r b itr a tio n
a
at
and
th e
E.
G.
record s
about
d ea th s
v ir tu a lly
O a tes
exposu re
r e s u lte d
F r y , P r e s id e n t o f
t h e B r it is h d e le g a t io n , w h o w ill t h e n b e e ig h t y y e a r s
o ld .
It
B ryce
is
w ill
u n d erstood
c o n tin u e
in
in
W a s h in g to n
h is
p resen t
th a t
post
u n d e r s t a n d i n g is o n
is s u e
m ay
d ir e c tly
be
th e a s s u m p tio n
brou gh t
b etw een
th e
to
tw o
an
th e
T h is
th a t th e C an al
a m ic a b le
g o v e rn m e n ts
s e ttle m e n t
or
due
of
to
a t th e
M arch
a
fe w
fr o m
days
S ou th
29,
th a t
an
w ith
h is
C a b in e t.
M onday
d rove
d e v e lo p
ch arge
w ill r e m a in
c le a r ly
in
th e
W a s h in g to n
a ttitu d e
of
lo n g
th e
enough
new
to
A d m in is tr a tio n .
A
a fte r n o o n
sw ord s
M r.
th e
m ile s
The
W ils o n
soon
w ere
a fte r
th e
O a te s d ie d fr o m
d ea th
s e a r c h in g p a r t y
of
E vans
d is c o v e r e d
c o n tin u e
in
T okyo.
M onday
P r in c e
w as ston ed
in t h e s t r e e t s o n T u e s d a y f o r m a l l y r e s ig n e d t o g e t h e r
B ryce
I f t h a t s h o u ld
th a t
A
and
d ie d
P r e m ie r , w h o o n
K a tsu ra ’s
ex p ected
On
e le v e n
hunger and exposu re
T hey
R io t in g a n d d is o r d e r
K a tsu ra , th e
P r in c e
is
o ffic e r
th e ir b o d ie s a n d r e c o r d s s o m e t im e la te r .
th e
it
P o le .
1912,
B ow ers
la te r .
a fa ll.
a g r e e m e n t s h a ll b e r e a c h e d f o r its a r b it r a t io n b e f o r e
im p o s s ib le ,
S co tt,
th a t.
t h e e n d o f &he p r e s e n t A d m i n i s t r a t i o n .
appear
p e tty
M r.
u n til
c o n c lu s io n o f th e P a n a m a C a n a l n e g o tia tio n s .
and
b liz z a rd s w e p t d o w n o n th e p a r ty .
by
r e t ir e m e n t o f S ir E d w a r d
S o c ie ty
O n e -T o n d e p o t , a b liz z a rd o v e r w h e lm e d th e m .
T h e H a g u e t o fill a v a c a n c y t o b e c a u s e d n e x t A u g u s t
th e
fo r
C a p t . S c o t t ’s p a r t y fo u n d C a p t . A m u n d
s e n ’s t e n t
r e tu rn
fr o m
J a m e s B r y c e , B r it is h A m b a s s a d o r in W a s h i n g t o n ,
been
e x p e n d it u r e s
G e o g r a p h ic a l
T h e y h a d s u ffe r e d g r e a tly fr o m
has
F r a n c e fe a rs th a t
in
o f C a p t . S c o t t , D r . E . A . W ils o n , L ie u t e n a n t H . R .
E . E vans.
R u s s ia n
d ecrease
w a s m a d e t h a t d is a s te r h a d o v e r t a k e n C a p t a in R o b e r t
F r a n c e a n d R u s s ia , in s is tin g t h a t a n E n g lis h m a n , a
a
a
F . S c o t t ’ s A n t a r t i c e x p e d i t i o n , r e s u lt in g in t h e d e a t h
B ow ers,
and
th e
o n M o n d a y e v e n in g in L o n d o n , fo r m a l a n n o u n c e m e n t
M i n i s t e r h a s n o w r e t r a c t e d h is a p p r o v a l a n d s u p p o r t s
F ren ch m a n
of
in
T h e C h in e s e d e c la r e
o f t h e D ip lo m a t ic c o r p s , le d t h e m
on
n a v a l r e la
a r m a m e n t s w o u ld b e a n in c r e a s e in t h e G e r m a n a r m y .
t h a t S ir J . N . J o r d a n , t h e B r it is h M in is t e r a t D o y e n
a p p rov ed
r e s u lt
of
fo r
T h e p r e d o m in a n t s e n tim e n t
a
th a t
P a r is ,
A n g lo -G e r m a n
w ir e d
M onday
a tte n tio n
fr o m
tio n s a re th e p r in c ip a l s u b je c t o f d is c u s s io n
T h e P e k in g c o r r e s p o n d e n t o f th e L o n d o n D a ily M a il
on
d e v ia tio n
T h e e n tir e s u b je c t , h o w e v e r ,
c ity .
The
th e
m ob
m e e tin g
sta rte d
fr o m
d w e llin g .
th em
m ob
m ass
in I b a n y a P a r k
ba ck
several
th e d e m o n stra to rs.
and
tim e s ,
w as
h e ld
on
in t h e c e n t r e o f
th ere
P o lic e
to
w ith
w ere
a tta ck
d ra w n
c o m p e lle d
w o u n d in g
m any
to
of
M a r q u is S a io n ji, o n c e P r e m ie r ,
S h o u ld t h e C a n a l-t o lls is s u e f in a lly g o t o a r b it r a t io n ,
r e s ig n e d t h e P r e s id e n c y o f t h e C o n s t it u t io n a l p a r t y
i t is p r o b a b l e
out
th a t M r. B ry ce
o n e o f th e a r b itr a to r s .
m ig h t b e s e c le c te d
as
of
resp ect
E m p e r o r ’s
not
to
th e
expressed
opposed
in
h is
T h ron e,
w is h
p resen t
th a t
it
h a v in g
P r in c e
cou rse.
been
K a tsu ra
The
th e
be
C o n s titu
tio n a l p a r ty , T o k y o
d is p a tc h e s s ta te ,
p r a c tic a l
to
fin is h .
to
u n a n im it y
M any
break
use
of
up
an
S a io n ji.
fig h t
resen ted
th e
r e s o lv e d
h is
K a tsu ra
on T u e sd a y , th e
E m p eror
c o n s u lta tio n
at
to
to
by
h is
c a lle d
th e
d e c id e
a
th e
M a r q u is
r e s ig n e d
on ce
to
a tte m p t
M in is tr y
ad d ressed
S ta te sm e n
w ith
G overn m en t
K a tsu ra ’s
to
r e s c r ip t
P r in c e
in to
th e
P r in c e
o p p o s itio n
I m p e r ia l
A fte r
443
THE CHRONICLE
Feu. ] 5 1913]
on
v ita l in te r e s ts , th e in d e p e n d e n c e o r th e h o n o r o f t w o
c o n tr a c tin g
S t a t e s ,”
w h ic h
of
th e
o f s p e c ia l a g r e e m e n t
fo r m
to
be
th ir d
and
in te r e s ts
a r b itr a te d
p a r tie s .
w h ic h
do
The
m u st
not
secon d
c o v e r in g
be
con cern
p r e s c r ib e s
th e
m a tte r
a p p roved
by
th e
o ffic e
S e n a t e , w h ile t h e t h ir d lim it s t h e life o f t h e t r e a t y
E ld e r
t o fiv e y e a rs.
a
new
I t w a s s a id t h a t C o u n t G o m b e l Y a m a m o t o ,
C a b le
fo r m e r M in is te r o f M a r in e , h a d e x p r e s s e d a w illin g
b u s in e s s
n e s s t o f a c e t h e c r is is a n d f o r m
a n e w C a b in e t, a n d
C o n t in e n ta l b o u r s e s as b e in g e x c e e d in g ly d u ll, w ith
i t is r e p o r t e d t h a t h e i s l o o k e d
u p o n w ith fa v o r b y
P r e m ie r .
I f C o n g r e s s is s e e k i n g i n f o r m a t i o n
b u s in e s s
in te r e s ts
of
as to
th e
fr o m
An
bonds b y
E u ropean
L ondon
in
N ew
cen tres
E xch a n ge
g ilt-e d g e d
is s u e
th e
S to ck
report
and
th e
s e c u r it ie s , e s p e c ia lly
L ondon
Z e a la n d
of
£ 3 ,0 0 0 ,0 0 0
in
G overn m en t at 98
th e
h a s h a d a d e p r e s s in g in flu e n c e o n o t h e r S ta te s e c u r i
fe e l
tie s
how
co u n try
th e
L ondon.
4%
s u b s ta n tia l
on
d is t in c t w e a k n e s s in
in
th e E m p e ro r.
d is p a tc h e s
on
accou n t
of
th e
lib e r a lity
of
th e
o ffe r in g .
o n th e a ttitu d e ta k e n b y th e p re s e n t A d m in is tr a tio n
T h e c o n t in u e d n e c e s s it y fo r w r itin g o f f fo r d e p r e c ia
on th e P a n a m a
t io n t h a t h a s b e e n s h o w n in t h e J a n u a r y r e p o r t s o f
C anal
to ll
q u e s tio n , it
has
o n ly
to
r e a d t h e r e s o lu t io n a d o p t e d w ith p r a c t ic a l u n a n im it y
th e
at
T h u r s d a y ’s m e e tin g
flu e n c e a t th e B r itis h c e n t r e .
of
C om m erce.
m em bers
of
T h ere
th e
w ere
p resen t an d
o n ly
N ew
Y ork
b etw een
seven
C ham ber
300
and
400
d is s e n tie n t v o t e s .
T h e r e s o lu t io n e n d o r s e d t h e b ill in t r o d u c e d b y S e n a
E n g lis h
o ffe r in g s
banks
of
a m o u n te d
new
to
has
c a p ita l
£ 3 0 ,0 0 0 ,0 0 0 ,
and
o u t a ll p r o v i s i o n f o r t h e fr e e p a s s a g e o f c o m m e r c ia l
o fte n
ton n a g e th rou g h
th e
by
hands.
W e ld in g
C h a ir m a n
on
has been
by
th e B a lk a n w a r a n d
R in g ,
F o r e ig n
C om m erce
and
I t w a s in tr o d u c e d
of
w as
th e
C o m m itte e
s tr o n g ly
en d orsed
£ 5 ,0 0 0 ,0 0 0 o v e r
h a v e fu lly
in
bassador
P ow ers.
sh are
in
T rea ty ,
G r e a t B r ita in ,
th e
p e r s o n a lly
n e g o tia tio n
w h ic h
tre a ty ,
of
M r.
th e
had
a
great
H a y -P a u n ce fo te
C h o a te
s a id ,
expressed
e x a c t l y w h a t w a s in t e n d e d b y its fr a m e r s .
T h e H o u s e o f L o r d s o n T h u r s d a y e v e n in g r e je c t e d
an
is s u e s
in
w h ic h
is a n
1911.
75%
e x c e e d in g ly
im p o r ta n c e
by
c a u tio u s ,
s p r e a d in g
to
som e
s e c u r it ie s a r e
d e a lt in s o
N ew
The
Y ork .
con ta n g o
s io n s o f t h e H o u s e o f C o m m o n s b e fo r e it c a n b e c o m e
p assed
th rou g h
th e
H ou se
of
m u ch
L ondon
ra te
w h ic h
on
com pares
a m on th
ago.
w ith
a lly e a s ie r a s a r e s u lt o f t h e
ago.
B r itis h
w h ic h
c o m p a r e s w ith 7 4 %
im p o r ta n t
d iv is io n s
th e
G o v e r n m e n t m a jo r it ie s h a v e fa lle n t o a fig u r e b e lo w
th e
to ta l stre n g th
o f th e
N a tio n a lis t s e c tio n
o f th e
m o n e y m a rk e t.
stock s
th e
w as
u n ifo r m
C a b in e t
5%
to
ra te
of
c r is is , r e c e d e d
C o n s o ls
c o m p a r e s w ith
c lo s e d
la s t
81%
e v e n in g
a w eek
at
74% ,
a w eek a g o, an d F ren ch
R e n t e s in P a r is f in is h e d a t 8 8 . 9 7 % fr a n c s , c o m p a r in g
w ith 8 8 .9 0 fr a n c s o n F r id a y o f la s t w e e k .
H o u s e , w h i c h is 8 4 .
w as
s h a r p l y t o w a r d s t h e c l o s e , t h e 4 s f i n i s h i n g in L o n d o n
y e s t e r d a y a t 8 2 , w h ic h
e ig h t
t h a n in
w h ic h
J a p a n e s e b o n d s , w h ile n a t u r
lis h m e n t
On
and
M e x ic a n
m o r e fr e e ly
s e ttle m e n t
A m e r ic a n
C o m m o n s w e r e n o t o b t a in e d b y th e W e ls h D is e s t a b
B ill.
g re a te r
c o m p le t e d o n T h u r s d a y w a s a g o o d in d ic a t io n o f th e
5% %
w as
o f th e
o n t h e le a d in g C o n t in e n t a l b o u r s e s , w h e r e
R u le b ill— it m u s t b e p a s s e d b y t w o s u c c e e d in g s e s
b ill
to
T h e s e r io u s n e s s o f t h e u p r is in g in M e x i c o
h a s a ls o b e e n a d e p r e s s in g in f lu e n c e in L o n d o n
6% % ,
R u le
of
th e ir
d u e u n d o u b te d ly
The
H om e
have
in c r e a s e
t h e fe a r t h a t it m ig h t in c r e a s e
s t r a i n t h a t is c u r r e n t i n t h e L o n d o n
T h e m a jo r it ie s o f m o r e t h a n 1 0 0 b y w h ic h th e
in
U n d e r w r it e r s , h o w e v e r ,
t h e W e ls h D is e s t a b lis h m e n t b ill b y a v o t e o f 2 5 2 t o
la w .
L ondon
o f t h e s e c u r it ie s le ft o n
51.
T h u s i t s f a t e is i d e n t i c a l w i t h t h a t o f t h e H o m e
u n s e ttlin g
T h u s fa r th is y e a r t h e
T h is su g g e sts th a t th e in v e s tm e n t d e m a n d
H o n o r a b le J o s e p h R . C h o a te , w h o , as A m e r ic a n A m
to
been
£ 1 0 ,0 0 0 ,0 0 0 o v e r t h e c o r r e s p o n d in g p e r io d la s t y e a r
t o r R o o t t o c h a n g e th e P a n a m a C a n a l A c t b y s tr ik in g
C a n a l.
a ls o
T h e s e c u r i
tie s o f t h e B a lk a n S ta t e s h a v e d e c lin e d f r a c t io n a lly ,
a
S e c r e t a r y K n o x a n d A m b a s s a d o r J u s s e r a n d s ig n e d
T u r k is h 4 s b e in g a n e x c e p t io n a n d c lo s in g a t 8 6 , w h ic h
c o n v e n tio n
w a s a ls o t h e fin a l fig u r e a w e e k a g o .
p e r io d
th e
on
on
o f fiv e
U n ite d
M arch
tr a tio n
T h u rsd ay
years
S ta te s
12.
th e
and
T h is
c o n v e n tio n
to
e x te n d
a r b itr a tio n
F ra n ce,
e x p ir e s
a n o th e r
tre a ty
w h ic h
is s i m i l a r t o
w h ic h
fo r
th e
by
b etw een
w ill
e x p ir e
B r itis h
a r b i
lim ita tio n
on
G reek M o n o p o ly
4 s fin is h e d a t 5 3 , c o m p a r in g w it h 5 4 , w h ile B u lg a r ia n
6 s a re o n e p o in t lo w e r fo r t h e w e e k a t 1 0 1 .
%
fo r
th e
w eek,
w ith o u t n e t ch a n g e fo r th e w e e k a t 7 7 .
th e
S e n a te
r e fu s e d
t o a d o p t e x c e p t w ith im p o r t a n t a m e n d m e n t s .
F ren ch
if
by
th e
t r e a t y , t h e life o f w h ic h
S en a te
E lih u
ap p roves,
R o o t,
P r e s id e n t
w hen
R o o s e v e lt,
w as
o r ig in a lly
S ecreta ry
w ith
The
is t o b e p r o l o n g e d ,
of
n e g o tia te d
S ta te
A m bassador
G erm an
U n ifie d
gen eral
th a t
80.
S e r v ia n
u n ch an ged
tre a ty
at
w h ile
J u n e 4 , a n d w h ic h it w a s p u r p o s e d t o r e p la c e b y th e
a r b itr a tio n
R u s s ia n 4 s
a t t h e c l o s e w e r e q u o t e d a t 9 1 , w h i c h is a r e d u c t i o n o f
Im p e r ia l
4 s r e m a in
3s
fin is h e d
D a y -to -d a y
m o n e y in L o n d o n c lo s e d a t la s t w e e k ’ s fin a l q u o t a t i o n
of 4 % @ 4 % % .
I n B e r l i n m o n e y is q u o t e d a t 4 % % ,
w h ic h c o m p a r e s w it h a r a n g e o f 4 % @ 5 %
a w eek ago.
under
Ju sseran d .
A lth o u g h
th ere
is s o m e
d is p o s itio n
to
lo o k
fo r
a
I t w a s th e fir s t o f th e tr e a tie s o f t h a t c h a r a c t e r p r o
s o m e w h a t e a s ie r t e n d e n c y in t h e L o n d o n m o n e y m a r
v i d i n g f o r lim it e d a r b i t r a t i o n , in a c c o r d a n c e w it h t h e
k e t in
r e c o m m e n d a t io n o f T h e H a g u e c o n v e n t io n , t o w h ic h
m a in t a in e d .
th e
L om bard
U n it e d
b r ie f,
S ta te s
c o n s is t in g
p r o v id e s
fo r
th e
becam e
of
o n ly
a p a rty .
th ree
a r b itr a tio n
by
T h is
a r tic le s .
The
tre a ty
The
H ague
is
fir s t
C ou rt
o f a n y d iffe r e n c e s o f a le g a l n a t u r e n o t a f f e c t in g “ th e
th e n e a r fu tu r e ,
S tre e t
a ccep ta n ces
d is c o u n t r a t e s a r e s t ill w e ll
S h o r t b ills w e r e q u o t e d b y
at
la s t
4% % .
e v e n in g
T hese
B ills t o a r r iv e a r e 3 - 1 6 @ % %
at
are
5%
th e
c a b le fr o m
and
spot
9 0 -d a y
ra tes.
b e lo w th e s e fig u r e s .
w e e k a g o s p o t b ills w e r e q u o t e d 4 1 3 -1 6 %
fo r
A
6 0 -d a y
THE CHRONICLE
444
a ccep ta n ces
a r r iv e
and
4% %
w ere 4 % @ 5 %
lo n g
m a tu r itie s .
rep orted
t h is
by
w eek
B e r lin
9 0 -d a y ,
In
P a r is
th e
p r iv a te
fr o m
V /% %
c lo s in g
open
4% ,
a ll
A w eek ago 4 % %
ra te.
at 4Y s% ,
V ie n n a
c ia l
bank
is
bank
w as
at
ad
th e fo r
fo r
th e
to
5 ^ %
% %
le a d in g
fo r e ig n
w eek
and
T h e o ffi
cen tres
L o n d o n , 5 % ; P a r is , 4 % ; B e r lin , 6 % ;
V ie n n a ,
w e e k ly
T h u rsd ay
re tu rn
r e g is t e r e d
by
an
th e
of
of
The
w e e k ly
fr a n c s
and
bank
G en era l d e
I m p e r ia l
G erm an
I t in d ic a te d a d e cre a s e
T h e to ta l sto ck
o f t h e t w o m e ta ls n o w s ta n d s a t 1 ,1 2 8 ,7 6 3 ,0 0 0 m a r k s
and
com pares
ago and
w ith
1 ,1 8 5 ,5 6 0 ,0 0 0
1 ,1 1 4 ,1 4 0 ,0 0 0 m a r k s in
m arks
1911.
one
year
W h ile lo a n s
d u r in g t h e w e e k w e r e p a id o ff t o th e e x te n t o f 3 2 ,
3 9 4 ,0 0 0
in
on
it s
m a r k s a n d d is c o u n t s r e d u c e d b y 7 6 ,2 5 2 ,0 0 0
th e
1 .2 7 3 .6 6 8 .0 0 0
to ta l
s ta n d in g
lia b ilitie s ,
to ta l
am ount
o u ts ta n d in g
of
th ese
tw o
i t e m s is s t i l l f a r i n e x c e s s o f e a r l i e r y e a r s , a g g r e g a t i n g
th e
of
th e
m a r k s in g o ld a n d s ilv e r c o m b in e d .
in
e x p a n s io n
of
are:
E n g la n d
£ 7 9 9 ,5 0 7
sta tem en t
o f 9 8 7 ,0 0 0 m a r k s in g o ld a n d a n in c r e a s e o f 4 ,5 8 0 ,0 0 0
c o i n a n d b u l l i o n h o l d i n g s a n d o f £ 1 , 1 8 7 , 0 0 0 in
The
7 ,9 0 0 ,0 0 0
1 8 ,4 7 5 ,0 0 0 fr a n c s .
B a n k w a s is s u e d o n M o n d a y .
g o ld
reserve.
in c r e a s e d
p o s it s w e r e r e d u c e d 8 ,1 7 5 ,0 0 0 fr a n c s f o r t h e w e e k .
m ark s,
Bank
in c r e a s e
d e p o s its
6% ;
B r u s s e ls , 5 % , a n d A m s t e r d a m , 4 % .
The
ury
a d v a n ces d ecreased
In
a g a in
lo w e r a t 3 1 1 - 1 6 % .
th e
ra te
f o r b ills t o a r r iv e .
lo w e r
has ad van ced
is 5 - 1 6 %
ra tes
* /£ %
to
fo r
w as red u ced
w as th e s p o t ra te a n d 5 %
B r u s s e ls
A m ste rd a m
b ills
m a tu r itie s .
m a rk et ra te
v a n c e d to 5 % fo r s p o t a n d to & % %
w ard
w h ile
4 % @ 4 % %
th e b a n k e r s ’ c o m b in a tio n
to
th e
fo r
fo r s h o rt a n d
[ V o l . X C V I.
1912
and
m ark s,
a g a in s t
9 2 8 ,6 2 0 ,0 0 0
c ir c u la tio n
1911.
red u ced
d u r in g
w as
8 2 .5 3 1 .0 0 0
m a r k s , w h i c h , h o w e v e r , is s t i l l f a r a h e a d o f t h e t o t a l
la s t
w eek and
o f 1 ,6 3 5 ,2 0 0 ,0 0 0 in 1 9 1 2 a n d o f 1 ,4 8 9 ,2 6 0 ,0 0 0 m a r k s
T h e p u b lic d e p o s its
c o n tin u e
lia b ilitie s
w as
cut
4 5 . 8 0 % , w h ic h c o m p a r e s w it h 4 7 . 0 2 %
5 1 .2 4 %
to
a year ago.
r e fle c t
crea se
of
crea sed
been
ta x
c o lle c tio n s .
£ 2 ,6 3 7 ,0 0 0 ,
£ 1 ,4 4 4 ,0 0 0 .
an
a c tiv e
T hey
w h ile
dow n
in d ic a te d
o r d in a r y
an
in
d e p o s its
in
L o m b a rd S tre e t, h o w e v e r, has
borrow er
at
th e
B ank,
as
th e
lo a n
i t e m is £ 2 , 9 0 9 , 0 0 0 i n e x c e s s o f l a s t w e e k .
C o m p a r in g
w ith
about
la s t y e a r ,
2 3 8 ,0 0 0
th e
b u llio n
s m a lle r .
T hey
h o ld in g s
am ount
are
to
in
1911.
B e r lin
c a b le
to ta l
w eek
to
to
th e
ou t
th e
h o w e v e r , m o re t h a n o ffs e t t h e in c r e a s e , a n d th e p r o
reserve
le a v in g
m arks
The
p o r tio n
of
m ark s,
1 ,0 9 6 ,6 6 0 ,0 0 0
m a r k s in
d is p a tc h e s
1 ,8 7 9 ,3 8 0 ,0 0 0
sta te
th a t
o ffe r
in g s o f F r e n c h fu n d s a r e b e in g m a d e a t t h e G e r m a n
cen tre,
w h ic h
c o m p le te ly
has arou sed
r e tir e
fr o m
th e
th e
h op e th a t
p o s itio n
it
P a r is w ill
assu m ed
at
th e t im e o f t h e M o r o c c a n in c id e n t o f 1 9 11 o f r e fu s in g
t o le n d in G e r m a n y .
£ 2 ,
£ 3 6 ,9 9 1 ,1 7 4 ,
R ea d ers o f th e
“ C h r o n ic le ”
w ill n o t
b e s u r p r is e d
a g a in s t £ 3 9 ,2 2 9 ,5 2 7 in 1 9 1 2 a n d £ 3 7 ,4 9 6 ,9 7 3 in 1 9 1 1 .
a t t h e s u d d e n d is p la y o f s t r e n g t h in t h e lo c a l m o n e y
The
s it u a t io n t h a t h a s d e v e lo p e d th is w e e k .
r e s e r v e is t h e l o w e s t a t t h i s s e a s o n s i n c e
w hen
are
in
it
tou ch ed
£ 2 5 ,7 8 7 ,2 5 1 .
£ 2 7 ,7 6 0 ,0 0 0 , w h ic h
T h is
c o m p a r e s w ith
1 9 1 2 a n d £ 2 9 ,0 2 1 ,4 2 8 in 1 9 1 1 .
c ir c u la tio n
fo r
th e
w eek
sh ow ed
1909,
w e e k ’s fig u r e s
£ 2 9 ,9 7 3 ,8 5 2
v ie w e d fr o m t h e w o r ld ’s s t a n d p o in t — a n d t h e in s ta n
T h e B a n k ’s n o te
tan eou s
a
kept
c o n tr a c tio n
of
c o n n e c tio n
by
£ 3 8 8 ,0 0 0 , m a k in g th e t o t a l £ 2 7 ,6 8 0 ,0 0 0 , w h ic h c o m
r a tio n a l
p a r e s w ith
p r o p h e tic
£ 2 7 ,7 0 5 ,6 7 5 in
1912.
I t i s , h o w e v e r , in
of
p ow ers
e v er, th e
am ount
o u ts ta n d in g ,
sta tem en t,
is
a c c o r d in g
£ 3 7 ,8 9 7 ,0 0 0 .
T h is
to
th e
w ay
s h o w in g .
The
w h ic h
c o m m u n ic a tio n
tr e m e ly lo w
cu rren t
in
c a b le
i t s l o a n a c c o u n t t h a t t h e B a n k is m a k i n g i t s w e a k e s t
th e
T h e recen t
e a s e in m o n e y h a s b e e n s o p a l p a b l y s u p e r fic ia l w h e n
lo o k in g
w ere
w o r ld
m akes
at
th e
needed
to
cen tres
th is
th e
s itu a tio n — n o
see
th a t
th e
ra te s r u lin g c o u ld n o t c o n t in u e .
real s h o ck
cam e
in
are
o n ly
ex
H ow
l a s t S a t u r d a y 's
sta te
com
m e n t o f t h e N e w Y o r k C le a r in g -H o u s e b a n k s , w h ic h
p a r e s w ith £ 3 1 ,4 4 5 ,7 6 2 in 1 9 1 2 , £ 2 9 ,3 0 5 ,6 6 7 in 19 11
s h o w e d t h a t e ig h te e n o f t h e m e m b e r s o f th e a s s o c ia
a n d £ 2 9 ,0 4 2 ,6 3 3 in 1 9 1 0 .
t io n w e re b e lo w th e ir r e s e r v e r e q u ir e m e n ts a n d t h a t
O u r s p e c ia l c o r r e s p o n d e n t
fu r n is h e s th e fo llo w in g d e ta ils o f t h e g o ld
m ovem ent
in to a n d o u t o f th e B a n k fo r th e B a n k ; w e e k :
p orts,
and
£ 8 1 8 ,0 0 0
( o f w h ic h
£ 1 7 ,0 0 0
£ 8 0 1 ,0 0 0 b o u g h t in t h e o p e n
£ 4 8 0 ,0 0 0
£ 4 7 ,0 0 0
S tr a its
(o f
to
w h ic h
S ou th
4 2 0 ,0 0 0
A fr ic a
S e ttle m e n ts ),
and
fr o m
C o n tin e n t
m a rk e t);
to
and
S ou th
£ 1 3 ,0 0 0
r e c e ip t s
of
Im
t h e e n t ir e c a s h s u r p lu s o f a ll t h e C le a r in g - H o u s e in
s titu tio n s
had
been
c o m p a r e s w ith
of
F ra n ce
a g a in
$ 8 ,2 5 7 ,3 5 0 .
T h is
T hese
fig
A m e r ic a ,
th a t a re m e m b e rs o f th e C le a r in g -H o u s e A s s o c ia tio n .
earm ark ed
£ 4 6 2 ,0 0 0 n e t
record ed
to
u r e s a r e t h o s e o f a ll t h e b a n k s a n d t r u s t c o m p a n ie s
A s a r e s u lt o f g o ld e x p o r t s a n d o f a n a d v e r s e c u r r e n c y
m ov em en t,
th e
a r e d u ctio n
o f $ 2 ,4 3 5 ,0 0 0
c o r r e s p o n d in g ly
B ank
dow n
ex p orts,
fr o m th e in t e r io r o f G r e a t B r it a in .
The
cut
$ 3 7 ,6 1 6 ,8 5 0 a y e a r a g o .
to ta l
th e
cash
d e c lin e d
in t h e
reserves
$ 9 ,7 5 2 ,0 0 0 ,
but
d e p o s its c u t d o w n
r e q u ir e d ,
so
th a t
th e
an
in c r e a s e
ca s h s u r p lu s in d ic a t e d a r e d u c t io n o f b u t $ 7 ,8 6 7 ,8 5 0 .
in its g o ld s u p p ly a n d a d e c r e a s e in s ilv e r .
T h i s is
A s p e c ific c a u s e o f t h e fir m e r m o n e y m a r k e t w a s th e
t h e n a tu ra l c o n c o m it a n t o f a s e t tle d p o lic y o f r e fu s
a c c u m u la tio n
in g t o
S ta n d a rd
The
p a y o u t g o l d , b u t , in s t e a d , t o fu r n is h s ilv e r .
in c r e a s e in
g o ld
a m o u n te d
to
8 ,9 9 5 ,0 0 0
fr a n cs
a n d r a is e s t h e g o l d h o l d i n g s t o 3 ,2 2 7 ,1 7 1 ,0 0 0 fr a n c s ,
w h ic h
and
in
com p ares
w ith
3 ,1 9 7 ,6 0 0 ,0 0 0
3 ,2 4 9 ,2 5 0 ,0 0 0 fr a n c s in
th e s ilv e r
h o ld in g s w a s
1911.
fr a n c s
in
1912
T h e c o n tr a c tio n
th e
$ 4 0 ,0 0 0 ,0 0 0
(S a tu r d a y ).
The
m in im u m
w as
fo r
d id
on M on d a y and 4 Y i%
th e
th e
to -d a y
m oney
ra tes
a w e e k a g o , w h ile
n ot get ab ove 3 %
tou ch ed 4 %
of
p a y a b le
tim e
is n o w 4 lA , % , c o m p a r i n g w i t h 3 ^ %
c a ll m o n e y , w h ic h
d iv id e n d
la s t w e e k ,
o n T u e s d a y , th e
w h ic h
la tte r
b e in g
b r in g s th e t o t a l d o w n t o 6 2 8 ,8 3 2 ,0 0 0 fr a n c s , a s a g a in s t
th ere
w as
8 0 3 ,8 $ $ ,0 0 0 fr a n c s in 1 9 1 2 a n d 8 2 6 ,2 5 0 ,0 0 0 fr a n c s in
ra tes fo r fix e d m a tu r itie s c o n t in u e d t o b e m a in t a in e d .
1911.
The
fr a n cs
s m a lle r
B a n k ’s
5 ,9 7 9 ,6 6 9 ,0 0 0
fr a n cs
in
D is c o u n ts
fo r
n ote
th e
1 1 ,3 4 3 ,0 0 0 fr a n c s ,
fo r
O il C o m p a n y , w h ic h
c ir c u la tio n
w eek,
and
is
now
fr a n c s , c o m p a r in g w it h
1912
and
w ere
red u ced
5 ,2 3 7 ,5 5 7 ,4 9 0
4 2 ,3 2 5 ,0 0 0
som e
ren ew a l
s lig h t
ra te.
r e a c tio n
L a ter
in
1 2 4 ,9 2 5 ,0 0 0
I t w as n o t u n n a tu ra l th a t
a m o u n ts
h e r e in c o n j u n c t i o n w it h t h e d e p le t e d
to
5 ,3 1 5 ,5 7 1 ,7 6 5
fr a n c s
fr a n c s .
in
1911.
T rea s
s h o u ld
ch eck th e ou tw a rd
th e
g o ld
in
c a ll
th e
m oney,
w eek
but
h ig h e r r a te s c u r r e n t
b a n k reserves
m ovem en t.
N ever
t h e le s s , a n a d d it io n a l e n g a g e m e n t o f $ 1 ,0 0 0 ,0 0 0 g o ld
w a s m a d e fo r th e A r g e n tin e o n T h u r s d a y , a n d y e s
terd a y
(F r id a y )
a g g r e g a tin g
th ere
w ere
$ 1 ,0 5 0 ,0 0 0
fu r th e r
fo r
th e
en g a g em en ts
sam e
d e s tin a tio n ,
o f w h ic h , h o w e v e r , $ 2 5 0 ,0 0 0 w ill g o b y n e x t w e e k ’ s
stea m er.
T h e i n t e r i o r d e m a n d f o r f u n d s is k e e p in g -
h ere
are
b e g in n in g o f th e w e e k .
g a tin g
a d v is e d
by
th e ir
w h ic h b r in g t h e t o t a l t o t h e S o u t h A m e r ic a n R e p u b lic
up
to
$ 1 4 ,6 5 0 ,0 0 0
and
0 0 0 d ir e c t t o P a r is , $ 2 5 ,6 5 0 ,0 0 0 .
w it h d r a w in g t h e ir b a la n c e s fr o m
c a b le t r a n s fe r s , a n d
a q u ite g e n e ra l d is p o s itio n
la r g e
m ark et
ra th er
has
th e
corre
a d v a n c e d f o r t h i s is t h e f a c t t h a t f a r m e r s a r e s h o w i n g
fr o m
m akes
O n e reason
in t e r io r
s p o n d e n t s o f r a th e r s lo w e r c o lle c t io n s .
p r ic e s t h a t
A d d it io n a l s h ip m e n ts a g g r e
$ 2 ,0 5 0 ,0 0 0 w e r e a r r a n g e d fo r th e A r g e n t in e ,
a g g re g a te
to
th an
h o ld
accept
g r a d u a lly
com e
b a c k th e ir g r a in
th e
r e d u c tio n
a b ou t.
Thus
in
th ey
a re r e n e w in g t h e ir o b lig a t io n s a t th e b a n k s a n d a re
am ount
fo r tn ig h tly
of
it
is
fu n d s
B a n k ers h ere are
L ondon
u n d erstood
th a t
s e ttle m e n t in
w ere
have
pean
It
w ill
r e q u ir e ,
th e ir
a c c o r d in g
g r a in
to
w ith o u t
in t e r n a t io n a l
d e la y .
ban k ers
been
a
th e
tra n s
L on
d o n are ra th e r m o re o p tim is tic as re g a rd s th e E u r o
t h a t t h e c o n d it io n s in t h e n e a r fu tu r e
s h ip p e d
by
A d v ic e s c a b le d fr o m
done
th ey
s e llin g
q u ite
r e le a s e d
L ondon
fe r r e d h o m e in t h is w a y .
by
th a t
n o t p a y in g th e ir b ills a s p r o m p t ly a s t h e y w o u ld h a v e
had
s h ip
m e n ts fo r t h e c u r r e n t m o v e m e n t , in c lu d in g $ 1 1 ,0 0 0 ,
u p q u ite u n e x p e c t e d ly .
B anks
145
THE CHRONICLE
Feb . 15 1913.]
th e
m oney
e a r ly
s itu a tio n ,
te r m in a tio n
h ow ever.
of
th e
It
is
con ceded
depend u p on
B a lk a n
W ar.
W e
m oney
r e fe r r e d la s t w e e k t o t h e e s t im a te s m a d e b y E u r o p e a n
o n t h is s id e t o p r e v e n t t h e c o n t in u e d e x p o r t a t io n o f
e x p e rts as t o th e v o lu m e o f g o ld t h a t h a s b e e n h o a r d e d
g o ld
h ere,
a
fu rth e r
e ith e r
S ou th
ad van ce
to
E u rop e
A m e r ic a .
in
or
The
ren ta l
on
ra tes
fo r
E u ropean
dem ands
fo r
accou n t
to
in t h e E u r o p e a n c o u n t r ie s , o w i n g t o t h e a p p r e h e n s io n
c a p ita l
at
o f a p o s s ib le w a r .
new
T h e s e e s tim a te s w e r e : fo r F r a n c e
fa ct,
$ 1 3 0 ,0 0 0 ,0 0 0 , f o r A u s t r ia -H u n g a r y , $ 1 5 0 ,0 0 0 ,0 0 0 a n d
L o n d o n u n d e r w r ite r s c o n c e d e t h a t t h e y a re s e v e r e ly
f o r G e r m a n y , $ 6 5 ,0 0 0 ,0 0 0 , m a k in g a t o t a l o f $ 3 4 5 ,
t ie d u p w ith th e ir r e c e n t u n d e r t a k in g s .
0 0 0 ,0 0 0 .
hom e
are
not
as
a c tiv e
as th o se
ab roa d .
In
T h ey have
b e e n c o m p e lle d th e m s e lv e s t o a ss u m e a b o u t 7 5 %
D o u b tle s s
th e
fig u r e s
are
ex a g g era ted ,
of
b u t i t is c e r t a i n t h a t t h e h o a r d i n g s h a v e b e e n l a r g e ,
m o s t o f th e o ffe r in g s o f n e w c a p ita l s in c e t h e b e g in
a n d it s e e m s r e a s o n a b le t o s u p p o s e t h a t t h e g r e a t e r
n in g o f th e y e a r .
A t h o m e , n e w s e c u r it ie s t h a t w e r e
p la n n e d fo r t h e e a r ly w e e k s o f th is y e a r
in d e fin ite ly
d e fe r r e d .
The
su bw ay
have been
bond
is s u e
is
o f c o u r s e h e ld u p b y t h e d e la y in s ig n in g t h e c o n t r a c t s
by
th e c ity
a n d th e s u b w a y c o m p a n ie s .
paym ent
by
s to c k h o ld e r s
S ou th ern
P a c ific o n
$ 1 2 6 ,5 0 0 ,0 0 0
o f th e
U n io n
The
fir s t
P a c ific
and
a c c o u n t o f s u b s c r ip tio n s t o
S ou th ern
P a c ific
stock
th a t
is
to
s o ld b y t h e U n io n P a c if ic w ill b e d u e o n M a r c h
p a r t w i l l b e r e l e a s e d w h e n p e a c e is f o r m a l l y r a t i f i e d .
The
g o ld
th e
E u rop ean
c o u n tr ie s
in d ir e c tly
21.
co tto n
b ills .
at
th e
by
s to c k h o ld e r s .
A n th on y
e v id e n t
th e
u n d e r w r it in g
G u a ra n ty
th is c e n t r e , a fte r
ju r y
S.
to
b r in g
IJa n n a y
T ru st
of
in
C om pany
of
s to c k h o ld e r s
The
head
w ill
in c lu d e
th e
s y n d ic a te
of
m any
an
n o u n c e s t h a t fu lly 5 0 0 b a n k in g h o u s e s a n d fir m s h a v e
becom e
p a r tic ip a n ts
th rou g h ou t
th e
in
U n ite d
th e
u n d e r w r it in g s y n d ic a t e ,
S ta te s ,
G erm an y,
F r a n c e , H o lla n d , S w it z e r la n d , B e lg iu m
The
p a r tic ip a tio n
0 0 0 ,0 0 0 ,
or
in
th u s fa r
rou n d
a m o u n ts
n u m b ers
40%
E n g la n d ,
a n d A u s tr ia ,
to
about
of
th e
$ 5 0 ,
am ount
o f th e o ffe r in g .
The
ran ge
4 ^ @ 2 )^ % .
&
C o.
c a ll
m oney
On
M onday 4 %
th is
w eek
has
in
th o
been
w a s t h e h ig h e s t a n d
3 % t h e lo w e s t a n d r u lin g r a t e ; o n T u e s d a y t h e h ig h e s t
on
a
fo r e ig n
S ta te s D is
days’
in
who
of
t r ia l,
fa v o r
of
su ed
th e
fo r
th e
Y ork
b ill
exch an ge
o f K n ig h t, Y a n c e y
T h e c a s e w a s la r g e ly a te s t o n e .
T h e p o in t
a t is s u e w a s w h e t h e r n o t a t i o n s o n t h e d r a f t r e fe r r in g
to
s p e c ific
s h ip m e n ts
of
co tto n
m ade
su ch
c o n d itio n a l u p o n s u ch c o tt o n as s e c u r ity .
o r ig in a l c a s e w a s d e c id e d
banks gave
n o tic e
th a t
s h ip m e n ts
of
d ra ft
W h en th e
la s t O c t o b e r a n u m b e r o f
th ey
w o u ld
in
o n ly s u c h b ills o f e x c h a n g e s u p p o r t e d
c o v e r in g
of
$ 7 ,1 2 6
fiv e
N ew
d r a w n b y th e fo r m e r e x p o r t fir m
by
of
a
L iv e r p o o l
not
in te r e s ts .
fo r
u r g e n tly
con cern ed
a v e r d ic t
recovery
s u b s c r ib e d
so
J u d g e H o l t in t h e U n it e d
C ou rt
s y n d i c a t e w h i c h h a s a g r e e d t o t a k e s u c h s t o c k a s is
fo r e ig n
a v a ila b le
be
O n M o n d a y s o m e in d e c is io n w a s c a u s e d in s t e r lin g
s u b s c r ip tio n s
th a t
w ill
e x c h a n g e c ir c le s r e g a r d in g t h e f u t u r e p o l i c y in b u y in g
flu e n c e
is
g r a d u a lly
w h ic h
be
d ir e c te d
it
becom e
lo a n s
th e
t io n fr o m a b o u t 10 5 t o n e a r ly p a r m a y h a v e s o m e in
N e v e r th e le s s ,
new
c o n flic t.
tr ic t
th e
th en
th e
r e q u ir e d , n o t a lo n e b y t h e b e llig e r e n t S ta te s b u t b y
T h e d e c lin e t h a t h a s t a k e n p la c e in t h e s t o c k in q u e s
upon
w ill
fin a n c in g
co tto n
th a t
fu tu re
by
d id
buy
d o cu m e n ts
not
in
text
o r o n th e m a r g in c o n t a in a n y r e fe r e n c e t o th e d o c u
m en ts
or
th e sa m e .
to
th e
s p e c ific
m e r c h a n d is e
covered
by
C o m p e titio n , h o w e v e r , w a s so k een th a t
a n d lo w e s t fig u r e s o f t h e w e e k w e r e t o u c h e d , n a m e ly
th is
4 p ‘2 @ 2 ) / ‘2 % w i t h t h e h i g h e r f i g u r e t h e r e n e w a l b a s i s ;
th e p r a c t ic e h a s b e c o m e q u ite g e n e r a l o f d is r e g a r d in g
W edn esday
th e c o t t o n - b ill m a r g in a l n o t a t io n s .
w a s a h o lid a y ; o n
t h e h ig h e s t, 3 ^ %
fig u r e ;
w ere 4 )^
F r id a y ’s
T h u rsd ay 4 p t%
th e m in im u m
h ig h e s t
a n d 4 % , w ith 4 %
and
and 4 %
w as
t h e r u lin g
lo w e s t, r e s p e c tiv e ly ,
t h e r u lin g fig u r e .
T im e
r u le
w as
not
in v a r ia b ly
th is w e e k ’ s d e c is io n
fo llo w e d
w as handed
and
r e c e n tly
T h e r e fo r e w h e n
d o w n , th ere w as a
d i s p o s i t i o n t o t a k e t h e m a t t e r u p a g a in a n d in s is t u p o n
“ s tr a ig h t”
b ills .
H o w e v e r , in q u ir ie s s h o w
th a t th o
m o n e y c lo s e d a r 4 j/£ % fo r s ix t y d a y s a n d 4 ^ @ 4 ^ %
b a n k s a n d b a n k e r s in t h is c i t y w h o b u y c o t t o n b ills
fo r
a re n o t lik e ly t o a lte r th e ir m o r e r e c e n t p o l i c y , a t a n y
th re e ,
fo u r ,
fiv e
p a p e r is n o t o f f e r e d
w ere
d e m a n d in g
and
fr e e ly
4 % @ 5 %
s ix
and
fo r
m on th s.
M e r c a n tile
b u y ers at th e
60
and
90
days
c lo s e
en
d o r s e d b ills r e c e iv a b le a n d a ls o fo r fo u r t o s ix m o n t h s
s in g le n a m e s o f c h o ic e
at 5 ^ %
ch a ra cte r; oth ers are q u o te d
and above.
r a t e u n t il a f u r t h e r a p p e a l in t h e p r e s e n t t e s t c a s e h a s
b e e n d e c id e d .
T h e y w ill c o n t in u e t o b u y b ills c o n
t a in in g t h e m a r g in a l n o t a t io n s b u t w ill e x e r c is e m o s t
a c tiv e
d is c r im in a tio n
as to
th e
r e s p o n s ib ility
o f a ll
p a r tie s t o t h e t r a n s a c t io n a n d a ls o a s t o t h e g e n u in e
n e s s o f e a c h b ill o f la d in g .
T h e h ig h e r r a te s fo r m o n e y a t h o m e w e r e p r o m p t ly
r e fle c te d
d e c lin e
in
in
our
fo r e ig n
s te r lin g
exch an ge
h a v in g
ta k e n
m a rk e t,
p la c e
a stea d y
fr o m
th e
As
r o u tin e
exch an ge
tr a n s a c tio n s ,
g o ld
ex p orts
a t t h e p r e s e n t r a te s o f s t e r lin g a r e o u t o f t h e q u e s t io n
T h e r e is a g a i n a m o v e m e n t o n f o o t t o
a d v a n ce th e
440
THE CHRONICLE
[ V o l . X C V I.
r a t e o f in s u r a n c e o n g o l d in t r a n s it a c r o s s t h e A t l a n
in to
t ic , w h ic h
a p p e a r s t o h a v e b e e n a lo s s o f $ 3 ,9 0 3 ,0 0 0 , a s f o llo w s :
g o ld
if s u c c e s s f u l w i l l m e a n h i g h e r c h a r g e s f o r
ex p orts,
e x te n t
m ent
has
th e r e fo r e
a s id e
r e c e n tly
op e ra te
s h ip m e n ts .
in a u g u r a te d
but
w ere
w o u ld
a d d itio n a l
been
c o m p a n ie s ,
th a t
and
a g a in s t
by
fr o m
L ondon
th e
m ade
as
to
The
s p e c ia l
test
th e
p resen t
g o ld
at
p r o m p tly
t im e
th e
ad van ced
c o n tin u e d
fr o m
s itu a tio n .
th e
u n til
The
to
and
th e
ra tes
fo u n d e re d
of
w ere
fig u r e s
oth e r
flo a t in g ic e h a d d is a p p e a r e d .
T o t a l ... .............................. ..
w h at th ey
w ere
d is a s te r s
H o w e v e r , th e in
a y e a r a g o , w h ic h in d ic a t e s
t h e s t r o n g p r e s s u r e t h a t is f o r c i n g t h e m o v e m e n t o f
g o ld
fr o m
th is
cen tre
ra th er
th an
fr o m
E u ropean
p orts.
S t e r l i n g e x c h a n g e in P a r i s c l o s e d a t 2 5 . 2 4 % ! f r a n c s ,
w h ic h c o m p a r e s w it h 2 5 . 2 3 %
fr a n c s a w e e k a g o a n d
t h e L o n d o n c h e c k r a t e in B e r l in c l o s e d a t 2 0 .4 9 m a r k s
a s a g a in s t 2 0 .4 9 ) 4
B e r lin
exch an ge
c o m p a r in g
m a r k s a t t h e c lo s e o f la s t w e e k .
in
w ith
P a r is
1 2 3 .1 9
c lo s e d
fr a n c s
1 2 3 .0 6 fr a n c s a f o r t n ig h t a g o .
th a t
th e
exch an ges
are
at
1 2 3 .2 5
one
w eek
fr a n c s ,
ago
and
I t is e v i d e n t t h e r e f o r e
s till
m o v in g
w eek
Out of
Banks.
Met Change in
Bank Holdings.
$ 1 1 ,1 3 2 ,0 0 0
2 1 ,1 0 0 ,0 0 0
$ 6 ,5 8 5 ,0 0 0 G a i n
2 9 ,5 5 0 ,0 0 0 L o s s
$ 4 ,5 4 7 , 0 0 *
8 ,4 5 0 , 0 0 *
$ 3 2 ,2 3 2 ,0 0 0
$ 3 6 ,1 3 5 ,0 0 0 L o s s
8 3 ,9 0 3 , 0 0 *
T h e fo llo w in g ta b le in d ic a t e s t h e a m o u n t o f b u llio n
in t h e p r in c ip a l E u r o p e a n b a n k s .
Feb. 13 1 9 1 3 .
Banks of
a g a in s t
P a r is
E n g la n d ..
F ran ce . .
G e r m a n y ..
R u s s ia a . .
A u s -H u n b
S p a i n _____
I t a l y d ___
N e th la n d s
N a t .B e l g d
Sw eden . .
S w lt z e r l’ d .
N orw ay .
Feb. 15 1 9 1 2 .
| Slloer.
Gold.
w ere
s u ra n c e r a te s o n g o ld t o t h e A r g e n tin e a re n o w n e a r ly
d o u b le
b a n k s fo r th e
tra n s a c tio n s
h ig h e r
a p p r e h e n s io n
Y ork
Into
Banks.
B a n k s ’ in t e r io r m o v e m e n t
S t ib -T r e a s . o p e r . a n d g o l d e x p o r t s . .
P a r is
p r e v a ilin g
T ita n ic
N ew
Week ending Feb. 14 1 9 1 3 .
t h e r e h a v e b e e n n o s h ip m e n t s o f t h e m e ta l t o r e a lly
fo r
o u t o f th e
th a t
m ove
in s u r a n c e
ex p orts
and
£
3 6 ,9 9 1 ,1 7 4
1 2 9 ,0 8 7 ,0 8 0
4 4 .0 8 5 .0 0 0
1 5 5 ,7 5 7 ,0 0 0
5 0 .6 3 3 .0 0 0
1 7 .6 1 8 .0 0 0
4 2 .8 6 9 .0 0 0
1 3 .1 9 9 .0 0 0
7 .6 6 0 .0 0 0
5 .6 2 2 .0 0 0
6 .7 6 7 .0 0 0
2 .1 5 4 .0 0 0
Total.
£
2 5 ,1 5 3 ,4 8 0
1 4 .1 0 0 .0 0 0
6 .9 5 3 .0 0 0
1 0 .1 3 3 .0 0 0
2 9 .6 2 1 .0 0 0
3 .3 8 8 .0 0 0
7 5 3 ,5 0 0
3 .8 3 0 .0 0 0
T o t l w e e k . 5 1 2 ,4 4 2 ,2 5 4
P r o v .w e e k 5 1 1 ,1 9 4 ,2 9 7
Gold.
Slloer.
£
£
3 6 ,9 9 1 ,1 7 4 3 9 ,2 2 9 ,5 2 7
1 5 4 ,2 4 0 ,5 6 0 1 2 7 ,9 0 4 ,3 0 0
5 8 .1 8 5 .0 0 0 4 3 ,2 1 1 ,8 5 0
1 6 2 ,7 1 0 ,0 0 0 1 4 3 ,7 5 5 ,0 0 0
6 0 .7 6 6 .0 0 0 5 4 .0 2 1 .0 0 0
4 7 .2 3 9 .0 0 0 1 6 .7 6 6 .0 0 0
4 6 .2 5 7 .0 0 0 4 1 .8 6 3 .0 0 0
1 3 ,9 5 2 ,5 0 0 1 2 .1 0 9 .0 0 0
1 1 .4 9 0 .0 0 0
6 .6 5 8 .0 0 0
4 .7 1 9 .0 0 0
5 .6 2 2 .0 0 0
6 .5 5 6 .0 0 0
6 .7 6 7 .0 0 0
2 .1 8 9 .0 0 0
2 .1 5 4 .0 0 0
Total.
£
£
3 9 ,2 2 9 ,5 2 7
3 2 ,1 5 3 ,9 6 0 1 6 0 ,0 5 8 ,3 2 0
1 6 ,0 6 6 ,4 5 0 5 9 ,2 7 8 , 3 0 0
6 ,3 9 5 ,0 0 0 1 5 0 ,1 5 0 ,0 0 0
1 2 .4 3 1 .0 0 0 6 6 .4 5 2 .0 0 0
3 0 .0 5 3 .0 0 0 4 6 .8 1 9 . 0 0 0
3 .8 4 5 .0 0 0 4 5 .7 0 8 . 0 0 0
1 ,0 8 4 ,8 0 0 1 3 ,1 9 3 ,8 0 0
3 .3 2 9 .0 0 0
9 .9 .8 7 .0 0 0
4 .7 1 9 . 0 0 0
6 .5 5 6 .0 0 0
2 .1 8 9 .0 0 0
9 3 ,9 3 1 ,9 8 0 6 0 6 ,3 7 4 ,2 3 l | l 9 8 ,9 8 1 ,7 3 7 1 0 5 ,3 5 8 ,2 1 0 6 0 4 ,3 3 9 ,9 4 7
9 4 ,1 3 1 ,1 4 0 6 0 5 ,6 2 5 ,437 | 4 9 7,8 2 1 ,4 3 3 1 0 5 ,7 9 1 ,2 7 3 6 0 3 ,6 1 2 ,7 0 *
a T h e t o t a l o f g o ld In t h e R a n k o f R u s s ia I n c lu d e s t h e b a l a n c e h e ld a b r o a d — •
t h a t Is, t h e a m o u n t h e ld f o r R u s s ia n a c c o u n t In o t h e r C o n t i n e n t a l b a n k s .
Tho
p r o p o r t io n s o h e ld , a n d c o n s e q u e n t l y d u p li c a t e d In t h o a b o v e s t a t e m e n t , Is a b o u t
o n e -n i n t h o f t h e t o t a l t h is y e a r , a g a in s t a b o u t o n e -s ix t h a y e a r a g o .
b T h e A u s t r o -H u n g a r i a n B a n k s t a t e m e n t is n o w Is s u e d in K r o n e n a n d H e lle r
I n s te a d o f G u ld e n a n d K r e u t z e r .
T h e r e d u c t i o n o f t h e fo r m e r c u r r e n c y t o s t e r lin g
P o u n d s w a s b y c o n s id e r i n g th e G u ld e n t o h a v e t h o v a l u e o f 8 0 c e n t s .
A s th e
K r o n e n h a s r e a ll y n o g r e a t e r v a lu e th a n 2 0 c e n t s , o u r c a b le c o r r e s p o n d e n t in
L o n d o n , in o r d e r t o r e d u c e K r o n e n t o P o u n d s , h a s a lt e r e d t h e b a s is o f c o n v e r s io n
b y d i v id in g t h e a m o u n t o f K r o n e n b y 2 4 l a s t c a d o f 2 0 .
d T h e d i v is i o n (b e t w e e n g o l d a n d s ilv e r ) g iv e n in o u r t a b l e o f c o i n a n d b u ll io n in
t h e B a n k s o f I t a l y a n d B e lg iu m Is m a d e fr o m t h e b e s t e s t im a t e s w o a r e a b l o t o
o b t a i n ; it Is n o t c l a i m e d t o b o a c c u r a t e , a s t h o b a n k s m a k o n o d i s t i n c t io n In th e
w e e k l y r e t u r n s , m e r e l y r e p o r t i n g th e t o t a l g o ld a n d s i lv e r ; b u t w o b e li e v e t h o
d i v is i o n w o m a k e Is a c l o s e a p p r o x im a t i o n .
in f a v o r o f L o n d o n a n d B e r lin .
C om pared
w ith
F r id a y
o f la s t w e e k , s t e r lin g
ex
T H E
ch a n g e o n S a tu r d a y w a s u n c h a n g e d fo r d e m a n d a n d
s ix t y -d a y b ills , w h ic h w e re q u o t e d a t 4 8 7 7 5 @ 4 8 7 8 0
in g
a n d 4 8 3 5 0 @ 4 8 3 6 0 , r e s p e c t iv e ly ; c a b le tra n s fe r s w e re
F e lix
fir m e r a t 4 8 8 3 5 @ 4 8 8 4 5 .
D e m a n d s t e r lin g d r o p p e d
th e M e x ic a n
15 p o in ts o n
th e
m ent and
M onday,
on
su dd en
h a r d e n in g
in
M E X IC A N
S IT U A T IO N .
T h e r e v o lu t io n a r y o u t b r e a k o f la s t S u n d a y m o r n
in
M e x ic o ,
D ia z ,
in
th e
w h ic h ,
o ld
under
P r e s id e n t’s
th e
com m an d
nephew ,
a
of
p art
of
a r m y ro se a g a in s t th e M a d e r o G o v e r n
tu rn ed th e C ity
o f M e x ic o
in to
a b a ttle
lo c a l m o n e y ra te s , t o 4 8 7 5 0 @ 4 8 7 6 0 a n d s ix ty d a y s
grou n d ,
to
g e n e r a l p u b lic w it h o u t in a n y w a y s u r p r is in g t h e m .
4 8 3 2 5 @ 4 8335;
w eaker
becau se
c a b le
of
tra n s fe r s
th e
fa s t
w ere
r e la t iv e ly
stea m er
s c h e d u le d
fo r W e d n e s d a y , d e c lin in g t o 4 8 8 0 5 @ 4 8 8 1 5 .
w a s a fu rth e r d e clin e o n
r is e in
m oney
T u esday
on
T h ere
th e c o n tin u e d
h ere to 4 8 7 3 0 fo r d e m a n d a n d 4 87 80
The
is
one
d e ta ils
obscu re,
arm y
R e y e s; th a t
and
c lo s e
w as
at
4 8 7 4 0 @ 4 8750
fo r
dem and,
s e iz e
4 8 7 9 0 @ 4 8 8 fo r c a b le t r a n s fe r s , 4 8 3 1 0 @ 4 8 3 2 0 fo r 60
pu rpose
d ays.
so
W e d n e s d a y w a s a h o lid a y .
O n T h u rsd a y ster
lin g a g a in r u le d w e a k a n d d e c lin e d , c h ie fly o n t h e fir m
n e s s in
m oney
and
a d d itio n a l
en g a g em en ts
o f g o ld
is
been
and
th ose
th e
it
th e
F e lix
p la n
th a t,
been
a lth o u g h
arsen al
in
th e
h im s e lf
r e m a in e d
in
th e
4 8 7 8 0 @ 4 8 7 9 0 fo r c a b le tr a n s fe r s a n d 4 8 2 9 0 @ 4 83
b oth
s m a ll a r m s a n d
fo r
in w h i c h
On
F r id a y
th e
m ark et
c o n tin u e d
been
by
The
in ju r ie s t o n o n -c o m b a t a n t s ,
p o in ts .
s ix ty
c a b le
ad van ced
10
C lo s in g q u o t a t io n s w e r e 4 8 2 8 5 @ 4 8 2 9 5 fo r
days,
4 8 7 2 5 @ 4 8735
4 8 7 9 0 @ 4 88
fo r
banks
at
c lo s e d
c a b le
fo r
4 81 @ 4 8 2 %
4 82% @ 4 82% ;
dem and
t r a n s fe r s .
paym ent at 4 8 2 @ 4 83.
fr o m
tr a n s fe r s
and
b ills
on
d o cu m e n ts
fo r
C o tt o n fo r p a y m e n t ra n g ed
g r a in
fo r
paym ent
4 82%
@ 4 83.
fig h t in g
M a d ero
th a t
o c c u p ie d
a
been
in
w h ic h
used, and
c a s u a ltie s h a v e o c
troop s,
but
fr e q u e n t
h a s c o n tin u e d
th rou g h
th e
new s
has n o t
been
c le a r .
p la in im p r e s s io n w a s t h a t D ia z
th in g b e fo r e
of
d ou b t,
h im .
w h ic h
At
T h is w a s s u c c e e d e d
w as
fir s t,
N ew
Y ork
w ith
C le a r in g -H o u s e
in te r io r
b a n k in g
in
t h e ir
m ent
in s tit u t io n s ,
banks,
have
c a p ita l.
jo in
of
th e
th e
in c r e a s e d
by
in s u r g e n t t r o o p s
g u e r illa
c h ie fta in
by
su ch
a p e r io d
d is p a tc h e s
day
ren cy
m ovem en ts
in c id e n t o f s o m e im p o r t a n c e .
T h e ir
r e c e ip ts
fr o m
th e
th e
w eek
in t e r io r
e n d in g
have
F eb.
14.
a g g re g a te d
$ 1 1 ,1 3 2 ,0 0 0 , w h ile t h e s h ip m e n t s h a v e r e a c h e d $ 6 ,
5 8 5 ,0 0 0 .
A d d in g
th e S u b -T re a s u r y
o p e r a tio n s a n d
t h e g o ld e x p o r t s , w h ic h t o g e t h e r o c c a s io n e d a lo s s o f
$ 8 ,4 5 0 ,0 0 0 , t h e c o m b in e d r e s u lt o f t h e flo w o f m o n e y
en ce
one
o f th e
d u r in g
tim e
and
th e
o f th e m o v e
Z a p a to
tow a rd
th e
T h e d e a t h o f G e n e r a l R e y e s d u r in g t h e fir s t
g a in e d $ 4 ,5 4 7 ,0 0 0 n e t in c a s h a s a r e s u lt o f t h e c u r
fo r
th e
w a s c a r r y in g e v e r y
a s t h o s e d e s c r ib in g t h e r e le a s e o f p r is o n e r s fr o m
o p e r a tio n s
th e
M ad ero
c o n s id e r a b le
fig h t in g ,
have
th is
b lo c k a d e d ,
A s t o h o w m u c h o f t h e a r m y is c o n t r o l l e d b y e i t h e r
p a rty ,
ja ils t o
The
com
o u t th e w eek .
and
C o m m e r c ia l
w ith
a r t ille r y
s ix ty -d a y
w h ile
but
P r e s id e n t
ra th er h e a v y
th e
are
r e g u la r
ca p tu re
p a r tly
street
cu rred
ra tes
to
and
in t r e n c h e d
n o t o n ly
th e
p o p u la r
fo r c e ;
M e x ic o ,
n e r v o u s a n d t h e r e w a s a f u r t h e r d e c lin e o f 5 p o in t s in
am ong
by
r e v o lu tio n is t s
of
p a la c e .
th e
c o n s p ir a c y
th a t
w ith
had
th e
C ity
s t a r tle
D ia z a n d G e n e ra l B e r n a r d o
fo r e s e e n
fo r c e
days.
enough
th e G o v e rn m e n t
had
w h ic h
r e v o lu tio n a r y
p la in
fo r e x p o r t; th e ra n g e w a s 4 8 7 2 5 @ 4 8 7 3 5 fo r d e m a n d ,
s ix ty
ev en ts
ta m p ered
m a n d e rs, n o ta b ly
fo r c a b le s , a lt h o u g h la t e r th is w a s p a r t ia lly r e c o v e r e d
th e
of
but
had
of
fig h t in g m a y
tu rn
m a n y y e a r s in
M in is te r
of
W ar
ou t to
have been
an
A m a n o f g re a t p r o m in
m ilit a r y
under
a ffa ir s ,
P o r fir io
and
at
D ia z ,
he
h a d b e e n a c o n s is t e n t t r o u b le m a k e r , h a d b e e n b a n
is h e d fo r t h a t r e a s o n b y t h e e ld e r D ia z h im s e lf, a n d
h a d r e tu rn e d fr o m
e x ile , a y e a r a n d a h a lf a g o , o n ly
F e b . 15 1913.]
THE CHRONICLE
in time to find it necessary to acquiesce with as good
grace as possible in the Madero Administration.
T o understand the existing situation, some recent
events must be reviewed. In the early months of
1910, signs were multiplying that the regime of old
President Diaz was losing its hold. The President
himself was apparently succumbing to advanced
age; eighty years old, and apparently in feeble health,
he was surrounded by a group of advisers who were
little else than political intriguers. No one had a
clear and distinct idea as to whom he would name
as his successor, or whether the people and the rival
politicians would assent to such a choice. It was
then, in June of 1910, that Francisco Madero, a
man then not forty years of age, and with somewhat
advanced ideas on the possibilities of popular
government in Mexico, stood against old President
Diaz in the Presidential election, and was defeated.
Some of his methods during that campaign were
made a pretext for imprisoning him, after the elec
tion, on the charge of sedition. He escaped in
October of that year to Texas; whence, in November,
he re-entered Mexico, making terms with the tur
bulent military and political leaders of the north.
Among others whose support he secured, on the
basis partly of their desire for any sort of change,
and partly doubtless of their hope for plunder, were
two notorious guerilla chieftains, Orozco and Villa;
with them came Gomez, the civil governor of the
Province of Chihuahua. Active campaigning against
the Diaz government followed. The defections from
the aged President increased, the campaign was
fought with hesitation on his side, and in May of
1911, when Madero had captured the important
city of Juarez, the old dictator of Mexico fled from
the capital and embarked for Europe. In June of
that same year, Madero entered Mexico City with
the enthusiastic plaudits of the people.
In accordance with his avowed purpose, the Presi
dency was then submitted to a popular election.
As a candidate, Madero stood against Reyes and
Gomez, and the result was an overwhelming Maderist
majority— largely based, without question, on the
hopes of the restless politicians and military men as
to what they had to gain under the new regime.
Where hopes of this sort were so widely entertained,
trouble was bound to come at once. The new Ad
ministration had hardly taken office when revolts
began all over Mexico. The bandit chieftains, who
had espoused Madero’s cause in the preceding year,
promptly took the field against him when they saw
what his notions were regarding the character of
government, ltcyes himself abandoned the Presi
dent’s cause, and in the autumn of last year young
Diaz led a temporarily successful revolt at Vera
Cruz, capturing that city. Of this exploit, however,
the Government was warned. Diaz was captured in
October, tried by a military court, found guilty of
high treason, and sentenced to be shot. A court
writ, however, prevented the execution and he was
left in prison, whence he escaped last week.
When it is asked more definitely what is the reason
for this week’s revolt, there will be several answers.
The revolutionary spirit which pervades Mexico, and
the ignorance of the people, serve now, as always, to
make such a movement easy. Beyond all that,
however, the manner of Madero’s own succession
447
in 1911 clearly suggested the possibility of another
counter-revolution along similar lines; for, no matter
how much stress is laid on the fact that Madero was
in form the country’s choice for President, the fact
would always remain that, but for this revolt against
another elected President and his success against
that President in the field, he would never in all
probability have reached a point where his election,
even by a small majority, would have been possible.
Aside from that consideration Madero, during his
eighteen months of control of Mexican affairs, has
failed to secure that prime essential under circum
stances of the sort— peace and order for the people
governed by him. Whatever might be said regard
ing the manner and methods of old Porfirio Diaz’s
long regime, there has been no disagreement as to
the fact that he, first in a long succession of dicta
tors, had brought peace with the opportunity for
material prosperity to Mexico. Some of the reasons
why Madero failed in this achievement we have
already stated. There has been no sign of a strong
hand in the Central Administration. Uncertainty
of action— possibly caused by a conflict of military
instincts with humane aspirations for parliamentary
government— has repeatedly prevailed on critical
occasions. If it be true that Madero’s Administra
tion has been crippled in efficiency through his
trust in the Mexican people, one would at least have
to ascribe to him more of amiable aspirations than
of robust power for action suited to a real emerg
ency.
Even after allowing for the political weaknesses
and vices inherent in such a population as that of
Mexico, it must be remembered that in every coun
try where the form and personnel of government
is, or has been, in dispute, the essential consideration
is the guaranty of peace and order. That principle
is not limited to Mexico; it is as old as civilized
history. Napoleon was, to all intents and purposes,
an usurper; so, as regards his larger powers, was
Cromwell; but their respective nations acquiesced
in the power seized by each through the bayonets
of his soldiers, because each brought political and
social order out of chaos. Had either of those two
great dictators failed in that specific purpose, he
would ^beyond any question have been shortly cast
aside. It is difficult to escape the conclusion that
Madero, tried by this severe test of political history,
has been weighed in the balance and found wanting.
Conceivably he may even yet demonstrate possession
of the necessary powers; if not, then the logic of
the situation indicates that some one else must try
the experiment.
The situation of our own Government, in the
face of this week’s events at Mexico City, is extra
ordinarily difficult. Our nation’s responsibility under
the Monroe Doctrine— when other foreign govern
ments, whose citizens are threatened in the Mexican
disorder, are warned by our Government not to
interfere— is heavy enough. Nor does our present
unfortunate position in relation to the other SpanishAmerican States, whose people doubt and suspect
our motives in the matter, simplify the situation.
Again, if our Government were at this time to inter
vene, not only would a problem of formidable diffi
culty be raised as to our future relations to the Mexi
can domain, but an extremely critical problem would
448
THE CHRONICLE
at once be created in regard to the Americans now in
Mexico.
That this critical situation should have arisen
only two or three weeks before a change in our
National Administration, leaves the problem infinitely
complex. In the nature of the case, this fact will
require the Taft Administration to avoid, unless
under absolute stress of circumstances, between now
and the 4th of March, any such action as should
commit the incoming Wilson Government. In the
end, our action must be regulated by the progress
of events. We cannot contemplate an indefinite
•Estate of anarchy in Mexico; but, on the other hand,
our experience in the Central American States points
emphatically to the dangers of our State Depart
ment declaring prematurely for one or the other
conflicting claimants. For ourselves, we are strongly
of opinion that the happiest solution of the matter,
both for Mexico and for the United States, would
be for actual possession of the Government to be
lodged in the hands of a strong and capable executive
similar to old President Diaz, who should be at least
able to control the turbulent forces in his country,
to enforce order throughout Mexico, and to insure
peace along our southern border. Whether return
to exactly those conditions is an easy or early possi
bility, it is not yet safe to say; we shall soon have
some more light upon the question.
GERMANY’S GROWTH.
[Vol. XCVI.
for Great Britain and France are: Increase of popu
lation, 37% and 8 % ; excess of births, 11% and 1 .8 % ’
decrease of deaths, 28.4% and 21.8% .
The national revenue of Germany has risen from
2,860 million marks in 1881 to 8,534 million marks,
of which 54% comes from the earnings of business
controlled by the State, which embraces not only
the postal, telegraph and telephone service, but
nearly all the railways, with extensive arable lands,
forests and mines. Meanwhile the State debt is
316.7 marks per head, as compared with 330.3 per
head for Great Britain, 666.1 for France and 45.7 for
the United States. Germany spends for her army
and navy 1410 million marks, or 21.17 per head, as
against Great Britain’s 1,468, or 32.18 per head;
France’s 1,075, or 27.0$ per head, and the United
States 1,182, or 12.41 per head.
The national wealth shows an annual increase of
four milliards of marks, aggregating 270 milliards,
as against approximately the same for Great Britain,
170 milliards for France and 450 for the United States.
Nine per cent of the taxpayers of Prussia pay on a
capital of over 100,000 marks. Twenty years ago
only 30% of the population of Prussia earned the
minimum tax income, and, what is the most notable
fact, the number has now risen to 60% . German
savings banks have 21 million depositors, as against
1 3 million English, 14 million French and 9 million
in the United States. Their deposits stand in the
following order: 16,780 million marks, or 258.5 per
head in the German banks; 4,422 million marks, or
98.25 per head in the English; 4,514 million marks,
or 114 per head in the French; 17,096 million marks,
or 185.5 in the United States.
The increase in the consumption of raw material
has been very great. The increase for the past there
decades has been for coal, 120%; lignite, 228%; pig
iron, 204%; zinc, lead and copper, 226%; cotton,
100%, and petroleum, 72% .
It will surprise many to learn that Germany, as
the result of intensive farming and widely diffused
scientific methods, is one of the chief agrarian
countries. She uses as much potash salts for fer
tilizing as all the rest of the world.* Four-fifths
of her entire soil is cultivated by peasant farmers
having small holdings. Her forests, with an approxi
mate value of ten milliard marks, yield an annual
income of 3)^ % on this valuation. Her crops show
a percentage of increase per hectare (2.47 acres) in
25 years for wheat of 57, rye 73.5, barley 52, oats 81,
potatoes 61.4, hay 53, and compare with other coun
tries as follows:
A few months ago we published several articles on
“ Germany’s Challenge” and “ German Commercial
Competition,” in which we printed various tables
showing the remarkable recent growth of Germany
in all directions. We have before us a publication
of the Dresdener Bank of Berlin, under date of Jan. 1
1913, celebrating its fortieth anniversary, which
enables us to bring our figures up to date, confirm
ing and strengthening the positions we then took.
Incidentally it may be noted that the Dresdener
Bank, which was organized in 1873 with 9,600,000
marks capital and had that year 617 accounts with
an aggregate of 3,500,000 deposits and “ creditors’
current accounts,” reports for 1911 200,000,000
marks paid-up capital, 162,878 accounts, 333,487,
415 marks deposits and 564,961,604 marks of “ cred
itors’ current accounts,” with reserves of 61,000,000
marks, and other items showing similar remarkable
growth. The bank has head offices in Berlin,
Dresden and London, with branches in forty-six
other cities. In view of the criticism now in vogue
against our American banking institutions, it is not
W h e a t & R y e , B a r l e y & O a ts ,
P o ta to es,
out of place to observe that, in connection with a list
1911T o n s.
T on s.
T o n s.
of great industrial, railway and banking companies Germany-----------------14,932,400
10,864,000
34,374,200
6,193,700
11,527,900
whose names it gives, it proudly reports that it is France--------------------- 10,381,600
Austria-Hungary.
.1
0
,6
9
8
,7
0
0
6,926,200
16,652,100
represented on the boards of no less than two hun
Russia______________ 31,020,500
20,305,300
31,107,200
dred companies, of which these are a part; so different United States............17,751,500
16,876,200
7,967,100
js the view taken in the European business world of C an ada____________ 5,958,500
6,338,300
1,796,800
Argentine__________ 3,565,600
529,600
_____
“ interlocking directorates.”
RETURNS PER H ECTARE.
The increase of the population of Germany, which
1911.
O a ts . P o ta to e s .
W h e a t.
B a rley .
R ye.
in 35 years is 52% , is due to the excess of births over Germany ______ ____ 20.6
19.9
17.8
17.7
103.5
14.3
12.6
14.3
deaths which has advanced, until in 1910 it was France _______
74.2
14.8
12.1
____ 13.2
13.1
92.3
13.6% . The death rate has fallen in 20 years A u stria___
Hungary____
14.2
11.6
____ 14.0
11.8
72.3
33.3% as the result of the advance in medical science Russia............ ____ 4.7
6.6
7.7
6.7
70.0
and improved hygiene. The corresponding figures United S ta te s.. ____ 8 .4
9 .8
11.3
8.8
54.4
* As compared with the United States it was in 1911 per square kilo
metre or cultivated land 1,205 kilograms, to 142 in this country.
Canada _______
A r g e n tin e ____ ____ 6.1
11.7
___
15.2
___
14.7
9.2
96.7
THE CHRONICLE
F e b . 15 1933 ]
The increase in the number of farms using modern
machines is in 25 years 282%, or from 391,746 to
1,497,975. German industry is based chiefly on
coal and iron, which exist there in great quantity.
Her coke production is about one-quarter of the out
put of the world, while her production of iron and
steel is but little less. The utilization of by-products
of gas and coke manufacture, and the immense devel
opment of the chemical industry are a chief feature
or her recent growth; while in connection with the
great progress of the electrical industry her con
sumption of copper has increased more rapidly than
that of any other country.
Steel,
--------------- Pig Iron1910.
1885.
1910. Increase,
Production—
1,000 tons 1,000 ions Per.Cent. 1,000 tons
13,099
Germany
____ ____ 3,088
301.0
14,794
0,477
35.0
10,173
Great Britan __ ____ 7,534
3,413
147.0
France _ _ ____ ____ 1,031
4,038
20,514
575.0
27,742
United States___ ____ 4,109
W orld’s production 19,800
Germany’s share. ------ 18.1 %
Copper Consumption—
Germany _______ ________
Great Britain . ________
Rost of E u rop e._ ________
United Slates___ ________
07,000
2 2 .1 %
1901.
1,000 tons.
84.8
105.2
102.1
192.3
238.0
—
00,200
2 2 .7 5 %
1911.
1,000 tons,. Increase.
10 0 .3 %
225.8
159.4
5 1 .5 %
221.1
1 1 0 .0 %
0 7 .4 %
321.9
Germany's world trade is second only to that of
Great Britain, which it is rapidly overtaking. The
totals are for 1911, in million marks: Germany, 17,812,
an increase in ten years of 143%; Great Britain,
21,043, increase 66% ; France, 11,466, increase 105%;
United States, 14,874, increase 70% . Raw mater
ials for manufacture constitute more than one-half
of the German imports, whereas two-thirds of her
exports are of manufactured goods. Germany’s
mercantile marine has increased 104% in 20 years,
while England’s has grown only 37% .
The total tonnage of Germany’s extensive ship
ping in her inland waterways has increased nearly
fivefold in the last thirty years, while her railways
have extended since 1870 from 19,575 to 61,148
kilometres, with a present invested value of 17,348
million marks and an annual revenue of 2,738
million marks.
In matters of finance, the Rcichsbank, thd great
central joint-stock bank, with its shares in private
ownership while it is managed by Government offi
cials, has 488 branches, turns over 377,502 million
marks annually, has paid into the Imperial Treas
ury in the 35 years of its existence 323 million marks
and to its stockholders an average annual dividend
of 6.92% . There arc also many joint-stock banks,
of which 19 have each a paid-up capital of from
50 to 200 million marks, and the total assets of all
having more than a million capital is 16,650 million
marks, with an average dividend of 7.84% .
Great as is the sum of Germany’s wealth and gen
eral prosperity measured in any line of development,
the rate of annual growth is the most significant fact.
It does not result from fortuitous conditions; her
natural resources are far from exceptional— indeed,
in important respects they are quite below the aver
age. It is due to the concentration of her intelli
gence upon her practical problems, with the conse
quent wide diffusion of that intelligence, and the close
and appreciative union between her leading men of
science and her men of affairs. The Government
449
and the people combine to throw wide open all doors
for every possible development or improvement of
method. Her proletariat is steadily rising both in
intelligence and in appreciation of the value of
knowledge and training in every occupation. Con
sequently, viewed from any standpoint, her phenom
enal growth, so far from being in itself a peril,
should be an incentive to every other land.
THE ULTIMATE SETTLEMENT OF
TRANSPORTATION PROBLEMS.
We have never doubted that the laws of arithmetic
and the immovable logic in the case must ultimately
force relief to the railroads by adjusting rates to the
conditions; yet, after this temporary exigency has
passed, the permanent basis of transportation ser
vice will remain to be determined. In a recent issue
of the “ Atlantic,” Mr. B. L. Winchell discusses this
problem, taking as his title the drift towards public
ownership.
Such a tendency he considers unmistakable. The
number of Socialists is increasing, as is the number
of those who talk of public ownership of all public
utilities. The advocates of very stringent regulation
seem predominant at present, and this class expect
more and more from the carriers, while tightening
the withes that bind them. Ultra regulation, even
with the utmost submission on the part of the roads,
will probably fall short of the results expected by
this class of persons; then their dispapointment may
impel them to join those who already call for public
ownership.
Mr. Winchell adds to this the suggestion that re
sistance to such ownership on part of managers and
stockholders may diminish through discouragement;
rightly or wrongly, many of them already feel that,
unless present tendencies are checked, the time may
soon come when, regardless of their possible duty as
citizens, “ they will have no good reason, as offi
cers and stockholders, for opposing public owner
ship.” The chief attractiveness of any employment
to strong men, he adds, is the room they have, under
normal conditions, for exercising their strength,
putting forth initiative and achieving results. Many
railroad officers feel that restriction has robbed them
of opportunity. Regulation has tried to estop them
from doing anything they ought not to do,but has
overlooked the fact that tying men so tightly may
also make them unable to do things they ought to
do. It has proved so, and they are struggling writh
a feeling of discouragement.
From the viewpoint ol the investor, it is important
to note, although capitalization per mile is lower here
than on roads of any other first-class country, that
our roads have never been able in any year to pay
as much as 4 % on both bonds and stock. It is
known to stockholders that no government has ever
paid an improperly low price for roads acquired; so
they feel confident that this Government will not
be the first to begin confiscation, “ and if they could
get their money out of railways, they could invest it
elsewhere with more chance of large profits.”
Looking to the financial results to the government
of public ownership abroad, the net earnings of Ger
man roads, amounting in 1910 to $229,368,256, go
to the Government treasury; but deducting interest
at 3}/£% on the cost of construction leaves only about
450
THE CHRONICLE
863^ millions, and Prof. Moulton of the University
of Chicago, in a recent book, puts this clear profit at
only about 57 millions, which is less than the annual
taxes paid by our roads, amounting in 1911 to about
110 millions; “ and, of course, the clear profits, after
interest, earned by State railways, are no less and no
more a contribution to the support of government
than are the taxes paid by privately-owned railways.”
In all Australia the net profit after payment of in
terest averaged $244 per mile per annum in the last
six years, while the roads of this country in the same
^ rm paid $386 per mile per annum in taxes, or
nearly 60% more. In the best year (1911) the net
profit available in Australia for public benefit was
the unprecedented amount of 7 millions, or $446 per
mile, “ which, by an odd coincidence, is exactly the
amount per mile which the railways of the United
States paid in taxes in the same year.” In France,
net earnings fall short of interest on capital cost,
“ and the taxpayers of France must make good the
deficit, which is growing greater every year.” In
Canada the Intercolonial road has also laid a deficit
on the taxpayers in recent years, and the same is true
in Austria.
Some further facts bear upon this showing. In
Germany the average passenger fare is 9 mills per
mile, against 19.3 mills here, beacuse a large propor
tion of German passengers use the poor third-class
service; but the average freight rate there is 14 mills
per ton per mile and 7.5 mills here. Further, the
average annual wage of railway employees is $388
there and $673 here, so that a day’s labor will buy al
most as much passenger transportation here as in
Germany and 3jdj times as much freight transporta
tion. Of New South Wales almost the same com
parison is made, with approximately the same figures.
In Germany many railway employees are ex-sol
diers, with a military training and a liability to be
recalled into service at any time. They are not per
mitted to form labor unions as in Great Britain and
here; if they struck, they might be sent back to mili
tary duty, and might be shot by court-martial if
they refused. Such a situation plainly operates in
some respects to hold expenses down; but it is the
general practice of State roads, for the sake of mak
ing a good showing, to swell capital account by charg
ing new equipment to it, thus increasing the load of
interest, this being largely responsible for an increase
of $14,000 per mile in the capital cost of German
lines in 1900-1910.
“ What good reason is there (asks Mr. Winchell)
for believing that public management here would be
more efficient than private management, when the
latter is, in this country, more efficient from a public
standpoint than public management is anywhere in
the world?”
The 'political reasons for dreading such a change
as public ownership would invariably work here are
most serious, yet we pass over M r. Winchell’s con
sideration of those. As enforcing his point that dif
ferences in political and temperamental character
istics must be kept in mind in comparing one coun
try’s results from experience with another’s, he
quotes a little from M r. Charles Francis Adams,
written thirty years ago:
“ France and Germany are essentially executive
•n their governmental systems, while England and
[Vol .
X C V I.
America are legislative. Now, the executive may de
sign, construct or operate a railroad; the legislative
never can. A country, therefore, with a weak or
unstable executive, or a crude and imperfect civil
service, should accept with caution results achieved
under a government of bureaus.”
To this, which seems to have been written upon the
presumption that bureaus had produced or might
produce results apparently good in themselves, may
be added the suggestive belief of Mr. W. M . Acworth,
an English economist already known to “ Chronicle”
readers, that the evidence indicates “ that the farther
a government departs from autocracy and develops
in the direction of democracy, the less successful it
is likely to be in the direct management of railroads.”
Mr. Acworth also said quite recently that he ex
pects the United States to “ get much nearer the brink
of nationalization than they have come yet, and then
start back on the edge of the precipice and escape
by some road not now discernible.” Let us hope it
may prove so. Mr. Winchell has suggested that
it might work well to have the Government become
stockholder up to 25 or 40% , with proper representa
tion on each directorate, so that it would be in posi
tion to look at the problem from the viewpoint of
ownership interest as well as from that of complain
ing citizens. Yet he declares his firm belief that
“ undoubtedly the best course will be to leave the
ownership of the railways entirely in private hands
and follow a policy of firm but wise regulation,” such
as we have not succeeded in attaining.
M A K IN G A PHYSICAL VALUATION OF THE
RAILROADS.
Representatives of several railroads have appeared
before the Senate Inter-State Commerce Committee
concerning the pending bill for making a physical
valuation of roads in inter-State commerce. It
would naturally be inferred that the railroad men
are disposed to acquiesce because they perceive the
futility of further protest against an expensive in
quiry which is unlikely to lead to any useful result.
They are quoted as indicating satisfaction (which is
not quite the same as approval), although Mr.
Delano of the Wabash is reported as saying that the
work “ will serve to allay the public idea that the
roads are overvalued.”
But to suppose this is to take a sanguine view of
the influence of demonstration upon a predetermined
belief which is obstinate because it suits the demands
of those who hold it. For example, let us imagine
that a valuation as able and thorough as anybody
ventures to expect had already been made and the
result had been announced; also that the investiga
tors had declared the roads largely overcapitalized;
would not the firemen, who are just now threatening
a strike, have seized the declaration and cried it
aloud as proof that they were right in their demands,
and that if more wages could not be paid, it was be
cause the roads were trying to earn dividends on
water? On the other hand, suppose the investi
gators had pronounced exactly the reverse, is it not
clear that in such case the firemen would have quietly
taken no notice at all of the finding? It is so every
where and always. Men delve into figures to find
the sort of figures which will fit the contention they
are making. They find them, because people always
F e b . 1 5 1 9 1 3 .]
THE CHRONICLE
find what they are determined to find, and if the
figures are unaccommodating they can always be
twisted. All arguments and presentations are ex
parte in tendency; what suits is held up as conclusive
and what cannot be made to suit is either distorted or
passed by. It has already been pointed out over
and over that capitalization in this country is much
below what it is in the principal countries of Europe,
and that a common policy here is to “ plow” earnings
into betterments, whereas the European policy
divides earnings and resorts to new capital for better
ments.
Of course this is not absolutely conclusive
that American roads are moderately capitalized or
under-capitalized, but it is the strongest presumption
which could exist; yet it has produced no effect at
all, because it does not suit railway opponents.
Some of the difficulties in such a valuation were
suggested (rather than argumentatively presented)
in M r. Floy’s monograph on “ Valuing Public Utili
ties,” reviewed in the “ Chronicle” Aug. 3 last, p. 266.
“ Value” means many things, from many angles of
view, and the value is an x of demonstration as to
which there may naturally be several opinions. If
a certain road could not be duplicated for what its
stock and bonds represent, are the owners entitled
to profit by a rise in value? Are they entitled to no
credit for what improvement has made obsolete?
If a physical valuation should proclaim undervalu
ation, would the public as readily acquiesce in in
creased rates as to clamor anew for lower rates if
the notion of “ water” were pronounced sound?
Would not the really sound and just proposition
that the cost of a road is not an accurate measure of
proper rates upon it be promptly acclaimed in the
one case and promptly ignored in the other ?
But shall we in any event get an unprejudiced
valuation, whatever else be said, and how shall we
set about it? President Loree of the Delaware &
Hudson objects to the pending bill because it would
turn the work over to the Inter-State Commerce
Commission, whose bias (and whose virtual com
mitment by its own persistent action upon rate cases)
is too plain for concealment. M r. Loree thinks a
fairer way would be to create a commission of nine,
one-third from the Inter-State Commerce board, a
third from the American Railway Association and
another third from engineering bodies. Further,
the railroad men think the roads should be permitted
to keep in touch with the work throughout, in order
to meet and combat any inaccuracies.
So the subject stands to-day. The mania for
thrusting an investigation into everything which has
committed the presumptive sin of size and success
is bent upon an estimate of the physical value of
railroads, and we need not be surprised that the
press dispatch reports M r. Loree’s view as not
meeting approval of all the Senate committee.
RAILROAD GROSS EARNINGS FOR JANU ARY.
For the first month of the calendar year we have
a strikingly good statement of railroad gross earnings.
The gains are large and general and extend all through
the list— that is in the case of the roads which make
it a practice to furnish early preliminary estimates
of their revenues, for it is manifestly too soon to
have returns from any others. The result, of course,
occasions no surprise. All the leading conditions
451
were such as to ensure highly favorable returns.
In business circles a disposition developed to proceed
slowly in the matter of giving new orders and in
entering upon new ventures and undertakings, but
the volume of trade was of unexampled proportions,
and mills and furnaces were, as a rule, employed to
their full capacity— particularly in the iron and steel
industry. This ensured a large tonnage of coal and
merchandise for the country’s rail transportation lines.
In addition, the grain tonnage over Western roads
was of tremendous proportions, as a result of last
season’s phenomenal harvests, and it is also to be
noted that the present year’s large grain movement
was in sharp contrast with last year’s very small
movement, the crops then having been unusually
poor. The contrast between the two years in the
matter of the weather conditions was no less note
worthy. January 1913 was one of the mildest
winter months on record. On the other hand,
January 1912 was one of the very severest winter
months ever experienced. The nature of the weather
at that time will be recalled when we say that in
this city the average temperature was the lowest
with a single exception (1893) in the forty-two
Januaries during which the Government Weather
Bureau had been keeping the records, while in Chicago
the month was the coldest without any exception.
On account of the extremely low temperatures, the
railroads found it difficult to keep up steam on their
locomotives and the cold also interfered with out
door railroad labor of all kinds. Furthermore, the
Illinois Central and the other Harriman roads
suffered severely from a strike of the shopmen over
all the lines of the system, a drawback, of course,
which did not exist the present year. Thus, all the
circumstances were such as to ensure large gains in
traffic and in earnings, as compared with the cor
responding month last year. There was only one
particular in which an important loss in tonnage
was sustained, namely in the case of cotton, and
that of course affected simply one class of roads,
namely the Southern railway systems.
Our statement comprises 88,321 miles of road for
January 1913 and on this mileage there is an increase
of $9,913,520, or 17.44%. Three large Canadian
systems are included, the same as is always the case
in our preliminary exhibits, and these contribute
important amounts of gain, but the increase is large
independent of these. The Canadian systems re
ferred to are the Canadian Pacific, the Canadian
Northern and the Grand Trunk of Canada, which
together added $2,943,818 to their earnings of the
previous year. Eliminating these, however, there
still remains an improvement of $6,969,702,or 15.01 % ,
for the roads in the United States. Out of the whole
48 roads included in our tabulations, there is only
a single one that has fallen behind in its gross reven
ues, namely the Texas Pacific, with a decrease of
$83,768, and there the loss presumably follows
entirely as a result of the contraction in the cotton
movement. The largest Southern systems— those
not so exclusively dependent upon the cotton traffic
— share, nevertheless, in the general improvement,
owing to the wonderful activity of general trade and
business. As instances we may mention the South
ern Railway, with a gain of $647,534, and the Louis
ville & Nashville, with a gain of $631,775, though
THE CHRONICLE
452
many other roachs might be enumerated in the same
part of the country where satisfactory gains are like
wise reported.
[ Among the roads in the United States the Illinois
Central, heads the list for amount of increase,
the explanation being found in the circumstance
pointed out above, namely that last year reven
ues were heavily reduced by reason of the shop
men’s strike; and it deserves to be noted that this
year’s gain, at $950,703, is not equal to last year’s
loss in the same month, that having been $1,234,739.
But the Illinois Central stands in a class all by itself
in that respect. As a rule, this year’s increases run
away above last year’s decreases and in not a few
instances the 1913 improvement is in addition to
improvement in 1912. As illustrations, the Missouri
Pacific in the Southwest in January 1912 fell $218,580
behind, but now has bettered its 1912 result by $775,
000. The Great Northern among the Northern
transcontinental lines has $745,784 gain the present
year in addition to a considerable gain in 1913, which
last, however, was wholly a recovery of what had
been lost in 1911. In the following we show all
changes the present year for the separate roads for
amounts in excess of $35,000.
P R IN C IPA L CHANGES IN
G R O SS
IjXCTCCLSCS.
Canadian Pacific------------ $2,318.000
950,703
Illinois Central__________
Missouri Pacific-----------775,000
Great Northern_________
745,784
Southern________________
647,534
Louisville & Nashville-----631,775
363,684
Wabash_________________
Grand Trunk----------------- 1/340,518
Chesapeake & O h io..........
321,804
Missouri Kansas & Teaxs.
319,835
Minneapolis & St L ouis..
310,719
Seaboard Air Lino_______
288,753
285,300
Canadian Nortiiern.
239,501
Chicago Great Western..
211,000
St Louis Southwestern__
173,603
Chicago & Alton________
114,322
Mobile & Ohio__________
Denver & Rio Grande___
110,000
EARNINGS IN JAN UARY.
TncTOd•j/’ s
Cine New OH & Tex Pac. 3107,225
105,577
Colorado & Southern___
Buffalo Roch & I’ac_____
104,726
Yazoo & Miss Valley___
97,120
Toledo St Louis & W est-62,422
Alabama Great South-----55,108
Duluth So Sh & A tlantic..
53,300
Alabama N O & Tex Pac.
51,504
Western Pacific_________
49,503
Norfolk Southern-----------45,025
International & Great Nor
35,000
Representing 29 roads
in our compilation__ $9,914,345
D ecrea se.
$83,768
Texas & Pacific .
Our early statement last year, comprising sub
stantially the same roads as are now represented,
showed only a small decrease, notwithstanding the
large numbers of roads that suffered very important
losses. In amount the decrease was no more than
$103,181, or barely 1-5 of 1% . The three Canadian
systems, however, contributed $1,997,547 gain, and
with these eliminated the result for the roads in the
United States would have been a loss of $2,100,728.
The exhibit was really poorer than appeared by the
face of the figures, for the roads then had the advan
tage (an advantage which they retained the present
year) of an extra work day, January 1912 (as like
wise January 1913) having contained only four
Sundays, whereas January 1911 had five Sundays.
Nor were the earnings in January 1911 particularly
good. Our early statement for January 1911 showed
only $1,360,699 increase, or 2.31% . Prior to 1911
there were some noteworthy records of expansion.
The following furnishes a summary o our early
January totals back to 1897. From this it will be
seen that, except where weather conditions inter
fered seriously with railroad transportation, or where
panicky conditions prevailed in business, the January
record prior to the year 1912 was one of continuous
growth.
M ile a g e .
Y ea r.
R oads
1897___
1898___
1899___
1900___
1901___
1902___
1903___
1904... «
1905___
1900___
1907___
1908___
1909___
1910___
1911___
1912___
1913-----
124
125
118
104
102
94
75
60
62
54
68
58
51
50
51
48
48
Y ea r
G iv en .
Y r. P re
c ed in g .
M ile s .
M ile s .
91,113
95,817
93,605
95,543
97,369
95,656
95,095
79,629
80,160
81,800
93,516
83,870
79,732
82,136
88,919
87,404
88,321
90,550
94,873
92,410
93,427
94,0.83
94,011
93,137
77,749
78,338
79,997
91,670
82,857
78,148
80,688
86.559
85,984
85,946
G ro ss E a rn in g s.
1
January.
In -
|
cr’stf.j
% |
Y ea r
G iv en .
S
0.62 33,135,597
0.99, 40,531,246
1.29 42,073,103
2.26 48,085,950
2.84 55,377,258
1.75 57,169.120
2.10 59,886,350
2.42 46,258,053
2.33 49,559,869
2 .2 7 ; 57,728,897
2.01 70,798,432
1.21 51,983,470
2.03 49,948,282
1.80 55,379,705
2.72, 59,712,430
1.65 57,898,264
2.771 07,033,683
Y ea r
P r ec ed in g .
S
S
%
35,962,790
31,610,631
39,423,994
41,770,230
51,031,757
53,120,110
54,740,827
48,085 470
46,790,179
48,559,919
69,253,693
56,959,863
47,080,819
48,022,938
58,351,731
58,001,445
57,120,163
—2,827,193
+ 5,890,615
+ 2,649,109
+ 6,315,720
+ 4,345,501
+ 4,043,010
+ 5,145,523
— 1,827,417
+ 2,769,690
+ 9,163,978
+ 1,544,739
— 4,976,393
+ 2,207,463
+ 7,356,827
+ 1,360,699
— 103,181
+ 9,913,520
7.96
17.00
0.72
15.10
8.51
7.61
9.40
3.80
5.92
18.88
2.23
8.74
4.70
15.32
2.31
0.18
17.44
X C V I.
The Western grain movement in 1913 was of great
magnitude and the increase extended to all the lead
ing primary markets and to all the different cereals.
Thus, the receipts of wheat for the five weeks ending
February 1 1913 aggregated no less than 33,777,000
bushels, against only 13,554,883 bushels in the cor
responding weeks of 1912; the receipts of corn were
41,479,000 bushels, against 29,497,569 bushels; the
receipts of oats 24,068,000 bushels, against 10,
972,774 bushels; the receipts of barley 12,103,000
bushels, against 4,894,634 bushels and the receipts
of rye 1,226,000 bushels, against 713,391 bushels.
For the five cereals combined the aggregate of the
receipts reached the exceptional amount of 112,
653,000 bushels, against only 59,633,251 bushels in
the five weeks of 1912. The details of the Western
grain movement in our usual form are shown in the
following:
WESTERN FLOUR AND GRAIN RECEIPTS.
O a ts ,
C orn ,
B a rley ,
W h ea t,
Five weeks end F l o u r ,
(b u s h .)
(b u s h .)
(b u s h .)
(b u s h .)
(b its .)
ing Feb. 1—
C h ic a g o —
M ilw a u k e e —
1913.............
1912
_
1913
1,313,000 2,662,000
929,874 1,215,380
321,000
344,300
251,000
13,600
18,000
1,100
947,000 2,361,000
515,740 1,035,050
279,000 3,879,000 2,949,000 2,695,000
985,300 5,290,800 1,171,300
227,820
T o le d o —
D e tro it—
309,000
179,000
104,000
287,265
S t. L o u i s -
.
..........
35,000
25,874
.
50,000
2,895
C le v c la n d -
1913..
1912..
P e o ria —
205,000
200,909
D u y u th -
590,000
689,800
453,000
159,000
33,000
92,838
641,000
415,853
329,000
266,495
47,000
20,761
4S0,000
138,784
486,000
149,685
5,000
500
1,000
285,000 3,049,000
54,035 3,205,202
1,417,000
482,400
392,000
172,800
69,000
17,600
270,000
266,850
677,000
47,064
39,000
18,001
1,972,000 4,059,000
1,078,070 1,252,990
467,000
153,390
91,000
51,415
7,542,000
720.7S9
1913.............
1912............
_____
12,351,000
9,036,020
K a n s a s C U g—
1,339,000
625,170
2,969,000 2,258,000
1,197,400 3,329,960
813,000
579,500
____ 1,852,000 3,756,000
1913
........................................
1912.............
1,777,000
1913......... .
1912
_
2,000
218,000
260,000
1912...........
M in n e a p o lis —
R ue,
(b u s h .)
,033,000 3,654,000 24,050,000 12,513,000 4,057,000
506,754
672,000 14,766,950 5,889,600 2,191,300
Om aha—
1,000
T o ta l o f A l l —
1913.............1,797,000 33,777,000 41,479,000 24,088,000 12,103,000 1,226,000
1912_______ 1,302,932 13,551,883 29,497,569 10,972,774 4,894,034 713,391
The cotton movement in the South, as already
stated, fell away below that of the previous year.
The shipments overland reached only 247,176 bales,
against 265,714 bales in January 1912, while the
receipts at the Southern ports were no more than
725,995 bales, against 1,426,881 bales. From the
following table it will be seen that, with the exception
of Newport News, the receipts show a large diminu
tion from 1912 at every point and that in some in
stances the 1913 movement was less than half that
of 1912.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JANUARY
1913, 1912, 1911, 1910, 1909 AND 1908.
January.
P o r ts .
Newport News, &c—
Total___________
I n c r e a s e (+ ) o r
D e c r e a s e (—).
—Neither the earnings of the Mexican roads nor the mining operations of
anthraclto coal roads are included in this table.
N o te .
[Vol .
1913.
1912.
1911.
1910.
1909.
1908.
313,993
113,867
116,290
11,274
13,518
70,913
17,900
7,119
475,267
125,992
247,750
58,749
58,358
261,252
36,240
26,989
9,301
28,434
23,386
61,482
72,745
2,057
274,839
147,882
229,089
26,359
30,248
134,625
36,078
12,106
233
36,992
47,144
1,004
271,185
18,833
151,420
19,783
13,097
61,410
3,988
4,095
220
8,950
25,924
1,473
398,687
80,601
206,950
42,401
28,500
126,267
50,299
21,631
348
34,480
61,479
3,499
386,994
49,518
333,850
41,303
35,933
140,164
58,977
10,335
127
55,825
725,995 1,426,881
970,659
580,384 1,122,148 1,181,972
To complete our analysis we furnish the following
six-year comparisons of the earnings of leading roads
arranged in groups.
EARNINGS OF SOUTHWESTERN GROUP.
J a n u ary.
Colorado* South
Denver & Itlo Grj
Intcrnat A Gri N
Mo Kan & Tex.a
Missouri Paclflc.
St Louis So West
Texas & Pacific..
1913.
«
1 259 910
1 774,400
873,000
2 576 181
4.S55.000
1 157 000
L3S0!S68
1909.
1910.
1908.
1911.
1912.
s
I
$
|
$
I
S
|
$
1 1,54,333 1,335,752 1,394,323 1,265,683 1,269,049
1 6641400; +682,3S5 1,722,955 1,569,468 1,433,123
838,000 732,705 699,467| 655,331' 596,391
2 250,346 2,351,844 2,115,584 2,005,218 1,791,386
4.080,000 4,298,580 4,180,355 3,073,253 3,243,807
940,000.' 1,050,0771
914,534 834,902 722,354
1,464,036 1,322.003 1,301,282, 1,246,809, 1,201,840
Total............. 13,876,359 12,103,715 12,780,060 12,388,500 11,250,661 10,318,010
a Includes Texas Central in 1913, 1912, 1911 and 1910 and Wlclilta Falls Lines In
913 and 1912.
453
THE CHRONICLE
F e b . 15 1 9 1 3 ]
EA R N IN G S OF SOUTHERN GROUP.
January.
1911.
1910.
1909.
1908.
S
385,952
S
392,948
5
371,039
S
307,255
5
254,168
320,322
149,001
128,154
1,112,000
2,033,993
779,627
4,535,545
899,101
1,809,474!
4,852,377
817,803'
314,823
154,959
135,585
1,105,472
2,835,114
786,337
4,508,460
935,488
1,838,150
4,878,860
1,050,163
292,871
140,057
126,430
979,835
2,541,852
742,453
4,421,361
894,733
1,683,541
4,480,219
890,791
290,130
140,331
127,295
914,557
2,109,653
602,813
3,754,769
811,929
1,529,157
4,035,975
942,001
245,390
132,113
123,520
877,107
1,884,703
555,657
3,299,808
731,203
1,215,680
3,802,217
935,579
1913.
1912.
$
441,000
343,348
102,307
143,386
1,123,200
2,955,797
886,852
5,107,320
1,013.423
2,098,227
5,499,911
914,923
'
RAILROAD GROSS AND NET EARNINGS
FOR DECEMBER.
In the preceding article we have reviewed the
preliminary figures of railroad gross earnings for the
month of January and find the results exceedingly
satisfactory. In the present article we deal with
the returns of both gross and net earnings in their
completed form for the month of December. From
15.631.805,14,057,325
these latter results it is evident that mere improve
17,577,182
20,749,754
18,423,409(
18,936,305
T o ta l_______
ment
in gross revenue is no conclusive indication as
b Includes Louisville A A tlantic and the Frankfort & Cincinnati In 1913, 1912’
1911, 1910 and 1909.
to
the
course of the net earnings, or at least does not
c Includes Chcaspeake A Ohio of Indiana, beginning July 1 1910.
necessarily foreshadow|fimprovement to the same
E A R N IN G S OF N O R TH W ESTER N A N D N O R TH P A C IF IC GROUP.
striking extent in the net. It was characteristic of
1908.
1909.
1910.
1911.
January.
1913.
1912.
the comparisons of the preceding months of the fiscal
5
S
8
S
$
t
$
year beginning with the first of July that the im
Canadian Pacific. 9,519,000 7,201,000 5,740,200 0,104,426 4,701,800 4,498,500
939,232
978,803
987,907
Chicago A A lto n . 1,238,909 1,065,360 1,1 11,501
600,642 provement in the net was proportionately larger
816,921
879,372
950,049
Chic G rt West * . 1,083,109| 843,608
199,207
190,967
211,327
200,509
266,038; 212,738
D ill Sou Sh A A tl
3,073,786
Great N orthern. 4,552,173 3,806,389 3,285,815 4,002,844 2,729,995
280,932 even than that in the gross, evidencing that the
299,242
699,613 / 322,053
819,0591 508,340
Minneap A St L l
257,011
235,457
\ 253,317
Iowa C entral./
augmentation in expenses was not outrunning the
9,909,970
T o ta l_______ 17,478,348 13,637,441 12,021,290 12,821,876 10,019,245
expansion in gross revenues and that the growth in
1
♦ Includes Mason C ty A Fort Dodge and the Wisconsin Minnesota & Pacific.
the volume of business was yielding at least a fair
EAR N IN G S OF M ID D L E A N D M ID D L E W ESTERN GROUP.
addition to the net. For December the showing as
to net is far less favorable. By this we mean of
1908.
1909.
1910.
1911.
1912.
1913.
January.
5
$
s
8
course not that there has been an absence of improve
S
S
407,183
501,786
707,000
055,925
917,704
812,978
Buff Roch A P itt
336,422 ment in the net except in the case of individual roads
359,955
421,967
432,953
482,985
495,695
c iiic Ind A L o u ..
Grand T ru n k ..
Grd T rk West u3,702,804 3,422,286 3,381,239 3,152,992 2,640,416 2,708,444 or systems, but that a much smaller portion of the
Dot G I I A M
Canada AtlanJ
5,203,312 4,252,609 5,487,34864,913,049 4,831,070 4,019,840 gain in gross has been saved for the net than in the
121,121
85,940
113,004
107,932
107,015
118,237
In other words,
241,504
288,630 months immediately preceding.
281,097
293,666
301,50C
299,07S
Tol St L A West.
Wabash------------ 2,424.049 2,000,305 2,307,495 2,282,219 1,9S0,14S 2,015,593
expenses in December rose at a very rapid rate.
T o ta l.............. 13,283,301 11,443,965 12,766,32141,827,435|10.646,81940,017,233
Stated in brief, while gross earnings mounted up in
a Fourth week not yet reported; taken same as last year.
the large sum of $29,081,242, $20,911,628 of this was
b No longer includes receipts for hire of equipment, rentals and other Items.
c Includes earnings of the Indianapolis Southern beginning w ith July 1910.
consumed by augmented expenses, leaving a gain
We now add our detailed statement for the month, in net of no more than $8,769,614.
Inc. ( + ) or Dec. (— ).
comprising all the roads that have thus far furnished
Amount.
%
1912.
1911.
December (442 roads)—
1.67
+ 3,926
.
23S.072
234,146
Miles of road__________
returns for January.
5263,768,603 S234,0S7,3G1 + 529,681,242 12.68
Gross earnings---------------
Alabama G rt Soil
Ala N O A Tex I ’
New Orl A N E
Ala & Vicksb- _
Vicks Shr & PCcnt of Gcorgla.
Ches & O h lo.c..
Cln N O * Tex P
Louisv A Nash _6
Mobile A O h io ..
Seaboard AirLine
Southern R y ----Yazoo A Miss V .
GROSS E A R N IN G S A N D M IL E A G E IN J A N U A R Y .
Gross EarninOs.
Operating expenses..........
. 182,066,029
161,155,001
+ 20,911,628
12.98
Net earnings-------------
. 581,701,974
572,932,360
+ 58,769,614
12.02
M ileage.
Whenever railroad returns reveal improving results,
the general disposition is to assume that the carriers
S
S
S
309
The figures we give
309 are enjoying great prosperity.
385,952
+ 55,108
Alabama Groat S o u ..
441,060
Ala N O & T ox Pac—
+23,026
195
195 to-day indicate that sharp distinction must be drawn
343,348
320,322
Now Orl & N or E ’n .
142
142
162,307
+ 13,246
Alabama & V icks. .
149,061
171
143,386
+ 15,232
171
128,154
Vicks Shrov & l ’a c .
292 between the gross revenues and the net revenues.
292
169,288
168,308
+ 920
Aim A r b o r .................
27
6,224
5,103
+ 1,121
27
Hellefonto Control —
917,704
812,978
573 Rising expenses, we see, eat up a very considerable
+ 104,726
573
B uffalo R och & F itts.
1,228,100
1,513,400
+ 285,300 4,297 3,856
Canadian N orth ern ..
7,201,000 +2,318,000 11,458 10,832 amount of the increase in the gross— at least in
9,519,000
Canadian P a cific-----1, 112,000 + 11,200 1,915 1,915
1,123,200
Central o f G eorg ia .. .
It should be remembered, furthermore,
2,633,993
+321,804 2,315 2,242 amount.
2,955,797
Chesapeake & O h io ..
1,065,366
+ 173,603 1,026 l ,026
1,238,969
Cliicago & A lton -------813,608
+239,501 1,496 1,496 that even the gain that remains after allowing for
1,083,109
Chicago Groat W e s t ..
+ 12,710
482,985
616
616
495,695
Chlcago Ind & Louisv
+ 107,225
336
779,627
336
886,852
Cine Now Orl & T P _ .
+ 105,577 1,813 1,793 the enlarged expense accounts is not by any means
1,154,333
1,259,910
Colorado & Southern.
+ 110,000 2,598 2,555
1,664,400
1,774.400
Denver & R io Grando
The carriers are all the time making,
+ 49,503
937
937 clear velvet.
327,197
376,700
Western Pacific------111 368 or rather are obliged to make, large additions to their
+3,067
84,019
87,086
D etroit & M ifck in ac-.
616
+
53,300
625
212,738
266,038
Duluth So Sh & A t l ..
395
+ 16,336
395
195,098
211,434
Georgia Sou & F la ___
capital in the shape of new bonds and new stocks,
Grand Trunk o f Can"
+340,518 4,533 4,524
Grand Trunk W ost
1/2,595,666 t/2,255,148
in order to provide the necessary facilities for the
Dot Gr II A M llw .
Canada A tla n tic.. ,
+745.784 7,712 7,345 growing volume of business.
3.806,389
Great N orthern______
4.552,173
Hence a very sub
+950,703 4,763 4,763
Illinois C entral-------5,203,312
4,252,609
+35,000 1,160 1,160 stantial addition to net revenues is required in order
838,000
873,000
Internal & G t N o r—
4,919
4,705
5,167,320
+631,775
4,535,545
Louisville & N a s h v .. _
105
105
+302
12,752
13,054
M acon & Birmingham
It
127 to show a return on the new capital put out.
127
78,358
+ 16,426
61,932
Mineral R ango-------+310,719 1,585 1,585
819,059
508,340
M inneap & St Louls.
should also be borne in mind that in the preceding
Iowa C entral-------- ,
2,256,346
+ 319,835 3,816 3,398
Missouri Kan & Tex . . a 2,576,181
+ 775,000 7,233 7,233 year addition to net revenues was essentially lacking,
4,080,000
4,855,000
Missouri Pacific-------+ 114,322 1,1 ll 1,114
899,101
1.013,423
M obile & O h io............
16,066
+4,367
238
204 though the growth in capitalization was going on
20,433
N ovada-Cal-O regon. .
233,350
608
+45,025
278,375
608
+8,094
40,018
180
48,1 12
180
Whatever increases in net may now occur,
+ 211,00(1 1,609 1,514 then, too.
916,000
1,157,000
1,809,474
+ 288,753 3,076 3,046
2,098,227
4,852,377
+647,534 7,036 7,089 therefore, will have to take care of two years’ increase
5,499,911
6,768
95
+3,827
95
10,595
1,464,630
— 83,768 1,885 1,885 in capitalization.
1,380,868
Texas & Pacific__
113,664
+4,573
247
247
118,237
299,078
In December of the previous year earnings were
+ 62,422
451
451
361.500
+363,68-1 2,514 2,514
2.424,049 2,060,365
817,803
+97,120 1,374 1,372 very indifferent in character, and tremendous efforts
914,923
67,033,683 57,120,163 +9,913,520 88,321 85,946 were made to effect savings and economies in op
Mexican Roads (not included in total) —
Yet the best it was possible to do, speaking
— 49,361 1.03C 1,034 eration.
786,05-!
Intorocoanic of Mox.
736,685
361
+ 24,901
395
1/493,50(
t/518.401
— 859,17( 6,062 6,001 of the railroad system as a whole, was to cut expenses
5,750,400
4,891,236
in amount of $3,108,672. The gain in gross then was
aIncludes tlio Texas Central in both years.
x Now Includes Mexican Into natlonat in both years.
only moderate, namely $1,339,735. The two com-.
Name o f Road.
1913.
I These figures
1912.
Itic. ( + ) or
Dec. (— ).
are for three weeks only In both years.
1913.
1912.
454
THE CHRONICLE
binecl caused an improvement in the net of $4,448,407.
When the comparisons are extended further back,
we get still more striking evidence of the part played
by augmented expenses. In December 1910 a gain
of $15,965,153 in gross yielded an addition to net of
only $2,498,454, according to the compilations of the
Inter-State Commerce Commission, and in December
1909 a gain of $16,720,194 in gross was attended by
an actual loss in net of $185,996. In the following
we furnish the December summaries for each year
back to 1896. For 1910, 1909 and 1908 we use the
Inter-State Commerce totals, but for preceding years
(when the Commission had not yet begun to require
monthly earnings) we give the results just as regis
tered by our own tables each year— a portion of the
railroad mileage of the country being always unrep
resented in the totals, owing to the refusal of some
of the roads to give out monthly figures for publica
tion.
Gross Earnings.
Year
Given.
Dec.
1 8 9 8 ..
1 8 9 7 ..
1 8 9 8 ..
1 8 9 9 ..
1 9 0 0 ..
1901. .
1902 . .
1903 . .
1901 . .
1 9 0 5 ..
1 9 0 6 ..
1907 . .
1 9 0 3 ..
1909 . .
1 9 1 0 ..
1911 . .
1 9 1 2 ..
S
51,220
67,542
70,810
78,244
90,789
96,268
104,232
106,978
116,253
133,775
135,735
132,199
205,777,
222,692,
236,835,
233,614,
263,768,
Year
Preceding.
Increase or
Decrease.
S
$
52,520 ,887 — 1 ,300,773
59,449 ,009 + 8 ,093,712
66,979 ,889 + 3 ,830,289
71,010 ,127 + 7 ,234,197
81,465 ,4951 + 9 ,324,162
92,628 ,931 + 3 ,639,191
93,160 ,941 + 11 ,071,444
102,928 ,990 + 4 ,049,234
108,070 ,412 + 7.583,569
119,125 948 + 14 ,649,072
124,733 ,435 + 11 ,001,791
141,312 ,429 — 9 ,112,667
194,222 ,311 + 11 ,555,140
205,971 ,898 + 16 ,720,194
220,870 ,151 + 15 ,965,153
232,275 .177 +1 ,339,735
234,087 ,301 + 29 681,242
Net Earnings.
Year
Given.
17,883,104
23,700,713
24,790,227
27,637,073
33,093,800
33,354,272
33,245,049
33,726,576
36,794,527
46,525,454
43,831,182
34,354,158
68,495,740
68,467,305
70,357,004
61,225,377
81,701,974
Year
Preceding.
Increase or
Decrease.
S
$
17,930 ,398
—47,294
20,129 ,314 + 3,571,399
23,220 ,664 + 1,569,563
24,908 ,012 + 2,729,061
29,056 ,298 + 4,037,502
33,766 ,831
— 412,559
30,891 ,659 + 2,353,390
34,199 ,785
— 473,209
32,411 ,588 + 4,382,939
38,842, 111 + 7,683,343
42,943, ,900, +887,282
45,998, 206— 11,644,048
51,533,,086, + 16,902,654
68,653,,301! — 185,996
67,858,,550 +2,498,454
56,776,,970 +4,448,407
72,932,,360' +8,769,614
H o t e . — In 1898 the number of roads Included for the month of December was
128; In 1897, 130: In 1898, 122; In 1899, 110; In 1900, 12
, 1001 1
, 1 002
105; In 1903, 99; In 1904, 95: In 1905, 96: In 1906, 96; In 1907, 89
In 1908 the
m + ^ S lT f n
1912,J223+072IC" ° f ^
19° ‘J l 239>481; 1,1 1910>241,364; In
As far as the separate roads arc concerned, the
gains in gross for December 1912 are large and general.
In the net alsolsome increases for large amounts are
recorded, but, speaking broadly, the increases in net
are only moderate, while there are some noteworthy
instances of reduced net. New England roads, par
ticularly, added heavily to their expense accounts.
Thus the New York New Haven & Hartford with
$163,556 gain in gross, falls $534,288 behind in net,
and the Boston & Maine, though having added
$98,052 to gross, has lost $188,832 in net. South
ern roads, also, saw their expense accounts heavily
enlarged; the Louisville & Nashville, for instance,
with $398,468 increase in gross, has $88,450 decrease
in net. The Southern Railway, with $615,913 im
provement in gross, has only $103,619 gain in
net.
The experience of the Eastern trunk lines in the
matter of augmented expenses has been much the
same, and the return of the Pennsylvania Railroad
in particular furnishes a striking illustration of this.
On the lines directly operated east and west of
Pittsburgh gross has been enlarged no less than $3,
196,179, but the addition to net has been no more
than $65,266. It is important to bear in mind,
however, that in December of the previous year
th# trunk lines practiced extreme economy. The
Pennsylvania then reported a larger gain in net
than in the gross; in other words, with $740,571 im
provement in gross, it showed $1,209,746 improve
ment in net. The New York Central this time has
$939,664 increase in gross and $396,659 increase in
net. In December of the previous year it had $154,-
[ V o l . X C V I.
622 increase in gross and $598,527 increase in net.
This is for the Central proper. Including the various
auxiliary and controlled roads, the whole going to
make up the New York Central System, the result
this time is an improvement of $3,290,580 in gross
and of $1,029,557 in net. In the previous year the
result for the New York Central system was a gain
of $278,405 in gross and of no less than $1,791,813
in net. The Baltimore & Ohio on this occasion has
carried forward to the net only $239,776 out of a
gain of $1,114,843 in gross. In December 1911, on
the other hand, it had $346,428 gain in gross with
$556,761 gain in net.
The Harriman roads, of course, have retrieved
the whole or considerable parts of their losses of the
previous year. Thus the Illinois Central has added
$683,189 to gross and $720,593 to net, which com
pares with $411,794 loss in gross and $975,603 loss
in net in December 1911. The Union Pacific this
time adds $681,188 to gross and $368,783 to net,
against $63,548 increase in gross and $367,965
decrease in net in December 1911, and the Southern
Pacific now has $672,501 gain in gross and $187,310
gain in net, as against $313,794 decrease in gross
and $517,578 decrease in net in December 1911. As
a rule, the roads in the Western half of the country
did poorly in December of the previous year, but
there were some noteworthy exceptions to the rule,
particularly in the case of the Great Northern and
the Northern Pacific. The present time all the
Western roads give a good account of themselves,
and the Great Northern and the Northern Pacific
have strikingly large gains— the former having added
,564,148 to gross and $844,452 to net, and the
Northern Pacific $1,102,459 to gross and $612,295
to net. The Milwaukee & St. Paul has added
$1,062,795 to gross and $320,852 to net and its
Puget Sound line $581,213 to gross and $354,155 to
net. The Atchison is distinguished for a gain of
$1,221,267 in gross and of $447,251 to net. The pre
vious year the Atchison suffered a contraction of
$623,735 in gross and of $213,464 in net. In the fol
lowing we show all changes for the separate roads
for amounts in excess of $100,000, whether increases
or decreases, in both gross and net.
P R IN C IP A L C H A N G E S IN C R O S S E A R N IN G S IN D E C E M B E R .
J n rrp n m p^
T . . ,
„
Increases.
Lehigh V a lle y ................... $ 345 ,231
N orfolk & W estern............
3 0 9 ,2 6 5
Pennsylvania __________ y$'S, 190,179
Great N orthern__________ l , ,5 64.148
A tch T o p & Santa P o____c l ,221 ,2 6 7
Chicago Burl & Q uincy___ 1 , 186,157
Baltimore & O hio_________ 1 , 114,843
Northern 1’a cific_________ 1 , 102 ,459
Chic M llw & St Paul_____ 1 ,0 6 2 ,7 9 5
N Y Central & Hud R l v . . « 939 ,664
Chicago & North Western
933 ,2 3 0
Lake Shore & M ich S o u ..
853,721
Missouri Pacific__________
7 8 9 ,0 9 5
Illinois Central___________
6 83 ,189
Union P a c i f i c . . . ................
681 ,188
Southern P a cific_________
672,501
M inn St P & S S M ______
661 ,5 1 9
Southern-----------------615,913
Chicago M llw & Pug S d . .
581,213
R ock Island--------------------562 ,309
St Louis & San Francisco.
424 ,118
E r io ---------------------------------423 ,887
Clev Cine Cli & St L .........
415 ,644
Del Lack & W estern_____
411 ,052
Missouri Kansas & T e xa s.
4 0 2 ,9 3 8
Louisville & N ashville__
3 9 8 ,4 6 8
Philadelphia & R e a d in g ..
3 7 3 ,3 9 7
Pitts & Lake E rie________
368 ,5 7 6
M ichigan C entral_______
3 5 4 ,8 5 2
llgt __________________
Atlantic Coast Lino______
Wabash.
-----------Delaware & Hudson_____
San Ped Los Ang & S L__
Seaboard Air Lino______
Denver & Rio Grande----N Y N H & Hartford----Minneap & St Louis_____
Nashv C hatt & St Louis
Cine N ew Orl & T ex P a c.
Chesapeake & O h io..........
Colorado & Southern___
Vandalia .............................
Kansas C ity Southern___
Chic St Paul M & Omaha.
Northern Central______
El Paso & South Western.
St Louis Southwestern...
Chicago Great W estern..
Chic Ind & Louisville-----
„
252 793
246.350
240 658
194,’868
173 133
168,065
163,556
154,239
148,424
147,185
141,711
141,135
140,574
129,236
129,133
114,468
108,840
105,976
105,781
103,957
Representing 50 roads
in our com pilation..$26,055,779
Note.— All the figures in tho above are on tho basis of the returns filed
with tho Inter-State Commerce Commission. Whero, however, tlieso
returns do not show tho total for any system, wo havo combined tho separate
roads so as to mako tho results conform as nearly as possiblo to those given
in tho statements furnished by tho companies thomsclves.
« These figures cover merely tho operations of tho Now York Central
itself. Including tho various auxiliary and controlled roads. like the
Michigan Central, tho Lako Shore, the “ Big Four,” tho “ Nickel Plato"
&c., tho whole going to form tho Now York Central System, tho result is
a gain of $3,290,580.
1s
c Theso figures aro furnished by tho company.
VThese figures ropresent tho lines directly operated east and west of
n n if « l ro?n
llnV? showing $1,247,012 increase and tho Western
lines $1,949,167. I'or all lines owned, leased, operated and controlled, tho
result for tho month is a gain of $3,745,220 in gross and a gain of $306,535
THE CHRONICLE
F e b . 15 1 9 1 3 ]
P R IN C IP A L C IIA N G E S IN N ET E A R N IN G S IN D E C E M B E R .
Increases.
Denver & R io G rando------ $ 148,952
Great N orthern..................
141,525
Lake
Shore
&
M
ichigan
So
Illlonis C entral....................
126 .494
C hicago & N orth W estern.
646 ,357 Delaware Lack & Western
119.316
N orthern P acific................
6 12 ,295 Philadelphia & R e a d in g ..
109,310
C hicago Burl & Q u in c y ..
4 6 9 ,3 0 8 N orthern C entral_______
103 ,619
A tch T on & Santa F e ------ ^447,251 S o u t h e r n ________________
102,247
Seaboard A ir L in e.
—
4 07 ,426 M inneapolis & St L o u is ..
N Y Central & Ilu d R i v .- a 3 9 o ,659
___
Representing 28 roads
Union P a cific________________368 ,783
in our com pilation_$ 8 ,821 ,6 9 8
Chicago M ilw & Pug S d ._
3 5 4 ,1 5 5
Pittsburgh & Lake E r ie ..
330 ,311
Decreases.
M issouri Kansas & T e x a s .
325 ,0 4 7
Chicago M ilw & St P a u l..
3 20 .852 N Y N I I & H artford_ $ 534 ,2 8 8
188,832
Missouri P a cific--------------3 1 0 ,7 7 5 Boston & M a ino___
188,248
St Louis & San Fran-------289 ,0 0 7 International & G t N o r ..
Baltimore & O hio________
2 39 ,776 C ldcago & A lton ------------N orfolk & W estern______
204 ,737 Chesapeake & O hio---------115,082
Southern P acific-------------187 ,310 W estern M a rylan d ______
M ichigan Central-----------178,453
—
- - - -& -Eastern__
158,615
Representing 6 roads in
Elgin
Joliet
our com pilation--------$ 1 ,3 2 8 ,5 4 0
San Ped Los A ng & S L ._
158 ,073
a Thoso figures merely cover the operations o f tho N ow Y ork Central
itself. Including tho various auxiliary and controlled roads, like tno
M ichigan Central, tho Lake Shoro, tho “ Big F ou r,” tho “ N ickel 1 late,
& c., tno whole going to form tho N ow Y ork Central System, the result is
a gain o f $ 1 ,0 2 9 , 5 5 7 .
When the roads are arranged in groups or geo
graphical divisions, the part played by augmented
expenses becomes very manifest. In the case of all
except one geographical division the improvement
in net is light as compared with that in the gross,
while the New England group actually falls behind
in net in face of a small increase in gross. Our
summary by groups is as follows:
SUM M ARY BY GROUPS.
-----------------------Gross Earnings-----------------------1911.
In c.{+ ) or DecX—)
Section or Group.
1912 .
%
December—
S
5
5 ,„ .
3.71
Group 1 (10 roads), New E ngland... 11 ,665,789 11 , 152,305
+ 413,484
Group 2 (84 roads), East A M iddle.. 02 ,753,308 56 ,860,719 + 5 ,886,049 10.35
Group 3 (54 roads), Middle West___ 35 ,572,093 30 ,535,416 + 5 ,037,277 10.50
8.45
Groups 4 A 5 (78 roads), Southern... 34 ,987,008 32 ,261,531 + 2 ,720,137
GroupsO A 7 (76 roads). Northwest.. 59 ,295,072 49 ,830,558 + 9 ,464,514 18.99
Groups 8 A 9 (92 roads), Southwest.. 44 ,357,003 39 ,449,184 + 4 ,908,479 12.44
8.89
Group 10 (42 roads), Paclllc C oast.. 15 ,236,350 13 ,991,648 + 1,244,702
Total (442 roads)............................ 263 ,708,003 234 ,087,301 + 29 .081,242 12.08
-----Mileage------------------------ Net Earnlngs1912 .
1911 . IncX + ) or Dec.t,—).
1912 .
1911 .
$
$
*
%
7,050 2 ,420,948 3 ,139,072
— 718,124 22.88
7,648
Group No. 1 .............
+ 810,390 4.75
Group No. 2 ...........
20,552 20,333 17 ,807,424 17 ,057,034
Group No. 3 ...........
24,360 23,863 9 .545,541 8 ,534,706 + 1 ,010,835 11.84
^ 5
„ .........
......................
+ 408,139 4.27
Groups Nos. 4 A
39,792 39,349 11 ,433,788 10 ,905,049
Groups Nos. 0 A 7 ........ 06,773
05,579 21 , 112,604 16 , 152,379 + 4 .960,225 30.71
Groups Nos. 8 A 9 ____ 55,608 54,477 13 ,605,792 11 ,908,167 + 4 .767,025 14 .7 o
Group No. 10 ................ 17,339
16,895 6 ,655,877 6 , 175,353
+ 480,524 9.28
X ota l.......................... 238,072 234,140 81 ,701,974 72 ,932,300 + 8 ,769,614 12.02
NOTE.—Group 1 . Includes all ol the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo: also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia
Group I I I . Includes all of Ohio and Indiana: all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV .and V. combined iuclude the Southern States south of the Ohio and ca-1
of tho Mississippi River.
Groups VI. and VII. combined include the northern peninsula of M'chtean. all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota and
Missouri north of St. I.ouis and Kansas City; also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the State lino passing
through Denver.
____
, ,
Groups VIII. and I X. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. I.ouis and Kansas City: Colorado south of
Denver, the who’e of Texas and the bulk of Louisiana: and that portion of New Mex
ico north of a line running from the northwest cornet of the State through Santa Ee
and east of a line running from Santa Fe to El Paso.
Group X . Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and tho western part of New Mexico.
BANKING, -LEGISLATIVE AND FINANCIAL NEWS.
— Tho public sales of bank stocks this week amount to
only 15 shares, of which 10 shares were sold at tho Stock
Exchange and 5 shares at auction. One lot of 100 shares
of trust company stock was also sold at auction.
Shares. B A N K — Nero York.
Low.
*1 0 Park Bank, N a tion a l.............. 370
B A N K — Brooklyn.
5 Bank o f O onoy Island_______ 135
T R U S T C O M P A N Y — New York.
100 Bankers T rust C o . v . t. c ____ 495
High. Close.
370
370
135
135
495
495
Last previous sale.
A ug. 1912 — 375
______________
A p r. 1912 — 601
* Sold at tho Stock Excliango.
— Tho action of the Treasury Department in issuing an or
der, effective on tho 1st inst., under which tho accounts of
Fedoral disbursing officers aro made payable by national
banks as well as by tho Treasury and sub-treasuries, is tho
subject of a resolution adopted by tho United States Senate
on tho ll t li inst. The resolution calls upon Secretary of
the Treasury M ac Veagh for information as to his authority
in the matter. Tho order was brought into question a week
ago by Rudolph Spreckels, President of tho First National
Bank of San Francisco, who issued a statement in which ho
intimated that the now order (embodied in Treasury Circular
N o . 5, issued on Jan. 9) would have the effect of embarrassing
tho incoming Administration. In this statement M r. Spreckles said in part:
T ho Treasury Departm ent circular directs that custom s m oney bo de
posited with national banks. I beliove this order is in direct con flict with
tho law governing control o f these m oneys and must therefore bo rescinded.
W o have a right to question the m otlvo that prom pted such action.
I f this order bo not prom ptly rescinded, wo will witness a marked and
unusual increase o f deposits, principally with tho N ew Y ork national banks.
455
amounting to m ore than $ 2 0 0 ,0 0 0 ,0 0 0 in gold annually in N ow Y ork alone.
A s the Governm ent accepts only gold in paym ent for duties, the entire
sum involved is gold . W hen the new Administration takes charge o f the
Treasury, it will be obliged to dem and the return o f these funds to the G o v
ernment. T he effect o f the withdrawal o f so m any millions o f dollars is
bound to cause financial difficulties.
I believe the people are entitled to know who it is that is repsonsible for
the plan and why it was put out at this tim e. Congress should investigate
the m atter and bring out the facts. On tho face o f the Treasury order there
is no specific provision that the banks shall give security for the deposits, and
no provision that they shall p ay any interest.
Denial that the plan would tend to increase bank deposits
to any appreciable extent was contained in a letter addressed
on the 7tli inst. to Congressman Carter Glass of the House
Banking and Currency Committee by Secretary M ac Veagh,
from which the following is quoted:
T he now plan does not involve an increase in the amount o f the bank de
posits o f the Governm ent to any appreciable extent. I mean b y this that
tho increase will not exceed in the aggregate $ 2 ,0 0 0 ,0 0 0 or $3 ,0 0 0 ,0 0 0 , if it
roaches that sum. T he incom e and outgo o f the Governm ent are just about
equal at the present tim e. T h a t is to say, the Governm ent collects ap
proxim ately $ 2 ,0 0 0 ,0 0 0 a day and pays out $pproxim ately $ 2 ,0 00 ,000 a day.
T he Governm ent now receives practically all its revenues in bank checks,
and the purpose o f the new plan is to have its collections and disbursements
clear each other in the banks from day to d a y, instead o f first converting
tho receipts into actual cash in the Sub-Treasuries and then making its
paym ents in cash over tho counter. T he Treasury receives almost no gold
from custom s or Internal revenue and gold is not involved in the problem
at all.
It m ay bo stated that a Governm ent deposit does not increase the loaning
power o f a ban k. T he regulations o f the Departm ent strictly prohibit a
bank holding funds o f the Governm ent in excess o f its authorized deposit.
T ho only problem presented b y the new plan is that o f so directing and
distributing the day Treasury receipts that they will meet the disbursing
officers' checks on the depositary banks. T o accom plish this it has been
necessary to reduce the balance o f a number o f the depositary banks, and
to add depositary banks in each o f the Sub-Treasury cities. This readjust
ment has resulted In additional deposits being made to tho extent o f only
$ 3 5 0 ,0 0 0 .
N early three-fifths o f the G overnm ent's paym ents are required to be made
in N ew Y ork . That the Governm ent m ay have the facilities to make these
larger payments through the banks in N ew Y o rk , tho increased balances hi
that city aggregate $ 2 ,0 8 8 ,0 0 0 , distributed am ong 24 banks. T he total
increase in all Sub-Treasury cities aggregates $4 ,8 2 3 ,0 0 0 . T h e total in
creases in all cities aggregates $ 6 ,0 6 5 ,0 0 0 . Decreases have been made to
the extent o f $ 5 ,7 1 5 ,0 0 0 in the Governm ent balances in banks where the
oxtent o f the Governm ent business does not justify larger balances than have
been loft therein. This makes a net increase, as stated, o f $ 3 5 0 ,0 0 0 in
tho banks, tho total amount in banks being $ 4 8 ,7 0 0 ,0 0 0 , and the adjust
ments aro now practically com plete.
_ The resolution adopted by the Senate, asking for informa
tion relative to the basis of the Treasury order, was offered
by Senator Poindexter, who, in submitting it, said:
(T T his order was made without any legislation authorizing or directing it.
From statements in the public press, I have noticed that the Secretary o f the
Treasury claims that it is authorized b y law. It is m y judgm ent that it
was not authorized b y law. There has been no change in tho law in that re
gard for a great m any years. I f it is authorized b y law, and if the|Secretary
o f the Treasury in his discretion can control and direct tho place o f deposit,
as between tho''publlc Treasury or S ub-T reasury o f the United States and a
private bank, o f public moneys amounting' to over $ 2 0 0 ,0 0 0 ,0 0 0 a year"
tho law ought to be changed, and the Senate ought to have full inform ation
from tho Secretary o f the Treasury as to his m otives and purposes in making
such an o
r
d
e
r
; y ' ''AY ;
\ i
’
' '
T i n the other hand, if the law does not authorize this order, which has
created a great deal o f com m ent throughout the country, and m ore or less
astonishment, then it is perfectly obvious that it is a m atter o f tho m ost
serious im port, and one upon which tho Senate should be imm ediately
inform ed.
-G* ••i M
’ 1 1
•
'
'
.
W e give below the resolution as passed by the Senate:
Resolved, T hat the Secretary o f the Treasury bo, and hereby is, directed
to transmit to the Senate any inform ation in his possession touching his
authority to make the order for the disposition .custody and disbursement
o f the public moneys em bodied in Departm ent Circular N o . 5 . issued b y the
said Secretary o f the Treasury on Jan. 9 191 3 ; also to transmit to the Senate
tho reasons for making such order and any inform ation in his possession
touching tho effect o f said order upon the system and m ode o f receiving,
caring for, handling and disbursing said public m oneys in effect prior to
tho issuance o f said order, and especially what change in said system was
effected b y said order; also any inform ation in his possession as to tho m an
ner and in what proportion the public m oneys specified in said order are
distributed among the several national banks therein referred to, and to
designate what if any additional banks have been designated as Govern
ment depositories on account o f tho change in the custody o f the public
m oneys specified in said order and where the same are located: also the
amount o f dally receipts o f the G overnm ent which have been deposited in
banks since said order went into effect, and what, if any, security therefor
or interest thereon has been required b y said Secretary o f tho Treasury from
tho said banks, and what amount or proportion o f said daily receipts has
been deposited in banks in N . Y . C ity; also to state the m onthly average
amount o f all funds in the custody o f disbursing officers which said order
requires to be deposited in banks, but which prior thereto [were deposited
with the Treasurer or an Assistant T reasurer o f the United States; also what
is the average m onthly amount o f United^'tates~disbursing’ officers’ a c
counts in New Y ork C ity ;'a lso a list o f the national banks authorized to
receive national deposits, public m oneys or postal savings funds and the
amount on deposit in each D ec. 31 191 2 .
The Treasury circular in question is as follows:
Treasury D epartm ent, January 9 19 1 3 .
T o disbursing officers o f tho United States, assistant treasurers, desig
nated depositary banks, and others concerned:
F or tho purpose o f bringing the ordinary fiscal transactions o f the Federal
Governm ent m ore nearly into harm onv with present business practices, it
has been determined that the daily receipts o f the Governm ent shall be
placed witli tho national-bank depositaries to the credit o f tho Treasurer
o f tho United States. Disbursements will bo m ade b y warrant or check
drawn on the Treasurer, but payable b y national-bank d epositaries, a s
well as bv tho Treasury and sub-treasuries, in accordance with~the~followIng'regulatiouj.iS
_
.
......
.
456
THE CHRONICLE
[ V o l . X C V I.
1 . On and after February 1 1913 every deposit o f funds to the official
1,703 2 0
Expenses sub-com m ittee N o. 2 (M r. G lass).................. .....................
credit o f a disbursing officer shall be m ado with the Treasurer o f the United
Dr. Richardson, trip to M iam i to examine M r. Rockefeller_____ 2,561 15
States, except as provided in paragraph 1 0 . All m oneys standing to tho Assistant counsel and special w ork................................... ................... 3 ,3 4 3 45
official credit o f disbursing officers with assistant treasurers and desig
Expenses incident to mailing hearings................................................
’ 42 50
nated depositary banks at the close o f business January 31 191 3 , shall be Expenses incident to indexing hearings...............................................
160 OO
trasnferred to tho official credit o f such disbursing officers with tiio T reas
T otal vouchers issued............................. ....................... .......... .......... $ 2 2 ,9 7 3 08
urer o f tho United States, through the medium o f tho general account o f the
Treasurer o f tho United States.
Expenses to be m et b y additional appropriation o f $ 3 5 ,0 0 0 asked fo r b y
tho House Com m itteo on Banking and Currency:
2 . On and after February 1 1913 all Treasury Departm ent warrants.
P ost O ffice Departm ent warrants, disbursing officers' checks, chocks in Samuel U nterm yer, E sq., counsel for the com m ittee.................. . . $ 15,000 00
5 000 00
paym ent ot interest on the public debt, and Secretary’s special deposit Scudder B ros., expert statisticians______________________________
checks shall bo drawn on the Treasurer o f the United States, except as Sub-com m ittee o f Hon. Carter Glass...................... ............................ 3 ,0 0 0 00
provided in paragraph 1 0 .
Stenographers to the com m itteo_________________________________ 3 000 00
Balance duo Assistant Counsel, M r. T o d d ..................................... I 2 500 00
3 . It is contem plated that each active designated depositary bank shall
Indexing hearings________________________________________________
’,jgg gg
p ay 1 reasury Departm ent warrants, Post Office Departm ent warrants,
216 75
disbursing officers’ checks, checks in paym ent o f interest on the public Perley M orse & C o ., expert witnesses before the com m ittee_____
157 50
d eb t, pension checks, and Secretary’s special deposit checks, dated on and M ailing fo rce.................................................................. ..............................
Harris
&
Ewing,
enlargement
o
f
ch
a
rts
.....
.........................
...............
jg g gg
after Fobruary 1 1913 and drawn on the Treasurer o f the United States,
when presented in duo course o f business, under the samo conditions as
T o t a l ---------------------------------- -----------------------------------------------------$ 2 9 ,5 4 4 25
other checks are now paid. Assistant treasurers and Treasury o f tho
N ote.— This estimate does n o t include expenses o f trip incident to the
P h ilip p in e Islands shall pay all such warrants and checks, observing tho
taking o f M r. R ockefeller’s testim ony; expenses o f M r. Farrar, who was
same precautions as at present. W arrants and checks so paid shall be
o f counsel to tho com m ittee; expenses o f M r. Unterm yer, and other minor
charged to the general account o f tho Treasurer o f tho United States as a expenses.
transfer o f the funds b y the bank,- assistant treasurer or Treasury o f the
Philippine Islands making the paym ent.
— Following the sudden termination of tho examination
4 . Checks and warrants dated prior to February 1 1913 shall be paid
on presentation by tho Treasurer, assistant treasurer, or designated of William Rockefeller, undertaken on the 7th inst. at Jekyl
depositary-bank on which drawn and charged to tho general account o f the Island, G a ., by Chairman Pujo of tho “ M oney Trust” In
Treasurer o f tho United States in the manner prescribed b y paragraph 3 . vestigating Committee and Samuel Untermyer, which, as
5 . E xcept as provided in paragraph 1 0 , each disbursing officer shall,
beginning on Fobruary 1 1 91 3 , conduct his business with tho Treasurer we indicated last week, they were forced to discontinue after
o f the United States in the same manner as he now conducts his business a few questions had been asked on account of M r. Rocke
with tho Treasurer, or assistant treasurers, or an activo designated d e feller’s condition, M r . Pujo issued tho following statement:
positary bank.
.
M r. R ockefeller’s condition is sim ply pitiablo. Ho not only shakes like
0.
Beginning on Fobruary 1 1 9 1 3 , each assistant treasurer, eacha leaf all ovor his b od y, b u t after tho first question I10 began to cough con
activo designated depositary bank, and tho Treasury o f the Philippine vulsively, and it was evident that I10 was laboring under great excitement
Islands shall each day schedule and forward to tho Treasurer o f tho United
and on tho vergo o f collapse. Ho had to slow ly whisper tho fow words ho
States all warrants and checks paid in accordance with the requirements spoko into tho oar o f tho stenographer who sat bosido him . This ho did
o f paragraphs 3 and 4 . Tho amounts o f warrants and checks so paid
with the greatest difficulty, shaking like a leaf all the while.
and forw arded shall bo charged in the regular transcripts o f tho general
Such a thing as an examination would bo impossible. A s soon as D r.
account o f the Treasurer o f tho United States as transfers o f funds.
Chappell intervened and requested that tho hearing proceed no further
7.
A disbursing officer having in his hands disbursing funds or monoys
on tho ground stated by him, M r. Untermyer and I felt that it would bo
received as a special deposit, and desiring to deposit the same to his official
dangerous and inhuman to go further, and 1 thereupon ordered a suspen
credit with tho Treasurer o f tho United States, shall make the deposit with sion o f tho examination.
tho Treasurer, an assistant treasurer, or an active designated depositary
Even if Dr. Chappell had not intervened and prevented further examina
bank. T ho Treasurer, assistant treasurer or bank shall issue a certifi
tion, I would havo refused to proceed on m y own accord. N othing would
cate o f deposit in duplicate showing that tho deposit is to bo placed to
havo induced mo to assume such a responsibility, in view o f what wo know
tho credit o f the depositing officer with the Treasurer o f tho United States.
o f the character o f tho disease from tho com m ittee’s physician, Dr. Rich
T h e duplicate certificate will bo delivered to the depositing officer. The ardson, as well as from D octors Lambert and Chappell.
original will be forwarded b y the first mail to the Treasurer o f tho United
I f anything had happened to M r. Rockefeller during that spasm o f
States and the amount thereof will bo credited in the transcript o f tho coughing, 1 nevor would havo forgiven m yself. If wo had bolieved his
general account o f the Treasurer o f tho United Statos as a transfer o f funds.
condition to be so manifestly critical, we would not have dreamed o f making
•8 . Deposits to the credit o f the Treasurer o f the United States on account the attem pt.
o f revenues or repayments to appropriations shall be made in accordance
with existing regulations.
— Provision for two battleships is mado in tho N aval
9 . All disbursing officers will be supplied with blank checks b y tho
Appropriation bill agreed to by the N aval Committee of
Treasury Departm ent. A n y officer not receiving a supply o f such checks
b y February 1 1913 shall uso tho supply now on hand, striking out the title the House of Representatives on tho 11th inst. by a vote o
o f the assistant treasurer or activo designated depositary bank and in
14 to 7. Under the appropriation bill passed last year only
serting “ T he Treasurer o f tho United States.”
ono battleship was provided for. In an attempt to bind the
1 0 . Deposits to tho official credit o f disbursing officers stationed in tho
Philippine Islands, who at present have no other depositary account, shall Democratic members tho present year to a “ no battleship” '
be mado with tho Treasury o f tho Philippine Islands as heretofore, and program, tho House advocates of a small navy called a cau
such officers shall draw their checks on the Treasury o f the Philippine
cus for the 8th inst., but their efforts were defeated through
Islands as heretofore. Tho treasury o f tho Philippine Islands shall pay
Tho bill as agreed on
checks and warrants drawn on tho Treasurer o f tho United States as pro their inability to secure a quorum.
vided in paragraph 3 .
on Tuesday by tho committee, besides providing for two bat
1 1 . These regulations d o not apply to postal funds (except Post O ffice
Departm ent warrants) and court funds deposited under tho provisions tleships, also makes provision for six destroyers, four sub
o f Sections 995 and 9 9 0 , Kevised Statutes.
marines, one supply ship and ono transport. It calls for a
F R A N K L IN M A C V E A G H , Secretary.
total appropriation of about $150,000,000.
— G eorgo
W illia m
G.
H en ry,
S a lo m o n
&
a
p a r tn e r
in
th o
b a n k in g
fir m
of
C o . , w a s i n d i c t e d f o r c o n t e m p t o n th o
1 0 th in s t . b y th e F e d e r a l G r a n d J u r y o f th e D is t r ic t o f C o
lu m b ia
fo r r e fu sin g
to
g iv e
to
th e
H ou se
“ M oney
T ru st”
I n v e s t i g a t i n g C o m m i t t e e t h e n a m e s o f c e r t a i n b a n k o f f ic e r s
w ho
p a r tic ip a te d
in d iv id u a lly
as
u n d e r w r it e r s
o f th e s to c k o f th o C a lifo r n ia P e tr o le u m
w h o w a s e x a m in e d b y
Co.
in
th e
M r.
s a le
H en ry,
th e c o m m itte e o n J a n . 6 a n d 7 , d e
c lin e d t o f u r n i s h t h o i n f o r m a t i o n u p o n t h e a d v i c e o f h is c o u n
s e l.
H e a ls o r e fu s e d
to d iv u lg e th e id e n t it y o f
th e fo u r th
f i r m w h i c h h a d a n i n t e r e s t in t h e o r ig i n a l s y n d i c a t e f o r m e d b y
W illia m
B ros,
S a lo m o n
to
flo a t
&
C o .,
th e s to c k
H a llg a r t e n
of
th e
&
Co.
p o tr o le u m
and
L e w iso h n
com pany.
M r.
H e n r y s u r r e n d e r e d h i m s e l f y e s t e r d a y to U . S . C o m m i s s i o n e r
S h ie ld s a n d
p le a d e d
n o t g u ilty
to
B a il
am ount
o f $ 2 ,0 0 0
fo r
to
th o
th o c h a r g e a g a in s t h im .
h is
appearan ce
next
T h u r s d a y w a s fu r n ish e d .
— A
r e s o lu tio n c a llin g fo r a n a p p r o p r ia tio n o f $ 3 5 ,0 0 0
a d d itio n
expen ses
to
th e
$ 2 5 ,0 0 0
in c u r r e d
in
o r ig in a lly
th e
a u th o r iz e d
“ M oney
T ru st”
to
m eet
in
th o
in v e s tig a tio n
w a s p a sse d b y th e H o u s e o f R e p r e s e n ta t iv e s o n th o 1 1 th in s t.
b y a v o te o f 12 9 to 1 1 5 .
of
th e
exp en ses
of
th o
T h o fo llo w in g it e m iz e d s ta te m e n t
s u b -c o m m it t e e
w as
in c o r p o r a te d
in
T u e s d a y ’ s p r o c e e d in g s o f th e H o u s e :
A t o m iz e d s t a t e m e n t .
T otal o f office w o r k ................................................................................- 8 1 0 ,9 3 0 69
Expenses incident to trips to New York, including hotel bills,
railroad fares and other expenses Juno 6 , 7 , 1 1 , 12 and 13
(expenses incurred b y com m itteo on account o f hearings held
in N ew Y o r k ).........................
1 ,0 5 1 6 0
xpensos incident to serving subpoenas b y office o f Sergeantat-Arras .......................
1 ,0 6 1 2 4
Expenses incident to appearance o f witnesses before com m ittee
W a sh in g ton ........................................................................................ 2 ,1 1 9 25
— It does not seem likely that tho W orks’ resolution,
amending tho Federal Constitution so as to provide for a
single Presidential term of six years, which passed tho Senate
on tho 10th inst., will receive consideration in tho House beforo tho expiration of the pr sent Congress on March 4.
Chairman Clayton of the Judiciary Committeo of tho House,
who last year introduced a similar resolution in the House
(which was favorably reported by tho Judiciary Committeo
on Jan. 4 1912), on tho 10th inst. offered the resolution in a
changed form, but tho committee on the 1 1th inst. postponed
action on tho now resolution indefinitely. As changed, tho
resolution stipulates that tho Amendment shall not take
effect until March 4 1921, and if ratified subsequent to that
dato it shall take effect when ratified.
— Tho Norris Bill, containing certain anti-trust provi
sions intended to apply to international trade, was passed by
the Senate on the 4th inst. Tho bill is supposed to bo aimod
at tho alleged “ coffee trust” and it passed tho House of Rep
resentatives on Juno 17 last. Tho toxt of tho bill, as ap
proved by tho Senate, is as follows:
Be U enacted, &c. That Section 73 ancl Section 76 o f the A ct o f A ug. 27
1 89 4 , entitled “ an A ct to reduce taxation, to provide rovenuo for tho G ov
ernment, and for other purposes,” bo and tho samo are hereby amended
to read as follows:
Sec. 7 3 . That every com bination, conspiracy, trust, agreement or con
tract is hereby declared to be contrary to public p olicy, illegal, and void
when the same is mado b y or between two or m ore persons or corporations
either o f whom , as agent or principal, is engaged in Importing any article
from any foreign country into tho United States, and whon such com bina
tion, conspiracy, trust, agreement, or contract is intended to operate in
restraint o f lawful trado, or free com petition in lawful trade or com m erce,
or to increase the market price in any part o f tho United States o f any
articlo or articles im ported or intended to bo imported into tho United
States, or o f any manufacture into which such Imported articlo enters or
is intended to enter. E very person who is or shall hereafter bo engaged in
the im portation o f goods or any com m odity from any foreign country in
F e b . 1 5 1 9 1 3 .]
THE CHRONICLE
violation o f this section o f this A ct, or who shall com bino or conspire with
another to violate tho same, is guilty o f a m isdom canor, and on conviction
thereof in any court o f tho United States such person shall bo fined in a sum
m ot loss than S I 00 and not exceeding 8 5 ,0 0 0 , and shall bo further punished
b y imprisonment, in the discretion o f tho cou rt, for a term not less than
threo months nor exceeding twelve m onths.
Sec. 7 6 . That any property owned under any contract or b y any com
bination, or pursuant to any conspiracy, and being tho subject thereof,
mentioned in Sec. 73 o f this A ct, im ported into and being within tho
U nited States or being in the courso o f transportation from one Stato to
another, or to or from a Territory or tho D istrict o f C olum bia, shall be
forfeited to tho United States, and m ay bo seized and condem ned b y liko
proceedings as those providod b y law for tho forfeiture, seizure and con
demnation o f property imported into tho U nited States contrary to law.
A resolution condemning tho bill and urging its veto by
the President was adopted by tho Chamber of Commerce on
tho 6th inst. The resolution charges that the proposed
amendment, though intended to strengthen the law against
conspiracy in restraint of trado, would operato to the in
jury of legitimate trade. According to the resolution,
“ many agents in this country of principals sending merchan
dise hero for sale would have no knowledge of the intentions
of their principals, and while acting in good faith in handling
tho merchandise, would, under tho terms of this amendment,
be hold liable to conviction and punishment for misde
meanor.”
— On tho 3d inst. the House of Representatives passed a
bill providing for the refund or abatement under certain
conditions of tho penalty imposed for neglect to file reports
undor the corporation tax law. It was reported from the
Senate Finance Committee on the 13th inst. Tho bill is
as follows:
Be it enacted, A c. That any corporation, join t-stock com p a n y , associa
tion or any insurance com pany subject to tho special excise tax provided b y
Section 38 o f tho A ct o f A ug. 5 1 9 0 9 , known as tho spocial cxciso corporation
tax law, which has been or m ay bo copipellod to pay or becom e liable fo r
any additional tax within the provisions o f Sub-Section 5 o f said Section 3 8 ,
which additional tax has been or m ay hereafter bo imposed for a neglect
to file a return as provided in said corporation tax law, on or before tho
1st o f M arch o f any year, m ay within one year after tho passago o f this
A ct, or within one year aftor tho dato o f notice o f assessment whero such
notice is given after tho passago o f this A ct, make application to the C o m
missioner o f Internal Itovonuo for a refund o f such additional tax. And
the Commissioner o f Intornal Kovenuo, with tho advico and consent o f
tho Solicitor o f Internal Rovonuo, is hereby directod to roinit, abate or pay
back all o f such additional taxes in oxcess o f $100 for .any single year when
ever in any case it appears to his satisfaction that tho additional tax was
assossod or imposed solely because o f a neglect to inako a roturn at the tim e
o r times specified in said A ct, and without any intention or design on tho
part o f any officer o f such corporation, join t-stock com p any, association
or insurance com pany to hinder or delay tho United States in tho co lle c
tion o f tho tax originally assessed.
— A favorablo roport on tho Employers’ Liability and
Workmen’s Compensation Bill was ordered by tho Judiciary
Committeo of the IIouso of Representatives on the 1st inst.
by a voto of 15 to 5. The bill was passed by tho Sonato on
M a y 6 1912. Tho IIouso Committeo has amonded it so as
to make it apply to employees of oxpress companies as well as
railroads, and has inserted a provision giving State courts
concurrent jurisdiction with Fedoral courts in cases whero the
Stato legislatures shall provide appropriate court procedure
for the enforcement of tho Act.
— Tho Sonato Inter-Stato Commerce Committee since
Tuesday last has beon conducting a series of hearings on
behalf of railroad interests on tho Adamson Bill providing
for tho physical valuation of railroads. Tho bill was passed
by the House of Representatives on Doc. 5. The Senate
Committee on Inter-Stato Commerce, to which it was re
ferred, turned it ovor to a sub-committee of which Senator
La Follotto is Chairman, and M r. La Follette is said to have
re-draftod tho bill. W e givo below tho toxt of tho bill in
tho form in which it was passed by tho IIouso:
[II. It. 2 2 5 9 3 .)
An A ct to amend an A ct entitled " A n A ct to regulate com m erce,” ap
proved February 4 18 8 7 , and all A cts am endatory thereof, b y providing
for physical valuation o f tho property o f carriers subject thereto and securng inform ation concerning their stocks and bonds and boards o f directors.
Be it enacted by the Senate and House o f Representatives o f the United Slates
o f America in Congress Assembled, T hat tho A ct entitled “ An A ct to regulate
com m erce,” approved Feb. 4 1 88 7 , as amended, bo further am ended b y
adding thereto a now section, to bo known as Section 19 a, and to read as
follows:
"S ec. 19 a- That the com m ission shall investigate and ascertain tho value
o f tho property o f every com m on carrier subject to the provisions o f this
A ct and used b y it for the convenience o f tho public. F or tho purposo of
such an investigation and ascertainment o f value tho com m ission is author
ized to em ploy such engineers, experts and other assistants as m ay bo neces
sary, who shall havo power to administer oaths, examine witnesses and take
testim ony. T ho value shall bo ascertained b y means o f an inventory
which shall list tho property o f every com m on carrier subject to tho provi
sions o f this A ct in detail, and shall classify the physical elements o f such
property in conform ity with tho classification o f expenditures for road and
equipment, as prescribed by tho Inter-State C om m erce Comm ission.
“ In such investigation said com m ission shall have authority to ascer
tain and report, in such detail as it m ay deem necessary, as to each piece o f
property owned or used by said com m on carrier, tho original cost for rail
w ay purposes, tho cost and value to the presont owner, tho cost o f repro
duction, and what increase in value is duo to cost o f im provem ents. Such
nvestigation and report shall also show separately that property actually
C scd in transportation and that held for other purposes, andfdiall contain
457
a statem ent o f the elements form ing the basis o f the estimate o f value.
Such investigation and report shall further show, whenever the com m ission
m ay deem necessary, the history o f the organization o f tho present corpora
tion operating such property, or o f any previous corporation operating such
property, in such detail as m ay bo deem ed necessary, and any increases or
decreases o f capital stock in any reorganizations, and m oneys received b y
any o f such corporations b y reason o f any issues o f stocks, bonds or other
securities, or from the net and gross earnings o f such companies, and how
the m oneys were expended or paid out and the purposes o f such paym ents.
“ T he said investigation and report shall also show the amounts and dates
o f all bonds outstanding against each public-service corporation and the
am ount paid therefor, and the names o f all stockholders and bondholders
with the am ount held b y each, and also the name o f each director on each
board o f directors; and find and report tho facts as to the connection o f
any bank or banker, capitalist or association o f capitalists, or financial in
stitution or holding com pany, with the ownership, m anipulation, manage
m ent or control o f any stocks and bonds o f any such com pany, and the
transactions and connections o f any bank or banker, financier, financial in
stitution or holding com pany with the reorganization o f any such com pany
n recent years.
“ Said investigation and report shall also fully cover so far as practicable
questions pertaining to the issuance o f stocks and bonds b y com m on car
rier corporations subject to the provisions o f this A ct, and the power o f
Congress to regulate or affect the same, and particularly m ethods to prevent
tho issuance o f stocks and bonds b y such corporations w ithout full value
being received therefor.
“ T he com m ission shall have power to prescribe the m ethod o f procedure to
be follow ed in the con du ct o f the investigation, tho form in which tho r e
sults o f tho valuation shall be subm itted, and the classification o f the ele
ments that constitute the ascertained value, and such investigation shall
show the value o f tho property o f every com m on carrier as a whole and the
value o f its property in each o f tho several States'and Territories and the D is
trict o f Colum bia.
“ Such investigation shall be com m enced [within sixty days after the ap
proval o f this A ct, and shall be prosecuted with diligence and thoroughness,
and the result thereof reported to Congress at tho beginning o f each regular
session thereafter until com pleted.
“ E very com m on carrier subject to the provisions o f this A ct shall furnish
to the com m ission or its agents from tim e to tim e and as the com m ission m ay
require maps, profiles, contracts, reports o f engineers and any other d ocu
m ents, records and papers, or copies o f any or all o f the sam e, in aid o f such
nvestigation, and determ ination o f tho valuo o f the property o f said com m on
carrier, and shall grant to all agents o f the com m ission free access to its rightof-w ay, its property and its accounts, records and m emoranda whenever
and wherever requested b y any such duly authorized agent, and every co m
m on carrier is hereby directed and required to co-operate with and aid the
com m ission in tho work o f the valuation o f its property in such further par
ticulars and to such extent as tho com m ission m ay require and direct,
and all rules and regulations m ade b y tho com m ission for the purpose o f
administering the provisions o f this section and section tw enty o f this A ct
shall have the full force and effect o f law.
“ Upon the com pletion o f tho valuation herein provided for tho com m is
sion shall thereafter in liko manner keep itself inform ed o f all extensions
and im provem ents or other changes in the condition and value o f the prop
erty o f all com m on carriers, and shall ascertain the value thereof, and shall
from tim e to tim e, as m ay be required for tho proper regulation o f such com
m on carriers under the provisions o f this A ct, revise and correct its valua
tion o f property, showing such revision and correction as a whole and in
each o f tho several States and Territories and the D istrict o f C olum bia,
which shall be reported to Congress at the beginning o f each regular ses
sion.
“ T o enable the com m ission to m ake sucli changes and corrections in its
valuation, every com m on carrier subject to the provisions o f this A ct shall
roport currently to the commission, and as tho com m ission m ay require,
all improvements and changes in its property, and file with the com m ission
copies o f all contracts for such improvem ents and changes at the time the
same are executed.
“ W henever the commission shall have com pleted tho valuation o f the
property o f any com m on carrier, and before said valuation shall becom e
final, tho commission shall give notice b y registered letter to the said carrier,
stating the valuation placod upon tho several classes o f property o f said
carrier, and shall allow the carrier thirty days in which to file a protest o f
tho same with the com m ission. I f no protest is filed within thirty days, said
valuation shall becom e final.
“ I f notice o f protest is filed b y any com m on carrier, the com m ission shall
ix a tim e for hearing the same, and shall proceed as prom ptly as m ay bo to
fhear and consider any m atter relative and material thereto which m ay be
presented b y such com m on carrier in support o f its protest so filed as afore
said. I f after hearing any protest o f such valuation under the provisions
o f this A ct the commission shall bo o f the opinion that its valuation is In
correct, it shall make such changes as m ay bo necessary, and shall issue an
order making such corrected valuation final. Ail final valuations b y the
com m ission and the classification thereof shall be published and shall be
prima facie evidence relative to tho value o f tho property in all proceed
ings under this A ct.
“ T he provisions o f this section shall apply to receivers o f carriers and
operating trustees. In case o f failure o f refusal on the part o f any carrier
receiver or trustee to com p ly with all the requirements o f this section, and
in the manner prescribed b y the com m ission, such carrier, receiver or
trustee shall forfeit to the United States the sum o f five hundred dollars for
each such offense and for each and every d ay o f the continuance of
such offense, such forfeitures to be recoverable in tho same manner as other
forfeitures provided for in this A ct.
“ That tho district courts o f the United States shall have jurisdiction,
upon the application o f the A ttorney-General o f tho U nited States at the
request o f tho com m ission, alleging a failure to com ply with or a violation
o f any o f the provisions o f this section b y any com m on carrier, to issue a
writ or writs o f mandamus com m anding such com m on carrier to com ply
with the provisions o f this se ctio n .”
Passed b y tho House o f Representatives D oc. 5 19 1 2 .
— B y a vote of 334 to 7 tho Chamber of Commerce on
Thursday passed a resolution endorsing Senator R oot’s bill,
which would amend the Panama Canal Bill by eliminating
tho provision which exempts American coastwise trade from
tho payment of tolls. Tho resolution was adopted after a
spirited discussion, during which Joseph H . Choate undertook
to convince his hearers that tho provision in question is in
direct conflict with the Hay-Pauncefote Treaty. The reso
lution reads as follows:
Resolved, T hat the Cham ber o f C om m erce o f the State o f N ew Y ork In
dorses Senate bill 8 1 1 4 , introduced b y Senator R o o t, to change the Panam a
458
THE CHRONICLE
Canal Bill b y striking ou t all provisions providing for freo passago o f com
m orcial tonnage through the canal; and bo it further resolved, that tho
C om m ittee on Foreign C om m erco and tho Revenue Laws bo authorized to
represent tho C ham ber at any com m ittee hearings on this b ill, and that copio
o f this resolution bo transm itted to Congress.
— A message transmitting the report of the Alaskan
Railways Commission was sent to Congress by President
Taft on the 6th inst. The Commission was appointed
under an Act of Congress approved Aug. 24 1912, and was
called upon to conduct an examination into the transporta
tion question in the Territory of Alaska and to report on
“ the best and most available routes for railroads which will
develop the country and the resources thereof for tho use
of the people of tho United States.” The construction of two
independent railroad systems, hereafter to be connected and
supplemented as may be justified by future development, is
recommended in the report. In his message accompanying
the report tho President says:
T he necossary inference from the entire report is that, in tho judgm ent o f
the Com m ission, its recomm endations can certainly bo carried out only if
the G overnm ent builds or guarantees tho construction cost o f the railroads
recom m ended. I f tho Governm ent is to guarantee tho principal and inter
est o f the construction bonds, it seems clear that it should own the roads,
tho cost o f which it really pays. This is truo whether tho G overnm ent it
self should operate the roads or should provldo for their operation b y lease
or operating agreem ent. I am very m uch opposed to Governm ent opera
tion , but I believe that Governm ent ownership with private operation
under lease is tho proper solution o f tho difficulties hero presented.
— H . A . Wheeler of Chicago was re-elected President of the
Chamber of Commerce of the United States of America at
the first annual meeting of the organization held last month
at Washington. The Chamber was formed last year at the
instance of President Taft.
— Governor W ilson’s seven anti-trust bills, introduced in
the N ew Jersey Legislature on Jan. 20, were favorably re
ported by tho Senate Judiciary Committee on the 11th inst.
and passed by the Senate on the 13th. They were imme
diately sent to tho House and referred to tho House Commit
tee on Corporations. In the Senate every one of tho bills
received tho vote of tho twelve Democrats; not less than two
Republicans in any case joined with tho Democrats in effect
ing the passago of tho bills, and in one instanco as many as
seven approving votes were cast by tho Republicans. The
essential features of the bills, which are intended to curb tho
formation of trusts and monopolies under tho New Jersey
laws, wero referred to in these columns Jan. 25 and Feb. 1.
It is understood that they have undergone no material change
since their introduction.
Several minoraamendments have
been reported in the papers; one of these, it is stated, ex
empts labor organizations or combinations from the provi
sions of the bill, making it a misdemeanor to enter into an
agreement affecting tho price of any commodity; another
said to have been suggested by counsel for tho United States
Steel Corporation, protects pension and insurance funds of
corporations from tho provisions of tho bill prohibiting one
corporation from holding tho stock or secutitios of another,
unless engaged in a similar business.
On Wednesday, the day the bills went through tho Sen
ate, President-elect Wilson announced that his resignation as
Governor of New Jersey would take effect on March 1.
— Supplementing the seven bills affecting tho Now York
Stock Exchange, introduced in tho New York Stato Legisla
ture last week at tho instanco of Governor Sulzer, three
additional measures drawn by him intended to effect re
forms in tho operations of tho Exchange were introduced at
Albany on the 12th inst. Tho most important of these is
one which requires tho incorporation of exchanges after
September 1 1913 and places them under tho jurisdiction
of tho State Superintendent of Banks. One of tho other
bills presented to the Legislature this week makes it unlawful
for tho New York Stock Exchange to prohibit its members
from doing business with or for members of other exchanges
and the third bill, intonded to prevent the “ shading” of an
order, compels a broker to furnish a customer with the namo
of the party with whom ho deals in buying or selling stocks
and the specific time of tho sale-or purchase. Hearings on
tho ton bills will be had in tho Senate Chamber on tho 26th
inst. The following statement relative to the pending legis
lation was made by Governor Sulzer on Wednesday:
Last week I subm itted to the Legislature seven bills to carry out the
recommendations I mado in m y messago regarding reforms in stock ex
changes. A t that timo I stated that on account o f pressing official duties
I had been unablo to prepare a few other bills covoring every recommenda
tion I m ado. I prepared these seven bills as fast as I could with tho lim
ited time I had to work and I covered tho principal recommendations.
Since then I have prepared threo additional bills covering tho matter in
tho message which I did not cover in tho seven bills. Theso three bills
provide:
1 . For tho incorporation o f exchanges.
2 . T o prevent in so far as possible a broker from shading in any way
an order o f a custom er. I t is represented to me that brokers shade fre-
[ V o l . XCVI
quently:'customcrs’ orders; in other words, they will got an order to buy a
certain stock at a certain figure or at tho market. Instead o f buying it a t
that figure they shade it an eighth, a quarter or a half, and toll the cus
tomer that was tho best they could d o , and thoy mako the difference. That
applies also to sales. N ow , I have draw n this bill with a view to proventing
that.
3.
A bill that will prevent discrimination against other exchanges. I t
is represented to m e that the N ew Y ork Stock Exchange refuses to execute
orders com ing from tho brokers o f tho Consolidated Exchango. I think
that is an unjust discrimination. In m y opinion, tho N ow Y ork Stock
Exchange is a quasi-public institution, and any ono who has a stock or
bond to sell or who wants to buy a stock or bond ought to havo the right
to d o so, whether ho is a member o f tho Consolidated Exchango or whether
ho is a member o f Jones, Brown & Smith. Why they deliberately dls
criminate against tho mombers o f theso other exchanges is beyond m y
understanding. And I have drawn this bill with a view o f preventing that.
Theso threo additional bills, making ten bills altogether, substantially
cover every recomm endation I make in that message. T ho bills will bo re
ferred to tho appropriate committees in tho Logislaturo, and I Jiavo asked
the chairmen o f theso committees on judiciary and codes to hold joint
meetings or hearings, with all tho members o f tho respective committees
present, and to notify everybodty in the Stato who is interested as to the day
o f tho hearing, and give it all the publicity possible, |so that thoso opposed
to these bills can bo present and oppose .them and those who aro for the
bills can be present to advocate them .
Personally, I have no vanity in this constructive legislation. All I am
trying to do is to accom plish results along the lines o f reforms demanded
b y tho people. I was very careful in m y messago to tho Legislature not to
get com m itted upon m ooted matters, but submitted theso mooted] ques
tions to tho Legislature for careful investigation and for thelrj determination
after hearing both sides.
B oth sides ought to bo heard, and then it is for tho Legislature to deter
mine just what legislation it should pass to rem edy evils In the stock ex
changes, and placo upon tho statuto books a form o f legislation in tho interest
o f tho public.
The following letter received by Governor Sulzer from
President M abon of the New York Stock Exchange anent
the recent activity in American Can Co. shares was made
public by the Governor on tho 12th.
Referring to tho hearing beforo your Excellency on Jan. 3 1 , in which the
subject o f tho great activity o f American Can stocks was touched upon,
and with respect to which I said I woidd give you further inform ation, I beg
to advise that further inquiry has been pursued and confirm s tho state
ment mado to you then that the largo transactions recorded wero bona fide
on the part o f the members o f tho Exchango.
Examination o f tho matter shows that o f 360 firms doing an activo
business on Jan. 30 19 1 3 , 2 2 2 had transactions in American Can stock;
and on Jan. 31 19 1 3 , o f 408 firms, 251 had transactions. This rovoals w ide
spread activity on tho part o f many firm s, roprosentlng m any different
interests and customers. The firms having tho largest orders to buy
secured stock from a great number o f sellers, ono largo order to buy being
filled b y 100 separate purchases. These orders wore rocolved In tho regu
lar course o f business, with no evidence to point to manipulation.
T he situation o f tho American Can C o. was that about 3 3 % or past-duo
dividends had accumulated on their preferred stock, and tho question as
to whother their board o f directors would or would not tako action to pro
vide for the settlement o f theso dividends, togothorw ith tho fact that the
annual report o f tho com pany was also shortly forthcom ing, was the o cc a
sion for tho activity in these stocks and tho fluctuations in their prico.
— Further action looking to the adoption of moro strin
gent regulation of Stock Exchango operations was takon at
a meeting of the Board of Governors on Thursday, when
tlireo now rules directed against improper trading, recom
mended by a special committee appointed in December,
wero adopted, along with tho latter’s report. This committee
was delegated “ to consider tho manner of handling margin
accounts and re-hypothecating securities, and devise meas
ures which will servo more fully to protect the public.” In
its report tho committee advocated tho creation of a com
mittee to havo jurisdiction over questions concerning the
business conduct of members of the Exchango with refer
ence to their customers’ accounts, and an ainondment to
this end was offered. This amendment, which was referred
under tho rules to tho Committee on Constitution for report,
is as follows:
1 . Am end Section 1 o f A rticlo X I o f tho constitution b y inserting a now
paragraph, to bo known as Paragraph 4 , and changing tho numbering o f the
succeeding paragraphs accordingly; said now paragraph to road as follows;
“ Paragraph 4 .— A com m itteo on business conduct, to consist o f fiv o m om
bers.
“ It shall be tho duty o f this com m itteo to consider matters relating to
tho business con du ct o f members with respect to custom ers’ accounts.
“ It shall also bo tho d uty o f this com m itteo to keep in touch with tho
course o f prices o f tho securities listed on tho Exchango, with tho viow o f de
termining when im proper transactions aro being resorted to.
“ It shall havo power to examino into tho dealings o f any member with
respect to tho abovo subjects and report its findings to tho Governing
C om m ittee.”
The following aro tho resolutions adopted at Thursday’s
meoting:
2 . Resolved, T hat tho acceptance and carrying o f an a ccou nt for a cus
tom er, either a m em ber or a non-m em ber, without proper and adequate
margin m ay constitute an act detrimental to tho interest and welfare o f tho
Exchange, and tho offending member m ay bo proceeded against under
Section 8 o f A rticle X V I I o f tho constitution.
3 . Resolved, T hat the im proper use o f a custom er’s securities b y a m em
ber or his firm is an act not in accordance with just and equitablo principles
o f trade, and tho offending m em ber shall bo subject to tho penalties pro
vided in Section 6 o f A rticlo X V I I o f tho constitution.
4 . Resolved, That reckless or unbusinesslike dealing is contrary to just
and equitablo principles o f trado, and tho offending member shall be sub
je ct o f tho penalties provided in Section 0 o f A rticle X V I I o f tho consti
tution in every case in which tho offonco does not com e within tho provisions
o f Section 5 o f A rticlo X V I thereof.
W o also subjoin the report mado by tho committeo:
F e b . 1 5 1 9 1 3 .)
THE CHRONICLE
F ebru a ry
10 1913.
T o th e G o v e r n i n g C o m m i t t e e :
G e n t l e m e n — Tho
special committee appointed on Dec. 19 1912 by tho
Governing Committee "to consider tho manner of handling margin accounts
and ro-hypothecating securities and devlso measures which will servo more
fully to protect tho public,” begs leave to report as follows: In its delibera
tions tho special committee has given great consideration to tho recommen
dations of tho Hughes’ committee. It has taken into account certain sug
gestions made by tho counsel of tho Congressional committeo of which
M r. Pujo is Chairman, and has examined tho questions submitted to it for
its consideration and tho possible solution o f thoso questions from every
point o f view.
Ono o f tho chief objects o f tho Excliango is to promoto and inculcato just
and equitable principles of trade and business, and any member who, in
his dealings with his customers, has shown himself guilty of fraudulent
practices, or any other conduct contrary to just and equitable principles
of trado, is subject, under our rules, to suspension or oxpulsion.
In tho opinion of this committeo, a member of tho Exchange who oxposes
himself to tho risk of insolvency by transacting business for customers
without requiring from them sufficient margin to render him reasonably
secure, or who carries a speculative account for a fellow member without
requiring margin, is guilty of conduct that is liable to bring discredit upon
tho Excliango and is contrary to its interest and welfare.
Your committeo believes that tho Exchango should, by proper resolu
tions , mako known both to its own members and to tho public its position
upon the improper use by brokers of securities belonging to their customers
and upon tho carrying of speculative accounts by members of tho Exchango
without requiring sufficient margin.
Ileckless or unbusinesslike dealing by a member of tho Exchango is
contrary to tho interest and welfare o f tho Exchango, and, therefore, con
stitutes conduct for which a member may properly bo disciplined, even
though tho reckless or unbusinesslike conduct docs not result in insolvency.
Tho constitution of tho Exchango now provides that, where tho insol
vency of a member is found to have been caused by reckless or unbusiness
like dealing, ho may bo declared ineligible for reinstatement; your commit
teo, however, deems it advisable to mako tho position of tho Exchange on
this matter clear by tho adoption of a resolution expressly declaring that
reckless or unbusinesslike dealing, whether resulting in insolvency or not,
is contrary to just and equltablo principles of trado.
Your committee has given much thought to tho question whether it is
practicable for tho Exchango to adopt a rulo expressly dofining tho circum
stances under which, and tho extent to which, a broker may properly uso
tho securities of his customers, and declaring that any uso of tho custom
er's securities under any other circumstances or to any greater extent
should bo deemed fraud or a fraudulent act. Your committeo has como to
tho conclusion that any such rule is impracticable. Where there is no spe
cial agreement between tho customer and the broker, tho law determines
what rights tho broker has to borrow money uopn tho customer’s securitiesAny special agreement, whether express or implied from a courso of dealing
between tho parties, may diminish or enlarge such rights.
In tho opinion
of your committeo, tho adoption of any hard and fast rulo might in many
cases unduly limit the rights of the broker. On tho other hand, such a rulo
might appear to confer upon tho broker, under certain circumstances, more
oxtensivo rights than tho law allows to him, and, consequently, might
appear to countenance a violation of tho law on tho part o f tho members
o f tho Exchango.
In viow of these considerations, your committeo has deemed it proper
to recommend the resolution which is herewith submitted, believing that
tho question whether tho uso mado by a broker of his customer’s securities
is a proper or improper uso, can bo decided by tho Governing Committeo
in any particular case according to tho special circumstances of that case.
Your committee has given much consideration to tho question whether
it is possible to defino "tho sufficient margin” which a broker ought to re
quire from his customers. Tho Hughes’ committeo in its report suggested
that tho Excliango uso its influence and, if necessary, its power, to prevent
its members from soliciting and generally accepting business on a less mar
gin than 20%. Tho Hughes committee said, however, that “ tho amount of
margin which a broker requires from a speculative buyer o f stocks depends
in each case on tho credit of tho buyer, and tho amount o f credit which ono
person may extend to another is a dangerous subject on which to legislato.”
Your committeo is o f tho opinion that any rulo fixing tho percentage of
margin to bo required would bo both unwise and impracticable. In tho
opinion of your committeo tho question as to what is and what is not a
sufficient margin must bo decided in cacli caso according to tho particular
circumstances of that caso. Tho form of resolution proposed by your
committeo leaves tho matter to bo determined in each caso by tho Govern
ing committeo.
Your committeo believes that tho constitution of the Exchango should
mako provision for a standing committee having jurisdiction over ques
tions concerning tho business conduct of membors of tho Exchango with
reference to their customers’ accounts, and your committeo has therefore
recommended an amendment of tho constitution of tho Exchango provid
ing for such committeo. Tho duties of this special committeo will include
tho duty of inquiring into cases where a member of tho Exchango appears
to have mado improper uso of ills customers’ securities; where there is rea
son to bolievo that a member of tho Exchango is taking and carrying specu
lative accounts for customers without requiring sufficient margin; whero
there is reason to believe that any member of tho Exchango is conducting
his business in a reckless or unbusinesslike manner. Tliero is at present
no committeo specially charged with these duties, and, in tho opinion of
your committee, tho creation of such a committeo and tho active discharge
by it of the duties committed to it will tend greatly to promoto tho wclfaro
of tho Exchango and will do very much to prevent occurrences that bring
discredit upon it.
Certain of the matters which wero submitted to your committeo for its
consideration are not covered by tho present report.
Your committeo has given much thought to theso matters, and still has
them under advisement. It will, at a later time, mako a further report
concerning them.
DONALD G. GE D D E 8 ,
AVINTIIROP RUHR,
SAMUEL F. STREIT,
WILLIS D. AVOOD,
ARTH UR W. BUTLER,
Committeo.
A conference will bo held on M onday next bettveon tho
Clearing-] louso Committee and tho committeo of out-of
town bankers respecting tho new regulations of tho New
York Cloaring-Ilouso Association governing tho collection
of out-of-toAvn items. As stated last Aveok, tho conference
was asked by tho out-of-toAvn bankers in order that certain
differences whiclrfhavo arisenjgover tho proposed arrange-
459
ments might be adjusted. The amonded rules were made
necessary by the inclusion in the discretionary class of checks
payable on any bank or trust company in Massachusetts,
Rhode Island, Connecticut, New Jersey and New York, and
are to go into^effect on March 11913. A circular embodying
the regulations of the Association as changed has been issued
by the Clearing House as folloAvs:
Section 1 . Theso rules and regulations shall apply to all members of the
Association, and to all banks, trust companies or others clearing through
such members. The parties to which the same so apply are hereinafter
described as collecting banks.
Sec. 2. For items collected for the accounts of, or in dealings with, the
Governments of the United States, tho State of Now York, or the City
of New York, for items payablo in tho cities of Boston, Mass.; Providence
R. I.; Albany, N. Y .; Troy, N. Y .; Jersey City, N. J.; Bayonne, N. J.
Hoboken, N. J.; Newark, N. J.; Philadelphia, Pa.; Baltimore, M d „
and for items p a y a b l e o n l y a t a n y b a n k o r t r u s t c o m p a n y located in the
States of Massachusetts, Rhode Island, Connecticut, New Jersey and
Now York (other than those located in any discretionary city named in
this article), whoso President, Cashier or Treasurer shall have notified, in
writing, tho Manager of the Now York Clearing-House Association that it
will remit in New York funds at par, on the day of receipt by it, for all items
drawn on it received from members of tho New York Clearing-House
Association, or from non-members clearing through members, the charge
shall In all cases bo discretionary with the collecting bank, and the same
shall not be governed by the provisions of thoso rules and regulations.
Sec. 3. For all items from whomsoever received (except on those points
declared discretionary in Sec. 2), payable at points in Connecticut, Dela
ware, District of Columbia, Indiana, Illinois, Kentucky, Maine, Maryland,
Massachusetts, Michigan, Missouri, New Hampshire, New Jersey, New
York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia
and AVisconsin, the collecting banks shall charge not less than one-tenth
( 1 - 1 0 ) of one per cent of the amount of tho items, respectively.
Sec. 4. For all items from whomsoever roceived payable at points in
Alabama, Arizona, Arkansas. California, Colorado, Florida, Georgia,
Idaho, Indian Territory, Iowa,Kansas, Louisiana, Minnesota, Mississippi,
Montana, Nebraska, Nevada, New Mexico, North Carolina, North
Dakota, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee,
Texas, Utah, AVashington, AVyoming and Canada, tho collecting banks
shall charge not less than one-quarter (14) of ono per cent of tho amount
of the items, respectively.
Sec. 5. In case the charge upon any item at the rates above specified
does not equal ten cents ( 1 0 c.), the collecting bank shall charge not less
than that sum; but all items received from any ono person at the same time
and payable at the same place may bo added together and treated as
ono item for the purpose of fixing tho amount chargeable.
Sec. 6 . The charges herein specified shall in all cases bo collected at the
time of deposit or not later than tho tenth day of tho following calendar
month. No collecting bank shall, directly or indirectly, allow any abate
ment, rebate or return for or on account of such charges or make in any
form, whether of interest on balances or otherwise, any compensation
therefor.
Sec. 7. Every collecting bank, trust company or other corporation not
a member' of the Association, but clearing through a member thereof,
shall forthwith adopt by its board of directors a resolution in the following
terms and file a certified copy thereof with:.tho Association as evidence as
therin specified:
AVhereas, This corporation has acquired the privilege of clearing and
making exchange of its checks through tho Now York Clearing-House
Association, and is subject to its rules and regulations, now, therefore, be it
resolyed, that this corporation hereby in'all respects assents to and agrees
to be bound by and to comply with all rules and regulations regarding
collections outside of the City of Now York, which may be established
pursuant to the constitution of said Association, and that the President
of this corporation is hereby instructed to file a certified copy of this
resolution with tho Clearing-House Association as evidence of such assent
and agreement on the part of this corporation.
Sec. 8 . In case any member of tho Association shall learn that theso rules
and regulations have been violated by any of tho collecting banks, It
shall immediately report the facts to the Chairman of the Clearing-House
Committee, or in his absence, to the Manager of the Association. Upon
receiving information from any source that there has been a violation
of the same, said Chairman, or in his absence said Manager shall call a
meeting of the Committee. The Committee shall investigate tho facts
and determine whether a formal hearing is necessary. In case tho Com
mitteo so concludes, it shall instruct tho Manager to formulate charges
and present them to tho Committee. A copy of the charges, together with
written notice of the time and place fixed for hearing regarding the same,
shall be served upon the collecting bank charged with such violation, which
shall have the right at the hearing to introduce such relevant evidence and
submit such argument as it may desire. The Committee shall hear what
ever relevant evidence may be offered by any person and whatever arguments
may be submitted, and shall determine whether the charges are sustained.
In case it reaches the conclusion that they are, tho Committee shall call a
special meeting of the Association and report thereto the facts with its
conclusions. If the report of tho Committeo is approved by tho Associa
tion, the collecting bank charged with such violation shall pay to the
Association the sum of five thousand dollars, and in case of a second
violation of these rules and regulations, any collecting bank may also in
the discretion of the Association be excluded from using its privileges
directly or indirectly, and, if it Is a member, expelled from the Association.
Resolved, that the foregoing rules and regulations as amended are hereby
established and adopted and shall take effect upon the first day of March
1913.
— A verdict in favor of Anthony S. Hannay, a cotton mer
chant of Liverpool, Avas directed by Judge Holt in the United
States District Court on the 10th inst. in the action brought
by Hannay against tho Guaranty Trust C o. of this city in
Avhich he sought to hold tho company responsible for the
amount represented in a draft draAvn by Knight, Yancey &
Co. of Alabama, covering spurious cotton bills of lading.
The trial Avas begun on the 4th inst. While but $7,320 is
involved in this particular case, other claims groAving out
of the failure of Knight, Yancey & Co. and Steele, Miller
& C o ., aggregating some $4,000,000 or more, are dependent
upon it. It may be recalled that on M a y 23 1911 Judge
Noyes of the U . S. Circuit Court overruled a demurrer filed
460
THE CHRONICLE
[ V o l . X C V I.
by the Guaranty Trust Co. in the Hannay suit, the sole ques
tion passed upon by Judge Noyes having concerned the con
tention of the company that the complaint upon its face did
not set forth facts sufficient to constitute a cause of action.
Judge H olt, in directing this week that a verdict in favor of
the plaintiff be found, did not pass upon tlio merits of the
case, but was moved to follow along the lines of the decision
of Judge Noyes because, he held, the evidence in the trial
did not materially differ from that in the previous court pro
ceeding. During the trial Sir John R . Paget, B art., K . C .,
an authority upon English banking law, appeared in behalf
of the trust company and tendered testimony bearing on de
cisions and legislation relative to bills of exchange; reference
to this was made by William D . Guthrie, counsel for the
trust company, in his final argument, in which he said:
Holmes concurred. The more important parts of tho opinion
are shown in the extracts below:
Court’s mandate in tho case, and it was accordingly filed in
the Federal Court on the 6th inst. Tho effect of this was
to’place tho caso before the lower Court for trial. The opinion
of tho Supremo Court, rondered on Jan. 6, was announced
by Judge Van Dovanter. Justice Lurton dolivorod a dis
senting opinion, in which Chief Justice White and Justice
— W hat is said to bo tho first prosecution undertaken by
tho Federal Government against a “ trust” for tho alleged
disobedience of a court’s mandate under tho anti-trust law
was begun on tho 10th inst. whon contempt proceedings wero
instituted in tho U . S. District Court at Birmingham, A la.,
against tho Southern Wholesale Grocers’ Association and
Wo come, then, to tho question whether a conspiracy to run a corner in
the available supply of a staple commodity, such as cotton, normally a
subject of trade and commerce among the States, and thereby to enhance
artificially its price throughout the country and to compel all who have
occasion to obtain it to pay the enhanced prico, or else to leavo their needs
unsatisfied, is within the terms of paragraph 1 of the Anti-Trust Act, which
makes it a criminal offense to ‘engago in’ a ‘conspiracy in restraint of
trado or commerco among the soverai States.’ Tho Circuit Court, as we
have seen, answered the question in the negative; and this, although ac
cepting as an allegation of fact, rather than as a mere economic theory of
tho pleader, tho statement in the counts that inter-Stato trado and com
merco would necessarily be obstructed by tho operation of tho conspiracy.
Tho reasons assigned for the ruling and now pressed upon our attention are:
(1) That the conspiracy does not belong to the class in which the mem
bers are engaged in inter-State trado or commerce and agreo to suppress
competition among themselves;
(2) That running a corner, instead of restraining competition, tonds tom
Tho fundamental and conclusive distinction Is in the law of England. porarily, at least, to stimulate it, and
(3) That tho obstruction of inter-State trado and commerco resulting
Whon tho case was argued before Judgo Noyes tho English law was not
before tho Court, and it was assumed that tho English law was tho same from the operation of the conspiracy, even although a necessary result,
as the law of this country. Under tho law of England, tho Knight-Yancey would bo so indirect as not to be a restraint in tho sonso of tho statute.
Upon careful reflection we are constrained to hold that the reasons given
bill of exchange and tho acceptance by tho Bank of Liverpool aro abso
lutely unconditional. On its face it Is negotiable and no warranty arises do not sustain tho ruling, and that the answer to the question must be in
upon presentation. Moreover, Judgo Noyes had no ovidenco as to tho tho affirmative.
customs and usages of merchants, lie assumed that the bill was unusual,
Section 1 of the Act, upon which tho counts-aro foundod, is not confined
whilo we have proved that it Is of tho regular kind, universally used by all to voluntary restraints, as where persons engaged in inter-Stato trado or
merchants.
commerco agreo to suppress competition among thomselves, but includes
9 I n viewing the case otherwise, and deciding it in favor of as well involuntary restraints, as whero persons not so ongagod conspire
to compel action by others, or to creato artificial conditions which neces
H annay, Judge Holt said:
sarily impede or burden the duo course of such trado or commerco or re
I don’ t think there is sufficient difference to any material extent in tho strict the common liberty to engago therein. (Loewo vs. Lawlor, 208
facts presented hero compared with the case before Judgo Noyes to warrant U. S., 274, 293, 301.) As was said of tills section in Standard Oil Co. vs.
my doing anything but following his decision. Tho defendants have a rem United States, 221 U. S., 1, 59:
edy in an appeal. Iexpress no opinion on tho merits of tho caso, but direct
“ Tho context manifests that thestatuto was drawn in tho light of tho ex
a verdict for tho plaintiffs on tho ground that tho evidenco in this caso isting practical conception of tho law of restraint of trado, boeauso it groups,
not being essentially different from tho provious proceeding, tho Court must as within that class, not only contracts which were in restraint of trado in
follow tho rule requiring it to adopt tho law laid down by the decision on
the subjective sense, but all contracts or acts which theoretically wero
demurrer.
attempts to monopolize, yet which in practico liavo come to bo considered
An appeal to tho United States Circuit Court of Appeals as in restraint of trado in a broad sense."
It well may be that running a corner tonds for a timo to stimulate com
will bo taken. According to the facts set out in the bill of
complaint, Knight, Yancey & Co. in February 1910 agreed petition; but this does not prevent it from boing a forbidden restraint, for
it also operates to thwart tho usual operation of tho laws of supply and doto soil to Hannay 100 bales of cotton, for which a draft was mand, to withdraw the commodity from tho normal current of trado, to
drawn upon the Bank of Liverpool. The firm attached to enhance the price artificially, to hamper users and consumers in satisfy
ing their needs, and to produce practically tho same evils as does the sup
tho draft what purported to bo a bill of lading and endorsed pression of competition.
tho draft and accompanying papers to tho Guaranty Trust
Of course, tho statute does not apply whero tho trado or commerco af
C o ., which collected tho same from the Bank of Liverpool. fected is purely intra-Stato. Neither does it apply, as this Court often has
held, where the trado or commerco affected is inter-Stato, unloss tho effect
W ith his failure to receive tho cotton Hannay brought suit theroon is direct, not merely indirect. But no difficulty is encountered
to recover from the trust company. It was contended by in applying these tests in the present caso when its salient features are kept
the trust company that the endorsement and presentation in viow.
It was a conspiracy to run a corner in the market. Tho commodity to
of the draft did not constitute a guaranty of tho genuine be cornered was cotton, a product of tho Soutliorn States, largoly used
and
consumed in tho Northern States. It was a subject of inter-Stato trado
ness of the bill of lading. It was also contended by tho com
pany that the words in tho draft, “ charge tho same to ac and commerce, and tlirough that channel it was obtained from time to timo
by the many manufacturers of cotton fabrics in the Northern States. Tho
count of 100 bales of cotton R . S. M . I . , ” which formed tho corner was to be conducted on tho Cotton Exchange in Now York City,
basis of tho litigation, were merely used to identify tho but by means which would enable tho conspirators to obtain control of tho
available supply and to enhance tho prico to all buyers in overy market of
shipping “ documents” and not to identify the “ merchandise.” tho country. This control and tho enhancement of prico wero features of
This view Judgo Noyes had refused to endorse.
tho conspiracy upon the attainment of which it is concoded its success
— James A . Patten pleaded guilty on the 11th inst. in the depended. Upon the corner becoming effective, thcro could bo no trading
in the commodity save at the will of the conspirators and at such price as
U . S. District Court at New York to the sixth count in the their interests might prompt them to exact. And so, tho conspiracy was
indictment handed down in tho cotton pool case in August to reach and to bring within its dominating influonco tho entire cotton
1910, and was fined $4,000. The indictmont also named as trado of tho country.
Bearing in mind that such was tho nature, object and scopo of tho con
defendants Eugene G . Scales, William P . Brown, Frank B . spiracy, wo regard it as altogether plain that by its necessary operation it
Ilayne and Robert M . Thompson. It was returned as a would directly and materially impedo and burden tho duo courso of trade,
and commerce among tho States, and, therefore, inflict upon tho public
result of the Government inquiry in tho spring of 1910 into tho injuries which tho Anti-Trust Act is designod to prevent. (Sec Swift
an alleged cotton pool agreement and charged a conspiracy & Co. vs. United States, 196 U. S., 375, 396-400; Loewo vs. Lawlor,208
in restraint of inter-State trado and commerco in cotton, by U. S., 274; Standard Oil Co. vs. United Statos, 221 U. S., 1; United States
vs. American Tobacco Co., bid, 106.)
running a “ corner” in cotton on tho Now York Cotton Ex
And that there is no allegation of a specific intont to restrain such trado
change.
or commerco does not make against this conclusion; for, as is shown by prior
On Jan. 6 last the United States Supremo Court handed decisions of this Court, the conspirators must bo hold to have intended
tho necessary and direct consequences of their acts and cannot bo iteard to
down a decision in this caso, in which it was held say the contrary. In other words, by purposely engaging in a conspiracy
that a conspiracy to run a “ corner” in a commodity such which necessarily and directly produces the result which tho statute is
as cotton is an act in violation of tho Sherman Anti-Trust designed to prevent, they aro, in legal contemplation, chargeable with in
tending that result. (Addystono Pipo & Steel Co. vs. United States, 175
Law. This view reversed tho opinion of Judgo Noyes of U. S., 211, 243; United Statos vs. Heading Co., Dec. 16 1912.)
the U . S. Circuit Court for Southern Now York, who (in
Tho defondants placo some rolianco upon Waro & Leland vs. Mobilo
March 1911) sustained the demurrers to four of tho eight County (209 U. S., 405), as showing that tho operation of tho conspiracy
did not involve inter-Stato trade or commorce; but wo think tho caso does
counts in the indictment, his contention being that, while cor not go so far and is not in point. It prosontccl only tho question of tho
ners are illegal, they cannot be deemed a combination in re effect upon inter-Stato trado or commerco of tho taxing by a State of tho
straint of trade; in his opinion, the combination in question business of a broker who was dealing in contracts for tho future delivery
of cotton, whero there was no obligation to ship from ono State to another;
did not belong to “ that class of combinations in which the whilo here we are concernod with a conspiracy which was to reach and bring
members are engaged in inter-State commerce and enter into within its dominating influonco tho entiro cotton trado of tho country and
an agreement in restraint of competition.” Tho decision of which was to bo executed, in part only, through contracts for future deliv
ery. It hardly needs statement that tho character and effect of a con
tho Supreme Court did not dotermino the guilt or innocence of spiracy is not to be judged by dismembering it and viewing its soparato parts
tho«tlefendants, but sent tho case back to the lower Court but only by looking at it as a wliolo. (Montague & Co. vs. Lowry, 193
for trial, after establishing tho principle that a conspiracy to U. S., 38, 45-46; Swift & Co. vs. United States, 196 U. S., 375, 386-387.)
As wo aro of opinion that tho statute does embraco tho conspiracy which
conduct a “ corner” is in conflict with tho Anti-Trust Law. tho Circuit Court treated as charged in counts 7 and 8 , as construed by it,
its
judgment upon those counts is reversed and tho caso is remanded for
On. Jan. 29 tho U . S. Supremo Court granted tho request of
the Department of Justice for an immediate issue of the urther proceedings in conformity with tilts opinion.
F e b . 15 1 9 1 3 .]
THE CHRONICLE
fifty-nine individuals. The action, it is said, alleges vio
lations of the anti-trust decree entered against the “ grocers’
trust” on Oct. 17 1911. It is reported that the Government
in its petition declares that despite the decree under which
such practices were forbiddon, the defendants have employed
coercion, threats, intimidation and persuasion to prevent
manufacturers, wholesalers and retailers from reducing prices.
It is charged that they havo sought to coerce and compel
manufacturer and producer to market his product through
the medium of the wholesaler, and havo conspired to prevent
direct transactions from producer to retailer or consumer.
The reports from Birmingham also stato that in direct vio
lation of the prohibitions of the decree the Government
charges that the defendants havo published two editions—
in December 1911 and August 1912— of what is known as the
“ Green B ook,” containing a list of persons doing an exclu
sive wholesale business; the purpose and effect of the book,
it is charged, is to delay and prevent retail dealers and con
sumers from buying directly from manufacturer and producer.
— In a suit filed by tho Government in Chicago on the
11th inst., tho Chicago Board of Trade is charged with vio
lating tho Sherman Anti-Trust Law by arbitrarily fixing tho
prices of wheat, corn, oats and rye to be received in Chicago.
Tho suit is directed particularly against tho practice of fixing
what is known as tho “ call prico” of grain each day after trad
ing hours. According to tho Government’s petition, grain
bought by members of tho Board prior to shipment, or while
in transit to Chicago, is designated, immediately after each
day’s session, as “ grain to arrive,” and it is stated that tho
Board establishes undor its rules a public “ call” for corn,
oats, wheat and rye “ to arrive.” In this way, tho Govern
ment charges, the Board fixes the price to be offered for such
staples bought or sold from tho closing hour to tho opening
of tho following day. As tho Board is open less than four
hours— one-half tho ordinary business day— it is declared that
these fixed prices control tho bids of grain dealers for tho re
mainder of tho day. It is charged that tho rulo has resulted
in a conspiracy and combination to prevent competition.
Tho potition is also said to allege that tho Board dominates
and controls tho grain market both in price and in the amount
sold and shipped in inter-State commerce in a largo part of
Illinois and adjoining States. The petition asks:
That tho Court order, adjudge and decree that tho combination and con
spiracy is unlawful and that tho defendants, tho Board of Trade of tho City
of Chicago and each and overy member thereof, may be perpetually en
joined from doing any act in pursuance of or for tho purposo of carrying out
said combination and conspiracy, and may bo perpetually enjoined from en
tering into any combination or agreement fixing prices, and from enforce
ment of said rule o f tho Board of Trade.
Those maide defendants aro Edward Andrew, President;
Frank B . Rice and Albert E . Cross, Vice-Presidents; J. E .
Cunningham, David S. Easier, Leslie F . Gates, John Car
den, Robert M cD ougal, Joseph Simons, Adoplli Gerstenborg, Benjamin S. Wilson, L. Harry Friedman, George B .
Quinn, John A . Rogers, John R . M auff and William L.
Gregston. President Andrew, in defence of tho riding, has
mado tho following statement:
Tho call on ‘ ‘change" of tho several grades of grain for country shipment
at tho close of tho regular session was established for tho purpose of maintain
ing a broad market, by keeping tho business in tho hands o f tho membership
at largo rather than permit it to go into fow hands, in which direction it was
rapidly drifting. It is a public auction to which everybody may como
and buy and sell without limitation through tho medium of a member
and at any price ono may caro to bid or to accept.
There is no restraint of any nature as to quantity or price, tho only lim
itation being that tho last or final bid for any of tho commodities dealt in
shall be the highest prico which members are permitted to bid country deal
ers until tho opening of tho market tho following business day, when the ut
most freedom may bo oxcrclscd until tho close o f business.
If Judged by results, tho “ call” is a highly beneficent function, and if
stopped by Governmental restraint such action will bo destructive instead
o f constructive.
I f the Government will investigate tho net results o f tho "ca ll," it will
bo forced to this conclusion.
— That tho examinations by directors of national banks are
now being generally conducted in accord with tho wishesTpf
Comptroller of tho Currency Lawrence O. Murray is maifest
from tho following memorandum issued by his department
on tho 4th inst.:
National bank directors aro now making real examinations. This is
shown by tho character o f reports of directors’ examining committees
which are now being received at tho office of tho Comptroller of tho Cur
rency.
Last year tho Comptroller asked all tho national banks outsldo of the
reservo citics>to furnish this offlco with copies of tho reports mado by their
examining committees. Theso reports wero very carefully checked up,
and when thoy showed tho examinations to be incomplete, instructions wero
given to tho directors as to tho way they should bo mado. Tho examiners
wore also asked to take this matter up with tho directors and to furnish them
with such information as thoy might desiro.
It has always boon claimed that thp directors’ examinations wero in
efficient, for tho reason that tho men who constitute tho boards In country
banks, outsldo of tho officers, wero not usually capablo o f accurately exam
ining tho banks’ affairs outsldo of counting tho cash and examining tholloans
461
and discounts. This is not now tho case. As a result of tho campaign of
education carried on by the Comptroller’s office during the past year,
moro than 90% of the reports now being received aro found to cover practi
cally overy essential point in the banks’ examinations, and tho percentage
of satisfactory reports is becoming greater every day.
— Speaking before tho Traffic Club of Chicago at its sixth
annual dinner given at the Hotel La Salle on Jan. 28, C oL
James Hamilton Lewis, Democratic candidate for the United
States Senate, indulged in some caustic comments on theeffect of too much Governmental regulation. W e find the
following quoted as part of his remarks in the Chicago“ Inter-Ocean” :
The business of tomorrow is to correct the errors of tho past years. Oneof these is Government regulation run mad. The nation has forgotten thee
doctrine of State's sovereignty in home affairs, and, in tho fascination o f
usurped national authority, has plunged into regulating the citizen in his
private conduct and in the conduct of his personal affairs, until it has
regulated business to tho verge of confiscation and relegated tho citizen
to the piano of a dependent on Government favor, or as tho victim of its
spies and persecution.
No man engaged in any large undertaking but who now is presumed by
tho Government to bo dishonest and his business to bo a fraud. N o small
business man can aspire to equality of competition except as the Govern
ment shall permit him to do so. This is only allowed under tho prescribed
restraint of tho citizen’s ambition and tho Governmental limitation on his
capacity. Big business stands in fear; little business in despair.
Business men tremble in terror of tho uncertainty of tho national la w
and business in the different States is clutched with national-regulation
paralysis. Courts of the United States— courts following tho initiation of
tho Federal Government— promptly set aside any State law giving home
rulo to tho citizen and local control of his home affairs, bccauso such con
flicts with tho Federal Government’s new policy of putting the citizen
of the Stato under national espionage and Federal chastisement. *
*
*
We need moro of personal responsibility of man to himself and less
Governmental dependence upon the nation's direction. W e need more of
the control of personal conscience, less of Government threat o f corporate
condemnation. The times demand moro of personal competition by the
test of tho merit of men and method of conduct and less of restraint of the
citizen in honest pursuit by tho alarms of law and the threat of confiscation.
Thero must be an end to that delusive indulgence communicated to the
unlearned and hopeful that Government can by law make equal tho intelect and ingenuity of each citizen, or by Governmental punishment of suc
cess make indolence or failure profitable.
National regulation has now become national strangulation o f many noble
men and many worthy things.
What this country needs is that thero bo moro men over tho Government,
and less Government over the men, more liberty to tho State and to tho
citizen in private and personal conduct, and less of national supervision,
national suspicion and national condemnation of personal individuality
and commercial liberty.
— Comptroller of the Currency Murray recently asked
tho national bank examiners to submit to him a list of the
banks which during the past six months did not furnish in
formation called for by the examiners, for the purpose of
reconciling accounts of banks under examination. A state
ment from the Comptroller’s office says:
Complaints have been made by the examiners to the effect that certain
banks both State and national, do not return tho verification blanks, and
In many cases it is necessary for tho examiners to write several letters re
questing that the blanks bo filled in and returned in order that he may
complcto the verification of tho accounts of a certain bank. T ho veri
fication of bank balances is an important factor in the examination o f a bank
and it is not possible for the examiners to verify tho accounts of banks with
out tho information requested. Every bank knows this and yet roquests
rom tho examiners are continually ignored.
Tho Comptroller will also ask his examiners to send to him hereafter
tho names of all banks refusing or neglecting to return theso verifications,
and also to notify tho board of directors of tho bank under examination
that certain accounts could not bo reconciled bccauso tho correspondents,
naming them, would not fill out and return the verification blanks h
sent them.
0
In tho case of national banks that neglect to reply to verification requests
tho Comptroller will send an examiner to the bank to ascertain why tho in
formation has not been promptly furnished.
— Bankruptcy funds deposited at the instance of Federal
courts aro given a preference over funds of general creditors
in a failed institution,under a decision of tho Appellate D i
vision of the Supreme Court of New York handed down on
Jan. 24. The decision reverses that rendered a year ago
(Jan. 13 1912) by Justice Gerard of tho N ew York State
Supremo Court, who held that a preference should not be
given to funds other than those deposited by order or judg
ment of the State court. The opinion was given in the
action brought by Robert C . Morris and William Henkel Jr.,
who, as receiver and trustee in bankruptcy, respectively,
sought a preferential payment of funds deposited at tho direc
tion of the United States District Court in the failed Carne
gie Trust C o. of this city. Presiding Justice Ingraham
dissented from the majority view of tho Appellate Division
that such funds are entitled to a preference; the findings of the
Court were writtten by Justice Scott and the opinion is quoted
in part by tho New York “ Times” as follows:
If theso moneys would havo been entitled to a preference in payment if
deposited in the trust company by a roceiver or trustee appointed by a State
court and in obedience to an order of such court, I think it must follow
that they aro equally entitled to a preference when deposited under an order
of the bankruptcy court, for tho district courts of tho United States are
unquestionably courts of record and therefore within the lotter of Section
189 of tho banking law.
No doubt it was competent for the bankruptcy court to designate as
depositories Stato institutions which had not been designated by the State
Comptroller, but that is not tho case, and it is not unreasonable to assume
THE CHRONICLE
that the Carnegie Trust Co. was designated as a depository in bankruptcy
because it had been designated by tho Stato Comptroller and therefore pre
sumably fell under tho provisions of tho Stato Banking Law as to prefer
ential payments of trust deposits.
Trustees and receivers in bankruptcy aro oxpressly declared to bo officors
of tho District Court, and it has been hold ropoatedly that upon an adjudi
cation of bankruptcy titlo to the bankrupt’s property becomes at once
vested in tho trustees and placed in the custody of the bankruptcy court.
It seems to me to bo quite clear, thoroforo, that the moneys deposited in
tho Carnegio Trust Co. by tho appellants were “ moneys paid into court”
as thoso words are used in tho banking law. Ifso, Iseono reason for making
a distinction between State court funds and Fedoral court funds. They aro
both within the strict letter o f tho statuto, and, as I think, within its spirit
and intention.
[V o l . x c v r.
I
f 1,000,000 capital of tho National Nassau Bank of
this city, increased from $500,000 under tho authority of tho
stockholders last April, was admitted to tho Stock Exchange
list on Thursday. The par value of the stock was changed
fiom $50 to $100 per sharo with tho issuance of tho now
capital.
Joseph J. Little of tho J. J. Littlo & Ives C o ., printers
and bookbinders, died on tho 11th inst. in his seventy-second
year. M r. Littlo was an advisory director of tho Astor
Place branch of tho Corn Exchange Bank and a trustee and
member of the finance committee of tho Excelsior Savings
Bank. Ho was formerly President of the Board of Educa
tion.
— Plans for the establishment of an agricultural department
b y the First National Bank of St. Paul, it is stated, aro being
perfected by Louis W . Hill, Chairman of tho board of direc
tors of the institution. According to tho local papers, the
During the last two months or sinco tho call of November
department will take the form of a daily information bureau 26 1912, the deposits of tho Coal & Iron National Bank of
and guide for the farmers of tho entire Northwest, and this city have advanced from $7,913,941 to $8,080,323.
many of the scientific facts in diversified farming worked out Aggregate resources on February 4 were $10,025,486.
at the instance of James J . Hill will be advocated through it.
George B . Williams, who sinco June last had been
Tho announcement of this proposod movement appears to
Cashier of the Chelsea Exchange Bank of this city, has been
give color to the reports circulated at the time the First
elected a Vice-Presidont of the institution. William A .
National was acquired by M r. H ill, that he intended to give
Lobb succeeds to the cashiorship and Georgo F . Ewald takes
special heed to tho interests of tho farmers in assisting them
the place of M r. Lobb as Assistant Cashier. Prior to taking
to dispose of their crops and relieving them as far as possiblo
up tho duties of Cashier of tho Cholsea Exchango M r . W il
from the payment of high interest rates.
liams had been special Deputy Superintendent of Banks
— Tho report of tho proceedings of last year’s convention under Stato Superintendent Van Tuyl.
of the American Bankers’ Association has just been issued, in
— William F. II. Koelsch has resigned as Assistant Secretary
the usual complete form, by General Secretary Frederick E .
of tho Guaranty Trust C o. of this city to becomo Cashier
Farnsworth. As has been tho custom for tho past fow years,
of tho Public Bank. M r. Koelsch has been associated
the publication embraces, besides tho proceedings of the main
with tho Guaranty Trust in its foreign department since
organization, tho dotails of the meetings of tho Trust Com
March 1909. Ho was previously Secrotary and Treas
pany, Savings Bank, Cloaring House and Stato Secretaries
urer of the M utual Alliance Trust Co. Ho has long been
Sections. The constitution, by-laws, appendices, list of
active in tho New York Credit M e n ’s Association and is
officers and mombors of tho association aro likowise included
Vice-President of that organization.
as in the past. The roport covers tho 38th annual convention
— David S. M ills, formorly President of tho Audubon
which took place at Dotroit from Soptombor 10 to 13 1912.
National Bank of this city, was found guilty on tho 1st inst
— The Executive Council of the American Institute of of having misappropriated $50,000 of tho bank’s funds, and
Banking has decided on September 17th, 18th and 19th as was sentenced to seven years in tho Federal Penitentiary at
the dates for the oloventh annual convention, which this Atlanta. A ten days’ stay of execution was granted. A c
year will be hold in Richmond, V a. George II. Keesee, cording to the testimony of David Niotro, a traveling sales
Assistant Cashier of tho Merchants’ National Bank of Rich man, who owned a plantation in Panama, the purchase of
mond, who is Chairman of tho Convention Committee, tho bank was effected in Juno 1911 by tho uso of its own funds,
announces that plans aro already under way for tho enter which had been advanced on notes made out by Nietro at
tainment of the delegates in true Southern style.
M ills’s direction. Tho notes, it is stated, woro cashed without
— Byron W . Moser, President of tho American Institute tho knowledge of the directors, and tho proceedings whereby
of Banking, was ono of the speakers at tho annual banquet their interest was purchased with tho funds, and they woro
of New York Chapter at the Hotel Astor Feb. 6th. Approxi replaced by now members, wore carriod through, it was
mately a thousand Now York Chapter men and their guests charged, in time to prevent their filing an unfavorable report.
were present. E . G . M cW illiam , President of tho Chapter, The liquidation of tho bank was undortakon in July 1911,
presided. M r. M oser, in the course of his address, referred when the conditions were discovered by tho bank oxaminor.
to the prosperity which prevails in the Institute, many of
— The new statement of tho First National Bank of
the chapters of which he has visited during tho past six
Brooklyn under tho recont call of February 4th shows
months. He also paid a complimont to tho Now York Chap
deposits of $3,635,674, against $2,816,000 on November 26
ter, saying that the high educational standard which has ob
1912. The bank’s capital is $300,000 and its surplus and
tained with that organization evor sinco it was founded has
profits now amount to $694,255. Josoph Huber is President,
acted as a healthful incentive to all tho chapters of the John W . Weber .Vice-Presidont and William S. Irish, Vice
country. President Moser wont from Now York to Boston, President and Cashior.
where he spoke at tho Boston Chapter banquet on Fob. 10.
— David A . Sullivan, formorly President of tho failed
— For tho first time in its history, the Now York State
Mechanics’ & Traders’ Bank of Brooklyn, who was con
Bankers’ Association will this year hold its meeting outside
victed of misappropriating a note roprosonting collateral for
tho State, the Committee on Arrangements, aftor conferring
a loan given by the bank, and was sentenced on January 20
with the council of administration, having decided to accept
to not less than two years nor more than four years and three
the invitation oxtended by the bankers and municipal author
months, began his term of imprisonment on the 7th inst.
ities of Ottawa to convene in tho Canadian city. Tho meet
An application for a certificate of reasonable doubt was
ing will bo held about the middle of June and will bo availed
denied on the 6th inst. by Supremo Court Justico Kappor.
of to celebrate tho 100th anniversary of peaco botweon tho
— The directorate of tho Brooklyn Trust Co. was increased
English-speaking people.
from eighteen to twenty-four members on tho 10th inst., the
— A meeting of the stockholders of the Guardian Trust
six new directors representing tho Long Island Loan & Trust
C o. of this city to vote on tho proposed merger of its business
C o ., which was merged with tho Brooklyn Trust in January.
with tho Empiro Trust C o. will be held on March 5 . The
The additional mombors are Frank L . Babbott, Waltor St.
proposition for tho acquisition of tho Guardian’s business
J. Benedict, John Englis, Seth L . Koenoy, David G . Leggot
a does not involve a cash offer, as in the case of the Windsor
and Clinton L . Rossitor.
Trust, which the Empire Trust has also arranged to take
— The jury in the case of Gilbert Elliott, a lawyer and
over; under the offer made to the Guardian s stockholders
they are to receive tho liquidating value of their shares. The real estate operator of Brooklyn, who was tried several weeks
Guardian Trust C o. has a capital of 8500,000; under tho re ago on an indictment charging perjury liandod down in Sept.
port of Dec. 26 1912 its surplus and undivided profits were 1911, was unable to agree and was discharged by Justice
$466,700, giving tho stock a book value of about $193 a Crane on Jan. 31. Tho indictment grow out of tho investi
share. In tho December statement tho company’s assets gation into tho affairs of tho failod Union Bank of Brooklyn.
were $3,329,927, including $852,270 cash on deposit in banks.
Edward F . Clark is President of tho company. Tho actual
transfer of tho business of tho Windsor Trust C o. to tho
Empire will take place about Feb. 27 . The merger plans
were referred to in our issue of the 1st inst.
— The directors of the Flushing National Bank of Flushing,
N . Y . , on Jan. 20 elected as Vico-Prosidonts Ellis Parkor
Butler and Harry J. Peaco.
— William F . W yckoff, who was President of tho W oodhaven Bank of Woodhaven, L . I ., which closed its doors in
F e b . 1 5 1 9 1 3 .]
THE CHRONICLE
October, made a general assignment on the 30th ult. for the
benefit of his creditors, to Henry F . M eyer.
— Superintendent George C . Van Tuyl Jr., of the State
Banking Department, has been authorized by the Supreme
Court to pay a dividend of 9 % to the creditors of the failed
Sea Cliff Bank, of Sea Cliff, L . I. The liabilities were $102,G05 and the aggregate amount of claims filed is $97,228. Al
ready 8 0 % has been paid in a dividend distributed in March
1912. The institution suspended in November 1911.
— The First National Bank, High Bridge, N . J ., resumed
business on Feb. 5 , after $50,000 had been raised by the
directors and stockholders to restore the capital and provide
for all deficiencies. Of the amount pledged to effect the
reopening, $39,000 was contributed by the directors and
$11,000 by the stockholders. As stated two weeks ago, the
bank was closed January 23, when it became known that
Abram L . Beavers, the Cashier, had defaulted. He is under
$10,000 bail. Former Governor Foster M . Voorhees has
been elected President in place of PercivalChrystie, resigned.
M r . Chrystie returned on January 20 from California where
he had been on account of ill-health. E . P . Baylor, a lumber
merchant, has been elected a director in Beaver s place.
Herbert L . Staples, Cashier for the Taylor-Wharton Iron
& Steel C o ., succeeds Beavers as Cashier of the bank.
__ A t the annual meoting and banquet of Group V of the
New York State Bankers’ Association, held on the 8th inst.
at Albany, Jacob H . Herzog, Assistant Cashier of the N a
tional Commercial Bank of Albany, was elected President of
the organization.
— The thirteenth annual statement of the Commercial
Trust Co. of Philadelphia, under date of Feb. 1 1913, shows
deposits of nearly 12 million dollars, tho exact total being
$11,593,795.
Aggregate resources are reported at $14,
825,314. Tho institution has a capital of $1,000,000, sur
plus and undivided profits of $2,231,518, trust funds of
$7,609,580 and corporate trusts of $156,474,000. Thomas
Do W itt Cuyler is President; John H . M ason, Vice-President;
W . A . Obdyko, Vice-President and Treasurer, and C . P .
Lineaweaver, Secretary and Trust Officer.
— In accordance with plans announced in our issue of
Deo. 7, the stockholders of the Fidelity Trust Company of
Philadelphia at their annual meoting on tho 11th inst. rati
fied the proposal to incroaso tho capital from $2,000,000 to
$4,000,000. The now stock will bo issued to the present
shareholders at par— $100 per share. The last sale price of
the stock was $1,176. According to tho report of President
Rudulph Ellis, presented at the meoting, tho surplus fund
amounts to $10,000,000, besides which there are undivided
earnings of $1,922,975. G . Colesborry Purves has been
elected a director of tho institution, to succeed the late
Clement A . Griscom.
— Action on the question of increasing tho capital of the
Frankford Trust Co. of Philadelphia from $125,000 to
$250,000 will bo taken by tho stockholders on April 16. The
institution has a surplus of $225,000.
__ plans for tho consolidation of tho Dime Deposit & D isount Bank of Scranton and the Scranton Savings Bank of that
city have been entered into, the merger to go into effect July 1,
when the business of tho combined banks will bo carried on
in tho Dime Bank Building. The Dime Deposit & Discount
Bank has a capital of $100,000 and deposits of $3,850,000;
tho Scranton Savings Bank has the samo amount of capital,
with $2,280,000 doposits. Tho combined banks will have
a capital of $500,000, with a surplus of $400,000 and deposits
of over $6,000,000. It is oxpoctod that tho united institu
tion will bo under the presidency of George B . Jermyn (now
President of tho Dime Bank), with II. C . Shafor, Cashier of
the Savings Bank, as Vice-President.
__ Under action taken by a majority of tho stockholders of
tho Gorman Bank of Baltimore, a five-year voting trust has
been created, tho voting trustees consisting of Charles K oppolman, John P . Lauber and William Eisenbrandt. N o
explanation of the purpose of tho trust, tho Baltimore “ Sun”
says, has been made, and according to that paper M r. Lauber
is credited with saying that ho does not know that there is
any special object in view. Tho bank has a capital of $400,
000.
— The First National Bank of Cleveland, Ohio, is rapidly
forging to tho front as ono of America’s largest and most pros
perous institutions. From tho date of tho previous call of
N o v . 26 1912 to tho roport mado to tho Comptroller on Feb. 4
there was an increase of nearly three millions of dollars in
•deposits, tho amount at the latest date having been $ 3 4,06 0,-
463
856, as against $31,679,611 in November. The aggregate
resources are now $40,474,650. The principal officials of the
First National are John Sherwin, President; Thomas H .
Wilson, A . B . Marshall and Fred. J. Woodworth, Vice-Presi
dents, and Charles E . Farnsworth, Cashier.
— Under a recent reorganization of the W est Side Dime
Savings Bank of Columbus, Ohio, John F . Andrix was elected i
President, J. W . M eek became Vice-President, D . B . Ulrey
was made Secretary and N . O. Jones was installed as Cashier.
The defalcation which the bank suffered last June through
an Assistant Cashier is reported to have been made good by
the application of the surety bond, which covered half the
amount, and by the surplus.
— Maurice F . Bayard has been elected Treasurer of the
Indiana Trust C o. of Indianapolis, Ind. M r. Bayard has
for a number of years been connected with the Common
wealth Trust C o. of St. Louis.
— Charles C . Jenks, for about ten years Vice-President of
the Michigan Savings Bank of Detroit, was elected Presi
dent on Jan. 22 to fill the vacancy caused by the death of
George Peck on Jan. 11. M r . Jenks is also President of
the Security Trust C o. of Detroit. George W iley, Cashier
of the Michigan Savings Bank, has been given the additional
title of Vice-President.
— Richly colored photographs of the Continental & Com
mercial Bank Building of Chicago, shown in a descriptive
booklet which has just come to us, give an idea of the sta
bility and beauty which will be embodied in the mammoth
structure now under construction. The book is devoted
principally to a presentation of the floor plans of the twenty
stories. More than half the available space in the building,
we understand, has already been rented. The first floor is
to be occupied by the Continental & Commercial Trust &
Savings Bank and the Hibernian Banking Association.
The second and third floors and parts of the fourth, fifth
and sixth floors will be the home of the Continental & Com
mercial National Bank. The floors above the bank will be
occupied by financial institutions, iron, steel, grain, lumber
and other large commercial interests. The basement -will
contain the largest safe-deposit vault in Chicago, weighing ap
proximately 600 tons and having a capacity for 20,000 boxes.
The building will cover the entire block bounded by Adam s,
South La Salle and Quincy streets and South Fifth Avenue,
being 323 feet long, 166 feet wide and 260 feet high.
— George F . Hardie has been elected manager of the bond
department of the Merchants’ Loan & Trust Co. of Chicago.
M r . Hardie has been connected with the institution for
twenty-one years and has been in the bond department for
eight years.
— Otto E . Naegle, who was President of the Germania
Bank of Minneapolis at the time of its merger with the M etro
politan National Bank in April 1911, and since that time
Vice-President of tho enlarged Metropolitan, has retired
from the banking business. George B . Norris has been
elected to succeed him in the vice-presidency.
— The first official statement of the enlarged Merchants’
National Bank of St. Paul, M in n ., shows that that insti
tution now ranks with the largest banks in the Northwest,
its deposits reaching $20,495,008 and its resources $2 5,
537,989. The bank has a capital of $2,000,000 and surplus
and profits of $2,092,980. As previously mentioned in
these columns, George H . Prince is Chairman of the board
and Donald S. Culver is President.
— A t tho invitation of President A . E . Ramsay of the
Oklahoma State Bankers’ Association, the 1913 convention
will be held at Muskogee on M a y 8 and 9 . M r. Ramsay is
identified with the First National Bank of that city. A
legislative committee composed of President Ramsay, G . W .
Piersol of Oklahoma C ity, Frank J. W ikoff of Oklahoma
City, A . D . Kennedy of Okmulgee and A . E . Patrick of
Chandler, will assist the standing committee in preparing
amendments to the guaranty law.
— The First National Bank of Idaho, at Boise C ity, took
possession of its remodeled banking quarters on Jan. 27.
The building is located at M ain and Eighth streets; it is three
stories high and the entire structure is used by the bank.
One of the main features of the banks’ renovated quarters
is the massive vault in the basement. It has a capacity of
4,000 boxes and the door leading to its entrance weighs
sixteen tons. The bank was organized forty-six years ago.
It has a capital of $200,000 and its deposits are in the neigh
borhood of $2,000,000. C . W . Moore is President.
464
THE CHRONICLE
— A t the annual luncheon of the Council of Administration
of the Missouri Bankers’ Association held in Sedalia, it was
decided to hold the next convention at St. Joseph on M a y 21
and 22.
— George W . Doerr, formerly identified with the CassidySouthwestern Commission C o., at the National Stock Yards,
;
East St. Louis, has been appointed Cashier of the Drovers’
State Bank, which, it is now expected, will be opened on
April 2. Reference to the institution was made in these
columns N o v . 9.
— The Mechanics-American National Bank of St. Louis
recently put into practice new methods for safeguarding
loans to its directors. In order to afford the officers and di
rectors an opportunity to freely discuss the matter, a direc
tor is not allowed to remain in the board room when his loans
or the loans of any firm or corporation in which he is interterested are being considered. In an editorial in its issue of
the 9th inst., the St. Louis “ Republic” takes occasion to
comment on the practice as follows:
It is reported that the Pujo Committee is about to draft a bill for the
reformation o f certain banking abuses, providing, among other things
that no bank shall lend money to one o f its active officers and also that
it shall make no loan to a director. The first recommendation is very good,
the second verges on the absurd.
N o active banking officer has any business borrowing money from his
own institution. It practically amounts to his loaning to himself. For
particulars o f the results of this practice see obituaries of many defunct
banks and statements o f certain waterlogged institutions still in being.
But loans to directors are a different matter. Take the case o f tho small
town with a single national bank, the only strong financial institution in the
community. Such a law would shut out all tho active business men, who
were users o f money, from the bank’s directorate. That this would harm the
bank is clear. The best material in the community would be ineligible.
Who would be benefltted?
If the Pujo Committee desire to prevent abuses through loans to direc
tors, the practice o f at least one St. Louis bank points tho way. A director
asking for a loan submits a statement o f his business and withdraws from
the board room until after his application has been acted on.
— The new Commonwealth Trust Co. of M em phis, whose
organization was alluded to in this department on Sept. 7
and N o v . 23, began business on the 3d inst. Tho institu
tion has a paid-in capital of $400,000. It is understood that
it will receive no checking accounts, and that the principal
object of its organization is to lend money on first mortgages.
It is under the management of George H . Barney, President,
P . P . Williams and B . B . Beecher, Vice-Presidents, and
A . Y . Allen, Cashier.
— The Plamilton National Bank of Chattanooga, T enn.,
Increased its deposits during the year 1912 nearly $400,000,
while $49,000 was added to surplus and profits after paying
the regular dividends. The deposits on Fob. 4 were $4 ,
035,316 and aggregate resources $6 ,596,049.
T . R . Pres
ton is at the head of the institution and C . M . Preston is
Cashier.
— The stockholders of the People’s Bank of Savannah, at
their annual meeting on the 4th inst., voted to increase the
capital stock from $50,000 to $100,000. Tho institution
began business in February 1910.
— The name of A . P . Pujo, Chairman of the House Com
mittee which has charge of the “ M oney Trust” investigation,
appears among the list of those constituting the first board
of directors of the proposed Banking Trust Co. of New
Orleans in the charter which was recently filed. The pro
posed launching of the undertaking was announced a year
ago and was referred to in the “ Chronicle” of February 3
1912. As was then stated, its combined capital and surplus
has been fixed at $1,250,000— $1,000,000 representing
capital. The first board, according to the charter as pub
lished in a recent issue of the New Orleans “ Tim es-Dom ocrat” , m ay be increased to twenty-five members, all of
whom are to serve until December 27 1915. R . F . Broussard,
of the IIouso of Representatives, is another member of the
board, which also includes Johnston Armstrong, Jules M .
Burguieres, R . H . Downman, W . H . Grunewald, W .
Morgan Gurley, Arthur B . La Com’ , O . La Cour, F . A .
M addox, John M a y , William Pfaff, E . A . Pharr and R . N .
Sims. M r . Gurley is to serve as Vice-President and General
Manager and Arthur B . La Cour as Treasurer. W ith
regard to the salaries of the several officers the charter pro
vides that:
The board o f directors shall have power to appoint all agents, clerks
and employees and to fix their salaries or compensation and terms o f office,
wjjh the right to dismiss them at pleasure, and said board shall have tho
further right to fix and determine tho salaries o f tho several officers herein
provided for, it being understood and agreed that tho several officers
herein provided for shall recoivo their salaries quarterly, but then only
after tho board has set asido the amount o f a quarterly divldond at tho
rate of 6 % per annum on all outstanding capital stock, which said divi
dend may bo declared quarterly or otherwise, at tho discretion o f the board,
and should there not be a sufficient amount earned to pay the salaries for
an y one quarter, but at tho end o f the year thero should bo an excess over
[Vol . XCVI.
the amount sufficient to pay the 6 % dividend for the year, then the balance
due on salaries shall be made up out of this surplus.
It is also provided that no shareholder shall over bo “ liable
or responsible for the contracts or faults” of the corporation
in any further sum than the unpaid balance due the cor
poration on the shares owned by him. The objects and
purposes of the organization are outlined as follows:
The lending of money on mortgages on country property situated in
Louisiana at a rate of interest not to exceed 6 % and with power to nego
tiate and handle bonds and securities issued by tho various parlshosand
local districts and municipalities of the State of Louisiana; and generally to
do and perform such acts and things that may be necessary, suitable or
appropriate to accomplish the objects and purposes above sot forth; to
issue collateral-trust bonds against mortgages or other securities taken by
said corporation or to sell or discount said securities, and to guarantee
samo both as to principal and interest; to adopt and operate any plan for
the amortization of mortgages; to make collections and remittals not in
consistent with said objects and purposes herein sot forth, or contrary to law;
to establish branches or agencies of said businos at any place or places that
the board of directors may deem advisable.
— William Adler, formerly President of the State National
Bank of New Orleans, who was convicted of misapplying its
funds, and sentenced in January 1911 to six years’ imprison
ment, has had his term commuted to eighteen months by
President Taft. He began his sentence on March 8 1912.
His term will be further reduced by the allowance for good
behavior provided under the law.
— A t the recent annual meeting J. K . M offitt, Cashier of
the First National Bank of San Francisco, was elected Second
Vice-President, and J. H . Skinner, Assistant Cashier, was
chosen to the cashiership. Robert R . Yates has been made
an Assistant Cashier.
— The Bank of Hamilton (head office Hamilton, Ont.) in
creased its dividend rate from 1 1 % to 1 2 % por annum at
tho annual meeting on Jan. 20. During the twolve months
to N ov . 30 1912 the deposits of the institution advanced
from $34,738,493 to $38,087,477, while total assets increased
from $44,732,137 to $48,90 7,8 83. Tho paid-in capital now
stands at $3,000,000 and the reserve fund amounts to $ 3 ,
500,000. William Gibson is President of the bank and
J. Turnbull is Vice-President and General Manager.
— As further evidence of the growth of Canadian finan
cial institutions we give below a little statement which ap
peared in the President’s seventh annual report to the share
holders of the Northern Crown Bank (head office Winnipeg),
indicating its progress since 1906:
Profits.............
Deposits . . ...........
Total assets-----------------
1900.
350,502
4,150,488
0,278,873
1908.
$130,324
9,020,017
13,148,020
1910.
1912.
$258,144
$291,094
11,977,591 15,071.820
17,004,791 21,099,887
Thus during the space of seven years deposits have nearly
quadrupled, having advanced from $4,156,488 to $15,671,
820. A very healthy growth is also shown in the yearly
profits of the institution, after deducting $127,836 for divi
dends. Tho bank now has a paid-up capital of $2,677,996
and a rest account of $300,000. During the year twelve new
branches were opened in the Great Northwest. Sir D . H .
McM illan is President of the bank, Capt. William Robin
son, Vice-President, and Robert Campbell, Genoral Manager.
T R A D E A N D T R A F F IC M O V E M E N TS.
U N F IL L E D O R D E R S OF S T E E L C O R P O R A T IO N .—
The United States Steel Corporation on M onday, Fob. 10,
issued its regular monthly statement showing tho unfilled
orders on the books of the subsidiary corporations at tho
close of January. From this statement it appears that tho
aggregate of tho unfilled orders on Jan. 31 was 7,827,368
tons, 104,796 tons less than on Dec. 31. In tho following
we give the comparisons with previous months:
T on s.
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
1913___ 7,827,368
1912___ 7.932,164
1912___ 7,852,883
1912___ 7,594,381
1912___ 6,551,507
1912___ 0,163,375
1912___ 5,957,079
1912___ 5,807,340
1912___ 5,750,983
1912___ 5,664.885
1912___ 5,304,841
T on s.
Feb. 29 1012___ 5,454,200
Jan. 31 1912___ 5,379,721
Dec. 31 1911___ 5,084,761
Nov. 30 1911___ 4,141,955
Oct. 31 1911___ 3,694,328
Sept. 30 1911___ 3,611,317
Aug. 31 1911___ 3,095,985
July 31 1911___ 3,584,085
June 30 1911___ 3,361,058
May 31 1911___ 3,113,187
Apr. 30
Mar. 31
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
T on s.
1911__ 3,218,704
1911__ 3,447,301
1911__ 3,400,543
1911__ 3,110,919
1910__ 2,674,750
1910__ 2,760,413
1910__ 2,871,949
1910__ 3,158,106
1910__ 3,537,128
1910__ 3,970,931
Prior to July 31 1910 reports of unfilled orders were issued
only quarterly. In tho following wo show the totals at tho
end of each quarter or period for which tho figures were made
public, back to the organization of tho Steel Company.
T on s.
June 30 1910... 4,257,794
Mar. 31 1910... 5,402,514
Dec. 31 1909... 5,927,031
Sept. 31 1909... 4,796,833
Juno 30 1909... 4,057,939
Mar. 31 1909... 3.542,595
Dec. 31 1908... 3,603,527
Sept. 30 1908... 3,421,977
June 30 1908... 3,313,876
Mar. 31 1908... 3,765,343
Dec. 31 1907... 4,624,553
Sept. 30 1907...*6,425,008
I
T on s.
June 30 1907...*7,603,878
Mar. 31 1907...*8,043,858
Dec. 31 1 9 0 6 ...*8,489,718
Sept. 30 1 9 0 6 ...*7,936,884
Juno 30 1 9 0 6 ...*6,809,589
Mar. 31 1 9 0 0 ...*7,018,712
Deo. 31 1905...*7.605,086
Sept. 30 1905...*5.865,377
June 30 1905...*4,829,655
Mar. 31 1905...*5,597,560
Deo. 31 190-1...*4,696,203
Sept. 30 1904...*3,027,436
T on s.
June 30 1904...*3,192,277
Mar. 31 1004...*4,136,961
Dec. 31 1903...*3,215,123
Sept. 30 1903...*3,728 742
Juno 30 1903...*4,666,578
Mar. 31 1903...*5,410,719
Dec. 31 1902...*5,347,253
Sept. 30 1902...*4,843,007
Juno 30 1902...*4,791,993
Dec. 31 1901...*4,497,749
Nov. 1 1901...*2,831,692
* Tho tlgures prior to Dec. 31 1907 are on tho old basis. Under the present
method only orders received from sources outside of the company’s own Interests
are shown. Tho amount as of Sept. 30 1904 shown above as 3,027,436 tons, tho
former basis, would, It is stated, bo 2,434,730 tons on that now employed.
Feb. 15 1913.]
JJXonctavyl ©ammcvd at £iu] lis1vjtx,nis
[From our own correspondent.]
London, Saturday, Feb. 1 1 9 1 3 .
A lt h o u g h p e a co n e g o tia tio n s b e tw e e n T u r k e y a n d th o B a l
k a n a llie s h a v e b e e n b r o k e n o f f , t h e r e h a s b e e n n o m a n i
f e s t a t i o n o f u n e a s i n e s s , a s it is f e l t t h a t t h e f i n a n c i a l p o s i t i o n
o f n o n e o f t h o c o u n t r i e s is s u c h a s t o p e r m i t t h o w a r t o b o c o n
tin u e d v e r y lo n g w h e n r e s u m e d .
A s a c o n so q u e n c o th e re
h a s b e e n a g o n c r a l a d v a n c e in p r i c e s , a n d t h o s e w h o h a d
a r r a n g e d f o r n o w is s u e s a n d w e r e k e e p i n g t h e m b a c k b e c a u s e
o f t h o u n c e r t a i n t y a r e b r i n g i n g t h e m o u t n o w in t h o h o p o
t h a t t h o p u b l i c w ill t a k e t h o s a m e v i e w a n d w i l l s u b s c r ib e
r e a d ily .
I n a d d itio n to th e c o n v ic tio n t h a t T u r k e y c a n n o t
f i g h t b e c a u s e s h e c a n n e i t h e r f e e d a n a r m y i n t h o f ie ld n o r
s u p p l y i t w i t h m u n i t i o n s o f w a r , t h e r e is t h e f a c t t h a t t h e
m o n e y m a r k e ts b o t h o f B e r lin a n d o f V ie n n a a r e in su c h a
s t a t e t h a t if a g r e a t E u r o p e a n w a r w e r e t o b c c o m o s e r i o u s ly
fe a re d n o b o d y c a n s a y w h a t m ig h t h a p p e n .
T h o P re sid e n t
o f t h o R e i c h s b a n k s t a t e d o n T h u r s d a y a t a m o e t i n g o f th o
g o v e r n in g b o d y o f t h a t in s titu t io n t h a t a r e d u c tio n o f th e
o f f i c i a l r a t e is a t p r e s e n t i m p o s s i b l e , f o r , a l t h o u g h c o in a n d
n o t o s h a v e r e t u r n e d f r o m c i r c u l a t i o n in la r g e a m o u n t s , y e t
t h e r e t u r n is n o t q u i t e s a t i s f a c t o r y .
I n f a c t , h o sa id t h a t ,
w h a t h a d n e v e r h a p p e n e d b e fo r o , th o R e ic h s b a n k h a s h a d
t h r o u g h o u t t h o w h o lo m o n t h o f J a n u a r y t o c o n t i n u o p a y i n g
in te r e s t u p o n a p o r tio n o f its n o te s b o x c a u s o th o c ir c u la tio n
s t o o d h ig h a b o v o th o le g a l m a x i m u m .
T h e c o n d itio n o f
t h i n g s in V i e n n a a n d B u d a - P e s t h is w o r s e t h a n in B e r l i n .
C o n s e q u e n t l y in t h e p r e s e n t s t a t o o f t h o f i n a n c e s o f t h o s e
t w o c o u n t r i e s , a g e n e r a l E u r o p e a n w a r w o u l d a l m o s t in
e v i t a b l y le a d t o a c r a s h w h ic h e v e r y b o d y m u s t d e s ir e
to
a v o id .
t
t
IT oro a t h o m o t h e m o n e y m a r k e t is t i g h t a n d p r o b a b l y w ill
c o n tin u o r a th e r s tr in g e n t a s lo n g a s th o g r e a t in c o m e t a x
c o lle c tio n s g o o n — t h a t is , u n til to w a r d s th o e n d o f M a r c h .
B u t c r e d i t is s o u n d , t r a d o is m a r v e l l o u s l y g o o d a n d t h e r e
is a n o p t i m i s t i c f e e lin g e v e r y w h e r e .
T h e I n d i a C o u n c i l o f f e r e d f o r t e n d e r o n W e d n e s d a y 1 0 0 la c s
o f it s b ill s a n d t e le g r a p h i c t r a n s f e r s , a n d t h o a p p l i c a t i o n s
a m o u n t e d t o 4 0 8 l a c s , a t p r ic e s r a n g i n g f r o m I s . 4 I - 3 2 d . @
I s . 4 3 -3 2 d . per ru p ee.
A p p l i c a n t s f o r b ill s a t I s . 4 l - 3 2 d .
a n d f o r t e le g r a p h i c t r a n s f e r s a t I s . 4 1 - l G d . p e r r u p e e w e r o
a llo tte d a b o u t 3 % o f th o a m o u n ts a p p lie d fo r , a n d a b o v o ,
in f u l l .
T h o fo llo w in g r e tu r n s s h o w th e p o s itio n o f th e B a n k o f
E n g l a n d , t h e B a n k r a t e o f d i s c o u n t , t h o p r ic o o f c o n s o l s ,
& o ., c o m p a r e d w ith th e la s t fo u r y e a r s :
1913.
1912.
Jan. 29.
£
1911.
Jan. 31.
£
1910.
Feb. 1.
£
Circulation.-.......... 27,777,300 23,207,495
Public depohts___ 10,483,193 17,983,571
Other deposits____ 40,585,437 41,412,704
Gov’t securities___ 13,035,483 15,270,184
Other securities___ 35,013,838 33,615,335
Reserve,notes&coln
27,074,505 28,526,295
Coin&bull.,bothdcp 36,401,865 38,333,790
Prop, reserve to lia
bilities--------p. c.
47 7-16
48
Bank rate, p. c___
5
4
Consols, 2 'A p. c . . .
7 i%
77 11-10
S ilv e r.............. .
28 5-10d. 20 13-16(1.
Clcar.-houso returns 293,215,000 346,054,000
1909.
Feb. 2.
£
27,701,030
10,953,074
41,807,051
14,905,493
28,807,937
27,216,075
36,407,105
Feb. 3.
£
28,151,365 29,134,270
10,211,150
7,399,028
43,193,923 43,200,347
14,010,875 14,801,155
30,459,471 29,861,998
20,955,775 24,010,670
30,080,140 34,694,910
50>4
47fg
3
3 44
82 1-16
83'-4
24d.
2344<1.
24 44d.
33S,525,000 337,221,000 298,014,000
5144
4
79 13-16
T h o b a n k r a te s o f d is c o u n t a n d o p e n m a r k e t r a te s a t th o
o h io f C o n t i n e n t a l c it i e s h a v e b e e n a s f o l l o w s :
Jan. 25.
Feb. 1.
R a te s o f
In terest a t-—
Rank
R a le.
P a ris............ .. ........ ..
Berlin..............
Hamburg........ ..........
Frankfort___ _____
Amsterdam . . ..........
Brussels ........ ..........
Vienna _____ ..........
St. Petersburg. ..........
M a d rid........ .. ..........
Copenhagen . . ..........
M e s s r s . P ix lo y
Jan u ary 3 0 :
4
465
THE CHRONICLE
O pen
M a r k e t.
4
B ank
R a te .
4
4
6
\%
6
4%
6 4 13-16
4
4
5
4%
0
6 )4
5 >5 nom.
d 'A
4A
4%
6
4%
6 4 13 16
4
4
4 Vs
5
3%
6
5 A nom.
4 'A
4A
5A
&
6A
A b e ll
O pen
M a r k e t.
5 'A
5A
w r it e
as
Jan. 11.
Jan. 18.
B ank
R a te .
4
6
6
6
4
5
6
O pen
M a r k e t.
4
4%
%
4
4 13-16
4
6A
4%
5A
f o llo w s
O pen
M a r k e t.
B ank
R a te .
4 A
5%
nom.
4 'A
5 >A
4
4
6
6
6
4
5
6
5 'A
4A
4 A
4 'A
4 7-16
4
d a to
(e x c lu s iv e o f s t o c k o n
T h e fo llo w in g s h o w s th e q u a n t it ie s
m a iz e a f lo a t to th e U n it e d K i n g d o m :
T h is w e e k .
Wheat .................................qrs. 2,055,000
Flour, equal to
......................
155,000
Maize ................................. . .
875,000
of
GOLD.
London Standard.
Jan. 30. Jan. 23.
s. d.
s. d.
.
77 9
SILVER.
T.ondon Standard.
Jan. 30.
d.
T h o fo llo w in g s h o w s th o im p o r t s o f c e re a l p r o d u c e in to
th e U n i t e d K i n g d o m d u r in g th o s e a s o n to d a t e :
1911-12.
2,475,000
95,000
340,000
1,775,000
200,090
860,000
London.
Sat.
Tucs.
Week ending Feb. 14 —
Mon.
2 8 7 -1 6 2 8 7 -1 6
S il v e r , p e r o z --------------------- d . 28%
d C o n s o ls , 2 A p e r c e n t s ------- 74 11- 16 7 4 1 1 -1 6 74 9 -1 6
74%
74)4
d F o r a c c o u n t . ..............— ■ 7 4 A
d F r c n c h R e n t e s f in P a r i s ) , f r .. 8 8 .9 7 A 8 9 .0 7 A 8 8 .9 5
7 4 )4
A m a lg a m a t e d C o p p e r C o . . . - 74%
74%
74
75
A m e r . S m e lt in g & R e f l n . C o .. 7 5
b A n a c o n d a M i n in g C o --------- - 7%
7%
7%
103%
106
A t c h . T o p e k a & S a n t a F e . . . .106 A
104
104
P r e f e r r e d ........... ................. .. .1 0 4
1 0414
B a lt i m o r e & O h i o _____________- 1 0 4 «
1 04 A
87
87
P r e fe r r e d ____________________. 87
C a n a d ia n P a c i f i c _____________ .245%
242 A
2 4 4 )4
C h e s a p e a k e <fc O h i o __________ . 8 0
80
79%
C h i c a g o G r e a t W e s t e r n ______. 17
17
17
C h i c a g o M i l w . <t St. P a u l . . . 1 16 A
1 1 6 )4
1 16
D e n v e r & R i o G r a n d e ............. . 22
22
22
P r e fe r r e d ______ ______________. 3 9
39
39
E r i e _____________ _______________ 3 1 A
31%
3 11 4
F ir s t p r e f e r r e d _____________ 4 9 A
49
49 A
40
S e c o n d p r e f e r r e d __________ 4 0
3 9 >4
132%
G r e a t N o r t h e r n , p r e f e r r e d . . 1 32 A
1 32 %
I ll in o i s C e n t r a l ________________ 1 28
128 A
127 A
141
L o u is v ille & N a s h v i l l e _______ 1 42 A
142A
M is s o u r i K a n s a s & T e x a s . . . 2 7 %
27A
27%
P r e f e r r e d ____________________ 63A
63 A
63%
M i s s o u r i P a c i f i c ______ ________ 4 2 A
42 a
42%
N a t . RR. o f M e x . , 1 s t p r e f . .. 6-1
64
61
24 %
S e c o n d p r e f e r r e d __________ . 2 5
24%
N . Y . C e n t r a l & H u d . R i v e r . 111
111
11044
N . Y . O n t a r io & W e s t e r n ___ . 33
33
3 2 )4
N o r f o l k <fc W e s t e r n ___________ 112 A
112
111 A
91
P r e fe r r e d ........... .......................... 91
N o r t h e r n P a c l l l c _____________ .1 2 2 A
121%
1 22 14
a P e n n s y l v a n i a ............................ ■ 62%
62
62%
a R e a d i n g C o m p a n y ........... .. . 8 4 A
834 4
84 A
a F ir s t p r e f e r r e d ___________ ■ 4 6 A
46 A
4 6 )4
a S e c o n d p r e f e r r e d ________ . 47
47
R o c k I s l a n d ____
__________ . 24 A
24%
24
S o u t h e r n P a c i f i c ______________ .106 A
106
1 05
S o u t h e r n R a i l w a y ..................... ■ 27%
27%
2 7 )4
82
82
P r e fe r r e d .................................... ■ 82 A
1 64 A
163
U n io n P a c i f i c ........... — ............ 165%
92
92 A
P r e fe r r e d ______ ______________ ■ 02A
66
65
U . S . S t e e l C o r p o r a t i o n ........... 6 6 H
P r e fe r r e d ____________________ 1 1 1%
111 A
111%
4
4
W abash
............................. . 4
13
13
P r e fe r r e d . . .......................... 13
63
E x t e n d e d 4 s ________________ 6 3
6 24 4
a Price per share.
and
1910-11.
2,410,000
105.000
680,000
Wed.
Thurs.
Frl.
2 8 7 -1 6
7 4 5 -1 6
7444
8 8 .9 0
2 8 7 -1 6
7 4 5 -1 6
2 8 7 -1 6
74%
74
7
A
103%
1 0 4 )4
1 0 4 )4
87
2 4 1 )4
78%
1644
1 1544
2 1 )4
39
31%
48%
39 A
1 31 44
1 2744
141
2 7 )4
6 3 )4
4 2 )4
61
23%
109%
3 2 )4
111
91
1 2 1 )4
62
834 4
46A
47
2 3 )4 1 0444
274 4
82
1 62 44
9 14 4
6 4 )4
1 1 1 )4
4
13
62 A
8 8 .9 5
7 2 )4
73
7 )4
1 0444
1 04
1 0 4 )4
8 6 )4
2 3 9 )4
7844
1 6 )4
1 12
2 1 )4
39
3 0 )4
4 84 4
39
1 3 1 )4
12744
141
264 4
6 3 )4
4 14 4
61
23
10944
3244
111
91
121 44
61
8 24 4
4 64 4
47
234 4
1 0344
27
82
1 5944
9 14 4
634 4
1 1 1 )4
3 44
1 2 )4
62
74%
74 9 -1 6
8 8 .9 7 4 4
72
72
744
1 0 4 )4
1 04
103%
8 6 )4
2 4 0 )4
78%
16
1 1 1 )4
2144
39
3 0 )4
4 7 )4
3844
131%
1 2 7 44
1 38
26%
63%
41
61
23%
107%
3 1 )4
110
90
1 21
61
8244
4644
4644
2344
103%
26%
S2
161
9144
0 44 4
1 1 1 44
4
124 4
61
6 £ sterling, d Quotations here given are flat prices.
©cmxraexxia l a uxl1XXis ccl htu eous IXcuis
B A N K N O T E S — C H A N G E S IN T O T A L S O F , A N D IN
D E P O S I T E D B O N D S , & c .— W e g iv e b e lo w
t a b l e s w h ic h
s h o w a l l t h e m o n t h l y c h a n g e s in b a n k n o t e s a n d i n b o n d s
a n d le g a l t e n d e r s o n d e p o s i t .
The statement for Dec. 1 9 1 1
will be found in our issue for Feb. 2 4 1 9 1 2 , page 5 3 2 . ___________
Bonds and Legal Tenders
on Deposit for
19 12 -1 9 13
of
Jan. 23.
a.
flo u r
E n g lis h F in a n c ia l M a r k e ts — P e r C a b le .
T h e d a ily c lo s in g q u o t a t io n s f o r s e c u r itie s , & c ., a t L o n d o n ,
as re p o rte d b y c a b le , h a v e b e e n a s fo llo w s th e p a s t w e e k :
6A
Bar sliver, fine, o z ...2844
28 13-16
" 2 mo. delivery, oz.2S 11-16 28 15-16
Cake sliver, oz..........3044
3144
w h e a t,
L ast w eek.
Bonds.
Jan. 31 1 9 1 3 .............
D ec. 31
Nov. 30
O ct. 31
S ep t. 3 0
Aug. 31
July 31
June 30
May 31
April 30
Mch. 31
Feb. 29
1 9 1 2 .............
1 9 1 2 .............
1 9 1 2 .............
1 9 1 2 .............
1 9 1 2 . ...........
1 9 1 2 .............
1 9 1 2 .............
1 9 1 2 .............
1 9 1 2 ............
1 9 1 2 .............
1 9 1 2 .............
Circulation Afloat Under—
Legal
Tenders.
s
S
7 3 4 ,2 7 3 ,1 5 0 2 0 ,5 5 0 ,1 4 8
7 3 2 ,5 4 4 ,6 4 0 2 1 ,1 9 3 ,4 2 3
7 3 1 ,3 6 6 ,6 8 0 2 1 ,6 7 0 ,4 9 1
7 3 0 ,2 5 7 .2 8 0 2 2 ,1 7 9 ,5 4 3
7 2 8 ,9 8 4 ,2 3 0 2 2 ,3 8 4 ,3 1 1
7 2 7 ,3 1 7 ,5 3 0 2 2 ,5 9 5 ,7 5 1
7 2 5 ,5 0 5 ,4 6 0 2 3 ,2 8 2 ,7 9 3
7 2 4 ,4 9 3 .7 4 0 2 4 ,7 1 0 ,8 8 2
7 2 4 ,2 6 5 ,6 0 0 2 5 ,6 3 1 ,6 4 2
7 2 3 ,0 3 5 ,9 1 0 2 7 ,1 1 5 ,6 5 5
7 2 1 ,3 1 5 ,1 2 0 2 7 ,8 6 9 ,7 0 0
7 2 2 ,0 2 6 ,9 2 0 2 5 .7 2 4 ,0 7 0
Bonds.
Legal
Tenders.
Total.
S
7 2 9 .9 3 1 ,0 2 1
7 2 9 ,7 7 8 ,8 2 3
7 2 8 ,5 1 5 ,2 8 5
7 2 7 ,1 6 9 ,3 1 0
7 2 5 ,3 9 5 ,3 4 3
7 2 3 ,9 0 5 ,5 5 6
7 2 1 ,6 2 3 ,1 4 8
7 2 0 ,4 2 4 ,1 1 0
7 1 9 .8 6 1 .0 3 0
7 1 8 .6 0 4 .6 9 3
7 1 7 ,0 0 1 ,4 9 3
7 1 8 ,5 4 8 ,2 0 3
s
2 0 ,5 5 0 ,1 4 8
2 1 ,1 9 3 ,4 2 3
2 1 ,6 7 0 ,4 9 1
2 2 ,1 7 9 .5 4 3
2 2 ,3 8 4 ,3 1 1
2 2 .5 9 5 ,7 5 1
2 3 ,2 8 2 ,7 9 3
2 4 .7 1 0 ,8 8 2
2 5 ,6 3 1 ,6 4 2
2 7 .1 1 5 ,6 5 5
2 7 ,8 6 9 .7 9 0
2 5 ,7 2 4 ,0 7 0
%
7 5 0 ,4 8 1 ,7 6 9
750,972,246
750,185,776
7 4 9 ,3 4 8 .8 5 9
747,779,654
7 4 6 ,5 0 1 ,3 0 7
7 4 4 ,9 0 5 ,9 4 1
7 4 5 ,1 3 4 ,9 9 2
7 4 5 .4 9 2 ,6 7 2
7 4 5 ,7 2 0 ,3 4 8
7 4 4 ,8 7 1 ,2 8 3
7 4 4 ,2 7 2 ,2 7 3
T h o f o l l o w i n g s h o w s t h e a m o u n t o f e a c h c la s s o f b o n d s
h o ld a g a i n s t n a t i o n a l b a n k c i r c u l a t i o n a n d t o s e c u r e p u b li o
m o n e y s in n a t i o n a l b a n k d e p o s i t a r i e s o n J a n . 3 1 . _______________
Bonds on Deposit
Jan. 31 1913.
U. S. Bonds Held Jan. 31 to Secure—
Bank
Circulation.
8
2%! U. S. Panama of 1936 ---------------
29,971,000
20,981,180
601,918,550
52,536,780
28,865,640
T h e q u o t a t i o n s f o r b u lli o n a r o r e p o r t e d a s f o l l o w s :
Bar, gold, fine, o z ... 77 9
1909-10.
42,435,840
12,547,800
7,892,400
988,277
1,548,380
16,183,500
5,S51,900
Total
.................................. 59,858,178 56,748,025 57,328,484 61,073,057
Average price wheat, week........... 30s. lid .
33s. 7d.
30s. lid .
333. 9d.
Average price, season................... 31s. 10(1. 32s. lOd.
30a. 5d.
33s. Id.
6
19.76 Crores
20.92 Crores
Stocks In Shanghai havo Increased by £250,000 and now stand at £4,380,000,
while thoso In Bombay are slightly lower at £1,830,000. Tho Bombay quotation
Is Rs. 7144 Per 100 tolahs. Arrivals—New York, £310,000. Shipments—Gibral
tar, £800: Poet Said, £600: Bombay, £125,000: Colombo, £500; total, £126,900.
1910-11.
41,051,300
10,014,900
5,587,800
890,210
424,297
19,047,300
4,580,400
1912-13.
1911-12.
1910-11.
1909-10.
Wheat Imported.................... cwt.45,969,400 38,622,200 41,051,300 42,435,840
Imports of flour_______________ 4,674,000 4,372,400 4,530,400 5,851,900
Sales of home grown................... 9,214,178 13,753,425 11,696,784 12,785,317
4 A
GOLD.—This week's arrivals have been heavy, amounting Inallto about £1,200,
000. India has purchased £234,000 and the balance will ro to the Bank of England
during this and next week. £550,000 In sovereigns has been shipped from Egypt to
India. Since our last tho Bank has received £462,000 In bar gold. £200,000 has been
withdrawn In sovereigns for Argentina, £10,000 for the Continent and £70,000 for
South America. Next week £620,000 Is duo from South Africa and £130,000 from
India. Arrivals—South Africa, £1,088,000: West Africa, £73,000; Brazil, £15,000;
Portuguese East Africa, £14,000: total, £1,190,000. Shipments—Bombay, £228,000.
SILVER.—Since the date of our last circular the market has been a heavy ono
until to-day, and prices fell rapidly until 28 5-10d. for cash and 2.344(1. for forward
wero (pioted on the 28th Inst. To day there has been a recovery of 3-16(1. to 2844d.
and 28 11 16(1. respectively. Tho dulness had been due chiefly to absence of buyers
but some Indian bazaar sales and speculative realizations have pressed heavily on
what has been rather a tired market. More satisfactory cables to-day from Peking
about tho China loans have stopped all bear selling, and, with some Inquiry from
China and local speculators, tho tone at tho close Is firm. A better feeling prevails
all round, and, although the advance may bo gradual and dependent on tho require
ments of China and the Indian Government, the Immediate future certainly looks
more favorable. The last Indian currency figures wero received on the 24th Inst,
and are as follows:
Jan. 24 1913.
Jan. 26 1912.
Ordinary reserve__________________________ 11.50 Crores
18.03 Crorcs
Silver under coinage________________________ -9® do
___
“
Silver In transit____________________________ 1-30 do
___
“
Gold standard reserve______________________ 6.00 do
2.90
“
1911-12.
38,622,200
15,697,600
7,166,900
2,480,000
656,450
10,149,400
4,372,400
S u p p lie s a v a ila b le fo r c o n s u m p tio n
S e p te m b e r 1 ):
nom.
6A
under
4%
A
IMPORTS.
T w e n ty o n e w ee k s .
1912-13.
Imports of wheat.................. cwt.45,969,400
Barley ___________
13,293,600
Oat3........................................
7,019,000
Peas__________________________ 1,920,421
Beans__________
863,510
Indian corn________
22,806,900
Flour _______________________ 4,674,000
Porto ltlco Loans........... ..............
3 65%. District of Columbia.................
Various, Territory of Hawaii.................
4%, Philippine Railway........................
Various, State, City and Railroad........
i% ]
.................
Total............. .......................... ......... 734.273.150*
PubllcDepostts
in Banks.
%
3.910.000
3,595,300
12,426,200
1,478,500
657.000
17,061,000
4.544.000
754.000
812.000
726.000
262.000
590,000
46 817 000
Total
Held.
S
33.881.000
24,577,480
614,344,750
54,015,280
29,522,640
17.061.000
4,544,000
754.000
812.000
726.000
262.000
590,000
466
THE CHRONICLE
T h e fo llo w in g sh o w s th e a m o u n t o f n a tio n a l
a f lo a t a n d th e a m o u n t o f le g a l-te n d e r
d e p o sits
b a n k n o te s
Jan. 1
and
Name of Company.
[V o l . X C V I.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
American Steel Foundries...... ....................
)4 Mch. 31 rfFeb.28
to Mch. 20
American Sumatra Tobacco, preferred........
3 )4 Mar.
Feb. 18 to Mar. 2
Preferred (extra)___ ___________________
3\
^i Mar.
Feb. 18 to Mar. 2
American Sugar Refg., com. A pref. (quar.)
134 April
Holders of rec. Mar. la
National Bank Notes— Total Afloat—
Tobacco, common(quar.)...........
5
Feb. 16 to Mch. 16
Mch.
Amount afloat January 1 1913.................... _..................................... 5750,972,246 American
Common (special)_________ _________ 15^ Mch.
Feb. 16 to Mch. 16
Net amount retired during January...................................................
490,477
Preferred (quar.).................. ......... .........
Feb. 16 to Mch. 16
Apr.
American Writing Paper, preferred............
i
Holders of rec. Mar. 15a
April
Amount of bank notes afloat February 1 1913.................................$750,481,769 Associated Merchants, common (quar.)___
iw Feb. 28 Holders of rec. Feb. 24
Legal-Tender Notes—
Common (extra)______________________
yx Feb. 28 Holders of rec. Feb. 24
Amount on deposit to redeem national bank notes January 1 1913___ $21,193,423
Black3tone Val. G.AE., com. (qu.) (No. 2) $2
Holders of rec. Feb.15a
Mch.
Net amount of bank notes retired In January____ _____ __________
643,275 Bond A Mortgage Guarantee (quar.)........
3 )4 Feb. 15 Holders of rec. Feb. 8
Borden’s Condensed Milk, com.(No. 35).
4
Feb. 15 Feb.
6 to Feb. 16
Amount on deposit to redeem national bank notes Feb. 1 1913___ $20,550,148
Buckeye Pipe Line___________
$5
Mch.
Holders of rec. Feb. 21
Butterick Company (quar.)........................
% Mch. 1 Holders of rec. Feb. 17a
Cambria Steel (quar.).......... .......................
1)4 Feb. 15 Holders of rec. Jan.31a
N a t i o n a l B a n k s .— T h e fo llo w in g in fo r m a tio n re g a rd in g
Canada Cement, Ltd., pref. (qu.) (No. 12)
1)4 Feb. 16 Feb.
1 to Feb. 10
Canadian Converters, Ltd. (quar.)_____
1
Feb. 15 Holders of rec. Jan 31
n a t i o n a l b a n k s is f r o m t h e o f f i c e o f t h e C o m p t r o l l e r o f t h e
Colorado Fuel A Iron, preferred__________ 35 m Mch. 20 Holders of rec. Mch. 1
Columbus (O.) Gas A Fuel, com. (quar.)..
J4 Mch.
Holders of reo. Feb. 15
C u rren cy , T reasu ry D e p a rtm e n t:
Common (extra)-------------x Mch.
Holders of reo. Feb. 15
Consolidated Gas (quar.) — .........
1 )4 Mch. 15 Holders of rec. Feb. 13a
A P P L IC A T IO N T O C O N V E R T A P P R O V E D .
Cons. Gas, El. Lt. A P ., Balt., com. (qu.)
1 )4 Apr.
Holders of rec. Mch. 20
T h e S ec u rity B a n k A T r u s t C o ., J a ck so n , T e n n ., in to “ T h e S ecurity
3
Preferred ...............
Apr.
Holders of rec. Mch. 31
N a tio n a l B a n k o f J a c k s o n .”
C a p ita l, $ 1 0 0 ,0 0 0 .
,
,
. „
Crescent Pipe Line (quar.).....................
$1.50 Mch. 15 Feb. 21 to Mch. 16
T h e M e r c h a n t s ’ B a n k in to “ T h o U n ite d S ta te s N a t io n a l B a n k o f E u
Deere A Company, preferred (quar.)........ .
1)4 Mar.
g e n e ,” O r e .
C a p ita l, $ 1 0 0 ,0 0 0 .
Diamond Match (quar.).........................
1)4 Mch. 15 Holders of rec. Feb,28a
T h e C itiz e n s’ S avin gs B a n k o f R o y a l, I o w a , In to " T h e C itiz e n s N a tio n a l
Extra .......................................................
1
Mch. 15 Holders of rec. Feb,28a
B a n k o f R o y a l .”
C a p ita l, $ 2 5 ,0 0 0 .
Dominion Textile, common (quar.)________
1)4 Mar.
Holders of rec. Feb. 18
Eastman Kodak, com. (quar.)__________
2)4 April
C H A R T E R S IS S U E D T O N A T I O N A L B A N K S .
Holders of rec. Feb.28a
Feb. 15 Holders of rec. Jan.31a
Common (extra)_____________________ 10
Ja n u a ry 2 7 to February 4 .
April
Preferred
(quar.)_____________________
1)4
Holders of rec. Feb.28a
1 0 .3 2 0 —
T h e F irst N a tio n a l B a n k o f P o t h , T e x .
C a p ita l, $ 2 5 ,0 0 0 .
R lc h - Federal Min. A Smelt., pref. (quar.)..........
1)4 Mar. 15 Holders of rec. Feb. 24
M
ard V e g e s, P res.; R . J . W o e lle r t , C a sh ie r .
,
Federal Utilities, pref. (quar.) (No. 7 )----1)4 Mch.
Holders of rec. Feb. 15
1 0 .3 2 1 —
T h o E x c h a n g e N a tio n a l B a n k o f M u s k o g e e , O k la .
C a p ita l,
General Asphalt, pref. (quar.) (No. 2 3 ) ...
1)4 Mch.
Holders of rec. Feb.13a
$100 000.
M . B e a r d , P r e s.; M . G . Y o u n g , C a sh ie r .
(Succeeds
General Chemical, common (quar.)..........
1)4 Mch.
Holders of rec. Feb.21a
tho M uskogee C ounty State Bank o f M u s k o g e e .)
M , nnn
General Fireproofing, common (quar.)___
1)4 April 1 Holders of rec. Mch. 20
10
3 2 2 — T h o F irst N a t io n a l B a n k o f S to n e L a k e , W I s .
C a p ita l, $ 2 5 ,0 0 0 .
Goodrich
(B.
F.),
common
(quar.)............
1
Feb.
15
Holders
of rec. Feb. 5a
to r n
Georiro E S tu b b in s. P r e s.; H . O . J a ck so n , C a sh ie r.
Granby Consol. Min., Smelt. A Pow., Ltd.
1)4 Mch. 1 Feb. 12 to Feb. 25
10 323 — T h e BFiret N a t io n a l B a n k o f L o m e t a , T o x . C a p ita l, $ 2 5 ,0 0 0 . Great
1)4 Mar. 1 Holders of rec. Feb. 28
Northern Paper (quar.)........................
R N M a r lo y P r e s.; G . A . Svvaim, C ash ie r.
Greene-Cananea Copper (quar.)___ 25c.
Mch. 1 Holders of rec. Feb.10a
1 0 3 2 4 — T h e F irst N a tio n a l B a n k o f M o u n ta in V ie w , C a l.
C a p ita l, $ 2 5 ,
Harblson-Walker Refractories, com. (quar.).
)4 Mch. 1 Holders of rec. Feb. 18
000.
O . C . M in t o n . P r e s .: B . W . H o le m a n . C a sh ie r.
Homestake Mining (monthly) (No. 4 5 9 )...
65c. Fob. 25 Feb. 21 to ...........
V O L U N T A R Y L IQ U ID A T IO N S .
Ilium. A Power Secur. Corp., pref. (qu.).
1)4 Feb. 15 Holders of rec. Jan.3la
1)4 Feb. 28 Holders of rec. Feb. 17
Independent Brewing, preferred (quar.)___
9
4 6 0 _T h e B r o a d w a y N a tio n a l B a n k o f S t . L o u is, M o . , F e b . 1 1 9 1 3 .
Indiana Pipe Line_____ ________________
$4 Feb. 16 Holders of rec. Jan. 25
S u cceed ed b y th e B r o a d w a y B a n k o f S t . L o u is.
L iq u id a tin g
Internat. Harvester, pref. (qu.) (No. 24).
1)4 Mch. 1 Holders of rec. Feb. 8a
c o m m itte e : F . E r n e st C r a m e r , C . S . M a r s h a n d E d w . B e lsb a r th ,
International Nickel, common (quar.)___
2)4 Mch. 1 Fob 11 to Mch. 2
S t . L o u is , M o .
International Smelting A Refining (quar.). 2
Mar. 1 Holders of rec. Feb. 21
g
— T h e N a t io n a l B a n k o f C o m m e rco in L o s A n g e le s, C a l ., F e b . 3
Jefferson A Clearfield Coal A Iron, pref..
2)4 Feb. 15 Holders of rec. Feb. 7a
’
1913.
A b so r b e d b y tho H o m o S avin gs B a n k o f L o s A n g e le s.
3
Feb. 15 Holders of rec. Jan. 31
Kentucky Public Service, preferred..........
L iq u id a tin g c o m m itte e : F . W . S tit h , J . B a u m , F . M . D o u g la ss,
Kings Co. El. Lt. A P. (quar.) (No. 5 2 )..
2
Mch. 1 Fob. 15 to Feb. 24
J . A . M u r p h y an d T . A . T h o m p s o n , L o s A n g e le s.
Lehigh Coal A Navigation (qu.) (No. 137) $1
Fob. 28 Holders of reo. Jan. 31
9 ,1 2 0 — T h e F arm e rs N a tio n a l B a n k o f W in d s o r , C o lo ., F e b . 1 1 9 1 3 .
Liggett A Myers Tobacco, common (quar.)
3
Mch. 1 Feb. 16 to Mch. 10
Mahoning Investment........ .........................
1)4 Mch. 1 Holders of rec. Feb. 21
May Department Stores, common (quar.).
1)4 Mar. 1 Holders of reo. Fcb.l7d
D IV ID E N D S .
Mexican Petroleum, common (quar.)____ $1
Mch. 1 Holders of reo. Feb.10a
T h e fo llo w in g s h o w s a ll th e d iv id e n d s a n n o u n c e d fo r th e
Mexican Petroleum, preferred (quar.)___
2
April 20 Holders of reo. Mch31a
Miami Copper (quar.) (No. 4 )........ ......... 50c. Feb. 15 Holders of reo. Feb. la
f u t u r e b y la r g e o r im p o r t a n t c o r p o r a tio n s :
Middle West Utilities, pref. (quar.)............
1)4 Mar. 1 Holders of roc. Feb.15a
Mobile
Electric
Co.,
preferred
(quar.)___
1)4
Feb. 15 Holders of rec. Jan. 31
Dividends announced this week are printed in italics.
Montreal Lt., Heat A Pow. (qu.) (No. 47)
2)4 Feb. 15 Holders of rec. Jan.31a
National Biscuit, com. (quar.) (No. 59)___
1)4 Apr. 15 Holders of roc. Mch.28a
Books Closed.
Per
When
National
Biscuit,
pref.
(quar.)
(No.
60)_
_
1)4
Feb.
28 Holders of rec. Feb.15a
Days Inclusive.
Cent. Payable.
Name of Company.
National Carbon, pref. (quar.)__________
1)4 Feb. 15 Jun. 28 to
Feb. 17
National Lead, preferred (quar.)_________
1)4 Mch. 15 Feb. 22 to Feb. 25
Railroads (Steam).
Feb. 15 Holders of reo. Feb. 7a
New York A Richmond Gas (quar.)..........
1
Feb. 24 Holders of reo. Feb. la Niles
3
Alabama Great Southern, preferred...
Bement Pond Co., common (quar.).
1)4 Mch. 21 Mch. 13 to Mch. 21
1)4 Mch. 1 Holders of reo. Jan.31a
Atch. Topeka & Santa Fc. com. (q u a r.)...
Preferred (quar.)......................................
1)4 Feb. 15 Feb. 7 to Feb. 16
Mar. 1 Holders of rec. Jan. 2 la North
3
Baltimore A Ohio, common..................
American Co. (quar.)____________
1)4 Apr. 1 Holders of reo. Mch.20a
Mar.
1
Holders
of
reo.
Jan.
24a
2
Preferred ........ ................. .............
Flour Mills, Ltd., pref. (quar.)........
1)4 Mar. 1 Holders of rec. Feb. 18
50c. Feb. 15 Feb. 2 to Feb. 16 Ogilvie
Bellefonte Central (annual)..................
Power (quar.) (No. 2).................. .
1)4 Mch. 1 Holders of reo. Feb. 22
1 Apr. 1 Holders of rec. Mch. la Ontario
Boston A Maine, common (quar.)-----Feb. 15 Holders of reo. Feb. 6
Penmans, Limited, common (quar.)______
1
3
Mch.
1
Holders
of
reo.
Feb.15a
Preferred---------------------------. . . . . . .
Peoplo’s Gas Light A Coke (quar.)............
1)4 Feb. 25 Jan. 21 to Feb. 10
3
Feb. 15 Holders of rec. Feb. 7a Philadelphia
Buffalo Roch. A PIttsb., com. A pref..
Electric (quar.).................... .. 2 6 ) 4 c . Mar. 15 Holders of rec. Feb,20a
2)4 April 1 Holders of rec. Mar. la Pittsburgh
Canadian Pacific, com. (qu.) (No. 67)----preferred (quar.)______
1)4 Feb. 28 Feb. 20 to Feb. 28
2 April 1 Holders of rec. Mar. 1 PittsburghBrewing,
Preferred.......... .......................- .........
Steel, preferred (quar.)_______
1)4 Mch. 1 Holders of reo. Feb. 14a
1)4 Mar. 4 Feb. 21 to Mar. 3 Prairie OH A
Chestnut Hill (quar.)---------- -------------Feb. 28 Holders of reo. Jan.31a
Gas (quar.)_______________
6
Holders
of
reo.
Feb.
6a
Mch.
3
Chicago Milwaukee A St. Paul, common..
2)4
1)4 Feb. 15 Feb. 7 to Feb. 16
Pratt A Whitney, preferred (quar.)_____
3)4 Mch. 3 Holders of reo. Feb. 6a Pressed
Preferred ---------- --------------------- --------Steel Car, pref. (quar.) (No. 68 ) . .
1)4 Feb. 19 Jan. 30 to Feb. 18
Chicago A North Western, common (quar.).
1)4 April 1 Holders of reo. Mar. 3a Procter A Gamble, common (quar.)_____
Feb. 15 Holders of rec. Jan.31a
2 April 1 Holders of reo. Mar. 3a Pullman Company (quar.) (No. 184)____ 24
Preferred ................ - .............................- Feb. 15 Holders of reo. Jan.31a
Chio. St. Paul Minn. A Om „ com. A pref.
3)4 Feb. 20 Holders of reo. Feb. 3a Pure Oil, common (quar.).................. .......
Moh. 1 Feb. 2 to Feb. 28
1)4 Mch. 1 Holders of rec. Feb.10a Quaker Oats, common (quar.).................... 32)4 April
Cleveland A Pittsburgh, reg., guar, (quar.)
15 Holders of rec. April 1
1 Mch. 1 Holders of rec. Feb.10a
Special guaranteed (quar.)......................
Preferred (quar.)____________________
1)4 Feb. 28 Holders of reo. Feb. la
1 Mch. 1 Holders of reo. Feb. 17a
Cripple Creek Central, com. (qu.) (No. 13)
Preferred (quar.).........................
1)4 May 31 Holders of rec. May 1
1 Mch. 1 Holders of reo. Feb. 17a Republic
Preferred (quar.) (No. 2 9 ) . . . ----- ------Iron A Steel, pref. (qu.) (No. 42)
1)4 Apr. 1 Holders of rec.Mch.15a
2 Feb. 20 Feb. 15 to Feb. 19
Delaware A Bound Brook, guar, (quar.)----(M.) Co., common (No. 1)_____
1)4 Mch.dlS Feb. 21 to Mch. 3
3)4 Mch. 1 Holders of rec. Feb.10a RumelyRoebuck
Illinois Central (No. 116)............ - - - - - - -
A Co., com. (quar.)_____
1)4 Feb. 15 Holders of rec. Jan. 31a
3)4 Apr. 15 Holders of reo. Mch. 20 Sears,
Minn. St. P. A S. S. M ., com. and pref.
Silversmiths
Company
(quar.)........
.........
1)4 Feb. 15 Holders of rec. Feb. 10
Holders
of
reo.
Jan.31a
4
Mch 1
N . Y . Chicago A St. L.. common (annual)
Southern Cal. Edison, com. (qu.) (No. 12)
1)4 Fob. 15 Holders of reo. Jan. 31
2)4 Mch. 1 Holders of rec. Jan.31a Southern
First and second prelerred.......... ..........
Moh. 1 Holders of rec. Feb. 15
Line (quar.)..........................
8
Norfolk A Western, common (quar.)........
1)4 Mch. 19 Holders of rec. Feb.28a Standard Pipe
Oil of California.................
2)4 Mch. 15 Holders of rec. Feb. 20
1 Feb. 19 Holders of rec. Jan.31a
Preferred (quar.)-------------------------------Feb. 28 Feb. 11 to Feb. 28
Oil (Indiana) (quar.)..................
3
2 Feb. 25 Holders of rec. Feb. 13 Standard
North Pennsylvania (quar.)..........................
Feb. 28 Feb. 11 to Feb. 28
Extra....................... ................................
4
4)4 Feb. 20 Holders of rec. Feu.10a Standard
Oswego A Syracuse, guaranteed................
Feb. 28 Holders of rec. Feb. 8
Oil
of
Kansas
(quar.)__________
3
75c. Feb. 28 Holders of rec. Feb. 5
Pennsylvania (quar.)-----------------------------Feb. 28 Holders of rec. Feb. 8
Extra ________________ __________ —
4
3
Mar. 4 Feb. 21 to Mar. 3 Standard
Phlla. Germantown A Norristown (quar.)..
Feb. 15 Holders of reo. Feb. 7a
Oil
of
New
Jersey
(special)------$401
1 Mch. 13 Holders of reo. Feb.25a Stern Bros., pref. (quar.) (No. 9 )------------ 1)4 Mar. 1 Feb. 18 to Mar. 2
Reading Company, 1st pref. (quar.)..........
Rome Watertown A Ogdensb., guar, (qu.)
1)4 Feb. 15 Holders of rec. Jan.31a Studebaker
1)4 Mch. 1 Holders of rec. Feb.20a
Corporation, prof, (quar.)----April
1
Holders
of
reo.Feb.28da
1)4
Southern Pacific (quar.) (No. 26)..............
Tennessee Eastern Elec. Co., pref. (quar.)
1)4 Mch. 1 Holders of reo. Feb. la
2)4 Apr. 24 Holders of rec. Mar. 29 Union-Amerlcan Cigar preferred-------------- 3)4 Feb. 15 Holders of rec. Jan. 31
Southern Railway, preferred..........................
2)4 Apr. 1 Mch. 1 to Mch. 16 United Cigar Mfrs., pref. (quar.) . ............
Union Pacific, common (quar.)...................
1)4 Mar. 1 Holders of red. Feb. 24
Mch.
1
to
Mch.
16
Apr.
1
2
Preferred---------- -------------------------------Unit. Cigar Stores of Am .,com .(qu.)(No.l)
1)4 Fob. 15 Holders of rec. Jan. 31a
Utica & Black River.....................................
3)4 Mar. 31 Holders of rec. Mar.14a
Extra............ ................
>4 Feb. 15 Holders of reo. Jan. 31a
Street and Electric Railways.
United Dry Goods Cos., pref. (quar.)..........
1)4 Mar. 1 Holders of rec. Feb. 21
Holders
of
rec.
Mar.
la
Mar.
15
75
cts.
American Railways, common (quar.)..........
U.
S.
Envelope,
preferred...........
...............
4)4m
American Railways, preferred (quar.)-----1)4 Feb. 15 Holders of reo. Jan.31a U. S. Printing of N. J., pref. (quar.)-----1)4 Feb. 15 Feb. 5 to Feb. 16
2 ueD. 15 Holders of reo. Feb. 1 U.
Binghamton Railway............................. . .
S. Steel Corporation, common (quar.). 1)4 M ch.29 Mch. 2 to Mch. 9
Feb. 15 Holders of reo. Feb. la
3
Boston Elevated Railway............ - .............
Preferred
(quar.)............
.............
.........
1)4
Feb. 27 Feb. 4 to Feb. 23
1)4 Feb. 20 Feo. 1 to Feb. 4 U. S. Telephone, preferred (quar.)............
Brazilian Trac., Light A Pow., Ltd. (qu.).
1)4 Feb. 15
Mch. 15 Holders of rec. Mch la
3
Brockton A Plym. St. Ry.,pref. ( N o .8 ) „ .
Vlrglnla-Carollna Chemical, common____
1)4 Feb. 15 Feb. 2 to Feb. 16
Holders
of
rce.
Feb.
15a
Mar.
1
1)4
Columbus (O.) Ry., com. (quar.) (No. 3 9 )..
$4 Feb. 20 Jan. 21 to Feb. 19
1 May 1 Holders of rec. Apr.lOa Washington(F.Oil...........................................
Commonwealth Pow., Ry.AL., com .(No.1)
W.) Co., com. (No. 3 )___
1
Mar. 1 Holders of reo. Feb. 10a
1)4 Mch. 3 Holders of rec. Feb.14a Woolworth
Detroit United Ry. (quar.)........................
Woolworlh
(F.
IF.),
pref.
(quar.)
(No.
5
)
..
1)4
Apr. 1 Holders of rec. Mch.10a
Feb.
16
to
Feb.
28
Mch.
1
1)4
Federal Lt. A Trac., pref. (qu.) (No. 11)-2)4 Mch. 15 Holders of rec. Feb.20a
Galveston Houston Elec. Co., com. (No.8)
Holders
of
rec.
Feb,20a
Mch.
15
3
a
Transfer
books
not
closed
for
this
dividend,
b
Less lncomo tax. d Correction,
Preferred (No. 12).......... ........................
A Distribution of part of the cash proceeds from
)4 Feb. 15 Feb. 2 to Feb. 15 e Payable In common stock.
Kokomo Marlon A Western Trac., c o m ...
1)4 Mch. 1 Holders of rec. Feb.15a the sale of certain securities, l Distribution from funds derived In liquidation of
Nor. Texas Elec. Co., com. (qu.) (No. 14)
Mch. 1 Holders of rec. Feb.15a loans made to former subsidiaries, k Declared 4% payable In quarterly Installments
3
Preferred (No. 15)------- ----------------------1)4 Feb. 15 Holders of rec. Jan.31a beginning April 1. I On account of deferred dividend due Sept. 1 1911. Inmrest for
Pacific Gas A Elec., pref. (quar.) (No. 28)
2)4 Mch. 1 Holders of rec. Feb.10a one and one half years at rate of 7% thereon being payable at the same time.
Philadelphia Company, preferred..............
1)4 Mch. 1 Holders of rec. Feb.12a m On account of accumulated dividend.
Portland (Ore.) R y.,L .A P . (qu.) (No. 9 ).
1)4 Mar. 1 Holders of rec. Feb.21a
Rochester Ry. A Light, pref. (quar.)............
2)4 Feb. 15 Holders of ree. Feb. la
Tampa Electric Co. (quar.) (No. 33)----1)4 Mar. 1 Holders of rec. Feb.15a
Tennessee Ry.. Lt. A Pow., pref. (qu.) (No.3)
1 April 1 Holders of rec. Mch.11a
Union R y.. Gas A Eleo., com. (No. 1). .
A u c t i o n S a l e s .— A m o n g o th e r s e c u r itie s , th e f o llo w in g ,
1* April 1 Holders of rec. Mar. 21
United'Light A Rys., com. (quar.) (No. 1).
jj#
"
Miscellaneous.
$3 Mch. 1 Feb. 18 to Feb. 28 not usually dealt in at the Stock Exchange, w e r e r e c e n t l y s o l d a t
Adams Express (quar.) . . ...... ......................
1)4 Feb. 24 Holders of rec. Jan. 25a a u c t i o n in N e w Y o r k , B o s t o n a n d P h i l a d e l p h i a :
Amalgamated Copper (quar.)----- ---------1)4 Feb. 15 Feb. 2 to Feb. 16
Amer. Bank Note, common (quar.)..........
B y M e s s r s . A d r ia n H . M u lle r & S o n s , N o w Y o r k :
Mar. 1 Holders of rec. Fcb.28a
3
Amerlcan'Coal---------------------------------------$3 Apr. 1 Holders of rec. Fob. 28 Shares.
Per cent.
American Express (quar.)------------Per cent. Shares.
Feb.
15
Holders
of
rec.
Feb.
1
1)4
20 Washington Wat. Pow. C o ... 130)4
Amer. Graphophono, pref. (qu.) (No. 59).
MercurTGoldXMlnes,
1 Mch. 1 Holders of rec. Feb.20a 250 Consol.
100 Bankers Trust Co. v. t. ctfs...495
Amertcan Power A Light, com. (No. 1) —
...........
........
$6
lot
$
1
each.........
2 Mch. 31 Mch. 22 to Mch. 31 120 McCook Eleo. Co., com...... )
Bonds.
Per cent.
American Radiator, common (quar.)------2 Mch. 31 Mch. 22 to Mch. 31 120 McCook Eleo. Co., pref___ 1341
$1,500 Dakota Power Co. of Rapid
Common (extra)...... ...........................—
lOe Mch .31 Mch. 22 to Mch. 31 100 McCook Elec. Light Co...... J
Common (payable In common stock) —
City, S. D., 1st 6s; s. f. 1930:
Feb.
7
to
Feb.
15
Feb.
15
1)4
M. A S................................... $500
Preferred (quar.)......................................
Bank of Coney Island.... ........ 135
1 Mch. 15 Feb. 22 to Mch. 2 2235 Annexed
Amer. Smelt. A Ref., com. (qu.) (No. 55)
$35,000 Social Clrclo Cotton Mills
Homes of N. Y. City,
1)4 Mch. 1 Feb. 12 to Feb. 20
p- Preferred (quar.) (No. 55)____________
Co. 2d M. bonds..................... $37 lot
common............................. $10 lot
F e b . 1 , a n d t h e i r in c r e a s e o r
J an u ary:
d e c re a se d u r in g th e
m o n th of
THE CHRONICLE
F e b . 15 1913.1
DETAILED RETURNS OF TRUST COMPANIES.
B y M e s s r s . R . L . D a y & C o ., B o s to n :
$ per sh. Scares.
Shares.
5 Great Falls Mfg. Co...... ........... 190
2 Lancaster Mills...........................85
4 Middlesex Co., common_______ 55
20 Ludlow Mfg. Associates rights. 32
B y M essrs. B arn es
Shares.
&
467
$ per sh
1 Con. A Mont. UR. class 1........135
10 Merrimack Chem. Co. rights.2?^-2M
1 Fifty Associates................ 4,100 flat
80 Cent. Vermont Ry. stock scrip. 7H %
Trust Cos.
0 0 s omitted.
Surplus.
Net
On Dep.
Specie. Legals. wUhC.11. Deposits.
Loans.
Average. Average. Average. Banks. Average
$
L o f la n d , P h ila d e lp h ia :
Shares.
S
$
S
$
$
%
Brooklyn___ 3,934,2 23.612.0 2,261,0
755.0 4.336.0 17.920.0 16.8 + 19.4
Bankers__
16,256,9 124.830.0 14.520.0
39.0 10.988.0 96.962.0 15.0 + 10.1
U.S.Mtg.A Tr. 4,554,6 37.293.0 3.912.0
419.0 4.071.0 28.850.0 15.0 + 12.1
Astor_____
37.0 1.833.0 14.886.0 14.8 + 10.4
1.325.5 21.251.0 2.169.0
TltloGu. ATr. 11.797,7 33.302.0 1.913.0 1,219,0 2.463.0 20.921.0 15.0 + 10.4
Guaranty___ 24,350,2 179.697.0 15.860.0
948.0 16.712.0 115,319,0 14.5 + 12.6
Fidelity......... 1,326,1 7.285.0
238.0
753.0 5.645.0 15.2 + 10.6
620,0
LawyersT.I.AT 6.177,9 17.465.0 1.252.0
619.0 1.425.0 12.195.0 15.3 + 10.4
Colum.-Knlck. 7.289.8 49.923.0 5.528.0
805.0 4.768.0 42.425.0 15.0+10.1
People’s ____ 1.680.6 16.343.0 1.866.0
Bonds.
Per Cent
390.0 1.832.0 14.978.0 15.0+10.7
New York___ 11,804,6 44.820.0 4.709.0
$7,000 N. J. Gas Co. 1st 5s, 1940.. 85
208.0 3.467.0 31.380.0 15.6 + 10.0
$1,000 Fell Twp. S. D. 5s, 1928...103J3 Franklin____ 1.244.9 9.199.0 1.104.0
172.0
879.0 8.399.0 15.1+ 9.3
Lincoln _____
558,8 10.742.0 1.213.0
$4,000 Phila. City 4s, 1940............ 100
944.0 9.342.0 15.2+ 9.1
211.0
Metropolitan . 6,234,8 23.159.0 2.033.0
$500 Springfield Water Co. 5s, 1926 95
9,0 2.470.0 13.532.0 15.0+15.4
Broadway___
597,5 9.114.0 1.051.0
$5,000 Schuylkill Ry. 1st A cons.
349,0 1.043.0 9.101.0 15.3 + 10.1
5s, 1935...............................
71
Totals, Avge.. 99,134,1 608,035,0 60,011,0 6,418.0 57,984,0 441,855,0 15.0+11.6
B y M e s s r s . S a m u e l T . F r e e m a n & C o ., P h ila d e lp h ia :
Actual figures Feb. 8 . 608,971,0 62,320,0 6,262,0 56,341,0 450,446,0 15.2 + 11.1
Shares.
$ per s h . \Bonds.
Percent
5 Halo A Kllburn Co., first pro$5,000 Atlantic City Gas 1st 5s, ’60. 87
ferred.................................... 99% |$5,000 Phila. Cty 4s, 1938________ 100'A
The capital of the trust companies Is as follows: Brooklyn, $1 000 000’ Bankers,
$10,000,000; United States Mortgage A Trust, $2,000,000; Astor $1 250 000‘ Title
Guarantee A Trust, $5,000,000; Guaranty, $10,000,000; Fidelity $1 000 000C a n a d i a n B a n k C l e a r i n g s . — T h e c le a r i n g s f o r t h e w e e k
Lawyers’ Title Insurance A Trust, $4,000,000; Columbla-Knickerbocker S2’000 000e n d i n g F e b . 8 a t C a n a d i a n c i t i e s , in c o m p a r i s o n w i t h t h e s a m e
People’s, $1,000,000; New York, $3,000,000; Franklin, $1,000,000- Lincoln $1 000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, S45,250,000’. ’
w e e k o f 1 9 1 2 , s h o w s a n in c r e a s e in t h e a g g r e g a t e o f 2 3 . 7 % .
S per sh.
83 Alliance Ins. Co., S10 each........15Ji
6 American Fire Insur. C o ..........60
41 insur. Co. of North Am., SlOea. 21
6 John J. Felin A Co., Inc........... 103
15 Phila. Bourse, pref., $25 each__ 10
20 Phila. Bourse, com., $50 each__ 3 % -4
1 Fire Assn, of Phila., $50 par___ 346
12 Farm. A Mech. Nat. Bank.l40-140H
50 Franklin Trust Co., $50 each... 55
18 Logan Trust Co.................. 135-135H
3 Penn. Co. for Insurance, Ac___ 650
10 2d A 3d Sts. Passenger Ry........250
9 Amcr. Pipe A Construe. Co___ 89-90
15 American Meter Co.... ..............112
$ per sh
5 American Academy of Music__ 215
35 Leon W. Pullen Co., $10 each.$5 lot
5 Pennsylvania Lighting Co............20
22 Phila. Life Ins. Co., $10 each... 10%
1 Penn. Academy of Fine Arts___ 16
50 Geo. B. Newton A Co...............98 'A
1 Girard National Bank________ 41813
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week ending February 8 .
Clearings at—
1913.
1912.
Inc. or
Dec.
$
S
+
Week
ending
Feb. 8 .
Canada—
M ontreal_______
T o ro n to ________
Winnipeg_______
Vancouver______
Ottawa_________
Quebec................
Halifax................
Hamilton_______
St. John________
London ________
Calgary ________
V ictoria ________
Edm onton______
R egin a _________
Brandon________
Lethbridgo______
Saskatoon_______
Brantford_______
Moose Jaw______
Fort William____
New Westminster.
54,933 ,736
,272,320 + 29.9 40,580,044 36,641,395
46,454 ,809
,973,372 + 29.1 32,883,187 28,827,974
28,837 ,251
,152,155 + 14.6 14,955,674 13,412,119
15,627 ,010
,749,267 + 45.4 8,776,997 7,421,237
4,274 ,392
,818,588 — 11.3 3,408,732 3,186,968
3,210 ,627
,883,121 + 11.3 2,391,553 1,987,251
2,159 ,885
,004,166 + 7.8 1,570,592 1,714,349
3,772 997
,494,954 + 51.2 1,636,066 1,455,999
1,717 557
,722,758 —0.3 1,360,949 1,539,388
1,812 818
,549,785 + 17.0 1,171,330 1,274,459
4,768 317
,297,778 + 11.0 2,722,009 2,207,893
3,206 902
,035,052 + 5.6 2,197,504 1,540,084
3,863, 159
,208,745 — 8.2 1,608,452 1,127,183
2,387, 754
,929,323 + 23.7
810,669
659,780
521, 852
499,825 + 4.4
450,794
616, 722
572,665 + 7.7
385,673
2,078, 076
,764,435 + 17.8
776,031
560, 999
477.932 + 17.4
431,391
1,241, 341
869,167 + 42.8
812, 701
603,855 + 34.6
510, 636 Not lnc.l In total.
Total Canada...
182,853,905 147,879,263 +23.7 118,124,247 102,996,079
Capital.
Surplus.
Loans.
I On Dep.
Legal wUh C.H.
Net
Tenders. | Banks.
Deposits.
Specie.
$
I
$
Averages.
S
1
$
$
S
$
Banks__ 133,650,0202,480,1 1,391,495,0 290,968,0 75,645,0 .......... 1,413,465,0
Trust cos. 45,750,0 99,134,1 608,035,0 60,011,0 6,418,0 57,984,0 441,855.0
Total .. 179,400,0 301,614,2 1,999,530,0J350,979,0, 82,063,0^ 57,984,0 1.855.320.0
Actual.
Banks__
1,389,617,0282,287,0 75,690,0 ......... 1.402.939.0
Trust cos.
608,971,0j 62,320,0| 6,262,0 56,341,0 450,446,0
Total . .
The
S ta te
r e tu r n s o f
charge.
in
1,998,588,0,344,607,0 81,952,0 56,341,0 1,853,385,0
..........
1
B a n k in g
th e
S ta te
1
D ep a rtm en t
banks and
fu r n is h e s
tru st c o m p a n ie s
w e e k ly
u n d e r it s
T h e s e r e t u r n s c o v e r a l l t h e i n s t i t u t i o n s o f t h i s c la s s
th e w h o le S t a t e , b u t
th e fig u r e s
are c o m p ile d
d is t in g u is h b e tw e e n th e r e s u lts fo r N e w
N ow
1
a ls o
Y ork )
and
Y o rk C ity
so a s to
(G re a te r
th o se fo r th e r e st o f th e S t a t e , a s p e r th e
fo llo w in g :
S ta t e m e n t o f N e w Y o r k C ity C le a r in g -H o u s e B a n k s
and
T r u s t C o m p a n i e s .— T h e
d e t a i le d
s t a t e m e n t b e lo w
sh o w s th e c o n d itio n o f th e N e w Y o r k C i t y C le a r in g -H o u s e
m e m b o r s fo r th e w e e k e n d in g F e b .
8.
T h e f ig u r e s f o
'
s e p a r a te b a n k s a r e th e a v e r a g e s o f th e d a ily r e su lts
t h e c a s e o f t o t a l s , a c t u a l f ig u r e s a t t h e e n d o f t h e
a r e a ls o g iv e n .
F o r d e fin itio n s a n d
Banks.
00s
omitted.
Capital.
Surplus.
Loans.
Average.
Week ended February 8.
$
S
$
$
s
Bank of N. Y. 2 .0 0 0 .C 4,257,4 21,500,C 4,094,0
731,0
Manhattan Cc 2,050,(
4,764,1
33,100,(
8,846,0 1,449,0 38,200,0
Merchants’ __
2 ,0 0 0 ,(
2,084,'
2 1 ,0 1 1 ,(
4,300,( 1,116,1
21,378,0
Mech.AMotalf 0 ,0 0 0 ,( 8,663,(
56,920,( 10,673,( 3,798,1
56,816,0
America........
1,500,(
6,488,(
24,898, ( 4,278,( 1,799,1 24,212,0
City............... 25,000,6 29,142,: 180,621,( 45,739,C 6,800,1 ISO,498,0
Chemical___
3,000,(
7,231,2 28,787, ( 4,757,( 1,930,1 25,735,0
Merch. Exch.
600,(
534,-;
0,541,(
1,367,1
155,1
6,395,0
Butch.A Drov
300,(
128,{
2,030,0
495,0
71,0
2,234,0
Crcenwlch__
500,(
987,5
9,363,(
2,494,0
190,0 1 0 ,6 8 6 ,0
Amcr. Exch.. 5,000,0 4,510,1 43,972,(
8,753,0 2,057,0 42,885,0
Commerce__ 25,000,0 16,316,5 140,118,( 20,966,0 8,820,0 117,968,0
Pacific______
500,0
970,C
4,842,(
495,C 586,0
4,550,0
Chat. A Phcn. 2,250,0 1,301,1 19,121,( 3,363,0 1,537,0 19,460,0
Peoplo’s ____
2 0 0 ,0
481,(1
1,976,C
426,0
149,0
2,418,0
Hanover........ 3,000,0 13,740,0 77,504,( 19,016,0 5,265,0 88,293,0
Citizens’ Cent. 2,550,0 2 ,2 0 1 ,1
24,250,C 5,364,0
616,0 23,380,0
1 ,0 0 0 ,0
460,2 1 1 .0 2 2 .C 1,788,0 1,586,0 12,822j0
MarkotA Fult. 1 ,0 0 0 ,0
1,897,5 1 0 ,0 0 2 ,C 1 ,6 6 6 ,0
905,0 1<L036,0
Metropolitan. 2 ,0 0 0 ,0
1,783,9 12,229,0 2,875,0
269,0 12,432 0
Corn Exch__
3,000,0 5,840,7 50,673,0 9,014,0 5,731,0
6
Imp.ATradors 1,500,0 7,795,0 25,407.0 3,556,0 2,283,0 59^209
22,683,0
Park ........... . 5,000,0 13,552,0 90,868,0 22,443,0 1,662,0 95,251,0
East River__
250,0
70,0
1,646,0
381,0
106,0
1,936 0
Fourth.........
5,000,0 5,874,1 32,311,0 7,169,0 2 , 1 0 0 ,0 33,998
0
Second_____
1 ,0 0 0 ,0
2,526,4 13,809,0 3,093,0
168,0
12*972
First_______ 1 0 ,0 0 0 ,0 21,940,2 117,946,0 21,551,0 2,869,0 109,30.8 0
Irving______
4,000,0 3,225,8 38,093,0 7,152,0 2,867,0 39,188,00
Bowery ____
250,0
786,0
3,530,0
829,0
8 8 ,0
3r707 0
N. Y. County.
500,0 2 ,0 0 0 ,6
8,813,0 1,370,0
6 8 6 ,0
German Amcr.
750,0
747,1
4,356,0
910,0
226,0
4,300
0
Chase______
5,000,0 9,672,3 97,653,0 20,287,0 6,232,0 108.691 O
Fifth Avenuo.
1 0 0 ,0
2,195,3 13,714,0 2,683,0 1,239,0 15.436,0
German Exch
2 0 0 ,0
817,4
3,219,0
555,0
334,0
3.491 0
Germania___
2 0 0 ,0
1,053,0
5,154,0 1,206,0
254,0
5,902,0
Lincoln _____
1 ,0 0 0 ,0
1,656,2 14,557,0 2,797,0
852,0 14,040 0
Garfield____
1 ,0 0 0 ,0
1,275,2
9,148,0 2,003,0
360,0
9'374|0
250,0
525,6
3,479,0
490,0
493,0
3,783^0
Metropolis__
1 ,0 0 0 ,0
2,250,8 12,665,0 1,656,0 1,298,0 12,365,0
West Side___
2 0 0 ,0
1,013,0
4,166,0
832,0
306,0
4|672|0
Seaboard____
1 ,0 0 0 ,0
2,277,7 24,818,0 5,850,0 2,703,0 30,01316
1 ,0 0 0 ,0
2,790,2 23,191,0 5,482.0
376,0 24,782,0
N.Y. Prod. Ex 1 ,0 0 0 ,0
883,0
9,030,0 2,414,0
287,0 10,503|0
Stato _______
1 ,0 0 0 ,0
676,7 17,479.0 5,251.0
376,0 22,434,0
Security____
1 ,0 0 0 ,0
450,1 11,917,0 2,369,0
985,0 14,027,0
Coal A Iron.. 1 ,0 0 0 ,0
531,1
6,466,0 1,370,0
400,0
GH)42 0
Union Exch . .
1 ,0 0 0 ,0
1.006,1
9,916,0 2,089,0
350,0
9.870 O
Nassau, Bklyn 1 ,0 0 0 ,0
1,100,7
7,634,0 1,381,0
185j0
0,262,0
Totals, Avgo_. 133,650,0 202,480,1 1391,495,0 290,968,0 75,645.0 1413,465,0
Actual figures Feb.
8 __|
ij£ ^ U
I?Sl
Loans and Investments..
Change from last week.
Specie.
Legals. Net Depos Re
Average. Average its, Aver. serve.
%
25 4
25.0
29.1
25.9
23.8
25.3
25.1
25.2
25.2
23.7
25.1
23.7
27 5
25.5
25.3
25 l
25.9
28 4
25.7
25.0
25.9
......... 1389,617,0 282,287,0 75,690,0|1402,939,0 25.5
0
n
of averages, circulation of national banks In the Clearing
Houso amounted to $40,390,000, and according to actual figures was $40,371,000.
v a r io u s it e m s
State Banks,
Trust Cos.
State Banks,
Trust Cos.
in
in
outside of
outside of
Greater N. Y. Oreater N . Y . Greater N. Y. Greater N . Y .
$
22,300,000
$
67,900,000
39,042,900
172,713,300
*12,471,974
*12,508.781
297,236,900 1,097,197,000
+ 3,871,500 + 15,610,300
114,066,700
— 774,600
175,528,900
+ 348,200
Surplus as of Dec. 26___
1
th e
STATE BANKS AND TRUST COMPANIES.
Capital as of Dec. 26___
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
r u le s u n d e r w h ic h
a r e m a d e u p , s e e “ C h r o n i c l e ,” V . 8 6 , p . 3 1 6 .
Change from last week.
55,226,800
+ 1,874,500
113,435,300
— 1,939,800
Legal-tender A bk. notes.
Change from last week.
19,656,700
— 1,106,300
9,935,700
— 39,600
Deposits............................
Change from last week.
343,192,800 1,179,031,500
+ 4,690,500 + 10,299,500
$
*9,458,000
$
*9,950.000
—
120,340,300
— 231,000
185,166,200
+ 1,947,200
Reserve on deposits........
Change from last week.
93,200,100
+ 778,900
128,595,000
— 4,261,200
22,412,800
+ 609,900
25,951,600
+ 1,438,600
P.C. reserve to deposits..
Percentage last week..
27.9%
28.1%
15.9%
16.6%
19.8%
19.2%
15.2%
14.5%
+ Increase over last week. — Decrease from last week.
» As of Sept. 9 1912.
»„iVKie.'^~."Su.rpIus” lncIudes all undivided profits. -Reserve on deposits" Includes
l t,rust 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 lo
cation 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,
lho State banks are likewise required to keep a reserve varying according to loca
tion, 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 amend
ment of 1911) by bonds or obligations of the City or State of New York and ex
clusive 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.
r> , . . _
„
---- TrustCos----- — State B anks-
Reserve Required for Trust Companies
and State Banks.
Total
Of
Total
Of
Reserve which Reserve which
/veyuu ct in Cash. Required, in Cash.
Required,
_ _Location
— ~— — —
Manhattan Borough........................
15%
Brooklyn Borough (without branches In Manhat.) 15%
Other Boroughs (without branches in Manhattan) 15%
Brooklyn Borough, with branches in Manhattan. 15%
Other Boroughs, with branches in Manhattan__ 1 5 %
Cities of the first and second class_____________ io%
Cities of the third class and villages...........
10%
Elsewhere In State___________
15%
10%
10%
15%
15%
5%
3%
25%
20%
15%
20%
10%
7 MC
.
20%
15%
’ <5%
15%
15%
15%
T h e B a n k in g D e p a r t m e n t a ls o u n d e r ta k e s to p r e s e n t s e p a
ra te
tru st
f ig u r e s i n d i c a t i n g
c o m p a n ie s
House.
in
th e
to ta ls
G re a ter N e w
fo r
th e S ta te
Y ork
Banks
and
not in the Clearing
T h e s e f ig u r e s a r e s h o w n in t h e t a b l e b e l o w , a s a r e
a lso th e r e s u lts (b o t h a c t u a l a n d a v e r a g e ) f o r th e C le a in g -
THE CHRONICLE
468
H o u se
banks
c o m b in e d
and
each
tru st c o m p a n ie s.
c o r r e sp o n d in g
it e m
In
in
have
B o s t o n a n d P h i l a d e l p h i a B a n k s . — B e l o w is a s u m m a r y
sta te m e n ts,
o f th e w e e k ly to t a ls o f th e C l e a r in g -H o u s e b a n k s o f B o s t o n
a n d P h ila d e lp h ia :
a d d itio n ,
th e
tw o
[ V o l . XCVI
we
th u s a ffo r d in g a n a g g r e g a te fo r th e w h o le o f th e b a n k s a n d
We omit two ciphers (00) in all these figures.
t r u s t c o m p a n i e s in t h e G r e a t e r N e w Y o r k .
Capital
and
Surplus.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Feb. 8—
Capital
Nat. Banks]
Nov. 26 and)
Surplus State Banks]
[Dec. 26___ J
Clear.-House |Clear.-House State Banks and Total of all
Members.
\ Members.
Trust Cos. Not Banks A Trust
ActualFlgures
Average.
in C.-H. Aver. Cos. Average.
S
S
S
S
179,400,000
179,400,000
29,025,000
203,425,000
301,614,200
301,614,200
80,906,900
382,521,100
Loans and Investments 1,998,588,000 1,999,530,000
Change from last week + 2,633,000 + 27,215,000
564,698,600 2.564,228,600
+ 3,565,300 + 30,810,300
1,853,385,000 1,855,320,000
Deposits
Change from hist week — 2,435,000 + 18,899,000
a564,666,900 2,419,986,900
+ 2,785,000 + 21,681,000
Specie ._
Change Irom last week
344,607,000
— 8,566,000
350,979,000
— 4,425,000
61,487,400
— 69,700
412,466,400
—4,494,700
Legal-tenders
____
Change from last week
81,952,000
— 1,186,000
82,063,000
— 2,029,000
67,590,600
— 116,800
89,653,600
— 2,145,800
Banks: cash in vault..
357,977,000
25.51%
366,613,000
25.93%
12,133,700
13.88%
378,740,700
TrustCos.casli In vault
68,582,000
66,429,000
56,944,300
123,373,300
Aggr’ te money holdings
Change from last week
426,559,000
— 9,752,000
433,042,000
— 6,454,000
69,078,000
— 186,500
502,120,000
— 6,640,500
Money on deposit with
other bks. & trust cos.
Change from last week
56,341,000
— 5,385,000
57,934,000
— 3,226,000
17 8S9.200
+ 635,800
75,873,200
— 2,590,200
482,900,000
Total
Change from last week — 15,137,000
491,026,000
— 9,680,000
86,967,200
+ 449,300
577,993,200
— 9,230,700
Surplus CASH reserve __
Banks (above 2 5% ). .
Trust cos.(abovel5%)
Change from last week
13,246,750
150,750
7,242,250
1,015,100
26.33%
15.03%
11.60%
15.25%
1.23%
26.63%
16.48%
Feb. 1..........
Feb. 8 . ........
Philadelphia
Dec. 2 1 ......... 103.654.3 365,311,0
Dec. 28.......... 103.684.3 364,365,0,
Jan. 4......... 103.684.3 365,900,0.
Jan. 11.......... 103.684.3 307,729,0
Jan. 18_____ 103.684.3 371,293,0
Jan. 25.......... 103.684.3 374,700,0
Feb. 1______ 103.684.3 378,212,0:
Feb. 8_____ 103.684.3 380,282,0'
combined w i t h
in
83.713.0
87.205.0
94.188.0
96.854.0
97.724.0
98.257.0
95.366.0
90.875.0
*402 683.0
*403 546.0
*418 425.0
*415 ,135,0
*421 774.0
*421 932.0
*424 710.0
*416 803.0
15,129
15,134
15,133
15,142
15,001
14,975
14,952
14,928
I m p o r t s a n d E x p o r t s f o r t h e w e e k .— T h o fo llo w in g a r e
th e im p o r ts a t N e w Y o r k fo r th o w e e k e n d in g F e b . 8 ; a ls o
t o t a l s s in c e t h o b e g i n n i n g o f t h e f i r s t w e e k in J a n u a r y :
FOREIGN IMPORTS AT NEW YORK.
For Week.
!
Dry Goods_______________
General Merchandise_______
1912.
1913.
|
53,305,772]
18,462,778|
$3,585,313
17,920,632
th o s e fo r th o S t a t e b a n k s
G reater N e w
Y ork
o u ts id e
of
th o
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
7 ...
14 —
21- — .
2 8 ....
4 .- - .
1 1-.-.
I S ..-.
2 5 .--.
1—
8___
Loans and
Investments Deposits.
Specie.
S
I S
S
I
2.442.755.0 2,234,183,1 360,720,8
2.415.385.3 2,207,395.4 355,442,1
2.405.324.8 2,203,094,3 359,060,9
2,412,078,6 2,221,988,0 360,990,4
2 422,034,5 2,254,436.0 370,460,9
2.451.667.0 2,304,529,5 385,497,7,
2.496.319.8 2,376,124,0,406,900,4
2.517.393.4 2,396,487,8 414,841,6
‘ ------ 2,398,302,9 416.961,1
........ 2,564,228,6 2,419,986,9*412,466,4
Legals.
$21,094,850 S19,680,183 $20,293,132 $21,148,298
98,752,807 93,459,717 78,672,982 89,092,866
1913.
For tho week______________
Previously reported.......... .
Total 6 weeks.............. —
|
$
S
I
S
89,886, ,6 450 ,607,4 510.675.8
90,376, ,0 445,,818,1 505.578.6
88,711 ,3 447 ,772,2 507.490.9
88,348 ,1 449 ,338,5 509,088,0
91,310, ,9 461,,771,8 526.344.7
94,048, ,8 479 ,546,5 546.728.7
94,588, 0 501,,488,4 568.163.6
92,842, 8 507,,084.4 580.518.7
91,799, 4 508,,760,5 587.223.9
89,653, 6 502, ,120,0 577,993,2
i n g is t h o s t a t e m e n t o f c o n d i t i o n o f t h o c l e a r i n g - n o n - m e m b e r
b a n k s fo r w eek e n d in g F e b . 8 , b a s e d o n a v e r a g e d a ily r e s u lts :
We omit two ciphers (00) in all these figures.
Sur
plus.
Loans,
Disc'ts
and
Invest
ments.
Legal
On
Tender Deposit
Specie. and
with
Net
Bank
C.-H. Deposits.
Notes. Banks.
S
$
$
$
$
New York City.
S
Manhattan and Bronx.
50,0
131,0
543,2 3,003,0 620,0
Aetna National--------- 500,0
80,0
192,0
344,2 1,615,0 155,0
100,0
Washington Heights.
73,0
239,0
119,5 1,531,0 343,0
200,0
Battery Park Nat—
651,0
511,6 5,579,0 670,0 385,0
500,0
Century......................
916,0
692,2 6,507,0 843,0 327,0
400,0
Colonial............ .........
715,0
815,1 7,004,0 632,0 560,0
300,0
Columbia..................
313,0
65,0 117,0
995,0
172,5
200,0
Fidelity........ .............
39,0
299,0
360,7 2,303,0 381,0
250,0
Mount Morris_____
839,0
445,6 4,933,0 487,0 337,0
200,0
M u tu al......................
303,0
288,3 3,120,0 318,0 105,0
200,0
New Netherland____
83,0
252,0
106,6 1,932,0 225,0
Twenty-third Ward— 200,0
704,0
543,9 4,243,0 625,0 192,0
100,0
Yorkville .............. .
Brooklyn.
440,0
93,0
689,6 3,800,0 298,0
First National_____
300,0
576,0
912,8 5,960,0 563,0 247,0
Manufacturer? Nat. 252,0
710,1 10,466,0 1,395,0 491,0 1,668,0
Mechanics’ ................ 1,000,0
770,0
300,0
576,6 4,296,0 542,0 101,0
National City............
451,0
85,0
200,0
177,0 2,110,0 209,0
North S id e .............
. Jersey City.
400,0 1,355,3 4,629,0 283,0 425,0 2,300,0
First National..........
538,0
70,0
250,0
813,6 3,064,0 135,0
Hudson County Nat
564,0
200,0
420,8 2,588,0
97,0 149,0
Third National........
H oboken.
288,0
665,0 4,515,0 263,0
25,0
220,0
First National-------55,0
428,0
297,7 3,360,0 155,0
125,0
Second National-----Totals Feb. 8----- 6,597,0 11 461,9 87,553,0 9,304,0 4,092,0 13,663,0
Totals Feb. 1----- 6,597,0 11,461,0 87,103,0 9.298.C 4,106,0 13,927,0
Totals Jan. 25— 6,597,0 11,461,9 87,491,0|9,486,0 4,237,Oj 14,035 0
$
2,649,0
1,356,0
1,791,0
6,657,0
6,605,0
7,883,0
955,0
2,534,0
4,933,0
3,001,0
2,079,0
4,70-1,0
2,923,0
5,405,0
12,494,0
4,284,0
2,116,0
1910 .
1911.
1912.
$21,717,402 $12,449,143 $13,477,536 $13,412,736
103,568,907 89,474,875 76,774,197 63,572,264
$ 125,286,309^$101,924,018j $90,251,733 $76,985,000
T h e fo llo w in g t a b le s h o w s th e e x p o r ts a n d im p o r ts o f
s p e c ie a t t h o p o r t o f N e w Y o r k f o r t h e w e e k e n d i n g F e b .
8
a n d s in c e J a n . 1 1 9 1 3 , a n d f o r t h o c o r r e s p o n d i n g p e r i o d s in
1912 and 1911:
EXPORTS AND IMPORTS OF SPECIE AT NEW YO RK .
Tot loney. EnlireRes
Holdings. onDeposit
R e p o r t s o f C l e a r i n g N o n - M e m b e r B a n k s .— T h o fo llo w
Capi
tal.
$2,462,203
15,208,735
$21,505,945 $21,763,550 $20,326,934 $17,670,938
Exports.
Dee.
Dec.
Dec.
Dec
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
1910.
1911
$4,211,406
16,085,528
EXPORTS FROM NEW YORK.
C l e a r i n g - H o u s e , c o m p a r e a s f o l l o w s f o r a s e r ie s o f w e e k s p a s t :
Week Ended—
175.075.7
149.158.7
178.824.6
175,796,4
185.702.0
160.091.6
173.618.1
173.755.2
a Includes Government deposits and the item “ duo to other banks.” At Boston
Government deposits amounted to $943,000 on February 8, against S931.000 on
February 1.
* “ Deposits" now Include the Item of “ Exchanges for Clearing House,” which
were reported on February 8 as 315,625,000.
— Decrease from last week.
T h e a v o r a g e s o f th o N o w Y o r k C i t y C le a r in g -H o u s e b a n k s
tru st c o m p a n ie s
8
7,209 ,0 170,140,0
7.222 ,0 131,772,1
7.223 0 180,507,1
7,457 0 180,038,7
7,613 0 204,208,9
7,955 0 174,419,8
8,142 0,159,806,9
8,144 0 190,646,6
250.011.0
250.013.0
259.274.0
261.109.0
277.489.0
273.550.0
270,050,0,
271.821.0
T h e f o l l o w i n g is a s t a t e m e n t o f t h o e x p o r t s ( e x c l u s i v e o f
s p e c ie ) f r o m t h e p o r t o f N e w Y o r k t o f o r e i g n p o r t s f o r t h e
w e e k e n d in g F e b . 8 a n d fr o m J a n . 1 to d a te :
a These are the deposits after eliminating the Item “ Due from reserve depositories
and other hanks and trust companies in New York City"; with this Item Included,
deposits amounted to $633,523,900, an Increase of 53,310,000 last week. In the easo
of tho Clearing-House members, the deposits are “ legal net deposits” both for the
average and the actual figures, b Includes bank note3.
and
S
4.240.0
4.453.0
4.745.0
4.700.0
4.867.0
4.495.0
4.095.0
3.861.0
__________
i
a n d tru st c o m p a n ie s,
Circu
lation.
Total 6 weeks.................... $119,347,657 $113,139,900| $98,966, l H $ l 10,241,162
% of cash reserves of tr ust cos.—
15.22%
Cash In vault________
11.11%
Cash on dep. with bks.
+ Increase over last week.
Jan. 4_____
Jan. 11..........
Jan. 18..........
Jan. 25______
8
S
I
60.735 4 216 ,489,0 22.983.0
60.735 4 215 ,239,0 22.005.0
60.735 4 216 ,381.0 25.403.0
60.735 4 214 ,090,0 28.705.0
60.735 4 216 ,575,0 30.627.0
60.735, 4 218,,950,0 28.715.0
60.735, 4 223 ,021,0 25.982.0
60.735, 4 227 ,424.0 24.415.0
T o t a l..................................
Since January 1.
Dry Goods_______________
General Merchandise_______
13,397,500
8,257,350
— 7[867,850 — 10,231,350
Total
Boston.
Dec. 21...........
Dec. 28..........
Clearings
Legals. Deposits.
Specie.
Week.
Imports.
Week.
Since Jan.1.
$2,042,941 $11,188,328
' 4,945
3,450,666
111,851
3,124
8,799,375
$922
2,226
186,635
79,642
Silver.
.
Great Britain___________________ _ S^*91?*Z?9 $4,860,152
829,350
264,918
Franco ............. ...........................
Germany....................................
2,142
263
West Indies.____ ______ ______
Mexico............ .......... .......... —
South America_______________
200
All other countries____________
Total 1913....................................- SI,282,911 $5,691,844
4,819,004
Total 1912............ ......................I 891,970
Total 1911...... ......... ....................
499,403 5,475,079
LJJ.U ctUUVU lllip u i bo
imu m>oi\ xix
112,109
1,014,427
404,217
241,683
$269,425 $1,816,198
632,809 2,400,304
1,528,371
133,272
Total 1913
'$5,497,886 S20,102,678
Total 1912111111........................... 8,344,387 10,093,560
Total 1911_____________________
30,606
906,845
U1
Since Jan. 1.
$43,562
Groat Britain........
Franco_____ _____
Germany...............
West Indies_______
Mexico___________
South America----All other countries.
$8,064
4,720
$60
59,196
68,473
44,361
61,370
710,061
373,805
115,168
S172.090 $1,273,193
1,575,899
216,101
802,011
88,301
xuad,
A m o r i c a n g o l d c o in a n d $ 3 2 A m e r i c a n s i l v e r c o i n .
ganliUiQ ixml ffiiumcial.
Railroad and Industrial Stocks
W rlto 'fo r our Circular N o . 014 entitled “ Railroad an<k
S tocks,” which describes 124 issues listed on tho N ew York Stock
Exchange, and classified by us as followas: Investm ent Stocks, s u m investm ent Stocks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANUE PLACE— NEW Y O R K .
C hicago, III. B oston, Mass. A lbany, N. Y.
Members New York Stock Exchange.
3,587,0
1,421,0
1,363,0
White, Weld & Co.
1,930,0
1,459,0
82,263,0
81,689,0
82,362,0
Bonds and Investm ent Securities.
14 W ALL STREET
NEW Y O R K
THE ROOKERY
CHICAQO
i l l DEVONSHIRE STREET
BOSTON
469
THE CHRONICLE
Feb. 15 1913.)
Q m x k tx s ?
d S i v jf j e t t c .
Wall Street, Friday Night, Feb.
14 1913.
T h e M o n e y M a r k e t a n d F i n a n c i a l S i t u a t i o n . — S e c u rity
m a r k e t p r ic e s h a v e a g a i n d e c li n e d t h i s w e e k .
In m an y
e a se s t h e y n o t o n ly m a d e a n e w lo w r e c o r d fo r th is y e a r b u t
a ls o w o n t b e lo w th e lo w e s t o f 1 9 1 2 .
E x c e p t fo r a d is p o s itio n
o f t h e S o u t h e r n P a c i f i c s t o c k h e r e t o f o r e h o ld b y t h e U n i o n
P a c ific C o m p a n y , w h ic h s e e m s to b e a n o n tir e ly s a t is fa c t o r y
a r r a n g e m e n t , t h e r e is n o t h i n g n o w o f a n o n c o u r a g i n g n a t u r e .
T h o r e v o l u t i o n in M e x i c o , w h il e n o t n e c e s s a r i l y a m a t t e r o f
i m p o r t a n c e h e r e , h a s , n e v e r t h e l e s s , a m o r e o r le s s d e p r e s s i n g
i n f l u e n c e , a n d h a s a d d e d s o m e w h a t t o t h o c a u t i o n w h ic h h a s
b o e n a m a r k e d fe a tu r e o f W a l l S tr e e t s e n tim e n t fo r s o m e
tim e p a s t.
T h e o u tw a r d m o v e m e n t o f g o ld h a s c o n tin u e d , $ 2 ,0 5 0 ,0 0 0
h a v in g b e e n s h ip p e d o r e n g a g e d fo r s h ip m e n t w ith in th e
w eek.
N o tw ith s ta n d in g
th e r e la tiv e ly
la r g o a m o u n t ol
g o ld w h ic h th is m a r k e t h a s s u p p lie d to m e e t th e d e m a n d s o f
E u r o p o , t h i s d e m a n d is s t ill u r g e n t a n d a t t h e s a m e t i m e t h e
lo c a l m o n e y m a r k e t h a s b e e n s te a d ily g r o w in g fir m e r .
R a te s
f o r b o t h c a ll a n d t i m e lo a n s h a v e a d v a n c e d t h i s w e e k .
T h e B a n k o f E n g la n d ’s s ta te m e n t sh o w s a p e rc e n ta g e o f
reserve
t h e s m a l l e s t a t t h i s d a t e in r e c e n t y e a r s ,
i t is
n e a r l y G p o i n t s b e l o w t h a t o f la s t y e a r a n d a b o u t o p o i n t s
lo w e r t h a n t h o a v e r a g e f o r t e n y e a r s p a s t .
D u r i n g tlio w c o k n g o o d d oftl o f in t e r e s t licis e x i s t e d in.
r a i l w a y c ir c le s a s t o t h e o u t c o m o o l n e g o t i a t i o n s n o w in
p r o g r e s s to p r e v e n t a s tr ik e b y th e lo c o m o t iv o fir e m e n o p e r a t
in g o n E a s t e r n lin e s .
T h o o p e n m a r k e t r a t e s f o r c a ll l o a n s a t t h o S t o c k E x c h a n g e
d u r in g th e w co k o n s t o c k a n d b o n d c o lla te r a ls h a v e r a n g e d
fr o m
2 % @ 4 % % .
T o - d a y ’ s r a t e s o n c a ll w o r e 4 @ 4 > 2%
C o m m e r c ia l p a p e r q u o te d a t 5 %
fo r 6 9 to 9 0 -d a y e n
d o r s e m e n t s a n d f o r p r i m e 4 t o G m o n t h s s in g le n a m e s a n d
5 % % a n d a b o v e f o r g o o d s in g le n a m e s .
T h o B a n k o f E n g la n d w e e k ly s t a t e m e n t o n T h u r s d a y
s h o w e d a n in c r e a s e in b u l l i o n o f £ 7 9 9 , 5 0 7 a n d t h e p e r
c e n t a g e o f r e s e r v e t o li a b i li t i e s w a s 4 5 . 8 1 a g a i n s t 4 7 . 0 2 l a s t
w eok.
T h e r a te o f d is c o u n t r e m a in s u n c h a n g e d a t 5 % , a s
fix e d O c t . 1 7 .
T h e B a n k o f F r a n c e s h o w s a n in c r e a s e o f
8 ,9 9 5 ,0 0 0 fr a n c s g o ld a n d a d e c re a se o f 1 1 ,3 4 3 ,0 0 0 fra n c s
l o w - p r i c e d is s u e s h a v e b e e n f r e e l y o f f e r e d , i n c l u d i n g t h e l o c a l
tr a c t io n s .
B r o o k ly n
R a p id
T r a n sit re f. c o n v . 4 s h a v e
d e c lin e d 2 p o i n t s a n d N e w Y o r k R a i l w a y s a n d T h i r d A v e n u e s
a re s u b s t a n t ia lly lo w e r .
S o u th e r n P a c ific c o n v . 4 s are
d o w n 2 p o i n t s in s y m p a t h y w i t h t h e s h a r e s a n d o f a l i s t o f
3 0 a c t i v e is s u e s o n l y 2 a r e f r a c t i o n a l l y h i g h e r .
U n i t e d S t a t e s B o n d s .— S a le s o f G o v e r n m e n t b o n d s a t
th e B o a r d are lim ite d to $ 3 6 ,0 0 0 , P a n a m a 3 s c o u p , a t 1 0 2 %
to 1 0 2 % a n d $ 5 ,0 0 0 4 s c o u p , a t 1 1 4 % .
For to-day’s prices
of all the different issues and for yearly range see third page
following.
R a i lr o a d a n d M is c e lla n e o u s S t o c k s .— T h e sto c k m a r k e t
w a s e x c e p t i o n a l l y d u l l e a r l y in t h e w e e k , o n l y a b o u t 1 8 4 , 0 0 0
sh a re s h a v in g b e e n tr a d e d in o n M o n d a y , b u t th e v o lu m e
o f b u s i n e s s in c r e a s e d a n d
th e d o w n w a rd m o v e m e n t o f
p ric e s h e r e to fo r e n o te d h a s c o n t in u e d .
A s a r e su lt o f th is
m o v e m e n t s e v e r a l p r o m i n e n t r a ilr o a d s t o c k s s o l d , a s n o t e d
a b o v e , b e l o w t h e l o w e s t p r i c e s r e c o r d e d in 1 9 1 2 , i n c l u d i n g
A tc h is o n , E r ie , N e w Y o r k C e n tr a l, P e n s y lv a n ia , N o r fo lk &
W e s te r n a n d S o u th e rn P a c ific .
N o tw ith s ta n d in g a m o d e ra te
r e a c t i o n t o - d a y , t h e a c t i v e li s t s h o w s d e c lin e s o f f r o m 2 t o
o v e r 4 p o in ts w ith in th e w e e k .
U n i o n B a g . & P . p r e f . is
u n iq u e
in a n a d v a n c e o f 6
p o in ts , a lth o u g h A m e r ic a n C a n h a s m a d e a fr a c tio n a l g a in .
T h e s e a r o t h e o n l y s t o c k s in t h e a c t i v e c la s s w h i c h h a v e n o t
d e c lin e d .
For daily volume of business see page
477.
T h e fo llo w in g sa le s h a v e o c c u r r e d th is w e e k o f sh a r e s n o t
r e p r e s e n t e d in o u r d e t a i l e d l i s t o n t h e p a g e s w h i c h f o l l o w :
STOCKS.
Week ending Feb. 14.
Sales
for
Week:
Range for Week.
Range since Jan. 1.
Lowest.
| Highest.
Lowest.
Highest.
Allls-Chal rects, 3d paid
300 3M Feb
Preferred___________
100 10 Feb
Amer Brake Shoe & Fdy
100 05 Feb
Preferred___________
100 1.3411 Feb
Amer Wat Wks & G, pfd
200 97 Feb
Baltimore <fc Ohio rights 33, 000 1-64 Feb
Brunswick Terminal___
500' 8 Feb
Buff Rochester & P itts..
100114 Feb
Canada Southern.......... j
100! 63 Feb
Canadian Pacific rights. ]20 880 14 '/i Feb
300 224 Feb
Can Pac sub rets, 1st pd
100. 15 Feb
Chicago & Alton............ ;
Chic Mil & St Paul rights
100
M Feb
150150 Feb
Chic St P M & O, pref..
800 29 Feb
Colorado
&
Southern...
s ilv e r .
,300 8c. Feb
Comstock Tunnel..........
NEW YORK CLEARING-HOUSE BANKS.
48 102 M Feb
Consolidation Coal------300 99 J4 Feb
Deere & Co, pref............
(Arot Including Trust Companies.)
Del Lack & West subscrip
100*410 Feb
receipts 50% paid----100108 Feb
1911.
Gen Chemical, pref........
1012.
1013.
400 123 % Feb
Gt Nor sub rets, 40% pd
Averages for Averages for
A rerages for
Differences
2 15)$ Feb
Green Bay <fc W deb B_.
week ending week ending
week ending
from
263117
Feb
Feb. 11.
Ilomestake Mining........
Feb. 10.
Feb. 8.
previous week.
200 76 Feb
Knlcker Ice (Chic) pref.
300 43 Feb
S
Long Island___________
S
s
s
135.150.000 133,350,000 Mackay Companies___
200 86 Feb
Capital..........................
198,310,600 196,701,500 Mackay Cos, pref..........
200 67)4 Feb
Surplus........ ........... —
300 42 'A Feb
Loans and discounts — l,39L495,0b6 ine. 14,494,000 1.420.091.000 1,315,317,200 Norfolk Southern______
46,664,900 Petttbone-Mulliken___
50.803.000
200 27 H Feb
46.390.000 Dec.
112,000
Circulation ..................
50 99 Feb
Net deposits................ 1,413,465,000 Inc. 0,425,000 1.492.415.000 1,351,398,000 Pittsburgh Steel, pref__
100 3J4 Feb
200.068.000 Doc. 2,500,000 331.896.000 300,221,700 Quicksilver Mining........!
Specie............................
100 4 Feb
73,981,400
80.514.000
Preferred.......... ......... i
75.645.000 Dec. 2,011,000
Legal tenders................
St L & S F— C & E Ills
2 50 Feb
new stock trust certfs.[
Reserve held................ 360.613.000 Dec. 4,610,000 412.440.000 374,206,100
100 93 M Feb
353,306,250 Inc. 2,356,250 373,103,750 337,819,50p Sl03s-Sheffield S & I, pret
25% of deposits............
Southern Pacific rights..;21 ,220 5-32 Feb
100 95 Feb
36,356,600 Texas Pacific Land Trus1
39,330,250
13,240,750 Dec. 6,960,250
Surplus reserve........
Union Pacific rights----- 51 ,400 3-32 Feb
300 49 Feb
United Cigar M frs..
Note.— Tlio Clearing House now l3?ue3 a statement weekly, showing tho actual
100 102 H Feb
Preferred________
condition of tho banks on Saturday morning, as well as the above averages. The United Dry Goods........
453 98 Feb
figures, together with the returns of the separate banks and trust companies, also
200105 Feb
Preferred___________
tho summary Issued by tho State Banking Department, giving the condition of State U S Reduction & R efg..
100 1)4 Feb
banks and trust companies not reporting to tho Clearing House, appear on the second
100 3)4 Feb
Prcferred___________
page preceding.
000 50 Feb
Virginia Iron, Coal & C .
200 57 Feb
Virginia Ry & Power__
F o r e i g n E x c h a n g e . — T h o m a r k e t f o r s t o r lin g e x c h a n g e
137 84 Feb
Vulcan Detinning, pref.
190 111)4 Feb
Wells, Fargo & Co........
h a s r u l e d w e a k e r , o w i n g t o t h e h i g h e r r a t e s f o r m o n e y r u l in g
4 Feb
10 Feb
95 Feb
134)4 Feb
97 Feb
3-16 Feb
13s 8 Feb
13 114 Feb
13 63 Feb
13 16)4 Feb
14 226)4 Feb
14; 15 Feb
8
M Feb
13150 Feb
10 30 Feb
13 13c. Feb
14 102)4 Feb
11.100 Feb
3)4
9)4
93)4
130
96)4
1-64
7)4
114
62)4
14'4
224
15
7-32
150
29
8c.
102)4
99) 4
13 410
8 10S
14 123)4
10 15)4
11117
13 77)4
10 43
14 86
10 67)4
8| 42)4
13 28)4
10 99
13 3)4
8; 4
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb'420
405
107)4 Jan 109 J4 Jan
123)4 Feb'123)4 Feb
15
Feb 17)4 Jan
110
Jan 117)4 Feb
76
Feb! 77)4 Feb
Jan' 43)4 Jan
43
Jan
81)4 Jani 87
66)4 Jan 68)4 Jan
42)4 Feb! 43 |1 Jan
27
Jan 28)4 Feb
Feb 100 t Jan
99
Jan
3H Feb: 4
4
Feb 4)4 Jan
8 50
8 93)4
13
54
13 95
13
)4
13 50
11 102 'A
14 98)4
10105
11 1)4
13 3 )4
13 52)4
11‘ 58
14 84
14 112)4
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
47
93)4
5-32
95
3-32
*46)4
100) 4
98
104)4
1)4
3)4
50
51
84
110
at
th is
Jan 4)4 Feb
Jan’ 12)4 Jan
Jan1 96)4 Jan
Jan 136)4 Jan
Jan
Feb: 99
Feb 7-16 Jan
Jan
Jani 8
Jan
FebillO
Feb
Jan! 63
Feb' 19)4 Jan
Feb 226)4 Feb
Jan
Feb. 18
Feb!
)4 Jan
Feb 150)4 Jan
Jan
Feb: 33
Jan: 13c. Feb
Feb; 102 )4 Jan
Jan 100)4 Jan
Jan 54)4 Jan
Jan
Jan; 98
Feb
54 Feb
Feb 97jS Jan
Feb'
)4 Feb
Jan; 50)4 Feb
Jan 102)4 Feb
Jan
Feb 101
Jan: 105)4 Jan
Feb 1)4 Jan
Feb1 4 * Jan
Feb 54 S Jan
Jan; 58 U Feb
Feb: 90 H Jan
Jan 1 23 2 gJan
ce n tre .
To-day's (Friday's) nominal rates for sterling exchange were 4 84 for
sixty-day and 4 88 for sight. To-day’s actual rates for sterling cxchango
were 4 8285@4 8295 for sixty-days, 4 8725@4 8735 for cheques and
4 8790©4 88 for cables. Commercial on banks 4 81(3)4 82)4 and docu
ments for payment 4 82@4 83. Cotton for payment 4 82M @ 4 82)4 and
grain for payment 4 82)4<4)4 83.
Tho posted rates for sterling, as quoted by a representative house, were
not changed during tho week from 1 81 for sixty days and 4 88 for sight.
To-day's (Friday’s) actual rates for Paris bankers francs were 5 21)4 less
1-32@5 21)4 for long and 5 17)4 less 3-32@5 17)4 less 1-10 for short.
Germany bankers’ marks were 94 7-10©94)4 for long and 95 3-16©
95 3-10 plus 1-32 for short. Amsterdam bankers’ guilders were 40 3-16©
40 3-10 plus 1-32 for short.
Exchange at Paris on London, 25 fr. 24)4c.; week’s range 25 fr. 25)4c.
high and 25 fr. 23)4c. low.
Exchange at Berlin on London, 20 m. 48 pf.; week’s range 20 m. 49 pf.
high and 20 m. 47)4 pf. low.
The range for foreign exchange for the weok follows:
Sterling Actual—
High for the week__
Low for the w e e k ...
Sixty Days.
4 8300
4 8285
Paris Bankers’ Francs—
High for tho w eek.. .
Low for the w e e k ...
Germany Bankers'
High for the w e e k ...
Low for the w e e k ...
Cheques.
4 8780
4 8725
5 20)4 less
5 21)4 less
1-32
1-10
91 9-10
94 7-16
95)4 plus 1-32
95)4 plus 1-32
larks—
Amsterdam Bankers' Guilders
Cables.
4 8845
4 8780
5 17)4 plus 1-32
5 18)4 plus 1-64
95)4 plus 1-32
95 5-16 less 1-32
High for the w e e k ... 40
40 5-10 less 1-32 40)4 less 1-16
Low for tho week__ 39 15-10
40 3-10 plus 1-32 40)4
Domestic Exchange.— Chicago, par. Boston, par. St. Louis, 5c.
per 81,000 discount bid and 5c. premium. San Francisco, 40c. per
81,000 premium. St. Paul, 50c. per 81,000 premium. Montreal. 62)4c.
premium. Cincinnati, par.
S t a t s a n d R a i l r o a d B o n d s .— S a le s o f S t a t e b o n d s a t
th e B o a r d in c lu d e $ 1 ,0 3 0 N e w Y o r k 4 s r e g . 1 9 5 8 a t 1 0 1 % ,
$ 2 ,0 0 3 N . Y . C a n a l 4 s 1 9 6 1 a t 1 0 1 % , $ 2 1 ,0 0 0 N . Y . C a n a l
4 s 19G 2 a t 1 0 1 % to 1 0 1 % a n d $ 2 4 ,0 0 0 V ir g in ia 6 s d e fe rre d
t r u s t r e c e ip t s a t 5 2 t o 5 5 .
T h e m a r k e t fo r r a ilw a y a n d in d u s tr ia l b o n d s h a s s h o w n
in c r e a s in g a c t i v i t y a n d s t e a d i l y d e c li n i n g p r i c e s .
M any
O u t s i d e M a r k e t .— P r ic e s o n th o “ c u r b ” th is w e e k m o y e d
t o lo w e r l e v e l s , t h o u g h b u s in e s s w a s n o t l a r g e .
T h e le a d in g
is s u e s w e r e t h e h e a v i e s t l o s e r s , d e c lin e s b e i n g s h a r p e s t in
t h e h i g h e r -p r ic e d S t a n d a r d O il s u b s i d i a r i e s .
T o -d a y th e re
w a s a f ir m e r m a r k e t a n d a n i m p r o v e m e n t in t h e S t a n d a r d
O il is s u e s .
S t a n d a r d O il o f N . J . d r o p p e d f r o m 3 9 6 t o 3 8 4 ,
r e c o v e r e d t o 3 9 0 a n d c lo s e d t o - d a y a t 3 8 9 .
B r itis h -A m e r .
T o b a c c o d e c lin e d f r o m 2 4 %
to 2 3 % , m o v e d u p to 2 4 %
a n d en d s th e w eek a t 2 4 % .
T o b a c c o P r o d u c ts p r e f. s o ld
d o w n fr o m 9 5 to 9 1 % , r e c o v e r in g s u b s e q u e n t ly t o ^ 9 2 % .
U n ite d C ig a r S to re s c o m ., a fte r a n a d v a n c e fr o m 1 0 7 % to
1 0 7 % , fe ll t o 1 0 5 a n d f i n i s h e d t o - d a y a t 1 0 6 .
S a le s o f C o n
tin e n ta l C a n w ere r e c o r d e d , th e c o m . d o w n fr o m 5 7 % to
5 7 % a n d t h e p r e f . a t a lo s s o f a p o i n t t o 9 9 . ^ . H o u s t o n O il
c o m ., a n e x c e p tio n t o th e g e n e r a l r u le , w a s a c t iv e a n d s t r o n g ,
ad5
v a10)4
n c i nplus
g a 1-32
b o u t 3 p o in ts to 2 2 % .
I t r e a c te d fin a lly to 2 0 .
So5
u t17)4
h e r n P a c ific s t o c k “ w h e n r e le a s e d ” w e a k e n e d fr o m 1 0 2 %
to 1 0 0 % .
T h e “ r ig h ts” e a se d o ff fro m % to % .
U n io n
P a c i f i c “ r i g h t s ” r e c e d e d f r o m - % t O j % a n d r e c o v e r e d J t o J S -lG J
V o l u m e o f b u s in e s s in b o n d s w a s v e r y i S i n a l l .
B k ly n . R a p .
T r a n . ^ 5 % n o t e s w e r e o f f i f r o i n 9 6 1 5 - 1 6 | to 9 6 % . £ N . Y .
C i t y 4 % s , b o t h i s s u e s , 1 9 6 0 a n d 1 9 6 2 / $ w e r e t r a d e d in a t
99% .
C o p p e r sto c k s w ere w e a k .
B r a d e n C o p p e r eased
o f f fr o m 9 % to 8 % a n d c lo s e d jt o -d a y a t 8 % .
B r itis h C o lu m
b ia m o v e d d o w n f r o m ~ 4 % to 4 a n d b a c k t o 4 % .
G ir o u x
i m p r o v e d f r o m 3 1 - 1 6 t o 3 ’ 3 - 1 6 , t h e n d e c li n e d to ' 2 1 5 - 1 6 , t h e
c lo s e t o - d a y b e i n g a t 3 .
G re e n e C a n a n e a reced ed fro m 8 %
to 7 % .
R e c e iv e rs w ere a p p o in te d fo r U n it e d C o p p e r C o . b u t
u o t r a n s a c t i o n s w e r e r e p o r t e d in t h e s t o c k s .
M a s o n V a lle y
lo s t h a lf a p o i n t t o 7 % .
N ip is s ln g fr o s e fro m J | 8 % to 9 .
^ O u t s i d e j q u o t a t i o n s w i l l /b e ] f o u n d ] o n J p a g e 4 7 7 -W i
470
New York Stook Exchange—Stock Reoord, Daily, Weekly and Yearly
O C C U P Y IN G T W O P A G E S
__________________ P °f rocefd o f sale» during tho week of stocks usually Inactive, see preceding page.
<63==
STOCKS—HIGHRST AND LOWEST SALE PRICES.
Monday
Feb. 10
gaturdatt
Feb. 8
Tuesday
Feb. 11
Wednesday
Feb. 12
103% 103*! 103** 103*4 103 103*!
101 % 10119 *101% 101% 101% 101%
•129 130
129*4 129*4 129 129
102% 102l,| 102 102% 101% 102
*84
845j
84% 84% §83*4 83*4
90% 91
90
90
89% 90
239% 240*4 237% 239% 235% 237%
•363 300 *353 360 *353 360
78
78
*77% 78% 76% 77*4
*16% 17% 16% 16% 16
16%
*32% 33% 32
32
31*4 32
111** 111% 110% 111% 110 110%
141*4 142 *138 141% *137 141%
•136 137
138 136% 1357* 1357S
§185 185 *181 189
185% 185*4
♦53
56
*53
56% 53
53
•90
95
*90% 95
*90% 95
*103 105 §165 165 *162 165
*416 420 *416 420 *416 420
*21
22
*20% 213,j *20*4 2134
*37
38
*37
38
*37
38
*6
8
*6
8
*6
8
•13
15% *13% 16% *13% 16%
31
31
3011 30*4
30*4 31
*48
48% 47*4 48
47% 47*4
*38% 39% *38
39% *37% 38*4
128% 129% 129 129% 128% 128*4
38*4 38*4 *38
38*4 37% 33
128*4 128*4 *124% 125
124*4 1247*
187* 19% 18% 18*4 18
18*8
63% 63*4 62*4 63
62% 62*4
26
26% 26
25% 25*4
26
*57
61
60% 60% 60% 00%
*10% 14
*10*8 14
*10% 14
•30
34% *30
30
34% 30
161*4 162
160*4 101% 159% 160%
♦139 139% 138 138
137 138
132% 132% 132% 132% 132% 132%
___ _ _
___ ___
21
21
139*4
*145
27
*01%
41%
•59
*237*
101*4
•129
•32
139*4
153
27%
63
41%
64
25
108
130
32%
139
*145
27
*01%
41%
i 56*4
23%
107*4
129
317*
138
139
152 *144
*20%
27
61*4
63
41% 40%
66*4 *56%
23% *23%
107*4 100
129 §129
32 %
31%
109% 109% 108% 109%
•88
92
*87
92
74% 74%
119% 119% 118% 119%
120 120% 119*4 120%
♦100% 104 *100% 10-4
♦100 115 *100 115
165% 165% 163** 165%
♦90% 92
91
91
*91
91*4 91
91
23% 24
23% 23%
43
43
421* 42*4
*17
18
16% 16*4
*69
63
*59
62
«C7% 28
27U 27U
*33
36% *33
341*
*73% 75
•731* 75
♦1918 20*4 10*4 20
*47% 48
*47
48
1037* 104% 103 lOS7!
♦37
27i2 271* 27U
•80i* 80*4 80U 8 OI4
30i* 2013 *20
21
*38
*371* 381*
*2%
*2i4 0
•10
♦Id* 13
♦261* 29
*2012 28*4
MOO 108 *105% 108
160*4 I 6 H4 1597* 1011*
•89% 90% 89% 895*
•30
34
31
69
59
58
♦3t* 4
*3i2
121* 121* *12i4 127*
44U 4414 44
441*
♦71* 8 i* *71* 81*
•24
27
•24
27
*10
12
13
*10
~62
63
*601* 6312
*42
9Si2
2P
•3714
3°1
*831* 90
391* 40
1251* 1257*
5414
net4 HOI*
*47i2 47»*
•76% 77
61
61
*951* 100
*41* 6
•27
721*
*52
*97
37U
«8312
.'■95*
125%
63%
116
471*
*50%
•951*
*41*
28%
22%
1U4 *10%
3 n 2 *30
*30
891*
39*4
iff*
♦104%
*11 7 *
U
•57
67% 67
86
*85%
731* 72%
•106»4 107% 100*4
2k
108
*87
*73
118%
119
100%
*100
161%
♦91
91
22%
39%
*15
59
27
*33
*73%
*19
*47
102%
26*4
*80
20
37
♦2%
*10%
♦26%
>105%
157%
89
277*
65%
3*4
*12%
♦42%
*7%
♦26
*10%
51
70%
•60
98% *97
37% 357*
*83%
397*
4:
126% 124%
6414 *527*
116 5115%
72%
54
138
152
27%
61*4
41
63
24
107%
129
31%
108%
90
___
118%
119*4
100%
115
163%
91%
91
23
41
16
69
27%
36%
75
20%
48
103%
27
80*4
20%
33
6
*13%
28*4
108
159*4
89%
80
67
3*4
12*4
44%
8%
27
12
61
(m
g
3
O
w
t
<1
W
M
h
00
p
72
63
100
90
42
120
65
115%
Aetna . . . . .
America i|._
Amer K xch.
Battery Pk.
200
610
230
130
425
300
180
150
130
..
700
210
620
235
140
Bronx N at.
Bryant Fk 1)
Butch & Dr
Century fl__
Chase . . . . .
- ? a ’.« &
195”
140”
226
715
Banks
Cbat&Phenlx
Chelsea Exi!
Chemical . .
Citizens’ Cti
C it y .......
Coal & Iron
Colonial H ..
Columbia 1U
Commerce .
Corn Ex *i__
East River.
Fidelity §|_
T
STOCKS
N EW Y O R E STOCK
E XC H A N G E
Iiarnje Since Jan. 1.
On basts 01 mu-share lots
Lowest.
Hlqhesl
Railroads
ton Topeka & Santa Fc 101% Feb 13 106% Jan
Do p r e f __________ 1007* Jan
102% Jan 29
Atlantic Coast Line RR__ 127% Feb 13 133% Jan
altimore & Ohio______ 100% Feb 13 108% Jan 22
Do p r e f ________
a83% Jan 30 88 Jan 10
Brooklyn Rapid Transit.
88% Jan 23 92% Jan
/ ’ anadlan Pacific........... 231*4 Feb 13 266*4 Jan
V entral of New Jersey
353 Feb 13 362 Jan 13
Chesapeake & Ohio.........
75% Feb 13 80 Jan
157* Feb 13 177* Jan
Ohio Gt VVe3t trust ctl*._
Do pref trust otfs____
81 Jan 14 35 Jan
Chicago MUw & St P aul. . 108% Feb 13 116% Jan
Do pref__________
140 Jan 3 145 Jan 30
Chicago & North Western 135 Jan 15 133 Jan 11
Do p ref__________
§182 Feb 7 §189 Jan 0
Cleve Cln Chic & St L
53 Jan 14 54 Jan 21
Do pref_______
94% Jan 16 9434 Jan 16
260
elaware & Hudson
101*4 Feb 14 167 Jan 8
100
elaware Lack A West 415 Feb 14 445 Jan 13
100 Denver & R io Grande
20*4 Jan 14 23% Jan 9
Do pref_______
'
37 Jan 17 41 Jan 10
Duluth So Shore & Atlan
8 Jan 3
8% Jan 2
Do pref..........................
15% Jan 4 16% Jan 2
15,050
2934 Feb 13
32% Jan 6
1,200 fc* D*o 1st p referred II'
46% Feb 13 49% Jan 30
200
37 Feb 14 41 Jan 30
Do 2d p re fe rre d ...
10,285 Great Northern pref_____ 125*4 Jan 17 132% Jan 9
2,400
36 Feb 13 41% Jan 3
Iron Ore properties.II
121 Jan 24 1287* Feb 5
1,600 I lllnols Central____
7,650 1 nterboro-Metrop v t ctfs
17 Jan 21
19% Jan 30
Do pref__________
59 Jan 21 65**Jan 30
5,000
1,700
24*4 Feb 13 27% Jan 9
ansas City Southern..
500
59% Jan 14 61% Jan
Do
preferred,
11% Feb 6 11% Feb
ake Erio & Western”
400
30 Feb
35 Jan
Do preferred . .
‘ 157*4 Feb 13 168% Jan
25,300 Lehigh Valley____
3,350 Louisville & Nashville”
133% Feb 13 142% Jan 10
1,050 M a n h a tta n Elevated.
1297* Jan
132% Feb
200 M in n ea p olis & St Louis
20% Jan 17 23% Jan
100
Do preferred................
44 Feb 13 47 Jan 29
375 Minn St P & S S Marie___ 137% Jan 15 142% Jan
Do preferred___
§145 Feb
§150 Jan 22
725 Mo Kansas & Texas
257* Jan 14 29% Jan
150
Do p re fe rre d ...
59*4 Jan 14 63% Jan
7,740 Missouri Pacific................
39% Feb 13 43% Jan
100
at Rys of Mex 1st prei * 56*4 Feb 10 : 56*4 Feb 10
500
227* Feb 13 27% Jan
Do 2d preferred__
10,430 N Y Central As H udson.
104% Feb 13 109 *4 Jan 30
787 N Y N H & H artford.
127% Jan 27 1297* Jan 10
1,935 N Y Ontario & W estern.
30% Feb 13 337* Jan 11
80% Jan 31 87% Jan
N Y State Railways____
107% 6,760 Norfolk As Western.
107% Feb 14 113% Jan
100
87 Feb 13 87 Feb 13
Do adjustment p re t..
73
73 Feb 14 75*4 Jan 15
200 Nor Ohio Trac A: Light
118% 7,350 Northern Paclllo.
117% Jan 15 122% Jan
119% 20,605 P enn sylvania______
118*4 Feb 13 12334 Jan
101
400 Pittsb Cln Chic A: St L .*
100 Jan 1 104 Jan 11
116
Do preferred___
161%
O e n d in g .................
159% Feb 13 1687* Jan
91
1st preferred..
90 Jan 3 91% Jan 27
91
2d preferred..............
91 Jan 14 93 Jan
22%
Rook Island Company
207* Jan 20 247* Feb
39*4
Do preferred..............I
37 Jan 20 44*4 Jan 2
17 1
CJt Louis Ai San Fran . .
16*4 Jan 20
19*4 Jan 11
60
69 Feb 11
•J Do 1st preferred...
55% Jan 22
25% Jan 17 29 Jan 11
Do 2d preferred............
34 Feb 13 35% Jan 13
St Louis S outhw estern..
73% Jan 14 75 Jau 9
Do preferred________
18% Jan 29 20% Jan 30
Seaboard Air L in e ______
45 Jan 3 48% Jan 29
Do preferred___
Southern Paolflo Co_____ 100*4 Feb i: 110 Jan 30
Southern v tr ctfs stm pu.
26 % Feb 13 28% Jan 2
Do pret
do
78*4 Jan 18 81 Jau 11
'T e x a s & Paolflc____
20 Jan 20 22% Jan
*- bird A ve New . .
30 Feb 13 40% Jan 2
Toledo Railways & f.r
3 Jan 14
3 Jan 14
Toledo St L & West;*.
11 Jan 21
13 Jan 9
Do preferred____
27 Jan 8 29*4 Jan 9
Twin City Rapid Tra::>105 Jau 3 108% Jan 21
f I nlon Paclllo......... ........ 1547* Feb 13 162*4 Jan 6
Do preferred...........
87*4 Feb 13 93% Jan
Unit Rys Inv.’ t of San Fi
277* Feb 11 35% Jau
Do preferred________
63 Feb 13 63% Jan
\ y a b a s h ..........................
3% Jan 14
4 Feb
**
Do preferred_____
11*4 Feb 14
13% Jan 14
37% Jan 7 46 Jan 2
Western Maryland R y ___
6 % Feb 14
Wheeling & Lake E r i e ...
8 Jau 3
26% Jan 30 28% Jan 13
Do 1st preferred_____
12 Jan 14 14 Jan 3
Do 2d preferred...........
46 Jan 15 53 Feb 8
Wisconsin Central______
Industrial ^Miscellaneous
637* Feb 14 80% Jan 2
malgamated C o p p e r..
40% Jan 17 67 Jau 3
merAgrlcultural Client
99 Jan 2
977* Jan 16
Do pref...........................
35 Jan 7 50% Jan 2
American Beet Sugar____
Do p r e f . . . ______ ____
84 Jau 28 85 Jan 28
25% Jan 14 407* Jau 31
American Can___________
Do pref______________ 113% Jan 14 120% Jan 30
51% Jan 17 56% Jan 2
American Car & Foundry
Do pref______________ 116 Feb 4 116*4 Jan 21
American C itie s________
47% Jan 14 48*4 Jau 6
76% Feb 13 78% Jan 2
Do preferred_______
American Cotton Oil____
48% Jan 22 67% Jan 2
Do pref__________
96% Jan 7 96*4 Jan 10
100 American Hide & Leather
4 Jan 14
5% Jan 8
200
Do prof______________
24% Jan 17 28% Feb 10
1,200 American Ice Securities.
20 Jan 2
24*4 Jan 20
600 American L in se e d ______
10 Jan 14 11% Jan 31
200
Do pref..........................
297* Feb 11 31% Jan 31
1,900 American L ocom otive__
38 Feb 13 44% Jan 0
600
De pref______________ 1047* Feb 5 100*4 Jan 2
100 American Malt Corp____
11 Feb 10 13 Jan 3
1,160
Do p re f_______ ______
61% Feb 13 61% Jan 3
289 Amer Smelters Sec prof 1! 84*4 Feb 14 88 Jan 9
15,226 Amer Smelting & Refining 68% Jan 14 74*4 Jan 30
408
Do pret______________ 105 Feb 14 107 Feb 7
10,610
950
600
5,660
110
6,510
28,675
100
4,900
600
700
11,085
220
1,200
447
200
A
B
D
K
N
A
30%
B AN K S
Ask
ip life
107% 108% 107%
87
87
73
117% 118
117*4
118*4 110% 119
100 100
*98%
*100 115 *100
159% 1017* 100
91
91
90*4
91
91
•90
22% 22% 22%
39
39% 39*4
*16
17% *10
*53
01
*58
77** * ; r % #
517*
49% 60%
*95% 100
5
*41* 5
27
28% 27
22% 22
22
11% 10t* 10%
31% 297* 30
39% 33*4 39%
105% 106% 105%
11
•8% 18
67
56% 65%
86
86% *84
73% 71
72%
106*4 *105 105*4
Bid
Sales of
the
Week
Shares
Friday
Feb. 14
101% 103
102% 102%
101% 101% 101% 101%
127% 127% *127% 128%
100% 101
1005» 101
*83*4 84*,i ♦84% 85
881 89% 88% 89%
231*4 233% 233% 235%
353 353 *350 360
75% 76% 76
76%
157* 16 *
10
31% 31% 31
31
108% 110
108% 1091,
*137 141 5140 140 ‘
135% 135*4 135% 135*4
185% 185*s *184 188
53
63
*53
66%
*90% 95
*90% 95
*161 165
161*4 1617,
♦415 420
415 415
20*4 20*.| *20% 21%
*36
38
*37
39
*0
8
*6
8
*13% 16% *13% 16%
29*4 30% 297* 30%
46% 46*4 ♦10
47
37% 37% 37
37
127 128% 127*4 128%
36
37
30% 36*4
123% 125 ♦123 126
17% 18
17% 177*
60*.i 62% 61*4 62
24*4 25
25
25%
*59
60
♦59
61
*10% 14
*10% 14
*25
35
*25
85
157*4 159
150 158*4
133% 134*4 133*4 134%
132 132
131*4 132
20% 20% *20
22
44
44
*43
47
*136 138 *137 138
*144 153 *144 152
20% 20% 27
27
*61% 03
*61*8 63
39% 40% 39*4 40%
♦50
r-o
♦54
60
227* 23
*22
22
104% 106
105% 106
1277. 1277.
127% 128
30% 31% §30*4 30%
100
Banks
New YVrk
Thursday
Feb. 13
Bid
130
160
440
197
400
160
425
330
192
320
75
195
.a ," ,a
A N D
Ask
185
153
450
203
410
165
TRU ST
Ranqe lor Previous
Year 1912.
Highest.
L ow est.
103% Feb
101 % Jan
al30>4 Dec
riUl% Feb
861* Aug
76*4 Jan
220% Mch
305 Jau
68% Feb
15% Dec
30% Dec
99% J ’ly
139% Dec
134% Dec
188 Nov
45% Dee
95 Dec
162 Deo
530 Aug
18% J ’ly
34% J ’ne
8 Sep
14 Dec
30 Dec
47% Dec
38 Dec
126 Jan
36 Jan
120 % May
16% Dec
63% Jau
22% May
50 May
11% Jan
30 Jan
1557* Feb
138 Dec
1287* Dec
18% J ’ly
§40 Feb
129 Feb
146 Dec
25% Dec
67% May
35 J ’ly
62% Oct
20 % Oct
1001* Dee
126 Dec
2 .,7* J ’ne
8.% Oct
107*4 Feb
8-> J ’ne
56 Mel)
115% Jan
1197* Dec
98% Jan
108% Jan
148% Jan
87% ,1’ne
92 Dec
22% Dec
42% Dec
17% Dec
58% Dec
26% Dee
29*4 Jan
68% Jan
18 Dee
41*4 Dec
103% Dec
26% Jan
081.1 Feb
20%. Jau
33% Dec
2% Dec
10% Dec
28 J ’ne
103 Dee
160*4 Dec
86 I4 oet
28 J ’ly
6/ J ’ly
3*4 J ’ne
12% j ’ne
45 Dec
4 Jan
11 Jan
0 Jan
48 Feb
60 Feb
64% Dec
08 J ’ly
46% Dec
90 Nov
11% Feb
90% Feb
49 Feb
115 Feb
30*4 Oct
Aug
45% Jan
95 Jan
3 Feb
20 Feb
18 Jan
9 Mcb
30 Feb
31% Feb
103 Jan
434 Jan
42 Jan
84 Dec
60% Dee
102% Jan
751.1
11134 Oct
104% Feb148% Aug:
1117* A p .
91 Juti
94% J ’ly
283 Aug;
395 Apr
85% Oct
20 i4 Oct
39% Apr
117% NOV
146 Jan
145 Apr
198 Mch.
02% Apr
101% Apr
176% Feb597 Deo
24 Mch
46% Jau
11*4 May
23 M ay
39% A p r
67% A pr
43 A p r
143*4 A ug
63 Sop
1-»1% Jan
22 J ’ly
07% Oct
31% Sep
65% Mch
18 Apr
40 May
185*4 Jan
170 A ug
138*4 Mch
27% Jan
§57 Jan
161% A ug
153 Aug
31% Meh
66 Apr
47*4 Mch
71 Jan
36/* Jan
121% A p r
142% A p r
41% A p r
93*4 Apr
119% A ug
92 Feb
79% N ov
1J1% A ug
1201.4 May
111% Sep
117 Feb
179% A pr
U3% Apr
101% Apr
30% A pr
69% Apr
29% Mch
09% Jan
4334 Apr
40% O ct
80% Oct
27% Apr
66% J ’ne
116% Apr
32 Sep
807* Oct
26% NOV
4934 Jau
103* A pr
10% Mch
36 Apr
111% Sep
176*4 Sep
96% D ec
397* Dec
69% Deo
9*4 May
227* Apr
64% Mch
11*4 O ct
36% O ct
17% O ct
62% A ug
92*4 Oct
63% Mch
104% Mch
7/ Sep
IOH4 J ’no
47% Oct
126% Sep
03% Sop
120 May
00% b e o
83% Deo
00% N ov
99% Feb
7% Sep
34 Sep
30*4 May
177* Apr
43 Apr
47% N ov
110% Aug
19% Aug
09% Aug
89% J ’ne
91 Sep
1093* Sep
C O M P A N IE S — B R O K E R S ’ Q U O T A T IO N S .
Bit
Banks
Fifth AveU. 4500
Filth ......... 300
First . . . . . . 990
Fourth . . . . 198
Garfield . . . 270
Uerm-Am 1| 140
Uerm’ n Exli 400
8*40 ' Germania 11.
195 Gotham . . . 1*7*5*'
325 Greenwich 1j 250
H anover___ 700
175*
Ask
Banks
Harrlm an. .
imp & Trad
Irving..........
L i b e r t y ....
Lincoln____
danhattaut
dark’ t&Ful
530** MechJsMet’s
vleroh JExch
Merchants •
7*10”
335*
1003
202
275
Bid
290
650
198
040
360
350
252
250
153
197
dssiass-pjsrA .'s s s s
Ask
300
660
203
660
3*0*0'
259
258
100
205
Banks
Metropolis 5
Metropol "ni
Mt Morrlal).
Mutual H ...
Nassau ____
New Neth.1
NewYorkCo
Now York.
FaclflcH____
P a rk ...........
People’s 11..
Banks
Prod Exch 1j
Reserve . . .
Seaboard _ .
200
Second . . . .
290
2*15* Security^ . .
__ S h e rm a n ...
220 *
875 State 11____
850
23d W ard i.
405
390
Union Exe
255
265
Wash H ’ ts i
1370
240
2*5*0** West Side 1
iforkvlUo n_
tu t
355
190
Ask.
305
197
ma Ask
168
173
93%
450
375
133
135
240
175
160
275
500
690
400*
140
205**
17*0 “
6*3*0*“
610
f e b
is
1 9 1 3
.
i
New York Stock Record— Concluded— Page 2
471
For record of gales during the week of stocks usually Inactive see second page preceding.
STOCKS— HIGHEST A N D LOWEST SALE PRICES.
Saturday
Feb 8
'■fonday
Feb 10
Tuesday
Feb. 11
Wednesday
Feb 12
189 189
*180 191 *189 191
*103 105 *103 105 *103 105
38
♦37 39
38
40
*37
11578 116R
*116 118 116 116
•110 118 HI 6 I2 11012 116 116
1313.1 1321., 132ia 13238 132 13238
281 28Us 281 2821’ 281 28112
*105 10534 105*8 10553 *105 105*8
18 *17i2 18*4
*1712 1812 18
79
79
*78
80
*7712 80
*30
32
30R 301s
33
*31
3
37R 375* 37R 73,., 36*8 37is
115 115
•115 116 *115 116
507„ 487a 49
507g *40
*49
1043s 10138 10414 104R
•1041,1 100
38
361g 37
37l2 375i *37
66
*05l2 6712
*00
68R 66
*130 140 *13612 140 ♦13612 140
*293S 32
31
31
31
31
56
60
5512 5578 55
55i2
84
84
83
83
*8212 823,
*100 1027g 103 103 *101 1037g
2934 2934 283., 29
2 8 I4 28>4
96
95
95i2 95l2 *95
95
41>2 4134 413., 417„ 4034 41l2
39
391g 3812 393g 36U 37*4
137 13714 137 137
130U 137
15
1478 15
143s 1434
15
7734 707S 77
*76
77
77
*19
*1834 19i2 187g 19R
20
*14
18
18 *14
18 *14
*39
41
*39
41
*39
41
•141 14234 142 142
140U UUs
*34
35
34R 34R ♦34 34l2
79
*7712 79l2 79
78*4 79
21,
21g
2l4
2*4
2 >8
218
6413 58
59
60
54^2 56
101l2 103*8
•103U 105 *103 105
60
*49
*48
61
*49
61
16*8 I6 I4 1012 1612 I 6 I4 10i2
11178 1117s
114 114
114 114
*
113l2 *112 11312 ♦no 11312
4i2
412
*4<2 434 *43g 4*8
19R
*18
1912 •183s 1U12 *18
123S 12
1218
12
12
*11
*40
48
*45
47
4012 47
14R 14
*14>2 151* 14
1412
64*8 62
69
63
01
04
•90
94
•92
94
•90 93
•107 110 ♦107 n o *107 n o
8U2 ♦79
*79
8u2
8112 *79
*10012 102 *10012 102 *10012 102
*48l2 4912 *49
4912 48R 48*4
•103 10412 *103 10412 ♦103 10412
223<s 224 223 224 2227g 224ls
•114 115 *114 115 *114 115
38*4 3834 38>4 39R 38
38R
103*8 103*8
•10312 104 *10312 104
*93i2 0412 ♦93R 9412 *93i2 94>2
♦7312 70
*74
76
74ig 741j
*102 105 *102 105 *102 106
703g 763s t7312 74
71'4 73
2234 23l4 22*8 22*8
23
23
119 119
11812 118*2
•118 119
•120t2 122R 121 121 *118 122
18
18 *17
*17
18l2 *17
93
*87
*88
93
93
•88
521* 62>2 517g 517S *51*4 52*4
110712 107i2 *105 lOSR ♦105R 109
17>4 1778 175S 177fl 17U 17*8
79
*75
80
*75
79
*75
•80 801,
80
*79*8 81
•28
30l2 loig 29>8 27*8 28
*391.1 42
39U 3914
*3914 42
•114i2 115l2 113 115
IIH2 113ia
2213 2212
*2212 24
21*8 221*
•9012 08
9012 91*8 8912 90
*19312 108 *193<2 198 *f93l2 198
*11412 115R *1141., 1151 , *114l2 1151,
*3234
*3212 33
33R *3212 3312
•99 100
*99 100
*99 100
*11012 119 *11613 110 *110 11912
J10118 10Us 16012 101
ICO 160
♦31R 34
*3113 33
*3U4 34
*98l2 100
*9812 100
*9812 100
*19
191., 19
19R 187g 191a
27<2 27&s *27
27*2 25*8 20*4
87
S71g 5871a 87i2 «018 S018
85i2 87*2 81*8 8412
88>2 89
96*4 94
95
*9012 9712 96
•202U 208 205 20512 202 202R
♦40 45
44
44
*44
40
40>3
401? *38
*39l2 4012 *39
66
66
*00
67
07
*00
35
3478 3478
*35
3612 35
94
*92
*02
0312 ♦92 94
3434 343., 341g 3412
35
35
11712 118
•119R 12112 ♦118 121
96
•971.1 100 *97 100
97R
•110 113l2 *110 11314 ♦no 113l2
7*8
*0*8 63,
7
7lS 71?
31
31
3U2 38
37
38<2
•1414 16 *14
*14
17
17
♦5512 69
♦5512 60
*55la 60
*35
39
•35
39
*35
38
*7212 73', 73U 7314 *7212 73*4
05*8 67
6718 6818 07
68
10034 10714 1073g 1078^ 10012 1003,
•7913 81R •70l2 81R *791’
8 II4
C45g C5>8 64lg 64/8 02*8 63*8
10334 1083, 108*8 10834 IO8 I4 108*8
623, 53l2
6334 54
63>2 64
30
35
35l8
36
*3512 37
no no *108 n o
*109 112
7212
72R 7214 7212 72’4 72
7234 7278 71R 7212
73
73
•11712 1193.1 *117>2 119 ♦116 119
*10U2 10512 1101*8 104*8 99*4 102ig
115 116 115 115 114 114
1
1
f
f
1
1
•
1
1
1
1
I
1
«
•
I1
1
1
<
»
1
t
1
1
1
(H
f
c
■«
t
e
p
QQ
*3
0
t
1
1
1
1
1
1
•
1
»
1
•
•
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Thursday
Feb 13
Friday
Feb 14
Sales of
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100-share lots.
Range tor Previous
Year 1912.
Highest
Industrial and Mlsc.(Con)
400 American Snuff______
187*8 Jan 14
188 188
188 189
♦103 105 *103 105
Do pref, new_______ 104 Jan 6
550 Ainer Steel Found (new). 33*4 Jan 14
30
35G 30
36
600 Amerloan Sugar Refining 11312 Jan 15
115*8 115*8 115*8 115*8
310
*114 118
Do pret_____________ 115 Jan 15
116 116
8.200 American Teleph A Tele? f 131 Jan 31
13178 132*8 132 133
126012 Feb 14
278i2 2S012 *26012 260>3 2,917 American Tobacco___
300 1‘referreU, new. .
103 Jan
*105 105i2 *10312 10512
200 American Woolen____
17i2 Jan 14
18
18 *17*2 1834
Do pref___
"
77>2 Feb ‘
100
*7712 7U12 *77l2 79
220 Amer Writing Paper.‘ prT 29»4 Feb
{30
30 *28'4 31
36
36*8 3538 36ig 8,400 nAtmcondaCopper Par$25 35’s Feb 14
500 Assets Realization____
111 Feb 14
l it 114
111 113
700 Oaldwln Locomotive
48'2 Jan 29
*48*8 4S78 48*s 4S34
600 • ' Do p r e f___
10334 Jan 2
*103*8 1043S 104*8 101*8
2,500 Bethlehem Steel_______
3512 Jan 16
35*8 301« 36
36
Do pret_________ '
300
65i2 Feb 13
65l2 68
♦65 69
Brooklyn Union Gas__
137 Jan 17
*135i2 140 *135 110
300 Butterlck Co___________
31
29R Jan 10
*30U 3H4 31
54
51*4 54U 543, 8,300 / 'alitor Petrol vot tr ctfs 5038 Jan 6
225 '
*S27g 84
Do pref__________
83 Feb 10
♦83 8-412
200 Case (JI) ThreshAlpf tr ctfs 9912 Jan 16
102 102 ♦101 103*2
1,500 Central Leather_____
28
26>2 Jan 14
28
27R 28
200 Do pref_____________
9318 Jan 2
*9412 0534
*9412 90
40
40*4 37?8 40R 22,500 dChlno Copper___ Par $5 37*8 Feb 14
365g
11,700 Colorado Fuel & Iron__
31 Jan 14
34l2 36R 3512
rl33i2 13112 13334 1 3 4 I4 3,550 Consolidated Gas (N Y)_ xl33i2 Feb 13
14*8 14's 1414 3,400 Corn Products Refining..
14
13 Jan 14
700 Do p r e f ..._______ ___
75ig Jan 27
7612 703., *75*4 78
600 Distillers' Securities Corp 17 Jan 22
18l2 18*3 *181? 19
18 *12
18
Federal Mining & Smelt’s 13R Jan 13
*12
393a Jan 17
41
Do pref_____________
41
*38
*39
13912 140's 14018 14014 2.325 General Electric............. xl34i2 Jan 24
700 Gen Motors vot tr ctfs.. 33 Jan 16
34
33
33
33
78 Jan 14
300 Do pref vot tr c t f s ...
*77l2 80
*77l2 79
2 Jan 3
2's 21 *
2'8 2'8 5,300 dGoldfield Con M P a r t 10
5434 7,250 Goodrloh (B F ) ________
63i2 Feb 13
84
63>2 60
10034 100*4 100 100
1,200 Do pref...................... 100 Feb 14
300 dGuggenh Explo-P.ir 825 47 Feb 14
47
47*4 4834 47
IOI4 3.325 d I nsp’n Con Cop Par $20 10 Jan 14
16*4 16R 16
700 -International Harvester IO6 I2 Jan 17
n o i 2 1 1 H2 *11012 112*2
100 Do p ref_____________ 112*8 Feb 14
113
*1 1 0
11278 112*8
4
4t2
600 Int Mer Marine stk tr ctfs
418 *4
4 Feb 13
10
19
*18
18 Jan 15
*18
Do p r e f..____ ______
11
12
11
*11
1,500 International Paper_____
9>2 Jan 21
47
47
*45
*45
200 Do pref_____________
42 Jan 21
15 *1314 15
*13
1,210 Internet Steam Pump__
1338 Jan 14
583, 2,031
68
68
6 8 I2
58 Feb 13
Do pref.................. .....
04
04
•90 95
100 Kayscr & Co (Julius)___
85R Jan 18
*108 n o ♦100 n o
Do 1st pref_________ 107»4 Jan 22
78
70
♦75 81
240 Krcsge Co ( S 3 ) ............... 7534 Jan 24
*10012 102 *101 102
Do p r e f___________ 100 Jan 14
48
481., *4711 48
43 Jan 21
600 Lackawanna Steel_____
103 103l2 ♦lOO's 10312
300 Laclede Gas (St L) c om .. 1023s Jan 15
22212 222l2 *217 225
2,000 Liggett A Myers 'lobacco 213 Jan
115 116 ♦115 117
100
Do preferred________ 114R Feb 7
37*2 373, 371., 3714
950 Loose-Wiles Bis tr co ctfs 3714 Feb 14
103 103i2 *103 10412
500 Do 1st pref_________ 103 Feb 13
94
94
*93l2 94l2
92 Jan 6
100 Do 2d pref_________
♦7312 70
7312 74
400 May Department Stores. 72 Jan 20
*102 105 ♦102 105
Do pref_____________ 103 Jan 16
70
71*2 7112 7112 4.300 Mexican Petroleum____
67i2Jan 6
2212 22l2 22U 22*8 2.300 rfMiami Copper__ Par 55
22R Feb 14
110U 118R *114l2 117»2
950 N ational Biscuit______ 116R Feb 13
122 122 ♦__ 122
218
Do pref__________ 120 Feb 6
17R 17U ♦17
I8 I4
100 Nat Knamel’g A Stamp’g 15*8 Jan 17
92
{92
87
87
87 Feb 14
145 Do pref_____________
♦50 52
61
52
700 National Lead__________
48U Jan 21
111 Do pref_____________ 105 Jan 21
106*8 106(8 *10514 10812
16*4 17
16's 1634 0,100 dNev Cons Copper.P a r $5 161s Feb 14
70
73i4 Feb 14
73R 73U
75
400 New York Air Brake___
70
*78*4 80
79 Feb 13
79
300 North American Co (new)
27SS Feb 11
29
29
800 P acific Mall....................
27*8 28
3918 {39
39
39
720
aclflo Telep A T eleg.. 37 Jan 17
n o 111
111 111
3,200 People’s Q L A C (Chic). 110 Feb 13
20*8 2112 21
21*2 2,800 Pittsburgh Coal Co______ 20*8 Feb 13
87 Jan 17
89
88*4 89
891, 2,100 Do pref_____________
193 193 *190 198
200 P. Lorlllard Co................ 190 Jan 15
11412 IIU 2 115 115
100 Do preferred________ 1141* Feb 13
*32
33
*32
33
32 Jan 20
Pressed Steel C ar...........
*99 100
*99 100
Do pret___________
99i* Jan 14
*116 119 ♦1101b 119
Pub Service Corp of N J. 117 Jan 15
160 100
100 100
920 Pullman Company__ . . . 160 Feb 11
3112 *30
81
34
200 1> allway Steel Spring__
31 Feb 13
•O8 I3 100
*9813 100
Do pref___________
1 4 Jan 16
18'2 1878 17*8 18*2 11,560 dRay ConsCopper Par $10 1 ; Feb 14
25lg 25'2 25*8 25*2 2,350 Republic Iron A Steel__
• Jan 20
86
80's *85
80
600 Do pref_____________
; - 4 Jan 14
78
8 U2
7:> Feb 13
79
79
2,700 Rumely (M) < 'o ________
92G 9312 *9312 9414 1,425 Do pref_____________
92>2 Feb 13
200U 20012 201 202
2,000 .•■'ears, Roebuck A Co___ 200U Feb 13
*35 45
*35
45
100 Sloss-Sheffleld Steel A Ir. 44 Jan 25
*37
41
38
38
100 Standard M illing______ 35'4 Jan 15
*05
67
*05
67
65ij Jan 2
200 Do pref____________
33
34
*32
321* Jan 14
3412
600
Studebaker Corp (T he)..
92
02
*91
03
92 Jan 2
200 Do pref____________
34
33's
3212 333S 3,200 ((Tennessee Copp .P a r $25 32U Jan 27
116 II 6 I2 §11012 11012 1,430 Texas Company (The)__ 112 Jan 2
96
96
590
96
600
95U Jan 25
Typewriter
U nderwood
*110 113l2 ♦no 113U
Do pref.................... 113 Jan 21
0'2 6^2
G5a 078 4,700 Union Bag A Paper_____
6 Jan 14
37
37
37
37ig 3,450
30 Feb 6
Do pret____________
15
15
15
15
200 U S Cast I Pipe a Fountlr 14 Jan 20
*55
60
♦65 00
Do pret_____________
65 Jan 15
38
35*8 35'g *35
100 U S Industrial A lcohol.. 35ig Feb 13
*69
73*4 ♦09 7334
100 U S Realty A Improv’ t . .
73 Jan 20
64*8 6514 6413 65
19,970 United States Rubber__
62i2 Jan 3
105*8 106 *10513 107
1053$ Feb 13
1,700
Do 1st pref_______
78*4 7913 ♦77*a 81R
360 Do 2d pref_______
763s Jan 3
61's 62*8 62ls 03i2 269,100 United States Steel...
0lig Jan 17
108's 108*s 108’ s 10834 3,803
108is Feb 13
Do pref__________ _
51*8 53
49*8 52
49Sg Feb 14
19,780 ((Utah Copper__ Par $10
34
34'2 *34
38
34 Feb 13
1,100 Virglnla-Garollna Chem.
♦108 n o ♦108 112
109 Jan 21
200
Do prat____________
71
71*2 71
70 Jan 16
71
1,514 W estern Union Teleg.
71
71*2 *71
72's 2,350
estlngh'scEl Ailfg ass 71 Feb 13
*117 119
117 117
117 Feb 14
100 Do 1st pref_______
101 103
10134 1023, 9,100 Wool worth (F W )___
99 Jan 25
♦113 115 *113 115*2
113.i4 Jan 28
600 Do pref_________
193 Jan 22
105 Jan 21
4012 Feb 3
118 Jan 31
1165s Jan 28
140 Jan 3
29434 Jan
lOO's Jan
18 34 Jan
81 Jan
32R Jan
4112 Jan
120 Jan
53i2Jan _
1043s Feb 10
4112 Jan
71 Jan
137*8 Jan 27
31 Feb '
5 6 I2 Feb 86 Jan 30
103*>8 Feb
3018 Feb
9512 Feb
47^8 Jan
4 U2 Feb
1423s Jan .
I7ig Jan 31
79R Jan 31
21*4 Jan 2
18 Jan 22
44 Jan
187 Jan
3412 Jan
79 Jan
2 R Jan
68
Jan
10514 Jan
633g Jan
2 0 3s Jan .
1155s Jan 30
116 Jan 28
45s Jan 2
1912 Jan 7
125SJan 30
48>2 Jan 30
18>2 Jan
70 Jan
94 Feb
110 Jan
81 Feb
102 Jan
49*8 Feb _
IOU2 Jan 8
226 Feb 5
116i2 Jan 23
39*8 Jan 6
105 Jan
95 Jan
76*s Jan
10512 Jan
78i4 Feb
26>2 Jan
12812 Jan
1247g Jan „
1914 Jan 30
92U Jan 30
56U Jan 2
1075g Jan 27
20 Jan 2
82i2Jan 8
8 U2 Jan 14
3U2Jan 22
46 Jan 4
116 Jan 8
243g Jan 2
95 Jan 9
200
Jan 28
H 6 I2 Jan 22
36 Jan 7
101'g Jan 7
118 Jan 21
165 Jan 2
35 Jan 9
100 Jan 13
22
— Jan 2
283g Jan 31
89R Feb 1
92U Jan 7
9934 Jan 4
21312 Jan 2
4512 Jan 28
4012 Jan 31
66*8 Feb 4
36 Feb 0
93U Jan 13
3 9 <2 Jan 4
122»4 Jan 10
9912 Jan 3
113 Jan 21
734 Jan 3
413 .i Jan 3
1634 Jan 30
5 0 34 Jan 31
44 Jan 6
77 Jan 9
6838 Jan 10
109 Jan 8
8 D2 Jan 9
69's Jan 2
11034 Jan 30
6 0 58 Jan 2
43's Jan
114 Jan
75<8 Jan
79RJan _
11984 Jan 17
112 Jan 2
11512 Jan 8
Lowest
Highest.
123 Mch
99
Feb
26 Jan
1 ISI2 Dec
lisij Jan
1375g Jan
2 1 lig Feb
1 0 H4 Jan
18 Nov
79 Dec
2518 Jail
$31 Feb
1051* Feb
49 Dec
10284 Feb
2734 Feb
5812 Feb
1:4712 Mch
28 Nov
4914 Dec
84 Dec
99*8 Dec
I6 I2 Feb
80 Feb
$25 Jail
23's Feb
13584 Dec
10 Jan
75 Dec
20 Dec
IU4 Feb
37l| Jan
155 Jan
30 Feb
7014 May
$13s Dec
6 OI4 Dec
105 Dec
$47 Dec
$165s Dec
105U Feb
11312 Nov
4
Mch
153.1 J’ly
93S Jan
x45*s Jan
12 Deo
63 Deo
90 Dec
107 Dec
71 Sep
100 Oct
24 Mch
102>8 Dec
150's Jan
10512 Jan
3612 Dec
10-i2 Oct
90 J’ly
69 Apr
105 Dec
0234 Apr
$2318 Feb
114 Dec
122
Dec
12 I4 Feb
88
Feb
5U8 Jan
105>2 Feb
SI8 I4 Jan
50 Feb
74tj Jan
2834 Dec
46 Dec
103 Jan
1634 Moh
77 Feb
167 Moh
10734 Jan
2834 Feb
96 Feb
10684 Feb
158i2 Feb
271 - Feb
98'4 Dec
$10 Jan
1534 Fob
0413 Feb
89U Dec
991* Dec
140 Jan
3 UI4 Jan
I6 I4 Jan
53 Jan
30 J’ly
9 OI2 J’ne
$3412 Feb
81 Jan
96 Dec
110 J’ne
45g Jan
35*8 Dec13 Feb
50 Jan
26 Jan
67 Jan
45R Feb
lOoSjj J’ly
75 Jan
6814 Feb
I07i4 Dec
$521; Jan
4 0 3 ( Dec
114*8 Dec
7134 Dec
6 b>4 Jan
114*8 Jan
U2i2 J’ly
93i,J’ly
Dec
105 Aug
443* Oct
i:j3i; May
124 Sep
149‘s Mch
32412 J’ly
1063g Jan
31 May
0412 Mch
413g May
$48 Oct
1271; Oct
6034 Aug
lOSis J’ne
5l3g Oct
80
Sep
149 Aug
4018 Apr
72*2 Oct
9512 Oct
10112 Deo
335g Sep
1001? Oct
$503g Nov
4334 Sep
14912 Aug
2218 Oct
8J12 Oct
3 6 I4 Aug
2134 Sep
5234 Sep
188i2 J’ly
42*8 Sep
8234 Sep
$5 Mch
81 Sep
10912 Sep
r$623g J’nO
$2Us Oct
I267g Sep
12134 Apr
77g Mch
26 Mch
19*4 May
627g May
34 Jan
845g Apr
0534 Oct
109 Oct
8912 Oct
10512 Oct
5512 Sep
10831 Jan
225 Oct
118 Aug
47R J’ly
10583 Nov
9234 Oct
88 Oct
112 Jan
901; Oct
$J0i4 Sep
ini Apr
131 J ’ n a
26 Oct
9512 Jan
68i4 Oct
1107g Nov
$2418 Sep
85 Nov
87*8 Aug
38 Sep
65*8 Apr
122f2 Oct
27U Aug
10034 Aug
21512 Oct
118 Aug
40*s Sep
10384 Aug
12078 Aug
175 Aug
4034 Sep
105 Aug
$24ig Sep
35 Oct
93*8 Oct
101 NOV
1031o Oct
221 " NOV
6934 Sep
36 Deo
66 Oct
4912 Aug
OS's Aug
34714 May
1305s Sep
U534 j ’ne
1141; Sep
177g May
673,t May
22i2 May
043g Oct
57R Sep
86i2 J’ly
67*8 May
116 May
8512 May
8034 Sep
117
Sep
$6712 Sep
57L Jan
122 Mch
86U Jan
S9i? Aug
126 Aug
117*8 Oct
1103.1 J’ly
20314
B A N K S A N D TR U ST COM PANIES— B A N K E R S ' Q UO TATIO N S.
Danko
uta
Ask
Bia
Ask
Mat Cltv__ 275
Morth SIdo 1l 175
People’s __ 145
295
201)
105
Brooklyn
Brooklyn
Conoy Isl’dl tl35
F i r s t ________
280
Flatbush_I 150
Urcenpomt
___
HlllsldeH__ . . . .
Homesteadl
85
Manufao'rs 405
Xleohanlos' 1, 195
Montauk H. —
Nassau___ 205
Banks
300
165
160
125
100
430
230
150
220
I rust Co’ s
N Y City
___
A sto r____
Bankers’ Tr 1195
B’ way 'Tr.. 165
Trust Co’ i
is ta
Ask
N Y City
Central Tr
ColumbiaKniekcrh
Commercial
Empire . . .
Eqult’ blc Ti
Farm Lo&l
395 Fidelity
___ Fulton___
175 Guar'ty Tr
1020 1030
545 565
03 100
300
500 515
1280 1310
218
295 315
690 600
Trust Co's
N Y City
Guardian Tr
H udson__
Law T I&Tr
Lincoln Tr.
Motropol’t’n
Mutual Alii
an ce........
Mut.t WestChester). .
ma
Ask
Irus: Co’ i
60
135
208
135
440
80
145
212
NY Life* l'r
N Y Trust.
TltlcGuds Tr
Union Tr
US Mtg& Tr
Unit States
Was hlngton
Westchester
Windsor . .
450
135
145
140
150
Hid
Ask
N Y City
1040
630
485
1295
465
1100
375
160
195
1005
640
495
1305
475
1115
395
160
200
trust Co’ s
Hid
Brooklyn
Brooklyn Tr 495
160
Franklin__
Hamilton . .
H om e____
Kings Co . .
L Is! L & Tr
Nassau___
l’eop lcs'__
Queens Co.
270
118
520
350
130
295
100
250
285
365
* a!?, all<u?s!?!0dJ ,riFes: no salcs on this day. 4 Less than 100 shares, t Ex-rlghts, a Ex-dlv. and rights, b New stock, d Quoted dollars per share.
T oaie at atoog Exouange or at auotlon this wock. s Ex stock dividend. 'J Banks marked with a paragraph (li) arc State banks, x Ex-dlvldend.
47 2
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
U. S. Government.
Q-J
U S 2s consol registered..
U S 2s consol coupon_____. . . . (J-J
U S 3s registered________ fcl918 Q-F
U S 3s cou p on __________ fcl918 cj-F
U S 4s registered__ .'_____ 1925 y -F
U S l s cou p on ___________ 1925 Q-F
U S Pan Canal 10-30-yr 2s *1930 (J-N
U S Panama Canal 3s g____1901 Q-S
J 88*2 8912
t 873S 00
t 81 8 U4
tl02 102*4
t 96*4 97*4
t 96*8 07
88
Sale
J 93 96
___ 89
97*4 99*8
90 92
8912
90
87ia
8»
82
83
102
102m
96 Feb T3
907g
88
95 Jan T
84U Jan ’ 1
N o price Friday; latest this week,
95*2 97*4
06*8 07*2
88
89*2
05 95*8
8414 84*2
asis of $5 to £
""4
22
29
4
5
16
10
100*8 100*4
90*8 97*8
00*4 07*4
90*8 97*4
101*4 105*2
102
5
104*8 Sale 104*s 10 Ds
___ 1 0 U2
85 " i i
8412
___ 101*4
10U2 " ' 2
1 0 1 * 8 ___
IOIS3 ___ lU0i3Oct '12
101*3___ 101*4 Jan ’13
03 ___ 103iaJ’ly TO
93*2___ 97*s Dec T2
8 6 i2 Dec 'll
55
53 51 52
to'
tUi
CD
S tr e e t Railway
Brooklyn Rap Tran g 5s__ 1945 A-0
1st refund conv gold 4 s ..2002 J-J
Bk City 1st con 5s 1916-1941
Bk Q Co A S con gu g 53.1941 ,M-N
Bklyn Q Co A S 1st 5s...1941 J-J
Bklyn Un El 1st g 4-5s..l950 F-A
Stamped’ guar 4-5s____ 1950 F A
Kings Co El 1st g 4s____ 1949 F-A
Stamped guar 4s______1949 F-A
Nassau Elec guar gold 4s. 1951 J-J
C o n n Ry A List & ref 5g 4 Hs- ’51 J-J
* Stamped guar 4 Hs______1051 J-J
P e t United 1st cons g 4 HS-1932 J-J
FtSm lthLt ATrac lstg 53.1936 M-S
G r a n d Rapids Ry lstg 5s..1916 J-D
H a v a n a Elec consol g 5s__ 1952 F-A
Intcrboro-Metrop coll 4 H s .1956 A -0
22
87*2 89*4
1 82
83
6 101*8 102*2
00
Oet
pref Income g 5s stamped.
3d prel Income g 5s___ pl94 Oct
3d pret income g 5s stamped.
Chatt Dlv pur mon g 4 s..1951 J-D
J-J
J-J
J-J
M-N
J-J
Q-J
Am Dock & Imp gu os__ 1921 J-.l
L e A Hud R gen gu g 5s.1920 J-.l
N Y & Long Br gen g 4 s .1941 M-S
Q-F
2d
101
13 89*2 90*8
100*8
07*8
97i2
07*s
10U2
Sale
95*4___ 97
97*4 Sale 97
97*4 Sale 97i8
10H4 Sale
100*4
O
VI-s
M-N
n-N
M-N
MN
M-N
M-N
M-N
M-N
M-S
J-J
J J
J .1
J-J
J-J
J-J
101*8
30 102 1027g
These are p
M-S
M-S
F-A
M-N
M-N
101
101*4 101*4
102*8 1027s
102*8 103
113*2 113*2
"5 11378 114*4
M-S t 98 09*s
J-D t 90*s 90*4
F-A
J-.l
J J
M-S
F-A
.l-.l
M-S
Q-J
J-D
t
Range
Since
Jan. 1
No. Low High
;
.
i
]
113*2 114*8 11312.
1137s 114*3 114t4
1007S 101*4 I0 0 i2.
102*2 103 102*4
Railroad
nn Arbor 1st g 4s______7)1995 U-J
A tch
Top & S Fe gen g 43.1995 A -0
Registered_____________.1995 A -0
AcRustment gold 4s___ 7»1995 Nov
Registered__________ *1995 NOV
Stam ped___________ *1995 M-N
Conv 4s issue ot 1009____ 1955 1 -D
Conv gold 4s___________ 1955 J-D
Conv 4s (Issue ot 1910)..1960 J-D
10-year conv gold 5s___ 1917 J-D
Debentures 4s Series li ..1913 F-A
East Okla Dlv 1st g 4s. .1928 M-S
Short Lino 1st 4s g old...1958 J-J
Cal-Arlz 1st & ret 4Hs__1902 M-S
S Fe Pres A Pn 1st g 5s..1942 M-S
Chic A St L 1st 6s___
1915 M-S
Atl coast L 1st gold 4s.../jl952 M-S
Registered...... ............/»1952 M-S
Ala Mid 1st gu gold 5s__ 1928 M-N
Bruns A W 1st gu gold 4s 1938 J-J
Charles A Sav 1st gold 7s 1930
L & N col! gold 4s______oll)52 M-N
Sav F A W 1st gold 6s__ 1934 A-O
1st gold 5s___________ 1934 A-O
Sll Sp Oca & G gu g 4s__ 1918 J-J
alt
A Ohio Prior 3 U s ...1 9 2 5 J-J
B Registered.................7il025
Q-J
Gold 4s...........................*1948 A-O
Registered__________ /jl948 Q-J
20-yr cpnv-lH* (wh lss)..1933
Pitts June 1st gold 3s___ 1922 J-J
P June A M Dlv 1st g 3 h s 102o M-N
P L E & W Va Sysret 43.1941 M-N
Southw Dlv 1st gold 3 Hs 1926 J-J
Cen Ohio R 1st c g 4 Hs.,1930 M-S
Cl Lor A W con 1st g 5 s..1933 A-0
Monon Rlv 1st gu g 5s__ 1919 F-A
Ohio RIVcr Rlt 1st g 6s. .1030 J -D
A-O
A-0
J-J
.1 -D
Buffalo R & P gen 5s___ 1937 M-S
.M-N
Consol 4 Hs____
A-0
J-J
Roeb A Pitts 1st gold 6 s . 1921 F-A
Consol 1st g Cs_______1 9 " J -l)
J-J
Bui
e
As* Low
101*3 101
1 0 U2 1 0 1 i4
10212 103*4 10233
102l2 103U 103
101
101
00
„ §ta*9 antl City Securities
N Y City— 4>is..................1900
4% Corporate Stock.
1959
4% Corporate S tock .. 1958
4% Corporate stock__ 1957
New 4H s...........................1957
New 4 H a ..............
ioi7
4H % Corporate Stocicl.1957
4M % assessment bonds.1917
JH % Corporate S tock .. 1954
N Y State— 4s___________ 1961
Canal Improvement 4s_.luCi
Canal Imp’ment (new) 4s 1901
Canal Improvement 4 s..1960
3o Carolina 4 Hs 20-40____ 1933
Tenn new settlement 3s___ 1913
Virginia fund debt 2-3s____ 1091
6s deterred Brown Bros otts_
Peek's
Range or
Last Sale
104*4 105*2
100*4 101*2
84*2 86
101
101*2
101*8 101*4
101*4 101*4
51
65
•
O
h*
' OOl• >
—^
Foreign Government
Argentine— Internal 5s ot 1909
Chinese (Hukuang) Ry 5s £ ____
Imperial Japanese Government
Sterling loan 4 Hs_____..1925
2d Series 4 Hs________ 1925
Sterling loan 4 s . . . . , ____ 1931
Republic ot Cuba Os exten debt.
External loan 4Hs...........1949
San Paulo (Brazil) trust 53.1919
Tokyo City loan ot 1912. 5s___
U S ot Mexico 8 t g 5s ot__ 1899
Gold 4a ot 1 9 0 4 ...______ 1954
Rid
Bonds
Sold
In. crest
Period
Price
Friday
Feb 14
—
BONDS
Y. STOCK EXOIIA1
YVeclt Ending Feb 14.
- -----f
Jan. l 1909 the Exchange method of quoting bonds was changed, and ■prices are now all— “ and interest"— except for incoms and defaulted bonds.
75 7978
.08
07 93*8
Feb T3
00*2 98
87
.
87 88*4
80 Nov'12
8 6 i2
87ij 13 86*2 8 8
l0 8 igSep 12
103*4
16 102 105*4
102 Sale .02
IO2 I4 174 100*4 103*8
101 Sale .00*4
102*8 Sale l0212 103*4 38 102*2 105*8
75
70
Sale
90*4 07*2
80>2 87*4
___ 87*2
80*2 87*4
97*2
951.1 ___
9U2 Sale
1)9*4 100*4
107 Sale
103*8___
01*4 95*4
___ ____
105*4___
90 ___
12773___
907i Sale
118*2 123*4
106*8 112*2
97*8 1 0 0
91 Sals
90T ___
07*2 Sale
___ ____
95*8 Sale
109*8----87 89*2
S0*8----90 00*4
75l8
07*g
97*4
9 9 14
J ’ly
ti
94 Oct 12
91*2
...
,0 C<4 lOOU
107
107
*5
15 "olii 02"
2 100*4 100*2
051,
Oct '06
Jan T3
Aug T2
25 01*4 95*4
95 05
105 105
1 167
10J
44 90*8 92*2
00*8
123*8 .
110*8 l— , -
97
Oct '1 2
34
01
OR
00i2 Feb T
97ia
072„ "6 0
96*4 Dec T2
95l2
O6 I4 878
.12 Jan '12
87*2 Jan T3
'"'O
90
44
90
101 J a n T 3
100
101
100*2 103 107 J'Q C '1 2
1 0 2 * 2 ----- 1 0 2 1 .1 J ’ n o '1 2
91
90
97
91*4
90*2
07'8
95*2 97*8
87*2 89*2
89 89*4
8978 90*4
101
101
N.
BONDS
Y . STOCK EXCHANGE
Week Ending Feb 14.
Chesapeake A Ohio—
Gen funding A lmpt 5 s.. 1929
1st consol gold 5s_______ 1939
Registered___________ 1939
General gold 4 Hs_______ 1992
Registered____________1992
Convertible 4 1 4 s ________ 1930
Big Sandy 1st 4s________ 1 9 4 4
Coal Rlv Ry 1st gu 4s___ 1945
Craig Valley 1st g 5s___ 1940
Potts Creek Br 1st 4s___ 1946
R & A Dlv 1st con g 4S..1989
2d consol gold 4s______1989
Greenbrier Ry 1st gu g 4s 1940
Cldc & Alt RR ref g 3s_____1949
Uailway 1st lien 3H s___ 1050
Chic B A Q Denver Dlv 4S..1922
Illinois Dlv 3H s________ 1949
Reglsteied____________1949
Illinois Dlv 4s_________ 1949
Registered__________ 1949
Iowa Dlv sink fund 5s__ 1919
Sinking fund 4s_______ 1919
Nebraska Extension 4s 1927
Registered..................... 1027
Southwestern Dlv 4s___ 1921
Joint bonds Seo Great North
Debenture 5s__________ 1913
General 4s______________ 1958
ilc A E III ref A Imp 4 gs. 1955
1st consol gold 6s_______ 1934
General consol 1st 5s___ 1937
Registered___________ 1937
Pur money 1st coal 5 s . . 1942
Registered___________ ____
Chic A Ind O Ry 1st 5 s . .1936
Ohio Gt Western 1st 4s___ 1959
Chic Ind & Loulsv— Ref 6s. 1947
Refunding gold 5s______ 1047
Refunding 4s Series C__ 1917
Ind A Loulsv 1st gu 4 s . .1950
Chic Ind A Sou 50-yr 4 s.. .1950
Chic L S A East 1st 4 Hs__ 1009
Chic Mil A St P terml g 5s. 1014
Gen’l gold 4s Series A__el939
Registered ________ .81980
Gcn’l gold 3 Hs Series B.el989
Registered________ el989
25-yeur deben 4s...........* 1934
Convertible 4 Hs ____ 1932
Convertible 4H s (wh Issued).
Chic & L Sup Dlv g 5s__ 1921
Chic A Mo Rlv Div 5 3 . . . 1926
Chic A P W 1st g 5s____ 1921
C M A Puget Sd 1st gu 4s 1949
Dak A Gt So gold 5s___ 1910
Dubuque Dlv 1st s t 6s. . 1 9 2 0
Far A Sou ass uni g 6 s___ 1924
Lacrosse A D 1st 5s____ 1919
Wls A Minn Dlv g 6s.. 1921
Wls Val’ Dlv 1st 6s______1920
Mil A No 1st cons 0s__ 1913
Extended 4H*_______ 1913
Chicago A N West cons 7s .1915
Extension 4s______1886-1920
Registered______ 1880-1926
General gold 3 Hs_______ 1987
Registered__________ pio87
General 4s___________
1987
Sinking fund 6s___ 1879-1920
Registered______1879-1920
Sinking fund 5s___ 1879-1929
Registered______ 1879-1929
Debenture 5s__________ 1921
Registered___________ 1921
Sinking fund deb 5s____ 1933
Registered___________ 1933
From Elk A Mo V 1st 6 s.1933
ManlGB & N W 1st 3 H* 1641
Milw A S L 1st gu 3HS-.1911
Mil L S A West 1st g 0s..1921
Ext A Imp 3 f gold 5s..1929
Ashland Dlv 1st g 6 s..1925
Mich Div 1st gold 6 s..1924
Mil Spur AN W Istgu4s.l947
Northw Union 1st 7s g._l917
VVlnona A St P 1st ext 7s 1916
Chicago Rock Is A Pa 6 3 . . 1917
Registered___________ 1917
General gold 4s_________ 1988
Registered___________ 1088
Refunding gold 4 3 ______ 1934
20-year debenture 5s___ 1932
Coll trust Series L 4 s ___ 1914
P 4s...............................1918
Chic R I A Pac RR 4 s . . . 2002
Registered___________ 2002
R I Ark A Louis 1st 4 Hs 1934
Bur C R A N— 1st g 5S..1034
Registered_________ 1934
C R I F A N W 1st gu 5s '21
M A St L 1st gu g 7S...1927
Choc Ok A G gen g 5s..ol919
Consol gold 5s________ 1952
Kcok A De3 M 1st 5s___ 1923
St Paul A K C Sh L 1st 4 Hs’4 1
Chic St P M A O con 6s___ 1930
Cons 6s reduced to 3 H s .. 1930
Debenture 5 s __________ 1930
Ch St P A Minn 1st g 6s..1918
Nor Wisconsin 1st 6s___ 1930
St P A S City 1st g 6s___ 1019
Superior Short L 1st 5s g.1930
Chic A West Ind gen g 6s..pl932
Consol 50-year 4s_______ 1952
Price
Friday
Feb 14
ltd
d Due April,
High
101
. . . . 102i2 100
109*8
109*4 109
109*8 N ov’ 12
1007a Sale 1007, 10078
99*8 Nov TI
91*4 Sale 91*4
92
85*8 87*4 86*8 N ov’12
8318 . . .
88 *2 Oct 12
101 . . . 10134 May'12
8434 Jan T3
9134 04 93 Jan T3
88 . . .
90*2 Aug'12
88 ___ 95 Oct TO
67 70 6712 Feb T3
02
60 62 62
09 100 99
100*8
85 85*4 85*8
85*8
80*4 Aug T2
98*4
O8 I.1
97*2 98
97 Sep '12
103U 105i2 105 Deo T2
08*4 99*2 98*i Feb T3
96*4 08 00*4 Feb T3
96*8 Sep '12
98U___ 08*4 N ov’12
100 Sale 100
100
95i2 Sale 06*2
95*4
75 77i2 77
77
118l2 125 119 Jan T3
106*4 108 107
107
100*2 Jan *13
___ 08
98 Jau T3
1047a___ 108*4 Nov '12
70*2
75l2 76 76
124 120 124 Feb T3
105 108 105*4 105*4
90 01«s 95*8 Apr 11
___ 84 86 J’ly '12
*___ 01 90*4 Aug'12
___ 103 104 Dec 'll
100*8___ 100*8 100*8
08 9812 98*8
98*2
97 Jan T3
97i2
84 89 84*4 Jail T3
86 J'noTl
91*4 Sale 91*4
01*4
103 Sale 103
10-1*8
101*8
103 Sale 103
104U 105*2 104*8 Jan T3
106*8 107 106U 100*4
104U 10434 104*2 104*2
9 3 1 4 ___
93*4
93*4
10U2 ____ 102*4 Oct 12
110*8 111*8 1)0*8 110*3
113i2 ___ 117*8 A ug'll
103*8___ 104»4 J’ ne’ lv)
Feb '13
101*210514 104*3
109*4 11012 109*4 Dec '12
100 Jan T3
___ 1001s Aug'J.2
100
105
10478 105*4 105
90 ___ 96*2 Sep '12
96 Jan T3
84 Sale 81
85
83*2 ___ 84*4 Jan T3
97 Sale 97
OS's
1 0 8 * 4 ___ 111*4 Nov’ ll
108 ___ 109*4 Aug’ lk
104 105 106 Feb 13
10312 10412 104*3 Oct 12
101*8 103 103 Jan T3
101 Dec T2
107
107 Sale 107
10734 A u g'll
122 ___ 124 Oct T2
90*2 Sep '09
S t r e e t Railway.
.1052 M-N
88 923s
1990 A-O
102 102*2
1990 A-O
98 08 Metropolitan Street R y—
Refunding gold 4s______ 2002 A -0
Farmers' Loan A Tr ctf.
100*4 101*2
Stamped______
101*8 101*4
Bway A 7th Av ls tc ;
1943 J-D
86 86
1993 M-S
77*2 78
2000
097s 0978
Central Trust Co certsl.
Cent TrCo cts stamped.
74*8 75*4
1037 j - j
.1038 F-A
31026
98 08
1931
79*2 81*4
.1919 J-J
a Due May. h Due July, k Due Aug. 0 Due Oct. v Due
102*8 103*4
Ask Low
111 111 111*3 111*8
1071,3___ 107 Dec T2
114*8___ 112*2 Feb '0 2
114*8----- 116*4 May'12
03*4 94*4 93*4
93*4
109 ___ 115 J’ly TI
108*2 111*8 109 Sep T2
100*8 107 ,106*2 106*2
105 ___ 109 Aug TO
93 *2 Sale 93*2
93*2
91 04 91 Dec 12
87*4 Sale 87*s
87*4
88*2
87*4 89 88*2
94 ___ 07*4 Sep ' 1
___ 95 91*i J’ne'll
65*8
04 Sale 03'3
63*8 Jan T3
87*4 87*4 Feb '13
108*2 1097s 108*4 Jail '13
108*4----- 120*2 Mell'Oo
102*3 100 105*4Sep 'll
100*2 ----- 102 Sep '12
101*8___ 100 Jan T3
98*2 100 09*8 Dec T2
89 90*8 90 Dec 'I
120*4 121*4 12078 12078
8978 ___ S9*4 Dec T2
101*2 10212 102*2 102*2
119 ___ 119*2 119*2
119 . . . 12 1*8 May'09
108*8 HO 108*2 Feb T3
109*8 . . 1O0*2 ___ 107*2 Oct '1?
88 89*2 88 Feb T3
10378 Sale 1037S 104*8 32
94*2 21
04U 94*2 04*3
1
95*4
04*4 95*2 95*4
04
May'12
.............. 02*2 Jan T3
59*4 Mch’12
3
103*4 Saie 103*4 103*4
03 102 101*2 Dec 12
101 ----- 101 Fob T3 . . . .
74 J'ly '12
74*2 J’ly ' u
74 N ov’ 12
100*2 107*4 107*4 Feb T3 . . . .
___ 84*8 93*2 J'ly ’ 00
___ 104*4 10 -1*2 Dec 'll
___ 0-4*4 9.1*2 Oct T2
101 . . . 102 Nov’12 . . . .
Nov.
q
Duo Deo.
Range
Since
Jan. 1
0)03
109
103 ----- 108*4 N o v '1 2
101
___ 105*2 A p r '12
109 ----- 113*2 F e b '12
....
97*3----- 0612 O c t T 2
91 ----- 91 J’ne'12
109*4 110*8 10D*i
2 109*4 H0*a
101*4 Sale 104*8
5 IOU4 104*4
— ,
057S 98*4 97 Feb Ti
105 ----- 103 J’ly os
110*4----- 110*2 Jan T3 . . . . 110*2 110*2
11178 1117S
m*4 - - - - 111..............
...
*43 40*2 46
5 38 40*4
100 Dec T 2
1 100 101*4
106
100*8 100
100
99*s----- 100*4 Jan 'll
n o — 110 Jan T3
no no
107 107*2 107*8 Feb T3
107*8 109
... 107 107 Aug T2
Deo 'l l
Dec 'll
N ov’ ll
Deo 'll
85is Oct
00
----- 00 Feb T3
00 90
105*8----- 107U Jan 12
105's----- 115 N ov'05
105 ----- 1093.1 May 11
100
101*8 10U2 N ov’12
118*8 Sale 118*3 118*8 21 118*i 119*3
118 118*2 117*4 Jan T3 ... 117*4 118*2
1 105 105*2
103*4 106 105*2 105*2
1 0 0 * 8 ___ 102*2 May'1 2 __
93 ___ 10012 Jan '13 __ 100*2 100*2
5
89*« 90
___ 0 0
89*4
MISCELLANEOUS BONDS— Continued on Next Page.
1027s Sale 10278 10278
89*4
88*2 Sale 83
101 101i2 102 Jan T3
___ 99 98 Jan T3
___ 100*2 98*2 Dec T2
100*2 101 101*2 101*2
101*8 Sale 101*8 101*2
*83*2___ 83*2 Dec T2
83*2 85*8 86 Jan T3
___ 777S 78
78
___ 102*8 1 0 1 ’s J'no T2
___ 100
997g Jan T3
75*4
74*s 75*4 7478
___ 95
93 Apr '12
100 Sop '12
___ 93 98
08
80*4 Sale 79*4
8012
Peek's
Range or
Last Sale
Low High
100 102
108*4 HO
’ 9978 loY"
91*4 92*1
84*4 84*4
02*4 03*2
67*2
62
99
85
68
63*2
99*4
85*8
97*8 98*4
98*4 99*a
90*2 07
09*4 100
947a 96*3
77 80
119 119
106 103
106*2 106*2
03 98
76 77*8
124 125
105*4 105*4
100*4 100*4
97*8 99
97 97
83*4 85
91*8 9178
103 100*8
103 104 i2
104*2 104*8
IOOI4 106*4
104*8 105>i
93*8 93*4
110*8 110*8
104*8 104*4
100 100
105* 105*4
98
84
84
97
96
85*s
84*i
98*4
105 105
103 103
107 107*2
111*8 112*2
93*2 94
106*8 106*2
92*8 *04**8
87*.| 89
88*2 90
02*8 00*4
03*8 64*8
80 87*4
108*4 108*4
120 1207s
102*2 10278
119 120*2
108*2 109*4
88
89*2
103*i 104*4
94*3 95
04 95*3
02*2 62*|
103 103*4
100*4 101
100*2 107*14
..............-
s O p tio n
s a lo
F
Sr.
eb
New York Bond Record— Continued— Page 2
. 15 1913. |
Price
Friday
Fell 14
BONDS
T . STOCK EXCHANGE
Week Ending Fob 14
OlnH A D 2d gold 4H »— -1037 J-J
, lit A refunding 4*______ 1951) J-J
lit guaranteed 4a_____ 1059 J-J
: Gin D A I 1st eu g 5s___ 1941 >\-n
0 Find A Ft W ist gu 49 g 1023 M-N
• Cln I A W 1st gu g 4s___ 1953 J-J
Day A Mich 1st cons 4 Ms 1931 J J
Ind Deo A W 1st g 5s____ 1935 J-J
1st guar gold 5s_______ 1935 J-J
Gleve Cln 0 A St L gen 4s..1993 J-D
20-yr deb 4 M s ________ 1931 J-J
Cairo Dlv 1st gold 4s____ 1939 J J
Cln W A M Dlv 1st g 4S..1991 J-J
St L Dlv 1st col tr g 4s__ 1990 M-N
Registered___________ 1990 M-N
Spr A Col Dlv 1st g 4s__ 1940 M-S
W W Val Dlv 1st g 4 s...1040 J-J
C I St L A C consol 6 s . . . 1920 n-N
1st gold 4s__________ 11:1936 Q - F
Registered...............fcl93f>
Cln S A Cl con 1st g 5s__ 1923 P
C C C A I consol 7s______1014 j - n
Consol sinking fund 78.1914 j - d
General consol gold 6 s.1934 j - j
Registered................. 1034 j - j
Ind 111 A W 1st pref 4 ? .. 1940 A - 0
O Ind A W 1st pref 5s..dl93K Q-J
Peo A East 1st con 4s...1940 A - 0
Income 4s................... .1090 Apr
Col Midland 1 st g 4 s
1917 J-J
Colorado A Sou 1 st g 4slIII 1029 F A
Refund A ext 4 Ms........... 1935 M-N
Ft W A Den C lstg 6s...1921 J - D
Conn A Pas Rlvs ls tg 4 s..1943 A - O
Cuba RR 1st 50-yr 5 g ......... 1952 J-J
Lack A Western —
D elMorris
A Essex 1st 7 s..1914 n - N
1st consol guar 7s____ 1915 J-I)
Registered ............. .1915 J-D
1st ref gu g 3 Ms_____2000 J-D
N Y Lack A W 1st 0s____ 1921 J-J
Construction 5s_______ 1923 F - A
Term A Improve Is__ 1922 M-N
Warren 1st ref gu g 3 Ms.2000 F A
Del A Hud 1st Pa Dlv 7 s...1917 M-S
Registered____ _______1917 M-S
J-D
10-yr conv deb 4s........ ..101
1st lien equip g 4 Ms_____ 192 J-J
1st A ref 4s_____________1913 M - N
Alb A Sus conv 3 Ms____ 1946 A - O
Rens A Saratoga 1st 7 s.. 1921 n-N
DenvA U (Jr 1st con g 4 s .1930 j - j
Consol gold 4 Ms________ 1930 j - j
Improvement gold 5s____ 1928 j i)
1st A refunding 5s______ 1955 F - A
Rio (!r June 1st gu g 5 s.. 1939 J-D
Rio (ir So 1st gold 4s____ 1940 J-J
Guaranteed _________ 1940 J-J
Rio Gr West 1st g 4s____ 1939 J-J
Mtge A col trust 4s A . .1949 A - O
Utah Cent lstgu g 4s.al917 A - O
Dcs Mo! Un Ry 1st g 5s____ 1917 M-N
Det A Mack 1st lien g 4s__ 1095 J-I)
Gold 4s............................... 1995 J-D
Det Itlv Tun DctTerTun4 Ms’oi n-N
Det T A I—O S Dlv 1st g 4 s l 9 4 l M S
Dul Mlssabc A Nor gen 5 s.. 1941 J-J
Dill A Iron Range 1st 5s___1937 A - O
Registered______________1937 A - O
2 d Os..................................1910 J-J
Dul So Shore A Atl g 5s____ 1937 J-J
LMgln Jol A East 1st g 5s..1041 M-N
I->rle 1st consol gold 7s____ 1920 M-S
N Y A Erie 1st ext g 4 s..1047 n - N
2d ext gold Cs________ 1910 M-S
3d ext gold 4 Ms______ 1923 M-S
4th ext gold 5s_______ 1920 A - O
5th oxt gold 4s___ ..1928 J-D
N Y L E A W lstg fd 7s. 1920 1 s
Erie 1st con g 4s prior___11)90 l-J
Registered.......... ...... 1096 J-J
1st consol gen lien g 4s. 1990 J-J
•
Registered.......... .. 1990 J-J
■ Penn coll tr g 4s____ 1051 F - A
60-year conv 4s A___ 1953 A - O
do
Series B___ 1053 A - O
Bud N Y A Erie 1st 7 s..1010 J-I)
Chlo A Erie 1st gold 5 s..1982 M - N
Clcv A Mahon Val g 5s. .1938 J-J
Long Dock consol g Os___1935 A - O
Coal A RR 1st cur gu 0 s.1022 n - N
Dock A Imp 1st cur 6 s..1913 j - j
N Y A Green L gu g 5 s..1940 n-N
N Y Sus A W 1st rcl 5 s . .1937 j - j
2d gold 4 M s ................. 11)37 F - A
General gold 5s_______ 1040 F - A
Terminal 1st gold 5 s .. 1943 M-N
Mid of N J 1st ext 5s____ 1940 A-O
Wtlk A Ea lstgu g 5s___1942 J-D
Ev A lrul 1st con gu g 0s__ 1920 J - J
Evans A T H 1st cons 0s__ 1921 J -J
1st general gold 5s........... lo 12 A - O
. Mt Vernon 1st gold 6 s...1923 A - O
Sull Co Branch 1st g 5 s.. 193c A - O
E Coast 1st 4 M s.. 1950 J-D
F lorida
ort St IJ D Co 1st g 4 14s.1041 J-J
Ft W A Rio Or lstg 4 s____ 1 928 J-J
H A II of 1882 1st 5 s.1018 A-O
G al
roat Northern—
V O B A Q coll trust 4s____ 1921 J - J
\
Reglstered./J_______ 1921
1st A refund 4 Ms ser A .. 1901 1
Registered___________ 1961
St Paul M A Man 4s_____ 1933 J - J
1st consol gold Cs_____ 1933 J - J
Registered.... ............ 1933 J - J
■
Reduced to gold 4 MslD33
Registered___ ___ 1933
5
Range
Since
Jan. 1
Veek’s
Range or
Last Sale
As* Low
High
Oct- ’12
9Uj
__ 91 80b J’ncT2
99*4 — IOOI3 Feb *13
8 8 M ch'll
80*4 87 80*4
86*4
09
102
105 103 Dec '12
107(2 Dec '02
91l2 91*3 Feb ’13
91*8 01*4 92 Feb '13
91 0 U? 93l3Scp T2
88
00
90 J’ly '12
90 0 1
91 Jan '13
91 Get ’07
87
90 D e c 'll
87 _ _ . 91 A p r’ 12
10514
10534Dec ’ ll
♦93b 96 9712 Nov '12
96 J’ly ’ 12
105
107ls J’ly ’ 12
102
105 105 J’ ne’ 12
Low High St P M A M (Continued) —
1 0 1 b 100*4
120
___
90
100 lOOlg
80*4 80*4
9 U2
91*4
91
91
04* J’ly*’0S
87b 89i2 88(4 Jan T3
45 49 47
47
35 Sale- 35
3513
9334 Sale 93*4
941.1
94 Sale 94
04ls
107 103 10712 107(2
88'4 89
43U 47(2
35 3 6 I4
03*2 947s
94 94lj
10712 108
___ 100M 100 May TO
103 Jan T3
105i2 Feb ’ 13
111*8 Deo TO
90 Meta '12
111
111*8 111 Feb T3
101
105*8 105% Feb T3
0 Gb —
90(8 Jan '13
1021s Feb '03
110*8 . . . . 115(2 Aug’ ll
149 A ug'01
97*4 Sale 9714
9734
1007* sale 1007* 1011
98*4 no 98*4
9878
8 8 *s 88(4
88(4
117 b
121*2 May’12
83 8 8 b 88*2
8 8 l2
93 07*4 97 N ov’ 12
9713 09 98'4 Feb T3
82*t Sale 8212
83
8 U3
109 Dec T2
___ 77b 6 l b Apr ’ ll
70 85 Mch ’08
84 84b 84(2
81b
79b 83 80 Feb T3
82
07 Jan ’08
9,3
110
Sep ’01
89
02
N ov’ ll
87
87 Dec T2
07b 09*8 09 Feb T3
___ 0 2 b 75 Feb T2
105 105 Sep T2
103 103*8 103(2 Nov'12
106i2Mch ’08
101*8
104 Feb ’ll
103*8
103*3 103*s
107 ___ 110 Allg ’ 12
113ts Sale 113(8 113(s
09 ___ IOU2 J’no’ll
10272 104 103 Feb T3
100b . . .
99*4 Oct T2
103 . . . 10318 Jan T3
92*8 ioi 100 Jan T2
113i8 116(4 115*4 J’ne'12
85>2 8578 8512
85*4
8512 85 Sep T2
| 76i2 Sale
:
75
757g
75 77 Apr'12
*89*b 92 89*4 Feb ’ 13
81 Sale 81
8 U2
75 7534 75%
75*8
105 109*4 110 Apr T2
----- I ll
ill
111
105 . .
109 May’ 12
122l2
l?3 Feb T3
i0634 100 Dee T2
100 101 100i2 Jan T3
103(2 109 103i2 Aug T2
IOOI4 100*4 10 0
IOOI4
825g 0 0 100(4 Deo '06 *i6
80 87 80*4
86*4
10738 Sale 107*3 107*8
l l l i 2 Mav'12
97 (fo 9Q Feb T3
100 109*4 100 May'12
108*4 111 110 Jan T3
9878 102 102 J’n c’ 12
108 N ov’ ll
04 .
95 J’ne’ 12
95*4;
95*4
05b
02
Aug TO
74 75i2 75b Jan T3
0973 100
9912 Aug’ 12
0514 SAlc 0 5 1 4
95*4
05(2
95b 9 5 (j
ido'ia Sale 100*8 100(2
9S(8
98'8 Jan T3
121*4 123 12-4*2 124(2
124 122 Sep T2
102(3 104*4 101*2 Jan T3
108*4 J’no W
102*4 1031s
105U 105(2
111 111*8
104l2 108b
9Gls 96l8
07b 98
09*4 10U8
98*s 99L
8 8 (4
85
88*4
87(8 89*2
07l2 99
8212 8 U4
84*3 85<4
80 81
08*4 09*8
103*8 103*8
113)8 115
103 103
103)3 103's
85)3 87
75"" *76
80b 0 0
81 82b
75<4 77l8
1T0Y1
ill"
123 123
10*0*1*4 160*13
too lOUt
80*4 80*4
107*8 108
09
99
loo" ifo*
05*4 06*4
75)3 703
05(4 90b
05*8 06
1 0 0 b 100*8
98)* § 8)4
121U 124*2
103ia 10 413
77(3
Mont ext 1st gold 4 s . .1937
Registered_________ 1937
Pacific Ext guar 4s £ ____ 1940
E Minn Nor Dlv 1 st g4sl948
Minn Union 1st g 6 s__ 1922
Mont C 1st gu g Os___ 1937
Registered................. 1937
1st guar gold 5s___ 1937
Registered................. 1937
Will <5c S F 1st gold 5s. 1038
Gulf & S I 1st ref A t g 5 s..61952
Registered_____________61952
TJock Val 1st cons g 4 Ms.1999
1A Registered___________1999
Col A II V 1st ext g 4s__ 1948
Col A Tol 1st ex 4s . ..1955
Hous Belt A Term 1 st 5 s . -.1937
Illinois Central 1 st gold 4 s.1951
*■ Registered..................... 1951
1st gold 3 Ms..................... 1051
..1951
Registered___
Extended 1st g 3Ms
1951
Registered
1951
1st gold 3s sterling .
1951
Registered........ I I ___ 1951
Coll trust gold 4 s .
1952
Registered_____1952
1st ref 4 s..
‘
‘ 1955
Purchased line's 3*MsIIIIl952
L N O A Tex gold 4 s
1953
Registered..
'1953
Cafro Bridge gold 4 s * 1950
Litchfield Dlv 1st g 3 s .1951
Loulsv Dlv 4 Term g 3 Ms 1953
Registered__
1953
Middle Dlv reg 5 s ...11.11921
Omaha Dlv 1st g 3s_____1951
St Louis Dlv A term g 3sll051
Registered_________ 1051
Gold 3 Ms....................... 1951
Registered_________ 1951
Spring Dlv 1st g 5 Ms___ 1 0 5 1
Registered___________ 1951
Western lines 1st g 4s___ 1951
Registered___________ 195!
Bollev A Car 1st 6 s______1923
Carb A Shaw 1 st g 4s ..1932
Chlo St L A N O g 5s. ..1951
Registered__
1951
Gold 3 Ms_______I I * ..1951
Registered. I
1951
Memph Dlv ls t g 4 s
1951
Registered.
1951
St L Sou 1st gu g 4 s
1931
Ind III A la 1 st g 4s.
1950
Int A Great Nor ls t g 6 s
1919
Iowa Central 1st gold 5sl” 1938
Refunding gold 4s
” 1951
Jamestown Franklin a ”
•J Clearfield 1 st 4s.
1959
City Sou 1 st goid3SII1950
K anRegistered
...............11950
Ref A irapt 5s______Apr 1950
Kansas City Terml 1st 4s 19*0
A W 1st g 5s *1937
L ako2dErie
gold 5s___ _
"*1941
North Ohio 1st gu g 5 s
1945
Leh Vail N Y lstgu g 4 M s'1940
Registered___________
1940
Lehigh Vail tPa) cons g 4s*2003
Leh V Ter Ry 1st gu g 5 s ‘ 1941
Registered___________ ” 1941
Leh V Coal Co 1st gu g 5s*I1933
Registered______________1933
1st lnt reduced to 4 s . 1111933
Leh A N Y 1st guar g 4s__ 1945
Registered______________1945
El O A N 1 st pref 6 s____ 1914
Gold guar 5s_________ 1914
Long lsld 1st cons gold 5s.b 1 9 3 1
1st consol gold is______/jl931
General gold 4a______ ...1 9 3 8
Ferry gold 4 Ms___
_ 1922
Gold 4s.............. _.............. 1932
unified gold 4s________1949
Debenture gold 5s_____ 11934
Guar ref gold 4s_______ I1U4D
Registered___
” 1949
N Y B A M B 1st con g*5s* 1935
N Y A It B ISt g 5s.........1027
Nor Sh B 1st con g gu 5s.ol932
Louisiana A Ark 1st g 5s__ 1927
Louisville A Nashville—
General gold 6 s_________ 1930
Gold 6 3 . ! ...........................1937
Unified gold 4s.............. 1940
Registered___________ 1940
Collateral trust gold 5 s ..1931
E II A Nash 1st g 6 s___ 1919
L Cln A Lex gold 4 Ms__ 1931
N O A M 1st gold 6 s___ 1930
N O A M 2d gold 6 s___ 1930
Paducah A MCm dlv 4 s ..1946
Pensacola Dlv gold 6 s__ 1920
St Louis Dlv 1st gold OS. 1921
2d gold 3s..................... 1980
Atl Knox A Cln Dlv 4 s..1955
Atl Knox A Nor 1st g 53.1940
Render Bdge 1 st s f g 6s.1931
Kentucky Cent gold 4 s..1987
L A N AM A M 1st g * Msl945
L d> N-South M Joint 4 s . .1952
Registered................. 31952
N Fla A S 1st gu g 5S___ 1937
N A C Bdge gen gu g 4 Ms 1945
Pens A Atl 1 st gu g 6 9 ___1821
S A N Ala con gu g 5s__ 1036
L A Jeff Bdge Co gu g 4s__ 1945
B O N D S — C on tin u ed
87(2 85»4
85*4
3 83 85*4
Sale 77b
78is 132 7714 79
A-O 68*4 Sale 53(8
69*4 176 57 00b
M-N 101b 102b 101 Jan '13
101 101
90 Feb T3 . . . . 93 90
F.A ______ 90
J J
M-N *90 ___ 03 N ov'08
103b Sale 103b 103i8
J -J
1 103(3 X03*x
81 Sale 81
82b 60 81 83**
J -J
74b 45 72b 70b
A-O 73 73b 73b
___ 98b 98*4 Feb T3
A -O
68*4 99(2
J -J
J-J
on
Next
Price
Friday
Feb 14
Bid
Feck's
Range or
Last Sale
A si Low
3sl
cqV*
Range
Since
Jan. 1
High Mo. rxno High
95*4 97 95*8
95*8
1
___ 95*4 98 J’ne’U . . . .
92*8 Mch ’ll
94b 97 97 Sep 12
U058 - . 114b Sep T2
2
124 125b 121b 12412
121(2 . . . 136b May'00
109 111 109 Dec T2
109 111
109 ___ 112b Sep 'll
92b 94 93*4 Jan T3 . . . .
95*8 96
...............
124 1241*
92
95b
6 100*8 101*4
100b 101b 100b 101*4
100b Sep ’08
92 . . . 92 Nov 12
02 95 92 Dec T2
99*8___ 100t4 Dec T2
102b___ 102*4 Jan T3 . . . . 102*4 102*4
100 Sep ’ll
. . . 89 92b Oct T2
88b S9 89 Aug'12
___ 90b
93b May’09
80 J’ly '09
9 4 b ___ 95b Jan T3
___ 95*4 95)4 Sep T2
95*4 96 96
90
21
83 84 86)4 Feb T2
9434 97b 95
95
1
___ 03 94*4 Jan T1
94*8 J’ly T2
___ 75b 751g Nov'12
___ 85 85 Oct '12
___ 84 83 Aug’ 12
___ 123 May'99
102
75b Aug 12
___ 77 75(a Mch T2
70l2 73
85b Oct T2 . . . .
............... 101b
Oct ’99
100 N ov’00
9512 9513
94*13 9095
96b
...............
04 96b 6 2 I3 Oct T 2
8 0 1 3 ___
108b___ 117b May TO
94b J’ly T 2
111
112*4 113b Nov ’ 12
110
1 1 1 b 114 F e b ’ll
80 ___ 90 Oct ’09
*89 * IIII *02b Aug*T2
00
. . . . ...............
95b 93 J’ly ;08
10634___ 107
99 Sale 98
58 59*4 60
107
09
60
............. 4 106*8 107
2
9714 99*8
c 60 64(4
9 3 b ___
___ 71*4
93b
93’. 2 14
71b Feb T3 . . . .
03 Oct ’ 0 0
97*4 08 07b
9S*s 19
94 94*4 94b Feb T3
1 0 2 b 107(2 105 Jan T3
100
103(2 102*4 Feb T3
___ 105 10414 J’no 12
102b 104b 104b Feb T3 . . . .
*___ 104 104b May'1 2
___ 97b
06b Jan T3 . . . .
1 1 0 b ___ 11234 Oct 12
l l l b Deo ’ ll
105b___ 106b Oct T2
—
11*1 ' 64" *93** J’n*e*T2
___ 101b Feb TO
103 Mcb 12
103 110 108
108
93 ___ 96b Mch T2
93
91*4 . . . . 93
___ 100
96b N ov’12
___ 97 99b Oct ’00
89l8 01 91 Dec T2
104b Dec ’08
___ 95b 94=4
91*4
93 94.
71(3 71b
97b 99
94*4 96b
105 10Gb
100
102*4
104b 101b
96b 97b
100
1 108 108
_____ .
3 93 94
__. . .
1
94*4 94*4
103 ___ 110b Nov 06
103b 105»4 103 Jan T3 . . . . 103 103
104 ___ 104b Deo T2
93 95 93 Feb T3 —
93 93*i2
1 1 0 * 8 ___
111
___
113)2 Jan T3
110b Jan T3
9SU Sale 93b
9S*4 2*1
96b Sep T2
105b___ 107b Dec T2
1 1 0 b l l l b 110)2 Deo T2
100
. . . IOI34 iMay'12
1 1 9 1 4 1 2 0 b 120*8 Aug’12
114b 115b 114b 114b
i
94 Oct T 2
105*4___ 105*4 McU'll
109 112b 112b JTy T2
. . . 70b 69*8 Sep 12
92*4 Sale 92*4
92*4 11
108 ___ 111 Jan T3 . . . .
105 ___ 106 Apr ’ll
91b 92(2 92b Jan T3
IOOI4 103i2 103 Jan '13
___ 8 8 b
87*4
87*4
1
95 Feb ’05
107 108b 109b Oct 12 . . . .
1 0 0 b ___ 101b Jan '13
100
___ 110b Oct '12
108 ___ 109b J'ly T 2
8 6 ( 4 ___
91b Mch T2 ___
113(2 I l l ’s
110b i n
08b 99b
114b 114b
91
11 0
92*4
111
91*4 92b
103 103b
87*4 90
io ib ioi’b
_______ _
Page.
Street Railways.
United Rys St L 1st g 4 s ...
St Louis Transit gu 5 s ...
United RRs San Fr s f 4s..
Va Uy A Pwr 1st A ref 5 s...
1934 J - J
1924 A-O
1927 A-O
1934 J - J
73*4 Jan T3
85 83 N ov '1 2
65
*63*14 Sale 62*3
94 06 95 Jan T3
7314 73*4
62ia 67
91 95
(la s a n d E lectric L igh t
Atlanta G L Co 1st g 5s----- 1947
Bklyn U Gas 1st con g 5s.. 1945
Buffalo Gas 1st g 5 s._____ 1947
Columbus Gas 1st g 5s____ 1932
Detroit City Gas g 5s__ . . . 1923
Det Gas Co con 1st g 5s___ 1918
Det Edison 1st coll tr 5s— 1933
29 95 05*4 Eq G L N Y 1st con g 5s— 1932
91b 93b Gas A Elec Berg Co c g 5s.. 1949
Gr Rap G L Co 1st g 5s___ 1915
Hudson Co Gas 1st g 5s___ 1949
Kan Clty(Mo)Gas ls tg 5s.. 1922
10
81b 83
1
J-D 102 ___
M-N 105*4 108b 106*3 106*8
105*4 1001J
A-O 54 62 54 Oct 12
J-J
100
J-J ___ 101 1 0 0
F-A
95*8 Sep OS
J-J 101i2 -- . 101i2 Feb T3
10U3 102*8
M S ___ 107 106(3 Oct T2
J -J ___ 05b
93b
05(3
J-D 1 0 0 ___ 103 Sep T 2
. . . . 93 03 Feb T3
A*-0
84 Oct '08
F-A ___ 101 100 Oct ’09
M-N 1031a___ 103*8 Deo T2
t M-N
98i2Sep T2
A-O
Sib
81b
ft&A
IbU syeeUi d Duo «Tan. $ Due Fob. d Due April. h Due July, k Due Aug. o Duo Oct. 1 Option gale.
*• -6
09
0 s P i t t s I s s u e . . ____. I M
fOprfw FrtAftyi
92*8
123 123 Oat ’12
M ISCE LLAN EO U S
Street Railway
Now Orl Ry A Lt gen 4 MS-1935
N Y Ilys 1st R E A ret 4s temp
30-ycar ailj Inc 5s........ .1942
Portland Ry 1st A ref 5s__ 1930
Portland Ity L tA P ow istA
i
ref conv s f 5s______.1042
Portland Gen Elec 1st 5s. 1935
St Jos Ry, L, II A P 1st g 5s 1937
Paul City Cab cons g 5S..1937
f thlrd
Avo 1st ret 4s______i 9 6 0
AdJ Inc 5s.......................alwoo
Tri-City Ry A Lt 1st s f 5 s.1923
Underground of London—
1 4 M s...................................1933
Income O s . . . . . . . ------ ..1048
Inlon Eloo (Chic) 1st g 5s..104*
) kited Rys Inv 1st Hen coll
92*8
122
103 .
105i2 1
BONDS
Y. STOCK EXCHANGE
Week Ending Feb 14
473
474
[Vol. XCVI
New York Bond Record— Continued— Page 3
Price
Friday
Feb 14
BONDS
T . STOCK EXCHANGE
Week Bnding Feb 14
Range
Since
Jan. 1
Peek’s
Range or
Last Sale
Low
High
Lots High
fanlla RR— Sou lines 4S.193G .VI-N
Lexloan Cent lno g 3s tr recta
25% Apr '09
■aulp it colt c 5s_______ 1917 A -0
77 Mch TO
{•X lnternat 1st con g 4 s..1977 M-S
79 Nov ’ 10
, Stamped guaranteed___ 1977 M-S
24% Oct '12
Ilian it St L 1st gold 7s___ 1927 J-D 115 . . .
. PeolQc Ext 1st cold Os__ 1921 A -0 . . . 109 110% Aug 11
. 1st oonsol gold 5s............. 1934 M-N ___ 100 100 Jan '13
00
60
. 1st and refund sold 4 s...1949 ,n-s ___ 02
. DM M A Ft D 1st gu 4 s..1935 J - J ___ 78 7934 Deo ’ 12
M StPASSM con g 4s lnt gu.1938 J - J
95ia 97 97 Feb ’13
97% J’ne’ 12
st Chic Terml s f 4s___ 1941 M-N 95 . . .
i ISSM
90%___ 96% May 12
A A 1st g 4s lnt gu 1026 J - J
98% Mch' 11
Mississippi Central 1st 5 s..1949 J - J
9334
D 93 Sale 93
MO Kan & Texas let gold 4sl990
80% Sale 7978
80%
Id sold 4s........................ 0 1990 -A
98%
1st ext yold 5s................. 1944 U-N 07% 98% 98ia
1st A refund 4s................. 2004 M-S 75 77 77% Feb '13
80
81 85% 85%
len sinking fund 4 H i__ 1930 J - J
77 Dec '12
t Louis Dlv 1st ref g 4s.2001 A -0 ____77%
‘ al A Wa 1st gu g 5s____1940 M-N 101 ___ 104^3 Sep ’12
877S Feb ’13
an O A Pao 1st g 4s____199 > F - A
O K A E 1st gu g fis__ 1942 A-O 105 108>2 10034 Feb ’ 13
K A Ok 1st guar 5s__ 1942 M-N 103% 104% 104 Jan ’13
100% 100% 100% 100%
K A T of T 1st gu g 5 s.1942
98 102 103 Jan '13
Jher Sh A .So 1st gu g 5s 1943 n
Texas A Okla 1st go g 5s 1943 u - s 101% 102% 101 Nov'12
Missouri Pao 1st cons g 6 s.. 1920 M-N 105 105% 105% 105%
99%
Trust gold 5s stamped. . a 1917 M-S 09% 100 99%
97 May 12
Registered__________ «1917 M-S
98% 09% 98% Fob ’13
1st oollatera! gold 5s___ 1920 F - A
R egistered................. .1920 F-A
70
40-year gold loan 4s____ 1945 M-S 70 Sale 70
•d 7s extended at 4 % ...1 9 3 * M-N ___ 90% 00% May 11
87%
1st A ref conv 5s_______ 1959 M-S 873s sale 87
went Br Ry 1st gu g 4S..1919 F-A 02%___ 02% Dec ’ 12
77%___ 81 Dec ’ 12
Cent Br U P 1st g Is___ 1948
95 ___ 110 Mch’05
Lerov A C V A L 1st g 61..1926
03 . . .
93 Jan '13
Pap R of Mo 1st ext g 4 s . 1938 F - A
jd extended gold 5s__ 1938 J - J 103 . . . 103% Duo '12
104% 10374 105% 105%
StL Ir MAS gen oon g 5 s. 1931
104 Oct '1 2
Gen con stamp gu g 5s. 1931 1 :8
82 Sale 81%
82%
Unified A ret gold 4 s..1929
80% Oct ’12
■
Registered..___ ___ I92u
83%
.
Rlv A G Div 1st g 4S..193 I M-N 83 83% 83
95 ___ 90 Jan ’13
' Verdi V I A W 1st g 6S..1920 M - S
llo b A Ohio new gold 0s__ 1927 J - D J17%U7% 117% 117%
1 1 2 % Jan ’ 13
l i t extension gold 0s__ /»1937 Q - J
85
85 Sale 85
General gold 4 s ............. .1938
Montgom Dlv 1st g 8s__ 1947 P l i 108%110 108% 108%
fit L 1 Cairo ooll g 4s__ *1930 -F 88 ___ 857| DOO '12
91 92% 92 Nov 12
Guaranteed gold 4 s...1931 - J
100%
100% 101 10034
vrashv Ch A St L 1st 7 s . .1913
1st consol gold 5s______1928 * :< 107% 109% 107% 108%
111%___ 111 Jan '13
Jasper Branch 1st g 0s._i923
105%___ 103% Jan ’ 13
W A Al 1st Os...1917
¥oAMPMBranoh
104%___ 113 J’ly ’04
1st Os___ 1917
85 Sale 85
85%
(fa) Hys of Mox pr lien 4 ><3 .1957
75 80 70%
77
Guaranteed general 4s__ 1977 k
90% Feb ’13
------99
Nat of Mox prior lien 4 ><s.19J6
7 0 % Jan '13
----- 77
lit consol 4s..................... 1951
80
85% Sale 85%
O Mob A Ohio 1st ref 0s 1900 J - J
O A N E prior lien g 6s..pl91B A - O 103% 104
80% 88 87 Jan ’13
•W Orleans Term 1st 4 s ..1953
80
83% Sale 85%
Y Central A H R g 3 ><s,1097
84% 80 86*4 Jan '13
Registered____________1997 f a
90%
Debenture gold 4s_____ 1034 ",-N 0034 92% 00%
93
May'12
Registered____________1934 rN
78%
Lake Shore coll g 3 ><s___1998 F-A 77*4 78 77%
? Registered___________ 1998 F-A ----- 77% 77 Jan ’13
78% Jan ’13
Mlph Cent coll gold 3 ><3-1998 F-A ------78
Registered____________199R F-A ----- 77% 78 Sep 12
98 ___ 93 Feb '13
Beech Creek 1st gu g 4 s..1930 J - J
99 M ay'll
. Registered........ ............ 1938 J - J
ioa'%” "
. Jdjguar gold 5s............. 1938
Registered................1930
Beech Cr Ext 1st g 3 Xs.61951 A-0
88 Oct '12
88 . . .
part A Ad 1st gu g 4s__ 1981
Gouv A Oswe 1st gu g 53.1942 J-B 108 . . .
OS’ s Jan '13
Moll A Mai 1st gu g 4s__ 1991 M-S ------08%
N J June R guar 1st 4 s..1980 F-A 90 . . . 105 Oct ’02
Registered___________ 1988 F-A 80%___
8 7 % Dec ’ 12
N Y & Harlem g 3 Hs__ 2000 M-N
Registered___________ 2000 M-N
100% 107 100 Jan ’ 13
N Y A Northern 1st g 5 s.1927
N Y A Pu 1st cons gu g 4S1993 a :8 ----- 90 9778 Aug’ll
Nor A Mont 1st gu g 5S..1918 A -0
131% Jan ’09
Pine Creek reg guar 8s__ 1932 J - D 110%..
R W A O con 1st ext 5s./ll922 A-O 100 . . . . 106% Jan ’13
Qswe A R 2d gu g 5s__ «191B F-A ___ 105% 101 Mch’ 12
R W A O T R 1st gu g Ss.1918 M-N 101%___ 104 J’no’10
92 07% 90 Oct ’12
Rutland 1st oon g 4 HS..1941 J - J
83% 85 84 Jan ’ 13
OgALChara 1st gu 4s g 1948 J - J
02 J no 09
Rut-Canad 1st gu g 48.1949 J - J
8t Lawr A Adlr 1st g 5 s..1998 J - J «109 ___ 103 Sep ’12
104
___
119%
Men’ 12
A-0
2d gold 6s..................... 1996
95 ___ 997g N ov’ ll
Utloa A Blk Rlv gu g 43.1922 J - J
87% 88 83
—
83%
Lake Shore gold 3 ><s____ 1997 - D
Registered___________ 1997 -D 80% 88 88 Jan ’13
92%
Debenture gold 4s___ 1928 M-S 92% Sale 92%
92%
25-year gold 4s_______ 1931 M-N 92 92% 92
93 Oct '12
Registered_________ 1931 M-N
Ka A A G R 1st gu o 6s.1938 J - J 105
Mahon C’l RR 1st 5 s..1934 J - J 109 110% 111% Mch ’ll
105 Apr '12
A L Erie 2d g 5s._al928 A-O 100
f ltts
1301s Jan '09
ltts MoK A Y 1st gu 6s. 1932 J - J 117
123% Mch’ 12
2d guaranteed 6s____ 1934 J - J 117
MoKees A B V 1st g 8s. 1918 J - J 105 . . . .
Michigan Central 5s_____1931 M-S 105% . . . 111 Jan '12
Registered_________ 1931 - M 104 . . . . 119 J’ne ’06
98 Apr ’12
4 s ...................................1910 - J
98% N ov 'll
Registered_________ 1940 J - J
00 J’ne '08
J L & S 1st gold 3 XS..1951 M-S
85%
80%
80
80
1st gold 3 Hs................. 1952 M-N
88%
20-year debenture 4s__1929 A-O 88% Sale 88%
99
99
N Y Chlo A St L 1st g 4S.1937 A-0
97% Jan '13
Registered____ ______ 1937 A-0
88
88
Debenture 4s_________ 1931 M-N
98 100
60 0278
95% 97
93
7973
98
77%
S5%
95%
si%
99
77%
87
877a 87%
100 108
101 101%
100% 101%
103 103
105% 100%
99 0978
97% 99%
70
70%
86% 88
i:?
92% 93
104% 106
81% 82%
J:i
83 83%
90 96
110% 117%
11234 1123(
85 85%
108% 108%
100% 101
107% 108%
111 111
105% 105%
85
70%
907$
76%
85%
88%
78
987a
76%
87
87
85%
84%
90%
87%
87
88%
01%
77% 79
77 77
78% 78%
93
08
i:j
08% 98%
105% 100%
100 106%
M ISCE LLAN EO U S
G as and E lectric L ig h t
Kings Co El L A P g 5s___ 1937
Purchase money 6s______ 1997
Convertible deb 6s______ 1922
fed El II Bkn 1st con g 4 s.1939
Lae Gas L of St L 1st g 5s..el919
Ref and ext 1st g 5s_____ 1934
tfwaukee Gas L 1st 4s___ 1927
S•wark
Con Gas g 5s__ ...1 9 4 8
103 104% 101 Deo ’12
112% 110 113 Jan '13 . . . .
122% Dec 12
121%
88% Nov'12
88%
3
102% Sale 102%
100% 102 102 J
89% 89% 89% Feb ’13
100% f
103%
37
103 Sale 103
85% 80 I'
108%
100 idi%
92% J’ly ’09
J Q E L H A P g 5s____ 1948
Purchase money g 4s____ 1949
Bd El 111 1st cons g 5s__ 1995
E lL A P ls t con g 5s. 1930
JYYAAQ Rich
Gas 1st g 5s___1921
M-N 05%
aolOc G A El Co Cal G A E
. Oorp unifying A ret 6s..1937
Pan Pow A Lt lit A ref 20-yr
102*%
ji os lnternat Series______ 1930
S N o Passaic
p r i c e Fa
r i dA
a yE
; 6s____
l a t e s t b1949
i d a n d asked, a
05%
96%
05 C
102% J’ly ’ 12
Due Jan.
6 Due
87%
87%
92%
92
88%
88
92%
02%
80
83%
93%
97%
88
86%
89
99%
07%
89
N.
BONDS
Y. STOCK EXCHANGE
Week Ending Feb 14
1Peek's
Range or
Last Sale
Is
aj<>S
Range
Since
Jan. 1
Bid
4 si Low
NY C A II R— (Con) —
Higl No. Low High
98% Sale 97%
West Shore 1st 4s guar..2361 J-J
98%
7 9734 98%
96% 14 00 97%
90% Sale 96%
Registered___________ 2361 J-J
N Y Cent Lines eq tr 4 Hs 1923 J-J
100% J’ly ’ ll
N Y New Haven & Hnrtf—
Non-conv deben 4s______1955 J-J ___ 89 88%
89
6 87% 89%
Non-conv 4s_____________1956 M-N . . . 88% 88%
88%
5 83% 88%
85 85% 85%
85% 15 85% 87
Conv debenture 3 Hs___ 1956 J-J
124% 20 124 120
Conv debenture 6s.......... 1948 J-J 124 Sale 124
Harlem R-Pt Che.i 1st 4s_195l M-N ............... 99% Nov 12 ... . ...............
99% J’n c’12
B & N Y Air Lino 1st 4s 1055 F-A
Cent New Eng 1st gu 4s 1961 J-J ___ 92% 90% Jan ’ 13 __ _ 90% 00%
Housatonlo R cons g 5s..1937 M-N 110 ___ 115 A ug’12
98
07% Sale 97%
31 97% 98%
N Y W ’ches AB 1st ser I 4 H> ’46 J -J
107 Aug’09
N H A Derby cons cy 5s. 1918 M-N
New England cons 5s
1945 J-J
09% Mch 12
Conso’ 4 s ...........
1945 J-J
83%
3 "81% "8i?%
Providence Sccur deb 4 s.1957 M-N 83% 84 83%
92
2 02 92%
N Y 0 4 W ref 1st g 4 s.. fl1992 M-S 02 Sale 02
92% J’ne’12
Registered $5,000 only.(7l992 M-S
1955 J-D 85 88% 89% Feb ’ 12
General 4s_________
99% 116 98% 09%
Norfolk Sou 1st A ref A 5s 1961 F - A 99 Sale 98%
102% Apr 12 - —. ___
Sort it South 1st gold 5 s..1041 M-N 102% .
Sort & West gen gold 6 s.. 1931 M-N 120 121 120 Jan 13
119% 120
Improvement A ext g 6s. 1934 F-A 121%___ 123 Jan 13 . . . . 123 123
New River 1st gold 6s__ 1932 A-O 120 123 124% May’ 12
N d) W Ry 1st cons g 4 s..1990 A -0 98% Sale 98%
89 96% 99
99
Registered___________ 199 > A -0
91% 92% 01%
Dlv’l 1st 1 A gen g 4S..1944 J-J
92% 55 9134 92s4
10-25-year conv 4s___ 1932 J-D
107% 107% 36 111 112%
10-20-year conv 4 s ___ 1932 M- i> 106% 108 109 % Feb ’13
111% 111%
105% Sale 105% 106% 378 105% 107
Convertible 4 Hs (wh.is.)’23
___ 01
91%
91%
Pocah C it C Joint 4 s ..l9 4 l
2 91% 92
103 100 10534 Jan ’ 13 ___ 10534 105>4
OC A T 1st guar gold 5s .1922
*95 ___ 05
95
Sclo V A N E 1st gu g 41.1989
15 94 95%
98
97% Sale 973S
09 97% 08%
Northern 1’ ac prior I e 4 s . . 1997
07% 97% 97%
97% •2 97% 07%
Registered____________1997
68
41 67 08%
67% Sale 67
General lien gold 3s____«2047
08 Jan '13
0.8 68
Registered________ n2047
92 05% 92% Jan '13 .... 92% 92%
St Paul-Duluth Dlv g 4s. 1996
100%___ 101% Oct 12
Dul Short L 1st gu 5s...1916
113%___ 113 Deo '12
St P A N P gen gold 6s. 1923
112%___ 115% A ug’ll
Registered certificates. 1923
109
St Paul A Duluth 1st 6s.1931
102% 1023,
2d 5s............................ 1917
102%___ 1 0 2 % Jan ’ 13
*92% . . 94 J'nc 12
1st consol gold 4s
1968
. . . 95 911* Apr '11
Wash Cent 1st gold 4 s .. 1948
111%
HOVg----- llt%
1 11034 m %
Nor Pao Term Co 1st g 0s. 1933
90% 00% 90%
90% 20 90 91%
Oregon-Wash 1st A ref 4s .1961
101% 103% 101% Feb ’13 — 100 % 1 0 1 %
pacific Coast Co 1st g 5s 1940
*- ennsylvanla RR—
.
1st real est g4s_________ 1023
N 101%___ 101% Jan ’13
101% 101%
Consol gold 5s______* *1919
103 110 Mch'12
S
Consol gold 4s.........
1943
N 101 ___ 102% Nov'12
97% 190 0034 97%
D 97% Sale 97%
Convertible gold 3 Hs. ol915
97 J'ly 12
D
Registered______
01015
102
Consol gold 4s.................. 1 9 4 8
1 101% 102%
N 102 Sale 102
Alleg Vnl gen guar g 4 s .1 1042
S 99% 100% 100% Aug’12
05 . . . . 100 Sep 12
D R R R A Bge 1st gu 4sgl930
A
997|___ 100 Jau '13 . . . . 100 ioo
Phlla Balt A W 1st g 4s 1943
N
102 Jan '03
Sod Bay A Sou 1st g 5s 1024
Sunbury A Lewis 1st g 4s 1936
96*2___
101% May’12
U N J RR A Can gen 4s 1944 M-S
Pennsylvania Co—
Guar 1st g4 ><s................ 1 0 2 1
3 103% 104
103% 103% 103% 1033s
102 . . . 10234 Jan ’ 13 - - _- 102% 102%
1921
Registered________
89 Sep 12
Guar 3 Hs ooll trust leg. .1937
857s ----- 80 Feb ’ 13 - - 85% 80
Guar 3 Hs coll trust ser B .1941
97% Dec '12
97 . .
Trust Co certfs gu g 3 ><s 1916
857,----- 88 Mch'12
Guar 3 ><s trust ctfs C__ 1942
85%----- 8734 Jan '12
Guar 3 Hi trust ctfs D ...1944
00% 90% 903s Fob ’ 13
00 90%
Guar 15-25 year g 4s___ 1931
92i« 93i2 90% Deo ’ll
Cln Leb A Nor gu 4s g ___1942
101
___ 110 Jan ’05
Cl A Mar 1st gu g 4><s 1935
1 0 2 % ___ 107«4 Doo ’ll
Cl A P gen gu g 4 Hs ser A 1942
1 0 2 % ___ 10934 J’ly '09
Series B_______
1942
91% Feb ’12
lnt reduced to"3><sIl942
90% Oct ’ 12
Series C 3 Hs______
1048
90 May 08
Series D 3 ><s__
i960
91% May’12
Erie A Pitts gu g 3 Hs Bll940
00% J’ly ’ 12
Series C ______________ 1940
Gr R A I ex 1st gu g 4 ><511941
1 0 1 % 1 0 2 % 101% Deo ’12
105 ___ 109 MayTO
Pitts Y A Ash 1st oon 5 s . 1927
101%___ 102% J’ne 12
Tol W V A O gu 4H* A . . 1931
101%___ 102% Nov'12
Series B 4H s______ 1933
Series C 4s___
1)1 ' 93 95V, Oct ' 12
1042 M
P C O A St L gu 4 ><3 Al.1940 A
103 104 103% 103%
1 103% 103%
Series B guar............... .1942 A103% 105% 104% J'ly lS
Serles C guar_________ 1 9 4 2 M106 J’n e’ll
Serles D 4s guar______1045
95U 03
Series E 3 Hs guar g__ 1949
90
06% Sep ’ 12
Series F gu 4s g _______ 19 53
95% 05%
05%___ 05% Jan ’13
07% 97%
05%___ 0 7 % Jan 13 —
Series G 4s guar______ 1957
109% . .
C St L A P 1st con g 5 S . . 1932
100
100
100
100
3
•100
108
Peo A Pek Un 1st g 6s___ 1921
___ 95 93% Jan 11
2d gold 4 ><s..................... 61921
___ 69% 64 Jan '13 . . . . 54 54
Pere Marquette— Ret 4s__ 1065
64 547* 50% Nov 12
Refunding guar 4s______1955
98 Get '12
Ch A W M 5s................... 1021
103% 107 104 Oct ’ 12
Flint A P M g 6s............... 1920
90 08 03% Jail ’13 . . . . 95 951,
1st consol gold 5s_____1939
00% 98 97 NOV'12
Pt Huron Dlv 1st g 6 s.1939
Sag Tus A II 1st gu g 48.1931
___ 80% 83% Feb ’13 . . . . 83 83%
Philippine Ry 1st 30-yr s f 4 s . ’37
108%___ 113 J’l y '12
Pitts Sh A L E 1st g 5s____1940
113% Nov’ ll
1st consol gold 6 s . ._____ 1943
96% Sale 96%
07% 00 00% 97%
p ead ln g Co gen g 4s______1997
00%___ 90%
90%
2 90 96%
IL Registered____________1997 J-J
95% Sale 9534
9534
1 95% 90%
Jersey Cent coll g 4s___ 1951 A-0
Atlan City gu 4s g______1951 J-J
84 84"
t Jo A Gr Isl 1st g 4 s . . . .1947 J-J ___ 86% 84 Jan ’13 —
t Louis A San Franolsco—
. .
114% 114%
General gold 6 s _________ 1031 J-J 113% 120% 114% Jan ’ 13
1043.1 17 10434 10434
General gold 5s__________ 1931 J-J 104% Sale lots;
88 85% Dec ’ 12
St L A S F UR cons g 4S.1996 J-J
807S 104 80 82%
Gen 15-20 yr 5s........... 1927 M-N 801? Sale 80
100 100
Southw Dlv 1st g 5s..1047 A -0 09%___ 100 Jan '13
70% 05 743, 7034
Refunding g 4s________ 1951 J-J
75% .Sale 75%
80»j Mch 'll — ----- ----- __ Registered__________ 1951 J-J
j
J:
B O N D S — C ontinued
on
Next
Page.
G as a n d E lectric L ig h t
Gas A C 1st con g Os__ 1943
Peo
Refunding gold 5s______1947
Registered............... ...1 9 4 7
Ch G-L A Cke 1st gu g 5 s .1937
101% 102%
Con G Co of Ch 1st gu g 5s 1936
101% 102
Ind Nat Gas A Oil 30-yr 5s '30
89% 90
Mu Fuel Gas 1st gu g 5 s..1947
Philadelphia Co conv 5s__ 1 0 1 0
101% 103% Conv deben g 5 s ________ 1922
84% 86% StanGasAEleo conv sf 6s..1920
Syracuse Lighting 1st g 5 s.1951
Syracuse L A P 5s________ 1954
Trenton G A E 1st g 5s___ 1949
Union Elec L A P 1st g 5 s . .1932
10 94% 90
Ref A ext 5s..................... 1933
Utica El L A P 1st g 6s____1950
Utica Gas A E ref 5s...........1957
Wcstohcatcr Light’g g 6s__ I960
P e b . * D u e M a y . g D u o J u n e, h D u eJ u ly . 0
113 113
Price
Friday
Feb 14
115% 110
115% 110 110 Jan '13
101% 1017*
101% 102% 1 0 1 % 1 0 1 %
103 Feb ’09
102% 103%
102% 103% 102% Fob '13
100 102% 103% Oct '12
89 93 Mch 12
101% A ug''2
104 100 N ov’ 12
98
98 Sale 98
93 93
100
00% 100 100
100 100%
101 101 D e c 'll
85% J’no’ 12
83%
102
109 Feb '01
09%
102 Jan ’ 13 ::7 95
97 Deo ’ 12
101
08 ___ 100% Deo ’l l ____ _____
104% 104% Feb ’13___ 104% 105%
D ue O ot.
p
Due N or.
« O ption
sale.
Feb. 15 >913
es
Interest
Period
Price
Fridas
Feb 14
Range
Since
Ware*
Range or
Last Sale
Jan.
1
BONDS
T . STOCK BXCHAf
Week Undine Feb 14.
Npw York Rond Rooord—Ronohiflori— Page 4
A t * San Fran (Con)
K 0 Ft 3 & M con g 6 s ..
Bid
Ail Low
High No
7
_
BONDS
T . STOCK EXCHANGE
Week Ending Feb 14.
1
475
Price
Frida*
Feb 14
W tee*
Range or
Last Fait
§ 2
"
1
Range
Sine*
Jan. I
Low High
‘
Asl Low
Iligl No Low High
M-F 1 1 2 1 1 2 * 1121 * n aij 10 111*4 113*4 Y y abash 1 st gold 5s........... 1939 M-N Bid
1047g Sale 10478 105*
IS 1047g 1061*
A-O 76*4 Sale 70*4
77*2 74 761* 78
'1
2d gold 5s________ 1939 F-A 09 Salt 99
29 98*14 991*
99*
77*2 J’ly T 2
A-O
Debenture Series B____ 1939 J
9 A-O *95 ___ 103*2 J’ly '1 2
1st en equip s fd g 5 s...1921 M-S ___ 100
99*8 Dec ’15 ___
Ozark & Ch C 1st gu 5s g_19l 2 A-C 9978 100 100*8 Feb ’ 13
99*8 100*8
1st Hen 50-yr g term 4 s..1954 J-J
80 ___ 83 Dec 1( ___
0 M-1N ___ 891,
89
89*2
89 90
1st ref and ext g 4 s .. . . 1950 J
61 58*4 647g
58*4 Sale 58*4
60i
78 ___ 80 Jau ’13
9 J-J
80 80
Cent Trust Co ctfs________
637g Oct 15
80*4 Sale 80
2 J-E
80*2
80 81
Do Stamped
.
___ 69 63*2 Oct ’15
7 J-E 1 0 0 .
IOU3 Apr '07
Equit Trust Co ctfs.............
81 Sale 84
3 J-J
8 U2
81 85*4
Do Stamped.
55 58*: 58
58
11 56 6|*4
95 .
9 J-J
101 Oct '09
Det & Ch Ext 1st g S s 'l’ m i J-J 107 ___ 107
107
6 107 107
85*4 8 6 *j 85*2
0 A-O
8512
85 85*
Des Moln Div 1st g 4 s...1939 J-J ----- 80 80 A ug’ 15
0 A-O 85*4 88
8578 Feb ’13
Om Div 1st e 3 V4k
iaai A-O
8512 80
69 Dec 15
Registered__________ 11.195 0 A-O
ph
dr ? i s t z 4 ; : : : : i S i i M-S
___
80
80 Jan M3 ___ 80 80
Adjustment 5s___
9 F-A 73>8 73*; 73*8
73*4
73*8 77*4 Wab I ltts Term 1st g 4s
1 9 5 4 J-D
28*2 Jan ’13 . ..
26*2 261*
7fi2 78 79 Jan 13
9 A-()
78 79
Cent & Old Col Tr Co certfs..
25*
25 Sale 247g
29 247g 271*
3 M-S 8/ 88*j 87 Jan T3
87 87
Columbia Tr Co ctfs
25*2___
26*4 Feb M3 —
20 28
917g . . .
9 J-J
9178 Jan T3
2d gold 4s_____
I 9 5 I J-D
91*4 917s
2 Jan M3
2
2
1*4 2
IO2 I4 . .
8 J-J
103*4 Jan T3
103*4 103*
Trust Co certfs...
15g 2
4 1*4 2*4
1*4
17}
104 Nov'12
3 J-J
83*4
87*8 Oct U
W?sl1,1«erml lst KU 5 Hs.ZIl945 F-A
107 J’ne’ 12
3 J-J - - 1st 40-yr guar 4s.........
1945 F-A 97*4
100 Sep 15
5 J-J 10U2 105*8 105 Feb ’ 13
Uest Maryland lst g 4s___Il952 A-O 83*8 Sale 83*8
83*4 18 82*4 837g
101*4 Sep 12
9 J-J 101*2 .
West N Y & Pa 1 st g 5 s . . 1 9 3 7 J-J 106*4
2 106*8 107*4
107*4
107*4
102
105
105
May'12
Gen gold 4s____
1 9 4 3 A-O ------80
6 J-J
86
Oet
M2
Southern Pacific Co — '
Income 5s_____
dl943 Nov
34 Feb '07
( * f \IH A a / f ' n n *
• . _
92*2 98
97*4
9 J-D 95*4 Salt 95*4
101*2
101*2 Oct ’ 12
L , E lstV '5 i::.1 9 2 6 A-O
95i2 Feb ’ 13
95 95*2 WwhiSF.$?
9 J-I) ----- 99
Wheel Div lst gold 5s...1928 J-J 100
a 100 ioo"
100
100
923s
90*8 93*t
9 M-S 90*2 Sale 90*8
Exten & Imp gold 5s____1930 F-A 99 1 0 0 101*2 Jan M3 ___ ' 101*2 1 0 U2
90
94*4 90*2
9 F-A 95*2 90 9553
RR 1st consol 4s
1 9 4 9 M-S
80*g 8 U2 80*8
805s
1 80*2 S0 *s
94*4
94*2 JTy ’ 12
9 F-A
2,°-year equip s f 5sIIll922 J-J
98i4
98*2 Feb II
91
9 J-D ----- 91*2 90*2
90*2 90*2 Winston-Salem S B 1st 4 s_ . 1 9 0 0 J -J
895s 901 , 90i2 Feb M3
90*2 91
. . . 92*, 91*2
91*2
91*2 91*2 WL?,0ei 1^ 5?'.5fr 1St Ken 4S..1949 J-J
„ L hr.° “ «h St L 1st gu 4s. 195 l A-O
91*8 15 90*2 91**
91 Sale 91
i f . " * S A M & P 1st 5 s.193 1 M-N 103 104*4 101*4 104*4
10434 104*4
Sup&Dul div It term lst 4 s ’36 M-N 89*4 89*s 89*4
43
90
89*4
90*2
Glia V G <5c N 1st gu g 5 s.192 1 M-N ----- 103*4 102*8 JTy T2
103 Dec T2
Uous E & W T 1st g 5 s . . 193 3 M-N 103
^
',an“
u
faf
‘
urin2
a"*!
Industrial
103
i()5
104*4
May
’
12
3 M-N
Allls-Chalmers 1st 5s...........1 0 3 6 J -J ------ 657g 67 Dec M2
7 J-J 109*2 10978 109*4 Sep T2
Trust Co ctfs deposit
65 62 59 Feb M3
59 63
Gen gold 4s lnt guar..192 1 A-O 93 94 94*4 Dec M2
Am Ag Chem lst c 5 s. " ' 1 9 2 8 A-O 101*4 Sale 10134 1017g 41 101 1017g
114
118
0
M-N
119*4 Mch’ 10
Waco & N VV div 1st g 6 s '3
Am Cot Oil ext 4 ^ s .
1 9 1 5 q -F
14
96*4
97
96*4
97*4
97
97*8
A & N W 1st gu g 5s___ 194 1 J-J 100 105?8 106 Jan ’13
100 100*8
Debenture 5s______111111931 M-N 93l2 04 93*2
1 93*2 95
9312
A-O 109 1111 , 111*4 Aug ’ 12
Am Hide & L lst s f g GsIIIl 9 1 9 M-S 101*4 102 101
16
101*4
101
103*2
106?g
1
0
S
*
s
) J-J
107 Jan M3
107** 10
Amer Ice Secur deb g Cs. "l925 A-O 74*4 Sale 7414
74i2
7 V4*4 76*4
1 A-O 109
112
F e b '07
Am Smelt Securities s f es * 1 9 2 0 F-A 1047g Sale 1047g 105
64 103*4 105
J-J 102 .
101
Get M2
Am Spirits Mfg lst g 6 s
1915 M-S 09 99*2 99*2 Jan M3 —
99*2 99**
105
_
M-N
110 May '07
Am Thread lst co* tr 4 s__ 1919 J-J ----- 93 93
1 93 93*4
93
91
91*2 Sep ' 12
J-J
Am Tobacco 40-yr g 6s__ 1944 A-O 121 iaii2 12058 Feb ’13 . . . . 120 1205*
A-O —
88*4 88*3
8 8 *s
Registered_____
1944 A-O
88*8 90
100*8 101
1 J-J
1015s May’ ll
Gold 4s............ ........... I . .1951 F - A
97*4 Sale 97*8
97*2 18 96*2 971*
93*4 Sale 93*4
* o Pac RR 1st ref 4s
J-J
94
Registered_____
1951 F - A
92*4 94*8
95*8 J’nc )2 Southern—
Am Wrltg Paper lst s f 5 s.. 1919 J-J
89 Sale 89
89*4
20 89 90*s
106
Sale
J -J
106
106*8
100 107*8 Baldw Loco Works lst 5s..1940 M-N 103
103 Sep M2
105l2 105 Sep Ml
[ J-J 104*4 101*4 Beth Steel lst ext s f 5s___ 1926 J -J
96*4 961, 963s
96*2 10 95*4 96*4
A-O 78 Sale 77*4
78*s
lst & ref 5s guar A _ . 1942 M-N 85*4 86 86
77*8 78*2
SO
4 85*2 86*4
84*4 Sale 84*4
85*4
1 M-S
84*4 86*2 Cent Leather 20-year g 5s 1925 A - O
95*4 Sale 95*8
967g 81 945g 97
107*8 Dec M2
J-J 107*8 .
Consol Tobacco g 4s
*1951 F - A
07*8 Sale 97*8
96*4 97**
97*8
2
87
89*4
87*4
Feb
13
1931 M-N 96 96*4 96*4
J-J
87*4 88*2 Corn Prod Ref s f g 5s.
96*4
1 95*4 96*4
105*4 Sep 12
lst 25-year s f 5 s..
’ 1934 M-N 92*4 91 92*4
l J-J 100
93
6 91*4 93*8
Atl <& Danv 1st g 4 s
87*4 . .
87*4 Jan M3
1 J-J
80*2 87*4 Cu ban-A mer Sugar co *1tr 6s 1 9 18 A - O ------961,
9434 Feb M3
94*4 96
• 2d 4s___
82*4 Feb M2
86
...
Distil Sec Cor conv lst g 5 s . 1927 A-O 6 8
J-J
69 6 8
69*8 14 64 70
E I du Pont Powder 4 vjg 1936 J-D 8 8 Sale 8 8
A-O 83*2___
89
13 8 8
90
Gen Electric deb g 3 >$s ” 1942 F - A
J-J 103*4___ 105*4 Deo '11
79*4 Sale 7712
79*4
5 7712 79*4
100*2 Oct ’ 12
10-yr g deb 5s___
1917 J-D
J-J 106 .
141 Jan M3
141 141
106*s 109*8
M-N 109*4 Sale 109*8 109*4
Debenture 5s (recta)____1952 M-R 104*8 Sale 104*8 105
23 1037s 1051*
1051 * J’ly 12
M-S 10318 .
997g 59 98*4 100
Gen I Motors lst lien 6s
1915 A-O 99*4 Sale 993.4
III Steel deb 4 J^s.................1940 A - O
A-O 03*2 61 64 Dec M2
89
32 83 891*
88
Sale 8 8
1097a 110 Indiana Steel 1st 5s_______ 1952 /M-N 100*2 Sale 100*8 10078 35 100*8 IOIV4
J-J 1097g 110*s 1097* 1097g
lnt Paper Co lst con g bs 1918 F-A 104 Sale 104
J-J 112 US 114 J’no 12
104
2 102 105
105*2 Nov 12
J-J 105*8
87ig 907g 91 Jarj M3 ___ 87*2 91*4
t S ^ 3,0,1 conv s 1 « 58___ 11935 J-J
79
. . . 79
79
J-J
79' ' ' to lnt
St Pump lst s f 5 s
1 9 2 9 M-S
----- 89 87
87
I 87 88*4
J-J *101*8 . . . 102 Oct 12
Lackaw Steel lst g 5s. . " ” 1 9 2 3 A - O
4 95 961*
90
90 9612 96
103*2 Jan M3
A-O 103*2 .
103*2 103*2
lst
con
5s
Series
A
.
1950
M-S
78 80H
31
78
79*4
------78*4
73 Sep 12
M-N 72
5-year convertible 5s
1915 M-S 95*8 Sale 95
95*4 40 94 05H
J o Car & Ga 1 st g 5s___ 191 M-N 1 0 0 103*8 101 Feb M3
loi loi
Llgg <ScMyersTobCo7s tpy bd s..
121*2 Sale 1 2 U2
12134
1197
8 1221*
27
Virginia Mid ser C 6 s . . 191 M-S *1 0 1 .
112 Oct '06
5s temporary bonds
99 Sale 99
99*4 29 96*2 99*4
Series D 4-5s____
192 M-S 103 104 U)3*| Nov 12
Mexican Petrol Ltd env 6 s A ’ 21 A-O 09 997S 99*2 Jan ’13
99 100
10434 Jan M3
M-S 101
Nat
Enam
&
Stpg
lst
5
s..
1929
101*4 104*4
J-D 94i2 95*2 95*2
2
94 951*
95*2
105 J’ne’ 10.
M-S 1047g
Nat Starch 29-yr deb 5s__ 1930 J -J
87 95 88*2
8 8 ** 881*
10
88*2
M-N 100
IOSI4 Jan M3
108*4 108*4 National Tube lst 5 s _____1952 m - n 977g 99 93
98*2 41 98 991*
108
108
Feb
M
3
J-J
108 108*8 N Y Air Brake lst conv 6 s..1928 ,U-N 101 102 101
10112
10 101 103
A-O 95 o"s*4 95*4 Feb M3 .
1217g 122 121*8
122
95*4 957s P Lorlllard Co 7s tem’pry bds
13 121*8 1221 *
93i2 Sep M2 .
F-A 93
5s temporary bonds_________
9912 Sale 99*2
997g 21 97*4 997g
101
___
102
NOV’
12
.
J-J
Ry Steel Spgs,1st s f 5 s .' 1921 J - J ^07*4 98*8 97*4 Jan M3 ___ 97*4 98*2
102*2 Apr ’l l J-J
Repub I & S lst&col tr 5s..1934 A-O
L027 g Jan M3 ___ 102 7s 1 0 2 7g
104 Feb M3 .
A-O 102*4
103*2 104
10-30-year 5s s f__
1940 A - O
91*8 92*g
91*8 91*4 91*4 Feb M3 __
F-A ----- 109*2 I ll Aug M2 .
Standard Milling lst 5s__ Il930 M-N 89*2 Sale 89*2
89*2
8 88
89*2
J-J ----- 91 945s Oct ’ 12 .
The Texas Co conv deb 6 s.. 1931 J - J 100 Sale 99*4 100
18 99*2 1007*
106*8 Sep M2 Union Bag & Paper lst 5 s..1930 J-J ___ 90*2 00 F’eb M3
A-O 101*8
90 92
Tex & Pac 1 st gold Os__ I
106
106*4
J-D 100 Sale
100 107*4
Stam ped________
1930
___ 92 91*4 Jan M3
89*2 91*4
2d gold Inc 5 s _______I" _
51 Nov 12 Uch 45
U S Leath C ost deb g 0sIIIl913 M-N 100*4 100*8 100*8
100*4
10 100*8 100*4
95 .
i>a Div b l ist g s s ; : : : ; i 9 5 i J-J
99U Apr Ml .
U S Realty <fe I conv deb g 5s.’24 J - J
14 87*4 89
87*4
88*2
87U
Sale
.
.
.
IOOIj Nov '04 .
F-A
U S Red & Rcfg lst g 6s. 1931 J - J
25 25
25 32*2 25 Jan 13
J-J 106*4 107 10012 Dec M2 .
U S Rubber 10-yr coll tr 6 s.1918 J - D 103*4 103*2 103*4 103*4 25 102*4 103*4
A-O 106>8
l» 7*4 J’ne ’ 12
Registered______________ 1 9 1 8 J - D
103*8 Jan ’ 10
J-D - - - - 103 103 N ov’ 12 .
U S Steel Corp— (cou p __ dl963 M-N 101*8 Sale 10138
101*4 232 101*4 102
Kan <5e M 1st gu g 4s___
A O 0 1 * 2 ___ 9U2 Feb M3 .
S f 10-60-yr 5 s ir e s ___ dl9G3 M-N
91*2 91*2
101*4 101*2 11 101*8 10 2
98*2 Sale 98*2
J-J
98*4
Va-Car Chem lst 15-yr 5 s..1923 J-D 97*2 Sale 97*2
98*2 99
977S 34 90*2 98
J-J
99 09 90*8 Feb M3 .
90*s 91*2 West Electric lst 5s Dec 1922 J - J 101*2 1017S 101*2 101*4 16 101*2 102*4
85 85 84 Dec M2 .
J-J
Westlnghousc E & M s f 5 s.1931 J - J
93*8 Sale 933g
94
20 93*8 94
50
A-O 55 Sale 55
65 67*2
10-year coll tr notes 5s..1917 A-O 907S Sale 9078
967g
1 96*8 9078
F-A 00 65 6 8 Dc-C M2
telegraph & Telephone
J-D 89 90*8 so Jan M3
89 89
Am Tclep & Tel coll tr 4 s..1929 J - J
887 g Sale 88*4
S87g 13 88*8 90
103*8
Jan
’13
.
lster
&
Del
1st
con
g
5s..1928
103*8___
103
10U
2
.1 - 1)
Convertible 4s__________ 1936 M - S 106*8 Sale :06
37 105*4 110*8
106*8
U 1st refund g 4s.
1952 A-O . . . . 84 85*2 J’u cM2 .
20-yr conv4
(wh Iss).. 1933
103*8 Sale .7)3*4 10378 f 15 10278 1037g
Union Paclllc—
Chicago Telephone lst 5 s..1923 j'-D 100*4 . .
1st RR & land g ran ts 4 s.1947 J-J
09 9914 99
99*4
98*4 99*8 Commercial Cable lst g 4s.2397 Q - J
74 80 82*2 Dec M2
Registered______________ 1 9 4 7 J-J
98*2 98*2
97*4___ 98*2 Jan M3
Registered______
2397 Q-J
83*2 Nov Ml
20-year conv 4s........ ...... 1927 J-J
947g 97
96
94*8 Sale 947g
Cumb'd T &T lst <Jcgen 5sll937 J - J
99*2 Sale 99*2
991,
1 99*2 100*4
1st & ret 4s__________ Iff2008 M-S 9l">8 Sale 94*8
95
94*8 95*2 Keystone Telephone lst 5 s.1935 J - J
87
.
.
.
85 Aug 12
Ore Ry & Nav con g 4 s..1040 J-I) 91 Sale 93*2
94
93*8 93*4 Metropol Tel & Te! lst s f 5s 1918 M-N IOU4 10212 1013s Feb M3
101
101*8
Ore Short Line 1st g Os.. 1922 F-A i l l lilt, 111
111*4
111 112*8 Mich State Telep lst 5s___ 1924 F-A 1 0 0 Sale 100
io
1 0 0 *s
99 101*4
1st consol g 5s________ 1940 J-J 10712 109 106*4 107*2
100*4 109
N
Y
«
S
e
N
J
Telephone
5s
g_1920
M-N
100
[03*4
May
Ml
Guar refund 4s_______ 1929 J-I) 90*2 91*4 91
91*2
91 93*8 N Y Tclep lst & gen s f 4 Hs 1939 M-N 97*2 Saic 97*2
64 97*8 98
98
Utah & Nor gold 5s___ 1 0 2 0 J-J 104*8 - . L08 May’ ll .
Pac Tel & Tel lst 5s.
1937 J - J
100*4 Sale 00*4
100*2
79 99*4 101
1st extended 4 s ______ 1933 J-J
93 '.,.1
South Bell Tel & T 1st s f 5sl 1941 J - J 100 Sale 997g 100*4 I S 99 101
tTJaudalia cons g 4s tier A . 1955 F-A ----- 93*8 94 Feb M3
West Union col tr cur 5s__ 1938 J - J 101 101*2 02*2 Feb M3 __ 101 1021 *
V consol 4s Series B ___ 1957 M-N 91*2 94 94*8 N ov’ 12 .
Fd and real est g 4 Hs__ 1950 M-N 95 95*2 95*2 Feb ’13 . . . . 95*2 96*2
Vora Cruz & P 1st gu 4 hs.1934 J-J ----- 93 94 Oct M2 .
Mut Un Tel gu ext 5s__ 1941 M-N
104 J’ neMl
Northwest Te’ gu 4
g.1934 J - J
94 ___ 93 Jan ’13
93 93
8
0
0
M ISC E L L A N E O U S
Coal &
B O N D S — C on clu d ed.
Iron
Buff 8c Susq Iron s f 5s___ 1932 J-D 97 ___ 97 J’ly 22
Debenture 5s__________ al920 M-S 85 ___ 91 N ov’ ll
99
Col F 8c I Co gen s f g 5s___ 1943 F-A 99 Sale 99
1
Col Fuel gen 6 s_________ 1919 M - N *107*4___ 107U J’n o’12
81 Sale 81
Col Indus lst 8c coll 5s g u ..l9 34 F - A
81*4
49
Cons Ind Coal Me lst 5 s . . . 1935 J-D
85 J’ne’ll
94 93 Oct *12
Cons Coal of Md lst & ref 5 s 1950 J-D
jGr Rlv Coal 8c C lst g 0s._/»1919 A-O 95" . . . . 102*8 Apr ‘06
Kan 8c II C 8c C lst s f g 5 s.1951 J-J
98 Jan '13
Pocah Con Collier 1st s f 5s. 1957 J-J
87*4 88*2 87*2 Feb ’13
jgt L Rock Mt 8c P 1st 5s. 1955 J-J
76 78 76lj
76*8 “ IS
ITenn Coal gen 5s_________ 1 9 5 1 J-J 102 103 103 Jan ’ 13
l Blrni Div lst consol 6s" " 1 9 1 7 J-J 1 0 2 78 103*4 1027g
1027g " " i
\ Tenn Div lst g 6 s______a l 9 l 7 A-O 101 103*4 10134 Dec *12
f- Cah C M Co lst gu g 6 s. 1922 J-D
110 Jan '09
iUtah Fuel lst g 5s________ 1 9 3 1 M-S
iVlotor Fuel lst s f 5s______ 1 9 5 3 J - J — - 79*4 79*4
3
Va Iron Coal 8 c Coke lst g 5sl949 M - S
3
97*2 98 971*
^ N o jp r l o e F r id a y ; latest b id a n d a s k e d
aDueJon
d D u o A p ril
M iscellan eou s
Adams Ex coU tr g 4s_____ 1948
Armour 8c Co lst real est 4 Hs '39
98 99*8 Bush Terminal lst 4 s______ 1952
Consol 5s_______________ 1955
Bldgs 5s guar tax e x ___1960
83*2 85
Chino Copper lst conv 6 s. .1921
Inspir Cons Cop lst 6 s irectsj . .
Int Mcrcan Marine 4 ) is ___1922
lnt Navigation lst s f 5s___1929
98 98
87*2 877g Mgc Bond (N Y) 4 s ser 2__ 1966
10-20 yr 5s series 3 _____ 1932
70*2 80
Morris & Co lst s f 4 ^ s ___ 1939
102*8 103
N Y Dock 50-yr lst g 4s__ 1951
10278 103
Nlag Falls Pow lst 5s_____ 1932
Ontario Transmission 5s___1945
Pub Serv Corp N J gen 5 s.. 1959
"79*4 '79*4 Ray Cons Copper lst conv 6 s 1921
Wash Water Pow lst 5s___1939
96*2 93
eD ue M ay
(/D u o J u n e
A D u eJ u ly
fcD u eA u e
81*4 Sale 81*4
81*4
91*4
OH* Sale 91*4
___ 89 89 Feb M3
94 96*2 90 Jan M3
94 97 97 Nov'12
158 165 165 Feb M3
103 Sale 103
10378
64*4 65*4 65
65*2
____79*4
79*2
79*2
oD ueO ot
99*2___ 99*2 Dec M2
88*2 891* 89*2 Feb M3
83 ___ 84 Jan ’13
102*8 Sale 102*8 102*8
92 Dec M2
9212 Sale 92*4
92*8
111
Sale 111
112
102 ___ 102 Dec ’12
dD ueN ov
1 80*,
82 91*4
89
95
S2 78
92
8912
90
165 190
40 103 1081*
6
G412 66*8
1 79*4 79V
89*2 891*
83 84
2 102 102**
35 92*8 93
6 112 121
« D u e D eo sO p tion sa lo.j
CHICAGO STOCK EXCHANGE— Stock Record.
476
STOCKS— HIGHEST A S D
Saturday
Feb. 8
*30
♦92
*921*
25%
*G12
*3%
*16
*38
*8 %
*48
35
94
9312
25%
7%
4
18%
40%
9
55
londay
Feb. 10
*30
*Q2
*93
25%
*7
*3%
*16
*33
*8%
*48
35
94
95
25%
7%
4
18%
401
9
55
LOWEST SALE
Tuesday
Feb. 11
*30
*92
92
251.!
7%
4
*16
*38
*8%
*48
Wednesday
Feb. 12
35
94
93%
25%
7%
4
18%
40%
9
55
Last
Last
Last
Last
119
121
124 *120
121
125
. . . . *116
*60%
62
Jan‘ 13
Jan’ 13
93
93
25
25
7% 7%
Sale 18 * NOVT2
Sale 41 Nov’ 12
Sale 8 % Feb’ 13
Dec’ 12
Sale 50
40
41%
39l.i 40
123% 124% 124 124%
*500 510 *500 510
Last Sale 134 Jan’ 13
53%
*50
53% *50
*100 101 *100 101
132% 132%
*131% 132
65% 65%
*65% 70
*8 6 % 8 S% *86% 88%
Jan’ 13
Last Sale 55
51
51
51
51
Last Sale 142 May’12
*206 209% *206 209%
143% 143%
142 143
14 14
*207 208 208 208 *206 209%
144% 144% 144% 144% 143 144
*15
15% 15 15
14% l l l 2
77
77
*109% 110
109% 110
109% 110
971.1 97%
97% 97% 97% 98
71% 71% 71
70% 71%
71
112 112
114 114
121 *119
124 *120
120 *123
116% ♦116
62
*60%
Friday
Feb. 14
Last Sale 30
Last Sale 91
94
94
24% 25%
7% 7%
3% 3%
391* 40
39% 41% 40 42
125% 125% 126% 126% 124% 126
*465 490 *465 490 500 500
*134 134% *134 134% *134 134%
54
54
*54
*50 53%
55
100 100 *100 101 *100 101
*1311* 132 *132 133
132% 132%
64
64
66
67
67
61
*87
88% 87% 88% *86% 88%
*53
57
*53
57
57
*53
51
51
51% 51% 51% 51
*119
*120
119
*115%
*60%
PRICES
Thursday
Feb. 13
109%
*97%
70%
110%
109%
93
*97% 98
70%
110%
Last Sale 76%"AugT2
117 117
Last Sale 121"'jan’13
122 122
Last Sale ll5%Feb’l3
61
61% 60% 60%
Last Sale .60 May’ 12
*91% . . .
*91% . . .
I ll 111
110 111
Last Sale 82% Jan’ 13
98
98%
Last Sale 94% "Dec"’ 12
93% 93%
200 202 20l" 202%
124 124%
31 34
Last Sale 92
Dec’ 12
105% 106% 106 106%
275 275
275 278
Last Sale 107% Feb 13
188 188
Last Sale 4% May’12
*1
1% ♦1
1%
61% 62% 62% 63%
Last Sale 13
Jan’ 13
119
124
122
___
62
*91%___ *91%
*91% ___
*115 116
112 113
113 115
*81
*80 83
*80
S3
99
99
99
98% 99
*80
82
*90
*90
91
*97
♦93 95
99
*97
202%
201
205% 205% 204% 205%
*124 124% *124 124% *124% 1247s
*35% 36% *35% 36% *34% 35%
*92% 93% *92% 93% *92% 93%
IO6 I4 106% 106 106% 106 106%
275 275
263 275
*265 270
*107% 108% *107% 108% *107% 108%
190 190 *189%___
190 190
*1
1%
1
1% *1
1%
64% 65
64% 64% 62% 63%
*11% 13
*11% 13
*11% 13
100% 100%
Sales
of the
Week
Shires
Railroads
Chicago Kiev Hys com 100
Do pref__________ 1 0 0
201 Chic Rya part ctl ” 1 ” __
1,220 Chic Hys part ctf “ 2” __
185 Chic Hys part ctf ” 3’’ __
125 Chic Hys part ctf “ 4” __
Kansas City Ky A Lt.100
Do pret___________100
Streets VV Stable C L.100
Do pret__________ 100
/rliscel'aneous
2,000 American Can_______ 100
675 Do prof__________ 100
American Radiator.. 100
Do prof.............
100
Amer Shipbuilding__ 100
6 Do pref___________100
100 Amer Telep A T elcg..l0 0
863 Booth Fisheries c o m .100
20 Do 1st pref______100
Cal & Chic Canal * D.100
"376 Chlo Pneumatic T o o l.100
Chicago Telephone__ 100
10 ihlcago Title & Trust.100
358 Oommonv/’ th-Kdlson. 100
125 Corn Prod Ref Co com 100
15 Do
do
pref 100
202 Diamond Match_____100
78 Hart Shaif & M an pf.100
360 Illinois Brick________ 1 0 0
150 Internet Harve3terCo 100
Knickerbocker IceprflOO
110 National Biscuit_____100
100
Do pref______
513 National Carbon.___ 100
Do pref___________100
PwOlflc Gas A 131 C o ..100
Do
righ ts________
Do
preferred ..100
1,009 People’s Gas L&Cokc.lOO
PubServ of No 111 com 100
Do preferred___ 100
'"205
Rumely Common____100
25 Do preferred______100
1,840 Sears-Hocbuck c o m ..100
140 Do pref___________100
35 Studebaker Corp com 100
Do preferred____ 100
564 s’.vlft A C o ............... .100
197 The Quaker Oats C o ..100
Do pref___________100
Union Carbide Co___ 100
Do
righ ts________
104 Unit Box Bd A P C o .100
975 U. S. Steel com_____100
Western Stone______ 100
Wool worth, coni_____100
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Feb 14
Interest
period
Price
Friday
Feb 14
Bid
Week’s
Range or
Last Sale
Ask Low
Am Tel A Tel coll 4s___ 1929 J - J _m
91% Solo
Armour A Co 4 Ms_____ 1939 J - D
____ ___
Auto Elec 1st M 6 s_____ 1928
Cal Gas & El unlf A ref 5s 1937 M-N
Chicago City Ry 5s____ 1927 F - A 101% Sale
Chic City A Con Uys 53.(11927 A - O t 80
87
98%
Chicago Elev Ry 5s____ 1914 J - J { 98
95
Chic Pneu Tool 1st 5s..al921 J - J t 93
Chicago Rys 5d________ 1927 F - A 99% Salo
Chic Rys 5s____ series ’A” A -O { 94*4 95%
Chic Rys 4s____ scries “ A” A -O
Chic Rys 4s____ series "B” J -D { 80 Salo
Chic Rys 4s____ series “ C” F - A t 91% 94%
Chlo Rys coll 6 s...........1913 F - A
Chic Ry Pr m M g 4s.cl997 J - J { 73% 74
66
Chic Ry AilJ Inc 4s...cl927 Mayl t 50
Chicago Telephono 5s__ 1923 J -D tioi% Salo
Cicero Gas Co ref G m..l932 J - J { - - - - 98
Commonw-Edlson 53___ 1943 M - S {10234 Sale
Commomv Elec 5s__ 61943 M - S {102% 102%
Cudahy Pack 1st M 5s__ 1924 M -N {100%
{108% Salo
Dla Match Con deb 6 s__ 1920
Gen Mot 6 % 1st L notes. 1915 A -O
Ind Steel 1st g 5s______1952 M-N —
—
Do
1st g 6 s______ 1928
___
Int Har 3-yr 5% g notes.1915 F - A
Inland Steel 1st M g Os.. 1928 ........ —
—
Kan City Ry A Light Co
5 s ............................... 1913 M-N
Lake St Ei—1st 5s.......... 1928 J - J { 85
88’
Metr VV Side El 1st 4 s ...1938 F - A { 81 Salo
Extension g 4s_______ 1938 J - J { 80% Salo
MU El Ry A Lt 1st g 5 s ..1926 F - A {103 10-1%
do ref A ext 4 143 --1931 J - J { 94 94%
do gen A ref 5s___1951 J -D
Mllw Gas Lt 1st g 4s___ 1927 M-N { 89% 91
Morris & Co 4Ms______ 1939 J - J { 8834 89%
Nat Tube 1st g 5s_. . . __1952 M -N ___ ___
Nor Shore El 1st g 5s___ 1922 A -O {102%
do
1st A ref g 6 s__ 1940 A -O { 9934 100%
Nor Sh Gas of 1U 1st 6 s. .1937 F -A __ _ ___
___
North West El 1st 4s___ 1911 M - S
N W G L A Coke Co 5s.. 1928 Q-M { 99%
Ogden Gas 5s__________ 1945 M-N { 90% 90%
Pas Gas A El ref g 5s___ 1942 J - J
Pac T & T 1st coll tr 5s.. 1937 J - J
Pearsons-Taft 5s_______ 1916 J - D { 97%
4.40s ................................ M- S I 94
4.60s Series E___________ M-N { 95
4.80s Series F_____ _____ M-N { 96%
Peop Gas L A C 1st 6 3 __ 1943 A -O {114 117
Refunding gold 6 s____ 1947 M- S {102 102%
Chic Gas L A G 1st 5s.1937 J - J { 10234 103
Consum Gas 1st 5s___ 1930 J -lJ
Mutual Fuel Gas 1st 5s 1947 M-N {100 1001)
Pub Scrv Co 1st rel g 5s.1956
{ 97
9/%
SOU Bell T A T 1st s f 53-1941 J - J
South Side Elev 414s___ 1924 J - J { 92
93"%
Swllt A Co 1st g 5s.......... 1914 J - J {100 —
Tri-City Ry A Lt coll
trust lien s f 5s______ 1923 A -O . . . .
Union Elec (Loop) 5s___ 1945 A -O __ _ ___
U S Gypsum 1st g 5s___ 1922 M - S —
—
U S Steel 10-60-yr 3 f g 5s
Western Elec Co 5s____ 1922 J - J {101% 102%
Note—Accrued Interest m ust
be added t
B’ds
Sold
Range
for
Year 1913
High No. Low
High
100% May’12
105% AprU’12
90% May’ 12
88 Jan ’ 13
100% May’ 12
103% April’ 12
100 Jan 13
95% Sept ’ 12
100% July ’ ll
99% Jan '13
96%
96%
92 May’ 12
100 May’ 12
100% Mch ’09
96% Mch '10
97 Feb '10
98% Nov ’ ll
115% Sept'12
102% 102%
10234 Jan’ 13
101% Sept ’ 12
100% Jan ’ 13
97% Feb ’ 13
100% May’ 12
93% Jan ’ 13
100% Jan ’13
98% April’ 12
85 Aprll’ 12
100 May’ 12
1 0 2 % Aprll’ 12
100% Oct '12
0
all Oh'cago
Range for Year 1913
Range for Previous
Year 1912.
Lowest.
Lowest.
Highest.
30 Jan
90 Jan
88 Jan 14
22 Jan 8
6% Jan
3% Jan
8% Feb 4
30 Jan
91 Jan
98% Jan
26% Jan
8% Jan
4% Jan
3
20
30
13
16
9% Jan 3
26 Jan
113% Jan
470 Jan
133% Jan
50 Jan
100 Feb
131% Feb
6 4 Jan
86 Jan
55 Jan
50 Jan
14 46% Jan 31
14 129% Jan 30
* 500 Feb 11
21 131% Jan 6
2
55 Jan 13
103% Jan 2
139% Jan 3
22 71 Jan 3
22 89% Jan 6
29 55 Jan 29
14 52 Jan 10
205% Jan
141 Feb
13% Jan
77 Feb
107-% Jan
97 Jan
68 Jan
106% Jan
21
212
Jan 7
5 145 Jan 5
7 16% Jan 31
11 77 Feb 11
25 110% Feb 3
28 93% Jan 14
13 76% Jan 31
14 115 Jan 29
117 Feb
121 Jan
119 Jan
115% Feb
60% Feb
13
24
6
7
14
128% Jan
123 Jan
120 Jan
118 Jan
63 Jan
3
14
6
25
27
110 Feb 13 110 Jan 9
82 Jan 22 82% Jan 25
98 Feb 13 101% Jan 13
93% Feb
199% Jan
123% Jan
33% Jan
13 97% Feb 6
15 214% Jan 2
7 124% Feb 13
7 34 Feb 13
105% Jan
235 Jan
106% Jan
188 Feb
18
22
7
13
106% Jan
278 Feb
108 Jan
200% Jan
3
It
13
10
1 Jan 17
1% Feb
61% Feb 13 68% Jan
12 Jan 14 14% Jan
99% Jan 25 112 Jan
10
2
2
3
H'ghest.
25 Nov
90 Mas
83 Dec
19% Nov
6 J’no
3 Oct
14% Aug
40 Oct
6 Mch
35 Jan
40 Apr
93% Jan
104% Jan
38 Jan
11 Jan
5% Jan
25 Sep
50% Jan
11% Apr
52 J 'lie
11% Jan
91 Feb
325 Feb
131 Jan
45 Aug
100 Feb
138 Dec
39 Mch
77 Mch
49 Feb
44 Mch
137% Jan
184 Jan
135% Jail
10 Feb
87 Oct
103 J’ly
97 Dee
56 Jan
105% Dec
67 Mat
111 Deo
122% Oct
103 Mch
115 Feb
x 61 J’ly
x .60 May
47 Oct
126 Sep
405 J’ ly
135 Apr
61 Oct
106% Oct
198% Mch
70 Dec
95 J’llO
65% May
55% Oct
145 Mch
222 J’ne
150 Mch
21% Oct
87 Oct
111% Feb
102% Mch
73% Sep
126% Sep
70% Aug
161% Apr
130% May
135 Sep
120 Jan
67 Apr
x .65 Apr
103% Jan
80 Dec
98 Dec
94% Dec
1 99% Apr
140 Jan
121%Jan
30% J’ly
92 Dec
98% Jan
215 Jan
105% Jan
r!35% May
3% May
% May
58% Feb
9 Sep
122% Oct
x 94% Apr
rl07% Apr
98% Nov
zl03% Oct
221% Nov
125% J’ne
49 Aug
97% Aug
1091,1 Apr
397 Nov
110 Jau
234 Nov
0 May
1% Jan
80% Sep
15 Nov
Chicago Banks and Trust Companies
91 Aprll’12
01%
91% " * 2
91% 91%
82% April’ 12
96% May’ 12
101%
10134
100% 101%
86 Feb ’13
86
89
98% Jan 13
97% 98%
94 Fob ’ 13
94 94
99%
100%
99% 100%
94% Jan ’ 13
94% 9434
96% Jan ’12
8534
86%
84% 86%
93 Jan ’13
93
93
100 Jan T2
73% Jan ’ 13
72% 75
53 Feb ’ 13
50
58
101%
10134
101 10134
96% Deo ’ 12
10234
103%
102% 103%
102% Feb ’ 13
101% 102%
9934 Dec T2
108% 108%
108 108%
9934 Aprll’12
101% May’12
90 Oct ’ 12
87 Jan ’ 13
81%
81%
80%
80%
104% April 12
95 Aprll’12
STOCKS
CHICAGO STOCK
KXCHANQB
87 87
81% 82
77% 81
99% 99%
96
9034
101% 102%
102% 103
100% 100%
97
97%
92
100
93%
100%
NAME.
Ing
Stock, t
and
ProfUs.i
In
1911.
Dividend Record.
In
Per Last Paid.
1912. iod.
%
*186,816
2h
Jan ’ 13, 1)4
1/09,084
1 0 0 ,0 0 0
6
None An Jan ’ 13. 6
250,000
14,427 Beg. b us. Oct 7 ’ 12 V. 95. p. 944
21,500,000 9,656,716 10
10
Q-J Jan ’13, 2h
3,000,000 0,255,731 16
10
Q-J Jan ’ 13, 4
100,305
6
2 0 0 ,'
6
Q-J Jan '13, U4
355,277 10
750.
10
Q-J Jan '13, 214
201,431
200,
8
Q-J Jan ’ 13, 2
1 0 ,0 0 0 ,(too 11,897,4/7
12
17 Q-M Dec31’ 12 i l l
150,090 j/209,125 12
12 h Q-M Dec31’ 12. 5
l, 0 0 0 ,0 0 u
531,301 Prlv ato Ba
2,000,090
730,178
8
8
Q-J
2
209,000
2 2 2 ,2 1 0 Org. N ov 25 1912
1,500,000 1,611,957 Not pu bllshcd
2 0 0 ,0 0 0
233,091 Beg. b us Aug ’ 1 2 . V. 96. D. 273.
400,000 2177,687 10
5
10
J-J
2 0 0 ,0 0 0
21,902 Beg. b us.Apr 8 ’ ll V. 92, p. 1 0 0 1
200,099
58,037
Live Stock Exchange Nat 1,250,900
579,38/ 10 10A2e Q-M
414
2 0 0 ,0 0 0
Mech A Traders State—
252,853 Beg. b us.Aug 26’1 2 V 95, p 593
Nat Bank 01 Republic— 2,000,009 1,441,175
8
8
Q-J Dec31’ 12. 2
680,127
6
National C ity...... .......... 2,900,000
G Q-J Jan ’13. 114
250,099
108,860
0
6
National Produce...........
Q-J Dec31 12. 114
200,900
80,634
7
7 Q-J Jan 13, lJi
North Avenue Stato-----200,009
6,342
6
$(} Q-J Oct ’ 12, 1 14
North Side Stato Savings
2 0 0 ,0 0 0
245,500
5
0
North West Stato______
Q-J Jan ’ 13, 1 H
500,000
Q-J Jan ’ 13, 214
105,558
People’s Stk Yards State.
9M 10
26,024 Beg. b us Nov l ’ ll V.93, p. 1235
2 0 0 ,0 U0
Second Security.............
0
Q-J Jan 13, H4
6
400,000 2160,729
Security______________
8
117,500
8
2 0 0 ,0 0 0
South Chicago Savings__
Q-J Jan '13, 4
6
0
18,79 4
2 0 0 ,0 0 0
Q-J Jan '13, H4
South Side Stato_______
12
Q-J Jan ’ 13, 3
Stato Hank of Chicago__ 1,500,000 2,477,759 12
66,357 Beg. b us. Aug 19 ’ 1 2 V. 95, p.523
2 0 0 ,0 0 0
Stato Bank of Italy_____
237,903
10
8
250,000
Q-M Dcc31 12 3
Stock Yards Savings____
168,594
0
6
500,000
M-N Nov’ 12, 3
Union Bank of Chicago..
17,991
0
1 0 0 ,0 0 0
OH Q-J Jan ’ 13, 2 h
Washington Park Nat__
8
8
Q-J Jan ’ 13, 2
Central Tr Co of Illinois. 4,500,000 1,960,253
500,000 2356,907 10
10A2e J-J Jan '13, 7
Chicago City Bk A Tr Co
290.996
6
0
Chicago Sav Bank A T r.. 1 .0 0 0 ,0 0 0
Q-J Jan '13, 114
8
8
Chicago Tltlo A Trust__ 5 ,0 0 0 ,0 0 0 V2,263,235
Q-J
2
600,000
488,230 8A2e SA2e Q-J Jan ’ 13, 2>4
Colonial Trust A Savings.
___
Cont & Comm Tr A Sav. 3 ,0 0 0 ,0 0 0 1
250,000
143,724
Drovers Trust A Savings.
8J4 10
Q-J Jan ’ 13. 214
First Trust A Savings___ 6 ,0 0 0 ,0 0 0 2,044,849 16
None Q-M Dec30’ ll, 4
250,000
17,812 Beg. b us. Apr 3 ’ ll V. 92, p.929
Ft Dearborn Tr A Sav Bk
2 0 0 ,0 0 0
trG3,673 Beg. b us .Apr 8 ’ 12 V. 94, p. 1030
w Franklin Tr A Sav Bk..
251,570
Greenebaum Sons BkATr 1,500,000
Q-J Jan '13, 214
2>5 10
2 0 0 ,0 0 0
u 43,600
Guarantee Trust A Sav..
J-J Jan '13, 3
0
Harris Trust A Savings.. 1,500,000 2,205,224 12
Q-J Jan '13, 8
12
300,000
Home Bank A Trust-----273,853 Beg. b us .Apr 10 '1 1.V.92,p.1004
Illinois Trust A Savings.. 5,000,000 10,188.603 10A4e 1 0 A le <7 Jim 1.1, 4
Kenwood Trust A Savings
2 0 0 ,0 0 0
7A2e Q-J Dcc.31T2.lJi
280,526
7
Lake View Trust A Sav_.
2 0 0 ,0 0 0
0
274,355
Q-J DOC31T2, 114
6
La Salle St Tr A Sav Bk.. 1 ,0 0 0 ,0 0 0
256,508 Beg. b us. Ma y ’ 10
Mercantile Trust A Sav..
250,000
241,522 Beg. b us .J'ly 1 *12 V. 94. p 481
Q-J Jan ’ 13, 4
10
Merchants’ Loan A Tr Co 3,000,000 6,988,040 15
___ Q-J Jan '13, IH
Michigan Ave Trust C o..
2 0 0 ,0 0 0
68,009
Mld-Clty Tr A Sav Bank
60U.000
117,751 Com.b US. Ap 10 ’ 1 l.V.9L\p.lO(H
8
Q-J DCC31 12 2
8
Northern Trust Co......... 1,500,000 2,857,380
J-J Jan T3, 4
8
8
139,141
250,000
North-Western Tr A Sav.
252,020 Beg. b us.J’nc 1 ’ll V. 92, p. 1537
Old Colony Tr A Sav Bk.
2 0 0 ,0 0 0
8
Q-J Jan T3, 4
209,605 ___
500,000
People’s Tr A Sav Bank..
8
8
280,151
Q-J Jan ’ 13, 2
300,000
Pullman Trust A Savings.
3 Q-J Jan T3, 114
47,677 ___
2 0 0 ,0 0 0
Sheridan Tr A Sav Bank.
410,122 Comm cnccd bus. Sept. 0 1910
Standard Trust A Savings 1 ,0 0 0 ,0 0 0
«50,000
0
6
J-J Jan T3. 3
2 0 0 ,0 0 0
Stockmen's Trust A Sav.
1,548,645 8 A2 fl
8
1 ,2 0 0 ,0 0 0
Q M Jan 10 T3. 3«
Union Trust Co____
113,139 8A2e 8A2e Q-M Jan T3, 4
400,000
West Side Tr A Sav Bank
90,020
10
2 0 0 ,0 0 0
oh
Woodlawn Tr A Sav Bank
Q-J (Jan '13. 214
American State______ _
Calumet National______
Central Mfg District Bk.
Continental A Comm Nat
Corn Exchange NationalDrexel Stato__________
Drovers’ Dcp National..
Englewood State_______
First National................
First Nat Englewood___
Foreman Bros Bank’g Co.
Fort Dearborn National.
Halsted St State Bank__
Hibernian Banking Assn.
Hyde Park State_______
Kaspar State Bank.........
Lake View State_______
*2 0 0 ,0 0 0
t No price Friday; latest price tills week } Sept. 1 1911. II Dividends not published; stock all acquired by the Continental A Commercial Nat. Bank, a Due Dec. 31.
6 Duo Juno, c Due Feb. d Due Jan. 1. e Extra dividend, x Sales reported beginning April 18. n Jan. 16 1913. 1 Dividends are paid Q.-J. with extra payments
Q.-F. r Jan. 2 1913. 1 Dee. 31 1912. u Jan. 3 1913. w Douglas Stato Bank absorbed by Franklin Trust A Sav. Bank, capital of latter being lno. to 8300,000; V. 95,
p. 1511; V. 96, p. 250; figures hero given aro as of Dec. 2 1912 and are for consol, institution, t/Nov 20 1912. sNov. 27. 1912.
eAmor Tclcg A C a b le ... 100
eCentral A South Am er. 100
TRANSACTIONS AT T H E N EW Y O R K STOCK EXCH AN G E
D A IL Y . W E E K L Y AND Y E A R L Y
S a t u r d a y ....... ............
M onday-------------------T u e s d a y ____________
W ednesday--------------Thursday ___________
F rid ay---------------------T o t a l........................
Salesat
NewYorkStock
Exchange.
Stocks— N o. shares..
Par value________
Bank shares, par____
Bonds.
Government b o n d s..
State bonds________
IUt. and rnlsc. bonds.
Total bonds_______
Stocks
Shares Par value.
84,206
183,621
369,211
Railroad,
&c„
Bonds.
Stale
Bonds.
$8,105,600
$1,05S,000
16,342,100
2.227.500
33,491,110
2.415.500
n o n DAY.
43,064,750
2,768,500
35,017,500
2,075,000
475,855
371,295
1,484,188 $136,021,050
510,544,5001
Week endingFeb 14.
1913.
VS
Bonds
$23,000
52.000
59.000
S30.000
48.000
23.000
1 1 ,0 0 0
$205,000
$41,000
Jan. 1 toFeb. 14.
1912.
1912.
S3,500
413,500
10,920,500
$247,500
2,801,000
75,242,000
510,790,500l Sll.367.500l
S7S,200,500
$147,291.500
D AILY TRANSACTIONS AT I'HE BOSTON AND PH IL A D E L P H IA
EXCHANGES
Weekending
leb. 14 1913
Saturday.___. . . . . __
M o n d a y ___. . . _____
T u esd ay___________
Wednesday_________
T h ursd ay_. . . -------Friday..........................
Total
Philadelphia
Bond
Listed Unlisted sa
les
shares. shares.
Listed Unitsed Bond
shares shares sales.
607
3,241
11,850
$29,200
05,300
57,900
21,305
17,965
$3,000
9,393
31.000
14,074
19.000
21,846
____I lO H D A Y . . .
lSf, 366
64.000
12,270
14,818
33.000
37,361
"lV, 661
10,459
ifolooo
51,700
08,5241
48,814
43,118
$204,100
5,204
7,357
9,009
6,636
9,150
13,462
$140,000
95,544
Inactive and Unlisted Securities
All bond prices are now "and interest’' except where marked "f "
Street Railways
Bid Ask
Neu>YorkCity
Blceck St A Ful Fy stk.100
1st mtgc 4s 1950......... J-J
B'y & 7th Ave stk ......... 100
2d mtgo 5s 1914.........J AJ
Broadway Surface l il t —
1st 5s 1924..................JAJ
Cent Crosatown s t o c k .. 100
1st mtgc 6 s 1922____M-N
Con Pk N & E Itlv stock. 100
ChristopherAlOth St stk 100
Dry Dock E B A B—
1st gold 5s 1932........... J-L)
Scrip 5s 1914.............. F-A
Eighth Avenue stock__ 100
Scrip os 1914................ F-A
42d & Gr St Fy stock___100
42d St M A St N A ve. ..100
1 st 0s 1 9 1 0 ..................M-S
Ninth Avenue s tock ____100
Second Avenue stock ..100
Consol 6 s 1948 e tfs ..P -A
« Sixth Avenue stock ..100
Sou Uoulev 5s 1945..........J-.
So Fer 1st 5s 1910. . . A-O
Tarry WP A M 5s '2 8 . .MAS
28 & 29th Sts 5s UjjctfsA-O
Twenty-third St s t o c k ..100
Union Ry 1st 5s 1 9 4 2 ..F-A
Westchester 1st 5- '43. J-J
Yonkers St UR 5s 1910 A-O
20
26
80
182
70
170
99
10 0
10 1
103
___
10 1
1
125
10 0
/ 37
300
/ 99
260
10
3
135
105
40
325
10 1
285
f___
180
3
38%
/ 30
115 124
93
88
97% ___
80
/ 75
25
15
2 10
203
10 1
____
96 10 0
160
1
t
88
Brooklyn
Atlan Ave UR con 5s '31 A-O
B B A W E 5s 1933___ A-O
Brooklyn City H R ..............19
Bklyn Hgts 1st 5s 1911. A-O
Coney Isl A Bklyn......... 100
1st cons g 4s 1943____J-J
Con g 4s 1955................J-J
Brk C A N 5s 1039. ..J-J
Nassau Elec 1st 5s 1941. A-O
N Wmsburg A Flatbush—
1st 4 Ms Ju.V 1941..FA A
Stclnway 1st 0s 1922__ J-J
10 2
97
1 G0
10 1
93
80
78
99
163
103
10 1
85
83
10 1
10 2 %
103%
92
95
10 0 % 10 2 %
Othercuter
103
103%
60%
90
73
« Preferred.........
70
« Detroit United Uy
.. . .
30
c 781.1
85%
94
105
34
74%
Stk E
Pub Serv Corp of N J
103
Tr ctfs 2% to 6 % L .
80
No Jer St 1st 4s 1948 M-N
73
10 2 %
108
235
Bun St Uy 1st c o n 5 s '3 IP-A
t
x
c
10 2
79
125
99
10 0 %
10 2
98
112
10 0
27
77
20
76%
90
62
88
a
10 1
10 1
10 1
70
91
75
80
80
32%
81
00
90
105*2
—
70
X list
109
—
75
103%
—
____
____
____
130
10 0
____
____
Street Railways— (C’J/l.l
United Lt A Hys c o m .. 100
First preferred_______ 100
Second preferred_____ 100
United Hys of St L—
Com vot tr c t fs ........... 100
P r e fe r re d ................. 10U
Wash Ry A Ei C o........... lou
Preferred ......................100
4s 1051........................J-D
West Penn TrA Wat Pow 100
Preferred ___________100
c
83
80
74
13%
41
85%
89%
83%
35
79%
NewYorkCity
Cent Un Gas 5s 1927____J-J
e Kings Co El L A P C o .. 100
New Amsterdam Gas—
1st consol 5s 1948____J-J
N Y A E R Gas 1st 5s'44 J-J
10 2 %
e N Y Mutual Gas I ,____100
N Y A Q El L A Pow C o. 100
P referred ......................100
N Y A Richmond C as__ 100
N'Orth'n Un 1st 5s 1927 M-N
Standard G L 1st 5s 1930 Al-N
168
OtherCities.
Am Gas A Elec c o m .........60
P referred ........................50
Am Lt A Trac co m ......... 100
P re fe rre d ......................100
Amer Power A Lt c o m ..100
P rcle rre d ......................100
Bay State Gas....................80
Buffalo City Gas ito c k .,1 0 0
Cities Service Co com ___100
Preferred ................. ..1 0 0
Columbia Gas A E lec___109
1st .is 1927 ................. .J-J
Con Gas of N J 5s 1938..J-J
Consumers' I- II A Pow —
6 s 1938........................J-D
Consumers Power (Minn.) —
IstArcf 5s l92V op 'U -M -N
Denver G A El 5s 1949.M-N
Elizabeth Gas Lt G o____100
Essex A Hudson G a s ...100
Gas A El Bergen C o ___ 100
Gr't West Pow 5s 1946..J-J
Hudson County G as____100
Indiana Lighting C o ____100
4s 1958 o p t..................F-A
Indianapolis C as________ 50
l3t g 5s 1952............... A-O
Jackson Gas 5s g 1937..A -O
eLaclede Gas preferred. . lou
Madison Gas 03 1976__ A-O
Narragan (Pvov) El Co .50
Newark Gas Cs Apr'44_Q-J
Newark Consol C a s......... 100
No Hud L 11 A P 5s 1938 A-O
I’aciUc Gas & E coin__ 100
P referred......................100
Pat A Pas Cas A Etoc___100
St Joseph Gas 5s 1 9 3 7 ...J-J
■Standard Gas A Elee(Del) .50
P referred ...................... 50
United Electric of N J . 100
1st g 4s 1949............... J-D
Western Power c o m __ 100
P referred ...........
100
Western States Gas&Elcc—
1st A re f g 5s 1941 o p .J -D
J-J
N Y A 15 It Ferry stock. 100
1st 5s 1922........
m- n
N y A Hob 5s May '4 8 ..J-D
70
Hot) Fy 1st 6sl910..M ->!
2 1 % N Y A N J 6 a 1946___ J-J
77% 10 th A 23d SU Ferry ..1 0 0
1st mtge 5s 1919_____J-D
63% Union Ferry s to ck ......... 100
1st 5a 1920..................M-N
80
103
28
b
* Per share
And accrued dividend,
Basis. * Listed on 3t
If Ex-rlghts
Includes all new stock dividends and subscriptions
preceding page.
z
B id
A sk
86
82
77
13%
42
86
00
81%
30
SO
Electric, Gas A Power Cos
Ferry Companies
B &N Y lBt 6 s 191 1 ..
60's 6 6
110 114
100 110
62
72
40
50
118 125
81
88
66
6S
115
120
66
74
96 101
85
95
Comm’ l Un TeKN Y ) ._ .2 3
Empire A Bay State T e l.100
Franklin ........................... 1(X)
Gold A Stock T e l e g ... 100
Mackay Cos c o m ____ 100
Preferred.....................100
Northwestern Teleg____50
Pad .0 A Atlantic..............25
Pac Tclep A l'eleg pref.100
Southern A Atlantic......... 25
e
e
e
e
e
Short-Term Notes
Amal Copper 5s 191 3..A-O
Balt A Ohio 4 Ms 1913.J-D
Bklyn Rap Tr 5a 1918___ J-J
d ie s A Ohio 4 Ms 191 4..J-D
Cldc A Alton 5 3 1913__ M-b
Cldc Kiev Ilys 5s 191 4..J-J
Cin Ham A D 4i 1 91 3...J -J
Eric 63 April 8 101 4..A-OS
Coll 5s Oct 1 1914 . . A-O
CoU 5 3 April 1 1 9 1 5 ..A-O
Qen'l Motors os' 15
N Y
Hudson Companies—
63 Oct 15 1913 . . AA 015
ill Cent 4>^s 1914...J A J
lilt A Gt Nor 5s 1 9 1 4 ..F-A
Inter Harvester 5s '1 5.F A A
K C Ity A Lt 6 s 1912.. M-S
Minn A St L g 5 3 1014..P-A
Mo Kan A Tex 5s 1913.M-N
Missouri Pacific 5s 1914.J-D
Nat Ilys of Mex 4 Ms ’ 13.J-D
S N Y C Lines Eq 5s 1913-2.
4 H 3 Jan 1014-1925... J-J
4.14S Jan 1914-1927
J-J
N Y Cent 4 Ms 1914___ Al-S
N Y N H A Hartford 5s T3 J-D
St L A S F 5s 1913 opt J-D
0s Sept 1 1914 o p t __ M-t
Southern 5s 1910___. .P A A
Wabash 414s 1913___ M-N
West Maryland 5s 1915 J-J
Wcstlngh’se El A M 6 s 1913
6 % notesOct'17
XV
100
100
96%
99%
99%
9s
100%
100I4
97
99%
100
93 14
9 9 * 2 100
100% 1 0 0 %
9 9 1 2 100
98% 99%
Hkt-.x ust
—See
1,484,183
11,527,323
1,545,745
5136,021,050 S139.079.350 $1,065,588,850
$ 1 ,0 0 0
$16,300
SO,400
$41,000
205,000
10,544,500
Bid Ask
telegraph and telephone
Volume of business at Stock Exchanges
Weekending
Feb. 14 1913.
477
THE CHRONICLE
F e b . 15 1 9 1 3 .]
103%
123% 125
10 0 % 10 1%
106
10 1
103
10 1
02
68
78
57
85
65
10 0
10 0
10 2
*83
*44
395
108
73
84
*%
106
86
40
too
110
75
80
%
4
5*2
130 131
87
89
13% 14
72
74
98
—
10 0
.
87
93
325
130
83%
96
135
88
00
87
83%
130 133
42
46
70
69
45
33
90
87
97 1 0 0
s 99% 1 0 0
103 109
93
* 00
125
97
10 0
60%
90
90
61
90%
95
02
96
*2 1 % 2 2 %
*49% 60
88
03
82% 83%
20
48
49
88
8
92
60
99
00
10 0
15
10 1
12
83
e Listed
/
99l2
100
98%
100%
88
98
99%
97%
98
4.SG
98%
100%
98
99
4 60
4.65
5 4 *4 %
4.65
0 9 14 100
10 0 % 10 0 %
92% 100%
99% 100
99% 100
---------97% 98%
100% 101
a x 1 . v 11st
b
bi-ipc
Railroad
* Chic A Alton c o m ____1 0 0 ------- 16
lOo
25
40
P referred...............
Chic St P M A O m ____100 125
135
P referred..... ............... 10u ISO 158
Colo A South c o m . . . 1 100 20% 30
1st preferred..............lOo
65
70
2d preferred............. 100
00
70
N Y Chic A St L com ..l o t i
05
58%
1 st preferred...............loo
'09 -
2d preferred.............. 1 0 0
60% 90
Northern Securities S tu b s.. 105 110
Pitts Bess A Lake E rie ..60 *20
34
P referred ........................60 *02
68
j Railroad Sccur.tles C o—
11! C stk tr etfs Ser A .
79
84
West Pac 1st 5s 1933..M-S
SO
86%
e
e
e
i
a
e
e
e
c
Standard Oil Stocks
Anglo-American O il......... £1 *18 ‘ 19
Atlantic lte ilr d n ;........... lo o 670
680
Borne-Sorymser C o......... 1 0 0 340 360
Buckeye Pipe Line Co___50 ‘ 170 173
Chesebrough Mfg C o n s..200 650 660
Colonial O il...................... 1 0 0 130
135
Continental 0 . 1 _________lo o 1800 1900
Crescent Pipe Line C o __ 60
66
63
Cumberland Pipe L in e ..100
75
SO
Eureka Pipe Line Co___100 3S0 385
Galena-Signal Oil c o m .. 100 294 293
P referred...................... 100 136 138
Indiana Pipe Line Q o____50 *138 140
National Transit C o......... 25 * 49% 50%
New York Transit Co___100 335
340
Northern Pipe LincC o._100 H 7 120
Ohio Oil C o ........................ 2 5 *126
--J
Prairie Oil A Gas.............. 100 326 ouJ
Solar Refining..................100 690
710
Southern Pipe Line C o ..100 260 265
South Penn O il............... 100 965 975
Sou West Pa Pipe Lines. 100 165 170
Standard Oil of Calif___lOo cl83 185
Stand Oil of Indiana____1 0 0 33G 339
Standard Oil of Kansas. 100 520 530
Stand Oil of Kentucky ..1 0 0 410 420
StandOU ol N ebraska.. 100 305 320
Stand Oil of N J ( o l d ) . . . 100 1110 1130
Stand OU of N J ..............100 388 391
Standard Oil subsidiaries__ 730 740
Standard Oil ol N Y ____100 660 670
Standard Oil of O h io ... 100 290 300
Swan A Finch..................10J 230
250
Union Tank LineCo____100
74
77
Vacuum O il......... ............. 100 174 178
Washington O il.................1U *33
36
Waters-Plerce OU___IIIlOO 1500
1600
*
tobacco Stocks
(SeealtoSlockh'xchangeList)
Amer Cigar com ________ 100
Preferred____________ 1 0 0
Amer Machine A F d y_.10 0
Britlsh-Amerlcan T o b a c .£ )
Conley Foil.........................100
Helme (Geo W) c o m ..100
e Preferred ..........
100
Johnson Tin Foil AMelai 100
MacAudrcws A F orbes.. 100
Porto-Rlcan-Amer T ob .100
Reynolds (R J) T ob acco. 100
T obacco Products co r n .. 100
Preferred__________
10 0
Uufted cig a r Mfrs com 100
P referred___________ 1 0 0
UnltedClgarStoresofAm com
P referred______ __________
e Wcyman Bruton C o . . .100
e P referred_____ ______100
Young (J S) C o................ 100
e
e
c
148
8S
55
*24%
290
170
100
180
190
250
260
120
92
49
152
95
05
24%
300
188
117
195
108
260
268
140
94
60%
105 ■
10 2
105*4 106%
116 118
285 305
114 US
175 ISO
35
05
16
02
Industrial and Miscellaneous
e Adams Express _______100
142
Col i r e 4s 1947 _____J-D / 79%
Alllanco R ea lty................ 100 115
Amer Bank Note c o m ...5 0 *50
P referred ______________ 50 *53%
American B o o k ________ 106 170
American Brass................ 100 139
American Chicle com ___100 195
Preferred .................
100 99
^American Express------100 163
Am Graphophoue c o m ..100
43
P referred_____________ 100 73
American Hardware____100 133
Amer Malting 6 s 1914..J -l) 101
Amer Press Assoc’ n ____100
48
SOI*
101
170
80
80
122
298
15
106
*4
52
95
zl
110
136
43
100
80
85
88
61
101%
70
20
75
62
57%
1)0
10%
93
-1%
185
Asfc
101
73%
205
5
50
103
101
21$
12
85
90
130
303
116
107%
4%
54
9612
40
120
139
101
S5
88
91
66
102%
SO
23
90
63
58%
100%
16%
94
1%
190
___ 98
bo
67
96% 97%
10
13
40
45
181 205
107% 110
;
85
4
8
62
66
7
e
e
e
e
e
X
e
—See
—Sees ts:
—See
-Seel
t United Dry Goods .
98
104
190
105
110
50
98%
105%
200
111
111%
56
____ 75
88
92
09 102
97
tk Ex list
95
e Preferred......... ..........
U S Steel Corporation—
100
114
114
__
87ix
55
110*2 115
—
50
5
Wells Fargo A Co.
& Mtge G uar.
*80
137
102
99%
71%
200
*4
48
100
09%
2
f
155
117
62
54
175
142
205
Bid
15
65
1st g 6 s June 1 1922. J-D
Hecker-Jones-Jewell Minin,
101%
102%
1st 6 s 1922 ................ M-S
10
20
Herrlng-Haii-Marvln __10U
Hoboken Land A Improved
1st 5s Nov 1930......... M-N 103 105
4 1?
5%
Hocking Vai Product
48
50
1st g 5s 106 1................ J-J
105
1 Ingersoil-lland com __ 1 0 0
92
Preferred............. I.IlO o
10
8
Intercontln Rub co in I..1 0 0
tnternat Banking C oIIIlO b 100 115
International N ickel____100 142 143
Preferred....................... luo 105% 106%
2
5
International Salt........... 100
1st g 6 s 1051................A-O / 51% 63%
international Silver pref 10J 130 136
1st Os 1 94 8.................J-D 110
tnternat Smelt a K efi..
_ 122 126
80% 87%
Lanston M onotype......... 100
Lawyers' Mtgc C o______ 100 215 219
L eh igh Val Coal S ales. 60 205 215
60
70
Manhattan S h ir t ______ 100
P referred....................._ iuo 101 102%
Manhattan Trans.t.
" 2u
*1%
1%
Mortgage Bond C o l l ” " io o 103 100
J National Surety____I lOu 200 205
15
20
New York Dock coin ” 100
32
42
Preferred.....................j.0 0
N Y Mtge A S e c u r ity ... 1 0 0 198 205
N Y Title Ins C o ______ 100 115 119
*5
6
N Y Transportation_____
84
88
Nlies-Bein-Pond com ___1 0 0
*%
%
Ohio Copper C o.................. 10
2%
3
Ontario Silver................ 100
81% 82%
Otis Elevator co m ......... .100
97% 98%
P referred...................... 10
29
27
ePettibone -Mid!Ikon ColOO
96
99
1 st preferred .......... . 1 0 0
*9
10
Pittsburgh Brewing......... ot
*35
35%
P referred................
97>4 100
Pittsburgh Steel pref..iO O
32
30
Pope Mfg Co co m ___
74
77
101 103
Producers o i l ....................106 130
110 115
195 205
105 10S
P referred ..................... lOi
iiSt
: Runieiy (Mi c o com
Safety Car Heat A L t___106 116% 117
Sears,Roebuck ACo
Y Dili 1. x list
lit
el'rcferred
Chic Stk
295 300
Singer Mfg C o................. 101
35
40
105 111
75
79
Stern Bros pref.
97 100
95 100
93
95
•itk E x list
Tonopah Mln(Nev)
7
4
55
50
20
331*
—
102 105
100 102
21
92% 05
08
25
65
—See
9S12
99%
98>2
IOOI4
Indust and Miscell — ( C o n . )
Am Steel F d y 6 s 1 9 3 5 ..A -O
D eb 4s 1923..................F-A
Am erican S u r e t y _________ 50
A m erican T h rea d p r e f____ 5
A m er T yp efou n d ers com . 100
P r e fe r r e d _____________ lo o
D eb g 6 s 1039________ Al-N
Am er W ritin g P a p e r____ 100
Barney A Sm ith Car com lO o
P r e fe r r e d ..........................100
Bliss (E VV) C o c o m _____ 50
P r e fe r r e d ................. . _
B ond A M tgc G u a r_____ lOo
B orden 's C ond Milk c o m . 10 )
P r e fe r r e d ______________1 0 0
British C 0 1 C op per C o . . .
B row n Shoe c o m ________ 100
P r e fe r r e d ______________100
aseln Co o f A m er c o m . . 10
P r e fe r r e d ............. ........... l()t
C asualty Co o f A m e r ica . 10
C elluloid C o _____________ 10
C ity In v estin g C o .............10
P referred ________ ..l O i
» d a m n (H B ) C o c o m lllO O
« 1 st preferred............... HE
' 2 d p referred .................. 1 0 :
in e it P ea b od y A C o com 106
P r e fe r r e d ______________lu o
Consol Car H e a t i n g . . . 1 109
Consol R00
u b b er 'lir e
lo u
P r e fe r r e d .............
_ ’ ioo.
D ebenture 4 s lu o’l _'_” a - 0
m tln en ta l C an c o m .
P r e fe r r e d _________ II . 1 0 0
e C rucible S leei c o r n ____ iu<.
e P r e f e r r e d ..
” *llr.
U a v ls-D aiy U 'o p p e r 'c o ” 1.
d u P on t ( 1) do N cm P ow io o
e P re fe r re d ...................... r e
.a u erson -B ra n t log .la m . HE
P referred ___________ , 1 0 .
em p ire Stee! A Iron com 106
P r e fe r r e d .......................... 1 0 0
i G eneral C hem ica l coin 1100
e P re fe r re d _______
xo
k H ack ensack w 'a te r'O o —
R ef g 4s '5 2 op 1912
J-J
sW oolwortb (F W l-
) 162
) *140
J 69
J 98
Stk E
) 104
k.
170
142
70
99
x list
107
x Ex-div.
on Stock Exchange but Infrequently dealt in; record of sales, if any, wiU be found on a
473
BOSTON STOCK EXCHANGE—Stock Record
SHARK PRICES—NOT PER CENTUM PRICES
Saturday Monday Tuesday Wednesday Thursday Friday
Feb 10
Feb8
Feb11
Feb. 12
Feb. 13
Feb. 11
% *103% 1033 *102% 103%
% *101 2 10D *101 101%
*21212 213 212% 2121 212% 212%
11112 1115% 111 2 1111 109 111%
•203 205 *203 205 *203 205
*95 96
95
951 *95
90
•___ 290
290 *-----290
*712 ... .
*7 % ___
*7 % ___
*65
70
*65
70
*95
70
•
7
7 *----7
*40
45
45
45
*44
50
•166 168 *160 168 *100 168
•105
*104%___ *104%___
•___ 260 - *
___ 260 *-----260
121% 122 121% 121% *120% 122
*125% 1263.1 120 126 *123 ___
83
83
83
83
83
*103%
*105
*105 ___
19% 193 *18
19
*17% 18%
78% 783 78% 79
78
78%
129 129
129 129% 128% 129
•175
*43
•160%
•89%
•160
81%
97
170
49
*43
161% 100%
90% *89%
*150
81% 81%
97
*97
176
49
100%
90%
176% 176%
*43
49
158 159%
*88% 89%'
*150 ___
81% 81% 81%
99
98
98
63
63
9778 98
*4 Mi 4%
*21% 22
117 117
11012 11612
1317g 132%
•I8I2 18
79 79%
63
53
51% 621.1
98
98% 97% 98%
*4 X, 4%
4
4 Mi
21% 21% 20% 21
117 117% 116 117
110% 117
115% 116%
132% 132% 132 132%
*17
18%
79
79
78% 79
*
---------------74 73
*71
72% ♦71
•99% 100 *99 100
100 100
*5 % ___
*5%
* 5 % ___
1034 1034 *10% 11
10
10
14% 15
14% 14% 14
14%
281% 283 283 283 282 283
142% 142% 141% 142% 140% 141%
*9184 92% 91% 92
91% 92
93% 94
9-1 94% 94% 94%
218% 218% *218 218% 216% 218
3% 3% *3% 3% *3% 4
•
___________
75 75
75 *----*88 88% 87% 87% 80% 87%
158% 158% 158 168% 157% 153
161 161
161 161% 160 160%
*15
16% 15
15% 15
15
106 106% 106% 106% 100 106%
27% 27% *27% 28
*27% 27%
*27 28
*27
28
*27
27%
*1% 2
*138 2
♦1% 2
175 175
175% 177
173% 176%
52 52
61% 52
51
61%
28
28
27% 23
*27% 28
6434 65
6458 64% 02% 64
♦108% 109
108% 108% 108% 108%
4
4
4
4
4
4%
*1% 2
2
2
*1% 2
38
33
*37% 38
37% 37%
72% 72% 70% 71%
72% 73
31% 32% 31% 32% 31% 32%
*3% 3% *3% 3JS
3% 3%
.35 .35
.35 .35 * .35 .45
6% 7
*6% 7
6% 6%
*3
3% *3
3%
3
3%
35% 35% 35% 36% 35% 38%
65 65
65 65
64 65
•490 600 485 490 480 485
16% 16% *16% 16% *15
16
•41% 41% 41% 41% 40% 41%
• .02 .04 ' .02 .04 * .02 .04
45% 46
40 46
44% 46
3% 3% *3% 4
•3% 4
13% 13% 13
13% 12% 13%
*6% 7%
7
7%
7
7
3Mi 3Mi
3
3%
3% 3%
68»4 68% 68
68 z84% 66%
8% 8% z8% 8%
8 Mi 8%
•19% 21
21
*20
*19% 20
*%
<
%
%
%
•14% 15
14% 14% *1412 15
•16% 18% *10% 16% *16% 16%
60
66
*55 66% 55 50
80
80
80
86 87 87
27% 28
28% 28% 27% 27%
3% 33g
3% 3%
3M 3%
*2% 3*8
3
3
3% 3%
19% 20 *19
20
18
19
•4% 6% •4% 5
•4% 6
8
, 8
8
8
8
8
4% 434 *4% 5
*4% 5
•11
11*2 11% 11% 11
11
•22% 23
23
23
22% 22%
•1% 1*2 *1% 2
*1% 2
62% *62% 63
52
62%
18
17% 18
17% 17%
*2
2% *2% 2% *2% 2%
8% 8% *8% 9
8% 9
29% 29% 29% 29% 28% 29
. 2% 2%
2
2%
2
2
•2
2% *2% 3
2% 2%
6% 6*4 6% 6%
5% 6
•49
49% *49
49% 48
49
90
*94
*95
97
94
94
25% 25% 25% 25% 26
71% 72
72
72
73
•19
19% 19% 19% 18% 19
*2% 2% *2% 2%
2% 2%
11% 11% 11% 11% 11%
25% •25% 25% 26
25
• J5 .31 * .20 •80 * .25 J
33
31% 31
31
30
80
3%
3% 3%
3% 3%
•31
32
*31
33
30
30
*4% 5
*4% 6
*4% 5
♦3
*3
3
3Mi
3
40 40% 40
40
40
40
48% 49
49
49
48% 48%
•1% 2*8 *3
2%
2
2
•10
10% 10% 10%
10
10
•53% 64
*53% 64
•52% 63%
*1% 1*4 *1% 1%
1% 1%
•2% 3
3
3
•3
3%
•68 68
•07
68% 66
67
•1% 1*2 *1% 1%
1%
1%
• D
M„ _ .---- --- j--' Bid and asked prices, a New stook.
Last Sale 103% Feb113
Last Sale 101% Feb’ 13
212% 212% 212 212
111 111
110 110%
*203 205 203 204
95 95% 95
93
Last Sale290 Jan’ 13
Last Sale 10 Dec’ 12
Last Sale70 Dcc’12
Last Sale7 Dec’ 12
*43% 45
*43% 45
♦166 168
160 166
Last Sale 105 Feb’13
Txtst Sale260 Jan’13
121 121
121 121
*123 125 *123 125
*82% 84
*83% 84%
Last Sale 103% Jan’13
*16
18
*16
18
78 78
78 78%
128 129
127% 128%
Last Sale 128 Jan’ 13
Last Sale200 Deo’ 12
176% 176% 170% 176%
Last Sale49 Dcc’ 12
•158% 156% *157% 157%
Last Sale90% Feb’13
Last Sale 150 Dec’ 12
81% 81% 81% 81%
08 98
93 93
Sates
the
Week
Shares.
of
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
Atch Top & Santa Fe.100
Do pref________ 100
149 Boston & A lbany....1 0 0
642 iloston E.'evated____ 100
70 Boston &Lowell_____100
91 Boston & Maine____ 100
Boston &Providence. 100
boston Suburban El Cos
Do p re t..__________
Boston &VVoro Eleo Cos.
Do pref________ . .
Chlo Juno Iiy & USY.100
Do prcf_________
Connecticut R iver...10o
300 Fitchburg', pret...........100
12 Ga Ry & Eleo stmpd-100
Do pret_______ 100
Maine Central_____ 100
Mass Electrio C os.. 100
697 m 6 0»t £ ref Stamped. 100
573 N Y N H & Hartford.100
100
Northern N H__
Norwich <5> Wor pret.loo
Old Colony_________ 10C
Rutland pref........100
Union P acK lo...__100
Do pro.______
100
Vormont &Mass___ 100
153 \Yest Kud St____ . . . 50
114 Do pref_____ ” 1 50
Range Since Jan. 1.
On basts of 100-share lots
11lijhest
103% Feb 7
101% Feb 4
212 Jan 29
109 Feb 11
203 Jan 3
95 Jan 29
290 Jan 3
106% Jan 2
101% Feb 4
215 Jan 2
114% Jan 30
205 Jan 27
97 Jan 3
290 Jan 3
45 Jan 24
166 Feb 14
101 Jan 13
260 Jan 13
119% Jan 7
123 Jan 14
82% Feb
102 Jan 25
16% Jan 9
75% Jan 18
127% Jan
128 Jan 22
45 Jan 24
160 Feb 14
105% Jan 30
200 Jan 13
122 Feb
120 Feb 10
84 Jan
103% Jan 30
19% Feb
79 Feb
130 Jan
128% Jan 8
174% Jan 7 170% Feb 11
156% Jan 14
90 Jan 21
162% Jan
6
90% Jan 9
80 Jan 30 81% Feb 8
96 Jan 30 100 Jan
Alisccllaneous
63
53
63
320 Amer Agrlcul Chem. 100 47% Jan 17 57 Jan 11
08
97% 03
pref_____ .100 96 Jan 17 99% Jan
426 D
4
3% 4
479 Amer Pncu Service.. 60
3% Feb 14
4% Jan
20
pref______
50 19%
285 Do
20 20
Feb 13 23% Jan 11
110% 116 116
553 Amer Sugar Kean__ 100 114% Jan 15 118% Jan
110% 110 116%
552 .
Do pref-----, ------100 115 Jan 20 117% Feb
132% 132% 133
13,993 Amor Telco & Teleg.100 131% Feb 1 140% Jan 3
Last Sale 18 Jan’ 13
American VVoolon....i00
18 Jan 14 18 Jan 14
pref________ 100 78 Feb 3 81% Jan
78% 79
352 Do
78% 79
Last Sale73% Jan’ 13
Amoskeag Manufacturing 72 Jan 27 75 Jan 14
p r e f ...__
. ..
•99 100
*99 100
10 Do
08 Jan 10 100 Jan 23
Last Sale 6% Feb'13
Atl Gulf & VV 1 S3 L .ioo
6 Jan 10
6% Jan 23
62 Do
pref________ 100 10 Jan
10% 10% *10% ___
12 Jan
560 Gust Boston Land.
10 11 Jan 14 15 Feb 8
13
13%
221 Edison Eleo Iliu m ...100 280 Jan 29 288% Jan 10
♦282 233
283* 283”
140 140% 140 140%
797 General Electric.
100 140 Feb 13 186% Jan 2
91
316 Massachusetts Gas CoslOO 90% Jan 17 93% Jan 22
91
91% 91
94
94% 94% 94%
819 Do
p.ef............... 100 91% Jan 31 95% Jan 10
216% 216% ♦217 218%
19 Mergenthaler Lino...100 210 Jan
Jan
3% 3% *3% 3% 1,350 Mexican Telephone.. 10 3 Jan 16 219
3% Feb 8
Last Sale93 Dec’ 12
N E Cotton Yarn__ *100
*86% 88% 87% 87%
116 Do
prof_______"ioo 80% Feb 11 91% Jan 11
157% 157% ----- 158
E Telephone__ __ 100 155 Jan 6 160 Jan 11
Last Sale90 Mch’12 286 N
Portland (Me) E !oc..lu0
159 100
100 160
201 Pullman Co................. 100 169 Feb 13 165% Jan 2
*15
15% *15
15%
91 Reece Button-Hole” 10 15 Jan 20 15% Jan 2
Swiff. &
A. Co...............
Pa
inn
105% 106% 105% 106
10
0 105 Jan 18 106% Jan 6
417 Swift
27% 27% *27% 28
211 Torrlngton__________ 2
27*4 Jan 28 28%Jan 15
Sale28 Feb’13
Do p r o f . . . . . . __ 25 27% Jan 8 28% Jan 20,
1% 1%
600 Union Copper L & M 25
1% 1%
1% Feb 13
2 Jan
74
173 174
632
173 Feb 14 182 Jan
50% 50
50i.| 3,737
. 25 48% Jan 14 65% Feb 4
28
28% 28%
177 Do pref___
. 25 27 Jan 20 28% Feb 3
62% 62% 03% 7,870 U 3 Steel Corp.
.100 61% Feb 13 69 Jan
108% 108% 108%
128 Do p r e f ....
.100 108 Feb 13 111 Jan 30
53
98
4
19%
118
116
183
Alining
3%
3% 3%
925 Adventure C on ..
26
3% Feb 13
6 Jan
200 Algomah Mining_____ 25
1%
1% Jan 28
1% 1%
2% Jan 3
37
30
30
220 Allouez______________ 25 38 Jan 14 42%Jan 3
70% 69
4,393
70%
Amalgamated Copper"l00 69 Feb 14 80% Jan 2
31% 30% 81% 9,418 ■mi Zinc Lead & 3m 25 26% Jan 15 32% Feb 10
3%
1,380 Arizona Com’l ctfs dep. 2% Feb 14
4% Jan 2
2% 3
♦.38
.45 ♦.38
600 Bonanza Dev Co___ 10 .31 Jan 18 .35 Feb 8
.40
6
6
6
620 Bos&CorbCop*SllMg 6
0%
5 Jan 15
7 Feb 3
3
3
245
3
10
3 Jan 18
4 Jan 4
3%
34% 35% 34% 35% 6,749
10 32% Jan 2(
45 Jan 2
01
61
3,414
69% 61
10 69% l'cb L
72% Jan 2
455 470 455 460
97
25 455 Fed H 655 Jan 2
*___ 16
40
15 15%
25 15 Feb 14 18 Jan 0
40% 40% 38% 40
500
5 38% Feb 14 47% Jan 2
Last Salt .01 Nov’ 12
Cons Mercur Uoldl
l
44
44% 4.3% 44
1,609
100 43% Feb 14 63 Jan 2
*3% 4
*3% 4
25
3% Jan 13
4 Jan 27
12% 13
12
12% 3,070
10 12 Feb H 16% Jan 2
6% 7
6% 6%
651
0% Feb 14
9 Jan 2
3
3
3,080 Giroux Consolidated. 5
3 Feb 1
2
62 64
61% 63
2,236 Granby Consolidated..100 61% Feb 14 73% Jan 2
3,083 Greene Cananea.. . 20
734 8
7% Feb 14
7% 8 Mi
9% Jan 2
25 Hancock Consolidated 25 18% Jan 13 25 Jan 2
•19 20
19% 19%
126 Helvetia Cop jer____ 25
*— % * ....
%
%Jan 3
% Jan 3
13% 14% 13% 13%
550 Indiana Mining
25 13% Jan 14 17 Jan 2
16% 16% *15% 10
50
20 10 Jan 28 18% Jan 8
*55 67
225
65 65
1 64 Jan 15 59 Jan 4
*86% 87
87 87
89 Do pref.
1 84 Jan 23 87% Jan 10
25% 2612 25% 20% 2,979 lie Royale
25 25% Feb 13 33% Jan 2
£j
3% 3%
2% Jail 14
3% Feb 7
775 Kerr Lake..
3 Mi 3%
*2% 3%
2% 2%
3% Feb 4
l%Jan 7
200
25
17% 18
18% 18
25 16% Feb 11 26% Jan 3
2,032 Lake Coppor Co.
4% 4%
4% 4%
4% Jan 14
25
5% Jan 3
180
7% 7%
7% Jan 15 10% Jan 2
670
7% 8
..&
4% 4%
4% Jan 21
4% 4%
5% Jan 2
190
25
10% 10% 10
10%
25 10 Feb 14 15% Jan 2
840
22% 22% 22% 22%
305
5 22% Feb 11 20% Jan 3
1% 1% *1% 1%
1% Jan 2
1% Feb 6
100
25
50 52
48% 61
435
25 48% Feb 14 05 Jan 7
16% 17
16% 17
333 Nevada Consofldatedl 5 16% Feb 14 10% Jan 4
♦2% 2%
2% 2%
210
2 Jan 14
25
2% Jan 2
8% 8% *8% 9
450
8% Jan 20
fi
9 Jan is
26% 28% 28
26% 4,772
15 26 Feb 14 34% Jan 2
2
2
2
2
600
26
1% Jan 30
2% Jati 2
2% 2%
2% 2%
110
2%Jan 18
25
3% Jan 4
5% 5%
5% 5% 1,790
6% Feb 14
25
8% Jan 2
47 47
44% 46%
607
25 44% Feb 14 60 Jan 2
92
92
92 91
70
25 92 Feb 14 107 Jan 2
24% 25% 24% 24% 2,127 Pond Creek "Goaf
10 21%Jan 14 28% Jan 2
71
71
69 71
183
25 09 Feb 14 80 Jan 3
18% 18% 18
18
256
10 18 Feb 14 22 Jau 3
2% 2%
3% 2%
410
10
2 Jan 20
3 Jan 2
11% 11% 11
11
980
10 11 Jan 15 13% Jan 2
24% 25
24% 24%
370
10 24% Feb 13 28% Jan 3
Last Sale .32 Feb'13
South Utah M & s ” I 5 .20 Jan 8 .35 Jan 18
80
80
28 29
600
25 28 Feb 14 40% Jan 2
3% 3%
3
3% 3,241
10 1Mi Jan 2 «1% Feb 4
80
80
38 23
135
28 Feb 14 38 Jan 3
25
4% 4%
4% 4%
670
25
0 Jan 9
4% Jan 14
•2% 3
2% 3
670
1
3% Jnu 28
2% Jan 13
40 40
39% 40
1,166
50 39% Feb 14 43% Jan 2
48% 43% 48 43%
734 D 1 pref________ \ 60 48 Feb 14 60 Jan V
)
1% 1%
300 Utah-Apox M ining... 5
2% Jan 3
1% Feb 13
9% 9%
10
10%
408 Utah Consolidated... 5
11
% Jan 2
9%
Feb
14
51% 61% *50% 60%
100
10 51% Feb 13 60 Jail 2
*1% 1% *1% 1%
115
2 Jan 2
25
l%Jan 31
3
3% *2% 3
190
4% Jan 2
26
3 Jan 31
•66 67
65
60
130
25 65 Jan 20 76 Jail 3
1
1% *1
1%
835
1%U
Jan
25
0
1 1Feb
13
**
-------------------- -------- U
O
X
UUlO
I'Z
UU U
t Asst’ * paid. OEx-stock dlv. hEx-rlghts. a Hx-dlv. and rights, z Unstamped.
3%
1%
Range tor Previous
Year 1912.
Highest.
103% Feb
101% Nov
211% Sep
112 Dec
202 Nov
94 Dec
290 Dec
10 Deo
70 Dec
7 Deo
50 Aug
165 May
107% Oct
260 J’ly
119 Dec
124 J’ne
83 Dec
125 Dec
16 Dec
72% Dec
126 Dec
128% Oct
200 Oct
174 J’ne
41 Jan
162 Dec
89% Sep
160 Dec
80 Oct
90 Nov
64 Dec
98 Dec
3 Aug
14 Meh
113% Dec
114% Dec
137% Jan
22 Nov
79% Nov
75 Nov
z90% J’ ne
5 Aug
10% Aug
10% Jan
272% Sep
155 Jan
z88% J’ly
93 Dec
214% Deo
2% Meh
90 Deo
00 Dec
148% Oct
72% Jan
168 Feb
13% Jan
08% Jan
2/ Alay
28 Jan
.85 Jan
174 Sep
401.| Jau
27% Dec
68% Feb
107% Feb
6 Deo
2 Deo
35 Deo
00 Feb
24% Feb
2 Jan
.25 Nov
2»%o J'ly
19% Feb
67% Feb
405 Feb
15% Dec
251.1 Feb
01 Nov
48% Deo
3% Oct
0% Sep
3 Dec
33 Feb
7% Feb
22 Oct
.70 Dec
11% Sep
10% Dec
40% Jan
85 Jan
20% Jan
2 Apr
80 Jan
22% Deo
419Feb
10% Dec
6 Deo
2% Jan
ls8 Dec
2 ’ Dec
22% Fob
2% Deo
1% Dec
2% Jan
41 Jan
100 Deo
15 Mcll
72% Deo
10% Jan
1 Jan
0 Jin
17 Feb
% Dee
24 Feb
1 Dec
20 Jan
4 Dec
2%Deo
31 Jan
47 Jan
1 Nov
9% J’ly
62% Jan
1% Dec
3% Dec
65 Deo
1 Dec
111% Oct
104% Feb
222% Apr
134% Meh
218 Jan
100% Jan
300 Apr
14 May
80 J'no
12% Jan
67 Jan
170 Jan
112 J’ne
272 Jan
128 Jan
5179 Apr
01% Jan
147% May
23% Jan
83 Feb
142% Apr
143 Jan
212% Jan
187 Jan
70 Jan
l76i,j Sep
03% Deo
104 Jan
887g Ecb
103% Meh
03% Meh
105 Meh
5I.1J'nO
24% NOV
133% May
123% Aug
149 Meh
30 Meh
94% Meh
84 May
105 Meh
9 Feb
20 Jan
17% May
300 Meh
189 Deo
05 Oct
98% Feb
229 Aug
4% J'no
106
Jan
107 Meh
164 Alch
90 Mcll
184 Aug
17% Apr
109% Sep
32 Jau
31 Apr
3% Apr
208% J’ne
57% Aug
29-% Sep
80% Sep
116% Oct
11% Apr
8% May
60% J’no
92% Oct
35 Oot
678 Apr
,65 Apr
9i4 J’no
6-% Apr
61% J’no
83% Aug
615 Sep
27% Apr
60% Nov
.09 Jan
66% Apr
7% Meh
16% Sep
16% Apr
OuioApr
77% Nov
11% Oct
37 J’no
2 May
23 Apr
21% Jan
65% J’no
9H.i Aug
37% Nov
3% Feb
3 Alay
49 Apr
8 Apr
14% J’no
9% Jan
18% Apr
30% Sep
5% Apr
73 J’no
24% Sep
0% Apr
0% Deo
39% Oct
8% Apr
<6% Jan
13% Alay
04 Oct
13012J’ne
29 Nov
9 j J’no
24% Sep
47g Alay
17'% Aug
31% Nov
1% Apr
487g J’ly
4% Jan
61 Apr
9% Apr
4*%o Alch
z50% So
52% Se
3llio Fe
20% Apr
67% Sep
678 Jan
7% Moh
13% Apr
17 Moi
F e b . 15 I913.[
479
Range
Since
Jan. 1.
Low High
BONDS
NGE
t.
Price
Peck's
Range
Friday
Since
Range or
Feb 14
Jan. 1.
Last Sale
Bid AskLow High No ■tti High
Bonds
Sold
Week's
Price
Range or
Friday
Feb 14
Last Sale
Bid AskLow High
BONDS
BOSTON STOCK EXCHANGE
Week Sndlng Fob 14.
Interest
Period
Boston Bond Record
Am Agrlcul Chem 1st Ss__ 192* A-0 101?g Sale 101*4 102
101 102
General Motors 1st 5-yr 6s .1915
0912 100b 99*4 Feb ’ 13 __ _ 99l2 99*4
Am Telep A Tel coll tr 4 s..1029 J-J
887g
88*4 89*4 Gt Nor C I) A Q coll tr 4s. .1921 A-0
88^ Sale 8834
J-J
95*8 Sale 95i8
95*8 23 95's 96U
Convertible 4s................... 1930 M-S 106i2107 100 106
Registered 4s............ ..... 1921 Q-J
103 103
947g . .. 95*8
1 95*8 957g
95*s
Am Writ Paper 1st s f 5s g.,1919 J-J
Illinois Steel deben 5s” ” " 1913 A-O 937, 1001, 100 Jan ’ 13 ___ 99*4 100
897, J’n e l2
Am Xlno L A S deb 8s........ 1915 M-N
la Falls & Sioux C 1st 7 sl” .1917 A-0
131 J'ne'12
117 Apr 08
A»ls Com Cop 1st 6s oils ot dep.
82 J’l y ’ 12
Kan C Clin A Spr 1st 5s___ .1925 A-0 : : : : *9
92
4 92 92
3" 92
A*oh Top A 3 Fo gen g 4s. .1995 A-0
Kan C Ft Scott A Mem 6s ...1928 M-N 112*2 Sale U212 11212 3 111 113
98 F e b '13
97*4 98
Adjustment g 4s___ Juiy 1995 Nov
Kan C M A U gen 4s. .
" 1934 M-S ___ 92
87^8 N ov’12
1*2*2 Sep 12 ___
Stomped _______ July 1995 M-N
Assented
Income
5
sl
___
8912J’ly T 2
.1934 M-S ___ 83 833, Nov 12
30-year conv 4s......1 9 3 5 J-D
Kan C A M Ry A Br 1st 5s'.1929 A-0 ___ IOII4 101is Feb *13 __ _ 101*8101*8
l0434Sep ’12
10-year conv 5s______ 1917 J-D
Marq Hough A Ont 1st Cs .1925 A-O
U 0*sMchTl
115 .m e 08
Atl Quit A W I SS Lines 3 s.1959 J -J
Mass
Gas
4
Us_______
'
61 Sale 61 61
3 95*4 96*2
61 62*8
96*2 Sale 96I4 9012
J-J
Boston Kiev 30-yr g 4s___ 1936 M-N
Mich Telephone 1st 5s
95t8Feb '11
1917 J-J
1001, Apr 12 ___
Boston A Lowell 4s_______ 1916 J-J
New Eng Cotton Yarn 5s ".1929 F-A 92i2 . . .
IOOI4Mch'09
92l2
921?
6 90 93*
Boston A Maine 4 Ha______ 1944 J-J
New Eng Tel -ph 5s___
'.1915 A-0
10412Oct '08
101MMch 11
Improvement 4s........ ...... 1937 F-A
5 s ____________
" 1916 A-O
10012Sep 08
Plain 4s------------------------ 1942 P-A
New England cons g*5s” ” .1945 J-J
95 Feb 12
Bur A Mo Rlv cons 6s___ 1918
Boston Term 1st 4s
" 1939 A-0
10
2
Jan *13
102 102
Oedar Rap A Mo R 1st 7 s..1916 M-A
New River (The) conv 5sl_1
Ills,Sep '11
.1934 J-J
75 D e c ’ll
Cent Vermt 1st g 4s__ May 1920
89l2
89i2 Sale 891,
893, 89*4 N Y N H A H con deb 3 Us..195o J-J
92i4 Meh'H
0 B A Q Iowa DIv 1st 6 s ...1919
Conv deb 6s ___________ 1948 J-J
1103 Dot '07
125*s Feb '13 ___ 125's 125*2
Iowa Dlv 1st 4s_______ 1919 A-0
Old Colony gold 4s________ 1924 F-A
99 Aug 12
101 Apr 'Ui.
Debenture 5s................... 1913 M-N
Oregon Ry A Nav con g 4s..1946
1
100 Jan '13
J-D
987g Sep '0.
100 100
Denver Kxten 4s________ 1922 F-A
Oreg Sh Line 1st g 6s.......... .1922
1
________
F-A
997, Feb '12
111*8 Oct, T
Nebraska Kxten 4s.........1927 M-N
1
Pere Marquette deb g 6s__ .1912
J-J ____ _■
98*2Mch'12
95 Jan 'll
•B AS W s l 4s................ 1921 M-S
.1919
Rcpub
Valley
1st
s
I
6
s___
1
98i2 Dec ’12
__ _. . . .
J-J m
Z
Z
-m
.I I I 103 Jan 'll
Illinois Dlv 3 Us___
1949 J-J
1
85*8 Jan '13
J-J
7014Dec 'll’
85i8 85*8 Savannah Elec 1st cons 5 s ...1952
Ohio Jot Ry A Stk Yds 5s 1915 J J ___ 10058 100i4 100b
1930 F-A ___ 103*8 103l2J’Jy 'll
997g 1003S Seattle Elec 1st g 5s__
Shannon-Arlz 1st g 6s.
1919 M-N 94 98 94
Coll trust refunding g 4sll940 A-O ___ 87
87*4 No.- 12
94
11 95 96
Terre Haute Elec g 5s.
1929 J-J
Qh Mllw A St P Dub 1) 6s. 1920 J-J
114 Jan 'll
97 Apr 'O
t
Torrlngton 1st g 5s________ 1918 M-S
Oh M A St P WIs V dlv 6S..1920 J J
1135, Feb 'll
101 Sep 'K
Union Pac RR A 1gr g 4 s.. 1947
1
Ob A No Mich 1st gu 5s___ 1931
J-J
90 ___ 9l May'12
looigj’ly 'it
20-ycar conv 4s............... .11927 J-J
Ohio A W Mich gen 5s____ 1021 n
1017, May r.
97 ___ 98 Jan ’13
98 93
United Fruit gen s f 4 U s .._ l1923 J-J ------O6I4 98 Feb T3
Concord A Mont cons 4s. .1920 J-D
97i2Sep ’ ll
95*4 96*4
Debenture 4 Us........ ..... I1925 J-J
Oudahy Pack (The) lstg 5s 1924 M-N
IOOI4Aug’ ll
95l2 Feb ’ 13
95*4 95*8
U S Steel Co 10-80-yr 5s Apr 1903
1
M-N
Otttront River 1st 5s............. 1926 A-0 ___ 100 100 Aug’12
101*4 Jan ’ 13 I’ " ‘ 101*8 101*4
West
End
Street
Ry
4s___
1
1915
F-A
99 May 12
D#t Gr Rnp A W 1st 4s___ 1940 A-0
81 84 8OI4Sep ’ 12
Gold 4 Us................
1914 M-S
99
99*8 Oct ■12
99 99>
2 Gold
Dominion Coal ls t s t 5s___ 1940 M-N 99 Sale 99
1916 M-N
debenture 4s.
1031, Apr '05
1915 M-S
987, Apr ’12
FItohburg 4s.................
Gold 4s_______________ 1917 F-A
96 Oct '12
4 s .......................................1927 M-S
98*2 N’o v 'll
Western Teleph A Tel 5s__ 11932 J-J
12712Mch'12
Promt Klk A Mo V 1st 6s. ..1933
99*4 Sale 99i2 100
8 9912100*i
Wisconsin Cent 1st gen 4s__l1949 J-J
Unstamped 1st 6s_______ 1933 t s
1127 Mch'12
93*8 Feb 12
NOTE.— Buyer pays accrued Interest la addition to the purohase prloe tor all Boston Bonds. • No price Friday: atost bid and asked. 1) Flat prloe
n
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Shura Price* —-Not Por Centum Pricos
Saturday
Feb. 8
•1171*
119 119*4
10*2 20
•63
64
*19*4 20*4
*24
*2
40*4
60*2
*117g
63l2
41*4
771,
11*4
*29*2
91*8
♦80*4
18*8
3478
60%
48*8
24
27*8
82%
67g
5078
90*4
....
2*?
40*4
50*2
londay
Feb. 10
Tuesday
Feb. 11
117*4 117*4 117*2 117*2 117*2 117*2
119 119 ♦118*2 119*2 119 119*4
21*2 22 217, 22*4 21*2 21*8
04*2 64*4
04
64*2
64*2 64*4
122U 122*4 122*2 12212
20*4 20*4 19*4 20
................
24
40*4
50*2
*1178
63l2 63
42
41*2
77*4
77*8
12*8 12U
30
*29
01*8 91
81
80*8
19*8
19*2
347g
35*2
69%
60*8
4878
48*8
24
23*8
27*8
27*4
8278 8 1 %
57„
0
6U'S 6078
90*4
00*2
24*4
4o"*s
60*2
63*4
42
77*8
24
24*2
40*4
497S
*117g
52*4
40
70*4
12 12
12*8 2
£7g 2!)
29*4
01*4
80*4
19*8
36*8
60's
49
23*4
27*8
82
OOVj 91
79*4 80*8
18*4 19*4
34*4 35
59*8 60
48*2 48*2
23
24*8
27*8 27*2
81 %81 %
6078
90*2
60*8 60*4
90
90*8
6
*57g
PHILADELPHIA
Inactive Stocks
American Milling______10
Amer Itys pref______ 100
Cambria iron_________ 50
Central Coal A Coke..100
Preferred .................100
Consol Trao of N J ___ 100
Germantown Pass___ 50
Harwood Electric___ 100
Huntington A B T
50
Preferred___
"" 50
Insurance Co of N A .10
Inter Sin l’ ow & chem.50
Interstate Kys, p r e f...10
Kentucky Securities..100
Preferred_________ 100
Keystone Telep, pret_50
Keystone Watch Case.100
Lit Brothers__________ 10
Little Sohuylklll...___ 50
Mtneblll A Schuyl H ...5 0
Nat Gas ElecLt A Po.100
Preferred_________ 100
North Pennsylvania__ 60
Pennsylvania Salt_____50
Pennsylvania Steel__ 100
Preferred................. 100
Phlla Co (Pitts) p re f..-50
Phil German A Norris..50
Phlla Traction________ 50
Railways General____ 10
Tonopah Belmont D e v ..l
United Cos ot N J ___ 100
United Trao Pitts pref.50
Virginia Ry A P o w ...l0 0
100
Preferred______
Warwick Iron A Steel 10
Washington-Va R y .. lOo
Preferred_________ 100
Welsbach C o . ______ 100
West Jersey A Sea Sh_.50
Westmoreland Coal....50
Gas A Elec___ 100
? Bikes
ork Railway________ 50
Preferred__________ 50
23*4 24
40*8
60*2
63
41*?
77*4
Sale1
Pednesday Thursday
Feb. 12
Feb. 13
LINCOLN’S
B IR T H -
DAY.
6
HU Ask
117 117 *
117*4
118*8 119 *118*j 119U
20*4 21
20*8 21*2
64
64i2 *04
64*4
*122
122*4 122*4
19
19*2 *19
19*2
*23*4
24*4
24
24
*2
40*8
60
*117,
52l2
39*3
*74*4
*11*8
28*8
90U
791s
18*2
34*2
59*2
47?8
23R
*27i(
79%
6'%
60*8
89*4
40*8
50
40*4
49*8
21?
40*8
50*?
52*?
40
75*4
12
28*?
90*4
79*8
18*?
3434
501$
48*g
23*8
27*2
80*4
6
♦12
12*2
6212 521?
40*2 41*4
74*4 7478
*12*4
28*2 28*4
901, 90*2
7 9 % 79*4
18*8 19*8
341? 35
59** 6 9 %
*47*4 48
23*8 24*4
271.1 271j
801* 8 0 %
60*8
90*8
6?8 6
60*8
90
PHILADELPHIA
Bonds
2*4
Friday
Feb. 14
Prices are aU “and
interest''
60*8
90*s
Baltimore
728 Con Gas El L A Pow.100
Do
pro£ ______ 100
1,057
7,430 Houston Oil tr c tfs .-io o
Do
pref tr ctfs.100
693
39 Northern Contral____60
470 Seaboard Air Line__ 100
Do
p ro f_______ 100
790 United Ry A Klectrlo. 60
Philadelphia
American Oemont___ 50
105 American Railways.. 60
3,022 Cambria Steel________ 50
Electric Oo of America 10
600 E'ec Storage Battery.100
2,850 Gen Asphalt tr etts__ 100
Do
pret tr ctfs.100
1,356
1,770 Keystono Telephonfe. 60
927 Lake Superior Corp.,100
235 Lch C A Nav tr ctfs.. 50
447 Lehigh V alley...........50
7,115 Lehigh Valley Transit 50
3,042
Do pref...................50
3,811 Pennsylvania R R ___ 60
800 Phlladel Co(PIttsb).. 50
52,140 Philadelphia E le c }.. 25
658 Phil R T vot tr c tfs .. 50
1,392 Goading____________ 60
915 Tonopah Atlnlug_____ 1
449 Union Traction______00
3,006 United Gas Im pt____5u
IHd Ask
PHILADELPHIA
17*4Jan
64 Feb 4
120 Jan 2
18*4Jan 8
46i2 Jan 22
23 Jan 6
2 Feb 6
2 Feb 6
1 J’ne
7 Jan
40 Jan 13 41 Jan 2 40i2 Oct
47 Sep
497, Feb 11 53*8 Jan 9 411? Mch
551, Oct
117, Jan 29 12<8 Jan 9 1112 J’ly
12i2 J’ly
62i2 Jan 17 5414Jan 9 62*4Jan
58*8 Aug
37U Jan 17 427g Feb 4 18 Apr
39i2 Dec
73'i Jan 2 77i2 Feb 4 59*4Apr
73i2 Deo
ll's Jan 14 12*8 Feb 8
0 Apr
13 Sep
28ig Feb 13 31*2Jan 9 27 Feb
35U Sep
90ig Feb 14 93*2 Jan 3 877s Mch 100 Sep
927, Jan
79's Feb 13 84% Jan 3 781, Feb
8i2 Jan
167, Sep
15*4 Jan 4 195, Feb 14
33i2 Dec
32 Jan 13 35*2 Feb 8 23 Jan
i59i2 Feb 5 61% Jan 9 60 Dec 63% Apr
4778 Feb 13 50 Jan 8 49*4Dec
56'4 Feb
22*8 Jan 7 24*4 Feb 14 ||1678 Jan
24*4Sep
27 Jan 14 28<2 Jan 3 22ig May 29 Sep
79% Feb 13 84% Jan 2 74i.| Jan
8914Apr
5*4Jan 30 0i2 Jan 13 6 Dec 8i4 Apr
50i, Jan 14 Sli2Jan 9 49*4Feb
53 Sep
89ig Jan 2 9H2 Feb 3 86I4Jan
92*8 Aug
Bid Ask
BALTIMORE
Coal A C Ry lit 5s '19 A-0
Coal A I Ry 1st 5s ’2 0 .F-A
m
__ iiih ColAGrnv 1st Cs 1916 J-J
Consol Gas 5j 1939...J-D
-IIGen 4 Us 1954___ A-O
Cons G E A P 4 Us ’35 J-J
101*2 102 Consol Coal 5s 1950..J-D
.
loou Fair A Cl Tr 1st 5s’38 A O
1021J ___ Ga A Aia 1st con 5s '45 J-J
95*2 ___ Ga Car AN 1st 5s g '29.J-4
Georgia P 1st 6s 1922..J-J
Ga So A Fla 1st 5s ’45.J-J
81 8D4 G-B-S Brew 3-4s ’51.M-S
93*2 94 Houston OH dlv ctfs .F-A
Knoxv Trac 1st 5s '28 A-O
94 95 MaconRy&Lt 1st 6s'5i J-J
Md Elec Ry 1st 5s ’31 .A-O
Memphis St lit 5s ’45.J J
Monon V Trao 5s’42_J-D
257 200 Mt Ver Cot Duck 1st 5 s..
138 ___ Npt N & O P l a t 5s’38M-N
102i2 ___ N A A Terml 5s ’29. M-S
30
Nor APort Tr 1st 5s’36 J-D
90
Norf Ry A L 5s ’4 9 ..M-N
78
North Cent 4 Us 192i-A -O
3
Series A 5c 1926___ J-J
Series B 5s 1926___ J-J
P:tt Un Trac 5s 1997..J-J
Poto Val 1st 5i 1941. .J- j
interest"
Sav Fla A West 5* ’34 A-O
Balt Ctty 3 Us 1930...J^J 92i2
Seab Air L 4s i96 0...A -O
4s 1954-1955. ..Various 96*2
Seab A Roan 6s 1926..J-J
5s 1916................... M-N 102*2
South Bound 1st 6s.. A-O
Anacostla A Potom 5s A-0 98*2
U El LAP 1st 4 U*'29 M-N
AtCoastLconv deb4sM-N 98*4
Un Ry A El 1st 4s ’49 M-S
Atl Coast L(Ct)ctts 5s J-D 103
6-20-yr 4s 1925.....J -J
Income 4s 1940...J -D
91*2 "93'
B S P A C 1st 4 Us r53 F-A 95i2 90
Funding 6s 1936...J -D
Balt Trao 1st 5s *29..M-N 105*2 . . . .
Conv notes 5s 1914. J-J
No Balt Dlv 6s 1942 J-D 107 ___ Va Mid 3d ser 6s ’ 16..M-S
Cent Ry oons 5s ’ 3 2 ..M-N 106 ____
4th ser 3-4-5s 1921.M-S
Ext A Imp 5s 1932.M-S 106 ___
5th series 5s 1926..M-S
Chas City Ry 1st 5s'23 J-J 103 __
Va (State) 3s new ’32.J-J
Chas Ry G A El 5s ’99 M-S . . .
96*4
Fund debt 2-3s 1991 J-J
City A Sub 1st 5s 1922 J-D 104*2 105 West N C con 6s 1914.J-J
City A Sub(Was) 1st Ss ’ 48 — 1031* Wll A Weld 6s 1935...J -J
} 13 H paid. * $17 H paid.
Ph A Read 2d 5s 1933 A-O
Ex Imp M 4s 1947.A-O
Termln. 1 5s g 1941.Q-F
P W A B col tr
’2 1 ..J-J
86*8 86i2 Read Trao 1st 6s ’3 3 ..J-J
96
Roch Ry A L con 5s’54 J-J
Spanlsh-Am Ir 6s ’2 7 ..J-J
Stan’d Gas A E 6s’26.J-D
Stand Stl Wks lstSs’28 J-J
117
10U, 101*2 U Trao Ind gen 6s *19.J-J
103
Un Rys Tr ctfs 4s’49_.J-J
United Rys Inv 1st coll tr
s f 5s 1926............... M-N
85*8 *85*i2 Welsbach a t 6s 1930..J-D
Wtl-B GAE con 6j’55.J-J
York Rys 1st 5s 1937.J-D
1001,
60 61
BALTIMORE
89*8 89*4
Inactive Stocks
75 76*2 Atlan Coast L (Conn).100
Canton C o . . . _____ ...1 0 0
Consolidation Coal__ 100
100*8 -06i2 Georgia Sou A Fla___ 10U
1st preferred_______ 100
114
2d preferred___ ...1 0 0
104 G-B-S Brewing_______ 100
Bonds
*0*0* 9*6*14
Prices an all “and
Alt A L V Elec 4 Us'33F-A
Am Gas A Elec 5s '07.F-A
Am Rys 5s 1917......... A-0
Atl C Gas lsts f 5s '60.J-J
BergABBrew 1st 6s'21 J-J
Hethleh Steel 6s 1998.Q-F
33
Oh Ok A G gen 5s 1919 J-J
Con Trao of N J 1st 5s ’33
216, 22 Del Co Rys tr ctfs 4s’49J-J
Edison Eleo 5s 1946.A-O
Elec A Peoples Tr tr ctfs..
Fr TacAH 1st 5s 1940. J-J
Gen Asphalt 6s 1916.M-S
42
HarwEleo 1st 6s 1942.M-S
Interstate 4s 1943__ F-A
’ iih
Keystone Tel 5s 1935.J-J
Lake Sup Corp lno 5s’24 -O
57
Lehigh Nav 4Us ’ 14..Q-J
30
Gen M 4 Us g 1924.Q-F
80
Leh V O 1st 5s g 1933 .J-J
Let* V ext 4s 1st 1948.J-D
100*2
Conso' 6s 1923_____J-D
Consol 4 Us 1923__ J-D
*93 94
Annuity 6s________ J-D
4.1 41*4
Gen cons es 2003..M-N
Leh V Tran con 4s '35 J-D
1st series A 4s 1935.M-S
*82**4 83*4
1st series B 5s 1935 M-S
**7»4 "7*7, MarketStEI 1st 4s’55 M-N
967,
NatLHAP ser B 5s '19 J-J
New Con Gas 5s 1948 .J-D
N Y Ph A No 1st 4s’ 39 J-J
63
Income 4s 1939.. M-N
*10*2 107, Pa A N Y Can 6s ’39. A-O
Penn Steel 1st 5s '1 7 .M-N
78 * People’s Tr tr ctfs 4s 1943
P Oo lstAcoK tr 5s’49 M-S
1027,
Con A coll tr 5s ’51 M-N
95
Phil Elec gold tr ctfs.A -0 103 103*4
Trust ctfs 4s 1949 ..J -J
83
13*4 14*2 P A E gen M 6s g '20.A-O 104*2 10512
Gon M 4s g 1920...A -O
3712 38l2
09i8
; Bid and asked; no sales on this day. H Ex-dlv. A rights. I $15 paid.
44i2 '45
92 93
81*2 8212
74i4
ACTIVE STOCKS
of the
Week (For Bonds and Inactive
Stocks see below)
Shares.
Bid Ask
95*1
101
ioih - . . .
107
94*8 95 .
89*4 00
92
101 . . . .
10412
104*2 ids*
n o 1101*
104*4 105*4
46 49
80
*08*2 99"
97 07*1
75*2 78U
99 101
03
01*4 92*
100
idf 108*i
107
100
109 '
i04
107
93
847,
63
87
101
105 *
108
85 '
68*4
102 *
ids* io5**i
86%
10a
ioo ‘ T.aXJ
THE CHRONICLE
480
[ V o l . XC V I
Investm ent and ilarlcaatl Intellxcreoxe.
R A I L R O
A D
G R O S S
E A R N I N G S .
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obta'ned. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year doo3 not begin with July, blit covers some other
period. The returns o f the electric railways are brought together separately on a subsequent page.______________________________
ROADS.
July 1 to Latest Date.
Latest Gross Earnings.
Week or Current Precious Current Previous
Year.
Year
Month.
Year.
Year.
Ala N O & Tex Pac8
N O & Nor Kast. January_ 343.848 320.322 2,262,217 2,216 .365
Ala & Vicksburg. January_ 162.307 149,061 1,119,873 1,022 ,415
Vicks Sbrev& Pac January . .
143,386 128,154 1,44.8,252 1,443 265
52,302 1,399,281 1,431 899
Ann Arbor________ 1st wk Feb
38.345
Atch Topeka & S Pc December 10420242 9,198.975 01.228.359 54,936 784
294.781 311,765 1,689,879 1,690, 864
Atlanta Birin * Atl December
Atlantic Coast Lino. December 3,512,375 3,259,582 16,978,452 15,812. 812
182,480 175.974
Chariest & W Car December
943,618
994, 692
637,872
102,877 101,576
Lou Hend & St L. December
651, 506
gBaltimore & Ohio. December 8,303,097 7,188,2541 52,419,338 46,922, 384
B & O C h Ter 1U( December
143,180 110,301
850,838
813, 999
209,100 246,052 1,596,751 1,669 486
Bangor & Aroostook December
448,035 425,403 5.030,864 4,826. 382
Bessem & Lake Erie December
103,497
Birmingham South. December
70,836
582,0S9
416, 241
Boston & Maine__ December 3,801,894 3,763,842 25,614,278 24,039. 531
Buff Roch & Pittpb. 1st wk Feb 193,647 203,860 6,766.949 5,877, 923
194,272 209,835 1,228,306 1,255. 026
Buffalo & Susci___ December
Canadian Northern. 1st wk Feb 293,800 262,000 14.046.900 11.824, 800
Canadian Pacific _. 1st wk Feb 2.372.000 2,168,000 85,305.913 71,848, 493
Central of Georgia. 1st wk Feb 264.400 290,700 8,712.972 8.690 173
Cent of Now Jersey December 3,020,291 3,001,111 17,041,759 15,642 705
Cent New England. December
303,050 292,153 1,920,421 1,718. 773
326,332 322,608 2.188.349 2.142, 251
Central Vermont_ December
Ches & Ohio Lines. 1st wk Feb 613,469 672,363 21,533.897 20,290, 272
Chicago & Alton__ 1st wk Feb 259.443 280,838 9,703,298 9.221,,938
Chic Burl & Quincy December 8,128,414 6,942,257 50,713,685 45,970,,700
,733
pChic Great West. 1st wk Feb 227,519 210,474 8.591.417 7,833,
Chic Ind & Louisv. 1st wk Feb 116,564 117,446 4.278,447 3,975,,090
Chic Mllw & St P ._ December 6.361.374 5,298.679 39,004,166 33,344,.555
Chic Mil S
cPug S December 1,951,920 1,370,707 11.498,592 8,423,,869
pChlc & North West December 7.194,247 6,332,290 45.661,315 40,807,,233
pChic St Paul M&O December 1,443,232 1,312.574 9,275,102 8,133,,657
958,,206
189,278 161,868 1,033,943
Chicago T II & S E December
Cin Iiam S
c Dayton December 860,399 780,678 5,679,335 5,335,,918
153,703 133.974 1,115,479 1,061,,596
Colorado Midland. December
bColorado ScSouth. 1st wk Pcb 204.781 251.948 9,548.659 9,140,.942
20,897
16,700
121,764
Cornw all_________ December
96,,183
33.438
160..686
Cornwall S
c Leban. December
22,204
207,429
Cuba Railroad___ December
412,408! 293,685 I , 948,961 1,582,,665
Delaware & Hudson December 1,994,287 1,753.828 12,308,060 11,133,.916
Delaw Lack S
c West December 3,438,977 3,027,925 21,246.299 19.174,,316
Denv S
cRio Grande 1st wk Fob 410,600 383.200 15,738,609 14,666..858
376,700 327,197 3,717,220 3,261..369
Western P acific.. January .
Denver N W S
cPac December
677,,783
95,594
97,560
669,492
Detroit Tol S
c Iront December 163.748 141,897 920,327 920,.774
Detroit S
cMackin. 1st wk Feb 20.550 22,039 741,722 724..081
Dul S
cIron Range. _ December 114.749 92.436 4,536.787 4,423 ,402
53,112
56,130 2.042.871 1,927 .83*4
Dul Sou .Shore & Atl 1st wk Fob
Elgin Joliet S
cEast. December 1.111,871 814,992 6,647,738 4,946 ,684
El Paso S
cSo West. December 776.951 668,112 4,220,916 3,585 225
December 4.951.821 4,525,963 32.745.969 30.019 ,593
E r ie ________
12 841
2,420
14,351
2.339
Fairchild & N K. _ . December
423.849 348,668 1,899,536 1,569 ,962
Florida East Coast. December
497 ,396
516,152
74,341
71,703
Fonds Johns S
cGolv December
277,496 307,853 1,555.686 1.776 ,122
Georgia Railroad.. December
Grand Trunk Syst. 3d wk Jan 884,424 760,575 31.330,658 28,122 ,495
Grand Trk West. 3d wk Jan 133,093 114,995 4,132,755 3,760 ,770
Dot Gr II S
cMilw 3d wk Jan 39,457 35,097 1,448,491 1,335 ,722
36,450 1.378.350 1,195 861
40,849
Canada Atlantic. 3d wk Jan
Great North System January _ . 4,562,173 3,866,389 48.662.901 40,424 465
990 ,194
166.849 168,259 1,007,411
Gulf & Ship Island December
604,024 547,718 4,180,894 3,886 ,203
Hocking Valley___ December
Illinois Central____ January _ 5,203.312 4.252,609 38,616,953 34,745 ,948
Interuat S
c Grt Nor 4th wk Jan 328,000 306,000 7,338,705 6,473 ,094
aInteroceanic M ex. 4th wk Jan 311,365 307,809 5.121,126 4,974 ,002
Kanawha S
cM ich. December 234.690 250,822 1,701,312 1,730 ,857
916.967 787,722 5,510,720 4,821 ,271
Kansas City South. December
December 3,461,354 3,116,124 22,542,679 19,829 ,997
Lehigh Vahey__
305,011
44,109
59,107
Lexington & East
November
238 ,833
146,220 116,889
681 ,119
810,986
Louisiana & Arkan. December
Louisv & Nashville. 1st wk Feb 1,167,700 1,105,420 36,261,395 33,964 .105
97,928
13,05
12,752
100 .609
Macon & Birm’ham January_
December
868,499 789,543 5,912,817 5,599 ,604
Maine Central
235 ,283
26*1,051
33,735
38,646
Maryland S
cI’enna. Deoember
4,546 ,600
aMexican Railway 3d wk Jan 183,900 170,800 4,741,600
452 ,208
620,744
12,887
15,45
Mineral Range— _ 1st wk Feb
Minn S
cSt Louis— ' 1st wk Feb 193,841 143,964 6,163,927 4,738 ,345
Iowa Centra.—
702",265
9,184,543
Min S t P S
cS 8 M . December 1,853,573 1,371,627 I I ,
891,316 690,556 5,531,666 4,786,311
Chicago Division. December
452,913
508,5*11
73,732
87,258
Mississippi Central, Decomber
u M o Kan S
cTexas. 1st wk Feb 557,846 508,661 20,768,313 18,319.578
* Missouri P acific.. 1st wk Feb 1.077.000 1,088,000 38,780,201 33,834,950
Nashv Chatt & St L December 1,107,619 959,195 6,630,520 6,083,110
aNat Rys of Mox.J 4th wk Jan 2.050,973 2,044.182 37.507.970 38,002,284
262,686
0,642
Nevada-Cal-Oregon 4th wk Jan
5,233
206,386
693,803
N O Groat Northern N ovember
708,188
131,203 137,018
N O Mobile S
cChic December 241,300 178,571 1,280,776 962,420
( N Y C & Hud Riv December 9.584,162 8,645.587 59,337,619 55,146,200
Lake Shore & M S December 5.019.375 4,165,654 29,237,695 25,615,953
530.439 457.163 3,186,068 2,896,652
n Lako Erie & W December
394,958 379,345 2,210.027 1,949,765
Chic Ind & South December
Michigan Central December 3.050,834 2,695,982 17.674.360 10,105,076
Cleve C C & St L December 3,038,365 2,622,721 18.019,422 10,006,029
345,622 29*1,352 1.923.418 1,65*1,007
Peoria & Eastern December
801,890
139.080 117,569
707,993
Cincinnati North Decern bor
Pitts S
cLako Erie December 1,676.936 1,208,360 10,091,682 8.371,264
N Y Chic & St L . December 1,085,032 1.024,311 6,498,964 5.866,202
441,663 406,050 2,943.963 2.830.374
Tol & Ohio Cent. December
T ot all lines above December 25206460 22017094 151925112 137149513
ROADS.
Latest Gross Earnings.
July 1 toLatest Dale.
Week or Current Previous Current Previous
Year.
Year.
Year.
Year.
Month.
S
N Y N n & H artf.. December 5,581,601 5,418,045 35,880,176 32,903,001
705,241 690,422 5,046,361 4,777,334
N Y Ont & West__ December
322,890 339,788 1.859.841 2.002,949
N Y Susn & W est.. December
81,054 2,038,071 1.827,034
Norfolk Southern.. 4th wk Jan 106,053
Norfolk & Western- December 3,566,510 3,257,245 22,138,936 19,985,571
Northern Pacific__ December 6,355,776 5,253.317 39,721,737 34,479.770
582,9411 5SC.9G9 4,247,374 4,074,788
Pacific Coast C o__ December
Pennsylvania RR_. December 14993 391 13746379 92,577,482 82,161.731
189,834
168,200
Balt Ches S
cAtl. December
16,543
16,876
278,602 241,265 1,757,056 1,500,047
Cumbcrland Vail December
,
. ■
793,221 737,548 0,268,589
I*ong Island____ December
92,635
85,256
8,361
9,000
Maryl’d Del S
cVa December
288,236 261,980 1,870,015 1,72.8,009
N Y Phila & Norf December
Northern Central December 1,139,280 1,024,812 6,834,114 6,538,005
Phil Balt & Wash December 1,664,945 1,581,121 10,777,445 9,794,906
362,581 460,539 3,704,419 3,600,281
W Jersoy & Seash December
300,813 4,255,024 35,450,703 29,409,793
Pennsylvania Co__ December
458,464 407,024 2,939,552 2,086,504
Grand Rap & Ind December
Pitts O O & St L . December 3,882,447 3,288,972 23,345,701 20,498,319
984,540 843.966 5,929,000 5.200.331
Vandalia_______ December
Total Lines..
East Pitts & 1C__ December 20628265 19005253 132687913 119083182
West Pitts & E__ December 10763 979 8.907.603 68,420,059 58,476,526
AH East &Wcst December 31382244 27912855 201007973 177559707
Pero Marquette__ December 1,566,646 1,520,680 9,249,849 9,093,727
Reading CornpanyPhila S
cReading- December 4,405,830 4,050,368 ,405 A11 23,282,087
Coal S
cIron C o. . December 4,138,152 3,660,219 ,096 306 17,830,396
Total both cos__ December 8,643,982 7,710.589
,501 717 41,113,083
Rich Fred S
cPotorn December 250,924 210,213 ,350 673 1,169.402
672 035
Rio Grande June__ November
484,367
117,767 107,749
301,546
392, 905
Rio Grande South.. 4th wk Jan
16,531
13,478
Rock Island Lines.. December 6,114,619 5,552.310
221, 923 34,135,781
995, 230 1,842,885
Rutland _________ December
299,479 264.966
St Jos S
cGr Island. December 121,143 114,063 862, 200 8 13,166
St L Iron Mtn S
cSo December 3,004,296 2,694,251 680 644 15,598,304
913,773
069, 541
203,926 183,268
St L Rocky M t & P December
,199 713 22,197,221
St Louis & San Fran December 4,133,489 3.689.604
,404 080 8,155.207
/C h ic & East 111.. December 1,358,521 1,354,080
,603 793 30.352,427
Total all lines__ December 5,472,010 5,043,584
,484 662 7,531,209
St Louis Southwest. 1st wk Fob 247,000 232,000
,180 749 4,382,428
889,219 694,351
San l’ ed L A & S L . December
,753 ,496 12,961,150
Seaboard Air Line. _ 4th wk Jan 669,188 577,639
,648 ,104 69,069,365
Southern Pacific Co December 12151501 11296477
.042 ,460 38,463,163
Southern Railway_ 1st wk Feb 1,292,530 1,263,550
Mobilo S
cOhio__ 1st wk Feb 222.861 230,131 ,372 375 6,993,325
.200 218 5.808.331
Cin N O & Tex P_ 1st wk Feb 193,407 189,948
.160 947 2,879,611
Ala Great South. 1st wk Feb
82,200
98,498
GeorgiaSou S
cFla 4th wk Jan 67,369 61.677 478 ,208 1,441,258
Spok Port S
cSeattle December 438,052 408,939 800 ,806 2,621,695
63,458
77 753
Tenn Ala S
cGeorgia 4th wk Jan
2,236
3,778
795,256
855 ,078
Tennessee Central. December
141,697 120.053
Texas & Pacific___ 1st wk Feb 289,600 308,401 11 577 ,439 10.978,712
50,750
52 048
8,659
7,797
Tidewater & West. December
Toledo Peor S
c West 1st wk Feb 20,172 20,238 863 220 789,980
552 041 2,425,989
65,832
77,845
Toledo St Ii & West 1st wk Feb
,580 209 47.044,545
Union Pacific Syst. December 7,843,148 7,175,161
Virginia S
cSo West. December 137,276 136,495 8*90 530 865,260
,677 ,106 2,356,409
456,195 371,781
Vireinian______
December
,303 .993 17,342,886
January . . 2,424.049 2,060,305
W abash_______
594,827 568,225
,792 ,296 3,603,534
Western Maryland. December
.367 .736 3,996,774
606,081 638,233
Wheel & Lake Erie. December
190,398
161 .324
34,395
27,836
Wrightsv & Tennille December
,607 ,289 6,083,820
817,803
Yaxoo & Miss Vall. January _ 914.!
Current
Year.
Period.
VariousFiscal Years.
Jan
Delawaro & Hudson_______
N Y Central* Hudson River.a. Jan
Lake Shore S
cMichigan South Jan
Lako Eric & Western . « ____ Jan
Chicago Indiana S
cSouthern. Jan
Jan
Michigan Central_______
Clove Cin Chic & St Louis__ Jan
Peoria & Eastern___________ Jan
Jan
Cincinnati Northern-------Pittsburgh & Lako Erie------- Jan
New York Chicago & St Louis Jan
Toledo * Ohio Central______ Jan
Jan
Total all lines_________
Jan
Pennsylvania Railroad____
Baltimore Chesap & Atlantic. Jan
Cumberland Valley_________ Jan
Long Island______________ Jan
Maryland Delaw S
cVirginia. Jan
N Y Philadelphia S
cNorfolk- Jan
Northern Central__________ Jan
Philadelphia Bait S
c W ash.. Jan
West Jersey & Seashore------ Jan
Pennsylvania Company_______ Jan
Grand Rapids * Indiana----- Jan
Pitts Ciucin Chic & St Louis. Jan
Vandalia __________________ Jan
Total lines— East Pitts S
cErie Jan
— West Pitts* Erie Jan
— All lines E & W . Jan
Dec
Rio Grande Junction_______
Jan
R utlan d__________________
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
1 to
1 to
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Deo
Previous
Year.
S
22,417,070 21.357,024
109900015 103954862
54,283,616 48,360,997
5,839,630 5,420,821
4,235,819 3,822,611
32,911,753 30,164.490
32,714.238 30,4.31,915
3,429,867 3,218.284
1,418,645 1,248,676
18,102,118 15,308,560
12,220,237 11,258,007
5,363.018 4,939,640
280484950 258127870
174607598 157487412
273,545
302,500
3,291,360 2,891,331
11,186,056 10,517,751
134,232
141,525
3,566,191 3,326,455
12,844,716 12,745,867
20.280,(M2 18,914,244
0,395,250 6,247,667
02,950,425 53.673,302
5,435,270 5,031,661
43,604,082 38,549,933
10,748,709 9,970,327
247253811 225999486
124186309 108543723
371440120 334543208
990,931
1,078,067
3,612,522 3,416,713
AGGREGATE! OF GROSS EARNINGS— Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Mcnlhly Summarie. ■
Mileage. Cur. Yr. Prcv. Yr
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
8
s
8
A p r il_____ .236,722 233,057 220,678,485 216,140,214 +4,638,251 2.10
4th week Nov (39 roads)____ 20,632,339 18,527,249 +2,105,090 11.36
+ 790,556 5.52
M a y _____ .235.410 231.597 232,229,364 226,184,666 + 6,044.698 2.67
1st week Dec (39 roads)____ 15.124,726 14,334.170
+871,048 6.13
J u n o _____ .235,385 230,894 243,220.498 228,647,383 + 14,579,115 6.38
2d week Dec (37 roads)___ 15.068,984 14,197,930
J u ly ______ .230,712 227,194 245,595,532 222,587,872 +23,007,060 10.34
3d week Dec (39 roads)___ 15,592.404 14,175,524 + 1,416,880 9.99
Aug net____ .239.230 235,404 276,927,416 251.067,032 +25.860,384 10.30
4th week Dec (39 roads)____ 20.860,397 18,309.553 + 2,550,844 13.93
September. .237,591 235,140 272,209,629 252,318,597 + 19,891,032 7.88
1st week Jan (39 roads)____ 12,470,178 11,142,109 + 1,328,069 11.92
O ctober__ .237,217 233,545 293,738,001 258,473,408 +35,264.683 13.64
2d week Jan (46 roads)____ 12,631,763 10,981.115 + 1.650.648 15.03
November. .237,376 233,305 276,430,016 244,461,845 +31,968.171 13.07
3d week Jan (40 roads)____ 13,572,942 11,610,361 + 1,956,591 16.84
sth week Jan (30 roads)___ 19,776,977 17,986,901 + 1.790,076 9.96
December _ .238,072 234,146 203,708.603 234,087,301 +29,681,242 12.68
January . _ . 88,321
jst week Feb (20 roads)____ 10,579,477 10,134.188 + 1,445.289 4.55
85,946 67,033.083 6 7 ,120,163 +9,913,320 17.27
a Mexican currency, b Does not include earnings of Colorado Springs* Crlppto Creek District Railway from Nov. 1 1911. e Includes the Bos
ton & Albany, the Now York & Ottawa, the St. l.awrcnco & Adirondack and the Ottawa & New York Railway, the latter of which, being a Canadian
road,does not make returns to tho Intor-Stato Commerce Commission. /Includes Kvansvlllo * Terre Haute ami Evansville & IndianaRR.p In
cludes the Cleveland Lorain * Wheeling Ry. in both years, n Includes the Northern Ohio RU. p Includes earnings of Mason City & Ft. Dodgo and
Wisconsin Minnesota & Pacific, s Includes Louisville & Atlantic and the Frankfort & Cincinnati, t Includes tho Mexican International, u Includes
tho Texas Central In both years and tho Wichita Falls Lines in 1912, beginning Nov. 1. v Includes not only operating revenues, but also all other
receipts, x Includes St. Louis Iron Mountain Sc Southern.
THE CHRONICLE
Latest Gross Earnings by Weeks.— In the tablo which
follows wo sum up separately the earnings for the first week
of February. The tablo covers 27 roads and shows 4 .5 5 %
increase in the aggregate over the same week last year.
Alabama Groat Southern______
Ann Arbor..................................
Buffalo Rochester & Pittsburgh
Canadian Northern___________
Canadian Pacific_____________
Central of Georgia------------------Chesapeake & Ohio----------------Chicago & Alton-------------------Chicago Great Western_______
Chicago Indianapolis & Iw l___
Cine New Orl & Texas P acific..
Colorado & Southern_________
Denver & Itio Grande_________
Detroit & Mackinac__________
Duluth South Shore & A tl_____
Louisville & Nashville________
Mineral Range________________
Minneapolis & St L o u is ______
Iowa C e n tra l_____________
Missouri Kansas & Texas______
Missouri Pacific______________
Mobile & Ohio________ _______
St Louis Southwestern..______
Southern Railway____________
Texas & Pacific______________
Toledo Peoria & Western______
Toledo St Louis & Western___
Total (27 roads)___
Net increase (4.55% ).
z ncrease.
1912.
$
98,498
82,290
38,345
52,302
193,647
203,860
293,900
262,000
2.372.000 2,168,000
264,400
299,700
613,469
572,363
259,443
280,838
227,519
210,474
116,564
117,446
193,407
189.948
264,781
251.948
410,600
383,200
20,550
22,039
53,112
56,130
1,167,760 1,105,420
12,887
15,453
[ 193,841
557,846
1.077.000
222,861
247,000
1,292,530
289,500
20,172
77,845
Decrease.
$
16,208
31,900
204,000
35,300
41,106
17,045
3,459
12,833
27,400
62,340
49,877
49,185
143,964
508,661
1,088,000
230,131
232,000
1,263,550
308,401
20,238
65,832
15,000
28,980
10,579,477 10,134,188
571,346
445,289
12,013
13,957
10,213
1912.
306,027
165,578
1911.
252,729
137,413
140,449
96,153
115,315
89,088
—July 1 toOct. 31—
1912.
1911.
1,254,014 1,090,008
671,544
586,949
582,469
385,836
503,058
361,884
Net operating revenue__ ..
s.
44,296
4,500
26,227
4,500
196.632
18,000
141,173
18,000
Operating income...............
39,796
21.727
178,632
123,173
—Monthof September- July 1 toSept. 30—
Wells FargoA. Co—
1912.
Gross receipts from operation 2,947,868
Express privileges— D r____ 1,434,460
.1911.
.....
2,904,133
1,354,424
1912.
8,856,122
4,307,851
lin l.
1911.
7,485,468
3,483,879
;. 1,513,407
. 1,302,574
1.549,708
1,276,005
4,548,270
3.934,914
4,001,588
3,346,770
21*395
882
.
..
210,833
30,000
273,703
24,750
613,356
90,000
654,817
74,213
1,489
3,018
.
180,833
248,953
523,356
580,604
2,566
—Month of September— -July 1 to Sept. 30—
11,000
7,270
18,901
66
Western Express Co.-
i
.
1912.
113,442
59,565
1911.
100,945
50.883
1912.
369,320
191,229
1911.
287,798
149,699
Total operating revenues.
Total operating expenses__ _-
53,887
46,830
50,057
40,326
178,091
140.819
138,098
129,219
Net operating revenue____
One-twelfth of annual taxes.
9,724
768
37,272
2,619
8,878
2,220
8.956
34.652
6.658
Operating income.
6,338
126,057
ELECTRIC RAILWAY AND TRACTION COMPANIES.
For the fourth week of January our final statement
covers 30 roads and shows 9 .9 0 % increase in the aggregate
over the same week last year.
Fourth Week of January.
.
.
Total operating revenues!.
Total operating expenses. -
i
!
1913.
—Monthof October—
Northern Express Co.—•
1
First week of February.
4S1
MO
F e b . 15 1913.]
Name of
Road.
Latest Gross Earnings.
Jan. 1 to latest dale.
Week or Current LPrevious Current Previous
Month.
Year. Year.
Year.
Year.
Increase. Decrease.
$
S
$
American Rys C o__ November 402.878 376,195
Atlantic Shore R y__ December
23,407 22,840
360,551
342,129
cAur Elgin & Chic Ry December
155.453 143,178 1,913,027 1.784.162
Previously roported (28 roads).
Bangor Ry & Elec Co December
60,334
54,383
Alabama Great Southern______
710,029
596.114
Baton Rouge Elec Co December
14,384
12,453
147,381
Duluth South Shoro & Atlantic.
119,476
Binghamton Railway December
37.094 33,785
Georgia Southern & Florida__
425.028
386,631
Brazilian Trac, L & P December 1881,556
Mineral R a n g e .._____________
Brock & Plym St Ry December
7,849
8,040
Ne vad a -Cal iforn ia- Oregon_____
120,008
119,201
Bklyn Rap Tran Syst October . . 2103.071 1944,329 20,371,208 19,441,996
Norfolk Southern____________
Cape Breton Elec Ry December
34,387 31,418
Seabard Air Lino____________
360.296
155,791
Cent Park N & E Iiiv October . .
55,604 55,591
Tennessee Alabama & Georgia540,355
532.013
Central Penn T ra c.. December
82,004
75.890
918.931
868,433
Ry & Lt December
Total (36 roads)____________ 19,776,977 17,986,901 1,878,181
95,454 83,827 1,064,674
943,472
88,105 Chattanooga
Cleve Palnesv & East December
30.397
Net iucreaso (9.96% )_________
28,174
386.967
366,144
1,790,076
Clev Southw &Colum December
97,177
93.414 1,182,156 1.128,622
Columbus (Ga) El Co December
48.278 46,318
540,465
492,325
Commonw P,Ry & Lt December
650,441 550.521 6.389.918 5,519,640
Net Earnings Monthly to Latest Dates.— I n our Coney Isl’d & Bklyn. October . . 120.053 101,406 1.368.738 1,206.144
Dallas Electric Corp. December
174.240 152,926 1,821,562 1,632.291
“ Railway Earnings ” Section or Supplement, which accompanies Detroit United R y .. 2d wk Jan 205,056 167,928
410.004
332,868
I) D E B & Batt(Rec) October . .
52.818 54,322
512.510
510.928
to-day's issue o f the “ Chronicle,” we give the December figures Duluth-Superior Trac November
91.687 93 217
980.113 1.035.254
East St Louis & Sub. December
228,206 202,702 2,452,451 2,279,147
of earnings of all steam railroads which make it a practice to El Paso Electric Cos. December
81,228 73.494
793,320
691.607
St M & St N Ave. October . . 172,704 149.553 1.503.533 1.334,312
issue monthly returns or are required to do so by the Inter-State 42d
Gaiv-IIous Elec C o .. December
183.391 137.104 2,027.656 1.523.169
106,978 108,609 1,233,588 1,169,393
Commerce Com m ission.
The reader is referred to that Supple Grand Rapids Ry Co December
Havana Electric R y. Wk Feb 9 56,029 45,803
313,632
278,379
ment for fu ll details regarding the December results fo r all the Honolulu Rapid Tran
& Land C o_______ December
52,336 48,129
564,723
500,276
separate companies.
Houghton Co Tr C o. December
26,421
24,814
307,506
300.963
Hudson & Manhattan October . .
269,598 2,976.716 2,458,416
In tho following we give all statements that have como in Illinois T ra ction ___ December 320.571
701,335 635,638 7,379,182 6,860,967
Interboro Rap Tran. December 2962,828 2845,096 32.132,692 30.331.583
the present week covering a later or a different period from Jacksonville
Trac Co. December
48,626
51,090
562.537
567,548
113.069 109.791 1.326.883 1,275,476
that to which tho issue of tho “ Railway Earnings” Section Lake shoro Elec Ry . . December
Lehigh Valloy Transit January . . 102,809 84,045
102,809
84,045
is devoted. W e also add the returns of tho industrial com Long Island Electric. October . .
16.814
15,334
190.027
181.348
Milw El Ry & Lt C o. December
632,339 466,546 5,682,356 5,038,691
panies received this week.
Milw Lt, Ht & Tr Co November
96.397 87,200 1.139,350 1.030.872
MonongahelaValTrac December
71,731
847,896
67,652
742,294
------ Gross Earnings----- ------ Net Earnings-----N Y City Interboro.. October . .
46,098
29,697
376.696
248.720
C
u
r
re
n
t
P
rev
io
u
s
C
u
rren
t
P
rev
io
u
s
N
Y
&
Long
I
si
Trac.
October . .
34,131
Roads.
32,516
333.523
333.023
Year.
Year.
Year.
Year.
N Y & Queens C o __ October . . 114,430 105.370 1.122.205 1,058,247
$
$
New York Railways. November 1154,418 1144,966 12,590,755 12.508.038
llellcfonto Central.b___ Jan
6,224
5,103
402
785
Northam Easton & W November
14.809
13.075
168 840
154.765
N Y N II & Ifartford.b—
North Ohio Trac & Lt December
259,881 239,373 2,996,037 2.694,024
Oct l to Dec 31...........17,730,986 16,517,807 5,727,526 5,947,064 North Texas Elec Co. December
170,933 143.155 1,790.762 1,622,875
5,727
July 1 to Dec 31...........35,880,175 32,963,001 13,239,709 12,’2191680 Ocean Electric (L I ). October . .
5.083
131,748
115.732
Paducah Trac& Lt Co December
27.878 26,835
286.537
265,296
Toledo Peoria & W est.b-Jan
118,237
113,664
19,541
24,667 Pensacola Electric Co December
23,837
24,307
285,429
286,715
July 1 to Jan 3 1 ..........
843,050
769,743
183,969
153,318 Phila Rapid Trans Co December 2065.830 1964.271
23.282.304 22,141.338
Port (Ore) Ry,L& PCo. December
586,857 556.397 6,642,308 6,336,703
a Net earnings here given are after deducting taxes,
Puget Sd Trac, Lt &P December
725,642
8,313,848
b Net earnings here given aro beforo deducting taxes.
Richmond Lt & R Il. October . .
30,406
27,499
323.623 * 310*846
8tJoseph (Mo) Ry.Lt
INDUSTRIAL COMPANIES.
Heat & Power C o. December
110,874 101,401 1,179.839 1,099,285
------ Gross Earnings------------- Net Earnings—
Santiago Elec Lt & Tr January . .
39,368 34,049
39,368
34,049
Current Previous Current Previous Savannah Electric Co December
68,447 62,079
747,058
696.668
Companies.
Year.
Year.
Year.
Year
Second Avenue (Rec) October . .
86,747 83,394
824.511
784.087
Southern Boulevard. October . .
S
$
$
$
14,952
10.721
125,241
105,833
20,176
Edison Elec 111 (Boston).Jan
643,092
595,533
17,775
226.493
379,202 Sou Wisconsin Ry Co December
198.669
387,791
21,675
July 1 to Jan 31--------- 3,663,219 3,365,660 2,086,490 2,004,333 Staten Isl'd Midland. October . .
19,746
251.658
243,232
Tampa
Electric
C
o
..
December
66.797
66,390
753.835
691,323
Pullman Company b ...D e c 3,111,554 2,884,804
947,669
564,096 Third A venu e______ October . . 332,420 314.813
3,190,817 3.058.898
July 1 to Dec 31---------20,809,314 19,801,889 8,331,489 6,654,438 Tri-City Ry & Lt C o October . . 283,102
250,610 2.573,174 2.342.038
d'win City Rap Tran. 4th wk Jan 222,259 204,351
683,871
629,205
Interest Charges and Surplus.
Underground Elec Ry
of London—
— Inl., Rentals, &c.— — Pal. of Net Earns.—
Three
tube
lines..
Wk
Feb
8
£14,255 £14,805
£89 495
£90,350
Current Previous Current Previous
Metropolitan Dist. Wk Feb 8 £13,055 £12,618
£79 ,968
£75,920
Rodds.
Year.
Year.
Year.
Year.
United Tramways. Wk Feb 8 £5,299 £4,979
£32 452
£31,420
•S
$
$
$
London Gen'l Bus. Wk Feb 8 £55,526 £35,419 £326 233 £221,996
Beliefonto Central.......... Jan
240
244
Union Ry Co of NYC October . . 218,310 206,850 2,130 953 2,077,749
162
541
UnionRyG&ECo(IIl). December
438.168 325.314 3,992 134 3,190.111
N Y N II & Hartford—
Oct 1 to Dec 3 1 .. 5,860,789
5,650,986 xl,417,887 22,082,372 United Rys of St L ._ December 1049,835 1021,044 12,251 091 11.914.153
759,198 701,004 8,471 617 7.886,136
July 1 to Dec 31-11,53b,048
11,066,350 z4,964,269 25,215,460 United RRs of San Fr December
Westchester Electric. October . .
46,632 48,730
495
510,367
Toledo Peoria & West— Jan
24,875
24,011
21,334
25 054 Yonkers
R ailroad__ October: . .
65,533 59,063
613
565.110
___July 1 to Jan 31......... 169,684
168,152
239,538
27^969 Youngst & Ohio R iv. December
20,068
18,965
239
234.459
November
Youngstown
&
South
13.543
11.757
152
134,594
2After allowing for other income received
EXPRESS COM PANIES.
c These figures are for consolidated company.
Monthof OctoberJuly l toOct. 31--------1912.
1911.
1912.
1911.
American Express Co.—
$
$
Electric Railway Net Earnings.— The following table
Gross receipts from operation 4,652,834 3,944,810 16,674,857 14,541,579
Express privileges— b r .......... 2,233,641 1,895,806 7,894,667 6,858,691 gives the returns of E L E C T R IC railway gross and net
1913.
1912.
$
18,619,728 17,001,500 1,706,333
171,689
160,754
10.935
101,291
72,488
28,803
67,369
61,477
5,892
31,239
24,520
6,719
6,642
5,233
1,409
106.053
81,054
24,999
669,188
577,639
91,549
3,778
2,236
1,542
. 2,419,193
. 2,000,793
S
88,105
earnings reported this week:
2,049,003
1,711,855
8,680,189
7,707,726
7,682,888
6,617,271
.
Ono-twolfth of annual taxes'.".-
418,399
31,881
337,148
33,397
972,462
126,194
1,065,617
123,819
.
386,518
303,750
846,268
941,798
------ GrossEarnings—
Roads.
Bangor Ry & Elec a ___ Doc
July 1 to Dec 31...........
Current
Year.
60,334
385,870
Previous
Year.
$
54,383
331,465
------Net Earnings-
Current
Year.
$
31,516
219,036
Previc is
THE CHRON tCLE
482
------ Gross Earnings------ -------- Net Earnings------
Current
Year.
Roads.
Previous
Year.
5
$
Chautauqua Traction b—
___
Oct 1 to Doc 31-------37,767
July 1 to Dec 31_____
112,249
Chattanooga Ry S
cLt a-D oc
95,454
83,827
Jan 1 to Dec 31______ 1,064,674
943,472
•Oom’w’lth Pow Ry&L a Dec
650,442
550,521
Jan 1 to Dec 31______ 6,389,919 5,519,640
Consumers Pow (Mich) aDec
284.111
239,840
Jan 1 to Dec 31______ 2,774,551 2,365,920
Cumb Co (Me) P & Lt a Dec
175,134
169,936
July 1 to Dec 31........... 1,168,770 1,120,503
Dotroit United R y -b -.-D e c 1,017,790
893,819
Jan 1 to Dec 31______ 11,695,530 10,253,134
Bast St Louis & Sub a ..D e c
228,206
202,702
Jan 1 to Dec 31______ 2,452,451 2,279,147
108,609
Grand Rapids Ry a ___ D ec. 106,978
Jan 1 to Doc 31. 1,233,588
1,169,393
Honolulu It T & Land b Dec
52,336
48,129
Jan 1 to Doc 3 1 -.
564,723
509,276
Hudson Valley Ry b—
Oct 1 to Dec 31.
155,529
147,066
July l to Dec 3 1 .
358,479
357,135
Jan 1 to Dec 3 1 -.
633,942
587,872
Lewiston Aug & Wat a .-D e c
47,359
45,075
July 1 to Dec 31...........
348,252
339,589
Portland (Me) ItR a ---D e c
76,693
72,146
549,915
542,761
July 1 to Dec 31______
Portl'd (Ore) Ry L &P a Dec
586,857
556,397
Jan 1 to Dec 31______ 6,642,308 6,336,703
Puget Sd Trac, Lt & P.a.Dec
725,642
Jan 1 to Dec 31_____ 8,313,848
St Jos Ry Lt lit & P a-D ec
110,874
101,401
Jan 1 to Dec 3 1 .- ......... 1,179,839 1,099,285
Springfield (M o) Ry & L Dec
55,796
50,118
Jan 1 to Dec 31______
577,693
503,352
Troy & New England b—
Oct 1 to Dec 31______
6,194
5,854
July l to Dec 31.........22,778
22,169
Jan 1 to Dec 31...........
36,462
35,355
Current
Year.
$
Previous
Year.
$
18,542
--------62,992
______
38,369
33,593
430,058
389,724
267,638
245,364
2,671,622 2,356,713
112,888
124,020
1,266,651 1,137,057
73,122
43,310
549,471
455,190
331,994
323,494
3,065,121 3,673,092
117,367
117,685
1,098,883 1,008,796
41,370
48,442
533,358
509,115
24,462
22,357
273,809
233,727
70,603
49,267
161,897
144,080
237,957
225,910
15,073
14,662
147,623
145,843
16,446
def7,998
197,625
161,400
308,174
299,664
3,313,397 3,266,806
308,937
______
3,541,549
______
53,501
45,535
510,816
417,958
28,294
24,984
264,117
226,702
___ _
, ____
3,570
4.052
13,131
14,050
17,221
19,800
a Net earnings hero given are after deducting taxes.
b Not earnings here given aro before deducting taxes.
Interest Charges and Surplus.
— Int.,
Rentals, Ac.-------- Bal. of Net Earns.—
Current Previous Current Previous
Year.
Year.
Year.
Year.
Roads.
$
$
$
$
14,244
17,341
15,485
Hangor Ry & Elec_____Dec
14,175
July 1 to Dec 31______
117,687
107,145
101,349
80,157
Chautauqua Traction—
dcf4,918
24,410
Oct 1 to Dec 31______
9,127
55,632
July 1 to Dec 31______
12,564
14.406
21,029
23,963
Chattanooga Ry & Lt__Dec
164,029
150,011
239,713
266,029
Jan 1 to Dec 31______
142,212
121,530
123,834
125,426
Com’w’lth Pow Ry & L .D ec
Jan 1 to Dec 31--------- 1,502,572 1,274,405 1,169,050 1,082,308
56,754
64,284
67,266
48,604
Consumers Pow (M ich).D ec
494,800
651,002
615,649
642,257
Jan 1 to Dec 31______
56,510
49,668
16,611
Cumb Co (Me) P & L t-.D e c
def6,358
332,901
298,779
216,570
July 1 to Dec 31--------156,411
177,681
180,138
*173,9S2
*163,040
Dotroit United R y-------- Dec
Jan 1 to Dec 31......... - 2,123,513 2,123,398 *2,050,465 *1,728,507
45,617
48,019
72,067
69,348
East St Louis & Sub------ Dec
461,271
578,471
547,525
520,412
Jan 1 to Dec 31______
33,886
27,118
14,252
14,556
Grand Rapids R y ______ Dec
329,727
358,133
175,225
179,388
Jan 1 to Dec 31______
*17,914
*17,931
7,092
6,638
Honolulu R T & L and--D cc
*161,376
*196,633
79,188
83,071
Jan 1 to Dec 31______
Hudson Valley Ry—
75,072
*4,424 *def25,750
67,456
Oct 1 to Dec 31______
*22,980 zd cf 1,554
146,833
140,814
July 1 to Dec 31--------282,914 *dof43,066 *def54,836
285,146
Jan 1 to Dec 31--------673
14.400
14,446
216
Lewiston Aug & W at— Dec
61,223
86.400
86,705
59,138
July 1 to Dec 31--------9,743
6,193
10,253
defl7,74
0
Portland (Mo) R R --------Dec
135,690
57,518
61,935
103,882
July 1 to Dec 31--------156,771
132,750
151,403
166,914
Portland(Oro) Ity L &P .D ec
Jan 1 to Dec 31--------- 1,760,991 1,510,280 1,552,406 1,756,526
154,443
154,494
Puget Sd, Trac, Lt & P ..D e c
1,789,174
Jan 1 to Dec 31--------- 1,752,375
25,727
33,791
19,710
19,708
St Jos Ry L II & Pow___Dec
274,756
186,350
231,608
236,060
Jan 1 to Dec 31--------17,147
7,837
18,936
9,358
Springficld(Mo)Ry & Lt Dec
162,977
133,455
101,140
93,247
Jan 1 to Dec 31--------Troy & Now England—
3,054
*795
*1,187
2,901
Oct
1
to
Dec31_____
*7,487
*8,507
5,884
5,889
July 1
to
Dec 31_____
11,740
*5,554
12,084
*8,610
Jan
1
to
Dec 31-------
xAfter allowing for other income received.
A N N U A L
R E P O R T S .
^A n n u a l Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle” in which
it is published. The latest index will be found in the issue
of Jan. 25. The next will appear in that of Feb. 22.
Minneapolis & St. Louis Railroad.
{Report fo r Fiscal Year ending June 30 1912.)
Pres. Newman Erb, N . Y . , Oct. 1 1912, wrote in substance:
dileage.— On Jan.
1 1912 your company acquired by purchase the rail
road p.nd other property of tno Minnesota Dakota & Pacific Ry. Co. and
of the fowa Central R y . Co.,(per pian in V. 93, p. 1668, 1726: V. 94, p. 68).
The mileage of the railroads thus acquired aggregates 785 miles of main
track and 156.09 miles of sidings.
___
,
Prior to Its acquisition the Minnesota Dakota & Pacific Ry. (229 miles)
was operated by your company under lease and therefore this change in
ownership did not chango our operated mileago. The Iowa Central Ry.
(556 mllos). however, was operated separately; but for tho purpose of making
comparisons its operations covering the period prior to tho date o f purchase.
Its mileage and other physical properties which were taken over, have, In
all summaries and tables appearing In this report, been combined with
thoso o f this company for this and last year.
[ V o l . XC V I
Results.
— T h e g ro s s o p e r a tin g re v e n u e s d e c re a s e d $ 6 5 1 ,4 3 8 , b e in g 7 . 5 7 % ,
a n d o p e r a tin g re v e n u e s o v e r e x p e n s e s fe ll o f f $ 6 3 1 ,0 7 7 , o r 2 6 .1 7 % . T h e
d e c li n e i n g r o s s is d u e t o lo s s o f a g r i c u l t u r a l t o n n a g o f r o m o n e - t h i r d
o f t h e t o t a l o p e r a t e d m ile a g e . T h o c r o p s i n S o u t h D a k o t a w e r e a c o m
p le te f a ilu r e , w h ile in W e s te r n M in n e s o ta o n ly a b o u t 5 0 % a n d in N o r t h
w e s te rn Io w a o n ly a b o u t 6 0 % o f a n o r m a l y ie ld w a s r e a liz e d .
T h is t e r r i
t o r y e m b ra c e s a ll t h a t p a r t o f th e t h r e e S ta te s m e n t io n e d s e r v e d b y t h e
c o m p a n y ’s lin e s l y i n g w e s t o f H o p k i n s a n d s o u t h o f W l n t h r o p .
T h e e s t i m a t e d lo s s i n t r a n s p o r t a t i o n r e v e n u e f r o m t h i s t e r r i t o r y , w h ic h
s u f f e r e d f r o m a p r o lo n g e d d r o u g h t , w a s a b o u t $ 1 , 0 7 0 , 0 0 0 .
H a d n o rm a l
c r o p s p r e v a ile d in t h a t s e c tio n th e g ro s s re v e n u e s f o r th e y e a r w o u ld h a v e
b e e n g r e a t e r b y t h a t s u m a n d w o u l d h a v e e x c e e d e d t h o e a r n in g s f o r a n y
y e a r in t h o h is t o r y o f th o c o m p a n y .
T h e r e w a s a g a in o f a p p r o x im a t e ly
$ 4 0 0 , 0 0 0 i n t h i s r e v e n u o f r o m t w o - t h i r d s o f t h o c o m p a n y ’s m ile a g o l y i n g
i n S o u t h e r n M i n n e s o t a , E a s t e r n I o w a a n d I l l i n o i s , w h i c h r e d u c e d t h o lo s s
s u s t a i n e d o n t h e w e s t e r n p o r t i o n o f t h e l in e s t o t h a t e x t o n t .
T h o m a n a g e m e n t d i r e c t e d e v e r y e f f o r t t o w a r d s e c u r in g a n d b u i l d i n g
u p a t h r o u g h t r a f f i c f r o m t h o e a s t e r n a n d s o u t h e r n c o n n e c t io n s , b y w h i c h t h e
r e v e n u e f r o m t h r o u g h t r a f f i c w a s in c r e a s e d o v e r t h o p r e c e d in g y e a r a b o u t
$ 3 4 0 , 0 0 0 , t h u s r e d u c i n g t h e lo s s i n e a r n in g s f r o m a g r i c u l t u r a l to n n a g o
a c c o r d in g ly .
T h i s h i g h - g r a d e t h r o u g h to n n a g o is a s u b s t a n t i a l g a in w h ic h
s h o u l d b o m a i n t a i n e d o r f u r t h e r in c r e a s e d i n f u t u r o y e a r s . T o m a k e u p
i n p a r t f o r t h e lo s s o f g r a i n to n n a g e f r o m p o i n t s o n i t s o w n lin e s , t h e c o m
p a n y a ls o t r a n s p o r t e d t o m i l l i n g c e n t r e s c o n s id e r a b le g r a i n r e c e i v e d f r o m
c o n n e c t i n g lin e s ; b u t t h i s t o n n a g o w a s c a r r i e d a t l o w e r r a t e s a n d t h e d is
ta n c e tr a n s p o r te d w a s s h o r t .
T h e r o w a s a lo s s i n p a s s e n g e r r e v e n u o o f
a b o u t $ 1 3 0 , 0 0 0 o n t h a t p a r t o f t h o lin e s t r a v e r s i n g t h o t e r r i t o r y w h i c h s u f
f e r e d f r o m t h e d r o u g h t , b u t t h o r e v e n u o f r o m t r a v e l i n M i n n e s o t a in c r e a s e d
$ 4 0 ,6 4 3 , o r 5 .7 7 % , r e s u ltin g fr o m a n a d v a n c e in th o m a x im u m r a te in t h a t
S ta te f r o m 2 c e n ts f o r th e p re v io u s y e a r to 3 c e n ts f o r th is y e a r .
Ry.—
— A s t h o g e o g r a p h ic a l p o s i t i o n o f t h i s
c o m p a n y ’s l in e s w i t h r e g a r d t o t h o I o w a C e n t r a l , R y . a f f o r d e d m a n y o p p o r
t u n it ie s f o r in te r c h a n g e o f t r a f f ic , a n d u n io n o f th o p r o p e r ite s p r o m is e d
i m p o r t a n t e c o n o m ie s , t h o s t o c k h o l d e r s o f y o u r c o m p a n y o n D e c . 1 8 1 9 1 1
v o t e d t o p u r c h a s e t h e I o w a C e n t r a l , a n d f o r t h a t p u r p o s e t o is s u e $ 9 , 3 7 0 , 2 0 0
c o m m o n s to c k , $ 1 ,9 1 7 ,5 0 0 p r o f, s to c k a n d $ 2 ,5 0 0 ,0 0 0 " r e f u n d in g a n d e x
t e n s io n M . ” 5 % b o n d s . (S e e p l a n , V . 9 3 , p . 1 6 6 8 .)
T h o s to c k h o ld e r s o f
t h o I o w a C e n t r a l a p p r o v e d t h e s a le o f t h e p r o p e r t y ( s u b j e c t t o i t s b o n d e d
a n d o th e r d e b ts ) , to g e th e r w it h $ 2 ,5 0 0 ,0 0 0 in c a s h .
O n J a n . 1 1912 y o u r
c o m p a n y t o o k p o s s e s s io n .
O f th e s to c k s r e c e iv e d b y th e Io w a C o n lr a l R y . C o . in c o n s id e r a tio n o f
t h o s a le , i t d i s t r i b u t e d t o i t s s t o c k h o l d e r s $ 9 , 3 7 0 , 2 0 0 o f t h o M . & S t . L .
c o m m o n a n d $ 5 6 7 ,5 0 0 o f t h e p r e f e r r e d c n t h o b a s is o f $ 9 0 0 c o m m o n a n d
$100 p r o f , f o r $ 1 , 0 0 0 o f t h e ( $ 5 , 6 7 4 , 9 0 0 ) p r o f , s t o c k o f I o w a C e n t r a l R y . C o .
a n d $ 1 0 0 c o m m o n s t o c k f o r $ 2 0 0 ( p a r ) o f th e ($ 8 ,5 2 5 ,6 0 0 ) c o m m o n s to c k o f
th e Io w a C e n t r a l.
O f t h o r e m a i n i n g s e c u r it ie s w h i c h i t r e c e i v e d ,
th o Io w a C e n t r a l R y . C o . o ffe r e d f o r s u b s c r ip t io n t o I t s s to c k h o ld e r s a n d
th o s to c k h o ld e r s o f t h is c o m p a n y a ll o f th e $ 2 ,5 0 0 ,0 0 0 “ r e f. a n d e x t. M . ”
5 % b o n d s , to g e th e r w i t h $ 1 ,2 5 0 ,0 0 0 p r e f . s to c k , a t a p r ic e o f $ 1 ,0 0 0 f o r
e a c h $ 1 ,0 0 0 b o n d , w it h $ 5 0 0 p r e f. s to c k , th u s p r o v id in g th e $ 2 ,5 0 0 ,0 0 0 in
c a s h w h i c h t h i s c o m p a n y r e c e i v e d w i t h t h e c o n v e y a n c e o f t h o p r o p e r t ie s .
T h e r e m a i n i n g $ 1 0 0 ,0 0 0 o f p r e f . s t o c k w a s d is p o s e d o f t o d e f r a y t h o e x
p e n s e s a n d d is b u r s e m e n ts in c u r r e d in c o n n e c tio n w it h th o tr a n s a c t io n .
T h e s t o c k h o l d e r s o n D e c . 18 1 9 1 1 a u t h o r i z e d a n is s u e o f
$ 7 5 ,0 0 0 ,0 0 0 " r e f . & e x t . M . ” 5 % 5 0 - y e a r g o ld b o n d s ( V . 9 3 , p . 1 6 6 8 ).
$ 5 7 6 ,7 5 4 .
B o n d s , e q u ip m e n t t r u s t n o te s a n d 2 - y e a r 5 % g o ld n o te s , i n
c lu d in g fu n d e d d e b t o f Io w a C e n t r a l R y . a s s u m e d , o u t
s t a n d i n g J u n o 3 0 1 9 1 1 ------------------------------------------------------------------------------- $ 4 0 , 5 2 3 , 3 4 0
— “ F ir s t a n d r e f . ” 4 % b o n d s u n d e r m o rtg a g e s o f th is
c o m p a n y a n d Io w a C e n tra l R y . C o . fo r a d d ’n s, h o tte r.& e q u tp .
2 1 2 ,0 0 0
R e f. a n d e x t. M . 5 % g o ld b o n d s : (1 ) Is s u e d in c o n n e c tio n
w it h p u rc h a s e o f Io w a C e n t r a l R y . , $ 2 ,5 0 0 ,0 0 0 ; (2 ) t o r e t i r e e q u i p m e n t t r u s t n o t e s , $ 9 2 , 0 0 0 ---------------------------------------------2 ,5 9 2 ,0 0 0
— E q u i p m e n t n o te s r e t i r e d -----------------------------------------------------------1 2 7 ,2 4 5
O n e - y e a r 6 % n o t e s p a i d F e b . 1 1 9 1 2 f r o m p r o c e e d s o f s a id
2 ,1 0 0 ,0 0 0
$ 2 , 5 0 0 , 0 0 0 r e f . a n d e x t . 5 % b o n d s _____________________________
.— T h e r o w a s a n in c r e a s e i n th e s e e x p e n d i t u r e s o f $ 7 9 , 7 0 8 ,
o r 8 .7 8 % .
O w in g t o th o u n u s u a lly s e v e ro w in t e r , $ 6 0 ,8 8 0 w a s e x p e n d e d
f o r t h o r e m o v a l o f s n o w a n d ic e , a n in c r e a s e o f $ 4 1 , 8 1 5 .
T h o c o ld w e a th e r
a n d e x c e p tio n a lly h e a v y s n o w - fa ll in Io w a a n d in C e n t r a l a n d S o u th e r n
M i n n e s o t a w e r e t h e m o s t s o v e r o e x p e r ie n c e d i n t h o p a s t 19 y e a r s .
T h e r e w e r e p la c e d i n t h e t r a c k s d u r i n g t h o y e a r 3 3 9 , 9 9 3 c r o s s - t ie s , a n
in c r e a s e o f 1 5 9 , 8 5 7 t ie s .
T h o g r e a t e r n u m b e r o f t ie s u s e d i n m a k i n g r e
n e w a ls w a s n e c e s s a r y i n o r d e r t o b r i n g t h e c o n d i t i o n o f t h e t r a c k t o a h ig h e r
s t a n d a r d , a s a p r o p e r r a t i o o f t i e r e n e w a ls h a d n o t b e e n m a d e i n t h o p r e
c e d in g f i v e y e a r s . T h e r o w e r e r o l a i d 4 4 . 2 0 m ile s o f m a i n t r a c k w i t h n e w
8 0 - l b . r a i l : 3 1 . 8 0 m ile s o f t r a c k w e r e r e p a i r e d a n d r e n e w e d w i t h g r a v e l a n d
c in d e r b a lla s t.
.— T h e r e w a s a d e c r e a s e i n th o s o e x p e n d it u r e s o f
$ 1 1 3 ,3 3 1 , o r 8 .8 7 % , d u o w h o lly t o th e f a c t t h a t th e r o llin g s to c k a n d o th e r
e q u ip m e n t w e re in s u c h g o o d p h y s ic a l c o n d it io n .
— - T h e in c r e a s e i n t h e r a t o o f p a y o f a p p r o x i
m a t e ly 7 % a llo w e d la s t y e a r t o e m p lo y e e s e n g a g e d in t r a n s p o r t a t io n s e r v
ic e , w h i c h w a s i n e f f e c t o n l y p a r t o f t h a t y e a r , w a s i n f o r c e d u r i n g t h o e n t i r e
1 2 m o n t h s o f t h i s y e a r , o c c a s o n i n g a n in c r e a s e o f $ 8 8 , 1 2 9 . T h e e x t r e m e l y
s e v e r e w e a t h e r d u r i n g J a n u a y , F e b r u a r y a n d M a r c h o p e r a t e d t o in c r e a s o
th e s o e x p e n s e s $ 2 5 , 4 0 0 . T h e c o m p a n y w a s c o m p e lle d t o m a i n t a i n b o t h
f r e i g h t a n d p a s s e n g e r s e r v ic e o n t h o lin e s i n M i n n e s o t a a n d D a k o t a , n o t
w i t h s t a n d i n g t h e s h r i n k a g e i n t r a f f i c o c c a s io n e d b y t h o c r o p f a i l u r e .
Tho
t o n n a g e m o v e m e n t w a s u n e v e n l y d i s t r i b u t e d a ls o , n e c e s s it a t in g e x t r a
t r a i n s e r v ic e , a g e n e r a l c o n d i t i o n u n p r e c e d e n t e d i n t h o c o ’ s . h i s t o r y .
T h e a v e ra g o n u m b e r o f to n s o f f r e ig h t m o v e d p e r t r a in w a s th o la r g e s t
i n t h e h i s t o r y o f t h o c o m p a n y , e x c e e d in g t h a t o f 1 9 1 1 b y 4 . 4 5 t o n s a n d
t h a t o f 1 9 1 0 b y 4 .0 5 to n s .
— E x p e n d itu r e s f o r a d d it io n s a n d b e tte r m e n ts
a m o u n t e d t o $ 1 4 1 ,8 9 3 .
— A t th e w r it in g o f th is r e p o r t th o p ro s p e c ts f o r c ro p s o f a ll k in d s
s e e m t o a s s u re a b o u n t if u l h a r v e s t, w h ic h , to g e th e r w it h th o g e n e ra l r e v iv a l
i n a l l i n d u s t r i a l t r a d e s a n d t h e o p e n in g u p o f n e w t r a f f i c c o n n e c t io n s , s h o u ld
m a k e t h o e n s u in g v e a r a m o s t p r o s p e r o u s o n e .
In d e e d , th o im p r o v e m e n t
is a l r e a d y e v id e n c e d , a s t h o f o l l o w i n g s h o w s ( c o m p a r e V . 9 6 , p . 6 3 ) :
3
30—
1912.
1911.
G r o s s o p e r a t i n g r e v e n u e s ------------------------- $ 2 , 4 8 7 , 9 3 7
$ 2 ,0 1 8 ,5 5 1
$ 4 6 9 ,3 8 6
Surplus over expenses and taxes---------7 2 7 ,5 4 7
4 8 8 ,7 4 2
2 3 8 ,8 0 5
I n a n t i c i p a t i o n o f n o r m a l c r o p s a n d t o m e e t t h o e x p e c t e d in c r e a s e i n
b u s in e s s f o r t h e e n s u in g y e a r , a b o u t 1 1 4 m ile s o f m a i n l i n o a r o b e in g b a l
la s t e d a n d 5 1 m ile s o f t r a c k a r o b e in g r e l a i d w i t h n o w s te e l r a i l s o f 8 0 a n d
8 5 - lb .
A n o r d e r w a s a ls o p la c e d f o r 1 2 f r e i g h t lo c o m o t i v e s f o r d e l i v e r y i n
N o v e m b e r 1 9 1 2 . T h o w o r k o f r e c o n s tr u c tin g a n d r e b u ild in g 3 ,0 2 6 fr e ig h t
c a r s is w e l l u n d e r w a y .
„
„
T h o e x t e n s io n o f t h e C h ic a g o B u r l i n g t o n & Q u i n c y R R . t o t h o O h io
R iv e r a n d t h e r a p id d e v e lo p m e n t in th e S o u t h e r n I llin o is c o a l f ie ld s in th o
p a s t t w o y e a r s h a v e g i v e n a d d e d i m p o r t a n c e t o P e o r ia a s a g a t o w a y t o t h o
W e s t a n d N o rth w e s t.
T h e f a c ilit y a n d e c o n o m y w it h w h ic h t r a f f ic c a n
b o h a n d le d th r o u g h t h is g a te w a y m a k e i t a n im p o r t a n t c e n t r o f o r r a ilr o a d s
h a v i n g t e r m i n a l s t h e r o a n d t o s h ip p e r s f o r t h o i n t e r c h a n g e o f b u s in e s s b e
tw e e n th e t r u n k lin o t e r r it o r y a n d th o W e s t a n d N o r t h w e s t .
T liu s th e
O s k a lo o s a - l’ e o r ia l i n o , w h i c h a f e w y e a r s a g o w a s a m i n o r b r a n c h , h a s
b e c o m e a n i m p o r t a n t m a i n l i n o f o r t r a f f i c p a s s in g t h r o u g h t h o P e o r ia g a t e
w a y ; a n d t o m e e t t h o d e m a n d s o f t h i s r a p i d l y g r o w i n g b u s in e s s y o u r b o a r d
h a s a u t h o r i z e d t h e r e l a y i n g o n t h i s l i n e o f o v e r 4 0 m ile s o f t r a c k w i t h 8 5 - lb .
s t e e l r a i l s , t h o b a l l a s t i n g o f 3 5 m ile s w i t h g r a v e l b o t w e o n P e o r ia a n d O s k a lo o s a , a n d a n in c r e a s o i n t h e y a r d t r a c k s , e t c . , a t M a x w e l l a n d O s k a lo o s a .
— N o t w it h s t a n d in g t h e a c q u is it io n o f t h o p r o p e r tie s o f t h e
I o w a C e n t r a l R y . , t h o p r e s e n t c a p i t a l i z a t i o n o f y o u r c o m p a n y is $ 2 3 5 ,9 7 8
le s s t h a n t h o a g g r e g a t e c a p i t a l i z a t i o n o f t h o t w o c o m p a n ie s w h o n s e p a r a t o .
[R e g a r d in g p a y m e n t o f $ 1 ,0 0 0 ,0 0 0 o f t h o 5 % n o te s F e b . 1 1 9 1 3 a n d th e
r e fu n d in g o f th o r e m a in in g $ 3 ,0 0 0 ,0 0 0 a t 6 % , se o V . 9 6 , p . 1 3 6 , 3 6 0 .]
Iowa Central
New Securities.
Fund'dDebt.—
Net Increase in the Debt During the Year,
Issued
Offsets
Maintenance
MaintenanceofEquipment
Transportation Expenses.
Capital Expenditures.
Outlook.
Resultsfor months endedSept.
Increase.
Capitalization.
ROLLING STOCKOWNED—BRIDGES, BALLAST,RAILS, JUNE 30.
------ Locomotives------Pass. -Freight Equipl- Work.
No. Tractive Power. Equip.
1 9 1 2 .........................2 1 9
1911-------------- 219
5 ,2 7 7 ,5 3 5 lb s .
5,285,426 lbs.
143
143
7.846
238.165
343
-Rails (m
iles)Bridges,Ac.(ft ) -Ballast (miles)........
,
Steel. Trestles. Gravel. Cind.Soil. 80-lb. 70-/6.06-/5.60-/&. Other
1912 . . . ........14,522 87,070
1911 ................................... ..
1,026
1.012
78
71
426
446
299
264
753
763
33
33
311
328
152
160
CLASSIFICATION OF FREIGHT—PRODUCTS OF (TONS).
Agriculture. Animals.
dines. Forests, dan'f’ers. Miscell
1912 ............1,503,867
1911............... 1,613,855
209,371
217,741
1,570,332
1.380.4 7
280,967
310.292
448,124
409.568
734,60.
761.022
OPERATIONS, REVENUES, EXPENSES, &c.
B A LA N C E SHEETS DECEM BER
1911-12.
1910-11.
1911-12.
1910-11.
340,470
336,379
1,586 T a x e s ................
1,586
Av. miles oper .
418
2,454,304 Outsklo o p ..b a l406
Pass. carr’d(N o) 2,366,727
Pass, one m ile .. 84,129,559 93,759,513
T o t. exp.Atax 56,510,814 SO,541,277
1.S95 Cts.
Rate per pass.p.m 2.032 cts.
4,692,981
R ev. frt.. to n s .. 4.747,163
” 1 mile. to n s .755,890,137 789,744,019 Met oper. r e v .. $1,443,302 $2,004,277
0.802 cts. Int. on b o n d s..
Rate per tonp.m 0.758 cts.
557,223
557,201
Earns, per pass.
Dlvs. on stocks
SO.97
SO.93
train m ile-----4,144
o w n e d ____
4,160
Earns, per frgt.
lease of
$2.27 Rentals,
$2.07
train mile.
63,403
road, A c., bal.
46,409
$5,427 Miscel. Incom e.
85,016
•Gross earns, p. m
679
750
307.34
302.89
T on s per tr. m
Revenuo—
5125,509
Total other Ins 5108,521
$1,709,109
Passenger _
Total net Inc. 51,551,823 S2,189,7S7
5,732,103 SS,605,554
Freight . . . . . .
D ed u c t—
512,904
M ail, expr., A c .
Int. on fund. dt. S2,038,498 52,003,723
71,157
91,724
Total op. rev. $7,954,116 $8,605,554 Int., disc.&exeh.
55,050
Expenses—
Hire of cq ., bal.
88,042
S9S7.086
M atnt.ofw ay.A c
'Total fixed A
M aint. of equip. 1,165,079
Transpor. exp . 3,552,400 $6,194,389
other chgs. $2,218,864 52,129,930
217,292
Traffic expenses
General . . . ___
Bal., sur. or def.def$667,041 sur.$59,856
252,172
VALANCE SHEET JUNE 30.
1912.
1911.
1912.
1911.
5
A s s e ts —
5
$
5
L ia b ilit ie s —
Road A equip. _a62 ,512,329 31,082,549 Common stock — 15 ,370,200 6.000,000
Preferred stock ____ 5 ,917,500 4,000,000
Secure. o f affili
Bonds____________ 42 ,256,095 24,738,000
ated, & c., cos.—
660,000
944,000
710,078 Equip, trust notes
P led g ed _____ 1 271,678
017,600 Bills payable-------- 1 ,550,000 1,40.8,400
U n p le d g e d ...
617,600
312,668
703,891
Cash........... .............
300,800 Vouchers & wages
265,515
50,315
1,456,700 Traffic, A c., bals.
Securities ow ned. . 3 225,011
32,258
51,177
193,997 Agents’ drafts-----295,100
Agents A conduc.
253,176
399,967
Mlscell.
accounts.
14,436
Traffic, A c., bals.
91,309
77,560
674,515 M atured Interest.
448,664
Cos. & individuals
161,976
250, S50
357,833 Taxes accrued____
Material A supplies 438,652
497,463
510,347
Accrued
interest..
63,346
58,232
Mlscell. accounts.
92,994
65,602
SO,441 Oper. reserves-----79,633
UnadJ. fgt. claims
1,668
M isc. def. credits.
Dakota Construc
1-year
6%
notes,
5,192,136
tion C o ...............
1,2.85,000
due 1912--------102,605
56,250
Other def. assets._
Profit and loss------1 349,634 1,150,752
..69,329,956 40,852,845
Total . _.
T o t a l ..................69,329,950 40,852,845
a After deducting reservo for accrued depreciation of equipment. $499,730.— V. 96, p. 360, 136.
D etroit (M ich.) U n ited Railw ay.
(Report for Fiscal Year ending Dec. 31 1912.)
The report submitted at tho annual meeting held on
Fob 4 1913, shows:
Mileage.— During the year thero has been added: Detroit United Ry.,
11.022 miles; Rapid Ry. system, 2.522 miles; Dot. Jackson & Ch. Uy.,
1.270 miles; Sand. Windsor & Amh. Uy., 1.648 miles. Total number of
miles in operation, all companies, incl. side and yard tracks, Dec. 31 1912,
793.278.
Rolling Stock, etc.. All Companies.— 1,274 closed passenger cars, 276
open pass, cars; 233 freight and construction cars; 37 line cars, 71 express
cars, 14 mlscell. cars, 2 locomotives, 3,344 motors and 2,556 trucks.
Eleven power houses, combined capacity 47,590 h. p.; two storage bat
teries, combined capacity 4,500 amperes; 23 sub-stations, combined ca
pacity 20,850 lc. w.
Additions.— There has been expended on capital account during tho year,
and charged out under the head of “ additions and betterments," (1) De
troit United Uy., road, $726,037 (incl. land, $265,535; shops and car houses.
$113,547, &c.); ec.u’pment, .$482,260; other, $5,579; total, $1,213,876.
(2) Rapid Ity. Sysion, $227,990; Det. Monroe & Toledo Short Lino Uy.,
road, $43,172. (3) Detroit Jackson & Chicago Uy., road, $168,097; Sand
wich Windsor & Amh. Uy., $59,708. '
Financial.— Our $1,500,000 collateral trust notes duo Jan, 1 1912 wero
paid out of tho proceeds of tho sale to stockholders of Detroit United Uy.
4 A% bonds. On Dec. 1 1912 $50,000 bonds of the Detroit Uy. became
duo and wero paid. (Compare V. 94, p. 767.)
Depreciation— Maintenance.— During tho year tho company made liberal
expenditures for the maintenance of its tracks, rolling stock and other prop
erties. On Jan. 1 1912 the depreciation reserve stood credited with $1,
529,627. There was expended during tho year for replacement of cars
$96,263, of which $36,263 was charged into maintenance of equipment and
$60,000 to tho depreciation reserve. This reserve was credited with $500,
000 out of tho incomo for 1912 and $54,000 from scrap sales, leaving the
balance at Dec. 31 1912 $2,023,627.
[A quarterly dividend of l'A% has been declared, payable Mch. 3 1913
on the $12,500,000 stock, to holders of record Feb. 14, comparing with
1>£% quarterly from Mch. 1911 to Dec. 1912.]
T R A F F IC
P assen gers—
S T A T IS T IC S
II. U . R y.
FOR C A L E N D A R
R .R y .S y s .
S. W . A A .
1912.
YEAR
D .M .A T .
D .J .A C .
Rovcnuo ..................103,282,636
Transfer ............. . . 60,422,618
E m p io y c o ________
7,133,431
6,064,149
379,536
301,413
3,930,292
553,730
18,485
2,026,432
60
58,823
3,235,085
37,933
134,441
'1’otai .................... 260,838,685
6,745,098
4,502,507
2,085,315
3,407,459
$.1125
$.1012
2,012,664
$.0533
$.0465
917,422
$.2245
$.2187
1,352,043
$.1580
$.1501
2,098,594
8.3249
$.2198
$.1051
$.2300
$.1363
$.0937
S.4189
$.2611
S.157S
$.3026
S.2296
$.0730
R e c e ip ts —
Revenuo per p a s s ..
$.0469
All passengers.........
$.0317
Car m ile a g e ... 35,340,977
P er C ar M ile —
Earnings------$.2667
E x p e n s e s ............ ..
$.1752
Net earnings............
$.0915
C O M B IN E D
(D e t r o it
U n ite d
R y .,
R a p id
D e t r o it M o n r o e A
R E S U L T S FOR C A L E N D A R
R y.
S ystem ,
S a n d w ich
YEARS.
W in d s o r
A
T o led o Short L in e a n d D e t r o it J a ck so n A
A m lier stb u rg
R y .,
C h ica g o R y .)
1912.
1911.
1910.
1909.
Revenue passengers............. N o .208,538,594 182,612,786 165,920,753 142,981,316
53,652,879 48,237,720 41,029,844
Transfer passengers............... N o . 61,393,877
Employee passengers_______ N o . 7,646,593
6,983,988
6,379,538
5,770,881
Itecolpts per revenuo passenger..
5.25 cts.
5.26 cts.
5.29 cts.
5.28 cts.
Car mileage...................................... 42,351,699 38,280,233 36,170,644 32,699.200
Cross earnings per car mile........... 27.61 cts.
26.78 cts.
25.84 cts.
24.61 cts.
Net earnings per car m ile_______
9.36 cts.
9.60 cts.
9.30 cts.
9.19 cts.
Gross earnings............................ ...$11 ,6 9 5 ,5 3 0 $10,253,134 $9,345,219 $8,047,555
Operating expenses_____________
7,730,409
6,580,042
5,981,065
5,042,724
Not earnings________
Other Income............... "
.........S3,965,121 $3,673,092 $93,384,154 $3,004,831
208,857
178,813
144,833
152,768
Total net Income.......................
$4,173,978
$3,851,905
S3,516,922
$3,149,664
Intorest on bonds, taxes, A c ____$2,123,513
Dividends ( 5 % ) ........................ . . I
625,000
Depreciation charged o f f ..............
500,000
Contingent liability reserve.........
100,000
S2,123,398
625.000
400.000
$2,030,622
$1,880,129
400.000
400.000
Total deductions.............
$3,348,513
Surplus incomo.........................
$825,465
$3,148,398
$2,530,622
$2,380,129
D e d u c tio n s —
483
THE CHRONICLE
F e b . 15 18 ! 3.]
$703,507
100.000
$986,300
100.000
$769,535
— D e tr o it U n ited R y .—
31.
R .R y .S y s . S . W . A A . D . M . A T . D . J . A C
1912.
1911.
1912.
1912.
1912.
1912.
S
§
<$
§
§
Asset.5—
S
Investment ____ .39,588,362 38,375,435 5,675,321 1,104.822 5,406,121, 4 470,093
74,647
Sk. id. Investm’ t
601,322
554,141
9,373
1,287
S tore.s__________
3,875
4,970
____
39,764
______
Prepaid ae’ ts, A c
8,935
------------------Treasury bonds. «2,40V,666 3,735,000
Stocks ow ned__ 62,983,133
2,983,133
elO.OOO
Other a cco u n ts.. c l , 854,955
1,268,585
18,821
96,506
75,125
1.201
Acc'ts receivable
C a s h ._____ ______
136,931
82.802
17,961
Accident fund___
20,000
15,000
...............................
122,060
Total assets____47,688,209 47,089,222 5,724,458 1,154,092 5,418,931 4,671,770
L ia b ilitie s —
Capital stock ___ 12,.',500,000 12,500,000 2,000,000
M ortgage b o n d s.. 4.'.950,000 24,411,000 2.890,000
Depreciation fund 2,i
Current liabilities. 2,:,377,996 3,501,701
57,265
Miscellaneous____
143,645
120,949
Insur., A c., fund.
193,021
19,112
120,454
Sink, fund reserve
500,000
Contlng. liab. res.
400,000
758,0S0
Due D et. Un. R y .
Surplus .................. d4,\,999,920 £(4,505,491
297,000 2,581,000
25,000
490,000 2,581,000 4, 000,000
4.9S7
5,021
1,091
............
______
35,945
337,896
18,097
220,986
87,776
61
74,647
,671,770
Total liabilities.47 ,688,209 47,089,222 5,724,458 1.154,092 5,418,931
N o t e . — The balance sheet o f the Windsor A 'l’ ecumseh Electric R y ., all of whose
stock is owned by the Sandwich Windsor A Amhcrstburg R y ., shows: Assets—
Investments, S307.821: and liabilities— stock, $100,000; bonds, $189,000; due
S. W . A A. R y ., $18,821.
a Includes treasury bonds: Detroit United R y ., S I,565,000: D etroit A Port Huron
Shore Line R y ., S125.000; Detroit A Lake St. Clair R y ., $100,000: Detroit Jackson
A Chicago R y ., $520,000; D etroit M onroe A Toledo Short Line R y ., $97,000.
6 Includes stocks owned: D etroit A Port Huron Shore Line R y ., S I,540,278;
Sandwich Windsor A Amhcrstburg R y ., $253,135; Detroit M onroe A Toledo Short
Line R y ., $1,027,172: D etroit Jackson A Chicago U y., $25,000; M onroe Piers A
Park Resort. $24,409; Newport Stone C o., $5,000: Electric D epot C o., S77.681;
River Rouge R y ., S25.000: Anchor Bay Salt C o ., $5,000, and treasury stock, S459.
c Includes Rapid R y . System, $758,080; Detroit. M onroe A Toledo Short Line
R y ., $220,986; Detroit Jackson A Chicago R y ., $484,286; Sandwich Windsor A Am herstburg R y ., S337.896, and the Detroit A Highland Park R R „ $53,706.
d After deducting $335,475 discount on bonds and adding $4,440 miscellaneous.
e Consists o f W . A T . E . R y . stock, S10.000.— V. 96, p. 419.
New Y o rk State R ailw ays.
(Report for Fiscal Year ending D ec. 31 1912.)
This company, $13,604,300 of whoso common stock is
owned by the N . Y . Central & Hudson River R R . C o ., re
ports through President Horace E . Andrews (see official
statement in “ Chronicle” of N ov . 2 1912 (p. 1208) and com
pare map and dataon pages in “ Electric R y. Section.” — E d .):
On Oct. 31 1912 the Utica & Mohawk Valley Railway Co., Oneida Rail
way Co., Syracuse Rapid Transit Ry. Co. and tho Rochester & Suburban
Ry. Co. were merged into the New York State Railways. Tho following
statement for the calendar year 1912 is a combined statement, after making
the necessary allowances for inter-company charges (V. 95, p. 48, 361, 1040).
The Schenectady Railway Co. and Ontario Light & Traction Co. were not
merged into the New York State Rys., and their gross earnings and oper
ating expenses are not included in tho report. [Separate statements for
these companies are submitted below.]
[The official statement issued in connection with sale of $6,925,000 1st
consol. 4A% bonds was cited in V. 95, p . 1208.]
SUMMARY OFOPERATIONS FOR YEARS ENDING DEC. 31.
[Making necessary allowances for inter-company charges and including
proportion o f Schenectady Ry. Co. and Ontario Light & Traction Co.
surplus applicable to Now York State Railways.]
„
,
,
1912.
1911.
1910.
Earnings from operation------- --------- $7,542,195
$7,123,511 $6,729,051
Exp. of oper. (including depreciation) 4,666,839
4,269,145
4,157,458
Net earnings from railroad oper
T ax es____________________ ________
$2,875,356
452.654
$2,854,366
407.608
$2,571,593
394,775
Net earnings____________________ $2,422,702
Net non-operating revenues________
173,434
$2,446,758
169,079
$2,176,818
1 <,b!4
Gross income____________________ $2,596,136
Income deduc’ns (int. and rentals).. 1,119,588
$2,615,837
1,166.360
$2 334,632
912,315
Net income______________________ $1,476,548
Schenectady R y. Co. surplus. New
York State Rys. proportion, 5 0 % ..
61,141
Ontario Light & Traction Co. surplus,
N. Y. State Rys. proportion, 100%
3,356
$1,449,477
$1 422,317
50,969
32,268
5,270
5,443
Total net income--------------------------$1,541,055 $1,505,716 $1,460,028
Dividends on cos.’ pref. stock ( 5 % ) ..
193,125
193,125
*249,354
Dividends on co.’s common stock. . . (6)1,196,820 (6)1,196,820(4^)897,517
Balance, surplus..............................
$151,110
$115,771
$313,157
* Includes dividend on 2d pref. stock, which was changed for common
M ay 1910.
RESULTSOFOPERATION OFSUBSIDIARIES YEAREND. DEC. 31 ’ 12.
Gross Net (aft. Other
Earnings. Taxcs,&c.) Inc.
Income Dirs.
Balance,
Deduc. (6 % ). Surplus.
$4,242 $96,270 $246,000 $122,302
6,835
16,946
____
3,356
BALANCE SHEET DEC. 31.
Schenectady____ $1,255,959 $400,330
Ontario _______
51,919
13,467
CONDENSED GENERAL
1912.
1911.
1912.
1911.
L ia b ilitie s —
$
S
$
$
Road, equip., A c.- ,,713,354 18,501,357 Preferred s t o c k ... 3,862,500 3,862,500
Material A s u p p ..
332,357
.98,685 Com m on s t o c k ...19,952 ,400 19,952,400
Cash_____________
328,202
89,213 Funded debt____yl8,2 l2,500 y8,876,5C0
Bills receivable__
8,000 1,269,634 Taxes accrued____
101,466
25,461
Accts. receivable..
88,944
41,352 Interest accru e d ..
259,366
117,335
Other curr’ t assets
833
2,504 Bills payable......... 2,505,000
99S.OOO
I n vestm’ ts— Rom e
Accounts payable.
641,741
106,420
City St. R y . bds
..........
200,000 Other unfund, debt 451,831
448,965
Stocks ow ned____: i,402,415 16,062,670 Other curr. Habits.
169,880
34,253
161,621
5,115 R e se rv e s................
Special deposits__
19,776
27,541
Prepayments..........
34,101
4,014 Accrued amortiza
Suspense acounts.
......... ..
2,079
tlon o f c a p ita l..
347,823
48,473
Re-acqulrcd secure
e,400
6,400 Surplus.................... 2,138,603 1,785,175
Unamort. stk.,dl3
586,663
............
count, A c ...........
Assets—
T o t a l ..................48,662,891 36,283,023
T o t a l ..................48,662,891 36,283,023
x See list on page 113 of “ Elec.
Ry. Sec.” vAs stated on p. 113 of “ Elec.
R y .” Sec. (except that the real estate mtges. are now $41,500, and in addiion $10,000 Oneida Ry. 1st M . 4% bonds).— V. 95, p. 1403.
Am erican L ig h t & T ra ctio n Co.
(Report for Fiscal Year ending D ec. 31 1912.)
P r e s . A la n s o n P . L a t h r o p , N . Y . , F e b . 1 , w r o te in s u b s t .:
The directors on Jan. 7 1913 declared to holders of pref. stock a cash
dividend of 2% for the four months to Feb. 1 1913. Heretofore one month
has elapsed between the dates for which pref. dividends have been declared,
and tho dates of payment, thereby permitting one month’s dividend to
remain accrued and unpaid. In order to correct this, a dividend is paid
at this time covering a four month’s period. (V. 96. p. 137.) Tho total divi-
484
THE CHRONICLE
dends paid and accrued to tho pref. stockholders for the 13 months ending
Feb. 1 1913 aggregate $925,353, or 6 H% on the outstanding pref. stock.
The board also declared the usual quarterly cash dividend o f 24% to
holders o f common stock, and a stock dividend to holders o f common stock
at the rate o f 2 4 shares of common stock on every 100 shares o f common
stock outstanding; all payable Feb. 1 1913 to stockholders of record at
the close o f business Jan. 15 1913.
Tho total cash dividends paid and accrued to holders o f common stock
during the calendar year 1912 aggregate $1,215,733 and tho total stock
dividends aggregate $1,215,733.
RESULTS FOR CALENDAR YEARS.
„
,
Earns, on stk. of sub. cos
Miscellaneous earnings.
1912.
1911.
1910.
$3,688,867 $3,618,793 $3,387,883
567,993
525,260
444,669
Gross earnings---------$4,256,860
Expenses .........
117,657
1909. '
$3,033,668
311,773
$4,144,053 $3,832,552
113,810
119,688
$3,345,441
106,262
Net earnings-------------- $4,139,203
$4,030,243 $3,712,864 $3,239,179
Div. on pref. stock(6%)
$854,172 $854,172
$854,172
$854,172
,732(10)
1,101,388(9^
------------------------>997,560 (9)778,495
Cash div. on com. stock (10)1,215,7
f ------------Total dividends.........$2,069,904
$1,955,560 $1,851,732 $1,632,667
Balance, surplus.............$2,069,299
$2,074,683 $1,861,132 $1,606,512
There was also deducted in 1912 $1,215,732 (10%) for stock dividends
on common stock, against $1,101,587 (10%) in 1911, leaving $853,567 in
1912, against $973,096.
CONDENSED BALANCE SHEET DEC.
1912.
31.
1911.
Assets—
Liabilities—
$
S
S
S
Investm ent acc't. 26,723,894 27,423,495 Preferred stock___14 ,236,200 14.236.200
Com
.
stk.
In
treas.
2
2,043,714
,389,800
Tem porary invest 2,374,075
3,573.800
39,908 Com . stk. outst’g .1 2 ,610,200 11.426.200
do lnt.Adlvs.rec.
51,808
1 Undivided earns _ 3 ,799,076 3,766,969
Treasury s t o c k ...
*1
Reconstruc. res’ve 4 890,217 4,068,758
U ndlv. profits sub
sidiary cos_____ 7,267,582 6,153,191 Accounts payable.
75,840
57,112
578,388 Dividends accrued
393,000
Bills receivable___
844,053
784,853
75,086 Contingent fu n d ..
681,221
Certf. o f indebt___
981,582
002,130
163,000 Deposits on man.
120,550
Managers stk. con.
stock contracts.
Cash...................... 2,240,095 2,398,897
12,978
21,238
674,457 Taxes in adv., A c .
84,443
A cc’ts receivable .
76,174
33,425
T o t a l .................39,936,668 38,950,137
Illin o is B rick C o ., C h icago.
(.Report for Fiscal Year ending Dec. 31 1912.)
Pres. William Schlake Feb. 3 1913 wrote in substance:
Results.— Wo have had a prosperous but uneventful year.
Bolioving that
the time had arrived when tho dividends, suspended in Juno 1911, could bo
resumed with reasonable certainty that distributions could thereafter be
made with regularity, tho directors declared during 1912 two dividends,
amounting to 4% (V. 94, p. 1767).
Our earnings were $591,454, being $130,719 more than in 1911—making
1912 the banner year in tho history of the company.
Bills payable, last year $552,500, have been reduced to $172 000
Our
quick assets aggregate $812,498; our current liabilities incl. div. due Jan. 15,
$404,275.
Improvements.— Tho sum of $90,349 was expended in permanent better
ments, such as could not properly be charged to expense.
Outlook.— Our stock o f manufactured brick on hand is loss by approxi
mately 21 millions than it was a year ago. The open winter has greatly
facilitated building operations, and has made an exceptionally large demand
upon us for deliveries during December and January. This demand, to
gether with the hope of a brisk demand in the spring, has induced us to con
tinue our yards in operation during the winter months, and tho exceedingly
favorable weather has made it possible to continuo operations at a number
of our plants.
Dividends (% ) Paid Since January 1905.
1905. 1906. 1907.
1908.
1909.
1910.
1911.
1912.
1913.
5
4
4
2
None
7>4
4
2
2
RESULTS FOR CALENDAR YEARS.
1912.
1911.
T o t a l ................... 39,936,663 38,950,137
*$2,389,800 o f tho company’s common capital stock.— V. 96, p. 137.
T h e Laclede G as L igh t C o., St. Louis.
(Report fo r Fiscal Year ending D ec. 31 1912.)
[V o l . XCVI
1912.
Net Profits___________
$591,454
Dividends paid______(4%)$176,000
Depreciation reserve__
325,064
Reserve for taxes______
25,o0o
Res’ve for rep’s &ren’ls.
30,000
Balance, surplus.
.
$35,389
Earnings.— Tho increaso in gross earnings is gratifying, tho average
selling prico for both gas and electric current in 1912 being lower than
during the preceding year. Tho increaso in operating expense is negligible,
for tho gas output increased 5.7% over 1911 and the electric output 14.7%.
Thewlsdom of voluntarily decreasing tho rates for gas on April 1 1911 (for
electricity Oct. 1 1911) is shown in the added sales and consequent decrease
in operating expenses.
In addition to ample repairs, tho sum o f $266,217, being $14,732 more
than in 1911, was deducted from net income and credited to depreciation
reserve.
The net earnings for common stock dividends were $45,781 in excess of
1911, an increase of 5.4% , and amounted on said common stock to 8.40%.
Tho dividends declared upon the common stock aggregated $749,000, or
7% . Tho excess earnings, after deducting all proper charges, amounted
to $130,311 and was credited to common stock dividend fund, bringing the
total in that fund to $272,851.
Construction.— Approximately $1,000,000 was expended for improve
ments and extensions, notably (a) over $425,000 on new 10-story fire
proof general office building, which will be ready for occupancy within a
few weeks, at 11th and Olive streets. Tho company will occupy five floors
and tho basement, tho remaining five floors having practically all been
leased to tenants, (b) Ammonia concentrating plant to concentrate all
crude liquor produced at both Stations “ A ” and “ B .” (c) At station “ B ”
a steam-driven rotary blower, capacity 500,000 cu. ft. of gas per hour, (d)
At station “ G” a new 5,000,000 cu. ft. holder and pump plant, (e) Gas’
distribution system increased by 19.22 miles of main and 1,887 gas services.
Customers increased 4,296, now numbering 140,866. (f) Electric-distri
bution system increased over 200 miles of wire and cablo.
Addition to Construction Account— Depreciation.— The chango from a
double to a single moter basis was completed during the year. This chango
was necessitated by the voluntary reduction in rate on April 1 1911 to 80 cts.
per M . for all gas used through one meter in any one month and 60cts.
per M . for all used in excess of that amount. The cost value of all meters
and connections removed, aggregating $386,241, was credited to construc
tion account. Tho construction account was further reduced by tho
writing o ff o f mains, services, meters and other condemned equipment in
tho total amount of $175,334; charge being mado to depreciation reserve.
Although approximately $1,000,000 was expended during the year for
additions, yet after the writing off o f all proper items referred to abovo,
the net increaso in the construction account is but $438,755.
Artificial Gas for House Healing.— Experiments made during the sovere
winter season of 1911-1912 not only proved that gas as a fuel for bousoheating was feasible, but most desirable. Announcement was subsequently
made that tho company was ready to supply a limited number of houses
with gas for house-heating at 80 cts. for the first 10,000 cu. ft. and 50 cts.
per 1,000 for all in excess of that amount used in any one month. Sixtysoven plants were installed and the satisfactory operation of the majority of
these Installations justify the belief that this is a new and largo field for
development.
INCOME ACCOUNT FOR YEAR ENDING DEC.
1912.
Gross earnings-------------- $4,444,498
Operating expenses, incl.
maintenance and taxes 2,139,102
D epreciation_________
266,217
31.
1911.
$4,342,036
1910.
$4,501,124
1909.
$4,142,349
2,125,033
251,485
2,308,863
217,234
2,276,243
124,598
Net earnings_________ $2,039,179 $1,965,518 $1,975,027 $1,741,507
Deduct—
Interest_________
$1,015,357
$987,477
$998,427 $1,004,093
Pref. dividends, 5 % ___
125,000
125,000
125,000
125,000
Common dividends., (7%)749,000 *(7)710,500*(6H)552,500 *(6)510.000
Total deductions____$1,889,357
Balance, surplus_______
$149,822
$1,822,977
$142,541
$1,675,927
$299,100
$1,639,093
$102,415
* Supplied by “ Chronicle,” being tho amounts paid during the calendar
years named but not shown in tho pamphlet report. This includes in 1911
four quarterly dividends of 1 % % each, paid on the $8,500,000 stock out
standing during the entire year and three quarterly dividends at the same
rate on the $2,200,000 additional stock subscribed for and paid as stock
dividend early in 1911.
CONDENSED BALANCE SHEET DECEMBER 31.
1912.
1912.
1911.
Liabilities (Con.)
S
$
S
34,532,211 36,730,426 R ef. A ext. M . 5s. 10,000,000
98,735
66,512 Bills A accts. p a y. 1,284,087
253,364
. 1,185,155 1,160,227 Liabilities accrued.
Hc^CrVC^
fi24,207
.35,816,101 34,957.165 Reserve com .stock
dividend fu n d ..
272,851
181,592
10,700,000 10,700,000 Surplus___________
. 2,500,000 2,500,000
Total liabilities.35,816,101
.10,000,000 10,000,000
1911.
S
1,000,000
641,453
252,423
539,156
142,540
181,592
$31,898
$47,495
BALANCE SHEET DEC.
$114,116
31
1912.
1911.
1912.
1911.
Liabilities—
$
S
Assets—
$
$
Real estate . . . ......... 1 ,147,456 1,156,817 Capital stock_______ 5 ,000,000 5,000,000
Bldgs. A m achinery.4 ,063,312 3,972,962 Pay-rolls and current
126,152
600,000
Unissued stock_____ 600,000
accounts not d u e .. 144,275
C a s h . . : . ........... ........
48,634
552,500
33,509 Bills payable_______
172.000
Accounts receivable. 419,296
311,575 D ividend Jan. 15___
88,000
Bills receivable_____
48,426 Depreciation reserve. 824.001
498,936
34,220
28,000
Bricks and supplies. 310,348
376,900 Res’ ve for taxes, A c .
25.000
Stock subscription..
10,000 Res. fo rre p ’ rsArenew 30.000
304,601
Surplus....................... 339,990
T o t a l ......... ............ 6,623,266 6,510,189
Pres, and Gen. M gr. C . L . Holman says in substance:
1911.
1910.
1909.
$160,735
$574,794
$174,116
(2)$88,000 (8)$346,200 (1>$)$60,000
317,837
181,099
...........
23,000
______
______
— V. 94, p. 1767, 415.
T o t a l ____________ 0,623,260 0,510,189
J u liu s K ayser & Co. (Silk G loves), New Y o rk .
(Report for Fiscal Year ending Dec. 31 1912.)
Pres. Julius Kayser, N . Y . , Feb. 1 1913, wrote in subst.:
Total profits amounted to $1,351,269, an increase of 32.7% . From theso
profits there were deducted $84,445 depreciation and $75,247 as special
raw silk reserve, leaving a net profit of $1,191,578.
As required by the certificate of incorporation, we havo purchased and
canceled $150,000 1st pref. 7% stock, leaving outstanding $2,750,000
preferred. The usual appropriation of $50,000 was mado from income to
the special surplus account. A further transfer of $416,667 was made from
undivided profits to special surplus acct., which now aggregates $500,000.
On October 23 1912 tho 1st pref. stock and common stock were listed
on tho N. Y . Stock Exchange.
,.
.
,
Additions havo been made to tho capacity of the plants and further plans
have been settled upon to meet the increased demands of tho trado. The
volumo of orders booked for tiio current year shows a satisfactory increaso
and tho outlook is encouraging.
RESULTS FOR PERIODS ENDING DEC. 31.
Year end. 8 mos. end.
Year end.8 mos.end.
Dec. 31 ’ 12.Dec.31 ’ l l
Dec..31 ’ 12. Dec.31 ’ l l
Profits after d e p r ..51,191,578 $589,685 2nd pref. d i v s ...( 7 % ) $48,650
Deduct—
Com m on d lv s ...(4 % )2 1 0 ,000
Redemption pref. stk$161,751 $101,815
Special reserve a c c t .. 50,000
33,333
Total d ed u ction s..$700,484
1st pref. dlvs_____(7% )200,083 6140,000 Balance, surplus____$491,094
6 A t the rate o f 7% for the eight months ending D ec. 31 1911.
BALANCE SHEET DEC.
6$32,433
............
$307,581
$282,104
31.
1912.
1911.
1912.
1911.
Liabilities—
$
$
$
5
1st pref. stock____ 2,750,000 2,900,000
Land, bldg., A c . . r l , 450,007,
695,000
695,000
Tenement prop’es
95,2391 7,256,703 2nd prof, s t o c k ...
Com m on s t o c k ... 6,000,000 6,000,000
Patents,
trade
marks, A c _____ 5,664,000
Sur. appl. In reOther Investments
271,733
dom pt. of pf.stk.
250,000
100,000
Materials A supp’s 3,182,343' 2,833,628 M ortgages payable
46,000
100,000
Bills payable.........
200,000
M arketable stocks
50,322 Pay rolls A merch.
A bonds----------47,112
793.346
580,119
a c c o u n t_______
340,522
Accts. receivable729,843
147,480 Oth. accts. pay’Ic.
326,783
Cash_____________
129,748
29,532 D lvs. accrd. on
Int. A lnsur. prep’d
35,002
pref. stock-------40,192
Reserve for change
in prices_______
100,000
Special res. a c c t ..
500,000
33,333
Profit and l o s s . . . 1/350,532
282,104
Assets—
T o t a l ........... ...1 1 ,6 0 5 ,0 2 8 10,903,784
x After deducting S299.678 reserve
$416,667 to special reserve account.
T o t a l ...................11,605,028 10,903,784
for depreciation,
y After transferring
— V. 95, p. 1405, 1125.
A m erican W rin ger C om pany.
{Report f o r Year ending Dec. 31 1912.)
INCOME ACCOUNT.
Gross earnings_____________________
Expenses__________
1912.
$336,695
132,242
1911.
$316,689
130,244
1910.
$326,119
125,170
Net earnings.........................
Preferred dividend, 7 % ------------------Common dividend, 6 % ------------------Deprec., real estate, mach’y, &c------
$201,453
$59,500
54,000
20,953
$186,445
$59,500
54,000
22.945
*200,949
*59.500
54,000
37,449
Balance, surplus. ..........................
$70,000
$50,000
$50,000
BALANCE SHEET JAN.
1913.
Assets—
S
P ro p e rty ......... .......... *647,162
M e rch a n d ise ______ 548,205
Cash_______________
33,633
Investm ents........... - 364,158
9,500
Bond A mortgage—
Notes A accts. recelv 245,757
Pats., good-will, A c . 100,000
1912.
S
571,832
489,442
221,007
305,548
1.
Liabilities—
Com m on stock-----Preferred stock------
1913.
1912.
$
S
900,000 900,000
850,000 850,000
Dividends payable.. 28,375
32,875
S u rp lu s .......................
170,000ilOO.OOO
195,046
100,000
T o t a l . . .................1,948,375 1,882,875
T o t a l ------------------- 1,948,375 1,882,875
*Includes real estato, $440,076, machinery, tools and appliances, $204,
286, and office furniture and fixtures, $2,800.
xAfter charging off $200,000 for patents, trado-marks and good-will.—
V . 95. p. 43.
Feb. 15 1913 ]
485
T H E C H R O N IC L E
K a n sas C ity Breweries Co.
H ock in g V alley P rod u cts Co.
(Report for the Period July 24 1911 to Dec. 31 1912.)
Pros. Daniel E . Reagan, Columbus, writes in substance:
(Report for Fiscal Year ending Dec. 31 1912.)
R E SU L T S FOR C A L E N D A R Y E A R S .
1911.
1910.
338,332
329,096
Properties.— The company (as successor of Columbus & Hocking Coal &
$2,613,449 $2,547,712
Iron Co., foreclosed per plan in V. 91, p. 874) took possession July 24 1911.
Its properties consist of 13,582 acres of land located in Athens, Hocking,
$2,186,473 $2,111,409
Perry and Vinton counties, Ohio, of which 12,317 acres are owned in fee,
84,581
82,274
in c lu d in g minerals, and 1,235 acres of coal and iron ore rights, seven
198,480
198,593
store buildings, located at Now Strattsvillo, Nelsonvillo, Buchtol, Murray
25,000
25,000
City, Longstreth and Greendale, now under lease; a furnace property at
87,960
87,960
New Straitsville, leased to tho Bessie-Ferro Silicon Co.; 374 miners’ dwell
ings, a largo number under rent; 23 farm dwellings, with 20 barns and out
Total deductions...............
$2,426,268 $2,582,494 $2,505,236
buildings, moro or less dilapidated; tho clay products property, with fac
$26,290
$30,955
$42,476
tory, power plant, machine shop, hotel, seven periodical kilns, two continu Balance, surplus for year___________
ous kilns (one of 10 chambers and ono of 18 chambers), &c.; arotail yard at
B A L A N C E S H E E T D E C . 31.
Columbus, occupying three city lots; also three outlying lots near Colum
bus not in use. Included in the acreage are the company’s coal mines,
1912.
1911.
1912.
1911.
known as the Central, at New Straitsville; mines Nos. 1 and 1-A, located
Assets—
S
§
Liabilities—
S
S
at Doanvillo; tho Gem Mine, developed since, near Greendale, and about Brewery plants, &c.aG,568,887 6,491,443 Common stock____ 1,557,000 1,557,000
15 small mines; also some farming and pasture lands, much of which awaits Furniture* fixtures.
4,006
3,943 Preferred stock____ 1,466,000 1,406,000
development.
Outside real estate,
First mtge. bonds._c3,059,000 3,106,000
agencies, &c____ 123,334 114,419 Accounts payable ac
Clay Products.— At the time of receivership of tho predecessor company,
19,430
19,430
crued taxes_____ 331,846 184,664
the clay products plant was incomplete; many improvements being sti|l 30 1st M. bds. (cost)
necessary, tho plant was not put in operation by tho now company until Mat’ls,supp.,mtgs.,&c.715,604 625,778 Total surplus_____ 776,925 750,035
624,038
23,624 Sinking fund reserve 264,577 214,938
about Sept. 1 1911— too late for contracts for 1 9 1 1 season’s delivery. Addi Cash.................
tional clay mines have been developed, producing a satisfactory and what
Total.................. 7,455,348 7,278,037
Total__________ 7,455,348 7,278,637
appears to bo an inexhaustible supply of clay, including two shalo banks.
There has also been reopened in tho vicinity of the brick plant an abandoned
a Brewery plants, properties and good-will include value prior to 1906J
coal mine, which partially furnishes coal for that plant. The quality of tho
brick now produced and tho percentage of perfect brick is all that can bo $5,743,634; additions and improvements, 1906. $226,599; 1907, $285,879,'
reasonably desired, and somo of the specials, particularly Greendalo 1908, $258,006; 1909, $195,015; 1910, $180,345; 1911, $256,503; 1912S
“ Hugs” (artistic facing brick), are meeting with groat favor and demand. $197,754; total, $7,343,736; less depreciation reserve, $774,850; bal.;
Faco brick sales for tho whole period averaged only 88 07 per 1,000. For $6,568,887. b Includes $8,355 sinking fund reserves and $15,733 general
December 1912, however, the orders averaged $11 31 per 1,000, and during funds, c After deducting $249,000 bonds injsinking.fund.— V. 94, p. 626.
tho coming year tho profits should be reasonably satisfactory. [For tho
year 1912 tho company produced 11,501.529 brick, boginning January with
123,300, reaching a maximum in October with 1,645,320.
Th e Peoples Gas L ig h t & Coke C o ., C h icago.
Coal Properties.— The minus wero found to be too small and scattered
for us to operate to advantage. By leasingon a royalty and selling the coal
(Report fo r Fiscal Year ending Dec. 31 1912.)
on a commission basis it is possible to obtain a larger profit. Tho mining
equipment was sold to the lessees at fair prices. While last season the coal
Pres. Geo. 0 Knapp, Chicago, Feb. 10, wrote in subst.:
business was ono of tho worst in tho history of tho Hocking Valley, this
season the demand is good and prices much abovo thoso of last season,
Results.— Gross earnings for the year were $16,370,936; for 1911 they were
and this condition should result in satisfactory returns, over and abovo $15,896,286.
tho largo sinking fund tax on coal, which is 5c. per ton, as compared with
Price for Gas.— 'The net rate for gas charged during tho year was 80 cents
2c. under tho old company. The sum of $9,470 has been oxpendod since per 1,000. This is tho rate fixed by a Judge of tho Circuit Court of Cook
wo took possession in repairs on dwelling houses at tho mines, which were County, pending final determination on our petition filed in that Court
untenantable. Tho company will continue to make necessary repairs,
(see V. 94, p. 486).
•
so that theso houses may bo tenantable for tho employees of tho mines,
Tho appeal that was prayed by this company from the ordor entered by
tho rontal of which Is part of the revenuo derived from them and is de another Judge of tho Circuit Court on the bill filed by tho City of Chicago
pendent upon the minus being worked.
on Oct. 31 1911 has since been decided by the Appellate Court in favor of
this company. Nothing else of importance has transpired during the year
Oil
and Gas Properties .— Prior to our taking possession, 8 deep and 14
shallow wells wore drilled, of which only 2, at Now Straitsville (Nos. 1 and 2) in respoct to tho rate litigation pending in both the State and Federal courts
proved at all profitable, and theso two aro now producing togethor less than (V. 94, p. 1190, 1253).
Bonds.— During the year $3,000,000 of the refunding 5% gold bonds were
13 barrels daily. It was therefore deemed advisable to lease to the Chartiers Oil Co. tho oil and gas rights on all of tho properties for tho customary sold to provide for necessary expenditures madeand to bo made(V.94,p .702).
Additions. — During the year upwards of 41 miles of mains in extension
one-eighth royalty of tho oil produced, freo of expense, and in addition tho
sum of $185,000 in cash, an extraordinary bonus. Tho gas well piped to tho were laid. Tho increase in the number of gas meters set was 27,345; and in
brick plant was reserved, as also tho right to acquiro from the Chartiers tho number of gas stoves installed 24,970; and in the number of arc lamps
Oil Co.any ofitsgas wells on thepaymentof the cast thereof. F’or each gas 5,115.
Statistics—
1912.
1911.
1910 .
1909.
well not so acquired, tho Chartiers Oil Co. is to pay $200 annually during
Miles of streot m a in s...
2,718
2,676
2.568
2,484
production. On Nov. 30 1912 tho lusscc had expended approximately
573,118
545,773
522,536
496,615
$891,000 in development, exclusive of interest and overhead chargus. Meters ...........................
353,794
328,824
305.279
279,080
In March 1912 tho 30 wells wore producing a daily averago of 1,692 barrels Gas stoves...............
16,445
18,190
18,060
17,630
or 56.43 barrels per well. Since then tho number of wells has been Increased Public lamps__________
93,148
88,033
87,261
84,335
to 61, excluding two dry holes and two abandoned wells. Nevertheless, Arc la m p s ................
tho daily averago in December was only 651 barrels, or an averago por well Gross receipts................. $16,370,936 $15,896,286 $15,530,349 $14,561,589
o f 10.69 barrels.
9,538,758
9,324.506
8,504,597
Operating expensos___ 10,267,619
Sinking Fund .— 'Tho sinking fund of 25c. per 1,000 on brick, 15c. a barrel
on oil and 5c. a ton on coal purchased and retired during tho period
Not earnings................. $6,103,317 $6,357,528 $6,205,843 $6,056,992
$118,700 bonds, and if, with the uninvusted amounts, bonds can be pur Interest on bonds...........$2,193,605
$2,059,300 $1,982,633 $1,909,300
1,269,961
1,175,647
1.088,878
1,034,588
chased at tho samo ratio of cost, more than $150,000 will havo been retired Charged off................
for tho porlod.
T o ta l............................. $3,463,566 $3,234,947 $3,051,511 2.943.888
Production in 1912 (Brick, No.; Coal, Tons; Oil, Bbls.— 000 In each case omitted).
Balance for dividends.. $2,639,750
$3,122,581 $3,154,332 $3,113,104
Jan. Feb.Mch. Apr. May. J'ne. J'ty.Auy. Sep. Oct. Nov. Dec. Total.
Dividends................(7% )2,450,000 (7)2,450,000 (7)2,450,000(6^)2332036
Brick
123 101 431 1,059 1,242 1,283 1,309 887 1,303 1,045 1,317 738 11,501
C oal..
38 39 38
1
8
32
29 30
32
34
35 37 303
Surplus for year___ _
$189,750
$672,581
$701,332 j»jj $781,067
Oil . . .
22 35 52
44
47
41
39 30
31
27
21 20 419
IFrom July 24 to Doc. 31 1911: Brick, 1,211,390; coal, 213,004; oil, 15,128.1
B A L A N C E S H E E T D E C E M B E R 31.
1912.
F lO ll.’a
1912.
1911.
IN C O M E ACCO U N T.
Liabilities—
S
S *1
Assets—
S
$
Capital
stock___
35,000,000
35,000,000
Itcal
est.,
(ranch.,
Cal. Yr.J'ly 24 to
Cal. Yr.July 24 o
tun’ls,mains,&c.86,639,940 84,926,237 Mortgage bonds. .43,096,000 40,096,000
Gross Income—
1912. Dec. 31’ 11 Other expense—
1912. Dec. 31 11 Materials.............
2,073,524 Gas bill deposits.. 312,051
275,680
Clay products sales
Selling expense......... $20,332 $10,993 Securities_______ 2,002,819
156,959
128,459 Accounts payable. 1,412,178 1,432,145
(billed) ............ ...$115,395 813,343 General expense____ 48,591
18,233 Accts. receivable.. 1,478,704
Coupons past due. 287,610
292,710
Coal sales (billed)___ 337,152 221,795 T a x e s..____ ______
11,324
3,223 Bond coup, depos. 287,610 1,092,553
292,710 Bond Int. accrued. 439,525
389,525
Coal royalties______ 40,500 21,103 Depreciation „ ______
5,000
2,083 Gas bills receivable 997,286
975,263 Deprec. & reserves 3,051,026 2,734,676
OH royalties............. 85,073
2,440 Ues'vc for d’tful acc'ts
4,165
1,811 Other bills recclv-.
94,387
52,535 Surplus................ 12,985,611.12,795,862
Rentals____________ 30,152
14,818 Hes’ve for Bessie-Fer
ro rental_________
7,500
3,122 Cash___________ 5,466,296 3,475,317
Mists. earnings______ 15,014
2,971
Int. on 1st M. bonds.. 89,948 40,042
T otal...............97,184,001 93,016,598
T otal...............97,184,001 93,016,598
Total...................... $029,892 $276,530
N ote .— Tho securities, $156,959, owned as above, consist of miscellaneous
Net, sur. or <lef...sur.$5,964df$22,709
Exp. of operations—
bonds, $89,500; Green St. property, Ac., $67,459.— V. 91, p. 1253, 1190.
Costof clay prod.spld.$ll8,099 813,542 ♦Sk. fd. deprecla’n—
Sk. fund, coal____ 818,169
$10,053
Cost of coal sold____ 308,327 203,390
Sk. fund, clay prod.
2,890
303
Kxp. of oth. prop'tlos.
4,042
2,790
Sk. fund, oil........... 02,897
2,269
C h icago P n eum atic T ool Co. (of New Jersey).
Net Income...........$198,824 $56,798
Total net deficit........$77,992 $35,935
(Report for Fiscal Year ending Dec. 31 1912.)
* Of tho sinking fund, anounting to $97,181, there has boon paid to tho
trustee and invested by it $7.3,675, resulting in tho retirement of $118,700
The figures of operations were given last week, page 418.
faco amount of bonds. Of tho balance, of tho sinking fund, $18,403 also
has boon paid to tho trustee and is now awaiting investment and $5,103
Pros. W . O. Duntley, Chicago, Feb. 1 1913, said in subst.:
for recont operations under tho sinking fund is to be paid tho trusteo.—
V. 04, I). 1568.
The substantial increase in net earnings for the year 1912, compared with
1911
(from $772,527 to $1,002,260) is due to the favorable development of
B A L A N C E S H E E T D E C . 31 1912.
business generally during the last 9 mos. Not only tho sales of tools in
Assets —
creased
materially, but the business in our other lines was very satisfactory.
First cost of property ($0,084,268); deduct property and plant
Tho company is still adding new customers to its list.
sales, $72,234; loss mining equipment suspense, $13,985
The plants are being operated to their capacity. The addition to
($58,249), and add additions and bettormonts since July 24
tho main building of (ho Cleveland plant was finished last April. It
1911 ($58,252); total---------------------------------------------------------- $6,084,271
was found necessary to purchase a plant at Chicago Heights, Illinois,
Cash hold by trusteo for redemption of bonds ($18,403); duo
principally for the manufacturing of the “ Rockford railway section
from lessees for mining equipment ($35,507); materials and
and inspection gasoline motor cars." This plant stands upon eight
supplies on hand ($4,394); unexpired Insurance premiums
acres of ground within a few blocks of the centre of the town of Chi
($534)' royalties paid in advance ($4,477); farm stock and
cago Heights. Tho property was appraised at a reproductive valuo
crops ($4,738); taxes paid in advance ($1,392)---------------------72,446 of $80,189, and was purchased in its entirety (land, buildings, Ac.) for
Cash ($211,488); cash held by trusteo for bond interest—see
$28,749, payment being made partly in cash and by assuming a mortgage of
contra— ($48,042); notes receivable ($1,920); duo from cus
$10,000 becoming due April next. Necessary improvements have been
tomers ($93,531); other accounts receivable ($22,687); total,
made at all of the plants and they aro in first-class condition.
$118,138; loss reserve for doubtful accounts ($16,431); bal
During the 11 years in which the company has been in business, it has dis
ance, $101,707; coal on hand and in transit, $879; clay pro
$2,268,063 in dividends and $1,265,000 interest on its 1st M . bonds.
ducts on hand, $90,107; oil in storage (unsold) ($5,051)...........
457,275 bursed
Of these bonds about 745 either have been or will be retired and in the sink
ing
fund
after tho trustees have invested the money now in their possession
T o ta l.............................................................................. ................. $6,613,992
for the purchase of bonds.
The foreign subsidiary companies have
Liabilities—
continued to make satisfactory progress.— V. 96, p. 418.
Common stock ($4,600,000) less in treasury ($ 3 ,6 5 0 )...............$4,596,350
First M . bonds ($2,000,000) less treasury bonds ($163,700) and
N ation a l B iscu it C om pany.
bonds retired ($118.700)................ ........... .................................... 1,717,600
Accounts payable ($19,000): unpaid payrolls ($4,496); accrued
(Report
for
Fiscal Year ending Jan. 31 1913.)
int. on bonds (cash in hands of trustee—see contra) ($48,042);
accrued taxes ($6,177); accrued sinking fund ($5,103)-----------82,818
1912-13.
1911-12.
1910-11.
1909-10.1
Sinking fund depreciation ($97,181), less accrued sinking fund
♦Net profits.................... $4,539,379 $4,673,469 $4,619,460 $3,978,576
unpaid ($5,103), leaving amount paid trustee $92,078; other
Common dividend. __(7%)2.046,520 (9)2,631,240(6)1,754,160 (6)1,754,160
depreciation ($7,058)--------- -------------------------- --------------------99,136
Preferred dividend (7 % ). 1.736,315
1,736,315
1,738,315
1.735,315
Profit and loss surplus----- --------- -------------------------------------------118,089
T ota l
.$6,613,992
„
,
1912.
Barrels so ld ..........................................
314,600
Total income_____________
$2,452,558
Deduct—
Purchases and expenses........................ $2,123,679
Depreciation---------------------------------79,109
Interest on bonds.............
198,480
Sinking fund_________
25,000
Dividend on pref. stock ( 6 % ) . . ......................... ..
Balance, surplus..........
$756,544
$305,914
$1,128,935
$483,loT
486
THE CHRONICLE
B A L A N C E S H E E T J A N U A R Y 31.
Assets—
Plants, real estate,
mach., pats.,&c.
1913.
$
53,740,124
3,910,377
Stocks & securities 785,485
Accts. receivable. 3,168,356
5,225,060
1912.
$
Liabilities—
1913.
5
Preferred stock...24,804,500
Common stock...29,230,000
53,464,184 Accounts payable. 485,814
3,723,369 Surplus................. 12,303,088
764,733
2,960,993
5,089,399
66,829,402 66,002,678
1912.
$
24,804,500
29,236,000
415,633
11,546,545
Total...............66,829,402 66,002,678
GENERAL IN VESTM EN T
NEWS.
R A IL R O A D S , IN C L U D IN G E L E C T R IC R O A D S .
A lberta & G reat W a terw a ys R y .— Effect of Decision .—
Referring to the recent decision o f the Privy Council, Premier Sifton of
Alberta Province (V. 96, p. 361) says:
“ The judges havo expressed a full belief that it was in the power of tho
Provinco to pass the legislation in question in so far as the railroad company,
tho construction company and tho Royal Bank were concerned, but have
strained a point in their anxiety to protect the bondholders, already amply
protected, who were not parties to the suit, and who, under no conceivable
circumstances, would desire to do what the Court apparently thinks they
might do, namely present their bonds at tho bank and get their money. I
might say if tho bondholders were desirous of doing this, nothing would
please tho Government better, as our special anxiety was to protect in ovory
possiblo way the interests of tho bondholders. 1 have no doubt that such
an arrangement can be made satisfactory to them and the Provinco.
‘‘There appears to bo some misapprehension fostered by certain news
papers to tho effect that tho result of the decision is a loss of money to the
Provinco. Tho $7,400,000 involved, with interest, is still in the bank to
the credit of tho Provincial Treasurer,as it always has been, and tho fact
that bonds to an equal amount are outstanding, for which that money is said
by tho Privy Council to be liablo, certainly does not add that sum or any
other sum to the dobts of tho Provinco.”
Tho “ Edmonton Bulletin” says that “ tho Provinco is debarred from
getting the money, butso are the promoters, because tho Legislature is freo
to dissolve their company and cancel tho bargain with them. Tho bond
holders are the only parties recognized as having any claim, the bank being
declared to merely hold the monoy subject to their demand. If it is desired
to securo this monoy for expenditure upon public undertakings, it is with
the British bond buyers, and not with tho bank or the promoters of tho
railway project, that the Province will have to deal. As the bond buyers have
not from first to last indicated any unwillingness to the monoy being turned
over to the Provinco, it should not be a matter of groat difficulty to make
a satisfactory arrangement with thorn."— V. 96, p. 361.
A lgom a C en tral & H u d so n Bay R y .— Equip. Agreement.
A copy of a contract executed Nov. 15 1912 botween tho Superior Rolling
°5o c ,,, °*» ktcl., and the railway company, evidencing a conditional sale
of rolling stock, was deposited on Feb. 7 1913 in tho office of tho Secretary
of State of Canada. Tho agreement secures an issuo o f $200,000 Series I)
Superior Rolling Stock 6% $1,000 equipment bonds dated May 15 1912,
maturing $20,000 yearly beginning May 15 1913; National Trust Co. of
Toronto, trustee.— V. 95, p. 1540.
A m erican C ities C o .— Earnings.— For cal. years:
Calendar
Years—
Total
Income.
1912 .............................$2,282,593
1911................ ............ 2,076,935
— V. 95, p. 1540, 1471.
Interest on
Bonds.
$500,000
500,000
Preferred
Dividends.
$1,233,210
1,230,852
Balance,
for Com .
5549,383
346,083
Baltim ore & O hio C hicago Term inal R R . — N ew Tenant.
— A contract has been signed by which the Minneapolis St.
Paul & Sault Ste. Marie R y . Co. will become a tenant of
the company and secure entrance to Chicago over the ter
minal tracks into the Grand Central station at Harrison St.
and Fifth Ave.
Tho "Soo” line now enters tho city over the tracks of tho Illinois Central
into tho Park Row station. Tho change, is is said, will not be made for
a year and a half.— V. 95, p. 1272.
[Vol.
X CV I
C olu m b u s (G a .) Electric C o.— N ew H ydro-E l. Plant.—
See Columbus Power Co. under “ Industrials" below.— V. 93, p. 163.
Delaw are L a ck aw an n a & W estern R R .— Government
Suit.— Tho Government on Fob. 13 filed a suit in the U . S.
District Court at Trenton, N . J ., under tho Sherman anti
trust law, against the Lackawanna company and tho Dela
ware Lackawanna & Western Coal Co.
The bill alleges not only violation of tho Sherman anti-trust law, butfa
violation of tho commodity clause of tho Inter-State Commerco Act.
The Government asks that it bo adjudged that tho railroad company has
not divested itself of its interest in coal and is unlawfully transporting it
in inter-State commerce; that the railroad and coal companies bo enjoined
from continuing tho present arrangement or any similar one; that tho ar
rangement bo adjudged in restraint of trade and an attempt to monopolize
tho business along the railroad’s lines in violation of tho Sherman Act.
The U. 8 . Supreme Court in its recent decision in the anthracito cases
dismissed without prejudice two charges in tho Government s petition
relatiing to the alleged violations of the commodities clauso and to tho al
leged violations of the Sherman anti-trust law through ownership by tho
Reading Company of tho Central R R . of Now Jersey and by the Erie of
tho Now York Susquehanna & Western, on tho ground that they were not
properly included in the charge of a general conspiracy by the anthracite
roads in restraint of trade. The suit just brought is taken to indicate the
purposo of tho Government to bring a series of actions against tho various
anthracite coal roads to have the courts pass upon the questions which have
not yet been decided in relation to those roads.
It is alleged that about one-half of tho coal lands owned by tho railroad
company were acquired after 1874, when the constitution of Pennsylvania
was adopted, containing a provision that no common carrier shall engage
in mining or manufacturing articles for transportation over its lines.
Tho bill says: “ Tho purpose of tho railroad and thoso who controlled it
in organizing tho defendant coal company was to uso tho latter as a more in
strumentality for retaining under their direction and for their profit tho
business of selling coal theretofore carried on by the railroad; and under
tho agreement of Aug. 2 1909 this purposo has been carried into fruition.
Tho coal company is and must always be subservient to the will and direc
tion of tlie railroad and thoso who control tho latter. They havo always
constituted its dominant stockholders and probably always will. They
elect its officers, determine its policies, and. moreover, they may take away
its sole business upon 6 months notico. If its conduct should fail to meet
their approval, it may bo deprived of all benefits under tho sales contract
and its business quickly destroyed. In such event a similar subferfugo
could be organized and the profits of tho entire business be secured to tho
stockholders of tho railroad.
. “ The arrangement under which the defendant companies are operating
in no proper or legal sense destroys or terminates tho interest which tho
railroad company has in the output of the mines which it owns and operates
or in tho coal which it purchases from others before the sale starts in tho
course of inter-State or foreign transportation; but during tho entire time
and course of such transportation the carrier has an interest therein within
the true meaning and intent of tho statute. * * * Tho arrangements
and contracts between them aro but devices to avoid tho prohibitions of tho
Inter-State Commerce Act, and operations under them are more damaging
to tho public than those under tho old plan prior to August 1909. They
havo enabled tho coal company to acquire a monopoly of tho sales of coal
produced along tho railroad, and, through tho exclusive uso of tho instru
mentalities leased by the latter and otherwise, this monopoly will 1)0 con
tinued.”
Tho contract between the defendants, it is stated, necessarily hinders ai d
provents the road from freely fixing its rates for transporting coal and intro
duces a factor which is not consistent with tho rights of the public and which
tends to keep such rates unduly high; for sinco under tho contract the rail
road receives for its coal at tho mines a percentage of the price at New York
Harbor, which is largely determined by tho freight rato, tho higher tho
freight rato from the mines to New York Harbor, tho higher is lho price
received by the railroad at tho mines; and, on tho other hand, as tho
freight rato decreases, such price decreases.
Tho purchase of coal by tho railroad for re-salo or for transportation over
its linos is said to be incompatible with its duties as a public carrier, the
necessary tendency of such action being to produce a monopoly of and
Unlawfully to hinder and restrain inter-Stato and foreign commerco in that
commodity.— V. 95, p. 1745.
Denver N orth w estern & P acific R y .— Receivers' Equip
ment Certificates.— Judge Lewis in the U . S. District Court
at Denver, Colo., on Feb. 7 authorized the receivers to
issue $750,000 receivers’ certificates for new equipment.
Tho obligations are dated March 1 1913 and mature in 20 semi-annual in
stallments and bear interest at 6% ; Empire Trust Co., N. Y., trusteo; de
nomination $1,000 each. Of the obligations $50,000 had been previously
authorized.— V. 96, p. 202, 135.
B o sto n & M aine R R .— N ew Securities.— Tho M ass. R R .
H alifax Electric Tram w ay C o.— Earnings.— For cal. yr.:
Commission on Feb. 8 gave tho company permission to issue Cal. Year—
Gross.
Net. Bond Inl. Dividends. Depr., d-c. Surplus.
$539,952 $253,392 $30,1 )00 (8% )S112,000 $6,558 $104,834
1912----------the new securities authorized by the shareholders on Oct. 9
1911----------- 502,399 245,525 30,1 )00 (8%) 112,000 22,288
81,237
1912, viz.: (a) 810,603,700 additional capital stock to pro — V. 95, p. 1745.
vide for the payment of money borrowed on purchase of tho
In d ia n a Rys. & L igh t C o ., K okom o, & c .— Bonds Of
shares of capital stock shown below; (b) $7,500,000 20-year fered. — Spencer Trask & Co. aro offering privately, at a price
kx
A % bonds, tho proceeds of $6,989,000 to fund floating to yield about 5 .4 0 % , “ first and ref. M . ” sinking fund
debt incurred in additions and improvements, and the re 5 % 30-year gold bonds, dated Dec. 10 1912, due Jan. 1 1943,
maining $511,000 to refund like $511,000 bonds of Worcester but red. at 105 and int. on 60 days’ notice. Int. J. & J. at
Nashua & Rochester R R . duo Jan. 1 1913.
N . Y . office of Spencer Trask & Co. Trusteo, Union Trust
C o ., Indianapolis. Par, $500 and $1,000 (c*).
Shares Purchased, Amounts Expended Therefor and Dates of Purchase.
Shares. Amounts. A v . Price.
Dale of Purchase.
Wore.Nash.&RochRR.30,984 $4,770,099 8153 95 Feb. 1910 to June 1912
Maino Central R R __ 50,449 5,047,990 100 4Oct. 1 ’ l l to Oct. 1 T2
Boston & Lowell RR . - 2,800
617,448 220 51 August 1911
Concord & Mont. RR„ 3,335
533,600 160 00 April 1912
— V. 96, p. 359.
C an ad ian Pacific R R .— N ew Land Policy.— J. S. Dennis,
Assistant to President Shaughnessy, during his recent stay
in London addressed the Royal Colonial Institute on the
subject of “ Land Settlement within tho Em pire,” and gave
a description of tho now policy of tho road under which the
company is disposing of tho remaining portion of its land
grant for colonization purposes solely on 20-year terms with
loans for the erection of buildings and for improvements.
In tho opinion of Mr. Dennis, tho prospects for immigration, both from
tho United Kingdom and from Northern Europe, are exceptionally bright,
and ho expects a very considerable increase in the number of sottlcrs during
the coming year under the particularly favorable terms named above.
Mr. Dennis said ho looked to tho United States for tho groatest immigra
tion to Canada during the next few years.— V. 95, p. 1607.
C in c in n a ti H am ilton & D a y to n R y. C o.— N ew Director.
C. W. Woolford has been elected a director to succeed Henry F. Shoe
maker, who resigned on account of ill health.— V. 95, p. 1329.
C leveland & P ittsb u rg h R R .— D ecision .—
Judge Lawrence in the Common Pleas Court at Philadelphia on Feb. 1
awarded a judgement in favor of tho State against tho company for tho
amount of tho tax under the Willis capital stock tax Act (one-tenth of 1%,
or $85,203) covering the year’s 1902 to 1907. The suit is regarded as a
test caso for steam roads, interurbans and city traction lines, electric light
and other companies which have leased their properties to other companies,
ot which there are said to bo about 500 in Pennsylvania from which
taxes aroclaimedby tho State approximating $500,000 yearly, the original
Willis
” ..S m!' re-enacted two years ago and tho rato raised to
3-20 of 1% . lh o Willis law has been declared constitutional by the higher
courts, but certain features of it, including that above referred to, will bo
referred to the higher courts.— V. 96, p. 135.
Abstract of Letter from Pres. Geo. J. Alarott, Kokom o, Jan. 14 1913.
Recently incorporated in Indiana and has acquired through consolidation
all properties and asseis of Kokomo Marion & Western 'fraction Co.,
Kokomo Frankfort & Western Traction Co. and Kokomo Public Utility Co.
Owns and operates for both passenger and freight business an interurban
railway system extending from city of Frankfort to Marion, Ind., about
63 miles, of which 9 miles is in city of Kokomo (all tho local lines) and prac
tically all of tho balance 50-ft. private right of way.
Also owns and op
erates plants at Kokomo that do tho entire electric lighting, power and
steam-heating business of tho city and furnish current for tho entire urban
and interurban railway system. Further supplies electric current and op
erates electric light and power plants in towns of Swazeo, Grcentown,
Russiavillc and Miehigantown.and furnishes current for lighting plants at
Converse and Amboy.
Main electrical generating station modern, centrally located (R R . con
nections), brick construction, turbo-generators rated capacity 3,200 k.w.,
which tho company intends to increase to 6,700 k.w. from part of proceeds
from salo of present issue of $350,000 6% pref. stock.
Capitalization— Amounts Now Issued or About to be Issued.
First and ref. M . 5% bonds, authorized issue, $5,000,000; to bo
immediately issued for refunding, &c_______________________ $1,180,000
Reserved for corporate purposes____________________ $50,000
Reserved for permanent betterments, extensions,
&c., under careful restrictions____________ _____ $3,120,000
Kokomo Marion & Western Traction Co. 1st M . 5s, due July 1
1933 (red. at 105 and Int. on any int. date), to retire which
"1st & ref. M .” 5s aro reserved_____________________________
650,000'
Preferred stock, 6% cum., authorized, $1,000,000; issued--------350,000
Common stock, authorized and issued_________________ _______ 2,000,000
The remaining bonds can be Issued only for permanent additions and
extensions at 80% of certified cash cost when net earnings (after taxes)
for preceding 12 out of 14 calendar months are 1M times tho annual Interest,
incl. tho proposed additional issuo. On street railways to bo acquired
underlying funded debt must not exceed $20,000 per mile.
tgg
Of the $350,000 6% pref. stock, $100,000 is being exchanged for a like
amount of Kokomo Marion & Western Traction Co. 6% pref. stock, and
the proceeds from tho balanco of $250,000 will bo applied towards new
electrical equipment and other improvements recently made.
Bonds.— These bonds will bo (upon completing the exciiango ot bonds
now being made from tho immediate issue of $1,180,000 as heretofore re
ferred to) a 1st M . on the entire property of the former Kokomo Frankfort
& Western Traction Co., operating about 24 miles of interurban street rail
way between Kokomo and Frankfort, and tho electric light and power sub
stations at Russiavlllo and Michigantown. The bonds will also bo (when
thl (exchange s completed) a 1st M . on the steam-heating system of the
Kokomo Public Utility Co. at Kokomo. Are also a mortgage, subject to
$650,000 K. M . & W. 5s, on the power station at Kokomo, 9 miles of city
street railway in Kokomo, the electric-lighting plants at Kokomo, Swazee
and Creentown, and the 28 miles of interurban railway between Kokomo,
and Marion. Total outstanding bonded debt (incl. power stations, &c.,
&c.) only about $30,000 per mile, contrasting with over $40,000 for other
large interurban systems in adjacent but non-competitive territory. Ex
perts report tho total replacement value as $2,213,200. to which should be
added the proceeds from sale o f $250,000 pref. stock.
Sinking Fund .— Annually beginning Jan. 1 1917 a sum equivalent to 1%
of tho par value of all refunding bonds then outstanding to retire and cancel
bonds of this Issue or 1 A % for permanent additions, extensions and bet’m’ts.
Earnings for
Calendar Years— Estimates for
Proposed Improvements,
1913 and 1914 Following
& c.
Earnings of Kok. Prank. & West. Traction Co. and Kokomo Public.
Utility Co. included only from Aug. 1 1912.]
1909.
1910.
1911. 10mos.’ 12. 1913.
1914.
Gross earnings..$233,862 $261,485$277,384 $271,282 $408,000 $437,000
Net, after taxes. 124,168
135,219 144,334 135,852 175,000 187,000
Int. on und’ bds_ 32,500
32,500 32,500
27,083
32,500 32,500
Intonlst& ref.M 59,000
59,000 59,000
49,166
59,000 59,000
Balance------------ $32,668 $43,719 $52,834 $59,603 $83,500 $95,500
Franchises extend to 1953 or beyond, except those for electric lighting,
power and steam heating, which are limited under State laws to 25 years,
and whicli extend to 1932 or beyond, subject to rcnowal. No burden
some restrictions.
The territory served includes the prosperous cities of Kokomo, Frankfort
and Marion, Ind., and intervening rich agricultural sections; combined
population estimated at about 70,000. Kokomo is an important industrial
centro and^has practically doubled its population In past 10 years.—
In terb o ro u g h R apid T ran sit C o.-—N ew Mortgage.— The
stockholders will vote on March 5 on authorizing a mort
gage to tho Guaranty Trust Co. of New York, as trustee, to
secure an issue of 5 % 53-year gold bonds for an aggregate
amount of $300,000,000, to provide for expenditures under
the dual rapid transit arrangement with tho city and for re
funding, &c. (V . 94, p. 1507, 1 5 6 5 ,1249.)— V . 96, p .3 5 9 ,135.
Lew istow n & Reidsville Electric R y .— Control.—
See Penn Central Lt. & P. Co. under "Industrials” below.— V .89,p .919.
Los A n geles R ailw ay C orp o ration .— Bonds Offered .—
Harris, Forbes & Co. and E . H . Rollins & Sons are offering
by adv. on another pago at 97 and int., yielding over 5 .2 0 % ,
tho unsold portion of their block of $3,000,000 “ first and
refunding” 5 % sinking fund bonds dated 1910 and duo
D ec. 1 1940. These bonds are part of a $20,000,000 issue
covering all property now owned or hereafter acquired by
the Los Angeles Railway Corporation, which owns and con
trols all the street railway lines in Los Angeles, aggregating
371 miles of trackage (16 miles held under leaso) and serving
a population of 450,000.
Capitalization Feb. 4 1913, after Deducting Sinking Funds.
Capital sto ck ........................................................................ - ......... $20,000,000
First and rof. 5s (autii. $20,000,000), $14,500,000, loss $230,000
bonds alive in sinking fund------------------------------------------------ $14,270,000
Underlying bonds, $5,500,000, less sinking fund investments
and cash, $205,000------------------------------------------------------------,, 5,295,000
[On about 2 A milos of track, tho lien of the "first and ref. 5s is also
subject to a mortgage ($500,000) of the Los Angeles & Kedondo Ry. Co.
Negotiations arc now in progress, and should shortly bo consummated,
whereby tills mortgage wilt bo canceled and released of record.]
No additional first and refunding M . bonds can bo issued for any purpose
except to retire at par tho underlying bonds, and any additional property
acquired will bo subject to this mortgage.
Earnings for Calendar Years (December 1912 Estimated).
„
1912.
1911.
1912.
1911.
Gross earns ..$ 6 ,5 5 6 ,3 2 5 $5,756,874 Bond interest.$1,002,500 $ 1,002,500
Not, after
B alance......... $979,491
$779,681
taxes, & c .-S l,981,991 $1,782,181.
Tho net earnings, therefore, are about twice tho bond interest charge.
Deducting $500,000 for depreciation in 1912 leaves a balance of $479,491.
Los Angeles (Present population cst., 450,000, increase 339% since 1900).
_ . .
.
1900.
1912.
Increase.
Bank clearings .........
$113,760,378 $1,160,804,987
920%
Building permits--values............
2.517,966
31,366,357 1,145%
Post Office receipts ------------------258,047
1,898,493
635%
Assessed valuation of property----- 65,599,920
443,648,969
576%
See further particulars V. 95, p. 1273.
Th e M anila R ailw ay Co. (1906), L td .— Debenture Stock.
— Speyer Bros., London, were authorized by the company to
receive subscriptions at 95 till Fob. 3 for £750,000 5 % dobenstock, forming part of a total auth. issue of £1,000,000, ropayablo at par on June 1 1939, or all or part (when drawn),
at any timo on 6 months’ notico. Transferable in multiples
of £1 . Interest J. & D .
Condensed Extracts from O fficial Circular of Jan. 30 1913.
I ho Manila By. Co. (1906), Ltd., is a constructing and holding company
and owns the whole of the first and second intge. bonds and share capital
o f the Maniia H it. Co. Tho auth. capital of tho Manila Ry. Co. (1906) is
<^ vltlcid lllto £2,000,000 5% pref. stock, all issued; and £2,
000,000 ordinary shares of £10 each, o f which 39,934 fully-paid shares have
been issued. 1 ho Railway Co. has also outstanding £2,000,000 4% “ A "
debenture bonds and £1,880,000 4% “ B” debenture bonds.
The Manila RR. Co. (tneorp. in 1906 in N. J.) owns the entire (steam)
railroad system of the Island of Luzon, and will form an undertaking of
820 miles, the Northern Lines to comprise about 350 miles, the "Southern
Lines” about 470 miles. There were in operation in 1912 305 miles of tho
Northern Lines and 161 miles of tho Southern Lines, an increase since 1910
of 19 milos and 78 miles, respectively.
Tho proceeds of this issuo aro to bo devoted to further construction or to
tho discharge of obligations incurred for construction already carried out.
This 5% debenture stock will be secured under a trust deed in favor of
tho London County & Westminster Bank, Ltd., as trustees, by a specific
charge upon Manila RR. Co (Southern Lines) 1st M . 4% gold bonds
maturing May 1 1939, to which the Manila Ry. Co. (1906), Ltd., is or will
shortly become entitled to an amount equal to 125% of the amount of stock
Issued and outstanding, calculated at the exchange of $4 86 to tho £1.
The Manila RR. (Southern Lines) 1st M . 4% bonds aro limited to
$30,000,000, of which, excluding those to be deposited as above, $2,996,000
aro outstanding. The interest on tho bonds is guaranteed by tho Govern
ment of tho I’hlllppino Islands, in accordance with an Act of U. S. Congress,
approved Fob. 6 1905, each bond being endorsed to that effect. This int.
on tho bonds pledged as security for tho del), stock will equal tho int. on said
stock. I ho Government has not been called upon to make any payment
under their guaranty since 1910, the earnings of tho Southern Linos since
that date having been sufficient to pay tho interest and provide a surplus.
These guaranteed bonds are accepted by the U. H. Treasury as security for
deposits of the public money in national banks at 90% of their market value.
"he figures of not earnings for 1912 aro not yet available, but the gross
traffic receipts were increased by £57,000, in spito of a very deficient rico
crop which seriously affected tho returns of the Northern Linos. For tho
current year prospects are very favorable, and, writing Nov. 8 1912, Mr.
Higgins, tho Gen. Mgr., anticipated a record rice crop and a very large
sugar crop. The published traffic receipts from tho 1st to tho 25th inst.
show an increase of £4,828, or over 15%.— V. 96, p. 360.
487
THE CHRONICLE
Feb . 15 19:3.]
M iddle W e st U tilities C o .f C h ica g o .— Acquisition.—
The company has acquired the plant of Richmond (Ky.) Electric &
Power Co. L. B. Herrington, President of the latter, is also President o f
the Dix River Power Co., which Is to build a $1,000,000 water-power plant
In Central Kentucky, indicating. It Is said, that the Middle West company
is to finance the hydro-electric project.— V. 96, p. 360.
M ilw aukee (W is.) Elect. R y. & L ig h t C o .— Listed .— The
New York Stock Exchange has listed $3,621,000 general and
refund. M 5 % bonds, series A , duo 1951, with authority to
add $379,000 on notice of sale, making the total amount to
be listed $4,000,000 (V . 93, p. 1787; V . 95, p. 481).
Earnings .— For calendar year 1912:
C a le n d a r
Y ea r—
O p e ra tin g
R even u e.
N et O per.
R even u e.
N o n -O p .
T a xes,
R ev.
D e p r .,& c .
In ter es t
C gh es.
B a la n c e .
S u r o lu s .
1912.......... $5,682,356 $2,710,457 $61,189 $958,162$715,206 $1,098,278
1911 -------- 5,038,691 2,444,650
126,513 969,948
601.582
999,633
Taxes, depreciation, &c., in 1912 include taxes, $398,766; depreciation
reserve, $545,526, and contingencies, $13,870 — V. 96, p. 203.
M in n eapolis & St. L ou is R R .— Listed .— The N ew York
Stock Exchange has listed $540,000 of the company’s first
and ref. 4s, due 1949, with authority to add $840,000 on
notice of sale, making the total to be listed $13,244,000; also
$465,000 Iowa Central R y . first and ref. M . 4s, due 1951,
with authority to add $576,000 bonds on notice of sale, mak
ing the total $7,156,000.
Earnings .— For 5 months ending N o v . 30:
5 M on th s—
G ross.
N et.
O th . I n c . I n l . , T a x . , & c . B a l .,S u r .
1912 -------------- $4,310,746 $1,423,311 $410,317 $1,465,582 $368,046
1911 ................. 3,527,891
952,029
______
_______ ___________
Proposed Purchase .— See South Dakota Central R y . below.
Also see “ Annual Reports.”
Stock.— The J. S. Bache & Co. syndicate which under
wrote the $2,500,000 5 % refunding and extension bonds in
D ec. 1911 (V . 93, p. 1668), has disposed of its holdings of
stock acquired in connection with the same to a group of
men associated with Newman Erb.
Tho transaction involved about $1,000,000 prof, and $300,000 common
stock, tho price realized being, it is stated, $47 50 a share for the pref. and
$24 for tho common.— V. 96, p. 360.
M inneapolis St. Paul & S a u lt Ste, Marie R y .— Contract.
Soo Baltimore & Ohio Chicago Terminal R R .— V. 96, p. 203.
M issouri K a n sas & Texas R y .— Bill Vetoed.— G ov. Col
quitt of Texas on Feb. 13 vetoed the bill which would permit
tho merger with the Texas Central R R . and other controlled
roads, on the ground that the same is unconstitutional. Com
pare, V . 95, p. 1403.
M obile & O hio R R .— The “ Chronicle's ” M ethod o f Record
ing Dividends .— Tho “ Chronicle,” recording as it does in its
various statistical manuals the dividend distributions of a
great number of investment properties, has for many years
past pursued the uniform course of reporting for each company
tho total percentage of the dividends actually paid by it
within the calendar year, irrespective both of the periods
during which such dividends may have been earned and of
the manner in which the company has charged or will charge
the same, whether against past earnings or future earnings,
or against profit and loss. Such a course is manifestly neces
sary in order to insure accuracy, for the methods of the
several companies differ widely, the fiscal years of some
ending Junb 30, of others Dec. 31, and for others at still other
dates, while one company waits till after the close of the year
before paying the final dividend therefor and another pays
tho full year’s dividends diming the course of the fiscal year.
Endless confusion and uncertainty would result if, in the
rapid work required to bring our publications down to date,
the editor were obliged in each instance to consider the
method of the individual company in this matter. More
over, valuable space would be lost.
In consequence of thus being obliged to depart quite
frequently from the official totals, our record is occasionally
called in question. Thus, recently, in the case of the
Mobile & Ohio for the years 1908 to 1912:
D ec.
June
D ec.
June
June
June
June
1907. 1908. 1908. 1909. 1910. 1911. 1912.
4
4
4
Individual dividends_____ 2 A
1A
2A _ 2A
4
4
4
Company. June 30 year__ ______ '
4
4
4
“ Chron.,’ cal. y ’rs, 1908, e t c __
2A
As the fiscal year of the M . & O. ends June 30, its method,
as here shown, is boyond question tho ideal one.— V . 95, p .
1403, 1198.
N. Y . N. H . & H artfo rd R R . — Commutation Rates Reduced.
The New York I‘ . S. Commission lias ordered tho company and tho N. Y.
Central to restore for a period of at least 3 years beginning M ch. 1 the com
mutation rates between Westchester County points and Now York City
to the figures in effect on June 30 1910. Tho torritory affected is: On the
New York Central, tho Hudson division from Ludlow to Peekskill, incl.,
and the Harlem division from Williamsbridge to White Plains, incl.; on the
New York Now Haven & Hartford, from tho Grand Central Terminal and
stations from Mount Vernon to Port Chostor, incl.
On the New York Central, Hudson division, tho minimum charge for a
60-trip commutation ticket has been cut from $6 50 to $5 90 a month, and
the maximum from $11 05 to $10 30. On the Harlem division the cut is
from a minimum of $5 60 to $5 15, and from a maximum of $8 10 to $7 35.
The reduction on the New Haven road Is from a minimum of $6 75 to $5 60
and a maximum of $9 90 to $8 25. Round-trip fares on both roads are also
lowered, as well as the rates for 50-trip family tickets.
The Commission states that the Increased rates havo hurt the com
munities affected, discouraged travel and added materially to tho burden
of the commuter, and that it Is satisfied also that the railroads’ revenues
have not increased in proportion to the rate increase, and that the ostensible
reason for the increase— need of more revenue to meet greater cost o f op
eration—has not been justified by results.— V. 98, p. 420, 360.
N orfolk S o u th ern R R . — Bonds Offered.— Harris, Forbes
& C o ., New York, N . W . Harris & C o ., Boston, and the
Harris Trust & Savings Bank, Chicago, are offering at 99
and int. by adv. on another pago the unsold portion of their
block of $6,000,000 “ first and refunding mortgage” 50-year
5 % gold bonds, series A , dated Feb. 1911, fully described in
“ Chronicle” of Dec. 2 1911, pago 1534.
Data from Letter of Pres. Charles H. Hix, Norfolk, Va., Feb. 5 1913.
Of tho total mileage operated the company owns 713.20 milos and leases
107.60 miles, and has trackage rights on 5.03 milos. With the construe-
488
THE CHRONICLE
tion of 76 miles to bo completed within a few months, the company will
control 901 miles of road forming a direct through lino between Charlotte,
N. C ., and Norfolk, Va. The proceeds of tho present Issue of $6,000,000
bonds will be used to complete tho acquisition and construction of tho
mileage between Raleigh and Charlotte, N. C., with branches, including
the retirement of $5,456,000 notes.
Capitalization.
Capital stock (dividends of 2% are being paid on this)_______ $16,000,000
First and refunding mortgage bonds outstanding____________ 12,381,000
Reserved to rotiro an equal amount of divisional bonds (closed
mortgages) -------------------------------------------------- ------------------- 3.981,000
Tho present authorized issuo of “ first & ref. M .” bonds is $31,307,000.
An additional $3,693,000 bonds can be issued with the approval of threefourths of tho directors and a majority of tho stockholders. Unissued
bonds are reserved for refunding, improvements, extensions, &c., under
conservative restrictions.
Earnings for Years ending June 30 (Last 5 Months o f 1912-13 Estimated.)
„
1910-11.
1611-12.
1912-13.
Gross earnings............_...........................$2,955,670 $3,284,824 $4,225,000
$956,795 $1,015,571 $1,436,500
Net (after rentals and taxes)............
Other income...................................
145,115
160,947
200,000
Total not incom o..............................$1,101,910 $1,176,518 $1,636,500
Bond interest.....................
414,451
474,682
600,000
Surplus..............................................
$687,459
$701,836
$1,036,500
Gross Earns. Yrs. end. June 30 (in 1904-05 ore 223 miles; in 1911-12 ore 608 m .)
1904-05.
$1,002,158
1906-07.
1908-09.
1909-10.
1910-11.
1911-12.
$1,924,265 $2,417,319 $2,690,469 $2,955,670 $3,284,824
First and Refunding 5s.— Secured by mortgago upon tho entire property
(including leaseholds, terminals, equipment, &c.) at tho rate of $15,692 per
mile on over 789 miles of road, being (1) a first mortgago on 334 miles, (2)
a blanket mortgago subject to underlying liens averaging loss than $8,750
per mile on 455 miles, (3) a first lien on practically tho entire equipment,
estimated to bo worth $2,720,625. Tho total bonded debt is but $20,738
per mile of main lino mileage owned. In addition thereto tho “ first and
refunding” 5s are secured by a first lien through the deposit of $5,000,000
bonds (entiro issuo) and $1,000,000 stock, except directors’ shares, on tho
entire property of tho John L. Roper Lumber C o., embracing 500,000 acres
of timber and agricultural lands (and tho timber rights on a largo additional
acreage), 10 largo planing, saw, shingle and cedar mills, with an annual
capacity o f 150,000,000 foot board measure; 140 miles of logging road,
300 logging cars, 25 locomotives, &c.
With the expenditure of the proceeds of tho present issuo of $6,000,000
bonds, tho actual cash which has been expended by tho owners of the road
in tho acquisition and development of tho property and subsidiary com
panies will be approximately $27,000,000, or over $10,600,000 in excess of
the entire outstanding bonded debt.— V. 96, p. 420.
N orth ern Texas Electric C o., F ort W o r th ,T e x .— N ew
Stock.— The shareholders will vote Feb. 24 upon increasing
the auth. issues of 6 % pref. stock from $4,500,001) ($500,000
unissued) to $5,000,000, and the common stock from $2 ,
500,000 to $5,000,000.
“ The demands of a constantly increasing business” will mako necessary
from timo to time furthor additions and extensions, and tho board of
directors expect to finance at least a portion o f the same through the sale
of additional stock at par to shareholders. Compare V. 95, p. 680.
P ittsb u rg h C in cin n a ti C hicago & St. Louis Ry.—
Bonds Authorized.— The Ohio P. S. Commission has author
ized tho issue of $7,000,000 additional consol. M . bonds.
$4,000,000 for construction and equipment and $3,000,000 to retiro tho
Steubonvillo & Indiana 5% bonds maturing Jan. 1 1914. None of the
bonds, it is reported, will bo issued immediately.— V. 94, p. 1048, 1061.
P ittsb u rg h & S h a w m u t R R .— Equip. Trusts Sold .—
Rhoades & Co. and tho Guaranty Trust Co. have sold the issuo of
$200,000 5% equipment trust certificates dated N ov. 1 1912 and due $ 1 0
000 semi-ann. May 1 1913 to N ov. 1 1922 incl. Int. M . & N. Trustee
Columbia-Knick. Tr. C o., N. Y . A first lien on 250 now 50-ton hopperbottom coal cars, costing $241,250.— V. 96, p. 361.
R apid T ra n sit in New Y o rk C ity .— Injunction Vacated.
The Appellate Division of the Supremo Court, First Department, on
Feb. 1, in a unanimous decision vacated the temporary injunction secured
by Claronco J. Shearn, acting for William R. Ucarst, in tho name of John
J. IIoppo as a taxpayer, restraining the execution of tho operating contracts
for the now dual rapid tranist subway with the Interborough and tho Brook
lyn Rapid Transit companies. Chief Justice Ingraham wrote the opinion.
At the request of Mr. Shearn, Chairman Edward E. McCall of tho
Public Service Commission, who assumed office Feb. 10, ordered a further
public hearing on tho form of tho contract, which was held on Feb. 13 and
14. Mr. McCall expects to bo able to announce shortly whether ho will
favor tho signing of tho contracts as agreed upon with the two companies
beforo his appointment.
Contracts Awarded for Queens County Elevated L in e .—
Tho P. S. Commission on Fob. 7 awarded the contract to build Section 8
of tile Queens elevated lino, extending from a point near Queonsboro Bridge
to a point in Corona, not far from Sycamore Avo., to E. E. Smith Con
tracting C o., the lowest bidder, for $2,063,588. The contract for Section 2,
the Astoria branch of tho Queens lino, was awarded a few days provious to
Cooper & Evans for $860,743. Thoso lines will bo operated jointly by tho
Interborough and Brooklyn Rapid Transit companies.— V. 96, p. 420, 203.
Seaboard Air Line R y .— Sale of N otes. — Tho finance and
executivo committees yesterday opened bids for $6,040,000
3-year 5 % notes secured by $10,040,000 refunding bonds.
A number of bids were received, tho best being that of the
National City Bank. The proceeds will be used for addi
tions and betterments and to reimburse tho treasury for
capital expenditures and for other cash obligations.— V .
95, p. 1474.
S o u th D ak ota C en tral R y .— Proposed Sale.— Negotia
tions are ponding for the sale of control of the road, extending
from Sioux Falls, So. D ak ., to Watertown, 103 miles, to the
Minneapolis & St. Louis R R . The directors of tho lattor
will vote on tho matter shortly.— V . 90, p. 1240.
S o u th e rn Pacific C o.— Option to Subscribe .—
See Union Pacific RR. below.— V. 96, p. 420.
Sprin gfield (M o.) Railw ay & L igh t C o .— Earnings .—
Calendar
Year—•
Gross
Earnings.
1912............. $577,693
1911 - ........ - 503,352
— V. 95, p. 362.
Operating
Expenses.
$313,576
276,650
Net
Earnings.
$264,117
226,702
Interest
Charges.
$101,140
93,247
Balance,
Surplus.
$162,977
133,455
Tennessee C en tral R R .— Bondholders' M eetin g .—
Tho Mercantile Trust Co. of St. Louis, trustee under tho general mort
gage, has called a meeting of bondholders on Feb. 24 at its office for a con
ference regarding tho suit to foreclose said mortgage instituted by it in the
U. 8. District Court for tho Middle District of Tennessee, Nashville Divi
sion, and for consultation upon other matters affecting tho said bonds.—
V . 96, p . 286 , 204.
Toledo Railways & L igh t C o.— Plan Effective.— The re
organization plan (V . 95, p. 1060; V . 96, p. 31) has been de
clared effective.
Over 85% of the stock and 92% of the bondholders havo deposited their
holdings with the New York Trust Co. Of the total, $1,040,625 pref. stock
that was offered to stockholders for subscription, over 75% has been taken,
leaving less than 25% to bo subscribed for by II. I.. Doherty & C o . Tho
Toledo Traction. Light & Power Co. assumed active management of tho
property on Thursday.— V. 96, p. 420, 361.
[Vol.
XC V I
T o ro n to R ailw ay.— Earnings.— Calendar years:
Calendar
Year —
Gross
Earnings.
1912____ $$5,448,050
1911 ......... 4,851,541
— V. 96. p. 420.
Net
Earnings.
$2,581,500
2,198,178
Total
Deductions.
$1,133,042
1,020,787
Dividends
Paid.
(8%) $879,596
( 7 'A ) 671,159
Balance,
Surplus.
$568,862
506,232
U n io n Pacific R R . — Option to Subscribe.— B y adv. on
another page, tho privilege is offered to stockholders of
record as of Feb. 28, both of tho Union Pacific R R . Co. and
tho Southern Pacific Co. (excluding the Oregon Short Line
R R . Co. and its nominees) to subscribe on or beforo M c h . 21
1913 on the company’s warrants (issuable as soon as possible
after Feb. 28) at the N at. City Bank of N . Y . , or at the office
of Baring Bros. & C o ., London, for the entiro holdings of
stock of the Oregon Short Line R R . in the Southern Pacific
C o ., being $126,650,000 out of an issuo of $272,672,405, in
tho proportion of (a) ono share of Southern Pacific stock for
each four shares of Union Pacific stock, pref. or common;
and (6) one share of Southern Pacific stock for each three
shares of Southern Pacific stock held by others than the Ore
gon Short Lino R R . C o. and its nominees.
The price of subscription is $100 for each sharo of $100 par
value (equivalent as of the date of subscription to 9 8 .6 7 %
and accrued div.), payable either in full on M ch . 21 1913, or
in four installments of $25 each on M ch . 21, July 1 and O ct.l
1913 and Jan. 2 1914.
A check for tho dividend payablo on April 1 1913 will bo mailed by tho
depositary hereinafter mentioned, as and when received by it, to registered
subscribers having paid either in full or tho first installment. Intorost will
bo charged from Mch. 21 1913 on deferred payments at tho accruing rato
of dividends. Fractional warrants must be exchanged on or beforo Mch. 18
for warrants of $100 or multiples. Tho company will not buy or soil frac
tions. Checks or drafts in paymont of subscriptions must bo drawn in
favor of the National City Bank of N. Y. in Now York funds, or in favor
of Baring Bros. & Co., Ltd., in London funds, as tho caso may bo, and for
tho exact amounts covering the respective installments.
Condensed Statem ent by Treas. Fred. V. S. Crosby, N. Y ., Feb. 10.
With the approval of the Attorney-General of tho U. S ., tho Union Pacific
RIt. Co. has adopted a plan, which has also boon assonted to by tho Southern
Pacific Co., for complying with tho terms of tho docroo to bo ontorod in tho
Govt, suit in accordance with the recent decision of the U. S. Supreme Court,
wiiich plan includes tho following: Tho Southern Pacific Co. has agreed
to sell to tho Union Pacific RR. Co. tho entiro capital stock of tho Central
Pacific Ry. Co., and to cancel or assign tho existing loaso of tho railroad
and other property of the Central Pacific Rv., thus transfoirlng to tho
Union Pacific RR. Co. the boneficial ownership of the railroad and other
property of tho Central Pacific Co., subject to certain leases, reciprocal
contracts for the joint uso of railroads and terminals, and other arrangements
intended for tho mutual protection of tho two companies. It had beon
expected that tho Union Pacific RR. Co. would pay for tho Central Pacific
property by surrendering or transferring $84,675,500 stock of tho Southern
Pacific Co. now held by the Oregon Short Lino RR. Co., by tho cancellation
and surrender of $5,449,000 of the 4% Central Pacific “ stock collateral
bonds ’ of the Southern Pacific Co. now owned by tho Union Pacific RR. Co.
and by tho payment of $14,065,441 in cash. But there being doubt as to
tho right of tho Southorn Pacific Co. to acquire its own stock, it has been
decided to sell tho Oregon Short Line RR. C o.’s entire holdings of stock
in tho Southern Pacific C o., aggregating $126,650,000, and it has been
agreed that tho net proceeds of the salo of $84,675,500, par valuo, of said
stock, shall bo paid to the Southorn Pacific Co. in lieu of such contemplated
surrender to it of said amount of stock.
The plan and the agreements embodying tho same will not become effec
tive unloss and until approved by the District Court of tho U. S. for the
District of Utah in the suit of tho U. S. of Aniorica vs. Union Pacific RR.
Co. ot ah, now ponding therein, upon tho mandate of tho Supremo Court
of tho U. S., nor unless and until tno California RR. Comm, shall approvo
tho provisions of said plan in respect of which, in tho opinion of tho com
pany’s counsel, the approval of said commission may bo necessary or advis
able to givo tho same validity.
Underwriting.— It is stated that tho Southorn Pacific stock
underwriting syndicate, headed by Kuhn, Loob & C o ., was
considerably oversubscribed, and that it consists or ovor 500
participants, distributed throughout the United States,
England, France, Germany, Holland, Switzerland, Bolgium
and Austria. The combined European interests in the syn
dicate are said to amount to about $50,000,000, or about
4 0 % of the whole. See also V . 96, p. 420.
U n ited L igh t & R ailw ays.— First Common Dividend .—
An Initial dividend of 4% has beon declared on tho common stock, paya
blo in quarterly installments of 1% , the first April l to holders of record
Mch. 2i. President Hulswit announces that tho policy of tho company will
bo to distribute surplus earnings to stockholders from timo to timo in a man
ner similar to the American Light & Traction Co., by doclaring dividends
on common stock payablo in stock, in addition to the regular cash dividends.
New Stock Offered for Subscription .—
Tho company, it is stated, is offering for subscription, through brokers,
between $1,500,000 and $2,000,000 of its 6% first preferred stock, with a
bonus of 25% in common stock, delivery to bo made Mch. 1. Tho salo of
the stock was authorized by the executivo committee to pay a 5% note of
$750,000, falling duo in Juno, and for the construction and extension work
contemplated for the underlying properties in 1913.
Earnings for 1912.it is reported,show about 10% on the common stock.
— V. 96. p. 421.
V icksbu rg (M iss.) L ig h t & T ra c tio n C o .— Debenture
Bonds.— Elston, Clifford & C o., Chicago, recently offered
at par (see adv. “ Chron.” Jan. 25 1913), $200,000 6 %
year debenture gold bonds. A circular shows:
10-
Dated July 1 1912, duo July l 1922, redeemable on any interast da to at
101 and int. Par $1,000 c*. Interest J. & J.at Oontral Trust Co. of III.
Chicago, trustee. Auth. issuo, $400,000.
Digest o f Letter by Pres. YVm. B. W alter, O ct. 15 1912.
Incorp. July 1 1912, taking ovor tho four companies which controlled
tho street railway and electric lighting systems in Vicksburg, Miss., and
suburbs. Census population in 1900, 14,834; in 1910, 20.814. Now
serves (est.) over 22,000. In the city tho lighting franchise runs until
1946. and tho street railway franchise until 1948, both without burdensome
restrictions. For railway outside the city, lias grant from U. 8. Govern
ment.
Capitalization Oct. 15 1912—
A uth.
Outstand’g.
First mortgago 5% bonds.........- ..................................$1,500,000
$600,000
6% 10-year debenture bonds (this issue)---------------- „ 400,000
200,000
Common stock_______________________ ______ _____ 1,000,000 1,000,000
Earnings [1912 to 1914 estimated bg J . G. White & Co., Supplied bg Ed.\
1911. Kst.1912. Est. 1913. E s t.lQ U .
1909.
1910.
191
G ro ss e a r n in g s .-$ 1 4 2 ,5 9 1 $14 7 ,4 9 7 $ 1 664,237 $180,000 $192,000 $204,000
N e t earnings . . . $ 3 4 ,1 7 3 $ 4 2 ,2 4 6 $ 0an
0 , 0nno
02
$65,000 $74,000 $82,000
A n n . in t. (a) $ 6 0 0 ,0 0 0 1st 5s, $ 30 ,000 ;
(b ) theso de b e n tu re b o n d s, $ 1 2 ,0 0 0 4 2 ,0 0 0
42,000
Balance, surplus________________$18,002
$23,000
Debentures.— Tho issuance of additional 1st M . bonds is so restricted that
tho equity in the property must always fully protect thoso debentures, which
mature and must bo paid 10 years beforo any paymont is made of tho 1st M .
bonds. No mortgage or other indebtedness can bo placed upon tho prop
erty to tako precedence over theso debenture bonds except for tho issuance
of additional 1st M. bonds as providod in tho mortgage.
THE CHRONICLE
F e b . 15 1 9 1 3 ]
Property.— (a) On a tract of over 3acresalm ostintheheartofthocity, ad-
oining a steam railroad. A modern fire-proof powcrstation is now being
constructed o f steel, brick and concroto, with mechanical stokers, watertube boilers and latest type steam turbines, having a total capacity of 2,000
h.p.; will bo completed within 60 days and provide sufficient room for
an additional 2,000 h.p. equipment when required, (b) Concrete car barn
and shop for repairing, rebuilding and painting cars, (c) 20 cars, some of
them new “ Pay-enter.” (d) Over 10 miles of single-track lines (mostly
80-lb. rails), all on paved streets except about a mile. The wide extent of
the city and the long hot summers are conducive to trolley riding. Less
than one-half of the business houses and residences in Vicksburg are using
the west.
, ,
,
1895.
1905.
Hank deposits ------------ 81,075,000 $3,903,000
See also V. 95, p. 49.— V. 96, p. 287.
1910.
$5,064,000
1912.
$5,410,000
W a s h in g to n & G reat Falls Ry. & Power C o — Bonds —
Til<i C o m m i s s i o n
on Dec. 4 authorized the company to
road
and
has
c*rr\r\ r\r\r\ r rn i — ,— " V I * ' .
v / v . v i u u t v i u t i/ i v v u o v v u iu u u io o u 6 O f
$500,000 5% bonds of $1,000 each. Of the company’s trolley road 10 2-3
miles from Bethesda to Great Falls. M d., is being built by the Pittsburgh
Construction & Supply Co., 734 15th St., N. W ., Washington. Thomas
Hampton, President.
Street R y ., B o sto n .— Securities Authorized .—
riieA Iassacbnsetts UR. Commissioners on Feb. 13 authorized the issu
ance of $600,000 20-year 5% bonds dated Nov. 1 1912; also $220,000 addi^o°2?5?on sfcock (the latter to be sold at public auction), and to apply
tne $28,/27 which represents the unused portion of an issue of bonds
authorized by the Commissioners on April 4 1912 toward the payment of
permanent additions and improvements. Compare V. 95, p. 1609.
489
President IIilI says that the prospects for 1913 are encouraging. The
company is now booking orders for sewer pipe at a satisfactory price, and
a little later better prices are expected, present indications being that the
demand will at least equal the supply. The demand for other products is
ras to H^^sHate tho placing in operation of two plants that have been
idle for several years.— V. 94, p. 414.
Am erican S h ip b u ild in g C o., C levelan d .— Settlement.—
I rcss dispatches state that counsel for the Commonwealth Steamship
Co. and the Acme Transit Co., as plaintiffs, and of the Shipbuilding C o.,
J. C. Wallace and A. H. and W. A. Hawgood, as defendants, on Feb. 5
announced that 2 0 cases in which the parties are interested, involving a
total of $o0 0 ,0 0 0 , have been settled, and that the cases, which occupied
both the Common I leas and Federal courts, have been dismissed. The
terms or the settlement were not announced. Tho suits related to alleged
fraudulent commissions said to have been paid to the Hawgoods when they
were officers of the Commonwealth Co. for securing to the Shipbuilding
Company contracts for the building of a number of large vessels.
Tm ee cases of the Commonwealth company against the American Ship
building Go., now pending in the U. S. Cirduit Court of Appeals, are said
not to b^ 1 nCi udcd,iiM he settlement. Compare V. 94, p. 1765; V. 95. p.
Io4o.— V. 9o, p. 1747.
Am erican Steel F oundries Co .— Dividend Policy.—
Last week, after declaration of a quarterly dividend of A of 1 % , the man
agement put out tho following: "It has been tho policy to pay dividends
when earnihgs justified after providing for fixed charges and payments and
sli ms necessary t? keep properties in good condition, and also maintenance
of sufficient working capital. It is the intention to continue this policy
and also, if possible, to increase surplus so as to make the company more
independent in times of depression. In view of tho present earnings and
largo bookings on hand, which will keep plants running many months, and
considering general prospects for the year, which seem good it was decided
it was due to stockholders and would be prudent to make distribution in
dividends above mentioned ( A of 1%) at present. Hope was expressed at
the meeting that this rate would be maintained and tnat future earnings
will justify an increased rate.”
Earuings.— F o r 3 m o s . e n d i n g D e c . 3 1 1 9 1 2 :
IN D U S T R IA L , G AS A N D M IS C E L L A N E O U S.
A lu m in u m Co. of Am erica, P ittsb u r g h .— Status .—
Pres. Arthur V . Davis in Washington, D . C . , on Jan. 14, at
session of the House Committee on W ays and Means, it is
stated, testified directly or in response to queries:
Net
Other
Income
Fixed
Cfigs., A c .
Depre
cialinn.
Balance.
1912---------------------- *555,/76
S}23,476 $94,948 sur.$353,491
m i ---------37.273
3,5i6
123,187
59.561 def.141,899
The results tor the calendar year 1912 were given in tho “ Chronicle”
last week, page 421.
Am erican Sum atra Tobacco C o .— Deferred D iv. Paid .—
In addition to tho regular semi-annual dividend of 3 A % on the pref.
stock due March 1, there will be paid at the same time the semi-annual divi
dend of 3 A % due Sept. 1 1911. together with 1A years’ interest thereon
at 7% , botli to stockholders of record Feb. 17. This completes the pay
ment of past-duo dividends. Compare V. 95, p. 421: V. 94, px 489.
A m erican Thread C o .— Decision A ffirm ed .—
Tne IIouso of Lords has dismissed the appeal from the decision of the
Appeal Court at London on Fob. S 1912, which affirmed that of
Justice Hamilton in the King's Bench Division of tho High Court of Justice,
rendered on Feb. 15 1911, dismissing the appeal of the companv against the
action of tho Inland Revenue Commissioners at Manchester in making an
N ew Canadian Plant Instead of Proposed Plant in Tennessee
income-tax assessment of £189,007 in respect to all tho profits of the com
The company has contracted to obtain 60,000 h.p. from tho t v a
pany. Compare V. 92. p. 461; V. 94, p. 418.— V. 95, p. 173.
Rapids Mfg. C o. (which see above) not later than Jan. 1 1915, for use at
A m erican W o o le n C o. — Status.— P r e s i d e n t W o o d s a y s :
a now aluminum plant that is to be built by tho company in the vicinltv o f
Considering the tariff agitation, the year 1912 was a reasonably satisfac
Montreal.— V. 94, p. 1509, 1385.
tory one as to earnings. Tho year, as regards net profits, was moderately
Am erican C an C o., N. Y . and C h ica g o.— Bonds Offered. hotter than tho previous one. Tho notes of the Ayer Mills, amounting to
— The Guaranty Trust Co. of New York, andLee, Higginson $500,000, duo in March, will be paid and not renewed. Tho company has
no idea of any now financing.— V. 94, p. 769.
& C o ., N . Y ., Boston and Chicago, are offering privately
A ru n d el Sand & Gravel C o ., B altim ore.— Bonds, A c .—
at 9 7 Yi and int. tho $14,000,000 15-year 5 % sinking fund
The Fidelity Trust Co., Balt., the mortgage trustee, has placed at 9 8 ) 2
gold debenture bonds, dated Feb. 1 1913 and duo Feb. I and int. $600,000 1st M . gold 6 s of this Dela. carp., dated M ch. 1 1913
due Mch. 1 1923, but callable at 105 and int. Interest M . & S. in
1928, but callablo as a whole or in part on any interest date and
Baltimore. Sink, fund 860,000 yearly.
at 102 y 2 and int.
Interest F. & A . at Bankers Trust C o., D a t a F u r n i s h e d by President F r a n k A. F u r s t , B a l t i m o r e , J a n . 2 5 1 9 1 3
Capitalization: 81,000.000 non-cum. pref. 7% stock; $1,000,000 common
N . Y ., trustee. Par $500 and $ l,0 0 0 c *. A uth., $15,
and $600,000 1 st M . 6 s, these last a first and only mortgage upon the
000,000; out, $14,000,000. Sinking fund $500,000 per ann. stock,
entire property and franchises, appraised at over $3,630,000. No floating
to retire bonds begins M a y 1 1914. Prin. and int. payable debt and ample working capital.
Production and Net Earnings Years ending M a y (1912-13 Estimated).
free from tax deductions.
1909-10. 1910-11. 1911-12. 1912(7Af.) '12-13rsl
Condensed O fficial Statem ent o f American Can Co., N. Y., Feb G
248,743
228,899
______
Sand, yards-------------- 193,748
Organization.—Tho largest manufacturer in tho United States of tin cans!
Gravel, yards----------- 207,096
185,188
259,945 (7 1110s
boxes and containers used for packing such important products as vege Net Income--------------- $114,870 $114,893 $133,282 18163,030 $250,000
tables, fruits, meats, iish, oils, paints, greases, tobacco, coffee, tea, cereals,
syrups, chemicals, &e., &c. As these products are largely articles of general
(J. H .) A sh d ow n H ardw are C o., L td. (W h olesale and
daily use and common necessity, tho containers being consumed in tho using
R e ta il), W in n ip e g , C algary an d S a sk a to o n .— Bonds Of
tho demand is continuous and only slightly affected by financial conditions.
Incorporated in N. .1. Mch. 19 1901 and now operates, free and clear of fered. — T h e D o m i n i o n S e c u r i t e s C o r p o r a t i o n , L t d . , M o n t r e a l ,
prior liens, 47 plants in various parts o f the United States and Canada
situated in all the important centres where canned commodities are packed’. T o r o n t o a n d L o n d o n , is p l a c i n g a t 9 2 . 2 0 , y i e l d i n g 6%,
Many ,°f those plants are new and all are in good condition and equipped
,0 0 0 ,0 0 0 1 st M . 5 % 1 5 -y e a r s . f . g o ld b o n d s , d a t e d J a n . 1
with the most modern machinery. Also has its own chemical laboratory
and threo machine shops, where it manufactures most of its own machinery 1 9 1 3 a n d d u e J a n . 1 1 9 2 8 .
Principal and int. (J. & J.) payable at Canadian Bank of Commerce,
and does Its own repairing.
*
Since incorporation the company's gross sales have about doubled its Toronto, Montreal, Winnipeg and London. Redeemable at par and int.
quick capital has increased over 70%: its plants have been enlarged and on any int. date on 6 weeks' notice, or annually for sk. fund drawings
improved, cost o f production reduced and in tho last fivo years not profits boginning Jan. I 1914. Par $100, $509 and $1,000 (c*&r*), with sterling
have more than doubled. Through tho retention in the business of sub oqitlv. Trustee, Northern Trusts Co., Winnipeg. Sk. fund sufficent to
stantially half the net earnings since organization, this large expansion of retire issuo by maturity will begin Jan. 1 1914 and be used to retire the
business has beon financed without any increase in capitalization anil with bonds from time to time, or invested in trustees’ securities.
out creating any funded debt. The current liabilities Doc. 31 1912 ($2, Net security for bonds—Land and buildings appraised (Winni
peg, $706,310 and $385,000, respectively, Calgary $233,000
270,868) represent ordinary operating accounts for labor and matcrla's. ’
and $65,000, Saskatoon $75,000 and $65,000) and not ap
Net Karninosfor Calendar Years after Taxes, Ample Repairs, &c. (V.96,p. 148)
praised ($22,987), $1,552,297; less encumbrances (due by
1908.
1909.
1910.
1911.
1912.
Average.
Jan. 1 1917), $246,500, and expenditure on fixed assets Jan. 1
to July 31 1912, $37,278; not, $1,268,519: current assets (less
Net earns.$3,111 ,898$3,301,677$3,456,537$5,416,33987,522,93284,561,876
current liabilities), $3.114.105; invest’s, $48,502, ___________ $4,431,127
Depr.&imp 405,634
545,526 633,565 2,500,000 983,885 1,013,722
Balance . . 2,706,264 2,756,151 2,822,972 2,916,339 6,039,047 3,548.154 First M . 5s, duo Jan. 1 1928. Auth., $1,500,000. Issued to
Interest on these $14,000,000 bonds will require______________ $700 000
liquidate bank advances_______________ ______ __________ . . $ 1 ,0 0 0 , 0 0 0
Contracts already made and business in reasonable prospect justify the
Of the $500,000 treasury bonds, $245,000 are set aside to retire that
expectation that earnings for 1913 will comparo favorably with 1912.
2U!2unt; 2f mortgages due by 1917— tho balance can only bo issued for
1lie net earnings for the 5 years 1908 to 1912 Incl. aggregate $22,809,383, 70% of future capital expenditure.
fVom which were paid dividends amounting to $10,017,575, and the balance Sales and Trading Profits before Deducting Int. on Loans (Now to be Paid).
ivas utilized for (a) additions to working capital, 85,789,746, (b) additions
Cal. Years—
1999.
1910.
1911.
Average.
and improvements to plants, $6,402,062. As against this last item, there Net
protit (present bond int
was written off as a charge to depreciation and other charges a total amount
erest $50,000)----------------- $244,950 $301,112 $238,412 $278,161
of $5,068,610 (average rate $1,013.722 per year) . r o s u S i . l a net increase Sales--------------------- $3,058,391 $3,993,749 $1,352,901 $3,801,650
in plant account from earnings during these fivo years of $ 1 3 3 3 .iso
Conducts a wholesale and retail hardware business throughout the entire
lionds.— The proceeds of these $14,000,000 bonds will bo used i’n'part to
section of Western Canada, including the Provinces of Manitoba,
reimburse the treasury for surplus earnings expended for the acqusition and prairlo
and Alberta, as well as a portion of tho Northwost Terri
construction of now properties and plants and in part for additional working Saskatchewan
tories and British Columbia. Warehouses are located at Winnipeg, Cal
capital. Irrespective of tho proceeds of this issue, net quick assets alono
and Saskatoon, with every facility for serving all portions of the
comprised of cash, merchandise and bills receivable, nearly equal the total gary
amount of outstanding bonds, without taking Into consideration tho groat abovo territories.
C o n d e n se d S ta te m e n t b y P res. J. H . A s h d o w n .
value of tho 47 manufacturing plants, which are free from lien. The com
Dates back to 1869, when J. H. Ashdown purchased a small tinshop in
pany agrees that so long as any bonds of this issuo are outstanding it will
create no further mortgage or pledge (except as to additional property to tho villago, now city, of Winnipeg, and started business with a capital of
$ 1 ,0 0 0 . llardwaro was gradually added until that became the principal
secure purchase money), nor create additional funded debt.
The sinking fund of $500,000 cash annually beginning May 1 1914 will feature. In 1902 the present company was incorporated under Dominion
chartor, with an authorized capital of $1,000,090 ($875,500 than paid up),
cancel approximately $7 ,0 0 0 , 0 0 0 bonds before maturity.
since increased to $2,000,090, all of which is issued and fully paid, whiio
Competition.— Although tho company has keen and aggressivo competi
tion , no other company has such a diversified line of these products and the at Doc. 31 1911 thero was a surplus of $1,539,876. Those results have been
company s volume of business is so largo and its machinery so modern derived almost entirely from earnings, and the company has in addition
and efficient anil its plants so well located that it is enabled to manufacture disbursed an annual dividend averaging 1 2 % throughout tho period of its
and sell at minimum prices. Arthur Young & Co., certified public ac existence. Tho sales for 1912 will considerably exceed $5,000,000. Offi
countants, Chicago and Now York, have passed on tho company's ac cers: J. II. Ashdown, Pres.: Isaac Pitbaldo, K .C ., V.-lVes.; R. A.
Graham, Sec.-Treas.
counts. See annual report and bal. sheet in last week’s issue, p. 418.
Am erican Sewer Pipe C o .— Earnings, & c.—
B aldw in Co. (P ianos, Player-pianos, & c .), C in cin n a ti.
The company, wo arc informed, lias discontinued the publication of Calendar
Total
Gross
Add. to
Pref.
Common
Balance
annual reports. Pittsburgh papers, however, report that net earnings
Year—
Sales.
Earns. Reserre.
Dicids. 6 % Divds.
Surplus.
(after deducting depreciation charges and $7 7 , 0 0 0 bond interest) o f approxi 1912 ___ $5,462,230 $441,912 $96,399 $48,000 (13% )$113,000 $167,513
mate! v $191,000. During the year $58,500 o f tho bonds were redeemed and 1911 ___ 4,793,683 313,302 70.636 48,000 (8 %) 80,000 114.666
canceled, current liabilities were reduced by about $30,000 and current
Dividends on common stock In 1912 include an extra stock dividend of
assets were increased approximately $187,000.
5% on common stock ($50,000). Compare V. 96, p. 61.
Has a total surplus o f $12,000,000 and capital stock of $20,000 000
[incl. $6 .)),').) ) 6 % pref. and is paying dividends of 4% . The earnings wore
between 15 and 17% annually in 1910, 1911 and 1912. Of the $20 000 0 i0
of capital, the total amount of cash actually put in was $1,860,000 the re
mainder represent ng earned profits
Organized as the Pittsburgh Reduc
tion Co. in 1888 with $20,000 capital, which gradually evolved, with the use
of patents whose value was put down as $700,000, into the $20 000 00 ) cor
poration. Owns the Canadian Aluminum Co., which in turn has agree
ments with all of tho six or seven foreign aluminum comoanies, covering
the world except tho United States, which was excepted because there is
a law here prohibiting it. (V. 89, p. 13 :9.)
B eld in g, P au l C orticelli Silk C o., L td . (C a n a d a ).—
Tho not profits for year ending Nov. 30 1912 were $134,470, from which
were deducted $21,931 for depreciation on plant, &c.; $8,750 sinking fund;
$37,613 interest on debentures, and $59,808, dividend on pref. stock, leav
ing $6,366. Compare V. 93, p. 166.
“ B o o t & Shoe L ast T r u s t.” — Dissolved .—
Judge Tuttle in the Federal Court at Detroit on Feb. 7 entered a decree
by consent in tho suit just begun by the Government against the KrentlerArnold Hingo Last Co. of Detroit and about 20 other companies and firms,
and an equal number of individuals, terminating license agreements so far
as they fixed the prico of unpatented lasts.
Tho bill alleges that the defendants manufacture 75 to 80% of all shoe
and boot lasts in the country, and thus control, so far as price is concerned,
the entire inter-Stato commerce. Instead of manufacturing its patented
lasts and their parts exclusively, tho Krentler-Arnold Hinge Last Co. issued
license agreements to other manufacturers, in which tho latter agreed, it is
stated, to maintain tho prices of all lasts, both patented and unpatented
(the latter constitutes about 50% of the business), in accordance with a
schedule o f prices furnished by tho former, tho purpose being, it is charged,
to fix “ arbitrarily and unfairly high” the price of all lasts, so as to enable
the Hinge Last Co. to exact an abnormal price for its patented lasts. This,
it is said, was accomplished largely through an organization known as the
Cary Club, composed entirely of licensees of tho Krentler-Arnold Hinge
Co. According to press dispatches, the decree in effect lays down the
broad principle that it is unlawful to tie together patented and unpatented
articles so as to fix the price of the unpatented commodity, neither the
Government’s petition nor the decree questioning the right of a patentee
to fix the price of a patented last.
B o o th Fisheries C o ., C h ica g o. — Earnings —
N et
Profits.
Period Covered—
Interest
Paid.
D epreBond
Balance,
cialion. D isc., A c . Surplus.
Year end. Dec. 31 1912--$!,OoO,546 $299,736 $312,174 $34,667 $403,969
20 mos. end. Dec. 31 1911 1,115,943 339,665 473,678 --------- 302,600
Walter Perron and J. W. CILse have been elected directors to succeed
A. E. Cleaves and W. W . Chapin.— V. 94, p. 1451.
Brier H ill Steel C o ., Y o u n g sto w n , O . — Pref. Stock Of
fered .— The Realty Guarantee & Trust C o ., Youngstown, O .,
fiscal agent, is offoring at 108 and int., yielding 6 .3 5 % , the
unsold portion of $1,500,000 7 % cum. pref. (p. & d.) stock,
issued to provide for completion of the open-hearth steel plant.
Resources Dec. 31 1912. Aggregating $15,746,554 (inch $2,560,000 Treas.Slk .)
{Offsetting: $15,000,000stk (1-3 pref.); cur. liabils., $312,639; sur.,$433,915]
Treasury stock, pref., $1,652,400; common,$908,000----------------$2,560,400
Quick assets: Cash. $213,189; bills rec., $20,456; accounts rec.,
$1,078,654; inventories, $2,178,813: unexpired insur., $6,215;
advances, ore and materials, $270,218---------------------------------- 3.767,545
Real estate, plants and equip., $3,878,234, less underlying
3,628,234
bonds, $250,000__________________________
Construction and improvements---------------------------------------------728.660
Stocks and investments in underlying cos.: Biwabik Mining Co.,
Red Stone Central R R ., Brier Hill Supply Co., Brier Hill
Mining C o., Brier Hill Coke Co., Pennington Mining Co.,
Garry & Sheet Metal Co. (less depreciation),.......................... . 4,971,058
Suspense accounts, organization, repairs and maintenance--------90,656
C on den sed
[Vol. XCVI.
THE CHRONICLE
490
L etter
fr o m
1st
V .-P r e s .
Joh n
T od,
F eb.
4 th
1913.
Properties Owned.— (1) A three-quarter interest in Biwabik Mine on
Messaba Range in Minnesota, giving us 5,250,000 tons o f open pit iron ore.
practically all uncovered, about half Bessomer and half basic; also a onehalf Interest in Pennington Mine on Cuyuma Range in Minnesota, giving
us over 1,000,000 tons of proven high-grade non-Bessemer open pit and
the direction of expert engineers, agriculturists and orchardists. Tho
California-Idaho Co. is a development and improvement company, and does
not as yet have an Income account similar to an operating company. Com
pare V. 92, p. 528; V. 93. p. 530; V. 95, p. 1544.
C an ada C em en t C o ., L td ., M o n trea l.— Earnings .— ■
Calendar Year—
N et
Bond
P f. D iv.
Surplus
Total
Profits.
Interest.
(7% ).
for Year.
Surplus.
1912_____________ $1,394,677 $375,418 $735,000 $284,259 $781,062
1911......................... 1,313,898
300,000
735,000
278,898
496,892
— V. 95, p. 50, 43.
C arnegie C oal C o ., P ittsb u r g h .— Purchase.—
This company recently purchased from the Pittsburgh Plate Glass C o.,
for a sum said to be about $1,500,000, the coal mine at Charleroi, Pa.,
unoperated for some years past, owing to tho closing of tho glass works at
that place, and with it “ about 1,200 acres of unmined coal of tho bost on
the Monongahela River.” The annual capacity of tho now inino, it is
said, will be about 600,000 tons. (Coinparo V. 83, p. 1172; V. 87, p. 418).
— V. 89. p. 413.
C anada In terla k e L in e, L td .— Further D ata.— T o u c h
in g t h e $ 9 5 0 , 0 0 0 7 % c u m . p r o f . ( p . & d . ) s t o c k o f f e r e d b y
th e m a t p a r , w ith a 1 5 % b o n u s o f c o m m o n , A . E . A m e s &
C o . , T o r o n t o , s o m e t i m e s in c e r e p o r t e d :
Capitalization.— 7% cum. pref. stock (auth. $1,500,000), with right to
elect two of the seven directors; redeemable at 110; issuod, $ 1 ,0 6 0 ,0 0 0 ;
common stock (auth. $1,500,000), issued, $1,000,000. Par value of sliaros
$100 each. Underlying bonds, $720,000; mortgage dobt, $66,432. Three
of the 14 vessels are free of encumbrance. The value of 7 of the vessels,
as fixed by appraisal, and of the additional vessels by the purchase prices,
is $1,851,958, and exceeds the total of tho underlying indebtedness ($786,
432) and the pref. stock ($1,000,000). The charter provides that a cumu
lative reserve fund (equal to 50% of the outstanding pref. stock), which
may be used in the business, shall be established and maintained out of the
earnings at the rate of 3% per annum on the outstanding prof, capital.
Tho directors expect to place the common stock on a dividend-paying
basis from July 1 next, at tho rate of 5% per annum, payablo quarterly, tho
first payment to be on Oct. 1. T'lo pref. dividends are payable Q.-J.
Digest of Statem ent by Managing! Director J. W. Norcross, T o ro n to ,
Dec. 9 1912.— (See also V. 94, p. 1251.)
Formed [incorp. in Ontario about Dec. 31 1912] to take over tho pros
perous business of tho Canadian Intorlako Lino, Ltd., embracing, with
the five vessels now being added, 14 modern steel freighters; total capacity,
1,662,500 bushels of wheat. Total insurance on tho floot, over $1,800,000.
Vessels especially constructed to handle package as well as bulk freight,
and important shipping connections have been formed at Montreal, Inter
mediate points and Port Arthur, Fort William and VVestfort, the lake ports
of the three great Canadian railways. Under favorable contracts which
have from three to seven yea-s to run, 180,090 tons of we3t-bound freight
were handled this year; also has a contract for tho next throe years to trans
port pulpwood for the four months when tonnago is slackest.
estimated Net Earnings for 1913.
Net earnings for the season of 1912 up to Nov. 30 from 9 vessols,
of which two not available tilt July, $211,270; estimated for bal
ance of season, $14,000; total 1912, about--------------------------------$225,270
Additional earnings, estimated, from steamers Fordonian and
Calgarian (almost completed aud to bo in commission April 1
1913, at opening of navigation season) and from Cadillac,
Pioneer and Mars (just purchased)------------------------------------------ 123,000
Total estimated net earnings from operation------------- -------- -.$348,000
Interest ($46,750) and sinking fund for bonds and mtgos. ($67,000) 113,750
Pref. div., 7% , $70,000; special ros’ vo on pref., 3 % , $30,000; total. 100,000
Balanco, estimated surplus, equal to 13.4% on common stock ..$134,250
The company will be in a strong financial position, having ample working
capital, and 3 out of its 14 vessels free of bondod dobt. By 1923 tho sink
region, averaging 12,000 tons per acre, and 470 coko ovens, total capacity ing fund will have retired the bonds on four other vessels, and thoso now
30.000 tons of coke per month, or about 6,000 tons per month more than outstanding will then have been reduced to $220,000, while in 1927 all the
m
our present blast furnace requirements.
Value coko proporty $1,900,000. existing bonds will havo been paid off.— V. 94, p. 1251.
(3)
Two modern blast furnacos valued at $1,750,000, and having Directors: M . J. Hanev (Pres.), J. F. M . Stewart (Treas.), T . Brad
a capacity o f 300.000 tons o f iron per year, situated on a tract of shaw (of A. E. Amos & Co.) and J. W. Norcross (Man. Director), all of
67 acres in city o f Youngstown. (4) The company also owns 70 acres Toronto; It. M . Wolvln ( Vice-Pres.), Winnipeg; Henry Mundorloh, M ont
adjoining the above tract on which it is now erecting an open-hearth steel real, and E. H. Ambrose, Hamilton. Office, Toronto.— V. 95, p. 1609
plant, having a furnace capacity of over 1,000 tons per day, with blooming
Cedar Rapids M fg. & Power C o., M o n treal.— Status.—
and finishing mill capacity o f 2,000 tons per day, to allow for the erection
of additional furnacos. (5) Owns and is operating two sheet mills at Niles,
The Montreal Trust Co. was recently instructed to offer to tho holders
O ., about 7 miles north, having 18 stands of hot mills, and is producing of record Feb. 20 of the $17,000,000 common stock of tho Montreal Light,
black and galvanized sheets, metal lath, ceiling, &c., with a capacity of Heat & Power Co. and $ll,0OO,0OO common stock of Shawinigan Water &
80.000 tons per year.
Valuation of sheet mills is placed at $2,000,000. Power Co. tho right to subscribe at 90 until 3 p. m. March 20 in tho propor
(6) Plant for manufacture of washed metal, suitable for high-grade crucible tion of 30% of their stock holdings for $8,400,000 5% 40-year 1st M .
steel, armor plate, &c., capacity 150 tons per day and valued at $250,000. bonds of Cedar Rapids M fg. & Power Co., with 25% ($2,100,000) bonus
Work on tno new steel plant is well under way and tho remaining pref. in the fully paid common stock of tho Cedar Rapids Mfg. & Power C o.
stock is now offered for sale to provide funds for its completion, making Subscriptions are payable 10% M ch. 20 and 20% May 15, Sept. 15, Jan. 15
the company a self-contained unit from ore to finished sheets.
July 15, respectively (or optional tho final 40% on or after Sept. 15
The net earnings of the combined companies for the six years of 1907 to and
1913 in exchange for bonds), at tho Bank of Scotland, London, or to tho
1912 have averaged $1,400,000 per year, and it is estimated that the earn Montreal
Trust Co., Montreal. Interest at 5% will bo allowed (J. & J.)
ings will for 1913 approximate 18% [$1,650,000 on tho common stock] on the installments
paid.
and under similar business conditions should be materially Increased by
Digest of Statem ent by Pres. J. E. Aldred, Jan. 1913— C apitalization.
the new steel works. See also V. 94, p. 562, 828.
Common stock— Authorized, $10,000,000; issued (including
$2,100,000 now offered)__________________________________ $8,850,000
(J. G .) Brill C o ., P h ila d elp h ia.— Earnings.— Forcal.yrs.
1st M. 5% bonds dated Jan. 1 1913, duo Jan. 1 1953, int. J. & J.
Calendar
Total
Net (after
Pref. D ie.
Balance,
Authorized, $15,000,000; issued (incl. $8,400,000 now offered) 10.000,000
Years —
Sales.
Depreciation.
(7 % ).
Surplus.
Bonds.— Par $1,000 or £205 9s. 8d.; $500 or £102 14s. 10d., and $100
1912
...................... $7,842,091
$1,054,851
$320,600
$734,251
or £20 10s. 2d. Trustee, Montreal Trust Co. Sinking fund for redemption
1911__________ _____ 5,870,907
554,900
320,600
234,380 of bonds annually, beginning Jan. 1 1925, a sum equal to 1% of all bonds
Thero was deducted for depreciation in 1911 $134,429; amount not stated issued and outstanding.
. , rlT
in 1912.— V. 94, p. 1318. 552.
Organization.— Incorporated by Pari, of Canada (4-Edward VH-cap. 65;
8-9 Ed. VH-cap. 71). Management and control vested in tho Montreal
B ritish C olum bia Ry. & D evelopm ent C o .— Decision. — Light, Heat & Power Co. and tho Shawinigan Water & Power Co. and
The Appellate Division of tho Supreme Court in this city on Dec. 6 af their allied interests. Hence the development work will be carried out in
firmed the decision of the lower Court which overruled the demurrer of tho an efficient manner and tho company when it reaches tho operating stage
defendants in tho suit brought by Herman Van Slochem, as assignee of one will bo under efficient management.
Van Gelder, against Harold G. Villard, Edward Ashforth, Roscoe Conklin
Plant.— Has authority under agreements with tho Dominion and Pro
and other directors to recover losses sustained by said Van Gelder through vincial governments to take from tho St. Lawrenco River at Cedar Rapids,
the purchaso of $80,000 of tho company’s stock (which, it is alleged in the a point on the St. Lawrenco River about 30 miles west of tho city of M on
complaint, is practically worthless) in March and April 1910. An appeal, treal, suffieeint water to doveolp 160,000 h.p. of electric energy. Tho
it Is stated, will bo taken to the Court of Appeals.
work of this development has been in progress since early in 1912, and it is
Tho Court says: “ The disposition of the present day is to hold the direc intended to havo tho first installation of 100,000 h.p. completed by the fall
tors of corporations to a strict accountability for false statements mado for of 1914. Tho present issuo of bonds will cover tho cost of installing a plant
the purpose o f Inducing tho public to purchaso stocks at moro than their real of a capacity in excess of 100,000 h.p. Tho subsequent installation or
value. We are therefore o f the opinion that the complaint sufficiently 60.000 h.p. is provided for by the $5,000,000 bonds remaining in tho treas.
states a cause of action.” See V. 92. p. 1374; V. 91, p. 1327; V. 89, p.992.
Contracts.— Out of tho total amount of power to bo developed, contracts
havo been made covering I20,000h.p.; viz.: With Aluminum Co. or America.
B ryden H orse Shoe C o., P e n n .— Stock Increase 6 0 0 % . 60.000 h.p., and with Montreal Light, Heat & Power Go., 60,000 n.p.
This Pennsylvania corporation on or about Dec. 13 filed a certificate of Of this total, 80,000 h.p., viz., 60,000 h.p. to tho Aluminum Go. and 20,000
lncroaso o f capital stock from $750,000 to $5,275,000. Manufactures horse h.p. to tho Montreal Light, Heat & Power Co. is to bo taken immediately
and mule shoes and steel therefor. In 1898, whon the stock was $100,000 upon tho completion of the plant, not later than Jan. 31 191,>. and to bo paid
in $50,shares, the company’s plant at Catasauqua, Lehigh Co., Pa., had an for from and after that date. It is confidently expected that on or before
annual capacity of 15,000 net tons, or 300,000 kegs. On Jan. 13 1913 none such date further arrangements will bo mado covering tho immediate use,
of the now stock had been issuod and none, it was stated, would bo for some upon completion of tho plant, of an additional 20,000 h.p.
time to come. Pres, and Treas., George E. Holton; Sec., H. Morloy Hol
Estimated A nnual Income from the Above Contracts.
ton. Office, Catasauqua, Pa.
From 80,000 h.p. immediately upon completion of I,lant> jjpprox--$900,000
Operating expense not over $50,000; interest at 5% on $10,000,000
C alifo rn ia-Id ah o C o., P ittsb u r g h .— Further Data.—
bonds, $500,000__________ ___________- ....................................... - 500,000
An authoritative statement o f Oct. 18 shows: Incorporated Nov. 10
1910 in Delaware and has acquired the entire capital stock ($10,000,000)
Balance, surplus, applicable on outstanding s t o c k ..------ --- .$ 3 6 0 ,0 0 0
of the Sacramento Valley Irrigation Co. (V. 90, p. 56, 171),51% ($510,000)
Tho sale of the 20,000 h.p. additional covered by the first installation
of the capital stock of the Twin Falls North Side Land & Water Co. (V. 86.
p. 340; V. 89, p. 999), and 75% ($7,500,000) o f the capital stock of tho would bring in not less than $200,000 per year, net. Upon the completion
James Mills Sacramento Valley Orchard & Citrus Fruit Co. Special pur of tho entire installation a capacity of 160,000 h.p., and tho sale of 150,000
pose Is to realize tho higher values o f developed agricultural and orchard h.p., leaving 10,000 h.p. in reserve, the company s income should be not
lands through improving tho lands irrigated by its subsidiary companies, less than $1,500,000, as against fixed charges and operating expenses
ha planting portions of them in orchards, &c., and selling tho land in small (including sinking fund) of $950,000, leaving a surplus of $550,000. or an
tracts as improved farms. The land under its control, either through their amount in excess of 6% on tho outstanding stock.— V. 96, p. 288, 64.
ownership, or through its subsidiary company, tho Sacramento Valley Irri
C entral U n io n T elep h on e C o .—-Injunction. —
gation C o., amounts to 130,000 acres, on which a valuation of $125 per acre
Win. A. Read, acting for minority stockholders, secured a temporary
as unimproved irrigated land has been demonstrated. The capital stock of
the Calffornia-Idaho Co. is controlled by the American Water-Works & injunction in Chicago courts, restraining the majority shareholders from
Guarantee Co., and its operations are conducted under tho direct super holding a meeting on Feb. It to authorize the directors to sell tho property,
vision of the parent company, and tho Improvements are carried on under as proposed, to the Amer. Telephone & Telegraph Co.— V. 96, p. 288.
F e b . 15 1 9 1 3 ]
THE CHRONICLE
C hicago Jet. R ys. & U n io n Stock Y ard s C o.— E a r n s .Calendar
Year—
Dividends. Net (after Pref.Div. Com .Div. Balance,
J n t - . A c . Taxes & c .). (6% ).
(8 % ).
Surplus.
Total
Surplus.
491
Materials and supplies at factory, $1,910,434; manufactured
goods, $1,972,901; sundry, $5,985________________________
3,889,320
Accounts receivable: (customers' accounts, $1,704,523)_____
1,733,614
Unexpired insurance, A c ., $53,714; deferred charges to opera
tions. incl. expenses applicable to spring season 1913______
128,609
Cash----------------------------------------------------308,297
1012.........$2,077,646 $1,263,122 $390,000 $520,000 $353,122 $3,126,027
1911 ------- 2,043,735 1,233,232 390,000 520,000 323,232 2,772,905
The combined gross earnings of the Stock Yards Co. and the Kailway Co.
were $5,600,776 in 1912, against $5,577,938, and the net earnings (after
Total assets_______________________________________________ $27,051,012
expenses, int. and taxes), $2,145,741, against $2,102,300.
Offsets— Capital stock outstanding ($8,000,000 is pref.) I _ 11 _I$26!000!(K)0
N ew Directors .—
Surplus capital___________
_____
“
76,644
W.
W . Waddell and IV. G . Dooley have been elected Treasurer and SecreNotes payable______________________________
375.000
tary to succeed W. O. Lane and W. C. Cox, both of whom resigned
Stockholders of Cluett, Peabody & Co., for dividend declared
— V. 95, p. 1610.
payable Jan. 15 1913........ ............................. ........... ................
420,000
Accounts payable, including accrued pay-roll, $160,121; taxes
C hicago T elep hon e C o .— Earninqs.— For cal. years:
and interest accrued, $19.247.........................
179,36
See also V. 95. p. 1475. 1686.
Calendar
Gross
Net
Interest Dividends
Bal.,
Teleph’s
Year.
Earnings. Earninqs.
Paid.
(8%1
Surnlus Dec 31
Colorado Fuel & Iron C o.— 3 5 % Account Pref. D ivs .—
1912 — .$14 538,399 $3,295,709 $761,296 $2,160,000 $37?,413 $382,652
4 ,di' ’idend 07 35% has been declared on account of accumulations (74%)
10ir1 n V
H '678.390 2,527,062 264,522 2,160,000 102,540 334.463
— V. 95, p. 51.
on the $2,000,000 8% cum. pref. stock, payable Mch. 20 to holders of
record Mch. 1.
C leveland & S a n d u sk y B rew ing C o .— Earnings .—
A yearly dividend of 5% was declared out of the earnings for the fiscal
year ending June 30 1912., 2 A % each on July 20 1912 and Jan. 20 1913, this
Calendar
Gross
Oner. Expenses,
Bond
Sinking ' Balance,
An\ns tke f *rst d iv. paid since Feb. 1903, when a semi-annual distribution of
*r.Y£ar
®or.TP 1}!ls - Deprec'n, A c . Interest.
Fund.
Surplus.
4 /o was made. Payments up to that time were made in full.— V .95,p .1329.
.............$818,904
$333,884
$383,162
$50,000
$51,858
19F nY— Vo,9.45’644
337,586
384,081
50,000
173,977
— V. 95, p. 1334.
C on solidated G as, Electric L igh t & Power Co. of
B altim ore.— Bonds Offered.— Lee, Iiigginson & Co. are of
C leveland Stone C o .— Government Suit .—
t tV
Llistrict Attorney Denman on Feb. 12 filed a suit in the U. S. Dis- f i n g at 95 and int., yielding over 4 % % , $2,311,000 Con
trl£ ,S:0U.rfc’ Cleveland, asking for the dissolution of the company and Its solidated Gas Co. of Baltimore City 4
general mtge.
subsidiaries. The defendants named in the bill aro: The Cleveland Stono gold bonds, dated Apr. 1 1904, due April 1 1954.
Int.
C o., the Ohio Kuilding Stone Co., Ohio Stono Co., IClpton Stone Co.,
Malone Stone C o., Forest City Stono Co., Grafton Stono C o., Currier A . & 0 . in Baltimore. Par $1,000 c*.
Stone C o., Ohio Grindstone Co. and Mussey Stone Co., all Ohio corpora Total A ulh., $15,000,000— Canceled, $5,500,000— Balance, $9,500,000
tions with offices at Cleveland; the Clough Stono Co., lClyria, Ohio; the
(including bonds now offered) . _
_ _
_$6 032 000
Korea Stono Co., Korea, Ohio; Atlantic Stone Co., Xenia, Ohio; llaldeman Outstanding
to retire cons. mtge. 5s duo 1939, $3,400,000; certfsT of
’
“ lone C o., Tippecanoe, Ohio; American Quarries Co., Mitchell, Ind.; 1’crry- Reserved
indebtedness (unsecured) due July 1 1913, $38,000..................$3,438,000
Mathews-Buskirk Stone Co., Bedford Quarries Co. and Indiana Quarries
Co., Bedford, Ind.; Indiana Quarries Co. of N. Y ., and 14 individuals.
Statem ent by Pres. J. E. Aldred, Baltimore, Jan. 31 1913.
It is alleged that, to acquire a monopoly in the building, paving, curbing
. 9 r° i w ?l’r _i ncorpx ' n
June 26 1906 as consolidation of Consol.
and grindstone business, the so-called Stone Trust, "b y a money considera n
Gas, Llec. Lt. & Power Co. and Consol. Gas Co. of Baltimore City. Does
tion or by conferring favors,” induced architects to order in their building the gas, electric light and power business of Baltimore and suburbs and sur
plans that Cleveland Stone Co. material lie employed, a separato organiza rounding counties, serving a total population of about 675,000. Tho con
tion o f its subsidiaries being maintained to make them appear as competi stituent cos. began gas service in 18i 7, electric service in 1881.
tors in bidding for contracts; and that thc.Iompany fixes prices of building
Capitalizitipn (Total Funded Debt $30,195,000; Slock, $14,160,088).
paving and curbing stones in the Central States. The “ trust,” it is said,
neoGonnC^ cons ist 5s, $3,400,000: these gen. mtge. 43is,
also lias a practical monopoly of the business in sandstone and ilmestono for
w
2 ? • of Indebtedness, $38.000------------------------- $9,500,000
building purposes in somo parts of Illionois, Indiana, Kentucks, Michigan. funded 2,i9
debt of other subsidiaries and former subsidiaries........... 9.449,000
Missouri, Ohio and I’onnsylvania, although it docs not quarry or soil Consolidated
Gas, Electric Light & Power Co —
50% of the stone.
General mtge. 4 A s , 1935 [in addition to $1,722,000 deposited
Tho “ trust,” it is stated, dominates the market for grindstones in the
as collateral under the 5% notes and $1,155,000 as col
country, supplying 80 to 90% of all grindstones produced therein, and at
lateral under bonds of subsidiary cos.
_
. . 9 676 000
least 7 o % or all grindstones ucsd in America, including importations from
Secured 5% notes July 1 1913, excl. $1,430,655 calied'for pay- ’
’
abroad, such stones being marketed through jobbors, who, as alleged,
inont March 1 1913__________________ ________ ____
1,570 000
receive a rebate of 1243% if they handle tho Cleveland company’s grind
Stock [$6,360,054 preferred, 6% cumulative]__ ” _ I I I I I I I I I l 4 ’,160’.088
stones exclusively.
".
°
These B on d s— A direct obligation of tho present company and a first
generally known that tiio subsidiaries aro owned by tho
i,,,?
’ t, ls a lepecl tkat these subsidiaries appear as compet mtge.; (a) on its Spring Garden plant, where all gas manufactured by the
ing bidders for contracts, their proposals having previously been ordered company is produced, said plant having a daily capacity of 20,000,000cu. ft.
i*‘irc*K company. Actual competitors, it is further alleged, aro in and consisting of brick and steel buildings with I.owe water-gas apparatus
duced to enter agreements with it, fixing practically uniform prices for build of latest type, on tract of 57 acres, with railroad and deep-water facilities.
ing, paving and curbing stone throughout tho territory where the defendant (0) On the most important part of the gas-distribution system and equip
ment; and (r) a direct mortgage, subject only to $3,400,000 consoli
soils a substantial part of such material.— V. 94, p. 829.
dated first mortgage 5s due July 1 1939 on all other gas properties
C lu e tt, Peabody & C o., In c. (“ A rrow ” Collars, C u ffs acquired from 1817 to date of consolidation in 1903. Followed (as aro also
an d Sh irts), Troy, N. Y .— Sale of Pref. Stock.— Lelmuaii the other divisional bonds) by general mtge. 4 A s duo 1935. 5% notes and
preferred and common stocks, total market valuo over $27,000,000.
Brothers, N . Y . City, Goldman, Sachs & C o., N . Y . C ity., . . Purpose ° f Issue. — The proceeds of these $2,311,000 bonds will retire
Chicago and Boston, and Kleinwort, Sons & C o ., London, $l,430,00J 5% notes called for payment M ch. 1 1913 and reimburse the
for the retirement of certain certificates of indebtedness (for
announced on Feb. 10 that all of tho 7 % cum. pref. (p .& d .) company
which purpose an amount of bonds of this issue was reserved), and for other
stock acquired by them had been applied for by tho public corporate purposes.
Earnings, A c ., for Years Ending June 30.
in advance of a general offering. Their advertisement,
therefore, appears on another page merely as a matter of
rocord. Dividends Q .-J. Par, $100 a share. ColumbiaKnickorbocker Trust C o ., N . Y ., transfer agent; Lawyers’
Title Insurance & Trust C o ., Now York, registrar.
°^J'e^ cr f rom Pres. P. P. Peabody, T roy, N. Y ., Feb. 10 1913
stMk I beV tV say')UrChaS0 by y° U ° f ‘10’000 sharcs of tho 7 % cum. pref.
Capitalization (no mortgage or funded debt)—
Authorized. Outstanding.
prof- stock---------------------- --------- $10,000,000 $8,000,000
F ’ ,Y- State Feb. 4 1913 and lias acquired all tiu; interests
SlrfnirimU L Ci’a ^ y ^ F ° \ (a N - Y - corporation), established as a co!fL„“AJ and to-day the largest of its kind in tho world, its busi
ness comprising tho manufacture and sale of collars, cuffs and shirts for
m w 1ti™ n 7 ! , n A i L C,aCi " f o f cotton goods, manufacture of boxes and
operation of a printing plant. It employs more than 8,500 pooplo. Its
|“ a*“ P,la" tnarl'‘ branch factories occupy 982,000 sq. ft. Tho principal one
is located at rroy, N. Y. Also owns and operates factories at Corinth,
N. V ., South Norwalk, C onn., and St. Johns, l’ . Q ., and leases plants at
Rochester, N. Y\, (ind Leominster, IVIo-ss. further owns unci onomtes a,
bleachcry at Waterford, N. Y ., with a yearly bleaching and finishing ca
pacity of inoro than 40,000,000 yards of white cloth. The annual produc
tion of tho combined plants is more than 7,000,000 dozens o f collars and
more than 450,000 dozens of shirts.
Tho company’s product is sold to moro than 30,000 retail merchants
throughout the world from its branch stock and salesrooms located in
N. Y. City, Chicago, Phlla., San Fran., New Orl., Boston, St. Louis
Clevo., Cine., Pittsb., Balt., Minneap., Seattle, Buffalo, Los Ang., Denver,’
Kansas City, Dotroit, Troy and London.
i , Principal brand is tho popular “ Arrow” lino, collars retailing at 10 cts.
and lo cts. each, two for 25 cts., and 25 cts. each; and shirts at $1 and $1 50
each and upwards, all within easy reach of the retailor, distributed in small
packages and sold on short time. Having no very large accounts, tho com!!ar% !!as >
n? lyrgo losses. For more than 20 years tho company has increased
Sas( 1% •r ,Itkas never passed a dividend. The oppor
tunlty for continued growth, I believe, is as bright as ever. The important
the success of this business are large stock
holders and will remain in tho service of tho companv
Sundry Provisions Affecting Preferred Stock.— (a) The pref. stock is renf
at any time for tho sinking fund in blocks equal
to 10% of tho outstanding issue, and at same price noon dissolution or
consolidation or distribution of capital, (b) No mortgage or lion unless
authorized by 75% o f each class, both pref. and common gSt t l .L s I n
prevent purchase-money mortgages or tiio ac<iuiring of property suhioot to
mtges. (c) Sinking fund, beginning Dec. 31 1916, out of surplus profits
if sufficient, after all accumulated dividends (if any) have been met an
amount sufficient to retire in each of tho years 1916 to 1920 at least’ lV
and in 1921 and thereafter 2% yearly of the largest amount of said pref
stock at any one limo outstanding, any deficit tncrefor in any year to bo
mado up in subsequent years before payment of dividends on common
stock, (d) Preferred stock shall not bo increased nor prior stock issued
unless authorized by 75% of tho outstanding stock of each class given’sep
arately. (e) The pref. lias no part in the election of directors unless four
quarterly dividends thereon shall be in default, but thereafter, until such
aeraults have been made good, the election of directors will lie vested extluT'oref
i r F st,0?k ’, (f) No dividends on common stock while
tno prei. stock dividend
is in arrears.
>■ Application will be made to list tho shares on N. Y . Stock Exchange.
i ono1<S oLU,Cti\,r,cF Jodl1 & Co. for Cal. Years. Reported bu Chartered Acc'Is.
1909. .31,284,809 11910,-$1,587.33811911-- $1,602,76411912-. $1,741,243
Initial Balance Sheet Introdu cin g Assets and Liabilities o f Merged
roinnn i>„„, 1 ,r°P crties Taken Over as of Jan. 1 1913.
[Cluott, I oabody & Go., Apex Collar & Shirt Co. and assets of Cluett,
t. .... I
, , Peabody & Co., Inc., of Mass.l
Ji sit,,PI,’ m ),n 11' , ' a'Us at Troy, Koehc-stcr and Corinth, N. Y .,
KOod-wilfr nalonFSni?V' and Leominster Mass., together with
Furniture’
. 5 ltsV
..tr,ado at
nanJ
- ............................$20,840,948
i urn Itu re, fixtures and
vehicles
s ae'
le s&cro o-m
s.....__ _______
150,224
Net.
Fixed Cligs.
Surplus.
190.5-06 - .........................$:L595*574
$1,653,989 $1,176,759
$477,230
1907- 08 ..............
4,199:503
1,899,742
1,281,233
618,509
1908- 09 - ..........
4,449,276
2,169,698
1.383,164
786,534
1910- 11 -------------------- 4,867,776
2.412,336
1,377,403
1,034,933
1911- 12 -------------------- 5,465,287
2,822,399
1.417,267
1,405,132
For the six months ended Dec. 31 1912 the gross earnings show an in
crease at the rate of about 13 A % , the net about 14 A % • or sufficient to
bring the net income during tho calendar year 1912 to more than double
fixed charges. Fixed charges will be somewhat reduced by present issue.
GROW TH OF BUSINESS IN 16 YEARS (YEARS E N D IN G JUNE 30).
(a) Gas Business (in Year 1911-12 Gross from Gas was 55% of total gross).
Gross.
Custom's. Ranges. Heaters.
Sales.
1905-06___ $2,478,485
77,743 30,023
4,477 2,453,406,900 cu. feet
191011-2,814,135 101,888
67,595 15,852 3,140,663,100 do
191112_ 3,049.445 106,699
76.171 18,416 3,378,475,000 do
(6) Electric Gross.
Custom’s. Connected Load.
Sales.
1905-06___ SI,092,030
8,918 27,638 k.w.
20,624,808k.w. hrs.
191011_ 1,997.960 17,608
62,248
k.w.
54,892.372 do
191112_2,381.122
24,351
78,670
k.w.
78,812,729 do
I lie gas works have ample capacity, are equipped with reserve generators,
ind, furthermore, tho company is furnished, under contract, with 4,000,000
cu. ft. of by-product coke oven gas daily.
Electric Properties .— In its electric department has two modern generat
ing stations, one of 36,000 h. p. capacity and one of 12,000 h. p. capacity.
Buildings are of brick, concrete and steel. Is also furnished under contract
with power from the new hydro-electric development of the Pennsylvania
Water A Power Co. at McCall Ferry, Pa., 40 miles from Baltimore, and has
the exclusive use of the output of this development for Baltimore and vicin
ity excepting current supplied direct to the local traction company. The
McCall Ferry plant (V. 96, p. 357) is to have more than 100.000 h. p.
capacity; it has now developed 88,000 h. p., and during tho last fiscal year
supplied 79 A % of tho power used by tho Consol. Gas, El. Lt. & Pow. Co.
. ranchiscs .—All of tho company’s franchises are unlimited as to time,
ana otherwise satisfactory, and no further franchises can be granted to
,r c?mPany without tho consent of the Public Service Commission
of Maryland.— V . 96. p. 363. 288.
C on so lid a tio n Coal Co. (of M d .), B altim ore.— Con
rI ho $0,500,000 “ 10-yr. G % convertible se
cured bonds,” which have been underwritten by the National
City Bank and Kuhn, Loeb & C o. of New York, are offered
to stockholders of record Feb. 4 for subscription at par and
int. on or before M ar. 1, in amounts equal to 2 0 % of their
espective holdings. Subscriptions payable in full in N . Y .
or Balt, funds at company’s office, Continental B ldg., Balti
more, on March 1. Engraved bonds ready M ar. 17.
vertible Bonds.
Condensed Official C ircular Dated at Baltimore on Feb. 4 1913.
Issued under collateral trust indenture dated Feb. 1 1913, to bo executed
to a trustee to be appointed hereafter. Bonds dated Feb. 1 1913 and due
Feb. 1 1923; interest F. & A., both princiapl and interest payable with
out deduction for taxes. Par c* $500 and $1,000; r* $500 and any multi
ples auth. by board. Secured by pledge and deposit with trustee of $6 500,000 “ first and refunding” 40-yr. sinking fund gold bonds of the Con
solidation Coal Co.. $1,800,000 common stock of tho Northwestern Fuel
Co. (of Wisconsin—see below) and $500,000 common stock of the Metro
politan Coal Co. (of Mass.; V. 95, p. 683), par of sharcs in each case $100.
Convertible at option of holder at any time after issue, and before Feb 1
1922, into the paid-up shares of common stock at $105 per share, with ad
justment of interest and dividend at time of conversion, fractional shares
resulting from conversion to be settled for In cash. Entire issue outstanda»y Part may be called for redemption by company on or after Feb. 1
1916 (1<. & A .), on 12 weeks notice, at 105% and int. If so called, the right
of conversion will continue until 30 days prior to date of redomption.—
V. 96, p. 421.
C o n tin e n ta l Oil C o., D en ver.— Dissolution, & c. —
The shareholders of this Iowa company, $299,500 of whose $300,000 stock
was formerly owned by the Standard Oil Co., will vote Mar. 6 on dissolving
the corporation, with a view, it is supposed, of reincorporating, probably
in Colorado, with somo $2,000,000 or $3,000,000 share capital. In 1912
the company paid a dividend o f 50% Feb. 28 and 20% more Nov. 20.—
V. 95, p- 1210.
Delaw are L ack aw an n a & W estern Coal C o.— Govt. Suit.
See Delaware Lackawanna & Western R li. under "Railroads” above.
— V. 94, p. 347.
D etro it (M ich.) Edison C o.— Listed.— The N . Y . Stock
Exchange has authorized to be listed $1,500,000 additional
stock, on notice of exchange for outstanding convertible
bonds dated Feb. 1 1911, making the total amount authorized
$10,500,000.— V . 98, p. 205, 138.
D enver G as & Electric L ig h t C o .— Bonds Called .—
Fifty-six general mortgage 6% gold bonds dated M ay 1 1903, of $1,000
each, two of $250 and two o f $100. an aggregate o f $56,700, for payment on
M ay 1 at 105 and int. at Equitable Trust C o., N. Y .— V. 93, p. 799.
Denver U n io n W a te r C o .— Suit Restrained.—
Vice-Chancellor Howell in Jersey City on Feb. 3 granted an injunction
restraining John S. McMaster, as receiver o f the American Water Works
Co., from proceeding with a suit in the Federal courts of the District of
Colorado to have the title of the company to the water system declared void.
The restraining order was denied on the ground that Clarence H . Venner
of New York had carried an appeal for the same purpose to the U. S. Su
preme Court, and had lost in every court. It was claimed by the defend
ant that M r. McMaster had brought the suit in the same interest.—-V. 94,
p. 985.
D om in ion Coal C o., St. C harles, V a .— Sale.—
The property o f the company was sold by receiver Aaron A. Ferris at
the mines near St. Charles, Va., on Dec. 7 for $55,000 (the upset price) to
Charles W. Bondurant, President of the Bondurant Coal & Coke Co. of
Pennington Gap, Va. The purchaser intends adding to the equipment of
the mine and Increasing its output from 10,000 as at present to 25,000
tons a month.
D uplex M etals C o., N. Y . and C hester, P a .— ■N ew Slock.
The shareholders on Sept. 10 voted to increase the capital stock from
$3,500,000 ($3,000,000 common, $500,000 pref.) to $5,000,000, by the Issue
of $1,500,000 additional pref. stock to stockholders for cash at par, the pro
ceeds to be devoted to almost doubling the capacity of the plant at Chester
for tho manufacture o f copper-clad steel wire and other copper-coated steel
products. Present output capacity reported as 25,000 tons annually,
Incorporated in N. Y. State in 1905. Pres., Frank It. Chambers; V.-Pres.,
Frank R. Chambers Jr.; Sec.. Fred. R. M ott. N. Y. office, 149 Broadway.
D u P o n t In te r n a tio n a l Powder C o .— Earnings.—
Calendar
Year—
[Vol. XCVI.
THE CHRONICLE
493
Total
Receipts.
1912_________ $502,385
1911_________ 296,600
— V. 94, p. 489.
Int. A
Expenses.
$36,683
40,750
Pref. D iv.
(5% ).
$428,670
214,335
Balance,
Surplus.
$35,032
41,515
Total
Surplus.
$231,714
196,682
E astern M fg. C o ., B angor, Me. (Lum ber, P u lp, Paper).
— Bonds Offered.— -E. H . Rollins & Sons, Boston, New York
& c., are placing*at prices to yield about 5 .3 8 % $1,600,000
1st M . 5 % sorial gold bonds, dated Feb. 1 1913, due in annual
installments on Feb. 1 1914 to 1933, incl. (respectively 5 of
$60,000, 5 of $75,000, 5 of $90,000, 4 of $100,000 and 1 of
$75,000). Entire issue or any part red. at 102 and int. on
any interest date. Principal and int. (F. & A .) payable at
Old Colony Trust C o ., Boston, trustee. Par $100, $500
and $1,000 c*.
Digest o f Circular of January 1913— C apitalization.
Common stock, total authorized and issued-----------------------------$1,000,000
Preferred 5% stock (has paid 5% dividends without inter- _______
motion for 15 years); authorized, $700,000; issued-----------630,000
First M . bonds, auth., $2,000,000; reserved for not over in
par value 75% of tho cash cost of additions and improvements,
provided annual net earnings are twice tho interest, incl. bonds
to be certified, $400,000; issued-------------------------------------------- 1,000,000
Earninys for Calendar Year 1912, Available for Interest on these Bonds.
Total sales, $2,689,424: net profits, after taxes, maint., &c------ $381,545
Interest on $1,600,000 bonds now outstanding---------- -80,000
Surplus, being sufficient to retire $60,000 bonds, provide $100,
000 for depreciation (utmost conservatism), pay 5% on pref.
stock and leave over 14% on common stock---------------------301,545
Security.— A first lien on (1) A tract of 47 acre:! at South Brewer, M e.,
on tidewaters of the Penobscot River, opposite Bangor, including about a
mile of river frontage, and pulp and paper mills thereon having a capacity
of 35 and 50 tons a day, respectively; also lumber mill, capacity about 200,
000 ft. a day. (2) 14 schooners for transportation of products. (3)
101 418 acres of timber lands (about one-third virgin spruce forest) on
east branch of Penobscot River. It is estimated that there arc over
400,000,000 ft. o f standing timber, with annual growth over 15,000,000 ft.
(4) Total physical property appraised at over S2,600,000.
.
Current net quick assets over $1,000,000, representing stock, cash, in
vestments and accounts receivable. No dividends can be paid on the
common stock until $250,000 o f these bonds have been redeemed and then
bonds, to bo employed from time to time as the exigencies of its business
mav render advisable.
...
Directors.— F. W. Ayer, Pres, of 2d Nat. Bank of Bangor; Stuart \V .
Webb, of Old Colony Trust Co., Boston; Robert S. Gorham, Boston; W. C.
Powers, of Great Northern Paner Co.; F. R. Ayer, Thomas F. Baxter
and J. J. Sullivan.— V. 95, p. 682.
G reat Lakes Tow in g C o., C levelan d.— Ordered Dissolved.
The Federal Court at Cleveland, O., on Feb. 11 decided in favor of the
Government tho suit brought in June 1910 for tbo dissolution of the com
pany on tho ground of violation of the Sherman anti-trust law. A receiver,
it is stated, may be appointed. Compare V. 90, p. 1680; V. 94, p. 1767.
The company is allowed 30 days in which to prepare and present “ a
feasihlc and satisfactory plan whereby its services shall be given for tho equal
benefit of all requiring the same (accompanied by a complete, elimination
of tho offending administrative practices mentioned), so that the company
becomes in truth ‘the bona fido agent and servant’ of every vessel owner
who shall use or need its facilities, and so that tho rights of competitors
are completely safeguarded.” — V. 94, p. 1767.
H art, Sch a ffn er & Mar x .— Record Business .—
Shipments for tho first week in February aro reported as aggregating
$629,777, tho largest amount for a single week in the history of the com
pany’s business. For January, shipments amounted to $1,203,248, as,
against $1,137,060 for January 1912, an increase of over $66,000. The
general wholesale clothing trade is said to bo considerably below that for
1912.— V. 96, p. 359.
In d e p e n d en t Electric C o ., C astle R ock , & c ., W a s h .—
BorulmOffered.— Fred. Glenn & C o ., Portland,Ore.,are offer
ing $50,000 1st M . gold 6s, par $500 (c*), dated Oct. 15 1912
and due Oct. 15 1932, being a first lien on properties said
to have a replacement value of $125,000. A circular reports;
Interest A. & O. 15 at Merchants’ Savings & Trust Co., Portland, Ore.,
trustee. Bonds callable after 1915 at 105 and int., also Nos. 1 to 80 ($40,
000) prior to 1916 at par and int. The company’s 35 miles of new trans
mission is under option for sale to Washington Sc Oregon Corporation for
about $35,000 prior to Jan. 1 1916, and if sold the proceeds must be used
to retire bonds at par. Total auth., $100,000; $50,000 reserved for 80%
of future additions. Cap. stock (all issued), $50,000.
Company organized in Wash., consolidating tho light and power business
of Castle Rocks (pop. 1,500), Little Falls (pop. 1,200), Winlock (pop.
2,000), Napparine (pop. 800), &c. Pres., M . F. Brady.
Earninys for Years Endiny N ov. 1 (1912-13 est.), with Present Int. Charge.
1911-12 1912-131
1911-12 1912-13
Grass earnings____ $20,000 $26,600 Int. on $50,000 6 s .. $3,000 $3,000
Net (after ta x es)-.- 10,200 13,600|Bal., surplus--------- 7,200 10,600
In te rn a tio n a l H arvester C o .— Plan Adopted.
The shareholders on Feb. 10 voted to dispose of certain of the assets to
decreaso the capital stock from $140,000,000 to $70,000,000 and to change
the name to the Internat. Harvester Co. of New Jersey.
Notice to Surrender Stock.— A circular notifies shareholders
to send their certificates promptly to First Trust & SavingsBank, Chicago, or Guaranty Trust C o. of N . Y ., for ex
change under the plan.
They are also asked to indicate by March 15 whether in place of the 50%
of stock in the new International Harvester Corporation they prefer cash
at rate of $100 a share. No certificates will be issued for fractional shares
and the stockholders for odd shares may take stock either in tho Inter
national Co. of N. J. or in the International Harvester Corporation.
See V. 96, p. 365.
In tern a tio n a l Smokeless Powder & C hem ical C o .—
Calendar
Year—
Net Earns.
from Sales.
Other
Income.
1912 - ...........- ......... ........$522,453
1911 _________________ 661,089
— V. 94. p. 489.
$5,656
3,433
Dividends
Paid.
$655,500
340,5
Balance,
S u r .o r D e f.
def.$127,389
sur. 324,022
Isle Royale Copper C o .— First Dividend .—
An initial dividend of $1 per share (par $25) has been declared payable
March 31 to holders of record March 1.
. . . .
President Shaw says that the company, owing to favorable developments
in the Grand Portage lode, is negotiating.for the purchase of the mineral
rights underlying the Montezuma tract lying to the north of No. 2 shaft,
which can be worked most advantageously from the No. 2 shaft. Payments
arc to bo made over a number of years, llie purchase price is stated un
officially as $100,000.— V. 95, p. 114.
K in gs C ou n ty Electric L ig h t & Power C o., B roo k ly n .
— Report.— For cal. years, incl. Ed. III. Co. of Brooklyn:
Cal.
Total
Year. Income.
Net*
Dcpreci-
Bond
Fixed
D ies.
Balance,
Earninys.
ation.
D isc’t. Charges. (8%,).
Surplus.
1912- $5,230,271 $2,551,468 $700,639 $20,269 $878,675 $800,000 $151,884
1911- 4,783.278 2,460,205 605,377 20,269 810,202 800,000 224,357
— V. 96, p. 65.
K n o x A u tom obile C o., Sprin gfield, M as3.— Bankrupt.
This company was adjudged bankrupt on Feb. 10 by order of Judge
Norton of the U. S. District Court. On Jan. 21 1913 E. O. Hutton and
II. G. Fisk (the trustees under the assignment of Hept. 1912) and C. C.
Lewis were appointed receivers following involuntary bankruptcy proceed
ings. The balance sheet of July 31 1912 showed:
Real estate, $320,013; machinery, $271,286: materials and supplies,
$1,264,116; cash and debts receivable, $291,328; prepaid interest and insur
ance, $8,647; profit and loss, deficit, $136,459; total, $2,291,849. Oftsets: Capital stock, $1,000,000; accounts payable, $236,961; funded debt.
$36,900; floating debt, $978,500: rosorvo, $39,488.
,
Tho estate of the late Alfred X. Mayo holds $627,550 of tho company s
notes.— V. 95, p. 1276.
(S. S.) Kresge C o., New Y o r k .— Earnings.— The salos for the month of January 1913 were .$744,818. compared with
$526,916 in January 1912, a gain of 38.72% .— V. 96, p. 139.
La Belle Iron W o rk s.— N ew President, A c . —
W.
D. Crawford became President on Feb. 1 and negotiations looking to
a merger with tho McKeesport tinplate plants, tho Phillips Sheet & Tin
plate Co. and the Washington Tinplate Co. are said to bo pending.— V . 96,
p. 206, 65.
L ack aw an n a Steel C o .— Results.— Combined earnings of
the company and subsidiaries for the year ending Dec . 3 1 :
Calendar
Year—•
Total
Income.
I n t .o n B d s . Sk. Fd. A
and Notes. Exhaus. Fd.
Deprec'n,
A c.
Balance ,
Surplus.
1912
$4,472,552
$1,749,958 $577,833 $1,135,950 $1,008,811
19111_______ 3:035.042
1,750,000
260,056 , 942.183_______ 82,803
1910________ 5.949,236
1,729,229
432,378 1,254,523.
2,533,105
Tho unfilled orders on Dec. 31 1912were 626,99b tons, against 289,971
in 1 9 1 1 .— V. 96, p. 206.
L eh ig h Coal & N avigation C o .— Earnings.— For cal. yrs.
Cal.
Year.
Gross
Net
Interest,
Deprc-
Dividends.
Balance,
Revenue.
Revenue.
Taxes,Ac. elation.
(8% ).
1912__ $13,862,437 $4,209,880 $1,521,623 $100,000 $2,124,636 $163,620
1911.-- 13,733,777 4,534,793 1,440,423 385,000 2,028,19b 681,l i l
— V. 95, p. 820. 683.
Library B u re a u .— Earnings.— For calendar years:
Calendar
Years—
Cross
Pref. Divs.
Balance,
Total
Profit.
(8&2% extra). Surplus.
Surplus.
1912
$226,075 $149,970
$76,105
$99,95‘2
1911
. . . . . ____ _____
168.437
______
168,437
23,846The extra pref. div. of 2% was declared payable Jan. 1 1913 on account
of accumulations.— V. 95, !>• 1611.
M a n u fa ctu rers’ L igh t & H ea t C o., P ittsb u r g h .— Earn.
Cal.
Cross
Net (after
Other ^ In t.,
‘ Dividends
Balance,
\rp(ir— Eurn'nns Tux & €.).
Inc. D is c ., tve .
raid .
Surplus.
1912 $5 919 411 $2 779 475 $37,384 $324,320 (4%)$913,750 $1,578,789
1911 : : 5:108.973 2 :2 5 7 . 0 2 2 51.834 683 158 (M % \ 161.250 1.461 448
From tho surplus as above there were deducted $✓ ();>,994 for’ depreciation
in 1912. against $738,235 in 1911, leaving $872,795 in 1912, against $726,
213. Total surplus Dec. 31 1912, $3,840,440. V. 96, p. 200.
M etropolitan Coal C o ., B o sto n .— Slock Pledged.—
See Consolidation Coal Co. above.— V. 95, p. 683.
Miami & Erie C an al T ra n sp o rta tio n Co — Dropped —
The suit brought in 1903 against several hundred stockholders to enforce
their liability as such was dismissed by Judge Vickery at Cleveland on
Dec. 30 on motion of Refcreo Clifford W. Fuller, before whom it was pend
ing for several years, without any Interest therein having been shown.
— V. 94, p. 1768.
M illiken B rothers, In c .— Receivership.— Judgo Hand in
the U . S. District Court in this city on Feb. 11, on applica
tion of creditors to whom $8,791 is due, appointed Jorsyth
W ickes, of the law firm of Crocker & Wickes, and Francis
Dykes receivers.
,
Tho Court authorized tho receivers to continue the business for GO days
and to borrow $100,000 on receivers’ certificates.
Cravath & Henderson, attorneys for the company, say:
1lie receiver
ship was rendered necessary by the fact that the company was not in a posi
tion to pay the maturing sinking fund installment ol $300,000 and the Feb. I
interest upon its first M. bonds. At a conference at which the principal
creditors of the various classes were represented, it was decided that in the
interest of all concerned a receivership was advisable to the end that the
business might continue without interruption, lh o creditors Iiavo given
assurances of their co-operation and of the necessary financial support for
the vigorous prosecution of tho business pending an early reorganization,
Francis Dykes, who has been tho General Manager of the company for
several years and has tho confidence both of the bondholders and of the
general creditors, will continue in immediate charge of tho operations of
the company as one of the receivers.”
.
,
.
Protective Committees .— Tho following protectivo commit
tees have been formed for the 10-year notes: C . H . Zehnder,
^Charles A . Fisher and T . F . Manville, who reprosont a largo
F e b . 15
493
THE CHRONICLE
nr 3 }
M inn., and yards at St. Paul and Minneapolis, and will now expend a con
siderable sum on Dock No. 1 at Superior and in increasing its storage
capacity at that place by 385,000 tons.
O ld C olon y Gas C o., B o sto n . — N ew Securities .—
The Mass. Gas & Elec. Light Comm, has authorized the company to
N ation a l C ash R egister C o., D a y to n , O .— Conviction. issue
at par $146,000 1st M . 5s and $221,000 stock to pay off debts incurred
A jury before Judge Hollister in the LI. S. District Court at Cincinnati for construction during 1912. Tho total auth. issues are, therefore: 1st M"
on Feb. 13, after a trial lasting several months, found Pres. Patterson and 5% bonds, $338,000; pref. stock, $254,500; common stock, $254,500.
28 other officials and employees in the sales department guilty of criminal
Substantial progress, it is stated, has been made in the year since opera
violation of tho Sherman I.aw as charged in the three counts of the indict tion began. Net earnings for the 6 mos. ending Jan. 1 1913 are reported
ment returned against them on Feb. 22 1912. Tho indictment against as over twice present interest charges. During 1912 laid 32 miles of mains
Edward Parks of Now York was dismissed. Each of the counts carries with (total now 84) and erected a 750,000 cu. ft. storage holder. The plant at
it a possible maximum penalty of $5,000 fine and a sentence in a common East Braintree was completed in Dec. 1911, supplying Braintree, Wey
jail of not more than 12 mos., thus bringing the maximum sentence for each mouth. Kockland, Abington and Whitman. The 2,200 consumers last
man up to $15,000 fine and 3 years in jail. Compare V. 94, p. 1769, 565.
year will, it is expected, be doubled during 1913. E. M . Farnsworth & C o.,
N ation a l Properties C o., N . Y . — Pref. Stock Offered.— Boston, will shortly offer the new bonds for sale. Compare V. 94. p. 565.
O n ta rio Power C o., N iagara Falls, N. Y . — Earnings .—
H.
B. Hollins & C o., N . Y . , and Newburger, Henderson &
majority of tho notes. A majority of the bonds has, it is
stated, already been deposited with the bondholders’ pro
tective committee. Compare V . 96, p. 365.
Loeb, N . Y . and Phila., are offering for subscription, by adv.
on another page, the unsold portion of the present issue of
S I ,649,000 6 % cum. pref. (p. & d.) stock (dividends
J . & J. 15) on tho following terms: $1,000 pref. stock and
$400 com. stock for $970. Par, $100 a share. Transfer
-agents, II. B . Hollins & C o ., and registrar, Equitable Trust
C o. , New York. Also offered in London by Coates, Son
<& Co.
A b s t r a c t o f S t a t e m e n t b y P r e s . V a n H o r n Ely , N e w Y o r k , J a n . 15.
Organized In Delaware [early in 1912] to acquire and operate gas, elec
tric and water companies, street or interurban railways, or other public
utility properties. Tho public utility properties at present owned are lo
cated in prosperous communities and are showing rapidly increasing earns.
Capitalization (the Comapny has Ample Working Capital for Present Needs).
Pref. stock, 6% cunt., with sinking fund provision, authorized,
$10,000,000; outstanding........ ......................... ..................
-SI ,649,000
Common stock, authorized. $10,000,000; held in treasury, $446,
200; outstanding.______ _____________ _____ - -------- ---------------- 1
Companies Owned or Controlled by National Properties Co.
(1) Wilmington & Philadelphia Traction Co., which controls by stock
ownership, or by leases running 990 years (except two leases for 90 and 98
years), tho following, all with perpetual franchises:
Wilmington City Ity. Co.,
Union Ky. Co. o f Chester,
Front & Union St. Ky. Co.
Chester Street Hy Co.,
cordon Heights Ky. Co.,
Chester & Media Electric Ky. Co.,
Wilmington & Edgem. El. Ky. Co., Chester Darby & Phila. Ky. Co.,
Wilmington City Electric Co.,
Chester & Dela. Street Ky. Co.,
Wilmington Ijght & Power Co.,
Delaware County & Philadelphia
Wilmington Automatic Teleph. Co.,
Electric Ky. Co.,
Chester Traction Co.
Media Glen Kiddle & K. El. St. Ky.
The company (see p. 100, “ Electric Kailway Section” ) supplies the city
o f Wilmington and vicinity with electric light and power without compe
tition and has made a recent addition to its power plant at a cost of $400,000,
which provides ample power equipment to meet the rapidly increasing
-demands. The territory sovred is practically a part of “ Greater Phila
delphia,” Philadelphia to Chester being 6 'A miles and Chester to Wil
mington 13 43 miles, and is increasing rapidly in population and industrial
development. Total trackage, 91 miles, serving with but little competition
the prosperous and growing manufacturing cities of Wilmington, Dela.,
population (1910), 87,411; and Chester, Pa., population (1910), 38,537,
and suburban districts, population estimated 50,000. Total population
served approximately 175,000.
(2) Pittsburgh (Pa.) City Light & Power C o., which operates under
perpetual franchises in an important part of the city of Pittsburgh and also
in the rapidly developing part of Allegheny Co. south of city (seethatCo.).
(3) Water Co. of Tonopah supplies the prosperous city of Tonopah, N ev.,
Calendar
Years —
Earns, for Nat. Prop.Co. com. stk. $96,612 $154,705 $242,705 $322,700
Do do per cent on cam. stk.
4.85
7.76
12.18
i6.2
These estimates for 1913, 1914 and 1915 arc based'upon past earnings
o f the various companies, and in all cases are figured on a lower percentage
of increase than the actual earnings aro showing.
Sundry Charter Restrictions.— In case of sale of any property, the board or
directors may in their discretion call in and retire pref. shares at 105% and
div., and if less than all be so called, then the shares called shall be pro
rated among all tho holders. Annual sinking fund after Jan. 15 1918, an
amount of money equal to 1% of tho entire amount of pref. stock outstand
ing (and before a dividend is paid on the common stock in any year, a
further 1% or 2% in all) shall be set aside for the purchase of pref. shares
if possible at not exceeding 110 prior to Mcli. 15 in each year; otherwise to
be used for any corporate purposes. No bonds or secured or continuing
liabilities running for more than 2 years shall be created without the con
sent of 75% of tho outstanding pref. stock.
The prof, shares have no power
to vote except In caso of default in payment of pref. dividends for a period
o f two consecutivo years and until the prof, dividends aro paid in full.
Pref. stock issued on or boforo May 1 1913 shall not exceed $1,700,000,
and thereafter additional pref. stock may be issued only if tho annual net
income (including the net income of any property to bo acquired therewith)
applicable to the prof, dividends shall be 1 'A times said dividends on all prof,
issued and about to be issued.
...
_
Directors (and Officers).— Van Horn Ely (Pres.); Wm. 1<. Ilavemeyer,
N. Y. (V.-P.); II. 1$. Hollins, N. Y.; Ilriton N. Busch (Sec.-Treas.), H. B.
Hollins & G o ., N. Y.; John J. Henderson and Alfred H. Newburger, both
o f Newburger, Henderson & Loeb, N. Y .; H. P. Scott, Scott & Co., Wil
inington, Dela.; A. G. Kobinson (V.-Prcs. Commonwealth Trust Go.)
Pittsburgh, Pa.; John Grlbbel, John J. Griffin & Go., Philadelphia; T . W.
Wilson (V.-Prcs. Wilmington A Philadelphia Traction Co.).
N evada-C aliforn ia Power C o.— Earnings .—
Cal.
Yrs.
Total
Revenue.
Net
Earns.
1912.-$876,064 $695,550
1911.- 771,751 596,985
— V. 95, p. 622.
Other
Income.
Int.
Paid.
$29,681 $190,748
8,617 169,997
Taxes, Res've for Balance,
R es.,& c. Bd.Retir't. Surplus.
$85,600
61,121
$89,776 $359,106
74,302 297,209
New H aven (C o n n .) Gas L igh t C o .— Increase of Stock.
The company has petitioned tho Connecticut Legislature for tho right
to increase the capital stock from $5,000,000 to $10,000,000. No immedi
ate additional issue is contemplated, but the company desires to provide
for the growth of its business.— V. 95, p. 1406.
New E n glan d Power C o., B o sto n .— N ew Stock.—
Present (common?) stockholders arc offered the right to subscribe at par
for $1,500,000 new pref. stock, two shares of new for each one share of old,
the issue being underwritten. The proceeds will be used to complete the
fourth station (“ No. 5” ) on Deerfield Kiver, capacity 20,000 h.p. The
first three stations, having an aggregate capacity of about 25,000 h.p., will
begin delivery of power this month. The allied co’s will shortly have 100
miles of transmission lines. Tho New England Power Co. is reported to
have closed contracts which will yield between $400,000 and $500,000
annually and with its four plants and large reservoir in use looks for annual
revenue of $788,000; not, after taxes, $673,000; int. on $3,500,000 5s,
$175,000; divs. on $2,250,000 6% pref., $135,000; bal., sur., $363,000.
Compare V. 96, p. 291.
N o rth -W e ste rn Fuel C o., St. P a u l .— N ew Slock, A c .—
This Wisconsin corporation has increased its capital stock from $3,000,
000 ($500,000 6% pref. and $2,500,000 common, of which $270,000 and
$1,350,000 respectively are owned by Consolidation Coal Co., which see
abovo) to $5,000,000, consisting, it is understood, of $1,500,000 pref. and
$3,500,000 common. Has coal docks at Superior, Wasliburn and Duluth,
Gross
Net
Other
Interest
Balance,
land, are offering at a price to net over 5 % (see adv.) $200,000
1st M . 5s of 1903, due Feb. 1 1943. The firm sajr in subst.:
The 1912 net earnings were over 2)A times the interest paid on tho 1st
M . bonds, and for the last quarter they wore over three timas. The com
pany has recently declared another quarterly dividend. The outstanding
capital stock is $$8,798,000; 1st M . bonds (Dec. 31 1912). $8,795,000;
debenture bonds, $2,985,000. The first mtgo. is limited to $12,000 X00
and Is further restricted to $60 per h. p. above the first $700,000.
Owns hydro-electric plant of 117,000 (electrical) h. p.; is installing two
additional units of 13,000 h. p. atch, and intends to add two more of these
units, making 169.000 h. p. in all. Has contract to supply power to
Ontario Govt, (hydro-electric comm .), under which, we are advised, over
30,000 h. p. has been applied for. Compare V. 95, p. 1477.
Palmer U n io n Oil C o.— Pref. Stock for Bonds .—
The company is offering to give its new 7% cumulative pref. stock, of
which $4,000,000 has been authorized for outstanding bonds, $ for $, and
to pay the interest now due on the bonds with pref. stock at par. It is
said that many of tho large bondholders have agreed to the exchange, and
that by this process it will be possible to reduce the bonded debt to $1,
000,000. There will remain $500,000 bonds in the treasury.
A report to the “ Oil, Paint & Drug Reporter" of Feb. 3 from the Santa
Maria field says: “ The Palmer Oil Co. at one time the heaviest producer
in the district, with about 10,000 barrels a day output, now has a production
of about 500 barrels a day, and most o f this comes from one well. The Palmer
Annex has an output of about the same amount, not enough, however, to
keep its refinery plant, capacity 5,000 barrels a dav, in full operation
all tho time.— V. 95, p. 822.
Pacific L ig h tin g C orp ., San F ran cisco .— On 8 % B a s is ..
A quar. div. of 2% has been declared on the $4,800,000 com. stock, pay
able Feb. 10, comparing with l lA % quar. from Aug. 1911 to Nov. 1912.
inch, 1% from Nov. 1910 to May 1911, and an initial payment of % of 1%
in Nov. 1909. The prof. div. has been at the rate of 5% per annum since
Nov. 1907.— V. 90, p. 632.
Parke, Davis & C o., D e tro it.— 3 0 % Stock Dividend .—
The company's cash dividends in 1912 were 3% each quarter and an
extra 5% at the end of the year. At the annual meeting held Jan. 28, a
stock div. of 30% was ordered paid to stockholders of record Jan. 28 1913.
Tbis increases tho capital stock from $7,600,000 to 810,000.000. leaving
unissued a few shares of treasury stock. The par value of the stock is
$25.— V. 96, p. 65.
Peden Iron & Steel C o., H o u sto n , T ex.— President .—
E.
dent.
.See V. 95, p. 754; V. 86, p. 173; also see title of new company below.)
Surplus Earnings of Above Properties for 1912— Estimate 1913 to 1915.
1912.
1913.
1914.
1915.
Net earnings.........................
..$195,552 $253,645 $341,645 $421,640
6% on Nat. Prop. Co. pref. s t o c k ... 98,910
98,940
98,940
98,910
Gross
Sales.
Earnings.
Earnings. Income.
Paid.
Surplus.
1912 ..$1,233,669
$1,163,525 $992,091 .$22,287 $648,936 $365,441
1911 . .
925,628
868.052 719.657
14,629
610.226
124.060
The initial dividend of I H % paid Dec. 2 1912 called for $109,587,
Bonds Offered .— C . E . Denison & C o ., Boston and Cleve
A. Peden has succeeded his father, the late David D. Peden. as Presi
See V. 95, p. 753.
P enn C en tral L ig h t & Power C o ., A lto o n a , T yron e,
H u n tin g d o n an d Lew istow n , P a .— N ew Bond Iss u e .—
Offering .— Brown Bros. & Co. and Robt. Glendinning & C o .,
both of Philadelphia, are offering, at par and int., the small
unsold part of 81,300,000 “ first and consolidated mort
gage 6 % gold bonds” of 1913, due Feb. 1963 but redeemable
at 105 and int. on and after Feb. 1 1918. Int. F . & A .
Trustee, Philadelphia Trust, Safe Dep. & Ins. C o. Par,
8500 and 81,000 c*. Free of tax in Penna. The bankers say:
Digest of Statem ent by Pres. R ichard W. Meirs, P hila., Feb. 4 1913.
Organization.— A Penn, corporation and a consolidation by merger of—
Edison Elec. Ilium. Co. and Citizens' El. L., H. & P. C o., both of Altoona.
Huntingdon Gas Co. and Wilson Elec. Co., both of Huntingdon. Pa.
Lewistown L., II. & P. Co. and Mifflin Co. G. & El. Co., both of Lewistown
Hollidaysburg Electric Light & Power Co., Hollidaysburg.
All the stocks and bonds of the Pennsylvania Hydro-Electric Company,
and all the stock and some of the bonds of the Lewistown & Keedsville
Electric Ity. are subject to the lien of the mortgages of the Penn Central
Light A Power C o., and theso companies are operated in connection
with the Penn Central Light & Power Co.
O U T S T A N D IN G
C A P IT A L I Z A T IO N .
Common stock authorized and Issued.................. ............................$150,000
Preferred stock 6% , authorized, $2,000,000; issued....................... 1,378.000
“ 1st & Consol M .” bonds, auth., 87,500,000; out (nowoffered).$1,300.000
Reserved to retire 1st M . 5s, now closed mtge. (V. 90, p. 1300).. 2.609,500
Reserved for betterments, improvements and extensions made
prior to Feb. 1 1913, to be issued after Jan. 1 1914__ 400.000.
Reserved for betterments, impts., extensions, A c., at 85% of
actual cost of same, when net earnings applicable to this issue
are in excess of 150% of interest charges, incl. bonds proposed
to bo issued _______ _______ ____ ____ _____________$3,190,500.
Tho proceeds of these 1,300,000 bonds are to be used for building a new
power-house, ultimate capacity 20,000 h. p., with steam turbines, capable,
owing to its proximity to the coal mines, of generating power at a very low
cost; and to construct transmission lines in Cambria County for completion
of the underground system in Altoona and for the purchase o f certain light
ing companies in Cambria County, &c.
Sinking Fund .— Equal to 1% of outstanding bonds, begins in 1923, except
on such bonds as are Issued for 1st M . bonds deposited under the lien of this
mortgage, as said 1st M . bonds have a sinking fund of 1 % beginning 1915.
Earnings for Cal. Years, Showing Surplus Available for Int. on New Bonds.
1912. Est. 1913.1
1912. Est. 1913.
Gross earnings...$602,474 $760.22411st M . int., & c ...$140,917 $144,225
Net after ta x e s ...$278,769 $3 5 7 ,3 0 5 |For int. on new 6s$137.852 $213,080
Gross Earns.— Year end. Feb. 28 1910— Cal. Years 1911 to 1914 (1913-14 Est.)
1909-10.
1911.
1912.
1913(esL) 1914(esL)
G ross.......................... $385,096 $534,176 8602,474 $760,224 $875,183
Plants, c!fee.— (1) Pennsylvania Hydro-Electric Co. at Warrior Ridge, four
miles west of Huntingdon, modern combined water-power and steam sta
tion, entirely fireproof. Maximum capacity under minimum water condi
tions, 5,000 k. w.; under favorable conditions, 6,100 k. w. For year 1912
produced 17,755,100 k. w. hours, of which 8,587,259 k. w. hours by water
power. (2) In reserve, Penn Central Light & Power C o., two generating
stations at Altoona, two at Lewistown and one at Hollidaysburg, combined
steam capacity 2,800 k. w.
In addition to the local distributing systems (the underground conduits
cover one-third of fire district in Altoona), we operate 130 miles of 45.000volt transmission line, of which 57 miles furnish power to coal-mining
A n o p a f ln n c
in
I ’ n n ih H n
n n rl
lllo ln
n m m ftn o
ir h iln
L
e
t
__
Franchises.— For gas, electric light, powerand railway service are (opinion
of counsel) perpetual and free from burdensome restrictions.
Business Field .— Furnishes (a) Electric light and power service in Altoona;
Hollidaysburg, Juniata, Duncansville, Huntingdon, Petersburg, M cVey-
494
TUE CHRONICLE
town, Lowistown, Burnham, Yeagertown, Reedsville, Portage, Gallitztn;
(6) Artificial gas to Lowistown and Huntingdon, all on main lino of Penn.
R R . in Mifflin, Huntingdon, Blair and Cambria counties; (c) Lowistown &
Reodsville Klee. Ry. in Lowistown and vicinity and Pennsylvania Hydro
Electric Co. at Warrior Ridgo are both controlled and operated in connec
tion with tho company; (d) Power service to largo mining operations in
Cambria County, and when its steel tower transmission lino, now being
biult to St. Benedict, is completed,shortly after Feb. 1, will bo in a position
to serve practically any colliery in Cambria County.
Contracts already closed with a number of largo collieries will yield
during 1913 not loss than .'$80,000 gross. Among these is an exclusive 10year contract with tho I enn. Coal & Coke Corp. for supplying all of their
mines in Cambria County.
Management. Day &Zimmermann of Phila., whose estimate of earnings
D Kiven above, will continue in chargo of physical management. See also
V. 90, p. 1300.— v. 95, p. 54.
P ettib o n e, M ulliken & C o.— Earns .— Years end. Dec. 31:
Total net income
---------- $524,7111Organization expenses_____ $40,739
hirst preferred dividend—
81,375 Depreciation of plant______ 70,776
Second preferred dividend.. 26,2501Balance, surplus__________ 305,560
lh o total net income for tho calondar year 1911 after depreciation was
reported as $228,676 (see V. 94, p. 1511).— V. 95, p. 1750, 548.
P ittsb u rgh C ity (Pa.) L ig h t & Power C o.— MergerThis company (controlled by the National Properties Co.—see that co.
above) was incorp. in Penn. M ay 1912 as a consolidation of tho South Side
Electric & M fg. Co. and tho Knoxville Electric Co. Capital stock $3,500 000; outstanding, $425,000. Bomds, 1st M . 30-yr. 5% gold bonds dated
May 1 1912, int. M . & N. Par $1,000. Commonwealth Tr. Co., Pitts
burgh, trusteo. Tho bonds of tho constituent cos. have been canceled.
P ittsb u rg h Plate G lass C o .— M in e Sold .—
Sco Carnegie Coal Co. above.— V. 94, p. 627.
P o rtsm ou th (R. I.) C oal M in in g C o .— To Continue.
The shareholders of this Maine corporation, successor of Ithodo Island
Coal Co., voted at the annual meeting on Feb. 3, 298,000 shares to about
15.000, against winding up the affairs of the company as recommended by
a majority of the board. Messrs. Whitney and Weeks were tho only mem
bers of the board re-elected. On Fob. 6 the following officers were elected:
Pres., Thomas E. Dwyer; Vico-l’ res., Edward H. Taylor; Treas., Joseph
Weeks: Sec., Robert T . Hay.
[Former Supt. H. D. Johnson reported to the directors in Nov. 1912 that
tho development work was “ not opening up coal in sufficient quantities
to make tho enterprise profitable, and that to continue further was a foolish
expenditure of money.’ If operations aro to bo continued, ho recommends
that a drilling policy bo adopted to ascertain how much coal tho property
contains. Tho report of Eli T. Connor is more favorable. On Dec. 31
1912 the bal. sheet showed $637,364 cap. stock and $121,250 notes payablo,
while cash stood at $36,271 and assessments unpaid at $232,012.1—
V. 95, p. 1334.
Prairie Oil & Gas C o .— Bonded Debt Reduced .—
The company has paid off another $1,000,000 of the bonded dobt, leaving
tho amount outstanding $9,000,000, against 318,000,000 at tho timo of
tho Standard Oil disintegration. This reduces the interest charges $540 000 yearly. Tho price of mid-continent crudo oil is now 88 cts. a bbl.,
against 56 cts. on Jan. 1 1912, thus adding greatly to tho company’s
profits.— V. 95, p. 1212.
R ep u blic Iron & Steel C o ., Y o u n g sto w n , O .— Earn
in gs .— For six months ending Dec. 31:
Net
Profits.
D epr.,
Exhaus.
R ents.,A c. Fund.
In t. on
Bonds.
Preferred
Divid'ds.
Bal., Sur.
or Deficit.
1912.-.$2,601,704 $251,596 $123,726 $467,295 *$437,500 sur.$1,321,587
1 9 1 1 .. . 1,470,812 180,694 122,007 369,338 *875,000 dof.
76,228
*13
A % . z 3 M % . — V . 96, p. 366.
(M.) R u m ely C o .— Notes Underwritten .— William Salo
mon & C o. and ITallgarten & Co. have underwritten an issue
of $10,000,000 2-year 6 % convertible gold notes, dated
March 1 1913, under an indenture to the Bankers Trust
C o. of New York, as trusteo. The notes will bo convertible
into common stock at par from Sept. 1 1913 and to Dec. 1
1914. Compare V . 96, p. 207, and V . 95, p. 1750.
Tho notes aro callable at par and interest at a premium of ono-half of 1 %
for each full 6 months or any part of such period between tho timo of re
demption and tho duo dato, March 1 1915.
Trio stockholders meet to-day to authorizo the increase in common
stock from $12,000,000 to $22,000,000, toprovido for con version of tho notes.
— V . 96, p. 423, 207.
S o u th ern Bell T elep h o n e & Telegraph C o.— Earnings.
Calendar
Year—
Gross
Revenue.
N et (after
Taxes.
1912 ................. $7,454,296 $2,703,670
1911 ...............
7.202,0562,278,710
— V. 95, p. 1212, 893.
S ou th w estern (Bell)
St. L o u is.— M erger .—
Interest
Charges.
$728,184
555,981
Telegraph
&
Dividends
Balance,
(6 % ). Surplus.
$1,284,000 $691,486
1,284,000 438,729
T elephon e
C o.,
The increaso in the capital stock on Dec. 3 from $20,000,000 to $40,000.
000 was made preparatory to taking over tho properties of tho Bell Tele
phone Co. of M o. American Telcphono & Telegraph Co. owns nearly all
of tho stock, its interest in tho $20,000,000 capital having previously been
increased so as to include nearly tho entiro issue through tho purchase of
the assots of tho Western Telephono & Telegraph Co. (V. 95, p. 1407, 180),
while its holding of stock in tho Bell of Missouri had boon raised to noarly
tho total issue ($8,788,000) by its offer on Oct. 16 1911 to purchaso the
minority shares. (V. 93, p. 1107.)
Tho merger simplifies the operations of tho Bell companies in the
Southwest, bringing them under one management, with headquarters in
St. Louis. The new company will servo Eastern Missouri, Southwestern
Illinois, all of Arkansas and Texas.
Directors.— James Campbell, John II. Holmes, Frank II. Hamilton,
R. McKittrick Jones, E. D. Nimms, Henry W. Peters, H. .1. Pettingill and
F. O. Watts of St. Louis; U. N. Bethel, T . N. Vail, and C. II. Wilson of
New York; G. S. Gleed of Topeka; A, C. Jones o f Kansas City; Royal A.
Ferris of Dallas and David McKinstry of Oklahoma City.— V. 95, p. 1547.
Stand ard Oil Co. of In d ia n a .— Ouster Upheld .—
Tho Missouri Supremo Court by a vote of 5 of tho 7 Judges on Feb. 12
refused to modify the judgment of ouster handed down against the Standard
Oil Co. oflndiana moro than four years ago, on tho ground that tho timo
limit has expired. Tho company contended that it is no longer connected
with the Standard Oil Co. of New Jersoy. Tho two dissenting Judges held
that to oust tho company from tho Stato would leavo tho Waters-Pierce
Oil Co. in control of tho business in Missouri.— V. 96, p. 291.
Tam pa Gas C o .— Earnings .— For calendar years:
Calendar
Years—
Gross
Earnings.
$136,719
1912 ......
1911 ..........
101,683
1910--.......................- ............. 92,400
— V. 93, p. 233.
N et (after
Taxes).
$66,504
37,931
28,151
Bond
Interest.
$18,052
11,400
11,400
Balance,
Surplus.
$48,452
26,531
16,751
T o n o p a h U n ited W a te r C o .— Successor Com pany .—
Sco Water Co. of Tonopah below.— V. 95, p. 754.
U n ion N atu ra l Gas C orporation (P ittsb u rg h , P a .).—
Earnings .— For calendar years 1912 and 1911:
Cal.
Gross
Year— Earnings.
Operating
Int. on
Gas A Elec. Dividends
Balance,
Expenses.
B d s .,A c . Purchased. (10% ).
Surplus.
1912 ..$4,431,310 $1,618,660 $252,237 $865,130 $900,000 $195,283
1911 . - 3,779,695 1,447,958
240,695
699,470 900,000 491,572
From tho surplus as above in 1912 there was deducted $600,030 for do
predation, against $426,895 in 1911, leaving $195,251 in 1912, against
$64,677.— V. 94, p. 695, 491.
U n ited Cigar M a n u fa ctu rers’ C o., New Y o r k .— Gunst
M erger. — The’ company announces that it lias executed pre
[Vol. XCVI.
liminary agreements with M . A . Gunst & Co. of San Fran.,
by which M . A . Gunst & Co. will consolidate thoir entire
business with the United Co. as of Jan. 1 1913.
T M . A. Gunst & Co. operato large clear Havana factories in Tampa and
Key West, and are one of the leading cigar distributors in tho United States.
They have been distributing our product on tho Pacific Coast for years,
their distributing houses being located in San Francisco, Los Angelos, Port
land, Seattle and Spokane, and Honolulu, T . II. They also operato a large
chain of retail stores at all of thoso points as well as some retail stores in
New York City.
M . A. Gunst & Co. will continue business as before, except that all of
their earnings become part of the United Cigar Manufacturers’ C o ’s earn
ings, and two of their important officers, namely Alfred I. Esberg and
Preston Herbert, will enter the management of tho Unitod.
Jacob Wertheim will retire from active management about April 1 but
will remain a director. Comparo V. 96, p. 419.
U n ited Copper C o.— Receivership.—
Judge Martin in tho U. S. District Court in this city on Feb. 10, on appli
cation of tho receiver of the Aetna Indemnity C o., tho holder of a block
of bonds of the La France Copper C o., on which tho guaranteed interest
is in default, appointed John 8. Shepherd of Now York and J. Addison
Andworth of London receivers. Tho indebtedness is placed at approxi
mately $4,500,000, of which $2,000,000 is past duo. Nominal assets are
placed at $6,000,000 with less than $t,000 cash on hand.
Stanchfield & Levy, attorneys for tho company, say: "T h o United
Copper C o., despito its valuable assets, has not tho ready funds to meet
large maturing obligations, on which tho securities pledged aro in danger of
being sacrificed. For some timo plans for reorganization and tho liquida
tion of the debts have been under consideration; but meanwhile the creditors
have boon pressing and tho board bo lioves a Federal receivership to bo for
tho best interests of all parties concerned.” — V. 91, p. 522.
U n ited Gas & Electric C orporation .— Earnings . —
For calondar year 1912 earnings on shares owned wero $1,148,628; inter
est on convertible notes, $275,000; dividends on pref. stock, $555,288;
balance for common stock, $318,340; rate earned on common stock, 3.82% .
Tho company began business June 6 1912, but for tho purpose of ascertain
ing tho amount applicable to dividends bn tho prof, stock of tho new com
pany for tho full year tho earnings from tho various companies which went
into the consolidation, covering tho period from Jan. 1 1912 to Juno 6 1921,
have been assumed.— V. 95, p. 6So.
U n ited Shoe M achinery C orporation .— N ew Govt. Suit.
Tho Government, through U. 8. District-Attorney Vroeland, on Fob. 8
Hied a suit in equity under the Sherman law in tho U. S. District Court at
Trenton, N. J., against the United Shoo Machinery Co. of Now Jorsey, the
nc.- • New Jersey, and fivo directors of tho corporations, in
which it is alleged that inter-Stato and foreign trado in tho “ salo and lease
of inseani trimming machines” Is monopolized and restrained.
Tho object of the suit is to determine whether tho agreement botwoen tho
two concerns made Sept. 21 1912, granting oxclusivo rights in leasing inseam
trimming machines to tho United Co. by tho Keighloy Co., is valid.
It is alleged that it was unlawful ( l) for tho Keighloy Co. to grant to the
Shoo Machinery Co. the oxclusivo right or licenso to put out on lease insoam
trimming machines which tho Keighley Co. then owned or controlled, or
which they should thereafter make, own, acquiro or have any right by agree
ment or otherwise to acquire or take over; (2) for tho Shoo Machinery Co.
to require the Keighley Co. to agreo to a covenant that they would not soli
any rapid inseam trimming machines of tho typo then manufactured by
them or of a type which hereafter may bo put out on lease by tho United
Shoe Machinery Co. of New Jersey, in accordance with tho right and license
granted by said contract and agreement, at a price less than $650; (3) for
tho Shoo Machinery Co. to requiro tho Keighloy Co. to agreo to pay tho
Shoo Machinery Co. $200 on account of each rapid inscam trimming
machino which should be sold by tho Keighloy Co.
It is said to bo the sole object of tho suit just brought to determine whether
or not tho contract between tho United Shoo Machinery Co. and tho
Keighloy C o., and the individuals representing that company, is valid, and
not to settle any question involved in tho Government suit for dissolution
brought in Boston, except in so far as tho determination may bo necessary
for a determination of tho questions involved in tho samo.
Treasurer Louis A. Coolldgo, in a statement, says that tho subject-matter
of tho bill relates to a contract mado by tho Keighloy C o., owners of patonts,
at their solicitation and after consultation with eminent counsol, whoroby
they gave tho United Co. a right to leaso tho machine, but reserved to them
selves tho right to sell. Tho contract, ho says, was entered into while suits
against the company wero still ponding under tho Sherman law, which in
itself would bo sufficient evidence that thero was no intention to evade
tho law, and that tho statements in tho allegations aro mostly false The
arraignment of tho company’s methods in tho Government’s petition is
either mado under a misapprehension of tho facts or else is actuated by spito.
In either caso it is unjustifiable.” . V. 96, p. 423, 66.
U n ited States Envelope C o.— Deferred D iv. A ll Paid. —
A div. of 1% has been declared payablo o n _________on tho $3,750,000
7% pref. stock in full payment of tho remainder of tho accumulated divi
dends. A payment of I M % on account of back dividends was mado in
March 1912 and 1% in Nov. 1912, in M ay 1911 l>*% and in Nov. 1911
1% , a total of 2 H % in 1911. In 1910 1% was paid; in 1909 3 3A % .
Regular Dividend (Per Cent) Paid on Preferred Stock.
1898.1899. 1900.1901. 1902-05. 1906. 1907. 1908. 1909. 1910. 1911. 1912.
2
7
7
5A
5 yearly. 5 A
6
6
6
7
7
7
Earnings.— For calondar years:
Calendar
Year—
Net
Profits.
1912 ...............$727,035
1911 ...........
722,378
— V. 95, p. 1688, 1044.
Interest
Paid.
$94,896
98,692
Pref. Divs.
(OH %) •
$356,250
356,250
Depreciation.
$68,737
48,822
Balance,
Surplus.
$207,152
218,614
U n ited States M otor C o .— Reorganization N otice. —
Distribution of the amounts of cash payablo under tho reorganization
plan are now being mado at tho Central Trust Co. of N. Y. to holders of
certificates of deposit representing notes which havo been admitted as valid
obligations. Distribution o f tho voting trust certificates in accordance with
tho plan will probably bo mado in tho near futuro.— V. 96, p, 207, 140.
U n ited States Steel C orp o ration .— Unfilled Orders
Jan. 3 1 .— See “ Trado and Traffic Movem ents” on page
464.— V . 96, p. 356, 366, 291.
U ta h Copper C o .— Earnings.— For 3 mos. end. Dec. 31:
1912.
1911.
“"
1912.
1911.
Grass pro. (lbs) 12,906,582 26,818,247 Total net prof.$ 1 ,102,452 $2,157,764
Net p rofits...
$39,273 $1,475,680 Dividends paid 1,184,700 1,177,Oil
Rents, &c___
12,741
86,897
Net bal
dof.$82,248sr.$980,753
Nev.Cons.div. 875,438
375,187
B.&G.Ry.div.
175,000
*220,000
* Income from Bingham & Garfield Ry. divs. does not represent tho
earnings of tho Ry. Co. merely during tho quarter, but includes trackago
rentals for tho year.
Tho above earnings aro computed on tho basis of 15.15 cents for copper
in 1912 and 13.642 cents in 1911. Tho production for tho year ending
Dec. 31 1912 was 96,175,090 lbs., against 98,436,224 lbs. in 1911.
Tho company in a circular says: “ Tho total quantity of pro treated at
both plants for tho quarter was 930,595 tons, compared with 1,581,527 tons
for the previous quarter. The decreaso in tonnage was duo partly to
tho labor disturbances referred to in tho last quarterly report, coupled
with a further shortago of labor duo to a very largo pcrccntago of tho South
ern Europeans formerly employed having left this country for scrvico in
tho Balkan war. Wo wero also seriously dolayed on account of sovero
winter weather and by failure in completion ot extensions and improve
ments which wero being mado in tho coarse crushing department of both
mills, preventing tho operation of these departments at full capacity.
Of tho total oro treated during tho quarter, about 95% was mined by
steam shovels and about 5% camo from underground mining.” — V.195,
1478, 1279.
(John) W an am aker, P h ila d elp h ia .— N ew Bonds .—
John Wanamaker has personally mortgaged his storo at 13th and
Chestnut streets, Phila., and tho accompanying laundry and power plant.
to secure an Issue of $10,000,000 5% bonds o f $1,000 each, running for 10
years from April 1 1913. but subject to call, any or all, after fivo years, on
six months’ notice. The companies underwriting the bond issue are the
Land Title & Trust Co. (the mortgage trusteo), the I’hila. Co. for Guaran
teeing Mortgages, the Girard Trust Co., the Phila. Trust, Safe Deposit &
Insurance Co. and the Pennsylvania Co. for Insurances on Lives & Granting
Annuities. The issue is to replace a bond issue o f $6,000,000, secured by a
mortgage on the Wanamaker store, which was placed five years ago, duo
next October, and for the purpose of extinguishing bank discounts asthey
mature to the extent of $4,000,000. Comparo V. 89, p. 925, 1000.
W a s h in g to n
Calendar
Gross
Year — Earnings.
W a t e r P o w e r C o .— Earnings.—
Net (after
Other
Dcduc- Dividends.
Balance,
Taxes,Ac.) Income, tions.
(8 % ).
S u r .o r D e f.
1912___ $3,146,734 $1,544,381 $23,511 $492,348 $1,125,120 dof.$49,575
1911___ 3,243,589 1,590,608 20,570 517,170
939,008 sur.115,000
Deductions as above Include: Int. on bonds, $264,388 in 1912, against
$269,670 In 1911; amount writton off for depreciation and sinking fund
$325,000, tho same as in 1911: other deductions, $19,011 in 1912, against
$42,824; making a total of $608,398, against $621,495 (after crediting in
1911 profit and loss, $16,000). Against thoso totals there was credited
$116,051 for int. on work under construction in 1912, against $64,325,
leaving the not amount o f deductions $492,348, against $517,170.—■
V. 94, p. 557.
W a t e r C o . o f T o n o p a h .—
Successor Co.— Control —
This company (controlled by the National Properties Co., which see
RRs.) was incorporated in Delaware in Juno 1912 with $1,000,000 of auth.
and issued capital stock, as successor of Tonopah United Water Co. (V. 95,
p. 754), and issued $650,000 1st M . gold 6 % bonds due July 1 1932 (but
callable at 102'A and int.), part of an auth. $1,000,000 dated July 1 1912;
int. J. & D. at Equit. Tr. Co., N. Y ., trusteo. Of tho Tonopah United
Water Co. 1st M . 6 s, $150,000 remain out and are being paid off at $35,000
yearly (V. 89, p. 1673, 605).
W a te r s -P ie r c e
O il C o .—
Offer to Purchase Stock.—
The Chase National Bank of New York, in behalf o f Henry Clay Pierce,
who recently acquired a majority of tho stock, in a letter to tho minority
stockholders offers in behalf of Air. Pierce to purchase their stock at $1,500
per share, loss an allowance to tho Chase Bank as depository of $1 20 per
share and a proportionate amount on each fraction, if deposited on or be
fore March 15. Payment is to bo made on April 1. Compare V .95,p.1279.
(F .
W .)
W o o lw o r th
&
C o .—
Cal. Year Earnings.—
Not sales.......................... $60,557,7671Remainder--------------------- $4,364,798
Net income____________
5,414,798 Common dividends--------- 1.000,000
Preferred dividends_____ 1,050,000] Balance, surplus------------ 3,364,798
The net sales as abovo comparo with $52,616,124 and $50,841,547 in 1911
and 1910, respectively, and tno net with $4,955,256 and $5,065,031. Com
paro V. 94, p. 567.
Tho sales for the month of Jan. 1913 wero $3,734,979, comparing with
$2,962,505 in Jan. 1912, a gain of 26.07%.— V. 96, p. 140.
(R u d o lp h )
W u r litz e r
C o .,
C i n c i n n a t i .—
Underwritten•
The entire issue of $2,000,000 pref. stock, wo learn, has been under
written. Business started in 1850 with importation of musical instruments.
Incorp. in 1890 with $200,000 stock, increased to $500,000 In 1905 and to
$1,000,000 in 1908 (V. 81, p. 786; V. 82. p. 285).— V. 96, p. 424.
— I n o u r a d v e r tis in g c o lu m n s t o -d a y H a r r is , F o r b e s & C o .
a n d E . I I . R o llin s & S o n s o f th is c it y a r e jo in t l y o ffe r in g $ 3 ,
0 0 0 ,0 0 0 L o s A n g e le s R y . C o r p o r a tio n fir s t a n d re fu n d in g
m o r t g a g e 5 % s in k in g fu n d b o n d s .
T h e s o b o n d s a r e o ffe r e d
a t 9 7 a n d i n t e r e s t , t o y i e l d o v e r 5 . 2 0 % , s u b j e c t t o p r i o r s a le
a n d a d v a n c e in p r ic o w i t h o u t n o t i c o .
C o m p l e t e c ir c u la r
fu r n ish e d o n a p p lic a tio n .
F u l l p a r t i c u la r s a p p e a r in t h o a d
v e r tis e m e n t.
A l s o s e o n e w s i t e m in o u r “ G e n e r a l I n v e s t
m e n t N e w s D e p a r t m e n t .”
— H . B . H o llin s & C o . o f th is c it y a n d N e w b u r g e r , H e n
d e r s o n & L o e b o f th is c it y a n d P h ila d e lp h ia a r e p u b lic ly
o ffe r in g fo r in v e s t m e n t $ 1 ,0 4 9 ,0 0 0 N a t i o n a l P r o p e r tie s C o .
6 % c u m u la t iv e p r e fe rre d s t o c k .
T h o te r m s o f th e o ffe r in g
a r o f u l l y d e s c r i b e d in t h e b a n k e r s ’ a d v e r t i s e m e n t in t h e
“ C h r o n i c l e .”
T h e r i g h t is r e s e r v e d t o r e j e c t a n y a p p l i c a
tio n o r to a llo t a s m a lle r a m o u n t o f s to c k t h a n a p p lie d f o r .
S ee th e a d v e r tis e m e n t fo r fu r th e r in fo r m a tio n a n d o u r
“ G e n e r a l I n v e s t m e n t N e w s D e p a r t m e n t .”
— H a v in g so ld o v e r $ 4 ,5 0 0 ,0 0 0 o f th o $ 6 ,0 0 0 ,0 0 0 N o r fo lk
S o u th e r n R R . C o . fir s t a n d r e fu n d in g m o r t g a g e 5 0 -y e a r
5 % b o n d s , H a r r is , F o r b e s & C o . o f th is c it y a r o o ffe r in g th e
u n s o ld b a la n c e a t 9 9 a n d in te r e s t.
F o r i n v e s t m e n t d e t a i ls
se o a d v e r t i s e m e n t e ls e w h e r e in t h e “ C h r o n i c l e ” a n d a l s o o u r
“ G e n e r a l I n v e s t m e n t N e w s D e p a r t m e n t .”
C o m p l e t e c ir
c u la r o n r e q u e s t .
— M e s s r s . K e ls e y , B re w e r & C o ., b a n k e rs, G ra n d R a p id s ,
M i c h . , h a v e is s u e d f o r d i s t r i b u t i o n t o c o n s e r v a t i v e i n v e s t o r s
a n in t e r e s t i n g c ir c u la r o n a h i g h - g r a d e p u b l i c u t i l i t y c o m p a n y
o p e r a t i n g in e l e v e n g r o w i n g c o m m u n i t i e s , w h o s o s t o c k c a n
b e p u r c h a s e d in s m a l l o r la r g e a m o u n t s t o y i e l d b e t t e r t h a n
7% .
# — J . D o P e y s t e r L y n c h a n d E m e r s o n M . W i l l i s , o f t h e la w
fir m o f L y n c h & W i l l i s , a n d C h a r le s T . T i t u s , fo r m e r ly o f
th o la w fir m o f W a t k i n s & T i t u s , h a v e fo r m e d a p a r tn e rsh ip
u n d e r t h e n a m e o f L y n c h , W i l l i s & T i t u s , w i t h o f f i c e s in t h o
U t ic a C it y N a tio n a l B a n k B u ild in g , U t ic a , N . Y .
— A t 9 5 a n d a c c ru e d in te r e s t, W h i t e , W e ld & C o . a n d W m .
A . R e a d & Co. o f t h i s c i t y a r e j o i n t l y o f f e r i n g P a c i f i c P o w e r
& L ig h t C o . fir s t a n d r e fu n d in g (n o w fir s t) m o r t g a g e 5 %
b o n d s b y a d v e r t i s e m e n t in t h i s is s u o .
S eo t o -d a y ’s a d v e r
t is e m e n t fo r th e a t t r a c t iv e in v e s t m e n t fe a tu r e s o f th is s e c u r ity
— J o h n B u r n h a m & C o . o f C h i c a g o h a v e o p e n e d a n o f f ic e
in th o F o r d B u ild in g , D e t r o it , u n d e r th o fir m n a m e o f J o h n
B u rn h am , N eer & C o .
W m . A . N e e r , w h o is c o n n e c t e d w i t h
th is o f f ic e , w a s fo r m e r ly a s s o c ia te d w it h W . A . H a m l in & C o
o f D e tr o it.
— S n o w d e n , B a r c la y & M o o r e , P h ila d e lp h ia , a n n o u n c e th e
d e a t h o f th e ir se n io r p a r tn e r , C . R a n d o lp h S n o w d e n , on
Fob. 2.
T h o b u s in e s s o f t h e f i r m w ill b e c o n t i n u e d u n d e r t h e
s a m o n a m e , b y W m . K . B a r c la y a n d J . C la r k M o o r e J r.
# — N ic h o ls , M a c D o n e l l & S c h e id e r , 6 0 B r o a d w a y , h a v e
i s s u e d a c ir c u l a r o n c o n v e r t i b l e b o n d s , g i v i n g t h e p r e s e n t
p r i c o , h i g h a n d l o w p r ic o s in c e J a n . 1 1 9 0 9 a n d o t h e r v a l u a b l e
in fo r m a tio n .
— M r . G e o r g e K . B a r n e s , fo r m e r ly w ith L e e , H ig g in s o n &
C o ., h a s b e c o m e a s s o c ia te d w ith G e o r g e E u s t is & C o . , C i n
c in n a t i, O h io , a s m a n a g e r o f th e ir I n v e s t m e n t B o n d D e p a r t
m en t.
41)5
THE CHRONICLE
F e b . 15 1 9 1 3 .]
.©ommcvcuvl
C O M M E R C IA L E P IT O M E .
Friday Night, February
T r a d e e x p a n s io n c o n tin u e s b u t k e e p s w it h in
bou n d s.
The
bank
c le a r i n g s
m ake
f o r t h e s p r i n g t r a d e is a c t i v e .
prosp erou s.
tra d e s.
w in t e r -w h e a t
crop
b u s in e s s
in
p ro sp e cts
S p e c u l a t i o n is s t i l l q u i e t .
to b e v e r y la r g e .
p la in .
B u s in e s s
T e x t ile tr a d e s a r e e s p e c ia lly
B u i l d i n g is a c t i v e .
E xport
th is
14 1 913.
c o n se rv a tiv e
S o a r e th e ir o n a n d
corn
on
th e
has
in c r e a s e d .
w h o le
are
ste e l
The
p r o m is in g .
T h e n e x t c o t t o n a c r e a g e is l i k e l y
R a ilr o a d c o m p a n ie s a r e p u r c h a s in g e q u ip
m e n t o n a la r g e s c a le .
C o lle c tio n s a re fa ir .
T h e d raw back s
a r e th e M e x i c a n c r is is , t h e B a lk a n s it u a t io n , t h e im p e n d in g
ta r iff r e v is io n a n d t h e h ig h e r r a te s fo r m o n e y a t h o m e a n d
ab road .
Yet
th e s it u a t io n
on
t h e w h o l e is v e r y
g e n e r a lly
reg a rd e d a s h o p e fu l.
L A R D h a s b e e n in m o d e r a t e d e m a n d a n d s t e a d y ; p r i m e
W e s t e r n $ 1 1 ; r e f in e d C o n t i n e n t $ 1 1 3 0 ; S o u t h A m e r i c a n
$ 1 1 8 5 ; B r a z i l i a n in k e g s $ 1 2 8 5 .
L a r d fu tu re s h a v e a d
v a n c e d u n d e r th e s p u r o f h ig h e r p r ic e s fo r h o g s , w h ic h h a v e
s o ld a t C h ic a g o a t th e h ig h e s t q u o t a t io n s se e n fo r s o m e
m o n th s p a s t , o w in g to d e c re a se d r e c e ip ts .
T h e h ig h e st
p ric e s o f th e s e a s o n h a v e a ls o b e e n r e a c h e d fo r la r d fu t u r e s .
T o - d a y p r ic e s a d v a n c e d a ft e r a n e a r ly d e c lin e .
S h o rts
c o v e r e d fr e e ly .
D A IL Y CLOSING PRICES OP LARD FUTURES IN CHICAGO.
S a t.
M on.
T u es.
W ed .
May delivery In el_cts-10.57*4 10.65
10.70
July delivery in clovatorl0.60
10.67*4 10.72*4 HoliSept, delivery in e lev .. 10.65
10.75
10.80 day.
T h u rs.
F r i.
10.47*4 10.55
10.52*4 10.57*4
10.62*4 10.65
PO RK
fir m e r ;
m ess
$20 @ $ 2 0 50;
c le a r
$21 @ $ 2 2 75;
fa m ily $ 2 2 @ $ 2 3 5 0 .
B e e f s te a d y b u t q u ie t; m e ss $ 2 0 @ $ 2 1 ;
p a c k e t $ 2 2 @ $ 2 3 ; f a m ily $ 2 4 @ $ 2 6 ; e x tr a In d ia m e ss $ 3 9 @ $ 4 0
C u t m e a t s f ir m ; p ic k le d h a m s , 1 0 to 2 0 l b s ., 1
3
14c. ;
b e lli e s , c le a r f . o . b . N e w Y o r k , 6 t o 1 2 l b s . , 1 3 t o 1 3 5 ^ c .
B u tte r , crea m ery e x tr a s, 3 6 H @ 3 7 c .
C h e e s e , S t a t e , w h o le
m i l k , c o lo r e d s p e c i a l s , 1 7 K @ 1 8 c .
E g g s , fr e s h g a th e r e d ,
ex tra s 2 6 @ 2 7 c .
O I L S .— L in s e e d s t e a d y ; C i t y , r a w , A m e r ic a n s e e d , 5 0 @
5 1 c .; b o ile d 5 1 @ 5 2 c . , C a lc u t t a 7 0 c .
C o t t o n s e e d o il s t e a d y ;
w in te r 6 . 4 5 @ 7 c . , s u m m e r w h ite 6 . 3 5 @ 7 c .
C o c o a n u t o il
s tr o n g ; C o c h in l l @ l l ^ c . , C e y lo n 1 0 @ 1 0 K c .
C h in a w o o d
u n ch an ged a t 7 j/£ @ 8 c .
C o r n h ig h e r a t 5 . 8 0 @ 5 . 8 5 c .
Cod
ste a d y a t 4 2 @ 4 3 c .
C O F F E E h a s b e e n d e c lin in g , w ith tr a d e q u ie t ; N o . 7
R i o , 1 3 ^ 0 - M i l d g r a d e s h a v e b e e n d u l l a n d d e p r e s s e d ; f a ir
t o g o o d C u c u t a 1 5 3 ^ @ 1 5 ^ c . C o f f e e f u t u r e s h a v e b e e n f a ll
in g h e a v ily u n d e r p e r s is te n t liq u id a tio n a n d s h o r t s e llin g .
L e a d in g ro a ste r s h a v e a t tim e s g iv e n s u p p o r t a n d th e C o n t i
n en t has b o u g h t n o w an d th en .
O c c a s i o n a l r a llie s a t h o m e
a n d a b ro a d h a v e o c c u rr e d , d u e to c o v e r in g , b u t to m a n y it
h a s l o o k e d a s t h o u g h s o m e b i g i n t e r e s t s w e r e q u i e t l y s e lli n g
o u t.
T h e r e c e ip ts a t S a o P a u lo h a v e b e e n lib e r a l.
The
s t o c k o f B r a z i l in t h e U n i t e d S t a t e s is 2 , 2 1 5 , 5 2 7 b a g s , a g a i n s t
2 ,1 0 0 ,4 6 0 a y e a r a g o .
A su sp e n sio n w a s re p o r te d a t th e
E xch an ge on
T h u rsd ay.
T o -d a y
p ric e s a g a in d e c lin e d .
T h e f e e li n g in m a n y q u a r t e r s is v e r y b e a r i s h .
C lo s in g p ric e s w e re a s fo llo w s :
F e b ...........12.11
M arch - - .1 2 .4 4
A p r i l --------- 1 2 .5 0
M a y --------- 1 2 .5 8 (
J u n e _____ 12.59@12.60 O c t .......... 12.63@ 12.64
J u l y ..........12.59@12.60 N o v ____ 12.55@12.58
Aug -------- 12.67@12.70 D e c -------- 12.55<§ 12.56
Sept______ 12.75@12.76
S U G A R .— R a w c o n tin u e d q u ie t a n d u n c h a n g e d .
T h e re
c e ip ts fo r th e w e e k w e re la r g e , a m o u n t in g t o 1 0 0 ,0 8 9 t o n s ,
a g a in s t 4 6 ,6 8 6 la s t y e a r .
T h e s t o c k a t A t l a n t i c p o r t s is
1 3 9 , 8 6 5 t o n s , a g a i n s t 1 1 5 , 5 0 3 l a s t y e a r a n d 1 0 2 , 3 3 2 in 1 9 1 1 .
T h e v i s i b l e s u p p l y o f s u g a r in t h o w o r l d is 4 , 0 8 0 , 0 0 0 t o n s , a s
a g a in s t 2 ,8 8 0 ,0 0 0 la s t y e a r .
C e n t r if u g a l, 9 6 -d e g r e e s t e s t ,
3 .4 8 c .; m u s c o v a d o , 8 9 -d o g r e e s t e s t , 2 .9 8 c .;
m o la s s e s , 8 9 d egrees te s t, 2 .7 3 c .
R e fin e d fir m e r b u t q u ie t ; g r a n u la te d
4 .3 5 c .
P E T R O L E U M s t r o n g ; b a r r e ls 8 . 5 0 @ 9 . 5 0 c . ; b u l k 4 . 8 0 @
5 .8 0 c .; a n d cases 1 0 .8 0 @ 1 1 .8 0 c .
N a p h t h a fir m ; 7 3 to 7 6
d e g r e e s , in
1 0 0 -g a llo n d r u m s 2 5 c .;
d ru m s $ 8 5 0 e x tra .
G a s o l i n e , 8 6 - d e g r e e s , 2 9 j ^ c . ; 7 4 t o 7 6 d e g r e e s , 2 5 J ^ c .; 6 8
to 7 0 d e g r e e s 2 2 J ^ c ., a n d s t o v e 2 1 c .
S p ir its o f tu r p e n tin e
45J^c.
C o m m o n t o g o o d s t r a i n e d r o s in $ 6 .
T O B A C C O . — T h e r o is q u i t e a g o o d d e m a n d f o r b i n d e r
b u t fill e r is q u i e t .
S u m a t r a a t t r a c t s lit t le a t t e n t io n ; th e
s t o c k is n o t g e n e r a l l y o f s u p e r i o r g r a d e , t o p u t i t m i l d l y .
C u b a n le a f m e e ts w it h t h e a v e r a g e d e m a n d ; b u t
ta k in g
t h e t o b a c c o t r a d e a s a w h o l e i t is q u i e t t h o u g h i t m u s t b e
a d d e d t h a t p ric e s a r e fo r th e m o s t p a r t s t e a d y .
E verybody
is a w a i t i n g f u r t h e r d e v e l o p m e n t s a n d in t h e m e a n t i m e
k e e p i n g c lo s e t o s h o r o u n t i l t h e g e n e r a l o u t l o o k c le a r s u p .
C O P P E R h a s d e c l i n e d , w i t h t r a d e l i g h t ; L o n d o n p r ic e s
h a v e a l s o f a l l e n ; L a k e h e r e 1 5 ^ g.; e l e c t r o l y t i c 15}4@15%c.
L e a d d u ll a t 4 .3 0 c .
S p e lte r 6 .4 5 c .
T i n , th o u g h it a d
v a n c e d fo r a t im e , h a s la t t e r ly b e e n d u ll a n d w e a k e r ; s p o t
h ero 4 9 b £ c.
L o n d o n h a s a ls o d e c lin e d .
P i g ir o n h a s b e e n
d u ll a n d r a t h e r w e a k a t $ 1 7 @ $ 1 7 5 0 f o r N o . 2 f o u n d r y e a s t
a t fu r n a c e ; c o k e a n d o ld m a te r ia l a r e lo w e r .
F in is h e d s te e l,
h o w e v e r , h a s b e e n fir m ; e n o r m o u s ord ers are o n th e b o o k s .
I n a d d i t i o n l o r e c e n t b i g o r d e r s , r a ilr o a d c o m p a n i e s h a v e
o r d e r e d 4 0 ,0 0 0 t o n s m o r e o f r a ils .
T h e fin is h e d s te e l o u t p u t
in J a n u a r y is e s t i m a t e d a t 1 , 8 2 5 , 0 0 0 t o n s a n d s h i p m e n t s
1 ,8 5 0 ,0 0 0
to n s.
T h e n e w o rd ers aro sa id to re a c h 6 3 ,0 0 0
to n s d a ily .
496
THE CHRONICLE
[ V o l . X C V I.
On Shipboard, Not Cleared for —
C O T T O N .
Friday Night, Feb.
TH E
M O V E M E N T
OP1 T H E
14 1913.
C R O P , a s in d ic a t e d b y o u r
t e l e g r a m s f r o m t h e S o u t h t o - n i g h t , is g i v e n b e l o w .
F o r th e
w eek
have
reach ed
1 0 9 , 4 7 4 b a l e s , a g a i n s t 1 3 3 , 4 2 7 b a le s l a s t w e e k a n d
1 6 0 ,2 0 9
b a le s
e n d in g
th o
th is
o v e n in g
p r e v io u s
w eek,
th e
to ta l
m a k in g
r e c e ip ts
th e
to ta l
r e c e ip ts
s in c e
S e p t . 1 1 9 1 2 7 ,9 4 7 ,5 4 4 b a le s , a g a in s t 9 ,2 7 3 ,8 8 9 b a le s fo r th e
s a m e p e r io d o f 1 9 1 1 - 1 2 , s h o w i n g a d e c r e a s e s in c e S e p t . 1 1 9 1 2
of
1 ,3 2 6 ,3 4 5 b a le s .
Receipts at—
Sat.
Galveston ____
Texas C ity------Fort Arthur----Aransas Pass,&c.
New Orleans___
M o b ile ________
l’ensacola ....... Jacksonville, &c.
Savannah --------Brunswick------Charleston------G eorgetown----W ilm ington___
Norfolk . ------N ’port News, &c
New York . ----B o s to n -----------B altim ore--------Philadelphia-----
M on.
___
5
17,418 13,141 31,146
15,122
4,665
2,114
3,530
38
2 ,7 ll
891
1,591
1,315
‘ ___
217
___
520
530
____
___
178
___
—
75
___
181
1,502
____
____
71
___
—
Totals this week.
Wed.
Tues.
4,526
3.349
____
___
3,757
105
____
___
1,720
___
53
___
529
948
___
___
135
___
—
9.201
1.229
13,130
933
__
5,139
463
6,046
___
2,019
___
120
___
161
3,019
___
___
111
Thurs.
Fri..
6,442
1,177
___
___
1,546
127
___
___
2,555
___
57
___
440
952
___
46
. _
20
Total.
4,621 42,585
421
9,223
387
1,622
24
1,530
387
18,305
1,648
7,576
1,793 10,993
2,050 2,050
173
695
246
734
3,810
2.077
7,685
3,810
307
1,468
99
848
1,468
124
13,362 19,285 109,474
T h e fo llo w in g s h o w s th e w e e k ’s to t a l r e c e ip ts , th e to ta l
s in c e S e p t . 1 1 9 1 2 , a n d t h e s t o c k s t o - n i g h t , c o m p a r e d w it h
la s t y e a r :
1912-13.
Feb. 14.
This
Week.
1911-12.
Since Sep
This Since Sep
Week.
1 1911.
42,585 3,274,391
Galveston . .
9,223 633.309
Texas C ity ..
107,038
Port Arthur.
Aransas Pass &c_
387
70,387
Now Orleans
18,305 1,099,291
Gulfport----1,648 169,539
Mobde —
7,576 106,272
Pensacola. . .
13,911
10,993 1,073,038
2,050 213,750
696 264,663
Charleston .
105
Georgetown —
2,077 308,854
7,685 414,984
3,810
85,454
N'port News, &C______
14,049
848
38,363
1,468
57,989
Baltimore. ..
124
2,157
Philadelphia —
84,777 2,930,642
15,622 542,537
173,220
1 1 1 ,1 0 1
1 1912.
58,102 1,228,328
2,500
47,678
9,331 312,744
156,051
f,oo 6
46,527
59,873 1,975,459
7,000 331,198
12,209 358,422
480
17,145 451,356
19,019 576,556
1,548
14,992
172
4,141
469
41,731
81,777
3,517
—
50
109,474 7,947,544 303,385 9,273,889
Total
Slock.
1913.
1913.
201.533
32,027
354,385
25,356
991
128,486
25,873
287,813
11,000
84,089
1.757
93,955
8,448
21,151
228,320
26,799
50,956
20,203
52,810
28,655
53.121
130,779
10,964
8,922
1,446
187,975
9,067
12.843
3,829
799,348 1,364,208
I n o r d e r t h a t c o m p a r is o n m a y b e m a d e w ith o th e r y e a r s ,
w e g i v e b e lo w t h e t o t a l s a t l e a d i n g p o r t s f o r s ix s e a s o n s :
1913.
1912.
1911.
1910.
1909.
84,777
26,733
58,102
9,321
59,873
7,000
12.209
17,145
19,019
1,548
7,658
38,109
22,617
37,600
4,279
17,903
35,852
6,740
15,374
5,359
6,413
All ot hers-----
42,585
9,610
18.305
1,648
10,993
2,050
695
2,077
7,685
3,810
10,016
1,277
1,459
4.822
______
6,316
420
3,559
4,441
273
22,908
53,035
10,497
35,890
7,319
11,695
8,452
2,285
2,725
5,617
488
3,609
55.051
2,398
41,166
4.101
13,205
762
847
5,283
6,009
78
5,308
Total this wk.
109,474
303,385
134,382
101,339 j 141,612
134,208
Receipts at—
Galveston —
TexasCity,&c.
New Orleans
M o b i l e ------Savannah . . .
Brunswick —
Charlcston.&c
Wilmington..
1908.
Since Sept. 1. 7,917,544 9,273,889 7,416,446 5,879,297 7,911.638 6,705,512
T h e e x p o r ts fo r th e w e e k e n d in g th is e v e n in g r e a c h a to ta l
o f 1 1 1 ,4 4 6 b a le s , o f w h ic h 2 0 ,8 2 5 w e re to G r e a t B r it a in ,
7 ,3 9 3 to F r a n c e a n d 8 3 ,2 2 8 to th e r e s t o f th o C o n t in e n t .
B e l o w a r e t h e e x p o r t s f o r t h e w e e k a n d s in c e S e p t . 1 1 9 1 2 :
Week ending Feb. 14 1913. From Sept. 1 1912 to Feb. 14 1913.
Exportedto—
Exportedto—
Exports Great 1
onti
Great
Contifrom— Britain.'France. C
nent. Total. Britain. France. nenl. Total.
29,242 39,3801,114,372 353,191 1,093,415 2,500,978
72,701 587,522
13,183 13,183 373,301 141,400
24,892
30,753
51,393 107,038
5,191
12,921
16,048
34,160
4,895 7,177 10,117 22,189 549,074 123,030 261,085 933,195
1
25,562
20,604
43,415
95,581
31,791
49,723 100,272
21,758
0,046 7,570
1,530)
___
62,869 490,125 070,847
19,840 19.S46 117,853
. . . .
. . . .
................
84,267 185,700
101,433
5,000 125,859 101,151
__ I __
60,292
87,554
59,673 129,137 270,364
500
53,013
68,198
__
14,685'
________
______ j
291
291
37,592
99,877 313,008
___ 1
216 2,270 2,480 175,599
0,339 129,157
3,3121 ___
___
3,312 122,818, _____
33,204
27,300
1,850
3.994
5,405
35,804
________
950,
___
30,339
200, 1,150
______ J
190
___ 1
190
i
.
130,739 130,739
809
869
58,649
58,649
— 1 —
1,455 1,455 —
j
20,825- 7,393 83,228 111,446^2,800,648^ 886,404 2,771,0020,518,114
10,138:
Port Arthur
New Orleans
Wilmington
Norfolk . . .
Newp News
New York
Boston . . . .
1Baltimore.
Phi la ____
Portl’d, Me.
San Fran...
Pt. Towns’d
Total___
Great
Britain. France.
Feb. 14 at—
Now Orleans..
Galveston___
Savannah ._
Charleston . .
M o b ile __
N orfolk_____
New York___
Other ports__
6 094
21,117
l 000
2 925
___
2,500
Germany.
1 136 2,342
11,675 34,691
Coastw ise .
14,318
671
22
2
1
Total.
2 717
1 ,2 0 0
1 000
8 ,0 0 0
500
Fracing
Stock.
162 24,052
261 92 415
600
1 600
1 000
348
—
Other
Foreign
2 000
3 300
19 984
9 290
19 984
5 200
18,200
104,434
169 118
92 355
19 151
16 583
32 826
125,579
66,561
200
—
Total 1913.. 43,636 14,359 49,750 .37,689 27.307 172.741
Total 1912. . 80,490 40,226 104,676 52,407 24.592 302,391 1,061,817
Total 1911. . 47.708 24,426 34,461 39.855 14,516 160,966 676,209
1 0 ,0 0 0
S p e c u l a t i o n in c o t t o n f o r f u t u r e d e l i v e r y h a s b e o n o n l y
m o d e r a te ly a c t iv e , b u t fo r o n e c a u se o r a n o th e r , n o t fo r g e t
tin g a c e r ta in a m o u n t o f b u ll m a n ip u la t io n , p ric e s h a v e
u s u a lly a d v a n c e d .
A t t h e s a m e t i m e it is tr u e t h a t t h e
s p o t m a rk e ts h a v e , a c c o rd in g
to s o m e a d v ic e s , s h o w n
g r e a t e r f i r m n e s s a n d t r a d e r e p o r t s in t h e m a i n h a v e b e e n
fa v o r a b le .
T h e r e c e ip t s h a v e c o n t i n u e d l i g h t , b o t h a t t h e
p o r t s a n d in t e r io r t o w n s .
T h e w o r ld ’s sto c k s are d e c re a s
in g m u c h m o r e r a p id ly th a n th e y w e r e .
S p in n e r ’s ta k in g s ,
w h il e le s s t h a n t h o s e o f la s t y e a r , s t ill s u g g e s t a la r g e c o n
s u m p tio n
th is s e a s o n .
S p o t m a rk e ts a t
th o S o u t h a r e
co n sid e re d
$ 2 t o 8 4 a b a l e a b o v e a p a r i t y w it h t h e c o n
tra ct m a rk e t h ere.
T h o N e w Y o r k s t o c k , w h ic h in c r e a s e d
ra th e r m a r k e d ly
in J a n u a r y ,
has
not
been
in c r e a s in g
m u c h t h i s m o n t h ; in f a c t , it s h o w s a t t h o p r e s e n t t i m e
som e
d ecrease
as
com p ared
w ith
F ebru ary
1.
D ry
g o o d s r e p o r t s h a v e b e e n in t h e m a i n f a v o r a b l e .
About
50%
o f t h e p r o d u c t i o n o f t h e F a l l R i v e r m i lls is s a id
to h a v o b e e n so ld a h e a d fo r s e v e n w e e k s .
T h e r e a p p e a r s to
b e le s s a p p r e h e n s i o n o f r a d ic a l t a r i f f c h a n g e s in th o c o t t o n
s c h e d u le s .
A t a n y r a t e t h e p o s s i b le c h a n g e s s e e m t o h a v e
b e e n , to s o m e e x te n t a h le a s t , d is c o u n te d .
T h e w e a t h e r at
th e S o u th o f la te h a s b e e n r a th e r s t o r m y a n d u n fa v o r a b le .
T h e t e m p e r a t u r e s h a v e b e e n v e r y lo w a n d e a s t o f t h e M i s
s is s i p p i t h e r e c e n t r a in f a ll is b e l i e v e d t o h a v e t o s o m e e x t e n t
in t e r f e r e d w it h c r o p p r e p a r a t i o n s , e v e n w h e n c o ld w e a t h e r
w a s n o t a n a d d e d o b s ta c le .
L i v e r p o o l , th e C o n t i n e n t , N e w
O r le a n s , th e W a ld o r f -A s t o r i a p a r t y , th e W e s t a n d th e P a c ific
C o a s t a ll b o u g h t .
T h e W e s t lia s c o v e r e d c o n s i d e r a b l e c o t
to n .
T h i s in c l u d e s th o P a c i f i c C o a s t .
A t tim e s th e sp o t
s a le s a t L i v e r p o o l h a v e b e e n o f li b e r a l p r o p o r t i o n s .
In
p a r ts o f th e A t la n t ic s e c tio n a b e tte r s p o t d e m a n d h a s b e e n
n o te d .
I t is w o r t h y o f r e m a r k , t o o , t h a t s p o t h o ld e r s h e r e
a s a r u le h a v e s h o w n n o a n x i e t y t o s e l l .
L a r g e s p o t in t e r e s t s
h a v e b e e n b u y e r s fr o m tim e to t im e .
O n th e o th e r h a n d
s o m e o f th e s p o t p e o p le h a v e a lso a t tim e s s o ld h e a v ily .
S o m e a t t r ib u t e th e s m a ll r e c o ip ts to b a d w e a th e r a n d th e
re c e n t fa llin g o f f o f th e s p o t d e m a n d .
T h e in d ic a tio n s p o in t
t o a b i g a c r e a g e a n d t o h i g h r e c o r d s a le s o f f e r t il iz e r s a n d
m u le s .
A s u b s t a n t i a l in c r e a s e in t h e p l a n t e d a r e a is e v e r y
w h ere c o n c e d e d .
M o r e o v e r a fte r th e re c e n t a d v a n c e o f
a b o u t 8 4 a b a l e a n d t h o e l i m i n a t i o n o f a c o n s i d e r a b le p o r t i o n
o f t h e s h o r t i n t e r e s t , t o s a y n o t h i n g o f th o c r e a t i o n o f q u i t e
a la r g e l o n g in t e r e s t m a n y fe e l t h a t a r e a c t i o n is d u e .
The
e x p o r t s t h i s s e a s o n s h o w a m a r k e d f a lli n g o f f f r o m t h o s e o f
la s t s e a s o n .
P r ic e s a re m u c h h ig h e r th a n th o so o f a y e a r
ago.
T h o f e a r o f t a r i f f c h a n g e s h a s a c e r t a i n u n d e n ia b le
e f f e c t o n t h e t r a d e in c o t t o n g o o d s s o f a r a t le a s t a s s o m e
bu yers
are co n c e rn e d .
The
u n s e t t le d
s it u a tio n
in
tin*
B a l k a n s a n d t h o p o s s i b i l i t y o f t r o u b lo in M e x i c o , t h e fa c t
t h a t s u p p l ie s a r e l i b e r a l , t h a t p r ic e s a r o m u c h h i g h e r t h a n
r e c e n t l y , t o s a y n o t h i n g o f a y e a r a g o , a n d f i n a l l y t h e la c k
o f o u t s i d e p u b li c s p e c u la t i o n a n d t h e o b v i o u s l y m a n i p u l a t i v e
c h a r a c t e r o f m u c h o f t h e t r a d i n g h e ro f o r b ig i n t e r e s t s , a ll
t e n d t o c r e a t o a c e r t a i n s c e p t i c i s m in t h e m i n d s o f m a n y a s
t o t h e lik e lih o o d o f a f u r t h e r m a t e r i a l a d v a n c e a t t h is t i m e ,
w h a t o v e r m a y o c c u r la t e r in t h e s e a s o n .
T o - d a y p r ic e s
d e c lin e d .
T h e s i t u a t i o n in M e x i c o , t h e d u ln e s s o f s p o t
m a r k e t s a n d d i s a p p o i n t i n g L i v e r p o o l a d v i c e s a ll t o l d a g a i n s t
p r i c e s , n o t t o m e n t i o n s ig n s o f l i q u i d a t i o n .
S p o t c o t t o n c lo s e d a t 1 3 . 0 5 c . f o r m i d d l i n g u p l a n d s , s h o w i n g
a n a d v a n c o fo r th e w e e k o f 1 0 p o in ts .
T h e o f f ic ia l q u o t a t i o n f o r m i d d l i n g u p la n d c o t t o n in t h e
N e w Y o r k m a r k e t ea ch d a y fo r th e p a s t w e e k h a s b e e n :
M on.
S at.
Feb. 8 to Feb. 14—
T u e s . W e d . T h u r s . F ri.
.12.95
Middling uplands___
13.05
13.05
II
13.05
13.05
___
Tot., ’ l l - ’ 12 97,333 24,379 144,421266,1333,061,169 90.5,35313,476,909 7,443,431
— N. Y. exports since Sept 1 Include 17,295 bales Peru, &c., to Liverpool.
Note.
I n a d d i t i o n t o a b o v e o x p o r t s , o u r t e l e g r a m s t o - n i g h t a ls o
g iv e u s th e fo llo w in g a m o u n t s o f c o t t o n o n s h ip b o a r d , n o t
c le a r e d , a t th e p o r ts n a m e d .
W e a d d s i m i l a r f ig u r e s fo r
N ew Y ork .
N E W
Y O R K
Q U O T A T IO N
FOR
32
YEAR S.
T h e q u o t a t io n s fo r m id d lin g u p la n d a t N e w
Y o rk on
F e b . 1 4 fo r e a c h o f th e p a s t 3 2 y e a r s h a v e b e e n a s fo llo w s :
1913.c ___ .13.05
1912______ .10.70
1911_____ .14.10
1910_____ .15.15
1909______ . 9.85
1908........ .. .11.35
1907______ . 1 1 .0 0
1906.......... - 11.25
1905-C......... 7.70
1904---------- 14.80
1903_______ 9.60
1902----------- 8.75
1901---------- 9.56
1900---------- 8 . 8 8
1899---------- 6.56
1898_______ 6.25
M A R K E T
A N D
1897. c _____7.00
1896 ______8 . 1 2
1895 ______5.62
1894 ______7.94
1893 ______9.00
1892. ____ 7.19
1891- ______ 9.12
1890. ...........11.31
SALES
AT
N E W
1889.c ..........10.CO
1888_______ 10.62
1887________ 9.50
1886________ 9.06
1885......... -.11.19
1884_______ 10.75
1883_______ 10.19
1882----------- 11.56
Y O R K .
S A FE S.
Spot Market
Closed.
Saturday__
M on d a y __ Steady, 10 pts. adv.
Tuesday__ Quiet .......................
Wednesday.
Thursday . .
Friday_____
Total___
THE CHRONICLE
JFe b . 15 1913.
F U T U R E S . — T h e h i g h e s t , lo w e s t a n d c l o s i n g
N e w Y o r k th e p a s t w e e k h a v o b e e n a s fo llo w s :
Si
Si
MM
©©
1® T®
00M 0000
0000
©© ©H- 11 ©©
MH*
| | KE
MM
.
*7*0
I® I® |®
I-4
to to to
toto to
toto to I coco
CiCi to 1
SI
HUH-4
toto
toto to 1
coco
rfkCO 4k
hfkCO
MO
1® T®
1®
toto to
ik^k
s 1
tototo
to to
toto
to toto to I toto toto
Old d d
ooto toco kco rfk
h-*co m o OM p
12.40
12.38
*
toto
©b
©©
to to
OOM tO^-4
CiM <5©
|® T®
to to
0000
MtO
»-»hu toto
EE
MM ►u*-4
M© d d
|® X®
toto
P P HU
05©
©© 21
!l2.26@ 12.29
112-33— 12.35
MM MM
©to ©©
I® T®
11
11
x® x® X® X®
toto to
toto to
I I
toto to
d© d I
di^ oo I
p r ic e s
at
. A T
TH E
IN T E R
is , th e r e c e ip ts fo r th e
fo r th e w e e k a n d th e
fo r th e c o rr e sp o n d in g
o u t in d e ta il b e lo w .
: : : :
si
II
EE
MO
too
i®
HU
1M
1©
Et
MM
00d
l®
HM
0000
©CO
to to
h-*hu
MCO
i®
tOtO
Mto
00©
: g 0 E5!- o : : : : : rff*
gP *pQ ;
to i
i
: a : : jT
K
,
£-»M .
__
COl—
* »-»
^^
M
^ ©tsDM
^ w M00 CO^©rfk4*£krfk©CO©dW©OOtOCi©
w O ^ COlO0500 4kIO
wS
Mto4k
CO05 h
*0° oW^0500
S 2 T*M^©k-» 00©©tOCiMd 00*+tOtO©tOMO©h*©Ci© to© to
S
^
^ ^ 00^>-»M
^ t-»t0»"*05C005C0Q0Q04kQ0C04kcPQ0
w 00 0005w 00^ o 4kooto© m 05
0S>->0,t©©COc04kO4kOt005C0©M
?*a
-§*
to
J ig
Ilf
Cl to to
h-»tOH-* hu t—
1toocto to CCM Co
►
-» ►
-‘ 4k © 0005CltoMCOtoCO00© H-CO00©to to©to 00 ©M
Co
!<S
MO
to 00
|® |®
h-H-4
1o> 2 od 1 1
»
IO R
TO W N S
th e m o v e m o n t— th a t
w e e k a n d s in c e S e p t . 1 , t h e s h i p m e n t s
s to c k s t o -n ig h t , a n d th e s a m e it e m s
p e r i o d f o r t h e p r e v i o u s y e a r — is s e t
Hu
Hu H-4
„ to;-**-* MH-*OtOCO OOCOtOtOCOMH-*©MOCH-» 4k*kGOOO
C^pOOCnQOQOMoSSMSoSSi&CPOOMSSjScSSiQoSoSSSMS
s i
. £ .
. ••*
MM
po
T®
4<J7
toto
C
C
O
O
to
tO
poo
1®
tOtO
CO4k
4k©
toto to to
toco
tOCO I^
^>
CC
O
Odk.
p o tOM tO
r® I® I®
to
toto to
k4k
21 4
CO© t \
end
nd
tfk
Hu
T®
HuHU
toto
d©
Ci©
w
to I
d
©
I®
to
SI
JT05
M
to m^*
4k
hu
05 totoco
4ktO*-1 i-4 huhu
hu
Cn©©tQ4ktOtO>—
‘ IQt—
»OQitOMOOtO©i—
*>—
»Qi-*OMi—
*tO4k©tO00QQ©©©
CO H* to
H-i
►-*»-»
M I
Cl
►
-•►
-‘d
COtOk- COl-4 CO00ClCO © CO4kClh*
12
©
12
©
1|
IP
©
1P
M
1®
1®
HU |®
i®
lb
i£
\i
ii
IK
1K
b
1®
IK
8
1®
1®
li
1Ci
IS
1® 1®
to
to
1CO
1© I S
1K
to
II
1®
11
M
tO »—
4 tO hu tOnu
tO ^COOOi-ttO Cx3i—» K3
CO4kh-»COtOCO4kM00 00k-4Ci©©054kCi©4k©©o©©00M»-4©©00CiC0
IK 1 13
4k
d
,M
|® 1®
to
to
12 IS
s
* Last year’s figures are for Louisville, Ky.
T H E V I S I B L E S U P P L Y O F C O T T O N t o -n ig h t , a s m a d e
u p b y c a b l e a n d t e l e g r a p h , is a s f o l l o w s .
F o re ig n s to c k s ,
a s w e ll a s t h e a f l o a t , a r e t h i s w e e k ’ s r e t u r n s , a n d c o n s e
q u e n t l y a l l f o r e i g n f ig u r e s a r e b r o u g h t d o w n t o T h u r s d a y
e v e n in g .
B u t to m a k e th o to t a l th e c o m p le t e fig u r e s fo r
to -n ig h t ( F r id a y ), w e a d d th o it e m o f e x p o r ts fr o m th e
U n i t o d S t a t e s , in c l u d i n g in i t t h o e x p o r t s o f F r i d a y o n l y .
February 14—
1913.
1912.
1911.
1910.
Stock at Liverpool------------ bales.l.455.000
4,000
Stock at L on d on ..........................
Stock at Manchester.....................
95,000
1.110,000 1,312,000
1,000
8,000
87,000 109,000
988.000
3,000
62,000
Total Great Britain stock.........1,554,000 1,198,000 1,429,000 1,053,000
Stock at H a m b u rg...............
13,000
8,000
4,000
9,000
Stock at Brem en---------------------- 493,000
461,000 251,000 265.000
Stock at Havre --------492,000
330,000 275,000 452,000
Stock at Marseilles.......................
2,000
3,000
2,000
3,000
Stock at Barcelona...................
33,000
17,000
16,000
9,000
Stock at G e n o a .......................
35,000
32,000
61,000
70,000
Stock at T r ie s te ...........................................
2,000
2,000
4,000
Total Continental stocks....... 1,068,000
853,000
611,000
812,000
Total European stocks............2,622,000 2.051,000 2.040,000 1,865,000
India cotton afloat for E u ro p e ... 90,000
64.000
172,000 282,000
Amer. cotton afloat for E urope.. 470,938 1,015,209 627,792 311,505
Egypt, Brazil,&c.,aflt.for Europe. 73,000
75,000
62,000
39,000
Stock In Alexandria, Egypt......... 301,000
279.000 259.000 196,000
Stock In Bombay, India............... 627,000
534.000 446,000 625,000
Stock in U. S. p o rts____________ 799.318 1,364,208 837,175 658,363
Stock In U. S. Interior towns____ 752,636
726,985 616,803 690,302
U. S. exports to-day___________
34,314
34,777
21,788
20,720
Total visible s u p p ly .................5,770,236 6,144,179 5,082,458 4,687,890
Of tho above, totals o f American and other descriptions aro as follows:
American —
Liverpool stock.....................bales.1,28',000 1,000,000 1,182,000 908,000
Manchester stock...........................
66,000
63,000
91,000
50,000
827,000 567,000 758,000
Continental s t o c k . . . ................... 1.035.000
American afloat for Europe......... 470,938 1,015,209 627,792 311,505
U. S. port s t o c k s .......................
799,348 1,364,208 837.175 658,363
U. S. Interior stock s...................... 752,630
726,985 616,803 690,302
U. S. exports to-day......................
34,314
34,777
21,788
20,720
Total American-
.............4,439.236 5,031,179 3,943,558 3,396,890
East Indian, Brazil, & c .—
Liverpool stock............................... 174,000
London stock................................
4,000
Manchester stock.........................
29,000
Continental stock.................
33,000
India afloat for Europe..................
90,000
Egypt. Brazil, &c., afloat..............
73.000
Stock In Alexandria, Egypt.......... 301,000
Stock In Bombay, India------------- 627,000
110,000
1,000
24,000
26,000
64,000
75,000
279,000
634,000
130,000
8,000
18,000
44,000
172,000
62.000
259,000
446,000
80,000
3,000
12,000
54,000
282,000
39,000
196,000
625,000
Total East India, &c__________ 1,331,000 1,113,000 1,139,000 1,291,000
Total American— .................... 4,439,236 5,031,179 3,945,558 3,396,890
Total visible supply.................... 5,770,236 6,144,179 5,082,558 4,687,890
Middling Upland, Liverpool..........
6.93d.
5.85d.
7.56d.
8.10d.
Middling Upland, New Y ork------- 13.05c.
10.35c.
14.00c. 14.80c.
Egypt, Good Brown, Liverpool.. 10.50d.
10d.
10Kd. 15 9-16d.
Peruvian, Hough Good, Liverpool 10.25d.
9.10d.
11.30d.
lOd.
Broach, Pine, Liverpool.... ......... 6 11-16d.
5J4d. 7 7-16d. 7 9-16d.
Tinnevelly. Good. Liverpool_____6 ll-16 d. 6 ll-1 6 d . 7 5-16d.
7>4d.
C o n tin e n ta l im p o r ts fo r th e p a s t w e e k h a v o b e e n 9 9 ,0 0 0
b a le s .
T h e a b o v o f ig u r e s f o r 1 9 1 3 s h o w a d o o r e a s e f r o m l a s t
w e e k o f 1 4 1 ,8 4 1 b a l e s , a lo s s o f 3 7 3 , 9 4 3 b a l e s f r o m 1 9 1 2 , a n
e x c e s s o f 6 8 7 , 6 7 8 b a le s o v e r 1 9 1 1 a n d a g a i n o f 1 , 0 8 2 , 3 4 6
b a le s o v e r 1 0 1 0 .
O VER LAN D M O V E M E N T FOR TH E W E E K A N D
S I N C E S E P T . 1 .— W e g iv e b e lo w a s t a t e m e n t s h o w in g th e
o v e r l a n d m o v e m e n t f o r t h e w e e k a n d s in c e S e p t . 1 , a s m a d e
u p f r o m t e le g r a p h i c r e p o r t s F r i d a y n i g h t .
T h e re su lts fo r
t h e w e e k a n d s in c e S e p t . 1 in t h e l a s t t w o y e a r s a r o a s f o l l o w s :
„ .
,,
------ 1912-13-------
February 14—
Shipped—
Via
Via
Via
Via
Via
Via
Via
week.
Since
Sept. 1.
St. Louis............................. ...1 2 ,5 1 7
Cairo
...................... 7,426
Rock Island ______
733
Louisville................................. 2,568
Cincinnati...........................
3,683
Virginia points......................... 2,923
other routes, &c...... ............... 6,482
402,665
188,418
15,244
61,089
109,866
105,463
247,420
------ 1911-12------Since
Week.
Sept. 1 .
25,711
403.617
a4,798 0194.347
235
2,854
6.813
102,797
4,707
71,542
5,743
127,595
9,518 257.387
..36,332 1,130.165
Deduct Shipments—
. . 2,440
. . 3,241
. . 1,416
57,525 1,160,139
112.558
78,879
59,899
4,158
957
769
127,699
38,627
24,322
7,097
251,336
5.884
190.648
-29,235
878,829
51,941
969.491
♦Including movement by rail to Canada,
a Revised.
T h e fo r e g o in g s h o w s th e w e e k ’s n e t o v e r la n d m o v e m e n t
h a s b e e n 2 9 ,2 3 5 b a le s , a g a in s t 5 1 ,6 4 1 b a le s fo r th e w e e k la s t
y e a r , a n d th a t fo r th e se a so n to d a te th e a g g re g a te n e t o v e r
la n d e x h ib its a d e c r e a s e fr o m a y e a r a g o o f 9 0 ,6 6 2 b a le s .
I n Sight and Spinners'
Takings.
-1912-13Since
Sept. 1
Week.
Receipts at ports to Feb. 14_____ 109,474
Net overland to Feb. 1 4 ............. 29,235
Southern consumption to Feb. 14 56,000
7.947,544
878.829
1,336,000
-------- 1911-12-------Since
Sept. 1 .
9,273,889
969,491
1,177,000
Week.
303,385
51,641
55,000
Total marketed.......................... 194,709 10,162,373 410,026 11,420,380
Interior stocks in excess.............. *6,180
655,600 *41,809
626,548
Came Into sight during week__ 188,529
________
Total In sight Feb. 14............................ 10,817,973
North, spinners'takings to Feb. 14 65,408
* Decrease during week.
1,815.165
368,217
____12",046'928
82,797
1,465 284
M o v e m e n t in t o s ig h t in p r e v io u s y e a r s .
Week—
Bales.
~
Since
Sept. 1—
Bales.
1911— Feb. 17......................... 204,725 1910-11— Feb. 17............ 9,895,116
1910— Feb. 1 8 ....................... 145,939 1909-10—Feb. 18 ............ 8.400,001
1909— Feb. 19.................
220,525 1908-09— Feb. 19............ 10,760,068
Q U O T A T IO N S
FOR
M ID D L IN G
CO TTO N
A T
O T H E R M A R K E T S . — B e lo w a r e th o c lo s in g q u o t a t io n s
o f m id d lin g c o t t o n a t S o u th e r n a n d o th e r p r in c ip a l c o t t o n
m a rk e ts fo r e a c h d a y o f th e w e e k .
Week ending
February 14.
Galveston_____
New Orleans__
M o b ile ----------Savannah _____
C harleston___
Wilmington__
N orfolk_______
Baltimore------Philadelphia . .
A u g u sta --------M e m p h is_____
St. Louis______
H ou ston ______
Little Rock___
Closing Quotations for
Sat'day.
12 7-16
12 7-16
12H
1214
12M
diddling Cotton on
.fonday. Tuesday. Wed'day. Thursd’y. 1 Friday,
11-16 1214
1214
7-16 1 2 7-16
1214
12 9-16
1 2 j|@14 1 2 H
1214
1214
12 7-16
12 9-16
1214
1214
12*4
12 7-16
1 2 9-16
1214
1214
1214
12 7-16
12 9-16
1214
w
1214
IF
IF
12
12%
12
13.20
13.30
12 13-16 1 2 H
12H
1214
12 H
11«
1214
12H
12 7-16 12 7-16
w
13.30
12H
1214
1214
1214
12 7-16
13.30
1 2 J4
1214
1214
1214
12 7-16
1214
1l l f - 1
6
13.30
1214
|1214
1214
12*4
I12
7-16
THE CHRONICLE
498
N E W
O R LEAN S
O P T IO N
M A R K E T . — T h e h ig h e s t,
l o w e s t a n d c l o s i n g q u o t a t i o n s f o r l e a d i n g o p t i o n s in t h e N e w
O r le a n s c o t t o n m a r k e t fo r th e p a s t w e e k h a v e b e e n a s fo llo w s :
Sat’day,
Feb. 8 .
M onday. Tuesday. Wed'day. Thursd’y. Friday,
Feb. 10. Feb. 11. Feb. 12. Feb. 13. Feb. 14.
Feb.—
R a n g e ___ __ — © — — © — — © — — © — — © ------- ■ © —
Closing______ 12.51-.53 12.64-.66 12.54-.56 12.58-.61 12.51—53 12.42-.44
March —■
______ 12.47-.60 12.61-.70 12.58-. 73 12.57-. 64 12.56-.65 12.48-.55
Range
Closing______ 12.56-.57 12.69-.70 12.59-.60 12.63-.64 12.56-. 57 12.47-.48
M ay—
R a______
n g e 12.41-.53 12.53-.65 12.54—67 12.54-.63 12.54-.65 12.46—55
Closing______ 12.49-.50 12.64-.65 12.56-.57 12.62-.63 12.55-.56 12.46-.47
July—
Range ______ 12.42-.56 12.55-.69 12.57-.72 12.58-.66 12.58-.68 12.49-.58
Closing______ 12.51-.52 12.67-.68 12.60—61 12.65-.66 12.59-.60 12.49-.50
August —
Range ______ 12.18 — 12.32-.35 12.3l-.32 12.30 — 12.35-39 12.24-.37
Closing______ 12.24-.28 12.38-.41 12.32-.35 12.39-.41 12.32—34 12.22-.25
October—
Range ______ 11.67-.75 11.77- . 8 6 11.75-.84 11.71-78 11.73—81 11.66—73
C lasing______ 11.72-.73 ll.85-.86 11.75-.76 ll.78-.79 11.74-.75 11.66-.67
December—
Range _____ — @ — — © — 11.81-85 — © —
Closing--------- 11.71-.73 11.84-86 11.75-.77 11.78-.80
Steady. Steady.
Firm.
Spot _______ Firm.
Options_____ Steady. Steady. Steady. Steady.
Tone—
— © — 11.70-.73
11.74-.75 11.6 6 - . 6 8
Steady.
Quiet
Ba’ly s ’y. Steady.
F A L L R I V E R M I L L D I V I D E N D S . — T h ir t y -o n e o f th e
th ir ty -s e v e n
c o t t o n -m a n u fa c t u r in g
c o r p o ra tio n s
in
F a ll
R i v e r h a v e d e c la r e d d i v i d e n d s d u r i n g t h e f ir s t q u a r t e r o f t h e
y e a r , a n d t h e t o t a l a m o u n t p a i d o u t is $ 1 0 5 , 4 0 8 m o r e t h a n
fo r th e c o r r e s p o n d in g p e r io d o f 1 9 1 2 , b u t $ 1 0 7 ,4 2 5 s m a lle r
t h a n in 1 9 1 1 .
T h e a g g r e g a te o f th e a m o u n t d is tr ib u te d h a s
b e e n $ 3 3 0 ,4 2 5 , o r a n a v e r a g e o f 1 . 1 7 % o n th o c a p it a l.
In
1 9 1 2 o n ly t w e n t y -t w o m ills m a d e d is t r ib u t io n , a n d th o
a v e r a g e ra to w a s 0 . 8 3 % .
I n 1 9 1 1 th o a v e r a g e r a te w a s
1 . 0 0 % ; in 1 9 1 0 w a s 1 . 9 0 % , in 1 9 0 9 w a s 2 . 7 1 % , in 1 9 0 8 w a s
2 . 2 7 % , in 1 9 0 7 w a s 2 . 7 0 % , in 1 9 0 0 w a s 1 . 9 4 % , in 1 9 0 5 w a s
o n l y 0 . 3 2 % , in 1 9 0 4 i t w a s 1 . 2 1 % , in 1 9 0 3 i t w a s 1 . 4 4 % . in
1 9 0 2 i t w a s 1 . 4 1 % , in 1 9 0 1 i t w a s 1 . 7 3 % , in 1 9 0 0 i t w a s
1 . 8 1 % , in 1 8 9 9 it w a s 0 . 8 8 % , in 1 8 9 8 i t w a s 0 . 2 0 % , in 1 8 9 7
it w a s 1 . 0 1 % a n d in 1 8 9 0 i t r e a c h e d 1 . 9 9 % .
I t w ill t h e r e
fo r e b o se e n t h a t th e c u r r e n t y e a r ’s r a t e o f d iv id e n d p a y
m e n t s is b e l o w t h e a v e r a g e o f e a r lie r y e a r s , a n d , in f a c t ,
in o n l y f i v e y e a r s s in c e 1 8 9 5 h a s t h e r a t e o f d i s t r i b u t i o n
b e e n lo w e r t h a n n o w .
First Quarter,
Dividends 1913.
Capital.
1913 and 1912.
%
Dividends 1912.
Amount.
Inc. ( + )
or
Amount. Dec. (—)
%
$
$
S
800,000 No div ldend.
No dlv ldend.
American Linen Co-------1,500
300,000 a IX
1,500 aI X
Ancona Mills--------------450,000 No dlv ldend.
No dlv ldend.
Arkwright Mills----------495,000 No dlv ldend.
No dlv ldend.
Barnard Mfg. Co--------350,000 No dlv ldend.
No div ldend.
Barnaby Mfg. Co--------1 0 ,0 0 0
10 0 0 0
1
1
Border City Mfg. Co----- 1 ,0 0 0 ,0 0 0
15,000
15,000 I X
IX
Bourne Mills--------------- 1 ,0 0 0 ,0 0 0
18,000 1
1 2 ,0 0 0
IX
Chace Mills----------------- 1 ,2 0 0 ,0 0 0
251,070 I X
3,775 1
2,517
Conanlcut Mills----------400,000 2
8 ,0 0 0
2
8 ,0 0 0
Cornell M ills.................
18,750 I X
18,750
Davis Mills___________ 1,250,000 I X
500,000 I X
7,500 I X
7,500
Davol Mills-------- -------17,400 No dlv ldend.
IX
Flint Mills...................... 1 , 1 0 0 ,0 0 0
1 0 ,0 0 0
1
1 0 ,0 0 0
1
.Granite Mills.................. 1 ,0 0 0 ,0 0 0
800,000 No div ldend.
No div ldend.
Hargraves M ills............
22,500 I X
22,500
King Philip Mills........... 1,500,000 I X
9,000 1
6 ,0 0 0
0 0 0 ,0 0 0
IX
Laurel Lake Mills--------10,500 I X
10,500
700,000 I X
Lincoln Mfg. Co...........
5,250 I X
5,250
350,000 I X
Luther Mfg. C o ............
7,500 1
750,000 1
7,500
Mechanics’ Mills.............
1 2 ,0 0 0 No dlv ldend.
1
Merchants' Mfg. Co------ 1 ,2 0 0 ,0 0 0
400,000 1
4,000 1
4,000
Narragansett Mills..........
5,250 No dlv ldend.
Pilgrim Mills--------------- 1,050,000 b lX
11,250 IX
750,000 I X
11,250
Osborn Mills--------------No div ldend.
,800,000 No div ldend.
Parker M ills__________
18,000 No dlv ldend.
IX
Pocasset Mfg. Co......... - 1 ,2 0 0 ,0 0 0
15,000 I X
15,000
Richard Borden Mfg. Co. 1 ,0 0 0 ,0 0 0
IX
18,000
24,000 I X
2
Sagamore Mfg. Co-------- 1 ,2 0 0 ,0 0 0
6 ,0 0 0 No dlv ldend.
0 0 0 ,0 0 0
1
Seaconnet Mills-----------5,500 No dlv ldend.
550,000 1
Shove Mills___________
1 0 ,0 0 0 No dlv ldend.
1
Stafford Mills-------------- 1 ,0 0 0 ,0 0 0
10,500
10,500 IX
700,000 I X
Stevens Mfg. Co----------11,250
750,000 IX
11,250 I X
Tecumsch Mills-----------6 ,0 0 0
2
300,000 2
6 ,0 0 0
Troy Cot. & W. Mfg. Co.
18,000
18,000 IX
Union Cotton Mfg. C o.. 1 ,2 0 0 ,0 0 0
IX
7,500 No div ldend.
750,000 1
Wampanoag Mills .
7,500 No dlv ldend.
500,000 I X
Weetamoe Mills...
28,806,670
Total.................
a On $109,000 preferred stock,
W E A TH E R
us b y
1.17
fro m
+ 6 ,0 0 0
+ 1,258
+ 17,400
+ 3,000
+
1 2 ,0 0 0
+ 5,250
+ 6 ,0 0 0
+ 6 ,0 0 0
+ 5,500
+ 1 0 ,0 0 0
+ 7,500
+ 7,500
231,017 + 105,408
T E L E G R A P H .— R e p o r ts to
th o S o u th
th is e v e n in g in d ic a te t h a t
r a in h a s b e e n q u ite g e n e r a l d u r in g th o w e e k , w ith th e p re
c ip it a t io n a little h e a v y a t a fe w
h a s m o d e r a te d a s th e w e e k c lo s e s .
p o in ts .
T h e te m p era tu re
P r e p a r a tio n s fo r th o n e x t
c r o p a r e s t a t e d t o h a v e b e e n d e l a y e d b y r a in in s o m e l o c a l i
tie s.
Galveston, Tex.—
W e h a v e h a d r a in o n f o u r d a y s t h e p a s t
w e e k , t h e r a i n f a l l r e a c h i n g o n e in c h a n d n i n e t y - t h r e e h u n
d re d th s.
T h e th e rm o m e te r h a s ra n g e d fro m 3 6 to 6 3 , a v e r
a g in g
50.
Abilene, Tex— R a i n
h a s fa lle n o n th r e o d a y s o f th e w e e k ,
t o th e e x te n t o f n in e te e n h u n d r e d th s o f a n in c h .
M in im u m
th e rm o m e te r
22.
.
T e x .— R a i n h a s f a l l e n o n f o u r d a y s d u r in g t h e
t h e e x t e n t o f o n o in c h a n d t w e l v e h u n d r e d t h s .
Palestine,
w eek,
to
M in im u m th e rm o m e te r 3 0 .
.
San Antonio, Tex.— T h e r e h a s b e e n r a in o n f i v e d a y s o f t h e
p a s t w e e k , t h o r a i n f a ll r e a c h i n g f i f t y - f i v e h u n d r e d t h s o f a n
in c h .
L o w e st th e rm o m e te r 3 0 .
Taylor, Tex.— T h o r o h a s b e e n r a in o n f o u r d a y s d u r i n g t h e
w e e k , th e r a in fa ll b e in g s e v e n t y -n in e h u n d r e d th s o f a n in c h .
M in im u m th e rm o m e te r 3 0 .
New Orleans, La.—
W o h a v e h a d r a in o n f o u r d a y s o f t h e
th o r a in fa ll r e a c h in g s e v e n t y -t w o h u n d r e d th s o f a n
T h o th e rm o m e te r h as av era g ed 4 9 .
Shreveport, La.— T h e r e h a s b e e n r a in o n f o u r d a y s d u r i n g
th e w e e k , to th o e x t e n t o f e ig h t y -o n e h u n d r e d th s o f a n in c h .
T h e th e rm o m e te r h as ra n ged fro m 2 9 to 5 0 .
Vicksburg, Miss.— T h e r e h a s b e e n r a in o n t w o d a y s d u r in g
t h o w e e k , t h e r a i n f a l l b e i n g t h r e e in c h e s a n d f i v e h u n d r e d t h s .
T h e th e r m o m e te r h a s ra n g e d fro m 2 9 to 0 4 , a v e ra g in g 4 3 .
Helena, Ark.— R a i n s a r e d e l a y i n g f a r m w o r k . T h e r i v e r
is f a l l i n g r a p i d l y a n d n o d a m a g e h a s o c c u r r e d b a c k o f t h e
le v e e .
R a i n h a s f a lle n t o t h o e x t o n t o f o n e in c h a n d n i n e t y n in e h u n d r e d th s o n th r e e d a y s d u r in g th o w e e k .
M a x im u m
te m p e r a tu r e 4 4 , m in im u m 2 2 a n d a v e ra g o 3 5 .8 .
Little Rock, Ark.— T h e r e h a s b e e n r a in o n t h r e o d a y s d u r
i n g t h e w e e k , t h o r a i n f a ll b e i n g o n e in c h a n d t w e n t y h u n
d re d th s.
T h e th e r m o m e te r h a s ra n g e d fr o m 2 2 to 4 0 , a v e r
a g in g 3 4 .
Memphis, Tenn.— T h e r i v e r is n o w 3 5 . 7 f o o t o n t h o g a u g e ,
o r s e v e n - t e n t h s o f a f o o t a b o v e t h o f l o o d s t a g e , a n d f a lli n g
r a p id ly .
R a i n o n t h r e o d a y s o f t h o w e e k , w i t h t h o p r e c ip i
t a t i o n o n e in c h a n d t w e n t y - f o u r h u n d r e d t h s .
T h e th e rm o m
e te r ra n g e d fro m 2 0 to 4 7 , a v e ra g in g 4 1 .
Mobile, Ala.— R a i n h a s f a lle n o n f o u r d a y s o f t h e w e e k ,
th o p r e c ip ita tio n r e a c h in g s ix t y -f iv e h u n d r e d th s o f a n in c h .
T h o th e r m o m e te r h a s a v e r a g e d 4 9 , r a n g in g fr o m 3 2 to 6 5 .
Selma, Ala.— W e h a v e h a d r a in o n t w o d a y s o f t h o p a s t
w e e k , t h e r a i n f a ll b e i n g f o r t y - t h r e o h u n d r e d t h s o f a n i n c h .
T h o th e r m o m e te r h a s a v e r a g e d 4 2 , r a n g in g fr o m 2 5 to 6 9 .
Madison, Fla.— R a i n h a s f a l l e n o n f o u r d a y s o f t h o w e e k ,
t h o r a i n f a l l r e a c h i n g o n o in c h a n d n i n o t y h u n d r e d t h s .
The
th e r m o m e te r h a s r a n g e d fr o m 3 7 to 7 4 , a v e r a g in g 5 3 .
Savannah, Ga.— W e h a v e h a d r a in o n t h r e o d a y s d u r i n g t h e
w e e k , th e p r e c ip ita tio n b e in g fo r t y -e ig h t h u n d r e d th s o f a n
in c h .
T h e th e r m o m e te r h a s a v e r a g e d 5 2 , th o h ig h e s t b e in g
7 3 a n d th o lo w e s t 3 3 .
Charleston, S. C.— R a i n h a s f a l l e n o n t h r e o d a y s o f t h o w e e k ,
t h e r a i n f a ll r e a c h i n g s i x t y - f o u r h u n d r e d t h s o f a n i n c h .
Tho
th e r m o m e te r h a s r a n g e d fr o m 3 1 to 6 8 , a v e r a g in g 5 0 .
w eek,
in c h .
Charlotte, N. C.— T h e r e h a s b e e n r a in d u r i n g t h e w e e k ,
to th o e x te n t o f s e v e n t y -fo u r h u n d r e d th s o f a n in c h .
Tho
th e r m o m e te r h a s r a n g e d fr o m 2 1 to 5 2 , a v e r a g in g 3 6 .
C O T T O N C O N S U M P T IO N A N D O V E R L A N D M O V E
M E N T T O F E B . 1 .— B e lo w w o p r e s e n t a s y n o p s is o f th o
c r o p m o v e m e n t fo r th o m o n t h o f J a n u a r y a n d th o fiv e m o n th s
e n d e d J a n . 3 1 fo r th r e e y e a r s
Gross overland for January____________
Gross overland for 5 months___________
Not overland for January______________
Net overland for 5 months_____________
Port receipts in January________________
Port receipts In 5 months______________
Exports in January____________________
Exports in 5 months----------------------------Port stocks on Jan. 31__________________
Northern spinners’ takings to Feb. 1-----Southern consumption to Feb. 1-----------Overland to Canada for 5 months (in
cluded in net overland)______________
Burnt North and South in 5 months_____
Stock at North, interior markets Fob. l ._
Came in sight during January--------------Amount of crop in sight Feb. I -------------Came in sight balance of season. -----------Total crop-----------------■ ------------------Averago gross weight of bales----------------Averago net weight of bales-------------------
1912-13.
1911-12.
1910-11
247,170
1,050.552
193,853
819,297
701,975
7,704,043
930,799
0,209,020
859,328
1,088,951
1,224,000
205,714
1,040,987
222,015
802,920
1,449,708
8,515,805
1,550,750
0,730,515
1,385,075
1,451,755
1,041.000
109,424
891,457
130,397
717,841
1,001,078
7,043,445
1,042,103
5,421,293
1,032,420
1,488,802
991,000
93.428
70,935
84,281
143
” 18,983
10,900
27,388
1,111,009 1,731,783 1,179,175
10,427,121 11,129,785 9,387,280
4.913.531 2,745,040
10,043,310 12,132,332
510.88
512.89
519.90
494.90
491.88
487.89
+ 18,000
b On $350,000 preferred stock.
REPORTS B Y
te le g r a p h
330,425 0.83
$
[V o l . XCVI.
W O R L D ’S S U P P L Y
A N D
T A K IN G S
OF
CO TTO N .
1911-12.
1912-13.
C otton T akings.
Week and Season.
Week.
Season.
Week.
Visible supply Feb. 7------------- 5,912,077 2,135,485 0,121,017 1,603,418
Visible supply Sept. 1 .- - - - - - - 188,529 10,817.973 368,217 12,046,928
American in sight to Feb. 14--110,000 1,151,000 116,000 1,140,000
Ilombay receipts to Fob. 13--102,000
17,900
71,100
Other India snip’ ts to Feb. 13.
13.000
942.000
31,000
827.000
Alexandria receipts to Feb. 12..
162.000
173.000
15.000
3,000
Other supply to Feb. 12 *------Total supply_______________ 0,250,506 15,321,458 6,039,234 15,850,448
Deduct—•
Visiblo supply Feb. 14------------ 5,770,230 5,770,236 6,144,179 6,144.179
Total takings to Feb. 14 a ------ 486 270 9 551 222 495 055 9 706 267
325 270 7 744 222 360 055 7 8 6 8 167
Of which A m erican-----------160,900 1,807,000 135,000 1,838,100
Of which other
, aCl„ Smyrna West Indies &c.
* Embraces receipts in Europe from Brazil
a This
T h is ttotal
o t a l in
c lu d e s u
iu eestimated
s u m u t e u cconsumption
o n s u m p t i o n b y S o u t h e r n m ills
includes
tho
1,336,000 b a le s in 1912-13 a n d 1,177.000 b a le s in 1 9 1 1-12— t a k in g s n o t
b e in g a v a i l a b l e — a n d t h e a g g r e g a t e a m o u n t s t ^ n
b y N o r t o and
fo r e ig n s p in n e r s , 8,215,222 b a le s in 1912-13 a n d 8,529,167 b a le s in 1J11-12,
o f w h ic h 6,408,222 b a le s a n d 6,691,167 b a le s A m e r ic a n .
A L E X A N D R IA
R E C E IP T S A N D
Alexandria, Egypt,
February 12.
Receipts (cantars)—
This week______________
Since Sept. 1----------------
Exports (bales)—
S H IP M E N T S .
1912-13.
1911-12.
1910-11.
95,000
7,062.224
230,000
6,202.880
105,000
6.827,181
This 1 Since
Week. Sept. 1.
This
Since
Week. Sept. 1.
This
Since
Week. Sept. 1.
Liverpool___________ 6,500 155,287 9,500 134,228 2,259
Manchester_________ 10,250 166,683 14,500 165,508 9.000
Continent and India- 20,000 238,024 1 2 , 0 0 0 225,158 12.250
America____________ 6:250; 87,884 6,750 51,972 2 . 0 0 0
Total exports________ 43.000 647.878 42,750 576,866 25,500
To
To
To
To
159,682
163.859
260,847
61,433
665,821
THE CHRONICLE
P e b . 15 1913]
IN D IA C O T T O N M O V E M E N T F R O M
A L L P O R T S .—
T h o r e c e ip t s o f I n d i a c o t t o n
at B o m b a y and
fr o m a ll
w eek
I n d ia
p o rts
fo r
th o
and
th e sh ip m e n ts
fo r th o se a so n fr o m
S o p t . 1 fo r th r o e y e a r s h a v e b e e n a s fo llo w s :
1912-13.
February 13
Receipts at—
1
Week.
1911-12.
Since
Sept. 1.
1010 11.
Since
Sept. 1.
Since
Sept. 1. . Week.
Week.
Bombay................ .......... 110,000 1,151,000 116,000 1,140,000 51,000 1,168,000
For the Week.
Exports
from—
Great
Britain
Since September 1.
Conti- Japan
nent. AChlna Total.
Great
Britain.
Japan
<k China.
Continent.
Bombay—
1912-13.
9,000 75,000 81,000
191112.
—
13,000 36.00C 49,000
1910- 11. —
8,000 28,000 36,000
Calcutta—
191213..
1,000
-- -4,600 5,600
191112..
—
—
_____
. . . .
1910- 11.. —
1,000
—
1,000
Madras—
191213..
_____
2,000
2,000,
191112..
—
_____
1910- 11.. —
1,000
—
i ,6ooj
All others—
_____
191213..
10,300 10,300
191112..
_
_____
_____
191011.. 15,000
3,000
—
is .ooo:
Total all—
191219111910-11 ..
|
1
27,000 213,000 3 7 8 ,0 0 0 '
10,000 155,000 343,100 508,100
52,000 517,000 280,305
13,000 142,000 361,000 516.000
2,000 100,000 335,000 437.000
17,000 406,000 273,000 696.000
13._ 11,000 89,900 101,90o|
1,000
12.. 13,000 36,000 49,000
3,000 25,000 28,000 56,000
3,000
2,000
2,000
7,000
6,000
9,000
5,000
900
6,000
15.000
8,900
17.000
4,000
2,000
8,000
13,000
5,000
16,000
700
5
17.000
7,700
24,005
7,000
4,000
25,000
51,000
44,000
86,000
12,000
6,500
1,300(
70.000
C o t t o n fr e ig h ts a t N e w Y o r k th o p a s t w e e k h a v e b e e n a s
f o l l o w s , q u o t a t i o n s b e i n g in c e n t s p e r 1 0 0 l b s . :
Sat.
F ri.
Thuts.
Jon.
Tues.
Wed.
Liverpool_____
30
30
Manchester _
35
35
H a v r e ----------------- 4040
@45
@45 40@45
B rem en ____________ 40,jo
40
Hamburg____
eo
60
60
Antwerp
........._ ! 40@50
40@50 40@50
Ghent, via Antwerp 46@56
46 @56 46 @56
g e v a l .......................
5
0
50
50
Barcelona___________ 6565
65
G e n o a ____________
50 5 0
50
Trieste_______________ 550
0
50
Japan______________ 707 0
70
B om bay________ !
7 070
70
bales
Sales of the week___
45,000
Of which speculators t o o k ..
2,000
Of which exporters took.
*„„„
1,000
Sales, American__________
4
0 000
40,000
Actual export_________
10
000
10,000
Forw arded................................... 114,000
1 1 4 ,0 0 0
Total stock— Estimated_____ l,462i000
,462,000
Of which American_______ 1,288,000
,288.000
Total imports of the week__ 198.000
Of which American_______ 166
000
166,000
Amount a flo a t______
3
1 7 ’nnn
317,000
Of which A m erican ...
—
260.000
b a le s d u r i n g
th o w e e k
and
s in c e S o p t .
1 sh ow
pI m
inci
an
1
. J
c a b lo
t o -n ig h t
M A R K E T .— O ur
fro m
M a n c h e ste r
c o n tin u e s q u ie t fo r b o t h
f o r C h i n a is i m p r o v i n g .
and
ro p ort
sta te s
yarn s an d
r e c e iv e d
th a t
sh ir tin g s .
th e
by
m arket
T h o dem and
W e g i v o t h e p r ic e s f o r t o - d a y b e l o w
le a v e th o s o fo r p r e v io u s w e e k s o f
th is a n d la s t y e a r fo r
c o m p a riso n :
1912.-13.
Twist.
Dec.
27
Jan.
3
10
17
24
31
Feb.
7
14
cl. 9. d.
<1.
10!*
@
10%,
10%
10%
10
10
@
@
10
@
(</)
10%
11% 6 3
11%
11%
Ut\ 11
@ 10%
(a 10%
6
6
6
6
6
d.
@11 6
6 3
11.6 4
@116
<§ 11 6
ings, common
to finest.
Twist.
d.
7.18 8%
4 @11 7%
4 @11 7
3 (■• 11 6
3 @11 6
3 @11 6
10%
S H IP P IN G
8. (1.
8% lbs. Shirt Cot'n
32* Cop
ings, common M id.
to finest.
Upl't
d. a. d.
@
9%
5
4
9%
9%
9%
9%
9%
5
5
5
5
5
4%@10
5 @10
4% 10
5 @10
5%@ 10
@9 13 16 5
<S 10
5
M id.
VpV
a. d.
7.19 8%
@
7.02 8%
@
6.80 8%
@
6.69 8%
@
6,84 8 11-16@
6.84 8%
6.93 9
@10 3
5.22
5.37
5.40
5.50
5.77
5.90
5.85
N E W S . — A s s h o w n o n a p r e v io u s p a g e , th e
1 1 1 ,4 4 6
b a lo s .
Tho
sh ip m e n ts
in
d e ta il,
jaR n________________________
BOSTON— T oL lverp ool— Feb. Y —Canadian," 2‘ 6 l 7 l I iFeb".' 16—
Arabic. 711________________
To Manchester— Feb. 7— Iberian. 584H II
.........
PHILADELPHIA— To Liverpool— Feb. 8— Bovic '950
T o Rotterdam— Feb. 6— Epsom, lOO.-.Fob. 12— Zlldyk.'iOO"
SAN FRANCISCO— To Japan— Feb. 10— Nilo, 8 6 9 . . . . . . . . . .
PORT TOWNSEND— To Japan— Feb. 11— AwaM aru, 1,455___
800
1,530
6,046
16,000
925
1,571
1 ,35°
2 728
V.ua.
950
200
869
1,455
Total .....................................- ----------- ---------------------- ---------------- 111,446
T h o p a r t i c u la r s o f t h o f o r e g o i n g s h i p m e n t s f o r t h o w e e k ,
a r r a n g e d in o u r u s u a l f o r m , a r o a s f o l l o w s :
Great French Ger- - —Oth.Europe— M ex.,
Britain. ports. many. North. South. & c. <
1.592
27,129
13,183
7,177 8,478
6,046
—
16,000
—
-
■I 3,312
-950
—
—
.20,825
__ _
—
7,393 72,428
Total.
678
2,113
210
289
—
'2 6 6
__ —
489
550
__
3,846
-
800
...
-----—
I ll
__
—
7,187
800
869
2,486
39,380
13,183
22,189
7,576
19,846
3,312
1,150
869
1.455
T h e o x p o r t s t o J a p a n s in c e S e p t . 1 h a v e b e e n 1 8 9 , 2 8 9 b a le s
fr o m P a c ific p o r ts .
50,000
3,000
1,000
42,000
12,000
96,000
1,455,000
1,281,000
88,000
55,000
236,000
177,000
Monday.
Tuesday.
Quiet.
A fair
business
doing.
Good
demand.
Wednesday. Thursday.
Moderate
demand.
Moderate
demand.
Friday.
More
demand.
6.94
6.97
6.99
6.96
6.96
6.93
Spec.&exp.
7,000
500
8,000
800
10,000
1,000
8,000
700
7,000
500
10,000
700
Market
opened
Steady at Steady at
\ %@1 Pt. 2 points
J advance. advance.
Market
4
P .M .
1 Quiet at
J*@l Pt.
J decline.
Futures.
Steady at
1@2 pts.
pts. adv.
Steady at
4@4%
pts. dec.
Quiet at Very st’y, Quiet at
3@4%
1%@2%
3% @4
pts. adv. pts. adv. pts. dec.
Quiet at
1%@2
pts. adv.
Quiet gen.
1% Pts.
decline.
Steady at
%@1%
pts. adv.
Quiet at
2@3J*
pts. dec.
The prices are given in pence and lOOdas.
Feb. 8
Sat.
to
Feb. 14. 12% 12%
p.m. p.m.
February
Feb.-M ch
M ch.-Apr
Apr.-May
May-Juno
June-July
July-Aug.
Aug .-Sept
Sept.-Oct
Oet.-Nov
Nov.-Dee
Dec.-Jan.
Jan.-Feb
6
6
6
6
6
6
6
6
6
6
6
6
6
d.
Mon.
Thus: 6 70 means 6 70-100<i.
Tues.
W ed.
T hurs.
Fri.
12 % 4 12% 4 112!*
12!* 4 12!* 4
p.m. p.m p.m. p.m. p.m. p.m p.m. p.m p.m. p.m.
70
68
68
66%
66
63%
60
49
34%
26%
24
23
22
d.
73
71%
71%
70
69%
67
63%
53
37!*
29%
27
26
25
d.
73
72
72
™%
70
68
64>*
54
38!*
30!*
27 %
26!*
25!*
d.
75
74
74
2P
56!*
40!*
32
29!*
28!*
27!*
d.
75
74
74
72!*
72
70!*
67
56!*
40!*
32
29
28
27
d.
72!*
71!*
71!*
70
69!*
68
64!*
54
38
29
26!*
25!*
24!*
d.
71
70
70
68!*
68
66!*
63
53
37
38!*
25!*
24!*
23!*
d.
72
70!*
70!*
70
69%
68
64!*
54!*
39
30!*
28
27
26
d
71!*
70!*
70!*
69!*
69
67!*
64!*
d.
69
68
68
67%
67
65!*
62!*
§4H 52!*
38 36
29!* 27%
26!* 25
25!* 24
24!* 23
d.
68
67
67
66!*
66!*
65
61!*
51!*
35!*
27 *
24!*
23!*
22!*
BREADSTUFFS.
NEW Y O R K -T o H a v r q -F e b 8-R och am beau, 216 Sea Island!."* *2 1 6
To Bremen— Feb. 11— Buelow, 1,592..
i cqo
T o Genoa— Feb. 7— Mendoza, 200
onn
To Naples— Feb. 11— Ullonia, 478
.....................................
_
Now Orleans!!-- 4,895
49,000
3,000
2,000
44,000
17,000
79.000
1,475.000
1,302,000
123,000
105.000
276,000
209,000
as m a d e
u p f r o m m a i l a n d t e le g r a p h i c r e t u r n s , a r o a s f o l l o w s :
._
Saturday.
5.01
4
5
6
7%
8
6%@11 0
7% @ 11 1
d
e x p o r ts o f c o t t o n fr o m th o U n it e d S ta t e s th e p a s t w e e k h a v e
reach ed
47,000
6,000
1,000
42,000
14,000
99,000
1,445,000
1.273,000
96,000
76,000
318,000
266,000
T h e p r ic e s o f f u t u r e s a t L i v e r p o o l f o r e a c h d a y a r e g i v e n
b e lo w .
P r i c e s a r e o n t h o b a s is o f u p l a n d , g o o d o r d i n a r y
c la u s e , u n le s s o th e r w is e s t a t e d .
1911-12.
8% lbs. Shirt Cot’n
32* Cop
HOLI
DAY.
30
35
40 @45
40
60
50 @50
46@56
50
65
50
50
70
70
Mid.Upl’ds
o f 1 0 9 ,9 0 0 b a le s .
M A N C H E STE R
30
35
4p@45
40
60
40@50
46 @56
50
65
50
50
70
70
T h e to n e o f th e L iv e r p o o l m a r k e t fo r s p o ts a n d fu tu r e s
e a c h d a y o f th e p a s t w e e k a n d th e d a ily c lo s in g p r ic e s o f
s p o t c o t t o n h a v e b e e n a s fo llo w s :
Spot.
E x p o r t s f r o m a ll I n d i a p o r t s r e c o r d a g a i n o f 5 2
30
35
40@45
40
60
40 @ 50
46 @56
50
65
50
50
70
70
L I V E R P O O L .— B y c a b le fr o m L iv e r p o o l w e h a v e th e
fo llo w in g s t a t e m e n t o f th e w e e k ’s s a le s , s t o c k s ,
& c ., a t
th a t p o r t:
Feb. 14.
Jan. 24.
Jan. 31.
Feb. 7.
Market,
b a le s .
4J>9
T,
,
,
Friday Night, Feb. 1 4 1 9 1 3 . ^ P^l
E l o u r h a s b e e n in m o d e r a t e d e m a n d a t g e n e r a l l y s t e a d y
p rice s.
I n o t h e r w o r d s , t h e r e is a l a c k o f n e w f e a t u r e s .
B u y e r s c o n t i n u e t o p u r c h a s e o n t h o s a m e r e s t r ic t e d s c a le a s
fo r m a n y w e e k s p a s t .
N a t u r a lly th e s itu a tio n a s re g a rd s
t r a d e h a s n o t b e e n i m p r o v e d b y t h e d e c lin e in w h e a t .
Such
a n o c c u r r e n c e is a p t t o c a u s e b u y e r s t o h o l d a l o o f , i f p o s s i b l e ,
m o ro th a n e v e r .
N o r t h w e s t e r n m i l l s h a v e in s o m e c a s e s
b e e n q u o t i n g v e r y l o w p r i c e s , i t is s a i d .
A n in c r e a se d in
q u i r y , h o w e v e r , is r e p o r t e d f o r f i r s t c le a r a t M i n n e a p o l i s .
L o n d o n s e e m s t o b e s h o w i n g m o r o i n t e r e s t in N o r t h w e s t e r n
H ou r.
P r i c e s a t t h e N o r t h w e s t a r e m o r e o r le s s ir r e g u l a r ,
s a le s in s o m e c a s e s in c r e a s in g a t t h e e x p e n s e o f v a l u e .
The
p r o d u c tio n a t M in n e a p o lis , D u lu t h a n d M ilw a u k e e fo r th e
w o e k w a s 3 4 3 , 0 4 0 b a r r e l s , a g a i n s t 3 6 7 , 5 1 0 in t h e p r e v i o u s
w e e k a n d 3 1 8 ,1 1 5 la s t y e a r .
W h e a t h a s d e c l i n e d , p a r t l y o w i n g t o lo w e r f o r e i g n m a r k e t s .
F r e e o ffe r in g s o f A r g e n t in e w h e a t h a v e te n d e d to d e p r e ss
L iv e r p o o l q u o t a t io n s ;
s o h a s t h e o c c u r r e n c e o f b e n e f i c ia l
r a in s in I n d i a ;
a n d t h e w o r l d ’s e x p o r t s a r e e x p e c t e d t o b e
la r g o t h i s w e e k .
T h e y w ere la s t w e e k .
S o m e b u s in e s s h a s
b e e n d o n e fo r e x p o r t , b u t o n th e w h o le th o c a s h d e m a n d h a s
b e e n n o th in g v e r y s t im u la t in g .
I n f a c t , t h e f o r e i g n b u s in e s s
h a s s h o w n s o m e fa llin g o f f .
A g a i n , th e w o r ld ’s s h ip m e n t s la s t
w e e k , t h o u g h s m a l l e r t h a n in t h e p r e v i o u s w e e k b y a b o u t
a m i lli o n b u s h e l s , w e r e n o t i c e a b l y in e x c e s s o f r e q u i r e m e n t s
I n o th e r w o r d s , t h e y a m o u n t e d to 1 4 ,8 0 0 ,0 0 0 b u s h e ls , a g a in s t
1 5 , 7 2 8 , 0 0 0 in t h e p r e v i o u s w e e k a n d 8 , 2 0 8 , 0 0 0 in t h e s a m e
w e e k la s t o f y e a r .
I n F r a n c e th e o ffe r in g s o f th e n a t iv e
w heat
are
la r g e r
and
th e
w e a th e r
is
im p r o v
in g ,
it b e in g
d ry
and
m ild .
D e c id e d ly
la r g e r
o f
f e r in g s o f
n a tiv e
w heat
are
re p o rte d
in
G erm an y
a ls o .
W h a t is m o r e , t h e q u a l i t y is b e t t e r .
R u s s ia n e x
p o r t s p r o m i s e t o c o n t i n u e o n t h e i r p r e s e n t li b e r a l s c a le f o r
s o m e tim e to c o m e .
L a s t w e e k th e y w ere 1 ,6 0 8 ,0 0 0 b u s h
e l s , a g a i n s t 1 , 6 6 4 , 0 0 0 in t h e p r e v i o u s w e e k a n d 4 5 6 , 0 0 0 in
th e s a m e w e e k la s t y e a r .
I n I t a l y t h e c r o p o u t l o o k is s a t i s -
fa c to ry .
T h e w o r l d ’ s s t o c k o f w h e a t is 2 0 2 , 6 0 9 , 0 0 0 b u s h e l s ,
a g a in s t 1 9 0 ,8 3 3 ,0 0 0 a t th e s a m e tim e la s t y e a r a n d 1 8 5 ,4 0 1 ,
0 0 0 tw o years a g o .
A m o n g th e th in g s w h ic h h a v e m ilit a t e d
a g a in s t th e m a r k e t h a v e b e e n th e s m a lln e s s o f th e d e c r e a s e
in t h e w o r l d ’ s a v a i l a b l e s u p p l y a n d t h e s l o w i n g d o w n o f t h e
cash d em a n d .
T h e d o m e s tic v is ib le s u p p l y , c o n t r a r y to
e x p e c t a t i o n s , h a s in c r e a s e d s o m e w h a t , w h e r e a s a y e a r a g o
it w a s d e c r e a s in g ; i . e . , th e r e w a s a n in c r e a s e la s t w e e k o f
7 7 . 0 0 0 b u s h e l s , w h e r e a s in t h e s a m e w e e k l a s t y e a r t h e r e w a s
a d e c r e a s e o f 6 1 0 ,0 0 0 b u s h e ls .
T h e v i s i b l e s u p p l y in t h i s
c o u n t r y is p u t a t 6 4 , 9 9 1 , 0 0 0 b u s h e l s , a g a i n s t 5 9 , 8 1 5 , 0 0 0 a t
th e s a m e tim e la s t y e a r .
T h e w o r ld ’s s to c k o f A m e r ic a n
w h e a t is 1 2 3 , 0 0 0 , 0 0 0 , a g a i n s t 1 1 5 , 2 3 0 , 0 0 0 b u s h e l s a y e a r a g o
a n d 7 6 , 6 0 0 , 0 0 0 a t t h i s t i m e in 1 9 1 1 .
T h e w o r ld ’s sto c k o f
w h e a t d e c r e a s e d fo r th e w e e k o n ly 1 ,1 4 6 ,0 0 0 b u s h e ls , a g a in s t
a d e c r e a s e in t h e s a m e w e e k l a s t y e a r o f 7 , 8 7 9 , 0 0 0 b u s h e l s .
T h e d e c lin e in c o r n h a s l a t t e r l y l e d t o c o n s i d e r a b l e s e lli n g
o u t o f lo n g w h e a t a n d a ls o to s o m e e x te n s io n o f th o sh o r t
i n t e r e s t in w h e a t .
Y e t , o n t h e o t h e r h a n d , p r ic e s a r e n o w
o v e r 2 0 c e n t s a b u s h e l lo w e r t h a n a y e a r a g o . a n d t h i s is r e
g a r d e d b y s o m e a s o f f s e t t i n g a n y b e a r i s h f e a t u r e s in t h e
s itu a tio n .
E x p o r t e r s a r e s till in th e m a r k e t a n d a r e b u y in g
m o r e o r le s s f r o m t i m e t o t i m e .
T h e t e n d e n c y is t o f o r m a
c o n s id e r a b le s h o r t in te r e s t, w h ic h
m ay
u lt im a t e ly p ro v e
v u ln e r a b le to a t t a c k .
T h e c o n t r a c t s t o c k in C h i c a g o is o n l y
3 . 8 9 2 . 0 0 0 b u s h e l s , a g a i n s t 8 , 7 3 8 , 0 0 0 b u s h e ls a y e a r a g o .
To
d a y p ric e sw o r e s t r o n g e r .
I t is s a i d t o b e t o o d r y o v e r a p o r
tio n o f th e W e s t e r n a n d S o u th w e ste r n w in te r
w h e a t-b e lt.
A r g e n t i n e s h i p m e n t s w e r e s m a lle r t h a n e x p e c t e d .
W o r l d ’s
s h ip m e n t s a r e e s t im a t e d a t o n ly a b o u t 1 4 ,0 0 0 ,0 0 0 b u s h e ls .
D A IL Y CLOSING PRICES OF WHEAT FUTURES IN NEW YO R K .
Sat
' ' o n . Tues. Wed.
. . .Thurs. Fri.•
Sat.
M
110
110
No. 2 red.......... .........................cts.110
109 43
110*4 110
M ay delivery In elevator-------------- 100
10043_ 100
9943 IIoll- 98 43 99
H
98 H 9843 day.
9753 97 43
July delivery In elevator_________ 98985-3
9643 9643
W HEAT FUTURES IN CHICAGO.
Sat.
M on.
94
9143
9043
9443
/
3
M ay delivery In elevator_____cts. 94
92KM
July delivery In elevator_________ 92
Sept, delivery in elevator________ 90$-$
9053
Tues.
Wed. Thurs.
9343
9143 IIoll9043 day.
9243
9053
8943
Fri.
D A IL Y CLOSING PRICES OF NO. 2 M IX E D CORN IN NEW YORK.
Sat.
M on.
Tues.
Wed. Thurs.
Fri.
Cash com ___
nora. nom. nom. Hoi. nom. nom.
D A IL Y CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
M on.
M ay delivery in elevator.................54 M
July delivery in elevator-------------- 54 1/s
Sept, delivery In elevator------------ 55 %
/i
Tues.
53
54
55 %
Wed. Thurs.
53 M
53 V» IIoll54J-6 day.
Fri.
52
52 %
53M
52 H
53 %
543-1
O a t s h a v e d e c lin e d p a r t l y in s y m p a t h y w i t h o t h e r g r a i n .
M o r e o v e r th e c a sh d e m a n d h a s b e e n v e r y m o d e r a te .
Tho
a v a ila b le s t o c k o f A m e r ic a n o a t s h a s in c r e a s e d w ith in a w e e k
1 . 2 1 8 . 0 0 0 b u s h e ls a g a i n s t a n in c r e a s e in t h e s a m e w e e k l a s t
y e a r o f o n ly 4 9 1 ,0 0 0 b u s h e ls .
E a r l y in t h e w e e k p r ic e s
s h o w e d n o t a l i t t l e f i r m n e s s w i t h b i g in t e r e s t s in C h i c a g o
a n d a ls o th e lo c a l s h o r ts b u y i n g .
S in c e t h e n , h o w e v e r , t h e
d e c lin e i n o t h e r g r a in a n d t h e s m a l l n e s s o f t h e c a s h d e m a n d
h a v e e x e r t e d a m o r e o r le s s d e p r e s s i n g i n f l u e n c e .
Y e t it
r e m a in s tru e t h a t o a ts h a v e n o t sh o w n th e s a m e d eg ree o f
d e p r e s s i o n a s e it h e r c o r n o r w h e a t .
T h e y are r e la tiv e ly
c h e a p in t h e e s t i m a t i o n o f m a n y .
P rice s a r e o v e r 2 0 c e n ts
a b u s h e l lo w e r t h a n t h e y w o r e a y e a r a g o .
T o - d a y p r ic e s
r e c o v e r e d a fte r a n e a r ly d e c lin e .
D A IL Y CLOSING PRICES
OF OATS IN
Sat.
40
41H
Ton.
40
41H
Tues.
Hallday.
NEW YO R K .
Wed. Thurs.
39@ 39^
nom.
.
Fri.
39@39
nom.
DA ILY CLOSING PRICKS O
May delivery in elevator_____cts. 35>4
July delivery in elevator-------------- 353-8
Sept, delivery In elevator.........— 35K
35H
3-m
35>4
343,
34 K Holi34 X day.
T h e fo llo w in g a r e c lo s in g q u o t a t io n s :
Winter, low grades___ $3 60(i
Winter patents________ 5 50 (i
Winter straights--------- 4 600
Winter clears_________ 4 250
Spring patents------------ 4 600
Spring straights_______ 4 400
Spring clears-------------- 4 000
P
FLOUR.
Kansas straights, sacks.$ 4 30 0
Kansas clears, s a c k s ... 3 750
City patents---------------- 0 200
R y e f l o u r ------------------------- 3 650
G r a h a m flo u r ------------------- 4 0 0 0
Buckwheat, cwt_______
GRAIN .
Wheat, per bushel— f. o. b.
Corn, per bushel—
No. 2__________ elevator Nominal
N. Spring. No. 1...............-SI 00 H
56
N. Spring, No. 2 ,__________ nom. Steam er_______ elevator
No. 3........................ c.l.f. Nominal
Red winter. No. 2 , ______ 109J4
Rye, per bushel—
Hard winter. No. 2----------- 1 03H
Oats, per bushel, new—
Cents.
No. 2 . . ............................
66@67
State & Pennsylvania__ Nominal
Standards.......................39@3934
N o. 2, white______________
nom. Barley—M a ltin g .............
60@72
No. 3 .............................3834 @39
T h e s t a te m e n ts o f th e m o v e m e n t o f b r e a d s tu ffs to m a r k e t
i n d i c a t e d b e l o w a r e p r e p a r e d b y u s f r o m f ig u r e s c o l l e c t e d b y
th e N e w Y o r k P ro d u c e E x c h a n g e .
T h e r e c e ip t s a t W e s t e r n
la k e a n d riv e r p o r ts fo r th e w e e k e n d in g la s t S a tu r d a y a n d
s in c e A u g u s t 1 f o r e a c h o f t h e l a s t t h r e e y e a r s h a v e b e e n :
Receipts at—
Chicago__
Milwaukee .
Duluth____
Minneapolis.
Toledo ___
Detroit— . .
Cleveland . .
St. Louis...
Peoria........
Kansas City
Omaha........
Flour.
168,000
24,000
9,000
12,000
57.000
42.000
34
34 H
34 H
580.000
130.000
459.000
2,157,000
28,000
5.000
9.000
743.000
40,000
589.000
443.000
5,304,
321,
5,183,000
2,885,429
2,475,620
8,690,000
7,126,507
5,341,243
312,000
313,537
297,378
Total wk. ’ 13
Same wk. "12
Same wk. ’ ll
Baricy.
Oats.
Corn.
Wheat.
Rue.
bush. 32 lbs. bushA8lbs. bu. 56 lbs.
bbls.mtbs. bush. GOlbs. bush. 56
2,059,000
142.000
32.000
299.000
74.000
30.000
100.000
456.000
116.000
180,000
397,000
160,
76,
68
89,
774
726
444
728
808,000
619.000
54,000
616.000
57.000
74.000
15.000
102,000
1,000
74.000
38.000
2,000
16,000
3,885,000 2,210,000
2,940,442 1,060,152
2,872,371
939,085
266,000
165,779
83,210
Since Aug. 1
1912-13... 10,214,520 262,754,966 128,627,228 151,969,688 68,459,330 12 588642
1911-12... 6,628,503 179,895,140 111,511,186 87,216,022 50,766,506 6,243,470
1910-11... 9,352,015 159,182,431 116,591,697 121,819,238 47,432,938 3,786,908
T o t a l r e c e ip t s o f f l o u r a n d g r a i n a t t h e s e a b o a r d p o r t s f o r
th o w e e k e n d e d F e b . 8 1 9 1 3 fo llo w :
Olas,
Barley,
Corn,
Rye,
Flour,
Wheat,
bush.
bush.
bush.
bush.
bbls.
bush.
Receipts at—
.. 161,000
.. 38,000
..
8,000
.. 73,000
.. 49,000
.. 47,000
3,000
4,000
Boston.........
Portland. Me.
9243
91 i t
90
I n d i a n c o r n h a s d e c l i n e d , o w i n g p a r t l y t o c o n t i n u e d la r g e
r e c e ip ts a n d th e s m a lln e s s a t t im e s o f t h e c a s h d e m a n d .
E a r l y in t h e w e e k t h e o f f e r i n g s o f c a s h c o r n w e r e d e s c r ib e d
a s t h e la r g e s t o f th e s e a s o n .
In o th e r w o r d s, th e c o u n try
s h o w e d m o r e d e s ir e t o s e l l .
A c o n t i n u e d b i g m o v e m e n t is
e x p e c te d .
T h e v i s i b l e s u p p l y s t a t e m e n t l e n t c o lo r t o t h i s
e x p e c ta tio n .
I t s h o w e d a n in c r e a s e f o r t h e w e e k o f 2 , 6 1 9 , 0 0 0
b u s h e ls , w h ic h w a s c e r ta in ly la r g e r th a n e x p e c t e d , a lth o u g h it
w a s le s s t h a n i n t h e c o r r e s p o n d i n g w e e k l a s t y e a r , w h e n t h e
in c r e a s e w a s 3 ,2 1 3 ,0 0 0 b u s h e ls .
A n o t h e r s t a t e m e n t o f th o
a v a i l a b l e s t o c k p u t t h e in c r e a s e f o r t h e w e e k a t 3 , 1 2 5 , 0 0 0
b u s h e ls , a g a in s t a n in c r e a s e in th e s a m e w e e k la s t y e a r o f
3 . 1 5 1 .0 0 0 b u s h e ls .
T h a t is t o s a y , t h e b i g c r o p is b e g i n n i n g
to te ll.
O n th e o th e r h a n d , th e re h a s b e e n q u ite a g o o d
e x p o r t b u s in e s s .
D e s p it e th e | fa c t t h a t th o A r g e n tin e cro p
is s a i d t o b e l i b e r a l , E u r o p e , f o r o n e r e a s o n o r a n o t h e r , is b u y i n g
A m e r i c a n c o r n , a f t e r a l l , o n q u i t e a li b e r a l s c a l e .
I t is t r u e
t h a t l a s t M o n d a y t h e e x p o r t s a le s a m o u n t e d t o o n l y 6 4 , 0 0 0
b u s h e ls , b u t o n T u e s d a y t h e y w e r e 6 0 0 ,0 0 0 b u s h e ls a n d o n
T h u r s d a y 4 4 8 ,0 0 0 b u s h e ls .
A t th e s a m e t im e th o p ric e o f
c o r n i s n o w 1 7 c e n t s a b u s h e l lo w e r t h a n a y e a r a g o .
That
f a c t is w o r t h b e a r i n g in m i n d .
N e v e r t h e le s s , th e c o n tin u e d
la r g e r e c e ip ts o f c o r n , th e s m a lln e s s o f th e d o m e s t ic d e m a n d ,
a n d f i n a l l y , a t e n d e n c y t o in c r e a s e t h e s iz e o f t h e A r g e n t i n e
c r o p e s tim a te s h a v e a ll h a d a w e a k e n in g e f fe c t .
T o -d a y
p r ic e s w e re h ig h e r .
E x p o r t b u s in e s s s h o w s a te n d e n c y to
in c r e a s e .
S h o rts c o v e r e d .
T h e s h o r t i n t e r e s t is l a r g o .
Standards ...............cts. 40
No. 2 white....................... 41 X
[Vol. XCVI.
THE CHRONICLE
500
::
..
..
Mobile . .
Montreal
’ s',566
4,000
52,000
517,000
188,000
360,000
336,000
377,000
86,000
128,000
121,000
256,000 1,764,000
334,000
192,000
230,000
70,000
523,000
26,000
20,000
2,000
403,000 108,000
103,000
2,000
205,000
193,000
8,000
300,000
104,000
482,000
____
____
"ff,090
22,000
.....
67,000 48,000
.. 444.000 2,653.000 2,877,000 1,200,000
..2,630,000 20,468,000 15,480,000 7,830,000
159,671
.. 358,035 1.209,742 2,181,277
..1,838,652 6,815,875 12,300,111 3,731,059
25,000
29,000
1,000
___ _
853,000 55,000
3425,000 385,000
116,983
6,817
1520,181
72,265
* Receipts do not Include grain passing through New Orleans for foreign ports on
through bills of lading.
T h e e x p o rts fr o m th e se v e ra l se a b o a rd p o r ts fo r th e w e e k
e n d in g F e b . 8 a r e s h o w n in th e a n n e x e d s t a t e m e n t :
Oats,
Rye, Barley,
Peas,
Corn, Flour,
Wheat,
bush.
bush.
bbls.
huih.
bush.
Exports from—
bush.
bush.
New York.........
Portland. Me___
Boston...............
Philadelphia___
Baltimore______
New Orleans___
Newport News . .
Galveston______
Mobile...............
Norfolk.............
St. John.............
97,729
_____
44,079
105,252
8,000
19,869
37,000
49,248
13,000
3,000
9,000
20,000 5,000
4,000
.......... 52,000
365,202
377,000
429,079
360,000
90,641
400,000
9,997
____ 305,000
____
____
____
27,000
17,143 ____
____
____ 482,666
____
____
........
____
........ 48*666
V.200
249,698 44,143 744,997
24,298 ......................
5,292
5,093
407,206
86,000
344,299
42,000
882,022
346,000
_____
4’o',666
523',666
Total week ...2,584,922 2,127,527 305,369
Week 1912......... 1,319,177 1,695,832 168,178
28,390
4,500
_____
8,000
67',666
4,092
____
____
___ ~
........
T h e d e s t i n a t i o n o f t h e s e e x p o r t s f o r t h e w e e k a n d s in c e
J u l y 1 1 9 1 2 is a s b e l o w :
-------- Flour------------------- Wheat----------------- ----- Corn----------Since
Since
Since
Week
July 1
Week
July 1
reek
July 1
.8.
1912.
Ezpoers for week and Feb. 8.
1912.
Feb. 8.
1912.
bush.
since July 1 to—
bbls.
bbls.
bush.
bush.
United K in g d o m . ..142,514 3,143,500 1,649,834 52,551,799
140 4.790,377
Continent .............
Sou. & Cent. Ainer.
West Indies...........
Brit. Nor Am. Cols.
Other Countries___
60,830 1,338,158
29.156 782,612
43,835 1,240,188
1,000
65,327
28,034 197,701
142 8,574,902
!20
393,273
>56 1,121,2 19
116
44,284
)47
53,950
894,806 53,758,980
6,512
645,211
..........
98,673
............................
33,770 1,994,810
Total
305,369 6,767,486 2,584,922 109049,473 2,127,527 14,978,005
Total 19U: i2 lI " I I l6 8 ,178 6,024,576 1,319,177 58,736,099 1,695,832 22,720,486
T h e w o r ld ’ s s h ip m e n ts o f w h e a t a n d c o rn fo r th o w e e k
e n d i n g F o b . 8 1 9 1 3 a n d s in c e J u l y 1 1 9 1 2 a n d 1 9 1 1 a r e s h o w n
in t h e f o l l o w i n g :
Corn.
Wheat.
Week.
Feb. 8.
North Amer.
Russia____
Danube___
Argentina . .
Australia...
India.........
Oth. countr’s
1911-12.
1912-13.
Exports.
Bushels.
4.824.000
1.608.000
1,008,000
5.168.000
2.024.000
136,000
32,000
Since.
July 1.
Bushels.
163,826,000
74.019.000
40.671.000
47.778.000
18.416.000
41.872.000
5,350,000
1912-13.
1911-12.
Since
Since.
July 1.
Week.
Feb. 8.
Since
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
111,908,000 2.074.000 14.031.000 20.241.000
92,000 6,516 000 27.201.000
56.242.000
53.937.000 102,000 10.072.000 49.371.000
24.282.000 1.139.000 163,194,000
60,000
31.356.000
28.346.000
7,137,000
Total___ 14800000 391,932,000 313,208,000 3,407,000 193,813,000 96,873,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Cern.
Wheat.
Feb.
Feb.
Feb.
Feb.
8 1913..
1 1913..
10 1912..
11 1911..
United |
Kingdom. Continent.
Bushels. 1 Bushels.
Total.
United
Kingdom.
Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
20.336.000 22.352,000 42.688.000
18.064.000 19,640,000 37.704.000
22.712.000 7,920,000 30.632.000
17.560.000 23.608.000 41.168.000
6.545.000 14.705.000 21.250.000
8.347.000 15.003.000 23.350.000
5.245.000 1 7,098,000 12.343.000
3.859.000 1 0.018.000 12.877.000
THE CHRONICLE
Fan. IS 1913.]
T h e v i s i b l e s u p p l y o f g r a i n , c o m p r i s i n g t h o s t o c k s in
g r a n a r y a t p r i n c ip a l p o i n t s o f a c c u m u l a t i o n a t la k e a n d
s e a b o a rd p o r ts F e b . 8 1 9 1 3 , w a s a s fo llo w s :
UNITED STATES GRAIN STOCKS.
InThommnds—
Amer.Bonded. Amer. Amer.Bonded. Amer. Amcr. Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush. bush. bush. bush. bush. bush. bush.
New York...................... 1,804
851
781 1,354
36
57
151
35
B o ston ........................50
407
182
43
2
3
5 ___
Philadelphia---........ ..
283
070
108
143
.................................
.......
Baltimore ....................
010
461 2,288
302
133
10 ___
New Orleans.................
0S0 -----874
313 ..............................................
Galveston ----------------384
60
—
-----Buffalo_______
1,831
77
426
481
92
301
"
afloat............ 5,615
195
....
347
196
280 _
Toledo......................- - - 1,226 ------253 372
____
1 ............. ..
D etroit..........................
350
----223
67
___
43
...................
"
afloat---------141
.....................................................................................
Chicago.......................... 7,458
3,103 3,0Ql
107
175 ___
Milwaukee....................
243
___
560
346 ___
123
93
27
D uluth---------- ----------- 11,542
506
___
278
95
93
846 ___
“
afloat............ 3,010
................
268
___
70 ___
Minneapolis .................20,436
157 1,086
476
796 ___
St. Louis.......................... 2.911
105
175
12 ___
Kansas City.................. 4,775
___
660
04 ....................
....................
Peoria............................
4
___
250
351
___
14 ....................
Indianapolis ................
365
364
163
----Omaha .......................... 1,159
1,747 1,000
100
47 ----Total Fob. 8 1913. ,64,991 3,266
Total
1 1913. .04,914 3,150
Total Feb. 10 1012. .59,815 1,690
Total Fob. 11 1911. .43,133
CANADIAN
InThousands—
170
12,336 10,868
164
9,717 9,646
378
10,113 14,382
—
10,965 16,298
GRAIN STOCKS.
Feb. 81013..23.014
Fob. 1 1013..23,186
Feb. 10 1012. .22,027
Fob. 11 1911.. 9,902
In Thousands—
62
35
626
—
1,503
___
___
50
----4,200 .........
.............................. 440 ......................................... - - 2,650 ..............................................
22 8,883
...
...
25 8,779
4 5,414
...
...
15
880
SUMMARY.
___
___
___
___
___
___
___
___
50
40
96
82
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush. bush. bush. bush. bush. bush, bush
American .........
64,991 3,266 12,336 10,868
22 8,883
Canadian.......................23,792 _____
Total
Total
Total
Total
2,786
2,711
2,604
1,424
CanadianBonded Canadian Bonded Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush. bush. bush. bush. bush. bush. bush.
Montreal ............ .........
368 ___
22
Ft.WilllatnA Pt.Arthur. 12,710 ____
___
afloat............. 6.200 .................. Other Canadian............ 3,646 ...................
Total
Total
Total
Total
1,438
1,469
1,006
361
Feb. 8 1913..88.783
Feb. 1 1013. .88,100
Feb. 10 1912..82,742
Pe». 11 1911..53,035
3,266 12,358
3,150 9,742
1,690 10,117
___ 10,980
10,751
18,425
19,796
17,178
170 1,438
...........
170
164
378
___
2,786
50
1,438 2,836
1,469 2,760
1,096 2,790
361 1,506
p a c k a g e s , v a lu e d a t $ 4 2 3 ,4 7 2 , th e ir d e s tin a tio n s b e in g to th e
p o i n t s s p e c if ie d i n t h e t a b l e b e l o w :
62
35
620
___
New York, Friday Night, Feb. 1 4 1 9 1 3 .
T h o r * h a v e b o o n n o i m p o r t a n t d e v e l o p m e n t s in t h o d r y
g o o d s t r a d e d u r in g t h o p a s t w e e k .
B u s i n e s s w a s r e s t r ic t e d
s o m e w h a t b y t h o h o l i d a y , a n d t h o s t r i k e s i t u a t i o n , w h il e
m u c h im p r o v e d , c o n tin u e s to d e p re ss th o d re ss g o o d s a n d
m o il’ s w e a r d e p a r t m e n t s .
P r o s p e c tiv e ta r iff r e v is io n c o m e s
in f o r e o n s i d e r a b lo d i s c u s s i o n , h u t it s e f f e c t is c o n f i n e d
l a r g e l y t o b u s in e s s in w o o l e n s a n d w o r s t e d s f o r t h o c o m i n g
fa il.
D e m a n d f o r c o t t o n g o o d s is s t e a d i l y b r o a d e n i n g ,
w i t h m a n u f a c t u r e r s a n d s o ilin g a g e n t s d e c i d e d l y f i r m in t h e i r
p ric o id e a s .
A ll d e s c r ip tio n s o f s ta p le c o t t o n s a r e m o v in g
f r o o ly a g a i n s t s t a n d i n g o r d e r s a n d a f a i r a m o u n t o f b u s in e s s
is a l s o c o m i n g t o h a n d .
C o m p la in ts o f th o b a c k w a r d n e s s o f
d e li v e r i e s a r e f r e q u e n t , a n d b u y e r s f e a r t h a t t h e y w ill n o t
r e c o iv o m u c h o f t h o g o o d s w h i c h t h e y li a v o u n d e r o r d e r a t
p r ic e s b e l o w t h o s o n o w p r e v a i l i n g .
J o b b e r s in a l l s e c t io n s
o f th o c o u n t r y a ro c a r r y in g v e r y p o o r s to c k s a n d th e d iffi
c u l t y w h ic h t h e y a r e h a v i n g in g e t t i n g s u p p l ie s p r o m p t l y is
c a u sin g th e m
m uch
in c o n v o n i o n c o .
T h e y c o m p la in t h a t
m a n u fa c tu r e r s a ro fa llin g fu r th e r b e h in d r a th e r t h a n g a in
in g o n d e liv e r ie s .
B r o w n a n d b l e a c h e d g o o d s a r o in s t e a d y
d e m a n d , w h i l e a k e e n i n t e r e s t is s h o w n , i n c o t t o n w a s h d r e s s
fa b r ic s , o w in g to th o p r o n o u n c e d s h o r t a g e o f lin e n s .
Y arn
m a r k e t s c o n t i n u o ir r e g u l a r , a l t h o u g h a s t e a d i e r t e n d o n e y is
n o t i c c a b l o f o l l o w i n g t h o u p w a r d m o v e m e n t in th o c o t t o n
m a rk e t.
B u y e r s a ro n o t a c t iv e a n d a r e o n ly p u r c h a s in g
a g a in s t im m e d ia t e r e q u ir e m e n t s .
T h o d is p a r it y b o tw c o n
p r ic e s a s k e d b y s p in n e r s a n d d e a le r s c o n t i n u e s , w i t h s p i n n o r s r e f u s i n g t o c o m o d o w n t o t h e l a t t e r ’ s l e v e l ._ B u y e r s ,
h o w o v o r , li a v o n o t b e e n a t t r a c t e d b y t h o lo w e r p r ic e s w h ic h
d e a le r s l i a y e b e e n o f f e r i n g , a n d t h o m a r k e t r e m a i n s u n
s e ttle d .
I n e x p o r t c ir c lo s b u s in e s s c o n t i n u e s q u i e t a n d t h e r e
is n o i m m e d i a t e p r o s p e c t o f i m p r o v e m e n t .
T h o fin a n c ia l
s i t u a t i o n in C h i n a is r e s t r i c t i n g b u s in e s s w i t h t h a t m a r k e t ,
w h il e o t h e r la r g o m a r k e t s a r o s u f f i c i e n t l y w e ll s t o c k e d fo r
th o tim o b e in g .
In q u ir ie s a ro q u ite f r e q u e n t , b u t a ro c h ie fly
f o r t h o p u r p o s o o f k e e p i n g in t o u c h w i t h t h o e o u r s o o f p r i c e s .
T h e f e a t u r e in w o o l e n s a n d w o r s t e d s is th o
s u r p r i s i n g ly
g o o d v a l u e s w h ic h a r e r e p r e s e n t e d in t h o o p e n i n g p r ic e s o f
n e w f a l l li n o s .
T h o tr a d o g e n e r a lly h a d e x p e c te d p r o n o u n c e d
a d v a n c e s to b o n a m e d o v e r la s t s e a s o n , b u t fe a r s o f ta r iff
r e v i s io n a n d in c r e a s e d c o m p e t i t i o n w i t h f o r e i g n m a n u f a c
t u r e d m a t e r i a l s c a u s e d m a n u f a c t u r e r s t o b o c o n s e r v a t i v e in
n a m in g a d v a n c e s .
T h o r e s u l t lia s b e e n a v e r y g o o d in it i a l
b u s i n o s s , b u t o h io f iy in m e n ’ s w e a r , a s t h o s t r i k o h a s d e l a y e d
d e m a n d f o r f a ll d r e s s g o o d s .
W O O L E N G O O D S .— W h i l e th o s tr ik e s a m o n g g a r m e n t
w o r k e r s a r o s t ill c a u s i n g c o n s i d e r a b le t r o u b l e in d i f f e r e n t
p a r t s o f t h o m a r k e t s f o r in o n 's w e a r a n d d r e s s g o o d s , b u s in o s s
li a s b o o n s a t i s f a c t o r y .
T h o in it i a l o r d e r in g o f n o w f a ll
lin o s o f m e n ’ s w e a r lia s g r e a t l y o x c e e d e d e x p e c t a t i o n s , w h il e
d r e s s g o o d s m i l l s a r o a l s o m a k i n g e x c e lle n t h e a d w a y in t h o
w a y o f n o w b u s i n e s s s t a p l o s e r g e s s o ilin g p a r t i c u l a r l y w e l l .
I n c r e a s e d in t e r e s t in s p r i n g g o o d s o n t h e p a r t o f lo c a l c lo t h ie r s
is t a k e n t o i n d i c a t e a n e a r l y a d j u s t m e n t o f t h o l a b o r d i s p u t e s .
D O M E S T I C C O T T O N G O O D S .— T h o e x p o rts o f c o tto n
g o o d s fr o m th is p o r t fo r th e w e e k e n d in g F e b . 8 w e re 7 ,0 5 2
-------- 1912-------- Since
Week. Jan. 1.
448
42
157
6
8,411
2,303
1,746
2,541
5,001
1,815
516
6,936
622
369
17
2,111
161
1,072
8,995
6,828
2,886
-------- 1913-------Since
Jan. 1.
219
72
5,267
3,831
6,973
3,097
5,814
452
1,933
7,430
6,997
N ew York to Feb. 8.
Week.
Great B ritain_________________ ................
21
Other E uropean______________
1
China _ ______________________
I n d ia _________________________ ................ 986
Arabia________________________ ................2,303
A f r i c a ______________
................ 703
West Indies____________ _____ _________ 877
M exico _. __________________ ................
70
Central A m e r ic a ____________ _________ 293
-----------------................2,078
Other countries_______________ ................ 320
T o ta l______ _________ _______ ..............-7,652
41,085
10,166
42,817
T h e v a l u e o f t h e s e N e w Y o r k e x p o r t s s in c e J a n . 1 h a s
b e e n $ 3 , 1 1 3 , 9 4 6 i n 1 9 1 3 , a g a i n s t $ 3 , 3 4 7 , 8 9 0 in 1 9 1 2 .
F i r m n e s s p r e v a i l s in d o m e s t i c c o t t o n g o o d s m a r k e t s a n d
d e s p ite t h e li o lid a y , w h ic h in te r fe r e d w ith b u s in e s s , tr a d e
d u r in g t h e p a s t w e e k h a s b e e n o f f a i r p r o p o r t i o n s .
R e p o rts
o f a c t i v i t y in W e s t e r n j o b b i n g c e n t e r s a n d in d i c a t i o n s o f
a n i m p r o v e m e n t i n t h o C h i n a t r a d e h e lp e d t o s t i m u l a t e
s e n tim e n t.
I t is r e p o r t e d t h a t a l a r g e r b u s i n e s s h a s b e e n
p a s s i n g in c o a r s e , c o lo r e d c o t t o n s f o r b o t h d o m e s t i c a n d
e x p o r t a c c o u n t , th e e x p o r t b u y in g b e in g c h ie fly fo r M a n i la .
G i n g h a m s c o n t i n u e t o s e ll w e l l , t h e r e b e i n g a s t e a d y d e m a n d
f o r t h e c h e a p e r lin e s o f d r e s s g i n g h a m s , w h i l e t h e h i g h e r p ric e d g o o d s a r e a ls o b e in g p u r c h a s e d o n a m o r e e x te n s iv e
s c a le .
A b e t t e r i n q u i r y a n d m o r e u r g e n t d e m a n d is n o t e d
fo r c o lo r e d w a s h g o o d s .
S a le sm e n o n th e ro a d c o n tin u e
t o s e n d in g o o d o r d e r s , s o m e o f w h i c h a r e d i f f i c u l t t o f i l l ,
o w in g to th e s c a r c it y o f m a n y n o v e lt ie s .
D e liv e r ie s a r e
b a c k w a r d , a s it u a tio n w h ic h m ills a r c fin d in g h a r d t o o v e r
c o m e , o w i n g t o p a s t l a b o r t r o u b l e s in m i l l c e n t r e s .
P rin t
c lo th s a ro h o ld in g s t e a d y w it h a m o d e r a t e a m o u n t o f b u s in e s s
p a ssin g .
S a l e s o f f in e g o o d s a r e r e p o r t e d m a d e f o r d e l i v e r y
a s fa r a h e a d a s n e x t S e p te m b e r .
G ra y g o o d s, 3 8 R -in c h
62 s t a n d a r d a r e u n c h a n g e d a t 5 3 4 t o 5
_____
THE DRY GOODS TRADE.
ed for
for FRASER
FRASER
Digitized
fraser.stlouisfed. org/
501
%c.
F O R E I G N D R Y G O O D S . — C o n d i t i o n s in t h e m a r k e t s
f o r li n e n s a r o a b o u t u n c h a n g e d .
D e m a n d is g o o d f o r a l l
li n o s , p r ic e s a r e t e n d i n g u p w a r d a n d s t o c k s a r e b e i n g g r e a t l y
reduced.
M i l l s a r o in a v e r y h e a l t h y p o s i t i o n , a s t h e y a r e
w e ll b o o k e d a h e a d a n d f i n d i t d i f f i c u l t t o c a t c h u p w i t h d e
li v e r i e s , w h ic h a r e v e r y b a c k w a r d a n d t h o c a u s e o f m u c h
c o m p la in t.
T h e fe a tu r e in th o b u r la p m a r k e t d u r in g th e
p a s t w e e k h a s b e e n th o d e m a n d fo r h e a v y w e ig h t s , w h ic h ,
o w in g to th e ir s c a r c it y , h a v e b e e n v e r y f ir m .
M a n u fa c
t u r e r s o f b a g s h a v e d i s p l a y e d a k e e n i n t e r e s t in c l o t h o f t h i s
d e s c r ip tio n a n d h a v e fo u n d it h a r d to m a k e p u r c h a s e s e x c e p t
a t a d v a n c in g p r ic e s .
L ig h tw e ig h ts a re q u o te d a t 6 .4 0 c to
6 .5 0 c . a n d h e a v y w e ig h ts a t 9 to 9 . 1 2 R e
im p o r ta tio n s a n d W a r e h o u s e W ith d r a w a ls o f D ry G o o d s .
T h e im p o r ta tio n s a n d w a re h o u se w ith d r a w a ls o f d r y g o o d s
a t t h i s p o r t f o r t h e w e e k e n d i n g F e b . 8 1 9 1 3 a n d s in c e
J a n . 1 1 9 1 3 , a n d fo r th e c o r r e sp o n d in g p e r io d s o f la s t y e a r ,
w o re a s fo llo w s :
v
S3
i— u
h h
o' • O
f
. s
gaseous
g
Sr f i l l ,
o
so
H
00
H
>
H
H
g
’H
O
05 O COto 0»
—JCMto COCm
tO Cm tv COi—
*a
2
• ££8
s-ll
Cm4*C5-I*—
to CC-MCmto
00 COGO*■J tO
COM -o <£>CM
OODOCOH
to to
• 3
M
O
ft
5 s’
* 2?
05 »~*
O O C 5 IO H
C5Cm^j -D^J,
s
j.
5- i—
C5 05 to to ^4 w g* to
co o co o o
oo —•cr> o oo
►
—1£*• to CO>—*
2
*3
O
W
H
g
W
3
l_‘O w
C
H
H
►
05 h-* iU cm 05
►
L-O Cm tO
COCMCOO >-*
• • a . cq
i-* ^ _i
CMkUCMO *
O ^ M C m*. S 'o g - i s
00 4^ tO COCOCrt p'tOS e-t
"-I 05 Vj o © “ ’ ,e'*~
' >
t© ~ cmto to
>—1 •
—105 05
Go
to rf- O to 00
o COkUCOCO
-i co C5 co Cm
)—
►
5*
D
►
f*- Cm COto to
•173 0 0 0 , , § £
Cm 00 -I COtO 3
co L* oo co b»
to *-4 O 00 Cm
-4 © COCm to
THE CHRONICLE
502
Page.
C iT Y
B E '? A B T M £ N T
MUNICIPAL BOND SALES IN JANUARY.
W e p r e s e n t h e r e w it h o u r d e t a i le d li s t o f t h e m u n i c i p a l b o n d
is s u e s
put
crow d ed
in g a t
out
d u r in g
c o n d itio n
th e u su a l
of
th e
our
m o n th
of
c o lu m n s
Jan u ary
p re v en te d
w h ic h
our
“ C h r o n ic le ”
Feb.
8.
S in c e
th e n
several
T exas____
5 0 5 --L a rg o , Fla.
8,
-- 5
.- 6
200,000
50,000
10,000
12,000
<11922-1932
1943
1,000
10,000
<11923-1933
7,500
2,000
40,000
81,000
1,095
6.000
15.000
1,150.000
1,000,000
2,000
5,497,500
th o
3 7 6 --M a co n , G a .
b e la te d
m o n th
to
8 2 9 ,7 9 5 ,8 7 1 .
Tho
num ber
o f m u n ic ip a litie s
is s u i n g b o n d s w a s 2 0 2 a n d t h e n u m b e r o f s e p a r a t e is s u e s 3 0 1 .
3 7 7 .-M atagorda C o. C om . S.
N o. 17, T e x ........... .......
J A N U A R Y B O N D SALE S.
Page.
Name.
late.
M aturity.
3 0 0 -.A lb a n y , N . Y . (4 issues)_______ 4'A
4 'A
3 7 5 -.A lb a n y C ounty, N . Y __________ 4 >4
<<1915
3 7 5 --A llen C ounty, O hio____________ 6
«1915
221.A lliance, Ohio (14 issues)________
5
3 75 --A m b rid g e, Pa__________________ 4 A
1915-1939
1 5 0 .-A shland, O h io_________________ 4 a
«1914_3 75--A th en s, Ohio (2 issues)_________ b
2 2 1 ..
AugIaizo C ounty, O h io___ 6
1 5 0 --A v o c a , P a ______________________ 5
3 0 0 --B araga C ounty, M ich __________
3 7 5 --B elle Plaine, K a n ......................... 5
3 0 0 --B ig Flats, N . Y _________ _______ 4 A 1927-1930
3 75 -_B ig Rapids, M ich _____________ 4 A 1926-1942
222-B lairsvnle, P a __________ 4 A
3 75--B recksville T w p ., O h io_________ 4 A
1916
3 7 5 --B ridgeport, C on n _____________ 4 4
1914-1963
3 0 0 --B ridgeton, N . J ________________ 4 A
1943
2 2 2 -.B ro ck p o rt, N . Y _______________ 4.55
2 2 2 -.B ry a n , O h io___________________ 4 A
1922
4 3 2 --C alifornia _____________________ 4
1928
3 0 0 .-C allaw ay C ounty, K y _________ 5
<11923-1963
3 0 0 .-C alvert, T exas-------------------------- 5
3 75 --C a m p b ell Ind. S. I )., T e x -------- 5
<11922-1932
3 7 5 --C a n ip C o. C om . S. D .N o . l.T o x 5
<11922-1932
3 7 5 --C am p C o .C o m .S .D .N o .lO .T cx . 5
4 3 2 --C ass C ounty, M o --------------------- 4 H <11918-1933
3 7 5 --C haneyville Ind. 8 . D ., T e x — 5
<11932-1952
1 5 0 -.C h a ttan ooga , T en n ------------------- 6
2 22 --C hehalis C o .S .D .N o .28, W ash. 4 A <11915-1933
375-_C heIan C o. C ons. S. D . N o.
105, W ash___________________ 5
150--C incinn ati, Ohio (2 issues)-------2 2 2 .-C laiborne C ounty, M iss_______ 5
1933
3 75 --C lalla m C ounty, W ash-------------- 5
<11923-1933
2 2 2 .-C lark C ounty, Ohio (2 iss u es ).. 5
3 0 0 --C la y School D istrict, C a l---------- 6
4 32 --C ocliise C o. S. D . N o. 14, A riz.
3 7 5 --C o k e C o. Cora. S. D . N o. 18.
T exas________________________
375 --C ollln g d a lo, P a ............................. 4 A <11923-1943
3 7 5 --C ollingsw orth C o. Cora. S. D .,
N o. 14, T e x _________________ 5
1932
3 7 5 -.C ollin s, M iss__________________ 6
1918-1922
4 3 2 .-C ollinsville, Okla. (4 issues)____ 6
1038
5 04 . .
Colum bus, In d ___________ 4 A
1923
3 7 5 --C om a n ch o C o. C om . S. D .
N o. 05, T e x ...............................
4 32-.C orvalIis, Ore__________________ 5
1953
3 t5 --C ro w le y 0th W ard D r. D ., L a- 5
1913-1943
222- -C uyam a School D istrict, C a l .. 7
1914-1916
3 7 0 --D en ton C o. Cora. S. D . N o. 00,
5
1952
Tex
d l 922-1932
37C -_D eport Ind. S. D ., T e x _________ 5
1943
3 7 0 .-D etroit, M ich __________________ 4
, Amount.
Price.
($300,000 100.29
I 16,000 xlOO
1 200,000 100.2113
55,000 100
14,454 101.902
80,930 100.308
125,000 101.15
1,200 100.910
7,760 102.56
6,300 100.03
30,000 y i o o .01
14,000 100
35,000 100
7,489 101
35,000 100.90
40,000 101.417
14,000 101.822
100,000 100.07
55,000 100.353
275,000 100
60,000 102.744
400,000 100
40,000 101.087
25,000
98
3,000 100
1,750 100
1,800 100
56,000
1,050 100
6,604 101.206
100,000 100
223-
' 6
5
4 4;
6
6
4
4A
4
4
5 Ax
4
-..D
-'
1943
1914-1918
1914-1933
--------------1923-1927
<11922-1925
—
5
<11932-1952
- 5
6
- 5
. 4A
- 4A
- 4A
- 5A
- 3A
- 5
. 5
5
- 4A
b
- 4A
- 5
- 4A
- 4
- 3
- 4
- 5
. 4A
- 4A
- 5
- 5
. 4
<11917-1952
<11923-1933
1952
a 1934
1914-1928
«1918
<11923-1933
XC V I
Am ount.
$4,223
1917-1952
1914
<11928-1943
J a n u a r y r e tu r n s h a v e b e e n r e c e iv e d , c h a n g in g th e t o t a l fo r
th e
Maturity.
1914-1918
.. 5
-- 6
.. 5
tim e .
of
Rate.
.- 6
505-.
p u b lis h
T h e r e v i e w o f t h e m o n t h ’ s s a le s w a s g i v e n o n p a g e 4 3 1 o f
th e
Name.
[Vol.
4,000
Price.
100
10 4.26
401.69
100
100
101.666
100
102.068
100
101.001
100.083
100.68
100
101.92
100
8,000 100
25,000 101.60
4.000 100
38,000 100.819
15,000 lO t .10
41.728 100.378
50,000 ylOO
3.000.000
1,200 102.1B3
78,000
50,000 100
145,000 100.583
45,000 100
30,000 100.224
1921-1926
<11917-1952
1,500 too
1920-1929
20,000 100.07
25,000
a 1917
511,000 xlOO
1914-1918
25,000 100.43
16,000 100.168
100
<<1914
4,000
1915-1924
150,000 100.653
<<1929
1,270,000 102.27
50,000 103.615
303..P ittsfie ld , Mat
a!926
100,000 101.649
3 7 7 --P ortlan d, Ore227,053 103.50
. 5
300,000
1933-1944
96.658
1 5 2 --P o rt o f Seattle, W ash_________ . 4 A
1,000,000
93.53
4 3 3 ..
Prattville, A la__________ - 6
10,000 100.25
1923
‘’ 3 3 - - Racine, W is___________________ - 4 A
30,000
3 0 3 ..
Reading, Ohio__________ 5
2,072 100.87
3 7 7 -.R e a d in g , O hio________________ 5
6,062 102.37
81,000 100.135
«1927
. 4A
<11922-1952
2,000 100
. 5
15,000 101
a l928
- 5
120,000 100
1 52 ,-R ich m on d , V a________________
40,000
30,000
2 2 4 -.R ig b y School District, Id a ____
104,500
0,179,000 102.593
1933
2 2 4 .-R ochester, N . Y . (2 issues)___ . 4 A
50,000 ;/101
1914-1918
17,000 100.73
1 5 3 ..R o c k Falls S. D ., I ll.................. . . 5
150,000 100.58
6,000 101.983
. 5
10,500 100.809
25.000 100
<11923-1933
507 . . Rupert,
. 6
1,600 100
4,000
. 6
5,000 100
154,240 101.5 4
. 6
\ 10.000 101.76
1,000 100
1914-1923
26,400 100.59
. 5
40.000 101.75
3,000 100
3 7 7 ..S a n Augustine Ind. S. D ., Tex. . 5
<11932-1952
2,500 100.20.
1914-1918
4
1,000 100
1,000 100
1952
3 7 7 --S an P a tricioC o.C om .S .D .6,T ex.. 5
2,500 100
2,000 100
<11922-1952
377 - - San PatricioCo.Com ,S. I) .7 ,T e x . 5
40.000 101.50
400,000
100.92
1
5
3
--Schenectady,
N
.
Y
.
(2
issu
e
s)..
a
l923
4
A
7,000
35,000
2 2 4 ..S c o tts B luff S. D ., N e b _______
1914-1933
200,000 100
303_Seattle S. D . N o. 1, W ash____ .14 A
1.000 100
460,000 101.15
1914-1933
15
2,500 100
6,660 102
1937
6
60,000 100
53,987 100.129
3 0 3 ..3 h a k e r Heights, O. (18 issu e s).. 5
3.000 103.66
6,000 100
1942
5
<11917-1932
600 100
5
2.000 100
1,000 100
<11922-4952
3 7 7 .-Sm ith C o.C om .S.D .N o.O O .T ex. 5
6,000 100
100
600
3 7 7 .-Sm ith C o.C om .S .D .N o.6 3 ,T ex .. 5 <11917-1932
392,000 J100 to
70,000 102.17
1914-1953
434..S o u th Pasadena II. S. D ., C a l ..
1100.30
150,000 100.233
<11923-1933
42.000 101.49
5
300...D in u b a , C al___________________ 5 A
160,000 100.108
300...D orch ester C ou n ty, M d ------------5
25.000 103.24
4A
99.756
30,000
3 78 --T a ylorv illo, 111..
301. ..D ou g las C ounty, Ore--------------- --10.000 101.50
4A
15,000
1938
304 --T ecu m seh S. D ., O kla.
5
222. ..D ou g las C o. C onsol. S. D . N o.
100,000 V102.68
<11928-1933
105, W ash____________________5
2 24..T e t o n C ounty, h
<11923-1933
5
40.000 100
15,000 100
5
1913
301. ..D u b ois C ounty, In d ___________ 4
18.000 100.144
378.T op p en ish , W a s h ______ 7
11.500
370. ..D un canville Ind. S. D ., T e x ___5
*1917-1942
5.775 100
2 25-_T ren ton , N . J ___________________ 4 A
1923
432. ..D u n d ee, N e b __________________ 5
51,650 101.38
<11922-1932
7.000 100
3 7 8 .-T ren ton , N .J . (2 issues)_______ 4 A
340.000 101.08
1943
376. .E d gow ood Ind. S. D ., T e x _____ 5
<11927-1952
1.000 100
2 2 5 --T r o y , N . Y ......................................4 A
82,000 101.39
1914-1933
376. ..E dw ards C o. Cora. S. D . N o . 2,
225-T u lo Vista S. D ., C al_
1,000 101.10
1918
T exas_________________________ 5
1,575 100
<11922-1952
1 5 3 -.U n io n , N . J . . . ......... ........
100.000 100
222. .E lsinore, C al__________________ 6
20,000 105
a l933
4A
4 35 -.U rb a n a , 111_______ _______
5.000 100
19*14-1918
5
222. .E ssex C ounty, N . J. (4 iss u e s ).. 4
225,933
--.
92.000 100
507-_V enice C ity S. D ., C a l___
301. .F aribault, M in n ________________ 6
5,000 100
1913 **
15.000 102.60
1915-1933
3 79- .W a terford , W i s .......... . —
5
505. ..Flathead & Sanders Counties
15.000 101.33
1933
135--W atertow n S. D ., So. D a k ____5
S. D . N o. 70, M o n t.................. 6
1,200 100
<11923-1938
15.000 103.59
1933
3 0 1 -_W ebster G roves, M o ___________ 5
301. -F ort Pierce, F la ________________ 6
1942
10,000 102.08
10.000 101,385
1933
304-W ellsviilo, O hio_________ 4 A
301 . .F ow ler, C a l_____________________5
a l922
25.000
1.000 101.16
1922
305_W est Lafayotto, O h io___ 4 'A
301 . .F ow ler, C a l_____________________5
<11937
20.000
25.000 101.032
<11923-1938
226-W est Pittston, P a______ 5
3 76 . -Freew ater, Ore_________________ 6
<11923-1933
12,000 100
29.000 100.412
1934
2 2 6 .-W estw ood S. D ., N . J _________5
__________
3 76 .F u llerton , C al_________________
50.000
............
8,000
1922
226--W h ite Plains, N . Y . . . ......... ..
4A
432 . -F ullerton-C age Sch. D ist., C a l. 5
<11933-1953
10.000
«1918
5,0001 100.728
2 2 6 . . W hitman, M ass________________ 4
432 . -Gallatin C ounty, M o n t_______ 4 A <11923-1933
50.000 100
45,000/
a l9 2 l
2 2 6 - .W hitman, M ass________________4
376 . -G alveston C o. C om . S. D .
22.000 1/100
4 3 5 -.W ich ita Falls, T e x _____________ ____
N o. 21, T e x ............................... 5
<11922-1932
3.500 100
41.500 100.301
1943
432 . .G arfield C ou n ty, C o lo -------------- 5
3 0 5 --W ild w o o d , N . J ............................. 5
<11923-1933
166,300 100.19
8,000 101.262
1914-1921
1 5 1 .-W inchester, In d ________________ 4 A
376 . -Garrison Ind. S. D ., T e x _______ 5
<11913-1952
1.500 100
5,000 100
222. -G enova Sch. D ist., C a l_________ 6
4 3 5 - . W inthroo, I o w a ________________5
4,000 100.75
70.000 102
1922
3 0 5 .-W orcester, M ass_______________4
222 . -G irard, K an. (2 issues)_____ . . . 5 A
4,858
60.000 101.88
1932
432. -G lendalo, C al. (2 issues)________ 5
25.000 100.348 2 2 6 --Y a n k to n , So. D a k _____________ 5
113,490
1913-1922
24.000 100.433 3 0 5 --Y o u n g sto w n , Ohio (26 iss u e s ).. 5
376 -G loucester, M ass_______________ 4
151. .G ra n d Rapids, M ich . (2 issues) 4 A
1915-1918
240,000 yl00.314
T otal bond sales for Jan. 1913 (202 m unicipall376 . -Grangevillo, Id a h o____________ __
__________
............
12,000
ties, covering 301 separate issues)_________*$29,795,871
432. -Grangevillo In d . S. D . N o . 2,
61,000 101.837
Idaho________________ ________ 5 A
<11923-1933
a Average date o f m aturity, d S ubject to call in and after the earlier
376. -G rayson School D istrict, G a ___ 6
6,000 103.116
1943
year and mature in tho later year. * N ot including $41,137,o4 j or tem
376. -Greene C ou n ty, M o ___________ 6
18,000
1922
porary loans reported, and which d o not betong in tho list; also docs not
301 . -G reenfield, Iow a_______________5
9.000
1917-1922
nclude 51,500,000 bonds o f P orto R ico, x Taken b y sinking fund as an
223. -Greensboro, N o. C aro. (3 issues) 5
1942
50,000 102.692
Investment, y And other considerations.
376. -Grim es C o. C om . S. D . N o. 5,
1.000 100
T exas................................... ........ 5
<11917-1932
376 -Grim es C o. C om . S. D . N o . 8 ,
B O N D S OF U N IT E D S T A T E S POSSESSIO NS.
1,500 100
T exas----------------------------------5
<11917-1932
Page.
N am e.
Rate.
M aturity.
Am ount.
Price
376 .G rim es C o. C om . S. D . N o. 9,
2
9
9
.-P
o
rto
R ic o ................................... 4
<11933-1943/ $ 5,000 104
3.500 100
Texas------------------------------------- 5
d 1917-1952
.
1 995.000 100.81
376 . -H all C o . C om . S. D .N o . 5, T ex. 5
________
1,000 100
223 . -llam tra ih ck, M ich ____________ 6
1913-1916
1,767 100
376 . .H a n ford , Cal. (2 issu es).............5
105.000 101.072
al933
R E V IS E D
T O T A L S F O R P R E V IO U S M O N T H S .
151. .H esperia, M ich ............................. 5
1923
2.500 100
3 0 1 . .H ob ok en , N . J _____
414
1918
4,266 100.292
T h e f o l l o w i n g i t e m s , i n c l u d e d in o u r t o t a l f o r D e c e m b e r ^
376 .H on ey G rove, T e x . . ......... ........ 5
<11932-1952
3.000 100
s h o u ld b e e lim in a te d fr o m th o s a m e .
W e g iv e th o p a g e
3 7 6 . .H op kin s C o. C om . S. D . N o .
15, T ex — ............................. 5
<11922-1932
1,800 100
n u m b e r o f t h o is s u e o f o u r p a p e r in w h i c h t h e r e a s o n s f o r
223 -H opkinsville, K y ------------- ---------r>
1913
3,900 100
th e s e e lim in a tio n s m a y b o f o u n d .
5
151. _ Howell, N eb __________
5.000 100.54
151_ .Id a h o Falls, Id a h o............. V . ' " . .
d l 9234933
35.000 100.074 Page.
Name o f M unicipality.
Am ount.
1946
3 76 . .Ilion S. D ., N . Y _____________ 414
95.000 100.25
4 3 3 -.K e w a n e o , 111...................... .......... .......................................................... $12,000
433 .Indianapolis, In d ______________ 4
1918
75.000 101.015 3 02-.L aw rence C ounty, O hio.................
10,000
301 . .Jacksonville, Fla. (3 Issues)____ 4 A
1937
250.000 101.313 433--R a c in e , W is.................. ........ .............................................................. 3 0 ,0 )0
301- .Jam estow n, N . Y ......................... 4 A
1914-1933
150.000 101.193 3 04 --S m ith C ounty, M iss______ _____________________
1917-1921
1923
1914-1919
1916
45,000
tiip : c h r o n ic l e
Feb . 15 1913 )
W o li a v o a l s o le a r n e d o f t h e f o l l o w i n g
p r e v io u s m o n t h s .
addilional
s a le s f o r
Price.
Maturity.
Pane.
Name.
Pate.
Am ount.
3 7 5 --A n th on y , Kan — ---------------5 a l9 1 8 '
$5,000 100.50
300--BuM.fi Falls, Oro. (N o v .)________ 6 1932
12,000 100
3 7 5 --C aliforn ia ----------------------------------4
1921
400.000 100
504 -E nd icott, N . Y ------------------------- . .
30.000
1915-1934
301-F erg u sC o.S .D .5 6 .M on t. (N ov .)(11913-1922
5
3,000 1 0 0 " '
432 . Frazers burg S. D ist., Ohio______ 4 lA
30.000 101.823
1915-1910
301-G a ry , In d -----------------------6
200.000
1913-1922
505 -H am blen C ounty, Tenn. (Aug.) 5
103.26*
25.000
1952
____________
302-L ock e W ater District, N . Y _____5
9,975 100.751
3 0 2 --M ilo , Iowa (M a y )-------- ------------ 5
________
7,500 101.66
3 0 2 --M issou la C o. 8. D . N o. 14,
M on t. (F o b .)-------------------------rAA <11922-1927
15.000
3 0 2 . -N ebraska C ity , N e b ___________ 5
________
7,245 100
3 7 7 -_N ew W ilm ington, lJa __________ 4 'A _________
9.000
5 0 6 - -Ogdon School D istrict, U tah___4 A (11922-1932
20.000
302-O lney, III ------------------- ---- 5
35.000
(11917-1932
303.Perkins C o ., So. Dak. (M a rch ). 7 1914
55.000 100
377-P olk S. D ., C al. (S ep t.)_7
1.000 100.50
1913-1917
3 0 3 - .Prairie Flower Jt. S. D ., C al
6
4.000 100
1913-1920
304.
-Sm ith C ounty, M iss____ 5
40.000 100
(11928-1938
304.Sunsot School District, C a i__________________ 4.000
--
378-T oled o, Ohio (13 issues)_5
23,1.34 *100
Various
200,000
...
435-W agoner C ou n ty, Olda. (O c t.). 6 1923
A ll th e a b o v e sa le s (e x c e p t a s in d ic a te d ) a r e fo r D e c e m b e r .
T h e s e a d d i t i o n a l D e c e m b e r is s u e s w ill m a k e t h e t o t a l s a le s
(n o t in c lu d in g t e m p o r a r y lo a n s ) fo r t h a t m o n t h $ 2 7 ,4 1 2 ,3 5 9 .
T h e r e v i s e d f ig u r e s m a k e t h e s a l e s f o r t h e y e a r 1 9 1 2 a g g r e
g a te $ 3 8 9 ,7 9 1 ,7 7 8 .
D E B E N T U R E S SOLD B Y C A N A D IA N M U N IC IP A L IT IE S IN
JA N U A R Y .
Amount,
Price.
Maturity.
Pace.
N am e.
Rale.
$43,000
305.
-B ram p ton, O n t____________ 5'A
975,000
91.25*
305.
-C algary S. D . 19, A lta. (2 issues) 4 'A
8,000
1933
4 3 6 .-C um berland, N . S _______________ 5
3,500
1928
306.
-D elisle, Sask______________ 6
35,000 100
3 06..F e rg u s , O n t _____________________ 5
2,220 100
2 2 7 -_K a y Township, O n t____________ 5
80,000
3 0 6 -.M o o s e Jaw, Sask_________________
436.N e w Durham , O nt_____ 4 lA
1,468
2,000
1927
3 8 0 -.O tth o n , Sask____________________6
3 80 . _ Prairiedale R . M . N o. 3 2 1,Sask. 5
1932
15,000
3 0 6 ._P ort C olborne, Ont. (2 iss u e s )..
1914 1943
40,000
2,003.000
1963
3 8 0 .-Q uebec, Que________________
4A
5 0 9 --H O . S p r in g fie ld S . D . , M a n . .
1914 1933
120,0 ):)
3 8 0 -.S u rrey Centre, B. O ____________ 5
1952
135,000
5 0 9 - -Tillsonburg, O nt________________ 5
24,878
1914-1943
4 3 6 .-T oron to, O n t___________________ 4
5,375,000
4.30--V an couver, 13. O _______________4
3, '28, ’33 1,093,625
3 8 0 .- Vegreville, A ll a _______________ _
180,000
4 3 8 --W y n y a rd Sell. D ist., Sask______ 7
18.000
1943
T otal debentures sold in Jan uary___________ $10,154,691
W e h a v e a l s o le a r n e d o f t h e f o l l o w i n g
sa le fo r D e c e m b e r .
Pane.
Name.
Rate.
397-_D iam ond C ity S. D . 1861, A lta . G'A
additional
Maturity.
1913-1932
C a n a d ia n
Am ount.
Price.
$2,600 100
T h i s a d d i t i o n a l D e c e m b e r is s u o w ill m a k o t h e t o t a l s a le s
fo r th a t m o n th $ 4 ,0 9 9 ,0 6 5 .
T h e t o t a l o f d e b e n t u r e s s o l d in
1 9 1 2 w a s $ 7 9 ,2 1 6 ,5 4 1 , a c c o r d in g to o u r r e c o r d s .
News Items.
I l l i n o i s .— Legislature Ratifies Direct Election of United
Stales Senators.— T h e S t a t e S e n a t e o n F e b . 1 2 p a s s e d a r e s o
lu t i o n r a t i f y i n g t h e p r o p o s e d A m e n d m e n t t o t h e F e d e r a l C o n
s t it u t io n p r o v id in g fo r th e d ir e c t e le c tio n o f U . S . S e n a to r s
b y t h e p e o p l e . T h e r e s o l u t i o n w a s c o n c u r r e d in b y t h e H o u s e
on F eb. 13.
L i n c o l n , 111. — Commission Form of Government Defeated.
— A n e le c t i o n h e l d F e b . 1 0 r e s u l t e d in d e f e a t o f t h e c o m m i s
s io n f o r m o f g o v e r n m e n t .
T h e v o t e , re p o rts s t a t e , w a s 6 9 7
to 9 8 7 .
M o b i l e , A l a . — Bonds Declared Valid.— O n F e b . 4 t h e S t a t e
S u p r e m e C o u r t h a n d e d d o w n a n o p in io n u p h o ld in g t h e v a lid
it y o f th e $ 1 0 0 ,0 0 0 se w e r b o n d s a w a r d e d to R . M . G r a n t
& C o . o f N e w Y o r k in S e p t e m b e r .
V . 95, p. 846.
N e v a d a .— Legislature Favors Direct
Election of U. S.
T h e N e v a d a L e g i s l a t u r e h a s d e c la r e d i t s e l f u n a n i
m o u s l y in f a v o r o f t h e d i r e c t e le c t i o n o f U . S . S e n a t o r s b y
p a s s in g a r e s o lu tio n r a t ify in g th e p r o p o s e d a m e n d m e n t to
th e F e d e ra l C o n s titu tio n .
Senators.—
N e w Y o r k C i t y .— Special Committee of Allied Real Estate
Interests Reports Against Proposed Increment Tax.— T h e
sp iic ia l c o m m i t t c o o f t h e A l l i e d R e a l E s t a t o I n t e r e s t s a p
p o in te d to lo o k in to th e r e c e n tly s u g g e s te d n o w s o u rc e s o f
c it y ro v o n u o h a s r e p o r te d u n a n im o u s ly a g a in s t th e p ro p o se d
p l a n t o l e v y a t a x o f 1 % p e r a n n u m o n t h e u n e a r n e d in c r e
m e n t o n f u t u r e in c r e a s e s in la n d v a lu e s (se o V . 9 6 , p . 2 2 0 ) .
C o n c e r n in g th is m a t t e r th e c o m m i t t e o , w h ic h c o n s is te d o f
J . L . B u tte n w ie s o r , A . E . M a r l in g , E . A . T r e d w e ll, R a n
d o lp h H u r r y a n d A lla n R o b in s o n , s a y s :
It is doublo taxation in a m ost obnoxious form . T ho city now collects
a tax on the lull value o f tho land and tho assessor, especially in tho case o f
vacant land, assesses tho value resulting from speculation, which value
often exceeds its future possibilities. As an illustration we call attention
to tho speculation that followed the announcement o f the Pennsylvania's
proposed improvem ents, with the result that tax valuations in that section
were placed far beyond any real values. The annual tax collected by the
city includes a tax upon tho unoarned increment, but without its o b
noxious features.
Tho present power vested in tho tax assessor is already very great and
this proposed measure increases this power to dangerous limits.
N o correct parallel can be drawn between European cities whero this tax
has been enacted and our city. We know o f no city where centres o f busi
ness activity change as freciuently and as violently as in New Y ork C ity.
T he causes that increase the com m unity value in tho new Fourth A ve.
wholesale section operato to decrease tho com m unity value in lower
Broadway and in the old lace and silk districts. T ho same causes that added
a com m unity value to the retail district from Thirty-fourth to Fifty seventh,
streets took away a com m unity value in tho corresponding district from
Fourteenth to Thirty-fourth streets. N o provision is m ade— as nono
could be made— for a return to an owner o f the loss ho incurs by tho opera
tion o f tlie same forces that cause the increment which tho Commission seeks
to tax. Is it likely that an investor will hazard his m oney in a field whero
the city is a partner in tho profits but not in the losses?
T he sum collected b y tho city in taxes would bo smaller if this proposal
were to bo enacted into law, for it must be admitted— indeed, it is admitted
503
b y the commission that " it would slightly retard the advance o f values” —
that values will d rop, and probably throughout the entire city , for no one
can be sure where the assessor will feel tempted to increase the land value
beyond the mark o f 1912. T he fear o f this tax will bo widespread and the
result will be to impair tho capital value o f realty; tho rise— if perchance
there be a rise in any location— will be the exception and the tax on such a
rise will be in m ost cases vehemently contested.
Far exceeding in importance all other considerations and as a conclusive
reason for rejecting this recommendation, we submit that th e city ’s growth
will be permanently retarded. If added burdens bo put upon real estate
already groaning under tho load it now bears and this main source o f the
city ’s revenue be mado constantly the object o f attack b y all sorts o f con
fiscatory legislation.it requires no great imagination to believe that m ort
gages will be called and forced sales will ensue, which will result in new low
records in values which the Tax Departm ent must regard either voluntarily
or through certiorari proceedings.
T he unearned increment tax is out o f place in a report on new sources o f
revenue. 3’ his Is not a tax on a new source, but is a levy upon the same
source which bears 9 5% o f tho taxation in the C ity o f N ew York, to wit:
land values. All that this proposed tax is intended to d o is to change the
im pact o f the tax so that it will bear more heavily upon some classes o f real
property than on others. T he amount to bo raised b y taxation being meas
ured b y the necessities o f tho city, the total, it m ay be assumed, will not
vary whether this new form o f taxation exists or is not brought into being.
All that will bo accomplished will be to apply two different rates to real
estate— one the basic rate to property which is not charged with having
received the benefit o f an increment and another rate upon property which
is charged with having received such benefit.
North St. Paul, Ramsey County, Minn.— Bond Issue
Enjoined.— J u d g e H . R . B r i l l o n F e b . 6 g r a n t e d t h e a p p l i
c a t i o n o f H . A . C a s t l e f o r a n i n j u n c t i o n t o r e s t r a i n t h e is s u
a n c e o f $ 8 ,0 0 0 e le c tr ic -lig h t -e x t. a n d i m p t . b o n d s .
Pennsylvania.— Lower Branch of Legislature Indorses Di
rect Election of U . S. Senators.— T h e p r o p o s e d 1 7 t h A m e n d
m e n t t o t h e F e d e r a l C o n s t i t u t i o n , p r o v i d i n g f o r t h e d ir e c t
e le c tio n o f U . S . S e n a t o r s b y th e p e o p le , w a s r a tifie d b y th e
P e n n s y lv a n ia H o u s e o f R e p r e s e n ta t iv e s o n F e b . 3 b y a v o t e
o f 1 9 3 to 3 .
T h e r e s o lu tio n a p p r o v in g th e p r o p o s e d a m e n d
m e n t n o w g o es to th e S e n a te .
R a c i n e , W i s . — Election on Commission Form of Government.
R e p o r t s s t a t e t h a t a n e le c t i o n w ill b e h e ld in t h i s c i t y
A p r i l 1 f o r t h e p u r p o s e o f h a v i n g t h o v o t e r s d e c id e w h e t h e r
o r n o t t h e y a r e in f a v o r o f t h e c o m m i s s i o n f o r m o f g o v e r n
m en t.
San B e r n a r d i n o , C a l . — Charter Amendment Proposed.—
A n e le c t i o n w ill b e h e ld M a r c h 4 , it is s t a t e d , t o v o t e o n t h e
q u e s tio n o f a m e n d in g th e c it y c h a r te r so a s to p r o v id e t h a t
b o n d s m a y b e is s u e d u p t o 1 5 % o f t h e a s s e s s e d v a l u a t i o n .
Texas.— Direct Election of U. S. Senators Favored.— B o t h
b r a n c h e s o f t h e S t a t e L e g i s l a t u r e li a v o p a s s e d a r e s o l u t i o n
ra tify in g th e p ro p o se d A m e n d m e n t to th e F e d o ra l C o n s t i
t u t io n p r o v id in g fo r th e d ir e c t e le c tio n o f U . S . S e n a t o r s .
United States.— Congress Passes Bill Prohibiting^ Ship
ment of Liquor into “ Dry” Territory.— T h e W e b b b ill p r o
h i b i t i n g t h e s h i p m e n t in i n t e r - S t a t o c o m m e r c e o f i n t o x i c a t i n g
li q u o r i n t e n d e d f o r s a le in p r o h i b i t i o n S t a t e s
p assed th e
H o u s e o f R e p r e s e n ta t iv e s o n F e b . 8 a n d th e S e n a te o n F e b . 1 0 .
Panama Fair Appropriation Bill Defeated.— N e w s p a p e r d i s
p a t c h e s f r o m W a s h i n g t o n s t a t e t h a t t h o b ill t o p r o v i d e
$ 2 , 0 0 0 , 0 0 0 f o r G o v e r n m e n t p a r t i c i p a t i o n in t h e P a n a m a P a c i f i c E x p o s i t i o n in 1 9 1 5 a t S a n F r a n c i s c o w a s k il le d f o r
t h i s s e s s io n o f C o n g r e s s b y t h e a c t i o n o f t h o H o u s e o n F e b . 1 2
o n a t e s t v o t e o f 1 1 2 t o 1 1 7 in a p a r l i a m e n t a r y s k i r m i s h f o r
c lo s i n g d e b a t e .
Utah.— Stale Senate Favors Federal Income Tax.—
By
a
v o t e o f 13 to 4 , th e S t a t e S e n a te o n F e b . 3 p a sse d a re so lu
tio n r a t ify in g th e a m e n d m e n t to th e U . S . C o n s t it u t io n
p r o v id in g fo r a n in c o m e t a x .
T h e H o u se h a s n o t a c te d o n
th e r e s o lu tio n .
Washington.— Legislature Ratifies Direct Election of U. S.
Senators.— A r e s o l u t i o n r a t i f y i n g t h e p r o p o s e d A m e n d m e n t
t o t h e F e d e r a l C o n s t i t u t i o n p r o v i d i n g f o r t h e d i r e c t e le c t io n
o f U . S . S e n a to rs b y th e p e o p le w a s a d o p te d b y th e H o u s e
o n F e b . 0 a n d th e S e n a te o n F e b . 7 .
West Virginia.— Legislators Arrested on Bribery Charges. —
O n F e b . 11 R e p r e s e n t a t i v e s S . U . G . R h o d e s , T . J . A s b u r y ,
D a v id E .H i l l a n d R a lp h D u ff a n d S ta te S e n a to r B . A . S m ith
w e re a r r e s te d o n c h a r g e s o f h a v in g a c c e p te d b r ib e s to v o t e
fo r C o l. W illia m s S e y m o u r E d w a r d s fo r U . S . S e n a t o r .
B o t h b r a n c h e s o f th e L e g is la tu r e o n F e b . 1 2 a d o p t e d a r e s o
lu t io n to a p p o in t a c o m m it t e e to in v e s tig a te th e c h a r g e s
a g a in s t th o a c c u s e d .
O n F e b . 1 3 C o l . E d w a r d s h im s e lf w a s a r r e s te d o n c h a r g e s
o f h a v i n g o f f e r e d b r ib e s t o s e c u r e h is e l e c t i o n t o t h e U . S .
S en ate.
Bond Calls and Redemptions.
J a p a n . — Bond Call.— T h e f o l l o w i n g b o n d s a r e c a ll e d
p a y m e n t M c h . 1 0 in J a p a n a t p a r :
fo r
5% loan bond o f the Imperial G overnm ent o f Japan, mark (otsu-ih)
issued in 1908 (41st year o f M e iji).
6 % public works loan o f the form er Korean Governm ent, issued in 1908.
T he Yokoham a Specie Bank, L td ., N ew Y ork, lias been authorized, for
the convenience o f holders o f the above bonds, to purchase them on or after
tho above date o f redem ption, at tho current buying rate o f exchange on
Japan.
__ ___________
Bond Proposals and Negotiations this week
have been as follows:
A N A M O SA SC H O O L D IS T R IC T (P . O. A n a m o s a ), J o n e s C o u n ty ,
I o w a .— BOND ELECTION .— 3’ ho question o f issuing $60,000 high-schoolconstr. bonds will be subm itted to the voters, reports state, on Feb. 17.
A N D E R S O N C O U N T Y (P. O. P a le s tin e ), T e x .— BOND ELECTION .
— An election will be held M arch 8, it is stated, to vote on the question o f
issuing $150,000 court-house-constr. bonds.
A R E N A C C O U N T Y (P. O. S ta n d is h ), M ich .— BOND E LEC TIO N .—
A proposition to issue $4,000 court-house and jail-repair bonds will bo sub
m itted to a vote April 7. D ue $1,000 yearly from 1914 to 1917 incl.
A R IZ O N A .— BOND S A L E .— On Feb. 8 the $2,000,000 4 'A % 15-25-yr.
(op t.) gold coupon Territorial refunding bonds dated Feb. 8 1913 (V . 9 5 .
504
THE CHRONICLE
p. 1695) were awarded to W . N . C oler & C o. o f N . Y . at 100.339 and Int.
Other bids follow:
„
„
$500,000-100.38 Bank o f Douglas, D oug. $50,000,100
N ew Y ork Life
500,000-100.295 C om m . T r. C o ., Presc’t. 25.000.100
Insurance C o .,
500,000-100.217 M in. & M er. B k ., Bisbeo 25,000.100
N ow Y ork ____
500,000-100.163 Precs. N at. B k ., Presc’t 25,000.100
2,000,000-100.33 Bank o f Jerome, Jerome. 10,000.100
E . H . Rollins k [ 2 , 000,000.100.25 + W illcox Bank & Trustl 10,000.100
Sons, Denver
C o ., W illcox_______ /
C onsol.N at. B k.
2 5 .0 0 0 .
100 Bank o f Benson, Benson 5,000.100
T u scon ______
2 5 .0 0 0 .
100
A R L I N G T O N , S h e l b y C o u n t y , T e n n . — BON'D OFFERING.— Pro
posals will be received until 8 p. m , M arch 7 b y the Board o f Aldermen and
W . A . T a ylor, M a y or, for $10,000 6% 30-year gold water and light bonds
(V . 95, p. 1633. Certified check for $250 required.
The official notice o f this bond offering will be found among the advertise
ments elsewhere in this Department.
® l i N O X O N H E I G H T S (P . O . C i n c i n n a t i ) , O h i o . — BONDS N OT
warri was made on Fob. 4 o f the $9,500 4 % 25-yr. cou p, sower
t o to c a l investors
^ e ar0 advised that these securities will bo offered
C o u n t y> O k la .— BOND E LECTION .— An elec
tion will be held M ar. 18 to vote on tho question o f issuing $72,000 sowerext. and $13,000 water-ext. 6% 20-yr. bonds.
r ™ SiH L A N D h A 3 l} l a n d
C o u n ty ,
W i s .— BONDS A U T H O R IZ E D .—
Rtato that tho Com m on Council has authorized the issuance
or $o0,000 m unicipal dock-construction bonds.
C h ris tia n C o u n ty , 111.— BONDS TO BE OFFERED
itilO lllL Y . This city will offer at public auction about Feb. 28 $14,500
f
c° up. water-works bonds. Denom . $1,000. D ate M ch . 1 1913.
riH SPart ye*\r|7 for 15 yrs. T he bonds are taxablo. C ert, check for 1%
$350 00,0iya '> 6 t0 t*10 A Iayor’ required. N o d ebt at present. Assess, val.
*2^nUfSn
PRICE P A ID FOR BONDS.— T ho price paid for tho
? a i.,
v'S % 30-year cou p, flood-protection bonds awarded on Feb. 6
to Ashley k C o o f N . Y . (V . 96, p. 431) was 100.2768 and int., and not
iu u .zo as stated in last week’s “ C hronicle.”
Bids were also recoived from
the following: N . Y . Life Ins. C o ., N . Y .; Estabrook & C o ., N . Y .;
Baker, W atts k C o ., B alt.; L. M agid & C o ., Atlanta: N . W . Halsey k
V I t L X ; : Soasongood & M ayer. C ine.; W m . A . Read & C o ., N . Y .;
E . II. Rollins & Sons, N . Y .; it. M . Grant & C o ., N . Y .; Harris, Forbes
° T
X;.’
H - Hilsman & C o ., Atlanta; Breed, E lliott k Harrison,
C in.; J. H . Fisher & Son.
n
3 v rXLL? ’ W a s h i n g t o n C o u n t y , O k l a . — BOND ELECTION
tfu o t USED .——Local papers state that tho question o f issuing park and play
ground Impt. bonds will probably bo subm itted to a vote shortly.
S ^ SI 5 i 9 , ^ C O U N T Y (P - ° - B a s r r o p ) , T e x a s .— BONDS REGISTERED.
6« f In i?00/ i ) 0/i r 10^
■ (op t,) D ist- N o - 2 r°a d bonds sold to Ulen
* O o - o f C hic. ( V. 95, p. 1225) were registered on Feb. 4 b y tho Stato C om p t.
BEAVERHEAD
D i l l o n ) . -BOND
COUNTY
SCHOOL
D IS T R IC T
NO.
10
(P .
O.
OFFERING.— Proposals will
bo
recoived
until
JR oA m ’ M arch 18 b y F . R . Tattersail, C ounty Clerk, for $44,000 5%
10-,.0-yoar (op t.) school bonds. A uth. vote o f 355 “ for” to 79 "against”
at an election hold Feb. 1. Certified check for 5 % required.
B E XA R COUNTY COMMON SCHOOL D IST R IC T NO. 40, Tex.—
BOND E LECTION PROPOSED.— A ccording to reports, a petition is being
circulated calling for an election to v ote on tho question o f issuing $23,000
site-purchase and building bonds.
B I S B E E H I G H S C H O O L D I S T R I C T N O . 2 (P . O . B i s b e o ) , C o c h is e
C o u n t y . A r i z . — VOTE.— Tho voto cast at tho election held Feb. 1 on tho
proposition to issue tho $80,000 5 H % 3-lO -yr. (ser.) gold bldg, bonds
(V . 96, p. 222) was 132 " fo r ” to 66 "ag a in st.” D onom . $1,000.
B L A C K W A T E R , M c L e a n C o u n t y , N o . D a k . — BOND O FFE R IN G __
Proposals will be received until 12 m . Fob. 25 b y W . O. Anackor T ow n
Clerk, for $1,000 6 % 10-year township bonds. Int. soml-atmual. ’
— ? E A I N E C O U N T Y (P . o. C h i n o o k ) , M o n t . — BOND SALE.— On
*i°gn o i v w v Uor nSUifin0n 5 ^ 18-20-yoar (o p t ). tax-free bonds, aggregating
fAiJOj?0 0 < V - P :
- woro awarded to tho First N at. Bank o f B utte a t
103.31. Other bids follow:
Wells k D ickey C o ., M in n .$133,315 Sidney Spitzer & C o ., T o l..$ 1 3 1 .410
U n ion T r . & S a v . C o . an d
D ovitt, Trom blo & C o ., C hi. 130,780
H arris T r . k S a v . B a n k . . 1 3 2 ,9 7 7 Farson, Son & C o ., C h i c .. 130,655
M in n e s o ta L o a n k
T r u st
E . H . Rollins k Sons, C h ic _ a lll,3 9 7
C o . , M in n e a p o lis ................. 1 3 2 ,9 4 0 J. R . Sutherlin & C o ., Kan
N orth w eatern T r u st C o _____ 1 3 2 ,3 5 9
sas C ity _________________ *20,137
a B id fo r $ 1 1 0 ,0 0 0 .
* B id for $ 2 0 ,0 0 0 .
B L A K E M O R E S C H O O L D I S T R I C T (P . O . B la k e m o r e ) , F r e s n o
C o u n t y , C a l.-— BOND E LE C TIO N .— A n election w ill bo held M a r c h 8 to
v o te o n th e q u e stion o f issuing $ 5 ,0 0 0 5 % sc h ool-con stru c tion an d eq u ip m en t
b o n d s.
D « io m . $500.
D u o fr o m 5 to 14 ye a rs.
, B O S T O N , M a s s .— BOND OFFERING.— P rop osals w ill b o received u ntil
12 m . F e b . 18 b y O . I I . S la tte ry , C it y T r o a s ., for tho fo llo w in g 4 % reg.
ta x -fr e e b oad a:
$ 1 ,0 0 0 ,0 0 0 B o y lsto n S t . su b w a y b o n d s.
D u e Jan. 1 1958.
3 5 0 .0 0 0 D orch e ste r tun nel b o n d s.
D u o J a n . 1 19 5 8 .
6 5 0 .0 0 0 E a s t B o sto n tu n n e l-ex te n sion b o n d s.
D u o J a n . 1 1 9 58
9 0 0 .0 0 0 P le a sa n t S t . im p ro v em en t b o n d s.
D u o $ 4 5 ,0 0 0 yearly on Jan 1
fro m 1 9 14 to 1 9 33 in clu sive.
5 0 0 .0 0 0 lan d an d b uildin g school b o n d s.
D u o $ 2 5 ,0 0 0 y e a rly on J an 1
fr o m 19 14 to 1933 in clu sive.
3 0 0 .0 0 0 h ig h w a y -m a k in g b o n d s.
D u o $ 1 5 ,0 0 0 y e a rly on J a n . 1 from
1 0 14 to 19 33 in clu sive.
D o n o m . $ 1 ,0 0 0 or m u ltip le s th e re of.
D a to Jan. 1 1913.
In t. J . k J.
a t C it y T t o m . offico or throu gh th o m ail b y ch e ck .
C e r t , check on a n a
tional b a n k or trust c o m p a n y o f B o sto n (or cash for 1 % o f b on d s bid f o r ) ,
p a y a b le to C it y o f B o s to n , C . I I . S la tte r y , T r e a s ., req u ired .
B o n d s to bo
delivered an d paid for on M c h . 1, p urchaser to p a y accru ed in te re st.
S C H O O L D I S T R I C T N O . 7 (P . O . R o c h e s t e r ) , N . Y . —
BONDS V O T E D — A n election h eld F o b . 4 resu lted , it is s t a te d , in fa v o r o f
th o q u e stion o f issu ing $ 3 ,0 0 0 bu ildin g b o n d s.
B U R B A N K , L o s A n g e l e s C o u n t y , C a l .— BONDS AU T H O R IZ E D .—
U n J an . 2 7 th e B o a r d o f C it y T ru ste es p assed a resolution p rovid in g for
th e issu ance o f $ 5 0 ,0 0 0 m u n ic ip a l-w a ter-p la n t an d $ 2 0 ,0 0 0 elec tr ic -lig h tp la n t b on d s.
C O U N T Y (P . O . C a ld w e ll ) , T e x a s .— BONDS PROa d v is e d — 1 118 c o u n ty ls considerin g tho issuanco o f road b o n d s, w e are
C A L H O U N C O U N T Y (P . O . P o r t L a v a c a ) , T e x . — BOND OFFERING.
— P rop osals will bo received u n til 10 a . m . M a r . 1 b y tho C o m m issio n e r s'
C o u r t , E . F . E h iin g er, C o . C le r k , for tho $ 1 3 5 ,0 0 0 5 % D is t . N o . 2 road
b o n d s, v o ted D e c . 31 ( V . 9 6 , p . 1 5 0 ) .
D e n o m . $ 1 ,0 0 0 .
I n t . so m i-a n n .
D u o 4 0 ye a rs, o p t. on o-cigh th ev ery 5 ye a rs.
C e r t , check for 1 % o f bon d s
b id fo r , p a y a b lo to tho C o u n ty J u d g e , is req u ired .
B id s m u st b o u n c on
d itio n a l.
The official notice o f this bond offering will be found among the advertise
ments elsewhere in this Department.
C A M P C O U N T Y C O M M O N S C H O O L D I S T R I C T S , T e x .— BONDS
REGISTERED.— 1T h o S ta to C o m p tr o lle r on J a n . 2 9 registered tho $ 1 ,7 5 0
J v ocN o - 1 an d $ 1 ,8 0 0 D is t . N o . 10 5 % 1 0 -2 0 -y r . (o p t .) b on d s sold J a n . 10
v* • Uu. p . o 7 5 ) .
, C A N T O N , O h i o .— BOND SA LE. — O n F e b . 1 0 th e eleven issues o f
? > 2 % bon d s aggregatin g $ 1 0 8 ,0 0 0 ( V . 9 6 . p . 2 2 2 ) w ere aw ard ed $ 4 0 ,8 0 0
to W e il R o th k C o . o f C in . for $ 4 0 ,9 1 1 ( 1 0 0 .2 7 2 ) — $ 2 7 ,5 0 0 to M a y e r ,
D e p p o & W a lt e r , C i n ., for $ 2 7 ,5 1 3 9 6 ( 1 0 0 .0 5 ) — $ 3 3 ,2 0 0 to W . E . F o x &
a t ° par ^ n ' a t * 9 9 ,2 9 an d 8 6 ,5 0 0 to H a y d e n , M ille r & C o . o f C lev e la n d
. PCNDS A U T H O R IZ E D . — A n ordinan ce w as p assed J a n . 2 7 p rovidin g
for tho issuanco o f $ 3 2 ,0 0 0 4 ) 4 % coup on L ib e r ty S t . so w er-co n stru ctio n
* 1 .0 0 0 .
D a to M arch 1 19 13 .
In t. M . & S.
Duo M ar. 1
1J23.
I urchaser to p a y accrued in te re st.
C A N O V A , M in e r C o u n t y , S o . D a k .— BONDS
PROPOSED . — T h is
c i t y , wo are a d v ise d , is considering th o Issuanco o f $ 7 ,5 0 0 w a ter-w o rk s b d s.
C A S S C O U N T Y (P . O . F a r g o ) , N o . D a k . — BOND OFFERING.— P ro
p osals will b e received u n til 2 p . m . M c h . 5 b y A d d iso n L e e c h , C o . A u d .,
[ V o l . X C V I.
for $19,500 6% coup. Jim Hill Drain No. 30 bonds. Auth. Chap. 23,
Revised Codes of 1905, Chap. 93, Laws of 1907, and Chaps. 124 and 125,
Laws of 1911, and amendations thereof. Date April 15 1913. Int. payablo
at Co. Treas. office. Duo part in 3, 5, 7, 9 and 11 years. Amounts of
bonds to be sold may be reduced by the amount of assessments paid in
cash prior to dato of sale.
CENTRAL C ITY, Iow a.— BOND SA L E .— The Hanchett Bond Co. of
Chicago has purchased an issue of $10,000 water-works 5s.
CHOUTEAU COUNTY SCHOOL DIST. NO. 56 (P. O. C arter),
M ont.— BOND OFFERING.— Proposals will bo received until 10 a. m.
Mar. 15 by M . R. Worth, Dist. Clerk, for tho $4,500 6% coup, schoolbldg.-constr. bonds voted Aug. 17 1912. Denom. $500. Dato Mar. 1
1913.
Int. ann. at offico of County Treas. in Fort Benton. Duo 10 yrs.,
opt. in 5 yrs. Bidders to satisfy themselves in advance as to legality of
bonds. No other debt. Assess, val. 1912 $301,000.
CLARENDON, D onley County, Tex.— BONDS VOTED.— An issue
of $25,000 school-bldg, bonds has, it is stated, been favorably voted by
this placo.
CLAY CENTER, Clay C ounty, Kan3.— BOND OFFERING.— Pro
posals will bo received until Feb. 20 by G. It. Martin, City Clerk, for $30,
000 10-20-year (opt.) refunding bonds. Denom. $500 and $1,000. Int.
rate to be named in bid.
The official notice o f this bond offering will be found among the advertise
ments elsewhere in this Department.
CLINTON COUNTY (P. O. St. Johns), M ich.— BOND E LEC TIO N .—
An election will be held April 7 to voto on tho question of issuing $20,000
county-infirmary bonds. Duo $6,000 in 1 year, $7,000 in 2 years and
$7,000,000 in 3 years.
COLUMBUS, Bartholom ew C ounty, Ind.— BOND SA LE. — Of the
$38,000 4)4% 10-yr. municipal water-purification-plant completion bonds
offered on Jan. 21 (V. 96, p. 300), $7,000 were sold on that day at private
sale and the remaining $31,000 were awarded on Feb. 1 to Breed, Elliott
& Harrison of Indianapolis and Cincinnati at 104.10.
COPIAH COUNTY (P. O. H azlehurst), Miss.— BONDS VOTED.—
At tho election hold in this county on Feb. 1 (V. 96, p. 222), tho proposi
tion to issue $75,000 road bonds carried, according to reports.
COPLEY SCHOOL D ISTRICT (P. O. C opley), Summit C ounty,
O hio.— BOND OFFERING.— Proposals will bo roveived until 12 m. March
4th by Ed. Adair, Clerk Bd of Ed., for $12,000 5% school-constr. bonds.
Auth. Secs. 7625 to 7628 incl. and 2294 and 2295 Gen. Code. Denom. (6)
$1,000 and (6) $1,200. Dato April 1 1913. Int. on first bond ann. and
on remaining bonds somi-ann. in A. k O. at office of Clerk of B d .of Ed.
Duo $1,000 yrly. on Oct. 1 from 1914 to 1919 incl. and $1,200 yearly on
Oct. 1 from 1920 to 1924 incl.
CORVALLIS, B en ton C ounty, Or e .— BOND SALE.— Sidney Spitzer
k Co. of Toledo has been awarded, according to reports, an issuo of $51,
397 08 5% 40-yr. refunding bonds.
CORYDON, H enderson C ou n ty, Ky.— BOND SALE.— Tho $8,000
6% coupon electric-light-plant bonds offered on Jan. 6 (V. 96, p. 1762)
have been sold to tho Hanchett Bond Co. of Chicago.
CRANFORD SCHOOL D ISTRICT (P. O. Cranford), U nion C ounty,
N. 3.— BOND OFFERING.— Proposals will bo recoived until 8 p. m.
Fob. 20 by tho Finance Committee, Ed. Everett, Chairman, for $52,000
4)4% bonds. Denom. $1,000. Int. semi-annual. Duo $17,000 in 10
years, $17,000 in 20 years and $18,000 in 30 years. Certified check for
2% of bid required.
CUSHING, Payne C ounty, Okla.— BOND ELEC TION .— A voto will
bo taken on Feb. 17 on the question of Issuing $49,000 6% 25-yr. water
works and sower-ext. bonds.
CUYAHOGA COUNTY (P. O. Cleveland), O hio. — BOND OFFER
IN G . — Proposals will bo received until 11 a. m. Mch. 15 by tho Board of
County Commissioners, J. F. Goldonbogen, Clork, for tho following 4)4%
Coupon Station Road improvement bonds:
$3,600 (assess.) bonds. Denom. (14) $250 and (l) $100. Duo $100
April 1 1915, $250 yearly on April 1 from 1916 to 1919 Incl. and $500
yearly on April 1 from 1920 to 1924 Incluslvo.
56,149 (county’s portion) bonds. Denom. (56) $1,000 and (1) $149.
Duo $149 April 1 1915, $2,000 on Oct. 1 1916 and Apr.l 1917 and
$3,000 each six months from Oct. 1 1916 to Oct. 1 1923 incl.,
$3,000 on Apr. 1 1924 and $4,000 on Oct. I 1924.
Auth. Secs. 2294, 2295. 6912, 6912-1 and 6913. Gon. Oodo. Dato March 1
1913.
Int. A. k O. at offico of Co. Treas. Bonds to ho delivered and paid
for within ten days from tlmo of award. Purchaser to pay accrued int.
Cert, check on a bank other than the ono making tho bid, for 1 % of bonds
bid for, payable to the Treasurer, required.
Proposals will also bo received until 11 a. m. March 12 by tho Bd. of Co.
Commrs., John F. Goldenbogon, Clork, for $0,400 4 \4% Solan Road oxt.
(county’s portion) bonds. Auth. Secs. 2294, 2295, 6912. 6912-1 and 6913,
Gen. Codo. Denom. (12) $500 and (1) $400. Dato March 1 1913. Int.
A. & O. at Co. Treas. office. Duo $400 April 1 1925, $500 yearly on April 1
from 1916 to 1921 incl. and $1,000 yearly on April 1 from 1922 to 1924 incl.
Cert, check on a bank other than the ono making tho bid. for 1 % of bonds
bid for, payablo to Treas., required. Bonds to bo delivered and paid for
within ton days of time of award. Purchasor to pay accrued interest.
DELAWARE, Delaware C ounty, O hio. — BONDS A U T H O R IZ E D .—
An ordinance was passed Jan. 22 providing for tho issuanco of $10,000 5%
coup, street-impt. (city’s portion) bonds. Denom. $500. Dato not later
than March 1 1913. Int. M . & S. Duo $1,000 yearly on March 1 from
1914 to 1923 incl.
DES MOINES SCHOOL DISTRICT, la .— RESULT OF BOND ELEC
T IO N . — Tho vote cast at tho election held Feb. 5 on tho proposition to
Issuo $550,000 bonds (V. 96, p. 376) was as follows, it is statod:
BONDS DEFEATED.
.
Amount.
Purpose.
" Vote F or."
"VoleAgainst"
$200,000 West High School____•.......................................2,202
3,064
23.500 Brooks School.....................................- ............. 2,352
2,374
BONDS VOTED.
$50,000 Phillips and Stowo School__________________ 3,083
1,939
50.000 Park Avenue School________________________3,239
1,798
23.500 Cattell School.....................................................2,418
2,218
3,000 Benton School.......................... - ..................... 3,078
1,773
50.000 School grounds_____________________________ 3,171
2,374
150.000 North High School..........................
2.727
2,469
DRESDEN, W eakly C ounty, T on n . — BOND ELECTION PRO
POSED.—-Tho question of issuing $25,000 water-works and eletric-light
bonds will bo voted on. it Is stated, in tho near future.
DULUTH SCHOOL D ISTRICT (P. O. D uluth), Saint Louis C ounty,
M inn.— BONDS VOTED.— Tho election held Fob. 1 resulted, in favor of
issuing $200,000 4 >4% gold coup, school-bldg, bonds (V. 90, p. 222).
Auth. voto of 720 “ for" to 114 "against.” Int. somi-annual. Duo 30
years, optional after 20 years.
EAGLE COVE IR R IG A TIO N D ISTR IC T (P. O. Hammett), Elmore
C ounty, Ida.— BONDS VOTED.— An election held Dec. 30 resulted in
favor of tho proposition to issuo $300,000 6% pumping-plant and irrigation
system construction bonds.
ELLIOTT INDEPENDENT SCHOOL DISTR IC T (P. O. E lliott).
M ontgomery C ounty, Iowa .— BOND SA LE. — On Fob. 10 the $20,000
5% coupon school-bldg, bonds (V. 96, p. 376) were awarded to John Nuveon
k Co. of Chicago at 101,225 and int. Other bids follow:
Fidelity Tr. Co., Kans. City.$20,186|C. II. Coffin, Chicago...........$20,101
F. J. Yonkers, Des M oines.. 20,1271
ENDICOTT, Broome C ounty, N. Y .— BOND SA LE.— On Dec. 16
$30,000 municipal bldg, bonds were awarded to Geo. M . Hahn of N. Y .
Denom. $500. Date Feb. 1 1913. Duo from Fob. 1 1915 to 1934 incl.
ESTHERVILLE, Emmett C ounty, Iow a. — BOND ELECTION .— An
election will bo held Feb. 17, It is stated, to voto on tho proposition of issuing
$25,000 water-supply bonds.
„ FAIRBU RY SCHOOL DISTR IC T NO. 8 (P. O. Fairbury), Jefferson
C ounty, Neb.— BONDS VOTED.— An election held Feb. 4 resulted unani
mously in favor of the Issuanco of $13,000 6% school-site bonds (V. 96,
p. 301). Wo are advised that this issuo will bo offered about March 1.
'
FALMOUTH, Barnstable C ounty, Mass.— BOND SALE.— On Feb. 10
tho $40,000 4% water bonds (V. 96, p. 301) were awarded, .according to
reports, to A. B. Leach k Co. of Boston at 100.63. Due $1,000 ann. from
Nov. 1 1913 to 1917 and $2,000 annually thereafter.
15 1 9 1 3 .]
THE CHRONICLE
r F IT C H B U R G , M ass.— BOND SA LE.— On F eb. 13 the following three
Issues of 4 % reg. bonds were awarded to R . L . D a y & C o. o f B oston at
^200*000 sewerage loan, A ct o f 1911, bonds. D ate A ug. 1 1912. Int.
*
’
F. & A . Due $8,000 yrly. A ug. 1 1913 to 1922 Incl. and $0,000
yrly. Aug. 1 1923 to 1942 Inch
131 0 0 0 municipal bonds.
D ato N ov . 1 1912. In t. M . & N . D ue
’
$13,500 yrly. N ov. 1 1913 to 1918 Inch and $12,500 yrly. N o v . 1
1919 to 1922 inch
. -_
24 000 water loan o f 1907 bonds. D ato N o v . 1 1912. Int. M . & N .
’
Duo $1,000 yrly. N ov . 1 1913 to 1930 Inch and $500 yrly. N o v . 1
1931 to 1942 inch
FLA T H E A D & SAN D E R S C O U N T IE S S C H O O L D IS T R IC T N O . 70,
M on t .— BOND SA LE.— On Jan. 31 tho $1,200 6 % 10-15-year (o p t.)
coup. bldg, bonds (V . 96, p. 301) wore awarded to tho State B d. o f Land
Commissioners at par and int. D ato Feb. 17 1913. A bid of par was also
received from W . & D . Spineffs.
F L IN T U N IO N S C H O O L D I S T R I C T (P. O . F lin t), G e n e sse e
C o u n ty , M ich .— BOND OFFERING.— Proposals will bo received until 12
m . Feb. 27 b y tho Board o f Trustees, W . C . Lewis, S ec'y, for $70,000
4 'A % coup, school-constr. bonds. Int. semi-annual.
F O R R E S T C O U N T Y (P. O. H a tt ie s b u r g ), M iss.— BOND SALE.—
T he First N ational Bank o f Com m erce and tho Hattiesburg Trust & Bank
ing C o. wero awarded on Feb. 4, it is stated, tho $100,000 5 % 10-25-yr.
(opt.) coup, road bonds offered without success on Jan. 6 (V . 96, p- 222).
F O R T W O R T H SC H O O L D IS T R IC T (P . O. F o r t W o r th ), T a rra n t
C o u n ty , T e x a s .— BONDS PROPOSED.— This district is contem plating the
issuance o f $175,000 school bonds.
F R A N K F O R T , R o ss C o u n ty , O h io .— BOND OFFERING.—-Proposals
will be received until 12 m . Feb. 20 by J. G . Bell, Vil. Clerk, for tho $12,00
5% water-works bonds voted D ec. 3 (V . 95, p. 1560). D enom . SoOO.
D ate D ec. 24 1012. Int. ann. on M arch 1. Duo $500 yeafly on M arch 1
from 1916 to 1939 inch C ert, check for 5 % o f bid required.
F R A N K L IN C O U N T Y (P. O. A p p a la c h ic o la ), F la .— BOND SALE —
This cou nty has sold to the Ilanchett Bnod C o. o f Chicago tho $20,000
4 H % road bonds mentioned in V . 96, p. 222.
F R A N K L IN C O U N T Y (P. O. M a lon e), N. Y .— BOND OFFERING.—
Proposals will be received until 1 p. m. Feb. 26 b y M . W .L a n t r y , Ires.
Franklin C ounty R oad C om m rs.. for $100,000 4 M % reg. road-im pt. bonds.
D enom . $1,000. D ate M arch 1 1913. Int. M . & S. at People s N at.
Bank, M alone, in N ew Y ork cxchango. D uo $10,000 yearly on M arch 1
from 1961 to 1970, inch Cert, check on a national bank or trust com pany
for 2% of bonds bid for required.
FR E M O N T, D od g e C o u n ty , N e b .— BOND ELECTION PROPOSED.—
An election will likely be held, reports stato, in tho spring to voto on the
quostion o f issuing $25,000 paving bonds.
F R IO C O U N T Y (P. O. P ea rsa ll), T e x .— BONDS VOTED.— T ho ques
tion o f issuing $80,000 road bonds (V . 95, p. 995) carried at an election
held Feb. 1, reports state.
G A L V E S T O N C O U N T Y COMM ON S C H O O L D IS T R IC T N O . 21,
T e x .— BONDS REGISTERED.— T ho State Com ptroller registered on Jan
29 $6,500 5% 10-40-yr. (op t.) bonds.
GE N EV A , A s h ta b u la C o u n t y , O h io .— BONDS A U T H O R IZ E D .—
Reports state that tho Village Council on Feb. 3 passed an ordinance au
thorizing tho issuance o f $10,000 5% water-works-im pt. bonds. D en om .
$500. Int. payable at Genova Savings Bank.
G E R IN G , S c o t t ’s B lu ff C o u n ty , N o b .— BOND PROPOSITION TO BE
R E -S U B IIT T E D .— W o are advised that tho $1,000 5 % street-lighting
bond proposition recently adopted by the voters (V . 95, p. 1696) will be
re-submitted on account o f certain irregularities.
GE R M A N F L A T T S (P. O. I lio n ), H erk im er C o u n t y , N. Y .— BONDS
VOTED.— The election held Feb. 1 resulted, is is stated, in a vote o f 122 to
6 in favor of tho proposition to issue not more than $9,000 bridge-const,
(tow n’s portion) bonds at not exceeding 5 % Int. D enom . $1,000. D ate
M arch 1 1913. Int. M . & S. Duo $1,000 yrly. M arch 1 from 1916 to
1924 inclusive.
G IR A R D S C H O O L D I S T R IC T (P. O. G ira rd ), T ru m b u ll C o u n ty ,
O h io .— BOND E LEC TIO N .— An election will beh eld Feb. 27, reports stato,
to vote on tho question o f issuing $60,000 new school-bldg, bonds.
G IL R O Y , S a n ta C la ra C o u n ty , C al .— BOND E L E C T IO N — An elec
tion will bo held Feb. 18. reports state, to vote on tiio question o f issuing
$25,000 municipal im pt. bonds.
I G R A N D R A P ID S , M ich .— BOND SA LE.— On Feb. 3 $45,000 street
and $15,000 sower 4 K % coupon bonds wero awarded, it is stated, to tho
Board o f Sinking Fund Commissioners.
•: «
*
1
G R A N D V IE W , Y a k im a C o u n ty , W a s h .— BONDS D E F E A T E D .—
T ho question o f issuing $30,000 bldg, bonds was dofeated at an election
held recently
G R A N G E R S C H O O L D IS T R IC T (P. O. G ra n g er), W illia m s o n
C o u n ty , T exa s.— NO A C T IO N YE T T A K E N .— N o action has yet been
tsken looking toward tho issuance o f tho $10,000 bonds voted Jan. 11.
(V . 96, p. 301.)
GREEN E C O U N T Y (P. O. L ea kesvill9 ), Mi33 — BOND SALE.— On
Feb. 3 the $10,000 6 % coup. Agricultural High School bonds (V . 96, p. 376)
wore awarded to Breed, Elliott & Harrison o f Cine, at 103.04 and int.
G R E E R , G reen v ille C o u n ty , So. C ar.— BONDS VOTED.— Reports
state that this town has voted to issue $65,000 light, water and sewerage
bonds.
G U L F P O R T , P in e lla s C o u n ty , F la .— BONDS VOTED.— T he question
o f issuing $1,500 city-hall and jail, $4,000 road-im pt., $1,500 ditch and
culvert construction, $500 bridge, $500 sidewalk, $500 street-crossing and
$1,500 general expense bonds was carried, reports stato, at an election held
F ob. 5. Ail votes cast were in favor o f tho issuo.
HAM BLEN C O U N T Y (P . O. M o r risto w n ), T e n n .— BOND S A L E .—
T ho Tennessee Indem nity C o. o f Knoxville was awarded on A ug. 12 1912
$25,000 5 % 40-year road bonds at 103.20. D enom . $1,000. D ate
Juno 1 1912. Interest J. & J.
H A M B U R G , B erk s C o u n ty , Pa .— BONDS PROPOSED— A ccording
to reports, this town is contem plating the issuance o f $16,000 funding bds.
H A R D 3 C R A B B L E IR R I G A T I O N D I S T R IC T (P. O. F lo r e n c e ),
F rem on t a n d C u ster C o u n tie s. C o lo .— BOND OFFERING.— Proposals
will bo received until 2 p. m . M arch 4, b y A . K oon tz, Secy., for $950,000
6 % coupon tax-free bonds to construct irrigation-works, purchase waterrights and pay floating debt o f $8,000 (V. 95, p. 1487.) D enom . and dato
to suit purchaser. Int. seml-ann. at Carson C ity or an Eastern banking
house. Duo 11 to 20 years. District has no bonded debt. Floating dobt
$8,000.
H A R T F O R D T ru m b u ll C o u n t y O h io .— BOND ELECTION .— An
election will be held March 10 to voto on the question o f issuing $16,423 24
streot and sewer (village's portion) bonds.
H IG H L A N D P A R K (P. O. R ic h m o n d ), H e n r ic o C o u n t y , V a .—
BOND ELECTION PROPOSED.— An election will bo held, probably in
M a y , to voto on the question o f issuing $75,000.5% street and other im pt.
bonds.
■
H O M ESTE AD , A lle g h e n y C o u n ty , P a .— BOND ELECTION .— The
question o f issuing $86,000 filtration-plant bonds (V . 95. p. 1560) will be
submitted to tho voters on M ar. 25, reports stato.
"** H O P K IN S C O U N T Y COMMON S C H O O L D I S T R I C T N O. 15, T e x .—
BONDS REGISTERED.— On Jan. 29 tho $1,800 5 % 10-20-yr. (op t.) bonds
sold Jan. 10 (V . 96, p. 376) wero registered b y tho Stato Com ptroller.
H O U S T O N , H arris C o u n ty , T exa s.— BONDS OFFERED B Y B A N K
ERS.—-Wm. It. C om pton C o. o f St. Louis is offering to investors the
$2,500,000 4 i i % gold coup, bonds (V . 95, p. 1148). D enom . $1,000.
D ato Sept. 1 1912. Int. M . & S. at tho Union Trust C o. in N . Y . Duo
part yearly from Sept. I 1913 to 1952 inclusive.
H U G H S O N S C H O O L D IS T R IC T (P. O. H u g h s o n ), S ta n isla u s
C o u n ty , C a l.— BONDS D E FE A T E D .— Tho question o f issuing $32,000
grammar school-bldg, bonds was defeated at an election held Jan. 31 by
a voto of 108 “ for” to 111 “ against."
*
H U S T IS F O R D , D od g e C o u n t y , W ise.— BONDS D E F E A T E D .—
T ho question o f issuing $10,000 viilago-hall bonds was dofeated at an
election held Fob. 6.
«* ■ ' ;■
? t ’ 1!
I- IN D E PEN D E N C E, J a c k s o n C o u n t y , M o .— BOND OFFERING.— P ro
posals will bo received until Feb. 25 for tho $40,000 5 % 5-20-yr. (op t.)
general expense bonds. £ A uth. voto o f 586 to 252 at an election held Feb. 4.
505
IO N IA C O U N T Y (P. O. I o n ia ), M ich .— BOND ELEC TION .— A n elec
tion will be held April 7 to vote on the question o f issuing $3,000 heatingplant bonds. D ue Jan. 1 1914.
IN V E R N E S S S C H O O L D IS T R IC T (P . O. In v e rn e s s ), H ill C o u n t y ,
M o n t-— BOND OFFERING.— Proposals will be received until M arch 8
b y T . II. Ily le , D ist. Clerk, for $5,000 school-bldg, bonds, at not exceeding
" , int. A uth. voto o f 34 “ for” to 1 “ against” at an election held Jan. 21
6‘ %
Due 20 years, op t. after 15 years, C ert, check for 10% o f am ount bid.
payable to C o . T reas., required.
J A C K S O N C O U N T Y D R A IN A G E D I S T R I C T N O . 3, T e x .— BONDS
REGISTERED.— T ho $64,950 5 % drainage bonds sold D ec. 20 (V . 95. p .
1763) wero registered on Jan. 29 b y the State C om ptroller.
JA S P E R , D u b o is C o u n t y , I n d .— BONDS N OT SOLD.— N o bids were
received on Feb. 10 for $2,500 4 % 1-5-year (serial) sanitary-sewer-system
bonds. D en om . $500. D ate Feb. 15 1913. Int. annual. W e are advised
that proposals will again be received until M arch 3 for these securities.
J E F F E R SO N A N D P LAQU EM IN ES D R A IN A G E D I S T R I C T (P. O.
N ew O rle a n s), L a .— BOND SA L E .— T he New First N at. Bank o f C olum
bus, Ohio, has been awarded $200,000 o f an issue o f $358,500 5 % icou p.
drainage-system -im pt. bonds (V . 95, P- 1561) at par less a com m ission.
D en om . $500. D ate Feb. 1 1913. Int. F. & A . beginning 1913. Due
on A ug. 1 as follows:
$ 4,000............ 1917 $5,500........... 19261 $9,500............. 1935 $14,000.......... 1944
_1945
14.500
4.000
_1918 6,000______ 1927 10,000_______ 1936
_1946
.1928 1 0 ,5 0 0 ........... 1937 15.000
4 ,5 0 0 . .____ 1919 6.500
_1947
... 1938 15.500
5.000
_1920 7 ,0 0 0 ........... 1929 11.000
.1948
_1939 16.000
_1930 11.500
5.000
_1921 7.500
_1949
5.000
_1922 8.000
.1931 1 2 ,0 0 0 ........... 1940 16.500
_1950
... 1941 17.000
_1932 12.500
_1923 8.500
5.500
.1951
_1942 17.500
5.500
.1924 9 ,0 0 0 -.......... 1933 13.000
_1952
... 1943 18.000
5.500
_1925 9.000
_1934 13.500
W e are advised that the balance o f the issue will be held in the treasury
until such time as it m ay bo necessary to dispose o f them .
JE F F E R S O N C O U N T Y D R A IN A G E D I S T R I C T N O . 3, T e x a s .—
BONDS REGISTERED.— On Feb. 4 the State C om ptroller registered the
$92,000 drainage bonds offered on N ov. 2 1912 (V . 95. p. 1148.)
J O H N S T O W N , F u lt o n C o u n ty , N . Y .— BOND OFFERING.— Further
details are at hand relative to the offering on F ob. 24 o f the $62,000 5 %
coup, sewer-extension bonds (V . 96, p . 433). Proposals will be received
until 11 a. m . on that day b y W . J. Eldridge, C ity Chamberlain. D enom .
$1,000. D ato Sept. 1 1911. Int. M . & S. at the Johnstown Bank in
Johnstown. D ue $3,000 yearly Sept. 1 1913 to 1926 incl. and $4,000
yearly Sept. 1 1927 to 1931 incl. Purchaser to pay accrued interest.
JON ES C O U N T Y (P . O. E llisv ille ), M iss.— W A R R A N T SA LE.— The
Bank o f Ellisville was awarded at par in Jan. $50,000 6 % 1-year warrants.
D enom . $1,000. D a te Jan. 1 1913.
J O P L IN , J a sp er C o u n t y , M o .— BOND SA LE.— On F eb. 10 the two
issues o f 5 % 20-yr. (op t.) coupon bonds aggregating $140,000 (V. 96, p. 433)
were awarded to tho W m . R . C om pton C o. o f St. Louis at 101.81 and int.
Other bids follow:
„
_____
A .G . Edwards & Sons,S t.L .$142,400IMercantiie T r. C o ., St. L . -$140,579
N . W . Halsey & C o ., C b ic . 141,876 Fidelity Trust C o ., K an. C . 140,407
D ev itt, Trem ble & C o ., Chic. 110,833 W hitaker & C o ., St. L ou is. 140,177
Conqueror T r. C o ., Joplin . 140,800 Com m erce Trust C o ., Kan.
C i t y ...................................... 110.153
A . B . Leach & C o ., Chicago 140,749
K A N S A S C I T Y , W y a n d o tte C o u n t y , K a n s .— BONDS AU TH O R
I ZED.— An ordinance was passed Jan. 30 providing for the issuance of
$30,098 5 % coup, street-im pt. bonds. D enom . (60) $500 and (1) $98.
Date Feb. 1 1913. Int. F. & A . at office o f State Treas., T opeka. Due
$3,0 98 Feb. 1 1914and $3,000 yearly on Feb. 1 from 1915 to 1923 Inclusive.
K IN G C O U N T Y (P . O. S e a ttle ), W a s h .— BOND OFFERING.— P ro
posals will be received until 12 m . M arch 5 b y B yron Phelps, C ounty A ud.,
for the $950,000 gold court-house bonds at not exceeding 5 % int. (V . 95,
p . 1561). D enom . $1,000. D ate M a y 1 1913. Int. ann. in M a y at the
C o. Treas. office or in N . Y . Due M a y 1 9133, redeemable b y specific
numbers in the amount of $95,000 on or after M a y 1 from 1923 to 1932 incl.
Bonds certified b y tho C olum bia-K nickerbocker Trust C o . o f N . Y . and
legality examined b y Caldwell, Masslich & Reed o f N . Y ., whoso opinion
will be furnished to the purchaser. Bids must be made on blank form s.
Certified check for $7,000 on a national bank or trust com pany, payable
to the C ounty A uditor, is required.
The official notice o f this bond offering will be found among the advertise
ments elsewhere in this Department.
K IN S T O N , L e n o ir C o u n t y , N o. C a r o .— BOND E L EC TIO N .— An
election will be held Feb. 28, reports state, to vote on the question o f issuing
$17,500 bonds to pay for lands donated b y tho m unicipality to the State
as an inducement for the location here o f tho Stato School for the r eeble.
L A K E C O U N T Y (P . O. P aine3ville), O h io .— BOND OFFERING.—
Proposals will be roceived until 12 m. M arch 3 by the Board o f C om m 'rs,
at the office o f W . A . Davis, A u d ., for $62,000 \ 'A % coup. Vine St. im pt.
bonds in T w p . o f W illoughby. A uth. Secs. 6903 to 6914, Gen. C ode.
D enom . $500. D ate M arch 1 1913. Int. M . & S. at C ounty Treasury.
Due $1,000 each six months from M arch 1 1914 to Sept. 1 1921 incl. and
$2,000 each six m onths from M arch 1 1922 to M arch 1 1933 incl. Cert,
check on a bank in Lake C o. for 5 % o f bid, payable to C o. T reas., required.
Bonds to be delivered and paid for within 15 days from time o f award.
L A K E W O O D S C H O O L D I S T R I C T (P. O. L a k e w o o d ), C u y a h o g a
C o u n ty , O h io .— BOND SA LE.— On Feb. 11 the $49,000 5 % coupon
building and im pt. bonds (V . 96, p . 301) were awarded to the Citizens’
Savings & Trust C o . o f Cleveland for $51,260, making the price 104.612.
Other bids follow:
, ___ ____ ___
Breed. Elliott & Harrison,
ISidney Spitzer & C o ., T ol.$ 5 0,68 5 00
C in c in n a ti____________ $51,067 00 H ayden, Miller & C o .,Clev 60,380 00
Seasongood & M ayer, Cin. 51.016 00 T illotson & W olcott C o
C le v e la n d _____________ 50,308 30
M ayer,D eppe& W alter,Cin 50,871 80
W m .R .C o m p to n C o .,S t.L . 50,745 60 H oehler& C u m m ings,T ol. 50,637 50
C . E . Denison & C o .,C le v . 50,745 60 Otis & C o ., C leveland____ 49,985 00
W eil, R oth & C o ., C i n .- - 50.740 00 W . E . Fox & C o ., C in ____ 49,887 03
First N at. Bank, C leve— 50,715 60 N ew First N at. Bank. C ol. 49,735 00
LA PORTE, In d .— BOND SALE.— This city has awarded $22,000 5%
sewer bonds to the Ilan chett B ond C o . o f C hicago.
LARCHM ONT, W estchester County, N. Y .— BOND OFFERING.—
Proposals will be received until Feb. 19, reports state, for $7,000 1-14-year
(serial) school-building bonds. Int. rate to be named in bid.
LARGO, Hillsboro County, Fla.— BOND SALE.—On Jan. 10 the
$10,000 6 % 30-year olectric-light and water-works bonds (V . 95, p. 1763)
were awarded to John Nuveon & C o. o f Chicago at par. D enom . $1,000.
D ate M arch 1 1913. Interest M . & S.
LAVACA CO U N T Y (P. O. Hallettsville), T e x . — BONDS DEFEATED.
— A ccording to reports tho proposition recently subm itted to tho voters
(V . 95, p. 1697) was overwhelmingly defeated.
LEW ISTO N , Fergus County, M ont.— BOND ELECTION PROPOSED.
— An election will be held in April, reports state, to vote on the question of
issuing bonds for an addition to tho city-hall and to purchase an auto truck
for the fire department.
L IVIN G ST O N SCHOOL D IST R IC T (P. O. Livingston)
Park
County M ont.— BONDS DEFEATED.— T ho question o f issuing $69,500
building bonds was defeated b y a m ajority o f 30 votes at an eloction held
N o v . 30.
LO CK H AR T SCHOOL D IST R ICT (P. O. Lockhart), Caldwell
County, Tex.— BONDELECTION POSTPONED.— The election which was
to be held Feb. 19 to voto on the quostion o f issuing $20,000 school-bldg,
constr. bonds was postponed to M a r. 4. reports state.
LONSDALE, T enn.— BOND OFFERING.— Reports state that C . L.
Householder, T ow n Recorder, will receive bids until F eb. 15 for $20,000
5 f i % street-im pt. bonds.
LO RAIN , Lorain County, Ohio.— BOND OFFERING.— Proposals will
bo received until 12 m. M arch 7 b y E . P . Keating, C ity A u d ., for $12,132 97
4 H % coupon Black River im pt. funding bonds. A uth. Sec. 3916, Gen.
C ode. D enom . (1) $132 97, (12) $1,000. D ate D ec. 1 1912. Int. M . &
S. at office o f Sinking Fund Trustees. Due $2,132 97 Sept. 15 1920 and
$2,000 yearly on Sept. 15 from 1921 to 1925, incl. C ert, check o * a Lorain
bank or any national bank for $500, payable to C ity T reas., required.
Bonds to bo delivered and paid for within 10 days from tim e * f award.
Purchaser to pay accrued interest.
.
Feb.
50G
THE CHRONICLE
LO S A N G E LE S, C al.— BOND ELECTION POSTPONED.—’A ccording
to local papers, the C ity Council has postponed the date for holding th e
e le c t io n t o v o t e on propositions to issue bonds aggregating $17,600.
000 (V . 96, p. 223) from Feb. 25 to M a r. 25.
L O U IS V IL L E , S ta rk C o u n t y , O h io .— BOND OFFERzNG.— Proposals
will be received untii 12 m . M arch 10 b y L . J. D ovaux, Village Clerk, for
the follow ing 5 % East M ain St. im pt. bonds;
$4,000 (village's portion) bonds. D enom . $500. In t. annual. D ue
„„
$1,000 yearly on M arch 1 from 1916 to 1919, inclusive.
20.763 (assessment) bonds. D enom . (1) $763, (20) $1,000. Int. annually
on April 1. D ue $2,000 yearly on April 1 from 1914 to 1923,
inclusive; $763 on A pril 1 1923.
’
A uth. Sec. 3939, Gen. C ode. D ate M arch 1 1913. Cert, check for 10%
b ?nc‘ s. bid for, payable to Village T rea s., required. Bonds to be delivered
andfpaid for within 10 days from tim e o f award. Purchaser to pay accrued
Interest.
I ^ V E R N E S C H O O L D IS T R IC T (P. O. L u v ern e) R o c k C o u n t v
M in n .— BOND ELEC TIO N PROPOSED.— T h e q u estion^ ofissu^ v
000
future0^ 0 01 ^ ^ * bonds will be submitted to a vote, reports state, in the near
[Vol. XCVI.
N E W A R K , L ic k in g C o u n ty , O h io .— BONDS A U T H O R IZ E D .— An
ordinance was passed Jan. 20 providing for the issuance o f a $1,000 5%
COUP- Sixteenth St. sewer-constr. bond. D ate F ob. 1 1913. In t. ann.
D u o F eb. 1 1918.
m r ? l w A v ? STnON,f (P '
P o r t s m o u th ), S c io to C o u n ty , O h io .— BOND
op.[EEJJVG.— Farther details are at hand relativo to tho offering on F eb. 25
or the $13,000 m % coupon street-im pt. bonds (V . 96, p. 377). Proposals
for these bonds will be received until 12 m . on that d ay b y It. II. C oburn.
Vil. C lerk.A uth. Sec. 3939 Gen. C ode. Also election held N o v 5
D enom
$500. Date Jan. 1 1912. Int. J. & J. at Portsmouth Bank C o ., Ports
m outh. Duo $500 each six months from Jan. 1 1914 to July 1 1926 incl.
Cert, check for 5 % o f bonds bid for, payable to Vil
Treas required
B onds to be delivered and paid for within 10 days from tim o’ o f aw ard’.
Purchaser to pay accrued interest.
N E W B O S T O N B o w ie C o u n t y T e x .— BOND E L E C T IO N __An elec
tion will be held Feb. 25 to vote on the question o f issuing $15,000 5 % water
bonds. D ue 40 years, o p t. after 20 years.
N E W H A N O V E R C O U N T Y , N o. C a ro .— BOND E LEC TIO N PRO
POSED.— T he C ounty Commissioners have been requested to call an elec
tion to vote on the question o f issuing $175,000 bldg. & Impt? bonds.
r n J i w T w '0 ^
Pi p - O . S e H e v u e T H u r o n C o u n t y , O h io .— BOND
N IL E S , T ru m b u ll C o u n t y , O h io .— BOND O FFE R IN G __ P r o D o s a ls
/
i l e received until 12 m . M ch . 3 b y the B d. o f
will be received until 2 p. m . Feb. 27 b y Hom er T hom as, C ity AucP,? for
T w p . "trustees, W . H . Erdrich, Clerk, for $10,000 5 % cou p. L ym e R oad
the following 5 % cou pon bonds.
y
’
FVhPtr. b ° ‘n f n . , ^ U^ hnnSeC5k 7033-7052, in ch . Gen? C ode; also elecMon $5,000 electric-light-system -ext. bonds. D ue M arch 1 1929
M a r- 1 1913. In t. M . & S. at Belle5,000 water-works-system -ext. bonds. Duo M arch 1 1930.
b,ue.$500 on M ch. 1 and Sept. 1 o f each year from 1918
ArA Jlt]?’ S e c-^ O ^ G e n . C ode. Denom . $500. Dato M arch 1 1913. Int
V 27
c„heck on a bank other than the one making the bid,
iP?
0tlf i bid for, payable to T w p . Trustees, required. Bonds to M . & S. at C ity Treas. office. Cert, check for 5 % o f bonds bid for, payable
to M . J. Flaherty, C ity Treas., required. Purchaser to pay accrued int.
U) p a y Vaccrued^interest°r Wltb*n
days from tim e o f award. Purchaser B onds to bo delivered and paid for within 10 days from time o f award.
N O R F O L K C O U N T Y , M ass.— L O A N OFFERING.— Newspaper disM cP h e r s o n c o u n t y s c h o o l d i s t r i c t n o 7 2 K n n c n « ___
p atchesstate that bids will be received until 10 a. m. F eb. 18 fo r a tem porary
B n|V /ffS r. ° EE OFFERED SHORTLY.— W e are advised that this district lo&n
or $125,000.
™ L'oTl eSnZ ° ,ocal investors about April 1 $12,500 4 A Vo school bonds. D enom . tjpouu.
N O R T H A M P T O N H a m p sh ire C o u n t y M ass.— TE M PO RA R Y L O A N .
P 1S 9*7 V * B L E ^ M a d ison C o u n t y
T e x .— D E SC R IPTIO N OF 3 ? l n..F e ^ i 1,°J 'h,0 *80.000 loan duo O ct. 10 (V . 96, p. 433) was negotiated
with the Old C olony Trust C o. o f Boston at 3.5 7 % discount.
K
BONDS. The $16,000 5 % 20-40-yr. (op t.) cou p, water-works bonds (V . 95,
P-1290) are in the denom . o f $400 each and dated Feb. 15 1913. In t. ann.
N O R T H Y A K IM A , Y a k im a C o u n t y , W a s h .— BOND ELEC TIO N .__
in iMadisonville or Austin.
.
T he voters o f this city will have subm itted to them on M arch 18, it is stated
M A L T A S a r a to g a C o u n t y N . Y .— BOND SA LE .— IT. F. Barber was a proposition to issuo $260,000 sewer-system bonds.
O G D E N S C H O O L D IS T R IC T (P. O. O g d e n ), U ta h .— BOND SALE.
n ^ rd ? m '° ? - f e b V 1 a ®1(30P 5 % highway bond for $1,320 50, making the
price 101.576. Int. ann. in Feb. Duo 1920.
— Causey, Foster & C o. o f Denver have been awarded $20,000 I 'A % 1020-yr. (op t.) refunding bonds. D enom . $1,000. D ato D ec. 1 1912.
M A N H A T T A N S C H O O L D IS T R IC T (P. O. M a n h a tta n ), R ilo v
Int. J. & D .
'C o u n ty K a n s .— BOND ELEC TION .—-An election will bo held Feb. 18
O K L A H O M A .— B ID S REJECTED.— All bids received for tho $3,000 000
bondse(V d 96e<p 3 7 7 )° t0 0“ th° question o f Issuing $90,000 high-school
4 % cou p, refunding bonds offered on Feb. 1 (V . 96, p. 152) were below par
and int., and therefore rejected.
M A P L E W O O D S C H O O L D IS T R IC T (P. O. M a p le w o o d ), S t. L o u is
O M AH A , N eb .— A M E N D E D BOND OFFERING.— Concerning the
^ 0 n ,o t T’ r
D S D E F E A T E D .— An election held Feb. 4 resulted
in the defeat o f the proposition to issue $100,000 school bonds. T h e vote, bonds advertised to be sold on Feb. 18, wo are advised that tho am ount to
it is sta&eci, was 92 to 362.
bo sold for street-im provem ents has been changed from $206,000 to *94 000
p n f r n I1,! ' I"rE, C O U N T Y (P. O. M a rin e tte ), W is .— BONDS PRO- M aturity $23,000 in 1921 and $71.000 in $1922. For other details o f bonds
lO S L i). -Reports state that the Board o f C o. C om m ’rs aro considering and terms o f offering, see V . 96, p. 302.
the advisability o f issuing $350,000 road-im pt. bonds.
, .....
OM AK, O k a n o g a n C o u n t y , W a sh .— BOND ELECTION .— An election
will bo held on Feb. 28 to vote on the question o f issuing $8,600 water-works
M A R Y S V IL L E V IL L A G E S C H O O L D IS T R IC T (P. O . M a rysville),
bonds.
U n io n C o u n ty , O h io .— BOND E LEC TIO N .— An election will be held
Feb. 18 to vote on the question o f issuing $100,000 school-construction and
. P .^ T A 1*,1 0 - M a lh e u r C o u n ty , O re .— BONDS VOTED.— An election
equipm ent bonds.
held t en. 7 to vote on the question o f issuing $17,000 city-hall-bldg, bonds
carried b y a vote o f 222 “ fo r ” to 55 “ against.”
M A X W E L L S C H O O L D IS T R IC T (P. O. M a xw ell), C olu sa C o u n t y
VOTED.— B y a vote o f 111 to 4 tho question o f issuing
O R A N G E , F r a n k lin C o u n ty , M as3.— BOND OFFERING.— Proposals
$24,000 bldg, bonds carried, it is reported, at an election held Jan. 25.
r'Ji1i!2 1r, ® ivcd u ? 111 12 m Feb. 18 by T . W . Bridge, T ow n T reas., fo r
M E D F O R D , M ass.— TE M PO R A R Y LO A N .— On Feb. 11 a $100 000 $48 000 4 % cou p, town-hall tax-free bonds. D enom . (40) $1,000 and (16)
loan, due $50,000 N ov . 18 and $50,000 N o v . 26, was negotiated with F sta- $500. Date Oct. 1 1911. Int. A . & O. at Old C olony Trust C o ., B oston ,
N a t- 1Jank- Orange. Duo $2,500 yearly on Oct. I from 1912 to
brook & C o. o f B oston at 3 .5 9 % discount. R fc"
flto t
1927 incl. and $2,000 yearly on Oct. 1 from 1928 to 1931 incl
These
rsM E D F O R D , M id d lesex C o u n ty , M ass.— BOND OFFERING.—P r o bonds will be certified as to their genuineness b y the Old C olony Trust C o
posals will bo received until 11 a. m. Feb. 18 b y E d. A . Badger Cii v Treas
and their legality approved b y R opes, Gray & Gorham o f B oston, whose
-« irnnn0 ’00(? 1ok \
11 tax‘ freo. Public playground bonds.
D enom . (30)’ opinion will bo delivered to the purchaser.
$1,000 and (20) $500. Dato A ug. 1 1912. Int. F. & A . at National
O R A N G E C O U N T Y (P . O. H ills b o r o ), N. C .— B ID S REJECTED.— All
Shawmut Bank, Boston. Duo $1,500 yearly on A ug. 1 from 1913 to 1932,
inc ., and $1,000 yearly on A ug. 1 from 1933 to 1942, inch Thoso bonds
/VrdsnSecelv^ ^ on F o b ‘ -10 f(.,r the a 'A % 40-yr. cou p, road-im pt. bonds
(V . 96, p. 224) were rejected. BOND OFFER IN G .— Proposals will again
will be certified as to their genuineness b y the Old C olon y Trust C o .,
be received for these securities until Feb. 24 as 5s to the am ount o f $230,000.
B oston, and their legality approved b y Ropes, G ray & Gorham o f Boston.
O R L A N D H IG H S C H O O L D IS T R IC T (P . O. O rla n d ), G le n n
A
,9° ^ ° ? . S C 9 , ° ° L D IS T R IC T N O. 15, T exas.
C o u n tv C al.— BOND ELEC TIO N .—-An election will bo held Feb. 28, it
i w o S o B H o n
C ° mptrOUer r0glstei’ed $ 1 0 ’0 0 0 5 %
is stated to voto on tho proposition to issue $40,000 site-purchaso and highschool-bldg. bonds (V . 96, p. 302).
^p>
M ed ia), D ela w a re C o u n ty , Pa.
^ a3f1,— BONDS VOTED.— Reports state that tho issuance
— Beb ° rts state that the question o f raising $ 7 5 , 0 0 0
o
f $2,800 school-site bonds was authorized on F eb. 2 b y a voto o f 190 to 28.
for a high-school bldg, will bo subm itted to the voters on M arch 29.
O
S
C
O
D
A
T
O
W
N S H IP , Io 3 co C o u n ty , M ich .— BOND SALE.— An
9 ,O U N T Y (?•
W h ite R iver) So. D a k .— PRICE P A ID
issue o f $15,000 5 % road bonds has boon sold to tho H anchott Bond C o .
FOE BOND S.— Vhe price paid tor tho $25,000 6 % 10-20-yr. (opt.) funding
Chicago.
bonds awarded to Bolger, Messer & Willaman or C hicago (V . 96 p . 3 7 7 )
O X F O R D , N e b .— BONDS VOTED.— A t an election held Feb. 4 bonds
was 101.60. D enom . $1,000. D ate Jan. 1 1913. In t. sem l-ann!
'
were voted, it is stated, fo r a municipal electric-light plant.
7 ’ m ^ N/9 > oD o?n fiC O V N T ^- (P ' ° - M en om in ee), M ic h .— BOND ELECiiC/iV PROPOSED.— According to reports an election will bo called in tho
P A R IS , L am ar C o u n t y , T e x a s.— BONDS VOTED.— 'The election held
near tuture to v ote on the proposition to issue $150,000 road-im pt. bonds.
Im9>. 4 resulted in favor o f the proposition to issue the $40,000 water-works
M E T R O P O L IS S C H O O L D IS T R IC T (P. O. M e tro p o lis), M assac and $45,000 refunding bonds (V . 96, p. 302), reports state.
C o u n t y , 111.— BOND OFFERING.— Proposals will bo received, it is stated, mv,P A ^ T ° ^ A ’ Plurnas C o u n t y , C al. BOND ELEC TION PROPOSED.—
until 7 p. m . M ch . 1 b y S. M . Stewart, Chairman o f Financo Com m ittee
;?:V,'Lb aC'V ? c o Vslc,erin" , 'h0 matter o f holding an election to vote on the
fo r tho $30,000 10-20-year (optional) building bonds recently voted (V . 90 issuance o f bonds, according to reports.
p. 81). Certified check for $1,000 required.
P A SC O C O U N T Y (P . O. Dada C ity ), F la .— BOND ELECTION.
M E X IC O S C H O O L D IS T R IC T (P. O. M ex ico), A u d r a in C o u n ty , be held Fob ni7t0 voto on tho question o f issuing $150,000 road bonds, will
M o.— BOND E LEC TIO N .— An election will bo held F eb. 15, local papers
state, to decide whother or not this district shall Issue $25,000 bldg, bonds.
D ’ p U E fL L E C O U N T Y S C H O O L D I S T R I C T N O . 1, W a s h .—
M IL T O N T O W N S H IP , M a h o n in g C o u n ty , O h io .— BONDS VOTED. BOW.) Ob I E R IN G .— Proposals will bo received until 3 p. m. F ob. 27 b y
— I he election held Jan. 25 resulted in a vote o f 103 to 1 iu favor o f tho 8. M . M cG oo, C o. Treas. ( l\ O. N ew port) for $8,000 warrant funding
proposition to issue $ 1 0 , 0 0 0 road bonds, according to reports.
bonds at not exceeding 6 % int. D enom . $500. D ato M arch 1 1913.
M IN N E A P O L IS M in n .— B ID S.— The other bids received on Feb. 6 In t. semi-ann. at C o. Treas. office. D uo 20 years, op t. after 1 year.
PEN D ’ O R S IL L S C O U N T Y S C H O O L D I S T R I C T N O . 5, W a s h .—
for the two issues o f 4% bonds aggregating $250,000, awarded to R . L. Day
BOND S A L E .—On Feb. 7 $7,000 bonds were awarded to tho Stato o f Wash
&
C o ,o fB o s t o n at£>_96.098
(V . 96,- /\r»
p. 4 3 3.),. were
as
follows:.
Alnitfill
M._ a
.
, n ..
M
errill, nl/llin.v.
Oldham & fC"1o... ., Bos
95.93 .Estabrook
ington at at par for 5 A s . Other bids follow :
& C o ., C h i c a g o - ..95.35
Biodget & C o ., B oston ______ 95.834 Wells & D ickey C o ., Minneap95.33
. ... 5 A s .
For 6s
Curtis & Sanger, C hicago'____95.776 Parkinson & Burr, N . Y ____95.2335
W m .D .P e rld n s& C o..S eattle *$7,055 Causey, F o s te r * C o ., D cnv_ $7,250
N . W. Halsey & C o ., C h ica g o.95.64
C . H. C offin & C o ., C h ica go. *7,036 M orris Bros., Portland_____
7,101
J . N . W right A C o ., D en ver. *7!()15 John Nuveen & C o ., Chicago
7,077
t M13^ 1,011 ?A N JOSE S C H O O L D I 3 T R I C T (P. O. M ission S an
Union T r. & Sav. B k ., S p o k . 6,930|
J ^ e . A la m ed a C o u n ty , C a l.— BONDS VOTED.— T h e question o f issuing
bids appear to be higher than the purchasers, but are so reported
$ lb ,000 5% school-site and building-construction bonds carried on Fob 8 to *usThese
b y tho cou nty officials.
b y a vote o f 95 “ for” to 1 “ against.” D ue 1 each year?
u on
s
P
IK
E
T
O
W N S H IP S C H O O L D IS T R IC T , C la rk C o u n t y , O h io .—
o M I S S O U R I . - ^ SA LE .— T he remaining $215,000 o f the $3,500,000
i\ 1'. ‘‘ h. llJ ArO-— l’roposuls will bo received until 7 p. m. Feb. 21 b y
3H %
Capitol bldg, bonds (V . 96, p. 433) have been awarded to tho
64innlch (l*. O. N orth H am pton), Clerk Board o f Education, for
■Centrai|Missouri I r u s t C o ., wo are advised.
-i
.-<1. j -t _
$3,000 o % coupon street-im pt. bonds.
A uth. Sec. 2629, Gen. C od e.
n r w n f I n ™ ■J
( P‘ O. M a ryville), N od a w a y C o u n ty , M o .—
D enom . $500. Dato M arch 1 1913. Int. M . & S. Duo $500 each six
question ot issuing $15,000 road-im pt. bonds months from M arch 1 1915 to Sept. 1 1917, incl. Cert, cheek for 5% o f
JV ‘in c ’ .P‘ 392 ) 'V?s dofeated at an olection held Feb. 8 b y a vote o f 90 “ fo r”
bonds bid for, payable to Clerk, required. Purchaser to pay accrued int.
to lUb against.
P IT T S B U R G H , P a .— BONDS TO BE OFFERED S H O R T L Y — This
M O N T G O M E R Y C O U N T Y (P. O. W in o n a ) M iss.— BOND S A LE.—
city will offer for salo som o time during M arch $1,948,000 4 A % cou pon ,
„Eb ‘ 5 the 140.000 5 A % First Supervisors’ District road-constr. bonds (exchangeable for registered at option o f owner) l-30-ycar (serial) bonds,
y - 95.
awarded to John Nuveen & C o. o f Chicago at 100.50. dated D ec. 1 1912. The proceeds o f this issue will bo used for streot-im p t.,
D enom . $500. Dato April 1 1913. Int. A . & O.
bridges, water, homes and hospitals and the paym ent o f tho floating d eb t,
TA?n0 N iTrG A M? R y C O U N T Y (P. O. D a y to n ), O h io .— BOND OFFER- &c. Bonds will bo approved b y Hawkins, Delafieid & Longfellow o f N . Y .
1 ,,E - W . II. Aszling, Sec. B d. o f C o. C om m ., will, reports state, receive
P IT T S F IE L D , M ass.— TEM PO RAR Y L O A N .— On F ob . 10 a loan o f
P*ds until 10 a. m. F eb. 27 fo r $15,000 5 % bridgo bonds. Certified check $150,000,
due Oct. 15, was negotiated with E stabrook & C o. o f Boston at
for $250 required.
3.5 1 % discount.
if M O N T O U R , B oise C o u n ty , I d a h o .— BONDS PROPOSED.— The tow n,
P L A T T S B U R G , C lin to n C o u n ty , M o .— BONDS PROPOSED.— W o
it is stated, will issue $6,700 school bonds.
are advised that this city is considering tho issuance o f $23,000 water
Ha,rd y C o u n ty , W . V a .— BONDS VOTED.— An elec- works bonds.
d Feb. \ Msulted, it is stated, in favor o f tho proposition to issue
P L A Y A DEL R E Y S C H O O L D I S T R I C T (P. O. P la y a d e l R o y ), L 0 3
municipal electric-light-plant bonds.
A n g e le s C o u n t y , C a l.— BOND E LECTION .— An election will bo held
Or,NpoKH<? Bf k C ° U N T Y (P. O. P h ila d e lp h ia ), M is3.— BOND S A L E .—
Feb. 26 to vote on tho question o f issuing $10,000 5% school-constr. and
i?VJ°V0 0 0 ,6 % District N o. 1 road bonds (V . 96, p. 377)
equip, bonds. Denom . $500. Int. ann. D uo $500 yearly from 5 to 14
ri<4nh?«r“ a i l « ? n n tedV.to the First N a t- Bank and tho Bank o f Phila- years and $1,000 yearly from 15 to 19 years inclusive.
to
i
c
m
y
j;iS«2°f;noD
at0.F eb
- 1 1913‘
Due
*6.000
P L E A S A N T C IT Y G u e rn s e y C o u n t y O h io .— BOND SALE.— On
to 1933, incl., and
$8,000 yearly
from
1934 to
1938,
incl.yearly from 1924
F eb. 8 tho $15,000 5% cou p, water-works bonds (V . 96, p. 224) were
if ^
J i EONDS A U T H O R IZE D .— T ho C om m on Council has, awarded to Sidney, Spitzer & C o. o f T oled o for $15,163 (101.086) and int
kefio nnnwii-w
th^e Issl!? nce o f *600,000 30-year nurses’ hom o and
Other bids follow:
fo o n n W l
ater b opds. R eportsstate that $1.000,000 Bradford Place, Iloehler & Cum mings, Tol$15,077 501H ayden, M iller & C o ., Clov.$15.000
bee^auth^r?zedUr"C° mm^SS On aud *61,000 D elancey St. loans have also W .K .I h )x & C ° ..C incinnati 15,019 50|New First N at. B k., Col
15 000
W eil, R oth & C o ., Cincin 15,015 OOlSidney, Spitzer & C o ., T ol * 15 000
THE CHRONICLE
E e b . ] 5 1913 i
POLK CO U N T Y (P. O. Bartow), F la.— BOND O FFER IN G . — Propos
als will be received until 12 m. April 7 by J. A. Johnson, Clerk Board of
Commrs., for .$(>2,500 5% road bonds, reports state.
POLK SCHOOL D IST R ICT (P. O. Polk), Polk County, N eb.—
BO N DS V O T ED . — At an election held Feb. 7, tho proposition to issuo
.$4,000 5% bldg, bonds carried by a vote of 73 ‘ ‘for’ ’ to 5 “ against" (V.
90, p. 303).
PONTIAC UNION SCHOOL D IST R ICT (P. O. Pontiac), Oakland
County, M ich.— BOND O FFER IN G . — Proposals will be received until
2 p. m. Feb. 24 by E. R. Webster, Sec. Bd. of Ed., for $35,000 4M % coup,
high-schooi-constr. and equip, tax-free bonds. Auth. Act 440, Local Acts
1883, Mich., and vote of 508 to 208 at an election hold Jan. 30. Denom.
$1,000. Date March 1 1912. Int. M . & S. at First Nat. Bank in N. Y. C.
Due March 1 1927. Cert, check for $500, payablo to Bd. of Ed., required,
PORTLAND SCHOOL D ISTR ICT NO.
1 (P. O. Portland), M ult
nomah County, Ore.— BONDS D E F E A T E D . — Tho proposition to issue
$1,000,000 building bonds, submitted to tho voters on Feb. 1 (V. 90. p.
152), was defeated, according to local papers, by a vote of 259 “ for" to
'841 “ against.”
PRAIRIE C O U N T Y DR AINAGE D IST R IC T NO. 1, Ark.— BOND
S A L E . — An issue of $12,500 6 % bonds has been purchased by tho llanchett
Bond Co. of Chicago.
PRINCE WILLIAM COUNTY (P. O. Manassas), Va..— BONDS
)S D E .
__ ______
F E A T E D .— Tho question
of _issuing
SI8 ____
,000______________________
Gainesville Road Dist.bonds
h
was defeated at an election hold Jan. 15 by a vote of 61 “ for" to 6 8
"against.”
QUIN CY, Mass.— T E M P O R A R Y L O A N . — It is reported that this placo
has negotiated a loan or $125,000 with Estabrook & Co. of Boston at
3.61% discount. Loan matures $50,000 Oct. 3 and $75,000 Dec. 10.
RACINE, Racine C ounty, W is.— BOND E L E C T IO N . — On Mar. 18
the voters, according to reports, will havo submitted to them the proposi
tion to issue the $185,000 sewer-system bonds.
RAMONA Lake C oun ty So. Dak.— BOND O FFER IN G . — Proposals
will bo received until 8 p. m. Mar. 11 by F. O. Palmer, Town Cleric, for
$3,500 5% wator-works-impt. bonds. Donom. $500. Iht. semi-ann.
Duo 20 yrs., opt. after 15 yrs. Cert, check for $250 required.
RAPID C IT Y SCHOOL D IST R IC T , So. D ak.— BOND S A L E . — Local
papers state that on Feb. 4 $40,000 building and $60,000 refunding bonds
wore purchased at par by tho Harris Trust & Savings Bank of Chicago.
RED W IN G SCHOOL D IST R ICT NO. 58 (P. O. Red W ing), G ood
hue County, M inn.— BONDS TO BE OFFERED I N J U N E . — Tho Clerk
Bd. of Ed. advises us that tho $2,500 bldg, bonds recently voted will be
offered for sale about June 1.
RICHMOND AND R IL EY TOW NSH IPS FRA CTIO N AL SCHOOL
D IST R ICT NO. 1 Macomb and St. Clair Counties M ich.— BOND
O FFER IN G . — Proposals will bo received until about April
1 by G. 1.
Brown, Director (I*. O. Memphis, M ich.), for $18,700 5% school-bldg.const-r. tax-free bonds. Denom. (15) $1,000, (1) $3,700. Date Apr. 1
1913. Int. anil, at Memphis State Bank, Memphis. Mich. Due $1,000
yrly., commencing Jan. 10 1911. Bonds to be delivered and paid for at
Memphis Stato Bank. District has no other debt. Assess, val. $521,000.
ROBERTSON C O U N TY (P. O. Franklin), Tox.— BOND E L E C T IO N
PROPOSED.— Reports state that tho proposition to issue road-impt. bonds
in Franklin Justico Precinct will probably bo submittedto a vote in the
near future.
BONDS D E F E A T E D . — An election held Jan. 24 resulted, It is stated,
in the defeat of tho question of issuing road-impt. bonds in Franklin Com^ ^ ^n m er s Precinct.
■ P r OUNDHEAD TO W N SH IP SCHOOL D IST R IC T (P. O. Roundhoad), Hardin County, Ohio.— BOND O FFER IN G .— Proposals will be
received until 2 p. m. Feb. 21 by A. E. Osborn, Clerk Bd. of E d., Tor $3,000
5% coup. impt. bonds. Auth. Sec. 7629. Gen. Code. Denom. $1,000.
Date lo b . 21 1913. Int. A. & O. at Belie Center Bank. Co., Belle Center
Due $1,000 yearly on April 1 from 1917 (o 1919 incl. Bonded debt at
§f®sont, $3,000. Floating debt, $700. Assessed valuation, 1912, $1,
542,930.
RUPERT, Lincoln County, Idaho.— BOND S A L E . — On Jan. 1
$25,000 6 % 10 20 year (opt.) water-works bonds were disposed of at par.
Donom. $1,000. Int. J. & J.
SAFULPA, Okla. BONDS N O T SOLD.— N o award was made on
Feb. 3 of $75,000 5% 20-year coupon bonds offered by tills city. Denom.
$1,000. Date Jan. 1 '915. Int. J. & J. in New York. Wo are advised
that theso securities will bo disposed of at privato sale.
__ SAU R ATO W N TO W N SH IP (P. O. W alnu t Cove) Stokes C ounty,
No. Car.— BONDS PROPOSED.— This township is considering tho ad
visability or holding an election to vote on tho issuance of $50,000 30-yr.
road bonds.
SAW TELLE, Los Angeles County, Cal.— BOND E L E C T IO N .— On
I' eb. 18 an election will bo held, reports state, to decide whether or not this
city shall issuo $28,000 municipal-centro-sito-purchaso bonds.
SCH UYLER, Herkimer County, N. Y .— BOND S A L E . — On Fell. 1
$12,529 6 6 5% reg. road bonds were awarded to Adams & Co. of N. Y. for
$12,979 6 6 (103.67) and int. Other bids follow:
Premium. \
Premium.
Douglas Fenwick & Co.,N.Y.$415 00 Farson, Son & Co., N. Y ___ $15 6 6
Goo. M . Hahn, New Y o rk .. 366 62 Citizens’ Trust Co., U tica.. 15 00
Isaac W. Sherrill, P’keepsio.. 260 62 Utica Tr. & Deposit C o ______Par.
Denom. (24) $500 and ( 1 ) $529 61- Date Mch. 1 1913. Int. aim. in
March.
SEA ISLE C ITY, Cape May C ounty, N. J.— BOND S A L E .— On Fob.
10 the $48,000 5% 30-year reg. refunding bonds (V. 96, p. 377) were
awarded to Douglas Fenwick & Co. of N. Y. at par and hit. No other
bids were received.
SHAKER HEIGHTS, Cuyahoga C ounty, O hio.— BO N D S A L E .—
On Feb. 10 the 9 issues of 5% coupon assess, bonds aggregating $114,626
(V. 96, p. 153) wero awarded to Hayden, Miller & Co. of Cleveland for
$114,986 (100.31) and int.
SIIAMOKIN SCHOOL D ISTRICT (P. O. Sham okin), N orthum ber
land C ounty, Bo..— L O A N E L E C T IO N PROPOSED.— Local papers stato
that Oils district proposes to hold an election to vote on a proposition to
raise $125,000 for a school bldg.
yJRA
SHREVEPORT, Caddo Parish, La,.— BOND E L E C T IO N . — Local
papers state that an election will be held March 4 (not Feb. 4 as at first
reported) to submit to the- peoplo tho question of issuing $50,000 Stale
kair Groundslmpt., $150,000 market-house, $11,500 Cross Lake land pur<?5’ $20,000 storm-sower-const., $3,500 Lino
’•Jr?’XnJP it
St. paving, $44,000 paved-streot-resurfacing
and $60,000 street-graveling (city s portion) bonds (V. 96, p. 153).
SIERRA MADRE, Los Angeles C ounty, Cal.— BO N D O FF ER IN G .—
Proposals will bo received ,it is reported, until 7:30 p. m. Feb. 20 by C. II.
Perry, City Clerk, for $40,000 5% water-works bonds.
SOLANO COUNTY (P. O. Fairfield), Cal.— BOND E L E C T IO N . — An
election will be held in April to vote on tho proposition to issue $1,000,000
road-impt. bonds, It is stated.
SOMERVILLE, Mas3 .— T E M P O R A R Y L O A N . — On Fob. 10 tho $150 000 loan duo Nov. 4 (V. 96, p. 434) was negotiated with tho Old Colony
Trust Co. of Boston at 3.43% discount and 25 cents premium.
SOUTH BEND, St. Joseph C ounty, Ind .— BOND S A L E . — On Feb. 11
tho following bids were received for tho two issues of 4 % 2 0 -year bonds
aggregating $80,000 (V. 96, p. 434):
$40,000 Water- $40,000 GeneralWorks Issue
~~
Purpose
Issue.
Fletcher Amer. Nat. Bank, Indianapolis...
$40,185 '
$40,185
".•mi ' 1 umpboll sHons & Co., Indianapolis
40,203
Miller
40,201
iller & Co., Indianapolis.
40,176
G aavln
v in L
I. 71-------‘
40,005
Payne° &•“ C o., -Indianapolis...........
40.005
J. F.
I'. Wild & C o., Indianapolis
_
40,005
40.005
Breed
reed, Elliott & Harrison, Indianapolis
$79,500
arris Trust & Sav. Bank, Chicago
Harris
79,260
PI SOUTH ST. PAUL, Dakota C ounty, M inn.— BOND E L E C T IO N
An election will be held I'eb. 24, reports stato, to voto on tho question of
issuing $50,000 high-school site and construction bonds.
S P R IN G p E L p TOWNSHIP N. J . - B O N D E L E C T IO N . - A n elec
tion will bo held Feb. 25, it is stated, to voto on the question of issuing $20.0 0 0 itown-hall-constr. bonds.
__
m
V
607
SPRIN GPORT SCHOOL DISTR IC T (P. O. Springport), Jackson
C oun ty, Miss.— BO N DS D E F E A T E D . — Tho question of issuing bonds for
a new school-house was defeated by a vote of 32 “ for” to 60 “ against" at an
election held Jan. 11.
STONE SCHOOL DISTR IC T (P. O. W illows), G lenn C ounty, Cal.—
BO N D E L E C T IO N .— A voto will be taken on Feb. 25, it is reported, on
tho question of issuing $5 , 0 0 0 bldg, bonds.
SULPHUR SPRINGS, H opkins C ounty, Texas.— BO N DS REGIS
TE R ED . — Tho State Comptroller registered on Feb. 7 the S30.000 5%
10-40-year (opt.) waterworks bonds sold Nov. 20 1912 (V. 95, p. 1489).
T A Y L O R COUNTY (P. O. M edford), Wi3.— BO N DS A U T H O R IZ E D .
— A resolution was recently passed providing for tho issuance of $60,000
4 H % court-houso-constr. bonds. Denom. $1,000. Int. J. & J. at the
Co. Treas. office, or at the place designated by purchaser. Duo $4,000
yearly July 1 from 1915 to 1929 inclusive.
TAYLORVILLE TOWNSHIP (P. O. Taylorville), C hristian C ounty,
111-— BONDS V O T ED . — An election held Jan. 30 resulted in favor of the
proposition to issuo $50,000 school bonds. The vote, it is stated, was
478 to 380.
TERRACE PARK, H am ilton C ounty, O hio.— BOND O FFER IN G .—
Proposals will be received until 12 m. March 3 by W. E. Williamson, Vil.
Clerk, for $2,500 5)4% coup, deficiency bonds. Auth. Sec. 3931, Gen.
Code. Denom. $250. Date Feb. 15 1913. Int. F. & A. Due $500
yearly on Feb. 15 from 1919 to 1923 incl. Cert, check for 4% of bonds
bid for, payable to Vil. Treas., reqiured. Bonds to be delivered and paid
for within 10 days from time of award. Purchaser to pay accrued int.
These bonds wero previously offered on Dec. 24 (V. 95, p. 1562).
TODD COUNTY (P. O. E lkton), K y.— BO N D E L E C T IO N .— An elec
tion will bo held April 12 to vote on tho question of issuing $190,000 pike
bonds (V. 96, p. 304), according to reports.
ADD TOLEDO OHIO AUTHORIZED
671 63 Alley No. 48 impt. assess, bonds. Denom. (1) $41 63 and (9)
$70. Date Jan. 1 1913. Due $41 63 March 1 1914 and $70
each six months from Sept. 1 1914 to Sept. 1 1918 incl.
TOLEDO, O h io.— BO N DS A U T II0R I7.E D . — Ordinances were passed
Jan. 20 providing for the issuance of the following 5% bonds:
$1,213 47 Sewer No. 1141 construct, assess, bonds. Denom. ( 1 ) $163 47J
(3) $350. Date Jan. 16 1913. Due $163 47 Mch. 16 1914;
$350 Sept. 16 1914 and $350 Mch. 16 and Sept. 16 1915.
5,231 35 Erie St. No. 14 impt. assess, bonds. Denom. (1) $281 35, (9)
$550. Date Oct. 25 1912. Due $281 35 Mch. 25 1914 and $550
each six months from Sept. 25 1911 to Sept. 25 1918 incl.
1,404 94 Alley No. 19 impt. assess, bonds. Denom. (1) $54 94. (9) $150.
Date Dec. 6 1912. Due $54 94 Mch. 6 1914 and $150 each six
. . ™ontlls from Sept. 6 1914 to Sept. 6 1918 incl.
13,381 11 Hoag St. No. 2 impt. assess, bonds. Denom. (1) $781 11, (9)
$1,400. Date Jan. 24 1913. Due $781 11 Mch. 24 1914 and
1,400 each six months from Sept. 24 1914 to Sept. 24 1918 incl.
1,995 71 Macomber St. No. 1 paving assess, bonds. Denom. (1) $105 71,
(9) $210. Date Oct. 13 1912. Due $105 71 March 13 1913
and 1914 and $210 each six months from Sept. 13 1914 to Sept. 13
1918, inclusive.
Int. semi-ann. at the fiscal agency of the Sink. Fund Trustees in Toledo.
BO N D O FFER IN G . — Proposals will be received until March 5 by J. J.
Lynch, City Aud., for $750,000 4% coupon citv-hall constr. bonds (V. 95,
p. 1291). Denom. $1,000. Date Dec. 1 1912. Int. J. & D. a' U. S.
Mtge. & Tr. Co. in N. Y. City. Due $500,000 Dec. 1 1943 and $250,000
Dec. 1 1944. Cert, check on a national baulk in Toledo for 5% of bonds,
payable to City Aud., required. Purchaser to pay accrued interest. Bonds
will be delivered in Toledo at expense of buyers.
TOPASHAW SWAMP LAND D IS T R IC T *(P . O. Slate Springs).
Miss.— BOND O FFER IN G . — Proposals will bo received until 12 in'. Men. 3
by D. P. Hodges, Clerk Commissioners, for $42,500 6 % bonds. Cert,
check for 5% of bonds bid for is required. Denom. $500 or $1,000. Duo
as follows:
$900
in 9 .years|$1,400
in 17 .years|$2,100
in 24 .years
$ 2 0 0 in 1 year
.
. .
. . .
800 in 10 years 1,500 in 18 years 2,200 in 25 years
600 in 2 years
3 years
900 in 11 years 1,600 in 19 years 2,400 in 26 years
700
4 years 1,000 in 12 years 1,600 in 20 years 2,400 in 27 years
700
800
5 years
900 in 13 years 1,700 in 21 years 2,900 in 28 years
800 in 6 years
900 in 14 years 1,900 in 22 years 3,100 in 29 years
700 in 7 years
800 in 15 years 1,900 in 23 years 3,000 in 30 years
800 in 8 years 1,300 in 16 years
These securities were previously offered on Feb. 4 (V. 96, p. 225).
T R IG G COUNTY (P. O. Cadi ), Ky .— BONDS D E F E A T E D .— 'Tho
question of issuing road bonds was defeated at an election held recently.
TR O Y, N. Y . — BOND S A L E .— On Feb. 7 tho $100,000 5% 8 -montlis
tax-free revenue bonds (V. 96, p. 378) were awarded to Chisholm & Chap
man of N. Y. at 100.36173. Other bids follow:
Manufacturers' National Bank, T roy_______________________ $100,361 73
J. II. Oliphant & Co.. New York____________________________ 100,326 00
Harris, Forbes & Co., New' York_____________________________ 100,301 00
Harvey Fisk & Ron, New York______________________________ 100,220 00
C E R T IF IC A T E S A L E . — On Feb. 14 $200,000 5% certificates of indebt
edness, due Oct. 14 1913, wero awarded to the Manufacturers’ Nat. Bank
of Troy at 100.005. Denom. $25,000. Date Feb. 14 1913.
TULARE COUNTY (P. O. Visalia), Cal.— BO N D E L E C T IO N PRO
POSED .— A petition is being circulated, it is reported, calling for an elec
tion to decide whether or not $2 ,0 0 0 , 0 0 0 highway bonds shall be issued.
TUSCARAW AS TOWNSHIP, Stark C ounty, O hio. — BOND OFFER
IN G . — Proposals will be received until 1 p. m., Feb. 24 by H. If. Baird,
Twp. Clerk (P. O. West Brookfield), for $22,000 5% bonds. Auth. Sec.
3295&3939. Gen. Code. Denom., $1,000. Int. semi-ann. Due. $1,000
each six mos. from Sept. 15 1913 to March 15 1924, incl.
UNION COUNTY (P.O. Marysville), O h io.— BOND O FFER IN G .—
Proposals will be received until 1 p. m. Feb. 24 by C. A . Morelock. County
And., for $10,910 coupon ditch-construction bonds. Denom. (6 ) $280,
(3) $180, (3) $330, (3) $175, (1) $900, (4) $450, (1) $1,190, (4) $600 and
(3) $295. Due $3,630 Feb. 24 1914, $1,050 Aug. 24 1914, $2,590 Feb. 24
1915, $1,050 Aug. 24 1915 and $2,590 Feb. 24 1916. Cert, check on some
Marysville bank (or cash) for $200, payable to County Auditor, required.
Bonds to bo delivered and paid for on day of sale without expense to county.
Bidders to satisfy themselves as to legality of bonds before submitting offers.
UNION COUNTY SCHOOL DISTR IC T NO. 1, Ore.—BO N D OFFER
IN G . — Proposals will bo received until 2:30 p. m. March 1 by John Frawley,
County Treas. (P. O. La Grande), for $30,000 5% gold coupon school-site
and building construction tax-free bonds. Auth. Sec. 4052, sub-div. 31,
Lord’s Oregon Laws. Denom. $1,000. Date April 1 1913. Int. A. & O.
at National Park Bank, New York City. Due April 1 1933, optional after
10 years. No deposit required.
UNION FURNACE SPECIAL SCHOOL DISTR IC T (P. O. U nion
Furnace) H ocking C ounty, O hio.— BOND S A L E . — On Feb. 7 the $15.
000 5)4% school bldg, bonds (V. 96, p. 304) were awarded to tho Nat.
Bank of Logan for $15,400 (102.66) and int. Other bids follow:
Davios-Bertram Co. Gin .$15,370.00
‘
Hayden, Miller & Co., Cleve$15,200
Sidney Spitzer & C o..T ol’ 15,368.00 Stacy & Braun, T o le d o _____ 15,117
Farm’s & Mer. Bk... Loga;
,ogan 15,229.37 First Nat. Bk. Barnesville__ 15,106
Weil, Roth & Co., Cin___ 15,227.00 New First Nat. 13k., C ol___ 15,000
Iloehler & Cummings, Tol. 15,215.00
UPPER TERREBONNE DRAINAGE DISTR IC T, Terrebonne
Parish, La.— BO N D S A L E . — Tho New First Nat. Bank of Columbus has
been awarded the $142,000 5% Sub-District No. 1 drainage bonds offered
by this district (V. 95, p. 704).
VALLEY JUNCTION, Polk C ounty, la .— BOND E L E C T IO N .— An
election will bo held, according to reports, on March 14 to vote on the ques
tion of issuing $65,000 municipal water and elec.-light-plant bonds.
VENICE C ITY SCHOOL DISTRICT, Los Angeles C ounty, Cal.—
BOND S A L E . — An issue of $92,000 5% bonds has been awarded, it is
stated, to the Bank of Hermosa at par. A similar issue of bonds was re
ported sold to G. G. Blymyer & Co. of San Francisco at par (V. 96, p. 379).
WACO, M cLennan C ounty, Texas.— BONDS V O T ED . — At an elec
tion held Feb. 6 tho voters authorized the issuance of $120,000 school,
$100,000 street and $25,000 sewer 5% 30-year bonds (V. 96, p. 153).
BONDS R EG ISTE R E D . — On Feb. 4 tho State Comptroller registere 1
$140,000 water-works bonds.
■* ' ■
V/ALLA WALLA, Walla Walla C ounty, Wa3h.— BOND OFFERING".
— Proposals will be received until 9 a. m. Apr. I by A. K. ) ig 3
Dept, of Finance and Accounting, for $5,772 13 6 % Local-Impt. Dist.
THE CHRONICLE
508
No. 105 bonds. Denom. $500. Date Apr. 1 1913. Int. ann. at City
Treas. office. Duo part yearly for 10 yrs. Cert, check for 1 % of bid, paya
ble to "C ity o f Walla Walla,” required. Amount o f bonds to be sold
may be reduced by tho amount of assessments paid In cash prior to date
of sale.
W ARROAD,
Roseau
County,
M inn.— BON D
E L E C T IO N
PRO
P O SED . — An election will be called soon, It is stated, to submit to the
voters the question of issuing electric-light and water-works bonds.
W A S H IN G T O N , Fayette County, Ohio.— BON D S A L E .— On Fob. 4
the $2,000 4'A % 1-4-yr. (ser.) coup, sewer bonds dated Sept. 1 1912 (V. 96,
p. 153) woro awarded to the Commercial Bank o f Morris Sharf & Co. at
par and int.
W ATERVLIET, Albany County, N. Y .— BO N D S A L E .— On Feb. 4
the $40,350 \ A % sewer and paving bonds (V. 96, p. 379) wero awarded
to Harris, Forbes & Co. of N. Y. for $40,721, making tho price 100.919.
Int. A. & O. Due $2,000 yrly. Oct. 1 1913 to 1931, incl., and $2,350
Oct. 1 1932.
W A T S E X A , Iroquois County, 111.— BO N DS V O TED .— Tho question
of Issuing $15,000 5 % coup, city-hall-constr. bonds was authorized at an
election held Feb. 6 by a vote of 426 to 195. Denom. $1,500.
W AU SAU , Marathon County, W is .— BO N D S A L E .— Tho First Trust
Sc Sav. Bank o f Milwaukee has been awarded at par and int. $35,000 school,
$25,000 city-hall and $15,000 sewer 4 A % coup, tax-free bonds. Denom.
$1,000. Date April 1 1913. Int. A. & O. at the City Treas. office. Due
part yearly from 1918 to 1933.
W ELLSVILLE, Columbiana County, Ohio.— BON D O FF ER IN G .—
Proposals will be received until 12 m. March 5 by J. F. McQueen City
Aud., for $60,000 4J^% municipal-electric-light-plant bonds voted Nov. 5.
Denom. $1,000. Dato Dec. 15 1912. Int. J. & D. Due Dec. 15 1932.
Certified check for $600, payable to City Treas., required. Bonds to be
delivered and paid for within 10 days from time o f award. Purchaser
to’ pay accrued interest.
W H ITE COUNTY (P. O. Sparta), T en n . — BON D SALT?.— According
to reports this county sold on Feb. 1 an issue of $90,000 pike bonds at par.
W ILLIAMSON
SCHOOL
D IST R IC T
(P.
O.
W illiam son),
Pike
County, G a.— BOND O FF ER IN G . — Proposals will bo received on or be
fore March 1 by C. T. Garrett, Sec. and Treas., for $3,600 5% schoolconstr. bonds. Auth. voto of 35 “ for” to 1 "against.” Denoin. $100.
Int. ann. on Jan. 1 at the Bank of Williamson. Duo $100 yrly. on Jan. 1
from 1918 to 1928 incl., $200 yrly. on Jan. 1 from 1929 to 1932 Incl.and
$1,700 Jan. 1 1933.
W INNSBORO, W ood County, Texas.— BONDS V O T ED . — An election
held Feb. 7 resulted in favor or issuing $16,000 5% street-impt. bonds.
Tho vote was 104 "for” to 47 "against.” Due 40 yrs., opt. after 10 yrs.
W ISE C O U N T Y (P. O. W ise), V a. — BON D S A L E .— On Feb. 11 the
$260,000 20-30-yr. (opt.) coup, road bonds ( 2 issues) were awarded, it is
stated, to Weil, Roth & Co. of Chic, at 101 for 5s, purchaser to pay cost
of printing and preparing bonds. V . 96, p. 379.
W OODBUR N SCHOOL D IST R IC T (P. O. W oodburn), Marion
County, Ore.— BOND E L E C T IO N . —'Dispatches stato that this district
has decided to hold an election for the purposo of submitting to the voters
the question of issuing $50,000 high-school-building bonds.
W ORCESTER, Mass .— T E M P O R A R Y L O A N — A loan o f $50,000 due
Oct. 15 has been negotiated, it is stated, with the Merchants’ National
Bank of Worcester at .3'A % discount plus $1 50 premium.
[ V o l . XCVI.
Y AZOO COUNTY (P. O. Y azoo City), Miss.— BON D E L E C T IO N .—
An election has been called, it is stated, to vote on the proposition to issuethe $300,000 road bonds (V. 96, p. 226).
YELLOWSTONE COUNTY (P. O. B illings), M ont. — B O N D OFFER
I N G .— Proposals will be received until 12 m. Mch. 12 by the Bd- of Co.
Comm’rs, C. H. Newman, Chairman, for the $50,000 4 H % coup. Jail
bonds voted Nov. 5 (V. 95, p. 1429). Auth. Sec. 2905 to 2926. incl., re
vised Codes of Mont. Denom. $1,000. Date Jan. 1 1913. Int. J. & J.
at office of County Treas. or Am. Ex. Nat. Bank, N. Y . C. Duo 20 yrs..
opt. after 10 yrs. Cert, check for 5% of bonds advertised for sale, paya
ble to C. II. Newman, required.
YONCALLA SCHOOL DISTRICT (P. O. Y oncalla), Douglas
County, Ore.— BONDS V O T E D .— Reports state that the issuance of
$20,000 school-bldg, bonds was authorized by a voto of 99 to 48 at a recent
election.
ZANESVILLE, M uskingum C ounty, O hio. — BON DS A U T H O R IZ E D .
— Ordinances were passed Jan. 27 providing for tho issuance of the following
4 H % impt. bonds:
$15,000 park-impt. bonds. Duo April 1 1928.
1,500 Belknap St.-impt. (city’s portion) bonds. Duo April 1 1923.
Denom. $500. Dato April 1 1913. Int. A. & O.
Canada, its Provinces and Municipalities.
BATTLEFORD, Sask .— D E B E N T U R E S PROPOSED .— The issuance of
$ 1 0 0 , 0 0 0 school debentures is being considered, according to reports.
BRANDON, Man.— D E B E N T U R E E L E C T IO N .— An elation will be
hold, according to reports, to vote on the proposition to issue $500,000 debs.
BURKS FALLS, O n t .— D E B E N T U R E E L E C T IO N .— An election to
vote on the proposition to issue $8 , 0 0 0 water-works debentures will be held
Apr. 18, it is stated.
CALGARY, A lta.— D E B E N T U R E S PROPOSED .— The issuance o f
$30,000 debentures is being considered, reports stato.
CHATHAM, O u t .— D E B E N T U R E S V O TED .— An election held re
cently resulted in favor of tho proposition to issue $2 , 0 0 0 ’'onus deben
tures, reports state.
COLLINGW OOD, O nt. — D E B E N T U R E S PROPOSED .— This place’ is
considering tho issuance of $2,730 12 fire-hall, $2,302 95 deficiency, $2,500
sower and $5,085 50 road and bridge debentures, reports stato.
EDMONTON, A lta. — D E B E N T U R E E L E C T IO N .— An election will
bo hold Feb. 24, it is stated, to vote on propositions to Issue tho following
debentures: $15,692 water-works dept.; $37,960 vehicles; $58,400 street
cleaning plant; $848,260 telephone system; $675,900 general; $85,166 67
fire-dept.; $6,813 35 fire-alarm; $7,300 police signal system; $168,386 67
Government telephone system; $110,968 market bldgs.; $484,720 power
house and plant; $225,326 67 royal Alexandria Hospital; $453,086 67 elec
tric lighting system; $30,000 civic office; $1,543,320 street railway; $109,500
building for civic use; $84,680 fire and police stations; $260,380 South Side
Hospital; $240,415 38 Misericordia Hospital: $109,500 warehouses;
$453,154 bridge-impt.; $4,866 67 fire halls, aud $19,466 67 warehouse and
storage site debentures.
EDSON, Alta.— D E B E N T U R E O FFER IN O .— Proposals will be'rcceived
until Fob. 25 for $45,000 2 0 -installment electric-light and power, $12,500
10-install, street-impt., $12,000 30-Install, town-hall, $8,000 5-install,
(town's sharo) plank-walk, $6,000 5-install, plank-walk, $4.cf>0 (towns
NEW LOANS.
ft EW LOANS.
NEW LOANS,
$135,000
$ 9 3 0 ,0 0 0
$ 6 5 ,0 0 0 '
Calhoun County, Texas,
King County, Washington,
Road District No. 2
5%
COURT-HOUSE BONDS
BONDS
Port Lavaca, Texas, Feb. 1, 1913.
The Commissioner’s Court o f Calhoun County,
Texas, will receive sealed bids for all or part of
an issue of $135,000 of bonds of Road District
N o. 2 o f Calhoun County, Texas, until 10 A. M .,
of MARCH 1, 1913. The bonds bear 5% semi
annual interest, denomination $ 1 ,0 0 0 , maturity
40 years, option to pay A of issue every 5 years.
All bids must be unconditional, and accompanied
by certified check for 1 % of par value of bonds
bid for, said check payable to County Judge of
Calhoun County, Texas. Right reserved to reject
any or all bids. For further information, address
E. F. EHLINGER,
County Clerk Calhoun County, Texas.
Bolger, Mosser &
M U N IC IP A L
Willaman
BONDS
Legal fur Savings Banks,
Postal Savings and Trust Funds.
Tho Board of County Commissioners of King
County, Washington, will receive sealed bids
UNTIL NOON, MARCH 5, 1913, at their office
in the County Court House at Seattlo, Washing
ton, for $950,000 King County Court House
coupon bonds, denomination $1,000, dated May 1,
1913, maturing May 1, 1933, redeemable by
specific numbers in the amount of $95,000, on
or after M ay 1 in each of tho years 1923 to 1932,
inclusive, principal and annual interest (May 1)
payable in gold at the County Treasurer’s office
or the Washington Fiscal Agency in New York
City, at holders’ option. Rato to be bid, not
exceeding five per cent. Bonds engraved and
certified by Columbia-Knickerbocker Trust Com
pany and legality oxamined by Caldwell, Masslich & Reed. New York, whose opinion will be
furnished to the purchaser. Bids must be on
blanks which will be furnished, together with
further Information, on application to the ColumbiarKnlckerbocker Trust Company, or the
undersigned. Certified check for $7,000 required.
Seattle, Washington, February 5, 1913.
BYRON PHELPS,
County Auditor and Clerk of
Board of County Commissioners.
S E N D FO B L IS T .
89 South La Salle St.,
$ 3 3 ,0 0 0
CHICAGO
City of Clay Center, Kansas,
HODENPYL, HARDY & CO
14 W a l l S t . , N ew Y o r k
Railway, Street R y ., Gas & Elec. Light
S E C U R IT IE S
WYNNE, ARKANSAS
IMPROVEMENT DISTRICT
BONDS FOR SALE
Sealed bids will bo received by the Board of
Commissioners of Sanitary Sewer District No. 1
and Water and Light District No. 2, at the office
of the Wynne Stavo Company, until 11 A. M .,
FEBRUARY 17TH, 1913, and then publicly
opened, for the purchaso of $32,000 Sanitary
Sewer District No. 1 Bonds and $33,000 of Water
and Light District Number 2 Bonds, both or
which issues will bear interest at the rate of 5 A
per cent per annum. Denominat on $500.
Theso Bonds will mature annually for twenty
years. Population of City 3,000. Total amount
of other bonded Indebtedness $7,700. No ques
tions have been raised as to the legality o f theproceedings
establishing these improvement
districts. Payments on other bond issues have
been promptly met. No other issue has ever
been contested. Assessed valuation 19124 on
property in districts was $440,000 and the actual
valuo is in excess of $1,000,000. Tho opinion
of Rose. Hemingway, Cantrell & Loughborough,
Attorneys, Littlo Rock, Ark., will bo furnished
the successful bidder. Certified check for $ 1 , 0 0 0
must accompany each bid, made payable to
George Davis, Chairman of tho Board of Com
missioners of each district.
GEO. E. DAVIS, Chairman.
EI1. HAMILTON, Member.
C. B. BAILEY, Secretary.
Consulting Engineers,
It. C. HUSTON ,tc COMPANY,
Exchange Bldg., Memphis, Tenn.
REFUNDING BONDS
Bids will bo received by Guy R. Martin, City
Clerk, Clay Center, Kansas, up to FEBRUARY
TW ENTIETH, NINETEEN THIRTEEN, for
Thirty-Three Thousand Dollars Twenty-Year
refunding bonds, optional after ten years. De
nominations of Five Hundred Dollars and One
Thousand Dollars. Rate of interest to be In
cluded in bid.
GUY R. M A R T IN , City Clerk.
BLODGET
4%
P U B L IC
IM P R O V E M E N T
BONDS
p a r fo r
STACY
..
Toledo, 0.
G ov t,
&
and
P o sta l
Deposits
BRAUN
Cincinnati, 0.
Specializing in Examination of
Municipal and Corporation Bondi
1 0 S 7 -9
F IR S T
N A T IO N A L
BAN K
B L D Q ..
CHICAGO, IL L .
ESTABLISHED 1885.
H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCH O O L,
COUNTY AN D
M U N IC IPAL
BONDS
RAILROAD BONDS
LAW YER.
T a x F r e e T h r o u g h o u t U n it e d S t a t e s
at
&
F. W M . K R A F T
Due Sept. 3, 1942-32 @ 102.75 and interest.
Accepted
CO.
60 S T A T E ST RE ET , BOSTON
30 P I N E ST RE ET . N E V Y O R K
STATE, CITY
TERRITO RY OF H A W A II
&
B O N D S
G E O . B. E D W A R D S
T rib u n e B uilding, NEW YORK, N. Y.
FOR SALE.— Timber, Coal, Iron, R anch and
other properties.
N egotiations, Investigations, Settlem ents,
P urchase, of Property, Inform ation
N A T IO N A L
L IG H T ,
H E A T &, P O W E R C O M P A N Y
guaranteed
BONDS
... .
AJI U8UM
A . H . B ick m ore & C o .,
BANKERS
IS P in t S t f M t .
N ew Y ork
509
THE CHRONICLE
F hb> IS 19] 3
share) 15-lnstall. cement-walk and $4 ,500315-install, cement-walk 5 'A %
debentures. Int. ann. in July.
5 i * -4
ESSEX CO U N T Y (P. O. W indsor), O n t .—DEBENTURES AUTHOR
IZED.__Tills county lias authorized the issuance of $45,000 debentures,
according to reports.
G A L T , Ont.— D E B E N T U R E S A U T H O R IZ E D . —The
issuance of
$100,000 current-expense and-$15,000 water-works debentures has been
authorized.
“-4
GUELPH, O nt. — D E B E N T U R E S PROPOSED.— This place is consider
in'* the issuance of $8,535 water-works debentures, according to reports.
TAMES TOW NSH IP ROMAN CATHOLIC SCHOOL SECTION
NO 1 O nt. — D E B E N T U R E E L E C T IO N . — According to reports, an elec
tion to voto on the issuance of $1,375 debentures will bo hold Apr. 20. __
LETHBRIDGE, A lta.— D E B E N T U R E S V O TED . — At an election hold
Keb 5 the question of issuing $100,000 5% debentures, to make up shortage
,-iYrrent account due to discounts on debentures, carriod by a voto of
0 1 "for” to 2 “ against” (V. 96, p. 380).
Due 1943.
MINNEDOSA, Man.— B ID S R EJE C T E D . — The bids recoived on Jan. 31
for the two issues of 5% debentures aggregating $26,500 (V. 96, p. 306)
were rojocted.
NANAIMO, B. C.— D E B E N T U R E S PROPOSED.— 'This place, accord
ing to reports, is considering the issuanco of $650,000 rovenuo dobonturos.
NELSON, B. C .— D E B E N T U R E S V O T ED . — The proposition to issue
$17,500 school debentures has been favorably voted upon, according to
•reports.
„
O T T A W A , O nt.— D E B E N T U R E S A U T H O R IZ E D .— According to re
ports, the issuanco of $9,000 sower, $50,000 swimming baths and $30,000
scavcngo equijfe. debentures has been authorized.
PENITANGUISHENE, O nt.— D E B E N T U R E S V O T ED . —A t an elec
tion held Fob. 10 tlio question or issuing $25,000 5% debentures as a bonus
to tho Dominion Stove & Foundry C o., Ltd., carriod by a voto of 272 to lo
(V. 96, p. 380). Duo part yearly for 15 years.
PINCHEB, CREEK, Alta .— D E B E N T U R E OFFERIN G. Proposals will
be received until 6 p. m. Fob. 24 by G. D. Plunkett, Sec.-Ireas., tor $30,00
30-install, bldg, and $15,000 2 0 -install, sidewalk debentures.
PRINCE.ALBERT, Sa 3 k. — D E B E N T U R E S A L E .— On Fob. 8 $281,000
dobonturos wore awarded, it is stated, to \V. A. Mackenzie & Co. of
Toronto.
RFGTNA S a sk __D E B E N T U R E E L E C T IO N . — An election will bo
held Fob 25 to vote on the question of issuing $825,000 street railway;
$425 000 clectric-Ught plant; $310,000 electric-light and rire-equip.; S117.0 0 0 Incineratorand garbage equip.; $125,000 hospital-extension; $180,000
nolicMtatiom^$ 7 ? 5 0 0 market bldg.; $134,000 winter-fair bldg.; $645,000
sewers- ^
$583 0 0 0 pavemont works; $128,000 sidewalks; $622,000 water
works’extension; $25,000 gas mains; $38,000 subways; $35,000 Hamilton
St. foot bridge; $649,000 impt. and $100,000 Collegiate Institute exten
sion debentures.
ST. CATHARINES, O n t.— D E B E N T U R E S PROPOSED .— The propo
sition to issue $ 1 0 0 , 0 0 0 bonus debentures is being considered, it is stated.
SASK ATO O N ,
Sask.— D E B E N T U R E
E L E C T IO N
PROPOSED.—
This place is considering holding an election to vote on the proposition to
issue $150,000 fair-bldg, debentures, reports state.
SCARBORO, O nt. — D E B E N T U R E E L E C T IO N .— An olection will b#
held, it is stated, to vote on tho question of issuing $8 , 0 0 0 school debs.
SOUTH SPRINGFIELD SCHOOL D ISTR ICT (P. O. Transcona),
M an.— D E B E N T U R E S A L E .— W . A. Mackenzie & Co. of Toronto wore
awarded $120,000 5% 20-installment debentures, it is stated.
STRATFO R D , O n t.— D E B E N T U R E E L E C T IO N PROPOSED .— 'This
place is considering, reports state, the holding of an election to vote on the
question of issuing $2 0 , 0 0 0 bonus debentures.
S T R A T H R O Y , O n t.— D E B E N T U R E E L E C T IO N .— An election will
he held Feb. 20 to vote on the proposition to issue $50,000 bonus deben
tures, reports state.
TABER , A lta . — D E B E N T U R E S PROPOSED .— This town is contem
plating tho Issuanco of $4,000 hospital, $11,000 sidewalk, $25,000 bonus,
$15,000 town-hall, $8,000 park, $4,000 plank-walk and $3,000 street-impt.
debentures, reports state.
TH O R O LD , O n t. — D E B E N T U R E O FF ER IN G .— Proposals will be
received until Fob. 28 by D. J. C. Munro, Town Treas., for the $15,000
5% 20-year refunding debentures. V. 96, p. 306.
T ILLSO N B U R G O n t.— D E B E N T U R E S A L E .— W . A. Mackenzie &
Co. of Toronto were awarded, reports state, $24,878 5% 30-installment
debentures.
TO RO N TO , O n t. — D E B E N T U R E E L E C T IO N .— A proposition to
issue $ 1 ,0 0 0 , 0 0 0 school debentures will be voted upon soon, it is stated.
W AIN W R IG H T , Alta..— D E B E N T U R E E L E C T IO N .— A n election will
bo held Feb. 24, reports state, to vote on the question of issuing $2,000 side
walk, $5,500 rink, $4,000 fire-hall and $2,000 street debentures.
W IL K IE , Sask.— D E B E N T U R E O FF E R IN G .— Proposals will be re
coived until March 8 by T . A. Dinsloy, Sec.-Treas., for tho $28,000 30installment water-works, $2,250 30-install, electric-light, $1,100 15-install,
road-lnpt., $8,000 15-instail. skating rink and $2,150 15-install, fire-pro
tection debentures recently authorized. (V. 95, p. 1767.)
W NNIPEG, M an.— N E W L O A N .— Nowspaper advices state that
subscriptions were received for only 25% of tho £750,000 dV i% consoli
dated reg. stock offered in London until Feb. 5 at par. V. 96, p. 436.
Int. F. & A. Due Feb. 1 1963, opt. after Feb. 1 1943.
Y O R K CO U N TY, O nt .— D E B E N T U R E S A U T H O R IZ E D .— The issu ance of $100,000 road-impt. and $50,000 House of Refuge 5% debentures
has boen authorized, reports state.
MISCELLANEOUS.
NEW LOANS
OFFICE OF THE
$
1
0
, 0
0
0
A T L A N T IC M U T U A L
ARLINGTON, TENN.,
New York, January 22d, 1913.
W A ’E R & L IG H T B O N D S
Sealed proposals will bo received by the Mayor
and Board or Aldermen of Arlington, Tennessee,
until 8 P. A\„ March 7th, 1 9 1 3 , for the
purchase o f $10,000.00 6 % 30-year Gold Bonds.
Certified chock for $250.00 to cover the bid. The
right is reserved to reject any and ail bids, fo r
further information, address \V. A. laylor,
M ayor o f Arlington^ T e n n e s s ^ ^
BONDS
• LIST ON APPLICATION
. . .
S E A S 0NG 00 D & MAYER
CINCINNATI
C h a rles M. Sm ith & Cc
BONDS
F IB 3 T N ATIO NAL B A N K BU ILDING
CHICAGO
E R
I C
A N
M
F G
.
Returns of Prcrniums
Expenses including officers' salaries and clerks’ compensation, stationery, advertise
ments, etc.................................................................................................................
$91,649 $0
563,285 21
TRUSTEES.
C O R P O R A T IO N A N D
A M
Premiums marked off from January 1st, 1912, to December 31st, 1912----------------- ----------------- $4,055,834 0$
...$302,088
79
Interest on the Investments of the Company received during the year---$302,088 79
... 42,787
42,787 34
34
Interest on Deposits in Banks and Trust Companies, etc.........................
— 130,987 28 475,863 41
Rent received less Taxes and Expenses--------------------------------------------
A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday the fourth of February next.
The outstanding certificates of the issue'of 1907 will be redeemed and paid to the holders thereof, or their
legal representatives, on and after Tuesday the fourth of February next, from which date all Interest thereon
will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending 31st
December, 1912, which are entitled to participate in dividend, for which, upon application, certificates will be
issued on and after Tuesday the sixth of May next.
.
By order of tho Board,
G« STANTON FLOYD-JONES, Secretary,
Ingalls Building
M U N IC IP A L
Premiums on such risks from the 1st January, 1912, to the 31st December, 1912-----------------------$4,069,457 6 6
Premiums on Policies not marked oft 1st January, 1912-------------------------------------------------------- 763,427 oa
Total Premiums--------- ---------------- ------------------------------------- ------- ------------------------------------ 54,822,884 99
.................. ..$2,104,257 48
..$197,204
74
Less Salvages-------------------- ------------- ------------$197,204 74
... 544,016
544,016 02
02
He-lnsurances----------------------------------------------741,416 6 6
Discount......................... ............ ........ .
$1,362,840 93
M U N IC IP A L A N D R A IL R O A D
. . .
IN S U R A N C E C O M P A N Y .
The Trustees. In conlormily with the Charter o1 the Company, submit the lollowing statement ol its allairs on the
H it ol December, 1912.
The Company's business has been confined to marine and inland transportation insurance.
C O
JOHN N. BEACH,
ERNEST C. BLISS,
VERNON II. BROWN,
WALDRON P. BROWN,
JOHN CLAFLIN
GEORGE C. CLARK,
CLEVELAND II. DODGE,
CORNELIUS ELDERT,
RICHARD II. EWART,
PHILIP A. S. FRANKLIN;
.
CHARLES M. PRATT,
HERBERT L. GRIGGS,
DALLAS B. PRATT.
ANSON W. HARD.
GEORGE W. QUINTARD,
THOMAS H. HUBBARD,
ANTON A. RAVEN.
LEWIS CASS LEDYARD,
JOHN J. RIKER,
CHARLES D. LEVERICH,
DOUGLAS ROBINSON,
GEORGE H. MACY,
WILLIAM J. SCHIEFFELIN.
NICHOLAS F. PALMER,
WILLIAM SLOANE,
HENRY PARISH,
LOUIS STERN,
ADOLF PAVENSTEDT,
WILLIAM
A. STREET.
JAMES H. POST.
GEORGE E. TURNURE.
A. A. RAVEN. President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President.
JOHN H. JONES STEWART, 4th Vice-President.
BALANCE SHEET.
United States and State of New York
New’ ' York 'city 'a n d ' New' York Trust
CORDAGE
S a le s
O ffic e !
ACCOUNTANTS.
K
,
P
O
T
T E
R
& ,
C O
5? CE R T IF IE D PUBLIC A C C O U N TAN T S.
New Y o rk , C h icago, C in cin n a ti and
L o n d on , E n g lan d .
$670,000 00
1,777,900 00
2,716,537 00
282,520 00
Special Deposits In Banks and Trust
900,000 00
Companies ................. - - - - - — - - — Real Estate cor. Wall and William Streets
and Exchange Place, containing offices 4,299,426 04
Real Estate on Staten Island (held under
75,000 00
provisions of Chapter 481,Laws of 1887)
692.766 69
Premium N otes_________________________
615,303 16
Bills Receivable ................— .......... ..........
Cash in hands of European Bankers to
nay losses under policies payable In
298,641 20
foreign countries..... .......... .....................
994,882 29
Cash in B a n k ........... .................- .................
Temporary Investments (payable Janu
400,875 00
ary 1913)............................................
$13,623,851 38
Companies and Bank Stocks..................
Stocks and Bonds o f Railroads..................
Other Securities------ - - - - - -------v 'S C T T
Noble & West Sts., Brooklyn N. V
P A R
L IA B IL IT IE S .
ASSETS.
MANILA, SISAL AND JU TE
Estimated Losses and Losses Unsettled
In process of Adjustment............. .......$2 174,058 00
767,050 94
Premiums on Unterminated Risks.........
262,924 05
Certificates of Profits and Interest Unpaid.............................
104,322 78
Return Premiums Unpaid.
110,025 19
Reserve for Taxes_____
203,735 55
Ite-lnsurance Premiums.
Claims not Settled, Including Compen82,698 09
satlon, e t c ........... ................. ............
Certificates of Profits Ordered Redeemed,
22,556 09
Withheld for Unpaid Premiums..........
293,220
00
Certificates of Profits Outstanding.......... 7,
$11,020,690 67
Thus leaving a balance of............................................... - ................................................................ 52
Accrued Interest on Bonds on the 31st day of December, 1912, amounted to.................................
Rents due and accrued on the 31st day pi December, 1912, amounted to
Re-insurance due or accrued, In companies authorized in New York, on the 31st day of December,
AUDITORS FOR F IN A N C IA L IN S T IT U
TIONS, IN D U ST R IAL AN D
M IN IN G CO M PANIES.
Unexpircd re-insurance premiums on the 31st day of December, l 9 1 2 amountedtO. ------ -- Note: The Insurance Department has estimated the value of the Real Estate comer Wall and
William Streets and Exchange Place in excess of the Book Value given above, at----------And the property at Staten Island In excess of the Book Value, a t .- - - - - ----- . . . . . . . . . -----Tho Market Value of Stocks, Bonds and other Securities on the 31st day of December, 1912, ex
ceeded the Company's valuation b y ..-------- ------------------------------- -— -----------------------------
Investigations, Financial Statements,
Periodica Audits and Accountin
On the basis of these Increased valuations the balance would be.....................................................$5
510
[Vol. XCVI.
THE CHRONICLE
® a m p a n te * .
E S T A B L IS H E D
CHARTERED 1853
4fort>, $ a c o u & , P a v i s
U n it e d S t a t e s T r u s t C o m p a n y o f N e w Y o r k
4 5 -4 7 W A L L
j£ n 9 ttt e e r 0
STREET
ACT AS
C a p i t a l , ...................................................$ 2,000,000 00
S u rp lu s an d U ndivid ed P ro fits
- $ 14,020,801 12
C O N S U L T IN G E N G IN E E R S
C O N S T R U C T IN G E N G IN E E R S
O P E R A T IN G M A N A G E R S
T h is C o m p a n y a c ts a s E x e c u to r , A d m in is tr a to r , G u a r d ia n , T r u s te e , C o u r
D e p o s i t a r y a n d in o t h e r r e c o g n iz e d t r u s t c a p a c i t i e s .
I t a llo w s in te r e s t a t c u r r e n t r a te s o n d e p o s its .
I t h o l d s , m a n a g e s a n d i n v e s t s m o n e y , s e c u r i t ie s a n d o t h e r p r o p e r t y , r e a l o r
p e r s o n a l, fo r e s ta te s , c o rp o ra tio n s a n d in d iv id u a ls .
EDWARD W. SHELDON, President
W ILLIAM M. KINGSLEY, Vice-President
W ILFRED J. W ORCESTER, Secretary
WILLIAMSON PELL, Asst. Secretary
CHARLES A. EDW ARDS, 2d Asst. Secy
TRUSTEES
JOHN A. STEW ART, C hairm an o f the Board
W ILLIA M ROCKEFELLER
LEWIS CASS L E D YA R D
W ILLIAM M . KINGSLEY
A LE X A N D E R E. ORR
LYM A N J. GAGE
W ILLIAM STEW ART TOD
W ILLIA M II. M ACY JR
OGDEN MILLS
PAYN E W H ITN E Y
W ILLIA M D. SLOANE
EGERTON L. WINTITROP
E D W AR D W . SHELDON
FRAN K LYM AN
CORNELIUS N. BLISS JI{
CHAUNCEY KEEP
JAMES STILLM AN
IIENRY W. de FOREST
GEORGE L. RIVES
JOHN CLAFLIN
ROBERT I. GAM M ELL
ARTH U R CURTISS JAMES
JOHN J. PHELPS
A P P R A IS E R S
P R O P E R T IE S F IN A N C E D
115 BROADWAY, NEW YORK
MEW ORLEANS
SAN FRANCISCO
J .
G .
W
h it e
E n g in e e r s ,
T he
U n io n
o t h e r V a lu a b le s u p t o w n
T ru st
C om pany
fa c ilitie s a t m o d e r a t e
S a fe
A t
D e p o s it
F ifth
“ s o c ia l
who
in
of
N ew
th e
o ffe rs
v a u lt s
of
J.
u n e x c e lle d
th e
L enox
A venue
C om pany,
In c.
G.
W h ite
&
C om pany,
L td .
C hicago.
San Francisco.
L on d on .
Manila, Para, Buenos Aires, Santiago, C hili.
and
of
S ix tie th
N ew
S tre e t
Y o rk , and
th ey
are v e r y
c o n v e n ie n t
fo r
near
m ost
th e
p e o p le
Itf.S - B A R S T O l y ^
**
and
p a tron a g e
are
Incorporated
w v>-
CONSULTING and
CONSTRUCTION E N G I N E E R S
PUBLIC SERVICE PROPERTIES
FINANCED and MANAGED
u p tow n .
In s p e c tio n
C o m p a n ie s
&
J. G . W h ite M a n a g e m e n t C o rp .
o f d ow n tow n .
Y ork
u p tow n
t o k e e p th e ir
W h ite
- NEW Y 0 » « .
C om pany.
cen tre”
liv e
p r ic e s
in s te a d
C o n tra cto r*
43 Exchange Place,
G.
C o r p .,
V a lu a tion s
A s s o c ia te d
M o r e a n d m o r e p e o p l e a r e f i n d i n g it c o n v e n i e n t
E n g .
R ep orts,
J.
S e c u r itie s a n d
1894
in v ite d .
50 Pine Street
New Yorb
lifted E . F oretall
C h arles D . R o b is o n
F O R S T A L L
M e llo n
N a tio n a l
B ank
PITTSBURGH, PA.
8-26
A N D
R O B IS O N
e n g in e e r s
In v e stig a tio n s a n d A p p raisa ls o f G as and
E le c tr ic P ro p e rtie s fo r O w ners o r Finan cial
In s titu tio n s .
s84
William St.,
NEW Y O R K C IT T
Assurance of safety, perfect service and 3 %
interest on reserve accounts are offered to corres
pondents of this bank. Your account is invited
Engineering and Construction
RESOURCES OVER 50 MILLIONS
REPORTS FOR FINANCING
C .
G .
Y
O
U
N
G
Plans, Method*, Examination!
Public Utilities and Induitriali
New
B a n k e rs T r u s t B l d g .,
Alex. O. Humphreys
Y ork
Aiten S. Miller
ENGINEERS
L.
F.
DOM M ERICH
&
CO.
Power— Light— Gas
1«8
A
t BROADW AY.
N EW
Y O R K
G en era l O ffice s, 2 5 4
-
-
-
NEW Y O R *
E stablished 188#.
F ou rth A v e n u e
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
A . L. R E G I S T E R
&, C O .
ENGINEERS— CONTRACTORS
Philadelphia
CARRY NO GOODS FOR OWN ACCOUNT
MINES MANAGEMENT CO
Established over 60 Years
CONSULTING MINING ENGINEERS
Managers of Mining Properties
B A N K "and TRUST C O .
ST O C K S
JOHN
W.
D IC K E Y
BRO K ER.
B o u g h t and Sold
AU GU STA, G A.
GEO. RUST ROGERS
S ou th ern
S e c u r itie s
Kitabliahed 1880.
60 B ROADW AY, N. Y.
60 B R O A D W A Y .
- N EW YO R K
as and J# S t. Sw lthlns Lane.
L O N D O N , E O ., E N G L A N D .
A v e n ld a 16 D e S e p tle m b re . N um , 48
M E X I C O . D . F .. M E X I C O .
H. M . C H A N C E
A, C O
Mining Engineer* and OeolocUti
G O A L A N D M I N E R A L P R O P E R T IE S !
E x a m in e d , D e v e lo p e d , M a n a g e d
D raxat B id e ..
P H IL A D E L P H IA . PA
@FedFRASER